The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
«
i
iS>^'
Tfof
ommnria' f
REG. U.
COPTRIGHTEO
___
IN 1B40 SrWTLLIAM
B. OANA COMPANY, NEW YORK.
VOL.151. ,MuedW^kW°eyt,aCopy-
PAT. OFFICE
ENTERED AS SECOND-CLASS MATTER JUNE
23, 1879, ATTHE POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 187S.
NEW YORK, SEPTEMBER 28,1940
w^truBoaDsa."a^0wK?,!i8ch,6.7'
BROOKLYN TRUST
THE
BANK
COMPANY
NO. 3927.
CHASE
NATIONAL
Chartered 1866
BANK
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
.
I
j
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
N E W
respondent bank service
is
Member Federal Deposit Insurance
Corporation
a
traditional
policy of
the Chase National Bank.
YORK
-
„
Broaden
service
'
w
if
I
,
your customer
with
Chase
cor¬
respondent facilities.
Hallgarten & Co.
Member
Deposit Insurance
r
■
STATE
AND
NEW YORK
Chicago
Feder al
Corporation
Established 1850
London
MUNICIPAL
City of
BONDS
Philadelphia
PUBLIC UTILITY
Bonds
•
INDUSTRIAL
The
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
XEW
YORK
Moncure Biddle & Co.
BOSTON
CHICAGO
BONDS
PHILADELPHIA
AND OTHER
/
'
PHILADELPHIA
SAN FRANCISCO
PRINCIPAL CITIES
A.C.ALLYN«®COMPANY
INCORPORATED
CHICAGO
New York
Detroit
Boston
Philadelphia
Milwaukee
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Company
.
.
L '
*
j
.
$37,500,000
'
■,
fDntmhelbr. Ehrltchmatt
Company
s
Capital Funds
„
Exchange Bldg.
Seattle
OTIS & CO,
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
Chicago
We Deal in
Lehigh Coal & Nav. Funding 4s, '48
Curtis
Publishing Co. Deb. 3s, '65
Southw. Gas Co.
MADISON AVENUE
R. H. Johnson & Co.
(Okla.) 1st 6s, *64
Philadelphia Co. $5 & $6 Pref. Stk.
AND 40TH
United Gas
STREET
Improv. $5 Pref. Stock
Members
New York Stock
Exchange
Varnall
New York Curb Exchange
64 Wall
St.
BOSTON
NewYork
PHILADELPHIA
ONE EAST
1528 Walnut
Street,
&
Co.
Philadelphia
57TH STREET
Carl M. Loeb, Rhoades & Co.
61
Established 1871,
NEW YORK
London
DeHaven & Townsend
BROADWAY
Paris
Amsterdam
Member
Geneva
of the
Federal Deposit
Insurance Corporation
NE W
YORK
80 Broad St.
PHILADELPHIA
1518
Walnut St.
The
Commercial &
n
Sept. 28, 1940
Financial Chronicle
ESTABLISHED 1856
& CO.
H. HENTZ
N. Y.
Cotton Exchange
Square
Bldg., Hanover
132 West 31st
730 Fifth
Street
Avenue
YORK
NEW
CITY
Tyler
Dallas
Chicago
Boston
Geneva
Pittsburgh
Detroit
Execute
Orders for Future
Delivery
COTTON
Members of
Exchange
Exchange
New
New York
Cotton
New York
Stock Exchange
New York
Curb Exchange
New York
Coffee & Sugar
Commodity Exchange,
(Rubber, Silk,
*
Orleans Cotton
New
Exchange
York Produce
Chicago Board
Exchange, Inc.
Canadian
Inc.
Boston
Hides, Tin, Copper,
Cocoa Exchange,
Inc.
Inc.
Stock Exchange
Detroit Stock
Wool Associates
Exchange
Commodity Exchange,
Chicago Stock
Lead, Zinc)
New York
of Trade
Winnipeg Grain
Chicago
Exchange
Exchange
Mercantile Exchange
of N. Y. Cotton Exch., Inc.
Association, Ltd.
Liverpool Cotton
& CO.
ANDERSON, CLAYTON
Cotton Merchants
BOSTON
MOBILE
NEW ORLEANS
SAVANNAH
LOS ANGELES
ATLANTA
GASTONIA
NEW BEDFORD
MEMPHIS
HOUSTON
PROVIDENCE
FALL RIVER
GREENVILLE
CHARLOTTE
DALLAS
and
Anderson, Clayton
Anderson, Clayton
& Co. (Egypt)
SAO PAULO
ALEXANDRIA
Anderson, Clayton
Anderson, Clayton
& Co. (India)
& Co., Ltda. (Brazil)
and RECIFE
& Co., S. A.
(Argentina)
BUENOS AIRES
BOMBAY
Anderson, Clayton & Co., S. A. de
MEXICO CITY
Anderson, Clayton
C. V. (Mexico)
& Co., S. A.
(Peru)
LIMA
Algodones, S. A.
(Paraguay)
ASUNCION
REPRESENTED ABROAD
ITALY
JAPAN
Anderson, Clayton &
Tammerfors
POLAND
G. A. Sebastian
Le Havre
PORTUGAL
A.
Bremen
SPAIN
F. Muste Ballester
SWEDEN
F. Corin & Co.
Edmond Veesaert
CANADA
Anderson, Clayton & Co.
Montreal
ENGLAND
Anderson, Clayton & Co. Shanghai
D. F. Pennefather & Co. Liverpool
FINLAND
Fritz Erlewein
FRANCE
Anderson, Clayton & Co.
GERMANY Clason, Burger
HOLLAND
& Co.
Anderson, Clayton & Co.
N.
Budapest
Lad. Acs
Lamar Fleming
BELGIUM
CHINA
BY
HUNGARY
Ghent
Rotterdam
V.
& Co.
Co.*8 Agency
Milan
Osaka
Lodz
Algodoeira W. Stam Oporto
Barcelona
Gothenburg
Zurich
SWITZERLAND Gysi & Co.
CORRESPONDENTS:
ANDERSON, CLAYTON &
FLEMING
New York
Members New York Cotton
Exchange
D.
F.
PENNEFATHER & CO.
Liverpool
Members Liverpool
Cotton Association
TV
ontimrcifl fyhroniclp
Editorials
..1759
The Financial Situation
1772
"Congress: Remain on Guard"
Comment and Review
The Market Action of New Issues—A Survey
Experience
of Investor
1774
.
1781
Cotton Movement and Crop of 1939-40
1798
The Business Man's Bookshelf
Week
on
the European
.1764
Stock Exchanges
:
1764
_1769 & 1835
Foreign Political and Economic Situation
.
Foreign Exchange Rates and Comment
Course of the Bond Market
...
—1797
-
—1798
Indications of Business Activity--
Week
on
the New York Stock Exchange
1762
Week
on
the New York Curb Exchange
1834
News
Current Events and Discussions
Bank and Trust Company
General
-
Items.
1884
1926
—1927
Corporation and Investment News__
Dry Goods Trade
State and
-
.
1811
1834
____
-
Municipal Department
Stocks and Bonds
1849 & 1851
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
__1841
1841
Dividends Declared
1841
_1852
*New York Stock Exchange—Bond Quotations. 1852 & 1862
New York Curb Exchange—Stock Quotations
.1868
♦New York Curb Exchange—Bond Quotations
___1872
Auction Sales
New York Stock
Other
Exchange—Stock Quotations
Exchanges—Stock and Bond Quotations
Bond Quotations
Canadian Markets—Stock and
Over-the-Counter Securities—Stock &
1874
1877
Bond Quotations. 1880
Reports
Foreign Bank Statements
—1768
Course of Bank Clearings
1835
1811 & 1849
Federal Reserve Bank Statements
General
1884
Corporation and Investment News
Commodities
>
The Commercial Markets and
Cotton
the Crops.
-
Breadstuff s
♦
on
Attention
-
is directed
to
the new
pertaining to bank eligibility and
Published Every Saturday Morning by
-
column incorporated in our tables
New York Stock Exchange and New
tions
1916
1919
—1923
York Curb Exchange bond quota¬
rating.
the William B. Dana Company, 25 Spruce Street, New
York City, N. Y.
of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Biggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La SaUe Street (Telephone State 0613).
London—
Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line. Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Herbert D. Seibert, Chairman
The Commercial & Financial Chronicle
rv
Sept. 28,
This advertisement appears as a matter of record only and is under no circumstances to be construed as an offering
these Bonds for sale, or as an offer to buy, or as a solicitation of an
offer to buy, any of such Bonds.
The offering is made only by the
1940
of
Prospectus.
$30,000,000
Southern California Gas Company
First
Mortgage Bonds
3%% Series due 1970
To be dated October i,
1940
and to be due October 1,1970
Price 1031/2%
Exclusive of discount to, or accrued interest from, October
1,1949
Copies of the Prospectus
may
be obtained from
of the undersigned:
any
Blyth & Co., Inc
Dean Witter & Co.
Harriman
Stone & Webster and
Ripley & Co.
Incorporated
The First Boston
Corporation
Smith, Barney & Co.
Lehman Brothers
Bonbright & Company
Mellon Securities
Corporation
Incorporated
Halsey, Stuart & Co. Inc.
Blodget
Incorporated
W. C. Langley & Co.
Lazard Freres & Co.
September 25,1940
Dividends
AMERICAN
Dividends
MANUFACTURING
Noble
and
West
BENDIX
COMPANY
Streets
Brooklyn, New York
Atlas Corporation
The Board of Directors of the American Manu¬
Company has declared dividends as
facturing
Dividend
follows:
on
South
Notice
dend
is
of
declared
Atlas
that
hereby given
25<t
on
share
per
the
a
has
Common
BROWN, Treasurer.
ber
Stock
30, 1940
In
accordance with
the
provisions
Section 11 (a) of the Securities Act
oi
1933,
to its
security holders
of
of
as
amended, Bendix Home Appli¬
ances,
inc.
"Bendix
Home
(Mfr. of
Laundry") has made generally available
Corporation, payable October
7, 1940.
an
earnings state¬
for the period July 1st, 1939 to
June 30. 1940.
Copies of such earnings
statement will be mailed on request to
the
Company's
ment
Walter A.
Peterson, Treasurer
September 26, 1940.
security
holders
and
other interested parties.
AMERICAN
CAN
Ended June
divi¬
been
25, 1940, to holders of such stock of
record at the close of business Octo¬
1940.
Bend, Indiana
Earnings Statement for Twelve
Common Stock
Months
$1.25 Per share on the Preferred Stock and 25
per share on the Common Stock
payable
October 1 to holders of record September 14,1940.
$1 25 per share on the Preferred Stock and 25
cents per share on the Common
Stock payable
December 31 to holders of record December
14.
cents
ROBERT B.
HOME
APPLIANCES, INC.
GEO.
C.
FLEENER, Treasurer.
COMPANY
COMMON STOCK
On
September 24th, 1940
dend of
a
dollar per share
the Common Stock of
this
one
November
PHILADELPHIA COMPANY
quarterly divi¬
was
declared
Dividend No. 56
on
15th,
1940,
to
Stockholders
A<
semi-annual
A
of
UNITED
BURGER, Secretary.
STATES
One
Preferred
Stock
COMPANY
H.
share)
Capital
Stock, and
on
at
DIVIDEND NOTICE
Common Stock Dividend No. 99
the
1940.
A cash dividend declared
of Directors
MEGAHAN
D.
The Directors have declared a
quarterly divi.
dend of 154% (87J4 cents per
Preferred
PACIFIC GAS AND ELECTRIC CO.
par
close of business October 1,
Checks will be mailed-
SMELTING
MINING
amounting
share
the
Cumulative
REFINING AND
dividend
Dollar and Fifty Cents per
(being three per cent (3%) on
value of $50 a share) on the
6% Cumulative Preferred Stock has
this day been declared, payable Novem¬
ber 1, 1940, to all holders of said 6%
to
record at the close of
business October 25 th,
1940. Transfer Books will
remain open. Checks
will be mailed.
R
Dividends
Pittsburgh, Pa., September 20, 1940
Company, payable
T reasurer
the
dividend
on
a
October 15, 1940 to stockholders of record
the close of business October 4, 1940.
GEORGE MIXTER,
September 25, 1940.
INDIANA
on
26
at
Treasurer.
PIPE
LINE
see
page v
the close of business
New York, September 25, 1940.
Twenty (20) Cents per share has
been declared on the Capital Stock ($7.50
par
value) of this Company, payable November 15,
to
stockholders
of
record
at
the
close
J.
R.
on
not
be
dosed.
D. H.
Foote, Sccretary-T reasurer.
of
San Francisco, California.
FAST, Secretary.
September 30,
1940. The Transfer Books will
A dividend of
1940
tor other dividends
of this
COMPANY
Broadway
business October 25,1940.
by the Board
September 18, 1940,
Capital Stock
Company by check on October
15, 1940, to shareholders of record at
of
One Dollar Fifty Cents ($1.50) per share
the Common Capital Stock, both
payable
on
for the quarter ending September
30,
1940, equal to 2% of its par value, will
be paid upon the Common
The Financial Situation
IT Indiana, hisAug. 17 last, that WendellatL.Elwood, date, we earnestly hope he will do at some early
WAS in
"Acceptance Address'7
This
Willkie
on
warned the American electorate
"I shall not lead you
follows:
as
down the
w
chosen the leader of this democracy, as
am
of the
I
Meanwhile, another member of the Republican
am now
Party,
Republican Party, I shall lead you down the
"What I
saying is
am
harsher thing
American democracy
rifice,
by
war
during the last
without hardship, without sac-
"There
suf¬
without
and
"Appalling to Discover"
to
course
that
proposing
am
as a
you
In
candi¬
there
"When Winston Church¬
ill became Prime Minister
coated
few months
no
sugar-
when the conflict is
said, Tut blood and tears,
revert to
told the
were
truth and accepted it. For¬
tunately,
are
not
America
in
not
we
But
be able
to
shall
we
avoid the
'toil and sweat.' "
the
At
tences
came
like
air to the
of
uttered
steaming
or
sincere
they
ise a
then
further and
analyses of
more
one
on
forfeit
com¬
Every¬
the
to
even
re¬
production
in
an¬
neither of
health, to fatigue
or
to the
individual's capacity.
"These
for
restrictions
the
crease
every
of
cost
in¬
living
including
one,
the workman himself.
for
example,-
may
a
it
would
sible
his
a
.
If,
bricklayer
lay only 800 bricks
in
tending.
both
our
freedom
and
and
our
strength.
or
shall
military
we
working
for
day,
easily
when
be
pos¬
him, because of
skill,
to
lay
1,000
he is multiply¬
1,200,
ing the cost of construc¬
.
tion
popular ideas about pre-
be to tell the people
essential
The candidate, however,
He has
upon
tangible meaning to the glow-
used at the beginning of his campaign,
and
bly
further developed the theme stated in
almost
other minimum,
of the most
remains for him to give
op¬
those limited hours to
however, needs
It is that Nazi methods will fail
several occasions
again referred to the necessity of full production, the
una voidability of sacrifice, and the like, but in view
of his repeated assurances to labor concerning shorter
hours, and the apparent lack of interest in labor union
policies which impede production and, in fact, place a
penalty upon honest work, it must be said that it
ing terms
duce
explicit
address.
be
minimum and
a
give us the defense system
seek—whatever they have done in Ger¬
they want to hear rather than what is
his opening
form of
reduce the hours of labor to
Monday last.
observers will question
Continue current tendencies,
office whose strategy appears to
has not as yet
a
of punishment,
many.
way,
them to understand.
civilization
where there is pressure to
in this country to
glaring faults to be found in
for
or
to
seems
informed
paredness, recovery and economic welfare, a fault
which was being daily aggravated by candidates for
what
might be able to
are
be added.
to
campaign
under
getting
we
A further word of warning,
flow, in the
the
of
upon
once more.
defense program is now
poli¬
we
course
over
democracy
pression
of the dictators as a "solution" of
our own problems,
but it is precisely in that
direction that the whole management of our
arena
fresh viewpoint from
which might
that
well
as
foundation
rests, and not
the policies
They seemed to prom¬
tics.
the
which
the
soundness of the position taken by Mr. Bur¬
gess or doubt its timeliness.
Not only are
there many who would be willing to adopt
partisan and not always
informed
activity
civilization,
our
as
and emergency,
Few
sen¬
breath of fresh
a
a
Association
these
time
were
of
which has any relation to
reduced to 'blood
and tears.'
is the fundamental
disciplining itself will win wars from a people
enslaved by its government.—W. Randolph
Burgess, Vice-Chairman of the Board of the
National City Bank of New York to the Na¬
tional Bank Division of the American Bankers
war
words; yet if Eng¬
people
curious antipathy
The fact that work
.
beyond those of peace¬
unquestionably required in time of
but how far must they
go?
Is there another alternative to complete
regimentation of the lives of the people? I
believe there is, and that it is to be found in
the capacity of a democracy for analyzing its
problems and for subjecting itself voluntarily
to the disciplines required by the situation.
It is our democratic faith that a people so
harsh words,
land lives it will be because
her
a
to work
pletely forgotten.
time
brave
a
Certain compulsions
toil and sweat.'
are
well,
as
authoritarian
the
ourselves
government, some propose that we surren¬
der in advance, and adopt that form of gov¬
ernment ourselves in the hope possibly that
nothing to offer you,' he
"Those
copy
inconsid¬
no
of
T have
promises.
to
In order to combat Nazism as a form
States.
made
he
ago,
a
is
become
to
grown
erable extent in other lands
socialistic
State in the sense that the government would
be given absolute control over the life of the
people.
It is appalling to discover how many
people are willing to adopt that sort of solu¬
tion for the present problems of the United
United States.
England
a
One
methods,
now
States and to
huge defense program like ours
two directions in which we might
or
are
travel.
date for President of the
of
war
has
certainly in the United
up,
fering.
"I
year.
saying to you that we cannot rebuild our
am
influential in its affairs, has seized the
had wished Mr. Willkie would say ere this, and still
hope that he may say in his own words at a later date,
At the opening exercises of Columbia University on
Wednesday last, Nicholas Murray Butler, President
of that institution, presented these pertinent' and
trenchant thoughts to the public:
far harsher thing than I
speech of acceptance—a far
than I would have said had the Old
World not been swept
"I
a
once
opportunity to say to the American public what we
road of sacrifice and of service to your country.
should like to say in a
k
If I
road.
easy
diminishing
thereby inevita¬
the
de-
mand for skilled labor, including his own.
"What may be the object of these efforts to reduce
labor to a minimum is not clear, since they are not in
the interest of him who works; for if one can escape
from work or can find no opportunity for work, he
must become a dependent upon somebody or some-
thing.
lost.
This means that his own independence is
.
.
.
"The human world
of
work—work
brain.
as
with the
we
know it is the product
hands
or
work with the
Its progress is only made possible by work.
It is work which has lifted us out of brute life.
may
It
be work which is tiresome, it may be work which
is nerve-racking or it may be work which brings
with it satisfaction and delight. In any case, it
must be work.
-
The Commercial & Financial Chronicle
1760
"Everything depends
human
means
being
and what
work
his
and
what
which
it
ready and willing to do his
best to make his work
if not
very
tion, in
only desire is to do
sible and to be
paid
much
as
He is
If he is
either in the character
by the capacity for work of
be
so
neighbor who
a
competent or so well trained as himself.
not
.
.
.
"Every attempt, by whatever authority, to fix
maximum of
productive labor by
given time is
a
dom and
given worker in
a
unjust restriction
an
upon
his free¬
of himself in order that he may
rise in the scale of
the social and economic order in which he lives.
notion that all
human
enter at birth
into
The
beings bora into this world
classification, in which classification they must
main
permanently through life, is wholly false,
re¬
con¬
by all human experience and fatal to
a
"It
the
means
exist.
and
installation
healthy-minded
may,
efforts into
a
life
as
larger and
activity than the
one
In the United States
our
looks: the pos¬
man
goes on,
by his
come
important field
more
in which his work began.
industrial
begad their life work at the
industrial
an
of the possibility
in thousands of illustrations of the
who
of
such thing should
no
It strikes at the very roots
sibility that he
own
of
invention
system where
to which every
the crime.
in its essential
system
war,
men
bottom of the
own
ing, to
say
to the
as
nothing of
But if Mr. Sloan by
class struggle, perhaps
severely enough, would bring democracy to
is
one
of
Here,
despotism's
as
the
noted
clearly perceives, is
tional indolence
to
be
other.
the
Nor is it
end. It
mere
and
philosopher
this
more
merely
generation
averse
to
was
work
of
a matter
for
themselves
such tendencies
are
the turmoil and the
and
now
their
a
born
than
any
tendency
on
families,
in evidence
as
a
although
result of
preachments of the day. Neither
the strictures of Dr. Butler be
put aside with
can
the usual
who
political sedative about
"through
no
find work to do.
pity—but there
the vast number
fault of their own"
There
are
are
many
are
unable to
such cases—more's the
others
such when in fact the unfortunate
supposed to
one
be
possibly with¬
out the
slightest suspicion of the fact
rectly
indirectly in part at least responsible for
plight.
his
The Trouble Lies
But
the
is himself di¬
Deep
trouble lies much deeper than is
monly supposed.
means
The
popular notions.
or
politicians rarely origi¬
They
more
emotions
often
or easy
give
ex¬
assumptions
already widely entertained in
one degree or another,
by their appeals confirm and intensify popular
and
fallacies and
of national
cause
political and
tion.
them to become
part and parcel
policies, attitudes, and practices in both
for the most
every
day life.
Such has been the
case
part in the matter here under considera¬
Leaders who should have known better and
duty to lead constructively
merely to fan the flames of emotion and prejudice,
and to encourage loose and destructive
thinking, but
the trend of
thought did not originate with them. It
seeping through
decades past.
It
It
economic system for
our
stimulated immensely by the
was
further nourished
during the
by the apparent rise to wealth and
'twenties
affluence of
was
individuals who seemed to be
numerous
for
getting
much
further
encouraged by the chaos, the despondency,
and
the
shock
nothing.
occasioned
which the crash in 1929
A Caste
Slowly for
a
It
was
tremendously
by the rude awakening
brought in its wake.
Philosophy
considerable period of time, but quite
rapidly during recent
years, a
philosophy of
an eco¬
nomic caste
system has been replacing our traditional
doctrine of
self-dependence and unlimited opportun¬
ity. Once
a
mere
and
a wage earner,
in
cog
more
a
always
a wage earner; once
huge machine, always
of the
same
a mere cog—
order—is far too often the
popular doctrine of the day.
in the economic scale
gone,
With the hope of rising
with the ambition to rise
seriously dulled, the individual tends
the
easy
way
through life.
the best that is in him is
there arises
a
resentment
energetic
or
more
is
to search for
The incentive to give
largely
gone.
against the
Presently
more
talented
made to feel
or
own
virility, uncertain
future."
"political philosophy"
he leaves much unsaid.
nate
It is
part of individuals to shirk responsibility to pro¬
vide
own
own
merely the philosophy preached by the politicians,
question of constitu¬
part of the individual.
whether
or
an
of beginning its career."
educator
no
the
on
doubted
indolent
more
ways
even
long enough and
on
pro¬
nation divided within itself,
a
possibilities of its
has been
democracy and lays the foundation for
which, if carried
to throw upon the
reduced standard of liv¬
a
having lost confidence in its
mad
a
has been restricted
so as
creasing indebtedness, higher taxes, curtailed
ductivity, higher prices,
World War.
building of
development
burden of continuous unemployment, in¬
a
structure of
class
But, in addition, that appeal
supported bv legislation in varied form
nomic classes contradicts and undermines the whole
a
important the success,
more
capacity of
very
"The false doctrine of permanent social and eco¬
the quick
The
have in the actual event been content of late
years
excellence.
own
been
the doctrine that acomplish-
upon
crime.
history abounds
highest authority and responsibility by their
efforts and their
when
years
one
who should have felt the
administrative scale to rise to posts of
or
case
pression to ideas
progressive civilization.
artifical class
has
aspect of the
political philosophy of recent
with the result that the economy
definite.social and economic
a
Alfred
Tuesday evening last clearly and
on
based
a
the greater
a
limitation of his right to make the most
a
tradicted
ment is
work,
may
been
has
occupa¬
the amount of his
or
and
address upon the occasion of the Tenth
an
he said that "the
be, and he will not wish to be limited,
may
work
into politics, into group
Jr., Chairman, General Motors Corpora¬
pungently pointed to
uncivilized
best in whatever his
concerning
up
way
behavior, and into the attitude of many,
Foundation
free and moral human being, he
a
will want to do his very
tion
an
its
1940
Anniversary Dinner of The Maurice and Laura Falk
as pos¬
possible for doing
as
it, then his case is hopeless.
being.
little work
as
grown
28,
most, individuals toward their jobs.
Sloan
P.
productive and helpful to his
fellow-men.
"If his
has
has eaten
customs and
part it plays in the human economy,
and whether he is
which
tion
whether the individual
upon
understands
Sept.
to
or more
ambitious associate who
uncomfortable, perhaps made even
suffer, if he persists in his efforts by initiative
and
Avay
full'employment of
his abilities to make head-
in the world.
If this sort of thing goes far
it has done in numerous spheres, it does
com¬
enough,
as
It is found in the popular concep¬
in stark
reality become? impossible for the individual
Volume
by his
The Commercial & Financial Chronicle
151
efforts to rise above his fellows in the
o>vn
economic
scale, and the whole is reduced to
a
dead,
uninspiring level where the forces ordinarily driving
our
This is
in
our
precisely what
appears
midst, and doubtless it is what Dr. Butler
had in mind when he issued his
day.
to be taking place
warning the other
This type of philosophy has for a great many
years
particularly under the stimulus
market operations, as holdings of United States
Treasury securities were motionless at $2,433,600,000.
The Treasury deposited $87,002,000 gold certificates
with the regional banks, increasing their holdings of
such instruments to $18,843,300,000.
A small
advance in other cash also contributed to the total
reserves of the 12 regional institutions, raising their
reserves by $90,541,000 to $19,202,624,000.
Federal
Reserve notes in actual circulation increased $11,061,000 to $5,406,985,000. Total deposits with the
regional banks moved up $57,065,000 to $16,020,613,000, with the account variations consisting of an
increase of member bank reserve balances by $78,693,000 to $13,703,112,000; an increase of the
Treasury general account by $2,171,000 to $792,532,-
quesion have spread correspondingly.
definitely threaten large
activity, and
place
translated
of
much
with the
of
be
into
a
restrictive
the courage to speak
or
Here lies the
system.
problems which superficially appear to
It
sources.
is
a
situation which
corrected, but which cannot be corrected
without competent
diagnosis and persuasive leader
ship which is capable of stemming the tide of
lar fallacies of
It
in-
and
situation which is sapping the
economic
our
from other
must
now
unemployment problem, and of many of
our
other
They
productive
aspiring to public office
acumen
plainly concerning
blood
our
What is worst of all, no poli-
individual
no
of
the "band wagon," and
on
them
flexible legislation.
and
areas
they have spread the politicians
as
have taken their
stem
need
popu¬
hardly
be
that there is
added
no
real
The
few
less behind while the talented
or
ahead.
move
There
and would be
country,
by $336,000 to
always has been in this
now
to prosper
portunities
are no
been in the
according to his ability and
so
longer
often
as
If
advancement.
while
000,
increased
abundant
as
they have
our
economic development
asserted, but in the altered attitude which
Would not the
dency greatly gain by
this situation and
set their own
a
a
clear, forceful analysis of
call to the American
people to
of
exports
than
was
at
a
pace
The banking
weekly period ended Sept. 25.
statistics reflect
reserves
increase of member bank
an
excess
legal requirements by $120,000,000, to
over
The record
figure,
established July 17, is $6,880,000,000, and that level
$6,650,000,000.
soon
may
excess
reserve
Monetary gold stocks of the country
ments program.
increased $73,000,000, to $21,166,000,000, and that
was
the principal factor contributing to our
expansion of idle credit.
Money in circulation
was up
$6,000,000 to $8,090,000,000. Foreign deposits with
the 12 Federal Reserve banks receded $24,135,000,
which
advances
managed
reach
to
more
an
aggregate of
than July and 40% more
The division of our shipments
August, 1939.
yet been reported, but undoubtedly the British Em¬
pire, and the United Kingdom in particular, were
the chief
took
In July the United Kingdom
purchasers.
$108,168,000 and Canada $63,494,000, together
more
The increase
ments.
than half that month's ship¬
July was chiefly in air¬
over
craft, iron and steel, and metal-working machinery,
all
of
fall into
which
same
the
war
materials bracket.
items showed most marked
and
ago,
a
gains
over a
increases
variety of other items, including ex¬
in
addition substantial
plosives, firearms, pulp and paper, copper, brass and
bronze semi-manufactures, coal tar products, chemi¬
cals and rubber manufactures.
Agriculture, except in a few instances, did not
benefit from the larger
fact
total
exports
exports in August, and in
products
during the
of
farm
on
Presidential Election
be surpassed, unless the Treasury borrows
heavily in advance of requirements for the arma¬
advance
such
according to destination during the month has not
appeared in
EXPANSION of the idle rather rapid
credit resources during
of the
United States
the
make
war,
$349,800,000, 10%
year
Federal Reserve Bank Statement
to
$71,000 to $8,078,000.
Europe cut off from trade with the United States,
The
thinking in order concerning it?
$52,000 higher at $8,664,-
were
commitments
comprising much
Republican candidate for the presi¬
ratio
IN-.AUGUST, the nearly the entire the first year
closing month of continent of
with
as
devolped toward life and work.
reserve
Discounts by the
Foreign Trade in August
op¬
that have occurred in the system it¬
in the stage of
have
own
past, the reason is to be found not in
basic changes
or
if the rank and file
The
regional banks increased $491,000 to $4,582,000.
Industrial advances
our
vigor in seeking his
self,
energetic
or
increase of other deposits
an
$513,645,000.
improved to 89.6% from 89.5%.
permitted it, ample opportunity for each
individual
we
decline of foreign bank deposits by $24,135,000
a
$1,011,324,000, and
immensely in native capacity and in initiative.
themselves
his
000;
to
larger number of them have always remained
more
is
It
always been true everywhere that individuals
differ
open
12
fundamental nature.
a
ground for such ideas about American business.
has
and
apace,
governmental coddling, the notions and attitudes
our
City member
agricultural
loans of these banks advanced only $3,000,000 in the
statement week, to $1,753,000,000.
Loans by the
same banks to brokers and dealers on security collateral moved up $6,000,000 to $301,000,000.
industrial
Commercial,
The 12 Federal Reserve banks again refrained from
of
life
condition state-
labor
the so-called
in
root of
from the
ment of weekly reporting New York
country, and as this movement
less dominated
or
in
has grown
appears
demand side of the credit
to the
gleaned
this
more
movement
tician
as
be
can
.banks.
constantly ahead have no place.
economy
couragement
picture
1761
was
an
influence for larger excess reserves of
member
banks.
statistics
were
Other
changes
minor and fleeting.
in
the
banking
Not much
en-
Betting Odds
At press time the odds in Wall Street are
11 to 6 in favor of President Roosevelt.
How¬
ever,
it would
appear
that the bulk of the
which is little, is being wagered by
New Deal beneficiaries in Chicago and may
well be branded as sabotage money intended
to wreck Willkie's chances of being elected
money,
and
hamper the raising of campaign funds
by the Republican Party.
Don't let these
betting odds fool you.
Willkie has a good
chance of being elected!
'■!
:
The Commercial & Financial Chronicle
1762
month
July.
were
40% under
a year ago
Exceptions in this
and corn,
and 17% under
group were
dairy products
which showed substantial increases
August, 1939.
over
Against these, however, raw cotton
shipments dropped 70% from
tobacco,
a year ago;
00%; wheat, 80%; dried and canned fruits,
were
also
considerably reduced.
Cotton exports
valued at
in August fell to only 68,953 bales,
of recent years.
ure
any
monthly fig-
In July 125,134 bales, worth
shipped,
were
and
in
August,
1939,
251,809 bales, worth $11,868,829.
increase
last year was" much less
over
than the export accretion.
marked
The total amounted to
Railroad and utility
unchanged.
The principal
ment is the fact that the busiest dealings of the
week coincided with the best price performances.
All
signs continued to point to better business
activity, owing to both domestic and foreign
will
of
The rate
war
gain quite possibly
sizable proportions
assume
although bottlenecks already
in the
are
future,
near
said to be develop-
jng in a few lines, and a retarding effect on general
industry
result.
may
however, whether
Imports declined from the month previous, and
the
week earlier.
materials orders.
$3,640,000, smaller than
$7,861,000,
a
similarly
were
market circumstance that appears to call for corn-
over
90%, while fresh fruits, meat products and lard
those prevalent
stocks
Sept. 28, 1940
country
There remains the question,
even
the most active business the
has known
ever
will
profits commensurate with
occasion
the scale
corporate
of activity,
The tax bill debate continued all week in
Congress,
$220,217,000, compared with $232,256,000 in July
and $175,623,000 a year ago.
Both agricultural and
mensely to the burdens already borne, and corporate
non-agricultural products shared in the year-to-year
profits*
thus will be sluiced increasingly into the
gain, but the so-called strategic materials, chiefly
rubber and tin, accounted for most of the
increase;
United
States Treasury.
nickel and
and
ferro-alloying metals such
chrome, also arrived in larger quantities.
course,
it is to be expected that such items
should arrive in
much
products
containing
domestic armament
these
materials,
there
program,
by the
new
However, it
and
the
the newly-
are
Corporation subsidi-
aries whose intention it is to accumulate
of the rubber
Of
these
by the larger exports
iormed Reconstruction Finance
of these items.
as
larger quantities, for aside
from the demand stimulated
of
as manganese
was
large stocks
stated that
imported last month
was
none
purchased
Rubber Reserve Co., and only
small,
a
part on account of the cotton-rubber barter arrange-
but it appeared
export
excess
kets and
which.
August's trade, compared with $74,478,000 a year
ago.
The excess for the eight months is just under
a
billion
dollars,
more
than
double
that
period
of 1939.
Gold
comprises
imports in August of $351,563,006
were
the
April, but brought the total received
here in the first
eight months to $3,622,083,000, not
only the largest for any similar period, but greater
any
entire
year.
amounted
to
$4,107,000
compare
only
Exports
$10,000.
with
in
Silver
the
month
imports
$5,378,000 in
July
of
and
$4,365,000 in August, 1939.
difficulties
one
of the most startling danger
Added to such
has known.
ever
the
were
mar-
loss of initiative and enterprise
further
complications,
week, of the European and Asiatic
from Berlin and Rome of
this
Reports
wars.
impending three-Power
an
alliance, to include Japan,
were
confirmed yester-
day, and the agreement patently is aimed at the
States.
United
Velt
utilized
Japanese
thus to
In
Washington, President Roose-
economic
the
to hamper the
weapon
effort, and the foreign policy
war
be
bringing the United States
ever
seems
closer
to the brink of actual warfare,
this
bond
week,
change
trading
against levels
United States
tained until
fairly active, at times
was
price levels
but
as
Treasury obligations
yesterday, when
the
show little
generally
prevalent
week
a
ago.
well main-
were
minor drop occurred
a
implications of the world political
developments. Refinancing of $737,000,000 Treasury
notes
an
maturing in December
1955, callable 1953, and the
was
was
exchange offering of 2%
immediately apparent.
lions of
high-grade bonds
effected through
Treasury bonds due
success
of this offer
New corporate flota-
were
snapped
by institutional and other investors.
bonds of the listed market
railroad
The New York Stock Market
a
signals the country
because of
smallest since
than
suggests
Listed
of $129,583,000 resulted from
It is this circumstance,
beyond question, which restrains the financial
ment entered into with Great Britain.
An
certain that the levies will add inl¬
up
eagerly
Speculative
in
were
quiet
demand early this week, but lost some of their gains
FINANCIAL markets this weekinternational pre- in later liquidation. Foreign dollar bonds were dull
reflected the
vailing uncertainty
to
and mostly lower, Japanese issues dropping sharply
and
as
domestic affairs
was
not
by irregular variations.
especially active
on
the New York Stock
Exchange, dealings running close
share mark early in
Business
to the 1,000,000-
the week but falling below the
500,000-share level in later sessions, Friday being
an
exception. The price trend was quite favorable
when
trading
was
resumed for the week, on Mon-
day, and that session witnessed
But the improvement
year.
subsequent dealings.
was
some
highs for the
not maintained in
A slow but persistent
reces-
sion
developed in the stock market, which carried
levels down again to the
figures current a week ago.
Some issues managed to hold
portions of the
bulge,
stocks being prominent among these, owing
rise in the price of the metal and indications
copper
to
a
of
heavy demand. Steel, motor, aviation and other
manufacturing issues closed yesterday at figures
that usually varied
only by small fractions from
The
yesterday.
commodity
markets in
some
in-
stances began to reflect keen bidding for supplies.
Base metals were higher, while grains advanced
slightly in the pits. Foreign exchange dealings re-
mained dull, with fresh imports of gold on
scale the best indication of the situation,
On the New
touched
touched
new
new
York
heavy
Stock Exchange 46 stocks
year while 13 stocks
high levels for the
On the New York Curb
low levels.
Exchange 20 stocks touched
eight stocks touched
Call loans
a
on
new
new
high levels and
low levels,
the New York Stock Exchange
re-
mained unchanged at 1%.
On the New York Stock Exchange the sales on
were 258,880 shares; on Monday, 983,250
Saturday
shares;
on
Tuesday, 710,510 shares; on Wednesday,
603,460 shares;
Friday^
on
Thursday, 440,370 shares, and
561,420 shares.
on
The Commercial & Financial Chronicle
Volume 151
On
Exchange the sales on
Electric at 5% against 5%; Public Service of N. J.
Monday, 131,557
at 34% against 34%; International Harvester at 46
Tuesday, 109,000 shares; on Wednesday,
against 45%; Sears, Koebuck & Co. at 81% against
Thursday, 71,555 shares, and on
82; Montgomery Ward & Co. at 40% against 40%;
Woolworth at 33 against 32%, and American Tel. &
Tel. at 162% against 162%.
Western Union closed yesterday at 18% against
19 on Friday of last week; Allied Chemical & Dye
at 162% against 159; E. I. du Pont de Nemours at
172% against 170%; National Cash Register at
12% against 12%; National Dairy Products at 13%
against 13%; National Biscuit at 19 against 19%;
Texas Gulf Sulphur at 33% against 32%; Loft, Inc.,
at 20% against 21%; Continental Can at 39%
against 39%; Eastman Kodak at 134% against
135%; Standard Brands at 6% against 6%; West-
York
the New
Saturday
shares;
on
Curb
46,330 shares;
were
85,005 shares;
on
on
Friday, 90,560 shares.
The stock market
tinued
the
on
of
advance
abatement.
The
Saturday of last week con-
previous sessions without
opening
was
quiet and firm, with
fractionally higher tendency noted in equities of
a
the
Preferred
industries.
heavy
issues
were
especially strong in the first hour, and by 11 o'clock
gains in
some
rail
instances ranged from one to four
Interest increased in the second hour as
points.
equipment issues took the lead, and the general
market ended the
a
1763
day with advances of fractions to
point and at the best levels of the week.
The mar-
inghouse Elec. & Mfg. at 106% against 107; Canada
Dry at 13% against 13%; Schenley Distillers at 9%
highest peak reached since the middle of May. Preagainst 10%, and National Distillers at 21%
ferred issues claimed much attention on the theory
against 21%.
that expansion in the various industries would
In the rubber group, Goodyear Tire & Rubber
hasten the dividend arrearage payments due on this
closed yesterday at 16 against 16% on Friday of
class of security.
As a result, gains running up to
last week; B. F. Goodrich at 12% against 12%, and
eight and in one instance 15 points were enjoyed
United States Rubber at 20 against 22%.
by this group.
Some flagging of interest was disThe railroad stocks sold off this week. Pennsylcerned in the list in the fourth period for a brief
vania RR. closed yesterday at 21% against 22 on
spell as prices were shaded, but by the final hour
Friday of last week; Atchison Topeka & Santa Fe
these recessions were turned into gains.
At closing
at 16% against 16%; New York Central at 13%
stocks were from one to three points higher.
The
against 14%; Union Pacific at 83 against 83; Southupward swing of values the past eight days was ternera Pacific at 8% against 9; Southern Railway at
pered on Tuesday by some reaction. This was pre12% against 12%, and Northern Pacific at 6%
sumably due in part to rapidly changing events
against 7%.
abroad in connection with the war, making for conSteel stocks closed lower the present week,
fusion here.
In early trading prices forged ahead
United States Steel closed yesterday at 56% against
to new high levels, followed by an easier trend as '
56% on Friday of last week; Crucible Steel at 29%
demand slackened.
By noon prices suffered a reagainst 30%; Bethlehem Steel at 78 against 79%,
lapse, which brought on an irregularly lower clos<'*nd Youngstown Sheet & Tube at 32% against 32%.
ing.
Notwithstanding the day's recessions, preIn the motor group, General Motors closed yesterferred issues once again extended their levels by one
day at 48% against 48% on Friday of last week;
to four or more points.
Pressure applied to stocks
Chrysler at 78 against 77%; Packard at 3% against
early on Wednesday in an effort to realize profits
2%; Studebaker at 7% against 7%, and Hupp Mohad a slight unsettling effect on prices, but the mariors at 9/16 against %. Among the oil stocks,
ket rallied its forces and by afternoon the list ruled
Standard Oil of N. J. closed yesterday at 33%
firm and
closed the session mixed.
Indecision
against 34% on Friday of last week; Shell Union
ket's
performance
prices
overcame
Monday was quite vigorous as
on
resistance and shot forward to the
played its part on Thursday as world affairs took
darker hue and fresh
a
on
entered the
East
from the start of
reflected
the
initial
steel and
as
was
present
copper
shares
Losses reached their peak in
hour, with motors, rails, utilities and
shares
other
Heaviness
picture.
trading
soft tone.
a
forebodings from the Far
also
steadiness followed
Some
affected.
semblance
thereafter, and with
a
of
tapering
off in
volume, stocks finished the day fractionally
lower.
Weakness characterized the opening on Fri-
Germany, Italy and
On a turnover
slightly exceeding one-half million shares market
day as the alliance between
Japan became an established fact.
leaders succumbed to the trend and turned
States Rubber and
United
interests in the Far
East,
lower,
Goodyear Rubber, with
were
especially hard hit
shares relinquished
Stocks in general closed near their low-
by the news, and their preferred
five
points.
est
levels
of the day, and
losses,
ranged from one to two points.
on
the average,
A comparison of
closing prices on Friday of this week with final quoon
Friday of last week reflects a lower trend,
General
Electric closed yesterday at 35 against
rations
Friday of last week; Consolidated Edison
of'N. Y. at 26% against 263,4; Columbia Gas &
33%
Co.
on
Oil at 8% against 8% bid, and Atlantic Refining at
21 against 21%.
Among the copper stocks, Anaconda Copper closed
yesterday at 21% against 22% on Friday of last
week; American Smelting & Refining at 40% against
16%, and Phelps Dodge at 31% against 31%.
In the aviation group, Curtiss-Wright closed
yesterday at 7% against 8 on Friday of last week;
Boeing Aircraft at 15% against 16%, and Douglas
Aircraft at 75% against 76%.
Trade and industrial reports reflect a good maintenance of business, and heavy armaments orders
contain a virtual assurance of progress. Steel
operations for the week ending today were estimated by American Iron and Steel Institute at
92.5% of capacity, against 92.9% last week, 91.3%
a month ago, and 83.8% at this time last year,
Production of electric power for the week ended
Sept. 21 was reported by Edison Electric Institute
at 2,628,667,000 kwh., against 2,638,634,000 kwh. in
the preceding week and 2,448,888,000 kwh. in the
corresponding week of 1939. Car loadings of revenue freight were reported by the Association of
American Railroads at 8.1.3,329 cars,for the week to
Sept. 21. This was a gain of 9,020 cars over the
The Commercial & Financial Chronicle
1764
previous week, and
the
As
increase of 3,577 cars over
indicating the
course
kets, the December
option
closed
of the commodity
for wheat in
of last
week.
December
last
week.
December
oats
at
closed
corn
yesterday at 57%c. against 56c. the close
of
mar-
Chicago
yesterday at 797sC. against 77%c. the close
Friday
on
on
Friday
Chicago
closed
yesterday at 3iy2c. against 30c. the close
Friday
on
States.
The implications of the pact are of the most
nature, especially in view of the aggressive
trend
of the three countries
course
of American foreign policy.
yesterday at 9.71c. against 9.69c. the close
of
last
week.
The
yesterday at
spot price
19.62c.
against 19.25c. the
Friday of last week.
close
on
Domestic copper closed yester-
day at 12c. against ll%c. the close
last week.
Friday
on
for rubber closed
In London the
yesterday at 23 7/16
Friday of
on
price of bar silver closed
the close
pence per ounce,
on
the three countries.
to
indicated
political
the
that
signatories
Russia
and
is
accord
signed yesterday in
was
eellor xldolf Hitler
In the
vate
fers
foreign exchanges, cable trans-
London closed
on
$4.04 the close
yesterday at $4.0334 against
Friday of last week.
on
one
Berlin by
of the spectators. It contains
Japan asserts its recognition and respect of
German and Italian leadership in the establishment
of
"new order" in Europe, while the Axis Powers
a
similar understanding regarding Japanese
express a
the
of
event
"new order"
a
Mutual assistance is agreed upon
attack
an
upon
of the three
any
Powers by a country not at present involved in the
European
Asistic
or
wars,
such collaboration to be
"military, political and economic."
missions of the
European Stock Markets
any
understandings which augment the arrange-
ment.
in
matter of
three
in
six published articles, and there are presumably pri-
in Eastern Asia.
last week.
the
high officials of the three Governments, with Chan-
closed
Friday of
of
affected
not
leadership in the establishment of
on
the
It is specifically
status
Friday of last week, and spot silver in New York
yesterday at 34%c., the close
and
Russia, accord-
manner.
The
spot price for cotton here in New York closed
concerned,
ing to the published terms of the accord, is not of
concern
of last week.
The
1940
serious
an
week of 1939.
same
Sept. 28,
signatories
formulate plans
\0
are
Technical
com¬
to meet without delay
for meeting whatever situation
WAR developments affected the European week, may arise. the pact is contractingin parties for ten
stock finally, that The high to remain effect agree,
only to
moderate degree, this
markets
a
notwithstanding the heavy aerial engagements and
the closer ties of the Axis Powers and
price advances
ularity
dam
was
market.
tioned
were
the rule, although some irreg-
noted at times, especially on the AmsterThe
London
Stock
Exchange func-
spasmodically, owing to the air raid
pensions, and plans
are
sus
reported under consideration
for
keeping business going during such periods.
Quiet but persistent demand for gilt-edged stocks
was
reflected
months.
by best levels of such issues in
Industrial securities
but the levels
hqld firmly.
able
as
to financial
which transcend
or
China.
crn
It envisions
la Berlin, Rome and Tokio, alike,
were
enter the
war
the great
market fluctuated 8 to 10
points in some
but did not advance much for the week as
Holland
sessions,
a
whole,
come
Mediterranean.
third
a
fleet
largest,
demand sent levels higher in most
groups of issues,
The so-called Co'lonial stocks were still the favorites
mix in the present
in the German market.
I10t
ENG negotiations between the totalitarian
terminated
Berlin, yesterday, in
at
all
intents
cements the alliance of the
aggressor
world.
and
States
new
a
purposes,
countries of the
Europe in a 10-year pledge
military action against any new country taking
part in the European war, while the Rome-Berlin
of
pledges
taken
similarly to join Japan if action is
against that country by
to the China conflict.
and
any
That this
other party owing
step is aimed purely
simply at the United States requires
phasis.
It
means
will
bring
signatories into
no
em-
that actual military measures by
the United States either to
China
big that she would be
un¬
the
or
equal
to
the
German
and
If the United States wants to
war
she must fight
on
two fronts
meaning of the three-Power pact."
mentioned
in
the
Spain
was
understanding, although
an
emissary from thatgeneral has been in Berlin for
country
a
two weeks, and
expectation had existed
that the Madrid Government also would be
pant in any
new
a
partici-
arrangement,
Japan, under this arrangement, agrees to join
the totalitarian Bloc of
axis
so
and be prepared to join battle against 250,000,000
Teutons, Latins and Japanese. This, in effect, was
the
Japan Joins the Axis
to
was
The Japanese Navy is the world's
almost
Italian combined.
which,
atempt
to Britain's aid in the Atlantic
Berlin, but the modest
agreement
no
she would be immediately engaged in
able to
done in
inimical to
prove
it existed before the great conflagrations began.
as
the Pacific with
was
or
orders in Europe and East-
Asia which necessarily will
sessions, with wide swings taking place in favorite
Little business
new
those who prefer the established order of the world,
issued
on
the possibility of joint
treaty was to insure that should the United States
request,
excited in almost all
External stocks listed
even
trends in Paris,
less in
No reports were
was
course,
action in the event of American aid to Britain
avail-
were
operations
The Amsterdam market
This extraordinary document has implications, of
made to conceal the fact that American policy was
the particular occasion for the understanding. "To
neutral observers," an Assoc. Press dispatch from
Berlin remarked, "the most obvious effect of the
many
Foreign securities
dull in the London market.
subject to renewal.
years,
Japan. Small
all
common
help Britain
three
of
the
or
to
succor
totalitarian
action against the United
Japanese Aggression
T^ATEFUL events are developing in
where the Japanese militarists
tended their aggression to
cover
the Far East
now
have
ex-
French Indo-China.
Foreshadowed by negotiations of recent weeks, the
Japanese move took place last Sunday, at the border
point of Dong Dang.
parentlv
arose
authorities, to
of
the
Some misunderstanding
ap-
between the Japanese and French
mar
invaders.
the expected "peaceful" entry
The arrangements to
Vichy regime reluctantly agreed
which the
miscarried,
pos-
Volume
The Commercial & Financial
151
sibly because local officials in Indo-China saw mat¬
ters
Armed clashes occurred between
differently.
the
advancing Japanese and the defending
French
forces, and fresh engagements were reported every
day
the French slowly gave way before the over¬
as
Farther to the south,
whelmingly superior invaders.
at
Haiphong, the Franco-Japanese agreement oper¬
ated
permitted
the
smoothly, for 2,000 Japanese troops were
more
Thursday to disembark unmolested at
on
The Japanese aim, according to
nearby port.
the
on
China
can
and it
was
made clear that the consequences
accepted in the Japanese capital.
are
with Russia
in progress,
are
with the aim of formu¬
non-aggression pact, and Japan may enter
fascist alliance in every sense, it was intimated.
lating
the
a
reports made it clear on several occasions
Tokio
any
great British base at Singapore
most
would be viewed
gravely by the Japanese Government.
World War
be
Nationalist regime
Chungking
expedited.
of
The fact of aggression
WHILE the Germantheir adversariesair - afleets
and British in con¬
pounded
at
away
unexampled destructiveness, all the evidence
against the virtually helpless French colony never¬
theless stands out
pointed this week to a still greater
starkly, and brought prompt reac¬
Washington.
imminent
war
does
as
The events of the week make
European scene.
additionally plain, and they suggest that the
this
decision
as
possibly will not be permitted
to war
with
rest
to
threat of involvement in
a
United
the
States.
Tokio
accepted
United
States for its aggression in Indo-China, the belief
prevailing that President Roosevelt would wait until
fatalistically the expected retaliation by the
before taking any decisive steps,
after the election
But
assuming, of course, that he will be reelected.
Washington Administration acted with its usual
the
abruptness in the delicate sphere of
relations.
Secretary
nounced last
Monday
ance
of
a
State
international
Cordell
Hull
an¬
strong "disapproval" of the
No longer able to stress the observ¬
Mr. Hull contented himself with a
Japanese move.
of treaties,
comment that the status quo
obviously is being up¬
of the United States
disapproval and deprecation of such procedures
set, and that "the position
in
has
This was followed on
Washington announcement that $25,-
repeatedly been stated."
Thursday by
a
000,000 promptly will be "loaned" to the Chungking
Nationalist regime of
ture
to meet her
The loan
of enabling China
official purpose
pressing foreign exchange needs.
dent Roosevelt
an
China, security to be the fu¬
delivery of $30,000,000 of tungsten.
Avill be for the
new
of all grades of scrap
prohibited beginning Oct. 16, save only
to American countries and to
The
Presi¬
capped such steps on Thursday with
announcement that exports
iron will be
loan
to
Great Britain.
China and the fresh embargo
of course, measures "short of war but
effective than mere words."
They illustrate
order are,
more
perfectly, however, the steady trend toward actual
implied by the program which Mr. Roose¬
warfare
velt announced
reason
early last year.
as
In Tokio, as well
Berlin, it is rumored that full par¬
develop from the current conversations between
Rome and Berlin authorities.
Such talks, it is sug¬
may
gested, bring up the question of Japanese involve¬
ment in the event of further American support of
The Rome-Berlin Axis would view
Japan as a counterweight for closer
ican
that
Anglo-Amer¬
collaboration, according to German spokesmen.
Tokio
reports state that Japan finally is
the United
warring
the
in French
convinced
States is unalterably opposed to
factions.
great
The
Senegal, after an unsuccessful attempt to
land troops
of the de Gaulle contingent there. Long
Rome regard¬
conversations continued at Berlin and
and the attitude
Hints were thrown out that
countries might join with Germany
ing relations of these Axis Powers,
of
Spain and Japan.
both totalitarian
participation.
inclination in that
direction, owing to the support of the Axis during
the long civil war, and to probable promises of
Gibraltar by the Machiavellian rulers of Italy and
Germany. Japan is said in Berlin to be a possible
counter-weight to any American intervention in the
great war on the side of Great Britain. Encourage¬
ment from the Axis quite possibly hurried Tokio
and
Italy in more or less complete
Spain doubtless feels a certain
into the decision to
thus
The
conflict.
war
world-wide scope,
is
invade French Indo-China and
tempt the United States into a Far
ever
Eastern
thus threatens to assume a truly
and
as
the conflict expands there
less likelihood of peace being preserved
in
the United States.
The third week of intense
other
and
London
cities
Nazi aerial bombing of
in England
ends today.
apparently occasioned
conditions
Weather
a
few
British
doubt¬
subject to similar considerations.
Not¬
respites for the harried Londoners, and
brief
bombing of Berlin and other German centers
less
was
withstanding
a
vigorous censoring of reports, it is
sadly evident that immense damage and loss of life
has resulted from the merciless aerial bombing on
both sides.
German censors are more ruthless
than
those of Great
Britain, and specific indications of
the destruction
wrought in Germany are less numer¬
ous.
The dispatches
from London are much more
voluminous, moreover, and they convey the impres¬
Germany and Italy by the steady
ticipation in the widening European war by Japan
Great Britain.
among
struggle failed to take in Central Africa only be¬
cause the British decided to withdraw from Dakar,
certain
of the United States.
in Rome and
tries
sion for that reason
closer accord with
pressure
There is now good
great war and to the inclusion of more coun¬
that Japan is being driven into
to believe
intensification
of the
Competent observers long have maintained that
for the United States the Far East holds quite as
the
that
Anglo-American agreement for joint use of the
flict of
tions in
already
Conversations
interior of Indo-China, so that the
the
attack
"legitimate" Japanese expansion in the Far East,
is principally to establish air bases
French sources,
deep in
1765
Chronicle
areas
of extraordinary devastation in
of the British metropolis.
reports make it clear
Official
thatjjiuge waves of bombing
Channel on any night that is at
aerial operations. The fliers move
airplanes cross the
all suitable for
in both
directions, with the Germans doubtless out¬
numbering the British.
mous
Each side dropped enor¬
terri¬
totals of bombs on the respective enemy
primary consid¬
shelters also
were reported hit on many occasions.
The attacks
lengthened whenever weather conditions were fav¬
tories, with military objectives the
eration, although civilian homes and
orable to such dreadful
tended in
endeavors, and Londoners
growing numbers to remain in air-raid
The Commercial & Financial Chronicle
1766
shelters
throughout the
bombed
in
for
Berlin
nights.
weary
"retaliation"
hours
many
on
was
some
All official reports
fied
the
from London and Berlin modi¬
damage sustained
by these great
insisting that destruction in the
cities,
centers
enemy
Certain it is that historic
prodigious.
was
monu¬
ments
again
tal,
the German raiders dropped their murderous
as
severely hurt in the British capi¬
were
missiles
almost
nounced
on
indiscriminately.
Tuesday
aerial raid
an
German airplanes flew
Heidelberg.
in
French
British
tal and industrial
four to every
or
might be expected to
and
points
many
which
Germans
the
embarkation points in
wide
over
weighed
ton
a
Industrial estab¬
or more.
lishments, utility plants and communications cen¬
favorite targets
were
censors were
mations of
of both sides, and the
unable to delete
entirely the inti¬
heavy damage supplied by
spondents.
Long-range
guns
press
fired
were
corre¬
and
now
then
across
man
artillerymen, but little damage of military im¬
the
English Channel by British and Ger¬
seems
indications of
to have resulted.
effort
an
There
were
no
by the Germans to land
an
invading force in the United Kingdom.
The
at
war
proposals
sea was
carried
on
with
a
ing
ruthlessness
was
torpedoing by
laden
British
German submarine of
a
with
children.
censors
overcame
It
a
appeared,
their
coyness
about
ish authorities
cerned
are
being withdrawn
The incident had
Dakar.
British
by 46.
shipping
mitted
the high seas, but London ad¬
It appeared, moreover,
shipping along the French coast suf¬
severely from British aerial attacks.
dian
ture
on
only modest losses.
that German
fered
German submarines steadily sank
authorities announced
by
cargo
an
on
Cana¬
Thursday the
cap¬
armed merchant vessel of the German
ship Weser, of 9,179 tons, within the waters
of the Pacific off Mexico which
"neutral"
cember.
active
were
A German commerce raider
the
as
a
by the Panama Conference, last De¬
zone
in
defined
Atlantic,
some
600
was
miles
reported
from the
Azores.
importance.
The occasion for the brief clash
shrouded in
mystery at first, and the official
explanation from London possibly fails to reveal all
Dakar,
The Italian invasion of
Egypt apparently bogged
week, owing to greater British resistance
the invaders moved
nearer
to
populous centers.
The defense of
forces
that
Egypt was left entirely to British
by the Egyptians, who learned last Saturday
their
Cabinet
members of the
test
had
decided not to
act.
Egyptian Cabinet resigned in
against this decision, which nevertheless
vailed.
as
the most important
point in the French Senegalese colony, recently has
receiving unusual attention from German and
technicians,
patches.
French
eral
the
according
to
The town is the natural
in
areas
the
dis¬
numerous
sea
base for
interior which
sev¬
preferred
steps taken by General Charles de Gaulle rather
those
than
of
the
Vichy Government.
is the
It
"jumping off" place in Africa for air services to
great importance
Europe, and also might
prove
base for aerial interference
as a
shipping in the South Atlantic.
warships appeared off Dakar last Monday,
along with certain French naval units which sought
refuge in British harbors when France succumbed
German
to
cluded
French
force.
This
number of
a
naval
expedition also in¬
troop transports, carrying "free"
troops under the command of General de
Gaulle, who has been sentenced to death by the
Vichy
regime
for
disloyalty.
aroused keen interest and
movements of French naval
Dakar had indicated
French
Several
some
cruisers
expedition
The
hopeful expectations, for
forces from Toulon to
important developments.
and
destroyers
passed
through the Straits of Gibraltar two weeks ago, un¬
molested
by the British Navy, and after
rumors
that
they would join the British fleet proved baseless,
down this
as
Brit¬
upon
was
British
of the passengers, and the death toll was
of
ther
with British
some
from the region
immediately unfortunate
prestige in the future doubtless will be of fur¬
British
lowered
explanatory
an
British Gibraltar, while the effect
upon
ish
293 persons
with
ap¬
loss by the Brit¬
repercussions in the form of a French aerial attack
South America from
had perished, including 83 children, but
airplane subsequently spotted a lifeboat
as a
by Wednesday, when
of
that
Great
announcement in London stated that the forces con¬
ing of Sept. IT.
were
land¬
a
from
troops
Monday, and to all
on
had been written off
details, that the ship, City of Benares, of
11,600 tons, was the vessel concerned in the sink¬
First London reports
French
expedition began
pearances
the circumstances.
Sunday in London, after due confirmation of
vessel
"free"
of
Britain, supported by units of the British Navy.
This
Italian
a
word of such
no
war
party
been
the
possessions, but
loyal to the Vichy regime of France repulsed
One of the
after
that Italy intends to
far has been reported from Vichy.
so
the
announced
tragic incidents of the conflict
British
Cairo
Dakar Incident
most
the earlier
at
military bases and airdromes in
French Near East
that matched the aerial bombardments.
last
on
Dakar, port of Senegalese West Africa, where forces
German aerial forces ranged
England, dropping bombs at
far
portance
bombers
ONE ofgreat strangest and saddest this week at
the
developed early incidents of
invasion attempt.
stern
British
The
coast
use as
any
ters
principal
only the German capi¬
cities, but also the
Channel
French
times that
by
severely
circulated
over
The
Wednesday, and Rome admitted some damage there.
airplane losses of the
ratio of about three
a
British air force bombed not
the
suitable occasions.
on
Rumors
British raid
Airplanes
airplane base at Tobruk, in Italian Libya,
attacked
was
points.
attacks, and the British fleet shelled the
coastal road
demand
airplane loss admitted by the reporting side.
on
the Italian
Italian
at all
freely by the defending forces to ward off
cities in daylight as well as night raids.
towns and
Each side continued to claim
enemy
of the British
used
were
Cambridge
on
a
highways toward Alexandria and the
Canal, but they encountered the calm and stiff
an¬
Nazis
The
University in England, in reprisal for
on
Suez
resistance
nights.
while
coastal
the
Sept. 28, 1940
Four
general assumption
tended
to
put down
was
any
that they might be in¬
movement at
joining with General de Gaulle.
Dakar for
The latter explana¬
tion for the French fleet movements seemed
reason¬
able, since German and Italian approval must have
been
granted.
The French Government at Vichy
pro¬
hastily dispatched
pre¬
the person
Italian forces endeavored to advance
along
the
to
a new
Governor to the colony, in
of Pierre Boisson, obviousely with
keeping Senegal loyal to Vichy.
a
view
The stage thus
Volume
seemed set for
a
which might add an important
coup
slice of French Africa to the
London
merely announced
Gaulle
de
eral
areas
fighting the Nazi
had
on
of
a
ing
food
an
shortage during the coming winter supply¬
Monday that Gen¬
appeared off Dakar, with the
The simple question
especially ominous note.
of survival
Unfortunately, the plans miscarried.
menace.
1767
The Commercial & Financial Chronicle
151
probably will be dominant in France, as
colder weather
applied
Food regulations are being
develops.
ever more
strictly by the Vichy regime in
What the
support of British forces, in order to aid that con¬
"free France."
siderable element of the
pied region is largely a matter of conjecture,
population opposed to the
Vichy Government's policy of subservience to Ber¬
hardly
lin.
other
Vichy dispatches made it clear, however, that
the free French
ultimatum
and
demanding
this demand
was
the
West
French
unopposed landing.
an
refused,
an
African
attack
was
an
When
made upon
which occasioned
port
France,
casualties and much destruction.
numerous
said
British forces had served
Foreign Minister Paul Boudoin, "is not
broken that she must endure this from her
He pointed out that French territory thus
ally."'
The bombardment of Dakar and the
invaded.
was
so
former
French
resistance
throughout Tuesday,
continued
notwithstanding unsuccessful efforts by General de
Gaulle to effect
landing and persuade the French
a
Intense
garrison to join the "free" French forces.
resentment
ment
again
was
expressed at Vichy, which
reprisals in the form of an aerial bombard¬
ordered
score
airplanes dropped bombs on the
French
of
British
Several
French Morocco.
of Gibraltar from
base, and allegedly inflicted some damage.
British fleet units
hastily departed and at least one
important British vessel was said in French circles
hit.
to have been
Spanish observers in nearby La
Linea said that fires were caused at
Gibraltar by
bombing, which continued on Wednes¬
the French
But the efforts of General de Gaulle
as
regime during the week now ending,
of the Vichy
apparently with
hardly be considered encouraging
Vichv or London.
It is evident that the
results that
can
fleeting prestige won by the recalcitrant General
Charles de Gaulle will vanish entirely if further
blunders
held
develop, and the French Empire may be
together more easily in that event.
aerial bombing of
that
war
The French
Gibraltar made it all too evident
under consideration at
British shelling of the;
July, and the latest British-
with England was
Vichy, in reprisal for the
French fleet at Oran in
supported attack on Dakar. This current incident
of the war served to emphasize the recent indica¬
tions that France will have to pay
France with
heavily for her
already
authorities
German
defeat.
are
billing
of occupation costs running to
army
This is a terribly stiff
and the results may
well be quite as appalling as were the burdens placed
upon Germany in 1919.
The war guilt trial at Riom
continued to drag along, with many eminent French¬
men now in custody, and
decisions apparently far
400,000,000 francs daily.
charge even in devalued francs,
and his Brit¬
quickly
It was confirmed in Lon¬
they began.
as
had been sunk
Dakar, with the entire crew of one ship rescued,
and that casualties had been
suffered both by the
Dakar shore batteries and the
"defending" warships
No attention was paid in
of the British fleet.
tant British naval units suffered
The action
counter.
was
damage in the en¬
explained in London as
reports that French Senegal might
due to
the arrival of General de
were
Lon¬
Vichy reports that some of the most impor¬
don to
met
fire
fensive
Gaulle.
welcome
Landing parties
by fire from shore batteries, and a de¬
The French
was
returned
by the British vessels.
battleship Richelieu, damaged at Dakar
joined in the
engagement, and the shells from that ship also were
returned, according to the London statement.
It
became plain that only a major engagement would
in
The incident at
hands.
other problems
Latin America
supporters were halted on Wednesday, almost
don that several French submarines
at
German
in
centers
Dakar overshadowed
either in
for
reports are available from Paris and
distant.
day.
ish
any
prospects are in the occu¬
July by a daring British attack,
fall
the
secure
reached
to
of
Dakar,
discontinue
the
and
action,
never
been the intention of his
ment
to
enter
into
the decision was
serious
since it -"had
Majesty's Govern¬
Avarlike
against those Frenchmen who felt it
operations
their duty to
The
obey the commands of the Vichy Government."
withdrawal of the British forces thus was
nounced.
But the repercussions well may
for some time,
occur,
an¬
continue
and if further incidents of this nature
the two former allies might find
themselves
PRESIDENT ROOSEVELT affixedproviding for
his signature
Thursday to the measure
on
$1,500,000,000 of additional lending power
Reconstruction
Finance
Corporation, of
which
$500,000,000 was understood in the congressional
debates to be intended for Latin American coun¬
tries.
With that Act a new phase
tween
the
United
States
of relations be¬
and its so-called Good
Neighbors south of the Rio
Grande begins.
It is
uncertain whether Latin America
will get the doubtful benefit of the entire $500,000,000, for $25,000,000 of the sum already has been
allocated as a loan to China.
A loan of $4,600,000
was announced to Costa Rica, Tuesday, out of the
already a little
funds which Congress
the program
with
heavy losses
a
insistent "fifth
America, that a Rio de
to the New
confirms
to American taxpayers almost
interesting to note, in
column" propaganda
Janeiro dispatch
York "Herald Tribune" of last Sunday
the
of
from Latin
Thus
It is especially
inevitable.
view
had voted by that time.
of official foreign lending progresses,
suspicion voiced in these columns
in the
the propaganda was aimed in
good part of loosening the purse-strings in Washing¬
ton.
"The chief theme of the Brazilian Government
past, namely, that
these
days," the dispatch states, "is
United
States
comes
across
large) credits, Brazil will
that unless the
(and
with long-term
eventually fall into the
of Nazi Germany. As a matter of fact,
occasional references to the fifth column in Brazil
eager arms
in full conflict.
French Difficulties
serve
the useful purpose
that a little
PROBLEMS of peacereconstruction, military occu¬
pation and war, are facing the French Gov¬
ernment and
„to the
people all at once, with the prospects
Also
of
of convincing the 'Yanquis'
financial wooing is
great interest in
sphere is an
necessary."
the Latin American
announcement in Washington, Tuesday,
The Commercial & Financial Chronicle
1768
that
a
agreement has been effected with the
new
Dominican
be of
This arrangement appears to
Republic.
a
by
0.74%.
was
various items with
Following
an
$15,250,060 Dominican dollar bonds, and any
on
change therefore is highly important to the bond¬
The State
holders.
Department indicated that the
specific pledge is to be replaced by
a
general pledge
of Dominican Government revenues,
which will in¬
clude customs collections under
It
istrator.
viewed
this
change
by either
Government.
The
bonds, however, were issued under the occupancy of
Dominica
by the United States Navy, and to
regarded as
are
particular
a
Silver and other coin._
Advances
a
de¬
"+887,600
Other assets
—94.231,000
curr.
to note circul'n
Figures
at
the record
833,476
£1,246,000 in the week, compared with
high, £613,906,516 Aug. 14 and £541,-
The loss in notes, together with
a year ago.
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
banks.
Present
any
the
at
rates
an
£1,150,000 in
Public deposits
reserves.
£2,648,000, while other deposits fell off £13,080,831. The latter consists of "bankers' accounts"
rose
and "other
and
liabilities
to
rose
The proportion of
to
14.4% from
week ago; a year ago it was
holdings
security
securities
securities
and
show the
remained
different
Effect
Date
Rate
Circulation
Public deposits
Other deposits
Bankers' accounts.
Other accounts...
Govt, securities
Other securities
Disc't A advances.
Securities
Reserve notes A coin
Coin and bullion
Sept. 27,
1939
004,704,000
13,520,000
107.870.079
115.979.080
51,890,399
147,812,838
25,430,330
3,535,884
21,894,440
20,274,000
1,038,988
Jan.
51940
2 54
Aug. 15 1935
Mar. 11 1935
Aug. 29 1939
2
4
Aug. 29 1935
Nov. 28 1935
454
3
7
2 54
Chile
3
Dec.
16 1936
4
4
July
18 1933
5
to liabilities
Java
with
108s.
Bank of
Below
vakia....
Danzig....
Denmark..
3
Jan.
1 1936
Sept. 29,
1937
168s.
Sept. 30,
1930
17.7%
2%
84s.
25.6%
2%
11 HA. 84s.
1154d. 84s.
Jan.
2 1937
5
454
May 22 1940
Eire
3
June 30 1932
2
Oct.
Estonia
454
Oct.
a
totals
at
Sept. 7.
Notes in circula¬
Aug. 31, 13,026,452,000 marks, was the
record, compared with 10,302,747,000
year
ago.
80,405,000
984,000 marks
over
maturing
Gold and foreign exchange
marks,
an
increase
of
2,-
the last reported total dated
obligations
showed
decreases
of
426,324,000 marks, 94,231,000 marks and 4,858,000
marks respectively.
The proportion of gold to note
circulation
4
6
July
15 1939
7
054
454
Sept. 22 1939
4*
Dec.
17 1937
5
Aug. 11 1937
May
5 1938
4
Norway
Poland....
■
...
5 54
3 54
Portugal...
4
26 1939
3
Rumania
1 1935
5
South Africa
354
3 54
-
..
3.65
May 28 1935
May
454
354
454
Dec.
3 1934
Mar. 29 1939
5
4 1939
454
254
Spain
Jan.
3
Apr.
0 1940
4
Switzerland
354
154
May 17 1940
3 54
Nov, 26 1936
2
6
Jan.
4 1937
7
Yugoslavia.
5
Feb.
4
..
Greece
•Not
54
454
15 1933
*4
.....
Sweden
1 1935
654
officially confirmed.
Foreign Money Rates
rose
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
on
was
to
as
Friday of last week, and 1 1-32%@1 1-16% for
three-months'
bills,
against
as
Friday of last week.
Friday
Money
1 1-32%@1 1-16%
on
call at London
1%.
was
New York
0.66% from 0.61%
as
Money Market
BUSINESS in the New Yorkscale thismarket
money week,
possible
the
on
smallest
and
toward
expansion.
sold last
0.013%
count
Monday
bills
count
unchanged.
commercial
due
average,
basis.
a
was
and
The supply of bankers'
shows
paper
The Treasury in
no
tendency
Washington
further issue of $100,000,000 dis¬
in
91
days, and awards
computed
Call
loans
on
on
an
the
were
at
annual bank dis¬
New
York
Stock
Exchange held to 1% for all transactions, while
time loans
again
were
l3/4% for 60 and 90 days, and
1%% for four to six months' datings.
New York
Money Rates
DEALING in detail with call loan rates
Sept. 7, compared with 77,138,000 marks a year ago.
Bills of exchange and checks, other
assets, and other
daily
14 1937
2
France
2%
llHd.
loss of 518,268,000 marks from the
last reported total dated
now
7 1936
Jan.
39.80%
Germany Statement
notes
244,000 marks,
a
5
Apr.
3
Morocco
354
4
bills
THE quarter-month statement of the Bank dated
Sept. 23 showed
in circulation
12,107,-
Sept. 23
3.29
Lithuania..
Czechoslo¬
The
comparisons for
Sept. 28,
1938
23.2%
3%
2%
on
May 18 1936
454
Italy
rnmm
354
"securities," which
541,833,470 500,921,407 488,470,457 449,305,969
19,840,608 11,447,321 21,804,974 49,714,324
147,599,298 140,133,158 132,301,183 101,667,479
107,130,863 99,922,782 95,122,308 60,718,519
40,468,435 40.210,376 37,178,875 40,948,960
120,330,164 112,751,164 105,838,105 80,323,337
20,330,095 30,133,779 20,958,962 28,990,494
2,480,584
0,190,550
7,305,595
8,588,427
23,883,111 22,828,184 20,768,412 20,402,067
38,994,622 26,944,979 39,597,683 60.358,730
828,098 327,866,380 328,068,140 249,754,699
14.4%
Bank rate
of
...
Japan
Colombia..
on
reserve
Gold val. per fine oz_
as
Rale
3
India...
2
6
comprise
COMPARATIVE STATEMENT
1940
highest
vious
Hungary...
1 1936
on
years:
Sept. 25,
tion
Date
Effective
Country
Holland
Mar.
rates remained
BANK OF ENGLAND'S
Proportion of
Pre¬
Effect
Sept 27
vious
Effective
354
other
unchanged at 2%.
items
a
Government
£190,973 and £1,366,144, respectively.
previous
•
23.2%.
re¬
13.0%
£10,010,000 and
Other
advances"
and
discount rate
we
declined
£1,557,117.
"discounts
fell off
are
accounts," which decreased £12,813,163
£267,668, respectively.
serves
centers
Rate In
Pre¬
Rate in
Germany
increase of
leading
shown in the table which follows:
Finland
drop of £96,795 in gold holdings, resulted in
a
113%
Discount Rates of Foreign Central Banks
England...
decline of
a
0.74%
0.66%
+0.05%
Canada
in
23,706,000
of Aug. 7,1940.
as
Bulgaria...
notes
21,104,000
51,839,000 1,254,221,000
847.843.000
1,487,803.000 1,463.421,000 1,050,964,000
Propor'n of gold A for'n
Argentina..
Belgium...
THE statement for circulation ended Sept. 25
the week
showed
£604,764,000,
Relchsmarks
—518,208,000 12,107,244,000 10302,747,000 6,740.449,000
—4,858,000 1,573,906,000 1,625,892,000
949,466,000
973,840,000
#462,235,000
343,855,000
Oth. dally motur. oblig
Other liabilities-
Sept 27
Bank of England Statement
Relchsmarks
Liabilities—
Notes in circulation
Country
United States Government.
Sept. 23,1939 Sept. 23, 1938
al8,751,000
Investments
of the
concern
Relchsmarks
80,405,000
77,138,000
+2,984,000
76,503,000
—426,324,000 12,356,358,000 9,903,987,000 6,547,594,000
176.839,000
a241,227,000
157,602,000
_
was
safeguards of investors who assuredly
consulted
not
gree
Gold A foreign exch.
Bills of exch. A checks
Sept. 23,1940
Relchsmarks
Assets—
Dominican admin¬
that
years:
Changes
favorably in financial circles, since it plainly
modifies the
were
be said
cannot
a
furnish the
we
comparisons for previous
for Week,
American appointee will be terminated. Such cus¬
toms revenues are specifically pledged for service
28t 1940
REICHSBANK'S COMPARATIVE STATEMENT
particular financial interest, for it provides
that the administration of customs revenues
it
year ago
Sept.
of Sept. 7;
on the
Stock Exchange from day to day, 1% was the
ruling quotation all through the week for both new
loans and renewals.
The market for time money
continues quiet.
up
Rates continued nominal at 1J^%
to 90 days and 1^% for four to six months'
maturities.
Transactions in prime commercial paper
declined this week.
the
supply of
rates at
paper
The demand has been good, but
has fallen off sharply.
Ruling
%@1% for all mturities.
Bankers' Acceptances
HE market for
T-
"
prime bankers' acceptances has
been quiet this week.
good, but prime bills have been
rates
as
/
;
The demand has been
very scarce.
Dealers'
reported by the Federal Reserve Bank of
New York for bills up to
and including 90 days
are
Volume
1769
The Commercial & Financial Chronicle
151
J4% bid and 7-16% asked; for bills running for four
resident in the United States" and other
months, 9-16% bid and 34% asked; for five and
places,
six
The bill-
months, %% bid and 9-16% asked.
designated
above,
as
"Application must be made by the banker with
kept and must clearly
to be
buying rate of the New York Reserve Bank is 34%
whom the
for bills
indicate the nature of the business which the account
running from 1 to 90 days.
conducts, the nature of the transactions, both
holder
Discount Rates of the Federal Reserve Banks
debit and credit,
and
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government
obligations
in the footnote to the table.
schedule of rates
of paper at
are
shown
The following is
the
in effect for the various classes
now
tions will be entertained
be maintained with
83"
form
lished by
out
RATES OF FEDERAL RESERVE BANKS
DISCOUNT
Federal Reserve Bank
Date
Established
New York
1
Philadelphia
IX
Cleveland
IX
Richmond
Chicago
St. Louis
•IX
..
IX
Minneapolis...
Kansas City
•IX
Dallas
•IX
IX
San Francisco
*
Advances
on
to
are
(prescribed in previous regulations pub¬
the Bank of England).
registered account
may
be opened with¬
permission
to
an
open
has
account
been
IX
under which the
Sept.
IX
•IX
•IX
Atlanta
only if the accounts
banker appointed to approve
a
Rate
1, 1939
Aug. 27. 1937
Sept. 4, 1937
May 11, 1936
Aug. 27, 1937
Aug. 21, 1937
Aug. 21. 1937
Sept. 2. 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept. 27
1
Such applica¬
obtained, procedure to be followed and conditions
Previous
Effect on
Boston
the account,
pass over
prior consent in writing of the Bank of England.
When
Rate in
which will
approximate turnover expected.
"No such
the different Reserve banks:
is
account
those which
IX
in the
accounts
2
whom accounts
2
2
mitting to the Bank of England monthly statements
2
2
of account
2
2
called for in
as
Despite the
Chicago: Sept. 16. 1939. Atlanta. Kansas City and Dallas; Sept. 21. 1939,3t. Louis.
Britain
is
Exchange
paragraph 7 of that notice."
handicaps under which Great
its foreign trade position is
severe
laboring,
British indices show that the financial
improving.
Course of Sterling
kept will be responsible for sub¬
are
2
1%, effective Sept. 1,1939,
Government obligations bear a rate of
apply, under notice dated July 18, to
name of a bank.
The banks with
2
2
be operated will be
account is to
position of the markets has steadily strengthened,
THE foreign exchange market is in official and in
practically idle
to dealings extremely quiet,
although the difficulties of the exchanges have in¬
creased.
This is not to say, however, that the
free
financial pressure is
as
appeared
the
has virtually dis¬
The free market
sterling.
result of the progressive drying
as a
supply, but the quotations
and sometimes
even
are
above the
up
generally close to
The
official rate.
for free sterling this week has been between
range
$4.0334 and $4.05 for bankers' sight, compared with
a
The
for cable transfers has been between $4.0334
range
and
$4.0534* compared with
$4.0334 and $4.0434
Official rates
tinue
as
New York,
for
of between
90.09c .-90.91c.
per
American commercial bank
official sterling are 4.02 buying and 4.04
the
Were
exchange is not quoted
on
Germany,
Italy, Poland, Czechoslovakia, Norway, Denmark,
Belgium,
or
In New York
France.
that
war
dollar and
ex¬
quoted nominally at
There
are
no
quotations for the
rencies of the countries invaded
British
cur¬
permit the opening of registered sterling accounts in
the names of firms and companies resident in the
advices
Philippine Islands, and United States
well
made public
dependencies,
as
maintained after the conclusion of the war
long
as
new
British pound must be
and whether the
entire
A
for
of the currency,
efforts
seems
but it
were
improbable that these
taxation
as
now
is in Great Britain, it
almost inevitable that taxes must be further
increased in order to prevent
There
inflation.
is
the insidious onset of
strong tendency for
a
living
the value of real wages
A few
days
noted
nationally
is
ago
are
money
stimulate production,
to increase in order to
also rising, thus reducing
and income.
John Maynard Keynes, the inter¬
declared
economist,
that
Great
meeting its financial problems with the
greatest ease and urged the British people not to
concerned
over
problems
of personal
or
be
national
finance, asserting: ^"Nothing has happened to us up
date
to
to
give
us
permitted
to
have
and
a
excessive
half tons of shipping have
the air.
anxiety.
We have
still
further
may even
curtail
result in its
Sept. 20 it is "prepared to receive applications
permission to open registered accounts in the
of firms and companies but not individuals
of
Food
been destroyed from
On the other hand, allowing for big reserves
of main food and raw
may
market and
seems
succeed with the cessation of hostilities.
can
shape of gold, mainly to the United States; a million
Under former rules
abrogation.
names
devalued.
Every effort is now being made to prevent inflation
Sept. 23 by the New York
dispatch from the Bank of England stated that
from
a
on
regulations
the free sterling
effort continues.
parted with some of our more liquid assets in the
registered sterling accounts.
The
war
in Switzerland, according to
banks
designated
the
as
Foreign Exchange Committee.
only
It is
be
can
Britain
by Germany.
exchange regulations have been revised to
United States,
area
question, however, whether the pegged rate
5.05, but business in these currencies is extremely
restricted.
sterling
link, which must certainly
as
while the costs of
are
the
serious
wages
gold mark around 39.94 and for the registered
Italian lire
end immediately,
countries of the
all
reflect the existence of this
change is nominally quoted for the German so-called
mark at 12.10.
still
they must increase
to
Sterling exchange is now firmly fixed to the United
States
free
or
effort have
war
financial stress would continue.
Heavy
Holland,
are
the
indications
further.
selling.
In London
of the
endure
con¬
dollar); Australia, 3.2150-3.2280; New
Zealand, 3.2280-3.2442.
rates
range
$4.0234-4.0334; Canada,
official
(Canadian
United States
a
ago.
quoted by the Bank of England
follows:
4.43-4.47
week
a
not extremely severe.
hardships
already mounted to almost insuperable levels and
of between $4.03 and $4.04 last week.
range
financial
The
of
and
materials, which the Ministry
Supply have built up, our stocks of
commodities, far from being diminished, are prob¬
ably increased."
of
war
He estimated that "after a year
Great Britain remains richer in national wealth
than she
was
at the beginning
of 1937."
Despite Mr. Keynes' optimistic
closes the
remarks, he dis¬
difficulty of the country's financial posi-
The Commercial & Financial Chronicle
1770
tion
by certain
measures
committee
suggested
The
by Sir Kingsley Wood and almost at once
system of deferred payment to workmen.
a
deferment, he said, would be utilized by the
Government and he
to
He
which he advocates.
recently appointed to the Treasury consultative
was
adopt such
The
expressed the belief that failure
would
a measure
inflation.
cause
In replying to the debate on the third
side.
every
Government issues and savings certificates, there is
practically
demand for investors'
no
in the stock market
prices for August, based
140.1,
with
compared
134.4
for
129.4
for
at the end of the first month of the
on
be "interim
the
70.1
called his budget an
before
the next
budget depends mainly
the Chancellor's
The
ing
the
on
response
to
appeals for Government loans.
their
States
depending
are
financing
upon
these loans not only for
appreciable portion of
an
but also to
held abroad, particularly
and Canada, and for that
resources
United
reason
a
war
a
the
stated
commodity prices, based
100, stood at 98.4
as
earlier, and 60.04
on
During the first
of the
year
12 months of the first
the
that
greater
advance in the prices
London open
money
ing and Scottish banks, banks
saving campaign, to the middle of August just
war
past,
total of £332,038,739 has been raised from
a
the sale of savings
bonds and
Trustee
certificates and national defense
by increases of deposits in post office and
banks.
savings
addition the
In
sale
of
a
This, it is estimated, would
week.
total annual saving of about £1,500,000,000,
leaves a deficit of nearly £600,000,000
give
a
but
still
between
and
revenue
expenditures, which could be
also
Canadian
Sept.
second
tion
Oct.
the
Government's
say,
necessities, Sir
Kingsley
Wood has stated that further taxation is
obviously
toward
Critics of the Chancellor maintain that
inevitable.
if taxation is not
the insidious
drastically increased without delay,
growth of inflation will have gone too
war,
up
to July, the
Ministry of Labor's cost of living index has increased
by 20%, despite
000,000
of
subsidy of approximately £60,-
a
to have been, devised to
wages
which
London
The cost
certain essential foods.
a year on
living index is still advancing and
cause
no
plan
prevent further increases in
constantly assert that unless
something is done to check rising
wages,
the infla¬
tionary tendency will get completely out of hand
and real wages will be
able of all
lowered by the most inequit¬
methods, the depreciation of the
In recent weeks the Treasury
for
is
currency.
a
as
the
deposit-receipts plan and
plan
This
was
in¬
the
Last week and again this week
Treasury has borrowed £30,000,000 under this
plan,
as
against
sums
of from £5,000,000 to £10,-
000,000 taken weekly for several previous
This increases the amount lent to the
this
manner
to
the market
due
weeks.
Treasury in
seems
as
on money
market funds,
well supplied as ever.
This is
largely to the fact that except for investment in
loan
reached
the
to
1,
loan—with
Ottawa advices of
that orders from
3%
from
a
The oversubscrip¬
and due
coupon
bank
in order that
private investors
on
authorities
policy.
Montreal funds ranged
between
a
of
subscriptions
be confirmed in full,
may
which is in accord with the announced
discount
against
large^institutions and corpora¬
reduced
be
a
Canada's
to
$342,248,300,
Canadian
1952—means,
pressure
governmental
during the week
16%% and
a
discount
of
12%%.
follow
amounts
United States
gold imports and exports which
EXPORTS
weekly statement of the
Department of Commerce and
the week ended
GOLD
of
taken from the
are
cover
Sept. 18, 1940.
AND
IMPORTS, SEPT.
12 TO
18, INCLUSIVE
Exports
Imports
Ore and base bullion
/.
*$1,187,487
_
Refined bullion and coin
106,161,704
TotaL.
Nil
$107,349,191
Detail of Refined Bullion and Coin
Shipments—
Portugal
6,598,355
U. S. S. R. (Russia)
11,175,000
Canada....
56.821,494
Curacao
'
Argentina
......
4,738,540
6,377,324
Japan
3,088,884
Australia
14,604,827
New Zealand
164,241
Liberia
3,135
Chiefly
$166,791
Canada,
$178,885
Mexico,
$157,132
Islands, $235,431 British Oceania.
Gold
...
2,589,904
Philippine
<
held under earmark at the Federal Reserve banks
was
reduced
during the week ended Sept. 18 by $45,677,701 to $1,672,064,136.
Referring
to
Saturday last
day-to-day
was
rates
free
sterling
Monday the
on
$4.03%@$4.03% f°r bankers'
sight and $4.03%@$4.04 for cable transfers.
£110,000,000.
Despite this "intrusion"
war
must
*
augurated in July.
at
throughout the
subscriptions
that
Netherlands Indies..
has evolved
bo;rowing surplus deposits from the banks.
known
longer under the
seems
the index to mount still further.
economists
no
objective of $300,000,000.
The
beginning of the
are
bills
three-months
early September.
tions
far to check.
From the
1-32%,
Bill rates
months, with two-
.1)4%.
stated
21
without saying that the British Treasury
contributing of savings
1
exchange is
and
summer
part with either gold or securities held on
last resort.
at
many
characteristic of the Canadian dollar
But it goes
Whatever the result of the
bills
months bills at
stated
this side except as a very
ready lenders of
1-16%, four-months bills at 1 3-32%, and six-
partly met by the sale of gold and securities abroad.
will not
are
satisfying borrowers at %%.
months
2%% national defense bonds is averaging close to
£20,000,000
sterling
by the Government last week from clear¬
unchanged from those of
1
an
and buyers of bills, while outside institutions
money
are
the result of
as
£30,000,000
surest defense
the date of the opening of the
It is
War.
rates are unchanged in
the
Despite
borrowed
against inflation.
World
of the rise occurred
part
of imported materials.
market
respects.
the index
war
advance of 22.2% in
an
sumption which, Sir Kingsley Wood asserts, is the
From Nov. 22, 1939,
Sept. 18, 1931, just
early in this conflict, principally
all
on
month earlier,
a
suspension of gold payments by Great
40%, compared with
the first
expenditures,
great degree for restricting civilian con¬
year
The London
war.
compared with 97.1
as
Britain.
rose
Treasury authorities are averse to encroach¬
upon
the
in
The date of
of 1927
average
Sept. 3,
arrangements," and that was the sense in which he
interim budget.
for
March, and with 98.1 for August, 1939, and 105.6
cellor Sir
lasts all financial arrangements must
100, stood at
as
July,
Economist index of British
war
either
expansion.
or
132.7 for April,
May,
for
133.7
1930
on
139.7
reading of the Finance Bill in the Commons, Chan¬
Kingsley Wood made it clear that while the
money
for business loans
or
^ The Board of Trade index of wholesale commodity
June,
problem and possibility of inflation appears on
Sept. 28, 1940
range was
sight and $4.03%@$4.04% for cable transfers.
Tuesday bankers' sight
On
$4.03%@$4.04 for bankers'
was
On
$4.03%@$4.04; cable
Volume
1771
Chronicle
On Wednesday
the presence in London of Adolphe Baudewyns, one
$4.04@$4.05 and cable transfers
$4.04J4@$4.05J4. On Thursday the range was
of the three directors of the board, Governor Janssen
explained that he is to be considered as the "official
defender of the Belgian gold now deposited abroad,
his powers being, however, strictly conservative."
A Copenhagen correspondent of the New York
"Times" on Sept. 26 stated that the note circulation
transfers
$4.03%@$4.0434.
were
bankers'
were
The Commercial & Financial
151
sight
was
sight and $4.0354@
On Friday the market
it had been throughout the
bankers'
for
S4.03J^@S4.05
$4.0534 for cable transfers.
continued
featureless,
as
$4.03}^@$4.0354 for bankers'
sight and $4.033^2@$4.04 for cable transfers. Closing
quotations on Friday were $4.03J4 for demand and
$4.03J£ for cable transfers.
Commercial sight bills
finished at $4.00; 60-day bills and 90-day bills are no
The range was
week.
longer quoted.
r>
m.'
m.
r?
r\M.l
j
1
-
Continental and Other Foreign
CONTINENTAL European
^ situation
remains
so
1
*7
Exchange
financial and business
beclouded that it is im-
gun s into intelligible terms
All business in these countries
of the Bank of Denmark rose from 441,000,000 kroner
in January, 1939 to 674,000,000 kroner in August,
1940. Statements of Denmark's currency reserves
and the balance of exports and imports have disappeared from the national bank's monthly statement. Instead there appears a clearing account of
A
3
Danish
„Times„
indicating
the
The
ts that prices of all
dent
corte
t
chiefly to Germany.
,
t
e
few weeks ago by
1939 by 21% fuel
37%.
Exchange on the countries invaded by Germany
js nQ jonger qUOted in New York or in London.
jn \ew York the so-called German free or gold
mark is occasionally nominally quoted around 39.94,
while German registered marks are quoted at 12.10.
^r"} ' 5^ James, Vice-Chancellor and Principal
Exc]lange on Italy is nominally quoted in New
possible to trans ate any
m
relation to dollars.
to be
seems
falling
more
and
and more under the sway of
Sweden
considered an
Even the free countries,
German authority.
Switzerland,
can
be
hardly
exception.
The situation
was
analyzed
a
and formerly professor of finthe Wharton School of Finance and Com-
of McGill University
ance
in
Philadelphia.
in
merce
He said that a German
of
d would be useless
victory meant the setting up
regiona
autarchies
except for economic
decoration.
He observed that Iteicliimmster
unk
had broadcast in no uncertain terms t a go d wou
be valueless in such a world.
"And from what we
in
which go
already know of the efficiency of
necessaries have risen since Julyj
prices by 97%, and taxes by
York
at
5.05.
The
two
remaining
free
curren-
Swiss francs, are quoted
22.84^-22.90^, respectively,
cjes; swedisb kronor and
at
and
23.85-23.86
^
Finland
23 80
and 22 79 last week>
closed
(nomjnai),
at
2 05
(nominal);
Exchange on
against 2.05
Greek exchange closed at 0.68
(nominal),
(nominal). Spanish pesetas are nominally quoted at 9.25, against 9.25.
against 0.68
German monetary
T^XCHANGE on the Latin American countries is
steady due to the activity of the various exchange controls. As noted here last week, Argentine dispatches on Sept. 19 stated that an embargo
of gold held in the United States, Dr. James declared*
had been placed on all future imports from the United
that if
believes in democratic capitalism and some
States, although at the same time a denial was pubkind of world economic order, the gold stocks in the
lished in the Argentine newspapers by Finance
United States may be regarded as the most conMinister Federico Pinedo that the Government had
structive contribution now being made in any part of
taken any restrictive measures against United States
policies during the last decade, there is every reason
to believe his
prophecies."
Contrasting German managed paper currencies as
related to the gold denominator and the large stocks
one
of the United States
the world to the future welfare
and all mankind.
when
emphasized
tariff barriers between the Reich
spread of the German autarchy was
The
on
Sept. 23
and the
protectorate of Bohemia
decreed to be lifted on Oct. 1.
signalize
Reich.
important
another
Czechoslovakia's
economic
The Czech
crown
and Moravia were
This action will
step
toward former
incorporation
will be abolished.
into the
For the
incorporafor dollars and other
foreign currencies will be adjusted downward to the
existing parities between the crown and reichsmark.
Thus one dollar will henceforth be quoted at 25
time
being, simultaneously with customs
tion, the Prague exchange rates
crowns
instead of 29 crowns.
Press
George Janssen of
the Belgian National Bank announced at the semiannual meeting of the shareholders that almost all
the bank's gold reserve had been transferred abroad
at the formal request
of the successive finance
ministers and the bank's proprietors.
The transfers
were made prior to the German occupation.
This gold, the Governor said, is in the vaults of
foreign central banks, in the United States, England,
France, and South Africa. "At any rate it was there
in June."
He indicated that perhaps more of it now
is "on the other side of the Atlantic."
Concerning
Brussels
on
correspondents of the Associated
Sept. 23 stated that Governor
trade.
On Sept. 24 the Argentine
Information Bureau at
New York City published a statement to the effect
that the action of the Argentine Exchange Commission in delaying temporarily requests for dollar
exchange does not indicate a ban on imports of
American goods. The Exchange Control Cornmission has issued a statement as follows:
"In view of the different interpretations placed
the action of the Exchange Control Office in
delaying for 15 days the granting of permits for dollar
exchange, the Ministry of Finance wishes to point
out that this has a purely administrative object. It
is due to the intention to examine carefully the
problem which has arisen owing to the considerable
increase in recent requests for exchange permits,
The Exchange Control Office considers it advisable
that there should be a short postponement in the
granting of these permits in order to adapt the permits
granted to the essential requirements of the country,
endeavoring as far as possible to satisfy those requirements with the exchange available."
A special cable to the New York "Times" from
Buenos Aires on Sept. 26 said that Finance Minister
upon
Federico Pinedo announced as of that date the termination of the embargo which had been placed on
all imports from the United States on Sept. 18. The
statement of the Finance Minister follows:
The Commercial & Financial Chronicle
1772
"The
study
Exchange Control Office has terminated
exchange
of
corresponding to
permits
NoU—The
a
the
United States, which, as is known, had been left in
Aside from
study.
some
applications which
are
notoriously exaggerated and
of line with current
out
are
figures, the
ex¬
change office will dispatch all permits which have
been
applied for.
"Once this dispatch has been
is
expected,
be
can
be done in
possible to consider
permits which
new
a
few days, then it will
applications for exchange
be presented, always provided
may
that their value is in line with
It is
completed, which, it
Europe baa made It Impossible to obtain up-to-date reports
of the countries shown In this tabulation.
Even before the present
many
France
*
000,000
pesos,
to the
for
Currency and Bank Notes Act.
March
1,
ing to our calculations.
tariff value of
more
than
232,-
but owing to the sharp advance in
As against these imports the real value of
y
prior to March 7.
as
obligations.
The country
balance with all
tries, but it amounts to only 27,000,000
The
coun¬
pesos.
1940. there
1930.
September.
notes in circulation of
"world.
reserve
ratio to
115.15%, the highest in the
or
free market
peso
23.25@23.50, against 23.55@23.60.
closed at
Brazilian mil-
reis closed at 5.15, against 5.15.
Chilean exchange
is nominally quoted at 5.17, against 5.17.
Peru is
.nominally
quoted
at
16.00,
against
16.00.
The
Mexican peso is quoted at 21.00, against 20.25.
Considerably
here
repeated,
tions assumed
of the
not
to
Japanese controversy
of
China.
troop
over
Tokio's demands for free¬
movements
through
French
The Japanese yen continues
the level pegged
Indo-
imchanged
by the authorities at 23.45
at
cents.
Hongkong dollar and the Shanghai yuan, as
months past, fluctuate constantly but on the
whole
little
changed from previous weeks. The
are steady.
Closing quotations for yen checks yesterday were
23.45, against 23.45 on Friday of last week. Hong¬
kong closed at 23.16@2334, against 22 11-16@22.69;
Shanghai at 5.40@5.60, against 5%@5%; Manila
at 49.80, against 49.80;
Singapore at 47%, against
47%; Bombay at 30.31, against 30.31; and Calcutta
are
Indian currencies
at
less
than
30.31, against 30.31.
four
impelled to
was
United
months
the
ago
that the obliga¬
urge
States,
Senators and Members of
as
Representatives, should constitute
bar
the
to
abandonment
of
an
their
posts of duty in Washington while the exigencies then
but
too
continued.
apparent
Very generally the
and public of the country took
press
lative
planned adjournment,
up
upon
the argument
which the legis¬
leadership, encouraged by the President, had
almost
unanimously agreed,
noxious to
was
public sentiment that it
general acquiesence
the
on
hearty approval of
to be
seen
was
given
so
up
ob¬
with
impossible for
the part of the legislators and
a
relieved public.
Gold Bullion in European Banks
the tremendous events that have
ensued, not only in
Europe but in all the continents including our own,
without profound conviction that the
adjournment
narrowly avoided might
so
catastrophic
in
British statutory rate, 84s.
in the principal European
11 %d. per fine ounce)
banks as of respective
dates of most recent
statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the
previous
four years:
Just
brief review of the work of
a
it decided to continue at the
1939
£
Netherlands
*525,416
242,451,946
4,020.250
63,667,000
16,602,000
97,714,000
Nat. Belg._
England
France y
*418,769
132,857,000
328,601,484
3,856,650
63,667,000
23,400,000
93,250,000
103,828,000
Switzerland.
86,730,000
96,779,000
Sweden
41,994,000
6,505,000
6,667,000
35,222,000
6,500,000
x_
Denmark..
Norway
Total week.
699,733,612
Pre v. week.
699,633,361
6,666,000
1938
1937
1936
the pressure of
328,068,140
293,710,642
2,498,850
87,323.000
25,232,000
105,490,000
102,145,000
81,401,000
6,538,000
25,975,000
6,549,000
7,442,000
6,602,000
249,754,699
400,890,269
2,027,000
88,092,000
42,575.000
59,047,000
106,196,000
55,147,000
24,157,000
6,552,000
6,604,000
762,188,903 1,083,888,195 1,064,994,632 1,041,041,968
762,914,075 1,083,495,181 1,066,181,065
1,058,949,214
now
to
Congress since
post of duty suffices to
public opinion forced surrender of the
to adjourn Congress
about the middle of
June, statutory provision has been made for mobiliza¬
purpose
tion of the National
scale
Guard, for conscription
adequate to the enrollment of
of the
2,000,000
men
an
upon a
Army in
presently determined
excess
and,
addition, to supply to the Navy the vastly in¬
creased personnel to be
required when the ships of
upon,
in
war
under construction
now
others
soon
to
be
placed
or
contracted
under
for, with
contract,
can
be
Even before this legisla¬
effected, but since mid-June, Congress
adopted the supplemental defense appropriation bill,
was
carrying
an
contracts
aggregate of $5,250,000,000, under which
for additional
ships to cost somewhere in
neighborhood of $4,000,000,000 have already been
executed or agreed upon.
At this moment an excess
the
profits tax bill, urgently recommended from the White
Treasury Department, is approaching
enactment and
is the
327,866,386
293,728,209
3,008,600
63,667,000
25,232,000
123,419,000
88,435,000
114,097,000
30,453,000
proved to
even
establish beyond any room for
controversy the un¬
impeachable foundation for this conviction.
Since
House and the
1940
£
Banks of-
have
appalling
ways
contemplate.
tion
bullion (converted into pounds
THE following table indicates the amounts of gold
sterling at the
Today it is
to review that episode, with
any one
assigned to active service.
Germany
Spain
Italy.
GuardV
on
by those chosen to represent the people
House of
then
EXCHANGE on the Far Easternby the Francocountries seems
have been affected
for
about 290 francs per pound, and as recently
were
"Chronicle" in its issue for June 8, under the caption
be
The
with
,
Argentine unofficial
dom
comparable
few as 125 francs were equivalent to the statutory pound.
as
rCongress: Remain
and the
fortnightly statement of the Central Bank of
'Argentina for Sept. 15 showed gold
•
In
Argentina has to meet heavy payments for
still ha<s a small total export
figure
current
For details of changes, see footnote to this table In Issue of July 20, 1940.
insurmountable
its dollar debt
the
The Bank of France gold holdings have been revalued several times In recent
month period is estimated at 150,000,000 pesos.
on
make
to
"deposits held abroad" and "reserves In foreign currencies
the
addition
order
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;
Argentine exports to the United States for the 8-
service
In
former periods as well as with the figures for other countries in the tabulation,
we show English holdings In the above In statutory pounds
x Gold holdings of tbe Bank of Germany as reported In 1939 and 1940 Include
figures ruling recently."
price levels, the real value of the imports is much
higher.
I
27.
Pursuant
1939, the Bank of England
1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date. Instead of tbe statutory
price which was formerly the basis of value
On the market price basis (168t>.
per fine ounce) the Bank reported holdings of £1.038,988. equivalent, however,
to only about £525.410 at the statutory rate (84s. ll^d. per fine ounce), accord¬
eight months ended in August, imports from the
a
received June 7; Switzerland, June 14; Belgium, May 24; Nether¬
17* Sweden. May 24; Denmark, March 29; Norway, March 1; Ger¬
was
lands. May
pointed out in official quarters that in the
United States had
1940
regular reports were not obtainable from Spain and Italy, figures for which
as of April 30. 1938, and Mar. 20, 1940
respectively.
The last report from
are
statements
which
Sept. 28,
In
war,
many, Sept.
to permit this
suspense
from
war
one
of the
provisions of this
highly-important settlement
measure
of the matter of
allowances for amortization in the determination of
taxable
income
which
the
Administration
and
the
Advisory Council for National Defense regard as a
pre-requisite to rapid progress in the consummation
of
complete preparedness. Certainly no one actively
participating in the leadership which has urged this
legislation upon Congress, and obtained all for which
it has
asked, is
now
in
a
position to assert that the
adjournment originally planned would not have constituted
edge that
was
national disaster
a
any
or
to decline to
acknowl-
encouragement of such an adjournment
evidence of absence of
foresight and happily
over-
ruled by the wiser perceptions of the public and of the
Congressional leadership which ultimately prevailed,
Politics
being what it is, and the
hensions of politicians as
strange that,
even
they
with these
are,
leaders
and
appre-
certain of the Demo-
Senate and
the
in
sentatives should
ways
perhaps it is not
obvious lessons within
so
their most recent experience,
cratic
House of Repre-
have revived the project
now
of
adjournment and be pressing it with all possible vigor,
Chief
1773
The Commercial & Financial Chronicle
Volume 151
among
those who
are
presently urging that
Congress should forthwith leave the post of legislative
duty and disperse is the Administration leader in the
Senate, Alben W. Barkley, who two years ago obtained
postponement of the legislation taking the
Works
Progress Administration out of politics upon
the direct avowal and
plea that its enactment would
unfavorably affect his
own
candidacy for re-nomina-
tion and re-election and who is now
seeking to evade
The foregoing is by no means an isolated example
of the President's insistence upon the imperative
pressures which he declares preclude his absence from
the center of action. Even his refusal of Mr. Willkie's
challenge to discuss the issues of the current campaign
based, as he has more than once asserted, upon
his complete absorption by what he has intimated are
the larger obligations of the Presidency, especially if
not wholly those incident to his participation in
rapidly changing world-affairs. Now the point to be
made, and it seems unanswerable, is that either these
considerations apply to Congress equally with the
President, or it must be that the President is so nearly
the whole of the Government of the United States
that he is wholly capable of functioning completely or
sufficiently although quite alone and unaided in all
these matters of demanding exigency. Either this
country has ceased to be a representative democracy,
or the second of the foregoing alternatives is utterly
untenable and its adoption as a plan of operation in
times such as the President has described must be
destructive. It might lead to dictatorship, it could
not lead to preservation of the intrinsic qualities of a
was
performance of his explicit assurance that the Walter-
government by the people and for the people.
Logan bill, to enforce reasonable conduct on the part
of certain administrative boards and commissions,
might
would be
Doubtless, without injury or danger, Congress
recess for a brief period and to a day fixed in
vote at this session should it
the order for such recess, or perhaps conditions might
the sanction of the House of
permit more than one recess so limited and not of long
Representatives.
duration.
sentatives who
Inevitably, Senators and Represeek re-election next November, and
ticipation in the Government during the months be-
apprehend serious opposition in their States and Dis-
tween the present and the convening of the next
tricts, would greatly hke to be temporarily relieved of
Congress on Jan. 3, 1941, lie deep in the unpre-
their
cedented situation of domestic affairs as well as those
receive,
they
brought to
as
it has,
a
obligations in Washington, however reluctant
may
nent.
be that such relief should become perma-
In this
they
Roosevelt who
seem
to be supported by President
apparently
desire to govern
without
runs
fraction of the time as can
has not yet
ment
June.
ventured
true to form in his
Congress for as large a
be arranged, although he
a
an open
advocacy of adjourn-
prove
President.
In that aspect the only criticism must
rest upon his too evident desire to be relieved from
the presence and rather attenuated supervision of the
In the matter of what most jurists
law-making body.
and diplomats must regard as a treaty with Canada,
Then, it will be remembered, he told his press
involving planned cooperation in international de-
June 4, that he perceived no necessity
fenses, and equally in the agreement with Great
on
no
Britain regarding naval and air-craft bases and the
And
sale of ships of war to a belligerent, also at least ap-
for holding Congress in
session, except for "the
doubt laudable purposes
of making speeches."
week
proximating treaty status, the President asserted an
He is scarcely now in a situation to
he saw clearly at that time or that the
independent authority in no degree shared with Congress, and accordingly acted without its sanction,
substantially the
assert
Almost enough to
of Europe, Asia, and Africa.
this with regard to foreign affairs has been said by the
striking and contemptuous as that of last
as
conference,
later,
But the reasons for full legislative par-
on
same
remark
was
repeated
one
June 11.
that
claims to omniscience put
forth
on
his behalf
seriously weakened by this history.
are
not
Moreover, not
only the wisdom of this effort' to obtain an adjournment of
Congress last June, but the present uncon-
cealed desire to be relieved from its watchful presence
not straws, but they
Probably the least that
can be said is that, should Congress presently adjourn,
the people of the United States would know very little
express or
implied.
These
are
show the wind's direction.
concerning the conduct of the Nation's
international
in direct and irreconcilable op-
affairs until after the assembling of the next Congress,
position to the President's own characterization of the
immediate exigencies.
He is unable, he declares, to
which is now more than three months in the future.
Even with Congress in session protection against
undesired foreign commitments is slight enough, but
with Congress abdicating the small share to which it
Washington
in
enter upon
are
the public discussion of the great policies
Government, in domestic as well as in
of the Federal
limiwill have been eliminated,
In domestic affairs conditions warrant no hiatus in
Congressional contact with events and readiness to
foreign affairs, because the extraordinary pressure
has been admitted, substantially every effective
events, with their
tation upon the Executive
of
startling and sudden changes and
demands, render it imperative that he shall be constantly at his desk in Washington or so near it that
he can be recalled within a few hours.
Most of those
who read this will
recall the unctious solemnity with
which, in the early morning hours after his nomination
for
a
third consecutive term, he told the Democratic
National Convention, by radio,
Events move so fast in
that:
other parts of the world that, it has
duty to remain either m the White House or at
near-by point where I can reach Washington, and even
Europe and Asia, by direct telephone—where, if need be, I
can be back at my desk in the space of a very few hours.
become my
some
act suitably,
but with adequate inquiry and delibera-
The suddenly conceived
tion, in the public interest.
of national defense has been offered to Congress in fragments, beginning about eight months ago
with the demand, which subsequent recommendations
have reduced to relative insignificance, for $1,800,Q00.000.
Now, the total, appropriated and au'
j ^
^ nnn nan
program
,
n
j
u
1
thonzed, has been swelled beyond $14,000,000,000,
(Continued on page 1796)
The Commercial & Financial Chronicle
1774
Sept. 28, 1940
i
i
_
The Market Action of New Issues—A Survey
of Investor Experience
By Oscar Lasdon1
sent sales of additional amounts of obligations
and
previously.7
Exchange Commission is directed to promulgate rules
governing the "pegging"
for such
demand
The
nated largely
as
Senate Committee
tion of Stock Exchange practices.
withdrawal
the
graciously
be
Inasmuch
tion
only
as more
syndicate
Such
took
hearings
underwritings, it
two
could
support,
There
performance
into
the
considera¬
than
pertinent to inquire into the more general market experi¬
ence
of investors in the purchase
writers.4
bond
of
buyer pays "top prices"?
after undertaking his
stock
those
Obligations
issued
during
the
underwritings
syndicate
of
different
value of $12,361,200,000, which fell within
Because price movements of issues
privileges
are
influenced
by
affecting ordinary obligations,
factors
other
syndicate flota¬
tions of bonds having potential equity rights were classified
issues from under¬
new
Issues which embodied stock conversion privi¬
separately.
the assumption that the
What basis is there for
401
par
of this study.
scone
carrying
particularly
seems
and
indi¬
chan¬
reviewed.
were
were
issues, of a
selling agents.8
qualifications
above
the
of
medium
the
through
period stated
only
issued by the
were
companies themselves or reached investment
meeting
less typical of all new flotations.
or
Senate
the
as
these
nels
In those hearings atten¬
unsatisfactory.8
termed
regarded
was
vidual
foreign issues whose market action,
of
private sales to small groups of investors.
None of the securities considered
Banking and Currency in its investiga¬
on
tion was focused on two
upon
they constitute
regulation, it will be recalled, origi¬
result of testimony recorded before the
a
None of the obligations included in this survey
offered in exchange of outstanding securities, nor did
were
"stabilizing" of new bond issues.2
or
already out¬
standing, although similar issues may have been marketed
Under tlie Securities Exchange Act of 1934 the Securities
\
leges
Does the average investor,
totaled
highly important function of supply¬
carried
or
srock
$1,833,600,000.
TABLE
warrants
1—SYNDICATE
47
were
These data
are
number
in
and
classified in Table 1:
UNDERWRITINGS OF BONDS
ing capital to industry, find that he has committed himself
at
level
a
which
from
A
with
unable,
all types
time,
some
to
Number
Railroad
93
5
$2,542,500,000
5,747,100,000
2,258,000.000
180,000,000
354
$10,727,600,000
10
$430,100,000
311,000,000
912,500.000
180,000,000
-
Public Utility..
of the market action
183
Industrial..
of
73
Investment and finance companies
bond
new
discloses
issues
by far the majority of
that, in
investor experience is satisfactory.
cases,
recognized
that
the first six months
during
break
issues
most
Total
While it is well
their
offering
of trading,5 such
With Stock Privileges—
prices
Railroad
_..
„
.
Public utility
occurrences
6
Industrial
generally
may
technical
the
at
be
regarded as
flect transitional
The
of syndicate support
of purely
operations and
data
assembled in
underwritings,
been
period of
In addition to general information
miums
conclusive in
are
at
profit
a
within
break
or
else,
after
one
within
details were gathered concerning each obligation examined.
one
The market
for
year
the
recovered
speculator,
pre¬
patience sorely tried.
not
was
issue
following the
year
classified
maturity noted.9
as
to
Where
possible, price history
rate classifications.10
Thus
issue
were
was
date
of
observed
offering.
type and quality, and
more
direct comparison
compared with
was
a
same
com¬
corpo¬
Where additional amounts of the
same
subsequently sold during the 12-month period of
observation, such financing
"free rider", however, might have had his
or
of every qualifying
a
posite average of identically rated bonds of the
to
investor willing to hold the issue faced little difficulty;
an
obligation
its yield to
was
action
period of
their
after the date of flotation.
breaking,
the
Each
In other words, the greater
bond issues either did not
new
offering prices
liquidate
to
$1,833,600,00
describing the particu¬
lars of each flotation and listing the syndicate head, further
study
after purchase.
47
re¬
Case history shows that in 85% of the
opportunity
6
Total......
approximately 17 times out of 20, there
or
a year
proportion of
this
25
Investment and finance companies
usually witnessed
readjustments in the market to the ordi¬
important respect.
a
episodes
are
forces of supply and demand.
nary
has
parsing
significance; these "breaks"
withdrawal
Amount
Without Slock Privileges—
of obligations?
investigation
comprehensive
for
Then again, is investor experience
liquidate without loss?
identical
is
he
was
considered for its effect
on
market action; other special factors that may have affected
This conclusion is reinforced by the
price trend
differences noted in the market action of the various classes
also recognized.
were
of
purpose
of issues.
financing
In every case the general
recorded.
was
Statistics
were
also
gathered regarding the length of periods of syndicate
price
*
H
support.
Type of Issue Reviewed
The writer
was
possible of
as
new
interested in securing as accurate
issue experience.
homogeneous body of material,
a
m
■
Accordingly, to
a
observed in selecting the issues for
study.
floated during the years
1924-37, inclusive,
data
reviewed
was
bonds, together with
obligations.
omitted.
restricted
to
The
assure
State
and
municipal
issues
The
or
more
detailed
those
York
as
adequate
observation,
this
obligations listed
Curb
on
records
are
investigation
the
New
was
York
confined
Stock
and
Exchanges following the date of offering.®
•
leges, 94,
to
been
to
no
Bank
mittee
of Chile 6s,
Hearings
on
on
individual
*
Banking and Currency, 73d Congress, 1st
Session, on S. Res. 84, part 3.
Though commonly used, the term
"underwriters" as applied to American
houses
is a misnomer.
Our investment bankers are
really "merchandisers" of
securities, and their function Is construed as one of
distribution rather than risk•
of
Issue
bearing.
'
•
After the
awaited
Lasdon, "The Market Action
of New Issues—A Test
Pegging," "Harvard Business Review," April.
1934, pp. 339-344.
passage of the Securities Act of
1933, listing of new Issues generally
termination
of
syndicate support.
Consequently, during many periods
of initial distribution, over-the-counter
quotations supplied the only price records
may
that time interval the original
disbanded;
be
subsequently,
syndi¬
market
experience of
new
issues during this
Of the 354 issues lacking
equity privi¬
did not decline below their respective
Obviously, the
difficulty in disposing of such commitments
obligations
which
fell
below
their
offering
Missouri Pacific Refunding
5s, 1978 were included although the
company's Refunding 5s, 1977 were
already outstanding.
,fooihonftn/Ift°(i included in the
vO S»2ol,2UU,000.
text, these totaled six in number
and amounted
•
Initial ratings assigned to each
obligation by Moody's Investors Service were
Fitch ratings were utilized In a
few instances where Moody
gradings were
unavailable.
used.
'
W. H. Stelner and Oscar
of Syndicate Price
issue
As noted earlier,
For example,
same
Mortgage
ctock Exchange Practices
before the Senate Com¬
new
of
the
.
5Tis~and
a
73.4% of the number exam¬
did break their offering prices
during the half-year
period.
However, it is interesting to observe that 206
•
Government
sound basis for conclusions.
advantage.
gation by the
to the issuance of German
a
trading in
ined,
Ex¬
Testimony relating
an
The market
The remaining 260
issues, or
"The Bankers Magazine."
Member New York Stock
change, partner, Gutensteln & Lasdon.
The author is Indebted to
Professor W. H.
Stelner for
•
the
26.6%,
or
investor had
All
many valuable suggestions in the preparation of
this monograph.
Subsection 9 (a) 6 of the Securities
Exchange Act of 1934 provides for the promul¬
Commission, of rules governing pegging, fixing or stabilizing the orice
of a security registered on a national
securities exchange.
4
cross-
offering prices during this time interval.
New
offerings, no prior sale
having been made; they did not repre-
Associate Editor,
of
initial seasoning period.
six-month period?
the issues reviewed
represented new
of identical securities
an
a
furnish
quotations no longer reflect artificial support, and the issue
is
to fluctuate in response to ordinary market forces.
for
necessary
months
generally been
What has
price
six
as
has
cate
considered.
were
Inasmuch
flotations,
should accurately demonstrate investor
at some point within
nor¬
offering
Also, only single flotations of $10,000,000
excluded.
first
described
mally show relatively little variation in prices, obligations
maturing in less than 10 years following the date of
were
corporate
experience and thus provide
were
Because short- and semi-short-term securities
privilege obligations examined,
representative
action of this group
covered;
domestic corporation
certain Canadian industrial and
utility
Federal,
of
:
Non-Equity Privilege Obligations
adequate body of material for precise analysis.
Obligations
were
non-equity
section
number of limitations
were
the
Market Action of
test
a
10
Moody bond averages
movements
of
the
corporate
and
medium
were used.
It is obvious that a comparison of
price
any obligation with a single index representing a
cross-section of
bond market may be
misleading.
Market movements of
grade
issues
utility bonds falling in the
flit-edge
diverge: price trends of rail, industrial and
quality classification also may not coincide.
frequently
same
In recent years, high-grade bond
indices have been subject to some
because of the inclusion of
obligations selling on a "callable" basis.
error
degree of
Volume
prices, or
The Commercial
151
58.2% of the 354 issues reviewed, subsequently
within the period of a year following
of flotation.11
As far as the bond buyer is con¬
recovered to premiums
the
dates
be regarded as satisfactory.
the residual 54 cases, or 15.2% of the number
cerned, this showing may also
Hence
in
studied, the investor was unable to
without loss,
sibility
dispose of his purchase
within the period of a year.
for such performance is
Syndicate respon¬
not
In
point of volume,
total,
large issues fared similarly.
$2,880,500,000 of the $10,727,600,000
26.9%, did not break their offering prices. And
issues in the amount of $7,847,100,000, or 73.1%,
or
while
weakness in the six-month period,
exhibited price
300,000,
or
57.7%
premium before a
dollar volume computa¬
correspond closely to the above number
ratios.
From
that the size of flotation was
the
initial
recover
month
pru This group also includes a small number of issues, which, within the six-month
period, but after syndicate activity had apparently been terminated, sold above
their offering prices.
Subsequently, these issues declined along with a general
downtrend in bond prices.
It would be less accurate to Include these obligations
among those which broke and failed to recover, inasmuch as market action of the
latter issues was suggestive of overpricing
the
in
Issues
the
total
volume,
amount
of
$1,652,800,000,
or
above
their
respective
offering prices in the 12-
Rating and Corporate Classification
Experience
detailed break¬
rating and
segregation of issues according to both
ACTION OF
NON-EQUITY PRIVILEGE
OBLIGATIONS
ISSUES
BREAKING
OFFERING
NOT
RECOVERING
1
PRICES
Vo
a
a
NOT
BREAKING
OFFERING"
PRICES
RECOVERING
i
ISSUES
ISSUES
BREAK NG
\
BREAKING
cvi
OFFERING
8
PRICES
OFFERING
bo
RECOVER NG
a
J
PRICES
RECOVERING
^
ISSUES
BREAKING
[OFFERING PRICES'
NOT
NUMBER
N
chart 1
of the
period.
Progressing from broad analysis to more
down,
15.4%
fell below their offering prices during
seasoning interval and subsequently failed to
MARKET
ISSUES
$6,194,-
recovered to a
year's market experience had elapse.d.
of
aggregate amount,
Chart 1 illustrates the fact that
this evidence it is apparent
great
market performance to any
factor influencing
a
extent, and that small and
considered in subsequent
discussion.
tions
1775
& Financial Chronicle
AMOUNT
tNC
1776
The Commercial & Financial Chronicle
corporate classifications is presented in Tables 2 and 3.
It
In each flotation the underwriter is confronted
with
is quite obvious that the
experience of all obligations is not
identical.
Outstanding is the superior performance of the
higher quality
action of the
rate
issues and
more
the
comparatively
speculative bonds.
classification,
it
is
equally
problem
that
the
to the experience of industrial bonds.
market
>
the
suitable
problem is
offering
simple
a
Table 4
In
one;
in
effort
an
In
terms.
the
in¬
some
others it is rela¬
has
been
made
to
segregate the issues examined into three groups, according
the
to
action of public utility obligations
proved definitely superior
TABLE 2—SYNDICATE UNDERWRITINGS OF BONDS
WITHOUT STOCK
setting
tively difficult.
With regard to corpo¬
evident
of
stances
market
poor
Sept. 28, 1940
complexity of the pricing problem confronting the
underwriters.
TABLE 4—SYNDICATE UNDERWRITINGS OF BONDS
WITHOUT STOCK
PRIVILEGES
PRIVILEGES
EXPERIENCE OF RATING CLASSIFICATIONS
Group 1
*
No.
Issues Not
Issues Breaking
Breaking
Group 2
Amount
No.
*
Group 3
Amount
♦
No.
Amount
Issues Breaking
Recovering
<fc
Not
Recover'g
Rating
*
No.
Amount
*
No.
Amount
*
No.
Railroad
Total
Amount
*
No.
Amount
52
$1,353.3
10
$284.8
Public utiUty
&
65
2,005.6
50
9
241.0
18
1
35.0
4
145.0
$3,599.9
79
$2,954.8
149
$4,172.9
Industrial
Investment and finance cos—
AAA
31
$1,234.6
39
AA
34
920.6
60
19
480.1
56
$1,039.0
2,214.5
1,614.9
it
508.0
89
BAA
8
216.9
43
2,603.0
1,175.4
25
696.4
76
BA
1
16.5
5
8
176.6
14
Unrated
1
293.1
12.0
3
50.5
1
15.0
5
77.5
94
$2,880.5
206
$6,194.3
54
$1,652.8
354
$10,727.6
$904.4
1,988.5
68
646.5
46
1,753.0
1,370.5
2,088.7
100.0
—
31
A
Total....
*
4
$121.8
74
$2,395.3
135.0
96
3,270.0
TABLE 3—SYNDICATE UNDERWRITINGS OF
BONDS WITHOUT STOCK
PRIVILEGES
Issues Not
Issues Breaking
Breaking
&
Amount
No.
*
Amount
*
No.
Railroad
18
$437.4
60
$1,612.7
62
1,854.6
105
11
453.5
40
3,335.0
1,216.6
3
135.0
1
30.0
94
$2,880.5
206
$6,194.3
Amount
♦
finance
cos...
Amount
93
16
557.5
183
22
587.9
73
$2,542.6
5,747.1
2,258.0
1
15.0
5
54
$1,652.8
354
$10,727.6
$8,268,300,000,
Issues of inferior quality, graded
BAA, BA and
Unrated, totaled 95, and amounted to $2,459,300,000.
striking observation
is
of
that
32.4%
issues
of
included
the
in
number
the
With
prices
reference to issues
during
number and
the
a
which
six-month
period of
favorable showing.
fell below their
9.3% of the volume
all
but
of issues in
to
7.7%
the
premiums
a year
following the respective dates
contrast, 35.8% of the number and 36.1%
volume
of
the
lower
quality
issues
of
the
high-grade
within
the
of flotation.
of
evidenced
the
Market action of the obligations
studied,
quality
classification,
rating;
in
fact,
shows
price
a
of the number of issues in
in
direct
irrespective of
performance,
according
is supplied in the
the
Obligations
in
or
of
basis,
same
for the
part,
that
so
the
general
market; their market
as
proba¬
Approximately 13%
were
floated for refinanc¬
company
Group 3
tical
similar
were
guides
to
issued,
in
refinancing higher
security.14
generally selling
on
However,
"called"
a
priced without benefit of the
were
of
credit provided
company
other two classifications.
on
of
purpose
or
were
valuable,
at the moment available.
was
specific indices
available
though
subdivision
analagous long-term credit index of the
no
The bonds in
more
this
bonds of identical
obligations retired
for the
While quotations may have been
other obligations of the
same
system,
no
same
company, or other
securities having iden¬
investment
characteristics were outstanding.
The
problem of setting offering terms for bonds in this
category
was more
complex and was sometimes determined through
observation
of
in the
industry.
same
comparable bond issues of other companies
Pricing Group Performance
A survey of group performance reveals
that poorest mar¬
ket action is witnessed in those
flotations where accurate
pricing
to
where
showing is displayed by
the industrial
section, where lower quality obligations
pre¬
Supporting evidence
whole
coupon
to
relationship
For example, the poorest
dominate.
Group 1
Group 2 had less definite,
per¬
corporate classification, varies, in
large measure, with dif¬
ferences in
the
quality of the obligations represented
therein.
indicated
only
these
on
total
such
formances.
corporate
accurately
involved
yields
affected by special factors, such
were not
funded debt of the
offering
period,
groupings subsequently recovered
In
prices
three
higher quality classifications did not break their
offering
prices during the six-month period. On the other
hand, only
10.5% of the number and 10% of the volume of
the three
lower quality sections made such
event,
of company credit in the bond
pricing.
obligations receiving the three highest gradings, AAA,
31.9% of the volume
difference
any
Syndicates responsible for the flotation of issues included
AA and A.
and
obligations
of
In
were
companies,
ing purposes.
Table 2 shows that 259 issues,
amounting to
One
points
maturity.
or
bility of redemption prior to maturity.
In millions of dollars.
were
outstanding;
rate
same
180.0
and
Total
*
No.
$492.4
underwriting syndi¬
is composed of obligations which
identical in security to other bonds of the
level
Total
difficulties to the
great
no
This group
outstanding
Recover'g
15
Public utility.-Industrial
Investment
presented
coupon
Issues Breaking
& Not
Recovering
Issue
*
In millions of dollars.
Group 1 consists of issues which, in respect to pricing,
already
EXPERIENCE OF CORPORATE
CLASSIFICATIONS
No.
*
126
cates.
In millions of dollars.
Type of
Total
Appendix,
where cross-tabulation and
elaboration of the data included
guides
have
been
not
available—in
other
the
simple.
pricing problem for the issuing banker
As is illustrated in Table 5 and Chart 2,
words,
was
not
Group 3
obligations, which presented
lems
more formidable
pricing prob¬
underwriting syndicates, make the least favor¬
to the
able showing.
TABLE 5—SYNDICATE UNDERWRITINGS OF
BONDS WITHOUT STOCK
PRIVILEGES
in Tables 2 and 3 is set
forth.13
Issues not
%
Analysis "by Pricing Groups
Fundamentally1, the
pendent
upon
syndicate.
factors.
proper
the
This
For
market action of
offering price
offering price
one,
the
relationship between
satisfactory,
the
issue
set
is
a
by the
must
issue is de¬
by
the
If the terms of
offering
understanding the price
The
interesting enough.
But the main
point is that they act the way
they do largely because of
important fundamental factor—the
element of pricing.
11
»
an
See Tables B, C and D In the
Appendix.
Setting the offering terms
of
a new
Lsuer^ S-
officSs neSarefr^uemfv
equentiy
obligations, minimum price
limitations
by State public service commissions.
Number
%
32
62.7
79
28
54.4
43
10.1
8
22.8
100.0
79
34
56.4
84
20.8
31
100.0
149
94
58.2
206
15.2
54
100.0
26.6
*
24°
Group 1
Amount
%
*
11.9
Amount
%
15
*
100.0
Amount
%
6
$887.3
Group 2
34.7
1,026.6
54.9
56.1
20.7
862.7 100.0
26.9
$2,880.5
57.7
$6,194.3
15.4
354
♦
$482.6 100.0
307.5 100.0
966.6
$2,230.0
1,620.7
2,343.6
10.4
23.2
126
62.0
Total
*
13.4
Amount
$3,599.9
2.954.8
4.172.9
$1,652.8 100.0 $10,727.6
In millions of dollars.
Most striking is the
superior market action
displayed by
obligations included in Group 2.
In this classification,
35.5% of the number and 34.7% of the volume of issues
the
did
not
period.
break
their
offering prices during the
Only 10.1% of the number
broke their
and
six-month
10.4% of the volume
offering prices during the six-month period and
subsequently
failed
to
recover
to
premiums
in
the
year
interval.
Group 1 issues reported the
next best showing.
In number
volume, 25.4% and 24.6%, respectively, did not break
their offering prices.
The obligations breaking and not
and
Issue Is not a
simple mathematical processIn many cases there is
competition between investment
houses for the
ness; in other instances considerable
bargaining with corporation
te
sary; in the sale of public utility
set
Total
Number
25.4
are
simple facts that public
utility bonds and prime quality
obligations act well marketare
%
Group 3
the yield afforded
by his flota¬
used for the classification of
bond issues
represents a super¬
ficial approach to the
problem of
wise after issuance
& not Recovering
Number
35.5
various
ascertain
is
issues.
%
Group 1
Group 2
Total
Consequently it is apparent that analysis of
market action
according to conventional standardized
groupings commonly
new
Number
Breaking Issues Breaking
Recovering
underwriting
likely to be a success; if
not,
difficulty will be encountered in
disposing of the securities.
performance of
and
Group 3
new
determined
issuing banker
tion and open market
rates.13
Issues
Breaking
IY
«
Besides being used for
refunding purposes, funds raised through the issuance
instances, used to consolidate debt structure,
of bonds in this group were, in some
retire maturing
obligations, Ac.
Volume
represented
11.9%
of
number
and
13.4%
of
volume.
As
stated,
already
hibited
in
most
unsatisfactory action
Group 3, where the
offering prices in the initial seasoning
as
period are
22.8% of number and 23.2% of volume.
formance
the
only slightly worse than
was
ex¬
their
reported
While this per¬
Group 1 showing,
in
conditions
are
the issues studied.
the
majority
refinancings
guides)
were
an
influencing factor and
effect on price performance of
For example, it must be
recognized that
(issues representing
which had valuable but not precise pricing
sold during periods of rising bond prices when
of
Group 2 obligations
« See
Appendix, Table E, for detailed
according to type and quality of Issue.
tabulations of Group 1 2, and 3 figures
Group 2, it may be
distributed in 1929, 1932, 1933, 1934, when
favorable.
But 78.6% of
marketed
exceptionally keen.16
it
may
be
provided
Group 2 issues.
merit consideration for their
securities.
investment
1935-36-37, when demand for high-grade obligations were
tions
market
were
for
included in
the number of issues included in this group were
20.8% of number
Influence of Market Conditions
demand
obligations
bond market background was less
Thus
20.7% of volume."
Bond
the
observed,
market
These are computed as
substantial
was
of
breaking and not recovering" were ma¬
percentages
terially higher.
and
was
issues not breaking
there
None
recovering
1777
The Commercial & Financial Chronicle
151
were
included in
noted
the
that
an
extremely easy money
impetus for the flotation
main
Group 1
(where accurate pricing guides
available), and particularly Group 3 (where accurate
pricing guides were not available), were issued when
market
»
In
of
On the other hand, many of the obliga¬
conditions were
less
buoyant.
particular, the years 1935 and 1936
available for investment and a consequent
bond
The major portion
witnessed large surpluses of liquid funds
heavy demand for high grade securities
of Individual and institutional Investors.
Exceptionally favorable
bond market conditions almost precluded lack of success in the flotation of new
on
the
Issues.
for
part
Despite renewed financing activities, the volume
of obligations available
majority of new Issues arose out of
did not Increase the total supply of long-term
purchase did not Increase materially; the
refunding operations and these bonds
obligations outstanding.
CM
h
0c
<
X
o
cr w
CD
Z
cr
Q.
j
UJ
o
CD
Z
>
o
o
cr
LxJ
Ll.
O
CD
^
CO
or
O
a
cr
<0
O o
UJ
CD
z
i—
o
Z
<0
CD
Z
<
UJ
r
<
cr
UJ
CD
cr
cn
UJ
3
CO
CD
CD
UJ
3
CO
CO
The Commercial & Financial Chronicle
1778
of
Group 1 and Group 3 financings
itself—when
try
imperative.17
were not
borrowing
made
scale corporate
of
favorable
as
refinancings
in
followed
procedure
noted
in
comparison,
where
cases
unsatisfactory.
included
conditions
market
in
the
over-valuation
been
has
accomplished.
were
difference
the
of
tion
those prevailing when large-
as
hand,
study,
this
lacking in scientific exactness, does furnish
During such periods bond market conditions
nearly
Because
other
stimulated by indus¬
was
requirements
corporate
Sept. 28, 1940
while
good indica¬
a
investor
experience
As stated earlier, this approach
possibles
where
similar
with
already outstanding; in other instances there
issues
compari¬
was
above, there is insufficient basis for ascribing the superior
son
performance of Group 2
over
posite average of identically rated bonds of the same corpo¬
benefits
in
of banker
skill
Group 3 issues entirely to the
achieving more precise pricing.
of
price history
rate classification.
It may be contended, however, that credit is due the under¬
ous
writer for
bond
market
to recognize and forecast underlying
conditions,
his prodding
and
of
refinancing
activities during periods of active demand.
The
the
to
as
compared with Group 3 issues,
satisfactory
more
accurate
pricing.
Group 1
and
1924-34,
Well
Group 3
inclusive,
offering
when
flotations
continued market strength
writings.
tion of
Thus
of
market
arising
both
in
during the
lacked
of
out
issues
the
distributed
be attributed
may
terms
80%
over
were
years
of
support
the
which benefited Group 2 under-
conditions
surrounding the
Group 1 issues anil of Group 3 issues
enough to warrant this conclusion
were
flota¬
similar
to pricing.
as
be attributed to inaccurate pricing.
noted, from Table 6,
the
among
group.13
lower
offered
It may be
issues
prevails
in
each
pricing
It may also be observed that Group 3 issues, which
"did
six-month
Issues not
Breaking
and
BAA
AAA,
and
AA, A
Recovering
not
BAA
AAA,
Lower
Issues
"broke
and
they
were
of
rising
price
trends.
better markets;
terminate
while
at
later
a
date
"With
respect
obligations
to
recover," investigation of 13
fact
that
such
well
show
declining
parallel
The
unfortunate
7
25
conditions.
35
89.5
10.5
coming rise in bond yields
24.5
36.4
the
standing
important
an
setting the offering terms.
is
of
major consequence
of
the
individual
com¬
for consideration
factor
in
This element, the credit risk,
in
evaluating
issues
BAA
rated
In
time
the
many
lower, but is not generally subject to precise appraisal—
particularly when no identical or similar obligation of the
company is outstanding.
obligation, the
mining
a
The lower the quality of
an
difficult becomes the problem of deter¬
more
yield adequate to assure investor interest.
accurately
resolved.
question
Simple
can
scarcely
observation
ments of individual issues cannot furnish
an
be
of
easily
price
answer
market trends must be taken into consideration.
true, however, that
to
the
because
problem,
of
the
a
of
resulting from
flotation;
move¬
because
It is also
the
practical
of
use
price
difficulties
relatives,
involved.19
fails
On
better
be
understood
economic
was
1924-1928.
%
Group 2
No.
Group 3
%
No.
Total
No.
%
market
44
34.9
16.3
99
66.4
156
44.1
61
58.3
4
5.1
1935-1937
32
21.5
97
27.4
21
16.8
62
78.6
18
12.1
101
28.5
126
100.0
79
100.0
149
100.0
354
in
standpoint,
conditions.
13
an
the
light
Issues Breaking
Breaking
AAA,
AA, A
1924-1928
25
and
BAA
and
Lower
the
Recovering
of the obligation of the
desirability
of
AAA,
AA, A
6
73
BAA
and
Lower
were
BAA
and Lower
21
14
23
2
43
11
1935-1937
3
37
15
2
38
18
3
3
Total
85
10
154
50
20
%
of
outstanding
1%
obligations
priced too
than
of
those
identical
Group 1 issues
majority of obligations in this classification
In
other
words,
the
issues
new
generally
were
"sold at the market."23
Four of the eight
to
recover
priced.
made
were,
Group 2 issues which broke and failed
mand
few
from all apparent indications, inaccurately
The poor showing of
in
period
a
that
result
for
not
rising
quotations;
unsatisfactory
new
security.
remaining obligations
a
decline
was
the
on
scope
Another
a
it
performance
misjudgment of the
prior to the start of
two
of these obligations
one
bond
pricing miscalculation
and
the
months
of
such
of
underwriters
issue
decline
were
was
be
may
was
part
the
of the
of investor de¬
was
in
floated
a
bond prices,
distributed at
already in progress.
a
Because
surrounding circumstances/ evidence of over-pricing
as
conclusive in
close examination
of
these three instances.
However,
price trends and market depreciation
*o
Some breaking of offering prices may be attributed to
faulty distribution.
distributing ability of the syndicate is a factor of importance.
17
1929-1934
of
other issues of identical security already out¬
on
standing.
was
AAA,
yield
generally priced at yields roughly equivalent to those
prevailing
time when such
AA, A
broad
other than receptive
Examination of the offering terms of all
was
Recovering
a
facilitating
However, it appears that the offering
average
reveals that the
Issues Breaking and
not
a
This attitude may
security.23
of these
Issues not
from
already
on
while the
During the three bond periods described in Note
17, market experience
follows:
a
however, underwriters generally
were
at
100.0
Total
true that
less
direct
%
1929-1934
"
the part of the
visible to the issuing house
the flow of funds into industry under
assumed
No.
substantially
issuing house to the client corporation and, from
the
Over the terra of this
study, three main periods may be roughly distinguished
Flotations during the years 1924-28
were, in lar?e part. Issued
for purposes of consolidation and
expansion; the 1929-34 period showed no distinctive
purpose of issue but was characterized by wide
price swings; during 1935-36-37, most
new issues represented
refunding operations.
Group 1
of
on
to be expected.
was
«
in the bond market.
as
already outstanding,
lower market, despite the fact that such
a
declinihg tendency
or
precise, scientific statistical approach
through
bond
believe they should not be held responsible for price decline
afforded
With what frequency did
over-pricing occur in the flota¬
This
of
corporate classification,
finely,
Over-Pricing
reviewed?
result
prices of six of the 13 issues which broke
y
tions
the
it is undoubtedly
casps,
and
same
not
underwriters, but must be attributed to change in market
at
pany's credit is
was
same
63.6
flotation
did
experience of these issues may not be
20
every
and
equal extent.21
24
In
"broke
which
price movements
50
75.5
pre¬
more
Group 1 issues discloses the
the respective counterpart
as
58
3
conditions
should be
Comparisons with price indices of iden¬
154
7
5
their
investigation of those
an
performance
poor
10
8
14
inde¬
an
broke
issues which "broke and did not recover."
85
Total
favorable
more
clearly apparent, however, from
Group 3
12
some
possible to
not
priced,
adequately
when
8
67
is
Evidence of pricing misjudgment
27
29
ostensibly
offering prices solely because of declining markets, recover¬
30
2
recovered"
but it must also be realized that
number,
Group 1
Group 2
Per cent
It
specifically ascribed to faulty pricing
28
rose
terms accept¬
accurately determine the number of such issues "cured" by
Lower
and
offering
syndicate support were recovered only through the fortunate
BAA
AAA,
AA, A
Lower
and
AA, A
Breaking and
Recovering
com¬
generally satisfactory yields, although in
continuance
as
Issues Breaking
on
which
tically rated obligations of the
6
their
respect;
of
TABLE
a
immediately
this
in
market conditions.
bonds.
but
Issues
investor.
report the poorest performance, embody the largest number
speculative
break'
not
period,
manifestly distributed
were
doubtful
at
issue with
instances initial price declines following the withdrawal of
that the tendency to price weakness
grade
the
more
are
ing
Greater market vulnerability of the lower quality
obliga¬
may
premiums,
vailed.20
Relationship of Quality to Pricing Problem
tions
that those issues which
able to
relatively favorable market action of obligations in
Group 1,
to
individual
Examining the record, it is quite obvi¬
prices within the
his ability
of the
11
The
Because obligations of identical
security were already outstanding, the use of
adjusted
price relatives for comparison with Group
1
issues would naturally
be
superfluous.
"
35
During periods of easy money, shorter maturities are marketable on a lower
However, neither the difference in due dates nor any other special
yield basis.
factor accounted for the yield
19
Correlation of the price movement of each
Individual issue studied with specially
constructed averages of comparable seasoned
obligations Is no ordinary task.
How¬
ever, as a practical matter, the construction of such
indices would in many cases be
Impracticable; while numerous issues have
counterparts, a larger number lack
suitable ones or have none at all.
And those Issues that do bear
similarity to the
obligations studied may be subject to special Influences
of temporary duration such
as sinking fund operations or
peculiar institutional demand.
Therefore an appre¬
ciable margin of error might exist even under
such an approach and this
would tend
to vitiate the greater precision
sought.
discrepancies noted.
"
Attention was directed to the price fluctuations of these analogous
outstanding
obligations with a view to determining in the period of the months preceding the
flotations whether any "window-dressing" or auxiliary
price-pegging of these
comparable securities had been attempted.
Such stimulation, of oourse, would
account for over-pricing of the new securities and
subsequent "sloppy" market
action.
However, general observation of price records and bond averages revealed
new
visible evidence of such anticipatory auxiliary support.
Such operations may
occasions; If so, they were apparently of a relatively mild
nature, as evidence of such stimulations was not discernible.
no
have existed on numerous
I
original offering terms
period of a year stamped the
over a
inadequate.
as
of
assembled it is
nine additional
and
data
also adjudged that softening quotations for
issues were the joint result of over-pricing
being entirely
which broke were
the rising trend of bond
market conditions, neither factor
poor
The remaining six issues
responsible.
priced ;
believed to have been fairly
yields
the
From
conditions.
market
bond
favorable
probably entirely responsible for
was
their failure
to recover.
Recapitulating,
their
29 of the 54 issues which broke
within the year interval
bore distinct evidence of being over-priced; a declining bond
market apparently caused the poor market action of the
other 25.
Nineteen of the 29 over-priced issues displayed
price weakness when rising tendencies prevailed in the
bond market; the other 10 obligations were issued under
less favorable circumstances but gave definite evidence of
being over-valued by the issuing houses.
The results of this investigation, based on observation of
354 non-equity privilege, corporate obligations, assure that
over-pricing of a serious nature does not generally prevail.
Solely considering flotations which were failures, and for
offering prices and failed to recover
underwriting syndicates
find that these number 29,
unsatisfactory performance
whose
definitely responsible, we
were
8.2% of the issues examined. The exact number of
gave satisfactory price performance because
favorable market trends, but may nevertheless have been
only
or
which
issues
of
be estimated with
cannot
over-priced,
great degree of
a
this study, warrant-bearing and con¬
furnish a less perfect body of data for
analysis; stock privilege issues are often subject to wide
price movements which have no direct relationship to bond
market forces.
As compared with the flotation of non¬
of
purposes
vertible obligations
also be considered an im¬
of distribution; many of
highly attractive equity
privileges, were successful shareholders' subscriptions. Thus
underwriting assistance, in manner of market support, was
often unnecessary.
Price records, together with supple¬
mentary data, indicate that no such assistance was required
equity privilege issues, there must
portant difference in the method
the issues examined, embodying
47 flotations reviewed.
in over one-third of the
privilege obligations, according
classification of equity
classification
to
corjjorate
Table 7."
TABLE 7—SYNDICATE
is
rating,
and
presented
in
UNDER WRITINGS OF STOCK PRIVILEGE OBLI¬
TYPE AND QUALITY OF ISSUE
GATIONS ACCORDING TO
*
,
Investment &
Public
Utility
Railroad,
Industrial
Rating
No.
*
No.
Ami.
*
Ami.
*
No.
Ami.
Total
Finance Cos.
No.
*
Ami.
*
No.
1
Ami.
$219.0
1
"i
1
7
3
267.6
1
118.0
4
190.3
13
386.3
22
683.9
5
238.2
8
309.2
~2
72.3
BAA
30.6
$65.2
A
$219.0
2
AAA
25.0
AA_.
195.2
3
$130.0
46.0
30.0
1
30.0
"l
—_—
2
1
BA_
Te'.o
1
10.0
"6
$180.0
8
206.0
6
$311.0
25
$912.5
6
$180.0
47
$1,833.6
B
Unrated
10
Total.
*
$430.1
In millions of dollars.
A
summary
of the market action of these bonds, as set
forth in Table 8,
indicates that price performance, on the
superior to that of non-equity
It is also worth while observing that per¬
formance differed little from that reported by "straight"
bond issues bearing the three highest quality ratings; also,
that performance was substantially superior to that of non¬
equity privilege issues in the three lower quality sections.
The last comparison is especially interesting.
Examination
shows that 39 of the 47 equity privilege issues have ratings
lower than the first three quality gradations.
An obvious
conclusion is that the bond buyer, in considering medium or
lower quality obligations for purchase, should show marked
preference for those issues bearing valuable equity privi¬
leges.
It should be remarked, however, that most of the
proved generally
average,
privilege issues.
stock privilege
during
periods
issues examined in this study were sponsored
of demand for equity securities, and that
price performance was
'20s and middle '30s.
TABLE 8— SYNDICATE
the equity
of poor investment quality,
accompanied by a decline in
bond prices to levels substantially below par.
4. Of the six issues which broke their offering prices dur¬
ing the six-month period and did not recover tp a premium
within the year interval, one was rated BAA, two BA, one B,
and two were unrated.
Direct reliance on the equity privi¬
lege for price support proved unfortunate in these instances.
The 13 issues which did not break within the six-month
period were graded as follows: AAA—one, AA—one, BAA—
operative,
and the issue was
falling share quotations were
10, Unrated—one.
VII
Summary
Reviewing the body of data
and Not Recovering
analyzed in this survey, the
following conclusions may be drawn:
1. There is little basis for the assumption
that investors
prices" for new bond issues and are
"locked in" with their commitments, being unable, for some
time, to liquidate without loss.
In approximately 85% of
the underwritings of the non-equity privilege issues re¬
viewed, which were 354 in number and amounted to $10,727,600,000, there was opportunity to liquidate at a profit
within the period of a year after purchase.
2. Size of flotation is ordinarily not a factor affecting
generally pay
"top
of
a new
issue.
public utility
bonds has been
industrial obligations; simi¬
larly, the market action of high-grade issues has been more
favorable than the performance of lower quality obligations.
4. Performance of new issues, however, is more directly
related to the problem of pricing confronting the issuing
banker; the data studied indicate that poorest market action
was
usually witnessed in those flotations Where accurate
pricing guides were not available to the underwriting syndi¬
cates and where the problem of setting suitable offering
terms was complex rather than simple.
5. Bond market conditions are also of great importance
in determining the market action of a new issue.
Over¬
priced issues are frequently "cured" by rising market trends,
while more accurately priced issues have often been de¬
pressed by a general decline in bond quotations.
6. The exact extent of over-pricing of new issues, in rela¬
tion to market conditions prevailing at the time of flota¬
tion, is difficult to determine. However, it is concluded that
over-pricing of a serious nature is not general. Of the 54
issues which broke their offering prices and failed to recover
to premiums within the period of a year following the
respective dates of offering, responsibility of the under¬
writing syndicates for such performance was evidenced in
29 of these flotations.
This amounted to 8.2% of the total
number of 354 non-equity privilege issues examined.
7. The market action of stock privilege issues, as a group,
has been generally superior to the performance of non-equity
privilege obligations.
While the great majority of stock
privilege issues were medium or lower grade bonds, their
performance was equal to that of high-grade non-equity
privilege issues. Performance was decidedly superior to the
market action of medium or lower grade ordinary obliga¬
tions.
The stock privilege is of definite value to the bond
buyer, particularly in circumstances where the new issue
The
of
action
market
is not of prime
to that of
quality.
1924-37 period covered by
The
economic
change;
consequently,
the survey was one of wide
these 14 years witnessed
fluctuations in prices of fixed income securities—
well as phases of severe panic and
sharp
intervals of stability, as
marked
buoyancy,
distortions
Thus
experienced.
were
from study of some restricted period of
limited market movement were avoided.
The findings re¬
which might result
ported are the results of analysis of a broad and compre¬
hensive body of data and are believed to be truly representa¬
tive of new issue experience.
APPENDIX
TABLE
A—SYNDICATE UNDERWRITINGS OF NON-EQUITY
ISSUES ACCORDING TO TYPE AND QUALITY
Investment
Public
Utility
Railroad
Rating
Issues Breaking
and Recovering
wide.
privilege could be utilized to advantage,
a strong stock market caused sharp price appreciation.
In
other cases, where the stock privilege was not profitably
f
Issues Breaking
facilitating the sale
issues were generally
3. Price fluctuations of these
Where
UNDERWRITINGS OF STOCK PRIVILEGE ISSUES
Breaking
predominate in this
privileges were factors
2. The equity
aided by the "bull" markets of the
Issues Not
also discloses
of all flotations.
relatively superior
Stock Privilege Issues
A
Medium
points of interest:
and lower grade issues
classification.
3.
>■'
VI
of these obligations
examination
the market action
precision.
For
Further
the following
1.
failed
to recover were manifestly over-priced, in view of the fact
that declining price tendencies were witnessed in the face
31 Group 3 issues which broke and
Sixteen of the
1779
& Financial Chronicle
The Commercial
151
Volume
NO.
*
Ami.
No.
*
Ami.
Industrial
*
&
Total
Finance Cos.
Ami.
No.
6
$288.0
4
No.
PRIVILEGE
*
Ami.
No.
*
Ami.
Total
$165.0
74
?2,395.3
AAA
Amojint
13
31.2%
♦
Amount
No.
♦
Amount
No.
*
Amount
$1,115.8
$572.6
27.7%
No.
59.5%
6
$145.2
47
$1,833.6
60.8%
12.8%
8.0%
100%
100%
23
$589.4
41
$1,352.9
30
776.6
58
2.146.4
8
347.0
96
3,270.0
AA
685.5
46
1.252.5
20
89
23
665.0
A..
*
No.
14
33
2,603.0
2,088.7
BAA
401.8
76
89.2
14
293.1
3
BA
904.8
29
782.1
2
40.0
9
163.9
3
50.5
1
12.0
~i
$2,542.5 183
$5,747.1
73
$2,258.0
5
Unrated—
»
In millions
of dollars.
issues, amounting to $339,200,000, were obligations carrying
warrants. The remainder were convertible obligations.
See
Appendix. Table F, for a detailed breakdown of these figures.
i«
Ten
stock
of
Total
—
93
these
purchase
In millions
of dollars.
"I~5~0
5
77.r>
$180.0 354
10,727.6
The Commercial & Financial Chronicle
1780
TABLE B—SYNDICATE UNDER WRITINGS OF NON-EQUITY PRIVILEGE
ISSUES
Issues
Sept. 28, 1940
Breaking and Not Recovering
Issues Which Did Not Break Their Offering Prices During an Initial
Publie
Seasoning Period of Six Months
Railroad
Investment
Utility
Industrial
&
Finance Cos.
Total
Rating
Public
Railroad
Investment
Industrial
Utility
♦
No.
No.
*
Ami.
*
No.
♦
Ami.
No.
Ami,
No.
6
$211.0
19
$678.5
3
$210.0
3
6
87.5
27
773.0
1
*
$133.0
2
75.0
♦
No.
Amt.
BAA
Ami.
65.0
12
290.1
3
73.9
4
31
No.
Amt.
♦
No.
Amt.
1
60.0
34
920.5
12.5
$99.5
$205.0
2
87.5
15.0
4
5
--
1
15.0
8
$307.5
17
$706.8
$1,234.5
4
3
baa
Amt.
1
--
BA
A_—~_"_1—I
♦
$72.0
1
A
No.
No.
Total
Rating
AAA
♦
Ami.
3
<k
Finance Cos.
Amt.
♦
113.0
$135.0
Total
—
4
--
$208.0
$635.3
■
125.0
19
480.1
1
30.0
8
216.9
BA
1
16.6
1
16.5
AAA.
Unrated...
2
12.0
1
$36.5
14
1
12.0
AA
4
139.6
15
680.5
1
$60.0
20
A
4
108.7
12
360.7
9
369.0
25
838.4
BAA
8
292.0
7
202.5
15
494.5
BA
1
20.0
1
15.0
2
35.0
50
$1,988.5
18
$646.5
79
$2,954.8
Total
18
...
Issues
$437.4
Which
62
Broke
11
$1,864.6
Their
$453.6
Offering Prices
Period but Recovered to
a
3
$135.0
During the
94
Total
$2,880.5
Six-Month
Premium Within the Period of
Total...
AAA
15
$341.6
21
$639.4
2
$28.0
AA
23
639.1
30
1,288.4
7
287.0
16
439.0
29
773.9
11
402.0
BAA
5
178.0
20
542.8
18
454.6
BA
1
15.0
2
40.0
2
45.0
—
3
60.5
—
60
$1,612.7 105
$3,336.0
Unrated
Total
...
Issues
Which
Broke
Their
to
--
-
-
-----
--
40
1,175.4
3
2
$36.8
$30.0 206
TABLE E—GROUP
Issues Not
$6,194.3
*
No.
Investment
Industrial
Utility
*
No.
Ami.
Amt.
4
$121.8
50.0
86.0
2
135.0
181.5
188.5
6
138.0
14
508.0
BAA
6
149.9
249.0
10
297.5
25
696.4
$36.0
2
74.2
6
102.4
8
No.
$492.4
16
$210.0
♦
No.
Total
2
♦
Ami.
No.
$100.0
8
$382.0
10
201.3
Amt.
2
23.8
8
177.5
A
2
30.0
5
154.8
"1
15.0
8
199.8
BAA
1
12.0
4
113.0
1
30.0
6
155.0
1
16.5
1
16.5
1
12.0
1
12.0
7
$283.5
34
$966.6
14
$348.8
15.0
15
Amt.
1
2
$22.0
3
$50.0
~
176.6
1
$15.0
—
...
<k
Finance Cos.
AA
$60.0
1
Total
♦
AAA
4
*
III
Breaking
Public
Railroad
Six-Month
Recover Within the Period of a Year
AA
BA
$35.0
Rating
During the
A
Unrated-
1
In millions of dollars.
50.5
1
$1,216.6
880.1
100.0
-----
After the Date of Flotation
AAA
$284.8
1,614.9
5
10
2,214.5
43
*
$1,039.0
56
-
39
60
$30.0
-~
--
—
Offering Prices
Period and Which Failed
1
■
$35.0
Year
a
After the Date of Flotation
A
1
22
$567.5
$587.9
$15.0
54
BA.
Unrated..;.
—
Total...
6
$87.8
7
19
$208.8
$1,652.8
Issues
$495.3
2
$100.0
Breaking and Recovering
In millions of dollars.
AAA
TABLE C—SYNDICATE UNDERWRITINGS OF
ISSUES
QUALITY DIVISION
TION BY PERCENTAGES
NON-EQUITY PRIVILEGE
EACH
CORPORATE
CLASSIFICA¬
AA
6
A
3
BAA
OF
3
BA
Public
Railroad
Investment &
Utility
Industrial
4
199.4
2
$28.0
279.0
6
252.0
21
425.2
6
160.0
24
639.8
184.5
8
174.6
19
509.1
2
45.0
3
65.0
$82.0
9
54.6
15
150.0
0
<
8
-
--
— —■ —
—
1
20.0
3
•
50.5
40
$1,041.2
-
Unrated-
.
--
$30.0
730.4
3
50.5
84
$2,343.6
$101.8
-----
Finance Cos.
Total
Quality Division
No.
Amt.
No.
Amt.
No.
Amt.
No.
%
%
%
%
%
%-
%
%
AAA, AA, A
81.7
80.7
79.2
82.7
46.7
57.6
80.0
91.7
BAA and lower
18.3
19.3
20.8
17.3
53.3
42.4
20.0
8.3
19
$612.8
1
$16.8
24
$659.6
Amt.
Issues
AAA
Breaking and Not Recovering
1
$35.0
1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
TABLE D—SYNDICATE UNDERWRITINGS OF
NON-EQUITY PRIVILEGE
ISSUES
MARKET ACTION OF EACH CORPORATE
3
1
50.0
A
1
100.0
1
23.5
1
30.0
3
153.5
BAA
100.0
$50.0
AA
2
24.0
7
158.0
8
260.0
17
442.0
BA
1
13.0
5
87.4
6
100.4
Total
—
—
-
—
-
-
-
--
Unrated...
CLASSIFICA¬
TION
«...
—
1
"
$15.0
$203.8
9
$216.5
AAA
9
$247.6
7
$167.0
6
$288.0
AA
9
273.2
17
456.5
6
252.0
A
6
184.6
21
603.5
8
205.0
6
186.0
19
455.5
17
464.6
1
13.0
—
15
$427.4
1
15.0
31
--
6
BY PERCENTAGES
50.0
$862.7
25
$832.6
Total
Public
Railroad
Investment <Sc
Industrial
Utility
Finance Cos.
Market Action
No.
Amt.
No.
Amt.
No.
Amt.
No.
Ami.
breaking
and
%
%
%
%
%
%
32.9
32.3
15.1
20.1
60.0
75.0
63.4
58.2
58.0
54.8
53.9
20.0
16.7
19.4
8.9
9.7
30.1
26.0
20.0
$130.0
—
<
_
—
—
— —
MM-
—•
32
-
-
■
mm.
1
220.0
8
148.9
1
12.0
$1,753.0
46
$1,370.5
—
4
—
— — — —
1
68
—
■MM
50.5
—
—
—
981.7
15.0
35
993.1
42
-
■
3
8.3
Unrated...
—
1,106.1
10
181.9
5
77.5
$145.0 149
$4,172.9
re¬
covering
ssues
%
16.1
and
17.2
64.5
breaking
BAA
BA
%
19.4
Issues not breaking
Issues
3
-
'
Total...
not
♦
recovering
31
$904.4
In millions of dollars.
;•
TABLE F—SYNDICATE UNDERWRITINGS OF BONDS ACCORDING TO
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
TYPE AND
QUALITY OF ISSUE
With Stock Purchase Warrants Attached
Issues
Not
Breaking
Public
Public
Railroad
Investment
Industrial
UlUity
Railroad
&
™
Finance Cos.
,
Total
No.
Rating
No.
♦
Amt.
No.
*
Amt.
AAA
4
$165.0
8
3
61.7
10
1
35.0
4
85.0
22
$573.7
No.
»
Amt.
222.5
A
Ami.
$266.2
AA
*
No.
BAA
Total
2
—
$313.6
7
AA._
Amt.
13
—
5
—
s«;.2
274.2
120.0
2
Issues
AAA.
♦
12
61.9
10
No.
$120.3
-----
-----
$404.7
1
$284.4
—
—
-----
14
312.1
15
701.9
1
35.0
...
9
275.7
8
171.3
1
55.0
BAA.
2
28.0
5
—
Amt.
No.
♦
Amt.
No.
*
Amt.
No.
BA__
1
$751.1
1
4
90.0
1
Unrated...
1
77.0
4
87.0
1
36.0
36.0
1
1
—
$62.0
4
$85.0
3
101.0
2
$85.0
10
$339.2
2
$130.0
$127.0
AA
2
mm-
A
$130.0
—
—
$180.0
$85.0
—
*4
:
,
—
-
4
$126.0
$20.0
8
241.0
259.3
BA...
1
25.0
10.0
2
52.8
B
1
30.0
1
10.0
4
$95.0
16
$531.8
4
$95.0
1
15.0
3
81.5
1
32.0
2
$36.0
BAA
4
125.9
1
16.0
1
25.0
BA
1
$20.0
61.2
—
--
9
$288.6
3
AAA
12
$305.3
20
17
363.8
26
A
13
6
3
$61.0
166.9
61.2
13
392.2
BAA
8
215.8
2
76.2
52
$1,353.3
Total
♦
AAA
1
'
—
-----
A
1
$72.3
3
141.6
; — —
—
$855.9
44
1,408.2
91.0
29
771.5
157.3
115.0
19
488.1
2
126
9
*
AAA
1
$24.0
AA
1
12.0
♦
4
...
$213.9
1
Total
2
$36.0
Amt.
Industrial
No.
♦
Amt.
$362.3
9
373.0
"I
AAA
1
AA
3
A
4
4
87.8
—
-
—
1
-
—
-
-
—
—
-
105.0
27
$807.8
Received
-
-
1
1
72.3
—
-
5
209.9
3
185.4
10
$686.6
-
-
30.0
5
■
-
--
-
2
$68.3
ISSUES ACCORDING TO
185.4
5
$253.7
—
1
—
NON-EQUITY PRIVILEGE
GROUP. RATING AND TIME PERIOD
3
4
$170.0
*
1
Recovering
Si
Total
1929-34..
1935-37
Amt.
No.
♦
Amt.
Total.
$35.0
11
445.0
12 13
19 30 18 11
$421.3
11
6
160.3
28
$1,026.6
6
1
not
1924-28
Finance Cos.
No.
Issues Breaking and
Group 1—
A
110.0
$785.6
Issues Breaking
and Recovering
Breaking
Group 2—
$285.5
1924-28.
1929-34
$35.0
1935-37
Breaking and Recovering
5
$273.0
127.6
6
307.5
435.1
6
177.4
~4
9
108.7
187.0
BAA
14
473.1
217.0
6
190.0
13
407.0
20.0
1
20.0
25
$994.9
43
$1,620.7
11
14 13
1929-34
1
11
1924-28
7
BA
Total
8
$248.8
$219.0
TABLE G—SYNDICATE UNDERWRITINGS OF
Total.
$12.5
-
*1
$60.0
50.3
Issues
—
Si
Investment
9
21
-
— — — -
$219.0
II
3
A
387.0
—-
■
In millions of dollars.
Not Breaking
Utility
No.
—
Issues not
$241.0
Rating
Amt.
-
3
$3,599.9
$2,005.6
Public
♦
68.0
13
76.2
TABLE E—GROUP
Railroad
2
—
'
In millions of dollars.
No.
$219.0
--
BAA
Total
32
288.3
Issues
-
—
Privileges Where Shareholders
Subscription Privileges
$482.6
35.0
—
65
—
Conversion
BA
15
Total
BA
$151.0
Stock
With
85.0
149.5
1
■
—
1,009.4
$133.0
•
6
—
—
$550.6
AA
1
—
—
$2,230.0
6
■
—
-
Total...
—
A
...
68.0
BAA
Breaking and Not Recovering
1
Total
2
502.0
79
--
$20.0
AA
1,049.0
11
—
6
50.0
~2
16.0
3
$65.2
18
-
— —
--
$1,298.9
$65.2
$50.0
30
—
1
—
40
Issues
AAA
141.3
-•
Amt.
With Stock Conversion Privileges
—
-
*
3
'
15.0
33
Total
No.
"I
Vio'.o
Unrated---
A
Total
Amt.
1
BA
Total
*
$65.2
"i
Breaking and Recovering
12
♦
SAA::::::
$887.3
19
--
&
Finance Cos.
61.9
32
AA
„
..
Investment
Industrial
Utility
Rating
,
—
10
$377.0
--
Group 3—
1935-37...
Total
—
.
8 10
9
6
3
1
17
Volume
The Commercial
151
of the commercial cotton
Our statement
1781
& Financial Chronicle
of
crop
July 31-
Receipts for Year Ended
Ports of-
ended July 31, 1940,
the United States for the year
for the season 1939-40 reaches
against 10,463,133 bales last year,
166,214
1936
3,371,960
3,697.184
1,881,404
83,334
Florida
12,281
Mississippi
45,288
South Carolina
62,181
14,148
52,010
62,992
North Carolina
11,131
14,946
Virginia
24,405
2,100,381
17.753
12,172
174,545
17,242
201,039
29,289
59,365
28,175
45,807
321.035
394.328
154,136
20.787
215,763
24,148
47,869
23,461
30,533
29,173
74,580
37J06
7,180,827
3,761,088
7,250,002
0,390,527
0,794,420
Alabama
14,760,563 bales three years ago,
ago,
years
943,706
36.925
...
Georgia
13,668,528 bales
two
71,066
Louisiana...
15,946,763 bales
crop
1937
4,264,242
2,215,127
2,505,252
4,193,265
2,571,475
Texas
commercial
It will be seen that the
is shown below.
1938
1939
1940
137,106
150,800
232,546
64,362
339.727
98,374
New York.a
and 19,281,999
only 9,211,567 bales five years ago,
from
States
United
the
Baltimore,
6,485,003 bales this
were
1938-39, and
against only 3,606,999 bales in
takings
this
bales
8,899,067
were
The whole
movement
(1939-40) in detail, and the totals
past year
each
for
The second table
back to 1920-21.
year
each port July 31,1940,1939,
indicates the stocks at
1938, 1937 and 1936, and the
third table shows the
7,180,827
Southern
July 31 1940 to—
Britain
Texas
Louisiana a
Georgia—
Alabama..
France
Mississippi
20,007
100
54,628
2,239
34,183
1,936
4.814
196
135,991
10.988
No.Caro..
•
----
12,881
56,779
----
2,239
Virginia
15,185
22,435
200
50
than that amount, or
344,849 bales less
80,622 bales less
5,239,234 bales.
Southern consumption was
6,263,323 bales.
These are Southern mill takings.
c
than that amount, or
are
Southern
mill takings.
100
7,388
14,881
----
199
300
....
Baltimore
----
....
is
'■
____
San Fran..
25,099
60,540
10,812
«» -
108,632
m,M
214
200
22,085
159,960
244,414
1,336
2,208
Los Angeles
64,434
380,014
24
24
#•
Seattle
5409,063 5409,063
To Canada
For'n cot'n
8,979
— —
....
exported
Total in—
1938-39.
1937-38- 1629,790 758,118
1930-37- 1220,331 714,874
1935-36. 1465.778 712,947
1934-35790,389 401,446
1933-34.
1932-831931-32.
1930-31.
1929-30.
1928-29.
1927-28.
490,590 314,627
488,674 399,318
1317,189
1547,240
1372,578
1090,171
1271,921
1856,617
1446,849
1926-27. 2582.439
1925-20- 2290,989
1924-25- 2540,272
1719,135
1285,926
1921-22- 1778,885
1920-21. 1751,784
1923-24.
1922-23-
898,677
782,241
897,995
448,090
1439,126
1951,852
1037,530
1730,728
1799,068
1941,793
2169,012
2962,846
1736,812
1887,316
561,726
427,059
Total crop of the
Stock on
993,796
'
mm*-
-
927,912 3620,917
a
-
mmmm
Total
supply during
there has ^ear exported to foreign
been
ports during the year
Sent to Canada direct from the West
Burnt, North and South_c
Stock on hand at end of year (July 31, 1940)—
ports
2,449,401
Total takings by spinners
ended July 31, 1940
Total taken by Northern
d
2049,197 1320,502 8618,230
3410,111 1269,004 8809,160
1602,320 998,769 6942,393
Takings and Consumption—
North—Takings
917,396 6850.841
1240.267
1516.355 1,085180 8265,598
1085,656 1143,385 7853,255
573,780
774,983 5835,480
647,835
817,159 4867,831
884,549 0337,769
875,854 5806,325
737,317
6 These are shipments
Canada by water, making total takings
1940
1939
1,366,628
554,896
114,085
348,916
141,157
48,098
637,167
3,583
4,996
51,093
50,499
40,842
Florida
Mississippi
South Carolina
North Carolina
1937
1938
1,148,471
59,084
28,592
611,923
255,982
124,462
42,352
5,222
147,149
61,476
7,264
mmmmrnmrn.
36,482
20,821
29,100
1
19,156
9,133
1930
623,632
1938-39
Bales
1937-38
1,304,127
1,020,071
5,923,391
*5,319,856
a8,899,007
07,227,518
c6,339,927
6,075,940
3,374,604
5,695,653
409,063
232,395
248,236
6,485,003
77,000
3,606,999
5,943,989
82,000
69,000
15,461,070
10,916,517
12,352,916
+485,693
—453,384
+ 1,315,612
15,946,763
15,946,763
10,463,133
13,668,528
Dales
1,509,896
Exports—•
Total except to
To
Ca:
Canada by rail.
Add—Stock increase ( 4-) or decrease
-
in rest of country,
m
m
20,500
100
100
100
497
2,899
1,091
3,714
3,672
600
600
500
113,190
14.977
7,313
Baltimore
76,907
149.297
Los Angeles.
-
w
-
-
.
COTTON PRODUCTION AND CONSUMPTION
UNITED STATES
In
a
world where
all else seems
IN/THE
topsy-turvy, it should
that American cotton, contrary
experience in the first year of the World War, should
perhaps not be surprising
have
enjoyed improvement in the crop year
cotton
....
2,456,000
d Exclusive
bales
South and 66,641
domestic
Tacorn a
Total
of foreign cotton
c Exclusive
74,561 bale®
of 63,080 bales of foreign cotton consumed
in the rest of country.
* These are U. S.
m
150,098
Seattle
Portland, *~>re
the
to the
Philadelphia.
San Francisco
consumed in the 8outh and
Census figures.
427
500
26,200
of foreign cotton
7,290
25,269
700
/
Boston
9,339
Bales
65,261 bales in rest of country,
b Exclusive of 78,868 bales
consumed in the South and 100,527 bales in rest of country,
of 66,740 bales of foreign cotton consumed in the South and
in
3,000
Virginia
New York
Exclusive of 57,932 bales
148,257
78,274
estimate of the Census.
Census figures.
7,235,369
takings
over
290.023
11,223
26,100
6,663
33,239
„
153,802— 7,389,171
South—Consumption—
Excess of consumption
1835,387 1650,956 11,240,404
1199,151 1110,340 8246,016
921,048 1032,767 8263,584
1,371,962
Georgia
8,899,067
d7,235,369
153,802— 7,389,171
1,509,896
1939-40
a
Alabama
the year
spinners..
Canada by rail,
c This is an
Exclusive of foreign cotton.
* These are U. S.
Not including
a
Stocks for Year Ended July 31-
Louisiana
-2,456,000- 9.018.003
Consumption by Southern spinnders (included in
above total
Excess of Southern mill takings over consumption.
Total crop
Texas
409,063
77,000
in the United States for
Dominion 425,731 bales.
Ports of—
a6,075,940
6,599
At Southern ports
At Northern
exported from Lake Charles, La.
in addition 16,668 went to
15,946,76**
17,917,070
ended July 31, 1940
1593,734 1231,609 6294,084
1702,642 1120,134 6070,655
2240,216 1275,711 7743.534
913,479
ended
1,691
1,968,616— 1,970,307
400 1614.723 1036,740 5790.368
392,621
498,190 111,164
066,169
58,959
740,164
828,683
34,000
886,756
090,289
483,648
495,551
29,279
937,575
668,819 129,021
826,349
724.406 339,457
801,790
697,989 413,210
890,554
787,056 506,958
1024762
745,868 245,588
917.208
733,824 241,698
900.759
720,028 1309,782 553.061 184,711
632.938 995,593 488,380
771,794 1471,717 517,345
584,390 1340,722 510,258
Includes 27,240 bales
of the
(Aug. 1, 1939)—
-
Burnt during year.
by rail to Canada;
bales
United States as before stated
At Southern ports..-
802,763 1295,710 5940,084
-
total crop of 15,946,763
Spinners' Takings in 1939-40
hand at commencement of year
At Northern ports
8,979
1350,686 1610,710 6493,982
32,445 614,317
all 2049,237 836,587
Northern and Southern
1350,686 1601,731 6485,003
32,445 614,317
Total... 2049,237 830,587
a
(weighing 0,000,000,000 pounds) for the year
Of this supply
.
Pbiladel'ia.
Total
1
1
•
153,802 bales
that amount, or 7,236,369 bales.
have been as follows:
45,879
14,431
-
339,932 bales more
Southern consumption was
10,463,133 bales (weighing
5,454,485,610 pounds) for the year ended July 31, 1939.
25,669
23,045
1,271
1,825
New York.
Boston
284
1,401
.
750
'
1,010,050
Southern consumption was
b These are Southern mill takings.
75,278
5,231
211
12,597
So. Caro..
775,740
162,896
75
6,692
Florida
820,304 3308,658
236,439 1846,098
21,358 377,422
8,169 227,911
480
1,704
967,499 346,335
768,810 441,873
10,281
42,700
22,878
71,763
1,098,670
July 31, 1940, against a crop of
Total
Other
China
Russia
Italy
many
778,654
4,539,742
than that amount, or 7,009,137.
bales
Japan &
Ger¬
Great
Ports of
6.396,527
Southern consumption was
These are Southern mill takings.
The result of these figures
Export* for Year Ended
7,250,002
16,946,763 10,463.133 13,668,528 14,760,563
Total cotton crop for year.
a
1936-37
1937-38
1938-39
8,348,672 7,400,577
a7.353.980
mill takings not incl. above- d7,389,171 c5,923,391 65,319,856
8,557,692
Total
jess than
From
the four
3,761,088
1,376,765
to mills
d These
of the past five years:
receipts at ports for each
1939-40
July Zl—
bales.
Shipments from Tennessee, Ac., direct
The first table shows the export
for the
Tennessee and else¬
and Southern consumption,
the crop statement for
Receipts at ports
peculiar features of the year appear to re¬
quire.
the following as
arrived
years:
Year Ended
and explanations
ing pages, with such suggestions
the
have
we
is given in the follow¬
movement for the 12 months
add the shipments from
now
we
where direct to manufacturers,
against
year
7,227,518 bales in the previous year.
as
If
United States spinners7
5,943,989 bales in 1937-38.
these ports which
portion of the receipts at
by rail overland from Tennessee. &c.
These figures are only the
a
year
a
Philadelphia, a
Exports
1926-27.
bales, the record crop raised in
Boston, a
1,970,307
2,423,691
1,108.079
1,219,405
is
one
breach in the
1939-40 in price,
The old dictum that
of war's first casualties was honored in the
first year of the Second World War.
There
consumption
and
exports.
The Commercial & Financial Chronicle
1782
ample reason to believe, however, that, at least in some
<vas
particulars, the crippling effect of war on the cotton indus¬
try
being merely
was
boomlet
the
began to run into difficulty.
the middle of the crop year,
The
striking
most
the
on
the
subsidy
of the staple in the 1939-40
6,485,003 bales, representing the largest
The rise in exports was
since the 1933-34 year.
But there
the previous season's showing.
over
of cotton
to believe that the consumption
reason
was
the other, by the workings of
on
exports
system,
almost 80%
cotton.
hand, by the low level of foreign stocks
one
amounted to
exports
the quite
was
American
of
exports
in
of American cotton and,
season
the season
of
aspect
expansion
appreciable
Aided,
the end of
and the advance in prices, which featured
year,
crop
The
in its application.
postponed
exports had already played out by
in
exports of cotton from the United States,
the rise in
with
with the result that the season's
exporting success
be found to have been achieved at the expense
the
make
World War
of precedent,
respecter
II promised to
than the most
of cotton more desperate
plight
of shipments
have been made in subsequent seasons.
that would ordinarily
No
The disrup¬
pessimistic could have expected at its outset.
of
tion
trade
1914-18.
of
proved considerably more sweeping than in
Virtually
the
entire
American
off from
blocked
well
may
of
continent
Europe
was
thus robbing the staple
trade,
market which consumed approximately 2,536,000 bales
a
of American cotton, on the average, in the five years ended
1938-39, equivalent to 46% of the total foreign consumption
of American cotton.
during
the
was
season
taken
Great
by
Britain, but this vast improvement offered no hope for the
future, for toward the close of the crop year considerations
of
war
and
Empire led the British Government to contract
for the entire
Egyptian cotton
The closing off of the
crop.
European continent to its usual foreign trade channels had
wide
With
repercussions.
continental
Europe
doing
less
buying and selling, the trade of Japan
international
was
made to suffer.
Even though Japanese purchases of Amer¬
ican cotton
increased appreciably during the year, con¬
were
sumption and exports
As the
new
in
up
began the principal foreign markets
cotton
1939-40.
were
The
August of the current
what is to follow.
Britain, Canada and
reduction
was
doubt
no
in
were
exports
in
foretaste of
a
All signs point to the lowest volume of
immediately after the Civil
Some authorities forecast exports for the year at the
meager
scale of 1,500,000 to 2,000,000 bales.
There is
tion
Great
sharp
season
cotton exports this season since
War.
no
was most
Industrial activity in the United States
brisk in the crop year
consumption
was
encouraging.
noticeably
here under review and domestic
more
cotton
was
one-fifth
strongly stimulated.
The total of 7,745,574
larger
this
was
which
one-eighth larger than in the previous
than
the
average
for
the
Only in 1936-37, when 7,950,079 bales
years.
record
ever
bettered.
The
the large defense program
direct
influence
on
the
season and
preceding five
were
stimulus
consumed,
to
business
entails promises to keep
domestic consumption on a high plane in the
A
consumption
of
sketchy
The
as
on
to
Spinners did
not
world consumption.
cotton
make
available
its
Statistics became
cus¬
more
in
continental
Europe.
Aug. 1 of 11,211,015
bales, or 2,701,016 bales less than the record stocks on hand
Aug. 1,1939, and 1,119,607 bales less than the total on
Aug. 1,
1938.
Government stocks, including loan and owned
cotton,
accounted for 8,700,000 bales of the total stocks
of 11,211,015
The free stocks of American cotton on
Aug. 1 were
estimated by the Bureau of Agricultural
Economics of the
bales.
Department
of
Agriculture
at
1,900,000 bales (including
100,000 bales of foreign cotton) as against 2,000,000 bales a
year earlier.
The supply of free cotton, the smallest since
1925 at the beginning of a crop
year, was a factor which
helped to hold up the price of cotton.
The daily average
to
nearly 4.25c.,
War.
Ocean freight
war
rates,
risk insurance,
plus
on
cot¬
At
this point we
make our usual distinction, in dealing
between the commercial crop, as
and the actual growth of cotton for the year.
with the size of the crop,
compiled by
us,
The figures on actual growth are taken by the census from
ginning figures, while our figures consist only of that por¬
tion of the crop which finds its way to market.
Our calcu¬
lation is that the commercial crop for the year ended
31,
July
1940,
bales in
15,946,763
was
bales as
against
10,463,133
the
previous year, 13,668,528 bales two years ago,
14,760,563 bales three years ago.
The trend of the
and
previous
versed
with
year
because
to commercial cotton was re¬
Commodity Credit Corporation
respect
role
the
of
different.
was
Where, in the 1938-39 season, approximately
4,480,000 bales of cotton from the current crop were added
to the loan
stock, in the
season
here under review the
move¬
ment was in the
opposite direction, with the loan stock
than 2,000,000 bales.
duced by more
Production
decline
in
re¬
^
of
from
cotton
in
all-time
the
the
United
States
continued
to
record
high of 18,252,075 bales
in 1937-38.
The output in the 1939-40 year amounted to
11,815,759 bales as against 11,623,221 bales in the previous
year.
With the exception of the 1934 and 1935 crops, pro¬
harvested
1939
the smallest since 1923.
was
The
acreage
decreased
approximately 1.8% to 23,805,000, a
new low for the present
century and 32.0% smaller than
the average harvested acreage for the 10-year period 1928-37.
The Crop Reporting Board estimated that the yield of lint
cotton per harvested acre was 237.9 pounds, compared with
235.8 pounds in the previous year and the record
269.9 pounds for the 1937 crop.
Again the growing
the record
extended.
Total
34.2% of
season
of
the
was
two
reduction from
more
full
of
favorable than the
previous
a
high
years
thus being
yield per acre was
full yield, as against 32.2% in the
previous year, the record figure of 23.1% two years ago,
and the 10-year (1928-37) average reduction of
36.7%. Com¬
normal
a
or
bined losses from deficient and excessive moisture amounted
to
14.3% compared with 10.1% in 1938 and the 10-year aver¬
of 15.3%.
The States west of the Mississippi River,
especially Oklahoma and Texas, suffered more from lack
age
of
moisture, while the States east of the river, except for
and South Carolina, reported greater loss from
Tennessee
ences
Reduction from "other climatic" influ¬
was
reported at 5.9% as against 4.0% in the previous
The loss from plant diseases was 1.8% as against
in the previous season; from boll weevil,
8.7% as
year.
1.9%
against 9.9%, and from other insects, 2.2% as against 4.2%.
farmers
fertilizer.
sales
of
have
Department
continued
to expand their use of
Agriculture studies place the
of
fertilizer
in cotton
States for all purposes at
against 4,794,441 tons in the preceding year
and the 10-year (1929-38) average of
4,301,956 tons.
Sales
4,839,475 tons
as
for
season
the
1940
increased to 4,868,970 tons, with the
in cultivation receiving fertilizer at a
record high of 44.1.
The compilation of the New Orleans
Cotton Exchange shows fertilizer
tag sales of 1,202,445 tons
percentage of
seven
in
the
acres
months ended last February as against 1,165,215
corresponding period of the previous year and
1,175,771 tons two
Production
years
estimates
ago.
of
the
Department of Agriculture
a figure 3.4%
below the
final estimate to cne 4.8% above.
The first estimate in
August, 1939, placed the crop at 11,412,000 bales.
The
September estimate jumped the crop expectancy to 12,380,000
bales, while the October estimate was 11,928,000 bales;
November, 11,845,000 bales, and December, 11,792,000 bales,
during
the
season
ranged
from
against the report on May 21, 1940, of final ginnings for
as
consumption
of the influences bearing on American
cotton was
contained in the figure for
carryover, which showed total
stocks of cotton in the United States on
sum
August amounted
Liverpool ranged upward of 1.83c.
a pound during the year as
against about %c. a pound in
August, 1939.
in the
this
The havoc wrought by war was visited
upon cotton statis¬
As was the case a year
ago, the Manchester Federa¬
Cotton
in
twice the 10-year average and the highest since
ton from New Orleans to
tons
in
tics.
of
the spread between the two markets in
again
directly after the World
cotton
products.
tion
pound,
ordinary marine insurance and
new crop year.
country will be the sharply higher rates of subsidy which
the
Government is now
paying for exports of cotton
tomary data
than
more
Cotton
was
running bales consumed during the 12 months ended July,
1940,
and
excessive moisture.
gainsaying the fact, however, that the situa¬
regards domestic consumption
as
a
average,
In Great Britain and Japan substantial stocks
Japan.
built
lower.
were
crop year
for American
left
of 1.85c.
January
duction
abroad
shipped
Nearly one-third of all American cotton
1940
28,
price of middling uplan_d spot cotton in New York during
the season was 10.40c. a pound, compared with 9.00c. in the
previous year and 8.75c. two seasons ago.
The high was
11.67c., and the low 8.82c. a pound.
The decline in the
pound sterling vis-a-vis the dollar and the increased cost
of transferring cotton to Great Britain combined to bring
about a sharp widening in the price between American
middling in Liverpool and American middling in New Or¬
leans.
As against an average for the 10 years ended 1936-37
over
the rest of the world failed by a wide margin to keep pace
Sept.
the 1939 crop
of 11,815,759 equivalent 500-pound bales.
did the developments of the crop year shape
up more favorably for cotton than in domestic consump¬
In
no
A
tion.
the
number
of factors conspired to give the country
largest consumption of cotton on record.
With
bales of foreign cotton included, consumption in
second
130,000
the
way
12
bales
months
as
5,747,978
ended
against
Dales
July, 1940, totaled 7,745,574 running
bales in
the
previous year,
years
ago,
and the record high of
6,858,426
two
7,950,079 bales in the 1936-37
year.
Consumption of linters
against 850,640 bales in the previous
year, 715,405 bales two years ago, and 818,885 bales three
years ago.
Taking account of both lint and linters, con¬
was
1,056,345 bales
as
sumption was at a record high of 8,801,919 bales
8,768,964 bales in the 1936-37 year.
as
against
Volume
COTTON-GROWING
COTTON CONSUMED IN
STATES—RUNNING BALES
August
531.632
531,735
456,701
October
579,589
November
609.862
460,078
503,514
December
555,756
480.868
480,220
342,899
333,977
526,319
379,850
241,414
546,129
505,365
611,690
447,928
470,431
September
459,815
412 302
417,040
526.612
430.785
384,937
372,817
578*327
416,939
329,993
1936
1935
1940
1939
1938
1937
January
619.332
508,519
665.270
497,054
February
565,566
539,804
533,634
475,360
372,173
360.238
555.118
431,387
547,569
428,995
639.818
466.775
439,507
382.235
389.218
459.573
516,637
350,697
595.675
486.697
379,290
356,688
375,849
381,164
558.769
380.038
568.215
447,822
468.198
484.693
507.580
321,470
4,880,644
421,093
6.625,813
5,335.801
4,305,950
465.700
380,532
356,009
March
April
June
549,818
480,069
July
511,121
442,084
6,610,918
5,809,821
687,531
510,444
May....
Total.
Llnters
Grand total.
*
489,135
6,320.265
7,298.449
COTTON CONSUMED
October
Bales
May
June
...
Total
total.
Grand
•
116.514
111,046
110.559
84.590
137,124
83,866
62,472
123.300
90,065
98.104
93.155
89.112
89.453
69,461
110.896
83.072
89.301
67,194
112.306
87,251
79,269
67,289
98,318
99,476
90,374
72.413
69,242
1,048,605
340,196
867,334
1.324.266
1,015.359
1,054,917
294,312
353,185
353,672
363,019
1,161,646
1,677,451
1,369,031
1,417,938
1,388,801
1,503.470
subsequent to the
publication of the monthly figures.
STATES-
COTTON CONSUMED IN WHOLE UNITED
RUNNING BALES.
Foreign Cotton
1938*
1939
Included^
1934*
1935*
1936*
1937*
603,617
675.014
408.325
418,941
533,399
601,305
524.188
629,767
450,647
552,840
294.696
651.086
482,976
432.328
625.794
512,312
480.081
694.841
499,773
417,344
August.......
September
628,448
624,902
559,409
October
686,936
718,721
652,695
543,857
596,416
565,627
December
1935
93,430
83,614
Includes revisions made
November
87.351
82,834
1936
1937
113.516
87.220
368,814
Llnters
81.527
99.182
59,511
61,085
66,628
83,631
86,729
July
65,936
1938
110,730
95,144
102,371
1,134,656
April
93.025
89,613
76.460
March
70,797
104.957
1939
1940
February
103.448
76,260
85.407
110,811
97,093
86,527
90,259
86,649
January
98,252
89,615
623.032
1940
1939
1938
1937
1936
1935
730,143
662,659
626,331
623,893
636,467
656,529
597,850
598,132
433,258
678,786
426,866
665.677
776,942
606,090
512,626
413.189
426,149
590,484
515,977
550,641
576,762
530,894
550,553
562,580
649,940
578,436
521,353
443,043
448,453
680,521
683,011
555,449
607.056
7,745.574
1,056,345
6,858,426
5,747,978
715,405
7,950.079
6,351,160
850,640
818,885
734,204
6,360,867
719,028
8,801,919
7,709,066
6,463,383
8,768.964
7,086,364
6,079,895
January
February
March
April
May
June
July
Total
Llnters
...
Grand total.
543,187
718,975
669,665
480.339
482,373
468,402
470,412
383,982
390,712
COTTON CONSUMPTION OF
Running Bales
1939-40
monthly figures.
SOUTH COMPARED WITH NORTH-
AND
-LINT
LINTERS
♦1937-38
*1938-39
♦1936-37
*1935-36
*1934-35
4,661.959
7,298,449 6,320,265 5,301,737 7.091,613 5,716,333
1,417.936
1,503,470 1,388,801 1,161,646 1.677,451 1,369,031
8outh
North
Excess of South..
*
the publication of the
Includes revisions made subsequent to
5,794,979 4,931,464 4,140.091 5.414,062 4,347,302 3,244,023
Includes revisions made subsequent to
YEARLY
PRODUCTION
OF
the publication of the
COTTON
IN
monthly figures.
UNITED
STATES-
ACTUAL GROWTH.
Llnters
Total All
Growth
Running Bales
Equivalent
Equivalent
Equivalent
Year,
Counting Round
600 lb.
600-lb.
500-15.
Bales.
Bales.
11,481,300
11,623,221
18,252,075
12,141.376
10,420,346
11.815,759
*1,073,692
1,378,194
1,819.219
1,406,878
12,889,351
13,322,634
20,764.247
9,636,559
13,047.262
.1,088,766
1,000,964
11.727,157
9,472,022
as
1939
1938
1937
1936
1935
1934.
Half Bales.
1933
12,664.019
1932
1925
12,709,647
16.628,874
13,755,518
14.547,791
14.296,549
12,783,112
17,755,070
16,122,516
1924
13,639,399
1923
10,170,694
9,729,306
7,977,778
13,270,970
11,325,532
1931
1930
1929
1928....
1927..
1926
1922
1921
1920..-
1919
11,906,480
11,248,242
11,363,915
1918
1917
1916
1915
11,068,173
1914
15,905,840
13,982,811
1913......
1909
13,488,539
15,553.073
11,568,334
10,072,731
1908
13,086,005
1907
11,057,822
12,983,201
1912
1911
1910
1906
10.495,105
1905
13,451,337
9,819,969
10,588,250
1904...
1903
1902.
1901
-
1900
•
These are
9,582,520
10,102,102
11,944,340
18.945,028
12,398.882
10,638,391
Bales.
13.805.760
10
637,523
982.322
14 J21.584
13,001.508
911,884
17,095,594
13,931.597
14.824,861
14,477,874
12.956.043
17.977.374
16,103,679
13,627,936
10,139,671
1,067.381
13.913,392
18.162,975
14.918.027
16,066,216
15,759.935
9,762,069
7,953.641
13,439,603
11,420.763
12,040,532
11.302.375
11,449,930
11,191,820
16.134,930
14,156,486
13,703,421
15.692,701
11,608,616
10,004,949
13,241,799
11,107,179
13,273,809
10,575,017
13,438,012
9,851,129
10,630,945
9,509,745
10.123.027
986,430
1,241,355
1,282.061
1,016,375
1,157,861
1,114,877
897,375
668,600
607,779
397,752
440.313
607,969
929,516
1,125,719
1,330.714
931,141
856.900
638,881
609,594
557,575
397,072
310,433
345.507
268,282
321,689
229,539
241,942
13,972,418
19,135,235
17,218,556
14,525,311
10,808,271
10,369,849
8,351,393
13,879.916
12,028,732
12.970.048
12,428.094
12.780.644
12,122,961
16,991.830
14,795,367
14.313.015
16.250.276
12.005,688
10,315,382
13,587,306
11,375,461
13,595,498
10,804,556
13.679,954
10.045,615
194,486
196,223
166.026
10.827.168
143.500
10.206.527
9,675,771
this year.
1936-37
189,963
312,908
196 ,164.
202,502
,421.694 1,358 .1821 ,915,206 1,302,992
442,444
738.700
424 ,5321
442.327
26,789
34,605
20 .8671
9.026
Arizona
Arkansas
California-.-.
Florida
134,335
857,156
239.848
26,632
,505.946 1,090,085 1,062,526
919.349
556.288
761,149
673 .5201 .103,622
744.898
1,706 ,906 2 .692,427 1,910.661 1,259,482
,585.149
173,979
303,252
397.226
331 .434
431,774
Georgia
Louisiana
Mississippi
Missouri
93 ,502
95,320
New Mexico..
North Carolina
460,166
390 ,416
Oklahoma
517,373
556 ,545
South Carolina
873.288
649 ,1321
156,409
781,483
763,403
,023,319
107,380
71,835
599,746
574,201
286,379
815.788
564,982
744.182
316,509
432,757
660,394
487 ,494
445,489
2,858.5253,093 ,9115 163.8952,938,479 2,960.774
Tennessee
Texas
1933-34.
1935- 36 1934-35.
855 ,7211
972,591
952,245
96.124
116,363
874,782 1,049.777
217,051
259,551
24,260
23,957
971,425 1,104,507
476,641
484,668
,142,706 1,159,238
233,864
87,104
631,420
244,542
89,960
686.990
317,387 1,265.746
735,089
681,791
444.556
404,316
,407,979 4,431,951
10 8121
40,379
30,296
27.246
34.397
10,285
32,961
Virginia
13, 266
18,743
12,198
7,102
13,842
16,992
14,040
All other States
11815 75911944
Total
3401894502812398 88210638 3919,636,55913047 262
high level of cotton
consumption in¬
for defense and relief,
the subsidy payments on exports of cotton products, the
increased incomes of domestic consumers and the efforts of
Government and private organizations to stimulate con¬
sumption of cotton.
In the matter of the export subsidy
on cotton products, the Government paid a subsidy through¬
out the crop year.
Such payments were inaugurated on
July 27, 1939; were reduced on Dec. 6, 1939, and then were
sharply increased as of Aug. 25, 1940.
The rates installed
on the last-named date were from 80% to 88% higher than
the original rates, and from three and a half to three and
three-quarter times as high as the rates obtaining from
Dec. 6, 1939, to Aug. 25, 1940.
With the outlook growing darker for exports of American
cotton, the efforts of the authorities are being increasingly
concentrated on stimulating domestic use of cotton.
The
comments of the Department of Agriculture on the subject
in August, 1940, were as follows;
"Existing programs to
widen domestic outlets include those for encouraging the
use of cotton for cotton bale covering and in the manufac¬
ture of fine writing papers, as well as for developing the
use of cotton
for insulating houses and other structures.
The Cotton Stamp Plan is still in its early stages, but a
very gradual expansion of the work is planned.
Material
large
Government purchases
expansion is contemplated in the cotton mattress program,
however, under which very low income rural families make
their own mattresses.
Last year the Department acquired
ticking for
150,000 bales of cotton and 16,000,000 yards of
mattress making.
It is hoped this year that from
three times
this amount of cotton can
two to
be used for this pur¬
In addition, the use of increased quantities
fitted into the national defense program
pose.
is being
of cotton
so far as
The Department points out that increased efforts
the Cotton Textile Institute and the Na¬
Cotton Council to build up the consumption of cotton.
compilation shows exjiorts of American cotton in the
possible."
are
being made by
tional
1939-40 year at
6,485,003 bales, the largest since
the 1933-34
comparing with 3,606,999 bales in the previous
year—the record low for 57 years—and with 5,943,989 bales
two years ago.
This brisker movement of American cotton
into foreign countries did not, however, give the slightest
ground to hope that the problem of restoring the American
staple to its rightful place in world consumption was on its
way toward solution.
The sharply increased exports of
American cotton in the 1939-40 year were traceable to influ¬
ences whose life was short.
For example, the export sub¬
sidy on raw cotton, a potent factor in expanding shipments
in the early part of the season, was discontinued.
By the
time~the crop year was over Great Britain—the largest
buyer of American cotton in the year—had completed its
program of replenishing its cotton supplies.
The European
continent, whose takings of American cotton were higher
in the fore part of the crop year, was under strict blockade
by the time the crop year ended.
The foreign markets
accessible to American cotton were smaller as the year
ended than at any time in the World War.
The Department
of Agriculture points out that in the 1939-40 year exports
season,
of
lint
continental Europe totaled 2% million
exports to continental Europe for
ended 1937-38 amounted to 3,397.000 bales. Yet
cotton
to
bales, while the average
the 10 years
of the crop year the English blockade had re¬
of American cotton to continental Europe
almost to the vanishing point.
Exports of American cotton to Great Britain amounted to
2,049,237 bales of lint and linters as against 488,674 bales
in the preceding season.
Exports to France increased to
by the end
duced
exports
836,587 bales
compared with 399.318
bales in the previous
while Italy took 614,317 bales as against 314,627 bales.
Spain, aided by the Export-Import Bank guarantee of credit
for the sale of 250,000 bales, took 298,092 bales as against
only 15,585 bales in the previous year.
Exports of cotton
from the United States to China experienced one of the
sharpest rises of all, the total being 413,924 bales as against
102,635 bales in 1938-39.
Exports to Japan were 936,762
bales as against 891,161 bales, and exports to Canada were
year,
On the other hand,
best customers for
2,952,346 bales in
only 32,445 bales of the exports in
425,731 bales as against 240,729 bales.
Germany, which used to be one of the
American cotton, taking as much as
1926-27, accounted for
the
running bales for
STATES—UNITED 8TATE8
RETURNS
781.602 1,081 .9361 ,636.363 1,148,524 1.061,314
Our
*
1937-38
1938-39
1939-40
Alabama
clude
84,964
53,282
65.426
94,146
of
500 Lbs.
The reasons for this
1934*
1935*
1936*
83,779
92,902
108,859
96,939
December
1937*
88,978
107.347
November
publication of the monthly figures.
76,698
96,816
90,167
August
4,661.959
Included.
Cotton
1938*
1939
5.716.333
7,091.513
311,569
STATES—RUNNING BAIE8.
IN OTHER
Foreign
September
5,301.73^
subsequent to tbe
Includes revisions made
BY
CENSUS GINNING
Gross
1934*
1935*
1936*
1937*
1938*
COTTON
LINT
OF
PRODUCTION
Included.
Foreign Cotton
1939
1783
Commercial & Financial Chronicle
The
151
last season.
The Commercial & Financial Chronicle
1784
RTKD
To—
1938-39
1939-40
UNITED STATES.
FROM THE
1936-37
1937-38
1935-30
Sept.
1940
28,
Imports of cotton into Japan decreased to 2,315,048
500-pound bales from 2,610,005 bales in the previous year.
imports of American cotton declined to
3,272,007 piculs from 3,392,968 piculs in 1938-39.
Imports
from China dropped to 45,335 piculs from 484,184 oiculs
in 1938-39 and 1,062,929 piculs in 1937-38.
Imports from
India dropped from 3,463,605 piculs in 1938-39 to 3,036,839
piculs in 1939-40, and imports from all other countries from
2,446,761 piculs last year to 2,327,248 piculs the present year.
Stated in piculs,
Bales
Germany
Bales
Bales
Bales
32,445
Japan
496,690
898,577
2,049,237
930,762
Great Britain
488,674
1,629,790
711,809
758.118
661,720
France
830,587
891,161
399,318
Italy
014,317
314.627
Russia
m
m
^
897,995
1,465,778
1,649,120
712.947
392,621
400
m
«•
^
Bales
782,241
1,220,331
1,590.738
714,874
427.059
<•>
'
Canada
426,731
Spain
298,092
240,729
15,585
China
413,924
102.635'
90,954
24,085
Belgium
187,421
96,.504
203,533
162,087
162,417
Holland
161,843
78,522
141,059
125,201
107,009
34,324
83,710
83,671
Portugal
255,402
278
32,354
3,654
91,062
209,457
24,463
184,167
Sweden
314,211
258,457
84.794
44.608
COTTON
IMPORTED
INTO JAPAN
45,899
(YEARS ENDED JUNE 30)
1938-39
1938-39
1937-38
Piculs
Piculs
Piculs
1936-37
Mexico
Denmark
6b"507
62",343
68,867
591090
49,068
India
80,378
2,600
148.638
13,030
7,712
13,804
12,077
11,815
11,776
„■
Imported Into Japan from—
485
Norway
26,187
Greece
11,636
55
m
New Zealand
India
China
Africa
83
918
1.402
7,547
12.383
2,635
Other oountrles
116,804
300.726
337,009
223,864
1,133
287.900
Total imports into Japan..
8,681,429
Total exports
6,485,003
3,606,999
5,943,989
5.789.895
Equivalent in 500-lb. bales..
2,315,048
3,289,218
2,570,342
1,530,023
2,767,854
9,787,518
2,610,005
2,327.248
200
16,528
Australia
45,335
All other oountrles.
8
Piculs
3,463,605
3,392,968
484,184
2,446,761
3,036,839
3,272,007
United States
7,396.089
5.893,329
625,325
8,458,512
16,682,597
4,447.607
1,062,929
6,285,512
119930--27
The outlook for exports of American cotton in the 1940-41
season
ACTIVITIES OF THE FEDERAL GOVERNMENT AND
ITS
dimmed
was
by the blockade, by the higher stocks
of cotton built up in Great Britain and
Japan, and by the
deal, announced in the first week of August, calling for the
Federal
Government did
tomless well of
by the British Government of the entire 1940
Egyptian cotton crop at prices of 14.25c. to 15.25c. a pound.
crop year
The
to
crop
of
estimated
was
Agriculture
Great Britain
on
Aug. 1
for recent years.
at
1,600,000 bales.
estimated
were
that
twice
The United States
The
stocks
as
large
was
of
Depart¬
cotton
in
the average
the only one of the
as
principal cotton-exporting nations which showed an increase
in shipments.
The Department of Agriculture estimated
that exports from eight foreign
countries, in periods rang¬
ing from nine to eleven months of the crop year, amounted
to
5,065,000 bales of 478 pounds
as
against 6,500,000 bales
in the
previous year.
Our figures for exports of Indian cotton
six
its
been
suspended
at
These data show
about
Indian
that
time
because
of
the
ALL
exports of 1,083,846 bales in this
INDIA
(BALES OF 400 LBS.)
Great
Conti¬
nent
TO—
China
Total
0 Months Ended Jan. 31-
186,071
300,409
132,820
378,319
1938-39
397,102
1937-38
362,706
844,448
823,160
Season Ended July 31—
1.083,846
1,247,640
3,114,307
2,057,490
997,018
1,872,757
881,025
2,213,029
632,347
1,084,087
997,282
1,024,772
820,145
478,692
1,145,514
1,011,990
2,074,430
1,774,920
1,799.482
1,597,025
1,161,349
2,309,042
1,947,068
1,600.022
2,187,292
1,670,052
1,882,361
2,512,534
2,415,772
1.592.013
2,243,119
3,690,864
3,134,007
3.193,636
2,653,963
1,758,304
3.719.000
3,848.232
3,917,283
3,125,242
2,836,958
3,775,101
3,899.780
3,442.584
3,680.079
2.210,732
3.260.639
301,799
309,382
230.793
1933-34
1932-33
128,303
1930-31
204,610
289,184
229,909
220.767
1929-30
1928-29
1927-28
1926-20
172.517
1924-26...
199,018
287.345
223.948
1,327,833
882,290
1,090,060
1,284,390
1.603,220
1,113,012
70,029
903,178
72,301
1923-24
1922-23
Cotton
the
591,300
730,396
320.680
1936-30
1934-36
in
exports from
season
to
result
June
of the previous season
The distribution of American cot¬
3,735,657 bales,
achieved,
was
payments
on
products
was
it
the
introduced
of
in
late
* raw
the
regards
as
as
against 1,144,803 bales in all
and 1,183,512 bales two seasons ago.
Exports to Great Britain
rose to 411,838 bales from
373,377
bales, but exports to the Continent declined to 404,017 bales
503,082 bales.
from
cotton
if
of
year,
six
shipments
on
striking,
were
expensive.
While the crop year did not yield any major new
it
did
the Administration
see
raise cotton
year
country in an effort to
consumption among the lowest income groups.
too,
saw,
effort
an
lawmakers in Washington
cotton
policies,
apply the relief stamp plan
on
the part of some of the
who have made
a
career
out of
legislation to have the crop insurance principle ex¬
tended to cotton.
houses
of
They maneuvered their bill through both
Congress,
presidential
resignation
only
have
to
Finally,
veto.
it come to grief
Henry A.
Wallace,
Secretary of Agriculture to take
as
the Democratic national ticket
on
a
before his
place
a
on
President Roosevelt's
run¬
ning mate, lent his sponsorship to a farmers' income
cer¬
as
tificate program which would revive the old outlawed proces¬
sing tax principle in a modified form.
The export subsidy program was conceived in the preced¬
ing crop years, but its application did not begin until mid¬
night of July 27, 1939, and hence its real impact was not
felt until the crop year here under review.
of
the
program
drawing to
close it
a
this:
was
Federal
The
manifest that the export business
was
in cotton would establish
The background
As the 1938-39 crop year was
a
low for
new
Government's
loan
and
nearly six decades.
price
policies
were
making it possible for the other cotton-producing countries
Season
Season
Season
Season
*1939-40
Years Ended July 31—
1938-39
1937-38
1936-37
to
snatch
farmer.
Total
recelpta
weight)
(Interior
net
can tars
Exports—
8,428,090
Bales
8,271,271
10,713,374
9,078,023
To France
To Spain
To Portugal
....I!
To Italy
Hill
To Switzerland
..III
To Austria and
Hungary.__. .1
To Czechoslovakia
To Poland...
"
To Germany
I
.
.
Bales
and permit the
194,029
194,552
187,752
210.635
373,377
381,781
405,187
154,673
138,484
~5~, 609
~SU45
82,511
74.985
962
28,597
54,450
26,589
41,619
27,726
49,101
9,679
127,997
11,910
3,695
75,407
53,081
26,122
140,711
6,471
12,301
56,355
93,389
47,409
5,259
7,062
204,553
0,428
7,126
05,957
44,551
26,500
50,065
2,222
3,971
27,928
123,483
HI
1,905
7,415
9,144
To Greece, Turkey & Black Sea
To Russia Esthonia, Latvia and
36,481
12,778
42,262
900
9,890
11,038
13,117
6,851
8,842
404,917
563,682
624,708
537,493
48,174
29.370
29,094
43,010
63,343
55,360
85,983
markets away
than
from the American cotton
from
recede
its
established
price of American cotton to reach
basis,
Bales
179,515
193,862
411,838
Total to Great Britain.
world
Rather
competitive
Bales
243,065
168,773
To Liverpool...
To Manchester.
the
Administration' did
previously expressed beliefs and announced
be
l%c.
made
duced
a
in
and
pound, and that
connection
processed
in
the
violence
_
22,721
3,628
15,785
Finland
To Sweden and Denmark
Total to Continent
...
To United States and Canada...
exporters of
equivalent payment would
of cotton goods
exports
United
net weight)
123,074
61,946
72,981
1.042,703
Total to all ports
Equal to cantars (Int.
and particularly in its first six months,
year,
able wholly to the
ous
other
1,144,803
1,183,512
1,198,650
7,888,050
8,473,302
8,686,978
8,806,048
Figures for 1939-40 only to June 20.
factors
subsidy
of the
season
program.
operated
tionally low stocks of
spec¬
in many
to
was
stimulate exports of cotton
These factors included
raw
attribut¬
In point of fact, vari¬
cotton
on
(1) excep¬
hand at the
beginning
foreign consuming countries,
(2) the
policy of several foreign countries of building up stocks of
larger than normal
cautionary
114,431
pro¬
States.
It would be stretching the facts to assert that the
cotton
To India
To Japan and China...
its
July 22,1939,
tacular rise in exports of American cotton during the
crop
from the United States.
•
to
on
an
with
natural
it would pay
that, effective five days later,
cotton
policies
a
139,879
To Holland
To Belgium
♦
cotton
after
cotton
raw
achieved
results
the
cotton
raw
and
previous crop
months, but while the subsidy was being paid
abroad
of any
idea of paying
The
the other.
on
exportation
withdrawn
was
introduction
increase in domestic consump¬
an
hand, and noticeable stimulation of exports
one
subsidy
by the" substantial
approximately 37%, but this
or
through the
not
by
3,537.833
Egypt amounted to 1,042,703 bales
20
of
tion, on the
and
plans in the
new
rightful place in the world's producing
devices, but through
new
The
1939-40
and
ton did increase in the 1939-40 crop year
amount
■
produce from the bot¬
major
any
to cotton in four localities over the
Japan cfc
Britain
1938-39
former
consuming scheme.
war.
period compared with 1,247,540 bales in the corresponding
period of the previous year.
Shipments to Great Britain
were higher, but
exports to the Continent and to Japan and
China were lower, as the
following table shows:
EXPORTS FROM
its
and
ingenuity
not
but recently ended for restoring American cotton
subsidies
are only for the
31, 1940, the official reports having
months ended Jan.
AGENCIES
-%
The
X>urchase
ment
2,255,591
or
as
a
war
reserve,
and
(3)
pre¬
speculative buying of cotton, particularly in
India and Great Britain, as protection against
anticipated
increases in commodity prices and living costs.
Neverthe¬
less,
it
is
beyond
question
that
the
United States Government to bear part
willingness
of
the
of the price which
The Commercial & Financial Chronicle
151
Volume
foreigners had to pay for American cotton was a
factor in
expanding exports of American cotton.
tended, late
of
report that <x o
caivxl
LX10.V a subsidy policy would uc au
a uj
^
wuu u. be adopted
the previous crop
in
Thus
the opportunity to buy cotton stamps in an amount approximately equal to their present expenditures for cotton goods.
that the 1939-40 season was prepared at its outset
In the first week of the war a tempo-
interruption of the heavy movement of American cot-
rary
developed, but in short order cotton began to
Our compilation placed total exports from
Aug. 1 to Sept. 29, 1939, at 785,150 bales as against 601,532
bales in the previous year.
The season to Oct. 27 showed
total exports of cotton of 1,557,553 bales against 1,004,444
bales in the preceding year; to Dec. 1, 2,237,667 bales as
against 1,539,476 bales; to Dec. 29, 2,913,786 bales as against
abroad
ton
again.
move
1,872,054 bales, and to Feb. 2, when subsidy payments on
purchases of cotton for export had been discontinued,
3,997,107 bales as against 2,221,271 bales.
The subsidy, starting off at IVzC. a pound on July 27, was
reduced to 0.75c. on Dec. 6, to 0.40c. on Dec. 8, and to 0.20c.
new
on
On Jan.
cotton
thrown
the
duced
in
was
discontinued.
Some light was
Government did business in the days
the way the
on
when
30, 1940, the payment of subsidies on
exports
Dec. 11.
raw
subsidy payment was being rapidly remade public in March, 1940, of
of
rate
the
testimony,
Milo It. Perkins,
President of the Federal Surplus Commodi-
ties
Corp.,
before
The
morai
standard
ethic
the
with
Senate
the
of
which
Appropriations Committee.
Government has
the
"As the time neared
contrasts sharply
been requiring
operation
this
we
that
consulted
had
we
a
crop
case
lfac. a pound subexporters and concluded
good chance to create an artificial,
with
very
cotton
bullish situation abroad by
beginning to cut the rate."
Ex-
American cotton
prices abroad went up, Mr. Perkins added.
"Buyers rushed
in to buy, on the theory that this was not going to last long.
plaining that every time the rate was cut
In the course of about
10 days, while that operation was in
sold nearly 1,500,000 bales of cotton, and that
ran the total up to 6,300,000 bales for the season."
Final figures listed exports under the subsidy program
for the crop year at 5,862,000 bales of raw cotton and 476,342
bales entering into the manufacture of cotton products for
export.
The payments on raw cotton exports, discontinued
on Jan. 30, were not resumed during the crop year.
However, the rates on cotton products, slashed on Jan. 30, were
substantially increased as of Aug. 26, 1940.
The extent of
progress, we
the
increase
in
rates
is
shown
the following
in
figures:
ribbon laps, sliver, &c., 1.60c. a
pound net weight originally, then 0.80c., and finally, as of
Aug. 26, 3.00c. a pound; yarn, thread, twine, &c., 1.80c. a
pound, 0.90c., and then 3.30c. a pound; coated products,
1.00c., 0.50c., and then 1.80c. a pound; fabrics (excluding
buckram, crinoline and coated fabrics), absorbent cotton
and elastic, 1.90c., 1.00c., and then 3.50c. a pound; articles
manufactured from fabrics, 2.10c., 1.10c., and then 3.90c. a
Picker
sliver laps,
laps,
pound, and articles not otherwise specified and articles containing a mixture of cotton and other fibers, 1.50c., 0.75c.,
and then, on Aug.
26, 2.80c. a pound.
Additional classes of
products covered by the new subsidy rates included shortlength pieces of three of the foregoing classes of products.
Exports of cotton products in the year here under review
amounted to about 20% more than in the previous year, and
some of the credit
therefor can doubtless be given to the
subsidy.
Perkins previously alluded to he
"This year it (the export subsidy)
has been satisfactory.
I rather shudder to think of five
years from now, however.
That's one reason we're starting
un experimental cotton stamp program."
Secretary of AgriIn the testimony of Mr.
was
quoted as saying:
culture
made
Wallace
known
on
Feb. 6 the fact that a
stamp program for distributing cotton goods to relief families through the normal channels of trade would be put
in
operation in six weeks.
for $4, or, as a maximum, a $12.00 book for $6.00 every
three months.
Inaugurated first in the Memphis area in the spring, the
cotton stamp plan was extended later to Springfield, Mass.;
Minneapolis and St. Paul and Los Angeles.
The Department did not issue an experience report on the cotton stamp
plan, but from the fact that the plan was being steadily
extended to additional communities made it appear that
the first results were promising.
The story of the cotton insurance proposal is soon told,
The Senate and House, at the end of April, laid before
President Roosevelt a bill extending the Federal crop insurance program to cotton, starting with the 1941 crop.
The
play
when our money was going to
out," said Mr. Perkins, "on the basis of
sidy,
Purchases of the stamps are made by the participating
families every three months, and for each $1.00 worth of
stamps purchased $1.00 of free stamps are given.
The
minimum and maximum rates of purchases to be made at
the three-month intervals follow:
One- and two-person
families can buy as a minimum every three months a $4.00
book of stamps for which they pay $2.00, or, as a maximum, a $6.00 book of stamps for which they pay $3; threeand four-person families can buy a $6.00 book of stamps
for $3.00, or a $10.00 book of stamps for $5.00, and fiveperson and larger families can buy an $8.00 book of stamps
commodity markets,
private operators in the security and
of
certified as eligible for such
subsidy pay-
quick getaway.
a
°* |oca£> n^edy persons
relief, but not actually receiving aid, and persons receiving
of Agriculture had so shaped its
the Department
program
tion. Eligible to participate in the cotton stamp plan are
persons getting work or direct • relief, whether federal,
pUbiic assistance through the social security program who
are
need of additional aid.
Eligible persons are given
actually began.
ments
for
yv.xz
c
,
to persuade foreign buyers
years,
defer purchases until the
cotton to
American
decisive
The mere
1785
The Cotton Consumption Coun-
cil, at its meeting in New Orleans two months previously,
insurance plan, now limited to wheat, would in the
of cotton authorize insurance of farmers against loss
of from 50% to 75% of their crop, the premiums and losses
to be paid in cotton. To the disappointment of the cotton
bloc in Congress, Mr. Roosevelt on May 4 vetoed the bill,
He pointed out that the first year of wheat insurance, while
of great benefit to the insured producers, had resulted in
impairment of $1,430,000 in the capital of Federal Crop
Insurance Corporation over and above the costs of administration and research, which were borne by the Government. "It seems evident, therefore," said the President,
"that we do not have as yet the essential 'backlog of experience' required for the establishment of a sound actuarial
basis for crop insurance, i.e., for a crop insurance plan that
would be fully self-supporting, with premium rates sufficient to cover costs of administration as well as of indemnities. Moreover, when such a plan is established, I
think that the producers of all major agricultural crops
should share in its benefits."
The preference of Mr. Roosevelt for Secretary Wallace
as Democratic nominee for Vive-President, and the indorsement of his choice by the party's convention, was proof
positive that the Administration expected in the campaign
to try to make capital of its farm policy. The ideas of
Mr. Wallace on agriculture, accordingly, take on heightened
significance from his new eminence in the Democratic
party. Mr. Wallace's principal contribution to the discussions of agricultural policy during the crop year was his
advocacy in a speech on Dec. 2, 1939, of a certificate plan
for raising farm parity benefits. He proposed to transfer
from the Treasury to farm product processors and perhaps,
in turn, to consumers, the burden of farm parity payments,
Rather than having the Treasury pay farmers the difference between market prices and so-called parity prices, he
would have elevators and others buying major crops from
farmers pay the full parity price directly to the farmer,
taking a certificate, supplied by the farmer by the Department of Agriculture, for the difference between market and
parity value. - Every subsequent buyer of the crop would
have to buy the certificate until the crop reached a processor, who would have to absorb its cost in his general processing expenses.
This new certificate plan, said Mr. Wallace, "would be a
increasing the American producers' returns above
If incorporated as part of the present program, as it would need to be, it would also be a means of
assuring farmer participation. It would differ from the
means of
the world price.
cotton farmers to a greater
plan, "the present war is very likely to harm
degree than they were harmed
old processing tax in that no money would need to go into
the Federal Treasury and be appropriated out for payments.
Also, its legal basis would be different in that
instead of resting on the taxing power of Congress it would
rest on the power of Congress to regulate interstate cornmerce." Secretary of the Treasury Henry Morgenthau Jr.,
commenting on the certificate plan on Dec. 21, said that he
was opposed to further taxes on consumers. He added that
the Administration had not made a final decision on the
by the last World War. Our export markets may be sharply
if war continues.
The situation is likely to be
Wallace plan, but it is not unlikely that the voice raised
by Secretary Wallace on behalf of his plan will echo for
to me, there-
time in legislative councils, if the Democratic party
should be returned to power. The Democratic platform embodied several of the Wallace ideas. In it the party pledged
itself to make parity as well as soil conservation payments
until parity income for agriculture was realized, to preserve
and strengthen the ever-normal granary program, to continue to make commodity loans, and to extend crop insurance from wheat to other crops as rapidly as experience
asked in a resolution that the Federal Surplus Commodities
due consideration to the possibility of
initiating, in certain carefully selected municipalities, a
Federal cotton stamp plan
(similar to the Federal food
"give
Corporation
stamp plan now in operation)
that will be thoroughly
acceptable to the cotton vending retailers."
"in the long run," said Mr. Wallace in announcing the
cotton stamp
curtailed
even
worse
when the war is over.
It
seems
fore, that it is very desirable to get an experience record
with the cotton stamp plan to determine in practice whether
it
will
provide
domestic
a
will be necessary
national
practical
means
of effecting increased
There may come a time when it
to engage in a program of this kind on a
consumption.
basis."
Funds for the cotton stamp
experiment
Congress as part of a plan to increase
were
provided by
domestic consump-
some
justified.
As for the Republican nominee, Wendell
L.
The Commercial & Financial Chronicle
1786
Willkie, he declared in his acceptance speech that he favored
continuance of the present farm policy until
something
better
In other
respects the activities of the Federal Government
regards cotton were confined to administration of exist¬
as
On Dec. 9 the annual poll of cotton farmers was
determine whether marketing quotas should be
ing laws.
taken
to
continued.
Dec.
10
The
of Agriculture announced
Department
on
803,059 cotton farmers had voted in favor of
that
and 79,928 had voted against the quotas, giving
approximately 90% support. A year before 84.3%
of the farmers voting supported marketing quotas.
The
Agricultural
Adjustment Administration
announced on
the quotas
the plan
3
Jan.
farmers
to cotton
allotment
the national
that
stocks
acres, a
of
for cotton
better grades and
With
staples.
the
low-grade cotton of the types desired by the
market held under the 1934 loan, the Corporation decided
of
to
permit firms and individuals to buy 1938 cotton and trade
for cotton equal in value from the 1934 loan stocks.
These exchanges began on Feb. 15, and on May 6 the Corpo¬
ration announced that it had accepted proposals for the
exchange of 216,135 bales under the plan.
The acceptance
of exchange offers would be terminated on May 15, it was
announced, for lately the demand for low-grade cotton had
it
become
balanced
more
the
with
available
supply
in
the
market.
Two further moves
was
reduction of 472,842 acres from the 1939
total, and that a crop of 12,000,000 bales was expected.
Though President Kooseveit had previously questioned the
27,070,173
would exchange 1934
to announce on Jan. 6 that CCC
was
loan
most
found.
was
Sept. 28, 1940
announced
Oct.
on
credits
revolving
by the Federal Government
The Reconstruction
ing of mention.
20
that
it
had
$5,000,000
to
up
Finance
are
established
the
to
deserv¬
Corporation
short-time
Cotton
Export
Agriculture announced on Nov. 7 that the Commodity Credit
Corporation to aid in financing the exportation of cotton
for domestic use to countries not engaged in hostilities.
Corporation would make such loans. The minimum rate of
weight basis, was fixed at 8.3c. a pound
Aug. 27 that, effective Sept. 5, limits of 30,000 bales
need for loans
the 1939 cotton crop, the Department
on
of
the loan, on a gross
%-incli middling cotton, the same basic loan rate as that
on
Allowances were made in the 1939 loan,
for the 1938 crop.
however, for location differentials as well as for grades and
8.70c."a pound for parts of western Texas and
staples, with
9.30c. a pound for some points in
Virginia, the high.
The interest rate
New Mexico the low, and
Carolina and
North
3%, compared with 4% in the past,
the loans was set at
on
maturity date was fixed for July 31, 1940.
The lack
of need for the 1939 loan program was indicated by the
and
fact that a month-end maximum of 24,322 bales on June
29,
1940, was reached for the loan, compared with a maximum
of
4,480,000 bales for the 1938 loan.
Commodity Credit Corporation announced on Aug. 9 the
terms of the loan program on the 1940 crop.
Following a
by President Kooseveit that he had approved Sec¬
statement
retary Wallace's recommendation of a $150,000,000 non-man¬
datory loan program for the 1940 crop, the CCC said that
the
loan rate schedule would range from 9.16c. a pound
new
1940
loan
9.90c.
to
pound
a
in
the
The Corporation changed the basis of
Carolina mill areas.
the
Mexico
New
and
Texas
west
in
the
making
rate,
base
15/16-inch
middling
against %-inch middling last year.
cotton as
tion
The Corpora¬
figured that the average loan would be 8.9c., or 56% of
the
June
Grades
15
pricej compared
parity
will
be
the
same
those
as
17/32 inches.
than
13/16
of
As
inch.
the
cotton
before,
control
last
year.
except
year,
staples of 13/32, 15/32
No loans will be made
an
with
cooperate
last
used
for the addition of classifications for
and
with 8.7c.
staple shorter
who do not
on
farmers
program
may
receive
only at 60% of the full rate.
The loans, which will
be made directly by the CCC and by banks and other lending
loans
agencies,
May
1
July
bear 3%
will
cadable
interest,
be available
next
31.
COC
and
made
an
demand,
until
on
with
maturity
important change during the
next
in its
year
loan cotton.
In the first place, it
announced in April that loans on the 1938 crop cotton might
be extended for another year to July 31, 1941, thereby mak¬
ing it unnecessary for the corporation to take title to the
policy
with
respect to
behind
cotton
the
loans,
and
1937 loan cotton.
the
considerable
easily
more
as
had
been
The extension
amount
accessible
of
cotton
the
to
done
with
market
in
in
loans
the
made
1938
the
loan
of
event
a
price.
Government-owned cotton, on the other
hand, cannot be sold until the price rises to 13y2c. to 16c. a
pound, or high enough to allow the Government to recover
the
principal of the loan and the carrying charges.
The
Corporation, in addition, tightened the restrictions on deal¬
ings
loan
in
certificates
by requiring that after July 31,
1940, merchants who buy loan certificates from borrowing
farmers to submit
the
their request to recover the cotton
from
Corporation within 15 days after the purchase of the
This regulation makes it more certain that
certificates.
the loan certificates will be
needs
and
tracts
in
will
bought only to fill spot cotton
longer be a substitute for futures con¬
no
Stocks
of
owned
cotton
financed
or
by the Government
July 31, 1940, of which 21,084
bales were 1939 loan cotton, 2,068,343 bales were 1938 loan
cotton, and 6,643,319 bales were Government-owned cotton.
A year earlier the total was 10,868,541
bales, of which
amounted to
8,732,746 bales
3,951,108 bales
loan
cotton,
cotton.
on
1938 loan cotton, 5,760 bales were 1937
6,911,673 bales were Government-owned
were
and
With
cotton
prices
firm
repossessions of 1938 loan cotton
ficient supply
loan program
when
from
mandatory
were
of
very
the
Roosevelt
signed
a
bill
crop
heavy.
of Government funds to continue
in the new crop year was insured
President
resources
much
the
on
year,
A suf¬
Aug. 9
increasing
$900,000,000 to $1,400,000,000 to
CCC's
carry
out
cotton and wheat loan provisions of the
bill, according to the Administration, was de¬
signed to meet the marketing emergency resulting from the
war
and to make possible temporary transfers from the
Corporation to other agencies of the Department of Agri¬
AAA.
corn,
The
culture for short-term seasonal needs.
As for
made
the
Government-owned cotton,
stated that the limits
1321089765342
on
acreage
of cotton
in
cultivation in
July 1 amounted to 25,077,000,
24,683,000
acres
less
the
than
1940
the
at
in cultivation
1929-38
1930-39
United
the
1.6%
or
more
other
move
year
were
States
than
the
July 1, 1939, and 28.2%
on
Figuring abandonment in
average.
acreage of 24,616,000 is
harvest, a total slightly smaller than the
acreage harvested in 1939 and, with two exceptions (1939
and 1938), the smallest acreage since 1899.
It remains to
indicated
be
an
for
whether a yield greater than average will, as in
previous two years, offset in good part the reduction
seen
the
in
average,
acreage.
On
8 the Department of Agriculture forecast for
cotton crop of 11,429,000 bales as against
11,817,000 bales in 1939, and an average for the 10 years
this
Aug.
year
a
1929-38 of 13,547,000 bales.
The average yield per acre
estimated at 222.3 pounds as
and the
In
record high
against 237.9 pounds last
was
year
of 266.9 pounds in 1937.
September,
1939, the official estimate was raised
sharply by 968,000 bales to a total of 12,380,000 bales. The
September estimate this year showed an even more striking
increase, the forecast being raised 1,343,000 bales over the
August figure to a total of 12,772,000 bales.
The yield was
estimated at 250.7 pounds an acre as against 222.3
pounds a
month ago and 237.9 pounds last year.
DAILY PRICES OF MIDDLING UPLAND SPOT COTTON IN
NEW YORK
FOR
SEASON
Aug
Sept,
Oct.
Nov.
1939
1939
1939
1939
c.
1
9.81
C.
c.
Dec.
1939
c.
c.
OF
1939-40
Jan
Feb.
1940
1940
c.
Mar.
Apr.
Mag
June
July
1940
1940
1940
1940
1940
c.
c.
C.
c.
c.
c.
8.92
Sun.
9.18 10.30
2.....
9.69
8.87
9.33
10.96 10.21 10.63
10.93 Sun. 10.63
3.
9.64
Sun.
9.22
9.37
10.86 10.12 10.70
4
9.55
Hoi.
9.20
5
9.55
9.25
9.17
6
Sun.
9.49
9.19
10.42
Sun. 10.33 11.29 10.89 11.12 10.85 Sun.
9.33 10.29 11.46 10.98 11.03 10.84 10.29
Hoi. 10.53 Sun. 11.02 11.08 Sun. 10.25
—
..
9.60 10.00
9.16
8
9.47
9.82
9
9.53
9.35
9.09
9.47
Sun.
9.14
Sun.
Hoi. 10.89 11.07 10.74
9.18 10.28 11.54 10.87 10.95 10.73
Sun. 11.43 10.81 Sun. 10.85
9.41 10.31 11.40 Sun. 11.08 10.84
10.36
9.47 10.57 11.46 11.02 11.08 10.88 10.67
10.43
10.60
9.60 10.69 11.43 11.12 11.03
9.72 Sun. 11.45 11.17 Sun
10.93 10.73
9.64
9.18
Hoi. 10.85 11.26
Sun. 10.97
9.58
Hoi.
Sun. 11.21 11.21
Hoi. 10.96 n 89
9.45
9.17
9.82 11.66 11.15 11.01
10.82 10.89
9.29
9.55
9.16
9.81
10.88
9.29
9.48
Sun.
9.24
9.20
9.21
9.27
9.22
9.07
9 22
9.05
9.28
Sun.
9.17
9.19
9.19
9.12
9.26
9.27
23.....
Sun.
9.13
Sun.
9.10
9.08
9.30
11.13
Sun. 11.11
9.71 11.33 11.31
Sun.
11.09 10.90 10.89
9.85 11.40 11.25 11.14 10.77
9.4. j
9.83 Sun. 11.30 11.18 Sun. 10.90
9.88 11.33 11.31 Sun. 10.72 10.91
Sun. 11.14 11.24 11.18 10.73 10.87
9.98 11.06 11.24 11.19 10.87 10.91
9.91
11.31
Sun. 11.18 10.84
9.93 11.15 11.04
Sun.
Sun.
10.48
0
2 10.32 10.42 10.58
10.88 10.45 10 65 10.58
9.37
9.33
9.22
Hoi.
10.71
Sun.
9.32
10.13
10.18 10.46
10.31
Sun.
Sun. 10.85 10.50
10.48
10.86 10.48
9.98 11.01
Sun.
9.75 11.11 10.50
9.86
Sun. 10.56
9.72 10.89 10.43
9.46 11.03 10.31
Sun. 11.14 10.29
9.91
10.87 10.26
9.76 10.93
Sun.
Hoi.
Hoi. 10.96
9.96 11.02 10.24
Hoi.
Hoi. 10.67 11.22
Hoi. 10.99
9.99
9.94
Sun. 10.89 11.28
Sun. 10.84 10.37 11.04 10.33
Sun. 10.23
9.17
Sun.
9.11
9.08
9.42
9.04
9.11
9.36
Sun.
9.18
9.39
8.82
9.27
9.31
8.91
9.29
8.82
9.39
Sun. 10.11 11.36 10.75 11.20 10.79 10.94 10.43 10.73 10.16
9.34 10.16 Hoi. 10.82
10.85 10.99 Hoi. Sun. 10.20
9.30
Sun. 10.79
Sun.
10.21
10.19
8.91
9.35
To indicate how the
9.82 Hoi. 10.89 Sun. 10.79 10.89 10.37
Sun. 11.29 10.91 11.33 10.65 10.93 Sun.
9.89 11.26 10.90 11.26 10.73 10.98 10.48
9.97 11.31 Sun. 11.23 10.79 Sun. 10.39
prices for 1939-40
compares
10.82 10.28
10.96 10.23
10.93 10.19
10.85
Sun.
with those
for earlier years, we have compiled from our records the fol¬
lowing, which shows the highest, lowest and average prices of
middling uplands in the New York market for each season:
1939-40
1938-39
High.
Low,
Average.
High.
Low,
11.67
8.82
lo740
1919-20
43.75
28.85
38725
7.88
9.00
1918-19
38.20
25.00
7.71
8.75
1917-18
36 00
21.20
11.18
12.93
1916-17
27.65
13.35
10.65
13.45
31.04
29.65
18.l2
11.98
10.02
11.35
1936-37
15.25
1935-36
13.65
1934-35
13.35
1932-33
11.75
Average
v
11 75
1915-16
10.65
13.95
1933-34
12.44
1914-15
10.60
7 25
8.65
11.09
1913-14
14.50
11.90
7.37
1912-13
13 40
10.75
8 97
13.30
12 30
1911-12
5.70
9.20
1931-32
8.15
13.40
9.20
10.83
1930-31
13.15
8.25
10.38
1910-11
19.75
12.30
1929-30
19.55
12.45
16 60
1909 10
16.45
1/.40
1928-29
21.65
17.65
19.73
9.00
15 60
15.37
10.42
11.30
11.48
11.20
9 13
5.00
6 34
23.90
17.00
20 42
1908-09.. ...13 15
1907-08
13.55
1926-27
19.20
12 15
15.15
1906-07
13 50
9.60
1925-26
24.75
17.85
22.15
20 38
1905-06
12.60
9.85
1927-28
1924-25
31.50
24.74
1904-05
11.65
9 90
6.85
1923-24
one
by the Department of Agriculture during the
was
The Department of Agriculture estimated on July 8 that
the
1937-38
cotton
It
applicable to bona fide hedging transactions nor, except
during the delivery month, to straddle operations.
29.
hedging cotton.
on
daily
not
10...-.
in
run-up
on
trading and net positions in speculative cotton futures trans¬
actions were being established "to prevent excessive specu¬
lation in cotton futures."
7
of these
still
1934
the
Second, the Commodity Exchange Commission announced
37.65
23.50
31.11
1903-04
17.25
9 50
1922-23
31.30
20.35
26.30
1902-03
13.50
8.30
1921-22
23.76
12.80
18.92
1901-02
9H
1920-21
40.00
10.85
17.95
7»i«
12.58
10.26
9»i»
Volumt
1787
The Commercial & Financial Chronicle
151
In the following table we also show the price of printing
cloths, 28-inch 64x60, at Fall River each day of the season:
DAILY PRICES OF PRINTING CLOTHS (28-INCH 04x60)
FOR
SEASON
AT FALL RIVER
1930-40
In
spurts of activity since the end
lines
many
only of the briefest sort.
been
September have
developed that the war would not bring in enormous pur¬
chases of textiles on the part of
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
1939
1939
1939
1940
1940
1940
1940
1940
1940
1940
Sept.
Aug.
1939
1939
tude became
34
Sun.
c.
c.
C.
44
Hoi.
44
c.
c.
c.
34
34
34
34
34
Sun.
34
34
3 4
34
34
Hoi.
2...
34
3 4
44
44
44
44
44
4
34
3...
34
Sun.
44
44
Sun.
44
44
Sun.
34
4...
3 4
Hoi.
4 4
44
44
44
Sun.
4
5
34
44
Sun.
44
44
Sun.
414
44
44
44
44
44
4
6
3H
3%
34
34
4
34
Sun.
7
3 4
314
44
Hoi.
44
Sun.
8...
44
Sun.
44
44
44
4
44
44
44
44
4
4
414
44
Sun. 44-4
4
Sun.
3 H
44
414
44
44
44-4
Sun.
4
12...
3 4
4*
414
Sun.
4*
414
44
44-4
44-4
4
Sun.
4
4
14...
3%
4 4
414
44
Sun.
4
4
15...
44
Sun.
44
4 4-4
4
44
414
44-4
19...
34
34
34
34
34
44
44
44
44
Hoi.
13...
20...
Sun.
21...
3%
22...
34
23...
34
10...
17...
18...
Sun.
34
34
34
34
4
34
4
Sun.
3 4
34
34
4
34
3 4
34
Sun.
34
34
34
4
34
34
4
Sun.
3 4
4
Sun.
4
34
34
34
4
34
34
44
4
34
34
Sun.
44
4
34
34
4
Sun.
34
34
34
34
44
44
Sun. 44-4
414
44
4 4
44
Sun.
44
44
44
414
44
44
44
44
Sun.
44
44
44-4
44
44
44
Sun.
44
44
44
Hoi.
34
34
Hoi.
44
44
4
3 4
Sun.
Sun.
3 4
34
Sun.
34
34
34
34
34
Sun.
34
3 4
34
3 4
3H
34
34
3 4
34
Sun.
34
34
34
34
3 4
3 4
Sun.
4
3 4
Sun.
3 H
34
34
34
34
3 H
34
34
Sun.
34
Hoi.
Sun.
44
44
44
44
27...
Sun.
414
414
44
44
44
28...
34
44
44
44
44
29...
34
44
8un.
44
44
44
30...
34
44
44
44
44
44
Sun.
44
34
Sun.
1
34
3 4
34
subjoin the followiDg compilation to show the
range of prices of printing cloths for a series of years.
Like
the table above, it sets out the highest and lowest quotations
for 64 squares 28-inch printing cloths at Fall River and covers
each of the last 45 seasons—1895-96 to 1939-40, inclusive:
We likewise
Cta.
34
3 4
34
1922-23
1923-24
-
64
4 H
1921-22
-
54
3 4
1920-21
54
5H
54
4% 1919-20
44 1918-19
-
-
64
'
7.00
7.
of
1916-17
7.25
4.25
8.00
1915-16
4.25
3.50
1913-14
1914-15
325
2.88
3.62
3.75
3.12
Liverpool
DAILY
CLOSING
Allies in American
ing the past year has not been of any consequence.
blankets
were
even
a
Some
but these were not
bought by the French,
sufficient to cause
ripple in our markets.
possibility of some important
In recent weeks talk of the
purchases of our textiles by the English has been revived,
and
that
understood
it is
fair quantity of cotton ducks
a
More orders of this kind may be forth¬
purchased.
were
PRICES OF MIDDLING
coming, but the industry prefers not to over-anticipate in
this respect.
It
1905-06
1904-05
1903-04
1902-03
1900-01
1899-00
is
well
before
pointed up to this writing (late in August) with the com¬
mercial reactions to the general situation.
The belief had
prevailed that because of the tremendous Government de¬
fense program
there would be a flood of anticipatory buy¬
were
wholesalers have steadfastly stuck
Arguments that Govern¬
takings would make deliveries of some items scarce
considered interesting and impressive, but did not
have
the
to
3.62
but retailers and
their
policies of conservatism.
3.00
3.00
3.38
3.37
ment
2.62
stantially larger
2.37
2.37
2.75
1.94
1.94
2.44
2.44
of
effect
inducing
operations
buying
on
sub¬
a
scale.
Department store officials reasoned several waj7s:
First
they pointed out that exxiort markets in Europe and in other
parts of the world had
ican
followed the
that
cotton
been lost, at least temporarily, on
The heavy foreign shipments of Amer¬
account of the war.
issuance of
our
Government
repeated, it was reasoned, because
these foreign markets had been cut off to a great degree
by the English blockade.
This, it was contended, applied
subsidy
to
middling upland
of the year's
pressions in the industry:
Mills' executives have unquestionably been keenly disap¬
Cts.
3.00
3.00
reviewing other phases
developments to record some of the recent outstanding im¬
4.25
4.25
3.62
5.25
5.25
3.81
3.50
4.12
3.37
3.25
3.25
3.50
2.75
2.62
2.62
3.06
each day of the past season:
spot cotton in Liverpool for
There were
mother country.
the
textiles, but the sum and substance of such purchases dur¬
Cts.
Cts.
1909-10
1909-10
1908-09
1907-08
following table shows the price of
The
for
orders
on
occasional indications of interest by the
ing,
Upland Spot Prices of Cotton in
Middling
months,
Low.
High.
High.
1898-99
1897-98
1896-97
3.62 1895-96
4.00
4.06
4.00
3.88
1912-13
1911-12
64
6.00 1910-11
-
-
1917-18
34
44
44
-
Record
13.00
14.00
2*u
2Ut
3#
-
1925-28
6.75
6.88
6.88
4.75
4.62
11.00
6.75
54
54
.
-
1928-29—-
Cts.
7.75
8.75
8.75
7.12
14.00
17.50
1924-25
6
-
.
Low.
High.
Low.
Cts.
44
3 4
Canadian mills
reported to have been operating at top speed for many
are
3 4
44
44
Cts.
throughout the Empire, principally Canada.
Sun.
4
44
414
4*
--
British for
of the textiles it
34
4
414
44
High.
all
secure
England as well as elsewhere
needed from its own mills in
34
4
Sun.
3%
34
1323042756089
34
34
Sun.
34
25...
26...
44
to
34
34
34
24...
3%
190-72
34
4
Sun.
44
414
4>*
able
be
Sun.
34
34
34
Sun.
revealed that the
Inquiry
would
time
some
Sun.
34
34
34
4
31...
34
34
34
4
11...
34
34
34
Sun.
34
Sun.
34
34
34
44
10...
3%
34
34
44
44
4
9...
belligerents, the trade atti¬
conservative as it had been excitable during
c.
34
4
as
1939.
September,
c.
3%
C.
c.
44
c.
c.
1...
of last
Once it
would
be
not
goods as well as to raw cotton.
cotton
that the Government
It was obvious
would have to step in again and give
its support, to
prevent the cotton market from being weighed
shutting off of foreign outlets.
down by the
UPLAND IN LIVERPOOL
Another
point raised by the department store buyers was
that
Aug.
Sept.
Oct.
Nov.
Dec.
Jan
1939
1939
1939
1939
1940
1940
1
5.29
5.71
Sun.
6.26
2
5.30
5.97
6.54
5.27
Sun.
6.47
6.22
0.58
5.28
0.88
Hoi.
5
6
Sun.
6.98
7
Hoi.
5.30
7.03
9
5.29
7.92
0.45
Sun.
6.47
7.90
8.29
5.22
8.02
*
8.06
Sun".
8.04
8.03
7.95
8.08
9.20
8.30
8.12
8.03
8.14
7.61
Sun.
8.22
7.68
8.09
7.61
8.91
7.00
8.12
8.06
7.36
Sun.
8.07
Sun".
8.21
7.42
7.55
7.96
7.41
8.09
7.33
7.80
Sun
0.25
6.76
6.35
7.47
have
8.72
8.88
8.84
7.19
8.70
Sun".
8.75
8.10
7.21
7.95
8.00
7.55
Hoi.
7.50
6.40
6.77
Sun.
8.59
6.38
6.75
Sun.
7.73
5.49
6.37
7.80
5.42
6.35
8.70
7.82
Sun".
8.20
Hoi.
7.66
ment
7.72
7.80
7.84
by
Sun.
Hoi.
8.07
*
7.70
7.95
8.09
8.07
*
7.50
7.95
7.59
8.12
7.84
8.04
8.26
1939,
rarely leave
related
which
exception.
7.63
*
7.60
8.14
*
8.11
7.70
*
Sun.
*
Sun.
7.81
7.87
Sun.
7.86
Sun.
any
good after-effect in
the cotton
of
September,
industries.
followed
the
UNITED STATES
The
outbreak
boom
of the
war
The hysteria lasted about a month,
commitments
were
of
such
it was well into summer
tremendous
was
no
after which
proportions
that
of 1940 before some of these were
completely liquidated.
It
becomes
customary in
these industries during such a
activity for merchants to insist that
purchases are merely against actual requirements—and that
speculation is little or no part of the entire development.
Experience shows, however, that frequently forward con¬
tracts placed in anticipation of a higher market are found
to involve quantities of goods that are not needed, once
period of heavy buying
the
of
reasonable
expectations.
As
a
a
the textile mills of this country.
Even though retail
has been maintained at a satisfactory rate, one
would
never
have judged this, based on the experiences of
primary market houses. All of which lead to the suggestion
at times that without these Government orders quite a few
mills
might have been hard pressed for business.
have too often found warnings
It is reasoned that buyers
THE COTTON TRADE OF THE
and
for
business
7.52
from
Booms
of fact,
matter
Sun.
8.00
Sun.
short
number of successive weeks Govern¬
purchases have been the principal business booked
Sun.
Cotton Exchange closed.
textile
repeatedly
running largely to ducks, for a wide range
far
fallen
7.77
*
8.06
8.30
8.70
7.60
6.70
♦
8un.
*
8.45
5.73
been
began its heavy defense expenditures, the reflection of all
in commercial buying, in many lines, is considered to
*
Hoi.
5.56
8.03
8.04
8.04
8.28
Sun.
Sun.
8.09
Sun.
7.25
8.11
8.01
8.13
Sun.
6.35
has
that
purposes,
8.12
8.46
Hoi.
7.51
0.75
reasoning
and to uniform fabrics and materials for
other wearing apparel for the armed forces.
Despite the
fact that several months have elapsed since the Government
of
Hoi
8.78
7.67
6.30
5.52
8.03
7.46
Sun.
7.53
6.32
Sun.
8.03
*
Sun".
5.42
Sun
7.44
Sun.
8.61
7.33
of
this
7.83
Sun.
8.80
6.83
course
tive in nature,
9.13
8.59
6.73
7.98
Sun.
8.97
7.07
5.25
7.95
*
8.12
7.00
Sun.
#
8.12
7.09
6.33
7.85
Another
stressed is that the Government's purchases have been selec¬
7.74
6.90
7.15
8.14
7.79
let-down is not usually easy, according to these merchants.
7.82
*
production schedules would undoubt¬
Once geared up to top speed operations
that such expanding of
7.69
8.98
9.00
5.14
8.12
Sun".
*
#
by mills and could expand available sup¬
of
edly take place.
a
*
added
textiles greatly.
Should market prices become
attractive enough, for one reason or another, buyers argued
7.97
8.75
6.95
7.10
be
plies
8.27
9.11
Sun.
6.27
6.30
In
8.15
8.48
0.29
6.33
Sun.
8un
0.24
Sun".
7.62
8.18
8.29
5.10
7.59
*
7.77
8.33
7.01
Sun.
*
7.82
8.05
9.27
7.48
Sun.
7.84
9.48
Sun.
*
*
Sun.
5.14
*
7.99
d.
d.
*
8.19
7.19
6.74
8.18
7.89
8.33
7.25
5.66
8.13
7.73
8.29
9.29
5.12
31.....
d.
8.19
7.78
Sun".
9.14
5.17
6.77
d.
7.88
Sun.
9.13
Sun.
5.25
7.99
8.10
8.02
7.01
6.33
5.27
1940
8.02
6.81
Sun.
5.16
July
1940
6.67
0.36
5.13
June
1940
6.52
Sun.
5.23
.
May
1940
6.47
6.44
7.03
8
Sun.
Hoi.
8.86
0.19
3
Apr.
d.
d.
d.
7.95
1940
could
d.
d.
d.
d.
4__._.
Mar
Feb.
1939
productive capacity had become an unknown factor.
recent years the industry had learned that a third shift
markets' gains fail to hold.
But
their
here
Surplus
primary market resources fail to materialize.
a
specific instance:
Some months ago the
is
Commodities
Corporation
purchased some very
be used in connection
bulk of these goods
large quantities of wide sheeting to
with its relief program.
With the
wanted
within
a
short
time,
that the market would have to
mill
insisted
So convinc¬
representatives
be strengthened.
ing were the arguments of the primary market houses
that
buying office for department stores
sent out telegraphic advices urging retailers to make for¬
ward commitments before prices rose.
The Government
bought its large quantity, but hardly had the business been
officially announced when some mill in the wide sheeting
group reduced its prices to the commercial trade, through
increasing of discounts.
The shock of having these prices
reduced at a time when everyone was exi>ecting an advance
had an effect on the trade for many weeks after.
One
cannot stress sufficiently the retarding influence on markets
nearly every resident
generally of what has been invariably
situation," referring, of course, to the
called the "English
universal question-
The Commercial & Financial Chronicle
1788
tag of whether
not England could
or
would need a substantial Government subsidy to meet GerItalian competition in South America*
However, there are other phases which have been ex*
tremely discouraging to the cotton goods exporter, when
considering South American markets.
In some markets,
as in Argentina, tariffs are so high that they have been
found insurmountable.
In other countries it has not been
possible, because of their laws, to get payments out of
the country.
The problem of exchange has baffled all of the experts
when trying to solve the South American export dilemma,
Although there has been more actual interest in finding
out what we could buy from South American countries,
the fact still remains that these Latin American republics
still look to Europe as outlets for their surpluses.
Despite
all that has been done to bring the Western Hemisphere
closer together, American textile exporters still feel that
unless we can find some way to absorb South American
commodity surpluses those nations will resume their relationships with Europe at the very first opportunity,
While prices on most cotton goods have been considered
on a low basis for some time, the expectation is that quite a
few of the financial reports for the past fiscal year, where
this includes September, 1939, will show profits. There are
some exceptions to this, where mills were not able to retain
the gains resulting from the boom period of September,
1939.
Very likely the differences in the relationships of
completely modernized mills and those which have not
undergone modernization is greater today than ever.
As
had been predicted, many mills undertook to take up modernizing in most serious fashion after the 32%c. minimum
wage order became effective.
There are some mills which
still contend that the 32^c. minimum is confiscatory so far
as they are concerned, as is reflected in the appeal recently
made to the United States Supreme Court asking not only
for the invalidation of the wage order but also contesting
the constitutionality of the law itself.
Comparatively few
mills have joined in this legal battle. As a matter of fact,
although nothing is said, it is known that the great majority
of mills, and particularly the larger organizations, are not
willing to become entangled in this litigation.
More orderly merchandizing of print cloths is the program laid out this year by the "Print Cloth Group."
This
withstand the Nazi
At times, shortly after the French capitulation,
markets became so disturbed by this uncertainty that they
were almost at a standstill.
For several months prior to
blitzkreig.
the
of
surrender
tributors
refused
France
do
to
some
the large
of
anything
but
the
man and
national dislimited
most
conviction that there would be
For many months word had
gone out over the market that some of the largest buyers
had "the lid down tight" on anything that involved more
amount of filling in, in the
an
early ending to the war.
than immediate actual
To
needs.
a
degree they seemed to
when the French gave up their
part in the war. Right before this surrender some elements
in the trade were beginning to take on renewed courage,
In fact, for a few days it seemed that there might be a
fairly general buying spurt that would have possibilities of
following through. However, news of the collapse of French
resistance brought this revival of buying to a sudden halt,
be Justified in their position
From
then
the trade has
on
been unwilling to take any-
thing for granted with regard
to the British position in
the war.
Repeatedly merchants have insisted that if there were
assurances that
England, could hold her own for
another several weeks, until the start of the fog season,
that buyers would show more courage and be willing to
some
operate on a more liberal basis.
Almost without exception comments on the possibilities
for business in the fall have been optimistic.
With Industrial activity stirred to a peak,
by reason of the defense
expenditure program, expanded retail sales this fall are
inevitable, according to the universal reasoning.
Vet, as
clearly indicated, distributors and retailers have been unwilling to make preparations on the basis of the predicted
fall expansion in volume.
One of the important results of
the loss of our foreign markets for raw cotton has been
the added impetus given to campaigns for increasing the
domestic consumption.
For some months the National Cotton Council, with headquarters at Memphis, has been lining
up a program intended to be carried out on a large scale
for the promotion of new uses of cotton and expanding
present uses to the utmost. This movement by the National
Council involves obtaining 5c. a bale for each bale of cotton
handled, the total to form a sum that would be used for
advertising and for other means of exploitation.
In a somewhat similar direction is another campaign
headed by Dr. Claudius T. Murehison, President of the
Cotton-Textile Institute, who has been lining up the mills
to give their wholehearted support to a plan which, if suecessful, would have as its objective increasing domestic
cotton consumption about 25%.
With the chain stores
anxious to, play an important part in this drive, Dr. Murchison has felt that the achievement of this goal is within
the realm of
reason.
Part of the drive calls for renewing
efforts to substitute cotton materials for fabrics and
con-
tainers of
jute and burlap wherever possible.
Very likely
much more will be heard of this phase in the course of the
next several months.
For
while there was
Sept. 28, 1940
has nothing to do with price-fixing or anything
that could be considered in the nature of collusion, but
program
rather is
an effort to compile data and information that
would guide print cloth producers to merchandise more
soundly.
The information being collected is expected to
be a study of how the buying averages from year to year,
^
Ideally, if mills could spread their sales of print cloths over
a 12-mpnth period, it is believed they could do much to
improve their profit-position.
One of the troubles over a
period of years has been that a large percentage of the sales
made during a 12-month period were consummated in the
course of a comparatively few days.
The procedure would
be about as follows;
Many months of quietness in the
market would elapse.
During that time prices would be-
a threat that Congress might pass
Mill interests, through the CottonTextile Institute, were vigorous in opposing such a possibility while the proposal was still in committee. However,
the bill never reached the floor of Congress.
Shortly after
the start of the war there was a sort of hysteria in consection with jute substitutes.
At that time there were
fears that the German U-boat activities might be effective
enough to prevent shipments of jute and burlap from coming through from India. During this period of hysteria the
price of burlap rose sharply.
Cotton mills making goods
that could be used to substitute for jute stepped up their
production considerably. "Quite a few mills switched looms
from other types of fabrics to sheets and Osnabqrgs that
could be considered as competitive with jute.
By the time
the hysteria subsided and it was realized that shipments
from India would not be stopped, it became known that
tremendous quantities of jute and burlap were afloat, en
route to this country.
The price of burlap dropped sharply,
this branch of this industry from what seemed to be
disaster. However, the plan was one which later drew
charges of violation of the Sherman law.
These indict-
and the demand for the substitutes dwindled.
ments
a
another
process
tax.
depressed because of lack of business.
Then when
the market reached a loss-basis, buyers would place heavy
orders for as far ahead as the mills would go.
Sometime
a spurt of this kind could involve a quarter or a third, or
come
even more, of the entire year's business for a mill, most of
this business being placed on a loss-basis, as described,
With an analysis to show that over a period of years
mills sell a certain yardage annually, it is believed that they
would view these spurts differently, and merchandise in
such a manner that buyers could not take so large a
percentage of their product at such discouraging price levels,
The industry has still to hear from one of the aftermaths
a severely depressed print cloth market,
In the spring of 1939 it will be recalled that the print
cloth situation became desperate.
Several of the leading
executives in the Greenville, S. C., district undertook to
of
save
sure
were a shock to the industry.
Trial was to have
taken place in the spring of 1940, but was postponed until
the fall of this year.
Though many are confident that no
jury, particularly one in the mill sections, would find guilty
Perhaps the most interesting of the plans to increase the
domestic consumption of cotton is that of the Federal Government, known as the "Cotton Stamp Plan."
The only
criticism heard about .this plan is that it has not been
spread out rapidly enough.
Only a few cities have been
given the privilege of operating the "Cotton Stamp Plan,"
whereas in order to accomplish its purpose this means of
increasing distribution will have to be in practice in most
every locality in the country.
Memphis, where the "Cotton Stamp Plan" was first Introduced some months ago, reports that the experiment has
of violating a law, those men who sought to preserve the
jobs of many thousands, the interests of numerous stockholders, and the welfare of a great area; others have been
disturbed by the character of the activities of the anti-trust
division of the Department of Justice.
It is an interesting
been successful
the auspices of the Cotton-Textile Institute, which had the
Stamp
Plan,"
The idea is similar to that of the "Food
enabling people in low-income
brackets to
purchase for $3 stamps that would have a purchasing value
of $6.
The Federal Surplus Commities Corporation has
made it clear that these "cotton stamps" would be exchangeable only lor merchandise made exclusively of American
cotton.
With
so
America, it
talk of increasing exports from South
is .well to give the viewpoint of the leading
in tic n
exporters of o-yzon textiles.
In the event of
a
Nazi
con-
quest of England It is felt American cotton goods exporters
fact that at the time of this indictment, early this year,
Thurman Arnold, who heads this anti-trust division, was
the guest speaker at a dinner meeting in New York under
collaboration of many
time
Mr.
Arnold
made it clear that
be
no
other textile associations.
At that
himself for questioning, and
far as he was concerned there could
submitted
so
mitigating circumstances.
the law.
He is concerned only with
He recognizes that the law is clumsy, and in some
respects may be contrary to the general interest, but the
only place to apply for relief is to Congress.
The garment situation has furnished a number of thrills
in connection with the minimum wage law.
For months
makers of work clothing, ensemble sportswear and related
garments Lave been battling against a
recommendation for
overalls has
in
1789
Chronicle
The Commercial & Financial
151
Volume
affected by the extent to
been
multiple minimum wage rates on pants.
The recommenda¬
tion was that trousers made of all cotton fabric should take
sale of the matching
should be
37%c. if any other fiber were combined with the cotton; or
if classed under "clothing" the minimum should be 40c.
Despite all of the protests, the Administrator of the wage
and hour division finally approved the recommendation.
vat-dyed suits have covered
which the
the coun¬
that these matching
a
32V2C. minimum wage rate; that the minimum
panies having
more
Larger com¬
consternation.
reaction was that of
The first
than one factory would have advan¬
smaller organizations.
It was insisted because
ruling stated that in any factory the prevailing rate
the week would have to be the highest rate in operation
tages over
the
for
In as much as this also apx>lies to
clerical and other workers, such as shipping, many gar¬
ment manufacturers felt the prospect for them would be
difficult.
At the present writing there seems to be several
effects of the garment industry wage order; quite a few
manufacturers who had been using fabrics with low con¬
tent of rayon have discarded these entirely in favor of.
all-cottons so as to remain within the 32^c. minimum rate.
Likewise a number
of mills and converters which had
been doing a substantial business in cotton fabrics contain¬
ing small percentages of rayon have eliminated these com¬
pletely from their line.
Some of the piece goods houses
catering to the better trade have determined upon policies
of giving more attention to the ail rayons or to fabrics
with a high synthetic yarn content.
Planning for the "1941" season, some garment manufac¬
turers have been rearranging their plants to segregate types
of work, keeping the 32yoc. minimum rate garments distinct
and separate from the 37V£c. minimum rate merchandising.
There continued to be many confusions as to the proper
classification of various garments.
For a while a trade
association had given the advice that in cases of uncer¬
tainty it would be wise to submit the questionable garments
to the wage and hour division at Washington for their
opinion.
A lawsuit has been started by some Southern
garment manufacturers contesting the validity of the gar¬
ment industry wage order.
However, a comparatively few
manufacturers are numbered among those who have joined
in this litigation.
The slack suit had another big year
in spite of the long spell of unfavorable weather.
These
leisure garments have come to be regarded as a definite
part of the clothing picture.
Rayons made important gains
in the slack suit field during the past year.
Late in the
season
it seemed as though the rayons were threatened
with a harmful reaction because of the inferiority of so
that
during
period.
of the goods that were put into these sport garments.
did the American Institute of Laundering con¬
sider this situation that it sent out warning to all of its
member laundries urging them not to accept garments made
many
serious
So
forth
intensification of studies to improve these fabrics.
an
One of the results is that for
by
producers;
leading
the
that these spun rayons can
and
1941 the
new
viscose rayons
sportswear trade are guaranteed fast colors
men's
the
for
This brought
unless at the customers' risk.
of spun rayon
and the latest development is
be guaranteed against shrinkage
stretchage.
which
Gabardines,
have
been
an
important
fabric
in
to continue among the leaders.
For next year one hears much talk of covert types of ma¬
terials for sportswear.
Tropicals are considered to rate
sportswear,
expected
are
high among the fabric possibilities in this field.
Another feature just announced for a line of cotton ma¬
for
terials
pajamas,
swim
trunks,
as
well
as
ensemble
sportswear is a process that gives the fabric added proper¬
ties for absorption and evaporation of moisture.
In as much
as so many of these sports garments are worn in the sun,
perspiration is
cloth
more
rapidly,
rate
definite problem.
a
Through making the
absorbent, and then having the moisture evapo¬
one
adds greatly to the value of the cloth
and the usefulness of the garment.
For next
"the
mixed
This is
ments.
is
the impressions seem to be that more of
year
the combination
shirts and pants will be in what is called
ensemble" rather than the matching ensemble.
expected to be particularly true in the better gar¬
Color trend, which is very important in this field,
forecast
as
tending
toward
the
tans
and
the
browns,
from the greens which have been extremely popular
for quite a few years.
Various shades of blue are like¬
wise expected to be among the most wanted colors.
Broad¬
away
the slack suits during the past
considered to have been material through accept¬
ance
of these garments by men between the ages of 40
and 50 years, in addition to the younger men who had been
quick to adopt the idea a few years ago.
Maintained popularity for the matching suits in workclothing was reported throughout the year, and this pros¬
ening of
the market for
year was
pect seems to be undiminished. The matching idea in work
clothing hinges around the vat-dyed drills and jeans which
made their start in the oil fields of Texas some years ago,
and which have been
making inroads among the workers in
practically all parts of the country. Northern areas were a
little slow in adopting this vat-dyed color proposal at the
start,
down
but any
resistance is believed to have been broken
completely.
to which answers do not agree,
the work clothing field, is whether or not the business
One of the great questions
in
has been
For the past several years the contention
suits were in the nature of
try.
.
additional
business, chiefly for types of work to which uniforms would
be most appropriate—such as filling-stations, truck drivers,
&c.
In many kinds of work it has been felt that denim
preferred garment.
overalls would continue to be the
Par¬
farmers it has been insisted there is no
likelihood of displacing overalls with other types of apparel.
Many still hold to these opinions, but there are others
who insist that the past year has definitely witnessed trends
ticularly
among
from the consumption of overalls.
away
overall business as being behind that
their
business in the matching suits
jeans
are
of a year ago; whereas
of vat-dyed drills and
substantially above the 1939 record.
manufacturers started the year with operations
Overall
capacity basis.
This did not last long, particularly
catering to the chain stores and mail order houses.
a
on
Some of the larg¬
this year reported their
est distributors in the country have
for those
These
large
distributors had asked for the deferring of
a number of instances overall manu¬
Thus in
deliveries.
of these garments,
orders on the books.
Perhaps the unseasonable weather during much of the first
half of the year had considerable to do with this.
Perhaps
it was because an effort was being made to obtain slightly
higher prices for these goods.
accumulated
facturers
stocks
large
awaiting shipping instructions against
and of the work-shirts
pronounced change has
Producers of work-shirt chambrays
themselves
convinced
are
that
a
place in this division.
The year 1939 saw a consid¬
dropping-off in this volume, and the recession was
further continued on a very much noticeable basis in 1940.
taken
erable
Quite a few observers suggest that the vat-dyed suits have
replaced a great many of both the chambray and the covert
work shirts.
All of this is believed to be part of the
Recent re¬
overlapping, with the
expensive sports ensembles being used for work pur¬
poses in quite a few industries.
Increased popularity for work purposes of the matching
dressing-up among workers.
toward
tendency
ports have indicated more and more
less
suits made of the combed
mercerized twills has become an
important factor in those branches catering to the higherpriced work clothing field.
This business is the result of
the offering by a number of mills, during the past few years,
"rejects" of these materials to
The story is somewhat as fol¬
lows:
The fabric developed by the army for its uniforms
is considered to be in excess of actual requirements.
The
of
considerable yardage of
a
clothing trade.
work
the
breaking
than
strength required by the Government is greater
for commercial use.
Because of the fact
necessary
that the army
has been so exact on the matter of breaking
strength, several mills have had sizable yardages rejected.
These "rejects," as intimated, were better than the average
commercial
for
purposes,
with the result that
they were
quickly absorbed when offered to garment manufacturers.
Thus has been built up a new field in the higher-priced
of
bracket
clothing.
work
does
as
not
look
favor
with
during the past few
Federal Trade Commission
Reports
months have indicated that the
upon
the practice of describing
"army twills" any fabrics which do not meet the army
specifications in every detail, including breaking strength.
The first joint promotional
program of a number of
houses in one branch of the business was undertaken this
This refers to the recently-formed Associated
year.
Denim
radio program over
hookups in the Middle West, intended to carry the story of
denim garments to the consumer.
This is one of the means
being used by denim manufacturers to combat possible in¬
roads of the vat-dyed matching suits into the field of
Producers, which has been sponsoring a
The Associated Denim Producers have been
overalls.
work¬
ing through the Cotton-Textile Institute and have been dis¬
tributing literature and placards to retailers and distrib¬
in
utors
of the work being done on
support
As
single
the air.
mentioned, the fact that all the manufacturers in a
able to get together for a
regarded as a development
It is hoped that the financial coopera¬
division of the industry have been
joint promotional campaign is
of great
importance.
tion of overall manufacturers,
metal button manufacturers,
producers of buckles for overalls will be enlisted to
make this campaign of greater proportions.
Those items which depend largely upon regularity of sea¬
and
hard hit during the past year.
Wash
for example, though starting out most
found
the
handicaps
of
unfavorable
weather during the spring and early summer to be almost
insurmountable.
Many are agreed that department stores
in most sections of the country lost practically all of their
sons
have been
very
producers,
enthusiastically,
goods
spring business this year.
Spun rayons encountered a severe drawback in the wash
fabrics field this year.
When the demand for spun rayons
became
so
big
last
year,
mills
making
print
cloths
and
plants working cn sheetings switched looms to jump
into the making of spun rayons.
Wholesale changing-over
even
to something that
new
was
in textiles.
is active and seems promising is nothing
The result in this case, as in many others,
type of spun rayon fabric was
All of this happened at a time when
few of the wash dress manufacturers showed greater
that
this
particular
greatly overproduced.
quite a
The Commercial & Financial Chronicle
1790
preference for quality cottons, properly styled, than for the
spun rayong.
Though still relatively new, the popular price
spun rayons have for a number of months been on a highly
competitive basis to the extent that a number of mills have
,
complained
disturbances
in
about
inability to make profits.
There are
manufacturers, however, who have shown good profits
in the filament rayons year after year, regardless of the
trials and tribulations steadily being stressed in connection
an
unfortunate
the
so
mer-
disastrous to mills
Consumption of flannels is believed to have
up quite a bit by reason of the prolonged
past.
stopped
tunity for immediate expansion in sheets and pillow cases
would be in the promotion of the so-called carded percales,
successfully making a light-weight gauze-type of
To eliminate the cost of weaving would mean revo-
For
several
years a number of mills have been selling
percales to the department store trade, but these
not given any special attention.
The carded percale
carded
stood.
lutionary changes in the industry, it can be readily underAs a matter of fact, many mill executives believe
counts about
that production of this nature is unquestionably a thing of
in the
They refer particularly to such items
of
the past 12 months.
Being absolutely staple in
nature, it is rare for startling changes to take place in this
division of the market.
One of the largest producers, after
a great deal of research, decided that the greatest
oppor-
been
the future.
The result is that the past
some
Sheets and pillow cases underwent some drastic changes
engineer that it is practical to make
use of looms.
In fact, it
pointed out that one of the large gauze manufacturers
has
from
during
cloth "off the cards" without the
cloth.
free
winter
The industry was startled during the past year with the
was
the
been
with the production of these goods.
by
upset them.
chandising experiences that have been
other
announcement
to
been
has
season
Sept. 28, 1940
were
rain-
than
fabrics, which do not require special
treatment in weaving, as logical for materials made after
84 threads in
filling.
As the
name
the warp and about 96 threads
indicated, it is lighter in weight
term
coats
oil
and
as
cloth
being taken off the "cards."
Several who investigated this
cloth suggested that it is their belief
method of turning out
the
problem of obtaining sufficient breaking strength had
not
yet
been solved, which, they add, seems to be one of
the reasons why more has not already been heard about the
turning out of cotton fabrics without the use of looms.
^
in
Not
while
long
a
has
stocks of heavy goods among
as
winter
a
closed
season
with
retailers, wholesalers and mills
thoroughly cleaned out as at the end of the winter of
The prolonged
1939-40.
usual
opportunities
period
for
of cold weather
disposal
the
of
kinds, heavy garments of various types.
was
that when
un-
blankets of all
One of the direct
mills making
the
sheets.
Women
have
long associated the
"percale" in sheets with the fine combed goods that
retailed at prices very much in the upper brackets.
When
the promotion of the carded variety on a price basis corn,
parable with
national
the 68x72 muslin grade had proceeded
scale, the
substantial.
response was
In
some
on
a
stores
the reports were that the carded
percale sheets were replacDepartment stores are always
heen for anything in the sheet branch of the business that
<>an be handled at a profit without having to incur intense
competitive conditions.
That was one of the reasons that
ing the 68x72 muslin sheets.
induced many stores to give wholehearted support to the
campaign in behalf of the carded percale sheets,
More
attention
been
has
given
during
the past year to
permanent finishes on sheets.
part-wool blankets opened their lines early this
Government
buying has included large quantities of
sheets, particularly during the past eight or nine months,
they felt that the market fundamentals were stronger
ordinarily at such a time.
These mills named prices
higher basis than anticipated, contending that the
Since the start of the defense program governmental departments have issued several calls for
large quantities of
and
cotton
year
than
a
on
situation
of this
results
gave
muslin
the
figures then named were the rock-bottom if they were to
make a profit.
Accustomed to "inside" trading shortly after
sheets.
sjze.
These involve usually the 68x72 grade in the 63x108
is known as an "institution" size, being used
This
prices on blankets are first named, wholesalers and other
mostly for hospitals and institutions where cots and single
beds predominate.
large distributors held back, delaying the placing of their
orders.
They wanted to make sure, they insisted, that the
encountered
had
mills
to hold firm even though it took a
the courage
while for the buying to
of developments
buyers
large
materialize.
There
were a number
of one kind or another, but evidently the
impressed that the leading producers
were
in earnest in their merchandising determination for a
were
is regarded by many to have been an outstanding season so far as sound promotion of cotton and
5% part-wool blankets is concerned.
profit.
This
,
In connection with the Government relief program,
large purchases of all-cotton blankets were made
very
the
some
in
si>ring, being another factor in strengthening the back-
ground for mill onerations.
The
can
Practically all of these blankets are being made by mills
turned out large quantities of cotton or part-wool
which
of
One
blankets.
best-known
the
of
the
blankets
rayon
comprises 80% spun rayon.
Several others are made of a
mixture involving about 50% spun rayon, 25% cotton, and
the balance of wool.
Interest in the production of these
blankets was stimulated by the outbreak of the war
of wool.
Many depart-
rayon
ment stores in the
popular priced field contended that they
had to have an all-wool blanket to retail at $5.
But the
dislocation of the price of raw wool made this impossible,
thus mills turned to experiments with rayon, some with
gucb
specific idea of creating a blanket that would replace
the $5 all-wool retailer.
Perhaps it is still too soon to pass
judgment.
Many stores sold quite a few of these spun
blankets, but have not yet had sufficient reaction
give them complete information for forming an opinion,
rayon
the first
the
the
washing
same
suggestions from the mills has been that
and
of
care
these
that given to a
as
blankets
should
good wool blanket.
about
be substantial shrinkage, and the appearance
definitely affected.
One of the large department
stores took the stand that blankets made with
as
be
Otherwise
could
there
could be
well
as any
have
would
to
other articles with
be
treated
for
a
spun
rayon,
brushed rayon surface,
inflammability
before they
would
permit purchases by their buyers.
However, not much more has been heard
sales at
the mills for the coming winter
on
season
this,
and
have been
large.
slow to adopt new things have
of the spun
rayon
been
among the active
buyers
blankets.
All-wool blankets
defense
are
an
important item in the national
and over 2,000,000 of these have already
been bought for the armed forces.
Like
program,
the
situation
this has been
flannels.
tition
a
early in the
their
cotton
and
in
season,
However,
have figured
on
keen
own
some
in
compe-
resulting in price-cutting of
a
of the leaders determined
prices were fair to the mill
buyer, and that they would not permit
part-wool blankets,
where mills have held their
Invariably buyers
serious nature.
that
in
season
in
sheets
the
and
pillow
cases
white
January
sales,
retail caution in sheets and pillow cases was
with Government buying it had been imto give the market added strength until late in
that
possible
even
covering, sufficient business was
bring about advances from discounts of 45% to
473/£% off the list for 64 squares, to discounts of 40% to
booked to
42^% off the list.
In
the
period of
inactivity that folentirely held. At this
writing, following another large purchase by the Government in the 68x72 class, there is renewed talk of
shortening
lowed
some
of these gains were not
in connection with sheets and pillow
cases, it is well to
bring out the growing interest during the past few years
in the embroidered pillow cases.
At first these were purely
a
gift and a holiday item.
Some stores, however, have
found out that these goods can be promoted
part of the year, and
as
well
any
during a good
profitable adjunct of
department.
The number
be made
can
the
a
staple sheet and pillow case
people in the business of embroidering pillow
of
shown
With
of all
cases
has
marked increase.
a
the rise in the price of
but the
Irish
linens, plus the elimination
supply, most American imfields of activity.
A number
of
sources
porters have been seeking new
of these have taken up, among their new
lines, the novelty
pillow
business.
case
Another
increase
field
in
of
endeavor
which
the printed cotton table cloth.
tablecloths
seen
a
So far
material
as
been
the less expensive
concerned, linens were regarded as out of
picture, which accounts for the intensified promotion
the
of
has
manufacturing and in sales activity has
the
were
printed cotton
cloths.
These
been most popular at 59c. and
attractive
more
Many
of
the
effective
styles
selling
manufacturers
when
printed
on
printed
cottons
have
$1 retail, with
some
well
$1.49 retail,
found
sateen
at
about
that
these
of the
most
were
fabrics,
although good
work has been done in various of the plain cloths of the
sheeting type.
The^e is every expectancy that the popularity of these printed tablecloths will continue.
Ensemble
innovation in several centers, including matching
patterns on napkins and dish towels as well as tablesets are an
An interesting observation in this connection
is that many wholesale dry goods houses who are ordinarily
very
spell after
May and early in June.
Then, by a spurt of
the
to
business
quiet
Apparently
and the attendant rise In the price
One of
store
a
discounts.
be considered the first for the suecessful production and sale of blankets mixed with rayon.
past year
Department
as
of the
to
the
minor
cloths.
More
rayon
interest
has
been
shown
in
the
and cotton, and flax and cotton
manufacture
mixtures
in
of
table-
cloths and napkins, similar to those that were formerly
imported from Czechoslovakia. However, only a few Ameriean mills have thus far done much with this.
Those mills
which
have been making cotton damasks here for some
have enjoyed an improved prospect by reason of the
difficulties in the foreign linen situation,
years
The tufted bedspread industry has grown to
portions that when it slackens down the effects
spread.
Wide
lessening;
that
whole
sheeting manufacturers
from the Dalton
reactions
section
nomic stress.
comes
under
feel
area
such
are
pro-
wide-
theiiv demand
indicate
the influence of
this
that
eco-
151
This
been
has
most
a
difficult year for the
tufted bed¬
formidable scale, this no
longer seems possible, with' some few exceptions. Retailers
say that in some sections the market seems to have been
saturated.
They still find that tufted bedspreads comprise
the largest part of their bed covering business, but this
volume is now on a regular basis where formerly it was
conduct frequent
promotions
on
promotional basis. True, there are rural localities into
which the tufted spreads have been seeping during the
on a
past year, making up to a small extent some of the
the
volume
larger cities.
had been accustomed to sending
buyers into the Dalton, Ga., area to purchase several thou¬
sand spreads at one time, operations became much more
conservative, averaging in the hundreds instead of the
So
Dalton
the
from
mates
inactive
was
the
region
trade
that
interest
esti¬
in that
placed operations
bedspread manufacturers at between 40%
50% for the first half of the year.
Several plants
were able to maintain capacity schedules, but these, in cer¬
section among the
and
tain
instances,
the
said to have forced business through
were
One of the most important pro¬
ducers maintained his rate of operation through the induce¬
ment of having exceptional
styles to appeal to the re¬
of
lowering
prices.
tailers.
6.12
12.50
8.245
6.20
6.22
25
1
8...
9.18
6.21
12.50
12.50
12.50
8.302
9.29
8.90
9.49
6.20
12.58
15
9.49
13.90
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
2121369547
be wrangling over the status
of
22
29
9.12
9.17
7.369
14.861
6
9.25
14.917
9.914
13
20
27
9.15
7.413
7.415
Oct.
14.917
7.429
7.435
14.917
14.861
Oct.
9.916
9.925
9.911
14.861
9.902
14.792
9.849
14.431
14.347
9.706
9.681
9.652
be
replacing the chenille
type.
nothing yet seems to have appeared that can be considered
displacing the tufted article.
as
consid¬
erable gain during the past year.
Department stores, which
for several years would
not consider anything else but
Business in the jacquard bedspread has shown
chenilles for their stock have
a
diversified, adding the woven
jacquards as well as the tailored spreads, and have reported
success
For
for each type.
the
store
average
the
increase in the business
of
jacquard bedspreads might be only a gain of from 5% of
the volume to 10% of the bedspread volume of the store.
produced an important change
for the better with the mills weaving these goods.
But in the aggregate this has
shows a
decided drop in average price per unit.
Where a few years
ago the numbers retailing at $5 and up to $10 formed a
large percentage of the business, most of the effort this
year seems to have been on spreads retailing at $2.98 and
$3.98, and also at $4.98.
Another developments of importance has been the fact
the dip-dyed tufted bedspreads have almost completely re¬
placed the piece-dyed bedspreads. When the dip-dyed goods
were first introduced a few years ago they met strenuous
opposition from merchants, who insisted that piece dyes
bulk
The
were
of
essential
the
tufted
for
spreads sold this year
quality.
However,
which fact, plus
materially to
improved,
added
price,
dyes.
•
•>'
the
the
the
demand
dip-dyes were
for
importance
goods at a
the dip-
of
! ■■■■ '■
Texture towels, which a few years ago retailed at
$1 and
reproduced to sell for as low as 29c. during the
past year.
In fact, some goods of this type weave retailed
Department stores found the response for
even
less.
popular-priced towels of the texture type to be very good.
On the other hand, the general towel business suffered from
lack of activity during
to whether this was
the past spring.
Views differed
as
the result of having oversold the public
sales or whether unseasonable
the spring and early summer should be blamed.
3
9.28
9.51
9.80
Nov. 24
Dec.
1
9.93
10.04
Dec.
8
10.39
14.319
9.578
15.
11.15
7.423
7.378
7.343
7.333
7.304
7.207
7.301
7.382
14.472
14.528
9.691
11.23
11.31
7.379
14.528
9.762
9.748
9.715
9.683
Dec.
Dec. 22..
Dec. 29
5
11.42
12.
11.41
7.358
7.330
14.528
14.486
11.26
7.309
14.431
Jan.
26
2
10.94
10.84
10.97
7.263
7.218
7.102
14.389
14 250
14.250
9.638
Feb.
11.10
7.021
14.181
9.407
11.19
14.125
9.337
14.069
9.273
9.136
Feb.
9
1
11.23
11.06
6.836
10.93
6.775
10.79
6.738
13.736
13.667
13.611
10.75
10.81
6.688
13.347
6.604
13.292
12
10.89
10.90
6.669
13.097
8.907
8.857
8.812
6.678
13.347
8.901
26
10.92
6.662
13.347
3
10.94
6.645
13.347
8.887
8.879
May 10
10.67
6.609
May
May
May 31
10.04
9.91
10.38
6.534
13.097
12.986
12.986
8.772
8.684
8.652
12.986
8.603
10.22
6.340
6.358
6.358
12.958
10.70
11.00
12.667
8.546
8.461
8.461
June 28.
10.94
6.514
12.972
8.667
5
July
July
July 19-..
July 26
2
Aug.
9
Aug.
Aug.
Aug. 23...
Aug.
Sept. 6...
Sept.
Sept.
10.64
6.514
6.514
12.972
12.986
8.667
8.671
13.086
10.26
6.509
6.481
8.702
8.683
10.18
6.467
8.673
10.07
9.82
9.74
6.449
6.419
13.086
13.111
13.111
6.414
13.111
9.69
6.399
6.492
8.647
8.627
6.550
13.083
13.208
13.458
6.580
13.500
Mar.
Mar. 22
-
5
Apr.
Apr.
Apr.
Apr.
May
June
7
.
14..
June
,
__
,
6.485
6.411
10.56
10.43
-
9.76
9.62
9.63
COTTON
industry
after having
resisted this development ever since it was first offered
to the trade.
For the men's sportswear business, both in
the
Women's
in
the
past
year,
separate slacks and the ensembles, the sanforized-shrunk
feature has
to
major part of the dress shirt
sanforizing during
been vital.
-wear
trades seem to have been slower to respond
appeal of shrunk merchandise than has been true
the men's wear lines.
However, there have been new
the
important influences brought to bear which may have an
effect during the coming year.
After considerable experi¬
have been offered for the recon¬
popular fabrics for the women's
wear trades when
the goods are to be sanforized.
One of
the difficulties has been that in sanforizing standard con¬
structions the shrunk width has sometimes been a little
too narrow to obtain best results when cutting to be made
into women's wear.
The reconstructive fabrics, as proposed,
mentation
struction
suggestions
of some of the
in the gray, with the threads
spread out over the entire width so that when sanforized
the fabric itself has not changed its characteristics.
This
is particularly important in sheer fabrics, such as voiles
and dimities, which would become thickened if the original
construction did not make due allowance for the shrinkage.
require a little more width
12.667
13.086
9.072
9.030
8.670
8.650
8.731
8.853
8.884
TRADE IN GREAT BRITAIN
During the past 12 months the cotton
industry in Great
dominated by the European
The British Government and the leaders of the indus¬
Britain has been almost entirely
war.
to take action to adapt
try have had
the conditions to the
changed circumstances. The outstanding factors have been
the Government control of the industry, the institution of
fixed
yarns, the larger
the requirements of
for
prices
output of yarns and
the armed forces and
civil defense, with greater efforts to expand export trade
and the imposition of restrictions upon the consumption of
textiles at home.
Trading difficulties have increased in
volume, and although in some branches considerable activity
has been maintained, in certain quarters producers have
ground owing to the limited amount of foreign
restriction upon the production of
lost
and
the necessary
home
for
The
of
meet
to
Parliament
on
Industry Reorganization bill became an Act
on Aug. 4, 1939,
and it should have come
Nov. 4, but owing to the war emergency
the
postponement bill to delay its opera¬
until after the war.
On Sept. 17, 1939, a Cotton Board
established by the Board of Trade and the Ministry of
Government
tion
trade
goods
use.
Cotton
ing out of the war and to
a
9.485
8
Mar.
was
fact that
'
9.562
6.943
6.875
Feb.
During the past year a considerable
yardage of flannels were sanforized.
Quite important also
pants, or overalls.
the
9.764
19
Jan.
generally must be sanforized, whether they be work shirts,
absorbed
1
Jan.
Jan.
into force
is
14.375
1940
S_anforizing's position in the industry has made further
For thh 1939 period not far from a billion yards
were treated with this process.
Work clothing goods quite
gains.
work
14.33
Nov. 17
during the January white
weather in
'
9.35
cloths
over, were
for
132260
9.21
13.33
Nov. 10
Nov.
Mar.
will
8.310
8.31
8.33
8.83
9.333
9.618
9.866
Oct.
However,
bedspread.
else
•
6.58
6.68
7.26
Mar.
thing
Goods
9.50
9.69
When business becomes very quiet
merchants wonder whether the change has conie and some¬
tufted
Cotton
Goods
June 21
There still continues to
the
Finished
Week Ended—
Aug.
4__
Aug. 11
Aug. 18..
Feb.
."
Composite
1939
Oct.
Where department stores
thousands.
Spot
PRICES
Average
Average
Gray
Goods
New York
Date
a
INDEX
COTTONGOODS
COTTON|AND
Average
larger cities have been able to
ment stores in many of the
in
FAIRCHILD
Where for the past several years depart¬
spread industry.
lost
1791
The Commercial & Financial Chronicle
Volume
passed
a
affecting the cotton trade aris¬
make recommendations to the
such matters as may require
Supply "to consider matters
responsible
Ministers
on
Board consisted of nine members
under the
well-known and lead¬
ing civil servant, and all sections of the industry were
represented, including the trade unions.
At the end of
October some differences arose between the Cotton Board
and the Board of Trade and the Ministry of Supply, and a
little later the Government appointed Sir Percy Ashley as
Cotton Controller with the Cotton Board to act in an ad¬
visory capacity.
In November Frank Piatt, the Managing
Director of the Lancashire Cotton Corp., was appointed
I>eputy Controller.
The Controller at once called for vari¬
ous returns relating to cotton
and cotton yarn stocks .*»*• *
1 lie productive capacity of the industry.
action."
The
chairmanship of Sir Percy Ashley, a
Raw
Cotton
Iinmedialely after the
Statistics
outbreak of the war the British
publication of many
cotton.
These in¬
cluded the tables of cotton at sea to Great Britain, imports
into Great Britain, including visible supply; exports from
Great Britain, estimated stock in Great Britain and Conti¬
nental ports, and forwardings of American cotton to Con¬
tinental mills.
During the 12 months ended July last the
Government decided to discontinue the
of
the
usual
statistics
relating
to raw
The Commercial & Financial Chronicle
1792
Sept.
forwardings of all kinds of
plies for the services and
Britain
of
raw cotton to spinners in Great
3,169,805 bales, including 1,528,811 bales Amer¬
ican, 416,212 bales East Indian, 394,910 bales Egyptian,
281,939 baies Brazilian, and 218,820 bales Peruvian. During
were
signed
During the
to
space
[he
of
extent
Government
100,000
provided freight
per month for the
bales
staple, but since the beginning of May last this
to 50,000 bales per month, 30,000 bales
being for commercial use and 20,000 bales of barter cotton
been
which
reduced
have
plies have
into
gone
tended
ever,
the
are
hands
stocks
be
to
have averaged about
Recently,
reserve.
reduced
therefore,
deliveries
as
125,000 bales
to
and
appointed
was
10% off margins for Egyptian yarns, and 5% off doubling
margins.
(2) It was decided to initiate a scheme of private
syndicates consisting of spinners, manufacturers,
and finishers, and
(3) the establishment of a
export
sup¬
merchants
spinners
month.
Stocks, how¬
still extensive, not only at the ports but also in
of spinners.
It is generally believed that mill
per
re¬
points:
(1) The Cotton Controller authorized a general
derogation from fixed yarn prices on export orders amount¬
ing to 5% off the prescribed margins for American yarns;
American
has
Controller,
Cotton
the
later Secretary of the Export
Chairman of the Cotton Board.
The plans of the Cotton Board in relation to export trade
policy were announced in July, the program having three
The problem of raw cotton supplies for Lancashire
spin¬
has largely centered on import facilities.
the
Commerce
of
Council,
war
expansion
the maintenance and
Ashley,
the chairmanshix) of the Cotton Board
Chamber
the previous season.
early months of the
Percy
in order to
concentrate on his work as Cotton Controller.
E. Raymond
Streat, formerly director and Secretary of the Manchester
the 12 months the average weekly deliveries to spinners of
all kinds of cotton were 61,520 bales against
51,000 bales in
ners
Sir
exports.
1940
28
later registered
company
to
British Overseas Cottons, Ltd.,
as
organize the production of cloths in special cases where
for
one
reason
another
or
neither
independent firms
nor
larger than for many years back.
Certain diffi¬
in the Liverpool market in the month of
May,
and trading was suspended for several
days, but the mar¬
Piatt,
who had been Deputy-Controller, was appointed Chairman
of the company.
It was arranged in order to provide finance
ket reopened early in June under a
system of minimum
prices. A feature of the season has been the violent fluctu¬
ations in prices for Egyptian cotton in
Liverpool, these being
purchased
are
culties
syndicates could
arose
for
had
tainty has prevailed as to future imports, but a favorable de¬
velopment has been the reduction in war risk insurance rates.
contracts.
spindles
there
for
demand.
marked
fine
for
numbers
of
American
tendency during the last
off, and supplies are now
Spinners of Egyptian cotton have felt to a
extent
countries,
the
and it
this
busy
very
and
a
two for demand to fall
or
plentiful.
more
medium
however, there has been
yearns,
lets
In
loss
has
not
of
been
production.
the
on
lower
export
trade
with
European
possible to find other out¬
Some
spinners
numbers
of
have
Egyptian
continued
yarns
for
Government work, and from time to time substantial
orders
have been secured for the Air
Ministry. Demand for com¬
mercial
at home, however, has declined and
recently
have been reported of the owners of
mills being
compelled to stop part machinery.
An event which might
almost be described as
more
being of
has
yarn
been
the
institution
revolutionary character
January of fixed prices for
last
a
by the Cotton Controller.
All qualities of single
yarns
particular spinnings have been
placed under different schedules and margins
fixed, these
rates, of course, being added to the price for cotton futures
in Liverpool and thus
making up the cost to buyers.
An
interesting development in this connection has been the
change in yarn quotations from fractions of a
penny to the
decimal system, but the alteration has
been quite easily
adopted.
When the fixed schedules were
published there
was some confusion and
dissatisfaction in several quarters.
have
been
classified
Representations
interests and
and
made
were
some
to
the
Controller
by
spinning
adjustments have been arranged.
The
of cloth
to
civil
tween
meet
the
it
Government
was
the
also
the time
should
increasing wants of
May, as a result
In
Cotton
industry,
from
the
defense.
Controller
decided
was
contracts
normal
agreed
48
that
that
should
to
and
55%
armed
the
increase
mills
the
week
for
forces
discussions
representatives
all
per
the
of
of
engaged
working
10
be¬
the
on
hours
weeks.
It
all
holidays should be canceled for
being, and that firms engaged on aircraft fabrics
adopt
double shifts and also
output in all directions was
rapidly
Sunday
work.
on
be
cotton
raw
instituted,
it
and
one
to
investigate
sent
was
South
to
Malaya.
business
supplies.
has been thoroughly disorganized
the consumption of textiles at home.
upon
A little later
not
a
be
more
placed before
This decision re¬
was
on
state of chaos and the cancellation
a
an
scale.
enormous
75% of
were
April 16 and not completed by July 10.
sulted in
than
Government order allowed
buyers to cancel contracts if the orders
Strong
of contracts
representations
were
made to the President of the Board of Trade, but he refused
to
make
change
from
any
suggested
in
that
the
the
A
order.
beginning
little
later
October
of
it
was
sales
for
home consumption should be restricted to 25% of
peace-time
supplies, and the fear of this
new order coming into opera¬
buyers holding aloof and manufac¬
turers' order lists ran down rapidly,
partly due to contracts
being canceled and partly owing to the absence of fresh
tion
had
the
orders.
effect
The
of
situation
became
acute,
and
at
the
end
of
July the President of the Board of Trade announced that
owing to the presentations made to him the limitation upon
home trade sales in the six months
beginning Oct. 1 would
be 37%% of last year's quantities and not
25%, as previously
suggested.
This concession was welcome, but it is not
likely
have
to
a great effect upon the position
of manu¬
Recently clearances in the retail establishments
have been on a larger scale, owing to there
being some
anticipatory buying by the public previous to the purchase
facturers.
tax
coming into operation.
Export Trade
When the
not
to
war
publish
recently
cotton
yarns
broke out the British Government decided
any
details
figures
some
of
have
imports
been
for the 12 months ended
£48,791,854
cotton yarns for
in
and
available.
and manufactures from
the
but
exports,
Exports
United
of
Kingdom
July last amounted to £52,711,963,
previous year.
Shipments of
the
the nine months ended April 30 last
were
72,675,400 pounds, against 100,031,800 pounds in 1939, whilst
the figures for cotton piece
goods for the nine months ended
April 30 last were 996,191,000 square yards as compared
with
1,039,378,000 square yards in the previous year.
With
regard to rayon yarns in the nine months ended
April 30
last, the shipments were 7,517,000 pounds, against 4,275,000
pounds in the previous year, whilst the exports of rayon
piece goods for the nine months ended April 30 last were
62,511,000 square yards, against 47,324,000 square yards in
the previous year.
The
increased, and in the
middle of July it was decided to
revert to the 48-hour week
with holidays as
usual, except under special circumstances.
Manufacturers have derived
considerable benefit from sub¬
stantial contracts for
drills, denims, ground sheets, tent
cloths and cloths for
proofing.
On the other hand, there
has been much concern at the
limited amount of fresh busi¬
ness for
export, and this feature has been more
severely
felt since the capitulation of
France and the
shutting out
of practically all
European markets. In one or two direc¬
tions, however, there have been favorable
developments such
as
the extensive contracts
amounting to about 23,000,000
yards of cambrics for Java.
On certain occasions
quite
useful business has been
done for the outlets of
Central
and South America, without
there being
any general buying
movement.
The offtake for India
has been
disappointing.
Fair support has
been met with from the
Dominions
especially Australia and South Africa.
In June an im¬
portant development in trade
organization was the de¬
cision to separate the work of
the Cotton Control
and the
Cotton Board, so as to
permit a greater concentration on
the two major urgent
problems, viz.: the provision of
sup¬
should
commissioners
of cotton goods should
retailers
pre-war
against
Weaving Section
In the
weaving branch of the industry the attention of
employers has been centered on
supplying larger quantities
and
special
abroad,
use
cases
further levy
a
pounds
The Board of Trade decided that from the beginning of
April for six months, the sales of the wholesale houses to
Government
efforts have been made to get more
this class of production.
From week to week
been great pressure for deliveries against old
has
month
trade
by the restriction
Decided
on to
contracts, and it has been difficult for spinners to satisfy
the
appointed two
possibilities
Home
American cotton
100
per
Africa and the other to the Straits Settlements and
The Spinning Section
made from
that
company,
of 5d.
market
The outstanding factor during the season in the
spinning
section of the industry has been the active demand for
yarns
new
Frank
difficulties.
the
being estimated that this would amount to between £200,000
and £300,000 in a full year.
Previously the Cotton Board
governed according to shipping and the military and politi¬
cal situation in the Middle East.
Recently much uncer¬
coarse
this
with
cope
Spinning and Weaving Results
From
a
financial
point of
view, 1939 was not so pros¬
but the average dividends paid
by spinning and weaving companies were only
slightly re¬
duced.
According to a special analysis of the returns the
average
dividend of 126 spinning mills was
5.39%, as
against 5.61% in 1938.
After deducting losses, the
average
profit of 86 spinning concerns was £5,596
perous as the previous year,
per company, com¬
pared with
an
average of £10,742 for 85 companies in 1938.
dividend of 13 concerns which combine
spin¬
ning and weaving was 2.26%, as against
2.96% in the previ¬
ous 12 months.
The average dividend for the whole of 139
The
average
firms was
a
5.09%, as compared with 5.36% in 1938. Where
comparison is available out of 74
spinning com¬
59 made profits totaling £464.302 in 1939 and 15
strict
panies,
announced
150
had
age
of
losses
credit
£22,457.
amounting to £52,945.
Out of 139 firms,
balances amounting to £2,357,975, an aver¬
In the previous year 110
companies had
credit balances
averaging £21,076.
Raw
The
Cotton, Yarn
following table of
yarn and
and
the
Cloth Index Number
index
number
of
raw
cotton,
cloth for the Manchester market shows the flue-
Volume
in
tuations
The Commercial &
151
have taken place during
prices which
ended July,
months
the 12
Yarn
Cotton
Cloth
Yarn
100
100
100
100
76
91
104.
67
84
84
71
91
103
66
79
82
1939.
77
94
105
72
83
86
1939.
87
124
138
80
104
107
1939.
84
125
134
78
104
1939.
107
142
144
95
112
105
120
1940.
125
162
156
121
133
139
138
145
115
120
126
Dec.
1,
5,
2,
1,
Jan.
100
100
Mar.
Apr.
May
June
1940.
1940.
112
108
138
151
112
121
126
5, 1940.
3, 1940.
7, 1940.
Feb.
106
137
158
116
120
127
110
144
165
120
126
133
100
136
160
113
123
126
137
154
130
129
105
5, 1940.
July
131
Labor Matters
settlement
a
was
the United
an advance
operatives.
the trades
carried out in a shorter time than ever
reached
which provided for an increase
current wages.
on
'
939,966
231,659
12,477
Other foreign ports
1,716,483
Coastwise and inland ports.
347,747
Local
15,129
consumption
Burnt
—.—
Exported from Galveston:
To Mexico
Local
948,597
230,704
1,362,937
Other foreign ports
284,740
Coastw ise and inland ports.
300
300
consumption
Burnt
Exported from Corpus Christi: a
To Mexico
317,407
60,188
200,731
Other foreign ports
56,874
Coastwise and inland ports.
the previous September, and
April 1 the workpeople in all spinning mills and weav¬
ing sheds received a further advance in wages of 7Mi%.
A
further rise of 2^% came into operation on July 1, so at
the time of writing the workpeople are receiving higher
wages to the extent of 22^% on pre-war rates.
During the
1,039
28,507
Other foreign ports
Coastwise and inland ports.
Local
""622
19,902
consumption
Stock at close of years:
At Houston
586,473
648,692
At Galveston
39,725
96,772—5,405,312
At Corpus Christi
At Beaumont
of the industry, and in October
The employers and the opera¬
tives agreed that in future wage rates should be based on
the cost of living index figure issued by the Ministry of
Labor, and early in 1940 a basis was arranged in which a
rise or fall of four points in the index number would mean
an advance or reduction of
in wages.
In March last
it was revealed that the cost of living had risen by 14
12y2c/o
of
-1938-39
(port):
To Mexico
To Mexico
of the war
Textife Factory Workers Association applied for
in wages of 20% for all spinning and weaving
The negotiations between the employers and
known before in the history
Exported from Houston
Exported
from
Beaumont,
Brow nsville. Eagle Pass, &c.:
Very shortly after the beginning
union officials were
d Includes 8,532
20,054 bales in
-1939-40Average
1939.
Nov.
for
Egypt.
July 31, 1914.
July
7, 1939.
Oct.
July 31, 1639, and 4,127 bales on July 31, 1940.
domestic use by Lake Charles in 1938-39 and
on
bales
TEXAS
Egypt.
Amer.
Cotton
4,
1,
6,
3,
La.,
1939-40.
1£G0:
Amer.
Aug.
Sept.
1793
Financial Chronicle
528,771
473,595
114,327
31,778—3,891.430
Deduct—
Received
at
Houston
from
7,213
26,576
other ports
Stock at beginning
37,000
12,337
528,771
other ports
at
Galveston
Received
634,090
113,155
from
of year:
At Houston
At Galveston and Beaumont
114,327
505,373—1,212,047
year—bales.
4,193,265
At
Corpus Christi, &c
Movement for
a
619,383—1,386,178
2,505,252
1938-39.
Includes Brownsville in
points from the basic figure of
ALABAMA
from
concessions have also been granted
12 months various small
At the outbreak of war in September,
of cotton operatives unemployed was
52,127, and by the end of the year this total had fallen to
28,723, and in July last the total was 22,133.
There is
ground for believing that a substantial number of these
the
to
operatives.
1939,
number
the
operatives are elderly men and women and practically unem¬
ployable.
There continues a distinct shortage of young
labor, and the owners of some miLs cannot work to full
capacity because of the difficulty in obtaining a full com¬
plement of workers.
135,991
10,412
8,825
59,084—•
Stock at close of year
Receipts from Florida, Pacific
Coast, &c
Stock at beginning of year
Novement for
largely due to the enormous requirements of the
Government as a result of the war.
All machinery suitable
for this class of work remains fully occupied.
Recently,
uncertainty has prevailed
however, in other directions some
prospects. Many employers are feeiing the absence
of any real expansion in export trade.
Numerous firms are
harassed by the restriction upon the consumption of manu¬
factured goods at home.
It is reasonable to anticipate, how¬
to the
that as'a result of the scheme of the
ever,
Cotton Board
foreign trade will improve very shortly.
Arrangements are
now being made to form more syndicates of spinners, manu¬
finishers for the purpose of recov¬
facturers, merchants and
year—bales. _
subsidy
The
but
contracts,
more
is
there
no
question
of
any
given to the industry by the Government.
will have to work out its own salvation.
to be no probability of lower values, as there
being
industry
There
seems
is still a
We
tendency for production costs to increase.
indebted to a special and well-informed foreign
are
the spinning in¬
dustry in Great Britain in 1939-40.
Due, however, to war
conditions, it has not been possible to obtain any reliable
correspondent for the foregoing review of
information as to conditions on the
European continent.
We
now
Stock
beginning of year
-1938-39-
1939-40-
Burnt
*1,846,098
308,278
271,387
d49,641
J
•_
fl554,896—3,030,300
Deduct—
Received from Mobile
ama
City &
j
—
<54,908
2,900
Received from
Received from
Received from
846
Received from
Received from sea, damaged
by fire
Received from New Bedford..
Stock at beginning of year
year—bales—
Received at Jacksonville
from
other ports
Stock at
4,996—
beginning of year
Movement for
7,264
14,148
12,281
year—bales.
represent this year as heretofore only the shipment
Florida cotton has also gone inland to Savannah,
followed our usual custom of counting that cotton at the
outports where it jirst appears.
*
These
figures
from the Florida outports.
&c., but we have
GEORGIA
-1938-39-
1939-40-
Exported from Savannah:
To foreign ports
To coastwise, inland, &c—
Local consumption
Burnt
24,799
17,573
75,278
22,195
317
348
545
Stock at close of year:
it
xiv.oss- 212.223
141", 157—
184.074
147,149—•
147,149
Deduct—
Received from
Brunswick, &c.
Stock at beginning of year:
At Brunswick
------
141,157—
At Savannah
„
141,157
36,925
71,066
year—bales.
SOUTH CAROLINA
Exported from Charleston, &c.:
To foreign ports
Coastwise, ports, &c
Inland and local consumption:
-1938-39-
*
637,167-
2,571,475
103,023
&c
------
Stock at beginning of year...
40,842—
40,842
40"842-
102,697
3,223
36,482-
39,705
62,992
62,181
-1938-39-
1939-40
549
ori_
458,825
28,592—
NORTH CAROLINA
117
------
6,869
12,201
—---
Movement for year- -bales.
18,865
348,916—
50,634
4,352
56,779
5,451
Deduct—
36
bales exported from Lake Charles,
27,240 bales in 1939-40.- a Includes 5,426 bales stock
7",264—
21,412
Deduct—
Local consumption
201
nd
13,777
2,639
4,996—
4,996
2,706
3,583—
"4", 165
Charles - _
Corpus Christi.
Pensacola
Gulfport
Brownsville
Includes 35,951
17,277
10,988
Stock at close of year
43,118
37,287
900
*
-1938-39-
Jacksonville:
To foreign ports
Coastwise, inland, &c
Stock at close of year—,—-
0348",916—1,667,107
Received from Lake
dovement for
52.010
FLORIDA
-1939-40
Inland
*603,414
278,647
395,118
d41,012
914
1,130
30,207
Received from Galveston
Received from Houston
Received from Los Angeles
52,010
Exported from Pensacola, Pan¬
From Galveston,
-
Stock at close of year
50*.499—
1939-40
Exported from New Orleans:
Inland by rail, &c
Manufactured
.?£,787
50,499
Crop of the United States
LOUISIANA
<
-1938-391,511
45,288
*
proceed to give the details of the crop of the
To coastwise ports
83,334
-1939-40-
31,813
51,093—
50,499—
United States for two years:
To foreign ports
61,476
12,881
Exports
Ijocal consumption
Stock close of year
Movement for
Details of
61,476—
MISSISSIPPI
ering some of the lost export trade.
All producers and dis¬
tributors
of goods are prepared to cut their prices to
secure
144,810
166,214
busy year for employers and operatives
all branches of the industry.
The increased activity has
been very
as
48,098
48,098—
It has been a very
in
214,312
61,670
27,614
7,428
48,098—
Deduct—
Movement for year- -bales.
Prospects
-1938-39-
1939-40-
Exported from Mobile:
To foreign ports
Coastwise, inland, &c
Local consumption
723,401
Exported from Wilmington:
To foreign ports
To coastwise, ports, &c
Inland by rail
Local consumption
Coastwise from Wash., &c.
Stock at close of year
2,239
18,440
7,988
11,568
"
6,663—
20,470
9,339—•
35,767
9,339—
9,339
20",821—
20,821
Deduct—
943,706
Received from other ports
Stock at beginning
La., in 1938-39.
at Lake Charles.
Movement for
of year—
year—bales
11,131
14,946
1794
The Commercial <& Financial Chronicle
VIRGINIA
The
1939-40—
Exported from Norfolk:
To foreign porta
25,669
6,799
4,607
To coastwise
Shipped inland
Local
1938-39
relation of
years may
7,718
4,961
7,463
-
he
Sept. 28,
the gross weights this year to previous
from the following comparison:
seen
Crop
Average
Season of—
Weight
consumption
No. of Bales
Weight. Pounds
939-40.
15.946,763
8,396 ,765,520
938-39.
10,463,133
13.668,528
14,760,563
5,454 485,010
7,219 750.067
521.31
936-37.
7.665, 884.200
519.34
935-36.
13,511,608
0.895 059 101
617.75
934-35.
9,211,567
933-34.
4.776 ,158,030
6.963, 805,787
7,888 823,674
7.849 588,255
925-26.
13,298.291
15.171.822
15.128.617
13,868,804
14.630,742
15.858.313
14.372,877
19,281,999
15.452.267
924-25.
14,715,639
7,623 ,144,619
511.23
923-24.
11,326,790
922-23.
11,248,224
5.735 ,826.095
5.741 ,884,193
510,47
921-22.
11,494,720
5.831 ,095,010
607.28
Exported from Newport News,
&c.:
To foreign ports
Stock at end of year, NorfolkDeduct—
33,239—
Received from Wilmington, Ac
Received from other No. Caro.
Received from Houston and
New Orleans
70,314
19,649
26,200—
Stock at beginning of year
26,200—
46.342
937-38.
932-33.
45,849
29,100—
29,100
931-32.
930-31.
Movement for year—bales.
24,465
17,242
929-30.
928-29.
TENNESSEE, Ac.
927-28.
1939-40
To
manufacturers direct,
overland
marketed
nessee,
from
Ac.—bales
Total product detailed In
926-27.
1938-39
net
1,376,765
778,654
23,46 1
30,533
To New York, Boston, Ac., by
rail
Total
1940
Bale
per
526.55
528.20
618.50
623.66
519.97
518.85
7,213 ,364.418
7,038 ,942.456
520.11
622.14
8.250 ,547.617
620.26
7.418 ,414.991
610.14
9.924 ,773,826
7,910 ,892.917
514.71
611.95
600.39
920-21.
Ten¬
1,400,226
foregoing States for year ended July 31,
11,355,180
5,836 ,947,960
514.08
910-20.
12,217,552
11,602,034
0.210 ,271,320
5.925 ,380.182
508.33
809,187
1940
9*8-19-
8,557,592
a7,389,171
Mill takings in South, not included
Total crop for U, S. for year ended July 31, 1940—bales
15,946,763
a These are Southern mill
takings; Southern consumption was
bales less than that amount, or 7,235.369 bales.
153,802
Below
we
give the total crop each year since 1890-67.
prior to 1913-14
years
the period Sept.
cover
The year 1912-13 consequently includes
is also
a
510.09
All
1 to Aug. 31.
August, 1913, which
part of 1913-14:
Years
Movement of Cotton
at
Bales
Years
Bales
Years
Bales
1939-40
Interior Towns
15,946,763
10,463,133
1924-25
1923-24
14,715.639
11,326,790
1922-23
1909-10
1908-09
1907-08
1906-07
1905-06
10.650.961
13,828.846
11.581.829
13.550.760
11.319.860
13.556.841
10,123.686
10.758,326
10.701.453
10.425.141
9.439.559
1938-39
The
following table shows the movement to the interior
towns
of the
South
during the last two
Year Ending July 31 1940.
Year Ending July 31 1939.
Towns.
ShipReceipts.
Ala., Birmingham
ShipStocks.
menis.
Receipts.
53,787
13,740
74,945
19,458
14,605
71,914
47,958
48,083
228,173
6,535
75,220
171,884
32,398
Mongomery
Selma
60,933
16,701
Eufaula
55,113
29,565
Ark., Blythevllle
Forest City
Helena
Stocks.
ments.
74,683
11.081
89.073
48,252
9,292
85,204
31,716
63,365
45,096
98,036
24,985
20,886
132,034
39,000
51,264
1937-38
13,668.528
1936-37
1935-36
1934-35
1933-34
seasons:
14.760,563 1921-22
13,511,608 1920-21
9.211,567 1919-20
13,298.291 1918-19
1932-33
15,171,822
1931-32
1930-31
1929-30
1928-29
1927-28
1926-27
1925-26
15,128,617
13,868.804
14.630,742
15,858,313
14,372,877
19,281,999
15,452,267
11,248,224
11.494.720
11,355,180
12.217.552
11,602.634
11,911.896
12,975,569
12,953,450
15,067.247
.14.884,801
14,128,902
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
16,043,316
12.132.332
154,325
1910-11
66,770
15,815
47.700
71,111
87,260
31,513
60,472
41,088
41,164
58,463
29,237
39,036
9,313
116,320
20,417
19,392
141,661
23,014
116,368
47,662
46,536
34,118
141,709
39,157
143,034
56,087
20,586
40,198
16,267
8,029
69,658
21.082
180,503
63,007
72,507
59,879
29,788
15,451
17,626
9,914
40,244
182,947
179,380
37,938
28,275
161,974
186,766
95,160
112,289
Columbus
196,674
142.461
18,400
20,600
29,700
Macon
40,512
39,231
26,167
35,776
139,492
48,622
14,624
31,950
133,758
138,972
14,200
30,162
16,952
86,762
66,395
24,886
32,515
75,143
30,129
25,973
156,191
155,300
46,683
30.321
24,885
31,291
59,787
'
Hope
....
Jones boro
...
Little Rock
Newport
Pine Bluff
Walnut Ridge
Ga., Albany
Athens..
Atlanta
Augusta
Rome
16,801
La., Shreveport
Miss., Clarksdale
109,439
13,540
130,564
125,071
54,018
Natch ea
Vlcksburg
Yazoo City
Mo., St. Louis..
N. C., Greensboro
16,400
32,943
6.524
74.187
119,675
31,900
257,217
39,770
46,926
205,824
11,727
33,569
197.462
40,418
10,563
12,193
7,906
3,035
31,319
58,964
406,432
29,626
28,665
45,765
4,603
209,583
27,206
31,515
210,512
17,060
15,423
15,340
39,435
2,335
5.985
1,081
7,026
7.525
1,744
29,138
12,234
COTTON CONSUMPTION
(15) towns*
8. C., Greenville
335,988
434,335
138,313
123,938
Venn., Memphis..... 3,619,579 3,684,607
Texas., Abilene
26,954
30,635
Austin
7,422
15,781
56,320
Brenham
Dallas
Paris
9,412
17,151
66,110
76,266
6,527
Marcos....
Texarkana
...
93,738
8,452
4,406
Robstown
5,265
37,706
51,996
57,220
Waco
60,622
154,573
339,740
221,505
71,214
107,323
125,926
484,580 2,126,570 2,086,211
8,813
22,013
17,033
1,365
15,588
13,646
1,058
15,025
14,745
28,643
46,638
41,115
20,853
65.212
49,333
631
8,809
10,019
1,078
13,375
11,438
20,547
28,347
12,270
13,058
56,365
52,217
252,920
56,839
549.608
12,494
38,325
2,456
1,937
34,837
16,460
6,814,791 7,296,463 1,948,296 4,905,132 4,439,914 2.429.968
quantity of lint, linters and
each of the Southern States
season
COTTON
CONSUMPTION
are
IN
SOUTHERN
STATES—YEARS
pounds
per
bale
522.14 pounds
per bale in
516.14 pounds in
in
1930-31;
1929-30; 520.26 pounds in 1928-29;
1927-28, and 514.71 pounds in 1926-27.
The grade of the
crop was
slightly better than last year's,
averaging "fully middling."
The average weight of bales
and the gross weight of the
crop we have made up as follows
as
half bales, except foreign
American Cotton
Foreign Cotton
1939-40
Alabama
1938-39
852,874
Georgia
Linters
725,346
1,558,152 1,337,509
1,996,866 1,755,734
1,526,711 1,364,835
186,679
170,664
148,913
139,323
South Carolina
Tennessee
Virginia
All other cotton States
277,643
1939-40 1938-39 1939 40 1938-39
2,185
13,274
10,578
2,301
2,527
1,823
1,882
14,229
12,222
2,160
10.461
41,031
10,002
33,724
7,174
2,113
*
*
259,007 659,193 479,306
2,001
2", 508
63.080
57.403
*
Now included in "all other"
as
large
proportion represents
single establishments.
As
showing the dominance of the South
facturing,
as
in cotton raising,
we
Bales
in cotton
Louisiana
Alabama, a
Georgia. f>._
South
Year Ended July 31,1939
Weight in
Aver.
Number of
Weight in
Aver.
Pounds
Weight
Bales
Pounds
Weight
Carolina..
4,193,205 2,235,555,369 533.13
2,571,475 1,350,335,827 525.51
211,502
109.981,040 520.00
83,347
42,019,390 504.15
02,181
31,587,948 508.00
24,465
12,232,500 500.00
11,131
5,454,190 490.00
8,789,397 4.609,599,256 524.45
The
Number of Spindles.
Southern States
Consumption
Running
Alive.
Alabama..
1,799,058
2,505,252 1,324,451,574
943,706
500,334,057
135,344
70,378,880
51.073
25,862,345
62,992
32.125.920
17,242
8,621,000
14,946
7,323,540
6,732,578 3,485,388.304
528.67
530.18
520.00
506.38
Total crop
,
510 00
500.00
490.00
517.69
15,956,763 8,397,765,520 526.55 10,463,133
5,454,485.610 521.31
Including Mississippi.
6 Including Florida.
Bales.
in July.
1,686.260
856,882
Georgia
3,210,466
2,911,848
North Carolina.
1,581,887
5,842,780
5,425,222
South Carolina
2.048,475
5,515,604
5,268.420
1,534,289
Tennessee
554,770
539,334
Virginia
639,706
440,090
148,913
All other cotton-growing States
572,098
459,270
938,837
18,134,482
18,354,212
18,798,244
Total 1939-40
1938-39
1937-38
1936-37
1935-36
18.891,196
J
189,166
16,730,456
7,298,449
10,526,872
6,320,205
16,660,094
6,301,737
7,089,268
17,755,550
19.024.974
17.147.788
5.717.450
1934-35
19,339.858
16.265.212
1933-34
4,663,899
4,904,681
19,330,904
17,128.866
1932-33
19,052.330
19,137.558
19.108.856
17,694,344
15,220.742
10,779.228
17,268.344
19,122,890
1928-29
18.848,216
18.508.322
18,004,430
18.109.020
17,874.750
17.655.378
1926-27
1925-26
17.602,480
10,920.520
5,428,709
4,825,207
4,468,401
5,080,871
6,701,519
5.429.485
5.498.929
4,795,584
4,459,950
17,034,948
10,577.760
1923-24
17,220,118
15,469,804
1922-23
15,872,395
4,489,150
1921-22
10,458,110
16.074,981
15,580,000
1920-21
15,380.093
15,130.755
9,864.198
3,977,849
3,108.105
3,724.222
3,504.191
4.323,826
4,378.298
3.104.896
2.234.895
0,714.589
3.574,754
2,049.902
1.227.939
1919-20
14,990,730
1918-19
14,639.688
14,243.813
1917-18
14,369.599
14,111,021
1910-17
14.040.076
13,937.107
13.017,909
10,451,910
7.039,633
12.737.498
1902-03
North Carolina..
manu¬
by the
table, compiled from Census figures, is
1914-15
Virginia
Tennessee, Ac...
of
follows:
1924-25
TMHH
operations
indicate the number of cotton spindles in each of the
leading
Southern States, with the amount of cotton consumed
1927-28
of
the
add the following table to
1929-30
Year Ended July 31, 1940
Number
2,487
6,547.838 5,752,418 687,531 510.444
Total.
1930-31
Movement
5,277
*
*
1931-32
for 1939-40 and
give 1938-39 for comparison:
Through—
ENDED
31
given in running bales, counting round
Lint
as
518.50 pounds per bale in
1934-35; 523.66 pounds per bale
in 1933-34; 519.97
pounds per bale in 1932-33; 518.85
pounds
in
has been heavier than
having been
bale, against 521.31 pounds per bale in
1938-39; 528.20 pounds per bale in 1937-38; 519.34
pounds
per bale in 1936-37; 517.75
pounds per bale in 1935-36;
520.11
seasons,
cotton, which is in 500-lb. bales.
per
bale in 1931-32;
foreign cotton consumed in
during the last two
JULY
Quantities
in the previous
season, the average for 1939-40
526.55 pounds
per
SOUTH
running bales:
mills therein.
Weight of Bales
weight of bales the past
THE
3,355
2,428
38,433
Includes the combined totals of 15 towns in
Oklahoma.
The
IN
Through the courtesy of the Census Office, we are again
able to present the following table,
showing separately the
North Carolina
Fifteen
*
31,303
97,348
185,959
Oklahoma—
Total, 56 towns
15,926
37,516
39,288
12,089
25,969
244,356
34,437
7,333
28,213
48,194
408,700
5,322
Greenwood.....
Jackson..........
San
100,959
39,025
169,405
23,820
Columbus
a
11.235.383
11.180.960
8.714.011
1897-98
3.670.290
1907-68
14.792.430
4,050,844
Volume
UNITED STATES
OF COTTON FROM THE
STATEMENT SHOWING EXPORTS
DETAILED
COMPLETE
1795
Financial Chronicle
The Commercial A
151
COUNTRIES OF DESTINATION, SEASON OF 1939-40
BY PORTS AND
Exports from—
Country of
Browns-
Destination
viUe,
Houston
Great Britain
382,694
141,252
1,563
45,239
170.798
Germany
Holland
5,219
42,003
Pen-
New
Orleans
Charles
756,234
8,896
6,861
71,308
27.424
10,242
2,031
437,024
8,169
59,067
35,045
4,334
1,405
Belgium
73,341
59,880
25,982
30,350
mmmm
7,086
12,350
2,168
8,416
Denmark
Mobile
12,576
4,849
ville
,
4,593
3,886
486
750
1,271
100
725
2,240
676
1,271
950
—
•
mmmm
mmmm
mrn
m.m-m-m
m
me*
1,675
mmmm
mm
mm—'m
66,443
5,553
150
1,595
3,135
250
-mmm
mm
mmmm
mmmm
mmmm
mmm
mmmm
mmmm
m
600
mmmm
294
'mm
—
'
93,832
26,531
206,876
5 643
Portugal
152,217
Italy
48,186
4,193
50
130
18,329
mm-
mmmm
10,647
6,825
—
—
-
m
3,700
•r
~
—
—
-
m ^
5,231
mmmm
m
mmm
257,022
'mmm
mmmm'
m
mmmm
mmmrn
1,704
mm¬
mm
mmmm
mm
mm
mmmm
mmmm
mmmm
m
...
.
.......
mmmm
mm
,
mmmm
-
2,299
mmmm
mm
mmmm
*.
mmm',*.
mm
m
m
-
me
10,510
2,708
mmmm
..
-
'mmmm
M
4* <*
m m.m m
.
mmmm
14,851
17,586
7,009
—
mmmrn
Africa
...
South Africa
-
—
....
m
—
'mmmm
M
m
-
....
mmmrn-
mmmm
390
16,038
36,480
166
9,166
600
—
mmmm
mmm
'
mmmm
mmm
mmmm
mmmm
mmmm
----
mmm
mmmm
m
■
mmmm
m
mmmm
mm
*
m
1,586
400
400
mmmm
m
mmmm
125
mmmm
mmmm
m
mmmm
.mmmm
mmmm
mmmm
mmm
mmmrn
mm
mmmm
mmmrn
mmmm
m
mmmrn
mmmm
mmmm
150
-
mmmrn
'mmmm
mm
mmmm
mmmm
mmmrn
,
mmmm
'emmmm
'
mmmm
"mmmm
mmmm
mmmm
mm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
■'mm
'■mmmm
mm
'mmmm
mmmm
mmmm
-
mmmrn
^/mmm
mmmm
mmmm
mmmm
-
mmmm
mmmm
—
mmm:M
mmmm
mmmm
mm-mm
m
mmmm
mm
'mm
mm. mm
7,000
'
mmmm
mmm
----
15
'
India
845
83
...
m
9,000
mm~m
—
mmmm
■mmmm
10,650
....
km
m
m
i.
■
mmmm
993
....
■
»
a425,731
....
mmmrn
mmmm
....
mmmm
mm
mm
mmmm
mmmm
m
....
mmmm
mmmrn
-
m
—
....
'
14,679
Chile
"mmmm
mmmm
125
....
-
366
Colombia
-
14,331
—
Cuba
-
m.mmrn
5,156
'
-
.
San Salvador.
751
mmmm
-
mmmm
■"mmmm
mm
'mmmm
mmmm
mmmm
2,106
214
1,336
mmmm
-
....
mmmm
mmmm
10,496
mmmm
mmmm
300
199
mmmm
**mmm
Canada
French Indo-China
94,376 212,029
14,256 32,386
298,092
32,354
614,317
10,754
25,574
11,636
4,794
936,762
413,924
3,500
1,000
mmmrn
mmmm
■
mmmm
23,673
■
————
mmmm
—
^
mmmm
mmmm
_
85,653
77,243
4,309
9,859
m — -
^
mmmm
700
....
mmmrn
mmmrn
'
37,586
198,575
Java.
mmmm
'mmmm
725
—
m
m
em-m
1,247
mmmm-
mmmm
'
53,537
China
mmmm
••
mmmm
....
mmmm
rnlmm
„
mmm
mmm
491
3,240
mm
—
1,094
M
214,852
Japan..
84
1
1
258
900
1,787
Estonia
300
....
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
227,420
mmmm
-
10,703
Greece
625
mmmm
m m
mmmm
700
;
I
Latvia
mmmm
1,500
955
'
■'
'
Finland
mmmrn
184
32,445
161,843
187,421
60,507
26,187
184,167
6,993
200
........
mme*m
mmmrn
m
--.mm
...
■
146,134
2,208
100
13
'
mm mm
Rumania..
Spain
60,540 2049,237
10,812 836,687
25,099
100
mmmm
Total
Seattle
mmmm
'
37,578
706
Poland
and
cisco
more
'
6,751
m
71,387
Sweden
Angeles
'
■
■
Norway
Los
Fran¬
100
3,850
33
San
2,289 12,597
«...
211
mmmm
946
2,200
Boston
54,628 15,185 22,435
200
1,825
10,281
75
ton
York
mmmm
390
rfc
New
mmmm
_
port,
BaUir'
folk
ton
600 42,700
5,092
71,763
22,878
mmmm
nah
(d)
Gulf-
Nor¬
Savan¬ Charles¬
son¬
sacola
Lake
mont
Christi
504,601
France
Jack¬
Beau¬
Corpus
Gal¬
veston
(e)
(c)
Wil¬
ming¬
(b)
mmmm
.mmmm
mmmm
mmmm
mmmm
83
....
mmmrn
....
165
54.454
18,924
80,378
631
■
531
m
200
30
1,280
Manila
4,977
Panama
1362,937 1716,483 200,731
Includes 409,063 bales
a
■'—mmm
mmmm-
128
—
Total
28,507 1818,858
mmm
mm
:
-
m
■m
mm-km
mmmm
mmmm
mm
811
27,240 135,991 10,177
mm
....
mm
mmmm
—-
b Includes from Brownsville to Japan,
shipped by rail,
mmmm
mmmm
mmmrn
722
879
16,528
mmmm
mmmrn
168
3,393
5,071
mmmrn
mmm
285
__
6,200
900
Australia
mmmrn
—
■
Siam
m
2,850
mmmm
m
'
....
413
380,638
56,779 25,669 45,879 17,120 12,882 159,960
75,278
4,309; to Belgium, 2,083; to France,
Brltlan,
6,861; to Holland, 1,305; to Great
50; from Beaumont to Belgium, 85; to Holland, 100; to Great Britain, 400. c In¬
Britain, 50; to France, 100; to Holland, 100; to Italy, 300. d Includes from
Holland, 100; from Baltimore to Sweden, 1. e Includes from Seattle to Canada, 24.
8,496; to Poand, 250; to Sweden, 150; to Latvia. 84; to Germany, 4,334; to Portugal,
cludes from Wilmington to Great Britain, 2,239; from Boston to Canada, 14,331; to Great
Britain, 12,597: to Belgium, 184; to
Gulfport to Great
CARRYOVER
Overland Crop Movement
following shows the details of the
The
overland movement
The
season
for the
past three years:
existing
Amount
Shipped_.
274,468
6,065
6,434
8,846
118" 348
12,892
5,452
116,781
127,159
7,488
5,087
7,356
1,067,601
759,818
1,071,594
2,036,556
1,375,019
1,640,169
20,225
10,961
Via Rock Island—
Via Louisville
Via Cincinnati
Via Virginia points
».
Via other routes East
Via other routes West
Total gross
271,885
146,497
268,843
200,081
537,465
Via Mounds, Ac.
Bales
Bales
Bales
...
Via St. Louis
1937-38
1938-39
1939-40
....
.
398
overland.
23,461
10,084
258,049
321,042
9,977
mills
Charleston inland and local mills
North Carolina ports inland and local mills...
Savannah inland and local
Virginia ports inland and
local mills
Jacksonville inland and local consumption...
Total to be deducted.
Leaving total net
*
overland *
This total includes
359,987
9,825
268,586
9,614
8,593
6,869
25,190
10,807
15,901
7,463
8,728
6,444
659,791
Mobile inland and local mills
'29,173
11,163
170,116
596,365
541,499
1,376,765
1,376,765
mills
and local mills
Texas inland and local
New Orleans Inland
30,533
6,869
11,568
4,607
2,706
....
10,396
133,849
11,428
&c
Between interior towns
COTTON
at
the
carryover
amounted to
of the crop year and
start
11,211,015 bales at July 31, 1940. The figure remains high,
however, compared with years prior to 1938; the domestic
carryover on July 31, 1937, totaled only 4,761,078 bales.
We
are unable to make our usual calculation of the carryover
of American cotton throughout the world, as no reports
are available from England or the
Continent, due to the
war.
There is no way of estimating the carryover in those
figures are also lacking).
We
increase in stocks at those
places over the very low level of 1,240,000 bales as of
July 31, 1939, but the only evidence available is that ex¬
ports from the United States totaled 6,512,191 bales last
season compared with only 3,539,894 bales in the preceding
year.
During the 10-year period, 1930 to 1939, inclusive,
the carryover at the places now missing averaged 2,173,000
bales, and at the peak for the period amounted to 3,292,000
bales, July 31, 1933.
All of these figures suggest a reduc¬
tion in world carryover during last season, ranging upward
from half a million bales.
In the appended table are given
available figures for last year and detailed figures for the
consumption
for
places,
suspect that there has been some
Deduct Shipments—
Overland to New York, Boston,
OF AMERICAN
of American cotton during last
decreased 2,701,016 bales from the record high level
domestic
778,654
1,098,670
11,988
2,639
shipments to Canada by rail, which in 1939-40
three
amounted jo
previous
years:
CARRY-OVER OF AMERICAN
COTTON AT END OF
SEASON
409,063 bales.
Spindles in the World
Data is also lacking at
and
on
are
we
this time on the world's spindleage,
therefore also reproducing last
this subject.
year's figures
The following table shows the number
spindles in all the countries
of
of the world for each of the
In U. S.
establishments...
publlo storage, Ac..
At Liverpool
1937*
1938t
1936
Continent..........
36,879,000
38.753.000
41/391,000
49,877,000
50,174,000
86.696,000
88,733.000
91,268,000
92,862,000
7.024,000
7,578,000
18,354,000
18,798,000
9,122,000
19,025,000
Total U. S
25,378,000
26,376.000
9,731,000
26.982,000
9.876.000
Japan
10,054,000
11,5C2,000
12,550,000
11,880.000
28.147.000
9,705,000
10.867,000
China
4,000,000
4,300,000
5,071,000
5,010,000
30.092,000
9,613,000
9,944,000
4,810,000
25,556,000
1,159,000
26,581,000
26,827.000
25,582,000
24,367,000
5,269,000
1,137,000
6,391,000
1,108.000
6,824,000
1,110,000
5,581,000
1,155,000
6,282.000
6,428,000
7,528,000
6.932,000
6,691,000
East Indies
Total India, AcCanada
....
Mexico, So. Am., Ac.
Total other
(a)
246,000
42,000
244,000
91,000
6776,000
325,000
24,000
144,000
127 noo
341.000
63,000
85,000
a791.000
6702,000
90.000
(a)
400,000
6.111,332
398,580
81,706
230,000
a290,732
268.379
236,104
56,424
81,218
,101,480
514,634
955,456
884,493
373,746
15,152.031 14,203 R99
11,21*1,015
Of which domestic—
Eetimated.
99.724
565,000
6,486.078
4,761,078
710,286
Total linters
*
626,000
14,196,575 13,409.129
...
consuming establishments
In U. 8. public storage, Ac (a)
Elsewhere in United States (a)...
100,000
560,000
600,000
X
Grand total
•
2,769,171
591,000
19,340,000
145,562,000 147.181,000 149,474,000 151,688,000 153,748.000
Total world
afloat *...
compilations of the
13,912,031 12,330,622
Census,
6 Taken from the
International Federation of Master Cotton Spinners and Manu¬
and exclusive of Japan. China, and Spain.
a As
estimated
by
United
States
facturers' Associations,
of restrictions placed on th©
the warring nations of the world. See also
impossible to obtain these figures because
It is
x
publicizing of the Information by
paragraph above.
introductory
World Consumption
No
data
and Production
is available anywhere
on
the commercial crops
consumption for the 1939-40 crop year
outside the United States, and so we are
and
we
have been
obliged to estimate.
received from Russia, Italy, Spain or China. Estimated figures are
given for China, previous figures for Italy, Russia and Spain.
*
No returns from Russia; figures for this country are estimated from trade
sources.
Figures for Italy are for half-year ended July 31, 1935.
No returns from
China; figures used are estimated from latest return available.
f No returns
In the
above all figures
and those for
the
returns
except those for the United States
the current year
1939 have been taken from
Federation of
Spinners' and Manufacturers' Associations.
compiled by the International
Master Cotton
1,218,161
1,223,367
9,597,762
145,000
X
United States
In U. 8.
6,437,000
.........
816,345
X
Afloat for Europe
10,753.000
South
8,091,000
18,891,000
North
914,397
9,086,332 11,591,230
X
42,688,000
49,980,000
88,200,000
Total Europe
Bales
1935
49,817,000
United States—
Bales
—
Total lint cotton
36,322,000
51,878,000
Great Britain
1937
Bales
X
At Manchester
At Continental ports
Japan and China ports and
Elsewhere in United States
1939a
1938
X
Mills other than in
1935 to 1939:
five years,
In U. S. consuming
1939
Bales
Number of
1940
Lint on July 31—
of countries
able only to
repeat the figures published a year ago.
From these it
at least possible to ascertain the normal world usage
is
of
cotton.
The
entire
compilation
distribution
500 pounds
appended embraces substantially the
consumption (expressed in bales of
or
each net) of the commercial cotton crops
world, and the portion taken by each
include linters as well as lint cotton:
country.
of the
The figures
The Commercial & Financial Chronicle
1796
THE
WORLD'S ANNUAL COTTON CONSUMPTION.
second, to
1912-13
1938-39
Countries.
1937-38
1936-27
1935-36
2,960.000
6.979,000
2,834,000
2.620,000
5,712,000
2,474,000
2,588,000
7,982,000
7.620.000
ending July 31.
10,456,000 10,208,000 9,939,000
8.546.000
8,649,000
*1,386,000 *1,162,000 *1.674,000 *1,365,000 *1,423,000
*6.321.000 *5,306,000 *7,088,000 *5,715,000 *4,664.000
...
South...
Total United States...
East Indies........
7,707,000
2,801,000
8.762,000
7,080,000
2.847,000
2,473.000
3,662,000
2,438.000
3,373,000
Canada..........
239.000
294,000
308.000
Mexico
210,000
191,000
206,000
Total India
Ac..
5,688.000
2,180,000
Other countries...
6.705,000
2.585,000
6,649.000
3,904,000
The figures
are
all intended to be in
SUPPLY
AND
DISTRIBUTION
COTTON
OF
and
Commercial Crops
Balance of Supply
Invisible
Total
Boles
Supply
Actual
Begin¬
United
All
ning of
244.000
Stales
Others
End of Year
Consump¬
Total
tion
Year
Visible
Invisible
189,000
1908-09
6,334.000
3,564,000
4,855.093 13,496,751
1909-10- 5,676.526 10.224,923
1910-11
4,732,491 11,804,749
1911-12
4,844,744 15,683,945
1912-13- 6,808.927 13,943,220
1913-14. 6,462,899 14,494,762
6,306.000
3,539.000
26,031.000 25,966.000 29,254.000 25,524.000 24.581,000
As the
weight of the bales In the United States has been Increasing and the gro>»
weight in 1926-27 averaged 616.44. we began In that year to take that as the exaeequivalent of 600 lbs. net. and have continued this practice since that time,
though
x
31; since then, for the
Visible
6,087,000
2,451,000
3,422.000
204,000
...
1908-09 to
Figures for
500-46.
6,468,000
2,516,000
3,361,000
253,000
Japan
distribution.
bales of 500 pounds net:
WORLD S
Total Europe
United State®—North...
its
for the year ending Aug.
6,029.000
1934-35
years
Bales of 600 Lbs.—Net
Great Britain
Continent
follow
are
Sept. 28, 1940
4,489, ,169 17,985,920 17,164,487 1,875,140
5,021, 605 15,246,528 16,188,563 1,367,624
5,057, 988 16,862,737 16,750.484 1,537,249
4,845, 970 20,529,915 18,565,732 2,095,478
3,801,386
3,364,867
3,307,495
4,713,449
5,254, 759 19,197,979 19.544,007 2,015,211 4,447,688
6,419, 898 20,914,660 19.858,176 2,877,300 4,642,083
Ayerage
13,274,725 5,181,565 18,456.290 18,011,908
6 years
the bales have increased In weight since then.
We also repeat last
consumption
in
1914-15. 7,519,383 14,766.467 4.812, 487
1915-16. 8,351.668 12,633,960 4,737, 207
year's compilation of the figures of
detail
for
each
of
the
1916-17- 5,379,082 12,670,099 5.353, 238
1917-18. 4,477,496 11,547,650 5,238, 010
principal countries
embraced in
the statement of the
tion already
presented, and the total of all.
world's
annual consump¬
1918-19- 4,163,478 11.410,192 5,551, 767
1919-20- 5,336,330 11,814,453 6,396, 919
These figures
785,660 17,099,678 2,795,980 1,367,498
961,959 15,689,107 4,277.017 1,049,313
211,372 17,777,662 4,530,450 1,239,590
Average
not the
takings of the mills, but are meant to show the
and are in all cases expressed in bales
of 500 pounds net. The figures in the table cover the years
are
578,954 18,746,669 4.496,284 3,855.384
,371,166 20,343,752 3,045,485 2,333.597
023,337 18,924,923 2,585,490 1,892,006
6 years
12,473,804 5.348,271 17,822.075 18,096,965
actual consumption,
1908-09
from
1920-21. 5,770,040 11,173, 918
1921-22. 6,980,048 11,152, ,720
1922-23. 7.101,792 10,960, ,777
to
1938-39, inclusive, and are given in thou¬
sands of bales.
The figures for 1913-14 to 1938-39,
inclusive,
cover the 12 months ended July
31; all earlier years are for
the period Sept. 1 to Aug. 31:
,680,000 17.853,918 16.643,830 5,795,209 1,184,839
,650,000 19,802,720 19,680,976 3,600,000 3.501,792
000,000 19,960,777 20,959,774 1,963,000 4,149.795
1923-24. 6.102,795 10,964, 000
710,000 19,674,000 19,640,000 1,990,000 4,146.795
1924-25. 6,136,795 14,392, 000
250,000 22,642,000 21.837,000 2,150,000 4,781,795
000,000 24,112,000 23,379,000 2,850,000 4,814,795
1925-26. 6,931,795 15,112, 000
Average
6 years
12,292,569 8.381,666 20,674,235 20,358,430
WORLD'S COTTON CONSUMPTION.
Europe.
United States
5<KW6. bales
East
Great
000« omitted
Conli-
Rr U'n
1908-09
1909-10
1912-13
1915-16
1917-18
South
..
9,440
8,635
2,266
2,267
4,533
1,055
449
2,230
2,255
4,485
1,494
1,08?
448
9,880
2,590
2,620
5,210
1,607
1,357
512
16,750
18,566
6,000 10,400
6,000 10,300
2,464
4,912
1,653
1,517
278
17,164
2,682
2,849
5,53 J
1,643
1,352
618
2,979
5,680
1,680
1,522
676
6 years
15.524,000 9,899,000 25,423,000 24,438,000
1932-33. 13769 000 15,172,000 9,833,000
1933-34. 14056 000 13,298,000 11762 000
1934-35. 13664 000
9,212,000 11751000
1935-36. 10046 000 13,512,000 13062000
25,005,000 24,718,000 6,325,398 7,730,602
25,060,000 25,452,000 5,714.982 7,949,018
20,963,000 24,581,000 3,180,922 6,865.078
26.574,000 25,524,000 3,658,841 7,437.159
1936-37. 11096 000 14,761,000 14631000 29,392,000 29.254,000 3,531,679 7,702.321
1937 38. 11234000 13,669,000 14212 000 27,881,000
25.966,000 5,902,578 7,246.422
Average
19,544
2,701
19,858
5.727
9,649
2,486
2,572
5,058
1,599
1,209
497
18,012
8,901
2,769
5,806
1,649
1,538
854
18,747
9,000
3,239
3,037
3,871
7,110
1,723
1,747
764 20.344
7,000
3,194
4,23
7,431
1,723
1,775
996
18,925
5,900
2,991
4,183
7,174
1,631
1,650
74/
17.100
1938-39. 13149000 10.463.000 12816000 23.27O.000 26,031.000 4.225.139
6.171.861
5,900
2,519
3,393
5,912
1,602
1,700
57/
7,000
2,935
3,627
6,562
1,530
1,763
922
16,689
17,777
be
3,000
....
2,900
1918-19
...
2,600
1919-20
...
3,200
Av.6 y'rs
3,250
4,033
7,283
2,941
3,725
6,666
1,643
2,100
4,400
6,500
2,091
5.208
2.800
3,117
3,898
4,379
6,226
1,800
1,800
7,068
1,700
...
1921-22
881
5,000
5,000
4,000
4,000
...
1922-23
9,176.000 13,869,000 10769000 24,638,000 22,443,000 6,291,202 5,079,798
16,189
9.236
5,720
2,448
3,922
...
1920-21
1930-31
1931-32. 11371000 15,129,000 9,761,000 24.890.000 22,492,000 6,562,778 7.206.222
Average
3,900
...
...
3,000
3,400
3,800
1,500
1.800
2,270 19,640
1,800
2,040
1,700
2,002
2,450
2,275
2,098
3,922
6,020
5,950
9.100
2,330
4,362
6,692
3,000
6,600
9,600
2,496
4,683
7,179
1,600
2 75
5,342
8,100
2.339
4,066
6.399
1926-27...
3.080
2,500
5,500
1927-28
...
2,960
2,160
5,430
8.000
7,590
1928-29
...
7,000 10,080
7,750 10,710
8.083 11,028
2,200
5,770
2,945
7,970
season,
1938-39, and the results would
bales.13,149,000
23,279,000
year
Total crop during year
2,570 25,200
8,050
3,160
preceding, take the last
follows:
2.158 20,359
2,100
1,700
as
2,600 23,379
2,689
Av. 6 y'rs
To Illustrate the
Supply—Visible and Invisible stock beginning of
2,215 21,847
2,400
13,271,000 12541000 25.812,000 25,916,000
1,430 16.643
2,341 20,959
2,328
7,750
...
eyears
809 18,097
1,705
7,600
6,000
5,300
...
1,696
1,965
2,100
4,800
2,750
2.760
1923-24
1925-26
Total
5,720
5,460
5,460
4,300
...
1924-26
All
Japan Others
Total
4,400
...
.
1916-17
North
4,160
...
Av. 6 y'rs
1914-16
Indies
Total
3,176
3,776
...
1911-12
1913-14
3,720
...
1910-11
nent.
1926-27. 7.664,000 19,282,000 8,540,000 27,822.000 25,200.000 4,593,000 5.693,000
1927-28
10286 000 14,373,000 9,425,000 23,798,000 25,025,000 3,860,980 5.298,020
1928-29. 9,059,000 15.858,000 9,753,000 25,811,000 26,207,000 3,470,344 5,192,456
1929- 0. 8.663,000 14,631.000 11143000 25,774,000 25,261,000 4,734,297 4,441,703
Total supply—bales of 500 pounds
2,090 19.681
36,428,000
Distribution—Total consumption, Ac
.26,031,000
4,225,139
6,171,861
Leaving visible stock.
Leaving invLsible stock
Total visible and Invisible stock at end of year
10,397,000
WORLD'S COMMERCIAL CROPS OF COTTON
2,750 25,025
(In Bales of 500 Lbs. Net)
1,622
2,488
1929 30
3,099 26.207
...
2.578
7,822 10,400
1,827
5.091
6,918
1.975
1930-31
...
2,035
4.469
2.679
2,283
2.600
1,279
4,227
5,981
5,506
2,079
...
8,856
8,876
1,512
1931-32
6,821
6,376
2,272
2.571
3,289 25,261
3.244 22,443
3,267 22,492
2.683
7,309
9,092
1,913
5,081
6.994
1,958
2,457
3,037 24.438
1933-34...
2,373
2,606
5,428
4,915
6,893
6,459
2,201
2.089
2,727
3,036
3,753 24.718
3,699 25,452
2.620
Egypt
...
6,771
9,144
7,563 10,169
6.029 8,649
1,465
1,544
1934 35
1,423
4,664
6.087
2,451
1935 36
3,422
3,972 24,581
2.834
6 712
Brazil, Ac.d
...
8,546
7.080
2.516
3,361
4.021 25,524
6,979
9,939
1,365
1,674
1,162
5.715
2.960
2,588
7,088
5,306
8.762
2,473
3,662
4,418 29,254
6.468
2,847
3,3/3
3,070 25.966
Consumption, 52 weeks
Surplus from year's crop t2,752,000
Visible and Invisible stock:
Av. 6 y'rg
1932-33
...
1936-37*..
1937-38 *..
Av. 6 y'rs
1938-39
*
...
Figures
7,620 10.208
2.663
6,779
9.442
1,439
5,519
6.958
2,430
3,264
3,82° 25,916
2,474
7,982 10,456
1,386
6.321
7,707
2,801
2,438
2,629126,031
are
Countries
East
The
table, also republished from last year's survey,
world's cotton supply and the sources of it.
special points we have sought to illustrate by the
the
statements are, first, the relative contribution to the
world's
raw material
by the United States and by other sources, and
"Congress: Remain
on
Guard"
(Concluded from page 1773)
but the end is
still, unless present policies are modi¬
fied, remote and obscure. Cost for the service of the
increases in Federal
debt, for maintenance of the en¬
larged Army and Navy, are still unestimated, almost
unguessed.
The program of preparedness remains
without coordination and cries
ning which
once was so
the New Deal
those of its
that
a
wise
was
own
loudly for that plan¬
household.
Nor is it inconceivable
and undeviat-
expense
to assume.
pointing to
excess
of
be undertaken.
Aug. 1, ending year.—_ 10.307.000 13,149.000 11 234,000 11,096,000 10,046,000
Includes India's exports to Europe, America and Japan and mill consumption
In India, Increased or decreased by excess or loss of stock at
Bombay.
d Approximated
from
the
available
of
figures
consumption,
mill
<
an
which
With present
ultimate
na¬
$80,000,000,000, this
stocks
and
ports stocks.
k
Deficiency In the year's
new
supply
President Roosevelt is the spoiled child of American
politics, determined to divide authority with none, to
share with
no one
confidence
exclusively within his
to lessen his
own
own
as
to his
policies, to keep
cognizance all facts tending
popularity
or
inconsistent with
of his purposes, to move in his own way
own
ends.
He is
any
towards his
wilful, impetuous, improvident, and
intolerant of criticism
or
opposition; yielding readily
hand; demanding utter subservience in
Congress, giving undivided
soon
1,439,000
6,000,000
a
at
commitments
9,212,000
4,312,000
1,050,000 1:3,618,000
seeking to regulate all affairs except
public has been forced
cannot too
138,000
suggestions from favorites of the hour who
could and would devise economies which
might offset
some fraction of the immense
burden of
Federal
1,915,000
to
tional indebtedness in
1934-35
23.279,000 27,881,000 29,392,000 26.574,000 20,933,000
26,031,000 25,966,000 29,254.000 25,524,000 24,581,000
enthusiastically sought when
ing devotion to its job of legislating for the
country,
the
1935-36
1936-37
Aug. 1, beginning year.. 13,149,000 11,234,000 11,096,000 10.046,000 13,664,000
subject to correction.
ik
1937-38
10.463.000 13.669,000 14,761,000 13,512,000
5.269.000
4,700,000 4,871,000
5,182.000
1,547.000
2,012,000
1.480.000
1,760.000
6,000.000
7,500,000 8,000,000 6,400,000
Indles.a
Total
Another
discloses
1938-39
Amount coming forward:
United States
are
every
close
other
quarter; and ambitious, with his vision centered upon
a
place in world history founded
internationalism.
three
months
extend.
of
No
one can
such
upon
opportunistic
foretell to what
lengths
unchecked
leadership might
Ifc must not be permitted.
Congiess has the
plainest of duties.
Unless it is prepared to admit that
the Government of the United States is
personal Government of
one man,
mittently sanctioned by Congress
his
as
properly
measures
a
inter¬
the Senate of
Volume
decadent Rome
of the
be
was
coerced to sanction the measures
Caesars, it must acknowledge its obligation to
And to be vigilant, under present con¬
vigilant.
ditions, it must continue the present session until the
end of Next December.
that
of
After
all, there
are
things
important than long vacations or the re¬
are more
election
any
Senator
high grades have been well maintained and an
large
gradually
tional
Telephone & Telegraph
different
for
rating
A's and Baa's touched
railroad
United States Gov¬
An exchange offering of
strong.
also been
The Aaa's,
this week.
groups
tops as strength in both
been in evidence.
and utility bonds has
ernments have
new
2% bonds due 1953-55 for the Dec. 15 notes was made this
The issue was well received
week.
almost
two
points.
by weakness
Thursday and Friday.
on
inter¬
105% lost %.
104%, but the Goodrich 4%s,
1956, gained a point at 105%.
In the automobile equipment
section, the Electric
grade and speculative rails also
experienced minor losses,
last week's close.
gains have been registered over
but net
4%s, 1958, advanced 3% to 61;
Pittsburgh & West Virginia
New York Central 4^fes,
2013, rose % point to 56%.
Southern 4%s, 1980,
German-occupied
from
weakness in the German
Colo¬
and
important
no
developments have occurred.
this week,
Prices of
Moody's computed
tables:
MOODY'S BOND YIELD
MOODY'S BOND PRICES
South American bonds
bond prices and bond yield averages
given in the following
are
Canadian
of resistance
unimportant.
17, off 5% points.
market has been rather dull
and Italian bond group.
general trend, while changes in
been
Denmark and
as
points, coinciding with
bonds displayed some power
Australian
and
Issues originating
such
territories
Norway recorded declines of several
have
The utility bond
of war-important steel
to 10 points.
losses ranging up
declined to a new low of 15%
during the week and closed at
hit by liquidation fol¬
embargo
of
announcement
lowing
turned weak.
advances foreign bonds
initial
some
Japanese issues have been hardest
to the
rado &
Auto-Lite conv. 4s, 1952, lost nearly two
points at 105%.
Atchison
Medium-
Among the rubbers, the Firestone
fractionally higher.
scrap,
Topeka & Santa Fe gen. 4s, 1995, at
1943, and
Steel and oil company issues have
1953.
3%s, 1948, lost 1% points at
and went to a premium
Higher prices for high-grade railroad bonds were
rupted
1960, and the Hudson Coal 5s, 1962;
4%s, 1947 (w. w.) ; the Childs Co. 5s,
United Drug 5s,
been
the
Included in the latter classification are
strength.
After
of
speculative issues showed a fair degree
A number of
the Celotex
1940
mixed this
been
of the list has
section
industrial
The
Consolidation Coal 5s,
Underlying strength in bonds resulted in several hew
4%s, 1952, being noticeably
weak.
of
liighs
diminished
Interna¬
receded,
and prices
issues
with
speculative
and
lower-grade
in
Activity
demand.
week.
Course of the Bond Market
offering of
.$30,000,000 Southern California Gas 3%s, 1970, met
Representative in the
or
present Congress.
The
1797
The Commercial & Financial Chronicle
151
t
{Based on Individual
AVERAGES
Closing Prices)
(Based on Average Yields)
U. S.
1940
Daily
All
Oovt.
Bonds
120 Domestic
by Ratings
Corporate by Groups *
Aaa
Aa
120
Baa
A
'
» ft
l
P.
U.
Indus.
1940
Corp.
120 Domestic
by Ratings
Corporate by Groups
tic
Averages
120 Domestic Corporate
Domes¬
Daily
lie
Corp.*
Averages
All
120 Domestic Corporate *
120
Domes-
Aaa
Aa
A
Baa
RR.
1
P.
U.
Indus.
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
3.48
2.80
3.01
3.51
4.61
4.19
3.17
3.08
2.79
3.01
3.50
4.61
4.19
3.17
116.67
109.44
124.02
119.25
108.85
89.99
96.61
115.78
117.50
Sept. 27
109.64
124.25
119.47
109.05
90.14
96.78
116.00
117.94
26
26- 116.78
109.64
124.48
119.47
109.24
90.14
116.00
117.94
25
25.. 116.82
96.78
3.48
3.00
3.51
4.61
4.18
3.18
109.05
90.14
115.78
117.94
2.80
119.69
96.94
3.48
109.64
124.25
24..
24.. 116.68
3.01
3.51
4.61
4.20
3.08
23.. 116.64
109.44
124.02
119.47
109.05
90.14
115.78
117.94
2.81
96.61
3.49
3.18
23...
3.52
4.64
4.22
3.18
3.09
21.. 116.54
109.24
89.69
115.78
21
3.01
108.85
117.72
2.82
119.47
96.28
3.50
123.79
3.01
3.53
3.09
116.54
109.24
123.79
119.47
108.66
89.55
115 57
117.72
2.82
3.19
96.11
3.50
4.23
20
4.65
3.01
3.53
4.65
4.22
3.19
3.09
19.. 116.49
108.66
89.55
115.57
117.72
2.82
119.47
96.28
3.50
123.79
19
109.24
4 23
3.10
18.. 116.39
17.. 116.27
109.05
124.02
119.47
108.66
89.25
115.57
117.50
2.81
4.67
96.11
3.51
3.53
3.19
18
3.01
3.00
3.53
4.68
4.24
3.19
3.10
108.66
95.95
115.57
117.50
2.82
119.69
89.10
3.51
123.79
17
109.05
3.02
3.54
4.70
4.26
3.20
3.11
Sept .27.
_
20-
-
3.08
3.08
*
119.25
108.46
88 80
95 62
115 35
3.52
108.85
123.79
16
116.24
117.29
2.82
3.02
3.53
4.70
4.26
3.19
3.11
108.66
88.80
115.57
117.29
2.82
119.25
95.62
3.52
108.85
123.79
14
14.. 116.17
13.. 116.17
3.02
3.53
4.70
4.26
3.19
3.11
108.66
88 80
95.63
117.29
2.83
119.25
115.5/
3.52
123.56
13
108.85
3.01
3.10
12..
116.19
108.85
123.56
119.47
108.66
88 .o5
115.57
117.50
2.83
4.26
95.62
3.52
4.71
3.19
12
3.53
3.02
3.52
4.69
4.26
3.10
11
116.19
108 85
123.56
119.25
108.85
95.62
115.57
117.50
2.83
88.95
3.52
3 19
11
3.19
3.10
108.66
88.95
115.57
117.50
2.83
4.69
95.78
3.52
3.53
4 25
10
3.01
3.19
3.10
16..
—
10.. 116.07
108.85
123.56
119.47
3.01
3.53
4.70
123.79
108.66
88.80
115.57
117.50
2.82
108.85
119.47
9
9.. 116.09
95.b2
3.52
4.26
3.52
4.67
4.25
3.19
3.09
7.. 116.18
109.05
89.25
117.72
7
3.01
108.85
1J 5.57
2.82
119.47
95.78
3.51
123.79
3.00
3 09
6
116.17
109.05
123.56
119.69
108.85
89.10
115.57
117.72
2.83
4.25
95.78
3.51
4.68
3.19
6
3.52
3.01
3.52
4.68
4.25
3.09
5
116.13
109.05
123.56
119.47
108.85
89.10
115.35
117.72
2.83
95.73
3.61
3.20
5
3.53
4.71
4.28
3.20
3.10
88.65
95.29
115.35
117.50
2.84
3.02
3,10
88.51
95.29
115.14
117.50
116.03
108.66
123.33
119.25
108.66
3.. 115.98
108.66
123.33
119.25
108.66
4
Stock
2..
3
3.53
n
Stock
^
Exchan ge Clos
3.53
3.02
2.84
Exchan ge Clos ed
4.72
4.28
3.21
Wee)uv—
3.54
4.73
4.29
3.21
3.11
115.14
117.29
Aug. 30
3.03
95.13
2.84
88.36
3.54
108.46
3.54
4.76
4.31
3.22
3.11
117.29
23
3.04
114.93
2.84
94.81
3.55
108.46
87.93
3.56
4.79
3.23
3.14
116.64
2.86
3.04
114.72
3.56
4.32
16
4.75
3.22
3.12
95.29
117.07
3.54
3.54
4.28
9
3.02
114.93
2.86
4.28
3.23
87 93
95.29
114.72
116 86
2
107.88
87.64
95.13
114.51
116.43
119.47
107.88
87.93
95.13
114.72
116.43
122.40
119.47
107.69
87.49
94.65
114.93
107.69
86.50
93.69
114.72
Weetlv—
123.33
119.03
108.46
23.. 115.56
108.27
123.33
118.81
16.. 115.14
108.08
122.86
118.81
108.08
87.49
94.65
9— 115.45
108.46
122.86
119.25
108.46
88.07
115.68
108.27
123.10
119.25
108.27
July 26.. 115.56
108.08
122.63
119.47
115.63
108.27
122.63
12.. 115.66
107.88
19..
3.53
ed
Aug. 30.. 115.70
2..
4
3.13
3.55
2.85
3.02
3.55
4.76
2.87
3.01
3.67
4.78
4.29
3.24
3.15
July 26
3.56
3.55
2.87
3.01
4.76
4.29
3.23
3.15
19
3.57
3.58
4.79
4.32
3.22
3.15
12
2.88
8.01
116.43
3.57
3.58
2.87
3.58
4.86
4.38
3.23
3.15
5
3.02
116.43
3.04
3.63-
4.93
3.18
June 28
2.89
3.26
115.78
3.62
4.44
2.89
3.66
3.65
5.02
4.50
3.29
3.19
3.70
5.14
4.59
3.34
3.23
3.30
115.58
107.69
122.63
119.25
June 28.. 115.21
21.. 115.37
106.92
122.17
118.81
106.73
85.52
92.75
114.09
106.17
122.17
118.38
106.36
84.28
91.81
113.48
115.67
21
3.66
3.10
117.50
82.66
90.44
112.45
114.72
2.93
121.27
105.41
3.72
105.04
14
14.. 114.73
3.15
3.75
5.20
4.66
3.39
81.87
89.40
111.43
113.27
3.01
116.43
104.48
3.78
103.93
119.47
7
7__ 113.15
3.41
3.33
89.25
111.
3
3.05
4.67
81.61
3.80
5.22
May 31
3.78
112.66
3.16
3.04
3.19
5.20
4.64
3.35
24
3.77
112.25
3.80
3.41
2.97
3.09
3.68
4.97
4.47
3.33
3.23
3.68
5..
■
May 31.. 113.14
103.56
118.60
116.21
13.093
24— 113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
105.79
120.37
117.72
105 79
84.96
92.28
112.66
114.72
17
17— 113.73
3.02
3.57
4.73
4.30
3.23
3.09
119.25
88.36
94.97
114.72
117.72
2.84
123.33
107.88
3.54
108.46
10
10- 115.51
3.53
4.69
4.28
3.19
3.04
3— 116.36
109.24
123.79
120.37
108.66
95.29
118-81
3
2.97
115.57
2.82
88.95
3.50
3.22
3.04
116.18
108.85
123.79
120.14
108.08
94 81
114.93
2.82
4.31
88.51
3.52
4.72
Apr. 26
3.56
118.81
2.98
2.99
3.60
4.75
4.34
3.06
19— 115.94
108.46
123.56
119.92
88.07
94.33
114.51
118.38
2.83
107.30
3.54
3.24
19...
4.76
4.34
3.00
12.. 116.38
108 27
123.56
119 69
107 11
87.93
94.33
118.38
3.55
3.61
3.25
12
3.00
114.30
2.83
3.60
3.04
124.25
119.92
88.51
94.81
11881
2.99
108.66
114.51
2.80
5„ 117.10
107.30
3.53
4.31
3.24
5
4.72
3.62
4.79
4.37
3.27
3.08
116.87
107.88
123.56
119.25
106.92
93.85
118.38
Mar. 29
3.02
113.89
2.83
87.49
3.57
4.37
3.08
113.68
117.94
2.83
4.79
93.85
3.58
3.65
3 28
21
3.03
3.10
Apr, 26..
Mar.29—
21- 116.36
107.69
123.56
119.03
106.36
87.49
3.66
4.80
4.38
107.17
93.69
117.50
3.04
118.81
113.68
2.84
107.49
123.33
15
116.74
87.35
3.59
3.28
4.81
4.38
3.31
3.09
8
3.66
117.72
3.06
93 69
113.07
2.85
106.17
87.21
3.59
118.38
2.87
3.06
3.68
4.82
3.12
117.07
3.61
3.32
1
4.39
2.85
3 05
3.68
4.83
4.37
3.33
3.12
3.60
3 67
4.82
4.36
3 32
3.10
3.33
158..
116.03
107.49
123.10
1—
115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
123.10
118.60
105.79
88.92
93.85
112.66
117.07
Feb. 23
115 32
107 30
105.98
94.01
112.86
2.84
118.81
87 07
3.69
107.49
123 33
16
16- 115.48
117.50
3.04
3.67
4.83
4.36
9— 116 44
107 30
118.81
105.98
94.01
117.29
3 04
112.66
2.86
86.92
3 60
122 86
9
4.84
4.38
3.34
3.13
2
3.70
116.86
3.05
93.69
112.45
2.87
105.41
86.78
3 62
118.60
3.35
3 13
27
Feb.23..
3.11
106 92
122.63
3.70
4.85
122.63
118.38
86 64
93.69
116.86
3.06
106.92
112.25
2.87
Jan. 27- 115.64
105.41
3.62
4.38
3.70
4.88
4.41
3.35
3.15
93 21
116.43
3.08
86 21
112.25
2.88
117.94
105.41
3.64
106 54
122.40
20
115.65
4.86
4.39
3.14
3.63
3 35
13
3.69
86 50
116.64
3.07
112.25
2.88
93.53
2.86
3.09
3.69
4 82
4.37
3.14
3 62
3 34
6
3.19
3.78
5.24
4.68
3.42
3.36
3.81
3 05
3.17
2„
20..
115.43
Jan.
13- 115.96
106.73
122.40
118.16
105 60
116.03
106.92
122.86
117 72
105.60
87.07
93 85
112.45
116 64
109.24
90.14
96.94
116.00
119.25
High 1940
Low
6
High 1940 117.18
Low 1940 113.02
109.64
124.48
120.59
103 38
118.60
116.57
103.93
81.35
89.10
110.83
112.05
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94 33
112.05
116 43
High 1939
100 00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low
108.77
Low 1939
1 Yr
Ago
Sept27'39 109.42
113.07
100.70
108.85
2 Yrs.A go
Sept27'38 110.54
level or the average
106.54
95.29
movement of actual price
yield averages, the latter
t
114.30
95.78
85.24
74.10
quotations.
90.90
80.08
104.85
102.30
107.49
108.08
2.96
3.50
4.61
3.34
3.55
4.10
5.26
4 76
4.34
3.36
3,02
3 76
3.64
3.16
3.62
2.88
3.05
3.71
3.96
3.52
4.06
4.95
4.56
3.73
3.59
Sept. 27. 1939..
2 Years Ago—
3.31
3.25
3.64
4.28
5.84
5.34
3.87
3.56
Sept. 27. 1938
4 25
1939
Year Ago—
They merely serve to Illustrate In a more
being the truer picture of the bond market.
list of bonds used in computing these Indexes was
The latest complete
2.79
4.77
1
98.97
3.48
4.00
1940
4.18
—
comprehensive way tne re)
. „
,
published In the Issue of July 13, 1940, page 160.
i
The Commercial & Financial Chronicle
1798
Sept. 28, 1940
The Business Man's Bookshelf
A Practical Introduction to Public
alphabetical arrangement of topics will serve the purpose.
This list suggests such topics and indicates all the cross
Utility Security Analysis
By
John
F.
Childs
Francis
and
references.
Besides the obvious headings of banking and finance it
includes business, industries, foreign trade, foreign exchange
and
other
related
economic
subjects, using up-to-date
Wood-
bridge. Published by Barron's Publishing
Co., Inc., New York City.
Price $1.50.
Public
utility securities are not hard to analyze, but the
industry has certain particular characteristics and it is
essential
to
the
understand
broad
principles which affect
values.
This book presents these principles not from the theoret¬
ical, but from the practical point of view of the man who is
analyzing public utility securities every day and making
recommendations whether to buy or sell.
It is axiomatic that the best
way to learn how a task
should be done is to practice doing it.
So, in discussing
principles of analysis, the authors take examples of utility
statements and show how they
may be broken down to
produce the most information.
These are working models
for readers to follow in practice.
This book has been so designed that it can be read and
reread in a relatively short time.
It has not been weighted
down with
terminology.
Offered as an aid to the small financial li¬
brary it should also be a "must" for any establishment where
the keeping of files of current material is a problem.
The typography is very good.
The list proper is printed
in one column, with dropped "see also" references, while the
"refer from" references are printed in a parallel column on
the right of the page.
The resulting form is neat and usable,
allowing for the insertion of newer headings as required.
The practical value of the list is assured by the membership
of the compiling committee which used as a basis the sub¬
ject headings actually in use in their own library catalogs in
two large banks and a firm publishing financial statistics.
The
Productivity of Labor in the Rubber
Tire
large amount of material that the reader will
only wish to consider after he has become very well ac¬
quainted with the subject.
a
Banking and Financial Subject Headings
for Bank Libraries and Financial In¬
formation Files
10th
Street,
New
Price
Intended
York.
98
pages.
office.
as a
It is often believed that
tion scheme is
required when
as
elaborate classifica¬
an
matter of fact
a
and
of produc¬
rubber tire
and indus¬
example of
progress,
upon
important aspect of 20th century industrial development.
2. The Origins and Economic
Characteristics
of
the
Tire
Industry.
3. Production.
4. The
Labor
Supply.
5. The Productivity of. Labor.
6. Factors
Conditioning the Increase in Productivity.
7. Some Effects of Increasing Productivity.
8. Geographi¬
cal Shifting of the Industry.
9. Summary and Conclusions.
A Selective Bibliography.
Index.
one
indexing and cataloging purposes it is
guide for the arrangement of pamphlet
and report material such as accumulates
rapidly in a busi¬
ness
been focused
the conditions and circumstances that have contributed to
$4.00
tool for
as a
environmental factors which favor industrial
the incidence
tivity gains.
The book will be of value to the
industry, to all concerned with labor problems
trial relations, and finally to those seeking an
Lists of financial and business terms have been until now
rather rare and this little volume
supplies a real need.
equally useful
Price $2.50.
Productivity in individual industry and industrial pro¬
gress are both fruitfully studied in this examination of the
technological and economic history of the rubber tire manu¬
facturing industry.
Emphasis has been placed upon the
attention has
Compiled by a committee of the Financial
Group, Special Libraries Association, 31
East
Manufacturing Industry
By John Dean Gaffey.
Published by Co¬
lumbia University Press, New York City.
simple
a
Contents—1. Introduction.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Sept. 27, 1940.
Business activity reached
week.
According to the
an
all-time high during the past
"Journal
of
Commerce"
business
index, all components operated at high levels, although elec¬
tric output registered a slight reduction for the week.
The
weekly index figure, according to this source, rose to 114.1.
Trade
and
reports
continue
ordinarily
the
to
stock
give
no
market
reasons
would
vigorous upswing of general business.
is the great
for
be
complaint,
reflecting
The
war,
be
con¬
required,
trated.
no
The opinion of steel company man¬
additions to open hearth capacity will
provided
QTie
orders
are
by
ing been ordered
a
commitments.
the
great
The domestic political situation also adds to
uncertainty.
during the week ended Sept. 21, an increase
of
the 2,448,888,000 kwh. produced in the
7.3%
over
the
August total, and in most instances
shipments,
the
"Iron
Age"
in
says
is at least equal to
its
current
The magazine
announced
taling around
300,000 tons, the largest
national
defense
time next month.
current
and
in
like
a
tricts.
^
that
program,
In addition,
will
is
develop
pending in
far
so
into
under
orders
the
some
Eastern
ordnance
dis¬
a British order for about 20,000 tons
placed with
"National defense activities
of
summary.
inquiries for shell steel, to¬
inquiries, each for 100,000 tons, are
the Pittsburgh and
Chicago ordnance district,
quantity
inquiries
and
are
orders
an
Eastern company.
producing
in
other
an
increasing
directions,"
the
review reports.
000,000
"Ordnance contracts
totaling nearly $450,announced by the National Defense
were
Commission
Advisory
late
last
week.
instances be reflected in
steel
But
of
the
defense
these
orders for
cept for building construction.
ments
program,
will
not
some
in
most
months
ex¬
Whether the heavy require¬
combined
quirements, will necessitate increases
week
The
in
with
normal
steel-making
re¬
capac¬
last
according to
the current
corre¬
report
Production last week, how¬
substantially above the mark of 2,444,371,000 kwh.
in
the
week
Association
813,329
year,
below the previous week's by about 9,957,000 kwh.,
but is still
of
cars
of
ended
Sept. 16, 1939.
American
revenue
ending last Saturday.
Railroads
reported today
loaded during the week
This was an increase of 1.1% com¬
freight
were
pared with the preceding week: an increase of 0.4% com¬
pared with a year ago, and an increase of 21.4% compared
with 1938.
Loadings for the week established a new high for
and exceeded any week since Oct. 28, 1939, when
loadings totaled 834,096 cars.
the year
For
Two
for 12-inch shells has been
number
sponding
recorded
Although steel production has not increased this week,
volume of orders being received is
equal to or better than
produced 2,628,667,000 kwh.
of electricity
ever, was
making
concen¬
few months ago."
The American power industry
of the Edison Electric Institute.
country are taking place, the
heavily
additional 50-ton furnace to be installed by the Re¬
an
feeling in Wall Street is
of extreme caution in
too
public Steel Corp. at Canton, Ohio, two of similar type hav¬
ditions reaching such a highly critical
stage, where develop¬
ments of vital interest to this
one
not
only serious bottleneck thus far is in electric
furnace steel, the supply of which is to be further augmented
the
however,
overshadowing influence, and with world
ity is a moot question.
agements is that
the
this year,
second successive week, and for tne fourth time
engineering construction awards passed the $100,-
000,000 mark.
ernment-owned
increased
Defense awards for military
munition
plants
and
housing,
arsenals,
as
Gov¬
well
as
industrial building
volume bring the week's total
to $102,177,000, 135% higher than in the
corresponding 1939
week, but 15%
below last week's high volume
Private awards
by "Engineering News-Reord."
over
as
are
reported
up
91%
last
year, and 7% above last week.
Public construc¬
tion tops a year ago by
158%, but is 22% under a week ago.
The construction total for the
year
exceeds
to date, $2,502,973,000,
the
$2,265,252,000 reported for the 39-week 1939
period by 10^2%.
Private construction is 22% higher than
a
year ago,
and public awards
result of the
are 6% above last year
176% gain in Federal work.
The automobile
industrys assembly plants this week
pleted 95,990 passenger
cars
and
trucks,
Ward's
as a
com¬
Reports,
Volume
The Commercial & Financial
151
Inc., estimated today in its weekly survey of factory activ¬
ity.
Last week's output totaled 78,820 units; a year ago
this week 04,305
vehicles were assembled.
The upward
trend shown this week, Ward's said, will continue with
100,000 mark next week.
In its
"yearbook," issued today, Ward's estimated output
assemblies
annual
passing the
for the 1940 calendar year will
1799
Chronicle
The movement of the index was as follows:
Fri
Sept.
Sept.
Sept.
Tues.
Sept.
Wed.
Sept.
Thurs. Sept.
Fri
Sept.
Sat.
Mon.
156.3
Sept. 13
Two weeks ago,
157.9
157.6
158.0
158.1
158.2
159.0
159.1
20
21
23
24
25
26
27
Month ago, Aug. 27
Year ago, Sept. 27
152.4
1939 High—Sept. 22
172.8
138.4
166.8
149.3
170.7
Low—Aug. 15
1940 High—May 13
Low—Aug. 16
approximate 4,400,000 cars
and trucks.
continued upward this week,
The trend of retail business
although adverse weather tended to dull further expansion
in some merchandise lines, nation-wide reports showed to¬
itself in the first
extended warm spell since mid-August, Dun & Bradstreet
said.
High temperatures and rain tended to interrupt the
upswing of the retail trade in some regions and in some
kinds of merchandise, but as a rule sales were still at
better than usual seasonal levels.
Retailers continued to
note a more pronounced interest in better grades of goods
and a broadening demand for instalment credit.
Clothing
lines principally felt adverse effects of unseasonal weather.
Promotions in connection with National Furniture Week
Iietail trade gave a good account of
day.
Though retailing of new automo¬
boosted furniture volume.
hardly under way, dealers reported a strong
undercurrent of demand.
Retail volume increased 5% to
bile models
10%
were
no
high temperatures and the lack of
conditions over large areas
eastern States, with generous, widespread
However,
week.
past
week, the agency states.
unusual features to the weather news the
current
the
for
There
was
intensified
rainfall
in the central and
droughty
badly needed. Temperatures for the week as a whole
averaged much above normal over the greater part of the
country, the largest increase appearing from Tennessee,
Arkansas
and Oklahoma northward and northwestward;
rain
the week was 12 degrees to 15
degrees warmer than normal.
In Gulf sections and most
districts west of the Rocky Moun tains about normal warmth
over
large interior area
a
Heavy rains occurred in
prevailed.
and
southeastern Florida
largest weekly total
From the Ohio Valley
and truck are seriously in need of rain
in most sections from the Ohio Valley southward.
In the
Middle Atiantic States late truck is in fair to good con¬
less.
Pastures were drying generally in many central
and southeastern districts, while rain is needed in much of
the Northeast and Ohio Valley.
In New England ample
warmth and sunshine favored maturity of late crops and
harvests.
In the New York City area the weather during
prevails.
past week was generally clear and cool.
and cool weather obtained today,
Clear
mometer
registering
four tenths of
or
in 1939 and
same
ther¬
minimum of 46 degrees and a maxi¬
Partial cloudiness attended by rising
temperatures and fresli west to southwest
This
Sept. 26.
on
an
winds is forecast
Saturday.
A minimum temperature of 50
degrees in the city and 40 degrees in the suburbs is the
tonight and
prediction for tonight.
Overnight at Boston it was 42 to 56 degrees; Pittsburgh,
36 to 58; Portland, Me., 31 to 55; Chicago, 40 to 65; Cincin¬
Cleveland, 38 to 59; Detroit, 41 to 59; Mil¬
waukee, 39 to 61; Charleston, 49 to 56; Savannah, 50 to 57;
Kansas City, Mo., 38 to 69; Springfield, 111., 31 to 66; Okla¬
homa City, 50 to 73; Salt Lake City, 56 to 82, and Seattle,
ended Sept. 21,
Railroads
the Association of American
was an
increase of 3,577 cars
corresponding week
21.4% above the
freight for the week
percent above the
one
increase of 143,625 cars or
Loading of revenue
week in 1938.
Sept. 21 was an increase of 9,020 cars or 1.1% above
preceding week.
The Association further reported:
of
totaled 331,589 cars, an increase
Miscellaneous freight loading
cars
the
of 8,981
the
and an increase of 7,746 cars above
above the preceding week,
corresponding week in 1939-
carload lot freight totaled 157,201 cars,
decrease of 4,897
Loading of merchandise less than
increase of 759 cars
an
cars
above the preceding week, but a
below the corresponding week in
Coal loading
4,324 cars above
below the corresponding
week, but a decrease of 9,563 cars
the preceding
1
week in 1939.
and
Grain
1939.
amounted to 144,483 cars, an increase of
grain
products loading totaled 40,943
1,551 cars below the preceding
a
cars,
decrease of
week, and a decrease of 5,848 cars
below the
grain and
corresponding week in 1939.
In the Western Districts alone,
grain products loading for the
week of Sept. 21 totaled 27,436 cars, a de¬
week, and a decrease of 1,570 cars
crease
of 553 cars below the preceding
below the
corresponding week in 1939.
Live stock loading
amounted to 18,592 cars, an increase of
1,213 cars
below the correspond¬
ing week in 1939.
In the Western Districts alone, loading of live stock
for the week of Sept. 21 totaled 14,812 cars, an increase of 923 cars above
the preceding week, but a decrease of 1,060 cars below the corresponding
above tbe
preceding week, but a decrease of 959 cars
week in 1939.
Forest
products loading totaled 41,022 cars, an
increase of 588 cars above
the corresponding
week, and an increase of 5,267 cars above
the preceding
week in 1939.
5,248 cars below the
above the corresponding week
amounted to 68,397 cars a decrease of
Ore loading
preceding week, but an increase of
10,128 cars
in 1939.
Coke loading
46 cars below the
amounted to 11,102 cars, a decrease of
1,703 cars above the corresponding
week
compared with the corresponding
preceding week, but an increase of
week
in 1939.
All
in
districts reported decreases
1939 except the Allegheny
and Northwestern but all districts
reported
1938 except the Southwestern.
increases over
1938
1939
1940
the
with
a
of 65 degrees.
mum
for
announced
Late garden
dition, while on the Pacific Coast favorable harvest weather
1 he
Loading of revenue freight for the week
totaled 813,329 cars,
along the central Gulf Coast, the
being 7.1 inches at New Orleans, La.
eastward and southeastward the week was practically rain¬
During
Loading of Revenue Freight Totals 813,329 Cars
Week Ended Sept. 21
2,288,730
2,256,717
2,282,866
2,976,655
2,225,188
2,363,099
3,127,262
2,532,236
2,155,536
2,740,428
2,126,471
2,185,822
3,040,100
695,258
3,387,672
662,357
Week of Sept. 14
804,309
800,431
21
813,329
809,752
660,163
669,704
25,763,393
23,456,248
21,442,247
2,655,415
2,486,863
4 weeks of January
4 weeks of February
3,122.556
2,494,369
5 weeks of March
4 weeks of April
4 weeks of July
2,712,628
3,534,564
2,825,752
5 weeks of August
3,718,350
4 weeks of May
5 weeks of June
Week of Sept. 7
Week of Sept.
—
Total.
2,759,658
2,272,941
568,707
nati, 35 to 62;
53 to 69.
Index of Wholesale Commodity
Slightly During Week Ended Sept. 21
Weekly
"Annalist"
Prices Gained
The "Annalist" announced on
The first 18
major railroads to report for the
REVENUE FREIGHT
LOADED AND RECEIVED FROM
(Number of Cars)
80.0 for the date a week preceding.
the index stood at 82.2. The an¬
nouncement went on to say:
Corrected for seasonal variation, the index for Sept. 21 of
78.7,
as
this year was
the farm products section of
preceding figure of 74.3.
Food products,
Principally because of the grain advance,
the index
depressed
The
index
rose
to
75.0 from a
by sagging meat items, declined from 71.6 to 71.1.
the metals group was unchanged at 97.3% of their 1926
mainly
to
average.
••ANNALIST" WEEKLY INDEX OF WHOLESALE
(1926=100)
COMMODITY PRICES
Sept. 21, 1940 Sept. 14, 1940 Sept. 23, 1939
Farm
75.0
74.3
78.0
71.1
products
Food products
Textile products
71.6
66.6
84.4
All commodities
71.3
76.6
16,991
2,274
International Great Northern RR.
2,179
2,620
2,167
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago A St. Louis Ry...
Norfolk & Western Ry
4,993
16,189
46,823
6,194
4,739
15,399
6,419
17,518
45,932
Pennsylvania RR
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
75,274
45,267
6,694
21,869
76,077
6,127
7,657
33,301
5,968
23,382
6,431
—
8,038
33,281
5,946
Ry
-
2,091
3,017
10,070
45,621
11,100
5,617
48,315
6,940
22,840
74,404
6,197
6,678
33,819
6,132
5,527
8,117
9,335
9,839
374,258 367,221 374,774 236,742
TOTAL LOADINGS AND
RECEIPTS FROM
5,430
47.923
5,457
8,348
1,502
2,087
3,118
11,561
5,056
49,024
5,995
7,687
8,769
9,506
9,419
9,241
223,229 233,018
CONNECTIONS
(Number of Cars)
77.6
80.1
80.0
82.2
Moody's Daily Commodity Index continued a moderately
upward trend, closing at 159.1 Friday, as compared with
157.9 a week ago.
The principal individual changes were
9,959
46,492
12,339
1,533
2,156
18,364
Weeks Ended—
Sept. 21, 1940
hides, rubber and wheat, and the
Francisco Ry
Total
In
the following we
Sept. 14, 1940
Sept. 23, 1939
27,951
14,986
27,082
35,153
13,836
28,602
38,768
15,515
79,442
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San
decline in hogs.
9,357
45,208
11,323
22,649
85.4
Moody's Commodity Index Advances
the advances in copper,
9,676
13,025
17,811
23,072
70.8
86.7
77.0
Miscellaneous
10,111
8,675
11,432
1,412
1,797
2,901
12,368
2,764
Ry
Total...
9,089
9,257
19,697
28,414
98.9
97.3
71.3
86.7
Chemicals
10,242
23,368
35,397
17,755
Wabash
6,705
19,504
12,869
20,738
35,916
25,079
16,168
22,820
-
Chesapeake & Ohio Ry
Chicago Burl. A Qulncy RR
Chic. Milw. St. Paul & Pac. Ry..
Chicago A North Western
6,332
18,494
11,863
6,592
36,565
26,428
17,690
21,506
Fe Ry.
Baltlmore & Ohio RR
84.3
97.3
Building materials
Atchison Topeka & Santa
71.7
84.6
Fuels
Metals
Sept. 21 Sept. U.Sert. 23 Sept. 21 Sept. 14 Sept. 23
1940
1940
1939
1940
1940
1939
74.7
67.2
Connections
Weeks Ended—
Weeks Ended—
Gulf Coast Lines
compared with 78.1 a week earlier and 80-7 a year ago.
CONNECTIONS
Received from
Loaded on Own Lines
Sept. 23 that advances in
grains and certain textile items helped offset declines in
the food products division, with the result that its weekly
index of wholesale commodity prices firmed slightly to 80.1
for Sept. 21, as against
As of Sept. 23, 1939,
week ended
a'total of 374,258 cars of revenue freight
on their own lines,compared with 367,221 cars in the preceding
week and 374,774 cars in the seven days ended Sept. 23,
1939.
A comparative table follows:
Sept. 21,1940 loaded
76,071
82.885
36,505
undertake to show also the loading
for separate roads and systems for the week
1940.
During this period 53 roads showed
compared with the same week last year:
ended Sept. 14,
increases when
The Commercial & Financial Chronicle
1800
Sept. 28,
1940
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT. 14
Total Revenue
Total Loads Received
Freight Loaded
Raitrouo
from Connections
1940
Eastern District—
Ann Arbor
571
Bangor A Aroostook
Boston A
1939
1938
687
711
1,435
1,377
813
Chicago Indianapolis A Louisv.
1,074
789
177
252
8,248
7,341
1,849
10,394
11,003
Central Indiana-..
1,815
2,414
2,478
Southern District—(Concl.)
Mobile A Ohio.
Nashville Chattanooga A St. L.
1,683
3,033
Norfolk
1,222
391
369
336
8,803
22,724
8,473
20,310
419
28
34
73
2,109
2,263
460
404
671
845
167
159
163
963
702
107,583
114,088
100,276
69,466
70,727
22,761
2,727
22,287
21,574
2,764
22,257
4,436
15,994
2,625
18,663
11,432
2,875
3,636
4,329
11,663
3,187
8,478
3,991
14,255
1,478
7,711
7,518
400
Seaboard Air Line..
Delaware Lackawanna A WestDetroit A Mackinac
9,323
5,719
10,985
1,368
4,731
9,173
8,258
7,581
8,571
7,308
Southern System
Tennessee Central
393
367
470
159
122
Detroit Toledo A Ironton
1,982
1,909
1,436
1,448
1,573
3,314
13,287
7,423
1,925
1,591
Detroit A Toledo Shore Line
288
Lehigh A New England
Lehigh Valley
Maine Central
Monongahela
2,978
11,682
179
152
13,874
7,521
2,405
2,527
9,951
2,642
......
197
14,650
4,580
195
...
284
13,981
4,749
....
2,516
10,486
3.029
1,685
8,880
5,331
2,202
45,632
N, Y. Chicago A 8t Loui«
N. Y. Susquehanna A Western.
6,694
7,148
370
517
Pittsburgh A Lake Erie..
Pere Marquette
7,613
1,554
7,390
1,974
2,608
3,478
4,508
2,365
45,758
10,494
1,024
3,375
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
6,987
'
2,113
243
220
Richmond Fred. A Potomac—
Total.....—
Duluth South Shore & Atlantic.
13,002
12,930
2,148
10,726
Elgin Joliet A Eastern
6,390
5,979
4,842
606
243
62
409
420
308
211
227
884
1,102
931
2,130
1,853
Rutland
648
713
589
900
990
5,968
5,047
4,989
6,231
5,330
3,720
9,419
3,688
163,069
166,516
133,480
174.735
174,070
534
474
420
957
961
27,312
18,494
19,509
3,452
2,530
2,535
Duluth
9,114
3,744
Total
4,651
St. P. Minn. A Omaha.
37
868
Wheeling A Lake Erie
Great Western
46,158
6,127
.......
& North Western.....
Milw. St. P. A Pacific.
58
5,085
1,564
7,054
5,542
103
Missabe & I. R
22,274
1,306
9,513
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
35,915
6,357
Buffalo Creek A Gauley *
35,083
5,361
343
295
220
1,361
6,910
Cambria A Indiana
Central RR, of New Jersey
Cornwall
1,341
7,243
1,338
9
20
1 5,503
12,631
12,382
634
58
63
,235
44
37
665
632
248
...
Cumberland A Pennsylvania
Ligonler Valley
Long Island
265
;
i
1
6
135
134
81
37
38
753
531
659
2,665
Penn-Reading Seashore Lines.Pennsylvania System
1,751
76,077
1,662
69,872
1,219
56,214
1,533
47,923
Reading
16,457
14,413
12,207
19.772
3,472
13,277
6,206
19,127
6,457
2,723
1,602
45,426
17,480
4,054
3,194
8,282
Union
Co
....
(Pittsburgh)
Western
Maryland
5,230
6,532
170,750
154,637
118,916
120,748
114,544
25,079
28,365
Norfolk A Western
23,151
11,863
21,869
4,679
22,204
4,709
22,587
4,333
5,430
Virginian..
Total
51,627
55,278
1,595
50,071
18,888
417
190
197
3,474
3,180
708
624
599
215
205
192
811
854
773
1,562
1,665
683
637
578
713
790
10,056
9,217
4,927
4,328
9,043
3,909
5,370
4,392
Atl. A W. P.—W. RR. of AlaAtlanta Birmingham A Coast—
Atlantic Coast Line
Central of Georgia..
278
Charleston A Western Carolina
2,942
3,116
293
380
1,961
1,713
141,572
125,571
94,301
50,317
47,446
20,738
3,098
23,713
3,690
20,377
6,332
3,052
2,232
6,245
2,625
479
291
386
76
79
Chicago Burlington A Quincy..
Chicago A Illinois Midland
16,168
17,955
9,159
1.841
15,565
1,705
9,089
2,036
741
681
Chicago Rock Island A Pacific.
13,272
2,713
13,812
2.842
12,073
2,284
938
825
9,578
2,730
1,416
2,652
727
4,114
3,849
3,567
3,694
908
912
1,037
1,111
20
963
1,149
1,384
1,703
392
353
Total
-
Centra! Western District—
.............
——
Bingham A Garfield
....
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western.
Denver A Salt Lake
-
Fort Worth A Denver
Illinois
1,963
1,293
1,897
1,825
1,421
1,431
125
109
826
836
700
424
573
10
20
17
0
0
27,159
28,083
25,538
381
389
269
15,864
17,516
15,154
5,204
1,299
10.259
5,686
1,345
11,001
Pacific...
Peoria A Pekln Union.
Southern Pacific (Pacific)
Union Pacific System
483
4 Apparel
2 Drug
30,582,414
8,270,706
5,951,192
5,535,000
3 Shoe
1 Auto
305
350
199
376
453
24 Chains
2 Mail order
cos.
26 Comnanies
.
725
31
26
175
115
1,073
953
1,692
1,930
368
345
409
482
1,856
26,570
1,071
12,143
5,955
1,240
11,697
26,140
1,744
22,595
21,073
144
498
218
5,607
257
* Previous figures.
*
310
St. Louis-San Francisco
St.
reported
an
increase
August, 1939.
over
in
sales
of
4,928
15,331
2,901
9,357
3,129
9,597
94
109
96
93
4,683
2,231
5,083
2,155
3,182
948
7,885
9,022
8,124
3,277
7,790
4,012
8,081
3,229
7,236
4,835
4,595
2,894
3,510
139
196
255
41
68
14
22
26
24
51
53,131
59,084
53,667
35,119
36,991
Texas A Pacific
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total.
order
companies, 24 other chains
a
reduction between August,
4% in the total number of chain
and candy units,
grocery
of about
Inc.
sales
8 Mos. End.
Aug., 1940
Aug., 1939
$
$
26,154,194 16.93
7,516.469 10.03
4,998,567 19.06
4,518,000 22.5
in
York
store
year,
of all chains combined
compared with the increase
Percentage Change August, 1940
Compared with August, 1939
Type of Chain
Number of
Stores
„1
Grocery
%
Total
Sales per
Store
+ 116
—12.6
Sales
+ 0.7
variety
:
+ 14.8
+27.7
+ 13.9
+ 1.4
...
+ 18.4
+ 16.8
—9.7
All types
+ 7.6
+ 19.2
—4.1
...
+ 14.2
+ 19.1
Inc.
$
489,747,484
544,306,658
219,669,501
63,613,111
49,946,171
32,977,000
New
operation, caused by closings of
per
14% in total sales.
Shoe.
8 Mos. End.
53,349,390 1.28
66,727,717 12.86
1939 and August, 1940 of about
stores in
average
approximately 19% higher than last
were
Ten cent and
6.53%.
Aug., 1939
3,955
Excluding the
461,947,994
515,125,590
202,708,341
6.02
60,133,810
Wholesale
5.79
5,66
Week
8.37
46,973,972 6.33
27,585,000 19.5
8.42
Dis-
of the reporting chain stores in the
York) Federal Reserve District were ap¬
proximately 14% above last year, the most favorable yearto-year comparison in several months, it was announced
Sept. 27 by the New York Federal Reserve Bank.
The
shoe and candy chain store
systems registered large increases
following decreases in July, and sales
and ten cent variety chain stores continued
substantially higher than last year. The Bank further re¬
ported:
Commodity Prices Again Declined During
Sept. 21, According to
National
Ended
Fertilizer
There
sale
was
Association
another decline in the general level of whole¬
prices last week, according to the commodity price index
by the National Fertilizer Association.
This
compiled
index
in
the
the
week
ended
preceding week.
75.6 three weeks
ago,
Reserve
14% Above Year Ago
(New
5,385
17,447
other chain store companies
Total August sales
year ago
297
2,487
...
Louis Southwestern
Texas A New Orleans
Owing to
281,190,605 250,521,553 12.24 2,139,723,057
1,973,589,258
over a
235
324
Discontinued Jan. 24, 1939,
179,678,904 163,264,337 10.05 1,400.259.925
1,314,474,707 6.53
101,511,701 87,257,216 16.34
739,463,132
659,114,551 12.19
of the grocery
219
511
156
258
August Chain Store Sales
in sales
676
222
103
Missourl-Kansas-Texaa Lines.
75.3 in the
Second
228
183
Quanah Acme A Pacific......
%
trict Were
356
783
4,739
15,415
Missouri Pacific
755
Month of
1
964
1,965
1,442
352
443
135
S
881
1,960
1,496
1,056
206
415
Candy
75,306.268
222
1,811
1,942
Valley
191
a.
54,033,324
319
1,925
2,173
2,001
447
increase in sales of
Chains—
2,065
343
1,519
1,965
602
Midland
an
3 Grocery
2,359
237
1,412
1,797
202
Missouri A Arkansas
order companies, 24
11 5-10 cent.
2,167
Litchiield A Madison
1,265
2,010
178
Month of
Aug., 1940
216
2,261
2,260
22,966
mail
201
2",426
191
1,645
23,820
companies,
an
61,340
international-Great Northern.
increase in sales of 10,05%.
Sales for the 26
companies showed an increase of 8.42%
for the eight months of 1940 over the
eight months of 1939.
reported
58,738
137
304
Excluding the two
109,452
*
35
12.24% for August, 1940,
reported
125,257
Kansas City Southern
Louisiana A Arkansas
1,203
compilation made by Merrill Lynch, E. A.
Pierce & Cassatt, 26 chain store
companies, including two
mail
7
2,953
Kansas Oklahoma A Gulf
August Chain Store Sales Up 12.24%
two
14
2,766
2" 620
Western
1,983
Note—Previous year's figures revPed.
order
352
1,822
Southwestern District—
Burlington Rock Island
452
Mississippi Central
mail
609
2,124
116,577
Total
1,061
According to
290
1,948
1,260
Gainsvllle Midland
.....
20
1,160
Northern
Western
1,432
3,911
931
Missouri-Illinois
Nevada
North
9,657
1,889
1,008
City....
Terminal
172
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah....
10.317
302
425
Georgia
Georgia A Florida
11,318
2,275
4,034
1,936
509
531
1,982
2,866
3,642
243
1,374
252
91
2,084
5,883
1,907
446
Columbus A Greenville
Durham A Southern
Florida East Coast
72
824
1,624
8,417
317
1,318
Clinch field
3,366
2,007
2,272
International
Gulf Coast Lines
223
5,028
18,154
Spokane Portland A Seattle...
12,904
5,342
1,389
19,635
467
7,042
679
3,465
2,240
9,034
12,152
M
Northern Pacific...
Spokane
Fort Smith A
Southern District—
Alabama Tennessee A Northern
181
500
5,258
510
Western Pacific
Chesapeake A Ohio...
258
442
22,649
Utah
Pocahontas District—
8,675
550
Toledo Peoria A Western
Total
4,435
16,224
620
Lake Superior A Ishpeming
Minneapolis A St. Louis
Minn. St. Paul A S. S
Alton..
.....
382
25,403
...
Atch. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngstown..
Baltimore A Ohio
Bessemer A Lake Erie
461
2,398
2,907
1,313
1,182
3,336
Northwestern District—»
Chicago
Chicago
Chicago
Chicago
44,717
Pittsburgh A Bhawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
.....
—
1,830
1,820
11,323
1,608
8,392
5,457
Wabash.
Southbound—
35,011
9,239
1,536
5,146
10,702
1,087
1,976
2,618
1,229
1939
9,026
...
16
1,405
Erie
1,895
3,092
1,307
1940
22,320
Piedmont Northern
13
1,375
5,680
Grand Trunk Western........
Lehigh A Hudson River
1938
2,116
2,806
1,353
1,047
3,361
4,438
15,097
Southern
Winston-Salem
from Connections
1939
1940
Central Vermont
Delaware A Hudson
...
Total Loads Received
Freight Loaded
1939
1940
7.561
1,483
Maine
Total Revenue
Railroads
21
dropped to
The index
was
75.1
from
75.9 two weeks
and 76.9 a year ago, based on
100.
The high point for the year
ago,
1926-28 average as
was
Sept.
78.5, in the first week of January.
The Association's
announcement, dated Sept. 23, continued:
Last
week's
decline in the all-commodity index resulted from lower
quotations for farm products and foods, with the general average for all
other
the
commodities
cotton,
grain,
remaining unchanged.
Small declines took place in
and livestock averages, resulting in the farm product
index falling to the lowest level reached in the last month.
The recession
in the food price average was due in
large part to another
prices, following the sharp advance of
group
a
few weeks ago.
drop in meat
Declines in the
indexes representing the prices of fuels, textiles, and misceUaneous
commodities
were
offset by advances in the metal, building material, and
fertilizer material averages.
Volume
IMPORTANT PERCENTAGE CHANGES IN'SUBGROUP
SEPT. 14 TO SEPT. 21, 1940
the week were about evenly balanced,
there were 28 de¬
in the second preceding week there were 49 advances
in price series during
Changes
and 32 declines; in tue preceding week
with 33 advances
clines and 21 advances;
1801
Financial Chronicle
The Commercial &
151
2.5
1.3
0.8
0.8
0.5
0.3
Hosiery and underwear..
0.2
Lumber
Bituminous coal
0.2
0.2
Oils and fats
Anthracite
Preccd'g
Latest
Year
Month
Ago
Ago
14, Aug. 24, Sevt. 23,
1939
1940
Pert. 21, Pert.
Group
Bears to the
Other foods
Week
Week
Each Group
Cattle feed
<1926-28=100)
Association.
Percent
Woolen and worsted goods
INDEX
COMMODITY PRICE
WEEKLY WHOLESALE
1940
Foods
25.3
70.2
44.1
58.8
52.7
48.8
57.8
64.3
64.0
64.8
67.5
.
Livestock
80.5
80.9
80.9
10.8
8.2
85.5
85.6
84.9
69.1
68.9
91.6
Metals
Building materials
87.3
87.1
85.3
Chemicals and drugs
97.8
97.8
97.8
Fertilizer materials
70.3
70.1
71.1
0.3
Fertilizers
78.6
78.6
78.6
77.2
Farm machinery
93.8
93.8
93.8
95.0
75.1
75.3
74.9
76.9
All groups
17% Shown Over July,
combined
25% higher than during the
increase
Prices Declined 0.3% During
21, According to Bureau of
Commodity
Wholesale
Week
Ended
Labor
Statistics
Sept.
Index
in prices for
weakness
Continued
livestock, particularly
hogs, was the principal factor in a decline of 0.3% in the
Bureau of Labor Statistics' index of whole sale commodity
Sept. 21, Commissioner Lubin
reported on Sept. 26.
"The all-commodity index, at 77.7%
of the 1926 average, was 2.3% below the corresponding week
of last year when prices were near their highest level fol¬
lowing the declaration of war abroad," Mr. Lubin said.
He
continued:
from
there
commodity groups during the
1.6% in the farm products group index,
decline of
a
change in the level of the various
0.3% and building materials 0.2%. Hides and
leather products, on the other hand, advanced 0.4%
because of higher
prices for hides and skins.
Textile products and fuel and lighting mate¬
rials rose 0.1%.
The metals and metal products, chemicals and allied
Food prices decreased
commodity group in¬
group, except housegoods and miscellaneous commodities, is higher than a month
increases range from 0.2% for farm products to 2.1% for hides
products, housefumishing goods, and miscellaneous
dexes
remained unchanged.
The index for each
The
ago.
and
leather products
prices of raw materials declined 0.6% as a result
of lower prices for agricultural commodities, raw silk, hemp, copra, and
crude
rubber.
Prices
for manufactured commodities
weakened slightly
while semi-manufactured commodities averaged higher.
There was a frac¬
tional advance in prices for non-agricultural commodities, and industrial
commodity prices, as measured by the index for "all commodities other
than farm products and foods," were steady.
following is also
from the Labor
Department's an¬
nouncement in the matter:
in
four
in
farm
weeks.
product prices brought the average to
Quotations were lower for hogs, cows,
fruit, hops, flaxseed, and potatoes.
rye,
corn,
for
level
lowest
1.6%
of
decline
The
the
barley,
oats,
Higher prices were reported
and wool. Seasonal
wheat, calves, poultry, eggs, cotton,
fruits and vegetables, together with
flour, rice, fresh beef, mutton, veal, lard, raw sugar,
declines in prices for most
for
rye
lower prices
and certain
responsible for the slight decline in the foods group
for butter, pork, bananas, and cocoa beans, as
particularly bran and middlings.
Hide and skin prices rose 2.5% during the week and leather advanced
fractionally.
The upward tendency in the textile products group continued
because of firmer prices for tire fabric, cotton and
worsted yarns, and
burlap.
Raw silk, silk yarns, and manila hemp and rope prices declined.
In the fuel and lighting materials group a marked advance occurred in
vegetable oils,
well
were
Prices
index.
as
were
higher
for cattle feed,
Oklahoma natural gasoline and a minor seasonal increase was
in prices for coal.
Scrap steel also advanced and quicksilver
for
prices
recorded
prices continued to
fall.
spread
over
rubber also declined. Sharp decreases
were reported
in prices for cottonseed meal and Pennsylvania cylinder oil.
There was also a break in the market for ergot, which has been at an
unusually high level in recent months.
The following tables show (1)
index numbers for the main groups of
commodities for the past three weeks, for Aug. 24, 1940 and Sept. 23, 1939
and the percentage changes from a week ago, a month ago, and a year ago;
(2) important percentage changes in subgroup indexes from Sept. 14 to
Sept. 21,
ever, a
decline of 5% in indicated
expenditures for additions,
buildings." Miss Perkins
alterations, and repairs to existing
went
on
to say:
compared with July,
As
1939, the indicated volume
amounted to
period showed a gain of 22%,
$596,832,000, an increase of 8% over
Department's
Labor
The
announcement also had the
following to say:
The
changes
and July, 1940, in the permit
construction are indicated in
for the 2,113 cities having a population of 1,000 or over.
occurring between June
valuations of the various
the following table
classes of building
Change from June to
Construction
Class of
All Cities
Sept.
Aug.
Sept.
14,
7,
24,
1940
1940
1939
Sept. 21, 1940, from—
23,
1940
Commodity Groups
Sept.
21,
1940
Sept.
Aug.
Sept.
14,
24,
23,
1940
1940
1939
products..
Textile products
Fuel and light
materials
products __
Building materials
Chemicals & allied products.
Housefurnishing goods
Metals and metal
77.2
79.5
—0.3
4-0.6
—2.3
66.8
67.6
65.6
69.5
—1.6
4-0.2
—5.5
71.1
products..
Foods
Hides and leather
78.0
65.7
All commodities
77.9
71.3
71.6
70.0
75.1
—0.3
4-1.6
—5.3
99.0
98.6
97.8
97.0 100.4
4-0.4
4-2.1
—1.4
72.0
71.9
71.8
71.7
72.3
4-0.1
71.9
71.8
71.8
71.7
74.2
4-0.1
95.3
95.0
94.9
95.3
0.0
94.2
94.4
94.2
93.4
91.0
—0.2
+0.9
+ 3.5
76.8
76.8
76.8
76.4
0.0
+ 0.5
90.0
90.0
90.0
90.0
0.0
0.0
+ 1.4
*
88.8
—0.4
0.0
*
76.3
76.3
76.4
76.4
76.6
0.0
—0.1
—A).4
70.1
70.5
70.9
69.6
73.0
—0.6
+ 0.7
—4.0
Semi-manufactured articles.
77.5
77.4
76.8
76.5
83.3
4-0.1
Manufactured commodities.
All commodities other than
farm products
All commodities other than
farm products and foods..
81.7
81.8
81.8
81.2
82.5
—0.1
+1.3
+0.6
—1.0
80.4
80.3
80.3
79.7
81.7
4-0.1
+ 0.9
—1.0
82.5
82.5
82.3
82.1
83.0
0.0
+0.5
—0.6
Miscellaneous
commodities.
materials
No
comparable data.
—7.0
+
—4.8%
and repairs
Total
+ 1.7%
+ 19.9%
Additions, alterations
+ 26.0%
31,876 dwelling units.
Of these 5,051 were in projects under the jurisdiction of the United States
Housing Authority.
June permits in these cities provided for 25,265
dwelling units, of which 1,795 were in USHA-aided projects.
Compared
with July, 1939, there was an increase of 24% in the total number of familydwelling units provided.
USHA projects for which contracts were awarded
during July, 1939, provided for 5,567 dwelling units.
The percentage change in permit valuations from July, 1939, to July,
1940, by class of construction, is given below for the same 2,113 cities:
during July,
Permits issued
1940, provided for
Change from July,
Class of
1939, to July, 1940
All Cities
Excl. New York
Construction
+ 22.1%
non-residential
Additions, alterations and repairs
New
+ 27.75
+ 10.3%
New residential
+10.25
+ 17.85 0
+
13.9%
+ 17.1%
The changes
+
20.4%
months of 1940 and the
indicated below, by class of construction:
occurring between the first seven
corresponding period of 1939 are
Class of
Change from First 7 Months of
to First 7 Months of 1940
Construction
1939
All Cities
.
—18.5%
—3.4%
—3.3%
+ 0.3%
non-residential
Additions, alterations and repairs
New
Excl. New York
+8.3%
—11.7%
New residential
+ 0.2%
+
12.9%
of Labor Statistics includes
contracts awarded by Federal and State governments in addition to private
and municipal construction.
For July, 1940, Federal and State con¬
struction amounted to $32,525,000; for June, 1940, to $14,850,000, and
for
information collected by the Bjureau
July, 1939, to
$21,805,000.
following important building
for factory buildings to cost nearly
$700,000: in Boston, Mass., for buildings at the Navy Yard to cost $600,000;
in New York City—In the Borough of Brooklyn, for one-family dwellings
to cost over $700,000 and for multi-family dwellings to cost over $900,000;
in the Borough of Manhattan, for apartment houses to cost $1,300,000;
Permits
—3.1
95.3
4-0.4
+0.3
+ 0.4
23.4%
49.5%
+
+ 28.0%
New non-residential
projects:
77.7
July, 1940
Excl. New York
+ 24.9%
New residential
The
Percentage Changes to
Raw
the like period of 1939.
~
Total
Sept.
Farm
of total building
New residential con¬
while there was a
gain of 10% and 14%, respectively, in permit valuations for new non¬
residential buildings and for additions, alterations, and repairs.
These
data are based on reports received by the Bureau of Labor Statistics from
2,113 cities having an aggregate population of approximately 60,800,000.
During the first seven months of 1940 permits were issued in reporting
cities for buildings valued at SI,215,152,000.
Permits issued for new
residential buildings during the first seven months of the current year
showed an increase of 17%.
in July
construction
struction over the same
1940.
(1926=100)
This
During the same period there was a gain of 28% in the
of new non-residential buildings.
There was, how¬
turpentine, weakened and crude
and
preceding month.
all of the nine geographic divisions.
Total
Although higher prices were reported for most types of lumber, a sharp
break in prices for yellow pine timbers brought the Bureau's index of
lumber down 0.5%.
Prices for paint materials, such as linseed oil, shellac,
*
was
wholesale
Average
The
1939
value
prices during the week ended
furnishing
July'Gained 20%
Labor Perkins —
gain of 20% over June in
were
little
Other miscellaneous
total building permit valua¬
tions was shown by July building permits,^Secretary of
Labor Frances Perkins reported on Aug. 24.
"Except for
1938, this is the largest increase July has shown over June
since 1929," she said.
"July residentialFpermit valuations
92.4
0.3
70.4
100.0
materials
Cereal products
Reports Secretary of
A
83.7
1.3
Aside
pharmaceuticals
Grains
Advance of
93.9
7.1
week.
Drugs and
Paint and paint
Over June,
70.6
92.0
6.1
was
Crude rubber
Meats
Permit Valuations in
Total Building
86.2
69.0
.
92.4
0.3
Fertilizer materials
79.4
Miscellaneous commodities..
Textiles.
Fuels
17.3
Other farm products
65.3
60.1
0.1
Dairy products
Cotton goods..
Fruits and vegetables.
Silk
69.7
53.7
63.8
Grains
53.2
62.6
51.7
59.8
Cotton.
62.3
51.6
..
52.8
62.1
Cottonseed oil
0.1
0.1
0.1
Leather
75.2
43.6
44.1
Fats and oils
Farm products
23.0
71.0
Petroleum products
Other textile products
1940
70.7
Total Index
2.5
2.0
1.8
1.6
1.0
0.8
...J 0.5
0.3
0.2
0.2
0.2
0.1
0.1
Livestock and poultry
Hides and skins
and 15 declines.
Compiled by the National Fertilizer
INDEXES FROM
Decreases
Increases
in the
in
were
issued during July for the
In East Hartford, Conn.,
dwellings to cost nearly $2,400,000;
dwellings to cost approximately $1,-
Borough of Queens, for one-family
Philadelphia, Pa., for one-family
200,000; in Chicago, 111.,
for one-family dwellings to cost
approximately
stations and structures for the
Chicago subway to cost over $2,500,000; in Evanston, 111., for a school
building to cost $4,500,000; in Dearborn, Mich., for one-family dwellings
to cost nearly $700,000; in Detroit, Mich., for one-family dwellings to cost
over $4,400,000; in Columbus, Ohio, for one+amily dwellings to cost nearly
$550,000; in Cleveland, Ohio, for one-family dwellings to cost nearly
$800,000; in Milwaukee, Wis., for one-family dwellings to cost more than
$500,000; in Minneapolis, Minn., for one-family dwellings to cost nearly
),000; in St. Paul, Minn., for one-family dwellings to cost approximately
$1,900,000
and for the construction of
The Commercial & Financial Chronicle
1802
$600,000; in Omaha, Neb., for
disposal plant to cost over $600,000;
a sewage
the figures given in this statement do not include a
number of large defense projects on the West Coast and in
colonial territories, both of which are furnishing an aug¬
in Washington, D. C,, for
one-family dwellings to cost over $1,800,000,
for multi-family dwellings to cost more than
$1,200,000, and for additional
stories
on
and for
an
the Navy and Munitions Building to cost over
$1,400,000,
office building to cost $1,500,000; in Miami, Fla., for
one-family
mented market for materials and labor.
construction
dwellings to cost nearly $600,000; in Miami Beach, Fla., for hotel buildings
to cost more than $1,000,000; in
Pensacola, Fla., for construction at the
Navy Yard to cost $700,000; in Baltimore, Md., for one-family dwellings
Los Angeles, Calif., for one-family
dwellings to cost more than $3,500,000;
Oakland, Calif., for one-family dwellings to cost
Calif., for one-family dwellings to
than $600,000;
more
cost more than $500,000
and
for construction at the Navy Yard to cost
Francisco, Calif., for one-family dwellings to cost
$1,200,000; in San
over
over $1,100,000 and for
United States G6vernmenc Building to cost over
$4,000,000; in Vallejo,
Calif., for construction at the Navy Yard to cost over
a
$1,200,000;
Seattle, Wash., for one-family dwellings to cost
in
more
Honolulu, T. H., for ohe-family dwellings to cost
Contracts
projects:
awarded
were
July
during
for
the
in
than $700,000; and
more than
following
$500,000.
USHA-aided
In New Britain, Conn., to cost nearly $1,200,000
Montgomery, Ala., for three projects to cost approximately $1,840,000
(711 d. u.); in Memphis, Tenn., to cost nearly $1,450,000 (500 d. u.);
in
Houston, Texas, to cost
than $550,000 (204d.u.); in San Antonio,
(342 d. u.); and in Phoenix, Ariz., to cost
than $425,000 (224 d. u.).
Texas, to cost
more
the like week
over
a
21, 1940, 7.3%
The current
year ago.
PERCENTAGE
INCREASE
FROM
PREVIOUS YEAR
Maim Geographic
Week Ended
Week Ended
Week Ended
Week Ended
Regions
Sept. 21,1940
Sept. 14, 1940
Sept. 7, 1940
Aug. 31, 1940
New England
4.5
Middle Atlantic
6.1
7.6
Central Industrial
West Central
4.5
4.5
7.9
5.4
6.8
11.8
I
11.9
12.4
15.7
4.6
2.7
4.6
8.6
Southern States
3.2
2.9
6.2
10.0
Rocky Mountain
3.9
9.4
12.0
10.7
2.8
6.1
3.9
4.1
7.3
7.9
7.5
10.3
Pacific Coast
more
Total United States.
DATA
FOR
RECENT
WEEKS
(THOUSANDS
DWELLINGS,
KILOWATT-HOURS)
OF
Percent
2,113 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, JULY,
beginning
corresponding
2,448,888,000
kwh.
The output for the week ended
Sept. 14, 1940, was
estimated to be 2,638,634,000 kwh., an increase of
7.9%
PERMIT VALUATION OF BUILDING
CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW
IN
substantial
a
at the
ended Sept. 21, 1940, was 2,628,667,000 kwh.
week's output is 7.3% above the output of the
week of 1939, when the production totaled
$780,000
over
by
current
The 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
in
$400,000 (152 d. u.); in Spartanburg, S. C., to cost approximately
$400,000
(150 d. u.); in Wheeling, W. Va., to cost over
$$00,000 (302 d. u.); in
were
Undoubtedly, total
exceed
year."
(340 d. u.);
Stamford, Conn., to cost $920,000 (250 d. u.); in Fall River,
Mass.,
to cost over $720,000
(223 d. u.); in Springfield, 111., to cost approximately
$1,830,000 (599 d. u.); In Columbus, Ohio, to cost over $1,000,000
(334
d. u.); in Pensacola, Fla., to cost
nearly $500,000 (200 d. u.); in Atlanta,
Ga., to cost over $1,400,000 (520 d. u.); in Kingston, N. C., to cost
nearly
will
Electric Output for Week Ended Sept.
Above a Year Ago
$500,000; in Denver, Colo., for one-family dwellings to cost nearly
$550,000;
Burbank, Calif., for one-family dwellings to cost nearly $800,000; in
in San Diego,
1940
for
^
$600,000; in Houston, Texas, for one-family dwellings to cost
than $800,000; in Waco, Texas, for school
buildings to cost more than
in
in
volume
margin the estimates which
of this
to cost over
more
Sept. 28, 1940
that
Change
Week Ended
1940
1940
1939
1940
1937
1932
1929
from
1939
■-
New Residential Buildings
June
Percentage
Change from—
No.
of
July, 1940
No. of
Valuation.
Cities
Oeoffraphlc
Division
Permit
Percentage
Change from—
Families
Provided
June,
July,
1940
1939
+ 24.9
+ 22.1
1
2,332,216
2.113.887
+ 10.3
2,131.092
1,381.452
June
8
2,452.995
15
2,516,208
2,256,823
2,264.719
+ 8.7
June
+ 11.1
2,214,166
2.213,783
2,508,825
2,285,083
+ 9.8
2,238.332
2,514,461
2.300.268
+ 9.3
2.238,268
1.435.471
1.441,532
1,440,541
1,456,961
1,341,730
1,415,704
June 22
New
2,113 $118024 086
31,876
139
Atlantic
$9,596,115
528
England
Middle
19,538,780
+ 62.2 + 118.0
—28.3
+ 11.6
29,288,364
+ 16.2
+ 55.5
6,660
0,824,660
+ 2.9
+ 32.7
1,855
5,209
460
West North Central
196
South Atlantic
253
17,477,862
June 29
1939
July
July
+ 9.0
2,096,266
13
2,483.342
2.324.181
+ 6.8
July
20
2,524,084
+ 10.0
2.298,005
2,258,776
27
3
2.294,588
2,341.822
+ 26.2
4,520
East North Central
July,
1940
July
All divisions
June,
for,
July, *40
2,394
+ 24.1
+ 74.5 + 141.3
+ 5.2
—29.2
+ 16.7
+ 3.9
Aug.
6
*
2,264,953
—
2,600,723
2,077,956
1,615,085
1.689,925
1,699,227
1,702,501
1,723,428
1.592,075
1.711,625
1,433,993
1,727,225
1,723.031
+ 11.1
+ 12.0
2,256.335
2,261,725
1,426,986
1.724.728
+ 11.0
2,300,547
2.304.032
1,415,122
1,431,910
1,729,667
1,733,110
1.440.386
2,604.727
2,325.085
Aug. 10..
2.589,318
+ 58.0
Aug. 17
2.606,122
2.333,403
2.367,646
+ 30.5
Aug. 24
2.570,618
2,354,750
+ 9.2
2,294,713
1,436,440
Aug. 31
1,750.056
2,601,127
2,357,203
+ 10.3
2,320,982
2.289,960
+ 7.5
2,154,276
1.464,700
1,423,977
1.761.594
2,462.622
2,638.634
2,444,371
+ 7.9
2,280,792
1,476,442
2,628,667
2,448,888
+ 7.3
83
+ 50.5
5,395,207 + 229.6
+ 28.4
East South Central-
+ 90.8
+ 69.6
+ 40.6
2,106 + 198.3 + 117.8
West South Central
Mountain
127
8,009,499
+ 24.3
—13.9
2,564
+ 12.7
—23.9
Sept. 14
107
+ 33.2
1,071
+ 13.9
+ 46.3
220
3,059,252
18,834,347
+ 13.2
Pacific
+ 11.6
+ 44.5
5,431
+ 7.1
+ 41.2
Sept. 21
Sept. 28
Sept.
•
7-_
Oct.
•
»»
+ 10.1
2.265,748
1.674,588
1,806,259
1,490.863
1,792,131
2,469,689
5
2,275,724
1,499,459
1,777.854
2,465,230
-
2,280,065
1,506,219
1,819,276
Total Building Construction
New Non-Residential
(Including Alterations
Buildings
and Repairs)
Bank
Debits
for
Week
Population
Geographic
Division
Percentage
Change from—
Permit
Valuation.
July,
1940
June,
Valuation,
July, 1940
July,
1940
1939
+ 28.0
+ 10.3 215,169,809
New England.
3,918,230
+ 6.7
—30.0
MlddleAtlantic
9,346,849
—36.8
—14.9
E. No. Central 16,590,073 + 138.8
+ 35.8
W. No.Central
E.
1939
+ 19.9
+ 17.1 60,795,745
+ 28.0
+ 26.7
—15.0
—18.6 18,668,044
+ 37.8
+ 46.0 15,055,233
+ 35.4
+ 4.9
—23.3
31,861,826
+ 45.0
+ 4.5
7.512.503
+ 75.7
-L55.5
+ 20.2
13,190,482
+ 30.6
—2.5
+ 50.9
—9.0
5,544,429
37,044,027
+ 23.9
+ 17.0
+ 18.9
+ 58.9
3,273,701
1,234,558
5,304,456
+ 33.3 + 115.5
+ 13.0
SUMMARY BY FEDERAL RESERVE
DISTRICTS
In Millions of Dollars
Week Ended
13 Weeks Ended
Federal Reserve District
Private
Construction
Construction activity
Not
since
June,
1930,
reached
have
contracts
States exceeded last
since
building
July,
contracts,
1929,
and
August's
awarded
in
the
37
$514
$503
15,695
$5,565
3,947
40,820
44,927
458
443
5.388
5,243
668
596
Richmond
7.389
6+62
347
331
3,933
3,674
2,938
14,911
Atlanta
Minneapolis
3,015
2,992
176
185
2,058
2,069
303
306
3,383
3,450
238
237
2,487
2,447
814
749
8,601
8,143
$8,786
$9,080
$100,758
$102,820
the
the
was
August,
highest
1939,
total
San Francisco
Total, 274 reporting centers.New York City*
140 Other leading centers*
133 Other centers
large portion of the increased
volume; it brought the total volume of public construction
contracts up to
year.
included
contracts
a
a
However, private construction con¬
$153,869,000 in August, 1939, to $219,43% rise.
$29,000,000 increase
This
in
$6S,000,000 increase
manufacturing building
($10,369,000 in August, 1939; $39,586,000 in Au¬
1940), consisting in considerable
degree of plant ex¬
pansion stimulated by defense orders.
However, there were
gust,
also
substantial
dential
increases in
private commercial and
resi¬
Commenting
on
the
Vice-President
in
charge*
F. W. Dodge Corp., said:
of
record,
Thomas
statistics
and
S.
Holden,
research
for
"The impetus given to construc¬
tion
by the defense program has just begun to be
felt, and
some defense
requirements have not yet been taken care of
in
appropriations made to date.
It
should
be
noted
also
36,947
41,300
54,980
52,266
791
763
8,830
8,254
The Bureau of Statistics of the
Department of Commerce
Washington on Sept. 23 issued its statement on the
foreign trade of the United States for August and the
eight
months ended with August, with
comparisons by months
at
back to 1935.
Total
exports
The report follows:
from
the
10% higher than in July.
United
States
in
August
were
approximately
This brought exports to the $350,000,000 level
of June,
when the French and other continental European
markets
still open to American trade.
The increase from
August
As
August
3,630
4,687
Centers for which bank debit figures are
available back to 1919.
$100,000,000,
building contracts.
3,111
4,884
Country's Foreign Trade in August—Imports and
Exports
$195,293,000, compared with $158,459,000 in
August of last
648,000 last month,
3.122
14,864
278
Kansas City
Dallas
of
♦
tracts increased from
265
1,241
263
$414,941,000,
$152,OSS,000,
a
279
1,287
Chicago
The August total of resi¬
exceeded
responsible for
20,
1939
3,438
New York
St. Louis
month's total
Construction undertaken under the national
defense pro¬
was
Sen.
Cleveland..
in
by 20%.
gram
1939
Sen. 18,
1940
Philadelphia
Shared
10-year peak in August.
a
according to P. W. Dodge Corp>.
dential
Sert. 20,
Boston
Record Contract Volume
Eastern
3.2%
1,976,031
+ 7.7
5,576.232
1940
and
1940,
(except inter-bank accounts),
reported by banks in leading cities for the week ended
Sept. 18, aggregated $8,786,000,000.
Total debits during
the 13 weeks ended Sept. 18 amounted to
$100,758,000,000,
or
2% below the total reported for the corresponding period
a year
ago.
These figures are as reported on Sept. 23, 1940,
by the Board of Governors of the Federal Reserve System.
Sept. 18,
Public
18,
Debits to deposit accounts
4,549,755
5,157,735
+ 2.8
+ 33.7
1,209,446
W. So. Central
2,906,178
Mountain
1,615,010
Pacific..
14,105,959
16,367,137
37,763,432
53,567,730
12,318,243
+ 68.6
Central
Sept.
Ago
Year
a
as
July,
—30.3
3,263,127
Atlantic 10,542,830
So.
of 1930)
Ended
Below
(Census
$
divisions.. 63,497,702
South
June,
1940
$
All
Percentage
Change from—
Permit
result
a
or
a
year
ago
were
was
40%.
of the
heavy shipments during August, aggregate exports
during the first year of the war reached $4,000,000,000. as
compared with
less than $3,000,000,000 in the
corresponding period of 1938-39. The figure
for the
war
period has not been exceeded in any comparable
period since
1929-30.
General imports into the United States in
were
somewhat
smaller
than
in
August, valued
at
$220,000,000,
July, but substantially higher than in
The divergent trends in import and
export trade in August
widened the export balance to
$130,000,000 for the month and raised the
August, 1939.
The Commercial &
151
Volume
$1,400,-
during the first year of the war to
accumulated, excess of exports
000,000.
Exports of War
The rise in exports
Commodities Resume Advance
July,
of United States merchandise
increased from a combined
and
and
total of $49,000,000 in July to
$65,000,000 in
semi-manufactures of copper and of brass
bronze, also went out in large volume.
In the category of machinery
vehicles, shipments of aircraft and parts jumped from $23,000,000 to
August.
Other metals including
$37,000,000, a record figure, as a consequence
chiefly of deliveries to British
machinery rose from
sales of metal-working
account, and
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Merchandise—
Dollars
Dollars
Dollars
Dollars
Dollars
285,772
210.260
360,181
229,671
252,443
259,160
216,191
270,429
263,995
338,900
343,709
204.627
271,608
227,024
316.490
285,081
256.481
253,713
246.119
318.143
229,554
233,465
344,227
177,006
264,613
224,806
175.825
273,561
293,374
228,312
226,740
247,412
284.392
341,796
329,373
311,212
274.059
249,844
323, 77
286,761
319,431
266,358
357,307
219,063
195,689
January
173.560
February
160.312
179.381
March
181,667
192,405
160,511
159,791
May
i
July
August
189,574
197,020
167,278
167,865
109,683
April..
June
181,386
September
196,040
October
218,184
November
267,258
217,925
262,173
223.920
December
220,931
220,606
8
243,595
mos.
Imports for
$22,000,000.
•
reductions, to some extent seasonal, in
exports of agricu tural products, including unmanufactured cotton, corn,
and lard.
Surplus stocks of firearms and ammunition continued to be dis¬
posed of abroad, but in amounts further reduced from the high level of
These ga ns were
offset in part by
Consumption—
Trade During the First
Concentration in Export
168,482
186,377
228,680
152.246
175.485
189,590
260,047
163,312
155.923
169,353
152,577
189,933
February
295,705
173,190
191,269
185,910
206,461
194,185
178,373
203,711
205,175
170,430
217,826
171,023
180,225
trade in United States merchandise
during the eight months ended with August show that a relatively few
commodities comprised a high proportion of total exports during the period.
Manufactures of iron and steel accounted for 14% of the aggregate, and
shipments of industrial machinery, of which metal-working machinery was
the principal component, accounted for more than 10%. Exports of aircraft,
valued at nearly $200,000,000 during the months from January to August,
and shipments of raw cotton each constituted about 7% of total export
trade.
These four categories of United States products together made up
38% of all exports during the first eight months of 1940. The same com¬
modities accounted, however, for 64% of the increase in the value of ship¬
ments abroad as compared with the first eight months of 1939.
Iron and
steel manufactures contributed a fourth of the total gain; industrial mach¬
inery more than 10%, aircraft 16%, and cotton 12%.
214,106
Trends in Import
the preceding
166,756
189,008
278,118
147,123
155,313
194,311
278,300
173.096
September
168,683
262,919
248,730
233,959
147,779
147,707
180,381
October
189,806
November
102,828
December
179,760
197,458
200,783
218,425
213,419
200,304
240,230
April..
8
Trade Mixed
and semi-manufactures, as a group, showed a
compared both with July and with August a year
further gain in August as
commodities involved in either case, while
manufactures were reduced.
with many of the same
imports of finished
Merchandise
Including Re-Exports, and General Imports of
Comparative Summary, August, 1939-1940
1940
1939
1940
1939
Increase(+)
Decrease(—)
1,000
1,000
1,000
Dollars
Dollars
Dollars
250,102
349,800
Imports
220,217
1,895,745
1,438,991
74,478
129,583
456,754
+838,871
+307,240
2,734.616
175.623
988,385
Merchandise export bal.
1,746,231
1940
% Months
Increase (+)
Ended August
Decrease(—)
1940
1939
1940
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
10
457
351,563
2,559.656
4,957
3,622,083
259,921
Import balance
351,553
2,559,199
3,617,126
+4,500
+ 1,002,427
Silver—
—6,934
Exports
937
180
10,191
3,257
Imports
4,365
4,107
05,422
39,510
3,927
55,231
36,253
3,428
Import balance
TRADE BY MONTHS
SILVER
AND
GOLD
—
25,912
AND BY CUMULATIVE
PERIODS
Silver
Gold
Month or
1937
1939
1940
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
1938
1,000
Period
Dollars
Dollars
Dollars
January
•
11
February...
.
Dollars
Dollars
Dollars
22
2,112
355
1,671
452
16
53
1,811
233
298
1,546
191
2,054
1,923
250
2,064
594
317
611
177
254
803
884
193
640
15
937
180
20
53
18
13
145
231
33
4
212
36
3,563
81
August
...
September
1,249
9
8
214
17
13
10
278
401
11
15
285
1*,463
15
380
1,259
,
232
16
14
10
627
823
487
15,052
16
11
236
1,344
887
524
November..
5,832
457
5,889
508
end.
August
..
10,614
2,194
10,191
12,042
4,957
7,082
46,020
Imports—
January
121,336
February...
120,326
154,371
215,825
155,366
262,103
175,624
105,013
145,623
90,709
July
September
.
Month or Period
1935
1,000
1,000
1,000
1,000
1,000
1,000
November..
52,194
Exports Including
he-exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
December..
33,033
October
170,223
261,935
218,716
185,020
195,113
256,566
275,308
267,781
347,039
351,422
8
March
164,151
192,795
200,772
185,093
268,945
274,472
257,270
232,726
230,974
323,979
249,466
230,164
28,708
10,328
15,488
9,927
5,689
14,440
7,207
5,724
7,143
0,162
14,770
5,170
4,589
4,673
71,236
52,987
55,438
606,027
249,885
2,821
15,767
429,440
438,695
3,165
17,962
240,450 1164,224
519,983
6,025
19,180
63,880
278,645
4,476
18,326
6.531
6,378
165,990
520,907
662,382
259,934
4,985
4,365
4,107
24,098
25,072
177,782
240,542
167,991
451,183
4,964
8,427
5,701
10,633
23,161
21,533
4,039
7,268
4,183
3,795
43,965 134,842
65,422
91,877 230,531
85,307
351,563
326,089
69,740
24,987
350,242
229,631
2,846
14,080
459,845
223,296
365,436
12 mos. end.
325,435
5,799
4,070
236,413
201,475
156,427
8,211
369,679
163.007
222,605
233,125
289,071
February
198,564
182,024
212,911
January
7,155
52,947
3,257
14,630
12 mos. end.
March
657
1,292
1,773
30,084
October
mos.
19
65
129
July
131
169
June...
1,668
1,841
1,144
206
May
8
Dollars
81
5,067
174
~~39
March.....
May.
1939
1938
1937
of Gold and Silver
259,934
August
1936
214,502
232,736
165,359
13
April
PERIODS
171,668
1,000
June
MONTHS AND BY CUMULATIVE
MERCHANDISE TRADE BY
212,382
203,644
Dollars
Gdldr—
Exports
Dollars
Exports
207,131
August
1,000
Dollars
178,447
2,423,97713,009,852 1,949,624 2,270,099
1939
1
Dec.
1,000
220,470
Exports and Imports
December..
8 Months Ended A ugust
August
Exports and Imports
172,909
199,404
Exports and Imports
April..
month.
203,077
1,261,241 1,422,328 1,674,909
ended Aug. 1,337,829 1,551,599 2,133,398
mos.
12 mos. ended Dec. 2,038,905
small decrease in total
Imported crude materials
Exports,
May
March
Imports.
imports for consumption in August
as compared with Ju y, amounting to less than 2%, was the result of a
number
f essentially unrelated developments.
The sharp declines in
imports of rough, uncut diamonds and of burlaps followed unusually large
arr.vals in July and extended the erratic movements of these commodities
during recent months.
Imports of foreign foodstuffs, particularly coffee
and Cuban sugar, and of inedible expressed oils, also fell off.
Imports of a number of strategic and critical materials, including tin,
nickel, manganese, silk, and rubber, increased in August from July levels.
In the case of silk and rubber, the rises following substantial increases in
July.
Only a small part of the arrivals of rubber during the month rep¬
resented deliveries under the cotton rubber barter deal, and none rep¬
resented purchases under the more recent agreements between the Govern¬
ment and rubber manufa turers, on the one hand, and the International
Rubber Regulation Committee, on the other, for the acquisition of ad¬
ditional stocks.
Imports of undressed furs were also up significantly from
The relatively
280,899
155,118
August
data covering export
Cumulative
166.070
194,296
199,776
July
Eight Months of 1940
234,620
January
June
June.
ago,
312,344
2,023,313 1,871.805 2,675,790
ended Aug. 1,340,668 1,488,285 2,045,539
3,057,169 3,123,343
ended Dec. 2,243.081 2,418,969 3,298,929
12 mos.
$15,000,000 to
CUMULATIVE PERIODS
1936
1935
Exports—U. S.
in August, as compared
heavily concentrated in the
was
MONTHS AND BY
MERCHANDISE TRADE BY
Month or Period
general commodity groups
compr sing metals and machinery and vehicles.
All other groups con¬
sidered together showed a net decline, although the principal factor of
decrease was reduced shipments of surplus war materials not of direct
significance for current trends in domestic production.
|l In the metals group, exports of iron and steel semi-manufactures (including
scrap), steel-mill manufactures, and iron and steel finished manufactures
with
1803
Financial Chronicle
317,021
April
165.459
May
170,244
173.230
June
July
180,390
178,975
289,922
205,341
268,184
227,535
230,790
250,102
246,335
288,956
172,126
198,803
220,539
277,031
290,579
221,296
264,949
332,710
277,668
226.364
314,697
252,381
December
223,469
229,800
323,403
268,943
368,046
•
September
8 mos.
12 mos.
General Imports—
145,869
178,866
265,214
140,809
245.668
165,516
168,910
175,623
233,142
224,299
167.592
181,536
215,289
223,090
178,024
170,187
208,833
171,347
202,779
286,837
159,827
191,697
191,077
195,056
193,073
101,647
215,701
189,357
212,692
169.385
180,968
August
September
October
November
December
8 mos. ended
196,400
245,161
162,951
199,925
210,755
211,346
211,388
Activity in August Reached High
According to Wells Fargo Bank
during August rose to a high
slightly above the preceding month and
substantially ahead of last August, according to the current
"Business Outlook" published by Wells Fargo Bank & Union
point for the year,
Co.,
Trust
San
Francisco.
220,217
two of the August index
sales and industrial production,
July,
with
store
ings
held even, and bank
stood
compared
The Wells Fargo index
113.7% of the 1023-25 average last month as
with 112.8% in July and 101.0% a year ago.
As
fit
232,256
compared
factors, department
advanced, car load¬
debits receded somewhat.
235,458
2,194,304 1,267,280 1,438,991 1,746,231
Aug. 1,340,128 1,552,638
2,047,485 2,422,59213,083,668 1,960,428 2,318,081
ended Dec.
Analysis of Imports and Exports of the United States
in August and Eight Months Ended August
The
Merchandise and Imports for Consumption
Comparative Summary, August, 1939-1940
United States
Exports of
39,610
246,807
173,372
176.631
July
mos.
284,735
280,224
148.248
307,474
169,030
June
F 12
212,352
198,701
170,533
156,754
May
for Year,
California business activity
186,300
202.493
240,444
277,709
170,689
192.774
170,500
April—
ft
Point
241,992
187,482
152,491
177,356
March
477,844 2559,656 3622,083
1631,523 1979,45813574,659
California Business
178,246
158,072
190,481
166.832
February
1309,964
•
2,081,778 2,049,112 1,895,745 2,734,616
ended Aug. 1,369,468 1,514,326
3,349,167 3,094,440 3,177,176
ended Dec. 2,282,874 2,455,978
January.
..
349,800
292.453
November
269,838
August
end.
Dec
331,978
October
mos.
August
of the
Department of Commerce's report of the character
country's foreign trade reduces the export and import
Exports and
Imports
-
1939
1940
8 Months Ended
1939
August
Increase (+)
figures into five separate groups, ranging from crude materials
to finished manufactures, in each of which the agricultural
Decrease(—)
August
and
1940
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
247,412
341,796
214,106
1,871,805
2,675,790
+ 803.985
1.422,328
1.674.909
+252,581
1,000
mdse.)..
constimption
Exports (U. S.
Imports lor
180.225
1,000
1.000
shown separately. This
the first eight months of
1940 15.3% of domestic exports and 51.0% of imports for
consumption were agricultural products, we present below
in the usual manner on the following page:
non-agricultural totals are
tabulation, which reveals that in
1804
The Commercial & Financial Chronicle
Sept. 28, 1940
DOMESTIC EXPORTS FROM AND IMPORTS
INTO THE UNITED STATES
FOR THE MONTH
OF AUGUST AND
EIGHT
MONTHS ENDED
AUGUST, 1940 AND 1939
Month of Aug.
8 Months Ended Aug.
Analysis by Economic Groups
1939
(Value in 1.000 Dollars)
1940
1939
1940
Class
1939
8 Months Ended August
1940
Per
Value
1939
Per
Cent
Finished Manufactures—Concluded—
Gasoline and other motor fuel
Value
Value
Cent
62,429
7,525
51,895
777
5,807
4,494
1,257
15,511
36,165
87,689
3,871
6,288
29,620
41,658
8,698
9,689
Iron and steel advanced manufactures
Electrical machinery and apparatus
Per
Value
-
4,133
7,024
Glass and glass products
Steel-mill manufactures
1940
Per
Cent
8,012
Lubricating oil
Month of August
Cent
66,958
76,622
817
Radio apparatus
materials
36,258
...
7.1
4.9
6.0
3.4
7,690
16,609
5,813
361,258
233,395
127,863
13.5
6.3
260,126
147,071
113,055
13.9
8.3
16,645
8,380
Non-agricultural
24,299
20,613
Agricultural
14.7
1.7
79,892
4.3
54,535
2.0
5,766
1.7
4.2
54,126
2.0
Crude foodstuffs
Agricultural
3.4
8,299
Non-agricultural...
81
M fd. foodstuffs A bev.
2.3
79,045
48
-
847
15,946
14,323
1,623
53,376
0.7
2,002
0.6
21.6
96,722
28.3
259
0.1
452
0.1
119,844
110,582
9,262
353,218
1,679
53,117
133,452
21.5
96,270
28.2
Agricultural...
Non -agricultural...
Semi-manufactures...
Agricultural
6.4
3.9
13,365
11,303
5.8
3.3
7.9
6.4
570
6,966
1,863
13,373
38,466
191,633
5,741
14,415
277,904
Metal-working machinery
-
4.7
13,633
22.8
0.1
351,539
18.8
3,129
007,667
22.7
63.9 201,597
0.3
1,024
59.0 1,058,725
0.3
5,245
50.6
1,524,531
57.0
Non-agricultural... 132,729
53.6 200,573
58.7
0.3
8,859
56.3 1,515,672
50.0
Agricultural
1,053,480
Passengers
0.1
0.3
Total exports of U. S
merchandise
247,412 100.0 341,796 100.0 1,871,805 100.0 2,675,790 100.0
17.9
44,216
7.7
26,294
343,623 18.4
410,647
15.3
Non-agricultural... 203,195 82.1 315,602
92.4 1,628.182
81.0 2,265,143
84.7
19,383
6,650
3,693
56,927
15,645
48,375
177,670
51,312
5,259
2,316
1,424
37,440
2,713
12,744
556
1,658
60,956
33.8
88,495
41.3
Agricultural
43,045
23.9
17,911
9.9
60,087
28,409
28.1
Non-agricultural...
2,770
6,043
788
1,265
899
1,479
246
3,695
18,780
h27,527
141,761
247,412
341,796
10.0
637,149
38.0
461,761
176,387
195,514
187,039
8,476
195,398
27.6
10,636
10,843
42,674
h229,467
1,871,805 2,675,790
Consumption
Undressed furs
10.5
Crude rubber
Oilseeds
11.5
21,515
19,749
1,028
27,492
10.9
20,482
9.6
0.6
1,033
0.5
15.3
20,588
9.6
22,798
12.6
8.2
4,694
35,647
2.6
3,091
1.4
37,680
19.8
50,342
23.5
3,681
2.0
28,821
2.0
17.7
5,631
44,711
2.6
31,965
Mfd. foodstuffs A bev
Agricultural
_..
Semi-manufactures...
20.9
270,147
290,296
3,882
280,414
19.0
Agricultural
Non-agricultural...
Finished manufactures
35,353
Agricultural
19.6
13.3
17,497
33,166
15.5
501
0.3
592
0.3
34,852
Non-agri cultural...
19.3
32,574
16.2
298,968
8.9
13.6
13.0
0.6
13.8
11.1
38,685
309,691
43,598
326,093
0.5
11.7
21.0
20.4
0.3
20.1
3,493
2,457
1,805
Agricultural
Non-agricultural...
132
3,342
160
1,824
1,923
2.6
19.5
16.5
0.3
16.3
the Nation's foreign trade in
arrange¬
ment of the
figures given out by the Department of Commerce
showing the value of each of the chief items of the export
import trade arranged according to economic
groups:
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES
FOR THE MONTH
OF AUGUST AND
EIGHT
MONTHS
ENDED
AUGUST, 1940 AND 1939
Leading
Commodities
In
Each
3,220
3,704
28,469
51,734
10,540
1,227
Other textile flbers.c
11,451
59,364
71,748
Pulpwood
Diamonds, rough,
1940
4,481
7,054
9,338
5,468
23,008
93,588
214
620
use
Manganese, chrome, and other ferro-alloylng ores
1,259
1,157
9,257
l,18t
40;
83
98
2,758
2,561
15,535
4,083
3,560
19,952
4,875
79,324
10,973
4,033
1,659
2,188
2,854
21,178
5,063
19,997
4,666
21,218
89,226
15,165
25,173
2,628
Bananas
Nuts
1,038
20,515
12,863
5,968
11,337
8,033
6,369
32,080
54,741
27,149
507
Cocoa
7,864
77,944
486
Crude Foodstuffs—
Cattle, except for breeding...
Wheat for milling and export...
3,868
12,471
1,508
All other crude materials
or cacao
beans
92 i
2,025
9,504
Coffee
All other crude foodstuffs
3,534
18,942
8,37<
1,578
91,148
13,645
Manufactured Foodstuffs—
Meat products
Cheese
760
Vegetable oils, edible
Cane sugar—From
Philippine Islands
From foreign countries
Whisky and other spirits..
6,945
1,076
708
hay
291
1,563
Fish and shellfish
(canned, prepared, Ac.).
Fodders and feeds, except
839
11,758
6.361
880
390
3,540
5,184
39,753
9,854
5,390
41,052
2,006
25,476
3,082
Wines
7,891
409
302
4,583
5,610
4,068
4,072
31,318
31,248
6,795
26,082
39,867
4,645
5,421
3,970
2,449
10,434
43,565
Leather
8 Mos. End. Aug.
1939
15,018
19,568
697
uncut
816
1940
Wool
335
2,982
4,091
563
Expressed oils. Inedible.d_.
1939
9,350
5,499
15,186
3,113
Semi-Manufactures—
'
Month of August
1,954
2,135
1,478
1,964
Crude petroleum
All other manufactured
foodstuffs
Economic Group
(Value In 1,000 Dollars)
12,058
107
22.1
277,157
4,804
272,353
an
7,538
5,187
25,867
574
Wool, unmanufactured
Silk, raw
Tea
present here
5,220
24,688
Flax and hemp, unmanufactured
Exports Reach New Peak in August, Cotton
Shipments Drop Sharply—Rubber and Tin Feature
Import List
we
24,671
637
9.3
Aircraft
on
3,550
690
Vegetables, fresh and dried
Supplementing other data
818
3,638
Flaxseed
34,188
47,957
192,467
2.3
180,225 100.0 214,106 100.0 1,422,328 100.0 1,674,909
100.0
89,775 49.8 104,289 48.7
693,223
48.7
853,916
51.0
90,450 50.2 109,817
51.3
51.2
729,105
820,993 49.0
August, given in today's issue,
1,835
30,460
32,789
105,440
24,076
15,188
9,206
28,631
Tobacco, unmanufactured
Cotton, unmanufactured
Diamonds for Industrial
sumption
4,175
6,133
13,704
Jute and Jute butts
156,714
2.7
11.7
11.2
Total Imports for con¬
413
Beml-manufactures
Rayon filaments, short and tops
Sawed boards, sidings and
lumber (except
railroad ties)
661
64
1,507
5,545
1,268
2,513
1,892
3,981
3,640
86,068
7,901
3,094
61,467
185,159
34,068
312
40
9,048
31,847
58,760
Copper.e
2,297
6,023
2,732
47,862
Nickel and alloys
25,568
61,973
1,735
9,270
2,924
1,913
21,312
Tin (bars, blocks,
pigs)...
6,608
3,229
4,867
Coal-tar products.d
Industrial chemicals.d..
13,838
1,037
734
12,970
967
Fertilizer .d..
1,711
6,431
1,734
1,703
23,018
12,854
43,879
17,911
16,088
1,173
41,255
21,199
75,417
6,967
9,254
22,136
7,577
46,669
51,291
772
166
4,631
3,063
2,100
24,563
568
349
5,461
2,556
19,753
4,251
30,713
12,463
12,651
3,715
4,913
82.142
5,822
4,485
2,882
Domestic Exports
Crude Materials—
Wood pulp
Cotton, unmanufactured,
11,634
Tobacco, unmanufactured
Coal
Crude petroleum
7,383
Undressed furs
Soy beans
5,207
482
313
8,163
Phosphate rock
558
569
4,222
84
All other crude materials
Crude Foodstuffs—
2,193
i
1,781
32,376
11,132
333
6,419
401
77
7,937
507
Other fresh fruit
696
2,225
471
and dried
14,615
507
Vegetables, fresh
Apples, fresh
Oranges
2,428
3,533
Wheat
Corn
1,059
928
7,136
495
5,858
Manufactured Foodstuffs—
Meat products
...
1,029
22,008
1,417
673
17,54c»
13,492
10,198
10,565
11,899
14,058
4,413
5,372
5,079
8,656
4,896
14,587
581
4,212
1,715
4;268
879
1,928
1
Oilcake and oilcake meal
1,541
16,084
6,946
781
Vegetables, canned and prepared.
Dried and evaporated
fruits....
Canned fruits
Vegetable oils, and fats, edible
Sugar and related products
9,036
20,021
8,975
1,297
5,864
4,533
4,809
2,533
Lard, including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, Ac
Wheat flour
9,034
1,893
1,008
All other crude foodstuffs
3
...I!
45
5,894
538
412
1,736
192
3,929
11,053
12,902
Leather
Naval stores, gums and
resins.a
Cotton semi-manufactures
104
102
396
619
Semi-Manufactures—
2,574
1,306
6,068
2,258
All other manufactured
foodstuffs
1,840
16,060
825
1,140
17,504
7,372
624
8,333
9,009
910
1,112
7,070
12,419
580
Boards, planks, Ac
592
993
Sawed timber
296
4,219
3,563
3,225
2,582
22,798
8,388
3
491
3,999
2,807
5,159
Wood pulp
Gas and fuel oil
Paraffin wax..
Crude sulphur
Iron and steel
5,915
12,706
7,899
3,689
Hides and skins
31.3
20,778
Agricultural
Non-agricultural...
by
651
1,495
All other finished
manufactures
22.4
444,493
318,062
126,432
192,918
184,480
8,432
195,652
157,972
Crude foodstuffs
Analysis
19,651
5,574
15,579
5,611
669
Crude Materials—
Crude materials
and
56,962
39,287
198,641
70,180
641
Agricultural
Non-agricultural
164,742
62,290
1,495
Soap and toilet preparations
Imports for
4,707
12,137
parts. Ac
Photographic and projection goods
Scientific and professional Instruments
Firearms and ammunition, etc
Imports for
Consumption—
14,865
349
6,983
14,893
Medicinal and pharmaceutical
preparations
Paints and varnishes
Explosives, fuses. Ac
Total domestic exports.
18,284
146,985
666
(new)
cars
27,400
75,695
1,324
6,460
Motor trucks and buses (new)
Aircraft, Including
2,257
22,359
1,987
.....
0.5
610,696
3,376
10,311
Office appliances
Printing and bookbinding machinery
Agricultural machinery and Implements
Automobiles, lncl. parts and accessories
4.2
0.5
18.9
723
Non-agricultural...
Finished manufacturer
25,807
Well and refinery machinery
4.8
124,772
111,138
5.9
Industrial machinery
8.7
408
...
8,891
1,894
Household refrigerators
Domestic Exports—
Crude
42,316
74,503
18,116
20,369
2,878
37,339
Gas oil and fuel
oil.g
Diamonds, cut but not set
Iron and steel
semi-manufactures
All other
semi-manufactures
5,199
2,357
528
Finished Manufactures—
Leather manufactures
Cotton manufactures
Cotton cloth
Burlaps
Manufactures of flax, hemp and ramie
8,026
17,059
13,422
41,063
11,935
1,349
2,252
18,322
1,619
2,404
1,498
1,736
12,526
882
Wool manufactures
370
811k manufactures
Shingles
13,767
5,019
850
687
5,570
8,717
Newsprint
11,729
70,292
Other paper and manufactures
971
654
Pottery
697
698
Steel-mill manufactures..
4,357
874
469
8,599
Machinery
.............
1,177
...
Works of art
7,550
847
10,037
6,761
915
903
All other finished
manufactures
12,442
9,903
8,613
Non-commercial Imports f
6,753
72,465
60,261
2,510
2,304
20,156
18,137
180,225
214,106
Total Imports for
consumption
1,42 2,328 1,674,909
a Includes a small
Item which is not a
semi-manufacture,
b Includes tin plate
scrap and waste,
c Includes
sisal, manila, kapok, New Zealand fiber, crin
vegetal.
Ac.
d Includes a few items not
semi-manufactures,
e Chiefly
unrefined copper
for refining and export,
f Chiefly merchandise returned,
g Partly oil used for
refueling vessels and for refining and export,
h Includes merchant vessels valued
at $3,596,000 in
August and $34,151,000 in eight months ended
August,
i Less
than $500.
25,988
3
484
262
4,797
1,400
13,188
7,937
semi-manufactures......
1,436
43,303
6,495
95,150
4,400
234,805
9,136
35,843
2,781
1,902
2,203
15,579
39,724
36,551
1,807
72,948
Iron and steel scrap.b
Tin pi ate and taggers' tin
Ferro-alloys
Aluminum semi-manufactures
4,030
2,380
1,554
12,740
15,542
10,671
19,985
36,158
977
Rubber manufactures
7,958
4,617
17,680
802
838
8,099
10,402
13,470
53,327
83,080
967
All other semi-manufactures
Finished Manufactures—
2,411
2,391
3
Leather manufactures
729
6,711
20,673
5,685
24,293
2,952
3,930
1,205
Automobile casings
Tobacco manufactures
2,042
1,190
1
9,086
11,056
3,738
4,444
2.224
10,146
34,016
21,626
40,596
2,566
1,057
Cotton manufactures
Cotton cloth, duck and tire
fabric
7,742
10,490
49,988
6,999
Pigments
Rayon manufactures
Paper and manufactures
12,785
237
Brass and bronze
semi-manufactures
Coal-tar products:
Industrial chemicals
1,330
8,783
Copper (ingots, plates, rods)
8,576
1,060
9,463
2,305
10,813
6,090
17,728
1,388
9,428
25,736
44,926
Bank
of
America
Far
(California)
Western
Reports
Business in
Upturn
An upturn in California and Far
Western business
August is reported in the
in
August
current "Business Review"
during
released
by Bank of America's analysis and research
department.
The bank's index rose to
75.6, an advance of 4% over the
July level of 72.7, and 3% over August, 1939.
The bank's
announcement further stated:
A
recent development of
great importance to Western industry was
the awarding in September of
contracts for 57 combat vessels to be built
in Pacific Coast
shipyards at a cost of about $553,OC0,000.
These con¬
tracts, together with previous awards for combat vessels valued
$82,000,000 and contracts for Merchant Marine
ships valued
$74,000,000, bring total shipbuilding contract awards
to
approximately $710,000,000.
on
the
at
at
about
about
West Coast
Volume
Also of significance to coast
business
was
the letting in the first half of
$106,000,000
September of contracts by the Navy and Army for about
These new orders
airplanes to be built in West Coast factories.
worth of
$868,-
bring the total backlog of West Coast aviation companies to about
factory
new
aviation
in
Employment
000,000.
becomes
space
companies
available.
continues
in
Employment
estimated at about 68,000, which is more than double a
is expected that
levels, the
in¬
Total
industry reports capacity operations, and the lumber
paper
industrial
as
September was
year ago, and it
this number will increase to about 115,000 by next spring.
experienced its
dustry
increase
to
activity in other fields is also operating at peak
Industrial
pulp and
1805
The Commercial & Financial Chronicle
151
best demand
10 years during August.
in
18% higher
Pacific Coast averaged about
employment on the
Compared with the corresponding week of 1939, pro¬
was 8%
greater, shipments 1% greater, and new
business 3% less.
The industry stood at 8U% of the sea¬
tion.
duction
The Association further reported;
shipments.
Year-to-Date
and
production for the 37
shipments
4% above production.
were
Supply and Demand Comparisons
to gross stocks was
The ratio of unfilled orders
Living
1% in August, Reports
Declined 0.3 of
Costs
Conference Board
year ago;
earners' families in the United
States declined in August for the second consecutive month,
according to the regular survey conducted each month by
the Division of Industrial Economics of the Conference
Lower
sponsible for
0.3 of 1%.
either
a
food
clothing prices
and
were
entirely re¬
of
earner's budget
decline in the cost of living as a whole
All the other items of the wage
or
remained unchanged.
Under date of
increased
Sept. 20 the Board further said:
Food prices, which
from
the
make
nearly
up
a
third of the budget, declined 1.2%
4.2% higher than in August, 1939, 30.8% above
of March, 1933, but were 27.6% lower than in
They were
July.
stocks were
gross
low
depression
of
feet
softwoods
booked orders of
336,014,000
479;
Mills,
were:
hardwoods
and
higher than in August of last year,
were 26.6%
lower than in August, 1929.
in
Rents
the
August were 0.1%
month
same
of
last
year,
higher than in July, 0.7% higher than in
38.6% above the January, 1934, depression
1929, level.
increased 0.4% from July to August,
and only 5.5% below the August,
low,
and
Fuel
light costs
1.0% since
lower
3.2% since the depression low, but were 8.1%
month of 1929.
sundries remained unchanged from July to August.
feet.
230,409,000
production,
1939,
below
shipped
feet;
278,666,000
Revised figures for the preceding week
feet;
246,377,000
shipments,
feet; orders, 304,763,000 feet.
1940, by 418 soft¬
wood mills totaled 321,900,000 feet, or 22% ,above the production of the
same
mills.
Shipments as reported for the same week were 266,089,000
feet, or 1% above production.
Production was 263,350,000 feet.
Reports
from 100 hardwood mills give new business as 14,114,000 feet, or 32%
above production.
Shipments as reported for the same week were 12,577,000
feet, or 17% above production.
Production was 10,733,000 feet.
reported for the week ended Sept. 14,
Lumber orders
Comparisons
397 identical softwood
feet; ship¬
ments
were,
respectively,
262,576,000 feet and 258,617,000 feet, and
orders received, 316,677,000
feet and 328,988,000 feet.
In the case of
hardwoods, 82 identical mills reported production this year and a year ago
8,502,000 feet and 8,499,000 feet; shipments, 10,206,000 feet and 10,271,000 feet, and orders, 11,751,000 feet and 9,759,000 feet.
during week ended Sept. 14, 1940, of
Production
mills
This
however, was 0.5% higher than in August,
8.0% above the depression low of June, 1933, but it was 1.7%
1939, and
August,
Sept. 14, 1940,
1940, 601 mills produced 274,083,000
combined;
Identical Mill
They were 1.5%
20.3% above the 1933 low point, but
the July level by 0.1%.
on
Softwoods and Hardwoods
During the week ended Sept. 14,
August, 1929.
Clothing costs receded below
31%
Unfilled orders were 29% greater than a
1% less.
compared with 23% a year ago.
The cost of living of wage
Board.
Comparisons
weeks of 1940 to date was 8% above
corresponding weeks of 1939 ; shipments were 6% above the shipments,
and new orders were 8%
above the orders of the 1939 period.
For
the 37 weeks of 1940 to date, new business was 9% above production,
Reported
and payrolls showed a gain of 22%.
in August than a year ago,
1929 production and 86% of average
sonal weekly average of
1929
was
259,816,000 feet, and a year ago it was 238,859,000
than during the same
The
cost
of
important budget plan,
and
that of August,
1929.
in August as compared
118.3c. in August, 1939, and 100c. in 1923.
purchasing value of the dollar was 116.3c.
The
with
in July,
115.9c.
Industry
received by us from the
Chicago, 111., in relation
activity in the paperboard industry.
Weekly Statistics of Paperboard
We give herewith latest figures
National Paperboard Association,
to
of this Association represent 93% of the
members
The
and its program includes a statement each
from each member of the orders and production, and
total industry,
Relative
Indexes of the
Importance
Cost of Living
1923=100
in
Item
Family
Aug., 1940
Budget
July, 1940
Per Cent
of
Increase (+) or
Decrease
(—)
from July,1940
to
figure which indicates the activity of the mill
operated.
These figures are advanced to
a
100%,
33
79.9
80.9
—1.2
Housing
20
86.9
86.8
+ 0.1
Clothing.
12
73.0
73.1
that they represent the total industry.
so
—0.1
80.2
based
equal
the time
on
Aug., 1940
Food, a
Coal
+0.4
84.0
83.5
+ 0.6
84.4
86.4
97.4
97.4
86.0
86.3
—0.3
Production
Tons
Tons
Percent of
Gas and electricity.b
Sundries
Current
Month of—
January
116.3
Purchasing value of dollar..
a
Based on food price Indexes of the
United States Bureau of Labor Statistics for
Aug. 13. 1940 and July 16, 1940.
b Based upon retail prices of 35
■
,
kwh. of electricity, 1,000 cubic feet of natural
2,000 cubic feet of manufactured gas.
gas, or
579,739
167,240
453,518
449,221
620,907
137,631
129,466
193,411
70
429,334
247,644
76
236,693
79
July
644,221
456,942
624,184
509,781
587,339
August
452,613
487,127
113,834
106,901
117,268
112,970
115,474
122,037
92,066
97,766
May
682,490
*
508,005
i
June
.
and Payrolls Increased
During August for Fourth Consecutive
Month
Reports from 6,617 Illinois manufacturing and nonmanufacturing establishments, covering 654,062 wage earners
showed increases of 2% in employment and 2.7%
payrolls for these establishments from July to August,
according to an announcement issued Sept. 20 by the Illinois
in August,
in
These increases were
Aug. 17
Aug. 24
Aug. 31
7
Sept. 14.
Sept. 21
Sept.
for employment
August is the fourth
consecutive month in which the increases in both
favorable than the previous 17 year
the present trend for increased
employment due to non-seasonal factors.
k
The employment and payroll indexes for all-reporting industries in August,
1940 were 8.1% and 10.9%
higher, respectively, than the indexes for
August, 1939, and were 17.2% and 25.4% higher, respectively, than the
employment and payrolls were more
changes, indicating a continuxtion of
indexes for August,
The
current
1938.
increases in employment
industries which amounted to 2.6%
and payrolls for manufacturing
and 3.8%, respectively, were consider¬
of 0.8% in employment and 0.5% in pay¬
calculated for the group of reporting non-manufacturing
ably greater than the increases
rolls which were
industries.
196,037
74
73
179,044
74
73
173,438
169,142
73
73
74
73
162,653
157,043
154,311
159,161
74
73
groups
ment
12 groups of manufacturing industries
cf non-manufacturing industries
and payrolls for the month.
rolls for the
«
121,226
122,212
123,418
123,281
60
73
76
73
74
73
oruers received, less production, oo
the close. Compensation for delinquent;
filled from stock, and other Items make necessary adjust¬
jVo^"-^UDlllic(l orders oi tne prior weeK puis
equal the unfilled orders at
not necessarily
reports, orders made for or
ments of unfilled orders.
+
Automobile Output in
and four of the six
indicated increases in both employ¬
The increases in employment and pay¬
metals and machinery, wood products, chemicals
and allied
August
automobiles manufactured in the United
States, including complete units or vehicles reported as
assembled in foreign countries from parts made in the
United States, for August, 1940, consisted of 75,873 vehicles,
Factory sales of
of which
40,823
were passenger
cars
and 29,050 commercial
tractors, as compared with 231,703
vehicles in July, 1940, 99,868 vehicles in August, 1939, and
90,494 vehicles in August, 1938. These statistics, comprising
cars,
trucks,
data
for
Director
or
the
road
entire
William
L.
industry, were released
Austin, Bureau of the
Sept. 23 by
Census, De-
rtmeut of Commerce.
for 1940 are based on data received from 72
manufacturers in the United States, 22 making passenger
pa
Statistics
cars
Seven of the
-
74
120,260
128,087
The following was also reported:
previous 17 years.
average
-
72
162,653
—
slightly greater than the previous 17-year average
all-reporting industries which average increases
and 2.6% for payrolls.
Increases in both
employment and payrolls from July to August were recorded in 15 of the
1.4%
<**•
123,429
120,662
July to August changes for
were
'
70
196,037
'
3
Aug. 10
Illinois Industrial Employment
69
Week Ended—
Aug.
Department of Labor.
Cumulative
72
420,639
April
+0.3
115.9
528,155
February
March
Weighted average of all Items
Activity
—
Remaining
Tons
0.0
100
Orders
Orders
Received
Period
0.0
30
MILL ACTIVITY
Unfilled
—0.3
84.5
REPORTS—ORDERS, PRODUCTION,
STATISTICAL
0.0
66.0
84.8
5
80.2
65.8
Men's
Women's
Fuel and light
*
week
also
and 61 making
commercial cars, trucks, or road trac¬
(11 of the 22 passenger car manufacturers also making
commercial cars, trucks, or road tractors).
It should be
tors
passenger cars and com¬
road tractors have been included in
the number shown as making passenger cars and in the
number as making commercial cars, trucks, or road trac¬
noted
rhat
those
making both
industries were somewhat greater than the
previous 17 year average July to August changes for these groups, while
small contra-seasonal increases were recorded for the services group of
mercial cars, trucks, or
eporting establishments.
tors,
products, and textiles groups of
The figures for passenger cars include
The figures for commercial cars, trucks,
and road tractors include those for ambulances, funeral
cars, fire apparatus, street sweepers, station wagons, and
buses, but the number of such special purpose vehicles is
very small and hence a negligible factor in any analysis for
respectively.
those for
Movement, Week Ended Sept. 14, 1940
during the week ended Sept. 14, 1940,
was 19% greater than in the previous holiday week;
ship¬
ments were 13% greater; new business 10% greater, accord¬
ing to reports to the National Lumber Manufacturers Asso¬
ciation from regional associations covering the operations of
representative hardwood and softwood mills.
Shipments
were 2% above production; new orders, 23% above produc¬
Report of Lumber
Lumber production
taxicabs.
which the figures may
ures
are
be used.
Canadian production fig¬
of Statistics.
appeared in the Aug. 31,
of the "Chronicle," page 1203.
supplied by the Dominion Bureau
Figures
1940, issue
for
previous
month
1806
The Commercial & Financial Chronicle
NUMBER OF VEHICLES (INCLUDING
CHASSIS)
United States (Factory
Year and
Canada
Sales)
The
of
sum
represents the quantity of sugar
estimated, under the Sugar Act of 1937, to be required to
during the current year. The report
shows that the quantity of
sugar charged against the quotas
for all offshore areas,
including the full-duty countries, dur¬
ing the first eight months of the year, amounted to
3,251,311
(Production)
meet consumers' needs
Month
Total
Pas¬
<All
Passenger
Cars
Ac.
Comm'l
senger
Cars A
Cars
Trucks,
Vehicles)
Trucks
Total
1940—
July
short tons, raw value, as
compared with 3,227,885 tons
during the corresponding period of 1939. The AAA Division
231,703
168,709
62,934
14,668
75.873
46,823
29,050
13,993
3,397
1,510
11,071
12,483
2,736,104
2,243,022
493,082
139,373
77,193
62,180
209,359
150,738
58,621
5,112
99,868
61,407
38,461
9,241
3,475
1,068
4,129
2,407
2,271,216
1,794,290
476,920
100,475
76,148
30,327
141,443
106,841
34,602
9,007
3,734
against
90,494
58,624
31,870
0,452
5,273
3,063
3,389
January-July
117,617
84,438
33,179
August
Tot. 8
mos.
end. Aug.
further stated:
The report
1939—
July
August
for
outturn
There
1938—
Sept.
August
end. Aug
1,435,280
Group
1,101,982
333,298
for
tion
of
mainland
for
quota
this
cane
the
Data
year.
and
area
continental
for
Estimates
August
Sales
at
value,
raw
891,261
beet
sugar
these
two
Automobile
estimated
industry's
Association.
August
The
volume
at
1940
Area
and
the
balances
Sugar Quotas
Established
An Idea of the impetus
given to Canadian industrial
production
was obtainable from
figures
Cuba
Remaining
Quotas
1,749,744
--
Philippines...
Balance
Against
1,360,791
685,974
296.467
797,982
570,120
227,862
938,037
8,916
628,647
309,390
0
8,916
24,177
5,779
18,398
4,501,297
3,251,311
1,249,986
...
Hawaii.
Virgin Islands
Foreign
On Sept. 11 the Minister
estimated the value of
countries
other
thar
Cuba
Total
Direct-Consumption Sugars
Direct-consumption
against
the
various
is
sugar
included
in
the
above
1940
Area
Total
Quotas
expenditures
to
war
contracts
which
the
two
Governments
had
jointly
com¬
new munitions
plants.
A move which will
encourage manufacturers to expand their
plants for
war purposes has been
made by the Federal
Government in establishing a
"War Contracts Depreciation
Board" of three members.
Its duties will
be to dotermine what contracts
can be classified as war
contracts and the
amount of capital
expenditures involved in the execution of
such contracts.
It will be the
duty of the Board to issue certificates which
will assure to
firms and individuals
special
depreciation
liability for income
Winter
and
excess
Wheat
allowance
profits taxes.
Crop
Over
determining
r
Insurance
1940
when
Contracts
60,000
Total
60,000 increase in tlie number of winter
wheat insur¬
contracts
contracts
for
over
the
last
1941
set
year
a
record
total
of
insurance program,
Smith, manager of the Federal
Crop Insurance
announced
There
298,037
43,917
been
the
365,838
Leroy K.
Approximately 305,000
1940
winter
wheat
contracts
"The
crop.
volume
of
of
1941 winter wheat
contracts alone are
only a few thou¬
sand short of the combined
total of both winter and
spring
wheat for this year."
The
announcement,
Department of Agriculture, went
on
issued
by
the
to state:
manager
in the
who
grow
to
expressed confidence that the more than
70,000 contracts
spring wheat area last year also would be exceeded
by the
deadline set for writing insurance on the
1941 crop.
Farmers
spring
insure
Winter
wheat
their
wheat
have
until
the
last
day
of
next
growers
equivalent, for their
showed
1941,
2,609
QUOTAS
an
unexpected
gain
in
the
a
total
production
of
33,688
Charged
*
Against
Quotas
number
of
a
Balance
Remaining
The eighth
monthly report
quotas for the various
on
the status of the 1940
sugar
sugar-producing
States market
the
was
areas
supplying the
Sept. 12 by the Sugar
Adjustment Administration.
issued
Agricultural
Haiti
_
Mexico
Quotas not used to date.b
reserve
on
{Pounds)
206,245
72.537
108,400
488,628
5,836,506
10,754,118
30,092,831
Peru
Unallotted
(Pounds)
278,782
891,763
„
783,363
5,347,878
cl0,754,118
0
30,092,831
500,000
Total
500,000
48,354,000
24,177
Tons
11,557,391
36,796,609
5,779
18,398
In accordance with Sec. 212
of the Sugar Act of
1937, the first ten short ton8
of sugar, raw
value, imported from any foreign
country other than Cuba have not
a
been charged against the
quota for that country.
b Argentina,
14,105; Australia, 197; Belgium, 284,776;
Brazil, 1,158; British
Malaya, 25; Canada, 545,931; Colombia,
258; Costa Rica, 19,930; Czechoslovakia,
254,774; Dominican Republic, 6,452,490: Dutch East
Indies, 204,637; Dutch West
Indies, 6; France, 169; Germany, 114;
Guatemala, 324,055; Honduras, 3,321,388:
Italy, 1,694; Japan, 3,879; Netherlands,
210,808; Nicaragua, 9,889,949; Salvador,
7,942,670; United Kingdom, 339,309; Venezuela.
280,609.
Three hundred eighteen
pounds have been imported from
Canada, 263 pounds from Chile, 47 pounds from
France, 104 pounds from Panama, 90 pounds from
Venezuela, 20 pounds from the
French West Indies, and 88
pounds from Brazil, but under the provisions of
Sec.
212 of the Sugar Act, referred
to in footnote a, these
importations have not been
charged against the quota.
c
In
quotas
addition, 704,746 pounds
on
were
entered
from
Aug. 26, 1940.
Peru before reduction of the
,
^
Argentine Sugar Consumption in
Crop Year Ending
May 31, 1940 Increased 4.1% Above Previous Season
V Sugar consumption in the
Argentine Republic during the
ended May 31, 1940 totaled 436,600
long tons, raw
compared with 419,200 tons in the previous
season,
increase of 17,400 tons or
approximately 4.1%,
crop year
value,
an
as
to advices received
by Lamborn & Co.,
Buenos Aires.
Exports
as
according
New York, from
during the year totaled 52,300 tons
contrasted with 8,070 tons in the
previous period.
The
shipments went principally to other South American
tries.
an
season
increase of 55,000 tons
were
coun¬
The firm's announcement added:
or
reached
12%
a
new
high with 513,000 long tons,
when 458,000 tons
over the previous year
manufactured.
The stock
on
hand
same
on
June 1, 1940 amounted to 180,000
long tons, while
date there
were
held 155,900 tons.
insurance
program.
of
{Pounds)
China and Hongkong
in 1939 on the
Entries of Sugar Against
Quotas for First Eight Months
of 1940 Totaled
3,251,311 Tons
Division
67,221
FOR FULL-DUTY COUNTRIES
1940 Quotas
Sugar production last
contracts, although Illinois topped all States from
the standpoint of increase.
That State boosted its
14,899 contracts written last
year to more than
37,000 for 1941.
Nebraska, however, led all States in
the number of
contracts with 62,943,
compared to 57,244 under the 1940
United
307,779
46,526
no
restrictions on direct-consumption suear
from Puerto
Rico and Hawaii since Feb.
29, 1940, under the Sugar Act of 1937.
The amounts
entered from these areas
during the Janury-August period were as
follows;
From
Puerto Rico, 173,641 tons; from
Hawaii, 4,917 tons.
in
bushels of wheat, or the cash
insurance, Mr. Smith disclosed,
adding that the
1941
Crop Insurance Corporation has
guaranteed
94,883,037 bushels on 9,275,550 acres.
States
February,
year's crop.
paid 12,160,750
Federal
Eastern
Re¬
maining
were
insurance contracts on the Nation's
wheat crops," said
Mr. Smith, "will set an
all-time high this year when work
is completed in the
spring wheat States.
The total number
which
Charges
9,742
80,214
have
Balance
99,8 Degrees
375,000
Philippines.
Corporation,
Sept. 25.
on
crop
crop
the
cliarged
Less Than
and Above
a
Sugar
Polarizing
99.8 Degrees
Cuba
Sugar
war
at
mitted themselves for the erection of
of
amounts
quotas.
(In Short Tons—96 Degree
Equivalent)
Area
by
$315,000,000 and the purchases of
$208,000,000.
He placed at
$222,000,000 the
British Government at
The
388,953
982.441
....
Puerto Rico
recently made public by the Minister of
Munitions.
placed by the Canadian Government
written
as
Charged
Polarizing
Summary"
orders
time
during
are
A mount
Under
tinues:
written
areas
remaining
Regulations
Industry,
of the Bank of Montreal, dated
Sept. 23.
"New plants are being
established," the Bank
states, "and others enlarged and a very substantial increase
in production is scheduled for the
next six months, with a
corresponding increase in employment."
The Bank con¬
ance
yet available
for the off shore
the Latest
to Bank of Montreal
"Canada entered the month of
September with domestic
industry well on the road to new records of
activity and
achievement, the result largely of expenditures on munitions
and military equipment in wide
variety," according to the
A
value,
period
Quantity Charged Against
Quotas a
Canadian Domestic
to
According
1941
raw
not
are
(Tons of 2,000 Pounds—96 Degrees)
Manufacturers
the
War Orders Beneficial
capital
tons,
during the
area
areas
follows:
86,000
86,000 units.
On the basis of this estimate the
industry's
operations in August were 17% below the
corresponding
month of last year.
Sales for the first eight months of this
year totaled 2,871,608 units, an increase of
21% over the
corresponding period last year.
The preceding months of
June and July of 1940 showed increases
of 11.8% and
12.6%,
respectfully.
The June, 1940, total (number of
units) was
362,566; July, 1940, total amounted to 246,171.
The corre¬
sponding totals for the preceding years were:
June, 1939,
totaled 324,253; July,
1939, totaled 218,600.
the
charged against the
short
a
the
"Business
certified
or
August.
as
Association
entered
as
figures are subject to change after
polarization
data
for
all
importations are
The quantities charged against the
quotas
the first eight months of the
decrease of 65% in motor vehicle
shipments
compared with July, according to the pre¬
liminary estimate of the industry's operations contained in
the September, 1940, issue of "Automobile
Facts," publica¬
was
August
recorded
areas
The
197,710 short tons of sugar,
the
the
Units
There
1940.
and
year
Car-Makers
in
1,
weight
were
for
quota
July
mos.
includes sugar from ail
before
entry
final
available.
Total 8 mos. end. Aug
Total 8
Sept. 28, 1940
these quotas
Java
Sugar Exports in July Far Below Year Ago
Exports of sugar from Java during the month of
July,
1940, amounted to 116,762 long tons, according to B. W.
Dyer & Co., New York, sugar economists and brokers.
This is the fourth month of their
crop year
(running from
April, 1940 to March, 1941) and shows a decrease of 26,252
tons
compared with exports during the
corresponding
month of 1939 when 143,014 tons were
shipped.
Sugar stocks in Java on Aug. 1, 1940 were 669,305 tons
compared with 540,830 tons on the same date a year ago.
Volume
The Commercial &
151
Petroleum
Decision
Products—Jackson's
and! Its
on
Near—Legislation Seeks to Bar Mexican
Oil—October Crude
Oil
Demand Seen Lower—
Texas
Lifts
October
Allowable—Daily Average
Oil Suits
Crude
Oil
Lower—Crude
Inventories
Government Sees Expropriation
Output
Decline—Mexican
Suits "Ended"
petroleum
decision of At¬
torney General Jackson on the far-flung anti-trust suits
against 22 major oil companies and their subsidiaries which
has been delayed by the report of the National Defense
Advisory Commission that the suits, in their original form,
Washington held the spotlight in the domestic
industry this week as oil men awaited the
would interfere with national defense.
that the "division"
time being and the
Department of Justice legal action confined to attacking
price-fixing combines.
It was disclosed that President
Roosevelt had discussed the suits with Attorney General
Jackson at a luncheon conference in the White House and
Reports from Washington indicate
angle of the suits will be dropped for the
from
advices
reliable
sources
nouncement of the future
indicated
that
suits,
as
public an¬
of the suits will be made shortly,
perhaps this week-end, by Attorney General
The
a
Jackson.
originally planned, were designed to meet
industry
component parts, each to be made inde¬
pendent of the other.
Independent oil operators long have
been fighting the giant "integrated" companies, charging
that by prorating losses of one division among more profit¬
able divisions, they were able to undersell the less-inclusive
companies.
However, the question of national defense saw
the Department of Justice ask the National Defense Ad¬
visory Commission for a ruling on the suits before they
were
formally entered in the courts.
After a period of
the long time
into
demand for division of the petroleum
several weeks, the
off 800 barrels to
and foreign crude oil were off
the week ended Sept. 14, dropping
to 262,475,000 barrels, according to the Bureau of Mines
report.
Holdings of domestic stocks were off 46,000 barrels,
wliich stocks of foreign crude oil dropped 195,000 barrels.
Heavy crude oil stocks in California, not included in the
"refinable" crude figures, totaled 12,713,000 barrels, up
10,000 barrels from the total shown in the previous week.
An Associated Press dispatch from Mexico City reported
that the Chief Clerk of the Mexican Supreme Court said on
Sept. 21 that period in which foieign oil companies might
file notices of appeal from the Government's $35,000,000
valuation of their expropriated properties had expired with¬
out any major company taking action.
The companies now
have no legal recourse, he said, from the Government ap¬
praisal of the properties on which values ranging up to $400,000,000 had been placed by the American, British and Dutch
firms.
The major companies have, since the Supreme Court
affirmed the constitutionality of the 1938 seizure, have
refrained from legal action on the grounds they did not
of domestic
Inventories
241,000 barrels during
recognize the decision.
There were no price cuts posted.
Prices of
Typical Crude per Barrel at Wells
(All gravities where A
Corning, Pa
Western Kentucky
Mld-Cont't, Okla., 40 and above—
Rodessa, Ark., 40 and above
Smackover, Ark.. 24 and over
1.03
1.25
.73
OCTOBER MARKET
OPERATIONS
51.0"
1.10
over
.75
Darst Creek
Sunburst, Mont
Michigan crude...
—
.76-1.03
.90
Huntlncton, Calif., 30 and over...
1.15
Kettleman Hills, 39 and over.
1.38
PRODUCTS—GASOLINE
YORK MARKET—FUEL
Washington of interest to oil men was
degrees are not shown)
1.05
.90
Illinois
REFINED
P I
11.85 Eldorado. Ark., 40
1.02 Rusk, Texas, 40 and
Bradford. Pa
TORIES
legislation authorizing President Roose¬
daily average output was up
Kansas was up 7,100 barrels
was
shown by Texas where
8,500 barrels to 1,316,650.
to 201,700.
hamper national defense activities.
Further activity in
dropping 7,950 barrels to 354,-
period.
Louisiana production was
284,650.
As usual, the sharpest expansion
150 barrels for the latest
Commission reported that the suits would
the introduction of
Illinois crude production continued
The decline in
barrels.
unchecked, the daily average
several
its
1807
Financial Chronicle
PRICES
DROP
IN
NEW
OILS SHOW SEASONAL STRENGTH-
DEMAND FOR GAS UP 7%—REFINERY
SPURT
SHARPLY—MOTOR
FUEL
INVEN¬
OFF
bulk gasoline price structure in
England market, already beset by price
Further weakness in the
the New York-New
in major consuming areas, developed
Socony-Vacuum Oil Co. cut the tank car
velt to limit imports of confiscated property into the United
States for which payment had not been made or arranged
wars
for in the
Congress as the House Judiciary Committee re¬
such legislation to the House for passage.
The
measure, a substitute for the McCormack stolen property
bill, is aimed at the importation of oil from Mexico which
was
taken from American-owned properties expropriated
from 2-10 to 4-10 cents a
ported
during the week as
price of motor fuel
trend in the Gulf markets.
by the Cardenas Administration.
Opposition of the
Department to the McCormack bill made substitute
State
legis¬
lation necessary.
(D.,
Texas) of the Judiciary Committee, will be taken up in the
House at the first opportunity and it is anticipated that a
special rule would be sought whereby the measure would be
given precedence over legislation already pending.
The bill
is not opposed by the Department of State, according to the
Chairman, since it is purely discretionary in sharp contrast
to the mandatory provisions of the McCormack bill.
In
the final analysis, the bill backed by Representative Sumners
provides for a check on imports of such property at the
The
bill, which is sponsored by Chairman Sumners
President's discretion.
oil during October
barrels daily, or 111,000,000
barrels monthly, in the regular monthly market demand
forecast of the United States Bureau of Mines.
This was a
Domestic
was
market demand for crude
estimated at 3,580,000
compared with the September total of 108,730,000
was sharply lower against the 117,867,000-bairel
figure for the comparable month a year earlier.
The Texas Railroad Commission set the October allowable
for the State at 1,350,000 barrels daily, against the Bureau
of Mines' estimate of 1,305,000 barrels daily during October,
which was an increase of 15,000 barrels over the September
total.
The Arkansas oil allowable for October and Novem¬
ber was pared to 68,743 barrels daily, off 5,852 barrels from
the September quota.
The Committee of California Oil
Producers set the October quota at 571,000 barrels, un¬
changed from September but reduced the allowable for
any one well 3 barrels to 153 barrels.
A cut of 5,223 barrels
was
ordered for Louisiana where the daily allowable was
gain
as
barrels but
slashed to 269,631
barrels.
(^Substantial reductions in California and Oklahoma were
mainly responsible for a decline of 25,950 barrels in the
oil during the
Petroleum In¬
stitute reported that daily average output was off to 3,621,050 barrels.
This was approximately 3,000 barrels below
the September market demand figure of 3,624,300 barrels
set by the United States Bureau of Mines.
Texas and
Kansas were the only major oil-producing States to show a
gain in daily average production of crude oil during the week
Nation's daily average production of crude
third week of September.
The American
ended Sept. 21.
California, which has
been moving its production totals
consistently during the early part of September,
by more than 30,000 barrels to pare the
daily average figure to 607,000 barrels.
A decline of 5,550
barrels for Oklahoma cut the daily average there to 404,250
gallon in reflection of the easier
The price cut was posted Sept. 24
and effective the following day.
Other marketers followed.
As motor fuel prices weakened in response to the end of the
season
of heavy consumption and the top-heavy supply
situation of this branch of the refined products industry,
fuel oil prices in the major Eastern markets were showing
increased with the approach
had sagged somewhat earlier
in the month but bullish estimates of probable demand this
winter plus a spell of bad weather saw prices developed
seasonal firming up as demand
of colder weather.
The market
firmness.
Continued 'expansion in domestic demand for gasoline,
already running far ahead of last year's record-breaking
figures, was indicated in the October market demand esti¬
mates of the U. S. Bureau of Mines.
The Federal agency
forecast home demand for motor fuel at 53,000,000 barrels
than October last year. The
September market demand estimate was 52,900,000 barrels,
which indicates contra-seasonal expansion in domestic de¬
mand for motor fuel during October.
As expected, the export market demand estimate presented
the same gloomy reading that it has ever since the second
World War dislocated the world markets for American gaso¬
line.
The Bureau of Mines reported that exports during
October might be less than 1,600,000 barrels, in sharp con¬
trast to last October's total of nearly 3,500,000 barrels. With
most of the Continent blocked off as markets for American
during October, 7% better
gasoline, and the Government's embargo against shipments
of high-test aviation gasoline a further damper, the export
outlook continues bearish.
Refinery operations showed a sharp contra-seasonal ex¬
pansion during the Sept. 21 period, rising 2.6 points to 85.7%
of capacity, the mid-week report of the American Petroleum
Institute disclosed.
Daily average runs of crude oil to stills
showed one of the broadest gains in years, rising 100,000
barrels to 3,680,000 barrels.
Thus far this year, refinery
operations have been far too high in view of the curtailed
foreign markets and they are directly responsible for the
top-heavy stocks of motor fuel now acting as a price damper
on the Nation's gasoline markets.
Stocks of finished and unfinished motor fuel were off only
340,000 barrels during the Sept. 21 period, which is below
the normal rate of decline at this time of the year.
Stocks
gasoline, as reported by the American Petroleum Institute,
82,960,000 barrels at the end of last week.
A gain of
more than 400,000 barrels in gasoline produced during the
week held down the decline in stocks of motor fuel.
of
were
Representative price changes showing the
major markets for refined products follow:
higher
cut-back production
Sept. 24—Socony-Vacuum cut tank car
cents a
gallon throughout New York and
Sept. 24—Continental Oil
a
trend of the
prices of gasoline 2-10 to 4-10th
New England, effective Sept.25.
advanced tank wagon prices of
gallon in Texas where prices were 2 cents or more
gasoline 2 cents
"sub-normal."
1808
The Commercial & Financial Chronicle
U. S. Gasoline (Above 65
New York—
New York—
Std.Oil N.J.1.00
8ocony-Vac.
T. Wat.
Octane), Tank Car Lota, F.O.B. Refinery
-.06%
-.06%
06
Sept.
AVERAGE
Other Cities—
Texas
Chicago
Gulf
New
Orleans.
Gulf
RlcbOil(Cal) .08 % .08 H
Warner-Qu
.07H-.08
CRUDE
OIL
.$.04%-MX
.06)+.07
(a)
MX
Tulsa
Actual Production
B.ofM.
.04%-.0% 5
Four
Calcu¬
(Bayonne)
Diesel
California 24 plus D
$1.50
Tulsa
.04
3
041
|
New Orleans C
z
Brooklyn
$.17
.17
Not including
z
Chicago—
28.30 D
I
1.60
Sept. 21,
ables
1940
Week
1940
Tulsa
b404,250
—5,550
414,100
405,900
190,000
b201,700
+ 7,100
184,750
160,500
b250
+ 50
200
78,250
+ 1,750
74,050
66,800
97,700
+ 1,200
96,400
29,900
+ 100
29,600
85,450
33,100
260,150
West Texas
3.02J+.03
229,900
Texas
southwest
Texas
+ 1,700
218,900
74,750
374,850
218,800
East Central Texas..
—3,450
—50
75,900
374,900
+3,350
207,200
+3,900
205,300
Coastal Texas
Buffalo.......—...$.17
.185
Chicago........
212,500
1,320,300 c1266065 1,316,650
North Louisiana
Petroleum
American
Institute
estimates
that
Coastal
Imports of petroleum for domestic
use and
daily
average
of 196,143 barrels, compared with
daily average of 278,286
a
barrels for the week ended Sept. 14, and 208,964 barrels
daily for the four
weeks ended Sept. 21.
These figures include all oil
Imported,
bonded
for domestic use, but it is
or
whether
impossible to make the separation in
were
received.
The total amount of gasoline produced by all companies is esti¬
mated to have been 12,135,000 barrels during the week.
STILLS
AND
PRODUCTION
ENDED SEPT. 21,
OF
GASOLINE, WEEK
1940
Daily Refining
Crude Runs
Capacity
to Stills
Gasoline
Production
District
at
Potential
Percent
Rale
Reporting
Daily
Average*
100.0
604
93.9
Inc. A atural
Operated
Blended
643
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
123
86.6
743
90.2
609
90.9
420
76.9
278
86.1
Inland
280
59.6
123
73.7
Gulf
25,850
—7,950
9,300
bl7,950
—550
368,500
18,300
91,900
89,300
—1,1.50
89,750
51,400
+4,150
73,700
17,450
65,700
16,200
+ 100
3,450
—100
98,960
3,600
98,700
Indiana)..
55,700
50,000
77,800
17,200
3,450
97,150
17,700
Colorado..
4,000
New Mexico
105,300
100,300
Total east of Calif. 3,031,300
California
593,000
These
»
1,489
j
98,300
67,250
—30,100
3,621,050
615.750
617,000
—26,350 3,598,400 3,681,050
Bureau of Mines calculations of the requirements of domestic crude
are
detailed forecast for the month of
As requirements may be supplied either from
stocks, or from
new pro¬
duction, contemplated withdrawals from crude oil Inventories must be
deducted
from the Bureau's estimated
requirements to determine the amount of new crude
to be produced.
Oklahoma, Kansafi, Nebraska, Mississippi and Indiana figures
ended 7
a. m.
are for
week
Sept. 18.
This is the net basic 30-day allowable as of
Sept. 1.
will increase as new wells are
completed and If
c
Past experience indicatesjit
any upward revisions are made.
It
includes a net figure of approximately
366,447 barrels for East Teaxs after deduction
for shutdowns.
All fields in the State were ordered shutdown for
9 days, namely,
Sept. 1, 2, 8, 14, 15, 21, 22, 29 and 30.
d
Recommendation of Conservation Committee of California Oil Producers.
Weekly Coal Production Statistics
The
current
439
that
1,071
85.3
856
93.7
the
97.6
114
71.3
51.5
44
84.6
121
56.0
59
86.8
week
ended
same
figure-
indicated for the pre-holiday week ended Aug. 31.
87.3
505
69.2
3,315
85.7
the
corresponding
week
of
1939,
Pro¬
increasing-
sharply, amounted to 9,060,000 tons.
The
United
estimated
States
Bureau
production
ended
213,000
there
1,492
85.3
in
of
tons
of
Mines
Pennsylvania
Sept. 14, 1940,
(about
10,679\
decrease of
256
836
in
the
132
Rocky Mountain...
California
production of soft coal
1,027,000 tons,
was
26%)
reported
over
that
the
for
the
anthracite
the
increase
an
preceding
week.
15.5%.
284
101
total
Compared with the corresponding week of 1939, however,,
2,610
164
of the Bituminous Coal
Sept. 14 is estimated at 9,100,000 net tons, the
of
1,063
North Louisiana & Arkansas
weekly coal report
Division, United States Department of the Interior, reported
2,388
z
Louisiana Gulf
Reported
Estimated unreported...
*
365
3,680
3,580
a
WEEKLY
PRODUCTION
OF
COAL, BY STATES
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadings and river
ship¬
ments and are subject to revision on receipt of
monthly tonnage reports fromdistrict and State sources or of final annual returns from the
operators.)
12,135
4,535
was
ESTIMATED
1,456
4,535
Estimated total U. S.:
Sept. 21, 1940....
Sept.
11,724
Week Ended-
14, 1940
State
♦U.S.B.ofM.Sept.21/39
*
a
x3,517
production
average,
STOCKS
based
on
the
x
U.
8.
OF
FINISHED
FUEL
AND
Bureau of Mines
UNFINISHED
September
GASOLINE
AND
This is
y
1939 dally
of Barrels of 42 Gallons
Stock of Finished and
Stocks of Gas Oil
Unfinished Gasoline
Finished
GAS
Refineries
East Coast
AND
Stocks of Residual
Fuel OU
Illinois
,
Inland Texas
Gulf
No. La. & Ark__
Rocky
Mountain..
California
Reported
Est. unreported
*
At
and in
Refineries
Pipe Lines
8,677
6,578
316
238
in Transit
3,717
1,910
3,076
1,582
109
2,208
394
977
7,103
1,508
270
328
824
913
15,479
8,203
6
53,970
1,587
291
550
46
59
131
108
108
113
168
795
805
639
912
713
164
123
144
265
248
23
24
22
39
40
5
4
9
15
27
56
47
48
63
68
71,395
Estimated Bureau of Mines basis.
22
41
56
29
28
32
f27
f27
446
373
333
420
861
1,990
2,220
1,855
1,473
2,525
—
108
109
107
85
107
16
16
18
18
22
26
58
66
65
54
83
103
261
...
302
282
263
250
-
3,585119
245-
28
35
34
34
38
58
1,795
2,031
1,841
1,476
1,971
1,474
557
621
548
407
657
857
106
108
100
112
165
—.
Northern b
Wyoming
*
Other Western States _c
1
31,493
14,045
77,547
28,524
950
675
1,970
7,912
9,100
110
*
*
f5
7,785
6,612
9,609
f4
11,814
150
32,443
31,891
14,720
14,757
79,517
80,002
28,674
29,133
814
Pennsylvania anthracite.d
a
and
-
-
-
840
832
516
1.218
714
8,726
9,940
8,617
7,128
10,727
12,528
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G
on
27,851
10,133
86,798
27,790
_
the B. & O. in Kanawha, Mason,
Panhandle
District
and
Grant,
and Clay counties, b Rest of State,
including
Mineral, and Tucker counties,
c Include"
Arizona, California, Idaho, Nevada and Oregon,
65,738
16
25
117
21~904
U. S. B. of M.
*
954
247
48
—
.*
...
West Virginia—Southern.a
the
Sept. 21,1939...
698
260
54
18
Total, all coal
82,960
83,300
717
370
21
Total bituminous coal..
76,682
77,010
f
*
504
Est. total U. S.:
Sept. 21, 1940
Sept. 14, 1940...
f
984
45
Washington
528
2" 107
126
13,832
1,511
1
5
Utah
252
21
*
392
Virginia
1,228
75,975
6,985
1
406-
20
Tennessee
"295
6,497
6,875
214
125
Ohio
Texas.
1,662
69,807
137
673
.
North and South Dakota
5,803
10,595
2,750
461
109
New Mexico
and in
1,297
436
103
106
Montana-
561
2,412
96
126
46
Pennsylvania bituminous
9,102
3,224
13,723
6,154
108
788
Western
Pipe Lines
21,114
5,859
305
54
313
Maryland
-
9,199
Texas Gulf
Louisiana
in Transit
2,664
13,149
3
187
52
1
....
At Terms,
20,135
Appalachian
Indiana, 111
Ky.__
Okla., Kan., Mo...
f
2
215
88
Iowa
At Terms,
and
f
2
292
Michigan
Unfin'd
1923e
105
Indiana
and Distillates
At
Sept.
Avge.
1929
2
Georgia and North Carolina
Each)
District
Finished
Sept. 7
67
Arkansas and Oklahoma
Kentucky—Eastern.
Total
Sept. 10
1938
266
Alabama
Kansas and Missouri.
Total
1939
Colorado
OIL, WEEK ENDED SEPT. 21, 1940
(Figures in Thousands
Sept. 9
1940
yl 1,846
September 1939 daily average,
12% reporting capacity did not report gasoline production.
z
Ayg. 31
Alaska
Estimated Bureau of Mines basis,
week's
Sept.7
1940
*
33~8~750
+3,750 2,982,650 3,064,050
607,000
oil based upon certain
premises outlined in Its
September.
—250
3,014,050
d571,000
Total United States 3,624,300
week
526
Texas
+ 1,050
354,150
Montana
Refineries
Percent
East Coast
Texas..
65,200
b27,000
75,300
duction
91.0
73,250
9,700
Michigan
Wyoming
as
(Figures in Thousands of Barrels of 42 Gallons Each)
156
280,750
—850
Bureau of Mines
on a
gasoline.
TO
—800
72,550
■_
nois and
lines as of the end of the week 82,960,000 barrels of finished
and unfinished
RUNS
248,550
284,650
72,955
430,000
Indiana
basis, 3,680,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe
CRUDE
65,400
183,150
274,854
Eastern (not incl. Illi¬
Reports received from refining companies owning 85-3% of the 4,535,000
barrel estimated daily potential refining
capacity of the United States,
indicate that the industry as a whole ran to
stills,
65,050
215,700
69,700
Illinois
a
+ 100
—900
274,700
Mississippi
b
247,000 barrels of gasoline and 30,000 barrels of other petroleum products
Louisiana.__
i
weekly statistics.
Receipts of California Oil at Atlantic Coast ports during the week ended
lept. 21 amounted to 309,000 barrels, a daily average of 44,143 barrels.
At Savannah 32,000 barrels of crude oil were received and at
Philadelphia
65,500
Arkansas
receipts In bond at principal
United States ports for the week ended Sept. 21 totaled 1,373,(00
barrels,
+ 8,500 1,282,250 1,495,400
219,150
Louisiana
Total
the
daily average gross crude oil production for the week ended
Sept. 21, 1940, was 3,621,050 barrels.
This was a falling off
of 26,350 barrels from the output of the previous week.
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
oil-producing States during September.
Daily average pro¬
duction for the four weeks ended Sept. 21, 1940, is estimated
at 3,598,400 barrels.
The daily average output for the week
ended Sept. 23, 1939, totaled 3,681,050 barrels.
Further
details as reported by the Institute follow:
a
92,000
492,900
232,100
232,900
.17
tax.
Daily Average Crude Oil Production for Week Ended
Sept. 21, 1940, Declined 26,350 Barrels
The
1939
390,000
Total Texas
.......3.166
Boston............
Week
Ended
Sept. 23,
170,700
....
Panhandle Texas
North Texas
West Central Taxes..
$.053|
Newark..
2% city sales
Previous
397,000
Kansas..,
Nebraska
31.00
East
New York
Sept. 21,
Oklahoma
Gasoline, Service Station, Tax Included
z
Allow¬
(Sept.)
Gas Oil, F.O.B. Refinery or Terminal
i
Ended
-.04M
31.00-1.251 Phila.. Bunker C
2.10-2.20
N. Y. (Bayonne)
7 plus
from
3.041 New Orleans.3.05K-.05>4
%-M'
.03
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
Weeks
Ended
ments
North Texas..
Los Angeles...
3.06
— —
Change
Stale
Require¬
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
Week
lated
New York—
1940
28,
PRODUCTION
(Figures in Barrels)
ports...
3.07H-.08
08H-.08X
SheU East'n .07)+-.08
OU..08M-08J4
DAILY
d Data for Pennsylvania anthraclU
e Average weekly rate for entire
from published records of the Bureau of Mines,
month,
f Alaska, Georgia, North Carolina, and South Dakota Included with "other—
WoRtprn Rt.AtPR.
*
T.oca
than
1
000 tf>ns
_
Volume
The Commercial &
151
PRODUCTION
STATES
UNITED
ESTIMATED
COMPARABLE DATA ON PRODUCTION OF
1809
Financial Chronicle
place in
The pub¬
Defense orders occupied an important
improved.
OF SOFT COAL, WITH
CRUDE PETROLEUM
period under review.
stimulating business in the
(In Thousands of Net Tons)
reported:
lication further
Copper
Calendar Year to Datee
Week Ended
Unsatisfied demand for copper
Sept. 14
Bituminous coal
Sept. 7
Sept. 16
1940
1940
1939
in
average
c
Average based on five
37^full weeks ended Sept.
PENNSYLVANIA
OF
Japan
ANTHRACITE AND
Great Britain took 8,603 tons;
57,882 tons.
32,781
Russia, 14,930 tons; and
of the remainder went to South American
the bulk of the tonnage shipped
Most
tons.
9.90
buyer.
the United States during August amount¬
Exports of refined copper from
ed to
According to trade authorities,
countries.
PRODUCTION
demand, with most transactions at
Japan was the principal
f.a.s. New York.
equiva¬
pound of
active days, d Subject to current adjustment, e Sum
14, 1940, and corresponding 37 weeks in 1939 and
1929.
ESTIMATED
highest on record, totaling 241,052 tons.
fair and the
was
Export copper was in better
statistical convenience the
Includes for purposes of historical comparison and
coal,
the previous week, and total sales for the
On Sept. 25,
quotation remained firm at 12c., Valley.
business
month to date are the
production of lignite, b Total barrels produced during the week converted to
lent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
of
for the
volume
84,398 tons, against 14,506 tons in
5,482 219,421 197,580 162,753
5,805
5,842
Coal equivalent of weekly output.
a
fair
another rise
chiefly for last-quarter
9,060 312,686 245,750 366,218
1,675
1,129
1,438
1,510
7,912
cl,582
9,100
1,517
Crude Petroleum b—
I
was
a—
Total, including mine fuel
Dally
Call
24, from 11 He. to 12c., Valley.
delivery, but some sellers booked business
first quarter of 1941.
Sales for the week totaled
of domestic copper on Sept.
in the price
1929
1939
1940d
by consumers brought about
abroad during August
consisted of copper of foreign origin.
COKE
BEEHIVE
Lead
(In Net Tons)
during the last week and the price
market at
basis of the American Smelting &
Sales for the week involved 12,101
the preceding week. Consumers are
September requirements, with the
October position provided for to the extent of 57%.
The August refined-lead statistics were excellent, showing deliveries of
51,643 tons, well above the average for the year.
Stocks were reduced
4,039 tons. The statistical position of lead, excluding foreign metal stored
in this country in bonded warehouses, is strong.
Buying of lead was in good volume
Calendar Year to Date c
Week Ended
raised
was
10
Sept. 23, establishing the
points on Monday,
settling
Refining Co., and at 4.85c., St. Louis.
tons, which compares with 3,925 tons in
about covered against their estimated
5c., New York, the contract
Seri. 14,
Pa.
Sen. 7,
Sent. 16,
1940
1940
1939
1929
1939
1940
Anthracite—
Total, incl. colliery
fuel
48,931,000
814,000 1,215,000 35,035,000 35,966,000
45,408,000
773,000 1,154,000 33,286,000 34,168,000
1,027,000
a
Comm'l
976,000
prod'n b_
Beehive Coke—
United States total
65,400
10,900
9,483
_
.
1,520,800
4,890,600
429,200
6,881
11,600
1,933
56,900
Daily average
1,942
22,129
authorized
Includes washery and dredge coal, and coal shipped by truck from
operations, b Excludes colliery fuel, c Sum of 37 full weeks ended Sept. 14,1940
corresponding 37 weeks of 1939 and 1929.
t
a
Zinc
and
Prime
of Portland Cement
The Portland cement industry in August, 1940, produced
12,719,000 barrels, shipped 13,952,000 barrels from the mills,
and had in stock at the end of the month 21,522,000 barrels,
according to the Bureau of Mines.
Production and ship¬
ments of Portland cement in August, 1940, showed increases
of 2.8% and 4.1%, respectively, as compared with August,
1939.
Portland cement stocks at mills were 0.9% higher
August Production and Shipments
a
weighted average based on business
The statistics given
reports for
below are compiled from
received by the
Bureau of Mines from all manu¬
facturing plants.
In the following statement
August, 1940, and of
Sales of the common
advanced prices on zinc
load lots,
1940
July, 1940| June, 1940 May,
56.5%
45.5%
58.0%
48.1%
58.9%
48.2%
56.0%
47.9%
57.9%
48.0%
SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
DISTRICTS, IN AUGUST, 1939 AND 1940
(In Thousands of Barrels)
1939
1939
1940
from consumers.
fined; 1,857 Chinese; 53
2,393
2,488
4,168
National
880
1,040
1,681
1,630
2,663
consisted of Straits tin; 124 tons
Australian; and 265 Katanga.
revealed last week that
Defense Commission
nominally as follows:
21, 49.25c.; Sept. 23, 49.25c.;
DAILY
PRICES OF METALS ("E. &
Straits
917
956
1,084
1,138
1,680
1,747
Electrolytic Copper
1,139
1,635
1,178
1,545
Va., Tenn., Ala., Ga„ La.,
1,267
1,097
2,219
1,580
1,900
1,604
Dom.,Refy. Exp., Refy.
Eastern Mo., Ia.,
Michigan
particularly to the United States,
November.
99%, spot, was
Sept. 19, 49.25c.;
Sept. 24, 49.375c.;
2,123
1,496
Wis., 111., Ind., and Ky
the three
agencies interested
25, 49.500c.
1,998
1,493
York at the end
amounted to 3,634
English re¬
warehouses at the Port of New
tin be granted more freely,
export
4,115
1,007
1,471
1,136
1,311
1,002
1,323
1,420
1,190
2,315
708
707
806
813
2,072
1,976
Texas
485
574
682
595
722
862
Colo., Mont., Utah, Wyo. & Ida.
317
323
312
333
503
482
California
959
1,143
1,070
1,342
1,148
1,422
Oregon and Washington
600
407
645
384
575
M. J." QUOTATIONS)
New York
Zinc
Lead
Tin
New York
St. Louis
St. Louis
2,709
W. Mo., Neb., Kan.,
& Fla.
Minn. & 8. Dak
Okla. & Ark
Puerto Rico
12,369
Total
PRODUCTION,
12,719
582
2
34
34
13,401
13,952
21,326
21,522
SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,
BY MONTHS,
IN 1939 AND 1940
11.275
9.850
50.050
4.90
4.75
6.85
19
11.275
9.850
50.050
4.90
4.75
6.85
Sept. 20
11.275
9.850
50.050
4.90
4.75
6.85
Sept. 21
Sept. 23
11.275
9.850
60.075
5.00
4.86
7.00
11.775
9.850
50.100
4.85
7.25
Sept. 24
5.00
9.850
50.375
5.00
4.85
7.25
Sept. 25
11.775
11.442
9.850
50.117
4.95
4.80
7.008
Sept.
Average
.
-
Average prices for
refinery,
(In Thousands of Barrels)
and
in tin—Metals Reserve Company, the
Treasury, and the Navy—purchased 13,694 tons of tin up to Sept. 14, of
which total more than 8,COO tons had already been delivered.
London quotations recovered sharply during the last week as it became
known that the Non-Ferrous Metai Control has recommended that licenses
Sept.
2,645
and an improved demand
the Far East made both buyers
reported by the Commodity Exchange
Of this total 1,335 tons
Sept. 20, 49.25c.; Sept.
1940
1939
1940
The developments in
Stocks of tin in official
Chinese tin,
857
Ohio, western Pa. and W. Va
Oct. 1.
sellers nervous.
beginning with
of Month
2,530
N. J. and Md
New York and Maine
strengthened on smaller offerings
Prices for tin
to
Stocks at End
Shipments
Production
District
lead-free zinc
government
CEMENT, BY
Eastern Pa.,
zinc oxide have
On car¬
oxide will be established on that date at 6He. a
zinc quotations, producers of
oxide one-quarter cent, effective
pound, and 5% leaded at 6He.
The
,.
ended Sept. 21 totaled
for national defense.
of last week, as
PRODUCTION TO CAPACITY
Aug., 1939 Aug., 1940
PRODUCTION,
grades of zinc for the week
in the previous week. Shipments involved
6,525 tons and unfilled orders now total 91,066 tons. Government officials
are reported to be interested in acquiring data on domestic zinc supplies
tons.
The 12 months ended.__
Louis.
6,989 tons, against 19,338 tons
162 plants at the close of August, 1939:
RATIO OF
reported to us. Good tonnages were
second-quarter delivery. Prime
price basis for first- and
Tin
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
The month
average
an
on
Western closed firm at 7.25c., St.
Owing to the uplift in
year ago.
August,
7.25c.
sold
and producers,
raised prices from 6.85c., St. Louis, for
Western, to 7.25c. Sept. 23.
Transactions ranged from 6.85c. to
on that day, and our quotation of 7.00c. for Sept. 23 represents a
their limited supplies,
viewing
than
continued strong during the last week,
Demand for zinc
New
Domestic copper f.o.b,
refinery, 9.842c.; Straits tin, 50.050c.;
St. Louis lead, 4.750c.; St. Louis zinc, 6.850c.; and
calendar week ended Sept. 21 are:
11.223c.; export copper f.o.b.
York
lead,
4.900c.;
silver, 34.750c.
Stocks at End
1939
1940
1940
1939
of Month
1939
1940
5,301
5,505
6,205
5,640
3,889
23,611
5,041
5,044
4,905
24,092
25,757
25,894
8,171
7,917
8,467
23,786
26,118
9,674
11,185
11,953
12,644
12,369
11,937
12,539
11,053
9,488
10,043
9,654
7,715
10,829
12,668
12,748
12,715
13,241
22,251
24,757
13,247
21,489
*24,010
11,757
13,401
13,104
12,829
10,147
6,785
13,552
22,361
*22,755
13,952
21,326
21,522
January
February
—
March
April
May
June
July
-
August
September
October
November
December
121,819
Total
*
Shipments
Production
Month
12,514
*12,300
12,719
23,837
25,348
20,160
19,870
20,779
23,449
122,291
Revised.
Non-Ferrous
Advance
"Metal
Metals—Copper, Lead, and Zinc Prices
Active Buying for Defense Program
on
and Mineral Markets"
strengthened on ominous develop-
jopper, lead, and zinc.' Tin
nents in the Far East.
Quicksilver
sold in fair volume at
Demand for antimony and tungsten ores
markets,
M.'s" appraisal of the major United States
by producers and agencies. They are reduced
St. Louis, as noted. All prices are in cents per
quotations are "M. & M.
based on sales reported
of cash, New York or
to the basis
pound.
and zinc quotations are based on sales for both prompt and future
for prompt delivery only.
prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European War, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents is deducted from f.a.s.
basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
Copper, lead
deliveries; tin quotations are
In the
trade, domestic copper
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. 19, spot, £247,
three months, £251K; Sept. 20, spot, £2473^, three months,
£2.51
Sept. 23, spot, £254, three months, £258; Sept. 24,
spot,
£254K,
three months, £258; and Sept.
25, spot,
£2553^, three months, £259.
in its issue of Sept. 26
reported that fabricators last week obtained large orders for
brass products, and, in spite of the heavy purchases earlier
n the month, the buying of major non-ferrous metals con¬
tinued active and resulted in a general uplift in prices for
ligher prices.
The above
Japan Second Largest Importer of Iron and Steel Scrap
from United States this Year—Purchases Sharply
Reduced from 1939
Between
Jan. 1 and Aug.
31, 1940, the United States ex¬
ported 2,142,176 gross tons of iron and steel scrap,
ing to a report of the Metals and Minerals Division,
accord¬
Bureau
The Commercial & Financial Chronicle
1810
of
Foreign and Domestic Commerce, issued Sept. 26.
This
was 12% less than the 2,431,610 tons
exported in the
first eight months of 1039, but was 6% above the 2,017,638-
Sept. 28, 1940
-IRON AGE"
THE
total
ton
total
of
the
comparable
period
1038.
of
Sept. 24, 1940, 2.261c.
revealed
United
in
the
Kingdom to
following: table, 1940 has
the position of chief purchaser
Based
Lb.
2.261c.
-
—
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
rolled stri ps.
2.236c.
One month ago..
One year ago
85% of the United States output
the rise of the
witnessed
of this important
PRICES
Steel
2.261c.
a
One week ago
Continuing,
the report said:
As
COMPOSITE
Finished
These products
High
re present
Low
raw
1940
2.261c.
Jan.
2
2.211c.
halving of shipments to Japan which, never-the-less,
continued as the half second largest buyer.
The figure for Italy covers
shipments made during the first half of the year only, there having been
no shipments
to that country in either July or August.
1939
2.286c.
Jan.
3
2.236c,
May 16
17
2.2110.
Oct.
2.249c.
Jan.
material
well
as
UNITED
the
as
STATES
EXPORTS
OF
AUGUST
IRON
1938,
AND
2.512c.
May
2.512c.
Mar.
Apr.
16
18
4
Dec.
28
2.016c.
Mar. 10
Oct.
1
2.056c.
Jan.
8
2.118c.
Apr.
24
1.945c.
Jan.
2
1933
JANUARY-
1940
2.249c.
2.062c.
1934
SCRAP
1936
1935
(In Gross Tons)
1.953c.
Oct.
3
1.792c.
May
1.915c.
Sept.
6
1.870c.
1931
1939
1.981c.
1929
1938
2
Mar. 15
13
Jan.
7
1.962c.
Dec.
9
2.236C.
--
Jan.
2.192c.
1930
1940
9
1932
STEEL
1939 AND
1938
1937
May 28
2.192c.
Oct.
29
1.883c.
Dec. 29
Pig Iron
United Kingdom
Japan..
736,418
333,893
386,734
662,738
1,286,031
870,777
Sept. 24, 1940, $22.61
One week ago
One month ago..
Based
Gross Ton
a
$22.61
for basic iron at Valley
on average
furnace
and
Italy
320,923
348,116
240.451
Canada
268,591
94,930
53,275
Mexico
42,632
28,192
15,446
10,930
32,145
15,420
11,699
14,336
China.
16,584
1940
145,368
$22.61
2
$22.61
138,667
1939
22.61
112,760
Sept. 19
20.61
Sept. 12
1938
23.25
June
21
19.61
July
6
9
20.25
Feb.
16
Spain
One year ago
Poland and Danzig
Sweden
12,413
47,537
1
All other countries
54,823
107,357
177,961
Total
2,142,176
tons
Shipments
under
than
more
in
August
2,431,610
2,017,638
AA.
The
an
covers
17.90
contracts
for
1,703,000 shells.
16.90
Jan.
5
13.56
Jan.
3
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Deo. 15
18.21
Jan.
7
15.90
Dec. 16
18.71
May
14
18.21
Dec. 17
for
1,450
barracks
tons
at
Notwithstanding the heavy orders being
shapes,
was
Navy hangars
tons for
R.
naval
a
I.,
at
At
50%,
a
or two
has pig iron begun to share the
business
but
orders
and
improvement long
shipments this month have increased
Additional blast furnace
capacity is being employed and more
coke ovens in the beehive
field at Connelisville have been
put in service.
Steel ingot production,
though possibly headed for higher ground
when
orders become
more
tionary this week
at
evenly distributed
93%.
Gains in
as
some
to
plants and products, is sta¬
districts
are
elsewhere.
Railroad
1,000,
Pittsburgh
&
to
add
to
steel
backlogs.
Lake
are
Erie
expected
1,000,
soon
Automotive steel specifications
In aggregate sheet orders.
go
lower.
Freight
car
pur¬
the largest in one week
since the heavy
buying
The Southern Pacific ordered
3.Q00, Union Pacific
Norfolk
Marquette 600, Duluth, Mesabi & Iron
Range 40.
about 125,000 tons
balanced by losses
are
movement of last fall.
&
Pere
probably follow.
heavier; bringing
Tin plate operations
1,000,
Two rail orders
totaling
and others will
are
Western
are not
an
cans
caused
exports are responsible.
over
41% and may
of manufactured cans
and tin plate, reduced
by delayed maturing of food
packs and light
The
embargo on United States goods by the
Argentine will not affect
shipments for which licenses have been
granted, but has halted all pending
negotiations.
Scrap prices continue
'Iron Age" scrap
to
higher, though in smaller
jumps.
composite price is up 16c. to $20.29.
10
move
Apr
29
Mar. 13
9.50
Sept. 25
12.25
Aug.
8
6.75
Jan.
3
5
8.50
Jan.
12
6.43
July
Jan.
6
8 50
Dec. 29
15.00
Feb.
18
11.25
Dec.
9
17.58
Jan.
29
14.08
Dec.
3
American Iron
IQ1Q
1939
4
58.6%
70.2%
79.3%
83.8%
87.5%
88.6%
Sept. 18
Sept. 25
Oct.
2
Oct.
9
1940—
Dec.
18
Dec.
25
Jan.
15
Apr.
8
61.3%
60.9%
60.0%
61.8%
65.8%
July
22
July
29
1.—.85.7%
Apr.
15
8
Apr.
22
29
Oct.
30
86.1%
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
22
Jan.
90.2%
5
91.0% Feb.
92.5% Feb. 12
93.5% Feb. 19
93.9% Feb. 26
Nov. 20„_
July
15
16.....90.3% Jan.
Nov. 13
61.7%
Jan.
23
6
60.7% July
1
Jan.
Oct.
Nov.
1940—
Mar. 25
Apr.
90.0%
73.7%
1940—
Oct.
Nov. 27
94.4%
4
4
Dec.
11
92.8% Mar. 11
91.2% Mar. 18
Apr. 29
May
6
on
86.4%
86.8%
88.2%
.90.4%
5
90.5%
89.5%
Aug. 12
Aug. 19
89.7%
91 3%
82 5%
91 9%
92.9%
92.5%
Aug. 26
Sept.
June
3
June
10
73.0%
76.9%
80.3%
84.6%
June
17
87.7%
June 24
86.5%
July
1
2
Sept. 9
Sept. 16
Sept. 23
74.2%
"Steel" of Cleveland, in its
summary
markets,
Aug.
May 13—.70.0%
.64.7%
62.4%
Mar.
8
May 20
May 27
64.6%
Dec.
of the iron and steel
Sept. 23 stated:
Steelworks operations last week held at 93% for the second
consecutive
week, highest point reached this year.
Virtually all products
demand.
acquiring
ers
except tin plate are
Delivery dates
are
feeling the stimulus of increased
being extended.
entered
The armament program is
more momentum and notable is the eagerness of general consum¬
to cover their requirements months ahead.
for
delivery next
year
Some orders
now
are
being
at prices ruling at time of shipment;
par¬
ticularly steels requiring special heat treating and annealing operations.
Most impressive is the amount of construction work
being figured, and
the volume of equipment required,
linked with preparedness.
As an ex¬
ample, the announced $18,000,000 expansion program of the Savage Arms
Co. at Utica, N. Y.
More
than
a
score
of cantonments
being figured.
are
In addition to
various other types of steel it is estimated these will
require over
150,000
kegs of nails.
,
Large tonnages of structural shapes and plates
are
being placed for de¬
fense projects.
Shape orders in the week included 7,500 tons for Chrysler
Corp.'s tank plant at Centerline, Mich.; 13,500 tons, mainly piling, for a
navy drydock at Philadelphia and one at Norfolk, Va.; 5,700 for two shiprepair vessels for the Navy on the West coast; 4,250 tons of piling for an
air
base
at
Quonset Point, R. I.; 2,300 tons for quartermasters' storage
For a gun assembly plant at Washington 3,500
depot, Jeffersonville, Ind.
tons of shapes are
plates
pending; and for Navy vessels
are up
on
the west
coast
17,600
for bids.
A substantial increase is noted in the number of Federal
being estimated, requiring in the aggregate
a
housing projects
heavy tonnage of steel.
In
the New York district 20,000 tons of shapes are being figured for grade cross¬
ing elimination work for the Long Island RR., and 15,000 tons for elevated
parkway construction in Brooklyn,
Triboro
steel for
Bridge
Authority.
on
which bids
were
Eleven thousand
bridge in Hartford, Conn.,
a
was
opened last week by
tons
placed with
a
of
miscellaneous
Pittsburgh fabri¬
cator.
Miscellaneous
Increasing.
steel
requirements,
many
Among current inquiries
millimeter shells for the Army; 7,50f
are
associated
12,500
tons
with
defense,
of billets
tons of sheets for powder
for
cans
are
155-
for the
Navy; 6,000 tons of heavy sheets for depth bombs for Great Britain.
The United States War Department ordered 18,000 gross lots of
spoons,
requiring
The
10.33
,
13.00
—
11.33
the
improvement
Heavy inventories
shipments of
Dec.
13.42
-
tons of
buying promises
chases totaling 6,640
9
Sept. 11
ammunition
a
steel,
June
Sept.
the
possible shortage of coke, which thus far
has not been
threat, has been stressed by pig iron sellers.
Not until the
in
10
12 67
and Steel Institute on
Sept. 23 an¬
telegraphic reports which it had received indi¬
cated that operating rate of steel companies
having 97%
of the steel capacity of the
industry will be 92.5% of capacity
for the week beginning Sept. 23, compared with
92.9% one
week ago, 91.3% one month ago and
83.8% one year ago.
This represents a decrease of 0.4 point, or
0.4%, from the
estimate for the week ended Sept. 16, 1940.
Weekly indi¬
cated rates of steel operations since Sept. 4, 1939, follow:
output will go into
plate, chiefly for tanks.
apparent
Nov
21
The
are operating at
shape tonnage is being used at
a moot
past week
12.92
Dec.
received by mills for structural
as a great deal of the
sharply.
Mar. 30
17.75
9
nounced that
San
question.
The opinion of steel company
managements is that no
additions to open hearth
capacity will be required provided orders are not
too heavily concentrated.
The only serious bottleneck thus far
is in electric
furnace steel, the supply of which is to be
further augmented by an addi¬
tional 50-ton furnace to be installed
by Republic Steel Corp. at
Canton,
Ohio, two of similar type having been ordered a few
months ago.
About
10,000 tons a month of the
company's electric furnace
a
7
21.92
-
Apr.
1930
steel-making capacity
than
June
1929
Whether the heavy requirements of the
defense program, combined with
normal requirements, will
necessitate increases in
more
11.00
$16.04
1931
meeting of the Concrete
The question of
Nov. 22
Sept. 24
1932
Reinforcing Steel Institute it
estimated that the defense
program will take from 750,000 to
1,000,000
reinforcing steel over approximately 18 months.
armor
May 16
15.00
1934
tons of
is
14.08
1935
There
for
3
1933
of the independent structural fabricators
many
not more than
shipyards.
for
Quonset Point,
Oct.
1937
awards, which
Pittsburgh;
22.50
1936
mainly defense manufacturing plants.
Largest lettings
6,700 tons for the Chrysler Corp.'s tank plant at
Centerline, Mich.;
6,210 tons for an ordnance plant at
Charlestown, Ind., for E. I. du Pont
de Nemours & Co.; 2,600 tons for the Grumman
Aircraft Engineering Co.
plant at Bethpage, N. Y,; 1,600 tons for machine
shop extensions for the
tons
Low
$20.29
1938
total 42,000 tons,
Co.,
21.67
High
are
Among structural inquiries is 2,000
depot at Hawthorne, Nev.
on
No.
1
heavy melting steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
19/ 8
1939
Commission late last week, will not in most
instances be reflected in steel
orders for some months except for
building construction, some of these
projects figuring in this week's fabricated structural steel
Navy.
Based
$20.13
1940
National
Diego, Calif,; 1,390
27
Scrap
Gross Ton
a
One month ago
One year ago
defense activities are producing an
increasing number of in¬
quiries and orders in other directions.
Ordnance contracts totaling nearly
$450,000,000, which were announced by the National Defense
Advisory
Machine
1
Dec.
Jan.
Steel
bombs.
Mesta
May
16.90
14.81
-
Sept. 24, 1940, $20.29
undisclosed quantity of 500-lb. demolition
an
Aug. 11
May 14
1929
~
Chicago inquiry
18.73
17.83
5
1930
Pittsburgh inquiries are almost identical in specifying
shells—!55 mm., 105 mm,, 90 mm., 75 mm., and 3-in.
Inquiry for steel for
Nov. 24
Nov.
1931
Inquiries Total 200,000 to 300,000 Tons—
Requirements Expanding
""The Sept. 26 issue of the "Iron Age" reported that inquiries for shell steel totaling 200,000 to 300,000 tons, the
largest so far under the national defense program, will
develop into orders some time in October.
Two inquiries,
each for 100,000 tons, are current in the
Chicago and Pitts¬
burgh ordnance districts and a like quantity is understood
to be pending in eastern ordnance districts.
In addition
to these requirements for our own
program, a British order
for 12-in. shells, placed with an eastern
company, will call
for about 20,000 tons of steel.
The "Iron^Age" further
is also
19.73
1933
Steel
The Chicago and
2
1932
scrap in August totaled 346,087 tons or some
July when shipments had totaled 326,546 tons.
1939 amounted to 290,346 tons—some 65,000 tons
m
reported:
Mar.
Jan.
18.84
the
steel for five sizes of
Low
Jan.
23.25
1934
Other Defense
,
Southern Iron at Cincinnati.
:
One week ago
Shell
22.61
1936
for August 1940.
Leading markets in August were Japan,
United Kingdom. 136,604 tons; Canada, 55,117 tons;
Spain, 13,420 tons; and Mexico, 3,432 tons.
tone;
——.
Philadelphia,
1937
the figure
137,429
....
foundry iron at Chicago,
Buffalo,
Valley,
and
22.61
1935
Exports of iron and steel4
19,500
--
High
4,276
'
Germany
—
180 tons of stainless steel, and contracted for
barbed wire for Army posts.
14,500 reels of
The Government is reported to have placed
16,000 tons of sheets for additional
corn
cribs.
Volume
The Commercial & Financial Chronicle
151
"Steel's"
Watervliet Arsenal placed 8,300 60- and 80-millimeter mortars with two
Railroad buying included 1,000 gondolas for the Pittsburgh &
Lake Erie
or
Inc., Rochester.
New York Central's rail requirements, on which bids will
be opened Sept. 30, total 65,000 tons.
diesel-electric passenger
Baltimore & Ohio has placed seven
and the Boston &
engines;
Chesapeake & Ohio has opened bids
Southern Rys. on two diesel-electrics.
an
Maine, three steam
10 steam locomotives and
on
Amtorg Trading Corp., New York,
and 79% two
preced¬
The entire Great Lakes iron
Sept.
ore
the market
in
for pig
1937.
iron, purchases in the Eastern
in the past week including lots ranging up to
and prices strong.
comparison of the percentage of production
corresponding week of previous years, together with
nearest
1940
3,968,000
H
80 H
+8H
76X
+
42
—
76
—4
72 H
-i
1935
51 K
+
begin in November, when the last of present contracts for scrap will be
1934
24 H
1933
37^
1932
17 X
1931
28
Pittsburgh district steelworks operations last week were up 1H points
83%; Wheeling 1 to 97; and Cincinnati 3 to 79; Cleveland 1 to 88 and Detroit
1928
85>4
+
1927
65
+1
Buffalo
was
unchanged at 90.5 and St. Louis remained at 80%.
Week with the Federal
The
Excess reserves of member
Reserve banks.
banks on Sept.
estimated to be approximately $6,650,000,000, an
increase of $120,000,000 for the week.
The statement in full for the week ended Sept.'25 will be
25
were
found
on
pages
1850 and 1851.
bank reserve
during the week and year ended
Changes in member
items
balances and related
Sept. 25, 1940, follow:
Increase (+) or Decrease
Since
Sept. 25, 1940
Sept. 18, 1940
$
$
Bills discounted.........
U. S.
+1,000,000
2,434,000,000
__
-
and guaranteed
-----
advances
(not
21,166,000,000
3,041,000,000
Member bank reserve balances-—--13,703,000,000
Money In circulation
8,090,000,000
Treasury cash
2,298,000,000
Treasury deposits with F. R. banks—
793,000,000
Nonmember deposits and other Fed¬
eral Reserve accounts
1,795,000,000
Gold stock
Sept. 27, 1939
$
—370,000,000
-
Treasury currency.--------
-----
—3,000,000
—23,000.000
+1,000,000
—23,000.000
—374,000 000
+ 73,000.000 + 4,241,000,000
+1,000,000
+127,000,000
+79,000,000 +2,082,000,000
+ 6,000,000
+ 852,000,000
—13,000,000
+ 38,000,000
+ 3,000,000
+ 241,000,000
+ 782,000,000
H
+2
85
62
simul¬
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
taneously with the figures of the Reserve banks
cannot be
compiled.
In the following
will be found the comments of the Board
Reserve System respecting the J
of Governors of the Federal
returns of the entire
body of reporting member banks of the
Federal Reserve System
of business
for that week ended with the close
Sept. 18:
)
leading
18:
bills and
$35,000,000 in holdings of United States Government bonds, increases of
$39,000,000 in holdings of "other securities" and $117,000,000 In deposits
credited to domestic banks, and a decrease of $95,000,000 in demand
of weekly reporting member banks in 101
principal changes for the week ended Sept.
$37,000,000 in holdings of United States Treasury
deposits-adjusted.
industrial and agricultural loans
Commercial,
New York City
brokers
increased $8,000,000 in
banks. Loans to
and $7,000,000 at all reprting member
and dealers in securities
increased $12,000,000.
Holdings of United States Treasury
Chicago district,
bills decreased $27,000,000 in the
$11,000,000 in New York City, and $37,000,000 at
all
Holdings of United States Government bonds
in the Chicago district. $14,000,000 in New York
reporting member banks.
decreased $18,000,000
City, and $35,000,000 at
—24,000,000
+2
,
explained above, the statements of the New York and
Decreases of
—1,000,000
—1,000,000
+1
68
+
81
+4
Chicago member banks are given out on Thursday,
The condition statement
Including
$8,000,000 commitments—Sept. 25
9,000,000
Other reserve bank credit
-----25,000,000
Total Reserve bank credit
2,472,000,000
As
—1
86
H
—1
26X
56 K
—1
89^
System for the Preceding Week
cities shows the following
direct
Government securities,
Industrial
5,000,000
-
Bills bought..
(—)
Reserve
+2
—3H
Member Banks of the Federal
Returns of
Complete
Reserve Banks
During the week ended Sept. 25 member bank reserve
balances increased $79,000,000.
Additions to member bank
reserves arose from an increase of $73,000,000 in gold stock
and decreases of $13,000,000 in Treasury cash and $24,000,000 in nonmember deposits and other Federal Reserve
accounts, offset in part by a decrease of $23,000,000 in Re¬
serve Bank credit and increases of $6,000,000 in money in
circulation and $3,000,000 in Treasury deposits with Federal
26
17 X
65
+3
4 to 91.
+ 1X
38
31
—1
60
85
H
+ 1^
17H
1929
H
—
37
1930
England 5 to 80.
+ 1H
77 Yi
+1
22
+ 1H
+8
77 K
M
+
40
—2
Youngstown was down 3 points to
up
H
61K
70H
M
1 to 98.5; eastern Pennsylvania 1.5 to 92; Birming¬
88H%: Chicago
ham 4 to 97; New
+9
+
52 K
—9
77
1936
completed.
92 X
83 K
M
47 X
of scrap, shipments
Great Britain is reported negotiating for 150,000 tons
to
+
+
1938.
for 1940 will exceed 40.000,000 tons.
to
96
93 H
1939
the remainder of the year the total
Independents
XJ. S. Steel
Industry
New
Domestic con¬
1937
over
the
Scrap is active
10,000 tons.
sumption of iron and steel scrap in August reached a new high
and at the current rate
weeks ago.
approximate changes, in points, from the week immediately preceding;
district
Contracts negotiated last week for wrecking more
York elevated railways will provide 95,000 tons of scrap.
gross tons,
with the
Non-integrated steel mills
the week before
Leading independents are credited with 92H%.
ago.
The following table gives a
fleet, comprising 296 vessels, was in opera¬
15, first time since August,
have been
weeks
compared with 92% in the preceding week and 88% two
ing, to 78,820.
tion
and that
$20.13.
United States Steel is estimated at 96%, against 95 H % in
inquiry for 10 steam locomotives for shipment to Russia.
Automobile assemblies last week increased 12,205 over the week
steelworks scrap held at
Steel ingot production for the week ended Sept. 28, is
placed at 93Yi% of capacity, according to the "Wall Street
Journal" of Sept. 26.
This compares with 93% in the pre¬
vious week and 84% two weeks ago.
The "Journal" further
reported:
placed through the New York Central with its subsidiary, Despatch Shops,
has received
last week advanced 2 cents to
$37.96; the composite for finished steel was unchanged at $56.60
manufacturers.
engines.
1811
iron and steel price composite
all reporting member banks.
Holdings of "Other
New York City and $39,000,000 at all
securities" increased $30,000,000 in
reporting member banks.
Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement
$16,000,000 each in the Cleveland and
the Boston district,
of the Board of Governors of the
York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
Reserve System for the New
Federal
ASSETS AND LIABILITIES
EN
OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York
Chicago
Sept. 25 Sept. 18 Sevt. 27 Sept. 25 Sept. 18 Sept. 27
1940
1940
1939
1940
1940
1939
Assets—
Loans and
Investments—total.-
Loans—total
Commercial,
$
9,596
2,828
City
S
9,691
2,833
f
8,477
2,871
$
2,217
612
$
2,251
620
$
2,073
" 558
and
industrial
agricultural loans
Open market paper
Loans to brokers and dealers..
purchasing or
carrying securities.--------
-
Treasury notes
United States bonds
Obligations
guaranteed by the
Government
United States
Other securities.-.
Reserve with
-
Fed. Res. banks..
Cash In vault----
Balances with
—
-----
domestic banks..
Other assets—net
Deposits credited to
City,
domestic banks increased $51,000,000 in
New York
$13,000,000 in the Philadelphia district, $12,000,000 each In the
City districts, and $117,000,000 at all reporting member
Boston and Kansas
banks.
Deposits credited to
York City
foreign banks increased $12,000,000
and at all reporting member
A summary
in New
banks.
liabilities of re¬
of the principal assets and
porting member banks, togetxier with changes
and the year ended Sept. 18, 1940, follows:
increase
(+)
for the week
or
Decrease
(—)
Since
Sept.
18,
1940
$
Assets—
Loans and
24,284,000,000
8,692,000,000
Investments—total
1,753
74
1,750
74
1,652
117
425
22
434
22
380
18
295
406
25
24
29
Open market paper
Loans to brokers and dealers In
163
123
164
177
117
59
59
67
' 18
18
14
Other
63
264
162
702
63
270
158
704
50
Real estate loans
118
249
124
157
321
1,095
41
232
48
1,782
498
63
Sept. 11,
1940
Sept. 20, 1939
$
S
—10,000,000 +1,945,000,000
+ 27,000,000
+ 373,000,000
Commercial, Industrial, and agri¬
301
27
Loans to banks
Other toans
Treasury bills
deposits decreased $5,000,000.
Loans-total
Other loans for
Real estate loans
New York City,
Chicago districts, $15,000,000 in
and $95,000,000 at all reporting member banks.
Time
deposits-adjusted decreased $26,000,000 in
Demand
Returns of
124
36
390
25
387
274
1,014
2,645
2,654
377
255
787
2,186
1,381
1,454
6,474
84
82
320
1,376
1,464
6,417
82
82
321
1,120
1,258
5,640
80
73
361
353
1,297
42
261
42
143
356
1,251
42
273
42
9,685
721
35
9,655
721
35
8,170
647
48
1,977
506
94
1,963
506
94
319
1,045
670
296,000,000
...
—19,000,000
„
—128,000,000
462,000,000
1,222,000,000
+ 2,000,000
+ 2,000,000
—48,000,000
45,000,000
1,685,000,000
purchasing
carrying securities
for
+ 377,000,000
+12,000,000
—5,000,000
+ 9,000,000
+ 42,000,000
+10,000,000
+139,000,000
—37,000,000
+ 236,000,000
404,000,000
securities
loans
+ 7,000,000
4,578,000,000
cultural loans
or
Loans to banks
Other loans
Treasury notes-.----.--.---.-..
673,000,000
2,091,000,000
United States bonds
6,541,000,000
Treasury bills
-
Obligations guaranteed by United
States Government-.-.-...--.
2,583,000,000
3,704.000,000
banks—--.11,490,000,000
Cash in vault
502,000,000
Balances with domestic banks
3,296,000,000
Other securities
Reserve with Fed. Res.
—40,000,000
-
—35,000,000
+ 681,000,000
—4,000,000
+353,000,000
+ 342,000.000
+19,000,000 +1,767,000,000
—15,000,000
+32,000,000
+ 70,000,000
+ 275,000,000
+ 39,000,000
Liabilities—
Demand
deposits—adjusted----
Time deposits--
United States Govt,
deposits.—
Inter-bank deposits:
Domestic banks
Foreign banks.-----.—.----
3,687
636
Borrowings
Other liabilities
Capital accounts
3,758
630
3,354
672
1,002
8
1,019
7
852
13
-
301
302
266
14
14
15
1,491
1,492
1,474
258
256
267
Liabilities—
Demand deposits—adjusted
Time deposits
United States Government deposits
20,984,000,000
5,355,000,000
630,000,000
Domestic banks.-....-.—-—
Foreign banks
Borrowings---....—-
......
8,687,000,000
683,000,000
1,000,000
+ 95,000,000 + 2,809,000,000
—5,000,000
+ 3,000,000
+130,000,000
—10,000,000
+117,000,000
+995,000,000
+12,000,000
+1,000,000
—59,000,000
The Commercial & Financial Chronicle
1812
Secretary
Hull
Clear
111
Says
New
Tri-Power
Makes
Treaty
from the State
claim.
"Relationship Which Has Long Existed"
brief formal statement, issued yesterday (Sept. 27),
commenting on the new German-Italian-Japanese treaty,
Secretary of State Hull said the alliance "merely makes clear
to all a relationship which has
long existed in effect" and
which the United States had taken into account in deter¬
mining its
policies.
own
Mr. Hull's statement follows:
Department
on
Sept. 23 denying the French
The statement follows:
This
a
Sept. 28, 1940
Government
French concessions
developments in
has
to
not
at
Japan.
Indo-China
any
time
as
by
States, substantially alter
a
situation which has existed
Announcement of the alliance merely makes clear to all
a
of
That such
an
Sept. 7,
of the
United
States
the
in
determining of this country's
policies.
,
page
In
Italy
and
Japan
Sign Political
and Economic Treaty
Military
treaty signed in Berlin yesterday (Sept. 27), Ger¬
Italy and Japan entered into a 10-year political,
military and economic pact. The countries, it was explained,
will cooperate in establishing a "new order of things calcu¬
lated to promote the mutual prosperity and welfare of the
peoples concerned."
The three powers affirmed that the
terms in no way affects the political status of
any one of them
as regards Russia.
The following is the official translation of the
treaty as
reported in a Associated Press Berlin dispatch of Sept. 27:
a
many,
_
Germany, Italy and Japan, considering it as a con¬
dition precedent of any lasting peace that all nations of the world be
given
each its own proper place, have decided to stand
another in
by and cooperate with one
regard to their efforts in Greater East Asia and regions of Europe,
respectively, wherein it is their prime
new
purpose to establish and maintain
a
order of
things calculated to promote the mutual prosperity and wel¬
fare of the peoples concerned.
.
Y
_
_
Furthermore, it is the desire of the'three governments to extend
operation to such nations in other spheres of the world
as may
co¬
be inclined
Accordingly, the
as
governments of
follows:
Article One
Japan recognizes and respects the leadership of Germany and
Italy in
the establishment of a new order in
Europe.
Article Two
Germany and Italy recognize and respect the leadership of
Japan in the
establishment of
a
new
order in Greater East Asia,
Article Three
_
Germany,
aforesaid
Italy and Japan
lines.
to
agree
cooperate
They further undertake
political, economic and military
to
in their efforts
assist
means when one
one
another
the
on
with
all
of the three
contracting
Powers is attacked by a Power at present not
involved in the
or in the Sino-Japanese conflict.
European
war
Enter
to
a
new
diplomatic agreement between
without
quota restriction,
it
was
made
known
on
Sept. 24 by Marshall Field, President of the United States
Committee for the Care of European Children, 215 Fourth
Avenue, New York City.
Previously non-British children
in England, unable to qualify for visitors' visas because
they
had no home to which they could return, could enter the
United States only under the quotas of. their native countries,
Mr. Field explained.
Since the quotas of many countries
are filled for years in advance, he
said, most of the non-British
refugees had to remain in England, exposed to Germany's
bombings.
v
From the New York "Herald Tribune" of
take the
we
also
after receiving a report from
Field made the announcement
Eric
executive director of the committee, who flew to London
cently to expedite the removal of chi dren
to
America.
young refugees aboard, both English and natives of other
will be here within
Mr.
Sept. 25
following:
H. Biddle,
a
re¬
Four sh:ps with
European countries
few weeks, Mr. Field said.
Field said that the United States
Government had
grant visitors' visas for non-British refugees under
duration of the
war.
This concession,
by the promise of the British Govern
agreed to
now
16 years of age for the
he added, has been made possible
ment to grant to such children return
visas to England when the war is over.
to
Germany, Italy and Japan have agreed
England
States and England, non-British child
refugees
who have been residing in England since
Germany invaded
their native countries, will be permitted to enter the United
The
put forth
endeavors along lines similar to their*own, in order that their
ultimate aspirations for world peace may thus be realized.
"""
*"
1
our
1373.
Under the terms of
Mr.
Three-Power pact between Germany, Italy and Japan
The governments of
was
the United
States
Germany,
of State
Refugees Now
Country on Visitor Visas—
British Ship Carrying Children to Canada Tor¬
pedoed—Heavy Loss of Life
in
agreement has "been in process of conclusion has been well
time and that fact has been fully taken into account by the
Government
Secretary
the
toward
,
relationship
some
approved
United States to Allow Non-British Child
which has long existed in effect and to which this Government has
repeatedly
called attention.
'
known for
way
Government
the
A previous statement on the Indo-China situation
ssued by Secretary Hull on Sept. 4; this was given in
The reported agreement of alliance does not. In the view of the Govern¬
ment of the United
any
of this
expressed
this morning and in previous public statements.
ssue
for several years.
in
or
The attitude
is
arrangement enables the United
new
for transportation
terms
word
as
those for
from
the
States committee to arrange
here of specified non-British children under the
specified British youngsters.
American
Committee
for
same
The committee is awaiting
the
Evacuation of Chi dren, in
London, which controls available transportation, before announcing plans
for removal of unspecified non-British children to America.
England suffered this week its first casualties under its
arrangements to
remove children from the war zone, when,
Sept. 22, a ship carrying 406 persons, including 90 chil¬
dren, from England to Canada was torpedoed and sunk by
an
unidentified submarine.
It is reported that
approxi¬
mately 80 of the 90 children lost their lives, while nearly
200 of the adults perished.
The children were being sent
abroad under the auspices of the Children's Overseas
Recep¬
tion Board, London.
on
Article Four
With
the view to
implementing the
missions, members of which
ments of
present
pact, joint technical
com¬
be appointed by the
respective govern¬
are to
Germany, Italy and Japan will
meet
American
The
Article Five
Germany, Italy and Japan affirm that the aforesaid
way affect the political status which exists at
present
terms do not in any
as
between each of
three contracting parties and Soviet
Russia.
Article Six
The present pact shall come into effect
immediately
upon
signature and
shall remain in force ten years from the date
of its coming into force.
At
the Proper time before expiration of
said term the high
contracting"parties
shall at the request of
any of them enter into negotiations for its
renewal.
I_ln faith whereof, the
undersigned duly authorized by their respective
governments have signed this pact and have
|
affixed hereto their signatures.
Done in triplicate at Berlin, the twenty-seventh
day of September, 1940,
in the eighteenth
year of the Fascist era,
seventh
corresponding to the twenty-
day of the ninth month of the fifteenth
of the Emperor
year of Showa
(the reign
Hirohito.)
+.
Secretary
of
French
State
Hull
on
Indo-China—Says
Japanese
Sta.us
Upset Under Duress
Invasion
Quo
Is
of
Being
Following the Japanese invasion of French
Indo-China,
Secretary of State Hull on Sept. 23 declared that the status
was being upset "under duress" and added
that this
Government has repreatedly stated its
disapproval of such
procedure.
Secretary Hull's statement follows:
quo
Events are transpiring so
rapidly in the Indo-China situation
is impossible to get a clear
picture of the minute-to-minute
It seems obvious, however, that the
status quo is
this is being achieved under duress.
it
developments.
being upset and that
The Japanese invaded French
Indo-China on Sept. 22
following the breakdown of negotiations in connection
with
demands for passage of
Japanese troops across Indo-China
use of bases in
Indo-China for military
operations
against China.
An
agreement
providing for Japanese
occupation of three airdromes by a limited number of
and for
was
reported signed
'
on
Sept. 22, but
was
later de¬
It was reported from
Vichy, France, on Sept. 23 by Foreign
Minister Baudouin that the agreement
permitting French
approved by the United States on
This report brought forth a further
statement
concessions to
Aug. 31.
Japan
banks
of
with
registered accounts for
the,' Bank of England
American
and
extended
was
Sept. 20, to permit American and Swiss corporations to open
similar accounts, cabled advices from London to the New
York
Foreign Exchange Committee,
reporting
the
new
privilege, said:
Reference notice
July 18, 1940, banks and bankers are in¬
(Sept. 20) Bank of England
prepared to receive applications for permission to open
formed
are
as
from date this notice
registered accounts in names of firms and companies (but
not individuals) resident in United States of America
(or in
Philippine Islands or United States dependencies) and in
Switzerland. Applications must be made
by banker with
whom account is to be kept and must indicate
clearly nature
of business which account holder conducts, nature of trans¬
actions, both debit and credit, which will pass over account
and approximate turnover expected.
Such applications will
be entertained only if the accounts are to be maintained with
a banker appointed
to approve Form A3.
No such regis¬
tered account may be opened without
prior consent in
writing of Bank of England.
When permission to open an account has been obtained
procedure
is
be followed
to
and
conditions
under
which
ac¬
be operated
to
notice dated
will be those which apply, under
July 18, to accounts in name of a bank.
The
banks with whom accounts
are
kept will be responsible for
England monthly statements of
account as called for in Paragraph Seven that notice.
Inauguration of the registered accounts arrangement
July 18 was reported in our issue of July 20, page 327.
submitting
position of the United States in disapproval and
in deprecation of
such procedures has been
repeatedly stated,
w*
troops
system
Swiss
count
that
It The
clared to be unworkable.
Corporations May Open Registered Accounts
at Bank of England
without delay.
Dr.
Puhl
to
of
Bank
of
Reichsbank
Ties
Gold
to
Mark
Plan—
Finds
on
Clearing and Metallic Systems Could Operate
Regular Trade Basis
The views of Dr. Emil Puhl, of the Reichsbank on multi¬
lateral clearing with Berlin occupying a position as clearing
center, were contained in a wireless message from Berlin
on
Sept. 23 to the New York "Times," which
we
quote
herewith:
was
Multilateral clearing, with Berlin as the clearing center for the
European
"grossraum Wirtschaft," or planned continental economy which, the Got-
Volume
The Commercial
151
believe, will grow out of the present
mans
tive for
Bonds to Be
trade.
nebulous
plan still appears to be a
already is a reality which
economists it
and
bankers
European
payments
external
special clearing office under the name
it
was
felt in
after certain
first were mooted for
and its
discussion
abroad that either a new organization
financial quarters
some
for the task or else the
Basle would be entrusted
in
he volunteered on this system
proposals for multilateral clearing
would be set up
multilateral clearing
special attention.
functions should command
When
Bank for International Settlements
with administering the new
clearing system
adjustments.
solution. First
in all German minds, the B. I. S. is irretrievably associated with the former
odious reparations regime.
Second, the B. I. S. never actually succeeded
in becoming an international clearing bank, and never really went beyond
starting a restricted gold-clearing system among member central banks
whatever its merits in the past were as a "spiirtual" clearing center for the
exchange of information and experience among the heads of Europe's
Dr. Puhl does not subscribe to
central banks during its
There
be
to
seems
no
periodic meetings at Basle.
reason for the setting up of a new
is thoroughly
acquainted with the international payment
and
European
multilateral clearing.
nungskasse to a system of
participate in the European
as
techniques in all
It would therefore, in Dr. Puhl's
extend the operations of the Deutche Veerech-
countries.
overseas
opinion, be an easy matter to
Such States
will retail their own currencies,
multilateral clearing system
but the Reichsmark will
become a common
Puhl pointed out. To
fulfill this role the Reichsmark must possess a fixed relation to other Euro¬
pean currencies.
Although the German mark has been held to its gold
parity since 1924, and the rate of 2.50 to the United States dollar was
unchanged for years, clearing marks have been traded in some countries
at discount.
Lately, however, there has been a marked change in this re¬
spect, Dr. Puhl stated, as Continental European States no longer see any
reason for a higher valuation on so-called "free currencies."
The English
pound has ceased to be a free currency and cannot be used by Continental
States for purchases in Great Britain and the Dominions, nor have these
monetary denominator for
States access to the
On the other
mutual exchanges, Dr.
North American market.
the dominating European
be bought in Germany, or
conditions permit.
hand, the Reichsmark has become
Dr. Puhl stated, since all goods can
currency,
through Germany, in so far as war
A
Germany's
bank
as
Irish Free State
$12,000 of
Nov. 1
American fiscal
principal amount of Irish
Free State (Saorstat Eireann) external loan sinking fund
5% gold bonds due 1960 have been selected by lot for re¬
demption through the sinking fund on Nov. 1, 1940, at par.
Payment will be made at the head office of the bank, 55
that $12,000
agent,
announces
Street, New
York.
position as
Trading
Member
transit route for purchases from
the Reichsmark's value as a
New York Stock and New York
During Week Ended Sept. 14
on
Curb Exchanges
Exchange Commission made
Securities and
The
public
(Sept. 27) figures showing the volume of total
stock sales on the New York Stock Exchange and
yesterday
of all members
Sept. 14, continuing
a
series of current figures being published weekly by the
Commission.
Short sales are shown separately from other
Exchange for the account
the New York Curb
in the week ended
of these exchanges
figures.
sales in these
for the account of mem¬
Sept. 14 (in round-lot trans¬
actions) totaled 482,370 shares, which amount was 20.54%
of total transactions on the Exchange of 2,355 550 shares.
This compares with member trading during the previous
week ended Sept. 7 of 841,780 shares, or 22.26% of total
trading of 3,754,330 shares.
On the New York Curb Ex¬
change member trading during the week ended Sept. 14
amounted to 83,135 shares, or 19.73% of the total volume on
that Exchange of 342,555 shares; during the preceding
week trading for the account of Curb members of 111,505
shares was 20.21% of total trading of 503,725 shares.
The Commission made available the following data for
Trading
on
bers during
the Stock Exchange
the week ended
Sept. 14:
week ended
the
The data
York
Geographical Advantage
geographical
on
Bank of New York,
City
National
The
division of the
York.
5% Gold Bonds Due 1960
Redeemed
Be
to
round-lot
clearing in¬
since
believes,
according to the announce¬
at the coupon paying
special agent, 11 Broad Street, New
ment, and will be made
the advisability of such a
the Deutsche Verrechnungskasse is
eminently well geared to handle operations.
In the last six years the Berlin clearing office has accumulated unique
experience in dealing with the Reich's clearing partners, and its personnel
Puhl
Dr.
stitution,
payment of the coupons,
in full
of "Deutsche Verrechnungs-
Wall
and such information as
system
March 15, 1938, or
$2.27^ per $17.50 coupon.
having been the Reichsbank's
organization of the European
and potential
current
due
coupons
department for such
transactions since 1934.
Its head is Emil Puhl, a director of the Reichsbank
and recently promoted to rank of Vice-President.
Among German finan¬
ciers, Dr. Puhl probably has more experience in international finance than
any leading banker, with the exception of Dr. Schacht, under whom he
worked many years.
The clearing office's chief is, therefore, probably
more than any other German,
qualified to speak with authority on the
kasse" already operates,
13% of the face amount of
4.55 per $35 coupon and
The payment, if accepted, will be
1958, in lawful U. S. currency,
Already in Operation
Bureau
A
daily is gathering
indicated by the fact that
as
receipt
State of Parana (Brazil) 7%
sinking fund consolidated gold bonds due March 15,
to holders of
of funds to pay
10 occupied or non-occupied
countries soon will be clearing through Berlin all their mutual
resulting from import and export transactions.
momentum,
Bank, New York, announces
Chase National
The
multilateral clearing
scheme of doubtful value, to German
foreign financiers, the
While, in the minds of many
Parana (Brazil) 7% External Gold
Paid 13% of March 15, 1938, Coupons
Holders of State of
war—such is the Reich's alterna¬
corollary free international
"doomed" gold standard and its
the
1813
& Financial Chronicle
published are based upon
Exchange and the
Stock
weekly reports filed with the New
Exchange by their re¬
classified as follows:
f
New York
New York
New York Curb
These reports are
spective members.
Stock
countries farther enhances
European clearing unit.
In
building up this new system
of multilateral clearing, the
Reich and
All payments between Italy and German
occupied countries henceforth will be cleared through the Berlin central
clearing office, according to Dr. Puhl.
Many European trade connections,
interrupted by the war, have been resumed as a result of Berlin's clearing
facilities.
In this way Holland and Yugoslavia, Norway and Finland,
Sweden and Belgium—all are already settling their mutual commercial
Italy are closely cooperating.
Berlin clearing bureau.
Its present importance
evidenced by the fact that 10 European countries soon will participate
this multilateral clearing system, Dr. Puhl pointed out.
payments
is
in
Thus,
through
the
Reichsbank balances with the Berlin
clearing office will, in the
role as gold or the pound sterling did
will go a step further
in the regulating of trade, Dr. Puhl maintains.
While the gold standard provided automatic regulation for trade volume,
it henceforth will be necessary to make provision against a country buying
more than it can pay for.
The purchases of each country must be coordinate
with its export capacity.
This, in fact, already takes place through the
fixation of import quotas and special trade agreements.
It is expedient,
however, in Dr. Puhl's opinion, that the Reich should fill the role of in¬
termediary, in this respect, among the partners in multilateral clearing.
In this way every country would receive its just share of products for which
future, fill approximately the same
in
the
past.
2.
reports received-..--—.—...........
Reports showing transactions as specialists
Reports showing other transactions Initiated on the
3.
Reports showing
Total number of
1.
floor..
-
—
other transactions
floor
4.
Reports
showing no transactions —
Note—On the New
by specialists in the
of
Pan
American
Commercial
organization is announced in the Brazilian press
of
American Commercial
Commission, established in the United States in February,
1938 for the purpose of applying the principles of PanAmericanism in- fields of initiative, according to a report
section
of
the
Pan
received by the U. S. Department of Commerce
American Commercial attache at Rio de Janeiro.
of
the
section
from the
Members
York Curb Exchange,
stocks in which they are
registered and the round-lot trans¬
Bank of Brazil; Dr. Euvaldo
Lodi, President of the National Confederation of Industries; Manuel
Ferrerra Guimaraes, President of the Commercial Association of Rio de
Janeiro; Dr. Arthur Torres Filho, President of the National Agricultural
Society; Dr. Roberto Cardoso, President of the Administrative Consortium
of Mining Enterprises; Dr. Paul Leitao da Cunha, Rector of the University
of Rio de Janeiro; Dr. Robert Moses, President of the Brazilian Press
Association, and Dr. Vicente de Paula Galliez, Secretary of the Com¬
dos Reis, President of the
parable on the two
The number
the number
in
more
exchanges.
of reports in the
of reports received
than one
various classifications may total more than
because a single report may carry entries
classification.
THE NEW YORK STOCK EX¬
TRANSACTIONS FOR ACCOUNT
TOTAL ROUND-LOT STOCK SALES ON
CHANGE AND ROUND-LOT STOCK
OF
MEMBERS • (SHARES)
Week Ended Sept.
14, 1940
Formation of the
columns of
Total for
Week
A. Total round-lot
Short sales
tales;
B.
committee in 1938 was reported in
March 5, page 1489.
these
Per
Cent a
82,910
2,272,640
—
„
2.355,550
-
for
Round-lot transactions for account of members, except
the odd-lot accounts of odd-lot dealers and specialists;
1. Transactions of specialists In stocks In which they are
registered—Total purchases........
......
Other sales.b—
Total sales......
2. Other transactions
-—————
Initiated on the floor—Total
—-
263,980
purchases
10,500
139,870
Other sales.b
150,370
Initiated off the floor—Total
Other sales, b
Total sales
-
purchases...
Short sales
Total sales
purchases
6.16
79,920
6,950
61,070
Short sales
4. Total—Total
11.24
139,700
Short sales
3. Other transactions
265,600
28,870
235,110
Short sales
Other sales.b
mission.
segregated
Stock Exchange,
effected by
round-lot trans¬
directly com¬
Total sales...
include:
Dr. Jaao Marques
35
174
56
....—.
603
646
odd-lot transactions are handled solely
Other sales_b
Section
Brazilan
210
specialists resulting from such odd-lot transactions are not
from the specialists' other round-lot trades.
On the New York
on the other hand, all
but a fraction of the odd-lot transactions are
dealers engaged solely In the odd-lot business.
As a result, the
actions of specialists In stocks In which they are registered are not
But the multilateral clearing system
Commission Formed
the
829
104
Initiated off the
Total sales
The
Exchange
1,066
194
actions of
the demand is strongest.
Brazilian
Curb
Exchanoe
other Continental
....
58,020
3.14
485,220
46,320
436,050
482,370
20.54
1814
total
The Commercial A Financial Chronicle
Rowi>i^t stockisalestot
new york curb ex-
«^rDes8)TOCK TRAN8ACTIONS F0B account
of mem"
week Ended sept. 14,1940
cm!m
wuk
a.
Total round-iot gaiee:
otS^iMb
sa
''
_
_
B.
Round-lot transactions for the account of members:
1. Transactions of specialists In stocks In
which they are
registered—Total purchases..
..
_
_
The
342,555
——
vision
mhwSiSib:::::::::::::::::::::::::::::::::::
life.
,
Therefore,
and
I
°
•
Furthermore,
our
member connections being nationwide, this
when it has become widely known and
firmly established, will
notably enhance the development of the Chicago Stock
Exchange as a useful
and popular market of broad service.
new
59:735
sales...................................
active
are
productive in Chicago and middle
feel confident that this additional
proExchange for customer convenience and service will be well
by the
/
.
Sept. 23:
periods
business
received.
35,845
7~~
Total
extended
western
.
.
ciose at 3 ;00 p> m
Chicago time, Mondays through Fridays,
and will open at 9:00 a. m. and close at
11:30 on Saturdays.
At present, trading on the
Exchange is from 9:00 to 2:00
on week-days with a two hour session on
Saturdays. Arthur
M. Betts, Chairman of the Board of
Governors, commented
as follows on
339090
!
-
Total gales
Sept. 28, 1940
62,385
,„a
n.t!ftntt.un
„
4v-
custom,
^
14,34
-
2. Other transactions initiated
the floor-Total purchases
on
Short sales
Federal Reserve
at
of
Bank
The period of Daylight
Saving Time will come to an end
a.
m. tomorrow
(Sunday, Sept. 29) when Standard
Time again comes into effect with the tumng back of clocks
one hour.
Daylight Saving Time has been m effect since
1,74
at 2.
"To^oi
ftSllE'h*
other sales.b....
April 28; an item bearing on the same was given in our issue
April 27, page 2661.
The Federal Reserve Bank of
York, on Sept. 23, issued the following announcement
with regard to the return to Standard Time:
13 810
0f
Totu sales
14,4°°
Total—Total purchases
3.65
52,025
Short sales
FEDERAL RESERVE BANK
3 240
saleel bllllirilZIIIIIZZIIlIIIIIIIZIIZIirZI
79,895
Total sales
83,135
......
C.
m.
New York
6,350
other transactions initiated off tbe
floor-Total purchases
Other
a.
Daylight Saving to Standard Time
Sunday (Sept. 29)—Announcement
6,350
Total sales
4,
2
o
other naies.b
3
Change from
5,575
Odd-lot transactions for the account of
specialists:
Customers' short sales
19,73
~
Buffalo, New York, will end at 2 a. m, Sunday, Sept. 29,
Thereafter this bank, including its Buffalo
Branch, will operate on
1940.
31^04
Eastern Standard time.
_1_
Total sales.
YORK
of New York and
31,504
Total purchases
NEW
The Period during which "daylight
saving time" is effective in the cities
0
........
Customers' other sales.c
OF
Return to Standard Time
To all Banks and Trust
Companies in the Second
Federal Reserve District and Others Concerned:
GEORGE
L.
,
HARRISON, President.
20,034
+
•
The term "members'* includes
all Exchange
partners, including special partners
a Shares In
members' transactions as
In
members, their firms
and
their
Mutual
*~i,
per cent of twice total
calculating these percentages,
the
total
of
members'
round-lot volume.
transactions Is compared
b
rules are included with
Whh.h
which
««
are
T
on New York Stock
Exchange During
Week Ended Sept. 21
On-Sept. 27, the Securities and Exchange Commission
made public a
summary for the week ended Sept. 21 of com-
plete figures showing the volume of stock
transactions for
the
odd-lot
account
of
odd lots
never was
all
on
continuing
odd-lot dealers and specialists
the New York Stock
Exchange,
..
..
.
a series of current
figures being published by
Commission.
Figures for the previous week ended
Sept. 14 were reported in our issue of
Sept. 21, page 1648,
The figures are based
upon reports filed with the Commission
.
Week Ended Sept
21
„„i„
for Weik
nwntvi
rftal
in the
11,439,338
—
*J*ort sales
other sales.a.
Customers
mortgage loans in the amount
Savings
the
,
half of the current year showed new
amount
indebtedness to mutual savings banks.
During 1939 a total of $182,011,691
was paid off on such
mortgages, and for the first six months of 1940 payI
in the amount of
$101,096,o64.
Last July 1 reporting mutual savings banks had regular mortgage loans
346
-
12.837
,
.......
13,183
•
outstanding
Customers'short sales
.
'
Customers'total
ZZZZZZZZZZZZZZZZZZZZ
.
-
.
and
obtained
was
ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
New Offering of $100,000,000
Treasury
84,590
:—
that tenders
70 740
Bills—To
reported^with^'othe? M^uidsMsioag position
^
oZhZ nt L
S
r
e
.v.
,
_
,re "nen
i
irading
»j
'
.
OI
fho
the
a
-i
decided
trading was voted
Governors on Sept. 11, as
by
noted
The
Exchange
on
the
in
^
issue
Of
Will open at 9 :00 o'clock
Of
Sept. 14,
a. m
the
the
highest
Federal
bidders.
Reserve
banks
Tenders
and
and
the
(EST) Sept. 30, but will not
The
Oct. 2, 1940, and will mature
2, 1941, and on the maturity date the face amount
bi,ls wiu be paJ.abIe without interest.
There is a
(ihe bills)
will be
issued
of
$1,000,
(matuxity value).
No
The added
Board
basis to
at
tender
for
an
amount
in
$10,000,
less
bearer
form
$100,000,
than
$1,000
only, and in amounts
$500,000,
will
be
and
or
$1,000,-
considered.
Each
"-"dcr mu8t be in ";ulti|1'M of I1-00"- The
.?rice.ffte"1 muBt, b? ex"
pressed on thc basis of 10°' wltlVn<jt T°rc than
©• 8-> 99.125.
Iractions must not be used.
?
oo
Exchange's
our
GOO
Executive
i
Sept. 23.
discount
denominutjons
on
Exchange
Thereabouts of 91-Day
Oct.
2,
1940
Dated
maturity of a similar issue of Treasury bills on Oct. 2, in
amount of $100,294,000.
In his announcement of the offering Secretary Morgenthau also said:
-0m £
effect
Chicago Stock Exchange
to Become
Effective Sept. 30
On Monday,
Sept. 30, the additional hour of
trading on the
Chicago Stock Exchange will become
effective the
or
received
They
^
Hours
a
be
o£ the
announceraent «»(1. will be in
*
•
banking group in this field.
a new
Treasury bills will be dated
#
rp
on
on Jan.
,
Fi.tft.sb"rghfStock Exchange
lfj ir 'K ™ f!e 0r, 2dmlSSee
,een
1 ' 1941
a
mortgage
be received at the
Treasury Department, Washington.
Pittsburgh Stock Exchange Lowers
Initiation Fee
nt•
or
brancbes thereof up to 2 p. m.
♦
on
for
announced Sept. 27
offering of 91-day Treasury
amount of $100,000,000, or thereabouts, to be
sold
round lot are
,,f
any
Be
invited to
are
will
fr.e reported with "other sales."
h rrim
The Tin..v,i
$109,043,282,
available
amount
Secretary of the Treasury Morgenthau
84 640
,
Number of shares.
a
of
^
Total sales
which is less than
the
now 1101(1 the largest investment made by
10 540 118
Short'...
.
mortgages
are
N
n„„hoaaa.
FHA
to
as
Round-lot sales by dealers:
Other sales.b
-n*
investment but conservatively it
may be said that mutual savings banks
in position to invest at least
$500,000,000 in mortgage loans. They
308,590
._
of $4,472,560,642,
No estimate
298,655
1
" "
sales
Dollar value,
.
total investment of $4,581,543,924.
9 935
Customers' other sales.a
f
,
ments were made
Customers' total sales
h
impressive that deposite economic conditions
mortgage borrowers
a disposition
to live up to their contracts and reduce their
have shown
'
page 1502.
follows:^
new
of $92,851,799; new FHA loans
$26,233,487, and purchase money mortgages totaling
of
amount
jt is
Odd-lot purchases by dealers
(customers' sales):
Number of orders:
nour
i
„
$46,681,395.
va ue
Gnm.nitfn/1
Committee
a
....
straight mortgage loans in
299,818
Longer
..
mmo
'
Number of shares
f
1
tn
f\17 1
came to $92,637,156.
A breakdown of
ligures for the first
—
until Jan
ta. *
r8t six months of 1940 mutual savings banks of the
country invested $165,766,681 in mortgages at a rate
substantially in excess of
activity during 1939, and about 2H times the rate of
activity in 1938.
-------
to
National
j
,
In tlle
nrrtftp#'6™ (cu8tomere' Purchases):
announced
.
w
by
stronger and the outlook for active mortgage fi-
sale of ovmea real ©state
1940
Totm
f
MJ.
Lending
i
the same
banks, but insured under the Federal Housing Administration
plan, were
$54,339,460.
Purchase money mortgages made in connection with the
TRANSACTIONS FOR THE ODD-LOT
™
ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON
THE NEW YORK STOCK
EXCHANGE
Nnmh«p
1
.
In 1939 mutual savings banks made
J™
STOCK
Mortgage
Made
of S308.986.342, compared with $141,541,917 the year before.
bank types of loans in 1939 totaled $162,009,726.
Loans made by
hv the odd-lot dpalpr^t and
<?nPpi«liKf<?
_n
o
in
o
nancing by mutual savings banks in the coming six months
therefore is distinctly encouraging." The results of the
Association's study are made available as
the
Numhernf
.
Active
_
to^ourvey
j
•"
who handled
».
ei
j
Increased activity in home
building, especially as reflected
"other sales."
Odd-Lot Trading
.
by mutual savings bank mortgage loans, is the favorable
J
V
v.i*.
result of a survey
recently conducted by the National
Association of Mutual Savings Banks.
"The figures indicate
that mutual institutions are
providing a considerable part
of the capital for current mortgage
financing/' said Bernard
F. Hogan, Chairman of the Association's
Committee on
Mortgages and President of the Greater New York Savings
Bank, Brooklyn.
"The impulse toward home ownership
fr«m rhcfridfinn
th.
exempted from restriction by the Pnmm. i™.
Commission
sales marked "short
exempt" are included with "other sales."
c
*
According
Association
with twice the total round lot volume
on the
Exchange for the reason that the total
of members' transactions
includes both purchases and Bales, while the
Exchange
T0Sl!nS'inte,lhI!rt«sS
Round-lot short sales
Savings'? Banks
«
rield,
Tenders
.
will
be accepted without cash deposit from
incorporated banks
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by a deposit
©* 10% of the face amount of Treasury bills applied for, unless the tenders
and
trust
Volume
accompanied by
are
bank
trust
or
The Commercial &
151
guaranty
express
an
of payment by an
incorporated
after the closing hour for receipt of
tenders on Sept. 80,
branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
1940, all tenders received at the Federal Reserve Banks or
final.
Those
will
be
advised
of
the
acceptance
available funds
Payment at the price offered for Treasury bills allotted
the Federal Reserve Banks in cash or other immediately
on
Oct. 2, 1940.
tax now or hereafter imposed by
the United States or any
TREASURY DEPARTMENT
Office of the
Service
No.
Circular
Department
418,
as
amended, and this notice
the conditions of their
Offering of Bends
The amount of the offering under this circular
to the amount of
Treasury Notes of Series C-1940 tendered
A total of
of
$322,058,000
$100,000,000
or
was tendered to the offering last
.thereabouts of 91-day Treasury
Sept. 25 and maturing Dee. 26, 1940, Secretary
Morgenthau announced Sept. 24.
Of this amount $100,019,000 was accepted at an average rate of 0.013%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
bills dated
Sept. 23. Reference to the offering appeared in our issue of
.Sept. 21, page 1650.
The following regarded the accepted
bids to the offering is from the Secretary's announcement:
Total applied for,
Total accepted, 8100,019,000
8322,058,000
Ranf?e of accepted bids:
..100.
99.995 Equivalent rate approximately 0.020%
High
Low
0.013%
99.997 Equivalent rate approximately
Average price
The bonds will be dated Oct. 7, 1940, and
each year until the principal
They will mature June 15, 1955, but may be
becomes payable.
amount
of the United States on and after June 15,
redeemed at the option
in whole or in part, at par
and accrued interest, on any interest day or
In case of partial redemption the
shall prescribe.
of the Treasury
be redeemed will be determined by such
to
in any
Exchange for
$737,000,000 of lj4% Notes Maturing Dec. 15—
Cheapest
Rate in
Nation's History, Secretary
Morgenthau Says—-Subscription Books Closed
Secretary of the Treasury Morgenthau on Sept. 25 an¬
an offering of 2% Treasury Bonds of 1953-55 in
nounced
payment of which only 1%% Treasury Notes of Series
C-1940, maturing Dec. 15, 1940 in amount of $737,000,000,
may be tendered.
The amount of the offering will be limited
to the amount of Treasury Notes tendered and accepted.
subscriptions will not be received.
The terms of the
offering were disclosed by the Secretary on Sept. 24 following
his meeting with the Executive Committee of the Federal
Reserve Open Market Committee.
Mr. Morgenthau is
reported as stating that this is the "cheapest" long term
money rate in the history of the country and was due to the
good situation in the government bond markets and the
fine state of government credit.
He further explained that
no new money is needed now but that later the Treasury
will probably be called on to raise funds for financing the
Cash
such notice, interest on the bonds called for
In announcing the current offering, Mr. Morgenthau ex¬
plained that exchanges will be made par for par.
Sub¬
scriptions were received at the Federal Reserve Banks and
branches and at the Treasury Department, Washington,
up to
the close of business yesterday (Sept. 27).
The
Secretary made known on Sept. 26 that subscriptions placed
in the mail before 12 o'clock midnight, yesterday, would be
considered as having been entered before the close of the
subscription books.
Announcement of the amount of sub¬
scriptions and their division among the Federal Reserve
Districts wall be made later.
From the Treasury's press release of Sept. 25 bearing on
the offering the following is taken:
notes maturing
on
Dec.
1953-55, now offered only in exchange for Treasury
15, 1940, will be dated Oct. 7,
tional period to
1940, and will bear
date at the rate of 2% per annum, payable semi-annually
June 15 and Dec. 15, with the
taxation
hereafter imposed by the United States, any
now or
except (a) estate or
ditional
taxes,
taxes,
now
hereafter imposed
or
by the United States,
associations, or
authorized by the Second
Liberty Bond Act, approved Sept. 24, 1917, as amended, the principal of
which does not exceed in the aggregate $5,000, owned by any individual,
the income or profits of individuals, partnerships,
upon
The interest on an amount of bonds
corporations.
partnership, association, or corporation, shall be exempt
from the taxes
and will not be entitled to any
privilege of conversion.
Bearer bonds with interest coupons
4.
attached, and bonds registered as
denominations of $50, $100, $500,
$1,000, $5,000, $10,000 and $100,000.
Provision will be made for the
interchange of bonds of different denominations and of coupon and regis¬
tered bonds, and for the transfer of registered bonds, under rules and regu¬
lations prescribed by the Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds
to
principal and interest, will be issued in
III.
Subscriptions
1.
the
and
stitutions
generally may
but
Allotment
Reserve Banks and
Banking in¬
submit subscriptions for account of customers,
only the Federal
Department, Washington.
Treasury
Branches
at
and
Subscription
will be received at the Federal
Reserve Banks and the Treasury
Department are
authorized to act as official agencies.
The Secretary of the Treasury reserves
2.
scription, in whole or in part, and to close
the right to reject any sub¬
the books as to any or all
subscrip¬
be may take in these
respects shall be final.
Subject to these reservations, all subscriptions will
be auotted in full.
Allotment notices will be sent out promptly upon
tions
at
time without notice; and any action
any
allotment.
IV.
'/■
Payment
allotted hereunder must be made or com¬
pleted on or before Oct. 7, 1940, or on later allotment, and may be made
only in Treasury Notes of Series C-1940, maturing Dec. 15, 1940, which
will be accepted at par, and should accompany the subscription.
Coupons
dated Dec. 15, 1940, must be attached to the notes when surrendered, and
accrued interest from June 15, 1940 to Oct. 7, 1940 ($4.67213 per $1,000)
will be paid following acceptance of the notes.
Payment at par for bonds
1.
As fiscal agents of the
General Provisions
V.
thorized
United States, Federal Reserve Banks are au¬
and requested to receive subscriptions, to make allotments on the
basis and up to the amounts
Federal
the
indicated by the Secretary of the Treasury to
districts, to issue allotment
Reserve banks of the respective
lor bonds allotted, tf> make delivery of bonds
allotted, and they may issue interim receipts
notices, to receive payment
full-paid subscriptions
on
pending delivery of the definitive
bonds.
at any time, or from time to time,
rules and regulations governing the
which will be communicated promptly to the Federal Reserve
The Secretary of the Treasury may
2.
prescribe supplemental or amendatory
offering,
Bfltnks
-
first coupon, however, covering the frac¬
of the United States on and after June 15,
1953.
They will be issued in two forms: bearer bonds with interest coupons
attached, and bonds registered both as to principal and interest.
Both
forms will be issued in the denominations of $50, $100, $500, $1,000, $5,000,
may
authority,
inheritance taxes, or gift taxes, and (b) graduated ad¬
commonly known as surtaxes, and excess-profits
income
war-profits
and
State, or any
of the United States, or by any local taxing
of the possessions
MORGENTHAU, Jr.
HENRY
Secretary of the Treasure
The bonds will mature June 15, 1955, but
Dec. 15, 1940.
designated
redemption shall cease.
and interest, from ail
The bonds shall be exempt, both as to principal
2.
1.
national defense program.
interest from that
bonds
method as may be prescribed
From the date of redemption
by the Secretary of the Treasury.
1953,
days,
such manner as the Secretary
4 months' notice of redemption given in
on
but will not bear the circulation privilege
The Treasury Bonds of
will bear interest from that
payable on a semiannual basis on Dec. 15,
1940, and thereafter on June 15 and Dec. 15 in
provided for in clause (b) above.
3. The bonds will be acceptable to secure deposits of public moneys,
(71% of the amount bid for at the low orlce was accepted.)
Treasury Offers 2% Bonds of 1953-55 in
and accepted.
Description of Bonds
^II.
1.
week
maturing Dec. 15, 1940, may be
will be limited
only Treasury Notes of Series C-1940,
date at the rate of 2% per annum,
$322,058,000 Received to Offering of $100,-
Second
amended, invites subscrip¬
tions, at par, from the people of the United States for 2% bonds of the
United States, designated Treasury Bonds of 1953-55, in payment of which
issue.
000,000
of
91-Day
Treasury Bills—$100,019,000
Accepted at Average Rate of 0.013%
to the authority of the
The Secretary of the Treasury, pursuant
Liberty Bond Act, approved Sept. 24, 1917, as
prescribe the terms of the Treasury bills and govern
Tenders of
Secretary,
Washington, Sept. 25,1940
|l.
1.
tendered.
its possessions.
Treasury
Fiscal
interest, and any
thereof will also be exempt, from
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.) No loss from the sale or other disposition of the Treasury
bills shall hp allowed as a deduction, or otherwise recognized, for the pur¬
of any
1940
Department Circular No. 641
inheritance taxes.
taxation, except estate and
poses
Interest payable June 15 and Dec. 15.
1953.
and after June 15,
1955.
the United States at par and accrued interest
Redeemable at the option of
on
15,
1940—Due June
7,
Oct.
from
1953-65
Treasury Bonds of
AMERICA—2%
interest
bearing
bills will be exempt, as to principal and
The Treasury
of
and
Dated
OF
STATES
UNITED
Bureau of the Public Debt
gain from the sale or other disposition
all
following is the official circular explaining the terms
offering:
The
of the
or
at
be made
must
tenders
submitting
thereof.
rejection
will be paid in cash when
maturing notes not so exchanged at this time
they mature.
company.
Immediately
1815
Financial Chronicle
be redeemed at the option
$10,000, and $100,000.
The new Treasury bonds will be accorded the same exemptions from taxa¬
tion as are
accorded other issues of Treasury bonds now outstanding.
provisions are specifically set
These
forth in the official circular released today.
)| Subscriptions will be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, and should be accompanied by a like
face amount of
1^% Treasury Notes of Series C-1940, maturing
Dec. 15,
due Dec. 15, 1940, attached.
The notes will be
accrued Interest on such notes from June 15 to Oct. 7,
1940, ($4,672 per $1,000 face amount) will be paid following their acceptance.
The right is reserved to close the books as to any or all subscriptions at
1940, with final coupon
President
Roosevelt
Proclaims
Oct.
Pulaski's Memorial
President Roosevelt, in a
11
as
General
Day
proclamation issued Sept. 18.
aside Oct. 11 as General Pulaski's Memorial Day,
The President ordered that flags on Government buildings
set
be
displayed and invited the people to observe
commemoration of the death on Oct. 11,
the day in
1779, of the Polish
general who fought on the side of American patriots
Revolutionary War for American independence.
in the
accepted at par, and
and, subject to the reservations set forth In the
official circular, all subscriptions will be allotted in full.
Treasury Notes of Series C-1940, maturing Dec. 15, 1940, are now out¬
standing in the amount of $737,161,600.
The present offering will be the
only opportunity afforded the holders of these maturing notes to exchange
them for other interest-bearing obligations of the United States.
Any
any
time without notice,
Week of Oct. 6 as Fire
Week—National Chamber of Commerce
President Roosevelt Designates
Prevention
Issues Booklet
President
on
Roosevelt,
designating the
Subject
in
a
proclamation issued Sept.
week beginning Oct. 6 as
Week, urged that civic leaders
18
Fire Prevention
and the press cooperate in
1816
The Commercial & Financial Chronicle
promoting
elimination
potential
of action that will lead to the prompt
measures
of
fire
hazards
and
points of danger.
to
The
increased
President's
Sept. 26 by the Department
in the first seven
months of 1940 totaled 1,796,089
tons, of which Japan re¬
ceived 525,309 tons and Great Britain
purchased 599,814
tons.
During the corresponding period of 1939, the total
was 2,123,264 tons with
Japan taking 1,155,536 tons and
Great Britain, 254,234 tons.
proclamation
By the President of the United States of America
A PROCLAMATION
smoke
and
is
Untimely
the
death
tragic fate of
children;
by
fire or painful injury from flames and
appalling number annually of men, women,
an
losses
Whereas,
in
Public
recent
and
attention
are
effective
most
the
outstanding balances of licenses which have
been granted pursuant to the
existing regulations of .July 26, 1940, for the
1 heavy melting steel scrap will be
revoked.
On
ensuring the establishment of adequate safeguards in places where destruc¬
tive
fires
may
exportation of number
occur:
Oct. 16, 1940, the exportation of all grades of iron and steel
scrap will be
Now, therefore, I, Franklin D. Roosevelt, President of the United States
America, do hereby designate and proclaim the week beginning Oct. 6,
1940, as Fire Prevention Week, and I urge that civic leaders and the
press cooperate
in promoting throughout the Nation, during that week,
placed under the licensing system.
Under the new regulations, which
of
discussions and
of
measures
of action
that will
the
at
Western
the
be
affixed.
City of Washington
this
eighteenth
day
of September,
in
President
the yeard of our Lord nineteen hundred and
forty, and of the Independence
of the United States of America the one hundred and
sixty-fifth.
FRANKLIN
D.
.
The Insurance Department of the Chamber of Commerce
of the United States recently issued a
pamphlet on fire
observing
that
with
the
attention
of
Nation
the
turned toward preparedness,
local business men's organiza¬
tions, as reported by the Chamber, are shaping their pro¬
towards national defense.
grams
Chambers of Commerce
vention
adds
that many
local
giving the subject of fire pre¬
now, since sabotage can seri¬
defense efforts.
In a letter to
are
special attention just
ously hinder the country's
local
It
Chambers
accompanying the pamphlet,
National
the
Chamber's Insurance Department says:
Defense
lines.
should
must
orders
Therefore
serious
undoubtedly will tax the capacity of plants in some
curtailment of production because of fires may hdve
Particularly at a time like this, vigorous activities
be
undertaken
to
guard against careless
to prevent fires of
fires
and
every
adequate fire prevention programs, tells how to organize a
fire prevention committee and
suggests many activities for
committees to sponsor.
It also furnishes the details of the
Inter-Chamber Fire Waste Contest which has been con¬
over
period of 17 years and which has done much
a
to stimulate
local interest in fire prevention.
Roosevelt
Gold
President
Proclaims
Star
Sunday,
Mother's
units affected included:
The 27th Division, New
York, less its tank company; the 37th Division^
Ohio, less tank company, and Companies F and I of the
112th Medica1
Regiment; the 32nd Division, less tank
company, Michigan and Wis¬
consin; the 102nd Observation Squadron, New
York; the 153rd Observation
Squadron, Mississippi, and the 107th Observation
Squadron, Michigan.
President
Roosevelt
Signs $338,000,000
Housing for Conscript Army
the
Sept.
29,
President Roosevelt announced on
Sept. 26 that, effective
Oct. 16, the exportation of all
grades of iron and steel scrap
will be placed under the
licensing system,
Britain.
the
action
meet
the
ship Power
last
President Roosevelt Orders
Embargo on Shipments of
Iron and Steel Scrap—Covers All
Countries Except
Great Britain and American
Nations
permitting ship¬
Hemisphere countries and Great
Western
The White House
explained in a statement that
was taken "to conserve
the available
supply to
rapidly expanding requirements
of
in this country."
A proclamation issued July 26
placed iron and steel scrap under the
export licensing system
but this only covered "No. 1
heavy melting scrap," whereas
the present order makes all
grades subject to license.
program
As to the effect on the
embargo on
cial Washington was divided
on
"Wall Street Journal" from its
in part, also said:
President
Order
relationship
to the
Washington bureau, which,
new
military operations.
Elsewhere, however, it
indicated that Japan has
long anticipated just such a move and has
steps to bulwark itself by
increasing its stocks and by acquiring
other supply sources.
was
taken
That the Japanese have to
some
extent
already lessened their dependence
the United States for the
strategic scrap metals is indicated
by the
sharp decline in their scrap purchases from this
country during the past
seven or eight months.
From a high level of
1.200,COO tons of
upon
chased here
50% to 500,000 tons
Officials
here
stocks.
was
seven
months of
with
Far
upon surmise than
scrap purchases
1939,
registered in the first
concerned
admittedly based
heavy
scrap pur¬
during the first
of last
Moreover, reports
two
Eastern
factual
years
a
decline of
seven months
affairs
are
of
knowledge, that
more
systems in the best interests of the national
security."
It
also explained that "the Board will
have no power to
censor radio or other
communications, or to take over any
facilities."
The Chairman of the Board is James
L. Fly,
Chairman
of
the
Federal
Communications
Commission.
Other members are:
Major-General
Rear
of this year.
the
opinion,
much of the
have gone into
Japanese
here
reserve
war.
Joseph 0.
Admiral
Maubergne, Chief Signal
Leigh Noyes,
Breckenridge
Long,
Director of Naval
Assistant
Secretary
Officer of the Army.
Communications.
State
of
in
charge
national communications.
Herbert
Coast
E.
Guard.
The
House statement in the matter follows:
the Defense Communications Board, created
today by
is to coordinate the relationship of all branches of com¬
Executive Order,
The
the national
to
Defense
defense.
Communications
Government departments and
the
of
preparedness
The
Board
is
was
inteiests
take
to
or
Board
agencies having
telegraph
The
as
\
the
gear
ic
no
to
censor
other
not
not
such
propose
protection.
The
domestic
interest
various
may
or
systems in
the
other communications,
confined
as
to
and
radio
broadcasting, but also
radio-telephone and radio¬
commercial
telephone,
to
telegraph and cable facilities.
interfere with the normal operation
other forms of communication
national
the
communications
radio
facilities.
carriers
as
our
security.
power
Through
any
correlated
the great and strategically valuable
both
national
in
national
have
any
does
or
vital interest in this phase
a
a
planning is
well
Board
broadcasting
for
of
common
jointly by the various
planning agency, without operating or pro¬
such it is charged with the
important duty of
As
the
will
over
task
This
embraces
of
initiated
program.
basically
functions.
curement
,,
Board
charting the utilization and control of
best
inter¬
of
purpose
munication
of
Gaston, Assistant Secretary of the Treasury in
charge of the
The White
than
indicate that Japan has
increased its
acquisitions from China and has engaged in
extensive salvage
operations,
including the lifting of ships sunk in the
Russo-Japanese
was
The
Japan usually
embargo would prove
of
was
State Department officials
gave the impression that since
purchases 90% of its scrap from this
country the
a serious blow to
Japanese
on
Sept. 24 created by Executive
Communications Board to coordinate the
all
branches
of
communication
to
the
The Board is baskaUya
planning agency,
explained in a White House statement, charged with
"charting the utilization and control of our communication
it
Japan, opinion in offi¬
Sept. 26, said advices
Roosevelt
Defense
a
national defense.
defense
the
Roosevelt
Establishes Defense Communica¬
tions
Board—To
Coordinate
All
Branches
of
Communications to National Defense—No Censor¬
as
suitable places as a public expression of their
affection and
American Gold Star Mothers.
to
Provide
the construction of
buildings, utilities, flying fields and other
facilities, and $8,744,000 for buying land.
Day
reverence for the
only
to
President Roosevelt signed on Sept. 25 a resolution
appro¬
priating $338,263,902 to provide housing facilities for men
drafted into military service for a
year's training.
This
measure passed the Senate on
Sept. 20 and the House on
Sept. 19; the latter action was mentioned in our issue of
Sept. 21, page 1653. The resolution carries $329,519,902 for
Roosevelt
Mothers'
ments
National
+
issued a proclamation on
Sept. 14
Sunday in September as Gold Star
Day.
The proclamation, issued under
authority
of resolution
adopted by Congress in 1936, directed Govern¬
ment officials to
display the flag on all Government build¬
ings on that day and called upon the people to
display the
flag and observe the day in their homes, churches and other
designating
More
given in these columns of Sept. 14, page 1481.
According to
an Associated Press
Washington dispatch of Sept. 25, the
President
President
35,700
to
Sept. 7, page 1370. The
legislation under which the President acted was
text of the
precaution
incendiary origin.
an
The pamphlet, designed to aid Chambers of Commerce
and their fire prevention committees in the
development of
ducted
Orders
mentioned
was
any
consequences.
be taken
only.
Guards for intensive military
training. Previously (Aug. 31)
the President called 60,500 to
report for training on Sept. 16;
this was mentioned in our issue of
pre¬
vention,
Britain
Report for Year's Military Training
President Roosevelt on Sept. 25 ordered National
Guard
units totaling 35,700 men to
report on Oct. 15 for a year's
active duty.
This is the second order calling National
ROOSEVELT.
Secretary of State.
Great
Roosevelt
Guardsmen
By the President:
CORDELL HULL,
Hemisphere and
will be made effective on Oct.
16,
permit shipments to the countries of the
to
The President's proclamation of
July 26
our issue of
July 27, page 485.
danger.
whereof, I have hereunto set my hand and caused the seal of
United States of America to
Done
1940, licenses will be issued
lead to the prompt elimination
fire hazards and to increased vigilance at potential
points of
In witness
con¬
and steel scrap with a view to
conserving
supply to meet the rapidly expanding requirements of the
available
defense program in this
country.
Effective Oct. 15, 1940, all
of
means
the early establishment of additional
trols of the exportation of iron
and
years;
alertness
on
scrap exports
The text of the White House statement follows:
The President has approved
and
Whereas, Avoidable fires caused damage to property in the United States
during 1039 amounting to approximately $275,000,000, an increase over
the annual
According to figures issued
Commerce, iron and steel
of
vigilance at
follows:
Whereas,
Sept. 28, 1940
international
more
American
fields
to
than
is
communication
meet
any
of
necessary
planning it will seek
to
system
situation
the
require.
branches
of
advisory capacity with
the
communications
industry
will
cooperate
the Board, which will be composed of the
Federal Communications
Commission, the Chief Signal
Army, the Director of Naval Communications, and an
Assistant Secretary of State and an Assistant
Secretary of the Treasury.
Where the activities cf the Board
impinge upon any functions of Govern¬
ment departments, representatives of such
departments will be placed upon
an
Chairman
Officer
of
appropriate
of
the
the
committees.
Volume
the radio industry in the prepara¬
The Board has had the cooperation of
Board will appoint
every
branch of communications—broadcast and other
radio services, cable, telegraph and telephone as well as from labor groups.
All
plans involving the utilization of private facilities or requiring
industry cooperation will be adopted only after consultation with such
industry representatives and the particular private companies whose prop¬
tion
of
order.
this
With
cooperation
industry
the
from
committees
erties may
be involved.
Order:
the
Communications
Defense
Wayne Coy, of Delphi, Ind.,
and
Political
Federal
Executive Assistant to Paul V. McNutt,
Security Administrator.
Channing H.
Tobias,
of New York,
National Council of the Young Men's
The
of this group have been working since
plans for the draft while Mr. Coy and Mr.
recent selections.
It is expected that a director
first
Tobias
Director of Negro work for the
Christian Association.
four
on
are
for the draft will be named this week.
EXECUTIVE ORDER
Creating
Joseph P. Harris, Advisor to the Defense Board and Professor of
Science at Northwestern University.
Aug. 27
Following is the text of tlie President's Executive
1817
Chronicle
The Commercial & Financial
151
Board and Defining Its Functions
Duties.
and use of
facilities under jurisdiction of the
in time oi national emergency involves the consideration of
communication of the armed forces of the United States, of
The text of the
of
Sept. 21,
conscription bill was given in these columns
1629.
page
Whereas, Coordinated planning for the most efficient control
radio,
wire
United
the
States
needs
cable
and
for
communication
Whereas, Such planning must be accomplished as a
for national
activities; and
matter of preparation
defense; and
Whereas, The interest of national defense in the matter of control and
use
of
communication
facilities during any war in
which the United
belligerent i3 deemed paramount:
Now, therefore, by virtue of the authority vested in me as President of
the United States, and by the Communications Act of 1934 (48 Stat. 1064),
as amended,
it is ordered as follows:
States
become
may
1. There is
a
hereby created the "Defense Communications Board," herein¬
consisting of the Chairman, Federal Communications
after called the Board,
the Director of Naval
charge of the Division
Communications, and the Assistant Secretary of the Treas¬
the Chief Signal Officer of the Army,
Commission,
Communications, the Assistant Secretary of State in
of International
charge of the Coast Guard.
ury in
The functions of the Board shall be, with the
2.
requirements of national
determine, coordinate and prepare
plans for the national defense, which plans will enunciate for and during
defense
as
a
consideration,
primary
to
national emergency-—
any
cable
and
industry,
of
agencies,
wire and
communication
of
other
facilities
activities for radio,
civilian
of all
of other govern
kinds.
to
communications
3.
The
defense requirements.
meet
of
Chairman
the
the Chairman of the Board.
temporary
Board
the
chairmanship
in
the
devolve
shall
Commission
Communications
upon
the
members
remaining
Naval Com¬
Signal Officer of the Army or the Director of Naval
Chief
munications, whichever may be junior in rank.
3. The Assistant Secretary of State in charge of
Com¬
the Division of Inter¬
Communicatiors.
national
4.
In
Assistant
The
the
absence
Secretary of the Treasury in charge of
of
any
the Coast Guard.
regularly designated member, the
agency
which
from that agency, desig¬
shall not serve as Chairman.
The Assistant Secretary of the Treasury in charge of the Coast Guard is
designated as the Secretary of the Board.
4. The Board shall take no cognizance of matters pertaining to censor¬
ship.
The Board shall study the physical aspects of domestic standard
broadcasting and shall recommend such precautions, supplementary facili¬
ties and reallocations as it shall deem desirable under foreseeable military
conditions.
It shall also make plans for the speedy and efficacious use of
the head thereof, but such alternate
nated by
all
necessary
The
5.
carry
tact
also sent
facilities in time of military emergency.
shall appoint such committees as may
Board
out its functions and to provide for
other Government agencies and
with
appointment to the local boards, boards of appeal
appeal agents and examining physicians, citizens
"whose loyalty, integrity and fair-mindedness are beyond
continuing studies and for con¬
with the civil communications
tion
.
by
the
otherwise instructed by
as
question."
The following relating to the order is taken from Asso¬
ciated Press Hyde Park (N. Y.) advices of Sept. 23:
States may be made
the committees shall call
advisable in obtaining full knowledge of the
industry as may be deemed
agencies are
considered
Other governmental
directed to cooperate in providing assistance required by the
Board in its studies.
8.
mittee
emergency,
shall
act
as
relative availability
in which the United States is a belligerent, or any
the existing Interdepartment Radio
a committee of the Board, but
only
Advisory Com¬
in an advisory
While the Interdepartment Radio Advisory Committee is so act¬
ing as an advisory committee, all of its reports, recommendations or com¬
munications normally prepared for submission to the President shall instead
be submitted
to the Board for consideration from the standpoint of
national defense and for disposition.
Reports containing the findings and recommendations of the
shall he submitted to the President foT final action through one
9.
Heading
the
of registrants for military service; and (3)
White House,
induction
and responsible to the President,
program,
will be the
Under him will be State headquarters in charge of State
directors, recommended by the Governors and responsible to them.
by election officials or other designated
Registration is to be handled
who serve without pay.
agencies
Special boards will advise and assist
local classification and selection boards start work—
After registration,
one
to each area with 30,000
Each will
population and in any event one to each county.
for examinations and a govern¬
have assigned to it a physician
ment appeal
agent to "protect the interests
of the Government and of the
board of specialists will consider cases of "doubtful
A medical advisory
physical condition."
will establish
Governors also
Board
of his
Sept.
ROOSEVELT.
1940.
24,
boards of appeal, approximately one for
each region having 70,000 registrants
modified
These
under the initial registration.
for exemption, and their decisions will be final unless
wiD consider requests
by the President.
The rules and regulations,
ment officials
and
so
detailed that they even tell the type of
offices, were drafted by War and Justice
furniture for registration
Depart¬
special committee of six which Mr. Roosevelt named
a
Saturday to co-ordinate conscription plans.
who
They repeated the language of the conscription act as regards men
register; men, such as those already in
the Army or Navy, or in
diplomatic service, who need not; and the penalties
maximum of five years
for failure to comply—a
imprisonment and a 810,000 fine.
The President's letter to the Governors was as follows:
The Selective Training and Service Act of 1940 wisely
contemplates that
shall be carried out by the States and the local com¬
the selective process
Historically and traditionally, It is entirely fitting that the
munities.
Executive of each State be responsible
within his boundaries.
tive in securing proper
Chief
for the selective service operations
I know that I can count on your fullest cooperation.
public opinion, based on a just and impartial
administration of this most important defense measure, can be more
effec¬
and effective administration of law than the penalties
written into the statute.
1
asking each Governor to set up and supervise
am
the selective service
As promptly as may be practicable, therefore, I
designate for appoint¬
executive for selective service.
It is my thought that the
State.
system within his
should like to have the name of the individual you
State
State executive
your
would administer the operations within your State under
direction, but with the necessary assistance and supervision of
Selective Service Administration.
the
National
I appreciate also
power
that your State has gone far in its planning for man
procurement, and that your adjutant general and State staff are
well
organized to assist in carrying out the present requirements.
I request you to carry
upon your
out the registration within your State and to
local election officials and other patriotic citizens to serve on
registration boards and in all other ways to assist in making
call
the
the registration
full and complete.
assistants.
FRANKLIN D.
The
(1) An
naval forces.
into the land and
capacity.
administrative
with the least possible disruption of the
.
inventory, through registration, of man power; (2) a determination of the
ment as
During any war
national
.
Basically, the conscription program will fall into three parts:
studied, to the end that the needs of all may be
provided for in so far as the situation permits.
and
available for training and service in the land and naval
social and economic life of the Nation."
A favorable and intelligent
for consultation such repre¬
of other Government agencies and of the civilian communication
situation being
selective service, the order said, was to "secure an orderly,
just and democratic method whereby the military man power of the United
Board.
7. The Board and
sentatives
as
must
be necessary to
the Board, committees appointed
thereby shall have no power to make final disposition of any matter pre¬
sented to them by the Board for study, but they shall express by written
report their findings and recommendations.
Minority reports may be
submitted if deemed of sufficient importance to warrant further considera¬
Except
asking
mend for
and
industry.
6.
letter to the Governors of the 48 States
a
them to set up and supervise the selective service system
within their State.
He requested the Governors to recom¬
registrants."
represents may be represented by an alternate
he
two volumes of rules and will be
covers
followed by additional volumes.
Civilians will be in charge
of the local boards which on Oct. 16 will register all men
between 21 and 36 for service.
The President on Sept. 23
registrants.
The Chief Signal Officer of the Army or the Director of
munications, whichever may be senior in rank.
The
of
following order:
1.
2.
The order
tration.
national director.
shall be
In the absence of the designated Chairman the
Federal
to
President Roosevelt on Sept. 23 signed the executive order
making effective rules for compulsory military service regis¬
forces of the United States.
governmental. and non-governmental
radio, wire and cable facilities as may be required to meet the needs of
the armed forces, due consideration being given to the needs of other gov¬
ernmental agencies, of industry, and of other civilian activities.
C. The measures of control, the agencies to exercise this control, and the
principles under which such control will be exercised over non-military
of such portions of
The allocation
B.
Ma¬
for
The purpose of
The needs of the armed forces of the United States,
A.
mental
Establishing
Draft Registration-—Sends Letter
Governors Urging Naming by Them of Boards
chinery
of industry and of other civilian
other Government agencies,
Order
Issues
Roosevelt
President
Enclosed is
a copy
of the proclamation fixing Wednesday, Oct. 16, as the
day for registration within the continental
in a
general
way
United States, and setting forth
instructions for registration,
I hope you will find it de¬
fullest cooperation within
sirable to issue a similar proclamation urging the
your
President Roosevelt Names Six-Man Committee to
Coordinate Plans for Drafting Men
President
Roosevelt
on
Sept. 21
appointed
a
Help
six-man
advisory committee to help coordinate plans for the con¬
scription of manpower under the Selective Service and Train¬
ing Act of 1940. The new committee includes the following:
Floyd W. Reeves, Executive Assistant to the National Advisory Defense
the University of Chicago.
Osborn, of New York Consultant to the Federal Bureau of the
Commission and a Professor at
Frederick
Budget, who was in
charge of Red Cross work in the Army area in France
Col. William H.
on
It should be made abundantly clear to the public that the act
Draper Jr. of New York, Reserve Office and specialist
selective service.
of
and addresses of
registrants.
After registration, the classification and
by the local boards.
selection of men will be handled
It is all important that the local boards be
composed
Membership
on a local board should be considered a position of honor and trust.
I feel
certain that many thousands of our most able and patriotic citizens will
of
men
in whom the community has the greatest
confidence.
offer their services for this duty.
I ask that you
of citizens whose
self appoint the advisory
boards.
the names
beyond question,
recommend to me with the greatest expedition
loyalty, integrity and fair mindedness are
for members of the local boards and boards of
government appeal agents and examining
1917 and 1918.
in
State.
registration consists in effect of merely listing the names
appeal, and for the offices of
physicians.
I ask that you your¬
boards for registrants and the
medical advisory
The Commercial & Financial Chronicle
1818
Since
so
of our young men will be asked to devote
of their
The
lives to the service of their country, I feel certain that others of our citizens
sought
will wish to make their contribution to the national defense by devoting a
he
many
part of their time to these various duties.
a year
It is not contemplated that com¬
I suggest
make the fullest
you
of all
use
public welfare agencies particularly helpful to the local boards.
The Congress has made its historic decision after careful consideration
most
important single factor in
I ask your every
fear
or
from
favor, is undoubtedly the
entire program
our
help.
his
unremitting
had
and
contributed
a
third nomination, and
zeal."
eager
"a
perfect
By
this
illustration
now
conduct,
of
countrymen
every
so
"To their anticipations of grave abuses in any departure
a principle he has
replied by providing the abuses.
brought the question down from the broad philosophical plane
sound
so
has
"He
on
the effect of the undue retention of the
Presidency was discussed
of disinterestedness and learning and handed it over to the State
county chairmen of his political following to do with as they see fit,
which means of course as their personal interests may dictate."
,
which
by
of national defense.
\
"with
Roosevelt
Colby stated.
The procurement and training of our man power under
administration, fairly and without
proper
Mr.
60 clearly and against which he
earnestly."
"He has taken it upon himself to nullify the precedent of Washington
and the tradition established by Jefferson, not
by showing either to be
Wrong but by showing that he does not care what they thought," Mr.
I believe you will find your State employment service and the
and full debate.
ire-election
warned
local officers and
State and
President, Mr. Colbj- asserted, sought
said,
1940
28
danger and evil which Jefferson foresaw
pensation be paid, except for the necessary clerical assistance.
employees.
Sept.
men
and
The text of the Selective Training and Service Act was
given in our issue of Sept. 21, page 1629. A separate item
bearing on the signing of the bill, and the President's proc¬
lamation designating Oct. 16 as registration day for those
required to register under the Act, appeared on page 1651
and openly exploited in an effort to keep a
of
term."
the
Quoting
at
"We
issue.
same
now
Oswald
tenure.
John
W.
Davis
Glass
Senator
on
Presidents
to
to
Would
as
subcommittee of the Senate Judiciary
a
single term of
a
this
six years
two
or
four-year
Testifying before the group
Sept. 1-9, John W. Davis, Democratic presidential nomi¬
in 1924, said he preferred the single term of six years
though either form is acceptable, since the underlying prin¬
ciple is the same in both,
in a statement read to the com¬
mittee, Mr. Davis said:
whom
to
woman
I
"The
would
years at the most the vast,
the
of
ers
has not yet been
man
for
entrust
born
than
more
eight
the expanding, the fateful pow¬
presidency
of the United States."
Discussing
behind the two-term tradition, Mr. Davis
the sound reason
observed•
We
have the
universally
right to believe that
accepted
experience leave
which
those
have all
on
In
by
has
this
we
single
any
tradition
a
sound
doubt what
no
founded
agreed is that
Government
our
this
as
in
us
who
is.
reason
Government and
should
behind
reason
that
never
long established and
so
risk
it.
History
thing
The
one
who
those
have
so
and
upon
it
permanent control
the
carried
of
man.
urging adoption of the six-year limitation, Mr. Davis
concluded:
lished
years is long enough in which to do all the good one man is likely
accomplish, if he thinks first of his country and not of himself.
If his
conscience
and
his
zeal
do
him
stir
not
length of time, the hope that he will do
his
to
better
utmost
on/a
effort
second
trial
illusion.
'
a
that
vain
i
,
•••'
the vital thing is that we set now
But
tion
to
ever
comes
the
length of
when
we
a definite, fixed, certain termina¬
man's occupancy of the presidency.
If the day
have, or imagine that we have, but one man fit for
any
the position, we may as
well give
republic
and
name
choose to give him.
we
Angel
been
/
in
is
will
install
write
an
hereditary head under any
In the light of this fatal dawn the Recording
the
across
pretense of being a representative
up our
permanent
a
or
ruins
even
of
vanished
our
freedom
that
we
had
Sept, 20 .several witnesses, including Vance McCorHarrisburg, Pa., newspaper editor and 1916 Chair¬
of
the
Democratic National
Committee; Jefferson H.
Davis, grandson of the President of the Confederate States
America, and Edward T. Lee of Chicago, Dean of the
John Marshall Law School, urged a limit on the
presiden¬
of
tial
A letter from
for
subcommittee
Nebraska,
hearings
author
of
Chairman of the group.
"I
may
say
that I
the United States, and 1
his
in
statement
that
am
record
of
a
provide
[Thomas]
that
a
At
the
Burke
a
subcommittee
third term
hearings,
for
a
descendant
of
George
Wash¬
President.
any
Mrs.
W. Seldon
Washington of Alexandria, Va., appeared before the
judiciary subcommittee and asserted that a third term was
"against
principles of democracy and absolutely against the
original intent of
Senate
the
the
men
who wrote
Richard F.
testified
the Constitution."
Cleveland,
son of President Grover
Cleveland,
Sept. 24 that re-election of President Roosevelt
011
for a third term would "remove
our
most effective check
against the world's present tendency toward concentration
of political power."
Previous
tioned in
hearings
our
Opposition
was
of
voiced '
State
Advices
to
on
under
from
before
issue of
a
the
Sept. 14,
third
subcommittee
were
men¬
very
for
President
on
that
date
candidate to succeed
great contribution"
term.
the
for
best, the precedent which would be estab¬
a
to
third
term
"will
remain
of the National Guardsmen and draftees.
The
bill
included
to
plague
the
These funds
were
$165,000,000
contractual authority for
which
was
of appropriation and $150,000,000 of
expediting production of airplanes, the goal for
by 1942.
said to be 36,000 a year
Other major items included $107,445,499 for purchase of
78,015 motor
vehicles; $24,825,108 for administration of the draft; $36,000,000 for anti¬
aircraft" batteries
for
auxiliary naval vessels
now
being acquired; $10,000,000
for
a graving drydock in New York Harbor;
$5,000,000 for a naval supply
depot at Bayonne, N. J.; and $36,444,640 to supplement the
12,000-pilot
training program.
The Committee said that the War Department
planned to bring into the
service during the remainder of the current fiscal year a total of
1,024,441
men in addition to a force of
375,000 Army
regulars previously appropriated
Of this number, not more than 300,000
may be taken from those to be
registered Oct. 16 for military service.
The Committee said the
$12,136,832,516 defense funds
voted this session
would;
Increase the regular army from 227,000 to 375,000
men, raise the strength
of the National Guard from 210,000 to 346,130
men, induct into the service
and train a minimum of 695,990
draftees, raise the strength of the Navy
145,000 to 175,000 and the Marine Corps from 25,000 to 34,000.
House, clothe, feed, pay and train these expanded forces.
from
Increase pilot training and develop enlisted
airplane median'cs.
Completely equip and maintain 1,400,000 soldiers
on
a
combat status.
Provide reserve stocks of semi-automatic rifles, anti-tank
guns, tanks,
light and heavy artillery, ammunition, gas masks, etc.—for a ground force
of 2,000,000 men.
/
Provide the Army with 25,000 and the
Navy with 10,000 "serviceable"
Begin construction of 292 combatant naval vessels and 57 auxiliary
ships.
Provide additional airplane,
shipbuilding and other armament pro¬
duction facilities.
Establish and develop new Army and
Navy air bases and stations.
House
the
case
Passes
Bill
to
Contracts
The House
Permit Use of
as
himself, had made
against the
third
Government
Bank Collateral
Sept. 24 passed a bill permitting Govern¬
assign their claims against the Govern¬
ment to bank or other
lending institutions as security for
advances made for plant expansion and
purchase of materials.
The legislation, which now goes to the
Senate, is designed
to speed the letting of defense contracts and
open the way for
small contractors to participate in the defense
program. Re¬
garding the measure a Washington dispatch of Sept. 24 to
on
ment contractors to
the New York "Journal of Commerce" said:
The bill passed the House
extending
approval
unanimously with the Republicans joining in
of the objectives
of the
legislation.
Representative
Wollcott of Michigan, ranking Republican member of the House
Banking
Committee, described the legislation
reserves.
Roosevelt
25 by Bainbridge Colby,
Secretary
Wilson,/ before the Senate subcommittee.
as a
ot
unfreeze bank
page 1506.
term
Sept.
Washington
sequent actions
were
elected
were
and Currency
reported that Mr.
Colby declared that Mr. Roosevelt, by his direction of the
Democratic National Convention in
Chicago and his sub¬
"a
motives
he
requested by President Roosevelt last week after Congress
disposed of the conscription bill; this was noted in our issue of
Sept. 21, page 1651. This bill was reported earlier the same
day by the House Appropriations Committee and approved
by the House in the form recommended.
Associated Press Washington advices of Sept. 26
reported
as follows
regarding the bill:
disapproval of the principle of the third term.
ington opposed
if
on Sept. 26
passed and sent to the Senate a
$1,469,993,636 supplementary defense appropriation bill,
bringing to nearly $13,000,000,000 the amount voted for the
armed services this session.
The largest item in the bill
($1,062,976,496) was for the pay, maintenance and training
Jefferson
President
have but two terms of four years each," Senator Glass wrote.
Senator Burke is Chairman of the
subcommittee considering two measures
which would limit the
presidential tenure by constitutional amendment.
Senator Glass had
previously asserted that he felt an obligation to vote
for Mr. Roosevelt as the
nominee of his party, but that he would contihue
express
that a national emergency required Mr. Roosevelt's re¬
comparable, he said, to the arguments presented by dictators
justifying their powers.
Mr. Villard added that even though the
was
in
Service
third term for President of
should
may
to
of
airplanes.
inclined to agree with Mr.
Constitution
limitation
The House
the
quote:
we
the
the
Sept. 23 by Senator Burke of
six-year tenure limitation and
From United Press advices from
utterly opposed to
am
into
on
the
Washington, Sept. 23,
read
was
constitutional
Votes
$1,469,993,636
Supplemental
Defense
Appropriation Bill—Includes Costs of Trainees'
Senator Glass of Virginia opposing a third
President
any
advocated
House
term.
term
who
+.
mick of
man
third
for.
weighed in the balance and found wanting.
On
a
country."
Six
to
subcommittee
week.
on
President in office for
former editor of The Nation, was another wit¬
contention
President's
nee
of
Villard,
shamelessly pressed into service
the Chief Executive.
The
Others
and
influences unleashed,
of patronage
power
Mr. Colby said:
Disclaiming personal animosity to President Roosevelt, he declared
to dictatorship is open" if successive terms were permitted
election
proposed constitutional amendments limiting
continued
terms
Term
the
to force his renomination,"
"the road
abroad
Hearings before
Committee
Limit
Would
that
these
see
Garrison
before
ness
Hearings Before Senate Sub-Committee on Constitu¬
tional Amendments Limiting Presidential Term—
warning of Grover Cleveland against "the
a
President's disposal
a
The
measure
ties in
has been formed
of
as
the "logical"
way to
directly with the No. 2 plan of plant expansion that
by the Defense Commission
to build up
productive capacity
industry to meet defense needs of the Government.
It will permit a Government contractor to
obtain funds from the bank
for the
pay
the
expansion of plant equipment and the Government, in effect, will
for the plant expansion by making payments under the contract to
bill
now
in
conference, disposition of plants erected in this
manner
will be subject to the control of the Government
following the emergency.
Need for the legislation arises out of tha fact that there are
many manu¬
facturers and other
businesses, particularly the smaller
ones,
which may be
The Commercial & Financial Chronicle
Volume 151
deterred from bidding on contracts arising out of the program of national
defense because they have inadequate amounts of working capital and may
encounter
difficulties in financing the performance of such contracts.
If such
businesses
could oiler security
in the form of assignments of
State,
1819
by any agency of any State or any of its political subdivisions or
municipalities (including any corporation controlled by any State or by
any such political subdivision, municipality, or agency, and any corpora¬
tion all of the capital stock of which is owned by any State or by any
claims against the Government
growing out
such
in many
or
any
of such contracts, they would
instances be able to obtain the necessary credit from their own
local banks and other financing institutions, which have large amounts of
idle funds awaiting employment.
The House Judiciary Committee believes that in many instances such
credit could be obtained
more
simply and quickly from local institutions
than from lending agencies of the Government, whose commitments usually
have to be passed upon by Washington.
political subdivision, municipality, or agency), in connection with
activity which is financed in whole or in part by loans or grants made
by the United States, or by any such department, independent agency, or
other agency of the United States, to use his official
authority for the
purpose of interfering with, or affecting, the election or the nomination
of
candidate
for the office of President, Vice President, Presidential
Member of the Senate, Member of the House of Representatives,
any
elector,
Delegate
or
Resident Commissionr from any Territory
or
insular
or
posses¬
sion."
♦
Sec. 2.
House
BF
The third sentence of section 9 (a) of such Act of Aug. 2, 1939,
is amended to read as follows:
"All such persons shall retain the
right
Approves $267,733,728 Supplemental Civil
Functions Appropriations Bill
to
The first
supplemental civil functions appropriation bill
carrying $267,733,728 was passed by the House on Sept. 23
and sent to the Senate.
The measure included $207,475,727
in cash and $60,258,001 in contract authorizations.
Of the
total amount carried in the bill, the sum of $153,855,660 is in
items for civil agencies directly related to the national-defense
program.
Regarding some of the items in the bill, United
Press Washington advices of Sept. 23:
The airport Improvement program
included $30,000,000 In cash and $50,-
000,000 In contractual authorizations.
The Appropriations Committee, in
reporting the bill, said the Army and Navy plan to use about 90 civil airports
bases for tactical squadrons and training units, and estimated eventual
as
cost of the entire program at
$500,000,000.
Other provisions of the measure affecting
the defense program Included
$60,500,000 for the office of education, for training between 650,000 and
700,000 persons in defense industry work, and $32,500,000 for employment
of
1,250,000 youths by the National Youth Administration on projects
related to the national defense.
vote as they may choose and to express their
opinions
subjects rnd candidates."
Sec.
3.
"Sec.
whose
12.
The Steagall bill, In addition to
providing for
a
committee
to
the
without
serve
Federal
Dejposit
remuneration
and
reduction In the assess¬
Insurance Corp.
will
somewhat along the lines of the Federal
In another item in
have
no
five-man advisory
The members will
It will function
power.
Advisory Council.
a
rate reduction.
or
officer
employee
or
is in
of
any
connection
with
State
any
or
local
agency
activity which is
in
by any Federal
the purpose
of
value
to
party,
any
political purposes.
committee,
No such officer
organization,
agency,
v
or
for
person
employee shall take any active part
political management pr in political campaigns.
All such persons shall
retain the right to vote as they may choose and to express their
opinions
on
all political subjects and candidates.
For the purposes of the second
or
in
of
or
this
subsection,
include
any
person
of any
State
any
city;
(1)
the
'officer
term
the Governor
or employee'
shall not be
the Lieutenant Governor of any
or
who is authorized by law to act as Governor, or the
(2) duly elected heads of executive departments of
are not classified under a State or municipal
municipality who
or
or sivil-service system;
(3) officers holding elective office.
"(b) If any Federal agency charged with the duty of making any loan
grant of funds of the United States for use in any activity by any
merit
or
officer
employee to whom the provisions of subsection (a) are applicable
to believe that any such officer or employee has violated the
provisions of such subsection, it shall make a report with respect thereto
has
or
reason
the
United States Civil Sendee Commission (hereinafter referred to as
'Commission').
Upon the receipt of any such report, or upon the
receipt of any other information which seems to the Commission to war¬
rant an investigation,
the Commission shall fix a time and place for a
to
the
and shall by registered mail send to the officer or employee
with the violation and to the State or local agency employing
or employee a notice setting forth a summary of the alleged
violation and the time and place of such hearing.
At such hearing (which
shall be not earlier than 10 days after the mailing of such notice) either
hearing,
charged
such
officer
the officer
issue of today, we
refer to a speech
made by Geo. T. Crowley, Chairman of the FDIC favoring
our
(a) No
in whole
for
mayor
ment rate on national banks, also proposes to set up a
all political
on
is amended to read
part by loans or grants made by the United States
agency shall (1) use his official authority or influence
of interfering with an election or a nomination for office,
or affecting the result
thereof, or (2) directly or indirectly coerce, attempt
to coerce,, ^command, or advise any other such officer or
employee to pay,
lend, or contribute any part of his salary or compensation or anything else
or
Assessment Rate
Banking and Currency Committee on Sept. 25
favorably reported a bill proposing a reduction in the assess¬
ment rate of the Federal Deposit Insurance Corp. from the
present rate of a 1-12 of 1% to 1-14 of 1%.
This bill in¬
troduced by Representative Steagall of Alabama, also raises
the amount of deposits which may be insured by a bank for
an individual depositor from
$5,000 to $10,000 and also
authorizes the Federal Deposit Insurance Corporation to
invest a building to house its activities.
Advices Sept. 25
from Washington to the New York "Herald-Tribune" said:
2, 1939,
\
principal employment
financed
State
The House
Aug.
"Sec. 10.
The provisions of this Act shall be in addition to and not in
substitution for any other provision of law."
Sec. 4.
Such Act of Aug. 2, 1939, is further amended
by adding at the
end thereof the following new sections:
construed to
Approves Bill Reducing FDIC
of 6uch Act of
30
follows:
as
sentence
House Group
Section
with
employee or the State
or
counsel
be
and
whether
determine
whether such
heard.
uny
violation,
local agency, or
hearing, the
subsection
warrants the removal
if
or
such
After
violation
any,
of
such
both, may appear
Commission shall
occurred and
has
of the
officer
or
employee by whom ft was committed from his office
or employment, and
by registered mail notify such officer or employee and the appropriate
State or local agency of such determination.
If in any case the Commission
finds that such officer or employee has not been removed from his office or
shall
of
So-Called
Hatch
Bill
Extending
Political
Activity Bah to State and Municipal Employees
Receiving Pay from Federal Funds
Text
One of the recently-enacted congressional measures is the
bill extending the so-called "Anti-Politics" Act to State,
county
in
as
and Municipal employees who are paid wholly
part with funds from the Federal Government.
we indicated in our issue of July 27, became
or
The bill,
a
law
on
July 19, with its approval by President Roosevelt, and fur¬
ther below we are giving its text.
This measure is a com¬
panion bill to the original so-called Hatch Act passed by
Congress last year and signed by the President on Aug. 2,
which prevented all Government employees, except
President, Cabinet members, Senators and Congressmen,
and some policy-making officials, from engaging in politics;
1939,
the
the text of
tljat Act appeared in our issue of July 27, 1939,
page 660.
This new measure also limits individual political
contributions to $5,000 and prohibits any political committee
from receiving contributions or making expenditures of
more than $3,000,000 in any calendar year.
As stated in the
item in our issue of July 27, this year, page 486, the new
legislation affects approximately 250,000 State and munici¬
pal workers paid from Federal funds.
The bill was ap¬
proved by the Senate on March 18, while on July 10 the
House adopted the bill in amended form.
Congressional
action was completed the next day (July 11) when the
Senate accepted the House changes.
References to the con¬
gressional action appeared in our issues of March 23, page
1858, and July 13, page 183.
The text of the measure ap¬
proved by the President on July 19, this year, follows:
[S. 3016]
employment within 30 days after notice of a determination by the Com¬
mission that such violation warrants his removal, or that he lias been
so
Federal
to
the
District
of
Columbia the
employees in the several States and the
"An Act to
prevent pernicious political activities", approved Aug. 2, 1939.
"An
Act
by the Senate and House of Representatives of the United
America in Congress assembled, That section 2 of the Act entitled
to prevent pernicious political activities", approved Aug. 2, 1939,
is amended to read as follows:
"Sec.
2.
It
shall
administrative position
be
unlawful
(1)
any-person
employed in
any
by the United States, or by any department, inde¬
pendent agency, or other agency of the United States (including any corpo¬
ration controlled by the United States or any agency thereof, and any
corporation all of the capita]
stock of which is owned by the United States
thereof), or (2) any person employed in any administrative
position by any State, by any political subdivision or municipality of any
cr
any agency
period
of
18
months)
been
order requiring it to withhold from its loans or grants
agency to which such notification was given an
local
or
violation; except that In any
a position in another State or
which receives loans or grants from any Federal agency, such
order shall require the withholding of such amount from such other State
or local agency; Provided, That in no event shall the Commission require
any amount to be withheld from any loan or grant pledged by a State or
local agency as security for its bonds or notes if the withholding of such
amount would
bonds
to
notes.
or
the
State
jeopardize the payment of the principal or interest on such
Notice of any such order shall be sent by registered mail
local
or
agency
from which such amount is ordered to be
The Federal agency to
withheld.
which such order is certified shall, after
withhold such amount in accordance with the
terms of such order.
Except as provided in subsection (c), any deter¬
mination or order of the Commission shall become final upon the expira¬
such
order
becomes
tion of 80 days
final,
after the mailing of notice of such determination or order.
"(c) Any party aggrieved by any determination or order of the Com¬
under sebsection (b) may, within 30 days after the mailing of
notice of such determination or order, institute proceedings for the review
mission
thereof
by filing
written petition in the district court of the United
in which such officer or employee resides; hut the
proceedings shall not operate as a stay of such
order unless (1) it is specifically so ordered by the
a
for the district
States
commencement
determination
court, and
of
or
such
(2) such officer
or
employee is suspended from his office or
proceedings.
A copy of such
employment during the pendency of such
petition shall forthwith be served upon the Commission, and thereupon th*
Commission shall certify and file in the court a transcript of the record
and
the
which
evidence
determination or
the
order complained
of
was
made.
by the court shall be on the record entire, including all of
taken cn the hearing, and shall extend to questions of fact
questions of law.
If application is made to the court for leave to
of the court
may materially affect the result of the
adduce additional evidence, and it is shown to the satisfaction
such
additional
evidence
proceedings and that there were reasonable grounds for failure to adduce
the hearing before the Commission, the court may direct
such
additional evidence to be taken before the Commission in such
such evidence in
manner
for
a
local agency
that
Be it enacted
States of
(within
equal to two years' compensation at the rate such officer or em¬
The review
provisions of the Act entitled
subsequently
ployee was receiving at the time of such
case of such a subsequent appointment to
the
extend to certain officers and
has
agency an
State
amount
ujion
AN ACT
To
and
removed
appointed to any office or employment in any State or local agency in
such State, the Commission shall make and certify to the appropriate
and
upon
such
terms
and conditions
as
to the court may seem
The Commission may modify its findings of fact or its determina¬
by reason of the additional evidence so taken and shall file
with the court such modified findings, determination, or order, and any
such modified findings of fact, if supported by substantial evidence, shall
he conclusive.
The court shall affirm the Commission's determination or
proper.
tion
or
order,
the
order
or
same
its modified determination or order, if the court determines
is in accordance with law.
If the court determines that
that
any
The Commercial & Financial Chronicle
1820
modified determination or order, is not in
remand the proceeding to the Com¬
mission with directions either to make such determination or order as the
court shall determine to be in accordance with law or to take such further
determination
such
with
accordance
order,
or
or
the court shall
law,
proceedings as, in the opinion of the court, the law requires.
The judgment
be final, subject to review by the appropriate
and decree of the court shall
circuit court of
such
circuit
appeals
in other cases, and the
as
of
court
judgment and decree of
to review by the
final, subject
be
shall
appeals
of the United States on certiorari or certification as pro¬
sections 239 and 240 of the Judicial Code, as amended (U. S. C.,
Supreme Court
vided
in
edition, title 28, sees. 346 and 347).
If any provisions of this sub¬
is held to be invalid as applied to any party with respect to any
1934
section
determination
order
or
determination or order
such
Commission,
the
of
effective as to such party in the same
manner as if such provision had not been enacted.
"(d) The Commission is authorized to adopt such reasonable procedure
and rules and regulations as it deems necessary to execute its functions
,under this section.
The Civil Service Commission shall have power to
shall
subpena the attendance and testimony of witnesses and the
all documentary evidence relating to any matter pending,
the Commission.
Any member of the Com¬
by
require
production
as
of
result of this Act, before
a
mission
and members of the Commission and its
authorized by the Commission may administer oaths and
when
examiners
subpenas,
sign
may
the
and
witnesses
Such attendance
witnesses, and receive evidence.
production cf such documentary
examine
affirmations,
of
final and
become
thereupon
evidence may be
States at any designated place of
the Commission may invoke
the aid of any court of the United States in requiring the attendance and
testimony of witnesses and the production of documentary evidence.
Any
of the district courts of the United States within the jurisdiction of which
such inquiry is carried on may, in case of contumacy or refusal to obey a
subpena issued to any per°on, issue an order requiring such person to
appear before the Commission, ot to produce documentary evidence if so
ordered, or to give evidence touching the matter in question; and any
failure to obey such order of the court may be punished by such court as a
contempt thereof.
The Commission may order testimony to be taken by
deposition in any proceeding or investigation, which as a result of this
Act, is pending before the Commission at any stage of such proceeding or
investigation.
Such depositions may be taken before any person designated
by the Commission and having power to administer oaths.
Such testimony
shall be reduced to writing by the person taking the deposition, or under
required
from
hearing.
his
In
of disobedience to a subpena,
Any person
shall then be subscribed by the deponent.
and
direction,
place in the United
any
case
to appear and depose and to produce documentary evi¬
dence before the Commission as hereinbefore provided.
No person shall be
be compelled
may
excused
dence
attending and testifying or from producing documentary evi¬
from
obedience to
in
or
subpena
a
tend to incrimi¬
nate him or subject him to a penalty or forfeiture for or on account of any
transaction, matter, or thing concerning which he is compelled to testify,
or
produce evidence, documentary or otherwise, before the Commission in
obedience to a subpena issued by it; Provided, That no person so testifying
shall be exempt from prosecution and punishment for perjury committed
in
so testifying.
"(e) The provisions of the first two sentences of subsection (a) of this
shall not apply to any officer or employee who exercises no func¬
tions in connection with any activity of a State or local agency which is
financed in whole or in part by loans or grants made by the United States
section
by
Federal
anv
"(f) For the
State,
any
State,
local agency' means the executive branch of
municipality or other political subdivision of such
of any
or
or
department thereof.
agency' includes any executive department,
independent establishment, or other agency of the United States (except a
or
agency
any
"(2) The
member
it
of
bank
"Sec,
and
or
'Federal
term
Federal
the
the part of such
be
hereafter
System).
Reserve
contributions
unlawful,
for any
heretofore
from
directly
indirectly,
or
other
Presidential
of
engaged
organization
nomination
election
or
national
any
tributions
local
electors),
of
any
political
made
to
on
behalf of
any
committee or
advancing, or advocating the
candidate for any such office or the success
shall not apply to con¬
local committee or other State or
This subsection
State
a
or
furthering,
party.
by
or
in
to
or
or
"(b)
For the
of this section—
purposes
"(1) The term
'person'
includes
association, corporation, and any other organization or group of persons.
"(2) The term 'contribution' includes
deposit of
or
•r
money, or
whether
agreement,
"(c)
shall
anything of value, and includes
not legally
or
It is further declared to be
hereafter
be
unlawful
a
for
any
corporation,
and
a contract, promise,
enforceable, to make a contribution.
pernicious political activity, and it
association,
persons
to purchase or buy any goods,
kind
any
the
of
for
an
United
States,
ing, advancing,
for any
That
nothing
and
of
tion
fined
all
Presidential
or
the
this
and
Vice
of
or
trade,
engages
Presidential
be
a
or
construed
to
any
interfere
with
the
candidate.
pernicious political activity in viola¬
provision of this section, shall upon
than $5,000 or imprisoned for not
of violations of
electors)
election of any candidate
profession of
or
in
takes
effect
pro¬
Civil Service
whom
the
cam¬
active
such
of
unusual circumstances which exist
or
is
applicable,
are
such
the
promulgate regulations permitting such
political
17.
be
to
local
or
in
connection
for
prohibit
(as defined in section
agency
candidate
an
active
part
extent
the
persons.
Nothing in the second sentence of section 12 (a) of this Act
shall be construed to prevent or
election
take
authorized
the
to
to
such
involving
is
to take an
campaigns
in
to
persons
campaigns
the domestic interest of such
in
persons
who reside
Commission
persons
political
and
management
deems
and
political
in
or
subdivision,
in
"Sec.
in
the Govern¬
of
interest
subdivision, to permit such
to
Commission
employed by
are
domestic
the
management
political
or
in
Act
this
political
in
municipality
it
States,
political
or
part
deter¬
other political subdivisions, in the immediate vicinity
Capital in the States of Maryland and Virginia or in
provisions
municipality
Commission
or
United
the
of
which
with
election
to
was
public
any
officer or employee of
any
12
he
State
a
(f)) from continuing, until the
nominated, to be a bona fide
office
from
and
engaging
in
any
political activity in furtherance of his candidacy for such public office, if
(1) he
nominated before the date of the enactment of this Act, and (2)
was
his election to such public office he resigns
upon
ployment in which he
from
the office
employed prior to his election, in
was
or
State
a
em¬
local
or
(as defined in section 12 (f)).
agency
18.
"Sec.
Nothing in the second sentence of section 9 (a) or in the
12 (a) of this Act shall be construed to prevent
second sentence of section
prohibit
or
in
subject to the provisions of this Act from engaging
any person
political
any
such
at
(1) in connection with any election and the
of the candidates is to be nominated or elected
a
party any of whose candidates for
activity
preceding campaign if
election
none
representing
as
presidential elector received votes in the last preceding election
presidential electors
which
is
not
For the
party.
selected,
were
character,
approval
referendums,
similar
with
National
any
"Sec.
tory,
19.
National
any
Rhall
of
be
not
municipal
deemed
question
political
ordinances,
and
be specifically
to
State political party.
this Act, the term 'State*
or
As used
which
at
any
State
or
in
means
others
identified
State, Terri¬
any
possession of the United States."
or
Sec.
5.
(a) No
United States
of
in connection with
with
of this section, questions relating to constitutional
purposes
amendments,
a
(2)
or
identified
specifically
of
or
firm
or
person
entering
into
with
contract
any
the
department or agency thereof, either for the rendition
any
furnishing any material, supplies, or equipment to
the United States or any department or agency thereof, or selling any land
cr building to the United
States or any department or agency thereof, if
personal services
payment
for
material,
supplies,
in
or
the
or
equipment,
period of negotiation for,
impliedly
party, committee,
political
or
from
or
use;
nor
such
any
shall
any
such person
any
such
or
or
furnishing
or
buildings, directly,
indirectly,
other thing of value,
any
or
make
for
payment
or
performance under such contract
money
to
contract
building is to be made in whole
the Congress, shall, during the
by
contribution,
candidate for public office
or
purpose or
contribution
or
equipment, land,
contribution of
or
such
appropriated
funds
of material, supplies,
any
of
"land,
performance
from
part
for
promise
or
political
any
knowingly solicit
person
firm,
to
to any person
or
such
any
for any
such
any
during
purpose
such period.
Any person who violates the provisions of this section
shall, upon conviction thereof, be fined not more than $5,000 or imprisoned
any
more
than
five years.
(b) Nothing
Sec.
6.
Such Act of Aug.
"Sec. 20.
be
construed
following
to
on
permit
action
any
the date this section
$3,000,000,
during
calendar
any
committee
of
treasurer
such
treasurer
such
in section 302
the
contributions aggregating
aggregating more than
this
of
purposes
section,
expenditures made on behalf of any
the knowledge and consent of the chairman or
with
Terms
For
any
shall
Any violation
of
expenditures
year.
and
committee
committee.
to them
section:
make
or
contributions received
political
2, 1939, is further amended by adding at the
new
No political committee shall receive
than
$3,000,000,
the
shall
by any provision of law in force
effect.
end thereof the
any
section
this
in
which is prohibited
a
deemed
to
be
received
made
or
used in
and
by
this section
the Federal
any
other
shall
and
responsible
person
have the
by
committee
violation of this section by the chairman
committee
of
be
of this section by any political
for
meaning assigned
Corrupt Practices Aot, 1925. and the
penalties provided in such Act shall apply to violations of this section."
Approved, July 19,
this section
by
a
conviction
more
than
United
thereof
five
be
years.
partnership, committee,
States
Steel
any
national political party: Provided,
any
shall
sentence
or
more
cases
purchase,
other political organization engaged in further¬
success
business,
who
a
indirectly inure to the benefit of or for any
office (including the offices of President
or
States
municipalities the majority of whose voters
articles
or
Federal
and
or
person
any
not
in
known
"(d) Any
commodities, advertising,
advocating the nomination
or
such office
usual
In
elective
political committee
any
any
description where the proceeds of such
or
portion thereof, shall directly
candidate
individual, partnership, com¬
other organization or group of
section
this
1940.
person,
mittee,
of
of special
reason
National
such violation.
gift, subscription, loan, advance,
a
by
that,
United
the
shall be deemed also to be
individual, partnership, committee,
an
Whenever
municipality
ment
such
organization.
time
active part in political management or in political
any
16.
the
of
more
Vice
taking
mines
any
and
aggregate amount in excess of $5,000,
an
the
at
by the provisions of the civil-service rules prohibiting such employees
"Sec.
takes
in
be deemed to prohibit the same activities
the United States Civil Service Cummission
as
are
paigns,
during
any calendar year, or in connection with any campaign for nomination or
election, to or on behalf of any candidate for an elective Federal office
(including the offices cf President of the United States and Presidential
to
persons
determined
the part of employees in the classified civil service of the United
on
Slates
not
person,
of this Act which prohibit persons to whom
from taking any active part in political management
political campaigns shall
hibited
(a) It is hereby declared to be a pernicious political activity,
13.
shall
make
on
has
Sept. 28, 1940
provisions
in
expressly
of this section
'State
The
or
make
agency.
purposes
"(1) The term
35.
such provisions apply
the ground that the testimony or
on
evidence, documentary or otherwise, required of him may
or
"Sec.
asso¬
^
to
Lend
Brazil
Industry—Brazilian
$20,000,000 to Finance
Government Will Also
Invest $25,000,000_in Project
_____
^
iVn
agreement was reached in Washington on Sept. 26
"Between the United States and Brazil whereby a credit of
$20,000,000 is granted to Brazil to finance its steel industry.
In addition to this amount, the agreement provides that the
Brazilian Government, in conjunction with certain Brazilian
savings banks and private investors, will contribute $25,000,000 towards the project. The Export-Import Bant- will
loan the $20,000,000 to Brazil. Regarding the plan a Wash¬
ington dispatch of Sept. 26 to the New York "Herald
Tribune" stated:
ciation, corporation, or other organization or group of persons, the officers,
directors,
or
managing
in such
ticipate
heads
violation,
thereof
who
knowingly
and
shall be subject to punishment
willfully
as herein
par¬
pro¬
vided.
"(e) Nothing in this section shall be
of
contribution which
any
the
on
strued
Act
of
date
of
executive
the
this
section
construed to permit the making
any provision of law in force
is prohibited by
takes
effect.
Nothing in this Act shall be con¬
to alter or amend any provisions of the Federal Corrupt Practices
1925, or any amendments thereto.
"Sec.
ment
the' plant,
making Brazil independent for heavy steel,
14.
the
For the purposes of this Act, persons
branch
purposes
of Columbia
District
of
of
shall
be
deemed
the Government of the United
the second
sentence of section
9
be
be officers or
employees.
other countries
In
the
a
now
pur¬
blow at Nazi
it may be the forerunner of loans to
to establish essential industries.
correspondence exchanged
between Jesse H.
Jones,
as
Federal
govern¬
junior money before the Export-Import Bank makes an investment in the
States, except that for
(a)
The transaction is also
employed in the
employed in the
to
Europe.
schemes of economic infiltration, and
Loan Administrator,_and Guilhelme Guinle. President of the Executive
'Commission of the BrazilianSideorurgical plan, it Is revealed that Brazilian
Interest must invest milreis~ in the value of $25,000,000 in the form "of
the
Commissioners
and the Recorder of Deeds of the District of Columbia shall not be deemed
to
American equipment and American technical skill will oe used to con¬
struct
chased principally from
project.
The
bank has confirmed the tentative commitment of $10,000,000 for
the project and has agreed to lend an additional $10,000,000 as the
progresses.
work
The Brazilian concern
will
own
$20,000,000
and operate^the mill, but the
indorsed by the Bank of Brazil and
guaranteed by the Brazilian Government.
Three years after the loan is
made the first of twenty semi-annual payments must be made to retire
Bank loan will be
Export-Import
semi-annually at 4 %, it will run only
Export-Import Bank.
Brazilian Govern¬
construction of the mill as "of paramount importance
Although interest will be payable
the
ment considers
Jones says that the
economic progress,"
to its
Siderurgical Commission will establish an
The
with
suitable center,
other
the mill, purchase the
corps
a
office in Pittsburgh, or
executives to design
of engineers and
equipment and handle the
construction of the plant,
+
Rica
Costa
of
Loan
Grants
Bank
Export-Import
$4,600,000 to
High¬
Help Finance Pan-American
to
way
of $4,600,000 to the
A loan
it
Government of Costa Rica
of the Pan-American High¬
extending from San Jose to the Panama border, where
connect with the Panamanian road south to the
will
has been authorized by the Export-Import Bank,
Federal Loan Administrator Jesse H. Jones announced on
Canal,
will
to complete the road
will be especially helpful to Costa Rica in meeting
require approximately four years
construction
and its
its un¬
drastic curtailment of its coffee export market.
will make available to the
Government certain engineers to supervise and assist in the
employment situation due to
The United States
Rican
Costa
It is
additional step in the
an
Public Roads Administration
construction.
period of 10 years, and
will be guaranteed by the National Bank of Costa Rica and repaid from the
proceeds of the gasoline tax.
Approximately 60% of the proceeds of the
loan will be used for the purchase of equipment in the United States.
The loan will be at 4%
interest, maturing over a
Dominican Republic.
development and coordination of the
Neighbor policy based on mutual respect
Good
and confidence among the countries
of this hemisphere.
depository bank will be selected by
provides that a
convention
The
governments which will be the sole
the Dominican Republic. The two govern¬
ments, likewise, will appoint a representative of the holders of the 1922 and
1926 bonds who will be charged to receive from the Dominican Government,
agreement between the two
mutual
depository of all the revenues of
days of each
month, the interest and amortization
As soon as these payments have been
be authorized to make
during the first
10
payments on the
outstanding bonds.
disbursements
the Depository Bank will
Government.
behalf of the Dominican
on
First Lien on Revenues
of the service of the bonds, as
The payments
of the bondholders'
services
will constitute
an
well as the costs of the
Bank,
of the Dominican
representative and of the Depository
irrevocable first lien upon all the revenues
Republic.
the
In
Mr. Jones explained as follows:
Sept. 24.
It
the United States and the
relations that exist between
made to the representative,
for the construction of a section
way
made in 1924.
According to Washington advices, Sept. 24, to the New
York "Times" of Sept. 25, the State Department issued the
following formal statement:
The signing of the new convention inaugurates a new era in the friendly
revised agreement
from the date each advance is made by the
Guinle in his letter to Mr.
it had been operating under a
control of the customs in 1905
the loan.
Mr.
1821
Financial Chronicle
The Commercial &
151
Volume
the
that
event
Dominican revenues exceed
fund
redemption
additional
the
for
Republic and the Foreign Bondholders
agreement between the Dominican
Protective Council,
the outstanding
and
Treasury
concluded in 1934, regarding the rate
law
may
not
of amortization of
Existing Dominican accounting
bonds, remains in effect.
governments.
Arbitration
$12,500,000 in any
the excess will be paid into the sinking
of the 1922 and 1926 bonds.
The
given year, specified percentages of
without the consent of both
be changed
,
is
provided in case controversies
two governments
should arise between the
that cannot be settled by diplomatic means.
The new
after it has received the approval specified
convention will come into effect
by
and following the exchange
of both countries
Constitutions
the
of
ratifications.
Signs
Roosevelt
President
Bill
Lending
Increasing
Authority of Export-Import Bank by $500,000,000
—Measure Also Raises RFC Borrowing Power by
$1,500,000,000
which also increases the
reported to have signed on
borrowing power of the Reconstruc¬
completed
on Sept. 20 when the Senate, by a vote of 33 to 21, adopted
the conference report.
The House had approved it on Sept.
14; as was indicated in our issue of Sept. 21, page 1654.
The original bill passed the House on Aug. 21 and the Senate,
in amended form, on Sept. 11, thus necessitating a confer¬
Finance
the Export-Import Bank
Under the measure
will get its
$500,000,000 from the RFC, "While the remaining $1,000,000,000 would be used by the RFC for defense loans.
Bank
Export-Import
States
to
Loans
$25,000,000
Purchase
Tungsten Needed for
Jesse Jones,
China—
to
$30,000,000
Worth of
Defense Program
Federal Loan Administrator,
Corp., has agreed to buy from the National Resources
mission of China tungsten to the value of $30,000,000.
has
Jones
also
announced that "to assist China to meet
present foreign exchange needs the Export-Import Bank
agreed to lend China $25,000,000 that will be liquidated
of the tungsten.
The loan will be made
of China, with the
guarantee of the
Central Bank of China."
'
through the sale
Government
the
to
of benefits to two retired officials
to China, Mr.
Jones reported
following condition:
Dec.
the Universal
corporation, which
oil, used in
authorization
15, 1938, the bank authorized $25,000,000 credits to
Trading
Corp.
of
New
York, Chinese-owned American
being repaid through the importation from China of wood
the manufacture of paints and varnishes; $20,840,000 of this
is
has
been
drawn and
The advices
quoted above said that Dr. Trujillo
000,
Of
all
SEC
Adopts
Amendment to Holding Company Rule
Report on Loans and Extensions of
Requiring
Credit to Associate Companies
the bank authorized additional loans to China of
heretofore
authorized to China,
both by the RFC and the
Export-Import Bank, $43,824,528 has been disbursed and
with nothing
$13,160,253 repaid,
columns
to China
March 9, page 1524.
United
States
loan
Relinquishes
was
mentioned
Control
of
in these
Dominican
Customs—New Agreement Provides for Guarantee
of
Republic's Bonds
Secretary of State Cordell Hull and former President
Rafael Leonidas Trujillo, who acted as special envoy for
Dr.
Sept. 19
a
SEC Proposes to Simplify Rules on'Small Issues—Asks
Public Views on Simple Integrated Exemption of
Issues not Over
the
$100,000
and Exchange Commission on Sept. 19
asked for ciriticism and suggestions on a proposed new rule
intended to help small businesses by simplifying require¬
ments for exemption from registration of security issues
Securities
The
The Commission has asked
the
Following is the letter in part, sent by Baldwin
Director of the Registration Division of the
aggregating less tban $100,000.
about 500
proposal.
B.
interested
persons
exemptions comprising
and regulations under the Securities Act
of 1933 for the purpose of simplifying the regulation in so far as practicable,
in the light of the experience gained in the administration of the present
Regulation A.
Copies of the proposed revision are being sent for criticism
and suggestions to a number of persons who may be affected by the regula¬
is considering a revision of the
Regulation A of its general rules
tion or who may
be interested therein.
proposed new regulation is
small
of
issuers
in
designed to simplify greatly the problem
of the exemption provision in
availing themselves
It replaces the present regulation A entirely. In
essence, it would provide that an exemption may be available to domestic
issuers simply on the filing of a letter of notification containing only in¬
formation necessary to identify the issuer, the underwriter and the issue
Section 3
(B) of the law.
sold.
used, but copies of any
Furthermore, the regulation
regionalizes this activity of the Commission by providing that this material
would be filed in the appropriate regional office of the Commission rather
than in Washington as is the case under the most of the exemption rules
requirement that a prospectus be
selling literature which
now
in force.
proposed regulation is, in short, a single
The
up
is used would be filed.
of
integrated exemption of
Regulation A is made
of $100,000, whereas the present
number of differing rules and requirements based on varying con¬
such as the amount of the issue, the types of securities, the use of a
a
ditions
prospectus containing certain specified information, &c.
In the proposed revision an effort has been made to impose as
ditions as
in
the
practicable.
present draft
few con¬
conditions not included
to merit special
adoption of the proposed regulation. The Com¬
However, there are certain
which are of sufficient importance
consideration prior to the
mission would like an expression
gained
The conditions referred to are
It is stated that although the United States
for their views regarding
Bane,
Commission:
Republic, guarantees servicing of Dominican
bonds by a lien on general government revenues of that
Dominican
on
Holding Com¬
the filing of a declara¬
registered holding company or a subsidiary with
respect to loans and extensions of credit to associate com¬
panies.
The amendment excludes from the scope of the
rule extensions of credit which involve merely the failure to
demand or enforce payment with respect to all or part of a
maturing or demand obligation if no new. agreement relat¬
ing thereto is made.
tion by
issues not in excess
Under an agreement signed at the State Department, in
Washington, on Sept. 24, the United States relinquished
control of Dominican Republic customs, a control it had
exercised since 1905.
The new agreement, signed by
country.
Commission
Act Rule U-12B-1 which requires
pany
to be
past due.
previous
Exchange
announced the adoption of an amendment to
There is no
The
and
Securities
The
The
already being shipped.
loans
hailed the
Neighbor policy.
$2,993,444 repaid.
$20,000,which is to be repaid through the importation from China of tin.
March 7, 1940,
Some tin is
who served in the General
agreement as putting an end to "foreign interference that
infringed upon Dominican sovereignty" and praised the Good
The Commission
Regarding previous loans
the
Republic
of $125,000 annually of the claims
Republic; and for the
nationals against the Dominican
Receivership of Dominican Customs for many years.
Com¬
The
tungsten, it is said, will be delivered over a period of years
at prices to be agreed upon from time to time, in accordance
with market conditions, as the tungsten is delivered.
Mr.
States
announced on
Sept. 25 that as a part of the national defense the Metals
Reserve Co., a subsidiary of the Reconstruction
Finance
her
United
Corporation by $1,500,000,000, was
ence.
United
of
convention, notes were exchanged
States and of the Dominican
providing for the liquidation at the rate
payment
Sept.
26 the bill increasing the lending authority of the ExportImport Bank by $500,006,000 to make loans to South Ameri¬
can
countries.
Congressional action on this legislation,
President Roosevelt was
tion
Simultaneously tyith the signing of the
by the governments of the United
conditions should be included in
of opinion as to whether any or
the proposed revision.
the following:
all of these
1822
1.
That
The Commercial & Financial Chronicle
securities shall
no
be sold
in
State
any
territory under the
or
exemption except in compliance with all State
or territorial laws relating
registration, quallf cation and licensing of securities and dealers which
to the
applicable to the transaction
are
action
which would be applicable if the trans¬
or
effected entirely within the State or
territory.
You will note
that this condition is presently contained in Rule
210 of the present Regula¬
were
tion A.
2.
organizations
insurance
whose
their
That the expenses of
distribution, including underwriting discounts
or
investment
clients
vided
expenses,
especially underwriting discounts
commissions, might be required.
the securities
of
account
being offered for the
are
one or more
for:
(1)
to securities
of
account
the
issuer
for
or
the
the
individuals
which
it
of
Issues
1939
Since
[Supplements
for
Manufacturers
The Securities and
of
Clay Products
Exchange Commission this week made
public the eighth and ninth or a series of supplements to the
industry reports of the Survey of American Listed Corp¬
orations. The supplements cover financial
operations for the
1939 fiscal year.
Supplement No. 8 contains reports on 12 corporations
whose business is primarily the manufacture of metal and
glass containers including closures, while Supplyment No. 9
contains reports on 13 corporations whose business is
prim¬
arily the manufacture of clay products, one of these corp¬
orations, Harbison-Walker Refractories Co., accounting,
says the Commission, for over 30% of the assets and volume
of business reported by the entire
group in 1939. All of the
companies had securities registered under the Securities
Exchange Act of 1934 at June 30, 1939.
The following concerning
Supplyment No. 8 is from the
Commission's announcement:
Financial data for the fiscal years
in
this
supplement
of the
tration
were
1934-38 for the enterprises included
previously released
Report No. 5, Volume I
as
Survey of American Listed Corporations, Work Projects Adminis¬
study sponsored by the Securities and Exchange Commission.
The companies covered in Supplement No. 8
American
Seal-Kap
Continental
Can
Corp.
Co.,
of
Delaware,
American Can Co.,
are:
Anchor
Inc., Crown Cork &
Seal
Hocking Glass
Corp.,
Co.,
Inc., Crown Cork
International Corp., Hazel-Atlas Glass Co.,
McKeesport Tin Plate Corp.,
Owens-Illinois Glass Co., Pacific Can Co., Standard
Cap & Seal Corp., and
Thatcher Manufacturing Co.
The
combined
$484,000,000 in
volume
of
the fiscal
business
for
ended
year
all
31, 1939 compared with
residents
are
is
out
given
combined
compared with
operating
profit
of
$58,000,000,
1938.
These
or
12.0%
ended
year
operating profit of $40,000,000,
an
or
of sales,
Dec. 31,
on
was
1939
9.3% of sales, for
enterprises showed a combined profit after all charges
(including nonoperating gains and losses, prior claims, interest, and income
taxes) of $44,000,000, or 9.1% of sales, for the year ended on Dec.
31, 1939
compared with $31,000,000, or 7.2% of sales, for 1938.
The
combined
total
for
all
surplus
for
accounts
these
12
enterprises
increased by $11,000,000 to $164,000,000 in the fiscal
year ended
1939 compared with an increase of $3,000,000 in the
on
preceding
combined
on
or
with
before Oct.
this
Act
provided
are
the
of
with
state in
which
to securities
respect
or
they do business
traded
on
Dec. 31,
year.
pro¬
national
se¬
organizations which do not hold
advisers generally to the
public and which
during the preceding year.
statement
any means or
his
business
if
become
cannot
Commission^
an
effective
investment adviser
until
instrumentality of interstate
his
registration
30
may not
statement
is
days
be able
in
commerce
not
filed
on
2, 1940.
The new registration form is designated Form 1R.
It requires informa¬
tion relating to the form of organization of investment
advisers, their part¬
ners,
officers,
directors, controlling persons, employees, the nature of
their business, the nature and scope of
authority with respect to investment
advisory clients' funds and accounts, and the basis of compensation.
Copies of the form are available at the Washington offices and at each
of the regional offices of the Securities and
Exchange Commission.
The text of the Act
given in these columns of Sept. 7,
was
1336.
page
SEC Makes Available Part VIII of Report
Investigation of Work,
on
Study and
Activities, Personnel and
Reorganization Com¬
Functions of Protective and
mittees
The Securities and
Exchange Commission
Part VIII of the report on the
that
announces
Study and Investigation of the
Work, Activities, Personnel and Functions of Protective and
Reorganization Committees may be obtained from the
Superintendent of Documents, Government Printing Office,
for 50 cents a copy.
Part VIII is a summary of the law
pertaining to equity and bankruptcy reorganizations and of
the Commission's conclusions and recommendations
and is
the final part of the Commission's
report.
The
are as
printed parts of this study and the price
per
copy
follows:
Price
Part
I—Strategy and Techniques of Protective and Reorganization
$1.00
Part II—Committees and Conflicts of Interest
$0.60
Part III—Committees for the holders of Real Estate Bonds
IV—Committees
Part
12
same
requirements of
Committees
reported for all 12 enterprises for the fiscal
or
and
investment
as
registration
the mails
use
$435,000,000 in 1938.
A
solely
enterprises amounted to
Dec.
on
12
individuals
investment
which give advice solely with refer¬
guaranteed by the United States or corporations
interested; (2) individuals or organizations all of th6
is
the
connection
or
for
engineers, and teachers
incidental to the practice of
or
have had less than 15 clients
to
is
any,
solely
accountants,
exchanges; and (3) individuals
themselves
security holders.
Metal and Glass Containers and
if
advisers
incident of
The Act also
organizations
or
after it is filed with the
SEC
lawyers,
registration
issued
which
advice
no
curities
That disclosure shall be made to
prospective investors as to whether
3.
investment
as
and
advice,
from
ence
in
act
an
professions.
of the amount of distribution
or
which
companies,
Exception
commissions, of securities sold under the exemption shall not exceed a
certain maximum amount; for
example, 25 or 30%.
Such a condition is
now contained in Rules
201 and 202 of the present Regulation A.
As an
additional or alternative provision, the disclosure to
prospective investors
Sept. 28, 1940
security dealers whose investment advice is given solely as
their regular business for which no
special fee is charged.
excludes banks, certain
bank holding company affiliates,
for
the
Holders
of
Municipal
$0.25
and
Quasi-
Municipal Obligations
$0.15
Part V—Protective Committees and Agencies for Holders of
Defaulted
Foreign Governmental Bonds
$1.00
Part VI—Trustees under Indentures
$0.20
...
Part VII—Management Plans without Aid of Committees
Part VII—A
ruptcy
The
balance
sheet assets for all 12 enterprises totaled
$538,000,000
Dec. 31, 1939 compared with $512,000,000 at the end of
1938.
..$0.60
Summary of the Law Pertaining to Equity and Bank¬
and of the Commission's Conclusions
__
Reorganizations
and Recommendations
$0.50
.
♦
Regarding Supplement No. 9, the SEC said:
Defense
Contracts and Expenditures
Up to Sept, 15
Reported—Combat Vessels Ordered Total Nearly
$4,000,000,000 in Two Weeks
Financial data for the fiscal years 1934-38 for the
enterprises included in
this supplement were previously released as
Report No. 25, Volume III,
of the
Survey of American Listed Corporations, Work Projects Adminis¬
by the SEC.
tration study sponsored
The companies covered in Supplement No. 9
are:
Contracts
American Encaustic
reached
and
expenditures under the defense
an
15, according to
a report issued Sept. 20 by the Office of
Reports.
Additional amounts were expended
for defense, according to the report,
by several of the Federal
agencies.
Following is the full summary:
Government
The combined volume of business for 12
enterprises which did not include
Basic Dolomite, Inc., because sales for this
company were not available in
both years, amounted to $42,000,000 for the fiscal
year ended on or about
Dec. 31, 1939, compared with $31,000,000 for 1938.
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND
EXPENDITURES
(Based on press releases of June 13-Sept. 15, 1940)
Copies of this supplement, as well as of Supplements Nos.
3-8, inclusive, and Volumes I-I1I, inclusive, previously
released, may be secured without charge by request to the
publications unit of the SEC in Washington, D. C.
June 13 to
Investment
of
;
Ordnance
On Sept.
.Act
90,593,633
1940,
after
that
tions
to
as
which
date
use
Signal
it is
the
into
goes
Unlawful
maibf
or
any
effect
Chemical
for
1940.
individuals
means
Warfare
or
On
or
organiza¬
WPA—Construction
vestment
USHA—Loan
.with the Securities and
The
others
of
Act
covers
organization
either
securities
securities,
seminate
The
or
financial
as
who
to
compensation
or
or
however,
The SEC's
Federal
Office
engage
in
the
does
and
concerning
not
general
as
part of
regular
16,985,379
other
forms
circulation,
magazines
or
brokers
and
and
971,004
16,985,379
33,926,788
8,832,806
42,759,594
21,450,000
__
2,694,000
24,144,000
for
training
5,233,746
5,233,746
25,000,000
25,000,000
Authority—
Dam and generating units.c
a
134,351,085
approved
approved
Security Agency—
Education—Defense
Tennessee Valley
advising
regular business dis-
newspapers,
projects
Defense
contracts
program.b
or
business of
securities.
'encompass
and
a
of
57,149,287
83,228
1,500,498,076 3,919,319,214 5,419,817,291
defense housing.a
publications or writings as to the value
advisability of investing in, buying, or selling
reports
registered
through
the
of
for National
explain:
for compensation
publications
effectively
individuals, partnerships, corporations
for
directly
or
analyses
Act,
all
who
are
Exchange Commission.
announcement went on to
of
they
887,776
264,741,824
1,033,386
265,775,211
1,140,681,300 3,861,053,312 5,001,734,612
Federal Works Agency—
including the facilities of any national
securities exchange, in connection with their business as in¬
unless
77,201,797
...
Combat vessels (estimated cost)
Purchase of auxiliary vessels
interstate commerce,
advisers,
354,268,710
396,101,470 1,019,148,953
Navy—
Supplies and Accounts...
Marine Corps
instrumentality of
or
306,521
190,627,465
an¬
Yards and Docks—Construction
1,
164,031,612
143,196,116
19,757,169
13,362,172
3,977,791
1,423,921
6,054,332
.
Air Corps
Nov.
$
319,131,458
3,828,705
1,117,399
163,641,245
Corps
Medical Corps
required under the Investment Advisers
as
107,944,392
18,828,420
88,092,106
73,437,978
35,251,724
928,748
7,307,839
149,085
623,047,483
Registration
Required Under In-
adoption of the form for registration of invest¬
advisers
of
Advisers
to Sept. 15
$
231,039,352
___
Corps of Engineers
for
23 the Securities and Exchange Commission
nounced the
ment
Form
of
Advisers Act of 1940
vestment
-
Adoption
Total, June 12
Sept. 15
%
Army—
Supplies
Announces
Sept. 1 to
Aug. 31
Quartermaster Corps—Construction
SEC
program
aggregate of $1,019,148,953 for the Army and
$5,419,817,291 for the Navy in the 133^ weeks ended Sept.
Tiling Co., Inc., Basic Dolomite, Inc., California Art TUe
Corp., General
Refractories Co., Gladding, McBean & Co.,
Harbison-Walker Refractories
Co., Hydraulic-Press Brick Co., Illinois Brick Co.,
Laclede-Christy Clay
Products Co., The Metropolitan Paving Brick
Co., National Fireproofing
Corp., The National Tile Co., and Pacific Clay Products.
Excludes housing allotments totaling $7,225,000 made to the War and
Navy
b Amount certified to State Boards of Education for months of
Departments,
•
July
and August,
c
Appropriation.
Exclusive of: 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; and orders placed by supply depots which do not
contracts.
Coverage: Army, total coverage.
require
Navy, contracts of $5,000 and over.
Volume
The Commercial & Financial Chronicle
151
SEC Reports Market Value of August
Securities Exchanges Decreased
and
Sales on National
3.5% from July
56.5% from August, 1939
The market value of total sales
on
all registered securities
3.5% from the market value of total sales for July,
of
and
decrease of
a
5G.5% from August, 1939, the Securities
Stock
excluding rights and warrants, had a market value of
810,552, almost unchanged from July.
Bond sales
valued at $67,057,207, a decrease of 17.6% from July.
of rights and warrants in August totaled $102,246.
Exchange Commission announced Sept. 26.
and
sales,
$320,were
Sales
The
rights and warrants, was 14,143,801
The volume of stock sales, excluding
total.
Total principal amount of
bonds so',4 was $99,101,293, a decrease of 18.7% from July.
The two leading New York exchanges accounted for 92.6% of the market
value of all sales, 91.2% of the market value of stock sales, and 99.6% of
the
decrease of 6.4%
a
market
market
The
August, 1940
bond
of
value
value
all registered securities exchanges.
on
sales
total
of
$475,310,
was
from July's
sales
on
exempt
securities
exchanges
for
law
Government take over and operate private plants.
recalcitrant plants which refuse orders.
the right to take over
fident
in
by the Congress reserves to the Government
finally passed
as
that
the
1917-18.
will seldom be invoked.
power
It
There is
but twice.
used
was
Such
I
am con¬
authority
no reason to
indication that industry is most
is. every
existed
believe that it
will have to be invoked at all in the present armament program."
On the
willing to co¬
contrary,
there
operate.
No responsible official in Washington prefers governmental op¬
eration of industrial plants to
Consider
the
private operation.
between the Chrysler Motor Corp. and the
arrangement
War Department for the production
the first
of such
Island Arsenal to
there
was no
the
of
At that time,
contract, yet the corporation spent freely of its
a
An agreement was reached—Chrysler to build
Both parties are satisfied.
and operated by the Chrysler
There were no discordant notes and
threats of compulsion.
no
Industry is not looking for great profits in the defense program.
Sept. 1, According
to Conference Board Study—Heavy
Naval Orders
Mark First Phase of National Defense Program
East Dominates Defense Contracts to
The
The plant will be an arsenal for the pro¬
$53,000,000.
to
duction of tanks, owned by the Government
certainly
The
fixed fee, the Government to have the ownership.
a
runs
was among
Chrysler Immediately sent a force of experts to Rock
study the job and to draw up the plans.
assurance
plant for
It
Chrysler Corp. with a project to build a factory
time and effort to get ready.
contract
of tanks here in Detroit.
between Government ane industry.
arrangements
and produce tanks.
company.
decrease of 11.2% from July.
a
During the debates on universal service there were some
drastic proposals that
Government approached the
Commission further reported:
shares,
circles there is evidently some doubt about industry's readiness
some
cooperate.
The
exchanges for August, 1940 amounted to $387,970,005, a de¬
crease
In
to
1823
other hand,
it does not
to incur a deficit.
want
On the
The whole problem of
amortization is based simply on the understandable desire to get back what
has been invested in
public enterprise at public request.
a
♦
heavily concentrated in the
eastern seaboard area as a result of the predominating posi¬
tion of naval construction in the early phase of the national
Defense contracts have been
Nicholas
Dr.
Limit
Columbia
defense program, according to an analysis prepared by the
Division of Industrial Economics of the Conference Board,
public on Sept. 21.
The Board's analysis shows that
51% of the value of national defense contracts awarded from
June 13 to Aug. 31, 1940 is represented by shipbuilding,
21.4% by construction, 20.1% by supplies and ordnance,
and only 7.5% by airplanes.
made
geographical breakdown reveals that the greatest part of
The
defense
money
the Middle-Atlantic
to
goes
contractual
States, the awards for this
awards made during the period.
granted to the New England region;
region amounting to 30-8% of the value of all
The next largest share,
21.7%, was
have received
other sections
and
the following percentages of the whole:
South-Atlantic, 18.4%; East-North-Central, 12.8%; and the
The
12.4%.
West-South-Central,
amounts;
0.4%;
tain,
four remaining regions
1.9%;
East-South-Central,
and
The first four States, in the
Pacific region,
have received relatively negligible
West-North-Central, 1.4%; Moun¬
0.3%.
order of the value of contracts received, were
Massachusetts, $280,464,800; New York, with
These States all have
and naval construction made up nearly
of New York, where it comprised 60% of
important shipbuilding facilities,
all the totals except in
the case
the value of contracts received.
1937 Census figures of the regional value ot
which
and
manufactured products,
East-North-Central States first in production importance
Middle-Atlantic and South-Atlantic regions in second and third
the
The percentages for these regions were 32.9%, 27.4% and
places.
If these ratios were to be
the share of the
8.9%.
maintained in the defense procurement program,
East-North-Central region would have to be stepped up
have to be
slightly reduced; that of the New England region would have to be stepped
down from 21.7% to 8.4% and that of the South-Atlantic region from
12.8% to 32.9%; that of the Middle-Atlantic area would
from
18.4% to 8.9%.
the industrial distribution, it is
follows
pointed out, with the East-North-Central
38.9% of the value
The East-North-Central region also leads
region awarded 40.3% and the Middle-Atlantic region
orders of this category.
in the percentage
value of construction orders for defense purposes, its share
coming to 27% of the total.
cation
with
the Middle-Atlantic, with 20.3%, and the
are
South-Atlantic region,
19.2%.
Airplane
areas
The two next-ranking regions in this classifi¬
as
well
as
shipbuilding contracts have been concentrated in
possessing the necessary productive facilities; but whereas
has received the bulk of the latter contracts,
seaboard
of the total value of airplane contracts.
accounts for 81.5%
however, that the relative position
the Atlantic
the Pacific region
airplane procurement program moves forward.
the fundamental activity of our civilization,
of punishment,
or
seems
to reduce the
even
awarded.
neither of which has any relation to health, to fatigue or to the in¬
mum,
dividual's capacity.
These restrictions increase the cost of living for every one,
in
working day, when it would easily be possible for him, because of his
a
skill, to lay 1,000 or 1,200, he is multiplying the cost of construction and
his
Invoke
Plant Seizure
of
of
Conscription Law, Says Assistant
Secretary
War Patterson—Praises Industry's Willingness to
Cooperate
Robert
Sept.
P.
be the object of these efforts to reduce labor to a minimum
is not clear, since
they are not in the interest of him who works; for if one
from work or can find no opportunity for work, he must become
dependent upon somebody or something.
a
Assistant
Secretary of
War,
on
Govern¬
recalcitrant plants which refuse
18 expressed himself as confident that the
take
over
orders "will seldom be invoked."
He
further said "there is no reason to believe that it will have
to be invoked at all."
Speaking before the annual conference
of the National Industrial Advertisers Association in Detroit,
Mr. Patterson declared that "there is every indication that
to
take
defense
industry is most willing to cooperate."
dependence
is
As
lost.
dependent,
a
This means that his own in¬
his laborless time is turned into
leisure.
How
human beings are capable of making good use of leisure
many
of understanding what
or
the opportunities of leisure are?
That under¬
Sports are well
enough in their way, but, save for those who are professionally devoted to
them, they cannot occupy more than a limited amount of one's free time.
standing is one of the best products of a liberal education.
There
of course,
are,
but it requires some
many
uses
are
wholly admirable,
...
authority, to fix a maximum of productive
Every attempt, by whatever
labor by a given
of leisure which
knowledge and some experience to know how to take
advantage of them.
worker in a given time is an unjust restriction upon his
The
lives.
all human beings born into this world enter at
notion that
and economic classification, in which classification
birth into a definite social
they must remain permanently
human experience
all
through life, is wholly false, contradicted by
and fatal to a progressive civilization.
It means the invention and
no
such thing should exist.
which
installation of an artificial class system where
It strikes at the
very roots
of the possibility
healthy-minded man looks; the possibility that he may,
every
his own efforts into a larger and more important
life goes on, come by
our
himself in order
rise in the scale of the social and economic order in which he
that he may
which his work began.
In the United States
industrial history abounds in thousands of illustrations of the
of men who began
capacity
their life work at the very bottom of the industrial or ad¬
ministrative scale to rise to posts of highest authority and
their own efforts and their own
responsibility by
excellence.
contradicts
and undermines the whole structure of democracy and lays the
foundation
for the quick
carried
end.
the
advantages of the American way of life.
Cooperation is the keynote.
The word "compulsion" seldom appears in the national defense vocabulary.
The Army and the Navy; the armed forces and che other Government
agencies; the Government and industry; management and labor are all
cooperating in the national effort.
The Advisory Commission for National
Defense is coordinating the program.
Democracy has gone into action.
a
class struggle, perhaps even a class war, which, if
long enough and severely enough, would bring democracy to an
It is one of depot ism's ways of beginning its career.
Reconcile
Industry Must Unify*Objectives and
to Carry Out National De¬
Differences
fense
Program, Says R. E. Desvernine of
Steel
His address follows,
of the armament program gives additional impetus to
on
building of
Government and
Crucible
Co.
Declaring that the only real problem in the national de¬
is "how to integrate Government and indus¬
in part:
The unfolding
labor, including
for skilled
own.
What may
The false doctrine of permanent social and economic classes
Patterson,
ment's power to
the demand
diminishing
inevitably
thereby
field of activity than the one in
to
including the
If, for example, a bricklayer may lay only 800 bricks
workman himself.
as
Likely
be almost completely forgotten.
production in those limited hours to another mini¬
to
Not
to
as
form of
Everywhere there is pressure to reduce the hours of labor to a minimum
freedom and a limitation of his right to make the most of
the study, the Conference Board urges caution
as to its use, inasmuch as governmental reports list construc¬
tion awards according to contractors' residences and not
according to location of the work to be undertaken.
It
adds that these construction figures not only are subject to
revision but affect the percentage figures for total contracts
In releasing
Government
Year,
Freedom
Workers'
work is
that
oppression
It is expected,
of the various regions will shift as the
Attempts to
Opening
Calls It Re¬
of
Address
the foundation upon which that civilization rests, and not a
as
can escape
Regional distribution of ordnance and supplies orders most nearly
of all
The fact
well
the
put
187th
University's
on
Warns
Labor—In
Every attempt to fix a maximum of productive labor by a
given worker in a given time is an unjust restriction upon his
freedom, according to Dr. Nicholas Murray Butler, President
of Columbia University.
In a welcoming address to 1,000
students and faculty members at exercises opening Colum¬
bia's 187th year on Sept. 25, Dr. Butler went on to say that it
was a limitation of his right to make the most of himself in
order that he may rise in the scale of the social and economic
order in which he lives.
These efforts would not only
create the false doctrine of permanent social and economic
classes, Dr. Butler Stated but would also lay the foundation
for the building of a class struggle, perhaps even a class war
which is "one of despotism's ways of beginning its career."
From Dr. Butler's address we quote the following:
and
points out that the regional percentages are at variance with
The study
the
striction
$265,377,600; Virginia, with
$259,996,600; and New Jersey, with $216,936,600.
Butler
Murray
Productive
fense situation
try in doing the one
of
the
Crucible
that "greater
and freer cooperative planning amongst indus¬
trial groups without
lic
interest
big job," Raoul E. Desvernine, President
Sept. 20 proposed
Steel Co. of America, on
and
suspicion of conspiring against the pub¬
fear of prosecution must be per-
without
The Commercial & Financial Chronicle
1824
mitted."
Mr. Desvernine, who was speaking before the
eighteenth annual conference of the National Industrial Ad¬
vertisers'
Association, in Detroit, said that "such consulta¬
tion
and cooperation
will prevent useless and wasteful
duplication of facilities, will produce lower production costs
and result in more speedy and efficient production."
He
added* that "we are desperately in need of greater under¬
standing
confidence
and
productive elements in
Government
between
and
the
the population;
in need of a more
sympathetic cooperation between Government and industry
and
all
classes
hear
the
people—particularly employer and
Excerpts from Mr. Desvernine's address follow;
employee."
We
of
lot
a
nowadays
about
mobilization.
industrial
Even
trolled
and
Those
either
are
will
who insinuate that business is recalcitrant and
malicious in
their
purpose
unreservedly employ its entire
and
carrying out
defense.
such
mobilization
During
hensive
could
ingenuity
Industry
developing
in
the experience of
from
the last war,
that
any
plan must have "teeth" in it.
the
war
It
powers.
factories
and
of these
it
Industrial
War
designate
could
commandeer
pensation ;
utilize
any
and
resources
recollections!
last
the
mistaken in their facts.
or
practical and effective, even drastic, plan of national
any
Industry knows,
Refresh your
obstructive
could
and
fix
Board
priorities and
them
operate
prices.
The
had
the
Board,
however, never had to
The great principle followed throughout the
industry was that of voluntary cooperation; and
powers.
Board's
dealings with
voluntary cooperation was never withheld and never failed.
The single
problem was to step up production to meet the tremendous and special
demands of Government.
This was done by giving business every encourage¬
ment; by allowing a margin of profit, and also by attempting to arrive
at
an
■legal
with
agreement
force.
As
each
matter
a
trade
of
before
imposing
fact, Government
restrictions
demands
completely dislocating the economic structure.
The
using
or
met without
were
whole conduct
of
the
Government and the War Industries Board demonstrated that both believed
in the free enterprise system and in individual
initiative, and no restric¬
tions were imposed which would hamper the
functioning
economic
Industry
considered
was
industry
had
In
there
word,
a
be
to
carried
With
now?
gone
this
such
an
such
a
acceleration
*after
confidence
framework
afraid
not
was
war
in
the
mobilization
democratic
our
Fur¬
emergency
invest
to
industrial
that
of
the
institutions
...
experience, why should
there then be
A
question
since then.
is
We
clear.
have
problem
any
great deal of water has
witnessed
in
last
the
few
years
in
governmental socialization of private industry and
our
political processes that we must know that
democracy and the free enterprise system are in jeopardy.
transformation
have
the
to#increase production.
future
that
to
answer
constitutional
We
within
of
the dam
over
country
complete
was
on
its
of
free enterprise system.
record
The
the
detriment
a
fears
no
ended, and consequently
expansion of industry.
and under the
as it was firmly
production from indus¬
the only way to get greater
was
Compulsion
thermore,
was
normal
made vital and stimulated and encouraged,
was
believed that this
try.
the
of
system.
in
so-called
seen
economic
"emergencies"
used
pretext for
permanent change in our basic political and economic institutions, and we
cannot be blamed if we are skeptical as to how a "war
emergency" may be
used in the hands of the same administrators.
Cooperation
between
cooperation between
confidence;
same
it
individuals.
be
must
believe
prise
and
in
the
individual
to compromise with
meet any
This
and
industry
It must be
promoted
by
objective; otherwise it cannot
We
and
Government
institutions
of
the
as
trust
and
accomplish
to
the
exist.
democracy,
great—and
us
see
we
We still believe that democracies
free enter¬
can
need
no
wage war
emergency.
is the
vital
in
the
present political campaign—and we should
not be distracted from it
by distorted views of the international situation.
This issue is the same whether we become
belligerents or remain neutrals.
The
record
that
proves
we
strong and victorious in
Why should
by
voluntary
we
even
out
suspect
that
thinks
past
the
that
coercion
tics
must
doesn't
provoke
will
of
the
am
Knudsen
and
Bnruch
Stettinius
The
of
institutions.
industry?
the
is
that
and
it
The
also
It
is
have
found
industry
record
and
of
demonstrates
the
that
mobilization
or
else
its
dangerously delayed and perhaps fail.
strife.
trust
can
Defense
And
defense
his
suc¬
Poli¬
how
easy it would be for the
for political controversy!
Cer¬
own
chosen representatives—the
Commission
and
their
able
and
trained
that
industry not only trusts them, but will
Government and industry wholeheartedly accepted
1917 and,
I submit, would do likewise with
in
in
1940.
...
There is another
deterrent to the smooth and swift
working of prepara¬
Business can adjust its plans and
operations
to conform to almost any definite
system of practices and set of regula¬
tions, but it cannot plan and carry on under rules which are
subject to
momentary change without notice or without
having any means of even
scientifically guessing what the rule*? may be.
Business is a practical
thing controlled and directed by realities and
ascertainable potentialities.
Manufacturers, who are entitled to be entrusted with the
management of
property, cannot invest large sums in plant ana
equipment until they know
the rules that will govern
payment for that plant.
Private industry cannot
be expected to venture into arms plant
expansion until it can see where
tions
the
for
national
money
how
it
can
cessation
plants.
only
those
on
is
to
defense.
come
amortize
from ;
the
what,
exactly,
are
to
be
investments
the
rewards; and
against a sudden
and protect itself
of the emergency which
might leave it with idle and useless
A management which made substantial capital
expenditures relying
the promises of administrative officers in Government as to what
rules
will
be
is
the
just
incompetent.
These
rules
must,
fixed by law before
industry can proceed, and the delay
making these rules laws cannot be attributed to industry.
be
exercise
that
We
liave
been
of
to
So
we
other¬
by
be
reviewed
a
or
appealed.
His
government of laws.
place uncontrolled
to
single official.
Desvernine
law
The
itself
or
should
sins
officials
than
stated:
totalitarian
many
deprecated
more
strange procedures.
used
Mr.
Government
publicly
accused
the
least
very
individual.
one
government not
a
not
uncon¬
with
arbitrary action is made impossible.
witnessed
by
of
personal government and not
democratic
conclusion
activities
the
at
and
the
to
that official is not
ascertainable criteria, and that such
cannot
in the hands of
power
lease
a
concerned
Certainly,
discretion
of
or
exercised,
is
of
official.
for
seizure
be
must
of the "discretion"
the
so
This
written
so
In
and
and
the
during
collectivist
past
misrepresented.
seven
We
committed.
have
we
We have
tendencies
have
been
have been
We
and
We
years.
have
unjustly
tried
under
the "new instruments of public power"
seen
impose alien doctrines.
we
that
see
same
what
from
matter
no
always arrive at the
angle
we
approach
the problem,
point of departure—the quality of mind—the
thinking—the
philosophy of life—of the officials of Government and of
the managers of business.
For agreement to be possible, there must be a
"meeting of minds,"
The officials of the Government and the business
must
have
wav
of life.
same
the
philosophy of
same
life.
They
must
believe
in
the
—~—
Supervisors of State Banks Oppose Government Making
Loans to Small Business and Extending Activities
of
Savings and Loan Groups—FDIC Chairman
Crowley Proposes Two Ways to Reduce Insurance
Cost—rOther Action Taken
at
Association's Meeting
The National
Association of Supervisors of State Banks
concluded its 39th annual convention in Richmond,
Va., on
Sept. 20 by adopting a resolution declaring against any fur¬
by the Federal Government to enter into com¬
petition with banks in the making of loans.
The Associa¬
tion placed itself on record as being opposed to
legislation
authorizing the Government to make loans to small indus¬
ther attempt
tries.
In another resolution the Association voiced its
oppo¬
sition to
proposed legislation enlarging the activities of Fed¬
savings and loan associations.
At the concluding session John D.
Hospelhorn, Deputy
Bank Commissioner of Maryland, was elected President of
the Association, succeeding D. W. Bates,
Superintendent of
Banks of Iowa.
The following other officers were
elected,
according to the Richmond "Dispatch" of Sept. 21:
eral
Rulon F.
Starley of Salt Lake City, Utah,
Vice-President
to First
raised from
was
Third
was moved up
from Second
Vice-President, and H. F. Ibach of Madison, Wis.,
Vice-President to Second Vice-President.
A. E.
Wilde of Cheyenne, Wyo., was elected Treasurer, while R. N. Sims of
New
Orleans and Irving A. J. Lawres of New York City retained their
posts
Secretary-Treasurer emeritus and
as
Secretary, respectively
Earlier in the
eral
day Leo T. Crowley, Chairman of the Fed¬
Insurance Corporation, told the convention
Deposit
that he favored a reduction in the
deposit assessment rate
from l-12th of 1% to l-14th of 1%, or continuance of the
present l-12th of 1% with
from the assessment base.
interbank deposits eliminated
In explaining Mr.
Crowley's
for this proposal, the New York "Herald Tribune"
in advices
reported by W. A. Lyon from Richmond, Sept. 20,
stated:
As Mr.
Crowley explained the plan to the State Bank Supervisors from
every
State
in
the
Union,
each
FDIC
member
option or deciding whether to pay at the present rate
interbank deposits or to pay a flat
the banks with
a
l-14th of 1 %.
on
would
have
the
all deposits except
In the
case
of
some
of
large volume of deposits of other banks, the elimination
of interbank deposits from the assessment base would
result in assessment
Mr.
Crowley said that the Corporation's assessment income this
year
would amount to 45 to 46 million, as against an
expectancy in 1935 of 32 to
34 million.
He did not believe that the losses the FDIC would
have to
bear in the next ten years would be
any greater than the losses it had borne
in the last six years in getting deposit insurance launched.
Mr. Crowley said that the
therefore,
be
incidental
to
was
on
quite
could afford to
Corporation had
hand to be ironed out.
sound,
see
one or
he said.
two
He
no
With
large number of banking
the exception of
perhaps
larger institutions, the banking posi¬
felt,
therefore, that the Corporation
the assessment rate lowered.
Mr.
Crowley also said that he opposed centralization of
in one Federal agency,
holding that it
would be "as much a violation of States'
rights and of private
option as the arbitrary authorization of branch banking
systems that respect no political boundaries."
At the previous day's session
(Sept. 19), the Association's
members considered the problem of
improving and perpet¬
uating the State banking systems as opposed to more com¬
plete Federal centralization of banking.
Regarding this
discussion, the Richmond "Times-Dispatch" of Sept. 20
bank examination
stated:
Edward A. Wayne of
Raleigh, N. C., declared that
a
uniform, centralized,
nation-wide banking system would result in the "most vicious of all
monopo¬
lies,
a
monopoly of credit."
Speaking for the subcommittee on uniform standards, which he heads,
Mr. Wayne said that his group was of the opinion that
"complete uniformity
both in statute and regulation throughout all of the State
banking systems
was
and is
impractical, impossible and undesirable."
"We believe in and are
officially and personally committed to the
per¬
petuation of the American banking system composed of privately owned
and operated banks existing under charters
granted by dual chartering
authorities, nameiy, the States and the Federal Government," he said.
Mr.
enacted
Discussing the Government's right to commandeer indus¬
trial plants, Mr. Desvernine said:
now
150 to 200small banks and
tion
...
when
actual
the
we
be granted against purely arbitrary action,
mercy
that
essence
arbitrary
problems
industrial
that
provides
only
official,
savings of upward of 25%.
Why should
we
of
rocesses
by coercion.
assertion,
and
peace,
with industrial mobilization
answer
understand
national
certain
accept their leadership.
supported
democratic
stimulation
attained
from
be
Roosevelt
members
our
during
prosperous
...
remove
assistants—and I
and
this
controversy and
President
present
be
can
removed
consummation
Administration to
tainly
Deal
be
the
methods?
proves
hasn't worked.
Politics
cessful
New
years
and
won't proceed
we
and
coercive
production
seven
tinder
wars,
fear that
we
cooperation
great
grew
mind
"discretion,"
nearly
issue
leaves
still
governed by any known standards
reasons
constitutional
liberty—which made
them.
same
mutual
on
will
the
and
it
single
a
philosophy of
action is final.
a
just
is
founded
mutual
as
possession
if
of
the
at
are
in
compre¬
allocate production; it
return for a just com¬
in
we
Bear
men
most
discretion
protection should
wise
Industrial
effectively "mobilizing" the industrial forces and resources in national
defense.
take
can
possession,
personality and
mobilization
only means the plan and methods by which Government and
industry unite in making the material resources of the Nation militarily
effective.
No industrialist challenges the need and wisdom of
efficiently
though the law should define and restrict the plants of which the
Government
permanent
some
Sept 28, 1940
Wayne
by
endorsed
all
bank charters in
States
a
deposit
placing
insurance
and
urged,
discretionary approval
that
or
statutes
disapproval
be
of
supervising agency with the power of removing unsound
management in State banks.
Volume
The Commercial &
151
organization's annual banquet (Sept. 19), addresses
by Governor James E. Price of Virginia and
Capt. Eddie Rickenbacker, World War Ace and President
At the
made
were
of Eastern Air Lines.
In
issue of Sept. 21, page 1659, we
our
1825
Financial Chronicle
referred to addresses
made by Mr. Bates and William R. White, Chairman of the
Association's executive committee and Superintendent of
Banks of New York State.
Society of the United States, and Thomas S.
Gates, President of the University of Pennsylvania.
Julian
Life Assurance
Myrick, of New York, Chairman of the Board
College of Life Underwriters, presided at the
S.
American
toastmaster.
as
recognition of Dr. Huebner's pioneering efforts, Mr.
Huebner
Foundation for Insurance Education."
A five-j^ear fund of
In
Parkinson announced the formation of "The S. S.
$125,000 to provide scholarships and
Merchants' Association of New York Voices
Objection
Congress Adjourning Sine Die
to
majority and minority leaders of both Houses urging against
an adjournment sine die and suggesting that, if it is necessary
for members of Congress to pay attention to affairs in their
own States prior to election, there should be no more than a
short recess.
The Association suggested that in declaring
Congress fix the date for reassembly very soon
after election.
In making the letter public, Mr. Lowry
such
a recess
There
is
unquestionably
the business people
the interests of the country for Congress
of Near York that it would not be in
whom
among
Business leaders and other commercial organiza¬
endorsed the view that
adjourn at this time.
tions with
feeling
strong
a
have consulted have heartily
we
confronted with inter¬
No one can tell on what day
Congress should remain in session so long as we are
national problems,
such
before us.
as are now
This is a time when every person
there will be another untoward event.
particularly,
his post and,
a
the Association to members of Congress
The letter sent by
reads
follows:
as
desires
Association
Merchants'
The
present
to
to
considered
its
you
adjourn sine die.
what moment
requiring the attention of our Government.
The
opinion that Congress should not at this time
In the present course
crisis
new
arise
will
of the world's affairs no one can tell at
when it was
in session during the summer months,
wisdon of remaining
June, has been amply
been added to the continuing Euro¬
suggested that an adjournment might be taken last
Since June there has
demonstrated.
pean
Crisis
likelihood of unforeseen Latin-American developments.
the right to ask that in times like these their
The American people have
their posts of duty.
elected representatives remain at
will find it desirable to
election.
This
judgment, should be met by taking no more than
recognize that many members of Congress
We
attention to affairs in their own States prior to
pay some
situation
brief
can
and, in
our
We recommend,
if such
recess
a
is deemed necessary, that it be taken
where the interests of
will not be jeopardized and that, in declaring a recess, Congress
the country
a
doctor's degree, and who hold at least a
2.
Scholarships
study
graduate
for
teaching
colleges
either
for educational work within their own
master's
it is intended to cover an
allowances for research
The fund also
$250.
for
will
facilities and thesis publication.
in the hands of educational author¬
The control of the Foundation is to be
ities at the Wharton School of Finance
of
experi¬
the assumption that the annual grant
fellowship would be $1,000 and for a scholarship
cover
who desire
companies by studying for
doctor's degree.
or
The Foundation's announcement says
and Commerce of the University
Pennsylvania.
Is "New Industry" Stimulus for Business
Affect United States Living Standard,
Says H. H. Heimann of Credit Association
Arms Program
but
May
The national preparedness program of rearmament has
brought the United States the long-hoped-for "new indus¬
try" which many have sought as the means of lifting the
country out of the depression, Henry H. Heimann. Executive
Manager of the National Association of Credit Men. declares
in the Association's "Monthly Review of Business," released
the upturn has the
Sept. 16, pointing out, however, that
drawback of being based mainly on the rearmament activity.
He observes that "those of us who were not impressed with
glowing accounts of European recovery a number of
pointed out then that the recovery was false since
it was based upon military preparation, which in the long run,
essential as it is, calls for great sacrifice through work and
taxation, and results in a lower standard of living."
Mr.
the
years ago
Heimann added in part:
assume
us
our
If our national in¬
one-eighth of
preparedness.
approach $80,000,000,000, it would mean that
to
were
come
the stupendous sum of $10,-
that we attempt to expend
000,000,000 in the next fiscal year for
after election.
date for reassembling very soon
graduates of accredited
universities now associated with insurance companies
or
a
graduates of
for either a master's or doctor's degree.
career
to prepare
a
bachelor's degree.
available to recent
desire to prepare for an insurance
Scholarships for graduate study available to
3.
subjects available to
for a
colleges or universities who desire to study
accredited colleges or universities who
Let
recess.
after current business has been brought to the point
fix
possibilities.
situation in the Far East of unpredictable
new
a
There is always the
a
teachers now in accredited
should be at
time when the people need the services of their
elected representatives.
a
provide:
Fellowship for graduate study in life insurance
1.
directing the affairs of the United States
who ha£ any part in
fellowships has been
An announcement
life insurance companies.
concerning the Foundation stated:
mental period of five years, on
said:
to
raised by the
The Foundation will
John Lowry, President of the Merchants' Association of
New York, sent on Sept. 25 a letter on behalf of the Asso¬
ciation to the New York members of Congress and to the
of the
dinner
efforts were being
By comparison
directed toward defense measures.
this is much smaller than the percentage of national
in European countries now at war.
But
effort directed towards armaments
likewise by
of
Control
Greater
Industry,
Commerce
Finance and
by Federal Government Would Tend to Harm In¬
Worker, Says M. A. Linton of Provident
Life—Lists
Five
Means
of
Preserving
dividual
Mutual
American
A.
M.
to
Linton,
Provident
President of the
address
comoany's Eastern Regional Sales Congress at
Haddon Hall, Atlantic City, on Sept. 18. Mr. Linton said:
of Philadelphia, in
Life Insurance Co.
in
Events
an
individual
clearly the danger to the rights of the
Europe have shown
delegating too much
in
power
of an economic nature to the
operation of the economic processes of the country, the worker
the State, dependent for his bread and butter upon the
and dictates of whichever group
becomes a
is, in the saddle.
.
well ponder the fate of democracy overseas
undue authority to any single
wishes
Freedom of the ballot
myth, for the voter has to vote as he is told
Americans may
over
and
becomes the
else.
before turning
.or
...
branch of our Government.
of life:
First,
the
belief that
the
Government can spend borrowed
achieve recovery is a fallacy, for
in
money to
productive enterprise can sound recovery be attained.
purchasing
of millions of men and women is a challenge
We should be
and greater unemployment unless there be a
improved efficiency.
Fifth, labor laws biased against
perous
Life
the employer cannot bring prosperity to
the prosperity of industry can the worker be pros¬
also.
It
was
Business Pays Tribute to Dr. S. S.
Huebner of University of Pennsylvania for 35 Years
Insurance
a
the University of Pennsylvania was
dinner in Philadelphia on Sept. 26 with
the
completion of 35 years of pioneering work in the life insurance
educational field.
The dinner, sponsored by 11 national life
insurance organizations, was attended by leading figures in
the life insurance business from all over the country. Speakers
included Thomas I. Parkinson, President of the Equitable
encroach upon
for us.
wise business leadership,
industrious labor and careful
agricultural
that have gone before that built these re¬
them too heavily, it may mean we. will have fully
husbandry by the generations
serves.
If
we
draw on
prepared ourselves to defend a weakened national structure.
Incentive to work, the spirit of sacrifice, the desire to observe
so
necessary
to
ths maintenance of liberty,
will have bee a rather thoroughly
liquidated.
-called "social gains."
time
There can be a safe
compromise—and there must be.
It will mean the sacrifice
at least for the time being, in order to insure maintenance of
eventual return of the
the virtues
life and the pursuit of happi¬
preach the need of sacrifices and at the same
It is inconsistent to
demand the iraintjnance of so
of some gains,
others, and art
sound gains which have been surrendered.
♦
Reconstruction of Nation's Economy
Based
on
Sound
Full Knowledge of Existing
Realities Urged by Alfred P. Sloan—In Address at
Pittsburgh Chairman of General Motors Calls for
Elimination of Barriers to Enterprise Expansion
Economic
Law
and
Asserting that "in a sound and virile economy lies the
fundamental key to the nation's security," Alfred P. Sloan
Jr., Chairman of the
on
General Motors Corporation, stated
Sept. 24 that the nation's economy must be reconstructed
firm foundation of economic law with a full understand¬
ing of the existing realities.
Speaking on "The Economic
State of the Nation," at the 10th anniversary dinner of the
Maurice and Laura Falk Foundation in Pittsburgh, Mr.
expressed the hope that "the domestic political eco¬
penalties and limitations which now beset
the economy, come to an end or be corrected to an important
degree in this the year of 1940.
If this occurs, he added,
it would result in "a return to national economic sanity; un¬
employment would cease to be a national problem; the pentup ambitions and opportunities of many years past would
be released," and "plans for the creation of new enterprises
Sloan
Work in Educational Field
honored at
preparation in defense of our
sacrifice unless we intend to further
on a
.
Dr. S. S. Huebner of
production of armaments,
...
realistic enough to see that
the reserves stored up
and an
opportunity for the employment of idle dollars and idle men.
Fourth, hours of labor cannot be reduced and wages increased without
labor, for only through
While we were
turmoil.
it may be, simply means that
country will mean some
is incorrect, for only the production of wealth can produce real income.
Third, it is not true that there are no more frontiers in America.
Actually,
correspondingly
as
preparedness program.
power
causing smaller production
prosperity.
of ten billions of dollars for the
only through the investment of idle dollars
Second, the belief that the spending of borrowed money creates
the living standard
his¬
and build¬
thus engaged, Europe has
As I have previously pointed out, most of our
peacefully occupied, developing our resources
less of the goods that contribute
to the maintenance or increase of our standard of living will be produced.
This is inevitable unless through ingenuity and use of machinery or longer
hours we can step up our production of peace-time goods sufficiently to
balance the productive capacity and effort that has been diverted to our
necessary
ness,
following number of false doctrines
whose correction he said can do much to preserve the Am¬
Mr. Linton listed the
erican way
A diversion
Once government has taken over the management
central government.
creature of
tory has found us
between American and Euro¬
frequently been occupied in strife and
his
before
of the reasons for the difference
living standards.
pean
finance, and commerce on the
part of the central government, far from helping the lot of
the individual worker, would definitely tend to harm him,
according
and that enjoyed by the people now in the
one
ing towards a sound
Way of Life
Greater control of industry,
Mutual
Herein is
between our stand¬
conflict.
comparison there is a tremendous difference
ard of living
nomic abuses, the
The Commercial & Financial Chronicle
1826
and the expansion of current ones would create an
increasing
demand for capital goods," which, said Mr. Sloan has been
the weakness of the economy
during recent
of any one of the units is
altered, the others must be
justed,
He went
years.
that "the elimination of all the barriers that have
frozen the expansion of enterprise will be
vitally needed as
an offset to the
deflationary influence incident to the ultimate
liquidation of the present program of national defense.
And superimposed upon both will be the
complications
incident to the post-war depression."
In an interview earlier that same day
(Sept. 24) Mr. Sloan
.
.
is
declared
have
to
Willkie
address
we
the
that
election
ciency.
President was bound to bring
of confidence" in the national
economy.
In
recent
years,
the American
both
The decade of the "thirties"
was
stagnation and retardation.
How it may have
argumentative question.
prolonged
and
a
But there
intensified
confronted
with
be
can
by
of
production.
no
economic
uncertainty
and
panaceas
a
to
are
ductivity.
Let
1930 American industry and living standards advanced almost
continuously.
Our democratic traditions gave equality of
opportunity and
in
business, in the professions
He
honored
was
for
his
in politics as
or
accomplishments.
tion earned
more
living than
any
in
purchasing
I
year
is
National
income
and enjoyed
less.
the
new
free.
was
moving
equalled
in
ahead.
unemployed,
after year.
year
a
by
to
improve the position of the lower income
The
wage rates in the automotive
not improve the status of those who have the
wage rates can be
suspended only by increased pro¬
Sloan, in calling for recasting the whole tax system,
constantly increasing taxation has taken
years,
equity.
and
more
The point has long since been reached where
particularly true of those who
little profit actually remains.
so
must take the initiative and
leadership
Furthermore, the methods of taxation, in line with the
existing political beliefs have taken the form of uneconomic attempts to
regulate and penalize the free movement of the forces within the
economy,
But
America is
can
Higher
already existing.
succeeding
any
sound
Yet it is
in creating new enterprises and in
expanding the productivity of enterprises
business cycle exceeded
always
not
economy
only
been proposed that it be discouraged
prcf.t motive is in jeopardy because
This is
higher standard of
a
The
the
Increased productivity is the result of advancing technology.
of the investor's
more
of
The population is greater,
yet national income
Millions remain
falling behind.
have
payments
the record of 1929.
success
We
repeat:
During recent
would justify.
outstanding
In consequence, our industrial popula¬
power
other similar group anywhere.
The volume of industrial production in each
that of the previous cycle.
America was
now
his ability
The
is
stated:
place
a
me
Mr.
equality of
American enterprise is the result.
has
It
clearly demanded, is challenged
so
as the productivity of its workers
the highest in the world and because the instruments of
production are
the most efficient that modern
technology can provide.
From 1790 to
high
uriescapable.
is
in¬
political interference with
as
is
problem of unemployment.
supplied by the employer.
least, by law.
They encouraged every individual to seek
fact
philosophy,
the highest in the world, just
Now comes the decade of the "forties."
This might well be
period of renewed opportunity for the resumption of industrial progress
along sound and fundamental lines unless overshadowed by continued
responsibility.
a
the degree that it
of production
industry
a
essential economic processes.
con¬
efficienct instru¬
more
by reducing the hours of work and raising the hourly rates.
Wage
rates depend in the long run upon the
productivity of the worker.
The
productivity of the worker depends upon the efficiency of the instruments
highly
political
the hours of the work
groups
a
its having
as to
on
national taxation—to my mind the absolute zero in economic
intelligence—
before experienced.
never
get more
yet illustrative of the thinking that far too generally prevails today.
tolerance.
our
That
to the great
remarkable fact that such
period of apprehension and industrial
been induced is
can
to increase the effectiveness of in¬
way
higher standard of operating technique and
a
ments
L.
correspondingly ad¬
But We
To develop and sustain higher wages, to reduce
economic approach
about "a new note
From Mr. Sloan's
been
out than is put in.
definite national ceiling placed
a
Attempts have been made
has
economy
more
That brings up the question of technological effi¬
prices and increase real purchasing power, the economy demands
sumer
quote in part as follows:
number of destructive forces and other deterrents
been
Wendell
of
With
dustrial enterprise.
even
as
take
can not
week, efficiency becomes the only
.
said
We
out if we put more in.
to say
on
Sept. 28, 1940
industrial unit, I do so to demonstrate the economic fact that if the share
throwing uncertainty
which
now
its future and largely freezing the venture spirit
on
has characterized
the American
enterprise and made it what it is
today.
...
The political philosophy of recent
years has been based upon the doctrine
that accomplishment is a crime.
The more important the success, the
greater the crime.
But, in addition, that
Entirely aside from
expedient in
any
justified by the national defense
immediately recast
the
of
way
whole system of taxation.
our
profits
excess
taxes
it is truly imperative that
program
we
It must be rebuilt
appeal has been supported by
legislation in varied form with the result that the
economy has been re¬
stricted in its essential development so as to
throw upon the system a burden
of continuous
unemployment, increasing indebtedness, higher taxes, cur¬
tailed productivity, higher
prices, a reduced standard of living, to say
the revival of the profit motive and by the
resulting effect on prices—for
nothing of
reduced taxes
the principle of stimulating enterprise.
by making it worth while to take the risk.
a
con¬
to
necessary
a
virile
and
economy
industrial development—com¬
and the maintenance
mean
lower
prices—lies the possibility of the necessary
smaller proportionate burden—an
a
rev¬
entirely sound and realistic
of national
solvency—is diametrically opposed to the political
philosophy of today.
The adoption of such a doctrine must
completely destroy the existing regime
for in the
contrary philosophy lies its political support.
Let us face the
realities.
the phil-
In concluding his address, Mr. Sloan made a
plea for
protecting the principles of competition to preserve our
free enterprise and said that the solution of the small busi¬
ness problem lies in
"removing the barriers that have been
erected against enterprise as a whole."
of
Government spending.
But, in an economic sense, that
both adding to the burdens of the
present and passing on
further burdens to future generations
by postponing the time of the final
accounting.
Any broad policy contemplating the re-establishment of
ponents
on
approach.
means
fidence, the encouraging of enterprise
with
enue
be afforded by the
may
stimulation
It must be based
osphy that in the resulting expansion of productivity, stimulated both by
nation divided within itself,
having lost confidence in its own
virility, uncertain as to the possibilities of its own future.
One thing is
clear.
With a continuation of the present
political regime there is nothing
different to look forward to.
Temporary relief
simply
on
It must revive the venture spirit
Bus
Drivers End Strike on
Rockland, N. Y. Lines
About 100 buses of Rockland Coaches, Inc., were back in
service on Sept. 21, on routes from Rockland
County, N. Y.,
and Bergen County, N. J., to New York
...
The paramount issue of
today, and the subject first in the minds of all,
national defense—the physical as
distinguished from the economic ap¬
proach to the preservation of our American
way of living.
To insure this
it is of vital concern to us that the
doctrines of
ment of the
in the present
struggle.
commuters.
is
civilization.
lasted
democracy emerge victorious
Any other result would be a catastrophe to our
In
Today, both national
and international
morality in respect
rights is largely passing out of the consciousness of those
respon¬
to human
sible for their preservation.
Hence there is demanded
Company officials met the
gent and aggressive preparedness in
defense of American Security and the
American way of life.
The more vital instruments of
warfare today are
the most highly technical
products of industry.
The essential program
must be directed
by those
to
assume
such
sideration.
a
walkout
of
A
job is to be done.
Let us do it
intelligently and without
National defense has become the
keynote of our national policy.
National security has become essential
to national confidence.
The prob¬
lem becomes two
fold—national defense
generations.
The conditions
of the program for national
the economy will face
upon
the liquidation
defense, superimposed upon the other economic
problems that demand solution, will
provide a challenge to our political and
industrial leadership far
beyond the imagination of
any of us as we discuss
these problems here this
evening.
I might define
the economy" as our
national group of activities
relating
.
.
.
the
establishment of rules
of
struggling for in the economy today is
procedure that
lead
to
the
the most effective organization of
all the groups.
contemplate
a
constant
expansion
of
as
productivity, having in mind
primary objective of private enterprise—to
produce more and a
variety of useful things and services more
efficiently so that they
sold at always lower prices.
Lower prices mean
that
enjoy
our national
tion of
You
can
not
an
I
would
agree
be, and that it
a
more may
ever-expanding volume.
and
economy.
become
productivity and
can
Nevertheless
in
that
politician's paradise.
the
have
well as
Such relationships should
more
can
the
greater
may be
use
and
be employed in the produc¬
philosophy
In
"something for nothing"
dealing with the state of the
part in
in
referring
some
form
or
another
has
to the component parts of an
which
had
Lodge 329,
the
caused
Brotherhood
American Federation of Labor affiliate.
Officials of the union's local had refused to dis¬
the strike with reporters on
Friday.
work
a
settle¬
Originally the union
countered with
to
78 cents.
an
had
asked
offer of 77 cents.
The strike
to replace one
A
for
to
90
which had expired
on
cents,
to
which
the
company
The drivers then lowered their demand
called when
was
cessions, although they had agreed
i
an
immediately.
on
both sides refused further
all other points for
a
new
con¬
contract
Sept. 15.
previous reference to the bus strike appeared in
Sept. 21, 1940, page 1661.
our
issue of
Walkout
of
New
York Painters Ends,
Arbitrates Issues With
The strike of 12,000
redecorating for
Island
was
as
Mayor
Employers
painters, tying
up
all painting and
month in Manhattan, Bronx and Staten
ended on Sept. 26.
The painters union voted to
one
end the strike and return to work while
Mayor La Guardia
arbitrated their differences with the Association of Master
Painters and Decorators.
In
reporting the strike the New York "Times" of Sept. 27
said:
Since the strike began Aug
into unpainted apartments.
next
are
scheduled to
move
Tuesday, and the members of District Council 9 of the Brotherhood
Painters and
on
26, thousands of New Yorkers have moved
Thousands of others
Decorators, A. F. of L., expect
a
busy week-end catching
by
of
up
the tasks they left a month ago.
Under the rules of the international union, the painters are
prohibited
from working on Saturdays, Sunday work involves
payment at double the
standard rates.
The ban on Saturday work was imposed to prevent "back¬
sliding" after the union carried through
doctrine that
no
demand
Rockland
The striking drivers, whose pay now will be 78 cents
hour, compared with 75 cents paid them previously, were ordered back
balanced
most
relationship of the groups within each of these
production units
an
of
ment at 3:45 p. m.
to the
production and distribution of wealth.
The real objective we should be
extra-cent
members
Five hours of negotiations at the Villa
Lafayette here ended in
are
preparing to spend for national defense are bound,
however, as they filter through the economic
system, to have an influence
in
stimulating industrial enterprise.
And this will affect all areas of
activity
irrespective of whether they are
directly involved or not.
National income
will increase;
unemployment will be reduced; payrolls will
expand; pro¬
duction will be
stimulated; prices will tend to rise.
This program should
insure indistrial
activity at high levels for the next two or three
years.
Too many will think that
the old days of
prosperity have returned at last.
But all that does not in
any way alter the fact that,
surely, as night follows
day, there must come the final
accounting.
Defense material is wealth
having no permanent benefit—wealth that
does not add to the standards
of living of the
people.
Every dollar of defense orders placed means less
for some of our
people, somewhere and at some time.
That is the way it
must be paid for
partly today and partly passed on as a
liability to future
drivers,
Railway Trainmen,
cuss
...
we
150
quarters are at Cleveland.
and the reconstruction of economic
The billions
of
Agreement, for which the mayors of towns in the affected areas had
labored for two days, was reached after the arrival of Frank
C. Mooney,
International Department President of the
Brotherhood, whose head¬
possessing the technical knowledge and experience
responsibJity.
There is no room for the political con¬
hysteria.
policy.
reporting the strike the New York "Herald Tribune"
Sept. 22 said:
of
policy of intelli¬
a
City after settle¬
strike, which began Sept. 20. The strike which
a
day and a half inconvenienced about 20,000
for
ment of a
a
successful campaign for establish¬
five-day week in the painting industry.
The first arbitration conference wiU be held at 4 o'clock tomorrow after¬
noon
in the Mayor's office at the Central Park Arsenal.
tions laid down
by the Mayor, each side is to designate
Under the condi¬
a
representative
Volume
and
The Commercial & Financial Chronicle
151
third arbitrator is to be appointed
a
by the Mayor.
The award of the
arbitration board is to be binding on the union and the contractors.
arbitration and take up their
by the union and granted by the Mayor.
| According to Mr. Weinstock, these included
wage scale
draft
would
a
for the
promise that only one
sought by the union of $1.60
wage
G.
back.
and the
Norman, chairman of the board of
governors
feet on the ground
our
of the Building Trades
sufficiently to know we have
.
There's a great deal
We don't want to stand still and we don't want to go
."
.
Retrospectively, the President remarked that "we have worked in the
He said he had worked for 30
years."
and that Senator Norris had worked a great deal longer than that.
years
hour to be held in escrow by Christian
an
all have
we
heat of the day for a great many
by the union leader, follow:
The difference between the old contract wage of $1.50 an hour
have been working together
and, in working, I think we have made progress
accomplished all for the country we want to do.
left to be done.
scale for alteration painting and another for new construction work.
one
happy—I need not tell you," Mr. Roosevelt responded.«
country.
"I think
not
be set up by the arbitration board and that it would not
The other stipulations, as listed
very, very
1827
with most of you in the past,
brushes, Louis Weinstock, Secretary-Treasurer, said five stipulations had
been asked
am
"I have known most of you personally as we
In announcing that the II locals affiliated with the union district council
had voted "almost unanimously" to accept
"I
"George is not through and I
am
these youngsters like Fiorello (La
Employers Association, and Thomas A. Murray, President of the Building
great many years
and Construction Trades Council, pending the
not through," he added.
"Some of
They have a
call in generic terms 'liberalism or
Guardia) are not through.
progressive*.
All strikers to be rehired and
all strikers
No
new
back
are
arbitration award.
other painters to get
no
employment till
the job.
on
members to be
accepted by the Association of Master Painters,
list¬
paid to each worker and the number of hours worked, as a
sum
of
guarding against "kickbacks."
Henry D. Moeller, trade committeeman in charge of labor relations for
a
representative present at tomorrow's meeting.
discussion of working during the
no
When the strike began, the
ing hours from
and
control
six,
seven to
50%
over
union
an
week-end.
seeking a reduction in daily work¬
was
It later reduced these demands to
retention of the seven-hour day, a wage
of
of $1.60 an hour and 25% hiring
Gov. Chase S. Osborn
Michigan.
Secretary of Interior Ickes, who attended the group's original meeting
to(lay,
listed as a member of the group's executive committee.
was
Senator Norris said in
statement:
a
American people have three choices and only three
choices for Commander-in-Chief.
Those choices are Browder, Willkie and
Roosevelt.
The first of these choices we need not discuss.
The second choice is the
In
increase in hourly pay from $1.50 to $1.75
of ail hiring.
Vice-Presidents included Dean James M. Landis of the Harvard Law
School, former Securities and Exchange Commission commissioner; former
organization had notified the
He said contractors would put men to work if they appeared this morning,
but that there had been
going out to the country to get
Gov. John G. Winant of New Hamsphire and former
the Association of Master Painters, said his
Mayor that it would have
We can't get any votes here, so we're
You're a good President.
.
.
.
them.
arbitration period.
Each employer, on depositing money in escrow, to sign a statement
means
Mr. LaGuardia grasped the hand of the shirt-
sleeved President and remarked:
the employer group, during the
ing the
left to work for what we
As the conference broke up
this
crisis
the
to the prayer
answer
The third is the hope of
of the utilities monopoly.
the American people.
control.
Unions
of
painters
in
Brooklyn,
and
Queens
Nassau
County
strikes early in September, but these were settled after a few
A
our
In
called
days.
previous reference to the painters strike appeared in
Sept. 21, 1940, page 1661.
•£.
issue of
the
advices
same
it
Mr.
official
Corcoran's
by Mayor La Guardia
stated:
The companies
represented by counsel at yesterday's hearing were
Columbia Electric & Cable Co.
be continued against those plants until they
The
union
is
demanding
35-hour
a
do so, union officials said.
week,
a
stay in business.
of only $39,000 last year on an
war
.
.
with pay and over
The companies contended that they could not
Saturdays.
meet these demands and
.
minimum hourly rate of
80 cents, one week's vacation with pay, legal holidays
time pay for
Man¬
One company reported a profit
investment of $2,000,000.
Because of the
Gustave
the
a
Simons,
attorney
for
two
of the employing companies,
year
that would result from granting the union demands.
company,
which had reported
a
which could not now be made
About 360 employees are striking against the three
Mr.
chosen
was
velt
placed that plant in position to meet the union demands.
LaGuardia, the
to Mr.
Against "Dictatorship" Charges
Opening
Western campaign tour
a
in Indianapolis on
Sept. 23, Democratic Vice-Presidential nominee Henry
derided. the
Wallace
Republican
A.
Presidential candidate's
(W. L Willkie) assertions that the reelection of Mr. Roosevelt
might lead to dictatorship.
United Press advices from
Indianapolis, in reporting this, likewise indicated Mr.
Wallace as saying:
"Only by conquest from outside are we in any
any
immediate danger
of
showed
destroy the "basic framework of democratic
government," he said, asserting that no political party
signs of doing anything to
life."
Mr.
Without mentioning
record
of
criticism
Willkie by name, Mr. Wallace struck at
Commonwealth
the
nomination.
holding companies with "playing high politics." in
Legislatures and State public utility
to control State
the
singled out for special
& Southern, the Presidency of which Mr.
holding companies and
utility
public
He charged the
held by
job as assistant to Secretary
assistant
+
companies.
Van Aredale said that $500,000 of unfilled defense orders
executive
Opening of Campaign at Indianapolis, Vice-Presi¬
dential Nominee Wallace Defends President Roose¬
Willkie resigned after his
because of the strike.
the Circle company
Commerce,
In
The Circle
profit of $39,000 last year, reported a
substantial loss for the first half of this year,
up
told
of the
Chairman of the independent group.
dictatorial
Mayor that the companies could not shoulder the added cost of $4,000
Capitol Hill and was a frequent consultant
on
David K. Niles, who recently resigned his
of
orders being handled by the companies, the Mayor is especially eager
to settle their labor differences.
Cohen of the Public
drafting legislation, acted for a time as the White
He said the RFC connection was his only "pay job."
the
Mayor's offer of arbitration, and the strike will
man
of the Electric Home & Farm
he collaborated with Ben
President.
Cable Co. of Maspeth, Queens.
The Triangle Wire & Cable Co. and the Bishop Wire & Cable Co. of
hattan did not accept the
In addition
House liaison
the Eastern Tool &
of Long Island City;
Tube Co. of Brooklyn, and the Circle Wire &
Authority.
Works Administration in
Representatives of three wire and cable companies agreed
with
striking members of Local 3 of the International
Brotherhood of Electrical Workers Sept. 25, to accept
Mayor La Guardia's decision as arbitrator to end the eightweek strike against the three companies.
The agreement
was reached after a conference with the Mayor.
In reporting the strike, the New York "Times" of Sept. 26,
Corcoran
the RFC, special
positions were attorney for
assistant to the Attorney-General and trustee
The New York Wire and Cable Strike to be Arbitrated
Mr.
that
stated
was
resigned all three of his Federal positions to become one of
14 Vice-Chairmen in the organization of independent voters
supporting Mr. Roosevelt.
The Associated Press added:
seeking
They
and at
commissions.
members of Congress both in Washington
had brought pressure on
home, he said.
"The total of holding company
President
Roosevelt Accepts
Voters—Tells
Committee
Guardia, Senator
that Principles of
Corcoran Resigns
Roosevelt
Support of Independent
Headed
by Mayor La
Norris and S.
G.
Corcoran
Democracy Are at Stake—Mr.
as Special Counsel to RFC
Sept. 24 received at the White
House members of a newly-formed committee of independent
voters supporting a third-term, headed by Mayor F. H.
La Guardia of New York, Senator George Norris, Indepen¬
dent of Nebraska, and Thomas G. Corcoran, White House
adviser.
The President, speaking extemporaneously, told
the group that he was "very happy to accept the support of
every liberal and every progressive in the United States be¬
cause I think we agree now that we are living in an era, an
age where the principles of democracy itself are at stake."
The committee, representing nearly half of the 48 States,
held an organization meeting in Washington on Sept. 24
prior to calling on the President at the White House. Mayor
La Guardia was elected Chairman of the committee, Senator
President
on
Norris, honorary Chairman and Mr. Corcoran was made
Vice-Chairman.
Simultaneously with his election to the
post with the committee, Mr. Corcoran resigned his position
as special
counsel to the Reconstruction Finance Corpora¬
tion and other subsidiary Government assignments.
Washington,
Associated
Press advices
Roosevelt,
in a rare procedure,
democracy remains progressive and liberal."
He
"working for not just progressive ideals, but for the
a group
of approximately 30 members of the
executive committee of the new committee,
up
told the President:
Progressive organization of the nation here
solidly behind Roosevelt for President and Wallace
We have the entire
to line
President.
market value of less than
a
unhappy
operating
an
attempt has been made to prevent a
experience,
He declared that
shall
turn
holding company men
the
one
raise an outcry that
business."
of the issues of the campaign was
whether "we
forces of
in this critical period over to the same
destiny
our
repetition of this
and to protect the stockholders of the legitimate
companies,
government is attacking
monopoly and high finance that so
blindly threw us into the ditch in 1929."
Speaking at Kansas City on Sept. 24, Mr. Wallace stated
preparations may be a waste by the standards
of any reasonable civilization.
But unemployment is a
waste, and we are paying for defense by giving up part of
our wasteful unemployment." Advices from Kansas City to
the New York "Times" further quoted him in part as saying:
that "war
"As
soon
as
and all danger of attack is over, we are bound
The strain will be over, the nightmare
peace comes
to lose interest in
will
military defense.
have disappeared.
"Those
who
think
we
because of the money cost
were
suffering heavy privations
old individualism—no more government
interference
with
20 years ago, if we listen to
war
"If the
guns
"We
but it will get us into trouble just as
sudden transition
to peace.
right kind of peace comes,
we
shall probably have plenty of
hand for the time being, and it
will be sensible
down a large part of our defense program.
shall
still
need
to
protect our soil
against wind and water, even
though we may no longer need to protect our
"We shall still need to develop our program
complete our system of security for
"We
it did
this advice.
avoid most of the dislocation of a
and airplanes on
to close
commodity loans—
doing things.'
"This all will sound sensible,
"There is a way to
back to good
expenditure—no more government
business—no more AAA—no more
back to the old ways of
and sacrifices
of defense, will say that then is the time to get
They will cry, 'back to free enterprise,
back to normalcy.
to
and want
for Vice-
had declined
$3,000,000,000, a loss of $16,000,000,000
investors.
"Whenever
from
that it would "help
democracy to survive if
preservation of democracy."
Senator Norris, presenting
to
allowed reporters to witness the
conference at which he told the group of Progressives
told them they were
to
companies worth less than $12,000,-
"By the end of February, 1933, the total
000,000," he said.
of Sept.
reporting the meeting of members of the new
President Roosevelt, said:
Mr.
24, in
committee with
securities In 1929 was over $19,000,000,000
resting on a foundation of operating
shall still
larger program
old people.
drift toward farm tenancy by a
need to overcome the
of farm security.
soil against invasion.
of social security, especially
The Commercial & Financial Chronicle
1828
"We
shall
need
to
develop further
methods
our
of
distributing farm
products and cheap electricity and other benefits to American
"We shall
still
need
to
expand
pressed agricultural districts,
our
H.
A.
Wallace, Democratic Vice-Presidential Nominee,
Eight
Years—Says Farmers Have Their Own Program
consumers.
Cites Rise in Nation's Farm Cash Income in
especially in hard-
system,
all American children may
that
so
school
have
a
Under Present Administration
chance to get a good education.
"If
by carrying
soil
wise, therefore,
we are
shall meet the danger of post-war collapse
defense program in the form of internal defense, against
on our
erosion,
we
against
poverty
on
the
farm,
against
insecurity,
Sept. 28, 1940
against
ignorance and disease."
Asserting that "You now have a national farm program you
can call
your own," Henry A. Wallace, Democratic VicePresidential nominee, at Topeka, Kansas, on
Sept. 25
friendly Department of Agriculture, a friendly Congress,
a just Supreme Court."
Associated Press accounts from
Topeka further reported Mr. Wallace as saying:
a
Republican Candidate Wendell L. Willkie Pledges Work
for Unemployed—In Seattle Address Declares New
Deal's Curb on Private Enterprise Must Be Removed
to Avoid National Collapse
Wendell L. Willkie, in his first major speech dealing with
labor and unemployment, delivered in Rainier Baseball Park,
Seattle, Wash.,
Sept. 23, pledged himself to put the
on
unemployed back to work if elected President.
The Republi¬
candidate called upon the huge crowd to
can
join him in
a
"crusade to make jobs; to put this country back to work;
a new America with a
higher standard of life than
to build
have
we
dreamed
ever
difference between
have
faith
in
of
before."
Asserting
that
"the
and
The former Agriculture Secretary addressed a rally in
Topeka's municipal
auditorium, climaxing
northeast
again.
America,"
Mr.
Willkie
charged
that Mr.
economic system, is
Roosevelt, by his failure to revise our
heading us toward a totalitarian State.
"Under the New Deal," Mr. Willkie said, "the employer
who puts up money to make a profit has been in the
dog¬
house.
Government officials have encouraged thd belief that
he is a kind of conspirator against
society—an exploiter of
the workers."
As a result, he added, employers will not
put up money to make jobs.
Declaring that business makes jobs and that there ought
to be 200,000 new enterprises founded
every year, Mr.
Willkie said the following has happened under the New Deal:
of
jobs.
Today
have
we
We
were
fewer
even
growing and there
business
enterprises
plenty
were
"We
"Then, in
Nowadays it is about
as
hard to start
business
a new
it is to rob
as
bank
a
—and the risks of going to jail are about as
great in both cases.
Mr. Willkie, stating that he stood for all the "social
gains
has made," including the National Labor Relations
the New Deal has let labor down.
He explains that these
minimum guarantees and that
are
wants to do
"must make
Administration that
an
something for labor, while protecting its rights,
jobs and jobs, and jobs."
In part Mr. Willkie
continued:
There
,
First, there
chief
why American workers should
9,600,000 persons out of work today, which
are
ours
is
an
workers come to
fear
the
your
expanding population.
maturity each year.
that
More than
More than half
a
half
a
million
million young
jobs that do not exist.
If
these young people have no
place to go, they will be out looking for your
job, too.
And the next year there will be another half a million of them.
But thirdly—and this is the most
dangerous fact about unemployment—
it is absolutely impossible for a
government to go on supporting a growing
of
unemployed.
Somebody has to pay the bill.
And don't kid
yourselves—that bill is being paid by those of
you who have jobs.
The
average income per individual in the United States last
year was only $540;
the average tax paid
per individual was $110.
One-fifth of our national
income
for taxes.
goes
from defense,
And the biggest single item on the tax
bill, aside
is relief for the unemployed.
Of course, the New Deal has found
relief
bill.
Your
taxes
borrows the money.
22 billion dollars.
If
a
we
go on
don't
In
an
easy method of
anywhere
and
seven
a
near
half years
And;you all know that this
living beyond
our
cover
paying for that big
it,
it
so
has
can't go on
income, there is bound
the New
borrowed
Deal
about
indefinitely.
to be
a
collapse—
collapse that will
Regarding his views
on
states:
You
regulation of business, Mr. Willkie
•
know, because I have
said
so
many
business—particularly big
timas, that I stand for the
business.
But it
proper
seems to me
that
it is in the interests of labor to
make that regulation just as
simple as pos¬
sible.
Too much red
tape, too many reports to fill out, too much
suspicion
the part of Government
representatives, takes the time of the business
man away from his work and
makes him inefficient.
It also adds to his
cost—and every item added to cost
outside the
on
shop simply decreases the
$4,700,000,000 in 1932
to around $9,000,000,000 in 1940.
"The truth is," he exclaimed, "that the ever-normal
granary program is
working.
Take the experience of corn and hog producers for
"Without the
year and
corn
example.
loan, prices would have been less than 25 cents last
hay prices would have been down
to $3 this year.
Hog supplies
being brought into line with markets by the corn loan and the corn
acreage allotments, and the price of hogs on the farm in recent weeks has
are
averaged nearly $7
"The
The
hundred.
a
loan assures cooperating farmers of a loan
value
corn
which this fall
farm
.
.
is
.
likely to be 61
offers
program
an
cents
a
bushel."
their
corn
action,"
Mr.
on
%
example of "democracy in
,
Wallace said.
Mr. Wallace told
an
audience of farmers and smalltown business
men
at
Holton that Kansas had received
$215,000,000 in benefit and parity pay¬
ments in the last seven
years.
"These payments, made under the farm
program inaugurated by Presi¬
dent
Roosevelt's Administration, have enabled
many a business man to
collect his debts and many a farmer to
keep his farm," the former Agricul¬
ture
Secretary asserted.
Calling commodity loans for wheat and
corn a "most vital part of the
plan," Mr. Wallace declared 74% of the Republicans
ever-normal granary
in Congress voted against funds for the
loans last month.
The nominee came to Kansas from
Shenandoah, Iowa, and spoke at
Sabetha and Fairview before his
stop here.
At Shenandoah Mr. Wallace
attacked Wendell L. Willkie's pledge to the farmer
as one he could
not carry
out.
:
!
'•
7;"
The Democratic Vice-Presidential nominee
recalled that the Republican
Presidential nominee said in Des Moines last
August: "If elected
years."
earning power of the workers who make the
product.
Also, as I have pointed out, on many
occasions, the New Deal tax struc¬
unscientific and inefficient.
Businesses that make a profit should
But
we
"The truth is that the dominant elements in the
Republican Party have
been against the farmer for the last
20 years, and are against him today.
There is no reason to believe
they will change after Nov. 5."
At Wichita, Kan., on
Sept. 26, Mr. Wallace termed the
national election as a referendum on the whole farm
program
in which "farmers have a momentous
decision to make."
In part the Associated Press referred to
his comments as
follows:
"On
new
one
side," the former Secretary of Agriculture told
the city's 3,000-seat
the foundation of
talks
one
way
a throng filling
auditorium, "are those who have helped them build
real farm program.
a
On the other side is
party that
a
and votes another."
Mr. Wallace said that "215,000,000 in
triple-A funds sent into Kansas
the last seven years have meant the
difference between success and failure
of many
Kansas businesses."
"We have
had,"
built
he
sacrificing it.
up
said.
■
'
■
the best farm program the farmers of any nation
"We
built
it
by
The program is in fact
emphasizing democracy,
of
one
our
\
v.
On
not
by
great democratic achieve¬
ments."
'
'
.
Sept. 26 Mr. Wallace, at Woodward, Okla., contended
that Wendell L. Willkie would be unable to save
the farm
program
"from its enemies in a Republican-dominated
Congress, even though I have no reason to doubt his sin¬
cerity."
Mr. Wallace said Mr. Willkie advocated New Deal
agricultural policies while Republican Congressmen voted
against them.
The Associated Press advices continued:
"So
if
the
Congress,
Republican
nominee
no matter how
should
be
elected
He said
New
that
Deal farm
vote any
about
75%
measures
other way with
with
Republican
a
he feels about farm
aid, his hands would be tied
by his fellow-party members in Congress," Mr.
must be careful not to
employers from starting
during the last few
Then Mr. Wallace added:
Republicans in Congress.'
ture is
pay a tax.
with courage to balance up the scales in
your
The nominee asserted that the Nation's farm cash income has
risen from
ever
drag down not only the precious rights of labor and all
the social gains that you have
made, but also your jobs, your opportunities
and your hopes for the future.
regulation of
D.
"He might just as well have
said, T will not, but just watch my fellowmeans
job.
are turned out of schools to look for new
number
a man
voice of Franklin
who understood you and your
man
I will not take away
any benefits gained by agriculture
reasons
9,600,000 persons looking for
Secondly,
new
people
You found
a
President,
three
are
are
voice of cheer—the
a
behalf."
continuation of unemployment.
there
was
You found in Roosevelt
problems.
labor
Act, Wage-Hour Law, right of collective bargaining, un¬
employment insurance and old-age pensions, asserted that
1932, there
Roosevelt.
thousand of
a
population than we had in 1929.
Measured by the standard of our pre¬
vious growth, we are short about
700,000 enterprises—that is, we are short
about 700,000 employers.
day of speeches in Missouri, Iowa and
broadcast.
was
remember how farmers organized and appealed for help from Wash¬
ington, and the Qold shoulder they got from the interests that ruled the
Republican administrators then in power.
For 12 disheartening years you
hung on grimly, hoping against hope for a tui*n in the tide of your fortunes.
Between 1900 and 1929 the number of business
enterprises a thousand of
population increased about 17%.
a strenuous
The talk
We remember the heartbreaking struggle of thousands of farmers
off high-level debts out of low-level incomes.
to pay
and my opponent for office is that I
me
Kansas.
Recalling the collapse of the wartime boom of 20 years ago and the sharp
drop in farm prices, Mr. Wallace said in his prepared speech:
/
"We remember how discouraged we were when these
prices failed to rise
of G.
"and
we
O.
P.
have
Wallace charged.
Congressmen had voted against
no
reason
believe they would
to
Republican in the White House."
a
levy taxes that will discourage
businesses, from hiring more workers.
And worse of all, the New Deal has
constantly
and its regulations.
fully
a
man
tainty.
much
as
the New
must
changed its laws, its taxes
You understand that in order to
do business success¬
be able to predict the future with
It is the duty of government to stabilize
possible.
When the system is kept in
some
our
turmoil,
Deal,
a
business
man
he won't risk his
money in new
reasonable
Nominee
Outlined
Willkie
Also Declares We Must
economic system as
as
Program
dential
Trade
it has been under
by
in
Republican
Behalf
of
Presi¬
Farmer—
Adopt Far-Sighted Foreign
Policy
cannot
predict the future, and,
therefore,
enterprises to make new jobs.
Pledging his protection of the worker,' Mr. Willkie said
the employer must be
given a chance otherwise the only
employer left would be the State.
He concluded his remarks with a
warning that "this in¬
tolerable load of
unemployment and debt must surely end
with the destruction of our democratic
Five-Point
cer¬
way
of life."
Speaking at Omaha, Neb. on Sept. 26 Wendell L. Willkie,
Republican Presidential Nominee, discussed "the so-called
agricultural question" and asserted that "in view of world
conditions today, and cf the
very great necessity for national
unity, it is imperative that
for
domestic
objective
culture."
recovery
cannot
be
we
set
to
work
and set about it at
attained
without
on
a
once.
recovering
program
But this
in
agri¬
The Commercial &
151
Volume
Mr. Willkie went
I
regard myself as most fortunate in having as my
running mate Senator
been a great leader in the
struggle
agricultural equality.
There is no man in whom the farmers of America
have more confidence and who is more deserving of that confidence.
for
It shall be
and
if elected, to avail myself of
purpose,
my
his ability, advice
And in the course of this campaign Senator
of this task.
experience.
McNary will
discussion of the major phases
full
Fundamentally, the farm problem arises out
of the fact that our farm
population, comprising 24% of our total population, is receiving only 12%
cf the national income.
This basic lack of balance has caused a growing
volume
of
and
discussion
of
culminating in the Agricultural
legislation,
Adjustment Act of 1933.
This Act embodied ideas which had been widely
Tts announced purposes were to
surpluses, adjust the supply of agricultural products
parties and by farm leaders.
densome
agricultural products and income to
and bring
reduce bur¬
to demand,
parity.
still constitute our national farm policy.
That policy is
It is not a partisan issue.
There must be no abandon¬
America can never go back to the situation in which agri¬
These purposes
established.
now
of
ment
it.
ignorance of both parties, was
because of the
culture,
treated as a step¬
child.
set of
A
narrow
Even as to the programs I take no
in them honest purposes, some real values,
is in operation.
programs
partisan view, I see
or
proceed.
points from which we must
and various
Nevertheless, we
cannot assume that programs
designed to achieve the
themselves sacred.
And certainly there are fair
questions to be raised about present farm programs.
I do not believe that
their most ardent supporters would contend that they have Teached, or even
come within striking
distance of, their objective.
There are, however, certain important programs which seem to
con¬
tribute to the realization of the objectives that we want.
Subject to im¬
aims
of
policy are in
a
provement, I therefore propose to
briefly
continue them.
They can be enumerated
follows:
as
foremost,
and
First
of
conservation
let
resources
put
me
is not a
Soil Conservation Program.
The
partisan issue.
No party can claim a
the
I propose that the present program be continued and be
strengthened.
And I propose that to a greater extent than heretofore
genuine conservation practices be made the basis for benefit payments.
Second.
Commodity loans,, despite some inherent dangers, should be
retained until some better method of assisting farmers to finance their
copyright
it.
on
surpluses
can
within limits, sur¬
assuring consumers of an
producer and distributor
' stocks and security credits to carry them from
Every one knows that,
be worked out.
not only unavoidable but beneficial in
adequate supply under all circumstances.
Every
pluses
of
are
industrial
goods keeps
private financial institutions.
Such institutions, however, are not
farmers to carry
It is,
ized.
equipped to furnish credit to enable
when markets are demoral¬
Federal Government take over that
their surpluses through periods
therefore, necessary that the
function.
I have been advocating,
Ever since 1933,
Third.
and may I say practic¬
I think the present program
should be developed
to the farmers at
reasonable rates.
goal should be farm
a
resulted in great benefit to insured
We have not had enough experience to determine whether it
in the long run.
But I favor its continuance until it's
producers.
be
ownership.
Crop insurance on wheat has
Fifth:
had
success
fair trial.
a
Such, in the briefest possible form, are the current programs that
dorse.
But will any one argue that these programs are enough in
I en¬
view
condition of the American farmer?
They obviously have
thousands of farmers to feel more secure.
Yet the simple
objectives that we all desire so much are still far off.
How can we bring
these objectives closer ?
The answer, I believe, lies in this: that the New Deal, intrigued with
elaborate economic theories, has failed completely to go to the root of the
of
the
present
helped
be
many
problem.
Regarding our foreign trade, Mr. Willkie in part said:
As I pointed out recently in San Francisco, our entire foreign policy
under this Administration, beginning with the dumping of the London Eco¬
nomic Conference in 1933, has been such as to injure and weaken the
Press
policy
"To be strong,"
follows:
as
The 1,400-odd delegates,
representing more than a million former service
of universal military training
merchant
Training Corps.
In a long-range program growing out of the war abroad and prepared¬
ness plans at home, the soldiers of two decades ago urged acquisition of
additional bases for naval expansion, and indorsed "the principle of ex¬
changing obsolete equipment for needed air and naval bases."
Universal fingerprinting of all citizens was recommended, along with
ligislation to prevent members of the Communist party, the GermanAmerican Bund and "other foreign subversive groups" from holding either
urged creation of a permanent system
men,
and increases in the
elective
appointive public office.
or
resolution
One
personnel of the Army, Navy, air corps and
National Guard and the Reserve Officers
the
marine,
urged
immediate deportation of Harry
Bridges, west
Action on the mass of
"If fighting is necessary
fense committee said, as
these vital
Fortification
its
to defend the United
States," the national de¬
it offered its recommendations, "we
insist upon
fighting outside of the United States."
of Guam; an "impregnable" defense of the Panama Canal
approaches; removal
of United
leadership
munitions,
tanks
demanded by the
of the "mediocre and
incompetent" from
States armed forces and creation of reserves and
to implement an army of 2,200,000 were
and planes
Legion.
Sept. 26 the Legion passed a resolution condemning
"aggressor nations and war parties" and voted against a
On
policy of strict United States neutrality.
At the closing session of the Convention on Sept. 26,
Milo J. Warner, an attorney of Toledo, Ohio, was elected
National Commander succeeding Mr. Kelly.
William Green, President of the American Federation of
Labor, told the Convention on Sept. 25 that the United
States should extend to Britain all possible aid short of war.
He called for unity of action in outlawing subsersive activities
and in building the nation's defenses.
Mr. Green declared
also that the Federation, which once opposed compulsory
military service, now would support it.
He asserted that
labor would do whatever it could to "help the Government
make the draft a success and to protect the rights of millions
years."
of young men who are drafted in the next few
The delegates picked Milwaukee as the scene
1941 National
for their
Convention.
♦
President Roosevelt Praises
in
American Legion's Interest
Defenses—In Mes¬
Calls for Protection
Strengthening Our National
to Annual Convention
of American Way of Life
sage
us
addressed to the annual
Legion, which opened in Boston
President Roosevelt, in a message
convention of the American
foreign markets.
discussion as
being prepared to do the
and the consequent war that is ravish¬
of an enormous portion of our foreign mar¬
Even in spite of the war, we must adopt a far-sighted foreign trade
to take advantage of every sound opportunity for the restoration of
deprived
resolutions came without a word of
adopted without a single dissenting voice the recommenda¬
of its committees on Americanization and national defense.
the delegates
weakening of the democracies
ing them today has
kets.
a
armed.
democratic nations, our best customers.
This
Legion that the surest way to keep our country at
troubled world is for America to be strong and well
he added 4'the heart of America
must be right, and to be well armed we must progressively
look to the future and plan constructively in advance."
Other speakers at the opening session of the Convention
included H. W. Prentis jr., President of the National As¬
sociation of Manufacturers, who said: "creeping collectivism"
constituted the greatest potential menace to freedom in the
United States, and warned the veterans that the national
defense program might bring a lower standard of living, and
J. Edgar Hoover, Chief of the Federal Bureau of Investiga¬
tion, who called upon the Legion to work with his investi¬
gators in combating "the scheming peddlers of foreign isms."
At the Sept. 25th session the Legion approved a program
of giving all practicable aid to Great Britain, urged the crea¬
tion of the strongest possible defense for the United States
called for legislation to provide for strict supervision over
aliens and for elimination of "subversive" activities.
Other
action taken on Sept. 25 was reported by the Associated
in
peace
and
is bound to come, such lines
borrower could pay back his
loan to the revolving fund.
It is my belief that if the Federal Government
had adopted such a program in addition to the present, there would be
twice as many rural lines in America today as there are.
Fourth:
We must have an adequate system of farm credit.
Interest
rates should be as low as the cost of money will permit.
These lending
operations should be supervised by a governmental agency independent of
the Department of Agriculture and free from political control.
The ulti¬
by Teason cf the increased use, which
should earn a return on the investment, the
If
will
tanks as a result of "the
keynote address, by Commander Kelly, urged that
no
deviation from the consistent policy of the
The
there
tions
Washington as long ago as 1933 that
reasonable sum, say $100,000,000, from which
either municipal or private plants could borrow money for rural lines, or
some portion of them, provided the borrowers agreed to distribute electricity
proposed to the authorities in
Congress make available a
mate
made in the building of the medium
experience in Europe."
By next spring or early summer, the defense director declared, "we
will have medium tanks and a few heavy ones."
"relatively easy" sharp changes were
and heavy
coast labor leader.
ing, rural electrification.
and strengthened.
I
buy about 40% of the
American
discussed in both political
British would be allowed
planes made in the United States during the next
18 months, he said, adding that even so, the United States would have "a
sufficient quantity to meet the requirements of the program."
Britain
would purchase tanks also, he said.
He added that while the expansion in production of light tanks was
to
iMcNary, who has for more than 20 years
undertake
had been made whereby the
An arrangement
to say:
on
1829
Financial Chronicle
Sept. 23, said he was confident the members of the Legion
play their full part in keeping the war away from our
shores and in preventing it from imperiling our freedom,
our institutions, our America."
Stating that we must pro¬
tect our American way of life against any form of aggression
on
"will
Annual Convention of
American Legion Held in Boston
Obstacles
Skilled
Men—Legion Favors Aid to Britain and Permanent
Training System—Other Resolutions
»
In an address before delegates to the 22" d Annual Conven¬
tion of the American Legion on Sept. 23, William S. Knudsen,
member of the National Defense Advisory Commission in
charge of production, in describing the difficulties facing the
vast preparedness program, stated that the big time factor
is to get the tools we need.
He added, however, that, if
we move wisely and get the proper sequence in filling orders,
Past
Week—W. S. Knudsen Says Major
in Defense
we
Program Are Lack of Tools and
will be able to come
through.
spoke at the Annual Dinner to the
skilled labor, he said, was another
"regardless of the efficiency of our training systems
...
A
tight "squeeze" on
going to turn out a
toolmaker in a couple of months."
obstacle, for
no system is
endanger it, the President
satisfaction that I view the
of
said "it is with great
Legion's interest in the advocacy
strengthening our national defenses."
Roosevelt's message follows:
The text of Mr.
THE
WHITE
HOUSE
Washington, Sept. 16,
1940.
My Dear Commander Kelly:
I appreciate
to
the
be with you in Boston for
I wish it had been possible for me
greatly your kind invitation to
the 22d anual national
convention.
I do, however, take
to accept.
National
Commander, Raymond J. Kelly.
Regarding his talk As¬
sociated Press Boston advices of Sept. 23 said:
Mr. Knudsen
which may
officials and members
pleasure in sending most
of the American Legion
cordial greetings
in convention as¬
sembled.
This year
in 1919.
scene
war.
came
been founded
On the world
government, and now another tragic
the American Legion has come of age, having
the 21 years of its life.
Much has occurred during
peace,
then new forms of
The Commercial & Financial Chronicle
1830
During all these
it
has
earnestly
years
since the Legion emerged from the World War
devoted
itself to
promoting
has consistently fostered good government,
unity.
the
Surely
Legion has
these spiritual
find
now
abroad serious conflict
has gathered force and,
whether
between
to
those
it
against
strengthening
that
I
the
view
peace
may
endanger it.
So it is with
confident that the million members
imperiling our freedom, our institutions,
I hope you may have a most
successful convention.
Very sincerely yours,
FRANKLIN
Hon.
D.
ROOSEVELT.
Raymond J. Kelly, National Commander,
The American Legion,
have been blindly following.
we
centrated, centralized, and arbitrary government? American
on the principle that we should
not have any more government than that which is necessary
to decent and orderly social relations.
The detailed regula¬
democracy rests squarely
tion of our economic life, a bureaucracy with a million
employees, and the excessive concentration of power in the
executive branches of the government, are all foreign to
our proven tradition."
In part Mr. Hanes also said:
We
New York World's Fair experienced
the 1940 season on Sept. 21 when the
its best Saturday
of
paid attendance
reached approximately 234,000, which included an esti¬
mated 75,000 members of the American Legion and their
families.
American Legion Day was a prologue to the
annual convention of the veterans which opened in Boston
on Sept. 23.
The main ceremony of the day was held in
the Court of Peace where addresses were made by Governor
Herbert H. Lehman of New York; Governor Prentice Cooper
of Tennessee; Raymond Kelly, National Commander of the
Legion; Edward A. Vosseler, New York State Commander;
Jeremiah F. Cross, a member of the Legion's National
Executive Committee; George U. Harvey, Borough Presi¬
dent of Queens.
Mr. Kelly, earlier in the day, received a B.
F. Goodrich award for distinguished public service.
As a nation
willing to take the road of sacrific2 and of hard work.
are
have indicated
defense program
"The
Mr.
Hanes stated that "in the last analysis is it not against con-
we
Legion Day Observed at New York World's
Fair—Attendance Over Week-End Increases Sharply
wish to defend?" and "Against
we
what will this vast defense mechanism be directed?"
Hotel Statler, Boston, Mass.
American
ability.
our
of defense may well have within it the stern realities
emergency
Asking, "What is it that
in the advocacy of
full part in keeping the war away from our
shores and in preventing it from
which
We must protect
'
With much of the world at war, I am
of the Legion will play their
This
which will help the American people to appraise soberly some of the policies
We all hold dear our American
Legion's interest
completely confident that I speak for American banking as a whole
am
it, to the utmost of
and
national defenses.
our
America.
for
like it or not, today it constitutes a
we
form of aggression which
any
satisfaction
I
when I say that we are supporting this effort, and will continue to support
We
That test of strength
of life with out individual and national freedom.
great
our
wish
who
destroy it.
threat against the peace of the entire world.
way
eventually destroy the American system."
Referring to the defense program, Mr. Hanes declared:
and growth
imperative factors in the strength
are
tree government and those who wish
can
good citizenship and national
That strength and peace must continue.
1940
28
ment; and declared that "insolvency is a time-bomb which
It
national interests.
whose continuance
resources,
ably advocated,
so
and peace of our Nation.
our
Sept.
our
readiness to pay tor the larger part
by increased taxation.
significant protest.
unless
But
profligate spending, and
governmental
put
we
to
as
borrowing, we shall surely
Insolvency is the time-bomb which
end
an
indifference
to
of the national
Against this process there is no
take
deficit financing,
to
the nature and extent
of
to
the road
to
distatorship.
eventually destroy the American
can
system.
A two-fold program involving greater cooperation among
and the promotion of community development by
banks
these institutions
was laid before the convention on Sept. 26
by the Association's newly elected President, P. D. Houston,
Chairman of the Board of the American National Bank, of
Nashville, Tenn., in his inaugural address.
Around these
two activities, said Mr. Houston, will center the policy of
the A. B. A. during the coming year.
In part Mr. Houston
said:
One effort of my administration will be devoted to "Improved Banking
Service Through Effective Cooperation."
for the
job
banking fraternity.
do, but if
to
we are
This phase will be
our
platform
I feel that each organization in the field has
we
as
never
have before.
During the
year ahead I am confident that there will be many
Annual
Convention
Bankers'
in
Atlantic
City
Association—President
Against
Continued
of
American
Hanes
Warns
If the American system of free enterprise is to succeed in
world that is now largely totalitarian, it must do so
a
by
of its
means
and
own
restrictions
inherent strength, freed from limitations
imposed
upon
it by complex and bureau¬
cratic government, said the
report of the Economic
Commission of the American Bankers' Association
public
problems confronting
which
we
Policy
made
Sept. 25 at the Association's annual convention
City. The commission's report, prepared under
the chairmanship of Col. Leonard P.
Ay res, Vice-President
of the Cleveland Trust
Co., set forth that the Nation's
rearmament program is being
seriously hampered by con¬
fusion and delay for which the Government is
responsible.
on
at Atlantic
The report presents statistics
this country in 1917
showing that rearmament in
proceeded at a pace 28 times as fast
"Our
pressing economic problem, other than that
of rearmament," said the
report, "is that of encouraging
private enterprise and capital to exert ingenuity and resource¬
fulness in the rebuilding and expansion of our
productive
plants." The report added:
will
be of interest to
in
business.
good homes,
The
has
methods of free enterprise in the post-war world."
our
close
Sept. 26, when it accepted a report of the resolu¬
tions committee which declared
only a small part of the
advance in business
activity came from production of muni¬
tions.
It said that huge excess reserves had acted to
sustain
bond prices, but not to lift them.
Advices to the New York
"Sun" Sept. 26, from Atlantic
City, in referring as above
to the resolutions, added:
The
debt in
use
of
resolutions
committee
history,
urged
"prompt,
vigorous
and
much financing as possible should be done
through direct
bank credit; also that
expenditures so far as is possible should
be
part in defense
It declared that banks should not
only take
financing but should solicit activity and
energetically loans
relating to national defense.
On the branch
banking issue the committee affirmed
1937 stand opposing branch
banking across State lines.
the
A.
B.
A.'s
At the first general session of the
was
asserted
President of the Wachovia Bank and Trust Co. of
Winston-
Salem, N. C., called for the accomplishment of rearmament
through private industry and private finance; warned against
continued deficit financing as a permanent
policy of govern¬
their
as
part to play in our social and
good communities
are
built around
nat.on's real strength lies in the strength of its communities.
in
economic sense,
an
been the result
150
of the kind of banking
Speeches by W. Randolph Burgess, Vice-Chairman of the
City Bank of New York, and Dr. Marcus Nadler,
University, featured
the session of the National Bank Division on Sept. 23. Dr.
Burgess spoke on the subject "Financing the Defense Pro¬
gram." In his address he declared (we quote from Atlantic
City advices to the New York "Sun") that it was possible
for the country to take the necessary measures without
resorting to the controls found necessary by a totalitarian
From the
state.
advices
same
pointed out that there
were
we
quote:
essential
points of difference between
conditions in the country now and those at the time of the world
United
States
now
supplies of food and
able capacity.
there is
with
starts
raw
substantial
unemployment,
war.
large
materials, and with production far below
The
excess
reason¬
Inflation should be easier to avoid and, in theory at least,
why a $5,000,000,000
no reason
be added to
our
a year
defense
program
should not
present national production without substantial decreases
of production for other purposes.
The National City Bank Vice-Chairman said that if the country continued
to follow
public policies that discouraged business enterprise, and if in zeal
avoid
inflation
and
eliminate
profits
we
placed premature checks
some
on
temporary
lift, in continued depression."
Put
Nation
Work
to
By putting the whole country to work and adding the defense program
to present
output, Mr. Burgess continued, national income would rise and
there would be large increases in tax receipts, decreases in
unemployment,
with
falling relief
more
active
use
costs
of
that would bring the budget
money
already created
might
nearer
balance.
bring inflation.
The
The
country should be alert to its approach and try to avoid it, but only when
it threatens.
The machinery should be prepared in advance, he added.
As to public policy to control such inflation and to stimulate
enterprise
and
production,
market
was
Mr. Burgess said that
a
as
employee
vigorous and active securities
needed, less hampered by controls, technical rulings and laws.
The Labor Relations Act should be revised
a square
deal.
so
as
to
give employer
The
as
well
The effects of the mandatory provisions of the
Wage and Hour law should be considered since it tends
prices.
to
convention on Sept. 25
by Robert M. Hanes, President of the Asso¬
ciation that banks are
supporting the national defense
program to the utmost of their ability.
Mr. Hanes, who is
.
a
have
Just
Professor of Finance of the New York
adequate"
as
paid out of current taxation.
it
institutions
on
national defense.
It deplored the minor increase in bank
loans brought by
increased defense activity and
urged that, since the country had the greatest
hope
On the other hand, strong community life is absolutely
production and consumption, "we may find ourselves after
The convention opened on
Sept. 22, and was brought to
a
we
of course, a
National
to
physical security,
republican institutions
work
system we have had.
but only more efficient production
our
our
I am,
striking development of community life in America in the past
years
in total
protect
Such
economic welfare.
"We have in tho past been the most efficient
productive nation, and with
cooperative encouragement of government we can again become the
most efficient.
Rearmament may avail to ensure our
can
This portion of
customers and their friends.
our
essential to national welfare.
the
and
us
muster to meet
believer in the work of national organizations both in the Government and
He
most
can
The second major effort of the year will be built around the phrase "The
Bank and Community Development."
it has in 1940.
as
will require the most effective cooperation
them.
Deficit
Financing—P.
D.
Houston Newly Elected President Outlines
Policy
for Coming Year—Need of Preservation of Free
Enterprise Stressed by Economic Policy Commis¬
sion—Senator Glass Honored—W. Randolph Bur¬
gess Discusses "Financing National Defense"
a
to be effective in any lasting way, we must work
together in mutual understanding
Utility Holding Company law
to raise costs and
must be revised to allow utilities
finance and railroad legislation is required to clear up debris of insol¬
vencies.
Careful revision of the tax laws is required to encourage and not
discourage enterprise, he said.
Whatever the ultimate outcome of the war in
Europe may
be, four major problems directly affecting America's economic
system are now developing from the war, said Dr. Nadler
in his address. The four major problems
concern, Dr. Nadler
said, the effect on the banking system of its tremendous
excess reserves which have accumulated
partly as a result of
the war, the possibility of inflation in this
country as well
as abroad, rearmament
financing now getting under way in
Volume
The Commercial & Financial Chronicle
151
He also said:
America, and the eventual
necessity of post-war reconstruc¬
world well," Dr.
Nadler said in discussing the excess reserves problem, "and
it operated satisfactorily so long as the international financial
and political situation was more or less normal."
He went
"The gold standard has served the
tion.
to
on
say:
all
transactions,
financial
government
control
would
increased control by the government over banking.
mean
The tendency of
over
international
which •
One of
There is
danger that the process of taking over will become a permanent policy
that
shall lose
we
only one more item which underscores the unmistakable trend.
which
theories
a
and
The present defense program is
liberty of action.
our
The present
golden opportunity for a drive to put into practice the
preached into the
been so unceasingly
have
wildered and distressed country for nearly a
ears
of a be¬
decade.
major tasks of the banks of the country, therefore, is to study, prefer¬
the
ably
cooperation
in
the most feasible scheme of
the Government,
with
arise
solving the gold problem under the various circumstances that may
The second task that confronts the banks is that of using all
decided
effect
business
on
should
activity,
not
lead to over-expansion,
While, I personally,
ultimately bringing about commodity price inflation.
do not foresee any inflation in the near future, I
Dr. Nadler emphasized,
absolutely essential for banks, tor industry in general and for the
believe it
Government
to
it
to
see
that
during
period while the rearmament
the
expanding, non-essential work be delayed and that a considerable
program is
be postponed for the day when the rearma¬
volume of capital investments
ment
their influ¬
which already has had such a
in order that the rearmament program,
ence
to
comes
program
end.
an
Senator Carter Glass
the closing days' session of the conven¬
tion on Sept. 26, when he was presented by President Hanes
with a testimonial praising him for his "fearless devotion to
our common welfare."
According to advices to the New York
"Herald Tribune" Sept. 26 the testimonial also said in part:
For his services to American banking
honored during
was
Throughout his
career
he has been an exponent of economic sanity
No man in public life in his day and generation
fiscal affairs of government.
been
has
greater student of banking; no one has
a
he has resisted every attempt to
weaken the structure cf the Federal Reserve
system which he fought so hard to establish over
In
his
account
same
25 years ago.
Formation of
purchasing advisory committee to assist
procurement program was
Sept. 19 by Clifton E. Mack, Director of the
Treasury Procurement Division.
Representatives of five
important commercial buying organizations have agreed, it
is stated, to aid the division, which has been designated by
the Red Cross to make purchases of clothing,
medical
supplies and equipment for its refugee relief program.
The
committee will examine all clothing supplies that are offered
and will then submit recommendations to the Procurement
Division as to suitable purchases.
The announcement in
the
in
the matter further stated:
The advisory group
week to outline plans
Division
ment
of the National
Hanes,
Senator
Glass proved
the thousand
a
people and profess a desire and a purpose to be regular,
At another place in
but I
his remarks Senator Glass said: "Yes, I have had
(Federal Reserve) laws' administration, to criticize
Ir has not been agreeable
great many other things that have been done.
Naturally,
me.
of common sense and integrity would prefer
any man
along with those in authority, but when those in
along the right track,
You may
authority do not go
I am just foolish enough to go away from them.
call it courage, if you will, and in a sense I hope I have
that
quality but it is common sense to do right and to think right regardless of
personal
Lack of
consequence to
one's self."
prevents further reference here to the many
week's convention, but at a later
room
other addresses during the
date
we
annual American Bankers' Con¬
which all of the speeches will be given
shall publish our
vention Section, in
in full.
Connely, President of I. B. A. Sees Peril in Dis¬
F.
E.
carding Private Enterprise in Favor of Government
Control of
Production—Urges Establishment of
War
Industries
style War Industries Board and Capital Issues Committee
in discussing on Sept. 26 financial aspects of the National
Defense Program before the National Industrial Conference
Board in New York. "No single act," he said, "would do so
much to set the dynamic force of business in motion in the
service of defense.
No single act would be so effective in
exploding the hateful idea of dictatorship."
V:
While the War Industrtes Board gave orders and
to enforce them, it also took orders from the
Commander-m-Chief, Mr. Connely said, adding that it
direct the efforts of industry below
to interfere with the government
above it.
Thus, he said, it decentralized authority without
impairing efficiency.
He further said:
had adequate powers to
it, but it had
Such
a
power
no
system is the direct opposite of dictatorship.
when
control
industrial life
channels
are
over
institutions,
political
in the same hands.
the
stress
We have dictatorship
unrestricted control
over
Keep these two things separate, open
out
toward saving
under
even
and
policy
of investment to lock
have taken a long step
government ownership,
and you
priceless heritage cf democratic
our
and strain of
defense preparations.
reservoir of
power, which it wiil be perilous to discard in favor of direct
Government control of production," said Mr. Connely.
He
pointed out that there are two possible ways of preparing
of
"Private enterprise is a source
our
industrial
plants,
cf labor,
"taking the profits out of war,"
mately
$20,000,000
producer
"drafting men
Division for
Procurement
v
,
.
M. Adler, Sears, Roebuck
Co., Chicago; Sam Kingsdale, William Filene's Sons
Co
,
Boston; and
.New York Clothing Manufacturers'
Exchange, New York City.
Contributions
If direct state
evitably
action is adopted as the
organization and to spur production.
production
paralyzed.
amid the strangling
and those of independent
by a system of cooperation.
guiding principle, it means in¬
organized
and made to promote industrial
It will be lost because the sources
the command to go forward
normally receives
Some kind of costly substitute will have to be
red tape of the Washington bureaus.
Relief
Increased
Fund
to
support of American Ambulance, Great Britain.
The latter
organization, in cooperation with Allied Relief Fund, has a
surgical units, 50 surgical
first aid vans and 50 personnel wagons now in operation
throughout England.
fleet of 106 ambulances, 54 mobile
I
♦
■
Exchange Publication Explains Why
Securities Brokers Stay in Business
York Stock
New
September issue of "The Exchange", official pub¬
the question "Why
Securities Brokers Stay in Business?" is discussed edi¬
In the
lication of the New York Stock Exchange,
Do
We quote therefrom the following:
torially.
It is safe to say
that a merchant would need to be a
indeed, to keep his establishment open
months of profitable business in
trade has stood in such a
of activity proving to
7H years.
Yet the stock brokers'
parched desert since 1933, with occasional spurts
be mere mirages.
appellation in "Beau Geste" of "stout
but buttering no
rugged individualist,
if he had the equivalent of a scattered
parsnips.
.
Brokers seem to qualify for the
fellas," a title registering fortitute
.
Granted that brokers are as human as
living—to make something more
anybody else, and work to make a
than that, if possible—still a vision grow¬
fundamental force keeps them at work.
members of the New York Stock Exchange and their associates may
ing out of a
The
be taken as
typical.
Despite wearying lethargy over long periods,
confi¬
protective
procedure, invest¬
ment interest in securities will increase.
The brokers feel, furthermore,
that the impulse for trading transactions that aim to capitalize new develop¬
ments in industry, the growth of business in particular fields, or significant
dence abounds that
measures
when the public recognizes fully the value of
which lately have been ranged about market
economic events, is too deeply imbedded in
But
an
the American comprehension of
fall under a permanent ban.
progress to
interval has to be bridged, and adjustments
made in a fashion to
A pragmatic view of
conditions calls for the elimination of services of an extravagant order,
window-dressing and on over-impressive "front."
As a substitute, plain
but efficient service, joined with an enlargement of hard work, commends
acknowledge the presence of dampening influences.
itself
as
a
fitting instrument of these times.
of goods, provider of
"taking over industry,"
and wealth," "no more
that we sacrifice the motive power which resides in
which
Allied
Contributions to the Allied Relief Fund in its emergency
American
found
Banking Day at New York World's Fair to
Today (Sept. 28)-—Clearing House
Bank Singers to Give Concert
Observed
Be
industry, and which can be called upon now
be
to
campaign to relieve distress among the homeless poor of
England have increased to $1,118,000 with the receipt
recently of over $100,000, it was announced on Sept. 20
by Winthrop W. Aldrich, President, at the Funds' head¬
quarters in New York.
Mr. Aldrich said there was a
heightened interest on the part of American donors in the
efforts the Fund is putting forth on behalf of Great Britain
and the refugees within her borders.
The major objectives
of the Fund, and for which many of the recent gifts were
designated, is at the moment three-fold, Mr. Aldrich said.
Contrbutions are sought for the purchase of mobile feeding
canteens, for the maintenance of Dr. Philip D. Wilson's
volunteer surgical unit now en route to England, and for
Member
sharp line between the function cf Government
will
will be allocated to the
The committee membership includes Eugene
is to enlist the dynamic force of private initiative, draw
industry, and establish contact across that line
from
with particular reference to
It is estimated that approxi¬
refugee relief.
millionaires."
The other way
a
a
the Government acting as owner or manager
employer
It is associated with the catch-words,
capital.
war
energy,
defenses, viz:
One is direct state action,
of
purchases,
available stocks and specifications.
18
had
power
the
for further
program
detailed the imme¬
Board
Connely, President of the Investment Bankers
Association of America, urged the establishment of a 1918
Emmett F.
only
George C. Smith, representative
The committee also gave considera¬
for refugee relief.
sources,
politican, it would be pleasant and maybe profitable for one to go
occasion to criticize the
the
preliminary meeting in New York City this
$1,118,000 for Medical and Civilian Aid Abroad
irregular."
an
to go
the
to
a
Red Cross, attended the meeting and
diate requirements
tion
held
for several purchases of clothing for which the Procure¬
had already negotiated.
Roosevelt by
before his
to
on
cf President Roosevelt's description of him as an "unrecon¬
Senator Glass brought a long round of applause from
"As
a
Cross refugee relief
Red
announced
bankers assembled when he said:
am
Refugee
Julius H. Levy, Executive Secretary
Without referring to the New Deal or Mr.
structed rebel."
name,
Cross
&
also quote:
we
the remarks of Mr.
to
response
the aptness
his
and defender of sound principles of central banking,
Reserve Act of 1913
anew
surpassed him in
As author of the Federal
constructive contributions to banking legislation.
From the
in the
Advisory Committee Formed to Aid Red
Relief Procurement Program
Purchasing
and the problem of returning to sound currency conditions.
after the war,
a
the state to take over the normal function of business in
has been doubly emphasized by war and depression.
recent years
emergy presents
Complete abandonment of the gold standard could only mean absolute
1831
American Banking Day at
will
be
celebrated
at
the
the New York World's Fair
grounds today, Saturday,
Fair
In addition to the many delegates of the American
Bankers Association and local bankers who will attend, it is
Sept. 28.
chapters of the American Institute of
number of nearby cities are planning to send
announced
that
Banking in
a
groups.
The Commercial & Financial Chronicle
1832
Under the direction of Lorus
Member Bank Singers of New
entered
Hand, the Clearing House
York, augmented by the
Manhattan Light Opera Singers, will give a concert in
honor of the day from ,5:30 to 6:30
p.m. in the City Plaza
Bandshell at the Fair it was announced
Sept. 23 by the
committee on arrangements at New York Chapter, American
Institute of Banking.
The group was organized in 1936 to
"promote the art of music, blended with congenial social
and business relations, among the
personnel of the N. Y.
Clearing House Association and the commercial banks of
Lake
S.
Lamont
Reported Killed
Forces—Had
&
Action
in
of
part
a
general
in
L.
the
Union
Pacific
the
of
manager
System.
Union
In
Pacific,
and
he
1929
in
1939
was
Vice-
Robert
W.
chaige
of
operations.
Resigns
as
Secretary of
Democratic
Committee—Says Firm's Increased Busi¬
National
Necessitated
ness
Action
(Chip) Robert Jr. as
Secretary of the Democratic National Committee was an¬
on
Sept. 23 in New York by the" National Com¬
Sept. 23 that information received
on
certain
almost
mittee.
The announcement was made through the release
exchange of letters between Mr, Robert and Edward
J. Flynn, Chairman of the committee.
Mr. Robert indicated
of
John Foster Dulles, of the New York law firm of Sullivan
the
nounced
With
Recently Retired From Sulli¬
Cromwell
Cromwell, announced
indicates
now
as
President
The resignation of Lawrence Wood
British
&
RR.,
appointed
♦
van
1940
employ of the Union Pacific RR. and, after being its Western
division superintendent, was ito
acting general superintendent until 1922.
In that year he became general
superintendent of the Los Angeles & Salt
New York."
Rogers
Sept. 28,
the
Lamont of New York City.
death in
action of
Rogers S,
Mr. Lamont had been
partner
a
an
that he
that
and
was
prompted to relinquish the post "for the reason
duties as head of Robert & Co., architects
engineers, my lifelong and principal business, demand¬
I find my
of Sullivan & Cromwell until he retired a
year ago to serve
with the British forces.
The announcement in the matter
ing my full attention and all of the time I can possibly
give to it."
He said that his company now has the largest
further said:
volume
In
Immediately
service
in
entered
France.
became
On
...
of
arriving
the
of the
Mr.
war
in
Lamont
England
artillery.
He
sought
last
active
October
he
shortly thereafter
was
captain in the 10th Field Regiment, Royal Artillery, and
as
of the first, if not the first,
one
the Continent
part
outbreak
training service for
a
commissioned
on
the
upon
as
British
American who
officer of the English Army.
an
Expeditionary Force and he
that
an
instantly killed when the armored
car,
from which he
was
observing and
reporting enemy artillery action,
of the intensive
course
Mr. Lamont
was struck by a German tank gun in the
fighting which preceded the evacuation of Dunkirk.
born in
was
Hon.
Catskili, N. Y., in 1899.
"with
so
Edward
J.
New
Dear
York
Ed:
I hereby resign as Secretary of the Democratic National
Although reelected unanimously after the national conven¬
Chicago, I am prompted to take this action for the reason that I
my duties as head of Robert & Co.,
architects and engineers, my
in
find
life-long and principal
the
time
My
I
business, demanding my full attention and all of
possibly give to it.
in this time of national emergency finds itself with the
can
company
largest
employing
over
clients
additional
Death of
my
Hale Holden,
Former Chairman of Southern
Pacific
Hale
volume
to
demand.
+
I
was
of 71 years.
noted in our
My
members
days, of
New
complication of ailments of which heart disease
At his death Mr. Holden was a
the
York
Trust
American
Life
Co.,
York.
Co., and the Chemical Bank
A
native
of
Kansas
law
He
City,
the
at
was
former
a
director
of
the
Mo.,
Mr.
Harvard
Holden
Law
attended
School.
He
Williams
entered
College
practice
Quincy Rv.
the
Co.,
attention
of
In
1910 Mr.
and
two
was
made
Lines.
James
of
J.
the
Hill,
Minnesota
then
rate
Chairman
cases
of
later
became
continued
Vice-President
the
as
Chairman of
C.
the
committee
States
Director
February,
B.
&
Q.
of
and
the
of
for
the
of
From
the Central
has
&
Railroads
to
1918,
December,
February,
Western region
never
Union
Mr. Holden
Pacific,
B. & Q.,
1914
he
Southern
1920,
he
was
regional
of the Railroad Administration.
Santa
Fe,
and
highest regards and best wishes,
L.
Robert
W.
resign
your
time
Southern
great
Pacific,
and
In
the
but
feel
On Sept. 17 Newton A.
dent
of
home in
operations
is
Pacific
RR.
Williams, until recently Vice-Presi¬
of the
Union
Omaha, Nebraska.
He
Pacific
was
general
Sept.
18
we
manager.
take
the
From
the
RR., died at his
sixty-two years of age.
New
A
railroad
Hannibal
You
have
I
man
&
for
St.
York
"Times"
following regarding Mr.
42
years,
Joseph RR.
Mr.
in
Williams
1898.
He
began
was
of
Williams's
as
born
a
in
brakeman
Laclede,
for
Mo.,
May 29, 1878, and attended the Chillicothe, Mo., Normal School.
He
remained
as
a
brakeman for the Hannibal road until
1902, when
brakeman for the Denver & Rio Grande RR.
(now the Denver &
Rio Grande Western), rose to be a conductor on
the Denver & Rio Grande
he became
in
in
the
a
following
year
and assistant superintendent of its Salt Lake division
1909.
Mr. Williams
much
as
you
possible
as
on
campaign.
our
I
appreciate your willingness
am
loyalty.
party
served
the
that
sure
Democratic
I reflect the
party well,
and
as
its National
Chair¬
feeling of all of the National Committee
yours,
EDWARD J.
FLYNN, Chairman.
Representative
J.
W.
McCormack
Named
Majority
House—Succeeds Samuel W. Rayburn,
Became Speaker
Following Death of W. B.
Who
of
Bankhead
Representative
named
was
Woodrum
John
W.
McCormack
of
majority leader of the House
Democratic
Massachusetts,
Sept. 25 by a
defeating Representative Clifton A.
of Va., by a vote of 141 to 67.
Mr. Mc¬
on
caucus,
(Dem.)
Cormack will
serve only for the remainder of the
present
session, but it is reported that he will again seek the honor
the
House
reconvenes
for
the
Mr. McCormack, who is 48
Seventy-seventh
Con¬
old, suceeds Repre¬
sentative Samuel W. Rayburn of
Texas, who was elevated
to the Speakership on Sept. 16
following the death the pre¬
ceding day of Representative William B. Bankhead of
Alabama; Mr. Bankhead's death and the election of his suc¬
cessor
referred to in
was
years
these columns
a
week ago
(Sept.
21), page 1665.
From
we
United
Press
advices
from
Washington, Sept. 25,
following concerning the selection of Mr. Mc¬
take the
Cormack that day:
The
man
concentrating
as
when I accept your resignation with the
greatest of regrets.
With every good wish, I am,
activities:
the
sincerely,
Secretary of the committee I hope and
will continue to develop the business group which
important in
so
constant
your
gress.
Mr. Williams resigned from the Union Pacific
in June, this
year, because of ill health.
He had held the
post of VicePresident of operations from
1939, prior to which time he
was
I am,
Flynn's Letter
your
resignation
your
that
certain
feel
when
Williams, Recently Retired
Union
the
assist in this connection, and I want you to know how much I
recognize
the
control the railroad
industry in conjunction
with the ICC and the Federal Coordinator of
Transportation.
Vice-President of
and
experiences
Jr.,
advisability of
accepting
systems,
the Board of Administration to
Newton
Farley,
happy
personal business.
your
was
of
Jim
most
I am in receipt of your letter of Sept. 22 in which you
Secretary of the Democratic National Committee.
As stated in
letter, I thoroughly understand the load you are carrying at this
a
Association
Death
business and profession.
my
the
as
Leader
Commission
Chairman, from 1922 to 1924, of the Executive Committee
of Railway Executives, an
organization which then was
composed of 32 railway Presidents.
In 1933 he was named a member of
of the
national busi¬
a
Atlanta, Ga.
adopted.
was
of
simul¬
between the two.
1917, but resigned in
Mr. Holden submitted to the Interstate
Commerce
consolidation of all Western
railways into four
Burlington,
of
one
Sincerely
in
our
interests
connection
conflict
predecessor,
your
been
member of the Advisory Board to the United
June,
a
best
am sure I would continue to enjoy the same relationship
Chairman during this campaign and thereafter, if my circum¬
me this great privilege.
of
these railroads until 1929, when he
Executive Committee of the Southern Pacific.
a
party
my
and
present-day
My dear Chip:
to
In
company.
the Colorado
1923
plan
plan
appointed
General
1918.
director of
In
was
of
responsibilities of
with
He became Chairman of the Board in 1932.
Mr. Holden
interests
the
history
urged by
the
permitted
attracted
Board
President of
the
serve
cannot
meet
CHIP ROBERT.
Mr.
we
the
System, who recommended his advancement.
President of
He
handling
late
Holden became assislant to the President of
the C.
years
chosen
was
his
and
the
I
to
Ever
in
Kansas City and became a member of the firm of
Warner, McCloud, Dean &
Holden.
In 1907 he became general counsel of the
Chicago Burlington &
the Great Northern
best
Chairman
York
6tudied
of
association
&
Electric Co., Inc., and of the Japan
Society.
The
"Herald Tribune" of Sept. 24 summarized Mr.
Holden's career as follows:
and
present
its
life, and I
With
Western
New
the
facilities
our
in
further being
Telephone & Telegraph Co., the
Insurance
New
also
the
to the increased
with you as
contributing factor.
of
like
of
business
and
men
engineer and had developed Robert & Co. to
an
intimate
stances
director
and
to return
me
of my
a
Federal
long before I became an official of the Demicratic Committee.
I
therefore greatly regret that the necessities of this abnormal period
require
Mr. Holden—whose resignation last
year was
issue of July 22, 1939, page 589—died after an illness of 12
a
and
extension
time
a
company
commercial
ness
for
more than 30 years until his
resignation in July, 1939, as
Chairman of the Southern Pacific Co., died on
Sept. 23 in
Doctors Hospital in New York City, at the
was
At
of
4,30 skilled technical
taneously, and there cannot and must not be
Co.
Holden, who had been affiliated with railroads
age
Committee,
City.
Committee.
tion
He graduated from
partner of that firm.
its history.
Flynn said that
Flynn,
He thereupon became associated with the firm of Sullivan &
Cromwell and
a
business in
the
Princeton University in 1921 and from the Columbia Law School in 1924.
later became
Federal
Chairman, Democratic National
officially reported
The colonel of his regiment
witness reports that Captain Lamont was
eye
and
greatest of regrets."
The exchange of
correspondence between Mr. Robert and Mr. Flynn follows:
His regiment became
was
missing following the evacuation of Dunkirk.
has since advised
lie did
active service
saw
of commercial
accepting the resignation, Chairman
two
names
placed
of
Representatives
before
the
caucus.
Representative Arthur D. Healey
rum's
McCormack
The
of
Woodrum
were
the
only
name
was
put forward by
(Dem., Mass.), and Representative Wood-
by Representative S. O. Bland
Selection
and
winner's
of
Virginia.
Representative
McCormack was a triumph for the New
personal victory for President Roosevelt who
reportedly favored the young Bostonian.
It was a blow to Southern critics
Dealers
in
the
House
and
a
of the Administration who regard Representative McCormack
as
a
too ardent
supporter of the New Deal.
superintendent of the Green River division of the same
road in 1910-12, superintendent of the Salt Lake
City division of the road
in 1912-13, and again of the Green River division in
1913-14.
He later
was
order to keep one
The
of
They had backed Representative Woodrum in
of their number in this highly important legislative post.
majority members
quickly closed lines after
Representative Woodrum the
decision
was
made
the
vote.
unanimous.
On
motion
The
Vir-
Volume
151
The Commercial & Financial Chronicle
ginian, who has battled the Administration repeatedly
relief
.
on
policies, pleaded for party harmony and urged the
make the House a powerful group "for the
trying four
its spending and
new
years
leadership to
was
Repre¬
leader has not been
new
the powerful House
revising
drastically
President's veto of
the
tome
Administration
the
tried
an
or
He voted to over¬
recently voted
more
voluntary enlistment program had
a
was
in
was
the
to
the office
bar
at
the
of
age
21,
during the World War.
He did not serve abroad.
New York Stock Exchange Approves
Allowing Members Engaged in De¬
fense Service to Designate Floor Alternate
of
Announcement
was
made by the New York Stock Ex¬
membership has ratified the
on Sept. 27 that the
amendment to Article XI of
change
the
Exchange's constitution
permit "a member who is exclusively engaged in
military, naval or other national defense service to designate
one of his general partners to exercise his privileges on the
Floor of the Exchange, subject to the initial and continued
approval of the Committee on Admissions."
The amend¬
ment, which had previously been approved on Sept. 11 by
the Board of Governors of the Exchange, as noted in these
columns of Sept. 14, page 1501, is similar to a change in the
Exchange's constitution adopted in May, 1917, during the
World War.
The Exchange this week explained that it
provides that every contract made upon the floor by any
alternate has the same force and effect as if it had been
which will
made by the
member for whom the alternate is acting.
*
West and J. C.Korn
Elevated
President of the N. Y. Stock
William McC. Martin Jr.,
Chief
of the Department of Stock List, had been
appointed Acting-Director of that Department during the
leave of absence, for active Federal Military duty, of John
Haskell, Vice-President, and that John C. Korn, Director
of the Department of Floor Procedure, had been appointed
Acting-Secretary of the Exchange during the absence of
Charles E. Saltzman, Vice-President and Secretary, who is
also leaving the Exchange for military duty.
Mr. Korn
will supervise the Secretary's Office and the Department of
Floor Operations and Floor Procedure, the Exchange said.
As was noted in our issue of Sept. 21, page 1666, Messrs.
Haskell and Saltzman both hold the commission of Lt.
Colonel and are Assistants Chiefs of Staff of the 27th Division
of the New York National Guard which, on Oct. 15, will be
inducted into the Federal Army.
They will be stationed at
Fort McClellan, Anniston, Alabama. - Mr. Haskell and
Mr. Saltzman, the Exchange has announced will retain their
titles of Vice-President and Vice-President and Secretary,
Statistician
respectively, while on leave of absence.
Mr. West, as
Acting Director of the Department of Stock List will report
to Howland S. Davis, Executive Vice-President, as will
Mr. Korn, Acting Secretary of the Exchange.
The Exchange
further made it known that Louis Schade, Manager of the
Division of Floor Facilities of the Department of Floor
Procedure, has been appointed Acting Director of the De¬
partment of Floor Procedure,
and will report to Mr. Korn.
«.
Bank Credit Associates of New
York Holds Fall Dinner
Meeting—Officers Elected
The fall dinner meeting
of the Bank Credit Associates of
York, inaugurating its fifteenth season, was
held
are:
Kennedy, Bank of the Manhattan
♦
Association
the
Irving Trust
Second Vice-President; John J. McSorley,
Co., Treasurer; and
Trust Co.,
Fred J. Behlers, Jr., Public National
Secretary.
Governors for the next two years are:
Harold N. Davies, Chase National
Trust Co.; B. Douglas Hill, Bank of New
Chemical Bank & Trust Co.; Robert R. Paugh,
and Gilbert H. Weale, Central Hanover Bank &
Bank; Alvin L. Herald, Empire
York; Frederick E. Mar,
Reserve Bank;
Trust Co.
of Presidents of Various
Bankers Association
Election at Annual Convention
Divisions of American
At
their Annual Meetings
held Sept. 23
as
part of the
Sixty-sixth Annual Convention of the American Bankers
Association (held in Atlantic City, N. J., Sept. 22-26), the
various divisions of the Association elected the following to
serve as their Presidents for the forthcoming year:
Bryant, President of the
Mr. Bryant, who served as
Vice-President of the Division last year, succeeds Willi* m S. Elliott,
President of the Bank of Canton, Canton, Georgia.
National Bank Division—President, Andrew Price,
.*»
lent of the
National Bank of Commerce, Seattle, Wash.
Mr. Pric
fts advanced
State
Bank
Division—President,
Harry A.
Parsons Commercial Bank at Parsons,
from the
position of Vice-President.
Women
Kan.
Miss
Honor
Rose
Annual Award at Convention
City—Officers for 1940-41 Elected
with
Atlantic
At
Bank
of
Pagelow
18th
Sept.
19-21,
C.
in
Annual. Convention of the Association of
which was held in Atlantic City, N. J.,
Women,
Miss
Pagelow of the Bank of the
C.
Rose
Manhattan Co., New York-City, received the Jean Arnot
Reid Award at a dinner on Sept. 20. The award, established
in
1936
by the Association of Bank Women—in honor of
Reid, one of the founders of the organization, is
given annually to a woman graduate of the American
Institute of Banking selected as "fitted through the in¬
tegrity of her character and the efficiency of her work to
represent women in banking."
Attending the dinner were
J. LeRoy Dart, President of the American Institute of
Banking, who gave a brief greeting.
The speaker of the
evening was Dr. William A. Irwin, Educational Director of
the A. I. B., whose topic was "America's New Economic
Miss Jean
Position."
At the annual meeting of
convention,
the
President:
Miss
the Association, held during the
officers were elected to serve
following
A-V;
for 1940-41:
Emma
E.
Trust Officer, Bankers Trust
Secretary-Treasurer,
Claus,
Director
and
Co., Gary, Ind.
Grover, Manager, Women's Depart¬
S.
Chase National Bank of New York.
Recording Secretary: Miss Gertrude Greenwald, Assistant Secretary and
Assistant'Treasurer,
Bankers Trust Co., Gary, Ind.
Corresponding Secretary: Miss Gertrude M. Jacobs, Assistant
Cashierf
Miss Anne E.
Treasurer:
Fryer, Personnel Department, Rhode Island
Hospital Trust Co., Providence, R. I.
Regional Vice-Presidents
Lake: Miss Ethel Groves, Acting Cashier,
Quincy, Quincy, 111.
Director, Broadway Bank of
.
'
.
Middle Atlantic: Miss Hilda M. Hoffman,
Statistician, Bowery Savings
Bank, New York, N. Y.
Mid-West:
Miss
Omaha National
New
Ethel
E.
Mellor,
Women's
Manager,
Department,
Bank, Omaha, Neb.
Thackara,
England: Miss Elizabeth
Manager, Women's Depart¬
of Boston, Boston, Mass.
Miss Chrissy L. Miller, Manager, Escrow, Collection and
ment, Merchants National Bank
Northwestern:
Exchange Departments, Washington Trust Co., Spokane, Wash.
Southern:
Mrs.
Genevieve
Barnett,
M.
Alternate
Assistant
Federal
Federal Reserve Bank of Atlanta, Atlanta, Ga.
Southwestern: Miss Gertrude S. Chambers, Assistant Secretary, Guardian
Reserve Agent,
Trust Co.,
Western:
Houston, Tex.
Mrs.
Zillah
■
M.
Safe
Pirie,
Deposit
Supervisor,
California
Bank, Los Angeles, Cal.
♦
Members
of
American
Bankers Association
York Stock
Visit New
Exchange
Approximately 100 members of the American Bankers
post-convention
tour, were escorted on the floor of the New York Stock
Exchange yesterday, Sept. 27, by members and Governors
of the Exchange. The bankers also visited the ticker control
room, the Quotation Department, and the exhibit room of
the Exchange, as well as the balcony overlooking the floor,
to which points they were escorted by the Stock Exchange's
reception staff.
Several hundred additional delegates from the past week's
convention of the Association in Atlantic City will also visit
the Exchange today, Sept. 28, and on Sept. 30, and Oct. 1
and 2. In all, about.350 will inspect the Exchange's facilities.
Association, visiting New York City on a
Training of Men for Industry to Be Major Subject of
Meeting of American Society of Tool Engineers
to Be Held in Cincinnati, Oct. 17-19
Co., President; Leslie J.
First Vice-President; Talbot Babcock,
National City Bank,
Continental Bank & Trust Co.,
Federal
Wattam,
on
Sept. 26, at the Wool Club, in New York City. Officers and
Governors who were elected to serve for the forthcoming
Bank &
C.
who has held the
Marshall & Ilsley Bank, Milwaukee, Wis.
Exchange announced on Sept. 25 that Phillip L. West,
Christensen,
Dakota Bankers Association,
ment, Forty-second Street Branch,
Stock Exchange Fills Vacancies of Officers
Inducted
Into
National
Guard
Service—P.
L.
Joseph
Mr. Coate succeeds C.
Jersey Bankers Association.
Secretary of the North
Vice-President: Miss Elizabeth
New York
C.
Mr. Marquardt succeeds A. George
during the past year.
Representative McCormack re¬
Amendment
year
Vice-President
State Secretaries Section—President, Armitt H. Coate, Secretary of the
New
and has served continuously since.
a
delegate to the Democratic National Convention at Chicago
the forefront of the campaign for a third term for Mr. Roosevelt.
Membership
New
as
Gilman, President, Maiden Savings Bank, Maiden, Mass., who has held
Bank
;
Mr. Fenninger served
Savings Bank Division—President, Roy R. Marquardt, Vice-President
elected to Congress in 1928
was
and
on
delegate to the Massachusetts Constitutional Convention to join
as a
He
reforms.
Vice-President of the
office during the last year,
officers training camp
He
"strong man"
out.
Admitted
signed
tax
soldier bonus bill and
delay peace-time conscription until
been
A
Ways and Means Committee, he has aided in scuttling
ride
to
100% New Dealer.
a
Provident Trust Co., Philadelphia.
Fenninger,
of the First National Bank of Chicago.
sentative
The
1833
Carl W.
Division—President,
of the Trust Division during the past year.
ahead."
One of the first to congratulate Representative McCormack
Rayburn.
,
Trust
Immediate and long-range
to
meet
problems of special education
shortage of tool engineers
the increasing national
well as skilled craftsmen for industry will
prime subject at the semi-annual meeting of the
American Society of Tool Engineers, scheduled for Cin¬
cinnati, Oct. 17 to 19. General sessions of both the first two
days will be given over to this subject, with only the last
day's general session devoted to technical problems, so
seriously is the Society considering the educational problem.
In addition to the report of the Educational Committee,
which, under Chairman H. D. Hall, has been developing a
projected special high school industrial curriculum, the
sessions will be featured by a number of important addresses
on various phases of the question.
Regarding the meeting it is stated:
and designers, as
be
the
Arrangements have been made so that
tool engineers may visit, .during
machine tool and
the three
days of the convention, Cincinnati's various
industrial
plants,
including Cincinnati Milling Machine
Bickford, Cincinnati Planer, LeBlond
Cincinnati Shaper, Gray Planer,
Works,
Crosley
Radio
Corp.,
Co., Cincinnati
Machine Tool Co., Lodge & Shipley,
Tool
Co., Frigidaire
King Machine Tool Co., American
National Cash
Register
Industries, and Procter & Gamble.
Concentration of machine tool companies in Cincinnati area was a major
factor in its selection for the convention, in view of the importance of
Corp., the Carlton Co., Aluminum
The Commercial & Financial Chronicle
1834
acquainting
tool
engineers
with
the
machine
anticipation of tooling needs for the National defense
tool field in
program.
current
developments
in
Previous reference to the meeting appeared in our issue of
(
July 13,
189.
page
Atlantic
The 53rd
regular meeting of the Atlantic States Shippers
Advisory Board will be held at the Seneca Hotel, Rochester,
N. Y., on Oct. 2 and 3.
In urging members to attend the
meeting, Geo. F. Hichborn, General Chairman of the Ad¬
visory Board, said that the national defense program sees
new strains placed
upon the rail carriers of the Nation for
car supply and service
generally and this meeting will bring
out all the facts regarding these conditions and plans for
adequately meeting shippers' requirements.
The special
luncheon on Oct. 3 will be addressed by Harry C. Spillman,
staff speaker of the National Association of Manufacturers,
"The Future of America."
on
change the location of
is
learned
from
Claridge, Atlantic City, N. J., it was announced on Sept. 17
the Association's national headquarters in New York.
meeting will be held simultaneously with the convention
at
The
of the American Gas Association also to take place in Atlantic
advertising
for
twice-a-week
tional
radio program
weeks and will
be
and radio star in
"That's Not New York
The
Board
of
Trustees
of
Trustee,
a
G.
Mr.
The guest speaker at this session will be Arthur
Hirose, Director of Research for the McCall Corp.
f
Bankers'
Association
to
Hold
27th
Creamer
Carl
Berglund,
This
Week—Effect
of
Declining
Population Leading Topic for Discussion
Members of the
Mortgage Bankers' Association of America
from 40 States will meet in Chicago on
Wednesday (Oct. 2)
for their 27th annual convention and a
leading address at the
opening session will be concerned with what the Association's
President, Byron T. Shutz of Kansas City, believes to be
the most important factor governing future
city and farm
real estate values—the declining growth of our
population.
Based on census figures just released, Shutz declares, a con¬
tinuation of the present population trend will
probably mean
that within 20 or 30 years we will have more
people over 45
than
have
we
between
20
and
44.
This
presages
vast
changes in our total volume of consumption goods and the
kind of housing we build as well as the kind of almost all
goods we make.
General R. E. Wood, Chairman of Sears,
Roebuck & Co. and
nationally known student of population
trends, will speak on this subject the opening day.
Other
speakers scheduled for the three-day session include:
a
Harland A. Bartholomew, city planning
expert, speaking on the effects
of decentralization on American
cities; Dr. Claude L.
Benner, life insurance
off.cial of Wilmington, speaking on some of the economic
consequences of
the war; Edwin W. Craig, life insurance official of
Nashville, speaking
public
relations
in
business;
Ohio and noted real estate
Investments
and
former
Governor
authority, speaking
on
Against the Approaching Collapse
Myers Y.
Cooper
on
of
"Safeguarding Mortgage
of the
Real
Estate
Tax
Structure."
are
those of Mr. Shutz,
Roy A,
City "Star," Frank M. Totton of
Binder,
foreign editor, Chicago "Daily News."
Roberts of the Kansas
the Chase National Bank of New
York, and Carroll
About 1,200 are expected.
Each afternoon will feature
eight "clinical" sessions devoted to mortgage problems. The
.
Association's fourth annual Exposition of
Building, Industry
and Services, an exhibit of new
building products and
equipment,J will
the
on
is
senior
run
Duluth, Minn., it is learned from
Sept. 21, which further said:
Arrangements
concurrently.
BANKS,
TRUST
COMPANIES,
&c.
were
made
Stock
York
were
made
join the staff of the newly Con¬
to
Since then he has been in the credit
The officers and directors of the First National
Bank of
of
their institution.
''
'
"
announce the 75th
anniversary
Galveston bank—said to be the
The
bank in
Texas—was founded
Sept. 22,
on
r
Andrea Sbarboro lias recently retired
Vice-President
as a
of the Bank of American National Trust &
Savings Associa¬
tion of San Francisco, Calif.
An account of his
banking
career
He
issued by the Bank of America said:
as
born
wns
in
San
Sbarboro who landed
waterfront
The
early
from
amLbecame
elder
Francisco
Sbarboro
a
in
1875,
eldest
of
son
pioneer
Andrea
a
windjammer at the old Clay and Montgomery
highly successful businessman and financier.v
contributed
notable
a
chapter
San
to
Francisco's
He first established one of the most important wholesale
houses, helped found the famous Italian-Swiss Colony, then applied
his talents to various financial activities.
He organized several
building
and loan associations, in which the son received
training in banking and
progress.
grocery
showed keen
In
1899
became
when
nini
the
and
(now
natural
the
the
of
as
and
to
American
America.)
Italian
Bank
Alfred
American
became
Bank,
institution
has
and
of
now
retires
bank
the
committee
is
economics
as
in .which
Alfred
member of
as
and
the
became
since
the
served
His reputation
Bank
of
one
the
of
Italy
principal
continuously and
sound, skilled
a
as
nationwide.
officer of
an
branch of
a
Sbarboro
senior credit executive.
a
student
serve
executive
the
earned the presidency, which he held until 1927
banking interests joined forces with those of A. P. Gian¬
Giannini
Although he
tinue
founded
later
Italian
of
the
brilliantly
hanker
and
Sbarbo
Bank
officers
aptitude.
father
cashier
the
directors'
Bank
of
America, he will
con¬
advisory council of the general
committee
for
the
investment
of
trust
funds, as well as continuing as a director of the Merchants National
Realty Corporation, according to President L. M. Giannini.
Among outside activities to be maintained by Mr. Sbarboro are his
directorships in Paciific National
Fire
Insurance
Co.
and
the
Italian-Swiss
October
will
mark
a
The
♦
Arrangements
were
completed Sept. 23 for the sale of a
membership in The Chicago Stock Exchange at $1,500, un¬
changed from the last previous sale.
an
article entitled "Some Reservations
on
the
Street Trust
Company Case," which appeared in the
September issue of "The Journal of Accountancy," have been
issued by the American Institute
Publishing Co., Inc., New
This
case, it is said, has several unusual
aspects,
important bearing on the law of liability to third
parties with whom there is no contractual
relationship. The
author of the article is James L.
Dohr, practising attorney
and certified public accountant.
an
«
The Colonial Trust Co., New York
of
the
New
York
State
50th
anniversary of continuous
now the Citizens Branch of the
United States National Bank in
Portland, Oregon. An an¬
nouncement in the matter
says:
This is reported
by otficials of the bank
as
the
longest continuous banking
service in East Portland, where the branch is
located.
city is estimated to contain
at least
city's industrial, wholesale and jobbing actitivies
west portion of Portland
a
of the Citizens Bank.
became
the
Citizens
This portion of the
75% of the population and much of the
are
centered there.
In 1929 it
National
Bank.
was
In
It is
by the Willamette river.
State chartered bank Oct.
granted
1930
it
a
1, 1890, under the
national charter and
purchased by the
United States National Bank interests and
operated until 1933 as an affiliate,
when,
on passage
was
of the Federal Branch Bank Act, it became
Curb stocks
CURB
a
direct branch.
MARKET
were
strong and moderately active during the
fore part of the present week and
registered a number of
substantial gains.
Public utilities and industrial shares have
attracted
a
goodly portion of the buying and the so-called
"war" issues have been in brisk demand at
Aircraft stocks have been quiet and
improving prices.
shipbuilding issues have
or sustained
change.
moved up and down without definite
♦
Reprints of
the
hanking service for what- is
THE
Sept. 25 for the transfer of
Stock
Exchange membership at $42,000.
previous transaction was at $38,000 on Sept. 11.
proval
the "Commercial West"
Galveston, Galveston, Texas,
♦
Arrangements
York.
of
department.
separated from the
Sept. 26 for the transfer of a
Exchange membership at $40,000.
The
previous transaction was at $42,000 Sept. 25.
and has
firm
Mr. Berglund first became connected with the old
First National of
Duluth in 1913, and six years later he went to the
United States National,
name
ABOUT
New York
State
of the
partner
of
The bank originated as
New
script.
Colony.
Other addresses scheduled
ITEMS
own
native of Superior, Wis., and associated
a
Annual
Convention
Growth of
Part
with banks at the head of the lakes since
1913, last week was
appointed Cashier of the Bank of Commerce & Savings of
1865.
■
a
Creamer & Co.
oldest national
_+
Mortgage
screen
But It's
.
Dime Savings Bank of
Sept. 20 elected William G.
succeeding Frederick L.
Cranford,
Brooklyn at their meeting
Creamer
.
.
metropolitan life in its human
on
Mr. Powers is the author of his
aspects.
Na¬
the
the air from 6:05 p. m. to 6:15 p. m.
on
of It"—an anecdotal series
the address of
afternoon.
of
Tuesday and Thursdays, featuring Tom Powers, stage
Superior, returning to Duluth in 1929
Combustion Corp., Toledo, Ohio, will deliver
welcome at the main general session in the
of
The program will run for 13
solidated First & American National.
Surface
Station WJZ
over
Broadcasting Company.
City.
the
City, it
Bulletin"
Inc., is supplementing its newspaper
Special Checking Accounts with a
Chase
of officers and directors for the next fiscal year.
The principal event of the meeting will be the election
Frank H.
Adams, President of the Association and Vice-President of
"Weekly
The Chase National Bank, New York
City, through Albert
W.
Appliance and Equipment Manu¬
office, after Jan. 2, 1941,
79 Madisbn Ave., New Y7ork
Department's
Frank Guenther Law,
Gas Appliance Manufacturers to Hold Annual Meeting
in Atlantic City on Oct. 7
The Association of Gas
the
1940
2J).
deceased.
facturers will hold its annual meeting on Oct. 7, at the Hotel
its branch
from 285 Fifth Ave. to
Sept.
States
Shippers Advisory Board to
Hold
Meeting in Rochester, N. Y., on Oct. 2-3
63rd
Sept. 28.
City, has received
Banking Department
Paper and cardboard shares moved within
aluminum
issues have
made
a
narrow
range,
little
change either way and
been quiet.
The volume of sales was
Saturday and Monday, but declined as the week
metal
stocks
higher
on
have
advanced.
Trading
active
brief session
the
the New York Curb market continued fairly
price movements pointing upward during the
on
with
on
so-ealled
Saturday.
"war"
Public utility preferred stocks and
were
the leaders, and as the
issues
session progressed, the
ap¬
to
volume- of sales climbed upward to
approximately 46,000 shares, the largest half-day turnover
since the last of June.
There
were some
soft spots scattered
Volume
The Commercial &
151
through the list, but these had little effect on the trend of the
market.
Bell Tel. of Pa. pref. was one of the strong stocks
as it climbed upward 4% points to 121 and there were nu¬
merous other advances in this group ranging up to 2 or mo
In the industrial section Jones & Laughlin Ste
points to 27%, Niles-Bement-Pond 1 % points
points.
moved up 2%
66%, and Hazeltine forged ahead 2 points to 24%.
Ship-building shares were fractionally higher, aircraft issues were
irregular and paper and cardboard stocks were quiet.
Industrial stocks led the upward swing on Monday, the
to
gains ranging from 1 to 3 or more points.
There were a
number of active shares in the preferred group of the public
utilities that registered substantial gains and several of the
slow movers worked up to the side of the advance.
Ship¬
building issues improved, Todd Shipyards
gaining 1%
points to 75%, N. Y. Shipbuilding (founders shares) ad¬
vancing 1 point to 18 and Bath Iron Works moving ahead %
of a point to 15%.
Aluminum stocks showed renewed
strength, Aluminum Co. of America moving up 2 points to
164, Aluminum pref. 1 point to 116, and Aluminium, Ltd.
2% points to 84%.
Oil shares were stronger and paper and
cardboard stocks were higher. Prominent among the gains
were Bell Tel. of Canada 2% points to 108, Dayton
Rubber
2% points to 25, Mid vale Co. 4 points
Power & Light pref. 3% points to 76%.
A
Price movements
continued toward higher levels on Tues¬
Among the gains in the industrial section were
146%, Quaker Oats 2 points to
105 and United Shoe Machinery 1 % points to 61 %.
Jones
& Laughlin Steel turned weak and dropped 1 % points to 27.
Lower prices prevailed on the curb market during most of
the dealings on Thursday. There were occasional exceptions
to the trend but these were largely among the slow moving
shares and were without special significance. Public utilities
were mixed and a majority of the trading favorites in both
the preferred and common groups were off on the day.
Industrial specialties were lower, shipbuilding shares were
down and the aircraft issues declined. Paper and cardboard
stocks were inactive and there was little attention given to
the oil issues or mining and metal shares.
The losses in¬
cluded among others Pepperell Manufacturing Co. 1%
points to 81, Standard Steel Spring 2% points to 32, Colt's
Patent Fire Arms 1% points to 80% and Aluminium Ltd.
irregular.
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate
different countries of the world.
cable transfers in the
BANK TO TREASURY
points to 82.
declines all along the line
were
apparent on
There was some pick-up around midsession but the
opening and closing hours were weak and the market was
Friday.
Scattered through the list were a few
stocks that worked against the trend, including
Axton Fisher A 1% points to 38, Brill Corp. pref. 1 point
to 36, Great Atlantic & Pacific Tea Co. pref. 1% points to
127 and Mead Johnson 3% points to 149%. Aircraft shares
were
fractionally lower, oil stocks were down and both
lower at the close.
slow moving
industrial specialties moved to lower
public utilities and
compared with Friday of last week, prices were
generally lower, Aluminum Co. of America closing last
night at 156 against 162% on Friday a week ago, American
Cyanamid B at 35% against 36, Creole Petroleum at 13
against 13%, Gulf Oil Corp. at 29% against 30%, Humble
Oil (new) at 53% against 54%, Sherwin Williams Co. at
81 against 83 and Technicolor at 9% against 9%.
As
levels.
DAILY
YORK CURB EXCHANGE
TRANSACTIONS AT THE NEW
Bonds (.Par
Stocks
Value)
CNumber
of
Sept. 27. 1940
Shares)
Foreign
Government
Domestic
Total
Corporate
$5,000
48,000
$536,000
$541,000
46,330
131,557
1,166,000
109,000
85,005
983,000
$5,000
32,000
1,214,000
1,020,000
866,000
897,000
12,000
730,000
Thursday
705,000
7,000
13,000
24,000
71,555
Friday
90,560
1,052.000
28,000
28,000
1,108,000
Saturday
Monday
Tuesday
Wednesday
Sales at
Week Ended Sept.
27
Jan. 1 to Sept. 27
New York Curb
1940
Exchange
1939
1940
1,281,145
31,675,889
33,491,064
$5,308,000
$7,220,000
$340,447,000
Bonds
Domestic
53,000
103,000
$224,369,000
1,665,0 0
149,000
151,000
4,993,000
3,296,000
4,481,000
$5,510,000
$7,474,000
$231,027,000
$348,224,000
Foreign government
Foreign corporate
Total
1939
534,007
Stocks—No. of shares.
1940, INCLUSIVE
1940, TO SEPT. 27,
Noon
FEDERAL RESERVE
BY
UNDER TARIFF ACT OF 1930
Buying Rate for Cable Transfers in New
York,
Value in United States Money
Country and Monetary
c/t u
Sept. 23
Sept. 21
Sept. 24
Sept. 25
Sept. 26
Sept. 27
S
$
$
3
$
$
Blegium, belga
a
a
a
a
a
Bulgaria, lev
Czechoslov'ia, koruna
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Europe—
Denmark,
krone
Engl'd, pound sterl'g
a
a
4.035000
Official
4.035000
4.035000
4.035000.
4.035000
4.035000
4.035000
4.035000
4.035000
4.040000
4.043571
4.035000
Finland, markka
France,franc
Germany, reichsmark
.019625
.019550
.019625
.019550
.019550
.019750
a
a
a
a
a
.399333*
Greece, drachma
.006562*
Hungary, pengo
Italy, lira..
Free.-C
....
a
.399400*
.399400*
.399400*
.399400*
.399400*
.006642*
.006600*
.006600*
.006600*
.006600*
.193650*
.193650*
.193650*
.193650*
.193650*
.193650*
.050453*
.050457*
.050385*
.050385*
.050385*
.050385*
a
a
a
a
a
a
Norway, krone
a
a
a
a
a
a
a
a
a
a
a
.039860
.039860
.039860
.039840
.039860
.039860
b
b
b
b
b
b
Netherlands, guilder.
Portugal, escudo
Rumania, leu
a
Spain, peseta
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
Sweden, krona
.238164
.238092
.237975
.237975
.237992
.238078
Switzerland, franc
.227714
.228050
.228037
.228228
.228257
.228831
.022433*
.022433*
.022433*
•022433*
.022433*
.022433*
Yugoslavia,
dinar
Asia—
China—
a
a
a
.052968*
.052875*
.051875*
.051875*
.052000*
a
a
a
a
a
.051166*
a
a
a
a
dol'r
dol
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
India (British) rupeeChefoo (yuan)
Hankow (yuan)
a
a
a
a
a
a
.224791
.227437
.227187
.226656
.227093
.229437
.302133
.301666
.301857
.301857
.302012
.301857
.234387
.234387
.234387
.234387
.234387
.234387
.470800
.471033
.471033
.471033
.471033
.471033
Official
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.215000
3.216041
3.216875
3.219166
3.222916
3.21416.
pound- 3.227500
3.230000
3.230000
3.231666
3.235416
3.226666
South Africa, pound- 3.980000
3.980000
3.980000
3.980000
3.9^0000
3.980000
.909090
.909090
.909090
.909090
.909090
.909090
.838203
.837656
.844821
.850703
.861328
.861875
.198660*
.198660*
.203340*
.202700*
.202600*
.199950*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.835781
.835000
.842812
.848250
.858875
.859625
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free...
.049840*
.050125*
.050166*
.050125*
.050125*
.050166*
.051680*
.051680*
.051680*
.051680*
.051680*
Japan, yen
Straits Settlem'ts, dol
Australasia—
Australia, pound—
New Zealand,
Africa—
North America—•
Canada, dollar—
Official
-
Free
Mexico, peso
Newfoundl'd, dollar-
South America—
Argentina, peso
Brazil, milrels—
Chile, peso—
Official
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569866*
.569850*
.569850*
.569850*
.569850*
Uruguay, peso—
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.367575*
.367600*
.367600*
.367000*
.367100*
.367100*
Export
Colombia,
—
peso
♦Nominal rate,
a
No rates available,
COURSE
Bank clearings
b Temporarily omitted.
OF BANK CLEARINGS
this week show an increase
compared with
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Sept. 28)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 3.5% above those
for the corresponding week last year.
Our preliminary
total stands at $5,864,140,068, against .$5,667,809,712 for
the same week in 1939.
At this center there is a gain for
the week ended Friday of 4.9%.
Our comparative sum¬
mary for the week follows:
a
year ago.
Clearings—Returns by Telegraph
Week Ending Sept. 27
$2,425,914,319
248,881,839
127, 524,000
319,000,000
186,631,768
80,518,742
74,800,000
124,106,000
121
633,917
106,317,359
+ 14.4
108 764,167
+23.6
242,281
87,987,049
82,362,891
61,439,726
$3,978,295,540
$3,797,959,693
+ 4.7
908,487.850
778,177,650
+ 16.7
$4,886,783,390
977,356,678
Philadelphia-
1939
320 000,000
Chicago
$4,576,137,343
1,091,672,369
—10.5
$5,864,140,068
$5 667,809,712
+ 3.5
170 921,267
Boston
77 483,031
Kansas City..
77 900,000
St. Louis
San Franciaco.
Pittsburgh—
Detroit
96, 747,564
Cleveland....
66
Baltimore
five days.
Other cities, five days
Eleven cities,
All cities, one
Per
Cent
1940
$2,545 ,789,879
265 ,289,434
New York
Total all cities,
Foreign
Week Ended
21,
SEPT.
CERTIFIED
RATES
EXCHANGE
FOREIGN
for
We
week just passed:
give below a record for the
Mead Johnson 1% points to
Moderate
EXCHANGE RATES
FOREIGN
Pursuant to the
Poland, zloty
to 115, and Utah
day, and while the upward trend was less pronounced than
on the preceding day, the gains were in excess of the declines
as the market closed.
The volume of sales dropped to 109,150 shares against 131,587 on Monday.
Industrial specialties
were in good demand and moved briskly upward under the
leadership of Pittsburgh Plate Glass which forged ahead
2% points to 94%.
Aircraft stocks were irregular, Vultee
selling up to 9% at its top for the day while Brewster,
Bellanea and Bell registered fractional losses.
Aluminum
shares were quiet, oil stocks moved up and down with only
fractional changes, shipbuilding issues moved within a narrow
range and paper and cardboard shares were quiet.
Irregular price movements were in evidence during much
of the trading on Wednesday.
The transfers again declined,
the total volume dropping to 86,535 shares against 109,150
on Tuesday.
There were some small gains in the public
utility preferred section but a substantial part of the group
was
on
the side of the decline as the market closed.
Aluminum issues were down and aircraft stocks were again
2
1835
Financial Chronicle
five days.
day
Total all cities for
week..
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
+4.9
+ 6.6
+ 0.3
—8.4
—3.8
+4.1
+2.8
+ 17.5
+ 7.8
+ 6.8
by the
cannot
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Sept. 21.
For that week there was an increase of 0.1%, the aggregate
of clearings for the whole country having amounted to
$5,895,328,073, against $5,889,747,111 in the same week in
1939.
Outside of this city there was an increase of 7.9%,
The Commercial & Financial Chronicle
1836
clearings at this center having recorded a loss of
We group the cities according to the Federal Re¬
districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a decrease of 6.1%, but in the
Boston Reserve District the totals register an increase of
Sept.
the bank
Clearings ai—
Inc.
serve
Grand Rapids.
Lansing
11,0% and in the Atlanta Reserve District of 10.3%. In
Chicago Reserve District the totals are larger by 8.3%
and in the Minneapolis Reserve District by 6.7%, but in the
South Bend
the
Terre Haute..
5,878,234
Wis.—M11 waukee
*
la.—Ced. Rapids
Des Moines...
Sioux City....
by 6.7%.
loss of 0.2%, but
20,305,169
1,256,540
9,675,927
Springfield.
a
In the
following
furnish
we
4.5%
Chicago......
1
Decatur
...
Peoria........
Rockford
districts:
CLEARINGS
SUMMARY OF BANK
529,443,153
Dl.—Bloom lug ton
by Federal Reserve
a summary
4,132,338
439,819
318,700,582
942,806
4,454,408
1,424,087
1,409,390
Total (18 cities)
in the Kansas City Reserve District there is a gain of
and in the San Francisco Reserve District of 6.0%.
430,257
104,591,677
3,596,105
1.874.490
974,970
17,728,000
1,509,430
5,108,470
21,020,101
1,185,025
9.434.491
3,901,326
449,599
309,416,041
320,202
131,570,154
3,364,253
1,570,032
1,932,684
19,838,000
2,228,568
Detroit
Indianapolis...
is
1938
1937
Seventh Feder al Reserve D istrict—Chi cago
Mich .-Ann Arbor
Ind.—Ft. Wayne
Louis Reserve District the totals are smaller
or
Dec.
%
Reserve District of
In the Dallas Reserve District there
1939
1940
13.1% and in the Philadelphia Reserve District of 2.9%.
In the Cleveland Reserve District the totals record an im¬
St.
1940
Week Ended Sept. 21
6.7%.
provement of 16.3%, in the Richmond
28,
+25.8
338,276
88,855,389
—6.4
2,192,225
—16.2
1,373,667
940,339
14.940,000
1,114,254
4,390,885
17,899,398
967,450
7,740,974
—20.6
+98.2
+ 11.9
+47.6
+ 15.1
—3.4
+6.0
+2.6
3,213,812
362,835
280,340,563
731,418
3,398,650
1,009,519
+5.9
—2.2
+3.0
281,929
99,310,364
2,650,738
1,760,400
990,011
16,843,000
1.363,494
5,122,052
19,640,093
1,063,659
8,355,912
3,191,475
375,398
312,972,743
1,156,998
—18.5
3,772,780
1,209,077
1,282,603
+ 12.2
+9.9
1,134,613
953,294
3,545,312
1,238,042
1,479,239
488,707.452
+8.3
430,950,267
481,137,755
84,100,000
31,971,658
24,070,271
91,700,000
33,031,895
25,692,492
+ 18.1
Inc.or
Week End. Sept. 21,1940
1940
1939
Dec.
1938
Federal Reserve Dists.
$
$
%
%
2d
Boston....12cities
New York.. 13
"
3d
PhiladelphlalO
7
1st
1937
184,017,062
234,213,247
3,253,557,526
3,055,716,235
Eighth Federa 1 Reserve Dis trict—St. Lo
Mo.—St. Louis..
98,600,000
100,500,000
Ky.—Louisville..
40,178,329
43,150,116
22,612,248
30,019,063
Tenn.—Memphis
x
111.—Jacksonville
494,000
639,521
Qulncy
%
288,267,374 +13.1
—6.1
3,022,147,440
3,321,855,801
303,350,920
"
433,430,606
421,319,135
+2.9
338,301,319
405,413,752
4th
Cleveland..
316,887,427 +16.3
266.566.972
340,693,430
Richmond.. 6
"
"
368,679,166
6th
167,181,123
150,599,588 +11.0
129.625.973
Atlanta.... 10
"
199,875,747
154,046,113
168,176,029
7th
Chicago
18
St. Louis... 4
529,443,153
430,950,267
481,137,755
Minneapolis 7
10th Kansas City 10
"
"
"
"
+10.3
488,707,452
+C3
Uth Dallas
6
12th San Fran... 10
+ 1.9
+ 7.4
—26.2
138,186,348
6th
uis—
8th
181,174,226
_
Total (4cities).
166,907,885
169,891,392
-1.8
140,559,929
130,723,172
122,569,541
103,572,172
149,389,533
124,003,260
142,840,634
Ninth Federal
85,237,208
—0.2
73,081,996
79,168,796
Minn.—Duluth..
"
298,930,614
282,146,709
+6.0
241,487,007
280,208,691
32 cities
We
add
now
our
5,895,328,073
+0.1
+7.9
6,689,747,111
2,962,242,877
Outside N. Y. City
Canada
569,000
140,559,929
150,993,387
3,130,587
68,943,252
24,866,813
82,802,663
+ 13.5
+ 7.5
2,268,359
+ 14.0
+28.3
813,623
796,972
2,752,566
27,289,059
2,499,535
802,450
871,071
3,854,237
+ 6.7
103,572,172
121,973,336
104,295
119,253
2,277,349
26,598,692
1,788,572
2,495,406
86,704,344
2,820,075
100,891
138,471
2,454,515
32,558,322
1,744,010
2,073,988
99,270,586
2,787,755
150,993,387
Reserve Dis trict—Minne apolis3,415,344
4,334,182 —21.2
4,450,519
82,203,498
27,960,257
2,712,842
956,593
923,931
3,472,238
130,723,172
2,744,646,979
415,015,934
,350,931,335
5,208,359,510
5,864,861,206
St. Paul......
N. D.-—Fargo
2,281,327,817
2,661,704,119
S. D.—Aberdeen.
1,095,861
1,003,953
—15.4
364,185,954
Helena
343,930,060
Total (7 cities).
detailed statement showing last week's
+4.7
122,569,541
86,091,589
Minneapolis..
Mont.—Billings
113 cities
Total
418,000
-1.8
121,973,336
156,078,041
85,061,409
+6.7
+4.5
"
9th
+29.5
169,891,392
106,907,885
31,742,295
2,917,611
+8.7
3,853,721
figures for each city separately for the four years:
Tenth Federal
Week Ended Sept. 21
Neb.—Fremopt.
Clearing* ai—
Inc.
Lincoln
or
1939
Dec.
$
1940
1938
_% (
1937
Omaha..
Kan.—Topeka.
First Federal
Reserve Dlst rict
543,271
Me.—Bangor
Portland
Mass.—Boston.
Fall River
Lowell..——.
New Bedford..
2,379,175
264,290,054
724,477
454,902
889,747
■Boston
490,681
2,294,315
230,561,447
804,067
411,508
778,397
+ 10.7
+3.7
+ 14.0
—9.9
+ 10.5
+14.3
3,356,693
2,013,833
11,344,387
4,190,156
—7.3
689,402
11,646,800
475,190
303,350,920
Colo.—Col.Spgs.
Pueblo
544,259
302,780
642,513
326,357
505,504
Total (10 cities)
+5.0
+45.1
208,207,374
+ 13.1
184,017,062
234,213.247
Second Feder al Reserve D istrict—New
N. Y.—Albany..
8.254.091
10,310,240
York-
+73.0
9,300,081
1,103,595
28,900,000
480,059
7,090,723
1,412,725
35,500,000
595,027
+8.1
562,611
666,811
—6.7
+ 15.1
+ 14.5
2,927,031,093
5,990,878
3,432,581
3,123,369
4,107,448
+57.8
257,649
+20.8
14,230,623
23,020,853
,203,157,087
0,924,477
4,479,779
3,694,226
4,671,467
364,003
19,660,605
33,638,271
Worcester.....
Conn.—Hartford
New Haven...
R.I.—Providence
N.H.—Manches'r
+7.8
+2.3
+4.3
405,382
*
Eleventh Fede ral Reserve
Texas—Austin..
Fort Worth
Galveston
Wichita Falls
Total (12 cities)
Blngbamton...
Buffalo...
1,304,308
30,700,000
805,437
831,321
1.209.092
+24.9
+7.9
35,300,000
463,982
708,714
2,933,085,196 3,145,100,132
7,332,793
7,604,918
4,102,696
4,848,808
3,504,309
4,032,618
4,773,029
4,169,169
522,308
331,013
21,508,153
10,958,481
26,063,054
29,389,239
+ 12.8
Total (13 cities) 3,055,716,235 3,253,557,526
—6.1
Elmlra.......
Jamestown
New York....
Rochester..
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Montclair
Newark.......
Northern N, J.
Third Federal Reserve Dlst rict
Pa.—Altoona
470,963
Bethlehem
685,514
....
Lancaster
Philadelphia...
Reading..
Scranton—
Wilkes-Barre..
York.....
N.J.—Trenton..
Total (10 cities)
Fourth
463,353
1,280,011
420,000,000
1,475,920
2,371,636
1,052,713
1,522,496
4,108,000
+4.0
+3.7
+ 18.2
3,022,147,440 3,321,855,801
408,369
516,731
+32.7
409,272
335,073
1,324,020
409,000,000
1,632,677
2,741,509
1,143.959
1,145,657
3,081,300
+38.0
291,378
—3.3
1,182,639
328,000,000
+2.7
—13.5
—8.0
800,436
+32.9
1,257,310
2,289,700
432,164
517,221
436,821
1,471,512
392,000,000
1.012,585
2,410,212
1,134,495
1,786,742
3,612,000
433,430,606
421,319,135
338,301,319
405,413,752
Cincinnati
Cleveland.
Columbus.....
Mansfield.....
Youngstown...
Pa.—Pittsburgh
.
Total (7 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond.
S. C,—Charleston
Md.—Baltimore.
D.C.—Washlng'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville...
Ga.—Atlanta.
Augusta
Macon...
Fla.—Jacks'nville
Ala.—Birm'ham
_
'
Mobile
Ore.—Portland.
.
.
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San Francisco.
San Jose.
Santa Barbara.
Stockton
Total (10
cities)
total
2,709,738
73,275,033
129,491,333
11,338,000
2,145,411
3,670,477
145,943,176
2,239,752
65,685,572
106,347,930
11,125,600
1,994,164
2,593,832
120,900,577
308,579,168
316,887,427
Reserve Dist rict
773,804
4,200,000
50,439,548
1,328,283
+21.0
2,488,899
01,870,390
103,778,266
13,120,100
1,923,733
+ 15.0
1,675,959
58,728,398
85,185,008
9,530,100
1,508,840
1,869,470
108,063,197
+ 16.3
266,566.972
340,693,430
+ 11.6
+21.8
+ 1.9
+7.6
+41.7
2,405,378
155,100.658
374,984
+52.1
+ 11.0
—14.8
28,681,905
2,761,000
45,443,264
1,559,839
77,331,173
23,057.901
+24.4
2,091,000
46,738,009
1,016,490
59,609,469
19,796,015
328,837
2,458,000
49,049,326
1,401,894
66,296,060
18,652,231
167,181,123
150,599,588
+ 11.0
129,625,973
138,186.348
81,757,583
+5.7
6,027,625
21,537,304
73,600,000
1,577,123
1,253,345
21,883,000
27,041,728
2,303,442
Miss.—Jackson..
4,248,645
20,704,866
64,800,000
1,554,175
1,091,385
17,167,000
23,029,203
1,855,850
x
+4.0
+ 13.6
+ 1.5
+ 14.8
+27.6
+ 17.4
+24.1
x
.
3,554,239
18,001,238
54,900,000
913,272
924,888
16,250,000
17,928,148
1,612,867
1,852,188
x
Vlcksburg
La.—New Orleans
159,887
45,492,293
150,170
46,572,932
+6.5
143,868
175,302
—2.3
39,217,593
42,430,652
Total (10 cities)
199,875,747
181,174,220
+ 10.3
154.046,113
168,176,029
2,468,000
975,193
3,843.833
1,637,159
68,273,725
8,058,448
2,862,000
914,483
3,491,393
85,061,409
85,237,208
45,502,957
1,389,115
47,489,326
19.562,622
3,799,447
2,874,582
170,428,000
3,760,735
1,377,056
2,790,774
43,882,775
1,217,775
39,594,153
18,397,970
4,661,327
3,372,068
163,865,000
3,433,133
1,273,932
2.548,576
298,980,614
282,146,709
+ 19.4
1,481,571
1,345,359
+0.6
50,735,317
—11.3
7,412,850
61,082,172
8,692.191
—13.8
+6.6
2,597,000
899,436
+ 10.1
3,955,822
3,058,000
1,009,042
3,982,032
-0.2
73,081,996
79,168,796
Franci
SCO—
38,350,196
1,074,917
33,721,489
14,107,208
4,366,555
3,320,278
+3.7
+ 14.1
+ 19.9
+0.3
—16.7
—14.8
45,733,000
1,326,107
42,403,287
17,085,057
4,037,887
+ 9.7
140,000,157
3,008,685
1,413,752
2,117,770
3,580,354
158,918,000
3,146,069
1,442,079
2,530,841
+6.0
241,487,007
280,208,691
+4.0
+ 9.5
+ 8.1
Week Ended Sept. 19
Inc.or
■
1940
Toronto
Winnipeg
_
^
Ottawa..
Quebec
Halifax
Hamilton..
1
St. John..
London
$
130,872,889
101,475,290
86,558,083
19,506,407
17,742,915
5,219,474
2,815,718
5,376,311
6.663,410
1,927,536
1,885,576
2,711,563
4,380,158
12,068,673
—23.1
—4.8
—37.4
—15.7
+53.0
+3.5
+ 15.0
+4.5
—13.6
+3.5
—4.1
+0.7
+ 10.9
—30.1
410,645
Lethbridge
498,390
—17.0
592,573
Brandon
702,023
1,781,074
—15.6
1,622,111
Moose Jaw
Brantford
Fort William
862,157
942,735
938,444
637,791
"
919,632
1,164,965
790,660
—8.9
—6.2
-r-19.1
+ 18.7
+ 9.7
641,078
279,778
587,267
743,032
1,335,662
2,785,553
471,823
808,384
570,400
570,244
343,930.060
—11.5
—15.1
574,682
358,882
662,388
671,740
1,317,846
2,751,319
550,309
811,781
548,991
518,651
544,916
1,016,169
350,031,335
415,015,934
—15.4
364,185,954
854,130
1,219,136
3,187,491
418,584
859,946
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities)
x
581,356
No figures available,
a
•
+3.3
+20.2
—0.9
+24.7
+4.6
+2.2
+ 11.1
—2.3
+7.5
$
106,281,957
101,490,017
50,768,890
18,251,695
15,826,749
5,483,309
2,563,796
6,333,456
7,071,883
1,788,372
1,820,210
2,520,809
4,510,811
3,881,255
423,147
704,431
1,510,517
600,753
930,070
835,227
391,132
584,837
710,627
1,230,484
2,557,102
400,205
841,145
623,997
618,787
406,765
1,008,749
346,274
604,149
1937
109,575,368
106,083,060
57,413,423
19,740,743
15,564,182
4,705,768
2,940,470
5,068,031
8,268,514
1,683,075
1,703,601
2,603,919
4,422,788
8,853,147
512,328
728,172
1,562,179
782,476
887,300
753,230
693,441
604,256
437,435
856,365
Medicine Hat
♦Estimated,
1938
%
8,431,239
Saskatoon
and flood.
Dec.
S
100,614,720
90,671,937
64,214,269
16,444,067
27,147,685
5,403,667
3,237,390
5,617,849
5,766,868
1,995,830
1,809,017
2,731,303
4,857,841
Vancouver
Calgary
1939
$
Sherbrooke
3,723,343
19,077,498
57,000,000
1,566,961
1,228,879
18,529,000
22,592,206
District—Da lias—
1,954,414
08,673,533
7,140,436
Clearings al-
Peterborough.
+18.3
142,840,634
+ 0.1 5,208,359,510 5,864,861,206
New Westminster
Reserve Dlst rict—Atlant
124,003,260
+4.0
+5.6
+7.9 2,281,327,817 2,661,704,119
Regina
+73.3
+4.5
+2.4
+7.2
5,895,328,073 5,889,747,111
cities)
Victoria
440,411
549,161
562,935
—3
Outside New York 2,962,242,877 2,744,646,979
Edmonton.
-Rlchm ond—
586,496
508,778
+6.9
(113
Montreal
Feder al Reserve D istrict—Clev eland
Ohio—Canton..
.
Canada—
+2.9
—0.2
—9.5
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle
Yakima
Grand
1,674,499
1,987,710
+33.3
.
La.—Shr e veport.
Total (6 cities).
-Philad elphla
397,009 + 18.4
-9.6
_
Dallas...
City
—8.7
—16.0
149,389,533
150,078,041
St. Joseph
as
99,248
147,079
2,779,004
34,957,409
2,029,478
2,748,792
102,036,797
3,380,753
556,242
054,671
90,018
123,603
2,970,879
33.863,041
2,077,842
491,282
1,935.791
201,412,556
Mo.—Kan. City.
432,590
1,849,993
161,898,646
507,052
Reserve Dis trict—Kans
2,858,606
109,375,972
3,669,931
555,346
592,203
2,925,871
1,704,152
9,064,467
3,999,794
10,724,400
3,110,151
2,170,031
11,604,302
4,369,208
12,125,600
.
Wichita.......
2,411,201
1,695,243
6,575,201
3,259,180
a4,228,300
327,795
Springfield....
Chester...
_
Hastings
535,537
925,948
Banks closed three days due to hurricane
The Commercial &
151
Volume
PRELIMINARY DEBT STATEMENT
The
States
preliminary statement of the public debt
Aug. 31, 1940, as made up on
Treasury statement,
is
of the United
States Treasury
Aug. 31, 1940.
LIABILITIES
CURRENT ASSETS AND
Bonds—
149,800,000.00
15,761,000.00
13,133,500.00
Total
$20,912,737,723.16
-
117,513,960.00
Liabilities—
$196,208,460.00
Gold reserve
Note—Reserve against
$346,681,016 of United States notes
$1,162,472 of Treasury notes of 1890 outstanding. Treas¬
of 1890 are also secured by sliver dollars in Treasury.
Exchange stabilization fund
-—
and
ury notes
1,800,000,000.00
$20,639,873,161.84
Gold In general fund:
resulting from reduc¬
Balance of increment
491,37*5,100.00
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,826,550.00
1,786,130,150.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,384,600.00
$142,816,382.16
130,048,179.16
dollar..
tion In the weight of the gold
In working balance
272,864,561.32
$20,912,737,723.16
Total
SILVER
Assets—
$1,368,288,960.91
497,599,266.00
Silver (oz.1,058,285.993.1.
3)
Sliver dollars (oz. 284,861,932
$1,865,888,226.91
Total
Liabilities—.
701,074,400.00
571,431,150.00
1,118,051,100.00
-
$2,881,579,289.00
15,790,855,670.77
11,398,771.14
156,039,430.93
(outside of Treasury)
Gold certificate fund—Board of Governors, Fed. Res. System.
Redemption fund—Federal Reserve notes
Gold certificates—Outstanding
$758,945,800.00
1,036,692,400.00
489,080,100.00
454,135,200.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,8X1,400.00
3H% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
3%% bonds Of 1943-45
334% bonds of 1944-46
3% bonds of 1946-48
334% bonds of 1949-52
2H% bonds of 1955-60
2%% bonds of 1945-47
234% bonds of 1948-51
234% bonds of 1951-54
234% bonds of 1956-59
234% bonds of 1949-53
234% bonds of 1945
234% bonds of 1948
234% bonds of 1958-63
234% bonds of 1950-52
234% bonds of 1960-65
2% bonds of 1947
2% bonds of 1948-50
234% bonds of 1951-53
234% bonds of 1954-56
,$20,912,737,723.16
(oz. 597,506,792.1)
Gold
Treasury bonds:
4*$% bonds Of 1947-52
4% bonds of 1944-54
3%% bonds of 1946-56
3H% bonds of 1943-47
3H% bonds of 1941-43
GOLD
Assets—
3% Panama Canal loan of 1961
3% Conversion bonds of 1946
3% Conversion bonds of 1947
2 J$% Postal savings bonds (20th to 49th ser.)
of the United
from the daily statement
taken entirely
are
The figures
in the following.
Aug. 31, 1940, are set out
the basis of the daily
items stood
of the Government as the
The cash holdings
follows:
as
CURRENT LIABILITIES
TREASURY CASH AND
OF THE
31, 1940
UNITED STATES AUG.
1837
Financial Chronicle
$1,839,561,041.00
1,162,472.00
Sliver certificates outstanding
Treasury notes of 1890
outstanding
25,164,713.91
Shyer In general fund
680,712,850.00
27,235,509,800.00
$1,865,888,226.91
Total....
U. S. Savings bonds (current redemp.
value):
Series B-1936
Series 01937
Series C-1938._
Series D-1939
Series D 1940
Unclassified sales
Gold (as
above)
Subsidiary coin (oz. 4,827.877 3)..
Bullion—At recolnage value (oz. 1 203 7)....
At cost value (oz. 1.298.869,936.5)_a
575 356.00
512 821.00
National bank notes
21,800 009.03
815,267 ,969.83
Unclassified—Collections, &c
756,305,774.90
banks
Deposits In—Federal Reserve
Special depositaries account of sales of Government
National and other bank depositaries:
To credit of Treasurer United States
To credit of other Government officers
Treasury Notes—
$737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
629,115,400.00
420,972,500.00
279,473,800.00
415,519,500.00
515,210,900.00
283,006,000.00
718,024,200.00
134% series C-1940,
134% series A-1941, maturing Mar. 15, 1941..
134% series B-1941, maturing June 15,1941..
134% series C-1941, maturing Dec. 15,1941..
134% series A-1942, maturing Mar. 15,1942..
2%
series B-1942, maturing Sept. 15,1942..
134% series C-1942, maturing Dec. 15,1942..
134% series A-1943, maturing June 15,1943..
134% series B-l943, maturing Dec. 16,1943..
1%
series C-l943, maturing Sept. 15,1943..
34% series A-1944, maturing June 15,1944..
1%
series B-1944, maturing Mar. 15,1944..
1%
series C-l944, maturing Sept. 15. 1944..
34% series A-1945, maturing Mar. 15,1945..
1,838 548.00
12,458 467.50
....
......
....
Federal Reserve bank notes
$31,196,161,531.36
maturing Dec. 15,1940..
1,270 615.03
United States notes
Federal Reserve notes
500,157,956.40
Total bonds
1 664.00
648,356 ,906.18
Minor coin
3,008,137,496.46
Adjusted service bonds:
fund series)
$272,864, 561.32
25,164, 713.91
6,674 100.26
above)
Silver—At monetary value (as
$256,147,818.50
Adjusted service bonds of 1945
(Government life Insurance
GENERAL FUND
Assets—
$173,511,824.50
317,237,886.50
413,543,732.75
498,689,191.50
826,117,662.21
695,726,718.75
83,310,480.25
Series A-1935
716,867 ,000.00
securities..
51,126,034.66
34,596,862.49
...
Foreign depositaries—
To credit of other Government officers
274,775.70
914,966.23
United States
Philippine treasury—To credit of Treasurer
$2,610,565,371.14
Total
Liabilities—
Treasurer's checks outstanding
$4,705,169.15
4,547,522.06
...
Deposits of Government officers—Post Office
Board of trustees. Postal Savings System:
Department......
59,300,000.00
6% reserve, lawful money
4,992,318.83
Other deposits
65,134,482.81
disbursing officers, Ac
Postmasters, clerks of courts,
18,224,308.18
Uncollected Items, exchanges. Ac
$156,903,801.03
$6,384,362,400.00
Seigniorage (silver) (see Note 1)
Working balance
fund notes:
3% old-age reserve account series, maturing
June 30, 1941 to 1944
i.
234% Federal old-age and survivors lnsurance trust fund series, maturing June 30
*
324,900,000.00
1944 and 1945
I
85,400,000.00
and
Note 2—The
today was
4% Alaska Railroad retirement fund series,
maturing June 30, 1941 to 1945
2% Postal Savings System series, maturing
96,500,000.00
Insurance fund series,
1944
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1,1943 <fc 1944.
56,000,000.00
8,999,115,400.00
fund series,
$10,800,000,00
23$% Unemployment trust fund series, ma¬
turing June 30, 1941..
.......
Old debt
matured—Issued prior to April 1,
Postal Savings bonds)
bonds of
4%
Treasury bills
certificates
was
gold reserve.........................
Old demand notes
The
and fractional currency...
Total gross debt........................
acquired the Albany office
the business at the same
with the same personnel, beginning Oct 1.
will be managed by John A. MacCormack,
office
location,
who has been
Co. for the past nine years,
during which
for the past five years.
transact a general busi¬
1500 Walnut Street,
Philadelphia.
Mr. Taggart, head of the new firm, has been in the securi¬
ties business for the past 28 years and was previously associated with
Bioren & Co., Hemphill, Noyes & Co. and Janney & Co.
186,684,853.50
2,028,743.04
-
New York.
& Cassatt have
Webber & Co. and will continue
—Charles A. Taggart & Co.
in investment securities,
has been formed to
with offices located at
Vice-President of the Central Hanover
been elected a member of the
of the J. W. Pepper, Inc. advertising agency at 500 Fifth
—Kenneth S. Walker, Assistant
unclassi¬
3,772,703.25
will service in the middle western territory ac¬
companies.
Mr. Stephenson formerly
U. S. Casualty Co., following a connection for
with Fidelity & Casualty Co. of
he has been the manager
ness
156,039,430.93
fied sales, <fec
have opened a branch office in the
under the management of E. L.
and affiliated
associated with Paine, Webber &
205,495,280.26
bank and
Thrift and Treasury savings stamps,
has joined their
in utility securities.
69 State Street,
$190,641,585.07
Deposits for retirement of National
Federal Reserve bank notes
of member
—Merrill Lynch, E. A. Pierce
$346,681,016.00
United States notes
unlisted department to specialize
Chicago manager of
of Paine,
and that John D. Cronin,
Walbridge and Fuller, Rodney & Co.,
Exchange Building, Chicago,
many years
Debt Bearing No Interest—
t>wh
formerly with Pask &
counts
1,159,400.00
1,867,500.00
14,338,200.00
574,000.00
28,707,300.00
36,130,900.00
3,905,500.00
103,992,000.00
193,150.00
Salomon Bros. & Hutzler and the First
associated with their bond department where
railroad and corporate bonds,
Stephenson, which office
,
Of 1927-42
of the New York Stock Exchange, announce
Martin, formerly with
Corporation, is now
he will specialize in
Insurance
10,710,700.00
43$% Third Liberty Loan bonds of 1928.....
43$% Fourth Liberty Loan bonds of 1933-38.
33$% and 43$% Victory notes of 1922-23
334 Treasury bonds of 1940-43
Treasury notes, at various rates of Interest..
Ctfs. of Indebtedness, at various Interest rates
Inc.
—Associated Aviation Underwriters
$3,880,390.26
36,240.00
Second Liberty Loan bonds
Treasury savings
Boston
bank stock and
Liberty Loan
1932-47
and 43$%
that Ralph
Has Ceased—
1917 (excluding
23$% Postal Savings bonds
33$%, 4%, and 43i% First
1,818.800,000.00
1,302,540,000.00
$43,316,616,931.36
....
Committee, District No. 13,
Dealers,
Securities
of
_
....
-
Uniform Practice
—Mackay & Co., members
1,808,000,000.00
value)...............
NOTICES
of the National
recommends that all contracts
covering when issued trades in reorganization securities, which are ap¬
parently exempt from the registration provisions of the Securities Act of
1933, should include the following legend:
"Provided, however, that this
contract shall be void unless these securities are exempt from registration
under the Securities Act of 1933 at time of issuance."
—The
Association
4,259,000.00
Certificates of Indebtedness—
Matured Debt on Which Interest
disbursing officers and certain agencies
CURRENT
Government life
maturing June 30, 1943 and
outstanding
amount to the credit of
$2,819,155,052.19.
942,000.00
June 30. 1942 to 1944
Total Interest-bearing debt
seigniorage represents the difference between the cost value
of silver bullion revalued and held to secure the silver cer¬
of sliver acquired under the Sliver Purchase Act of 1934
under the President's proclamation dated Aug. 9, 1934.
Note 1—This Item of
5,376,000.00
to 1945
Treasury bills (maturity
the basis of the average
month of July, 1940.
tificates Issued on account
0.
1941
of silver bullion Is computed on
at the close of the
and the monetary value
633,100,000.00
330,000.00
4,746,000.00
4% Adjusted service certificate
maturing Jan. 1, i94l
2,453,661,570.11
$2,610,565,371.14
Total..
The weight of this item
a
cost per ounce
1941 to 1945
2%
$142,816,382.16
590,457,103.09
1,720,388,084.86
1,403,200,000.00
3% Railroad retirement account series, ma¬
turing June 30. 1942 to 1945
Civil service retirement fund:
4% series 1941 to 1945
3% series 1944
4% Foreign Service retirement fund, series
4% Canal Zone retirement fund, series
gold (as above)
Balance today—Increment on
Federal old-age and survivors Insurance trust
Bank &
383,127.884.86
.-$43,905,240,096.48
Trust Co.,
Board of Directors
Avenue, New
York.
New York City, has
The Commercial & Financial Chronicle
1838
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND
The monthly report of the
Sept. 28, 1940
CREDIT AGENCIES AS OF JULY 31, 1940
Treasury Department, showing assets and liabilities as of July 31, 1940, of governmental
corporations and credit agencies, financed wholly or in part by the United ^States, was contained in the Department's "Daily
Statement" for Aug. 31, 1940.
In the footnotes to the table below an
explanation is given of the simplification of calculation of proprietary interest.
As now computed, the Federal Government's
proprietary interest in these agencies and corporations, as of July 31, was
$3,844,229,972, and that privately owned was $406,193,859.
SUMMARY
OF
COMBINED
STATEMENT
UNITED
OP
ASSETS
STATES, COMPILED
AND
FROM
LIABILITIES
LATEST
OF
REPORTS
GOVERNMENTAL CORPORATIONS
RECEIVED
BY
AND
CREDIT
THE TREASURY*—JULY
31,
AGENCIES
OF
THE
1940
AsteU d
Investments
Real
Preferred
Securities
e
Stock, <tc.
Accounts
Estate
Guaranteed
and Other
and Other
States
Cash
Capital
United
by United
All
Receivables
Business
Securities
Leans
Slates
Other
1,074.587,162 465,909,209
182,490,555
£6,976.070
2,292,096
54.687,256
63,316,946
2,624,013
20,925.664
Tennessee Valley Authority
Public Works Administration
8,300,000 623,443,937
hl2,210225
h25219,866
97.1*14*727
United States Maritime Com mission—.
48,558,100
220.893
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation-
44,442,665
59.640
367,17*7*,085
37.261.271
10,845,082
165 ,632,861
Jill 734.203
Farm Credit Administration
234,520,915
3,1*68*765 413,6*50*598
2,734,436 742
1,784,843
24.9.50.280
31,324*557
162,22*1479
...
30,288.771 114,508,456
80,000
125.396.531
4,1*58^810
690,5-50
h3.499,970
240*306
172.444
10,017.012
255.769,710
1,103,432
23,028
1,024,655
220
25,063,610
665 ,072,909
1,874 ,607,845
30,087,713
67,468,344
86,497,675
43.513,359
5,878.376 167,024,843
39,393,840
58,614,560
2,102,140
65 110,638
44,595,161
46.288,031
901,794
13,881,277
36,482,15
7,613,624
...
—...
Banks for cooperatives....
Production credit corporations
Regional agricultural crpdlt corporations..
64 542.759
763.4*9*2*327
5,889,441
5,3*49*558
170.420,814
276,775,977
294,383.019
12.675,695
91,643,043
2,299,009,567
55,329
1,466,778 128,091,409
240,351
236 901,280
Federal Farm Mortgage Corporation.
226.815,793
17,626,953
263 ,729.500
Federal Intermediate Credit banks
341,890,764
97,114.727
1.936.707
Federal Housing Administration
80,168,541
11,257.907
7,514,543
3,600.000
17,687,310 105,435,157
41,858,510
13,565,156
409,221
683.608,602
534.608,419
6.041,573 326,728,006
2,004.737,297 1197447,510 104.318.029
Federal National Mortgage Association..
United states Housing Authority
44*152
1,672,814,442
r40,143,744
20,3*16*275
24,964,748
224.879,086
Loan Corporation
Federal Sa'lnirs & Tx>an Insurance Corp..
Federal Home lx>an banks
464,873
44,575,091
8,096,590 478,519,136
4,126
36,400
8,574.254
43,000,828
9,121,185
Rural Electrification Administration
Federal Land banks
Total
%
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-import Bank of Washington
Home Owners'
Other t
Property
337,067,149
1,514,842,003
10.966,653
10,515,708
951.060
60*646
105.305
178.506.202
517,850
84,757,374
388.743
44,228
34,606
123,126,745
69,589
22,176,437
611,947
War emergency corporations and agencies
(In liquidation):
Navy Department (sale of surplus
war
supplies)
4,566 471
Sec
of Treasury (U. S. RR. Admin.)..
United States Housing Corporation
4,065
United States Spruce Production Corp.
72,577
Disaster Loan Corporation
Farm
Farm
Interior
Inland
Prison
hi ,098, 950
16, 487
Industries. Inc
3,532", 807
680*934
445.812
4,262.302
Associated
Federal savings and loan associations
14*3* 640
25,525.928
39,4*53*, 136
49*5*831
49,769,566
1,000,000
342,950
4,540
7,999.175
400*540
hi,398, 171
from
the
61,858,637
2,201
296,708
32.558,000
30,185,928
30,185,928
In settlement of tax llab's.
under Act of Feb. 24,
or
8,802.796
19,630,918
32,558,000
Railroad loans (Transp'n Act, 1990).
Securities received by Bureau of Inter¬
Due from
1,153*596
2,517, 273
Cooper¬
33,825
172,151
RFC
1938
14,159.905
3,3*8*7",773
366 426
295,501
"1*151
256,142
Inter-agencv Items:
22,715.994
2.910.681
1,219,000
59,715,825
received
74,602
48,353
567 622
4,057,002
9,158*,672
Admin..
atives. Inc
nal Rev
699,350
hi,000 000
Reconstruction
1,829.394
728,620
Treasury Department
Securities
14,375
306.519.922
2,910,681
RFC Mortgage Co
Valley
3,910
14,902
1,000
361,563
Metals Reserve Company
Tennessee
1,170
13,718,600
Department (Indian loans)...
Waterways Corporation.......
Rlcan
501, 925
123,678
306,519,922
Panama Railroad Co
Puerto
54,312
21,537,532
Authority...
Security Administration
Federal
110,132
1,190, 648
Other:
Electric Home and
4,566,471
46 475
59,592
570.059
172,151
2,373,963
2,373,963
m
governmental corporations
agencies
Due to governmental corporations or
agencies...
Total
7,740.807.040 697,172,209 462,093,123 740.053.191 131,068.066 898.266.047 393,647.199
566.553.588 1223738,003 12.853.398,466
Liabilities and Reserves d
Excess
Proprietary interest
Distribution of United States Interests
of Assets
Guaranteed
Not
by
Guaranteed by
United Statesq
United States
•
1097 529,214
•407,219,502
Federal Deposit Insurance Corporation..
Tennessee Valley Authority
£219,839,059 1,317,368,273
2,853,295
410,072,797
339.104
339,104
3.910,092
3,910,092
245,308,862
245.308,862
13,968,746
13,968,746
65,572^615
United States Maritime Commission
Rural Electrification Administration
Home Owners' Loan Corporation
....
k2642329,835
Federal Savings & Loan Insurance Corp..
Federal Home Loan banks
Federal Housing Administration........
Federal National Mortgage Association..
United States Housing
Authority
65*.572", 615
62*511",845 2,704,84*1*680
1,277,971
77,774,551
8**5*2*4*361
sll4~, 157*666
1,277,971
77,774,551
14,032,970
5,508,609
88,639,264
4,735,146
Farm Credit Administration
Federal Farm Mortgage Corporation....
Federal Land banks
192,821,779
1,279,145,018
88,639,264
118,892,146
,
192.821,779
36,734,608 1,315,879.626
£168,994.652
138,522,427
75 .000,000
4,829,437
7 347,815
150 ,000,000
8 .000,000
79,829,437
7,347,815
289,299,557
327,922,018
97,114,727
168,948,300
97 ,114,727
168 ,948,300
al70 ,488.049
226 815,793
29,595,062
124,118,560
177,995,159
50,509,789
81,781,550
157,883,831
101,561,240
29 595.062
a
bl, 5*3*9* 749
98 ,088,229
128.727,564
c75,40*,592
124 ,118,560
53,254,159
200 ,000.000
100 ,000,000
24,118,560
124 ,741,000
50 509,789
a50 509,789
81, 781,550
10 000,000
5,820,514
157 ,883,831
101 ,561,240
1 000,000
136,879,664
alOl 561.240
120 000,000
20,044,820
20 044,820
5, 000,000
4.566,471
65,961,036
20,004.167
15,044,820
209,888,094
198, 962,377
301 916,235
116 020.720
70 000,000
3*.*75*2*649
171 875.389
149, 000,000
bl,037* 623
200 000,000
124 675.285
bl0,857,669
b5,729,793
5,720,793
a4,566,471
91,549
13.088.197
....
91,549
13,088,197
110,132
alio,132
1,829,394
34.087,063
699,350
699.350
100.000
c32,257,669
199,350
22,624,445
1,071,708
22,624,445
24,000,000
cl,375,555
300,519.922
"
2*14*247
*2~14,247
8,588,549
2.910,681
1,6*31*391
l",03*1*391
24.494,537
1.071,708
306,519,922
850.000
224,334
8,588,549
a306,519,922
a4,113,380
400,000
4*.4*75469
b2,626
2,910,681
a2,910,681
24.494,537
1.000,000
12,000,000
12*.494*537
1,000,000
48,321,738
1,000,000
7,000,000
42*,340*793
bl,019,055
33*.822*896
1,4*4*7",828
48,321,738
7,999,175
7,999,175
a7.999.175
2,651,457
59,207,180
59,207,180
25,000,000
*384*284
296,708
296,708
1,000
295,708
32,558,000
Reconstruction Admin..
RFC Mortgage Co
1*44*7*828
2,651,457
Rlcan
Associated
b94,996,346
124 ,741,000
122, 729,303
Company
32,558,000
30,185.928
32,558,000
a30,185.928
Cooper¬
Treasury Department:
Federal savings and loan associations
Railroad loans (Transp'n Act. 1920).
Securltles received by Bureau of Inter¬
30,185,928
In settlement of tax llab's
received
from
the
under Act of Feb. 24, 1938
172,151
172,151
al72,151
2,373,963
2,373,963
a2,373,963
RFC
m
Due from governmental corporations
or agencies
Due to governmental corporations or
agencies...
al49,032,909
bl49,032,909
a25,995,008
5,548.904,93013,054,069,705
top of following column.
51,*7*6*2",596
110,132
Waterways Corporation...
see
b652485
150 ,000,000
a276 ,159,422
a97 114,727
1,829,394
Panama Railroad Co
For footnotes
327 ,922,018
122.729,303
(Indian loans)
Total
139,299,557
35,013,378
war
Federal Prison Industries, Inc
Securities
100 .000,000
397,442
2,131,617
Admin.)..
Corporation
Inter-agency Items:
500 .000,000
1188.098,619
51,741,513
17,154,596
2,729,303
2,131,617
Authority...
Security Administration...
nal Rev
355 ,446.169
273 ,535.805
79 .829,437
397,442
Electric Home and Farm
Valley
atives. Inc
b313,548,483
I
355,446,169
273,535,805
175,627.438
Other:
Tennessee
Interests
2,968,764
United States Spruce Production Corp.
Puerto
Interagency
Surplus
221,046,429
U nlted States Housing
Corporation
Metals Reserve
Stock
4,566,471
(In liquidation):
Navy Department (sale of surplus
Inland
United Slates
2,968,764
War emergency corporations and
agencies
Farm
Owned
221,046,429
...
Production credit corporations.....
Regional agricultural credit corporations..
Interior Department
Capital
Liabilities d
198,962,377
511,804,329
116,020,720
1,787,205,238 1,787,205,238
Federal Intermediate Credit banks......
Banks for cooperatives
Disaster Loan
Owned by
226,815,793
Public Works Administration
RR
Total
Privately
S
Reconstruction Finance Corporation
Commodity Credit Corporation
Export Import Bank of Washington.....
Federal Crop Insurance Corporation.....
supplies)
Sec. of Treasury (U. S
Over
8,602,974,635 4,250.423,831
406,193,859 3,844,229,972 3,349,923,508
25,995,008
705,306,464
n211,000.000
The Commercial & Financial
151
Volume
FOOTNOTES FOR TABLE
These reports
Complied from Latest Reports
b Excess lnter-agency
deposits with Reconstruction Finance
Excludes unexpended balances of
e
1 Also includes real estate
Unmatured Obligations—
Commodity Credit Corp.:
appropriated funds.
<
in transit,
3» '% bonds of 1944-64..
commitments.
As of July 31, 1940, the United States
definite contracts calling for maximum advances
of $681,641,000.
Advances have been made in the amount of $102,656,720 as
of July 31, 1940, against loan contract commitments amounting to $372,016,000.
The Housing Authority has also agreed to disburse $236,313,000 on additional
loan contract commitments amounting to $309,625,000 now being financed by
securities issued by local housing authorities.
3% bonds of 1942 47
j Also excludes contract
2 + % bonds of 1942-17..
of Home Owners' Loan Corporation
cancellation: also excludes $5,000,000 in bonds
accrued int. thereon which are shown as
bonds pending
of the Treasury and
1 Includes $325,874 due to
and of Government agencies,
which are
Third
held by the Secretary
2*4%. debs., series B—
Housing Insurance Fund:
r
2^%0 bds., ser. G, '42-'44
accrued Interest.
deposited with Federal Reserve banks
Includes
for a conditlona
purchase commitment.
s
amounts in bonds and notes
shown as inter-agency liabilities;
Excluded are the following
the Treasury, which are
Commodity Credit Corporation,
Authority, $20,000,000.
Corporation, $35,966,500;
States Housing
held by the Secretary of
Reconstruction Finance
$35,000,000, and United
31, 1938, the proprietary interest
paid-in surplus and non-stock interest in govern¬
which were offset by a corresponding item under
proprietary Interest" of the Treasury, have been omitted (except for
"lnter-agency
for the purpose
and liabilities shown herein)
included in the lnter-agency assets
items as are
such
M,'45-47
of simplification in form.
137,844 755,041,869
971 211,460,971
211,460,000
298,939,000
310,090,000
275,868,000
+% notes, series N
+ % notes, series P._„
+ % notes, series R...
1% notes, series S
2,604,753,926
1,394,226
e2,603,359,700
Reconstruction Fin. Corp.:
■k
3,748 298,942,748
257 310,090,257
287
275,868,287
5,264
1,096,362,264
fll4,157,000
2,241
114,159,241
5,497,556,555
d
the statement of July
Note—Effective with
represented by the capital stock,
mental corporations and agencies
95,892 879,134,517
2,522 190,840,422
190,837,900
754,904,025
+ % bonds, series L, 1941
Includes $16,690,481
1,157,967 779,737,117
778,579,150
879,038,625
3% bonds, ser.A, 1944-52
7,501,457
502
7,500,955
Home Owners' Loan Corp.
Includes cash In trust funds,
q
+ % debs., series D__
1 + % bds., ser.
808,523
2,023,850
2,023,850
statement.
sponding organizations.
p
1,173,600
373
808,150
Uncalled
2
3,495,483
1,173,600
called
Department
assets and liabilities of the Treasury
which agencies are not included in this
holdings of capital stock and paid-in surplus Items
deducted from the capital stock and paid-in surplus of the corre¬
not
128
3% debs., series A
2 + % debs., series B—
held as "Treasury"
Represents inter-agency
n
3,495,355
1,270,644,573
1,256,673
Mutual Mtge. Ins. Fund:
Interagency liabilities.
Federal Land banks from the United States Treasury
lnter-agency
Represents
m
1,269,387,900
Federal Housing Admin.:
paid-in surplus.
for subscriptions to
406,796,429
2,429
910,183 835,995,783
144,528 94,823,128
176,975 236,653,175
24,986 103,172,486
835,085,600
94,678,600
236,476,200
103,147,500
3% bonds of 1944-49
Housing Authority had entered into
k Excludes $125 bonds
2,242 204,243,242
b406,794,000
Federal Farm Mtee. Corp.
$39,749,910; shares of Federal
$157,697,600.
savings and loan associations,
187 202,553,187
202,553,000
204,241,000
+ % notes, Rer. D, 1941.
1% notes, series E, 1941.
and other property held for sale,
building and loan associations,
Total
a
Guaranteed by U. S.
liabilities (except bond Investments and
Corporation),
deposits with the RFC and accrued interest thereon,
i Shares of State
I uteres t
Principal
Adjusted for lnter-agency items and items
ft
h Also Includes
Matured
non-stock proprietary Interests).
assets (deduct).
Exclusive of lnter-agency assets and
d
Amount of Contingent Liability
Detail
(deduct).
Deficit
c
Received by the Treasury
are
Non-stock (or Includes
a
30, 1940
LIABILITIES OF THE UNITED STATES, JUNE
CONTINGENT
PRECEDING
revised by the Treasury Department to adjust for certain
lnter-agency Items and therefore may not agree exactly with statements Issued by
the respective agencies.
*
1839
Chronicle
2,661,337
5,500,217,893
1,096,357,000
(e)
Tennessee Valley Authority
U. S. Housing Authority:
1 + % notes, ser
B, 1944
U.S. Maritime Commission
Total unmatured securities.
Matured Obligations—
DEBT OF THE UNITED STATES
Federal Farm Mtge. Corp.:
contingent
Treasury's
of June 30, 1940, has been extracted
official report.
Comparative debt
Home Owners' Loan Corp.:
COMPLETE PUBLIC
following statement of the public debt and
liabilities of the United States, showing also the
The
surplus positionall as
from
the Treasury's
figures of a year earlier are also
CASH AVAILABLE
—6,429,278
2 + % bds.,ser B.
1 +%
._
Disbursing officers' checks
Discount accrued on
War Savings certificates.....
checks
Settlement on warrant
Total
-
-
59,004,590
66,856,506
223,767,199
3,393,850
1,249,854
748,334,568
3,455,730
$295,267,409
—.—--
--
599,596
31,858,696
5,528.815,655
3,260,933
5,532.076,589
1,302,739,905
35,763,617
hi,338,503,522
bonds, ser. F. 1939
*/&% bonds, ser. K, 1940
Total matured securities
Total, based on guarantees
On Credit of
31,504,447
U. S.—
System:
Savings
Postal
Funds due depositors—
$811,453,050
658,162
174,467
6,791,521
Secretary of Agriculture..
obligations:
interest obligations
598,847
a31.259.100
23,865,200
1939-49
2% bonds, series E, 1938
—21,276,811
belated items
$1,884,313,863 $2,816,948,722
Matured
521
4% bonds of 1933-51
June 30, 1939
$2,838,225,533
Deduct outstanding
76,000
173,400
6,791,000
ft30,905,600
dally statements
$1,890,743,141
Deduct—Excess or deficiency of receipts over
under disbursements on
354,248
15,063
24,441,825
81,570
15,063
576,625
5,570
1,067
OBLIGATIONS
June 30, 1940
or
748
353,500
1939
shown:
TO PAY MATURING
Balance end of month by
Add or
1 + % bonds of
Tennessee Valley Authority:
2+
8,300,000
18,300,000
% bonds, ser. A, 1943
Total, based on credit of the
1,311,039,905
United States
1,346,803,522
35,763,617
Other Obligations—
(—)
Balance, deficit
or
..+$1,589,046,454 + 2,005,495,672
surplus (+)
Fed. Res. notes (face
30, 1940
June 30, 1939
$
49,800,000
28,894,500
$
49,800,000
28,894,500
Service Ctf. Fund—Ser. 1941
11,300,000
Trust Fund—Series 1940.. 1,710,000,000
bonds of 1947 9o2
A O
758,945,800
1,267,000,000
Payable
Q-M
Q J
3s of 1961
3s convertible bonds of
1946-1947
b
c
2+s Unemployment
4+s Treasury
4s Treasury
M-S
J-D
J-D
M-S
1946-1949.....J-D
194 -1956
1943-1947
3+s Treasury bonds of 1940-1943
3+s Treasury bonds of 1941-1943
3+s Treasury bonds of
3s Treasury bonds
M-8
of 1951 1955..
of 1941.
.
F-A
4+8-3+8 Treasury bonds of 1943-1945
__A-0
3+8 Treasury bonds of 1944-1946
..A-O
3s Treasury bonds of 1946-1948
.........
J-D
3+8 Treasury bonds of 1949-1952.—J-D
2+8 Treasury bonds of 1955-1960
M-S
2 + s Treasury bonds of 1945-1947
M-S
2 + s Treasury bonds of 1948-1951
M-S
2 + 8 Treasury bonds of 1951-1954
J-D
2 + s Treasury bonds of 1956-1959
—.M-8
2+s Treasury bonds of 1949-1953
_
J-D
2+s Treasury bonds of 1945 ......
........ J-D
2 + s Treasury bonds of 1948
M-S
2+s Treasury bonds of 1958-1963
J-D
2+s Treasury bonds of 1950-1952..M-S
2 + s Treasury bonds of 1960-1965
J-D
3+s Treasury bonds
of 1947
—...J D
1948-50
J-D
bonds of 1951-53
J-D
S. Savings bonds, series A, 1935...............
S. Savings bonds, series B, 1936
S. Savings bonds, series C, 1937
S. Savings bonds, series C, 1938—
S. Savings bonds, series D, 1939
S. Savings bonds, series D, 1940
2s Treasury bonds
2s Treasury bonds of
2 + s Treasury
U.
U.
U.
U.
U.
U.
Unclassified sales
.....
Adjusted Service bonds of 1945
4+s Adj. Service bds.(Govt. Life Ins. Fund ser.
2+s Postal Savings bonds
.......
.....
3s
Treasury
notes
Treasury
bills
544,870,050
818,627,000
755,432,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
834,453,200
1,400,528,250
1,518,737,650
491,375,100
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
981,826,550
1,786,130,650
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,384,600
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
J-D 1,036,692,400
bonds of 1944 1954
3+b Treasury bonds of
3+8 Treasury bonds of
1946)
J-J
...
...
, - -
19,500,000
489,080,100
454,135,200
1,035,873,400
701,074,400
571,431,150
1,118,051,100
cl74,199,662
c318,241,923
c4l4,432,424
c500,311,542
c828,481,584
c596,973,044
c75,572,542
261,029,819
500,157,956
117,586,760
8,936,036,100
1,302,194,000
1,035,874,400
701,074,900
177,329,120
325,404,289
425,805,175
515,331,822
333,033,431
97,120,041
282,894,650
500,157,956
117,776,160
9,225,905,700
1,307,569,000
Does not include
as
$25,000,000 face amount of +% notes, Second
held by the Treasury
Dec. 29, 1940,
Certificates of indebtedness:
Special:—4s Adjusted
matured principal and interest
of outstanding
United States for payment
obligations guaranteed by the CJ. S.
deposited with the Treasurer of the
Funds have been
a
Interest June
Title of Loan—
J5,188,054,343
amt.).
INTEREST-BEARING DEBT OUTSTANDING
of bonds held by the Home Owners' Loan
Includes $75 face amount
$7,000,000 face amount of 1% notes, Series
1942, held by the Treasury and reflected in the public debt.
e
Bonds in the face amount
certificate in the face amount
Valley Authority Act of
and reflected in the
g Does not
June 30,
Q-2, due Jan. 1,
of $272,500 issued under Section 15a and an interim
of $52,000,000 Issued under Section 15c of the Ten¬
1933, as amended, are held by the Treasury and re¬
debt.
flected in the public
f Does not include
Corporation
cancellation.
"Treasury" bonds pending
d Does not include
nessee
Series, due
and reflected in the public debt.
$20,000,000 face amount of notes Series D held by the Treasury
public debt.
include $255,000 face amount
of bonds in transit for redemption on
1940.
h Figures
shown are as of April 30, 1940—figures as of June 30, 1940, are not avail¬
by cash In designated depositary banks and the accrued interest
Offset
able.
amounting to
$43,958,199.02, which is secured by the pledge of collateral as provided
of the Postal Savings System, having a face value of $43,329,545
in the Regulations
possession of System amounting to $77,920,564.27, Government and Govern¬
ment-guaranteed securities with a face value of $1,207,333,550, and other assets.
cash in
i Held
by the Reconstruction
Finance Corporation.
circulation, exclusive of $10,862,551.14 redemption fund deposited
$282,861,450 of their own Federal Reserve notes held by the
issuing banks.
The collateral security for Federal Reserve notes issued consists of
$5,575,500,000 in gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $1,428,000 face amount of commercial paper.
j
In actual
In the Treasury and
NATIONAL
The
from the office of the
Department:
Sept.
BANKS
information regarding National banks is
following
Comptroller of the Currency, Treasury
CHANGE
16—The National
OF TITLE
Bank of Opelika, Opelika, Ala., to
'Opelika
National Bank."
VOLUNTARY LIQUIDATIONS
Aggregate of
42,380,009,306 39,891,844,494
386,443,910
411,279,534
204,590,740
142,293,290
Interest-bearing debt
Bearing no Interest
Matured, Interest ceased
Amount
Effective Sept. 5,
Total debt
Deduct Treasury
-
surplus or add Treasury
Net debt
a42,971,043,956 40,445,417,318
deficit...+ 1,589,046,454 + 2,005,495,672
b41.381,997,502 38,439,921,645
30, 1940, on the basis of daily Treasury statement, was
$42,967,531,037.68, and the net amount of public debt redemption and receipts in
transit, &c., was $3,512,918.24.
b No reduction is made on account of obligations
of foreign governments or other investments,
c Amount issued and retired includes
accrued discount; amounts outstanding are stated at current redemption values.
a
l'otal gross debt June
National Bank in Eldora, Iowa
1940.
Liquidating agent, W. K. Bramwell,
No absorbing or succeeding association,
Sept. 17—Hardin County
Eldora, Iowa.
Sept. 17—The
Kingsboro National Bank of Brooklyn
in New York,
500,000
N. Y
Effective
New
Liquidating committee:
John F.
Andrew J. Gonnoud and Harry P. Molloy, care of
July
McKenna,
the
$75,000
31,
liquidating
York, N.
1940.
bank.
Y.
Absorbed by Colonial
Trust Co.,
The Commercial & Financial Chronicle
1840
GOVERNMENT RECEIPTS AND EXPENDITURES
enabled to place before
we are
Secretary
our
of the
Treasury
-Month of August—
1940
1939
•
Gold, See.
on
Through the courtesy of the
Sept. 28,
Trust Accounts, Increment
Receipts—
S
of Government receipts and disbursements for August, 1940
Appropriations
Lessrelmburse.togen.fund—
1940-41
and 1939-40.
1940
Revenue:
Income
Month of August
Miscell. Internal
revenue
1940-41
1939-40
3
$
37,644,603
$
87,299,657
38,032,379
80,253,007
Net
Tax
on
346,155.635
217,209,795
583,544,350
403,915,605
Deposits
106,554,988
al61,892,746
139,259.333
Adv.
employers of 8
or
8,066,304
8,635,669
10,732,948
7,052,246
unemployment
4,446,362
7,581,692
5,142,777
27,212,787
48,855,535
insur¬
contributions
118,026
Customs....
23.630,230
Miscellaneous receipts:
Proceeds of Govt .-owned
119,204
52.740,469
....
155,034,824
91,000,000
26,712
119,208,959
48.000,000
155,061,537
91,000,000
141,574,354
....
by
from
Railroad
154,172,475
200,414,139
196,820,001
1,062,229
91,040
1,072,836
Re¬
1
Treasury
1938)
15,000,000
Transfers from States (Act
June 25, 1938)
413,757
Interest on Investments
Railroad retirement account:
19,701
14,742
26,000,000
18,100,000
46,000,000
40,000,000
15,132,445
Transfers from general fund..
Interest on Investments
Other trust accounts
14* 64 L 384
13*2,144^090
120*6*13,959
Other funds and accounts:
—
...
Increment resulting from re¬
duction In weight of gold
dollar
-
6,449,891
7,391,910
10,566,842
12,324,367
Panama Canal tolls, &C
1,735,434
2,058,157
3,550,573
4,826,179
2,038,,946
7,871,268
4,736,779
^13,534,363
19,712
53,025
39,517
79,455
2,354,695
5,308,563
5,271,019
13,128,254
305,352,394
240,366,487
540,436,596
477,000,040
15,000,000
43,000,000
110,000,000
86,000,000
3,564,754
1,284,241
6,681,531
2,711,087
85,000,000
129,000,000
98,000,000
115,000,000
51.741,000
39,7154,169
107,737,000
81,335,169
924,557
864,756
1,516,547
4,091,962
Seigniorage
343,629
(Act
...
se¬
curities;
Principal—foreign obllga's
Interest—foreign obllga'ns.
Other
48,000,000
trust fund:
June 25.
8,131,734
employees
91,000,000
"4,44l",903
16,849
tirement Board
Taxes upon carriers and their
ance
119,192,110
Deposits by States
Railroad unemploy. Ins. acct.:
ai23,829,080
more
Railroad
receipts
Unemployment
Social security taxes:
Employment taxes
C159.476.727
July 1 to Aug. 31
1939
$
tax
$
48,000,000
2,220,951
.
Receipts—
Internal
ai21,4l3,061
Transfers from general fund -h
Net approprlations.n
Interest on investments
General & Special Accounts
1939-40
$
trust fund:
and
years
1940-41
S
Fed. old-age and survivors Ins.
readers today the details
1939, and the two months of the fiscal
1940
—July 1 to Aug. 31—
14,628,373
-
Other miscellaneous
6,815,407
old-age
Net
„
933,451,899
727,825,620
Total receipts
119,192,109
receipts
,447,196,261
Fed. old-age and survivors Ins
Unemployment
155,034,824
419,979,813
778,417,075
Withdrawals by States.._.
Transfers to RR. unempl
74,109,044
76,356,195
Com. Credit Corp.—Resto¬
ration of capital impair't
Farm Credit Admlnistr'n.f
Farm
61,548,528
45,297,032
159.504.355
129.929.356
bll9,599,918
136,461,435
bll9,599,918
c707,74i
C37.530
C3,466,249
C 803,236
"5,743*503
C13,579,913
6.504,568
18,908,840
4,464,478
8,135,946
14,253,137
Farm Tenant Act
5,021,037
3,912,511
10,088,616
Rural
7,165,717
3,250,673
4,576,519
6.368,562
6,918.199
881,763
502,396
1,206,036
1,393,181
Elec.
Admln.g
Forest roads and trails
Department of the Interiors
Reclamation projects
Post Office Dept. (deficiency)
6,127,726
7,251,830
13,532,627
10,000,000
15,025,233
Navy Dept. (national defense)
Repayment
107,782,033
69,422,137
205,927,560
129,924,797
91,469,094
44,645,422
170,615,349
93,442,701
22,677,862
21,454,600
41,823,282
1,097,847
4,012,926
River and harbor work and
flood control
Panama
Canal
National defense fund for the
President
Treasury
292,346
326,044
Departments
Interest
the public debt.
19,597,349
18,321,960
Refunds of taxes & duties..
Dlst.ofCol. (U. 8.share)
39,950,666
33,659,802
7,444,394
7,345,482
18,836,876
12,309,940
946,514
915,250
6,000,000'
1,016,199
513,236
2,001,753
2,000,000
C950
2,000,000
105,153
102,551
202,239
171,424
22,765,034
28,251,202
47,270,353
53,824,154
5,637,842
5,033,811
12,419,039
7,019,840
31,861,128
34,882,451
93,592,207
76,125,267
11,355,355
7,320,864
23,742,673
15,893,937
8,919,492
6,416,890
16,890,896
11,725,514
34,958,367
6,000,000
...
Federal Loan Agency:
Fed. Housing Admin.:g._.
Reconstruct Fin. Corp.g..
Other, g
Federal Security Agency:
Civilian Conservation Corps.
National Youth Admin
Social Security Board
Other
Federal Works Agency:
Public Bldgs. Admin
Public Roads Admin
19,623,604
Public Works Admin.f
U. S. Housing Authorlty.g.
14,849,455
19,671,081
25,501,764
27,007,100
6,000,000
Railroad Retirement Board-.
Tennessee Valley Authority..
C384.500
Revolving funds (net):
Farm Credit Administration.
Public Works Administration
Subtotal
316,116
479,458
on
219.036,077
Adv.
1,225,292
203,086
Transactions
576,827
611,555
1,070,554
(+)
or receipts
Total
(+)
Inc. (+)
excess
or
1,461,000
j2,800,000
Ck800,000
CI,065,000
ck800,000
155,836,698
122,762,184
145,834,541
116,281,147
Bk. of Wash
C57.565
89,706
Fed. Housing Admin
Home Owners' Loan Corp..
Rural Electrification Adm.
308,031
Export-Import
C27,739,449
271,103
C15,524,187
C45.454.717
156,17X1620
C2,947,510
C700.775
C425.374
C320.206
351,796
29,197,909
25,939,130
45,217,979
8,618,908
19,230,805
21,432,726
105,962,429
C51,932,686
93,339,222
C181.209.974
38,747,538
C177.918.608
204.795,162
C14.487.206
284,407,325
169,451,746
634,347,041
Other
C8,517,750
.
,
319,839,600
1,384.500,869
C10.303.753
C563.903
C10,609,375
C975.883
C2,705,626
11,243,375
2,672,018
12,511,038
trust fund...
Railroad retirement account..
11,535,155
Other trust accounts
Other funds and accounts
10,679,472
C7,937,357
Excess of expenditures.
370,984,850
157,347^001
44,040,838
Summary
Excess of rets.
(+) or exps. (—):
Fed. old-age and survivors
Ins.
trust fund
Unemployment
.
+120,644,205
+4,971,026
+10,108,166
governmental
+3,715,759
+158,380,005
+ 2,288,913
—15,355,409
—5,846,871
+14,909,381
+856,176
+20,349,852
+11,823,397
+147,446
—4,415,141
+2,758,782
+ 9,905,316
+14,407,884
+ 5,775,371
+18,465,202
+ 231,103,000
Transac's In checking accts. of
—38,731
agencies,
Ac. (net):
26,000,000
48,000,000
91,000,000
18,100,000
46,000,000
Sales & redemptions of obli¬
gations in mkt. (net)
+284,876,600
Other transactions
(net)...
+ 205,453,000
+ 280,785.550
—103,666,626
—244,200,538
—102,866,942
—435,898,162
Total
+319,839,600
—44,040,838
+370,984,850
—157,347,001
400,635,000
502,824,000
902,242,000
904,880,000
40,000,000
15,000,000
Public Debt Accounts
Receipts—
92,715,000
138,715,000
66,100,000
2,575,600
87,203,400
233,203,400
14,787,850
134,250
1,538,980,405
Market operations—Cash:
Treasury bills
Treasury notes
Treasury bonds
U.
.
.....
9,401,090
8.
680,712,850
1,629,373,674
savings bonds
unclassified sales)
822,048,680
402,068,868
760,563,330
901,548,054
(inc
*
261,185,300
402,068,868
760.563,330
901,548 054
14,787,850
2,575,600
126,355,969
162,334,629
1,709,310,819
1,067,214,629
270,900
453.350
566,200
873,150
notes.
1,762,800
bonds
Subtotal.
1,762,800
Special series:
258,609,700
402,068,868
—319,639,600
+44,040,838
745,775,480
gold,
(—)
73,169,481
575,993,481
134,250
public
on
53,358,894
Adjusted service bonds.
Treasury
901,413,804
—370,984,850
+157,347,001
expenditures
Adj. service ctf. fund (ctfs.)..
Unemploy. trust fund (ctfs.).
+ 446,109,706
+374,790,630+1,058,760,805
+195,925,397
—216,141,637
+ 562,918,429
85,000,000
Fed. old-age and survivors ins.
trust fund (notes) h
Railroad retire, acct.
(notes).
Civil service retire, fd.
For.
—61,229,900
dec. (—j in general
fund balance
serv.
(notes)
retire, fund (notes).
Canal Zone retire,
129,000,000
6,000,000
8,100,000
86,000,000
6,000,000
10,000,000
84,800,000
830,000
fund(notes)
389,000
1,154,000
(notes).
Postal Savs. System
(notes)
Govt, life ins. fund (notes)
Fed. Dep. Ins. Corp.
(notes).
134,695,497
229,968,069
937,709,059
451 700 480
43,770.544,600
40,661,264,822
42,967,531,038
40,439,532,411
Subtotal
40,891,232.891
Total public debt receipts—
beginning
or year
Gross public debt this date
*
43,905,240.097
40,891,232,891
43,905,240,097
'
'
129,000,000
88,930,000
130,000
Alaska RR. retire, fd.
+607,060,325
123,000,000
43,000,000
175,000
473,000
175,000
15,000,000
__
Increase in the gross public debt
Gross public debt at
Of month
C77.059
C703,185
C5,812,203
Reconstruction Fin. Corp m
Housing Authority...
Exchanges—Treasury
receipts (—)
or
17,675
j2,800,000
C500.000
Other transactions
(net):
Commodity Credit Corp
1,393,414,912
6,135,974'
expenditures
of
4,075
1,461,000
_
745,269,208
261,185,300
(excl.
of
ClOO.OOO
100,000
463,394,984
Excess Of expenditures
Less public debt retirements..
excess
C30.450.000
1,124.400
1,106,386
Summary
&o.,
.
92,933,231
708,381,561
Excess of receipts
Excess of expenditures
debt retirements)
Trust accts., lhcrement
C202.553.000
7.134,375
57,650
3,558,675
Home Own. Loan Corp..
Federal Land banks
El. Home & Farm Auth
3,066,055
25,194,890
exps.
C289,458,000
C4,900,000
ClOO.OOO
Com. Credit Corp
Fed. Housing Admin
Home Owners Loan Corp.
Reconstruc. Fin. Corp..
Fed. Farm Mtge. Corp..
Not guaranteed by U. S.:
92,121,537
c805,110
Total expenditures..
of
C202,553,000
gations in market (net):l
Guaranteed by the U. S.:
2,817,090
5.
1939
(Act
25, 1938)
Repayment of advance Jan.
26, 1940
Govt, empl's' retirement funds
Excess
429,551,878
In checking accts.
47,229,925
July
Subtotal
347,370,354
gov'm'tl agencies, &c. (net):
Sales and redemptions of obli¬
1,108,323
June
Debt retirements (skg. fd.,
&c.)
3,007
245,659,787
C289,458,000
Subtotal
3,627,510
..........
(U. S. share)
C5,260,500
125
282,989,578
C13.009.379
trust fund.h...
C464.960
2,771
166,722,768
gold—Melting losses, &c.
459,132
133,642,029
Transfers to trust accts., &c.:
Fed. old-age & survivors Ins.
Railroad retirement account.
Railroad unempl. ins. acct.:
C4.546.500
125
1938)
against increment
693,620,450
Subtotal
18,176,603
120,652,690
(Act of
June 21,
Chargeable
45,862,937
Veterans' Administration
10.000,000
19,650,148
117,736,206
59,260,701
365,112
151,144
Other
6,000,000
9,143,825
19,056,525
U. 8.
108,912,407
Work Projects Admin
8,100,000
9,891,833
14.984,999
34,794,026
on
933,822
(Act
Other funds and accounts:
PWA revolving fund
818,227
651
adv.
Investments
2,589,801
Departments
of
1938)
Benefit payments
Other trust accounts
37,989,693
1,989,012
June 25,
Railroad retirement account:
10,000,000
Military (national defense).
413,757
'
15,454,099
10,000,000
War
(Act June 25
RR. unemploy. 1ns. account:
Benefit payments
100,615,700
ci3,73l,i79
Security Admlnlstra'n
acct.
1938)
General (incl. recovery & relief):
Fed. Farm Mtge. Corp
Federal Land banks
j.
State accounts:
727,825,620
Ins.
...
/
trust fund:
Investments
Expenditures—
Departmental
Department of Agricultures
Agricul. adjust, program...
■
trust fund—Investments..
Benefit payments
to Fed.
survivors insur¬
approp.
and
trust fuild.d
ance
419,979,813
Expenditures—
Total receipts
Deduct—Net
6,970,^85
566,388,370
Seigniorage
20",*000^000
91,130,000
180,100,000
220,099,000
345,837,000
554,795,884
756,546,831
1,931,738,819
1,413,924,779
I
Volume
The Commercial
151
Company and Issue—
—July 1 to Aug. 31
—Month of August1940
1939
$
$
1939-40
1940-41
$
S
Expenditures—
Market
operations—Cash:
389,112,000
509,310,000
880,870,000
911,030,000
2,600
Treasury bills
50,050
5,100
157,200
Certificates of indebtedness
Dec.
1
Oct.
1
Oct. 28
Dec. 1
Jan. 1 *41
2,754,900
15.744,034
2,372,750
2,930,550
5,448,200
6,043,850
5M% bonds, series 1935
Kelsey-Hayes Wheel Co. 15-year
Lincoln Water Co. 1st mtge. 5Ms
Oct.
Liquid Carbonic Corp. 10-year debentures
Miller & Lux, Inc. 1st mtge. 6s
*
Morris Plan Corp. of America coll. gold notes
*
National Dairy Products Corp. 3M % debs
Oct. 10
Oct.
1
Oct.
1
Nov. 1
Oct. 15
Oct.
2
14,710,750
67,750
68,500
372,200
152,300
216,600
287,650
466,150
474,600
200
3,700
70,700
104,740
35,246
24,125
54,874
36,640
2,662,595
1,291,420
3,314,270
4,839,735
409,318,387
522,640,763
930,984,960
940,837,299
Postal Savings bonds
items
....
notes
and
Fed. Res. bank notes
Subtotal
Co. 5M % bonds, series
1925
debs
New York Trap Rock Corp. 6% bonds
North American Light & Power Co. 5M%
Northwestern Public Service Co.
gold debs
*
Treasury notes—
PineUas Water Co. 1st
1,762,800
bonds.
1,762,800
Subtotal
Special series:
1,200,000'
500,000
1,200,000
Adj.service ctf. fund (ctfs.)„.
14,000,000
25,000,000
Unemploy. trust fund (ctfs.).
Fed. old-age and survivors ins.
trust fund
10,000,000
5,000,000
(notes) h
Railroad retire, acct. (notes).
5,700~000
Civil service retire, fd. (notes)
"5,700; 000
2,700,000
2,700,000
For. Serv. retire, fund (notes)
10,000
25,000
10,000
74,000
Canal Zone reitre. fd.
72,000
13,000
72,000
13,000
20,000,000
¥,400~666
(notes).
Postal Savings System fnotes)
Govt, life ins. fund (notes)...
Fed. Dep. Ins. Corp. (notes).
10,782,000
3,938,000
61,282,000
21,387,000
420,100,387
526,578,763
994,029.760
962,224,299
Subtotal.-
Total public debt expends..
937,709,059
229.968.C69
134,695,496
Excess of receipts
451,700,480
Excess of exDenditures
Inc.
(+)
dec.
debt:
or
public
Market
(—)
Peoples Gas Light & Coke Co. 1st
mtge.
555
1434
Oct.
Oct.
1436
1902
1903
1729
854
1287
1
1
1
Oct.
mtge. 6s
1148
1148
1
Jan.
1st mtge. 5s
1st mtge. bonds
Oklahoma Natural Gas Co.
555
Nov. 2
Oct. 7
Parr Shoals Power Co. 1st mtge. 5s
Exchanges:
Treasury
1281
1287
1724
1282
1282
1282
1
22,917,816
Fourth Liberty bonds.:
bank
Oct.
808,250
2,575,600
Adjusted service bonds
First Liberty bonds
National
First mortgage 4s
Iowa Southern Utilities
1144
Sept.30
Oct.
1
7,866,518
1,111,800
-
bonds
U. S. savings bonds
Other debt
2,254,200
Page
Date
,
debentures
Houston Gulf Gas Co. 6M % gold debs
6% gold bonds
Houston Natural Gas Corp. 1st mtge. 6s_. Inland Telephone Co. 1st lien 6s
Iowa Electric Light & Power Co. 1st mtge. 4Ms
Horden Colleries Ltd. 5M%
11,161,246
Treasury notes
Treasury
1841
& Financial Chronicle
1
855
1287
1907
1287
-Oct. 16
5Ms
1156
113
1438
1438
1
Jan.
Dec. 31
Sept. 30
Oct.
Oct.
Oct.
1
1
*1
1438
1908
1909
114
1586
Oct. 21
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
1
10
1
10
1
21
13
1005
1586
1005
1158
1738
1914
1
--Dec. 15
Oct.
1588
1160
-Oct.
1
Oct.
4
Oct. 17
1740
1740
1290
Sept. 30
Dec. 2
Oct. 1
debentures
Youngstown Sheet & Tube Co. 4%
1288
1
bds__Nov.
Quincy Mkt. Cold Storage & Whse. Co. 20-yr. 5M %
Richmond Terminal Ry. 1st mtge. 5s
Mordon Pulp & Paper Co., Ltd. 6% debs.
Rochester Transit Corp. 4 M % bonds
Rumford Falls Power Co. 1st mtge. 4s
General mortgage 4 Ms
*
St. Louis Amusement Co. 1st mtge. 6s
*
Saenger Theatres Corp. 1st mtge. 6M«
St. Paul Union Stockyards Co. 1st mtge 5s
Southern Colorado Power Co. 1st mtge. 6s
Southern Natural Gas Co. 1st mtge. 4Mb
Southern Colorado Power Co. 1st mtge. 6s
Southern Natural Gas Co. 1st mtge. 4Ms
Tide Water Associated Oil Co. 3M% debentures
United Biscuit Co. of America 7% pref. stock
*
U. S. Printing & Lithographing Co. 15-year debs
Vicking Pump Co. preferred stock
Washburn Water Co. 1st mtge. 5s
West Penn Traction Co. 1st mtge. 5s
Western Massachusetts Cos. 3M % notes
Wood, Alexander & James, Ltd., 1st mtge. 6s
Woodward Iron Co. 2d mtge. 5s
,
1443
1297
♦Announcements this week.
in gross
operations:
+21,372,000
—6,486,000
+ 11,523,000
Treasury bills
Certificates of indebtedness
-6,150,000
—50,050
—5,100
—808,250
—992,100
-2,254,200
+46,636,737
Bonds
+62,465.913
+ 761,886,403
+ 140,688,255
—35,246
—24,125
—54,874
bank
notes
—1,291,420
—3,314,270
(On the basis of dally Treasury
—4,839,735
statements)
—36,640
—2,662,595
Other debt items
National
STATEMENT
COMPARATIVE PUBLIC DEBT
—157,200
—2.600
—1,111,800
Treasury notes
Aug. 31, 1919,
and
Dec.
31, 1930.
When War Debt
Lowest Post-War
Pre-War Debt
Was at Its Peak
Debt
$
Fed. Res. bank notes
$
$
Mar.
Subtotal
+54,347,496
+ 53,806,069
+778,892,059
+127,250,480
Special series
+80,348,000
+176,162,000
+158,817,000
+ 324,450.000
+134,695,496
+ 229,968,069
+ 937,709,059
+ 451,700,480
public debt
Gross public debt per capita
Computed rate of Interest
representing receipts from -Social security
1, 1940. and which are not avail¬
31, 1917,
Obligations of governmental
Total
Includes the amount of $2,416,019.58.
a
taxes—Employment taxes," collected prior to July
able for
appropriation equal to taxes collected and deposited under Title VIII
amended, less reimbursement to general fund for adminis¬
trative expenses.
Such net amount is reflected as net appropriations to Federal
old-age and survivors insurance trust fund,
posited with or held by
S.b
included in revolving funds, states
transactions are included under
governmental agencies. &c. (net)."
g Additional
of
h Includes
transactions formerly
Treasurer of the U.
k Includes $400,000 sold in July,
1939, for which the figures were not
available
Unmatured
of the Treasurer of the United
Matured
which
2.582
2.581
5,465,560.098.67
5,498,551,330.28
5,788,431,205.28
bl23,316,706.16
2,231,165,208.02
deposited with or held
by Treasurer of U. S. b
Not Guaranteed
Untied Slates
5639,250
100,537,150
Corporation—
Housing Administration
Federal
Home Owners' Loan Corporation
by the Untied Stales
"$i 3*275
41,505,000
Federal Home Loan banks
Includes transactions on account
of RFC Mortgage Company. Disaster
Corporation and Federal National Mortgage
Does not include
a
Guaranteed by
Loan
Association,
See footnote d.
principal-a..
31,378,214.32
2,257,736,173.42
27,062,054.17
2,453,661,570.1!
prin. & int. for
cash
has been
General fund balance.c
31, 1939. were as follows:
"
obligations owned by the Treasury as
follows: Aug. 31, 1939,
$148,239,000; Aug. 31, 1940, $72,272,500.
the general fund balances shown herein, on and
$266,198,377.43; July 31, 1940.
included in
b Amounts are
after
Sept. 30, 1939.
the Treasurer of the United States, as shown above,
for the payment of the principal of and interest on matured obligations guaranteed
by the United States, on and after Sept. 30, 1939.
d Includes transactions formerly classified under the caption "Old-age reserve
c
Includes amounts held by
account."
CALLS AND
list of bonds, notes and
Company and Issue—
Co., 5s 1956
Alabama Power Co. 1st mtge. 5s
Alexander Young Building Co. 1st ratge 5s
Anaconda Copper Mining Co. 4M % debs
:
Arden Farms Co. 6M% debentures
*
Ashland Home Telephone Co. 1st mtge. 4 Ms
*
Beaver Valley WTater Co. 1st lien 5s
E. & G. Brooke Iron Co. 1st mtge. 6s
Burnett Central Building, Inc. 1st mtge. bonds
California Co-operative Creamery Co. 1st mtge. 6s
6M% debentures
Canada Cement Co., Ltd, 1st mtge, 3Ms
Canadian Pacific Ry. Co 5-year 2M% bonds
*
Carolina Clinchfield & Ohio Ry. 1st mtge. 6s
Cedar-William Street Corp. 1st mtge. 6s
Central Maine Power Co. 1st mtge. 3 Ms
Central Newspapers. Inc. 5% serial notes
*
Consumers Water Co
Cosmos Imperial Mills, Ltd. 5% preferred stock
Crown Cork & Seal Co., Inc. 4M% debs
Delaware Electric Power Co. 5M% gold debs
Diamond Shoe Corp. 6M% preferred stock
Dow Chemical Co. 15-year 3% debs__
Duluth Missabe & Iron Range Ry. 1st mtge. 3Ms
*
Exeter & Hampton Electric Co. 1st mtge. 5s
Fet eral Light & Traction Co. 1st lien bonds
Firestone Tire & Rubber Co. 3M% debs
*
Gainesville Gas Co. 1st mtge. 5s
German-Atlantic Cable Co. 1st mtge. 7% bonds
Gulf Public Service Co. 1st mtge. 6s
Power
SALES
securities were sold at auction on
of the current week:
The following
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":
Below will be found a
AUCTION
SINKING FUND
NOTICES
Alabama
2.604
the United States:
of such bonds from July 1 to Aug
REDEMPTION
interest-
on
annum
per
bearing public debt (%)-.
Obligations of governmental
agencies guaranteed by
States as special
agent for the redemption of obligations of governmental corporations were carried,
prior to Sept. 30, 1939, as liability accounts on page 1 of the dally Treasury state¬
ment under the caption "Postmasters, clerks of courts, disbursing officers, &c.,"
and consequently the redemption of the bonds was not reflected in the expenditures
under the heading of "Trust Accounts. Increment on Gold, &c."
The redemptions
n
$
40,891,232,891.16 43,770,544,600.21 43,905,240,096.48
public debt
331.89
331.07
311.36
public debt per capita
Computed rate of interest
of July 31, 1940.
1 The balances in the accounts
m
Aug. 31, 1940
$
Gross
not avail¬
able 8S of July 31.
as
319" 55
July 31, 1940,
Last Month
Gross
I Excess of redemptions (deduct).
July, 1939, tor which the figures were
306 "803",
1,118 To9,534". 7 6
$
separately below,
classified under the caption "Old-age reserve
"216,460.05
Aug. 31, 1939,
A Year Ago
"Transactions in checking accounts
account."
i Includes $195,000 redeemed In
1940.
74
General fund balance.c
"Departmental" above,
expenditures are included in
f Additional transactions are
3.750
Matured prin. & int. for
which cash has been de¬
d Represents
Additional
4.196
agencies guaranteed by
the United States:
of Social Security Act, as
e
129.66
Unmatured princlpaLa.-
Excess of credits (deduct).
c
250.18
2.395
annum
on interestbearing public debt (%) --
Congress until Aug. 9, 1939.
ated by
12.36
per
appropriation to Federal old age and
Represents capital
b
survivors Insurance trust fund.
impairment applicable to fiscal year 1939 but not appropri¬
1,282,044,346.28 26,596,701.648.01 16,026.087,087.07
Gross
Date
Page
Nov. 1
235
Mar. 1 *41 1424
Oct.
1
1269
Oct.
1
1425
Oct. 15
980
Nov. 20
1885
Nov. 1
( 1887
Oct. 1
1426
Oct.
1
1427
Oct. 1
1272
--Oct. 1
1272
Nov. 1
1565
Oct.
1
1427
Dec. 15
1888
Oct.
1
1273
Oct 16
1566
Oct.
1
1427
Oct. 1
1889
Oct.
1
1568
Oct. 1
1276
Oct.
1
1277
Oct.
1
1430
Oct. 14
1720
Oct.
1
1278
Nov. 1
1894
Oct. 15
1431
Oct.
1
1431
—Oct. 21
1895
Apr. 1'41
1433
Apr. 1 '41 1573
By R. L. Day & Co.,
Shares
2
Wednesday
Boston:
$ per Share
Stocks
North Boston
Lighting Properties,
50M
preferred, par $50
Bonds—
Cen
/
Inc., 3-4 June 1,1952 with 5 shares stock
27M
$1,000 United Telephone Co. 6s, Oct., 1948
99M &
$1,000 Madison Avenue Offices, Inc., 2d mtge. 6s, Jan. 15, 1937.
Coupon
Jan. 15, 1933 and sub. on.
Ctf. 362—The ownership of this bond is in
$500 London Terrace
dispute
flat
int.
$5 lot
—
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
we
show
the
are
dividends previously
announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
have not yet
"General Corporation and Investment
pany name in our
News Department'*
in the week when declared.
this week are:
The dividends announced
Per
Name of
Company
Aetna Ball Bearing Mfg
Administered Fund
Alaska Juneau Goid Mines (quar.)
All-Penn Oil & Gas Co. (quar.)
Ajax Oil & Gas Co.,
Ltd
Share
When
Holders
Payable of Record
35c
Dec.
14 Dec.
12c
Oct.
15c
Nov.
2
5c
Oct.
21 Sept.30
7
1 Oct.
15 Oct. 10
lMc
Oct.
31 Oct.
15
The Commercial & Financial Chronicle
1842
Per
Share
Name of Company
Akron Brass Mfg. Co., Inc
Allen-Wales Adding Machine, $6 pref. (quar.)
American Asphalt Roof Corp,, 6% pref.
12Hc
.
(quar.)
American Can Co. (quar.)
American Casualty Co. (Reading, Pa.)
American Furniture Co., Inc., 7% pref.
(quar.).
American Home Products (monthly)
American Stamping Co
$lU
M
15c
SI V\
25 Oct. 15
Sept. 30 Sept. 23
Oct. 15 Sept. 30
Oct.
Nov. 15 Oct.
Oct.
1
25*
Sept. 26
15 Oct,
14
(quar.).
20c
Nov.
12 He
si v<
25c
Nov.
1 Oct.
19
SI
7% preference (quar.).
American Thermos Bottle, class A & B
Nov.
1 Oct.
19
$ih
Nov.
1 Oct.
18
Class A (extra)
American Zinc, Lead & Smelting pr. preferred—
Anaconda Wire & Cable Co
Andes Copper Mining
APW
Holders
When
25c
Arrow-Hart & Hegeman Electric
Atlantic Rayon Corp., $2H prior pref.
50c
(quar.).
(quar.)..
62 He
SIX
Nov. 15 Oct.
Oct.
Oct:
Bankers Trust Co
Bathurst Power & Paper, class A (interim)
Beacon Assoc., Inc., 7% pref. (quar.)
Oct.
Oct.
40c
Oct.
1
Sept. 16
1 Sept. 24
31 Oct.
15
1 Sept. 25
50c
Oct.
50c
Oct. 25 Oct.
Nov.
1 Oct.
Oct.
15 Oct.
Nov.
1 Oct.
75c
30c
25c
43 He
Beatty Bros., Ltd., 6% preferred (quar.)
1 Sept. 20
7
25 Oct.
Oct.
$2
Badger Paint & Hardware Stores, Inc. (quar.)..
Badger Paper Mills
6% preferred (quar.)
1 Oct.
$1H
Oct.
$2
75c
75c.
5
17
Oct.
Preferred (quar.)
Borland Shoe Stores (quar.)
Preferred (quar.)
15
19
1 Sept. 16
1 Oct
15
Nov.
Bell Telephones of Penna. (quar.)
Belt Railroad & Stock Yards (quar.)
Oct.
—
12Hc
$1H
Bibb Mfg. Co. (quar.)
SI
75c
Boston Storage & Warehouse Co. (quar.)
Boutell (David), pref. (quar.)
Boston Edison Co. (quar.)
Bower Roller Bearing
....
$1H
50c
75c
Brager-Eisenberg.
SI
Cables & Wireless Holding Co., pref. (s.-a.)
2 H%
California-Oregon Power, 7% pref
SIX
6% preferred
6% preferred (series of 1927).
Callaway Mills
Canadian Oil Cos., Ltd. (quar.)
SI H
SI H
—
Extra,
Cannon Shoe Co
12 He
-—.—
(quar.)
Carpel Corp. (quar.)
Dec.
10
20 Dec.
6
1 Sept. 27
15
Oct.
Nov. 15 Oct.
Oct.
Oct.
15 Sept. 30
15 Sept. 30
Oct.
15 Sept. 30
Sept. 20 Sept.10
Nov. 15 Nov.
Nov. 15 Nov.
1
1
75c
8c
$17c
St H
SI H
tSl H
tSlH
Oct.
21
Sept. 2
Oct.
Sept. 3'
Oct.
Sept. 21
)ct.
Iept. 19
Sept. 23
lept. 20
8c
12Hc
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
u
30
28
30
25
3
27
28
23
23
20c
Oct.
10 Oct.
1
17 He
Oct.
Oct.
1
Oct.
Sept. 25
8c
Oct.
Oct.
SI H
si H
Oct.
10c
Oct.
tS2H
12 He
tS3H
Oct.
Sept.
Sept.
Sept.
Sept.
Nov. 15 Oct. 15
Oct.
1 Sept. 25
Sept. 26 Sept. 24
Oct.
21 Oct.
4
SI X
t$lH
Oct.
15 Oct.
4
Oct.
Oct.
1 Sept. 20
10 Sept. 30
Oct.
21 Oct.
Oct.
Oct.
15 Oct.
5
Nov
15 Nov.
5
50c
.-Seagrams preferred (quar.)
10c
50c
Detroit Michigan Stove
Preferred (quar.)...
Diamond State Telep. (quar.)
Distillers Corp
Sept.30 Sept. 30
SIX
Dixie Home Stores
(quar.)
Dominion Oilcloth & Linoleum Co., Ltd.
(quar.)
15c
Oct.
Nov.
1
5
24
24
30
24
5
Sept. 20
1 Oct.
15
30c
Oct.
Oct.
31 Oct.
15
10c
Oct,
31 Oct.
15
75c
Extra
Nov. 15 Nov.
Nov. 15 Nov.
SI X
(quar.)
Dubilier Condenser
Eason Oil Co., .$1H cum.
75c
Eastern Magnesia Talc
Co., Inc
East Tennessee Light &
1
Nov.
(quar.)
(quar.)
Oct.
7
Nov.
Oct.
7
30c
50c
Esquire, Inc
10c
Co. (quar.)
Extra
Fairmont Creamery Co. (Del.)
20c
4H% preferred (quar.)
Federal Services Finance
Corp. (quar.)_
6% preferred (quar.)
Federated Dept. Stores
Preferred (quar.)
Firestone Tire & Rubber
First National Bank (Toms
River, N. J.)
SI H
75c
(s.-a.)
Frick Co., 6% pref. (quar.)__
Fuller Brush Co. (quar.)
Extra
Fundamental Investors (quar.)
Galveston-Houston Co
Gardner-Denver Co. (quar.)
Preferred (quarA
Garner Royalties Co., Ltd., class A
Gary (Theo.) & Co
General Brewing, preferred
(quar.).
General Capital Corp
General investors
(quar.)
Equipment Corp.
(quar.)
Oct.
Sept. 24
Oct.
Sept. 24
Oct.
Sept. 28
Sept. 30 Sept. 23
Sept. 30 Sept. 23
Oct.
Sept. 20
Oct.
Sept. 20
Oct. 15 Sept. 30
Oct.
25c
Oct.
$1.06H Oct.
15 SeDt. 30
31 Oct. 21
31 Oct. 21
21 Oct.
4
25c
(qu.)_
Quarterly
First State Pawners Society
(Chic., 111.)
Forbes & Wallace, Inc., class A
(quar.)
Fort Street Union Depot Co.
Gimbel Bros., preferred
Gleaner Harvester Corp
1
SI
37Hc
SI
Power, pref. (quar.)
General Theatres
1
SI X
pref. (quar.) _1
Electric Bond & Share $6
preferred (quar.)
Emerson Drug Co., class A & B
Preferred (quar.)
Oct.
15 Sept.25
Sept.21
Oct.
8 Sept. 30
Oct.
7 Sept. 28
Sept. 30 Sept. 20
Oct.
Sepc. 19
20c
conv.
(qu.)
Oct.
87 He
87 He
Oct.
1
Jan.
2 Dec.
$1H
75c
$2 H
75c
12Hc
Sept. 25
26
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
20
24
30
20
Nov
1 Oct.
21
1
21
10c
Nov.
15c
Oct.
25c
Oct.
25c
Oct.
Oct.
15 Sept. 30
1 Sept. 24
21 Oct.
10
75c
Nov.
1 Oct.
21
25c
Oct.
5 Oct.
1
tl5c
Oct.
15c
24c
7c
1 Sept. 26
Sept.30 Sept. 23
11 Sept. 30
Oct.
Oct.
15c
37Hc
75c
Oct.
21 Sept. 30
1 Oct. 10
15 Oct.
7
Oct.
$1
20c
International Utilities Corp., $3H prior pref—
Corp
25 Oct.
Nov.
10
Sept. 30 Sept. 25
21 Sept. 30
Sept.30 Sept. 30
Oct.
Oct.
Oct.
Oct.
15
1 8
15c
Oct.
15 8
15c
1 8
8
1
Nov.
C
1
10
1H%
Nov. 15 ?
4
75c
Nov.15 C
-81
Nov. 15 C
Nov.
1 f
25
25
•81 H
15c
87 He
5Cc
Oct.
15
8
1
Sept. 30 8
Nov.
1
<
11
Sept. 28 8
Oct.
15 8
$1X
82H
Oct.
1.5 8
Oct.
15 C
11
Sept. 30 &
Sept. 30 8
23
.81 H
Oct.
1 8
3%
Dec.
7 &
2Cc
5f
Nov. 15 C
c
Oct.
Oct.
1
Oct.
15 C
87 He
10c
Oct.
1
Oct.
1
1 (
20
1
C
20
1 (
22
Nov.
8
8
20
Sept. 30 8
Oct.
15 8
Sept. 30 8
Sept. 30 8
20c
Oct.
17c
.
5
8
Nov.
Nov.
t43 He
..
25
1 8
t40Hc
Johnson, Stephens & Shinkle Shoe Co (quar.)__
Jones & Lamson Machine (new quar.)
Extra
Oct.
15 8
1 8
37 He
20c
Oct.
10 8
Oct.
1 8
20c
5fc
25c
Sept. 25 8
Sept. 25 8
Iept. 30 8
tSl
SIX
12Hc
Oct.
Oct.
3 8
10c
Oct.
15 (
Oct.
16 <
12Hc
15c
81H
1H%
Oct.
22
1
8
Sept.30 8
Oct.
Nov.
1
8
1 (
15
(quar.)
Oct.
15 8
5fc
75c
Oct.
15 8
Oct.
15 8
30
20c
Oct.
Oct.
15 8
15
.30
$3
25c
Oct.
25 (
15
Oct.
28 (
15
■SIM
25c
Lenox Water Co. (quar.)
Link Belt Co. (quar.)
15c
75c
Ivoe Rubber & Tire
Preferred
40 c
20c
•81H
7He
--
Act.
Iept.
Iept.
15 Sept.
1 Sept.
0
•81H
.—
i
i
1
40c
i
Oct.
8
Nov.
24
8
1
Sept. 30 8
Sept. 30 8
87Hc
t25c
Oct.
$2
De Laval Steam Turbine Co.
7% preferred (quar.)
Kearney (J. R.) Corp. (quar.)
Knott Corp
Kreuger (G.) Brewing—
Laclede Steel Co. (quar.)
La Crosse Telephone, 6% preferred (quar.)
Lane Bryant. Inc., 7% pref. (quar.)
Langendorf United Bakeries, Inc., class B
Class A (quar.)
Preferred (quar.)
Lakey Foundry & Machine
Lawyers Title Insurance Corp., 6% pref. (s.-a.)
Lazars (F. & R.) & Co. (quar.)
Oct.
Oct.
1
Oct.
6 He
lept. 30
Iept. 25
if
if
Oct.
32c
Industrial Securities Corp., 6% preferred
Interchemical Corp
Investors Fund C, Inc
Iowa Electric Co., 7% preferred A
Preferred B_
I X L Mining (quar.)
Jamaica Public Service Ltd
Jarvis (W. B.) Co
Sept. 30 8
Sept. 30 8
Sept. 30 8
40c
2:
10c
Deere & Co
Indianapolis Power & Li<?ht
Industrial Credit Corp. (N. E.) (quar.)
Extra
Oct.
S1H
...
.
Johnson Service (quar.)
50c
SI H
Prefenred (quar.)
Hyde Park Breweries Association
Imperial Chemical Industries, Amer dep. rec—
Indiana Pipe Line Co
(quar.)
&
8
5Cc
2.5c
Jones & Laughlin Steel, 7% preferred
Kansas Power & Lirht Co., 4H% pref. (quar.)..
SI H
15c
—
Huttig Sash & Door Co
Iept. 30
10
68 He
5Cc
8
81
lept. 30
•lept. 25
Iept. 30
Iept. 30
3ept. 30
1
1
.85
1
if
25c
Hotel Barbizon, Inc., vot. tr. ctfs. (extra)
Household Finance Corp. (quar.)
Preferred (quar.)
Howe Scale, preferred (semi-annual)...
1
if
1
15
Oct.
'$1
$1
—
If
Nov.
Oct.
Oct.
50c
Oct.
Oct.
15 8
25c
Haughton Elevator Co. $6 prior preferred (qu.)
Hawaiian Sugar Co. (quar.)
Hecker Products Corp. (quar.)
Hercules Powder Co.. preferred (quar.).
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
Holly Sugar Co., preferred (quar.)
Home Gas & Electric, preferred (quar.)
Home Tel. & Tel. Co. (Ft. Wayne, Ind.) (quar.)
Horn & Hardart Co. (N. Y.)(quar.)
Vitamin
Oct.
•81 H
-
International
15 &
25c
»'
prefenred
Oct.
Oct.
SIX
_i
Preferred (quar.)
Hartford Steam Boiler Inspection & Insurance._
Haverhill Gas Light
6%
5 8
75c
—
7% preferred (quar.)
Hart & Cooley, Inc. (quar.)
Extra
Hartford Electric Lierht
Hartford Gas Co. (quar.)_
Oct.
Holders
o
iSIX
+-82H
$1H
Gulf Power Co., $6 pref. (quar.)—
Harrisburg Steel Corp..
Harris-Seybold-Potter Co., $5 pref. (quar.)
Harshaw Chemical Co. (quar.)
Extra
Payable
83 H
Greenfield Gas Light
Guarantee Co. of North Amer. (quar.).
Extra
Nov.
Oct.
Oct.
SIX
SI H
10
30c
Preferred (quar0
Courier-Post Co. 7% preferred
Creamery Package Mfg. (quar.)
1 Oct,
Nov.
75c
Refining (quar.)
Goodman Mfg. Co
21
Sept. 20
Sept. 30 Sept. 23
1 Sept. 16
Oct.
60c
Cornell-Dubilier Electric
Glen Alden Coal Co
Oct.
1
20c
Continental Roll & Steel
Foundry, prior pref
General Mills
1
Oct.
...
..
Bearing
1
Oct.
1 Sept. 21
S2H
—
4H% preferred (quar.)
Central Investors Corp
Central Kansas Telephone (s.-a.)
Central New York Power, pref.
(quar.)
Central Power Co., 7% pref
6% preferred
7% preferred (quar.)
6% preferred (quar.)
Chapman Valve Mfg
Chemical Fund, Inc. (quar.)
Cincinnati Advertising Products (quar.)
Cincinnati Postal Terminal & Realty Co.
6H % preferred (quar.).
Cleveland-Cliffs Iron, pref
Clifls Corp
Columbus Dental Mfg. Co.
(quar.)
7% preferred (quar.)
Commercial Discount Co. (L. A.) pref. A.
(qu.)
Preferred B (quar.)
Commercial Shearing & Stamping Co. (quar.)..
Conn (C. G.), Ltd
7% preferred (quar.)
6% preferred class A (quar.)
Connecticut Investors Management Corp. (s.-a.)
Consolidated Dry Goods Corp., 7% pref
Consolidated Oil Corp.
Fafnir
Nov.
Oct.
50c
Central Eureka Mining (bi-mo.)
Central Hudson Gas & Electric (quar.)
$5 preferred
Nov.
1 Sept. 20
1 Oct. 21
68 He
SI X
Case, Lockwood & Brainard Co. (quar.)
Central Elec. & Telep. Co., 6%
pref. (quar.)
Dow Chemical Co
Preferred (quar.)
Dravo Corp., 6% pref.
Sept. 30 Sept. 30
1 Sept. 20
10c
Preferred (quar.)
Carolina Clinchileld & Ohio RR.
Corn Products
15Hc
12Hc
Great Lakes Towing Co. 7% non-cum. pref
When
Share
Name oj Company
-
25c
Pflhporlf At WiiPHY
18
1 Sept. 25
25
Nov.
20c
Attleboro Gas Light Corp. (quar.)
Autoline Oil Co., pref. (quar.)
14*
21 Oct. 11
18 Oct.
8
1 Sept. 18
Oct.
Oct.
15c
Atlas Acceptance Corp. 5% preferred
Atlas Corp
Oct.
10c
Argo Oil Corp
Oct.
Sept. 30 Sept. 21
Sept. 30 Sept. 21
25c
Properties, Inc., class A (s.-a.)
1
1940
Per
Payable of Record
Oct.
Sept. 28,
Oct.
1 8
.23
Dec.
2 1
Jan.
2
Oct.
1
•81X
81H
Ludlow Typograph Co., $6 pref. (quar.)
10
8
16
8
Lunkenheimer Co
25c
MacMillan Petroleum (quar.)
Extra
15c
Oct.
10 8
10
Oct.
10 8
McCrory Stores, 6% preferred (quar.)
c
Oct.
15 (
18
•81 H
..—
Maritime Telep. & Teleg. Co., 7% pref.
Common (quar.)
(quar.)
20c
Nov.
1
11
•81 H
McLellan Stores Co
Preferred (quar.)..
Nov.
Nov.
1
11
20
17Hc
Oct.
1
17 He
6% preferred A (quar.)
Metropolitan Eidson, $6 pref. (quar.)
$5 cumulative preferred (quar.)
87 cumulative preferred (quar.)
$7 prior preferred (quar.)
Michigan Seamless Tube
Middlesex Products Corp. (quar.)
Oct.
75c
Oct.
1
•81H
81H
SIM
$1M
$1 X
Medusa Portland Cement Co
i5
15
Oct.
1
Oct.
20
I
Oct.
1
Oct.
1
Oct.
1
50c
Oct.
25c
Oct.
1
25
25c
Oct.
15 8
30
Mode O'Day Corp
Montana Power Co., $6 preferred (quar.)
Montreal Telegraph Co
81H
55c
Oct.
Montreal T.'amways (quar.)
Mountain States Power
•SI H
Nov.
71
5% preferred
(quar.)
Mountain State Telegraph & Telegram (quar.)..
Myers (F. E.) & Bro. (extra)
Nanaimo-Duncan Utilities, Ltd. (semi-annual)
National Distillers Products (quar.)
National Funding Corp., class A & B (quar.)
National Money Corp., class A (quar.)
11
15
15
30
Oct.
37 He
;
1
Oct.
21
62 He
Oct.
21
3
$1H preferred (guar.)
i —
National Power & Light $6 preferred (ouar.)
15
Oct.
25
Oct.
1
50c
35c
Nov.
1
15
Oct.
20
30
10c
—
Oct.
$1
20c
Oct.
15
15
1
Nov.
1
30
•81 M
37 He
•81H
Oct.
15
!
16
1
23
12c
New York Auction Co
Oct.
1
40c
Nov.
1
15
SIM
Newport News Shipbuilding
$5 preferred (initial, quar.)
Nov.
1
15
15
1
$2
Sept. 30
30
•81
Oct.
25c
New York Telephone Co. (quar.)
Niagara Fire Insurance (guar.) —
Niagara Hudson Power, 1st pref. (quar.)_
2nd preferred A & B (quar.)
Norfolk & Western Ry., preferred (quar.).
North & Judd Mfg. Co
SIM
•SIM
Oct.
15
4
15
Nov.
1
Nov.
1
15
Nov. 19
31
•81
40c
Sept.30
.23
•81 H
6% preferred
5H% preferred
Oct.
10c
Oct.
Oct.
14
Oct.
14
SIX
81X
Ohio Leather Co
Oct.
5c
Northwestern Bell Telep. Co. (quar.)
Oahu Sugar Ltd. (monthly)
Oct.
15
14
30
Sept. 30
15
2.5c
8% preferred (quar.)
preferred (quar.)__
Ohio Telephone Service, 7% pref. (quar.)
Pearson Co.. 5% preferred A (quar.)
Peaslee-Gaulbert Corp. j
6% preferred (quar.)
Penman's Ltd. (.quar.)
Preferred (quar.)
Pennsylvania Power Co., $5 pref. (quar.)
Philadelphia Co. (quar.)
6% preferred (s.-a.)
Philadelphia Electric Co. (quar.)
Preferred (quar.)
Pittsburgh Forging Co
Plume & Atwood Mfg. Co. (quar.)
Plymouth Cordage (quar.)
Puget Sound Power & Light $5 prior preferred
Reading Co. (quar.)
Regent Knitting Mills, preferred
Oct.
1
.$2
Oct.
1
81 H
81 H
7%
1
7
•81 H
81 H
North Texas Co.
Oct.
1
31 He
12Hc
81H
75c
Oct.
1
Nov.
1
19
Sept. 27 Sepc. 24
Sept. 27 Sept. 24
Nov. 15 Nov.
5
81 H
81 H
10c
1 Oct.
21
1 Oct.
15
81H
Nov.
1 Oct.
1
45c
Nov.
1 Oct.
10
•81X
-
Nov.
Nov.
Nov.
Oct.
25 Oct.
1
-
-
—
10
Oct.
25 Oct.
15
50c
.
1 Oct.
25c
Oct.
SIX
tSlH
Oct.
1 Sept.24
21 Sept. 30
Oct.
15 Sept. 20
25c
80c
Nov. 14 Oct.
17
1 Oct.
15
INov.
Volume
Rhode Island Public Service, $2 pref.
(quar.)
(quar.)
*
Royal China, Inc
Royal Typewriter Co., Inc
Preferred (quar.)
St. Croix Paper (quar.)
St. Joseph Stockyards Co
St. Louis County Water, pref. (quar.)
San Antonio Public Service, pref. (.quar.)—.—
San Diego Consol. Gas & Elec., pref. (quar.)
San Gabriel River Improvement Co. (monthly).
Seattle Brewing & Malting Co
Security Investment Co. (St. Louis, Mo.) (qu.).
Class A
,
Extra
50c
Nov.
Oct.
Nov.
Oct.
15
Oct.
Sept. 27
SI
Oct.
Oct.
Oct.
SI
Oct.
Oct.
Sept. 20
SIM
SIM
SIM
Oct.
19
Sept.
10c
Sept.
16
30
17
30
24
25c
Oct.
Oct.
SIM
---
-
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
4c
Oct.
50c
Oct.
25c
Oct.
Oct.
Oct.
10c
Oct.
20c
Oct.
5c
Oct.
Oct.
4c
Oct.
Oct.
1
37Mc
37Mc
50c
—
(quar.)
Extra.
....
Preferred
(quar.).
$1.13
3c
Sullivan Consol. Mines, Ltd
12Mc
Sun Glow Industries (quar.)
Sun Ray Drug Co
Superheater Co. (quarterly
Symington-Gould Corp
Taunton Gas Light Co. (quar.)
Tivoli Brewing Co. (guar.)
—
Todd-Johnson Dry Docks, Inc., class A
Oct.
Oct.
Sept. 30
Oct.
15
Oct.
Oct.
5
2
SI
5c
Oct.
Sept. 16
Oct.
Oct.
United States Fire Insurance
United States Plywood
Preferred
15
Oct.
—
—
7% preferred.
(quar.)
25c
Corp
United States Smelting, Refining
Preferred (quar.)
10
Oct.
Oct.
tSIM
Sept.
Sept. 27
50c
Nov.
Oct.
Oct.
Oct.
16
11
Oct.
Oct.
Oct.
Oct.
4
4
17y&
Oct.
Oct.
4
$3
6% preferred (quar.)
Westvaco Chlorine Products (quar.)
Oct.
Sept. 26
5
(quar.)
Extra
Oct.
Oct.
Oct.
$$1.20
Oct.
20c
Oct.
Sept.
Sept.
Sept.
Sept.
26
25
27
25
Nov.
Oct.
15
Nov.
Oct.
18
Art Metal Works
Nov.
Oct.
18
Oct.
Oct.
10
10
SIM
Oct.
4 Oct.
1
SIM
Oct.
4 Oct.
1
30c
Oct.
1 Sept.
17
Nov. 15 Nov.
1
tSIM
Nov.
_
Preferred
SIM
Oct.
Oct.
Oct.
1 Sept. 27
15 Sept. 30
1 Sept. 25
Sept. 27 Sept. 19
Share
previous weeks
40c
(quar.)
10c
Preferred (quar.)
SIM
-
10c
Oct.
;--— --
---
.<.
—
25c
SIM
SIM
SIM
Oct.
Oct.
Oct.
Nov.
(quar.)
1
15 Oct.
Sept. 30 Sept. 14
Sept. 30 Sept. 14
1
Out.
18
Oct.
Oct.
Oct.
Oct.
Bangor & Aroos ook Railroad, pref.
Bangor Hydro-Electric 7% preferred
6% preferred (quar.)
1
5c
(quar.)
Allied Stores Corp. 5% pref (quar.)
Allis-Chalmers Manufacturing Co
Aluminum Co
of America preferred (quar.)
Aluminum Goods Mfg. Co., cap. stk
Aluminum Mfg.. Inc
(quar.)
Oct.
1
Oct.
1
Oct.
1
Oct.
1
Oct.
1
50c
—
Quarterly
7% preferred (quar.)
7% preferred (quar.).
Amalgamated Sugar Co
Amerada Corp. (quar.)
...
American Agricultural Chemical Co
American Alliance Insurance (N. Y.) (quar.)
American Bakeries Co., class A (quar.)
Class A (extra)
Class B
1
43Me
SIM
Class A
Oct.
—...
(quar.)
American Brake Shoe & Foundry
Preferred (quar.)
(quar.)
preferred
American Cigarette & Cigar, pref. (quar.)
American Cities Power & Light^class A (quar.).
American Coach & Body
Sept. 30
SIM
Oct.
1
20c
Oct.
1
50c
Sept. 30
50c
SIM
Dec.
31 Dec.
15
Sept. 30 Sept. 15
SIM
Dec.
Dec
15
1 Sept.
16
31
10c
Oct.
50c
Oct.
30c
Sept. 30 Sept. 16
Oct. 15 Sept. 20
25c
31 Oct.
1
5*
Sept. 16
1 Sept. 16
25c
Oct.
1 Sept. 16
Oct.
SI
1 Sept. 11
Oct.
75c
1 Sept. 17
Oct.
SIM
40c
Sept. 30 Sept. 20
SI.31 M Sept. 30 Sept. 20
1 Sept. 17*
Oct.
1 M %
1 Sept. 16
Oct.
t25c
Sept. 30 Sept. 16
SIM
1 Sept. 11
Oct.
68 Mc
1 Sept. 20
Oct.
25c
50c
Oct.
Oct.
Sept. 20
Sept. 30
Oct.
Oct.
Oct.
SIM
SIM
(quar.)
(quar.)
Oct.
Oct.
Sept. 4
Sept. 10
Sept. 10
10
t
Nov.
Oct.
Sept.
Sept. 14
60c
Dec.
Dec.
14
14
SI
Dec.
Dec.
20c
Oct.
S3M
(initial,seml-ann.)
Co. (quar.)
of New York (quar.)
Preferred
Oct.
Sept. 18
Sept.
50c
Oct.
25c
Optical (quar.)
Oct.
SIM
Bastian-Blessing Co
Preferred (quar.)
Oct.
40c
preferred (quar.)
Oct.
SIM
(quar.)
Oct.
25c
—
SIM
Oct.
Oct.
?6°
1 Sept. 23
1 Sept. 16
I Sept. 16
II Sept. 25
l|Sept. 25
15 SeDt. 30
1 Sept 13
Sept, 13
Oct.
Sept
Sept
16
Oct.
50c
SI
Oct.
Sept
10
Oct.
Sept
14
SIM
SIM
Oct.
Sept
Sept
20
$2
45c
Belding-Corticelli. Ltd. (quar.)
Preferred (quar.)
Bell Telepnone Co. (Pa.) (quar.)
Bell Telephone of Canada (quar.)
Beneficial Industrial Loan Corp
$2M prior preference div. series of 1938
Bethlehem Steel Corp. 7% nref. (quar.)
B-G Foods, Inc., prior preferred (quar.)
Preferred (quar.)-Bickford's, Inc
Preferred (quar.)
Biltmore Hats Ltd. (quar.)
50c
$1
Extra
Oct.
62 Mc
Oct.
10
14
15 Sept 23
Sept. 30 Sept, 16
Sept. 30. Sept, 16
6
Sept
Sept. 20
Oct.
SIM
Oct.
SIM
SIM
Oct.
SIM
Sept. 20
Sept. 25
Sept. 25
Oct. 15 Sept. 30
Sept. 28 Sept. 16
Oct. 25 Oct. 10
11 Sept. 18
Oct.
Oct.
11 Sept. 18
25c
25c
Sept. 30'Sept. 16
Sept. 30 Sept. 21
30c
Oct.
62 Mc
Oct.
15c
50c
Bird Machine Co
Machine Co
Birmingham Electric $6 pref. (quar.)
$7 preferred (quar.)
Birmingham Fire Insurance (quar.)
Bliss & Laughlin, Inc
Preferred (quar.)
Bloch Bros. Tobacco Co. 6% pref. (quar.;
Oct.
SI M
(quar.)
Sept.
Oct.
68 Mc
Co
25c
Birdsboro Steel Foundry &
SIM
—
Bohn Aluminum & Brass
_
37 Mc
Sept. 30 Sept. 21
SIM
50c
Sept. 30 Sept. 25
Oct.
1 Sept. 13
15
SI
Oct.
31 Oct.
62Mc
Oct.
31 Oct.
3 Mc
Oct.
25c
class A (quar.)
Class B (quar.)
Bonomo'Publishers (quar.)
Bon Ami Co.,
Borg-Warner
Boston & Albany RR. Co
Ry. (quar.)
15
30c
60c
Bank of the Manhattan
Boston Elevated
II Sept. 20
Sept. 20
SIM
12Mc
SI M
(quar.)..'
Bayuk Cigars. Inc., first preferred
Beatrice Creamery Co. (quar.)
Preferred (quar.)
Beech Creek Railroad (quar.) —
Beech-Nut Packing Co. (quar.)
1
1 Sept. 20
I 8ept. 20
Oct.
(quar.)
(quar.)
SJM
SIM
Oct.
1 Sept. 14
Oct.
(quar.)
Oct.
Sept. 30
Sept. 30
1 Sept. 20
1 Sept. 19
7
1 Sept.
Oct.
Oct.
Bausch & Lomb
Oct.
1 Sept. 20
1 Sept. 20
Oct.
—
1 Sept.
25c
1 Sept. 14
4
1 Oct.
Oct.
T.) Chemical Co. (quar.)
Preferred
1 Oct.
Oct.
Nov.
Oct.
1 Sept.
1 Sept.
9
20
20
Sept. 25
Sept. 11
Sept. 21
Sept. 21
Sept. 20
Sept. 20 1
Sept. 16
Sept. 9
Sept. 9
Sept. 17
Sept. 16*
Sept. 14
Sept. 14*
Sept. 15
15
Nov.
(quar.)
Quarterly
Bank of America N. T. & S. A.
Quarterly
10
Oct.
preferred (quar.)—/—
Baldwin Co. 6% pref.
14
Oct.
(Greenwood, S. C.) (quar.).
Barker Bros. Corp.,
21
18
Sept. 30 Sept. 14
I Sept. 14
(quar.)
(quar.)
Baldwin Rubber Co.
14
Sept.
Sept.
Sept.
Sept.
Oct.
(quar.)
Bankers Trust
18
1! Sept.
I Oct.
Automobile Insurance (Hartford) (quar.)__—
AvondaleMills.
.
--—-—
------
Bank
28 Oct.
Sept. 20
Sept. 14
Sept.
Sept. 14
Sept.
Sept. _.,Sept. 16
Oct.
25c
Allied Products (quar.)
American Bank Note preferred
Preferred (quar.)
---
Co., preferred (quar.) _ Co.. preferred (quar.)
Atlantic Refining Co., pref. (quar.)---------
Preferred
18
lOct.
Atlanta Gas Light
Baker (J.
6
18
28 Oct.
jOct.
lOct.
-----
6% conv. preferred
19
20
6
28 Oct.
Sept.
Oct.
15c
(quar.)
Oct.
2Mc
2Mc
(quar.)
Extra
American Capital. $3
Oct.
Oct.
Sept. 7
15 Sept. 30
1 Sept. 16
15 Sept. 30
15 Sept. 30
1 Sept. 13
1 Sept. 13
25c
7% pref. (quar.).
Allegheny Ludlum Steel
Allemannia Fire Insurance (quar.)
-
Oct.
I Oct.
16
20
Oct.
SI
Alberta Wood Preserving Co..
jOct.
pref. (quar.)_-_
S3
(quar.)
7% preferred (quar.)
American Can Co. preferred
1
25c
-—-
(quar.);.._.
Oct.
5c
.
Albany Packing Co.
Allied Laboratories. Inc.
28
7
1 Sept. 11
»M%
(quar.)
...
Allen Electric & Equipment
16 Sept.
1 Sept.
Oct.
Oct.
30c
$6 preferred (quar.)
....
—
$5 preferred (quar.)
Alabama & V'cksburg RR. (semi-annual)
Extra
Sept. 13
SI
Aguew Surpass Shoe Stores pref.
Air Reduction Co., Inc. (quar.)
—
1
40c
Casualty & Surety (quar.)
Aetna Insurance Co. (quar.)
Aetna Life Insurance (quar.)
Affiliated Fund, Inc
—.
Oct.
Associated Telephone
| Holders
Sept. 30 Sept. 12
Sept. 30 Sept. 12
15 Oct.
Oct.
1
Oct.
Aetna
_
When
Payable oj Record
37 Mc
A (quar.)
Aeronautical Securities
Extra..
Oct.
Associated Dry Goods 2d pref._.
Associates Investment (quar.)
Autocar Co.,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Extra
Extra
Alabama Power Co.. $7 pref.
Oct.
Preferred (quar.)
Preferred
Sept. 16
Sept. 10
Oct.
(quar.)
Associated Breweries of Canada
Sept. 14
Sept.
5
Sept.
—
---
4
1 Sept. 12
l.Sept. 12
Oct.
(quar.)
Auto Finance Co.
Per
Aero Supply Mfg.. class
Oct.
.
Corp., Ltd.
Preferred
31 Oct.
Oct.
Art Metal Construction
Extra..
15 Sept. 16
Sept. 30 Sept. 10
Oct. 15 Oct.
1
1 Sept. 18
Oct.
Nov. 30 Nov.
1
pref. (quar.)
Avery (B. F.) & Son
Abbott Laboratories
Dec.
Oct.
Oct.
$6 preferred (quar.)
__
of Delaware, 7%
os
3
Aug. 31
Sept. 6
Nov. 25
Sept.
Sept.
Oct.
Armour & Co
Asbes
Sept. 14
l,Sept.
Sept.
Oct.
$6 pref. (qu.)_
(quar.)
Arkansas Power & Light $7
Ashland Oil & Refining
SIM
SIM
SI.35
1
16 Dec
Oct.
Arundel Corp. (quar.)
Nov.
paid.
Company
411
Dec.
- -— --
Oct.
give the dividends announced in
Name oj
31
4-1Oct.
Oct.
Appalachian Electric Power Co.
$7 preferred (quar.)
AppletonCo. (quar.)
50c
The list does not include dividends an¬
nounced this week, these being given in the jireceding table.
and not yet
Dec.
(quar.)
14
1
—
50c
37Mc
(quar.)
preferred (quar.)
2nd preferred (quar.)
....
Wico Electric Co. 6% p*ef. A (quar.)
Wilson & Co., $6 prefe;red
Wilton Railroad Co. (semi-annual)
Wisconsin Gas & Electric Co., 4M % pref. (qu.).
Wood Preserving preferred (quar.)
Worcester Suburban Electric Co
Oct.
(quar.)
Refining
SIM
White Rock Mineral Spring Co.—
1st
Dec.
Mill Co., pref. (quar.).
35c
preferred (quar.)
7% preferred (quar.)
Weston (Geo.) Ltd.,
Dec
Sept. 14
(quar.)
(quar.)
American Steel Foundries
American Sugar Refining preferred (quar.) —
American Telep. & Teleg. Co. (quar.)
American Tobacco Co., Inc.. pref. (quar.)
American Water Works & Electric Co., Inc.—
$6 first preferred (quar.)
Anchor-Hocking Glass Corp. $5 pref. (quar.) —
Apex Electrical Mfg
Preferred
14
Dec.
Dec.
SIM
SIM
SIM
Washington Oil
Water bury Farrell Foundry & Machine
West Kootenay Power & Light, pref. (quar.) —
Western Assurance Co. (s.-a.)
Western Commonwealth Corp. A (semi-annual)
Oct.
Preferred
SIM
United Stockyards, preferred (guar.)
Vermont & Massachusetts RR. (s.-a.)
Sept.
Sept.
Oct.
Preferred (quar.)
American Snuff Co.
87Mc
& Mining
Sept.
(quar.)
American Screw Co.
Sept. 20
Sept. 20
Oct.
Sept. 16
Sept. 26
Sept. 20
Sept. 20
Sept. 14
Oct.
__
American Smelting &
1
14 Nov. 20
Oct.
pref. (quar.).
American Safety Razor (quar.)
American Seal-Rap (Dela.)
1 Sept. 25
Nov. 15 Oct. 31
SIM
SIM
Oct.
(quar.)
American Rolling
Oct.
Dec.
Sept. 3
Sept. 3
Sept. 16
Oct.
_
5
Oct.
20c
United States Cold Storage Corp.,
we
Sept. 23
Aug. 26
Oct.
s-a.)
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)
American Optical Co. (quar.)
—
American Paper Goods <'o
7°7f pref (quar.) —
American Power & Light, $6 preferred
$5 preferred
American Public Service Co. 7*9 pref (quar.).
American Radiator & Standard Sanitary Corp..
30c
United Shirt Distributors...
Below
Oct.
Oct.
SIM
Sept. 14
Sept. 16
Sept. 16
Sept. 20
Sept. 16*
Sept.
A
5% cumulative preferred
.Nov.
pref. A & B
Oct.
American Oak & Leather Co.—
Nov.
6
Sept. 20
Sept. 20
Quarterly
Nov.
& B
(Quarterly)
6% preferred C and D (quar.)
Preferred
Oct.
5
Sept.
Sept.
Preferred (quar.)
Preferred (quar.)
25
23
23
23
19
20
23
23
Sept.13
1 Sept. 16
Sept.
Preferred (quar.)
5
1
15 Oct.
Oct.
American Maize-Products Co
American Mfg. Co.
25c
--
(quar.)
(Canada) (quar.)
(Minn.), 7%
Serv.
West Penn Electric
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Oct.
Oct.
(111.) 5% pref. (qu.)
American Investment Co.
20c
37Mc
Union Electric Co. (Mo.), pref.
Public
American Investment Co. $2 cum.
American Locker, class
12Mc
preferred (quar.)
Union
Oct.
15 Sept. 15
Oct.
Oct.
Extra
37Mc
--
Preferred (quar.)
Union Gas Co.
Oct.
Oct.
t50c
$4, 2nd preferred
Oct.
American Indemnity Co
American Insurance Co. (Newark)
Sept. 20
Sept. 20
Oct.
75c
Springfield Fire & Marine Insurance (quar.)..
Springfield Fire & Marine Insurance (quar.)
Suburban Electric Securities Co.—
Oct.
tSlM
SI.13
25c
SIM
-
Co
Print Works, preferred
Southern Berkshire Power & Electric
Southern Bleachery &
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SI
25c
Oct.
American Home Products Corp
5
50c
(liquidating)
Stockyards Co. (quar.)
SIM participating preferred (quar.)
Sivyer Steel Castings
Smyth Mfg. Co. (quar.)
-
Sept. 12
Sept. 12
Sept. 20
Oct.
_
American Hide &
4
9
20
20
20
20
30
tl5c
Sioux City
Oct.
Oct.
J
Leather, 6% pref. (quar.)
Extra
5
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Extra..
Sonoco Products
24
24
Oct.
SIM
50c
—
Sigma Mines, Ltd. (Quebec)
Silbak Premier Mines, Ltd
Simms Petroleum Co.
Oct.
Oct.
IB
Cyanamid Co., A. & B. (quar.)
SIM
5% 1st & 2nd cum. conv. pref. (quar.)
30c
American Discount Co. (Ga.) (quar,)_
SIM
American District Telegraph (N. J.) pref. (qu.)_
SIM
American Express Co. (quar.)
SIM
American Felt Co. preferred (quar.)
-SIM
American Fork & Hoe,[ preferred (quar.)
American Gas & Electric Co. (quar.)—
SI.18 M
4 M % cum. preferred (quar.)
25c
American General Insurance Co. (quar.)
American Hard Rubber, preferred (quar.)
American Hardware Corp. (quar.)
American Hawaiian Steamship (quar.)
5
Oct.
Nov.
50c
Sept. 17
Sept. 17
Oct.
25c
Crystal Sugar Co
Preferred (quar.)
American
3
3
Oct.
SIM
SI M
-
5% convertible preferred (quar.)
Security Storage (quar.)
Servel, Inc. (special)
Shaffer Stores Co., 5% pref. (quar.)
Shaler Co., class A (quar.)
Class B (quar.)
Shasta Water Co. (quar.)
American
15
$1
15c
Payable of Record
Share
of Company
Holders
When
Per
Name
Payable of Record
Share
of Company
Holders
When
Per
Name
1843
Chronicle
The Commercial & Financial
151
Oct.
$2
-
SIM
15
1 June 25
1 Sept. 17
Sept. 30 Aug. 31
1 Sept. 10
Oct.
The Commercial & Financial Chronicle
1844
Share
Boston Herald Traveler (quar.)
Boston Insurance Co. (quar.)
8734c
33 34c
$1^
Extra
Buffalo Niagara & Eastern Power 1st pref. (qu.)
Oct.
Sept. 30
Oct.
1
Oct.
1
J25c
t234%
Oct.
1
10a.
50c
25c
$3
75c
75c
3c
$154
8734c
$134
'
SIM
sim
25c
$3
SIM
40c
Building Products Ltd. (quar.)
-
BuJIard Co
1734c
50c
(quar.)
Burger Brewing Co., preferred (quar.)
Burkhart (F.) Mfg. Co
$2.20 preferred (quar.)
Burlington Steel, Ltd. (quar.)
Burma Corp. (final 334 annas)
Amer. dep. rec. (final 334 annas)
Business Capital Corp., class A
Butler Mfg. Co
Preferred (quar.)
Byers (A. M.) Co. pref. div. plusint
Calamba Sugar Estates (quar.)
Calgary & Edmonton Corp., Ltd
California Packing
Preferred (quar.)
California Water & Telephone 6% pref. (qu.)
Calumet & Hecla Consol. Copper Co.
1 Sept. 20
1
Oct.
25c
Oct.
1
13
20
15
17
17
Sept. 16
Sept. 30 Aug. 22
Oct.
51 Aug. 22
Oct. 31 Oct. 22
Nov. 16 Nov.
Oct.
Oct.
$5
pref.
pref. (quar.)
1S3M
J23c
—
Canadian Breweries preferred
Canadian Canners, Ltd. (quar.)
-
Conv. preferred (quar.)
(participating div.)
Oct.
1
2 Sept. 15
1 Oct.
15
Nov.
1
Oct.
Oct.
Oct.
Oct.
Oct.
1S2
m
175c
J12MC
:25c
:5c
:i5c
Oct.
Dec.
15c
Canadian Celanese
Extra
:25c
:50c
—
.
Canadian Fairbanks-Morse, preferred
(quar.)-Canadian General Electric (quar.)
Canadian Industries, Ltd. A & B
(quar.)
Preferred (quar.)
Canadian Oil Cos., 8% pref. (quar.)
Canadian Pacific RR., preferred
(interim)
Canadian Silk Products, class A
(quar.)
:$im
SIM
:$2
:$i M
:$i M
:$2
sflS
Canadian Westinghouse
(quar.)
Canadian WIrebound Boxes, Ltd. class A
Canfield Oil
37 Mc
% t37Mc
$1
1
1 Sept. 14
1 Sept. 20
Oct.
Nov.
nli7°
175c
Canada Packers, Ltd. (quar.)
Partic. preferred (quar.)
Canadian Cottons, Ltd. (quar.)
15
1 Sept. 14
1 Sept. 19
—
t$$
1st preferred (quar.)
1st preferred (participating div.)
1 Oct.
Nov.
Oct.
t$l M
t62Mc
137 Mc
—
Sept.10
10 Sept. 30
1 Sept.10
Sept. 30 Sept. 14
Sept. 30 Sept. 21
Sept. 30 Sept. 21
Oct.
1 Sept. 20
Oct.
1 Sept. 23
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 28 Sept. 23
Sept. 28 Sept.23
$1
Canada Permanent Mtge. (quar.)
Canada Wire & Cable, class A
(quar.)
Sept. 20
Oct.
15
1 Sept. 30
1
21 Oct.
25 Sept. 30
15 Sept. 30
1
Sept. 16
1 Sept. 14
15 Nov. 30
Oct.
1
Oct.
Sept.
Sept.
1 Sept.
1 Sept.
Oct.
1
Oct.
1
Oct.
Oct.
1
16
14
14
14
Sept. 14
Sept. 14
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Oct.
1 Sept. 13
Oct.
1 Sept. 13
Oct. 15 Sept. 30
1 Sept. 14
Oct.
Oct. 31 Sept. 30
Oct. 15 Sept. 30
1 Sept. 20
Oct.
Oct.
1 Sept.
2
I Sept. 14
Oct.
Oct.
II Sept. 14
Oct.
1
Sept. 16
50c
30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 18
75c
6% preferred (quar.)
Oct.
1
3
$1M
—
Capital Administration Co., Ltd.—
$3 cum. preferred series A (quar.)
Capital City Products
Carman & Co. class B
15c
--
Oct.
50c
Oct.
1
$1M
SIM
$2
2Mc
Carter (J. W.) Co
Oct.
1
Oct.
1
Oct.
Oct.
1
15c
Carthage Mills, Inc., prer. A (quar.)
Preferred B (quar.)
SIM
Case (J. I.) Co.,
preferred (quar.)
SIM
60c
Corp. of American
25c
Common stock div. of lsh. of
30 shs. of common stock held
com.
1
Sept. 30 Sept.
1 Sept.
Oct.
1 Set>t.
Oct.
1 Sept.
Oct.
Oct.
Cities Service Power & Light, $5 pref
$5 preferred (quar.)
$6 preferred
$6 preferred (quar.)
$7 preferred
$7 preferred (quar.)
City Auto Stamping (quar.)
City Ice & Fuel Co
---— -
—
—
20
30
16
16
16
24
20
23
16
16
12
15 Sept. 17
Central Patricia Gold
Mines, Ltd. (quar.)
Extra
10 Oct.
11
SIM
Oct.
1
Sept. 17
SIM
S3M
SIM
37 Mc
SI
SIM
SIM
SIM
SIM
Jan.
1
Dec.
17
Dec.
31
Dec,
17
Oct.
25 Oct. 21
15 Sept. 30
Oct.
Oct.
1
Oct.
Oct.
1 Sept. 20
1 Sept. 10
Oct.
1
Oct.
Sept. 10
1 Sept. 10
15c
Dec.
2 Nov. 20
:4 c
-
Sept. 28 Sept. 14
Sept. 28 Sept. 14
1 Sept. 14
Oct.
lie
(quar.)—
SIM
45c
1
Oct.
1
SIM
tSl
Chicago Flexible Shaft (quar.)
1
Oct.
SI
(quar.)
Chicago Daily News. Inc.. 5% pref. (quar.)
Chicago & Electric Mfg., class A
Oct.
75c
Chesapeake & Ohio Railway
Oct.
1
Oct.
1
Sept. 30
Sept. 30
Chicago"pneu
aticTool $3 pref. (quar.)..
$2M preferred (q 'nr.)
Chicago Railway Equipment, preferred
Chicago & Southern Air Lines, pref. (quar.)
Chicago Title & Tru
(quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
17
6
6
20
23
20
20
75c
Oct.
1
62 Mc
Oct.
1
t43Mc
17 Mc
SIM
Chickasha Cotton Oil
(special)
Chillicothe Paper Co pref. (quar.)
Christiana Securities, preferred
Oct.
1
Oct.
1 Sept. 17
1 Sept. 19
25c
SIM
SIM
(quar.)
Cincinnati Gas & Electric 5%
pref. (quar.)
Cincinnati Suburban Bell
Telephone (quar.)
Sept. 17
SIM
—
Cincinnati Union Stock Yards
(quar.)
Cincinnati Union Terminal,
5% pref. (quar.)
Citizens Water Co. (Wash.,
Pa.) 7% pref.(qu.)_
Citizens Wholesale Supply
—
-
$1.13
30c
Oct.
Oct.
Oct.
21
21
20
15 Sept. 25
1
Oct.
1
Oct.
1
Oct.
1
Sept. 30
SIM
SIM
Oct.
Oct.
1
75c
Oct.
1
87Mc
Oct.
1
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
20
20
16
13
21
18
11
28
28
Oct.
Oct.
50c
Oct.
SIM
Oct.
Sept. 20
Sept. 20
SIM
40c
25c
20c
25c
SIM
SIM
75c
—
Coleman Lamp & Stove (quar.)
Extra
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
—$
Collateral Loan Co. (Boston, Mass.) (quar.)
Colonial Finance Co. (Lima, Ohio) (quar.)
Colonial Ice 7% pref. (quar.)
31 Oct.
Oct.
1 Sept. 20
1
Oct.
1
Oct.
1 Sept. 20
1.06M
SIM
25c
(Quarterly)
50c
Columbus & Southern Ohio Electric Co.
S6M preferred (quar.)
6% preferred (quar.).
Commercial Alcohols, pref. (quar.)..
Commercial Credit (quar.)
Sept. 30 Sept. 21
Sept.30 Sept. 21
Sept.30 Sept.10
Oct.
1 Sept. 10
Oct.
1 Sept. 16
Oct.
1 Sept. 20
Oct.
1 Sept. 20
31 Sept.21
Oct.
Sept. 30 Sept. 12
Nov.
Oct.
15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
16
25
23
Oct.
Oct.
14
10c
-—
Oct.
75c
Sept.
$1.06 M Sept.
--
Commercial Investment Trust Corp.
Oct.
SI
(quar.).—
S4M series of 1935 conv. preference (quar.)... $1.06 M Oct.
Commercial National Bank & Trust Co. (quar.)
Oct.
$2
_
10c
Sept.
45c
....—.
Commonwealth Investment Co..-.--.--Commonwealth & Southern, pref..
Commonwealth Telephone Co. (Madison, Wis.)
6% preferred (quar.)
Commonwealth Utils. Corp. 6% pref. B (quar.).
6M% preferred O (quar.)
Commonwealth Water Co. 5M % Pr®L (Quar.)
Commonwealth Water & Light Co. $7 pref. (qu.)
$6 preferred (quar.)
Community Power <fc Light....--—
Connecticut Gas & Coke Securities pref. (quar.).
Connecticut General Life Insurance (quar.)
Connecticut Light & Power (quar.)..
Connecticut Fire Insurance Co. (quar.)
Consolidated Aircraft preferred (quar.)
---
--
Nov.
4c
Nov.
Oct.
75c
$1M
SIM
SIM
SIM
SIM
SIM
—
Consolidated Coppermines
Consolidated Edison (N. Y.) pref. (quar.)
Consolidated Film Industries, preferred.-----Consol. Gas, Electric Light & Power Co. (Bait.)
>
4M % preferred series B (quar.)
4% preferred series C (quar.)
Consolidated Laundries, pref. (quar.)
Consolidated Retail Stores 8% pref. (quar.)
Consolidated Water Power & Paper Co. (quar.).
Consumers Gas (Toronto) (quar.)—
Consumers Power Co. $ 5 pref. (quar.)
S4M preferred (quar.)
Continental Baking Co. pref. (quar.)
Continental Bank & Trust (N. Y.) (quar.)
Continental Can Co.. pref. (quar.)
Continental Gas & Electric 7% preferred (quar.)
& Continental Oil
—
..
-
Oct.
Sept.14
Sept. 14
Nov. 15
Oct.
1
Oct.
Sept. 10
1 Sept. 11
1! Sept. 11
Oct.
25c
Dec.
2 Nov. 15
75c
Oct.
20c
Oct.
75c
Oct.
l.Sept. 14
Sept. 14
Sept. 14
Sept.14
Sept. 14
Sept. 23
Sept. 30
$5
75c
Oct.
Oct.
75c
Oct.
15c
SIM
Sept.
Oct.
Oct.
Nov.
Sept. 27
Sept.13
Sept.14
Sept. 14
Sept. 14
25c
Oct.
90c
Oct.
Oct.
Oct.
SIM
$1
S1li
Oct.
Nov.
Oct.
50c
Sept.
:$2M
SIM
SIM
Oct.
Oct.
$2
20c
Oct.
Oct.
SIM
Oct.
Oct.
25c
Sept.
Sept.
Oct.
Oct.
Oct.
Sept.13
Sept.13
Sept.14
Sept. 14
Oct.
Sept. 24
Oct.
25c
Oct.
Sept.
Sept. 20
Sept. 19
Sept. 10
40c
Oct.
Sept. 18
15c
Oct.
Oct.
12Mc
________
(quar.).
25c
.
$2
Crum & Forster—
30c
Preferred (quar.)
Crystal Tissue Co. (quar.K
Curtis Publishing Co., $7 preferred
Curtiss-Wright Corp., class A
Danahy-Faxon Stores. Inc. (quar.)
Davenport Hosiery Mills
Preferred (quar.)
David & Frere, Ltd., class A (quar.)
Dayton & Michigan IIR. (s.-a.)
3
SIM
Telephone, 7% pref. (quar.)..
6M % preferred (quar.)
Corsoon & Reynolds, preferred A
Cottrell (C. B.) & Sons Co. 6% pref. (quar.)
County Trust Co. (White Plaines) (quar.)
Creameries of America, Inc. (quar.)
Cream of Wheat Corp.
Crown Cork International Corp. class A
—
15
Sept. 14
Sept. 14
Sept.14
Sept. 13
Sept.13
Sept.2^
Sept. 13
Sept. 10
Sept.20
Oct.
SIM
2
SIM
SIM
...
Crown Zellerbach Corp
Crum & Forster pref. (quar.)
11
Dec.
25c
...
10
Sept.13
SIM
SIM
Continental Steel Corp
3
10
10
10
Oct.
:25c
Consolidated Bakeries (Canada) (quar.)
Consolidated Car Heating (quar.)
Continental
Sept. 12
Sept. 12
Oct.
$1.63
-—
Preferred (quar.)
21
Sept. 30 Sept. 21
Oct.
1 Sept. 20
Oct.
1 Sept. 14
Oct.
1 Sept. 20
Oct. 15 Oct.
1
Oct.
SIM
SIM
SI
Preferred B (quar.)
Colt's Patent Firearms (interim)..
Commodity Corp. (quar.)
Commonwealth Edison Co.
15
$5.70
25c
Colgate-Palmolive-Peet, pref. (quar.)
% preferred (quar.)
Oct.
25c
25c
Coca-Cola Co
Coca-Cola International
Cohen (Dan) Co
4 M
Oct.
Oct.
30c
--
Holers
1 M %
12Mc
Hit
City Investing Co., preferred (quar.)
City Title Insurance Co. (quar.)
Cleveland Electric Illuminating
Preferred (quar.)
------—,- ------ Cleveland Cincinnati Chicago & St. Louis Ry.—
5% preferred (quar.)
Cleveland Graphite Bronze (interim)
Cleveland Union Stockyards
Clearing Machine Corp. (quar.)
Clinton Trust Co. (quar.)..
Clinton Water Works Co. 7% pref. (quar.)
duett, Peabody & Co., Inc., preferred (quar.)--
When
Payabie of Record
Sept. 26
Sept. 26
Sept. 26
Sept. 26
Sept. 26
Sept. 26
Sept. 20
Sept.14
Sept. 26
tsio
SIM
t$12
SIM
t$14
$2
12Mc
Oct.
Oct.
Dec.
Oct.
1
Dec.
13
Sept.
Sept. 20
Aug. 30
Oct.
50c
50c
Sept.
Sept.
25c
Oct.
SIM
25c
Sept. 14
Sept. 23
Sept. 23
Sept. 23
Sept. 16
Sept.16
Sept. 16
Oct.
Sept.
87Mc
Oct.
SI
Oct.
S2M
SIM
8% preferred (quar.)
Sept. 20*
Sept. 13
Sept .19
Sept.
75c
—
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
De Long Hook & Eye
(guar.)
-
-
-
-
1-2-41 Dec. 23
2 Nov. 26
Oct.
Sept. 20
Sl/M
Dec.
Nov. 20
7 Mc
Oct.
Sept. 23
15c
Oct.
2 Mc
3c
-
1 Sept. 20
Dec.
50c
(N. Y.) (auar.)
Denven,Union Stockyards (quar.)
Preferred (quar.)
De Pinna (A.) Co., class A
Preferred (quar.)
Deposited Bank Shares (N. Y.), Series N. Y
Deposited Bank Shares of N. Y. series A.
Deposited Insurance Shares A & B stk. div
Detroit Edison Co. (quar.)
Detroit Gasket & Manufacturing Co
Oct.
75c
Dentist's Supply Co.
Dec.
7% cumulative 1st part, preferred (s.Celotex
Corp. 5% preferred (quar.)
Central Aguirre Associates
(quar.)
Central Hanover Bank & Trust Co.
(quar.)
Central Illinois Light
Co., 4M% pref. (quar.)-Central Maine Power
7% preferred (quar.)
6% preferred (quar.)
$6 preferred (quar.)
Central Paper (initial
quar.)
pref. (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
for each
7% cumul. prior preferred (quar.)
7% cumulative prior preferred (quar").
Champion Paper & Fibre, preferred
Chemical Bank & Trust Co.
(quar.)
Sept.
Share
,
Carolina Power & Light
$7pref. (quar.).
$6 preferred (quar.)
Carolina Tele p. & Teleg Co.
(quar.)
Carriers & General
Oct.
Oct.
Oct.
Oct.
i2m
Canada Northern Power Corp.,
7% preferred (quar.)
Sept7 2
15 Sept. 30
1 Sept. 16
Nov.
1 Oct. 17
Oct.
Oct.
Sept. 30 Sept. 24
SIM
Sept. 30 Sept. 24
t $2.1583 Sept. 30 Sept. 23
40c
Oct.
1 Septi 14
JlOc
Sept. 30 Aug. 31
25c
Nov. 15 Oct. 31
62 Mc
Nov. 15 Oct. 31
3734 c
1 Sept. 20
Oct.
Canada Foundries & Forgings class A.
Canada Iron Foundries, LtdPreferred
Preferred
Sept. 30
Sept. 30
15c
SI
Cambria Iron, semi-annual
Canada Bread 1st pref. (quar.)
Class B preferred (quar.)
cum.
15
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
1 Sept.
Oct.
Oct.
1 Sept.
50c
-
(quar.)
Ltd. 7% non
Ltd
Sept. 30
Sept. 23
Sept. 20
Sept.14
Sept.16
Sept.13
Sept. 30
Sept. 20
Sept.16
Sept.16
Sept.12
SI
55c
Bulova Watch Co.
Celanese
1
50c
50c
_
Preferred (quar.)
Cannon Mills Co
15
40c
—
Preferred (quar.)
1
Sept. 30
Sept. 30
SIM
$134
Sept. 26
Sept. 20
15 Sept. 30
Oct.
Oct.
Oct.
50c
(s.-a.)
British-American Tobacco Co., Ltd. (interim)
British-Columbia Power, class A (quar.)
British Columbia Telop. Co. 6% 1st pref. (qu.)-6% 2nd preferred (quar.)
Broad Street Investing Corp. (quar.)
Brookline Trust (Mass.) (quar.)
Brooklyn Borough Gas Co. (quar.)
6% preferred (quar.)
Broulan Porcupine Mines, Ltd. (initial)
Bruce (C. L.) Co., 7% cum. pref. (quar.)
3M % cum. preferred (quar.)
Brunswick-Balke Collender Co., pref. (quar.)Bucyrus-Erle Co., preferred (quar.)
Budd Wheel Co., 7% part. pref. (quar.)
7% part, preferred (partic. dividend)
Buffalo Insurance Co. (quar.)
Con v. preferred
15
Oct.
Oct.
20c
-.
Canada Life Assurance
Canada Malting Corp.,
1
Nov. 25 Nov. 15
50c
Brillo Mfg. Co. (quar.)
Class A (quar.)
British American Oil Co, (quar.)
British American Tobacco Co. 5% pref.
cum.
Oct.
10c
Brandt jen & Kluge, Inc., 7% pref. (quar.)
Brantford Cordage preferred (quar.)
Brazilian Traction Light & Power, pref. (quar.)Bridgeport Brass Co
Bridgeport Gas Light (quar.)
Bridgeport Hydraulic Co. (quar.)
Briggs Manufacturing Co
7%
Oct.
$4
$1
20c
Bralorne Mines, Ltd. (quar.)
Extra--
Per
Name of Company
Payable of Record
40c
Boston Woven Hose & Rubber Co., common
Holders
When
Per
Name of Company
Sept. 28, 1940
Oct.
Sept. 23
Sept. 3
Sept. 3
1 Sept. 14
2M%
SI
25c
Detroit-Hill8dale & Southwestern (s.-a.)
Detroit Steel Products
Diamond Ginger Ale, Inc. (quar.)
$2
50c
25c
Oct.
Nov.
Oct.
Oct.
15 Sept. 27
5
21 Oct.
Jan.1'41 Dec.
20
10 Sept. 30
Sept. 30 Sept. 21
Oct.
Diamond Match Co
(quar.)
Preferred (semi-ann.)
25c
Dec.
75c
Diamond Shoe Corp
30c
3-1-41
2-10-41
Oct.
1 Sept. 20
5% preferred (initial quar.)
Discount Corp. of N. Y. (quar.)
Disney (Walt) Productions, Inc.,
6% cum. conv. preferred (quar.)
Dixie-Vortex Co., class A (quar.)
Dixon (Joseph) Crucible Co
Doctor Pepper Co
(quar.)
Doehler Die Casting (interim)
SIM
1 Sept. 20
Oct.
1 Sept. 19
37 Mc
62 Mc
Oct.
Sept.16
SI
Oct.
Sept. 10
Sept. 30 Sept. 18
30c
Dominion Coal Co., Ltd.,
pref. (quar.)-Dominion Foundry & Steel (quar.)
Dec.
25c
Oct.
25 Oct.
:50c
25c
Dominguez Oil Fields (monthly)
Oct.
21
37c
25c
Dominion Glass, Ltd. (quar.)
Preferred (quar.)..
Dominion Tar & Chemical Co., 5M% Pref. (qu.)
Dominion Textile Co. (quar.)
Preferred (quar.)Dover & Rockaway RR. Co. (s.-a.)
—-
—
Oct,
SIM
Dome Mines. Ltd
Draper Corp. (quar.)
Driver-Harris Co. preferred (quar.)
Duke Power Co. (quar.)
Preferred (quar.)
2 Nov. 12
SIM
SIM
SIM
SIM
$1H
75c
2 Nov. 16
Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Nov.
1 Oct.
9
30
17
14
20
16
16
14
Oct.
1 Sept. 14
Oct.
15 Sept. 30
Oct.
1 Sept. 30
1 Aug. 31
Oct.
SIM
Oct.
1 Sept. 20
75c
Oct.
SIM
Oct.
1 Sept.14
1 Sept. 14
-
The Commercial
151
Volume
1845
& Financial Chronicle
Name
of Company
Dunean Mills 7%
Duquesne Light, 5%
Eagle Picher Lead
Preferred (quar.)
Early & Daniel Co
Preferred (quar.)
Oct.
Oct.
25 Oct.
SIM
Oct.
15 Sept. 14
10c
pref. (quar.).
Dupian Silk Corp. preferred (quar.)
du Pont (E. I.) de Nemours pref. (quar.).
Oct.
$1 M
$2
SIM
$6 preferred (quar.)
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
preferred (quar.)
50c
Sept. 30
Sept. 30
Oct.
1
Oct.
1
S3M
7% cum. pref. (s.-a.)_
4M % prior pref
Eastern Steel Products pref. (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
——
Easy Washing Machine Corp. A &B
Eddy Paner Corp
----Elder Mfg. 5% preferred A (quar.)
;
$2M
Eastern Gas & Fuel Assoc..
25c
SIM
$1M
Oct.
Elgin Sweeper 40c.
Oct.
Oct.
50c
preferred (quar.)
Paso Natural Gas (quar.)
Oct.
Mfg
75c
75c
SIM
25c
65c
Ex-Cell-O Corp
3c
—
Falstaff Brewing Co. pref. (semi-annual)
Fansteel Metallurgical Corp., preferred (quar.).
Preferred (quar.)
Candy Shops (quar.)
—
Farallone Packing Co. (quar.)
Quarterly
Farmers & Traders Life Insurance (quar.)
Quarterly
Faultless Rubber Co. (quar.)
Fedders Mfg. Co
Fanny Farmer
5c
35c
25c
A&B
(quar.)
preferred (quar.) ——
(quar.)
SIM
1%
IH
Quarterly
(quar.)
50c
Florence Stove
Class B
$2.18
50c
.
_
...—
_
SIM
25c
Canada class A & B (quar.)_
Co
Foster & Kleiser pref. A (quar.)__—Fostoria Pressed Steel
Foundation Co. (Canada)
.
Fox (Peter) Brewing (quar.)
Preferred (quar.)
Franklin County Distillers, preferred
Froedtert Grain & Malting
Ford Motor of
50c
Formica Insulation
37Mc
25c
J25c
$1.65
S2M
Garlock Packing Co_.
——
(quar.)—
General American Investors Co., Inc—
Preferred
A
_
Oct.
Oct.
Sept. 24
Oct.
Sept. 20
Sept. 25
General Mills, Inc., 5% pref. (quar.)
General Motors Corp. preferred (quar.)
General Outdoor Advertising class A (quar.)
Preferred (quar.)
—.
Oct.
Oct.
Sept. 20
Sept. 20
Oct.
Oct.
Oct.
SIM
SIM
Oct.
Sept. 20
Sept. 20
Nov.
Oct.
15c
Oct.
Jan.
Sept. 15
Dec. 15
Oct.
SIM
SIM
SIM
Oct.
Sept. 20
Sept. 30
Oct.
Sept.10
Nov.
Nov.
Oct.
7
Nov.
6
6
SI
Sept.
1
10
Nov.
Nov.
67c
15c
Oct.
SIM
SIM
SIM
62Mc
Oct.
Sept. 20
Sept. 17
Sept. 17
Oct.
Sept. 20
50c
Oct.
SIM
Oct.
11c
Oct.
SIM
pref. (quar.)
General Printing Ink Corp
$6 cumulative preferred (quar.)...
General Public Utilities, Inc., $5 pref. (qu.)
General Railway Signal, pref. (quar.)
General Telephone Corp., $2M preferred (quar.)
General Time Instruments
Preferred (quar.)
General Tin Investments
General Tire & Rubber pref. (quar.)
SIM
Oct.
Oct.
Sept.10
Oct.
Sept. 14
Sept. 18
Sept.
Sept. 20
Sept.12
Sept.12
Sept.14
Sept.14
Sept. 20
Sept. 21
Sept. 20
Oct.
Oct.
50c
Oct.
87 Mc
50c
Gilbert (A. G.)
Oct.
SIM
SIM
preferred (quar.)
$5 preferred (guar.)
Gibson Art Co. (quar.)
Sept. 18
Oct.
1
Sept.
25c
75c
Electric Co
Sept. 25
Sept. 21
Sept. 21
Sept.
Oct.
Oct.
Oct.
Nov.
Oct.
75c
Oct.
40c
Oct.
SIM
Oct.
Sept. 14
Sept. 14
Sept. 20
SIM
—
/'
Sept.
Oct.
Oct.
SIM
Dec.
Nov. 15
2c
Dec.
1
.
——I-
IIS
Oct.
Sept. 20
Oct.
10c
Sept.
15c
Oct.
Oct.
Sept. 14
Sept. 23
Sept. 21
Sept. 19
20c
Oct.
Oct.
Oct.
Sept. 13*
5c
Sept.
Sept.
Sept.
Sept.20
Sept. 20
Sept. 20
37Mc
4
Oct.
Sept. 10*
SIM
SIM
Oct.
Sept.10
Oct.
Sept. 20
25c
Oct.
Oct.
—
SIM
31 Mc
Oct.
Sept. 20
Sept.20
Sept. 20
15c
Oct.
Oct. 15
...
(quar.)-.---
15c
Nov.
Nov. 19
15c
Dec.
Dec.
Sept.
Sept. 20
Oct.
Sept-14
Sept.14
Sept.13
Sept. 23
Sept. 23
Sept. 30
Sept. 15
Sept. 21 r
Sept, 25
Sept. 12
Sept. 20
-
Dauch Paper
Gold Mines, Ltd.
X4
37Mc
25c
SIM
—
Holly Development (guar.)
Holophano Co. pref. (s.-a.)
Holmes (D. H.). Ltd. (quar.)--
-
Ltd
Hooker Electrochemical, pref. (quar.)
Hoover Ball & Bearing Co
Border's. Inc. (quar.)
Hormel (Geo. A.)
Preferred class A (quar.)
Houdaille-Hershey, class B
Class A (quar.)
Houston Oil Field Material pref. (quar.)
Honey Dew,
Howe Sound Co
Humble Oil & Refining
----Hummel-Ross Fibre
Humphryes Mfg. Co
6% preferred (quar.).
Hussmann-Ligonier (quar.)
Preferred (quar.)
Hydraulic Press Mfg. Co
Hygrade Sylvania Corp.
i
Preferred (quar.)
Idahe Maryland Mines (monthly)
Previously reported as 50c,
Monthly
Ideal Cement Co
Illinois Bell Telephone
Telephone $6 pref. (quar.). A
Imperial Paper & Color
Imperial Tobacco of Canada (interim)
Preferred (semi-annual)
Independent Pnumatic Tool
Indiana General Service Co. 6% pref. (quar.)
Indiana & Michigan Electric Co. 7% pf. (qu.)-_
6% preferred (quar.)
Indianapolis Power & Light 6 M % pref. (quar.)..
6% preferred (quar.)
Indianapolis Water Co.. 5% cum. pref. A (quar.)
Oct.
5c
5c
Oct.
Oct.
7
lc
(mo.)
Extra
Oct.
50c
Preferred (quar.)
Illuminating Shares, class
Sept. 30
Oct. 25
50c
,
_
Holland Furnace
Illinois Commercial
5
Oct.
Nov.
43 Mc
-----
Hibbard, Spencer, Bartlett & Co, (mo.)
Monthly
Monthly
Hilton-Davis Chemical pref. (quar.)
Corrected:
16
Oct.
10c
Preferred
Hinde &
Oct.
Sept.
Sept.
Oct.
(quar.)
,•
Sept. 6
Sept. 16
Sept.
SIM
(quar.)
E.) & Co.
Extra.
Hollinger Consol.
35c
—
Co. preferred (quar.)
Gibson Art (auar.)
Gillette Safety Razor, pref. (quar.)
Girard Trust Co. (Phila.) (quar.)
Glens Falls Insurance (N. Y.) (quar.)
Globe-Wernicke Co. 7% pref. (quar.)
31
15c
___
Corp
Gas &
19
23
50c
-—
$3 preferred (quar.)
Georgia Power Co., $6
20
5c
Quarterly
General Water
24
87 Mc
35c
Co
cumulative pref. (quar.)
Harbison-Walker Refractories Co. pref. (quar.)_
Harrisburg Gas Co. 7% pref. (quar.)
Harris & Co.. preferred (quar.)
.
Harris. Hall & Co. 5% preferred (quar.)
Hartford Fire Insurance (auar.)
Harvard Brewing Co
Hatfield-Campbell Creek Coal Co. 5% pref.(qu.)
Haverty Furniture Co., pref.
(quar.)
Hayes Industries, Inc.,
Hazel-Atlas Glass Co
Sept.13
Oct.
SIM
25c
7% preferred
preferred (quar.)
(M. A.) Co., $5
Oct.
Sept.14
Sept.21
Aug. 31
Aug. 16
tSIM
Banners Oil Co.. common
SIM
$1.37
75c
$2
General Paint Corp.
Hanna
Sept.16
Sept.14
30 Sept.14
30 Sept. 21
30 Aug. 31
Aug. 31
15c
General Discount Corp. 7% pref. (quar.)
General Electric Co
General Finance Corp-__;—,—
General Machinery
Preferred (quar.)
Watch Co.,
Hammermill Paper Co
_
Sept.
3%
participating stock
Hamilton
.
Sept. 30 Sept.13
Sept. 30 Sept.13
Sept. 30 Sept.13
Sept. 30 Sept.13
Sept. 30 Sept. 13
Sept. 30 Sept. 13
Sept. 30 Sept.13
Sept. 30 ISept.13
Sept. 30 Sept.13
Sept. 30 Sept. 13
Sept. 30 Sept.13
Sept. 13
Sept.
Sept. 20
Oct.
Sept. 20
Oct.
43 Me
25c
25c
Hamilton United Theatres.
15|Sept. 30
20c
Class B
Preferred (quar.)
Hamilton Mfg.
14
7
Aug
—_
Haloid Co_
Oct.
Sept.
1 Mc
25c
Co. (N. Y.) (quar.)
Hackensack Water pref. A (quar.)
(quar.)--.
Helme (Geo. W.) Co
Preferred (quar.)
Henkel Clauss. pref. (quar.)
Hercules Motors Corp
HickokOil Corp., 7% preferred
5% preferred (quar.)
Oct.
—- —
(auar.)
Guaranty Trust
Oct.
$2
General Baking Co
Preferred (quar.)
General Foods$4M preferred (quar.)_
General Instrument Corp. (quar.)
Preferred B
SIM
5% preferred (quar.)
5M% preferred (quar.)
Gemmer Mfg. Co. class A
1
General Fire proofing
_
4c
37Mc
Gulf Oil Corp
50c
Sept.
Sept.
5c
(quar.)
(quar.)
Gruen Watch Co. pref. C (quar.) —— »>
SIM
37Mc
75c
20c
lc
5c
Steel (quar.)
Utilities
Oct.
25c
3c
Equipment (quar.)
Tobacco
14
Sept. 30 Sept.
Oct.
1 Sept.
Sept.
Oct.
Oct.
_.Sept.
SI
1?
(quar.)
(guar.)
Heller (Walter
25c
preferred (quar.)
Fulton Trust Co. (N. Y.) (quar.)
Fyr-Fyter Co. class A
Galland Mercantile Laundry (quar.)
Gannett Co., Inc.. $6 pref. (quar.)
Garfinckel (Julius) & Co. pref.(quar.)
,
-
Sept. 30 Sept.13
5Mc
Mc
5Mc
Extra
Railroad
1
Sept. 21
Sept. 30 Sept.10
6c
(quar.)
15
30c
Fuller (Geo. A.) 4%
_
Extra
Railroad
Oct.
4Mc
Mc
(quar.)
15
15
Nov.
SIM
_
——-
Petroleum
Oct.
3>&
Oct.
Nov.
Oct.
Oct.
Oct.
2Mc Sept. 30 Sept.13
lMc Sept. 30 Sept. 13
5Mc Sept. 30 Sept. 13
Mc |Sept. 30 Sept. 13
2c
Sept. 30 Sept. 13
Sept. 30 Sept.13
6c
4c
Sept. 30 Sept.13
3Mc Sept. 30 Sept.13
Sept. 30 Sept.13
Sept. 30 Sept.13
8Mc Sept. 30 Sept.13
lMc Sept. 30 Sept.13
4c
Sept. 30 Sept.13
Oct.
Oct.
Nov.
20c
(quar.)
F. R. Publishing Corp. (quar.)
Fuller Brush Co., 7% preferred (quar.) —
(quar.)
General Aniline & Film Corp. class
Oct.
20c
Preferred
(quar.)
Oct.
Oct.
t75c
S50
(quar.)
Mining (quar.)
13
15
23
30
Sept. 14
Sept.14
Sept. 10
Oct.
Oct.
SIM
Merchandising (quar.)
1 Sept. 16
Sept. 30 Sept. 23
Oct.
1 Sept.14
Oct.
1 Sept. 24
Oct.
1 Sept. 24
15c
Oct.
13 Mc
(quar.)
(quar.)
Industrial Machinery
Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Sept.28ISept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30!Sept.
Sept.
Oct.
Oct.
25c
Extra
Extra
15
80c
(qu.)__
Extra
Fully Administered
1 Oct.
Sept. 30 Sept. 23
Sept.16
Sept. 20
Sept.11
Sept. 18*
Sept. 21
Sept. 21
...
Food (quar.)
Nov.
50c
SIM
tl5c
31 Mc
SIM
(quar.)
Distillery & Brewery
Electrical Equipment
5
15 Oct.
Oct. 15 Sept. 30
Sept. 30 Sept. 23
Dec. 31 Dec. 23
25c
Special
Gatineau Power
25c
75c
-
50c
Chemical (quar.)
Oct.
Bank of Jersey City
50c
SIM
Building (quar.)
1 Sept. 12
1 Sept. 20
Oct.
Oct.
50c
I
Extra
Sept. 30 Sept.16
Sept. 30 Sept. 20
75c
Oct.
1 Sept. 30
S6
Oct. 25 Oct. 15
25c
SI.18 M Oct. 25 Oct. 15
Sept. 30 Sept. 20
15c
Sept. 30 Sept. 20
6Mc
Oct.
1 Sept. 21
(quar.)
Food Machinery Corp
Preferred (quar.)
Extra
Aviation
Mar. 15 Feb. 28
Oct.
1 Sept. 10
Jan.
2 Dec. 11
25c
Filene's
Bank of N. Y.
Co. (quar.)
Florida Power & Light $7 pref
Florsheim Shoe Co., class A
Oct.
SIM
Automboile (quar.)
18 Dec. 14
1 Sept. 16
16 Nov. 30
Dec.
S2M
$2M
(interim)
Fidelity Trust (Bait.) (quar.)—!
Fifth Avenue Bank (N. Y.) (quar.)
First National
Dec.
+2 5c
—
Extra
Sept. 30 Sept.16
5c
Federal Bake Shops
(Wm.) Sons
Preferred (quar.)
Finance Co. of America common class
5M % preferred (quar.)
Oct.
SIM
SIM
37Mc
25c
;
class A
Greyhound Corp. (quar.)
5M% Preferred (quar.)
Griggs. Cooper & Co., 7% pref.
Group Corp. 6% preferred
Group No. 1 Oil Corp
Group Securities, Inc—
Agricultural (quar.)
1 Sept. 10
1 Sept. 16
Oct.
(quar.)
Greif Bros. Cooperage Corp.
3-15-41
4-1-41
25c
Greening (B.) Wire Co., Ltd. (quar.)
Greenwich Gas Co. part. pref. (quar.)
Greenwich Water System, Inc., 6% pref.
1 Sept. 19
Sept. 19
Oct.
Sept. 13
Oct.
Sept. 13
Oct.
Sept. 13
Oct.
Sept. 13
Oct.
Sept. 15
Oct.
Dec. 15
1-2-41
25c
10c
35c
Green (H. L.) Co. (quar.)
Greenfield Tap & Die, $6 preferred
Oct.
!!H
preferred (quar
Sept. 20
Sept. 20
Sept. 20
Sept. 20
15 Sept. 30
15 Sept. 30
15 Sept. 30
1 Sept. 20*
Oct.
1 Aug. 21
Oct.
1 Sept. 21
1- 2-41 Dec. 21
SIM
——
tsi
Rapids Varnish
Great Western Sugar
Preferred (quar.)
Oct.
56 Mc
56 Mc
75c
t62&
preferred A
Great Lakes Power Co., Ltd., A pref. (quar.)
Great Lakes Steamship (quar.)
Special
-J
Sept. 30 Sept. 16
Sept. 30 Sept. 24
Sept.28 Sept. 21
35c
Service $6 pref. (quar.) —
(quar.)
$5 preferred (quar.)
European & Northern American Ry. (s.-a.)
Eversbarp, Inc., new 5% pref. (quar.)
New 5% preferred (quar.).
(M. H.) Co. 5%
Oct.
10c
Engineers Public
$5M preferred
First National
Oct.
50c
Empire Safe Deposit Co. (quar.)
Empire Trust Co. (guar.)
Emporium Capweil Co. (quar.)
4M% preferred (quar.).
4M% preferred (quar.
Endicott Johnson Corp
Preferred (quar.)__
Fishman
Oct.
SIM
Preferred B (quar.)
$6
Oct.
*1M
SIM
SIM
(s.-a.)_(semi-annual)
preferred A (quar.)
El Paso Electric,
Oct.
$1
(quar.)
Great Lakes Power,
10
Oct.
SIM
t62c
preferred
Great American Insurance
1 Sept. 15
15 Sept. 30
Sept. 30 Sept. 18 1 Sept. 14
Oct.
1 Sept. 14
Oct.
1 Sept. 24
Oct.
1 Sept. 20
Oct.
1 Sept. 23
Oct.
1 Sept. 13
Oct.
1 Sept. 13
Oct.
Oct. 15 Sept. 20
1 Sept.10
Oct.
Oct. 15 Sept. 30
Sept. 28 Sept.18
Sept. 28 Sept. 18
2 Sept. 14
Oct.
2 Sept. 14
Oct.
Oct.
20c
-
Grant (W. T.) Co. (quar.)
Preferred (quar.) _ _ _
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 20
Oct.
preferred (quar.)
Fireman's Fund Insurance
Grand
10c
$2 preferred (quar.)
Elizabeth & Trenton RR.
Finance Co. of Penna.
Goulds Pumps 7%
25c
(quar.)
5c
SIM
62 Mc
Goodyear Tire & Rubber (Canada)
Preferred (quar.)__.
Gorton-Pew Fisheries (quar.)
10c
Electrical Products
New 5%
Goodrich (B.
20
16
50c
Preferred
$1£
(quar.)
(quar.)
Co., Ltd. (quar.)
F.) Co.. pref. (quar.)
Golden State
1 Sept. 21
1 Sept. 23
1 Sept. 20
25 Oct.
A__
GoldblattBros., Inc., pref.
Oct.
50c
1 Sept.
Gold & Stock Telegraph
Oct.
-
1
Oct.
Extra
15
15
20
20
75c
75c
Mfg
Utilities
Co
1
Oct.
$7 preferred (quar.)
Goebei Jtsrewing Co. (quar.)
SIM
Oct.
Oct.
50c
.
Godchaux Sugars, Class
10
Sept. 30 Sept. 25
Sept.30 Sent. 16
25c
Electric Controller &
Emerson Electric
Oct.
12Mc
Electric Storage Battery
El
Preferred (quar.)
1 Sept.16
1 Sept. 5
1 Sept. 5
Oct.
Electric Auto-Lite
Preferred
1
SIM
East Missouri Power Co.
Electric Household
Oct.
Sept.12
Sept.12
18
1 Sept.18
Oct.
Sept. 28 Sept. 7
Sept. 28 Sept. 7
1 Sept. 30
Oct.
30c
56 Mc
Glidden Co. (interim)
Sept. 20
Sept. 20
Sept. 20
SIM
SIM
Duu & Bradstreet, Inc.
Payable oj Record
Share
Company
Name oj
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Oct.
25
$1.05
SIM
Oct.
1
Oct.
1
50c
Oct.
1
SIM
50c
7
Sept..30
Oct.
1
1 Oct.
17
19
25c
Nov.
50c
Oct.
15 Sept. 28
SIM
Oct.
15 Sept. 28
1
10 Oct.
.
25c
Oct.
62 Mc
Oct.
37Mc
Sept .30 Sept. 20
Sept .30 Sept. 20
Oct
1 Aug. 31
Sept .30 Sept. 14
.30 Sept. 12
Sept
Sept .30 Sept. 12
75c
62 Mc
25c
30c
SIM
15c
Nov
1 Sept.
1 Oct.
25
21
68 Mc
Sept
30 Sept. 23
10c
Oct.
1 Sept. 21
5c
1 Sept.10
1 Sept.10
Oct.
Sept 21 Sept. 10
5c
Oct.
lift
35c
$2
SIM
50c
75c
10c
3%
50c
SIM
SIM
SIM
SIM
SIM
SIM
Oct.
21 Oct.
10
Sept.30 8ept. 14
Sept.30 Sept. 19
Oct.
1 Sept. 14
1 Sept.r-<0
Oct.
1 Sept. 20
Sept. 30 Sept. 6
Sept.30 Sept. 6
Sept. 23
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
6
6
6
Sept. 10
Oct.
Sept. 10
Oct.
1 Sept. 12
The Commercial & Financial Chronicle
1846
Per
Name of Company
When
Share
Industrial
Rayon
Inland Investors (interim)
Interlake Steamship
Internationa) Business Machines (quar.)
International Cellucotton Products (quar.)
50c
Oct.
8ept.30 Sept.
1 Sept.
10 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Oct. 15 Sept.
Sept. 30 Aug.
75c
SI H
Extra
International Harvester Co. (quar.)
International Milling Co. 5% preferred (quar.)__
International Nickel Co. (Can.)
Payable in U. S. funds.
International Nickel of Canada pref. (quar.)
Payable in U. 8. funds.
International Ocean Teleg Co. (quar.)———
International Paper & Power Co.—
5% cum. conv. preferred (quar.)
International Salt Co. (quar.)
International Shoe (quar.)
40c
*1#
50c
1 Sept. 30
§6 X preferred (quar.)
—
371C2
v.
t. c.
lc
50c
SIX
SIX
nn
W
(quar.)
Irving Air Chute (quar.)
Irving Trust Co. (quar.)
25c
Island Creek Coal Co
Preferred
6oc
15c
(quar.),
Jamaica Public Service, Ltd.
(quar.)
MB
7% preferred (quar.)
Jamaica Water 8upply Co. $5 pref. A
(quar.)
Jamestown Telephone, 1st pref. (quar.)
Jefferson Electric
SIX
SIX
SIX
Jersey Central Power fit Light, 7% pref. (qu.)
6% preferred (quar.)
5X% preferred (quar.)
Johns-Manville Corp. 7% preferred (quar.)
Joliet fit Chicago RR.
(quar.)
Kahn's (E.) Sons Co.
(quar.)
7% preferred (quar."
Kalamazoo Vegetable Parchment Co. (quar.)
Kansas City Power fit Light, pref. B
(quar.)
Kansas Electric Power 7%
pref. (quar.)
6% preferred (quar.)
Kansas Gas fit Electric 7% pref.
(quar.)
$6 preferred (quar.)
—
—
—
--
--
15c
50c
10c
SIX
SXc
2(JC
5c
25c
Extra
Preferred (quar.)
25c
SIX
SIX
SIX
SIX
Kings County Lighting, 7% pref. B
(quar.)
6% preferred C (quar.)
5% preferred B (q tar.)
Special
SIX
SIX
25c
—
Kerr-Addison Gold Mines (Interim)
Kimberly-Clark (quar.).,
Kirkland Lake Gold
Mining (s.-a.)
5c
lc
Kirsch & Co. preferred (quar.)
Klein (D Emil)
Kleinert (I. B.) Rubber Co.
37 Xc
Knapp-Monarch Co., $2H pref. (quar.)
Kobe, Inc., preferred A
KoppersCo. preferred (quar.)
Kresge Dept. 8tores4% oref. (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
Lackawanna RR. Co. (N. J.) (quar.).
Lamaque Gold Mines, Ltd. (quar.)
62 Xc
25c
30c
—
lis
—
——-
37Xc
37 Xc
Lehman
75c
35c
62 He
37 Xc
$1
SI
20c
8
2 Nov. 20
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Oct.
1 Sept. 20
Oct. 15 Sept. 30
Oct.
1 Sept. 10
Sept. 30 Sept. 5
Oct. 15 Sept. 28
Oct.
Sept.12
Oct.
1 Sept.12
Oct.
1 Sept. 12
Oct.
1 Sept. 16
Oct.
Sept. 16
Oct.
1 Sept. 16
Nov.
1 Sept. 30
Nov.
1 Sept. 30
Oct.
1 Sept. 18
Oct.
1 Sept. 20
Sept. 30 Sept. 16
Oct.
1 Sept. 23
Sept. 30 Sept. 20
Oct.
Sept. 21
Oct.
Sept. 20
Oct.
Sept 20
Nov.
Oct.
Oct.
jOct.
18
Sept. 6
Sept. 10
Sept. 17
Sept. 30 Sept. 19
Oct.
_
16
Sept ."21"
Sept. 25
Sept. 25
Sept. 30
Sept. 21
Sept. 14
Oct.
Dec.
14
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Sept. 30
Sept. 20
Oct.
3
22
Nov.
Oct.
75c
Oct.
SIX
Oct.
Sept. 20
Sept. 10
Nov.
Oct.
26
14
30c
SIX
21
Oct.
Sept
25c
Oct.
Sept. 30
c
37H<
Little Miami RR. Co.. original
capital (quar.)-Special guaranteed (quar.).-.
Locke Steel Chain Co.
(quar.)
Lock-Joint Pipe Co. (monthly)
Preferred (quar.)
Oct.
Sept. 14
Sept. 20
Sept. 20
87Hc
—
Oct.
Oct.
Sept. 24
Sept. 21
Dec.
Nov 25
Nov. 25
-OtA
tss
$2
$1 10
50c
Dec.
30c
Oct.
Sept.15
Sept. 30 Sept. 20
Oct
1 Sept. 21
Sept.30 Sept.19
Sept. 30 Sept.21
Oct.
1 Sept. 13
Sept.30 Sept.1J
Oct.
Sept. 13
Oct.
Sept 18
Oct.
Sept. 23
Nov.
Oct. 17
SI
r.
—
Theatre, Ltd., 7% pref
Lomis-Sayles, 2nd Fund
Lone Star Cement Corp
Loomis-Sayles Mutual Fund—
Loose Wiles Biscuit Co.,
preferred (quar.)
Lord & Taylor (quar.)
2nd preferred
(quar.)
Lorillard (P.) Co
Preferred (quar.)
Louisville Gas & Electric 7%
preferred (quar.)..
6% preferred (quar.).
5 % preferred (quar
_
Lunkenheimer Co. 6 X % pref. (quar.)
6XV/' preferred (quar.)-Lux Clock Mfg. Co
Lynn Gas & Electric (quar.)
Lyon Metal Products 6% preferred (quar.)
50c
Oct.
15 Sept. 30*
Oct.
15 Sept. 30*
25c
25c
$2
25c
50c
50 c
SIX
six
25c
tS3X
20c
75c
50c
SIX
S2X
$2
30c
SIX
SIX
SIX
SIX
Six
SIX
20c
SIX
SIX
Oct.
Sept.16
Oct.
Sept. 16
Oct.
15 Sept. 30
15 Sept. 30
Oct.
Oct. 15
Oct.
1
1-2-41
Oct.
1
_
Sept.30
Sept. 21
Dec.
23
Sept. 20
Sept. 30|Oept
Sept.13
Nov.
llOct. 15
25c
——-—-
7% preferred (quar.)
Mahon (R. C.) class A pref. (quar.)
HZ
50c
$2.20preferred (quar.)
Mahoning Coal RR
55c
—
30c
50c
50c
Manes Consol. Mfg. Co. (quar.)
Oct.
1 Sept. 25
Oct. 15 Sept 30
Sept. 30Sept. 18
Oct.
lj Sept. 20
1! Sept. 20
Oct,
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
liSept. 23
Oct.
l ,Sept. 20
.
Nov. 15 Nov
1 Sept. 20
Oct.
Oct.
Oct.
Oct.
l;Sept. 20
liSept.
17
1 Sept. 16
15 Oct.
1
50c
Oct.
1 Sept. 20
37 Xc
Marchant Calculating Machine Co
Mar era y Oil Corp
Oct.
15 Sept. 30
10 Sept. 20
25c
Marion-Reserve Power Co $5,pref. (quar.)
Marion Water Co. 7% pref. (quar.)
Marshall Field & Co. 6% preferred (quar.)
SIX
SIX
SIX
SIX
6% 2d preferred (quar.)
Quarterly
10c
Oct.
Oct.
liSept. 11
Sept 30 Sept 15
Sept 30 Sept. 15
Mathieson Alkali Works (quar.)
Oct.
Oct.
40c
...
Oct.
37Hc
•
Preferred (quar.)
Mead Johnson (quar.)
Extra
Mercantile Acceptance Corp.—
5% preferred (quar.)
6°7, preferred (quar.)
1 Sept. 16
Oct.
SIX
M ar I i n-Rockwell
Marsh & Son
$1 X
75c
75c
31 Oct.
Sept. 30 Sept. 9
Sept. 30 Sept. 9
Oct.
1 Sept.14
Oct.
1 Sept. 14
Dec.
5 Dec.
30c
Dec.
5 Dec.
SIX
50c
-—
40c
SIX
:
Mergenthaler Linotype
SI
Mesta Machine Co
50c
Metal & Thermit Corp. preferred
(quar.)
Preferred (quar.)
—
Meyer-BlankeCo.. 7% preferred (quar.)
Michigan Ass^c. Telep. Co. 6% pref. (quar.)
Michigan Silica (quar ).
Mlckelberry's Food Products Co. $2.40 pf. (qu.)
Middle States Telephone (111.)
pref. (quar.)
Midland Oil Corp. $2 preferred
—
-
15
1 Sept. 20
1 Sept. 21
25c
Merchants Bank of N. Y. (quar.)
Midland Steel Products
$2 dividend shares
5
Sept. 30 Sept. 17
Sept. 30 Sept. 17
Sept. 30 Sept. 17
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
S7X
SIX
.!
Manischewitz Co., preferred (quar.)
Mansfield Tire St Rubber $1.20 conv.pref.(quar.)
Manufacturers Trust Co. (quar.)
Preferred (qu^r.)
Extra
Merck A Co., Tnc
Preferred (quar.)
Holders
Payable.of Record
1X%
tsix
six
--
SIX
six
six
six
1
1
Sept. 30 8ept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
20
20
20
20
18
1 Sept. 16
Sept. 30 Sept. 20
Dec. 23 Dec. 13
Oct.
1'
Oct.
5c
..
1 Sept. 15
Dec. 23 Dec. 20
Oct.
Oct.
1 Sept. 20
1 Sept. 20
25c
Oct.
15 Sept. 30
|Oct.
1 Sept. 13
50c
$2
Mldvale Co
Midwest Piping & Supply Co.. Inc
Minneapolis Gas Lieht partic. units (quar.)
Minnesota Mining A Mfg
Minnesota Power fit Light 7% pref. (quar.)
60c
SIX
50c
-
-
8% preferred (quar.)
Oct.
Oct.
1 Sept. 13
$1 H
25c
Oct.
60c
—
$6 preferred (quar.)
SIX
SIX
6% preferred (quar.)
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Mississippi Power & Light. $6 pref.
$1 x
Mississippi River Power 6% pref
SIX
SIX
SIX
t$2
(quar.)—.
1 Sept. 13
Oct.
Oct.
SIX
Mississippi Vallev Public Service Co.—
6% preferred B (quar.)
Missouri Edison Co., cum. oref.
(quar.)_-Missouri Gas & Electric Service.
1
14
14
14
20
20
15
14
1 Sept.
8
Sept. 30
Oct.
Oct.
Oct.
Oct.
Oct.
1
Nov.
1
Oct.
1
1
1
1
1
20
24
1 Sept. 20
15 Sept. 30
1 Sept. 14
Oct.
1 Sept. 16
Oct.
Oct.
Oct.
Oct.
Oct.
Mode O'Day Corp
Modern Containers, Ltd. (quar.)
Extra.
8
Sept
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
1
Oct.
Missouri Power fit Light, pref. (quar.)
Mitchell (J. S.) & Co.. pref. (quar.)
Mock. Tudson. Voehringer. pref. (quar.)
Sept. 14
15 Oct.
Oct.
Oct.
—
1
Sept. 15
15 Sept. 30
1 Sept. 20
]
Sept. 20
20
20
20
Quarterly.
Jan.
2 Dec.
Extra
Jan.
5X% cumulative preferred (quar.)
Molybdenum Corp of America
Oct.
Tan.
Oct.
Monarch Machine Tool stock dividend
Dec.
1 Sept.
2, Dec.
l'Sept.
Sept.
fiUgJ, cumulative preferred (quar.)--.
4-16ths of
a
new
sh
for each sh. held.
Monongahela Valley Water Co 7% pref. (qu.)._
Monroe Chemical
preferred
(quar ).__
Monsanto Ohemicrl Co.. pref. A fit B (semi-ann )
Montana-Dakota Utilities Co
6% preferred (quar.)
5% preferred (quar.)
Montgomery Ward & Co_.
Class A
(quar.).
Montreal Light, Heat fit Power Consol.
(qu.)
Monumental Radio (Balto., Md.)
Moore Corp., Ltd. (quar.).
1
Preferred A & B (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
Motor Finance Corp pref. (quar )
Motor Products Ooro.
——
----------
Mt. Diablo Oil Mining fit Devel.
(quar.)
Extra
1 Sept.
1 Sept.
Oct.
Oct.
15 Sept.
Oct.
3l|Sept.30
50c
liNov. 22
1 Sept. 24
Oct.
2 Sept. 14
SIX
50c
lc
5c
50c
25c
15c
75c
55c
National Biscuit Co
15 Sept. 30
%\%
10c
25c
25c
-
1-2-41 Dec. 30
Oct. 25 Sept. 28
Oct.
Dec.
SIX
(quar.)
(Sept. 13
Oct.
Nashua Gummed fit Coated Paper
7% pf. (qu.).
National Automotive Fibres
National Battery Co
Preferred
1
Sept. 30 Sept. 20
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Oct.
1
SI
SIX
—
9
16
16
16
13
1 Sept.
Murphy (G. O.) 5% pref. (quar.)
Murray Ohio Mfg
Muskegon Piston Ring
Mutual Systems, Tnc.
8% preferred (quar.)
Nachman Spring-filled Corp
-
1
1 Sept. 14
2 Nov.
Oct.
lc
....
15 Oct.
Oct.
Dec.
Oct.
50c
-
16
30jSept. 20
Oct.
"75c
Morris Plan Insurance Society fquar >
Morrison Cafeterias
ConsolInc., pref. (quar.)
Mocristown Socurities Corp
20
6c
SIX
.
Oct.
2
SIX
SIX
SIX
SIX
Quarterly
Morrell (John) fit Co
Morris (Philip) fit Co. (quar.)
.
SIX
87Hc
S2X
$1 X
37c
50c
50c
-----—
14
SIX
six
3Cc
Refining Co. (quar.)
Lipton (Thos. J.), preferred
(quar.)
Lit Bros., preferred
8
31 Oct.
50c
1
Life Insurance Co.
(Va.) (quar.)
Liggett & Myers Tobacco, pref. (quar.)
Lfncom National I.ife Insurance
Co. (quar.)
Link-Belt. Co. pref. (quar.)
Lion Oil
Loew's'(Marcus)
31 Oct.
Dec.
SIX
Corp...
Inc
1 Sept. 23
1 Sept. 16
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Jan.
Oct.
15c
10
Sept. 30 Sept. 20
1 Sept. 23
Oct.
Oct.
Oct.
Dec.
SIX
Lexington Telephone pref. (quar.)
Liberty Loan Corp. A and B (quar.)
$3 X preferred
Logw's
28 Oct.
Oct.
25c
Extension University
(quar.)
Preferred (quar.)
_
SIX
Preferred (quar.)
Lawrence Gas & Electric Co.
(quar.)..Lawyers Trust Co. (quar.)
Leath & Co., preferred
(quar.)
Lehigh Portland Cement (quar.)
Preferred (quar.).
4% pref. (ouar
iar.).
Leich & Co.
(Chicago), pref. (quar.)
Lerner Stores
$1
10c
Lambert Co
Landers. Frary fit Clark (quar.)
Landls Machine preferred
(quar.)...
Lane Co., Inc. (quar.)
La Salle
Sept. 30 Sept. 19
Sept. 14
Oct.
Sept.14
Oct.
Sept. 14
Oct.
Sept. 13
Oct.
Sept. 13
Oct.
Sept.14
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 14
Oct.
Oct.
c
9
_
SIX
mx
25c
--
Nov.
Oct.
5s
Special
Kendall Refining Co
Kentucky Utilities, 6% pref. (quar.)
Kerlyn Oil Co. class A (quar.)
Kern County Land Co. (quar.)
.
_
SIX
six
SIX
SIX
SIX
37 Xc
SIX
SIX
six
Dec.
Oct.
Sept. 20
Oct.
Sept. 10
Oct.
Sept. 19
Oct.
Sept. 19
Oct.
Sept. 24
Oct.
Sept. 24
Sept. 30 8ept. 14
Oct.
1 Sept. 14
Sept. 30 Sept. 14
Oct.
Sept. 10
Oct.
Sept. 10
Oct.
Sept. 10
Oct.
Sept. 16
Oct.
Sept.25
Oct.
Sept. 20
Oct.
Sept. 20
12c
Kelley Island Lime fit Transport
Kellogg Co
Kellogg Switchboard fit Supply
Preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)
Kenneeott Copper Corp
_
SIX
SIX
SIX
six
ir
Kansas Pipe Line & Gas Co., $1X pref.
(quar.)
Kansas Power Co., $6 cum.
pref. (quar.)
$7 cumulative preferred (quar.)
Katz Drug Co. pref.
(quar.)
Kaufmann Department Stores
Kay nee Co. 7% pref. (quar.)
Kefth-Albee-Orpheum 7% preferred
25c
Sept.28 Sept. 20
1 Sept.14
1 Sept. 14
1 Sept. 16
Oct.
1 Sept. 20
Oct.
1 Sept. 16
Nov.
1 Oct. 16
Oct.
1 Sept. 16
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Sept. 30 Sept.20
Sept. 30 Sept. 20
Oct.
1 Sept. 14
Oct.
Sept. 14
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Oct.
Oct.
t25c
Iowa Public Service Co. $7 preferred
(quar.)—
2
Mac Andrews & Forbes Co. (quar.)
Preferred (quar.)
McCasker Register Co. 7% 1st pref
McColl-Frontenac Oil, preferred (quar.)
McCrory Stores Corp.McKay Machine Co
8% preferred (quar.)
McKee (A. G.) & Co. class B (quar.)
Class B (extra)
McQuay-Norris Mfg. (interim
Mabbett (Geo.) & Sons Co., 7% 1st fit 2d pf.(qu)
Magnin (to A Co preferred (quar.)
Magor Car Corp. (quar.)
I
When
Share
Extra
75c
6% Preferred (quar.)
Per
Name of Company
''
—
Investors Royalty (quar.)
Preferred (quar.)
Iowa Power & Light Co. 7% preferred (quar.).,
10
31
Oct.
15c
.
23
20
20
20
SIX
*
-
13
1 Oct.
62Xc
Investment Co. of America (quar.)
Investment Foundation, Ltd.,cum. pref. (qu.)
Cumulative preferred
20
Oct.
Oct.
Nov.
SIX
Interstate Department Stores
Preferred (quar.)
1 Sept. 21
SIX
37 He
—
International Silver Co., pref
Interstate Bakeries Corp. $5 pref. (quar.)
6 preferred (quar.)
Iron Fireman Mrg common
Holders
Payable of Record
20c
-
Sept. 28, 1940
40c
Sept. 28, Sept. 14
Oct.
l'Sept. 16
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Oct.
2 Sept. 21
Oct.
liSept. 23
Sept. 30'Sept. 12
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
Oct.
1 8ept. 24
Oct. 15 Sept. 25
Nov.
l,Oct. 28
Oct.
1 Sept. 20
Oct
15 Sept 10
Oct. 15 Sept. 30
National Bond fit Share Corp
National Breweries, Ltd. (quar.)—
15c
50c
Oct.
Preferred (quar.)
National Brush (quar.)
44c
Oct.
10c
Dec.
Oct.
16pec.
25c
Oct.
15 Sept. 30
50c
Nov. 11 Oct. 31
Sent. 30 Sept. 19
Oct.
1 Sept. 18
Sept 14
Oct.
National Candy 1st & 2d pref.
(quar.)
$1 X
National Cash Register
National Casket
Preferred
—
—
(quar.)
SIX
National City Bank of Cleveland (s.-a.)
National City Lines
$3 preferred (quar.)
Class A (quar )
National Dairy Products (quar.)
60c
25c
—
75c
50c
20c
Preferred A and R (quar.)
National Department stores 6% pref. (s.-a.)
National Discount Corp. (quar.)
SIX
Preferred (quar.)
National Fire Insurance
SIX
30c
50c
(Hartford) (quar.).—
National Folding Box Co. (quar.)
Extra
—
National Fuel Gas Co
National Lead
—
Preferred B (quar.)
—-——
l,Sept,. 16
1 Sept. 16
Nov.
Oct.
15
Nov.
Oct.
Oct.
Oct.
15
Oct.
Sept. 4
Sept. 4
Sept. 20
Sept. 30, Sept.
Sept. 30 Sept.
1 Sept.
1 Sept.
5pc
50c
Oct.
Oct.
2.5c
Nov.
25c
Oct.
12 Xc
SIX
2
liSept. 18
1 Oct.
20
20
19
24
25
15 Sept. 30
Sept. 30 Sept. 13
Volume
The Commercial &
151
National Grocers Co., Ltd.. pref.
37 He
Oct.
pf. (s.-a.)
National Pressure Cooker Co.
20c
.
prior pref. (quar.)
Nat'l Shirt Shop of Dela., $6
HP
50c
National Steel Car Corp. (quar.)
National Steel Corp. (quar.)
75c
20c
Na torn as Co. (quar.)
Navarro Oil Co. (quar.)
10c
Nehi Corp. (quar.)
12 He
.
(quar.)
-I 1.31 X
40c
New Amsterdam Casualty Co. (s.-a.)
60c
Newberry (J. J.) Co. (quar.)
$1 X
Newberry (J. J.) Realty Co. 6 H % pref. A (qu.)_
$1X
6% preferred B (quar.)
50c
New Britain Machine (quar.)__
Preferred
Sept. 30 Sept. 16
Oct.
1 Sept. 23
Oct. 15 Sept. 30
Sept. 30 Sept. 20
Oct.
1 Sept. 10
Sept. 30 Sept. 20
Oct.
1 Sept.14
Oct.
Sept. 14
Aug. 26
Oct.
Oct.
Oct.
16
Oct.
16
50c
New England Power Assoc.,
6% pref
preferred
Oct.
Sept. 24
5(.c
Oct.
$1H
--
Oct.
$1H
Extra
Sept. 20
Sept. 20
Oct.
Sept. 24
Sept. 21
Oct.
«•
New England Power Co. pref.
New England Teleo. & Teleg
New Hampshire Fire
New Idea, Inc
(quar.)
40c
Insurance Co
15c
————.—
New Jersey Water Co. 7 % pref.
New London Northern RR. Co.
tlX
SIX
(quar.)
10c
$7 preferred (quar .)
New York Air Brake Co
New York & Honduras Rosario Mining Co—__
New York Lackawanna & Western Ry. (quar.)-
.
Oct.
50c
75c
%IX
Oct.
tlX
Niagara Alkali, pref. (quar.)
Nicholson File Co. (quar.)
1900 Corp.. class A (quar.)
Noblitt-Sparks Industries
North American Co. (quar.)
6% preferred (quar.)
5H% preferred (quar.)
-----See "General Corp. & Investment News
Section for special com. div. declaration.
North American Rayon class A & B
'1
Preferred (quar.)
North River Insurance Co. (quar.)
North Star Oil preferred
Northern Illinois Finance Corp
Preferred (quar.)
Oct.
Oct.
Oct.
Oct.
50c
NoV
Nov.
90c
Sept. 30 Sept. 17
Sept. 10
Oct.
Sept.10
Oct.
Sept.10
Oct.
30c
75c
71 He
6% preferred (quar.)
(quar.)_-
6% preferred (quar.)
Northern States Power (Minn.)
pref. (quar.) —
Northland Greyhound Lines $6H
pref. (quar.)-r-
Northwestern Electric, 7% pref.
(quar.)-
6% preferred (quar.)
Northwestern National Insurance Co.
(quar.).
Oct.
Sept. 20
75c
25c
Oct.
Sept. 20
Dec.
10 Nov. 23
t8Hc
Oct.
25c
37 He
Nov.
1 Sept. 16
15
1 Oct.
15
1 Oct.
m
tix
tlX
tl%
SIX
$ IX
%IX
87 He
Norwalk Tire & Rubber Co., pref. (quar.)
tlX
Nova Scotia Light & Power (quar.)
50c
Novadel-Agene Corp. (quar.)
50c
5c
Extra
O'Brien Gold Mines. Ltd
25c
Ogilvie Flour Mills (quar.)
Ohio Edison $5 pref. (quar.)
U
$6 preferred (quar.)
$6.60 preferred (quar.)
$1.65
tlX
$7 preferred (quar.)
$7.20 preferred (quar.)
$1.80
...
Ohio Finance Co
40c
...
tlX
t\X
6% prior preference (quar.)
6% preferred (quar.)
Ohio Public Serice Co., 7% pref. (mo.)
6% preferred (monthly)
5% preferred (monthly)
Ohio Service Holding Corp
$5 non-cum. preferred
Nov.
Oct.
58,l-3c
50c
412-3c
25 Sept. 30
Sept. 30
Oct.
!H
Oct.
19 Sept. 30
Sept. 28 Sept. 12
Oct.
Sept. 18
Sept.14
Oct.
Sept.14
Oct.
Oct.
Sept. 14
Sept.14
Oct.
II Sept.14
Oct.
l'Sept. 10
Oct.
Sept.10
Oct.
Sept.10
Oct.
Sept.14
Oct.
Sept.14
Oct.
Oct.
Sept. 14
Oct.
Sept. 14
Sept.14
Sept. 14
Sept.14
Sept. 14
Sept. 14
75c
Sept. 30
Sept. 30
Sept. 30
Sept. 30
10c
Oct.
$5
25c
Oct.
Ohio Water SerVice class A
25c
Oklahoma Natural Gas Co
tlX
$5H conv. prior preferred (quar.)
Preferred (quar.)
Old Joe Distilling, preferred (quar.)
Colony Insurance Co
Old Colony Trust Associates
tlX
■
Omnibus Corp. (quar.)
Preferred (quar.)
California
Pacific Southern Investors, pref.
Pacific Public Service (Calif.)
—
pref. (qu.)_.
(quar.)
Sept.16
Dec. 30 Dec. 16
1 Aug. 26
Oct.
1 Aug. 26
Nov.
Nov.
50c
70c
87 Xc
tlU
75c
10c
Telegraph (quar.) —
Oct.
1 Sept.
16
.
A (quar.)
15 Oct.
Oct.
1-1-41
Quarterly
15-41
Preferred A (quar.)
16
17
17
14
23
23
8
Sept.14
Dec.
Nov. 15 Nov.
(quar.)
14
4
2-4-41
Sept. 30 Sept. 16
Penney (J.C.)Co
Pennsylvania Co. for Ins. on Lives &
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
5
Sept. 14
Oct.
1
Oct.
Pathe Film Corp., $7 preferred (quar.)--'
Patino Mines & Enterprises Cons —
Granting
Annuities
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 Telephone Corp. $2H pref. (qu.)__
Pennsylvania Water & Power Co. (quar.) -----$5 preferred (quar.)
Peoples Drug Stores, Inc
Special
21
Oct.
1 Sept.
15 Oct.
Oct.
preferred (quar.)
Dovi's Ar {In
Preferred A
1 Sent. 16
Oct.
Paramount Pictures
Payne Furnace & Supply, pref.
Peninsular Telephone (quar.)
1 Oct. .15
15 Sept. 30
Sept. 30 Sept. 23
Sept. 28 Sept.18
Nov.
1 Oct. 15
Sept. 30 Sept. 18
Oct. 15 Sept. 30
Oct.
tlX
Panhandle Eastern Pipe LinoPreferred A & B (quar.)
PnrlfA
Oct.
25c
Page-II ershty Tubes, Ltd. (quar.)
15
Sept. 30 Sept. 21
Oct.
1 Sept.18
Oct. 15 Sept. 30
$i
(quar.)
preferred (quar.)
preferred (quar.)
tix
Oct.
15
Oct.
Sept. 14
Oct.
8ept.10
Sept. 10
Oct.
Oct.
Sept.13
Sept. 14
Oct.
Sept. 14
Oct.
Sept.14
Sept. 15
Sept.16
Sept.16
8ept. 9
Sept. 9
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
50c
$1
Oct.
—
Sept. 24
Oct.
35c
Sept.
Oct.
Sept. 16
Sept. 9
Oct.
1
tlX
17Hc
tlX
37Hc
Oct.
Oct.
Oct.
5(c
3c
Oct.
Oct.
tlX
Oct.
$2
tlX
Oct.
Oct.
Oct.
tlX
Oct.
2c
Oct.
1 Sept.20
S1H
Oct.
15 Sept.30
37Hc
Oct.
l|8ept. 20
58 l-3c Oct.
1 Sept. 20
1 Sept. 20
Oct.
1 Sept. 20
41 2-3c Oct.
3
Sept 30 Sept
tlX
Sept. 30 Sept. 3
tlX
60c
Sept. 30 Aug. 30
Oct. 15 Sept. 13
50c
50c
tlX
tlX
t IX
30c
IX
IX
1
25c
$2
$1H
20c
87Hc
1
Oct.
l,Oct.
1
l.Sept. 20
1 Sept. 16
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
Oct. 15 Sept. 28
1 Sept.20
Oct.
1 Sept. 20
Oct.
Nov. 30 Nov.
1
Nov.
llOct. 15
Oct.
Oct.
Oct.
Oct.
20c
Oct.
tix
25c
5(c
.
50c
50c
1 Sept.
1 Sept.
6
6
19 Sept. 30
19 Sept. 20
Sept. 30 Sept. 16
1 Sept. 20
Sept. 30 8ept. 16
Sept. 30 Sept.16
Oct.
Oct.
10 Sept.19
1 Sept. 20
10c
10c
[Oct.
8 He
Oct.
1
t$5
Oct.
I Sept. 26
25c
15c
Sept. 30 Sept. 20
37Hc
Oct.
1 Sept. 15
Sept.15
Sept. 30 Sept. 20
1 Sept. 25
Oct.
21
Nov.
1 Oct.
tlX
Oct.
20c
Oct.
1 Sept. 20
1 Sept. 10
Oct.
1 Sept. 10
15c
tix
15 c
S1H
$1H
1S12
$1H
tlX
tlx
.fiOc
10c
10c
25c
37 He
10c
75c
25c
20c
(quar.)
tlX
25c
nuf'Ctirlng Co. (quar )
tlX
(quar.)...
[Oct.
15
Sept.12
Sept. 12
Sept. 30
Sept. 20
Nov.
Oct.
Oct.
Oct,
Oct.
Sept. 14
Sept. 24
Sept. 16
Sept. 11
Aug. 13
Sept. 20
Oct.
Oct.
V4
Preferred (quar.)
Sept.
Oct.
Oct.
Oct.
Dec.
Dec.
5
Oct.
Oct.
9
Nov.
Nov. 20
Oct.
Sept. 20
Sept. 10
Oct.
Sept.
Sept 30 Sept.
1 Sept.
Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Dec. 16 Dec.
1 Sept.
Oct.
Oct.
_
14
18
18
16
16
6
20
Oct.
1 Sept. 19
tlX
tlx
Oct.
1 Sept. 19
Nov.
liOct.
15
tlx
Oct.
1 Sept.
16
20c
Oct.
tlX
37 Xc
$2
Oct.
75c
Co.
Co
(
15
1 Oct.
20c
Class A (quar.)..
7%<fe
15. Oct.
Oct.
Nov.
tlX
Rubinstein (Helena). Inc
Sangamo Electric
1 Sept.16
1 Sept. 10
50c
pref. (quar.)
8% deb. A (quar.)
Savannah Electric & Power,
15 Sept. 30
15 Sept.30
1 Sept. 16
15 Sept. 16
1 Sept. 21
15 Sept. 25
15 Oct.
5
15c
(quar.)
Safeway Stores, Inc
5% preferred (quar.)
Saguenay Power. Ltd., preferred (guar.)
8t. Joseph Railway, Light, Heat & Power
5% preferred (quar.)
St. Lawrence Corp.. class A preferred
St. Louis National Stock Yards
1 Sept.19
1 Sept. 14
1 Sept.14
Oct.
75c
Rom'- Cable Corp
8abin-Bobbins Paper Co., pref.
Sept. 20
15 Dec. 15
Oct.
S1H
Rochester Button Co
i
Dec.
40c
—
.
Ruud M
Oct.
tlX
6% preferred
Republic Steel Corp., 6% cum. pref-.,
Reynolds Metals Co. pref. (quar.)
Rice-Htix Dry Goods Co., 7% l»t & 2nd pref.(qu)
Richman Bros, (quar.)
Rich's. Inc
6 X %_pref. (quar.)
Richmond Water Works Corp. 6% pref. (quar.).
Riverside Silk Mills class A (quar.)
Roberts Public Markets (quar.)
Quarterly......——————•
Russell Industries. Ltd.
Sept. 30 Sept.16
1 Sept. 14
1 'Aug. 31
Oct.
1 Sept. 14
Sept.10
Oct.
Sept.10
Oct.
Sept. 10
Oct.
1
.
Pendleton, Inc.
Sept.14
Oct.
75c
(interim)---.
$4 H Preferred (quar )
Republic Investors Fund, Inc.—
6% Preferred A & B (quar.)-Republic Steel. 6% prior pref. A. (quar.).
Roeser &
1
Oct.
tlX
tlX
Reliable Stores Corn.,
Preferred (quar.)
Rochester Telei bone. 6H%
1
Sept. 30 Sept. 16
Sept. 30 Sept. 14
Oct. 21|Oct.
5
5
Oct. 15 Oct.
1 Sept. 23
Oct.
Jan.
2 Dec. 23
10c
Extra..
Oct.
tlX
Oct.
10c
$2
Remington Rand. Inc.
1 Oct,
1 Oct.
50c
JlOc
65c
7% preferred
(quar.)..
Sept. 25
10c
(quar.)
Packer Corp. (q uar.)
1st
Reed Roller Bit Co.
1 Sept. 25
preferred (quar.)
Paraffine Cos.
Class A (quar.)
Reed-Preni ice Corp.
10 Oct.
Oct.
$2
7% preferred (quar.)
—
J
6% preferred (monthly)
6% pref. (monthly)
Public Service Co. of Oklahoma—
7% prior lien (quar.).
6% prior lien (quar./
Publication Corp. original preferred (quar.)
Pusret Sound Pulp & Timber pref. (quar.).
Pure Oil Co., 5% preferred (quar.)
5X% preferred (quar.)
—
6% preferred (quar.)
Putnam (Geo.) Fund
Pyle National Co
Preferred (quar.)
Quaker Oats Co. preferred (quar.)
Quarterly Income Shares (quar.)
Radio Corp. of America—
$3H cum. conv. 1st pf (qu.)
B preferred (quar.)
Railroad Employees Corp. A & B
80c. preferred (quar.)
Ralston Steel Car Co. 5% pref. (quar.)—..
Rath Packing Co
Ray-O-Vac (quar.)
8% preferred (quar.)
—-Reading Co. 2nd preferred (quar )
Reece Button Hole Machine (quar.)
Reed Drug Co. (quar.)
Oct.
Nov.
Oct.
25c
42c
10c
Public Service of N.
Oct.
Sept. 30 Sept. 20
Oct.
1 Sept. 14
Oct.
15
5 Oct.
Sept. 30 Sept. 20
1 Sept. 16
S1.31H Oct.
5
12Hc Nov. 15 Nov.
(quar.)
.
Bank & Trust Co. (quar.)
Public Service Co. of Colorado.—
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Public Service Elec. & Gas, $5 pref. (quar.)
SIX
$1X
Oct.
Oct.
Oct.
5
pref. (quar.)—«...
Reliance Manufacturing Co
Preferred (quar.)
—
30c
Pacific Tin Consol. Corp
Packer Advertising Corp.
Sept. 30 Sept. 13
20c
Pacific Greyhound Lines $3 H conv.
Pacific Lighting $5 pref. (quar.)
1st
Sept. 30 Sept. 23
16Hc
(quar.)
llSept. 21
1 Sept.
3
1 Sept.
3
1 Sept. 20
1 Sept.10
1 Sept.
Oct.
$2X
Preferred
1 Sept. 13
25c
Oct.
Prudential Investors
Oct.
tlX
8% pref. (quar.)
6H% preferred (quar.).
5% preferred (quar.)
Pacific Gas & Electric (quar.)
Pacific Guano & Fertilizer (quar.)
50c
Public National
30c
25c
Pacific OS(D Co
Pacific Telephone &
Preferred (quar.)
1 Sept.20
1
15 Oct.
Plymouth Oil Co. (quar.)
Plymouth Rubber, preferred (quar.)
Pneumatic Scale Corp. 7% pref (quar.)
Pollock Paper & Box 7°7< preferred (quar.)
Pond Creek Pocahontas Co
Porto Rico Power Co. 7% pref. (quar.)
Potash Co. of America
Power Corp. of Canada, 1st pref. (quar.)
Participating preferred (quar.)
Pratt & Lambert, Inc
Premier Gold Mining (quar.)
Price Bros. & Co. 5H % pref
Procter & Gamble 8% pref. (quar.)--Prosperity Co., Inc., 5% pref. (quar.)
Providence Gas Co. (quar.)
Provincial Paper Co. 7% pref. (quar.)
30c
5% preferred (quar.)
Ottawa Electric Ry. (quar.)
Quarterly
Ottawa Light, Heat & Power (quar.)
Preferred (quar.)
2d
30c
Oct.
1
1 Sept.10
25c
$2
-
Orange & Rockland Elec. Co. 6% pref. (quar.)_
Pacific Finance Co. of
15
Nov.
Oct.
50c
—
(quar.)
(quar.)
Omar, Inc., preferred (quar.)
Sept. 30
15 Sept. 30
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept, 20
Oct.
Sept. 30 Sept.16
Oct.
1 Sept. 17
Oct.
1 Sept. 16
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
.....
Old
1
50c
Oct.
Northern States Power (Del.) 7% pref.
17
17
7
20
30c
Oct.
11
l.Sept. 16
Oct.
Plough, Inc
21
Sept.16
Sept. 20
tlX
tlX
|3(Jc
Northern Ontario Power Co
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
tlX
35c
New York Trust Co. (quar.)
1 Sept. 5
Aug. 30
Oct.
New York Transit Co
14
„
Sept. 28 Sept. 18
Oct.
75c
—
Oct.
Nov.
11 X
NY PA NJ Utilities
pref. (guar.)
New York Power & Light 7% pref. (quar.)
$6 preferred (quar.)
New York State Electric & Gas, pref. (quar.)
Sept.14
Sept. 20
Sept. 20
Oct.
Oct.
$i x
(quar.)
New Orleans Public Service
Oct.
im
Pilgrim Trust (Boston) (quar.)
Quarterly
Pilot Full Fashion Mills, Inc. (quar.)
6H % cum. preferred (s.-a.)
Pioneer Gold Mines of British Columbia
Pittsburgh Bessemer & Lake Erfp (s.-a.)
Pittsburgh Fort Wayne & Chicago Ry
Preferred (quar.)---Pittsburgh Plate Glass
Plainfield Union Water Co. (quar.)
1 Sept. 14
Sept. 30 Sept. 14
Oct.
Sept. 11
Oct.
25c
Piedmont & Northern Ry
Oct.
Oct.
50c
Pierce Governor
Set>t. 2x Sept. 10
15 Sept.21
50c
tlX
Philadelphia Co., $6 pref. (quar.)
$5 preferred (quar.)
Philadelphia Dairy Products, 1st pref. (quar.)-Philadelphia Electric Power. 8% pref. (quar.) —
Philadelphia & Trenton RR. (quar.)
Philco Corp., common
Philippine Long Distance Telephone (monthly)Phillips Packing Co. pref. (quar.)
Phoenix Acceptance Corp
(quar.)
Phoenix Insurance Co. (quar.)
Pickle Crow Gold Mines (quar.)
Pictorial Paper Package
Sept. 16
Nov.
Nov.
Payable of Record
Share
Company
Peoples Gas Light & Coke
Peoria Water Works 7 % pref. (quar.)
Perfect Circle Co. (quar.)
Pet Milk Co. (quar.)--Peter Paul. Inc
1 Sept.14
1
15 Oct.
Oct.
$2 H
(guar.)
National Manufacturers & Stores
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
1847
Financial Chronicle
"
•o uebenture G (quar.)
"
6H% debenture D (quar.)
6% preferred ts.-a.l
Savannah Sugar Refining (quar.)
Scheoley Distillers Corp., pref. (quar.)
—
Scott Paper Co., $4 X cum. preferred (quar.)—
$4 cum preferred (quar.)
8covin Manufacturing Co
Scranton Electric, $6 pref. (quar.)
Scran ton l>ace
Seaboard Commercial Corp. (quar.)
5% preferred series A (quar.)
Security Acceptance Corp. (quar.)
6% preferred (quar.)
- - --Selected Industries Inc. $5H div. prior (quar.).-
tlX
tlX
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
50c
tlX
$1 X
$1
25c
S1H
50c
20c
62Hc
25c
37 He
tlX
Oct.
15 Sept. 30
1 Sept. 23
1 Sept. 16
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10
10
10
10
10
16
25
Oct.
Nov.
Oct.
21*
Nov.
Oct.
21*
Oct.
Oct.
Sept. 16
Oct.
1 Sept. 17
Sept. 6
Sept. 30 Sent. 10
Sept. 30 Sept. 19
Sept. 30 Sept. 19
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1848
The Commercial & Financial Chronicle
Per
Share
Name of Company
Seiberling Rubber, prior pref. (quar.)
Preferred A ''quar.)
Shakespeare Co
Sharon Railway Co
Sharon Steel Corp., pref.
(quar.)
Shawmut Association
(quar.)
Shell Union Oil. pref.
(quar.)
Sheller Mfg. Corp
Sheep Creek Gold Mines (quar.)...
Extra
Oct.
10c
Oct.
$1
...
J4c
Jlc
Oct.
Oct.
mix
tux
Oct.
'
ux
10c
...
(liquidating)
Preferred series C (quar.)
Southern Calif. Gas 6% preferred
(quar.)
Preferred A (quar.)....
Southern Canada Power, pref.
(quar.)
Southern Grocery Stores, Inc
...
Southern Natural Gas Co
Southern Phosphate Corp
1
9
Dec,
9 Nov. 25
SI H
10c
S3
Nov.
Sept. 30 Sept.10
Oct.
1 Sept.20
Oct.
1 Sept.20
Oct.
1 Sept. 17
Oct.
1 Sept. 17
SI.20
37 Xc
34 Xc
Oct.
37 He
37 He
Oct.
S1H
—
Oct.
Oct.
30c
SI .20
25c
__
25c
15c
S2
25c
SIX
SIX
Six
pref
Sept. 20
Sept. 20
Sept. 30
Sept. 30
Sept. 20
Sept.16
Oct.
Sept.
Nov.
1 Oct.
50c
50c
15
Sept. 30 Sept.13
Sept. 30 Sept. 13
Sept. 30 Sept.16
Oct.
1 Sept, 16
Oct.
1 Sept. 20
Oct.
1 Sept. 14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
1 Sept. 16*
Oct.
Sept. 30 Sept. 17
1 Sept. 30
SIX
10c
Oct.
Dec.
16 Dec.
7oc
.
Oct.
SI X
.......
Oct.
23 Oct.
—
United Shoe Machinery Corp. (quar.)
6% preferred (quar.)
United States Fidelity & Guaranty Co
United States & Foreign Securities
pref. (quar.)United States Guarantee Co_---------------United States Gypsum Co. (quar.)
Extra.
—
-
1 Sept.
5
2
16
Preferred
(quar.)
1
SI
15c
SIX
75c
20c
(quar.)
75c
Sterns (Frederick) & Co
Preferred (quar.)
Strawbridge <Sc Clothier 7 % pref
Sun Life Assurance of Canada
(quar.)..
20c
SIX
82Hc
Oct.
68 He
...
Oct.
1
40c
SI X
(quar.)
Tacony-Palmyra Bridge (quar.)
5c
50c
Extra
25c
;•
50c
25c
...
SIX
62 He
10c
68Hc
20c
62 He
10c
(quar.)
Extra
5c
Telautograph Corp
5c
Tellurite Power Co. 7% nref.
(quar.),Terre Haute Malleable &
Mfg. Corp
SI H
5c
Corp. (quar.)
50c
Texas Electric Service $6
pref. (quar.)
Texon Oil & Land Co
S1H
Banking (quar.)
Thatcher Mfg. conv.
preferred (quar.)
(Quarterly.)
i
Thompson Products
__
,
5c
6% preferred (monthly)..
5% preferred (monthly)
Toledo Shipbuilding
15c
31
1
50c
40c
50c
.
15c
SI H
SI H
62Hc
S1H
Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 28 Sept.
«
Oct.
1 Sept.23
Sept. 30 Sept. 20
Nov.
1 Oct.
Oct.
1 Sept. 16
Oct.
Oct.
Oct.
Oct.
Oct.
SI H
SI X
Oct.
SIX
Oct.
37 He
Oct.
1
1
Sept.
Sept.
Sept.
1 Sept.
1
1
12
20
_
Oct.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct,
Sept.
Oct.
1 Sept.
Oct.
Sept.
75c
60c
10c
95c
$2
25c
SI
•51
15c
75c
t20c
15c
Oct.
Oct.
15 Oct.
26
6
18
18
3
Sept. 3
Sept. 11
Sept. 30 Sept.
Sept. 28 Sept.
Oct.
15 Sepi
Oct.
1 Sept.
Nov.
Nov.
1
12
1 Oct.
1 Oct.
20
30
14
16
Oct.
1
1-1-41
Sept. 28
Dec. 30
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct.
Sept.
20
3
3
20
20
23
Sept. 23
Sept.30 Sept.10
Dec. 10 Nov. 30
3-1—41
3-9-41
Oct.
1 Sept. 20
Sept. 30 Sept. 21
1 Sept.
1 Sept.
9
9
Sept. 30 Sept. 20
Nov.
19
8—1—41 July 19
Sept. 30 Sept. 20
1
Oct.
19
2-1-41 Jan.
5-1-41 Apr.
18
Oct.
Oct.
19 Oct
1
10
Sept. 30
Sept. 21
Sept. 24
Sept. 24
Sept. 24
Sept. 20
Sept. 27
Sept. 26
Sept. 26
Sept. 14
Sept.24
Sept. 24
Sept.20
Sept. 16
Sept. 12
Sept. 20
Sept. 16
N ov.
Oct,
SI H
Oct.
Sept. 14
75c
Oct,
Oct.
Sept. 10
Sept. 14
Oct.
Oct.
1
Oct.
1
Oct.
1
Oct.
Oct.
15
Oct,
1
Oct.
1
1
1
Oct.
1
Oct.
1
10c
$2 H
15c
SIX
SIX
-
---_
30c
$1 X
75c
75c
Sept. 30
Sept. 30
Sept. 28
Oct.
15
Sept. 30 Sept.
15 Sept.
15 Sept.
Sept. 30 Sept.
Oct.
in Sept.
Sept. 30 Sept.
Oct,
1 Sept.
Oct.
Oct.
50c
25c
81
S1K
lc
Oct,
25c
-
-
_
15 Oct.
Nov.
1 Oct.
25c
Oct.
t75c
1
Oct
20c
Oct.
15c
Oct.
1
15c
—-
Oct,
1
1
$1
Oct.
81 H
SIX
Oct.
1
Oct.
1
six
Oct.
Oct.
1
Oct.
Oct.
1
1
1
*1X
SIX
Oct.
1
75c
(quar.)
Oct,
1
Nov
82
Oct.
I—
(quar.)__:
81
20
20
10
15
1
Sept. 17
Sept. 17
1
50c
25c
25
20
20
12
30
Sept.14
Sept. 11
Sept. 12
Sept. 14
Sept. 14
Sept. 24
Sept. 13
Sept. 13
Sept. 21
Sept. 21
Sept. 21
1
Oct
25c
15
15 Oct.
10c
-
15 Nov.
Sept.
Sept
Sept,30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
1
23
14
14
20
20
20
81H
81H
Nov.
Oct.
15
50c
$1 H
-
Nov.
Oct.
15
Oct.
Oct.
1
10c
Woodley Petroleum Co. (quar.)_
10c
50c
-
Sept. 30 Sept. 16
Sept. 30 Sept. 20
Sept.30 Sept. 20
10c
(quar.)
Youngstown Steel Car (quar.)
Youngstown Sheet & Tube
Preferred (quar.)
Aug. 22
1
Aug. 22
SIX
Oct.
Oct.
Sept. 20
15c
Oct.
Sept. 10
t$7
Oct.
SIX
SIX
Preferred
1
Oct.
25c
Yale & Towne Mfg. Co
Yellow Truck & Coach 7%
preferred-.7% preferred (quar.)
Young (J. S.) Co. (quar.)
Oct.
5c
Extra
Oct.
Sept.
Sept.
Sept.
Sept.
SIX
„
12 He
25c
81X
Co-operative Mercantile Institution
50c
(qu.)
Oct.
Oct.
Sept.
Oct.
Oct.
Dec.
Sept. 20
12
12
20
20
Sept.20
Sept. 14
Sept. 14
Dec
5
Transfer books not closed for this
dividend,
t On
account
19
19
1 Oct.
1 Sept. 18
Sept. 30 Sept. 21
50c
Wolverine Tube Co
*
Nov.
Oct.
83H
Wheeling & Lake Erie Ry
Wheeling Steel 6% pref. (quar.)
85 prior pref. (quar.)
Whitaker Paper Co
s
Sept. 20
Sept. 30 Sept. 27
Sept. 30 Sept. 17
25c
Preferred (quar.)
Zion
2 Nov. 25
81 H
81H
81 H
Washington Title Insurance (quar.)
Preferred (quar.)
Waukesha Motor Co.
(quar.)
Wayne Pump Co
Wells Fargo Bank (San
Francisco) (quar.)
Went worth Mfg. Co
West Indies Sugar Corp. preferred
West Michigan Steel Foundry
(quar.)West Penn Power preferred
(quar.)_-
20
1
Dec.
15c
Payable in U. S. funds.
Wrigley (Wra > Jr Monthly
Wurlitzer (Rudolph) pref.
(quar.)____
10c
2
Oct.
75c
Wright-Hargreaves Mines Ltd. (quar.j
50c
2
37 He
37 He
81 H
-
15 Sept. 30
Sept. 30 Sept. 16
1 Sept. 14
2
2
4-15-41 Apr.
7-15-41 July
Sept. 30 Sept. 21
40c
_
Worcester Salt Co. (quar.)
15 Oct.
1-15-41 Jan.
Oct.
Oct.
50c
Waldorf System, Inc.
(quar.)
Warren Railroad Co. (s.-a.)
j
81 %
SIX
81H
—
14
20
Oct.
25c
37 He
75c
—
Wabasco Cotton (quar.)
Extra
Sept. 28 Sept. 12
Oct.
37Hc
—
Wisconsin Electric Power,
6% prof, (quar.)
<
S1H
81X
SIX
SIX
SIX
$2H
7% preferred (quar.)
Sept. 16
5
SIX
Winstead Hosiery Co. (quar.)
10 Sept. 30
1 Sept. 16
18
82 H
Preferred (quar.)_Vulcan Corp., 83 conv. pref.
(quar.)
Vulcan Detinning, 7% preferred
(quar.)
Class B (quar.)—
21
Oct.
Oct.
Oct.
35c
Will & Baumer Candle
Co., Inc
Preferred (quar.)__
Wilsil Ltd. (quar.)
Wilson Line, Inc.
(semi-annual)
Winn & Lovett Grocety class A
14
14
18
1
15 Dec.
10c
:
Preferred (quar.)--.
Preferred
Nov.
20 Nov. 30*
1 Sept. 14
SIX
SIX
Vicksburg Shreveport & Pacific (s.-a )
Preferred (semi-annual)
Westgate-Greenland Oil (mo.)
Westminster Paper Co., Ltd.
(s.-a.)
Westmoreland, Inc. (quar.)
Westmoreland Water Co. 86 pref
Weston (Geo.) Ltd.
(quar.)-_
Wetberill Finance (quar.)
14
14
14
18
Sept. 30 Sept. 24
Oct,
(quar.)
(quar.)_Wieboldt Stores, prior pref.
(quar.)
14
1
24
19
Dec.
2%
Whitman (Wm.) & Co., pref.
Wichita Water Co. 7% pref.
Sept. 20
1 Sept. 20
Sept. 17
Dec
81
S6H preferred (quar.)
Vapor Car Heating, Inc. 7% preferred (quar.)
7% preferred (quar )
Viau, Ltd.. 5% pref. (quar.)
Wagner Baking Co
7% preferred (quar.)
2nd preferred (quar.)
5
15 Sept. 27
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Nov.
68 He
$15
7% preferred (quar.)
Sept. 10
50c
81H
--------
1
S1H
(quar.)
<
1
15c
Tubize Chatillon
Corp. 7% cum. pref. (quar.)..
United Carbon Co
United Drill & Tool Corp., class
A__
Class A (quar.)
-
—
Sept. 30 Sept. 16
Oct.
....
Tuckett Tobacco Ltd., pref. (quar.)
Twentieth Century-Fox Film
Corp. pref. (qu.)__
Twin State Gas & Electric
7% prior lien,
Union Premier Food Stores.
Inc. (quar.)
Union Stock Yards (Omaha).Union Twist Drill.
United Bond & Share, Ltd.
Oct.
Oct.
Oct.
50c
Trico Products
Corp. (quar.)
Tri-Continental Corp. $6 cum.
pref. (quar.)
Tri-County Telephone 1st pref. (quar.)
(s.-a.)
Oct,
Oct.
SIX
412-3c
(quar.)
1
Torrington Co. (quar.)
f
Torrington Water Co.
(quar.)
Trade Bank & Trust Co.
(N.Y.) (quar.)
Traders Finance Corp.,
Ltd., 7% pref. B. (qu.)-
Union Pacific RR
—
Western Pipe & Steel
Western Tablet &
Stationery
Preferred--.
Sept. 14
1 Sept. 21
1 Sept. 21
50c
Sept. 20
50c
Grocers, Ltd. (quar.)__
Preferred (quar.)
Western Massachusetts Cos.
(quar.)
1
58 l-3c
,
7% pref. (monthly)
(quar.)
Oct.
40c
2c
Western
-
Nov. 15 Oct.
S1H
S1H
,
Union Carbide & Carbon
Corp
Union Investment Co
Oct.
Oct.
Preferred (quar.)__
Van de Kamp's Holland Dutch Bakers—
—
Sept. 30 Sept. 20
Oct.
1 Sept.
6
Oct.
1 Sept. 14*
Sept. 30 Sept. 10
Sept. 30 Sept.26
Oct.
25c
S1H
$1
West Penn Electric 87 class A
(quar.)
West Point Mfg.
West Texas Utilities S6
pref. (quar.)-West Virginia Pulp & Paper Co
West Virginia Water Service,
pref. (quar.)
Western Electric Co
1 Oct. .15
1 Sept. 14
10c
50c
90c
50c
$5 preferred (quar.)
Tide Water Associated Oil.
preferred (quar.).-.
Tintic Standard
Mining
Tip-Top Tailord Ltd. (quar.)
7% preferred (quar.)
Udylite Corp
Nov.
37Hc
1
31 Sept. 30
5 Sept. 17
50c
-
Sept. 5
Sept. 30 Aug. 31
Oct.
1 Sept. 16
Oct.
1 Sept.
3
Sept. 30 Aug. 17
Sept. 30 Sept.16
Sept. 30 Sept.16
Sept. 30 Sept.16
Sept.30 Sept.16
Nov.
1 Sept. 18
Oct,
1 Sept. 20
Oct.
1 Sept.16
Oct.
1 Sept.16
Oct.
1 Sept. 14
Oct.
1 Sept. 14
6ct.
1 Sept. 10
Oct.
1 Sept. 10
25c
>
Textile
Underwood Elliott Fisher Co.
(quar.)
Underwriters Trust (N. Y.)
Sept. 14
1 Sept. 14
1 Sept. 23
30c
6% preferred A (quar.)
Transue & Williams Steel
Forgings
Travelers Insurance
(quar.)
1
Oct.
pref. (qu.)
Teck-Hughes Gold Mines
Sept. 30 Sept. 16
Sept. 30 Sept. 23
Sept. 30 Sept.26
Sept. 30 Sept. 26
Oct.
Ltd
Class A (quar.)
Class A (extra)
Preferred (quar.)
Taggart Corp. $2H preferred
(quar.).
Talcott (James) Inc
5H% part, preference (quar.)
Tamblyn (G.), Ltd. (quar.)
5% Preferred (quar.)
Dec. 31 Dec. 14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
Oct.
62 He
2
Sept. 18
Sept. 18
10 Sept. 20
Oct.
50c
SIX
-
Superior Portland Cement,
participating A
Sunray Oil Corp., pref. (quar.)
Sunshine Mining Co.
(quar.)
Superior Water Light & Power 7%
Swift & Co. (quar.)
Sept. 30 Sept. 20
Sept. 30 Sept. 16
Sept. 30 Sept.14
16 Dec.
Oct.
50c
20c
Virginian Ry. preferred (quar.)
Preferred (quar.)
Dec,
1
1
$1H
$IH
t30c
S1H
S1H
62Hc
81 H
Sept. 30 Sept.17
1 Sept. 16
1 Sept. 16
1 Sept. 16
Dec.
68 He
Victor Chemical Works
Nov. 15 Nov.
Oct.
Oct.
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
Utah-Idaho Sugar, preferred A
Utah Power & Light 86
preferred
$7 preferred
Utica Knitting Co. 5% prior
pref. (quar.)
Valvo Bag 6% preferred
(quar.)
Van Camp Milk Co.
(special)
1 Sept.16
14 Dec.
5
Oct.
Oct.
Oct.
40c
Vlchek Tool Co
Preferred (quar.)
15 Sept. 19
1 Sept. 20
Sept. 30 Aug. 30
Sept. 30 Aug. 30
Oct.
1 Sept. 10
50c
-----i
—-
15 Sept. 30
60c
Stecher-Traung Lithograph 5% pref. (quar.)
5% preferred (quar.)
—
___
Universal-Cyclops Steel
Universal Leaf Tobacco Co., Inc.
(quar.)
Preferred (quar.)
Universal Products
Oct.
Oct.
SIX
82 H
SIX
United States Hoffman Machinery pref. (qu.)
United States & International Securities
pref
United States Machinery, pref.
(quar.)
United States Petroleum Co
(quar.)
United States Pipe <fc
Foundry Co. (quar.)
United States Playing Card
United States Potash Co--------—
United States Sugar Corp.,
pref. (quar.)Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
United States Trust Co. (N. Y.)
(quar.)
United Wall Paper Factories pref.
(quar.)
Universal Cooler part, class A
Oct.
40c
-
United New Jersey RR. & Canal (quar.)
United Printers & Publishers. Inc., 82 pref.
(qu.)
United Profit-Sharing, pref. (semi-annual)—
--—--
Stedman Bros., Ltd. (quar.)
Conv. preferred (quar.)
Steel Products
Engineering
Sterchi Bros. Stores, 1st
pref.
—
Holders
Payable of Record
25c
-
Oct.
31 He
.....
50c
United Milk Products
S3 participating preferred
75c
,
—
6% preferred (monthly)
United Mercnants & Manufacturers, Inc
SIX
...
Share
United Fruit Co. (quar.)
SI
United Fuel Investments, 6% class A pref.
75c
(qu.)
United Gas Improvement (quar.)
25c
Preferred (quar.)
SIX
United Illuminating Co. (auar.)
SI
United Light Rys.7% preferred (mo.)
58 l-3c
6.36% preferred (monthly)
53c
17
12 He
SIX
1 Nov.
1
SIX Nov.
Oct. 15 Sept. 30
SIX
Oct.
15c
1 Sept. 10
SIX
Sept. 30 Sept. 20
Oct.
1 Sept. 10
SI X
Nov.
1 Oct.
1.2%
15
Oct. 15 Oct.
six
1
Oct. 15 Oct.
six
1
Square D Co
Preferred (quar.)
Standard Brands. Inc.
(quar.)
Preferred (quar.)
Standard Fire Insurance Co. (N.
J.) (quar.)
Standard Oil Co. of Ohio, pref.
(quar.)
Standard Steel Construction pref. A
(quar.)
Standard Wholesale Phosphate & Acid
Works._
Stanley Works
Preferred (quar.)
1 Oct.
When
Per
Name of Company
—
SIX
Southern Ry. Mobile & Ohio ctfs.
(s.-a.)
Southwest Consolidated Corp
Southwestern Gas & Electric, pref.
(quar.)
Southwestern Light & Power, $6
Starrett (L. S.) Co...
Stayton Oil (quar.)
Sept. 28 Sept.14
Sept. 28 Sept.14
Oct.
1 Sept. 20
Nov.
1 Oct. 17
SI X
SI X
...
$6 preferred (quar.)
South West Penna.
Pipe Line
Oct.
15C
.....
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.)..
Southern Natural Gas Co.
(quar.)
,
1
1
1
Oct.
$2H
...
__
Toledo Edison Co.
Oct.
Oct.
Oct.
Sept. 20
Sept. 20
Sept. 20
Sept.10
Sept.14
Sept. 30
Sept. 30
Sept. 15
Sept. 15
Sept..25
Sept. 16
Aug. 31
Sept. 30
50c
...
Sylvanite Gold Mines.
15
15
8
J 20c
(quar.)
Smith (Howard) Paper Mill
preferred (quar.)..
Sonotone Corp.. preferred
(quar.)
South Carolina Electric & Gas Co.
$6 pref. (qu.).
South Carolina Power Co. 1st $6 pref.
(qu )
Sou. Indiana Gas &Elec. Co.,
4.8% pref. (quar.)
South Pittsburgh Water Co.
7% prer. (quar.)
6% preferred (quar.)
Southern California Edison Co., Ltd.—
Original preferred (quar.)
j.—
Preferred
Oct.
$1H
18 Oct.
Oct.
Oct.
10c
Smith (L,
C.)-& Corona Typewriters (quar.)
Preferred (auar.)
Smith (8. Morgan) Co.
Preferred
Oct.
1 Sept. 20
1 Sept. 20
Oct.
$1H
(interim)
7% cum. pref. (quar.).
Simplex Paper Corp
Simpson (Rob.) Ltd. 6% preferred (s.-a.)
Simpson's. Ltd., 6H% preferred
Singer Mfg. Co. (quar.)
Skenandoa Rayon Corp. 5% prior pref. (quar.).
$5 preferred class A (quar,)
Texas
Oct.
10c
;
Holders
Payable of Record
63c
SIX
.
Sherwin-Williams (Can.), preferred
Preferred (quar.)
Shippers Car Line, preferred (quar.)
Silver King Coalition Mines
Silverwood Dairies, Ltd., pref.
(s.-a.)
Simmons Co..
Simmons Hardware & Paint
Simon (H.) & Sons, Ltd.
When
Sept. 28, 1940
of accumulated dividends.
t Payable in Canadian funds,
a tax of
5% of the
deduction of
and in the
case
of non-residents of Canada
be made
amount of such dividend will
Volume
Weekly Return of the New
Clearing House
of the Federal Reserve Bank of
Condition
York
New
following shows the condition of the Federal Reserve
25, 1940,
The
The
Bank of New York at the close of business Sept.
date last year:
8TATEMENT
}940
OF
MEMBERS
OF
ASSOCIATION
Sept. 25,
CLOSE
AT
1,280,000
by
direct
8.
U.
National City Bank
Chem Bank & Trust Co.
obligations
Govt,
101,000
Guaranty Trust Co
902,000
1,985,000
226,000
2,310,000
1,772,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Total
bills
First National Bank
1,783,000
l".778",666
403,662,000
341,334,000
403,662,000
341,334,000
Industrial advances
2,042,000
U. 8. Govt, securities, direct and guar¬
...
Notes
50.000,000
4,000,000
100,270.000
Chase National Bank
anteed:
Bonds
398,301,000
Bankers Trust Co
25,000,000
6,000,000
Title Guar & Trust Co..
73,359,000
Bills
500,000
Fifth Avenue Bank
376,981,000
5,000,000
Marine Midland Tr Co..
Total U. 8. Government securities
744,996,000
744,996,000
direct and guaranteed
7,000,000
7,000,000
Comm'l Nat Bk & Tr Co
848,641,000
Public Nat Bk & Tr Co.
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks..
Uncollected Items
748,860,000
17,000
749,315,000
17,000
2,379,000
161,373,000
*
8,929,000
As
official reports:
per
28,394,000
678 480,000
846,000
689 032,000
5,503,000
57 ,330,000
1,457,000
d3,058 ,038,000
57 233,000
el,147 372,000
60,874,000
U.S. Treasurer—General account
1,443,235,000 1,441,879,000 1,181,959,000
7,225,194,000 7,188,182,000 6,275,556,000
99,853,000
294,474,000
277,478,000
608,840,000
Other deposits
Total deposits
...
Deferred availability Items
...
Other liabilities, Incl. accrued dividends.
207,447,000
2,115,000
3,061,000
38,038,000
2,054,000
126 ,688,000
438 ,027,000
115 ,942,000
88 ,308,000
52,284,000
932,644,800 14,716,836,000
736,552,000
c
26),
(Sept.
follows:
d $73,615,000;
$2,536,000;
a
e (Sept.
$283,18),
8,484,751,000 8,505,548,000 6,571,263,000
141,159,000
181,021,000
147,959,000
2,371,000
835,000
1,012,000
Mon.,
Tues.,
Wed.,
Sept. 23
Sept. 24
Sept. 25
Surplus (Section 7)
Cable & Wire ord
£50
£50
£50
£50
£50
53,326,000
52,463,000
Central Min & Invest..
£10
£10
£10
£10
£9?*
7,109,000
12,983,000
7,457,000
Cons Goldflelds of S A.
8,756,000
Courtaulds S & Co
Total liabilities and capital accounts.. 10,201,469,000 10,253,771,000 8,196,302,000
deposit
6/6
Closed
15/23/3
95/7**
Ford Ltd
90.2%
Hudsons Bay Co
36,000
93.2%
93.3%
note liabilities combined
Imp Tob of G B &
London Mid Ry
Contingent liability on bills purchased for
56/6/9
15/6
23/3
56/3
Distillers Co
and
I..
28/6
£3 H
56 /-
£3^
£3%
*
95/7 **
Commitments
to
make
Industrial
£11**
Rand Mines
62/6
£5 A
£5 A
733,000 1
737,000
t "Other cash" does not Include Federal reserve notes or a
1,932,000
£7
£7%
£7%
bank's own Federal
Shell Transport
the gold taken
over
devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
given by the United States Treasury for
from the Reserve banks when the dollar was, on Jan. 31, 1934,
United Molasses
Vlckers
West
£5**
£5**
£7**
£7%
70/35/7**
19/13/4**
70/35/7**
19/13/4**
70/35 na
70/35/7**
19/13/4
65/-
62/6
62/6
62/6
70/35/7 **
19/13/-
Rolls Royce
bank notes.
These are certificates
under the provisions of the Gold Reserve Act
Box
£11**
£11**
£5 H
Metal
ad¬
vances
56/6/9
15/4**
22/10**
96/3
56/6/9
15/4 **
22/10 A
96/3
£11**
£11**
£3 H
£3H
6/9
15/6
23/3
95/7**
Rio Tlnto
foreign correspondents
31/10**
28/6
31/3
28/6
32/6
31/3
28/-
31/3
28/-
Beers
Electric & Musical Ind
to
reserve
32/78/9
38/3
78/1**
50,874,000
De
total
78/1 HI
Sept. 27
Seal. 26
38/6
78/9
38/78/1**
38/3
British Amer Tobacco.
Fri„
Thurs.,
Sat.,
Sept. 21
51,070.000
51,046,000
53,326,000
7,109,000
13.031,000
Surplus (Section 13-b)..
Other capital accounts..
cable
of the past week:
each day
Boots Pure Drugs
Capital Accounts—
paid In
Capital
EXCHANGE
STOCK
Qubtations of representative stocks as received by
10076,957,000 10,129,283,000 8,076,752,000
Total liabilities
*
4,546,000
National, June 29, 1940; State, June 29. 1940; trust
LONDON
THE
168,407,000
414,052,000
574,626,000
407,453,000
Foreign
Reserve
43,869,000
15 ,587,000
in foreign branches for latest dates available as
6 $68,546,000;
640,000;
Liabilities—
Deposits—Member bank reserve acc't..
F. R.
316 965,000
60,556,000
$22,469,000.
F. R. notes In actual circulation
of
100,663,000
companies, June 29, 1940.
20,815,000
Includes deposits
Ratio
76,615,000
714 027,000
cl,108 751,000
4,216,000
154,978,000
10,201,469,000 10,253,771,000 8,196,302,000
assets...
62,100 749,000
10,067,700
518,518,000
Totals.
65,000
2,999,000
15,652,000
Other assets
41,747,000
188,845,000
6,862,000
853,571,000
201,889,000
9,768,000
15,258,000
9,768,000
Bank premises
Total
12,500,000
New York Trust Co
18,223,000
565 458,000
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
10,000,000
Irving Trust Co
Continental Bk & Tr Co.
214,000
Bills bought In open market
215 148,000
68,819,400 a2,471, 039,000
752 662,000
57,240,100
15,000,000
Corn Exch Bank Tr Co.
2,674,000
2,086,000
2,536,000
discounted
Average
S
9,262,965,000 9,274.980,000 7,153,728,000
and guaranteed
Deposits.
Average
13,940.700
26,651,100
6,000,000
20,000,000
77,500.000
20,000,000
90,000,000
41,748,000
21,000,000
Bank of Manhattan Co.
Bills discounted:
Secured
Time
Deposits,
88,924,000
Bank of New York
Other bills discounted
Net Demand
Undivided
Surplus and
Capital
944,000
90,414,000
1,788,000
95,390,000
Total reserves
HOUSE
SEPT. 26. 1940
Profits
•
House
Members
9,165,787,000 9,183,286,000 7,063,860,000
Redemption fund—F. R. notes
full below:
CLEARING
BUSINESS THURSDAY,
OF
♦
Clearing
Gold certificates on hand and due from
Other cash t
YORK
THE NEW
Sept. 18, 1940 Sept. 27,1939
Atsas—
United States Treasury.*
by the New York City
issued
statement
weekly
York City
Clearing House on Friday afternoon is given in
with the previous week and the corresponding
in comparison
1849
The Commercial & Financial Chronicle
151
19/13/3
Witwatersrand
£2**
£2**
£2 A
£2 A
£2 A
Areas
of 1934.
Weekly Return of the Member Banks of the
Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
items of
themselves. The comments of the Board of Governors of
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
the Federal Reserve
described in
an
a
System
week behind those for the Reserve banks
upon
the figures for the latest week appear in our
announcement of the Federal
Reserve Bank of New York of
April 20, 1937, as follows:
confined to the classification of loans and discounts.
This classification has been changed primarily to show the
agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or
revised form also eliminates the distinction between loans to brokers and dealers In securities located in New York City and those located
The changes in the report form are
amounts of
securities.
The
carrying
(1) commercial. Industrial and
outside New York City.
Provision has been made also to include
"acceptances of own bank
purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper," Instead of In "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural
cial paper bought in open
would each be segregated as
A
more
"on securities" and "otherwise secured
detailed explanation of the
ASSETS AND LIABILITIES OP
WEEKLY REPORTING MEMBER BANKS IN 101
Phila.
$
$
ASSETS
Neto York
$
$
1,202
1,918
1,183
10,575
625
Commercial. Indus, and agrlcui. loans
4,578
312
3,194
1,875
Open market paper
Loans to brokers and dealers In securs.
296
66
404
11
Loans—total
Other loans lor purchasing or
$
643
3,435
.708
401
689
533
2,279
987
330
196
313
272
973
474
731
281
226
295
126
155
596
182
100
183
179
349
38
11
2
42
10
3
22
2
15
77
8
21
14
3
6
28
4
1
3
2
11
301
10
68
13
7
9
14
40
12
29
23
386
1
1
1
"73
66
51
171
15
32
2
462
214
31
24
14
203
50
179
46
33
125
56
1
36
1
1
1,685
137
488
107
210
""81
110
128
63
8
331
3
270
11
673
2
1
1
bonds
161
167
41
303
38
""28
70
1,102
""34
39
41
613
133
108
1,018
149
86
702
2,881
1,449
325
84
331
111
6,541
Treasury notes
67
2,091
Treasury bills
States
18
80
45
Other loans
San Fran.
Dallas
718
1,222
securities
Loans to banks
Minntap. Kan. City
S
316
carrying
Real estate loans
United
SEPT. 18. 1940 (In Millions of Dollars)
St. Louis
Chicago
Atlanta
$
24,284
8,692
Investments—total
loans" and "other loans/'
"Chronicle," page 3590.
LEADING CITIES BY DISTRICTS ON
Cleveland Richmond
Boston
Total
Federal Reserve Districts—
Loans and
and unsecured."
29, 1937, Issue of the
revisions was published In the May
68
67
312
72
24
75
48
191
94
130
282
69
108
545
108
58
341
1,618
275
133
125
42
3,704
714
216
146
1,559
236
134
456
6,576
485
198
669
101
11,490
21
49
23
14
12
102
17
145
12
7
502
76
208
176
345
316
3,296
240
604
Balances with domestic banks
216
341
297
224
140
189
270
78
93
30
417
16
23
70
75
22
1,182
50
Other assets—net
38
1,447
546
434
2,875
499
493
1,002
560
1,328
743
203
191
972
146
135
261
117
1,161
1,069
235
190
5,355
10,332
1,093
307
20,984
47
33
42
138
15
2
20
32
85
60
43
484
321
288
1,336
349
170
437
253
342
Obligations guar, by U. 8. Govt
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
2,583
53
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
530
13
Inter bank deposits:
Domestic banks.......
Capital accounts
394
3,854
1
2
8
1
17
631
4
1
18
1
...
8,687
459
683
.......
Foreign banks
Borrowings
Other liabilities
24
1
34
*""9
'"""19
"~7
3
"4
"289
98
95
401
61
106
88
382
733
21
"""309
"""l5
"~17
3,781
246
1,615
214
380
The Commercial <fc Financial Chronicle
1850
Sept. 28, 1940
Weekly Returns of the Board of Governors of the Federal Reserve System
The following was issued by the
Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the
System
as a
week last year.
returns
Thursday afternoon, Sept. 26,
on
The first table presents the results
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
The second table shows the
Reserve note statement
Reserve agents
Wednesday.
on
(third table following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
for the latest week
COMBINED
appear
RESOURCES
in
The comments of the Board of Governors^of the Federal Reserve System
the
upon
department of "Current Events and Discussions "
our
LIABILITIES
OF THE
FEDERAL RESERVE
BANKS
Sept. 18,
Sep*. 11,
Sept. 4,
Auy. 28,
Aug. 14,
Aug. 7,
July 31,
Sept. 27,
1940
1940
1940
1940
1940
1940
1940
1940
1940
1939
S
AND
Three Ciphers (000) Omitted
$
$
%
I
S
%
$
5
Sept.
25,
AT THE
Auy.
CLOSE
21,
OF
BUSINESS
SEPT.
25.
1940
S
ASSET 8
Gold ctfs.
on
band and due from U. 8. Treas.x.
18,843,300
18.750,298
11,790
347,534
19,202.624
Redemptlon fund (Federal Reserve notes)
Other cash *
......................
Total reserves
--
18,631,297
11,398
322,814
18,561,978
11,826
11,826
11,951
344,387
18,671,299
11,397
340,820
348,390
354,056
362,066
19,112,083
19,023,516
18,965,509
18,922,194
18,852,860
18,761,997
1,119
11,398
18,486,978
18,387,980
18,273,975
18,188,977
14,656,717
12,853
12,852
358,922
377,336
7,344
339,046
18,645,750
18,579,165
15,003,107
Bills discounted:
Secured
U. S.
by
Government obligations,
860
861
980
1,503
3,230
4,258
4,031
1,229
2,619
1,939
1,012
1,935
1,237
3,722
1,999
1,891
1,781
4,784
4,582
4,091
5,238
5,534
3,848
3,058
2,947
3,236
3,672
6,356
8,664
8,612
8,630
8,645
8,553
8,561
8,545
8,602
8,884
11,644
1,318,600
1,318,600
1,115.000
1,318,600
1.115,000
1,318,600
1,115.000
1,319,196
1,122,458
1,319,196
1,126,732
1,319,196
1,126,732
1,319,196
1,126,732
1,321,196
1,126,732
1,245.497
direct and guaranteed.......
Other bills discounted...
.........
Total bills discounted.
Bills bought In open market.
Industrial advanoes
1,572
548
United States Government securities, direct and
guaranteed:
Bonds..
...
Notes....
1,115,000
Bills
1,315,942
242,370
Total
U.
8
Govt
securities,
guaranteed—
direct
and
2,433,600
2,433,600
2,433,600
2,433,600
2,441,654
2,445.928
2,445,928
2,445,928
2,447,928
2,446,846
.......
2,446,303
2,447,468
2,447,779
2,454,055
2,457,547
2,457,420
2,457,766
2,460,484
2,803,809
Other securities...'
Foreign loans
on
gold.
I
Total bills and securities.
2,822,357
Gold held abroad
Due from foreign banks.....
Federal Reserve notes of other banks
Uncollected items
Bank
47
47
47
47
47
47
47
47
47
""*176
22,875
694,970
41,294
22,412
22,962
706,834
21,221
663,569
21,679
778,624
646,638
41,310
65,117
41,307
41.417
42,140
61,230
69,326
58,754
22,794
614,038
41,407
57,523
21,433
640.802
41,310
52,713
661,319
41,395
53,547
20,812
636,584
41,364
60,191
20,041
851.710
57,854
67,889
22,462,203
22,526,578
22,307.254
22,200.662
22,135,247
22,092,535
22,119,928
21,839.325
21,801.202
18,603,106
....
premises
Other assets
.............
Total assets.....
...........
41,407
20,799
LIABILITIES
Federal Reserve notes In actual circulation
reserve
5,406,985
Foreign
Other deposits
Total deposits
Deferred
....
5,393,924
5,390,785
6,334,240
5,309,939
5.292,803
5.280.926
5,247,601
4,683,726
13,595,824
761,686
956,537
563,403
13,523,861
791,182
997,516
512,525
13,515,998
13,339,587
13,285,861
13,498,134
694,083
787,371
11,621,338
813,094
t990,660
13,418,718
889,274
867,059
t507.088
618,466
602,924
594,991
303,913
15,963,548
803,296
3,137
15,877,450
669,184
15,825,084
15,826,840
15,793,517
15,723,856
12,944,721
621.720
622,759
2,896
740,963
2,891
617,784
2,853
611,024
3,284
626,546
6,129
15,595,609
601,048
2,460
15,574,579
670,157
3,653
United States Treasurer—General account..
5,395,924
13,624,419
790,301
1,035,459
513,309
16,020,613
account
13,703,112
792,532
1,011,324
513,645
2,303
4,970
22,101,408
Deposits—Member banks'
22,165,905
21,946,687
21,840.442
21,775,388
21,732,898
21,760,513
21,480.043
21,442,267
18,256,176
137,630
151,720
26,839
44,606
137,637
151,720
26,839
137,586
137,582
151,720
137,543
137,499
151,720
44,477
137,620
151,720
26,839
44,388
22,432,203
22,526,578
89.5%
availability Items
Other liabilities, lncl. accrued dividends..
Total liabilities
....
940,004
841,341
923,394
816,341
570,013
551,890
467,580
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
...
...
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent liability on
foreign correspondents
bills
purchased
89.6%
'
137,562
26,839
26,839
44,075
43,718
43,516
137,553
151,720
26,839
43,303
22,307,254
22,200,662
22,135,247
22,092,535
22,119,928
89.4%
89.4%
89.4%
89.3%
89.3%
151,720
26,839
151,720
for
151,720
26,839
27,264
21,839,325
21,801,202
18,603,106
89.3%
89.2%
85.1%
"
MalurUv Distribution of Bills and
Short Term Securities—
1-15 days bills discounted........
~8~078
I
I
135,511
149,152
43,180
"
Commitments to make Industrial advances...
1
'
26,839
42,877
35,003
101
"
8,007
*8* 123
*8,192
*8*,238
8*241
"8*370
8,431
"t8~582
10,517
3,806
2,217
1,579
1,405
1,719
2,212
2,164
1
2,929
Total bills bought In open market.
1-16 days Industrial advances.......
10-30 days industrial advanoes
31-00 days Industrial advances
01-90 days Industrial advances
Over 90 days Industrial advances
Total Industrial advances....
U. 8. Govt, securities, direct and
guaranteed:
1-15 days
10-30 days
319
323
233
198
161
107
80
675
734
686
688
409
415
446
320
500
741
521
506
449
518
639
575
523
489
175
131
3,372
261
270
192
233
391
441
571
152
4,582
Total bills discounted
1-15 days bills bought in open market...
10-30 days bills bought in open market...
31-00 days bills bought In open market...
31-90 days bills bought in open market...
Over 90 days bills bought In open market.
3,418
158
474
Over 90 days bills discounted...
2,606
263
10-30 days bills discounted
31-00 days bills discounted
01-90 days bills discounted
4,091
5,238
5,534
3,848
3.058
2,947
3,236
3,672
6,356
'
168
124
149
140
135
"
"
548
"
1,661
"l",598
*1*568
1,596
*1*565
*1*545
*1*503
115
"l",575
253
"V.881
1,366
136
209
173
200
136
102
63
239
305
311
138
163
242
243
309
320
207
481
304
205
269
258
298
297
150
161
251
560
6,279
6,362
6,402
6,419
6.275
6,276
6,447
0,444
6,482
8,998
8,664
8,612
8,630
8,645
8,553
8,561
8,545
8,602
8,884
11,644
38,913
29,137
31-00 days
....
97,615
01-90 days
92,500
2,341,100
Over 90 days
Total U. S. Government
securities, direct
and guaranteed
2,341,100
2,433~ 600
2,433*600
2,4~41~, 654
2,4*4*5",928
2,44*5*928
2,445*928
2,44*7*,928
2,455,691
2,433,600
2,433,600
2,423,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445,928
2,447,928
2,803,809
5,703,707
296,722
5,692,745
5,688,926
295,002
5,639,131
248,346
5,623,589
295,290
5,579.915
298,989
5.553,139
305.538
4,991,190
289,349
5,607,570
297,631
5,588,093
296,821
5,406,985
5,395,924
5,393,924
5,390,785
5,334,240
5,309,939
5,292,803
5,280,926
5,247,601
4,683,726
5,806,500
3,079
5,796,500
5,790,000
3,844
5,739,500
5.723,000
5.682,500
2,537
1,543
1,834
5,664,500
1,836
5,101,000
4,200
5,688,000
1,625
5,685.000
2,744
5,799,244
5,793,844
5,743,700
5,725.537
5.689.625
5,686,543
5.684.334
5,666.336
5,103.022
92,500
182,453
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
307,464
Agent as 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
•
5,809,579
*
2,022
"Other cash" does not Include Federal Reserve
notes,
f Revised figures,
These are certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.00
cents on Jan. 31. 1934, these certificates being worth less to the
extent of t ie difference, the difference itself
having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
x
Volume
The Commercial & Financial Chronicle
151
1851
Weekly Returns of the Board of Governors of the Federal Reserve System {Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
Three
Ciphers
(000)
Federal Reserve Agent at—
Total
Boston
New York
9
*
9
%
certificates
%
Chicago
I
Minneap. Kan. City
St. Louis
%
%
%
Dallas
San Fran.
9
9
9
9
and
hand
on
Atlanta
Cleveland Richmond
Phila.
ASSETS
Gold
RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 25, 194
Omitted
11,790
1,672
1,788
812
775
1,285
936
1,454
317
456
556
607
347,534
35,541
95,390
28,053
21,718
20,969
16.457
40,846
15,696
7,182
18,396
12,354
989,636 1,278,278
525,871
367,030 3,026,143
473,736
291,793
418,499
Redemption lund—Fed. Res. notes
Other cash ♦
261,129 1,009,329
399,547
284,155
457,723
349,637 2,983,843
503,617
960,771 1,255,785
18,843,300 1,151,977 9,165,787
from United States Treasury
...
19,202,624 1,189,190 9,262,965
Total reserves.
-
1,132
34,932
274,090 1,105,393
Bills discounted:
direct and guaranteed.
Other bills discounted...
860
226
129
133
50
2
5
30
65
150
3,722
2,310
162
72
18
167
62
92
97
210
471
61
Total bills discounted.
4,582
2,536
291
205
68
169
67
92
127
275
621
131
1,783
2,393
373
838
266
271
5
280
214
460
636
62,418
110,570
52,780
51,459
43,513
U. 8
1,145
8,664
Industrial advances
Govt, securities, direct A guar.
1,318,600
1,115,000
Total
U.
8.
Govt.
96,222
81,366
403,661
104,577
135,227
66,100
48,380
139,966
61,156
341,335
88,430
114,345
55,894
40,910
118,353
51,714
38,864
32,863
70
93,497
s«
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
Total bills and securities.....
2,446,846
178,733
749,315
195 691
250,150
122,900
89,725
258,657
112,967
72,134
115,687
96,053
204,834
Due from foreign banks..
Fed. Res. notes of other banks.
47
3
18
5
4
2
2
6
1
22,875
643
2,379
941
1,748
2,795
2,391
2,711
694,970
62,321
161,373
50,798
80,602
72,285
1,767
25,587
91,763
36,333
3,345
2,394
5,383
487,989 3,387,688
direct and guaranteed.
Uncollected Items..
Bank
41,294
2,852
9,768
4,498
5,436
2,494
53,547
3,704
15,651
4,300
5,967
3,049
22,462,203 1,437,446 10201469 1,245,869 1,622,185
729,396
premises.....
Other
assets..
Total assets
2,002
1,876
1
1
1,951
28,245
3,117
415
3,825
25,483
37,826
1,127
2,293
1,309
22,354
1,377
1,604
2,395
2,557
2,884
4,768
630,435
390,571
569,895
See
a
4
399,726 1,359,534
LIABILITIES
F
5,406,985
440,800 1,443,235
373,972
497,576
246,013
173,012 1,162,404
200,390
149,090
193,878
86,421
440,194
13,703,112
789,276 7,225,194
277,478
62,990
651,750
329,636
219,338 1,911,425
313,757
214,985
34,813
29,358
83,904
40,097
159,333
33,449
272,406
45,169
867,498
72,315
574,626
66,544
63,149
29,198
81,482
20,370
407,453
25,368
8,646
3,178
7,860
7,553
14,938
4,096
38,294
20,371
10,554
23,766
4,622
34,770
19,691
748,514
39,889
47,582
11,853
3,052
19,410
788,831 1,011,608
396,825
277,084 2,084,671
381,777
211,816
338,720
276,702
857,420
R. notes in actual circulation
Deposits:
Member bank reserve account
792,532
U. 8. Treasurer—General account.
1,011,324
513,645
Foreign
Other
deposits
910,408 8,484,751
16,020,613
Total deposits.
49,607
670,157
60,928
147,959
49,365
78,745
70,816
24,645
94,342
36,873
20,180
26,465
24,952
34,887
3,653
399
1,012
366
368
120
156
405
112
159
152
153
251
22,101,408 1,412,535 10076 957 1,212,534 1,588,297
713,774
474,897 3,341,822
619,152
381,245
559,215
Deferred availability Items
Other liabilities, incl. accrued dlvB...
Total liabilities
388,228 1,332,752
CAPITAL ACCOUNTS
13,927
4,164
2,952
4,423
4,156
11,653
22,824
1,429
7,686
4,709
3,152
1,001
3,613
3,974
638
1,266
10,224
2,121
1,872
2,221
1,142
1,502
2,102
2,784
487,989 3,387,688
630,435
390,571
569,895
14
368
51
136
137,630
9,333
51,046
11,889
14,068
5,339
151,720
10,405
53,326
14,198
14,323
5,247
4,680
5,725
26,839
2,874
4,393
1,007
3,240
713
44,606
2,299
7,109
13,031
2,855
4,490
1,790
1,974
22,462,203 1,437,446 10201469 1,245,869 1,622,185
729,396
Capital paid In
Surplus (Section 7)
...
Surplus (Section 13-b)
Other capital accounts
...
356
8,0/8
*
733 I
i
"Other easb" does not include Federal Reserve notes,
a
510
651
1,082
1,029
399,726 1,359,53
3,144
Less than J500.
RESERVE NOTE
FEDERAL
STATEMENT
Three Ciphers (000) Omitted
388,095
290,722
14,123
Collateral
held
by
agent
440,800 1,443,235
373,972
470,000 1,545,000
400,000
154,159
5,069
204,810
10,932
95,345
8,924
503,667
11,260
173,012 1,162,404
200,390
149,090
193,878
86,421
440,194
275,000
521,500
211,650
14,045
497,576
5,806,500
....
519,685
187,755 1,191,992
14,743
29,688
246,013
22,109
5,406,985
Held by Federal Reserve Bank....
9
S
9
9
S
s
s
San Fran.
Dallas
Minneap. Kan. City
St. Louis
Chicago
Atlanta
S
460,974 1,525,517
82,282
20,174
5,703,707
Issued to F. R. Bank by F. R. Agent
In actual circulation..
S
S
S
S
S
Federal Reserve notes:
Cleveland Richmond
Phila.
New York
Boston
Total
Federal Reserve Bank of—
190,000 1,210,000
219,000
154,500
205,000
97,500
519,000
80
83
254
219.080
154,583
205,254
97,500
519.000
260,058
63,473
security
as
for notes Issued to banks:
hand and due
Gold certificates on
from United States Treasury
Eligible paper
United States
quoted
are
2,361
251
470,000 1,547,361
5,809,579
Total collateral.......
Rates
—I
400,251
3,079
.........
50
521,500
190,000 1,210,000
275,050
THE
Treasury Bills—Friday, Sept. 27
for discount at purchase.
Bid
Asked
Bid
1
0.06%
2 1940
Nov. 20 1940.
0.06%
16 1940
4 1940..
23 1940
0.06%
0.06%
Dec.
Oct
Dec.
11 1940..
Oct.
30 1940
0.06%
Dec.
18 1940
Nov.
6 1940
26 1940
13 1940
0.06%
0.06%
Dec.
NOV.
9 1940
...
Asked
0.06%
0.06%
0.00%
Nov. 27 1940
Oct
Oct
BOURSE
conditions, was closed from
which latter date the Exchange was
opened for limited trading.
June 11 to
Get.
PARIS
The Paris Bourse, due to war
July 30,
BERLIN
THE
0.06%
0.06%
0.00%
on
STOCK
EXCHANGE
received by cable
Closing prices of representative stocks as
week:
each day of the past
Sept.
23
21
26
27
173
215
139
144
127
137
193
120
250
138
174
213
139
145
127
138
193
120
250
138
25
24
Sept.
Sept.
Sept.
Sevt.
Sept.
Per Cent of Par
Quotations for United States Treasury Notes—Friday,
Sept. 27
Allegemeine
(8%)_............208
(6%)...............—.--130
(6%)
142
Deutsche Relchsbahn (German Rys. 7%).. 127
Dreadner Bank (6%)
——
135
Farbenlndustrle I. G. (8%)
190
Reichsbank (new shares)
.......—120
Siemens A Halske (8%)
250
Verelnlgte Stahlwerke (6%)..........
135
Berliner Kraft u. Llcht
Commerz Bank
Bank
Deutsche
Figures after decimal point represent one or more 32ds of
...
a
point.
...
Int.
Int.
Rate
Maturity
Dec.
15 1940...
Mar. 15 1941...
June
15 1941...
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dec. 15 1942...
1%%
1%%
1%%
1%%
1%%
2%
1%%
Bid
Asked
Rate
Maturity
101.26
June
101.23
101.25
101.25
101 27
Sept. 15 1943...
Dec. 15 1943...
101.31
102 1
Mar. 15 1944...
1%%
1%
1%%
1%
102.13
%%
15 1943...
101.24
15 1944
102.25
June
104
104.2
Sept. 15 1944...
103.30
104
Mar. 15 1945...
102.23
Bid
1%
%%
Asked
101.5
102.21
102 23
102
102.2
100 30
101
102.3
102.5
100.17
100.19
Stock and Bond Averages
are
the
as
daily closing averages of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
ENGLISH
as
FINANCIAL
Sal.,
Closed
Gold, p. fine oz. 168s.
Cbnsols.2%%.
Closed
British 3%%
Date
MARKET—PER CABLE
Tues.,
Sept. 24
23%d.
168s.
£73%
23 7-16d. 23 7-16d.
168s.
168s.
£73%
£74
30
20
15
Total
10
First
Second
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
roads
ties
Stocks
trials
Rails
Rails
ties
168d.
168s.
£74%
£74 %
£101%
£101 %
£101%
£101%
£101%
£113%
£113%
£112%
£112%
£112%
price of silver per ounce (in cents)
the same days have been:
in the United
on
34%
34%
United
States
w,
71.11
71.11
.
71.11
71.11
34%
_
34%
71.11
34%
34%
(newly mined)
71.11
,,
40
trials
23 7-16d.
Closed
U.S. Ireasury
Total
10
Fri.,
Sept. 27
23 7-10d.
4%
1960-90
BarN.Y.(For'n)
10
Thurs.,
Sept. 26
Wed.,
Sept. 25
Mon.,
Sevt. 23
Closed
W. L
British
The
10
215
139
145
127
138
192
120
252
139
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
States
Bond*
Stock*
212
138
143
127
138
191
120
253
137
The daily
Sept. 21
Below
171
102.15
102.3
Bilver, per oz. d
stocks and bonds listed on
171
170
210
136
142
127
136
190
120
251
136
Elektrlzltaet8-Gesellschaft(0%)169
Bonds
44.32
107.28
93.96
49.11
109.13
89.87
131.76
28.27
21.75
133.50
28.59
22.16
44.92
107.34
94.06
49.79
109.26
90.11
134.15
28.83
22.29
45.18
107.31
94.13
50.00
109.26
90.17
134.44
28.90
22.24
45.25
107.32
94.12
50.19
109.24
135.10
29.02
22.16
45.43
107.24
94.09
50.36
109.21
90.22
28.45
21.95
44.59
107.14
93.75
49.28
109.17
89.83
132.45
90.21
Government
York Stock Exchange—See
Transactions
at
the
Securities
on
the New
following page.
New
York
Daily, Weekly and Yearly—See page
Stock
1867.
Exchange.
Sept. 28, 1940
1852
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
in the day's range, unless they are the only transactions of the day.
NOTICE—Cash and deferred delivery sales are disregarded
sales in computing the range for the year.
No
account is taken of such
United States Government Securities
Below
furnish
we
a
on
the New York Stock Exchange
daily record of the transactions in TreasuryHome Owners* Loan and Federal
Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Corporation bonds
120.5
fHigh
4Kb. 1947-52
(Close
....
120.8
120.8
120.5
120.9
120.8
113,25
113.26
113.22
113.23
113.22
113.23
113.20
7
3
2
(High
Low.
(Close
;
5
108.11
mmmm
108,11
mmmm
'.mmmm
-
mmmm
1
mmmm
JZl
Low.
I Close
Total sales in $1,000 units..
High
3Ks, 1943-45.
Low.
mmmm
mmmm
Close
mmmm
..■
103.8
mm mm
108.19
mmmm
108.19
mmmm
2
High
109.11
109.16
Low.
109.11
109.16
Close
109.1J
109.16
Total sales in $1,000 units...
3 KB,
1944-46—
■
mmmm
i
Total sales in $1,000 units...
1946-49
Total sales in
m
mm
mmmm
Low
mmmm
CI086
mmmm
mmmm
mmmm
mmmm
mmmm
'mmmm
mmmm
mmmm
mmmm
I
mmmm
mmmm
mim
High
3s, 1951-55............ Low
mmmm
mm-m
Total sales in 51,000 units..
111.12
mmmm
Close
111.12
mm~
2
~
111.10
104.16
104.16
104.19
104.16
1
10
25
1
(High
107.27
108
107.27
108
(Close
107.27
108
1
3Ks, 1944-64
(High
3s, 1944-49..
Low.
Close
Total sales in 51,000 units...
mmmm
(High
103.25
Low.
103.25
Close
103.25
Total sales in 51,000 units...
1
mmmm
38, 1942-47.......
•
—
-
..■
111.7
mmmm
mmmm
111.11
111.7
'mmmm
111.11
111.7
mmmm
mmmm
*4
108.30
109.2
109.1
108.28
109
108.28
108.22
108.28
109
108.28
Low.
Close
Total sales in $1,000 units...
108.22
108.27
(High
2Kb, 1942-47
1
109
108.22
25
20
10
109.7"
109.8
109.12
109.8
109.12
109.15
109.8
109.12
30
109.10
109.7
109.15
109.7
Close
Total sales in $1,000 units.
1
(High
1
1
mmmm
mmmm
mmmm
mm
2Kb, 1948-51........... Low.
m
mmmm
mmmm
mmmm
mmmm
mmmm
m
High
2Kb. 1951-54........... Low.
■
mm mm
mmmm
mmmm
C1086
Total sales <» $1,000 units..
mmmm
mmm
107.11
107.14
109.9
Total sales in $1,000 units...
1
109.3
(Close
108.10
108.14
102.14
102.8
Low.
102.15
102.14
102.8
Close
Total sales in $1,000 units
108.11
2
15
102.17
102.17
102.14
102.8
2
1
1Kb, 1945-47
108.11
108.14
2
103.18
(High
108.11
108.10
2
mmmm
103.15
Total sales in 51,000 units...
....
5
108.14
103.18
Low.
....
109.3
15
fHigh
1
2Kb. 1942-44
1
108.10
107.19
107.19
mmmm
109.5
107.14
Low.
.Close
109.3
109.6
mmmm
rnmmm
107.19
High
3s, series A, 1944-52...
109.9
mmmm
2
Home Owners* Loan
7
109.9
mmmm
mmmm
109.5
mmmm
tmm-m
Close
Total sales in $1,000 units...
3
'
m
fHigh
107.30
mmmm
Low.
107.30
mmmm
'
C10S6
107.30
mmmm
Total sales in $1,000 units...
Low.
107*28
108.5
mm
107.28
mmmm
10
107.22
mmmm
107.15
107.22
mmmm
mm
108.5
Odd lot sales,
t Deterred delivery sale.
$ Cash sale.
Note—The
107.28
mmmm
2
mmmm
'mmmm
mmmm
*
108.5
mm, mm
1
mmmm
(High
bonds.
1
above table includes only sales
Transactions in registered bonds were:
Treasury
10 Treasury
1 Treasury
2 Treasury
107.15
4Kb, 1947-1952
4s, 1944-54.
3Ks, 1943-45..
2Kb, 1955-60
mmmm
mmmm
....
....
High
nn
107*25
107.24
107.28
107.20
mmmm
107.22
107.24
107.21
107.22
107.16
107.24
107.20
107.22
107.16
12
7
13
8
19
United
coupon
to 120.3
>.,.113.22 to 113.22
United States
107.25
of
120.3
,
107.19
Low.
Close
mmmm
107.22
Total sales in $1,000 units...
2K«. 1960-65
104.16
104.19
(Low.
109
Low.
2Kb. 1958-63..
104.19
104.16
Total sales in 51,000 unUs...
mmmm
*
104.16
104.12
Total sales in 51,000 units...
Federal Farm Mortgage
1
10
111.11
1
104.12
Low.
...■
112.16
111.11
15
105.16
m
105.16
112.10
111.11
mmmm
mm
104.12
1
mmmm
m
6
Ill" 11
111.10
105.16
(Low.
(Close
111.24
mmmm
[High
I
31
111.24
mmmm
Total sales in $1,000 units..
2Kb, 1956-59...
103.22
3
High
Close
2Kb, 1945-47—.
103.23
1
2a, 1948-60......
Low.
(High
2Kb, 1955-60
103.27
*28
Total sales in 51,000 units...
1
mmmm
1
111.12
103.20
112.10
mmmm
iu.10
111.7
mmmm
103.22
2s. 1947
109.9
mmmm
(Low
103.23
109.9
C
Total sales in $1,000 mils...
103.27
(High
109.9
m-mm
mmmm
■
m
103.20
Close
111.24
■
mmmm
mmmm
mmm
Low.
2
mmmm
mmmm
mmmm
111.7
103.29
Total sales in 51,000 units...
108.14
mmmm
m
mmmm
112.24
103.23
108.14
mmmm
111.7
75
103.27
mm'
m
mmmm
mmmm
112.24
(High
104.8
103.20
108.14
112.24
Total sales in $1,000 units...
3s, 1946-48
m
*1
mmmm
mmm
2
m
mm
m
High
......-
103.9
mmmm
111.27
104.8
2KB. 1954-56....
mmmm
'
111.27
mmmm
(Close
$1,000 units...
3Ka, 1949-52.
103.9
mmmm
111.27
1
Low.
Total sales in 51,000 units...
•
Low.
106.13
(High
■mmmm
1
mmmm
mmmm
(High
3 Kb.
2
104.8
Close
mmmm
mmmm
108.19
3
106.8
1
106.13
2Kb, 1951-53
mmmm
108.17
106.13
1
106.13
mmmm
mmmm
106.12
Close
'
mmmm
108.19
106.8
(High
mmmm
m-mmm
mmmm
1
108.19
mmmm
100.6
Total sales in $1,000 units...
mmmm
mmmm
106.13
5
103.9
■■mmmm
100.12
102.10
mmmm
mmmm
mmmm
103.8
103.8
(High
106.8
Low.
mmmm
mmmm
106.8
(High
2Kb, 1950-52
102.10
mmmm
mmmm
»
106.13
Total sales In $1,000 units...
f
108.11
mmmm
Low.
(Close
mmmm
1
mmmm
—
»
Total sales in $1,000 units...
3 Kb, 1941
102.12
mmmm
106.12
Close
....
102.10
102-12
rnm
102.11
(High
1943-47
mm
mmmm
102.11
Total sales in $1,000 units...
3 Kb.
102**. 12
1
106.8
Low.
2KB. 1949-53
mmm
A
(High
Low.
I Close
m
**
mmmm
102".il
108.12
High
mmmm
114.19
mmmm
....
Total sales in 11,000 units...
108.12
Total sales in $1,000 units...
114.19
mmmm
108.12
Close
4
114.19
mmmm
*2
Low.
mmmm
mmmm
108.23
(High
2KB, 1948
mmmm
114
mmmm
108.23
Total sales in 51,000 units
mmmm
.
114
mmmm
3 Kb, 1946-56
—
114
mmmm
2KB, 1945
10
1
113.26
Total sales in $1,000 units..
I 3 Hb. 1941-43
2
1
Treasury
108.23
Low.
120.5
113.22
(High
.(Low,
I Close
High
Close
120.5
120.9
120.5
jll
Total sales in $1,000 mils...
4s, 1944-54.-.—.
120.9
120.5
jmm
(Low.
■ ■
„
Daily Record of U. 8. Bond Prices Sept. 21 Seat. 23 Sept. 24 Sept. 25 Sept. 26 Sept. 27
Sept. 21 Sept. 23 Sept. 24 Sept. 25 Sept. 20 Sept. 27
Treasury
Farm Mortgage
the New York
on
107.16
2
Close
mmmm
Total sales in $1,000 units..
mmmm
—108.14 to 108.14
.108.28 to 108.28
Treasury Bills—See previous page.
States Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW AND
HIGH
SALE PRICES—PER SHARE,
NOT PER CENT
Sales
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Sept, 23
Sept .21
$ per share
*56%
58
Tuesday
Wednesday
Thursday
Sept. 24
Sept. 2b
5 per share
$ per share
$ per share
68%
58%
*57
68%,
*117
135
*117
135
*120
*31
39
*32
39
*35
39
47
47
47
48
*47
48%
5%
*19
6%
20%
14%
14%
41
41
%
4%
*5g
10%
*8%
88
5%
*20%
14%
41%
6%
20%
16
42
*®lt
%
*35
39
47
47
47%
5%
21%
15%
42%
6*4
*20%
15%
*8%
*9%
13
13%
7%
70%
7
*66%
*33%
*12%
*1%
*10%
33%
13
1%
14
12
*48
7
49%
1584
56%
7%
40
40%
*40
*48
*15
55%
*
15%
56%
7%
12
»H
300
434
%
11%
4%
4%
4%
4%
%
12%
45s
"ll
434
%
*%
4,700
12,300
11
%
11%
11
10
22
2034
2238
*7312
%
12is
10%
213s
22%
*8%
"9"
10%
19%
23%
9
9%
102% 163
10
*9%
13
12%
7%
7%
70
34%
*13%
1%
12%
70
34%
14%
1%
12%
49%
48
48
10
10
16
67%
7%
44%
5%
*20%
15%
42
11%
10%
18%
22%
56%
7%
*40%
58%
8
44%
*8%
163
*9%
*13
7%
69
34%
*13%
*1%
*12
23
9%
164
10
13%
7%
69
34%
13%
1%
12%
*46%
*1584
56%
*7%
48
*41
44%
Bid and asked prices, no sales on this day.
1,500
10,400
»U
22%
9
2,000
*15
17%
9
800
*39%
23
160% 162%
10
*9%
*13
13%
7%
7%
*66%
70%
33%
34%
13
13%
1%
1%
10
45%
%
11%
9%
17%
9
39
4512
512
2012
15%
11%
10
135
*35
415s
4%
160
*120
*#l»
6
75
159
135/
400
%
»u
16%
21%
*120
36
36
*47
5812
«8
%
*70
135
*5612
%
4%
*15%
21%
Shares
58%
*®i»
434
9%
S per share
68%
Lowest
55s
20%
15%
41%
»!•
10%
9%
16%
21%
5 per share
41
10%
9%
10%
18%
19%
21%
22%
*73%
8%
8%
162% 162%
10
*9%
----
300
19,400
4,800
10.000
-
-
-
-
-
500
*13%
*H4
*1184
Hz
*1%
14%
1%
200
127b
*11%
12%
200
48
*46
48
300
*463s
1534
50%
55%
734
41
13
7
4,200
—
-
-
-
1,456
13
7%
12,300
69
56i2
7«4,
41
t In receivership,
69
300
33
16is
34
5,700
15%
53%
7%
41
a
15%
55%
7%
41
Del.
Par
Abbott Laboratories
300
No par
100
4K% conv pref—
Abraham A Straus
Acme Steel Co
Adams Express
No par
25
.
No par
Adams-Militia ........No par
Ad dress-Multgr
Corp.....10
Air Redueslon Inc.....No par
Alt Way El Appliance. .No
par
Alabama A Vicksburg Ry .100
Alaska Juneau Gold Mln
Allegheny Corp
6K % Pi A with $30
5K% P* A without
Year 1939
10
war. 100
Alghnj Lud St' Corp..No par
Alleg A West Ry 6% gtd..l00
Allen Industries Ine
1
Allied Chemiea. A Dye.No par
Allied Kid Co
6
Allied Mills Co Ine....No par
Allied Stores Corp.....No par
4,400
Am
3.300
American Bank Note......10
210
delivery,
A nines
Ine...._....10
Deferred.
n
New stock,
par
r
....
Cash sale,
70% Feb 14
147
Feb
8
9
31% Mar
Jan
%June
4
534June 10
4%May 21
7
May 21
15%May 21
61
June 22
684June 11
135%June 10
87tMay 15
10
June
5
4%May 21
May 28
21%May 22
Juno 10
l%May 15
9% May 28
38i2May 23
12%May 22
41% Jan 12
6% Aug
19
Sept
49% No«
66% Oct
11% Sept
25
Mar
19% Jan
157b Sept
27%
68% Jan
45%
%
Apr
68
68
Feb
68
6% Dec
% July
5% Aug
10
Jan
2
Sept
7s Mar 11
7
Mar 26
Jan
8
1% Jaa
8
14% Jan 3
12% Jan 4
22
Sept 25
26%May 10
73% Mar 21
12% Apr 16
182
Apr 9
14
Jan 2ft
16% Apr 23
9% Jan 2
737,May
417a Jan
16
Jan
6
20% Sept
18
June
Apr
23% Sept
28% Jan
52
May
Apr
6*4
151% Apr
10
Apr
9% Apr
6
Apr
54% Apr
9
Feb
8
28
Jan
1% Sept
4% Sept
4
2% Jan
Jan
Sept
14
8
Apr
12% Apr
1% June
69
1178
200%
I47f
15%
11%
Sept
Sept
Oct
Sept
Sept
Sept
Jan
71
Aug
48% Jan
197g Jan
3% Sept
12
Aug
21
58% Apr
6
60
Apr
21
Jan
4
16
75
Apr 15
26
Apr
June
74% Sept
24% Sept
47
9% Sept
46% Dee
60
18
Apr 22
6
June 10
12% Apr
9
50
35
June 18
60
3
z
Ex-div.
v
Highest
$ per share $ per share
53
Apr
71% Rept
120
Apr 149% Sept
33% Apr
46% Apr
62% Apr
77
May 21
May 21
4
11
1,100
share
60
Alpha Portland Cem..No par
Amalgam Leather Co Inc
1
par
per
27% Apr
65
60
$
16%June 5
12%June15
36%June10
lgJune 10
5% preferred
100
AUie-Chalmera Mfg....No par
6% conv pretened..
Amerada Corp
....No
Am Agnc Chem (Da)..No
Lowest
Highest
f per share
50 May 21
110 May 22
30 May 22
347*May 25
4%May 28
Ao par
war. 100
S2.60 Pnor conv prest.No par
10,900
162'4 16312
*912
9%
13
I3i8
7%
714
*69
695s
34
3414
*1384 14%
16%
8%
6%
21
Range far Previous
EXCHANGE
20%
1534
42%
4%
9%
♦120
58%
Ranoe Since Jan. 1
On Basis of 100-Share Lots
Week
the
5%
20%
15%
41%
"16
10%
135
58%
Sept. 26
Friday
Sept. 27
Ex-right.
Jan
1
Sept
Dec
17%. Jan
Called for redemption.
Jan
Volume
New York Stock Record—Continued—Paee 2
151
AND
SALE
HIGH
PRICES—PER
NOT PER
SHARE,
Monday
Tuesday
Wednesday
Thursday
Range Since Jan. 1
Sept. 21
Sevt. 23
Sevt. 24
Sept. 25
$ per share
$ per share
$ per share
$ per share
7
*3534
135
*1%
98
134
26%
26%
48
44%
47%
20%
20%
20%
*107% 115
*107%
126
126
*124%
13
*7
*6%
7
5
8'
82%
*6%
*75%
1%
1%
5%
*4-34
1%
*5%
834
*75%
1%
*4%
1%
*15%
5%
8%
1%
16
16
*3%
*3%
*12%
31
30
31
4%
43s
*27
4%
*28
32
*53%
54
54%
2
23%
*134
*22
1%
22%
3%
3%
3%
*12
*12
13
7
*7
9%
80
1%
*75%
82%
1%
1%
5%
*434
1%
16%
534
1%
*434
1634
1%
16
4
13%
30%
4%
32
*3%
1334
29
4%
*28
6%
5%
9%
*76
*3%
*13
1%
22%
334
12%
22%
3%
*12
534
6%
4%
*28
2
900
10
4
3%
30
43$
4%
4
12%
*12
*27%
*5414
22
*1®4
21
334
3%
*12
12%
534
3%l
10
*2%
2%
800
Amer Maoh A Metals ..No par
16%
2,300
Amer Metal Co Ltd.—No par
100% 100%
200
13%
13%
2%
16%
2%
2%
*2%
17
16%
16%
108
*100% 108
100% 100% *100
23
*22%
22%
22%
*22-%
23
3%
3%
33s
3%
3%
3%
53%
45
*145
162
11%
66%
45%
45
45%
2%
17%
4334
44%
45
16
170
24
23
2,800
3%
52%
3%
*50%
52
44%!
43
44
1,000
2,400
7%
7%'
7%
7%
7%
7%
7%
7%
7%
7%
*146
162
147
162
162
*146
162
*146
'147
*145
7%
25,000
H34
II,200
11%
66-%
7%
11%
66a4
7%
7%
31
12%
67
12%
66%
7%
1178
12%
71
7%
69%
1178
12%
69%
70%
7%
11%
12
10
69
1,000
8,400
,
*7%
30%
7%
31
*734
8%
634
*734
32
31
31%
30
31
2934
2934
29%
6%
8%
29%.
42%
43%
4278
43%
42%
43
40%
42
7%
7%
8
*7
8
8%
7
8%
41%
4034
41
*142
144
*140% 143 i*140% 1423i *140% 14278 *141
*140% 143
*56%
57%' *57
57%
57%
57%
5778
5778
*5534
57% *56%
144% 144% *144
144% 144% 144% *144% 150% *144%
144% 144%
2234
23%
2334
23
2334
24%
24%
2434
23%
23%
24%
12%
12
12%
12%
12%
12%
12%
12%
12%
*1134
12
*13
*13
*13%
*13
*13%
14
*13
14
14%
14%
14%
*13
14
13%
1334
143g
*13%
14%
1334
14%
*13%
13%
73
73
72%
*72
74
*72%
73%
74%
*72%
74% *72%
*13%
*14
*13%
1434
14
14
*1378
1434
1434
*1378
1434
164
16234
165
165
164% 164%
163
165
162
163
16434
78
78
77%
77%
78
76
76
78
*76%
77% *7634
77
78
79
78%
78%
78%
79
77%
7734
77%
77%
*151%
154% *151% 153% *151% 153
*150% 1533s *150% 155
*151
378
*834
4
37S
37s
9
9434
9434
9
9
9
.4
9434
6%
9%
8%
878
8%
96
9%
92%
92%
*92%
9%
9
9
43%
6%
45%
6%
44
43
44
44
45
22%
22%
22%
23%
23%
2334!
6%
*30
*30
35
*14
15%
*14
*112
*112
*3%
*92%
42
42%
42
*40
4
8%
8%
*92%
4
33
1534'
....
6%
45%'
43%
6%
*2878
15
.
I
*112
43
44%
43%
2334
_
*2634
*14
33
15
I.
42
22%
6%,
9
9%
7
6%
*42
22%
|
11
11%
34%
*8
*5%
*6%
*73%
*33%
*45
95
*45
37
37
37
37
*70
|
634
6%
68%
1
75%
*33%
75%
35
89%
8%
5%
102
*KS3,
SQlJ
89%'
16%
1634
16%
52
51%
17%
53 1
*1234
13%
15%
21%
21
*107%
13%
12%
13%
21%
12
*12%
*10%
13%
*10
*8834
14%
*7%
7%
48
*64
67
*65
*117
120
*117
7%
534
*2%
48
5%
534
2%
2%
16
16
*15
2134
108% *107% 108%
*47%
4%
4%
15%
15%
4%
15%
4%
4%
4%
5%
5%
534
8%
5%
*70
7%,
48
67%'
120
5%
*7%
5%
8%
5%
102
*80
36%
*814
8%
5%
5%
102
89
6%
634
72
*68%
79% *78
35 . *33%
SO
I
RRSa
89 1
8834
16%
17
*80
6%
72
81
35
RQ
89
17%
6%
68% *67
7534
77%
35 | *33%
52
89%
*30
95
37
*8%
5%
8% I
5%
72
*67
95
RQ
j
1634
6%
72
*76
*33%
100
Am Sumatra Tobacco..No par
3,900
Amer Telep A Teleg
7734
1,100
American Tobacco
78
3,400
"2,066
7,800
8834
16%
7%
7%
7%
7%
7%
*47%
67%
48%
48
48
I
67%
65
65
I
*117
120
*117
5%
2%
120
6
6%
234
234
6%
234
1834
48
*64%
7,100
I
15
"166
,*117
4%
4%
4%
4%
16%
16
4%
5%
1834
6%
*6%
26%
*24%
*24%
*112%
*23%
*106%
*103%
*29%
111%
734
26%
6%
*24%
8%
8%
8%
8% I
30%"
30-%
114% *112%
24%
24
112 ,*106%
112
*103%
32 I *29
111% *111%
*734
734
31%
31%
3134
19%
19%
56
1934
*52%
*52
114
8
734
734
32
8%
26%, *25
8%
32%
20
*19%
32%
20
56
*52
56
32
31%
19%
*53
31%
32%
19%
*17
18%'
*11%
15%
*82
8434'
i
1,000
120
1,200
700
31%
25
24%
24%
*18%
8%
1834
1934
8%
15%
*1134
19%
8%
1834
15
*12%
20%
14%
84%
*83
8434
*83
84%
3134
19%
53
79%
19%
on
19%
53
7834
25
Bid and aaked prices; no sale
19%
57
32%
31
19%
8%
20
*1734
19%
32
79% 80%
124% *123% 124%
8134
8%
313s
this day,
30%
*29%
77%
30%
79
400
300
lb" 900
2,200
13
—100
100
N« par
Brothers
60
900
38,700
19%
8%
20%
15
400
8%
*18%
*12%
*84
19%
8%
19%
15
84%
*18%
8%
*17%
*12%
83
83
t In receivership,
a
1,100
8,100
100
40
Def. delivery.
Aug
30%
Jan
Aug
Apr
79%
15%
Jan
Jan
22%
9
93
Feb 23
18
Mar 13
Apr
49
162
52% Apr 23
8% Apr 10
45% Apr 22
32
Apr 9
41% Apr 8
22% Mar 8
113% Aug 23
15% Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
Apr 20
4334 Apr
4
11
4
22
12
4%May 22
9% Jan
4
July 23
102
Jan 11
10%
9
Deo
Sept
25% Aug
35% Apr
127% Sept
pfdJ2.50d v ser'38No par
No par
Beet A Co
Bethlehem Steel (Del).No par
100
7% preferred
Blgelow-Sanf Corp Inc.No pari
Black A Decker Mfg Co Nt par
—.No par
Blaw-Knox Co
Bliss A Laughiln Inc
5
Bloomlngdale Brothers. No par
Blumenthal A Co pref
100
Cash sale.
20
Jan
46% Sept
63
Sept
144
Nov
Apr
69
Aug
Oct
153
July
20% Aug
8% Apr
41
Jan
59%
140
9
Apr
15% Apr
75% Mar
1378 Dec
73
75%
Oct
97% Sept
18% Jan
171% Deo
87% Jan
89% Jan
Sept
163% May
Apr
Apr
4% Sept
8%
78
3%
14% July
18% Oct
34
Sept
8%
Jan
Apr
14%
Apr
96
Apr
15% Sept
Jan
Aug
28%
Apr
4
Aug
64% Sept
12
8ep«
24
Apr
48
20%
Apr
35
Apr
13%
Apr
8»4
Apr
1%
Sept
40
Sept
6478 Jan
27% Aug
21
Sept
Apr
4
Deo
21
Apr
37
Sept
97
May
106
3% Aug
33% Apr
60
Mar
65
31% Sept
7% Sept
58
Jan
13
Mar
60
6%
73
6%
Apr
Jan
Deo
8% Sept
10%
100
Apr
10%
Sept
Jan
Oct
Dec
Jan
80
8
70
Jan
78%
85
Jan 16
41
Apr
81
Oct
29%June 18
82
May 23
45
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
13
May 21
39%May 21
9%May 22
8%June 6
9%June 6
18% May 21
102
7
June 24
May
7
43%June
5
May
100% Mar
8
25% Jan
3
67% Apr 24
2312 Jan 3
22% Apr 20
22% Apr 20
27%May 7
110
Jan 25
978 Mar 19
57
51
Feb 14
10
4
7
May 21
Aug 16
12%May 23
2%May 15
3%May 15
7%June 11
34
May 21
8%May 21
4
May 15
20 May 21
8% Mar
6% Mar
32% Mar
8% Apr
19%May
6% Jan
7%June
20% May
lll%June
18%May
29%May
102 May
7% June
12
Sept
Jan
x49% Deo
15
Apr
5% Aug
9% Aug
18% Sept
104%
7
43%
Apr
Apr
Apr
127
Jan
Apr
8
Sept
2
Apr
378
Jan
16
Nov
30%
Jan
3% Aug
9% Aug
3% Aug
4% 8ept
11% Deo
9% Nov
21% Sept
8%
Jan
Jan
Jan
13% Jan
3Q34 Apr 17
Apr
13
Jan
24%
29% Mar
Apr
33
Feb
19%
Jan
11% Aug
15% Apr
26% Nov
Oct
1J6% Nov
116% Mar 12
109%
3534 Atr 16
112% Apr 22
17
Apr
98
Apr
9
2
9
22% Mar 13
56>4 Jan 18
39
Jan
3
89%May 10
125%May 10
22% Apr
11% Jan
23% Jan
16
Apr
Ex-rights,
28
July
107% NOV
7
Apr 11
Jan 24
34% Jan
Jan
11% Sept
30%
21%
9% Apr
Oct
4%
87%
32
Sept
6
5
4
4
3
3
84<% Sept 20
p
24%
Deo
67% Apr
* Ex-div.
26
110%June
9% July
48% Aug
71
Sept
10% Aug
May
Jan
Mar
Jan
26% Sept
49
8% Jan
36% Apr
13%May 21
11
May 14
71
16% Apr
17
May 15
5%May 15
4278
Oct
30%
52% Jan
24%May 28
17% May 22
49%June 25
22%May 21
63%May 23
l09%May 22
14
May 21
15
4
4
4
16
10
2
Jan
8
14%
127
Beiding-Hemlnway
No par
Belgian Nat Rys part pref
Bendix Aviation
5
Beneficing Indus Loan..No par
Jan
Aug 29
14
22
11
50
20
Beech-Nut Packing Co
Jan
49%May 22
65
105
25
Jan
80% Sept
15% Mar
Apr
132
101% Apr 15
12
Apr 23
Nov
50
89% Apr 15
9134 Apr 9
May 3
8
4
18%
22%
148
151
58% Nov
117s June
176% Mar 12
Apr
Feb
8% Sept
Sept
1
33% jan 3
14% Apr 12
17% Jan 5
23% Feb 23
68
Jan
7
28
152%May
534 Apr
12% Jan
124% Mar
z26
Apr
Apr
140
April
Apr 15
Feb
5% Sept
40% Jan
32
12% Mar 5
11% Feb 23
37% Apr 15
70
Oct
3%
17% Jan
71
Sept 24
147
Deo
21% Sept
Mar
54
Apr
112
Jan
June 17
r
2%
4
10% Jan
102
New stock,
Sept
11
54
163
105
$5 preferred w w
n
9
Deo
13
Marl9
No par
Beatrice Creamery.-.-
1,700
Aug
3% Aug
41
Mar
10
21
10
21
May 28
6
No par
100
'1st preferred..
Pr
25
1% Feb
-60
Conv 6% preferred—100
Barber Asphalt Corp
—10
100
1
No par
Beech Creek RR
200
60
1% Jan
14% Jan
3% Sept
3
Aug
4% preferred
Bangor A Aroostook—
200
8
Sept
43% Sept
June
Baltimore A Ohio
Jan
Sept
Apr
50
Nt par
(The>.3
934
Apr
2% Mar
21
22
22%May
6% May
3%May
96% Jan
33
25%
41%
Mar 20
Preferred x-warrents_ No par
10
123% 123% *123% 124
2334
24%
*24%
25%
19%
May 21
35 May 21
58% Jan 4
25% Nov
Apr
116
-
J5 prior A
Barker
4
Apr
80% May 13
614% preferred
*10
*53
25
*1134
84%
I
55
124
8%
*19
8
*10
12334 124
8%I
8
26%
*113% 120
*113-% 120
114
114
*734
8%
*734
8%
734
734
*10
*10
32
*
8%|
*112% 114
80%
8
4,200
3,200
l%June 17
Apr
12434 Jan 10
Bayuk Cigars Ino
32
24
2,500
5
May 23
BarnsdaP Oil Co
82
*19
6%
4
May 21
6% Sept
3% Jan
30% Nov
12
No par
Austin Nichols
1,100
32
i
48'%
10%
6%
June
Apr
112%June 11
4
May 21
100
Atlas Tack Corp
2,100
80%
19
1166
8%
31
24
50
No par
6% conv preferred
8
80%
19
*9%
*46%
I
—
6% preferred---—
Atlas Powder
30%
30%'
28% 30
30%' *30% 30%(
3034
3034
115
11434 *112% 11334|*112% 11334 11334 11334 *112
24
24
*23% 24%
*23%
24%
*23%
24%
24
106% 106%
*106% 112
106% 106% *105% 110
112
*103
112
*103
110
*103% 110
*103% 110
112
*29
3284
*29
3234
*29%
32
*29
32
32
31
24
10
6%
25
4% conv pref series A—100
Atlas Corp
5
26%
80
12334 12334
14%
1
—100
6% preferred
Atlantic Refining
*25
*10
*10
11
Fe..lG0
Baldwin Loco Works vt c
48%
*10%
100
1
100
100
-100
5% preferred
29,700
10%
48%
6%
Goods
6% 1st preferred
7% 2d preferred
4%
15%
10%
10%
—
Associated Dry
Aviation Corp. Of Del
10%
4834
6%
No par
560
10%
*47
Artloom Corp..
28,900
5%
10%
8%
4%
3
4%
10%
100
No par
5
Arnold Constable Corp
17%
5
49
*30
17%
4
10%
5%
6%
5%
6
$6 conv prior pref- —No par
7% preferred
Armstrong Cork Co
120
4%'
48%
28
400
5%
10%
*5
600
65%
4%
6
1,300
48
15%
48%
*24%
100
5%
10%
5
At; G & W188 Lines
3,600
4%
47%
3,100
21%
16%
10%
""350
"Ico
5%
47%
*9%
Armour A Co of Illinois
Assoc Investments Co -No par
12
4%
*10
5
6% preferrred
—100
Atlantic Coast L.'ne RR
100
15%
*46
8
Atoh Tope k a A Santa
534
10%
107
20
1,300
7%
12%May 21
No par
S5 dlv pref
9,200
4%
10%
AncborHock Glass Corp. 12 50
16%
16%
10
May 21
May 21
7% preferred
14%
*6
I
18
20
51
5%
10
1,400
1166
500
4%
10
1,900
200
*2%
16
"7I60
78«4
35
*117
434
June 10
6
75
7
20%'
19
35
97%June
*69%
48
25%May 21
4% May 22
25
Anaconda Copper Mining..50
$5 prior conv pref
Armour«feCo(Del)pf7% gtdlOO
102
*64%
18%
17%
434
1
May 21
300
107% 107%
6%
100
Preferred
Amer Zinc Lead A Smelt
6
6
21
120
83%June 11
June
14%
7%
5% May 21
23
100
13
4
Archer Daniels Mldl'd.No par
8%
1234
June
100
1116
89
136
Andes Copper Mining
A P W Paper Co Ino
95
*10
*5%
2%
2%
17%
4%
40
1,000
36%
5%
21
13
21
15
21
28
6178May 22
139 May 25
19%May 21
9%May 22
11
May 18
12%May 28
70% Aug 20
ll%May 21
145 May 28
69
May 22
70 May 21
Anaconda W A Cable..No par
700
113
6%
15
Dec!
18% Sept
86% Sept
5% Jan
10
63% Jan
Am Water Wks A Elec.No par
No par
1%
5% Jan
2%May 21
American Woolen
66,100
1534
65%
6% preferred
—-100
Type Founders Ino
10
434 May I
12%
Oct
3
May 15
__
Feb
64
25% Oot
115% Mar
132
Aug
17% Sept
8% Feb
1178 Sept
3
Jan
1478 Jan
3% Jan
25
Am
No par
22%
3134
*50
48
-.25
16 1st preferred
18,200
6%
87
8834
1534
51%
51%
51%
51%
51%
13
13%
13% 1334
13% 13%
12
*10
12
*10
12 I *10
15
*1438
15
15
15 I
15
21%
21%
21%
21%'
21% 21%
*107% 108
*107% 108% *107% 108
25
Common class B
5,600
4234
43
Co—100
300
9
*33%
51%
No par
No par
American Sugar Refining—100
Preferred
100
*76
35
American Stores
1434
16334
6%
1
Amer Steel Foundrlee.-No par
200
1166
14
5%
6%
72
100
American Stove Co
14
*80
79%
Smelting A Refg.No par
72%
*8
5%
Amer Ship Building Co.No par
Amer
1,400
3534
102
100
12%
*30
8%
prof
11,100
*14
37
conv
American Safety Razor__18.50
American Seating Co..No par
23%
*28
95
4H%
74
26
9%May
48%May
6% Sept
5
May
23 May
30%May
122 May
25
150%
1178
2%i
36
34%
1C2
*70
1134
*2%
*30
95
*30
11%
2%
American Rolling Mill
Apr
2% Sept
116% Sept
179
July
40% Oct
Sept 23
228,
121
'21
4%May
135 June112
..100
25
*10%
11
*10%
m
11%
11%
*2
*2
2%
2%
*2
2
2
*2
2%
*29
*28%
2934
30
30
28%
28%
30%
30%
30%
*28%
30
*105
108
*105
108
*105% 108
*106% 108
*106% 108
*105% 108
4%
434
4-34
4%
478
5
4%
5
478
5%
478
47s
43%
44%
4534
4534
46%
47
45%
46
45%
46-%
44%
45%
*9%
No par
Jan
Aug
Apr 27
34%May 21
28%May'21
Am Rad A Stand San'y.No par
6%
6% Jan 6
13% Aug 24
3
July
2
No par
Preferred
113
15
No par
100
21%
32
Amer Power A Light
100
5% Sept
Mar 29
57
111
20% June
90
No par
Preferred
'
66% Apr
378 Apr
Apr
May
61
Apr 22
35
l%May 15
12% May■28
6% conv preferred
American News Co
J6 preferred
%5 preferred
6
May 22
May 25
May 18
10
Co.No par
6% preferred
6
*112
50
American Snuff
*39
23%
pref
160
42%
6%
46
conv
"loo
834
44
500
400
5%
58%
153
3%
8%
8%
*89%
96
95
9%
*14
15
144
3%
4
834
*28
3034
*112
2,560
68«4
70
7%
43%
*7
June
38
13%
45
3
12% Sept; 13
41%May-31
Amer Invest Co of 111 new... 1
Amer Maoh A Fd*
13%
7%
Amer Internat Corp.—No par
1,900
13%
53%
'23
May
18
100
pref
13%
13%
45
1
No par
non cum
13%
13%
*51
6%
Aug
38
45%May 21
'21
l%May
American Locomotive.-No par
Preferred
100
13%
52
2,300
American Ice
Dec
5
May 24
6,300
13
*51
600
Apr
9
4
5
9% Apr
8% Jan
13%
7% Jan 4
24% Jan 8
60i2May 3
6% Apr 23
11,900
13
52%
500
50
American Home Products
109%
Feb 23
13
May 21
'28
May
23
10
15
15%
70
52%
.No par
69
15
69%
54
No par
16 preferred
100
16% Aug
30% Aug
3% Mar 8
6% Apr 16
2% Jan 8
28% Jan
14%
15%
71%
53
$7 2d preferred A
Apr
Sept
112% Apr 22
140%May 9
3
No par
83%
150
23
No par
*7 preferred
8
57»4 Sept
140
2% July 18
15% Apr 18
91% Mar 25
68
15%
70
3%
Amer A For n Power
Apr
178% Sept 18
33%May 10
51% Jan 2
23% Jan 3
'21
2%May
9% May'28
American Encaustic Tiling.—1
Amer European Sees
No par
Highest
share % per share
125
l%May 22
3%June17
1
May 15
l0%May 21
__100
50
16%
73%
3%
4%May
June 28
8
May
75%May 27
10
6% 1st preferred
"166
1534
*22%
American Crystal Sugar
12%
70
17
134
334
May
5%May
50
16%
23
9
May
May
*45
74
100%
112
American Colortype Co.—-10
Am Comm'l Alcohol Corp
26
American Hide & Leather.—1
21%
May
13%May
*12
70
*96
116% Jan 29
..No par
American Chicle
6% conv preferred
54
334
21
27
28
21
28
21
23
23
18
18
21
100
4.200
"l'ioo
134
3%
135
190
Amer Hawaiian 8S Co.
32
54
24
27
34
100
Am Chain A Cable Ino.No par
per
3% Aug
31% Apr
3
21
12%
15%
*45
100
21%
1%
American Car A Fdy..No par
4,400
4%
*4%
21
*45
50
200
14
30%
*26%
54%
I,000
3%
*3%
30
4%
1,900
16
*13
32
200
1%
1%
1534
30%
800
434
434
1%
16 ■!
14%'
*13
1%
1%
1%
68%
*2%
3
*16%
17
*95% 100%
*22%
23
3%
3%
2,100
9
1%
54%
1%
2%
"166
3
9%May
45% Jan
26
!
28
100
Preferred
share
{ per
share
Lowest
128
Am Coal Co of Allegh Co NJ25
"166
534
5%
Preferred
per
Year 1939
Highest
5%June
May
May
l%Sept
87 May
164 May
18 May
1
conv
5% conv preferred
76
*15%
*134
2%
17%
3,100
9
1%
22
50
3,900
76
*434
534
32
334
8,900
6%
*6%
6%
1,900
200
9%
63%
*2%
17%
7,300
79%
1%
1%
22%
51
pref
100
Amer Cable & Radio Corp__l
American Can
25
*9
*48%
14%
*45
American Bosch Com
Am Brake Shoe A Fd7.No par
40
13
*7
6%
12%
51
15%
51
1,100
2,200
130
*76
9%
31
54%
1S4
*6%
14%
29
54%
678
36%
130
13
*7
63
16%
1%
33
37
133
$
Par
Range for Previous
100-Stare Lots
Lowest
37%
63}
7
7
37
*130
81
16
4
1334
30%
4%
Shares
1%
1%
1%
1%
1%
99%
9934
99% 100
100%
*176
177
177
177%
177%
25%
26
26%
26%
27%
4734 48%
4834
49%
50%
20% 20%
20%
203i
20%
*107% 112% *107% 112%
115
128
128
128% 128%
128
*1%
5%
$ per share
13
634
5%
9%
5
~
$ per share
On Basis of
Week
7%
*7
13
*6%
EXCHANGE
Sept. 26
132
1%
1%
1%
99%
100% 10034
*176% 177% *176%
26%
27%
26%
27%
50
50%
5034
48%
20%
2034
20%
20%
*107% 115
115
*107%
*126
*124% 128
128
STOCKS
NEW YORK STOCK
the
CENT
Friday
Sept. 27
37%
*130
178
26%
*7
*6%
37
37%
132
100
100
*176
132
1%
1%
98
7
37%
131% 131%
179
.
*176
7
7
37
6%
36%
36*2
*130
Sales
for
LOW
Saturday
1853
27% Sept
10478 Sept
7%
52
16%
32
9%
Nov
73%
3334
Apr
Nov
129% Aug
Apr
Oct
Jan
oot
1778
Apr
22%
Deo
48%
Apr
56
Deo
32
Sept
60% June
99% Apr
1578 Apr
57% Mar
100
Sept
120% Sept
32%
Oct
Apr
24%
Oct
Apr
17%
Jan
22
Dec
36%
13%
Dec
23% Mar
35
Apr
67
14
8%
t Called for redemption
Oot
Dee
New York Stock
1854
LOW
HlOIl
AND
SALE
PRICES—PER
Record—Continued—Page 3
Sales
CENT
SHARE, NOT PER
lor
Saiurdaj
Sept. 21
jMonday
Sept. 23
Tuesday
Sept. 24
$ per share
$ per share
$ per share
16%
108
16%
27%
16%
27%
*27
60
24%
24%
19%
18%
11
22%
37%
*45
46
17
16%
16%
28
*28%
28%
107% 107%
109
108
108
59%
58
*24%
24%
25%
19%
20
19%
20
18%
19
18%
18%
18%
*1%
1%
35%
1%
35%
*1%
35
35%
*1%
*35%
11%
5
11%
35%
*4%
11%
21%
4%
11%
22%
37
22%
21%
4%
5%
33%
38
36
*36
38
48
46
45%
3%
3%
3%
24%
24%
24%
*114% 118
*114%
16%
16%
*16%
29
29
*28l2
23
23%
22%
108
9%
9%
109
4%
108
109
108
5%
5%
5%
5%
33%
33%
34%
33%
4%
51%
4%
54
51
4%
32
32
32
31%
32
30%
18%
18%
19
19
19
19%
19
34%
31%
19%
8
8
8
8
7%
2%
11%
2%
11%
2%
2%
19%
4%
4%
2%
11
10
5%
19%
4%
8%
5
5
*19
7%
2%
2%
2%
10
10
8
6%
5
19%
4%
9%
*19
11%
5%
5
4%
9%
110
30%
19
18%
19
7%
2%
H%
5
4%
2%
19%
4%
8
*4%
9
9
*65
68
69
70
70
70
70
70
70
*11%
11%
11%
12%
12%
12%
*12
12%
12%
12%
*17%
17%
17%
18
18
♦17%
18%
18
18
52%
1%
6%
14%
13%
*51%
53
*51%
63
*51%
53
*51%
1%
14%
13%
15
40
*37
6%
14%
13%
*36
*34%
7
7%
*51%
1%
7%
15
15%
14%
15%
15
15%
13%
13%
13%
14%
14%
14%
1%
1%
3%
3%
40
3%
*35%
36
*36%
3%
3%
36
*4
*3%
4%
*38%
39%
*38%
*87
90
*87%
*30%
31
36
39%
90
31%
31
4%
*4
♦38%
89%
31%
3
3
3
3
54%
55%
56%
57
107% 107% *107
47
47
47%
107%
1%
29% 29%
118% 118%
7
7%
54%
65%
2
*111
40
*36%
4%
39%
38%
31%
30%
3%
2%
55%
57
57
57
19
19
18%
*2%
2%
2%
112% 112% ♦111%
*3%
3%
*3%
90
98
4%
49
2%
112%
3%
6%
*2%
3%
5%
26%
29%
118%
7%
19%
2%
3%
*88
57
*90
90
27
26%
5
5
5
*2%
27%
5%
*2%
3%
98
27%
*94
27%
*1%
1%
*1%
9
*8
1
%
*%
*10%
*32
*42
46
9%
*41%
33%
%
3%
5%
3%
27%
1%
9
34
80%
78%
10
33%
*3
34%
124
63
*44%
63
34%
*
10
*9%
*11%
10
9%
10
*137
*47%
29%
3512
139
29%
35
*137
30%
35%
139
108
109% 109%
*58%
61
*58%
61
*11%
11%
11%
11%
*101% 102
*101% 102
27
28
29
*109
110
109
19%
1%
*2%
*1%
*19%
20
1%
2%
2%
20%
29%
30
*34%
139
34%
65
34
65
34
34
34
124
30%
•
109% 109%
*59%
11%
34%
61
lllo
1,100
30
800
100% 100%
400
26
27
1,800
110
90
7,800
1%
*1%
*2%
*1%
1%
2%
2%
1%
1%
1%
1%
2%
2%
1%
1%
4%
1%
19%
19%
5%
1%
1%
1%
19%
*71
81%
5%
75
81%
20%
20%
5%
20%
31%
32
99%
97
97
38
37%
38%
102% 102%
10
*71
82
20
20
*20
75
*71
75
*80
83
5
5
20%
32%
*96
38
5%
8012
82%
*19%
32%
5%
80%
98
5
19%
32
*97
38%
102% 103
37%
9%
10%
1%
1%
1%
57%
1%
58
57%
59%
30%
30%
30%
31
58%
30%
Bid and asked prices; no sales
on
10
this day.
5%
81
*78
80%
800
*71
75
*71
75
82%
4%
*19%
3178
82%
478
20%
5%
20%
31%
98
98
98
37%
82%
*4%
19%
30%
20
1%
58%
31
*95
a
cum dlv No par
J Chic Rock Isl & Pacific—100
10
Copper Co
25
Chrysler Corp
City Ice & Fuel
5
No par
6H% preferred
100
100
113% Aug
12% Sept
1434
3% Apr
3% Apr
85% June
96
32
527,
jan
13
Jan
8%May 15
23%May 21
I434 Jan
35% Jan
41
50
May 22
%May 20
% July 23
ax»Sept 20
7%May 21
9 May 21
1% Aug 28
20
Aug
63%May
9% Aug
85
Sept
44
Sept
Clark Equipment
No par
CCC & St Louis Ry Co
100
24
16
28
15
26
16
124
May 15
May 21
July 8
Preferred
100
Coca-Cola Co (The)
No
par
No par
Colgate-Palmollve-Peet No
$4.25 pref
Collins <fe Alk
par
...No par
man
No par
5% conv preferred
100
Colo Fuel & Iron Corp .No par
Colorado & Southern
100
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbia Gas A Elec.-No par
l'ioo
434
1,700
Columbia Pict
500
99
"
2,000
200
4,900
300
7,300
10,000
•1,800
13,900
deljvery.
$2.75
v
t c
No par
preferred.No
conv
Commercial Credit
par
10
4 H% conv preferred
100
Comm'l Invest Trust..No par
$4.25 conv pf ser *35.No par
Commercial
Solvents..No par
25%May 22
25%May 21
sept
Ga"hsale
10
4% Sept
14
Oct
7, Sept
1% Sept
20%
Jan
39% Sept
Aug
% June
%
33% Apr 3
91% Apr 8
14% Jan 26
6
Jan 30
4% Apr 26
40% Apr 18
124
July
8
65
Mar
6
114% Jan 10
43% Mar 8
41% Apr
1
45% Apr
4
Aug
% Aug
_
11% Mar 28
16% Apr 15
6% Mar 25
Feb
Sept
Sept
50% Nov
7, Sept
% Apr
% Jan
Apr
4
7% Apr
10
Apr
4% Dec
25
Apr
53% Apr
9
Apr
79
Jan
46% Sept
2% Apr
15
Apr
140
May
178
Jan
1% Sept
9% Mar
15% Sept
13% Jan
41
Sept
94% Oct
14% May
97% June
58
4%
34%
Mar
Oct
140
Oct
May
Feb
69
Feb
106% Sept
115
68
Feb
Apr
39
Oct
69
Sept
78
Mar
42
Jan
20%
34% June
21% Apr
45% May
601,
Jan
38
Dec
125
Sept
135
Mar
99%May 21
133
131
Mar 30
105
Sept
May 24
63
Feb 27
68
Jan
10%May 21
20
Feb 21
11% Apr
June 10
102
Sept 24
56
94
16%May 21
May 23
108
12%May 21
1
Sept 17
l%Sept 26
l%Sept 26
16
May 21
16
May 21
4%May 22
67%May 28
3
69
June
71
May 29
3%May 21
14%May 24
27%June 10
95
June 13
32
June 10
97
June
4
8
25%June10
r
Jan
Feb 14
Commonwealth Edison Co..25
n New stock.
30
142
No par
$6 preferred series
Dec
30% Aug
% Jan
98
Jan
105
44
Mar
z60
Oct
Sept
May 22
131
May 21
%May 22
42
May 21
Commonw'lth A Sou..No par
6% Aug
9% Apr
% Apr
%June
5
8
8
%
June
67,
95% June
% Jan
2
19%
31%
Def.
Apr
Sept
June
47*4
4
5
82%
36%
36%
*102% 105% *102% 105%
10
9%
9%
1%
1%
1%
1%
58% 58lo
57%
58%
30% 31
30%
31
J In receivership,
par
preferred...No par
($2.50)
6% preferred series A
100
5% preferred
100
Columbian Carbon v t c No par
37%
10%
50
80
37%
*102% 105%
10%
1%
5
19%
32
110
1,320
2,900
1,000
10,200
5%
conv
Class A
"4" 000
*109
2%
32
30%
29
*178
5%
Jan
Mar
30»4 Sept
5% Jan
Oct
"4",600
40
140
*1%
2%
81
Apr
Dec
Aug
Apr
Mar 26
6078
11%
101%
20
Oct
18%
2%
103%
384
1% Sept
1% Aug
48
178
5%
58
Sept
8684
46%May 16
2%
81
7% Aug
64%
30%
10978
19%
72%
27
Special gtd 4% stock
50
Climax Molybdenum ..No par
Cluett Peabody & Co..No par
1%
20
Apr
Jan 3
Jan 24
Mar 28
2%
*178
5%
58
100
21
81%
84
sept
Jan
80
20%
5%
13% Apr
Sept
4
94% Mar
122% Mar
Jan 16
May 16
110
20
Apr
38% Apr
Sept
33
21% Oct
29% Sept
74
110
20
110
Sept
6% Apr
x3% Dec
Clev & Pitts RR Co 7 % gtd_60
*58%
11%
20
$3
28
21
Apr 18
Mar 23
Apr
Jan
Jan
.100
Chicago Pneumat Tool.No
15
30%
29%
47,
42%
97%
2%
2%
12%
% Feb 28
% Feb 28
JChlc Mil St P & Pac..No par
15 preferred
17
May
120
34
20
,
22
28
106
May 21
*137
20%
5
3%May
30%May
84%June
%May
%May
6%May
Apr 16
41% Jan 10
May 21
21%
20
100
17%May 22
100
June 19
35
27%
■
56
140
110
Mar
26
*137
*109
6
108
2078
81%
58
110
H%May 10
5% preferred
.100
Clev El Ilium $4.60 pf.No par
Clev Graph Bronze Co (The). 1
21%
75
38
*109
1
May
26% Apr 22
3% Jan 3
114% Mar 9
5% Apr 5
83
*80
29
72
900
*47%
29%
118% Jan
56% Jan
35% Apr 29
119% Sept 27
12% Feb 15
34
20%
5%
8U
*97
*47%
29%
34%
25
Preferred series A
tChlc & East 111 Ry 6% pf.100
tChlc Great West 4% pf..l00
No par
1,100
66*
33%
21%
*71
*102-% 103%
9%
9%
1%
1%
83
Chesapeake & Ohio Ry
Chile
30
20%
*80%
5
30
35%
139
*80
6
No par
City Investing Co
City Stores
33%
May 28
10%June 10
Cab Mfg
^Chesapeake Corp
Chlckasha Cotton Oil
Childs Co
3%
*65"
May 21
Checker
170
55
21%'.
20
5
139
66
33%
2%May 18
99%June 22
500
2%
112% 112% *112% 114
101% 101% *101
*27
27%
28
29
19%
20%
31%
102
110
19%
80%
35%
29
19%
19%
80%
30%
139
*47%
29%
35%
*65
*33%
l%May 15
106 June 12
Cham Pap & Fib Co 6% pf. 100
Common
No par
No par
124
65
100
No par
Chicago Yellow Cab
"".TOO
25
33%
Aug 15
100
10
*3
June 15
17
100
190
124
*
1
6% prior preferred
6% preferred
85%
3%
Preferred
7% preferred
11
*2%
48
4
300
*9%
May 21
105%May 22
5
May 21
Central Vloleta Sugar Co
600
85%
*44%
55
pref__100
^Central RR of New Jersey 100
"""loo
85%
*3
par
316
37,300
1,100
85
100
T16
9%
3%
20
Central 111 Lt 4^%
Pr pf
78%
*44%
*3
42%May 15
6% preferred
.100
Central Agulrre Assoc.No par
Central Foundry Co
1
Chicago Mall Order Co
9%
55
109% *109
2%
20
19%
5%
1,600
77%
109% 109% *108% 109%
*58%
61
*58%
61
11%
11%
11%
11%
102
100
79%
10
86
*47%
108
300
78%
*9%
*112% 113% *112% 112% *112.% 112% *112% 115
35
35
34% 34%
34
34% 34%
34
*78%
80
*78l2 80
80
80
*80
83
*47%
29%
*35%
10,100
""600
11
June 10
100
par
Jan
8
85% July
Aug
3,500
80
86
100
par
75
13% Apr
2s, July
63% Aug
41% Sept
z43
17
""600
25
*44%
3%
Preferred
Caterpillar Tractor
No
Celanese Corp of Amer.No
7 % prior preferred
Celotex Corp
No
May 24
Apr
Jan
Apr
l18
*20%
2
77
Aug
Sept
May
July
Jan
June
6%
98
25
86
39%May 23
1
100
35
Apr
May
91
47
9
24%
9%
Carriers & General Corp
Case (J I) Co
32%May
3% Jan
6
45
20%
Dec
Sept
47%
10
11%
2%
22%May 21
1
10
3% Sept
10% Sept
1784 Jan
22% Sept
10
7)
*%
*%
*%
12
36%
3%
29%
4%
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
6
No par
$3 preferred A
July
Apr
Apr
6% Mar
40% Jan
Jan
Sept
63
Apr
9%
Apr 17
2%May 22
29%May 28
3% May 23
36% Aug 1
75%June 3
25
17%
30
8ept
*9%
11%
*2%
12
65
124
*63
aie
% Feb
4% Aug
16% Nov
84% Nov
Sept
800
al6
July 16
Feb 21
Feb 21
Apr 18
Jan
18
%
%6
May 21
9%
23«4 Mar
6% Sept
22
11
11%
100
May 21
48% Mar
Sept
8
46
a16
Canada Sou Ry Co
Canadian Pacific Ry
1
4%May 21
Feb
Mar 13
Jan
784 Sept
20
8% Feb 15
36% Feb 15
33
*%
11
Ap
Dec
21%May
10%
16
Calumet & Hecla Cons Cop..6
Campbell W & C Fdy..No par
Canada Dry Ginger Ale
6
14
203,
I884
16
33
*%
60% July 25
7
25% Apr
11% Aug
13% Apr
Jan
Jan
34% Mar
Apr
Jan
Jan
30
3%May 22
15%May 21
*40
%
40
May 21
May 21
California Packing....No par
6% preferred
60
Callahan Zinc Lead
Chain Belt Co
34
11%
34
May 22
9
Jan
Certaln-teed Products
46
11%
ll%May 21
13»4
81%
15%
26%
62%
17,
8%
19%
23%
39
8
55% Jan
6% Nov
9,400
10,180
*40
>18
June
1
6% Mar
578 Apr
18% Apr
2% June
Sept
13% Jan
106% Aug
22%May 24
87S
*%
11
Sept
25% Nov
Cerro de Pasco Copper.No par
*33
11%
2%
*
%
*8
a16
15% Aug
21% Apr
11% Apr
6% Apr 22
6
41
Dec
4,000
10
28
27%
7
Apr
Jan
15%
Apr
3
Jan
100
98
34
*2%
3%
*01
Mar
2
Jan
2% Aug 29
88
Sept 4
46
11%
No par
Century Ribbon Mills.No par
*40
24%
55
3%
*33
2%
86%
"Mod
5
33%
24%
80%
9%
5
*2%
%
2%
86
50
33
Apr
4
7% Jan
1,800
1 200
29% Apr
23% Apr
31
3%
7
948, Apr
May
54
4%May 21
30
*3%
13% Apr
31% Jan
9% Apr
6% Jan
Sept 24
111
l7%May 28
2%May 24
6%May 22
...No par
Apr
9
7
6
88
*112
10% Feb
10
Participating preferred..100
Feb
5078 Dec
30% Aug
30
Byron Jackson Co
3434
734
27
preferred
conv
Jan
4% Sept
Oct
Apr
Apr
Aug
Butte Copper & Zinc
Byers Co (A M)
5%
Aug
32
Sept
7% Aug
13% Apr 22
1
Dec
22
63
2
May 21
5%May 21
par
dep7%pf-100
24
Jan
41% Apr
1% Apr
7% Apr
63% Apr 6
3% Aug 5
24% Sept 11
114% Aug 6
25% Jan 4
37% Apr 30
29% Apr 6
21% Jan 10
12% Jan
Bush Terminal
Jan
Apr
Aug
Jan 19
88
5
5%
5%
5%
31
32%
29%
31
*20% 20% *20
20%
102% 102% *101
102%
*21% 23% *22
23%
*16%
19
*16%
19%
4%
4%
4%
4%
40
40% 40%
39%
91% 94% *93% 97
*1%
1%
1%
*1%
%
23%
79%
*3
28%
%
2%
*44%
3%
27%
8%
23%
10
98
*8%
*%
10
86%
*91
%
11%
10
112% 112%
*3%
3%
5
5%
*2%
3%
12%
16%
18«4
1%
19%
5%
63% Dec
41
17%May 21
12%May 22
7% July 3
3%May 22
Jan
Apr
20
Cannon Mills
130
51
121% Dec
31
1
No par
May 21
Capital Admin class A
800
Jan
100% Sept
39% Feb
No par
60
6,700
Jan
28%
Sept
15%
31%
May 23
21
Burlington Mills Corp
Burroughs Add Mach..No
100
230
3484
16
16% Apr
Bulova Watch
400
110
Maris
share
16% Aug
13% Apr 29
2334 Apr 8
Bullard Co
4
7,000
28% Apr 15
29%May 1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
25% Jan 3
2% Jan 4
37%May 8
7
Highest
% per share $ per
6% Feb 17
34% Sept 23
3
100
37
3,700
share
No par
No par
38%
*30%
5
3
6%May 23
97 May 28
100
Year 1939
Lowest
Budd (E G) Mfg
7% preferred
Budd Wheel
4
1SI6
22%
77%
77%
37
Jan
13%May 21
May 21
14%May 21
5
7% preferred
23
27
par
Bucyr us-Erle Co
38%
900
*%
*8%
"MOO
3%
46
18
Zll%
5,100
40
1,200
3,100
*1
%
3,800
1,000
*9
2%
63
8%
8,700
14,200
3
3
2%
2%
*51
*53% 56
54%
107% *106% 107% *105
107%
49%
49% 49%
48%
48%
29
30
29%
28% 28%
118%
118% 118% 119
119%
7%
7%
7%
6%
7%
57
69
59
57%
~
57%
18
18%
18% *17%
18%
2%
*2%
2%
2%
2%
716
86%
55
*60
si«
560
1,100
1,200
1%
3%
Bruns-Balke-Collender.No
22
22
13% Jan 30
49
per
23
21
1% Jan
par
Transit.-No par
$6 preferred series A.No par
Brooklyn Union Gaa
No par
Brown Shoe Co
No par
Butler Bros
3,200
4%May
8
May
13%May
27 May
38 May
5
Brooklyn & Queens Tr.No
900
7%
5
3
Bkiyn-Manh
Bush Term Bldg
3
11%
2%
22
124
1%
*34
100
2,800
400
14%
13%
*36%
37
4%
39%
89%
31%
""900
56
%
33%
46
*9%
*33%
*18
11%
11%
1%
*18
11%
86%
*-__.
*8%
%
%
*ai«
11%
*3
*18
33%
*41%
%
%
*11
*44%
*%
n«
%«
•u
-•is
*9
*2%
%
*8%
%
10%
ai«
*%
77
1
%
a
11
33%
*21%
*1%
8%
h*
*8
1%
40
3%
*4
31
4%
26%
*20%
26
21%'
14
1,500
10,500
53
6%
100
Bristol-Myers Co
June 10
17
12%May 21
1
May 18
26 May 22
6
Brewing Corp of America
Brldgepott Brass Co ...No par
Brlggs Manufacturing.No par
Brlggs & Stratton
No par
2.700
12%
17%
17% May 28
15
700
70
14%
13%
37
31
5
5
4%
5%
5%
26
27%
29%
28% 33%
*20
21
21
*20% 21
*100
102% *100
102% *100
102% *101
102%
*21 %
*21%
23%
*21% 23%
*22
23%
23%
*12%
16%
16%
16%
17%
17%
*16%
18%
4%
4%
*4%
4%
4%
4%
4%
4%
40% 40%
40%
41
40% 41%
40% 41
96
95% 95% *94% 96
96
*94% 96
23%
*20
*36%
3%
*38%
*88%
98
27%
1%
7%
90
107%
5
3%
37
4%
*88
89%
56%
*3%
40
39
29% 30%
118% 118%
7%
7%
*111
1%
7%
*4
19%
3%
*2%
3%
66
2%
112
*3%
♦36%
3.
36%
107% 107%
48% 49%
48
29% 30%
118% 118%
7%
7%
19
*5
1%
7%
7%
*3
54%
19
8%
1
(The)
200
5%
17
*51%
1%
18
52%
8%
70
Bond Stores Inc
390
4%
8%
12%
8%
8%
51%May 22
Bower Roller Bearing Co
1,100
7,300
10,200
19
4%
8%
69%
No par
„
Boston & Maine RE
11
19
No par
Borden Co
3,600
8
12% Aug 16
19%May 22
99
May 23
Borg-Warner Corp
2,950
10,700
4,200
1,400
3,400
7,800
2,500
2%
5
4,600
"l",306
9
5
4,900
4%
11
5
19%
*4%
*8%
1,400
S per share
Bo tin Aluminum A Brass
Class B
Range for Previous
Highest
Boeing AJrolane Co
Bon Ami class A
50
61%
5%
32%
8
8
2%
11%
180
140
19
Par
1,900
110
5%
33%
30%
Lowest
26,000
11,500
9%
4%
48%
6%
32%
3012
5
20
4%
9
4%
51%
5%
33%
30%
8
*19
20
4%
15%
15%
27% 27%
108
*107% 108
59
*56%
59
24%
24%
24%
20
19% 20
18
18%
18%
1%
*1%
1%
35%
35%
35%
5
4%
4%
11%
10% 11
22%
20% 21%
38
*36% 37%
45%
45% 45%
3%
3%
3%
24
24%
24%
118
*114% 118
16
17
16%
30%
*28% 30%
23
22%
22%
109
4%
51
52
16%
28
9%
9%
4%
62%
6%
34%
5%
11
46
9%
109
33%
*4%
21%
36
9%
*108
5
11%
22%
*45
46
8%
8!
4%
48%
10
*55%
24%
19%
58%
25
19%
1%
4%
46
5%
*31%
15%
27%
25
20
45%
109
4%
44%
108
*58%
*3%
3%
*3%
3%
3%
3%
24%
24%
24% 24%
24% 24%
*114% 118
*114% 118
♦114% 118
*16%
17
16%
16%
16%
16%
*29
*27%
30%
*28% 30%
30%
*22
22%
22% 23%
23%
23%
8%
Shares
16%
69%
4%
11%
22%
*35%
11%
*35
$ ver shar «
35
1%
34%
5
18%
21%
$ per share
24%
19%
18%
*1%
19%
*1%
34%
*4%
$ per share
Range Since Jan. 1
On Basis o/ 100-Share Lou
Week
27%
108
EXCHANGE
Friday
Sept. 27
17%
*5812
STOCKS
NEW YORK STOCK
the
Thursday
Sept. 26
27%
107
108
*58%
Wednesday
Sept. 25
,
Sept. 28, 1940
x Ex-dlv.
y
35% Apr
8
112% Feb 10
24
May 10
20%
100
11%
Apr
Jan
62% Dec
18
Dec
37%
Oct
Apr
111% Dec
24% Sept
8% Sept
Apr
4»4 Apr
634 Apr
4
4
234 Aug
3% Sept
9«4 Sept
5
4
3% Aug
8% Sept
25% Dec
25% Dec
Apr
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
79
Jan 26
14
Apr
14
Apr
5%
74%
62%
Apr
9
Feb
Jan
91
Mar
Jan
83
Feb
Apr
96
Oct
15%
Jan
98% Apr 4
8% Mar 15
73
23% Jan 29
15% Dec
3884 Apr
98% Oct
48
Jan
3
108% Feb 21
56
113
Apr
Mar
8
42
6
10334
8%
1%
45%
x25%
16% Apr 5
ia4June 28
73% Jan 8
33
Apr 8
Ex-rlghta.
6%
Dec
Apr
Sept
Aug
Dec
Jan
Apr
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32% Dec
T Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
1855
Sales
STOCKS
Range Since Jan. 1
for
Saturday
NEW YORK STOCK
On Basis 0] 10O-Shar« Lots
the
EXCHANGE
Tuesday
Sept. 21
Monday
Sept. 23
Sept.2i
Sept. 25
Sept. 26
Sept. 27
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*2%
17%
13%
*12%
3
*2%
*12i8
23
*3
4
18%
14
12%
2312
17*4
18
13%
*1312
Wednesday
*3
3i2
3i2
18i2
1334
12i2
23i2
lOSg
18i4
Thursday
18i4
*1334
*3
18
*71
11
78%
*72
80
*72
80
*72
1812
14i4
12l2
2314
1058
77i2
*82
87
*80
87
85
85
*82
85
22
12%
23
*10%
e%
2678
10%
6%
27
63s
27
*106% 107%
*58
34
1334
*12i8
23's
105s
1012
6%
612
107
*8
83s
*8
*2%
2%
*2%
6%
*138
6%
158
6 >8
*13s
234
6'4
134
4i8
134
*3%
3%
3%
4%
*15%
16
15%
185S
104
*101% 102% *102
14i4
14%
14l4
1412
*%
*8012
3978
"x»j
834
"xi
458
1412
912
9%
"xe
"ll
3r,8
18%
2314
18%
*5612
49
52
36'4
35%
358
18%
24I4
37s
187s
24l2
19*8
3%
19
5812
4934
52i2
52
*175
36
190
*175
18i2
2II4
21
9778
2278
43S
98
2278
98%
*412
225s
I
*2612
28
*40
40%
*39
|
43
*15j8
86i2
31'4
9512
*2i2
*4i4
100
100
*39
*39
31%
3112
97l4
323s
31%
9734
378
96%
*2%
4%
8
13.4
4738
77s
27
*2612
2778
*70
80
*70
*42
56
*42
20
20
*3%
4%
1714
*17
5'2
6%
*im2112
20%
205s
6
6'8
*16%
13
*35S
245S
1634
13
334
16%
13i4
*1C8
38
10914
*14
14%
*2812
29
29
37
37
38
7%
17is
17
*14
7%
17
74
74
*72
11I2
*105s
*33
35
20j4
76%
22
*7i4
*10
22i2
734
10»2
*113
170
16i4
138
334
2214
7
*10
*113i4
17034
4%
29
38
38%
170i2
5
5
%
%
"5" 700
®16
20%
21%
20
99
98%
99
22%
*98%
19%
99%
21%
4%
4%
3,800
*i«
20%
4%
26
26%
*40%
41
25%
26%
*40%
41
14,900
1,100
43
15
15
6,300
86%
270
31%
30%
30%
29%
30%
97
96%
*93%
95
6,700
2,000
2%
3
90
4
4
1,600
3%
*3
96%
3%
4%
4
4%
69
*67
11%
24%
1%
*10%
69
1%
1%
47%
46%
47%
8
7%
27%
27%
66%
*10%
11%
24
24
1%
46
7%
8
27%
27%
42
*40
42
21%
21
3,500
4%
17%
6%
6
111
20%
111
21
4%
200
18
6%
*109
6%!
112%
20%
21%
25%
25%
*3%
*17
25%' *24%
25%
8%
8%
.
17% I
73%
11%
*33
73%
11%
20
38%
38%
37
*19%
8%
8%
17%
17
33'4
33'4
1412
33%
*13%
£15%
16%
77
-
75%
135
137% 138%
3%
21%
3%
3%
*10
2,500
6,000
11,000
3% 120,300
22%
4,100
*170% 176
3,000
33%
33%
*13%
33%
14%
33%
14%
*13%
14%
37%
36
14%
14%
%
3634
37
37%
14%
14%
14%
14%
14%
1
5%
3834
38%
34%
34
*33%
34%
29%
%
33%
5%
39%
35%
30
*39%
42
*78
29%
%
*108
8%
29%
8%;
5%
37%
36%
34%
34%
34
34%
*33%
34%
30%
30
30
32%
28%
*30
<•
1
*%
33%
42
42
108
108
*108
8%
80
*81
84
84
84
*82%
*89
92
91%
91%
*90
*1
1%
2
1%
*1
1%
*1
82%
82%
90
90
*1
1%
*1
2
*2
2%
80
*3%
4
6%
7
7%
31%
*%
*4%
39%
19%
*13%
4%
4%
40%
19%
41%
20
13%
31%
5%
39%
19%
13%
*95
104
20
20
14%
14%
*13%
32
*95% 104
3%
20%
14%
3%
*%
ltit
22
15
3%
5%
23
14
14%
3%
%
%
20%
20%
*14%
14%
36%
20%
35%
35%
36
*14%
20%
*15
90
13%
104
23
3
*87
14%
90
41
19%
*13%
3
%
19%
14%
36
*14%
3.534
*15
this day.
*1
2
®ie
2
4,200
9,900
Electric
6
3
Boat...
$7
preferred
No par
$6
preferred
No par
Elec Storage Battery..No par
*66%
*3%
6-%
4
6%
31%
"16
7
31
*%
6%
41%
19%
13%
3
40
*19%
13%
6%
31%
3034
"i«
*%
%
20
90
14%
*88
14%
%May 15
l%May 14
%May 15
4% 1st preferred
4% 2d preferred..
Erie A Pitts RR Co
Eureka Vacuum Cleaner
1,500
Evans Products
4,000
60
%June 13
3%June 10
29%June 5
17%May 21
11
May 23
20
Fajardo Bug Co of Pr Rloo—20
Federal Light A Traction... 15
*35%
36
*15
20%
Apr
14
Jan 17
108
120
8
Mar
4
126
118% Jan 19
6%
39% Sept 23
35% Sept 23
33%May 2
1% Jan 10
41% Jan 3
46
Apr 13
14%'
Def. delivery,
Fidel Phen Fire Ins N
—I
Y.$2.50
n
New stock,
No par
r Cash sale.
14
Sept
zEx-dlv.
y
7
42% Nov
65
Sept
Feb
35
Sept
3% Sept
111
Jan
09
Apr
95
Aug
Aug
1%
Sept
Aug
3
1% Sept
1% Apr
05% Sept
3% Sept
6
Sept
Sept
1
67% Aug
Feb
11% Apr 25
34%May 10
Jan
89
Aug
Aug
%
3% Jan
1% Apr
3
8% Mar 11
8% Sept
65% Sept
6% Mar
Jan
0
Apr
13
14%
Apr
Deo
25% Nov
%
2%
Apr
'4% Jan
8% Sept
49% Apr 8
31% Apr 18
24
Apr
20
Apr
3
11
Apr
43% Jan
38% Sept
18% Aug
98
Dec
31%
Deo
18% Apr
Mar 27
81
Jan
28% Jan 3
15
Sept 23
29
Dec
102
10 May 21
27%May 21
Ferro Enamel v^orp
Filene's (Wm) Sons Co
%
28
32% Aug
£103% Mar
88
Jan
Jan
700
700
Jan
41%
Jan
20
June
23%
Apr
Apr
Apr
Apr
Jan
20%
18%
13%
Jan
79
1% Sept
6% Apr
19% July
40% Oot
18% Nov
3% Mar
12% Jan
80% Jupe
Apr
100
Apr
15% Sept
22% Apr
8% Apr
Apr
Apr
95
A.No par
preferred
Feb
Dec
8% Sept
186% Jan
183% Feb
30% Oot
Apr
25
4)4%
Aug
7
8
% Jan
1% Jan
1
124%
118%
31%
112
62%
65%
5
Federal Water Ber*
35%'
Mar 19
12% Jan
83
Jan
5
188% Sept
Sept
111% Sept
15%
4
18% Apr 20
1% Jan 4
8% Jan 8
112
116% Nov
Apr
138% Apr
155% Sept
41% Apr 16
Deo
Jan
June
Apr
Apr
3% July
Jan
17% Jan
,
126%
12%
44%May
12% Aug 27
2%May 15
%#May 22
15 May 28
Federated Dept Stores. No par
9
189% Apr
Federal Motor Truck..N« par
20%
a
Deo
10
10
Federal-Mogul Corp
800
*15
t In receivership,
0
13% Jan 18
Dec
17%
10%
1,200
£00
i
14%
36
Mar
1,100
90%'
90%
6
July 24
%
19%
2%
%
*18%
*88
14%
35%
%
July
87% Nov
Apr 24
Mar 30
June 10
No par
2
...5
34
4% Sept 24
30
16
preferred
13% Nov
35% Jan
22% Jan
Apr
Apr
85
$6
T.200
Aug
10% Nov
101%
171
Federal Mln A Smelt Co.
,
22
14
2%
I
20%
200
7
2% May 25
5
May 21
20% Jan 15
6
5
Ex-Cell-O Corp
13%
67% Aug
3
Co..
20% Sept
55
Jan
144%
Jan
100
100
100
{Erie Railroad
Jan 10
94%May 10
Apr
%May 15
Fairbanks Morse A Co. No par
19%
23%
37
Equitable Office BIdg..No par
1,200
*%
*19%
Apr
89
3,500
3
Mar
10
166% Jan
Mar
9% May
30
97
T180
14%
9
Feb 29
38
4
7%
3
14% Apr
60
24% Apr 23
May 31
19%
21
14
6
66
634
3134
"x«
*95% 104
20% Mar
90
July
8
No par
No par
39%
I
5% Aug
13% Sept
Sept
Jan
85% Apr
20
$5)4 preferred
19
1334' *12%
34% July
44% July
178
84
Jan
Oct
Apr
May 22
May 22
6%May 21
1%
125%
32%
36% Sept
June 10
May 22
Oct
8% Sept
43% Feb 3
10% Feb 21
22
10% May 28
May 21
10%May 21
%May 22
3
May 16
l8%May 21
15%May 21
r24%June 6
%May 22
26
May 21
28
Apr
165
25
Oct
Dee
18%
Sept
$6
preferred
Apr
12% Aug
3% Sept
% Deo
18
500
5% preferred
;
Engineers Public Service
39
7%
10% Sept
112% Deo
28
117
35
40
*95% 104
*22%
23
*14
3
9
Jan
May 15
June 10
60
Corp
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
7%
103
17% Mar
103
May 31
"400
Apr
Sept
36% Apr 10
63
80
4
4%
Nov
125% Jan
23% Jan 10
102
900
80
May 22
112%May 22
26% June 10
%
100
1
400
3% Aug
14% Sept
8% Apr 4
113% Apr 12
No par
2,100
7
Apr 27
5% Mar
17
$5 conv preferred
20
4,500
1%
*3%
114
4
Co
Electric Auto-Lite (The)
1%
*1%
1
14% Jan 12
5
May 21
9%June 10
114 May 15
l46%May 28
..100
6% cum preferred
Eaton Manufacturing
Edison Bros Stores Inc
2
1
*66%
1%
*95% 104
23
22%
14%
14%
*87
20%
Bid and asked prices: no sales on
*%
6
*95
%
*86
6
19%
20
91
14%
%
20%
31
"16
19%
*"1*
%
32
41%
*19%
*86%
20
7%
41
*13%
%
1%
*1%
*66%
"i«
•is'
Sept 11
(N J).No par
Eastman Kodak
200
92
%
22% Apr 30
200
1C9%
8%
84
4
31%
7%
Sept 13
3
Endlcott-Johnson
8%
June 13
133
6
Eastern Rolling Mills—
El Paso Natural Gas
*82%
80
No par
Elk Horn Coal Corp.—No par
1%
7%
preferred
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc
700
*90
*3%
Co...20
300
92
4
100
preferred
Du P de Nem (E I) A
600
•ie
1%
Co
42
108% 108% *108
107
3
Rights
35
2
1%
Ni par
Douglas Aircraft......No par
Dow Chemical Co
No par
1,400
83
4
*%
*
®16
No par
Electric Power A Light. No par
75
*66%
*6%
*14
*90
No par
Elec A Mus Ind Am shares...
75
1%
*66%
7
14%
*35%
83
92
Co
700
80
2
7
*3
84
100
Match..1...No par
4,100
*76
1%
80
*1
80
4
31
80
7
14%May 15
3
May 21
l3%May 22
3%May 22
4% Aug
27% July
*39%
8%
*76
2
2
1%
*3%
*66%
%
%
109%
8%
*76
6% July 25
25%
10,100
"l«
Deo
7% Sept
63% Sept
Apr
*33
*"I6
Apr
Apr
35
%
8
3% Sept
38
11%
42
%
11% Mar
4
15%
Raynolds A ..No par
Dome Mines Ltd
3,800
4
23
36%
32%
30
4% Jan
May
61
19% Apr
23% Jan
5% Jan
42
33%
42
8%
30
June 17
ll%May 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
25% May 22
32
May 21
4%May 15
12%May 21
66% May 24
9%May 15
30%May 22
14
May 21
ll%May 22
65% July 3
*33
%
33%
33%
78
*1%
30
28%
10
5%
5
5%
37%
78
*»!»
14%
%
5%
78
%
35%
38%
*75
*»x«
ui»
300
13%
%
36
14%
%
5%
38%
1
109%
8%
%
3,300
35
39%
*40
33%
42
109% *108
5%
35%
14%
*14
15
33
15
32%
33%
5%
38%
1
1
33%
*40
1
*%
1
5%
*%
5%
38%
36%
14%
33%
14%
Sept
19% Sept
Deo
23% Apr
100
Class A..
80
93
Aug
28%May
400
*170% 176
Aug
9
20
June 10
8,200
900
48
l3%May 22
10%
80
91% Feb 24
17
Apr 22
29% Feb 24
23
21
*113%
172% 172%
10,300
21
Sept
20
Doehler Die Casting Co No par
$4.50
13
June
No par
Dlxle-Vortex
900
Apr
7
5
25
JDenv A R G West 6% pf. 100
8%
Jan
8% Sept
3
Sept
Detroit Edison
—
Aug
8%May 10
25
& Co
Dresser Mfg
2%
4%
15
65% June
No par
*10
31
6
96
24
19%June 6
l5gSept21
Jan
Juno
91
No par
1
7%
21
21
Jan
Preferred
Devoe A
May
64
May
ls4May
3% Aug
60
May
9%May
Apr
Duplan Silk
10%
113%
172% 174
*170% 176
33%
36%
Deere
May 22
May 21
25
13%
Dunhil. International
*7
Jan
Feb
45
500
21%
22
7%
*7
800
15%
76%I
137%'
41%
40%
37% Mar
May 10
Davega Stores Corp
Conv 6% preferred
40
19%
19
20
16%
76%
300
Apr
60
5% pref with warrants.. 100
37
Sept
28
Sept
Distil Corp-Seagr's Ltd.No par
73
11%
Apr
33
4
Feb 26
46
42
Inc...No par
600
*11
20%
38% Apr
Jan
No par
preferred
1,300
*34
*19%
20
16%
16%
16%
16%
78%
76%
76%
78
141
137% 139%
139% 142%
4
4%
3%
3%
4%
23
22%
22% 22%
23
*7
7%
*7%
7%
7%
*10
10
10%
1012
10%
*113%
*113%
172% 173%
175% 173% 175
37
$8
Cutler-Hammer
5,100
*71%
6%
13% Nov
32% Nov
6% parttc preferred
25
Diamond T.MotorCar Co...2
11%
37
7% Jan
32% Aug
13
Apr
Apr
900
73%
Aug
32% Feb
Jan
110
Apr
38%
11%
Jan
19%
Diamond
73
*34
Apr
73%
400
17
93
Jan
Mar 29
8%
8
17%
105
38
92
29
38%
Deo
2% July
32% Mar 14
Delaware Lack A Western..50
38%
5
June 10
Delaware A Hudson
*28
Sept
% sept
16
Sept
75
3,500
300
29
38%
Aug
3
21%May 21
1
7,800
*28%
177
7% pref.. 100
A
3%
'
*14
Class
5
12%
*17
176
30
Inc
3%
*%
16%
176
100
;
Packing Co
Press
12%
78
175
174
Preferred
Diesel-Wemmer-Gllbert
124% 124%
124% 124% *124
124% *124% 124%
124% 124%
116
*116% 116% *116% 116% *116% 116%
116%
*116% 117
*116i2 117
30-%
31%
30%
31
30%
31
29%
30%
30%
31%
29i2
29%
4
4
4
4
4%
4%
*3%
4%
3%
4%
3%
3%
136
136
136
135
136
136
136
138%
134% 136
137% 13834
175
Cuba RR 6% pref erred... 100
Cuban-American Sugar
10
17%
29
Apr
Sept
Deo
100
13%
*28%
61% Sept
67% Sept
150
62
800
700
Jan
64%
May
65% Jan
97% Sept 23
Preferred
Dayton Pow & Lt 4H% pf. 100
1,650
49
61% Jan
179
Deo
1,100
%
32% Sept
Apr
Jan
17%
100
16%
Apr
52% Sept
17
16%
May
10%
40% Dec
6% Nov
31% Jan
94
3,200
108% 108%
110
Apr
Apr
Apr
17%
17%
Sept
6
Apr
13
17
£106
61% Sept
Apr
17%
17%
Mar
Apr
9
13%
3%
100
32%
24%
17
3%
Jan
£87% Sept
75
Davison Chemical Co (Tbe)-l
13,200
21
2
21%May 4
95%May 9
43%May 10
30
21
Dec
22% Mar
12
Cushman's Sons
42
De<
Apr
75
4,200
56
Deo
11%
3%May 22
July 17
Sept
17%
19% Sept 27
l8%June 11
Sept
9% June
26%
36
9
34
101%
30% June 12
conv
Curtis Pub Co (The)_..No par
Preferred
..No par
Curt lss-Wright
1
21%
Apr
Aug
Sept
5
$5
8,700
25,500
7%»
1%
8%
88
7% Mar
9% Sept
5% Sept
pref erred..-No par
Crucible Steel of America. .100
Crown Zellerbach Corp
12,500
27%
July
Aug
2% Jan
12% Mar
43% Apr
No par
1%
80
6
pref w w_.No par
Cuneo
*70
*3%
conv
"""366
80
*16%
June 13
Corp (The).2
Pref ex-warrants
Cudahy
11%
*70
4%
75
24%
80
17
100
6% conv preferred
Cream of Wheat
30
67
108%
19% Aug
24% Jan
June
46%
24%
35
Jan
Dec
27
May
5
13
No par
86%
*40
41
165
25
Crown Cork & Seal
15%
88
43
Apr
101%
16%
7% Apr
1% Apr
Co
$2.25
May 21
% July 31
2,400
15%
Mar
Feb
25%May
1
Coty Inc
50
May 15
...1
100
Coty Internal Corp
Crane
2
Mar
4% Feb
May 28
44%May 21
May 25
4
May 21
Refining....25
No par
*86%
*39
Bank Trust Co. 20
Corn Products
Croeley Corp (The)
41
124% 124i2
175
Corn Excb
50
900
15%
39
pref. 5% series
conv.
580
88%
37
20
5%
%
par
5
Preferred
21%
16
8%
11%
5
6
Corp .No
Copperweld Steel Co
100
17%
73%
11%
*34
20i2
180
Fibre. 5
3%
*%
%
r%
%
109
1C9
£108% 109%
%
29
11%
320
2,700
13%
3%
16%
8
70
52%
*17
109
15
35
2014
35s
14%
3%
74
35
1534
1578
76i4
77
1365s 137i2
35s
13%
17%
47
180
5%
Sept
1%
Jan
*175
Aug
11
29%
A pr
*48
25%
38
♦105s
*1978
1634
14
17%
*72
25
33
111% 111%
20%
21%
25
17
838
l0%June 10
18%May 21
15% Mar 16
*175
6
25
17
26,200
50
53
17
29
7%
3%
*49%
*3%
%
3%
53
4%
6%
109
3%
49%
20%
25
334
4>s
*14
38
1091.4 109%
14%
1412
27% May 25
Diamond
700
*42
106%May 31
4% May 21
Jan 10
Continental
52%
91
1
Apr
Jan 20
Apr
Continental Insurance...$2.50
Continental Motors
1
59%
50%
27%
iih2 im2 *111% 112
21
21%
213s
20-%
24%
No par
7
Apr
1,000
*56%
*70
18
6%
preferred
1%
97%
49%
110%
9%
40%
1,000
59%
56
*3%
May 21
Feb
6%
*57%
20%
*17
17U
June
33
4% Sept 24
19% Sept 24
104
36%
59
80
20%
-
*24i2
8%
27%
70
20
Continental Oil of Del
1%
*42
$4.50
5
100
preferred
Continental Steel
47%
7%
56
20'2
414
8%
Continental Can Inc
1,300
2
8
15% Jan 10
5,700
48
27%
7%May 21
%May 16
10,800
1%
*70
Continental Bak Co cl A No par
Class B
No par
8%May 22
*35%
52%
85
%
5
Jan
6%
36%
*6
32% Nov
9% Oct
Apr
Jau
19% Apr 24
19%
69
6
1%
9%May 21
18
*24
32% Apr
110% Mar 25
3%
180
_
2%May 21
23%
*11%
Apr
9% Feb 21
93%May 22
18
11%
95
5% preferred v t c
100
Consumers P Cof4.50 pfNo par
Container Corp of America. 20
19%
4%
May 29
Apr
5%
73
Consol Coal Co (Del) v t 0..25
23%
*3
Apr
75
15% Aug
79% Apr
7% Nov
Apr
92
1
18%
15%
16
May 29
June
Jan
_
3% Deo
6% Aug
100
*113% 115%
Deo
2%
19%
47%
27i2
5,000
Sept
4% Apr
8% Apr
100
40
6
1
23%
24
24
80
20%
*3%
*16i2
*11%
85
39%
Feb
13% Sept 24
12% July
31% Apr 15
30%
9%
2%May 23
6%May 22
19%
*87
70
*68
1,500
31%
4%
24
178
48
8%
%
*81
115
*6%
*4%!
3%
41.4
70
12
•113s
6,000
8%
Apr
*35%
22
97
*23i2
9%
%
85
40%
4%
26%
32%
12
2,100
9%
10
*81%
22%
16
87%
2418
134
48i2
500
14
"i«
115
3,700
1,700
97
15%
86%
*23i2
15»
14
14%
"x«
40
4
Apr
63
4%May 21
23 May 21
share
6
19
7% Sept
18%
39
16
4i4
*66i8
9%
*4%
26%
*40%
43
88
*278
14%
*22
27%!
15'4
4%
3%
*17%
18
102% 102%
l7%June 10
7% Jan 29
per
3
24% Feb 17
10% Apr
23%
20%
98%
41
27
*86i2
*1114
47'2
77s
*40%
4%
18%
102%
Jan 15
June 12
Jan
Highest
share
per
6% May 22
53
4%-
15%
9712
3l4
4
*17%
8
10
share
$2 parti c pref
No par
Consol Laundries Corp
..5
Consol OH Corp
No par
Consol RR of Cuba 0% pf.100
1,900
22,800
2%May 22
May 18
14
Lowest
per
6%
$
% Aug 26
7%
1%
Highest
share
97%May 21
7%
6%
per
1
preferred
Consol Film Industries
2%
$
Range for Previous
Year 1939
No par
$5
1,500
6
*5
8634
70
*66
27i2
40i8
Consol Edison ol N Y..No par
800
%
49%
22%
22%
4%
45g
28
40%
27
107
%
8
102
1
No par
12,600
10
2%
*»!«
43
4%
26%
107
Corp
20,100
6%
*1%
99
*22
85
6%
1%
21%
9778
19l2
9778
*82
6%
6%
5
19%
85
Aircraft
7% preferred
..100
6H% Prior pref
100
Consol Copperralnee Corp
5
2%
*175
19'2
Consolidated Cigar
1%
5234
5
5%
Consol
1,300
6
%
5
3,800
10%
75%
10%
*2%
5018
*®1«
23
23
*72
6%
Ctfs of deposit
100
12%
77%
10%
No par
10
12%
134
4%
414
*17%
18%
*102
102%
14%
14%
180
»
"16
Congress Cigar...
234
6i4
6%
59
5is
1,400
22%
10%
22%
24%
20
».«
1«
13%
*72
*1%
19%
*478
13%
*2%
24%
52
14%
12%
8
25
*175
Congoleum-Nalrn Inc..No par
8I4
203s
5978
50
5278
2,200
27%
27%
2712
10718 £106% 107
%
■
34
1912
59l2
5812
3%
17%
*82
25
50
190
*12%
912
9%
10%
1
1
7j
83
83
83
4078
39%
40%
116% *115
116%
65s
6%
6%
36
361.4
36%
334
3%
*3%
1878
18%
18%
3978!
CondeNast Pub Inc...No par
*2%
17%
3%
*13%
678
Lowest
Par
18
8%
1458
82%: *81
36%
334
1818
233s
1878
5812
4934
*58
18%
1912
10212 102i2
*8H4
83
39l2
39l2
4034
*115
11612 *115
116i2 *115
*6'8
6i4
6%
6i4
65S
*35%
27
34
83g
*212
6%
*138
234
6%
85s i
638
107
*%
8%
8%
*8%
1058
*107l2 108
%
*%
23
634
2714
27
27i8
107
*12i8
Friday
4% Jan
4
Jan
9
3
1
5
8
40% Feb 14
22% Jan
Ex-rlghts
5
2%
Aug
% May
6% NOV
1% Jan
Apr
27%
Oot
82% Sept
89%
Feb
17% Nov
23% Nov
27%
40%
Dec
21%
Dec
18%
Apr,
16% Sept
T Called for -ademption.
New York Stock
1856
LOW
AND
HIGH
HALE
PRICES—PER
SHARE,
Record—Continued—Page 5
CENT
NOT PER
1
Monday
Sept. 21
1
Sept, 23
Tuesday
Sept. 24
9 per share
$ per share
$ per share
*15
1534
*92
95
*41
43ig
15
147g
15%
1
Wednesday
.
Sept. 25
|
$ per share
15%
*15%
*15%
1534
94
94
94
94
93
93
91
*42
44
43
43
44
44
*42
16%
16%
16%
16%
EXCHANGE
j
Sept. 26
$ per share
STOCKS
NEW YORK STOCK
the
Friday
Sept. 27
% per share
Shares
Range Since Jan 1
On Basis of lOO-Share Lots
Week
j
Thursday
1
'
Sales
for
Saturday
Lowest
Par
15%
500
90
90
700
6% preferred series A—100
*42
15%
43
200
First National Stores...No par
*15
927* j
44
Firestone Tire A Rubber..-10
16
16
161g
16%
32i2
32i2
22i2
33
33
*32
33
*32
33
*3134
33
*31%
33
200
FUntkote Co (The)
Florence Stove Co
X22
22
*21
23
*21
23
*21
23
*21
22%
100
Florshelm Shoe class A .No par
6%
2478
6%
3,000
*20
2478
100
*2U2
7
68g
....
6%
6%
6%
22
6%
6%
*21
22
27
267g
26%
2614
27%
27%
2734
10fli2 *106
106% *106
106% *106
106%
14
1414
1434
14%
1434
14%
16%
*91
94
94
101
95
94
98
100%
*278
*3
*3
3l2
*27g
3%
3%
3%
*20ig
27%
*106
106
14
30
*26
32%
*2
2%
*1234
*26
32i2
2i2
25g
1334
*18
19»4
*98i2 100
478
30
30
30
33
3234
33
33%
2%
2%
234
234
14
1334
20
19i2
*98l2 100
5'g
5U
*1014
1U2
*47
62
514
*98»2 104
12
1112
48i2
7
*6%
*135
4
37g
6I4
6*4
147g
1514
6934
71
*18
7
18'g
6%
16'2
72i2
18'g
*109l2 11U2
34%
337g
110
678
17
100
40
F'k'nSlmon&Co lno
327g
2%
2h
15%
170
5
Gannet Co
5%
*11%
13
*11%
50%
*47
5
*99
104
*99
104
50
49
50
49%
6%
67g
137
*137
4
4
634
4
Mr *
5
*47g
*0%
7,200
67g
3,900
30
7
General
3,900
1,600
6
7
7
7%
6%
'
18
17
17%
17%
16%
74%
*68%
7234I *67
72%
1
18
18
*17
18
18%
17%
*110
114
114
110% 111 1*110
35%
40%
357g
!
40%
35%
40%
35%
Class
1,000
110
41
4034
40%
4034
40%
40%
*114l2 1167g *114% 1167g *114% 11678 *114% 1167g *114% 1167g *114% 1167g
7ii
716
%6
*%
%
7i«
*3g
716
%
%
%
%
2,700
40%
*25
40
*26
40
*28
40
*28
*43121 46i2
4%
43«
7'g
7%
*107
108
13
13%
103
103
129
88
12934
129
16
4878 .49%
127
127
48%
'
600
129
2'g
2'g
2i4
2%
34
39
*20%
10
203g
10
2%
2%
90
*85
1234
13
13
5534
90
*56
*78
16%
83
*317g
50lg
*33
*2
2
40
3
3634
634
58
14%
*42
*32%
General Tire A Rubber Co
14
14
*42
43%
42
42
2
*2
90
*85
*78%
83
*2
2%
45
$6
4)4% conv preferred
12%
2",200
*56%
16%
66%
56%
900
16%
16
16%
8,000
81
78%
78%
200
*134
2
*U8
2
100
45
*32%
45
%
»I0
%
»i«
%
»n
»16
»16
53s
578
5%
534
5%
5%
*11%
12%
12%
1434
255g
*20
134
*34
3034
113g
3334
34
*22%
24
50
*34
*22%
1458
27%
20%
134
31
113g
11%
11%
11
*1034
18
18%
1?8
193g
*1%
14%
2%
10'g
214
10
50
*31%
31
134
*34
60
3034
*15g
214
24
35%
24%
15%
283g
20%
1434
15%
27% 2 8%
20% 20%
2012
134
*132% 134
18
10
35
1434
207g
*105g
*1312
34
31%
113s
11%
11
11
18%
1%
15%
2%
10%
11
*1734
*1%
15
10
17
*15
17
*15
103
103
*101
2l2
634
95
212
*99i4 103
*126
634
*85
2%
100
150
*126
67g
634
*85
234
a934
33
*32
1334
17%
1634
*34
31%
11%
11%
11
15%
2
*U8
2%
9%
9%
1,600
934
33
33%
1334
1634
22%
150
678
95
*6%
*85
*9%
33
*32
13%
*16
934
33
*31%
33
*32
13%
"766
1534
300
10434 10434
290
150
67S(
95
2%
234
*9978 102%
8%
834
1534
21
21%
*126
678
150
21%
*126
7
87%
87%
2%
2%
*634
*85
2%
7%
2%
*99% 102% 102% 103
834
87S
8%
8%
884
834
94
94
94
*9234
*93
95
93%
93%
*93%
95
*150% 164
*150% 164
*150% 164
*150% 164
*150% 164
*1534
I684 *15%
16% *16%
16
16%
16
16%
16%
1534
1534
80
80
82
82
8134
8284
*80
83
82% 82%
80
81
*12714 130
*127% 129
*127% 129
*128% 129
128% 128% *128% 130
884
*92
834
94
60
*1067g 112
*1334
*29
*7
*10i4
103
457g
*34
1478
3C'g
712
10l2
103
46
35
13
13
58
59
*58
63
*57
6%
4
4
4
*3U4
32l2
3234
"ii
"16
*34
414
*3%
33%
%
4%
18%
4
4
18
37g
*l2
*
37g
•11
*57
61
*57
18
4
%
*104
»ii
108
*104
6%
37g
378
33%
33%
h
34
*18%
4%
1834
*3
4
%
%
334
33
33%
*34
*3
*18%
37g
%
Bid and asked prices; no sales on this day.
33
33
32%
3278
»i«
»i«
%
*%
4%
1834
4%
*3
18%
18%
18
37g
*37g
4
%
%
*3
"11
Aircraft
10
Corp
6,600
300
3,900
200
1,100
X In receivership,
5
June
118
May 27
l'4May 15
4igMay 15
1134May 24
48% Feb 6
l234May 23
102
May 21
26% May 21
36
May 22
llligMay 22
i4May 17
100
Water
25
25
10
No par
preferred
100
preferred
100
Jan
Apr
June
1
%June
934June 10
86i2 Jan 15
Hercules
2,500
600
Jan
Apr
Dec
11
Mar
Sept
212
149
Mar
18
I784
Apr
35
Jan
43
Apr
75
Jan
16
Dec
25U
Jan
106
Oct
31
Apr
365g Jan
IO784 Sept
Dec
Jan
72i2 Jan
125i2 Dec
363g Apr
112
Sept
7
Mar
105
Apr
Us Jan 11
Sept 25
>4 June
1212 Sept
85i2 Aug
i2 June
4
%May 15
«ii Apr
2
13l2 July 23
May 21
18i2 Apr
3334 Jan
5
14
4
10
153a Jan 11
I9is Apr
12l2 Aug
20
July 22
14 May 21
1634May 28
734May 23
1378May 28
98
Feb
9
10%May 22
3
Sept
9
337gMay 21
4igMay 21
43 May 22
11
May 21
407gSept 25
2434 Mar
7
133g Jan
4
23i2 Apr 27
106
May
1
233g Jan
4
634 Mar 6
6178Mar 14
9
3
Jan
58i2Sept25
1934 Jan
4
—
12i2May 22
June 11
69
134May 15
25
May 22
i2May 14
4%May 22
9igJune 7
6%June 10
10 May 18
26 May 21
2U4May 29
llSgMay 22
I5i4 May 21
18%May 22
Sept
16
Apr
Apr
8is Sept
10i2 Aug
97i2 Nov
15
153g
Apr
Apr
Oct
6U Aug
43
Sept
14
Sept
34
May
684
435s
3
1634
3684
25i8
183s
287g
2912
Sfo
Class B
par
No par
No par
100
v
t C..25
Dec
i2 Aug
45g
Apr
14% Dec
984 Dec
10
2484
227s
Apr
Jan
Jan
12i2 Apr
I6I4 Apr
235s Aug
6
24U
14% Apr
3
10
9
May 29
2
Sept 24
9i2Sept27
29%June 6
30 May 20
9%May 21
lOUMay 22
lOOi4June 18
95
June 25
l6i2May 23
130
May 27
l2i2May 23
76%May 23
I26I4 Aug
60
12
Feb
6
Jan 29
Jan
129i2 Sept
42
May
Jan
Apr
preferred
100
100
334
1,900
%
*16
3,300
Hupp Motor Car Corp
Cash sale,
1
x
18
I30i2 Mar
44%
Jan
99
6684
9
67s
i2May 14
Ex-div.
y
Jan
1078 Jan
11U2 Nov
1«4 Sept
28
Jan
92i2
Apr
Jan
l5g
20U
41
Jan
Jan
151 j
Oct
43«4 Sept
20i2 Nov
I5i2
18
Jan
Nov
99i2
Feb
275s Mar
8% Jan
54
Mar
1378
Jan
66i2 Mar
24i2 Jan
47
Mar
384 Mar
278 Jan
86
Nov
2484
Jan
74% Mar
388g Jan
10984 Jan
53g Sept
80
Mar
li2
1078
16is
10%
22i2
Nov
Sept
Sept
35
Aug
25
Aug
Dec
Deo
2212 Sept
33«4 Sept
37U Sept
14 U2 July
5312 Deo
3512 July
2D4 Mar
12i2 June
!i
—.
6
Sept
36
Sept
29
May
2
106ia Jan 12
9
105i2 Mar 30
28I4 Jan
138
Apr 12
96
17
123
Jan
Apr
Apr
Apr
May
Apr
Sept
3214 May
38
Nov
I884 Dec
18
Oct
105
Oct
103«s Nov
3312 Sept
144
May
Feb
10%
71
Jan
92
2
Apr
93
Apr
4«4 Nov
12U Deo
47s
9is Apr
Apr
4i2 Apr 16
113U Jan 29
Oct
Nov
13is May
85s Apr
100
Sept
117
Mar
Mar 20
148
Oct
167
June
21l2 Apr 22
100i2 Apr 9
10
Apr
Apr
11% Apr
Jan
67U Apr 16
HSU Jan 9
34 Jan 3
2%May 22
May 24
3 May 15
Feb
38
Apr
5
Jan
I33i2 Jan 30
12
Oct
120% June
23
8
Aug 15
July
12884 Dec
9
2014 Feb 19
17
Jan
477g Aug
1185s July
U4 Jan
65i2 July
17
3414 Apr 22
37
Jan
Apr
is
18
June 11
28
...5
Hudson A Manhattan
r
67
4
166
6
preferred
Howe Sound Co
Apr
Nov
27s June
17«4 Jan
Jan 12
10
Houdallle-Hershey cl A.No
Household Finance
2Us
87
35i2 Apr
May 22
93gMay 22
155
100
12.50
Mining
Apr
23
110
No par
preferred
Jan
63
55
12i2 July 16
19 May 21
414 July 15
8
May 21
103 May 13
35 May 21
28
May 22
8'4May 21
54i2May 22
103
Aug 24
33gMay 22
Holland Furnace (Del)
Hollander A Sons (A)
Holly Sugar Corp
Apr
142
100
Houston Oil of Texas
Apr 8
Apr 8
July 17
Ja'n 8
Apr 24
Jan 2
Jan
June 13
947gMay 21
New stock.
4
10%May
2is
17#
27i2 July 30
par
n
147g Jan
June 11
1
No par
7%
9i2 Apr 10
86
25
Corp
6% cum preferred
..100
Chocolate.__.No par
Homestake
3% Apr 11
Sept 19
July
5U Sept
Apr
3
19U Jan
104
Jaa
Sept
Apr
314 Sept
Jan
9
I03i2 Mar
65
Jan 10
110
25
2
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par\
a Del. delivery.
10
104
Hercules Powder
6%
"MOO
96
28
68%May
714 Apr
5%May 21
No par
6%
"2,166
_
127igMar23
83%June 27
2
Aug 16
897gJune 6
7%June 10
Motors
2,800
400
5638 Apr
1
Hazel-Atlas Glass Co
10
300
Jan
39
130ia Jan
6
100
Jan
Jan
i2
44
101
32i2June 10
3i2June 10
6i2May 21
7is
% Jan
Sept 19
Hlnde A Dauch Paper Co... 10
200
49% Apr 16
118% Jan
100
$4 conv preferred
5,400
"
15i2 Sept
10414 Dec
I884
9
Jan
Jan
Sept
3U Sept
67g Sept
I85g Oct
52
117g Jan
29% Apr
Apr 24
197g Apr 16
117J2Mar 29
65
36
45l2 Aug
6l2 May
71s
87
Jan
2984 Jan
9084 Jan
978 Sept
Apr
128
Jan
37i2 Sept
x9% Sept
418 Sept 23
41
July
Apr
3»«
8U Jan
145
Apr
July
40
Mar 20
6714 Jan
35s Apr
30i2 Apr
214 Sept
IOI4 Sept
Herahey
1,100
734 Apr
104
77«4May 21
118 May 28
37%May 28
116 May 22
28
Jan
108i2
25% Apr 29
384
%
94
36%May 25
6%May 22
1% Aug 22
11
May 21
Helme (G W)
4%
18
14i2 Apr 24
61
May
l434June 26
preferred
Hecker Products
10
"""066
94
1
Preferred
""306
9
105% Mar 27
June 14
8
Sept
Apr
712 Aug
4
Sept
No par
6)4 % preferred..
Hayes Mfg Corp
107
*104% 107% *103% 107
334
334
3%
3«4
384
preferred.
Hat Corp of Amer class A
61
113% *108
112
113% *108
*108
112
*108
112
1478 *1334
1478 *1334
1478
*1334
*1334
1478
147g
30
30
33
31%
31% *3134
*3134
32
31
31%
7%
7%
7%
7%
738
7%
7%
734
734
734
*10
10%
10%
10%
*10%
10%
*10
10%
10%
10%
*103
*103
*105
*103%
*105
46
46%
46%
4678
46%
4634
46%
46%
45% 46%
34%
34% z33% 33% *33
*33
33
34%
33
34%
13%
13%
13%
13%
13%
13%
13%
13%
1278
13%
60
60
60
59%
*59
59% *5878
61
*58
59%
108
*33g
01
1
l",306
"
10
2
Apr 30
20
65g Apr 22
100 zl23
1,900
*1334
*104
*1734
*57
20
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
*108
*10412 105
*35g
61
10
preferred
Hackensack
*15012 164
*5414
No par
No par
7% preferred class A
21%
95
dlv ctfs.No par
Hall Printing Co
Hamilton Watch Co
20
150
w
Gulf Mobile A Ohio RR No par
$5 preferred
No par
300
*101
10434 10434
1
6
8%
33%
*13
1634
par
No par
No par
100
Guantanamo Sugar
33%
13%
*101
*104% 10434
21%
2134
*126
2
preferred
Grumman
1,700
2
conv
5)4 %
900
15%
li2
May 21
par
14%
18U
45
par
Greyhound Corp (The).No
100
11
27
9
13% Apr
9,200
*1%
14%
66i2 Aug
li2 Apr
6I4 Apr 24
20
Aug
70
100
Ug
2i2 Jan
Apr
14
90
Green Bay A West RR
Green (H L) Co Inc
"
*1%
6i2 Apr 18
32% Jan 25
3834 Apr 15
21
l03i2 Apr
20% Apr 4
69i2Mar 7
2478 Apr 4
97U Feb 21
4ig Feb 8
7U2 Jan 9
1U Jan 30
V.666
11%
30%
9
July 16
Preferred
30
31
31
Jan
May 21
Great Western Sugar. .No par
1,500
50
Us
*101
2%
278
*9978 102%
834
834
100
2
14
10458 105
95
60
""296
*15
*65g
*34
14%
33
*85
3134
11%
20
20
20%
20%
*132% 134
*132% 134
35
107«4 Apr 4
2U4 Apr 29
101
Sept 23
May 21
Gt Nor Iron Ore Prop..No par
Great Northern pref
No par
134
33%
150
29,500
■
Oct
10
Without dlv ctfs
"7", 800
50
25
77
5%
1434
267g
May
1
Granite City Steel
Grant (W T) Co
24
14%
26%
17%
*32%
*126
*22%
15
27%
17%
*32
2134
31%
11%
24
1434
27
*20%
*132% 134
*34
*22%
15
2734
20%
*1034
33
2I84
24
11
33%
14%
21%
1,500
18
*32%
*104% 105
34%
*1034
*32
2078
34%
*17%
14
205g
3434
17
3Ua
Sept 25
3«4May 28
45t2June 14
3%May 21
Aug
July
4ig Apr 22
Grand Union
18
33
*10414 105
3434
22
51
38
4458 Mar 26
Granby Consol M 8 A P
200
3434
June 19)
25U Apr 4
7
Sept 23
2512 Sept
105i2June
25
May 21
Graham-Paige Motors
1,000
11
33i2
*103
9%
107g
17%
*32l2
.
9%
107g
*1%
14%
*1384
14
*11%
1U8
*1078
*31
14
12%
9%
117g
0%
1%
2%
*934
27
*11%
*9%
12
183s
15
2
*11%
*9%
11%
34%
*22%
14%
97
21% Apr 5
38U Mar 26
Apr
Jan
Apr
Sept
Apr
15
May 22
95
3,900
1212
9l2
534
12%
9%
12
24
28
14
2% June 11
lO%May 21
12
May 21
2% Aug
20 May
2434May
ll2May
38is
2
2
Gotham Silk Hose
33,300
5%
*11%
5
June
9%May 21
61 May 22
17%
9914
Jan
46
2
Preferred...
•1.
12
18%June 10
102
3
Jan 24
21% Jan
106
Highest
share 9 per share
per
30
5% preferred
No
Goodyear Tire A Rubb. No
12%
55
®i«
12
6% Sept 23
Sept 25
22
share
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
90
12%
5%
*9%
2434June 10
19 May 20
per
Year 1939
Lowest
1
Goebel Brewing Co
»16
12
l2%May 21
May 21
$
Ranoe for Precious
60
Gobel (Adolf)
1,000
5l2
*9%
No par
2,000
'16
12
..No par
2'g
5i2
*1U4
*914
*1U2
3334
*2212
5%
12%
9%
12%
No par
preferred
Glldden Co (The)
100
6
No par
conv
2%
*32%
56%
16%
preferred
Glmbel Brothers
1,500
*78%
56%
$5
share
32i2May 22
10%May 22
Gillette Safety Razor_.No par
900
14%
12%
100
1:266
*14%
127g
preferred
4,500
800
89341
20
3%
9,600
2%
Telephone Corp
3734
678
127g
*32%
6%
58%
13
16%
100
58%
2%
No par
1,700
678
2%
*85
preferred
General
58%
2
*85
$6
No par
General Shoe Corp
1
Gen Steel Cast 16 pref ..No par
Highest
84
No par
Gen Theatre Eq Corp..No par
Gen Time Instru Corp. No par
678
2%l
No par
1,100
58%
2%|
preferred
General Refractories
12,410
67g
*2%
1
Railway Signal
No par
6% preferred
100
Gen Realty A Utilities
1
300
58%
14%
4478
*2
3%
37
No par
Gen
1,900
3
3734
684
37
56%
16%
45
3
3%
37
10
No par
Gen Public Service
120
16%
16%
10%
17%
16%
25%
25%
257g
25%
257g
11
11
11%
11%
*1078
40
3734
4078
3834
36%
3734
20
*20%
20%
20%
1934
20%
10
10%
10%
10%
10%
97g
*18
*1834
19%
19% *18
19%
*100
104% *100
104%
104% *100
1234
1234! #12%
1234|
12% 12%
2
16%
2%
16
4,800
716
3g
'16
100
Common
200
13%
106
*11
8334
1258
56%
167g
2%
2%
716
preferred
General Printing Ink
80
500
5534
83
600
600
2,700
7ie
No par
Gen Outdoor Adv A...No par
25%
*55l2
16ig
1014
86I4
2%
1278
*104
pref series A.No par
300
*15%
*12%
*2
1334
104
preferred
900
12634 127
16^8
26%
11%
2534
*11%
2%
*83
13%
104
100
General Motors Corp
$5 preferred
♦155s
2%
214
13%
104
No par
Electric Co...No par
conv
6%
73,500
*3g
19
19
*18
19i2
19%
104I2 *100
104% *100
104%
1278
*123g
125g
1278
1238
1234
3
3
3'g
3'g
3%
3%
*37
37
37
37
38i2
3734
67g
684
684
7%
634
678
57
57
57
58
68
57%
14lg
14ia
14'g
14%
14%
14%
*42
*42
447g *42
4478
4478
2
13
104
100
General Mills
300
487g
par
No par
No par
Gen Gas A Electrlo A..No par
1,100
887g
6
General Foods Corp..-No par
38
7u
*18
*8212
*28
8834
*3g
*100
90
I
38
47
4634
*43
*43
48
46
*46% 4778 *44
47%
4l2
4%
*4%
478
*4%
4%
4%
47g
4%
4%
7
7'g
7
*7
7%
*7
*7%
7%
7%
7»g
*100
*100
1O012 107
108
108
*100
*100
108
108
*5g
%
*%
h
h
%
%
*%
34
*%
*5g
34
*12ig
12i2
12% 13%
*100l4 103
*100% 103
*ht
716
716
%
*15%
16i2 *15%
16%
25
2434
2484
26%
IU4 *11
IU4
11%
32
3U2
293g
36%
*20
2012 *20% 20%
10
9%
95g
934
*83
8834
A
General
1
90l2 *8812 90% *88% 90%
89%
89%
*129
130
1297g *129
1297g *129
129% 129%
48i2
487g
4834 497s j
49% 4978
49%
4934
12612 126i2
12634 126 V 12634 127
*12634 127%
Bronze
$4.50
,
40
*25
*88l2
No par
7% cum preferred
General Cigar lno
7% preferred
35,000
40
34%
per
6
Corp
General Cable Corp..-No
7,600
17%
7234
60
9
3
Gen Amer Investors
1,100
37g
334
16 pref No par
16 preferred
No par
Gen Am Transportation
6
General Baking
6
18 preferred
No par
1,800
*137
■«<#
4
conv
Gaylord Container Corp
5)4 % conv preferred
50%
5
I
49%
1
10
No par
Gar Wood Industries Inc
2,400
1,100
1234
*47
(Robert)
$3 preferred
Gamewell Co (The)
*98% 100
35%
40
.
Galr Co lno
1,900
1,700
5
No par
7% pf.100
Co
10
Gabriel Co (The) cl A ..No par
500
19'4
No par
conv
Free port Sulphur
2,800
'
137
18%
73%
*18%
18%
110
110%
35%
3.534
%7
10
preferred
Francisco Sugar Co
30
234
*9834 100
4conv pref
Foster-Wheeler
360
18
19
5
50
3
10
.100
10
100
5% conv preferred
Food Machinery Corp
8,100
*15
14%
187g
12%
50%
5%
634
3
14%
5%
104
49
4%
7%
16%
3534
5%
*99
138
67g
*99
*47
73
73%
18%
no
34%
1234
4
4%
*18%
5%
12%
5%
5%
*98% 104
49% 49%
678
678
137
....
4
2%
*2%
*234
*27
No par
No par
Follansbee Steel Corp
1,600
15%
*27g
2%
23«
28%
100
32%
3
5%
98
30
15%
19%
99%
52
*47
5%
*98i2 104
49i2
49%
*684
*136
5%
95%
33%
*14%
100
12%
52
5
•
48%
*99
95%
3
2,100
106%
15%
*27
27g
'
*106
16%
*33
3
1
27%' *27%
106
1534
3
157g
*6%
3334
23g
1434
1934
15%
30
33
2%
2%
14
*18
5%
*47
*5
*2%
*27
16%'
16
Sept 28, 1940
18«4 Jan
4
35U Apr 4
77, Mar 4
161* Apr 20
110
Mar 30
6OI4 Jan 12
38
Apr 13
I6I4 Apr
711* Apr
lll%May
67s Jan
60% Feb
15
25
13
3
21
1% Feb 20
7i2 Feb 20
63
128i2 Apr
100
Sept
Apr
Sept
Nov
Aug
115
May
110
1484
2914
5*8
8%
95
47% Sept
27
Apr
884 Apr
60U Oct
102
Sept
4i2 Sept
40
%
Apr
Dec
27g Sept
6i2 Feb 17
43g July
»4 Aug
1
Ex-rlghts.
Jan
2
135i2 Mar
65i2 Aug
Jan
2U4 Sept
Jan
10U2 Sept
54
5
27
185s Nov
July
19
Jan
51
Jan
118s Mar
2U4 Sept
Oct
66I4 May
36is Mar
17U Jan
73U July
11034 Aug
98s Sept
67
Sept
184
Jan
5i2 Jan
3684 Sept
878 Jan
2>s Jan
T Called for redemption.
I
Volume
New York Stock Record—Continued—Page 6
151
HIGH
AND
Saturday
Monday
Sept. 21
Sept. 23
$ per share
*7%
15%
Tuesday
Ranye Since Jan. 1
8
$ per share
8%
15'2
*3l2
1534
16%
42
42
16%
42
42
4
4
*4
*5%
*512
6
*2212
24
*96
97
97
*14812 157
*84l2
85
150
5%
97
4%
5%
5%
4%
*5%
24%
5%
24%
24%
*97%
85
85
87
87
10
10%
11
*5%
10%
6
10%
6
234
*25%
234
26%
*2%
25%
2%
26
108% 108%
108i2 IO8I2
3
812
^
8%
109
109
*2%
4%
534
*5%
6
26%
1,000
98
99
900
150
150
85
85
900
978
10%
578
578
*25%
26%
*109
134
25%
48
*258
9
8%
3
8
1%
134
1%
134
1%
25
25
25
25
25% 25%
156% 156%
47% 48%
4878
100
3
8.%
9%
155
4534
21,200
2,600
4634
1,400
7,400
14,900
4134
43
*34i2
37i2
30i4
2112
*30 i8
21is
*95
43
43
4234
4234
*40%
4234
*34%
37%
*3434
37%
*35
37%
30%
30%
2934
*21%
30%
22
23
*21
*95
10212
*95
102%
2%
*2U
2i4
2i2
2%
*2%
8
8
*81
87
*81
89
634
*6i8
*26
*123%
13
70
13
46
46
70
*126
8734
*12i2
*118
88
13
13
...
*4%
*1634
*12
*95
18'2
1278
100
*8i2
*14
14%
6%
6%
*100i4 104
13i2
2934
13%
*3534
36%
2878
*1%
*22
134
23%
25%
*234
25%
*25%
*31%
26%
31%
3%
8%
8
8
*86
89
*86
87
89
6%
*6%
26%
*26%
*123
6»4
13%
46%
*46%
*6%
86
6%
13%
1314
47
4678
5
*95
12%
*11%
*95
*17
18
*12
1234
*95
100
*8
834
103
5%
12%
*17
100
*8%
*98
*4%
18%
18
18
*12%
*118
*118
5
5%
834
*98
*8
*98
103
100
478
*16%
12%
*95
*8
834
103
*98
27
47%
....
13
47%
84%
12%
*12
12", 666
Inland Steel Co
Nu par
66%May 22
90X4 Apr 27
Inspiration Cons Copper...20
7%May 22
15% Apr 11
4%June11
2%May 21
21% Aug 16
6% Feb 14
6% Feb 28
9% Apr
4% Apr
2% Sept
47% Mar 20
17% Apr
t Interboro Rap Transit...100
Interchemlcal Corp
16%
*12%
6% preferred
Interlace Iron
Prior preferred..
1
1
Inter Paper A Power
3.000
100
"l'.ioo
/ 5
16%
12%
200
200
*8
Internat Rys of CentAmNo par
5%
100
preferred
14%
3,000
6%
No par
50
International Silver
*6
7%
19
19
7
17
7
*12%
1278
*18%
1234
20
1234
*18%
1234
*5%
5%
534
6%
*5%
2034
*112
*2%
*1
2%
24%
2034
*20%
2034
112% 112% *112% 113%
2%
*2%
2%
2%
1
1
1%
*3
24%
6%
25
2034
2034
112%
1234
23
23
23
20
1
3%
3%
3-%
1934
20%
11%
10%
20%
11%
3%
24
24
24%
42%
42%
42%
20%
1034
24%
4234
7
7
7
7
*10%
39
39
*98
*99% 101
188
6
6
24%
*20
24%
21
*18%
1278
*5-%
24%
20%
1
1%
Foreign share ctfs...No par
Interstate Dept
Stores.No par
100
Preferred
No par
1
3%
*11
1138
20'%
11%
*11
112
112
2%
2%
1
1
Jarvls
(W B) Co
24%
42%
7
7
6% conv preferred
100
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
10%
10%
10%
10%
*10%
29%
29%
26
3%
3%
3%
1434
1434
*14%
1434
*106% 108
*106% 108
20'
20
20
20%
*3%
147% 148%
*19
19%
57%
*28%
5734
57%
58%
58%
29
28%
28%
*28%
129
*128
147% 147'%
*19
19%
129
*128
129
58%
*58%
*28%
*129%
29
129
23%
23%
23%
24
23%
24%
26%
26%
26%
26%
26%
10%
10%
*10%
32
32%
32%
1%
*10%
11
10%
26%
10%
*31
32
31
31
*134
1%
2
1%
*5
6
*30%
*17%
17%
6
31%
17%
*13
14
13%
13%
*13%
1
%
%
4%
%
*78
4%
*4%
4%
4%
434
3134
3134
8%
28%
28%
8%
*27%
28%
*165%
*49%
*2%
50
*2%
234
*24
27%
*24
*
99%
*12%
1234
*
*51,
22%
26%
11
10%
*31
32%
1%
134
*5
No par
A Co
Kroger Grocery A Bak.No par
6
8
*7
8%
*
35
8%
*7%
35
8%
*12%
*78
*13
14
?8
1
14
11
31
31
134
134
1%
*5
6
*13j6
14
50
5%
4%
14%
14
14%
Lambert
500
Lane Bryant
3,500
600
Lee Rubber A Tire
Lehigh Portland Cement.—26
120
1,000
1,200
33
32
32%
31%
8%
29%
32
4%
4-%
9%
8%
87S
29%
29%
2934
29
28
4%
28%
*28
167
*167
4%
5%
{Lehigh Valley RR
Lehigh Valley Coal ....No par
6% conv preferred.
60
...1
100
900
22,100
5,000
30
June 10
5
May 15
33
2,700
26
87
May 22
169
June 19
16
May 22
No par
27
Refining Co...No par
9
SO .60 preferred
300
Louisville Gas A El A..No par
2,300
Louisville A Nashville....100
Mac Andrews A
6%
27%
No par
3,100
Mack Trucks Inc
3,700
Macy (R H) Co Inc
500
No par
Garden...No par
Magma Copper
10
Madison Sq
200
Manati Sugar Co..
1,500
Mandel Bros
1
No par
99
12%
*
7%
*35
8%
7%
3578
8%
sales on this day
27%
99
*12%
15%
*7%
*35%
8
J Manhattan Ry 7% guar. 100
Modified 5% guar
100
100
Manhattan Shirt
Maracalbo Oil Exploration.. 1
25
Marine Midland Corp
6
1,510
5,100
9,100
Market St Ry 6% pr
pref. 100
Marshall Field A Co ...No par
Martin (Glenn
Masonlte Corp
50
50%
2%
7%
100
21
25
8
*7
35%
35
7%
35
8%
8
7%
t In receivership,
a
1,100
1
17
May 24
20%May 21
8%June 5
21%May 22
ix2 Aug 10
Apr
Apr
24
Jan
Jan
Sept
1634 Nov
9978
18
Jan
July
100%
Dec
1484 Mar
10% Mar
99
Sept
3
138 Jan
4% Jan
2434 Apr
5
4
4
14
Feb 19
29
Jan 11
53% Jan
3
9i4 Apr 20
384
23% Sept
20x4 Apri
7
Apr
12i2 Sept
12
Jan
3i8
25
Apr
Jan
25
Mar
118
Mar
0% Sept
x4 May
314 Sept
lx4
20
9%
23
36x2
4i8
Apr
Sept
Apr
Apr
Apr
Apr
Apr 16
96
Sept
l09x2May
25% Apr
8
8
2
10
11
3
2
May
3
4% Apr
18% Jan
102
21x2 Jan
4
Oct
13i2 Jan
23i2 Jan
18% Mar
5% July
37% Oct
Apr
109
18% Mar 27
29%
Dec
Sept
41% Apr 15
2984 July
2i2 Sept
33
37% Mar 16
Oct
Aug
Jan
17
Apr 16
5
9
4
3
41
Apr 0
14% Apr 27
Sept
112
45
109X2 Apr
180%May
23i2 Apr
29X2 Jan
Dec
4
95% Sept
152
Sept
15
Apr
884 Sept
2784
Jan
13% Nov
3284 Mar
6684 Mar
10
Sept
43X2 Aug
108% Aug
109»4 Aug
180
May
19
Nov
2084 Aug
3lx2 Apr
40% Sept
10
18i8 Sept
Aug
13i2 June
29% Dec
30x2 Sept
101% Sept
0
Mar
38x2 Sept
2
Aug
I0i4 Sept
105
19>2
138
Jan
Apr
Sept
I584
Jan
47
Mar
19
Jan
32 s4
Dec
54x2
Jan
109X4 July
2l84 July
02
Jan
0i8 Sept
2214 Mar
110
2488
June
Feb
159X2 June
20i2 Mar
67
Sept
3612
Apr
3
28
Apr
35
Aug
130i2May 10
28% Jan 3
31
Apr 15
124
Feb
135
Nov
18
Aug
33%
Oct
25% Sept
43x2
Feb
12% Jan
4
11% Sept
I9i2
Jan
Mar
8
25%
40
38
Apr
Sept
Apr
6% Sept
6
Apr
7%
May 21
l4%May 21
36% Feb 28
17% July 17
9
Apr
30
6
Apr
15% Nov
ll%May 23
a4May 31
3%May 22
2%May 21
834May 21
26%June 25
6%May 21
2l34June 10
16%
Jan 17
10
Apr
10
1
Apr
2% Sept
4% Apr
3% Aug
684 Sept
14% Apr
40% Jan
32% Apr
9
5
29
21
16
15
8
15
Mar
2
63% Jan
4
24
36%May 22
2%May 22
May 23
20
4% Apr 18
lt2May
5%
47% Apr
170
4% Feb 23
30% Apr
105
17% Apr
10
May 21
May 21
111
29
400
Mclntyre Porcupine Mines..6
26
McKeesport Tin Plate..... 10
6
June 20
6%May 15
x Ex-dlv
y
3
Ex-rlghts.
2
May
30
Sept
20®4 Aug
155
Nov
4034
Apr
3i2 Sept
2434 Dec
8% Mar
17«4 Nov
45% Nov
8x2 Dec
67i2
Jan
37% Sept
July
176
6384
Oct
6% Mar
3612 Mar
105
June
Jan
10%
Apr
15i2 Aug
8
984
Jan
17% Nov
3
9% Apr 25
471* Jan
3
12% Jan
Apr
Oct
93
Feb 24
Apr
984
2812 Aug
Oct
Nov
8
Mar 29
10% Jan
17%May 21
June
Jan
8X2 Mar
15% Feb
93
3,400
r Cash sale,
8
Jan
20
38
7% Mar 11
5
stock,
Jan
4
884
May 21
4
McGraw-Hill Pub Co ..No par
n New
115
Jan
200
Def. delivery,
21% Sept
16% Jan
0i4 Apr
3534 Jan
23i2 Jan 10
Jan 25
McGraw Elec Co
2,800
24%
25
6
12
11
6
4
35
96%June 14
10%May 22
1st cum pref
McCall Corp
400
15
14%
10834
10834 *101
No par
No par
3
9
9i2 Jan
60
No par
No par
McCrory Stores Corp
1
6% conv preferred..... 100
J0
99
*12%
preferred.
Department Stores...10
Maytag Co....
$3 preferred—
27%
*
No par
..No par
May
2,100
12%
12%
15%
1
29% Jan
34X2 Apr
May 18
100
*25%
no
preferred..........100
Feb 20
2534May 22
128
Sept 4
38
June 12
27%
Bid and asked price:
10
160
*24%
7%
Forbes
10
23
17
31
28%
*2%
*25%
8%
...100
10
100
preferred
(P) Co
7% preferred
6%
Lor 11 lard
May 15
13%June
105%May
1834May
138%May
15%May
June 10
50%
36
26
Feb 16
40% Jan
A...No par
Loose-Wiles Biscuit
3,200
*167
12%
4
109i2 Apr
39i4 Apr
June
21
2%
Apr
Sept
85
26
3
2
No
Mathleson Alkali Wks.No par
167
90
8
Apr 18
15%May 21
29
Long Bell Lumber
280
10%May 21
22% July 3
20%May 21
97
May 22
par
Lone Star Cement Corp
May 21
May 15
1,700
1,500
50%
7%
.1
13%May 21
5,500
2%
*25%
8%
No par
Loft Inc
300
300
May 28
May 22
100
Series B
500
"6", 500
87
Lily Tulip Cup Cor p..No par
Lima Locomotive Wks.No par
200
25,600
8%May 23
May 15
3%May 28
l6%May 21
l5%May 22
l00%June 10
l%May 23
s4 Apr 17
2
May 17
15% May 21
9%May 18
18%May 21
12
7
...6
Liggett A Myers Tobacco^.26
Libby McNeil A Llbby
Life Savers Corp
Preferred
3,000
May 21
Llbbey Owens Ford Ql.No par
1,200
"""206
4
8%
50%
36
No par
Corp
May 21
29%
234
*12%
15i2 Jan
28%
50%
8%
Feb 23
97
*2734
*2%
99%
109
*29
50-%
8
9
8%
2934
51%
2%
8
6
4%
8
Apr
15i2 Jan
L) Co
Martin-Parry Corp
50%
*2%
878
100
60
4% conv preferred
5-%
14%
31%
31
12-%
...No par
...6
400
14
14
1234| *12%
..100
No par
preferred
Co (The)
900
6
*1234
%
4%
5%
1
14%
*167
35
Laclede Gas Lt Co St Louis 100
500
16
15%
15%
15%'
15%
16
*15%
15%
108-% *101
108% *101
108% *101
*10134 10834 *101
25
25
25%
25%
25%
25% 25%
2434
2434
*34%
10%
33
4%
*4%
28%
27%'
2234
26%
2534
*10%
478
9
2%
10
200
-
22%
23%
26%
412
28%
51%
28%
17%
99% *
1234
26%
*130
32%
29%
....
24
26
...
58
57%
z28%
14%
9%
50
23%
*130
58%
29
4%
28%
29%
*165%
...
*2878
11
Kress (8 H)
Lemer Stores
*4%
14%
14%
33
28
14
17%
434
14%
31%
4%
14
29
5
20
Jan
lli2
300
3,300
31%
6
31%
18
*5%
*30%
*5%
*30%
1%
1%
58
58%
Jan
7% Apr
6I4
600
14%
14%
14%
14%
27%
28%
28% 2878
24% 25
25% 25%
10234 102% 103% 103%
20%
20%
20%
2078
36
361
36%
37%
*3%
3%
3%
3%
*3%
3%
*3%
3%
*15
*15
16
15%
15%
15% *1434 15%
*106% 108
*106% 108
*106% 108
*106% 108
19%
20%
20% 20%
20% 203s
20%
20%
150
153
153
150
150
150
*150% 155
*19
19
*19
19
19%
19%
19%
19%
4
Jan
Apr
10% Sept
Lehman Corp (The)
Lehn A Fink Prod Corp
*14%
14%
14%
14%
14%
14%
29
29%
29%
30%
30%
25% 26%
2534 26%
26% 26%
102%
*10178 10234 *101% 10234 *101% 102% *102
21
22
22%
20%
21
21%
22%
21%
37%
37%
*36% 37%
3678
36%
36%
36%
14%
28%
*2534
Sept
117x2
518
Mar 15
121
I9i2
I2I84
4612 Sept
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
Loews Inc
No par
10%
June
83
Apr
4
Apr
Apr
600
*10%
133
Apr
13
Apr
Apr
Lion Oil
24%
34
Aug
10
June
900
24
34%
Sept
35
79
10
25
34%
69
122
91%Sept 23
28
*9%
24%
341
77X2 Jan 4
132
Jan 15
June 10
3
10%
24%
34
Oct
Jan
105
103% Apr 10
35
23
3334
18
87%June 20
10
22%
3334
*20%
Mar
Sept
13
3
A ..No par
No par
*34%
22
20%
Jan
Mar 27
26%
Copper
10%
20%
20%
17
62
Jan
32»4 Sept
125
Apr
Kennecott
Link Belt Co
*175%
119i2 Sept
28
Jan
June
10»4
Apr
900
100%
188
Mar 13
127%May 14
87
Aug
34
103
*177
Sept
7% Nov
18
Apr
9
5
34
*101
76
Apr 10
8% Jan
7X2
34%
103
188
Feb
17% Apr 23
20%
*23%
103
*177
9%
1434
19% Apr 23
10034
100% 101%
101
*175% 188
188
21
20% *20%
*22
23%
24
103
90
Jan
Sept
7% Aug
Dec
2,900
1,300
188
4
100
4,400
2434
101
478 Jan
10% Jan
30i2
42%
*177
Dec
9%
434May 22
1,300
40
107
8%May 21
4,800
100
Jan
3% Sept
1
Class B
3
*38
84
Apr
42
43
Oct
102% Apr
434 Jan
Apr
2434
100
33
1%
7
100
Apr
12%
42%
*38
Sept
40% Sept
19
20
25
43
60i2 June
2% Jan 24
3ls4 Apr 8
*6%
102%
38
Jan
2784May21
l%May 22
-7%May 20
19%May 23
2
May 21
22% Aug 13
23%May 22
180
42%
*39
29
Jan
Dec
May
Jan
28
May 21
Jan
6i4
31% May
June 21
95
Jan
May
1434
67%
25X4 Aug
3X4 Jan
39x2 Jan
5% Jan 24
June 10
65®4
138
Kimberly-Clark
No par
Kinney (G R) Co
1
45 prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores
l
200
400
25
*100
50% Feb 6
37% Apr 12
36% Jan 5
Apr 29
73
Aug
Jan
Sept
14% Feb 9
40% Apr 18
6%
43
0%
3
8i4
10
38% Jan
25%
101
Dec
Sept
Apr
6%
10
42%
101
35
123
117%May 28
3%May 21
11
May 23
9
May 23
92
May 21
7%May 21
City P A L pf ser B No par
City Southern.No par
4% preferred
...
100
Kaufmann Dept Stores
1
Kansas
20
11%
634
4
Jan 11
21%May
44
10
Kalamazoo Stove A Furn
3
6%
38% Jan
133
3
122%May 22
48%May 15
9%June10
100
Preferred
Jones A Laughlln St'l pref. 100
17% Sept
3
9
No par
Johns-Manvllle
166% Aug
24%May 21
42%
*25
June
Sept
3% Apr
2% Aug
5
Jan
7
34% May 22
1
Jewel Tea Co.Inc.....No par
1934
*11
142
Oct
•
Keystone Steel A W Co.No par
600
*39
20%
18%
1234
534
24%
20
12%
534
24%
19%
3.%
20%
43
*19%
18
1
3%
20%
*3%
7%
Jan 23
5% Jan
14i2 Apr 20
122
preferred
Kendall Co $6 pt pf
35,000
1,400
634
24%
4234
*20
*6
7%
19
1278
6
25%
20%
20
*19%
*14
*6
112
112% 112% *111
2%
*2%
2%
2%
99% 100
*39
99%
*177
*11
7%
20
12%
*1
1
3%
20
20
*6%
*18%
*1234
171
l%May 15
l%Ma; 15
4.%May 21
74% June 11
5%May 21
20%May 23
'
*6
May 25
97% Jan 15
7% preferred
100
Telep A Teleg...No par
Inter
1,700
1334
1334
14%
14%
14%
14-%
14%
14-%
14%
6%
6%
6%
634
6%
678
7%
6%
7
*100% 102
*100% 102
*100% 102
*100% 102
*100% 102
30
29% 31%
31%
30% 32
30%
31%
31% 3178
14
14
14
14
13%
14
14%
*13%
14% *13%
37
*3534
*36%
38
38
*3534
36%
35%
35% *34
1%
1%
*1%
134
*1%
134
*1%
134
158
158
22%
22%
*22%
23%
22% 22%
*2234 23%
2234
22%
25
2.5%
25%
25%
25% 2538
25% 2538
24% 25%
2 34
*3
*3
3%
234
*234
3%
3-%
*234
3%
*26
26%
26% *26
2634 26%
26% -26%
*26% 2634
3034
31%
3134
32
31%
3134
31%
31%
3184
31%
71% Sept
26%May 28
26 May 23
13%May 21
No par
International Shoe
Kay ser (J) A Co
834
103
*98
195% Mar
37
-.100
5% conv pref
20
5,500
Apr
Sept
Jan
10%May 21
40%May 21
l84May 18
Co.—15
41
16
109
100
5% Sept
1678 Sept
3% Oct
45% Sept
l%May 22
5% May 22
3%May 23
19%June 5
Int Nickel of Canada__No par
I09i2 Dec
145
146
Internat'l M Inlng Corp
1% Apr
Dec
May 22
38
100
4
5
6%
9% Mar
Oct
46%
3
June 11
136
Internat'l Harvester...No par
Apr
2i4 Apr
7i2 Aug
6
98 % Sept
21
Sept
19lx2Mar 12
6234 Jan 4
l8%May 21
..100
Apr
90
Jan
38
May 21
Int. Business Machines.No par
Preferred
5
12% Jan
238 Apr
2%May 15
6%May 21
Agricultural..No par
Internat
67
Mar 28
113
June 10
91
100
No par
No par
Intercont'l Rubber
Island Creek Coal
100
*95
83
103
No par
Intertype Corp
600
Aug
Apr 16
100
"moo
Sept
157
Jan
168
400
700
131
118
1
Jan
Apr
86
May 26
June 26
insuranshares Ctfs Ino
Jan
9 >2 Sept
29i2
147i2 May
72
145
International Salt
200
Jan
100
12,300
"l~666
29
No par
Preferred..
200
934 Apr
5 May 23
l638May 21
Kan
*458
100
...
Int Mercantile Marine.No par
*118
5
1838
12%
11%
$6
67% 68*%
12634 12634
84
4% Sept
4% Apr
16% Apr
preferred
...
*12%
13%
47
6t2 Jan
200
6%
*6%
*123
*123
May 18
6%
50
90
*26
27
26
27
....
13%
13%
*118
5%
87S
103
*98
*8
46%
*118
5%
2%
8%
.
69
69
70%
69
70
6834
70
127% *126
128% *126
128% *126
127%
85
86
91%
88% 90
84% 85%
*12
*12
13
*12
13
13
13%
70
12814 *126
86
2%
2%
2%
*6%
13%
46
*44i2
2
*123
...
13
1021
2%
3
3,600
37%
30
*20
21%
*95
102%
2
2%
2%
2%
734
7%
22
*20
2%
*2%
*26
27
*26%
*123
*29%
2%
2%
*81
6%
6%
27'8
*95
*95
30
8%
2%
734
21%
102%
*35
2%
*2%
2%
734
29%
21%
105
37%
29%
29%
41%
42%
42%
*35
49
Ingersoll Rand
80
*42
38% Sept
Int. Hydro-Elec Sys class A.25
15", 700
Jan
Mar
43% Apr
1,300
400
35
June 12
10
No par
100
163%' *161% 163% 161% 161%
*160i8 162i8 *160% 163% *161
163% *161
21
*2%
234
2%
2%
234
*238
2%
2%
2%
*2l2
234
6
6
6
6
*6
6
6%
6%
6i8
6%
6%
*4
*4
419
4%
4%
4%
4%
4%
*4i4
419
4%
4%
27
27
26% 27%
27%
2734 28%
27l2
27% 28
27% 28%
*12219 135
*122l2 135
*122% 135
*122% 135
*122% 135
*122l2 135
13%
14%
14%
14%
14%
14%
14%
14%
I4i4
14%
14%
15%
58
57%
58
58%
58%
60%
5734
59
58%
60%
58's
58i2
234
234
*2%
234
*2%
2%
*2%
234
2%
2%
*2i2
234
Jan
Apr
31
Industrial Rayon
700
154% 154%
1.56%
46%
47%
800
share
per
20%
16%
100
4%
Indian Refining
140
108
108
110
*2%
3
8%
*1%
157%
134
~25% ~2519
*108
110
*2%
25
19,800
1,200
Aug
24% Jan
RR Sec ctfs series A... 1000
70
3,000
9%
157
100
24
9
3
5%May 21
May 21
12
Leased lines
250
24
13% Jan
Highest
share
per
6% preferred series A... 100
50
*4
Lowest
Highest
$ per share
100
Illinois Central RR Co
1,500
11
10%
6
3
87S
*H2
1%
1%
178
23%
25
*2212 23i2
155% 15512 *155% 156%
47
4834
4634 47
15%
41%
6
11%
*25%
26
9%
4,700
234
234
26
'<
8%
*2%
Shares
5%
24%
*5%
*24
6
10%
6
6
Lowest
4%
*4
Lots
S per share
Par
*40
98%
98%
97%
97%
*150
157
*148% 157
*86
87
85%
86
98
150% *148% 157
6
934
15%
On Basil of 100-/S&ars
Week
8
Range for Previous
Year 1939
EXCHANGE
16
41%
*15%
41%
41%
7%
7%
7%
07
.Co-n/
$ per share
$ per share
16
*40%
I
Con/
8%
4%
24
24
23
8
16
Friday
Thursday
!
OC
$ per share
8%
8%
16
41%
4
*40
.Con/
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Wednesday
I
OA
RptiI
$ per share
8
PRICES—PER
SALE
Sales
for
LOW
1857
8
88
15%
Jau
Apr
108x2
25X2
10*4
Dec
Dee
Jan
5i2 Sept
39
Sept
5914 June
Apr
18i2 Sept
834
1 Called tor redemption.
New York Stock
1858
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
Record—Continued—Page
Sales
7
Sept. 28, 1940
Tuesday
Wednesday
Sept. 23
Sept. 24
Sept. 25
Thursday
Sept. 26
% per share
$ per share
$ per share
$ per share
% per share
4
,
4%;
"
*21%
21%
7%
*100% 108
*7
9%
"8%
*75
80
*75
*60
68
68
68
*67
27%
27%
3%
18%
28
3%
16%
*11%
*3012
7%
80
3%
18
13%
33
8%
On Basis of 100-Share Lots
the
EXCHANGE
Week
% per share
Shares
1
4%
4%
4%
4%
4i4
4%
4%
4%,
4%
4%
21%
23
22% 23%
22%
23% 24
23% *23% 24%!
7%
7V
7>8
7%
7%
7%
7%
7%
7%
7%
100% 100% *100% 108
*100% 108
*100% 108
*100% 108
8%
8%
*8%
8%
8%
8%
8%
9%
*27%
*74%
Ranoe Since Jan. 1
NEW YORK STOCK
Friday
Sept. 27
Monday
Sept. 21
STOCKS
for
Saturday
78
4
19%
32%
8%
19
13
*12
12%
32%
8%
32%
8%
*75
68
27%
*3%
*67
28%
Par
5,300
2,700
1,200
McLellan
Stores
Co
100
No par
16 preferred series A.No par
*75
*67
68
67
67
""200
27
27
27
27
1,900
15.50 pref ser B w w.No par
Melville Shoe Corp..
..1
18%
*12%
31%
4,900
Mengel
78
3%
18%
*75
4
78
3%
22%
19%
3%
21
13
*12
13
*12
*31%
33
33
33
9
8%
8%
7%
Co (The)
5% conv 1st pref
2,790
13
31%
8%
1
50
10
10
10
10
10
*9%
10
*%
•
*%
%
%
2%
2%
2%
2%
*2%
2%
ai«
2%
*%
2%
*%
2%
2%
*%
%
ai«
*%
%
*%
aic
*%
%e
1
ai«
%
*12%
91
91
91
*115% 119
*119% 121% ,
40-%
*34
24%
13%
16%
41%:
41%
37%' *34
24%
24%
13%
13%
*34
20%
3
33%
*75%
*110
12
5%'
5%
35
15%
20
20%
20%
8%
8%
25%
24%
24%
""996
13
13%
13%
13%
3,100
17
17
16%
21
20'4
3%
20%
3%
40%
11%
*11%
78
*76
35%
12
77%
111
*11%
77%
*110
7%
49
111
6%
*45
20%
*19%
16%
20%
2,300
*19%
3%
3%
39
3%
3%
5,200
38%
11%
78%
110% 110%
0%
49
6%
*47
7%
64
750
20
20%
8%
20
20%
19%
5,600
*8%
*9%
10%
8%
8
1,500
Nat Automotive Fibres Inc-.l
9%
*9%
10%
10%
20%'
8%;
9%'
10%j
Nashv Chatt A St Louis... 100
National Acme Co...
1
191,1
19%
19
19%!
7 600
175
170% 170% *167
*12%
13%
*12%
13%'
400
170
*13
8
8%
9%
9%
10
10%
10%
10%
19%
19%
19%
170% *16012 170%
13
13
13%
13%
13%
13%
115
*112
13%
115
112
1,600
2,100
7,100
13%
112
04
6%
*110% 112
10
8%
8%
*81%
17%
18%
*140
143
142
143
*142
143
*142
143
21
38%
66%
67
67
6%
6
10
10
10
36%
36%
5%
8%
36%
36%
38%
5%
8%
9
9%
*17%
19
*17%
*80
85
*80
48
*43
Q
85
*43
38%
5%
45
9%
7%
66%
10
36%
39%
5%
39
20%
*36
20
661^
66%
66%
0
6
6%
10
*9%
*35%
37%
38%
5%
5%
*8%
8%
9%
20
37%
5
8%
9
20%
*35%
7%
37
9
39
7%
*9%
9%
20%
7%
*35%
<4
*9%
*17%
21%
6
6%
*9%
30%
20
20%
*36
8
38
65
5%
8%
28%
*24%
14%
14%
28%
14%
15%
29
400
1,400
85
*80
85
*80
85
.*80
42
*42
45
*42
45
25%
*4
3%
4%
4%
4%
*4%
*4
4%
*3%
4%
4%
*6
*7
7%
7%
*7
7%
8
8%
6
6
6%
6%
*107% 108
*107% 108
*107% 108
*107% 108
*107% 108 1*107% 108
*106
*106
117% *106
117i2
117% *100
117% *106
117%,*106
117%
*53
*52%
60
*52%
60
60
*52
60
*53
57
*52
60
S16
%
%
31«
ai«
ai«
%
%
%9
"a
3%
%
%
*2
*%
*19%
19%
*29%
30%
216% 216%
*110
19%
*57
19%
67%
56
17%
*90
7%
94
36%
2%
*6
16%
*10%
*101
56
17%
7%
*112%
*2%
*14%
*57
*90%
7%
114
*35%
28
*3C
28
14%
6%
161
10%
103
%
%
36%
2%
28%
*14%
6%
16%
10%
*101
%
%
%
21
%
20%
2C%
*29%
31
*48
54
*48
53
*7
2%
*30
29
14%
12
6%
*10%
29%
*39%
11%
6
103
*101
*120
*151
V
53
55
3
7%
3%
14%
7%
7
11%
29%
*10%
40%
41%
11%
29%
41%
11%
11
*120
130
*
130
*151
Nehl Corp
No par
*10%
11%
~T,206
3%
15%
138
9%
40%
*25
3%
15%
138
9%
41%
&
53
...
53%
7%
7
3
2%
14
6%
1134
40%
11%
130
*151%
no sales on
13%
6
*10%
29%
*40%
11%
*121
6%
11%
29%
41%
11%
*151%
this day.
*3%
I
14%
3%
15
136% 136%
9%
37% I
35%
9%
37%
*25
25%:
25
25
53
50%
50%
37%
8%
|
*115
53%
7%
2%
13%
130
9%
3%
15%'
138
*50
25%
*50
*3%
15%
138
No par
New York Central
No par
10
1
1,700
N Y Chic A St Louis Co... 100
11,300
100
6% preferred series A... 100
NYC Omnibus Corp..No par
200
New York Dock
400
No par
5% preferred
No par
N Y A Harlem RR Co
2,300
600
7,200
104
110
% Apr 27
% Apr 12
ai»Sept 20
23% Jan 15
5
20
May 23
100
175
May 22
105
May 25
8,100
300
900
15,100
10
6% preferred series
5H % pref series
North Amer Aviation
il~206
400
350
600
50
50
1
Northern Central Ry Co
Northern Pacific Ry
50
100
North States Pow S5 pf No par
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
Preferred
60
20
400
6,900
60
18,500
7,400
100
10
52
"l'sco
7
7
3,900
2%
2%
1,680
12
980
*11
6%
11%
640
29%
11%
30 !
x29%
29%
"3" 900
39%
40%!
39
39%
1,100
11%
11%'
10
10%
127% 127% *121
127%
*151%
*151%
1,600
a
6
100
51%
J In recel 'ersuip.
May 21
Apr 27
June
Adjust 4% preferred
North American Co
7
6%
45
Norfolk A Western Ry
Norwich
50
Pharmacol
Co..2.50
10
Def. delivery,
l4%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
101
May 24
27
May 22
2%May 15
25% Aug 13
14
July 2
8% preferred A
Oppenhelm Collins
No par
Otis Elevator
No par
5% June 10
10%May 21
7%May 21
95
May 23
2%May 22
ll%June 11
100
12434June 11
100
6% preferred
Otis Steel Co
16% Apr 15
7% Sept
21% Sept
1477, Oct
10% Apr
Jan
3
6% Apr
8
7% Mar 14
26% Apr 4
15% Jan 0
12% Jan
96
3
87
Sept
17%
Apr
14% Dec
z8% July
12% Jan
110
Sept
107
Sept
4%
Apr
4% Jan
20% Sept
10% Sept
8% Sept
Jan
4
8% Jan
3
41
10%June 24
25% Mar 13
91
Apr 29
53% Apr
6
Jan
4
110
27% Sept 24
14% Feb 20
"1st preferred
2d preferred..
5
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
Pacific Mills
6%
preferred
New stock,
10
22
22
22
21
22
33
No par
8
May 22
May 21
100
115
144
100
r
June 10
434June
2
May
8
May
3%May
9%May
25%May
No par
Pacific Telep A Tel eg
n
42
Cash sale
x
Apr
Dec
2% Apr
8% Sept
18%
Apr
73% Mar
32
Apr
105% Sept
Feb
Jan
18%
Jan
167a
Jan
106
Mar
27%
Jan
173%
Aug
145
Feb
35% Sept
8%
Apr
Aug
Sept
15%
Jan
20
Jan
59%
60%
Apr
5%
Oct
11%
Feb
Jan
29% June
87%
Aug
42
July
112% June
17% Sept
62
27
23% Sept
21% Jan
4
39
Jan
3
11% Sept
10% Apr
18% Apr
33% Mar
9
30
43%
Apr
Apr
Sept
25% Sept
45% Sept
Feb
1% May
10% Sept
47g July
15% Sept
8% Apr 22
12% Apr 22
115% Mar 11
106
Nov
118% Mar
117% Aug 15
119
May
120
Mar
47
July
62
Mar
56
Feb 20
% Jan
2
Jan
4
%
Dec
1%
Dec
3
% Jan 11
26% Apr 22
35% Apr 6
226%May 4
113% Mar 27
23% Jan 3
59
Jan
68
Jan 10
26% Jan
8
3
90% Feb 20
9% Jan 3
114
Sept 26
38
Sept 7
5% Jan 3
42% Jan 12
% May
8% June
31% Dec
178 Sept
5% Sept
1% Sept
Sept
17
33%
Deo
Jan
217
Nov
103% Sept
113
June
168
18% Apr
62% Sept
60% Sept
12% Apr
82
Jan
7
June
100
Sept
Sept
29
Feb
26%
5978
Aug
59
Aug
29% Nov
89
Nov
Jan
14%
113
Dec
40
Oct
2%
Apr
6% Nov
32%
Apr
44% Aug
6
Aug
101% Sept
16%May 29
8«4May. 7
23% Apr 4
14%Mar 4
112
Mar 28
6% Apr
18% Jan
144
4
4
Feb 19
3
4
55
Jan 22
120
Jan 17
i4% Sept
Sept
12
100% Sept
4% Aug
15% Sept
128
7%
33
16%
40%
114%
Jan
30
20% Mar
113% May
8% Jan
27% Jan
Oct
M8I2 July
Apr
July
16
Sept
55% Sept
26%
Dec
Jan
54
Dec
Jan
120
Dec
70
Jan
Apr
6
60
Apr
10% Apr 26
6% Jan 6
3
Aug
7% Sept
2% Apr
11% June
3% June
9% Apr
27% Apr
7?a Nov
64% Jan
23% Feb 13
12% Jan 4
14
Apr 15
34% Apr 16
50
Jan
3
41
9%
Apr
Apr
May 25
114
Apr
June 18
154
Jan 24
128
Sept
y
6%
28%
3
16% Jan 4
139
Mar 12
Ex-dlv.
Oct
3
32% Apr
10
8%
Jan
June 10
Co.12.50
Jan
Mar
18% Jan
50
19
Owens-Illinois Glass
Aug
114
10
43% Apr
8% Apr
10% April
42% Sept 24
Pacific Amer Fisheries Inc
Pacific Coast Co
Sept
82
10
May 21
47
May 24
115%May 24
16
18%
117%
July
33% July
21
100
Jan
17% Nov
Apr
14%May
1st pref..No par
Outboard Marine A Mfg
5
No par
Nov
95% May
23% Sept
26% Jan
Apr
43% Apr
12% Jan
Outlet Co
15
28% Mar
634
5% Aug
May 21
conv
Jan
175
14%
62
7
15.50
Sept
177g June
Deo
9%
38% Sept 18
No par
Preferred
12
3% May 21
4% May 22
50
IN Y Ontario A Western.. 100
N Y Shlpbldg Corp part stk._l
20
24
21
21
8%May 21
15 May 21
20%May 21
10% oon-cum pref
50
N Y Lack A West Ry Co.. 100
1NYNHA Hartford
100
Conv preferred
100
Noblltt-Sparks Indus Inc
*115
12%
7
20% July
6%May
30% May
9%May
20
3
*6%
72
...
"""700
53%
12%
May 21
July 31
May 22
Newmont Mining Corp
Newport Industries
70,800
14
June 12
N Y Air Brake
7
*11
18% Sept
8
30
3,200
*2%
53
7% Aug
3
100
2,100
12,800
101
21% Apr 30
8% Sept 23
10
Sept 25
133s Mar 12
100
No par
6
j *97
52
2678 Nov
16% Jan
3% Jan 4
7%May 21
t9
Sept 12
111% Nov
9% Jan
Aug
3
20% Jan
4H % conv serial pref... 100
No par
Newberry Co (J J)
5% pref series A
Oliver f arm Equip
Omnibus Corp (The)
29%] 29%
*120
300
1
3,800
1,700
54
2%
13%
6%
40
Nelsner Bros Inc
No par
*115
7%
* Bid and asked prices;
No par
No par
Ohio Oil Co
53
52
11%
29%
National Tea Co
Natomas Co
Jan
14
22% Jan
34
100
101
Aug
100
40
6,300
*98
Sept
4
7%
43% Sept
5% Sept
100
6%
15%
10%
10%
105
73% Jan
9% Jan
14%
10%
10%
100% 101
Mar 14
24
23
24
Aug 5
6
15%
10%
44% Mar
14% Sept
70% Dec
111
21
*14%
16%
10%
Apr
Apr
May
4% May
8
May
20%May
15
16%
30
Sept
June 20
132
Jan
Oct
9
8% Feb 16
Apr 8
7% Feb 15
19
Jan
50
53
47
Sept
37% Mar
1778
Mar 29
48
*14%
17
Feb 28
May
30
15% Mar 20
27
14%
16%
39
Apr
83
13%May 21
36% Sept 16
5%May 22
No par
*14%
17%
10%
5% Feb 16
10
114% Sept
16% Apr
3% Aug
Oct
14%
6%
4
9
132
28%
6
18% Apr
26% Jan
148% Jan 29
28%
6%
Apr 18
40% Apr
31% Aug
22% Sept
9% Apr
June 19
32
6
122% May
57% Oct
Apr
100
*28%
103
*50
55%
7
13%
%
*%
19%
19%
*29
29%
218% 219%
20%
Sept
6
June 19
Oct
112
9%May 22
l4%May 22
21
121% Jan 30
85%
Sept
32
*115
7%
6%
*is
19%
Apr
121
10
66
10%
Sept
19
Apr 1
99% Apr 17
5%May 21
Jan
Dec
110
12% Sept 20
86% Sept 16
6
Jan
1% Sept
2% Sept
2
July 31
119
1
June 10
2%
83
*29
6%
16%
10%
10%
3%
13%
%
4
May
Jan
Mar
9%
152
32
14%
6%
18
*115
54
%«!
7i«
20%
30%
%
19%
219
*3%
3%
3%
3%
3%
3%
15%
15%
15%
15%
15%
1534
*136% 138
*136% 138
*136% 138
9
9%
9%
10
9%
10%
37
41
32%
35%
41% 42%
*25
25% *25
25% *25
25%
*115
%
,
*29
30%
*29
30%'
219
*217% 221
218% 220
110% 112% *112%
*112%
*112%
18%
19-%
18%
19
18%
19
18%
18%
57%
57%
57%
57
56% 56%
57
*56%
57%
56
56%
56%
56%
56%
56%
56%
56%
56%
18
17%
17%
17%
17%
17%
17%!
16%
17%
*91
94
94%
*90% 94% *91
94%; *91
94%
7%
7%
7%
7%
7
7%
7%'
6%
7
I
114
*112% 114
*112% 114
114
114
Jll2% 112%'
36
36%
36%
36%
*35
37
i *34%
36%
37
I
2%
2%
2%
2%
3
2%
2%'
*2%
2%'
217% 217%
11034
19%
19%
110% *110
*55%
17%
*112
71«
*%
19%
119
64
Aug
Jan 31
Corp
25
National Supply (The) Pa.. 10
85
42
111% *106
111% *106
111% *106
111%
27%
*26%
27%
*26%
27
25%
25%
8%
7%
8%
*7%
7%
7%
7%
43%
43%
45%
43
43
45%
45%
14%
15%
14%
14%
14%
14%
13%
14%
15
15
15
15%
14%
14%
14%
14%
30
31
29%
29
30%
29%
27%
28%
25% 25%
*24%
*24
25
25%
*24%
25%
30%
*24%
26
1,900
9%
45
19%
%
Jan
July
6%
2% Aug
22% Apr 9
173% Jan 31
Nat Mall A St'l Cast Co No par
National Oil Products Co
4
1,550
8%
*80
15%
15%
100
19%
*8%
*42
*17%
*105% 111% *105% 111% *106
26
27
25% 25%
26%
7%
7%
7%
8%
8%
42
*41% 42%
42%
43%
14%
14%
2,400
*18
*18%
3
114
% July
% Jan
19% Jan
8512
Jan
6% preferred B
140
*9
9
19%
8
120% Nov
147«
May 29
12 conv preferred
5
1
3
% Jan
3
5H % prior preferred
6% prior preferred
5
2
4% Jan
Sept
8% Aug
100 rl60
900
5
8
7% preferred A
600
35%
37%
Apr
1% Jan
24% Jan 24
17034Sept 21
7%June
36
Apr 25
11
June 11
17
Apr
48
16
May 28
5%May 23
167„ Sept
2% Sept
114
14.50 conv preferred-No par
National Lead Co
10
3,500
9%
Jan 20
4% Apr 24
30% Feb
May 23
Deo
44% Sept
103% Sept
20
May 21
11%June 5
Sept
8
22
6
18
40
Apr
2
June 10
Apr
Apr
54
110
Deo
6% Jan
28% Jan
21% Sept
39% Jan
Apr
101
3
l0%June
155
Nov
Nov
6%
9
Jan
June 10
Apr
73
63
30%
11%
18%
May
Feb
June 15
11% Sept
25
122
107
"6,000
3,000
35%
35%
10
8
18% Apr 17
116% Jan 3
National Steel
36%
87%
40% Apr
107%June13
7,600
National Pow A Lt
5%
9%
9
No par
1,300
7%
17%May
100
65%
7%
7
Sept 27
12% Apr 10
45
13% Jan 13
5% July 15
7%June 20
9
Aug
28%May
33
3%May 21
11
July
56
May 21
May 21
2%May 14
20 May 21
8% May 22
56
May 28
97%May 22
4
May 21
41
3
14
100
7% pref class A
7% pref class B
Nat Dept Stores
6% preferred
168
140
Register
No par
National Cylinder Gas Co
1
Nat Dairy Products
No par
10
Nat Distillers Prod.
No par
Nat Enam A Stamping No
par
Nat Gypsum Co
1
200
85
*166
36
9
21%
*9%
168
*9
*8%
1,500
3,600
21%
*166
38%
*7%
6%
8%
2,100
168
*33%
30%
5%
10
7%
5
*7
110%'
*160
20%
6
10
5% I
110%
168
38%
7%
534
13%
100
|
27
5
Feb 21
21
21
12
Nat Cash
10%!
13%j
*106
21
100
13%
10%
168
7%
10
pref
17%' ""306
10%
*112
cum
*12%
10%
13%
13%
7%
*16%
13
1058
*16%
10
May 23
15
v..6
13
13%
10%
18
conv pref
17%
13
*16%
6%
Nat Aviation Corp
National Biscuit Co
Nat Bond A Invest Co .No par
5% pref series A
100
Nat Bond A Share Corp No par
10%
*84
800
1,600
88
13%
90
6,000
*84
10%
*84
5%
88
13
19%
6% preferred
..100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
Nash-Kelvlnator Corp
5
i
10%
*36%
No par
No par
No par
15
5
5%
13%
7%
preferred
Munsingwear Inc
Murphy Co (G C)
15
64%
19%
39
17
1
16
112% *110% 112% *110% 112% *110% 112% *110% 112
5%
5%
5%
5%
5%
5%
6%
5%
*5
5%
*7
7%
*7%
7%
*7%
7%
*7%
7%
7%
7%
21%
21%
21% 21%
21% 22%
21%
21%
21%
21%
*8%
9%
9%
9%
9%
9%
*9%
10
*9%
10
8%
8%
8%
8%
8%
8%
8%
9
8%
8%
*77
85
*80
*80
85
85
*81% 85
*81%
85
17%
17%
17%
18%
18%
18%
18%
18%
18%
18%
19%
Mulllns Mfg Co class B
16
10%
140
Motor Products Corp ..No par
Motor Wheel Corp
6
Mueller Brass Co
1
5%
12%
143
113%May
3l%May
33%May
21%June
8%May
10%
5%
June 26
No par
Montg Ward A Co. Inc .No par
Morrell (J) A Co..
No par
Morris A Essex
50
5%
18
*140
100
95
110
15%
92
*166
12,500
10
5%
18
108
230
6%
47%
ll%May 21
23%May 21
103
May 24
33%May 21
No par
15%
20%
*84
*166
500
20
14 60 preferred
Preferred series B
5%
92
115
200
100
Monsanto Chemical Co
710
11%
77
110% 110%
6%
47%
17%
13%
300
38
76%
6
*111
*37
38
*11%
49
17%
*112
115
35
5% conv preferred
Mobawk Carpet Mills
14%
20%
z8%
9%
10%
19%
8%
13%
25%
17
6%
*9%
9%
*8%
9%
*10%
11%
*10%
10%
19%
19%
19%
19%
*168% 170% *168% 17012
*12%
13%
*12%
14
*112
15.700
No par
July
66
39% Aug
28% Dec
7%May 21
%May 18
l%May 22
%June 27
%June 21
9%May 21
86%June 10
7% preferred series A... 100
J Missouri Pacific RR
100
14% 3ept
2
Aug 13
Oct
101% Nov
Aug
6
May 22
0%May 21
10%
Jan
6
6
Mission Corp
Mo-Kan-Texas RR
6% Aug
88
May
2%May 15
26
May 21
10
Apr 15
3
85
Minn Mollne Power Impt
1
10.50 preferred
No par
50
13%
3%
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4% conv pref series B...100
50
25
*45
20%
18
12%
10%
13%
3,300
....
13%
*110
7
48
5%
15
*16%
12%
10%
500
17
*75%
111
6%
*44%
5%
*84
3,600
*13
13
13
13%
13%
92%
92i,j
92%
91%
92%
118% 118% *115% 117% *115%
*119% 121% *120
121% *120
121%
41
42%
42%
41%
40%
41
*35
*33%
37
37%
*33%
36
24%
12
77%
14%
92
3
*13%
92%
13%
3%
14%
8%
100
17
35
12
i*110
6%
48
1,900
ie'
24%
3
77%
2%j
*%
*2%
*ln
*%
♦%
*20%
20%
31%
12%
1,400
24%
13%
17
*75
38
aJ«
700
17
16%
31%
*11%
*84
92%
117% 117%
119% 121%
42%
42%
42%
37%
24%
13%
16%
20%
*2%
6%
13%
92
119
119% 120%
3
*20%
*44%
*13
92
119
*16
%
•4
13
13
13
1
"3", 900
9%'
9%
%
40
1,200
1
4
14%May
26
share
per
1
82
May
34% Mar
6% Jan
10
No par
107
Highest
share S
per
5
24
1,600
8% Apr
32% Apr
9% Jan
S
6
5
Mid-Continent Petroleum.. 10
share
Feb
5
Copper
per
53% Feb
Merch A M'n Trans Co. No par
Midland Steel Prod
10
64
Miami
1,800
10%
May 15
24%May 24
2% May 22
ll%May 22
Mesta Machine Co
13
13
13
13
13
13%
13
13
*13%
14
35
36
35
36
35%
35%
35%
34%
34%
*33% 34%
*117
118% *117
117% 117% 117% *117% 118%
117% 117%
118% 118%
46
*45%
46
46%
46% 46%
45%
40% 46%
45%
45%
45%
105% 109
*105% 100
*105% 109
*105i2 109
*105% 109
*100% 109
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
42
38
39%
46
' *39
45%
45% 45% *42% 45 I *41
10
$
May 31
7% May 28
100
10,600
34%
share
90
800
8%
13
4
Year 1939
Lowest
Hiyhtst
l7%May 28
5
May 21
Mead
78
27%
3%
19
ner
1
0% conv preferred
Corp
10
1,000
t
McKesson & Robbing, Inc
5
13 series conv pref
No par
68
27%
3%
3%
19%
12%
32%
8%
13%
Lowest
Ranoe for Precious
Ex-rights.
25
Nov
15% Sept
12% Mar
34% Mar
52
Oct
21% Sept
132
June
156% July
T Calied for redemption
Volume
New York Stock Record—Continued—Page 8
151
1859
HIGH
AND
SALE PRICES—PER
Friday
Sept. 24
Sept. 26
Sept. 27
Week
t per share
$ per share
J per share
$ per share
Shares
Sept. 21
Sept. 23
% per share
I per share
334
3%
3%
378
67,
634
634
*6%
334
*714
8'4
H
%
38
38
*8'4
9
1®4
1%
33
33i2
19i2
9034
*2
*1114
834
1718
11,000
Pan Amer Airways
»U
37%
37
37
*97% 100
6%
6%
100
100
2
7
*8%
2
*15
17%
2%
1%
9i2
934
9%
9%
9%
9%
"V.ioo
734
7
7%
7
7%
3,200
Patino Mines A Enterprises. 10
734
51
50
50
4934
50
91
92
91
9134
91%
9134
2U|
*2
2%
*2
2
*134
234
25
27«
3%
2%
25%
27%
2534
26%
4,000
3,100
12
12
12%
12%
12%
12%
800
2278
1978
34i2
3434
*2
*914
3514
912
2412
21
7
7%
24
35
35
*19%
34%
1978
35%
*2
3
*2
3
1034
*9
9%
35
34
34%
750
23
21
1,230
2234
20%
3534
*2
3
*938
1034
*9
3534
36
2434
34%
22
24
*1978
21
*19%
6%
7%
21
7%
7
678
678
"MOO
7%
3334
45
900
33%
7%
3478
333,
34%
4534
45
45%
*75
JO
*75
88
*80
88
*80
88
85
85
*75
87
86
ht
87
4
*32
86i2
*378
4l2
38
*3s
7ie
86%
87
434
4
4
35
35
36
37%
36
*234
*38
3%
44%
*39
25%
*24
5
5'g
24
24t2
63,
52
52
*
135
512
24%
634
5i2
26
7i8
75
*71
75
52
52
*
135
534
25%
7
*70
*7
7%
*70
75
17,300
*234
3%
*3%
*32
35%
30
*234
3%
10
5,800
36
25%
*24
24%
*2378
24%
52
*51%
i
*_
"5%
5%
25%
7%
26%
*70
7%
75
250
"*434
Y.766
5
25%
634
1,100
7
1,100
75
*70
'
17
*16l2
17
*13
16
*13%
7%
ii,«
S! *6
"1,
8
17
7 3,
7!
li
16
1634
*13%
8
8
78
6%
10U
IOI4
6%
1038
,.*10%
11U
*11%
3312
6334
637,
*115
1163,
33%
34%
3412
*107% 108%
*154
*154
*154
...
*%
6%
11%
♦
ll14
6%
1034
l5I«
1634
16
8%
78
6%!
63%
11634
34%
108%
*121
123
121%
*130
140
139
12
*10%
11% I
12
35
35
35%
1634
*13%
*11%
*9%
434
*7334
*87
91
78
78
91
78
78%
78%
11%
*10%
434
*7334
57%
7834'
11%
10%
4%
58"
*57
2%
*34
*18%
*16%
*28
23,
%
*13,8
%
6%
534
1034
*2%
78%
78%
11%
11%
*11%
11%
11%
11%
*10%
10%
4%
10%
10%
100
4%
*10%
4%
*7334
10%
434
434
20,000
58%
*2%
~60"
"l'Boo
2%
2,300
434
*7334
58
*57
59
2%
2%
*28
13%
*23%
21%
*134
*26%
28%
*26%
8%
8%
*3434
29
1434
15
14%
14%
24
24
21%
2%
*20
21
*26%
*7
28%
8%
734
*8
10
834
834
50
*60
65
18%
103% 104%
85%
85%
11
12%
18%
181
103% 104
8534
1134
26%
18%
104%
85
12%
8534
12%
26%
8434
26
26
93%
93%
94%
12
23
26%
94
95
*58
65
65
6634
66%
67%
66
12%
12%
12
12%
11%
*83
*934
10
10
10%
35
35%
35%
35%
54
52
54
*4%
*334
5%
*15%
33%
16%
13%
48%
1
34
**16
%
13%
*45'4
*%
4%
%
2934
•
*45%
7g
34%
*16
8%
44
107%
30
43%
30%
934
934
10%
35%
3534
30
54
54
54
8%
8%
8%
*5
5%
*5
5%
*4%
4%
4%
16
4%
*15%
133s
*13%
15%
13%
48
7g
35%
16
13%
*45%
*34
35
*45%
48
%
35%
*3,
*16
*3
4
*4
44%
107
30%
4334
43%
106% 107
29%
30%
Bid and asked prices; no
*3-
35
*7
734
*8
36%
*60%
1%
17%
104
83%
12
100
1
1
"2"500
18
17
17%
44,400
105%
2:8934
91%
3,080
82%
82%
1,500
11%
11%
10,300
*22
27
1,400
95
*93%
95
160
64
*60
65
12%
*9%
3534
8%
*4%
4
15%
13%
*45%
*34
35%
"»u
11%
9%
35%
934
36%
8%
8%
578
*4%
334
4%
13
13%
78
*45%
*34
2934
44%
10634 107
29%
29%
"1:206
5.800
130
8%
5%
No par
0% preferred
100
5% conv preferred
100
Purity Bakeries
-—No par
Quaker State Oil Ref Corp.-10
Radio Corp of Amer—No par
15 preferred B
No par
23.60 conv 1st pref.-No par
1
Radlo-Kelth-Orpheum
100
0% conv preferred
Raybestos Manhattan-No par
1
25
60
60
Rayonler Inc.—
22 preferred
Reading Company
4% 1st preferred
4% 2d preferred
.—.60
Hosiery
6
100
Real Silk
Preferred
(Robt) A Co 1st pref. .100
...10
Remington-Rand
— 1
Preferred with warrants. .25
Rensselaer A Sara RR Co—100
JReo Motors v t c
1
Republic Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A-100
Revere Copper A Brass..—6
Class A
10
5
112%May 22
30%June 10
100 May 21
11078May 22
Sept
Aug
6%
4
7% Aug
July
3
1484 Jan
3
8
42%May 9
71»4 Apr 16
118% Jan 2
43% Apr 8
115% Jan 11
128
Apr 20
89
17% July 26
ll%May 28
13
Sept 27
47% Sept 19
%May 15
4,000
St Joseph Lead
1,800
Francisco—100
6% preferred
100
{St Louis Southwestern...100
5% preferred
100
2
Jan 30
4
Jan
No par
34
100
90
100
—10
{St Louis-San
Safeway
5%
Stores
preferred
Savage Arms Corp
n New stock,
r
No par
Cash sale
20
June 10
11
Aug
10
8%
Nov
Jan
85% June
Apr
53%
Apr
077$
10%
Apr
23% Sept
8
Jan
June 20
9
23
Apr 4
2978May 3
37%May 4
17% Apr 8
28% Apr 10
0% June
12% June
10% Apr
207g Sept
10
July
19
Deo
2884
Deo
2284 Sept
2834 Oct
27
Jan
3
43g Feb
8
Mar
4
40
Dec
64
Jan 12
7
Apr
16%
6%
Apr
10
9
Apr
9%
Dec
23
55
Jan
9
2%
Dec
Sept
5% Sep
Mar
Oct
Nov
13% Feb
10% Jan
5784 Apr
60
Dec
14% Sept
17% Jan
75% Mar
09
60
Apr
75
Jan
7g July
127g Apr
2
Apr
237g Jan
Apr
9534
Deo
Apr
8934
Oct
21% July
20%
40%
03
84
Sept
60
Sept
43
80348ept 20
1434 Jan 3
42
30% Apr
9
Sept 23
37% July
1578 Feb 20
90% Apr
ll%May
May
8
83g Jan
3
7% Jan
3
12
Feb 27
22% Apr
4
Nov
2»4 Nov
28% Sept
Apr
10534 Sept 19
9%
Aug
Jan
Jan
1484
Jan
Jan
Apr
87
Deo
11%
Jan
35
Sept
45
Jan
62
July
7% Junei
7884
6%
68
Jan
Apr
0% May
10
Sept
10%
Jan
15% Sept
34
6%
Oct
17% Sept
984
Jan
13% Sept 23
48
Sept 20
13g Feb
9
Jan
3
% Jan
2
7g Jan
3
42
5
May 10
9
434May 18
May 21
May 21
May 21
111% Mar 28
x Ex-dlv.
Aug
5
Apr 15
3
% Apr 19
•u July 13
17
Jan
85% June
2
8
67gMay 22
4'4May 22
3% Aug 8
90% Mar
81% Jan
18% July
1034
June 17
6%May 21
Deo
Sept
70
44
8%May 21
Sept
Sept
60
6384 Aug
7% Apr
8
7%May 21
112
x22% Aug
0% Aug
May
13
14 May 21
70%May 21
May 21
31% Apr
101% Sept
49
II934 Feb
4134 Aug
114% Aug
128% Aug
Aug
ll%May
97%May
0
00
Apr
Mar
June
32% Jan
6%May 21
8
Aug 5
1
112
143
38% July
7
0% Sept
Apr
18
60%
100
34
May 28
May 15
Jan
10% Sept
1084 Sept
117% Deo
4178 Sept
1134 Sept
69
May 22
Aug
Apr
Apr 15
0
0
Sept
48%May 21
2% Aug 24
60
Sept
2%
Sept
90
x3734June
17
I07g Sept
111
15% Feb
June
Sept
147
9% Sept 19
0
Deo
2% Sept
129
15% Feb
15%May 22
13%May 21
May 28
978May 28
1934June 8
17 May 22
ls4May 21
2478May 23
9
24
2
5
24
Apr
Aug
20% Sept
Mar 29
Jan
June 19
%
40% Sept
1
5
147g Jan
118
90
17% Sept
6
Apr
4%May 23
Apr
Jan
166
June
%
2% Feb 27
145
9
Apr
12% Aug
12«4 Jan
15
6
""166
delivery
0
142
May 22
%
a Def
June
54
No par
570
18
May 22
$2 60 conv preferred.No par
1,600
22
67% Sept 24
18% Apr 8
151% July 3
1% Mar 12
2234 Feb
June
7338May 28
H3g Sept
10% Sept
48% Oct
25% Oct
47g Aug
0% Apr
45%Sept 23
31
Sept 25
June 10
Ruberold Co (The)
4,100
4
62
Rustless Iron A Steel Corp..l
2834
2
32
1,500
43%
Jan
10
2,800
1O034
27%
Aug
8% Jan
11
100
1
Reynolds (R J) Tob class B.10
5M% conv preferred
Reynolds Spring
Mines.
*4
Sept
07% Sept 24
Roan Antelope Copper
106
95
175
May 27
100
*42
Apr
Sept
7578 Mar 28
Ritter Dental Mfg
4,600
50
158
39
16
%
4
6
143
June 12
Fept
Apr
May
120
84
2%
May 10
80
95
{Rutland RR 7% pref
35% Mar
164
June 20
Common
31% Sept
51
Sept
176
70
No par
No par
48
Mar 12
45% Mar
Apr
Jan 17
7
—100
100
Reynolds Metals Co—-No par
7% preferred—
5H % preferred
Richfield Oil Corp
*3
J In receivership,
No par
Pure Oil (The)
110
May 21
1078May 21
7
May 21
Pub Ser El A Gas pf 25.No par
Pullman Inc
21
115
3,700
1,000
4
*'it
%
*42%
9%
•is
*n
4
100
100
100
June
34%
34
38
N J..No par
No par
preferred
preferred
preferred
0%May 21
21 .May
63
No par
13%
1534
1634
48
3,800
35%
55
*52
55
660
1134
90
*82
90
*4
44%
106% 107
29%
~4~666
65
24%
24%
*93%
6
50
Reliance Mfg Co
8%
12%
12% Jan 13
5%May 21
%May 29
400
55%
84
15 (May 28
Reliable Stores Corp—No par
8%
1%
% Feb 14
Reis
*53%
*60%
8%
65
*3
4
*4
*43
30
834
*16
*3
sales on this day.
1534
13%
48
7)
»!•
%
%
%
4
734
834
50
June 10
May 15
l6%May 22
10 May 21
19 May 21
7
May 21
151% July 3
150
*7
*52
5%
3ld
107
8%
9
*82
90
4%
*4
*4
44
13%
*3
*3
*107
8%
5%
4%
15%
10
35%
*52
*82
90
*6%
12
12
88
29%
9
64
67
12
*90
29
*53%
1%
1%
17%
103
100
8%
8%
*53%
64
1%
400
2%
*23
24
*8
734
56
1%
20%
*134
29%
*7
*61
1%
100
20%
2
29
*8
8%
24
20%
2
9%
*53
2,500
20%
*23
2%
28%
*7
900
300
29
*8
900
1,900
14%
95
8%
16
29%
23
8%
19%
10
14%
23
*52
19%
17
29%
53
*80
19%
1434
24
*88
87
34
30
*134
1,600
700
34
1434
*22%
04
18
18
85%
11%
2%
35
*29
*61
105
*1834
59%
30
53
8534
10%
*81
2%
35
36
29%
14%
2434
21%
2%
1%
200
79
29%
7%
7,800
79
29%
1%
7%
78%
78
17
10
100
14,800
21
89
17
66
117% 117%
89
19%
8%
119%
91
1634
53
90
*87
19%
7%
200
157
7%
17%
*8
140
155
20%
19
7%
140
157
7%
35%
10
143
6%
7%
8%
21%
19
8
25 preferred
300
7%
91
Pub Serv Corp of
500
122
21%
17
*134
4,700
34%
34%
108% 108%
122
35
378 Sept
Jan
23
14% Sept
164
5% pf (ser of Feb 1 '29). 100
124
Apr
Aug
38
Feb
12
187
No par
Procter A Gamble
31%
2
5
07g Feb
32% Sept
100
7% pflOO
Plttston Co (The).....No par
Plymouth Oil Co
5
109%
7%
35%
*20
3,000
70
117
*116
116
21%
17%
8
11%
64%
34%
35-%
108% *108
122% *122
*138
141
157
158
119% *115
*7334
58%
2%
63%
18%
*7
17%
2%
64%
35%
2%
28%
104
58
64
July
46% Sept
Apr
100
5% conv 1st pref
5% conv 2d pref
Jan
35
Apr
64«4May 22
May 0
No par
Pressed Steel Car Co Ino
7
Apr
234 July
25
Mar 25
Mar
1
500
103% Mar
4
534 Sept 27
300
Aug
17g Sept
Sept
12
6%May 21
20,300
40
91
% July
4
Postal Teleg'h Ino pref _No par
11%
47% Sept
48% Aug
4
1,200
10%
28%
2
Jan 11
9% Apr
78
32
Apr
273g Jan
{Porto Rlo-Am Tob cl A No par
11%
684
10% Sept
8% Mar
0'4 Sept
4
2
May 24
10
100
Pond Creek Pocahontas No par
32
10%
Sept
Jan
5%May 24
100
Pitts Coke A Iron Corp No par
300
12«2
116
107% Feb 10
3%May 22
7% pref class B
100
5% pref class A
100
5M % 1st ser conv pr pf. 100
Pittsburgh A West Va
100
1078
Sept
25
287g Apr 26
62% Sept 20
1,020
35%
Sept
40
17
41*4 Jan
5
*33
45
13% Sept
4
2%May 24
Oct
584 Sept
1934 Sept
21
734 Apr
Jan 10
45
Apr
74
4%May 15
1034
*11%
17
213,
*59%
*1%
2%
12
18%
*134
*26%
8%
57
10%
5
11%
35%
64
116
27% Sept
Apr
1
9
~4~206
6
Mar
Apr
Apr
May 29
May 21
Poor A Co class B
Apr
May
7%
Jan
No par
600
2
Apr
Apr
7%
*xa,8
6%
*88
11%!
7%
6%
18%
17
*19%
*5034
10%
5
1034
30%
Jan
75
No par
16
*14
7%
6
353,
13%
24%
*8
11%
16
*7%
35
13%
*22%
*7
11%
*10%
434
*7334
*1334
8%
8
11%
35%
63%
63
6334
64
11634
116
116 ,*115
3538'
35%
3538
3434
108% *108% IO884 *108%
121% *122
123 , 122%
139
.*137% 143
*137%
159% *157
159%
158
91
17
*13
35%'
90%
1034
16
17
Aug
30
Pittsburgh Steel Co
"""260
~~1
Mar
15
4
6
47
7% guar preferred
Pitts Screw A Bolt
690
124
Apr
8% Apr
10% Feb
4,300
3,090
Deo
120% June
22
preferred
6% Sept
17
867g Sept
%Mar
97%May
35
484 Sept
33
Apr 25
24
27% May 22
Pit Youngs Asht Ry
*34
1634
4%
13%
3934
29%
% Mar 20
May 21
3%May 18
100
59% Deo
9484 Aug
Apr
40% Jan
30
Feb
II84 Sept
38«4 Jan
3,100
*154
...
*34
1
*34
15712 157% *157
119 4*115
*115
119% *115
119% *115
21%
21%
22
20% 2134
20>s
2012
7%
7%
7%
7%
*738
7%
7%j
*87
*154
%
Sept
2%
13% July
1184 Mar
2% Aug
17% Aug
25
Pirelli Co of Italy "Am shares"
conv
Apr
8
60
preferred
Apr
74
May 28
6%
Deo
48
30
25
2,980
x5%
100
Pittsburgh Coal of Pa
21
Apr
2134May
08
5
Hosiery
Pitts Ft Wayne A C Ry Co.
*154
*154
Petroleum
Pitt C C A St L RR Co
135
*23
Plllhlps
Jan
Apr
June 11
70
10
No par
100
No par
Jan
26
Apr
25%June10
37%May 25
Plllsbury Flour Mills
52
52
52
135
preferred
7%
Jan
13%
1% Aug
27% Sept 26
16% Jan 5
121 May 18
2434 Jan
Jan
107%
Apr
584
Feb 17
4
Feb
14%
117g
96%May
4% Jan
Jan
104
36
12% Mar 4
10%May 13
62% Jan
6
6
60%
4% Sept
47
Sept
1%
44% Apr 9
22% Apr 16
2%Mar 12
6%May 18
Philip Morris A Co Ltd
Phillips Jones Corp
Preferred
441
*175
178
*175
178
*175
178
*175
178
170i4 *175
*17414 176
6%
6%
6%
6%
6%
634
658
634
61,
61,
6I4
63g
9
8%
8%
8%
9%
978
87S
9%
834
934
8I4
83,
*35
39
41
39%
39%
35
40
45i2
40%
4358
39%
40%
25
29
27%
27%
28%
31
28%
2978
2534
3034
22I2
25
54
54
50
54
52
56
49
51
56
5434
57% *53%
1234
12
13%
12%
*11
12
1234
123s
13%
12%
1H2
1278
*154
No par
Petroleum Corp of Amer
6
Pfelffer Brewing Co
No par
Phoenix
3%
*39
75
prior preferred
preferred
5%
5%
Phila A Reading C A I.No par
500
38
44%
*154
100
100
100
Pere Marquette Ry Co
Phelps-Dodge Corp
25
Philadelphia Co 6% pref_..50
$0 preferred
No par
2,900
86%
4%
*39
534
25%
7%
Peoples Drug Stores Ino
5
Peoples G L A O C(Chlc)..100
Peoria A Eastern Ry Co
100
0
Deo
884 Sept
2
Sept
Apr
Sept
92
Sept
0% Sept
72
Sept
73g 8ept
14% Sept
0
Feb
June
%
35
23s Apr 12
5
15 May 22
15 May 18
23 May 22
l%June13
6%May 21
17% May 22
ll%May 21
15 May 22
0%May 28
50
5
2
18
118% Jan
No par
RR
Jan
10% Apr
934June 25
100
1,100
86
44%
135
*5%
25%
6
25%
35%
37
*234
*154
*154
*154
*2378
25l2
52
86%
87
4
3i2
44l2
*24
7%
31%
4478
Pennsylvania
June
June 12
1
l%May 22
l%May 22
1134May 21
10
No par
27 conv pref ser A
No par
Penn G1 Sand Corp v t c No par
3,000
38
371,
*
Penn Coal A Coke Corp
Penn-Dlxle Cement
Pet Milk Co
ht
4
*234
2512
7%
*34
"
36%
*32
30
*39
52
634
38
873g
4
38
*70
ht
""160
*1978
*45%
7%
900
21
45
*7
7
7
1,300
21%
21
75s
343S
*1978
33,600
22
22%
194
22%
*19%
*34%
10
36
2514
21%
22%
19%
23
1912
3514
3
225s
193s
45
135
3
2.50
27 conv preferred
*7%
3312
*51
100
2%
2
45
*23%
3,900
25s
23%
25g
24i4
1134
333s
*
600
*50
45
312
No par
9%
7%
37
35
45
71
Parker Rust Proof Co
IOI4
3
2278
*1978
*034
712
32%
36
No par
Parke Davis A Co
1,300
45
*23,
No par
Penney (J C) Co
2,000
Parmelee Transporta'n. No par
Pathe Film Corp
1
712
10
7%
97g Sept
4
45% Apr
5
101% Jan 25
8% Apr 4
94
Apr 15
May 21
Penlck A Ford
34%
1%
25% Apr
l%May 21
31% July 22
13%May 22
%May 28
6%May 21
6%June 26
45 May 23
20
*1
45
35i2
1
20
21
*38
Park Utah Consol Mines
34
1%
*120
*2
16%
15
34%
*197,
*63,
7%
317,
*3i2
6~805
1
*1
25s
*2314
1134
34l2
851,
2d preferred....
6%
Park A Tllford Ino
"
*20
2i2
238
235s
H34
35
*32
100
10
6% 1st preferred
21
337a
1
1%
50
20
'i
2,600
100
4% conv preferred
203s
9134
20
5I
100
No par
Paramount Pictures Inc
May 21
634 Jan 16
%May 22
26% June 11
99
Sept 13
4%May 21
64 May 23
6%May 21
1
Panhandle Prod A Ref
Parafflne Co Inc
3378
9U4
*lli4
323,
50
23,300
85%
8%
17%
1%
8%
*15
200
6%
*81
9
1,000
12
Corp
6
Pan-Amer Petrol <fe Transp._5
*78
50
2%
7
7%
100
8
63s
86
*82
86
834
17i8
2
2
51%
2214
9%
34l2
22l2
Jan
Deo
334
15
778
*15
9134
22is
1978
22
434
197g
♦335s
203s
*120
*834
34i2
Apr
Packard Motor Car
*83i2
834
*2
3
3
28,300
1
8
221,
*2
4% Mar 11
3%
1434
20
97,
2178
*337,
2%May 15
3%
14%
3378
IOI4
7\
*120
Jan
No par
358
153s
778
634
90i2
23,
11%
20
*78
*50
212
223,
11«4
Deo
3312
1%
IOI4
90
7
Pacific Western Oil Corp
20
*7o
50%
212
*2U2
178
0% Deo
4
3%
"is
share
per
4
8% Jan
900
*7%
Highest
share
per
7% Jan
3,000
6%
*37
share
ver
2%June 10
3%
6%
38
*97% 100
S
share
Lowest
5% July 10
3%
6%
*3712
Year 1939
Highest
10
334
*6%
1478
7%
per
Range for Previous
Pacific Tin Consol'd Corp.—1
334
634
4
337s
19i2
Ida
77t
50%
1014
7%
834
178
*33
1
384
2
Par
*58
6%
1538
*15
17%
1®4
*19%
*7|
9
834
♦15
17if
Lowest
378
*6i8
358
1412
*714
4
8I4
*714
58
%
*37i2 39i2
*97i2 100
678
7
*83i2 86
39
*9712 100
634
714
8434 8484
85
*15
35s
15
1538
8i4
%
*38
*9712 100
6%
6%
*82
334
334
15%
*7i4
*%
15
Ranoe Since Jan. 1
On Basis of 100-8Aar« Lots
EXCHANGE
Thursday
Tuesday
15
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Sept. 25
Monday
33<
*612
334
NOT PER
SHARE,
Sales
for
LOW
Saturday
63
Mar 14
31% Apr 26
yEx-rl?hts.
84
27%
Apr
2% Not
Apr
49% Sept
% Sept
% June
% Aug
I84 May
3% May
2784 Apr
82%
10'4
Jan
Apr
2
Jan
0
Sept
6% Sept
6I34 Nov
109
Aug
23
Sept
IT Called for redemption.
New York Stock
1860
LOW
AND
HIGH
SALE SECIRNOT FEU
— SHAKE. T
PER
Record—Continued—Page
Sales
STOCKS
for
NEW YORK STOCK
the
CENT
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 21
Sept. 23
Sept. 24
Sept. 25
Sept. 26
Sept. 27
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Ranoe Since Jan. 1
On Basis oj 100-Share Lois
Week
*10%
10i2
78*4
78*4
*iH
*2%
4178
*113
10%
10%
*77«4
7984
%
%
i
10%
h»
*107% 109
278
%
h
82 U
83%
83 >4
10%
10%
11
60
3%
3%
*43
45
♦43
*5%
512
5%
*3612
36*4
36*4
8%
8%
*104
2%
2%
*23
25%
*17%
17'2
*87
105
*109% 110
14%
15
2%
*24%
17%
*97
878
*778
5%
9%
*17
18
*17
3%
45
5%
37
9841
104
104
47g
5%
19
2%
2%
*23
25
17%
17%
*93
105
19«4
li34
*59
3%
83%
11
11%
1134
64
3%
*43%
3%
45
5%
*3034
5%
37
37
5%
9%
9
19%
*2%
19%
*23
25%
*17%
17%
88
2%
88
*8
110
15
102%
110
*14%
8%
*8
*19%
18
17%
17%
17%
878
9
1%
9
134
9
1%
878
*1%
834
1%
13
1%
1%
17%
8%
*1%
12%
12%
12%
1234
*12.%
20
*135
150
27%
12%
27%
9%
1278
20%
20%
9
1934
20
*135
150
13
197S
*136
27
27
9%
1278
21%
934
13%
13%
22%
21%
34
27
9%
13
20%
150
27%
9%
*29
33
1%
*29
2
2
178
13%
22%
34%
2
4%
4%
34
1%
*4%
5
5
5
69
*62
69
*18
20
*19
1934
41
41
41
41%
*61
I
*6078
19
41%
69
77«
734
57
57
57
57
58
32%
32%
33%
32%
15
17%
18
*14%
17%
18
15%
1734
*14%
4034
41%
56%
3234
*55%
33%
56%
7%
58%
58%
58
1634
17%
17
17
18%
18
18
25
2434
35%
34%
24%
35%
34%
35%
3434
35%
35
35%
34
64
64
65
3478
66%
67
67
66%
*634
67
66
66
478
678
*4%
434
*4-%
4%
87*
8%
878
8%
7%
7%
8%
734
8%
7%
49
124% 124%
8
8
*16%
17%
1%
1%
*11%
*24%
4834
49
*49
7
49%
124% 124% *12234 124 %
24%
24%
7
*4834
49%
12234 12.3
1,300
49
49%
49% 49%
*123
12234 123
124%
8
13%
1334
13
24%
*24%
*4%
2584
*24%
19%
19%
1934
19%
19%
*4%
19%
18%
18%
19
18%
7%
18%
18%
7
4%
19%
3
3278
3278
3284
32%
33
*6
6I4
6
6%
6
*4%
4%
4%
4%
*4%
8%
*9%
8%
8
8
8%
36%
37%
3334
33%
3334
5%
4%
5%
4%
6
4%
8%
*8%
9
10%
10
10
*10
1034
*10
1034
*38%
*2%
40
39
39
*39
40%
*39
40%
*81
37%
*2%
*33%
35
3%
*3%
*278
*32
*3
3%
35
34
3%
34
4
4
*28%
*4%
30%
4%
*33%
34%
1%
30%
434
*4%
33%
30%
4%
1%
34%
1%
34%
1%
15%
9%
9234
27%
45%
1534
15%
15%
9%
9%
9%
9234
*91%
27%
5
1%
*14%
15%
9%
*91%
9%
95
27%
27%
45
45
4%
4%
18
7%
*1%
*66%
*4
*7
6%
18
.
7%
1%
70
4%
10
61,1
434
18
7%
1%
*67
4%
*7%
6%
*15%
4%
4%
*30
434
*4%
*4%
4%
34
28%
47
46
478
18%
18
4%
71
7%
134
69%
134
*66
4%
4%
10
6%
*6
638
*15
4%
4
3134
5
438
31
1%
95
7%
134
*6
8
*6%
6%
83%
83
84
79
78%
78%
15%
15
2738
27%
40%
4034
41
16%
1434
18%
16%
*14%
*51%
*17%
178
1%
3634
36%
52
*17%
1%
3634
•
52
*1%
22
7%
17
2
22
7%
*16
*134
23
784
6
5
458
4%
4%
834
36
3
33
3
33%
600
1034
*934
10%
100
Thatcher
40%
3%
39
39
200
9
35
4%
31
4%
43s
3378
1%
28
4734
434
18
7%
I84
68%
4%
7%
6%
17
8%
*2 34
35
""40
4
4
3,700
*28%
434
*4%
3078
130
434
4%
500
*33%
3334
1,000
1%
900
1%
*14
16
8334
*7934
84%
80%
15%
15%
2784
40%
2734
41%
17
16%
*1438
51%
51%
18%
18%
18%
178
134
134
36%
36%
37
17
14%
Bid and asked prices,-no sales on this
day.
X In
92%
27%
273,;
11,000
4534
434
47%
434
1734
2,700
17%
1%
3,700
3,000
600
1%
7,500
*5
534
600
4%
7%
6
2
*1%
2
24%
25
36
35
7%
7%
35
pref
No par
No par
Preferred
Thermoid
100
No par
100
Co
Apr
9
2
12% Apr
10% Aug
1% Sept
3 ,400
conv
pref
No par
Transamerlca Corp
2
Transcont'l A West Air Inc..5
Transue A Williams St'l No par
20th Cen Fox Film
10
CorpNo
$1 50 preferred
200
Twin
410
7%
4,400
5,900
10,800
10
May
16
Aug
128
May
20% Jan
347g Jan
3
3
July 17
39
Jan
4
34
l%May 21
3>4 June 12
3
May
8
1% Aug
7
Jan
5
484
63
July 29
14%May 29
33
May 21
19
May 21
46%May 28
484May 22
46
May 22
26%May 23
5
May 21
2%May 22
9%May 25
l2%May 21
l7%May 22
2034May 28
2978June 1
23 May 21
66
May 21
4%May 15
4%May 20
6
May 21
5'4May 21
4 684
Aug 6
118%May 29
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3
May 22
xl7%May 29
16% Aug 20
484May 21
384May 22
4%May 21
28%May 20
3 May 22
4%May 14
33
May 26
2%May 21
2078May 23
5%May 22
384 July 11
5
May 22
8
May 21
par
700
200
1,800
10,400
200
500
n
29
Apr
4
46% Jan
5
•
35% Sept 24
8O84 Jan
3
87# Feb 15
8% Apr 2
12% Jan 5
12% Feb 21
6578May 4
124% Sept 17
lO's Jan 20
277g Jan
2% Jan
17% Apr
363s Feb
7% Mar
247s Apr
32% Jan
9% Jan
7%May
0
Apr
5
3
4
28
26
Mar
6
~
40
22
25
3
3
11
May
18 May
35%May
4%May
28
21
21
21
l0%May 21
4%May 22
l%May 22
64
Aug
5
3% May 21
6% May 22
l%May 22
l378May 22
6%May 23
21%June 10
9%May 21
6978June 10
Sept 14
2284 Jan 21
31% July 3
12
May 21
12%May 28
42%May 23
12
May 24
l%May 29
26% June 11
Ex-dlv.
y
18% Apr
5%
Dec
94
Oct
2
Dec
484
Apr
10
Apr
13% Apr
24% Sept
2234 Aug
38
Aug
20%
Apr
65
Apr
6% Aug
3% Apr
8%
Apr
6%
Apr
4584 Sept
118% SeDt
7%
Apr
19% Sept
134 Aug
10
Apr
2284 Sept
57g Sept
17
Apr
24>4 June
4% Aug
3% Aug
47g Aug
33% Oct
6
3% Aug
7% Sept 23
4
Apr
32% Aug
3% Aug
6% Mar
47%
4%
3534
8%
6%
12%
18%
Apr
4
4
Apr
Apr 11
Jan 8
Jan
4
8
Jan
8
Jan
2
May 25
x
778 Apr 0
10834Sept 19
2% Jan 4
7% Jan 8
18% Jan 9
2234 jan 8
26% Jan 4
4
June 10
Cash sale,
8% Aug
5784 Dec
34
15
r
9
Apr 10
5
70
New stock,
Apr
5
71
No par
3
May 15
100
preferred
Jan
June
May 21
$3
3,500
11
42
284 Feb
May 27
United-Carr Fast Corp.No par
United Corporation
No par
300
8,400
3
Feb 16
81
30
Apr
Sept
Apr
Apr
Apr
Apr
2
Mar 21
Jan
14%
Apr
4
12
Un Air Lines Transport
5
United Biscuit Co
No par
United Carbon Co
No par
12,900
9
60
Mar
38'4 Apr
42% Feb 16
684 Mar 8
105
5
Feb
47
127
67%
11%
60%
40%
53
June 19
25
United Aircraft Corp
May 14
23>4 Apr 11
36%June 27
2% June 11
4% preferred
100
Union Prem. Food Stores,Inc.l
Union Tank Car
No par
2,900
72
30
May 22
100
Sept
14
8
May 21
l3%May 21
14
preferred
13
Jan
31
Nopar
City Rapid Tran.No
3034May 10
152% Apr 23
30%May 6
15% Jan 3
Apr
Apr
Apr
23% Jan
10% Apr
11% Apr
15% Apr
23%May
634May
May 21
Union Oil of California
Union Pacific RR Co
2,800
Dei. delivery,
2% Mar 11
16% Jan 3
1
22
13
28
22
21
6
Union El Co of Mof 5 pf No par
70
12% Jan
l%July
par
Twin Coach Co....
1
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
3,800
7%May 21
2534May 28
1
May 18
8
May 21
884May 28
$4.60
98% Aug
434 Apr
17% Apr
2% Dec
Dec
Thompson Prods Inc..No
Thompson Starrett Co.No
Tlmken Detroit Axle..
10
Tlmken Roller Bearing.No par
Jan
978 Aug
9
11% Jan
2484 Feb
3
par
6% Dec
23
11%
20
$3.50 cum preferred.No par
Tide Water Associated Oil..'10
June
101
1
par
Dec
37s May
43
5
4
$3 dlv conv preferred
10
Third Avenue Ry
....100
Thompson (J R)
25
Truscon Steel Co
"
17
*16
Mfg
conv
1
Trl-Comlnental Corp. .No par
$6 preferred
No par
Truax-Traer Corp
No par
100
67
4%
a
200
7%
*7
67
2434
734
receivership,
600
3,400
7634
13%
100
9%
92%
9%
$3.60
The Fair
3%
*33
75
13%
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil.... 10
Texas Pacific Land Trust
Texas A Pacific Ry Co
12
12
12
12%
12%
1134
74%
75%
73
74%
75%
75%
115
114% 114% *114
*114
115
13%
13%
1334
1378
13%
13%
83%
84%
83
*83% 84
83%
80
80
80%
80
80
80%
*1434
15%
*1434
15%
*1434
15%
2734
2734
27
27% 27%
27%
40%
4034
40%
40%
39%
40%
16%
16%
16%
1634
1578
16%
14%
14%
14%
14%
*14%
14%
51% 51%
*51% 53%
51%
5%%
18%
18%
*1734
1834
*17%
18-%
134
1%
1%
1%
134
1%
36
36%
36%
35
3634
3434
36
60
Tennessee Corp
Texas Corp (The)..
*36
36%
preferred
Telautograph Corp..
12%
15
54
*15
6
5)4%
9
""166
38
11338 114
2784
4134
16%
*14%
9
1%
1
3%
12%
15
27%
17
6%
7%
*67
Without warrants
Talcott Inc (James)
6%
36%
6
9%
94
8%
134
26
6%
578
16
434
35
Swift A Co
*3%
6
33%
9%
*91%
2734
47%
18
4%
37
1234
76%
79
*1%
*4%
*33%
100
4,700
12,300
1,600
2,300
1,400
1,700
*15
*43S
8
83%
3334
434
21
*15
4%
*4%
*4%
7%
1133g
13%
31
4%
2034
13%
4
7%
8%
38
13%
*278
*33
69%
2
13
*934
7%
21%
*113% 113% *113
*8%
*39
*1%
*66%
734
3634
1178
7434
434
*578
*4%
69%
*1%
12%
94
17%
20%
37
9%
434
17%
20
74%
1%
1534
4%
18%
19%
12
34
47%
9
74
4%
28%
2
37
*91
434
47
17
734
1534
9%
31
27%
*1%
*7%
*3334
*1%
3%
4%
28%
47%
*14%
16%
434
*4%
Symington-Gould Corp w w.l
33
37%
3%
3
Swift International Ltd
3
3%
7
Sutherland Paper Co......10
Sweets Co of Amer (The)...60
6,800
4,300
3
6%
Sunshine Mining Co
10c
Superheater Co (The)..No par
Superior Oil Corp
1
Superior Steel Corp
100
4" 600
3%
*3%
7%
.....100
2,200
6%
3678
35
3%
4%
preferred
7
35
3%
4%
..No par
I8I4
6%
36%
6%
*4%
l
1934
6
6I.1
4%
Oil
6%
1
No par
19%
6
6%
Sun
6
18
6%
6%
*4%
3
100
800
6
6%
*4%
*33%
3%
6%
4%
36%
25%
6 34
578
3
1,500
1,900
7%
4%
36%
2,100
1%
12%
1978
18%
5%
3
*4%
8%
17
7%
4%
36%
,
18%
5%
*33%
26
6
8
17
*1%
12%
*24%
18%
7%
*4%
*33%
*3%
35
8%
17%
1%
13%
180
Stewart-Warner Corp..
Stokely Bros A Co Inc
Apr
6
May 18
Stone A Webster
634
61
Apr
Apr
1878 Apr
1
Starrett Co (The) L 8..No par
Sterling Products Inc
10
Apr
June
114%May
Standard Gas A El Co.No par
$4 preferred
No par
$6 cum prior pref
No par
Studebaker Corp (The)
17%
1%
*1234
*243s
*4%
1978
7%
36%
3%
15,300
3,000
2,200
1,900
1%
60%
11%
10%
10%May
June 10
$7 cum prior pref
No par
Standard Oil of Calif...No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.25
1
16% Aug
16% Apr
15% Aug
98
400
1%
13%
26
*33%
*3%
100
700
9,300
7,800
No par
Feb 19
120
preferred.....No par
13,400
8
7%
37%
1,500
1
11,100
17%
3%
Standard Brands
""800
66%
No par
7%
1%
35
Conv $4.60 pref
Square D Co
4%
8
7
2
8%
17%
*33%
*3%
Spiegel Inc..
$4.60
34
.No par
7%
1%
678
pref A
8
8
3%
conv
4%
1734
35
S3
9,600
2434
No par
7%
1%
738
preferred
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
4,200
34
..l
4%
8%
8
6%
100
No par
4%
8%
7%
*17%
7%
Wltblngton
Spear A Co
734
834
1%
13%
24%
7
Sparks
4%
8%
678
4,800
100
7%
17%
5
preferred
Mobile A Ohio stk tr ctfs 100
*4%
8%
24%
19%
*18%
6%
60
1634
1778
66
6%
*6%
8
6
1,900
58
1634
17%
24%
33%
*3284
Southern Pacific Co...No par
Ry
No par
678
*1%
1234
*4
7%
6,200
25
Southern
16.50
"""400
...100
634
17
6
32%
8% preferred
Southern Calif Edison
*
12%
*4%
300
31%
32%
32%
31%
3134
6%
6%
6%
6%
6%
6%
638
110
*107% 109% *107% 109% *108% 109%
1%
*1%
1%
*1%
15 8
1%
1%
4%
*3%
4
334
378
15
*14%
15
*14% 15
14%
14%
2434
34%
*48%
1,700
1834
41%
3234
56%
7%
*55%
58%
900
69
40%
3334
34 %
7%
1%
*4
41%
3478
8%
*30
33
34
*4%
8%
*55%
7%
1784
684
15,300
13,100
16,600
33
18
7
87g
32
34
67«
"1,566
1278
34%
*6%
27%
26?8
20%
34%
1%
434
18
2478
347g
3434
24%
So Porto Rico Sugar...No par
12%
1734
24%
34%
*24%
1,600
20
*17%
18
19%
1.50
3
2% Apr 29
25% Sept
June
13%
1334
Sept
% Aug
70
15
*12%
*134
105
3
Snider Packing Corp...No par
SocoDy Vacuum Oil Co Inc. 15
600
Jan
26
May
South Am Gold A Platinum..1
S'eaatern Greyhound Lines..5
Apr
Apr
44% Sept
8
5
400
Aug
Sept
%
334
Apr
105
700
10
61
May
May
S6 preferred
No par
Smith (A O) Corp
10
Smith A Cor Typewr_.No par
27,400
9
69% Apr 12
684 Jan 11
56
Apr
5
7% Mar 13
40% Feb 13
13% Jan 4
24
12%May
l%May
l73gMay
12%June
67
1%
13%
3234
*14%
1778
21
3434
178
7%
58%
3134
15
15% Apr
108% Feb 7
6% Jan 10
95%June
3%May
Sloss Sheffield Steel A Iron. 100
100
878
7%
Slmms
30
8%
41%
7%
preferred-.100
Silver King Coalition Mines. .6
Simmons Co
No par
434May 21
May 29
7%June 6
34
10
800
1234
5
conv
15
Skelly Oil Co
20%
1%
514%
Oil
Petroleum
._10
Slmonds Saw A Steel...No par
9%
*4
Sbell Union
100
13%
21%
2
Sbattuck (Frank G)...No par
Sheaffer (W A) Pen Co .No par
900
914
5
No par
pref ser A .No par
conv
*1%
1834
34
800
87«
*60?s
56%
3,400
6,200
14%
*17%
19
34
60
112
*8
69
56
"2^300
102%
14%
3
No par
S3.60
17
*87
2
Jan
Sharpe A Dob me..
Serve! Inc
24%
17
1% Jan
20
100
5%
1834
21
*23
*110
No par
Sears Roebuck A Co
Highest
share
per
2
16% Jan 11
300
5
%May 18
May 21
1% Sept 26
1
Feb 27
83 Jan
8% June 10
104% 104%
17%
2%
11
..No par
4
8%May 21
61% Aug 1
3
May 21
40% Aug 16
6,100
13%
1%
*4%
109
%May 16
Jan
1,100
5%
21%
*31
115% Jan 11
101%June 24
49
61%May 21
878
*1834
55%
*17
2734
9%
No par
JSeaboard Air Line..
34
.1
37
8%
2
734 Feb 21
% Jan
No par
45
37
1434 Mar 27
8578May 9
2
Sbaron Steel Corp
$5 conv preferred
4,400
2,300
3%
3%
share
2% Mar 26
88
Apr 6
10,200
64
*43%
5%
7%May 21
64% July
per
No par
4-2% preferred
100
Seaboard Oil Co of Del-No par
11
$
No par
$4 preferred
Seagrave Corp..
300
share
per
Year 1939
Lowest
2%May 21
May 14
107%June 25
500
*6078
33%
6%
6%
6%
6%
*107% 110
*107% 109% *107%
1%
1%
*1%
13,1
*1%
4
4
*378
4
4%
20
150
100
No par
700
19
33%
18
27%
20
*27
8% preferred
Scott Paper Co
$4.50 preferred
1%
82
11%
11%
*59
1940
28
Ranoe for Previous
Highest
% Apr 22
13
*%
$
6
100
13
69
55%
32%
6%
17%
834
134
13
5H% preferred
JScbulte Retail Stores
*1%
81%
11%
19
32
*55%
878
20
Schenley Distillers Corp
4,200
41
56
7%
16
*134
20%
150
120
Par
%
*60%
32
7%
27%
17%
200
109
19
*55%
7%
20
*134
19%
2%
23%
17%
*89
*109% 110
15
19%
*2%
23%
17%
2,000
%e
9%
104% 104% *103
107
5
5%
5%
5%
9
878
*1%
*12%
83
*11%
3%
3
42
278
42
3,
13
1%
*59
17%
102
82
500
1,000
*108
11%
1134
5%
*3634
9%
*%
*1234
1%
Lowest
2,900
80%
*113% 114
70
45
*8
8I4
.
*44
15%
878
15%
13
1%
2%
247«
*109% 110
16
8%
12
58%
37
9
*109% 110
1534
827g
11%
'>
*1%
12
*104% 105%'
4%
4%
434
18%
18%
19%
*4
*%
*12%
10
9%
'.
*'hi
;
583,1
33s
43
113% 113% *113% 114
108
108
109
Is*
3%
*3
*42%
*108
13%
*43%
10%
J
83%',8384
11
11%
106
18%
3
1%
5%
3634
878
*%
43
109
13
45
10%
11%
*78%
3ie
3
*%
*5834
*3%
103s
79%
*%
*42
113% 114
1278
1%
8884
1078
12
e5
3%
1%
79%
%
3
*108
*%
1278
1*4
1278
*1%
103*
79%
%
44
1H
*1212
11
%
*40
hi
*56
10%
79
%
2%
2%
278
*41
43
417S
113%
11812 *113
*107l2 100
10%
79
*77
Sept.
EXCHANGE
Saturday
.
9
Mar
7
7% Apr
8
534 Apr 22
38% Apr 16
12
97
_.
Sept
Aug
584 Nov
7
8% Sept
15% Dec
48
Dec
3% Dec
30
Sept
2% Apr
14
1%
Apr
Jan
234 Sept
17
Apr
4
1% July
Jan 27
7% Apr
9% Aug
2% Jan
23
26
May
6
May 10
83
Sept
Apr
28% Sept 24
10'4
3
34%
Apr
5
Sept
62
7
Jan
Mar 14
217s Apr
8% Apr
284 Jan
4
4
4
7
6% Apr
5% Apr
2
Mar
82% Mar
6% Apr 15
74
Apr
3
Apr
10% Apr 24
13% Jan 4
25% Jan 23
6
Apr
3% Apr
30
Apr
4
4
13% Mar 14
45
Feb 19
I884 Apr 22
8883 Jan 4
116%May 2
17% Jan 8
98
Apr 8
89% Feb 10
16
July 13
11% Dec
1984 Sept
1%
Apr
17% Apr
7%
Apr
34% Sept
6
Aug
65%
Apr
108«4 8ept
15% Aug
81% Apr
78
Apr
2978May 11
633g Apr 16
20% Mar
2384 Apr
77s Apr
14% Sept
18
Apr
05%May
19% Apr
27, Apr
42
Ex-rights.
4
17
2
6
4
Feb 13
31
Aug
52
Apr
13%
Apr
2
Apr
Apr
30%
1 Called for redemption.
Volume
1861
New York Stock Record—Concluded—Page 10
151
Saturday
Monday
•
Sept. 21
I
I
Sept. 23
|
2UI
2
2%
458
2%
Sept. 26
4i2
2%
Sept. 27
$ per share
$ per share
Shares
4%
4%
4%
4%
2%
*2%
2%
2%
234
*32%
34
33
33
33
33
33
33
33
*32%
*41 8
4%
414
414
4%
4%
434
4%
47g
30
68i2
115s
30
*29%
69
70
70
*29%
67%
*113
1143s
11
11
1034
*314
*3%
*82
85
*82
9
9
9%
78
*174
178
*4
8i8
8i4
8%
5434
8%
5434
*33
21%
*4-2
5
*8%
8%
56
58
*52
*33%
*33%
nx«
%
23
2158
23%
20%
%
21%
86
86
86
86
83
84%
78%
61
61
62
63
*67
69
*67
69
*597S
60i2
*67
69
57
57%
57%
122
121% 121l2
*32%
*158
123
34
34%
46%
178
1%
1»4
*134
6
134
300
5,700
81
74%
64
64%
67%
67%
56%
57
57%
121% 122%
57%
*46
1%
1%
*1%
1%
6%
6%
1%
1,700
1,100
rl%
1%
1%
55
1%
59%
4%
*49%
*1%
*48%
*51%
16%
16%
16%
16%
*15%
55
17%
5934
60
59%
148
148
61
60
150
*148
151
*148
151
20
87
*81
85
81
81
10
*1378
13%
13%
3234
33%
32%
33%
26
27
28
28
115
*112
115
45
43
1712
3178
32%
26
26
*112
*42%
*43
2534
3
20
2%
20
*19%
115% 115%
21
2234
21%'
21% 21%
21%
21%
120
116% 116% *116
11
11
10%
10%
22%
116% 116%
11
11
11%
11
Victor Chemical
200
1,500
2,700
80
Va-Carollna
6%
*44%
*3234
46%
46%
*44%
46%
*44%
46%
*44%
47%
*4434
47%
33%
33%
33%
*33%
33%
33%
33%
*3234
33%
*3234
33%
"300
*80%
84%
*80%
84%
*80%
84%
*80%
84%
*80%
84%
84%
84%
20
1
4
%
*%
%
*%
*7
7%
*2034
21%
98
47g
28%
95%
4%
98
28%
28%
13%
*13%
*13%
13%
5%
*434
*4%
*34
%
15%
5
15%
1%
25
25
*24%
25
*15%
1634
*16%
19
*18%
19
5%
5%
*%
%
18%
2%
*16%
40
*31
*33
1%
1%
1,500
*8%
*24%
10%
26
25
16%
200
JWarren Bros Co
No par
$3 convertible pref..No par
200
Warren Fdy A
100
Washington Gas Lt Co.No par
Waukesha Motor Co
5
19
900
3
17%
500
Wayne Pump Co
1
Webster Elsenlohr.....No par
600
Wesson Oil A Snowdrift No par
99%
80
West Penn El class A..No par
110
110
109% 109% *109
102% 102%
102%
102% 102% *102
*116% 118
116% 116% *116% 118
17
17
17%
17%
*17%
18%
400
WestPennPowCo 4** % pf.100
700
West Va Pulp
100
6% preferred
100
Western Auto Supply Co.—10
*25
26%
25
*24
25
17
19%
3
3
18%
*17%
64%
*61%
18%
64%
*61%
102
102
102
28
19%
19%
1934
19%
2034
2034
21
20%
21%
108
109%
133
133
106% 10734
*33
34
34
35
34
34
34
35
35%
34%
*34%
35
35
35%
34%
3534
*69%
76
*69%
76
*69%
80
*96%
97
*96%
24%
97%
97
23%
23%
115
*100
108%
136%
34%
*33%
34
97
23%
*100
24%
115
35
""226
24
24
23
23%
2284
23
4,800
115
*100
115
*96
115
70
67
*66
69
11%
12%
12%
12%
12%
6%
6%
*67%
1%
4%
4%
*4
*4%
*59%
434
61
120
*112
434
60%
*112
12%
12%
1134
6%
5%
6%
5%
5
5
5
45
*38
*20%
21%
*20%
2
2
2
2
2%
4%
2
4
1%
1%
2
1%
2
1%
4%
4%
4%
4
4%
4%
434
4%
4%
120
*112
120
*112
120
*112
120
*112
28%
28%
33%
20%
20%
33%
20%
*75
115
*81
105
*85
115
80
80
85
*80
95
*83
49%
50
50
50
50
28%
33%
21%
52%
53
53
56
57
*103
110
*102
108
15%
1,000
1,200
""300
800
11,700
2,400
5,700
83
2034
1534
15%
*113% 115
95"
51
57
55
55
106
55%
106
104
104
80%
80%
20%
20%
15%
15%
115
115
81%
*20
15%
27%
28
27%
27%
33%
20%
33%
33
33%
20%
19%
20%
81%
Western
"3",600
6,800
7,500
110
96
95
*85
95
50
50
$6
*80%
20%
20
20
15%
15
15%
5334
100
80%
*1834
14%
*113%
*113% 115
*113% 115
*9%
10%
10%
10%
*10%
32%
33%
34%
33%
33%
55
100
60
Woolwortb (F W) Co
17,900
33
Prior
Wright Aeronautical
17,400
11
11
11
34%
3334
35
*90
93
93
93
95
*88
95
*88
95
100
*18%
18%
18%
20
1934
20
*19%
19%
19%
19%
19
19
15
15%
16
1534
2%
15%
15%
1534
15
15
14%
14%
1,700
4,700
2%
2%
2%
*2%
2%
700
*
*2%
2%
Bid and asked prices: no
sales on this day.
*2%
2%
t In receivership,
a
No par
Mfg Co
26
Yellow Truck A Coach cl B..1
800
10%
2%
preferred B
Prior
100
32%
*2%
100
—.100
pref
series.. 100
pf 4*$ % convserleslOO
7% preferred A
6%
Yale A Towne
10%
95
...10
10
Worthlngt'n PAM(Del)No par
500
3234
*88
No par
preferred
Wrlgley (Wm) Jr (Del).No par
10%
*88
100
Paclflo 6% pref—100
500
81%
19%
1434
115
10%
3234
147g
100
Maryland
Woodward Iron Co
1,400
1,400
83
July
60
Jan
3
41% Aug
8234 Sept
124% Sept 24
98% May
30
Sept
120% Sept
37% June
Oct
4634 July
39% Apr 5
48% Feb 20
39
1«4
284 Apr 24
17
Apr
64
Dec
9
May
17
Sept
60% Sept
146
Sept
85
July
Jan 22
163
June
45%
84 Apr
6
Def. delivery,
100
Preferred
Wire..No par
No par
6*4% preferred ser A...100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Young Spring A
Youngstown S A T
Zonlte Products
n New
stock,
78
Feb
Jan
1
Sept
Aug
21
Sept
40
Sept
40
Nov
16
Feb 29
19
Apr
%
Mar 27
112
Apr
2
6
4% Jan
3184 Jan
118
Jan
Corp
r Cash sale.
Deo
44%
Apr
56% Aug
65
65
Sept
Sept
18%
2%
4
4
5
Jan
3384 Sept
Deo
684 Sept
118
July
15
Sept
9
Jan
29»4
Apr
112% Sept
4% July
6
15% Apr
Apr
Apr
17
31% Mar 14
May'22
116% July
54% Aug
Aug 22
60
Apr
34%
49%May 9
59% Feb 28
Aug 22
Sept
8% Mar
2% Oct
Apr
46
Jan 15
159
June
4
Deo
13g
May 10
70
i70
6% May
7% Apr 24
2% Apr 11
61
Apr 12
4
48
35
100
Mar
June 10
135
May
Apr
101
Mar
131
Mar
13$ Jan
84 July
3
Sept
2% Jan
1% July
6% Apr
16% Apr
233$ July
85
Jan
98% July
4
64%
125
101
Marl5
Deo
37b Sept
Oct
8
Apr
9%
Jan
36% Jan 11
3084 Sept
50'4
Jan
16% Feb
14%
Oct
20% July
7
Dec
147b Mar
1%
Deo
68a Jan
May 22
June
*
9% Jan 10
1% Jan 10
3% Deo
4% Feb 19
60
1% Nov
6% Apr
1234sept 13
19%
1
45 June 7
116
Jan 2
1584May 21
30 May 18
13%May 21
65 June 17
60 July 25
29 June 6
39 June 17
91 June 10
73 May 23
l5%May 28
9%May 21
98 May 25
6%June 10
26%June 10
80 May 28
12%May21
8%May 21
2 Mar 1
1 Bx-dlv
Apr
Sept
20
1%
4% Feb 23
16
29% Apr 16
Jan
Apr
1484
~
2834 Feb
20% Apr 22
24
Jan 4
75
Feb
36
Jan
2% Sept 13
31% Jan
Deo
21
25% Jan 10
Apr
July
55% Aug
4
Jan
2%
Mar
44
67b
58
Jan
July
Jan
37b
13«4 May
Oct
3584
248g
Jan
32»4
384
Jan
Oct
Jan
28%
Jan
79
Deo
Deo
85
107%
Apr
112%
88
Apr
106
Deo
105% Sept
118% Apr 30
25%May 3
105
Apr 29
Apr
95
110% Apr 12
115
Apr 9
108
Jan 8
115
Nov
15% Nov
Deo
19%
36% Nov
684 Sept
20%
Apr
Jan
23a
Apr
8% Apr
3%
Apr
Jan
%
Deo
2
Sept
28*4 Jan
28x2 Jan
16%
Apr
37
Sept
18%
Apr
37% Sept
82%
Apr
121
Sept
May
145
Mar
40% Apr
6
1
4
Telegraph.'00
Westlnghouse Air BrakeNo par
15%May2l
118
Jan
Westlnghouse El A Mfg
50
76 May 21
138
Jan
1st preferred
50 110 May 21
37%May
Weston Elec Instrument. 12 50
26
Jan 20
38% Feb 13
Westvaco Chlor Prod__No par
2734May 21
39% Jan 3
6% conv preferred
30
28%May 21
70
July 29
Wheeling A L E Ry Co
100
60 May 28
98
Jan 30
5M% conv preferred
100
85 May 24
35% Apr 9
Wheeling Steel Corp.—No par
18%May 21
105
Apr 30
6% preferred
100
9334June 13
71
Apr 6
$5 conv prior pref
No par
61 May 29
11% Apr 18
White Dental Mfg(The SS) .20
734 Aug 16
13% Apr 9
White Motor Co
1
7%May 21
11% Apr 10
White Rock Mln Spr CoNo par
4% Mar 23
7%May 3
White Sewing Mach Corp.—1
3%May 22
57% Mar 8
$4 conv preferred
No par
38
Jan 4
24%May 2
Prior preferred
20
1434May 22
3% Jan 11
Wilcox OH A Gas Co
5
l%May 15
3% Apr 22
Willys-Overland Motors..... 1
1% Jan 5
634 Apr 13
6% conv preferred
10
3
Jan 15
73s Apr 22
Wilson A Co Ino
No par
334May 21
120
55
*53%
*101% 105
A Pap Co No par
Western Union
10
95
50%
100
100
Wisconsin El Pow 6% pref. 100
*85
50%
No par
4% 2d preferred
1,500
*99
*94
*71
116
18",600
120
20%
15%
4%
4%
58
33%
*112
4
58
28%
20
2
4
58
2G%
20
1%
4%
58
34
*19%
2%
59
28%
*80%
1%
4%
""600
45
20%
1%
20%
59
20%
81%
5
*4%
*35
61
2634
33%
81%
67%
9%
12%
5%
59
20%
*48
4%
5%
a
115
61
33
26%
12%
*38
33
*26
*8%
45
5%
67%
9%
21
5
*96
*8%
21
2
2
*6
35
*38
5%
45
1%
6%
*6
20%
*1%
35
1,100
1,400
80
6%
2
35
97
11%
*17g
35
*96%
11%
5%
34%
97
*8%
20%
33%
34
9%
*35
33%
*69%
*8%
5%
34%
900
80
9%
45
6,000
97
*8%
20%
6,200
35
9%
5%
*33%
34%
"A, 600
110
133
No par
preferred
preferred
Western
*%
133
133
500
200
97
*8%
*20
133
1,400
*69%
67%
9%
*35
22%
22%
106% 107%
40
97
35%
67%
*6
19%
%
18%
1834
22%
22%
105% 106%
7%
6%
170
76
35%
.
24%
*100
68
%
7,
Pipe
$4 conv preferred
*69%
3534
69%
*66
634
2234
136% *131
133
2734
334
3%
7
107
*26%
3%
34
22%
2I84
108'4 109%
*131
27%
107
20
*101
107
*6
22
*%
%
*130
99%
*3%
19
*5%
*%
*101
200
64%
*61
100
*%
18%
27%
3%
7
%
64%
%
19%
3%
*6
*%
2%
17%
18
*61%
27
*3%
7
%
3
3
27%
3%
6%
27%
3%
*534
19
*99
107
*101
28%
*%
?'«l
19%
110
3%
27%
*2.3%
16%
*17%
*99% 100
28%
27%
*3%
*5%
15%
*19%
3%
18%
64%
17%
99
99
99
99
99
*98%
109
110
109
109%
109% 109%
102I2
*101% 102% *101% 102% *102
116% 116%
116% 116%
*116% 120
19
18%
19%
*18%
18%
*18%
*101
15%
20%
*3
18
*60%
102
5
1%
26
48
6
Jan
3'4May 21
%May 16
No par
10%
18
*101
$3.85 conv pref
*8%
65
*3
Warner Bros Pictures
10
*1%
*15%
*19%
4
Sept
13% Aug 30
2 May 15
30 May 22
%May 21
384May 16
22 May 23
20 May 21
13% May 21
14 May 21
2%May 21
15%May 22
59
Aug 26
91 June 3
96%May 22
90 June 10
l08%May 23
11 May 21
100%May 17
21 June 10
2%May 15
4%May 18
%May 15
14%May22
100
preferred
1%
*60%
3%
7%
9%
*17
*3
5,700
Jan
71
6838
10
Ward Baking Co cl A..No par
Class B
No par
1%
*24
19%
2%
40
65
Sept
3
No par
9%
*25%
19%
3%
100
3,100
*31
17
25%
%
16%
2%
2%
40
25
1%
10%
200
*34
37% July
6% Mar
5234 Jan
II484 Nov
68% Sept
18%May 22
No par
Preferred
300
1534
7
18
2%
5%
5%
5%
*34
18%
2%
13%
5
41% Jan 3
April
117
28%May 29
May 23
Walk (H) Good A W Ltd No par
*13
*4%
5%
%
1834
2%
40
Walworth Co
1,200
13%
13%
1>4 Jan
3
23%May
6,600
200
Mar
Apr
39
16%May 22
89 June 26
-434
4%
28
Oct
49
3 2«4
Co
No par
4*$ % Pref with warrants 100
28
5
67
Sept
31% Oct
1% Deo
31% Apr
8634 Apr
4
1
16
71
120
Walgreen
15% Sept
Apr
38% Jan
7% Apr
600
28%
*16
24%
17%
*24
100%
4%
*24
25
24%
11
*28
134
10%
25%
1%
10%
*9
*95
28%
13%
28%
13%
»u
*35
35
*9%
1%
*1%
2%
2%
*94% 100
4>%
4%
4%
10% Sept
684 Aug
46
% July 1
84May 15
20%
*98
100%
20%
35% July
298a Sept
4
6%May 21
3,400
System
Apr
May
100
100
%
7%
20%
Waldorf
Apr
3% July
1234 Apr 23
74
109 May'23
5 May 18
114
3634June__
100
Mar
7% July
13%
7% Apr 23
24
May"'
ls4May 15
pflOO
25
25
Jan
180
Apr
23
Apr 25
28
113
4
9
3234 Mar 11
6% Mar
No par
5% preferred A
100
5% Aug
65% Sept
14984 Sept
Jan 25
89
182%May 14
25
14
100
1 Wabash Railway Co
*34
7%
20%
preferred
Preferred
*%
%
7
7%
18%
2%
*1
34
18
35
46
21%
*4%
5%
%
16
2%
2%
*31
5%
28%
13%
#%
*34
7%
%
%
7%
21%
98
28%
13%
*%
*20%
*95%
47^
27%
*%
7%
20%
21
*2034
*95%
h
%
%
*7
7%
6%
Vulcan Detinnlng Co.
165
*126
165
*126
7%
*%
1
*%
*7
165
*125
165
*125
165
*125
165
*125
*44%
17% Sept
14
Sept
19
100
Virginia Ry Co
Mar
109
60
No par
Va Iron Coal A Coke 5%
6
35%May 28
Va El A Pow 36 pref...No par
150
10% Sept 23
103g Jan 3
43%May 10
5
Works
Chem
preferred
87% Mar
39% Mar 16
117% Apr 9
6684 Jan
Jan
June
May 23
100
5% non-cum pref
7% Sept
11
75
June 24
July
Nov
May 11
May 22
112
5
Vlck Chemical Co
7% Apr 10
7% Jan 3
97
22%June 10
Vlcks Shreve A Pao Ry...l00
27
2%
*2
2%
2%
100
7% 1st preferred
"""406
15
117% June
14
Sept
6% Apr
384 Aug
534 Mar
25
6
Van Raalte Co Ino
Apr
Apr
Sept
6212
Feb
8% Sept
35% Sept
95
Sept
Apr
12
Vanadium Corp of Am.No par
67
*24%
27
*25%
2%
2%
22%
11%
10
26
26
*
67
Nt par
100
Sales
Preferred
800
116
116
116
116
"
10
*9
10
80
100
preferred
Vadsco
800
17%
*14%
8%
Universal Pictures 1st pref. 100
7,200
2%
2%
34
17%
30%
31
31%
3134
32%
28
*27%
28
28%
28%
*113% 115
*113% 115
*113% 115
45
*43
43%
43% *43
44%
27
*26
2534
2%
*2
*%
*13%
3134
67
2558
*25%
45
66
34
*28%
*112% 115
43
80
17%
*14%
*5834
60
*5g
%
%
%
%
*5834
1
No par
5
No par
Universal Leaf Tob
500
150
*81
11
110
42%June 5
l%May 22
5%May 28
1 May 18
41 June 26
l2%May 24
45 May 24
13434June 8
59 June 5
38May 21
56 conv preferred...No par
Universal-Cyclops Steel Corp 1
600
*57
34
17%:
58
United Stores class A
100
17%
87
*81
85%
*%
%
*13%
59
*15%
*142% 151
59%
*81
*1%
*51
Conv pref (70c)
t
6
May 21
103%May 21
30% Aug 16
25
preferred
Uni ed Stockyards Corp
600
6%
16%
58i2
7%
100
3
Jan
42
No par
U 8 Tobacco Co
900
47
6%
1%
5178
87
1,900
121% 121%
34
34
47
Jan
15
60
100
Preferred
74
3
85%
50
No par
Apr
3
Jan
117% Feb 24
1334 Mar 12
50
A Mln
Preferred
U 8 8-eel Corp
314
2534
Jan
683
68%May22
39%May 23
100
7% Mar
884 Jan
Deo
Deo
35
May 21
15
10
U 8 Smelting Re
300
%May
No par
8% let preferred
91,000
34%
34%
*46
16
151
U 8 Rub be "Cc
78%
64%
68%
JU 8 Realty A Imp
35,200
3,300
3,300
20%
67%
Co
"5",000
1
»i«
19%
1%
5178
*81
34
*33
4%
6414
share
per
4i2 Aug
65% Mar 14
48
Aug 19
2134June 11
27%June 14
100
20
10
U 8 Pipe A Foundry
U S Playing Card
15i«
6%
*148
Prior preferred
62
Highest
:
share
ver
Mar 13
6
May 21
6
share
per
3%May 21
No par
Partlc A conv cl A..No par
28
6%
5178
16
*15%
58i2
2,200
27%
H4
1%
*47
600
8
21%
6
6
6%
5
62
6%
*6
U S Leather Co
7%
64%
34%
47
1%
46%
6*$ % conv preferred
U S Industrial Alcohol. No par
T.OOO
*4%
33%
20
100
5
50
preferred
U 8 Hoffman Mach Corp
33
22%
21%
80
59
3334
*46
4%
4%
*27%
7%
■
400
%
122% 122%
124%
33%
*46
U S Gypsum Co
20
20%
69
5734
46%
3234
33l2
46
134
*45l2
59%
122%
6234
*67
5978
58%
2,100
63%
*32%
s4
21%
81
64
34
20%
#ie
•i6
2,600
180
*175
28%
27%
34
%
2253
~1~950
Year 1939
Lowest
7% Apr 11
3 May 21
3% Aug 24
80
Jan 15
5 May 18
5%May 22
50 June 10
165 May 23
2'4May 21
25% July 17
14 May 21
10
934
8%
*56
27%
2634
United Paperboard
9%
78%
5
8%
56
2634
34%
26%
*4%
U S A Foreign Secur... No par
934
33
22
21%
"2",000
*9%
4%
*4%
*27%
United Mer <fc Manulnc v t c 1
86
76%
176
176
No par
preferred
16 first preferred
No par
U 8 Dlstrlb Corp conv pref. 100
U S Freight Co..
...No par
*82%
10%
79%
9%
4%
34
2234
*4%
*27%
8%
34%
*33
3414
4% I
33%
10%
79
175
*174
.
2134;
5
1
26%
25%
80
180
8%
107g
10%
80%
9%
9%
15
No par
2,900
I"
4
43g
86
10%
*82%
86
10%
10%
5
'
5
*82%
80%
21%
21%
253S
*4
*27%
21%
478
25i8
*3%
438
4'4
33
2034
434
60
*10%
37g
*4
*174
2034
434
*51
10%
*3%
4%;
*27
j
1C58
86
11%
114
378
80
174
4%
414
114
4%
*9%
934
7934
174
33
*2612
11%
10
107g
9%
78%
9J2
9l2
78
200
71
11%
*82
85
*113% 115%
10%
10%
10%
*3%
3%
29%
70
11%
4
United Gas ImproVt_.No par
29%
71
4%
3%
4
4
United Fruit Co
5,900
30
7034
*3%
11%
*3%
3%
5
United Eng A Fdy
300
2,300
11%
30
70%
11
5
30
69
30
11%
11%
1138
1134
11%
1134
114% 114% *113% 115% *11334 116
United Electric Coal Cos
2,900
4%
100
Preferred
60
34
4%
*29%
68%
1112
4*4
*291#
33
10
United Dyewood Corp
$
share
per
3%May 28
2 Sept 23
33 Sept 21
2%May 21
25%May 22
60 Ma: 21
10%May 22
107%June 6
6 June 10
6
United Drug Ino
2,900
1,600
4%
$
Par
.
Range for Precious
Highest
Lowest
Week
!
Sept. 25
$ per share
438
214
Range Since Jan. 1
On Basis of 100-S/iare Lots
EXCHANGE
Friday
Thursday
Wednesday
.
Sept. 24
4341
43g
4%
2%
Tuesday
i
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
PRICES—PER
$ per s/tare i $ per share
$ per share
4%
SALE
HIGH
Sales
lor
AND
LOW
70
Mar
6
126
11% Sept
Deo
Deo
Deo
10%
Apr
28%
15%
Apr
39%
*29
Apr
39%
42
July
75
Oct
74
Apr
97
Oct
15%
Apr
38%
Oot
80
Jan
80
Jan
45
July
78
Oot
8% Deo
12% Mar
7
I684
Oot
3% Sept
7
Jan
I84 Aug
4% Nov
Apr
14
Apr
14
Sept
28s Aug
3484 Nov
20%
Deo
4% Nov
Feb
Feb
June
3%
28s June
6%
2% Aug
7% Sept
1
32
Aug
60% Nov
Sept
115
121% Mar 1
28% Sept 24
42% Apr 6
2478May 8
95
Sept 27
85
Sept 23
105% Apr
52% Sept 23
57
Sept 23
23% July
38% Sept
31% Apr
53% Sept
124% Nov
129
93
25
Apr
36
Sept
50%
Jan
Apr
23%
Jan
47% July
74
Oot
May
69
Oot
10%
43
9
85
Apr
Apr 26
Jan 3
75
Marj
Apr
4
12612 Sept 4
14
Apr 16
48% Jan 3
19X4 Jan
93%May 10
2812 Jan 4
1734 Apr 8
4% Apr 22
y Ex-rlght8.
3184 Sept
15
85%
Deo
I884 Sept
33% Mar
11% Apr
21%
98
Apr
9% Aug
127
21%
Oot
Nov
Jan
66% Sept
30
Apr
74
May
92
Sept
Sept
Apr
34
12
Apr
22%
2
Aug
17
Jan
3% Sept
H Called tor redemption.
1862
Sept. 28, 1940
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Price®
"and
Interest"—-except for Income and defaulted bonds.
Cash and deferred delivery sales are
disregarded In the
week's range, unless they are the only transactions of the
week, and when selling outside of the regular weekly range are shown
In a footnote
In the week In which they occur.
No account Is taken of such sales In computing the
range for the year.
are
The Italic letters in the column headed "Interest Period" indicate in
each
case
the month when the bonds mature.
Friday
Week's
Last
Range or
Range
Bale
BONDS
Last
Friday'$
Range
Since
N. Y. STOCK EXCHANGE
Bale
Friday's
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 27
Bid
Price
Treasury 4 Jis---..1947-1962 A O 120.5
Treasury 4s.........—1944-1964 J D
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
120.5
No.
High
120.9
14
113.22
114
16
111.18116 6
114.19
4
111.16115.9
102.12
11
102 10104.24
108.11
1
107 10 109.30
108.11
1943-1947
103.8
103.9
117 2
121.0
1941
1943-1946
108.14 108.14
108.19
7
107 12110.1
1944-1946
109.9
109.16
8
107.30110.21
3 He
3 Ha
109.9
2
103.8
111.27
3
108 23112.13
112.24
6
109 14113.10
111.11
26
111.12
7
111.7
3s
——1961-1966 m 8 iiv.7
2Ks_.........1966-1900 M 8 108.22 108.22
109.7
2 Jis—
.1946-1947 m a 109.9
......1948-1961 m a
109.3
108.10
1961-1964 J D
....1966-1969 m a 107.28 107.28
1968-1963 J D 107.15 107.15
2lis..
—1960-1966 J
D
2lis..
2Hs
2 lie
2 lie
Treasury 2lie
Treasury 2lis.
1946 J
108.0
111.22
107.20111.30
92
104 20109 10
6
100 20109.26
6
105 24 109 19
6
104.10108.30
109.15
109.5
108.14
108.5
13
103 24 108.12
103 13 108
107.22
3
107.28
59
nl08;23«108.23
D
1948 m a
1949-1963 J D
109.2
2
106.18 109.13
1
105 13108.31
107.16 107.16
108.12 108.12
108.12
106.8
106.6
1960-1962 m a 106.13 100.13
106.13
....1961-1963
104.8
1964-1960
103.20
5
103.15108.1
103.2
107.2
1
103.4
107.3
104.8
75
101.7
104.23
102 2
103 29
106.13
103.29
63
Treasury 2s
1947
105.16 105.16
105.16
1
Treasury 2s
1948-1960
104.16 104.12
194.19
37
102 28105.30
101.13104.24
Mortgage Corp—
3 lie
16 1944-1904 M 8
16 1944-1949 AfN
Mar
3s
May
107.27
J
103.25
16 1942-1947 J
3s
Jan
2MB
Mar
108
3
♦107.23107.27
1 1942-1947 Af 8
....
103.25
3s series A
Corp—
May
1 1944 1962
M N
2 lis series G
107.14 107.11
J 103.18 103.15
1942-1944 J
llis series M
1946-1947 J
New York
D
102.8
102.8
105 22108 24
105 20108.21
103.10105.15
103.9 105.2
*103.22103.26
Home Owners' Loan
107.19
16
103.18
15
103.1
104.25
102.17
6
100.5
102.17
105 4
108.12
Foreign
Govt.
A
1980 J
D
96 h
96 )i
97 H
590
00 OO X
97 H
1947 F A
A O
1948
M 8
f 7s series B....1946 j
♦External s f 7s series C
1945 j
♦External s f 7s series D
1946 J
A
♦External s f 7s 1st
1966
O
D
IN
J
1957
External
s f 0s...
External 30-year s f 7s_.
1955
1955
j
♦External
♦External
j
♦7s (Central Ry)
Brisbane (City) s f 6s
Sinking fund gpld 6s..
20-year
O
f 0Hs of 1920...1967
s f 6 Ha of 1927...1967
....1952
1957
O
J
M
External
71
71
F
A
1967 J
f 7s
s
♦Stabilisation loan 7 Ha
1908
Canada (Dom of) 30-yr 4s
67
96
55Ji
56
17
39
91
36
38
90H
57
34
84
50
56
5834
58)4
48
48
52
8)4
10-year 2 Ha
26-year 3 H s._.
1961 J
J
7-year 2 lis
30-year 3s
J
1944 J
J
1907 J
1968 UN
30-year 3s
♦Carlsbad (City) 8s
♦Cent Agrlc Bank
1964
J
J
1950
m
J
s f
6s...July 15 1960
♦6s Jan. 1937 coupon on..1960
♦Farm Loan s f 0s...Oct 15
1960 A
1960
♦0s assented
1960
♦Extl sinking fund 08. .Feb 1901
♦6s assented....
Feb 1901
♦Ry extl
s
♦0s assented
50)4
32
J
8
♦External sinking fund 08...1962 A
O
1962 A
O
♦6s assented
For footnotes see paee 1867.
1963 AfN
102)4
30 Ji 100)4
108
35
12
20
15)4
20
14
14
1534
12
11)4
12)4
12
12
7)4
10)4
8)4
8)4
11)4
*o0
12)4
13)4
8)4
20
20
23)4
18)4
18)4
18)4
60
33
51
51
33
78
*57
8)4
61
42
87)4
10)4
7)4
8)4
14
*55
3
47)4
50)4
116
48
50)4
50)4
44
50
53
*31)4
4)4
53
13
3
34
05
38 Ji
65 Ji
39)4
63)4
41
60
40
31
67)4
45)4
♦Sinking fund 8a
O
28
j
27
10)4
10)4
91k
91
98)4
91)4
9834
92)4
99)4
90)4
92
A
1942
J
82
"92)4
92)4
79)4
83)4
92)4
80)4
30
79)4
81
17
17)4
18
7954
79)4
p
A
M
A
A
M
8
101)4
18
01
60
78
....
18)4
17
12)4
*11
9)4
10
10
10
12)4
12
17
11)4
11
14)4
12 H
3
11
1134
1234
14
12)4
"ir
"if
10
2
19
♦Heidelberg (German)
75 H
*67
71
69H
17
17
11H
J
8
8
J
*10
17
29H
40
46 H
46 H
46 X
40
15H
20
D
60
60
D
*45
8
a
12H
15H
10
11
17H
9H
16Ji
19H
9H
109
155
O
«H
6
5H
119
10 H
2
6H
18 H
9
16
20 H
17
9H
25 H
*15
18
25 Ji
22
68
69
65
10
7)ial950
17
7H
H
16
16H
*42
J
8H
J
1945
8H
AfN
8 ji
A
M
8
16
7
10
17Ji
22H
75
8Ji
6H
8H
0
8
8
8Ji
6H
5H
*27 H
*51 H
46H
32 H
46 H
32
10
17
8
8H
10H
90
50
8
AfN
29
20
60
10 H
9H
9
9
82 H
45
92
49H
87
84 H
72
33
15
25
30
68
23
78 H
54 X
71
83 H
67
71
AfN
91H
55
55
60
35
55
70
A
O
10
10
10
3
7
F
A
15H
15H
15H
4
J
D
12H
12
12
4
12
J
J
F
A
1945
1933 J
f 0Hs
1958 M
1959 M
♦Montevideo (City) 7a..
♦0a aeries A
New So Wales
External
s
(State)
f 5s
Norway 20-year
1952 J
28H
"71"
D
8H
D
70
8H
3
7
14 H
10
53
82 H
*1H
H
*1
*1%
*1H
17H
15H
15H
70H
1
*1H
J
1H
2
1H
1
H
H
1H
1H
H
28H
28H
30 H
8
7%
7%
7H
8H
54
1H
H
*1H
O
5
14)4
11)4
9
10)4
12)4
10)4
12)4
8
1943 F
1944 V
♦7H
D
1959 UN
extl 5s. .1957 F A
Apr 1958 A O
extl 6a
11)4
12)4
14)4
92 H
45H 118
106
13
80
69
f 0 Hs
a
11
16)4
14)4
92
"70"
11
53 H
20
40H 105
*21
D
17
10
2
23
53 H
(State)—
♦Sec extl
Municipal Bank extl
10)4
9H
75
A... 1952
*45
*44
4H
4H
50
44
70
40
12H
12H
71H
71H
90H
57 H
57 Ji
60
16
33H
63 H
62
63 H
20
85
89
A
46 H
29
46 Ji
35
46 H
46 X
1
A
46 H
46 H
1
29 H
97 H
97 H
35
40
12
35H
34H
38 H
13
23 H
20 H
80 H
35 H
6
20
80
1956 Af 8
.1965 A O
4s ■ f extl loan
11)4
7
20
m
AfN
Milan (City. Italy) extl
0Ha... 1962 A
MInaa Geraes
♦Sea extl
H
21H
|»Treaa 6a of *13 assent
14)4
*11
65
20 H
♦Assenting 4s of 1910
17
14)4
1
76 H
75
75 H
75
1943 UN
♦Mexico (US) extl 6ebf 1899
J
£.1945 Q
♦Assenting 5s of 1899
/
1945 Q
♦Assenting 4s of 1904
1954 J D
10)4
17
67H
H
67 H
63 H
65 H
65
7H
External sink fund 4 Ha
External a f 4He
10)4
18
73
18H
17H
10H
20-year external 6s
12
70
20
67 H
.1946
17
12 H
10
38 H
68
(Colombia) 0 Ha.... 1954 J
(Prov) 4s read!......1954 J
12
12)4
36H
36H
10H
♦Jugoslavia (State Mtge
Bk) 7a 1957
♦Leipzig (Germany) a f 7a
1947
♦Lower Austria
(Provlnoe) 7 He 1950
7
*li)4
.
Italian Cred Consortium
7s ser B '47
♦Italian Publio
Utility extl 7a.. 1952
Japanese Govt 30-yr s f 0
He.. 1954
Extl sinking fund
5)is
1905
2
11
H
33 H
68
65
Irish Free State extl a f
5a.....I960 UN
Italy (Kingdom of) extl 7s
J
D
1951
11
*11
14H
13H
7
F
ext at 4 He to...
1979
12 H
*12)4
8H
8H
"15"
extl
14)4
16)4
81H
10H
♦7 He secured s f
g
♦7a jecured a f g
12)4
3
104
4
1949 A
♦Hungarian Land M Inst 7
He. 1901
♦Sinking fund 7 He ser B
1901
11
12)4
62
70
67
Helslngfors (City) extl 0 He..'.
1960
Hungarian Cons Municipal Loan—
10)4
17
98
1940
a f 6a ser
12
12
51H
9
7
73H
14H
*11H
89
88)4
7)4
18
19)4
15
18)4
12)4
11
6
14)4
10
*10
12)4
58J4
69)4
96)4
93)4
90)4
102
♦32
Mexican Irrigation—
♦4 Ha stamped assented
107
101H
10H
♦Hamburg (Bute 0s)
Mendoza
72
34
102 H
103 H
45
70
♦7s unstamped
1949
German Prov A
Communal Bks
♦iCons Agrlc Loan)
6Hs
1958 J D
♦Greek Government a f ser
7a.. 1964 UN
♦7s part paid
1964
♦Sink fund secured 6a
Y A
...1968
♦0a part paid
1908
15
69
101H
53 H
Holder)'05
stamped.
14
83
97 Ji
93
70
1905
9)4
5
21
75
1905 J
unstamped
8
48
85
13
100
53 H
35
0
0
0
N
1941
1949 J
*6 He stamp(Canadlan
♦German Rep extl 7s
Hungary 7 He
05H
1949
German Govt
International—
*6He of 1930 stamped
(Republic)
71H
*10
£
French Republic 7 He
J
stamped. 1941
Haiti
62 H
49
69
1»69
♦El Salvador 8s ctfs of
dep
1948
Estonia (Republic of) 7a
1967
Finland (Republic) sxt
6s.....1945
♦Frankfort (City of) a f 6 He... 1953
*5He
10
15H
18H
73 H
'33 ji
20 H
20H
*67
1940
Customs Admin 5)is 2d ser..l90l
6 He 1st series
..1909
7a unstamped
21
H
25
*10
J
External gold 6 Ha
1955 F A
External g 4)is
Apr 15 1962 A O
Dominican Rep Cust Ad
5)4a..l942 M 8
1st ser 5 )is of 1920
..1940 A O
1
17)4
18
102
20 H
27 Ji
34
25
*96
53)4
34
20
*100H
0
7Hi unstamped
External 7s stamped—
15H
15H
'20 H
71H
a
0H
15H
20
*101
1949 F
17H
3
27 Ji
25
1949
13 H
13
12 H
H
*20 H
24 H
8
1944 M
A
9
8H
28 H
27
20 Ji
14
10
14
6
H
10
9
14
*i7
1952
4
394
27
*20
1951 UN
C
HH
17
♦4H
13H
11H
10H
14
O
ser B
♦Medellln
10)4
10)4
10
1961 J
F A
1977 J D
Sinking fund 5)ia...Jan 16 1953 J
J
♦Public wks 5)4t-_.June 30 1945 J
5
♦Czechoslovakia (Rep of) 8s...1951 A 0
79
65
47)4
48
8
U
♦68 assented
58
51
J
♦External sinking fund 6a...1963 AfN
12
22
20
O
A
87 Ji
87 Ji
6H
51
A
Jan 1901 J
M
8s.-Sept 1961
Sept 1961
2
15
O
Jan 1961
f 6s
♦0s assented.
♦Extl sinking fund
8)4
64 H
12H
*50
...1942
A
63
*10
O
♦6s Apr. 1937 coupon on..1900
♦Chile (Rep)—Extl s f 7s
1942 UN
♦7s assented
UN
♦External sinking fund 6s
61H
90 H
95
22
S
J
(Ger) 7s
♦Farm Loan
81
20
J
A
70 H
50)4
m N
Aug 16 1946 F
85
16)4
22
O
1960 A O
1952 IN
6s
14H
77
64
Bulgaria (Kingdom of)—
♦Secured
10
10
24)4
63)4
1975 AfN
J
J
1984
f 434-4 lis
3% external s f 3 bonds
s
7)i
7Ji
7Ji
18 H
15H
14H
14H
56
Af 8
A
10
15 H
63)4
A
F
11
15 Ji
10
64
D
M 8
8
81)4
73)4
67)4
8
♦Budapest (City of) 0s.......1962 J D
Buenos Aires (Prov
of)
♦6s stamped
—......1901
External s I 4H-4Ji«
1977
Refunding ■ f 4)i-4Ha
1976
External read! 4H4Hs
1976
7 Ji
7 Ji
80)4
D
1950 J
1958
s f 6s
7H
11
81 Ji
D
a
s
11
*21)4
j
A O
f 6Hs
1960
D
♦External sinking fund 0s...1958
D
♦Brazil (U 8 of) external 8s
1941
(Germany)
60
J
♦Bavaria (Free State) 0Ha. ..1945 F A
m a
Belgium 26-yr extl 6 He
1949
♦Berlin
20 H
40
•9)4
*9)4
*9)4
O
f a
conv loan 4s
Feb....1972
A O
8 f extl conv loan 4s
Apr
1972
j
J
1955
m a
....1957
25
33)4
10
*9)4
*9)4
*9)4
J
8 f extl
External g 4Hs of 1928
*20 H
J
Australia 30-year 6s
External 6s of 1927
20'
"16"
O
Argentine (National Government)—
m N
8 f external 4 He
3948
m N
8 f external 4Hs
1971
23
28 H
29
*
J
Berles._.1957
♦External sec e f 7s 2d series. 1967 A
♦External sec a f 7s 3d serles.1957 A
J
Antwerp (City) external 6s
1968
*20 )i
J
s
♦Austrian (Govt) s f 7s
10H
♦Dresden (City) external
7a... 1946
Akershus (King of Norway) 4s. 1908
♦Antloqula (Dept) colJ 7s A...1946 j
♦External
1
"*9H
13 H
10
9H
1
1952 J D
1953 AfN
Cordoba (Prov) Argentina 7s.. 1942 J
J
ser
11H
10
25-year gold 4)is
ser
6
10
11H
*
High
16H
10 H
10 H
10H
10
1940 m N
1947 F a
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
Low
9
liH
Copenhagen (City) 5a
External 5s of 1914
1
HH
1947 A
Jan
♦Colombia Mtge Bank 0Ha
♦Sinking fund 7s of 1920
♦Sinking fund 7s of 1927
External loan 4 He
4 Hb external debt
11H
10 H
13
O
O
1901 A
Oct 1901 A
1928
No.
10
♦Cologne (City) Germany 6)4a_1950 Af 8
Colombia (Republlo of)—
of
High
*11H
......1902 AfN
♦Chilean Cons Munlc 7a......I960 M 8
♦7s assented
1960 M 8
♦Chinese (Hukuang Ry) 5s
1951 J D
♦0s
Since
Jan. 1
1902 AfN
...1901 A
...
♦6s of 1927
Range
Asked
*10
♦0s assented
6 Ha 2d series
Municipal
Agricultural Mtge Bank (Colombia)
♦Gtd elnk fund 0s
♦Gtd sink fund 6s
♦6 Jia assented
or
4b
11H
D
D
1961 J L>
1961 J D
1957 J
2d series sink fund 5
Ms
Transit Unification fesue—
Bid
1957 /
.
♦Guar sink fund 6a
♦8s assented
Week's
Lots
Denmark 20-year extl 6a
City
3% Corporate stock.
♦Chile Mtge Bank 6)4s
♦6)4s assented
♦Sink fund 6Hi of 1920
♦Guar sink fund 6a....
112.16 112.16
111.7
......1946-1948
Price
8ept. 27
Farclgn Govt. A Munlc. (Cont.)
105.17
111.24 111.24
.......1946-1949
1949-1962
3a_~
Federal Farm
Low
Week Ended
1941-1943 M 8 102.10 102.10
3 Jis
3 Jis..—
3 Hn
3 Ha
3 lis
Treasury 2lie
Treasury
Treasury
Treasury
Treasury
Treasury
High
Jan. 1
114.19
1946-1966 M 8
3 Jis
2lis..
2 lie
2lis..
Asked
a
Low
United State* Government
Friday
90
1963 F
n f
5a._
♦Nuremburg (City) extl 6a
A1
1970 /
1952 F
D
27 H
27 H
27 H
2
21H
80
A
23
23
23
2
9H
23
*34H
Volume
Y.
Week
Oslo (City) a f 4%3
♦Panama (Rep) extl 5%s
♦Ctfs of deposit (series B)
♦Pernamboco (State o0 7a
♦Peru (Rep of) external
7a
♦Nat Loan extl a f 6s 2d aer
♦Porto Alegre (City of) 8a
♦Extl loan 7Ha
19%
75
4
96% 105%
32
102
102
O
D
102
61
14
59%
31
50
4a.July 1952 M R
J D
53
Atl A Dan 1st g 4a
1948
Second mortgage 4a
1948
Atl Gulf A W I SS coll tr 5a..1959 J
U
Atlantic
*5%
D
4%
10%
7%
5%
11
1941
6%
16
4%
10%
1st mtge gold 4s
6%
6%
6%
7
4%
8%
10%
0
O
*5
A
O
*8
10%
Ref A gen aer
4
31
38%
20
31%
73%
106%
7
b
106%
*94%
69%
68%
70
69%
69
70
33%
33%
9%
2
3
7%
-
4
7
3%
5
*4
-
4
r>
7%
*7%
6
*8
11
9
9%
11%
6%
7%
J
35%
bb
y
3
3
13
ccc4
Ref A gen aer C(Int at 1 1-5%
to Dec 1 1946) due...1995 J
D
z
ccc4
37%
37
39%
U 8
ccc4
32%
32%
35
a
33
33
35
193
12%
12%
13%
536
59
to
Dec
1
1946) due..1995
Ref A gen aer
to Sept 1
D (lnt at 1%
1946) due..2000
Ref A gen aer F (lnt at
1%
18%
18%
14%
20
12
85
87
5
59
60%
62
2
41%
98
Ref g 48 extended to..1951
20
20
1
15
21
S'west Dlv lat M(lnt at 3%%
60%
S
A
1946
1953
-
O
A
■
O
—
„
_
-
-
7
12
18%
11%
20
M S
z
ccc4
A
z
cc
3
UN y bb
3
1946) due.. 1996
Feb 1 1960
F
Pgh L E A W Va System
7%
7%
8
5%
11%
6%
6%
F. A
to 8ept 1
♦Conv due
103
6%
43
4%
10%
to Jan
1
6
7
13
3!
10
10
bb
5%
11%
2
bbb3
"63'
62%
63
7
63
62%
63
5
40
40
67%
67%
10
10
4
5
12
Battle Cr A Stur 1st gu 3a..1989
b
10
10
2
7
12
Beech Creek ext let g 3%a_.1951
bbb4
Bell Telep of Pa 5a aeriea B..1948
aaa3
♦Roumanla (Kingdom of) 7a
A
O
F
A
1953
extl 6 Ha
J
J
M S
1952
MN
*8
Brazil)—
1957
1936
J
J
J
...1958
1958
1947
J
D
F
A
21%
10
13%
12%
13%
12
12%
5
D
J
20%
J
1950
♦7a extl water loan
.....1956
♦6a extl dollar loan
1968
♦Secured s f 7a
1940
♦Saxon State Mtge lost 7a....
1945
♦Sinking tun g 6 Ha
1946
Serbs Croats A Slovenea (Kingdom)
♦8s secured extl
1962
♦7a series B see extl
...1962
§♦88 extl loan of 1921
♦8a external
♦Silesia (Prov of) extl 7a
assented
♦811eelan Landowners Aasn 6a
M
J
O
36%
D
J
D
53
1961
O
F
external conversion.....
1979
1978
1971
...1984
7%
14%
Inc mtge
1970
—
—
-
-
87
63
41
53
62%
...1950
Debenture gold 5a
1st lien A ref 5« aeriea B
1957
65
Buffalo Gen Elec 4 %a B
Buff NJag Elee 3 %•
63
65%
33
53
38
6
31%
5
34
51%
66%
36%
50
24
61
J
J
42%
*36%
1952
♦Vienna (City of) 6a
—1952
♦
Warsaw (City) external 7a....—1958
A
O
*23%
8%
1958
.....1961
F
A
J
D
39%
MN
40
•
—
8%
m
8
4
10
r
68%
53
53
3
3%
*3%
53
46
69%
71%
112
20%
8%
78
cccl
8
7
aaa4
109%
109%
A
bbb3
69
a/N
1981
series C.1967
Last
Range or
Range
Friday's
A
Ask
Jan. 1
N. Y. STOCK EXCHANGE
Week Ended Sept. 27
Rating
Sale
See A
Price
Bid
1947
10-year deb 4Ha stamped. 1946
Adriatic Eire Co extl 7a.....1952
Ala Gt Sou lat cons A 5a
1943
lat cons 4a aeriea B
..1943
Albany Perfor Wrap Pap 6a.. 1948
6a wltb warr assented
1948
Alb A Suaq lat guar 3 Ha.. ..1946
Alleghany Corp ooll trust 5a. 1944
Coll A conv 5a
1949
♦5a stamped
....1950
Allegh A West lit gu 4a
1998
Allegb Val gen guar g 4s
1942
Allied Stores Corp deb 4 Ha..1950
Coll trust 4a of 1907
D
---
bb
bb
107%
34
aa
*110%
*107%
aa
b
56
*40
b
Since
b
2
MN
1934
{♦lat A'coll 5a
27%
57%
97% 104%
98% 104%
••
100
34
108%
80%
110%
109
110%
108
105
56
45
60
57%
46
61
107%
34
35
68%
108%
87
82
80%
82
2
93
92%
94%
238
69
94%
3
78%
75%
79%
212
58
cc
2
63
50%
56%
541
26%
79%
56%
62%
62%
2
104%
100%
104%
4
100%
1
99%
37
bb
M
A
F
2
aa
2
S
O
WW
104%
bbb2
A
bbb2
5
a
3
M
8
b
deb..........1967
JAnn Aroor 1st g 4s
1995
Ark A Mem Br A Term 5s..1964
Armour A Co (Del) 4s B...1965
1st m a f 4a aer C (Del)
1957
8 t Income
M
8
A
50%
168
103%
93
105%
105 %
aaa3
109 h
109%
aaa3
O
J
109
109
bb
UN
1
3
bbb2
O
bbb3
Jan
cc
"49%
98
95
95%
109
104
J
bb
M
8
6
85
108%
109%
104
104%
89
99%
106% 111
44
17%
68%
100% 105%
91
105%
105% 109%
110%
27
104
55
103% 110%
12
93% 107
96
109%
22
15
43
10
99%
1
9
42
bbb4
32
99%
102
27%
107%
32
41
60
F
A
aa
2
103%
103
103%
58
99%
95% 104%
J
J
aa
2
103 h
103
103%
20
95
1
97%
194%
1995
General 4s
.....1995
...—1995
of 1909.....1955
A
O
aa
2
Nov
MN
105%
105%
bbb3
Stamped 4a
bbb3
J
1905
..—.1966 J
Conv gold 4s of 1910
1960 J
Conv 4a of
D
aa
D
85%
2
aa
D
♦86
*
*
aa
1948
aa
lat 4s —1985
Trans-Con Short L lat 4s..1958
Cal-Arlx lat A ref 4 He A—1962
Atl Knox A Nor lat g 5s.—.1946
Atl A Chart A L lat 4 Ha A..1944
1st 30-year 6a series B
1944
aa
Conv deb 4 Ha
Rocky Mtn Dlv
For footnotes see page
1867
"l03Vs
64
90
87
96
~"2
103%
100
100
76%
89
96%
97%
90%
95
96
103%
101% 107%
87%
77%
92
"l"6
94%
"95%
95%
106%
"32
3
96
Canadian Nat gold 4%s
4
2
2
60%
58%
2
106%
106%
o
a
o
*66
40
81
bbb3
debjstk perpet..
1946
92%
92%
93%
93%
93%
95
28
95%
95%
96%
18
A
aa
D
aa
"93%
95%
93%
95%
93%
10
92%
93
15
93
36
A
aa
110%
12
108
109%
18
ioi"
2
J
a
2
J
100%
ccc3
D
a
70
70
64%
65
*25
104%
54
2
21
76
73%
101%
72%
48
66%
23
25
73
45
4
b
1
"96"
"97"
A
b
3
50%
50%
D
bb
4
81
D
ccc2
14
A
ccc3
"96%
O
c
*25%
*4%
1%
O
c
1%
D
cc
cc
2
84
14%
30
2
6
1%
*5%
7%
7
J
cc
2
*2%
8
aaa3
*109%
O
aaa4
*109%
J
z
b
12
z
ccc3
15%
49%
15%
51
J
z
ccc3
14%
14%
16
15%
34
J
^♦Cent New Engl let gu 4a..1961
^♦Central of N J gen g 5s
1987
•General 4a
1*87
108%
108%
108%
2
o
s
a
3
A
Central N Y Power 3%s
y
bb
2
2
3
3
O y bb
A
y
b
66%
68
65
65
45
47%
*50
45%
MN y b
UN x bbb2
7
12
23
54%
2
243
*1077sj
91
79
"81%
8
x
bbb3
*104%
106%
U
8
x
bbb3
102%
103
M
0
x
aaa4
126
126%
UN
x
aaa2
]02
41
x
aaa2
102%
25
x
aaa2
101%
105%
101%
101%
105%
102%
F
106%
13
111"
M
Champion Paper A Fibre—
M
S f deb 4%s (1935 ssue)..1950
1992
73%
2
1945
3%a D..1996
52%
2
a
B..1959
1969
♦Chatt Dlv pur mon g 4s..1951
♦Mobile Dlv 1st (6s
1946
Cent Hud G A E 1st A ref 3 %s *65
Cent Illinois Light 8 Ha
1966
(1938 Issue)..1950
92
103
52%
aa
C
1962
Ceni Pae 1st ref gu gold 4a..194*
Through Short L 1st gu 4s. 1954
Guaranteed g 5a
1960
Central RR A Bkg of Ga 5«11942
Central Steel lat g s 8«
1*41
Certaln-teed Prod 6%s A...1948
92%
103
D
♦Ref A gen 5%s series
S yb
A
3
"80
Ref Almpt M 3 %■ ser
E..199*
F..1963
Br 1st 4a
1946
x
4a...1989
19H*
aaa3
lie"
10
aaa2
x
*108%
Ref A Impt M 3%« ser
R A A Dlv 1st con g
2d consol gold 4s
Warm Spring
♦Chic A Alton RR ref g 3a.. 1949
Chic Burl A Q—III Dlv 3%s
Il'lnola Division 4s
1st A ref 5s series A...
1*49
x
aaa3
U
S
x
aaa2
A
O
z
ccc3
11%
12%
J
/
x
aa
2
92%
91%
93%
57
J
V 1st g 5a..1*41
1st A ref 4%s series B
109
a
^♦Cent of Ga lat g 5a...Nov 1945 UN
General 4a
110
bbb2
J
gold 4s...1981
Celotex Corp deb 4%« w W..1947
♦Cent Branch U P 1st C 4s..l94S
100%
iio"
aa
8
U
aa
J
Cart A Adlr lat gu
105%
109
92%
8
J
.
Ref A Imp mtge
4
aa
^CarolinaOent lat guar 4s. 1949
Chesapeake A Ohio Ry—
General gold 4%s
6
aa
1960
{♦Consol gold 6a
81
•a
ICaro Clinch A Ohio 1st 6s A1952
UN
Carriers A Gen Corp 5a w w.
1950
♦Ref A gen 6e series
20
/
1944
gold 5a..Dee I 1954
Collateral trust 4%s
13
60%
106%
o
5« equip trust ctfa
Coll trust
70
40%
11
J
Sept 1951
gold'4 %s
99
a
8
177
4%
4%
o
1957
100
aa
M
42%
2
fU.——I960
Calif-Oregon Power 4a—.1966
Canada Sou cona gu 5a A...1962
Potts Creek
Santa Fe—
Adjustment gold 4s.
40%
41%
2
J
Bush Term BIdrv 5s
8 f deb 4%>
31
2
Q
98%
105%
110%
109%
96
64%
104% 107%
99
101%
59
17%
49
b
D
A
40
25
aaa3
J
J
108
103
2
bbb3
MN
J
107
*15
107
103
b
1*N
J
99
99%
2
9
1
*107%
O
.....1955
Consolidated 5s
z
O
A
♦Certificates of deposit
Guar
bb
Mfg conv 4a. 1952 M
Conv gold 4s
-
53
111%
*3%
*2%
4
16 1955
Guaranteed gold 4%s
1956
b
bbb3
♦Alplne-Montan Steel 7s
1*55
Am A Foreign Pow deb 6a.. .2030
Amer IG Chera conv 5 Ha.—1949
Am Internal Corp conv 6HB.1949
Amer Telep A Tsleg—
20-year sinking fund 5Ha.1943
3Ha debentures..
1961
3%s debentures
.1966
Am Type Founders conv deb. 1950
Am Wat WkaA Elec 6s ser A. 1975
Anaconda Cop Mln deb 4 Ha.1950
•Anglo-Chilean Nitrate—
Atchison Top A
107
bb
1951
4Hs debentures
A Ilia-Chalmers
/
bb
47%
17
111
4
aa
Bush Terminal 1st 4s.......1*52
Coll trust 4%s
45%
*100%
*100%
106%
aa
Guar gold 4%a..June
RAILROAD an 1 INDUSTRIAL
COMPANIES
46
19
107
95%
bbb3
A
D
modified (Interest
Can Pao Ry 4%
cc
13
113%
95%
113%
J
Canadian Northern deb 6 Ha. 1946
t!♦ Abltlbl Pow A Pap lit 5a.1953 / D
Adama Express ooll tr g 4a—1948 M 8
14
112""
"95%
3
F
Guaranteed gold 5s...Oct 1969
Guaranteed gold 5s
1970
Friday
Elig. A
bb
14
110
111%
bbb3
s
D
J
112""
3
a
19
*103
7%
Week's
BONDS
19%
A
Guaranteed gold 6s. .July 1969
Bank
"70%
ccc3
at 3% to 1946) due
1957
JBurllngton Cedar Rapid A Nor—
42%
A
3
83
Buffalo Rochester A Pgh Ry—
32%
39%
D
3
bb
Bklyn Un Gaa 1st cona g 5s..1945
MN
lat lien A ref 6a series A.. 1947
03
37%
*39
MN
71%
MN
53
29
43
71
MN
15%
23
-
2
Bklyn Edison cona M 3%a..l960
F
Bklyn Union El at g 5«
1950
60%
-
77%
b
MN
t»Boston A N Y Air L 1st 4a. 1955
5%
9
18
-
75%
b
F
6%
48
•
40%
40%
F
6a
15%
A
42
-
72%
2
J
1961
J
1960
1955
6
5
70%
b
76
S\
MN
1st g 4%s series JJ
1st mtge 4s aeries RR
40%
27%
99%
71%
ax bbb3
M
lat M 5a series II
4%s aer A. July
*99 %
2
O
r
7%
-
*108
aaa2
16%
8%
4
55
*43%
J
Yokohama (City) extl
lat mtge 3 %s.._
Stamped
8%-4%-4*iia extl conv—
%-4 Ha extl read)
8 Ha extl readjustment
Venetian Prov Mtge Bank 7a
assented
26
1950
!%-4-4%a C bonds of *37)
4-4
33
105
13%
1944
MN
MN
103
104%
Boaton A Maine 1st 5a A C..1967
l%§-4-4 %a (J bonds of *37)
externa' readjustment
102%
104%
24
55%
53
A
106%
103"
3
Rlaw Knox
MN
...1979
....
A
...1960
...1964
106
3
a
Big Sandy 1st mtge 4s
62
26%
26%
3
a
11%
----
53
S
a
3
61%
7
1960
20
6
*13%
1
39
Consol mtge 3%a ser H...1905
40%
—
1
107%
Consol mtge 3a aer O
4%
4
—
107%
14%
12%
9
—
107%
10
23
20%
9%
18
4%
2
9%
53
Beth Steel 3%s conv deba._1952
Cona mtge 3%« ser F
1QM
22
cccl
bbb3
23
22
18
1
23
6
13%
-
—
16%
*4
/
...1946
♦Uruguay (Republic) extl8a_.
♦
External « t 6a
-
10%
9%
A
M
-
10%
MN
F
-
b
1955
"22"" "16
22
22
♦Berlin Elec El A Undergr 6 %s *56
45
38%
«•«»
16%
MN
J
«
-
*105%
1
10%
8
23
1
b
12
134%
22
b
♦Deb sinking fund 6 %s... 1959
10
11%
10%
36%
10%
A
1982
Tokyo City 5a loan of 1912
External a f 5 Ha guar
12%
S
J
...1971
5 Ha
13%
J
1955
Sydney (City) a f 5 Ha
♦4 Ha
aaa3
7
134
1943
3%s
♦Berlin City El Co deb 6 %s.l95l
5
7%
8an Paulo (State of)—
♦External ■ f 6a
cons
22
1
115
aaa3
80
5
8%
*6%
MN
secured a f
Taiwan Elec Pow a'
Belvldere Del
1
114%
114%
...I960
lat A ref 5a aeriea C
53%
23
60%
59%
♦8a extl secured a f
♦4 Ha
9%
7%
3
22
1
22
22
22
...1964
Santa Fe extl a f 4s
♦6 H» extl
12%
4a stamped
♦Debenture 6s
(City) 6a
Sao Paulo (City of.
61
7%
9
*4%
♦February 1937 coupon paid
♦Saarbruecken
1
7%
7%
27
37
35
32%
32%
18
3
M N
Rome (City)
17
96
3
1966
D
56
bb
♦7i extl loan of 1928
J
75
53
bb
D
1967
1952
1959
55
47%
1951
O
J
♦7a municipal loan...
69%
...1951
Con ref 4a
A
1968
8%
263
45%
53%
—.1946
7%
322
i
96
4
45%
♦6a extl a f g..
♦8a extl loan of 1921..
382
57%
b
1947) due...1950
Toledo Cln Dlv ref 4a A.. 1959
Bangor A Aroostook lat 5s..1943
Rio Grande do Sul (State of)—
45
bb
18%
A
71
z
20
M
5
*
S
F
5
97
D
0
.....1950
30%
73%
O
0
♦Rlode Janeiro (City of) 8a
♦Extl see 8 Ha
66
35
31%
64%
J
M
1941
.....1947
25-year external 6s
Rhine-Main-Danube 7« A
20
(lnt at 1%
A
MN
♦External a f 6a
Queensland (State) extl a f 7a
67%
"36%
O y bb
A
10%
3%
9%
1952
1951
6Ha
36
66
J
J
July 1948
1952
♦Prussia (Froe State) extl
b
83
56
J y b
S x a
lat mtge g (Int at 4% to
Oct 1 1946) due.July 1948 A
4%
3
3%
J
8%
8
*4%
O
bb
70
54
2
Stamped modified bonds—
9%
A
J
Austin A N W lat gu g 5a
Baltimore A Ohio RR—
6%
6%
O
6%
*7
S
M
v
.v
No. Tjow
67
54
bb
J
a)
High
64
bb
y
J
Refining deb 3a.—.1953
M S
As*
A
67
bbb3
y
y
J
J
53
82
or
Friday's
Bid
66
x
1964
M N
10-year coll tr 5a..May I 1945
MN
LAN coll gold 4fl
Oct 1952
74%
*49
cons
Range
Sale
Price
i
Low
General unified 4 %s A
54%
52%
M N
See
Railroad & Indue. Coe. (Cont.)
Atl Coast L lat
61
60%
A
♦Prague (Greater City) 7 %a
♦
3
30
M N
1968 A
...1950 J
1963 J
1961 J
1966 J
Via assented
♦4%a assented
58
39
1940
1958
♦External sink fuDdg 8a
65
49
103
52%
...1947
f7a
52%
57%
*5%
|*Poland (Rep of) gold 6a
♦4%s assented
♦Stabilization loans
High
49
A
...1960 J
1961 A
♦Nat Loan extl a f 6a 1st ser
No. Low
52%
J
Rating
Week Ended Sept. 27
Last
EUg. A
N. Y. 8TOCK EXCHANGE
High
49%
30
...1063
1963
..1963
1947
1959
♦Stamped assented
♦Ctf8 of deposit (aeries A)
<§
03
53%
UN
.........1963
A
♦Extl a f 5a aer
Ask
A
Low
1953
1958
1955
..1953
-
BONDS
Since
Friday's
Bid
Price
(Concl)
Foreign Govt. & Mun.
Range
Jan. 1
Range or
Sale
t* t
Ended Sept. 27
Oriental Devel guar 6a
Extl deb 5*9
♦4
Last
te «
EXCHANGE
STOCK
Week's
Friday
Bank
Week's
Friday
S-a
BONOS
N.
1863
New York Bond Record—Continued—Page 2
151
J
x
aa
2
97%
96%
97%
65
x
a
2
85%
85%
86%
36
F
A
x
bbb3
75%
76%
29
F
A
x
bbb3
81%
84
34
194*
M 8
1958
1977
1971
*98
"81%
22
104% 109%
J
D
J
J
x
bbb3
J
J
x
bbb3
aa
♦112
♦92
"96%
98%
Attention is directed to the new
114
110%
114
92
97
93
99%
column incorporated in this
tabulation pertaining to bank eligibility
and rating of bonds.
New York Bond
1864
Friday
N.
Y.
STOCK
EXCHANGE
Range or
Rating
Week Ended Sept. 27
See
Sale
a
b
z
c<
123 4
14
117
53
104
17
10
101.
101
1
86
z
cc<
27
27
cc<
194
194
z
cc<
z
19
184
7
7
74
74
13
*63
21
20
194
10 4
104
34
6
34
65
„
304
25
84
194
101
124
124
124
1
8
194
194
6
19
184
cc<
95
284
194
53
65
27
264
244
274
27
264
284
103
18
27
27
284
41
17
28
J
284
274
294
294
J
{Chic Mllw St Paul A Pac RR—
♦Mtge g 5s series A
1975
28
284
35
154
304
6
123
34
74
14
317
1
164
67
10
P
A
z
cc
5
Jan 1 2000 A
O
z
c
14
28
44
14
80
154
164
20
>..1987 M N
1987 MN
154
16
♦Stpd 4s n p Fed lnc tax.1987 MN
♦Gen 44s stpd Fed lnc tax 1987 MN
♦Gen 6s stpd Fed lnc tax.. 1987 MN
♦44s stamped
1987 MN
I ♦Secured
04s
May 1 2037 J
♦1st A ret 4mb stpd.May 12037 J
20
cc
114
D
♦1st A ret 44s C-May 1 2037 J D
♦Conv 44s series A
1949 MN
cc
104
cc
{(♦Chicago Railways 1st 5s stpd
Feb 1940 25% part pd..l927
{♦Chic RIA Pac Ry gen 4S..1988
Ch St L A New Orleans 5s..1951 J
Gold 3 Ms
JuDe 15 1951 /
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastern 1st 5S.1960 J
Dec 1
134
z
124
z
cc
z
cc
z
c
z
64
c
40
24
94
27
10 4
14
364
34s guaranteed
x
18
48
4
84
3 4
32
44
74
84
34
74
35
1
24
2
69
804
67
474
544
55
4
48
424
1951 M 8
1903 J
J
424
1
40
54
{♦Choctaw Ok A Gulf
con
1054
108
x
1st mtge 34« series F
Chic A West Indiana con 4s. 1952 J
J
1st A ret M 44s series D..1902 M S
Chllds Co deb 5s
3
aa
x
3
aa
*1054
1004 1004
x
x
a
x
a
91
1st mtge gu 84*s ser E
1909 F
Clearfield A Mab 1st gu 5s.. 1943 /
87
61
87
954
954
354
22
27
59
1084
x
x
O
aaa2
J
x
aaa2
x
aau2
aa
s
Coal River Ry 1st gu 4s
1946
Colo Fuel A Iron gen s f 5s-.1943
Columbus &H V lstextg4s_1948 A
O
-
*
-
«
w
w_..Apr 1 1969
Commonwealth Edison Co—
Stamped guar 4 4*s
x
a
x
x
s f 34*8 A
1961
Consol Edison of New York—
aa
a
aa
O
x
23
131
105
1054
105
x
aa
1956 A
O
x
aa
4
3 4*8 debentures
1968 J
J
x
aa
4
1st
*
x
bbb2
J
z
J
J
z
J
J
z
29
29
1224
1054
1084
1907 MN
x
1970 MN
x
aa
x
13
25
1224
1004
150
.
-
-
-
154
344
99 4 105 4
99
106
97 4
105 4
113
1144
1104 1104
1059jj 1094
29
40
1004 1114
109 4 130 4
92
884
1
1154 119
1084 110
5
107
106
16
1074
1054
1C84
1074
21
1064
1094
18
15
x
J
D
x
x
a
x
68
1104
1034 1074
1044 1084
103
1074
1054 1094
A
x
x
Cuba Nor Ry 1st 54*8
D y
1942
Cuba RR 1st 5s g
J y
1952
74*8 series A extended to 1946
D y
6s series B extended to 1946
D y
Dayton P A L 1st mtge 3s..1970 J J x
Del A Hudson let A ref 4a.. 1943 MN
y
bbb4
b
2
2
w
-
-
1034
1044
174
ccc2
bb
Attention
is
2
*55
57
*55
554*
z
cccl
z
cccl
1953
z
(♦3d mtge 44*s
F
{Florida East Coast 1st 4 4*8-1959 J
♦Certificates of deposit
J
Fort St U D Co 1st g 4 4*0
.1941
cc
D
J
b
3
c
z
J
5s..1942
D
J
5s ..1947 J
yb
J
D
44*sl94J
F
78—1944
1st A gen b f 04*s
i960
Great Northern 44*s ser
A..1901
General 54*s series B
1952
General 6s series C
J
/
1950
1950
77
b
1
a
bbb3
105
bbb3
99
bbb3
"914*
bbb3
bbb3
964*
bbb3
824*
y bb
A
O
A
O
aaa2
y bb
y bb
4
x
Houston OH 44*8 debs
Hudson Coal lstsf 5s ser
A..
Hudson Co Gas 1st g 6s
Hudson A Manhat 1st 5s
A..
1962
1949 MN
x
z
ccc2
x
O
aaa4
J
1951
1951 A
111
-
106
-
1114
10
111
106
1114
1024 1094
1044 1104
1084
1
1104
1054
16
20
1034
1104
1034
41
102
1064
1054
1034
1044
174
1054
4
104
13
1034
16
1044
18
60
20
22
6
22
3
*184
1064
534
106
524
directed to the
22
-m
-
-
1064
80
554
302
new
1074
994 1044
101
1054
15
31
174
40
46
194
35
174
1024 1064
374
634
Litchfield Dlv 1st gold 3s.. 1951
Loulsv Dlv A Term g 3
4*8. 1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term
g 3s_. 1951
Gold 34*8.
1951
Springfield Dlv 1st g 34*s. 1951
Weetern Lines 1st g 4s
1951
111 Cent and Chic St L A N
Joint 1st ref 6s series A
1963
1st
A ref 44*s series C
1963
♦Ilseder Steel Corp 6s
1948
(♦Ind Bloom A W 1st ext 4s_1940
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s. 1956
A
94
19
77
994
924
924
944 1064
126
76
224
181
88
1104*
'1234*
1234*
614
24
84
1004 1004
75
874
654
834
904
1044*
1104*
17
1234*
""4
115
3
70
96
4
87
*484*
'1004*
30
100
294*
126
"45
124*
1114*
444*
12
1114*
87
504*
1004*
324*
118
22
1
120
46 3*
70
13
26
1124*
16
364
*35
bb
444*
434*
bb
46
454*
404*
40
424*
42 %
87
374
127
504
16 4
94
1084 1124
*88
*83
1234
404
554
96 4 101
'"14
126
90 4
1044
1064 1114
21
214
*19
87
85
68
64*
1104*
97
684
1004*
'1034*
105
87
824*
bbb4
86
87
91
83
87
86
864
"70"
454*
484*
404*
434*
544*
18
"324 "484
96
34
7
66
344
314
11
40
50
45
y
b
41
434*
x
bbb4
78
78
1
70
464
564
464
784
x
bbb3
65
65
4
58
65
59
1
y
F
74
27
64
814*
4
80
964
88
614
102
*854*
1034*
104
1044 1084
*83
1952 J
1906
6
1054*
1054
914
76
61
85
bbb4
1950
Purchased Unes 3 4*a
Collateral trust gold 4s
86
994*
924*
924*
224
28
80
97
bbb4
y
103
6
107
814*
bbb4
J
O
1951 M 8
1952 A O
1955 MN
3
..
774
864*
aaa3
b
100 4
103
"84"
*54*
2
y ccc2
A
O
.1951
...
b
y
F
A
1957
Feb 1957
Illinois Bell Telp 34*s ser
B. 1970 A
Illinois Central RR—
Refunding 4s
2
1954 MN y bbb2
J D
♦Ad) Income 5s
1st gold 4s
1st gold 3 4*8
Extended 1st gold 34*8
1st gold 3s sterling
Collateral trust gold 4s
bb
z
g 5s.
aaa4
z
1
105
14
134
184
1
95
"86"
cccl
/
Hocking Val 1st cons g 44*s.. 1999 J
Hoe (R) A Co 1st mtge
1944 A O
{(♦Housatonlc Ry cons
1937 MN
9
'""5
12
*
4
1st A ref Term M 5s
J
stpd.. 1952
2
y b
Gulf States Steel s f 4
O
4*s
1961
x bbb3
Gulf States Utll
34*8 ser D_. 1969 MN x a
3
J z
♦Harpen Mining 6s
1949 J
834
*60
2
x
MN
c
654
297
81
1
z
30
784*
984*
894*
894*
1044*
954*
1044*
x
x
x
414
25
1054*
77
x
j
134*
1064*
1034*
bbb3
j
30
2
28
80
4
x
j
1940
..
80
x
j
Gen mtge 34*8 series I
j
...1907
♦Green Bay A West deb ctfs A
Feb
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5
4*8 B
1st mtge 5s series C
Gulf A Ship Island RR—
1
x
/
197?
General 4 4*9 series D
.1976
General 4 4*8 series E
1977
General mtge 4s series G._194f
Gen mtge 4s series H
1946
834*
30
244
.3
*62
3
63
1244
1004 105
994 106
124*
*101
bb
y
30
1
784*
b
x
414*
*33
y
r
8
30
1044*
aaa2
x
14
106
*94*
24
35
1044*
134*
2
24
4*
121
28
28
y
A
J
2
100",,1014
41
80 3*
.
84*
84
34
24*
26
81
44
23*
1024*
414*
"30"
cccl
cccl
59
3
30
J
D
Goodrich (B F) 1st 4 4*s
1956
x bbb3
Gotham Silk Hos deb 5e w w.1940 M S
y bb
4
Gouv A Oswegatchie let
Grand R A I ext 1st gu
g
Grays Point Term 1st gu
Gt Cons El Pow (Japan)
7
1043*
1054*
30
2
z
O
74*
*1214*
cccl
cccl
Refunding 5s
1044 1094
66
60
64*
1
40-year 44*8
.Aug 1
Cairo Bridge gold 4s
1084
464
4
7
3
69
1
37
48
1
50
*554*
74
40
y
J
78.1945
104 4
107
aaa3
z
Ala Ry Ss.Oct 1 1945 J
{(♦GaCaro A Nor 1st ext 6s. 1934 J
A
♦Good Hope Steel A Ir sec
{♦Georgia A
104 4
99
103
b
z
1044
100
*1
z
J
102
10
*14*
cccl
105
102
100
47
*1004*
bb
100
104
..
ybb
414*
98
1044 1084
1044*
106
c
z
97
1024*
a
y
MN
J
92
424*
1044*
804*
104
1
y
18
52
29
69
3c4
1
x
J
18
44
1024*
1044*
*354*
2
cc
1
1034*
ccc2
bb
x
J
84
84
234
1034*
1044*
z
A
J
*100
"1024*
z
D
254
1034*
3
a
z
Oaa A El of Berg Co cons
/
g 5s 1949
F
Gen Am Investors deb 6s
A.1952
Gen Cable lstsf54*sA
1947 J
♦Gen Elec
J
(Germany) 7s
1945
424*
1044*
*1034*
104 j*
bbb2
z
Francisco Sugar coll trust 0s. 1950 MN
26
18
"154* *412
26
14
*93
y
J
694
314
13 4*
*964*
b
z
1949
804*
bb
564
16
1044
i
79
4
J
3*
174
93
674*
b
x
(Amended) 1st cons 2-4s_.1982
11 ♦Proof of claim filed by owner MN
w
154*
674*
ybb
♦Certificates of deposit
Fonda Johns A Glover RR—
1948
144*
143*
c
b
x
D
1940
"143*
144*
2
c
44
*204*
z
M S
1974
w
64
y
O
♦Sinking fund deb 04*s
254*
254*
244*
A
Firestone Tire A Rub 34*s__1948 A
{♦Fla Cent A Pennln 5s
1943 J
♦20-year s f deb 6s
Gen Steel Cast 54*s
304*
244*
60
59
320
z
1942 M S
1954 J D
1st A ref 5s series A
216
314*
z
♦Ernesto Breda 7s
1954
y bb
1
Fairbanks Morse deb 4s
.1956 J D x a
4
Federal Light A Trac 1st 5s..1942 M 8 xbbb2
5s International Berle8__1942 M 8 x
bbb2
1st lien s f 6s stamped....1942 M S x bbb2
♦
693*
z
M S
1938
1st lien 0s stamped
30-year deb 0s series B
674*
cccl
z
61
56
68
2
cc
1953
1953
1013* 102
304*
244*
244*
ccc2
z
1967 MN
110
102
3
z
1990
954*
1494
104
1074*
1014*
102
1074
904
141
2
18 4
22
20
ccc2
aaa3
4s prlor!996
4s series D
954*
1054*
2
11
102
104 4
b
cons g
105
944*
*148
aa
J
ybb
1953 MN y bb
1955 MN
69
1054 1084*
*1074*
ybb
19
no
102
bbb3
14 4
1024 1064
x
101
12
304
1064 1094
1074*
ybb
O
40 4
254
88
.....
1074*
bbb3
M S
184
—
304
20
100
19
1074*
2
x
13
1104
1084
-
J
A
11
674
a
1948 J
conv
F
i
-
1084* 113
45
35
*1074*
4
aaa4
x
15
184
112
99
5
50
1064 1104
1084 1114
1094*
*224*
xbbb3
J
15
*12
34*
1074*
*31
ccc2
24
8
49 4
1064*
1084*
1114*
1114
34
14
4
*55
3
1
1104
1084
aa
* f deb 34*s
1951 F A
Crown Cork A Seal s f 4s....1950 MN
Crane Co
61
34*
3
14
*110
a
1064
37
aa
aa
14
32
aa
14
1084
aa
1909 MN
32
1114
83
1094
110
1966 MN
For footnotes see page 1867.
2
65
109
1054
aa
.1948
-
1024 1084
14
106
ccc2
Crucible Steel 44*s debs
1104
1214
*964
1074 1074
1034 1044
66
834
72
904
64
824
564
744
109
aa
24*8—1948
70
109
cccl
z
8 f 44*s debentures
6
29
*114
cccl
x
conv
1054
1054
105»sj 105u,2
cccl
J
1st mtge 34 s
1st mtge 34*8
50
1064 1064
1074 1084
cccl
D
1960 J
mtge 34*s.—
Continental Oil
J
J
J
May 1 1905 MN
1st mtge 34*s
1st mtge 34*8
32
1054
*108W
1074
♦Consolidated Hydro-Elec Works
Consolidation Coal s f 5s
Consumers Power Co—
1044
1044
*1124
aa
O
Upper Wuertemberg 78.1966 J
54
106
1946 A
conv deb 34*s
1951
{♦Consol Ry non-conv deb 4s 1954
♦Debenture 4s
1966
♦Debenture 4s
1956
664
1064 108
^
154
3
1948 A
Consol Oil
«
3
3
34*s debentures
3 4*s debentures
84*s debentures
of
».
33
37
1
x
1951
Conn Rlv Pow
bbb3
704
83
1104
x
764
00
19
110
17
1
aa
x
22
864
105
4
May'yb
1st mtge 34*s series I
1908
Conv debs 34*8
1958
Conn A Pasump Rlv 1st 4s__1943
Conn Ry A L 1st A ref 44*s..1961
oca
—
1
79
aaa3
aa
*
«
mm
.
80
75
♦Commercial Mackay Cord—
Income deb
lio"
844
aaa4
x
80
109 4 1094
105
3
x
70
104 4 1064
81
3
x
72
37
7
90
....
1074
1044
754
694
«.
Columbus A Tol 1st ext 4s_.1955 F A
Columbus Ry Pow A Lt 4s..1966 MN
85
434
_
7
70
86
bbb3
Columbia G A E deb 5s.May 1952 MN xbbb3
Debenture 5s
Apr 15 1952 A O x bbb3
Debenture 5s
Jan 15 1961 /
J x bbb3
_
278
.....
104 4
79
aaa2
x
__
1064
M
bbb3
♦5s Income mtge
1970
y b
Colo A South 44*s series A—1980 MN yb
-
564
54
*
bbb3
x
*
*104
bbb3
x
1H4
61
*1044
-
1977
724
69
xbbb3
x
1044 1104
107
1064
2
x
12
105
*1044
2
aa
105 4 1104
1094 1114
-
*106 4
aaa2
x
x
x
1973
8
-
1084
53
694
1064
aaa2
x
54
aaa4
O
Cleve Union Term gu 54*s>-1972
1st
3
1948 MN
1950 F A
f 5s series B guar
f 44*s Berles C
-
134
75
*774
534
544
bb
bbb2
A
11
—
*83
b
y
1977 F
-
14*
54*
34*
1064*
x
MN
-.
105
1084
*1094
2
y
s
•
*71
A ret 44*s series B..1981
Cleve Short Line 1st gu 44*8.1901
-
110
1084
x
Cln Wab & M Dlv 1st 4S..1991
1st
12
*1064
x
Gen
1004 1064
994 101
219
*105
y
110
934
954
■
J y bb
Cleve & Pgh gen gu 44s B..1942 A
Series B 34*8 guar
1942 A
Series A 4 4*8 guar
1942 J
32
104
924
1084
x
4s...1990 MN
Cleveland Elec Ilium 3s....1970 J
J
-
1074
314
x
Rer A lmpt 4 4*8 series E-.1977
-
101
*10
St L Dlv 1st coll trg
Series C 3 4*s guar
-
91
Cleve Cln Chic A St Louis Ry—
General g 4s
1993
General 5s series B
1993
Series D 34*s guar
Gen 44*s series A
•
103
924
x
A
5
18
344
1943 A O y b
5s. 1952 MN z cc
Cincinnati Gas A Elec 34S--1900 F A
1st mtge 3 4s
1907 J D
Cln Leb A Nor 1st con gu 4s/l942 MN
Cln Un Term 1st gu 34s D..1971 MN
1054
1084
108
14*
109
aaa4
114
114*
54
4
5
3
z
1094
54
4
1%
ccc2
aa
106 4
1
109
106
60
5
2
2
x aa
♦IRef A lmpt 5s of 1930...1975 A O
J
♦Erie A Jersey 1st s f 08-.1955 J
/
♦Genessee River 1st sf 0s..1957 J
♦N Y A Erie RR ext Ist4a.l947 MN
194
Chicago Union Station—
Guaranteed 4s-—-.---.—1944 A
1st mtge 34s series E
1903 J
c
cc
x
J
1965 A
♦»Ref A imp 5s of 1927
514
634
55
b
ddd2
x
..1965
♦Series B
51
46
51
1%
x
J
J
34*8.1970
6s stamped
4
7
*454
bb
D
54
67
bb
1960 M S
6
6
Elgin Joliet A East Ry
El Paso AS Wist 5s
{♦Erie RR 1st
54
74
54
14
764
*54
D|y
D
♦Gen
144
134
14
764
Diy
ddd2
74*
15*
z
O
114
44
c
z
64
1074*
74*
74*
x
.
♦1st consol gen lien g 4s
♦Conv 4s series A
434
134
124
64
54
64
434
z
♦Certificates of deposit
(♦Refunding gold 4s
1934 A O
♦Certificates of deposit
(♦Secured 44s series A.-.1962 MS
♦Certificates of deposit
♦Conv g 4 4s
1960 MN
Income guar 5s
bb
z
1074*
74*
cccl
z
A
204
114
114
s<:
cccl
z
East Ry Minn Nor Dlv 1st 4sl948
East T Va A Ga Dlv 1st 5s.
1956
Ed El 111 (N Y) 1st cons g 58.1995
Electric Auto Lite conv 4s
1952
124
149
aa
74*
High
107
104
z
4*8..1905
16
24
108
z
S
Low
♦104
3
Since
a
No
High
108
3
x
O
13
114
3
z
Dul Miss A Ir Range Ry 3 4s 1962 A
{(♦Dul Sou Shore A At! g 5s.l937 J
J
Duquesne Light lstM 3
104
114
114
24
aa
aa
Detroit A Mac 1st lien g 5s.. 1995 J D y b
3
♦Second gold 4s
1995 J D z ccc2
Detroit Term A Tunnel 44*8.1961 MN x a
2
U4
44
Jan. 1
©
z
{♦Des Plains Val 1st gu 4 4*s,1947
Detroit Edison 44*8 Ber D..1961 F A
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge 3 4*s ser G.1966 M 8
1
135
0Q6Q
Ask
Low
M
62
108
A
Bid
x
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.Aor 1978
{♦Des M A Ft Dodge 4s ctfs.1935
174
204
Is
Range
Friday's
Price
a
x
1st mortgage 4 4*8
1969
{(♦Den ARG 1st cons g4a__ 1936
(♦Consol gold 4 4*8
1936
{♦Denv A R G W gen 5s.Aug 1955
184
184
194
104
104
104
24
104
c
18 4
12
-
19
D
Railroad & Indus. Cos. (Cont.)
Del Power & Light lst44*s„1971
1st A ret 44*s
1909
164
164
164
*144
164
18
10
19
See
Range or
Sale
Rating
s5.
1940
Week's
Last
Elig. A
I?
EXCHANGE
.
39
164
*14 4
1930 MN
♦1st ref g 5s
154
154
STOCK
Friday
k
24
tChicago A North Western Ry—
♦General (?3Ms
•General 4s..
Y.
Week Ended Sept. 27
1234
144
J
♦Gen 4 4s series C.May 1 1989
♦Gen 44s series E.May 1 1989
♦Gen 44 s series P.May 1 1989
♦Conv adj 5s
7
1234
N.
High
14
/
B.May 1 1989
ser
Low
134
z
♦1st A gee 5s series A
1960 MIS! z cc
♦1st A gen 6s ser B..May 1966 J
J z cc
Chic Ind A Sou 50-year 4s.>1956 J
J y bb
{Chic Milwaukee A St Paul♦Gen 4s series A
May 1 1989
J
♦Geng3 4s
No
13
J
Sept. 28,
BONDS
Since
Jan. 1
High
J
{♦Chic Ind A Loulsv ref 0s..1947 J
♦Refunding g 5s series B..1947 J
♦Refunding 4s series C—1947 J
Range
cil
§<§
Ask
A
Low
7
3
Ban
Friday's
Bid
Price
Railroad & Indue. Co*. (Cont.)
{(♦Chicago A East 111 1st 6S.1934 A O
{♦Chic A E 111 Ry geD 58
1951 MN
♦Certificates of deposit
Chicago A Erie 1st gold fis__1982 M N
{♦Chicago Great West 1st 4s. 1959 M 8
Record-Continued—Page
Week's
Last
BONDS
53
bb
"41*4*
59
ybb
4
ybb
2
*42
4
*40
48
47
284
494*
ybb
165
47
y
bb
x
bbb3
ybb
4
*70
ybb
2
y
bb
2
cccl
x
bbb3
y
bbb2
z
ccc2
454*
444*
56
47
66
63
714*
60
454*
474*
135
33
434*
*184*
444*
42
30
47
194
21
994
174
*1C0
654*
154*
654
"45" "54"
924*
*604*
3
z
59
68
17
99 4
54
154*
174*
30
84
column 1 ncorporated In this
tabulation pertaining to bank
eligibility and rating of bonda.
See
604
68
a.
i
Volume
Bank
Friday
Elig. <&
Last
Range or
Rating
Sale
See a
Price
Friday'*
Bid
A
Ask
oj&a
Low
No. Low
EXCHANGE
Week Ended Sept. 27.
STOCK
Y.
(Cont.)
Indus. Cos.
&
Railroad
M S
series B.1986
Industrial Rayon 4 Ha.
1948 J
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper 4s 1952
Ind Union Ry 3 bis
3
2
r
1947
Telep A Teleg deb g 4 Hsl952
z
bb
3
48.1951
z
cc
1
z
b
bb
y
8%
66 H
28
90 H 104 H
95
70 bi
5
78
85H
86
22 H
26 H
1bi
12
82
99
144
21
22
47 H
10
1
1H
57
22
38
57
100
101
51
93
101
ccc2
z
ccc3
z
ccc3
*17
MN
z
cc
2
*6
M S
z
♦1st A ref 6s series A
*1H
IK
1H
2H
2
*H
1 bi
H
2H
/
z
cccl
5H
Obi
3H
7
/
z
cc
5H
5H
3H
6X
J
z
cccl
5
OH
3H
1946
7H
J
z
cc
1
2
2K
1H
z
cc
2
1
*48 H
81
J
5
84
90
33 bi
3
25
39%
b
1
33
33
5
bbb3
63 H
65 bi
72
24 H
50
38 H
x
69 H
Mlssourf-Kansas-Texas
J y bb 3
J x aaa4
68 H
107
70 bi
77
50
70H
107 H
7
105
14
20
*12
cccl
z
*14
MN
8 ybb
J
3
x
a
1954
Koppers Co 4s series A
1951
Kresge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit---1959
x
bbb3
*20
50
J
x
bbb3
*71
79
68
75
*70
90
80
80
a
a
*150bi
2
x
2
J
J
90
80
85
172
157
107
107
107
105 H 108
108 H
107
*107H
M N
x
a
3
104H
io«"
M 8
x
a
2
103
103 H
101
80
95
95
bb
92 %
92 bi
93 H
79H
y
b
54
54
56
38
y
b
56
38
y
b
*40
45
33
y
b
*43 H
49
39
46 H
46 H
x
bbb3
81H
81H
69 K
81H
55 bi
%
Ltd—
3
92
93
82
94
87
89
79X
90 H
Dec y cccl
*28
30 H
28
39 H
62
42
62
a
x
J y bb
2
O
A
A. 1965
1945
2
J y bb
J
Lehigh C A Nav s f 4Ha A—1954
J
Cons sink fund 4 Ha aer C.1954
60
bbb3
x
z
Y
b
b
1975
1977
1978
1949
1980
H
ccc2
16H
16 X
"16H
MiV
O
A
1981
♦1st A ref 5s series I
A
F
b
bb
41H
1977
2
%
64 H
41X
1938
(♦Secured 5% notes
Moh'k A Malone 1st gu g 4s.1991
Monongahela Ry 1st 4s ser A 1960
Monongahela W Penn Pub Ser
1
43 %
49
42
42
25
44
cccl
42 H
44
b
2
*55 H
44 H
59 X
24
y
48
55
MN
x
aa
4
*105H
106M
103
107
x
a
4
Nash Chatt A St L 4s ser A.. 1978
Nat Acme 4Ha extended to. 1946
44
6
30
45
deb 3 Ha ww 1951
Nat Distillers Prod 3 Ha
1949
43 X
43 H
44
15
30
47
110H
111
111X
103
112H
102H
65
103 H
65
109H
65
44H
*45 H
i<
95 H 104H
62
86
44 H
bb
42
b
y
b
50
65
x
aaa2
x
a
x
43H
104
39 H
28
27
47 bi
44 H
34 H
35 X
73
24 %
39
109 X
3
34 X
bbb3
X
21
20 H
22
104
M N z ccc2
Af N z cccl
21
20 H
MN
z
ccc2
24 H
MN
z
cccl
25
24 X
24 H
O y bbb3
y
bbb3
x
a
52 H
52%
*115H
3
bbb4
x
x
aaa4
x
104
aaa4
ybb
x
25U
53
53
D
x
bbb2
MN
x
a
"l00%
M 8 x a
104 bi
M N
x
A
x
aaa3
J
D
y
b
A
x
a
3
A
O ybb
97
10413j
10413»
104%
W3H
103 %
104%
WH
107H
1
F
25
10
25H
5
53
*27
3
M
99
20
1
S
x
bbb3
M 8 xbbb3
O
A
x
aaa3
x
aa
90
94 %
95
123 H
"94 %
94 H
104H 104 bi
100 H 105
28 bi
73 H
~i§
105
63 H
82
cc
110
67
94 H
123 H
"95"
95
70
85H
35
87
95H
95 bi
123H
18
3
*126
1951
J
J x bbb3 "83 H
83 H
5s ser A. 1969
M 8 x aa 3
110
110
Louisville Gas A Elec 3 Ha—1966
M 8 x aa 3
110H
Lou A Jeff Bridge Co gu 4s.-1945
Louisville A Nashville RR—
x bbb3
102
1st A ref 5s series B
2003
x bbb3
95
1st A ref 4 Ha series C
2003
x bbb3
89 %
90
1st A ref 48 series D
2003
x bbb3
85
87
1st A ref 3Hs series E
2003
x a
3
103 H
Unlf mtge 3Ha ser A ext.. 1950
x a
3 ¥«
104 H
Unlf mtge 4s ser B ext
1960
x bbb2
106
Paducah A Mem Dlv 4s—1946
3
M 8 x a
*84
St Louis Dlv 2d gold 3s—1980
3
M S x a
*110H
Mob A Montg 1st g 4 Ha.-1945
85 H
J
J y bbb2
86 bi
South Ry Joint Monon 4s. 1952
M N x aaa3
105 bi
Atl Knox A Cine Dlv 4S--1955
F A z cccr
*11
•Lower Aust Hydro El 6H8-1944
2
A O x a
104 H
104H
McCrory Stores deb 3 bis—1955
2
M 8 y b
94 H
98
{♦McKesson A Robblns 5 Ha 1950
J
D ybb 2
80
80
Maine Central RR 4s ser A. 1945
2
J
D y b
52 H
53
Gen mtge 4 Ha series A—1960
MN y ccc2
28H
28H
Manatl Sugar 4s s f—Feb 11957
A O z cccl
{♦Manhat Ry (N Y) cons 4s.1990
z
101
120 H 126H
120
129H
"84 % "47
75
110
3
106
110
110 H
2
108
111H
86H
102%
92 H
83
32
96
118
91
46
78
72 H
103
96
91
87H
87 H
152
103H
29
103H 104
105H
14
104 H 106 H
106
1
101
78
87
112
73 H
~86%
105H
85
112H
8 Obi
104 H 107
15H
104 H
106
102 bi
98
81
81 H
70
15 bi
104 H
101
81H
1
55H
27 %
46
76
30
39
86 H
39
54H
53
1
♦85 X
1
*40
88 bi
ccc2
*19
24
z
z
*H
*%
22
82 bi
*H
*H
*%
*H
__
X
"""%
"bi
5
*2
x
IK
H
z
O
z
A
O
z
A
O
x
aa
104H
D
x
a
105
105
MN
z
b
J
D
x
aaa3
J
J
z
cccl
J
z
cccl
J
D
x
aaa2
MN
x
aaa2
{♦Naugatuck RR lBt g 4s—1954
53.1948
Newark Consol Gas cons
{♦New England RR guar 5s. 1945
J
♦Consol guar 4s..
1945
1952
1st g 4 Ha series B
1961
N J Junction RR guar 1st 4s.1986
N J Pow A Light 1st 4 HS—1960
New Orl Great Nor 5s A
1983
5s A
New Eng Tel A Tel
4 H8 A'52
5s ser A. 1952
1st A ref 5s series B
-.1955
New Orleans Term 1st gu 4s. 1953
N O A N E'lst ref A mp
New Orl Pub Ser 1st
1954
♦Certificates of deposit
1956
♦1st 5s series C
1956
A._
1954
1974
O———1978
"",5
3
bb
3
104
104H
11
104 H
13
64
65 H
48
29
29
4
21
33
29 H
1
25
30
ccc2
29 H
32
33 H
28
23
39 K
b
1
30
30
1
24
37 bi
ccc2
33
33
5
28 H
32 X
30 H
32 X
31
5
"33""
35H
1
*18
38
aaa2
*107
J
bbb3
A
D
J
J
bbb2
A
O
A
O
F~i
b
A
~F
1
1
ccc2
OA
b
60
57
32H
40
38 X
111%
25
111
A
A
61X
65
171
44 H
65
87
85
87 H
100
74
56 X
55 H
87 H
59 X
3
63 H
63
59 X 1271
432
65H
38
b
43
65 X
bb
3
61X
61X
64 H
56
a
2
84 H
84
85 X
108
bb
O
61X
3
3
51
bbb2
96 H
85H
"*58 H
96 H
66
123
53 X
66
56 K
59
19
48 X
60
45 H
38H
60
73
87
bb
_
64 H
85
95 X
3
70
68 bi
71
81
bb
O
M S
42 H
68 H
63
96
bbb2
3
58H
57K
60
444
85
86 H
88 H
88 H
84 H
87
bbb2
b
b
36H
27
3
bbb3
z
"35
3
y
3-year 6%
36
26
23 H
29
5
37 X
37
b
x
1st mtge 3 Ha
83
33
61
45
102 H 105H
101H 106 K
55
71H
bb
O
82
52 H
*
2
105H 109
78 H
64H
bb
O
64 bi
66
80 H
"64 X
1
ccc2
b
H
104
ccc2
b
A
84
*60
61
104 H
bbb3
J
A
*80
128H
H 12HH
60 H
eon
71X
1946
2
ccc3
122
106H
extended to. 1947
notes..——.1941
4s collateral trust
3
b
z
122
6
70
106 H
70
A
y
5
127H
*61 H
F
O y b
H
3
3Ha
series A
127
2
1952 MN
J
J
N Y Cent A Hud River 3 Ha. 1997
Debenture 4s
1942 J J
F A
Lake Shore coll gold 3 Ha. 1998
F A
Mich Cent coll gold 3 Ha. 1998
Ref 4 Ha series
126H
126
aa
x
A
2013
39
*37
126
124H
43 H
43 H
31 H
36
"40""
J ybb
10-year 3Ha sec s f
1946
A
Ref A lmpt 4 Ha series A—2013
C
71
119
*37""
O
♦Certificates of deposit
Ref A lmpt 5s series
63
75
*62
A y bbb2
Newp A C Bdge gen gu 4 Ha. 1945
N Y Cent RR 4s serlea A
1998
Conv secured
1
J
♦Certificates of deposit
♦1st 5Ha series
X
X
A
♦Certificates of deposit
♦1st 4 Ha series D
""%
F
♦Certificates of deposit
♦1st 6fl series B
%
H
H
100H 105H
102
105H
105H
J
3
1X
%
O
__
%
X
%
1
1
A
♦4s
Ref 5 Ha
15H
%
*%
*%
-.
N Y Chic A St Louis—
M 8 y aa
104H
z
J
{{♦N O Tex A Mex'n-c Inc 5s 1935
MN y a
J
{♦Ass't warr A rets No 4 on *26
April 1914 coupon on.. 1951
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on '51
National Steel 1st mtge 3s—.1965
Natl Supply 3 Ha
1954
104
103H 107%
99 bi 106 H
z
O
Nat RR of Mex prior Hen 4 Ha—
70H
103
102
106H
Z
O
♦Ass't warr A rets No 5 on '77
1041u 110
89
Louisiana A Ark 1st
D
104 bi
"14
41
107H
54
118
121H 127 H
120H 131H
3
S y bbb2
M
*70
45 H
2
aaa3
F
♦4s
10H
64
103
106H
..
Z
O
on.1977
April 1914 coupon off._1977
100H 101X
67
103
z
J
♦4s April 1914 coupon
40
22
123 %
127 H
95 H
22
182
104""
*123 X
95 bi
22
z
J
July 1914 coupon off 1957
♦Ass't warr A rets No 4 on '67
104 H 109H
112H 120
-.
J
♦4H8 July 1914 coupon on 1957
65H
67
H
"
*101 "m
J
♦4 Ha
9H
8H
45
109
127 bi
3
2
a
25
'
20 H
20%
2
%
56 H
34
79
*45H
41X
38 H
39
J
56H
56 H
44 X
109 X
*115X
y
A y bb
♦4Ha Jan 1914 coupon on.1957
8 bi
m
18
71
63
Stamped
Q
105
111H
103
F
National Rys of Mexico—
79
A
110
3
y
H8--2000
MN
Constr M 5s series A
1955
MN
Constr M 4 Ha series B...1955
J D
Mountain States TAT 3H8.1968
MiV
Mutual Fuel Gas 1st gu g 5s. 1947
MN
Mut Un Tel gtd 6s ext at 5% 1941
48 H
348
J
a
y
%
4
ybb
x
Morris A Essex 1st gu 3
65
20 %
22
J
42
cccl
z
lsj A ref 5s.. 1941
30
20 X
2013
Manila Elec RR A Lt s f 5s..1953
Manila RR (8outh Lines) 48.1959
{♦Man G B A N W 1st 3H8.1941
Marlon Steam Shovel a 160—1947
20
z
"S
1960
1965
'66
debentures
27 H
M*8
M
Montana Power 1st A ref 3 Ha
49%
64 H
19 bi
♦Second 4a
28H
36H
37 H
30H
30
21H
15
32
19H
F
79
11
20 H
30
19H
z
A
111
20
cccl
♦Certificates of deposit
43 H
2
bb
1944
17H
20 H
21X
65
bb
5s debenture
21H
12H
12H
12H
27
35%
36H
30 X
*28
z
—1949
1949
12H
10
35H
35H
23
30H
2H
57
16H
16X
bb
50
X
17 H
20 bi
y
20H
12H
ccc2
33 H
70
12H
2
24
ccc2
z
MS
22
30
46
IX
cccl
A
F
♦Certificates of deposit
~3i"
34 %
17 X
16 X
4
21 %
21H
21X
21H
60
C. 1955
30
12 H
17
Gen A ref s f 5s series D...1955
*62
61
73
52
b
17
16 H
37 H
27
35
20 H
12H
73
2
52
19H
1952
1953
*16H
ccc2
z
♦Montgomery Dlv 1st g 5s 1947
Montreal Tram
21H
b
MN
{Mobile A Ohio RR—
6s
13
96
2
cccl
(♦Mo Pac 3d 7s ext at 4% Jul.'38
♦Ref A lmpt 4 Ha
26
17 X
16 X
16 H
16M
ccc2
cccl
♦Certificates of deposit.
b
b
z
3Ha ext to.-1950
Island unified 4s—-—1949
16H
8H
3H
1H
1
bb
20 H
24 X
J
♦Long Dock Co
15H
8H
73
"I
2
c
y
30
J
4s..1955
8
7
16X
ccc2
MN
y
ccc2
Tobacco 7a.1944
1951
Lion OH Ref conv deb 4Ha.. 1952
U Liquid Carbonic 4s c'v debs 1947
Little Miami gen 4s series A. 1962
Loews Inc s f deb 3 Ha—
1946
19H
47
13
5
16X
16 bi
cccl
♦Certificates of deposit
♦1st A ref g 5s series
M 8
cccl
♦Certificates of deposit
♦Conv gold 5 Ha
IX
y
*28
J
Liggett A Myers
5s debenture
Lorillard (P) Co deb 7s
♦General 4s.♦1st A ref 5s series F
♦1st A ref 6s series G
1H
Gen A ref s f 5s series B...1955
b
J
A
32H
7H
12H
16H
2
Nat Dairy Prod
J Leh Val Term Ry 1st gu g 5s 1941
5s assented
1941
Lex A East 1st 50-yr 5s gu—1965
20
62
65
cccl
Gen A ref s f 5s series A...1955
b
y
M N
84
17 X
16H
cc
ccc2
37
b
z
2003
——2003
2003
gold 4s
A
bi
m"s
90
z
A
YA
2003
4s stamped
F
♦Certificates of deposit
61
z
/""J
2003
3 Ha debs
1967
30
z
Y
65
24 %
H
4H
79H
2003 MNiz cccl
Lombard Elec 7s series A
A
42 H
z
4 Ha. 1940
1940
♦General cons 4 Ha
12
bbb2
b
2
z
A
69, H
81
11
12 H
36 bi
*'29%
29 bi
b
z
A
F
43
12H
11
J y ccc2
O z cccl
J
2
55
14
J
2H
H
15
23
1965
1st A ref 5s series A
Gen A ref s f 4 Ha series
z
1944
1954
♦5s stamped
1954
♦1st A ref s f 58
1964
♦5s stamped
----1964
♦1st A ref s f 5s
1974
♦5s stamped
1974
♦Sec 6% notes extended to 1943
♦6s stamped
1943
Leh Val Harbor Term gu 5s.-1954
stamped
♦1st A ref a f 5s
b
90
35 H
29 X
3
y
61
59 H
*86
~35H
52
S y b
M
60
60
4
14 bi
1962
1st mtge 4Hs
1975
♦4s assented
59 H
59
2
ybb
3
b
23 H
♦Certificates of deposit
1947
1941
3 Ha—1997
♦Gen cons g 4s
97 X
93 H
y
O y bbbl
RR—
extended at 3% to
4s
Lehigh Valley Coal Co—•
4H
96 X
Lake Erie A Western
Lehigh ANY 1st gu g
103 H
1H
M 8
A
bb
1
2
J
♦Certificates of deposit
1942
1953
ref 5Ha aeries D—-I960
6s series A
1942
6s series B
1942
Lehigh A New Eng RR 4s
♦
100 X 106
6s 1939
y
z
K
J y ccc2
J y c
1
1962
♦Cum adjust 5s ser A._Jan
168
*70
2
x
J
C
1st mtge Income reg
107 H
J
Ref A ext mtge 5s
Lautaro Nitrate Co
103 X
104 H
50
aaa4
1st A ref 6 bis
166""
102 H
*106
2
RR—
A
{Missouri Paclflo RR Co—
102 H
3
J
5H
14X
*11
M
bo
Lake 8h A Mich So g
ser
Prior Hen 4Ha series D...1978
x
{♦Laclede Gas Lt ref A ext
5H8
40-year 4s series B
14 X
16H
"lx ~~8H
2
90
13 H
8
15H
73
c
33
109
15
z c
90
68H
25 H
24 H
F
1949
A. 1962 Q
1
J
74 H
*56
X
105H
9 H
30
37H
55
15X
32
6H
b
x
Guar ref
b
z
bbb4
xbbb3
Long
ccc2
z
z
A
Lone Star Gas
z
x
J
67
97
21
O
{ (♦MStPASS M con g 4s Int gu'38
J
(♦1st cons 5s
1938
J
(♦1st cons 58 gu as to int.. 1938
Prior Hen 5s
94
55
105H
D
O
AO
90
H
J
J
♦25-year
7H
1H
18H
67
104 H
15
90
5H
....
A
O
100 H
J
McNeil A Llbby
1934
35 H
96
H
21
2
H
112H
M S
♦Ref A ext 50-yr 5s ser
120
55 bi
{♦Minn A St Louis 5s ctfs
♦1st A ref gold 4s
104H
3
109
1
8
1H
65 bi
3
100 H 106
8
67
*92
2
Hioh
5
18
*6H
1H
*15H
*65
4
a
44 H
1X
1H
57
2
3
103 H
29H
25
25H
x
{(♦Mil A No 1st ext 4 H3—1939
J D
♦(Con ext 4Hs
1939
M 8
{♦Mil Spar A N W 1st gu 4s. 1947
J
J
{♦Mllw A State Line 1st 3 Ha 1941
99
1H
No. Low
High
50 H
Since
Jan. 1
CQ CQ
106H
111H
50 H
111
cccl
J ybb
M S x a
1940
111
3
J
{(♦Mid of N J 1st ext 5s
76 H
bbb4
S ybb
MN
74 H
76
2
M
14H
12
cccl
J
Llbby
1951
1952
C—1979
Michigan Consol Gas 4s
1963
1st gold 3Hs
Ref A lmpt 4Hs series
14 H
103H
78
1961
assented
z
6H
22 H
1961
♦5s assented
ddd2
z
A
P 6s—1997
Kings Co Lighting 1st 5s
1954
♦4 Ha
z
S
J
6H
40
"86""
4Hs unguaranteed
♦General cons 5s
A
D
M
37 X
53
10
52 X
102 H
bbb2
Plain
{(♦Leh Val N Y 1st gu
§♦4 Ha assented
{Lehigh Valley RR—
bbb3
A
Kings County El L A
♦5s
x
♦Mlag Mill Mach 1st a f 78-1956
Mich Cent Det A Bay City—
2
1
102
b
y
z
1H
102 H
y
1961
♦
O
♦Mex Internat 1st 4s asstd-.1977
16H
H
102 bi
ccc4
Stamped
2d gold 5s
aa
1949
J
J
♦1st A ref 5 H8 series B
1978
J
J
{♦Mo-Ill RR 1st 5s series A. 1959
/ D
Mo Kan A Tex 1st gold 4s.-.1990
$645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s—1987
Kentucky A Ind Term 4 Ha. 1961
68
x
A
90 X
7H
102 X
y
♦Ctfs w w stmp (par
Coll tr
78X
78
63
(Rudolph) Inc—
Coll tr
67
89 H
9
51
51
3
S y bb
M
1950
Ref A Impt 5s
Apr 1950
Kansas City Term 1st 4s—-1960
Coll A
78 %
*8
cccl
y
D ybb
J
gold 3s
Coll A ref 5 Hs aeries
39 H
Ask
A
106H
x
!i
Friday's
Bid
Low
M S
z
4s 1936
X(*K C Ft 8 A M Ry ref g
♦Certificates of deposit
Karstadt
29
*8
cccl
z
J y b
A y b
F
Steel 4Hs A1961
Mich 1st gu g 4s 1990
Kan City 8ou 1st
33 %
8H
*1H
cccl
M S
Jones A Laugblln
Kanawha A
z
89%
Price
M S
Metrop Wat Sew A D 5H8—1950
F
{(♦Met W Side El (Chic) 43.1938
81H
88
1
ybb
A y bb
J
1st 4s_1959
James Frankl A Clear
100H
33%
78 bi
1
S
F
1955
Debenture 5s
89
1955
Metrop Ed 1st 4Hs series D.1968
Jack Lans A Sag 3Hs
1st lien & ref 6 >$8
{♦Iowa Cent Ry 1st A ret
102 H 106H
99 H
Sale
See i
(Con/.)
Railroad & Indus. Cos.
Mead Corp 1st mtge 4Hs
70
cc
4s.-1947
J
{♦Int-Grt Nor. 1st 6s ser A. .1952
A
♦Adjustment 6s ser A.July 1952
♦1st 5s series B
1956 J
♦1st g 5s series C
1956 J
A
Internat Hydro El deb 6s—1944
Int Merc Marine s f 6s
1941 A
J
Internat Paper 5s ser A A B.1947
Ref s f 6s series A
1955 M 8
MN
Int Rys Cent Amer 1st 5s B .1972
Int
106 H
98
99 X
z
A
Interiake Iron conv deb
Hioh
105H
106 H
104
100
1
O
M
High
105 H
105H
105 H
106
aa
O ybb
J z bb
1932
6s
{♦10-year
{♦10-year conv7% notes.-1932
bbb2
x
O
_
5sl966
{♦Interboro Rap Tran 1st
105H
Range
Range or
Rating
51
EXCHANGE
STOCK
Week Ended Sept. 27
Jan. 1
*104
aaa2
x
J
Y.
N.
Since
Last
Elig. &
BONDS
Range
II
Week's
Friday
Bank
Week's
8S
BONDS
N.
1865
New York Bond Record—Continued—Page 4
151
J
(♦Market St Ry 7s ser A April '40
(Stamp mod) ext 5s.—--1945 Q A
1
82 bi
60
82 bi
2
"88 H
86
1
80
254
66
H
90
87
▲
I
g;For footnotes see page
1867
Attention la directed to the newt column
incorporated in this tabulation pertaining to bank eligibility
and rating of bonds. See i._
New York Bond
1866
Bank
Elig. &
BONDS
N. Y. STOCK
Friday
Last
EXCHANGE
Rating
Week Ended Sept. 27
Price
Low
N Y Dock 1st gold 4a
Conv 6% notes
N Y Edison
3%s
ser
x
aa
3
x
aa
3
1961
y
b
3
.1947
y
ccc2
1965
x
aaa4
1966
_
D
1st lien & ref 3lis ser E
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow
x
aaa4
*110 %
g 5s. 1948
Purchase money gold 4s
aaa4
123%
x
aaa4
116%
Z
CC
x
1949
{♦N Y A Greenwood Lake 6sl946 M N
N Y A Harlem gold
3%s
2000 M N
♦N Y L E A W Dk A Impt 6s 1943 J
N Y A Long Branch
gen 4s
1941 M
J ybb
8 ybb
.
Low
40
107
46%
57%
104% 110%
105
.....
123%
H7
110%
120% 126%
113% 118%
15
102
15
8%
97
54
53%
100
43%
60
60
50
*73
88
60
80
♦
92
1947 Af
deb 4s
conv
z
cccl
*10%
z
cccl
71
80%
72%
11
20
17
15%
♦Conv debenture 3%s._
♦Conv debenture 6s
{♦Collateral
8
O
M
♦Non-conv debenture 3 %s 1947
♦Non-conv deb 3 %s
1954
♦Non-conv debenture 4s.. 1955
♦Non-conv debenture 4s.. 1956
A
J
14
19%
♦General 4s
z
cccl
15
15%
cccl
15
15%
10
z
cccl
14
J
14%
10
20
z
cccl
18
18%
z
cccl
29
29
12%
19%
2%
24%
36%
6%
J
z
3%
1
cc
17%
18
12
69
23%
69
69
58
72
3
cc
2
z
c
2
5
N Y Rys prior lien 6s stamp. 1958 J
J
N Y A Rlchm Gas 1st 6s A.. 1951 ,VN
N Y Steam Corp 1st 3^8...1963 J
J
2%
x
bbb3
x
aa
4
J zee
.1940 F
Telep 3lis ser B
N Y Trap Rock 1st 6s
A
z
1943 M N
J
...1967 J
♦Terminal 1st gold 5s
N Y
z
aaa4
..1946 J
6s stamped
{{♦N Y West A Boat 1st 4 %s 1946
Niagara Falls Power 3%8._.1966
Nlag Lock A O Pow 1st 6s A. 1955
Niagara Share (Mo) deb 5 %s 1950
{{♦Norf South 1st A ref 5s..l961
1
110%
3
90
90
1
90%
94
28
11%
11%
12%
1959 F A
1974 Af 8
x
x
aa
2
1974 M
8
x
aa
2
{Northern Ohio Ry—
♦1st gtdgSs
1945 A
O
z
ccc3
♦1st mtge g 5s (stamped can¬
cellation of guarantee) .1945 A
*64%
O
z
ccc2
ccc2
x
bbb2
73
54% 79
117% 126%
102% 107%
101
106%
102% 108%
126%
106%
105%
*35
z
112
109%
96% 104%
8
18%
7%
17%
10
*68
14
107
7
125%
105%
105%
105%
106%
*115%
*107%
12
62%
111%
80% 90%
78
94%
3%
6%
49
126
30
107%
109%
13
79
52%
65%
57%
53%
48
67%
421
2
52%
65%
57%
ybb
2
58%
x
gu g 4s.. 1948 J
Ry 1st 4s.. 1943 M
aa
4
110
bbb3
*101
J
S
57%
2
c
a
4
1967 M
5
a
J
a
4
Oklahoma Gas A Elec 3%s.. 1966
D
bbb4
Ore Short Line 1st cons g 5s. 1946
Guar stpd cons 5s
1946
Ore-Wash RR A Nav 4s
1961
aaa2
aaa2
Otis Steel
bb
aa
3
aa
3
aaa2
aaa2
1st mtge A 4%s.. 1962
2
108%
'109%
110
106
76%
75%
D
aaa2
113
113
aaa2
111%
111%
109%
73%
3
aaa2
A
bb
3
Pacific Tel A Tel 3%sser B..1966
O
Ref mtge 3lis series C
D
1968
Paducah A III 1st if g 4 %s..l955 J
/
Panhandle East Pipe L 4a...1952 Af 8
Paramount Broadway
Corp—
1st M s f g 3s loan ctfs
1955 F
57%
2
b
J
109%
*109%
*110%
*101%
aaa4
aa
2
a
4
b
A
2
Paramount Pictures 3)48 deb '47 M 8
bbb3
Parmelee Trans deb 6s
104
Pat A Passaic G A E
cons
♦Paullsta Ry 1st s f 7s
Penn Co gu 3 %a coll tr
ser
5s. 1949 Af
O
49%
91%
b
28-year 4s
1963 F
aa
3
3
a
4
bbb4
aaa2
1948 Af N
aaai
4s sterl stpd dollar
May 1 '48 Af N
Gen mtge 3%s series C...1970 A O
Consol sinking fund 4%s_.1960
aa
a
2
3
aaai
1965
a
3
1968
a
3
Debenture g 414s
1970
bbb4
General 4 lis series D
Gen mtge 4% s series E
Conv deb 3 lis
1981
a
3
1984
a
3
Peoples Gas LAC
cons
1947 M
{{♦Peoria A East 1st 4s stmpl940
♦( ertlflcates of
deposit.
4s._
A
O
x
x
z
_
Apr 1990
Apr
Peoria A Pekln Un 1st 5 %s..l974 F
90
93
108%
105%
108
111%
117%
112% 118%
117%
106%
113
119
51
104
107%
136
68
78
53
78
58%
113%
112%
108
110%
105% 111
60%
109% 113%
112%
74
71
85
74
75
111
103% 110%
104% 112
102% 103%
103% 105
111%
49%
40
76
92
46
30
47
121
126
"56%
105%
105%
106
106
104%
104%
103%
103
'
105%
3
100
102
ii
106
105
103%
107%
99% 106%
99
105%
17
96
*101
109%
107%
61%
72
56%
100% 102%
*105
103%
97% 101
il"6"" "32
104% :no%
108%
107%
100
113%
109%
107%
107%
113%
113%
7
107% 109%
110% 115
113
113
113
2
111
81
i07%
91%
33
6
91%
92%
62
120%
103%
120%
104%
109
103%
108%
91%
"92%
99
99%
110
92%
100
98%
86%
87
99%
88
b
b
102
100%
*100%
a
O
107
5
44
109%
115
92%
115% 120%
94% 104%
100% 110%
98
79
92%
89% 100
34
89
99%
75%
88
107
152
aa
S
z
6s..1943 A
Refunding gold 5s
♦Income
bbb4
..1952
107% 110%
92
56%
3
a
414s debentures
1974
Pennsylvania RR cons g 4s..1943 Af N
General 414s series A
General 6s series B
3
a
101% 110
103
91%
3
a
A
Pa Ohio A Det 1st A ref
414s A *77
4 14s series B
1981
Penna Pow A Lt 314s
1969
Consol gold 4s
3
aa
109%
*122
3
aa
Guar 314s trust ctfs C
D
1942 J
Guar 314s trust ctfs D
D
1944 J
Guar 4s ser E trust ctfs... 1952 Af N
95
49%
2
aa
40
59%
105% 110%
43
aaa3
8
1942 Af 8
B. 1941 F A
59
106
164"
104
ccc3
1944 A
40%
75
*62
aaa4
45
110
*105%
101%
100%
100%
*111%
117%
117%
106%
40%
74%
45%
53%
67%
3%
8%
107% 108%
105
109%
104% 110
110
D
D
4%
109%
109%
D
1938
10
107%
1st A ref mtge 3%sser H..1961
1st A ref mtge 3 %s ser I
1966
{♦Pac RR of Mo 1st ext g 4s. 1938
{♦2d ext gold 5s
94
64
40%
69%
31%
33%
95
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
b
59%
110%
108%
4
a
48 debentures
D
1946
Ontario Power N F 1st g 5s.. 1943 F A
Ontario Transmission 1st 6s. 1946 WN
Oregon RR A Nav con g 4s.. 1946 J D
57
*108%
4
1972 J
149
59
4%
aaa3
1966 MN
1st mtge 3'/is
49
74%
2
108%
45
45
bb
114
107
67
x
{♦Og A L Cham 1st
Connecting
109"
72%
y
Northwestern Teleg 4 %s ext 1944
Ohio
114
43%
ybb
Ref A lmpt 6s series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 6s series D
2047
Northern States Power 3%s_1967
Ohio Edison 1st mtge 4s
1st mtge 4s
*35
107
73%
43%
2
A
z
a
*111%
117
46%
47%
46%
cc
x
1867
*4
107%
Attention is directed
105%
*107%
106" "~7
aaa2
x
aaa2
*110%
111%
A
x
aaa2
*110
D
x
aaa2
*108%
N
105%
aaa2
x
aaa2
*105
x
aaa2
108
111
A
A
1959
A
1960
A
1948
J
113%
117
47%
47%
6
107%
Port Gen Elec 1st 4
%s
1st 5s extended to
{♦Porto Rico Am Tob
x
Ill
_
119%
1
^
20
119%
*115
x
aaa2
x
aa
2
107%
108%
x
aa
2
108
108
20
x
aa
2
101
102
28
x
aaa2
y
b
2
O y b
0 y b
2
D
x
2
*108%
61
mem
—
57%
61
40
61
44
58
"59%
61%
*103%
3
aa
10
59
110% 116
10
111
68
43
76
43%
3%
117%
60
to the
new
"7l"
x
bbb2
z
cccl
99%
z
cccl
*90
7"j
z
cccl
100
8 y bbbl
71%
♦Certificates of deposit
Potomac El Pow 1st M
3%s.l966
x
aaa4
Pressed Steel Car deb 6s
y
bb
Pub Serv of Nor 111
3%s
1968
Purity Bakeries s f deb 5s...1948
°\x
A*
coll 4s '51
*2%
'
75%
135
75%
20
8
x
*
bbb3
99%
100
1956 M S
x
bbb3
99%
*95%
100
56
bbb2
bbb3
-
MN
x bbb2
bbb3
*
'
-
106
101%
bbb4
106%
a
ybb
17%
21
106%
25
18%
107%
36
27
*7%
11
8
'....
*109%
*109
10
12
109%
109
109
2
7
7
1
*21
*4
5%
*4%
87
109%
5%
88
110
2
*35
70
*35
65
2
64%
61
65
91
bb
2
62
63%
8
z
ccc2
24
25%
35
S y b
2
J y b
2
z
z
cccl
♦Prior lien 5s seriee B
/
1950 J
♦Certificates of deposit
♦Con M 4 %s series A
1978 M~ S
z
cccl
z
cccl
z
cccl
J
cccl
♦Ctfs of deposit
z cccl
stamped
{♦St L 8 W 1st 4s bond ctfs. 1989 MN y bb 2
♦2d 4s lnc bond ctfs..Nov
J z b
1
1989 J
{♦1st term A unifying 5s.. 1952
z ccc2
z
4s.. 1968
{♦St Paul E Gr Trk 1st 4 %s. 1947
"67%
67%
18
40
9%
9%
9%
4
"16%
10%
10%
15
10%
"165
9%
10
"9%
9%
10%
163
9%
9%
9%
54
65%
66%
28
"29%
29%
30%
15
15%
19
8%
22
"~8%
bbb2
8%
*69%
5
18
85
z
J
J
6%
6%
6%
X
1946 J
cccl
cccl
aaal
114%
114%
114%
6
y
bb
65%
66%
38
105%
105%
1
107%
*107%
107%
1
y a
3
3
*3%
66
105%
aaa2
X
aaai
z
cccl
*28
cccl
*38%
*38%
122
z
z
A
O
z
1989 MN
O
28
x
aaa3
122
z
ccc2
*9
1950 A
O
z
cccl
Oct 1949 F
A
z
c
O
z
cccl
z
cccl
1959 A
2
"46""
J
O
.1950 A
6
X
1940 A
♦Stamped
66%
*38%
"16"
z
SAAAr Pass 1st gu g 4s....1943 J
J
8an Antonio Pub Serv 4s
1903 A O
San Diego Consol G A E
4s.. 1965 M N
Santa Fe Pres A Phen 1st 5s. 1942 M S
♦Stamped
cccl
X
1990
{♦St P A K C Sh L gu 4 %s..l941
St Paul Un Dep 5s
guar
1972
Blrm 1st gu 4s
17%
17%
3
/
A...1950 J
♦Certificates of deposit
4s
♦Certificates of deposit
♦1st cons 6s series A
44
z
pr lien 4s
{♦Refunding
21
*26%
25
aaa2
{♦St L-San Fr
70%
102
103%
"*9~
2
x
{♦St L Peor A N W 1st gu 5s 1948 J
8t L Pub Serv 1st
mtge 5s_..1959 M
St L Rocky Mt A P 6s
stpd.. 1956 J
stamped
106%
102%
17%
2d gold 0e
y b
1996
St Louis Iron Mtn A
Southern—
♦fRlv A G Dlv 1st g 4s
1933 M N z bb
g
101%
*17
18%
......
x
♦Certificates of deposit
9
132
101%
105%
*23%
*23%
1952 Af N z
1953 F A z
1955 A Oz
Saguenay Pow Ltd 1st M 4%s '06
32
100%
101%
103
101%
~
St Jos A Grand Island
1st 4s. 1947
St Lawr A Adlr 1st
g 5s
1996
}*4s
50
1
73%
Af S x bbb3
J J x aa 2
E A z b
1
J D z ccc2
{{♦Rio Gr West 1st g 4s
1939 J
J z ccc2
♦1st con A coll trust 4s
A..1949!-4 O z cc 2
Roch Gas A El
4%s ser D...1977 M 8 x aa 2
Gen mtge 3%s seriee
H... 1907 M Sxaa 2
Gen mtge 3%s seriee I
1967 M Sxaa 2
Gen mtge 3%s seriee
J
1969 Af 8 x aa 2
{{♦R I Ark A Louis 1st 4
%s_1934 Af S z cc 2
♦Ruhr Chemical s f 0e
1948 A O z cccl
{♦Rut-Canadian 4s stmp...l949 J
J z c
2
{♦Rutland RR 4%s stmp__.1941 J
J z cc 2
|*lstg4s unstamjjed.
6
73
4s
Scioto V A N E 1st gu 4a
{Seaboard Air Line Ry—
104%
61%
73
-
f 0 %s series B
20
73%
s t conv
debentures
1952
Rlchm Term Ry 1st
gen 5e..l952
♦Rlma 8teel 1st s f 7s
1955
{{♦Rio Gr June 1st gu 6s
1939
a
1
110%
61
Richfield Oil Corp—
♦Guar
147%
215%
bbb2
w w *66 M
♦Direct mtge 0a
♦Cons mtge 6s of 1928
♦Cons mtge 0s of 1930
{♦Schulco Co guar 0%s
109%
104
112%
bbb3
1940.7 Jz
1953:J z
♦Rhine-Westphalia EI Pr 7a. 1950 M N z
con g
*111%
147%
215%, 215%
104%
4%
*66
1
♦3%s assented
♦Rhine-Ruhr Water Serv 6s
♦Gen A ref g 5s series A
39
bbb3
Pur mon 1st M conv
5%s.l954
Gen mtge 4%s seriee
C...1956
St Paul A Dul 1st
14
87%
X
Revere Cop A Br 1st M
4%s 1956 J
♦Rhelnelbe Union s f 7s
1946 J
*
90%
109%
J
Rensselaer A Saratoga 6s gu.1941
Republic Steel Corp 4 %s ser B '61
-
3
jy
J X
Gen A ref 4 %s seriee
A... 1997
Gen A ref 4%s series
B...1997
*
2
90%
100
90%
j
4
bbb3
112
86%
90%
"87%
2
aa
72%
100
*108%
cccl
z
1951
{♦Providence Sec guar deb 4a 1957 KN'j cc 1!
{♦Providence Term 1st 4s
1956 Af Sz b
3
Public Service El A Gas
/x aaa4
3%s 1968 J
1st A ref mtge 5s
J X aaa4
2037
1st A ref mtge 8s
D x aaa4
2037
Remington Rand deb 4%a
4%g without warrants
10
*106%
J
1942
Reading Co Jersey Cent
«*
117
J
♦Certificates of deposit
♦Adjustment 5s
10
aa
6s '42 J
♦0s stamped
71
100% 110%
x
1960 M
..1950 J
conv
8%
108%
30
28
9%
8%
9%
1%
3%
2
1%
1
3%
8
*2%
1945
M~<S
z
cc
2
4%
z
cc
1
4
1933
M~5
z
cccl
♦Certificates of deposit
see page
aaa2
x
J
1977 J
Pitta Va A Char 1st 4a
guar. 194? MN
Pitta A W Va 1st
4%s ser A. 1958 J D
{{♦Atl A
For footnotes
x
190" M N
1970 / D
1975 A O
106
45
4%
4%
107%
5%
5%
39%
"2
8
53%
110%
53%
110%
103
bb
aaa2
x
117
12%
y
19
*98%
102%
2
101
3
12%
ybb
101
3
North Cent gen A ref 5s
Gen A ref 4 %b series A*.
North Pacific prior lien 4s... 1997
Gen lien ry A Id g 3s Jan
2047
Ref A lmpt 4 %s series A
2047
1
109
3
ccc2
♦Certificates of deposit
bbb3
ser A
4
105
100%
"104""
aa
1
4
x
6
4
2
aa
2
a
%s A '52 Af 8
9
104
....
x
9%
2
4
4%
x
*8
*109
a
'""4 %
A
2
*111
x
243
I
1
D
4%
A
5
4%
cc
cc
D
2
...1954 F
Debenture 344s
Debenture 4s
198
3%
4%
z
z
1974 J
1977 J
4
4
15%
cccl
z
1962 F
c
a
13
1st gen 5s series B
a
aaa4
43
111%
18%
1st gen 5s series C
1st 4%s series D
aaa3
z
106%
111
9
z
x
106%
111%
100% 106%
x
x
107
106%
aaa4
101
x
A
106%
bbb4
1
8
1949 F
2
x
29
/
{{♦Norfolk A South 1st g 5s. 1941 Af N
Norf A W Ry 1st cons g 4s
1996 O A
aa
13
x
x
19%
O
c
108%
105
"92%
z
108%
107%
8
Af N y b
A z c
3
45
....
aa
aa
Series J cons guar 4 %s
Gen mtge 6s series A
Gen mtge 5s series B
Gen 4 %s series C
Pitts Y A Ash 1st 4s
118%
19%
cc
F
108%
*115%
x
F
51%
45
10
2
105
2
♦Certificates of deposit
North Amer Co deb 8 %s
105
108%
109%
aa
z
196?
109%
Low
47
aaa3
1948 MS
%s
119
109
109
64%
x
J
Series E 3%s guar
gold... 1949 F
Series F 4s guar gold
195? J
Series G 4s guar
1957 \f
Series H cons guar 4s
1960 F
cons 4
62%
108%
x
Pitts C C C A St L 4 %s A... 1940 A O
Series B 4%sguar
1942 A O
Series C 4 %s guar
1942 MN
Series D 4s guar
194f Af N
Series I
81
26
x
D
J
s f 4s..1937 J
conv 4
No.
73%
62
107%
2
M
A
54%
110%
Pitta Coke A Iron
High
105
ybb
J
43
"63
108%
Phlla Co sec 5a series A
D
1967 J
Phlla Electric 1st A ref 3
%s. 1967 Af S
{♦Phlla A Read C A I ref 5s. 1973 J J
♦Conv deb 6s
1949 Af S
3s.
atjoa
71%
107%
D y bb
1946
85
107
*106%
bb
x
8%
4%
1%
*110
2
c
3
85
"54%
53
2
A z
2%
*85%
bbb3
x
5%
3
3
1st mtge 4%s series B
1st mtge 4 %s series C
17%
b
z
......
F
4
cccl
z
{♦N Y Prov A Boston 4s
1942 A O y b
2
N Y A Putnam 1st con gu 4s. 1993 A
O y b
2
N Y Queens El Lt A Pow 3
%s '05 MiV x aaa4
{{♦N Y Susq A W 1st ref 68.1937 J
3%
z
g 4S..1992 M 8
1955 J D
1937
19%
20%
20%
11
z
1956 /
1948 J
1*2(1 gold 4 %s
{♦General gold 5s
11%
Af N
Debenture 4s
D
♦1st A ref 4 %s ser of 1927.1967 J
{♦Harlem R A Pt Ch 1st 4s 1954 M N
t*N Y Ont A West ref
14
J
..1940 A O
1957 M N
trust 6s
♦
14
1980 M S y bb
D x a
1981
stJi
Asked
A
61
3
Phlla Bait A Wash 1st g 4s..1943 MN
General 5e series B
1974 F A
General g 4 %s series C
J
1977 J
conv
72%
3
bb
y
%s deb. 1952 J
General 4%s series D
or
Friday's
Bid
ybb
1956 J
conv 3
•»
Range
Sale
Price
s
Low
A 5s. 1956 J
♦Certificates of deposit
72
*25%
z
Phelps Dodge
Phillips Petrol
15%
3
cccl
S
ser
1st 4s series B
1st g 4 %s series C
{{♦Philippine Ry 1st
80
05
See
Week's
Last
Rating
Railroad & Indus. Cos. (Cont.)
64
-
{♦N Y New Hav A Iiart RR—
♦Non
Friday
Elig, &
EXCHANGE
Pere Marquette 1st
56%
46
*100
2
High
54
110%
STOCK
Week Ended Sept. 27
53%
15
53>4
N. Y.
101
107%
104% 108%
....
123%
116%
2
x aa
2
N Y Lack A West 4s ser A... 1973 Af N
y bbb2
4%s series B
197.1 Af N y bbb2
♦N Y L E A W Coal A RR 5
3
%s'42 Af N zb
Sept, 28, 1940
BONDS
Since
Jan. 1
No
High
106%
*108%
50 %
50%
50%
50K
109%
-.
Range
S-o
h
Bid
Railroad & Indus. Cos. (Cont.)
N Y Connect 1st gu 4 %s A..1953
1st guar 6s series B
1953
5
Bank
Range or
Friday's
A
Asked
Sale
See k
"--■a.
Record—Continued-Page
Week's
4%
3%
*8
52
3
5
"44
4
31
13
column Incorporated In this
tabulation pertaining to bank
eligibility and rating of bonds.
See
k
Bank
STOCK EXCHANGE
Week Ended Sept. 27
Y.
Week's
Last
Range or
Range
Sale
Since
See k
Price
Friday's
Bid
Sc
Ask
ctfs.1935
certificates
1935
F
A
F
z
A
6 H«- .1951
♦Siemens & Halake deb
aa
97H
y
b
55
M S
.1946 F
♦Silesia Elec Corp 6 Via
c
x
z
A
z
F
x
bbb3
x
aaa4
debs. .1964 J
Socony-Vacuum Oil 3a
South & Nor Ala RR gu 5s.. .1963 A
A
South Bell Tel 4 Tel 3Hs~. .1962
3s debentures
103 H
105H
106 H
102 H 106H
119
115
*116
a
aaa3
"no"
x
aaa3
106 H
x
aaa3
.1965 F
x
aaa2
Southern Colo Power 6s
x
bbb3
Southern Kraft Corp
x
bbb3
4a
let mtge & ref
A
J
A...1947 J
4Hb—. .1946 J D
Southern Natural Gas—
.1951 A O
1st mtge pipe Une 4 Ha
J D
So Pac coll 4a (Cent Pac coU). .1949
106H
46
I04*i« 104un
107*3i
3
1045i» 109 H
10
105
105H
2
102
107»«
'105 H
97 H 102 H
2
39H
41 H
93
30 H
48 H
47
46 %
48 H
134
35
53
b
41 H
41H
44 H
215
30
60 H
.1969 M N
b
10-year secured 3H»
San Fran Term lat 4s
174
30
H
50H
106
42 H
68
63 H
80 H
52
65 H
41 H
41H
53 H
53
bbb2
74 H
73 H
75 H
18
68 H
58
60 H
168
2
"90"
"91H
212
83
56 H
58H
239
42
.1956
O y bb
76 H
76 H
78
72
53
.1956
Devel & gen 6s
O y bb
82 H
Ha
1st g 6a
81H
84
121
.1996
J y bbb2
76
78
11
.1951
Devel Sc gen 6
J y bbb2
71
71
1
110H
111
6
109
109
75
latg4a
So'westcrn Bell Tel 3 Ha B_. .1964
.1968
1st Sc ref 3a aeries C
St Louis Dlv
{♦Spokane Internat 1st g
Standard Oil N J deb 3a
D
x
aaa4
J
x
aaa4
M0H
57
73H
74
13
x
aaa4
105
aaa4
105H
105H
11
J
z
bb
101
103
52
81
113H
.1950
O
x
bbb3
100 H
100 H
15
100
100H
x
aa
4
105H
105 H
3
J
aaa3
A
aa«4
1950 F
A
bbb3
.1959 A
O
aaa4
6 Ha A.
deb
1943
gold 5a
Pacific 1st gold 5s„ 2000
Gen Sc ref 5a
76 H
38
105 H
104
104H
106 H
*
103 H
J
D
io6H
aeries B
1977 A
O
bbb3
67 H
67 H
68H
24
C
D
1979 A
O
bbb3
67H
67H
68H
38
53 H
1980 J
D
bbb3
67 H
68H
45
53 H
89
90H
13
88 H
97 H
Tex Pac Mo Pac
Ter 5 Ha A.
'"89"
a
1964 M S
1960
Jan 1960
/
y
b
2
56 H
56 H
57 H
y
cccl
18H
18H
19 H
128
|*Thlrd Ave RR 1st g 5s...1937
Tokyo Elec Light Co Ltd—
J
1953
Tol Sc Ohio Cent ref <fe Imp 3 Ha *60
Tol St Louis Sc West 1st 4a.. 1950
Tol W V Sc Ohio 4s aerlea C..1942
Toronto Ham Sc Buff 1st g 4a.1946
Trenton G Sc El 1st g 58. —1949
Trl-Cont Corp 5a conv deb A. 1953
♦Tyrol Hydro-El Pow 7H8..1955
♦Guar see a f 7
1952
J
yb
J
x
bbb3
10 <H 110H
63 H
72 H
40
A
4a
Third Ave Ry 1st ref
♦AdJ Income 53
lat 6a dollar series
y
51H
bb
3
x
aaa3
M N
b
1
A
z
cccl
3
x
aa
z
F
A
x
F
A
x
aa
1947
1970
35-year 3 Ha debenture...1971
Ref mtge 3Hs ser A
1980
108H
108H
aaa4
1959
108H
104H
3
103 H
103 H
J
J x aaa3
113H
113H
A
0
x
aa
3
98H
98 H
MAT
x
aa
3
98H
98 H
J
D x aaa3
103 H
A
O
a
3
A
0 y b
4
"76
69H
4
85
x
M 8 y bb
x
M 8
102H
106H
aa
1941 MN
aa
1941 MN
aa
....May
♦
Nov
May
Nov
1943 MN
aa
1944 MN
aa
1.75s
1944 MN
aa
MN
aa
MN
aa
-Nov 1 1946
1947
.May
1947
Nov
1.80s
1.85s
1.90a
...May
1948 MN
aa
1949 MN
2.103
Nov
1949 MN
aa
2.15s
May
1950 MN
♦Un Steel
77 H
62
75H
1
110H
108
♦3Ha assented C
♦Sink fund deb 6 Ha ser
100
101 H
101H
100
100 H
101 H
100 H
101H
100 H 100 H
H
101 Vt
100 H
101H
100 H
100
101H
102"
102
100 H 101H
101 H
100 H
102 H
101H
100 H
102 H
a
102 H
102 H
*102 H
102
102 H
102
100 H 102
102
101
aa
*102
103 H
100 H
102H
103
100
103
18
26
20
25
20
24H
102 H
102 H
*24 %
99
10
"30"
*23
*23 H
102 H
27H
25H
102 H
bbb3
102 H
lat Sc ref 5s
Light let 5e. 1944
reported
*
Vera Cruz Sc
A—1955
—1957
105H
7
100H
100H
100H
8
"28"
223
+ 111
"26"
off
§♦4 Ha assented
1934
1934
27 H
20
20
84
93 H
"88 k
102
102 H
40
90
104
103
35
95
7H
Deferred
aa
No sales
Bank Eligibility and Rating
k
y
1
27
109H
109H
109H
110
109H
110
102H
102H
104H
105
106
17
10H
4H
9
4H
110
100
107 H 110H
*5H
14
0
352
57
101H 109H
101
106H
In the yearly range
week and not Included
a Deferred delivery sale; only
Included In year's range
the dollar quota¬
exohange rate of
bond Issues which have
Stock Exchange
104.
under
transacted during current week.
and not Included In
Column—x Indicates
those bonds which we believe
either to rating status
not bank eligible due
make It speculative
bankruptcy, or In process 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
will represent the rating given by the majority.
Where all four agencies rate a bond
Indicates issues in default. In
differently, then the highest single
A great
majority of the Issues
rating Is shown.
bearing symbols ccc or lower are
All Issues
In default.
in default.
bearing ddd or lower are
Transactions
Exchange,
New York Stock
the
at
Yearly
Daily, Weekly and
Sept. 27, 1940
United
Total
Mis cell.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
State
Railroad dt
Number of
Shares
Wednesday
258,880
983,250
710,510
603,460
Thursday...
440,370
Friday
661,420
3,557,890
$34,041,000
Monday
Tuesday
Sales
$39,000
85,000
$3,648,000
7,989,000
6,489,000
708,000
39,000
172,000
97,000
885,000
107,000
6,122,000
$3,679,000
$539,000
$38,259,000
$249,000
$3,360,000
7,707,000
7,212,000
6,797,000
4,835,000
5,130,000
/
MN
x
aa
*108
679,000
738,000
620,000
J
J
z
J
J
z
Week Ended. Sept. 27
New York Stock
Exchange
c
H
H
Stocks—No. of shares..
1939
1940
8,371,000
5,640,000
.......
Railroad and industrial.
Total—
incorporated in this tabulation
Jan. 1 to Sept.
1940
27
1939
8,545,810
153,219.445
200.452,870
$286,454,000
184,887,000
34,041,000
$7,514,000
5,889.000
67.068,000
$31,667,000
948,803.000
1,071,295,000
$38,259,000
$80,471,000
$1,140,195,000
$1,542,636,000
3,557,890
Bonds
Government
28
14
8H
during the current week
Indicates those bonds we believe are
provision In the bond tending to
or some
Total
*107H
directed to the new column
112H
13H
bankruptcy, receivership, or reorganized
securities assumed by such companies.
delivery sales transacted
State and foreign
Attention is
102
96
23
8H
*7H
105H
103
14H
9H
100H 106H
104H
H(
102
x
..
96 H 104H
100
18
27
25
7H
110H 110H
110
26
Pacific RR—•
§♦4 Ha July coupon
C/i
49H
Bonds selling flat
Sales at
Vandalla cona g 4a series
Cons a f 4s series B
In
being
as
Friday's bid and asked price.
Saturday
2
A
F
19
63
32
1952, Dec. 15 at 106.
Stocks
88
bbb2
14H
2
Liquid Carbonic Corp 4s 1947, Oct. 10 at
Week Ended
20 H
*23 %
bbb3
4—
13H
17H
35
H 102 H
*23
1951
142
105H
4
c
list of the New York
100 H 102 H
102 H
102
cccl
a
z
104H
*99H
3
x
49 H
103H
13 H
70 H
103
40
48
"l04""
72
10 H
101H
102 H
102 H
1944
Utah Lt Sc Trac
100 H
101 H
aa
1947
aa
53
4 The price represented la
Accrued Interest payable at
Section 77 of the Bankruptcy Act, or
z
aa
-
United Stockyds 4Haww.
100 H
100 H 101
100 H 101H
100 H 102
1951
A
100 H
100
101
101
102 H
1
49H
67 H
61
20
maturity.
bonds.
unit of
Carolina Cllnchflled 4 Ohio 6s
100 H
102
b
89
53 H
eligible for bank Investment
100
102 H
1947
assented A
100H 100H
aa
1951
C
70 H
18H
60
No sales
aa
aa
69H
10H
the yearly range:
102
aa
88
current week,
Odd lot sale, no
n
89H
*102
102 H
39
70 H
94
been called In their entirety:
{ Companies
aa
1951
♦3Ha assented A
♦Sec s f 6 Ha series
Utah Power Sc
58 H
aa
aa
47
67 H
70 %
13
88 H
100H 100H
101 n
aa
1950 MN
Nov
1951 MN
May
1951 MN
Nov
1952 MN
May
1952 MN
Nov
1953 MN
May
1953 MN
Nov
1954 MN
May
1954 MN
..—Nov
1955 MN
May
1951 J D
Wks Corp6 Ha A.
♦3 Ha
104 H
100 %
100H
161"
aa
2.65s
107
10
20
*101H
2
Nov
2.60s
102
200-pound
•fThe following Is
115
*101H
*101H
2
May
2 65a
99H
92H
99 H
92H
101H 104
per
v
aa
aa
13 H
66 H
69 H
13H
1
x
72
79
107H 108^
18H
10H
$4.8484.
101H
MN
1948 MN
2.05s
2.60s
110
14
tion
100 H
101H
*101H
101H
aa
2.00s
2.45«
58
*100H
101
aa
14
31
67 H
cccl
cc
7
107H
13H
107H 112
98
102H
52
94
91
only transaction during
Bale:
5 Negotiability Impaired by
109r»» 112H
100H 104H
70
Cash
r
88
*100 H
aa
86H
-
2
128 H
120
104H 110H
115H 120
186
88 H
70 H
cccl
the current
transaction during current week,
9
*8
*100H
1.625s
2.40s
99 H
*100 H
1945 MN
May
1945 MN
Nov
May 1 1946 MN
ccc2
z
70
No. sales.
105 H 109
*100
aa
1.50s
2.36s
80
2.
30
*100
aa
1.375s
z
37
00
100H 100H
aa
1.25s
O y bb 3
J x aaa2
z
Cash sales transacted during
e
100 H
1943 MN
1.125s
1.953
108H
*99 J4
1942 MN
.8753
1.003
86
*100
1942 MN
.75a
100
107H
4
1948 M 8 x a
1901 MN xbbb4
1st mtge a f 4s ser C
11
111
100
93 H
2
z
Conv deb 4a
*99 U
1940
Nov
May
Nov
May
Nov
.625s
0
bbb3
♦
debentures—
,60a
H3H
98H
99
104
107
71
108 H
aaa4
x
rnmm
30
116H
87 H
Youngs town Sheet 4 Tube—
14 H
14H
8
83 H
Union Pac RR—
.375a
90
107H
*8H
108H
cccl
{!♦Union Elev Ry (Chic) 68.1945
UDlon Oil of Calif 6s series A. 1942
3Ha debs...1955
United Cigar-Whelan Sta 5a. 1952
United Drug Co (Del) 6a
1953
U N J RR Sc Canal gen 4a.— 1944
United States Steel Corp—
13 H
'36"
87
87
1
J
0
J
40
31
108
14 H
*12
A
United Biscuit
104
*12
F
1955 J
J
mm*
109H
111
bbb2
cc
90 H
10
106H 109H
108 H 109 H
116H
13H
84 H
78
mm mm
108H
l"66
73
58
63 H
40
109H
9H
101H 1O0H
121H 125
107H
z
bbb2
{♦Wor 4 Conn East lat 4 He .1943 J
44 H
9H
*98" "99H
108""
*121 H
1
J y bb
/
2
aa
z
Wisconsin Elec Power 3 Ha-.1908 a"o
Wisconsin Public Service 4a.. 1901 J D
3
65
48 H
x
J
1
mmmmmrn
49H
x
MN
42
84 H
70
b
D
4a..1949 J
73
84 H
*13H
M N
gen
7
*I24H
108H
2
x
♦Certificates of deposit..
"98""
♦
4
aa
S
A
104
9H
4H
*55 H
bbb3
x
M
|*8u 4 D11 dlv 4 ter 1st 4s_1930
66 H
90
67 H
51H
82 H
65 H
*105H
a
67 H
67 H
aaa2
M 8 y b
grant 48
27
x
M 8
34-year 3 Ha deb..
123
90
y
S
r
Ujlgawa Elec Power a f 7a
1945
J
Union Electric (Mo) 3HB---1962
3s debentures
56
89 H
61X
1
x
J
1940
5H
9H
4H
63
40
*30
J y bb
J y bb
1949
5H
*108H
42
4H
42H
44
O xbbb3
♦Certificates of deposit
25H
100H
95
*100 H
3
x
A
M
j
bb
HH
4
2301
{♦Wis Cent 50-yr 1st
62 H
45
a
A
Conv deb 3Hs
1947
Winston-Salem 8 B 1st 4a... 1960 J
72
Gen Sc ref 5s aeries
aaa3
x
18
4H
70 H
aaa3
x
/
Wilson 4 Co 1st M 4s A
72
Gen Sc ref 5a series
x
J
{!♦ Wllkea Bar 4 East gu 6s. 1942 J
74
55
3
D
Wheeling Steel 4 Ha aerlea...1906 F
104H
202
95
105 H
aa
z
5H
13
38H
44
84
aaa4
x
10
13H
7
84 H
2
51
28
9H
17
6H
6H
72 H
2
3
x
J
42
20
41
-
48
10H
25H
1
8H
103H
D
mm
11 H
5H
2301
White Sew Mach deb 0a
106H
"65
164 H
a
4H
M 8 y b
1900
mm
109H
30 H
6
46
5H
5H
4H
5H
5H
D
A
25
42
M 8
1952
Registered
92
102
Maryland 1st 4a
Wheeling 4 L E RR 4a
104 H 111H
40
90
105H
aaa4
cc
14H
28
62 H
102
73
11H
8H
1945
West Shore lat 4s guar
111H 116H
23
110H
88 H
bb
J
J
ink"
110H
90
O
♦Westphalia Un El Power 6s. 1953 J
128H
122
*110
110H
4a
30-year 5s
104 H 106 H
*125
4
aa
J
.1965 MN
3a debentures
Texas Sc N O con
2.30s
H
x
M 3 Ha
RR gen 5s. 195 J
F
Term Aasn St L 1st cons 5a.. .1944
1953 J
Gen refund sfg4a
A
42 H
*43 H
z ccc2
{♦Western Pac 1st 5a ser A.. 1940
M 8 z cccl
♦58 assented
1945
Western Union Teleg g 4HS.1950 MN y bb 2
25-year gold 5s
1951 J D y b
100 H 106 H
23
J
101
cc
J
J
lat 4 ref 5 Hs series A
1977
West N Y 4 Pa gen gold 4s_. 1943 A O
M 8
101H 100 H
15
D
Tenn Coal Iron Sc
Texarkana Sc Ft S gu
Western
108 H 112
109
102
1945
...
Swift A Co 1st
2.20s
73
.1950 M N
Superior OH 3 Ha debs
J
/
84 H
78
03
1961
2
J
1st mtge 3Hs series I
I960
West Va Pulp 4 Paper 3a„.1954 J
S3
105 H
deb 6s
Studebaker Corp conv
2.253
91H
.1953
debenture
1st Sc land
guar
22 H
20 X
cccl
J
1955
6s.
_
b
West Penn Power 1st 6s E..1963
91"
56 H
bbb3
x
J
Westchester Ltg 5a atpd gtd.1950 J
J
Gen mtge 3 Hs
1007
J y bbbl
J
b
F A y b
3
Warren RR lat ref gu g 3 Hs.2000
2
Washington Cent lat gold 4s.1948 Q M y b
F A x aaa3
Wash Term lat gu 3Hs
1945
F A x aaa3
1st 40-year
50
30
.
O y bb
6a.. .1994
aerlea A__. .1956
Devel Sc gen 4a
Texas Corp 3s
277
bb
J y bb
Southern Ry 1st cona g
Mem Dlv
43 H
b
.1950 A O
ref guar 4a__. .1955
.1955
lat 4a stamped
So Pac RR lat
41H
41H
43 H
55 H
J
.1946 J
3
bb
M S
.1981 MJV
Gold 4 Hs
Serial
107H
104
39 H
.1988 M S
Gold 4 Ha
Texas Sc
11
107
107
bbb4
107 H 111
106
101
13
109
78
54 H
mm.
mm
51H
70
mmm —
28
J
J
1941
40
41 H
13
13
A
F
•Omaha Dlv 1st g 3Hs
1941
M S
b
♦Toledo 4 Chic Dlv g 4a„1941
M 8
cc
{♦Wabash Ry ref 4 gen 5 Hs A *75
F A
cc
♦Ref 4 gen 6a series B
1976
A O
cc
♦Ref 4 gen 4 Hs series O—.1978
A O
cc
♦Ref 4 gen 5s aeries D
1980
Walker (Hiram) G 4 W—
J D
Convertible deb 4Hs
1945
A O y bb
Walworth Co lat M 4a
1955
A O y b
6s debentures
1955
M 8 yb
Warner Bros Plct 6a deba
1948
M 8 z cc
{♦Warren Bros Co deb 0a
1941
101H 106H
bb
Lines) A. .1977
lat 4 Ha (Oregon
Gold 4 Hs
2 Ha
106
61
41H
l*Dea Molnee Dlv 1st 4s_. 1939
110
104
110
101H
104*1.
.1961 M S
Southern Calif Gas 4Hs
8
109H
108H
M N
1939
♦Det 4 Chic Ext 1st 5a
90
H
108H
High
111
107
49
*58
M 8
No. Low
1
110 H
*76
bb
y
Jan. 1
High
110H
J
O
...1939
J
1954
♦1st Hen g term 4a
110 H
aa
Since
Ask
&
*45 X
A
A...I960
l*2d gold 5a
102 H
94
x
J
1959
{Wabash RR Co.—
IMst gold 5a
41
12 H
25
Bid
8
5s...2003
Virginian Ry 3 Hs series
*102 H
x
J
18 H
99 H 101X
"f05H
x
.1979 J
55
102 H
S
M
Va Tron Coal 4 Coke 1st g 5s. 1949
67
26
'""9
"40
39
.1950 F
Skelly Oil 3a debs
55
14H
101H
101H
M
Range
Friday's
Price
27
•S
Range or
Sale
See k
Cou(Concl )
Va 4 Southwest lat gu
1st cons 5a
2
♦13H
..
xbbb2
Rating
Va Elec 4 Pow 3 Hs ser B...1908
98
51
cccl
y
3H
23
56 H
51
Railroad & Indus.
4
93 H
Last
Elig. <k
EXCHANGE
Low
High
1H
415
8TOCK
Week Ended 8ept.
1X
98
97 H
55
..
SUeelan-Am Corp coll tr 7a_. .1941
.1952 A
Simmons Co deb 4a
51
2H
*1H
z
Shell Union Oil 2 Via debs... .1954 J
J
Shlnyetsu El Pow lat 6 Ha—. .1952
No. Low
2H
2
2H
c
1*0
BONDS
Y.
N.
Jan. 1
High
Low
{Com.)
Railroad & Indus. Cos.
{♦Seaboard A11 Fla 6a A
♦6s Series B
Friday
Rating
Week's
Friday
Bahk
EliQ. dt
!l
n
BONDS
N.
1867
New York Bond Record—Concluded—Page 6
151
Volume
$539,000
3.679,000
pertaining to bank eligibility and rating
159.725.000
of bonds. See note k above.
New York Curb
1868
Exchange—Weekly and Yearly Record
sePt. 2s, 1940
NOTICE—Cash and deterred delivery sale8 are
disregarded In the week's range unless they are the only transactions ot the week
and when selling outside
of the regular weekly range are shown In a
footnote in the week In which they occur.
No account is taken of such sales in computing the
range for the year
In the
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange for
beginning on Saturday last (Sept. 21, 1940) and ending the present Friday
(Sept. 27, 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
Friday
Last
Sales
Week
Sale
STOCKS
Par
Price
Acme Wire Co common. 10
Aero
Range
Low
19
High
19
Friday
for
Range Since Jan. 1, 1940
20
Shares
Low
250
13
1
_
Class B
5*4
5*4
5*4
"llX
11*4
Alnsworth Mfg common..6
Air Associates Inc com__.l
22*4
{Air Investors common..*
Conv preferred
Alabama
2*4
5*4
2,200
1,100
4
10
Jan
2X
2*4
-
300
Gt
preferred
2-68
"163*4 "l02"
105*4"
""l90
lllesA Fisher Inc com..
May
82
*
....
Allegheny Ludlum Steel—
7% preferred 100....100
:
Bickfords Inc
108*4
Apr
98
Sept
May
23
23
25
17
July
156
165
1,800
115
"
116
100
110
400
138 *4
108
10 >4
Aluminium Ltd common.*
82
84*4
40
41*4
140
100
40 X
100
Jan
May
June
6*4 May
42*4 May
96*4 May
X Aug
250
36
June
4
1*4
4
May
Sept
23
Sept
192*4
118*4
18
10c
1*4
*4
*4
11*4
Feb
Mar
109*4 May
1*4
Apr
49*4
Apr
7*4
66
3It
30 X
25
JI6
300
30*4
29*4
200
X
900
35
35
"10
1
Amer Cyanamld class A. 10
Class Bn-v
10
"35*4"
35*4
37*4
Amer Export Lines cora_.l
11*4
11*4
12*4
Amer Foreign Pow warr
Amer Fork A Hoe com...*
American Gas A Elec...10
4*4%
preferred
Amer General
82
conv
82.60
Corp
100
com
11X
"32*4
112*4
Jan
2*4
Apr
Jan
*i«
Jan
20*4
Jan
80
Mar
X May
*4
Mar
1*4
30
31
36
Apr
May
7,800
1,200
20
11*4
300
4,322
2*4
3
250
600
May
8*4 May
*4 Mar
9*4 May
25*4 May
107 X July
27
150
27*4
350
16*4
15*4
17
550
800
"iix
15
400
25
28*4
16*4
14*4
28*4
16 X
26
2*4 May
22*4 May
May
May
13 >4 June
11H May
28*4
300
25
*4
1,700
preferred
Preferred
100
Amer Maracalbo Co
1
*
29*4
29*4
100
Amer Pneumatic Service.*
Amer Potash A Chemical.*
American Republics
10
Amer Seal-Kap common..2
Am Superpower Corp com *
1st 86 preferred.
86 series preferred
5
"""5"
X
•
72 X
*
11*4
American Thread 5% pf..5
Anchor Post Fence
*
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
5*4
5*4
%
71*4
11*4
Arkansas Nat Gas
"il*4
*
com
8
2
6
4*4
preferred
8xe
*
x-w
25
Aviation A Trans Corp__.l
Axton-Flsher Tobacco—
Class A common
10
"iix
*4
800
3*4
15*4
3*4
100
•
3*4
"'i'x
5
18
"iix
16*4
16*4
X
*4
2*4
2*4
38
38
"28"
28
6*4
26
6
6
6
1
10
Baumann—See "Ludwlg"
For footnotes
I
"iix
20
see page
Jan
X
5,100
2*4
July
Aug
40
100
7,300
1,650
34
May
3
Jan
18*4 May
4*4
18
1873
May
May
May
10
300
4*4
*4
1*4
100
ru
July
10,800
*4
Mar
200
8
6*4
Beau Brummell Ties Inc__l
Beaunlt Mills Inc com..10
pref
14*4
6*4
*4
Basic Dolomite Inc com__l
Bath Iron Works Corp
75
25
3,100
6*4
June
200
600
3*4
27*4
*4
......
2*4
Jan
*4
3*4 May
3*4 May
15
Aug
700
29*4
6*4
26
1
38
3*4'
Barium Stainless Steel...1
Barlow A Seellg Mfg—
81.20 conv A com
4
5*4
18*4
Purch warrants for com.
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
conv
400
May
11*4 May
1*4 Sept
""l"*4 "T*4~ """360
Baldwin Locomotive—
81.60
16
•i« May
2
>11
Ayrshire Patoka Collieries 1
Babcock A Wilcox Co
June
6*4
100
3*4
14*4
15*4
5,300
10
May
May
9*4 May
3*4 May
4
12*4
June
Feb
49
Jan
Jan
4
May
1*4 May
38
Feb
19*4
13*4
Jan
10
17
Apr
200
*4
Jan
109*4
Apr
10*4 May
0*4 Mar
*4 June
1*4
1*4
850
May
Apr
Mar
July
20*4
Feb
20
Feb
Jan
Jan
Feb
30
May
1*4
100
8*4
Sept
1*4 May
20*4
38
1*4 May
July
600
50
~lT"
20*4 20*4
100*4 100*4
12*4 13*4
900
50
9
*4
2*4
2*4
8*4
Apr
12*4
2*4
12*4
2*4
12*4
100
2*4
2,200
*4 Sept
11*4 May
1*4
Feb
17
Jan
Apr
Jan
68
104*4
4*4
23*4
0
Aug
Mar
Jan
Apr
May
Apr
Jan
Feb
2*4
Mar
4
Mar
19*4 May
2*4
Aug
*4
1*4
6*4
7*4
Jan
Jan
Feb
Mar
20
Mar
18
Sept
1*4
Feb
Canadian Marconi
Capital City Products
6*4
9
9*4
100
X
700
1
Carlb Syndicate
25c
Carman A Co class A..
Class
B
X
..*
Carnation Co common...♦
Carolina P4LJ7 pref...*
4*4
preferred
35*4 35*4
108*4 108*4
104*4 106
*
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
$7 dlv. preferred
1st partlc pref
Cent Hud G A E
Cent Maine Pow
com
Cent Ohio Steel Prod
8*4
122*4
100
Chief Consol Mining
Chllds Co preferred
Jan
10
2,600
Jan
Jan
Jan
Apr
Mar
Apr
Mar
2*4
17*4
5*4
May
Jan
11*4
Apr
2*4
1*4
Feb
109
106
May
5*4 May
6*4 May
9*4
1*4
25
7*4
40*4
15*4
7*4
99
300
27*4
150
79
13*4
110*4
98
'l*4"
99
8
*4
May
12
June
20
98
May
2*4 June
20*4
Jan
69*4
Jan
4*4
8
""*4 ""*4
20
200
100
13
3*4
3*4
1*4
100
1*4
8
May
5*4
Feb
34*4
Feb
87*4 May
Feb
May
*4 May
50
127
Sept
•h May
25
Jan
Jan
17*4
0*4 May
95*4 May
*ii May
X
Jan
1,100
Jan
Apr
Feb
110*4
105*4
200
1*4
Jan
Feb
May
Apr
May
Sept
Jan
June
91
1*4
3*4
Jan
Jan
June
106*4
120
"f,806
Apr
Apr
22
86
300
79
•11 May
2*4
4*4
60c preferred B
4*4
100
4*4
10
103"
Apr
10*4
Apr
116*4 May
*4
*4
2*4
8*4
2*4
2*4
Jan
Jan
Jan
Jan
Jan
Jan
9*4
5*4
73
*
•
City A Suburban Homes 10
Clark Controller Co
1
Claude Neon Lights Inc__l
4*4 May
7*4 Mar
13
Jan
107"
400
96
May
117
Apr
71*4
350
55
June
83
Apr
9*4
9*4
200
6
May
«x« June
10
Mar
10*4
150
7
Aug
4
Jan
70
1
16 preferred BB
*
Cities Serv P A L %7 pref.*
$0 preferred
*
July
Sept
June
9*4
70
100
Cities Service common.. 10
10 preferred
*
City Auto Stamping
Apr
9*4
100
110
122*4 123*4
13*4
Strip Co....
6
Charts Corp common...10
Apr
Mar
Jan
Jan
Chamberlln Metal Weather
Apr
Apr
Jan
3*4
18*4
June
1*4 May
110
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
3*4
30*4
Jan
1
*4 May
6*4 May
X May
18*4 May
4*4 May
27
May
97*4 May
2,000
26
1
Chicago Flexible Shaft Co 6
Chicago Rivet A Macb
4
6
July
May
2*4
4
4
*
Jan
Apr
14*4
2*4
1*4
1*4
15
Cent Pow A Lt 7% pfd 100
Cent A South West Util 60c
Cent States Elec com
1
preferred
8*4
2*4
*
Apr
8*4 May
27*4 May
7*4
Apr
*4
Apr
1*4 Sept
22 X
0
*
7% pf 100
Cent N Y Pow 6% pref. 100
6%
7%
1,700
900
♦
63
5*4
5*4
1
5*4
Cherry-Burrell common..6
Chesebrough Mfg
25
11*4
7*4
16*4
Apr
0*4
Can Colonial Airways
1
Canadian Indus AlcoholClass A voting
•
Apr
May
6*4
7% partlc preferred...25
Jan
Apr
108
May
7i«
400
Camden Fire Insur Assn..5
•
May
May
10
90*4
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
15
Jan
Feb
Cables A Wireless Ltd—
Am dep 5 *4% pref sba £1
Calamba Sugar Estate..20
Calllte Tungsten Corp...l
Mar
116
4*4
11*4
Aug
*4 June
*4
Feb
2*4 May
May
38
43
X June
*4
Feb
Jan
5*4
28
3,600
5*4
18*4
*4 May
1*4
Feb
June
50c
Feb
2
Mar
22
May
May
50c
com
Vot trust ctfs
1*4
Jan
July
15
2,000
J
38
Burry Biscuit Corp_.12*4c
Cable Elec Prod
3*4
15
20*4
2*4
Burma Corp Am dep rets..
7% 1st partlc pref... 100
Celluloid Corp common_15
»
Warrants
Jan
Apr
IX June
3*4
14*4
1*4
*
Feb
11i«
Automatic Products
6
Automatic Voting Mach._*
0% preferred
26
1st preferred
Bunker Hill A Sullivan 2.50
*i«
1
Avery (B F) A Sons com.6
6% preferred w w_j._25
SI.60 preferred
S5
Jan
2*4
3*4 June
Atlas Corp warrants
Atlas Drop Forge com...6
{Austin Silver Mines
Apr
Feb
12
Mar
Apr
30
16
19
1
com
May
100
17*4
May
7*4
Celanese Corp of America
200
Feb
Apr
Apr
7*4 June
Castle (A M) common..10
Catalin Corp of Amer
1
""2*4 ""2*4 ""2*4 ""800
1*4
30
Jan
May
July
Apr
Feb
Feb
34
100
Apr
65
Aug
10*4 May
200
*4
5*4
*4
*u
16
13*4
8*4
Jan
1
Apr
*4
8*4
May
10*4 July
2*4
»x«
Coast RR Co pref.-.100
Atlanta Gas Lt 6% pref 100
*
Jan
May
36
Jan
Apr
Mar
48*4
6*4
Apr
1*4 May
29
May
1*4 Apr
*4
Apr
20
May
100
8*4
Jan
May
1,500
preferred
Feb
2,300
37
11*4
2*4
16
6*4
X
15*4
29*4
11*4
600
Class A preferred
Brown Forman Distillers.
8*4
Feb
1*4
2*4
Mav
1
15*4
'"760
com.
Mav
X
31*4
30
100
4
Assoc Tel & Tel class A...*
Atlanta Birmingham A
Atlas Plywood Corp
Auburn Central Mfg
{Brown Co 6% pref
Brown Fence A Wire
1,800
X
*4
36
13*4
4
*
Atlantic Coast Fisheries.. 1
Jan
"u
11*4
6*4
Assoo Laundries of Amer *
Atlantic Coast Line Co..50
Atlantic Rayon Corp
1
Apr
99
1
V t c common
4
Jan
10
__1
Mar
Amer Tobacco—
Sept
Feb
{Associated Gas A Elec—
85
Registered
""266
4*4
Jan
2*4
8*4
7*4
8
5,200
Tooo
Am dep rets ord bearer £
Am dep rets ordreg__.£
6*4
""•IK
10*4
British Amer Oil coupon.
112*4
1*4 May
IX May
May
Apr
8*4
2*4 June
3*4 May
900
Am dep rets ord reg-.lOs
British Col Power cl A.
11*4
£1
Common
7% preferred
..100
Brlllo Mfg Co common..
Class A
Apr
17
6*4 May
May
July
1,500
1
14*4
39*4
87
.....
June
2*4
Sept
Jan
45
4*4 May
*4 Sept
50
"i'x "1*4
Class B
British
6
22*4 May
1*4
Jan
June
May
June
May
28
100
3*4
5*4
7*4
Apr
British Celanese Ltd—
May
ht
2,300
1,700
33*4
3*4
1*4
10*4
100
100
Jan
6
May
4*4 May
2*4 May
Aug
*4 Aug
100
*4
2%
40
12
800
""3*4 ""3*4
Preferred
Apr
2 X
1
108
Apr
Mar
30
~i~X
Brill Corp class A
Apr
75
May
May
X May
8*4 May
Feb
14*4
600
9*4
"9*4
Aeronautical
Bridgeport Gas Light Co.
Bridgeport Machine
»xi
June
.....
8*4
.....
Associated Elec Industries
Class A
Brewster
Apr
•i»
*u
*4 June
39*4
19*4
48
""360
1*4
8
Mar
8*4
2*4
30
46*4
Mar
Sept
10*4 July
36*4 June
5,100
3*4
5*4
3*4
73
X
*4
Jan
l«i
300
7
43*4
June
900
preferred
Brown Rubber Co
May
X June
65
Aug
4X
Aug
3*4 May
Mar
*4
2*4
Bruce (EL) Co common. .6
Buckeye Pipe Line
50
Buff Niagara A East Pow—
23
Jan
125
15*4
*4
36
Brazilian Tr Lt A Pow
Breeze Corp common
Apr
May
May
X June
136
7*4
2*4
100
18*4
16*4
29*4
25*4
200
......
1
1
1st preferred
Apr
100
*
Ashland Oil A Ref Co
7%
19 *4
"460
30
6*4
25
Mar
600
*4
113
.....
10
Art Metal Works com
Amer deposit rets
1,100
11*4
11
113
Common cl A non-vot..*
preferred
Arkansas P A L 87 pref
Aro Equipment Corp
Apr
Borne Scrymser Co
Bourjols Inc
Bowman-Blltmore com
Mar
May
July
Apr
May
100
31*4
3,100
*4
1
6%
7ie
73*4
12*4
"1*4 ""1*4 "1*4
*
{Arcturus Radio Tube
600
400
5
Appalachian Elec Power—
preferred
36
7% 1st preferred
2d
fiI6
14*4
$3 opt conv pref
Blumenthal (S) A Co
Bohack (H C) Co com...
34*4
20 X
11
88
*4
13 X
Amer Mfg Co common. 100
Amer Meter Co
6*4
Apr
Feb
8*4
114
300
14*4
Feb
32*4
May
25
common
05
Mach_..20
Arner Lt A Trac com
87
Jan
27
......
preferred...1
Amer Hard Rubber Co..60
6%
33*4
26*4
1
Jan
25*4 June
22*4 June
*4 June
31*4 32*4
111*4 112*4
10c
preferred
conv
Amer Laundry
75
29*4
Class A with warrauts.25
Class B...
30
Apr
June
X
Am Cities Power A Lt—
A
Apr
May
200
13
86 60 prior pref. _....*
Amer Centrifugal Corp.__l
Apr
Apr
110*4
American Capital—
10c
Feb
15*4
May
Amer Box Board Co com.l
Class
Mar
8*4
140
common
Blauner's
8
3
1.100
121
*4
High
3*4 May
13*4 July
$2.60 preferred
Birds boro Steel Foundry
*4 May
Aluminum Industries com *
Common class B
121
Bliss (E W) common
Blue Ridge Corp com
1,400
17*4
3*4
4
106*4 108*4
Low
1.900
3.800
30
Apr
Aug
16*4
5*4
19*4
23
78*4
3
13*4
156
Class A common
107*4
*4% pf.100
Feb
2*4
Aluminum Co common...*
preferred
100
5*4
Range Since Jan. 1. 1940
Shares
Benson A Hedges coin
Conv preferred
July
100
15
6%
Bell Tel of Pa 6
111*4
X
*
American Book Co
5X
17 X
Bellanca Aircraft com
Bell Tel ot Canada
July
X
Allied Products (Mich)..10
Class A conv com
25
preferred
Beech Aircraft Corp
Bell Aircraft Corp com
Berkey A Gay FurniturePurchase warrants
Allied lntl Investing—
6%
Price
A Machine Co com
2
*
S3 conv nref
Week
Apr
May
111*4
*
Investment
for
of Prices
Low
High
lli«
June
90*4
Mar
7
May
6*4 Mar
14*4 May
3*4
Apr
30*4
Apr
Jan
1X May
17*4
Jan
*4 May
500
X
-
Southern..50
Alabama Power Co 87 pf.*
Alliance
4*4
Week's Range
Par
Jan
22*4
May
J 00
*
Warrants
July
6
11*4
Sales
Last
Sale
High
May
20*4
1
(
STOCKS
{Continued)
Week
Supply Mfg—
Class A
80
s
of Prices
5*4
2,800
49
71*4 73*4
294*4 HI
100
288
105*4
280
75
6*4
700
6*4
294*4
6
May
4*4 May
45
May
85
May
73
5*4
75*4
7
1,500
200
60
May
4*4 May
6
15
300
15
s.
600
May
12
May
*4 May
*4
Apr
29*4 Mar
6*4 May
79*4 July
7*4 July
75
July
115*4
Mar
110
Mar
7*4
7
10*4
X
Feb
Apr
Jan
Mar
Volume
New York Curb Exchange—Continued—Page 2
151
Friday
Last
STOCKS
Week's Range
Sale
(.Continued)
Par
Price
of Prices
High
Low
Mar
42 X
Cleveland Tractor com...*
43*
42 X
*X
30
May
Feb
E vers harp Ino com
4
May
75*
Feb
Falrchlld Aviation
23*
Apr
Fairchlld Eng &
1
May
2
May
Sept
Cohn & Rosenberger Inc.*
4%
Patent Fire Arms.25
79 5*
79X
5X
81X
8.200
1,000
83*
Jan
Fansteel
23*
Jan
Fodders
45*
7 3*
Jan
67
May
88
May
May
Columbia Gas & Elec—
61 3*
1
13*
250
63
61X
IX
IX
2,300
Commonw
IX
26 X
IX
250
23*
Jan
Jan
3*
Jan
13*
Jan
June
May
Sept
213*
15*
38 3*
June
5*
Apr
18
Apr
Feb
793*
117
3*% series B pref-.-100
4% pref series C
100
4
""ix
Consol Mln & Smelt Ltd..6
1,600
2
200
79 X
MX 117
76X
1,300
93
100
May
170
108
Sept
1
800
IX
273*
100
10
93
93
IX
"53*
5X
100
93 X
92 X
7X
6%
Cout G 4 E 7% Prior pf
l
5X
93 X
15*
1,200
3 3*
May
May
May
973*
Jan
63* May
May
23
3 5*
3*
preferred A
*
13
3X
May
30
53*
X
May
Apr
Feb
Aug
13*
May
77 3*
Feb
Feb
Feb
Aug
2 3*
Apr
itu
83*
100
6 3*
May
133*
Apr
Sept
75*
Jan
3%
"ix
IX
Crystal Oil Ref com
preferred
Cuban Atlantic Sugar
400
3X
3X
1,000
Stores
1
Dennlson Mfg cl A com..6
3* May
83*
Feb
112
Feb
Aug
23* May
7
Feb
July
19
?83* May
190
21
100
40
2
IX
2
1,600
21
500
250
3*
Preferred
Gilchrist
153*
June
Feb
843*
Feb
Sept
Sept
May
3* May
13*
Feb
Apr
13*
*
10
Driver Harris Co
21X
21X
21X
50
Dublller Condenser Corp.l
3
..100
Duke Power Co
73
33*
73
72
800
175
193*
53
13*
*
Gray Mfg Co
Great Atl & Pao Tea—
Non-vot
com
9
5X
100
8X
9X
4,000
Greenfield Tap A Die
*
3
53 J*
25
6
10
25
Apr
4,000
495
_.*
com..6
0% conv preferred
60
Hecla Mining Co
26c
Helena Rubensteln
*
ww
65* May
123*
Jan
15* May
May
26
293*
4,550
123* May
93*
25
83* May
5* Mar
ex-warr
Mar
Horder's, Ino
Sept
Sept
103*
Apr
Horn A Hardart
IX
Apr
Apr
Horn A
57 preferred series A
*
""166
13
May
<6 preferred series B
•
16
17
50
14
May
28
*
Economy Grocery Stores.*
x4
xA
400
16
"ie"
"I7"
Horn (A C) Co common..
5%
preferred
53*
•
63 X
72
preferred
preferred
*
Elec P 4 L 2d pref A
53*
633*
713*
163*
5X
643*
733*
18
13,900
1,100
3,100
100
Hubbell (Harvey) Ino
Humble Oil A Ref
June
175*
Jan
35* May
85*
Jan
42
May
655*
Sept
61
May
743*
Sept
May
May
20
1
16
Electrographlo Corp
May
14
Elgin Nat Watch Co
29
28
4
Emerson Elec Mfg
33*
33*
200
400
21
May
25*
Sept
Jan
33*
Jan
Jan
295*
53*
Apr
May
76
pf 100
July
79
Feb
June
88
July
753*
For footnotes see page
76 3*
20
57
74
75
70
57
76
100
100
100
100
Empire Power part stock.*
Emsco Derrick 4 Equip..5
Equity Corp common.. 10c
S3 conv preferred..
1
Esquire Inc
...1
6% preferred
63*% preferred
7% preferred
8% preferred
76
25
653* June
50
66
773*
773*
9
9
2X
1873,
19
23*
20
33*
550
2,200
June
243* May
83* Mar
86
7% pref 8tamped
100
7% pref unstamped.. 100
Hydro-Electric Securities •
Hygrade Food Prod.....6
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co
*
preferred
•
*
11
Jan
May
»u
Feb
Aug
255*
Mar
Sept
63*
Apr
May
Jan
1145*
Apr
135
Jan
495*
105*
Imperial Chemical Indus—
Am dep rets regis
£1
Apr
Apr
200
13* May
23*
Jan
Mar
3*
Jan
323*
3,300
253* June
393*
Jan
June
1113*
1153*
Sept
10
102
20
83*
200
1073* May
63*
Feb
50
203* May
403*
110
26
14
Jan
Apr
May
May
703*
Apr
""160
5*
Aug
3*
100
3*
Jan
13*
5*
Jan
Feb
13*
3*
Jan
23*
July
43* May
83*
Apr
63*
243*
2
65*
243*
2
200
100
300
16
May
13* May
203*
6
100
3,000
11
May
4
May
43*
55*
203*
43*
Jau
May
7
29
Jan
33* May
223* Sept
73*
Jan
14
Apr
123*
Apr
73* May
233* May
11
24
June
27
10
93*
73
10
Mar
200
8
May
13
Apr
73
50
60
May
92
May
27 34
Mar
Jau
May
223*
June
10
Jan
z65* May
12
Jan
93* May
14 3*
Feb
14
Jan
143*
303*
33*
Apr
133*
9
13
"l3"
93*
"13""
500
"166
6
295*
Jan
25*
Aug
Feb
303*
75
Apr
Jan
26
May
363*
Apr
108
30
July
1125*
193*
May
"l7X "l7X
"""~50
133* May
533*
553*
3,700
63*
83*
400
473* May
4 5*
Feb
53*
"533*
53*
50
100
83*
Sept
120
Apr
120
303*
68
Jan
Apr
Jan
May
83* June
93*
45* May
3*
103*
Jan
Feb
0
July
103*
2
Apr
25*
Feb
Feb
*i» June
15*
39
39
39
150
Apr
80C
283* May
25* Mar
475*
3
53*
May
215* May
333*
Apr
93* May
15*
23*
24 3*
24 3*
253*
1,200
53*
55*
1,100
53*
Jan
13* June
23*
53*
3
300
53*
60
Illinois Zinc Co
3*
19
conv
Dlv arrear ctfs
Illuminating Shares A
Jan
June
6 5*
1
Common
July
July
26
30
63*
83*
6
*
July
883*
»87
25*
4,100
"it
19
300
May
1233* May
IHuylers of Del Ino—
6%
Empire Gas 4 Fuel Co—
May
02
Hussmann-Ligonier Co—
warrants
1,600
88
8
113*
5*
Hummel-Ross Fibre Corp
73*
10
125
43* May
293*
20
26
100
Apr
Apr
103*
Elec Bond 4 Share com. .6
Apr
Apr
1
•
43*
12
283*
June
"53*
Baking..*
Hardart..
May
25*
June
*
5*
Easy Washing Mach B
Feb
18
Hormel (Geo A) A Co com*
28
Apr
400
2
563*
353*
4
13*
13*
83*
Heyden Chemical
10
Hires (Chas E) Co
1
Hoe (R) A Co class A...10
Holllnger Consol G M
5
Jan
Jan
Apr
Apr
Feb
25
""300
25
26
Hewitt Rubber common..6
Apr
»u
Apr
*
Class A
Sept
13*
93*
110
Corp
Heller Co common
Apr
17
Mi
293*
Hearn Dept Stores
May
25*
83*
323*
113*
105
13*
1
33*
July
Apr
Apr
95* May
June
1
Preferred
Jan
Feb
Apr
03*
11
America—
B non-vot common
795*
563*
353*
*
93*
*
Preferred
Mi
1,100
Apr
May
100
100
1
Hartford Rayon v t 0
Hartman Tobacco Co
Haseltine
May
53*
1145* 1153*
Hartford Elec Light
Hat Corp of
May
Feb
Mar
73*
153*
273*
98
preferred
Jan
93*
32 X
Eastern Malleable Iron__25
Eastern States Corp
4
3
533*
265*
"5"
Gulf States Util 55.60 pf.*
50
Aug
6
1
Holophane Co common..*
100
100
43*% prior pre!
6% preferred
3*
18
1015*
4
273*
Grocery Sts Prod com..26c
Hammermlli Paper..
East Gas 4 Fuel Assoc—
Common
100
13*
10
stock
Apr
May
5
300
63* May
25
Varnish._.l
May
5*
400
5X
10
Eagle PIcher Lead
IX
8,400
*
Mfg common.. 10
Apr
3* June
Duro-Test Corp common. 1
49
Jan
Apr
...60
Hall Lamp Co
Apr
13*
July
53*
*1«
preferred
Jan
323*
May
403*
70
195*
15 3*
Apr
110
100
91
193*
Goldfleld Consol Mines_.l
15*
665* June
203* May
Mar
Aug
93
23*
Jan
Jan
Apr
875*
Jan
43* May
preferred
Gulf Oil Corp
Mar
81
200
93*
x8X
Jan
Mar
78
64
53*
42
53*
*
Godchaux Sugars class A.*
Glen Alden Coal
15*
67
Durham Hosiery cl B com *
Duval Texas Sulphur
Mar
June
65
Aug
Gladding McBean A Co.
Guardian Investors
Mar
107 3*
100
preferred
55*
413*
May
Mar
55*
07
Aug
Mar
•
175*
65*
"ox "~6X
100
Apr
15*
•11
May
25
Apr
May
Apr
1
88
250
Jan
48
175
41
Apr
253* May
3* May
45*
63*
953*
127
Mar
Mar
Mar
103*
40
Apr
Apr
Mi
90
41
127
13*
05
May
40
143* Sept
13* June
Feb
Mar
May
May
127
Sept
Apr
Apr
Apr
M»
8
*
153*
16 5*
41
32
25
*
28
Feb
25
100
Jan
63* % preferred
Draper Corp
393*
965*
7% 1st preferred
123*
Dominion Tar 4 Chemical*
393*
Ot Northern Paper
xlO
4
63
Jan
Apr
May
X June
98
200
605*
Apr
22
9
300
2
June
100
40
32
31
273*
X Sept
123* May
215* Sept
Mar
60
98
373* May
113*
Apr
155*
65
98
263* May
Dominion Steel 4 Coal B 25
200
Jan
Aug
43*
"400
153*
Feb
Feb
Dobeckmun Co common. 1
300
400
43*
1
Gorham Inc class A
Dominion Bridge Co Ltd.*
7
7
Jan
Feb
13*
25
....
Goodman Mfg Co
5
43*
16
"""3* ""3*
43*
•
•
♦
•
Co
Grand Rapids
3
Apr
Sept
5* May
200
1
100
preferred
Gorham
13
reg_..£l
Empire Dlst El 6%
56
Jan
133*
93*
73*
253*
Option
Jan
Gilbert (A C) common
Feb
55* June
4
May
$6
78
52
Harvard Brewing Co
153*
15
new..2 3*
Dlvco-Twln Truck com__l
55
July
July
preferred
Jan
xlO
10
45*
Distillers Co Ltd—
7%
53
Jan
200
IX
De Vllblss Co common.. 10
Am dep rets ord
Sept
90
*
6% preferred A
Feb
163*
20X
42
?eb
•
8
29
IX
Diamond Shoe new com..*
May
853*
50 conv preferred
195*
"40
ix
1
10
30
20
General Tire & Rubber—
32
73* May
Detroit Gray Iron Fdy
Det Mich Stove Co com__l
273*
>11
May
300
29
May
323*
...
43* May
~17~X "l7X
29
12
1
57
May
250
Detroit Gasket 4 Mfg—1
175*
100
Class B
1
*
263*
Common
Jan
1,400
60
20
1
26 3*
*
Apr
5
3X
96
July
*
25*
11X
96
12
203*
General ShareholdlngsCorp
103*
*11 May
96
150
Gen Pub Serv 50 pref
June
14
100
preferred
May
26 X
4X
3X
Derby Oil 4 Ref Corp com*
Detroit Steel Prod
Feb
May
11
Delay
Detroit Paper Prod
13*
25
'"43*
20
Gen Rayon Co A stock
May
16
.....
Decca Records common. .1
w w
Feb
223*
63*
3X
183*
*
preferred
Warrants
4
108
6
Darby Petroleum com
6
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
35
A conv preferred
56
13* May
53*
85* May
163* May
193* May
93*
Gen Outdoor Adv 6% pflOO
0
5X
Curtis Mfg Co (Mo)
56 prior pref
May
Jan
X
Cuneo Press 6 3*% pref. 100
8% debenture
4
83*
May
*
com
80C
Georgia Power 56 pref
18
6
Cuban Tobacco
400
General Investment com.l
Apr
Jan
Apr
1,200
19
Gen Gas & El 0% pref B_*
13*
July
ill3*
10
Gen Water G & E com
15*
Apr
1
Gen Flreprooflng com
Jan
Apr
3 3*
May
13*
22
reg-£l
May
100
Jan
173*
Jan
183*
*
63*
5*
300
13*
Jan
3*
3,500
100
5% preferred
243*
2
1
preferred.1.100
Aug
26
..*
10
preferred
conv
May
25c
Crown Drug Co com
4%
3*
Jan
13* May
300
X
*
stock
conv
33*
4J*
2
Crown Cork Internat A..*
S3
115*
IX
Feb
21
9X
"21"
1
400
"16
May
3* June
16
partlc pref
600
4
18
Conv
2^600
14
13
Apr
X
...1
Common
Amer dep rets ord
1
i
I
Crowley. MUner 4 Co—*
Crown Cent Petrol (Md)_6
Jan
17
Froedtert Grain & Malt—
Jan
98
83*
6
Crocker Wheeler Elec
33*
173*
Mar
Gen Electric Co Ltd—
300
Croft Brewing Co
June
85* June
Feb
113
12 3*
Co..6
.1
General Alloys Co
25*
Creole Petroleum
1
600
12
100 frcs
Fox (Peter) Brewing
Feb
Jan
IX
£1
600
13*
...»
Apr
1
1
60
6% conv preferred
Courtaulds Ltd
Distilled Llauors
Class B voting
15*
65
Cos den Petroleum com..
15*
Apr
70
Ford Motor of France—
63*
May
1,200
650
Gamewell Co 56 conv pf..*
115*
ix
Aug
Mar
>,«
Gatlneau Power Co—
Jan
IX
Sept
125*
1085* 1093*
113*
Jan
Jan
May
3,500
83*
303*
20
15*
Jan
3*
85*
1,000
May
95*
Jan
3* Aug
513* May
843* May
635*
113*
May
10 3*
43*
June
65* May
9
109 J*
23*
May
7X
8
635*
393*
3 3*
May
45*
7%
May
May
7
43*
0% preferred
Jan
June
Sept
108
4
~7X
Sept
May
03* May
103*
Apr
28
Apr
153* Mar
3,200
*
Fuller (Geo A) Co com
200
*
Cornucopia Gold Mines 6c
Corroon 4 Reynolds
1
July
6
June
3*
£1
vot
non
Feb
2,100
com—*
*
$6
Class A
Fruehauf Trailer Co
84
J3 prior preference
1,000
4
173* May
Apr
2
125*
3ie
*
Apr
50
X
9X
Copper Range Co
conv
75
100
" 8
10 X
9
Roll 4 Steel
Cook Paint 4 Varnish....*
7%
13*
18
1
Continental Oil of Mex
50
Feb
15*
preferred
Cooper-Bessemer
Apr
111
273*
Consol Royalty Oil
10
Consol Steel Corp com...*
Cont
120
13*
33*
835*
140
Consol Retail Stores
8%
45
X
15*
108
108
1
Consol Gas Utilities
1
X
2
1
Consol G E L P Bait com.*
Feb
May
Aug
May
67 5* May
423*
*
Corp_.l
1,400
83*
May
31
Ford Motor of Canada—
ht
Conn Gas & Coke Secur-
preferred
800
June
73*
33
Franklin Co Distilling
Consol Biscuit Co
High
July
Ford Motor Co Ltd—
Amer dep rets
1
Vtcext to 1949
83*
1
(Phlla) 100
IX May
103*
25X
9
Florida P & L S7 pref
Compo Shoe Mach—
$3
Fldello Brewery
Feb
3*
25 5*
Community Pub Service 25
Community Water Serv__l
200
Flat Amer dep rets
Am dep rets ord ref
Distribution..1
Conn Telep <fc Elec
Co
703*
3,100
200
5,700
.
10
*
5
Metallurgical
Mfg
June
51
Commonwealth 4 Southern
Warrants
45*
63*
24
Fed Compress & W'h'se 25
Fanny Farmer Candy
Fire Association
100
43*
235*
63*
May
33* May
£1
Columbia Oil & Gas
43*
May
900
93*
233*
Airplane.1
1
1
Brewing
65* May
5*
5% preferred
Falstaff
Feb
3 3*
Colt'
35* May
9
9
6
Colon Development ord...
43*
Low
23
1
35*
preferred
Range Since Jan. 1, 1940
1
900
Cockshutt Plow Co com..*
conv
for
Share
2
200
Club Alum Utensil Co...*
Colorado Fuel & Iron warr.
High
Line com..60
Eureka Pipe
53*
483*
CUncbOeld Coal Corp..100
6%
Aug
Low
Price
Par
High
Week
of Prices
Sale
(Continued)
Low
Week's Range
Last
STOCKS
Range Since Jan. 1, 1940
for
Week
Shares
33*
Clayton & Lambert Mfg__*
Cleveland Elec Ilium
*
1869
Salt
Friday
Sales
63*
1,200
43*
Mar
4
Aug
73*
Mar
55
June
633*
Mar
53*
Jan
6
Jan
tp
..i-
"eek's Range
Last
Sale
(Continued)
twpaT
Low
Price
High
Low
Shares
7*4
8*4
8
8*4
600
Imperial Tobacco of Can.8
12*4
Jan
12*4
13*4
Jan
J»n
4
Ireland
7%
6
preferred
July
3*4
10*4
3*4
16*4
600
3
Sept
24*4
4*4
60
10
Mar
22
17
18
100
10*4
Mar
21*4
£1
7*4
pi. 100
...100
Indpls P4 L0*4% pf..l00
110*4
110*4 110*4
102*4 May
250
113
Feb
July
Apr
Apr
Jan
Indian Ter Ilium Oil—
Non-voting class A...
Feb
*4 May
*4 July
'
Claaa B
Feb
preferred
63
61*4
63
*4
16*4
50*4 aMy
17*4 June
"750
International Cigar Mach
73*4
23*4
6*4 May
7*4
1*4
7*4
1*4
700
1
6*4
125
2*4
2*4
2*4
4.700
4*4 June
1*4 May
11*4
11*4
11*4
3*4
11*4
2,900
11*4
200
8*4 June
9*4 June
3*4
200
3
1
"Ik
Internet Metal Indus A.
500
6
7h
60
Internat Industries Inc
Internet Paper 4 Pow warr
June
International Petroleum—
Coupon shares
*
*
Registered shares
International Products
*
Class B
11.76 preferred
*
•
Vitamin
1
Interstate Home Equip..1
o...*
1
Italian Superpower A
*
Jacobs (F L) Co
1
Jeannette Glass Co
*
preferred
preferred
preferred
Julian
4
14
14
"*2*4 '""2*4 "~2%
1*4
1*4
1*4
93
24*4
29*4
c
1
May
May
103
Apr
Sept
97
May
109
Mar
18
June
36
Jan
9*4
4*4
""206
100
85
85*4
5*4
14*4
6*4
"14*4 "lT*4
8
75
May
200
180
1~506
9*4 July
2*4 May
1,800
"lili "il*4
X4
"166
*71
2*4
9*4
2*4
*4
29*4
8*4
16
16
2*4
*4
2,200
30
9*4
16
13*4
9*4
13*4
Island Lighting—
_._.._*
*4
15i«
Apr
1*4 May
*4 May
30
31*4
1*4
4*4
102
4*4
102
4*4
23*4
*4
100
3
10*4
3*4
25c
...15
1*4
Apr
13*4 Mar
10*4 May
2
Jan
25
Jan
Jan
June
*4 May
1*4 May
.
100
35
11
May
28
1*4
250
700
1*4
149*4
160
4*4
300
'""3*4 "§54"
""160
4*4
3*4
28*4
100
3%
cum
0%
32
Pow Assoc
New
Jersey Zinc
New Mex A Ariz Land
New Process Co
25
28*4
4*4
4*4
73*4
*4
73*4
30
4*4
2,700
*4
*4
1,400
» ——
1*4
.....
Jan
36
Jan
Jan
Mar
N Y
6*4% preferred
New York Transit Co
•
100
5
N Y Water Serv 6%
pf.100
6%
Mar
63
8*4 June
May
55
18
118
117"
4*4
us""
'""150
4*4
100
500
14
14
60
63*4
2,700
1
1*4
""260
10*4
700
""3*4 '1*4
"62*4
May
110*4 June
3*4 June
49
*4
26
May
May
July
July
2
17*4
7
18*4
250
25
7
Feb
Sept
15*4 May
7
May
103*4 May
104*4
"116
98
May
18
"l04*4
18*4
800
11
May
107
107*4
60
98
164"
107
6
"27"
73
100
66
4*4
In
Class A opt warrants
Class B opt warrants
42
Apr
N1 pissing Mines
Noma Electric
Class B common...
Class a preferred
5
100
•
9
Jan
Sept
42*4
Jan
June
50
100
8
May
Sept
300
*4 May
3*4 May
9
*4
»ie
*4
3,700
79*4
"21"
"2l"
83
"2l"
200
May
""166
57
May
15
79*4
May
May
15
44*4
10
May
*4 Mar
2*4 May
95
May
113*4x115*4
20
97
May
7*4
10*4
100
6
May
1,900
7
12
May
May
31
31*4
200
26*4
June
3*4
3
3*4
2,100
*
21*4
20
Ohio Edison 36 pref
•
Ohio Oil 0% preferred.. 100
Ohio Power 6% pref
100
106*4
21*4
106*4 107*4
103*4 100
115
110
425
0%
prior preferred...60
7%
Feb
May
600
"eoo
1
30 preferred
_•
North Amer Rayon cl A..*
Class B common
.__*
Norlnd
*4
3*4
4*4
"66*4
.1
Common
Mar
3*4
4*4
Nor Amer Lt A Power—
July
July
Jan
85
4*4
"65" "65"
...5
July
Mar
July
*it
700
Niagara Share—
No Am Utility Securities.*
Nor Central Texas Oil...6
*4
hi
*4 May
Nineteen Hundred Corp B1
1*4
Jan
May
3*4 May
May
75
Jan
Jan
5,200
May
5*4
17
40
Jan
Jan
200
4*4
5
2*4
Feb
9*4
Jan
170*4 Apr
6*4 May
18*4 Apr
100
6
28*4
26
73
2*4
35
225
84*4
1*4 July
1*4 May
21*4
Jan
*4 July
4*4 May
*4
64*4
4
Nfles-Bement-Pond
76
Aug
18*4 June
71
4*4
July
May
May
May
*4
84
10
June
60
May
*4 May
3
"300
100
1st preferred
6% 2d preferred
2
May
Jan
1
Niagara Hudson Power—
preferred
Common
2
1,700
2
May
May
8*4
-----
Shipbuilding Corp—
Jan
4
500
June
7
4*4
Founders shares
1
New York State El A Gas—
Apr
30*4
4*4
1*4
10*4
400
200
N Y A Honduras Rosarlo 10
N Y Merchandise
10
N Y Pr A Lt 7% pref.. 100
Apr
Apr
Mar
July
3*4 May
24
8*4
Jan
May
10
7*4
*4
1
Apr
Feb
3*4j Apr
June
8
May
110*4 May
84*4 May
*
com
Feb
*4
275
75
"
7*4
175
32
Warrants
25
25
"loo
10
1*4 May
70*4 June
N Y City Omnlbua—
17
11
50
"4*4
May
7*4 May
5*4
7*4
1
10
May
1,025
•
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Inc common
*
29*4
1*4
1*4
39
800
94*4
July
2
100
29
3*4 May
x92
*
preferred
preferred
Jan
,
3,800
2*4
4% non-cumlOO
July
123
1,100
11*4
2*4
Neptune Meter class A
.*
Nestle Le Mur Co cl A...*
Nevada-California Elec—
May
1,200
5 *4
5*4
145
149*4
27*4
x92*4
11*4
11
*
10
100
Warrants
Corp
Mar
Mar
20
150
24
Mercantile Stores com...*
Partlc preferred
43*4
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
Nelson (Herman) Corp
6
25
10*4
Memphis Nat Gas com..6
Metal Textile
Apr
22*4
30c
10
1
1
Jan
June
30
McCord Rad 4 Mfg B___»
McWilliams Dredging—_*
Mesabl Iron Co
Jan
92
May
1*4 May
3*4 May
4,000
40
103
*4
*
0*4% A preferred... 100
Mar
*4
Apr
Apr
Apr
'June
24
300
2
Massey Harris common..*
Participating preferred.*
Merritt Chapman 4 Scott *
3
35*4
12*4
1*4
48*4
44*4
2*4
6*4
106*4
*4" May
24
20
23*4
....*
Merchants 4 Mfg cl A...1
May
7*4 May
50
*
..*
July
10
325
1
4 Co
May
21
33*4
30
Mass UtU Assoc v t 0....1
nson
May
12*4 May
1
j4
33
ICO
Manlschewltz(The B) Co.*
Mapes Consol Mfg Co...*
Mead Joi
100
Jan
Mar
0*4
600
Common
Master Electric Co
43*4
25*4
4*4
Apr
*4 June
2,500
Marlon Steam Shovel
Apr
Mar
Feb
7*4 June
150
9*4
Corp
Apr
Mar
Feb
200
9*4
Mar gay Oil
Apr
12*4
70*4
N Y Auction Co
13*4
preferred
75
6*4
*4
13
50
*
Mangel Stores
43*4
National Steel Car Ltd
*
National Sugar Refining.*
Nat Union Radio
Navarro Oil Co
16*4
21
800
...6
Ludwig Bauman 4 Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v to.100
Lynch Corp common
6
Manatl Sugar opt warr
Feb
June
4*4
90*4 May
Apr
*
100
400
1*4
100
Sept
*4
1*4
Loudon Packing
*
Utulslana Land 4 Explor.l
Louisiana P 4 L $0 pref..*
8
4*4 May
1*4
7% pref class A
pref class B
10
x30 *4
New Engl
*
Lone Star Gas Corp
10
11
.._*
National Tea 5 *4 % pref. 10
National Transit
12.60
Nat Tunnel A Mines
*
Aug
*
25
Jan
9*4 June
10*4
8*4
15*4
4*4
Develop
26
Tourneau (R G) Ino-.l
Lit Brothers common
Feb
11*4 June
4*4 May
30*4 Aug
300
4*4
4
Aug
July
Sept
25
Oil
6
70
National Refining com...*
Apr
Jan
Apr
May
""566
May
Sept
1,600
16
2*4
Nat Rubber Mach
j
20
zll*4
Jan
June
May
*4 May
15*4
*
Jan
11*4 May
18*4
(Del).l
1*4
May
15*4
National Fuel Gas
10*4
8*4
3*4
250
14
May
July
6*4
20
Nat Mfg A Stores com...*
National P A L 36 pref...*
2*4
12
'""560
*4
Mar
15
300
"12*4
6
Mar
1*4 June
200
May
15*4 May
22
July
*4
Apr
2*4 May
2*4 May
4*4 May
8*4
.1
com
Jan
139*4 May
75
95
100
"12"
13*4
73*4
600
24*4
125*4
12
June
Jan
6,800
5*4
17*4
17
National Candy Co
*
National City Lines com. 1
33 conv preferred
60
National Container
2
3*4
3*4
6*4
3*4
National Breweries com..*
Mar
"25
•
Mar
♦
Llpton (Thos J) Inc—
0% preferred
N acb man-8 prl ngfllled
Nat Bellas Hess
Jan
90
Muskogee Co common
*
6% preferred
-.100
Mar
Apr
165*4
"23*4 "23*4
Mountain Sts Tel A Tel 100
Mar
»ii
200
5*4 May
2,400
47*4
May
May
0
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2*4
7*4
6*4
112*4
Jan
7*4
165
*
common
120
1
Line Material Co
27*4
3*4
*4 May
1*4 June
Mountaln City Cop com.6c
Mountain Producers
10
Mountain States Power—
May
*
*
7
47*4
Moody Investors part pf.*
June
Langendorf Utd Bakeries—
Conv preferred
95*4
200
6
3*4
Jftge Bank of Col Am shs..
Moore (Tom) Dlst Stmp 1
5
1*4
9*4
4*4
Lane Bryant 7% pref.. 100
Lane Wells Co common..1
Lehigh Coal 4 Nav
Feb
90
*i« June
1
B
Sept
80
65
Lefcourt Realty com
107*4 June
3*4
1
Apr
Mar
2*4
2
"10 *4 "io*4
43*4
90
*
10
600
225
10
50
9,900
57*4
Montreal Lt Ht A Pow..*
3*4 May
May
A
May
May
May
May
May
*4
57
32.60
Montgomery Ward A
160
100
...
Common
Jan
6*4
"766
Mississippi River Power—
0% preferred
100
Montana Dakota Utll
Jan
Mar
May
May
9*4
Missouri Pub Serv com..*
Mock Jud Voehrlnger—
July
Jan
Mar
1*4
"0*4 "7
Midwest Piping A Sup...*
Jan
4*4
10*4
13*4
Feb
1*4
Kress (S H) special pref. 10
Lakey Foundry & Mach..l
37
July
1
*
Kreuger Brewing Co
114
*
10
Monroe Loan 800
2
1*4
100
Lackawanna RR (N J). 100
Lake Shores Mines Ltd.—l
16
60c
Jan
1
Kresge Dept Stores—
4% conv 1st pref.
Mldvale Co
Mid-West Abrasive
18*4
*i« May
1
common
Hoppers Co 0% pref
conv
97
July
June
4*4
•
shares.*
65
100
Kobacker Stores Ino
$5
275
non cum dlv
81*4 June
Klelnertd B)Rubber Co.10
Long
12
32
__1
Monarch Machine Tool..*
*4
111
1
Locke Steel Chain
150
*4
Monogram Pictures oom.l
3*4 May
Kelln (D Eroll) Co com..*
Le
16*4
112*4 115
preferred
conv
3*4
May
July
Midland Steel Products—
113
5*4
Kirkl'd Lake G M Co Ltd. 1
Leonard
6
Jan
1*4 May
Breweries...
Klrby Petroleum
Class
100
2,400
Mar
20*4 May
5
A..
*4
0*4
*4
17*4
200
99
107*4 107*4
25 x
"l'boo
93*4
99
7% pref. 100
6% preferred D
Kingston Products
Class
*4
t c
9*4
Apr
H
Kings Co Ltg 7% pf B.100
Corp
3*4
5*4
v
Apr
Aug
May
12
2*4
3*4
"6*4"
Class A
Apr
May
12
800
300
1
Class B v t 0
..1
Middle West Corp com..6
Midland Oil Corp—
1*4
6*4
*4
17 *s
Kimberly-Clark 0% pf.100
Knott
7*4
Minnesota P A L 7 % pf 100
Mar
"1,056
Ken-Rad Tube 4 Lamp A *
Kingsbury
4
200
Mining Corp of Canada..*
Minnesota MlnAMfg
*
Mar
May
14*4
100
200
Jan
3*4
"17*4
17
May
May
•i« July
4*4
8*4
Sept
"""so
500
*4
Aug
*4
500
4
May
2*4 May
6*4 June
Kokenge com..*
Kennedy's Inc
*4
4,900
8
6*4
23*4 May
8
%
0
4
6*4 May
*4
100
Kansas G 4 E
"i«
5*4
*
Feb
100
30
9
..100
..100
Jones 4 Laughlln Steel. 100
8
50
9
Low
10
Preferred
Feb
""4*4 "1%
Jersey Central Pow 4 Lt—
6*4%
*4
Range Since Jan. 1,1940
Mlcromatlc Hone Corp
1
Middle States Petroleum—
19*4
600
1
Iron Fireman Mfg v t
Michigan Sugar Co
19*4
4
8*4
27*4
3*4
"m
Interstate Hosiery Mills..*
0%
7%
9
9
30
Interstate Power 17 pref. *
Investors Royalty
Jan
Apr
far
Shares
103
Sept
5
100
1
13 .60 prior pref
15*4
2*4
12*4
High
preferred
Molybdenum Corp
International Utility—
Class A..............*
Irving Air Chute
36
May
>4
Internet Safety Razor B_*
International
Apk
Apr
Apr
Apr
Low
Michigan Bumper Corp.-l
Michigan Steel Tube.-2.60
Midwest Oil Co..
Internet Hydro Elec—
Pref 13.60 series
Jan
Jan
9
100
Insurance Co of No Am.10
hi
100
*!•
V t c common.....
7%
Price
Week
of Prices
Metropolitan Edison—
32
Industrial Finance—
Veek's Range
Sale
Par
Imperial Tobacco of Qreat
Indiana Pipe Line
Indiana Service 6%
Last
Hihg
6*4 June
5*4 May
7*4 June
1,300
8
*
stocks
{Continued)
Range Since Jan. 1,1940
for
Week
7*4
Imperial Oil (Can) coup..*
Registered
of Pricee
Sales
Friday
Salet
Friday
| stocks
Britain
Sept. 28, 1940
New York Curb Exchange—Continued—Page 3
1870
2*4
107
PubSer0% pf.100
preferred
Northern Pipe Line
100
113*4
7*4
10
Northern Sts Pow cl A..25
Northwest Engineering..*
10*4
Novadel-Agene Corp....*
31
Ogden Corp
4
com
Ohio Brass Co cl B
com
103*4
116
9*4
2*4
107
100
150
650
30
1*4 June
May
17
95
May
94
June
110*4 May
Last
Par
Ohio P 8 7% 1st
Week's Range
Sale
nuecf)
of Prices
Low
High
Price
114%
50
May
110)$
Mar
June
1085$
Apr
July
8X
"l9X
$3
19)$
Apr
13)$
May
21X
Apr
2,400
48)$
50
preferred
185$
49)$
100
May
39
$5X conv prior pref—*
100
1
50
Mar
May
117
Mar
5
Omar Inc
common..*
5X%
32 X
33?$
1,700
28
.
Sanford Mills
12
25
20
20
10
9
9
200
Scovill
May
315$
June
108)$
Feb
Scranton
84
10
95 X
Jan
Feb
500
26 X
May
May
Feb
Feb
20
Mfg
3)$
American shares
Water Service $0
•
2X June
1,500
Feb
5X
is,
18,
Securities Corp general
Sept
35$
Jan
Seeman Bros Inc
—*
35 X
35X
8
May
12 X
Feb
»16
6
May
10 X
Jan
'"466
5$
100
Segal Lock A Hardware..1
Selberllng Rubber 00m
*
Selby Shoe Co
♦
Pennroad
Penn
30
32
30
20
May
35 X
Jan
50
51
240
41
May
51X
Sept
15
16
500
zll
335$
335$
50
Airlines
May
16 X
Apr
27
May
36)$
May
30
May
32 X
Apr
%
2X
100
X
Mar
2X
100
2X
May
2X
25$
7,900
X
50c
2X
1
2X
com.l
14)$
Corp com
Cent
7X
25
Penn Traffic Co
14)$
155$
15$ May
Jan
11)$
2,400
%
Sept
25$
Sept
•
8
Mai
225$
Apr
65 X
25
65X
64
111
111)$
109)$ 109)$
50
Co—...60
Pennsylvania tugar com 20
181
25
pref
preferred
Penn Salt Mfg
Penn Water A Power
Co.*
Peppereli Mfg Co.——100
Perfect Circle Co
*
Pharls Tire A Rubber
1
Philadelphia Co common. *
385$ May
181
"Ih'x ~66X
80
80
825$
150
r
May
112
Feb
158 X
May
185
May
H
6X
4
X
6%
5
500
6%
300
pref
PhL'a Elec Pow 8%
3)$
30 X
15%
7X
Pioneer Gold Mines Ltd—1
3)$
400
1
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass—26
Pleasant Valley Wine Co.l
Plough Inc com
7.60
Pittsburgh Forglngs
A
47
1)$
800
1
June
5$
185$
6
May
39
May
12%
61 X
May
61)$
625$
125$
13)$
1,250
1,100
43
12 X
94 X
915$
945$
1,100
IX
15$
15$
300
)$
IX
May
Sept
June
63
$7 prior preferred
$6 preferred
Public Service of Okla—
*
*
.
15
35)$
7)$
21)$
5$
Feb
X
Aug
15$
Jan
May
Apr
25$
May
IX
4X
July
85$
Feb
Jan
July
815$
Jan
200
10
May
24 X
Apr
700
X May
32
May
IX
Jan
35)$
250
85$
1,200
4)$
May
100
Singer Mfg Co
Amer dep rets
42
Mar
10
Feb
South
Penn
Calif
95
625
67
May
106 X
May
42
50)$
575
35
May
69 X
May
*
$6 preferred
...
.*
Puget Sound Pulp A Tim *
Pyle-National Co com
6
Pyrene Manufacturing.. 10
Quaker Oats common
•
0% preferred
..100
Quebec Power Co
*
x83X
235$
16
6)$
86
25)$
16)$
"~~6~X ""65$"
87
3,625
32 X
200
115$
Jan
May
'""306
4 5$
May
Aug
29
Jan
May
105$
Apr
7X
Mar
104)$
103
105
100
94
June
125
Feb
156
156
156
90
142
May
156
Sept
9)$
9)$
50
X
9)$
X
400
8
M&y
13
Feb
*
50
Aug
5X June
Raymond Concrete Pile—
Common
-*
11)$
115$
*
60c
42
42
*
*
preferred
Raytheon Mfg com
1
Red Bank Oil Co
Reed Roller Bit Co..
450
20
19)$
500
Reliance Elec A Engrav—5
Republic Aviation
1
Rheem Mfg Co
1
Rice Stlx Dry Goods.....*
Richmond Radiator
1
Rio Grande Valley Gas
May
May
X
Feb
10
May
17
4
July
145$
14)$
145$
300
Mar
Swan Finch OU Corp
IX
100
z5X
25$
Jan
1)$
12)$ June
3X Aug
IX May
6X
19'$
Apr
X
300
Jan
hi
Jan
104)$ 1045$
""25
1
Tampa Electrlo Co com..*
Taylor Distilling Co
1
Technicolor Inc common.*
Texas P A L 7% pref—100
Sept
Apr
X
X
95
May
104 X
July
94
May
105)$
July
Class B common
Feb
Texon Oil A Land Co
11
May
14
Jan
Thew Shovel Co com
200
6
May
12 X
Jan
2)$
2)$
100
15$
Jan
3X
Mar
IX
Aug
3X
Feb
4)$
2)$
Aug
7X
Jan
Feb
116X
hi
Apr
Tlio
1873
100
June
65
Mar
Ordinary reg
4
700
25$
May
5
Mar
Def
45$
5
300
4%
Aug
5
July
25$
"5"
31X
*106
*106
2X
1,800
IX
May
42
2X
Jan
registered
Todd Shipyards Corp
10
Apr
Jan
hi
Jan
May
>n
2X
Mar
Jan
2
IX
X
Mar
100
4X
Aug
X
165$
Mar
Aug
24
Mar
50
100
13
Jan
2X
May
Jan
Feb
May
14
Mar
X June
7
11
Mar
2,100
1,700
16X
26X
175
100 X
1,900
X
20 X
May
May
Feb
41X
June
318
May
110X May
Jan
June
Aug
5$
20
Mar
27 X
Jan
6
May
10 x
Apr
19
hi May
May
h«
40 X
Jan
1
Jan
IX
Feb
hi
hi
„
85$
lX«
31 x
85$
hi
200
34 X
500
200
15X
1
IX
50X
50X
100
50 X
12
100
X
21
May
39 X
10 X
Jan
Jan
Feb
IX
hi May
1,600
12
1
Jan
June
02
Feb
June
15
Apr
4 5$
Feb
100
2
37X
260
33
Jan
6
May
9X
May
"ex"7"
"260
5X
Jan
ox
Apr
5$
IX
Aug
2
Jan
""ioo
May
Feb
2X
May
3X
45$
35$
"37 X
3 5$
37X
May
.....
16
105$
11)$
lox
IX
Jan
hi
Mar
X
Jan
105$
11)$
10X
IX
50
75$
6X
May
May
10 x
Sept
135$
8
May
Apr
Apr
100
200
400
15$
33)$
"266
55$
55$
100
3X
35$
27)$
500
21
Feb
May
Jan
5
July
9X
9X
9X
2,400
25$
2
25$
300
17
18)$
200
7
75$
800
25$
25X
May
X
400
Jan
SX
15
2
Aug
13
265$
Apr
100
"22 k "22 k"
26 X
38
16
May
May
Jan
40 X
,
Apr
36
Jan
13
Jan
ox
0
Jan
Jan
305$
IX
165$
Jan
Apr
Feb
103
X
May
114
Mar
2
May
3
Sept
150
Apr
IX
May
May
10X
5$
755$
Apr
15
3X
705$
24X
Jan
48 X
705$
May
July
X
17
£1
5s
*
Mar
May
185$
33 X
107X
'it
316
Roofing Inc
62.
62
2
5
May
Apr
Jan
400
Tobacco Secur Tr—
X
Feb
35$
62
2)$
18)$
31 X
...1
Tlshman Realty A Conatr •
Tobacco A Allied Stocks..*
Tobacco Prod Exports
*
116)$
7X
1
*
15
9
20
2X
8X
Taggart Corp com
9
6
Roosevelt Meld Inc...
6
Root Petroleum Co
1
$1.20 conv pref
20
Ross la International.....*
X
5X
13)$
9
9
1
5X% conv pref
60
Superior OH Co (Calif) ..25
Superior Port Cement—
200
17
5
13X
•
1
5,000
Rome Cable Corp com
For rx>tnoie« see oagt
*
6% 1st preferred
5% 2d preferred
55$
14)$
1
C100
Co...l
Ryan Consol Petrol
*
•
common..*
Ordinary shares
5)$
6% preferred D
100
Rochester Tel 01$% prflOO
Roeser A Pendleton Inc..*
Ryan Aeronautical
0.1
5)$
17
Co-
*
X
•
Sunray Oil...
hi June
Jan
July
1
Steel Co of Canada—
Co
Apr
Mar
May
100
phate A Acid Wks Inc.20
Btarrett (The) Corp v t
Sun Ray Drug
0
500
Pbos
Jan
Sept
X May
Standard Tube cl B
Sterchi Bros Htoree
Jan
72
170 X
8
1
5
1
Jan
Feb
42
16 X
Feb
2
IX
Products Co. —1
265$
14
May
100
20)$
Mar
*
Sullivan Machinery
May
45$
19)$
*
Relter Foster Oil Corp..60
Reeves (Daniel) common.
Sept
5
1
Jan
Feb
6X
X June
1
1
Common class B—._.*
Feb
Feb
X
Feb
34
Mar
100
14X
IX
2X
10 x
X
Railway A Util Invest A.l
conv
X June
X
Jan
30 X
Apr
60
—20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp
6
Stroock (S) Co
*
Radio-Keith-Orphuem—
Option warrants
Ry A Light Secur com
305$
June
May
100
Standard Pow A Lt
Stein (A) A Co
Mar
May
24 X
4X
Standard Oil (Ohio) com 26
Wholesale
46 X
May
27
300
65$
10
Standard Oil (Ky)
Standard
Feb
400
1
Standard Silver Lead
May
Jan
35
115$
55$
$1 00 conv preferred. .20
May
May
44
Aug
Jan
*
Common
113 X
Jan
May
Sept
55$
Conv preferred
Standard
13)$
2X
28
60
*
*
Spencer Shoe Corp
Stahl-Meyer Ino
Standard Brewing Co
Sept
58
1.100
167
295$
29X
IX
Spanish A Gen Corp—
Am dep rets ord reg—£1
110)$
1,025
35X
Spalding (A G) A Bros—.1
6% 1st preferred
*
June
75$
84)$
May
Mar
*
Preferred A...
104)$ June
24 5$
3X
IX
Southland Royalty Co...5
Standard Steel Spring
Puget Sound P A L—
$5 prior preferred
Apr
200
26
Soutnern Union Ga
$6 preferred
875$
44)$
5
4
May
Apr
88
Jan
Apr
2X
Feb
Mar
Feb
2X
Jan
55$
9X
May
Mar
X
15$
4X
9X
113X
1055$
Feb
1X
34X
10
3"666
June
Jan
2X May
Aug
300
Phosphate Co. 10
Southern Pipe Line
"e'% "7"
99
May
35
10
Standard Dredging Corp—
102 X May
155
July
15$
295$
29)$
IX
Standard Cap A Seal com. 1
210
Aug
Edison—
Jan
1085$ 110)$
99
21
34 X
Standard Invest S5X pref *
110)$
Mar
Southwest Pa Pipe Line. 10
June
100
7% prior lien pref
1
25
Oil
hi
107
Apr
95$
460
4
5X
109
IX
15$
15$
July
<•104)$ May
6)$
June
Mar
Solar Mfg Co
May
10
Jan
5$
X
X
May
IX
*i«
2X
May
Apr
June
1,200
95
100
104)$ 104)$
5X
ord reg.£l
7 % Df 100
6
600
May
22 X
1X
3i«
45$
Apr
Jan
81nger Mfg Co Ltd—
3%
95
Mar
15 X
95$
3)$
8X
~~7
11 X
100
5X
1005$ 102
hi
~~3~X
May
May
19
$3 conv pref
Southern
Jan
Jan
Simmons-Boardman Pub—
July
2X
11
Mar
55$
Sllex Co common
7% preferred
-.100
South New Engl Tel —100
Apr
Jan
8
Sherwin-Williams of Can. *
Preferred
6% prior lien pref... 100
Royal Typewriter
Russeks Fifth Ave
Jan
Mar
13X
104
Public Service of Indiana—
Voting trust ctfs
1145$
6% original preferred.26
65
100
100
1st preferred
1st preferred
05
4
Nev__20
Rochester GAE16 % pf
Apr
May
'""356
83
81
106
0% preferred B
25
5X% pref series C—26
Southern Colo Pow cl A.26
X
$6 preferred
*
Public Service of Colorado
$3
June
"81~"
Apr
100
100
5$
*
May
June
10
Mining....1
Prentice-Hall Inc com
*
7%
62 X
Shawlnigan Wat A Pow..*
bherwin-Williams com..25
South Coast Corp com—1
300
)$
Premier Gold
Prudential Investors
May
9
7
21)$
6%
Apr
Skinner Organ....
Apr
Sept
Mar
Apr
Apr
May
13)$
Jan
18 5$
100
Boss Mfg 00m.
45
8
Apr
May
Feb
700
2,200
60
10
Mar
85$
05$
13)$
May
65$
Sioux City G A E
Jan
OX
Apr
May
Feb
2
59 X
2,200
Jan
Jan
Jan
May
X
Aug
2X June
5X
Jan
May
5$
6X
35
45$
45$
5
Jan
May
Jan
Jan
Seton Leather common...*
SX
9%
11
sx
SX
Feb
Apr
IX
2X
28 X
5
3X May
8X May
Mar
Sept
May
May
Apr
IX
SX
May
June
3X
40
Jan
hi
May
31)$
6X
5$
1
June
35
Mar
1
Jan
120
Sept
55$
3X
Mar
45$
113)$ June
29X July
July
IX
100
90 X
4
Mar
95$
500
May
12)$
35)$
63
"18
53
20X
*
Producers Corp of
500
""ioo
X
700
Canada..*
6% 1st preferred
100
Prosperity Co class B
*
Providence Gas
.....*
5$
5X
6X
1
June
45$ May
hi May
Mar
55$
Pattern com.. 1
Simpson's Ltd B stock
*
450
Alexander—6
Metals of Am
29 X
X
Simplicity
5,000
Power Corp. of
Pressed
July
55$
Serrlck Corp
Simmons H'ware A Paint.*
15)$
Co.....25c
6
Pratt A Lambert Co
19
37
Jan
£
33 X
Potero Sugar common
Powdrell
100
he
Apr
7%
305$
145$
10
Pneumatic Scale com
May
1
1
Sentry Safety Control
Southern
*
95$
'43 x "44 X
5
stock
$5.50 prior stock
25
Allotment certificates
16 X
155$
Pitts Bess ALE RR....50
Polaris Mining
Convertible
72 5$
Pitney Bowes Postage
Meter
800
1
Common
Feb
1%
1
A. 10
Conv $3 pref series
4X
9X
Sonotone Corp..
Pierce Governor common.*
Jan
34
2,300
4
May
Phoenix Securities—
Common
5$
4
53 X
22
4
Jan
Mar
May
97 X
10
"500
2
1135$
103)$
12
55)$
*
pref.25
Phillips Packing Co
—*
Phila Elec Co $5
Sept
66
36
6% cum pref ser AAA 100
5$ May
*
$6
June
*
Class A common
Penn Pr A Lt $7
Apr
33
*
*
Pennsylvania Gas A Elec—
14
May
9
Selected Industries Inc—
Shattuck Denn Mining
Pennsylvania Edison Co—
$5 series pref
$2.80 series pref
Jan
May
225$
5$
3
7X
700
*
10
Penn-Mex Fuel—
1,200
pref..*
Soul In Steel Co com
Paramount Motors Corp.l
$1.40 preferred
Jan
44
Lace common..*
Warrants
Peninsular Telephone com*
1
Scranton Spring Brook
65$
400
Jan
IX
85
Aug
X
29)$
95$ May
Sept
27
11X
100
30)$
4
1
Patchogue-Ply mouthMills *
Pender (D) Grocery A—*
Class B
-—*
July
285$
25
29)$
20
.
Sept
*
108
SIX May
May
3J$
5
Apr
Apr
48 X
Schiff Co common....
May
Jan
Apr
4 5$
300
Savoy Oil Co
15)$
72
Parkersburg Rig A Reel.
2
4X
15X
2,200
4
*
Jan
1st
Parker Pen Co
6,200
3
71X
Feb
Aug
May
May
hi
Feb
345$
_*
$1.30
3X
25$
1
Feb
preferred
*
Pantepec Oil of Venezuela-
Pacific Public Service
3X
Dome Oil Co
84
pref—*
& L 7% pref—100
695$
25$
69X
Samson United Corp com.
108
30 X
1st preferred.-.25
Pacific Lighting $5
Pacific P
7%
Salt
15$
Feb
85$
3X
High
2
5$ May
9
1
Paper com
preferred
Low
200
5
100
St Regis
May
13)$
32 X
1st pf.25
Pacific G A E 6%
v
May
15$ July
Overseas Securities
Pacific Can Co
Range Since Jan. 1, 1940
Class A $2 conv pref..50
Olistocks Ltd common—5
Oklahoma Nat Gas com. 15
for
Week
Shares
High
Ryerson A Haynes com—1
St Lawrence Corp Ltd—*
55$
114
104
90
114
pref—100
100
Low
Price
Par
High
Low
of Prices
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1,1940
for
Week
1st preferred
6%
Sales
Friday
Sales
Friday
STOCKS
(Con
1871
New York Curb Exchange—Continued—Page 4
151
Volume
Mar
12X
7
65
5X
105$
5$
Apr
May
76
Apr
Jan
69
May
Jan
Apr
Apr
Friday
STOCKS
hail
(Concluded)
Sal*
Par
Range
of Prices
Low
High
Price
Low
20
107X 107%
7% preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Trans Lux Corp
Transwestern Oil Co
95
6%
100
33 %
200
2X
6X
4X
1,500
1
1
32
32
Tung-Sol Lamp Works...!
80c conv preferred
*
Udyllte Corp——
fUlen A Co ser A pref
Series B pref
...
Unexcelled Mfg Co..... 10
2X
6%
4%
4%
2X
100
200
1,400
3
Union Gas of Canada....*
Union Investment com...*
Un Stk Yds of Omaha. .100
1st S7 pref. non-voting.
10
IOX
1,700
1 OH
10 %
nx
600
11
700
■H
200
X
X
X
IX
109%
m
ix
109h nox
2,200
1.80C
100
United Lt A Pow com A.
27
27
%
X
29 %
21%
21%
1,700
3,900
2.800
23
Common class B
X
50 1st preferred......
Milk Products
>ia
Apr
Jan
he
Apr
1%
Apr
19
60
S3 partic pref
United Molasses Co—
dep rets ord reg..
4%
Apr
239
May
United N J RE A Canal 100
United Profit Sharing—25c
X
X
•n June
1,100
10% preferred.......10
United Shoe Maoh com.25
7%
59X
MX
61%
1*625
45 X
50
39% June
OX
700
5X
1,900
X
200
3% May
3% May
3
May
% May
1
5
54
U S
Graphite oom
6
U S and Int'i Securities. _•
S61st pref with warr.
X
X
'24 X
51 % conv pref—...20
U S Radiator com...
53%
2%
24%
31%
"~2%
U 8 Rubber Reclaiming..*
U 8 Stores common....60c
1st 17 conv pref
—•
Class B
2
74X
jl*
1%
1%
Vultee Alrcralt Co.......1
100
77
800
"loo
Aug
z48% May
1
Aug
% May
550
38
% Aug
1% May
% May
16
July
21
May
% May
63
May
7
May
6% July
100
700
50
27%
200
%
900
77%
30
~9%
"1*300
4
4%
300
June
3
100
May
May
Apr
5
74
Watt A Bond olass A..—*
ClassB
*...♦
3% June
%
i#
13%
2%
Western Air Express
1
Western Grocer com....20
100
•n
300
13%
1%
2%
13%
1%
2%
4%
100
2,900
600
1% May
3% May
Sept
40
4
July
July
12% May
1% Aug
1
May
92
May
4
Western Maryland Ry—
56
57
20
31
15
15
350
14
10
10%
200
10
57
Western Tablet A Statlon'y
Common..;
...»
10
150
....
"7%
7X
4
4
Williams Oil-O-Mat Ht..»
Woodley
5%
"loo
3%
1,200
4%
4%
100
5
June
900
3% June
100
4
100
7%
5%
%
OX
6%
6%
98
~5%
5
5%
1
Wool worth (F W) Ltd—
Amer dep rets
.....6s
Wright Hargreavea Ltd.
May
9% May
10
Sept
8% May
Jan
May
May
May
May
May
May
May
Sept
1,500
1
Petroleum
May
4X
6%
4%
5%
6%
6%
4%
Since
$
Jan. 1
2%
113%
July
ri«
Jan
1st 6s
Jan
1st & ref 5s..
1st & ref 5s
89
1%
1%
39
Danish 5%s
Ext 5s.......
1955
Jan
Jan
Apr
27
Apr
74%
Aug
a
107%
x
a
105%
1956
x
a
1968
y
bbbl
1st & ref 4%s
1967
American Gas <fc Elee Co.—
y
bbbl
103%
104%
{108
108%
103%
103%
1st & ref 5s—...
2%S s f debs
3%s s f debs—
3%ssf debs
—1950
1953
For footnotes see page
aa
...1970
x
aa
2016
y
bb
1963
x
a
243%
1%
7%
Feb
Am Pow A Lt deb 6s
Feb
83%
Jan
45%
7%
7%
Sept
July
8
%
Feb
Apr
Feb
6%
13
2
77
—1948
x
bbb3
Appalao Power Deb 6s ....2024
x
bbb3
Arkansas Pr & Lt 6s......1956
x
bbb3
Associated Elec 4%s
V
b
..1953
|Associated Gas A El Co—
♦Conv deb 4%s
1948
♦Conv deb 4%s
1949
♦Conv deb 5s..
1968
16
16
16
1873.
Attention ta directed
10
10%
34%
53
75
Apr
x
a
106
106
45,000
5,000
20,000
1,000
Jan
Atlantic City Elec 3%s— '64
x
aa
108
108
4,000
Jan
Avery A Sons (B F)—
6a with warrants
1947 y bb
101
101%
6,000
05% 105
5s without warrants
1947
y
bb
100
100
1,000
92% 100
1950
z
b
124,000
Mar
Mar
♦Convertible 6s
Bell Telep of Canada—
1st 5s series B—...... 1957 x aa
5s series C
1960 * aa
3
116 %
115% 119
3
105% 106%
105% 106
3
Birmingham Eleo 4%s
Birmingham Gas 5s
1968 x bbb3
1959 y bb 3
100%
101%
Feb
Broad River Pow 5s
1954 y bb
Mar
Apr
May
Sept
Bethlehem Steel 6s
151
...1998 x aa
Cent States Eleo 5a
Apr
Apr
Apr
Jan
84
Apr
Sept
10
Apr
Apr
75
Aug
5% May
1% Apr
1%
Feb
15% May
63
95% 103%
25%
41
26,000
44% 112,000
{83
—1952 Y bb
-.1955 Y bb
series B
87%
83%
80%
79%
80%
89%
90%
Cities Service 5a
—1966 y b
Conv deb 5s...........1950 Y b
Debenture 5s
......1958
Debenture 5s
Cities Serv P A L 5%s—.1952
5%s
y
b
—.1969 y b
———1949
y
b
y
b
Community Pr A Lt 5s—.1957
y
bb
Conn Lt & Pr 7s A—
1951
Consol Gas El Lt <fe Power—
x
aaa4
3
(Bait) 3%sser N—. 1971
x
Feb
Consol Gas (Bait City)—
Gen mtge 4%s
...1954
x
b
83%
80%
79%
84
25%
41%
64%
83
37
4T666
50
25,000
288,000
67,000
31,000
91% 329,000
91%
63,000
97% 59,000
93%
78%
95%
70
84
65%
82%
90
97
66
81%
88%
81%
66
81%
76%
92%
75%
92%
98%
81
81%
125% 135%
109% 109%
108% 108%
aaa4
y
87%
100%
83%
77
86
86
{125
aaa4
102
97
aaa4
x
{127
4,000
3,000
105
111%
104% 109
124% 129%
130
Consol Gas Util Co—
6s
ser A
1943
stamped...
94%
92%
1958 y bb
...1944 yb
Cont'I Gas & El 5s
Cuban Tobacco 5s
51
.1955
1959
x
a
x
bbb4
1956
Delaware El Pow 5%a
Eastern Gas A Fuel 4s
y
bb
Edison El 111 (Bost) 3%s... 1965 x aaa4
4
Elec Power A Light 6s
2030 y b
4
Elmlra Wat Lt A RE 58—1956
x
a
1950
x
bbb3
El Paso Elec 5sA
97%
106%
84%
111%
85
123
94%
92%
49%
..
96
33,000
93% 153,000
51
98%
106% 106%
7,000
23,000
13,000
407,000
84% 86
111% 111%
8,000
285,000
84% 87
123
123
7,000
Empire DJst El 5s—....1962 xbbb2
Jan
Ercole Marelll Eleo
103
102% 103%
21,000
103%
103% 104
16,000
108
Jan
Apr
65
10,000
43%
1st ref mtge 3s ser P..... 1969
Mar
14^666
43%
Jan
Jan
95
S^Chlo Rys 5s otfs
Jan
17% May
11% Apr
10% Sept
Feb
7%
7% Sept
7% Mar
101
37,000
33%
Cinninnatl St Ry 5%s A
152
102%
103%
77%
1927 x bb
89% 117
138
90
32%
32%
75%
34
130%
89
82%
75%
2
Jan
8,000
5,000
95
88% 116
34,000
5%s
—1954 y cc
Cent States P A L 5%s—1953 Y b
4
Apr
Apr
76,000
20,000
18,000
31,000
May
12
1942 x a
151
100% 100%
101% 102
{103
103%
81% 82%
76
77%
76%
102
101% 102%
1948 7 cc
Jan
104% 108%
103% 110
Baldwin Locom Works—
106%
105%
Mar
{47%
—
107% J08
101% 102%
Mfg-
6 %s series A_—
Erie Lighting 5s
1953
y
b
1967
x
a
Federal Wat Serv 5%s
Finland Residential Mtge
1954 yb
5%
Aug
7
Jan
5
Jan
Banks 6s-6s stpd....... 1961 y cccl
Florida Power 4s ser C ....1966 Xbbb3
104%
12%
Feb
Florida Power A Lt 5s.... .1954 xbbb3
103%
{25% 48
104% 104%
103% 104%
6%
Jan
101
101
5,000
75
97
80
94
45
61%
99%
93
104
74%
108
107
86
112
70
87
110
123
102% 106
101% 105%
23
47%
106% 109%
89
102%
Gary Electric A Gas—
.1944
1969
y
101%
bb
x
a
-.1953
y
b
1956
1948
y
bb
1943 ybb
z
77%
"99%
ccc2
z
4
a
1953
Feb
Glen Alden Coal 4s..
1965
y
bb
28%
Feb
Gobel (Adolf) 4%s._
Grand Trunk West 4s.
1941
y
ccc4
x
a
1950
Gr Nor Pow 5s stpd...
1950
Green Mount Pow 3%s—1963
x
aa
"76%
16,000
52,000
11,000
10,000
7,000
22,000
72
100% 100%
16^000
106%
41,000
4,000
1,000
79,000
106
71
72
18
72
19,000
18
75
{
{71
76%
90
20
Mar
7
20
105
97% 102
50
87%
94
102
83
100%
67%
89
75
101
103% 107%
59
75
18
18
65%
76%
67%
91
y
b
56
56
1958
y
b
31
31
6,600
1,000
1,000
1948
y c
30%
2,000
78
109
99% 105%
52
63%
31
53
23
42%
15%
20
Jan
7% May
7% May
1945
Guantanamo A West 6s
104% 104%
100
58
Grocery Store Prod 6s
15% May
Sept
Aug
May
May
22% 57
98% 105
106
75
a
x
101%
77%
77%
99% 100
99% 100
{60
100%
106
b
29
6
6,000
3,000
68%
15
Georgia Power ref 5s
...1967
Georgia Pow A Lt 6s...
1978 yb
Sept
July
18
9%
20
,15%
'15%
26%
28%
28%
15
Jan
15
15
15
67%
120
b
Sept
16%
30
10
10
14%
Mar
112
11
28,000
22,000
15
1%
2
15%
15%
15%
{14%
15
1953 x a
11%
9%
102% 108
38% 62%
14%
1957 y bb
59%
11,000
69,000
dddl
Canadian Pac Ry 6s
Cent Power 5s ser D
2%
7%
6%
51
48%
dddl
Canada Northern Pr 5s
9%
6%
105% 106
dddl
Jan
1%
121
z
Apr
30
"5^660
z
1%
1%
65%
hi
2%
29
106% 111%
103% 108
127
127
105%
88,000
53,000
108%
{105% 106
z
1950
♦Debenture 5s
107
dddl
% Apr
2% May
6
Sept
2
107%
dddl
15
20
105%
z
5% May
6
1st mtge 4s—
Debentures 4%s
x
Feb
104
107% 109
108% 110
90% 105%
z
20
"2,666
i"66o
y
Jan
23
29,000
"
♦Conv deb 5%s_.—1977
7% June
22
105%
108%
108%
104%
09
106%
98% 104%
Assoc T A T deb 5%S
A '55
Atlanta Gas Lt 4%s..—1955
12
1,000
40,000
105
109
Apr
Apr
20
30
103% 103%
105
104% 107%
102% 105%
Appalachian Elec Pow—
Apr
Gen Wat Wka A El 6s
14
105%
6,000
15,000
105%
aa
x
Feb
20
62
Jan
49
Mar
Danzig Port A Waterways
♦External 6%s
1952
♦German Con Munio 7s *47
♦Secured 6s.
1947
x
1960
6,000
1,000
107% 107%
105% 105%
105% 105%
x
1951
1946
...
Gen Pub Util 6%s A
♦General Rayon 6s A.
12%
Range
Alabama Power Co—
5%
20
{24%
Price
See
Jan
20
20
Sales
for
23%
20
Jan
Week
BONDS
Feb
24
{15
Feb
Mar
*i#
of Prices
Low
High
{20
{20
20
%
17%
Weeks' Range
Cent Bk of German State A
♦Prov Banks 6s B..1951
♦6 series A...
...1952
Jan
Sept
Sale
RAILROAD and INDUSTRIALS
♦Geefruel 6s
3,000
Jan
n*
Last
Sept
Aug
10,000
%
l'ooo
"
U
Friday
20%
8%
Jan
June
3,000
%
XX
11
46% Mar
16% Mar
10% Mar
Apr
9%
Bank
$
8%
14%
Rating
Sales
20
June
Elig.de
for
Week
1951
11
Jan
ANO MUNICIPALITIES-
♦Baden 7s—
Feb
15
%
8%
Gatineau Power 3%s A
General Pub Serv 5s
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
26
{11
2,000
Mar
OREIGN GOVERNMENT
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
21
26%
26%
1949
5s ex-warr stemped
BONDS
Mar
Mar|
{20
Cudahy Packing 3%s
Westmoreland Coal.....20
Westmoreland Ino
.10
Wilson Products Ino
Apr
Apr
Jan
Apr
20
1921
♦Santiago 7s
Sept
20
20
♦Issue of Oct 1927—
♦6%s—
20
Apr
15
1%
23%
1
*
Wilson-Jones Co
..*
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com....2
16
65
24
300
47%
%
1%
1%
20%
"~8%
...*
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..lu
Williams (R C) A Co—*
3% Apr
Feb
13%
3% Feb
Jan
64%
15% May
Aug
% July
1% June
3% Aug
% May
2% May
15
May
600
20%
26%
%
77%
7% pref—100
Vogt Manufacturing.....*
7% 1st preferred.... 100
Jan
%
"""%
Va Pub Serv
Wentworth Mfg......1.25
West Texas Util 36 pref..*
West Va Coal & Coke.—*
Jan
28%
36%
2%
900
%
Van Norman Mach Tool-6
Venezuelan Petroleum... 1
Walker Mining Co
1
Wayne Knitting Mills...5
Wellington Oil Co.......1
Apr
}*
Feb
3%
23%
47%
Conv preferred.......7
Valspar Corp com
...1
34 conv preferred..
6
o
5
Mar
3%
22%
Utility Equities oom...l0o
15.60 priority stock.... 1
Utility A Ind Corp com..6
Wagner Baking v t
7% preferred..
2,000
4
May
14% May
•AX
Utah-Idaho Sugar...—6
Waco Aircraft Co
1,000
10,000
7
June
16
13
7
6
Universal Products Co...*
Utah Pow A Lt 17 pref...*
Utah Radio Products
1
33
13
71
.......
Universal Corp v t o
Universal Insurance.....8
Universal Pictures oom..
33
June
700
7% June
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
1% May
19% June
26
May
1
May
2% Feb
1%
8
♦Rio de Janeiro 6%8.1959
♦Russian Govt 6%s— 1919
Jan
6%
3
1%
m
12%
13
Jan
100
300
Mar
5% May
I*
400
2%
July
10%
13%
7
♦Mtge Bk of Chile 68.1931
Jan
2X
25 X
31%
2%
900
13
Feb
55
200
♦Maranhao 7s.......1958
♦Medellin 7s stamped. 1951
June
Jan
10%
39%
47
3,100
{6%
{11%
{8%
...1958
20
12
20
Apr
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
Jan
53%
U S Lines pref......
*
U 8 Plywood——.1
United Stores common.50c
United Wall Paper
Universal Cooler class A..
Apr
May
OX
60 X
Preferred.......
26
United Specialties com... 1
U S Foil Co class B
Feb
♦6 %s stamped
{12%
High
11
7,000
3% Feb
% June
z8%
Jan
Jan
May
87% June
% Feb
79
May
% May
7i« Sept
16% May
20
May
70
...
Jan
5%
Jan
8% May
69% May
% May
%
Jan
6%
Option warrants...
United G & E 7% pref. 100
United
Apr
64%
10
S3 cum A part pref....*
Un Clgar-Wbelan Sts..l0c
United Corp warrants....
United Elastic Corp.....*
United Gas Corp com—..1
♦Hanover (Prov) 6%s.l949
Lima (City) Peru—
% May
May
% May
z8X
Jan
4% May
20
May
1% May
6% May
3% May
% May
X May
1%
Feb
7% May
2% Mar
400
"ie
1
Jan
2
2,800
m
Truns Pork stores Inc...*
United Chemicals com...*
115
Low
8
20
20
20
♦Hanover (City) 7s...1939
ht
Trt-Contlnental warrants
United Aircraft Prod
Mar
6i»
....1
Tublze Chatlllon Corp
Class A
109
Range Since Jan. 1.1940
for
Week
of Prices
High
Low
Price
High
May
May
104
10
Sale
(Continued)
Shares
Week's Range
Last
BONDS
Range Since Jan. 1,1940
for
Week
1940
Sales
Friday
Sales
Week's
Toledo Edison 6% prel 100
Am
Sept 28,
New York Curb Exchange—Continued—Page 5
1872
17%
Guardian Investors 5s..
♦Hamburg Eleo 7s——..1935
♦Hamburg El Underground
A St Ry 5%s
—1938
to the new column in this tabulation
z
dd
z
cccl
30%
{12
50
{20
pertaining to bank eligibility and rating of bonds.
See i.
j
Volume
New York Curb Exchange—Concluded—Page 6
151
Bank
Friday
Elig. <&
Last
Week's Range
Rating
BONDS
Sale
of Prices
Loto
High
(iContinued)
See
Houston Lt & Pr 3 Ms
Price
i
110
110
Bank
$
Since
BONDS
Jan. 1
x
aa
z
c
+3M
25
1949 y b
69 M
69 M
"MOO
64
81
69 M
69 M
108 M 108M
4,000
1,000
66
79
107 M 107M
106M 106 M
105 M
105
18.000
47,000
99M
15,000
100M 100 M
1949 y b
Idaho Power 3Ms
111 Pr & Lt 1st 6s ser A
1967
x
aa
1953
x
bbb3
1st A ref 5 Ms ser B
1954
x
bbb3
107M
106 H
1st & ref. 58 ser C
1956
x
bbb3
105
8 f deb 5Mb
1957 ybb
May
3
99M
bbbl
100 M
99M
UOM
10,000
9,000
73
1
97%
96
98
120,000
60
1952
x
a
1954
z
b
1964
x
aa
1949
x
bbb4
1st mtge 3Ms
f debs 4s
B
6% perpetual certificates
57
56
100M
74 M
73M
99
4s series A
1966
x
21M
22
19M
43 M
27
27
27 M
8,000
21
49 M
♦7s Berles F
1952 y b
25 M
62
2£M
1,000
20 M
47 M
63M
47,000
51M
39
18,000
29
1,000
103
106 M
1,000
1,000
103
106 M
Scullln Steel Ino 3s
37 M
38
105
104M 104M
Iowa Pow A Lt 4Mb.
Iaarco Hydro Elec 7s
1958
1952
x
aa
y
b
Italian Superpower 6s
1963
y cc
Jacksonville Gas
106 M
36 M
105
106 M 106 H
36 M
36M
2,000
38M
43,000
1942
Registered
z
b
1966
x
aa
2022
x
a
Lake Sup Dlst Pow 3 Ms... 1966
x
a
♦I^onard Tleta 7 Ha
1946
z
cccl
Long Island Ltg 6s
1945
x
bbb3
Louisiana Pow & Lt 5s
1957
x
a
Kansas Elec Pow 3 34s
Kansas Gas A E eo 6s
4
104 M
♦Saxon Pub Wks 6s
1937
z
♦Schulte Real Est 6s
1951
z
Scrlpp (E W) Co 5 Ma
1943
x
1941 zdd
107
6,000
1
19
*60 M
19
58 M
*20
4
"imoo
57
72 m
11,000
64
98 m
64
97 m
87 m
112M
105M
"5:066
90
90
102 m 102m
112
112M
6,000
23,000
87
95 m
90 m 103
102
113m
May 1 1960
x
aa
105 m 106
7,000
105 m 110m
July 1 *60
Ref M 3 Ms
x
aa
105m 105m
5,000
105 %
x
aa
104 m 104 %
46
47
7,000
104
4,000
37
16,000
4,000
90
105 m
105
Ref M 3 Ms B
Sou Counties Gas 4Mb
Sou Indiana Ry 4s
1968
So'west Pow A Lt 08
2022 y bb
1945 x bbb4
71M
Pub
Serv
46
1951 y bb
6s
Spalding (A G) 5s
103
103
105m
105 m 105m
103 m
110m
105m
53
50
50
6,000
40
108 m
60
71m
71m
71m
71m
99,000
49
74m
70 m
70 m
70m
70m
70m
70 m
70m
70 m
70
1989
x
b
1948
y
b
2
70 m
1948 y b
1951 y b
70 m
Deo 1 1900 y b
Standard Gas A Electrlo—
1952
1947
1971
x
bbb2
y
b
x
aa
108M 108M
1,000
104M 109 M
1965
x
aa
1,000
106
Middle States Pet 6Ms
1945
y
bb
98M
108M 108 M
98M
98M
Midland Valley RR 5s
Mllw Gas Light 4Mb
1943
1967
-—1978
y
bb
63
x
bbb2
104
x
bbb3
1955
x
bbb3
102M
106 M
67
6s
Mengel Co conv 4 Ms
Metropolitan Ed 4s E
4s series G
1st A re! 5s
2
*100M 102
95
95
96
61
63 M
103M 104
102% 103
106
1955
x
bbb2
104
x
bbb3
x
aa
2
104 M
109
109
1960 ybb
4
bb
107
104
1957
..1951
Mississippi Power 5s
Miss Power A Lt 5s
Miss River Pow 1st 5s
Missouri Pub Serv 5s
93
2
100M
2026 y bbb2
111M
2030 y bbb2
107 M
Nassau A Suffolk Ltg 6s... 1945
Nat Pow A Lt 6s A
Deb 5s series B
{♦Nat Pub Serv 5s ctfs...l978
x
z
28
104M
104M 105
109M
94M
92M
100M 100 M
111M 112
107M 107M
28
aaa2
28
99
5,000
1,000
21,000
15,000
21,000
9,000
13,000
12,000
3,000
21,000
an
2
126
126
~2"666
107
107 M
Nevada-Calif Elec 5s
1956 ybb
1948 y b
Conv deb 5s
4
1950 y b
5s
4
1961 x aaa3
1948 ybb 3
1954 ybb 3
3Ms
New Eng Pow Assn 5s
Debenture 5Ms
74 %
76 M
120 M 120M
"~98M
100
67
66M
65 M
65M
67
65 M
00%
108M 108M
97 M
98M
99M 100
1946
20
Texas Power A Lt 5s
6s series A
Conv 6s 4th stp
United Eleo N J 4s.
10,000
50,000
102
United El Service 7s
5,000
53,000
7,000
115
122 H
51
71M
52
71M
71M
44,000
51
1,000
52,000
105
49,000
93
88M
110
83
y
b
x
bbb4
1950
z
1949
3
1949 ybb
4
101
101
101
102M 103M
3,000
5,000
♦Ext 4Mb stamped
1950
1980
1964
2004
N Y A Westch'r Ltg 4s
1954
Debenture 5s
y
bbb2
x
a
4
x
a
4
x
aaa3
x
aa
1953 yb
Nippon El Pow 6MS
97 M
103 M
97 M
103 X
109
103 M
109 M
3
*106M
*114
1
55
13,000
25,000
15,000
x
99 H
1945
z
b
1975 y b
y
b
.1945 ybb
3Ms-.—1968
x
102M 102M
106 M
10,000
94
104
4
3
Ohio Public Serv 4s
1962
x
a
Okla Nat Gas 3Mb B
1955
x
bbb3
Okla Power A Water 5s...1948
x
bb
4
x
119m
88 m 103 m
34,000
50
69
12m
6m
45m
5,000
16
29
30
16
19 m
87
73
89 m
74m
91
13,000
64,000
78
95
110
119
84
9,000
3,000
101
1,000
6,00(1
117m 117m
x
m
bb
2
3
3
103 m
103 m 104
1946 yb
Deb s f 0s
18,000
89 m
107 m 107 m
93 m
95
93 m
3
102
19,000
99m 100m
7,000
103m 103m
1954
♦5s Income debt
z
cc
2
104% 110
72 m
89
95 m 101
101m
85
99 m 103 m
10,000
95
104
101m 102 m
7,000
94
102m
4m
20,000
4
10 H
107
109 m
108
109m
2
106
West Penn Elec 5s
x
104M 104 M
3,000
39 M
10,000
35
49 M
105*38 105M
4,000
101
106 M
110M 110M
108% 109M
108M 109M
2,000
1941
23,000
107 M 111M
103 M 109 M
Wheeling Elec Co 5s
"m'%
Wise Pow A Light 4s
1960
{♦York Rys Co 5s
♦Stamped 5s
2030
103 M 109 M
104 M 109
Newspaper
*108 m
'108M
bbb3
aa
112
li:666
108m 108 m
*107 m 108m
104 m 108
117
2
Un 0s...1944 ybb
2
West Penn Traction
West
4m
4m
4
6s... 1900
*113m 118
56 m
56 m
x aaa2
108
*102
x bbb3
106 % 100 m
106M
z bb
1
98 m
*97 m
ybb 2 "99"
99
99m
x
"15:666
104 m
43
60 m
105
103
"4:660
102 m 107 m
90
98
100 M 105
1,000
109
34:660
118m
1950 ybb
aa
3,000
104m 108h
24
1946 ybb
aa
6,000
46
101m 106 m
17,000
114
83
x
108M
21m
26,000
28 m
29
101
x
103
22,000
38
12,000
8,000
2
1951
108
"MOO
46
18
2,000
bbb3
Washington Water Pow 3Ms'64
103
40
61M
85 m
88
85 m
3
103 M
103
47
27
Waldorf-Astoria Hotel—
65
108
5,000
33
7
x
105*22
2
aa
45
1944
104 M
38
45
2022
Deb 6s series A
Wash Ry A Elec 4s
1956 ybb 2
No Bost Ltg Prop 3MB...1947 x aa 4
3
Nor Cont'l Utll 5Mb
1948 y b
If N'western Pub Serv 5s—.1957 x bbb4
24 m
29
bbb3
1973 y b
Va Pub Service 5M A
1st ref 5s series B
No Amer Lt A Power—
5Ms series A
14m
$15
bbb3
1952
97 M
109 M
52
74m
24,000
27
2
x
Deb 0s series A.
102M 100M
4,000
49
116m 117
117
2
1974
1959
Utah Power A Light Co—
1st lien A gen 4Mb
111M 114M
57
51,000
6%
1
Un Lt A Rys (Del) 5 Ms...1952 y bb
United Lt A Rys (Me)—
100 M
102
-
74m
71 %
23
60
60
aaa4
Debenture 0s
100 M 103 M
97
103M
81
48
'iosM
4
Debenture 0Mb.._
1st lien A cons 5Ma
110
104 M
60,000
United Light A Pow Co-
Penn A Ohio—
N Y State E A G 4Mb
1st mtge 3Ms
74m
71 %
1
...
_
6s series A
....1942 ybb
48
33
1956 y bb 1
.1941 z cccl
♦United Industrial 8Mb
♦1st s f 6s
New Orleans Pub Serv—
♦Income 6s series A
74m
35,000
{♦Ulen A Co—
108 M 111M
120
128 M
62
74 h
48
30
30 m
105m 106
2
1950 x a
106m 106m
106M
2022 y bbb2
*117m 120
96 m
97 m
1979 ybb 3 "97"
1953
1960
107 H
28
bbb3'
76
H
33
101
2,000
x
"65M
105
42 m
z
TIets (L) see Leonard—
Twin City Rap Tr 5M8...1952 y b
x
3
104
97
z
♦Ctfs of dep
7s 2d stamped 4s
♦Ternl Hydro El 0 Mb
Texas Elec Service 5s
Tide Water Power 5s
1948
4
96
108 M 110M
86
98
.1940
Stlnnes (Hugo) Corp—
7s 2d stamped 4s
z
49 m
42 m
ccc2
1950
101M
tnoM 110M
aaa2
104 M
98M 103 H
98
102 M 107
1957 y b
112M
2022
x
70
Standard Pow A Lt 6s
♦Starrett Corp Ino 5s
19,000
23
.....1957 y b
95
Nelsner Bros Realty 6s
1947 y b
111
6s gold debs
70 m
55,000
*43m
Debenture 6s
109
X
N E Gas A El Assn 5s
96
91M 100 M
51M
(stamped)
Debentures 0s
1,000
1981
New Amsterdam Gas 5s...1948
81
101M
8,000
13,000
Nebraska Power 4Mb
6s series A
Ogden Gas 1st 5s
(8tamped)
Conv 6s
Deb 4 Ms
Ohio Pow 1st mtge
71
Sou Calif Edison Ltd—
Memphis Comml Appeal-
York
1957 y
17
31
88
*86 m
2
bbb2
bb 4
12
23
100 m 104
87
88
2
108 M
b
5s stamped
2
a
105m 109m
127
136 m
70
70
a
x
107M
127M
y
New
2
x
104 M
1948
6s stamped
New Eng Power
"moo
cc
117
McCord Rad & Mfg—
Minn P & L 4Mb
28"
*102 m 103 m
3
cccl
102 M
S'west
♦7s mtgeaf
2
bbb2
HO
130
Mansfeld Mln A Smelt—
15
2,000
2025 y
103M 106""
103M 108
21
13 m
aaa2
Southeast PAL 6s
16,000
18
*107m 108'
135m 136m
*14
46 M
104M 104M
106 M 107
1,000
x
51
40
99
21
aa
46 M
*17
97
80
x
53 M
*106
100
81
2,000
21
39
6,000
1,000
83
*20
71M
106 M 109 M
29
62
30 M
36,000
46,000
91
1
1947 y b
46 M
46 M
158
90
cccl
Sheridan Wy 0 Coal 6s
Sou Carolina Pow 5s
*125
4
104 m 108
86
100 m
b
Shawlnigan WAP 4Ms.—1967
1st 4 Ms series D
1970
46 M
46 M
—
1,000
76,000
z
42
36M
3
128
106m 106m
99% 100m
97m
98 m
95%
96 m
z
1953
1958
Safe Harbor Water 4Ms... 1979
San Joaquin L A P 6s B...1952
—
6e stamped
♦Ruhr Gas Corp 8Mb
♦Ruhr Housing 6Ms
*108M 111
37*
18,000
4
1951 y b
ccc2
31,000
154
4
21M
y
107m
151
1952 y bb
b
1961 y bbb4
107
95M
b
1957 y bbb4
16
Queens Boro Gas A Elec—
y
1952
107M
100M
98 M
y
5s series B
91m
105m 108 h
104m 107 %
3
1957
Debenture 6s
61
14
40,000
3
3
1955
Iowa-Neb L & P fis—
9,000
3
a
♦7s series E
"62 "
77
107 m 108 %
1950 ybb
1st A ref 4Mb ser D
5Ms series A
...1957 y b
Since
Jan. 1
108
2
y aa
0Ms series C
Interstate Power 5s
Range
%
Publlo Service of N J—
International Power Sec—
10,000
for
High
*14
Puget Sound PAL 5M8...1949 ybb
1st A ref 5s ser C
....1950 ybb
74 %
72
2,000
43,000
61,000
93
73 M
72
♦Indianapolis Gas 5s A
Low
Week
Pub Serv of Oklahoma—
74
bb
1959
96M 105 M
87
101M
2
z
Range
of Prices
76 m
Power Corp (Can) 4M8B
98 M 107
2
y
Price
A
Sales
Week's
Public Service Co of Colo—
105 M 109 M
101
107 H
1963 y b
1958
1st lien A ref 5s
See
♦Prussian Electric 6s
106M lUM
1950 y b
Indiana Hydro Elec 5s
Indiana Service 5s
Sale
(.Concluded)
1966
6s series B
Last
Rating
Range
♦Hungarian Ital Bk 7 Ms,-1963
Hygrade Food 6a A
Friday
Rlio. &
Sales
for
Week
1873
106 M 110M
108 %
22,000
1937
...1947
"moo
99 h
94
Pacific Gas A Elec Co—
aaa2
1941
x
Pacific Ltg A Pow 5s
1942
x
aaa4
Pacific Pow A Ltg 5s
y
bbbl
Park Lexington 3s
1955
1964
z
ccc2
Penn Cent LAP 4Mb
1977
x
bbb2
1979
x
bbb2
1971
x
aa
2
1962
x
aa
2
1950 y bb
1959 y bb
4
1st 6s series B
lpt 5s
Penn Electric 4s F
5s series H
106 M 106M
*107 M 108M
107M 112
95
104
"
97
58^000
86
97 M
39
95
39
1,000
39
43M
104
*106
105%
104M
22,000
108
105M 105M
"5" 000
96 M 104 M
101
107 M
100
100
107 M 107 M
2,000
104% 108M
106M 107
106M 106 M
2,000
104M 109M
101M 108 M
107 M 107 M
*107M 108
3,000
Penn Ohio Edison—
68 series A
Deb 5Ms series B
4
1947
5s series D
Peoples Gas L A Coke—
x
aa
2
1954
Penn Pub Serv 6s C
x
aa
2
4s series D
105
98M
100
3
98M
98M
99M 100M
112M 112%
102M 103 M
22,000
30,000
5,000
3,000
x
aa
Phlla Rapid Transit 6s
y
bb
y
b
y
bb
y
bb
z
b
21
21
21
y
bb
92 M
92 M
92 %
10,000
10,000
85%
84
85%
M
108M 108 M
8,000
1,000
5Ms—....1972
1962
Pledm't Hydro El 6MB—1960
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
1953
♦Portland Gas A Coke 5s.. 1940
♦Pomeranian Elec 6s
4Mb series F
Potrero Bug 7s stpd
28 M
*105
29 M
z
bb
.1956
a
1961
1947
x
a
y
ccc2
4
43,000
91
98 M
*
No par value,
*110
112
*45
48
92
24
"17666
99
100 M
103 M
21
78 M
90
x
r
Ex-dlvldend.
No sales being transacted during ourrent
week.
Bonds being traded flat.
{ Reported In receivership.
f Called for redemption:
Northwestern Pub. Serv. 5s 1957, Jan. 1, 1941 at 104.
94
75
d Ex
Cash sales not In¬
Deferred delivery sales not Included In year's range,
* Friday's bid and asked price.
*
103 M
48 M
13
a
Under the rule sales not Included In year's range,
n
cluded In year's range,
95
100M
110M 115
103
107
103M 103 M
x
....
Potomac Edison 5s E
108 M
108 M
Interest,
Phlla Elec Pow
Stamped..
106
,
1981 xbbb2
1961 x bbb2
4s series B
1,000
Cash sales transacted during the current week and not
e
Included In weekly or
yearly range:
No Sales.
106 M 109 M
107M 110M
45
53 M
Under-the-rule sales transacted
V
weekly
or
during the ourrent
week and not Included In
yearly range:
No sales.
▼
Deferred delivery sales transacted during the current week
and not Included In
weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod,"
certificates
of deposit;
"cons," consolidated;
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v,"
'
v
t c." voting trust
non-voting stock;
certificates; "w 1," when Issued; "w w," with warrants;
"x-w"
without warrants.
A
Bank
Eligibility and Rating Column—x Indicates
those bonds which we
believe eligible for bank investment.
Indicates those bonds we believe are not bank eligible due either
status or some provision In the bond tending to make it speculative.
y
z
Indicates Issues In default. In bankruptcy, or In process
The
rating symbols
In this column
are
to rating
of reorganization.
based on the ratings
assigned to each
The letters Indicate the quality and the numeral
mmediately following shows the number of agencies so rating the bond.
In all
ases the symbols will represent the rating given by the majority.
Where all four
gencies rate a bond differently, then the highest single rating Is shown.
bond by the four rating agencies.
A great majority of the Issues bearing
ssues
Attention is directed to the new column In this
symbols ccc or lower are
bearing ddd or lower are In default
tabulation pertaining to bank eligibility and rating of bonds.
See note A above.
In default.
AU
The Commercial & Financial Chronicle
1874
Sept. 28, 1940
Other Stock Exchanges
Sales
Friday
Last
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
Sales
Friday
0
Last.
Par
Week's Range
of Prices
Low
High
Week
Price
Par
of Prices
Low
Hit b
Price
Adams Oil & Gas Co com.*
for
Sale
Stocks—
Stocks (Continued)
ye
Sale
Baltimore Stock Exchange
Range Since Jan. 1, 1940
Shares
High
Allied Products
1BX
155*
1st pref v t c
33 X
*
215*
Jan
AmerlcanPub
preflOO
92 X
*
Aug
205*
Apr
101X
4%
11X
*
24S
5C
674
*
2,406
*
IX
*
15C
450
100
East Sugars Ass com v t C.l
or
«r -
116
*
-
m
o-o-oo
1195*
Fldel.ty A Deposit
20
Finance Co of Am A com.5
Houston Oil pref
Mar Tex Oil
1.60
100
Aro Equipment Co com..l
Apr
Asbestos MIg Co
Sept
Sept
1195*
Feb
1075*
119
May
915* May
-Aviation Corp (Del)
3
Aviation A Transport cap.l
130
Jan
6
9
June
105*
Aug
12
May
195*
Apr
24c
1,000
24c
Sept
13
95*
Aug
27
May
385* June
56
Sept
12
175*
13
»
-
BO
66
165*
165*
480
1.05
10X
11
May
Mar
65c
Apr
385
1.00 May
1.45
Jan
91
915*
36
845* May
555*
30
545* May
915*
725*
Sept
555*
10
84
90
Mar
1.00
1.00
Northern Central Ry...50
Perm Water A Power com *
85
85
195*
Phillips Packing Co preflOO
D 8 Fidelity A Guar
2
205*
1,532
Aug
Jan
145* May
235*
Jan
May
355*
Apr
Belderi Mfg Co com
Belmont Radio Corp
1975
34
335*
345* $34,500
23
A 5s flat
1976
39
30
May
40 5*
Apr
1975
975*
375*
975*
39
B 5s
90
June
975*
Sept
22,600
975*
1,000'
Exchange
Sales
Week's Range
Last
Sale
Stocks—
Par
of Prices
High
Low
Price
for
Range Since Jan. 1,1940
Week
Low
6% non-curn pref
Amer Tel & Tel
IX
50
100
Bigelow-San Carpet pfd 100
IX
IX
1614 165
103
92
Bird & Hon
Borg Warner Corp—
Common
3
66 X
34 X
May
July
Chicago Flexible Shaft cm5
Chrysler Corp common. .6
38 X
16 X
May
May
May
44 X
154
Boston Herald Traveler.. ♦
18 X
184
19 X
635
ox
258
539
2,210
Bept
Sept
Cities Service Co
CIA 1st prefstd
100
Class B 1st pref std_. 100
CI D 1st prefstd
100
Calumet A Hecla
6
ox
Mar
5
20 X
Apr
104
Jan
May
50
IX June
3
2
10
3X May
3 X Mar
2X
2X
100
OX
~~7
7%
638
IX May
IX June
4X May
4X
4
4X
1,020
3X May
8X
BX
*
3
3
3X
118
IX May
3%
100
54
54
56
231
26
May
56
100
32X
29
35X
743
12 X
May
3BX
Sept
Sept
65c
100
45c June
1.00
Jan
Copper Range
25
Feb
Feb
Mar
East Gas A Fuel Assn—
4
4% prior pref
6% preferred
Eastern Mass St Ry comlOO
1st preferred
100
Preferred B
65c
02 X
9X
100
Employers Group
Gillette Safety Razor
Hathaway Bakeries—
3
21X
»
*
Preferred
*
Isle Royale Copper Co.. 15
May
67
Aug
100
174
Jan
Diamond T Mot Car
2X
Aug
7X
Apr
Dixie-Vortex Co
May
26 X
Apr
Dodge Mfg Corp
2X
Sept
6H
4X
39
75
Jan
May
38
Feb
July
38
5
18 X
1
IX
140
18X
25
N arragansettRacgAssnlnc 1
5X
OX
National Tunnel A Mines *
New England Tel A Tel 100
IX
118 X
IX
44
Jan
2
4X July
11X June
18
IX
108
1
17X.
28
225
BX
IX
....
18 X
X
20 X
520
BX
350
4
IX
11014 118X
410
Pacific Mills Co
*
104
50
21X
25
IX
Reece Button Hole MachlO
Shawmut Assn T C
*
"94
Stone A Webster
*
Torrington Co (The)
•
Union Twist Drill Co
5
United Shoe Mach Corp.25
6%
cum pref
Warren Bros
108
June
137
»i«
Apr
X
Apr
Feb
35o
Aug
92o
May
76
25c
12
1,615
IX
84
70
70
6
6
700
4
Feb
35
35
10
30
May
38
31
6.000
25 J*
May
91
Jan
64 May
Apr
May
33
1,300
BX
May
8
X
220
4
May
X
3X
If
4
May
2(
2
May
44
Feb
14X
71
10
May
19 4
Apr
30 X
30X
6
6
24
Jan
14
18 J*
13 y*
May
33
June
20
51
May
24 4
72
50
24
19 X
9
May
194
50
21J
65
20 X
Apr
4 June
65
902
11X
Jan
Apr
Jan
May
Jan
50
24X
Sept
314
Jan
326
13**
May
234
Jan
6
4X
60
Aug
Apr
Mar
4
850
4X
May
54
104
*
11
11
50
9 J*
May
144
*
125*
13
250
9
May
14
2
coin
com
com
8X
7X
Feb
Apr
528
9
388
34
2,650
3
Jan
44
Apr
27
29
350
21
May
294
Apr
Fairbanks Morse
415.
130
29** June
75*
1,000
494
74
Apr
~7X
40 X
7
45*
400
»
com
Four Wheel Drive Auto.10
com
10
Gen Motors Corp com_.lt
Gillette Safety Razor com •
48 X
8X
2X
121
3
9
Ma\
164
Apr
Jan
194
Apr
5*
50
2
May
May
6 4
May
12X
Jan
Hupp Motor Car
33 X
34
Sept
84 X
Jan
Sept
Mar
Iron Fireman Mfg Co v t c*
Jarvls (W B) Co (new) capl
35c May
21
75
BX May
X May
7X
IX
May
39 X June
98
99
1,500
86
June
'10X
Mar
Apr
s
8X
13
1
Aug
Aug
LaSalle Ext Univ
98
Apr
6
com
3
845*
3
606
175*
600
125*
"4X
875*
485*
16
13 5*
650
45*
45
2X
IX
"ix
66?*
May
904
38**
June
62 X
Jan
.11** June
17X
Sept
9
May
16X
7X
*
com
*
5
com
Field
»
com
*
May
• 4
May
49 4
Jan
2X June
34
Jan
15*
350
A
Class A
75*
**
Sept
Jan
44
Mar
30
Mar
100
5
June
8
Sept
6
May
9
Apr
Aug
26
-
**'
40
154
OX
75*
700
4**
10 5*
150
9
145*
150
15*
50
IX
Jan
50
20?*
July
84
May
165*
24
14
145*
1,500
65*
375*
70
37
14
750
■"91
65*
~37X
Feb
4
38
24
14
Jan
50
8
15*
Jan
450
OX
10 X
17
Mar
320
105*
145*
*
50
Jan
11**
Jan
74
Apr
May
144
184
24
Apr
May
34 May
34
July
284
154
74
39
Mar
Apr
Apr
Feb
Jan
Apr
Mfrs Sec—
35*
35*
50
34
Apr
4
4%
45*
45*
2,550
34
Jan
44
BX
55*
6
3,400
54
94
Jan
55*
6
64
Aug
1
com
Mlckelberry's Food com.l
Middle West Corp cap...5
Midland United conv pf A*
2,300
14
May
Mar
he
*
500
ht
Jan
510
4X
45*
Miller A Hart Inc
7X
65*
45*
75*
15*
405*
425*
conv
pf*
50
Jan
Sept
4 June
34 June
64
Jan
34
84
Apr
Jan
Monroe Chemical Co—
Common
Montgomery Ward
*
Range Since Jan. 1, 1940
Week
.*
40 X
Muskegon Mot Spec A...*
23 X
High
com
Natl Bond & Invest com.*
National Standard
Low
Noblltt-Sparks Ind
com.
cap
23 5*
13 5*
505* May
345* May
May
705*
Jan
1
830
32
May
14
554
10
20
June
28
20
124
Sept
May
May
184
29 4
200
15*
23 5*
•
10
275*
135*
275*
150
23
5
295*
30
350
20 4
5
400
10
50
North American Car com20
75*
Jan
34
45*
8
*
Jan
Apr
25*
*1
10
54
13 4
July
com.
Feb
28
May
ox
1
Apr
18?* May
IX June
2?*
Mercb
Sales
188
Mar
154
23?*
McQuay-Norris Mfg com.*
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
100
Feb
42
Apr
46 5*
Midland Util 6% pr ln.100
10
10
July
May
150
Common
475*
160
465*
17 X
Jan
Feb
May
200
McCord Rad A Mfg A
Chicago Stock Exchange
350
6
8
35*
Marshall
CHICAGO
100
204
Mar
255*
London Packing com
System Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OGO. 521
184
27 X
May
5
3
Liquid Carbonic
Principal Exchanges
150
85*
275*
94
25
Lynch Corp
Bell
35*
75*
Sept
16
*
com
Lion Oil Ref Co cap
Panl H.Davis & Go.
600
12 X
Cumulative pref.....
Le Roi Co com
10
Lindsay Lt A Chm
Unlisted
85*
3
Ky Util jr cumul pref...50
Kerlyn Oil Co com A
5
SECURITIES
50
1,250
27 X
t c__*
74X
23 X
101 4' Mar
100
55*
X
Indiana Steel Prod com... 1
Inland Steel Co cap
*
Leath A Co
17
145*
BX
8X
Illinois Brick Co cap
10
Illinois Central RR comlOO
Indep Pneum Tool
120
14
1
com
50
85*
165*
16X
International Harvest com*
Mar
510
IX
10
Apr
14
42c
465*
Apr
Feb
25
100
7X
155
64
124
Maj
550
Houdallle-Hersbey cl B..*
8X
16 X
Hubbell Harvey Inc com.5
45 X
62c
585*
Sepi
May
175*
Jan
Feb
13
57 X
2X
8
135*
*
com
12
44X
Shares
Jan
494 Apr
Apr
BOX
17
Aug
55
High
Jan
24
10 X
822
of Prices
Apr
Apr
34?*
310
Low
Ma*
Sept
80
480
for
Maj
38
Maj
Maj
6
574
124
130
01X
Week's Range
May
May'
125*
30X
Friday
227
3?* June
3
35**
8 X
IX
36**
39
33X
Salle St.,
200
10
48 X
3
108
12 J*
13
7X
10
7X
10
3X
Elgin Natl Watch Co...15
38
June
53X
12X
Aug
87
"io"
Apr
June
38
X
1,000
25
84
50
951
Jan
Feb
55
70
77 X
Sept
IX
9X
78
7X May
BX May
22 X May
2BH
Jan
Listed and
com
14
37
20 X
$3.50 preferred
Acme Steel Co
214
May
Helleman Brewing cap
1
Hlbbard Spen Bart com.26
96
Adams (J D) Mfg com...*
May
X
25** June
Horders Inc
96
57 X
154
50
300
Jan
Jan
Aug
*
Sept
Jan
17 X
com
9
Apr
28,500
Price
J*
10X
14X
20
Par
4
r
Lincoln Printing—
Stocks—
420
24X
LlbbyMcNelllALlbby com7
Abbott Laboratories
>■
9
24 X
420
19X
Sale
Feb
77
7X May
May
210
23 X
1970
Last
1204
Hall Printing Co com...10
Harnlschfeger Corp com. 10
July
La
Jan
May
May
Mar
07 X
s.
4
Sept
92
...*
Katz Drug Co com
10
Mar
37
10
>
Sept
714 $ 14,000
Members
X
270
49
107X 1075
~~8X
1,050
i'
1
25c
Jan
8c
70
CHICAGO
Jan
Sept
61
600
1960
1948
4X
Apr
Goldblatt Bros Inc com..*
Goodyear T A Rub com.. *
Great Lakes DAD com..*
Bond*—
Series B 5s
X
43 X
3,150
May
1,X Sept
38c
Eastern Mass St Ry—
Series A 4 4s
1948
X
40J*
495*
6X
May
Boston A Maine RR—
1st Mtge A 4%
Inc mtge A 4X%
Apr
150
39X
Jan
X
7X
IX
*
84
$
6
300
Sept
594
44 X
Utah Metal A Tunnel Co.l
Waldorf System
*
July
BX
25*
20X
29X
25
May
2X
Mar
33
29X
194
Jan
20
General Finance Corp cm. J
General Foods com
»
2X
5
8
"obx
Apr
88 4
4X
1,509
10X
21X
IX
7X
9X
8
Mar
May
49 X
he
20c
Pennsylvania RR
44
74
234
May
1
42c
76
Qulncy Mining Co
July
May
May
Fuller Mfg Co
Old Colony RR—
....
2X
4 X
174 June
10X
General Amer Transp cm.6
General Candy class A...6
May
1
301
Jan
he
Northern RR (N H).__100
Apr
14 X
Feb
35c
41c
Feb
19
71
Apr
8X
Aug
12
N Y N H A H RR
2.60
Feb
114
Mar
2X
20
520
Cumul class A pref...35
Deere A Co com....
Dexter Co (The) com
10 X
50
"l9X
(Ctfs of Dep)
25
85
85
Jan
250
c.50
com..
180
May
234
19«
Cudahy Packg 7% cm pflOO
Dayton Rubber Mfg com
575
7
Aug
845
v t c pref part shs
50
Container Corp of Amer.20
Continental Steel com
*
9X
3
Linotype..*
North Butte
v t
22X
3
Mass Util Assocts v t C..1
Mergenthaler
54
3X
3X
100
com
14
65
2%
*
5% curnul pref
Common pt sh A
Elec Household Util Corp.5
Class A
Maine Central
26
Consolidated Oil Corp...*
Consumers Co com B
*
3X
9X
Eastern Steamship L com.*
100
1,150
140
June
June
Mar
54
Commonwealth Edison—
Crane Co
......
9
BX June
11
Apr
114
19
Coleman Lmp A Stv com.*
2
"~2
10
36 4
80X
10
BOX
Capital
100
1,150
2,200
com
Jan
May
Sept
6
Jan
common
X
87X
36 X
Maine—
Prior preferred
Common
Prior lien pref
*
Central States PowALt Pf *
Chain Belt Co com
Apr
87 4
12
Yi0.
12
854
Apr
Feb
Apr
*
47 X
8
44 X
44
74
184
224
Convertible preferred..*
44 X
May
4X May
May
7X May
19X
.....50c
Mar
86
2X
12 X
82 X
6
103
Boston A Albany......100
Apr
14X June
6
Central III Secur Corp pf
Central A S W—
July
May
30
Feb
84
10
320
Mar
11
Jan
IX
Aug
X
254
3
'5
1754
11
7
Sept
3X May
4
50
cum conv pref....30
Apr
80
Apr
*
7X
Burd Piston Ring com..
Butler Brothers....
10
Chicago Corp
Apr
May
14
13X May
15
May
Jan
74
17
Jan
*
15
IX
2
X
Jan
Jan
Mar
1,800
*
18X
5
144 X
16
1754
1,325
1,700
100
330
*
BX
18X
...10
Castle (A M) A Co com. 10
Cent 111 Pub Ser $6 pref.
100
Maj
3X May
24 X May
8
Sept
3 J* May
13 X May
*
Bruce Co (E L) com
Bunte Bros com
Maj
*
8
8
Brach A Sons (E J) cap..*
Brown Fence A Wire—
250
92
Boston Edison Co (new).25
Boston Elevated
100
&
5
1,714
92
*
*
May
73
100
500
Jan
22X
4
May
10X June
July
*
30%
1
Preferred
High
Arner Pneumatic Service Co
Boston
5
com
Berghoff Brewing Corp
Common
Shares
*
*
*
*
Campbell-W A Can Fdy
Capital
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
Friday
250
304
5
Binks Mfg Co cap
1
Bliss A Laughlln Inc com.5
5%
Boston Stock
*
2X
10
Class A pref
Bonds—
Bait Transit 4s flat
*
4X
x
4X
:
■
Backstay Welt Co com...*
Bastian-Blessing Co com.*
Bendlx Aviation
New Amsterdam Casualty2
North Amer Oil com
1
*
10 X
5
X
4%
50
24c
2%
BX
4X
Automatic Products com.5
Apr
Maj
146
250
50
1,700
1,000
190
10 X
Atbey Truss Wheel cap..4
Sept
14
95*
18
95*
4%
.1
108
6
120
13
m
Apr
108
30
-
m -
Jan
2 60
65
50
1
Preferred
550
83 5*
May
1165*
18
M* MM
July
1.35 May
69
92
—
MF
23c
116
1075* 108
65*
OX
100
Merch A Miners Transp..*
MtVer-Wood Mills-
94
629
79
755*
116
100
32c
1.70
31c
1.60
79
8X
May
Serv
Sept
50C
12
Amer Tel A Tel Co cap. 100
Armour A Co common
5
Feb
154
414
*
4
10 X
11
16
""32c
100
Consul Gas E L A Pow...*
45*% pref B
45*% pref C
155*
2 04
30f
45
155*
155*
•
2X Maj
Maj
20(
4X
-*
227
Alils-Cbalmers Mfg. Co..
Arundel Corp..
Atlantic Coast L (Conn) .50
Bait Transit Co com vtc*
High
2X Maj
11H
14X
11X
10
com
Low
IOC
3
*
Laboratories
Range Since Jan. 1, 1940
Shares
4
Advanced Alum Castings 5
Allied
Low
for
Week
5
Northern 111 Finance com.*
10
515*
Apr
Northwest Bancorp com..*
11
Apr
Northwest Eng Co cap
*
9X
95*
18
95*
19
3
9X
May
Feb
July
400
74
June
100
12 4
May
36
Apr
Jan
Mar
Apr
Aug
Apr
5?* May
12
12
204
Feb
Jan
Apr
,
Volume
The Commercial & Financial Chronicle
151
Friday
Week's Range
of Prices
Week
Price
Lovo
High
Range Since Jan. 1,1940
Shares
13 3*
133*
53
53
20
Parker Pen Co (The)
11
11
100
Penn Elec Switch
10
A10
conv
Penn RR capital
10
Dow Chemical
Mar
Eaton Mfg
22
May
37
Feb
c
Firestone TAR com.. 10
al4K al5K
110
123*
May
213*
*
180
263*
May
41
*
a33X a35K
al4
al4K
70
11
May
193*
Jan
*
al2K al2K
2
10
May
Apr
2
45
May
203*
693*
95
Rights (wi)
General Electric
Potter Co (The) com...
Pressed Steel Car com
1
K
X
%
150
K
Feb
c
Glldden Co com
1
105*
10 H
UX
3,500
K June
OK May
14H
Jan
Goodrich
100
K May
IX
Sept
Process Corp (The) com..*
1
104
IK
104 K
150
95
June
123 K
Feb
.100
155
155
70
141
June
155X
Aug
Reliance Mfg Co com... 10
Rollins Hosiery Mills com 4
9
9
100
8
Aug
5K
6
300
IK
8%
81K
9
450
6
May
10X
83 X
875
62
May
88
IK
300
May
2
Aug
31
1043*
common
Schwitzer Cummins cap
Sears Roebuck & Co cap.
1
Serrlck Corp cl B com
1
83*
813*
IK
"27""
Slgnode Steel Strap pref .30
Common
*
113*
*
Apr
c
Mar
K
Apr
63*
5
Swift International cap.. 15
Swift & Co
25
12K
July
10 X
June
17 X
15
Jan
Lamson A Sessions
20 K
May
30
Apr
c
7H
210
5
May
11
Jan
80
200
72
IK
11K
IK
UK
24 X
65'
June
200
1
200
8
May
May
10
May
Feb
8K
3*
183*
6 K
7
c
"ok
*
Natl Mall St Cast com..*
28 X
Apr
10
30
14
Jan
700
2K
Feb
30 X
19
1,650
15 X
17
Jan
9
12
May
23* June
15
650
25
263* June
473*
35
26
35
60
233* May
50
60
43*
133*
91
133* May
35
2X
2K
333
2
K
K
700
al4K al5K
275
3* July
93* May
53* June
c
NY Central RR com
*
c
Ohio Oil
*
aO
7
May
*
*
UK
17>g
12
100
9
May
is k
635
14
May
233*
Jan
31
May
403*
Mar
June
17 X
May
25X
Mar
33
May
47 K
Apr
c
43*
43*
524
4
Jan
5X
Apr
Rlchman Bros
*
37 K
37 K
461
12 K
73 %
12 X
185
10
June
16 X
Apr
Selberling Rubber
*
a4
a4K
25
33*
May
83*
Jan
76 X
670
60 K
Judo
88
Jan
Thompson Prod Inc
*
253*
May
383*
Apr
446
12K
May
23 H
Apr
c
50
May
52
80 X
215
87 K
Jan
Troxel Mfg
200
Aug
53*
2,760
68 K
Jan
c
353
42
May
683*
151
503* June
41K May
1033* May
353*
23*
59 K
56 K
122 K 124 K
124 X
Apr
Upson-Walton
a33K o33%
47 X
47 K
2X
3
a563* a59X
4K
4K
30
163*
150
K May
IX
Jan
Vlchek Tool
"Ik
18 X
19 K
IK
K
k
13*
IK
20 H
20 K
500
IK
100
Feb
550
Wisconsin Bank shares cm*
55*
K
4X
4
K
Jan
IK May
16 X May
X
Jan
2K
Apr
23X May
150
145* June
283*
June
117X
Jan
May
600
21
OK
350
76 K
4
7K
Jan
4
X
150
3X
May
5K
OK
450
33* May
OK
Packer Corp
Republic Steel com
Tlmk Roller Bear com..*
1
U 8 Steel com
*
100
10 X
9
Otis Steel
672
93 K
Apr
"2K
2 K
2K
550
14%
14 X
15 K
1,350
72 K
56
81K
May
IK June
8K
May
Anr
Yngstn Sheet A Tube
Yngstn St Door com
c
Detroit Stock
4
Aug
53*
Jan
50
4
Aug
63*
Feb
10
50
73* May
103*
133*
483*
283*
12 X
113*
19%
50
Exchange—See
Los Angeles
Week's Range
of Prices
High
Range Since Jan. 1, 1940
for
Low
16 X
_*
2
Champ Paper pref
Churngold
100
100
Cln Gas A Elec pref
CNOATP
100
20
85 X
50
3X
"~4X
10
_*
*
*
26 K
Week's Range
1
Kroger
*
30 K
400
IX
1X
a4%
12 J*
100
10
U S Printing
13
50
Broadway Dept Store
Jan
Byron Jackson Co
*
*
a4%
12 X
5
*
a78%
6
6
110
Feb
Consolidated Steel Corp..*
5X
5%
87
Jan
......*
13 X
12X
*
0.77 K
Electrical Products Corp.4
9X
9%
9%
28c
29c
700
Sept
Douglas Aircraft Co
Mar
Jan
Exeter Oil Co cl A com.__l
May
123*
Jan
Farmers A Merchs Natl 100 a386
20
83*
1
30 K
Jan
May
20
66
3*
June
1
Sept
4X
8K
16
43*
Jan
63*
Mar
16
6
Jan
100
20 K
32 K
14
20
200
173*
July
424
233*
May
100
5
IK
923* June
450
33 K
5
Sept
Apr
110
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp..l
39
273* June
13* May
83* June
1
Lane-Wells Co
Apr
343*
1023* May
235
Sept
23*
Apr
Feb
173*
Mar
Jau
3
Feb
13*
0773* a80%
127
5X
13 X
1,035
15
a.77 K a77 K
a386
3
a386
493*
6
440
6
493*
980
5%
100
May
35* May
7
May
873*
Apr
83*
383* Mar
43* June
23* Mar
53* May
Jan
143*
903*
Jan
8
Jan
63*
Apr
133*
883*
103*
Apr
Apr
Mar
43c
Jan
405
Apr
56
Apr
Apr
5
30
Aug
63*
323*
14
June
243*
a30K a36K
a3X
a3X
11
113*
60
27
May
40
20
11
5%
029
a29
Apr
Feb
Apr
33*
93*
Sept
63*
Mar
Jan
123*
May
7c
Jan
26c
233* June
411
21c
20c
21c
10,450
27 X
23*
27J*
23*
29J*
2X
4,022
Pacific Clay Products
*
Pacific Finance Corp com 10
63*
5K
63*
200
11J*
113*
113*
Pacific Gas A Elec com..25
293*
293*
293*
25
33%
333*
33}*
a413*
122
29
6% 1st pref
May
25c May
375
May
1
Menaaco Mfg Co
Aug
33* June
103* May
673* May
10
a3%
May
100
a
a30K
Apr
43*
alOK al6X
a29
*
Mar
213
*
Preferred
Goodyear Tire A Rubber.*
Hancock Oil Co A com
Sept
33* May
16%
5X
General Paint Corp com..*
Hudson Motor Car Co...*
33*
IX
493*
10
General Motors com
143* May
713*
224
Preferred
21
Sept
13*
13K
IK
13
293*
523* June
69
64 X
63 X
227
227
"13* "May
509
29c
33*
1003*
73*
26 X
108
Chrysler Corp
May
26 K
10
775
Consolidated Oil Corp
May
125
12
Jan
June
9K
33 K
IK
*
Preferred
10
Apr
775*
May
23* May
300
a4%
July
36
IK
13*
853*
33*
63*
133*
915
2X
aOK
IK
June
10
2
1,925
Feb
105
High
Low
2X
2X
100
158
2X
aOK
IX
IX
16
4K
IX
"l33X
*
July
43*
lists
Range Since Jan. 1, 1940
for
2%
June
K
4
Jan
Week
Shares
aOK
4
1,649
100
50
....*
973*
18
of Prices
High
Low
2X
2
3X
96
4X
8X
20 K
100
Hilton-Davis
9
Sept
35
1
12
2
4K
105 X 105 X
85 X
85 X
2K
Jan
Stock Exchange
*
2
Blue Diamond Corp
High
133* June
20
8X
19 X
*
Gibson Art
147
100
96
..50
Hatfield
16 K
2
Low
Shares
4X
*
Jan
Apr
1879.
page
Bandlnl Petroleum Co_._l
Barker Bros Corp com
Week
Price
50c
Aircraft Accessories
Sales
Am Prod part pref
May
263* June
123* May
Sales
Sale
Par
Stocks-
Bolsa Chlca Oil A com
Am Laundry Mach.....20
73*
275
5
19 X
*
O
a34K
Sept. 21 to Sept. 27, both inclusive, compiled from official sales
Exchange
Friday
Sale
Jan
385
a34
*
Last
Cincinnati Stock
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
Last
Jan
Feb
5
Friday
Price
Sept
10
1
Weinberger Drug Stores..*
White Motor
50
Apr
3K
17X
Yates-Amer Mach cap
5
Zenith Radio Corp com..*
Par
12
5
Apr
4%
80 X
aOK
Feb
2
Wrlgley (Wm Jr) Co cap
common
Jan
100
K
IK
19 X
20
106 K 108 X
Weath'se El A Mfg com.60
Wleboldt Stores Inc com.*
US Playing Card
Jan
Jan
183*
85* May
Jan
123*
Feb
79 X
com
8%
Jan
Apr
1
200
Westn Union Teleg cm.100
Little Miami Gtd
Apr
33*
2,450
56 3*
Convertible preferred..7
National Pumps
P A G
Apr
27
16
Common
Part pref
Apr
Sept
Utility & Ind Corp—
Prior pref...
July
403*
83*
213*
193*
100
Formica Insulation
Jan
May
"73 %
Utah Radio Products coml
Eagle-Picher
Jan
Jan
Apr
"43*
*
Crosley Corp
May
Jan
4
37 X
20
Cln Telephone
Feb
36 X
Trane Co (The) com
Union Carb & Carbon cap »
United Air Lines Tr cap..5
Cln Street
173*
July
Jan
30 X
32 X
19%
2
Stocks—
123*
227
National Refining (new)..*
Nestle LeMur A
*
May
Apr
100
,
al9K a21
*
1
20X May
621
12
14
Jan
44
25
13 K
35
National Acme
-
12J*
106
40
OK
OK
al9K a20K
3K
(Glenn L) com._l
McKee (A G) B__
*
Mar
Jan
Mar
1053*
29
163*
a34X a35K
.*
Martin
Apr
Sept
May
6 3* May
343* May
12X
13
3K
3K
0.32K a32K
Kelley Island Lime A Tr.*
Midland Steel Prod
June
13X
Mar
2K
95
125
24K
9
40
*
*
Jaeger Machine
140
29 J*
25
Woodall Indust com
23
Interlake Steamship
15
105
105
700
12
12
30
Walgreen Co
pfd.*
15
14
24
Sunstrand Mach T'l com.6
pref..
c
70
Aug
Mar
243*
Feb
11
30
12 K
Industrial Rayon com..*
Interlake Iron com.
*
Hanna (M A) $5 cum
Feb
Miller Wholesale Drug
25
cum
Sept
123* May
50
70
12K
12K
Jan
Jan
50
70
5
com
293*
72
20
7%
24
6
Halle Bros
Apr
100
alOK alOK
Goodyear Tire A Rubber.*
Great Lakes Tow pref.. 100
7%
1
Stein (A) & Co com
Stewart Warner
IK
110
Jan
c56
a 56
100
Preferred
14 K
St Louis Natl 8tkyds cap.*
Stand Dredge—
Standard Oil of Ind
27
14
15
2
Preferred
26
Feb
12
(BF)
29 X
14
Slvyer Steel Castings com.*
Sou Bend Lathe Wks cap.5
Common
h
com
85
a32K a34
*
c
com
Sept
Jan
38 X
Jan
com
43*
24 X
May
12 X
U S Gypsum Co
Sept
15 X
May
65* May
United States Steel
23*
Sept
15
25
50
2,050
com
11,369
12 X
570
339
125*
8X
Thompson (J R)
4K
Apr
Apr
Apr
8
117
23
7X
Texas Corp capital
50
215
13
343*
7K
common
3 K
3 K
High
103* May
6
Sept
112 3* Sept
34
«
Spiegel Inc
6
U2X 112 K
100
pref
Low
100
12
6
Commercial Bookbinding.*
Jan
Range Since Jan. 1,1940
Shares
High
12
Jan
Jan
Poor A Co class B
Preferred
Low
for
Week
125*
21K
50
Peoples Q Lt&Coke cap 100
Quaker Oats Co
of Prices
1
Colonial Finance
12 K
May
Week's Range
Price
Par
(Concluded)
22 X
70
8 K May
June
45
7X
Stocks
High
Low
Northwest Util 7% preflOO
Prior Hen preferred.. 100
com
Last
Sale
for
Sale
Par
Sales
Friday
Sales
Last
Stock* (Concluded)
1875
Aug
413*
Apr
13*
33*
Jan
43*
May
July
53*
Sept
120
93*
May
133*
Apr
240
263*
May
May
343*
Mar
343*
Apr
335
Wurlltzer
4K
4
X
450
43*
June
OK
OK
100
63*
Sept
Jan
Jan
Pacific Lighting Com com *
a40
a40
213
37 3*
May
49 K
Mar
Pacific Pub Serv 1st pref..*
18
18
18
108
173*
Sept
203*
Feb
Puget Sound Pulp A Tlmb *
10
..10
Western Bank
17
17
17
110
12
Jan
283*
May
53*
13
UX
UK
12 X
363
93*
May
5K
25
Columbia Gas
5K
5K
50
349
43*
Mar
48 X
10
General Motors
290
373*
Apr
17
73*
563*
200
Republic Petroleum com.l
Richfield Oil Corp coin...*
2
2
2
Apr
8X
1,484
Roberts Public Markets..2
93*
83*
9X
83*
Apr
93*
472
1
4%
43*
5
Unlisted—
Am Rolling Mill
Apr
Ryan Aeronautical Co
.
0293* a293*
3
9%
176
Signal OH A Gas Co A
*
a25%
93*
93*
a25X-a25X
Solar Aircraft Co
1
3X
Shell Union Oil Corp
273*
May
305*
Jan
243* May
30
May
295*
343*
Sept
May
153*
Jan
June
263*
559
345*
220
*
8K
17X
83*
17X
9X
183*
1,035
1,413
250
8
43*
al7% a 17%
45*
7
173*
73* June
Cleveland Stock
Exchange
173*
Aug
May
18
Sept
12
133*
2,051
93*
93*
103*
93*
1,654
1,680
4 3*
Jan
63*
July
IX
13*
13*
200
15*
10c
10c
10c
a7X
a41%
a7 K
o73*
Amer Smelting A Refining.
a413* a433*
Amer Tel A Tel Co. ...100 al03% al613*al653*
Last
Sales
Week'8 Range
Range Since Jan. 1,
for
1940
Amer RadAStd San
Corp *
Anaconda Copper..
60
23
c
Addressograph-Mul
Price
Akron Brass Mfg...
High
15X
50
24
25
8
80
4
4K
4K
*
a54K a545*
11
UX
Bond Stores com
1
024 X c25
c
Amer Home Prod com__l
Brewing Corp of Amer
4X
3
City Ice A Fuel
*
Preferred
9K
Mar
19 K
24
5
150
4X
412
9
K
May
Aug
For footnotes see page
1 OX
1876
Jan
3X
Feb
Continental Oil Co(Del)__5
Jan
Curtlss-Wright Corp
1
1
May
63 K
Apr
Elec Power A Light Corp.*
May
114 K
Jan
General Electric Co
16 K
17 K
1,535
26
May
Jan
17k
12 X May
43 X
36
18X
Mar
May
Apr
al9
a7K
a27%
General Foods Corp
*
Intl Tel A Tel Corp
*
a5K
a34%
40%
023*
Corp..*
31K
Kennecott Copper
*
May
July
1743*
313*
Mar
19
163
15
May
245*
550
203* June
205
43*
Aug
May
Apr
al03*
ClftSS A
Jan
148
67
61
Continental Motors Corp.l
Feb
233*
al53* al73*
213*
213*
43*
43*
475*
232
85
Commercial Solvents Corp*
46
6
Jan
a32
Jan
10
758
a463* a493*
Jan
2
23
Aug
Mar
7
108
257
63* May
353* July
153*
14 K
13
23 x
62
80
a5X
1,732
23 X
1,000
al8K
10
16 K
034 X a34K
Jan
13
Cities Service Co
98
100
5
33*
143*c
253* June
683* June
Apr
Sept
CleveGraph Bronze com 1
Sept
6c June
203
29 K
May
62
Apr
Sept
897
a49%
12
IX
14
95*
153*
163*
a325*
o773* a813*
0183* al83*
16
*
85
58 K
a77%
Caterpillar Tractor Co
23
112 X U2X
a32J*
Betniehem Steel Corp
Baldwin Locomo Wks v t c
Borg-Warner Corp
100
IX
Bendix Aviation Corp._. .6
Apr
Apr
15
*
*
4X
14
66K
86
108
3
May
19
10
IX
21X
May
X May
8K
4X
15
IK
Jan
Sept
Apr
al53*
26
*
6
May
86
Cleve Elec 111 S4.50 pref..*
Cliffs Corp com
45
X
1
Cleve Cliffs Iron pref
Cleveland Ry
K
53
12 X June
-.100
Clark Controller
Cleve Builders Realty
c
9
21
120
High
Low
155*
Apex Electric Mfg
c
Atchsn Topk A S Fe RylOO
Week
Shares
24
10
100
50c
cm
Airway Electric pref
of Prices
Low
Atlantic Refining Co
Aviation Corp (Del)
Sale
Par
Stocks—
Jan
175*
Unlisted—
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
Friday
Jan
8
Wellington Oil Co of Del.-l
A. T. & T. CLEV. 565 & 566
Jan
10
Mar
Mining—
Black Mammoth Cons .10c
Telephone: CHerry 6050
Jan
7
93*
13
Apr
Apr
May
93*
13
7
43*
1
25
Apr
45*
1,678
IK
Vega Airplane Co
Vuitee Aircraft com
Mar
1,523
293*
Union Oil of Calif
Union Commerce Binding, Cleveland
Sept
305*
345*
Transcontinental A W Air 5
May
93*
31
May
293*
4X
al7K
333*
23 3*
34%
*
.
1,126
29K
2
May
83* May
203* May
23* May
Apr
53*
273*
293*
25
Taylor Milling Corp
Transamerlca Corp
GILLIS Kl RUSSELL co.
28
7
May
25
6% pref A..25
Standard OU Co of Calif—1*
33* May
43*
29 X
Southern Pacific Co
Aug
200
53*
273*
293*
So Calif Gas
Jan
103*
551
27X
6% pref B
53*% preferred C
Members Cleveland Stock Exchange
83*
Jan
3J*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
Ohio Listed and Unlisted Securities
5%
33*
93
Sept
May
73*
1,707
a29K
15
Sec Co Units of Ben Int
Jan
25*
13*
6
140
Apr
Apr
22
83*
May
Apr
19 3*
May
Apr
343*
84
Apr
Apr
a53*
50
olOJ* al03*
33*
33*
150
53*
93*
July
July
243*
615*
63*
163*
130
23*
May
43*
Feb
203*
May
a53*
al9
al9
10
19
Sept
a83*
175
Aug
50
243* June
43* June
0343* 0353*
90
403*
403*
145
a2
a23*
313*
313*
Mar
295*
100
Jan
113*
a273* a273*
a53*
o53*
Jan
Apr
a73*
63*
8
Feb
■
Jan
27
May
40
Jan
Sept
475*
Feb
59
403*
23*
Aug
43*
300
243*
July
38
Jan
Apr
The Commercial & Financial Chronicle
1876
Friday
Sales
Range Since Jan.1, 1940
Last
Par
Week's Range
for
Sale
Stocks (Cbncluded)
of Prices
Week
Low
Price
Low
Shares
High
Orders
High
Montgomery Ward & Co.*
42%
105
39
3%
3%
14%
13%
ol7% 017%
200
380
127
2%
9%
15%
10%
5%
2%
42%
Mountain City Copper. 6c
New York Central RR.. •
42%
3%
13%
Nor American Aviation. 10
«J7%
North American Co
*
18%
18%
18%
Ohio OU Co
*
00
00
06
Packard Motor Car Co:
•
a3%
03%
a3%
140
o7%
105
_
Paramount Pictures Inc. .1
a(l%
00%
50
V
Radio Corp of America..
Republic Steel Corp....
*
18%
Sears Roebuck & Co
*
081%
*
013%
Standard Brands Inc....
•
0%
Standard OU Co (NJ)... 25
o34%
8%
♦'
7%
Stone & Webster Inc.
♦
...
Ktudebaker Corp....... .1
25
Swift & Co
.......
Texas Corp (The)
26
Tide Water Assoc Oil Co 10
•
Union Carbide & Carbon
.5
United Aircraft Corp
United Corp (The) (Del) V
U 8 Rubber Co
10
•
U S Steel Corp
Apr
May
4
May
111
Mar
640
14%
May
190
68%
June
24%
7%
23%
87%
100
12
Sept
Apr
Apr
Jan
5
May
30
June
43%
Feb
100
8
July
12
Jan
338
May
12%
23%
47%
Feb
128
45
38% July
8% June
63% June
016% o!7
55
12%
60
a 40
34
ol%
100
019% 022%
58%
58%
70
Last
Par
Gen Metals Corp cap..2%
General Motors Corp caplO
Apr
Price
7
American Stores
*
100
American Tel & Tel
103%
pref. .50
Bell Tel Co of Pa pref-100
119
'"*4%
Budd (E G) Mfg Co
Budd Wheel Co
*
Chrysler Corp
.
_
5
-
77%
30
Electric Storage Battery 100
General Motors—
Horn & Hardart
30
(NY)com*
Lehigh Coal & Navigation *
Lehigh Valley....——50
Natl Power & Light——*
2%
21%
Pennroad Corp vtc.....l
.60
Pennsylvania RR
Penn Traffic com
2%
Phila Elec Power
pref.—50
Scott Paper
41 %
*
-
Corp pref—
United Corp com..
,**
United Gas Imp com
"u%
*
Preferred
*
Westmoreland Inc
5%
515
79%
30%
41
41
105
13
13
470
10%
July
17%
Jan
14%
15
795
11%
May
16%
Feb
4% June
8%
40%
Feb
"~5%
*
Preferred.
10
2%
Mar
3%
Feb
Mar
8%
2%
Jan
May
2%
Mar
31%
Jan
May
May
49
11%
7,261
48
9% May
Jan
9%
10
10%
10%
168
1
Sale
Stocks—
Par
of Prices
High
Price
Low
for
com
.100
Blaw-Knox Co
*
8%
Byers (A M) Co com
Col Gas & Elec Co
*
8%
8%
*
5%
Copperweld Steel
5
5%
19%
19%
11
11
Duquesne
Brewing
-
*r
Co..5
Fort Pitt Brewing
1
Koppers Co. pref.
1%
100
1%
85%
Preferred
Jan
16
9
137
205
Pittsburgh
Plate
75c
13
5
Glass.25
Pittsburgh Screw & Bolt.. *
94%
6%
Pittsburgh Stl Fdy com..*
San Toy Mining Co
1
75c
1%
92%
6%
4%
1
2.60
2.60
352
1.50
14
14%
169
11
16%
17%
200
14
29
29
14
25
1.85
14%
8%
5%
1,700
186
5%
200
827
100
Southern Pacific Co
100
"8%
8%
9%
500
5%
5%
220
5
17%
5%
17%
18%
2,006
20
20
Super Mold Corp
cap
Transamerlca Corp
Treadwell-Yukon Corp
325
150
4%
2,035
25
7%
130
10
8%
8%
400
Jan
Jan
YellowCheckerCab
1.50
9
"2l"
6
303
6%
200
4%
160
2%
1.50 Jan
13%
1%
104%
May
5
Aug
June
Sept
Apr
Feb
Apr
Jan
8%
5
Sept
2,000
lc
Feb
lc
Feb
600
1%
May
2%
7%
Jan
Sept
Apr
ser
Am Rad & St Sntry
*
American Tol & Tel Co. 100 al62%
Amer Toll Bridge (Del)._l
98c
Sale
Price
10
22%
355
Atchison Topeka A 8 FelOO
3%
16%
3%
16%
Aviation Corp of Del
Bendlx Aviation Corp
5
4%
31%
4%
31%
Blair A Co Inc cap
1
Copper Mln..60
*
""3%
3
1.35
Cities Service Co com.. 10
abW a5%
Jan
2%
page
1879.
Exchange
Goodrich (B F) Co com
20
Carson Hill Gold Mln cap 1
Central Eureka Mln com.l
Coast Cos G & E 1st preflOO
Preferred
of Prices
Low
.
165
"4%
4%
5%
12
11%
11%
2.10
"17%
51
100
9
1,052
11
3%
3%
99% 100
86%
6%
3
28
1,000
500
95
20%
22%
6%
.290
16%
87%
1,647
560
200
160
2.00
14
49%
Mar
Aug
2% May
Sept
June
19% May
5% Aug
12% May
76% May
7
200
5
3
100
3
May
Sept
9
3%
460
3
Sept
3%
40%
3%
150
3%
Sept
9
Fireman's Fund Indem__10
44
Fireman's Fund Ins Co..25
94
2%
Preferred
25
1.15
17
41%
9
64
200
35
8%
44%
94%
22
36
61
77
1.15
100
17
36
May
Mar
July
May
1.00 June
17
Sept
Mar
Jan
Mar
3.50 May
26%
52%
15c June
18
Feb
19
May
99%
Feb
July
7%
15%
Aug
3%
3%
41%
6%
8%
5%
May
150
20c
3% May
3% May
311
86%
Emp Cap Co pref (w w) .50
Emsco Derr & Equip Co. .5
com
520
2.10
15
*
510
17%
22%
6%
*
Foster & Kleiser
30
32c
1
4%
109
20%
26
9%
Feb
Jan
Jan
Feb
21
May
95
May
10%
Jan
5%
3%
8%
44%
Jan
11
Sept
Jan
2.20
"a2%
Kenn Copper Corp oom__*
a29%
*
24
McBryde Sugar Co
5
Montgomery Ward A Co.*
a41
Mountain City Copper
5
Nash-Kelvlnator
3%
Aviation.. 1
'"l7%
North American Co com. 10
al8%
Oahu Sugar Co Ltd cap..20
Packard Motor Co com..*
14%
No
American
Pennsylvania RR Co
.20
Radio Corp of America
Preferred
7%
*
Schumach Wall Bd com..*
Jan
4%
Feb
0%
Sept
May
%
June
%
Mar
Apr
6%
7%
170
0
June
Apr
Apr
220
11%
Mar
30%
87
a5%
a5%
105% 105%
35%
35%
al2% al2%
20
30
5%
"4%
22
30
1,058
7
Apr
38%
Jan
24%
4%
35%
Apr
Mar
22
May
35
2.85
Sept
Aug
May
55%
4%
Apr
4% June
14%
July
7%
26%
Feb
31
18%
Sept
25
14%
Sept
May
23%
23%
Mar
4%
Mar
23%
Apr
12
Jan
215
200
50
3%
3%
1,305
o5%
o5%
17%
17%
al8% al8%
14%
14%
10
320
3%
a22% a22%
7%
7%
4%
4%
39
2%
380
299
50
3
16% June
7% June
152
4% May
100
3
25
06%
38%
036% a36%
160
040% a41%
125
500
25
20
a75c
a75c
"56%
56%
59%
2,047
85c
85c
85c
June
18% June
24
May
May
26% May
5
May
31
May
35%
Aug
25
39
50
150
.1
June
May
July
2%
5%% pref
a40%
5
20% June
74
165
06%
38%
Jan
Apr
a42%
29%
41
Aug
a 40%
4%
Sept
20%
25
4%
105%
28% June
650
2.85
Jan
Sept
25
5%
24
Jan
8%
Jan
a28% a28%
a2
a2%
a29% 032%
24
36
Aug
Apr
30
25
105
July
May
17
609
Sup Port Cement pref A..*
5%
20
376
a6%
6%
25
5
25
29%
10c
20
29%
29%
West States Pet pref
Jan
90%
50c
27
United States Steel com..*
2
14%
May
70
32%
7%
25
United Aircraft Corp cap.5
June
9% May
Apr
Jan
29%
U S Petroleum Co
Apr
June
27
Texas Corp com
8%
35%
24
*
*
Aug
20
25
Standard Brands Inc
Jan
4
100
26
.
25%
19
6% pref
Bo Calif Edison com
12%
May
210
3%
60
Pioneer Mill Co
%
Apr
Aug
Sept
14
«20c
2.85
5
Corp
3%
31%
June
55c !May
42%
May
90c Sept
May
5.00 May
Jan
Feb
Jan
7%
Apr
5%
Apr
25% Mar
30% May
29%
30%
7%
44
Sept
Apr
Apr
Mar
46% May
51%
1.15
Apr
Jan
66%
Jan
1.00
Sept
Feb
*
Jan
45% May
99%
Apr
20
""5%
»
com
Aug
27%
22
Inter Tel A Tel Co
Sept
Apr
al2%
Idaho Mary Mines Corp__l
Internatl Nick Co Canada*
Mar
Feb
*
20
Matson Navigation Co
High
Aug
1,455
51
20
100
6
Low
2
4% May
5% June
3% May
17%
20c
'"3%
4%
12%
12%
2,050
51
15
El Dorado Oil Works
Shares
238
»
_
Week
7%
5
-
Range Since. Jan. 1, 1940
4%
5
Doernbecher Mfg Co
Dow Chemical Co rights
High
for
4%
7%
Columbia Broadcastg A2%
Consol Chemical Ind A
*
Consol Coppermlnes
Crown Zellerbach com
Range
4%
*
Calif Packing Corp com..*
Preferred
50
Sales
Week's
2.40
*
Calaveras Cement com
Di Giorgio Fruit pref.
5
Hawaiian Sugar Co
18%
7%
1
*
Sept
a20c
•
Dominguez Oil Co
Apr
1.00
75c
\
Mar
174%
27%
Cons Edison Co of N Y__*
Consolidated Oil Corp
Curt las-Wright Corp
%
%
*
com
&
July
26% May
94
Jan
1% May
Feb
Feb
250
157
28%
156
22
June
815
15% May
2%
-
52c
290
1.35
12%
5%
149
540
210
13%
440
May
,
90%
22%
34
May
25
325
22%
Anaconda
Anglo Nat Corp A com
90
2.30
Atlas Imp Diesel Engine. .5
Calamba Sugar com
a.7%
Bunker Hill A Sullivan.2%
Cal Ore Pr 6% pfd'27,.100
2.40
1
.
a7%
al61%al65%
Jan
2%
Last
Assoc Insur Fund Ino
May
25c
Friday
Byron Jackson Co
15
15c May
Francisco Stock
10
40
2,625
Fibre Brd Prod pr pref. 100
General Eleotric Co com..*
Gold
21
3,300
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
Alaska-Juneau
June
21
1.00
Elec Bond & Share Co
Angl American Mining
June
15
15c
StJ Louis Stock Exchange—See
Par
May
7
488
98c
Coen Cos Inc A
1
Aircraft Accessories A. 60c
8
1,145
15c
Unlisted—
Stocks—
250
9%
19%
May
13
May
9% Sept
22% May
Unlisted—
Claude Neon Lights com.l
San
12%
9
20%
Westinghouse Air Brake.*
Pennroad Corp v t c
12%
19
12%
4%
May
Jan
5%
Apr
4%
3
May
Feb
28
Jan
14
146
10%
94%
10
15%
520
75c May
200
Jan
Aug
9%
1
Jan
6%
4
6
Mar
15c
Apr
9%
91
July
66
6%
Jan
10
4
Vultee Aircraft
Jan
Feb
Sept
1 %
Western Pipe & Steel Co. 10
Jan
26%
33%
6%
..1
Apr
Jan
17%
Victor Equip Co com
Preferred
1%
Jan
May
Vega Airplane Co
May
1%
Universal Consol Oil
12
Mar
May
Feb
6
Sept
4%
Aug
5c Sept
35,000
13
Jan
Jan
Apr
34%
15%
20
3,738
6c
13%
7%
Union 8ugar com
13
Feb
100%
17% May
Feb
May
10
250
6%
42
June
Apr
Apr
1,662
28%
7%
Mar
7%
1%
4%
5c
1
1.90
4% May
May
95% June
oc
2
25
7
21
13%
14
75
"~4%
34
2.75
19%
8%
1.50 May
10
34
10
1.75 Aug
12% May
6% May
3% May
20
100
Jan
37% May
May
6% May
*
Spring Valley Co Ltd
100
Jan
Mar
1.50
26% May
Jan
11%
May
4.00
May
863
""4%
8%
4%
Jan
29% May
24%
361
•
Feb
29%
425
14%
Jan
Jan
Mar
July
25%
25
33
160
1.85
14%
54
Apr
May
24% May
1.50
..1
Jan
Apr
43%
100%
Jan
5%
24%
lc
6%
130
39%
12%
1.50
1%
6%
33
15c
Apr
120
"24%
lc
6% preferred
10
Vanadium-Alloys Stl Cp.*
Victor Brewing Co
July
Sept
39%
17%
Soundvlew Pulp Co com.6
Preferred
100
So Cal Gas Co pref ser A.25
1%
Shamrock Oil & Gas com.l
June
96
39%
17%
Schleslnger Co (B F) com.*
7% preferred
25
Jan
1%
28
20
100
39%
Apr
Jan
75c
June
Apr
June
13%
13
May
113
1,359
37%
1.50
May
16
10
Ryan Aeronautical Co__.l
1%
65
Pittsburgh Oil & Gas
37%
100
25%
613
Feb
9%
50
Fireproof Corp.*
Pittsburgh Forglngs Co..l
651
126
Jan
34%
34%
31%
21%
138%
May
Richfield Oil Corp com
15%
489
National
28%
995
Jan
30
9%
1,054
1,477
Jan
Mar
Sept
15% May
May
95c May
25% June
1.35
29%
33%
30%
18
May
20%
10
Rbeem Mfg Co
242
4%
200
Jan
Apr
11
19% June
Republic Petroleum com.l
4,050
80%
20
12%
6% Aug
4% May
9%
26%
Jan
4%
10%
7% June
12
May
5%
4%
.1
120
Apr
28%
June
Jan
High
5%
McKlnney Mfg Co
14
13%
17%
37%
Jan
7% May
20
9
126
100
1.75
925
15%
117%
May
225
Lone Star Gas Co com—*
9
17%
Feb
Low
265
1%
2,527
8%
2%
Week
8%
2.75
2.50
41%
Range Since Jan. 1, 1940
Shares
23
21%
8%
Apr
1.30
1
com
Union Oil Co of Calif
Allegheny Ludl Stl com..*
9%
19%
12%
315
"2.66
Preferred
Sales
Week's Range
100
RE&RCo Ltd
Rayonler Inc
Pittsburgh Stock Exchange
Last
*
com
Preferred
Apr
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
Friday
7
July
12% May
9% May
50c
Standard Oil Co of Calif..*
10
86
'9%
Parafflne Co's
Philippine Lg Dist Tel P100
Puget Sound P & T com. *
Mar
48%
107% June
*
Apr
June
% May
1% June
26% June
607
29%
25
Pacific Pub Serv 1st pref
Pacific Tel <fc Tel com..100
Apr
24%
E Co com..
6% 1st preferred
25
6%% 1st preferred...25
Apr
May
45
680
30
May
595
8
15%
11%
30
May
409
7%
15%
11%
32%
1%
1%
5%
1%
14%
2%
28%
34%
%
Apr
32%
Pac Q &
150
1%
1.30
9
Pacific Coast Aggregates.5
610
36%
Apr
Jan
13
2%
38
41%
13
Jan
June
23% June
26%
Apr
Sept
940
17%
Apr
June
360
8%
Feb
34
75c
2.50
6%
82
40%
Jan
Feb
35
1
Occidental Insurance Co. 10
Pacific Can Co com
*
220
5%
44
June
44
*
Jan
50c May
33
35% June
May
Menasco Mfg Co com
G
May
May
710
21
N a torn as Co
June
22
11%
Jan
51c
Apr
589
No Amer Inv5%% preflOO
North American Oil Cons 10
27
247
10
125%
May
May
670
Jan
Apr
15
May
7%
14%
30
30%
29
5
.
3%
791
353
9
40
29%
Feb
14%
175%
122
42%
.
200
5%
70c
LeTouraeau (R G) Inc
1
Lockheed Aircraft Corp
Magna vox Co Ltd
2%
Magnln & Co (I) com..
Marchant Calcul Mach
High
313
16%
8%
5%
40%
39%
..50
Leslie Salt Co
5%
10
50c
Class B..
90%
33%
65%
35%
47
Feb
1
Honolulu Oil Corp cap
Jan
May
46%
%
1%
36%
11%
76c
Holly Development
Home F & M Ins Co cap. 10
Apr
June
10
Mar
Feb
June
171
6%
11%
20%
Jan
38%
38
20
Mar
8
25
2,873
34
16
160
6,520
Apr
May
•
770
7%
2%
23
2%
31%
56
27%
*
647
50
30
38
Hawadan Pine Co Ltd
3%
55%
41
—*
Westmoreland Coal.
4%
3
113% 113%
*
Preferred
,
87
748
31
Golden State Co Ltd
2%
48%
29%
2%
2%
7%
2%
21%
2%
31
Tacony-Palmyra Bridge. _*
Transit Invest
120%
4%
5%
77%
29%
40
1,823
49%
7%
66
May
9% June
146% May
10% May
Apr
113%
.598
/
High
May
May
Gladding McBean & Co..*
Low
629
11%
12%
161% 105%
12%
12%
48%
31
48%
6
Apr
Meier & Frank Co Inc.
Bankers Sec Corp
Low
100
Apr
Range Since Jan. 1, 1940
Shares
7
General Paint Corp pref..*
Week
of Prices
High
Low
Range Since Jan. 1, 1940
Jan
Saks
Sale
Par
Stocks—
for
Shares
51%
2%
Aug
1% May
Aug
for
High
Feb
Philadelphia Stock Exchange
Week's Range
Low
Week
Feb
Sept. 21 to Sept. 27, both inclusive, compiled from official sales lists
haul
Range
of Prices
Price
Langendorf Utd Bak A...*
Friday
Week's
Sale
Stocks (Concluded)
Saks
Friday
|
11
May
45
|
Jan
82%
23%
18
416
ol%
Stock Exchange
Cortlandt 7-4150
130
June
York
Broadway, New York
Private Wire to own offices in San Francisco and Los Angeles
115
o39 %
are
Apr
17%
7%
8
which
Apr
8%
July
June
5%
Exchanges,
Jan
May
4%
o36% 037%
039%
Members New
Apr
a9%
a9%
o74% 076
a.9%
ol%
ol9%
58%
23%
7%
June
5%
19%
18
Stock
Schwabacher & Co.
Jan
Apr
7%
7%
019% 019%
o74 %
al7
United Air Lines Trans.. .6
18%
26
Aug
10
4
Coast
Eastern Standard Time (2 P. M. Saturdays)
Apr
4%
May
May
6%
6%
o34% a35
8%
8%
019%
036%
Pacific
on
47% May
June
50
o4% o4%
18%
18%
081% o83%
o!3% 013%
o4%
Southern RyCo
42
o22
022
022
70
solicited
until 5:30 P. M.
open
Pennsylvania RR Co
Sept. 28, 1940
Mar
No par value,
a
Odd lot sales. # Ex-stock dividend,
e
Admitted
to unlisted
trading privileges,
d Deferred delivery,
t Cash sale—Not Included
in range tor
year.
xEx-dlvidend.
y Ex-rlghts.
t Listed,
fin default,
t Title changed from
The Wahl Co. to Everaharp, Ino.
Apr
3k
%
Volume
1877
Commercial & Financial Chronicle
The
151
Canadian Markets
AND UNLISTED
LISTED
Jan
1 1948
42
44
4*8
Oct
1 1956
40
42
6s
6s
Prov of British Columbia—
12 1949
83
80
4s
85
1 1953
82
Oct
5s
June
6s
73
15 1954
70
75
2 1959
70
75
Dec
Week
Price
100
101*
Internationai
88
89
92
5s
Apr
15 1960
82
4*8
Preferred..
Apr
15 1961
81
84
Lindsay (C W) pref
83
86
Massey-Harris.
Oct
18*
80
14
May
27
Jan
10*
10*
10*
Feb
69
61
59
61
60
63
Natl Steel
5s
Mar
1 1960
85
89
30
350
25
June
38*
46*
360
34
June
69
Jan
20
May
32*
Apr
43*
July
77*
June
«•
26*
29
208
20
6
140
146
25
9*
4*s
Sept
1 1946
73
74*
Quebec Power
6s
Deo
1 1954
70
72
Regent Knitting pref...
St Lawrence Corp
69
66
64
1 1960
July
4*s
,
11*
Mar
4
50
July
72
Mar
8
210
6
May
11*
Jan
14
505
9
May
24
Jan
14*
14*
105
13
June
17*
14
14
40
10
July
450
2
May
93
1956
4*8...
1
1957
92
93
4s....
5s
1 1969
93
94*
3s
68
1
94*
95*
1969
1 1970
103*
Grand Trunk Pacific Ry—
1
*
.
•
-
*+
-
—
..Jan
11962
Jan
1 1962
79
215
10*
May
135
20
May
52*
19
317
16
May
24*
9
9
50
7
May
15
15
Jan
Jan
*
30
73
-
"74
11*
73
76
9* June
62
July
74
-
11*
M
74
10
63
May
10
15
6
June
11
4
50
2*
May
45
110
22
Aug
37
10
106
June
50
16
17
19
2*
90c
Sept. 21 to
Sales
Friday
Last
Week's Range
Sale
Price
Pat
Stocks—
*
24*
Apr
255
90c
Aug
2*
Jan
1.25
400
1.00
July
8*
8*
*
23
23
.25
June
1.00
Aug
1.00
20
*
11
11*
345
7
May
100
87
87
10
85
Aug
18
18
90
14*
May
1.00
Alberta Pacific Grain A..*
Algoma Steel
Preferred.....
A8Desto8 Corp
18
•
Apr
25
Apr
21
Bathurst Pow A Paper
153*
16*
"~4 *
*
26*
19*
12*
6*
May
15*
25*
Feb
45
Apr
153* 156
193
July
169
Mar
130
5*
28*
3*
730
360
4*
4*
23
Aug
4* May
50
Apr
June
Class B
Can North Power Corp
Canadian Bronze
Preferred
Celanese
10
May
23*
3* May
8*
June
99
Feb
11
May
23
Feb
15*
15*
15*
125
13
July
22
Mar
10*
11
215
10*
Sept
18
Jan
468
2*
June
8*
Mar
208
9*
June
21*
Apr
Preferred 7%
4
15*
4*
16
36
36
102
102
8*
8*
125
Canadian Vickers Ltd
12*
May
28*
Jan
May
37*
Feb
170
20
15
106
June
128
Mar
1
100
July
116
May
30
5
June
14*
Mar
3*
Jan
*
*
1.85
1.85
125
1.75 May
3*
July
19*
Preferred
Bridge
Dominion Coal pref
Dominion Glass
Preferred
English Electric clA
Class B
Foundation Co of Can
preferred
General Steel Wares
Preferred
Hollinger Gold
May
96
55
Sept
55*
Mar
4
4
100
Mar
165
8*
Apr
Walkerville Brewery Ltd.*
12*
13*
95
9.60
15
Jan
Walker-Good 4 Worts (H)*
15
15
30
11*
May
23*
50
85
May
106
Apr
19* June
25
80
June
96*
Apr
28*
210
22*
June
40*
Jan
20
205
16
May
22
Feb
222
113
June
125
9*
795
5*
135
87
10
6 *
3
15*
Jan
May
8*
Apr
80
July
70
June
146
Sept
-89
90*
155
Jan
Mar
Jan
May
11*
Jan
Jan
5*
Apr
6
6
315
3
3
50
30
30
5
31
Jan
5
5
606
3
May
5*
Sept
45
6
May
15*
Feb
75
10
May
16*
85
80
June
96*
Feb
July
10*
Feb
12*
12*
11*
11*
100
89*
89*
•
Imperial Tobacco of Can.6
International Bronze
*
4
Jan
June
6
Imperial Oil Ltd
Apr
88*
70
*
27*
28
85
5
*
12*
26
11*
14*
6*
7
540
103* 104
26
27*
355
11*
751
14*
374
11*
14*
2*
4*
2*
3
8*
12
34
Feb
Jan
Feb
Canada
95c
4
July
5*
Feb
16
May
23*
Jan
541
19*
Jan
11*
26
10
July
29
460
24
May
35
Jan
36
35
30
June
39
Feb
98
22
95
July
111
Feb
35
1.10
June
2*
Apr
212
20
177
Aug
235
Mar
165*
14
163
Aug
175
Mar
95c
30
70c May
3
10
2
May
15
7*
June
33
Jan
June
18
Feb
June
14*
Feb
1.55 May
3.60
Mar
95c
3
12*
12*
:::::[
10*
10*
10
10
10*
10*
10*
10
10
2.00
2*
140
6*
6*
25
8c
8c
25
4*
4*
2,124
1.00
4*
2*
1.05
150
2*
3.00
75
Aldermac Copper
Jan
1.40
8*
Apr
Jan
July
5
9c
6*
Jan
May
10c
Feb
Apr
May
8*
75c June
3.75
Jan
June
3.75
Mar
29* June
33*
Jan
9*
Feb
3*
1.00
June
16*
Feb
Century Mining
Dome Mines
16
16
65
14
Aug
23
Feb
24
24
5
20
June
28*
Feb
37
37
39
1,897
27*
May
46*
Jan
*
5
5*
200
4
5*
5*
240
3* May
•
No par
*
Ltd
value,
r
May
10
3
5*
5*
50
3
May
8*
3
3*
175
2
June
6*
5*
"~5*
5*
90
17*
17*
44
11*
12*
340
13
13
16*
16*
"id"
15
16
16
16
"94*
94*
13"
Jan
10
Jan
July
22*
Feb
7* June
21*
Jan
3* June
13*
20
12
June
38
200
9
May
22
6
Jan
Apr
16*
Jan
Jan
Mar
17*
Mar
Apr
4.75
6
17
May
17*
94*
18
82
June
101*
1.00
1.00
100
1.00 May
1.65
Apr
4.75
4.75
37
3.50 May
6.25
Mar
10*
95
May
15*
Jan
10*
101
98
6*
Apr
101
30
91
July
111*
Jan
98
15
91
Aug
106*
Mar
7*
Feb
5*
5*
25
4
May
5*
5*
60
5
Jan
6
Feb
Sept
July
101
102
20
95
June
112
50
101
50
60
50
Sept
50
13
8
12*
Jan
Sept
12*
Feb
1.20
Apr
29* June
43*
Feb
13
70c
40
70c
40
18c
Central Cadillac Gold
16
25
30
30
"~5*
Corp...*
1
1
Jan
15*
24
19*
10
70c
2.50
41*
375
20c
2,100
2,000
5,000
Mines—
34
June
25
Preferred
Jan
Mar
Jan
Apr
19* May
146
5
6*
130
165
United Amusement cl A..*
5*
May
May
July
5*
5
35
85
100
Preferred
Hudson Bay Mining..
Intl Nickel of
78
5
24*
146
Goodyear T prf inc 1927.50
Howard 8mlth Paper
1
*
100
Dominion Woollens
85
Gypsum Lime 4 Alabas..*
Hamilton Bridge
♦
Jan
5
150
2
26*C 26*c
B
Lino.
Dom Oilcloth 4
Apr
146
6*
May
Apr
212
David 4 Frere Lim
Jan
32
87
*
*
*
May
3*
Jan
Jan
1.45
98
60
Jan
48*
*
•
100
9
May
June
5*
6
1*
40
567
5*
19*
80c June
Apr
36
36
55
May
21
9
•
32
11*
90
?
29
25
126* 126*
100
17*
June
28*
90
25
520
*
Gatlneau
19 *
55
6
40*
27*
20
"28"
25
Dry den Paper
*
Enamel & Heating Prods.*
Jan
Feb
June
6
150
130
5*
2*
2
10
5*
5
Aug
39*
100
Dominion Textile...
6%
May
9
645
2.75
2.75
130.
130
Ltd...*
Catelli Fd Prd 5% cm pf-15
Commercial Alcohols Ltd.*
Preferred
5
Consol Div Sec pref
2.50
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd...*
88*
100
Preferred
2,1.50
4
0.50 June
700
124
122
Catelll Food Prods
24*
Dominion Steel 4 Coal B 25
Dom Tar 4 Chem
6
pref
27
"39*
*
100
*
5*
5
cum
High
Low
"
*
*
pref...
Donnacona Pap Co Ltd A *
Eastern Dairies 7%cmpfl00
Falrchlld Aircraft Ltd
6
Fleet Aircraft Ltd
♦
Ford Motor of Can A
*
Fraser Cos vot trust
*
Lake St John P 4 P
*
MacLaren Pwr 4 Paper..*
Maritime T 4 T Co
10
7% cum pref
10
McColl-Fr Oil 6% cm pflOO
Melchers Distilleries
*
Preferred..
10
Mitchell (Robt) Co Ltd..*
Page-Hersey Tubes.
*
Power Corp. of Canada—
6% cum 1st pref
100
Provincial Transport Co..*
Sarnia Bridge Co A
*
So Can Pow6% cum prf 100
Standard Pavg 4 Mat'ls..*
6
*
Crown Cork 4 Seal Co...*
Distillers Seagrams
5
8
7%
Week
Shares
75c
10
1, 1940
Range Since Jan.
for
"4*
65c
10
7% cm pflOO
Canadian Marconi Co
Jan
32
8
Canadian Ind
Jan
May
16*
75
124* 125
Aluminium Ltd
45
Cndn Ind Alcohol.
Consol Mining 4 Smeltlng5
of Prices
High
4
4
100
100
107
1.65 May
Cockshutt Plow
Range
Low
65c
Co..*
6% cum pref
7% cum pref
July
165
5
Stocks-
May
1.90
26
Sales
Week's
Sale
Price
Par
June
1.85
Ry
Last
Abltlbl Pow 4 Paper
official sales lists
both inclusive, compiled from
Friday
6
10
Pacific
Sept. 21 to Sept. 27,
29
19
100* 100*
*
Mar
102
10
Class B
Mar
190
10
Canadian Foreign Invest.*
Canadian Locomotive
311
June
75
18*
100
July
150
310
32
Canadian Cottons pref.100
Dominion
Jan
80
196
*
280
26
Beldg-Cortcll 7% cm pflOO
Brewers 4 Dlsta of Vane..5
Brit Amer Oil Co Ltd
*
British Columbia Pckrs..*
Canada 4 Dom Sugar Co.*
Canada Malting Co Ltd..*
Can North 7% cum pfd 100
Cndn Breweries Ltd
•
Canadian Indus Ltd B___*
600
575
102
2
165
Feb
15*
1,404
*
279
163
—.
5*
6*
*
25
279
100
—
2.75
19*
100
Preferred
Cndn Car & Foundry
100
Royal
*
cl B...*
96*
4
Montreal
Nova Scotia
Beauharnols Power Corp.*
6
15*
Mar
Bathurst P 4 P Co
19
60
preferred
Mar
212
Jan
17*
95
Canada Steamship (new).*
176*
July
Feb
May
19*
*
July
171
Mar
12
96*
6
139
13
7
155
*
*
Aug
145
190
30
16
*
Preferred
Canada Forglngs cl A
137
159
190
Jan
10
100
Canada Cement......
Canadian
May
85
373
15
6
17
157
190
Jan
12
16
16
Building Products A (new)*
139
"l57"
100
Feb
17
28
British Col Power Corp A *
139
100
Apr
45
5
5
Brazilian Tr Lt 4 Power.*
Bulolo
Mar
11*
15*
"iVA
A.*
Bawlf (N) Grain pref_..100
Bell Telephone
100
Bruck Silk Mills
Sept
3.00
100
Apr
164
100
Commerce
Montreal Curb Market
Feb
110
45
*
Associated Breweries
Canadian
107
Jan
June
July
8*
180
135
23
2*
13
Canadienne
High
Low
Shares
10
107
107
Agnew-Surpass Shoe prflOO
5%
of Prices
High
Low
1, 1940
Range Since Jan.
for
Jan
May
1.25
1.25
*
Banks—
Montreal Stock Exchange
Sept. 27, both inclusive, compiled from official sales lists
Mar
90c
-
Preferred
Apr
110
108
Zellers
Jan
4*
3*
30
108
B
Feb
Jan
May
6*
30*
*
pref.. 100
Grocers
Jan
86*
83
3*
3*
Apr
Mar
4
W
m
*
Winnipeg Electric A.,..
)
16
37*
10
-
•
Wabasso Cotton.
Apr
21
18
~
.
Wilsils Ltd
87
95*
94*
_
United Steel Corp
Western
93
4*8...
*»
_
Jan
Jan
5*
15*
18*
of Canada...
Co
Jan
17
37*
15*
Viau Biscuit
103
94
92
15 1955
11946
..July
6*8
92*
91*
Jan
7*
50
3*
3
3
Preferred
Tooke Brothers pref... 100
Ask
Canadian Northern Ry—
Canadian National Ry—
1 1951
4*8...
*
"25
Bid
Ask
Bid
Steel
14*
".25
150
Southern Can Power...
Sept. 27
Closing bid and asked quotations, Friday,
(American Dollar Prices)
Mar
10*
13*
......
Sher Williams of Can...
Bonds
13*
50
7*
7*
pref.100
Power.*
A preferred—
100* 101*
Jan
Feb
10*
10*
*
77
66
July
Jan
33*
162
June
6*
Jan
50
*
Price Bros <fe Co Ltd...
62*
Government Guaranteed
6s
480
9*
Canada.
Shawinlgan Wat &
4*8...
57*
144
100
*
St Lawrence Paper
Dominion
26*
57
M
100
_
74
15 1944
1 1944
Feb
29*
*
51*
debentures
15 1942
Jan
Feb
29*
Canadian Pacific Ry—
Sept
5s
Ask
Jan
9*
120
31*
29
....
Power Corp of
Bid
Jan
May
"57"
Ottawa Electric Rys...
Penmans
June
107
6*
May
5
10
25
••
Ottawa Car Aircraft
Sept. 27
2*
140
823
Car Corp
Preferred
180
5*
30
Ogllvle Flour Mills
Railway Bonds
3*
29*
Noranda Mines Ltd
Canadian Pacific Ry—
Jan
Sept
40
June
25
"29 *
Niagara Wire Weaving.
Dec
July
5
44*
87
4*8
5*
112
112
_
Montreal LH4P Cons
--*
National Breweries
81
6s___
16*
Mar
3*
Montreal Cottons pref.100
83
4s perpetual
Sept
2*
5*
78
Ask
10*
15
44
44
,
*
.
15 1952
Bid
15
2
2
100
-
Sept
Closing bid and asked quotations, Friday,
(American Dollar Prices)
Jan
Feb
78
_
McColl-Frontenac Oil
16 1946
1 1951
rNov
4*8
6
94
89
11961
5*8
Sept
June
18*
#
Lindsay (C W)
4*s
Province of Nova Scotia—
2
70
77*
Lang & Sons (John A)..
15 1943
300
22
Lake of the Woods
87
June
2*
18*
95*
86
of Saskatchewan—
6s
85
Feb
24
June
262
78
100
93
Feb
4*8
12*
16*
2*
"~2*
*
Power
May
4s
Prov
Prov of New Brunswlck-
High
Low
Shares
16*
Intl Petroleum Co Ltd.
2 1950
1 1958
Mar
4*s
78
1 1941
Aug
Jan
4*8
99*
Province of Quebec—
Province of Manitoba—
4*8
for
of Prices
Low
High
Par
Stocks (Concluded)
99
1942
1943
1959
1962
15 1965
1
Sept 15
May
1
...June
1
Oct
6s
July
Week's Range
Province of Ontario—
5s
4*s
Ask
Bid
Provluce of Alberta—
Range Since Jan. 1, 1940
'Last
Sale
Ask
Bid
Sales
Friday
Sept. 27
Closing bid and asked quotations, Friday,
(American Dollar Prices)
6s
Montreal Stock Exchange
Municipal Issues
Provincial and
7 *c
23
8c
16c
17*c
23
Canadian market
23*
318
60c
35
Jan
10*
July
6c
July
20c
Jan
8c
Aug
21c
Mar
June
29*
Jan
17
1878
The Commercial & Financial Chronicle
Sept. 28, 1940
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Week's Range
Sale
Stocks (Concluded)
Duparquet
Par
Mining
Low
High
Low
High
Stocks (Continued)
Par
1
He
lc
5,500
He Sept
2%c
Jan
Consolidated
3.25
3.40
650
1.95 June
Falconbridge Nickel
4.10
Jan
Cons
2.62
2.62
100
2.27
May
5.05
Apr
Consumers
40c
40c
20c
May
68c
Jan
Cosmos
2c
2c
1,300
5 Otf
lMc Sept
8%c
Feb
21%
21 %
15%
July
31%
Jan
3.55
3.55
Cub Aircraft
Davlea Petroleum
»
100
2.28 June
4.80
Feb
Dome
40c
500
Mines..A
Lake Shore Mines
Macassa Mines
Normetal Mining....
O'Br
Gold Mines
en
1
85c
Quebec Gold
1.82
54c
Apr
85c
50
5c
200
2c June
10%c
Jan
2.20
400
1.55 June
2.65
Apr
69c
1.72
1.72
100
1.00 May
1,100
1.05 June
20c
100
78c
2,300
61%c 61 He
1,425
75c
75c
1
Jan
2.10
1.80
20c
Sberrttt-Gordon Mines...1
"~46c
44c
46c
Week
47
26
26
27
77
*
Dominion Bank
Dominion Foundry
4%
Jan
Dominion Tar
2.11
Jan
41c
Jan
July
1.15
Jan
68c
Aug
95c
Apr
Duquesne Mining
Jan
East Crest
*
Aug
1.17
Sept
47c June
1.00
Jan
2.48 June
4.15
Jan
Eldorado
Apr
English Electric class B
Equitable Life
58c
58c
58c
100
50c May
1.03
Jan
1.60
1.60
300
1.10 June
2.35
Jan
1.95
2.05
1,275
1.30 May
18
June
3.10
Jan
36
Jan
24
24
25
<*
Canadian Mining & Industrial Stocks
30
wr
BROAD
Friday
Last
Sale
Stocks—
Par
Price
Abltlbi
6%
for
of Prices
Week
Low
preferred
Alberta Pacific
100
4H
Aldermao Copper..
19c
*
Algoma Steel
*
Anglo Canadian
4%
*
28
18 He
58c
66c
4C
4c
Ashley
1
4Hc
4%c
Astoria Que
Auuor Gold Mines..
1
T.70
4%c
4 He
6c
7c
3c
3c
1.64
1.80
2,400
5,916
1
5%c
—1
1
8%c
1.03
Jan
6%c
8%0
2c
7c
Jan
Imperial Bank.
2.68
Jan
Jan
Imperial Oil Co
*
Imperial Tobacco ord...$5
Inspiration...
1
9c
Jan
Int Metal A.'..
3,823
5c
Bank of Montreal
100
190
189
190
35
170
100
220
220
220
22
200
Base Metals
8 He
Bathurst Power A
*
Bear Exploration
1
Beatty 1st pref...
Btdgood Kirkland
1
Big Missouri
July
70c
97 H
July
153%
llHc
97 H
25
5%
5%
153% 155H
11c 12 He
4c
4 He
18,100
1,672
4c
36%
5c
5 He
1,500
10.25
9.95
10.25
950
1
*
Brazilian Traction
Broulan-Porcupine
1
Brown Oil
...
Building Products.....
Burlington Steel
1
28%
86
65c
70e
35,700
11c
1,503
12c
5,900
4.50
4.90
1,450
15%
10%
4.80
♦
*
15%
125
10%
5
*
Calmont
1
..*
Can Cycle & Motor preflOO
Canada Malting
*
Canada Northern Power..*
Canada Packers
1.45
24c
6
4,558
24c
26c
1,500
6%
946
6
103
*36*
103
5
Cnan Breweries pref
*
Cndn Bk of Commerce. 100
Canadian Canners
Preferred
*
57
150
26 H
155
25%
155
7%
18%
11
8%
8H
272
1.75
Apr
t
5%
Apr
2.00
1.75
5
2~. 10
Castle-Tretheway
-.1
Central Patricia
..I
Central Porcupine
-.1
15
2.15
300
119
60
T.87
Cock8hutt Plow.......
56c
6%
Conlaurum
1.30
Jan
5
June
9%
Jan
17,745
1.20 June
2.79
Sept
14c
5,000
11c May
70c June
32c
Feb
1.54
32
Jan
20%
18%
1.03
9,950
22%
150
.150
5
598
*
15%
July
100
90
Aug
250
Jan
15
July
27
Jan
7.25
Jan
18%
18%
75
5.15
5.15
217
7c
7c
3,900
10%
11%
l%c
3,000
11%0
6
6
195
30
4.75 June
5c
9
July
June
lc May
4
Aug
22 %c
Jan
Jan
13
Jan
5%c
Apr
1
9%
Mar
52c
54c
2,800
41o
June
880
Jan
*
2.00
2.15
2,375
1.71
May
3.40
Jan
2.39
47c
8%
106
■
25
25
26%
395
♦
20% May
Jan
26
28%
24%
26
104
20
May
26%
Jan
3.45
3.60
2.25 June
4.75
Jan
Macassa
Jan
Madsen Red Lake
1
43 c
47c
4,205
30,143
Malartic
1
1.05
1.15
21,050
lc
5,000
6%
3%
35%
Mar
Mines
Gold
...1
Apr
Manitoba &
Eastern..^..*
lc
Jan
Maple Leaf Milling
*
Maple Leaf Milling pref..*
Massey-Harris
*
3%
39%
17%
104%
Apr
150
Jan
8%
Mar
21%
Preferred
Jan
*
Jan
100
6
3%
33%
33%
4
20 %c
620
Jan
1.45
Mar
Apr
tf %c
July
l%c
318
1%
3%
1,115
2%
July
May
July
5%
9%
6%
59%
809
455
Feb
July
54c June
25
July
110
Jan
Jan
Jan
Jan
5
June
2
80
June
500
5
2.75
McKenzie
May
1
14%
Jan
Apr
95c
96c
5,625
31%
McVittie
1.47
Jan
Apr
1
f85c June
6c
7c
200
i 4c June
15%C
Jan
1,800
1.05
21% May
135
178
*
100
5%
5%
93
93
6
93
9%
101
Feb
Apr
Feb
McWatters Gold
*
30c
30c
10%
Feb
58c
Jan
Mercury Mills
*
6
6%
125
5
22
June
Feb
Model Oils..
12%
Apr
20c
20c
500
;
20c
14
Feb
Sept
30c
Jan
Sept
6
16%
2%
Feb
,
Monarch Knitting
Preferred
29
Aug
66
Jan
Moneta
Sept
37%
Feb
Moore Corp
Class A
32
Jan
M orris-Kir kl and
1
3.62
Jan
National Grocers
*
2.50
Mar
.
20
9%
,
8
20
32c
85c
4
8%
13%
22
1.65
2.67
114
119
National
Sept
25c
Car
Nipissing
Noranda
*
7c
10,000
5c
91c
14c
95c
Jan
17,102
41c
1 05
Jan
3c
35
15
5c
260
71,850
1.000
15c
58c
Jai
56c
7,500
56
31c
78c
Jan
Ontario Loan..:
3%
9%
Jan
Oro Plata
300
1.25
1.65
Feb
No par value.
37 %C
1.05
58
93 %C
Jan
34%
June
48
Apr
145
May
189
May
2c
July
8c
Jan
4%
Sept
8%
Mar
July
26%
Mar
4c June
21 %c
22
1,000
290
July
Jan
35
12c
June
July
85c June
69
Jan
Jan
37 %C
1.40
Jan
Jan
2,135
43
July
78%
Jan
4c
1,000
3%o June
7C
Feb
40c
40c
524
27c June
60c
Apr
62c
Sept
2,400
30c June
59c
94c
94c
1,545
50c June
1.81
Jan
95c
1.00
7,800
60c
June
1.35
Apr
19c 19 %c
108
108
1,748
11c June
34c
•
....
390
60
60c
J
60c
Omega
O'Brien
1.05
56
20c June
14,000
4%
25%
25c
*
Okalta Oils
19c
Jan
15
44%
4c
Northern Canada
1.98
385
5c
.....
Normetal
3
6,250
44%
*
5
Mines.-
Nordon Oil
*
63c
44%
175
2%c
4%
25%
50
55
23%c
Steel
Jan
1.00
43%
2%c
3%
70
175
Nay bob
Jan
t
61
National Grocers pref—20
Jan
Apr
2%
70
57c
National Petroleum
Apr
100
*
Feb
Mar
100
100
75c
2,200
Apr
19o
Leltch
2.55
1.37
Jan
27C
Aug
Little Long Lao
Loblaw A
56c
1.30
65c
17c May
l%o
Mar
Jan
1.45
.
Jan
Feb
11%
Jan
2,500
6%
47
24
Sept
15c Aug
8.60
1.95
1.25
Apr
17%
14
1.86
5%
Jan
Apr
113%
7%
95c
21
25
500
1.25
Conlagas
5%
15%
114
2.79
1
60c
52c
"*95c
1
19c
III
May
27% May
12% June
12c
3
5%c
92c
Chromium.
May
June
7%
*
60c
..1
Chesterville
2.10
118
500
1,015
Apr
11c
1.65
50c
41c
5
20
Jan
Apr
11c
1.65
5%
6
Feb
15%
16%
2.62
2.63
"
Legare pref
220
*
10
18
5%
*
Jan
July
June
90
100
19%c
Feb
85
2,234
Laura Record (new)
12
18
15,500
Lapa Cadillac
Jan
Jan
May
25
3c
Lebel Oro
Jan
17c June
510
20c
Mar
Feb
74%
8% June
12
2,700
27c
Sept
7 %C
40 %0
34
McDougall-Segur
5H
12%
39
25c
2c
72c
Jan
McColl
310
9
23c
1,866
k 465
20c
Lamaque G
Jan
Jan
3.10
McColl pref
7%
290
15
22c
...*
16
15
Apr
318
20
192%
11%
1
1
Jan
Apr
70
35
14
1
...1
Jan
Jan
IOC
Apr
6
100
11%
14
—1
....
4%
1.48
■!?
191
11%
1,840
Lake Shore
Mar
24
17
9
150
Apr
38%
65
56
11
27
Jan
3%C
8%
15
25
36
191
4,673
Apr
Jan
10
16%
10%
30
20
38%
Lake Sulphite
Lake Woods
23%
13
Apr
40%
7%
18%
1 75
7%
June
July
2% June
9%
205
18%
18
lOu
Aug
June
29%
14% June
26 H
160
31
50c
*5
Wirebound..
Cariboo
102
25
1.75
*7%
June
18C June
3
June
1.50
18%
16%
.25
1.00
65
31
Canadian Locomotive..
Canadian Malartic
Cochenour
July
June
6% May
117
19
Canadian Celanese
.....
2.75
12
26
57
20
Canadian Dredge
Cndn Indust Alcohol A.
Class B
Carnation pref
May
May
Aug
28c May
6%0 June
152
1.50
25
R
June
14%
23%
89
56
*
Can Car & Foundry
Mar
Jan
July
16%
Jack Waite.....
May
135
18 H
Class B
42
54
36%
Jellicoe
11.00
11
16%
Jan
11%0
89
56
Breweries...._*
Canadian Canners A
Aug
66
36%
Jan
Ho June
75
16
Class B
Canadian
Feb
7.40 June
12
15%
19% May
1
36%
16
l%c June
21%c July
442
,10
*
10%
83
"13"
*
B
1
65
4%
5,000
International Petroleum..*
Int Utll A
Kerr-Addison
36
4%
3,000
29c
62
9%
Kirkland-Hudson
Kirkland Lake
131
*89*
Can Permanent Mtge_.100
Canada Steamships
L*
Canada Steamships pref.50
Canadian Wire A
*
1.65
3%c
98
B
Calgary <fe Edmonton
Canada Cement
19%
27H
"(55c
1.30 May
100
100%
Kelvlnator
3
*
9% June
12,470
*
Jan
454
British Columbia Power A*
704
2.10
8
Apr
5%
19%
12
13
100
98
140
6
19%
3,000
100
169
3%
*
11,425
26c
'"9%
62 Ho
6%
5
July
34
May
2% July
55c May
3c Aug
7% June
6c
100
International Nickel
Apr
May
%c June
3
3
100
July
102
35
8
2%
500
440
98c
»
100
Sept
34
3
Mar
404
lc
5%
3%c
.A
40
712
British American Oil
£ tj
10c
5%
5%
P
115
1.19
5%
4%
2,500
'
July
2% May
July
5%
5
Canadian
37
90
130
5%
Brewers & Distillers
Buffalo-Ankerlte
314
36%
Bralorue
7
741
1
Bobjo..
July
2%c
200
50
Blue Ribbon pref
15%
9%c
1,100
92c
Jan
A preferred
Feb
May
6 He
64c
Preferred
Mar
Jan
5c
125
211
268
33o
92c
12
Apr
July
11H
*
Bell Telephone Co..... 100
7o
92c
100
Beauharnois
4,300
July
July
11%
1
Beattie Gold
10c
100
4%c
Bank of Toronto
31 %c June
40c
1-26% £27
100
Aug
10%c
July jS?*,28C
Apr
26c
26%
2c June
3c June
Jan
14%
1.85
3%c
.1
91c June
1,000
27%
Sept
2%c June
2% June
12
"l2
*
20% preferred
AjQ
gj
Jan
Jan
June
5
12%
1.95
41c June
Feb
57%
3%c May
5%c July
90c
12%
1
87
July
lc June
3
Home Oil
........
Jan
June
51%
3%C
Holiinger Consolidated...t>
Homestead Oil
Jan
26c
l%o May
11
98c
HI rule & Dauch..
Hudson Bay
Huron & Erie
58
22c
150
35
Jan
Howey
5c July
%c June
JaD
13
lc
Jan
Jan
Mar
10
5
Apr
Jan
Jan
26c
Sept
7%o June
12
3%
21c
Apr
23c
20c
1,000
40c
1
38o
Apr
12
1
16%
Feb
10%
5%c
*
*
97
3%
16%
3%
1
*
155
Jan
69o
2,000
3%
2.50
17c
64
l%c
36
16%
*
17%
July
55%
1%C
5%c
Aug
4c
72
53%
53%
*
Co
Apr
Sept
25c May
8c June
2,500
1
July
July
4%
16,000
%c
...
June
6,000
2,500
1,800
14,300
July
79
140
37c
13c
*
38
6,500
15
6%
72
July
10c July
7% June
15
90
10 %c
2
8 %c
20
13,600
11
1
Bankfleld
5
20c
11
Arntfield
Bagamac
3,100
28
Apr
Mar
6%
Jan
500
Rock
5.00
30
July
Jan
12,900
Hard
High
June
1%
70c
35c
50o June
295
17c
14C
*28"
Low
85
1 75
20% June
19c June
15c
Harding Carpets
Shares
60c
4%
Consol—1
Alberta Pac Grain pref-100
High
50c
Jan
7,900
20c
Harker
50c
6
10%
22%
Gypsum
Range Since Jan. 1, 1940
July
3% June
13% July
89%
Halcrow Sway
1
Hamilton Bridge
..*
Hamilton Cotton pref._.30
Sales
Week's Range
Jan
Feb
30
12c
Gunnar
Jan
6
100
20c
Greening Wire
1.23
900
1
.
18%
July
1,143
1
50
May
21c June
2%
3%
5%
5
.
Goodyear
Sept. 21 to Sept. 27, both inclusive, compiled from official sales
lists
Jan
16%?17%
38c.40%c
5
16%
%e
Preferred
Jan
Apr
16,700
36
Feb
Aug
8c
8
425
1,075
4c
3.50
10
4.10
4,150
27%
Apr
Mar
July
22
3%C
Jan
8%
1.95 June
310
4
Jan
10%c
85
36c
5
Sept
3c
14
2c
Jan
89
1.00 May
3
July
7,000
50c
....
Graham Bousquet
Grandboro
Exchange
40
425
1,000
6%
Goodyear pref
May
6% June
15,225
*
Gr Lake vot trust
Toronto Stock
June
6
36
Apr
June
75
1.50
4,>
Jan
35c
July
3
10
3.45
Goodfish
Toronto, Canada
3
20
2c
26
*
Gold Eagle..*.
STREET, NEW YORK, N. Y.
HEAD OFFICE, 2010 Royal Bank
Building,
316
5%
4
26%
3 %c
3.75
Aug
4%
87
2.65 "2.68
*
Golden Gate....
Members The Toronto Stock
Exchange
Jan
34c
*
Gold Belt
Macdonald & Bunting
Jan
15%
5%
4%
Fanny Farmer
1
Federal-Kirk land .......1
Federated Pete...
Goldale
36%
5%c
»
General Steel Wares
God's Lake
AA
210
19
14
Gatlneau Power pref...100
Quoted in U. S. Funds
July
795
70c June
10 %c
1,235
5c
25
Fleet Aircraft
Ford a
150
3.20
3.30
*
Francoeur
11
2c
.1
Falcon bridge
29
4%
*
Apr
June
1.50
1
26c
26c
East Malartic
Eastern Steel
16
5%
87
5%
Apr
125
4%
5%
31%
846
24%
9%
9
1
61c
*
Jan
Feb
6,100
187
24
9
Preferred..
...100
Dominion Woollens
Dominion Woollens pref_20
Oil-
x*
187
"24"
Feb
49
178
15c
22%
*
July
19% June
1.00
13 %C
22%
Dominion Steel class B..25
Dominion Stores
*
141
19
23%
13 %c
100
63c
500
2.00
1.00
High
12% July
28% May
820
20c June
200
Royalite Oil Co Ltd
40
July
1.00
Low
17
161
100
13c
*
39%
14%
161
1,650
3.30
*
14%
38%
Range Sines Jan. 1, 1940
Shares
161
67c
13c
High
*
1.17
3.25
Home Oil Co Ltd
5
65c
1
*
Low
Gas.......100
20c
800
Exploration.. 1
Anglo-Canadian Oil Co
Calgary & Edmonton
r
for
of Prices
Bakeries...*
Smelters
1.17
"67c
...
Teck Hughes Gold
Sept
July
1.72
Sladen-Malartlc Mines...1
Sudbury Basin Mines
_*
Sullivan Cons
1
Towagmac
30c
5c
5c
1
Slscoe Gold Mines Ltd
10
2.20
Pandora-Cadillac Gold...J
Pato Cons Gold Dredging. 1
Pend Orielle M & M Co._l
Perron Gold Mines
1
C
Week's Range
Price
*
40c
Jollette-Quebec
Sales
Last
Sale
Shares
East Malartic Mines Ltd.l
Prancoeur Gold
Exchange
Friday
Range Since Jan. 1, 1940
for
Week
of Prices
Price
Toronto Stock
Sales
50
*
32c
32c
5
.2,000
106
17c
May
July
112
61c
Jan
Jan
Feb
Volume
Canadian Markets—
Members
New
Week's Range
Last
Stocks (Concluded)
Low
Price
Par
*
Palcalta Oils
*
Page-Hersey Tubes
*
Paraour
♦
Porcupine
Cons
Paymaster
1
90
20
July
1,460
3,500
3,800
3,100
2 12
Feb
111
Jan
2.35
80" June
1.20
Mar
6H0
23*c June
6,500
4c
43*c
2451c 25 3*c
1.20
mc
1
Partanen-Malartlc
133*
June
7
15
100 H 10151
High
Low
Shares
5c
4c
Randolph 5530
Telephone:
Week
10
10
Ottawa Car
DETROIT
Building
1,1940
Range Since Jan.
for
of Prices
High
Sale
Exchange
Ford
Sales
New York Curb Associate
Chicago Stock Exchange
Stock Exchange
York
Detroit Stock
Exchange
Friday
fit Co.
Watling, Lerchen
Listed and Unlisted
Toronto Stock
1879
& Financial Chronicle
The Commercial
151
July
10c
both inclusive, compiled from
53c
Jan
June
2.12
Jan
2c
1 01
Sales
Friday
Apr
20c May
7,400
Exchange
official sales lists
Detroit Stock
Sept. 21 to Sept. 27,
Jan
1, 1940
Range Since Jan.
Last
Week's Range
for
Sale
of Prices
Low
High
Week
1
T.70
1.60
1.80
Pickle-Crow
1
2.85
2.75
2.95
July
4.25
Jan
Pioneer
1
2.05
2.05
2.10
200
1 45
July
2.35
Apr
Feb
60c
July
2.18
Jan
23*
Sept
Atlas Drop Forge com
650
2,100
Feb
33*
11c
11c
""33*
11c
22c
23*
39*
13*
3,700
1
5
115
1
25c
92c
95c
Allen Electric com
95c
18c
18c
100
16c
Aug
July
1.00
5,500
75c
Aug
1.42
Jan
1
18c
99c
Auto City Brew com
43*'June
79*
Apr
9 31
10
June
Feb
1
1,360
93*
223*
1,050
133**May
23 3*
Mar
1.92
1.92
June
2.3s
Jan
63*
21?*
63*
123*
6
59c
59c
100
12c July
23*c June
57c
Jan
63*c
Jan
93*
773*
99*
773*
216
16
16
200
559* "May
15?*
Jan
55
63
150
55
Perron
Gold
Powell-Rouyn
Prairie Royalties
1
Premier
*
1
Pressed Metals
Preston
E Dome
6
1,160
2.08
1 30
24,220
Reno Gold...
1
15c
18c
1,600
Roche LL
1
3?lc
43*c
7,500
July
1453*
50
165
15
130
Mar
190
July
18
16 3*
163*
165
100
Preferred
15
164
160
160
Royal Bank of Canada. 100
Russell Industrial
10
June
173* May
190
Apr
Price
Par
Stocks—
Baldwin Rubber com
23*
*
Burry Biscuit com
123*c
Capital City Prod com
*
Chrysler Corp com
5
Consolidated Paper com. 10
Consumers Steel com
1
Continental Motors com__l
Briggs Mfg com
""33*
Feb
16 3*
16 3*
10
73*o July
103* June
21o
cl A__50
203*
Apr
San Antonio
i
2.10
1.94
2.10
4,200
1.25 June
2.50
Jan
1
6c
6c
7c
3,700
July
15c
Jan
25c
2451c
27c
9,300
Jan
Durham Mfg com
Jan
Ex-Cell-O Corp com
1
Senator-Rouyn
Shawinlgan
105
Jan
80c
10,822
50o
July
1.18
Jan
6.75
179
4.00 June
8.75
Jan
"72c
1
6.75
6.50
Silverwoods
*
3
3
3
Preferred
*
53*
53*
53*
97 9*
1
1
44c
Slscoe Gold
Sladen Malartlc
Sept
63*
Feb
5
July
73*
12 3*
Feb
42
4
Sept
79
July
59c
61c
95o
60c May
7,150
*
48c
5,600
20c June
61c
Jan
6c
3,500
23*c June
7?*c
Jan
2c
13*o
Aug
July
7 3*c
Jan
613* June
863*
Jan
Apr
1
Standard Chemical
44c
2,000
123*
123*
74
34
8
54
74
74
Steel of Canada
Mar
14
Steep Rock Iron Mines
*
1.49
1.48
1.58
6,350
1.05
June
3 10
Straw Lake
*
4J^C
4c
6c
14,400
3c
July
8 3*c
Apr
1431c 1431c
1,000
9c June
203*c
Mar
1,100
85c
July
2.05
Jan
1,950
50c June
1.02
Jan
...
Sturgeon River
.1
Sudbury Basin
*
Sullivan
1.17
65c
65c
65c
1
*
com
2.37
10 3*
3.20
1
2.36
103*
3.20
72
89*
July
12
Apr
1,425
2 40
June
4.15
Jan
10
9 V*
Sept
133*
Mar
1.00
July
1.90
Jan
16
July
32
Aug
49
103*
1.90
35
3.25
1.25
200
2251
45
Toronto Elevator pref. .50
43
43
20
18c
1
Towagmac
1
Gas
United Fuel A pref
1531
143*
1,800
579
85
90c
Jan
May
35c
Mar
63*
Jan
97c May
4.35
Jan
*
2.70
2.49
2.75
1,685
1.95
June
1
7c
7c
10c
2,000
7c
Sept
May
6.05
June
June
433*
Jan
20 H
40
40
413*
522
*
19 3*
193*
1951
210
293*
16 3*
1
11c
103*c
12c
12,710
Preferred
Wendlgo
13*
Western Canada Flour___*
Winnipeg Electric cl B
16c
Apr
Sept
5
Jan
15
Apr
6c June
1231
1231
215
9 34
June
1.25
1.25
1.25
10
1.00
May
11c 113*c
2,600
8c
6.25
6.25
6.45
1,547
4.70
5c
5c
500
*
Wood-Cadillac
__l
*
Wright Hargreaves
Ymlr Yankee..
*
York Knitting
*
6
Jan
13*
"l2k"
Westons
173*c May
52
2
6
2.38
Jan
Julv
30c
Jan
July
8.15
Jan
7c June
4c May
41
6
1952
Loans.
10031
1003* 1003*
99
July
11
Sept
$2,400
30c
9
320
53*
Price
of Prices
High
Low
Jan
lists
Range Since Jan. 1,
for
1940
Week
*
43*
Consolidated Press A....*
Dalhousie
*
Dominion Bridge
*
*
1
Foothills
Pend-Oreille
Stop & Shop
Spet
35
5
May
153*
Jan
1.00
150
65c May
1.40
Mar
43*
3 3*
1,289
3
83*
80
3
15
40
50
""28c
28c
50
28c
Sept
Apr
Feb
Jan
68
Apr-
55c
20c June
1,000
22
40
June
283*
221
55c
60c
2,000
1.55
1-80
6,735
23*
23*
365
1.75
25c
25c
50
25c
1.70
10
May
3*
273*
*
*
Rog Ma) A
May
33*
33*
33*
100
Corrugated Box pref
6
50
43*
1.00
Consolidated Paper
Jan
Jan
Jan
30c June
1.05
99c May
2 35
July
3.25
Apr
Sept
25c
Sept
Jan
Closing bid and asked
600
37c
400
33c; May
52c
13*
400
1
May
13*
Jan
49c
200
35c
Feb
60c
Mar
253*
480
May
43*
650
193*
23*
100
13*
75c
May
July
43*
13*
13*
Mar
13*
43*
quotations, Friday, Sept. 27
44
73
British Col Pow 43*8-1960
683*
70
Calgary Power Co 5s..I960
Canada Cement 43*8.1951
83
85
70
Ask
1957
Canadian Vickere Co 6s *47
65
67
N Scotia Stl A Coal
32
34
Power Corp of Can
72
74
68
65
663*
66
68
61
1961
Massey-Harris 4 3*8.. 1954
McColl-Front Oil 43*8 1949
6 34s
.
May
27c
Apr
13*
250
13*
Sept
23*
Feb
76c
1,020
60c
July
4
4
100
4
f Jan
83*
359
7
July
113*
Mar
13*
650
13*
*Jan
23*
Apr
860
93* May
43* May
8
13*
133*
"63*
14
63*
63*
value.
62
6
Apr
'
Apr
16
Apr
83*
Feb
Mar
20
20
120
July
43*
215*
11
113*
335
83*
Mar
143*
May
13*
13*
200
1
Mar
13*
Mar
13*
23*
13*
135
1
f Aug
2
23*
420
23*?May
3
Jan
43*
270
3J* June
7
Apr
13*
500
1
May
13*
Apr
33*
33*
33*
......
43*
13*
43*
1,751
23* May
18
Feb
Apr
""273*
273*
18 3*
May
26 3*
1%
19*
13*
1,030
19*
July
23*
Apr
Ll
50c
50c
60c
469
26c
Jan
60c
Tom Moore Dist com
Sept
*
1
50
*
3
285
33*
Mar
Union Investment com
23*
_
U S Radiator com
U S Radiator pref
Universal Cooler A
*
59*
13*
""ik
13*
June
23*
8
July
869
Apr
Jan
33* May
1
May
6
Sept
23*
Mar
July
4
13*
1,700
33*
520
13*
1.50
800
90c May
13*
13*
300
1
29*
Feb
May
13*
23*
Jan
Apr
Exchange
official sales lists
St. Louis Stock
both inclusive, compiled from
Sales
Range
Week's
Sale
of Prices
Low
High
Price
Par
Stocks—
Apr
113*
33*
com..4
Wayne Screw Prod
Jan
1
85
6
■
2
450
11
2
11
11
685
28
3
""23*
*
1
B.
Walker A Co B
Warner Aircraft com
Range Since Jan. 1, 1940
for
Week
Shares
Shoe common
High
Low
123*
465
12
Sept
14
29
22
28
May
369*
27
27
28
756
3
3
3
155
60
62
69
70
56
573*
68
4 3*s *59
5s..1957
67
66
673*
1962
69
71
70
71
56 3*
43*s series B
Winnipeg Electric—
1966
55
67
69
1965
1965
49
50
37
38
4-5s series A
4-58 series B
n
Nominal.
X
3
115
26 3*
570
40c
13
13
153*
169*
250
153*
17
27
3*
30
60
Apr
Sept
Sept
4
Apr
34
May
Aug
2
Sept
193*
July
27
July
193*
4
Jan
Mar
Jan
Jan
June
3 3*
1
1
63*
33*
200
23*
Aug
63*
63*
90
63*
Sept
103*
Sept
45
Sept
July
12 3*
Apr
79*
Mar
44
Sept
58
25
*
corn..*
common...5
Aug
May
29
133*
15
Sept
Jan
13
Brew—
Common
83*
-
-
»
-
-
~
83*
73*
83*
73*
44
.
25
25
220
173
50
46
25
83*
63*
Apr
Apr
May
30
293*
303*
253*
May
36 3*
Jan
13
13
13
40
13
Sept
153*
Mar
*
*
6
6
6
73
5
Sept
8
8
36
63* May
93*
Feb
63*
6 J*
Aug
6 3*
Apr
283*^May
39 3*
*
Common.
37
20
14
200
13
Aug
153* May
14
195
10
July
143*
20
20
Sept
28
Sept
123* May
A.*
k
42
6 3*
63*
25
1.51
14
80c
63*
June
1.60
*
83*
88
6
' June
10
89*
135
53*
90c
550
88
69*
Sept
33
Sept
363*
Mar
10
7
60
53*
Jan
37
73*
Sept
9
213* May
0
Apr
Sept
27
67
67
67
S5.500
55
May
67
5s__1959
111*
111*
10,800
8
May
123*
1964
a
Odd lot sales.
Apr
93* May
15
Incomes
No par value,
1.00
73*
Bonds—
St Louis Pub Serv
Apr
Sept
May
27
Wagner Electric com
Sept
70c
33
470
Apr
Sept
93*
6»*
28
Sept
May
73*
Securities Inv common...*
1
July
220
9
33
93*
Warrants
com
82
93*
80c
Scullln Steel common
19
93*
88
Scruggs-V-B Inc 2d pf.100
5
Apr
37
1.50
Stlx Baer & Fuller com.. 10
73
49*
Apr
20
Metals com.*
*
Sterling Alum
200
8
133*
Nat Candy Co
St Louis Pub Serv com
170
133*
37
Meyer Blank common...*
Mo Portl'd Cement com.25
Common
3 3*s *63
163*
3*
263*
Ely & Walker D G com.25
Hussman-Ligonier
55
12
com._l
Columbia Brew common.5
Dr Pepper common
*
Griesedieck-West
May
29
Colllns-Morris Shoe
Emerson Elec common...
48
29
Century Electric Co
10
Coca-Cola Bottling com__l
Falstaff Brew common...
19
55
55
20
*
*
1
A S Aloe Co common
Nat Beating
Quebec Power 4s
Saguenay Power—
Price Brothers 1st
/Flat prioe.
2,890
1.25
.1
10
1
•
par
Jan
17c
63
603*
72
•No
Jan
939
66c
McQuay-NorrLs common.*
1949
Gen Steel Wares 43*8-1952
Gt Lakes Pap Co 1st 6s *55
Lake St John Pr <fe Pap Co
Federal Grain 6s
67
3*81955
Dom Tar & Chem 4 3*s 1951
Donnacona Paper Co—
4s
1956
Famous Players 43*s„1951
May
Tlvoli Brewing com
StdTube B com
Tlmken-Det Axle com
Key Co common
Bid
Ask
71
Dom Steel & Coal 6
Feb
26
18c
5
2
1
Rickel (H W) com
Knapp Monarch com
65
Canada SS Lines 5s...
Jan
86c
Laclede-Christy Clay Prod
42
May
Johnson-S S Shoe com...*
(American Dollar Prices)
5S..1953
Alberta Pac Grain 6s,-1946
Algoma Steel 5s
1948
Jan
Feb
3
13*
Hyde Park Brew com...10
International Shoe com..*
Bonds
Industrial and Public Utility
Abltibl P & P ctfs
Apr
93*'June
17c
*
Reo Motor com
Huttig S & D
Bid
Apr
153*
63*
May
827
85c
Peninsular Mtl Prod com.l
Brown
63*
1
10
360
13*
......
2 3*
Parker-Wolverine com
Amer Inv common
High
Low
Shares
1.00
•
Canadian Marconi
Apr
139*
143*
17c
10
Burkart Mfg common
*
Canada Vinegars
I Jan
80c
133*
Last
43*
63*
43*
Canada Bud Brew
13*
Sales
Week's Range
Sale
Par
July
Sept
"85c
10
Mlcromatic Hone corn.., 1
Mid-West Abrasive com50e
Motor Products com
*
1013* Sept
inclusive, compiled from official sales
Friday
Stocks—
Apr
103*
Friday
Last
Apr
33*
350
Exchange—Curb Section
Sept. 21 to Sept. 27, both
May
J May
4
_
1
1
*
Sept. 21 to Sept. 27,
Toronto Stock
56
Feb
2
Jan
23*
25
25
2
1
Preferred
Bond*—
War
50c
900
49c
Feb
»
3,750
37c
1
Kresge (S S) com
10
Lakey Fdry & Mach com.l
Sheller Mfg com
Ventures
Walkers
55c
33*
Jan
Vermllata Oil
1,572
383*
30c
Kinsel Drug com
10
3.70
Apr
1,736
1,300
1
Aug
1.12
May
3.40
Jan
39* 41 Jan
13*'May
63*
v
55c June
3.40
Jan
29*
23*
13*
June
»
400
36c
Parker Rust-Proof com
Walte Amulet
1,840
23*
Apr
49*
May
.
50c
33*
Packard Motor Car com..*
2 70
2
1
Jan
33*
34
*Jan
3* May
203*
2
Kingston Products coin.. 1
Feb
3
Apr
83*
*
Hudson Motor Car com..*
Murray Corp com
13*
43*
Houdallle-Hershey B
Michigan Sugar com
87c June
120
49
Jan
Mar
800
,
Apr
125
23*
23*
53*
483*
Jan
May
13*
3
103*
133*
Mar
180
285
*
23*
17
880
313*
2 3*
42
31,600
200
""483*
July
253*C June
12
May
30
9,584
Jan
13*
July
1.00
30c
McClanahan OH com
May
983*' May
"~50c
Masco Screw Prod com
Feb
23*
com._l
LaSalle Wines com
13*
43*
July
23*
1,692
60
------
Grand Valley Brew
Hurd Lock & Mfg com
Mar
23*
1
1
Hosklns Mfg com.
163*
313*
10
Michigan Silica com
10c
1.00
5
4
91c
1
Upper Canada
1,000
45c
1531
43
431
5
4
United Steel
18c
37
36
50
25
Class B pref
43c
44c
*
Uchi Gold
Union
1.25
Jan
Feb
22
1
82
3.45
1,550
Toronto Elevator
Toburn
Sept
June
2.45
10
10
Tip Top Tailors
5
72
72
.100
Hughes
Teck
1.05
...
Supersilk pref
Sylvanite Gold
Tamblyn
"1.05
General Motors com
Hall Lamp com
Apr
3
General Finance com
Goebel Brewing com
93*
903*
1.00
1
3
1
Gar Wood Ind com
July
300
1
3
Frankerunuth Brew com__
Jan
7
488
Federal Motor Truck com *
Mar
May
1.25
71c
Apr
2C
South End Petroleum
Detroit Edison com
May
43*
Sept
1093* 1093*
2 >
13*
70c
10
100
Det A Clev Nav com
Graham-Paige com
Apr
Mar
105
53*c
__1
Slave Lake.
3
60
40
99
96
59c
5
53*
5
*
24
1.24
1
100
June
July
Sigma
Simpsons pref
57c
10c June
16
80c
98c
70c
Simpsons class B
5c
1,100
98c
50c
_
19
18
18
*
.
Sheep Creek
Sherritt-Gordon
3,350
10 3*c 10 3*c
1
8t Anthony
St Lawrence Corp
23*
26
50c
107
33*
70c
Det-Michigan Stove com.l
Sand River
35*
High
Low
Shares
Jan
1880
The Commercial & Financial Chronicle
Quotations
New York
Bid
a2%s July
a3s
95%
96%
1
1977
97
98
1
1975
a4%s Mar
1
1954
1
1954
a3%s Mar
a3%s Jan
1
1960
15
1976
1
1957
112%
1
1966
Ask
ns% 119%
119
120
119
120
119%
J20%
120
121
a4%sjan
114
a4s
1964
a4%sApr 16 1972
a4%s June
1 1974
a4 %s Feb
16 1976---
113%
May
1
a4%a Apr
101% 102%
107% 108%
107% 108%
106% 107%
105% 106%
a3%s May
a3%s Nov
a4a
Chicago & San Francisco Banks
Bid
1969
a3%s July
Securities—Friday Sept. 27
City Bonds
Ask
15
Jan
Over-the-Counter
on
120% 121%
a4%a Nov
1
15
1977
1978
a4%sMar
1
Sept. 28, 1940
1981
Par
American National Bank
A Trust
....100
Bid
Ask
Par
Ask
280
290
Northern Trust Co
195
478
490
100
Continental Illinois Natl
Bank A Trust... .33 1-3
First National
Bid
Harris Trust A Savings. 100
185
78
SAN
80%
211
FRANCISCO—
218
35%
37%
122
121
Nov
1
1968
113
1957
a4s
May
1
1959
121% 122»^
118% 119%
1
1957
119
May
1
1977
113% 114%
115% 116%
a4%s Nov
a4s
a4%a Mar
1
1963
a 4s
Oct
1
121 %
1980
122 %
116
a4%ajune
1
1966
1
1960
122 %
123 >4
117% 118%
1
1962
118
a4%s Sept
a4%s Mar
a4%s May
117
119
1
a4%s July
a4%8 Dec
1 1967
15 1971
a4%s Dec
1
120
122% 123%
123
1979
124%
127%
126
New York Bank Stocks
Bensonhurst National...50
Chase
New York State Bonds
Bid
3s 1974
62.15
-
Canal A Highway—
6a Jan A Mar 1964 to '71
Highway Imp 4 %s Sept '63
Bid
less 1
less 1
143
143
mm
141
mm-
1942-1960
Bid
109% 110%
3 %s 2nd ser May 1'76
3s
4th ser Deo 15 '76
3%s 5th
Ask
ser
Aug 15'77
100
——.10
Bronx County new
50
47
.17%
27
28%
Sterling Nat Bank A Tr 26
1745
25
27
—
mm
130
6 25
f
b
1980
revenue
3a serial
2%s serial
...
48%
Par
Fulton
50%
Bid
210
265
270
.100
..10
15
19
Irving
71
76
Kings County
10%
1500
25
Manufacturers
20
105 %
Central Hanover
194% 105
99% 100
102%
Chemical Bank A Trust. 10
42%
44%
Clinton Trust
30
35
New York
12%
14%
48%
49%
50
Continental Bank A Tr.10
102% 103
20
Empire.
1953-1976..
62 45
61.50
40
Preferred
33
20
101
United States
100
54%
104
2%
—
43
35
52%
25
11%
29%
3%
15
80
1470
-
—
«
90
1520
2.35%
Ask
94%
to98l2
1945-1952
91%
1559
26%
Title Guarantee A Tr.
12
Trade Bank A Trust.. ..10
Underwriters
100
20
Ask
2:190
Guaranty
Law y ere
Bid
rev
Companies
Ask
317
35
Corn Exch Bk A Tr
3%s
Bid
310
100
Brooklyn
Trlborough Bridge—
106%
Peoples National
Public National
Par
106%
M AS
12
10
690
Bank of New York
General A Refundlng4«
1st ser Mar 1 *75
6 25
Inland Terminal 4%s ser D
1941
M AS
12%
10
New York Trust
Port of New York—
M AS
10%
Penn Exchange
30%
Fifth Avenue
100 /650
First National of N Y..100 1705
Merchants Bank
100
120
Bankers
Holland Tunnel 4%s ser E
1942-1960
29%
168
113%
Ask
A/AS
45
25%
National Safety Bank.12%
100
162
Ask
40
23%
—
California Toll Bridge—
San Francisco-Oakland—
1941
z85
Bid
134%
Barge CT4%b Jan 1 1945.
Par
National Bronx Bank...50
National City
12%
15%
...
Authority Bonds
Bid
1976...
-mm
134%
Canal Imp 4s JAJ '60 to '67
Canal Imp 4%s Jan 1964..
Public
61.10
Improvement—
4s Mar A Sept 1968 to '67
—
.
Can A High Imp 4 #8 1965
4s September
4%a April 1941 to 1949.
Highway
62 25
Ask
World War Bonus—
Ask
12%
40
13.55
Commercial National.. 100
Ask
62.05
3s 1981
Bid
Par
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
rev
United States Insular Bonds
Bid
Philippine
Ask
Government—
U 8 Panama 3a June 11961
4^8 Oct
1959
103
4%s July
Apr
1952
103
(105
1955.-
Telephone and Telegraph Stocks
123
Par
68
5s
Govt of Puerto Rico—
99%I101
Am Dlst
4 Ha July 1952
6s
July 1948 opt 1943.
Feb
1952
105
6%s Aug
1941
116
108
Bid
3s 1956 opt 1945
3s 1956 opt 1946
JAJ
38 1956 opt 1946
MAN
116
JAJ
.
Bid
Atlanta %s, l%s
Atlantic l%s, l%s
JA J
J&J
122
40
46
100
25
100
2:70
Mtn States Tel A Tel..100
130
Ask
107% 108
110% 111%
110% 111%
99
Lafayette %s, 2s
Lincoln 4%a
9
Lincoln 6s
Lincoln 5%s
New York 58
Telegraph
Int Ocean Telegraph
83
North Carolina %s, l%s._
99
mm
~
—
99
...
First
99
Oregon-W ashlngton
99
mm —
99
Is, l%s
Fletcher %b, 3%s
Fremont 4%s, 5%b_.
Illinois Midwest 4%s, 5s..
—
99
99
65
99%
Indianapolis 5s
100
Iowa 4%s, 4%s
98
6a
Par
Bid
Atlanta
—
-
mm
m
-
mm
mm —
—
86
7% preferred
40
Phoenix
4%a
Potomac 1 %s
99%
San Antonio
%s. 2a
99
Southern Minnesota
Southwest (Ark) 6s
»
rl3
Union Detroit 2%s
Virginian Is. l%s
—
100
99
Ask
Par
Bid
44 Wall
Ask
New York
100
1
5
62
North Carolina
100
94
100
78
Pennsylvania
100
32
Potomac
100
100
due
Nov
1 1940 b
Deo
due
Jan
2 1940 5
2 1941
6
San Antonio
100
105
18
Virginia..
8
5
2%
Virginia-Carolina
_
100
.25%
.25%
.25%
.30%
Ask
—
85
95
Bid
%%
%%
%%
%%
Ask
Feb
1941 b
1
1941 b
.35%
1 1941 6.40%
.40%
—
June 2 1941 6
/Fiat prloe.
maturities,
Bid
Alabama 4%s
Arkansas 4%s
Now listed
Reconstruction Finance
Corp—
%%
notes
101.14 101.18
Interchangeable.
20%
Mortgages
on
Request
%%
Nov
%%
Jan
1%
.July
New Mexico 4%s
N Y (Metrop area) 4%s_.
102
Massachusetts 4%s
Michigan 4%s
Minnesota 4%s
102
103
101%
102
101
101% 102%
102% 103%
4%s
102
d
Coupon,
e
Ex Interest
101
4%s
New York Stock
Exohange.
103
103
101% 102%
103%
103%
101% 102%
101% 103
101% 103
101
102%
101
102%
101% 102%
Pennsylvania 4%s
102
Rhode Island 4%s
South Carolina 4%s
102
Tennessee 4%s
Texas 4%s
Insured Farm Mtges 4 %s
Virginia 4%s
West Virginia 4%s
rate.
F.H.A. INSURED MORTGAGES
The best "Hedge" security for Banks and Insurance
Co's.
request
STORMS AND CO.
Commonwealth
♦
5%
was paid on July 2
Building
Phone Atlantic 1170
and
102
102
102
York State 4%s
North Carolina 4%s
on
103
104
SPECIALIZING
Circular
Asked
101% 102%
New
%% to %% must be deducted from Interest
1 1941 100.25
100.27
15 1942 100.26 100.28
1 1942 101.10 101.12
Now
selling on New York Curb Exchange.
Quotation not furnished by sponsor or Issuer.
1 Quotation based on 189.50 of
principal amount.
Sept. 25.
Bid
New Jersey
5s
101%
101%
101%
101%
A servicing tee from
Housing Authority—
1%% notes Feb 11944.. 102.15 102.18
6 Basis price,
Mortgages
Asked
103%
102%
103%
102%
102%
102%
102%
102%
103%
Quotation shown la for all
Ex-dlvldend.
18
July 20 1941 100.20 100.22
Nominal quotation,
r In
reoelvorshlp.
i When Issued
v>-s With stock,
x
on
United Cigar-Whelan Stores
$5 preferred
*
102
Delaware 4%s
District of Columbia 4%s.
Florida 4%s
Louisiana 4%s
Ask
Loan Corp
May 15 1941 100.10 100.12
%s
n
to
12%
99
101% 102%
101% 102%
Indiana 4%s
U S
a
100
Street, New York, N. Y.
Bid
Georgia 4%s
Home Owners*
100% 101.10 101.16
101%
8%
Maryland 4 %s
.30%
May
due
due
due
1
Mar
.
Ask
l%s Jan 3 1944—
at
Reeves (Dan el) pref
FHA Insured
5s
due
of Governmental Agencies
%%
May
11943 100.16 100.18
Federal Home Loan Banks
2s
Deo
1 1940 100.8
100.11
2s
Apr
1 1943 102.26 103
Federal Natl Mtge Assn—
2s May 16 1943—
Jan 3 1941
Ask
3
9
Commodity Credit Corp—
%%
Aug
1 1941 100.12 100.14
1%
Nov 15 1941 100.30 101
No par value,
11%
110
Bid
Call Nov 16 '40 at
Bid
3
25
6% pref._.100
Telephone: WHitehall 3-6850
Illinois 4%s
Obligations
2
19
Kress (8 H)
110
58
Bid
due
Par
3
38
60
5
1 1940 b
18
WHITEHEAD & FISCHER
85
4
Oct
16
160% 164%
—
14
due
Ask
2%
Offerings Wanted—Circular
99
Federal Intermediate Credit Bank
Debentures
%%
H%
%%
%%
Sou New Eng Telep... 100
FHA Insured
14
62
Fremont
Bid
Flshman (M H) Co Inc..*
83
64
Lincoln
133
25
23
73
Denver
Des Moines
112
Telegraph
...
r21
48
First Carollnas
So A Atl
102
80
Dallas
100
— mm
103
St. Louis
—
B/G FoodsInccommon..*
Bohack (H C) common
*
Joint Stock Land Bank Stocks
Atlantio
$6.50 1st pref
—
98%
Phoenix
Is, 2s
18
35
32%
-
mm
m
r35
Pennsylvania l%s, l%s...
First New Orleans—
First Texas 2s, 2%s
First Trust Chicago—
Par
85
—
99%
l%s, 2s
-
15
32%
31
83
2
Carolina—
Montgomery—
3s, 3%s
*
25
-m-
81
r7
Denver 1%b, 3s
Telegraph.. .25
Ask
99
rl%
Burlington
Chicago
First
Bid
-mm
-
Atl
Peninsular Telep com..
Preferred A
Chain Store Stocks
Ask
99
Ask
17
Rochester Telephone—
3%S 1955 opt 1945.-MAN
1964 opt 1944
110
120
Cuban Teleph 6% pref. 100
Bid
106»i«!l07*ieK 4s
106
Franklin
Ask
4s 1946 opt 1944
Bid
112% 116
Pac A
110%
111%
Conversion 3a 1947
106% 106%
106% 107%
100
Bell Telep of Canada... 100
Bell Telep of Pa pref
109
Joint Stock Land Bank Bonds
y
Par
New York Mutual Tel. .25
96%
111
Federal Land Bank Bonds
2
Ask
91%
Emp A Bay State Tel..100
U S conversion 3s 1946
113
Teleg (N J) com.*
Preferred...
119
108
102 % 103%
Hawaii 4%s Oct 1956.
*
Bid
105
PITTSBURGH, PA.
Volume
The Commercial &
151
1881
Financial Chronicle
Securities—Friday Sept. 27—Continued
Quotations on Over-tlie-Counter
Insurance
Par
Aetna Cas A Surety... .10
Guaranteed Railroad Stocks
Jersey Insurance of N
18*4
Knickerbocker
110*4
12
Lincoln Fire
44*4
14*4
45*4
16*4
18
Merch A Mfrs Fire N Y..5
5*4
10
10
2
20
24 *4
American Reserve
12*4
46*4
48 *4
National Casualty
36*4
38*4
National Fire
Baltimore American
2*4
Bankers A Shippers
.25
92
95
Boston
Guaranteed Railroad Stocks
(Guarantor in
25
.10
100
593
613
American 8urety
W
-■
Parentheses)
Alabama A Vlcksburg
119
(Delaware A Hudson)
100
A Pitts)
Central)
Boston A Albany (New York Central)
100
Boston A Providence (New Haven) —
.100
Canada Southern (New York Central)
.100
Carolina Clinchfleld A Ohio com (L A N-A C L)
Cleve Cln Chicago A St Louis pref (N Y Central). .100
50
Cleveland A Pittsburgh (Pennsylvania).
—
10.50
114
6.00
72
76
2.00
29*4
32
8.75
85*4
88*4
8.50
10
15
3.00
38*4
41
50
100
Albany A Susquehanna
Allegheny A Western (Buff Roch
Beech Creek (New York
18*4
20*4
10
20*4
5
City Title
Connecticut Gen Life.. .10
25*4
Betterment stock
Delaware
90*4
64*4
68*4
3.50
79*4
82*4
2.00
48
pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Mlohlgan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
56
9.00
147
153
.100
4.00
42
45
100
50.00
550
750
..50
3.875
24*4
26*4
.100
6.00
53*4
56
4.00
89
92
4.50
32
30*4
1.50
...
44
47
Northern Central (Pennsylvania)
Western)
A Lake Erie (U S Steel)
Oswego A Syracuse (Del Lack A
3.00
7.00
175*4
7.00
154*4
130
Franklin Fire
27*4
Revere
General Reinsurance Corp 5
.10
Georgia Home
38
40
23
22*4
24*4
Glens Falls Fire
40 *4
42*4
59
6.00
60*4
64
6.00
62*4
66*4
3.50
23*4
3.00
55
26*4
58*4
U S Fire
85*4
U S Guarantee
56
1.50
Atk
Bid
1*4
Newport News Shlpbuild'g
and Dry Dock com_.l
12*4
3
Products
Pan Amer Matoh Corp. .25
16
19
Peoei-Cola
70
75*4
2*4
Permutlt Co
1
4*4
37
1*4
27
Pilgrim
1
1*4
56
PoLlak
Manufacturing..-•
10*4
52*4
14 *4
16*4
10*4
11*4
1*4
2*4
Soovlll
3*4
Singer Manufacturing..100
Skenandoa Rayon Corp..*
No W Refr Line 3 *4s-4s
:
63.00
2.60
Pennsylvania 4 *4s series D
61.00
0.50
62.25
1.75
Brown A Sharpe
62.00
1.80
62.00
1.50
61.60
1.30
62.00
1.50
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
60
65
Tampax Ino com
62 00
1.25
Columbia Baking 00m...♦
10*4
12*4
Taylor Wharton Iron A
63.00
2.00
*
20
23
61.75
1.40
31 cum preferred
Consolidated Aircraft—
62.40
2.00
33 conv pref
Crowell-Colller
*
58*4
*
Cuban-Amer Manganese.2
Dentists Supply com...10
Devoe A Raynolds B com *
22*4
4s series E
1.60
...
2*48 series G A H
62.20
1 75
Del Lack A Western 4s
63.25
2.60
Pere Marquette—
Denv A Rio Gr West 4*4s_
62.25
1.75
Erie 4*48
62.20
1.75
61.75
1.40
2*48-2*48 and 4*4s
i
Reading Co 4 *4s
St Louis-San Fran 4s-4 *4s_
St Louis S'western 4*4a
Express
4*48 and 4*4s
64.75
61.65
1.25
Illinois Central 3s
62.50
Shippers Car Line 5s
Southern Paciflo 4*4s
4 00
Great Northern Ry 2s
2 00
.
]
i
2*4s
3s_.
61 76
1.40
Southern Ry 4s
61.50
1 20
Lehigh A New Engl 4*4s._
61.80
1.40
Texas A Pacific 4s-4*4s
61.75
1.25
Long Island 4*4s
62 25
1.75
Union Pacific 2*4s
61.80
1.50
62.00
1.26
Western
62.25
1.75
Western Pacific 5s
3 *48
Maine Central 5s
....
.....
....
.....
....
....
—
...
........
1945
1945
1944
1943
1940
1955
...1965
...
Harlem 3*48
Philadelphia A Norfolk 4s___.
Northern Income 5s
New York A Hoboken Ferry 6s
Norwich A Worcester 4*4s
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
1995
1951
1960
1945
1946
...1953
1950
1978
1959
...1940
2000
....
1948
2032
1946
1947
New Orleans Great
to
Lake Erie 5s__—.......
1949
1941
1947
.........—.....
1961
4s......................—.—1947
Richmond Terminal Ry 3*48
Tennessee Alabama A Georgia 4s........—
1965
1957
5s—...........—...—.....—1942
48-.-...-.-......
1967
———
—.....
1957
Toronto Hamilton A Buffalo 48---.
1946
United New Jersey Railroad A Canal 3*48.......
—1951
Vermont Valley 4*4s
—1940
VlckBburgh Bridge 1st 4-6s
—
1968
Peoria
Toledo Peoria A Western
Toledo Terminal 4*48
...
Crucible
.
*
8*4
8*4
2
126
Tokhelm Oil Tank A Pump
12*4
57
60
14*4
16*4
Trlco Products Corp
6
*
32*4
Triumph Explosives
2
3*4
28*4
31*4
*
69
73
*
31*4
2
34*4
2*4
9*4
11
Farasworth Telev A Rad.l
1956
1951
—1961
New York
Washington County Ry 3*48
West Vlrelnla A Pittsburgh 4s..
Time Ino
Domestic Finance cum pf. ♦
New York A
Terre Haute A
25*4
1.15
Central—Louisville Dlv A Terminal 3*48
Worcester
12*4
61.60
Hoboken Ferry 5s
Providence A
61*4
Thompson Auto Arms
37
4s
Portland Terminal 4s
2*4
Steel common
Common
26*4
Philadelphia 4s
Improvement and equipment 5s
Pittsburgh Bessemer A
1
33*4
Connecting Railway of
A Gulf 58
5*4
54
5
*
*
1
23*4
....
Memphis Union Station 5s
New London Northern 4s....
18*4
6*4
•
100
4*4s
Kansas Oklahoma
Indus Corp....*
Stromberg-Carlson —
Sylvama
Dictaphone Corp
6J4s
Indiana Illinois A Iowa 4s_.—.....
3*4
38*4
47*4
Stanley Works Inc
Talon Ino com
Dixon (Jos)
Chicago Indiana A Southern
Illinois
7*4
101
20
25
Standard Screw
4*4
1.75
Maine 4*48
Florida Southern
5*4
3*4
36
1.20
secured notes
Cleveland Terminal A Valley 4b...
3*4
61.65
6a
Ohio 4s
4s
Chicago St Louis A New Orleans 58
Chicago Stock Yards 5s
2*4
34
19*4
190
62.25
Bid
Carolina Clinchfleld A
186
Tennessee Products
Pub
Draper Corp
Dun A Bradstreet com
Cambria A Clearfield 4s
3
18*4
Mfg...60
Cessna Aircraft
1
Chlo Burl A Quincy...100
Chilton Co common
10
4*4s-4*4s.
Railroad Bonds
Akron Canton A Youngstown
Botany Worsted Mills ol
Wheeling A Lake Erie 2*4s
1.60
62.00
1.50
62.00
Maryland 2s
West Fruit Exp
Despatch
2*4s. 4*4s & 5s
Cuba RR
57
28*4
Manufacturing..25
1.20
Clinchfleld 2*4s
Boston A
5*4
Remington Arms com
*
Safety Car Htg A Ltg...50
1.75
62 10
Boston A Albany
*4
*
10
10
A
Autocar Co com
Exploration
62.50
Chic & N orthwestern 4 *4s
Baltimore A Ohio 4s
204
*
Co
Conversion. _.l
Petroleum Heat A Power. *
Petroleum
61.70
61.60
Merchants
9*4
13*4
24
A6
f 1.25 preferred
10
Buckeye Steel Castings..•
Chesapeake A Ohio 4*4s_./
Chic Burl & Quincy 2*4s._
ChicMUw ASt Paul 6s...
Louisiana A Ark
*
50*4
3.60
Kansas City Southern
22*4
103
_*
$5 conv preferred
Ohio Match Co
24 *4
Art Metal Construction.
1.00
42
100
Mills
Armstrong Rubber
1.60
21
2*4
35*4
1.75
64.25
preferred
22*4
pref 100
2.00
62.00
4
5%
48*4
25
*
2.50
Northern Pacific 2*4s-2J4s
3
12*4
62.60
North Amer Car 4*4s-5*4s
BitI
Par
1
50
12*4
63.00
N Y N H A Hartford 3s...
(
Nat Paper A Type com
2
12*4
62.35
2*4s
Ask
*
NY Chic A St Louis 4s...
3.25
_
31*4
ser._10
33 partlc preferred
Arlington
0.75
Grand Trunk Western 5s
64
New Britain Machine
pflO
Enka Corp
*
Maize
1.20
64.00
Growers
19*4
45*4
18
American Hardware
1.00
61 50
4s
2*4
16*4
series
61 60
Central of Georgia 4s
Fruit
36
240
Co„2
4
10
2.50
(Westchester Fire
American Cyanamld—
62 00
.
Central RR of N J4^s...
_
112*4
33*4
A com
Amer Bemberg
American
New York Central 4J4s
4 25
U S Fidelity A Guar
55
Amer Distilling Co 5%
2*4s
Nat Steel Car Lines 6s
4 25
14
25*4
82*4
Arden Farms com v 10
1.20
65 25
Travelers
32*4
30
American Mfg 5%
61.60
65.25
409
11*4
9*4
12
6*4
33*4
*
*
American Arch
1.75
Bessemer A Lake Erie 2*4s
62.25
100
25*4
9*4
1
Par
Alabama Mills Ino
1.25
Nash Chat A St Louis
,
—
.10
Hartford Fire
62.25
1.25
Canadian Pacific 4*4s
223
12*4
23*4
6
62 00
52.00
Canadian National 4*4s-5s
2*4
5
24*4
preferred
Great American
Missouri Pacific 4*4s
1
Boston A Maine 6s
24
55
9*4
Amer
Baltimore A Ohio 4 *4s
6*4
25*4
60
8*4
5% conv pref let
Bid
0.50
12*4
33*4
Industrial Stocks and Bonds
6.00
Ask
51.00
Atlantic Coast Line 4*4s__,
34*4
81*4
Marine..25
Marine..5
Seaboard Surety
10
Security New Haven
10
8prlnglleld Fire A Mar..25
Standard Accident
10
Stuyvesant
5
Sun Life Assurance
100
—5
Globe A Republlo
56
51*4
Equipment Bonds
Bid
113
Seaboard Fire A
Rhode Island
2d
Railroad
3%
95*4
22*4
114*4
St Paul Fire A
26
246
50
Lack A Western)
31*4
44*4
14*4
10
10
Republlo (Texas)
(Paul) Fire
10
29
135
242
Seashore (Penn-Reading)
16*4
69
6.00
Preferred
West Jersey A
66
6.00
Utlca Chenango A
Warren RR of N J (Del
140
10.00
(Terminal RR)
Canal (Pennsylvania)... .100
100
Susquehanna (DLAW)
.100
Valley (Delaware Lackawanna A Western)
.100
Vlcksburg Shreveport A Paciflo (Illinois Central).
United New Jersey RR A
96*4
8*4
Hartford Steam Boiler. .10
134
6*4
138
6
Providence-Washington .10
Reinsurance Corp (N Y) .2
64*4
93*4
Fireman's Fd of San Fr.26
-5
Firemen's of Newark
53*4
Preferred Accident
123
62*4
Hanover
3.00
Tunnel RR St Louis
45
119
Fidelity A Dep of Md_. .20
.10
Flre Assn of Phila
Halifax
6.00
Second preferred
10
42*4
Great Amer Indemnity.
---
64
60*4
6.64
2*4
50
8*4
5
Excess
2d
177
•
1
Globe A Rutgers Fire.. .15
81
50
(Penna) pref... .100
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
Rensselaer A Saratoga (Delaware A Hudson)
.100
St Louis Bridge 1st pref (Terminal RR)
Preferred...
Pittsburgh Fort Wayne A Chicago
36*4
47
Gibraltar Fire A Marine. 10
59*4
6.50
100
48*4
46*4
2.00
(Pennsylvania)
Fort Wayne A Jackson
Pittsburgh Bessemer
87*4
26*4
34*4
Federal
5.00
22*4
8
Employers Re-Insurance 10
43
2
New Brunswick
...10
New Hampshire Fire
10
New York Fire
...5
Northeastern
5
Northern
...12.60
North River
2.50
Northwestern National .25
Pacific Fire.
25
Pacific Indemnity Co---10
Phoenix
10
29*4
7
59*4
New Amsterdam Cas
28*4
Continental Casualty.. -5
2*4
Eagle Fire
5.00
National Union Fire
5
Carolina
City of New York
78*4
74*4
6.00
100
(Illinois Central)
Atled
Bid
National Liberty
7*4
6*4
.10
Camden Fire
Dividend
Par in Dollars
1*4
1*4
.10
2*4
American of Newark
2-6600
Automobile
1
7*4
5
5
Maryland Casualty
1
Mass Bonding A Ins.. 12*4
Merch Fire Assur com
5
7
5
American Home
.Since1855.
^
63*4
39*4
American Re-Insurance .10
Tel. RE ctor
STOCKS
1*4
17*4
Y.20
73*4
21*4
17*4
69*4
American Equitable
GUARANTEED
NEW YORK
Ins Co of North Amer
10
10
10
Amer Fidel A Cas Co com 5
Dealers la
120 Broadway
Home Fire Security
Homestead Fire...
20
10
American Alliance
X
30
50
29*4
..5
Agricultural
Extbomg*
Bid
5
48
10
Aetna Life
Mtrnkm J^ew York Stock
Par
Home
123
28*4
Aetna
3o$cpb Walkers Sons
Companies
Ask
Bid
119
1954
19'>0
Asked
/46
/46
50
56
57
50
85
84
90
101
103
-»
103*4
70
65
76
72
102
_
102
-
~
—
57
60
111
112
17
19
74
77
44
50
57
60
68
70
99*4
97*4
112
«.
«
-
90
100
-
100
103
9954
101
13
15
30
40
98
Shops.—.-*
Preferred
30
Foundation Co Amer shs •
Garlock Packings com...*
Gen Fire Extinguisher...*
Gen Machinery Corp 00m *
Glddlngs A Lewis
Machine Tool
2
Good Humor Corp
1
Graton A Knight 00m
*
Preferred
100
Great Lakes SS Co com..*
Great Northern Paper..25
Harrlsburg Steel Corp
6
Interstate Bakeries com..*
36 preferred
•
King Seeley Corp com__.l
Landers Frary A Clark..25
Lawrence Portl Cement 100
Long Bell Lumber
•
35 preferred
100
Mallory (P R) A Co
_*
Marlin Rockwell Corp
1
Merck Co Ino oommon..l
36 preferred
100
Muskegon Piston Ring.2 *4
Federal Bake
25
30
2
3
United Drill A Tool-
*
Class B
United Piece Dye
Preferred
7*4
*
Class A
4*4
Works.*
100
*4
1*4
*
60*4
Veeder-Root Ino com
51
53
Welch Grape Juice 00m
2*4
12*4
13*4
23*4
preferred
100
21*4
Wick wire Spencer
29
30*4
Worcester Salt
7%
4*4
18*4
108
Steel.. •
4*4
50
100
*
42*4
100
27
Wilcox A Glbbs com
2*4
*4
United Artists Theat com. *
York Ice Machinery
7% preferred
6*4
2*4
3*4
5*4
44*4
49*4
42
44*4
38
42
Amer Writ Paper
/68*4
12*4
14*4
Brown Co 5*4s ser
/38*4
1*4
23*4
1*4
Carrier Corp 4*4s
8
25*4
9
23*4
25*4
12*4
14*4
Bonds—
6s..1961
A..1948
1948
Celanese Corp 3s
1955
Chlo Dally News 3*48.1950
Deep Rock Oil 7s
1937
Stamped
1950
6s—1945
12
13
Dow Chemical 2*4s...
66
68*4
Minn A Ont Pap
13*4
14*4
52
53*4
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
68
70
115
13*4
10*4
Pennsyl Glass Sand 3*48 '60
ScovllI Mfg3*48 deb..1950
3*4s '55
14*4
Western Auto Supp
14*4
91*4
84*4
96*4
104*4
/40 *4
103*4
/37
9*4
45*4
104*4
105*4
99*4
Woodward Iron Co—
....
53*4
*
National Casket.
85*4
Preferred
65
2d conv Income
5s__1962
112
Sugar Securities
105
117
90
"93"
Bid
Bonds
Ask
Par
Stocks
Bid
Ask
86
105
65
105*4
70
107
99*4
102"
109
95
"98~
105
76
Antllla Sugar Estates—
77
47
50
63
64
1951
6s
/13
14
7*4
1
18*4
♦
.......
1*4
19*4
1*4
1947
41
44
1954
37
Savannah
1989
/35
/15
16*4
Sugar Refg—1
Vertlentes-Camaguey
1940-1942
/20
23
West Indies Sugar
6s
Haytian Corp 4s
6s
3*48
Preferred
6*4
Assoc 00m. 1
Haytian Corp com
Punta Alegre Sugar
Baraqua Sugar Estates—
New Nlquero
95
Eastern Sugar
Sugar Co
Sugar—
For footnotes see page
1880.
Corp.*
5
Corp—1
5*4
29
6
31
154
1*4
3*4
4
The Commercial & Financial Chronicle
1882
Quotations
Over-the-Counter Securities—Friday Sept. 27—Continued
on
Public Utility Preferred Stocks'
Bought
•
Sold
•
Quoted
Investing Companies
Bid
\Par
8.99
2.83
Aviation Capital lnc
Series B-2__
21.01
3.14
Series B-3
13.03
Series B-4
6.23
4%
Series K-l
13.95
4
1
18.82
Par
Alabama Power 17 pre!—*
Amer Utll Serv 0% pref.25
Arkansas Pr A Lt
7% pf—
Atlantic City El 0% pref.
103% 106%
6%
5%
93
95%
121
85
46%
48%
52%
53
25%
4%
28
E5%% pf.*
6%pf 100
preferred
Cent Indian Pow 7% pf 100
108% 110%
76%
79
Central Maine Power—
10
preferred
100
7% preferred
100
Cent Pr A Lt 7% pref. .100
Consol Elec A Gas 15 pref.*
101% 104
110% 112%
112% 115
10%
12%
Consol G E L A P (Bait)—
4% pref series C
7%
preferred
8%
62%
*
10.50 cum preferred
*
Florida Pr A Lt 17 pref—*
Hartford Electric Light.25
7%
cum
preferred—.100
N Y Water Serv
6% pf.100
70%
66%
10%
24%
26%
107% 109%
103% 105%
113
115
27%
28%
57%
60%
Northeastern El Wat A El
54 preferred
*
100
pref
2:85%
34%
67
..100
7% pref... 100
preferred
Okla G A E
30%
68%
23%
24
Interstate Natural Gas
24
26
Line Co
*
Penna Edison 55 pref
*
Penn Pow A Lt 57 pref...*
Peoples Lt A Pr 53 pref.25
Philadelphia Co—
55 cum preferred
*
107% 109%
113% U5%
115% 117%
83%
86
30%
39%
64%
66%
110% 112%
19% 20%
Kansas Pow A Lt 4% % 100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7%
preferred.
100
30%
32%
106% 109
102% 103%
80
82%
78%
57 prior lien pre!
*
32
34%
preferred
*
Mass Utilities Associates—
0% preferred D
100
6% conv partlc pref..50
Mississippi Power $0 pref.*
57
preferred
*
Mississippi P A L 50 pref.*
Missouri Kan Pipe Line..5
Southern Nat Gas com.7%
23%
a:31
24
Texas Pow A Lt 7% pf.100
United
83%
82%
92%
86%
4%
5%
90%
Monongahela West Penn
Pub Serv 7% pref
Mountain states Power
5% preferred..
8*western G A E 5% pf-100
32
80%
15
28%
._*
2:16%
2:44%
30
Pub
UtUlties
Manhattan Bond Fund lnc
.28
Maryland Fund Tnc—_10c
22.96
12
13
2.70
3.50
*
23.44
25.20
Chemical Fund
1
Commonwealth Invest
1
♦Continental Shares pf 100
9.58
Mass Investors Trust
10.37
3.27
..
9
3.55
11
2.17
Corporate Trust Shares.. 1
Series A A
1
2.13
Accumulative series
1
Series AA mod
1
2.52
Series ACC mod
1
2.52
♦Crura A Forsfer com..10
27
♦8% preferred
.100
♦Crum A Forster Insurance
♦Common B shares
10
(Colo)
ser B shares
89%
19%
4%
21%
5%
Washington Ry A Ltg Co—
Participating units
18%
West Penn Power
West Texas Utll 56 pref..*
com.—
*
17
56
58
Amer Utility Serv 08—1904
90%
56%
92%
Kansas Power Co 48—1904
Kan Pow A Lt 3%S
1969
58
Kentucky Utll 4s
1973
1973
1973
Bank stock
29
7.66
5.38
supplies
8.24
Electrical
Conv deb 5%s
1973
8s without warrants 1940
Assoc Gas A Elec Co—
Cons ref deb 4%e.„ 1958
106% 107%
109% 112%
15.40
Delaware Fund
Deposited Bank Shs
ser
A 1
Deposited Insur Shs A
2~52
1
16.65
6.27
Oils
5.92
Railroad
2.60
5.36
6.10
Steel
1
3.30
2.50
5.25
5~90
25c
1.06
1.17
Shares
7.66
Railroad equipment
....
C
Dividend
9.10
Machinery
Eaton A Howard Manage¬
ment Fund series A-l...
No Amer Bond Trust ctfs.
No Amer Tr 8hares 1953.*
Series 1955
1
Series
Sink fund lnc 4%s—1983
Sink fund lnc 5s
1983
Sfino4%s-5%8
1986
Sink fund lnc 6-08—1986
Blackstone Valley Gas
A Electrlo 3%s
1968
Cent Ark Pub Serv 5s. 1948
Central Gas A Elec—
1st Hen coll tr 5%s—1946
1st Hen coll6 rust 6s. 1946
Cent HI El A Gas 3%s. 1964
Central Illinois Pub Serv—
1st mtge 3%s
1968
Central Pow A Lt 3 %s 1969
Central Public Utility—
Income 6%s with stk '52
Cities Service deb 6s—1963
Cons Cities Lt Pow A Trao
6B
Consol E A G 6s A
6s series B
1902
30
63
27%
29%
74%
77
18%
26%
19%
26%
11.25| Plymouth Fund Inc.—10c
.34
26.32; Putnam (Geo) Fund
2:12.49
19% Quarterly lnc Shares.. 10c
6.15
24.48
19
16.50
17.751
5.86
_
.
6.49
2.12
series. 10c
3.26
98%
9.05
3.14
2.35'
2.95
stock series..-10c
Insurance stk
5% deb series A
Representative Tr Shs..10
Republic Invest Fund
First Mutual Trust Fund
Fiscal Fund Tno—
Bank
2.53
2.13
18.08
10
8.68
Foundation Trust Shs A.l
Fundamental Invest Inc.2
3.60
4".I6
15.02
16.33
Fundament'l Tr Shares A 2
4.45
5.22
Scudder, Stevens and
100
102
-»
7.89
Sovereign
5.70
Investors—10c
4.08
General Capital Corp
*
Investors Trust. 1
23.35
28.33
4.55
4.95
Super Corp of Amer AA..1
5.09
Montana-Dakota
Standard
General
4.07
Agricultural shares
3.95
4.31
7.52
8.18
Building shares
Chemical shares
5.24
5.71
6.00
6.63
Automobile
shares..
8.05
8.75
3.79
4.14
2.59
2.83
Merchandise
Electrical Equipment
shares
4.90
5.34
4.90
Inland Gas Corp—
1965
/9
12
12
58%
3.53
3.85
3.38
3.69
shares
RR Equipment shares..
Steel
4.79
5.22
4.69
shares
Tobacco shares
94%
96 %
98%
103% 104%
3%s
65
88
1 05%
100
107
105% 106%
♦Series
C
1
♦Series
D
1
2.15
1
4.86
1
4.31
3%s—
1970
104
111%
103%
83%
106
106% 107%
106% 107%
♦Series
A
♦Series
B
Trusteed Amer Bank Shs—
Class B
—25c
.72
U S El Lt A Pr Shares A...
15%
B
2.08
Wellington
Fund
1961
6s
1950
Pub Serv of Indiana 4a 1969
Pub UtU Cons 5%s—.1948
81%
St Joseph Ry Lt Ht A Pow
.28
14.62
1.28
1.39
♦Blair A Co
1.97
2.21
♦Central Nat Corp cl A..*
♦Class B
*
20
10
14%
16
10c
%
1
4%s
1947
Sioux City GAE4S—1966
Sou Calif Gas 3%s...l970
Sou Cities Utll 5s A... 1958
S'western Gas A El 3%« *70
110
Tel Bond A Share 5s..1958
Texas Public 8erv 5s.. 1961
Toledo Edison 1st 3%sl968
89%
107% 107%
/62
64%
105% 106%
101% 102%
1st
mtge3%s
debs 3%s
19/0
s f
19 0
United Pub Utll 0s A. 1960
Utlca Gas A Electric Co—
5s
1957
West Penn Power 3s. 1970
West Texas UtU 3%s_1969
.
Western PubUc Service—
5%s
Banking
Corporations
1%
Institutional Securities Ltd
Bank Group shares
.91
1.00
♦First Boston Corp
Insurance Group shares.
1.17
1.29
Investm't Co of Amer.. 10
16.23
17.55
/15%
106
17%
106%
Pomeroy lnc
1
2
com
Water Bonds
Bid
102
Ashtabula Wat Wks 5s *58
Ask
105
104
Bid
Peoria Water Works Co—
1st A ref 5s
1950
101%
103
1st consol 48
1948
101
1st consol 5s
1948
101
Butler Water Co 5s.—1957
105
Prior lien 5s
1948
104%
Calif Water Service 4s 1901
107
108%
105%
Pinellas Water Co 5%s.'59
100%
Pittsburgh Sub Water—
City Water (Chattanooga)
5s
101
1957
1951
102%
Plainfleld Union Wat 5s '61
106%
Richmond W W Co 5s 1957
1954
lBt 5s series C
105
105%
Community Water Service
6%s series B
1940
---
Rochester A Lake
86
91
89
Ontario
94
Water 5s
1946
1951
101
St Joseph Wat 4s ser A 1966
6s series A
106
Indianapo.Is Water—
1st mtge 3%s
1966
105
1957
105
Kankakee Water 4%s. 1959
Kokomn W W Co 5s._1958
105
102%
Shenango Val 4s ser B.1961
South Bay Cons Water—
102
Springfield City Water—
Scranton Gas A Water Co
107%
4%s
i960
1958
104
Scranton-Spring Brook
Water Service 58.1961
1st A ref 58 A—
90
92
69%
72%
Monongahela Valley Water
5%s
1950
Morgantown Water 5s 1965
105%
105
New Rochelle Water—
1967
98
99
102%
105%
Muncle Water Works 5s '65
---
101%
105% 106%
105% 105%
50%
52%
4s A
103
1956
77
104
Texarkana Wat 1st 5s. 1958
106
80%
100% 102%
109
109%
106% 107%
102%'103%
102% 104%
100%
1951
101% 103%
98
100
130
Ohio Water Service 4s. 1964
106
107% 108
Ore-Wash Wat Serv 5s 1957
98
101%
5s series B—
1950
101%
1st mtge 5s
1st mtge 5%s
1951
1951
100%
Westmoreland Water
5s
1950
1952
see
page
1880.
102%
68 series B
1956
101
107%
5s series C
1960
105
101
6s series A
1949
103
W'msport Water 5s... 1952
For footnotes
104
—
Wichita Water—
108
106% 107%
103%
106
Western N Y Water Co—
New York Water Service—
5s
105
102%
W Va Water Serv 4s.. 1961
1951
5%s
Ohio Cities Water 5%s '53
Ohio Valley Water 58.1954
102
1950
Union Water Serv 5%s '51
5s series B
78%
1%
23
♦Schoellkopf Hutton A
5s
—.1951
108% 109%
102% 102%
12.82
.08
100% 102%
Republic Service—
91%
77%
91%
1
Monmouth Consol W 5s *56
lien 3-0s
90%
74%
.48
Trusteed Industry Shs 25c
Joplln W W Co 5s
Peoples Light A Power—
2%
63
2.20
Trustee Stand Oil Shs—
13.60
5s series B
81
Parr Shoals Power 53.1952
Penn Wat A Pow
3%s 1964
f\%
80%
60%
2.29
Phlla Suburb Wat 4s__ 1965
106
103
Collateral 5s
62
Atlantic County Wat 5s '68
111
Portland Electrlo Power—
106% 107
Corp...*
1
68
86%
1964
1st
.25
Utilities Inc.60o
♦State St Invest
Investors..5
Alabama Wat Serv 58-1957
107
Old Dominion Pow 58.1951
97
13.91
5.11
61%
106
Northwest Pub Serv 4s '70
101% 102%
Jersey Cent PAL 3%s *65i 105% 106%
4s
/9
58
6%s stamped
1952
Iowa Pub 8erv 3%S—1969
Iowa Southern Utll 4s. 1970
Gen Mtge 4%8
1950
New Eng G A E Assn 5s '62
NY PA NJ Utilities 5s 1950
Public Service 3%s.l969
Nor States Power (Wise)
101%
*
5.34
shares
84%
86%
100% 107%
Northern Indiana—
58
Indianapolis P A L 3%s'70
1954
12
57
Houston Natural Gas4s '55
103%
Utll—
4%s
f9
66%
Dallas Pow ALt3%s_1967
Dallas Ry A Term 6s. 1951
Federated Utll 6%s
1957
Marion Res Pow 3 %s. 1900
/9
1962
Cumberl'd Co PAL 3%s'66
103% 104 %
112
112%
103
12
100
3.83
Trustee Stand Invest Shs—
Spencer Trask Fund
102% 103
27
1962
Crescent Public Service—
Coll lnc 0s (w-8)
1954
Ask
1955
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
108
78.86
Clark Fund lnc
Selected Amer Shares..2%
Selected Income Shares..1
♦
Petroleum
1970
15%
15%
15%
12
2.58
1
1
16.83
Mining shares
N Y State Elec A Gas Corp
/10%
2.02
10.48
F
Equit Inv Corp (Mass)..5
Equity Corp *3 conv pref 1
Fidelity Fund lnc
*
Food
27
30
/61
42%
Series 1958
Investing shares
25%
Bid
4%a
/28%
7.21
equipment
Insurance stock
4.40
15
29
6.76
4.60
10.05
Independence Trust Shs.*
Amer Gas A Pow 3-5e_ 1953
Conv deb 4%8
Conv deb 5s
10.81
Building
Aviation shares
18
Utility Bonds
Ask
Conv deb 4s
5.40
Income Foundation Fd lnc
Bid
Income deb 4s
1978
Income deb 4%s—1978
3.34
1.04
Group Securities—
104% 105%
21%
22%
Corp
52.75 pref
*
53 pref
*
Utah Pow A Lt 57 pref...*
46%
/14%
/14%
/14%
/15
/24
/27%
/28%
1
...
Investment
Income deb 3%s—1978
Income deb 3%s—.1978
8.67
Metals
Incorporated
Associated Electrlo 58.1961
Assoc Gas A Eleo Corp—
Fund
Chemical
27
9.19
N Y Rtocks lnc—
Automobile
111
♦Huron Holding Corp
Public
*
(Md) voting shares..25c
National Investors Corp.l
Aviation
29~
6.72
3.70
18.25
Nation .Wide Securities—
Agriculture
115
♦7% preferred
100
Cumulative Trust Shares. *
——
1
Mam Investors 2d Fund
Mutual Invest Fund...10
New England
2.13
B
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
2
Sierra Pacific Pow com...*
$2
87
Rochester Gas A Elec—
Mass Pow A Lt Associates
14.72
.13
1
Fixed Trust Shares A
76%
Pub Serv Co of Indiana—
Jamaica Water Supply—.*
Jer Cent P A L 7% pf-100
13.69
3.22
5.60
Knickbocker Fund
Series 1956
100
preferred
Pacific Pr A Lt 7% pf-,100
Panhandle Eastern Pipe
35% 38
111
109
8.09
—
21.24
Diversified Trustee Shares
88
Series 8-4
5%
D
65%
Indlanap Pow A Lt com—*
*
New York Power A Light—
56 cum preferred
*
6%
7%
Corp—
preferred
preferred
preferred
(Del) 7%
Derby Gas A El 17 pref—*
cum
57
63%
Ohio Public Service—
92%
56
cum
*
105% 107%
100
Federal Water Serv
30
65%
Northern States Power—
100
Consumers Power 15 pref.*
Continental Gas A Elec—
28%
03%
69%
56 prior lien pref
New Orleans Pub Service.*
*
5%
New Eng Pub Serv Co—
56
17
Ask
Narrag El 4%% pref...50
57 prior lien pref
Carolina Power A Light—
Bid
8%
3.41
10
British Type Invest A.^.l
Broad St Invest Co Inc..5
Bullock Fund Ltd
1
Nassau A Suf Ltg 7% pf 100
National Gas A El Corp. 10
New EngG A
82%
13.50 prior preferred..50
4
Century Shares Trust
New Eng Pr Assn
Blrmlngham Eleo $7 pref.
Blrmlngham Gas—
11.83
Series S-3
♦5% preferred
Utility Stocks
Par
9.08
Series K-2—
Series S-2
7
Canadian Inv Fund Ltd
Ask
Bid
20.46
Bankers Nat Investing—
Teletype N. Y. 1-1600
Public
27.10
6.61
2
Basic Industry Shares
Boston Fund lnc
7-1600
9.09
Series B-l
5.99
Assoc Stand OH Shares
New York City
Bid
1
2.84
♦Class A
Tel. BArclay
Investors Fund C—
Keystone Custodian Funds
13
11%
•
Amer Business Shares
Amer Foreign Invest Inc..
Principal Stock and Commodity Exchanges
115 Broadway
Par
11.49
2.58
♦
1%
♦Amerex Holding Corp..*
established 1879
Ask
10.80
8.27
Adminls'd Fund Inc..
Aeronautical Securities
AffUiated Fund lnc
Jackson & Curtis
Members
Sept. 28. 1940
102%
Volume
The Commercial &
151
Quotations on Over-the-Counter
1883
Financial Chronicle
Securities—Friday Sept. 27—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted
Here
Bid
Alden
Beacon Hotel ino
find them in
our monthly Bank and Quotation Record.
In this publication quotations are carried for ail active over-the-counter
stocks and bonds.
The classes of securities covered are:
in which ycra have
Banks and Trust
Domestic (New
Interest, you will probably
B'way Barclay lnc
N Y Majestic
Broadway Motors Bldg—
4-6s
1948
61M
1967
/12
'45
Cheseborough Bldg 1st 0s '48
29
31
Bonds
Public Utility
Stocks
5Ms series F-l
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust
Investing Company Securities
Joint Stock Land Bank Securi<
Title Guarantee and
17
1950
22
25
23
1948
1st 3Ms
37
6s 1952
19
21
31
33
2d mtge 6s
U. S. Territorial
Bonds
1901
6Ms stamped
58
16
Realty Assoc Seo Corp—
500 Filth Avenue—
/5
6Ms (stamped 4s)__ 1949
5s
7
1st leasehold 3s. Jan 1 '52
31
'49
1958
1939
/15
/25
33
Film Center Bldg 1st 4s
40 Wall St Corp 6s...
42 Bway 1st 08
1943
62
1957
Income
60M
Roxy Theatre—
52d A Madison Off Bldg—
published monthly and
sells for 112.50 per year.
Your subscription should be sent to
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
Co—
Prudence Secur
14
1940
1st Income 3s
and Quotation Record is
(w- e)'58
Sec s f ctfs 4X e
mmm
50 Broadway Bldg—
Securities
---
165 Broadway Building—
39
33
Deb 5s 1952 legended
1951
103 E 57th St 1st 0s... 1941
3
Hotel units
Stocks
U. S. Government
3
/1M
53
mmm
2
Eqult Off Bldg deb
Safe Deposit
46
48%
34%
1 Park Avenue—
Eastern Ambassador
and Land
56
44
Ollcrom Corp v to
Court A Remsen St Oil Bid
Stocks
54
19
1st 4s (w-s)
Railroad Stocks
Mining Stocks
mrnm
46 X
32^
5Ms series Q
49
Colonade Construction—
Railroad Bonds
Industrial Bonds
ties
5U
6Mb series C-2
Dorset 1st A fixed 2s..1957
Foreign Government Bonds
Mill Stocks
1950
5Ms series BK
Public Utility
Federal Land Bank Bonds
17
4
Co—
N Y Title A Mtge
14
Chanln Bldg 1st mtge 4s
Canadian
Canadian
15M
Corp—
4s with stock strap..
63 X
Brooklyn Fox Corp—
3s
1955
2s
29
26
3M-5s 1944
1st leasehold
70
N Y Athletic Club—
Domestic
York and
Out-of-Town)
The Bank
5
Ask
67
22«
/20M
B'way A 41st Street—
Municipal Bonds—
Companies—
Metropol Playhouses Ino—
S f deb 5s
1945
mrnm
/4
4s_.1958
2s..l956
Bid
Ask
/32
Apt 1st mtge 38.1957
Certificates
1st mtge 4s
mmm
63
mrnm
Savoy Plaza
17
Corp—
1956
3s with stock
mrnm
9
7
Sherneth Corp—
1400 Broadway Bldg—
33M
1948
Fuller Bldg debt 6s... 1944
lBt 2>4-4s (w-s)
1949
Graybar Bldg 1st lshld 5s '40
1st 4s stamped
(w-s)
1956
00 Park Place (Newark)—
1st 5 H B
-mm
17M
20
31
35
74
9
/7M
76
1947
1st 3Ms
29
26
61 Broadway Bldg—
,/15
26
28"
Hotel St George 4s... 1950
and Coupons
Foreign Stocks* Bonds
28
29M
Lefcourt Manhattan Bldg
3s with stock
47
1948
37
62 William St., N.
Tel. HAnover
Y.
41
1951
1st 4s
Due to the European situation some
of the quotations shown
below are
nominal.
Bid
Anhalt 7s to
—.1946
1940
'46
'37
Housing A Real Imp 7s
/14
Antloqula 8s
Ask
/50
Hungarian Cent Mut 7s
Hungarian Ital Bk 7>4s '32
7%.1947
Hungarian Discount A Ex¬
change Bank 7s
1936
/20
1948
Bank of Colombia
/20
7s
Barranquilla 8s'35-40-46-48
Bavaria 6Mb to
1945
Bavarian Palatinate Cons
Cities 7s to
1945
/25M
27 >4
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
/14
/13
64M
30
Wall A Beaver St
8s
11
12
1951
17
21
Weetlnghouse Bldg—
1st mtge 4s
1948
50
7s
7s
0S
Land M Bk Warsaw 8s
/3M
4X
/4
/4
/4M
4X
4M
Brandenburg Elec 6a. 1953
68—1931-51
Brazil funding
Brazil
funding scrip
6s
(Germany) 7b. 1935
1940
British
1962
Bremen
Leipzig O'land Pr 0>4s '40
Leipzig Trade Fair 7s_1953
31
1948
Water 7s
22"
78.1941
Meridionals Elec 7s.. 1957
Montevideo
scrip..
...
1945
'45
Munich 7s to
Munlc Bk Hessen 7s to
/20
n
18
Recklinghausen 7s. .1947
/5
18
E.
RFC
/9M
/18
/4
/9M
/1>4
10 X
/16
33 M
36M
/35
/14
/14
/12M
22
5>4
10 >4
.1962
Hungary 7>4s
National Hungarian
1948
Mtge 7s
/5
1934
Madgeburg 6s
1945
7s to
1940
/17
1952
Panama
1953
1940
stamped..1937
'51
Costa Rica Pac Ry 7>4s'49
6s
1949
Cundinamarca 0>4s_.1959
Colombia 4s
Cordoba 7s
Costa Rica funding 5s.
Dortmund Mun Util8>4s'48
1945
Duesseldorf 7s to
1945
Dulsburg 7% to
6s. 1953
Electric Pr (Ger'y) 6>4s '50
0>4S
1953
European Mortgage A In¬
vestment 7>4s
1960
7>4s Income
1966
fs
1967
East Prussian Pow
1967
7s Income
5% scrip...
Porto Alegre
7s
Protestant Church
1946
Prov Bk Westphalia 6s '33
6s 1930
1941
6s
Mtge 7s. '03
1945
French Nat Mall 83 6s '52
Frankfurt 7s to
German Atl
German
Cable 7s.
.
1945
1948
/14
'46
1946
Funding 3s
German scrip
Graz (Austria)
Guatemala 83
Hanover Harz
6s
Haiti 6s
Hamburg
8s
1954
1948
Water Wks
1957
1953
Electric 6S..1938
investment
/14M
Saarbruecken M Bk 0s.
'47
7s ctfs of deposit. .
4s
/18
7X
Santa
nx
nx
1947
/7H
/67
/13M
/7
/13M
/19
35
/12>4
60
/22
Fe 4s stamped.
Santander (Colom)
/30
39 >4
1942
78.1948
Sao Paulo (Brazil) 08.1943
Saxon Pub Works 7s. .1945
6Hs
1951
Saxon State Mtge 6s..1947
Slem A Halske deb 6s. 2930
State Mtge Bk Jugoslavia
5S
1956
2d series 5s
1956
Stettin Pub Utll 7s
1946
Santa
/5
/14
35
40 >4
by means of
6~X
fX
1948
1948
Catharina (Brazil)
8s ctfs of deposit
/18
/3>4
/2
/10
1957
scrip
8s
/2>4
n
i&H
8X
15
8
fl5M
/14
/ 14X
200
40
Tolima 7s.__
1955
1947
80
/ 14 X
/35
7s._-.1947
Wurtemberg 7s to
1945
/ 13 X
/14
/14 M
an
sess
banking cannot com¬
engineering reports.
to it that
the
83
carefully drawn indenture
the borrowing corporation
efficient and modern manner.
In stating
/14X
Uruguay conversion scrip..
Unterelbe Electric 6s__ 1953
Vesten Elec Ry
pointed out that private investment
in an RFC loan, but the
pledges its all in such a manner
that the Government can take over the business if its managers fail to meet
the interest and maturity payments that the contract calls for.
Also, I understand that today the RFC offers to take back plants that
won't be used by the borrower after the war. Now, between this offer and
the right of foreclosure the Government is rapidly putting itself in the
position to own and operate plants that will be in direct competition with
private enterprise.
The Government does not have to worry about profit
or amortization, hence it becomes an unbeatable competitor to ably managed
companies whose stockholders' doUars are expected to earn an honest wage,
and whose plant and equipment and methods must at all times be maintained
RFC
in
/15
/15
3>4
Toho Electric 7s
or
the Government that
There need be no
7s 1957
unwillingness of the
Mr. Connely stressed.
He added:
inability
regulates it when the Government does not
regulations. Government in its capacity as
banker does not use the same standards that it exacts of the investment
banking industry.
It does not register its issues.
It does not have to
demand up-to-date audits.
It does not not have to analyze operations
pete with
Salvador
/14>4
i
orders.
subject itself to the same
/H
/14M
bankers,
But It must be
/13
/13
German Central Bank
Agricultural 6s
1938
German Conversion Office
/6J5
R C Church Welfare 7s
situation requires that the Reconstruction Finance
industry's preparation for the rearmament job. So.
months, the RFC has authorized more than $500,000,000 for
expansion of plants for defense
f*X
Rio de Janeiro 0%
and popular excuse, the proponents
sold the public on the idea that the
of the
This is not because of any
flZ
fid
/18
/15
Rom Cath Church 6>4s
Building A Land-
bank 0>4s
25
f2
/14
Bellevue-Stratford Hotel in
said:
capitalism have skillfully
In a few short
/50
/14M
8%
Farmers Natl
1933
'46
private finance
Corporation finance
(Ger¬
many) 7s
8H
expediency
/14
/13H
/22
1956
1968
Poland 38
/5
70
/33
/14
/15
/12>4
f8lA
City 0>4s
Panama
on
Using the defense program as an easy
of national
Oberpfals Elec 7s
City Savings Bank
Budapest 7s
of the I. B. A. at the
Philadelphia, Mr. Connely
Oldenburg-Free State—
Central German Power
Government
Emmett F.
Bankers Association
of America, warned on Sept. 25, in speaking before tli©
investment bankers of Philadelphia.
The war situation,
he said, is being used as a means to hasten the pace of a
"creeping economic paralysis" that is "slowly stifling the
way of life which is the rightful and automatic heritage of
Americans."
Speaking before a joint luncheon meeting of
the Bond Club of Philadelphia and the Eastern Pennsylvania
group
/5
A Ind
Central Agrlc Bank—
see German Central Bk
the
existence of free enterprise,
/0O
of
Nat Central Savings Bk
of
Connely, President of the Investment
/65
7Ms '46
Call (Colombia) 7s...1947
Callao (Peru) 7 >4 s—.1944
Cauca Valley 7>4s
1946
Ceara (Brazil) 8s
1947
Caldas (Colombia)
Threatened by Government Competi¬
Private
Investment
Banking, Says
Connely—President of I. B. A. Criticizes
Financing of Plants for Defense Orders
/14H
Nat Bank Panama—
Burmelster A Wain 6s. 1940
...
1880.
threatens the very
(A A B) 4s...1948-1947
(C A D) 4S...1948-1949
Nassau Landbank 0>4s
/42
15
F.
Encroachment
/23
/14
mrnm
/12M
'38
1953
6J4s
Buenos Aires scrip
65
with
tion
15
Municipal Gas A Elec Corp
Brown Coal Ind Corp—
42
Free Enterprise
15
Luneberg Power Light A
Mannheim A Palat
/13
/30M
/40
/19
Hungarian Bank—
7 >48
4H
For footnotes see page
/3
/14H
Koholyt 0>4s
15>4
(Republic) 8s. 1947
1958
1909
1940
Bollva
Ludwlg Baumann—
nm
16 H
41M
/5
/5
'41
/15%
fUX
29
1950
Corp—
3s
1947
1951
25
23
/26
39M
Walbrldge Bldg(fl uffalo)—
1st 4Mb w-s
1st 5s (Bklyn)
...
Atk
fim
1943
'47
1945
Bogota (Colombia) 614s
I § ft 4-6s'40
2 Park Ave Bldg
28
1952
1st 5s (L 1)
Bid
...1939
1st 5M8-.
mrnm
39
62 H
1903
lpt A gen 3-4s
».
76
—
36
London Terrace Apts—
Foreign Unlisted Dollar Bonds
1968
Trinity Bldgs Cory
Lexington Hotel units
Lincoln Building—
Income 5Ms w-s
1956
1st 3-5a
...
Lewis Morris Apt Bldg—
2-5422
24
(Syracuse)
Textile Bldg—
1st lease 4-6 Ms
a CO., INC.
21
50
Lefcourt State Bldg—
BRAUNL
.
1st 3s.
i
1948
1st 4-5s
25
1957
010 Madison Ave—
Syracuse Hote
Inactive Exchanges
1950
stock
3 Ms with
Harrlman Bldg 1st 08.1951
Hearst Brisbane Prop 6s' 42
.
that the latest Government
Temporary
National Economic
proposal comes from
Committee—referring
suggestion of a chain of credit banks to finance
small businesses'—Mr. Connely said that "it is so unsound
that I am satisfied that in any public hearing the whole
scheme can be shot full of holes to its complete obliteration."
to the recent
i
1884
The Commercial & Financial Chronicle
Sept. 28, 1940
General Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
FILING
OF
REGISTRATION
are
always
possible to arrange companies in
alphabetical position as possible.
Co.,
UNDER
Co.
ACT
Commission under the Securities Act of 1933.
The amount
Thomas
W.
Ruth
under consideration for some time. It is understood that if the
stockholders
authorize the proposal, 50,000 preferred shares will be offered
publicly by a
syndicate headed by Emanuel & Co., Kidder, Peabody & Co. and Lehman
Brothers.
The proceeds would be used for
is President of the
United Funds Management Corp. has been named underwriter.
Filed Sept. 21, 1940.
company.
Marshall Drug Co. (2-4510, Form A-2) of Cleveland, Ohio has filed a
registration statement covering 7,000 shares of $100 par $5 cumulative
preferred stock.
The stock is to be issued to creditors in
capitalization of
their claims and to be sold to creditors and
others, at par, for cash or prop¬
No shares will be Issued or sold unless a minimum of $500,000 par
is subscribed for.
Proceeds of the issue will be used for debt and
working capital. W. J. Marshall is President of the company. No under¬
writer named. Filed Sept. 23,1940.
The last previous list of registration statements was
our issue of
Sept. 21, page 17]2.
in
given
purchase of equipment and for
other purposes.—V. 151, p. 1713.
American Bakeries Co.—Extra Dividend—
Directors have declared
erty.
amount
Capitalization—
Stockholders will vote on Oct. 24, in Wilmington, Del., on a proposal to
increase the capitalization of the company by
creating an issue of 100,000
shares of no-par preferred stock.
This will be in addition to the presently
authorized 1,000,000 shares of $10 par common stock.
Financing of the company through the sale of preferred stock has been
United Funds, Inc. (2-4509, Form C-l) of Philadelphia, Pa. has filed a
registration statement covering 30.000 United Fund trust certificates,
income series CI, composite fund and bond fund, which will be offered at
$ 100 minimum and at multiples of $50 in excess of $100.
Proceeds of the
for investment.
trustee for the 5s of 1950, also depositing with J. P. Morgan &
now in impounded income which also will be used for the
interest
American Airlines, Inc.—To Increase
approximately $3,700,000.
be used
|
The Marine Midland Trust Co., trustee for the 5s of
1950, states that it
will deposit with J. P. Morgan &
Co., Inc., $207,160 for Oct. 1 interest on
the corporations 5s of 1950.—V. 151, p. 1712.
following additional registration statements {Nos. 4509
Exchange
issue will
as
$207,16Q,
Oct/
and 4510) have been filed with the Securities and
involved is
alphabetical order
exact
as near
STATEMENTS
SECURITIES
The
It is not always
reasons
However, they
an extra
dividend of 25 cents per share in addition
to the
regular quarterly dividend of 50 cents per share on the class A stock,
both payable Oct. 1 to holders of record Sept. 16.
Similar payments were
made in preceding quarters.—V. 150, p. 3345.
American-Canadian Properties Corp.-—Dividend
—
Directors have declared
a dividend of 25 cents per
share, payable Oct. 1
Sept. 21.
Similar amount was paid on April 1 last;
was paid on Dec. 27, 1939; one of 80 cents was
paid on
Sept. 20, 1939 ; 50 cents was paid Feb. 9, 1939; 15 cents on Dec. 23, 1938,
and 25 cents on Feb. 15, 1937 —V. 151,
p. 237.
to holders of record
dividend of 30 cents
Ahlberg Bearing Co.—Earnings —
American Car & Foundry Co.—Government Contract—
Earnings for 6 Months Ended June 30, 1940
Sales
$644,853
Net income after all charges
Earnings per share
on
25,635
306,956
shares
common
1.......
Company has been
on
List—
common stock (par $1) of Air
Associates, Inc. (New York) will be
suspended from dealings on the New York Curb Eschange at the
opening of
business on Oct. 1, 1940, at which time the common stock
(par $1) of Air
Associates, Inc. (New Jersey) will be admitted in substitution therefor.—V.
151, p. 1562.
Akron Canton & Youngstown
Ry.August—
1940
Gross from railway
1938
$170,232
58,760
28,537
$147,105
1,508,823
Gross from railway
1,271,549
365,561
125,720
1,022,142
103,109
def26,614
Net from railway
Net ry. oper. income
483,680
270,110
12 Months Ended July 31—
Gross oper. earns, of subs, (after
39,324
11,811
Provision for depreciation
General taxes and estimated
Southern
August—
R
$181,012
57,263
30,962
247,222
R.—Earnings—•
1940
1939
1938
1937
$637,1.56
198,875
145,002
$620,089
168,963
116,435
$627,857
178.873
104,099
223.040
From Jan. 1—
Gross from railway
5,239,417
1,644,826
Net from railway
Net ry. oper. income
—V. 151, p. 1269.
4,862,161
1,456,043
1,030,177
1.047,649
4,205,513
818,864
690,987
4,994,086
1,418,115
858,562
Gross revenue
Operating
1940— Month—1939
1940—12 Mos.—1939
$1,816,435
$1,828,861 $22,803,419 $21,301,734
Proportion
of
attributable
to
650,133
expenses
Taxes
8,208,000
3,511,961
2,777,680
6,569,052
3,266,090
2,612,280
$705,578
401,153
$8,305,778
4,852,291
Gross income
238,365
$632,2.54
Int. & other deductions.
Net income
Divs. on pref. stock
403,076
$229,178
195,178
Balance.
Balance
$5,562,493
$1,644,564
common stock
!
804,486
$4,758,007
$1.72
$4,228,194
$1.53
—V.
American Locomotive Co.—Government Contract—
Company has
been
awarded
a
contract
Army.—V. 151,
totaling $32,070,000 to build
p. 835.
American Mfg. Co.—25-Cent Dividends—
Directors have declared two dividends of 25 cents
per share each, on the
stock, one payable Oct. 1 to holders of record Sept. 14 and the
other payable Dec. 31 to holders of record Dec. 14. Similar
25 cent dividends
common
Alberta Pacific Grain
Co.,
Years End. June 30—
Income from oper. before
deducting the
noted charges
$1,111,349
$5,032,680
179,551
804,486
...
$3,986,702
2,342,138
$109,247
$33,999
151, p. 1424.
$3,453,487
2,342,138
$5,109,430
76,750
preferred stock
Balance
Earnings per share of
151, p. 979.
1,553,558
$5,492,190
203,209
$5,623,493
61,000
...
Balance transferred to consolidated
surplus
on
$3,938,633
$6,077,717
201,862
252,362
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co.
tanks for the U. ,8.
$304,425
195,178-
7,343
minority
stock
Total
18,854,312
4,867,610
295,682
Provision for deprec'n..
-V.
608,482
297,110
217,690
4,344,191
$3,945,975
10,676
earnings,
4,218,483
Equity of American Light & Traction Co. in
earnings of subsidiaries
;
$4,530,251
Income of American Light & Traction Co.
(exclu¬
sive of income received from
subsidiaries)
1,547,466
Dividends
39.120
$4,540,928
Balance
Co.—Earnings
.
$8,290,167
Interest, amortization, and preferred dividends of
subsidiaries.
Holding company interest deductions
Alabama Power
Period End. Aug. 31—
5,144,172
$8,251,046
$8,759,411
Total income of subsidiaries
5,895,023
$8,781,585
Dr22,174
Non-operating income of subsidiaries
1,487,619
524,192
$785,175
312,435
Gross from railway
Net from railway.!
Net ry. oper. income
Federal income taxes.
Net earnings from operations of subsidiaries
1937
1939
$44,984,070 $41,605,737
24,629,175
22,777,256
2,241,906
2,280,123
3,436,382
3,153,139
Maintenance.
common
Great
1940
transfers)
General operating expenses
1269.
Alabama
Subs.)—Earnings—■
eliminating inter¬
company
-Earnings-
1939
$211,159
78,519
45,847
.
railway
Net ry. oper. income,.
From Jan. 1—
—V. 151, p.
totaling $10,352,745 to build tanks
American Light & Traction Co. (&
Associates, Inc. (N. J.)—Substituted
The
Net from
a contract
$0.06
—V. 150, p. 267.
Air
warded
a
for the U. S. Army.—V.151, p. 403.
were
Ltd.—Earnings-
xl940
1939
1938
1937
.
under-
$653,452
Income from invest'ts..
$398,393
43,868
10,645
$103,249
19,041
$71,981
96,430
paid
on
July 1 and April U last; dividend of $1
1939, and last previous distribution was made
amounted to $1 per share.'—V. 150, p. 3651.
on
paid on Dec. 31,
31. 1937 and also
was
Dec.
American Ship & Commerce
Corp.—To Consider
Cramp
Offer—
A
Total income
$664,097
398,923
$442,261
390,602
$122,290
208,787
$168,411
208,359
27,327
29,209
CY36.586
74,609
1,250
1.250
1,250
75,000
...
Deprec. of fixed assets..
Prov. for moving & re-
5,000
10,000
$161,596
$16,201
loss$51,160 loss$135,807
erecting elevators and
renewals
Provision
for
bad
and
doubtful accounts
Directors fees
Prov. for Doin. & Prov.
income taxes
(est.)
Balance, prof, transf d
to surplus account
.
x
10,000
1,250
special meeting of the stockholders has been called for Oct. 4 to con¬
sider the offer of Cramp Shipbuilding Co. to
holders of general mortgage
6% bonds of the William Cramp & Sons Ship & Engine Building Co., of
which American Ship owns $2,200,000.
They will also consider the pro¬
posed agreement between American Ship and
Merchant-Sterling Corp.,
which holds Cramp bonds as collateral.
Under the Cramp offer American
Ship & Commerce would be entitled to
35,200 shares of new Cramp stock and warrants to
buy 88,000 additional
shares.
The agreement with
Merchant-Sterling Corp. provides
that stock to be received shall be substituted as
collateral and warrants will
be released to American Ship & Commerce.
common
American Ship & Commerce is unable to exercise these
warrants for itself,
it is proposed to distribute them to its stockholders
at rate of warrants
one share of Cramp stock for
approximately seven shares of American
Ship & Commerce.—V. 150, p. 3037.
so
Consolidated.
for
Balance Sheet June 30
Assets—
x
zl940
Property
Acc'ts receivable.
1939
Liabilities—
$4,715,994 $4,948,553
68,249
666,618
232,311
176,755
Cash
.
Stocks of grain and
coal
474,202
Sask. Govt, rel'f
7,532
12,553
*
151
800,000
2,537,000
2,678,000
1,370,000
103,321
estimated)
Sundry creditors..
39,082
37,698
521,256
38,756
34,004
Bond redemp.
Profit and loss
$8,671,104
$6,996,6671
pPrm2
Total
30,399
314,150
218,791
91,403
86,620
344,452
res.
182,856
$8,671,104 $6,996,667
of $3,179,592 in 1940
and $2,744,325 in
80-000 no Par shares class A stock,
z Consolidated.
Alleghany Corp.—Oct. 1 Interest—
Federal
Judge Vincent L.
Leibell has signed an order
authorizing the
corporation to withdraw from the impounded
account with J. P
Morgan
& Co., Inc., $355,399 which will be
redeposited with J. P. Morgan & Co as
Paying Agent to meet the Oct. 1, 1940, interest on the
corporation's 5%
bonds of 1950.
This order is
contingent on the Marine Midland Trust
Period End. Aug. 31—
Sales
—V.
1940—4 TFL?.—1939
$9,926,895
151, p. 1270.
1940—35 Wks.—1939
$8,406,849 $85,814,061 $74,902,726
American Telephone &
Telegraph Co.—New President
for Bell Laboratories—
110,777
645,226
in™Mterc.reserve f°!i
—Y
800,000
Acer, taxes (partly
on
Deferred charges..
Investments
Total
Bank current bals.
American Stores Co.—Sales-
1939
$3,000,000 $3,000,000
Common stock.
6% 1st mtge. bds.
y
Bank loans
3,048,982
Prov. of Alberta &
Membership
Exchange
zl940
7% pref.stock
Dr. O. E.
Buckley, who joined the Bell System in 1914, was on Sept. 23
elected President of Bell Telephone
Laboratories, Inc., the research and
development organization of the American Telephone & Telegraph Co.
system.
He succeeds Dr. Frank B. Jewett, who will become Chairman of
the Board of Bell Telephone Laboratories. These executive
changes become
effective Oct. 1. Dr. Buckley formerly was Executive Vice-President of the
research organization.
It also was announced that Dr. R. W.
King, who has been assistant to
Dr. Jewett, will be transferred to the American
Telephone & Telegraph Co.
an Assistant Vice-President.
He will continue to aid Dr. Jewett.—V.
as
151, p. 1563.
American Thermos Bottle Co.—Extra Dividend—
Directors have declared an extra dividend of $1
per share in addition to
the regular quarterly dividend of 25 cents
per share on the common stock,
both payable Nov.
paid
on
1
to holders of record Oct.
Aug. 1 last.—V. 150,
p.
3962.
19.
Extra of 50 cents
was
Volume
The Commercial & Financial Chronicle
151
American Tobacco Co., Inc.—To
Pay Draftees—
George W. Hill, President of the company, made public on Sept. 23.
the action taken by the board of directors regarding payments to be made to
employees who volunteer or who are called for military training as members
of National Guard units or under the recently enacted conscription law.
During their 12 months training period, employees of the company will
be paid the difference between their
regular earnings up to $3,500 a year and
their training service pay.
In announcing that the company would pay the wages and salaries of
its employees during the time of their military training, Mr. Hill said, "It is
feeling that the man who volunteers or who is called from his-job to be
trained for the defense of his country should be given every encouragement
and assistance. The action taken by the board of directors will, we believe,
our
contribute greatly to the morale of our entire organization as well as to that
of these of our employees who enter the service."—V. 151, p. 1132.
Period End. Aug. 31—
Operating revenues..—*
Operating
Output—
Inc.—August
^
The power output of the electric subsidiaries of the American "Water
Works & Electric Co. for the month of August totaled 239,036,628 kilowatt
hours as compared with 205,197,532 kilowatt hours for the corresponding
month of
1939,
an
increase of 16.5%.
For the eight months ended Aug.
31, 1940, power output totaled 1,818,572,310 kilowatt hours as against 1,539,275,768 kilowatt hours for the
same period last year, an increase of 18.2%.
Weekly Power Output—
Output of electric
energy
368,571
expenses.
Direct taxes
Prop, retire res. approp,
142,870
$325,310.
685
11.760
13.814
Gross income
Int. on mtge. bonds
$328,753
Cr 173
$325,995
146,385
7,773
Cr328
$3,221,490
1,756,443
312,264
Cr3,336
$3,263,106
1,756,624
105.985
Cr4.646
$163,072
$172,165
$1,156,119
949,265
$1,405,143
949,265
$206,854
~~ $455,878
146,364
19,490
Other int. & deductions.
Int. chgd. to construct'n
Divs. applic. to pref. stocks for the
.
Anaconda Wire & Cable Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Oct. 21 to holders of record Oct. 11.
Similar amount was
paid on July 12 last and previous payment, which was made on Dec. 18,
1937, totaled $1.25 per share.—V. 151, p. 688.
Inc.- -Earnings—
1939
1940
$3,547,557
2,573,019
$3,036,071
2,313,205
$974,538
*
Cost of sales
1938
$722,866
Gorss profit
Other income
$3,019,465
2,321,570
$697,895
11.569
Period End. Aug. 31—
Operating
169,101
5,594
497,413
181,472
4,785
$697,895
162.488
575,799
192,482
5,165
"*8.988
1937
$3,351,603
2,323,738
$1,027,865
13,084
Net profit
Shs.com.stk.out. (no par)
632.152
rev..
159.391
-
$1,192 loss$130.193 loss$252,580
159,995
159,101
159,101
Nil
Nil
614,930
194,092
3,946
15,000
$412,216
238,456
$3,412,240
2 040,401
$3,147,491
1,922,418
$189,011
74,192
$173,760
64,638
$1,371,839
549.672
$1,225,073
485,896
$114,819
Net oper. revenues...
Operating taxes—
Net oper. income....
$109,122
$822,167
$739,177
—V. 151, p. 1425.
$53,590
158,285
1940
1939
Period End. Aug. 31—
Railway
Railway
1940—Month—1939
1940—8
1939
revenues.$14,631,685 $13,776,826 $107501,072 $102370,660
10,896,779
10,388,106
85,276,349
82,049,867
oper.
less
reserve
c
Railway tax accruals— al,559,446
Other debits
credits-.
Cr77,958
Net ry. oper. income.
$2,253,419
or
with
plan
consol. of plants
Cash.
Accts. rec.,less res.
1st mtg. bds. pur.
for sink, fund—-
Halifax
Power
94,507
68,949
411,443
Inventories
Other accts. rec'le.
Prepaid charges.,
2,495,000
656,306
661,113
6% jr. lien notes..
SH% 10-year reg.
126,870
126,870
gl25,100
125,600
Interest accrued..
58,074
Accepts, payable
130,154
37,895
47,963
82,890
conv. notes
e
12,730
Pulp Co., Ltd-.a 1,175.000
a
62,688
298,644
17,721
&
Securities owned—
Other lnv. & ad vs.
Total
106,701
1,180.000
Reserves
Accts. payable and
accrued accts
5,002
5,002
Capital surplus
222,743
656,593
221,613
Earned surplus
10,648
28,544
51,225
300,838
684,094
8,693
238,213
6,982
.$5,364,899 $5,304,082
The notes receivable due from Halifax Power & Pulp Co., Ltd. (a former
subsidiary),
are in effect capital loans, the liquidation of which is dependent
chiefly on the operating results (heretofore generally unprofitable) of the
debtor company. Of the 15,000 shares of the authorized and issued capital
stock of Halifax Power & Pulp Co., Ltd., 5.995 shares are owned by A. P. W.
Paper Co., Inc., and of the remaining 9,005 shares, 9,000 shares are under
option to A. P. W. Paper Co., Inc., until Nov. 1, 1953, and may be acquired
for a maximum additional amount of $11,000.
b Of the first mortgage and collateral trust 20-year 6% sinking fund gold
bonds outstanding, $1,134,000 principal amount are "assented" bonds under
the "plan for consolidation or plants."
The holders of such "assented"
bonds are entitled to receive additional interest, if earned, up to a maximum
of 1 %. to be paid from 25% of the net addition to surplus in each full fiscal
year beginning July 1, 1938.
The 25-year 6% convertible gold notes and the 6% junior lien notes are
secured by a mortgage on the property covered by the first mortgage and
collateral trust 20-year sinking fund gold bonds and junior thereto.
The
3H% 10-year registered convertible notes, secured by $260,000 principal
amount or 25-year 6% convertible gold notes and 25,120 shares of class A
stock of A. P. W. Properties, Inc., v ere retired subsequent to June 30, 1940,
by the exchange of 21,260 shares of class A stock or A. P. W. Properties,
Inc., for $106,300 principal amount of such notes and by the payment on
Aug. 1, 1940, of $18,800 cash.
The holders of $634,856 principal amount of the 25-year 6% convertible
gold notes outstanding ($656,306) have assented to the "plan of voluntary
readjustment of funded debt
whereby they are to receive the interest on
such notes only to the extent that such interest shall have been earned in the
six months' period ended June 30, 1939, and in each fiscal year thereafter.
In accordance with the foregoing plan provision has been made for interest
on such assented notes at 3% for the year ended June 30,1940.
No interest
is payable on the 6% junior lien notes (owned by A. P. W. Properties, Inc.)
so long as A. P. W. Paper Co., Inc. meets the rental to A. P. W. Properties,
Inc., under the terms of a lease expiring April 1, 1948, between the two
companies.
American Public Welfare Trust holds an option until Nov. 1, 1944, to
purchase at par $133,150 principal amount of 25-year 6% convertible gold
notes.
c Of the authorized
but unissued common stock, 146,609 shares are
reserved for the conversion of the 25-year 6% convertible gold notes and
31,275 shares for the conversion of the 3)4 % 10-year registered convertible
notes. Inasmuch as the latter issue was retired subsequent to June 30, 1940,
the reservation therefor is no longer necessary.
d Represented by 159,101 shares of no par value, e Includes notes pay¬
able. both items being secured by pledge of raw materials, f Par $5. g In¬
cludes $18,800 paid Aug. 1, 1940.—V. 150, p. 3346.
Ashland Home Telephone Co.—Bonds
Called—
bonds series A
20 at 105 and
a crued interest.
Payment will be made at the City National Bank & Trust
Co. of Chicago.—Y. 142, p. 4167.
All of the outstanding first mortgage sinking fund 4)4%
due April 1, 1961 have been called for redemption on Nov.
Z)r387,465
$1,982,952 $11,686,640 $10,086,108
.
Atlanta Laundries,
52 Weeks Ended—
Net sales
Inc.—Earnings—
Dec. 31, '39 Dec. 31, '38
41.993
978,423
77,010
577,390
$1,779,040
.
9,262
Non-oper. income (net).
Gross income
Production of oper. exps.
Salaries and wages
Taxes
Jan. 1, '38
$1,643,069
7,099
70,454
562,609
114,514
....
$1,602,629
6,936
49,175
$1,830,296
....
Jan. 2, '37
$1,663,315
7,519
32,929
22,418
$1,658,741
$1,683,097
$1,693,252
905,403
884,463
61,799
877,375
38,856
624,198
114,724
106,939
211,230
38,329
38,584
114,455
$43,961
Interest on bonds
Prov, for income tax
585.691
37,896
1,100
_.
~
loss$32,779
$5,619 loss$172,861
Balance Sheet Dec. 31, 1939
Assets—Cash, $62,771: accounts receivable (less bad debt reserve),
$77,195; inventory, $92,872: company's own 4% bonds, $32,759: (at cost),
cash surrender value of life Insurance policy, $59,568: stock of National
Linen Service Corp., Atlanta, Ga., $300,000; cash in bond sinking fund
account, $713: land, buildings, machinery & equipment (less reserve for
depreciation of $332,380), $1,668,097: trade routes, $212,500; unexpired
insurance premiums, $9,504; other deferred charges, $7,589; total, $2,523,568.
Liabilities—Accounts payable (trade). $18,855; deposits payable (route-
$7,828: accrued contribution to sinking fund for retire¬
bonds, $14,619: funded debt, $932,781: first preferred stock (8,268
a stated value of $50), $413,400; second prefeTed stock (7,110
shares at a stated value of $50), $355,500; common stock (26,874 shares at a
stated value of $50), $134,372; capital surplus, $607,424; earned surplus
$16,802. total, $2,523.568.—V. 150, p. 831.
& other expenses,
ment of
def3~,654
32,858
Total
b9,847,220
Cr248,516
men), $6,100: accrued social security & inc. taxes, $15,885; accrued! nterest
554.823
—.$5,364,899 $5,304,0821
Cr22,815
a Includes
for 1940 and 1939, respectively, $420,071 and $369,011
representing accruals under the Carriers Taxing Act of 1937 and the Un¬
employment Insurance Acts,
b Includes for 1940 and 1939, respectively,
$3,089,559 and $2,905,181 representing accruals under the Carriers Taxing
Act of 1937 and the Unemployment Insurance Acts.—V. 151, p. 1714.
1939
Gold notes
for
al,428,583 blO,786,598
$0.34
Common stock.. f$799,975d$l,478,763
$2,678,740 $2,817,050,1st mtge. bonds.-b2,437,000
Exps. in connect'n
.
oper. expenses.
Net profit.
1940
Liabilities—
I
Ry,—Earnings—
[Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.]
AUother.
Comparative Balance Sheet June 30
Assets—
Prop., plant & eq.,
1940—8 Mos.—1939
$3,429,184
$3,1^1.407
16,944
13,916
$440,799
251,788
Depreciation
ISfil
share
$1,040,949
14,542
$986,107
154,993
Federal income tax
Miscell. charges (net)
per
$722,866
160,402
23,075
Prov. for depreciation. _
Gen. admin, expense
Int. on funded debt,
Int. on unfunded debt..
Earnings
Ltd.—Earnings—
1940—Month—1939
$443,665
$413/04
2,866
1,388
revenues
Miscellaneous income
Total earnings-—
Output—
The Utility Management Corp. reports that for the week ended Sept. 20.
Associated Gas & Electric group was 100,859,882
units (kwh.). This is an increase of 8,612,727 units or 9.3 % above production
of 92,247,155 units a year ago.—V. 151* p. 1713.
net electric output of the
Atchison Topeka & Santa Fe
E. S. Thompson, President of this company, announced that Raymond P.
Kaesshaefer has been elected Comptroller to succeed the late Arthur L. Rae.
—V. 151, p. 1713.
Years End. June 30—
Net sales
$3,249,292
1936
Comptroller—
A. P. W. Paper Co.,
$3,209,730
Associated Gas & Electric Co.-— Weekly
Operating revenues.
Operating expenses...
1 (M7
1 (MB
1939
48.272.000
Aug. 31--J 54,298,000
44,893,000
40,860,000
51,118,000
47.899,000
Sept. 7—*50,894,000 *44,270,000 *38,807,000 *46,120,000
Sept. 14... 54,817,000
48,974,000
43,170,000
49,985,000 *46,010,000
Sept. 21— 54,110,000
51,949,000
49,046,000
42,460,000
49,408,000
*
Includes Labor Day Holiday.
,
period-
Balance
—V. 151, p. 1133.
corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
yeats follows:
New
127,000
1940—12 Afos.—1939
$9,935,253
$9,496,426
3,769,835
4,134,376
1,309,147
1,209,357
1,282.000
1,267.942
$328,163
590
Uncollectible oper.
1940
121,630
121.000
Associated Telephone Co.,
of the electric properties of American Water
857,225
Net oper. revenues
Other income (net)
Works & Electric Co. for the week ended Sept. 21,1940, totaled 54,110,000
kwh., an increase of 4.2% over the output of 51,949,000 kwh. for the
Week End.—
Co.—Earnings—
1940—Month—1939
$960,604
$931,165
Net Income
American Water Works & Electric Co.,
1885
Arkansas Power & Light
shares at
Atlantic Coast Fisheries Co. (&
Subs.)—Earnings—
1940
3 Months Ended July 31—
Net profit after
1939
taxes and deprecia-
1938
■.
.
a$15,829bloss$50,000 loss!66,841
tion, Ac..
Exclusive of profit and loss credits and charges including $73,993 net
credits from profit and loss items in the 1940 quarter, there was a credit of
a
$89,822 carried to earned surplus account.
b Including net charges of $77,889 for profit and loss items, there was a
$127,889 charged against surplus account.
Note—No provision was required for Federal income taxes.—Y. 151, p. 98.
loss of
„
Atlantic Coast Line
RR.—Earnings-
August—
1940
Gross from, railway
$3,394,825
Net from railway......
260,135
Net ry. oper. income
44,749
From Jan. 1—
Gross from railway
32,812,141
Net from railway.
*
5,993,761
Net ry. oper. income...
1,000,611
—V. 151, p. 1714.
1939
$3,(59,102
159,991
defl4,730
1938
$3,010,623
260,383
94,366
1937
$2,979,205
208,537
56,992
32,104,607
7,557,919
2,475,194
30,309,102
6,385,575
1,734,446
33,314,462
8,629,490
3,974,801
Austin, Nichols & Co., Inc.—Earnings4 Mos. End. Aug. 31—
1940
1939
1938
1937
$518,645
533,504
$686,590
743,736
6,600
22,622
$729,215
732,282
Cr5,691
6,600
21,159
$86,872
$25,135
—
14,117
$453,994
519,714
Crl,126
4,639
12,211
Loss for four months.
$33,576
$81,443
Gross profit on sales
Selling and gen. expenses
Other income—net
"4" 600
Depreciation.
Interest—net.
—V. 150, P.
Dr503
4117.
Autocar Co.—Government Contract—
Company has been awarded a contract totaling $7,271,103 to build half
track vehicles for the U.S. Government.—V. 151, p. 1271.
Aviation
Corp.
(Del.)—Listing—Acquisition of Republic
Air ci oft—
Stock Exchange has authorized the listing of 385,000
additional shares of capital stock (par $3) upon official notice of issuance
The New York
pursuant to the agreement for the acquisition of all of the assets of Republic
Aircraft Products Corp., entered into July 29, 1940, making the total
amount applied for 4,347,958 shares of capital stock.
There was executed on July 29, 1940. a contract between the company
and Republic
Aircraft Products Corp.
This contract provides, in substance,
will (a) issue and deliver to Republic 385,000 shares of capital
and (b) assume all of the obligations and liabilities of Republic as of
April 30, 1940, still unpaid, and such liabilities as may be created there¬
after in the usual and ordinary course of the business of Republic, as well
as the expenses incidental to the contemplated transfer or the assets of
that company
stock
The Commercial & Financial Chronicle
1886
Republic and its liquidation against the transfer to the company by Re¬
public of its assets and property.
The agreement further provided, among
things, that it was subject to the approval of the holders of a majority
of the stock of Republic, at a meeting to be called for the purpose not later
than Aug. 20, 1940, and that the agreement would become null and void if
not so approved by the holders of a majority of the stock of Republic at
such meeting, or if Republic did not convey its assets to the company as
therein provided within 60 days after any approval by the holders of a
majority of the stock of Republic.
The agreement also provided that in
the event that the holders of a majority of the stock of Republic approved
the agreement but the holders of more than 6% of the stock of Republic
voted against approval, the agreement might, at the option of the com¬
pany, become null and void.
In the agreement Republic agreed that the
shares of capital stock of the company to be received by it would be held by
it for investment and not disposed of provided, only, however, that upon
the final liquidation of Republic the shares of capital stock of the company
received by it were to be distributed to the stockholders of Republic as a
liquidating dividend.
At the time when the contract for the acquisition of the assets and busi¬
ness of Republic by the company was under negotiation, Republic had out¬
standing commitments to sell to Its bankers, Brown, Schlessman, Owen
& Co., 20,000 shares of capital stock at *4 per share, and 25,000 shares of
capital stock at $5.50 per share, and the bankers had agreed to purchase
the shares, and make payment for the same, subject to the registration of
Siia shares under the Securities Act of 1933, and subject to certain further
conditions.
The market price of the company's stock at the time of these
negotiations was approximately $5 per share, and upon the basis of a liqui¬
dating dividend or lh shares of the company's stoca for each share of Re¬
public stock to be outstanding at the consummation of the proposed agree¬
ment it appeared that Kepuolic stock, upon the signing of the contract,
would have an indicated value of $8.75 per share, and that under the cir¬
cumstances it would be advantageous to the company to purchase the
45,000 shares from the bankers at a price of less than $8.75 per share, rather
than, in effect, subsequently to Issue its own shares therefor.
Company
accordingly arranged with its parent, Aviation & Transportation Corp.,
to negotiate with the bankers, Brown, Schlessman, Owen & Co., for the
acquisition of said shares, and as a result of such negotiations the bankers
agreed to cancel their commitment for a consideration of $82,500 to be paid
in cash, and to permit
Republic to sell the 45,000 shares direct to Aviation
& Transportation Corp. for the price of $217,500, which the bankers had
originally contracted to pay for the shares.
Aviation & Transportation
Corp. accordingly acquired the 45,000 shares of stock of Republic at an
aggregate cost of $300,000, being the sum of the $82,500 paid to the bankers
for the cancellation of their own agreement and the $217,500 paid to Re¬
public for the 45,000 shares, and having so acquired said shares at the request
of and for the benefit of the company, agreed with the
company that at
any time prior to the consummation of the company's contract for the acqui¬
sition of the business and assets of Republic, it would, at the
company's
request, transfer and deliver the 45,000 shares of Republic stock to the
company for its cost price of $300,000, plus carrying charges on the amount
so Invested in said shares.
If the company does not elect to exercise said
option, the company understands that Aviation & Transportation Corp.
will, in such event, retain the 45,000 shares of Republic stock until the
corporation is liquidated, at which time it will receive therefor 78,750 shares
of stock of The Aviation Corp.
The directors of Republic duly ratified and approved the above men¬
tioned contract of July 29, 1940, and holders of a majority of the stock of
Republic approved and ratified such contract at a meeting held Aug. 14,
1940, at which meeting no shares of stock of Republic were vgted against
approval thereof.
The purpose of the acquisition of the assets of Republic by the
company
is to enable it to engage in the manufacture of small parts for
airplane motors
and planes which Republic now manufactures, and
thereby supplement
its existing facilities for the manufacture of airplanes and
airplane parts
now conducted through its wholly-owned
subsidiary. Aviation Manufac¬
turing Corp., and its affiliate Vultee Aircraft, Inc.
Aviation Manufactur¬
ing Corp. is presently engaged in the manufacture of Stinson airplanes of
various models for both military and commercial use, as well as the manufac¬
ture of the Lycoming engine, ranging from 50 to 300
horsepower, for use in
private planes and military primary training planes.
The plant of Republic is located in Detroit, Mich.
Up until August,
1940, the plant was located in part of a building with an area of approxi¬
mately 16,000 square feet, leased by the company for a term ending in
August, 1945, and in part in adjoining two-story and one-story brick mill
construction buildings owned in fee by the company, with an area of
approxi¬
mately 16,000 square feet.
In that month, however, the company pur¬
chased a new building and land on which it is situated at a total cost
of
$57,000, where its plant is presently located.
Additional expenditures of
approximately $60,000 were required in connection with the removal of,
and installation of machinery, &c., and repairs, alterations and
improve¬
ments to the acquired property.
Upon consummation or the agreement the newly-acquired business will
be continued under the same general management as at
present, but in the
name of Republic Aircraft Products Division of The Aviation
Corp.
Sept 28t 1940
Consolidated Income Statement (Aviation C(trp. and Subsidiaries)
7 Mos. End.
Year Ended
June 30, *40 Nov. 30, '39
other
Recent Acquisitions, &c.—Since Oct. 20, 1939, the issuance of the
206,000
shares of capital stock of Aviation
Corp. has taken place and the assets of
Lycoming Manufacturing Co. obtained by the company, as then contem¬
plated, have been retransferred to Aviation Mfg. Corp., the
wholly-owned
subsidiary of the company. In addition, the company acquired all the assets
of the Barkley-Grow Aircraft Corp. in June,
1940, and assumed the lia¬
bilities of such corporation, except for its liabilities to General
American
Transportation Corp., which was the owner of a majority of the stock of
such corporation,
in connection with such transaction the
company trans¬
ferred to Barkley-Grow Aircraft Corp. 42,000 shares of the
capital stock
Net sales.
Gross
Other
company held in its treasury, and upon acquisition of the assets
of Barkley-Grow Aircraft Corp. transferred the
same to
Mfg. Corp.
Aviation Mfg. Corp. transferred, as of Oct.
31, 1939, the assets and
profit from sales
income
Totai income
Engineering and experimental
$3,301,779
3,223,961
$77,818
248,224
$293,982
450,635
207,654
-
General and administrative expenses
Selling and advertising expenses
$326,042
679,626
447,125
392,645
expenses
Taxes other than income taxes
Other deductions
178,362
20,381
245.908
17,861
Deprec. & amort, of fixed & intangible assets
Consolidated net loss
$382,168
34,887
$1,638,006
600,043
$347,280
Net loss
$1,638,006
$347,280
Extraordinary credit
$2,238,049
Extraordinary charges
a
Consolidated net loss for period-
a Write-off of deferred
engineering and experimental expenses and pat¬
terns, dies and jigs applicable to models on which production orders are no
longer anticipated,
$464,902; loss on sales of securities (net), $80,813;
provision for Federal Income tax, $54,326.
Consolidated Balance Sheet
Assets—
Cash in banks and on hand
Marketable securities
Notes and accounts receivable (net)
Due from Vultee Aircraft, Inc
June 30, '40
$1,048,775
124,660
475,039
-
Accrued interest and dividends receivable
1,285,845
128,377
5,136,055
732,223
270,159
5,417,634
1,434,673
182,731
65,412
339,026
39,437
608,500
63,258
41,643
25,000
50,883
25,000
$12,893^255
$12,100,658
Investments
Fixed assets (less depreciation)
2,290,408
155,645
112,257
337,955
Patterns, dies and jigs (less amortization)
Construction work in progress
Property and equipment leased
Prepaid taxes, insurance, &c
Deferred engineering, &c., expenses
Deferred moving expenses
Patents and licenses (less amortization)
Tradename
45,896
....
Total
Liabilities—
Notes payable to banks
$750,000
474,220
112,309
101.580
Accounts payable, trade creditors, &c
Accrued taxes (Including income taxes)
Sundry accrued expenses..
Customers'deposits
...1
$316,249
112,101
77.805
95,623
....
Purchase money obligation
Reserve against properties and contingencies
Capital stock (par $3)
34,701
42,600
328.991
42,600
328,991
11,855,001
.
Capital
surplus
Earned deficit
4,671,325
5.538,395
Total
151,
124,660
357,468
65,780
63,697
2,105,021
16,000
-—
—V.
Nov. 30, '39
$1,769,652
55,042
Inventories
Advance payments on inventory purchase commit's
Other notes and accounts receivable (net)
11,729.001
4,650,325
5,191,114
$12,893,253 $12,100,658
p.
1135.
Backstay Standard Co., Ltd.—Earnings—
Earnings for
Year Ended June 30, 1940
Gross profit
$90,118
Selling, administrative and shipping
expense.
54,329
Operating profit
$35,790
5,041
Other income
Total Income
Other
$40,831
charges
6,499
13,269
Provision for income and profits taxes
Net
income
$21,063
40,000
Dividends paid
Note—Above values expressed in Canadian dollars. *
Balance Sheet June 30, 1940
Assets—Cash
hand
and on deposit, $127,330; accounts receivable^
collection losses of $500), $52,100; inventories$31,539; cash deposited with customs, $200; investment in shares of Cana
dian Collard Products, Ltd., $3,750; machinery,
equipment, &c. (at cost¬
less reserves for depreciation of $46,253). $45,158; construction in
process,
$47; patent rights (at cost, less reserve for amortization of $477), $1,476;
deferred charges, $3,586; total, $265,187.
Liabilities—Accounts payable, trade, $22,617; reserve for taxes on in¬
come. $17,500; dividend declared and unpaid, $3,892; due to The Standard
Products Co., $11,986; capital shares (par $1),
$20,000; paid-in surplus.
$28,577; earned surplus, $160,615; total, $265,187.
trade
of the
and
$2,231,011
2,116,689
$114,322
179,661
Cost of sales
(less
Baldwin
liabilities
on
reserve
for
Locomotive
Works
(&
Subs.)—Bookings—
Aviation
T he dollar value of orders taken in August
by the Baldwin Locomotive
Works and subsidiary comoanies, including the Midvale Co. was announced
business of its Vultee Aircraft Division to a new
company organized under
the laws of Delaware Nov. 14, 1939, under the
name Vultee Aircraft
Inc.,
which assumed the liabilities of the Vultee Aircraft Division
as at the same
date.
Aviation Mfg. Corp. received 450,000 shares of the
Sept. 25 as $16,490,709 as compared with $5,972,204 for Aug., 1939.
bookings brought the total for the consolidated group for the
eight months of 1940 to $47,022,974 as compared with $38,348,458 in the
same period of 1939.
Consolidated shipments, including Midvale, in
August aggregated $4,551,658 as compared with $4,037,126 in August, 1939.
Consolidated ship¬
ments for the eight months of 1940 were
$32,623,269 as compared with
$19,713,071 for the eight months of 1939.
On Aug. 31, 1940, consolidated unfilled orders,
including Midvale,
amounted to $58,438,743 as compared with $44,215,799 on Jan.
1, 1940
and with $32,552,009 on Aug. 31, 1939.
All figures are without
intercompany elimination.
capital stock,
$1 par value, of Vultee Aircraft, Inc., in consideration for the above
men¬
tioned transfer.
Of such 45,000 shares of capital stock of Vultee
Aircraft,
Inc., Aviation Mfg. Corp. sold 350,000 shares to the
company at $8.50 per
share and deposited the balance with the
Continental Bank & Trust Co.
of New York
as
depositary under a warrant agreement, pursuant to which
entitling the holders thereof in the aggregate to pur¬
100,000 shares at a price of $10 in cash per share at
warrants were issued
chase such
any time
Dec* 31. 1940. Such warrants were issued to the underwriters
300,000 shares of the authorized but unissued
capital stock of Vultee
Aircraft, Inc., which shares were offered and sold to the
public by such
underwriters in January, 1940, at a
public offering price of $10 per share.
None of such warrants have been
exercised to date.
The net proceeds to
Vultee Aircraft, Inc., from such
300,000 shares was $2,550,000 before ex¬
penses in connection therewith, and Vultee
°? ££
or
c5erJ?:in part'to undertake
of 1940.
Aircraft, Inc.. used such proan expansion program completed in the spring
At
present it is contemplated that under a contract of
Aug. 7. 1940,
Aviation Mfg. Corp. will transfer to Vultee
Aircraft, Inc., all the property,
assets and
going business of its Stinson Aircraft Division and of its
Grow
Barkley-
Aircraft
Division, which latter is the successor of
Barkley-Grow
Aircraft Corp., in consideration for the
issuance to it of 302,168 shares of
the capital stock of Vultee
Aircraft, Inc.
The net effect of the
foregoing changes has been to increase substantially
the manufacturing facilities in which
the company has an
interest, and,
in the case of its
affiliate, Vultee Aircraft, Inc., to increase facilities, in
part,
through public financing.
Unfilled orders as of July 31. 1940 of Vultee
Aircraft, Inc., were $13,400,028, and unfilled orders as
of the same date of
Aviation Mfg. Corp.
(including its Stinson Aircraft and Barkley-Grow
Aircraft divisions) were
approximately $6,160,000.
Affiliated Companies—As above stated, the
company
?lAV ? J°D^
Corp.
owns
is'iu V
owns all
the stock
g' C?W' an1 °™ 350,000 shares of the 750.000 shares of
i 8tOCk,of v«ltaf Aircraft, Inc., while Aviation Mfg.
100.000 shares of such
750,000 outstanding shares of capital
warrants.
In addition, when
ee AIrcraft, Inc., subject to
ao^Hev^ a£?ve uieutioned of Aug. 7, 1940. between Aviation
C°rp^dyulteeAircraft.Inc.. is consummated, Aviation Mfg. Corp.
Kg °^n anof
additional 302,168 shares of Vultee Aircraft, Inc., out or 1,052
168 shares
standing.
capital stock of Vultee Aircraft Inc. which will then
be
^ Transportation
Corp. owns
the capital stock of the
company.
30.62%
or
-
out¬
1.210,036 shares
of
on
The month's
Government Contract—
Company has been awarded
a
contract
totaling $33,335,500
to
build
tanks for the U. S. Army.—V. 151, p. 1135.
Baltimore Brick Co.—Accumulated Dividend—■
Directors have declared a dividend of $1.50 per share on account of
accumulations on the 5% cumulative preferred stock,
payable 8ept. 27 to
holders of record Sent. 18.
Dividend of like amount was paid on Sept.. 27,
1939.—V. 149, p. 1905.
Baltimore & Ohio
RR.—Earnings—
Period End .Aug. 31—
1940— Month—1939
1940— 8 Mos.—1939
$14,423,963 $12,250,722 $101419,385 $83,899.717
1,017,054
1,063.878
6.699,777
7,188.711
Mail revenues
295,225
280,386
2,125,853
2.072,176
Express revenues
138,388
149,310
1,014.297
1,011,564
All other oper. revenues.
489,424
434,514
3,527,999
3,058,658
Freight revenues...
Passenger revenues
Railway
oper.
revs—$16,364,054 $14,178,810 $114787.311 $97,230,826
1,672,463
1,484,833
11.032.754
9,335,590
3,649,090
2,701,509
25,940,507
20,850,009
Maint. or way & structs.
Maint. of equipment...
Traffic expenses
422,597
expenses
5,278,934
408,104
4,792,914
Miscellaneous operations
General expenses...
146,566
147.349
474,571
452,826
Transp'n for invest.—Cr.
545
91
Transportation
Net rev.fromry.opera. $4,720,378
Railway tax accruals....
983,331
Equipment rents (net)..
255,212
Joint facil. rents (net)..
155.516
Net ry. oper. income.
—V. 151. p. 1271.
$3,326,319
3,308.659
40,709,057
1,033,268
4,242,936
6.443
3,122,656
36,272,493
985,990
3,802,878
4,896
$4,191,366 $28,526,573 $22,866,106
879,993
7,653,214
6.988.886
404,023
1,826,161
2,011,782
137,346
1.135,585
1,119,375
$2,770,004 $17,911,613 $12,746,063
Volume
Baltimore Transit
Boston Elevated
Co.—Earnings—
Month
[Including Baltimore Coach Co.]
Period End. Aug. 31—
Operating
Operating
revenues
expenses
$125,304
95,569
$103,191
84,505
$1,283,860
790,107
$1,066,755
712,744
$29,735
1,602
$18,686
1,995
$493,753
15,475
$354,010
17,283
$31,337
5.318
$20,681
6,567
$509,228
42,810
$371,293
51,727
$26,019
$14,114
and 5% debens.
$466,418
352,827
$319,566
352,840
Operating income
Non-oper. income
Gross income
Fixed
charges-
Net
-
income
Interest declared
1940—8 Mos.—1939
$8,240,688
$7,716,676
b.956.828
6,649,921
1940—Month—1939
$975,722
$919,854
850,418
816,663
Net oper. revenues.-Taxes
series A 4%
on
~
Remainder.
Bangor & Aroostook RR.—Earnings—
Operating
Net
1940—8 Mos.—1939
$3,591,594
$3,675,548
2,586,580
2,654,776
1940—Month—1939
$246,177
$229,020
303,613
319,095
expenses
--
Federal, State and municipal tax accruals..--.
$1,898,327
1,582,099
134,604
3,761
3,761
235,873
329,374
99,497
6,209
$493,056
bonds
—
Dividends
Miscellaneous items
Excess of cost of service over receipts
—V.
$1,876,218
1,590,521
125,942
329,374
99,497
6,092
Subway, tunnel and rapid transit line rentals
on
<
235,956
$514,959
Rent for leased roads
Interest
1939
1940
— --
-
—
151. p. 1271.
Boston & Maine
RR.—Earnings—
1940—Month—1939
1940—8 Mos.—1939
$3,940,080
$3,815,247 $30,865,309 $29,630,972
2,835,825
2,618,717
22,689,127
21,675,697
Period End. Aug. 31—
Operating
Operating
revenues
expenses
Net oper. revenue
$1,104,255
$1,196,530
$8,176,182
$7,955,275
300,039
295,495
2,408,511
2,439,398
207.087
4,920
175,387
'12,261
1,691,834
86,557
1,664,588
131,202
$592,209
$713,387
$3,989,280
$3,720,087
88,216
91,234
783,258
792,278
$680,425
$804,621
$4,772,538
$4,512,365
378,811
631,732
4,352,638
4,959,245
$301,614
$172,889
$419,900
x$446,880
Taxes
Equipment
rents—Dr..
Joint fac. rents—Dr
mately $156,815—V. 151, p. 1135.
a
Ry.—Earnings—-
of August—
Total receipts
Total operating expenses
def$33,274
$113,590
Note—Interest on series A debentures Is at % rates, 1H % on the 4s and
1 % on the 5s, declared payable July 1.
Interest for July and August, 1940
at the full stipulated rates, for which no deduction is made above, is approxi¬
Period End. Aug. 31—
Gross oper. revenues
1887
Chronicle
The Commercial & Financial
151
12,692
$1,005,014
347,940
$1,020,772
339,819
x$102,767
24,810
$657,074
63,709
$680,953
27,480
x$40,055
61,576
1,451
x$77,957
61,920
5,594
$720,783
493,388
16,045
$731,959
502,192
28,652
x$103,082
x$145,471
$211,350
Net ry. oper. income.
Other income
Total income.
Total deduct'ns (rentals,
interest, &c)
$201,115
from oper'ns.
Tax accruals
x$57,436
x$67,535
Operating income
x$90,075
10,099
rev.
Other income
Net income
Deficit.—V.
x
151, p. 1271.
51,006
Brager-Eisenberg, Inc.— To Pay $1 Dividend—
Gross income..
Interest
on
funded debt.
Other deductions.
Net income
a
Including maintenance and depreciation,
x
Directors have declared a dividend of $1 per share on the common stock,
payable Oct. 1 to holders of record Sept. 27.
This compares with $2.50
paid on Jan. 22 last; $1.60 on Jan. 30, 1939, and $2 in cash and $3 in sub¬
ordinated notes paid on Jan. 24, 1938.—V. 150, p. 273.
•
1
Brainard Steel
Loss.—V. 151, p. 1135.
Corp.—Initial Dividend—
Directors have declared an initial dividend of 25 cents per
Bathurst Power & Paper Co.,
Directors have declared
an
Ltd.—Interim Dividend—
paid
1 and May 1, last.—V. 151,
on Aug.
Beatrice
17.
Creamery Co. (& Subs.)—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$17,593,577 $16,146,375 $66,477,383 $59,981,759
563,287
714.481
1,678.237
1,793,197
y Earns, per share
$1.16
$1.57
$3.13 .
.
$.346
x After interest, depreciation and Federal income taxes,
y On common
stock.—V. 151, p. 99.
tion to the regular quarterly dividend of $3 per share on the common stock,
both payable Sept. 28 to holders of record Sept. 23.
Extra of $2 was
paid
Net profit
Beaumont Sour Lake & Western
Ry.—Earnings—
Gross from railway
Net from railway
Net ry. oper income
1938
$160,662
33,579
defll.815
1937
$164,483
20,820
def42,259
1,857,124
169,115
336,678
1,893,218
2,093,803
923,526
416,897
779,635
364,319
7,254 fine
Beech Aircraft
on
A 5% bonds
Nov. 1 at 103.
Corp.—Orders—
planes for the U.S. Army Air Corps, the company reported on Sept. 20.
Orders on hand now total $22,449,707, and consist largely of training planes,
personnel transports, and other types of aircraft for the Army and Navy.
Also under construction are a number of biplane and monoplane types of
Beechcrafts for airline, commercial, and private users.
The recent Air Corp training plane order represents the largest single
contract awarded by the War Department to any midwestern airplane
said that expansion of
Walter H. Beech, President and General Manager,
anticipation of defense requirements has been going forward
since July, 1939.
Working area has been increased 70% in the past year.
Construction was begun in August of additional buildings which will increase
the total working space to more than a half million square feet. New equip¬
ment has been added or awarded in proportion, and important additions of
men experienced in volume production of airplanes have recently been made
to executive and supervisory personnel.
Between 4,000 and 5,000 persons
will be employed in fulfillment of current orders.
Further additions to
production facilities are to be announced soon, Mr. Beech stated.—V. 151,
facilities in
1564.
Bessemer & Lake Erie
Gross from railway
Net from railway
Netry.
income-..
oper.
RR.—Earnings—
1940
$2,227,813
1,449,759
1,139,663
1939
$1,636,551
11,004,437
5,531,022
4,345,852
'
1938
$992,467
456,497
446,116
7,286,103
1937
$2,280,520
1,55 5,117
1,249,961
4,432,705
714,637
427,318
12,986,722
7,147,298
6,090,039
964,680
764,046
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 151, P. 1271.
Birdsboro
Steel
2,572,292
2,033,631
-
'.
Foundry
&
California Oregon
a
Co.—25-Cent
dividend of 25 cents per share on the common
stock, payable Oct. 25 to holders of record Oct. 10.
This compares with
15 cents paid on Dec. 30, 1939 and 25 cents on Dec. 27, 1937.—V. 151,
p.
405.
Birmingham Electric Co.—Earnings—
Period End. Aug. 31—
Operating re venues
Operating expenses
1940—Month—1939 '
$647,124
$653,306
409,796
414,787
Direct taxes
89,961
Prop, retire, res. approp.
50,000
Amort,
of
85,530
50,000
1940—12 Mos.—1939
$7,824,887
$7,623,501
5,067,788
4,896,649
994,239
966.101
600,000
600,000
limited-term
investments
Net oper. revenues...
Other income (net)
310
3,713,
3,725
$97,058
384
$102,679
482
"$1,159,147
$1,157,026
•
4,616
$97,442
$103,161
$1,163,653
45.750
45,750
4,362
4,389
549,000
53,373
$1,161,642
549,000
52,719
$47,330
$53,022
$561,280
$559,923
429,174
1940
1939
$5,137,745
1,208,373
$4,842,679
1,063,166
Maintenance and repairs
278,701
272,679
480,000
405,000
7,270
661,325
185,500
654,735
93,455
revenues
-
Provision for Federal income taxes
,
$2,346,373
$2,078,260
Net operating income
Other income
$2,108,164
238,210
15,395
Grossincome
on
7,270
$2,316,575
238,315
Net operating revenues
Rent for lease of electric plant
—
funded debt
Amortization of debt discount and expense
Other interest
Interest charged to construction--—
Amortiz.ofpreliminary costs of projects abandoned
-
Dr30,688
$2,093,655
842,500
203,223
3,671
Cr3,685
$2,077,476
842,500
203,223
3,132
Cr3,139
102,451
85,567
20,991
19,805
$941,388
$909,504
Miscellaneous deductions
Net income
j.
Accumulated Dividend—
Directors have declared a dividend of $1.75 per share on the 7%
cum.
pref. stock, par $100; a dividend of $1.50 per share on the 6% cum. pref.
stock, par $100; and $1.50 on the 6% pref. stock,
$100, all payable on account of accumulations on
record Sept. 30.
Like amounts were paid on July
and dividends at double these amounts were paid on
p.
series C of 1927, par
Oct. 15 to holders of
15 and April 15, last,
Jan. 15, last.—V. 151,
838.
California Water Service
12 Mos. End. Aug. 31—
1940
Gross corporate income. $1,082,242
—V.
Co.—Earnings—
1939
$998,855
1938
$935,822
1937
$985,123
151, p. 690.
Canadian
4,506
Colonial
Airways,
Inc.—Challenges
Authority—
.
CAB
•»
•
The company in an answer to an injunction suit by the Civil Aeronautics
filed in Federal Court denied that the Board had the power or
Board
jurisdiction to issue a certificate of public convenience or necessity with
respect to Colonial's new passenger service between New York City and
Niagara Falls, New York,
The corporation holds such a certificate in connection with its New
York-Montreal service but maintained that the CAB has no power to issue
such certificates to a wholly intrastate air service and asked dismissal of
the
injunction action.—V. 150, p. 3966.
Canadian National Ry.—Earnings of
Operating
Operating
revenues
Net
expenses
revenue
System—
1940—8 Mos.—1939
1940—Month—1939
Period End. Aug. 31—
429,174
309
Power Co.—Earnings—•
Years Ended July 31—
•
Machine
Dividend—
Directors have declared
1,545,000
reported.—V. 149, p. 3109.
Interest
manufacturer.
August—
with July production of 13,822 ounces from
Taxes.
The current back-log was increased 140% with the receipt on Sept. 17
from the War Department of a $13,115,138 contract for Beechcraft training
p.
compares
Appropriation for retirement reserve
Amortization of limited-term investment
All of the outstanding ($1,973,000) first lien and refunding
redemption
Estimated working profit was
$35 per ounce, represents $253,890
at
yards of gravel, for an estimated working profit of 6,788 ounces,
equivalent at $35 per ounce to $237,580 United States funds.
For August, 1939, the company reported production of 13,645 ounces
from 1,609,000 cubic yards of gravel when estimated working profit was not
Operating
Operation
Valley Water Co.—Bonds Called—
due 1960 have been called for
which
of gold,
ounces
cubic
—V. 151, P. 1271.
Beaver
Ltd.—Bullion Production—
Company reports August bullion production of 15,389 fine ounces of gold
from 1,613,000 cubic yards of gravel dredged.
This
1939
$186,716
67,077
22,080
1,875,378
792,889
361,430
Net ry. oper. income
From Jan. 1—
See also V. 149, p. 4167.
Dec. 28, 1939.
on
Bulolo Gold Dredgings,
United States funds.
1940
$205,783
74,328
25,513
August—
the
Directors have declared an extra dividend of 50 cents per share in addi¬
Period End. Aug. 31—
Gross from railway
Net from railway
on
150, p.988.
Buffalo Insurance Co.—Extra Dividend—
Like amounts
1135.
p.
Net sales.
x
share
stock, payable Sept. 20 to holders of record Sept. 10.—V.
interim divided of 25 cents per share on the
class A stock, payable Nov. 1 to holders of record Oct.
were
common
$21,220,188 $16,355,456 $157296,771 $119600,634
17,552,007
15,717,253 133,255,922 119,252,922
$3,668,181
$638,203 $24,040,849
$347,712
„
Earnings of the System for the Week Sept. 21
Grossincome
Int.
on
mtge. bonds
Other int. & deductions.
Net income
Divs. applic. to pref. stocks
Balance
—V. 151, p.
for the period
...
—
$132,106
Boston Edison Co.—Initial Dividend on
share on the
new $25 par common stock now outstanding payable Nov. 1 to holders
of record Oct. 10.
The old $100 par stock was recently exchanged for new
stock on a four for one basis.
Regular quarterly dividends of $2 per share
were distributed on the old stock.—V. 151, p. 689.
Ry.—Earnings'—
•
1940
1939
Decrease
$3,537,000
$4,509,000
$972,000
1715.
Carborundum Co.— To Pay $1.75
,
Dividend—
a dividend of $1.75 per share on the common
17.
This compares with
29, last; $1.25 paid on March 30, last; $2.75 on Dec. 23,
1939; $1 on Sept. 30, 1939; 75 cents on June 30, 1939; 50 cents paid on
March 31, 1939; $1.10 on Dec. 24, 1938; 65 cents on Sept. 30, 1938; 25
cents on March 31, 1938, and a dividend of $1.25 on Dec. 27, 1937.—
V. 151, p. 100.
Directors have declared
New Stock—
Directors have declared an initial dividend of 50 cents per
$607,793
Earnings for the Week Ended Sept. 21
Traffic earnings
(Richard) Borden Mfg. Co.— Treasurer Resigns—
$5,651,182
1715.
Canadian Pacific
—V. 151, P.
See Continental Mills, below.—V. 146, p. 589.
1939
$5,043,389
Gross revenues
—V. 151, p.
$130,749
1714.
Decrease
1940
stock, payable Sept. 30 to holders of record Sept.
$2 paid on June
The Commercial & Financial Chronicle
1888
Carolina Clinchfield & Ohio
Ry.—Bonds Colled—
All of the outstanding first and consolidated mortgage 6% bonds series A
due Dec. 15, 1952 have been called for redemption on Dec. 15 at 106 and
accrued Interest.
Payment will be made at company's office 71 Broadway,
N. Y. City.
Holders of called bonds may at their option obtain immediate
Dec. 15.
payment at redemption price and accrued interest to
Syndicate Closed—
I
Central of Georgia Ry.—
August—
...
Netry. oper. Income
Chicago Rock Island & Pacific Ry.—Equip. Trusts—
$1,319,637
146,902
def!6,956
52,333
78,885
def 1,689
10.036.C65
1,122,273
135,580
10,618,324
1,156,033
21,900
Gross from railway
Net from railway
$1,202,384
69.846
9,686,204
957,121
def109.421
preferred stock ($100 par).
and
1937
1938
1939
$1,148,454
111,706
def3,775
1940
28
(4) New York New Haven A Hartford RR. common stock ($100 par)
7% cumulative convertible preferred stock ($100 par).
(5) St. Louis-San Francisco Ry. common stock ($100 par) and 6%
non-cumulative preferred stock ($100 par).—V. 151, p. 1566.
an amount
Earnings—
1940
$1,298,418
Gross from railway
Net from railway
Net ry. oper. income..
From Jan. 1—
August in
convertible
the first
Underwriters Sept. 23 announced the closing of th3 syndicate on
4s series A, due 1965. This issue came to market late In
of $22,150,000 priced at 102^.—V. 151, p. 1715.
Sept.
security had been approved by the Court in proceedings for reorganization
under the Bankruptcy Act.
The securities covered by the announcement follow:
(1) Chicago Milwaukee 8t. Paul A Pacific RR. common stock (no par)
and $5 non-cumulative preferred stock ($100 par).
(2) Denver & Rio Grande Western RR. 6% cumulative preferred stock,
($100 par).
(3) Missouri Pacific RR. common stock ($100 par) and $5 cumulative
The Interstate Commerce Commission
Sept. 23 authorized the com¬
in respect of not
on
to assume obligation and liability, as guarantor,
pany
exceeding $2,460,000 equipment-trust certificates, series T, to be issued
by the Chicago Title A Trust Co., as trustee, and sold at 100.179 and
accrued dividends in connection with the procurement of certain equipment.
These certificates will be exchangeable for definitive certificates, which
will be dated Nov. 1, 1940, will be in the denom. of $1,000, payable to
11,548,637
1,816,468
856,734
—-V. 161, P. 1274.
bearer
registerable
or
as
to
principal,
representing
an
interest
of
that
in the trust, will have dividend warrants attached entitling the
holder to dividends at the rate of 2% per annum, payable semi-annually
amount
Central Illinois Electric & Gas Co.-
expenses
of
$2,254,396
Dr4,525
$1,966,069
Br 17,766
certificates.
$2,249,872
511,829
$1,948,303
462,410
35,930
10,250
4,013
$1,485,893
842,021
7,647
5,179
10,144
3,480
$940,352
538,254
-
-
Non-operating income
a Gross income.
Provision for retirements
Gross
on
$1,738,042
740,175
and taxes
Net operating revenues
a
.
—
income
Long-term debt interest
.
Other interest
Amortization of debt discount and
Federal and State tax
Other interest.....
on
$617,422
538.254
1939
~
~
—
7,323
expense
long-term debt interest..
—......
—-
Net income
Dividends on common stock
,
1939
,
Earnings for August and Year to Date
[Including Chicago
Period End. Aug. 31—
Total railway oper. rev.
Railway
1939
Sinking
fund
and
4,720
430,715
396,802
583,736
379,674
65,469
65.450
52,574
Cash
Aoc'ts receivable..
Other
4,633
67,877
receivables.
Applic. on rental..
Merch., mater, and
supplies
Prepaid ins., taxes,
a
279,498
78,816
266,098
Def. credit Items.
10,566
4,169,540
180.939
Sundry
accruals..
10,241
Consumers' depos.
149,181
Service exten. dep.
6,721
359,278
Uncoil, accts. res.
Contrib. for exten.
64,561
183,465
25,105
Other reserves....
61,358
dJsc. and expense
989,397
69,486
40,434
agreement.
105,000
Other def. charges
1,736
Represented by 74,242
no par
64,990
30,569,265 29,230,367
Directors have declared a dividend of $3.50 per share on the
7% cumuative preferred stock and $3 per share on the
6% cumulative preferred stock
after the current
payment will ag¬
gregate $3.50 per share on the 7% cumulative preferred stock and $3 per
share on the 0% cumulative preferred stock.—V.
151, p. 1138.
August—
Cleveland
1940
Gross from railway
oper.
income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
.
.
Plan to Wait
on
1938
$2,714,265
727,681
111,020
$2,404,825
594,558
def70,350
20,897,494
18,942,063
4,840,238
370,648
Colorado Fuel & Iron Corp.—Bond Interest—
ment will be made at the office of the Chase
21,986,432
6,149,696
1,793,383
Sheer, President said at the annual meeting in Jersey City,
Sept. 20. The
by the Jersey Central from the Lehigh Coal & Navigation
L. A 8. is leased
Oo*
Recently, the courts gave the trustees in bankruptcy of the Jersey Central
uutil May 1 to decide whether the L. & S. lease should
be terminated.
Mr. Scheer said that it was intended that
the
—V.151.P
Copper Corp.—Earnings—
1939
depletion,
$1,582,000
Earnings
per share on capital stock
$1.41
Estimated profit after charges and income
taxes, but before
$766,000
$0.68
depreciation
.S40 Was *3.198.000 against *2,479,000
in
1940
Gross from railway
1939
1938
1937
$796,068
$801,139
159,884
61,154
$713,897
119,558
def17,862
$827,166
5,840,124
772,871
def270,201
5,257,742
583,402
def490,454
Net from railway
239i919
Net ry. oper. income
From Jan. 1—
106,149
Gross from railway
6,172,500
Net from railway
1,794,368
706,640
Net ry. oper. income...
—V. 151, p. 1275.
68,280
def68,043
6,810,017
1,071,913
84,828
1939
1938
1937
$670,750
188,502
101,740
$733,868
215,313
120,042
4,125,834
608,671
income...
1567,
4,097,628
def186,971
154,333
4,079,453
693,945
def30,142
5,139,240
1,185,665
586.194
Paul
&
Pacific
RR.—Stocks
announcement
was
in
furtherance of its policy to suspend a
security from trading upon receiDt
of authoritative advice that it is without
value, and of taking similar
action when notified that a plan which makes
no provision fm a
^ted
890,941
Columbus & Greenville Ry.
August—
1940
$92,953
Gross from railway
Net from railway
Net from
railway
Net ry. oper. income...
—V. 151, p. 1276.
Commonwealth
-Earnings1939
1938
1937
$106,982
$101,586
15,473
$110,845
12,808
3,679
26,598
21,130
457
def 10.994
753,689
103,693
27,826
912,634
761,417
105,055
55,160
844,064
117,967
22,180
Net ry. oper. income...
From Jan. 1—
Gross from railway
Edison
198,856
106,139
7,680
Co.—Weekly Output—
The electricity output of the Commonwealth Edison Co.
group
(inter¬
company sales deducted) for the week ended Sept. 21,1940 was 157,565,000
kilowatt hours compared with 149,279,000 kilowatt hours in the corre¬
sponding period last year, an increase of 5.6%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
-Kihwatt
Aug. 31
—V. 151, P. 1717.
Increase
5.6%
1.8%
3.1%
Operating expenses
Gross income
Net income
on
pref. stock
Balance
(& Subs.)—Earns.
1,508,542
1,366.478
17.674,173
16,018,575
$3,696,592
2,993,275
$3,636,851 $49,984,372 $49,416,905
3,014,110
36.345,325
36,381.981
$703,317
749,813
Int. A other deductions.
Divs.
7.5%
1940—Month—1939
1940—12 Mos.—1939
$12,113,498 $11,159,164 $148600,622 $136724,254
4,858,224
4,549,151
52,659,607
59,319,113
2,050,140
1,606,684
21.622,964
18,629,167
revenue..
Provision for deprec. and
amortization
y
Output1939
149,279,000
152,045,000
139,265,000
142,214,000
Commonwealth & Southern Corp.
Period End. Aug. 31—
Gross
Hour
1940
157,565,000
154,757,000
143,609,000
152,832,000
Sept. 21
Sept. 14.
Sept. 7
The
Committee on Stock List of the New York
Stock Exchange an¬
nounced Sept. 20 that it had authorized
the suspension from
dealings of
nine stock Issues of five railroads now in
proceedings under Section 77
of the Bankruptcy Act, upon
receipt of notice of approval by the Court of
the plan of organization.
In each case the plan submitted to
the Court
makes no provision for the stock issue
concerned.
The Committee explained that this
advance
178,383
74,766
Colt's Patent Fire Arms Mfg. Co.—To Pay Interim Div.
Taxes
Chicago Milwaukee St.
Suspended from Dealings—
-JEarnings—
$604,746
Week Ended—
Chicago Indianapolis & Louisville
Ry.—Earnings—
August—
"
A payment of 2% was
Directors have declared an interim dividend of $1 per share on the com.
stock, payable Oct. 31 to holders of record Sept. 21.
A regular quarterly
dividend of 50 cents per share which had been previously declared will be
paid on Sept. 30.—V. 150, p. 1274.
Chemical Fund, Inc.—To
Pay Eight-Cent Dividend—
Directors have declared a dividend of
eight cents per share on the common
stock, payable Oct. 15 to holders of record
Sept. 30.
This compares with
seven cents paid on
July 15, last; eight cents paid on March 27,
last; 13
cents paid on Jan. 15, last; seven
cents paid on Oct. 14 and
July 15, 1939:
eight cents paid on March 29 and Jan.
14, 1939, and an initial dividend of
1% cents per share paid on Oct. 15, 1938.—-V.
151, p. 407.
Bank.
1567.
1940
Net ry. oper. income
From Jon. 1—
Jersey Central would
continue its present scale of expenditures on
maintenance.—Y. 151, p. 1566.
1940
p.
$567.591
101,669
2,686
Gross from railway
Net from railway
Net ry. oper.
Susquehanna RR., Edward W.
mi
April 1.—V. 151,
Gross from railway
Net from railway
92,935
Reorganization of the road must await a settlement of efforts of the rail¬
roads serving New Jersey to reduce taxes levied on
them by that State and
the clearing of the status of the
Lehigh &
Cerro de Pasco
on
August—
604,340
Tax Suit Settlement—
6 Mos. Ended June 30—
Net estimated profit after
depreciation,
income taxes and other charges
Corp.—Common Dividends—
Holders of 5% income bonds, due 1970, are being advised that the com¬
pany will pay on Oct. 1 an amount equal to
%, being cumulative interest
thereon at the rate of 5% annually for the six months ended Sept. 30. Pay¬
$2,591,986
656,804
Co.—Preferred Dividend—
Colorado & Southern Ry.-
$3,070,462
677,488
58,503
4,984,447
342,334
Iron
the four preceding quarters.—V. 151, p. 1139.
1937
23,347,824
5,382,870
Net from railway
Netry.
1939
Cliffs
Directors have declared a dividend of 15 cents per share on the common
stock, payable Oct. 9 to holders of record Sept. 28.
Like amount was paid
on July 10, last, and compares with 10 cents paid on April 10,
last; 30 cents
paid on Dec. 21, 1939; 10 cents on April 15. 1939; 15 cents on Dec 21,
1938; 10 cents on April 1, 1938; and dividends of 20 cents paid on each of
made
Jersey—Earnings—
List—
on
Directors have declared a dividend of $1.60 per share on the $5 preferred
stock, payable Oct. 6 to holders of record Sept. 27.
Ihis comparts with
$1 paid on July 6. last; $2 paid on Dec. 21,1939; $1 on Oct. 31 and July 31.
1939, and $2.75 on Dec. 24, 1937.—V. 151, P. 408.
Cliffs
Total
of the company, payable Oct. 15 to stockholders of record at
the close of
business on Sept. 30.
Central RR. of New
11.797,156
4,716,270
3,472,922
is issued
728",921
shares.—V. 151, p. 1138.
arrears
9.696,529
2,983,591
2,305,500
"new" common stock (par $4) of the company. The "new" common stock
on a share for share basis in exchange for the "old" common stock.
—V. 151, p. 1567.
197,018
Power Co.—Dividends—
Dividend accumulations in
11,472,816
4,271.533
5,089,311
Clayton & Lambert Mfg. Co.—New Stock
Improv. to leased
Central
1937
$1,411,328
531,514
361,347
The New York Curb Exchange, Sept. 26, removed from unlisted trading
"old" common stock (no par), and admitted to unlisted trading the
105,000
3,000
950,566
30,569,265 29,230,367
1938
$1,254,733
441,003
347,611
the
413,083
Earned surplus...
Ry.—Earnings—
1939
$1,350,691
405,062
319.911
12,036,007
4,555,242
3,248,198
...
Net ry. oper income
—V. 151, P. 1275.
44,002
Capital surplus...
$9,289,345
2,258.975
$1,545,084
618,512
449,468
From Jan. 1—
Gross from railway
Net from railway.
249,070
347,682
350,090
17,669
137,604
9,522
179,367
3,767,025
Taxes accrued
18,014
Total
$1,032,093 $10,756,629
112,588
3,592.166
$1,294,130
395,690
Net ry. oper. income...
6,310,570
6,310,570
debt..17,625,000 16,690,000
389,090
tem
Gulf Ry.]
1940
Gross from railway
Net from railway
Common stock..
Long-term
Accounts payable.
Interest accrued..
Ac............
Unamort. debt dls-
property
Street lighting sys¬
Island A
—Y. 151, p. 1275.
$
Retire, reserves...
special deposits.
oper. expenses.
Net rev. from ry. oper.
Net ry. oper. income...
1938
$
Liabilities—
Property, plant A
equipment
28,072,827 27,518,791
Mlscell. Investm'ts
2,486
4,335
Rock
1940—Month—1939
1940—8 Mos.—1939
$6,707,551
$6,397,074 $52,301,069 $51,169,530
5,413,421
5,364,981
41,544,440
41,880,185
Cincinnati New Orleans & Texas Pac.
$
,
railway trustees invited 37 parties to bid for the purchase of the
In response thereto two bids were received.
The higher
bid, 100 179 and accrued dividends, was made by Salomon Brother A
Hutzler, acting on behalf of themselves and Dick A Merle-Smith and
Stroud A Co
Inc.
On this basis the average annual cost of the proceeds
to the railway trustees will be approximately 1.99%.
August—
1938
$
Assets—
.
The
Balance Sheet Dec. 31
a
$123,000
ended Nov.
Before provision for retirements.
a
May 1 and Nov. 1, and will mature in 20 equal semi-annual instalments
on May 1 and Nov
1 of each year, beginning May 1, 1941 and
1, 1950.
1938
$4,685,744
2,719,675
—
revenues
Operating
~
047,612
2,793,215
Calendar Years—
Operating
-Earnings-
$622,740 $13,639,046 $13,034,924
749,801
8,997,695
8,997.533
x$46,497
x$127,061
$4,641,351
$4,037,391
x Deficit,
y Reflects deduction for full preferred stock dividend require¬
ment at the rate of $6 per share per annum.
Dividends were paid in full to
Jan.
1, 1935, and at the
rate of $3 per
share per
annum
since that date.
Volume
electric
Note—The
Southern
The Commercial & Financial Chronicle
151
properties
Power Co.
Tennessee
Tennessee Electric Power Co., and
conveyed on Aug. 15, 1939 to the
of
1889
Continental Gas & Electric Co. (&Subs.)—Earnings—
were
and those companies
which will involve a
substantial loss.
Accordingly, the income accounts of said companies, and
all interest and dividends received from them by Commonwealth & Southern
Corp., have been eliminated for all periods from this statement of con¬
Tennessee Valley Authority and other public agencies,
have been dissolved and are in process of liquidation
solidated income.
12 Months Ended July 31—
Gross oper. earnings of subsidiaries
1940
$38,736,925 $36,844,906
14,367,237 13,782,961
1,973,197
depreciation
Weekly Output—
f
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
164,682,518 as compared with 152,886,017 for the corresponding week in
1939, an increase of 11,796,501 or 7.72%.
Monthly Output—
4,799,536
$6,641,135
17,174
of earnings,
4,662,949
$6,999,402
I
Proportion
the
August was 745,817,812 kilowatt hours as compared with 666,882,086 kwh. for August, 1939 an increase of 11.87%.
For the eight months
ended Aug. 31, 1940, the output was 5,688,911,786 kwh. as compared with
4,991,219,734 kwh. for the corresponding period in 1939, an increase of
14%.
Total output for the year ended Aug. 31, 1940 was 8,542,862,430
kwh. as compared with 7,446,502,293 kwh. for the year ended Aug. 31,
1939, an increase of 14 72%
The above excludes the output of the Tennessee Electric Power Co. the
electric properties of which were sold in August, 1939.
Gas output of the Commonwealth & Southern Corp. system for the month
of August was 1,066,848,400 cubic feet as compared with 959,671,500 cubic
$11,798,938 $11,304,084
Total income of subsidiaries.
Balance
^Electric output of the Commonwealth & Southern Corp. system for
4,556,656
$11,790,016 $11,245,089
8,922
58,995
Interest, amortization, and pref. divs. of subs
The weekly kilowatt hour output of electrical energy of subsidiaries of the
Commonwealth & Southern Corp., adjusted to show general business con¬
ditions of territory served, for the week ended Sept. 19, 1940 amounted to
5,328,701
5,466,124
,
for
General taxes and estimated Federal income taxes.
1,931,499
5,140,351
Maintenance
Provision
17,166
$6,982,228
$6,623,969
attributable to minority
stock
common
1939
(after eliminat¬
ing intercompany transfers)
General operating expenses.
month of
feet for
'
■
■
a
Earnings
per
After
a
694
$3.27
$3.22
charges and preferred dividends.—V. 151, p-
taxes,
expenses,
Consolidated Aircraft
Corp.—Government Contract—
Earnings
Edison
Consolidated
Output—•
*
of
Co.
New York,
■
•
&
Light
Electric
Gas
Consolidated
Exchange
Curb
York
Inc.—Weekly
Power
Co.
Continental Motors
Sept. 7, *40 Sept. 9, '39
$83,683
$158,612
$0.10
$0.16
• $0.35
provision for depreciation, interest and income taxes, but before
After
x
Federal surtax
Sept. 7, '40
$46,361
Sept. 9, '39
$77,265
$0.18
undistributed profits.
on
Continental Roll & Steel Foundry Co.—Accum. Div.—
on Sept. 25 declared a dividend of $3.50 per share on account
to
a
Liabilities—
Sept. 7, '40
Sept. 9, '39
3285,214
Receivable....
8351,260
334,728
Accts. pay. & accr.
407,744
_
1,286,191
charges..
115,615
134,743
Long-term assets
b Land, buildings,
141,610
246,367
150,000
67,939
Salesm's', &c.,dep.
1st mtge. bds. due
within 1 year...
Prepaid
.
Pur.
within 1
400.(MX)
65,207
3,897,461
73,075
16,796
Pref.stk. div. pay.
6,537
475,750
Long-term debts..
Reserves
197,325
10,757
6,537
378,075
120,482
surplus
108,250
348,600
1,942,840
818,549
2,000,000
854,401
Earned surplus
1,539,283
1,422,315
Preferred stock
Common stock..
Paid-in
i'
Total
a
85,950,728 $6,202,473
Total
$5,950,728 86,202,4731
348.600
$63,207 in 1940 and $60,414 in 1939.
b After reserve
$5,558,310 in 1940 and $5,403,570 in 1939.
c Par $5.
After reserve of
for depreciation of
—V. 151. p. 242.
Consolidated Oil Corp.—Common
Dividend.—
25 declared a dividend of 12 H cents per share
payable Nov. 15 to stockholders of record Oct. 15.
reduction of the 20-cent quarterly rate that has been paid since
Board of Directors on Sept.
the common stock
on
This is a
February, 1937.
Commenting
on
this action, Mr. H. F. Sinclair recalled that he had been
emphasizing for a long time that the
industry was paying more for raw
Notwithstand¬
product prices had further declined and gasoline
materials than it was getting back for the finished products.
ing this, he pointed out,
had now reached the
lowest point in many years.
Mr. Sinclair said that the Board of Directors
As to Consolidated's policy,
thought it expedient to limit dividend
disbursements until future conditions
clearly defined. "Whatever the future may be, due to gasoline
the war abroad, or any other troubles that may arise," Mr.
Sinclair added, "we intend to be in a position, financially and otherwise, to
cope with any competition, any competitors, or conditions with which we
may be faced."—V. 151, p. 984.
were
more
wars
here,
Consumers Power
$3,515,755
Operating expenses
Taxes
Prov. for depreciation..
Gross income
Int. & other deductions.
Net
Divs.
$1,079,190
382,441
$696,749
income
on
preferred stock.
Amort, of pref. stk. exp.
6%
of
$975,216 $15,647,134 $14,071,686
386,883
4,783,151
4,726,005
$.588,333 $10,863,983
285,389
3,424,820
65,278
783,339
$9,345,681
3,424,822
783,339
$6,655,823
$5,137,520
$237,666
1276.
Consumers Water
All
285,389
65,278
$346,082
Balance
—V. 151, p.
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—-1939
$3,066,233 $43,729,928 $39,160,687
1,417,077
1,369,955 17,569,515 16,414,936
589,488
331,063
5,513,279
4,212,065
430,000
390,000
5,000,000
4,462,000
Period End. Aug. 31—•
Gross revenue—j.
the
due May
outstanding
Bank, Portland, Me., or
Mass —V
149. p 2364.
25.
7% prior preference stock, payable Oct. 1 to
Dividend represents accumulations from April 1
546
Cornell-Dubiiier Electric Corp.—To Pay 60-Cent Div.—
60 cents per share on the common
26 to holders of record Sept. 24.
Dividend of 35
July 10, last; 20 cents was paid on May 10, last; one of
40 cents on Sept. 15,1939; 10 cents on Sept. 24, 1938, and an initial dividend
of27H cents per share was distributed on Sept. 28, 1937.—V. 151, p. 101.
Directors have declared a dividend of
stock, payable Sept.
cents was
paid
on
Cosden Petroleum
Corp.—Earnings—
1940
$47,356
Net income after all charges—
V.
151,
p.
1939
$90,253
842.
Cramp Shipbuilding Co.—Exchange Offer Made for Old
Cramp Bonds—Subscription Warrants—
Cramp Shipbuilding Co. was incorporated in Pennsylvania, July 16,1940,
the name of "Shipyards,
Inc.
(present name adopted Aug. 19,
under
1940), for the purpose of acquiring
the William Cramp and Sons Ship &
title to certain properties owned by
Engine Building Co. and carrying out
program of rehabilitation and operation
the construction and repair of ships.
a
of such properties primarily for
business in Pennsylvania, and expects
to own property in Pennsylvania and New Jersey, and to qualify to do
business also in New Jersey.
Company has not yet commenced operation
and has no subsidiaries.
Its principal business office is presently at 1429
Walnut St., Philadelphia, Pa., but the company expects to move its office
to Richmond and Norris Sts., Philadelphia, Pa., after it takes possession of
is qualified to do
Philadelphia shipyard.
Exchange Offer for General Mortgage 6% Gold Bonds of William Cramp &
Ship tfe Engine Building Co.—39,992 common shares and subscription
warrants for 99,980 common shares are offered to holders of general mort¬
gage 6% gold bonds (and scrip therefor) of the old company at the rate
of 16 common shares and subscription warrants for 40 common shares for
each $1,000 principal amount of such bonds and scrip surrendered to the
company with all unpaid coupons attached at the office of its agent, Brown
Brothers Harriman & Co., 1531 Walnut St.,
Philadelphia, on or before
Oct. 4, 1940, provided that the offer may be extended from time to time
by the board of directors in its discretion.
Subscription Warrants—The subscription warrants for 99,980 common
shares are being offered as set forth above.
The subscription warrants
expire Oct. 15, 1940, and entitle the holders thereof at any time prior to
their expiration to purchase at $11 per share common shares of the company.
Subscription warrants exercised will be endorsed to indicate that the holder
thereof is entitled to receive either (1) a certificate or certificates for the
number of cornmon shares subscribed for, if the board of directors shall
determine to issue said shares, or (2) the repayment of the amount of the
subscription price of said shares, if the board of directors shall not, on or
before Dec. 31, 1940, so determine to issue said shares.
It is expected
will make such determination on or about Oct. 23,
1940.
Shares so reserved for offering to holders of the subscription warrants
and not subscribed for will be sold to Harriman Ripley & Co., Inc., at
$11 per share.
Harriman Ripley & Co., Inc., may sell any or all of the
common shares so purchased at the following initial public offering prices:
(a) In the event that subscription warrants for 50,000 or more of said
shares are exercised, at such price as may be fixed by Harriman Ripley &
Co., Inc., which price shall be not more than the price at which such shares
are offered in the general market at the rime of the initial offering by said
underwriter, and shall not be less, by more than $1 per share, than such
general market price, or
(b) In the event that subscription warrants for iess than 50,000 of said
shares are exercised, at such price as may be fixed by Harriman Ripley &
Co., Inc., not in excess of $15 per share.
Harriman Ripley & Co., Inc., has advised the company that it reserves
the right to determine whether a public or any other offering of all or any
part of the said shares shall be made, and if made, the manner of making
such offering, provided that on any public offering the initial public offering
prices shall be within the limits set forth above, and that no public offering
of the unsubscribed shares will be made by the underwriter except upon
supplementing th<? registration statement or prospectus, or both, as may
be required, in order to set forth the exact initial public offering price and
the results of the offering of the subscription warrants.
Other Securities Being Issued—59,057 common shares not covered by this
prospectus are to be issued to Orama Securities Corp.
Orama Securities
Corp. has advised the company that it has no present intention of selling
any of the 59,057 common shares.
The Secretary of the Navy has placed an order for the construction of
six light cruisers, Nos. CL89, CL90, CL91, CL92, CL93 and CL94, at cost
plus a total fee of $6,370,480, or a unit fee of $1,063,080 per vessel, which
is not in excess of 6% of the estimated cost of $17,730,000 per vessel, ex¬
clusive of the fee, as determined by the Secretary of the Navy to be fair
that the board of directors
and reasonable.
first collateral
mortgage gold
acquiring title to the Philadelphia
Sons Ship & Engine
and claims (except certain ground rents
aggregating $216 per annum, which Cramp Shipbuilding Co. will endeavor
to purchase and extinguish) and contingent upon financial arrangements
satisfactory to the Secretary of the Navy being made.
This award is contingent upon company
Co.—Bonds Called—
bonds, series A
1, 1946 have been called for redemption on Oct. 1 at 102
Payment will be made at the First Portland National
at the First National Bank of Boston, Boston,
and accrued interest.
the
Sons
Federal income tax
1
c
on
the
37,000
yr.
3,714,354
1
livery equipm't.
$361,774
.
mtge.
mon.
pay.
machinery & de¬
Goodwill
Sept. 9, '39
$403,108
Notes payable
1,237,914
Inventories
accumulations
Sept. 30.—V. 151, p.
The company
Comparative Consolidated Balance Sheet
Sept. 7 '40
Assets—
Cash
Corp.—Government Contract-—•'
a contract totaling $11,412,000 to build
for the U. S. Government.—V. 151, p. 984.
been awarded
Directors
of
26 Weeks Ended
12 Weeks Ended
Period—
Net profit
Earns, per sh.on com.stk.
x
;
3 Months Ended July 31—
(& Subs.)—Earnings—
Laundries Corp.
Consolidated
$10.57
share of common stock
automotive engines
of
Sept.
on
$2,266,243
.
23, admitted to listing and
registration the preferred stock, series C 4%, cumulative, par $100.—
V. 151, p. 1276.
New
per
1,320,053
$2,771,592
$12.92
....
Vernon L. Faulkner, Treas. and agent of the Richard Borden Manu¬
facturing Co., has resigned that postion, and on Sept. 18, at the annual
meeting of the stockholders at Lewiston, Me., was appointed Treasurer
and agent of this company.—V. 130, p. 678.
Baltimore—Listing and Registration—
The
$3,586,296
1,320,053
prior preference stock
holders of record Sept.
' "
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended Sept. 22, 1940, amounting
to 143,100,000 kilowatt-hours, compared with 138,900,000 kilowatt-hours
for the corresponding week of 1939, an increase of 3%.—V. 151, p. 1718.
•
on
Continental Mills—New Treasurer—
on
$10 per share.—V. 149, p. 1910.
amount to
161,692
41,493
—V. 151, p. 984.
$2.50 per share on account of
the 7% cumulative preferred stock, par $100, payable
1 to holders of record Sept. 24.
Arrears after current payment will
Oct.
2,561,262
160,015
44,822
$4,091,645
Balance transferred to consolidated surplus
Company has
Co .—Accumulated Dividend—
Consolidated Dry Goods
The directors have declared a dividend of
accumulations
$6,350,743
2,535,179
Amortization of debenture discount and expense..
Taxes on debenture interest
$85,800,000 to build
Company has been awarded a contract totaling
airplanes for the U. S. Army.—V. 151, p. 409.
$6,831,661
Balance...
Holding Company Deductions—
on 5% debentures, due 1958
share on common stock
546.
,
197,976
3,694,567
3,755,814
Net income
87,722
95,106
Interest
Balance
1940
1939
$20,726,375 $19,201,165
12 Months Ended Aug. 31—
Gross revenues.,
91,634
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
Light & Power Co.—Earnings—
Connecticut
12,472
$6,636,441
_
Total
Dividends
'
36,172
$7,018,401
(exclusive of income received from subsidiaries)
For the eight months ended
August, 1939, an increase of 11.17%.
Aug. 31, 1940, the output was 12,100,676,400 cubic feet as compared with
10,245,586,400 cubic feet for the corresponding period in 1939, an increase
of 18.11%.
Total output for the year ended Aug. 31, 1940 was 17,840,846,300 cubic feet as compared with 15,542,671,100 cubic feet for the year
ended Aug. 31, 1939, an increase of 14.79%.—V. 151, p. 1718.
■
Equity of Continental Gas & Electric Corp. in
earnings of subsidiaries
Income
of
Continental
Gas
&
Electric Corp.
real
estate
now
owned by the William Cramp and
Building Co. free and clear of liens
The Commercial & Financial Chronicle
1890
In addition, a bonus shall be paid the contractor at the rate of $1,250 for
day by which the vessel is delivered prior to the contract time of
delivery.
The sum of the bonuses payable under the provisions for reduc¬
tion in estimated cost and time of delivery shall in no case exceed the total
sum of $177,300 per vessel.
The vessels are to conform substantially to the contract plans ana
specifications for Light Cruiser CL57 which will be furnished to Cramp
Shipbuilding Co. by the Navy Dei)artment at the cost of reproduction of
such plans and specifications.
Delivery of light cruisers Nos. CL89, CL90, CL91, GL92, CL93 and CL94
on or before Jan. 1, 1944, July 1, 1944, Jan. 1, 1945, May 1, 1945, Sept. 1,
1945, and Dec. 31, 1945, respectively.
Company has requested Reconstruction Finance Corporation to give it
a letter of commitment to enter into a loan agreement providing for ad¬
vances up to $2,500,000, such commitment to be conditioned upon the ful¬
fillment of the conditions from the Navy Department.
However, the
company has been advised by RFC that until a final contract is obtained
from the Navy Department and until a further examination has been made,
it will make no commitment with respect to such a loan agreement.
Company has at present no commitment from any source for the making
of such loan.
However, it expects that, when the formal contract from the
Navy Department is ready for execution, it will be possible to obtain a loan
of the required amount.
Company does not know how soon the formal
contract from the Navy Department will be ready for execution, or on what
terms the required loan can then be made.
It is the present intention of the company to request the Navy Depart¬
ment to furnish the funds to cover the entire cost of additional facilities.
If this is done, title to such facilities as are acquired through funds provided
by the Navy Department will remain with the Navy Department.
Com¬
pany may however decide to provide certain or all or the funds itself.
The
determination as to the extent to which the company may choose to acquire
such facilities for its own account, and as to the extent to which the com¬
pany will elect to have the Navy Department acquire facilities for its ac¬
count, will dej)end upon a variety of considerations.
Directors—The following persons are directors: James Reed (President),
H. Birchard Taylor (V.-Pres.), Commander R. D. Weyerbacher (V.-Pres.,
Gen, Mgr.), Kmil Eckardt (Compt.), Harry F. Mayer (Sec.-Treas.),
Joseph P. Ripley (Chairman of Board of Directors and member of Executive
Committee), E. Roland Harriman, R. H. M. Robinson.
Capitalizalionr—As of Aug. 20, 1940, company had an authorized capitali¬
zation of 750,000 common shares ($5 par) of which 120 fully paid shares
had been issued for a total consideration of $1,800, of which $600 was
credited to capital and $1,200 to paid-in surplus.
All of such shares are
each
^
,
_
held
.
by Orama Securities Corp., 15 Exchange Place, Jersey City, N. J.
foregoing dates, the company had agreed, subject to certain condi¬
As of the
tions, to issue 59,057 common shares (par of $295,285) to Orama Securities
Corp. for a consideration which the board of directors has valued at not
Upon the issuance of the foregoing shares and of the
99,980 shares reserved for issuance upon the exercise of the subscription
warrants, and if all of .the 39,992 shares offered to holders of outstanding
bonds and scrip of the old company are issued, the capitalization of the
company will be as follows:
Authorized
Outstanding
Common shares ($5 par)
a$750,000 shs.*' 199,149 shs.
less than $885,855.
a
Includes 50,000 shares reserved for issuance upon the exercise of option
warrants.
Use
of Proceeds—The proceeds of the 99,980 common shares to be sola
for cash (estimated at $996,398) will be used for payment of organization
expenses and for working capital.
Underwriting—Under an agreement dated Sept. 18, 1940, Harriman
Ripley & Co., Inc., New York, has agreed to purchase at $11 per share
such of the 99,980 common shares reserved for issuance upon the exercise
of the subscription warrants as are not subscribed for by the holders of such
warrants.—'\T. 151, p. 1568, 1430.
Crocker-Wheeler Electric Mfg.
6 Mos. End. June 30—
Net loss after all charges
Net
income
1940
1939
a$321,177
1938
1937
Dallas
1939
1938
1937
Operating revenues
$3,088,838
Operating expenses, incl. taxes
2,351,606
Property retirement reserve approp's.
2381323
$3,050,346
2,321,332
$2,979,816
2,253,786
149,738
$498,908
186,063
$489,307
186,063
$576,293
$312,846
16,333
$303,244
22,722
$390,230
15,354
$329,179
282,180
24,928
$325,966
282,914
25,453
$405,584
286,230
25,552
$22,071
$17,599
$93,802
.
Rent for leased property.
'
.
.
Other income.
.
Interest on mortgage bonds
Other deductions
Net income
239,708
186,063
Balance Sheet Dec. 31, 1939
Assets—Plant, property and equipment, $10,814,311; cash in banks,
$386,001; special deposits, $163,486; working funds, $10,357; accounts
receivable, $13,409; materials and supplies, $61,218; prepayments, $9,466:
other current and accrued assets, $167; deferred debits,
$506,532; reacquired
capital stock (157 shares 7% preferred), $15,700; total, $11,980,649.
—7% cum- Pref- sfcock ($100 par), $1,500,000; common stock
($100 par), $3,250,000; long-term debt, $4,865,763; accounts
payable,
$107,728; taxes accrued, $112,529; interest accrued, $141,090; other current
and accrued liabilities, $2,100; deferred
credits, $46,673; reserves, $179,889;
corporate earned surplus, $1,774,875; total, $11,980,649.—Y. 151, p. 1719.
Dalhousie Oil Co.,
Ltd.—Earnings—
Income Account Year Ended Dec. 31, 1939
operations,
after
providing
for
all
operating,
administrative and general expenses
Income from investments in bonds
$47,984
1,305
Total income
$49,289
Deductions from income
__I
Loss for the year
Previous deficit
-IIIIIIII"
107.065
I-I-IIIIIIIIIIIIIIIIIIIIIII
Additional Dominion income tax assessment for the
year 1938-
Operatin'g deficit
as
of Dec.
31, 1939
$57,776
97,955
152
$155,883
___
Balance Sheet Dec. 31, 1939
Assets—Cash in
banks, $76,928; Dominion of Canada bonds including
accnied interest, $41,271; trade accounts
receivable, $3,084; inventories,
$243; investment in shares of subsidiary company (at cost), $55,000;
capital assets (less reserve dor depletion of leases, $60,405, and reserve for
amortization of investment in wells, and for
depreciation of plant and equip¬
ment $154,485), $214,891; total, $2,844,373.
—Accounts payable. $256; capital stock (3.000,000 shs. no
par),
$3,000,000; operating deficit, $155,883; total, $2,844,373.—V. 139. p. 2201.
Dallas Power &
Light Co.—Earnings—
Calendar Years—
1938
$6,885,992
3,722,791
474,760
$6,714,563
3,641,085
444,394
Net operating revenues
Other income
$2,688,442
$2,629,084
21
478
$2,688,463
560,000
524,234
$2,629,562
560,000
468,925
$1,604,229
245,000
262,386
945,000
$1,600,637
245,000
Gross
income
on
:
'
mortgage bonds
Other interest and deductions
Net income
Other current & accrued assets
Taxes
8,445
320.175
deposits
546,370
accrued
315,249
accrued
Interest
4,602
94,907
Other current & accr'd liabiis.
169,281
7,573
Capital stock expense
Consignments (contra)
179,886
payable
Customers'
5,922
Deferred debits
16,000,000
Deferred
2,598
credits
Reserves
5,220.300
-
7,673
(contra)
Consignments
Corporate earned surplus, re¬
served
for
value
property
476,814
124,256
additions
Corporate earned surplus
a
$36,473,707
Total
$36,473,707
Total
Represented by 262,500 no par shares.—V. 151, p. 1719.
Darco
Corp.—Earnings—
Income Account Year Ended Dec. 31,1939
Sales.;
— -
-
Cost of goods sold
-
-$814,532
716,681
and other expenses (excl. deprec.)
$97,851
Profit from operations
Other income—royalties, &c
2,199
$100,050
Interest
on
31,442
indebtedness to Atlas Powder Co
92,010
Depreciation
Loss for year
Deficit—Dec. 31, 1938
-
-
Deficit—Dec. 31,1939 (incurred since March 31.1935)—
$23,403
111,322
$134,726
Balance Sheet Dec. 31, 1939
Assets—Cash, $145,932; accounts and notes receivable, $60,506; Inven¬
tories, $83,690; notes receivable—employee, $1,173; miscellaneous accounts
receivable, $5,840: property, plant and equipment (less reserves for de¬
preciation and replacements or $683,067), $369,284; goodwill and patents,
$422,706; deferred charges, $4,028; total, $1,093,159.
Liabilities—Accounts payable and accrued liabilities, $47,047; due Atlas
Power Co., $28,613; 1st mtge. 6% serial notes due 1941-50, $300,000;
unsecured 6% serial notes due 1941-50, $200,000; $8 cum. pref. stock,
(18,635 shs. no par), $652,225; common stock (12,907 shs. no par), $1;
deficit, $134,726; total, $1,093,159.—V. 147, p. 2712.
Dardelet Threadlock
Corp.—Earnings—
1938
1939
Years Ended Dec. 31—
$13,150
Income—royalties (net)
$11,710
32
32
503
1.407
Interest accrued
Gross profit from merchandise sales
$13,686
$13,150
Expenses
Depreciation
41,872
5,938
Amortization of patents
Patents abandoned
42 686
70,771
10,058
42,692
Total income
276
896
4,750
5,000
$81,836
$116,268
49
727
$81,786
$115,541
Additions to income
Total loss.
Deductions-
6
Loss for year
$81,792
dividends
.
_
262 386
945,000
$115,441
Balance Sheet Dec. 31, 1939
hand, $1,720; accounts receivable, $3,585;
inventory, $23,039; subscriptions to capital stock, $1,820; interest receivable
on subscriptions, $1,216; accounts receivable from sale of machines, $5,267;
patents and trade marks (less: amortization of $559,168), $589,419; capital
assets
(less: res. for depreciation of $97,236), $3,346; deferred charges,
$11,116; total, $640,528.
Liabilities—Credit balances in accounts receivable, $70; accounts payable,
$1,298; accrued taxes, $195; accrued royalties, $57; capital stock (28,000
shares no par), $2,284,598; deficit, Dec. 31, 1939, $1,645,691; total, $640,528.—V. 149, p. 2969.
David &
on
Frere, Ltd.—Earnings—
Income Account 15 Months Ended March 30, 1940
Profit
after
deducting
all
charges
for
manufacturing,
administration, sales taxes, &c
Reserve for depreciation
Reserve for Federal and Provincial income taxes,
Net
profit.
Dividends
on
sales
$148,110
23,442
21,573
-
$103,093
36,800
t._
class A stock
Balance, surplus
$66,293
Balance Sheet
Assets—Cash
hand
and
as
at March
30, 1940
in
bank, $6,800; accounts, receivable, less
$9.6,910; notes receivable, $1,016; investments, less reserves,
$100,519; inventories, $93,641; land, buildings, machinery,
&c., (less reserves for depreciation of $264,701), $221,732; goodwill, $1;
prepaid expenses: taxes, insurance, &c., $8,604; total, $529,222.
Liabilities—Accounts payable and accrued charges, $41,979; capital stock
(ordinary shares, class A, 23,000 shares no par, ordinary shares, class B,
23,000 shares no par), $354,200; surplus account, $133,043; total, $529,222.
—V. 150. p. 1431.
on
reserves,
less
reserves,
Deere & Co.-—To
Pay $1.50 Common Dividend—
Directors have declared
a dividend of $1.50 per share on the common
stock, payable Oct. 21 to holders of record Oct. 5.
Dividend of 75 cents
was paid on Dec. 1, 1939, this latter being the first common dividend paid
since Oct. 20, 1938, when $1.35 per share was distributed; dividends of $1
were paid on Oct. 20 and on Sept. 1, 1937, this latter being the first pay¬
ment made since July 1, 1931.—V. 150, p. 991.
Delaware & Hudson RR.
-Earnings—
1940
August—
Gross from
railway
Net from railway,
Net ry. oper. income..
1939
1938
1937
$2,363,928
$2,111,165
$1,622,877
755,334
633,829
368,262
222,289
$1,839,961
76,171
def43,392
13.360,146
2,682,559
1,448,493
17,204,037
3,388,082
2,238,866
561,136
385,260
17,531,191
5,018,371
3,554,716
15,828,344
1—
From Jan.
Gross from railway
Net from railway
Net ry. oper.
—V.
151, p.
income..
1277.
4,564,900
3,046,836
Net ry. oper. income._
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income...
—V. 151, p.
RR.—Earnings-—
1940
August—
Gross from railway
Net from railway
1939
1938
1937
$4,165,710
815,617
363,084
$3,800,529
$3,438,913
452,999
4,052
$3,734,667
368,509
5,895
34,052,210
7,395,547
3.531,470
31,345,597
28,389,574
4,680,386
937,876
34 004,143
7,718,878
4,159,262
591,999
149,865
6,635,297
2,665,976
1277.
Denver & Rio Grande Western
RR.—Stocks Suspended
See Chicago Milwaukee St. Paul & Pacific RR.—V.
_
7% preferred dividends.
$6 preferred dividends
Common
Mat'd long-term debt it lnt__
Delaware Lackawanna & Western
1939
Operating revenues
Operating expenses, including taxes
Property retirement reserve appropriations
Interest
Accounts
365,439
34,015
Prepayments
4.427,134
5,250.000
Common stock
Long-term debt
—
Assets—Cash in bank and
Ry. & Terminal Co.—Earnings —
from
$3,500,000
Materials and supplies
a
.
from
Calendar Years—
Income
1939
Liabilities—
7% cum. preferred stock
$6 cum. preferred stock
Loss from operations
$123,781 prf.$103,432
$26,749
Balance Sheet Dec. 31,
Assets—
Plant, property & equipment $33,716,088
Cash
1,767,796
Special deposits
8.445
Working funds
5,815
Accounts receivable.388,730
Annual payment to "French company"
Co.—Earnings—
operations and before extraordinary charges was
$10,516.
Including extraordinary charges of $331,693. for most par*
applicable to prior years, of which $159,980 represents write-off of uniden¬
tified amounts included in inventory, said to represent largely engineering
costs accumulated in prior years, there was a deficit of $321,177.—V. 150,
p. 1597.
a
Sept. 28, 1940
151, p. 1430.
Derby Gas & Electric Corp.—Simplification Plan—
The Securities and Exchange Commission announced
Sept. 23 that
Derby Gas & Electric Corp. and Ogden Corp. have filed an application
Volume
The Commercial & Financial Chronicle
151
(File 54-27) for approval of a plan of simplification of Derby Gas & Electric
Corp. under Section 11(e) of the Holding Company Act.
Public hearing on the proposed plan has been set for Oct. 10 in the Com¬
mission's Washington offices.
The assets of Derby Gas & Electric Corp. consist principally of the entire
outstanding stocks of The Derby Gas & Electric Co. and The Wallingford
Gas Light Co.
The corporation also had $29,576 in cash and $103,281 of
loans receivable from its two subsidiaries at July 31, 1940.
Ogden Corp. holds all of the 50,000 outstanding shares of common
stock of Derby Gas & Electric Corp. and 3,064 shares of the $7 preferred
stock and 93 shares of the $6^ preferred stock.
In addition, Ogden holds
a $5,000,000 open account indebtedness of Derby bearing interest at 5%
annually.
According to the application, 16,936 shares of the $7 preferred stock
and 1,407 shares of the $63^ preferred stock of Derby are publicly held.
Accumulated dividends at July 31, 1940 amounted to $30.50 per share on
the $7 preferred stock and $28.30 per share on the $6 3^ preferred stock.
In brief, the plan for corporate simplification provides for the following:
(1) The issuance and sale of $2,750,000 3% debentures, maturing in
six years, by Derby Gas & Electric Corp. or by a new corporation which
may be organized under the proposed plan.
(2) The application of the gross proceeds of $2,750,000 from the sale of
the debentures toward the payment of the $5,000,000 open account indebt¬
edness owing to Ogden Corp.
(3) The cancellation by Ogden Corp. of the $2,250,000 balance of the
indebtedness.
Ogden will receive in cash all unpaid interest on the indebt¬
edness up to the date of cancellation.
(4) The cancellation by Ogden Corp. of the 50,000 shares of common
stock of Derby Gas & Electric Corp.
(5) The issuance by Derby Gas & Electric Corp. or by a new corporation
of 148,500 shares of new no par value common stock.
Of this stock, 84,000
shares will be issued to Ogden Corp. and the balance of 64,500 shares will
be issued to Derby's preferred stockholders, including Ogden Corp., on the
basis of three shares for each share of preferred stock held and accumulated
dividends.
also provides for the payment by Ogden Corp. of all expenses
accruing from Dec. 1, 1939, incurred by Derby Gas & Electric Corp. in
connection with all plans for its liquidation or reorganization.
The plan is to become effective upon declaration by the board of direc¬
tors, subject to prior approval by the holders of a majority of the present
preferred stocks of Derby Gas & Electric Corp., and by Ogden Corp.
At
any time after such approval the board of directors of Derby may request
the Commission to apply to a court of competent jurisdiction to enforce
and carry out the provisions of the plan.
The company is asking Commission action and stockholder approval of
the above plan without awaiting any further action that may be taken with
respect to a plan heretofore filed with the Commission (File 58-50) for the
merger into a new operating utility company of The Derby Gas & Electric
Co. and The Wallingford Gas Light Co. and for the liquidation of Derby
Gas & Electric Corp.
The Commission has not yet passed upon such plan
of merger and liquidation and it is, of course, possible that there may be
changes prior to consummation.—V. 150, p. 3505.
The plan
Detroit & Cleveland Navigation
Total...
Initial Common Dividend—
Directors have declared
common
$1,438,544
1,628,345
14,108
$3,080,997
2,942,085
.
$138,912
Operating profit
Detroit & Mackinac Ry.-
37,459
...
$176,372
392,376
35,300
506
Total income.
Depreciation and amortization
sales of securities
Interest paid
Loss for the year
$251,810
.,
Consolidated Balance Sheet Dec. 31, 1939
in
banks
and
on
_.
31, 1939
Profit from operations
...
Other income
Total income
$583,209
38,937
$622,146
74,663
98,970
Other deductions (sales discounts, &c.)
Allowance for Federal income tax
Net income
$448,512
Earned surplus, Jan. 1,1939
571,630
Total surplus
Preferred dividends
...$1,020,142
57,585
214,250
Common dividends...
Earned surplus, Dec. 31, 1939..
$748,307
$1.82
share on common
Balance Sheet Dec. 31, 1939
Detroit-Michigan Stove Co.—Earnings—
1939
1938
$2,488,071
1,935,633
$2,324,236
1,874,781
$900,196
675,252
$552,438
541,737
$449,455
534,348
returns
►
Sell., general & administrative exps..
$224,944
25,239
Total income
$10,721
19,962
Joss$84,893
$250,183
_.
Interest expense
$30,683
6,540
loss$68,403
•
Expenses ('ess rental income) of prop¬
erties not used in operations
Profit for the year
16,490
8.841
27,216
Social security taxes
Miscellaneous deductions
Provision for Federal income tax
1939
$960,700
365.747
Operating profit.
„
»
$594,953
_ .
63,570
Other income
Total income..
Other deductions
Federal taxes
on
$658,522
12,231
120,666
;
income
Net profit
$525,625
309,375
$2.55
Deduct cash dividends paid ($1.50 a share)
Earnings
share on capital stock
per
.
Note—Provision for depreciation for the year amounted to
$101,335.
$222,056; trade notes and accounts
of $12,500), $657,373; inventories, $1,087,843;
$69,844; property, plant and equipment (less
depreciation of $603,838), $908,763; deferred charges, $141,259;
(less
reserve
investments and other assets,
reserves
for
$3,087,138.
total,
$201,325; accrued ex¬
Federal taxes on income, estimated, $123,393; common
$1,031,250; capital surplus, $146,767; earned surplus,
$1,570,258; total, $3,087.138.—V. 151, p. 1277.
Liabilities—Trade accounts payable and payrolls,
penses, $14,144;
stock
(par $5),
Detroit Toledo & Ironton
From Jan.
1937
1938
86,673
154,554
87,348
$350,458
103,016
57,962
$530,190
196,529
117,004
4,875,444
2,249,661
1,480,524
4,109,839
1,727,873
1,135,163
3,143,069
1,008,250
597,970
5,343,565
2,647,447
1,695,777
$486,645
171,865
$444,610
1—
Gross from railway
Net from railway
....
Net ry. oper. income...
151,
RR.—Earnings—
1939
1940
,
Gross from railway.....
Net from railway
Net ry. oper. income...
W77.
p.
>.—Earnings—
$1,588,241
304.095
$1,926,857
273,803
284,430
$1,647,027
256,576
$1,137,119
143,059
$1,284,146
161,576
$1,642,427
137,525
$1,390,451
135,319
$994,059
16,598
$1,122,570
10,903
$1,504,901
27,276
$1,255,132
75,475
$1,010 657
36,517
348,512
$1,133,473
11,610
321,106
$1,532,177
19,188
345,100
$1,330,607
$1,410,922
Operating expenses.
Gen. & adminis. exps...
Net profit from opers.
Other income credits
Depletion & depreciationi
Undeveloped
leasehold
carrying chgs., lease¬
holds, surrend'd & dry
holes, &c
2,370
$210,183
7,499
278
40,000
2 158
5,580
$15,916 loss$114.117
1936
1937
1938
1939
Years End. Dec. 31-
47'258
328,473
Dividends
119.422
248,956
146,396
178,226
$506,205
322,000
.....
Net income
$551,801
322,000
'$1,021,493
$776,649
402,350
483,000
Balance Sheet Dec. 31, 1939
Assets—Cash, $423,637; accounts receivable, $129,046; note receivable*
$10,500; materials and supplies, $19,234; other assets, $46,738; fixed assets,
(less reserve for depletion and depreciation, $3,961,883), $5,484,948;
deferred debit items, $3,970; total, $6,118,073.
Liabilities—Accounts payable, $69,202; accrued wages, $17,673; accrued
Federal income taxes for prior years, $30,165; accrued State income taxes
for current year,
$488; capital stock ($10 par), $3,220,000; surplusfrom
appraisal of fixed assets (see contra), $1,900,762; surplus
$879,783; total, $6,118,073.—V. 149, p. 258.
from operations,
Fruit Corp. (& Subs.)—Earnings—
Consolidated Income Statement Year Ended Dec. 31, 1939
Gross sales, less discounts, returns and
allowances
$5,798,457
and other mis¬
Income from commissions, packing and loading
cellaneous
operations
Total
...
446,364
$6,244,821
-
sold, including operating expenses, exclusive of
depreciation and amortization
$243,003; provision for amortization
of cultivations, $179,117; administrative, selling and general
Cost of goods
5,542,201
Provision for depreciation,
expenses,
$519,244; provision for doubtful accounts, $3,826..
945,191
$242,571
310,128
Loss from operations.
Other income
867,558
profit
314,017
Other income deductions
Provision for Federal income taxes,
'
Other income.
(& Subs.)—Earnings—
profit from sales
Selling, administrative and general expenses
Net
1940
$3,112,400
2,212.204
Years Ended July 31—
discounts,
583,711
121,906
57,846
Income Account Year Ended Dec. 31,
Di Giorgio
(less allowance for doubtful accounts of $6,628), $391,393;
inventories, $712,639; prepaid taxes, insurance and supplies, $48,458;
notes and accounts receivable, officers and employees, $2,601; investments,
$46,688; due from closed bank (including $1,096 advanced to depositors'
committee), $770; property, plant and equipment, at cost (less allowance
for depreciation of $501,446), $987,492; preferred stock sinking fund,
demand deposits in bank, $33,147; total, $2,650,661.
Liabilities—Accounts payable, vendors, $218,289; dividend on common
stock, $53,563; accrued expenses, $161,174; deposits on employees' badges,
$1,732; deferred income, rentals, $1,950; 6% preferred stock ($20 par),
$1,120,000; common stock ($1 par), $214,250; capital surplus, $258,442;
earned surplus, $748,307; preferred stock in treasury (8,350 shs.), $127,045;
total. $2,650.661.—Y. 151, p. 1141.
less
510,997
87,540
34,292
Detroit Steel Corp.
Assets—Demand deposits in banks and cash on hand, $427,473; accounts
receivable
sales,
515,090
92,325
28,841
Gross
Income charges
.$1,010,506
Shipping, delivery, selling, administrative and general expenses..
427,297
Gross
22,222
13,694
—V. 151, p. 1277.
Mfg. Co.—Earnings—
Income Account Year Ended Dec.
per
$82,666
28,071
19,329
hand,
Gross profit
Earnings
$86,242
513,507
103,786
47,601
Gross from railway
Government securities, at or less than cost (quoted market value
Detroit Gasket &
$75,905
20,969
12,435
1—
Net from railway
Net ry. oper. income
—V.
$471,491; municipal and U. S.
$256,811),
$260,323; accrued bond interest receivable, $1,626; accounts receivable
(net), $119,801; inventories, $59,625; other assets, $113,707; fixed assets,
at cost (less depreciation and amortization of $9,756,844),
$4,008,670;
deferred charges to future operations, $75,957; total, $5,111,202.
Liabilities—Accounts payable, $48,486; accrued taxes, other than income
taxes, $17,182; reserves, $26,887; capital stock (par $10),
$4,995,000;
capital surplus, arising from retirement of capital stock purchased at less
than par (no change in 1939), $752,233; operating deficit, $728,586; total,
$5,111,202.—V. 147, P. 2713.
Assets—Cash
1937
1938
1939
31,271
23,096
Net from railway
Net ry. oper. income..
From Jan.
-Earmngs—
1940
$88,468
August—
Gross from railway
August—
on
initial dividend of 10 cents per share on the
Assets—Cash on deposit and on hand,
Operating expenses
Loss
an
stock, payable Oct. 15 to holders of record Oct. 5.—Y. 150, p. 3658.
receivable
-
Other income
Assets—Cash in banks and on hand, $372,356; notes and accounts re¬
(trade) (less reserve for doubtful notes and accounts of $35,000),
$337,923; miscellaneous accounts receivable, $2,820; inventories valued at
the lower of cost or market, $580,375; deposits in closed banks (less reserve
for undetermined loss of $30,000), $2,231; investments in securities, at cost
(less reserve to reduce to fair value as determined by an officer of the
company of $15,735), $32,418; amount due on or before Dec. 31, 1940,
from John A. Fry, President of the company, and Florence C. Fry, his wife,
or the survivor of them for 41,250 shares of common stock of the company
at varying prices aggregating $105,000 in connection with the exercise on
June 1, 1936, of an option dated Dec. 2, 1935, as amended, $105,000;
land contract receivable (including $3,000 due within one year), $25,750;
property accounts, $1,290,648; goodwill and patents, $1; deferred charges,
$86,813; total, $2,836,336.
Liabilities—Accounts payable (trade), $54,452; accrued liabilities, $147,939; 5% non-cumulative preferred stock (par $40), $1,030,920; common
stock (par $1), $499,992; capital surplus, $579,776; earned surplus since
Aug. 1, 1934, $523,256; total, $2,836,336.
Consolidated Balance Sheet Dec. 31, 1939
[Including Detroit & Cleveland Steamship Co.]
Passenger
Freight
Storage, cartage, &c
1940
ceivable
Co.—Earnings—
Consolidated Income Account Year Ended Dec. 31, 1939
Revenues:
1891
Balance Sheet July 31,
2,851
subsidiary companies
Proportion of earnings of subsidiary company applicable
minority interest
...
to
Cr 1,207
$248,103
Loss for year
Consolidated Balance Sheet Dec. 31, 1939
$140,508; notes and
accounts receivable (less reserve for doubtful accounts of $11,200), $290,850;
receivable from officers and employees, $5,019; mortgage notes receivable,
due 1940 ($1,000 pledged to secure note payable), $2,500; Inventories,
$978,238; investments, $719,367; proceeds of wine sales withheld by Fruit
Industries, Ltd. for a revolving fund, $21,530; notes, mortgages and accounts
receivable ($3,000 pledged to secure notes payable), $60,821; capital assets,
at
cost
(less reserves for depreciation and amortization,
$4,465,327),
$10,884,483; deferred charges, $267,466; total, $13,370,782.
Liabilities—Notes payable, due within one year, $626,108; accounts pay¬
able, trade and miscellaneous, $460,777; customers' deposits, $80,089; wages
payable, $23,082; accrued interest, $37,392; accrued taxes, wine, property,
Assets—Cash on hand and demand deposits in banks,
The Commercial &
1892
&c., $158,714; sinking fund payment due May 1/1940, $125,000; Federal
$4,425; long-term debt, $2,542,321; reserve for contingencies
$56,982; deferred credits, $64,131; capital stock and surplus of subsidiary
company, $13,127; $3 cumulative participating preferred stock (par $100),
$6,087,200; 7 % preferred stock (par $100), $321,000; common stock (160,808
shares par $10), $1,608,080; surplus arising from restatement and retire¬
ment of <capital stock, $2,214,583; deficit, $830,068; treasury stock, Dr%222,160; total, $13,370,782.—V. 147, p. 1772.
income taxes.
Diamond Iron Works,
Net sales
build
Sept. 28, 1940
Both contracts
airplanes.
—V. 151, p. 985.
to
foriUnitedlStatesLGovernment
are
Dominguez Oil Fields Co.—Earnings—
Income Statement Year Ended Dec. 31, 1939
$2,601,188
Operating revenues
Operating expenses
(exclusive of depreciation and Intangible
561,967
costs)
Provision
Inc.—Earnings—
Income Account Year Ended Dec.
Financial Chronicle
for
of well
depreciation
development,
plant,
and
5*
219,231
379,045
equipment-
Intangible costs of well development, plant and equipment
31, 1939
^?0,679
:...
Cost of goods sold
V<4«
1/0,0/^
Selling, administrative and general expenses..-—
$2,251
6,250
Operating loss I
Other income
Profit from operations,
$1,440,945
Income credits
6,597
—
$1,447,542
25,712
123,260
Gross income
Income charges
Provision for Federal income tax
$3,998
Net profit-«
Other charges.
3.102
Net income for the year
Surplus at beginning of year
Surplus
Total
Note—Depreciation charges included above, $20,905.
Balance Sheet Dec. 31,1939
$2,019; property, plant and equipment (lass reserve* for
depreciation of $201,554), $299,479; patents, $1; deferred charges, $16,279;
total, $760,212.
■
....
_it
Liabilities—Note payable, $60,000; accounts payable, $111,211; accrued
taxes and commissions, $19,659; reserve for contingencies, $8,000; capita
stock (41,401 shares no par), $207,005; capital surplus, $366,074; earned
deficit, $11,739; total, $760,212.—V. 137, p. 1770.
assets,
A
_
Differential
Wheel
Corp.—Earnings—
Income Statement Year Ended Dec. 31, 1939
$609,537
Sales, less returns, allowances and discounts
Cost of sales---.-——
——
Selling, administrative and general expenses
Provision for amortization of patents and patent rights
Provision for amortization of development expense.
Loss cm sale of machinery and equipment
Net
Xpfit for
—
423,080
138,223
17,009
11,066
308
$19,849
the year
Balance Sheet Dec.
31, 1939
Assets—Oash in banks and on hand, $92,432; accounts receivable (less
reserve for bad debts of $3,000), $39,037; inventories, $71,758; common
stock of PresBureluve, Inc., 251,000 shares of $1 par value (54% of total
outstanding shares) at nominal value, $1; other assets, $23,648; machinery,
equipment altd leasehold improvements, at cost (less reserves for deprecia¬
tion and amortization of $10,269), $55,612; deferred charges, $9,844;
Intangibles (nrok $359,989; total, $652,321.
Liabilities—Accounts payable, $68,401; accrued liabilities, $9,908; com¬
mon stock ($1 parX $462,421; paid-in surplus, $395,140; earned deficit,
$283,549; total, $652,321.—V. 151, P. 1719.
Distribution /Terminal Warehouse Co .—Earnings$201,638
185,684
$15,954
8,584
Operating profif
Other income.
J
$24,538
30,585
_
/
Net loss
Condensed Balance Sheet Dec. 31, 1939
(Joseph) Dixon Crucible Co.—$1 Dividend—
Dobeckmun
Co .—Earnings—
Income Account Year Ended Dec. 31, 1939
Sales
Costofsales
........
Selling expenses
General and administrative expenses
Provision for bad debts-..—
Operating profit-
Loss
...
Other deductions
Net profit---—
share
on
$2,952,991
2,220,253
421,926
194,075
12,370
27,994
..
Total
$132,360
84,171
$48,188
$0.47
capital stock
Balance Sheet Dec. 31, 1939
Assets—Cash, $59,008; notes and accounts receivable (less reserve for
bad debts of $13,015), $234,339;
Inventories, $371,902; cash surrender value
of life insurance, $6,099;
sundry debtors, $5,245; prepaid expense, $74,134;
otherassets, $8,471; fixed assets (at cost less depreciation of $405,997),
$965,301; total, $1,724,499.
Liabilities—Notes payable, $302,190; accounts payable, $198,501; ac¬
crued expenses, $56,621; Federal income tax
1938, $3,16^,; payment on
contract—due'during 1940, $50,000; sundry creditors, $7,051; deferred
y^iliti^, $106,822; reserve for contingencies, $1,500; capital stock (par $1),
f 102,000; Paid-in surplus, $171,530; earned surplus, $725,120; tota , $1,/24,40y.
V. 148, p. 2122.
Dolese & Shepard
Co. Chicago, III.—Annual Report—
The net profit for the year 1939, after
providing $44,500 for depreciation,
amounted to $22,804.
the previous year.
This
amount compares
with
a
profit of $58,560 in
Condensed Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand,
$3,516; marketable bonds, at cost
(quoted market price $5,980), $5,941; accounts receivable, less reserve and
less deferred portion, $128,327;
inventories, $40,110; other assets
$53,585;
(i^8
depreciation and depletion of
$782,401), $1,011,500; total, $1,242,980.
Liabilities—Accounts and notes payable, $28,498; special assessments on
real estate, $31,827; accrued
liabilities, $22,032; provision for Federal in¬
come taxra, $4,300; special assessments on real
estate payable in subsequent
years, $16,663; workmen's compensation and occupational disease insurreserve, $13,232; capital stock ($50 par), $957,400; paid-in
surplus,
capital surplus, $27,028; earned surplus, $52,086; treasury stock
$900 shares at cost), £>r$41,400; total, $1,242,980.—V. 143, p. 2048.
Domestic Finance
Corp.—Earnings—
Companies]
Year Ended Dec. 31,
1939
.$30,642
operations
Executive salaries, $31,000; directors' fees, $5,930; legal fees,
$2,189; expenditure for development and research, $20,203;
reserve for depreciation and nevuiewals, $121,332
Total deficit-----
180,656
$211,298
83,717
——-
Revenue from investments, $35,065; profit on bonds sold,$48,651
Net deficit
Balance at credit
as
Balance at credit
at Dec.
as
$127,581
1,025,281
31, 1938
at Dec.
31, 1939
$897,701
Consolidated Balance Sheet
as at
Dec. 31, 1939
Assets—Fixed assets (less: reserve for depreciation of $2,908,201), $2,499,-
296; investment in subsidiary and other companies less reserve, $85,001;
on hand and in banks, $189,742; Dominion Government and other
cash
on tenders, $5,029; work in progress (standard cost $708,671, less:
invoiced $576,366), $132,305; inventories,
$705,743; deferred charges,
$56,761; total, $4,855,460.
Liabilities—Capital stock (125,000 shares no par), $2,900,050; reserve for
contingencies, $250,000; bank overdraft, $181,467; accounts payable,
accrued charges, &c., $626,242; earned surplus, $897,701; total, $4,855,460.
—V. 147, p. 2528.
Dominion Foundries &
Steel, Ltd.—Earnings—
Income Account Year Ended Dec. 31, 1939
Profit for the year
$2,000,272
Reserved for depreciation—
....
308,223
Share of earnings for employees savings and profit sharing fund.
167,416
Reserved for Dominion and Provincial income taxes
312,000
_
-
Net profit for the year ended Dec. 31,1939
Preferred dividends
Common dividends
$?07 372
Douglas Airplane Co .—Government Contract—
Company has been awarded a contract totaling $20,229,184 to build
transport planes and spare parts and another contract totaling $9,602,384
$1,212,632
72,000
329,128
-
Balance Sheet Dec. 31, 1939
Assets—Cash on hand and in bank, $1,117,070; Dominion of Canada
bonds at cost (market value $24,812), $24,844; accounts receivable, less
reserve
for doubtful accounts, $854,147; inventories, $1,397,915; fixed
at cost (less reserve for depreciation of $3,743,683), $4,979,315;
goodwill, patents, &c., $1; total, $8,373,292.
Liabilities—Accounts payable, accrued wages, salaries and charges,
$725,078; trustee of employes' savings and profit sharing fund, $117,245;
reserve for Dominion and Provincial income, corporation and sales taxes,
$333,593; dividend on common shares, $82,257; 6% cumulative preference
shares ($100 par), $1,200,000; common shares (314,875 shares no par),
$3,321,563; amount received on account of subscriptions under employees'
stock purchase plan, $20,916; earned surplus account, $2,572,637; total,
$8,373,292.—V. 150, p. 2421.
assets,
Drewrys Limited U. S. A., Inc., South Bend, Ind.—
Income Account for the Year Ended Dec. 31,1939.
Sales, net of freight outward.Federal and State excise taxes.
.-..$3,010,666
1,116,320
Net sales—
Cost of sales
Selling, delivery, administrative and general
$1,894,345
1,253,098
454,020
expenses
Profit from operations
Other income—
$187,227
7,571
-
Total income—
Other deductions.
Provision for Federal income tax
_
$194,798
18,283
36,450
*
Net income
;
$140,065
Balance Sheet
as
at Dec.
31, 1939
Assets—Demand deposits in banks and cash on hand, $41,389; notes and
accounts receivable (net), $193,201; inventories, $176,037; prepaid expenses,
advertising supplies, $53,872; notes receivable (net), $13,062; inventory,
$169,301; kegs and cases at cost, less allowance of $21,814 for depreciation,
$22,395; property, plant and equipment (less allowances for depreciation or
$230,452), $873,227; total, $1,542,483.
Liabilities—Trade acceptances payable, $3,443; notes payable, $102,059;
accounts payable, $65,976; accrued expenses, $67,298; customers' deposits
for containers, $120,377; notes payable (not current), $310,516; capital
stock ($1 par), $499,844; capital surplus, $147,636; earned surplus, $225,334;
total, $1,542,483.—V. 150, p. 2095.
Dubilier Condenser Corp.— To
Pay 20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Oct. 8 to holders of record Sept. 30.
Dividend of 11 cents
was paid on July 17, last; one of seven cents was paid on May 20, last;
13 cents on Oct. 2, 1939; 10 cents on Oct. 12, 1938, and an initial dividend
of 15 cents was paid on Oct. 8, 1937.
Current dividend is subject to receipt of funds from payment of dividend
recently declared by Cornell-Dubilier Electric Corp.—V. 151, p. 102.
Duluth
Winnipeg & Pacific Ry.—Earnings-
August—
Earnings for Four Months Ended July 31, 1940
Net income after all charges and taxes
—V. 151, p. 1719.
Ltd.—Earnings—
Subsidiary
Owned
on
$104,365
Other income
Wholly
[Including
Consolidated Income Account
—
Directors have declared a dividend of $1 per share on the common stock
payable Sept. 30 to holders of record Sept. 18.
Similar amount was paid
on Sept. 22. 1939 and on Dec. 23, 1937.—V. 151, p. 412.
per
Dominion Engineering Works,
$6,047
Assets—Casifi on hand and on deposit, $70,475; receivables (less reserve of
$13,500), $71,/)36; inventory, $889; other assets, $769: property, plant and
equipment (ldss reserves for depreciation of $186,913), $475,129; deferred
charges, $2,701; total, $621,089.
Liabilities—s^Qounts payable, $4,553; accrued Interest on bonds, $5,113;
accrued taxes andhotber expenses, $25,715; provision for outhandling, ex¬
pense—estimated, $5,50&iJL%jnortgage bonded956), $409,000; deferred
income, $4,806; capital stock(par$l), $22,800; capital surplus, $150,155;
earned deficit, $6,047; total, $621,089.—V; 142, p. 1464.
Earnings
Balance Sheet Dec. 31, 1939
$1,716,148; accounts receivable from Union Oil Co. of
Calif, for sales of product, $220,515; inventory of crude oil (at market),
$6,567; accounts receivable, miscellaneous, $37; property, plant, and equip¬
ment, at cost (less reserves for depreciation and depletion of $2,266,191),
$1,417,831; investments in and advances to wholiy-owned subsidiary com¬
panies, not consolidated, $1; deferred charges, $81,347; total, $3,442,446.
Liabilities—Accounts payable, Union Oil Company of Calif., $57,862;
other accounts payable, $6,124; accrued taxes, $266,836; capital stock
(400,000 shares no par), $800,000; earned surplus, $2,375,610; total, $3,442,446.—V. 150, p. 3972.
deposits
—
Expenses
Total income.
Other deduction*#.
$2,375,610
Surplus at end of year
Assets—Cash,
bonds—less reserve, $662,121; accounts receivable, less reserve, $519,462;
Income Statement Year Ended Dec. 31, 1939
Income from storage, handling, &c
$3,675,610
1,300,000
—
Dividends paid
Assets—-Cash, $7,282; trade contracts and accounts receivable ($21,870
due after one year) less reserve of $3,453), $245,666; inventories, $189,486;
other
$1,298,570
2,377,040
—
$896
—
Gross from railway.
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway.
Net from railway
Net ry. oper. income...
—V. 151, p
1278.
1940
1939
1938
1937
$125,170
19,022
def2,614
$109,577
10,143
def9,869
$94,684
defl0,275
def28,945
$125,610
26,902
9,055
949,883
173,428
def21,033
830,410
80,356
def90,934
738,957
def47,105
def219,019
963,792
198,712
16,228
Volume
The Commercial &
151
Income Account Year Ended Dec. 31,
Railway oper. revs
Railway oper. expenses.
$107,428
46,732
Operating expense
Administrative and general expense
(net)
Provision for depreciation
Interest on bonds
7,254
385
43,880
28,937
2,210
deductions
_
Bond discount and expense
Balance Sheet Dec. 31,
1939
rents,
Operating
Operation
$1,282,514
$1,363,579
45,515
96,818
344,582
679,325
367.560
766,452
$13,743
x$8.341
Before provision
$258,607
$229,567
losses.—V. 151, p. 1278.
Associates—Earnings—
Utilities
1940—12 Mos.—1939
$9,071,871
$8,778,670
4,391,007
4,231,887
410,297
371,967
1,350,359
1,196,524
1940—Month—1939
$690,810
352,544
$726,117
revenues
367,572
30,999
Taxes (incl. inc. taxes)..
109,346
Net oper. revenues
39,759
96,921
$201,585
Drl,278
$2,920,209
26,280
$2,978,292
Drl8,156
i
$218,199
907
Non-oper. income (net).
$283,914
59,923
54,972
for retirement
Maintenance
9,938
Provincial and Municipal income taxes
a
Eastern
$447,682
1/3,705
Total income
$133,992
Net income
Loss,
Period End. Aug. 31—
$273,976
Provision for Dominion,
40,618
$140,492
41.755
84,994
a
Ended Dec. 31, 1939
Operating profit
$1,322,961
39,734
&c
x
Ltd.—Earnings—
Income from investments
$1,242,780
Depreciation
$175; property and equipment (less reserve for depreciation of
$577,2.58), $1,535,099; deferred charges, $1,223,855; total, $2,804,600.
Liabilities—Accounts payable, $1,217; accrued liabilities, $3,125; first
mortgage 6M% serial bonds, $444,500; capital stock (par $10), $2,391,670;
earned deficit, $35,912; total, $2,804,600.—V. 147, p. 2714.
Profit from operations
Provision for depreciation
$129,304
4,688
$135,834
4,658
Gross corp. income—
Int.
on
funded
debt,
policy,
Income Account Year
$1,769,160
446,199
Other income.
Assets—Cash, $13,819; accounts receivable, $2,652; cash deposited with
of boncls, $29,000; deposit on compensation insurance
Dunlop Tire & Rubber Goods Co.,
$1,719,406
476,626
$198,554
62,720
Net ry. oper. revs..
trustee for retirement
1940—8 Mos.—1939
$4,784,632
$4,685,010
3,065.226
2,915,850
$184,276
Taxes
$21,972
Net loss
Street Ry.- -Earnings—
1940—Month—1939
$565,956
$550,072
367,402
365,796
Period End. Aug. 31—
1939
Tolls
Other
Eastern Massachusetts
San Francisco—Earnings—
Dumbarton Bridge Co.,
1893
Financial Chronicle
accruals
66,490
$200,307
65,808
$2,946,489
783,271
$2,960,136
766,724
$152,617
35,958
$134,500
36,067
$2,163,218
Interest and amortizat'n
$2,193,412
476,283
78
562
Balance
Retirement
$219,107
res.
'
Net profit for year
5% cumulative red. 1st preference
Common dividends.
$223,991
41,183
dividends
28,384
_
Balance Sheet at Dec. 31,
Gross income
Miscell. deductions
1939
receivable (less reserve for doubtful
$493,270; inventories, $1,885,036; deferred charges, $19,592;
$114,250; plant, equipment and real estate, $3,740,381;
goodwill, patents and processes, $941,204; total, $7,591,871.
^
Liabilities—Accounts payable, $283,057; sales and excise taxes, $20,813;
dominion, provincial and municipal income and capital taxes, $65,619;
deferred liabilities, $63,488; reserves for depreciation of plant and equip¬
ment, $2,120,825; 5% cumulative redeemable first pref. shares ($25 each),
$823,675; common shares ($70 each), $3,973,760; surplus, $240,634; total,
$7,591,871 .—V. 149, p. 3714.
Assets—Cash, $398,137; accounts
436,436
11,801
Pref. div. deductlons-
10.548
$1,706,581
77,652
$1,714,981
$97,870
$116,581
B. V. G. & E. Co..
Balance
77,652
accounts),
investments,
Duquesne Light
Taxes
Net operating revenue
835
2,265,080
1,680,800
614
2,312,948
2.669,167
income taxes
Provision for Federal and State
.$13,085,259 $12,339,490
560,624
380,289
$13,645,883 $12,719,778
2,450,000
2,450,000
315,927
315,941
57,566
143,129
10,288
5,431
Cr35,896
086,119
69,300
69,300
61,087
60,469
$10,717,611 $9,761,627
-
Other income
Gross income
Interest on funded debt
Amortization of debt discount and expense
Federal income tax settlement
Other interest
Interest charged to
construction
interest
Taxes assumed on bond
Miscellaneous deductions
Net income
the previous year figures hava
been adjusted to reflect interest applicable to that period on the Federal
income tax settlement made in January, 1939.—V. 151, p. 1278.
Note—In the above statement of income
Duval Texas Sulphur
Income Account
Co.—Earnings—
12 Months Ended Dec. 31,
(and miscellaneous operating
freight, allowances, &c_
Cost of sulphur sold, and expenses
Sales
of sulphur
Net
1939
revenue), less
$3,375,608
2,711,912
$663,695
operating revenues
4,364
Other income
on
payable
—mi—
Other deductions.
.
Net income
Earned surplus,
Jan. 1,1939
—
Earned surplus,
—
has been made for possible losses
pending suits and claims.
such losses when and as settled.
1141.
151, p.
current assets, $502; total, $4,552,590.
Liabilities—Capital stock (50,000 shares, no par), $1,000,000; notes
payable—bank loans, payable on or before Aug. 1, 1940, $300,000; accounts
payable, $187,723; taxes accrued, $177,332; royalties accrued, $227,953*
miscellaneous current and accrued liabilities, $37,691; reserves for property
retirement and depletion, $1,081,920; reserves for inventory adjustment.
$997; earned surplus, $1,538,974; total, $4,552,590.—V.
p. 1141.
Transit—Earnings—
in the "Chronicle" of Sept. 21, for the
1940 and 1939 should be for the calendar years 1939 and
spectively.—V. 151, p. 1720.
The earnings appearing
years
Western
&
Tennessee
Carolina
North
calendar
1938, re¬
RR.—
Control—
acquisition by the Cranberry Corp. of control of the East Tennessee
& Western North Carolina RR. and the Linville River Ry., through owner¬
ship of capital stock has been approved and authorized by the Interstate
Commerce Commission.
The Cranberry Corp. on June 22, 1940, applied for authority to acquire
control of the East Tennessee and Western North Carolina RR. and the
Linville River Ry., through ownership of capital stock.
The Cranberry Corp. is an investment company, incorp. in Delaware in
April, 1939, for the purpose of acquiring the assets of the former Cranberry
Iron & Coal Co.
Its authorized capital stock is 10,000 shares (no par), and
it has outstanding 9,347 shares with a stated value of $50 a share.
The
number of stockholders is 138, and the largest number of shares held by a
single holder is 425.
Company has investments in securities of various
corporations, including rail carriers.
It owns the entire capital stock of the
East Tennessee & Western North Carolina RR., the Linville River Ry., and
the East Tennessee & Western North Carolina Motor Transportation Co,
—V. 141, p. 1767.
The
Eastern Gas &
Fuel Associates—Earninos—
12 Months Ended Aug.
-
__
available for dividend requirements.
Earned per share of 4H % prior pref. stock
—V. 151, p. 1278.
Net income
1939
$8,576,231
417,705
2,772,039
610,942
4,102,513
2,900,110
630,863
$3,405,677
$525,040
_
Depreciation and depletion
Debt discount and expense
1940
$12,073,897
951,647
4,333,592
31
Total consolidated income
Federal income taxes (estimated)
Interest
Company Curbs
Co.—FTC Complains
Kodak
Eastman
Competition by Its Fair-Trade Contracts—
issued a complaint against
charging violation of the Federal Trade Commission Act
The Federal Trade Commission on Sept. 25
the
company,
in that price maintenance on its Kodachrome and Magazine
effect of depriving ultimate purchasers of price advantages
film has the
they would
otherwise obtain under conditions of free enterprise.^
The action was the first instance in which fair trade
price contracts
of free and open competition on
FTC asserted in its complaint
film are the only products of
their type manufactured in the United States, and that there is a single
competing distributor of film manufactured abroad for use in taking colored
still pictures, the sales of which are negligible in comparison with East¬
had been attacked
the ground of lack
on
merchandise of the same general class.
1 he
that Eastman's Kodachrome and Magazine
man's sales.
The New York State law known as
the Feld-Crawford Act permits retail
price fixing under certain conditions, relating to the sale or resale of "a
commodity which bears, or the label or content of which bears, the trade¬
mark, brand or name of the producer or owner of such commodity and which
is in fair and open competition with commodities of the same general class
produced by others."
The Miller-Tydings amendment to the Federal Trade Commission Act
uses the same phraseology, referring to any commodity "which is in free
and open competition with commodities of the same general class pro¬
duced or distributed by others."
The FTC outlined the methods used by Eastman in merchandising Its
Kodachrome and Magazine film, asserting that the company prevents
dealers from selling at less than established prices in 44 States having fairtrade Acts, and maintains a reporting system under which dealers report
to
the company any
infractions of the fair-trade contracts by
effect and result of the respondent's system,
"The direct
competing
methods and
practices," the complaint alleges, "have been to suppress competition in
Magazine film; to prevent dealers from selling
such products at
if they so
in price they would
prices lower than those fixed by the respondent,
desire, and to deprive ultimate purchasers of advantages
otherwise obtain under conditions of free competition.
issued by Thomas J. HarVice-President and Secretary of the Eastman Kodak
The following statement was
grave,
"Under the law the company
miscellaneous
East
—V.
$1,782,522
$1,775,831
Co.:
Balance Sheet Dec. 31, 1939
Assets—Plant, equipment, leases, &c., at cost, $1,645,351; cash, $641,651;
working funds, $7,500; accounts receivable, customers, $361,158; other
accounts receivable, $18,895; inventories, $1,874,036; prepayments, $3,497;
East Bay
$1,782,522
340
__
Balance available for dividends and surplus
the sale of Kodachrome and
$1,538,973
resulting from
It is the practice of the company to record any
Dec. 31, 1939
provision
$1,913,319
130,796
dealers.
902,817
8,143
—
Surplus credit
Note—No
Amount not available for dividends and surplus
$628,014
notes
146,506
$1,922,677
$668,060
$23,795
16,251
Gross income
Interest
309,824
Expenses, taxes and interest.
2,965,274
3,209,967
-
-
$1,603,495
309,824
$1,612,853
Non-subsidiary income.
2,072,401
2,135,262
Appropriation for retirement reserve
Amortization of leaseholds, &c
on
24,475
.
$1,776,171
1939
1940
$33,874,591 $30,815,923
10,461,374
9,492,043
.
..
Maintenance and repairs
Interest
Applicable to minority interest
Co.—Earnings—
Years Ended July 31—
Operating revenues
Operation
$1,628,929
25,434
$1,637,329
$13.82
$2.13
has the right to enter into contracts estab¬
lishing resale prices of any trade-marked products which are in open compe¬
tition with other products of the same general class.
Since February, 1938,
the company has entered into contracts with its dealers establishing resale
prices for most of its amateur goods, including Kodachrome film and
Magazine Cine-Kodak film.
"The FTC now claims that prices cannot be established on the two
products mentioned, contending that such products are not in open compe¬
tition with other products in the same general class.
The whole point is a
highly technical one, involving statutory interpretation only.
This com¬
plaint does not question our fair-trade contracts so far as they affect the
many other amateur items covered by the contracts."—V. 151, p. 1720.
Ebasco Services
Inc.—Weekly Input—
For the week ended Sept,
19, 1940, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co.,
as compared with the corresponding week during 1939, was as follows:
the
Increase
Operating Subsidiaries of—
1940
Co..131,148 000
American Power & Light
1939
Amount
129,403.000
1,745,000
Light Corp..
68,390,000
87,640,000
d872,000
69,262,000
National Power & Light Co...
79.715,000
Electric Power &
The above
7,925,000
companies not
figures do not include the system Inputs of any
appearing in both periods,
Edmonton Street
Period End. Aug.
d Indicates decrease.—V
1940—Month—1939
31—
$55,144
Total oper. expenditures
'
Operating surplus
Fixed charges.
Renewals
Taxes
$48,391
50,199
Total revenue.
151, p. 1720.
Ry.—Earnings'
45,618
$4,945
6,526
2,000
4,170
1940—8 Mos.—1939
$511,662
398,270
$476,334
$113,392
52,211
75,000
371,551
3~890
36,886
$104,782
46,211
60,000
35,577
$6,892
$50,705
$37,006
$2,774
5,776
"
_
Total deficit
—
$7,752
1279,
—V. 150, p.
Elgin Joliet & Eastern Ry.
August—
1940
.
Gross from railway.._
Net from railway
..
856,112
499,964
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
—V. 151, p.
income
1279.
..
..
..
13,496,238
4,627,103
2,724,585
Earnings—
1939
1938
1937 ^
,
$2,025,622
225,142
100,276
$2,072,104
751,359
443,765
10,388,119
2,530,497
1,232,300
6,919,304
810,296
5,393
15,827,885
5,325,852
3,406,518
$1,360,196
384,728
$975,823
204,394
The Commercial & Financial Chronicle
1894
Company has been awarded a $6,502,008 contract for the building of
12 motor torpedo boats and 12 patrol boats for the U. S. Navy.—V. 150,
3357.
El
Paso
Electric
Co.
(Texas)—To
Engineers Public Service Co.—V. 128,
El Paso Electric Co.
See Engineers
Be Refinanced—See
4320.
p.
436.
Liabilities—Accounts payable, $129,011; accrued taxes, $41,681; accrued
payroll, interest, &c.. $62,614* current maturities of funded debt, $211,600;
liabilities, $68,480; funded debt, $680,700; reserves, $82,716;
capital stock, $1,661,595; paid-in surplus, $2,212,953; consolidated deficit,
$1,427,913; total, $3,723,436—V. 149, p. 2080.
deferred
(Del.)—To Be Liquidated—-
Faultless Rubber
Public Service Co.—V. 151, p. 1571.
Emerson Electric & Mfg. Co.—Initial
Directors have declared
Engineers
Public
Service
Dividend—
Simplify
Co.—fo
Capital
Liquidation of Certain Subsidiaries—
D. C. Barnes, President of the company, announced Sept. 27 that the
company is considering a plan for the simplification of the corporate structure
of Its system tnrough liquidation of a sub-holding company. El Paso Electric
depreciation)
Deprec. on plant & eqpt.
Other income (net)
(DelJ and the liquidation of an operating subsidiary, Mesilla Valley
Electric Co., after transfer of its ownership to El Paso Electric Co. (Texas).
The plan is conditioned on refinancing EI Paso Electric Co. tTexas) through
the sale of $6,500,000 first mortgage bonds, $1,000,000 of unsecured
debt,
and 24,000 shares of a new issue of preferred stock.
If such a sale Is effected, that company will redeem Its $8,000,000 first
mortgage 5s now outstanding at 102 and accrued interest and Its 7,785 shares
of $6 preferred at 110 and accrued dividends.
The plan contemplates the subsequent liquidation of the sub-holding
company, El Paso Electric Co. (Del), in which event the 25,988 shares of
$7 dividend and the 167 shares of $6 dividend preferred stock would receive
$100 per share and accrued dividends in liquidation. Additional common
shares of the Delaware company would be offered for subscription to its
stockholders having preemptive rights, in order to provide the additional
cash required for liquidation of the preferred, after which the remaining
assets, consisting principally of the entire common stocks of El Paso Electric
Co. (Texas) and El Paso and Juarez Traction Co., would be distributed
pro rata to its common stockholders.—V. 151, p. 1431.
To Sell
-
1939
1938
1937
$6,748,101
1,704,571
820,020
$6,111,445
1,295,433
440.450
$7,158,019
1,823,493
1,109,791
54,693,042
14,617,528
7,649,979
Gross from railway
Net from railway
Net ry. oper. income
50,133,205
12,115,121
5,588,412
43,711,920
6,919,809
370,490
57,770.971
17,056,191
10,750,013
-
40,000
$70,324
65,450
$15,329
114,538
$187,426
130,900
$1.07
$0.23
$2.10
1940
Cash
1939
$341,732
15,000
139,637
341,322
39,796
Marketable securs.
Notes & accts. rec.
Inventories
Value life lnsur'ce.
order of Judge Robert N.
Wilkin, of Federal Court, Cleveland.
The
Piermont pier property has been leased to the Gair
company for many years.
—V. 151, p. 1721.
110,159
115,559
311,515
37,223
201
z
Note rec., Union
x
Plant Aequlpm't
1,885
789,795
Esquire, Inc.—To Pay 10-Cent Dividend—
29,324
$2.86
1940
1939
$16,067
$42,647
43,531
2R585
18,929
Dividends payable
16,363
y Common stock.. 1,186,542
Earned surplus...
416,957
1,186,542
377,511
Accounts payable.
Accr'd
taxes
(incl.
Federal
income)
Salaries, wages and
co'm'ns payable.
12,841
16,363
24,576
Properties,
Inc.
Total
x
4,512
$1,698,389 $1,657,489
After
Represented
150, p 3821.
y
Net ry. oper.
From Jan. 1—
Gross from railway
7,506,416
1,844,098
Net from railway
Net ry. oper. income
151,
788,834
1939
1938
1937
$384,977
def98,233
—182,756
$410,106
def83,139
—182,868
$424,078
def58,000
—157,883
6,562,744
1,762,435
702,829
7,062,280
2,244,464
1,085,140
6,680,664
1,845,805
817,575
1279.
P.
Light Co.—Earnings—
Period End. Aug. 31—
Operating
Deduct
$1,698,389 $1,657,489
Ry.—Earnings-
1940
$576,288
def29,035
income— defl25,684
Gross from railway
Net from railway
—V.
Total
for depreciation of $660,850 in 1940 and $615,506 in 1939.
by 65,450 no par shares,
z After reserve of $6,000.—V.
reserve
1940—Month—1939
$1,013,431
1940—12 Mos.—1939
$1,091,885
$15,448,099 $14,025,682
$1,091,885
467,430
117,299
revenues
rate
$1,013,431 $15,448,099 $13,875,317
495,03 9
6,207,737
6,135,190
80,890
1,683,983
1,186,355
reduction
reserve
Operating
150,365
expenses.
Direct taxes
Property retirement re¬
serve
appropriations.
5% bonds due 1945 have
133,333
116,667
1,533,334
1,400,000
Net oper. revenues
Rent from lease of plant
$373,823
$320,835
221
221
$6,023,045
2,650
$5,153,772
2,650
Operating income
Other income (net)--
Hampton Electric Co.—Bonds Called—
All of the outstanding ($140,000) first mortgage
50,052
Drl4 350
809,071
Supplies, unexp'd
Insurance, &c._
Balance
Directors have declared a dividend of 10 cents per share on the common
stock, payable Oct. 9 to holders of record Sept. 28.
Previously semi-annual
dividends of 30 cents per share were distributed.—V. 150,
p. 3972.
Liabilities—
$244,673
Mis cell, accts. reo.
Florida Power &
Authority to sell to Robert Gair Co., Inc., for $100,000, certain property
the Hudson River at Piermont, N. Y., has been granted the trustees by
Exeter &
54
$291.828
Condensed Balance Sheet June 30
Assets—
Piermont, N. 7., Property—
on
an
Cr61
13,803
Florida East Coast
1940
$7,679,709
2,370,015
1,441,367
Net ry. oper. income-From Jan. 1—
1937'
$60,042
51,095
Cr6,435
$137,621
98,175
surplus
Dividends
Earns, per sh. on 65,450
shs. com. stk. (no par)
August—
(Including Chicago & Erie RR.]
August—
1938
$134,687
50,621
Cr4,602
28,001
Net to
RR.—Earnings—
Gross from railway
Net from railway
1939
$206,747
45,726
Prov. for Fed. inc. tax..
Co.
Erie
1940
Operating profit (before
$4 preferred stock, payable Sept. 30 to holders of record Sept. 24.—V.
150, p. 3356.
'
Structure of System by
Co.—Earnings—
Years Ended June 30—
initial dividend of 10 cents per share on the
an
1940
28
$67,523; deferred charges and prepaid expenses, $62,954,
plant and equipment (net), $398,767; goodwill, $1,963,105; total, $3,723,-
W
p.
Sept.
and sundry assets,
■ Electric Boat Co.—Government Contract—
$374,044
$321,056
11,226
$6,025,695
426,807
$5,156,422
551,394
$332,282
216,667
110,000
16,784
$6,452,502
2,600,000
1,320.000
210,580
$5,707,816
2,600,000
Net income
$28,686 def$ll,169
Dividends applic. to pref. stocks for the period.
$2,332,719
1,153,008
$1,545,301
1,153,008
Balance
$1,179,711
$392,293
been called for redemption on Nov. 1 at 105.—V. 151,
p. 103.
Fafnir Bearing Co.—Extra Dividend—
Directors have declared
to
an
extra dividend
of $1
per
the regular
quarterly dividend of $1 per share on the common stock,
payable Sept. 30 to holders of record Sept. 23.
Similar
paid on June 29, last; Extra of 50 cents was paid on March
30, last; one of $2 was paid on Dec. 15,1939, and one of $1 was paid on June
30, 1939.—V. 150, p. 4126.
par
$25,
13,318
share in addition
both
amounts were
Gross income
Int.
on
Interest
$387,362
216,667
mtge. bonds
on deben. bonds
110,000
Other interest and deduc.
Interest charged to con¬
35,185
struction
Fall River Gas Works
Peiiod End. Aug. 31—
Operating
Operation
Co.—Earnings—
1940—Month- -1939
$68 123
revenues
$67,055
38,225
5,231
12,545
38 736
_
Maintenance
3 293
15.287
Taxes.-
1940—12 Mos,,—1939
$947,071
$907,583
500,720
488 112
66,190
176.033
63,888
161,990
a
CV3.176
1.320,000
242,515
Crl0,797
Dividends accumulated and unpaid to Aug. 31, 1940, amounted to
Latest dividends amounting to $2.19 a share on $7 preferred
stock and $1.87 a share on $6 preferred
stock, were paid on July 1, 1940.
Dividends on these stocks are cumulative.—V. 151, p. 1572.
a
$6,102,015.
Net oper. revenues.__
$10,807
$11,054
$204,128
Non-oper. Income (net)_
Balance
Retire,
reserve
52
$10,807
5,000
$204,140
60,000
$193,644
60,000
$6,054
568
516
$144,140
7,632
$133,644
10,557
$5,239
Gross Income-
$11,054
5,000
$5,807
accruals.
$5,538
$136,508
119,126
$123,087
95,962
Interest charges.
Net income
Dividends declared
—V. 151, p. 1142.
Federal Electric Co., Inc. (&
[All subsidiary companies
Years Ended Dec. 31—
are consolidated
1939
lease and maintenance contracts.--
Net prof, before int. & oth. deducts.
sale
common
Portion of
of
Altorfer
Bros.
on
1937
$2,451,004
2,578,090
,721
9,788
$81,567
23,211
loss$58,934
49,539
$104,778
34,412
4,900
Cr24,581
19,653
Net profit before special items
Adjustment of prior years' prov. for
depreciation
Adjustment of prior years pro vs. for
res.
for removal of signs & neon
tube replacements
Adjust, of prov. for prior years' Fed.
Cr38.989
Cr453
327
2,070
4,025
$32,237
$69,811
Attorneys' fees and other
$59,825
5,282
Total ry. oper. revs__
Railway
Net
$139,707
$1.32,418
167,712
174,480
23,817
23,751
$331,236
268,809
$330,649
264,498
$62,427
24,707
$66,151
23,844
$37,720
4,209
$42,307
$7,968
3,451
$723
3,367
x$2,644
604
280
$3,913
12,060
x$2,924
15,038
$33,511
18,155
$39,339
24,030
$15,974
3,885
$12,114
3,524
$51,666
19,155
$63,370
17,297
$12,089
fromry.
$34,201
33,478
$4,517
oper. expenses.
rev.
$41,241
33,274
oper.
Ry.
income
oper.
Net rents
Net ry. oper. income-
Other income
Total income
Miscell. deduc. from inc.
9,144
Dr2,455
expenses in
connection
with
28,000
Dr47,882
x8,003
yDrlO,387
available
»■
2,967
for
fixed charges
$8,590
$32,511
550
550
11,670
12,734
$46,073
4,455
95,387
3,943
$57,712
Rent for leased roads
Interest
Other
493
493
4,708
93,355
3,943
$624
deductions
$5,187
$69,495
deductions
Net deficit
Loss.—V. 151. p. 1572.
Foothills Oil & Gas
Co.,
Ltd.—Earnings
Years Ended Dec. 31—
Income from opers. after providing for
all
liti¬
gation
Write off of research and develop, exexpenses, &c
Reduction in reserve for securities-
Income
x
income taxes
in
1940—8 Mos.—1939
partially owned
undistributed profits
expenses
revenues
Railway tax accruals.__
29,866
stock
net loss of
$3,008,957
2,897,523
Co.
subs., applic. to min. interests
Provision for Federal income tax
Surtax
1938
Cr58,366
$71,748
44,439
RR.—Earnings—
1940—Month—1939
$19,698
$13,012
18,273
18,047
3,270
3,142
herein]
4,329
15.638
Corp.— Stocks Admitted to Dealings—
Fonda Johnstown & Gloversville
Period End. Aug. 31-
All other
$56,110
Net profit from operations
Other income
J
Follansbee Steel
The common stock, ($10 par) and 5% convertible
preferred stock ($100
par) were admitted to dealings on the New York Stock Exchange on Sept.
23. The common stock of the old Folansbee Brothers Co. was
suspended on
the same date.—V. 151, p. 1279.
Freight revenue
Passenger revenue
Subs.)-—Earnings—
Gross income from operations
$2,667,905
Costs and expenses of operations
2,607,466
Increase in deferred income applic. to
future payments receivable under
Interest
Loss on
$193,592
12
operating,
administrative
general expenses
Profit realized from the saie of
1938
1937
$436
loss$10,483
$4,375
8,343
$436
$10,483
$12,718
1,559
1,985
975
597
7,534
x5,367
7,874
x6,112
$9,219
$24,358
prof.$4,248
securs-
Profit
~
Counsel and solicitors fees and salaries
-
of executive officers
Consolidated net profit
1939
and
$32,237
$95,427
$23,913
Write-off of research and development expense incurred in
connection
with a product, the production of which has been
indefinitely suspended,
y Reduction in reserves for securities on basis of realization on sales
Provision for depreciation
Miscellaneous deductions
year
Consolidated Balance Sheet Dec. 31, 1939
Provision to bring reserve against investment in shares of Southwest
Petroleum Co., Ltd., to proportion of that
company s deficit applicable to
shares owned.
Assets—Cash, $90,825; receivables (less, reserye for doubtful receivables
$4,433), $108,878; inventories, $194,286; receivable on current account
partially owned subsidiary companies, $170,397; investments in
partially owned subsidiaries, at cost, net of reserve, $666,702; investments
Assets—Cash in bank, $671; trade accounts
receivable, $5; inventories,
$43; investment in subsidiary company, $410,764; capital assets (net),
$1,369,366; total, $1,780,849.
x
during
($7,484) and adjustment of provision for prior years' Federal income
taxes ($2,903).
of
from
Net
loss
pletion
before
providing
for de¬
x
Balance Sheet Dec. 31, 1939
I
The Commercial &
151
Volume
Liabilities—Advances from Imperial Oil Limited, $334,218; capital stock
1,462,005 no par shares. $1,462,005; operating deficit, $15,373; total,
$1,780,849.—V. 149, p. 2081.
$328,070
$280,900
$334,519
49,929
Profit
1938
$278,570
2,330
$260,936
operations
Other income
47.772
57,614
3,735
2,380
3,638
accrued
Interest paid and
Amortization of financing expenses.
1,300
X14.214
43,500
11,963
_
Miscellaneous charges
Provision for income taxes
Prov. for fluctuation in Canad.
exch.
Earnings per share on 170,000 shares
capital stock (no par)
35,200
$231,951
170,000
.
$0.82
$1.11
deferred in prior years
$8,631 repairs and renewals
Includes
x
$188,291
170,000
$140,028
170,000
Net profit
Dividends paid
6,449
4,380
2,155
3,803
34,500
Premiums on bonds retired
$1.36
,
charged
off in 1939.
Consolidated Balance Sheet Dec. 31
on
$158,181
15,839
5.353
,
82,096
3,901,671
21,380
2,937,051
Fixed assets
__
stk. & oth.taxes 1
86,004
and accounts
Prov.for
28,300
18 Vesey St., and was bid in by Marine Midland Trust Co. of New York
trustee.
The sale was made in foreclosure of the mortgage securing
from the building.
The amount of the bid was
50,000
37,682
and
common
$20,000,000.—V. 151, p. 103, 1279.
The tax assessment is over
Froedtert Grain & Malting: Co.—20-Cent Special Dividend
Directors have declared a special dividend of 20 cents per share in addition
to the regular quarterly dividend of 20 cents per share on the common
stock, both payable Nov. 1 to holders of record Oct. 15.—V. 151, p. 1572.
Fruit Growers Express Co.-
1937
1936
$9,706,573
8,981,010
$9,118,936
8,446,361
42,140
$1,014,595
$725,563
$672,574
262,520
18,000
251,573
2,500
97,885
3,000
79,761
3,000
$797,090
83,331
$760,522
80,341
$624,678
88,615
$589,813
319,765
$880,421
113,991
196,828
$840,863
164,403
206,654
$713,293
223,249
208,773
$909,578
286,585
209,652
Tax accruals, other than
income tax
Uncollectible accounts
"
■
A
1,670,000
Earned surplus
770,000
850,000
725,322
615,837
Capital stock
Paid-in surplus
764,601
613,219
850,000
Operating income
Other income
Gross income
Interest
After
x
reserve,
y
Fox Threatres
.$4,181,026 «3,164,412
Total
S4,181,026 $3,164,412
Total
170,000 no-par shares
After reserve for depreciation,
z Represented
stated value $5 per share.—V. 149, p. 2081.
by
replace
Rental
Corp./—Co-Trustee —
appointed Sept. 20 by Federal Judge
of the assets of the corporation to
Milton C. Weisman, resigned.—V. 148, p. 2268.
on cars
Amort,
...
discount
of
equipment
Net
Leopold Porrino, New York, \fras
Mandelbaum as co-trustee
Samuel
14,074
Co. (& Subs.)—Earnings—
Consolidated Income Account
Sugar sales, cost and
frt.
$1,615,214
basis
$2,087,002
$1,933,087
$2,710,121
Molasses sales (final mo¬
70,307
72,327
82,997
126,946
184,865
34,340
26,496
20,507
174,257
53,117
61,573
34,709
$1,904,727
$2,052,417
1,574,789
$2,397,372
$2,933,349
2,295,967
$477,628
45,510
$242,387
lasses).
Net profit on
lasses
invert mo¬
Miscell. oper. income
__
Total
1,759,034
Operating expenses
Profit
on
$145,693
operations..
20,954
Other income
transf.
$714,101
$261,854
171,990
938
36,471
938
938
37,748
49,571
107,494
81,632
57,203
3,074
3,094
3,075
6,117
3,994
3,994
3,993
2,497
Proportion of bond dis¬
count and expenses
Proportion of reorganiza¬
tion expenses
Deprec. and adjustment
working capital assets
and property retired..
Loss on property retired
from service
L
3,060
of plant
and equipment
Res. for Colonos' & other
11,699
15,937
9,476
1,326
26,034
67,521
165,829
173,353
176,682
187,126
5,000
5,000
13,846
35,000
18,025
29,633
x$245,227
pfx$51,325
x$214,392
pf $165.402
adjustment applicable to past
fiscal years amounting to
1939, and $1,001 in 1938.
y
This amount repre¬
required above the estimated amount of $180,000 provided
in the previous fiscal year for settlement of judgments
and claims against Francisco Sugar Go., each indefinite in amount, held
by Jose Sosa, a Colono.
sents the excess
out of other surplus
Consolidated Balance Sheet June
Property, plant and equipment
Inv. in 2d pref. stock of Globe
Ins. Co. (at cost)
& Rutgers Fire
receivable
Cash
Materials and supplies
16,425
8,122
20,255
121,475
315,973
57,673
Livestock
Membership in N. Y. Coffee & Sugar Exch.,
Plantings in various agricultural crops
Growing cane
I.
"
rwAwino- PQnn
b Colonos' acc'ts rec. and growing cane.
Inc..
2,600
39,650
237.017
136,096
1QA AO A
58,576
50,343
65,408
and paid in advance
bonds.
Deferred reorganization expenses
1940
J'j'jfj hj.lhi.P, S1—*-*
against sugar and
payable
1,801,367
26,496
87,318
2,518
17,748
86,380
283,838
59,024
2,600
74,890
412",283
65,735
53,417
69,403
- - -
Reserve for
12,500
2,813,500
84,353
21,218
20,255
______
Fed. inc. tax
discount on Cuban currency
taxes
_
Reserve for income
amount over cost of cos.
bonds held in treasury.
of principal
coll. trust
257,852
60,190
12,500
2,866,500
52,642
accrued interest
Unpresented bond int. coupons,
$1,282,195
187,438
molasses
and molasses (est.)
payable
payable (deferred)
Capital surplus
Other surplus
d Capital stock
1939
$1,102,571
1st mtge. 20-year llA% bonds
20-year 6% collateral trust bonds
Mortgage on land and
Accrued bond interest
...
6%
Accounts
-
89,200
21,616
17,748
c35,000
10",410
11,018
24,074
39,190
608,912
143,157
63,550
608,912
394,036
5,050,151
5,050,151
$10,170,370 $10,770,466
in
plant and equipment of $5,738,277
b After reserve for Colonos and other
$195,865 In 1940 and $337,986 In 1939.
c $10,000 current and
After reserve for depreciation
1940 and $5 581,069 in 1939.
a
Sciunte of
$2,706,832
$2,649,762
$2,572,448
$2,547,545
Miscellaneous
Credit balance Dec. 31
Balance Sheet Dec. 31,
Assets—Eguipment,
328,424
19,536
281,800
1939
$33,197,294; miscellaneous property, $2,027,563
affilliated companies, $205,000; cash, $1,196,610; other
$1,411,374; deferred assets, $897,774; total, $38,935,614.
Liabilities—Capital stock, $8,252,900; premium on capital stock, $506,912; equipment obligations, $2,276,000; current liabilities, $849,469; de¬
ferred liabilities,
$669,026; operating and depreciation reserves, $23,674,476; profit and loss, surplus, $2,706,832; total, $38,935,614.—V. 149,
p. 2082.
investment
in
Gainesville Gas Co.—Bonds Called—
All of the outstanding
($116,000) first mortgage sinking fund 5% bonds
Galveston-Houston Co.
Oct.
21 at par.
(& Subs.)- -Earnings—
Operating
Operation
1940—Month- -1939
$306,963
$317,395
154,358
154,668
46,770
43,343
39,979
42,883
revenues
Maintenance.
1940—12 Mos.—1939
$3,840,692
$3,672,828
1,896,599
1,814,466
538,232
555,336
489,093
453,742
on
$849,284
2,860
$76,500
$65,856
$916,768
293
Dr52
3,828
$76,794
31,009
$65,804
30,569
$920,596
372,493
$852,144
384,116
$45,785
$35,235
$548,103
$468,028
13,501
&c.
13,501
4,447
2,604
162,018
44,670
Amort, of debt expense.
242
242
2,907
161,770
35,028
3,185
$27,594
$18,888
$338,508
$268,045
i
Net operating revenues
Non-oper. income (net).
Balance
Retirement accruals
Gross income
Int.
on
bonds—Houston
Electric Co
Int. on equip, notes,
Balance
-
Co. secured 6% income
18.283
bonds.
$10,170,370 $10,770,466
Expenses payable on sugar
$2,929,727
328,424
9,479
19,375
$3,177,305
35,696
$2,995,865
329,059
2,230
14,815
1,884
property retired
$338,508
$249,761
Dividends declared
43,811
14,604
Note—Net income for the above 12 months' periods includes net income
Houston Electric Co. in the amounts of $283,443 and $216,344 respectively.
Net income
—V. 151, p.
1572.
Game well Co.— EarningsEnded Aug. 31—
profit after Federal income taxes,
tion, &c
Earns, per share on common
—V.
'151,
p.
1939
1940
3 Months
Net
deprecia¬
$102,035
$0.66
stock
$94,175
$0.57
1573.
(Julius) Garfinckel & Co., Inc.—Earnings—
Earnings for Year Ended July
31, 1940
$3,687,263
Total net sales
Total
Excess
2,299
25,680
184,865
pending on sugar and molasses contracts..
Agricultural products on hand
Dept. with Bankers Tr. Co. to pay bond interest..
Balance
Accounts
on
$7,699,470
1,239,451
Sugar on hand
Molasses on hand
Deferred discount and expenses on
1939
$7,589,610
2,299
24,533
a
Advances
875
32,726
30
1940
Assets—
Charges deferred
335
51,236
$3,115,792
371,381
Total
Cash dividends
Loss
1,900
92,097
424
1,740
and retired
Miscellaneous
Taxes
y27,671
deductions
General accounts
52,000
44,803
10,000
accounts.
Final settlement
$5,651 in 1940, $441 in
$333,164
2,750,144
Adjust. Fed. income tax
Profit on property sold
Period End. Aug. 31—
Res. for deprec.
Bal., net loss for year
$251,778
2.547,545
due 1955 have been called for redemption on
8,307
Before net
$637,382
76,719
$523,138
171,990
171,352
Interest on loans, &c
x
19,467
$371,846
2,572,448
profit
to
loss
current assets,
$166,646
Total income
Int. on6% coll.tr. bonds
Int. on 1st mtge. bonds
Other
2,154,986
$383,848
50,684
1936
1937
1938
1939
29,494
$251,778
RR. retire, tax accrued in
for the Years Ended June 30
1940
29,493
$445,324
73,479
$463,866
2,649,762
Accrual for Fed. inc. tax
and
24,482
$555,528
91,662
income
Bal.
„
on
trusts
Credit balance Jan. 1
Francisco Sugar
-Earnings—
1939
1938
$9,797,919 $10,258,983
8,720,309
9,244,388
Calendar Years—
Operating revenue
Operating expenses
11,963
Fd. debt of subs..
leasehold bonds. This is said
real estate ever held at this well
The second mortgage of $5,387,000 and preferred
stock will be wiped out by the sale and plan of reorganization.
known auction room.
1,452
125,000
of net assets
$11,489,500, which is the principal amount
of the outstanding first mortgage fee and
to be the largest amount bid on any sale of
45,000
mteres
Corp.—Foieclosure Sale—
25 the 72 story building at 40 Wall St. known as the
sold at auction at the Exchange Salesroom,
$1,077,610
134.500
Res. to reduce val.
z
Sept.
Forty Wall Street Corp. first mortgage fee and leasehold bonds and in
pursuance of a plan of reorganization for Forty Wall Street Corp. under
the so-called Burchill Act.
The Marine Midland is trustee for these bonds
and will assign the bid to the new corporation created under the plan of
reorganization.
%
The building is one of the most prominent in the financial district and
is located partly on fee property and partly on land leased from bank of the
Manhattan Co. and others.
The bank leases quarters for its main office
6,191
Curr. pay. on real
estate
noon
as
f11,455
49,105
inc.taxes/
Sundry liabilities..
Notes payable
Reserve for repairs
shares.—V. 149.
2082.
Forty Wall Street
Acer, franch.. cap.
Other Investments
Deferred charges
payroll..
Accrued interest..
12,323
payable.
Accrued
$100,< 33
17,697
in banks
y
1938
$16,953
Accounts
hand and
Acc'ts receivable
x
1939
$25,598
8,228
Liabilities—
1938
1939
Assets—
Cash
p.
Manhattan Co. Building was
1937
1939
$258,018
2,918
Years Ended Dec. 31—
Profit from hotel
d Represented by 350,301 no-par
$25,000 non-current,
At
Inc. (& Subs.)—Earnings—
Ford Hotels Co.,
1895
Financial Chronicle
Sales, leased departments
161,772
and alteration workrooms
Net sales of own departments
$3,525,492
Total.
$3,545,257
(except workrooms)
Commissions from leased departments and miscell. revenue
Cost of goods sold and selling,
Provision for depreciation
Interest, practically
19,765
administrative and general exps.
70.594
$291,962
Profit
Adjust, of allow, for
3,074,637
108,064
all on real estate first deed of trust
—
13,792
District of Columbia income taxes—
$305,753
65,700
doubtful accounts, &c
Total profit
Provision for Federal and
period
Preferred stock dividends
Common stock dividends
Earnings per share on common stock
Net income for
$240,053
55,417
57,758
$i.50
closing inventories had been determined on a
comparable basis, net income for the period would have been
approximately $21,000 less than as above stated.
Note—If the opening and
strictly
The Commercial & Financial Chronicle
1896
Balance Sheet July 31, 1940
insofar
Assets—Demand deposits in banks and cash on hand, $341,123; accounts
(less allowance for doubtful accounts of $31,473), $615,795;
$1,250,000;
$1), $110,010; paid-in surplus, $686,814;
valuation surplus, $217,144; earned surplus, $126,878; total, $5,106,987.
common stock par
—V. 150. p. 1435.
(Theodore) Gary Co.—Accumulated Dividend—
Directors
have
declared
dividend
of
15
share on account
of accumulations on the $1.60 cumul. 1st pref. stock payable Oct. 1 to
holders of record Sept. 26.
Similar payments were made on March 23,
and Jan. 19, last.—V. 150, p. 1934.
a
cents
per
Gaylord Container Corp.—Details of Proposed Loan—
Details of
the
a proposed $5,000,000 loan to be borrowed from five banks by
corporation are disclosed in a notice sent to preferred stockholders.
The proceeds will be used to expand and improve tne corporation's plants
Bogalusa, La.
The banks with which the credit agreement has been made are the Bankers
Trust Co., New York; First National Bank, Mercantile-Commerce Bank &
Trust Co., and Boatmen's National Bank, all of St. Louis, and Marine
Trust Co. of Buffalo.
The proxy notice states that the management will
at
immediately proceed with the Joans unless 33% of the stock is voted against
the proposal within 20 days after the notice is mailed.
The borrowing must be done within two years from the date of the credit
agreement.
One-sixth of the amount borrowed must be repaid in two
years, and one-twelfth of the amount each six months thereafter.
The
loans will bear interest of 2lA% a year.
One section of the agreement states that while the corporation's met
quick assets are less than the principal amount of the borrowing dividends
may not be paid in excess of $275,000 a year, or in excess of one-half of the
increase in consolidated net quick assets for such period, whichever is
greater.
If the net quick assets are greater than the borrowings, but less
than 110% of them, the dividend on the common stock cannot exceed $1
a
year.
,
.
,
,
limitation on the dividends to be paid if the net quick assets
of the borrowings.
The corporation is not required to deposit
any property as security, although mortgaging is generally forbidden by the
agreement.—Y. 151, p. 1573.
There is
no
for regular
The expansion program
receivable
Inventories, $497,575; prepaid and deferred expenses, $86,176; furniture,
fixtures, store Improvements, and automobiles, at cost (less allowance for
depreciation of $21,234), $202,675; land, building and building equipment
(less allowance for depreciation of building and building equipment of
$49,360), $3,353,558; Unamortized fee on real estate first deed of trust,
$10,083: goodwill, trade-marks and trade names, $1; total, $5,106,987.
Liabilities—Accounts payable, including $40,873 for merchandise held or
in transit, $176,670; customers' credits, $5,953; accrued expenses, $94,786;
note payable for furniture, fixtures, and automobiles, maturity Oct. 4,1940,
$16,800; real estate first deed of trust, amounts payable within one year,
$25,000; provision for Federal and District of Columbia income taxes,
$65,700; deferred fur storage income, $17,631; notes payable for furniture,
fixtures, and automobiles, 1941-1944, $67,200; real estate first deed of
trust (maturity Oct. 4, 1954, interest at 4M% to Oct. 4, 1943, and 4lA%
thereafter, principal payable $12,500 quarterly commencing April 4, 1941,
exclusive of amounts payable within one year), $2,175,000; contingent
liability, $71,500; 6% cumulative, convertible preferred stock (par $25),
Sept. 28, 1940
is possible, the requirements of the defense
program
lines of G-E equipment.
as
involves equipping an existing building at the
company's Erie (Pa.) works with heavy machinery for the manufacture
of large steam turbines required by
destroyers and light cruisers, and en¬
larging two of its Lynn (Mass.) shops where reduction gears for the pro¬
pulsion equipments are made.—V. 151, p. 1573.
General
Instrument
Corp.—Common Stock Offered—
offering was made Sept. 27 by Burr & Co., Inc.,
and John J. Bergen & Co., Ltd., of 98,000 shares of common
stock (par $1) at $7.50 per share.
Of the shares being
offered, 56,000 represent new financing for the company,
the remaining 42,000 being sold for the account of officers
Public
who will receive the net proceeds.
Net proceeds from the sale of the 56,000 shares for the account of the
company, estimated at $348,320, will be added to working capital.
No
specific allocation of the proceeds has been made but the prospectus states
that the corporation, in addition to continuing its reserach with
respect to
tuning devices, is considering expansion into allied fields such as the manu¬
facture of radio variable condensers for Army and
Navy requirements and
for commercial and private aviation; the manufacture of record
changers
for radio-phonograph
combinations; development and manufacture of
used to replace variable condensers.
Eermeability tuning or other radio frequency tuning methods which
e
may
Upon completion of this financing the corporation will have outstand¬
ing 199,000 shares of common stock out of an authorized issue of 350,000
shares.
There is no funded debt or preferred stock
outstanding.
Corporation is one of the leading manufacturers of radio variable con¬
densers for radio receiving sets in the United States,
having produced from
35 to 45% of such devices manufactured in this
country during the fiscal
year ended Feb. 29, 1940.
Its customers include almost every major manu¬
facturer of home and automobile radio receiving sets in the United
States.
The company's plant and general offices are located in
and
sales office is maintained in
a
Elizabeth, N. J.
Chicago.
For the fiscal year ended Feb. 29, 1940 net income of the
corporation
and subsidiaries, after all expenses and provision for Federal income
taxes,
$230,394 compared with $184,160 for the preceding fiscal year and $52,months ended Feb. 28, 1939.
See also V. 151, p. 1432,
was
574 for the 12
986,700.
General Investors Trust—To Pay Seven-Cent Dividend—
Directors have declared a dividend of seven cents per share on
company's
shares of beneficial interest, par $1, payable Oct. 21 to holders of record
Oct. 5.
This compares with six cents paid on July 20 and April 20, last,
eight cents paid on Dec. 28, 1939, six cents on Oct. 2, 1939; five cents on
June 15, 1939, three cents on March 15, 1939; six cents on Dec.
20, 1938;
four cents on 8ept. 15, 1938; three cents on June 15, 1938, and two cents on
March
15, 1938.—V. 151, p. 550.
exceed 110%
Gellman Mfg.
The
Co.—Listing—
York Curb Exchange Sept. 25 approved the application of
for the original listing of 325,005 issued and outstanding shares
of common stock (par $1), and for authority to add to the list, subject to
prior effectiveness of registration thereof under the Securities Act of 1933,
if required, 149,995 additional shares of common stock, upon official notice
of issuance upon exercise of the warrants.
The company was incorporated in 1922 in Illinois and from its original
status as a small machine shop whose products were principally sold to other
manufacturers, the company, according to its listing application, has be¬
come one of the leading manufacturers in the country of automatic elec¬
trically driven bread-slicers and wrapping machines for bakers and bakery
plants.
Today it is primarily engaged in the manufacture and sale of auto¬
matic bread slicing and bread wrapping machines and other devices for
New
company
General Motors
Corp.—Stockholders Number 397,054—
The total number of General Motors common and
preferred stockholders
for the third quarter of 1940 was 397,054, compared with
394,493 for the
second quarter of 1940 and with 387,824 for the third
quarter of 1939.
There were 375,710 holders of common stock and the balance of
21,344
represents holders of preferred stock.
These figures compare with 373,040
common stockholders and 21,453 preferred for the second
quarter of 1940.
Machine Gun Order
Will Not
Hamper Regular Output—
The placing of a $20,000,000 machine gun order with
Frigidaire Division,
General Motors Corp., announcement of which was made last
week, will
not interfere with manufacture of the company s regular
products, accord¬
ing to a statement issued by E. G. Biechler, General Manager.
"Manufacture of household electric refrigerators and ranges, and com¬
ture of
mercial refrigeration and air-conditioning
equipment, will continue un¬
impeded by the additional activity required in the production of machine
guns in our plant," Mr. Biechler declared.
"The task of providing machine
guns for the Government will be carried out with the use of additional facili¬
turers.
ties,
in this field.
Its business is also somewhat diversified by the manufac¬
special machinery and tools, jigs and castings for other manufac¬
The company has also developed a line of wrapping machines for
wrapping products made in industries other than the bakery industry.
use
Consolidated Income Account Year Ended Dec. 31, 1939
[Including Mississippi Foundry Corp.]
Gross sales less discounts, returns and allowances
Cost of goods sold
Operating
$445,563
154,459
200,344
expenses
Net profit from operations
Other income
$90,761
6,188
.
Net income before other deductions
Other deductions
$96,949
17,339
14,856
Provision for Federal income taxes
f Net income
$64,753
32,500
$0.20
Dividends paid
Earns, per share on 325,005 shs. capital stock (par $1)
Earnings for 8 Months Ended Aug. 31, 1940
Net profit after all charges and taxes
Earnings per share
on
$31,139
325,005 shares (par $1) capital stock
including a new five-story factory building.
The regular line of
products, therefore, will be manufactured on an uninterrupted schedule
plants and with the machines ordinarily used for this purpose."—
V. 151, p.1721.
in the
General Public
Operating
Assets—Cash
on
__
$592,262
235,796
19,304
70,201
53,511
13,225
$203,004
Net
oper.
1940—12 Aids.—1939
$6,310,123
$5,900,678
2,639,856
2,491,539
223,561
213,290
$186,925
3,767
$1,956,629
$1,892,284
28,034
$190,692
30,658
$1,987,541
367,036
$1,920,317
360,573
71,353
856,238
6,208
856,238
8,746
$88,681
3,242
$758,058
38,910
$694,759
38,910
5,448
Gross income
Charges of subsidiaries.
Charges of Gen. Public
609,435
582,494
111,635
$99,690
3,242
income
income
723,706
643,732
122,640
71,353
1,425
Federal normal inc. taxes
Non-oper.
$553,437
226,925
19,767
61,518
49,702
8,600
$200,224
2,780
Prov. for retirements
General taxes
$85,438
$719,148
$655,849
30,536
30,912
Utilities, Inc.—
on
1st mtge.
$0.09
Interest
collateral
and
hand and in bank,
$63,921; notes, accounts and condi¬
receivable, less reserves,
$123,129; inventories,
$131,200; fixed assets (less reserves for depreciation of $118,009), $219,014;
intangible assets (net), $4,682; deferred charges, $25,203; other assets,
$2,065; total, $569,216.
sales
1940—Month—1939
expenses
Maintenance
Condensed Consolidated Balance Sheet Dec. 31, 1939
tional
Utilities, Inc. (& Subs.)—Earnings—
Period End. Aug. 31—
Gross oper. revenues
trust
6Vi% bonds
Other
contracts
interest
Net income
Divs.
$5 pref. stock.
on
Liabilities—Accounts
payable, trade, $17,705; commissions payable,
$1,414; customers' credit balances, $1,366; accrued Federal income taxes,
year 1939, $14,855; accrued other taxes, wages and insurance,
$6,349;
deferred income, $11,300; common stock (par $1),
$325,005; earned sur¬
plus, $20,365; capital surplus, $170,853; total, $569,215.—V. 148, p. 2268.
General Aniline & Film
Directors have declared
Balance avail, for
General Steel
Corp.—Common Dividends—
dividend of $2 per share on the class A stock
and a dividend of 20 cents per share on the class B stock, both
payable
Sept. 28 to holders of record Sept. 25.
Previous dividends were paid on
Dec. 18, 1939, and amounted to $1.50 on the A shares and 15 cents on the
B shares.—V. 151, p. 1431.
a
com¬
mon stock & surplus
-V. 151, p. 1280.
Castings Corp.—Meeting Adjourned—
Special meeting held Sept. 25 to
common
V.
151,
General Cable
Stockholders at
Corp.—Meeting Adjourned—
adjourned special meeting on Sept. 24 voted to adjourn
sine die without taking any action on the proposed recapitalization
plan for *
the company.
Dwight R.
G.
Palmer, President, said adjournment
amounted to withdrawal of the plan because of failure of two-thirds of
each
of the three classes of stock to give consent.
No new recapitalization plan has been considered by the
management or
is known to be under consideration by other interests, Mr. Palmer
declared.
Assents of
an
more
than two-thirds of the class A and
common
General
Capital Corp.—Common Dividend—
Directors have declared
a
30, 1939; 22 cents on Oct. 10, 1939; 24 cents in two preceding quarters, and
30 cents paid on Dec. 23, 1938.-—V. 151, p. 415.
Electric
Co.—$11,500,000
Expansion
by
G-E
Turbine Department—
This
is
in
line
(est.)...
with
the
company's
policy
of
anticipating.
See also
Week Ended Sept. 14—
$19,750
1939
$23,900
Jan.
1940
1 to Sept. 14
'
$820,480
1939
$833,848
Georgia Power Co.—EarningsPeriod End. Aug. 31—
1940—Month—1939
Gross revenue
$2,753,338
$2,556,404
Operating
expenses
Taxes
Prov. for depreciation..
Gross income
1,156,365
374,756
290,000
Net income
Divs.
on
—V.
1,047,539
292,984
270,000
1940—12 Mos.—1939
$32,936,385 $30,593,349
14,576,122
11,901,240
4,080,117
3,621,550
3,400,000
3,085,000
$932,217
544,144
$945,881 $10,880,146 $11,985,559
541,876
6,641,380
6,546,479
$388,073
245,862
$404,005
245,862
$4,238,766
2,950,350
$5,439,080
$142,210
....
Interest and other deduc.
pref. stock
$158,143
$1,288,416
$2,488,730
151, p. 1280.
2,950,350
Georgia Southern & Florida Ry.-—Earnings—
August—
Gross from
1940
railway
Net from railway
Net ry. oper. income
1939
$195,568
34,346
8,320
$158,803
1,256
20,789
$158,288
$191,830
10,037
32.198
def6,429
12,506
1,676,444
303,882
86,925
1,533,462
248,780
31,206
1,322,764
98,941
59.403
1,671,288
352,267
188,157
From Jan. 1—
KGeneral Electric is spending $11,500,000 in expanding present
facilities
for manufacturing propulsion equipments for the United States
Navy,
it was announced on Sept. 26 by Charles E. Wilson, President
of the
company.
revs.
Balance
dividend of 23 cents per share on the common
stock, payable Oct. 11 to holders of record Sept. 30.
This compares with
27 cents paid on July 12. last; 24 cents on April 10, last; 50 cents on Dec.
General
Operating
stock were
received, but the majority of preferred stock approving the plan fell short
of the 66 2-3% required.—V. 151, p. 700.
value of
Georgia & Florida RR.—Earnings—
1940
Baking Co.—Chairman Resigns—
in stated
adjourned untl Oct. 23.
1721.
p.
—
General
Mr. William Deninger, Chairman of the Board has
resigned because of
illness.
Mr. Deninger will continue as a member of the board of
directors
of the company.—V. 151, p. 415
approve reduction
stock is understood to have been
Gross from railway...
Net from railway
Net ry. oper. income
—V. 151, p. 1280.
1938
1937
The Commercial &
151
Volume
1944
Year End.
Jan. 31, *40 Jan. 31, '39 Dec. 31, '37
Year End.
13 Months
$751,578
660,778
$900,199
577,715
profit from sales
Selling and general expenses
1939), $127,749; notes payable to banks—due on or before July 26,
(minimum principal payments $150,000 per annum), $677,500; de¬
$4,268; capital stock (220,765 no par shares), $6,365,735;
surplus, $522,833; total, $7,887,104.—V. 149, p. 2085.
taxes for
(A. C.) Gilbert Co.—Earnings—
Gross
1897
Financial Chronicle
ferred credits,
$729,978
438,717
(P. H.) Glatfelter Co.—Earnings—
Earnings for the Year
from sales (after charging depreciation)
Income charges, less income credits..
Prov. for Fed. & State income taxes
Net profit
Dividends
on
$322,484
$90,800
19,230
70,311
57,814
10,936
""$232,942
Net income.
$22,051
14,762
103,274
preference stock
$291,261
59,751
y52,448
$179,062
60,042
62,039
$1.20
Nil
$1.74
Balance Sheet Jan. 31, 1940
(less reserves for doubtful accounts and
due from subsidiary, $1,498; merchandise
at lower of cost or market), $300,925;
policies on life of officer, $37,472; invest¬
$889,180; deferred charges, $8,373; goodwill,
patents and trademarks, $1; total, $1,562,111.
Liabilities—Accounts payable, $47,397; drafts
payable—payroll, &c.,
$16,000; salaries, wages and commissions, $8,776; taxes, $90,467; preference
capital stock (16,861 no par shares), $539,552; common capital stock
(99,992 no par shares), $25,000; surplus, $834,917; total, $1,562,111.—V.
150, p. 278.
Gilchrist
Provision for Federal and State
Co.—Earnings—
1940
by
departments).. $8,437,765
Returns, allow'ces & dist
925,906
1939
1938
$8,018,707
964,302
$8,229,890
1,028,135
$7,511,859
$6,991,032
$7,054,405
$7,201,755
7,450,712
6,932,410
6,911,981
6,964,159
$61,148
35,945
$58,623
41,584
$142,424
12,186
Net sales...
....
Mdse. & oper. costs
and
expenses....
Profit from operations
Other income (net)
$97,092
Prov. for Fed. normal
$10o"5o6
$154,609
$255,011
15,745
21,774
25,718
37,729
$81,348
28,895
$78,432
17,337
$128,892
115,581
$217,281
57,790
$0.70
income
Net
$0.68
$1.11
$1.88
in-
incometax
Net inc. for the year__
Dividends paid
Earns, per sh. on 115,581
shares of capital stock
Balance Sheet Jan. 31,
Co.—Earnings—
1939
1938
$11,152,967 $11,177,649
6,608,010
6,650,978
Years Ended Dec. 31—
sales
Cost of sales....
"$4,544,957
Gross profit
3,472,011
Expenses
operations
$1,072,946
Income credits
(dividends, interest,
discounts, and other miscell. inc.).
77,896
Profit from
$1,150,842
Gross income
Prov. for loss on advances to
1937
$11,780,386
6,996,543
$4,526,671
3,383,454
$4,783,843
3,345,268
$1,143,217
Condensed Balance Sheet Dec.
105,229
$1,248,446
$1,525,354
23,115
33,608
47,779
36,000
36X00
16,038
of 37 H cents per share on the common
payable Oct. 21 to holders of record Sept. 30.
Dividend
of 25 cents was paid on July 20, last; 12^ cents was paid on April 20, last,
and one of 25 cents was paid on Dec. 28, 1939, this latter being the first
dividend paid since Oct. 20, 1938, when a regular quarterly dividend of
12yi cents per share was distributed.—Y. 151, p. 104.
Globe Knitting
c254,925
inc.
258,684
$839,194
Net income.
1,283,640
Earned surplus, Jan. 1
$2,122,834
567,870
Gross surplus
paid
Cost of 133 shs. of company's stock
Dividends
6.896
a336,047
$937,723
942,180
$1,879,903
596,264
$1,098,633
847,696
$1,946,329
bl.002,183
1,966
purchased
Earned surplus,
a
$1,554,964
Dec. 31
Including surtax on undistributed
$1,283,640
$942,180
b Including $303,-
profits. $8,833.
which shareholders exercised their option to receive the company's
stock at $15 a share,
c Includes $33,009 applicable to prior years.
Balance Sheet Dec. 31, 1939
195
as to
Assess—Cash,
$729,256;
accounts
and notes receivable, less reserves,
$685,672; inventories, $564,473; notes and contracts receivable, due after
1940 (less reserve), $50,621; investments, $218,557; property (less reserves
for depreciation, abandonments. &c. of $3,039,366), $3,510,984; contracts
and
goodwill (company's valuation),
$250,000; deferred charges,
$216,531;
total, $6,226,095.
$910,094; taxes payable and accrued
(including Federal and State taxes on income). $465,443; purchase money
obligations maturing in 1940, $39,365; purchase money obligations matur¬
ing after 1940, $273,877; capital stock (283,935 no par shares), $2,938,568;
Liabilities—Accounts
paid-in
—V.
payable,
surplus, $43,784;
108.
earned surplus, $1,554,964; total,
$6,226,095.
149, P.
Cost of
31—
profit from sales
before deplet. & deprec
Exps. of conducting busi¬
ness
(admin., sell., &
Co.—Earnings—
1939
1938
profit
Selling and shipping.
Administrative and general
profit from sales
be£ deplet. & deprec
(net).
Depletion & depreciation
$1,510,421
$1,379,772
$1,599,236
$1,582,082
1,027,786
expenses)
1,044,676
1,099,835
857,883
$482,635
$335,096
77,205
$499,400
152.172
$724,199
109,044
300,318
301,737
274,485
271,005
loss$43,845
$72,744
$344,149
$0.33
$1.55
$0.39
Condensed Balance Sheet
Nil
Dec. 31, 1939
receivable (less
inventories,
and other in¬
$49,183; property (net), $4,849,381; deferred charges, $140,770;
total, $7,887,104.
^
Liabilities—Accounts payable, $128,895; accrued salaries^ wages, com¬
pensation, insurance, &c., $60,124; accrued taxes (including
income
vestments,
$562,549
(111,410
231,693
119,454
$86,248
4,305
$211,502
4,767
$90,553
6,988
15,500
$216,269
8,873
31,750
_CM25
Cr931
$185,911
Profit
5,960
Interest paid
,
Federal
31,500
profits taxes
on undistributed profits
prov. for prior year—Fed .taxes
Fed. normal inc. & excess
Surtax
Excess
2,250
Cr293
1,226
deductions
Miscellaneous
Net profit
Dividends on 7 %
$66,964
85,000
$148,744
102,000
-
stock
Dividends paid on common
pref. stock
Note—Provision for depreciation
for the year amounted to
$174,327
117,500
22,453
$68,781.
31, 1939
Balance Sheet Dec.
deposit, $15,933; accounts receivable (less
reserve of $17,000), $216,932; inventory, $644,841. investments and other
assets, $145,421; property, plant and equipment (less reserves for depre¬
ciation of $784,874), $499,721; deferred charges, $9,037; total, $1,531,885.
Assets—Cash on hand and on
payroll taxes,
Federal taxes on income of year 1939
(par $2.50), $425,000; capital surplus,
total, $1,531,885.
payable, wages, commissions and
Liabilities—Accounts
$154,585; accrued expenses, $4,345;
(estimated), $31,500; common stock
$646,859; earned surplus, $269,596;
15-Cent Dividend—
stock
paid
Company paid a dividend of 15 cents per share on the common
Sept. 16 to holders of record Sept. 6.
This compares with 30 cents
on Dec. 23, 1939; 15 cents on June 28, 1939, and dividends of 25 cents
share were paid on Dec. 24 and Oct. 10, 1938.—V. 151, p. 1723.
on
per
Co.—Earnings—
Globe Steel Tubes
1937
1938
1939
Years Ended Dec. 31—
after de¬
manufacturing, selling &
Earnings from operations,
ducting
administrative expenses
and discount
Sundry income, interest
Total income
.
$191,075
9,117
9,693
$715,362
$200,192
$682,440
102,485
1,737
43,393
175,507
24,440
84,799
113,502
178,375
Federal and States taxes on income..
Discount and miscellaneous charges..
Reserves for
72,239
175.640
depreciation—
$364,998 loss$20,445
Net profit
Dividends paid
—
$672,747
$701,160
14.2C2
Bond interest
211,563
Balance Sheet Dec. 31,
$281,323
136,042
1939
Assets—Cash, $431,320; accounts and notes receivable, less reserve
$472,741; inventories, $766,218; fixed assets (less depreciation reserve of
$1,940,010), $2,279,797; patents and development (less amortization of
$96,423), $96,606; notes receivable—officer and stockholder secured by
8,000 shares of capital stock of the company, $40,000; sundry assets and
deferred charges, $53,880; total,
Liabilities—Accounts payable,
$4,140,561.
$173,463; accrued payroll, $16,471; taxes
general (exclusive of income taxes), $43,626; State and Federal taxes on
income, $120,161; capital stock (282,084 no par shares), $3,067,352; earned
surplus, $719,488; total, $4.140,561.—V. 151, p. 104.
Co.—75-Cent Dividend—
Goodman Mfg.
Directors have
declared a dividend of 75 cents per
stock, par $50, payable 8ept. 30
of 50 cents was paid on June 28,
share on the common
to holders of record Sept.
last; 25 cents was paid on
30.
Dividends
March 29, last;
quarterly
p. 4127.
$1.10 on Dec. 21, 1939; 40 cents on Sept. 29, 1939; and regular
dividends of 25 cents per share were previously distributed.—V. 150,
Grand Trunk Western
RR.—Earnings—
1940
1938
1937
$1,591,856
$1,384,360
$1,767,055
456,534
143,988
def59,583
16,146
defl57,789
267,578
53,034
13,573,835
11,026,481
16,757,499
4,166,706
2,086,467
241,991
Net ry. oper. income..
From
an. 1—
Gross from railway
1939
$1,969,490
railway
16,055,454
3,708,235
2,049,492
.
Net from railway
income..
148,908
1,961,295
390,894 defl ,364,911
—V. 151, p. 1280.
1940
August—
Net from
.
railway
income.
Stricken from
RR.—Earnings—
1939
..
$517,032
160,754
84,763
$629,260
237,902
120,949
4,488,900
1,281,124
585,447
4,374,296
1,336,184
669,436
4,258,048
5,085,652
1,821,683
946,870
1,215,812
456,969
Listing and Registration—
($100 par) and the 6% cum. pref. stock have been
the New York Stock Exchange.
suspended from dealings on Sept. 17, 1940.
(no par) and $5 pref. stock of Gulf Mobile & Ohio
the Exchange.—V. 151, p. 1722.
from listing and registration on
These securities were
The common stock
RR. are listed on
1937
$566,826
174,392
92,657
The common stock
stricken
1938
$610,811
167,476
85,378
railway
Net from railway
Net ry. oper. incomeFrom Jan. 1—
Gross from
Net ry. oper.
Assets—Cash, $274,790; accounts, notes and contracts
for losses and cash discounts of $91,221), $435,746;
$2,137,234; cash surrender value of life insurance policies
reserve
5415,167
[217,509
363,245
5,653
Gross from railway
sh. on 220,765
capital stock..
Earns, per
shs. of
$2,978,261
2,415,711
$180,257
Gulf Mobile & Northern
95,855
$86,462
Net income
\
/
—
Net ry. oper.
Net
Miscell. inc. chgs.
$2,530,318
2,115,152
$543,502
-
Operating profit
Other income
Net from railway
1936
1937
Gross
other
2,153,058
goods sold
Gross
August—
Gladding, McBean &
$2,696,560
...
1937
1938
1939
-
Gross from
Years End. Dec.
Works—Earnings—
Years Ended Dec. 31—
Net sales
r
Interest
Prov. for Fed. and State taxes on
Dividend—
Pay 31l/2-Cent
Glen Alden Coal Co.—To
Directors have declared a dividend
86,780
related
charge
31, 1939
stock, no par value,
$1,438,575
oil company
Miscellaneous
$725,483
.
$45,476; certificates of deposit, $62,000; notes and ac¬
counts receivable (including officers, employees and sundry $8,153), less
reserves of $35,210, $395,840; cash surrender value of life insurance policies,
$45,188; inventories, $706,791; property at cost (less reserves for deprecia¬
tion, $2,107,759), $2,573,518; investment in and advances to the Glatfelter
Pulp Wood Co., $86,945; other assets, $38,622; total, $3,954,381.
Liabilities—Accounts payable, $116,381; Federal and State income taxes,
other taxes, interest, &c.t $132,917; reserve for contingencies, $65,000;
first mortgage 4H % bonds, due March 1, 1951; $434,000; 6}4 % cumulative
first preferred capital stock (par $100), $1,380,600; common capital stock
(11,000 shares, no par), $1,100,000; surplus, $725,483; total, $3,954,381. ^
'
Provision for loss on abandonments._
144,963
preferred capital stock
1940
deposits and on hand, $240,998; customers'
receivable (less reserve of $75,000 for doubtful accts.), $1,746,223;
Inventories (at current retail values less average mark-up and purchase
discounts), $665,768; cash surrender value of insurance policies on life of
President, $145,323; miscellaneous accounts receivable, $9,834; investment
in subsidiary financing company, at cost (75%) owned, $1,500; miscellaneous
investments (stocks of trade associations, &c.)—at cost, $19,219; equip¬
ment and improvements to leased property (less reserves of $650,702),
$349,826; deferred charges, $52,330; note receivable from employee (360
shares of common stock of company and one share of stock of subsidiary
financing company held as collateral), $1,979; total, $3,233,001.
Liabilities—Notes payable to banks, $875,000; accounts payable and
accrued liabilities other than taxes, $292,634; accrued Federal income,
Federal capital stock, social security, and State excise taxes, $55,773;
due to subsidiary financing company, $44; common stock (117,696 no par
shares), $555,145;surplus (earned), $1,482,930; treasury stock—2,115shares
at cost Dr$28,525; total, $3.233,001.—V. 149, p. 3873.
Net
$870,446
Assets—Cash,
Assets—Cash—demand
accounts
Gilmore Oil
674,887
the year
Surplus at end of the year
$237,596
17,415
j
Gross sales (incl. sales
leased
$195,559
Net income
Surplus at beginning of
1937
$7,875,087
<
884,055
Years Ended Jan. 31—
income taxes
depreciation
contingencies
Provision for
$170,937; trade acceptances receiv¬
7s"Assets—Cash in banks and on hand,
ments, $7,546; plant property,
Interest
Gross surplus
Dividends paidpn
undistributed profits.
Includes $7,315 Federal surtax on
able, $4,008; accounts receivable
allowances of $21,008), $142,170;
inventories (physical inventories
cash surrender value of insurance
$491,136
3,571
20,686
76,614
159,706
35,000
Income charges
Provision for
Dividend on common stock
Earnings per share on 99,992 shares
of common stock
y
Ended Dec. 31, 1939
Gross income
1898
Great
The Commercial & Financial Chronicle
Northern
Ry.—Earnings—
August—
1940
Gross from railway
railway
oper. income—
Net ry.
1939
1938
$11,880,012 $10,449,339
Net from
.5,264,611
3,559,431
From Jan. 1—
1937
$9,699,901 $10,789,412
4,095,680
4,686,957
3,004,016
3,170,796
4,400,839
3,011,743
*
Gross from railway
Net from railway
Net ry. oper. income...
—V. 151, P. 1280.
62,845,831
20,899.184
12,553,377
55.450,439
15,771,481
8,312,806
46,348,690
11,293,359
4,382,467
61,184,543
20,219,204
14,536,674
Halle Brothers
Co., Cleveland—$2,100,000 Loan Placed
Privately—An issue of $2,100,000 secured notes has been
placed privately with an insurance company.
The sale of
the issue was arranged
through Paul Hammond Co., New
York.
Notes are dated Sept. 21, 1940, and mature in
various amounts annually Sept. 21, 1941-60.
Interest rates
range from 2%% to 4% (average rate 3.85%).
Trustee,
Central National Bank, Cleveland.
Proceeds will be used to pay off land trust certificates created In 1924.
Company is one of the leading department stores in Clevealnd.—V. 150,
2578.
p.
Corporation has filed with the Securities and
Exchange Commission a
registration statement covering 85,000 shares of
4M% cumulative con¬
vertible preferred stock, ($40 par) and 85,000 shares
(no par) common.
The company will offer 52,317.5 shares of
preferred to holders of $6.50
convertible preferred on basis of 2yA shares for each share
held.
New
preferred shares not exchanged will be offered to the
public at a price to be
named.
All common stock registered is reserved
against exercise of con¬
version rights of preferred stockholders.
Jackson & Curtis and other firms whose names will be filed
by amendment
will be underwriters.
Proceeds from new
Protective
Committee (Clarence L. Harper, Chairman)
a letter to holders of certificates of deposit for the
6H % 1st mtge. sink¬
ing fund series A bonds, due 1937 states:
Committee filed its account of receipts and disbursements made with the
Court of Common Pleas No. 6 of Philadelphia County, requesting that it
be audited and that certain allowances for additional disbursements and
In
Company stated it deemed it advisable to increase its working capital
view of developments in manufacture and sale of radio tubes
and the
products in the fluorescent lighting field and the
possibility of the acquisition
of a glass
manufacturing plant.—V. 151, p. 1145.
in
Illinois Central RR.—To Issue
Reconstruction
new
Four coupons attached to the new bonds held by the committee have
been paid to the committee as the holder of the bonds.
The amount thus
received is sufficient to pay all the expenses of the committee and allowances
approved by the court, and to make
as
a payment
bond to the holders of certificates of deposit.
of $6.34 for each $1,000
All certificate holders are therefore entitled, upon surrender of their
certificates of deposit and execution of letters of transmittal, to immediate
delivery of the following for each $1,000 principal amount of certificates of
deposit:
One first mortgage junior lien 4% series B bond of Hamilton Gas
Corp. in the principal amount of $1,000, with coupons due March 1, 1941
and subsequent attached; voting trust certificates for 30 shares of common
stock of Hamilton Gas Corp. and $6.34 in cash.
The bonds although entitled "junior lien bonds," are first
mortgage
bonds, as the operations of the company have been so successful that it
was not necessary to issue a prior lien bond as was
originally contemplated.
The operations of the company to date have been
very
satisfactory; It is
earning its interest with a-substantial margin over, and the stock is
rently selling at around $3 per share.—V. 145, p. 2392.
Hammermill Paper
cur¬
August—
dividend of 25 cents per share on the common
stock, payable Oct. 15 to holders of record Oct. 1.
This compares with
20 cents paid on July 15, last, and on Dec. 22, 1939, this latter
being the
first dividend paid since 1937.
During that year 90 cents per share was
distributed.—V. 151, p. 1433.
a
Hart & Cooley Co .—Extra Dividend—
July 1, last; extra of 50 cents
Dec. 16, 1939, and one of $1
Hearst Consolidated
paid
paid
was
was
on
on
paid
April 1, last; one of $2 was paid
July 1,1939.—V. 150, p. 4127.
1940
Hecker Products
$0.74
Net ry. oper. income
P-
1433
1940—Month—1939
1940—12 Mos.—1939
Operating revenues
$1,234,286
$1,129,570 $12,679,712 $12,040,200
Operating expenses
475,101
470,775
5,658,277
4,816,776
Direct taxes
185,899
165,818
1,711,666
1,610.518
Prop, retire, res. approp.
235,592
149,368
1,325,919
1,643,751
Directors have declared an interim dividend of
3%
holders of record Sept. 26.—V. 151,
p. 246.
Indiana Pipe Line Co.—20-Cent Dividend—
Directors have declared
Far
par $7.50, payable
of capital stock was
value
share,
stockholders receiving the $2.50 difference in cash
distribution.
Dividend of 10 cents was paid on the old
$10 par stock on
—Y. 151, p. 246.
Indianaoolis Power & Light
The
New
shares of
York
common
expenses
Consolidated Income Account 6 Months Ended June
30,1940
Operating
Operating
revenue
$6,500,089
expenses and taxes
4,294,632
-
Operating income
Other income
$2,205,457
8,884
-
,"*$2,214,341
Deductions from gross income
837,894
Net
incomePreferred dividends
$1,376,447
446,634
544,326
«,
-
Common dividends
Consolidated Balance Sheet June 30, 1940
Assets—
Fixed
Liabilities—
assets
$74 ,922,927
Security and real est. invest's
119,028
5 ,321,940
Cash
Cash depos.—lighting contr't
10,000
receivable
1 ,280,948
6H% cum. pref. stock
$11,577,700
6% cum. preferred stock....
2,481,400
Prem. rec'd
on
6% pref. stock.
no
par)
404,078
Funded
Inventories
648,001
Accounts
Special deposits
225,025
9,327,503
Payrolls
Deferred
debits
Disc't
preferred stocks...
on
4
,773,074
1 ,082,414
10,000
Common stock (714,835 shs.,
debt
37,360,000
payable
186,796
payable
Customers' deposits
356,596
Divs.
285,934
on common
76,138
stock
Accruals
2,671,597
Serial notes due Aug. 1
600,000
Instalment payable
Pref. stock dividends
Deferred credits
225,025
83,125
70,000
Reserves for depreciation
14,320,030
1,920
Capital surplus from appraisal
Other capital surplus
Earned surplus
Total
$88,787,436
Total
270,258
4,444,973
701,449
3,736,991
...$88,787,436
—V. 151, p.1724.
Directors have declared an extra dividend of
6H cents per share in addi¬
tion to the regular quarterly dividend of 32 cents
per share on the common
stock, both payable Oct. 1 to holders of record
Sept. 18.
Similar amounts
were
paid in preceding quarters.—V. 150,
Industrial Securities
p.
4128.
Corp.-—Accumulated Dividend—
15 cents was paid on April 1, last; and dividends of
10 cents were paid on
Jan. 2, last; and on Oct. 2, July 1,
April 1 and Jan. 3,1939.—V. 151, p. 1724.
$243,821
$2,882,117
315,078
$2,853,802
315,078
_
Interest
Deficit
$587,805
435,591
$4,953 421
3.509,846
$4,941,967
3,490,846
$152,214
10,612
$1,443,574
82,158
$1,451,121
86,355
$162,826
154,489
117,096
$106,441
On adjustment
5%•
1940—8 Mos.—1939
$591,168
435.964
$165,158
154,282
117,317
Income charges
$108,759
paid
on
$1,525,732
1,236,206
961,867
$672,341
$1,537,476
1,246,978
991,367
.
$700,869
income bonds outstanding in the hands of the
public
Inglewood Gasoline Co.—Earnings—
6 Months Ended June 30—
Net income after all charges
V.
149,
1940
1939
$8,847
$9,115
1764.
p.
Comptroller Joseph D. McGoldrick Sept. 27 announced the final
per¬
centages of I. R T -Manhattan securities which have been deposited under
the unification plan.
The deadline was the close of business
Sept. 26.
The complete tabulation is as follows:
Total
Security—
Interborough 5s
Interborough 7s
DepoMs
$96,326,000
Percent
Total
Deposited
Undeposited
'
31,439,200
40,482,000
3,994,000
10,238,700
548,506 shs.
41,773 shs.
332,073 shs.
Manhattan 4s
Manhattan 2d bonds
Interborough 6% notes
Manhattan modified stock
Manhattan unmodified stock
Interborough
Interest—
common stock
99.10
99.26
99.24
88.30
97.55
98.60
96
94 87
—V. 151, p. 1575.
*/{% will be paid
on
Oct.
1
the 5% adjustment income
bonds, due 1957, on surrender of coupon No. 55.
Interest is payable at
Office of Chase National Bank, New York.—V.
on
151, p. 1145.
Hudson Motor Car
Retail sales of new
Co.—September Sales Hit 11-Year High
Hudson
cars
in the United States for the first half of
International Great Northern RR.August—
1940
Gross from railway
Net from railway
Net from railway
Net ry. oper. income-.
—V.
—V.
period
1145.
a year ago.
Huylers of Delaware, Inc.—Earnings—
Period End. Aug.
31—
1940—Month—1939
$15,564
$20,287
depreciation, amortization,
151, p. 1433.
other deductions.—V.
77-B
151,
p.
expenses
and
$769,000
232,900
188,000
529,000
261,300
7,984 shs.
1,737 shs.
17,927 shs.
—Earnings—
1938
1937
31,125
-
.
$918,281
120,586
1,724
$1,006,787
115,911
def21,787
$1,147,961
221,731
68,687
7,370,124
750,652
def253,701
7,412,242
830,843
def280,476
7,942,254
842,398
def401,229
8,700,774
1,462,567
295,068
1282.
International Telephone &
1940—8 Mos.—1939
$84,935
$115,279
administration
Gross from railway
1939
$929,389
145,219
Net ry. oper. income-.
From Jan. 1—
September hit an 11-year high for that period, George H. Pratt, General
Sales Manager of the company, announced on
Sept. 20.
Mr. Pratt re¬
ported total sales of 3,521 cars for the two weeks ended
Sept. 14, with
domestic deliveries showing a gain of 77 % over the same
xLoss
July 1, last;
Interborough Rapid Transit Co.—Final Deposits Under
Unification Plan—
RR.—Earnings-
9,954
Gross income
After
Co.—Listing—
Exchange has authorized the listing of 714,835
(no par) which are issued and outstanding.
$3,986,346
962,500
170,044
$155,204
& taxes.
Operating income
x
May 15, last.
$3,969,155
17,191
1940—Month—1939
Non-oper. income
p.
per
capital
$4,009,857
962,500
165,240
Hudson & Manhattan
151,
a
$3,983,850
26,007
"^567J)39 "$2^38J24
Period End. Aug. 31—
Gross operating revenue
on
Stock
stock
as
$344,687
80,208
20,658
Balance
Interest
cents per share on the new
15 to holders of record Oct. 25.
$343,609
1,078
—V. 151, p. 1145.
at
of 20
Nov.
recently reduced from $10 to $7.50
$246,194
Net income
a
dividend
a
capital stock,
Directors have declared a dividend of 25 cents
per share on account of
accumulations on the 6% cumul. pref.
stock, par $25, payable Oct. 1 to
holders of record Sept. 20.
Dividend of 20 cents was
Divs. applic. to preferred stocks for the
period-
a
payable Dec, 7 to
80,208
13,592
mtge. bonds
Other int. & deductions.
Oper.
,
Imperial Chemical Industries, Ltd.—Interim Dividend
$339,994
Gross income
on
4,133.945
$337,694
2,300
Net oper. revenues
Other income
Int.
1,496,028
1,009,612
Industrial Credit Corp. of New
England—Extra Div.—
Lighting & Power Co.—Earnings—
Period End. Aug. 31—
•
3,421.233
929,377
438,389
Corp.—Capital Reduced
reelected.
151,
Houston
3,675,792
1,127,006
644,889
Reserve for legal expenses
Contribs. in aid of construc'n
At annual meeting of stockholders held Sept. 25 they voted to
decrease
the issued capital stock and capital of the corporation
by retiring 69,902
shares of the common stock, with a par value of $1 per share,
resulting in a
reduction of capital of corporation by $69,902.
Authorized capital stock
of the corporation remains unchanged.
Retiring directors were
—V.
4,003,770
1,338,374
760,567
Net from railway
—V. 151, p. 1282.
$779,200
$0.40
246.
P.
$517,631
186,149
191,508
1939
$1,434,600
per share on 1,930,806 shares
151.
1937
$469,720
140,521
79,507
Publications, Inc.—Earnings—
6 Months Ended June 30—
Net income after all charges
Earnings
1938
$522,999
190,327
123,605
Unbilled utility revenue
Directors have declared an extra dividend of $1 pet share in addition
to
the regular quarterly dividend of $1 per share on the common
stock, par $25,
both payable Oct. 1 to holders of record Sept. 23.
Like amounts were
—V.
1939
$553,651
207,287
126,717
Net ry. oper. income
From Jan. 1—
Gross from railway.
Accounts
on
-Earnings-
1940
Harrisburg Steel Corp.—To Pay 25-Cent Dividend—
on
Corporation in connection with the purchase of
equipment.—V. 151, p. 1281.
Gross income
Co.—Obituary—
Ernst R. Behrend, President of this company, which he founded 42
years
ago, died on Sept. 22 of a heart ailment from which he had suffered for a
year.
His age was 71.—V. 150, p. 2425.
Directors have declared
Finance
Illinois Terminal RR. Co.-
has
been audited, an adjudication has
been filed which has become final and the terms of final distribution have
been approved by the court.
Committee is now prepared to make im¬
mediate distribution in accordance with the court's decree.
Equipment Trusts—
The company on Sept. 20 petitioned the Interstate Commerce
Commission
for authority to sell $11,016,000
3% equipment trust certificates to the
compensation be made.
The account of the committee
preferred not exchanged will be
preferred not offered in exchange.
used to redeem for cash any of the $6.50
Gross from railway
Net from railway
Hamilton Gas Co.—Distribution—
The Bondholders
Sept. 28, 1940
Hygrade Sylvania Corp .—Registers Pref. and Com. Stock
Telegraph Corp.—Foreign
Operations—
Telephone operating subsidiaries in nine foreign countries report
aggre¬
gate net gains of 38,233 telephones in service for eight months of 1940, of
which 25,226 were gained by companies in Latin America.—V,
151. p. 1724.
40% cents per share on the 6H% cumul. class B pref. stock, par
$100.
Both dividends will be paid on Sept. 30 to holders of record Sept. 20.
Similar payments were made on preceding quarters.—V. 150, p. 4128.
dend of
Manufacture Airplane Parts
'-
Following the signing of an agreement with Boeing Aircraft Corp. of
Seattle, this company announced it will move all its coal stoker manufac¬
turing operations to Cleveland.
Under terms of the agreement with Boeing,
Iron Fireman becomes the principal outside source of machined parts for
Army's $130,000,000 fiying fortress construction program.
capacity of company s Portland, Ore., plant will be devoted to
Entire
machining of parts for the 512 four-engined bombers ordered by the Army.
Production of the Portland plant will be increased approximately 50%.
President T. H. Banfield also reported that the company's stoker sales for
year to date outstrip those of any previous year in the
history by a wide margin.—V. 150, p. 1138.
the
company's
Islands Gas & Electric Co.
on
~$7L286
90,000
Non-operating income
-
Gross income
a
-
Provision for retirements
$932,934
23,331
$862,595
29,636
$892,232
213,149
$718,788
70,999
Gas & El. Co
649,799
28,210
660,085
$2,010
$18,714
a
Before
Consolidated Balance Sheet Dec. 31, 1939
Assets—Property,
plant and equipment,
$10,366,417; investments;
$4,624,885; sinking funds and special deposits, $51,071; cash, $171,604»
accounts receivable, $483,605; due from foreign governments and muni¬
cipalities, $127,706; other receivables, $24,312; merchandise, materials and
supplies, $344,787; prepaid insurance, taxes, &c., $8,319; engineering survey,
$52,905; other deferred charge, $558; total, $16,256,169.
Liabilities—$7 cumulative preferred ($1 par), $50,000; common stock,
($1 par), $100,000; bonds, $4,023,500; property purchase obligation,
$2,500,000; notes payable, $6,844,900; accounts payable, $104,191; interest
accrued. $822,815; taxes accrued, $69,560; consumers' deposits, $106,481;
deferred credit items,
$171; uncollectible accounts reserve, $105,111;
contributions for extensions, $25,245; other reserves, $49,179; equity of
minority stockholders in common capital stock and surplus of subsidiary
company, $1,180; capital surplus, $2,441,102; deficit,
$987,266; total,
$16,256,169.—V. 151, p. 1146.
Inc.—Sales—
Jewel Tea Co.,
that its sales for the four weeks ended Sept.
Jones & Lamson Machine
15.03%.—V. 151,
Co.—-Initial & Special Div.—
declared an initial quarterly dividend of 20 cents per
special dividend of 50 cents per share on the new common
stock, both payable Sept. 25 to holders of record Sept. 20.-^7^151, p.J704.
Directors
share and
have
a
Laughlin Steel Corp.—To Pay $1 Accum. Div.—
Jones &
F Directors
have declared
cumulations
a
dividend of $1 per share on account of ac¬
the 7% cumul. pref.
on
stock, payable Oct. 22 to holders of
April 15, last, and the
Like amount was paid on July 22 and
record Oct. 8.
disbursement made on these shares was the $1.75 dividend
paid on Oct. 15, 1937, which also was on account of arrearages.—V. 151,
p. 1576.
last previous
Kansas Oklahoma &
1939
$245,783
151,563
102,895
1938
$187,024
1939
$48,833
89,903
51,903
124,792
1,452,114
764,306
463,225
1,820,169
971,619
638,739
1,488,755
707,315
430,670
1,548,149
824,014
528,613
Net ry. oper. income—
—V. 151, p.
81,530
1—
Gross from railway.
Net from railway-J....
1282.
16*321
$256,574
33,727
t
12,207
8,606
600,000
Surplus
600,000
49,631
Total
$667,639
$681,020
158,026
449,017
449,017
6,727
263
93
$667,639
expenses
$681,020
-
Total
—V. 151, p. 704.
Koppers Coal Co.—Asks Tax Review—
Sept. 23 asked the Board of Tax Appeals to review a
claim by the Internal Revenue Bureau that it owed $1,130,036.69 in per¬
sonal holding company surtaxes and a penalty.
The petitioners said that
the Bureau erroneously had determined that more than half the company's
indirectly by not more than five
outstanding stock was owned directly or
individuals.—V. 136, p. 1384.
Laclede Steel Co.<—Common Dividend—
of 15 cents per share on the common
30 to holders of record Sept. 24.
Like amounts
were paid on June 29 and March 30, last, and compares with 55 cents paid on
Dec. 27,1939, 15 cents paid in each of the four preceding quarters; 65 cents
paid on Dec. 12, 1938, and dividends of 15 cents paid in each of the three
preceding quarters.—V. 150, p. 1939.
Directors have declared a dividend
stock, par $20, payable Sept.
Langendorf United Bakeries, Inc.—Class B Dividend—
Directors have declared a
dividend of 15 cents per share on the class B
stock, payable Oct. 15 to holders of record Sept. 30.
Like amounts were
paid in two preceding quarters and previously regular quarterly dividends
of 30 cents per share were distributed.—V. 150, p. 2103.
Lawyers Mortgage Co.—Assents to
Plan—
reorganization managers announced Sept.
than $214,276,498 in assents to the plan of
The
more
26 the receipt to date of
reorganization from more
holders of mortgages and mortgage certificates guaranteed by
the company, representing approximately 85% of the gross claims filed
with the Superintendent of Insurance of the State of New York as liquidator
of Lawyers Mortgage Co.
Profits of the recently reorganized Lawyers Mortgage Corp. now con¬
ducting a general mortgage and mortgage servicing business, will be shared
in by the assenting creditors.
•
Hersey B. Egginton, Secretary of the reorganization managers, stated
that the managers and the Superintendent of Insurance are closely co¬
operating in fixing and determining the claims of the creditors, the claims
of the assenting creditors being proven on their behalf by the managers.
Negotiations are being conducted looking toward the purchase of the re¬
mainder of the assets by the reorganization managers from the
Super¬
intendent of Insurance, for liquidation by them through a realization
corporation for the benefit of the assenting creditors.
The plan of reorganization was declared operative and effective last
June, and Oct. 1 has been fixed as the last day on which creditors may assent
to the plan and participate in the reorganization's benefits.—V. 151, p. 1577
than 20,625
Lehigh Valley RR.—Earnings—
1938
1939
1940
August—
$3,481,669
767,646
342,009
$3,092,378
585,851.
134,632
1,546,107
711,287
251,657
30,707,795
8,369,881
4,122,940
28,685,623
7,223,464
3,590,551
26,286,905
5,570,012
1,751,545
33 ,138,749
Net from railway
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway
$16,178
39
Other income
$16,217
Total income
5,559
Deductions from income-
7 ,764,540
3 ,834,944
Contract-
Company has been awarded a contract totaling $15,646,450
pursuit planes and spare parts for the U. S, Government.—V. 151,
to build
p. 1577.
Loft, Inc. (& Subs.)—Earnings—
[Excluding Pepsi-Cola Co. and Subsidiaries]
1940
1939
xy$l,579,781 zloss$l,0.34,227
7 Months Ended July 31—
_
Net income.
—
1937
$3,742,910
1,005,165
income—
505,304
Gross from railway
274,727
-
68,345
150,000
outside
$290,905
-
Expenses.,
Profit
(par
$1)
& miscl. invests.
604
—
Total from net sales billed
other liabilities.
Lockheed Aircraft Cor p.—Government
Income—Miscellaneous parts and equipment
Autogiros and spare parts
Other items
Capital stock
208
properties
Advs.for prospect'g
Corp.—Earnings—
Earnings for Six Months Ended June 30, 1940
$4,069
1,732
Reserve for taxes &
Co.,Ltd. (wholly
600,in
1939
$4,069
10,029
10,046
Net ry. oper. income
—V. 151, P. 1577.
Kellett Autogiro
Unclaimed divs...
Acct. payable
owned sub.)
000 shares
Invest,
1940
Liabilities—
1940
Bun dry securities
Kerr Lake Mining
1937
$224,755
73,023
28,708
Gross from railway
'Net from railway
Net ry. oper. income--From Jan.
Gulf Ry.—Earnings—
1940
$168,718
August—
sur$2.288
$50,079
Assets—
Cash
7,
1940, were $2,157,687, as compared with $1,767,643 for parallel weeks in
1939, an increase of 22.07%.
Sales for the first 36 weeks of 1940 were $19,151,538, as compared with
$16,649,321 for a like period in 1939, an increase of
p. 1282.
$11,310
Includes other income.
The company on
provision for retirements.
The company reports
sur$999
prof54
prof313
Balance Sheet Aug. 31
$9,212
Net loss
$32,288
30,000
$679,083
Interest and other income charges of subsidiaries
Int. & other income chgs. of Islands
$18J590
30,000
Deficit
Prepaid
Gross income.
$30,999
30,000
Net profit
Dividends paid.
513
312
374
sale of misc. sees.
-
$1,855,648
993,053
$956,264
237,476
Net operating revenues
a
8,739
tions
Accts. receivable—
1938
1939
$1,970,815
1,037,881
15,539
examina¬
mine
U. S. Treas. notes
(& Subs.)—Earnings—
Calendar Years—
8,666
Taxes
15,683
Misc. invest, written off
at cost
Operating revenues
Operating expenses and taxes
a$64,461
11,804
Admin. & gen. expenses.
a
a$76,762
21,164
8,550
14,300
a$49,951
15,790
6,057
9,416
$116,610
17,981
Divs. and int. received
Loss
1937
1938
1939
1940
Years End. Aug. 31—
Sundry
Iron Fireman Mfg. Co.—To
Ltd.—Earnings—
Kerr Lake Mines,
Iowa Electric Co.—Accumulated Dividends—
W Directors have declared a dividend of 43 2^ cents per share on account of
accumulations on the 7% cumul. class A pref. stock, par $100, and a divi¬
the
1899
The Commercial & Financial Chronicle
151
Volume
1,473,259 shares cap. stk.
SI .071
Nil
x Includes $2,054,370 dividends received from
Pepsi-Cola Co. y After
depreciation and estimated Federal income (and defense taxes now in
effect for 1940).
z After depreciation, amortization, loss on cancellations,
sundry litigation fees, estimated legal fees and estimated provision for rent
Earnings per share on
arrears.
Profit
$10,658
-
-
-
Assets—Cash in bank and on hand, $16,67y; notes and accounts receivable
reserve, $25,985; inventory and work in process, $204,965; finished
autogiro in use, less reserve for depreciation, $8,909; investments, $650;
fixed assets, less reserve for depreciation, $59,400; development expense,
$313,752; deferred charges, $5,602; total, $635,942.
Liabilities—Notes and accounts payable, $153,572; accrued salaries,
wages, royalty, &c., $20,905; customers' deposits, $29,126; capital stock
(par $1), $365,098; paid in surplus, $191,068; deficit, $123,824; total,
$635,942.—V. 150, p. 1603.
less
Kewanee Public Service
Co.—Earnings—
1939
Calendar Years—
$506,619
424,976
Operating revenues
Operating expenses and taxes
Note—Earnings for 1940 period are
is
Balance Sheet June 30,1940
•
exclusive of Loft Candy Corp., which
longer a subsidiary of Loft Inc.
It is stated by company that all
no
costs and expenses in connection with
settlement of leases, litigation and contingent liabilities, existing at July 31,
1939, have been charged directly to general reserve set up for that purpose
under plan of readjustment; however, rentals on leases in excess of fair
rental values have been charged directly to current operations.—V. 151,
p. 1577.
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
1940
Years Ended July 31—
Maintenance
1938
$480,400
394,194
$81,644
1,145
$86,207
400
Net income--
$9,313
$12,253
Net operating revenues
Non-operating revenues
--
Net operating income
(net)
Miscellaneous deductions
Balance Sheet Dec.
74,032
321
31, 1939
$2,146,348; cash on deposit with trustee,
$2,554; cash, $84,236; special deposits. $583; accounts
and notes receivable (net), $46,067; materials and supplies, $20,108; deferred
charges, $5,637; deficit, $69,010; total, $2,394,972.
Liabilities—7% cumulative preferred stock ($50 par), $350,000; common
stock (10,000 no par shares), $500,000; funded debt, $914,200; notes payable,
$260 000; accounts payable,
$20,330; taxes accrued, $35,694; interest
accrued $914; customers' deposits, $8,441; other current liabilities, $678;
contributions by customers for construction of property, $1,824; reserves,
$302,890; total, $2,394,972.—V. 123, p. 1762.
Assets—Property and plant,
$20 429- investment,
...
Gross income
—
Interest on funded debt
Amortization of debt discount and expense
Other interest
,
Amortization of flood and rehabilitation expense..
Amortization of contractual capital
expenditures.
_
Interest charged to construction-.
Miscellaneous deductions
Balance
-
on pref. stock of Louisville Gas & Elec. Co.
(Ky.) held by public—cash
-
1,426
1,155,547
611,560
$4,273,295
217,095
"for Federal and State income "taxes
Other income
Gross income
.
1,428
1,131,415
784,254
Taxes..
$86,607
Interest charges
$82,789
73,075
401
Appropriation for retirement reserveAmortization of limited-term investments
Provision
1939
$11,906,390 $10,996,801
3,336,227
3,762,428
625,306
633,570
1,258,333
1,320,000
Operating revenues
Operation
$4,008,401
$4,490,390
1,030,450
160,227
17,851
250,000
37,000
Cr 11,003
26,860
$4,211,424
1,030,450
160,227
63,538
250,000
37,000
$2,979,005
$2,650,674
203,023
Cr6,294
25,829
Divs.
-Y. 151, p.
i
1,354,920
1,354,920
$1,624,085
Net inco
$1,295,754
The Commercial
1900
Lynn Gas & Electric Co.—Earnings1039
...
Madison Square Garden Corp.
3 Mos. End. Aug. 31—
Net loss.
x
Balance Sheet Dec. 31, 1939
Assets—Plant investment, $16,432,234; cash, $946,221; accounts receiv¬
(less reserve), $531,865; materials and supplies, $351,126; prepaid
$19,038; other unadjusted debits, $3,719; insurance and other
$93,221;
total,
$18,377,424.
Liabilities—Capital stock, $4,095,000; premium on capital stock, $6,149,731; accounts payable, $265,767; tax liability, $201,462; other unadjusted
credits, $10,533* reserve for depreciation, $4,410,666; insurance and cas¬
ualty reserve, $84,243; surplus invested in plant, $2,025,764; profit and loss,
$1,134,258; total. $18,377,424.—V. 141, p. 3865.
,
MacMillan Petroleum Corp.—Extra
,
Dividend—
Directors have declared
an extra dividend of 10 cents per share in addi¬
regular quarterly dividend of 15 cents per share on the common
stock, both payable Oct. 10 to holders of record Sept. 30.
See also V. 151,
p. 108.
1940
$167,276
1938
1940—Month—1939
expenses
Net oper. revenues
Equipment rents
Joint facility rents—Dr.
$197,764
77,383
Dr 1,864
23,190
Net ry. oper. incomeOther income
$95,327
49,751
$126,821
47,304
$1,304,019
323,941
$1,199,154
314,139
$145,078
$174,125
$1,627,960
$1,513,293
164,432
169,059
1,320,505
1,356,026
def$19,354
$5,066
$307,455
$157,267
Taxes
Gross income
of William
J.
Wardall,
trustee,
order
an
has
Net income
been
entered in the New York Federal Court requiring the trustee to file
a plan
reorganization for the company on or before Oct. 15.
After the filing of the trustee's plan the court will fix a date for a hearing
at which the intervening committees representing creditors, stockholders
and other interested parties may discuss the merits of the plan or submit
suggestions of their own.—V. 151, p. 1578.
.
&c.).
McKesson & Robbins, Inc.—To File Plan by Oct. 15—
application
$176,090
1940—8 Mos.—1939
$8,209,356
$7,849,038
5,957,663
5,765,408
$2,251,693
$2,083,630
671,601
530,228
Dr95,481
Drl45,423
180,592
208,825
$902,793
687,378
$215,415
63,356
Cr 1,420
$981,356
783,592
revenues
26.658
tion to the
Upon
1937
$137,007
•V. 151, P. 1578.
RR.—Earnings—
Period End. Aug. 31—
Operating
Operating
(& Subs.)—Earnings—
1939
$165,135
After depreciation, &c.t charges.
Maine Central
able
accounts,
funds,
un¬
stock ($100
x
Includes $20,834, the actual expense of damage from hurricane.
a
$425;
Liabilities—5% non-cumulative 2nd preferred stock, $20,000; common
par), $457,500; bonds, $720,000; notes payable, $140,000; ac¬
counts payable, $63,483; interest accrued,
$4,745; taxes accrued, $31,180;
sundry accruals, $650; consumers' deposits, $22,847; retirement reserves,
$186,473; uncollectible accounts reserve, $46,997; contributions for exten¬
sions, $1,712; maintenance reserve,. $4,371; earned surplus, $135,010;
total. $1,852,970.—V. 151, p. 1149. I
$3,170
Reserve for depreciation
_
and supplies, $15,544; prepaid insurance and taxes,
amortized debt discount and expense, $62,443:
total, $1,852,970.
355,270
$12,285
Balance for dividend and reserve
Dividend
$1,177,440
819,000
362,225
.1
1,222,990
a287,547
814,295
$1,193,510
819,000
Taxes
$3,502,272
1,378,800
302,541
811.751
Operation
Balance
1938
$3,686,602
Maintenance
Sept. 28, 1940
materials
Calendar Years—
Gross earnings
Financial Chronicle
A
-V. 151, p. 1283.
of
Aug. 3,'40
1Q40
and
Co.,
&
July 29, '39 July 30, '38 July 31, '37
Koch
Davison-
Manchester Gas
5.826,350
$55^312,730
Int.,
&
Dobs
597,354
183,449
221,648
245,251
$530,295
282,880
.
Net loss
$535,149
257,279
$665,012
y$768,649
175,244
286.350
on
$247,415
income
of
$277,870
612,679
$489,768 y$1,054,999
91,400
70,800
55,000
52,248
54,795
56,271
Shares
Co., Inc
common
x
per
stock...
$403,465
1,657,124
sources
(net).
y
$601,039
1,655,618
Nil
Income from securities, from radio
non-trading
Nil
y$787,212
1,503.835
$0.52
broadcasting and from miscellaneous
Profit.
Consolidated Balance Sheet
Assets •"•*'
Cash on demand deposit and
i
on
Aug 3
*40
$4,737!o79
hand
Investments
13,047
Notes and accounts receivable
Inventories.
7,491,265
16,884,468
Sundry debtors
517,929
Investment in Macy's bank
a
Land, bldgs. and equipment not used in oper'ns
New York World's Fair debentures
Loans to employees
743,000
1,303,948
49,028
102,204
Investments in foreign subs., not consolidated
Deposits with mutual insurance
companies
Miscellaneous assets
b Land, bldgs. and bldg.
equipment on owned land
129",542
438,442
32,202,020
Buildings and building equipment on leased land
and improvements to leased
properties
11,194,419
d Store fixtures and
equipment
4,818,342
©Delivery equipment
283,916
Prepaid expenses and deferred charges
1,718,518
Goodwill
7,000,000
July 29,'39
$8,630,926
14,187
5,098,683
15,213,034
491,731
1,319,473
250,743
102,022
2,752
116,513
414,831
33,194,775
c
Total
$89,627,167
Liabilities—
Accounts payable
$2,612,060
Notes payable to banks
500,000
Accrued liabilities
2,092,007
Dividends payable on common stock
1
828,910
Mtge. instal. & serial notes to be paid within 1 year
150,000
Miscellaneous credit balances
401,919
Long-term debt
8,780,500
Reserves
1,074,388
Minority interest in subsidiary
131,723
f Common stock
57,959,427
Dr74,023
15,170,257
Treasury stock
Earned surplus
.
300,908
1,282,256
7,000,000
$90,292,025
2,421
71,662
69,178
$14,210
x$8.876
7,250
914
Dr 1,869
Gross income
Int. on funded debt
Int. on unfunded debt..
$6,687
$15,124
2,130
2,500
1,419
x$l 0,746
5,000
1,321
370
429
455
479
102
206
311
$10,674
x$17,729
x$3,387
Mmcell. interest
$8,634
Dr2,159
$6,475
7,500
1,571
Amortization of debt dis¬
count and expense
Net income.
x
$4,188
dividends
7,875
-
Indicates loss.
Balance Sheet Dec. 31, 1939
materials and supplies, $40,160; deferred debits, $6,394; total,
$2,572,163.
Liabilities—7% preferred stock, $900,000; common stock ($100 par),
$900,000; notes payable, $16,000; customers' deposits, $9,472; accounts
payable, $21,169; taxes accrued, $3,993; interest accrued, $2,143; deferred
credits, $41; contributions in aid of construction, $628; reserves $559,033;
earned surplus, $159,684: total, $2,572,163.—V. 149, p. 1921.
Manila Electric
Co.—Earnings—
Years Ended Dec. 31—
Total oper. revenues
Operating income
Other income.
Gross income
Int.
on
long-term debt..
Total other deductions..
Net income.
Dividends
2,238,264
828,562
671,875
.
Preferred dividends
Common dividends
327,141
$2,134,603
92,889
1,123,127
$2,034,362
$1,995,728
103,457
113,290
1,112,797
1,091,984
$918,587
835,000
$818,108
1,075.000
$790,454
900,000
1938
*
37,171
61,483
61,482
16,622
27,456
750
225
recelv'le
bd. int.
tees
for
1938
S
$
Common stock
(par $50).
..11,446,000 11,446,000
Long-term debt... 1,548,000
1,771,000
.
.
-
Notes & accts. pay¬
66,839'
63,022
75,478
9,673,053
Matured bond int.
(contra)
sinking
funds)
a
able to parent co. 9,662,963
(contra)
funds, &c
Cash (incl. working
1939
Liabilities—
$
24,297,865
750
Notes pay. (banks)
Accts. payable
225
570,000
Interest accrued..
100
Mis cell, accruals..
311,337
303,850
Mat'ls & supplies
Def'd debit items.
597,017
470,877
375,980
473,455
40,339
104,181
237,172
225,724
102,990
1,111,766
87,542
1,256.090
338,242
27,461
Consumers' service
136,662
206,661
282,630
Taxes accrued
93,015
66
660,000
259,649
Notes receivable.
Accts. receivable..
57,959,427
Dr98,290
14,629,787
1938
$619,168
$499,710
391,631
$127,259
19,300
$108,079
17,470
$146,559
$125,550
18,928
$118,363
46,540
$106,621
45,559
1$71,822
1,000
71,325
$2,454,902
81,820
1,099,732
$
from affil. cos..
_
.
$61,062
and line deposits
Reserves
Earned surplus
a
25,366,441 25,791,347
Total
25,366,441 25,791,347
Including amount of capital surplus appropriated from earned surplus.
Marion-Reserve Power
Period End. Aug. 31—
Total oper. revenues—
Non-operating income..
revenues
Co.—Earnings—
1940—Month—1939
$287,601
$262,445
2,511
1,502
1940—12 Mos.—1939
$3,250,684
22,143
$3,018,494
28,108
$3,046,603
1,342,627
209,564
74,058
200,195
252,228
Federal income taxes
Maintenance
reserve.
Net earnings
on mtge. debt
on serial notes
Int.
$290,112
127,170
21,484
14,283
12,715
30,304
$263,947
115,709
17,244
7,065
16,432
22,753
$3,272,827
1,440,355
225,975
$84,155
22,604
2,920
General taxes.
$84,744
31,354
2,125
$989,911
320,250
30,992
129,552
179,577
307,456
Amort, of debt disc, and
and other deduc¬
tions (net)..
3,836
3,158
46,264
$54,795
13,461
$48,106
14,128
$592,405
164,198
$41,334
Net income
Div. accr. on $5 pref. stk.
$33,979
$428,207
1,000
60,626
Before provision for retirements.
Balance Sheet Dec. 31, 1939
Assets—Property, plant and equipment, $1,597,717; cash, $46,249; ac¬
receivable, $122,088; other receivables, $471; merchandise,
$8,034
99,348
V. 150, p. 1149.
exp.
Deductions from income.
$1,958,557
1936
$4,969,509
3,010,952
,
10,348,750
907,705
28,196
.
$2,014,296
20,066
23 ,860,869
Int.
.
Provision for retirements.
$2,123,383
11,220
1939
Assets—
Fixed capital
Investments
Prov. for retire,
Non-operating income.
1937
$5,349,366
3.335.070
Deposits with trus¬
491.909
.
1938
$5,758,975
3,635,592
Balance Sheet Dec. 31
Gross
.
1939
$1,273,350
1,330,000
.
$6,296,666
3,861.345
$2,435,322
19,580
Total oper. exp. & taxes
Operation
expenses and taxes.
737
72,716
1,639
1,664
Deposits for mat'd
$2,342,142
-Earnings1939
counts
54,943
42,518
x$563
5,120.368
$89,627,167 $90,292,025
Calendar Years—
a
52,455
75,880
2,486
1,971
70,425
11,738,822
a After
deducting depreciation of $141,147 in 1940 and $95,394 in 1939.
b After deducting depreciation of
$11,159,657 in 1940 and $10,440,073 in
1939.
c Less amortization of $9,633,119 in
1940 and $9,286,635 in 1939.
d After deducting depreciation of
$5,905,677 in 1940 and $5,569,560 in 1939.
©After deducting depreciation of
$281,304 in 1940 and $245,239 in 1939.
f Represented by 1,659,939 no par shares,
g 2,120 shares in 1940 and
2,815 shares in 1939.—V. 151, p. 705.
Operating
53,583
and
Operating income
Total
Total
Macon Gas Co.-
1936
$457,856
278,308
Non-operating income..
Accounts
g
1937
$437,129
292,535
29,414
Assets—Property, plant and equipment, $2,454,328; cash, $19,175; note
receivable, $808: accounts receivable (net), $$51,240; interest receivable, $57,
$391,063
1,657,819
Nil
share
1938
$446,530
272,804
30,967
31,958
renewals
Prov. for Fed. inc. taxes
Prov. for other Fed .taxes
Prov. for other taxes
56,787
Net loss applic.to com.
stk. of It. H. Macy
Earnings
for
Preferred
losses of subsidiaries..
1939
264,195
replacements
211,000
minority stock¬
in profits and
holders
&
Prov.
Fed'l taxes
for
'3S
prof$95,607
$446,353
Operating revenue
Ordinary expenses
57,938,181
1,379,570
discount
Other income
Int.
53,759,698
1,307,378
147,074
debt,
Provision
5,935,652
$54,953,504 $60,944,329
53,372,531
1,437,634
586,703
and expense
x
5,258,621
.TiitiP 30
prof$18,862
Co.—Earnings—
Calendar Years—
Maintenance
6,110,375
$56,135,116
Cost of goods sold, sell¬
ing, operating and ad¬
ministrative expenses. 54,551,673
Depreciation
1,313,870
Maintenance and repairs
652,794
PaxonCo
Total
1Q3Q
$405,693
After all charges, including interest, depreciation, provision for Cuban
profits tax, &c.—Y. 150, p. 3053.
"Macyfs", N. Y
$36,267,365 $36,336,283 $36,795,808 $40,891,659
L. Bamberger & Co.. 13,757,376
13,150,097
12,899,074
14,117,017
LaSalle
—Yrs. End. June 30— Nov.I '37 to
Loss for year
x
Net sales:
The
-Earnings—
x
(R. H.) Macy & Co., Inc. (& Subs.)—Earnings—
6 Months Ended—
Manati Sugar Co.Period—
Bal. avail, for
stock
common
-V. 151, p. 1149.
Marshall Drug
Co.—Registers with SEC-
See list given on first page of this department.
$967,930
The Commercial &
Volume 151
Midvale Co.—Government Contract—
Masonite Cor p.-—Earnings—
Period End. Aug. 31—
oaies
1940—12 Mos.—1939
$9,163,345
$7,346,629
1940—3 Mos.—1939
$2,313,120
$2,187,335
profit—
629.851
461,746
1,659.348
1,163,050
Earnings per share-..
$1.13
$0.82
$2.91
$1.99
x After
all charges,
y On 539,210 shares common stock.—V. 151, p.
y
1727.
Transportation.
Non-oper.
share,
payable Oct. 21, 1940 to holders of certificates of beneficial interest at the
close of business Sept. 30,
1940.
This is the trust's 64th consecutive
quarterly distribution and if from investment income on securities owned
for the quarter ending Sept. 30.
This distribution compares with 18 cents
a share in the same quarter last year and 21 cents a share in the second
quarter of 1940.—V. 151, p. 558.
a
share on the common
of record Sept. 26.
This compares with
$1 paid on Oct. 2, 1939, this latter being
dividend paid since Dec. 24, 1937, when 50 cents per share was
distributed.—Y.
Merck &
151,
109.
p.
$1,106,253
$965,580
$1,098,532
530,959
39,365
534,651
63,604
13,456
Cr6,224
535,135
76,127
General taxes
Misc. int. & other chgs_
Amort, of dt. disc. & exp.
a
Before
Net
30, 1940
Utility
$2,200,000
Co.—Government Contract—•
Company has been awarded a contract totaling $8,390,000 to build
artillery material for the U. S. Government.—V. 150, p. 1605.
Mesta Machine
Metropolitan Edison Co.—Balance
$
Plant, prop.,<fcc.
88,379,589
87,991,599
Investments
21,578,845
21,605,013
1,062,731
465,345
Notes
&
lieu
In
M.
prop,
of
8,755
9,569
sold
224,261
63,964
259,810
199,822
Due to Com'wealth
489,139
558,384
Accounts payable.
a
Int. receivable..
1,959,870
545,854
61,652
_
6,266
accts.rec.sold
1,241,196
110,729
3,915,439
116,895,579
116,700.123
Total
16,047
for
96,886
93,153
20,187,371
.
20,187,371
903,946
893,899
Earned surplus.
of $82,708 in 1939 and
reserve
"Chronicle"
Mississippi River Power Co.—Earnings1939
a1938
$4,146,127
1,837,056
$3,898,062
1,286,202
Net operating revenues
Non-operating revenues
$2,309,071
124,973
$2,611,860
123,382
$2,434,043
936,100
40,182
14,770
$2,735,242
943.745
40,726
14,925
$1,442,991
494,068
920,000
$1,735,846
494,068
1.241,600
Calendar Years—
Gross income
Interest
funded debt
on
Other deductions
1940
$116,354
54,126
August—
Gross from railway
Net from railway
69,999
50,575
income
878,910,
397,585
196,692
from railway.
$137,591
67,495
47,717
$155,273
Preferred dividends
76,852
Common dividends
852,504
338,442
197,988
978,680
432,776
307,086
250,979
Minneapolis St. Paul & Sault Ste. Marie
,
54,318
Ry.-—Earnings
Freight revenue
Passenger revenue
AH other revenue
1940—8 Mos.—1939
1940—Month—1939
$1,719,889
$1,389,827
117,784
107,761
126,728
130,865
$9,182,202
486,146
835,707
829,597
$1,628,453
!!510,504,055
$9,044,683
$1,964,401
Total revenues
struc¬
1,896,085
1,842,703
$7,639,581
575,505
1,762,142
1,783,675
277,014
4.197,684
277,808
215,261
34,668
659,010
61,927
Transportation expenses
General expenses
Net railway revenues
Taxes—
Net after taxes
Hire of equipment
Rental of terminals
222,556
219,134
34,926
612,648
$715,727
235,480
__
Traffic expenses
Includes
-
the"accounts of
Missouri' Transmission Co.,
$473,276
124,871
$1,782,987
816,482
$583,334
784,866
$348,405
33,953
11,949
$966,505
163,601
103,655
x$201,532
166,772
104,574
65,913
281,747
4,279,574
420,959
$302:503
12,043
$513,839
10,723
Net after rents
1938
1
$
$
'
8,234,475
par)
16,000,000
160,926
18,722,000
5,826,567 Funded debt
3,473
47,643 Accounts payable.
18,874,900
6% cum. pref.stk.
Com. stock ($100
47,426,041
159,431
sk. fd. trustee..
...
5,801,097
42,356
Cash
1939
Liabilities—
$
S
11
pay'
Payrolls payable..
ment of matured
Matured int. unpd,
Deposits
for
535,353
244,025
6,119
Due
536,998
(trade)
Oth er accts. r ecei v.
4,092
interest,
Accts. rec.
&c._..
current acct.
50,641
Mat'ls & supplies.
68,086
378,614
123,517
Total
16,409
15,201
4,981,587
5,646,076
4,817,164
5,617,154
$781,650
22,124
Mississippi Valley Public Service
1938
l$$7.
$1,009,813
668,881
$1,002,183
719,886
$281,131
$340,932
$282,297
1939
Net operating income
1,756
$310,010
$759,526
x$409,776
957
492
$282,887
83,930
1,868
19,440
$341,890
$282,790
102,167
1,623
13,820
100,000
3,756
12.725
1,100
Gross income
Interest on long-term
x
1,200
1939
1938
1937
$2,975,290
Net
$2,562,212
641,311
$2,798,805
.
1940
August—
$3,330,066
from railway
1,242,133
ry. oper. income—
874,267
713,584
282,659
785,468
413,692
17,102,340
2,711,818
468,657
15,426,436
1,578,466
def879,665
18,339,765
3,576,391
1,661,415
1,038,973
From Jan. 1—
19,507,654
from railway
4,422,441
ry. oper. income—
2,162,406
Gross from railway
Net
—
—V. 151, P.
Period End. Aug. 31—
Earnings
& Light Co.
k
1940—12 Mos.—1939
1940—Month- -1939
$651,524
224,269
110,113
$6,395,524
69,048
41,667
700,000
550,000
572
6,880
6,859
$247,520
$255,570
72
$3,096,635
1,890
$2,956,222
991
$248,511
133,850
5,937
$255,642
134,642
5,838
$3,098,525
1,611,319
72,157
Cr3,048
$2,957,049
1,621,580
68,807
Cr 1,414
$1,418,097
990,825
$1,268,076
990,833
$427,272
retirement re¬
appropriations
of limited-term
$7,286,501
2,233,128
1,249,858
574
Direct taxes
$551,572
159,779
93,984
$277,243
1,822,553
1,059,890
Property
.
investments
Net oper. revenues—
Other income
Gross income
Int. on mtge.
bonds
and deduc—
Int. charged to construe.
Other int.
Dividends applic. to pref.
Balance
151, p.
1149.
Cr 763
Crl60
$109,487
Net income
—V.
comparative purposes.
Balance Sheet Dec.
Operating revenues
Operating expenses
serve
for
1284.
Minnesota Power
Amort,
$223,180
$105,108
Dividends on preferred stock
99,319
99,319
Dividends on common stock.—
49,200
49.200
Notes—(1) No provisions for Federal and State income taxes was made
in the statement for 1938 in view of deductions to be claimed in the returns
for debt discount, expense and premiums applicable to bonds refunded
during the year and railway retirement losses realized.
*
(2) The above income account for 1937 includes minor reclassification
$177,650
99,319
49,200
Net income...-
Gross from railway
Net
-
Amortization of bond disct. and exp._
Miscellaneous deductions
Loss or deficit.—
[Including Wisconsin Central Ry.J
Net
debt
General interest
bonds, &c
Co.—Earnings—
$1,031,646
750,514
■L
Calendar Years—
Total operating revenues—
Balance before interest
on
-54,825,795 54,750,330
Total
54,825,795 54,750,330
—V. 151, p. 993.
93,715
$314,546
4,536
current and
accrd. liabilities-
Surplus
x$379,163
30,612
$522,607
paid
$115,322
i
827
Assets—Utility plant.
31,1939
$5,529,467; cash, $43,489; accounts
receivable
(net), $69,113; materials and supplies, $114,873; prepaid insurance, $5,314;
deferred charges, $293,108; commissions and expenses on preferred stock,
$45,317; total, $6,100,682.
Liabilities—7% cumulative series A preferred stock, $561,100; 6% cumu¬
lative series B preferred stock, $1,000,700; common stock (par $100),
$1,230,000; long-term debt, $2,079,000; accounts payable, $24,606; accrued
taxes, $117,512; accrued interest, $17,631; dividends payable on preferred
stock, $18,284; customers' deposits, $17,759; other current liabilities,
$15,378; reserves, $789,871; contributions in aid of construction, $31,160;
earned surplus, $197,680; total, $6,100,682.—V. 148. p. 1033.
.
Missouri Gas & Electric Service
Calendar Years—
Operating revenues
r
Operating expenses and taxes
Interest on long-term debt
General interest
«
Net income.
Common dividends.
Co.—Earnings —
1939
1938
$666,737
$638,114
551,062
528,911
$115,675
55,297
Net operating income
stocks for the period
622,589
424,922
123,517
Resrrves—------
Deferred charges..
x$472,878
$524,563
1,956
Income before interest
52,391
603,948
421,100
Other
108,207
4,380
6,589
9,437
cos.
Dividends declared
416,856
16,000,000
10,691
10,127
Int. accrued
Other income
Int. being accrd. &
affil.
current act-
Taxes accrued
83,241
on
to
on
139,759
440,834
$699,249
82,401
former sub¬
8,234,475
1938
1939
'^BSCtS-
Property <fc plant.47,540,072
Cash on depos.with
Operating expenses and taxes..
Other income (net)
a
23, 1938.
Balance Sheet Dec. 31
Due from affil. cos.
$580,247
51,736
14,671
Maint. of equipment
a
Investments
[Excluding Wisconsin Central Ry.]
Period End. Aug. 31—
Maint. of way &
tural expense
-
Net income
1937
151, p. 1284.
—V.
v
sidiary, to date of dissolution, Nov.
865,054
358,890
Gross from railway
Net ry. oper.
$135,704
30,415
Net ry. oper. income
From Jan. 1—
Net
21,248,434 22,663,576
b Represented
Amortization of bond discount and expense
1938
1939
1,215,205
836,251
$91,226 in 1938.
RR.—Earnings
Midland Valley
3,156
601,436
67,811
Operating revenues
Operating expenses and taxes
116,895,579 116,700,123
Total
1939, appeared in the
Earnings for the year ended Dec. 31
V. 151, p.'558.
of Feb. 17, page 1140
After
a
110,729
16,580,078
Capital surplus
3,366
by 450,000 no par shares.—V. 151, p. 1436.
credits 16,598,120
extensions
16,047
3,814,384
668",051
in aid of
Total
21,248,434 22,663,576
Total
Res. and miscell.
receivable sold
144,510
26,541
137,209
Earned surplus...
48,239
Guar. of appl'ce
4,754
Def. debit items
34,800
pref.
Capital surplus...
271,664
265,437
252,783
Appliance accts.
&
construction
Consumers'serv.
Contribut'ns
Int.
Contrlb.
accrued
1,221,206
496,107
351,685
taxes
Matured long-term
18,818
Deferred credits..
8,668
Reserves
1,353,315
470,198
unadj.
Accrued
Misc. current llab-
1,464,232
542,141
payable-
ing funds)
Notes receivable
498,614
49,713
68,887
337,697
207,179
65,434
71,210
dlvs. payable...
Taxes accrued..
Accts. recelv'le.
Mat'ls & suppl's
177*638
182,210
28,849
Mat'ls & supplies.
345,000
22,898
58,051
387,747
Corp..
Due to assoc. cos.
4,108
Special deposits
-
and line deps.
Int. & divs. rec.
cum.
& South.
Accts., notes and
59,012
Cash (incl. work¬
583,608
434,174
54,692
Cash
& exp.
In proc. of amort
35,353,630
40,615,900
57,057
Interest
with trus¬
Deferred charges..
Debt disc.
$7
Acer.
Miscell. accruals
68,887
57,057
bond interest.
tee
1,927,161
pref.stk.. 1,927,161
pref. stk. 1,595,931
Common stock.. 4,500,000
1,595.931
b
4,500,000
Long-term debt—10,286,200 10,686,700
Consumers' deps..
225,390
246,372
Inv. & fund, accts.
to
co..
Accts.
Deps. for mat'd
Dep.
pay'le
Mat'd bond int.
affiliated
companies
18,140,083 21,301,764
88,029
1,655,370
$
$
$6 cum.
$
35,333,730
Long-term debt. 40,472,900
Accts.
accts.
plant
1938
1939
Liabilities—
1938
$
Capital stock
from affil.
rec.
$356,296
253,062
dt. & accr. Int..
1939
LiabUitles—
8
$485,064
253,062
253,062
$
T
Prepayments
Sheet Dec. 31-*-
1938
1939
Assets—
56,533
13,456
Cr6,203
13,456
1938
1939
jlsect*
and excess profits taxes and before appropriation to
contingencies.
Federal taxes on such income under present
estimated at about $470,000.—-V. 150, p. 3364.
statutes are
dividends
$959,212
539,130
Crl 1,249
$360,093
$515,828
253,062
income
Co.—Earnings—*
income
for
28,646
Cr8,545
Int. charged to construe.
185,140
108,000
371,289
34,570
180,000
355,861
84,100
Balance Sheet Dec. 31
Earnings for 6 Months Ended June
reserve
$3,103,243
1,445,031
Fed. & State inc. taxes..
Provision for
Preferred
(estimated)
Net income
$3,472,155
1,551,403
202,258
181,641
280,000
1,586,097
,
Maintenance
[Excluding Canadian Subsidiary]
a
$3,059,442
29,398
14,402
368,188
149,782
Operation
Int.
Directors have declared a dividend of 75 cents per
^
$3,442,479
21,721
7,954
deprecia'n.
earnings.. $3,671,961
Total gross
Net earnings
on long-term debt--
Dividend—
stock, payable Oct. 1 to holders
50 cents paid on July 1, last, and
the first
9,801
revenues..
1937
1938
$3,505,805
15,248
5,800
$3,526,853
1,599,791
200,352
280,000
386,130
95,000
distribution at the rate of 19 cents a
Portland Cement Co.—75-Cent
Medusa
1939
earnings—Electric $3,662,160
Calendar Years—
Gross
Massachusetts Investors Trust—Dividend—
have declared
559.
Co.—Earnings—J
Mississippi Power
,
Trustees
$12,334,375 to supply
Company has been awarded a contract totaling
the U. S. Navy.—V. 151, p.
ordinance material to
Net
x
1901
Financial Chronicle
„
$109,202
55,769
1,686
1,618
$58,692
50,539
$51,816
50,487
1902
The Commercial & Financial Chromcte
Balance Sheet Dec. 31, 1939
Assets—Utility plant, $2,845,549; property not used or useful, $43,675;
investments and other assets, $5,786; cash,
$66,502; special deposit for pay¬
of bond
ment
interest, $3,725; accounts and notes receivable, $121,748;
materials and supplies, $33,077; prepaid
insurance, $976; total, $3,121,039.
Liabilities—Common stock (25,375 no par shares), $873,042;
long-term
debt, $1,377,230; accounts payable, $37,205; customers' deposits, $30,170;
accrued taxes, $34,575; accrued
interest, $20,123; other current liabilities,
$2,237; reserves, $667,498; contributions in aid of construction, $2,773;
earned surplus, $70,185; total, $3,121,039.—V.
151, p. 1580.
*
Gross from railway
Net from railway
Net after rents..
1940
1939
$2,324,255
473,640
$2,288,767
66,730
From Jan. 1—
Gross from railway
Net from railway
18,085,174
3,863,931
925,193
Net after rents
—V. 151, p. 1284.
1938
18,369,072
3,560,455
$2,881,550
786,390
287,023
18,171,861
3,159,663
145,716
565,909
21,261,625
5,398,717
2,283,505
1940
Net ry. oper. income
Stocks
See
1938
1937
$6,702,292
1,176,048
321,550
$7,023,641
1,498,709
618,514
$8,061,092
1,957,574
1,003,620
55,309,654
11,337,267
4,676,284
Gross from railway
Net from railway
1939
$7,195,842
1,521,982
666,356
Net ry. oper. income
From Jan. 1—
52,284,142
9,970,612
2,998,402
51,994,353
9,625,969
2,604,629
1284.
1939
1938
$3,721,249
2,823,346
$3,602,687
2,687,982
$897,903
9,378
$914,705
11,059
$.107,281
337,500
31,614
5,193
Crl 1,798
$536,365
300,000
200,000
$555,908
300,000
200,000
Net operating revenues
revenues
income
Interest on funded debt
Amortization of bond discount and expense
Other Interest charges
Interest during construe, charged to property and
plant
Miscellaneous income deductions
Net income.
Preferred dividends
j
Common dividends
31,615
9,440
3,100
Assets—Property and plant, $16,049,678; cash on deposit with trustee,
$79,355; cash, $1,908,330; cash on deposit for payment of dividend on
preferred stock, and other deposits, $78,015; accounts receivable
(net),
$480,579; materials and supplies, $302,520; deferred charges,
$974,405;
total, $19,873,483.
Liabilities—$6 cumulative preferred stock, $5,000,000; common stock
(75,000 no par shares), $3,300,000; funded debt,
$9,000,000; accounts
payable, $116,369; preferred stock dividend payable, $75,000; taxes ac¬
crued, $178,788; interest accrued, $43,365; customers
deposits, $94,908;
other current and accrued
liabilities, $48,093; contributions by customers
for construction of
property, $78,963; reserves, $1,020,847; earned surplus,
$917,150; total, $19,873,483 —V. 149, p. 2090.
Mobile Gas Service
Corp.—Earnings—
Calendar Years—
a
1939
revenues
expenses
23,481
50,511
first mortgage 5% bonds
Other interest
on
i
Sundry income charges
$117,652
45,825
1,354
675
„
$164,548
46,896
$145,328
Provision for retirements.....
Interest
$141,068
$195,839
Gross Income before pro v. for retirements
$635,972
494,904
$162,528
33,311
Net operating revenues
income
1938
$809,185
646,657
and taxes
Non-operating income
Gross
45,825
1,111
671
$97,474
$75,351
on
income
Net from railway.
Neir7^operV^0me—-
—V. 151, p. 1727.
Montana Power
247,064
107,063
7,572,464
1,232,355
113,469
$956,913
198,213
75,109
7,590,639
1,478,883
418,583
1938
$993,802
251,969
121,039
7,513,524
1,651,792
563,728
1937
$1,009,814
119,352
3,888
8,178,211
1,831,752
853,593
Int.
on
mtge. bonds
debentures
Other int. & deductions.
Int. charged to construe.
nPL6} income
-
$£56,044
157,212
44,125
41,550
$377,042
158,714
$7,060,342
1,894,648
44,125
36,914
529,495
529,495
468 900
418 474
Cr3,186
Cr950
Cr48J99
$413,738
$140,475
$4,168,249
957,531
$2,991,908
957,526
$3,210,718
$2,034,382
Balance..
151, p. 1149.
Montreal
Light
Officer—
$5,804,715
1,913,037
Cr581
Dividends applicable to pref. stock for the
period
—V.
Heat
&
Power
Provision for Federal taxes
on
$179,765
110,531
660
-
$103,901
116,045
999
1,558
5,865
3,114
income
8,000
Net income
$57,459
loss$20,566
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $164,397; instalment notes for securities and buses dis¬
posed of, S19.217; accounts receivable, $3,331; due from officers and em¬
ployees, $1,670; miscellaneous receivables, $416; supplies, $22,539; prepaid
licenses, taxes, insurance, &c., $6,157; other assets, $58,806; fixed assets
(net), $756,653; intangibles, $14,692; total, $1,047,879.
Liabilities—Long-term obligations, due currently, $78,346; accounts
payable, $22,325; accrued wages, $9,718; accrued Federal taxes on income,
$8,000; other accrued taxes, $5,571; accrued interest, $58,381; miscel¬
laneous current liabilities, $293; accrued but undeclared interest on
bonds,
$514,598; long-term obligations,
$1,661,013; unearned
$12,791;
revenue,
$27,685; common stock ($10 par), $688,320; deficit, $2,039,163:
total, $1,047,879.—V. 149, p. 2697.
reserves,
Mount Royal Hotel Co.,
A
Oct.
meeting of preferred and
17
to
consider
a
Ltd.—May Reorganize—
common
stockholders
has
been
called
for
reorganization
plan for Mount Royal Hotel Co.
providing for issuance of $3,560,000 3% and 4% first mortgage bonds to
the Metropolitan Life Insurance Co. in
discharge of indebtedness; also
issuance or new common stock on the basis of 1M shares of new
common
for each preferred share and A share of new common
for each $100 of
script dividend certificates and 1-20 share of new common for each full
common share now held.
Authorized share capital would be increased to
175,000 shares by creation of additional 76,614.
Preferred and common
stockholders and scrip holders would have rights to
purchase units of $10
of new 4% general mortgage convertible bonds and one new common
$10 per unit.
Units not otherwise taken up would be underwritten
by C. A. Ripley, Vice-President of the company.—V. 151,
p. 110.
par
share at
Mountain States Power
**"
Co.—37%-Cent Dividend—
Directors have declared
a dividend of 37 A. cents
per share on the common
stock, payable Oct. 21 to holders of record Sept. 30.
Dividends of 25 cents
was paid on July 20, last, and an initial dividend of
$1 was paid on April 25,
last.—V. 151, P. 1728.
Munson Line,
Inc.—Earnings—
[Including Munson Steamship Corp.]
Consolidated Income Account for Period from Feb. 8, 1939
mencement of Operations) to Dec. 31, 1939
(Date of Com¬
Operating revenues—steamships
Dividend received from Santiago Terminal Co
$214,827
6,160
1,938
Interest earned, &c
Gross income
Operating expenses—steamships
Inactive vessel expense
Terminal operations (net)
$222,924
160,565
17,922
5,171
;
General and administrative expenses
Prov. for equity in oper. loss of Compania Maritima Cubana..
Provision for depreciation
85,724
10,706
48,618
....
Net loss from operations
$105,783
Assets—Cash
order
and
payment of
reorganization expenses of predecessor company),
$1,175,711;
equity in cash deposit held in trust pursuant to court order, $59,476; ac¬
counts, notes and claims receivable (less reserve of
$14,541), $54,827;
special deposits, $69,119; investments, $151,905; steamships Mundixie
$18,954),
$153,312; de¬
payable, accrued liabilities, &c., $64,455; due to
brokers for securities purchased, $17,977; note
payable secured by mortgage,
$6,350; reserves, $147,796; $4 preferred stock (class A, 17,416 shs., $435,400;
class B,
1,644 shs., $41,100; class C, 71,690 shs., $71,690), $548,190:
common stock (73,970 shs., no par, capitalized at
$1 each), $73,970; capital
surplus, $870,435; earned surplus (deficit), $48,956; total, $1,680.217.—V.
148, p. 1484.
(F. E.) Myers & Bro. Co .—Extra Dividend—
Directors have declared
an extra dividend of $1
per share on the no par
stock, payable Oct. 25 to holders of record Oct. 15.
Regular
quarterly dividend of 75 cents per share was paid on Sept. 25.—V. 151,
p.
1150.
commom
Chattanooga & St. Louis Ry.—Earnings—
August—
1940
1939
1938
1937
$1,225,730
198,840
128,812
$1,219,844
252,976
145,598
$1,113,290
250,763
156,040
$1,118,061
111,844
64,529
Gross from railway
9,871,066
Net from railway
Net ry. oper. income—
1,885,89Q
1,064,593
9,689,923
2,018,323
1,175,680
8,801,140
1,699,932
Gross from
Net
railway
from railway
Net ry. oper. income
From Jan. 1—
-
902,526
Calendar Years—
9,840,699
1,575,604
929,650
Heating Co.—Earnings—
1939
Operating revenues
Operating expenses
$667,688
566,859
1938
$654,569
547,242
Operating income
Non-operating income
$100,829
Dr6,981
$107,327
Dr6,830
$93,848
38,503
$100,497
38,750
236
1,105
2,089
Gross income
Interest
on
long-term debt
Taxes assumed
on
interest
470
Other interest
1,740
Miscellaneous deductions
3,305
Net income
$49,829
Note—1938 figures restated for comparative purposes.
$58,316
Balance Sheet Dec. 31, 1939
Assets—Property, plant and equipment, $4,426,283; special fund, $1,000
cash, $132,493; special deposit, $825; notes and accounts receivable (net),
$98,325; materials and supplies, $71,174; deferred debits,
$12,203; total,
$4,742,303.
Consolidated—New
Gustave Fontaine has been
appointed to the post of Assistant Treasurer
it was announced Sept. 20 by John S.
Norris, President of the comDanv
—V. 151, p. 1728.
income
Interest.
Amortization of intangibles
'
Prior years'adjustments
Loss from non-operating property
Nashville Gas &
Dr22,460
on
19,240
—V. 151, p. 1285.
Co.—Earnings—
revenues
Gross income.
$101,486
2,415
Nashville
1939
$1,024,713
1940—Month-—1939
1940—12 Mos —1939
$1,504,868
$1,146,011 $16,871,053 $14,259,946
expenses.....
450,132
437,712
5,126,471
4,438,210
Direct taxes
254.899
201,140
2.958,868
2,415,812
Property reitrement and
depletion res, approp.
148,726
134,865
1,727,621
1,578,749
Net oper. revenues...
$651,111
$372,294
$7,058,093
$5,827,175
Other income (net)
4,933
4,748
2,249
Int.
$160,525
Liabilities—Accounts
Period End. Aug. 31—
Operating
Operating
Net operating income
Other income
and Munmotor (less reserve for depreciation of
ferred charges, &c., $15,866; total, $1,680,217.
and
1940
Net ry. oper. income...
From Jan. 1—
Gross from railway
1938
$831,331
729,845
(incl. $37,500 restricted pursuant to court
$40,336 held in trust or set aside by the board of directors for
RR.—Earnings—
Gross from railway
Net from railway
1939
$869,645
709,120
additional
equipment, $2,856,293; cash, $20,904;
notes receivable,
$540; accounts receivable, $148,113; other
receivables,
$1,035; appliances on rental, $6,894;
merchandise, $26,901; materials and
supplies, $21,890; prepaid insurance and
taxes, $6,604; other deferred
charges, $2,197; total, $3,091,372.
Liabilities—Common stock (5,000 no par
shares), $430,701; first mortgage
bonds, $1,833,000; accounts payable, $79,930; interest
accrued, $12,075;
taxes accrued, $12,419;
sundry accruals, $714; consumers' deposits,
$25,712;
service extension deposits,
$41,868; retirements reserves, $516,675; uncol¬
lectible accounts reserve,
$35,479; contributions for extensions,
$13,080;
interest on income bonds
reserve, $56,869; capital surplus,
$32,848; total,
$3,091,372.—V. 151, p. 1436.
Mobile & Ohio
Subs.)—Earnings—
Calendar Years—
$70,046
Balance Sheet Dec. 31, 1939
August—
annum.—
Operating income
Operating expenses...
Cr5,305
Net earnings reserved for int. on income
bonds..
$97,474
a Before
provision for retirements,
b Reserved for interest
bonds.
i
plant
3% per
1728.
Consolidated Balance Sheet Dec. 31, 1939
Remainder
Partial return of premiums paid in
prior years to
a self-insurance fund
Assets—Property,
p.
151,
Motor Transit Co. (&
337,500
Balance Sheet Dec. 31, 1939
Operating
Operating
outstanding collateral gold notes series of 1929 of October
on Oct. 1.
Holders of notes may,
elect, retain their notes upon the condition that on and after
Oct. 1, 1940, all notes not surrendered for
redemption shall bear interest,
payable Oct. 1 and April 1 of each year, at the rate of
$925,764
Cr6,292
2,900
revenues
expenses and taxes
Non-operating
p.
Co.—Earnings—
Calendar Years—
Gross
14,750,271
8,236,595
Suspended—
Chicago Milwaukee St. Paul & Pacific RR.—V. 151,
Operating
Operating
the
so
61,961,536
Missouri Power & Light
of
if they
Gross
Missouri Pacific RR.—Earnings—
August—
Gross from railway
Net from railway
Morris Plan Corp. of America—Notes Called—
All
maturity have been called for redemption
1937
$2,374,919
451,561
8,501
.
365,268
def7,523
Directors have declared a dividend of 55 cents
per share on the common
stock, par $40, payable Oct. 15 to holders of record
Sept. 20. Dividends of
65 cents per share were paid in
preceding quarters.—V. 150, p. 440.
V.
Missouri-Kansas-Texas RR.—Earnings—
August—
Sept. 28, 1940
Montreal Telegraph Co.—55-Cent Dividend#—
_
Liabilities—Capital stock
(par
$100),
$2,000,000;
long-term
debt,
$724,000; accounts payable, $18,121; matured interest, $825; consumer's
deposits,
$23,143; taxes accrued, $26,338; interest accrued,
$10,574;
other current
liabilities, $1,800; customers' advance for construction,
$75; reserves, $584,128; capital surplus, $1,329,745: earned surplus,
$23,555;
total, $4,742,303.—V. 149, p. 420.
Volume
dividend of 50 cents per
share on the common
15 to holders of record Oct. 31.
Dividend of like
payable Nov.
a
amountwar^id on May 15, last and one of 75 cents was paid on Nov. 15,
National Cylinder* Gas
Co.—Listing—
The Chicago
Stock Exchange has approved the company s application
1.335,701 shares of common stock, par $1.—V. 151, p. 1436.
to list
National Dairy Products
$10,492; special deposits, $148; prepaid accounts,
$1,228; unamortized debt discount and expense, $5,282; total, $555,336.
Liabilities—Funded debt, $254,500; common stock ($100 par), $130,000;
accounts payable, $3,759; accrued interest on funded debt, $2,545; other
accrued interest, $61; accrued taxes, &c., $9,509; consumers' and line
extension deposits, $8,059; due to affiliated companies, $26,465; reserves,
$25,555; contributions for extensions, $828; reserve for issuance of common
stock, $40,000; earned surplus, $54,054; total, $555,336.—V. 151, p. 707.
inventories,
New Bedford Gas & Edison
for re¬
will be
Total
1938
1937
1936
$4,445,268
$3,984,311
1,771,026
i54,386,516
1,877,603
296,393
346,229
373,255
$4,477,844
1,816,672
362,463
364,034
997,950
838,921
b845,733
a827,426
$882,644
7,920
revenues
oper.
an extra
$731,741
$949,922
31,942
$1,107,249
$981,864
$1,129,909
1,849,615
382,674
332,384
expenses
Maintenance
Dividend—
...
dividend of 25 cents per share in
addi¬
tion to the
regular quarterly dividend of 50 cents per share on the common
stock.
The extra will be paid on Nov. 1 to holders of record Oct. 25 and
the regular quarterly dividend on Oct. 1 to holders of record Sept. 24.
National Fuel Gas Co.
Calendar Years—
Operating income
Int.
1,334,959
1,257,107
$4,543,185
3,810,183
3,810,183
$1.19
1,187,876
$3,637,021
Dividends paid
3,810,183
Shs .com .stk .out. (no par)
3,810,183
Earnings per share.
$0.95
Fixed capital
Securities owned..
Cash
Dividends
12,051
accr..
74,540
Mat'ls & supplies.
1,763,275
Other assets
Total
Res.
340,692
94,581,564 94,144,139
Gross
—V.
151,
744,419
Cash
402,888
105,686
Deferred charges.,
$133,849
after
reserve
p.
$1,590,406
1939
1938
$3,981,778
1940
$4,473,164
$3,511,660
v
20,034,948 19,379,079
Total
151, P. 1581.
1937
selling, ad¬
/4,041,494
3,483,158
3,798,232
4,174,684
$298,480
$183,546
$28,502
35,575
11,245
202,428
Sept. 20, New England
$233,793
$39,747
$285,965
cu
ft.,
...
a
12,500
5,000
31.000
.
$34,747
$273,465
86.364
87,084
88,574
88,803
Net ry. oper. income..
From In. 1—
1939
Net from railway
$129,916
$148,675
2,243,975
Miscell .receivables
6,225
1,890,362
from railway
Net
Gross from railway
1940
Liabilities—
1939
Notes and accepts.
Net ry. oper. income.
$366,949
15,285
Accounts payable-
668,942
Accrued accounts.
181,119
154,686
94,732
94,703
44
231
781,533
788,217
261,300
446,895
281,385
618,906
261,300
Direct taxes....•
459,287
284,962
1939
1938
1937
$271,553
108,775
48,815
$277,422
106,532
49,311
$282,145
101,860
35,565
2,062,137
708,437
275,408
1,961,904
694,449
252,231
1,997,125
2,196,460
647,262
208,539
876,532
424,422
Prop, retire, res. approp.
payable
Divs. payable
Prior
conv.
106,555
96 472
35,553
33,624
1
1
Com. stk. (no par)
Capital sur pi us
Earned surplus
...$3,390,696 $2,948,065
New Orleans Public
406,008
Dividend of 15 cents
stock, payable Sept. 30 to holders of record Sept. 16.
was paid on Sept. 30, 1939, this latter being the first dividend paid since
March 10, 1938 when regular quarterly dividend of 15 cents per share was
distributed.—V. 149, p. 4181.
119,908
52,500
Direct taxes
Prop, retire't res. approp
305,154
109,880
52,500
1940—12 Mos.—1939
$8,510,561
$8,384,605
3,502,706
3.804,956
1,304,098
1,335,496
613,334
630,000
800
1,945
18,180
23,378
$260,234
$235,617
$2,721,929
$2,941,089
97
139
1,521
2,791
$260,331
61,875
17,500
$235,756
61,875
17,500
$2,723,450
$2,943,886
9,516
Cr50
742,500
210,000
112,523
742,500
9,434
Cr346
0341
Cr 1.334
$1,658,768
$1,882,627
499,100
$1,159,668
$1,383,527
Amort, of lim.-term inv.
1
Net oper. revenues
Other income
Gross income.
mtge. bonds
deb. bonds
Other int. & deductions.
Int. charged to construe.
$171,868
$146,915
Dividends applicable to pref. stocks for the period
income.
Balance..
210,000
110,087
499,100
$5,156,382
$4,324,290
Drl59
2,448
3,601
$296,209
187,837
19,005
$5,158,830
2,216,669
254,633
$4,327,891
2,331,597
252,764
$303,168
178.915
19,611
bonds.
Int. chgd. to
Cr 19.824
construc'n.
Balance
New Orleans
1940
$166,206
23,806
38,785
Net ry. oper. income
—V. 151, p. 1285.
Newport News
1,603,333
436,192
538,631
income
railway
Net from railway.
Gross from
1939
$149,637
6,887
1,623,739
480,492
railway
Net ry. oper.
458,438
13,390
1938
$129,851
def9,006
2,295
1937 „
$146,641
defl,640
14,393
1,610,535
484,371
517,070
1,880,123
779,079
801,575
Shipbuilding & Dry Dock Co.—New
dee.—Dividends—
Four new directors were
at the
$1,218,768
Earnings-
Texas & Mexico Ry.-
Net from railway
Directors,
$1,763,354
544,586
1581.
August—
Gross from
$2,687,528
544,586
$2,142,942
$104,642
$89,367
stock for the period.
Net income
Dividends applicable to pref.
added to the Board of Directors
19. Those elected were
board's meeting held Sept.
Adams, H. Donald Campbell, John M. Miller
The other directors of the enlarged Newport
of this company
Charles Francis
Jr. and Samuel L. Slover.
News board are Homer L.
Chairman and President of the company; Roger Williams,
Vice-President; John B. Woodward Jr , Vice-President and
William Gatewood, Vice-President; Earle Bailie and
Francis F. Randolph.
Bailie and Randolph are Chairman and President,
respectively, of Union Securities Corp., which recently headed a group offeringjto the public preferred and common stock of Newport News Shipbuilding
& Dry Dock Co., and of the investment companies in the Tri-Continental
Ferguson,
Executive
1150.
General
Nebraska Light &
Power Co.—Earnings—
1939
Years Ended Dec. 31—
$148,986
74,583
5,440
Gross operating revenues...
Operation
Maintenance
Provision for retirements
General taxes
11,913
14,436
3,320
Federal income taxes
$39,293
Net operating income
Non-operating income
Z)r 180
1938
$149,673
70.933
5,541
11,563
14,385
3,975
$43,276
164
6% bonds.
Other interest
Amortization of debt discount
generating equipment
Net income.
and expense
1
Manager;
'
Group.
.
•
meeting it was announced that Edward A. Adams, Secretary
for many years, had resigned.
George A.
Parker was elected Secretary and W. Graham Scott, Treasurer.
Both
have been connected with the company over a long period.
The board declared the first quarterly dividend of $1.25 per share on the
new $5 cumulative convertible preferred stock and a dividend of 40 cents
per share on the common stock, both payable Nov. 1 to stockholders
record Oct. 15.
_.
,,
.
.
Officers of the company stated that the Newport News shipyard has
unfinished business totaling more than $400,000,000 booked.
More than
12,800 men are now employed at the plant.
When additional shipbuilding
facilities, for which contracts have been let, are put in use it is expected
that 18,000 men will be employed, a new high record for the plant, which is
the largest independent shipyard in the country.—V. 151, p. 1151.
After the
and
Treasurer of the company
of
$39,114
Income
Interest on 1st mtge.
$296,368
213
Other int. & deductions.
-V. 151. P.
Nebraska Power Co.—Earnings—
320,081
$302,955
— _
Gross income
1940—Month—1939
$753,523
$705,096
8,829,353
3,319,297
2,162,753
196,738
Net oper. revenues...
Interest on mtge.
National Pressure Cooker Co.—20- Cent Common Div.—
Directors have declared a dividend of 20 cents per share on the common
Period End. Aug. 31—
9,048,092
3,631,208
2,468,566
304,440
—
Other income (net)
-V. 149, p. 2521.
Operating revenues
Operating expenses
701,064
259,407
196,581
741,338
Operating expenses
$3,390,696 $2,948,065
Total
■Earnings—
Service Inc.
1940—Month—1939
1940—12 Mos.—1939
$1,453,420 $20,304,248 $18,635,693'
Operating revenues—__ $1,545,471
Period End. Aug. 31
Class A $2.50 non-
cumulative
1729.
—V. 151, p.
226,425
$5.50
preferred.
cum.
equip.,
(less res.)..
Deferred charges..
Rent on
_
773,738
Furn. and fixtures,
Gross
.
$501,000
318,512
Instalment accts..
r
Earnings
1940
.,$284,678
106,782
50,709
August—
Gross from railway
$202,793
1940
—V. 151, p.
...
is reported at 88,966,000 cu. ft., an increase of 1,792,000
2.06% above production of 87,174,000 cu. ft. in the corresponding
year ago.—V. 151, p. 1729.
or
New Orleans & Northeastern RR.
Condensed Balance Sheet June 30
Net
Association
of 9,273,694 kwh. This is an increase of 427 ,290 kwh.,
of 8,846,404 kwh. for the corresponding week a
Gas output
prior con v.$5.50
pref. stock
Goodwill
Association—System
Gas & Electric
4.83% above production
$298,555
Other assets
3,835,486
20,034,948 19,379,079
Total
year ago.
&
Mdse. inventories-
115,691
7,130
5,153,764
1,329
Electric
&
Gas
reports electric output
$83,537
50,247
35,500
Assets—
122,438
6,528
Output—
>4,125,031
For the week ended
estimated
on
160,272
97,391
42,792
2,550
341,505
34,780
4,533
'
England
New
week
on
197
300,000
143,400
137,011
213,696
3,882,984
Contribs.
Earnings—
$334,055
Int.
95,407
104
315,000
5,268,055
for exten
1,461
deposits
Reserves
Prov. for income taxes—
Int.
(bank)
Unadjust. credits.
—V.
cludes carrying chgs.).
Total
(contra)
Surplus
Profit from operations
income—net
(in¬
&c.
98,184
divs.
Miscell. accruals..
Other
Sk delivery
to
affil. companies.
Unclaimed
Interest accrued..
254,654
157,059
24,132
16,200
1728.
Cash
payable
Accts.
Divs. declared....
or
.on
1,000,000
185,000
parent co.
from
Taxes accrued
$1,391,694
304,479
209,902
$122,608
25,317
17,468
ministrative & gen.exp
cum.
1,000,000
Advs. onopenacct.
Notes pay.
re¬
accr.
Years Ended June 30—
Net sales
Cost of sales,
3,081,268
Accounts payable.
1940—12 Mos.—1939
National Manufacture & Stores Corp.-
Divs
443,280
331,293
144,977
490,738
.
Mat'ls & supplies.
(& Subs.)—Earnings—
1940—Month—1939
revenues
income
tirement
Net income
7,290
634,639
S
5,342,400
Prem. on
$25) 5,342,400
cap. stk. 3,081,268
Consumers' service
Period End. Aug. 31—
Operating
Accts. receivable.
1938
$
Com. stk.(par
Long-term debt—
197
104
(contra)..
2889.
National Gas & Electric Corp.
_
539
113,027
divs.
Special deposits
94,581,564 94,144,139
Total
31
Liabilities—
Depe. for unclaim.
deplet.,
for
b No provision for
1939
$
depr. & amort._23,009,670 22,190,691
1,468,708
360,120
360,120
114,981 Prem. on cap. stk.
378,894 Cap. acc't & sur__68,179,242 -68,468,882
112,548
Prep'd & def.deblts
Res. casualty liab.
74,177
Notes receivable
—V. 150, p.
dep..
credits._
Deferred
952,546
699,731
856,056
502,545
4,291
113,027
Int. <fc taxes pay..
Consumers'
1,866,332
$
952,546
644,443
887,127
431,098
payable
Accounts payable-
58,097
$1,071,812
908,208
1938
$
Plant, prop., &o_. 18,229,721 17,816,820
682
Investments
61,493
1938
$
Liabilities—
79,983,860 79,244,240
1,931,888
3,003,411
2,307,345
2,792,036
6,040,283
5,189,306
Time deposits
Accts'receivable.. 2,027,133
Int. & rents
1939
$
43,295
•
667,800
Balance Sheet Dec.
1939
Assets—
1938
$
stock.
on common
22,659
$938,569
854,784
$668,132
Includes $4,066, surtax on undistributed profits.
Federal surtax on undistributed profits has been made
Consolidated Balance Sheet Dec. 31
1939
income
42,834
$856,114
801,361
(net)
a
3,810,183
3,810,183
$0.96
3,810,183
3,810,183
$0.83
_
Assets—
34,451
&c.
Divs.
$710,966 *
debt,
long-term
on
340,002
Dr20,775
$890:565
Gross income.
"$3,179,213 "$3^60^299
1,210,634
amort., p. & 1. adjust.
(incl. prov.
Federal taxes)
Net
Net profit
for
Taxes
omitted)
1938
1937
1936
$14,823,866 $15,887,288 $17,094,745
10,456,777
10,892,029
11,294,453
1939
Total earnings
;__$14,962,925
Exp., taxes & gas purch. 10,115.270
.Reserve for depr., depl.,
Provision for retirement.
Other income..
(& Subs.)— Earnings—•
(National Fuel ownership only—Minority interests
Light Co.- -Earnings-
IQtQ
Years End. Dec. 31—
Operating
National Folding Box Co.—Extra
$3,781; accounts receivable
Assets—Plant and investment, $510,974; cash,
$23,432;
Corp.—Debentures Called—
A total of $938,000 3%% debentures due 1951 has been called
on Nov.
1 at 100H and accrued interest.
Payment
made at Goldman Sachs & Co., N. Y. City.—V. 151, p. 852.
demption
Directors have declared
1939
Balance Sheet Dec. 31,
National Casket Co.—50-Cent Dividend—
Directors have declared
stock,
1903
The Commercial & Financial Chronicle
151
$43,440
15,799
1,336
1,093
2,400
16.730
$18,486
$21,609
1,608
1,093
2,400
,
The Commercial & Financial Chronicle
1904
New York Auction
Directors have declared a dividend of 25 cents per share on the common
stock, payable Oct. 15 to holders of record Oct. 1. Last previous distribution
was the 15-cent dividend
paid on Dec. 27. 1939.—V. 150,
New York Central
New York Transit capital stock; Christain F. Leno,
and Louis Boehm, owner of 1.406 shares.
The
owner of 1,000 shares,
company has 106,000 shares
The plaintiff unsuccessfully attempted to obtain the election
of directors of their own to the New York Transit board last
spring.
More important than the suit for damages, is the
petition of the court
to bar the Rockefeller Foundation from
voting its holdings of 24.78%
of the capital stock of New York Transit for the election of directors on
the ground that such voting violates the dissolution decree of the Standard
Oil Co. in 1911.
Such a ruling, it is thought, might apply to other com¬
panies in which the Foundation holds stock.
RR.—Earnings—
r
August—
Gross from railway
alleged that this resulted from a
conspiracy entered into by the defendants.
The suit was brought by Beatrice D.
Marony, owner of 1,500 shares of
1288.
p.
1940
1938
1939
1937
$31,687,985 $28,364,196 $25,074,978
8,404,633
5,935,180
7,367,028
4,029,717
"2.307,971
3,513,448
From Jan. 1—
Gross from railway
237,441,795 211,453,080
outstanding.
$30,248,956
Net from railway
Net ry. oper. income...
247,801,482
60,854,463
28,989,421
Net from railway
Net ry. oper. income...
—V.
151,
56,393,617
23,077,005
186,908,727
34,163,936
3.387,042
47,462,985
15,015,638
6,773,012
3,209,801
1581.
p.
New York
The complaint alleges that Mr. Rockefeller, his sons, and certain
family
friends, control 43.5% of the stock of Socony-Vacuum.
Chicago & St. Louis RR.- —Earning s-
August—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
*
Net from railway
Net ry. oper. income.
.
Other
1940
1939
1938
$4,038,494
1,455,377
863,609
$3,541,600
1,158,649
$3,203,094
1,035,821
648,352
579,764
$3,615,423
1,178,478
846,915
29,527,047
8,926,523
4,590,740
26,299,659
7,840,947
3,954,259
22,864,796
5,737,165
2,167,425
28,855,711
9,708,605
5,838,296
& Hartford
859,906
c260,546
Ry.
the
of showing the complete account for the operated
system, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties, accrued and unpaid charges
against said properties for Boston Terminal Co. taxes and bond interest
unpaid subsequent to July 31, 1939.
Stocks
purpose
Suspended—
New York & Richmond Gas
$3,080,814 $19,701,433 $14,085,519
Cr343,663 02,463,384 01,542,445
Drl7,498
Drll8,764
Drl25,703
Net ry. oper. income. $2,790,984
Other income items (bal.)
Dr21,802
$3,406,979 $22,046,053 $15,502,262
131,736
198,209
Dr8,563
Calendar Years—
1939
1938
Operating revenue
$1,206,110
Oper. exp., taxes, &c—
894,714
Gross income
6%
$322,329
158,541
$265,002
147,336
$286,201
149,573
$163,788
$117,666
28,953
$136,628
115,812
$147,903
$163,788
$88,713
$20,816
pref. divs
Balance
x
Gross income
$2,769,182
177,581
Boston
Total income
Operating
expenses
Purchased elec. energy..
Maintenance
c
Taxes
(net), $161,596; inventories, $111,904; special deposit, $1,000;
$53,878; total, $6,903,984.
Liabilities—6% cum. pref. stock, $1,930,200; common stock (150,000
no par
shares), $1,500,000; 1st ref. 6% mtge. bonds, $2,125,000; accounts
payable, $34,458; taxes accrued and payable, $38,047; accrued bond interest,
$21,250; accrued interest on customers' deposits, $19,538; refundable main
extension deposits, $6,837; miscellaneous current
liabilities, $13,789; cus¬
tomers' deposits, $274,530; reserve for
depreciation, $105,062; contribu¬
deferred charges, $13,929; capital stock
expense,
tions in aid of construction,
$334,307; surplus, $500,965; total, $6,903,984.
—V. 151, p. 1436.
New York Water Service
Operating
Operating
deprec. and
taxes
Other income.
on
pref. shares
com. shares...
Gross income
$3,031,348
1,794,745
$2,934,752
1,712,237
$2,927,811
1,677,660
$1,222,515
$1,250,151
34,035
30,872
$1,266,333
764,333
$1,256,550
767,818
33,458
12,365
...
35,750
deductions.
Federal
income
for
capital
stock
15,081
13,134
29,313
5,208
5,000
24,226
Cr 18.642
15,868
7,569
12,760
14,206
219
CV3.231
1,047
6,200
_0
Provision
773,711
14,896
4,944
on
indebtedness to Federal
Water Service Corp
Other interest charges
Interest charged to construction
Miscellaneous
$1,281,022
13,662
Interest
303,804
303,953
$1,966,203
684,234
1,300,056
$1,926,918
$1,965,645
$2,166,439
684,234
1.300,056
c
x
Accts. receivable
Accts.
Divs.
48,896
85,171
Includes Federal income taxes.
S
4,546
5,103
51,154
63,082
692
716
950,275
891,370
36,682
56,986
82,143
charges
79,179
Plants & props.__50,151,152
Constr .work orders
In progress
49,841,055
1938
$
$
Accts. pay.to affil.
cos.
165,915
(notsubs.).
Other
cos..
rec..
Securities owned..
accts.
Funded
13 ,000,000
debt
Res've for deprec. 9 ,152,403
Other res. & sus¬
pense
credits—
Minority
172,942
pay.
and accruals—. 1 ,248,808
Consumers' depos.
279,305
int.
common
922,867
256,717
13,000,000
8,736,640
138,974
168,254
4,227,769
in
stks. &
76,564
274,221
surpl. of sub.co. 4 253,908
$3 cum. pref. stk
378,176
434,169
($50 par)
11 404,012 11,404,012
y Common stock..13 754,553 13,754,553
Consol. surplus
3 ,236,047
3,259,534
Unamort. debt dis¬
count & expenses
Accts.
1939
Liabilities—
2,068,625
1,564,690
1,628,575
accrued
Prepaid
684,234
1,300,056
Balance Sheet Dec. 31
receivable
from affil.
Other accts.
684,234
1,300,056
1938
2,294,181
receivable
(not current)
6,201
Cash held by trus¬
tee as collateral.
60,916
299,285
$
Cash
and
taxes
350,681
1939
1937
Inventories
Interest on funded debt
Interest on serial notes
T
Amort, of debt disc, and expense
Taxes assumed on interest
88,874
16,931
b Includes surtax of $1,705.
Assets—
1938
$1,236,603
29,730
expenses,
on
Corp.—Earnings—
'
92,144
16,556
*
earnings
for the year
Divs.
Divs.
$2,750,143
455,000
57,292
11,648
55,993
12,148
Ccmsolidated
1939
revenues
net
1936
$2,985,482
409,285
count and expenses
Consol.
1937
$2,853,852
475,701
Miscellaneous interest-Minority interest in net
earnings of sub. cos—
[Including Rochester & Lake Ontario Water Service Corp.]
Calendar Years—
$2,840,025
455,000
Interest on funded debt.
Amortization of debt dis¬
receivable
1938
$10,687,761 $10,652,709 $10,562,368
270,578
347,265
286,591
$11,467,112 $10,958,339 $10,999,974 $10,848,959
3,674,083
3,510,564
3,694,985
3,505,776
967,508
979,583
881,763
795,832
757,565
741,438
782,120
777,087
931,117
843,192
801,932
842,586
2,284,738
2,145,492
1,985,321
bl,942,195
Gross income
1939
$14,274,432
Lighting Properties (& Subs.)—Earns.
1939
Gross oper. revenue....$11,163,096
Other income
304,016
Depreciation
Assets—Plant, property and equipment, $6,265,017: other physical
property, $130,756; cash (incl. working funds, $2,000), $165,905: accounts
$3,220,477 $20,756,861
Calendar Years—
Includes other income of $956 in 1937 and
$1,117 in 1936.
Balance Sheet Dec. 31,
$3,398,416 $22,177,789 $15,700,471
177,939
1,420,928
1,426,038
$2,591,600
funded debt
on
North
1936
$147,903
income
cum.
1937
$1,186,216 x$l,157,324 *$1,181,960
863,887
892,322
895,759
$311,397
163,494
Int. & other inc. charges
Net
Net ry. oper. revenues
Railway tax accruals...
Net income
—V. 151, p. 1286.
Co.—Earnings—
and
Railway oper. income. $2,458,170
Equipment rents (net)..
Cr349,631
Joint facility rents (net).
Drl6,818
General expenses
Int.
See Chicago Milwaukee St. Paul & Pacific RR.—V. 151,
p. 1729.
Transit
$4,315,937 $31,112,361 $21,598,400
1,235,123
11,410,928
7,512,881
143,394
.
Transp'n for invest.—Cr.
Western Kit., July 31,
For
York
$4,531,016
2,072,846
The leases of the following companies were rejected on dates stated,
but net railway operating income includes the results of operations of
these properties: Old Colony RR. Co., June 2,1936; Hartford & Connecticut
c
New
1,850,821
19,520
218,249
7,956
Traffic expenses
Transportation rail line
Miscell. operations
a
leases.
of
Ry.—Earnings—-
$9,680,498
1,117,787
1,807,667
oper. revenues...
Maint. of way & strucs..
Maintenance of equipt..
3,393,352
4,806,684
c4,222,729
1936; Providence Warren & Bristol RR., Feb. 11,
1937, and Boston & Providence Kit. Corp., July 19, 1938.
b Effective as of these dates, no charges for the Stated leased rentals
are included covering the Old Colony RR., Hartford & Connecticut Western
RIt., Providence Warren & Bristol RR, and Boston & Providence ltlt. Corp.
directors
$8,889,471 $69,146,292 $54,635,728
5,747,525
839,230
7,165,176
11,715,573
1,642,239
13,643,375
1,110,120
141,139
1,164,493
1,760,095
14,503,911
12,948,564
146,544
135,225
18,078
184,392
1,528,540
1,414,858
118,108
34,537
11,640
1940—8 Mos.—1939
457,110
c669,502
the
1940—8 Mos.—1939
1940—Month—1939
$9,245,368
$8,488,648 $66,039,501 $51,752,438
348,387
323,784
2,424,825
2,310,012
34,945
30,962
244,077
218,396
51,798
46,076
438,889
354,882
Aug. 31—
revenues
Pass.,mail & express revs
Other transp'n revenues.
Incidental & jt. fac. revs.
54,345,530 $52,991,926
3,706,204
4,960,966
c3,991,073
all
Norfolk & Western
Period End.
Freight
RR.—Earnings—
Period End. Aug. 31—
1940—Month—1939
Total oper. revenue
$7,314,919
$6,819,388
a Net
ry. oper. income..
719,712
311,814
Inc. avail, for fixed chgs.
bNet deficit after charges
include
V. 150, p. 1777.
—V. 151, p. 1285.
New York New Haven
defendants
Walter W. Stewart, who, together with Mr. Rockefeller and Mr. Aldrich,
constitute the finance committee of the Foundation.—V. 151, p. 1436,
1937
,
Sept. 28, 1940
The complaint charges that New York Transit was caused "to trans¬
port crude oil through its pipe lines at a price less than the reasonable
value for the service rendered."
It is
Co., Inc.— To Pay 25-Cent Dividend—
Unamort,
bal.
200,000
of
prelim, engineer¬
$362,666
$358,640
$338,719
1939
Assets—
28,594,315 28,454,882
d Cash & mater'ls
238,713
241,402
e
Inv. in subs.
cos.
notconsol.herein
Misc. inv. & spec'l
not
to
609,599
7,629
sub.
10,709
470,000
510,000
95,188
co.
consolidated
Cash
234,421
Notes & accts.rec
236,264
202,936
Cash held by trust.
for Int. accrued.
2,190
2,370
Due from affil. cos.
Due from sub. cos.
795
604
3,904
1,083
103,040
83,359
c
Mat's. & supplies.
Acer, unbilled
rec.
102,365
84,118
Deferred charges
& prepaid accts.
159,830
Fire protec'n serv.
296,184
176,241
247,889
498,482
1938
$
$
15,691,500
Commiss'n
on
sale
of pref. stock
Total
-31,538,810 31,237,784
shares
100,000
101,927
x
87,674
106,000
106,000
42,296
p.
34,642
Assessments
Interest accrued..
Taxes accrued
Deferred liabilities
151,252
130,050
76,448
81,221
Miscell. accruals..
Prov. for Fed. tax
17,181
83,760
78,985
Reserves
2,935,330
Contrib. for exten.
499,345
6% cum. pref. stk. 4,653,200
revenue
78,936
2,601,500
473,057
4,653,200
2,601,500
Capital & paid-in
surplus
2,338,645
Earned surplus
2,023,152
4Total
Rockefeller jr., Winthrop W.
Aldrich,
31,538,810 31,237,784
b Represented by
Rockefeller Foundation
a
suit
brought
Sept. 19 by certain minority stockholders of
this company who ask that
damages be paid the company and that Rocke¬
feller Foundation be enjoined from
voting its stock in the election of New
York Transit directors.
reserves,
y
Total
Represented by 433,354
56,633,927 55,903,289
no
par
shares.—V.
150»
Calendar Years—
(& Subs.)—Earnings—
expenses
Other income
and taxes
(net).
1939
1938
$2,504,873
1,949,700
$2,497,373
2,076,323
$555,173
*
revenues
30,082
$421,050
27,045
Interest
on
long-term debt
Interest
on
$585,255
189,750
$448,095
189,750
unfunded debt
Net income
839
816
11,298
11,298
$383,368
$246,231
Note—Dividends paid on $7 cumulative prior preferred stock amounted
doubtful accounts and
on
After
to
$o3,931 in 1939 and $51,468 in 1938.
d Held for special
e After reserve of
$2,000,000.—V. 151, p. 854.
Supreme Court
1,101
Amortization of debt discount and expense
New York Transit Co.—Suit—
D.
55,903,289
2264.
Operating
Operating
2,338,645
1,637,772
b Common stock..
and Secony-VacuumOil Co., Inc., were named
defendants in
Y.
56,633,927
2,743,800
construction projects,
in N.
620.027
12,302
122,193
Unearned
Including unamortized debt discount and expense,
26,015 shares of $100 par value,
c After
reserve for
John
620,027
...
North Penn Gas Co.
10,448
155,843
138,289
a
notes receivable of
pref.
Other assets
498,482
a
of
Total
Wat. Serv.Corp.
Notes payable
Accounts payable-
156,523
comm.on
15,870,500
Indebt. to Federal
Consumers' depos.
609,599
deposits
Advs.
1939
Liabilities—
Funded debt
&c
ment,
issues
1938
$
charges
Discts. <fc
Consolidated Balance Sheet Dec. 31
Pl't, prop., equip¬
ing
$43,883 on $7 cumulative preferred stock, $92,120 and
stock, $220,000.
Consolidated Balance Sheet Dec. 31, 1939
on
the
common
Assets—Plant, property, rights, franchises, &c., $12,327,835; invest¬
and special deposits, $401,738; cash, $362,702; accounts and notes
(net), $386,456; materials and supplies, $86,865; prepaid lease
and well rentals, $51,894; deferred charges, $355,892; total, $13,983,383.
Liabilities—$7 cumulative prior preferred stock, $624,000; $7 cumulative
preferred stock, $1,316,000; common stock (100,000 no par shares), $1,823,500; long-term debt, $3,450,000; accounts payable, $119,399; accrued
interest on long term debt, $31,625; customers' security deposits and ac¬
crued interest thereon, $9,182; accrued general taxes, $71,240; Federal
and State income taxes, $180,785; dividends payable on preferred stocks
and miscellaneous liabilities, $71,454; reserves, $5,747,173; earned surplus,
$539 016; total $13 983 383 —V
151 p. 1151
ments
receivable
The'Commercial & Financial Chronicle
Volume 151
North Continent Utilities Corp.
Calendar Years—
Operating
Operating
Maintenance
Provision for taxes._
.
Federal income taxes
Provision for retirements
Amortization of property abandoned.
1938
1937
$3,635,580
2,299,205
145,532
268,586
60,877
278,916
5,259
S 13,710,480
2,349,571
151,514
253,250
39,638
270,274
$4,053,775
2,572,153
140,650
244,103
$577,206
expenses
Operating
(& Subs.)— -Earnings
1939
revenues
$646,233
41,837
$808,047
40,292
$688,070
490,452
201,874
32,421
1,160
2,752
$848,339
512,712
205,547
35,119
3,377
income
Other income
Northern
36,812
252,013
'
Subsidiary companies
Interest
bonds
on
$625,802
461,774
196,041
deductions
.
Amort, of debt discount & expense
Other interest charges
31,621
4,268
2,721
.
Miscell. deductions from gross income
2,858
com.
$
$
Assets—
Fixed capital
22 ,097,572 21,848,609
428,091
381,414
Investments
Cash
598,558
Accts.
554,766
502,209
540,863
684,057
96,136
580,446
85,991
519,343
615,861
& notes re¬
ceivable
1939
(net)..
Inventories
Other assets.
Deferred charges..
$
Liabilities—
Operating
Operation
Non-cum.
pref.
stock (conv.)
3,842,001
b Common stock__
166,964
Minority
Interest
in subsidiaries.. 4,146,225
Funded and longterm debt
8,247,750
a
Years Ended July 31—
1938
S
1938
3,842,001
166,964
Appropriations for retirement reserve
604,992
8,595,500
493,009
Earned surplus
Other income
2,225,844
81,768
62,294
5,049,782
151,356
31,760
5,044,646
169,029
Represented by 43,836 no par shares in 1939 and 43,847 no par shares
b Represented by 166,753 no par shares in 1939 and 166,755
148, p. 2436.
in
par shares in 1938.—Y.
North Shore Gas
on
funded debt
Interest
on
bank loans
Operating revenues
.$1,460,427
Operating expenses and taxes.......
1,268,673
$1,430,334
1,266,148
$1,399,854
1,278,737
$191,753
$164,186
66,684
70,722
$121,117
65,510
Other income.
Gross
income
Other interest...
Interest
on
funded debt
—
30,317
1,767
$3,448
2,177
loss$49,024
$7,992,119
stock, $5 series
(Minn.)..
cumulative preferred stock of North¬
on
—...
$36,377
Note—The published income account for 1937 is restated above to con¬
of accounts prescribed
by the Illinois Commerce Commission effective Jan. 1, 1938.
The net loss
for 1937 is affected only to the extent of $2,551, being the profit on bonds
retired, which, under the new classification, is credited directly to surplus.
form with the classifications of the uniform system
Balance Sheet Dec. 31, 1939
Assets—Utility plant, &c., $10,095,092; investments, $1,576,610; cash,
$124,671; notes receivable, $520; accounts receivable (less reserve), $290,170;
and supplies, $93,383; other assets, $58,050; deferred charges,
$146,856; total, $12,385,353.
materials
Liabilities—7%
cum.
pref. stock, $2,795,600; common stock ($25 par),
$3,000,000; funded debt, $4,709,000; accounts payable, $86,743; consumers'
meter deposits, $31,837; accrued taxes, $71,919; accrued interest, $15,716;
miscellaneous current liabilities, $633; deferred credits, $17,531; reserves,
$1,232,945; contributions in aid of construction, $84,303; earned surplus,
$339,124; total, $12,385,353 —V. 148, p. 2599.
Northeastern Water & Elec. Corp.
1938
1937
1936
$2,155,011
925,994
120,236
$2,172,982
959,869
139,710
$2,167,180
1939
Calendar Years—
$2,487,773
Operating revenues
Oper., gen. & adm. exps.
1,052,854
Maintenance
135,543
(& Subs.)- -Earnings
966,595
162,711
newals &
223,529
229,381
replacem'ts.
Net income
—
General taxes
;
Federal income taxes
89,360
Net oper.
$757,104
181,893
income
Gross income
$938,997
193,444
Int.
on
funded debt
Int.
on
unfunded debt..
6,022
Amort, of dt. disc. & exp
5,568
5,024
1,876
Miscellaneous deductions
Minority int .in net
Net
earns.
income
$727,062
Divs.
on
Divs.
on common
$4 pref. stock..
stock.
366,317
86,117
$670,672
420,342
$629,106
287,069
$916075
$1J)91~J314
$1,036,843
221,406
3,103
30,642
7,743
1,710
305,708
377,984
3.282
56,953
20,836
2,939
$651,572
366,317
86,117
$726,628
366,309
.172,235
3,285
44,376
8,234
2,781
Consolidated Balance Sheet Dec. 31,
Assets—Fixed
capital,
$14,890,186;
$574,848
335,113
investments,
miscel¬
1938
$
163,086
87,943
85,649
445,239
Unamortized debt discount and expense—— ... 12,268,191
New business promo, exps in process of amortizat'n
155,905
-
Other deferred charges
12,987,104
9,546
3,001,364
-
Miscellaneous deposits....
c
552,303
12,599,019
339,027
6,011,790
119,128
2,923,272
- - — —
Cash
_
receivable
and electricity
Notes and accounts
1,636,507
Unbilled gas
Other current assets
1,636,507
260,778
314,054
Material and supplies
3,165,287
3,441,759
255,912,815 249,000,559
$
$
Total.......
Liabilities—
8,538,775
d Class A common stock
Capital stock of subs, in hands
Long-term debt. J....
of public
—
Deferred liabilities
—
Notes payable
38,961,000
39,026,300
.§»§§8,775
28,550,113
98,904,300
38,961,000
39,026,300
7% cumulative preferred stock
6% cumulative preferred stock
- — -
...
...
payable.!
-
— -
interest..:!!
-
28,552,374
97,646,352
315,065
440,056
6,025,000
957,888
25,000
888,850
1,431,782
1,427,442
344,327
/
— ---
Customers'deposits
Indebtedness to affiliated
of sundry fixed assets—
Contributions for extensions
Reserve for contingencies
Capital
Earned surplus
Reserve for amortization
surplus...!
-
1,301,976
525,213
41,127
Miscellaneous reserve.
-
5,000,190
1,294,285
472,279
35,585
25,819
13,584,209
companies
Sundry current liabilities
.......
Depreciation (retirement) reserve
Reserve for reduction of capital assets, &c
Total
354,123
5,652,145
..::../.
c
$3,479,015;
$5,207,225
$6,560,914
11-998
Investments
Prepayments
172,233
1939
«
Crl8,051
..221,285,204 220,366,387
359,531
352,980
240,514
93,304
&c_
subsidiary
Salaries and wages
Accrued taxes..
374,177
29,070
29,070
$
203,947
$662,665
.
1939
Plant, property, rights, franchises,
Expense on sales of capital stock of
Special deposits
Dividends payable
Other income
33,466
199,442
27,135
Consolidated Balance Sheet Dec. 31
Accrued
31,738
n
^
beau Improvement Co.. Minority interest in undistributed net income of
subsidiary company
—
139,522
149,656
213,631
39,442
171,600
213,528
94,547
1,375,000
(Wis.):
Applicable to current period
Applicable to prior period
Dividends on common stock of Chippewa & Flam¬
Accounts
Pro v. for retirements, re¬
$6,826,152
1,375,000
States Power Co.
Assets—
Net income
129,360
cumulative preferred
on
824
Miscellaneous income deductions
Cr56,501
120,142
Balance
Dividends
ern
41,843
41,843
Cr55,690
—.
Miscellaneous deductions
$186,627
201,839
31,088
1,899
$234,909
199,377
$258,437
192,942
26,941
Amort, of debt discount & expense
Other interest charges
.
Amortization of sundry fixed assets
Interest charged to construction
Dividends
1937
1938
1939
..$12,435,647 $11,502,205
3,487,450
3,645,984
116,717
141,015
693,998
672,909
39,069
101,443
Amortization of debt discount and expense
of Northern States Power Co.
Co.—Earnings—
Calendar Years—
63,638
113,388
Interest
1938.
no
——$12,322,259 $11,438,567
Net operating income.
Gross income
....24,925,966 24,607,948
Total
5,037,065
1,409,274
4,847,248
2,450,138
Taxes
Provision for Federal and State income taxes
96,352
Capital surplus—
...24,925,966 24,607,948
1940
1939
-—$38,946,391 $36,794,170
14,115,798
13,744,328
1,604,505
1,769,696
& deprecia'n
3,606,441
3,395,241
-
3,957,425
construction
Misc.unad]. credits
a
(Del.) (& Subs.)—Earnings
—
.
Maintenance
Contrlbs. in aid of
Total
revenues
2,558,251
Curr. <feaccr. liabs.
Reserves
$0.46
$0.75
Federal income taxes, &c.
requirements.—V; 150, p. 1730.
interest, amortization,
Northern States Power Co.
31
$2,738,348
$1,857,481
of
After depreciation,
a
1940—12 Mos.—1939
$2,205,993
1940—8 Mos.—1939
$1,485,171
$0.52
$0.31
Period End. Aug. 31—
aNetincome.
b Earns, per sh.
$40,590 prof$88,726
$70,623
Consolidated Balance Sheet Dec
1939
the 7%
pref. stock, par $100, a dividend of $1.50 per share on the 6% cum.
pref. stock, par $100, and a dividend of S1.37H per share on the 5M%
cum. pref. stock, par $100,
all payable on account of accumulations on
Oct. 14 to holders of record Sept. 30.
Arrearages after the current payments will amount to the full dividend
for 6H quarters.
b After preferred dividend
Net loss.
Div.—
Indiana Public Service Co.—Accum.
The directors have declared a dividend of $1.75 per share on
cum.
48,596
Gross income
1905
$1,420,000; 7% preferred stock, $899,400
6% preferred stock, $396,100; funded debt, $1,652,000; accounts payable,
$88,354; matured interest, $30,975; advance billing, $2,641; taxes accrued,
$122,089; other accrued liabilities,. $283; depreciation reserve, $327,905;
other deferred credits, $20,000; unappropriated surplus, $134,323; total,
$5,094,071.—V. 151, P. 709.
stock,
Liabilities—Common
23,193
12,322,034
4»980,000
551,550
362,637
543,049
4,019,876
495,150
404,480
608,697
1,158,906
890,922
3,833,592
2,398,395
4,183,808
1,289,431
.255,912,815 2493)00,559
-
After deducting reserve
for doubtful accounts and notes of $399,833 in
d Represented by $25 par shares.
ended Dec. 31, 1939 appeared in the "Chronicle"
1939 and $390,621 in 1938.
$720,153; accounts receivable (net), $462,409;
inventories, $153,659; deferred charges, $130,739; total, $19,864,032.
Liabilities—$4 preferred stock, $4,578,965; common stock (par value $1),
of March 16, page
$172,235; minority interest in subsidiaries, $30,584; funded debt, $4,623,650;
trade and miscellaneous accounts payable, $65,616; revenue billed in ad¬
vance, $37,731; customers' deposits, $21,960; United States income tax,
$118,246; dividends declared by subsidiaries, $24; funded debt sinking and
other fund deposits due currently, $18,750; accrued accounts, $156,731;
deferred credits, $61,159; reserves, $2,895,769; contributions for extensions,
$161,245; capital surplus, $6,558,222; earned surplus, $363,144; total,
$19,864,032.—V. 151, p. 853.
pref. stock and $1.50 per share on the 6% cum. pref. stock, both payable
on account of accumulations on Oct. 19 to holders of record Sept. 30.
Like
amounts were paid on July 20 and April 20, last, and dividends of %l.3\K
and $1.12^ per share, respectively, were paid in preceding quarters.
laneous assets, $27,872; cash,
Northern Ohio Telephone
Co.—Earnings—
1937
1936
$947,692
567,599
$906,273
537,454
$838,836
515,444
$411,486
129,190
$380,093
118,253
$368,819
$323,392
103,013
1939
1938
1781.
Accumulated Dividends—
Directors have
declared dividends of
$1.75
per
share on the 7% cum.
Weekly Electric Output—
Electric output of the
*
Northern States Power Co. system for the week
21, 1940, totaled 31,003,573 kwh, as compared
kwh. for the corresponding week last year, an increase of
p.
1730.
ended Sept.
$1,004,705
593,219
Calendar Years—
Operating revenues
Operating expehse
Earnings for the year
with 28,902,237
7.3%.—V. 151,
Northwestern Electric Co .—Earnings—
31—
1940—Month—1939
1940—12 Mos.—1939
Period End. Aug.
Operating income
Taxes.
115,715
Direct taxes..
Net operating income .
Other income
Net
income
funded debt.
Amort, of the debt disc.
on
Net income avail,
divs.
Preferred
Common
$261,840
690
$2.53,104
1,322
$220,378
1,293
available>
for fixed charges—
Interest
$282,296
1,063
dividends
dividends
$283,358
72,023
4,831
$262,530
70,712
4,908
$254,427
71,118
4,908
71,818
4,908
89,772
$178,400
77,804
89,772
$144,945
72,512
63,588
$11,341
$10,824
$8,844
$206,504
85,876
101,686
$186,911
85,798
$18,942
Balance Sheet Dec. 31, 1939
Assets—Telephone plant, $4,741,098; company owned securities, $6,700,
cash and deposits, $31,050; working funds, $730; notes and accounts re¬
ceivable, $4,166; due from customers and agents, $65,390; material and
supplies, $117,837; other current assets, $898; prepaid rent and insurance,
$4,449; discount on funded debt, $120,261; other deferred debits, $1,492:
otal, $5,094,071.
$394,726
205,067
762,212
25,000
25,000
300,000
$4,626,721
2,241,667
$4,652,840
2,350,189
62,977
-
762,636
re¬
...
300,000
24
—
23
$1,240,415
217,943
$1,322,395
211,332
$221,671
Net oper. revenues
Rent for lease of plant..
$64,605
18,595
$101,682
17,737
Operating income
Other income (net)
$46,010
$83,945
$1,022,472
Dr36
256
4,160
$1,111,063
871
$45,974
$84,201
$1,026,732
$1,111,934
26,860
325,588
325,054
-
Gross income
Int.
Income, balance
retirement
appropriations..
Amortization of limitedserve
term investments
for
and surplus..
Pronerty
$338,607
187,517
61,475
Operating revenues
Operating expenses-...
on
22,333
mtge. bonds
17,265
106,750
98,292
Cr36
Cr 104
$8,355
$40,112
applicable to pref. stocks for the period—
$496,106
Other int. & deductions.
10,500
4,798
Int. charged to construe.
Crl2
Interest on debentures..
Net income
Divs.
Balance.
—V. 151, p.
-
1152.
—...
------
334,200
236,825
Cr267
$550,322
334,185
$161,906
$216,137
The Commercial & Financial Chronicle
1906
Northern States Power Co.
(Minn.) (& Subs.)—Earns.
Years Ended July 31—
Operating
revenues
Operation -
.
_
194C>
..$38,946,391 $36,794,170
.
13,687,757
13,987,832
-
Maintenance.....
reserve
and deprec.
3,606,441
.
4,809,048
2,285,138
$12,653,425 $11,732,029
113,388
63,638
Net operating income
Other income
....
...
1,769,696
3,395,241
4,996,174
1,313,274
1,604,505
......
Appropriations for retirement
Taxes..
Provision for Federal and State Income taxes..—
...........
Sept. 28,
Oklahoma City-Ada-Atoka
August—
Ry.—Earnings—
1940
$21,353
4,367
defl,912
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 151, p. 1287.
...
1939
$29,286
2,954
def4,229
187,638
38,482
defl3,034
Gross from railway
Net from railway
Net ry. oper. Income...
1940
251,127
75,289
23,450
1938
1937
$38,521
$44,283
13,321
1,819
14,340
6,415
347.084
120,250
46,465
289,262
90,382
21,299
Ouachita & North Western RR.—-Abandonment—
Gross income....
—$12,766,814 $11,795,666
3,645,984
Interest on funded debt.
3,487,450
141,015
Interest on bank loans..
116,717
672,909
Amort, of debt discount and expense............
693,998
101,319
Other interest
39,033
..........
....
Amortization of sundry fixed assets—
Interest charged to construction—.—
41,843
056,501
129,360
41,843
Cr55,690
......
...
Miscellaneous deductions
120,142
—
The Interstate Commerce Commission Sept.
10 issued a certificate
permitting the company to abandon a portion of its line of railroad extend¬
ing from station 31 plus 67, near Clarks, westerly to Gulf Crossing, approxi¬
mately 24.033 miles, all in Caldwell, Winn, and Jackson Parishes, La.—
V. 145, p.774.
Pacific Power & Light Co, (&
Period End. Aug. 31—
$8,323,321
Dividends
on
Power Co. (Wis.) held
by
Applicable to current period
Applicable to prior period.
Common dividends
on
33,466
199,442
29 »0« 0
cumul. pref. stock of Northern
$7,119,737
27.135
Balance
29,070
States
—
-
stock of Chippewa
& Flam-
bc&u Improvement Oo
Minority interest in undistributed net income of
018,051
subsidiary company
$8,267,116
Net incomei
$6,875,810
1939
Investments..
....
93,304
4,853,870
119,128
2,923,272
3,441,759
1,636,507
301,574
8,018
240,513
—
12,932,824
Miscellaneous deposits
a
1938
$
219,559,534 218,754,976
10.936,356
10,441,106
Special deposits
Cfesh
9,546
—
— ....
Materials and supplies
.......
3,165,287
1,636,507
—
Unbilled electricity and gas
Accounts and notes receivable—other..
Indebtedness of parent company
Indebtedness of affiliated companies
Prepayments
3,001,364
..
Accounts and notes receivable..:..:
244,072
.
2,966
191
85,649
—
;.
.
.....
....
711
87,943
12,599,019
12,268,191
Debt disct. and expense in process of amortization
Cost of property study by regulatory commission
In process of amortization
.
— . .
New business promot'n exps, in process of amort..
314,794
155,905
130,445
359,531
339,027
212,199
264,548,424
Other deferred charges
257^000/747
...
Expense on sales of capital stock of sub. company..
Total
Liabilities—
340,105
352,980
$
$5 series cumulative preferred stock
b Common stock
$
27,500,000
90,000,000
27,500,000
90,000,000
Capital stock of subsidiary companies in hands of
public and minority interest in surplus
1,052,374
Long-term debt
97,646,352
Note payable—bank
6,025,000
Accounts payable
954,023
Dividends declared
1,543,750
Customers' deposits
472,279
.......
....
_
1,050,113
98,904,300
25,000
886,457
351,438
..
............
...
....
Accrued salaries and wages
Accrued taxes
Accrued interest
525,213
344,327
5,446,064
1,431,782
......;
Other accrued liabilities
354,123
4,855,661
1,427,442
23,193
23,294
299,965
18,835,645
543,049
9,760,155
1,635,698
25,819
Indebtedness to affiliated companies..
Deferred liabilities.......
Reserves.....
Contributions in aid of construction
-
Capital surplus
Earned surplus
29,288
422,562
19,391,121
608,697
9,409,939
2,245,046
Total
83.017
75,998
Prop, retire, res. approp.
Amort, of limited-term
investments.....
57,908
57,908
920,920
694,900
136
131
revenues..""$158,827
18,595
$147,973
17,738
$1,935,653
217,943
$2,020,660
211,332
$177,422
86
$165,711
Z>rl92
$2,153,596
£>r4,131
$2,231,992
Dr519
$177,508
85,417
18,553
$165,519
85,417
19,476
Cr383
$2,149,465
1,025,000
242,496
Cr2,092
$2,231,473
1,025,000
255,882
Cr483
Net income
$73,538
$61,009
Divs. applic. to pref. stocks for the period.
$884,061
458,478
$951,074
458,478
$425,583
$492,596
Net oper.
Rent from lease of plant
Operating income
Other income (net)
Consolidated Balance Sheet Dec. 31
Fixeda£ets
264,548,424 257,000,747
a After reserve of $399,833 in 1939 and $390,621 in 1938.
b Represented
by 4,000,000 no par shares.
Earnings for the year ended Dec. 31, 1939 appeared in the "Chronicle"
of March 16. page 1781.—V. 151, p. 1152.
(Wis.)- -Consolidated Balance
Sheet Dec. 31—
......
Balance
'
Cash....
1938
•
S
$
Note payable, bank
Accounts payable.
380,302
Other
263,090
418,598
246,675
curr.
assets.
Invest., at cost...
2,780
41,587
Fixed assets
...42,666,338 43,026,027
Deferred charges.. 1,050,948
891,546
Exp.on sales of cap.
stock
352.980
25,000
25.000
137,704
106,352
Pacific Western Oil
7,688
Accrued liabilities.
Indebted,
to
594,178
653,415
affil,
companies
10,474
9,762
Funded debt.....17,647,352 17,438,000
18,657
Deferred credits..
Reserves
Contrlb. In
88,688
4,322
...10,698,435 11,499,545
aid
of
construction
237,150
Preferred stock...
542,700
542,700
Common stock... 17,479,900 14,947,200
Min. int. in sub. co
Surplus of sub.
Jan. 2,1938
Jan. 2,1938
.48,312,825 46,006,265
607,413
101,833
413,862
74,346
Total.. —.48,312,825 46,006,265
Northwestern Bell Telephone Co.-—Earnings—
Period End. Aug. 31—
revenues.....
Uncollectible oper. rev._
1940—Month—1939
1940—8 Mos.—1939
$3,104,466
$2,969,826 $23,880,993 $23,184,060
7,670
8,883
61,944
61,106
Operating revenues... $3,096,796
Operating expenses.....
2,035,086
Paramount Aircraft Products,
Operating taxes..
Net operating income.
Net income
$1,061,710
$2,960,843 $23,819,049 $23,122,954
1,820,935
16,117,656
15,485,434
416,582
$1,140,008
383,278
$7,701,393
3.366.5C6
$7,637,520
3,047,817
$645,128
598,916
$756,730
653,398
$4,334,887
3,941,694
$4,589,703
3,761,645
—V. 151, p. 1151.
Patino
Mines
&
Enterprises
Period End. Aug. 31—
Gross revenue
expenses
Company has offered to assist the United
establishment of
Taxes
Prov. for depreciation..
Gross income
19APt:Month—1939
567,535
278,257
225,000
Inc.—
a
States Government in the
This announcement was
tin smelter in this country.
made on Sept. 25 by Fletcher W. Rockwell, Chairman, who also is Presi¬
dent of theNational Lead Co., following a meeting of directors of Patino.
Rockwell said conversations had been held with representatives of
Advisory Commission, but that any announcement on
the subject would have to come from Government officials.
He disclosed
the National Defense
director of Williams Harvey & Co., Ltd..
the largest tin smelting plant in England, recently had come to the United
States at the request of Patino interests to offer technical aid to the United
States Government.
When asked how the proposed smelter might be financed, Mr. Rockwell
the money to build it, probably
$2,000,000 to $3,000,000, but that an Reconstruction Financing Corpora¬
tion loan might be used.
If Patino were to build the plant, it would, he
said, find little use for it after the Government's demancfchad dwindled.
A five-year amortization plan, he added, therefore would be advisable to
protect Patino.
Bolivia, Mr. Rockwell said, is the most logical source of high-grade ore.
Patino controls about 60% of the ore-producing facilities there, and thus,
he pointed out, would be the logical firm to do the smelting.
Formerly,
virtually all of the Bolivian ore was sent to England for smelting.
With ore supplies assured and technicians ready to begin work, Mr. Rock¬
well said that Patino could have a smelter in operation in nine months.—
V. 151, p. 1731.
Pennsylvania Power & Light Co.—Earnings—
Earnings Statements for the 12 Months Ended Aug. 31,1940
Corporate
I
Total operating revenues.
Consolidated
$40,215,996 $40,233,070
Operating expenses
19,862,049
19,647,045
Property retirement and amortization reserve ap¬
propriations
2,830,614
2,962,468
Federal income tax..
460,330
485,813
State income tax.
126,001
131,819
Other taxes.
2,277,109
2,280,978
....
....
— ...
$14,659,894 $14,724,946
96,555
22,076
Operating income
Other income
Gross
Interest
...
income...
on mortgage
bonds
debentures.
—:
Amortization of debt discount and expenses
Amortization of premium on debt
Other interest and eductions
a
Interest charged to construction
on
$14,756,449 $14,747,022
3,360.139
3,360,139
1,282.500
1,282.500
888,735
888,735
Cr93,359
Cr93.359
458,368
459,709
Crl9.235
Crl9,245
$8,879,301
...
Net Income
$1,634,164
Consolidated,
May Build United Slates Smelter—
$8,868,543
—V. 151, P. 1731.
Ohio Edison Co. —Earnings—
Operating
Inc.—To Form Nucleus
As the first step in the formation of a new company to manufacture a
complete line of aircraft parts, negotiations have been completed for the
purchase of all the assets of the former Paramount Aircraft Products, Inc.,
by Felt & Co. and Allen & Co. of New York City, it was announced Sept. 22.
This company, it is said, is one of several which will be integrated into a
large aircraft parts manufacturing operation, the group announced.
In taking over the company (whose customers have included Douglas,
Boeing Consolidated, Lockheed and other leading aircraft concerns), the
group is said to have acquired equipment, tools, dies and machinery com¬
plete for the manufacture of over 200 standard aircraft parts, in accordance
with Army and Navy specifications.
Negotiations, it is further stated, are now underway, in behalf of the
new company, for the acquisition of several other units in the aircraft parts
and equipment field.
The additional equipment will be used for the produc¬
tion of special parts and precision work.
The operating management of the new company, it is stated, will consist
of men actively identified with the aircraft industry.
The announcement states that no public financing is contemplated at this
time, the transaction having been arranged privately by the firms of Felt &
Co. and Allen & Co.—V. 149, p. 2093.
Interest
Net operating revs
1939
$462,668
507,413
cos.
Earnings for the year ended Dec, 31, 1939 appeared in the "Chronicle"
of March 16. page 1781.—V. 151,
p. 997.
Operating
1940
$75,248
of New Aircraft Company Now Being Organized—Financing
Arranged Privately—
Earned surp., since
Total
Corp.—Earnings—
6 Months Ended June 30—
Net income after taxes and charges
—V. 150, p. 3524.
said Patino would be willing to put up
stock
Deferred liabilities
359,531
$
Divs.decl.on pref,
Mater, and supplies
(net)..
1938
$
527,511
382,097
rec.
1939
Liabilities—
119,343
3,017,650
4,350
567,835
Miscell. deposits..
-
871,074
694,900
—V. 151, p. 1582.
that Ernest V. Pearce, managing
1939
Assets—
Accts.
_
Gross income
Int. on mtge. bonds
Other int. & deductions.
Int. chgd. to construct'n
Mr.
Northern States Power Co.
1940—12 Mos.—1939
$6,166,129
$6,024,817
2,614,520
2,438,052
Direct taxes.
public:
-—
Subs.)—Earnings—1
1940—Month—1939
$524,761
$498,894
225,009
217,015
Operating revenues
Operating expenses
1940—12 Mos.-—1939
$1,479,391 $19,966,180 $19,140,003
525,333
6,508,899
6,182,861
221,195
3,182,951
2,928,540
200,000
2,700,000
2.400,000
Int. and other deduc'ns.
$563,372
285,543
$532,863
285,764
$7,574,330
3,380,805
$7,628,602
3,445,471
Net income
——.
Divs. on preferred stock.
$277,829
155,577
$247,099
155,577
$4,193,525
1,866,923
$4,183,131
$122,252
$91,522
$2,326,602
Pennsylvania RR, Regional System—Earnings—
[Excluding Long Island RR. and Baltimore & Eastern RR.l
1940—Month—1939
1940—8 Mos.—1939
oper. revenues.$42,874,216 $36,285,680 $305173,269 $260830,028
oper. expenses. 29,693,424
25,034,982 218,153,951 191,146,215
Period End. Aug. 31—
Railway
Railway
$2,316,208
Balance
—V. 151, p. 1287.
1,866,923
Net rev. from ry. oper.$13,180,792 $11,250,698 $87,019,318 $69,683,813
Railway taxes....
3,540,600
2,817,270 24,008,900
19,100,327
Unemploy. ins *ur. taxes.
549,072
482,418
4,023,254
3,667,891
Railroad retirem't taxes
549,058
442,106
4,023,282
3.314.161
Equip, rents—Dr. bal._
548,174
592,608
5,317,069
3,640,170
Jt. facil. rents—Dr. bal.
457,669
143,122
1,767,622
1,042.241
Net ry. oper. income.
$7,536,219
$6,773,174 $47,879,191 $38,919,023
Volume
Liabilities—Accounts payable, $11,350; accrued payrolls, $12,710; reserve
State tax<js, $88,817; capital stock (par $10), $1,579,310;
Earnings of Company Only
August—
1940
Gross from railway
Net from railway
for Federal and
1937
1938
1939
..$42,761,707 $36,181,827 $30,619,520 $39,627,722
13,164,468
11,242,917
9,859,070
10,716,525
income.
7,538,884
6,827,047
5,633,226
6,572,390
151,
1940
1939
$46,882,822 $42,188,477
15,680,616
14,603,926
Maintenance and repairs
3,429,171
3,083,328
Appropriations for retirement and depletion reserves 5,863,518
5,553,250
Years Ended July 31—
..304.502,475 260,181,211 227,602.670 314,095,305
87,101,179
69.791,330
60,900,308
80,793,773
income.
48,059,619
39,398,310
30,338,483
51,490,143
1287.
-
p.
Philadelphia Co. (& Subs.)—Earnings-j—
--
Gross from railway
Net from railway
Net ry. oper.
surplus, $1,777,132; total, $3,469,319.—V. 151, p. 1582.
.-
Net ry. oper.
From Jan. 1—
—V.
1907
The Commercial & Financial Chronicle
151
Operating
Operation
revenues
„
Amortiz. of limited-term utility
Pennsylvania Electric Co.— To Reduce Rates—
Pennsylvania Public Utility Commission announced that this com¬
pany will file a new rate schedule estimated to save customers, other than
industrial users, a total of $406,300 a year.
The company on Aug. 1, 1940.
made effective a new rate for industrial customers which saves them $96,400
annually.—V. 151, p. 710.
28,915
20,438
3,136,893
Provision for Federal and State income taxes
2,929,788
3,002,069
1,884,058
Net operating revenue
Other income less non-operating revenue
Pennsylvania Salt Mfg. Co. (& Subs.)—EarningsYears End. June 30—
Gross earnings
Maint. of b'ld'gs & equip
1940
$4,777,815
966,559
929,414
$3,370,699
$4,260,755
895,346
872,133
871,251
850,935
26,442
1,128,526
Deprec. and depletion..
$3,711,724
747,225
879,053
77,669
713,690
40,000
527,722
43,073
726,089
Write-down of tradem'ks
and patents
Federal taxes (est.)
Net profit from sale
Philadelphia
$1,294,087
5,375,707
$2,845,612
5,895,342
$1,035,498
5,438,272
$1,769,407
4,844,516
65,262
Total surplus
$8,740,954
1,275,000
13,035
reserve
Profit & loss surplus..
Earns, per sh. on 150,-
000 shs. of
com.
outstanding
$6,669,794
750,000
24,452
$6,473,770
1,087,500
10,563
$7,452,919
$5,895,342
$5,375,707
$18.97
$8.63
$6,679,185
1,200,000
40,913
$5,438,272
$6.90
stock
(par $50)
$11.79
Consolidated Balance Sheet June 30
1940
$
$
4,918,190
Cash
secur.
400,030
3,645,451
391,108
4,137
5,438
Acc'ts receivable..
1,467,404
1,470,116
Inventories
3,067,228
2,363,266
consol.
x
(at cost)
1,162,484
1,332,202
453,749
7,049,159
345,122
7,500.000
7,500,000
Capital stock, com.
(par $50)
2,000,000
2,000,000
7,452,919
404,277
Reserves, ins. fund
5,895,342
391,242
19,206,098
16,721,665
surplus
7,2(18,151
651,233
equipment
902,350
lncl.
estate,
coal
lands
85,165
72,896
231,350
Tr'm'ks, parts, &c
Prepaid expenses.
a
Appropriation
b Guaranteed
payments
on
69,192
69,192
199,209
78,829
199,599
71,931
$8,580,948
$6,866,338
1,581,875
1,575,000
interest and dividends.
Net income before deducting amounts
to
applicable
minority interests
Dividends
on
.
capital stocks of subsidiaries
Miniority interest in undistributed net income of a
subsidiary
22,003
27,490
$6,977,070
Consolidated net income
$5,263,848
others) on obligations of street rail¬
by Philadelphia Co.
b On Consolidated Gas Co.
preferred capital stock.
Notes—(1) This statement excludes Pittsburgh Ry. Co. and its subsidia¬
ries, street railway subsidiaries of Philadelphia Co., and Beaver Valley
Traction Co., and its subsidiary.
(2) In the above statement of income the previous year figures have been
To
a
reserve
for payments (made to
way companies guaranteed
of the City of Pittsburgh
adjusted
to reflect changes in the classification of certain items
certain items applicable to the period charged directly to surplus
and to
during
589,959
686,418
payable.
B'ld'gs, mach'y &
Real
Other interest
1939.—V. 151, p. 1288.
sundry ac-
cured items
Earned surplus
not
cos.
Taxes
Paid-in
Invest, in sub. and
other
Accounts
$
9
Liabilities—
Notes receivable..
Marketable
1939
1940
1939
Assets-
-
Miscellaneous deductions
Adjust, of Fed. & State
taxes prior year
Dividends
--$15,456,181 $13,819,802
5,464.044
5,466,504
507,724
508,953
69,902
200,103
16,354
17,664
Cr52,935
Cr99,209
522,914
518,727
-
funded debt
on
Amort, of debt discount and expense,
Interest on Federal income tax settlement.,
Taxes assumed
1,118,738
plant...
$15,813,921 $14,041,407
deduct'ns Dr357,740
Dr221,605
Interest charged to construction
of
Net earnings
Previous surplus
Insurance
Gross income..
Interest
1937
1938
1939
investments, lease¬
Taxes
holds, &c_
The
209,140
Philadelphia
Transportation
Co.—Sells
Equipment
Certificates —The company has sold privately to seven
Philadelphia banks and insurance companies $1,326,000
equipment trust certificates, series B, dated Sept. 16, 1940,
and due $39,000 quarterly beginning June 16, 1942 and
ending Sept. 16, 1950.
Dividend rates are as follows: 1%
for first two quarterly maturities and increase by
lA of
1% for the succeeding maturities to a maximum of 3% for
the certificates maturing during the last five years.
Trust
the purchase of the 130 new modern
recently ordered by the company at a cost of approximately
The purpose of the issue is to finance
Total..
—
After
x
19,206.098
reserve
in 1939.—V.
16,721,6651
for depreciation
Total
of $11,475,107 in 1940 and $11,625,781
151. p. 253.
street
cars
$2,160,000.
Provision is also made to issue an additional $340,000 of
Peoples Gas Light & Coke Co.—
and
Tenders—
Company has sent a letter to holders of its first consolidated mortgage
6% bonds, due April 1, 1943, offering to purchase the bonds at 113, plus
interest to Oct. 1, 1940. or an aggregate of $1,160 per $1,000 bond.
The
offer expires Oct.
1.
The issue is non-callable.
There are $4,800,000
outstanding.—V. 151, p. 563.
Peoria & East
Ry.'—Interest Payments—
rn
1, on Peoria & Eastern Ry.
April 1, 1940 (stamped as to
payment of $450 on principal), and certificates of deposit therefor, upon
presentation for stamping. Interest is payable at office of Centra* Hanover
Interest of 2%
will be paid beginning Oct.
the
if the approval
York.
Interest of 2% will be paid beginning Oct. 1, 1940, on Indiana Bloomington & Western Ry. first mortgage preferred bonds, extended at 4% to
April 1, 1940, upon presentation of bonds for stamping. Interest is payable
at office of New York Central RR., New York.—V. 151, p. 857.
Pere Marquette
Ry.—Earnings
Pinellas Water Co.—Earnings—
Earnings for the 12 Months Ended June 30, 1940
Operating
Operating
revenues
expenses
$763,776
197,710
$466,353
163,360
$4,721,515
1,491,973
$3,179,138
1,258,550
Operating income
Equipment rents (net)
Joint facil. rents (net)..
$566,066
10V2Q1
$302,993
87.884
58.756
56,366
$3,229,542
693,947
334,365
$1,920,588
574 ,603
336,667
Net ry. oper. incomeOther income.
$402,019
29,233
$158,743
16,810
$2,201,230
377,796
$1,009,317
254,991
$431,252
10,674
$175,553
6,856
$2,579,026
53,673
$1,264,?09
53,267
5,371
265,095
5,737
270,094
45,093
2,133,786
47,954
2,162,929
$150,112
x$107,134
$346,474
x$999,841
260
260
835
835
$149,852
x$107,394
$345,639
x$] ,000,676
Net oper. revenue
Railway tax accruals
_
_
Total income
Miscell. income deduc's.
Rent for lease of roads &
equipment
Interest
on
debt
Net deficit
Inc. applied to sinking &
other
reserve
funds,..
profit and loss
1287.
151, p.
Peterborough RR.—$1.22 Dividend—
Directors have declared
a
dividend of $1.22 per share on the common
Dividend of $1 75 was
$3.50 per share were paid during
holders of record Sept. 25.
stock, payable Oct. 1 to
paid on April 1, last, and dividends totaling
1989—V. 130, p. 2956.
Petroleum Exploration,
66,895
2,877
30,438
-
Taxes
Provision for depreciation
26,964
—
—
$171.166
Net operating revenue
Other income
2,179
...
$173,345
122,648
Net income before interest, &c
Interest
Interest
on
funded debt.
-
on demand note payable to parent company
Amortization of debt discount and expense
975
14,665
— --
bonds reacquired
Federal income tax.
— --
Premium
Net
820
on
*
income
456
$33,779
—
Balance Sheet June 30,
1940
Assets—Fixed capital, $2,484,340; intangibles,
$232,266; special deposits.
$61,590; cash, $67,166; accounts receivable (consumer), $22,689; interest
receivable, $444; inventories of materials and supplies, $1,720; prepaid
taxes,
$113; unamortized debt discount and expense, $167,540; other
deferred charges, $8,533; total. $3,046,403.
Liabilities—Funded debt, $2,040,000; accounts payable, $4,047; accrued
interest on funded debt, $19,057; accrued insurance, $950: accrued taxes,
$1,483; miscellaneous current
$13,441; provision for Federal income tax,
liabilities, $706; due to parent company,
$34,434; capital stock (6,500 no
shares), $600,500; capital surplus, $305,582;
total, $3,046,403.—V. 151, p. 1287.
par
Pittsburgh Forgings Co. (&
earned surplus, $26,193;
Subs.)—Earnings—
June 30, 1940
profit after depreciation, Federal income taxes
$428,373
220.000 shares of capital stock
$1.95
Note—Above earnings are subject to adjustment, if additoinal taxes on
income are imposed for year 1940.
Current assets as of June 30, 1940, amounted to $1,563,884 and current
liabilities were $417,389.
On Dec. 31, 1939, current assets were $1,428,105
and current liabilities were $587,245.
Inc. (& Subs.)—Earnings—
1937
1936
$525,447
325.417
1938
$663,941
325,055
$718,163
341,110
$1,078,052
$988,996
357,450
41,138
$1,059,273
352,338
34,766
$850,864
$651,203
164,760
Operating expenses
$590,407
12,635
$672,169
$501,786
17,430
$815,963
13,091
250,043
69,261
$603,043
123,174
230,033
$722,106
112,323
293,961
$519,216
$483,568
$249,836
$315,823
$232,405
|
Administrative expense.
Operating profitOther income
Profit after other inc.
Other expense
Depletion & depreciationi
Fed. & State inc. taxes.■
profit for the year
426,848 j
49.937
324.398
24,680
86,544
200,267
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $99,763; marketable securities at cost (market value
$196,555). $207,526; accounts receivable, $80,422; inventories. $7,477;
investments
and long-term advances, $1,100,739; real estate, leases,
producing equipment, pipe lines, pump stations and materials (less reserves
for depletion and depreciation of $3,547,819), $1,969,227; prepaid and
deferred charges, $4,165; total, $3,469,319.
/
Earns. per share on
2?y-Cent Dividend'—
dividend of 25 cents per share on the common
holders of record Oct. 15.
Like amounts were
Directors have declared a
1939
$744,504
333,547
Years Ended Dec. 31—
Revenue—Oil sales
Gas and gasoline sales
Net
$298,340
---
—
Maintenance
Net
Income transferable to
Deficit.—V.
revenue
Operation
Earnings for 6 Months Ended
>
x
Operating
—
1940—Month—1939
1940—8 Mos.—1939
$2,846,724
$2,442,979 $21,220,524 $18,382,060
2,082,948
1,976,626
16,499,009
15,202,922
Period End. Aug. 31—
■
_
first consolidated mortgage bonds, 4%, due
Bank & Trust Co., New
this series to
purchase of 48 new modern trackless trolley coaches when
of the P. U. Commission for operation of trackless
trolleys on Ridge Ave. is obtained and the trackless trolleys are purchased
as now planned.
It is estimated that the trackless trolleys, if purchased,
will cost about $610,000.
"
If the second allotment of $340,000 is issued, there will be additional
maturities of $10,000 each quarter.
The trustee of the issue is the Girard
Trust Co., Philadelphia.—V. 151, p. 1731.
finance
stock, payable Oct. 25 to
paid on July 25 and April 25, last; dividend of 40 cents was
Dec. 27. 1939; and previous payment was the 25-cent distribution
paid on
made on
April 25, 1931 —V. 150. p. 2113.
Pittsburgh & Lake Erie RR.—Earnings—
August—
1939
$1,757,428
318,065
341,875
$1,302,029
251,801
266,629
15,134,417
3,290,759
3,399,993
10,674,534
876,806
1,288,597
8,229,686
255,650
682,298
Net from railway
Net ry. oper.
From Jan. 1—
„
Gross from railway
Net from
1938
1940
$2,341,620
770,658
income—
737,167
Gross from railway
railway
Net ry. oper. income—
—V. 151, P. 1583.
„„„
Pittsburgh & Shawmut RR.—Earnings—
1940
1939
1938^
August—
Gross from railway
—
Net from railway
Net ry. oper.
income
Gross from railway
Net from
railway
Net ry. oper.
income._
—V. 151, p. 1288.
_
$141,994
54,887
41,961
$53,561
9,201
5,809
$29,433
(Ief7,255
def8,311
870,673
319,224
221,417
344,732
def3,569
301,579
defo2,402
def23,937
def56,405
•
1937
$1,997,948
538,523
546,996
„„
16,574,741
3,460,581
3,412,162
1937^
^
defl,196
500
416,403
defl0,738
16,887
The Commercial & Financial Chronicle
1908
Pittsburgh Shawmut & Northern RR.—Earnings—
1940
August—
Gross from railway
Net from railway
$93,593
24,863
13,326
Gross from railway
Net from railway
Net ry. oper. Income—
—V. 151, p.1288.
$82,186
24,227
8,685
$69,267
15,958
5,440
581,191
130,466
29,962
546.461
85,947
defl4,387
681,763
73,710
def20,517
Portland Gas & Coke Co.
Period End. Aug. 31—
Property
42,603
or
Company
22,916
158
$55,081
Dr250
$53,566
$54,831
39,911
2,493
275,000
22,916
10
-
713
$53,518
40,604
4,435
Cr215
$719,112
485,239
33,734
Cr 483
Cr295
$12,427
$8,694
Divs. applic. to pref. stocks for the period
$200,622
430,167
$234,282
Balance, deficit
$229,545
$195,885
Int. charged to construe.
Net income
a
1,083
report.
After Mr. Rand assigned the remaining 740 rights to Reynolds, Ltd., the
assigned the rights to Zenith Export, Ltd., a Newfoundland
corporation, which in turn gave Reynolds, Ltd., an option to purchase
74,000 shares of Remington Rand stock at $25 a share.
.4s the trustee of a trust fund naming his wife and three children bene¬
ficiaries, Mr. Rand was the owner of voting trust certificates representing
all the stock of Reynolds, Ltd., on March 30, 1937.
Under a trust agreement dated Dec. 24, 1928, between Mr. Rand as the
settlor and Stanley M. Knapp and Philip S. Rand as trustees, the trustees
owned all the outstanding stock of Zenith Export, Ltd.
James H. Rand's
wife and three children were the beneficiaries.
At the same time Reynolds,
Ltd., held an option to purchase all of the stock of Zenith Export, Ltd.,
which option gave to Reynolds the right to vote the stock of Zenith Export.
—V. 151, p.564.
430,167
latter company
Dividends accumulated and unpaid
$2,763,106.
Latest dividends,
to Aug. 31, 1940, amounted to
amounting to $1.25 a share on 7% pref.
1, 1938.
stock and $1.07 a share on 6% preferred stock, were paid on Oct.
Dividends on these stocks are cumulative.—V. 151, p. 1732.
Potash Co. of
*
America—Earnings—
Years Ended June 30
1940
1939
$5,591,646
3,810,112
$3,191,454
2,203,823
$1,781,535
500,789
$987,631
357,639
$1,280,746
28,689
$629,992
20,049
Richmond
Provision for Federal & State income taxes..
$1,309,435
7,464
236,332
$650,041
14,859
83,216
Gross from railway
Net from railway
Previous earned surplus.
$1,065,639
701,297
$551,966
420,690
Gross from railway
Net from railway
Sales
Cost of sales
Selling and general expenses.
contract totaling $88,700,000 to manu¬
Disposition of option rights granted to James H. Rand Jr., Chairman and
on July 7, 1932, for 100,000 shares of the corporation's stock was
disclosed Sept. 24 in a report filed with the Securities and Exchange Com¬
mission and made public at the Stock Exchange.
The option given Mr. Rand for the company's stock at $10 a share was
transferred by him on the same day to Loring P. Hoover, a director of
Remington Rand, and to Reynolds, Ltd., a Canadian corporation.
Mr.
Rand assigned to Mr. Hoover 260 rights, each right evidencing an option on
1,000 shares.
Mr. Hoover now owns 195 of the rights, according to the
$776,019
487,250
54,782
Interest on mtge. bonds
Other Int. and deduct*ns
a
President
$774,936
Dr48
awarded
amunition for the United States Government.—V. 151,
Remington Rand, Inc.—Disposition of Option —
6,253
$720,971
Drl,859
Gross Income
been
arms
1155.
275,000
limited-term
Net oper. revenues
Other income (net)
has
facture small
p.
investments
a
Remington Arms Co.—Government Contract—
$3,463,036
1,965,988
440,859
447,656
re¬
appropriations
serve
Amort,
Regent Knitting Mills, Ltd.—To Pay 80-Cent Dividend—
Directors have declared a dividend of 80 cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 15.
Dividend of 40 cents
was paid on Aug. 1, last; previous payment was made on Nov. 1,1937 and
amounted to 25 cents per share.—V. 151, p. 427.
1940—12 Mos.—1939
$3,453,145
2,008,805
$256,950
137,651
42,659
$256,681
136,071
retirement
$4.25 paid on June 12, last; $4 on May 1, last, and $1.75 per share dis¬
tributed on March 13. last.—V. 151, p. 1155.
•Earnings ■
1940—Month—1939
Operating revenues
Operating expenses
Direct taxes
tions
$85,497
16,133
4,905
785,966
229,083
119,339
Net ry. oper. Income—
From Jan. 1—
Directors have declared a dividend of $5 per share on account of accumua-.
on the 7 % preferred stock, payable Oct. 1 to holders of record Sept. 216
Similar amounts were paid on Aug. 30 and on Aug. 1, last dividend of
1937
1938
1939
Sept. 28, 1940
Reed-Prentice Corp.—Accumulated Dividend—
Republic Aircraft Products, Corp.-
•Sale of
Assets, &c.~
See Aviation Corp.—V. 151, p. 564.
Other income.
Income deductions other than income taxes.
Dividends
on
$1,766,936
547,959
Earned surplus, June 30
$701,297
Rochester Telephone
Period End. Aug.
Assets—Cash
hand
and
Public Utility Engineering & Service
question
as to
the
right under existing laws and court decisions of
a public utility district to
company'sTproperty.
During the condemnation suit the District sought to establish value
Including severance damage around $3,000,000, while the
company sought
to establish market value around
$5,000,000 plus about $2,000,000 sever¬
ance damage.
condemn the
Accumulated Dividend—
Directors
have declared a dividend of $1.25 per share on account of
accumulations on the preferred stock, payable Oct. 15 to holders of record
Sept. 20.
Arrears after the current payment will amount to
$27,50 per
share.—V. 151, p. 1584.
Co.—Earnings—
1939
371
$137,981
61,054
1,416
Profit from operations
Other income......
145,927
513
$99,055
10,875
x$42,836
$81,190
x$42,832
16,377
$80,305
32,862
25,000
Income charges
Provision for Federal income taxes..
$75,511
5,679
$109,930
14,410
15,217
-
$1,191,611
502,811
$1,096,626
469.896
$87,022
60,595
$80,823
55,129
$688,800
473,999
$626,730
income
2,418,854
422.030
Royal Typewriter Co., Inc.—To Pay $1 Com. Dividend—
a
dividend of $1 per share on the common stock,
*
Rustless Iron & Steel
Corp.—Listing and Registration—
The $2.50 convertible preferred stock,
no par,
and the common stock,
$1 par, have been removed from listing and registration by the New York
Curb Exchange.—V. 151, p. 1156.
Rutland
RR.—Earnings—
August—•
Gross from railway
Net from railway
Net ry. oper. income
151,
p.
1937
1938
$300,521
49,340
27,457
$280,791
33,427
1,967
$307,705
37,389
15,374
2,331,608
12a,351
def74,074
Net ry. oper. income.__
From Jan. 1—
—V.
1939
1940
$317,155
23,493
def8.115
Gross from railway
Net from railway
2,196,670
105,749
def67,767
1,915,962
defl69,827
def409,757
2,404,041
225,569
48,835
1734.
$72,860
45,786
2,616
5,714
mortgage 6% bonds dated Oct. 1, 1925, due 1945
4
St. Louis Brownsville & Mexico
August—
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
Ry.—Earnings—
1940
$485,004
121,885
92,695
1939
1938
1937
$436,709
100,483
69,047
$344,575
def4,073
def28,625
$545,435
180,104
148,822
4,877,005
1,614,045
1,111,175
5,131,505
1,995,969
1,422,665
4,902,631
1,681,087
1,096,760
5,559,186
2,185,127
1,627,416
—V. 151. P.1289.
Net income......
Cash dividends—Class A capital stock
Class B capital stock
Indicates losses,
63,920
$139,634
58.811
has been called for redemption on Oct. 1 at par.—V. 121, p. 2170.
1938
$103,605
r"
x
$150,942
A total of $52,500 first
1940
$151,841
52,415
t
Gross income
$3,690,685
2.499,074
$3,515,480
301,954
St. Louis Amusement Co.—Bonds Called—
Years Ended June 30—
Gross profit on sales
Selling and general expenses
Provision for doubtful accounts.
^
1940—8 Mos.—1939
$3,698,627
$3,523,278
7,942
7,798
payable Oct. 15 to holders of record Oct. 3.
Dividend of $2 was paid on
July 15 last and dividends of $1 were paid on April 15 and Jan. 15 last.
During the year 1939 four quarterly dividends of 75 cents per share were
distributed.—V. 151, p. 114.
in
number of
Corp.—Earnings—
$441,588
Net income..
jury
a
817.241
—V. 151, p. 1289.
District Seizure Suit—
Frank McLaughlin, President, said the
appeal is based on
matters of vital importance one being "the fundamental
5,981,379
1,673,185
312,125
Directors have declared
Federal Court at Bellingham last month set a price of
$5,000,000 the
District must pay if it chooses to purchase the
company's properties in
Whatcom County under the condemnation action.
5,248,483
1,052,309
305,855
$463,067
Operating taxes
Utility
The company has filed notice of appeal to the U. S.
Circuit Court
the Whatcom County Public Utility District condemnation case.
A
1,473,948
604,916
$603,525
73,517
20,214
Net oper. revenues
Corp,—Obituary
in
60,391
5,779,184
1937
1938
$524,122
106,348
49,624
Operating revenues
Operating expenses
Net oper.
Puget Sound Power & Light Co.—To Appeal
96,408
1940—Month—1939
$463,839
$442,561
772
973
Uncollectible oper. rev._
V. B. Sanders, Assistant to the Vice-President in Charge of Finance and
Accounting, died on Sept. 23 at St. Francis Hospital in Evanston, Illinois,
after a long illness.—V. 148, p. 594.
Randall
31—
Operating revenues
demand
deposits, $1,279,263; accounts re¬
ceivable, $509,645; inventories,, $588,230; operating and maintenance
supplies, $147,407; U. S. Treasury bonds, $20,243; fixed assets, $3,421,788;
patent development and research expenses, $75,757; deferred charges,
$73,514: total, $6,115,847.
.Liabilities—Accounts payable and accrued, $598,266; reserves, $863,823;
capital stock (par $5), $2,745,670; paid-in surplus, $689,112; earned surplus,
$L218,977; total, $6,115,847.—V. 151. P. 1288.
on
$555,961
6,402,903
1,640,233
604,456
Net ry. oper. income
—V. 151, p. 1289.
Balance Sheet June 30, 1940
1939
1940
$710,646
176,281
86,901
Net ry. oper. income
From Jan. 1—
$972,656
271,359
$1,218,977
capital stocks.
Fredericksburg & Potomac RR.— -Earnings
August—
x$59,210
y64,820
100,000
Represents five quarterly dividends.
y
Condensed Balance Sheet June 30, 1940
Assets—Cash, $111,584; marketable bonds—at cost,
$252,729; notes and
receivable
Trade, $14,157; working fund advances and sundry
receivables, $212; accrued interest on marketable bonds,
$1,888; inventories
—at lower of cost or market, $34,896; notes
receivable, from sale of property,
inventories, &c., of Office Appliance Division (less reserve of
$12,500),
$12,500;
PjanL and fequi pment—at cost (less reserve for depreciatioir or $164,49D, $162,052;^patents,
$1; deferred charges, $2,593;
accounts
St.
Louis-San Francisco
Ry.—Earnings of System—
Period End. Aug. 31—
Operating revenues
Operating expenses
1940—Month—1939
1940—8 Mos.—1939
$3,918,165
$4,012,707 $30,538,348 $30,373,568
3,249,440
3,407,214
26,010,758
26,400,193
Net ry. oper. income.._
371.940
275,900
1,805,330
1,083,303
Net income.
14,275
14,157
116,902
103,773
Total income
Other deductions
$386,215
5,742
$290,057
6,376
$1,922,232
55,831
$1,187,076
54,983
$380,473
$283,681
$1,866,400
$1,132,092
>
total, $592,612.
y * Liabilities—Accounts
payable,
$2,840;
accrued
liabilities,
$20,354;
class A, $2 cumulative participating stock
(21,908 no par shs ) $102 237$592
612S—V* 151'T42680, $100'000: earn®d surpl»s' $367481 " total,'
Period End. Aug. 31—
Net
1940—Month—1939
_
1940—8 Mos.—1939
$5,413,255
$4,542,026 $40,593,716 $35,027,696
3,794,789
3,214,438
28,493,741
25,403,231
..
.
_
„
oper. revenues.
oper. expenses.
rev.
from ry. oper.
$1,618,466
Railway tax accruals
$9,624,465
2,675,682
388,423
3,588,656
Railway oper. income. $1,113,036
Equipment rents (net)
Drl,068
Joint facility rents (net).
Cr 1,665
$939,165
Dr47,552
Cr5,582
$8,511,319
Dr405,921
Cr27,659
$6,948,783
$897,195
$8,133,057
$6,719,269
.
Net ry. oper. income.
$1,107,633
—V. 151, p. 1288.
Suspended—
See Chicago
Milwaukee St. Paul & Pacific RR.—V. 151, p. 1734.
Peter's
Roman Catholic Church, Covington, La.
Offered—Weil & Arnold, New Orleans, La., are
offering $40,000 1st mtge. 4% and 33d>% serial bonds at
99 and int. for the 3^s and 101 and int. for the 4s.
St.
Dated
1, 1940; due serially Sept. 1, 1941-55.
Coupon bonds in
Principal and int. payable at office of trustee on
Sept. 1.
Callable in whole or part on any interest date on
30 days notice at par and interest.
If any part of the issue is called, the
bonds shall be called in inverse order of numbers and maturities.
Com¬
mercial Bank & Trust Co., Covington, La., trustee.
These bonds, in the opinion of counsel, are the direct obligation of
St.
Peter's Roman Catholic Church, Covington,
La,., and specifically
secured by first mortgage on church, furniture and fixtures and ground
located in Covington. La.
The church, which is of brick and steel construc¬
tion, is now near completion.
Sept.
$500 and $1,000 denoms.
$1,327,588 $12,099,975
505,530
_
Stocks
—Bonds
Reading Co.—Earning
Railway
Railway
Bal. avail, for int., &c.
Dr227,464
Dr2,050
March
1 and
Volume
St. Peter's Roman Catholic Church serves the entire Catholic popula¬
of the City of Covington.
The Parish was organized in 1843 and
incorporated in 1894.
Present membership is 1,100.
According to official
statement, the average gross receipts of the Congregation for the last five
amounted to $9,000 per annum.
The valuation of the property is
estimated to be $100,600.
In addition to the above property, the church
owns other property located in Covington valued at $20,000 not included in
years
Directors on Sept. 24 declared a special dividend of 25 cents per share
the common stock, par $1, payable Oct. 8 to holders of record Oct. 4.
on
Regular quarterly dividend of 25 cents per share was
40% of cost value of the mortgaged property.
Saenger Theatres Corp.1—Bonds Called—
All
of
the
outstanding ($1,171,000) first and collateral trust sinking
bonds due 1945 have been called for redemption on Oct. 21
105—V. 151. p. 429.
at
6^%
San Antonio Uvalde & Gulf
1938
$95,294
$102,297
def 5,069
def31,362
def37,645
2,428
def29,874
Gross from railway
Net from railway
Net ry. oper. income—.
—V. 151. P. 1289.
805,408
8,135
def237,759
904,595
67,905
def180,925
def348,599
774,536
def 91,699
844,489
84,564
defl60,712
dividend of 10 cents per share on the"common
holders of record Sept. 30.
mi
£ Sharon Ry.—$1 Dividend—
dividend of $1 per share on the common stock,
Directors have declared a
payable Oct. 1 to holders of record Sept. 20.
This compares with $1.25
paid on April 1, last: $2.60 on Oct. 23, 1939; $1.40 on June 30, 1939; 50
cents on April 1, 1938 and semi-annual dividend of $1.12>£ paid on Oct. 1,
1937.—V. 150, p. 1786.
Shasta Water
Co.—Extra Dividend—
share in addi¬
quarterly dividend of 20 cents per share on the common
stock, no par value, both payable Oct. 1 to holders of record Sept. 20.
Similar amounts were paid on June 25, last.—V. 150, p. 3987.
Directors have declared an extra dividend of 5 cents per
tion to the regular
(W. A.) Sheaffer Pen Co.—Earnings—
Net profit af ter deprec., taxes,
Earns, per share on common
SEC—
Taxes Will
17 announced that com
declaration (File No. 70-157) under the Holding Company
Act regarding the proposed refunding of all of its outstanding 7 % cumu¬
lative preferred stock ($100 par), consisting of 62,925 shares.
The company proposes to offer to the holders of its 7 % preferred stock
the right to exchange their shares for new 5% cumulative preferred stock
($20 par), on the basis of five shares for each share held.
The offer is
conditioned on the acceptance of the exchange by holders of not less than
50% of the outstanding shares of 7 % preferred stock.
Stock not taken under the exchange offer will be sold to an underwriting
group headed by Blyth & Co., Inc. and will be offered publicly at $23 a
share.
The proceeds from the sale of such shares will be used to retire
unexchanged 7% preferred stock.
The minimum aggregate of fees and
discounts to be paid to the underwriters is stated to be $51,127, and
the maximum $137,649.—V. 151, p. 1735.
The Securities and Exchange Commission Sept.
pany had filed a
Proposed
&c
Affect Earnings—
profit taxes and increases in normal taxes may affect the
excess
The company has, therefore, made provision for a reserve of
$14,000 to cover possible tax increases, which if they go through would
reduce the net income figure to $234,339, and the earnings per share of
1940 figures.
This will make the estimated total Federal
period $83,250.
stock to $1.46 plus.
common
tax for the six monthsi
In releasing these figures, C. R
Sheaffer, President, stated, "Our August
history of our
shipments this year were the largest for any August in the
Siemens &
Company has been awarded a contract totaling $27,166,283 to manu¬
facture small arms material for the United States Government.—V. 151,
p. 1735.
Schulte Retail Stores Corp.
(& Subs.)—Earnings—
[Exclusive of Schulte Co., Inc.]
Period End. Aug. 31—
x
x
1940— Month—1939
$11,310
Loss
$103,017
1940—8 Mos —1939
$231,493
$477,166
After 77B administration expenses and depreciation,
but before special
charges and credits.—V. 151, p. 1735.
Securities
The
Securities
declaration filed
Halske—Earnings—
"
(In Gorman Marks)
Earnings for Year Ended Sept. 30, 1939
Company Act regarding (a) the elimination of the deficit in earned surplus
by a charge against capital surplus, (b) a change in outstanding
$6 and $7 cumulative preferred stock, no par, from a stated value of $50 per
share to a par value or $100 per share, (c) the giving of certain voting rights
to its $6 and $7 cumulative preferred stock, and (d) a change in its out¬
standing common stock, no par, from a stated value of 50 cents per share to
a par value of $1 per share.
In order that no accumulated or accrued dividends will be unpaid or
unprovided for as at the date when the earned surplus deficit is eliminated,
General filed an application for approval of the declaration and payment
out of capital or unearned surplus (a) of two quarterly dividends at the
rate of $1.75 per share, per quarter, on the 1,843 shares of cumulative pre¬
ferred stock, $7 series, outstanding, and (b) of two quarterly dividends at
the rate of $1.50 per share, per quarter, on the 4,731 shares of cumulative
preferred stock, $6 series, outstanding. The payment of the proposed two
quarterly dividends on such preferred stocks will require a distribution of
$6/450 and $14,193, respectively, or a total of $20,643.
The elimination of the deficit in the earned surplus account will, among
other things, obviate the necessity for further applications to this Com¬
mission for approval of the payment of dividends on the preferred stock
out of capital surplus if there exists at the time of the declaration and
payment thereof earned surplus accumulated subsequent to July 31, 1940,
sufficient for the purpose.
As a result of the change in the $6 and $7 cumulative preferred stock, no
par, from a stated value of $50 per share to a par value of $100 per share,
such stock will be set forth in the accounts at liquidating value (exclusive of
3,392,209
Extraordinary income
255,800,782
Total income
Voluntary
Provision for dwellings, &c
1,000,000
5,014,687
Depreciation of asset values
Taxes
stockholders at which
proposals to eliminate
the deficit and restate the preferred stocks are subject to approval by a
majority vote of the common stock and the preferred stocks voting as
classes, although at the present time the holders of the preferred stocks are
not entitled to exercise any voting power.
The proposals to accord voting
rights to the preferred stocks and to restate the common stock are subject
to approval by a two-thirds vote of the common stock.
The approval of the proposal to eliminate the deficit will require no
further corporate action but the other proposals will be consummated only
after appropriate amendment of the certificate of incorporation.
The declaration will be permitted to become effective, and the applica¬
tion was approved, subject, however, to the following conditions:
(1) That no dividends shall be declared or paid by General on its common
stock without prior approval of this Commission:
(2) That no charges shall be made to capital surplus without the prior
approval of this Commission;
(3) That the proposed dividend payment on the $7 series and $6 series
cumulative preferred stock shall not be made until such time as all the
proposed readjustments set forth in the declaration shall have been con¬
summated;
(4) That General mail to the $7 series cumulative preferred and the $6
stockholders, and to the common stockholders,
concurrently with the solicitation of proxies for approval of the proposed,
readjustments, a copy of the Commission's findings and opinion in this
37,651,323
15,582,068
690,619
net worth and income
on
Other taxes and charges
Contribution to industrial and trade associations
11,640,072
4,613,815
Net profit
Previous surplus
16,253,887
Total surplus
Balance Sheet
Sept. 30, 1939
(In German Marks)
Liabilities—
Assets-
Common shares
1,553,312
I- 42,734,542
3,002,778
1
Plant, heating & light, equip.
1
Tools, factory & office equip.
1
Land
-
100,590,000
Preferred shares
Buildings
New buildings
Machinery
a
Pref.
shares
6,500,000
conferring
not
50,001,000
51,000,000
19,000,000
voting right
Statutory reserve
Special reserve
Concessions, patent, licenses
m arks & other similar rights
Premium receivable on stock
Investments....
Premium receivable
Inventories
Marketable securities
Bills
Specific
res.
Reserve
and accrual llab. 42,476,467
for
196,954
on
75,840,000
4,412,146
value
Checks
Cash
hand, incl. cash with
1,578,144
Reich8bank and Post Office
339,669
13,616,155
67,493,710
6,430
94,892,358
Pensions, widows' & orphan's
1,496,689
fund for employees.
Dep. by pensions, widows' &
332,600
205,498
orphans' fund for workmen
Accrued expenses and Interest
Surplus
a
After depreciation
Sierra Pacific Power
Net
Total
559,616,938
of 1,372,416 reichsmarks.—V. 149, p. 423.
1940—12 Mos.—1939"
$2,212,732
$2,040,078
90,759
79,798
874,269
739,410
871,049
735,831
86,048
74,790
accruals
income
—V. 151, p.
Co.—Earnings-
1940—Month—1939
$212,311
$195,949
Period End. Aug. 31—
Operating revenues
Gross income after retire¬
ment
16,253,887
559,616,938
Total
1290.
Co.—Liquidating Dividend-
Simms Petroleum
Sept. 20 declared a liquidating dividend of 50 cents per
$10, payable Oct. 15 to holders of record
Similar amount was paid on May 15, last, Dec. 11, July 11 and
The trustees on
share
Oct.
on
1.
the common stock, par
April 11, 1939; Oct. 10 and on Feb. 29, 1938.
A dividend of 75
paid on Nov. 3, 1937; dividends of 50 cents were paid on Aug. 3,
30 and Jan. 9, 1937; $1.25 was paid on July 29, 1936; $1 on Jan. 27,
one of $1.25 on Oct. 18, 1935, and one of $10 per share on July 5,
—V. 151. p. 1005.
on
was
Simmons Hardware & Paint Corp.
-
_
1939
-
(including $2,980 depreciation)
Selling, general and administrative expenses (incl. $12,578 de¬
preciation and $69,917 taxes).
Cost of goods sold
Operating profit
Other income (net)
cents
April
1936;
1935.
(& Subs.)—Earnings
Consolidated Income Account Year Ended Dec. 31,
Net sales
$9,149,099
7,207,980
1,849,908
$91,211
21,826
<-
$113,037
Total income
18,382
Provision for Federal and State income taxes
$94,655
$0.21
Net profit for year
Earnings per share on capital stock
Consolidated Balance Sheet Dec. 31, 1939
matter;
(5) That General within 10 days after the payment of the dividends on
the preferred stocks and the consummation or the proposed readjustments
file with this Commission a certificate of notification showing that such
dividends were declared and paid and such readjustments consummated
in accordance with the terms and conditions of and for the purposes rep¬
resented by said application and declaration, and a statement of all expenses
paid or incurred in connection therewith.—V. 150, p. 3987.
Securities
Investment Co. of St. Louis—Extra Div.—
dividend of 25 cents per share in addition
quarterly dividend of 50 cents per share on the common
both payable Oct. 1 to holders of record Sept. 24.
Directors have declared an extra
the regular
of asset
Mortgages payable
Accounts payable
19,428,508
Cash with other banks
Deferred charges
adjust,
Funded debt
series cumulative preferred,
to
deben¬
Welfare fund
140,112
Mortgage loans receivable—
receivable
on
ture issues
118,828,859
1,177,136
Share in treasury
Accounts
9,500,000
Issues
1
232,119,573
78,594,471
52,860,333
7,062,541
It is proposed to
per annum.
General proposes to call a special meeting of its
all of the above proposals will be considered.
The
164,470,440
L- 10,527,624
9,223,950
Wages, sal., directors fees, bonuses to staff—
Social charges—Legal
accrued dividends).
accord to holders of the preferred stocks equal voting
rights, share for share, with the common stock on general corporate matters
and to accord to such holders the additional right to elect two or three
directors (depending uopn the size of the board of directors,w hich presently
consists of five directors) in the event that General shall have failed to pay
four full quarterly dividends upon the preferred stocks for four quarterly
dividend periods
Furthermore, in the event General shall fail to pay 12
full quarterly dividends upon the preferred stocks for 12 quarterly dividend
periods, the holders of the preferred stocks shall have the right to elect a
majority of the board of directors.
By changing the common stock from a stated value of 50 cents.per share
to a par value of $1 per share General estimates that a reduction of the
annual franchise tax payable to the State of Virginia, under the present
laws of that State, from $3,200 to $200, will result, or a saving of $3,000
14,095,392
4,340,242
«.
Excess of interest received over int. paid—
account
,
233,972,939
material and supplies
Income from investments
Corporation General—To Simplify Capiial—and Exchange Commission on Sept. 23 approved the
by the company pursuant to Section 7 of the Holding
We expect
August.
company, exceeding those of 1929—the best previous
an excellent year-end business."—V. 151, p. 860.
Sales after deducting outlays for raw
Savage Arms Corp.—Government Contract—
__•
1938
$164,243
$1.00
1939
$243,298
$1.52
1940
$248,339
$1.55
6 Months Ended Aug. 31—•
Diego Gas & Electric Co.- -Files Declaration with
^
Seven-Up Texas Corp.—10-Cent Dividend—
Directors have declared a
stock, payable Oct. 5 to
1937
1939
$99,917
def 1,559
Net ry. oper. income
From Jan. 1—
San
RR.—Earnings-
$96,433
def5,174
def34,365
1940
August—
Gross from railway
Net from railway
paid on Sept. 3.
—V. 151, p. 1156.
this
mortgage.
This loan represents only
"""I11!
Servel, Inc.—To Pay Special Dividend—•
tion
fund
1909
The Commercial & Financial Chronicle
151
stock, no par value,
—V. 150, p. 3987.
Assets—Cash in banks and on hand, $85,588; trade notes and other
accounts receivable
(less reserve for doubtful accounts, discounts, and
allowances
of
$101,000),
$1,705,197;
officials
and
employees accounts,
$12,846; inventory, $1,834,585; investment in Simmons Warehouse Co.
(wholly owned subsidiary), $160,687; customers notes and advances, not
current (less reserve of $38,000), $33,483; capital assets, at cost (less reserve
for depreciation of $90,389), $89,223; deferred charges, $120,848; total,
$4,042,457.
Liabilities—Notes payable to bank, $400,000; accounts payable, $444,329;
officials and employees accounts, $38,310; accrued taxes, $21,106; Federal
and State income taxes, $24,000; capital stock (issued or reserved for issue
462,138 shs. no par), $1,837,426; capital surplus, $865,142; earned surplus
$412,142; total, $4,042,457.—V. 151, p. 1586:
/
The Commercial & Financial Chronicle
1910
Siscoe Gold
Under
Mines, Ltd.—Annual Report—
Earnings for Year Ended Dec. 31, 1939
Production income
Other income
$1,953,901
15,088
.
Total income
$1,968,989
Development and mining
expenses
639,852
324,784
-
Other expenses..
$1,004,352
45,036
Operating profit
Non-operating income
X
Total income
Non-operating
Depreciation
$1,049,388
107,837
expenses
Taxes
.
Net profit
Dividends paid
$680,889
603,208
..
1940
28,
r
proposal, the company would set aside each yea
10% of net profits for the management, subject to varied provisions.
No
payment under the incentive plan is to be made unless dividends of at least
$1 a share on the common stock are paid within the March 31 fiscal year
except that payments may be made from the net profits of the current
fiscal yeiar ending March 31, 1941, if there are dividends paid amounting
to 50 cents on the common; or, if current assets at the close of the fiscal
year are less than twice the current liabilities.
The plan is to be in effect for the fiscal year ending on March 31, 1941,
and for four years afterward.
In that period no officer is to receive an annual
salary in excess of $24,000,
exclusive of any payments which he may receive under the plan, and this
maximum salary is not to be paid to more than two officers.
Provision
for
compensation of directors
is to apply only to those not
151, p. 566.
salaried and the annual compensation is set at $1,200.—V.
151,610
109,050
-
Sept.
the adopted
Socony-Vacuum Oil Co., Inc.— To Pay Employees Called
For
Military Service—
John
A. Brown, President of this company, on Sept. 25, sent to all
a statement of the company's policy with respect to
employees entering upon military training.
The policy is based upon the
following three principles:
(1) For the first three months of the one-year period, the company will
pay the difference between the regular earnings of the employee and his
company managers
Surplus
$77,681
Balance Sheet Dec. 31, 1939
|
v
Assets—Cash on hand and in banks, $102,309; cash on deposit with trust
companies, $475,000; investments (at cost) (market value, Dec. 31, 1939,
$547,525), $581,133; investment—West Siscoe Gold Mines, Ltd. (743,750
shares), $1; dividends receivable, $4,053; accrued interest on bonds, 334;
bullion in transit, $113,396; accounts receivable, $7,683; deferred charges,
$408,827; mining properties and rights, $3,797,390; buildings, plant and
equipment, $1.695^093; total, $7,085,219.
Liabilities—Accounts payable, $462; accrued charges, workmen s com¬
pensation, &c., $27,950; reserve for Federal and provincial taxes, $129,051;
reserve for depreciation, $1,013,694; capital stock, $4,750,000; operating
surplus, $1,164,060; total, $7,085,219.—-V. 151, p. 1157.
Sivyer Steel Castings Co.1—50-Cent Dividend'—
Army or Navy pay:
(2) The life insurance and annuity coverage under company plans will
continue in effect for the one-year period, and the company will pay the
employee's contributions for the last nine months.
(3) New employees engaged as substitutes during the leave of absence of
employees in military service will be notified that the work is probably
temporary in nature, but will be treated as regular employees in respect of
all company benefits for which they may be eligible
This policy extends the plan which the company authorized sometime ago
for those of its employees who enlisted for National Guard or training
camp service.—V. 151, p. 861.
Directors have declared a dividend of 50 cents per share on the common
stock, payable Oct. 15 to holders of record Oct. 5.
This compares with 25
cents paid on July 20 and April 15, last; 60 cents on Dec. 20, 1939: 25 cents
J aid on Get. 20, and Aug. 2269.
10.193S-—V. 150, p. 10, 1939 and 12M cents per share distributed on
une
Skaneateles RR.—Abandonment—
Sonoco Products Co.—Extra Dividend—
Directors have declared
an
extra dividend of 25 cents per share in addition
to
a
quarterly dividend of 25 cents per share on the common stock, both
payable Sept. 30 to holders of record Sept. 23.
See also V. 150, p. 4141.
The Interstate Commerce Commission on July 19 issued a certificate
permitting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad extending from Skaneateles to Skane¬
ateles Junction, approximately 4.949 miles, all in Onondaga County, N. Y.
Sos8 Mfg. Co.-
Annual Report'
Calendar Years—
1938
$163,284
95,200
Miscellaneous other income (net)..X.
(Howard) Smith Paper Mills, Ltd. (& Subs.)—Earnings
1939
Selling, general and administrative expenses.
$286,712
132,099
$154,613
3,792
$68,084
1,597
$158,405
27,659
$69,681
13,239
$130,745
$0.67
$56,441
Consolidated Earnings jor the Year Ended Dec. 31
1939
Profit from operation
Income from investments
x
income
Directors'fees
Interest on bonds and short-term financing
Provision for depreciation and depletion
$2,260,941
17,070
98,168
$3,121,471
1,615
296,885
Royalties
Total
1938
$3,025,612
17,866
77,994
$2,376,179
1,880
342,420
915,434
168,213
1,075,485
Provision for income taxes
300,369
...
Net
profit
Minority shareholders' equity in subsidiaries
Preferred dividends of a subsidiary company
$1,447,117
48,582
70
375,096
$1,023,369
Preferred dividends
Balance
$948,232
48,912
$524,154
70
375,096
.
Provision for Federal taxes.
Net income
Net earnings per share
Balance Sheet Dec. 31,
$323,133; accounts receivable (trade) less reserve for
$94,505; merchandise inventories, $134,842; property,
equipment (less reserves for depreciation of $125,181),
$181,994; deferred charges, &c., $15,359; total, $749,832.
Liabilities—Accounts
payable
(trade),
$26,492;
accrued
liabilities.
$13,536; reserve for all taxes on 1939 income, $27,659; capital stock ($1 par),
$195,000; paid-in surplus, $18,293; earned surplus, $468,850; total, $749,832.
—V. 151, p. 1005.
Assets—Cash,
doubtful
accounts,
machinery and
x After
charging executive officers' salaries and legal fees amounting to
$78,847 (1938, $78,316) and $482 (1938, $931), respectively.
Consolidated Balance Sheet Dec. 31, 1939
Soundview Pulp
cost
(quoted market value $62,400), $67,112; accounts receivable, less re¬
for doubtful accounts, $1,743,176; amount due from subsidiary com¬
(not consolidated), $3,683; inventories, $2,623,634; other assets,
$386,780; deferred charges, $49,773; unamortized bond refunding expense,
$160,000; fixed assets at or below cost, $24,378,212; total, $29,618,279.
Liabilities—Accounts payable, $759,389; dividend on preferred shares
Co.-^Annual Report—
Calendar Years—
1939
1938
1937
1936
$5,767,725
4,287,882
$4,062,929
3,094,751
y
501,578
$6,536,883
3,950,834
$3,114,728
2,156,385
395,241
223,619
$792 031
16,178
$466,600
16,589
$2,190,808
15,395
$734,724
30,564
$808,209
128,864
114,000
$483,190
157,914
57,000
$2,206,204
219,306
360,000
$765,288
97,035
100,000
Net profit.-...$565,345
dividends
125,931
$268,275
125,685
122,063
$1,626,898
$568,253
293,009
308,585
Sales.
Assets—Cash in hand and at banks, $205,906; investments in bonds, at
$0.29
1939
Costs
Depreciation,
depletion,
amortization...
serve
687,812'
'
pany
Operating income
Miscellaneous
income.
_
payable Jan. 15, 1940, $93,774; taxes due and accrued, $370,475; accrued
liabilities and provision for claims and allowances, $11/, 8 ;
eferred bank
loan, $250,000; mortgage payable April 1, 1942, $20,000; Canada Paper Co.
bonds. $1,450,000; Howard Smith Paper Mills, Ltd.. bonds, $5,550,000;
minority shareholders' interest in sub. cos. (consolidated herein), $1,248,271;
for depreciation and depletion, $8,365,347; reserve for inventories
of sub. cos., $173,137; reserve for contingencies, $83,530; 6% cum.
pref.
stock (par $100), $6,251,600; common stock (329,663 shs., no par), $1,010,reserve
286;
capital surplus, $587,305;
618,279.—V. 149, p. 2528.
Sonotone Corp. (&
earned
surplus,
$3,287,778; total,
$29,-
expenses
Preferred
Common
x
on
dividends
122,063
In addition $976,500 in 6%
common stock.
Earnings
Earnings for Year Ended Dec. 31, 1939
per
share
preferred stock was paid out in dividends
16,282
1939
Assets—
20,032
1,667,833
26
112
68,119
12,103
6,000
Provision for depreciation.
Provision for amortization of mailing list
Provision for amortization of loan instruments and sales repre¬
sentatives' equipment
1938
$
Cash
Selling, general and administrative expenses
Provision for doubtful accounts.
Taxes (other than Federal income tax)
.
642,863
1,428,755
313,319
1,419,013
101
101
Notes and accounts
receivable
Inventories
Investments
Land,
buildings,
equipment, &c. 8,901,346
rights
15,450
Advs.
on
$281,863
41,220
Other income
8,880,735
18,025
Provision for Federal income tax..
$323.083
11,524
59,000
......
Net profit for year
Previous earned surplus
$252,559
203,201
Total surplus
$455 760
^
Preferred stock dividends
Common dividends
...
_
3 303
.
II.IIIIIIII"
118^331
Balance at Dec. 31,1939
27,739
36,013
Deferred charges..
$334,125
Assets—Cash, $120,980; notes and accounts receivable, $420,739- in¬
ventories, $408,328; preferred stock sinking fund, $5,639; accounts receiv¬
able, $20,576; investments in affiliated companies, $26,000; fixed assets
$212,651; intangibles, $250,056; deferred charges to future operations!
$104,528; total, $1,569,498.
Liabilities—Trade accounts payable, $40,905; other accounts
payable
$19,313; commissions payable and miscellaneous accruals, $57,586; reserve
for Federal and State taxes, $92,253; reserve for service
guarantees, $50 000dividend payable Jan. 1,1940, $739; customers'deposits and credit
balances'
$6,851; mortgage instalment payable 1940, $2,500; reserve for service
non^urrent, $20,000; mortgage payable
(equal instalments
due 1941 to 1956). $40,000; preferred stock, $4,830; common stock
(par $1),
?Z£8;£Z8; capital surplus, $111,517; earned
569,498.—V. 151,
p.
566.
surplus, $334,125; total, $1,-
Snider Packing Co.—Votes Incentive Plan—
Stockholders at a special meeting held Sept.
vanced by the directors calling for:
1. An Incentive plan for the management.
20 approved
a
plan
ad¬
2. An amendment to the by-laws to provide for
payment of annual
compensation to directors who are not salaried officers.
3. An amendment to the bylaws by adding a provision for the indemnifi¬
cation of directors and officers against the expense of certain suits which
be brought against
any
of them
as
officers
or
directors.
145,000
-
Accounts payableAccrued payroll &
11,218,199
Notes payable.-.Timber purchase
231,101
26,561
255,188
180,005
1,040,000
1,300,000
13,653
contracts
50,812
162,000
—
85,596
Preferred
shares._
63,502
Common
shares.-
10,913,339
30,000
468,698
45,449
expenses
Reserve for all taxes
2,107,509
Total
2,441,250
2,107,509
2,441,250
3,917,052
784,401
3,917,052
467,049
11,218,198
Capital surplus
Total
1938
to
Serial notes
timber
10,913,339
—V. 151, P. 1157.
(The) South Coast Corp.—Earnings—
Year Ended Jan. 31—
Interest, taxes and other deductions.
Prov. for Fed. & State inc. taxes (est.)
Net income
1938
$5,057,965
4,997,767
$4,569,095
4,151,733
$60,196
296,849
$417,362
98.276
$425,740
130.617
63,000
$357,046
152,460
45,000
$515,638
179,737
85,000
$232,123
Net operating profit
Other income
1939
4,049,875
$102,115
323,625
Cost of sales, sell., gen. & admin, exps
1940
$4,151,990
Net sales....
Consolidated Balance Sheet Dec. 31, 1939
may
1939
payable
banks
Earned surplus
Total profit
Interest
guarantees,
Liabilities—
Notes
133,046
options
Operating profit....
S
165,931
Process
29,003
$208,425
$0.26
$2.95
Balance Sheet Dec. 31
519,605
Provision for depreciation
Provision for amortization of patents, patent rights and license
agreements..
1939
1940
$1,527,093
on common stock
$2,646,952
Cost of sales
x47,490
470,813
the
8 Months Ended Aug. 31—
Net income after all charges
Sub.)—Annual Report—
Net sales
Operating
Prov. for Federal taxes.
$159,586
$250,901
Balance Sheet Jan. 31,
1940
Assets—Cash, $33,970; Federal benefits receivable (year 1938), $221,703'.
accounts
receivable
(after reserves), $275,107; inventories, $2,397,362;
planted and growing crops (at cost) $172,185; deposit (machindry purchase
contract), $9,068; deposits with banks in liquidation ($3,114), $1; invest¬
ments (at cost), $27,155; plantation and sugar mill properties and equip¬
ment
(less reserve for depreciation of $2,473,304), $4,579,704; prepaid
expenses, $107,275; total, $7,823,531Liabilities—Notes payable to banks, $1,468,500; 6% collateral notes
payable, $100,000; equipment and real estate mortgage notes payable
(maturing within one year), $38,532; provision for general mortgage income
bond sinking fund deposit to be made Oct. 1, 1940 (less general mortgage
income bonds reacquired and in treasury—cost $12,100).$86,347: accounts
payable and accrued expenses, $556,085; provision for Federal and State
income taxes (estimated), $63,000; real estate mortgage notes payable
(not current), $59,964; general mortgage 15-year 6% income bonds, $1,398,272; 4% preferred, cumulative stock ($100 par), $2,539,400; common
stock ($1 par), $325,560 capital surplus, $402,050; earned surplus, $785,820;
total, $7,823,531 —V
149, p- 123.
Volume
The Commercial & Financial
151
Southern
Berkshire
Power
Electric
&
Co.—75-Cent
Dividend—
The
have
share on the
common stock, par $25, payable Sept. 27 to holders of record Sept. 19. This
compares with 40 cents paid on June 28, last, 50 cents on March 29. last,
and on Dec. 28. 1939; 60 cents on Sept. 30, 1939: 50 cents on June 30 and
on March 31, 1939; 80 cents on Dec. 28, 1938, 60 cents paid on Sept. 30,
1938, 50 cents on June 30, 1938, and 45 cents on March 31. 1938.—V. 150,
p.136.
Southern
declared
a
of 75
dividend
cents
per
Bleachery & Print Works, Inc.—Accum. Div.
share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 20.
Like amount was paid on July 1,
April 1 and Jan. 1, last.
Dividend of $4.42 was paid on Oct. 1, 1939, and
dividends of $1.75 were paid on preceding quarters.—V. 150, p. 4141.
have
declared
dividend
a
of $1.75
per
Southern California Gas Co.—Bonds
Offered—An under¬
writing group headed by Blyth & Co., Inc., offered Sept. 25
an issue of $30,000,000
1st mtge. bonds, 3H% series due
1970, at a price of 103and accrued interest.
The issue
has been oversubscribed.
with
Associated
Blyth
& Co.,
Inc., in the offering are:
Co.; Harriman Ripley & Co., Inc.; Stone &
Webster and Blodget, Inc.; The First Boston Corp.; Smith,
Barney & Co.; Bonbright & Co., Inc.; Lehman Brothers;
Mellon Securities Corp.; Halsey, Stuart & Co., Inc.; W. C.
Dean Witter <fc
Langley & Co., and Lazard Freres & Co.
Interest payable A-0 at principal
1. 1940: due Oct. 1,1970
Dated Oct.
office of American Trust Co., trustee, San
Francisco, Calif., or at option^
in New York, N. Y.
of the holder at office or agency of the company
Funded
Debt and
Capitalization (Giving Effect to New Financing)
Authorized
Outstanding
First mortgage bonds, 3%% series
Preferred stock (6% cum. par $25)
Preferred stock, series A
Common
(6%
stock (par $25)-
due 1970-
cum. par
$25)
Years
June 30 '40
Total operating revenues
Operation
Maintenance & repairs..
Provision for retirements
Taxes
6 Mos.End.
31
1938
1939
xl937
3,569,711
3,544,980
funded debt
3,730.103
$4,829,895
423
$8,162,062
Dr9,597
$8.841,6.31 $8,284,546
12,826
Dr4,290
$4,830,318
581,250
(net)...
Gross income
on
Ended Dec.
$34,709,269 $34,682,314135,472,967
9.216 679
17,525,886
16,980,631 18,410,331
651,352
1,150,507
1,038,763
1,114,062
2,189,241
4,140,708
4,251,575
4,119,045
$19,102,511
2,215,341
Net oper. revenue
Total other inc.
Not limited
$30,000,000
160,000 shs.
159,956 shs.
2,240,000 shs.
783,032 shs.
1,600,000 shs. 1,152,000 shs.
Fed.
(other than
taxes on income)
Int.
$8,152,465
1,162,500
$8,854,457 $8,280,255
1,162,500
1,238,500
115,578
expense
231.156
231,156
261,418
609
5,815
3 276
11,479
5,922
13,595
12.634
19,117
Cr4,674
Cr4,534
Crl2,945
Cr6,508
account
Other interest
paid
construct'n
for
bond-
.
3.506
holders..
Prov.
7.526
7,961
8,445
878,403
1,282,387
$3,249,828
able property
$5,458,238
1,372,983
1,388,731
of the company.
adjusted.
History & Business—Company is an operating public utility, conducting
business wholly within the State of California and is subject to the
its
provisions of the California Public Utilities Act, as amended. In the latter
part of 1910. the company acquired the property, franchises and business
as a whole of Domestic Gas Co. of Tx>s Angeles.
The properties of other
companies have been acouired as follows:
Tn 1911. the gas properties
Riverside Light & Fuel Co. and San Bernardino Gas & Electric Co.;
of
in
1917, the gas properties of Beverly Hills Utilities Co. in rhe City of Beverly
Hills, and the property of Western Fuel, Gas & Power Co. located at
Redondo, Hermosa and Manhattan beaches: in 1919, the properties of
Economic Gas Co. in Los Angeles, and of Consumers Gas Co., serving
Downey, Bellflower and surrounding territory; in 1921, the
property of Citrus Belt Gas Co. in San Bernardino County.
Company in
1927 acquired the properties, franchises and business of Midway Gas Co..
from wMrh company the comnany was then purchasing must of its natural
gas; in 1929, the properties of Elsinore Gas Co.. serving the Town of Elsinore,
Producers Gas fr Fuel Co., serving McKittrick in Kern County, and South¬
western Gas & Fuel Co., serving the towns of Beaumont, Banning, Hemet
and San Jacinto: and in 1930, the properties of Madera Gas Co. and Turlock
Gas Co., which latter properties were sold to Pacific Gas & Electric Co. in
1931, In 1937 Los Angeles Gas Sr. Electric Corp., following the sale of all its
electric properties to the City of Los Angeles, was merged into the company.
The principal business of the company is that of a public utility acquiring,
gathering, compressing transporting, distributing and (or) selling natural
gas to domestic, commercial, gas engine, industrial and wholesale con¬
sumers in Los Angeles, San Bernardino, Ventura, Kern. Riverside, Kings,
Tulare and Fresno counties, in the State of California. Company distributes
natural
gas
exclusively except that it owns, operates and
maintains
three small butane gas plants and distributes butane gas in the towns of
Moiave, Lancaster and Palmdale. The maior part of the company's revenue
is derived from domestic business.
A small amount of gas is sold for the
Norwalk,
of illumination. As an incident to its gas business, the company is
also engaged in the sale of gas appliances.
Approximately 75% of the revenue of the company's system, for the 12
months ended June 30, 1949, is derived from the service of natural gas for
cooking, water heating, refrigeration and the heating of houses, stores and
purpose
offices.
Fund—Indenture contains provisions for a
which provide in substance for the payment
to the trustee on or before April 1 of each year, commencing April 1, 1942,
in cash or in first mortgage bonds taken at their principal amount, of (ai an
amount eoual to 1% of the greatest aererregate principal amount of first
mortgage bonds at any one time theretofore outstanding, to which shall be
Nadded the amount by which (i) 1 % of the greatest aggregate principal
amount of prior lien bonds established as refundable, less the principal
amount of any such bonds refunded by the issuance of first mortgage bonds,
shall exceed (ii) the principal amount of prior lien bonds so established as
refundable which shall have been retired during the preceding calendar year
(but after such bonds were established as refundable), exclusive of those
for which first mortgage bonds may be authenticated and delivered, (which
aggregate amount if paid in cash may be used solely to purchase or redeem
first mortgage bonds), and (b) an amount e^ual to 15% of the company's
gross operating revenue during the preceding calendar year (exclusive of
revenue from gas or electric appliance sales or the financing thereof;, less
the following credits; (i) payments made pursuant to (al above, (ill amounts
expended for maintenance of mortgaged property (exclusive of property
subject to Hens other than permitted encumbrances or liens securing prior
lien bonds established as refundable) during such preceding calendar year,
Maintenance
and
in (a) above must,
Subject to the requirement that the amount referred to
fund obligations, on the basis of property additions or on the basis
retirement of first mortgage bonds or prior lien bonds established
fundable.
Sinking
maintenance and sinking fund
(iii) the principal amount of all first mortgage bonds retired otherwise than
by the use of cash deposited with the trustee and other than first jnortgage
bonds for the retirement of which other first mortgage bonds have been or
will be authenticated or delivered, or credit taken, or cash withdrawn or
reduced under any of the provisions of the indenture, and the "net bondable value of property additions" but without any deduction on account of
property retirements, or on
tion or other reserves
depreciation, deple¬
permitted,
is less, of additions to fixed utility prop¬
account of provisions for
for such retirements: (iv) to the extent
the cost or fair value, which ever
erties securing prior lien established as
refundable and the principal amount
prior lien bonds established as refundable which shall have been
retired (1) on the basis of the retirement of which no first mortgage bonds
have been or will be authenticated or delivered, or credit taken, or cash
withdrawn or reduced, and (2) otherwise than by the use of cash deposited
with the trustee under any provision of the indenture.
of all
of the
as re¬
-
Redemption Provisions—Bonds are redeemable at the option of the
company as a whole or in part at any time prior to maturity upon payment
of accrued interest to the date fixed for redemption and the following per¬
centages of the principal amounts thereof:
From date of issue to Sept.
30, 1943, 106%; Oct. 1, 1943, to Sept. 30, 1946, 105%; Oct. 1, 1946, to
Sept. 30, 1949. 104%: Oct. 1, 1949, to Sept. 30, 1958. 103%; Oct. 1, 1958,
to Sept. 30, 1959, 102%%; Oct. 1, 1959, to Sept. 30, 1960, 102%%; Oct:
1, 1960, to Sept. 30, 1961, 102%%; Oct. 1, 1961, to Sept. 30, 1962, 102%;
Oct. 1, 1962, to Sept. 30, 1963, 101%%; Oct. 1, 1963, to Sept. 30, 1964,
101%%; Oct. 1, 1964, to Sept. 30, 1965, 101%%; Oct. 1, 1965, to Sept.
30, 1966, 101%; Oct. 1, 1966, to Sept. 30, 1967, 100%%; Oct. 1, 1967, to
Sept. 30, 1968, 100%%; Oct. 1, 1968, to Sept. 30, 1969, 100%%; Oct. 1,
1969, to Sept. 30, 1970, 100%.
If less than all of the first mortgage bonds
are to be redeemed, the company may designate the series to be redeemed
in whole or in part.
If less than all of the bonds of a series are to be re¬
deemed shall be determined by the trustee by lot in such manner as it shall
deem fair.
of
default
First mortgage bonds of any series may be purchased, at the election
the company so long as it is not to the knowledge of the trustee in
under the indenture and no event of default exists, by the use of moneys
limitations as to price as may be specified
If the trustee holds more than $100,000 for a period of
be applied by the trustee to the redemption
of first mortgage bonds or to the purchase of first mortgage bonds at not
to exceed the redemption price or, if such first mortgage bonds are no
redeemable, at not to exceed 110% of the principal amount and accrued
held by the trustee within such
by the company.
three years, such
money must
interest.
Purpose of Issue—Of the net estimated proceeds of the issue
of $30,339,335, the company will apply $29,293,750 to
amount
in the
the re¬
demption on Nov. 1, 1940, of the entire issue of first mortgage & refunding
gold bonds, 4%% series due 1961, outstanding in the hands of the public
in the principal amount of $12,500,000 which is to be called for payment
on that date at the redemption price of 104 and accrued int. to date of
redemption, and of the entire issue of first mortgage & refunding bonds,
4% series due 1965, outstanding in the hands of the public in the principal
amount of $15,000,000 which is to be called for payment on that date at the
redemption price of 107 and accrued int. to date of redemption, and ap¬
proximately $1,045,585 will be used by the company to reimburse its
treasury for moneys actually expended from income for fixed capital
purposes.
Underwriters—The names of the principal underwriters and
cipal amount of the bonds underwritten by each are as follows:
$3,250,000
Blyth & Co., Inc.
Dean Witter & Co
2,275,000
Harris, Hall A Co
1,500,000
Hayden, Stone A Co
500,000
250,000
Hemphill, Ncyes A Co
Stone & Webster and Blodget,
1,500,000
Hill Richards A Co
The First Boston
J. J. B. Hilliard & Son
Smith, Barney & Co..
Bonbright & Co., Inc.
W. E. Hutton & Co
Corp.1,500,000
1,500,000
1,000,000
Lehman Brothers
1,000,000
Mellon Securities Corp
1,000,000
W. C. Langley & Co
1,000,000
750,000
750,000
...
The Illinois Co. of Chicago..
Kidder, Peabody A Co
Lee Higglnson Corp.
Mltchum, Tully A Co
G. M.-P. Murphy A Co.....
Durst
150.000
200,000
Pacific Co. of Calif
Banks, Huntley & Co..
Arthur Perry A
R. 8. Dickson & Co., Inc
100.000
100.000
100,000
400,000
100,000
Drexel & Co
500,000
Eastland, Douglass A Co
300,000
225,000
250,000
200,000
Brush, Slocumb & Co
H. M. Byllesby & Co., Inc...
Eastman, Dillon & Co
Elworthy & Co..
Equitable Securities Corp.-...
Glore, Forgan A Co
....
Graham, Parsons A Co
700,000
500,000
150,000
300,000
—
100,000
100,000
100,000
Co., Inc
Rlter & Co
-
E. H. Rollins A Sons, Inc....
Schwabacher & Co
William R. Staats Co
Stern, Wamrler A Co., Inc...
Stifel, Nlcolaus & Co., Inc...
Weeden A Co
Wells-Dickey Co
White, Weld & Co
500,000
Whiting,Weeks & Stubbs.Inc.
500,000
200,000
Goldman, Sachs & Co
100,000
100,000
500,000
100,000
O'Melveny-Wagenseller &
Baker, Weeks & Harden.
Bateman, Eichier & Co
the prin¬
400,000
400,000
Hallgarten A Co
Bankamerlca Co
$6,073,718 $5,357,916
for
if paid in cash rather than first mortgage bonds, be used solely to purchase
or redeem first mortgage bonds, maintenance and sinking fund moneys may
be withdrawn, or credits may be allowed against maintenance and sinking
Lazard Freres & Co
Net income.
4s
retirement of first mortgage bonds or
property additions set forth in (i) and (iii) above than the ratio of the fair
value of the fixed utility properties subject to the lien securing prior lien
bonds established as refundable to the depreciated book value of all bond-
Halsey, Stuart & Co., Inc...
for Fed. taxes on
income.
x
as
Inc
Int. on parent co. credit
Int. chgd. to
prior lien bonds
Harriman Ripley & Co., Inc.
Amort. of bond disc't &
Taxes
properties and the retire¬
stated in (iv) above can not be in a greater ratio
Credits allowed for additions to fixed utility
ment of
to all the credits allowed for the
directors
Directors
1911
Chronicle
The Wisconsin Co..
250,000
700,000
150,000
350,000
200,000
200,000
200,000
200,000
500,000
250,000
250,000
Kuhn, Loeb A Co..
-
1,600,000
Comparative Balance Sheet
June 30
,
Property,
*40
June 30, '40 Dec.
Dec. 31, '39
plant,
equipment. 132,106,606
130,494,234
Intangible assets
51 858
10, 032
41,019
Light'g Corp.A
1,764,242
5,395,640
supplies...
,562
1,357,
..
1,419,373
891,
,326
1,006,905
51,
,966
taxes, A rent.
70,567
posits
260, 358
437,500
353,622
353,622
Pacific
191,209
de¬
&
con¬
adv.
76,958
Reserves
—
569,567
560,517
588,536
42,833,196
1,848,340
41,073,392
1,847,418
189, ,063
1,092,809
3,131,459
8,421,645
3.124,047
.144,041,201
142,474,638
Insurance
189,063
Contingencies-
&
Capital Burplus.
on
728 917
capital stock.
728,917
709,966
Re¬
tirements..
pense—
Earned surplus.
947,277
7,639,542
deferred
39, 048
charge.„
Total...--..144,041.201
—V.
to
Deferred credit.
plan
Organization ex¬
Misc.
437,500
bond
struction
pen¬
& benefit
expense
221,029
3,782,607
payable..
Customers'
Prepayments on
Commissions
205,335
3,613,841
payrolls.
Ltg. Corp....
Prepaid insrnce.,
uniform
1,098,664
payable.
interest
Due
19,575,800
28,809,000
27,500,000
1,683,787
27,500,000
payable A
Accrued
Dlvs.
bond
disc. A exp...
sion
19,575,800
stock.
accrued
6,615,859
and
Materials
Accrd.
Taxes
notes
receivable....
Unamort.
Accts.
1.215, 002
1,743, 816
Cash
Accts.
$
28,800,000
series A
Common
Funded debt
Due from Pacific
31, '39
3,998,900
3,998,900
6% pref.stock..
6% pref. stock,
52,208
Invsts. in seers
A
$
Liabilities-
$
Assets—
15,288
142,474,6381
Total.
151, p. 1736.
Southern Pacific Co.—Earnings—
1938
1937
1940
1939
$16,057,004 $15,079,183 $14,088,496 $14,753,278
4.153,626
3,183,010
4,941,630
4.374,629
2,208,126
1,269,687
income.2,810,028
2,319,900
August—
Gross from railway.
..
Net from railway
Net ry. oper.
From Jan. 1—
110,840,528 105,314,239
27,960,919
27,117,333
Gross from railway
Net from railway
Net ry. oper.
income—
11,973,945
11,725,725
96,569,329 114,899,679
18,272,746
27,214,640
3,017,567
12,446,153
Earnings for the Transportation System
Period End. Aug. 31—
1940—Month—1939
Railway oper. revenues_$20,552,495
Railway oper. expenses. 14,574,208
Net rev. from ry. oper.
$5,978,287
Railway tax accruals—
Net ry. oper.
—V.
1,625,451
889,151
59,313
65,054
income. $3,321,454
12,341,988
$33,727,983
12,105.700
7,739,891
528,389
7,074,761
503,112
$5,168,870 $35,080,839
1,574,718
1,017,061
Equipment rents (net).Joint facil. rents (net)__
1940—8 Mos—1939
$19,145,294 $145937,790 $137590,384
13,976,424 110,856,951 103,862,401
$2,594,954 $14,470,571 $14,044,411
151, p. 1291.
Southern Ry.—Places
The road
3,180 Freight Cars—
3,180 freight cars.
Although the
revealed, the indicated value is around $8,000,000.
has awarded contracts for
price ha£ not been
The Commercial & Financial Chronicle
1912
The order
divided
tions
follows*
1,500 box cars to Pullman-Standard
Car Manufacturing Co., 750 hopper cars to Pressed Steel Car Co., 730
high-side gondola cars to American Car & Foundry Co., and 200 low-side
gondolas to Mt. Vernon Car Manufacturing Co.
was
as
Southwestern States
$8,388,488
2,586,525
1,772,449
—Second Week of Sept.
1940
1939
Gross earnings (est.)
—V. 151, p. 1730.
62,649,975
18,003,981
10,909,921
2% normal and other tax paid to bondholders.
—Jan. 1 to Sept.
1940—Month—1939
$128,480
$107,001
300
300
Aug. 31—
Operating revenues
Uncollectible oper. rev..
1940—-8 Mos.—1939
$940,831
$850,471
2,400
2,100
$106,701
64,867
$938,431
570,925
$848,371
524,145
15,217
$41,844
10,787
$367,506
97,181
$324,226
80,515
$35,420
$31,057
$270,325
$243,711
Operating revenues
Operating expenses
$128,180
Net oper. revenues
$50,637
77,543
Operating taxes
Net operating income.
—V. 151, p. 861.
Southwestern Gas & Electric
Calendar Years—
Provision for
1938
1937
1936
Operating revenues
x Oper. exps. & taxes
$7,710,590
4,813,868
$7,613,474
4,719,006
$7,454,689
z4,507,341
$6,659,559
3,835,694
Operating Income
Non-oper. income (net).
$2,896,722
8,579
$2,894,468
21,052
$2,947,348
30,061
$2,823,865
35,635
$2,905,301
746,125
199,942
$2,915,520
781,000
182,186
$2,977,409
799,000
216,319
$2,859,499
816,999
236,607
Common dividends
$1,959,234
618,422
545,250
$1,952,335
618,422
763,350
$1,962,090
618,422
945,100
$1,805,892
618,422
327,150
Balance, surplus
$795,562
$570,563
$398,568
long-term debt..
Net Income
7% preferred dividends.
x
Includes depreciation.
Includes $2,873 undistributed profits tax.
z
Balance Sheet Dec. 31
1939
1938
S
$
Assets—
Utility plant
Investments
Bond
disct.
pense
<fe
of amortization.
2 050,246
Prepaid accounts.
49,503
2 281,873
on
dep.
7%
cum.
($100 par)
2,190,410
55,136
1,731,721
for
payment of pref.
Assets—Fixed capital, $2,864,291; investment in and advances to 100%
subs, not consolidated, $512,008; cash, $56,232; working funds,
$2,975; notes and accounts receivable (notes), $26,120; due from subsidiary,
$21,813; accrued toll revenue, $10,765; materials and supplies, $74,521;
other assets, $16,973; deferred charges, $5,803; total, $3,591,501.
Liabilities—Common stock ($1 par), $90,024; funded ana other long-term
debt, $2,363,831; notes payable, $5,803; accounts payable, $8,666; cus¬
tomers' deposits, $7,465; accrued liabilities, $84,146; unredeemed coupons
for bond interest, $8,466; deferred credits, $116; donations for telephone
plant, $612; reserve for depreciation, $404,209; capital surplus, $582,729;
earned surplus, $35,433;
tot$l, $3,591.501.—V. 146, p. 2098.
owned
Company has been awarded a contract totaling $9,075,150 to build
searchlights and one totaling $6,534,920 to build fire control equipment.
Both contracts are for the U. S. Government.—V. 151, p. 1439.
Spokane International Ry.- —Earnings—
8,834,600
4,500,000
154,605
Pref.
833,221
241,517
payable
Misc. curr. llabils.
7,276
9,781
stock
dlvs.
154,605
2,607
2,928
3,186,983
2,750,722
257,640
169.955
2,011,632
Reserves
154,605
1,189,641
Contribs. In aid of
construction
Earned surplus...
39,171,923 38,386,799
Total
Southwestern Light & Power Co. (&
Calendar Years—
z
Represented
Subs.)—Earnings
1939
1938
1937
$2,762,481
1,880,896
$2,611,379
1 866 896
$2,576,500
Other income (net).
$881,585
4,853
$744,483
4,002
$717,781
5,955
Interest and other deductions.
$886,438
394,963
$748,485
389,945
Net income.
1 858 719
$491,475
287,194
preferred stock
$358,540
248,911
$337,318
261,676
Southwestern Public Service Co. (& Subs.)1939
1938
1937
$2,677,476
$2,514,054
1,229,715
$2,452,264
1,211,191
1,296,613
59,042
expense
Maintenance
Depreciation
58,974
192,510
205,728
76,019
243,392
225,160
Taxes—General
Fed'l normal income..
Fed'l surtax on undis¬
78,220
61,624
182,770
188,430
55,308
tributed profits
Net oper. income.
Non-operating income.
From Jan.
Subsidiary companies—
Interest charges
Balance
on
$2,262,051
1,151,375
57,416
178,268
168,153
53,115
charges.
$957,632
421,463
279,137
$844,034
300,500
163,872
5,973,405
1,448,331
427,810
5,565,132
1,360,356
421,219
5,242,860
1,350,864
414,375
5,929,464
1,975,731
1,142,878
$758,043
$760,643
Standard Commercial Tobacco
1,507
1,430
1,315
$759,213
$655,770
$756,536
285,174
60.900
285,997
7,702
$644,494
12.591
60,900
27,370
2.961
27,942
2,961
filed
288,666
60,900
8,306
2,961
$294,937
Gas & Electric
Standard
equipment purchase contracts payable (non-current), $13 325*
and line extension deposits, $177,978; due to
affiliated com¬
panies, $338,917; deferred credits, $2,093; reserves, $1,062,358; contribu¬
p.
Standard
3989.
Co.—Exchange Offer—
Holders of notes and debentures of the company have been offered the
privilege of exchanging each $1,000 principal amount of notes and deben¬
tures for 58 shares of reclassified common stock (par $10) of San Diego
Consolidated Gas & Electric Co., subject to the conditions set forth in the
plan of exchange dated Aug. 20, 1940, of Standard Gas & Electric Co.
As set forth in said plan, the exchange offer will expire when $17,135,500
of notes and debentures have been deposited with the depositaries or on Sept.
30, 1940 (unless this time is extended by Standard Gas & Electric Co..
subject to any limitation as to the duration of extensions which may be im¬
posed by order of the Securities and Exchange Commission), whichever is
earlier.
Weekly Output—
Electric
output of the public utility operating companies in the Standard
Co. system for the week ended Sept. 21, 1940, totaled
as compared with 120,125,092 kwh. for the correspond¬
ing week last year, an increase of 9.6%.—V. 151, p. 1586.
&
Electric
131,616,722 kwh.,
Standard Products Co. (&
xl940
Years End. June 30—
Manufacturing profit.
Sell., gen. & admin, exps
y
$888,346
341,439
$546,907
Operating profit
Other deductions
...
Other income
Prov. for income taxes._
21,153
047,633
100,503
Subs.) —Earnings
1939
—
1938
1937
$829,935
347,420
-398,475
395,166
$482,515
34,677
017,392
109,745
$94,090
62,483
Cr26,730
29,522
$877,136
47,207
011,456
205,217
$492,565-
$1,272,302
Portion of subs, loss ap¬
02,571
plicable to min. int—
$472,883
profit-
225,000
Dividends paid
Earns.per sh.on com.stk.
Company only,
x
y
$1.57
CV2.133
Drl ,524
$358,056
75,000
$1.19
$30,949
$634,644
75,000
300,000
$0.10
$2.11
After deducting cost of goods sold, incl. material.
labor and factory expenses.
Note—Depreciation and amortizgtion in
sales and expenses.
the amount
of $92,201
have
been charged to cost of
Consolidated Balance Sheet June 30
xl940
Assets—
$495,889
a
York
$321,788
333,939
188,126
Accte. receiv
New
1939
256,534
Cash
186,243
drafts
Canadian
—---
41,333
c
32,500
83,439
Patents
-
Deferred charges..
Investments
17,500
salaries,
&c
16,730
15,015
133,329
153,389
overdraft
2,143
(Canadian sub.)
Other curr. liablls.
1,035,804
1,089,782
2,874
43,048
47,220
17,258
59,261
127,810
7,621
Reserves
Min.
int.
standing
30,000
in
out¬
capital
14,642
stock of sub
Com. stk. (par $1)
Paid-in surplus
300,000
Total
300,000
771,594
773,219
917,552
Earned surplus
$2,247,805 $2,112,170
Total
1939
$123,473
Other liabilities.
plant
equipment.
Unpaid
Bank
sub..
xl940
$108,600
Note pay. to bank
Accrued taxes
of
Other assets
b Property,
Liabilities—
Accts. pay. (trade)
wages,
pledged to secure
a
$800; inventories, $141,395; special deposits, $448; prepaid
expenses and
deferred charges, $80,320; total, $10,301,043.
Liabilities—Funded debt, $5,622,900; 6% preferred stock
($50 par).
$311,950; common stock ($4 par), $200,000; accounts
payable $57 702!
secured equipment purchase contracts
payable (current), $30,926;'out^
standing ice coupons, $881; accrued interest on funded debt, $15,225*
other accrued interest, $15,569; accrued
taxes, insurance, &c., $170 716*
trustee for
appeal from the modification of the order.—V. 150,
an
and
287,579
60,900
12.802
2.961
Co., Inc.—To Pay Int.
$1,128,540, and Judge Woolsey ordered the interest paid on that sum,
He directed that it
was
indebtedness
»o^£s«e^PianL^niynvestment, #9,750,335; miscellaneous investments:
§2,182; cash, $80,416; accounts receivable, $245,148; notes receivable!
consumers
1938
or any part remaining unrepaid to the purchasers.
should become part of the lien.
John M. Harlan,
$657,085
1,606
6.935
$752,941
Consolidated Balance Sheet Dec. 31, 1939
secured
1939
Federal Judge John M. Woolsey, who last August confirmed the findings
P. Stephenson in setting aside the sale to a syndicate
j-
Net income
1937
$811,482
265,169
143,072
■*>
of Referee Robert
Inventories
$751,108
$394,971
7% notes
Other interest
Amortization
1936
$775,049
7,453
$780,896
Southwestern P. S. Co.:
Int. on 6% bonds
Int.
—Earning^
$782,502
Gross income
554,977
124,301
66,487
1—
Gross from railway
Net from railway
Net
9,230
_
484,255
72,622
12,330
1940
$921,679
299,999
153,167
August—
Gross from railway
Consolidated Balance Sheet Dec. 31, 1939
Assets—Utility plant, $15,299,715; Investments, $623,934; cash, $348,339; special deposits, $3,112; accounts, notes and warrants receivable
(net), $257,398; materials and supplies, $201,074; prepayments, $8,957;
bond discount and expense in process of
amortization, $518,966; total,
$17,261,497.
Liabilities—Common stock (par $21), $1,998,276; 6% cumulative class A
common stock
($100 par), $305,400; $6 cumulative preferred stock, $4,477,372; long-term debt, $6,750,000; accounts payable, $117,347; customers
deposits, $292,760; accrued taxes, $185,838; accrued interest, $43,252;
other current liabilities, $20,644; customers
advances for construction,
$11,254; reserves, $2,263,315; contributions in aid of construction, $118,597;
earned surplus, $677,443; total, $17,261.497.—V.
151, p. 1157.
Operating
525,081
114,088
60,062
1291.
Net from railway
Net ry. oper. income...
Gas
Calendar Years—
Gross oper. revenues
p.
1937
$95,256
40,165
30,336
Spokane Portland & Seattle Ry.—Earnings-
$723,737
386,419
on
151,
1938
$79,945
27,692
19,740
131,818
61,212
Net ry. oper. income—
—V.
1939
$90,697
37,776
28,618
530,924
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
39,171,923 38,386,799
y After reserve of $44,809 in 1939 and $48,511 in 1938.
by 363,500 no par shares.—V. 151, p. 1005.
Dividends
1940
$85,690
34,774
24,560
August—
Gross from railway
Net from railway..
headed by Wertheim & Co. of a block of stock owned by Standard Com-r
mercial Tobacco Co., has modified his order to require the payment of
interest at the rate of 4.44% on the purchase money.
The amount paid
154,605
210,163
Operating revenues
Operating expenses and taxes
$437
Net ry. oper. income—
—V. 151, p. 1291.
810,771
Total
$10,032
Cr79
Common stock.. 4,500,000
Long-term debt
18,696,000 19,150.000
Def'd liabilities...
Def'd liabilities
40,412
36,888
Accounts payable.
308,341
310,345
Accrued taxes
694,709
718,920
Accrued Interest..
122,017
129,126
Customers' depos.
439,069
462,375
Receivables
Mat'ls & supplies.
Other def'd charges
892
94,350
Balance Sheet Dec. 31, 1939
$
8,834,600
stock dividends.
y
1938
$
pref. stk.
z
ex¬
in process
Cash
Cash
1939
lAabilities—
33 ,679,593 33,114,665
55,743
27,891
841
Cr276
93,579
depreciation
Net income—
$860,320
on
Misc. Int., amort., &c_.
135,944
6,801
1,456
Sperry Gyroscope Go., Inc.—Government Contract—
Co.—Earnings-
1939
Gross income
$239,801
Trustees' expenses
Interest aunng construction
1939
1940
$2,707,805 $94,698,694 $88,951,658
$2,723,253
$237,078
2,723
$247,671
135,059
7,047
1,390
Interest on 1st mortgage bonds.
Miscellaneous interest deductions
Southwestern Associated Telephone Co.—Earnings—
Int.
$227,361
20,310
Gross income
railway
©per. Income..
1938
$551,340
314,262
Net operating income before depreciation
Non-operating revenues
1,590,106
-
from
Period End.
1939
$547,412
320,052
expenses
67,173,018
19,090,070
11,507,009
op or. income
From Jan. 1—
Gross from railway
Net ry.
1939
1940
$9,022,384
2,561,590
Net from railway
Net ry.
Net
Operating
earned surplus.
Telephone Co.—Earnings—
Calendar Years—
Total operating revenues
[Includes Northern Alabama Ry.J
August—
Sept. 28, 1940
extensions,
$91,498; capital surplus, $910,132;
$1,278,873; total, $10,301,043.—V. 151, p. 861.
Earnings for August and Year to Date
Gross from railway
for
672,293
$2,247,805 $2,112,170
After reserve of $16,882 in 1940 and $25,800 in 1939.
b After
reserve
for depreciation $309,719 in 1940 and $295,054 in 1939.
c After reserve for
amortization of $12,233 in 1940 and $9,003 in 1939.
x Company only.—V.
151,
P.
1440.
Standard Screw Co.—Common Dividend—
Directors have declared
a dividend of 30 cents per share on the common
par $20, payable Sept. 30 to holders of record Sept. 20.
This com¬
with 50 cents paid on Aug. 12 last; 30 cents paid on June 29 and
March 3 last; 15 cents on Feb. 27 last; 30 cents on Dec. 27, Nov. 10, Sept.
30, June 30 and Mar. 31, 1939, and 25 cents paid in each of the four pre¬
ceding quarters.—V. 151, p. l0O6.
stock,
pares
Volume
Steel Products Engineering
Co.—Earnings—
1939
1938
$1,807,906
$1,599,860
Calendar Years—
Sales.net
1,098,293
975,068
356,142
profit
$353,470
$306,143
income
23,235
23,365
Operating expense
Gross
Other
tinuing to bill its customers at the existing rates.
The utility law requires a
surety bond which provides that the amounts collected in excess of ordered
rates shall be deposited in escrow.
For the month of August the amount
in controversy is approximately $15,000.
The accounts give no effect
to the court order because the final outcome is uncertain.—V. 151, p. 1440.
318,649
Cost of sales
$376,706
3,802
70,583
t
Net income..
_
Balance Sheet Dec. 31,
Assets—Cash
hand and
on
on
$329,508
7,343
62,286
$302,319
Total income
Deductions from income
Provision for Federal income tax
$259,879
1939
Symington-Gould Corp.—25-Cent Common Dividend—
deposit, $142,363; U.
S. Treasury bills*
operations, at cost, $820; fixed assets (less reserve for
depreciation of $361,395), $441,414; patents, at cost (less reserve for amor¬
tization of $6,271), $6,837; goodwill, $21,282; deferred charges, $1,668;
real estate not used in
dividend paid on the common shares since Jan.
share was also distributed.—V. 151, p. 1006.
Tennessee Central
Liabilities—Trade accounts payable, $59,316; customers' credit balances,
$2,805; accrued liabilities, $99,004; reserve for dealers and distributors,
advertising, $7,051; capital stock (234,000 shares, par $1), $234,000; paid-in
surplus, $286,000; earned surplus. $523,570; total, $1,211,746.—V. 150,
p. 3838.
Net from railway
Net ry. oper. income
—V. 151, p. 1737.
Earnings for Year Ended Jan. 31, 1940
11,600
Provision for Federal income taxes
$32,460
Loss for year.
Consolidated Balance Sheet Jan. 31, 1940
Assets—Demand deposits, $*583,240; accounts receivable (less reserve of
$122,357), $1,335,226; merchandise, $1,071,880; unexpired insurance and
other prepaid expenses, $140,931; store fixtures and equipment (less allow¬
ance for depreciation of $1,068,126), $166,719; landc building and improve¬
ments (less allowance for depreciation, including special reserve of $200,000
against improvements to leased premises of $817,932), $3,416,757; mis¬
cellaneous investments, $58,072; goodwill and trade-name, $7,499,600;
total, $14,272,425.
Liabilities—Accounts payable, including $91,356 for merchandise held
or in transit, $246,398; accrued expenses, including $34,610 of interest on
bonds, $157,243; mortgage instalment payable within one year, $36,000;
provision for Federal income taxes, $12,052; provision for claims and
contingencies, $146,359; mortgage on real estate, $2,750,113; provision for
contingent liability for Income taxes, $20,500; 6% sinking fund bonds,
maturing 1947, $3,461,000; $4 cumulative class A stock (10,684 shares,
no par), $53,420; common stock (par $1), $339,258: capital surplus, $3,343,882; earned surplus, $3,706,200; total, $14,272,425.—-v. 148, p. 3545.
fixed assets, interest, income
1,689,412
427,515
216,792
1940—12 Mos.—1939
1940—Month- -1939
$779,761
$805,338
31—
revenues-_
—
Direct taxes
retirement re¬
appropriations-
$8,810,810
3,334,417
1,214,703
287,994
103,162
294,164
119,308
expenses
$8,355,555
3,441,308
1,046,188
83,333
83,333
1,000,000
1,000,000
Net oper. revenues—.
Other income (net)
$308,533
$305,272
491
$3,261,690
12,771
$2,868,059
11,744
$309,366
$305,763
140,542
2,641
$3,274,461
1,686,500
32,385
$2,879,803
1,686,500
2,742
$166,082
$162,580
$1,555,576
$1,161,851
serve
Net
833
140,542
income.
Dividends
375,678
151,
$786,173
1158.
p.
Ry.—Earnings—
Texas & Pacific
1940—8 Mos.—1939
$17,101,448 $16,736,940
12,241,116 12,249,258
1,227,014
1,223,665
768,125
818,479
15,979
41,559
Period End. Aug. 31—
1940—Month—1939
Operating revenues
$2,106,069
$2,081,029
Operating expenses
1,530,004
1,486,639
Railway tax accruals._153,800
156,905
Equip, rentals (net)
63,846
86,045
Joint facil. rents (net)-910
6,642
Net income
271,597
268,584
$374,975
7,886
324,295
$3,120,811
36,107
2,574,129
$2,672,563
61,218
2,597,358
$61,449
-
$2,849,214
30,177
$387,153
3,208
322,496
Fixed charges
$344,798
29,644
Total income.
Miscell. deductions
$42,79*4
$510,575
$13,987
-
1292.
(& Subs.)—Earnings—
Thew Shovel Co.
Earnings jor Year Ended
Dec. 31, 1939
Manufacturing profit
Depreciation fixed assets
Sales, service, shipment, administration
Operating gain
$5,350,336
$2,403,979
$357,509
Net ry. oper. income.
Other income
:
—V. 151, p.
375,678
$1,179,898
applic. to pref. stock for the period—
Balance
-V.
31,452
and general expense.--
$2,579,660
89,809
1,564,334
$925,517
—
47,118
Other income (net)
$972,635
Earnings before tax and reserve
Transfer to reserve for losses.
Federal income tax, paid and accrued.
4,837,810
42,000
193,244
$512,525
Operating profit
of common capital
less the cost of 111
Proceeds of sale to employees of 530 shares
stock at an average of $6.52 per share,
Total profit
-
Previous surplus
Common dividends.;
.$515,043
6,304,436
1925 in the appraisal of real estate values.
2,109,168
$4,363,267
$1.32
Surplus at the end of the year
Earnings per share on capital stock
$282,912; notes
Period End. Aug. 31—
Operating
Operating
Assets—Cash, $799,442; customers' accounts receivable, $1,964,077;
$2,096,559; leaseholds, land and buildings, $1,541,263; store
inventory,
improvements, fixtures and equipment, $783,774; goodwill, $1; other
assets, $224,049; total, $7,409,165.
Liabilities—Notes payable, commercial paper, $265,000; accounts payable
to merchandise creditors, $514,411; accrued salaries and wages, $100,047;
provision for income and social security taxes, $134,573; sundry liabilities
7 % cumulative preferred stock, $ 1,870,025;
stock (par $10). $2,881,540; surplus, $1,481,727: total, $7,409,165.
and accrued expenses, $ 161,841;
—V. 150, P. 855.
$1,154,205
901,607
$2,321,487
1,803,120
$2,358,360
1,814,102
$221,943
$252,598
145,260
$518,368
295,991
$544,257
146,300
$75,642
18,070
$107,338
25,080
$222,376
36,066
$242,672
49,695
$93,713
209,549
$132,418
217,146
$258,443
426,649
$292,367
438,814
$115,837
expenses
Net oper.
Taxes...
i
$1,114,068
892,125
revenues
$84,727
$168,206
$146,447
revenue
Operating income
Non-operating income..
common
*
Gross income
Deductions
The directors have declared a
Co.—Accumulated Div.—
dividend of 50 cents per share on account
value, payable
Oct. 1 to holders of record Sept. 23.
A like amount was paid on July 1
and April 1, last; Dec. 28, Oct. 2, July 1, and April 1, 1939; Dec. 23, July
1 and April 1, 1938: and compares with $1.75 paid on Dec. 29, 1937: 75
cents paid on Oct. 1, July 1 and April 1, 1937, and $1 on Jan. 4, 1937.
V. 150, p. 4143.l4#«»'ifeaysJ4»»
of accumulations on the $4 cumul. 2d pref. stock, no par
Net loss
—V. 151, p.
-
including non-operating revenue
Mfg., general administrative and other expense.Depreciation and amortization
Provision for Federal income tax
Thompson Starrett Co.,
Net profit
-
-
1939
$1,384,776
990,629
25,791
45,373
$122,679; contracts, notes and accounts
due within one
1940—Month—1939
1940—8 Mos.—1939
$4,398,865 $4,048,739
13,012
2,505
$574,284
$543,094
1,663
4
Operating revenues—
Operating expenses
$572,621
398,967
$543,090
411,057
$4,385,853
3,108,776
$4,046,234
3,166,581
Net oper. revenues.__
$173,654
$132,033
42,148
$1,277,077
379,669
$879,653
$89,885
95,188
$897,408
$553,685
349,754
491,564
'
net after deducting a reserve for doubtful accounts of $15,000, $349,234; inventories, at cost not exceeding market, $306,891; contracts, instal¬
ments and retentions due after one year, $122,346; fixed assets, net,
Telephone & Telegraph Co.—Earnings—
Period End. Aug. 31—
$301,218
Comparative Balance Sheet July 31, 1940
Nov. 6 will consider proposed merger
Operating revenues
Uncollectible oper. rev._
67,138
$210,731
Inc.—Merger Planned—
corporation with its fully owned subsidiary.
Thompson-Starrett
Engineering Associates, Inc., for the purpose of effecting a recapitalization
of the corporation.—V. 151, p. 1586.
the
Tri-State
1940'
$1,347,258
1,063,170
27,983
301,586
1737.
Stockholders at a special meeting on
of
Super Mold Corp. of Calif.—Earnings—
Years Ended July 31—
Gross income,
and accounts receivable
Third Avenue Ry. System—Earnings—
1940—Month—1939
1940—2 Mos.—1939
Consolidated Balance Sheet Jan. 31, 1940
Suburban Electric Securities
$4.47
(less reserve),
$1,773,748; inventories, $1,651,270; deferred and other assets, $98,521;
fixed assets (less depreciation reserve), $1,569,414; total, $5,375,865.
Liabilities—Notes payable, $200,000: accounts payable (trade), $335,853;
customers' advance payments. $134,750; accrued commissions, $168,404;
accrued compensation, $87,014; other liabilities, $47,439: provision for
Federal income tax, $176,000; reserve for contingencies, $100,000: preferred
stock, $798,200; common capital and capital surplus, $1,571,352; earned
surplus, $1,756,853; total, $5.375,865.—V. 151, p. 1158.
Assets—Cash,
unamortized balance of the capital surplus ac-
count originating in
57,130
Earnings per share on common stock
Consolidated Balance Sheet Dec. 31, 1939
$6,819,480
130,902
216,143
Total surplus
Preferred dividends
$737,391
Net profit
Preferred dividends for 1939
2,518
shares acquired and placed in treasury
Assets—Cash.
1,398,861
294,426
79,483
60,014
28.448
Texas Electric Service Co.—
—Earnings
Period End. Aug.
Operating
Operating
Co.—Annual Report—
Earnings for Year Ended Jan. 31, 1940
sales
Administrative, buying, selling, publicity and occupancy ex¬
Gross profit on
,
1,510,504
314,449
88,277
1937
$215,305
a
merchandising profit
$4,305,221
Operating expenses
3,768,532
Provision for depreciation of building, improvements, and store
*
>=»fixtures and equipment.
149,201
Interest on bonded indebtedness
L.
208,176
Interest on mortgage, including other interest of $316
114,172
Prov. for claims & contingencies, & against securities owned
86,000
Write off of the
1,722,589
406,565
185,926
Net ry.
From Jan. 1—
Gross from railway
Gross
penses, including depreciation on
and social security taxes
$211,153
68,727
41,571
Gross income
Interest on mtge. bonds
Other interest
19 issued
(& Subs.)—Annual Report—
Stix, Baer & Fuller
1938
$200,267
45,594
15,667
railway
railway
oper. income
Property
certificate
permitting abandonment by Berryman Henwood, trustee of the company
of a line of railroad extending from Gatesville to Hamilton, approximately
32.72 miles, all in Coryell and Hamilton Counties, Texas.—V. 139, p. 1418.
Stern Brothers
1939
42,641
19,546
Gross from
Stephenville North & South Texas Ry.—Abandonment
Commerce Commission on Aug.
18, 1938 when 25 cents per
Earnings—
Ry.
1940
$210,792
August—
total, $1,211,746.
Interstate
of 25 cents per share on the common
holders of record Oct. 2.
This will be the first
Directors have declared a dividend
stock, payable Oct. 16 to
Net from
$99,996; trade accounts receivable (less reserve for doubtful accounts of
$6,456), $244,646; inventories, $251,478; other current assets, $1,242;
The
1913
Chronicle
The Commercial & Financial
151
Operating taxes..
44,910
325,968
year,
Net
operating Income-
$128,744
61,517
Net income
$226,297;
patents, charts and drawings, $18,108; investments, at cost,
$2,233; deferred charges, $32,858; total, $1,180,649.
.
Liabilities—Accounts payable, $41,869; accrued liabilities, $29,473; de¬
ferred commissions payable, $49,566; customers' deposits on sales $10,219;
—V. 151, p.
provision for Federal income tax, $45,373; deferred credits, $28,060; capital
stock (par $10), $506,000: paid-in surplus, $176,117; earned surplus, $293,969; total, $1,180,649.—V. 143, p. 1730. *
payable at this time on the 7% cum. pref, stock.
Regular quarterly
dividend of $1.75 was paid on July 1. last.
Referring to the omission of the dividend on the company's pref. stock
due at this time, P. R. Mac Kinney, President, in a letter accompanying
the first-half earnings statement, said that corporation has cash and liquid
assets sufficient to continue its unbroken record of dividend payments on
the pref. stock.
However, directors considered it prudent to defer declara¬
tion of the usual quarterly dividend because of the unpredictable effects
Tampa'EIectric'Co.—Earnings—
*
Period End. Aug. 31—
Operating revenues
Gross income after retire-
1940—Month—1939
$410,856
$373,063
1940—12 Mos.—1939
$4,944,729
$4,572,656
„nA
103,439
1,499,298
Net income
102,846
1,491,418
1,505,756
Note—The Tampa Utility Board has ordered the company to make a
reduction in Its rates within the limits of the City of Tampa estimated at
$635,000 annually, which amount, after the resulting reduction in taxes,
will reduce net income by approximately $500,000.
The company has
secured a temporary injunction and, pending final determination, is con¬
ment accruals--
112,365
111,135
1158.
United Dyewood
Directors at their recent
Corp.—Preferred Dividend Omitted—
meeting decided to omit the dividend usually
of the war.
pointed out that there is a possibility of damage to the physical
of the European subsidiaries or other conditions impairing the
investments in those subsidiaries as now carried
on the books.
Advices from Europe, Mr. MacKinney said, are to the
effect that European plants of the company have not yet suffered any
physical damage.—V. 151, p. 1738.
It
is
plants
value of the company's
The Commercial & Financial Chronicre
1914
Triumph Explosives, Inc.—Earnings —
Gross
Net sales—manufactured and jobbing
products
Cost of goods sold (exclusive of deprec. & amortization)
$1,428,732
$214,196
31,877
Total income
of pyrotechnic industry
$23,833,220 $22,441,860
1,999,153
1,377,880
Income of
Notes, trade accept,, accts,
Interest
35,930
Federal & State income taxes.
Dividends payable....
Mortgage assumed
20,115
purch. contracts..
15,(MX)
-
464,164
Capital stock (par $2)
804,604
Fixed assets—depreciated
302,805
Surplus
291,083
Intangible assets—at cost
46,360
Deferred charges
40,241
Other assets
8,661
Total
Advance paym'ts on contracts
$6,123,255
342,626
bond
$5,780,629
discount
2,387,321
2,398,861
$5,020,894
$3,381,767
Earnings of Company Only
1940
1939
$5,716,185
$3,403,181
534,262
342,626
2,347,613
Int. & amortization of debt discount and
expense.
2,360,204
Other deductions
Total...
18,413
and
company
Expenses and taxes
$1,730,088
....$1,730,088
39,708
38,657
$2,794,602
Net income
$661,694
-V. 151, p. 1008.
United Electric Coal
United
Cos.—Earnings—
1940
Sales and commission...
Cost of mining
& admin,
exps
Light & Rys. Co. (& Subs.)—Earnings—
12 Months Ended July 31—
Gross oper. earnings of sub. & controlled companies
Consolidated Income Account for Years Ended July 31
gen.
$7,942,477
534,262
12 Months Ended July 31—
Gross income
-V. 150, p.3220.
Sell.,
debt,
holding
150,000
1,374
—
(excl.
Balance transferred to consolidated surplus
5,969
Cash surrender value, life insur
Investment in other companies
long-term
on
expense, &c., of
31,037
416,585
on
Co.
$6,104,842
$7,408,215
P.
&
from subs.)
1,951,796
of subs.. $7,924,973
of income
17,504
I..
Balance
196,351
250,480
Inventories
Deposits
$ 195,000
Accrued liabilities
re¬
ceivables—net
L.
earns,
Expenses and taxes of United L. & P. Co.
Liabilities—
82,508
$8,056,638
minority
to
Total
Notes payable—to banks
Notes & accts. pay., other
$101,911
deposit...
attributable
2,195,259
United
received
$148,906
Assets—
...*...$10,120,232
earnings
Equity of United L. & P. Co. in
Balance Sheet July 31, 1940
on
of
stock
common
30,091
Net profit for period
Cash
J
Balance
Proportion
6,471
Provision for Federal and State income taxes
$25,832,373 $23,819,740
15,712,141
15.763.102
Int., amort, and pref. di vs. of subsidiaries.
3,887
-
$95,095,318 $89,085,634
43,876,491
41,216,579
4,718,995
4,684,221
9,659,097
9,705,480
13,007,516
11,037,495
Total income of subsidiaries
$246,074
27,887
23,758
5,072
Registrar and transfer agent's foes
Promotional expense incurred for advancement and education
eliminating
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
238,588
Other deductions
Prov. for deprec, of fixed assets & amortization of patents
Amortization of organization expense-
(after
Maintenance...
Provision for depreciation
975,947
expense
oper.
General taxes and est. Federal income taxes
90,929
Gross profit
Other income (includes dividends received,
$27,083)
1939
1940
earnings of subs,
intercompany transfers)
General operating expenses
$1,519,661
Cash in banks and in hand
Subs.)—Earnings—
12 Months Ended July 31—
Income Statement of Year Ended July 31, 1940
Sales—manufactured and Jobbing products
Sales returns, allowances and discounts.
Selling, general and administrative
Sept. 28, 1940
United Light & Power Co. (&
1939
1938
1937
$3,273,881
1,795,660
y517,749
$2,848,503
1,443,370
411,581
$2,706,430
1,313,635
414,896
$2,546,813
(after eliminating intercompany transfers)
General operating expenses
1,289,360
Maintenance
Provision for depreciation
General taxes and est. Federal income taxes
337,584
Profit after costs & exp
Other income
$960,473
8,438
$993,552
35,790
$977,898
35,501
$919,869
13,474
Gross income..
Interest
$968,911
$1,029,342
139,106
$1,013,399
123,908
73,131
266,901
138,759
183.905
1940
1939
$84,393,107 $79,088,557
39,014,710
36,585,893
4,211,955
8,698,815
9,730,742
4,215,399
8,772,652
11,437,712
$933,343
Net
earns,
from oper. of sub. & controlled cos. .$20,952,633
Non-operating income of sub,.& controlled
119,380
RoyaltiesDepreciation
17,019
288,405
179,723
332,927
Shut-down exps., tax, &c
Depletion
90,389
251,782
237,892
Net profit
com. stk. (par $5)
Shs.
"$174,432
523,137
companies
$21,980,160 $20,916,516
Int., amort. & pref. divs. of sub. & controlled cos.
13.131,865
13,169,053
190.513
Proportion
$167,196
$226,795
_
BalariSi^^*_
515,095
$0.44
511.200
$0.43
306,000 shares of $5 par value each at previous aggregate
306,000 shares of no par value, $4,657,318 and a balance
of 217,137 shares in 1940, 213,845 shares In 1939, 209,845 shares in 1938
and 205,200 shares in 1937 at a par of $5.
y Includes $19,989 representing
portion of provision for contested liability for State sales tax applicable to
current year's sales.
Consolidated Balance Sheet July 31
x
Includes
stated value of
Assets-
1940
Cash...:.
Trade accounts and notes receivable
on
377
Other assets
or
abandoned
Payment on contribution to purchase coal
minority rights, &c
Payments on leases on coal reserve
7,624
3,875
596,287
165,075
7,120.554
209,433
563,302
39,287
55,354
Inventories
Capital assets, productive
690
5,037
3,000
668,360
785,550
6,805,313
160,542
coal bids
Exhausted
1939
$206,970
153,717
$124,134
331,315
Officers' and employees' accounts receivable
Other receivables
Deposits
568,372
51,741
64,685
...
....
Deferred charges
Total
$9,541,571
$9,149,023
a2,000,000
127,663
141,595
d 1,786,786
Jjift hilif ip
Notes payable, bank
Accounts payable—trade
Accrued salaries, wages, royalties, taxes, int., &c
Accounts payable and accrued salaries and wages
—construction in progress.
Reserve for contested liab. for State sales tax
710,000
125,305
Taxes
333,615
$9,541,571
Total
The notes payable to banks [Chase National Bank, Bank of Manhattan
Co. and Bank of New York] $2,000,000, are dated July 15, 1940, bear
due on or
before July 20, 1945, and are subject to the provisions of an application
dated June 25, 1940, whereby the company agreed, among other things,
to make payments on account of principal of said notes,
monthly, com¬
mencing with March 20, 1941, and continuing to and including June 20,
1945, except July 20, 1941, a sum equal to $0.20 a short ton on all coal sold
and invoiced by the company during the calendar month immediately
prceding each such payment date and produced from properties owned,
operated, or controlled by the company; on July 20, 1941, a sum equal to
$0.20 a short ton on all coal sold and invoiced by the
company during the
period from July 1, 1940, to and including June 30, 1941, less the total
payments made during the period from March 20 to June 20,1941, inclusive,
$350,000 less such total payments, whichever amount shall be greater;
July 20, 1941, the payments of $0.20 a short ton or a minimum
$350,000 for each 12 month period ending June 30, 1942, 1943,
and 1944; and that it will not, among other things, without the prior written
consent of the banks, pay any dividends on its capital stock unless certain
or
and after
payments have been made on the
program described
thereafter the net
principal of the loan, the construction
in the loan application is completed and paid for, and
current
assets
shall
bo
not
less
than
$800,000, such
dividend payments, however, to be made only from net
earnings of the
company accumulated subsequent to July 31, 1940.
b 25,738 (28,700 in 1939) shares of $5 par value each, $128,690 ($143,500
in
19390), and excess of subscription price over par value—to be credited
to paid-in surplus upon payment of subscription, $12,869 ($14,350 in 1939).
c
Represented by 523,317 (519,845 in 1939) shares
$5 (including
306,000 shares of $5 par value each at. previous aggregate stated value of
306,000 shares of no par value, $4,657,318)
par value
d Retired from proceeds of new bank loan.—V. 151, p.
1587.
United Funds, Inc.—Registers with SEC—
See list given on first page of this department.—V.
United Gas Improvement
p.
1587*
Co.—Weekly Output—
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. 21, 1940, 110 293.938 kwh.: same week last year, 100,702,577
an
increase of 9,591.361 kwh.
or
9.5%.—V. 151,
.
_
$6,103,549
1,214,949
$4,644,090
1,214,505
$3,429,585
1008.
Distributors, Inc.—25-Cent Dividend—
a dividend of 25 cents per share on the com¬
payable Oct. 15 to holders of record Oct. 10.
This com¬
pares with 12H cents paid on July 20, last; 25 cents paid on Jan. 15, last, and
on Dec. 30, 1939;
12^ cents on Sept. 15 and on March 21, 1939; 20 cents
paid on Dec. 27, 1938, and a dividend of 12K cents paid on Dec. 23, 1937.
—V. 151, p. 261.
stock,
United States Plywood
Corp.—Earnings—
1940
Earnings
per share
After all charges
1939
$1,891,824
yl76,247
$0.80
Net profit
$1,393,888
including Federal income
1938
'
$891,926
111,459
$0.50
36,127
$0.10
taxes.
Subject to audit and adjustment for additional
taxes which may
result
from enactment of
a new Federal income and excess
profits tax law.
August net sales were $722,900, an all-time high for any month in the
company's history.—V. 151, p. 1739.
U. S. Printing &
Lithographing Co.—Bonds Called—
All of the outstanding ($1,134,000)
15-year sinking fund 5% debentures
due 1950 have been called for redemption on Oct. 1 at 100.—V.
149, p. 1932.
U. S.
Smelting, Refining & Mining Co.—Earnings—
8 Mos.End. Aug. 31—
a
Gross earnings
Property
-
-
Surplus
com.
1939
1938
1937
stock
$4,204,853
1,547,547
$3 897,610
1,533,524
*$6,086,928
1,601,034
$3,204,017
1,091,879
$2,657,306
1,091,879
$2,364,086
1,091,879
$4,485,894
1.091,879
$2,112,138
Net profit
Preferred dividends
Shs.
1940
$4,738,170
1,534,153
reserves
$1,565,427
$1,272,207
$3,394,015
out¬
standing (par $50).._
528,765
528,765
528,765
528,765
Earnings per 6hare
$3.99
$2.96
$2.41
$6.41
a After deducting all charges and
taxes, including Federa. income taxes.
*
Includes quotational gains of $311,665 realized from sales of metals at
prices in excess of their carried inventory value.
Common Dividend —
Directors
on
Sept.
25 declared
a
dividend
of $1.50
per
share
on
the
stock, par $50, payable Oct. 15 to holders of record Oct. 4.
Divi¬
dends of $1 were paid in the three preceding quarters; $1.50 was paid on
Dec. 22, 1939; quarterly dividend of $1 per share was paid on Oct. 14,
common
1939.—V. 150, p. 3992.
United States Steel
Corp.—Number of Stockholders—
United States Steel Corp. common stockholders of record Aug. 20, 1940,
164,794, an increase of 567 since May 31, 1940.
On May 31,
numbered
1940, there were 164,227 common stockholders, an increase of 233 since
Feb. 29, 1940.
United States Steel Corp. preferred stockholders of record Aug. 2, 1940,
totaled 68,627, an increase of 220 since May 3, 1940.
On May 3, 1940,
there were 68,407 preferred stockholders, an increase of 229 since Feb. 2.
1940.
151,
The electric
kwh.,
42,015
18,658
$4,888,599
151, p.
United Shirt
are
amount of
1,343,603
18,692
_
Directors have declared
mon
$9,149,023
4,923
$6,048,366
1,342,793
41,991
debenture interest
Balance
-V.
a
(6% after maturity),
on
Balance transferred to consolidated surplus
Prior preferred stock dividends
y
130,411
_
Paid-in surplus
bs—
116,218
106,641
$7,507,024
Holding Company Deductions—■
on 5j^% debentures, due 1952.
Amortization of debenture discount and expense.
Interest
x
6,569
340,726
Capital surplus, arising from reduction of capital.
679,975
$6,475,642
128,623
298,653
.
Balance
157,850
5,726.543
130,411
$5,795,667
$7 729 883
...
Expenses of United Light & Rys. Co_"l__IIIIIII
Taxes of United Light & Rys. Co
x
687,000
98,978
141,559
5,743,003
Earned surplus
per annum
1,951,796
minority
._
3 Months Ended July 31—
Net sales
90,631
Common stock
3%
to
$7,747,463
2,195,259
attributable
—u*
Total
84,015
89,576
33,437
20-year mtge. income gold bonds, due Dec. 1, 1946
Contracts payable for purchasing of coal lands
b Common capital stock subscribed
interest at the rate of
$8,848,295
earnings
Equity of United Light & Railways Co. in earn¬
ings of subsidiary and controlled companies._ $6,653,037
Income of United Light & Railways Co. (exclusive
of income received from subsidiaries)
1,076,847
reserve
...
c
of
stock
$221,894
519,845
$0.30
$0.33
Earnings per share..
$19,861,152
1,055,364
160,966
74,122
249,964
35,884
common
x
1,027,527
cos
Total income of sub. & controlled
p.
1739.
New
F.
Official—
W. Werner
has
been
appointed assistant to Benjamin F. Fair less,
Corp. of Delaware, the operating organization,
by Mr. Fair less.
Mr. Werner will be in charge of coke by-product sales of all the cor¬
poration's subsidiary companies, and will have his office at 71 Broadway,
New York.—V. 151, p. 1587.
President of U.
according to
S.
Steel
an announcement
Volume
The Commercial &
151
have declared a dividend of $1
per
share on the convertible
participating no-par class A stock, payable 8ept. 30 to holders of record
Sept. 27. Dividend of 75 cents was paid on Sept. 28, 1939, one of 25 cents
was paid on Dec. 15, 1937 and a dividend of $1 was paid on Oct. 20, 1936.
—V. 151, p. 570.
Utah Power &
Light Co. (& Subs.)—Earnings—
$1,240,796
190,499
6.284,399
91,000
91,000
1,092,000
1,092,125
$454,699
$350,424
Net oper. revenues
Other ;ncome (net)
64
$4,523,423
4,874
mtge. bonds.
deb. bonds..
on
on
Other int. & deductions
$4,528,297
2,269,687
$4,441,624
2,307.728
25.000
300,000
184,453
$1,774,157
$1,639,443
1,704,761
1,704,761
$224,875
$119,493
applicable to pref. stocks for the period _
Divs
194.453
$69,396 def$65,318
a Dividends
accumulated and unpaid to Aug. 31, 1940, amounted to
$7,671,425 after giving effect to dividends of $1.75 a share on $7 preferred
stock and $1 50 a share on $6 preferred stock, declared for payment on
Oct. 1, 1940.
Dividends on these stocks are cumulative.—V. 151, p. 1294.
Balance
Victoria Bondholders
of $8 per share on the common stock
payable Oct. 3 to holders of record Sept. 24.
This
with $2.50 paid on Dec. 28, 1939; $10 paid on Oct. 14, 1939;
$5 on Auz. 5, 1938; $11 on Dec. 23, 1937; $9 on July 30, 1937: and an initial
dividend of $18 paid on Dec. 18, 1936.—V. 150, p. 137.
Directors have declared a dividend
voting trust certificates
Transportation expenses
Miscell. operations
6,191
46,389
4,438
45,710
Transp'n for invesfcm't-.
Cr810
Or 5,971
373,849
Cr23,751
32.372
364,842
Cr23,482
Net operating revenue
$723,170
165,000
$423,074
65,000
$4,329,326
945,000
$2,880,848
545,000
$558,170
Crl9,122
Drl2,242
$358,074
Or26,897
Z)rl2.472
$3,384,326
Crl30,211
Dr97,914
$2,335,848
Or147,909
Dr99,155
$565,050
9,632
$372,499
7,882
$3,416,623
89,829
$2,384,602
60.669
$574,682
279,167
$380,381
276,522
$3,506,452
2,232.082
$2,445,271
2,208,442
Net income
$295,515
$103,859
$1,274,370
$236,829
General expenses
Operating Income
Equipment rents
Joint facility rents (net)
profits taxes
Earnings per share on 129,001 common
Net ry. oper. income-
$61,095
*
shares
$0.47
amounted to $93,742 and were more than
double the previous peak monthly shipments of $46,004 reported for
June, 1940.
Net operating income for August was $24,559, from which the
company set up special reserves for taxes in the amount of $18,718.
The company's backlog of orders on hand is the largest in its history and
is sufficient to carry well into 1941 at the present rate of operations.
The
volume of incoming business indicates satsfactory operations for many
August sales of the company
months.—V. 151, p. 716.
Inc.—Listing—
302,168 ad¬
Exchange has approved the listing of
ditional shares of capital stock, par $1, upon official notice of issuance.
The San Francisco Stock Exchange has also approved the listing of these
The additional shares of the company are to be issued to Aviation
Manufacturing Corp. for the purchase of the Stinson Aircraft and BarkleyGrow Aircraft Divisions of Aviation Manufacturing Co. Stinson plants are
Wayne, Mich.; the Barkley-Grow plant is
in Detroit, Mich.
Government Contract—
Company has been awarded a contract totaling $29,494,633 to build
airplanes and spares for the U. S. Government.
Earnings for 7 Months Ended June 30, 1940
$1,320,267
1,320,823
—...
Cost of sales
Selling and advertising expenses—...
General and administrative expenses——
Loss
130,418
——
149,778
—
Western Massachusetts Cos.—$15,000,000 Notes Placed
Privately—The company has placed privately with six
insurance companies an issue of $15,000,000 secured 2.70%
notes, first series.
Dated Sept. 1, 1940, due Sept. 1, 1955.
Proceeds will be used to retire the existing $11,000,000 3 \i%
coupon notes due June 15, 1946, to pay off certain bank
loans of subsidiaries, and provide for future plant expansion.
—V. 151, p. 1740.
Western Pacific R R.—Earnings—
Other income—
1940
Net from railway
Net ry. oper. income—
1938
1937
$1,539,077
$1,437,781
256,905
$1,482,928
Other deductions
railway
railway
....
Taxes
Other income (net)
Balance Sheet June 30, 1940
Cash in banks and on hand
Cash
withdrawals monthly in amounts
203,408
•
8,031
Due from officers and employees
Inventories (less progress
Balance
2,807,653
—
Advance payments on inventory
Miscellan eous investments
purchase commitments
for depreciation)
Prepaid taxes, insurance, &c
—*
Deferred engineering and experimental expenses
License agreement, less amortization-
11,000
1,440,019
27,795
682,804
2,134
-
i
$10,457,917
—
187,810
Paid -in surplus
-
-
-
Earned deficit
—__
.$10,457,917
Total
-V. 151,
6,282,689
750,000
3,141,824
347,102
p~.1740," 1588" Tl59~ 1009V
1940
1940
$3,864,811
880,631
880,631
Net from railway
292,777
292,777
Net ry. oper. income—From Jan. 1—
29,548,269
6,163,443
Gross from railway
Net from railway
1,567,288
Net ry. oper. income—
—V. 151, p. 1442.
x
Earns per share
1938
$3,322,171
637,405
66,113
27,937,072
5,561,010
893,012
25,640,554
4,306,765
defl74,166
1937
$3,767,325
7,116,153
3,060,721
Gross income
Miscellaneous interest
Amort, of debt
debt
(net), &c
disct., prem. & exp_.
preferred stock-.
2d preferred stock—__
Dividends on $6
Dividends on
$1,185,698
726,838
$1 183,621
712,388
$458,859
19,666
$505,996
237,508
10,817
45,602
$478,525
$212 068
69,000
$189,633
172,500
75,000
100,000
233.202
10,010
45,679
$471,233
23,722
$494,955
227,150
$53,246; materials
loss$52,288
stock
Condensed Balance Sheet
1939
1940
to stockholders
$292,264
$621,472
653,594
acct.receiv.from
913
476.857
115,146
134,957
452,481
Accrued accounts.
139,669
101,141
656
668
Pref.
,
20,537
less
4,603
1,092,667
1,075,115
22,642
(par
92,300
92,300
1,756,620
1,756,620
($20
15,840
17,126
Paid-in surplus—
233,461
237,114
Earned surplus
<fe
392,631
386,460
Z>r37,685
Dr37,685
x
Preferred
ury
cost,
less reserve
Prepaid expenses..
Total
stock
par).
9,891
re¬
for deprec
at
cum.
$100)
4,085
Com.
invest., less res.
plant
6)4%
pref. stock
cos.—less
equip.,
$377
pref. stock
Deferred income..
594,605
Property,
on
913
Investments in and
Patents,
Div.
$359
.
payable May 1.
Accounts payable.
Receivables less re¬
affil,
1939
DIv. notes pay'le
Cash In banks and
hand
3,668
April 30
Liabilities
1940
A 8 sets—
x
45,407
$214,437
138,000
investments. $116,878; cash, $54,832;
$143,661; accrued unbilled revenue.
and supplies, $100,718; prepaid taxes, insurance &c.,
on common
13,157
$2,694,070 $2,672,866
stock
Total.
treas¬
$2,694,070 $2,672,866
7.961
Balance Sheet Dee. 31, 1939
Assets—Utility plant, $9,906,357;
accounts and notes receivable (net)
$2,698,743
2,751,031
preferred stock
on
Dividends
reserves
$1,255,054
776,830
27,773
Interest on long-term
$2,689,232
9,511
$41,303
3,653
35,132
Total income available
1937
$478,223
earnings
1939
$2,694,147
4,915
$3,493,264
13,064
—
Other receivables <fe
1938
of
$3,506,328
3,465,025
Net income from sales
Income from other sources, net
on
$2.98
$3,504,703
11,439
(incl. Illinois retailers' occupation tax)__
Provision for bad debts, net
Divs.
$7,965,673
preferred and 2,592,155 shares
Whiting Corp., Harvey, III.—Earnings—
April 30—
1940
serves
Net
$3,200,491 $13,207,146
$1.20
$4.94
Years Ended
Net sale.
Inventories
1939
Other income
1940—8 Mos.—1939
1940—3 Mos.—1939
40,689
31,074,067
Water Service Co.—Earnings—
...
$54,840
stock, both of $50 par value.—V. 151, P. 1589.
568,285
dividend of 50 cents per share on the common
stock, payable Sept. 16 to holders of record Sept. 6.—V. 139, p. 1883.
Operating revenues.
Operating expenses and taxes
$46,209
Net profit.
1939
$3,537,014
699,163
89,537
Co.—50-Cent Dividend—
Calendar Years—
$174,292
119,453
On combined 79,974 shares of 7%
common
Directors have declared a
West Virginia
$165,662
119,453
$4,814,975
$1.80
serves
Washburn Wire
$26,246
Total expenses and disbursements
Earnings—
Wabash Ry.August—
Gross from railway
$513,025
338,733
and
charges
77.054
.—»
Sundry accrued expenses
Customers' deposits on sales contractsi—1
Capital stock (par $1)
$484,598
318,936
Westinghouse Electric & Mfg Co.'—Earnings—
Period End. Aug. 31—
$365,641
payable—trade creditors, &c
Accrued taxes
$54,571
28,324
1443.
Net profit after taxes
Liabilities—
Accounts
$587,445
Dr74,420
Balance for common stock and surplus.
x
Total-
$536,927
Dr52,329
$23,983
a.
-V. 151, p.
3,420,575
661,464
Fixed assets (less reserve
231,657
194,332
$59,508
Dr4,937
Preferred dividend requirements
payments effecting technical transfer
of title)
275,275
222,238
$52,243
28,260
Interest & amortization.
equal to estimated ex¬
penditures under specific production contract
Accounts receivable
1940—12 Mos.—1939
$2,167,584
$2,153,557
1,017,908
985,717
136,242
133,419
$54,734
Dr2,492
Balance
$1,193,033
-
Subs.)—Earnings—
1940—Month—1939
$188,438
$191,499
82,314
81,762
9,429
13,465
22,022
19,562
18,176
18,964
Operation
Maintenance
$283,244
.
(loss) for period
10,406,383
90,370
def953,650
Western Public Service Co. (&.
Period End. July 31—
Operating revenues
Net oper. revenues
Net profit
68,067
defll3,435
9,890,941
8,579,542
1,303,842
def733,320
101,833 def1,965,590
10,847,443
2,023,460
679,145
Gross from
Net from
Net ry. oper. income
—V. 151, p. 1296.
Depreciation
Net loss.
62,082
365,341
210,703
From Jan. 1—
$265,924
17,320
—
—
1939
$1,612,817
406,327
235,746
Augu,st—
Gross from railway
$280,752
14,828
-
—
47.942
-V. 151, P. 1296.
shares.
Net sales
-
Gross income
incl. provision for Fed. income and
located in Nashville, Tenn. and
1940—8 Mos.—1939
1940—Month—1939
$9,560,546
$1,781,286
$1,272,786 $12,387,618
1,103,372
1,541,360
157,799
221,754
2,128,099
2,617,719
268,260
336.536
313,522
313,365
38,564
38,050
2,760,973
3,187,808
340,912
410,006
Traffic expenses
Earnings for 8 Months Ended Aug. 31, 1940
excess
Vultee Aircraft,
Maryland Ry.—Earnings-
Western
Period End. Aug. 31
Operating revenues.
Maint. of way & strucs__
Maintenance of equipt-.
Other income
Corp.—Earnings—
The New York Curb
Cartridge Co .—Government Contract—*
Western
Company has been awarded a contract totaling $89,873,337 to manu¬
arms amunition for the U.S. Government.—V. 143, p. 4342.
facture small
Taxes
Corp.—To Pay $8 Dividend—
compares
Net income after all charges
cumulative
Fixed charges-.
-
.,
Vinco
preferred stock, $1,114,000; $6 cumulative
$365,000' common stock (12,000 shares of no par
va'ue), $552,000* first mortgage bonds, 4% series due 1961, $6,020,000;
demand note payable to West Virginia Production Co., $10,000; accounts
payable, $31,145: dividends payable, $25,000, customers' deposits and
accrued interest thereon, $100,771; general taxes accrued, $80,254' Federal
income taxes accrued, $39,505; interest on long-term debt accrued, $60,200;
miscellaneous current
liabiliites
$7,673; customers' advances for con¬
struction, &c., $59,470. reserve for depreciation, $693,771; contributions in
aid of construction. $31,222' capital surplus, $1,517,268; earned surplus,
$438,767; total, $11.146,047.—V. 151, P. 571.
Liabilities—$6
second preference stock,
300.000
15,604
Net income..
a
4.539
$350,488
190,391
$455,279
189,028
25,000
16,376
Gross income
2,116.520
2,276,729
$609,404; totai, $11,
46,047
fremium and expense in process of amortization,
$4,437,085
580
__
Prop, retire, res. approp.
Interest
5,570.297
521,701
213,909
481,188
Direct taxes.
Interest
1940—12 Mos.—1939
$1,153,624 $14,176,551 $13,216,027
1940— Month—1939
Period End. Auq. 31—
Operating revenues
Operating expenses
capital stock, $154,000; debt discount-
$6,951; commission on preferred
Universal Cooler Co.—$1 Class A Dividend-—
Directors
1915
Financial Chronicle
361 shares.
Acquisition—
Corporation announced the acquisition of the Qutckwork Co., formerly
St. Marys, Ohio, and Chicago, 111., manufacturers of rotary shears,
stamping trimmers and forming machines, power hammers, throatiess
shears <&nci fl^n^rs
The entire Quickwork line will be manufactured by this company In
its 20 acre plant at Harvey.
8tevens H. Hammond, Vice-President of
Whiting, will be in charge ot all Quickwork operations.
Paul V. Hyland,
of
The Commercial & Financial Chronicle
1916
Sept.
Wisconsin Central
Period End. Aug. 31—
WICO ELECTRIC COMPANY
i
otai
revenues
Maintenance
of way
structural expenses
Vermilye Brothers
30
BROAD
1940
1939
"1938
$176,246
38,829
„
-
Adjustment
Painting and rearrangement of plant.
Obsolete portion of rebuilt assembly
building written off
a
$188,127
42,804
9,025
2,400
18,534
12,188
charges
State and local taxes
Federal capital stock tax
Social security taxes
8,900
2,100
17,696
$88,601
35,045
6,550
2,000
11,503
228,278
3,164,898
270.273
$526,406
86,674
$565,698 _J2^39,455
S2r4ZliT
626,402
$2,128,484
622,062
Hire of equipment
Rental of terminals
$439,732
48,673
30,631
$483,381
35,892
36.408
$2,013,053
300,344
249,552
$1,506,422
269,783
295,104
Net after rents
$360,428
$411,080
Dr4.826
$1,463,158
Dr4,824
Dr29.939
$941,535
Dr36.722
$355,604
$406,254
$1,433,218
$904,813
8,773
9,650
73,846
80,255
$346,831
$396,604
$1,359,372
$824,558
Taxes.
Net after taxes
$95,627
14,700
$20,210
11,850
42,100
—
""
_
net currentassets of
30,000
the" London
branch
as at
June 30, 1940
$4.87 to $4.03 to the £.
being
accrued
and paid
Balance before Interest
bonds, &c.
Worthington
Debentures
Placed
($3,2^0,000 outstanding Dec. 31, 1939) and for additional
Balance Sheet June 30, 1940
^
Income before interest
Interest
Pump & Machinery Co.—$3,500,000
Privately—The company has placed pri¬
vately with an insurance company an issue of $3,500,000
10-year 4% debentures.
Dated Sept. 1, 1940, and due
Sept. 1, 1950.
Trustee, City Bank Farmers Trust Co.
The money will be used for
repayment of all bank loans
21,000
$78,670
14,700
Net income for the year
Dividends on preference stocks
Common dividends
Other income (net)
—V. 151,p. 129«.
16,600
rate of
993,803
1,271,921
5,609
2,984
3,200
1.500
Sutax on undistributed profits
Inrvalue of
$8,057,657
1,049,277
1,322,151
232,043
3,458,870
301,802
railway revenues
on
------
Normal tax
a
$9,003,599
126,830
159,323
28,779
430,316
35,891
Co.—Earnings—!<<!
Years Ended June 30—
Net income, before deprec., taxes and
rom
$1,346,837
153,923
157,191
28,568
453,728
45,848
1940—8 Mos.—1939
&
__
General expenses
formerly of the Industrial division of "Whiting, has been appointed Quickwork Sales Manager.
B. W. Packer, formerly with the Qulckwork Co.,
joins the new organization as Chief Engineer.
S. M. Steinko will bejn
charge of advertising activities.—V, 149, p. 2104.
extraordinary
Depreciation
$7,290,882
202,845
563,929
Transportation expenses
Teletype N. Y. 1-894
Net
Wico Electric
$8,199,953
195,361
608,284
Maint. of equipment
Traffic expenses
ST., N. Y. CITY
HAnover 2-7881.
Ry.—Earnings—
1940— Month—1939
$1,225,777
$1,200,482
40,203
37,068
99,685
109,287
$1,365,665
Freight revenue
Passenger revenue
All other revenue
BOUGHT—SOLD—QUOTED
1940
28
Assets—Cash, $907126; marketable investments, listed"securities,~T4,978;
life Insurance (cash surrender value), $23,993; accounts and notes receivable,
trade (less reserve), $168,327; inventories, $268,356; accounts receivable,
other, $195; tool and production costs, new models, $17,715; plant and
equipment (less reserves), $320,536; deferred charges, $17,892; patents,
patent rights, experimental development and goodwill, $1; total, $912,119.
Liabilities—Accounts
payable, trade, $49,985; Federal income tax,
$16,600; social security taxes, $6,915; miscellaneous accounts payable, $619;
salaries and wages accrued, $6,253; Federal capital stock, State and local
taxes accrued, $13,695; 6% cumulative class A preference stock,
$245,000;
common stock and surplus, $573,051; total, $912,119.—V.
Wilkes-Barre & Eastern RR.—Distribution—
working capital.—V. 151,
York
1160.
p.
Manufacturing Co., Saco, Me.—Earnings—
52 Weeks Ended—
Net sales
Dec. 31, '39
Manufacturing and general
Dec. 31, '38
$2,651,819
2,410,694
87,502
100,000
$2,058,920
2,015,746
82,197
100,000
expenses
Local and social security taxes
Provision for depreciation
Profit from operations
Bank and current obligations
New
$53,623 loss$139,023
13,035
13,172
159,784
150,622
Crll
Crl ,506
England Industries, Inc., notes
Interest
on
accounts
receivable, &c
Federal Judge Johnson in Scranton, Pa., has signed an order authorizing
the payment of $120 per $1,000 principal amount of first mortgage
5%
bonds on or after Nov. 15.
The date of payment has been placed in ad¬
vance because substantially all of the funds which will be used to make
the payment are invested in Postal Savings funds and if these certificates
were
cashed at this time the company would suffer the loss of a considerable
Interest, the trustee of the issue. Commercial National Bank &
Estimated profit
Previous
$119,185
2,447
deficit.
$308,389
surl0,997
$414,131
disposal of fixed assets.
$301,311
loss7,078
$116,739
297,392
on
' $297,392
amount of
Trust Co. states.—V.
Wilson &
Directors
p.
1740.
Balance Sheet Dec. 30, 1939
Co., Inc.—To Pay Accumulated Dividend—
have
accumulations
record Nov.
151,
Deficit at end of year
declared
a
dividend
of $1.50
per
share
on
Assets—Cash
account" of
the $6 preferred stock, payable Nov. 15 to holders of
The dividend applies on the accumulation from May 1,
on
1.
1939, to July 30, 1939.—V. 151,
p.
1010.
Worcester Suburban Electric Co.—$1.35 Dividend—
Directors have declared a dividend of $1.35 per share on the common
stock, payable Sept. 27 to holders of record Sept. 19.
Dividend of $1.10
paid on June 28, last; one of $1 was paid on March 29, last, and divi¬
dends totaling $4.60 per share were paid during 1939.—V. 149,
p. 2104.
was
Wings, Ltd. (& Subs.)—Earnings■—
Years Ended May 31—
Gross operating revenue
195,314
Provision for depreciation
Prov. for overhauling aircraft and en¬
gines (net increase for year)
Prov. for losses on investments
15,682
Operating & administrative
•
Net oprating loss
1939
.
1938
$207,428
213,197
18,254
$214,461
213,547
24,527
1,290
expenses
x
and
on
hand,
$38,753; accounts receivable#
$157,478; inventories, $539,456; investments, at book values, $1,451;
fixed assets (less reserve for depreciation of
$1,014,235), $3,267,769; pre¬
paid expenses, $3,858; other prepayments, $18,774; total, $4,027,541.
Liabilities—Bank loans, $375,000; accounts payable, $32,627; accrued
liabilities, $20,496; provision for price adjustment of cotton in inventories,
$11,089; provision for taxes, $36,846; notes payable (deferred) and interest
(New England Industries, Inc.), $2,793,592; capital stock
(36,000 shares,
par $25), $900,000; capital surplus, $272,022; deficit
(sIdcc Jan. 2, 1937).
$414,131; total. $4,027,541.—V. 147, p. 910.
Co.—Earnings—
Calendar Years—
Total revenue.
1939
1938
1937
1936
$77,193
82,256
$63,595
82,744
$86,596
92,322
$93,419
89,761
x$5,063
x$19,149
x$5,726
$3,658
x$5,063
x$19,149
40,705
x$5,726
40,705
$3,666
40,705
6,247
Expenses
Profit from operations
Non-operating
4,455
$40,121
banks
York Utilities
'
1940
$175,330
in
8
Gross profit
Coupon interest
$25,313
$29,861
Interest received
160
939
Profit
397
118
.411
$39,843
$23,962
$27,278
37,001
Miscellaneous interest..
Taxes
178
136
23
7
5,402
5,359
3,877
4,962
$47,644
665,208
$65,349
599,860
$50,331
$42,008
549.484
507.489
16
Crl
Dr44
Crl3
$712,868
$665,208
$599,860
$549,484
2,185
on
sale of investments
Net deficit
Net loss for the period
Includes remuneration to executive officers,
$13,400 in 1940, $14,400
1939 and $18,650 in 1938, and solicitors' fees, $1,180 in
1940, $919 in
x
in
1939 and $1,261 in 1938.
Total deficit
Consolidated Balance Sheet May 31, 1940
x
Assets—Cash in banks and on hand, $6,051; accounts
receivable,
insurance claim, $6,322; inventories, $22,559; notes and
mortgage
$31,449;
receivable,
$1,538; investments at cost (less reserve), $5,979; fixed assets (less reserve
for depreciation of $76,377), $135,106;
prepaid insurance, $1,857; prepaid
taxes, $634; total, $211,496.
Liabilities—Accounts payable, $24,071; prepaid
passenger tickets and
freight, $975; reserve for overhauling aircraft and engines, $11,708;
capital
stock (par $1), $183,024; premium on stock sold,
$22,160; capital surplus.
$2,831; deficit, $33,273; total, $211,496.—V, 149, p. £l04-
Yellow Truck & Coach
Company
has
Mfg. Co.—Government Contract—
been awarded
trucks for the U. 8.
Deficit from pre v. year
Profit or loss adjustment
a contract
totaling $12,491,797
Government.—V. 151 p. 1443.
to
build
....
Loss.
Note—Operating expenses includes depreciation of
$15,708 in 1938; $15,660 in 1937 and $14,913 in 1936.
$15,642
in
1939;
Balance Sheet Dec. 31, 1939
Assets—Road, power and equipment, $1,886,155: cash, $10,090; accounts
receivab'e, $1,687; material and supplies, $4,694: funds tied
up in Fidelity
Trust Co., $516; prepaid taxes, insurance,
&c., $2,435; unfinished con¬
struction, $2,486; total, $1,908,063.
Liabilities—Common stock, $481,775: preferred
stock, $179,100; 1st
mortgage 5% bonds, $409,940; 2nd mortgage 5% bonds, $344,900; accounts
payable, $12,906: accrued interest, $579,217: pension and unemployment
reserve,
$928; depreciation reserve, $588,411; special reserve, $22,285other unadjusted credits, $1,469;
deficit, $712 868: total, $1,908,063.—V.
149, p. 2712.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Sept. 27, 1940.
Coffee—On the 23d inst. futures closed 11 to 3
points net
higher for the Santos contracts, with sales
totaling 53 lots.
The bull market in coffee futures
continued, with prices gain¬
ing 3 to 7 points in the early trading, due largely to Brazilian
buying and trade covering. March during early afternoon sold
at 6.05 cents,
up 6 points, and 55 points above the August low.
Cables reported that the Brazilian Coffee
Convention con¬
tinues in session there.
On Friday a delegate from Sao Paulo
suggested that the coffee crop be financed on the basis of
cost
of production.
Saturday a sub-committee was appointed to
study suggestions for uprooting coffee trees.
The actual
coffee market
was
firm here
today
on
On the 24th inst. futures closed 25 to 27
the Santos contract, with sales
withdrawn and urgent
from Brazil
buying by roasters.
points net lower for
totaling 38 lots.
selling present
as a
With buyers
result of
a
cable
saying that the Coffee Convention there finished
last night with nothing definite done to further help values,
futures broke 14 to 28 points at the
opening and later were
25 to 32
points lower, with July selling at 5.91 cents, off 32
points.
Thus half the gains of the last few weeks were lost
Volume
The Commercial &
151
Late yesterday actuals were very firm and
showing a better interest.
Today's market is
so
far nominal pending further activity in futures.
The
Brazilian advices said that Federal Government specialists
in
a
few hours.
roasters were
Also,
Government's coffee
On the 25th inst. futures closed 13 to 10 points net
would study the
question of uprooting coffee trees.
by resolution the convention indorsed the
policy.
lower for the Santos contracts,
There
were
with sales totaling 21 lots.
three contracts traded in the Rio May
contract
3.98, which was 1 point above the previous close. Santos
coffee futures had apparently discounted Brazil's lack of
action at the recent coffee convention.
Prices were 3 points
at
higher except for spot September, which,
with four notices
hand, advanced 9 points to
In Rio de Janeiro the spot No. 7 price was 300 reis
issued and last trading day at
5.53c.
lower at 12 milreis per 10 kilos.
Cost
Brazil were shaded in some instances.
at from 6.05 to
some
and freight offers from
Santos 4s were quoted
Mild coffees dropped Y per pound for
6.50.
lots, but generally primary sources were
waiting rather
pressing coffees. Souza Costa, Brazilian Minister of
Finance, was reported to have opposed Sao Paulo interests'
than
attempts at renewed valorization.
On the 26th inst. futures closed 4 to 5 points net
for the Santos contracts,
higher
with sales totaling 10 lots. President
signed the bill providing $500,000,000 additional
Export-Import Bank for loans to Latin America.
That news left coffee prices unaffected.
Santos contracts
were unchanged with December selling at 5.47c. and March
at 5.67c.
Apparently the question of imposing quotas on
shipments of coffee to the United States'—in conjunction
with loans from the Export-Import
Bank-—will require
Roosevelt
for
the
presidential action or congressional approval'—which
been decided.
Today futures closed 14 to 16
points net higher for the Santos contract, with sales totaling
52 lots.
The Rio .(New A) contracts closed 2 points net
lower, with sales of 6 lots.
Light buying, some of it from
Brazil, brought gains of 9 to 15 points to Santos coffee
futures.
July was selling at 6.05c., up 15 points.
The
market was apparently sold out and susceptible to any
demand. The "A" contract was 3 points lower at the open¬
either
has not yet
ing, with May at 3.97c.
There was nothing new from
Washington or Brazil, but the trade believes the Japanese
pact will make it even more important
and countries of this hemisphere.
Rio coffee
prices closed
December
to protect the
as follows:
3.881 May.
trade
3.98
3.931
March. 1941
Santos coffee
prices closed
December
March ,1941
...
J.—
May
as
follows:
5.711 July
5.85] September
5 96]
Cocoa—On the 23d inst. futures closed 4 to 6
.6.06
.6.15
points net
The deadlock between pro¬
still continues in the cocoa
lower.
Sales totaled 42 lots.
ducers
and
manufacturers
market, with neither side showing any signs of yielding.
As
a
result the market was small and narrow today, prices
during early afternoon standing 1 to 2 points higher, with
December at 4.27c., off 2 points.
Sales to that time totaled
33 lots.
Warehouse stocks continue to accumulate.
The
increase over the weekend was 1,200 bags.
The total today
1,335,359 bags, compared with 1,248,618 bags a year ago.
Oct., 4.13; Dec., 4.25; March, 4.38; May,
4.45; July, 4.53; Sept., 4.62.
On the 24th inst. futures
closed unchanged to 2 points off, with sales totaling 44 lots.
The cocoa futures market remained in a rut.
With neither
was
Local closing:
buyers nor sellers active, prices sagged about 2 points, with
December at 4.23c., off 2.
December is now 20 points under
Disgusted long liquidation accounted for
Sales to early afternoon totaled 35
lots.
In the market for actuals the deadlock between
primary countries and American manufacturers continues.
Brazil is not offering cocoa under 4^c., New York, which is
much too high on the basis of current futures.
Warehouse
stocks increased 1,200 bags.
They now total 1,336,561 bags,
against 1,245,972 bags a year ago.
Local closing: Oct.,
Oct., 4.13; Dec., 4.24; March, 4.36; May, 4.45; July, 4.52.
On the 25th inst. futures closed 6 to 4 points net higher, with
sales totaling 35 lots.
The news from Africa eausedfa little
trade covering of cocoa futures, with the result that the
market rallied 5 to 6 points, with December touching 4.30,
up 6 points.
Sales to early afternoon totaled 35 lots. The
small volume tells the story of lack of outside interest.
Warehouse stocks increased 5,500 bags overnight.
They
now total 1,340,044 bags, compared with 1,245,972 bags a
year ago.
Offerings of primary countries continue scarce,
but arrivals so far in September are well ahead of last year,
with a total of 374,372 bags, against 194,980, a gain of nearly
100%.
Local closing: Oct., 4.19; Dec., 4.28; March, 4.41;
the recent
top.
most of the
offerings.
May, 4.49.
futures closed 9 to 6 points net lower,
119 lots. Yesterday's gains were lost in
On the 26th inst.
with sales totaling
today's cocoa futures market, where prices slipped 4 to 6
points with December at 4.22c., off 6 points on a turnover of
421 lots.
The market is really drifting in a side wise move¬
owing to lack of interest.
Cables reporting extension
of the British cocoa control were without market effect.
Warehouse stocks decreased for a change. A loss of 500 bags
ment
1,339,503 bags compared with 1,234,Local closing: Oct., 4.10; Dec., 4.20;
Mar., 4.34; May, 4.42; July, 4.50.
Today futures closed
reduced the supply to
316 bags a year ago.
1917
Financial Chronicle
points net higher.
Transactions totaled 83 lots.
were
higher along with other commodity
markets, but it was not apparent that the improvement
was due to the foreign news. | A little increased manufacturer
6
7
to
futures
Cocoa
buying was the main influence.
It boosted prices 2 to 3
points, with December selling at 4.22c. Sales to early after¬
noon totaled 65 lots.
Primary countries continued to hold
their cocoa above parity with New York futures.
Ware¬
house stocks continued to pile up here.
They gained 7,400
bags over night.
They now total 1,346,928 bags compared
with 1,226,071 bags a year ago.
Local closing: Dec., 4.27;
Mar., 4.40; May, 4.48; July, 4.57.
Sugar—On the 23d inst. futures closed 1
point net higher
totaling 171 lots.
The
world sugar contract closed 1 point off to 1 point up, with
sales totaling 171 lots.
The domestic contract broke 4
points when a sugar firm issued 40 notices of delivery of duty
paid sugars.
Switching out of Sept. into Mar. and May
options was active.
Today was last Sept. trading day.
for the domestic contract, with sales
In the
market two sales, both to operators,
raw
were re¬
ported.
One sale was 8,000 bags of Puerto Ricos clearing
Sept. 26 at 2.70c. - The other was a sale of Philippines for
Oct. shipment at 2.73c. a pound.
After those transactions,
the lowest price at which raws were offered was 2.75c. with
2.70 bid.
Traders were more than ever confident today that
Congress soon will pass the resolution, although opposition
of beet sugar processors and domestic cane sugar producers
was still expected.
On the 24th inst. futures closed 1 point
higher, for the domestic contract, with sales totaling
The world sugar contract closed 1 point up to un¬
changed, with sales totaling only 5 lots.
Further buying
of domestic sugar futures advanced the market to the best
levels quoted since last July.
The volume was not large,
net
52 lots.
were offered except on a scale up.
In the
market 2.70c. a pound was bid for nearby sugar.
Offerings were held at 2.75c. to 2.80c.
Four cargoes of
Puerto Ricos, Oct. shipment, were held for 2.75c. and one
for Jan. clearance was held at the same price.
At 2.73c.
4,000 tons of Philippines due Oct. 21 were available.
An
additional 5,000 tons, Sept.-Oct. and Oct.-Nov. shipments,
ranged from 2.75 to 2.80c., but depended on the futures
market.
In the refined market Sucrest withdrew its price
of 4.25c. for Sept. delivery but quoted that price for Oct.
shipment.
On the 25th inst. futures closed 1 point net
higher for the domestic contract, with sales totaling 107
lots.
The world sugar contract closed Yi point off to un¬
changed, with sales totaling 25 lots.
In the raw market the
spot price gained 2 points on top of yesterday's rise of 3
points, when the Revere Company of Boston paid 2.75c.
a pound for 2,731 tons of Philippines due Oct. 23 and Sucrest
Refining purchased 1,000 at the same price due Nov. 16.
Further sugars were available at the same price.
The
firmer raw market induced a better interest in refined sugar.
as
few contracts
raw
sugar
reported that offshore refined is about sold out.
It
reported that in Cuba some raws were being traded at
1.68c. f.o.b., and then at 1.70c.'
Early action on the
Cummings resolution also was expected.
In the world sugar
market futures were unchanged to Yi point higher in quiet
trading.
Until fresh business in sugar from Cuba either to
England or elsewhere develops, little is expected of the
It
was
was
world sugar contract.
On the 26th inst. futures closed 1 point
off for the domestic
contract, with sales totaling 114 lots.
The world sugar con¬
tract closed 1 point up to H point off, with sales totaling
only 8 lots. The hesitation in the market today was due to
conflicting views regarding adjournment of Congress and
action on the sugar bill there pending.
Delay was feared
if Congress should be content to take recesses, but remain
in session.
In the raw market a Gulf refiner paid 1.85c. for
pound duty paid basis.
tone of the market was
said to be easier.
Puerto Ricos were offered at 2.73c., due
next Monday.
Duty free sugars for Oct. delivery were
offered at 2.75c.
Demand for refined sugar continued fair.
Today futures closed unchanged to 1 point up for the domes¬
tic contract, with sales totaling 33 lots.
The world su^ar
contract closed 1% to 2 points net higher, with sales totaling
7 lots. Domestic sugar was steady, while world sugar gained.
In the domestic market futures were unchanged this after¬
"Cuban sugar, equivalent to 2.75c. a
That was unchanged. However, the
The foreign news
outside the domestic market, although it was
admitted the supply from the Philippines and even possibly
from Hawaii might be affected.
Traders' eyes were on
Washington, where legislation on quotas still is'pending.
Action seems to hinge on the question whether Congress will
adjourn. In the raw sugar market offerings for Oct. arrival
were held at 2.75c. a pound.
Sugar due here Monday and
offered at 2.73c. a pound yesterday was withdrawn.
In the
world sugar market prices advanced 1% points.
The latest
developments abroad would be of importance to the world
sugar market only if and when Japan steps into the Dutch
East Indies.
Should that take place, it is believed the
entire exportable surplus of sugar in the East Indies would
noon
was
on
a
moderate volume of trading.
regarded
as
be retained there.
Prices closed
November
January, 1941-March
as
-
follows:
1.801 May
>.-1.81 July
1.871 September
Lard—On the 21st inst. futures
higher.
-
1.91
1.95
1.98
closed 2 to 5 points net
The market ruled steady during
the short session
1918
The Commercial & Financial Chronicle
and fair advances
were
recorded, but shortly before the close
week-end profit-taking
developed and some of the early
gains were lost.
Quiet prevailed in the Chicago hog market.
The top price was
nominally quoted at $6.85.
Receipts for
the Western hog run totaled 13,800 head
against 10,300 head
for the same day a year
ago.
No clearances were reported
today and all last week shipments were negligible.
The
export movement of United States lard has decreased sharply
from the Port of New
York, due no doubt to the quieter
foreign demand.
On the 23d inst. futures closed 5 to 7
points net higher.
The market was irregular at the opening,
with prices 2 points lower to 2
points higher,
commission house trading operations.
mixed
due to light
Influenced
by the higher action of outside markets, lard futures firmed
and closed at about the best levels of the
day.
Receipts of
hogs at Chicago and other Western packing centers were
quite heavy and totaled 77,000 head against 77,800 head for
the same day a year ago.
Sales at Chicago ranged from
$6.10 to $6.75, down 5 to 10c. from
Friday's finals.
the 24th inst. futures closed 5 to 10 points net lower.
opening
There
range
were
no
On
The
was 2
to 7 points off from previous finals.
unusual features to the trading or the news.
Chicago hog prices declined 15 to 25c. owing to the ex¬
tremely heavy marketings.
Receipts as reported today
totaled 82,800 head against 77,000 head for the same day
last year.
Sales of hogs ranged from $6 to $6.55.
On the
25th inst. futures closed 2 points lower to 2
points higher.
Trading was light, with fluctuations narrow.
The opening
was unchanged to 5
points off.
Chicago hog prices on the
close were 10c. higher, with sales ranging from $6.10 to $6.60.
Western hog
receipts totaled 59,700 head against 66,900
head for the same day last year.
On the 26th inst. prices closed 7 to 10
points net lower.
There was little in the way of influential news to
encourage
heavy trading in lard futures in either direction today.
The open inteiest figure in the October
delivery totaled
465
or 104 below the previous session.
The
demand for United States lard continues slow.
hogs at Chicago finished higher again today.
Closing quotations were mostly 10c. higher, and throughout
the day sales were reported at prices
ranging from $5.25
to $6.65.
Western hog marketings totaled 62,100 head
against 60,500 head for the same day last year.
Today
futures closed 10 to 5 points net lower.
Influenced by the
downward trend of other
commodity markets, prices for
lard futures eased off and closed at about the lows of the
day.
contracts,
foreign
Prices
on
DAILY CLOSING PRICES
OF
LARD
Sat.
Mon.
September-
4.75
4.80
October
4.80
4.90
December
5.05
January. 1941
May
5.12
5.22
6.32
FUTURES
Tues.
6.40
4.80
4.80
5.10
5.02
-
IN
Wed.
4.75
4.80
5.02
5.12
5.12
6.35
6.32
CHICAGO
Thurs.
4.72
Fri.
4.62
4.72
4.65
4.95
5.07
6.27
6.22
4.85
4.97
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:
Picnic, Loose, c.a.f.—4 to 6 lbs.,
12%c.; 6 to 8 lbs., 12c.; 8 to 10 lbs., 11 %c. Skinned, loose,
c.a.f.—14 to 16 lbs., 17%c.; 18 to 20
lbs., 1634c.
Bellies:
Clear, f .o.b. New York—6 to 8 lbs., 12%c.; 8 to 10 lbs., 13c.;
12 to 14 lbs., 13c.
Bellies: Clear, Dry Salted, Boxed, N.Y.
—16 to 18 lbs., not quoted.
18 to 20 lbs.—9%c.; 20 to 25
lbs., 9%c.; 25 to 30 lbs., 9%c. Butter: First to Higher than
Extra and Premium Marks:
27% to 29%c. Cheese: State,
Held '39, 22 to 23c.
Eggs: Mixed Colors:
Checks to
Special Packs: 16 to 24 %c.
Oils—Linseed
oil
in
September
delivery, is
quoted 7.9 bid; for October-December delivery—7.7 to 7.9c.
Quotations: Chinawood: Tanks, spot'—25%c. bid; drums—
26% bid.
Coconut: Crude: Tanks, nearby-—.02% bid;
Pacific Coast—.02%
bid.
Corn: Crude: West, tanks,
nearby-—.05% to .05% nominal. Olive: Denatured: Drums,
cars,
_
spot—1.80
to 1.90 nominal.
Soy Bean: Tanks, West—
.04% to .04%; November forward-— .03% to .04.
New
York, l.c.l., raw—.06 bid.
Edible: Coconut, 76 degrees—
.08 to .08%.
Lard: Ex. winter prime-—7% offer; strained—
7% offer.
Cod: Crude: 50c. offer.
Turpentine: 36% to
38%. Rosins: $2.20 to $3.15.
Cottonseed Oil sales,
contracts.
Crude,
S.
yesterday, including switches, 104
val., 4%-%.
Prices closed as
E.,
follows:
October
5.38@
5.38@
5.49@
5.51@
November
December
January, 1941
February—
5.54@
March..
5.50
5.55
5.6t @
5.63 @
5.62
April
May.
5.69@
5.70
n
n
Rubber—On the 21st inst. futures closed 9 to 6
points net
lower.
Trading was quiet and without special feature. The
actual market
was also at a standstill.
Spot standard No.
1-X ribbed smoked sheets in cases remained
unchanged at
19%c. per pound. Local closing: Sept., 19.01; Nov., 19.00;
Dee., 18.98; Jan., 18.90; Mar., 18.80.
On the 23d inst.
futures closed 4 to 8 points net higher for the No. 1
Standard
contracts, with sales totaling 34 lots. There were 3 contracts
traded in the New Standard, Dec.
delivery, at 4 points off
from previous close.
Rubber futures were firm at prices 4
to 5 points over the previous finals at the
opening. By noon
the market was about 10 points net
higher on a turnover of
32 lots, of which 3 were in the new contract.
Tender of 240
tons of rubber
was
made
the
Sept. No. 1 contract. There
good deal of switching out of Sept. into later deliveries
with trade interests taking the
Sept. end. Certificated stocks
was a
on
28,
1940
increased
by 10 tons to 1,640 tons.
Both London and
Singapore closed quiet and unchanged to l-16d. higher. Local
closing: No. 1 Standard: Sept., 19.05; Dec., 19.04; Mar.,
18.85; May, 18.78. On the 24th inst. futures closed 7 to 15
points net higher.
Transactions totaled 77 lots, all in the
No. 1 Standard contract.
Steady primary markets and firm
strengthening effect on the rubber
futures market, where prices this afternoon were 6 to
15
points net higher on a turnover of 64 lots.
There was com¬
mission house and factory
buying, based in part on un¬
certainty over the Far Eastern situation created by Japanese
shipment offerings had
a
invasion of Indo-China.
Forty tons were tendered for de¬
the Sept. No. 1 contract.
Certificated stocks in¬
creased 60 tons to 1,700 tons.
Tenders so far have totaled
3,170 tons this month.
The London rubber market closed
livery
on
l-16d. lower to l-16d.
higher. Singapore was unchanged to
l-32d. higher. Local closing: Sept., 19.13;
Oct., 19.12; Dec.,
19.11; Jan., 19.06; Mar., 18.96; May, 18.88.
On the 25th
inst. futures closed 9 to 7 points net
higher.
Transactions
totaled 58 lots.
Uncertainty over the situation in the East
was
a
market factor in the rubber futures
trading.
Opera¬
chiefly of switches, such as the selling of Dec.
buying of March'.
British and local dealer buying
was reported.
Sales to early afternoon totaled 39 lots.
At
that time prices were 3
points higher on Sept. and 2 points
higher on later positions.
Tender of 130 tons on the Sept.
tions consisted
and the
contract
was
made.
Certificated stocks decreased 30 tons
to a total of
1,670 tons. London closed steady 3-16d. lower
to l-16d. higher.
Singapore reported like fluctuations. Local
closing: No. 1 Standard:
Sept., 19.21; Oct., 19.21; Dec.,
19.18; Mar., 18.96.
On the 26th inst. futures closed 3 to 10
points net higher
for the No. 1 Standard contract, with sales
totaling 52 lots.
The New Standard contract closed 5 to 9
points net higher,
with sales totaling 15 lots. A little dealer
buying was supplied
by commission house liquidation in a quiet rubber futures
market.
Prices during early afternoon were 1
point lower
to 9 points higher, with
Sept. at 19.20 and Mar. at 19.05.
Sales to that time totaled 37 lots
on the No. 1 contract
and
Tender of 220 tons on Sept. con¬
tracts was made.
This was the last
day for such tenders.
The total for the month was 550 tons.
London closed un¬
two
on
the
new
contract.
changed to %d. lower.
Liverpool was unchanged to 2-32d.
lower.
Local closing: No. 1 Standard:
Dec., 19.21; Mar.,
19.05; May, 18.95.
New Standard: Jan., 19.15; Mar.,
19.05; June, 18.90.
Today futures closed 36 to 20 points
net higher, with sales
totaling 169 lots in the Standard No. 1
contracts.
The New
Standard contract closed 20 points net
higher, with sales totaling 25 lots. The news that Japan had
joined the iVxis Powers, caused a flurry in the rubber market,
due to fears of a stoppage of shipments from the East.
By
early afternoon prices had been bid up about 40 points.
The new July contract sold at 19.25.
Trading was active,
sales to that time totaling 151 lots.
There was new specu¬
lative interest.
Forty tons were delivered on the Oct. con¬
tract.
The London rubber market
closed unchanged to %d.
lower, but Singapore was unchanged to l-32d. higher. Local
closing: No. 1 Standard: Oct., 19.60; Dec., 19.50; Mar.,
19.25; May, 19.15.
New Standard Contract: Mar., 19.25;
July, 19.10.
Hides—On the 21st inst. futures closed 6 to 10
points net
Opening prices were 5 points above previous finals.
Transactions for the short session totaled
760,000 pounds.
The tone of the domestic spot hide market was
higher.
reported firm.
The
tank
Sept.
last
trading of importance included 1,600 September
New York steer hides at 13%c. a
pound, an advance of %c.
over the last previous New York business and
%c. over the
Chicago market price.
Local closing:
Sept., 9.85; Dec.,
9.90; March, 10.02; Sept., 10.21.
On the 23d inst. futures
closed 48 to 43 points net higher.
Transactions totaled 345
lots.
Raw hide futures opened
slightly lower.
During the
morning prices advanced sharply in active trading, with
values 40 points higher at 12:30
p. m.
The rise was due to
catching of stop-loss orders on the short side.
Certificated
stocks decreased by 2,061 hides to
611,781 hides.
Local
closing:
Dec., 10.38; March, 10.48; June, 10.55.
On the
24th inst. futures closed 5 to 11
points net lower.
Transac¬
tions totaled 174 lots.
Raw hide futures
opened about 3
points above the previous close.
Prices ruled virtually un¬
changed from opening levels during most of the morning.
By early afternoon a slight reaction set in, at which time
prices were 3 to 4 points below the previous close and trans¬
actions had totaled 112 lots.
Local closing:
Dec., 10.30;
March, 10.37; June, 10.50.
On the 25th inst. futuress closed
unchanged to 1 point higher, with sales totaling 86 lots.
Raw hide futures opened about 6 to 8
points lower.
The
market firmed slightly during the
morning and by early after¬
noon prices were still about 5
points below yesterday's close
on
sales of 30 lots.
The market
was governed somewhat
by
Certificated stocks decreased by 12,550
599,231 hides.
In the domestic market sales totaled
the action of stocks.
hides to
4,500 hides including September heavy native cows at 12%c.
and extra light Texas steers at 11
%c.
In the Argentine
market 9,000 September frigorifico steers sold at
10%c.
Local closing:
Dec., 10.30; March, 10.38.
,
On the 26th inst. futures closed 5 to 2
points net
with sales totaling 84 lots.
Raw hide futures
higher,
opened about
points below last night's closing levels. The market re¬
mained steady throughout the
morning, prices ranging about
10
6 to 1
due
The Commercial &
151
Volume
points lower than the previous close. The decline was
light commission house liquidation.
Transactions
to
totaled
1,720,000
Certificated stocks stand at
pounds.
590,130 hides.
Local closing: Dec., 10.35; Mar., 10.40;
June, 10.52.
Today futures closed 10 to 17 points net
lower.
Transactions totaled 235 lots.
The hide futures
opened 20 to 25 points lower, but strengthened
materially during the morning.
By early afternoon prices
were about
15 points above the previous close.
Transac¬
tions totaled 120 lots.
The rise in prices was attributed to
short covering and scarcity of offerings.
Certificated stocks
decreased by 3,210 bales to 586,920 hides.
Local closing:
Dec., 10.21; Mar., 10.30; June, 10.35.
market
Ocean
small
Charters
Freights—Within the past few days only a
number of ships have been reported as chartered.
included: Grain:
Plate to North Atlantic, $5.50
per ton
Aires. Plate to St. Lawrence,
asked nominal (corn). South Africa to St. Law-
(heavy grain), basis Buenos
$7 per ton
(corn).
fcpnce, $12. per ton
tdu
per
Pacific to Vladivostok, $12.50
Atlantic range to Japan,
Scrap Iron:
^(wheat).
$b5.75 person. Gulf to Japan, $16 nominal. Pacific Coast
to Japan, $90,000 lump sum, f.i.o.
Time: One month West
Indies trade, prompt, $2.25 per ton.
West Indies trade,
$2.50 to $2.75, nominal.
North of Hatter as-South African
trade, $3.50 to $3.75 nominal per ton.
South American trade, $3.50 per ton.
trade, $4 per ton.
31, $3.75 per ton.
31, $3.60 per ton.
North of Hatter as-
Round trip Pacific
Round trip, South African trade, Oct. 15Round trip South African trade, Oct. 15Two to three months West Indies trade
prompt, $2.35 per ton.
Coal—According to figures furnished by the Association
American Railroads, the shipments of anthracite into
eastern New York and New England for the week ended
of
September 27th have amounted to 1,409 cars, as compared
with 1,205 cars during the same week in 1939, showing an
204 cars, or approximately 10,200 tons.
anthracite for the current calendar year up
increase of
ments of
Ship¬
to and
September 7th have amounted to
with 59,778 cars during the same
period in 1939, showing an increase of close to 113,050 tons.
Shipments of bituminous coal into this territory during the
week ended September 7tn have amounted to 1,701 cars, as
compared with 1,610 cars during the corresponding week
in 1939.
While anthracite coal deliveries "on line" points
are moving out at a fair rate, which is better than last year,
operators here state that tidewater shipments are slow.
Buckwheat coal demand is still good and supplies continue
light.
Producers here state that the weather is still too
including the week ended
62,039 cars, as compared
warm
off
and
that domestic
household consumers are holding
buying.
previous day had been 790,000, as officially reported. Local
closing: Oct., 103.0; Dec., 97.5; Mar., 92.6; May, 90.6;
July, 88.6. On the 23d inst. futures closed 15 to 11 points
net higher.
The wool top futures market was strong and
active today.
Covering of the Oct. contract and an active
trade demand for the Dec. and Mar. deliveries raised prices
substantially above those prevailing at the close of last week.
Total sales on the New York exchange to midday were
estimated in the trade at about 600,000 pounds of tops.
At
the best prices of the morning active months recorded ad¬
vances of 13 to 16 points over the closing levels of the previous
trading day, while at the lows they were 4 to 5 points above
Saturday's last quotations. At noon prices were 10 to 14
points above their previous closing range. The activity in
the futures market also reflected better business in raw wool
centers.
Local closing: Oct., 104.5; Dec., 98.6; Mar., 93.7;
11 to 5 points
rather narrow
range today at a level
somewhat above the best prices
recorded yesterday.
There was a continued good demand
for contracts, but offerings were more numerous than here¬
tofore.
Total transactions on the New York Exchange to
noon were estimated in the trade at approximately 500,000
pounds of tops. Opening gains of 3 to 5 points were further
extended in subsequent trading.
Prices at mid-day were 6
to 8 points above yesterday's closing levels.
Local closing:
Oct., 105.6; Dec., 99.7; Mar., 94.2. On the 25th inst. futures
closed 14 to 2 points net higher.
After selling at slightly
easier levels during the early part of the session, prices of
wool top futures turned upward in later dealings.
Although
there was a rather general demand for contracts, the turn¬
over during the forenoon was only moderate.
Since offerings
were
comparatively limited, total sales on the New York
exchange to mid-day were estimated in the trade at about
275,000 pounds of tops.
During the early trading prices
registered losses of 1 to 7 points from the closing levels of the
preceding day, while at noon they were unchanged to 8 points
above yesterday's
last quotations.
Local closing: Oct.,
net
higher.
upward movement today.
the New York exchange to noon were
but later in the
yesterday's
morning was 8 to 22 points above
Advances were pared somewhat later in the
session on some positions and at midday the market showed
gains of 8 to 14 points over the last quotations of the pre¬
ceding day.
Local closing: Oct., 108.0; Dec., 101.2; Mar.,
95.0; May, 92.8.
Today futures closed 8 to 4 points net
higher. Wool top futures continued to advance to new high
levels for the current upward movement today.
The bulk
of the trading was confined chiefly to the Dec. and Mar.
positions. Total sales on the New York exchange to midday
were
estimated at about 500,000 pounds of tops.
Local
closing: Oct., 108.8; Dec., 102.0; Mar., 95.4.
closing levels.
futures closed Ho.
Silk—On the 23d inst.
off to 3c. net
higher for the No. 1 contracts, with sales totaling 30 lots.
The silk market firmed up after a steady opening, prices
3 cents above the pre¬
that time was 22 lots.
price of crack double extra silk in the New York spot
market remained unchanged at $2.54 a pound.
There were
no cables from Japan today,
a holiday over there.
Local
closing:
No. 1 Contracts:
Sept., 2.53; Oct., 2.54; Dec.,
2.53H; Jan., 2.53; March, 2.52H; April, 2.52.
On the 24th
inst. futures closed unchanged to 3He. net lower.
There
were no
sales.
Raw silk futures were neglected, but the
undertone was heavy, prices during early afternoon being
about 2 cents a pound lower on the bids.
The price of crack
double extra silk remained unchanged at $2.54 in the uptown
during early afternoon standing about
vious closing level.
The turnover to
The
tendered on the September
the momth so far to 920 bales.
6 yen higher to 5 yen lower.
Grade D silk in the spot market was unchanged at 1,355 yen.
Local closing: Sept., 2.53; Oct., 2.52; Nov. 2.53; Dec., 2.54;
Jan., 2.51; March, 2.49.
On the 25th inst. futures closed
spot market.
Twenty bales were
contract, bringing the total for
The Yokohama Bourse closed
unchanged to lc. net lower.
Transactions totaled 19 lots.
Trading in silk futures was small and price changes narrow.This afternoon the marlet was H-cent higher under limited
Sales to that time totaled
covering by dealers.
14 lots. The
price of crack double extra silk in, the uptown spot market
remained unchanged at $2.54 a pound.
Twenty bales were
tendered on the September contract.
This was the last day
for such deliveries.
The total for the month was 940 bales.
On the Yokohama Bourse the market closed 4 yen higher to 2
lower.
The price of Grade D silk in the spot market
unchanged at 1,355 yen.
Local closing: No. 1 Contracts
Oct., 2.52H; Nov. 2.53; Dec., 2.52H; Jan., 2.51H; March,
yen
was
off to 1 point up
with sales totaling 52 Jots. Silk
futures were steady to 1 cent higher during early afternoon in
spite of liquidation of October, due to circulation of 17 notices
of delivery.
Sales totaled 22 lots to early afternoon. Trade
covering of October and Japanese buying gave the market
its firm tone.
The price of crack double extra silk in the
On the 26th inst.
for
the No.
futures closed H point
1 contracts,
at $2.54 a pound. In
higher to 1 yen lower.
The price of grade D silk in the spot market advanced 5 yen
to 1,360 yen a bale.
Local closing: No. 1 Contracts: Oct.,
2.52; Nov., 2.53; Dec., 2.52H; Jan., 2.52; Feb., 2.51; May,
2.50.
Today futures closed 3 to 6c. net higher.
Transac¬
tions totaled 163 lots, all in the No. 1 Contracts.
Shorts
covered silk futures actively when the market heard of the
new
world line-up of predatory Powers.
Talk of an em¬
bargo of Japanese silk was heard.
On the movement prices
were bid up as much as 6c.
Sales to early afternoon came to
103 lots, largest turnover in a long time.
In the uptown spot
market the price of crack double extra silk rose lc. to $2.55
pound.
The Yokohama market closed 2 yen higher to
9 yen lower.
Grade D silk in the spot market declined 5 yen
to 1,355 yen a bale.
Local closing: No. 1 Contracts: Oct.,
2.56; Dec., 2.56H; Jan., 2.56H; Mar., 2.56H; May, 2.55.
uptown spot market was unchanged
Yokohama Bourse prices were 4 yen
a
On the 24th inst. futures closed
Wool top futures moved in a
107.0; Dec., 99.9; Mar., 94.4.
On the 26th int. futures closed
Wool top
Total transactions on
estimated in the trade
in excess of 150,000 pounds of tops.
A good portion of the
trading consisted of switching commitments from the Oct.
to the Dec. option.
The market opened slightly irregular,
the current
2.50.
Tops—On the 21st Tnst. futures closed 2 to 3 points
net higher.
The market ruled steady in today's short session,
but apparently due to the substantial advance of 28 to 53
points which had taken place over the week ended Friday
night, buyers were somewhat cautious.
The market closed
with gains, however, despite a setback of 2c. a pound, or 20
points in spot tops. Sales of futures today were estimated at
about 75 contracts, or 375,000 pounds.
The total the
Wool
May, 92.0.
1919
Financial Chronicle
futures
1 to 6 points net higher.
continued to rise to a new high level for
COTTON
Friday Night, Sept.
Movement
The
of the Crop, as
27, 1940
indicated by our tele¬
from the South tonight, is given below.
this evening the total receipts have
grams
For the
reached
week ending
against 142,923 bales last week and 137,224
previous week, making the total receipts since
137,695 bales,
bales
the
1940, 912,108 bales, against 1,626,394 bales for
period of 1939, showing a decrease since Aug. 1,
1940, of 785,714 bales.
Aug.
1,
the same
„
Receipts at—
Sat.
Tues.
Wed.
m
Thurs.
_
3,396
13,567
1,691
2,789
1,747
32
32
4,137
1,618
19,184
3",883
6",310
2",247
3",911
31,983
2,932
6,838
1,017
12,583
1,271
2,690
1,720
6,925
983
52,471
9,541
6,805
55,025
"188
"241
"322
"367
999
91
1,801
"226
"217
"256
"220
35
188
122
1,728
Brownsville
Houston
Christi__
New Orleans
Gulfport
Mobile
Pensacola, &c—
Savannah
"162
Charleston
999
35
1,269
1,850
758
Lake Charles
Norfolk
Totals this
Total
Fri.
2,335
1,609
"592
Galveston
Corpus
Mon.
week.
27,621
16.847
22.154
8.382
15,600
758
93
"81
"173
347
47,091 137,695
The Commercial & Financial Chronicle
1920
The
This
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
Sept. 28,
selling carried prices off to losses of 2 to
was not
sufficient, however, to make
total since
volume
with last year:
and later the market recovered.
with being the principal
1940
Receipts to
Sept. 27
This
Week
Galveston
1939
This
Since Aug
1, 1940
Week
1, 1939
13,567
92,735 90,150
1,489
15,572
411,314 105,797
3,281
122,526
6,435
3,591
237,172 74,135
32
Houston
52,471
9,541
Corpus Christi...
Beaumont
55",025
New Orleans
Gulfport
999
14*717
2.756
13,868
35
2",820
2,005
1,121
17,660
18,482
38,297
2,519
5,436
1,330
999
1,801
Mobile
720
Pensacola, &c
Jacksonville
Savannah
1*269
"5",070
Charleston
Lake Charles
1,850
758
3,906
4,402
2,001
3,976
1,019
"347
"2*634
512
2,591
Wilmington
Norfolk
93,109
31,963
492,523
57,266
58,434
*
1,594
147,053
39,718
27,646
25,519
5,132
6,300
31,778
8,823
32,817
599
366
Totals
137,695
350
818
...
Baltimore
*
788*103
116,762
New York
1
686,064
710,858
1,047
835,258
90,504
100,363
551,777
52,092
72,950
"107
Brownsville
Boston
1939
1940
379,948
38,291
592,650
164,325
13,161
333.046
1,672
3,985
950
912,108 297,080 1,626.39412,605,092 2,478.085
Included in Gulfport.
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1940
Receipts at—
Galveston
1939
1938
1937
1936
101,217
69,014
95,227
16,140
5,830
12,786
Orleans,
Mobile
Savannah
Charleston
70,798
70,032
49,374
2,531
1,614
1,328
144,732
135,094
128,744
16,180
1,019
New
909
801
838
Wilmington,,
11,466
20,405
54,635
64,198
102,548
28,236
27,500
23,698
*347
512
715
559
11,365
15,654
24,705
1,792
20,479
1,694
17,045
2,216
22.383
Total this wk.
137,695
297,080
221,656
479,801
319,754
326,252
Since Aug. 1,.
912,108 1,626,394 1,256,284 2,355,241 1,752,924 1,716,378
Norfolk
All others
The exports for the week
ending this evening reach a total
12,693 bales, of which 8,949 were to Great Britain,
1,473 to Japan, and 2,271 to other destinations.
In the
corresponding week last year total exports were 184,448 bales.
For the season to date aggregate exports have been 123,787
bales, against 785,156 bales in the same period of the previous
season.
Below are the exports for the week.
of
Week Ended
Exported to—
Sept. 27, 1940
Exports from—
Great
Ger¬
Britain
Galveston
Houston
Italy
many
Japan
912
10,792
75
539
315
450
2,271
12,693
*135
8,949
1,473
•
1939
101,648
1938.....
20,109
15,602
29,969
— -
11,611
11,563
300
43,724 184,448
7,284
25,696
1,905
11,605 111,186
14*618
From
Exported to—
Aug. 1,1940 to
Sept. 27, 1940
Exports from—
Great
Ger¬
Britain
Galveston
Houston
Corpus Christi
France
4,235
45,241
17,574
New
Total
1,800
1,338
Angeles
Total
Other
464
Total
Total
China
81
7,654
New Orleans
Los
France
831
Orleans.
m
m
m
-
m
mm
m
m
m
m
China
Japan
1,161
3,283
m
268
mm
m
m
m
m
m
m
m
m
m
m
mm
tm
m
m
214
m
m
m
m
m
m
m
m
m
m
m
m
55,021
m mm
m
1,355
m
mm
5,522
6,229
mm
961
m
Total
17,574
28,833
m
356
Other
126
rn'rnm
rn.rn.imm
26,517
Italy
many
Mobile
3
.
m
m
3
mmmm
Norfolk
New
York
Los
Angeles..
400
San
Francisco
1,351
Total
■
~
m
329,691
m
m
m
mm
mm
m
m
m
11,358
1,324
98,908
41,986
76,266 101,581
120,392
56,490
50,995
274
62,308
150,335
mrnm
356
1,319
570
12,334
6
18,087
m
....
m
1,105
m
95,891
Total 1939...
Total 1938...
mm
150
2,825
9,635
123,787
2,205 193,568
601,532
In addition to above
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
t
On
Sept. 27 at—
Shipboard Not Cleared for—
Leaving
Great
Ger¬
Britain
Galveston
Houston
New Orleans..
France
Other
Coast¬
many
Foreign
wise
300
1,500
2,200
128
300
6,600
.
14*397
2,400
Savannah
::::
Charleston
—
_
Mobile
Norfolk
Other
...
ports
Total 1940.Total 1939..
Total
1938._
16,797
41,330
5,370
<2,800
7",§43
*738
13,584
7,039
63,289
30,262
Stock
Total
1,800
16,725
9,300
week has been
cotton for future
709,058
818,533
542,477
116,762
25,519
72,950
31,778
260,190
8,228 27,825 2,577,267
4,136 116,836 2,361,249
5,208
61,463 2,773,069
delivery during the past
moderately active, though fluctuations have
been very narrow, and the market
showing no very definite
trend.
Spot sales in the South have been relatively light.
Traders find little incentive to operate
extensively on either
side of the market, and
apparently are
awaiting develop¬
ments, especially as concerns the political trend.
On the 21st inst. prices closed 1
point up to 4 points off.
The market was steady and
moderately active. The same
persistent price fixing and lack of important hedge selling
the market its steady undertone. The market started
2 to 5 points lower on a little
hedging from the South, and
less aggressive trade
support than during the previous session.
gave
credited
during the
slowly recovered, with the
Spot sales in the leading spot
markets of the South totaled 28,219 bales,
compared with
72,481 bales last year.
The average price of middling was
9.23c. On the 23d inst. futures closed 5 to 7
points net higher.
Small ginnings to Sept. 16,
reported by the Government
today, evidently created the impression that no heavy hedge
pressure may be expected on the market in the nearby future.
Prices were firm and 4 to 5
points net higher during early
afternoon.
Liquidation of October contracts weighed on the
market at and after the opening in spite of
support buying
by spot interests. Initial trading was at prices unchanged to
2 points higher, but the market eased off almost
immediately.
On the moderate dip Southern interests were
buyers of May
and July contracts, while mill accounts
purchased Dec. to
fix prices.
The effect was to rally the market.
Dec. re¬
of trading stepping
pace
up.
covered about 5 points from the forenoon low to sell
at 9.49c.
census of cotton
ginnings to
steady, especially the nearby
estimated ginnings at
only
1,804,490 bales, which was about 2,000,000 bales less than
had been ginned to the same date last
year.
On the 24th
inst. prices closed 3 to 5 points net
higher. Persistent trade
buying to fix prices lifted cotton futures 8 to 10 points, with
both May and July contracts
selling at new highs for the
season.
Further activity in Worth Street and
reports of goodx
exports under subsidy of cotton products spurred the market. vWhen the market opened the
trading was of the same
character as has been witnessed
daily.
The buying came
from trade interests while the South was the
principal seller.
Opening prices were 1 point lower to 2 points higher. Liquida¬
tion of Oct. continued, but
offerings were readily absorbed
by spot firms. Trade interests similarly took care of hedge
sales.
Spot firms bought both Oct. and Dec. contracts. By
noon the market stood
unchanged to 4 points net higher,
with Oct. selling at 9.51 and
May at 9.27.
Some traders
switched from nearby months to distant
positions, while spot
firms did the
reverse% The buying to fix prices, which has
characterized the trading
recently, coincided with the buying
of cotton goods.
On the 25th inst. prices closed 4 to 6 points
net higher.
Trade buying absorbed hedge selling to hold the
cotton futures market on an even keel.
Prices during early
afternoon stood unchanged to 2
points net higher. Opening
price changes were irregular, the market standing 4 points
higher to 1 point lower.
A mixed trade marked the early
dealings. Trade interests, brokers usually acting for Bombay
interests and Wall Street, were lined
up on the buying side.
Contracts were offered by spot houses and the South.
A
certain amount of hedge
selling also was felt.
After the
initial trades a large spot firm was the
principal buyer of
Oct. and Dec., furnishing
important support.
The market
showed little change in its character
during the forenoon.
Near months met the best
demand, while the more distant
deliveries felt the weight of
hedge selling and profit taking.
Trade and Wall Street interests were
buyers of Dec.
The
trade demand was sufficient to absorb
offerings, holding the
market's undertone steady.
A sharp upturn at Liverpool
may have been an influence.
months.
The
Census
Bureau
On the 26th inst. prices closed 7 to 11
points net higher.
Trade
buying to fix prices caused cotton futures to rise
but steadily today into new high ground for the
movement, largely because offerings were limited.
The
market stood 4 to 8 points net higher this afternoon.
On
the opening, supply and demand were so
closely in balance
slowly
that initial prices were
unchanged to one point higher.
On the buying side were lined
up spot firms, trade interests
and local traders.
On the selling side was the
South, offer¬
ings consisting mainly of hedges.
Texas in particular was
credited with selling hedges here.
Texas reports that the
cotton
to
tier
has been ginned from 35% to 85%, according
are smallest, of course, in the northern
crop
locality.
of
Ginnings
the
State.
Information from spot circles
price-fixing has been instrumental
in
cotton
about
a
prices,
dollar
a
in
causing
an
was
that
advance
which in turn has carried near months
bale higher than loan values at Gulf
ports.
Today prices closed 12
traders
Speculation in
were
estimated to have reached a total of 60,000 bales
week.
From the lows the market
785,156
2,186
99,777
Domestic mills
After the trade had studied the
Oct. 16, the whole list turned
1935
90,150
105,797
74,135
2,820
2,591
4,402
13,567
52,471
55,025
1,801
1,269
1,850
Houston
points. The
impression,
an
buyers during the day, especially in
the Oct. and Dec. positions.
Leading spot houses continued
to support the Oct., as
they have for the entire week. This
buying, believed to be fixing prices of cotton sold in Brazil, is
Slock
Since Aug
7
1940
were
worried
to 17 points net lower.
Cotton
by the European news, with the result
that they became active
sharpest break in
some
sellers of futures.
Prices had
the
time, the market standing 11 to 17
points net lower during early afternoon. Trade buying and
demand from spot houses gave the market a firm tone on
the
opening, wrhich was 2 to 4 points net higher.
In the
early trading October got up to 9.70c., a new high price
and December hit 9.69c.
While
hedge selling continued it was readily absorbed.
Mill inter¬
for the current
movement,
ests continued to buy for the
purpose of price-fixing.
After
11 o'clock the tone of the market
changed abruptly after it
became known
that
Japan had enlisted the support of the
purpose of conquering eastern Asia.
Traders were not sure just what the new
10-year treaty
reported signed today may mean, but felt that it would be
Axis
Powers
in
her
adverse to the cotton market.
Volume
The Commercial &
151
The official quotation
New
York
market each
Sept. 21 to Sept. 27—•
Financial Chronicle
for middling upland cotton in the
day for the last wreek has been:
Sat.
Mon.
Tues.
Wed.
9.70
9.90
9.73
9.77
9.84
9.97
10.04
Cotton
Exchange and the New Orleans Cotton Exchange,
we
have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
which
from
9.71
9.93
1921
9.91
Middling upland % (nominal).. 9.70
Middling upland 15-16 (nom'l). 9.90
Thurs.
Fri.
Open
New York
Sept. 20 Sept. 21 Sept. 23 Sept. 24 Sept. 25 Sept. 26
Contracts
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
contract
on
Oct. 3.
on
Premiums
and discounts for grades and staples are
tions of 10 markets, designated by the
the average quota¬
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
Sept. 26
1940—
October
34,400
5,600
December,...
40;200
21,800
26,700
63,100
28,200
16,300
13,600
82,000
62,500
45,100
50,100
535,200
1941—
200
100
100
January
March-.
18,400
7,300
14" 000
22,600
12" 300
19,300
11,400
20,500
6,100
19,500
6,000
10,100
25,100
16,000
9,200
10,400
195,400
2l" 400
May
26,200
July
18,600
Total all futures.
..
52,200 134,400 154,600
131,000
222,100
111,700
89,000 130,800 1,156,800
Sept. 26.
on
Open
New Orleans
J*
29-32
15 16
31-32
Inch
Inch
Inch
Inch
Middling Fair
Strict Good Middling
.34
on
.44
on
.55 on
.61
on
.67
on
.29
on
.39
on
.50
on
.56
on
.62
.22
on
.32
on
.43 on
.50
on
.56
on
Strict
Middling
Middling.
,08
on
.18
on
.36
on
.21 off
.11 off
Basis
.06
on
Strict Low Middling
.72 off
.62 off
.52 off
.47 off
•.41 off
1.31 off
1.24 off
1.16 off
1.12 off
1.07 off
July
Contracts
on
Good Middling
Sept. 18 Sept. 19 Sept. 20 Sept. 21 Sept. 23 Sept. 24
1 Inch
and
Sept. 24
Up
1940—
While—
Low
October
Middling.
Extra
.30
on
4,050
850
5,550
4,450
33,750
7,750
6,250
4,550
8,400
9,550
66,800
100
800
3" 800
"600
2" 350
2,700
3,950
2,300
2,150
2,350
3,000
37,400
35,800
1,550
1,750
2,900
3,000
2,900
4,200
5,800
20,800
12,450
18,250
20,350
21,050
22,850
25,600
195,350
1941—
on
January
.14
on
March
l"550
May
1,250
White—
.22
on
.32
on
Strict Middling
.08
on
.18
on
Middling
.21 off
.11 off
Even
Strict Low Middling
.72 off
.62 off
.52 off
.47 off
.41 off
1.31 off
1.24 off
1.16 off
1.12 off
1.07 off
Middling
.43
on
.50
on
.56
on
.30
on
.36
on
.43
on
.06
on
.14
on
Spotted—
Good Middling....
.14 off
.04 off
.05 on
.11
on
.17
on
Strict Middling
.28 off
.18 off
.09 off
.03 off
.03
on
aMlddllng.
.81 off
.72 off
.62 off
.57 off
.51 off
Middling sported shall be tenderable only when and If the Secretary of AgrU
a
2,850
6,450
.43
Good Middling
Low
1,650
December
cultureestablishes
a
type for such grade
Market and Sales
at
New York
The total sales of cotton
week at New York
on the spot each day during the
indicated in the following statement.
of the reader we also show how the
are
For the convenience
market for spot
and futures closed
on
the
SALES
Market
Spot Market
Closed
Closed
Saturday—
Monday
Tuesday.
Wednesday.
Thursday.
Friday
days:
same
Futures
Nominal
300
300
"500
Nominal
Nominal
Nominal
1,300
Nominal
Barely steady
113,000
219,000
6.74d.
4.80d.
4.89d.
3.77d"
"4.05d".
6.74d.
5.55d.
6.09d.
7.05d.
5.73d.
3.74d.
4.20d.
125,000
8.68d.
5.69d.
detail below:
600
__
2,900
vreek.
1937
175,000
8.82d.
15.25d.
6.8Id.
9.47d.
At the Interior Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Movement to Sevt. 29, 1939
Movement to Sept. 27, 1940
Shiv-
Receipts
27
Ship¬
Stocks
ments
Sept.
Week
Season
Stocks
ments
Receipts
Towns
Week
Total
1938
1939
1940
Sept. 27sep i
Stock in Alexandria, Egypt
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
200
600
Supply of Cotton—Due to war couditions,
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
1,300
200
Very steady
Very steady
The Visible
cotton statistics
"500
Steady
Very steady
Steady
Nominal
Total
Contract
Spot
Total all futures
Sept.
Season
Week
Week
51
354
2,117
406
15,270
-
-
14,868
-
9,741
57,800
75,016
183,546
54,589
63,021
68,834
37,497
158,607
44,128
115,221
62,600
Eufaula
1,757
6,424
1,266
13,285
8,503
2,704
5,580
1,432
Montgom'y
14,868
Since Aug. 1
2,276
3,825
18,579
595
89,500
4,156
905
3,074
19,529
4,508
15,127
12,647
38,548
1,220
8,982
Ala., Blrm'am
highest, lowest and .closing prices at New
York for the past week have been as follows:
Saturday
Sept. 21
Monday
Tuesday
Sept. 23
Sept. 24
Wednesday
Sept. 25
7,328
1,657
20
3,558
285
33,247
7,033
Hope
1,681
2,149
237
30,673
5,757
Selma
Ark., Blythev.
Forest
Thursday
Friday
Sept. 26
Sept. 27
City
9.43- 9.46
9.43- 9.52
9.49- 9.58
Closing
9.46
9.51- 9.52
9.54
.
—
9.48- 9.59
9.58- 9.59
—
9.579.65-
9.66
9.66
9.51- 9.70
9.52
412
331
22,643
1,949
3,906
210
766
116,617
22,959
8,388
5,036
20,807
8,411
661
408
Bluff.
2,799
62,064
11,246
26,955
2,443
1,198
1,282
2,600
3,322
1,219
210
Walnut Rge
29,757
9,461
1,636
6,407
892
4,345
699
10,375
31,130
1,776
4,362
15,401
6,583
9,144
2,000
13,559
500
770
15,076
57,494
4,338
94,722
146,484
11,270
30,000
33,027
„
Closing
Atlanta
9.51*
9.43- 9.46
9.42-
9.44
.
9.53*
9.65*
9.54*
9.45*
9.50- 9.52
9.58 ra
9.50- 9.60
9.50-
9.60
9.59-
9.67
9.51- 9.69
9.54
9.59-
9.60
9.66-
9.67
9.53- 9.54
Augusta
Dec.—
__
Closing
_
—
9.52
—
Jan. (1941)
Range.-
9.35- 9.35
Closing.
9.35
—
9.56- 9.56
9.41- 9.45
9.45
9.41n
9.43 n
9.57*
9.49*
—
9.34*
9.41n
Range..
9.32- 9.36
9.32-
Closing
.
9.34
9.41
_
9.25 n
9.32 n
Range..
9.17- 9.20
9.16-
Closing
9.17*
9.23- 9.25
Closing
.
9.44n
9.43*
9.57 *
9.48*
9.42
9.41-
9.44
—
9.50
9.41-
9.48
—
9.48
—
9.48- 9.59
9.56-
9.59
9.42-
3,200
600
1,017
15,788
6,746
3,165
9.60
April—
Range
295
271
383
196
23,447
2,981
4,628
423
170
203
Vlcksburg..
3,395
2,561
400
2,700
600
1,709
5,702
646
25,731
32,330
100,176
73,468
30,786
665
1,035
380
10,586
12,379
1,232
54,121
42,131
6,349
2,696
475
24,072
3,632
96,608
7,645
15,204
1,276
697
1,263
5,654
..
-
259
13,765
31,078
69,369
152,609
31,400
130,850
25,844
16,423
21,226
60,070
2,071
1,630
5,162
24
12.670
3,607
650
29,689
23,048
2,648
4,712
7,942
7,047
6,743
26,259
31,845
578
182
678
63,058
12,663
289,616
56,656
923
Yazoo City.
1,331
1,465
1,116
3,737
57,393
33,160
20,619
61,810
14,844
11,969
2,152
13,338
2,225
Mo., St. Louis
N.C., Gr'boro
7,114
60,438
34,057
56
Natchez
9.43*
-
8~964
Jackson
Mar.—
-
10,426
Rome
La., Shrevep't
Miss., Clarksd
Greenwood
Range..
-.
500
Macon
394
'
3,604
Columbus..
Columbus..
Feb.—
2,815
4,658
Athens
Range..
837
2,247
3,244
370
Rock
Ga., Albany..
Nov.—
5,445
11,147
23,127
17,503
2,459
Little
Pine
Range..
108
345
2,725
Joneaboro..
Newport.
Oct.<1940)
Range
5,602
1,426
2,257
53,891
68,103
26,163
Helena
Futures—The
29
2,900
48
520
76
420
towns •_
11,585
16,568
873
159,598
31,635
S. C., Gr'vllle
Tenn., Mem's
2,612
17,912
928
65,455
46,004
200,981
31,392
Texas, Abilene
4,211
6,894
7,418
352
2,652
6,983
Oklahoma—
Closing
9.36n
9.34*
9.50*
9.40*
.
May—
.
9.26
9.24- 9.35
9.26- 9.32
9.33-
9.44
9.26- 9.45
9.28*
9.32
9.43-
9.44
9.26- 9.27
—
June—
15
2,870
Austin
Range..
Marcos
1,169
Texarkana.
2,065
Waco
5,521
Total, 56 towns 177,209
Closing
9.16*
9.13*
9.06*
9.31*
9.21*
9.15*
Range.
8.93- 8.98
8.92- 9.04
8.96- 8.97
.
Closing.
9.02-
9.03
9.02- 9.12
9.00- 9.11
9.10-
9.05
9.11
9.20
9.20
—
9.04- 9.24
9.04- 9.05
Aug.—
Range.
.
Closing
Dallas
5,333
Paris
.
July—
5,421
591
Robstown..
San
2,635
66,359
4,813
1,317
6,083
10,725
23,899
33,156
6,393
490
6,525
434
694
3,068
1,647
36,030
774
550,768
1,330
..
20,814
404,390
1,064
6,355
13,661
10,312
3,938
5,621
3,613
19,870
Brenham
2,266
462,875 113,660
15,291
2,583
24,698
1,387
2,464
8,573
1,338
3,144
6,653
655,064
15,397
3,932
6,687
37,927
140
4,505
128
2,220
74
15
21,556
4,444
12,193
2,119
49,669
1,373
2,412
41,379
1,604
25,538
6,993
37,768
6,466
28,075
299
64
2,656
186
.
Sept.—
Range
-
Closing
n
-
*
-
Includes the combined totals of 15 towns in Oklahoma.
The
Nominal.
Range for future prices at New York for the week ended
Sept. 27, 1940, and since trading began on each option:
Range for Week
Option for—
Range Since Beginning of Option
totals
show
9.43 Sept. 21
9.70 Sept. 27
8.25 Nov.
1 1939 10.29 Apr.
that
the
interior
stocks
have
during the week 114,805 bales and are tonight
868,450 bales less than at the same period last year.
The
receipts of all the towns have been 171,763 bales less than
in the
same
week last year.
New York
October
17 1940
Quotations for 32 Years
The
Sept. 23
9.69
Sept. 27
8.33 June
6 1940 10.18
Apr.
17 1940
quotations for middling upland at New York on
Sept. 27 for each of the past 32 years have been as follows:
9.35 Sept. 21
9.56
Sept. 27
8.26
June
6 1940 10.14
Apr.
17 1940
1940
9.71c.
1932
1939
9.18c.
1931
9.32 Sept. 21
9.60 Sept. 27
8.10 May
18 1940 10.08
Apr.
17 1940
1938
8.25c.
1930
1937
8.46c.
1929
November
December..
9.42
1941—
January
February
March
April
Sept. 23
9.45 Sept. 27
8.00 May 18 1940
9.04
June 20 1940
1936
12.63c.
1928
9.24 Sept.27
8.59 Aug.
8.89
Aug. 12 1941
1935
1934
9.45 Sept. 27 1940
1933
10.80c.
12.76c.
9.90c.
9.16
July
August
.
Volume of Sales for Future
7 1940
10.25c.
9.24
15.95
1915
11.90c
1914
c.
.
...
1913
14.20c.
1912
11.65c,
1911
1910
10.40c.
13.75c.
1909
13.30c.
Overland Movement for the Week and Since Aug. 1—
Delivery—The Commodity
Agriculture makes public each day the volume of sales
delivery and open contracts on the New York
1925
.
1916
1922
1921
1920
Sept. 24 1940
Exchange Administration of the United States Department
for future
—
1926
1924
1923
26.10c.
29.40c.
21.05c.
21.20c.
18.76c.
26.00c.
19.30c.
32.25c.
21.5,5c. 1919
14.90c. 1918 ——34.80c.
25.20c.
.23.50c. 1917
7.00c.
16.00c.
1927
8.92 Sept.23
May
June
September
above
increased
1940—
of
62,404 2062,281 348,972 1194,952 164,075 2930,731
We
give below
a
overland movement
Aug. 1, as made up from telegraphic
The results for the week and since
statement showing the
for the week and since
reports Friday night.
Aug. 1 in the last two years are as follows:
The Commercial &
1922
-1939-
-1940Since
Sept. 27—
Shipped.—
Since
,
Via St. Louis.
Aug. 1
6,400
32,109
33,150
6,983
22,903
18,030
2,648
3,450
v
Via Mounds, &c
Week
Aug. 1
Vk eek
"221
3,516
7,346
31,903
60,385
10,174
101,141
24,466
3,000
Via Virginia points
Via other routes, &c
Total gross overland
full:
3,989
169
366
212
75
—
REPORT
8,858
Inland, Ac., from South
and comparative statistics to
87,229
16,116
13,912
8,350
75,411
rail to Canada.
foregoing shows the week's net overland movement
year
has been 1,147 bales, against 8,350 bales for
and that /or the season to date the
aggregate net overland exhibits a decrease from a year ago
last
of 61,499
year,
.
Sight and Spinners
Takings
Receipts at ports to Sept.
1939
Since
Trr
Aug. 1
Week
Week
137,695
1,144,000
8,350
130,000
13,912
--.
Southern consumption to Sept.
29/,000
912,108
1,147
27-135,000
27
27
Net overland to Sept.
takings
consumption to Sept. 1—
over
435,430
184,897
2,070,020
103,704
273,842
114,805
Total marketed
Since
Aug. 1
1,626,394
75,411
1,070,000
2,771,805
500,682
620,327
1,876,607
North.spinn's'taklngstoSept.27_ 54,435
407,293
3,244,657
36,208
221,524
17,240
361,437
Louisiana
80,301
382,593
366,173
303,959
Mississippi..
10,569
79,280
519,162
3,716
65,588
548,309
53,118
New Mexico
2,021
3,099
68,307
24,581
127,619
69,272
Texas
*
154,816
30
585,221
§g!4®2
2-
Bales
2,831,530
3,871,474
3,435,857
1937.
1936—Oct.
1—
1938
1
.-621,157
—
1936
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Below
principal cotton markets for each day of the week:
Closing Quotations for Middling Cotton onTuesday
Monday
Saturdav
Week Ended
.
Thursday
Wednesday
15-16
15-16
15-16
In.
In.
%
15-16
Ji
15-16
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Galveston
9.14
9.34
9.20
9.40
9.24
9.44
9.29
9.49
9.31
9.51
9.18
9.38
New Orleans-
9.30
9.50
9.35
9.55
9.40
9.60
9.43
9.63
9.50
9.70
9.37
9.57
Mobile
9.24
9.44
9.30
9.50
9.24
9.44
9.29
9.49
9.36
9.56
9.23
9.43
Savannah
9.51
9.66
9.57
9.72
9.59
9.74
9.63
9.78
9.60
9.75
9.48
9.63
Norfolk
9.50
9.65
9.60
9.65
9.50
9.65
9.55
9.70
9.55
9.75
9.45
9.60
Montgomery.
9.15
9.35
9.15
9.35
9.20
9.40
9.20
9.40
9.25
9.45
9.15
9.35
Augusta
9.59
9.86
9.56
9.81
9.54
9.79
9.59
9.84
9.66
9.91
9.43
Memphis
9.00
9.25
9.00
9.25
9.00
9.25
9.00
9.25
9.00
9.25
9.00
9.25
Houston
9.13
9.33
9.18
9.38
9.20
9.40
9.25
9.45
9.30
9.50
9.20
9.40
Little Rock..
9.10
9.30
9.15
9.35
9.20
9.40
9.25
9.45
9.30
9.50
9.00,
9.20
Dallas
8.851
9.14
8.91
9.16
8.94
9.19
8.97
9.22
9.04
9.29
8.86
9.11
9.68
Market—The closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
New Orleans Contract
for
Saturday
Monday
Sept. 23
Wednesday
Tuesday
Sept. 21
Sept. 24
Sept. 25
Thursday
Friday
Sept. 26
Sept. 27
1940—
October... 9.47fr-9.49o
9.47
9.66-
9.59
9.56
December.
9.57
9.70
9.57
9.63
9.70
9.57
9.476
9.566
9.636-9.640
9.59
1941—
9.455
9.335
9.416
March
9.35
9.43
May
9.19n
9.27
9.30
July
8.98 n
9.06- 9.07
9.08- 9.09 9.116-9.120
9.456-9.46a 8.986-9.510
32,187
1940 ginned prior to Aug. 1 which was
of 1939-40, compared with 137,254 and 157,865
bales of the crop of
counted in the supply for the season
and 1938.
round bales for 1940; 53,938 for
Included in the above are 1,373 bales of Ameri¬
Egyptian for 1940; 782 for 1939; and 1,931 for 1938; also 329 bales of
Sea-Island for 1940, 376 for 1939 and 753 for 1938.
The statistics for 1940 in this report are subject to revision when checked
against the indivudual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Sept. 1 is 605,798
The statistics in this report include 460
1939 and 37,743 for 1938.
can
bales.
AND
IMPORTS
STOCKS,
EXPORTS-
STATES
month of August, 1940, amounted to 654,503
bales.
Cotton on hand in consuming establishments on Aug. 31, was
737,962 bales, and in public storages and at compresses 9,120.291 bales.
The number of active consuming cotton spindles for the month was 22,078.162.
The total imports for the month of August, 1940, were 10,153
bales and the exports of domestic cotton, excluding linters, were 64,743 bales.
WORLD
STATISTICS
production of commercial cotton, exclusive of linters, grown
1939 as compiled from various sources was 27,875,000 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.
The world's
in
Activity in the Cotton Spinning Industry for August
Bureau of the Census announced on Sept. 20
1940—The
that, according to preliminary figures, 24,730,894 cotton
spinning spindles were in place in the United States on Aug.
31, 1940, of which 22,078,162 were operated at some time
during the month, compared with 21,916,700 for July,
21,942,748 for June, 22,217,302 for May, 22,301,218 for
April, 22,555,036 for,March and 22,009,882 for August,
1939.
The aggregate* number of active spindle hours re¬
ported for the month was 7,872,120,619.
Based on an
activity of 80 hours per week, the cotton spindles in the
United States were operated during August, 1940, at 90.4%
capacity.
This percentage compares, on the same basis,
with 86.5 for July, 87.1 for June, 89.4 for May, 92.1 for
April, 94.4 for March, and 85.1 for August, 1939.
The
average number of active spindle hours per spindle in place
for the month was 318.
The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average hours per spindle in place,
by States, are shown in the following statement:
9.436
9.466-9.470
9.60
Active Spindle Hours
9.336-9.340 9.426-9.440 9.296-9.30a
9.22
for August
Spinning Spindles
9.086-9.09a
Slate
Tone—
Steady
Steady
Steady
Steady
Futures...
Steady
Steady
Steady
Steady
Nominal.
6 Bid.
Chinese
a
Steady
Very
st'dy
Average Per
In Place
Active Dur¬
Aug. 31
ing August
United States
Spot
n
1,300,876
36,637
Friday
Sept. 27
..
186,316
27,961
Cotton consumed during the
years:
Since Aug.
Bales
Week—
1937—Oct.
January
312,593
1,485,415
390
-
Includes
459
935,299
South Carolina
All other States
UNITED
in previous
1938— Sept.
Southern
40,247
17,015
-
Decrease.
Movement into sight
,
Missouri
CONSUMPTION,
*
2,176
4,941
288,292
--
Oklahoma.
*27,830
*297,117
sight during week—388,647
insight Sept. 27
Came Into
Total
29,893
346,230
Florida
Georgia..
bales of the crops of 1939
Interior stocks in excess
Excess of Southern mill
349,683
6,429
342,215
2,223
6,554
North Carolina
bales.
1940
In
166,121
34,568
Arizona.
California
The
week
3,634,922
135,071
16.351
Alabama
the
1938
3,875,703
83.490
1,147
1939
1940
*1,804,490
Arkansas
this
(Counting Round as Half Bales
Running Bales
State
1.691
77.810
15.538
9,027
Leaving total net overland *
Including movement by
of 1940 prior to Sept. 16, 1940,
the corresponding date in 1939 and 1938.
United States
*
COTTON GINNING
ON
Number of bales of cotton ginned from the growth
and Excluding Linters)
Deduct Shipments
Overland to N. Y., Boston, Ac—
Between interior towns
Total to be deducted
16, com¬
pared with 3,875,703 bales from the crop of 1939 and 3,634,922 bales from the crop of 1938.
Below is the report in
158,901
2,285
1,582
83,362
Via Rock
1940
28
Sept.
linters) gained from the crop of 1940 prior to Sept.
302
1,052
1,001
1,276
27,766
30.740
426
Island
Via Louisville
Financial Chronicle
24,730,894
22,078,162
7,872,120,619
318
Cotton growing States
18,124,052
16,837,108
348
New England States.
5,877,106
729,736
4,640,996
6,308,825,699
1,404,238,008
600,058
159,056,912
218
1,679,512
457,168
624,823,309
113,231,078
347
Connecticut
1,800,052
521,664
Georgia
3,196,316
2,931,230
684,572
551,288
1,095,022,576
162,769,883
Steady
Steady
Asked.
Cotton
Corp Placed at 2,200,000 Bales—
Very Low Imports Anticipated from United States—The
All other States
Total
Spindle in Place
239
1940 cotton crop
in China, including Manchuria, is estimated
at 2,200,000 bales of 478 pounds each compared with 1,900,000 bales in 1939, the Office of Foreign Agricultural
Relations of the United States Department of Agriculture an¬
nounced in the Sept. 23 issue of its weekly publication,
"Foreign Crops and Markets."
The average crop for the
five-year period ending with 1938 was 3,127,000 bales an¬
nually.
Despite another relatively low crop, says the an¬
nouncement, the demand for American cotton in China
during the 1940-41 marketing year is not expected to exceed
100,000 bales.
During the first 10 months (October-July)
of the 1939-40 season imports of American cotton amounted
to 430,000 bales.
The announcement continued:
The cotton textile industry in China has been confronted with
constantly
increasing difficulties since June, 1940.
Included among them are the
Japanese blockade against shipments of textiles to the interior, declining
exports as a result of increasing import restrictions in the British, French,
and Netherlands possessions in the Far East, recent increased competition
from mills in Japan, and an accumulation of large stocks of yarns and
piecegoods.
A reduction in consumer-purchasing power in China and
increased costs of power and labor are also mentioned.
Indications are that the Chinese textile industry is now tending to adjust
itself by reducing cotton imports and mill consumption to aUow for gradual
liquidation of stocks.
As a result, total imports of raw cotton from all
sources during 1940-41 are not expected to exceed 600,000 bales compared
with about 1,000,000 bales in 1939-40.
The participation of American
cotton in such imports is not expected to exceed the 100,000-bale levei
because price parities favor cotton from other countries, notably Brazil
and India.
Cotton Ginned from
Crop of 1940 Prior to Sept. 16—
report issued on Sept. 23 compiled from the
individual returns of the ginners, shows 1,804,490 running
The
census
bales of cotton
(counting round
as
half bales and excluding
Alabama
Maine
217
343
238
234
3,318,724
2,551,996
776,604,188
150,704
308,234
89,952
28,427,874
189
New Hampshire
227,990
296
New York
330,616
266,538
91,248,515
79,712,741
5,837,042
5,415,682
945,400
818,282
5,524,668
5,251,170
553,664
Massachusetts
Mississippi
North Carolina
Rhode Island
South Carolina
555,268
236,934
Tennessee
Texas
All other States
Cotton
222,762
545,500
639,706
680,994
Virginia
Growers
to
515,428
Vote
on
1,944,877,546
248,868,952
2,127,252,685
228,113,024
70,078,616
152,113,235
128,976,397
Marketing
241
333
263
385
411
296
238
189
Quotas
on
Wickard announced on
Sept. 18 a national marketing quota for cotton of 12,000,000
bales for 1941, subject to approval of growers voting in a
referendum on Dec. 7.
To become operative, the quota
must be approved by two-thirds of the producers voting,
The quota is the same as that established and approved on
the 1938, 1939 and 1940 crops.
In reporting this, Washing¬
ton Associated Press advices of Sept. 18 further said:
Dec.
7-—Secretary
of Agriculture
Wickard said, would permit planting of about 27cotton.
This acreage would be apportioned among
the basis of a formula set up on the 1938 Agricultural
Adjustment Act.
Growers would be permitted to sell all they produced
on the acreage allotments.
Cotton grown on acreages in excess of the
allotments would be subject to a penalty tax of three cents a pound.
Like¬
wise, growers overplanting allotments would be denied full Government
benefit payments and commodity loans on cotton.
Under the 1938 AAA establishment of quotas is mandatory when the
Such
900,000
a
quota, Mr.
acres
to
individual growers on
total cotton supply reaches 107% of
"normal."
Mr. Wickard said that on
Volume
The Commercial & Financial Chronicle
151
Aug.
'
1 the total supply of cotton was 24,900,000 bales,
normal
supply of 18,200,000 bales.
or
137% of the
"Cotton farmers have need of
marketing quotas for the 1941 marketing
more than ever before,
Mr. Wickard said.
"War conditions have
year
decreased, rather than increased, our foreign markets for cotton.
Although
position of cotton in world trade is difficult, we find satisfaction in
the
the fact that
we are
such programs as
increasing the use of cotton in our own country througn
mattress-making and other new uses.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
We give prices today below and leave
those for previous weeks of this and last year for comparison;
1949
Return*
by Telegraph—Telegraphic advices to us this
evening indicate that development of cotton plant has been
rapid in eastern States.
Picking and ginning has made good
progress during the week due to dry weather.
As a whole
picking has made good progress throughout the entire cotton
belt.
1939
8 X
Cotton
32s Cop
Lbs. Shirt¬
ings, Common
MiddVg
32s Cop
Twist
to Finest
Uvl'ds
Twist
d.
d.
8.
d.
s.
8K
—
Rainfall
Days
Texas—Galveston
Inches
High
Low
5
5.80
87
28-
14.06
12
6
@12
9
7.60
s.
6
9
@10
d.
9
Mean
v
72
0.06
86
46
66
0.61
90
44
67
89
49
dry
100
Corpus Christ!
1
0.01
El Paso
1
0.13
55
78
56
75
2
0.68
93
88
93
5
3.60
89
50
1.45
68
43
67
3
0.69
1.81
88
91
48
2
94
47
71
3
0.43
92
50
2.53
83
48
66
4
0.96
1.01
92
45
59
3
94
51
73
1
2.00
91
45
68
3
0.90
93
44
69
2
0.57
83
45
3
90
3
2.10
4.50
87
46
58
64
68
78
3
0.27
84
46
2
1.03
93
46
4
4.29
91
0.84
94
59
44
76
1
1
0.41
93
46
1
92
54
3
1.87
3.24
70
73
66
1.11
96
51
0.61
95
44
85
1
0.07
92
51
72
0.31
Shreveport
Mississippi—Meridian
—
—
Alabama—Mobile
_.
—.
97
49
Uvl'ds
d.
8.
d.
@93
5.62
Miami
51
71
Augusta
Macon
South Carolina—-Charleston
North Carolina—Asheville
0
—
1.11
60
74
70
-
47
90
65
70
89
2
0.08
82
38
60
1
0.74
90
42
66
1
0.29
92
Raleigh...
Wilmington
9
@10
7 83
8H@
9K
8
@93
@93
26
14.05
12
4K@12
9
7.95
8K@ OK
8
2..
7 82
52
72
Tennessee—Memphis
1
0.50
95
48
74
Chattanooga
1
96
44
70
Nashville
2
0.49
1.53
96
41
5.61
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:
Sept. 27, 1940
Above
zero
..Above
Sept. 29, 1939
Feet
Orleans
Shreveport
Vicksburg
..Above
zero
..Above
zero
from
the
of gauge.
2.3
0.8
9.5
2.9
—2.9
14.00
12
4)4 @12
7K
IK
5.28
4J4@12
7K
7 84
OK
OK
9
12
8K@
8K@
8 10)4®
14.04
8
9
14.26
12
6
@12
9
8.1 »
8K@
OK
8 10K@
5.14
23„
14.37
12
6
@12
9
8.18
9
0
IK
0
IK
@93
5.52
30—
14.51
12
6
@12
9
8.23
9K@10K
9
@93
5.71
@10
Ctpnf
6—
Not
available
13—
14.61
12
6
20—
14.58
12
27-
14.86
12
Nominal
Nominal
Nominal
Nominal
8.33
6
@12
8.31
9
@12
9
7K@12 10K
9
8K@ OK
13
@13 K 11
8.40
8.82
of gauge.
of gauge.
6.74
Shipping News—As shown on a previous page, the
of cotton from the United States the past week
reached 12,693 bales.
The shipments in detail, as
made up from mail and telegraphic reports, are as follows:
have
Bales
Bales
Houston—
7,654
To Japan
To Australia
...
Galveston—
To Great Britain.
1,338
1,800
To Great Britain.
Los
Cotton
81
Angeles—
To Japan
135
To Columbia
To Great Britain
To Canada.
York
831
To Columbia
New Orleans—
315
464
Total
75
12,693
Freights—Current rates for cotton from New
longer quoted, as ail quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
in
India Cotton Movement from All Ports.
Liverpool Impoits, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
Saturday
Monday
Tuesday
Wednesday
1939
12:15
4.0
following table
Quiet
Friday
1940
1939*
'.v'. V*'
Good
Quiet
Inquiry
CLOSED
Mid.upl'ds
8.35d.
Futures
8.41d.
8.82d.
CLOSED
Quiet but
Steady,
2 to 5 pts.
1 to 8 pts,
opened
dec. to
1
advance
St'y, unch.
4
to
M.
advance
Very st'y,
Quiet but
adv.
pt.
Market,
CLOSED
Very st'dy,
st'y, 2 pts.
Market
Receipts from Plantations
1938
Thursday
Market,
0.6
9
pts.
5
pts.
adv.
to
pts.
14
st'y, 9 to 17
adv.
pts. adv.
Prices of futures at Liverpool for each day are given below:
End.
1940
7.09
4.76
1.5
Plantations—The
Stocks at Interior Towns
1938
3
7.03
@93
@11
6
exports
P.
1939
5.22
nepv#
0.9
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
1940
10K@
9.1
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are simply a statement of the
Receipts at Ports
5.23
5.40
9..
P. M,
Receipts
5.52
3
IK
Feet
zero
of gauge.
„.Above zero of gauge.
Nashville
10K® 9
10K© 9
16—
The
Memphis
9
Aug.
69
...
9
73
Birmingham.
Montgomery.—
Florida—Jacksonville
Tampa
Georgia—Savannah
@10
7.98
9
74
2
Louisiana—New Orleans
9
9
@12
78
3
_
7.82
@12
6
84
0.76
92
90
72
3
Weatherford
^
9
6
12
71
3
_
@12
12
14.19
70
5
Oklahoma—Oklahoma City
Arkansas—Fort Smith
12
14 25
19—
69
2.93
5
Brownsville
Luling
14.13
12—
6-
56
—
1
1938
Sat.
Sept. 21
June
Mon.
Tues.
Wed.
Thur.
Frl.
to
28.
40,690
26,909
22,893 2100,527 2512,919 2081,164
27,663
19,656
26.363
12.
33,685
19.
19.881
68,075
26.
21,723
73,527
17,684 2061,441 2490,599
32.676 2034,995 2462,476
43,924 2013,138 2444,446
63,593 1980,272 2434,289
Nil
Nil
3,282
Sept. 27
July
5.
2053,620
Nil
2024.282
Nil
Nil
40,045
Nil
63,370
Nil
4,043
6,662
1997.556
1978.400
3,438
17,198
44,437
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
October, 1940.—
*
December
*
d.
7.81
d.
d.
7.83
d.
d.
d.
d
a.
d.
7.97 n8.22
8.14
*
*
7.77
7.87
7.67
7.91
*
*
d.
*d
j
*
*i
2.
64,962
73,404
9.
60,375
72,192
49.379 19*4.131 2441,606 1951,616
38.821
80,721
22.595
61,885 1925/0 "> 2434.071 1933.484
31 84 '
64.657 33 753
16.
78,606 101,982
73,033 1910,674 2417,622 1927,836 63,675 85,433 67,385
23.
91,740 140,844 78 102 1893.294 2408,973 1922.216
74,360 132,295 83,722
30. 111,232 196,344 144,055 1886.703 300,222
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
*
7.55
7.60
7.62
6.67
7.92
7.81
*
*
#
*
March
Aug.
*
7.38
7.44
7.46
7.50
7.73
7.61
*
#
*
*
May
*
7.24
7.30
7.31
7.36
7.58
7.46
♦
♦
*
*
July—
*
7.10
7.16
7.17
7.21
7.42
7.30
*
*
*
*
January,
n
1941
—
—
Nominal.
BREADSTUFFS
13. 137,224 266,665 227,732 1893,099 2590,556 2198.739 151,740
369,908 381,855
142,923,306,040 236,651 1947,476i2745,834 2390,140 197,300 461,318 428,052
27. 137,695 297,080 221,656
2062,28112930,731*2633,565 252,500 481,977;465,081
Friday Night, Sept. 27, 1940
20.
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1940, are
1,022,403 bales;
in 1939 they were 2,127,076 bales, and in 1938 were
1,935,451
bales. (2)
That, although the receipts at the outports the
past week were 137,695 bales, the actual movement from
plantations was 252,500 bales, stock at interior towns having
increased 114,805 bales during the week.
Flour—In the local flour market
fined
Shipments—The following
1940
*1939
1938
Receipts (cantars)—
This week
16^000
18,000
Since Aug. 1
218,000
75,553
240,000
493,817
This
Week
dwindling
flour
with
of interest
result
in
mills
each
should
by
said
to
it
new
is
day's deliveries,
soon
have
develop.
business
pointed
consumers
added commitments
are
in
held
but
on
old
out
was
con¬
that
contracts
and that
a
the
is
renewal
Colder weather will also
soon,
it is felt.
Many small
experienced considerable difficulty
the past
the
weeks in securing adequate amounts of grain,
heavy impounding of wheat under loan.
Since
This
Since
This
Since
Aug. 1
Week
Aug. 1
Week
Aug. 1
14,000
22,000
Wheat—On the 21st inst.
prices closed unchanged to Hcpotentialities of the ever normal
granary program helped to support Chicago wheat futures
today as producers poured increasing quantities of grain into
storage as collateral for Government loans.
This together
with strength in securities, reflecting in part trade encourage¬
ment regarding the war, lifted wheat as much as He. to
at times, but these gains were wiped out before the close,
due to liquidation of the expiring Sept. contracts.
Sept.
wheat sold up to 78He., higher since early in July, while
net lower.
Price stabilization
deferred contracts reached the best level in 2 weeks before
Exports {bales)—
To Liverpool
\
To Manchester, &c„ j
To Continent and India
Total exports
5,000
4,750
4,770
1,300
7,814 5,100
12,155
49,211 12,400
400
2,756
13,794
14,742
85,751
2,230
57,000 15,820
71,936 17,900
116,517
j
13,000
22,000
To America
14,000
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
Sept. 26
This statement shows that the receipts for the week ended
166,000 cantars and the foreign shipments 14,000 bales.
Figures for 1939
of
bookings,
are
the receipts and shipments for the past week and for the
corresponding week of the previous two years:
Alexandria, Egypt,
Sept. 26
fill-in
to
amount
due to
Alexandria Receipts and
*
MiddVg
fune
-Thermometer
2
Week
Cotton
Shirt¬
Common
to Finest
d.
d.
Lbs.
ings,
July
Rain
New
1923
are
for week of Sept. 5.
were
the setback.
However, dealers not wishing to take delivery
Sept. contracts increased selling to Hc- lower compared
with yesterday's finish, with Sept. 77c., Dec., 77%c. to
77Ho. and May 78c. to 78He- On the 23d inst. prices closed
1H to 2Hc. net higher.
A sharp advance of 2c. in wheat
prices today carried values to their best levels since last
July 8. With this upturn, wheat has risen about 11c. from
the season's low established in mid-Aug., and the market
on
The Commercial
1924
& Financial Chronicle
price here now is virtually on a par with Government loan
The price rise was attributed to buying stimulated by
strength in securities and by the diminishing supply of grain
in commercial channels not under Government loans. Firm¬
ness of securities and more encouraging war news regarding
Great Britain as well as growing concern in connection with
rates.
•
'
projection of hostilities into the Mediterranean and in the
Orient, also were strengthening factors but the tightening
domestic supply situation attracted most attention.
Gash
wheat prices already are at least on a par with loan rates at
many terminals, particularly in the Southwest.
Futures,
which have been quoted at several cents discount compared
with the spot market for the last several months, have
firmed sympathetically.
On the 24th inst. prices closed un¬
changed to lc. lower. Wheat futures fluctuated within narrow
limits today, but prices "were unable to break through the
seasonal highs established yesterday.
The close was near
the day's best levels and only minor fractions below Monday s
final quotations.
Buying by mills supported the market on
the dips.
The trade reported the European situation was
aggravated by the fact that the armies of occupation would
subsist largely on the supplies of the invaded countries.
In
Denmark, the Netherlands, Belgium and parts of Germany,
imported feeds, there
which indicated that
herds and flocks would have to be reduced in size to be carried
safely through the winter. Traders said that while there was
plenty of wheat in the United States, values must depend on
available rather than total supplies, and that the tight cash
situation, as a result of the Government loan program, re¬
sulted in limited supplies of free wheat.
On the 25th inst.
prices closed Yo. lower to 34c. higher.
Shaking off early
weakness, the wheat market today resumed the advance
which was interrupted yesterday.
Gains were held to 34c.
to y8c., but this was enough to put prices at the best levels
in about 3 months.
Strength in securities after the noon
hour helped to rally the grain market, but the fundamental
factor was the diminished supply of wheat in commercial
channels due to the producer policy.
Weakness of securities
prompted some profit taking, while buyers showed more
caution due to the fact that prices are near loan levels for
the first time since the early crop movement began in the
Southwest.
A watching and waiting attitude on the part
where livestock growers depend upon
was a serious shortage of feed grains,
of the would-be investors also
of
nature
international
Africa and reports of
was
encouraged by the critical
hostilities in
considering
affairs,
German Japanese negotiations.
prices closed %c. lower to 34c. higher.
Wheat fluctuated nervously over a lc. range today, Decem¬
ber contracts advancing about 34c. at one time to the best
level since
Selling of July, 1941, contracts, repre¬
senting next year's crop, gave the market a downward tilt
at the close.
Brokers said favorable seeding conditions for
July 5.
the new crop and
prospects of a large carryover unless ex¬
business is revived were depressing factors on July
Profit-taking also was evidence.
Some of the
strength in December wheat was derived from a revival of
port
wheat.
trade
slightly higher than
mills. Re¬
alizing sales also were prompted by easiness of securities
and the sharp break of about 4c. a bushel at Buenos Aires
yesterday.
Argentine prices were slightly higher early
today, but the Wednesday slump carried wheat for October
delivery to around 53c. a bushel, the lowest in nearly two
futures
at
Winnipeg at
prices
minimum levels and from purchases credited to
years.
Today
prices
reversed
of
an
stocks
closed
unchanged
34c.
to
early downward trend that reflected weakness
and
a
bearish trade
reception of the Axis-Japa¬
pact, and scored net gains ranging
bushel today, but these were lost later.
nese
a
Wheat
lower.
to almost lc.
up
The upturn car¬
ried December contracts to a new high for the current move¬
ment, with the posted price of S0%c. best since early July.
Strength in the cash market, attributed partly to diminished
commercial
supplies
as
result
a
of
the
loan
prices closed 34c. lower to lj^c.
Except for the action in September, corn trade was
dull.
Shippers sold 101,000 bushels, which helped to steady
the market to some extent.
Before the opening outstanding
Corn—On the 21st inst.
higher.
September contracts involved 1,589,000 bushels.
No. 1
yellow was quoted as much as a cent over the September
close at steady to 34c. higher spot prices.
On the 23d inst.
prices closed 1 34c. to 1 %c. net higher.
Strength of corn was
influenced more or less by the strong action of wheat, though
country sales of corn were reduced sharply.
December corn
closed as much as 634c. below the spot price for old No. 1
The
yellow.
program,
in¬
loan
futures
as
were
which dealers expect to be fixed
On the 24th inst. prices closed
technical
tractive
of
scarcity
unsealed
of buying
can
who considered
dealers
from
who
producers
futures
DAILY CLOSING
Sat.
No. 2 yellow
DAILY CLOSING PRICES
Sat.
at
8334c.
of latest
increased
over
the loan rate.
No. 1 yellow hard sold
Many dealers were uncertain as to market aspects
developments in the Orient, but they agreed that
tension
added
to
general
world
unsettlement,
which has chilled trading activity.
Outbreak of hostilities
in the Pacific, they said, might
jeopardize the
fairly active
export business in the United States soft white wheat and
flour.
DAILY CLOSING PRICE9
OF
Sat.
No
2red
DAILY
c
.
—
CLOSING
PRICES
OF
96%
ioo%
WHEAT
NEW YORK
IN
Tues.
Wed.
ioo%
Thurs.
ioo%
FUTURES
IN
Wed.
Tues.
Fri.
ioo%
ioo%
CHICAGO
Thurs.
77%
78
Season's High and When Made
111 %
Apr. 19, 1940
85%
80%
78%
DAILY CLOSING
79%
79%
79%
77%
80
78%
-
September
OF WHEAT
79%
79%
76%
77
Season's Low and
September
May 27, 1940 December
Sept. 25, 1940 May
Sept. 23, 1940 July
PRICES
80
80
70
76%
FUTURES
£
December
May
—
70
71 <%
-
79%
79%
76
When Made
66%
68%
Aug. 16, 1940
Aug. 16. 1940
Aug. 16, 1940
Sept. 27, 1940
Wed.
70
70
70
70
71H
71%
75%
7l%
75%
7iy
Thurs.
75%
Fri.
80%
Thurs.
September
59
59%
Season's Low and
May 15, 1940 September
Fri.
80 %
Fri.
60%
81%
60
the
53 %
21st
57%
58%
59%
58%
May
July
Aug.
Sept.
54%
58%
July 24,1940 May
Sept. 25, 1940 July
57 %
When Made
52%
June 12, 1940 December
70
December
May.
July.
Oats—On
58%
59%
60%
58
58%
59%
Season's High and When Made
18, 1940
15, 1940
16, 1940
23,1940
inst.
prices closed" 34c. to 34c. net
quiet, with fluctuations extremely
narrow.
On the 23d inst. prices closed %c. to 1 cent net
higher.
Oat futures were strong in sympathy with the strong
upward movement in wheat and corn prices.
On the 24th
inst. prices closed 34c. to %c. netl lower.
Trading was
light and more or less routine.
On the 25th inst. prices
closed* 1 to 134c. net higher.
Light offerings and short
covering strengthened oats.
On the 26th inst. prices closed 34 to 34c. net lower.
Trad¬
higher.
ing
Trading
light
was
was
and
unchanged to 34c.
without feature.
up.
Trading
was
Today prices closed
quiet and fluctuations
narrow.
DAILY
CLOSING
PRICES
OF
OATS
Sal.
September
30%
30%
30%
December.
May
July
36
34%
32%
May
FUTURES
Mon.
Tues.
30%
31%
30%
31%
Apr. 19, 1940 September
June 12, 1940 December
Sept. 27, 1940 May
CHICAGO
IN
Thurs.
Wed.
31%
32%
Season's Low and
Season's High and When Made
September
December
31%
32
Fri.
31%
32%
When Made
26%
27%
28%
Aug. 16, 1940
Aug. 19, 1940
Aug. 16, 1940
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
Mon.
30%
28%
29%
Tues.
30%
28%
29%
Wed.
30%
28%
29%
Thurs.
30%
28%
29%
Fri.
30%
28%
29%
Rye—On the 21st inst. prices closed 34c. to z/%c. net lower.
Trading was light and without feature.
On the 23d inst.
prices closed 134c- to 134c. net higher.
Bullish news and
developments had a wholesome effect on rye values, and with
short covering quite general, the same as in wheat futures,
rye values showed substantial gains at the close.
On the
24th inst. prices closed 34c. to %c. net lower.
The market
ruled heavy during most of the session, with traders showing
no disposition to make substantial commitments.
Trading
was light.
On the 25th inst. prices closed Mc. to 1 cent net
higher.
The independent firmness of rye and oats was
attributed largely to short covering and a relative scarcity
of offerings.
On the 26th inst. prices closed %c. off to 34c. up.
Trading
was light and
more or less routine.
There was little in
the
news
closed
to
stimulate
trading
% to 34c. net lower.
with the undertone
DAILY
Tues.
Wed.
58
_
IN WINNIPEG
Mon.
tw
Fri.
77
July
May
J«iy
Man.
Sat. Mon.
.
September
December
December
WHEAT
Tues.
Mon.
57 %
May
July
28%
than 6c.
December,
81%
56%
-
May
or more
over
Thurs.
Wed.
81
62%
September
28
7c.
80 %
OF CORN FUTURES IN CHICAGO
29%
as
Tues.
Mon.
81%
December
much
cheapest method
PRICES OF CORN IN NEW YORK
arrive" bids
as
the
supplies.
October
red wheat to
it was also more at¬
corn,
redeem loan corn several
cents cheaper.
Today prices closed 34c. net higher.
Corn
derived some support, however, from industrial demand and
to
spired some buying, and there were rumors of purchasing
by consuming or processing interests.
Dealers raised "toon
strengthening factor
a
was
program
quoted several cents below the rates
for loans on the new crop.
unchanged to 34c. higher.
Corn displayed independent firmness in the closing minutes
of the session, to show fractional gains for the day.
A report
from Storm Lake, Iowa, said that early September frosts
ware reported to have done damage as much as 15% to corn
in some parts of the State.
On the 25th inst. prices closed
34c. to x%c. net higher.
Corn eased with wheat in the early
trading, but steadied later and showed fractional net gains
at the close, the change being influenced by freezing tempera¬
tures in parts of the belt and good demand from shippers,
industries and processors.
Crop experts said some corn in
the commercial belt still was susceptible to frost and cold
weather, but the bulk of the crop was believed past the
damage stage.
On the 26th inst. prices closed % to lc. net lower.
Corn
was bearislily influenced by the heavy wheat market.
Cash
corn was quoted around 66c. a bushel on the spot market
for No. 1 yellow.
This was within 2c. of the best price of
the month.
Traders said that while this price reflected the
inasmuch
December
On the 26th inst.
Sept. 28, 1940
CLOSING
either way.
Today prices
Trading was relatively small,
ruling heavy during most of the session.
PRICES
OF
RYE FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
Sat.
September
41%
70%
December
43%
May
July
46%
76%
44%
48
48%
44%
47%
48%
45%
48%
49%
44%
48%
49%
44%
48%
49%
Volume
151
The Commercial & Financial Chronicle
,
Season's High and When Made
September
76 %
60%
50%
50%
December
May
July—-
Season's Low and
Apr. 22, 1940 September
May 29; 1940 December
July 24, 1940 May
Sept. 26, 1940 July
DAILY CLOSING
PRICES
OF
October
DAILY CLOSING PRICES
OF
BARLEY
Sat.
October
-
Closing quotations
Tues.
35%
36%
37%
Thurs.
43%
45%
FUTURES
Mon.
34%
35%
37%
December
May
43%
35%
36%
37%
36%
36%
38%
Indianapolis
319,000
98,000
1,066,000
93,000
216,000
1,163,000
14,860,000
8,220,000
1,663,000
1,218,000
2,402,000
3,862,000
1,276,000
149,000
2,659,000
610,000
2,435,000
716,000
1,606,000
......
85,000
Hard winter clears
Corn flour
2.30
Barley goods—
Coarse
-
Prices Withdrawn
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.75@6.75
3,000
133,000
654,000
199,000
265,000
827,000
Minneapolis
26,760,000
Duluth
25,871,000
178,000
140,000
afloat
Detroit
1,324,000
2,000
6,000
819,000
1,089,000
1,315,000
......
57,000
40,000
217,000
38,000
Total Sept. 21, 1940..172,744,000 32,370,000
Total Sept. 14, 1940..171,735,000 29,096,000
Total Sept. 23, 1939.-148,264,000 11,259,000
8,806,000
5,895,000
897,000
2,000
4,820,000
306,000
Buffalo
On
"
afloat
Canal
a
Rye flour patents
3.90 @4.00
Seminola, bl., bulk basis...5.55
Oats, good—
.2.50
Nominal
-
Lakes..
i
38%
38%
39%
Barley
l[ Bushels
Peoria
FLOUR
Spring pat. high protein__515@5.30
Spring patents
4.85@5.05
Clears, first spring
4.40@4.60
Hard winter straights
@
Hard winter patents
4.65@4.85
Bushels
18,000
follows:
were as
Bushels
383,000
Fri.
37%
37%
38%
Bushels
557,000
Milwaukee
43%
45%
47%
Thurs.
Rye
afloat
IN WINNIPEG
Wed.
Oats
8,298,000
2,684,000
On
Fri.
43%
45%
46%
Corn
Bushels
St. Louis
WINNIPEG
Wed.
44%
46%
45
-
Tues.
43%
43%
May
Aug. 19, 1940
Aug. 19, 1940
Aug. 19, 1940
Sept. 23, 1940
FUTURES IN
Mon.
----
December
36%
38%
42%
47%
1925
Wheat
Chicago
RYE
Sat.
When Made
8,804,000
16,382,000
300,000
509,000
103,000
......
8,414,000
9,871,000
8,603,000
9,773,000
9,396,000 14,155,000
Philadelphia also has 639,000 bushels Australian wheat in store.
b Baltimore also has
123,000 bushels Australian wheat in store.
Note—Bonded grain not included above:
Oats—Buffalo, 300,000 bushels; total,
300,000 bushels against 20,000 bushels in 1939.
Barley—New York, 161,000 bush¬
els; Buffalo, 697,000; Baltimore, 156,000; in transit—rail (U.S.), 125,000; total,
1,139,000 bushels, against 776,000 bushels in 1939.
Wheat—New York, 2,608,000
bushels; New York afloat, 675,000; Boston, 2,267,000; Philadelphia, 1,018,000;
Baltimore, 1,084,000; Portland, 1,211,000; Chicago, 29,000; Buffalo, 6,670,000;
Buffalo
afloat, 315,000; Duluth, 6,341,000; Erie, 1,956,000; Albany, 8,896,000;
Canal, 548,000; in transit—rail (U. S.), 2,223,000; total, 35,841,000 bushels,
against 9,381,000 bushels in 1939.
on
GRAIN
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f., domestic
Manitoba No. l.f.o.b.N. Y.
Corn, New York—
No 2 yellow, all rail
Wheat
No. 2 white
100%
81%
44%
61%
Rye, United States, c.I.f
Barley, New York—
40 lbs. feeding
Chicago, cash
Canadian—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Lake, bay, river Aseab'd 65,725,000
Ft. William &Pt. Arthur 81,474,000
62
48-63N
Other Can. & other elev. 170,646,000
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
417,000
388,000
2,746,000
Total Sept. 21, 1940.-317,845,000
Total Sept. 14, 1940..203,358,000
80%
All the statements below
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
246,000
255,000
Milwaukee
1,873,000
2,000
16,666
.
3,136,000
6,526,000
Duluth
Toledo
bush 56 lbs bush 48 lbs
5,000
1,116,000
218,000
210,000
8,000
377,000
4,000
283,000
1,125,000
197,000
876,000
14,000
11,000
517,000
118,000
230,000
88,000
12,000
12,000
12,000
113,000
61,000
mmmmmm
148,000
179,000
369,000
275,000
Peoria
44,000
31,000
350,000
48,000
Kansas City
28,000
260,000
282,000
48,000
143,000
881.000
32,000
13,000
147,000
18,000
Omaha
St.
Joseph.
Wichita
8,414,000
2,163,000
9,871,000
14,936,000
172,744,000 32,370,000
Canadian
317,845,000
125,000
...
*
23,000
The world's shipment of wheat and corn, as furnished
Exchange, for the week
Sept. 20* and since July 1, 1940 and July 1, 1939, are
ended
shown in the
Wheat
Sept. 20,
July 1,
1940
1940
1939
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
mm-m mm
*.
m
m
m''+»
mm
*»
—
_
»
mm
217,000
10,000
12,636,000
.10,754.000
9,806,000
5,764,000
3,308,000 106,208,000
3,547,000 103,401,000
3,360,000 112,451,000
45,217,000
492,000
m
m
'm
.
1,000
m
mmm
m
12,000
No. Amer.
1938
283,000
2,679,000
Australia
3,602,000
807,000
4,468,000
474,000
3,065,000
38,623,000
560,000
9,000,000
31,711,000
39,291,000
11,293,000
3,272,000
8,400,000
394,000
2,160,000
18,615,000
74,166,000 114,274,000
1,286,000
22,244,000
56,827,000
23,455,000 3,655,000 23,163,000
33,461,000 7,159,000 31,938,000
36,983,000 10,985,000 29,269,000
32,203,000
33,312,000
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
125,000
26,000
lb",000
12,000
12~666
14,000
2,000
6,000
37,000
.
Barley
Rye
18",000
13,000
Philadel'ia
for
bush 56 lbs bush 48 lbs
931,000
131,000
Boston
Baltimore..
14,000
5,000
32,000
20,000
New Orl's. *
24,000
18.000
78,000
11,000
16,000
4,000
Galveston.
.
Lawr'ce
1,032,000
847,000
2,000
219,000
2,020,000
1,096,000
77,000
28,000
8,949,000
ports.
95,354,000
25,829,000
3,084,000
1,765,000
900,000
2,736,000
201,000
250,000
250,000
.
144,000
76,447,000
14,712,000
3,812,000
870,000
Total
5,421,000
Week 1939.
1,174,000
Farm
Receipts do not include grain passing through New Orleans lor foreign ports
through bills of lading.
seaboard ports for the week
since July 1, are shown in
the annexed statement:
York
Barrels
Bushels
Bushels
Oats
120,000
Bushels
Bushels
Bushels
38,575
8,028
Orleans
"2",000
1,000
1,032,000
1940.
847,000
Since July 1,1940
Total week 1939.
666
48,960
1,000
43,000
97,000
796,000
164,000
2,679,000
163,000
55,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Sept. 21, were as follows:
at
Bushels
United States
Oats
"
Bushels
Bushels
39,000.
70,000
2,000
125,000
afloat ...1
24,000
Bushels
Bushels
125,000
m
m
m —
573,000
16,000
9,000
2,000
Baltimore, b
930,000
3,000
24,000
6,000
1,000
107,000
131,000
241,000
1,000
1,591,000
10,772,000
...
Fort Worth
WichitaHutchinson
....
.
.
..
St. Joseph
Kansas
City
Omaha
Sioux
City
—
89,000
141,000
8,000
11,000
4,980,000
9,230,000
862,000
6,148.000
1,402,000
40,544,000
10,552,000 10,641,000
152,000
14,000
7,000
46,000
350,000
5,000
36,000
1,261,000
215,000
188,000
9,000
16,000
1,066,000
132,765
235
11,854
821
143", 949
-
mm
2,777,733
60,952
3,936,379
261,815
18,494
Utah
Virginia
...
1,378,069
16,491,736
168
Texas
119,606
157,534
Urn m
122,929
188,096
5,189,327
423
2,057
Washington
19
m
m
m
45,620.24
2,995,633.59
204,797.57
13,116,601.91
138,332.12
93,244.03
3,029,477.18
mm
8,268
7,208.54
218
95,771
144,279
162,530.39
222,415
Total.
Weather
New Orleans
Galveston
2,075,084
2,626,429
17,360,594
11,824,429
130,961,692
$102,377,760.56
m —
mrn
3,000
—
Philadelphia, a
14,000
7,759,353
Barley
Rye
rn
379,199
1,049
63,352
1,142
....
Wyoming
Corn
144,652
2,162,857
63,837
29,304
Oklahoma
West Virginia
STOCKS
Wheat
New York..
2,415,337
7,180,299
4,659,840
7,386,898
7,848
South Dakota.
visible
GRAIN
125,495
14,770
11,584
Ohio
Tennessee
The
251,481
22,962
97,732
443
North Dakota
Oregon
Pennsylvania
mm
6,126
20,444
3,000
13,000
'mmmm
48,049
Montana
Export data not available from Canadian ports.
granary
1,825,151
594
46
...
New Mexico
9,000
25,732,000
....
Nebraska
889,000 1,045,482
2,377,000
Since July 1, 1939
...
16,685
4,202
7,646,000
2,411,503
32,681,144
Missouri
040,575
479,703
250.47
1,552,223.47
8,379,368.48
1,946,120.39
1,449,582.11
26,370,288.16
187,967.13
16,043.46
121,367.96
1,863,594.45
5,469,368.62
3,052,726.64
6,921,708.70
319,623.83
5,604,025.35
2,157,338.75
13,972,609.41
1,716,231.43
105,899
"2,000
847,000
1,454,000
23,771,000
Can. Atl. ports..
Total week
37,350
2,607,035
10,158,464
4,020,191
"T660
11,000
Galveston
Kentucky
Maryland
113,788
61,969.23
1,417,315.05
3,610
Kansas...
Michigan
Minnesota...,
290,000
Philadelphia
287,430
309,473
$4,591.90
78,319
1,874,606
50,894
Iowa
Barley
Rye
mmrnrnrn m
1,715
22,226
—
Indiana
Flour
12,994
245,016
1
Delaware.,
Amount
6,258
24
Illinois
Corn
Storage
Bushels
2,801
Colorado
Idaho
Storage
Bushels
13
Arkansas
California
Wheal
910,000
703,000
36,599,000
Warehouse
NO.
Loans
State
Exports from—
12,024",000
Reports on 1940 Wheat Loans—Wheat loans
by the Commodity Credit Corporation for the week
ended Sept. 18 totaled 142,786,121 bushels valued at $102,377,761.56. This compares to 104,933,255 bushels valued at
$74,407,822.86 under loan on the same date last year. The
number of loans at this time are 222,415 compared to 151,050
last year.
Corporation officials stated that wheat had come
into the loan during the past 11 days at the rate of more
than 3,750,000 bushels per day. The rate for a similar period
last year was 2,395,000 bushels a day.
Barley loans cleared by the Corporation to date total
653,201 bushels valued at $205,774.68.
Wheat loans completed and reported to the Corporation
by States follow:
Since Jan. 1
The exports from the several
ended Saturday, Sept. 21, and
8,060,000
496",000
CCC
5,660,000
Since Jan. 1
1940
396,000
cleaied
607,000
11,584,000
_
Tot. wk. '40
....
46,290,000
Other
bbls 196 lbs
Receipts at-
"
July 1.
India
1,992,000
Total receipts of flour and grain at the seaboard ports
the week ended Saturday, Sept. 21, 1940, follow:
a
Since
July 1,
Sept. 20,
1,
2,344",000
countries
1940
1939
New
Since
2,933,000
Black Sea.
Since Aug. 1
New
July
Week
m-
■mm mm mm
1,543,000
Same wk '38
on
Since
■
8,791,000
Same wk '39
*
Corn
Since
Bushels
14,000
'«»
following:
Week
Exports
:
11,775,000
454,000
521,000
1939
by
Broomhall to the New York Produce
Argentina.
Tot. wk, '40
St.
14,802,000
11,259,000 14,930,000 11,359,000 23,042,000
'
Sioux City.
New
5,065,000
5,000
48,000
854,000
'
Louis..
8,806,000
3,551,000
5,065,000
5,029,000
8,887,000
Summary-
American
359,000
280,000
120,000
St.
,
1,963,000
7,000
2,000
142,000
Indianapolis
2,163,000
1,968,000
Barley
Rye
294,000
2,055,000
Buffalo
1,009,000
3,234,000
3,551,000
3,638,000
8,548,000
Total Sept. 23, 1939.-240,308,000
Total Sept. 23, 1939—388,572,000
Flour
Chicago
Minneapolis
822,000
770,000
1,044,000
Total Sept. 21, 1940..490.589.000 32,370,000 12,357,000 10,577,000
Total Sept. 14, 1940—465,093,000 29,096,000 12,442,000 10,571,000
of the last three years:
Receipts at—
349,000
Report for the Week Ended Sept. 25—The
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended Sept. 25, follows:
A stagnant
"high" persisted over the Eastern States during nearly the
with relatively low pressure in the Northwest.
This pressure
in abnormally high temperatures for the season in
Central and Eastern States, with summer warmth prevailing during much
of the period.
The maximum temperatures from the lower Lake region
and northern Plains southward ranged well up in the 90 s in most localientire week,
8,000
distribution resulted
The Commercial & Financial
1926
The highest reported was 99 degrees at Columbia, S. C., while as
as
Dog Moines, Iowa, the weekly minimum was 63 degrees.
freezing weather occurred in some western areas, the lowest
ties.
far
progress;
to
Arkansas—Little Rock: Ideal for harvesting crops.
Lack of rain felt
by late maturing crops and soil moisture badly depleted in some eastern
Rainfall or past 24 hours very beneficial in breaking drought.
Cotton opening rapidly and picking good progress.
Very favorable for
harvesting early corn; late maturing rapidly.
Cutting early rice continued
in south; threshing begun.
Seedling fall crops delayed.
sections.
Tennessee—Nashville: Progress of cotton poor; opening rapidly, but
picking slow progress; condition of early fairly good, but late rather poor;
top crop drying.
Condition of early corn very good to excellent, but
late deteriorated and condition rather poor.
Soil too dry for plowing and
seeding stopped.
Pastures about gone.
Fine for harvesting hay, tobacco,
potatoes, and peanuts.
,
,
THE DRY GOODS TRADE
Locally heavy rains occurred in southeastern Florida and along
the central Gulf coast, the largest weekly total being 7.1 inches at New
Orleans, La.
From the Ohio Valley eastward and southeastward the week
was practically rainless.
High temperatures and the lack of rainfall intensified droughty condi¬
tions over large areas in the central and eastern States, with generous,
widespread rain badly needed.
However, by the morning of the 24th,
resulting from the tropical depression over the lower Mississippi Valley
and an extensive cool, polar-air mass to the northward, rain had begun
in most sections between the appalachian and Rocky Mountains, although
up to the close of the week the falls had been light generally in the central
valleys and much of the South.
Precipitation was decidedly helpful
in the lower Great Plains and much of Texas and was beneficial generally
In western North Dakota, from central Montana westward, in the Rocky
Mountain States, and the Great Basin of the West.
In these areas soil
moisture is mostly sufficient for current needs.
New York, Friday
States.
,
„
High
temperatures
,
.
and abundant sunshine hastened the maturity of
throughout the principal agricultural sections of the country and
good advance, except that large areas continued too dry
for plowing and seeding.
The drought has become severe in the South¬
east and many interior localities, with a good many reports of water short¬
age and hauling necessary for domestic purposes.
Small Grains—Plowing and seeding of winter wheat made slow prog¬
ress rather generally from the Mississippi Valley eastward, with moisture
insufficient in most places for good germination.
Delay in seeding has
become rather serious locally in some interior sections.
In Texas seeding continued slowly, with insufficient moisture for proper
germination in the northwest.
In Oklahoma the soil is in satisfactory
condition in most places and recent rains will stimulate additional seed¬
crops
In Kansas 50 to 75% of wheat is seeded in the western two-thirds
half in the eastern third; stands are mostly good
North of Kansas the soil is too dry, especially in central Ne¬
braska where but little wheat has been sown because of the severe drought;
In western Nebraska seeding is about completed.
In the Northwest, especially in western Montana, Idaho and the North
Pacific States, recent rains have been decidedly helpful and the outlook
is generally satisfactory, although more moisture is needed in central
Washington.
Showers were beneficial in the Great Basin.
Corn—Under the influence of high temperatures and mostly dry weather
the corn crop made excellent progress towards maturity throughout the
principal producing States.
From the Ohio Valley eastward much corn is
now safe from frost and the crop is practically made in Missouri.
In Illinois about 75% is safe with nearly all safe in Minnesota.
In Iowa
progress has been unusually rapid with a little more than four-fifths of the
crop now safe from frost, about 23% more than average and 10 days earlier
than a normal year.
Late corn shows improvement in the eastern Ohio
tions that the week would be
ing.
of the State and about
where up.
Valley.
Cotton—Cotton
bolls continued to open rapidly during the week and
Temperatures were high and there was
principal producing sections until near the close of
rather general in central areas of the belt.
In Texas the general outlook remains poor to only fair in some southern
and local interior areas, but elsewhere It continues good to excellent; pick¬
ing Is mostly completed in the southern third of the State.
In Oklahoma
picking made good advance, while field work was favored throughout the
central States of the belt; there were some local complaints of premature
opening of the bolls because of dryness and high temperatures.
In the
eastern States development of plants was rapid, bolls opened fast and with
a warm, rainless week picking and ginning made excellent progress.
little rainfall
in
the
the week, when showers were
The weather
bulletin furnished the following resume
of
conditions in different States:
Virginia—Richmond; Normal temperatures, precipitation negligible, and
Ground becoming too dry for plowing and little seeding
Harvest of corn being pushed.
Favorable for cotton,
peanuts and truck; cotton opening well and picking advancing.
Meadows
and pastures need rain.
Apple picking progressing.
ample sunshine.
of rail grains done.
Carolina—Raleigh: Conditions favored curing tobacco in west;
late tobacco apparently injured considerably by excessive rains of last
month.
Satisfactory progress in digging potatoes.
Favorable tempera¬
tures and lack of rain favored outdoor activities.
Picking cotton rapid
advance; condition good.
Pastures and meadows in good condition.
North
dry weather hastening maturity of
all crops, and favorable for harvesting.
Some tobacco markets closing.
Mostly too dry for fall plowing.
Lack of rain damaging pastures, truck,
gardens, and late corn.
Progress and condition of cotton good; rapidopening and picking excellent progress; ginning active.
South
Carolina—Columbia: Warm,
Georgia—Atlanta: Very warm; no rain of importance and soil moisture
badly depleted.
Cotton opening rapidly in north; picking excellent advance
in almost all sections and nearly finished in parts of south.
Corn matured
and some being harvested.
Sweet potatoes and cane good.
Pastures
beginning to fail.
good.
Peanuts good; harvesting continues.
Florida—Jacksonville:
Favorable
Pecans
fair to
but no rain of impor¬
tance and soil drying rapidly.
Progress and condition of cotton fairly
good; picking good progress.
Corn harvested.
Seed beds good and field
being prepared for fall planting.
Citrus groves good shape and fruit holding
and sizing well; showing some color.
temperatures,
Alabama—Montgomery: Very warm; no rain.
Soil too dry for fall
plowing.
Some cotton opening prematurely in north; picking good ad¬
vance; condition of crop fair.
Corn fair to locally good.
Sweet potatoes
fair.
Pastures and gardens need rain badly.
Mississippi—Vicksburg: Generally warm; adequate rains in extreme
south Friday, but none of importance elsewhere to Monday.
Cotton open¬
ing slowly on north and central lowlands, but rapid on uplands through¬
out and some prematurely; picking good advance on uplands, but slow on
lowlands.
Some
and truck mostly
early planted
need rain.
Louisiana—New Orleans:
rice,
corn
being
housed.
Gardens,
pastures,
Excellent progress in harvesting cotton, corn,
sweet potatoes and making hay.
Cotton opening rapidly in
sections and nearly all open in some southern localities; condition
mostly poor in south and east to locally good in northwest.
Rain needed
and
most
for
growing crops, pastures
condition generally fair.
Texas—Houston;
plain,
central,
where
scattered
not too dry.
in
and
and
Favorable
more
planting.
temperatures.
north-central,
and
fall
Progress
Beneficial
of
rains
cane
in
poor;
eastern half of Panhandle; else¬
Fall plowing continued where soil
Wheat sowing continues on small scale, but
more
rain needed
northwest for proper
germination.
Gathering excellent late corn con¬
Cotton opening rapidly in all sections; average condition continues
poor to only fair in some portions of coastal plains and local areas of central
tinues.
and
west-central; elsewhere generally good to excellent; picking nearing
completion in southern third, except for top crop.
Truck gardens, feed¬
stuff, and ranges improved by rains.
Rice harvest made good progress
early in week.
Oklahoma
Oklahoma City: Favorable temperatures.
Rainfall ade¬
quate for present needs, except more needed in panhandle and scattered
7
a
banner
one.
Trading in the wholesale markets was on a large scale.
Demand for print cloths and related items was brisk. Most
print cloth traders were said to have sold the bulk of their
production for the next 60 days and were not over anxious
to book orders for distant delivery. Mail orders and reorders
continued heavy in the wholesale markets reflecting con¬
tinued active retail trade.
Sheetings moved in substantial
volume while broadcloths, poplins, twills and drills were
freely taken. Almost invariably the prices paid were firm
and in many instances advances were paid. Buyers appeared
to take the attitude that prices were likely to remain strong
for some time to come and that opportunities for trading
were fast
evaporating.
Even the most conservative mer¬
chants
would
not
contradict
claims
that
the
market
was
improved position. While many buyers are
covered on their essential needs, there has been little if any
speculative buying and it is a known fact that goods are
moving into consumption rapidly.
moving into
an
Domestic
Cotton
Goods—According
to
all
reports,
retail trade throughout the country
the past week.
Dry goods jobbers
continued brisk during
continued to do a con¬
sistent business especially those who cover the department
and smaller stores. With retail distribution of cotton goods
steadily increasing and finished goods moving out in good
volume, most
merchants again expressed the opinion that
the market faces
factors
on
a
period of sustained buying.
Contributing
which this opinion was based included the con¬
tinued heavy absorption of textiles for defense purposes
continued increase in industrial activity, largely
and
the
which in turn is increasing the
buying power of those so engaged. Many mills have aban¬
doned the policy of trying to attempt to take care of defense
needs and commercial trade at one and the same time. They
have taken the stand that military orders must be given
preference over all others.
Thus, with shortages for com¬
mercial use developing in many directions, buyers for
civilian consumption are finding many textiles difficult to
procure in wanted volume.
Prices for print cloths were as
follows:
39-inch 80s,- 7c.; 39-inch, 72-76s, 6^c.; 39-inch
68-72s, 5%c.; 38M-inch 64-60s, 5^e., and 38K-inch 60-48s,
4^c.
the
result of the defense program
Goods—Growing strength was witnessed in the
goods due to the difficulty of securing
suitable grades of raw wool for prompt delivery and from
heavy engagement of looms on government orders.
In
regard to woolens for civilian use, there was an active demand
for men's wear from out-of-town stores which continued to
Woolen
market for woolen
enjoy a brisk business. Goods of all types were in request
ranging from suits and topcoats to hats and hosiery.
Foreign
were
Dry
Goods—The primary markets for linens
about 25% over a
active and firm with sales running
Indications point to an active fall season both for
household and dress and suiting linens. Although prices are
year ago.
coastal
and
needed.
Night, Sept. 27, 1940.
Activity and firmness again featured the markets for dry
goods during the past week. Trading in general was of large
dimensions and various selling agencies were credited with
having booked the largest business in many months. Judging
from the character of buying, users of gray goods and other
lines appeared to be convinced that values were to remain
strong or at least as long as defense buying continues. Some
sellers described the current improvement in sales as the most
satisfactory of the entire recovery movement, since the
initiative appears to have come from the consumer rather
than from producing and distributing interests seeking to
anticipate the future. Another encouraging factor was the
continued activity in retail channels, the latter being helped
by more seasonable weather and the increase in industrial
activity. As a result of the unusual demand, shortages of a
wide range of dry goods lines made their appearance with
buyers in a number of directions finding it difficult to fulfill
their requirements.
Taken altogether, there was sufficient
demand for every conceivable kind of goods to justify asser¬
farm work made
picking made excellent progress.
1940
28
in winter wheat seeding and
progress
seeding will follow rains; some up to fair stands.
Picking cotton
condition excellent in central and good elsewhere, except
fair in southwest account of drought; crop opening rapidly in
southwest and west-central.
Corn harvest general; good yields.
Feedcrop harvest general; yields mostly very good.
Pastures good, except
rather poor in dry areas.
good
poor
reported being 24 degroes at Big Piney, Wyo., on the 23d.
In the Atlantic States, except the Northeast, fair weather prevailed
throughout the week.
Showers were rather frequent in most localities in
the northern Plains, the Rocky Mountain area and the Great Basin of
the West, and a tropical disturbance over the western Gulf of Mexico
brought some heavy rains to central Gulf sections.
At the close of the
week the storm was moving, with diminishing intensity, northeastward
over Louisiana, attended
by local excessive rains.
Some heavy 24-hour
falls reported during the week included 2.52 Inches at Miami, Fla., and
3.09 at New Orleans, La., on the morning of the 21st; 4.43 at Miami,
Fla., 2.97 at Galveston, Tex., and 2.35 at Corpus Christi, Tex., on the
22d; 2.01 at Galveston, Tex., on the 23d, and 3.35 at Port Arthur, Tex.,
on the morning of the 24th.
The temperature for the week as a whole averaged much above normal
over the greater part of the country, the largest plus departures appearing
from Tennessee, Arkansas and Oklahoma northward and northwestward;
over a large interior area the week was 12 degrees to 15 degrees warmer than
normal.
In Gulf sections and most districts west of the Rocky Moun¬
tains about normal warmth prevailed.
Light to moderate showers occurred in the Northeast and substantial
rains in the western Lake region and most of the Northwestern and Western
^
Sept.
Fair
much
north
However,
.
Chronicle
localities of south and west.
firm, the increased tempo of general business activity, plus
the fact that American consumers' demand remains re¬
latively stable despite price changes, has resulted in a good
demand.
Trading in burlaps was confined for the most
part to
ever,
from
scattered orders of minor quantities.
Prices, how¬
remained steady being influenced by firm price reports
Calcutta.
Domestically, lightweights were quoted at
5.25c. and heavies at 7.25c.
I
Volume
The Commercial & Financial Chronicle
151
State and City
1927
Department
an intervening plaintiff.
The Supreme Court of North Carolina on
appeal by the City of High Point upheld the injunctions issued by the
court.
The city, thereafter, took action to remove the causes
of the injunctions and the Superior Court of Guildford County has sus¬
tained the City of High Point, thereby opening the way for the resumption
was
lower
of work on this project.
The Court held that the
prior injunction should no longer "restrain or
prohibit the defendants (including the City of High Point) from proceeding
with the acquisition, ownership, construction, operation, maintenance and
financing of the proposed hydro-electric plant and system, or the issuance
of the proposed revenue bonds to aid in financing the cost thereof.
."
The City of High Point has instructed its engineers to proceed imme¬
diately with the resumption of work on this project and the Public Works
Administration has designated Kenneth Markwell, Project Engineer on
the Santee-Cooper project in South Carolina, and other power projects,
..
as
its representative.
The PWA has allotted for this
project a grant of $2,921,600 and
The estimated cost of the project is $6,492,600.
of $3,571,000.
Renewed
California—All
American
Canal
to
on
side
Open—Opening of
new
highline.
A mammoth celebration of the event
speakers have
has been planned and prominent guests and
been invited to be present.
Kansas—Data
total
bonded
a
loan
Foreseen—Problems raised by
80-mile All American Canal will take place
Oct. 12 at about 10 miles southeast of Holtville on the
east
Tax
Removal Efforts
the reciprocal tax exemption
of Federal and State securities
News Items
California's
Bond
are
Exemption
certain to remain under
discussion, according to financial experts, notwithstanding
the defeat on Sept. 19 of the Brown amendment to the
excess profits tax measure.
The effort of Senator Prentiss
M. Brown of Michigan to remove exemption on future issues
by legislative fiat lacked full administration support, it is
understood, only because it seemed likely to precipitate an
endless debate.
That the attempt again will be made to terminate reciprocal Immunity
Compiled
on
indebtedness
of
Sfate and Local Debt—The
all
political subdivisions in
Kansas as of June 30, 1940, excluding revenue bonds, aggre¬
gated $115,876,417, according to a complimentary cardcircular now being distributed by the Small-Milburn Co.,
Wichita, Kan.
This represents a reduction of $13,187,978
since June 30, 1938.
The State debt, as shown in the cardcircular, is $15,600,000.
of Federal and State obligations from taxation by the opposite entity
obvious.
The issue may be dead for this session, but
fs
assuredly will be
revived in the next if Mr. Roosevelt is reelected, since he several times has
called for similar legislation of this nature.
If Mr. Willkie is elected, the
problem must be faced.
Discussion of the problem was revived recently not only in Congress,
but also in financial and legal circles. There is no opposition in such groups
against termination of tax immunity if the proper method is adopted. The
vast majority of State and municipal officials appear to feel that immunity
should be retained, but it is more than likely that such authorities would
modify their attitude, if the problem were put to the test of a constitutional
amendment.
Mayors' Conference Discusses Defense Measures—
Complete integration of the defense measures undertaken
by the Federal Government and municipalities was stressed
in speeches on Sept. 19 by Attorney General Robert H.
Jackson and Mayor La Guardia before the annual conference
of 200 American and Canadian Mayors as their three-day
session opened in the Waldorf-Astoria Hotel.
President Roosevelt, in a message to the conference, added emphasis
to the theme when he said the presence of eight Canadian Mayors was
evidence that the two countries stood shoulder to shoulder against foreign
aggression.
Mayor Stanley Lewis of Ottawa, President of the Canadian
Federation of Mayors and
Municipalities, paralleled Mr. Roosevelt's
declaration when he said that the only two surviving strongholds of demo¬
cratic civilization were the British Commonwealth and the United States.
Attorney General Jackson, who spoke at the afternoon session, said the
relation between the Federal and local governments had become close in
recent years.
He called attention to the first power conveyed to Congress
by the Federal Constitution, the power to raise revenue and spend money
for the common defense and the general welfare.
Though that power
remained inactive for more than 15b years, Mr. Jackson said, its inclusion
in the Constitution placed responsibility for the Nation's general welfare
squarely
upon the national government.
Mayor La Guardia, who opened the morning session in City Hall as
President of the United States Conference of Mayors, stressed the same
theme of close cooperation between cities and the National Government.
In virtually every case, he said, it has been possible for local officials to
establish direct contact with Federal agencies without the need of any
intervention by the States.
Because of the defense emergency, he added,
the matter of unemployment has been postponed suddenly, raising the
prospect that the cities will have to care for a large number of non-em¬
ployables for some years to come.
'
New York City
Housing Authority Sells Bonds-—-The
named'Authority sold on Sept. 25 to a banking
syndicate headed by Lehman Brothers, Phelps, Fenn & Co.
and Goldman, Sachs & Co. $8,045,000 of bonds at an average
net interest cost to the Authority of 2.705%.
On Sept. 19
it rejected a bid by the same group which represented an
average interest cost of 3.01%.
Wednesday's sale will re¬
sult in a saving to the Authority of $251,420 in interest,
compared with the original bid, according to Gerard Swope,
above
Chairman of the agency.
(A detailed report on the said sale is carried in the''Bond
Proposals and Negotiations," on a subsequent page of
this section.)
New York, N. Y.—Limit on Outlays Imposed
by Mayor—
Mayor LaGuardia in his message in the 1941 capital outlay
budget sent Sept. 16 warned that all expenditures would
have to be kept to a minimum for purposes of economy.
By
way of emphasizing the need for economy, he limited new
capital outlays for city improvements to $1.
United States —Citizens*
Confidence in Government Brings
Delinquency—When taxpayers feel that their city
government is being run on a sound basis, they pay their
taxes promptly ana the city profits thereby.
This is the
consensus of six cities whose tax delinquencies were among the
lowest in the country last year, according to a survey by the
Municipal Finance Officers Association.
*
Low Tax
Finance officers in the 24 cities which had less than 5% delinquency in
1939 were asked to list chief reasons for their good collection records. Of
15 replies received, those from Sacramento and San Diego, Calif., Denver,
Colo.; Buffalo, N. Y.; Bridgeport,
Conn., and Cedar Rapids, Iowa, all
such factors as "wholesome respect for municipal government,"
"public confidence in the government," and "operation of government on
good business principles."
Contributing to the business-like conduct of government, according to
the cities, are a reduction of current operating expenses and a sound debt
policy, careful adherence to budgeting, and modernization of municipal
cited
departments.
Tax collection campaigns, for both current and delinquent taxes, also
given as important reasons for the good records of cities in the group.
Long Beach and Pasadena, Calif.; Buffalo and Niagara Falls, N. Y.;
Hartford, Conn., and Denver listed tax drives as a favored means of improv¬
ing collections.
Long Beach, for example, said: "Every effort is made to
collect current and delinquent taxes by letters, telephone conversations and
personal calls."
Los Angeles, Denver and Buffalo reported that a firm
policy on penalties for tax delinquency was valuable.
Low tax rates were responsible for good collections, according to Los
Angeles, Bridgeport, Pasadena, and Birmingham, Ala.
Buffalo gave
special credit to its stable annual tax rate.
Bridgeport attributed good tax collections in part to the control, by
zoning and city planning, of excess subdivision of land, which frequently
contributes to tax delinquency. Long Beach reported that money received
by old age pensioners from the State was helping pay tax bills. Sacramento
priased the public sale of tax-delinquent properties through its municipal
were
realty sales department. Peoria, 111., said the fact that its citizens were
largely home-owning made for good collections.
United
States*—Census
Shows
Gain for
Larger Cities—
The number of American cities of 100,000 or more popula¬
tion was virtually unchanged in the decade from 1930 to
1940, but the drift of residents to these larger urban centers
during the period, according to preliminary figures
released on Sept. 22 by the Census Bureau.
continued
The bureau reported that 37,837,296 persons were living in cities of
100,000 population or over in the United States on April 1 of this year, a
gain over the figure for 1930 of 1,642,125 persons, or 4.5%.
There were 92 cities of 100,000 population or over in 1940, whereas there
were 93 10 years ago.
Sacramento, Calif, and Charlotte, N. C., which
showed large increases in population, were newcomers to the list, while
El Paso in Texas; Lynn, Mass., and Evarisville, Ind., were dropped from it.
New York City remained the largest city in the country by a wide margin
over Chicago, and showed an increase in population of 6.o % over the decade,
the largest increase to be scored by any of the 10 largest cities except Los
Angeles, the population of which was 20,9% larger in 1940 than it had been
Within the first 10 cities, according to the bureau's preliminary figures,
only change in rank from 1930 was the passing of St. Louis—one of the
The Mayor ruled however that projects already under construction or
authorized could be completed and that funds appropriated could be spent.
In calling for strict economy he ordered careful study of all outlays for
the
permanent improvements.
The Mayor, after certification of the budget, sent it to the City Planning
Commission which in turn is obliged to submit its report of approved
country's eighth city in size.
Washington, with an increase of 176,284 in population during the decade
projects to the Board of Estimate by Nov. 1.
Two high schools were approved, construction of which, the Mayor said,
would be authorized by the Board of Estimate.
The Mayor gave genera!
approval to self-liquidating projects, placing the general fruit and vegetable
market in that category.
Others included a bus terminal, North Beach
Airport and new facilities for the Board of Transportation.
North
Carolina—-Work
to
Be Resumed
on
Yadkin River
Power Plant—The Public Works Administration
Announced
Sept. 21 that work will be resumed on the construction
of the $6,492,600 hydro-electric plant on the Yadkin River
near High Point, N. C., as a result of a favorable court
decision, Col. E. W. Clark, Commissioner of Public Works,
on
reported to John M. Carmody, Federal Works Administrator.
Construction has been suspended on this important project since
1939, when the Superior Court of Guilford and Yadlrim Counties
W. McGuinn. as a taxpayer,
enjoined
brought by Yadkin County and by
in which latter suit the Duke Power Co.
further work on the project in suits
J
June 30,
cities
showing
a
slight
loss
of population, in its case
a
loss of 1%—by
Baltimore, which had an increase in population of 6.1%'and became the
to a total of
663,153 residents, a gain of 36.2%, the third largest Increase
jumped from 14th to 11th place, passing San Francisco,
within
in the country,
Milwaukee and Buffalo and ranking just after Pittsburgh and almost
100,000 of Boston.
New Orleans changed rank with Minneapolis, having had a larger in¬
in population, and Newark retained the 18th place in spite of a loss
of 14,101 In residents.
Houston, Texas, with a gain of 93,798 in population,
jumped from 26th to 21st place.
crease
Jersey City was one of the cities showing a loss In population, having
15,703 fewer residents, a decline of 5%, the largest decrease of all the cities
which retained
place by
a
a population of 100,000 and over.
Yonkers retained 61st
gain of 7,758 in population, one of 5.8%.
64th, although Its popula¬
Paterson, N. J., dropped from 16th place to
tion increased a
little—by 1,138 persons, or
0.8%.
It was passed by
Jacksonville, Fla., and Miami, two of the cities showing extraordinary in¬
and by Norfolk, Va., which had an increase 13 times larger than
creases,
that of the silk center.
Elizabeth, N. J., showing a loss of 5.193 residents, or 4.5%, dropped
from 73d to 81st in rank, and now has a total population of 109,396.
Cities having 100,000 or more inhabitants in 1940, which showed an
Increase in population over 1930 of 10% or more and the percentage of this
increase, are as follows:
The Commercial & Financial Chronicle
1928
Miami, 54.4%; San Diego, 36.5; Washington, 36.2; Jacksonville, 34.6;
Houston, 32.1; Charlotte, 21.4; Los Anglels, 20.9; Memphis, 15 08; Long
Beach, Calif., 15.07; Dallas, 12.6; Sacramento, 12.57; Atlanta, 11.9; Des
Moines, 11.6; Denver, 10.6; Norfolk, 10.5; Gary, Ind., 10.4; Oklahoma City,
10.3.
Cities
having 100,000 or more inhabitants in 1940, which showed a
decrease in population over 1930 of 1% or more and the percentage of the
decrease, are as follows;
Jersey City, 5%; Arkon, Ohio, 4.7; Elizabeth, N. J., 4.5; Toledo, 3.3;
Flint, Mich., 3.3; Newark, 3.2; Grand Rapids, Mich., 2.7; South Bend.
Ind., 2.7; Cleveland, 2.4; Cambridge, Mass., 2.2; Scranton, Pa. 2.1; New
Bedford, Mass., 2; Syracuse, N. Y., 1.8; Youngstown, Ohio, 1.5; New
Haven, 1.5; Somerville, Mass., 5.5;
Boston,
1.5;
Utica, N. Y., 1.2;
Duluth, Minn., 1.2; St, Louis, Rochester, and Worcester, Mass., 1.
National Population Center Shows Shift to
East—The popula¬
tion center of the United States has moved eastward for the
first time in
history, preliminary
census
figures indicated
on
Sept. 20.
Experts said it would be several months before the exact location could
be fixed, but as far as they could tell from early figures from almost every
State in the Union, the center would be several miles southeast of its 1930
was 2.9 miles northeast of Linton, Ind.
They based their calulations primarily on the fact that while the total
population of the United States apparently gained between 7 and 8%, the
South Atlantic States gained 12.5%.
The Census Bureau already has compiled preliminary 1940 population
totals for every State and for the Nation, but is guarding the
figures for the
last six States and the Nation with unusual secrecy until their scheduled
location, which
relicts© thls w6ck cod
Meanwhile, the most informed estimates place the national total at
approximately 132,00,000, or about 7.5% above the 122,775,046 count
in
Sept. 28, 1940
Southern Securities Co., and Utrusco Corp. of Little Rock, and Brockhaus & Co., and Pohl & Co., and Bohmer Reinhart & Co. of Cincinnati:
$329,250 for $300,000 airport bonds bearing 4% coupon rate, and $50,614
for $47,500 park improvement bonds bearing 4% coupon rate.
City National Bank & Trust Co. of Kansas City, and Estes, Snyder &
Co., Inc. of Topeka, and W. R. Stephens Investments of Little Rock:
$51,210 premium for airport bonds bearing 4% coupon rate, and $5,942.24
premium for park improvement bonds bearing 4% coupon rate.
Walton, Sullivan & Co. of Little Rock:
115.29 for airport bonds bearing
4% coupon race, and 111.36 for park Improvement bonds bearing 4%
coupon rate.
Mallory Williams & Co. of Little Rock, and V. P. Oatis & Co. of Chicago,
Piper, Jaffray & Hopwood, of Minneapolis, and Provident Savings
& Trust Co. of Cincinnati:
109.60 for airport bonds bearing 4%
coupon rate, and 108.53 for park improvement bonds bearing 4% coupon
and
Bank
rate.
W. B. Worthen Co. of Little Rock:
$1,143.21 per $1,000 bond for airport
bonds bearing 4% coupon rate, and $1,117.01 per $1,000 bond for park
improvement bonds bearing 4% coupon rate.
(All bids plus accrued interest).
Sale awarded to City National Bank &
Trust Co.; Estes, Snyder & Co., Inc., and W. R. Stephens Investments,
Sept. 16.
MARION SCHOOL DISTRICT (P. O. Marion), Ark.—BONDS SOLD
—The President of the Board of Directors states that $55,000 4%
annual refunding bonds have been purchased at
Sons of Little Rock.
Due in 1949 to 1958.
par
by T. J.
semi¬
Raney &
These bonds were approved
by the State Board of Education.
SHERIDAN SCHOOL DISTRICT (P. O. Sheridan). Ark.—BONDS
SOLD—The Secretary of the Board of Education states tnat the following
4% semi-annual bonds aggregating $43,000, approved by the State Board
of Education on Sept. 13, as noted here—V. 151, p. 1752—were purchased
by the
W.
R.
Investments of Little Rock:
Stephens
$30,000 refunding
and $13,000 construction bonds.
1930.
indicated
As
by the probable eastward movement of the population
center, the 1940 census is expected to show many important shifts in the
distribution of people—changes which may alter substantially the appor¬
tionment of seats in the House of Representatives.
Figures so far available point toward these general conclusions:
The South Atlantic States apparently have had the largest numerical
population gain.
The Pacific States lead in percentage gain.
The Mid-West States from North Dakota to Oklahoma, Inclusive, have
lost population.
)*• The New England States have gained a little, but less than the national
WILSON
SPECIAL
SCHOOL
DISTRICT
NO.
25,
Mississippi
County, Ark .—REFUNDING PLAN TO BECOME EFFECTIVE—With
the proceeds of a loan by the State Board of Education the above district
will make a 64% settlement with the holders of $49,500 of its bonds, in
order to make effective a refunding plan which has been approved by the
U. S. District Court at Little Rock.
1
California
Municipals
average.
United
States
Housing Authority—Notes
Sold—The
bought on
Sept. 26 $25,920,000 of temporary loan notes of 12 local
housing authorities.
The notes, dated Oct. 1, 1940, are
to mature on Feb. 10, March 10, and Oct. 10, 1941.
The
banking group acquired $24,520,000 of notes at 0.42%
plus slight premiums and $1,400,000 of notes due on Dec.
10, 1941, at 0.58%.
Chemical
Bank
and
Trust
Co.
and
associates
BANKAMERICA COMPANY
San Francisco
„
Bond
.
Proposals and Negotiations
CALIFORNIA
,
Oct.
Dated Oct. 1. 1940.
(P. O. Oakland), Calif.—SCHOOL DISTRICT
NOTES
SOLD—The following report is taken from the San Francisco
"Chronicle" of Sept. 20:
"The American Trust Co. yesterday purchased an aggregate of $1,038,000
of tax anticipation notes of two East Bay city school districts.
Included
issues of $288,000 Berkeley Unified School District notes, $150,000
of Oakland School Dist. notes and $600,000 of Oakland High School Dist.
notes.
All are dated Sept. 27 and are due Dec. 27.
On each issue the
were
winning bid was a premium of $2 for an interest rate of 0.14%.
second high bid was a premium of $1.50 for the same interest rate.
reoffering was made."
ARCATA,
the
voters
The
No
Calif.—BONDS DEFEATED— The City Clerk states that
rejected the issuance of
on Sept. 17.
$40,000 water system
bonds
at
an
election held
CALIFORNIA, State of— WARRANTS SOLD—A $2,062,178 issue of
purchase of the following not to exceed 4% semi-ann. coupon bonds aggre¬
gating $228,000:
Due $1,000
Interest payable A-O.
1,000 refunding, school, series C bonds.
Dated Oct. 1, 1940.
on
Telephone WHitehall 3-3470
ALAMEDA COUNTY
ALABAMA
GADSDEN, Ala.—BOND OFFERING—It is stated by P. M. McCall,
City Clerk, that he will receive sealed bids until 11 a.m. on Oct. 15, for the
$2,000 refunding sewer, series A bonds.
Representative
52 Wall St.
The offerings purchased
include $ 1,325,000 Alley Dwelling Authority,
Washington; $900,000 Athens, Ga., Housing Authority; $300,000 Beverly,
N. J., Housing Authority; $1,700,000 Bridgeport, Conn., Housing Authority
$880,000 Gary, li "
'
'
"
~
'
Housing Authority
Los Angeles County
Authority; $7,800,000 Memphis, Tenn., Housing Authority; $1,400,000
Montgomery, Ala., Housing Authority; and $1,135,000 Muncie, Ind.,
Housing Authority.
Los Angeles
New York
1 in 1944 and 1945.
Due on
Oct. 1, 1944. Interest payable A-O.
25,000 refunding street, series S bonds. Dated Oct. 1,1940. DueonOct. 1
as follows;
$2,000 in 1944 to 1948, and $3,000, 1949 to 1953.
Interest payable A-O. Bidders to name one rate of interest in mul¬
tiples of ^ of 1%.
175,000 school bonds. Dated Oct. 1,1940. Due on Oct. 1 as follows: $7,000
in 1941 to 1945, and $10,000 in 1946 to 1949.
Interest payable
A-O. Bidders to name one rate of interest in multiples of M of 1 %.
25,000 library bonds.
Dated May 1, 1940.
Due on May 1 as follows:
$1,00,0 in 1941 to 1955, and $2,000 in 1956 to 1960. Interest payable
M-N. Bidders to name one rate of interest in multiples of X of 1 %.
Denom. $1,000.
Prin. and int. payable at the Central Hanover Bank &
Trust Co., New York. The school and library bonds may be registered as to
principal on the registry books of the city.
No bid for less than par and
accrued interest will be considered. The bonds are general obligations of the
city.
The approving opinion of Storey, Thorndike, Palmer & Dodge, of
Boston, will be furnished. Enclose separate certified checks for $1,000 each,
with bids for refunding, school and library bonds.
registered general fund warrants was offered for sale
awarded to R. H. Moulton & Co. of Los
of
$3,011.
Dated
as
on Sept. 24 and was
Angeles, at 1X %, plus a premium
on or about Aug. 27, 1941.
of Sept. 27, 1940, due
LOS ANGELES, Calif.—BOND OFFERING CONTEMPLATED—It is
reported that the Department of Water and Power plans to issue about
Oct. 22, electric revenue bonds aggregating, $42,592,000 composed of
$24,910,000 term bonds and $17,682,000 serial bonds to refund $11,915,000
Series A, 1937, bonds, maturing 1961 to 1977; $23,500,000 Series B, 1937,
bonds; and $5,390,000 second issue of 1937 bonds maturing 1959 to 1977.
Dated Oct. 1, 1940.
The serial bonds will mature in 1941 to 1976; and the
term bonds Oct. 1, 1976.
Bidders will be allowed to name three interest rates for serials, and one
rate for term bonds.
Call schedule to range/from 105 to 100.50 scaling
downward in steps of one-half point. ^First call dated either Oct. 1, 1941
or April 1, 1942.
METROPOLITAN
FORNIA (P. O. Los
WATER
DISTRICT
OF
SOUTHERN
CALI¬
Angeles), Calif.—BONDS OFFERED FOR INVEST¬
MENT—A block of $4,000,000
4% bonds due 1971-88 has been purchased
from former holders of the securities by an account headed by Blyth & Co.,
Inc., and is being reoffered in the general market.
yield 2.95%
includes
The bonds
are
priced to
the 1971-79 bonds and 3 %
on the 1980-88s. The group
Co., Schoellkopf, Hutton & Pomeroy, Anglo-California
American Trust Co. of San Francisco, Dean Witter & Co.,
on
Kaiser &
Trust Co.,
Equitable Securities Corp., Dabney & Co., John Nuveen & Co., The Illinois
Co. of Chicago, and Brush, Slocumb & Co.
^TULELAKE, Calif.—BOND SALE—The $28,000 issue of semi-annual
ARIZONA
PHOENIX, Ariz.—MATURITY—It is stated by the Deputy Super¬
intendent of Streets that the $6,650.77 6% special assessment street im¬
provement bonds sold to the contractor, as reported here—V. 151, p. 1752—
due on Jan. 1, as follows:
$650.77 in 1941, $500 in 1942, $1,000 in
water system bonds offered for sale on Sept. 23—V. 151, p.
1752—was
purchased by the Baker, Fordyce, Tucker Go. of Portland, as 4>£s, at
par, according to the City Clerk.
Dated Sept. 1, 1940.r Due on Sept. 1
in 1941 to 1960.
—are
COLORADO
1943, $500in 1944 and 1945, $1,000 in 1946, $500 inT947 and 1948, $1,000 in
1949, and $500 in 1950.
BENNETT,
WILLIAMS, Ariz.—BOND OFFERING—It is stated by J. C. Butler,
that he will receive sealed bids until 8 p. m. on Oct. 14, for the
Town Clerk,
purchase of $55,000 not to exceed 3X% semi-ann. water bonds.
Dated
Oct. 1, 1940.
Denom. $1,000. Due Jan. 2, as follows: $8,000 in 1945 to
1950, and $7,000 in 1951. No bids for the purchase of the bonds at a price
less than the par value thereof, with all accrued interest
thereonfrom the
date thereof to date of delivery will be considered.
The bonds are issued
for the purpose of improving and extending the water works system of the
town, and are being offered subject to the election to be held on Oct. 1.
The town will furnish to the purchaser the legal opinion of Gust,
Rosenfeld,
Divelbess, Robinette & Coolidge, of Denver. Delivery of the bonds is to be
made In the town. Enclose a certified check for 5% of the total amount of
such bid, payable to the town.
Colo.—BOND SALE
DETAILS—It is now reported by
$18,000 refunding bonds sold recently, as noted
the Town Clerk that the
here—V. 151, p. 1605—were purchased by the State Board of
missioners,
as
Land Com¬
3^8, at par.
COSTILLA COUNTY (P. O. San Luis). Colo .—BONDS DEFEATED
—It is reported that the Issuance of $190,000 refunding bonds was defeated
by the voters at
a
recent election.
■^LAS ANIMAS, Colo.—BOND DISPOSAL REPORT—The City Council
is
to
said
to
have
accepted an offer from Steinauer &
purchase $260,000 light plant bonds.
Schweser of Lincoln
WRAY, Colo.—BONDS AUTHORIZED—The Town Council is said to
have passed
ing bonds.
an
ordinance calling for the issuance of $35,000 in water refund¬
BOND SALE DETAILS—TheTTown Clerk states that the $50,000 light
ARKANSAS
LITTLE ROCK, Ark.—LIST OF BIDS—In connection with the award
of the $347,500 4%
semi-annual bonds, reported in detail in
our
issue of
Sept. 21—V. 151, P. 1752—we have been furnished the following list of
bids by H. C. Graham, City Clerk:
Walter R. Bass Co. of Little Rock, 108.181 for park improvement bonds
bearing 4% coupon rate; (no bid on;airport bonds).
Cherry, Villareal & Co., and J. R. Vinson & Co. of Little Rock, 109.13
for airport bonds bearing 4% coupon rate, and 107.83 for park improvement
bonds bearing 4% coupon rate.
M.W. Elkins & Co. of Little Rock, $46,350 premium for airport bonds
bearing 4% coupon rate, and $5,210.75 premium for park improvement
bonds bearing 4% coupon rate.
Phelps, Fenn & Co. of New York, and Fenner and Beane of New York,
and Hill, Crawford, and Lanford, Inc. of Little Rock, $1,085.40 per $1,000
bond for airport bonds bearing 4% coupon rate, and $1,073 per $1,000 bond
for park improvement bonds bearing 4% coupon rate:
T. J. Raney & Sons of Little Rock, 107.23 for park improvement bonds
bearing 4% coupon rate; (no bid on airport bonds).
plant revenue bonds which were sold, as noted here in April, were pur¬
Schlessman, Owen & Co. of Denver as 4s at a price of
106.00, and mature $5,000 from Jan. 1, 1941 to 1950, giving a basis of
chased by Brown,
about
2.77%.
CONNECTICUT
NEW
CANAAN
(P.
O.
New
Conn.—BOND SALE— The
Canaan),
$40,000 coupon incinerator plant bonds offered Sept. 23—V. 151, p. 1752—
were awarded to Tucker, Anthony & Co. of New York, as l^s, at a price
of 100.251, a basis of about 1.47%.
Dated Oct. 1, 1940 and due $2,000
on Oct. 1 from 1941 to 1960 incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
Union Securities Corp.
100.301
IX %
IX %
First National Bank of New Canaan
100.357
IX %
Roosevelt & Weigold, Inc
F. W. Home & Co
R.L. Day & Co.
R. D.White & Co
100.05
1H %
l%%
:
Putnam & Co
101.727
101.59
100.889
IX%
-
-
1X%
'
100.557
Volume
FLORIDA
SPECIAL
COUNTY
LAKE
SCHOOL
TAX
(P.
DISTRICTS
Fla.—BONDS NOT SOLD—It is stated by E. H.
County Superintendent of Schools, that the following4% semi-ann.
ing bonds aggregating $928,500, offered on Sept. 20—V. 151, p.
were not sold:
'
Special tax school district No. 5
Special tax school district No. 6
Eustis special tax school No. 10
„
Mount Dora special tax school district No. 16_
Tavares special tax school district No. 18
Leesburg special tax school district No. 21
Special tax school district No. 24
Special tax school district No. 25
Special tax school district No. 26
__
;
Clermont-Minneoia special tax school district No. 31 _
Groveland special tax school district No. 36
Tavares),
NO BIDS—It is stated by George
O.
Moore,
refund¬
1455—
*
$21,000
40,000
145,000
69,000
116,000
401,000
24,000
23,000
28,000
24,000
37,500
$229,000
___;
_
402,000
543,000
250,000
139,000
469,000
514,000
1,083,500
946,500
803,000
466,000
_
51,000
scheduled for
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
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
A meeting of the Board of County Commissioners was
Sept. 23 to consider and discuss any private bid that may be made.
reported subsequently by the County Superintendent
on the above bonds has been deferred until Sept. 30.
was
of Schools
that action
BOND PURCHASE OFFER
TENTATIVELY ACCEPTED—It was stated
subsequently by the Clerk of the Circuit Court that a proposal of R. E.
Crammer & Co., of Miami, was accepted by the Board of County Com¬
missioners for the bonds aggregating $5,896,000 at 98.00, subject to work¬
ing out satisfactory contractual conditions by Oct. 7, the bid indemnified
the board for reasonable value of the following expenses and costs incident
to the issuance of the bonds: Validation, printing, bank delivery charges,
and the obtaining of
opinion.
approving
Fla.—HOUSING BONDS OFFERED TO PUBLIC—Salomon
Bros. & Hutzier of New York offered on Sept. 26 for public subscription
an issue comprising $287,000 of 3 % and 3 H % bonds of the Housing Auth¬
ority of the city at prices to yield from 1.00% to 2.85%, according to
maturity. The bonds, due Nov. 1, 1941 to 1954, are secured by a pledge of
P
MIAMI,
annual contributions from the
exempt from all
TRENTON COMMUNITY HIGH SCHOOL
United States
Federal income taxes.sa
SCHOOL DISTRICT NO. 18, III.—BOND
receive sealed bids
30, for the purchase of $9,000 3^ % auditorium bonds.
1 from 1941 to 1949, incl.
Purchaser to furnish legal
opinion of Chapman & Cutler of Chicago, and have bonds printed at nis
TRENTON
until 7 p. m. on Sept.
Due $1,000 on Oct.
own
INDIANA
Clerk-Treasurer,
of County Commissioners, that the proposed sale
refunding bonds, which had been scheduled for Oct.
151, p. 1753—has been rescinded by the Board,
consider private proposals.
(CST) on Oct. 10
will receive sealed bids until 2 p. m.
for the purchase of $50,000
water works revenue bonds.
not to exceed 3J^% interest series B coupon
Dated June 15, 1940.
Denom. $1,000.
Due
July 1, 1955; $10,000 Jan. 1 and July 1 in 1956 and 1957. Bidder
single rate of interest, expressed in a multiple of H of 1%. Prin.
(J-J) payable at the Citizens Loan & Trust Co., Bloomington.
Bonds are registerable as to principal only.
The purchaser will be required to make payment for the bonds and accept
delivery thereof within 14 days after the date of sale, at 6uch bank in the
City as he shall designate.
The bonds are being issued pursuant to the
provisions of Ordinance No. 7, adopted by the Common Council of the City
on May 23, 1939, and Ordinance No. 13, adopted by the Common Council
on May 21, for the purpose of financing the cost of improvements to the
water works property commonly known as the Griffy's Creek Reservoir.
The bonds are part of a total authorized issue of $250,000, of which bonds
in the amount of $200,000, designated as Series A, have heretofore been
issued, and bonds in the amount of $190,000 are now outstanding.
The
bonds of Series B are of equal priority with the bonds of Series A.
All
bidders shall be deemed to De advised of the provisions of the ordinances
and as to the revenues avallble for the servicing of the bonds.
The bonds
are secured by a statutory mortgage lien on that part of the City's water
$10,000
on
to name a
and
int.
works
projperty commonly known as
the Griffy's Creek Reservoir property,
acquired by the City from the Bloomington Water Co. in the year 1939,
and are payable out of the revenues to be derived from the operation of
the property, and do not constitute a corporate indebtedness of the City
within the provisions and limitations of the State Constitution.
The ap¬
proving opinion of Matson, Ross, McCord & Ice, of Indianapolis, together
with a transcript of the proceedings had relating to the issuance of the bonds,
will be furnished to the purchaser at the expense of the City.
No con¬
ditional bids or bids for less than the par value of the bonds will be con¬
sidered.
Enclose a certified check for $3,000, payable to the City.
CAMPBELL TOWNSHIP (P. O. Boonton),
Ind.—BOND OFFERING
George E. Henn, Trustee, will receive sealed bids until 7:30 p. m. on Oct. 7
purchase of $19,990 not to exceed 3H% interest school building
bonds, divided as follows:
for the
exceed
said to have been
f VOLUSIA COUNTY
(P. O. De Land) Fla.—BOND
CANCELED—It is now stated by I. Walter Hawkins, Clerk
$15,990 School Township bonds.
Denom. $1,066.
Due $1,066 on Dec.
30 from 1941 to 1954, incl., and $1,066 June 30, 1955.
Bidder
to name one rate of interest, expressed in a multiple of
of 1%.
Bonds are unlimited tax obligations of the school township.
OFFERING
of the Board
of the 4% semi-ann.
17, as noted here—V.
which has decided to
4,000 Civil
Due $400 on Dec, 30
Denom. $400.
Township bonds.
to 1950, incl.
Bidder to name one rate of interest,
expressed in a multiple of % of 1%.
Bonds are unlimited tax
obligations of the civil township.
Each issue will be dated Sept. 1, 1940.
A certified check for 3% of the
bid for each issue, payable to order of the township, is required.
from»4941
COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 7
Land), Fla.—BOND SALE— The $50,000 4% coupon semi¬
offered for sale on Sept. 23—V. 151, p. 1308—were
awarded jointly to the Clyde C. Pierce Corp. of Jacksonville and Leedy,
Wheeler & Co. of Orlando, paying a price of 98.162, a basis of about 4.18%.
Dated July 1, 1940.
Due $2,000 on July 1 in 1943 to 1967, inclusive.
The second best bid was an offer of 96.64, tendered jointly by Fenner
& Beane of Jacksonville and T. Nelson O'Rourke of Daytona Beach.
VOLUSIA
De
O.
,!.•}.
expense.
BLOOMINGTON, Ind.—BOND OFFERING—Vanna Thrasher, City
Housing Authority, and are
PAHOKEE, Fla.—BONDS VOTED—A $35,000 issue of not to
(P.
GRADE
OFFERING—Throdore Klasing, District Secretary, will
v
6% semi-ann. city hall, fire department and jail bonds is
approved by the voters at an election held on Sept. 10.
DISTRICT NO. 70, III.
OFFERING—H. A. Eisenmeyer, District Secretary, will receive
Sept. 30, for the purchase of $16,000 3% auditorum bond.
Due $1,000 on Oct. 1 from 1941 to 1956, incl. Purchaser to
furnish legal opinion of Chapman & Cutler of Chicago, and have bonds
printed at his own expense.
—BOND
J. Dykes, Clerk of the Board of County
Road and bridge
It
2.00% to 3.40% and the balance are priced at 10?H. These certificates are
issued for the purpose of installing a complete municipal gas distribution
system in the city, together with the necessary transmission mains to
transport gas from the nearby Salem oil pool.
*
sealed bids until 7 p. m. on
Commissioners, that the following 4% semi-annual refunding, series of 1939
bonds, aggregating $5,896,000, offered on Sept. 30—V. 151, p. 1606—were
not sold as no bids were received:
General
1929
The Commercial & Financial Chronicle
151
MUNCIE, Ind.—BOND SALE—The
annual school bonds
offered Sept. 23—V. 151, p.
$39,600 judgment funding bonds
1607—were awarded to the Fletcher
Trust Co.
lMs, at a price of 100.263, a basis of about 1.20%.
Dated Sept. 15, 1940 and due Jan. 1 as follows: $5,000 from 1943 to 1949
incl. and $4,600 in 1950.
Second high bid of 100.911 for l^s was made
by Stokes, Woolf & Co., Inc. of Chicago.
of Indianapolis,
as
Unsuccessful bids:
DeKALB
COUNTY
(P.
O.
Decatur)
Ga.—BONDS SOLD18 carried the following news item:
Commissioner' Scott Candler yesterday announced he
self-liquidating bonds to finance a new Work Projects
Administration water system supplying the western half of DeKalb County
and which is expected to enter the construction phase within a few weeks.
"The certificates, bearing 4% interest, were sold at a premium of six
points, or $6 on $100, to the Equitable Securities Corp., represented by
Grady Black. They will be liquidated by receipts from the system which
will supply $2 minimum water to residents of the county and $1.25 minimum
"DeKalb County
residents
of Decatur "
HAWAII
HAWAII, Territory of—BOND OFFERING WITHDRAWN— It was
C. McGonagle, Territorial Treasurer, on Sept. 24 that
been scheduled for Sept. 27,
withdrawn.
"Both issues of
bonds, totaling $3,200,000, have been sold to a Honolulu group who made
a firm bid for all of the bonds," Mr. McGonagle stated.
"The purchasers
advise that none of these bonds will be reoffered in this market."
the offering of refunding bonds which had
as noted here—V.
151, P. 1606—-had been
IDAHO
HAILEY, Idaho—MATURITY—The City Clerk states that the $27,000
street improvement bonds sold to Sudler, Wegener & Co. of Boise, as 3s, at
a price of 100.18, as noted here—V. 151, p. 1606—are due on
Sept. 1 as
foUows:
$1,000 in 1942 to 1947; $1,500, 1948ito 1953, and $2,000 in 1954
___________
__________
_____
TETON COUNTY SCHOQL DISTRICTS (P. O. Victor), Idaho—
BOND SALE DETAILS—it is now reported by the District Clerk that the
$21,200 (not $24,000) construction bonds sold to the State Department of
Public Investments, as noted here—V. 151, p. 1606—was purchased as 3s,
►
and mature as follows:
$10,300 Rural High School District No. 2 bonds.
Due on July 1: $800
1942; $1,100, 1943 to 1945; $1,200, 1946 to 1948, and $1,003
in
in
1949 and 1950.
10,900 Common School District No. 51 bonds.
Due on July 1:
1942; $1,200, 1943 to 1948. and $1,400 in 1949 and 1950.
$900 in
ILLINOIS
CHESTER, III.—BOND SALE—A syndicate composed of Bitting, Jones
& Co., St. Louis, J. J. B. Hilliard & Son, Louisville, G. H. Walker & Co.,
St.
Louis, Allison-Williams Co., Minneapolis, Bacon, Whipple & Co.,
Chicago, Milwaukee Co., Milwaukee, First of Michigan Corp., Detroit,
and Estabrook & Co. of Boston, purchased $1,385,060 4 % toll bridge revenue
bonds and re-offered them at a price of par.
Dated Sept. 1, 1940 and due
Redeemable in whole or in part on any interest payment
published notice, at 102 if called on or before Sept. 1, 1947;
thereafter at/ 101 on or prior to Sept. 1, 1952, and thereafter at par to ma¬
turity, plus accrued interest.
Interest M-S.
Legality approved by Charles
Sept. 1,
on
1965.
30 days'
& Trauernicht of St.
r
Louis.
FARMER CITY, III.—BOND
Oct. 22 on the question of
1 Vi%
1M%
221.76
144.14
26.00
361.00
106.92
114%
^50.00
45.00
310.00
l%%
1H%
_
John Nuveen & Co.,
'^^.OO
1M %
1M%
«9*22
1M%
Chicago
Indianapolis
Raffensperger, Hughes & Co., Indianapolis.
75.20
71.00
1%%
Chicago
21.77
Harris Trust & Savings Bank,
8. Johnson,
BEND, Ind .—OFFERING DATE CHANGED—Date of sale
of an issue of $1,650,000 not to exceed 4% interest funding bonds, originally
set for Oct. 4—V. 151, p. 1753—was changed to Oct. 21.
Sealed bids will
SOUTH
announced by W.
date
a
Kenneth
toj.959, giving a basis of about 2.98%.^_
Premium
1M%
Stokes, Woolf & Co., Inc.,
-The
had sold $1,000,000 in
to
Muncie, Ind
Chicago___ (On 1st $25,000
\On all bonds
Browning, Van Duyn, Tischler & Co., Cincinnati
Paine, Webber & Co., Chicago
Halsey, Stuart & Co., Chicago
.__
Channer Securities Co., Chicago
Knight, Dickerson & Kelly, Inc., Chicago
Bliss, Bowman & Co., Toledo
Harriman Ripley & Co., Chicago
Muncie Banking Co.,
Atlanta "Constitution" of Sept.
water
Int. Rate
Bidder—
GEORGIA
be received up to noon
bonds.
Comptroller.
Bonds
IOWA
IDA GROVE.
Iowa—BOND OFFERING—Sealed
bids will lie received
I. E. Baumgartner, Town Clerk, for the purchase
Interest rate to be named by the bidder.
A
check for 5% of the bid is required.
until 2 p. m. on Oct. 8, by
of $10,000 sewer bonds.
certified
INDEPENDENCE
SCHOOL
DISTRICT
(P.
O.
Independence),
is reported that an election is scheduled
have the voters pass on the issuance of $107,250 in
school building bonds.*
Iowa—BOND ELECTION—It
for Oct. 8 in order to
JOHNSON COUNTY
(P. O. Iowa City), Iowa—BOND
SALE—The
$27,800 funding bonds offered for sale Sept. 23—V. 151, p. 1753—were
awarded at public auction to the White-Phillips Co. of Davenport, as Is,
paying a premium of $25, equal to 100.089, a basis of about 0.98%.
Dated
Sept. 1, 1940.
Due on May and Nov. 1 in 1942 to 1946.
WAPELLO
COUNTY
(P.
O. Ottumwa),
Iowa—ADDITIONAL
INFORMATION—It is now reported by the County Treasurer that the
$139,000 2% semi-annual refunding bonds being exchanged through the
White-Phillips Co. of Davenport, as noted here—V. 151, p. 1753—are
exchanged at par, and mature on Nov. 1 as follows:
$16,000 in 1941 and
1942; $10,000, 1943; $53,000, 1944, and $44,000 in 1945.
WOODBURY COUNTY (P. O. Sioux City) Iowa—BOND SALE—
$130,000 issue of coupon semi-ann. funding bonds offered for sale on
The
Sept. 23—V. 151, p. 1753—was awarded at public auction to the Toy
National Bank of Sioux City, as Is, paying a price of 100.0584, a basis of
about 0.98%. Dated Sept. 1, 1940. Due $50,000 on May and Nov. 1, 1941,
and
ELECTION—An election will be f held
issuing $24,000 sewer construction
(CST) by Harry 8. Driggs, City
1,194d.
Denom. $1,000,
Due Oct. 1 as follows: $65,000
$105,000, 1943; $240,000, 1944; $420,000, 1945; $515,000 in 1946
and $305,000 in 1947.
Bidder to name a single rate of Interest, expressed
in a multiple of H of 1 %.
Interest A-O.
Bonds will be issued subject to
approving legal opinion of Chapman & Cutler of Chicago, and all bids must
be conditioned on such approval.
Legal opinion will be furnished without
charge to the successful bidder.
A certified check for 1% of the bonds,
payable to order of the city, is required.
will be dated Oct.
in 1942;
$3u,000
on
Nov. 1, 1948.
National Bank of Sioux City,
First
Inc.,
and Harris Trust &
Second highest in the bidding was the
with 100.0577. Halsey, Stuart & Co.,
dropped out of the auction at 100.50 for a rate otlH%
Savings Bank and associates went as far as 100.48.
MOLINE, III.—RATE OF INTEREST—The $37,500 hospital reconstruc¬
bonds sold to the White-Phillips Corp. of Davenport—
tion and equipment
V. 151, p. 1606—bear
KENTUCKY
3% interest.
SALEM, III.—CERTIFICATE ISSUE PUBLICLY OFFERED—H. C.
Speer & Sons Co. of Chicago are offering 8225,000 AH% public utility
certificates of indebtedness due Oct. 1, 1942 to 1955, inclusive, and are
t-
optional at par and accrued interest in the inverse order of numbers
after Oct. 1, 1946.
The certificates due 1942 to 1945 are priced to
on or
yield
COUNTY
PUBLIC SCHOOL CORPORATION (P. O.
Scottsville), Ky.—BONDS OFFERED FOR INVESTMENT—'The Bankers
Bond Co., Inc., of Louisville, is offeringf or public subscription $50,000
3 H % coupon refunding and Improvement first mortgage bonds at prices
ALLEN
The Commercial & Financial Chronicle
1930
to
yield from 2% to 3.50%, according to maturity.
Denom. $1,000.
Dated Sept. 1. 1940.
Due on Sept. 1 in 1942 to 1900, incl.
Principal and
interest (M-S) payable at the First City Bank & Trust Co., Hopkinsville.
bonds are callable upon 30 days published notice on any interest
date at par and accrued interest
Aug. 22, 1941.
plus a premium of 3% for the first five
% for the third five years and without
premium for the remaining maturities.
2% for the second five
years, 1
COVINGTON,
Ky,—CORRECTION—We are
advised
by
Martin
Holman, City Comptroller, that the Item contained in our issue of
Sept. 14,
stating that $90,000 funding bonds had been sold—V. 151, p. 1607—was
incorrect. He goes on to say that the city is contemplating the issuance of
$350,000 funding bonds but no definite plans can be made until the Court of
Appeals has approved the issue.
HOPKINS
COUNTY
Madisonville),
PUBLIC
Ky.—BONDS
SCHOOL
OFFERED
CORPORATION
FOR
(P.
O.
INVESTMENT—The
Bankers Bond Co., Inc., of Louisville, is offering for general subscription an
Issue of $132,000 3M%
coupon refunding first mortgage bonds at prices to
6eld from 1.50% Due March 1
to 3.50%, according to maturity. 1941, $5,000 in 1940.
$1,000.
follows: $4,000 in Dated Sept. 1, 1942,
enom.
as
$6,000 in 1943, $7,000 in 1944, $8,000 in 1945 to 1947, $9,000 in 1948 to
1951, and $10,000 in 1952 to 1956, callable on any interest payment date
30 days' published notice; at 102 and accrued interest for the first four
on
years, at 101 for the next four years,
and at par thereafter.
Principal and
interest payable at the Kentucky Bank & Trust Co., Madisonville.
Legality
approved by Woodward, Dawson & Hobson of Louisville.
PERRY COUNTY (P. O. Hazard),
Ky.—PETITION FILED IN
BANKRUPTCY—It is stated that steps have been taken by the above
county to reorganize its debt to conform to its indicated revenue potential.
The governmental unit has filed a petition in the United
District Court
at
Lexington under the new Municipal Bankruptcy Act, stating that it
a total of $543,559 of bonds, warrants and interest
and that it is unable
levy or collect sufficient taxes to meet the obligations.
A plan is
proposed in the petition for the refinancing of $434,000 of
road and bridge bonds and $35,123 of interest accrued to June
30, 1940.
Contract was entered in January of this year between the
county and
the Kentucky Counties Bondholders Committee
and the Bankers Bond
Co. of Louisville, providing for a refunding operation, the
petition states,
and holders of $306,000 of the bonds have
accepted the plan.
Under the plan there would be issued $434,000 of new
4% road and
bridge bonds to replace the outstanding 5% securities, and for servicing
the new issue the maximum
legal levy would be imposed.
A sinking fund
has
to
also would
be created for retirement of the bonds.
Decrease in property values and inability in the case of some
taxpayers
years to pay was said in the petition to have been
responsible for default since 1933 of $111,125 of
county obligations.
The
petition cited the impossibility under the State Constitution for the
county
during the depression
to
levy sufficient taxes
terest and
to
to make up such delinquencies in principal and
future service requirements.
meet
WILLIAMSBURG
INDEPENDENT
SCHOOL
in¬
DISTRICT
(P. O.
reported by the
Williamsburg), Ky.—BOND SALE DETAILS—It is now
Secretary of the Board of Education that the $8,000 school equipment
bonds sold to local banks, as noted here—Y. 151,
p. 1753—were purchased
4 Ms at par.
Due on June 1 as follows; $1,000 in 1943; $2,000, 1944 to
1946, and $1,000 in 1947.
as
Sept. 28,
1940
First National Bank of Boston, 0.17%; Mer¬
chants National Bank of Boston, 0.18%.
SOMERVILLE, Mass.—BOND SALE—The $200,000
These
years,
Other bids:
coupon
municipal
relief bonds offered Sept. 24 were awarded to the Harris Trust &
Savings
Bank of New York, as 1 Ms. at a price of 100.567, a basis of about
1.14%.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $20,000 on Oct. 1 from 1941
to
1950 incl.
Bank
of
Principal and interest (A-Oi payable at the National Shawmut
Legality approved by Storey, Thorndike, Palmer &
Boston.
Dodge of Boston.
Other bids:
Bidder—
Int. Rate
Halsey, Stuart & Co...
Wood, Struthers & Co
1
Mercantile-Commerce Bank & Trust Co.
&
Rate Bid
1M%
1M%
100.455
100.335
and Putnam
Co
:
1M%
100.151
100.123
Harriman Ripley & Co., Inc. and Bond, Judge Ac Co..
1M%
Shawmut Bank of Boston and Merchants
National
National Bank of Boston
R. K. Webster & Co
Tyler & Co
-
-
—
1M %
1M%
1M%
100.023
101.07
100.899
SOUTHBORO, Mass.—NOTE OFFERING—Charles H. Lane, Town
Treasurer, will receive sealed bids until Occ. 5 for the purchase of $5,000 fire
engine purchase notes. Dated Oct. 15, 1940. Denom. $1,000. Due $1,000
annually from 1941 to 1945 incl.
Bidder to name rate of interest. Notes
will be approved by the Director of Accounts, State House, Boston.
MICHIGAN
BLOOM FIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWN¬
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 1 (P. O.
Birming¬
ham),
Mich.—BOND
SALE—The
$400,000
coupon
refunding
bonds
offered Sept. 24—V. 151, p. 1754—were awarded to
and Campbell,
Blyth & Co., Chicago,
McCarty & Co. of Detroit, jointly, at a price of 100.025 for
$130,000 3s, due $25,000 from 1941 to 1944 incl. and $30,000 in 1946, and
$270,000 2 Ms, due $30,000 annually from 1946 to 1954 incl. Net interest
2.34%.
cost about
DETROIT, Mich.—BOND SALE— The $9,675,000 non-callable series F
refunding bonds offered Sept. 24—V. 151, p. 1754—were awarded to a
syndicate composed of Lehman Bros., Smith, Barney & Co., Harriman
Ripley & Co., Inc., Chemical Bank & Trust Co., Blair & Co., Inc., Phelps,
Fenn & Co., Inc., Kean, Taylor & Co., Shields & Co., R. H. Moulton &
Co., B. J. Van Ingen & Co., Inc., Eldredge & Co., Inc., Tucker, Anthony
& Co., A. C. Allyn & Co., Inc., Equitable Securities Corp., Charles Clark
& Co., all of New York; Illinois Co. of Chicago; Milwaukee Co., Wisconsin;
8tern Bros. & Co., Kansas City, Mo.; McDonald, Moore & Hayes, Inc.,
Cray, McFawn & Petter, both of Detroit, and John Nuveen & Co. of
Chicago, and others.
This group obtained the award on a bid of 100.0319
for $1,823,000 4s, due 1941-1950 incl.; $1,153,000 3Ms, due in 1951 and
1952, and $6,699,000 2Ms, maturing from 1953 to 1961 incl.
The bid
figured a net interest cost to the city of about 2.91%.
BONDS PUBLICLY OFFERED—The successful banking group reoffered
a yield of 0.40% for the 1941 bonds to a price of 96.50 for
due in 1961.
Four other banking groups competed for the loan,
with the second high bid being made by an account which included the
the issue from
those
First National Bank of New York; Halsey, Stuart & Co., Inc.; Northern
Trust Co. of Chicago; Stone & Webster and Blodget, Inc.; Kidder, Peabody
LOUISIANA
EAST
BATON
ROUGE
PARISH
&
SEWERAGE
DISTRICT No. 5
(P. O. Baton Rouge), La.—BOND OFFERING—Sealed bids will be
received until 10 a. m. on Oct. 29
by L. Paul Amiss, Secretary of the Parish
Police Jury, for the purchase of $35,000 sewer bonds.
Interest rate Is not
to exceed
5%, payable A-O.
Dated Oct. 1, 1940.
Denom. .$500.
Due
Oct. 1 as follows:
$500 in 1941 to 1958, $1,000 in 1959 to 1972, and
$1,500 in 1973 to 1980.
These bonds are part of an issue of $40 J CO
authorized at an election held on
July 30.
A certified transcript, and the
approving opinion of Chapman & Cutler of Chicago will be furnished the
purchaser without cost to him. and all bids shall be so conditioned.
Enclose
a certified check for
$1,000, payable to E. L. Gass, President Police
Jury.
GRANT PARISH CONSOLIDATED SCHOOL
DISTRICT NO. 9
(P. O. Colfax), La.—BOND SALE DETAILS— It is now
reported by the
Secretary of the Parish School Board that the $50,000 school bonds sold
to
1753—were purchased at
'2v^J%,.or
NEW
wui
be
bonds divided
a
as
IBERIA, La.—BOND ELECTION—It;
held
on
is stated that
an
election
Oct. 29 in order to have the voters
pass on
the issuance
4% semi-ann. civic improvement bonds aggregating
no^ t0 exceed
$261,000.
THIBODAUX, La.—BOND ELECTION-!-Taxpayers
are
scheduled to
go to the polls Oct. 22 for a vote on a
proposal to issue $175,000 of bonds for a
municipal gas system and on a proposal to renew for 10
years a special five
mill improvement tax about to
mature.
The bonds
from gas sales
to bear interest at
are
are
a
rate not to exceed
6% and
revenues
expected to liquidate them.
MAINE
PORTLAND,
Me.—BOND OFFERING—John
R.
Gilmartin,
City
receive sealed bids until noon on Oct. 3 for the
purchase of
coupon permanent improvement bonds.
Dated Oct. 1, 1940.
$180,000
Denom. $1,000.
Due $12,000
on
Oct.
1 from
to name one rate of
1941 to 1955 incl.
Bidder
interest in a multiple of M of 1 %.
Prin. and int. (A-O),
payable at the First National Bank of Boston. 'J onds will
be valid general
obligations of the city of
Portland, exempt from taxation in Maine; all
taxable property in, the
city will be subject to the levy of unlimited ad
valorern taxes to pay both
principal and interest. They will be engraved
under the supervision of and
authenticated
National Bank of Boston; their
as to genuineness
by the First
legality will be approved by Ropes. Gray,
Best, Coolidge & Rugg of Boston, whose
opinion will be furnished the pur¬
chaser.
rhe original opinion and
complete transcript of proceedings
required in the proper issuance of the
bonds will be filed with the First
National Bank of
Boston, where they
may
be inspected.
MARYLAND
BALTIMORE, Md.—PROPOSED BOND ELECTION—The City Plan°?, on Sept. 19 approved and sent to the Board of Estimate
f,ntt,c. ty Council ordinances providing for a vote at the Nov. 5 election on
the
following bonds:
$5,000,000
SALISBURY^,
Sept. 16
sewer
and $5,000,000
paving.
OTHER BIDS—The $35,000
sanitary sewer bonds
to the Mercantile Trust Co. of
Baltimore, as 2Ms, at a
price of 101.509. a basis of about
2.11%—V. 151, p. 1754—were also bid
for
awarded
as
follows:
(All for 2M% Bonds)
? v~T
Bid
Bidders—
Mackubm, Legg & Co.,..101.429
Baker, Watts
M
BONDS CALLED FOR PAYMENT—Donald Slutz, City Controller, has
called for redemption $9,675,000 aggregate principal amount of its re¬
funding bonds.
The issues called comprise public school, public lighting,
public sewer, various municipal improvement and other refunding bonds,
due Jan. 1, 1963 to June 20, 1963, with redemption dates ranging from
Dec. 1, 1940 to Jan. 1, 1941.
Smith-Wood Co.
of New Orleans, as notPd here—V. 151,
price of 100.024, a net interest cost of about
follows: $46,000 as 4s maturing on Feb. 15.
$1 ,500 in 1941 to 1944, $2,000 in 1945 to
1948, $2,500 in 1949 to 1953, $3,000
In 1954 to 1957, $3,500 in
1958 and $4,000 in 1959; the remaining $4,000 as
3Ms, due on Feb. 15,1960.
P-
Co.
Their offer was 100.0103 for $1,186,000 3 Ms, $7,069,000 3s and
$1,420,000 2 Ms, or a net interest cost of about 2.96%.
The bid of Lazard
Freres & Co.; Hallgarten & Co.; E. H. Rollins & Sons, Inc.; Eastman,
Dillon & Co.; White, Weld & Co.; A. G. Becker & Co. and associates,
was
100.001 for $2,412,000 3Ms; $2,946,000 2Ms and $4,317,000 3s, a
basis of about 2.98%.
Final tender of par for $1,823,000 4s, $1,744,000
3 Ms, $2,497,000 3s and $3,611,000 2 Ms, was made on behalf of a syndicate
which included the Bankers Trust Co. of New York; National City Bank
of New York; Chase National Bank of New York; First Boston
Corp.;
Blyth & Co., Inc., and R. W. Pressprich & Co.
o
Rate Bid
„
Dougherty":IColloois!
&
Co..
^ Br°Wn *
100.135
100 063
REPORT DISCLOSES IMPROVED FISCAL STATUS—'The city reduced
its operating deficit
$3,229,327 in the fiscal year ended June 30, and cur¬
improved to 91.71% of the year's levy compared with
year, according to a report issued by City Comp¬
troller Donald Slutz.
Also indicated is a $17,192,138 reduction in net
rent
tax
collections
89.37% in the previous
bonded debt, exclusive of reduction in operating deficit.
No additional refunding will be scheduled until the current offering has
been fully digested by the market, Mr. Slutz announced.
He also states
that he has been advised by the Michigan State Sinking Fund Commission
that
no Detroit bonds will be sold by the sinking fund for at least 90 days.
"Long before the effect of tremendous expenditures of the defense pro¬
could be felt it was demonstrated that Detroit had resumed its indus¬
trial preeminence in the United States and that the city government and its
obligations were sunported by solid values," Mayor Edward J. Jeffries Jr..
says in a forward to the report.
He added that property tax delinquency
brought on by nation-wide bank closings and unemployment during the
depth of the depression has been liquidated and all levies of that difficult
period now are more than 95% collected.
Tax receipts since July 1, 1940,
support an estimate of 95 % collection of the current levy within the fiscal
year, he states.
The Mayor points out that no change is contemplated in the policy of
financing capital improvements on a pay-as-you-go basis and that both the
welfare and Work Projects Administrator loads are down substantially
from a year ago.
He adds that the city has accelerated the retirement of its
bonded debt beyond the pace of the refunding aggreement of 1933.
The comptroller's statement shows that current and delinquent taxes
collected during the 1939-40 fiscal year, including interest and penalties,
totaled 106.04% of that year's levy, making it the seventh suc:esuve year
that such collections have exceaded the respective year's levies. Uncollected
delinquent taxes at Aug. 31, 1940, totaled $41,106,559, a reduction of
$4,408,226 or 9.7% for the year.
The report traces the improvement in the city's finances since the depres¬
sion low of June 30, 1933, to show that from then to Aug. 1 last the city's
refunding and bonded debt retirement proeram has accomnlished a CB2.804,058 reduction in outstanding bonded debt and interest to maturity.
Net bonded debt has been reduced $42,187,139 and operating deficit has
been reduced $10,564,651, a total net debt reduction of $52,751,790.
gram
BONDS PURCHASED—Reporting on result of the call for tenders on
Sept. 25 of non-callable city bonds, Edward M. Lane, Secretary of the
Employees' Retirement Fund Board, states that $106,000 bonds were pur¬
chased at an average yield of 2.923%.
FARMINGTON
TOWNSHIP,
Oakland
County,
Mich.—BOND
OFFERING—Harry McCracken, Township Clerk, will receive sealed bids
until 8 p.m. (EST) on Oct. 3 for thejiurchase of $110,000 not to exceed 5%
interest water works revenue bonds.
Dated Oct. 1,194 0.
Denom. $1,000.
Due Oct. 1 as follows: $2,000 from 1944 to 1947, incl.; $3,000, 1948 and
1949; $4,000 from 1950 to 1953, incl., and $5,000 from 1954 to 1969. incl.
Bonds due on or after Oct. 1, 1962, shall be callable in inverse numerical
order on any interest date on or after Oct. 1, 1955.
Interest A-O.
Town¬
ship will furnish legal opinion and pay the cost of printing the bonds.
A
certified check for $1,000, payable to order of the township, is required.
FILLMORE TOWNSHIP
FRANKLIN, Mass.—NOTE
was
LEOMINSTER, Mass.—NOTE
Boston purchased
an
100.299';
SALE—The Second National Bank of
issue of $100,000 notes at 0.138%
discount.
Due
sold
as
4s
as
follows:
DISTRICT
NO.
1
(P.
O.
Holl-
$6,000 to Peoples State Bank of Holland, and
$2,500 to local investors.
SALE—The $16,500 registered
municipal
relief notes offered Sept. 26 were awarded
to Jackson & Curtis of
Boston,
as 0.75s, at a
price of 100.48, a basis of about
0.57%.
Dated Oct. J, 1940
Due Oct. 1 as follows: $4,500 in 1941 and
$3,000 from 1942 to 1945 incl.
Payable at the Merchants National Bank of Boston.
Notes will be certi¬
fied as to their genuineness
by the Director of Accounts, Department of
Corporations and Taxation, Commonwealth of
Massachusetts.
Other bid¬
ders: (for %%) Newton, Abbe &
Co., 100.32; Second National Bank of
Boston 100.031; (for 1%) Norfolk
County Trust Co., 100.617; Merchants
National Bank of Boston 100.599; Perrin, West &
Winslow 100 56 • G M -P
Murphy & Co., 100.55; Tyler & Co., 100.399; R. L.
Day & Co.,
(for 1M%) Southgate & Co., 100.13.
SCHOOL
land), Mich.—BONDS SOLD—An issue of $8,500 school addition bonds
MASSACHUSETTS
GARDEN CITY SCHOOL DISTRICT (P. O.
Garden City), Mich.—
BOND OFFERING— H. Franklin Donner, Secretary of the Board of Educa¬
tion, will receive sealed bids until 8 p. m. (EST) on Sept. 30 for the purchase
of
$20,000 not to exceed 6% interest
Dated July 1,
1941 to 1945, incl.
1 %.
Principal
and interest (J-J) payable at the Detroit Trust Co., Detroit.
A certified
check for $500, payable to order of the District Treasurer. is required.
Bids
shall be conditioned upon the opinion of Miller, Canfield. Paddock & Stone
of Detroit, approving legality of the bonds.
Cost of opinion and of print ing
the bonds to be paid for by the successful bidder.
The school district is
authorized and required by law to levy upon all the taxable property therein
such ad valorem taxes as may be necessary to pay the bonds and interest
thereon, within the limitation prescribed by Section 21 of Article X of the
1940.
Rate
Denom.
or rates
$1,000.
coupon
Due $4,000
on
school bonds.
July
1
from
of interest to be expressed in multiples of M of
Volume
The Commercial &
151
Michigan Constitution and the Michigan "Property Tax
has been voted.
Limitation Act."
No increase in millage
WANTED
—George R. Hamilton, Secretary of the Board of Education, will receive
sealed tenders of certificates of indebtedness, dated Nov. 1, 1935, and
second series dated May 1, 1937, all due Nov, 1, 1945, up to 8 p. m. (EST)
on Nov. 7.
A sum of $8,260.99 is on hand in the sinking fund for the
purchase of such certificates.
Offerings should be firm for five days and
state certificate numbers, their par value, and the amount for which they
.
LINCOLN PARK SCHOOL DISTRICT, Mich.—TENDERS
will be sold to the district.
Clemens), Mich.—BOND CALL—
County Road Commissioners announces that variously
described highway refunding bonds aggregating $482,COO, dated May 1,
1934, are called for payment on Nov. 1, 1940, at the County Treasurer's
office.
Interest coupons must accompany the bonds.
County recently
awarded an issue of $482,000 refunding bonds, as reported in detail in V.
151, p. 1754.
of
Board
These bonds are to be
issued for the purpose of refunding a
of 5% bonds in accordance with
The refunding of this issue and
like amount
the optional provision retained by
the contemplate^refunding
the city.
of the remain¬
if completed, result in a savings to the city of
approximately $185,000 in interest charges over the life of the bonds.
In
the opinion of counsel, these bonds are general obligations of the City of
McComb, payable from unlimited ad valorem taxes.
Offered if, as and when received, subject to validation of the chancery
Court of Pike County, Mississippi and approval as to legality by Charles
& Trauernicht, St. Louis, Missouri.
ing callable bonds will,
SUPERVISORS'
SECOND
COUNTY
TISHOMINGO
MACOMB COUNTY (P. O. Mount
The
1931
Financial Chronicle
DISTRICT
(P. O. Iuka) Miss.—MATURITY—It is stated by the Clerk of the Chan¬
Court that the $12,000 \
semi-ann. road bonds sold to Scharff
& Jones of New Orleans, at par, as noted here—V. 151, p. 1755—are due
on May 1 as follows: $1,000 in 1941 to 1948, and $2,000 in 1949 and 1950.
cery
TISHOMINGO
DISTRICT (P. O.
COUNTY SPECIAL
Iuka) Miss.—BONDS
CONSOLIDATED SCHOOL
SOLD—The Clerk of the Chan¬
Court states that $27,000 5% semi-ann. school bonds have been pur¬
chased by Scharff & Jones of New Orleans, for a premium of $150, equal to
100.555, a basis of about 4.94%.
Due on Jan. 1 as follows: $1,000 in 1945
to 1951. and $2,000 in 1952 to 1961.
Dated July 1, 1940.
Legal approval by Charles & Trauernicht
cery
OAKLAND
COUNTY
(P.
O.
Pontiac), Mich.—BOND CALL—The
called for redemption on Nov. 1,
Board of County Road Commissioners has
1940, at par and accrued interest, variously described
ment bonds, dated Nov. 1, 1935 and April 15, 1939.
delivered to the Detroit Trust Co., Detroit.
highway improve¬
Bonds should be
Mich.—TENDERS WANTED—
Dunham, Secretary of the District, will receive sealed tenders of
1935 refunding bonds of series A, dated Oct. 1,1935, and refunding bonds of
series B, dated Oct. 1, 1935 until 7:30 p. m. (EST) on Oct. 24.
Offerings
should be firm for five days and should be plainly marked on outside of
sealed envelope.
Tenders should describe securities offered, giving series
number and series letter. Tenders should state the sum for which the bond
with the April 1, 1941 and subsequent coupons attached will be sold to the
School District. Tenders specifying the lowest price on bonds and interest
shall be accepted up to the amount available in the fund.
ROYAL OAK SCHOOL DISTRICT,
A.
of
St. Louis.
PONTIAC, Mich.—TENDERS WANTED—Oscar Eckman, Director of
Finance, will receive sealed tenders of series A and B bonds until 5p.m.
(EST) on Oct. 8.
Tenders should fully describe bonds offered, including
serial numbers and state sum for which bonds will be sold. A sum of .$165,000
is available for purchase of series A bonds and $90,000 for series B.
that the
$30,000
in municipal bonds to assist in building a combination National Guard
armory and community house, for making repairs to fair grounds and for
WEST POINT, Miss.—BONDS AUTHORIZED— It is reported
Board of Selectmen have adopted a resolution proposing issuance of
sewer
it is reported. The Work Projects Ad¬
and a portion of materials to supplement
and water main extensions,
ministration would furnish labor
the issue.
C.
MISSOURI
COUNTY (P. O. Marble Hill), Mo.—MATURITY—•
The County Clerk states that the $52,723.12 3% semi-annual funding bonds
sold to Soden & Co. of Kansas City, at par, as noted here—V. 151, p. 1608
—are due as follows: $3,723.12 in 1942; $4,000, 1943; $5,000, 1944 to 1947;
$6,000, 1948 to 1950, znd $7,000 in 1951.
BOLLINGER
CHAFFEE,
MINNESOTA
voters
BEARDSLEY, Minn.—BOND OFFERING—It is stated by A. P. Back30, at 7:30 p. m.,
purchase of $5,000 3% semi-annual water tank and tower bonds,
approved by the voters at an election held on Aug. 5.
mnd, Village Recorder, that he will receive bids until Sept.
for the
CREEK
BELLE
TOWNSHIP
(P.
O.
Goodhue),
Minn.—BONDS
SOLD,—The Township Clerk states that $40,000 road Improvement bonds
approved by the voters last May were sold in June to the State of Minnesota
CROOKSTON, Minn.—WARRANT OFFERING—Sealed bids will be
City Clerk, for the purchase of
$6,416.65 water main warrants.
It is stated that the city will reserve the
right at its option to call for payment and to pay in full such improvement
warrants at any interest payment date, and such warrants shall bear no
interest from and after the date the same is so called for payment.
The
warrants are to be issued to defray part of the expense of constructing a
water main.
Enclose a certified check for 2 % of the amount of the warrants.
received until Oct. 8, by Loren Skogness,
JEFFERS, Minn.—BOND OFFERING—It is reported that bids will be
Charles Grabert, Village Recorder, for
received until Oct. 3, at 8 p. m., by
the purchase of $6,000 4% annual community hall
Dated Oct. 1, 1940.
Due $500 on Oct. 1 in 1943 to
bonds. Denom. $500.
1954, inclusive.
MINNEAPOLIS, Minn.—BOND OFFERING—It is stated by Geo.
M.
Link, Secretary of the Board of Estimate and Taxation, that toth sealed
auction bids will be received until Oct. 10, at 10:30 a. m., for the
and
6% coupon semi-annual bonds,
purchase of the following not to exceed
are
Mo.—BONDS VOTED—At an election held recently thp
issuance of $15,000 in high school
said to have approved the
improvement bonds.
NORMANDY SANITARY
VOTED—At a
Mo.—BONDS
approved the issuance of
386 to 101.
PIEDMONT,
SEWER DISTRICT (P. O.
Normandy)
special election held recently the
$67,000 in bonds for a sewer project by a
Mo.—BONDS
voters
vote of
SOLD— It is reported that $20,500 4%
bonds have been purchased by the Baum,
Dated July 15, 1940.
semi-annual public improvement
Bernheimer Co. of Kansas City.
COUNTY (P. O. Clayton) Mo.—BONDS VOTED—The
from the St. Louis "Globe Democrat" of Sept. 18:
of constructing sewers in two St. Louis County
districts were voted yesterday. In the Walton Road Sanitary Sewer District,
voters authorized the issuance of $81,000 in bonds to cover the cost of in¬
stalling sewers there. The remaining $243,000 of the estimated $324,000
cost to be supplied by Work Projects Administration funds.
In the Vinita Terrace Sewer District, an issuance of $10,500 in bonds was
ST.
LOUIS
following report is taken
Bond Issues to finance cost
authorized by a vote
entire cost of
not
be
The bonds will cover the
of 89 for, and 13 against.
installing sewer trunk lines,
and a WPA appropriation
will
necessary.
Mo.—BONDS SOLD—The City Clerk states that
$8,000 4% semi-annual water refunding bonds have been purchased by the
Municipal Bond Corp. of Chicago.
Dated Aug. 31, 1940.
Due on Sept. 1, $4,000 in 1943 and 1944.
Prin. and int. (M-S) payable
at the St. Louis Union Trust Co., St. Louis.
VALLEY
PARK,
aggregating .$1,277,000:
$1,000,000 public relief bonds.
1950, inclusive/*
Due
$100,000
on
Nov.
in
1
1941 to
172,000 work relief bonds.
Due on Nov. 1 as follows:
$8,000 in 1941
to 1948, and $9,000 in 1949 to 1960.
105,000 storm drain bonds.
Due on Nov. 1 as follows:
$5,000 in
1941 to 1955, and $6,000 in 1956 to 1960.
Denom. $1,000.
Dated Nov. 1, 1940.
Rate of interest to be in a
multiple of M or 1-lGth of 1%, and must be the same for all of the bonds.
Bids offering an amount less than par cannot be accepted.
Purchasers
will be required to pay accrued interest on the bonds to but not including
the day of delivery; and, in addition to the purchase price, purchasers
of the bonds will be required to pay the Board of Estimate and Taxation
$1 per bond to apply on the
expense of
the Board in issuing and trans¬
porting the bonds to place of delivery.
Delivery will be made in Minne¬
apolis, Chicago, or New York City, at a National tank acceptable to the
Eurchaser, any charge made bymay be registered as to toth principal paid
such bank for delivery service to be and
the purchaser.
The bonds
y
interest
on
application to the City Comptroller.
The bonds will be accom¬
panied by the opinion of Thomson, Wood & Hoffman of New York, that
the bonds are valid and binding obligations of the city.
A certified check
for 2
% of the amount of the obligations bid for,
payable to the City Treasurer
is required.
BRANCH, Minn.—MATURITY—It is now
NORTH
reported by the
Village Clerk that the $25,000 municipal light and power plant bonds sold
to the Allison-Williams Co. of Minneapolis, as 2J4s, at a price of 100 504,
as noted here—V.
151, p. 1754—are due on Sept. 16. as follows:
$1,000
in 1943 to 1945, $2,000 in 1946 to 1951 and $2,500 in 1952 to 1955. callable
on and after Sept. 16, 1948, on any interest payment date in inverse order
of maturity at par and accrued interest.
,
municipal build¬
July 2, is said to have been purchased
RAYMOND, Minn.—BONDS SOLD—A $7,000 issue of
ing bonds approved by the voters on
by the State.
SCHOOL DISTRICT NO. 40 (P. O-
STEELE COUNTY COMMON
Owatonna), Minn.—BOND OFFERING—It is reported that
bids will be
by Alvin Stark, District Clerk, for the
Dated Oct. 1, J940.
Due $300 in 1942
received until Oct. 4. at 8:30 p. m.,
purchase of $1,5G0 school bonds.
to
1946 incl.
TAYLORS FALLS, Minn.—CERTIFICATES OFFERED—Sealed bids
were received
until 1 p. m. on Sept. 27, by Albert Amundson, Village
Clerk,
cates
for the purchase of
$3,800 3H% semi-annual water main certifi¬
of indebtedness.
WILLMAR,
Minn.—CERTIFICATES
SOLD—We
are
informed
by
City Clerk, that the following 3% semi-annual certifi¬
indebtedness aggregating $22,000 were offered for sale on Sept. 23
and were awarded to the Northwestern National Bank & Trust Co. of
Minneapolis, for a premium of $966, equal to 104.39, a basis of about 1.92%:
Einar H. Brogren,
cates of
MONTANA
LAKE COUNTIES, JOINT SCHOOL DISTRICT
NO. 38 (P. O. Bigfork), Mont.—BOND OFFERING— Sealed bids will be
received until 2 p. m. on Oct. 21, by George Sayatovich, District Clerk, for
the purchase of $5,649.81 refunding bonds.
Interest rate is not to exceed
53^ %, payable J-D.
Dated Dec. 1, 1940. Amortization bonds will be the
first choice and serial bonds will be the second choice of the school board.
If amortization bonds are sold and issued, the entire issue may be put into
one single bond or divided into several bonds, as the board of trustees may
determine upon at the time of sale, both principal and interest to be payable
in semi-annual installments during a period of 13 years from the date or
issue.
If serial bonds are issued and sold they will be in the amount of $450
each, except the first bond which will be in the amount of $249.81; the sum
of $249.81 of the serial bonds will become payable on Dec. 1, 1941, and the
sum of $450 will become payable on the same day each year thereafter until
all of such bonds are paid.
The bonds, whether amortization or serial
bonds, will be redeemable in full on any interest payment date from and
after 6342 years from the date of issue.
The bonds will be sold for not less
than their par value with accrued interest, and all bidders must state the
lowest rate of interest at which they will purchase the bonds at par.
"he
bonds are issued for the purpose of refunding outstanding building bonds
of the district, which were originally issued as of June 1, 1933, in the
amount of $7,500.
Enclose a certified check for $250, payable to the
FLATHEAD AND
District
Clerk.
(P. O. Ronan),
until 8 p.m. on
purchase of $6,000
Amortiza¬
second choice
the entire
issue may be put into one single bond, or divided into several bonds as the
council may determine upon at the time of sale.
Both principal and in¬
terest to be payable annually, during a period of 10 years, from Jan. 1,
1941 to 1950.
If serial bonds are issued and sold, they will be in the
amount of $100.
The sum of $600 of the serial bonds will become due
and payable on Jan. 1, 1941, and a like amount on the same day each
year thereafter, until such bonds are paid.
The bonds, whether amortiza
tion or serial bonds, are redeemable at the option of the town at any time
there are funds to their credit, of the special improvement district funds,
for the redemption thereof and in the manner providing for the redemption
of the same.
The bonds will be sold for not less than par value, with
accrued interest to the date of delivery, and all bidders must state the
lowest rate of interest at which they will purchase the bonds at par.
T he
bonds are issued for the purpose of acquiring, maintaining and extending a
and sewer system in the district.
Enclose a certified check for
NO.
RONAN SPECIAL IMPROVEMENT DISTRICT
3
Mont.—BOND OFFERING— Sealed bids will be received
by James F. O'Brien, Jr.. Town Clerk, for the
not to exceed 6% annual sewer bonds.
Dated Sept. 30, 1940.
tion bonds will be the first choice, and serial bonds will be the
of the Town Council.
If amortization bonds are sold and issued,
Oct. 7,
sewer
$200, payable to the
w
Town Clerk.
Due $2,375 on Oct. 1 in 1941 to 1948, incl.
main and water main extension certificates.
Due $750 on
$19,000 paving certificates.
3,000 sewer
Oct. 1 in 1941 to 1944,
NEBRASKA
incl.
BLAIR,
MISSISSIPPI
HAZLEHURST,
SOLD—The City Clerk states that
special street improvement bonds have been
Allen Co. of Hazlehurst. Dated Jan. 1, 1940.
& Trauernicht of St. Louis.
Miss.—BOND
$12,000 3^% semi-ann.
purchased by the Max T.
Legal approval by Charles
O. Belzoni) Miss.—BOND SALE DE¬
the $492,000 3H% semi-ann. refunding
to Leftwich & Ross of Memphis, as noted here —V. 151,
HUMPHREYS COUNTY (P.
TAILS—It is now reported that
bonds sold at par
1942, $23,000 in
1947, $27,000 in
1948, $28,000 in 1949, $29,000 in 1950, $30,000 in 1951, $31,000 in 1952,
$32,000 in 1953, $33,000 in 1954, $34,000 in 1955, $35,000 in 1956, $36,000
in 1957, and $14,000 in 1958. Prin. and int. payable at the Citizens Bank &
1754—are due on April 1 as follows: $21,000 in 1941 and
1943 and 1944, $24,000 in 1945, $25,000 in 1946, $26,000 in
p.
Trust Co.,
Belzoni.
,
CITY, Miss.—BONDS OFFERED FOR INVESTMENT—
An Isue of $150,000 4% refunding bonds is being offered by a group headed
by Dane & Co. of New Orleans, for public subscription at prices to yield
from 2.00% to 3.70%, according to maturity.
Denom. $1,000. Dated
June 1, 1940.
Due on Nov. 1 in 1943 to 1963.
Principal and interest
(J-D) payable at the Whitney National Bank of New Orleans
McCOMB
bonds were
Neb.—BONDS
SOLD— It is reported that $12,000 paving
& Schweser of Lincoln as 2s.
purchased on Sept. 17 by Steinauer
Neb.—BOND DISPOSAL REPORT—The Village
states that $15,000 refunding bonds are being handled by a local
through the National Company of Omaha.
BLUE
HILL,
Clerk
bank
Village Clerk states that $9,900
been sold.
Neb.—BONDS SOLD—'The Village Clerk states that $20,000
BRUNO, Neb— BONDS SOLD—The
3M% semi-annual refunding bonds have
ELGIN,
sewer
bonds have been
sold.
that $15,000
purchased at
1, 1940. Due
EMERSON, Neb.—BONDS SOLD— The Village Clerk states
4J4>% semi annual municipal auditorium bonds have been
par by the First National Bank of Emerson.
Dated Feb.
on Feb. 1,
1950; callable at any time.
FAIRBURY,
SOLD—The
approved by the City
Neb.—BONDS
$7,048.68 viaduct bonds
City Clerk states that
Council in July have been
sold.
NEWPORT,
Neb.—BONDS
$18,500 2semi-annual
by the State.
SOLD—The Village Clerk reports that
refunding bonds have been purchased
water
*
1932
The Commercial & Financial Chronicle
Sept. 28, 1940
NEVADA
f
YERINGTON, Nov.—BOND
SALE DETAILS—The City Clerk reports
the $40,000 234% semi-annual
refunding bonds sold to the State
Industrial Commission, as noted here—V.
Municipal Bonds
that
a
premium of $150, equal to 100.375, and
to 1960, giving a basis of about
2.71%,
NEW
151, p. 1609-—were purchased for
mature $2,000 from July 1, 1941
76 BEAVER STREET
DEMING, N. Mex.—BONDS AUTHORIZED—The Board of Trustees
Is said to have passed an ordinance
calling for the issuance of $35,000 water
JERSEY
•
EMERSON TSCHOOL DISTRICT, N. J.—TO
ullus
D. HammeJ, District Clerk, reports that the State Employees' Retirement
System has agreed to purchase $55,000 building bonds.
ENGLEWOOD, N. J.—BONDS PUBLICLY OFFERED— Shields
&c Co.
of New York and associates made formal
offering
Sept. 23 of $797,000 2%
1, 1940, and due serially Oct. 1, 1942-70
inclusive, at prices to yield 0.5% to 1.95% on the 1942 to 1958 maturities,
and at prices of 100 ^o 98 on the 1959 to 1970 maturities. Other members
system bonds, dated Oct.
of the
offering
Misch, Monell & Co., Inc., H. B. Boland & Co.,
bonds are regarded by the bankers as legal
investment for savings banks and trust funds in New Jersey, and
report of
their award to the banking groups appeared in V. 151, p. 1755.
group were
and Stroud & Co.
The
inc.
I FAIR LAWN, N. J.—BOND OFFERING—Ronald S. Spittel, Borough
Clerk, will receive sealed bids until 8:30 p. m. on Oct. 8 for the purchase
of $100,000 not to exceed 6% interest coupon or
registered water bonds
of 1940.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $5,000 on Oct. 1
from 1941 to 1960, incl.
Bidder to name a single rate of interest, expressed
in a multiple of 34 of 1%.
Principal and interest (A-O) payable at the
Fair Lawn-Radburn Trust Co., Fair Lawn, or at the Chemical Bank &
Trust Co., New York City.
The sum required to be obtained at sale of
the bonds is $100,000.
A certified check for 2% of the bonds offered,
payable to order of the borough, is required.
Bonds are unlimited tax
obligations of the borough and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
NEW
YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
refunding bonds.
sewer
Government Bonds
Tilney & Company
MEXICO
W
NEW
-
Housing Authority Bonds
Dated Oct. 15, 1940.
Denom. $1,000.
Due $5,000 on-Oct. 15 from 1941
to 1964, incl.
Bidder to name a single rate of interest,
expressed in a mul¬
tiple of 54 or l-10th of 1%.
Principal and interest (A-O) payable at the
National Bank of Coxsackie, with New York
exchange.
The bonds are
?;eneral obligations of the village, payable from unlimited
GARDEN
CITY,
N.
Y.—BOND
OFFERING—Eugene R.
GARFIELD,
N. I.,—COMPTROLLER
CANNOT
ACT
AS
FISCAL
AGENT—The State Funding Commission decided on
Sept. 16 that City
Comptroller Walter Walsh cannot act as fiscal agent in the proposed debt re¬
funding due to the fact "that his duties as Comptroller are incompatible and
inconsistent with his duties as such fiscal agent."
In requesting its Auditor
to
inquire carefully into all aspects of the proposed refunding, the Commis¬
that it provides for a more orderly debt service calendar and if
sion noted
carried through to
95% completion has much
to commend it.
* HIGHTSTOWN,
N. J.—BOND SALE—The $19,500 coupon or regis¬
tered water bonds offered
Sept. 24—V. 151, p. 1609—were awarded to
E. H. Rollins & Sons, Inc. of Philadelphia, as
234«. at par plus a premium
of $196.95, equal to 101.01, a basis of about
2.13%.
Dated Sept. 1, 1940
and due Sept. 1 as follows:
$1,000 from 1941 to 1959, incl. and $500 in
1960.
Other
bids:
Bidder—
Int. Rate
Joseph G. Kress & Co
Union County Trust Co. of Elizabeth
23* %
23*%
2M%
2M%
2M %
214%
-
H. B. Boland & Co
Schmidt, Poole & Co
M. M. Freeman & Co
First National Bank of Hightstown
H. L. Allen & Co
Minsch, Monell & Co
_
_
.
Buckley Bros
______
W. E. Wetzel & Co
100.46
100.17
101.27
100.727
100.10
2M%
2 3* %
254%
2%%
234%
,____
Battles & Co
Rate Bid
100.50
100.43
100.29
METUCHEN, N. J.—BOND ISSUE REPORT—In
100.282
100.24
100.125
connection
to name a
single rate of interest, expressed in a multiple of >4 or 1-10 of 1 %.
Principal and interest (A-O) payable at the Garden City Bank & Trust
Co.,
City, or at the Irving Trust Co., New York City.
The bonds
are general obligations of the
village, payable from unlimited ad valorem
Garden
taxes
to
&
on
all
of its
taxable
property.
A certified check for $380, payable
order of the village, is
Legal opinion of Hawkins, Delafield
required.
Longfellow of New York City will be furnished the successful
bidder.
HARTFORD, ARGYLE, GRANVILLE. HEBRON AND FORT ANN
SCHOOL DISTRICT NO. 1 (P. O.
Hartford), N. Y.—
NOT SOLD—The $7,500 not to exceed
6% interest coupon or
registered school bonds offered Sept. 20—V. 151, p. 1609—were not 60ld
CENTRAL
BONDS
at that time.
,
a
borough ordinance authorizing an issue of $157,000 refunding bonds, the
Municipal Finance Commission stated that although the "funding of $59,000
bond anticipation notes appears to be a reasonable
proposition, the inclusion
of $92,000 of refunding bonds appears to need
explanation."
PEMBERTON,
N.
J.—BOND
OFFERING— Benjamin
Borough Clerk, will receive sealed bids until 8
chase of
$2O,O0O
not to
exceed
light and
or
Cranmer,
8, for the pur¬
registered electric
power system bonds.
Denom. $500.
Due
as follows:
$2,000 from 1942 to 1946, incl. and $2,500 from 1947 to
1950, incl.
Bidder to name a single rate of interest, expressed in a multiple
of H of 1%.
Principal and interest (A-O) payable at office of the Borough
Collector-Treasurer, or at the People's National Bank & Trust Co., Pemberton.
The sum required to be obtained at sale of the bonds is
$20,000.
The
bonds will be valid and legally binding obligations of the
borough, arid unless
otherwise paid, the borough will have power and be
obligated to levy
Oct. 15
unlimited ad valorem taxes on all of its taxable
property in order to provide
for principal and interest requirements.
Opinion of the Borough Solicitors
to this effect will be furnished the successful bidder.
A certified check for 2 %
of the amount of bonds offered, payable to order of the
borough, is required.
SAYREVILLE,
N.
J.—FINANCIAL
STATEMENT
ISSUED—A
report on the financial condition of the borough as of Sept.
1, 1940, has been
issued by MacBride, Miller & Co. of Newark.
Also shown is a list of the
well known industrial plants located within the
community.
TRENTON, N. J .—STATE COMMISSION APPROVES $500,000 BOND
EXCHANGE—Following is the text of the minutes of the Municipal Finance
Commission meeting of Sept. 16:
"The City of Trenton is
asking the Commission to approve the issuance
$500,000 refunding bonds to take up a like amount of bonds
falling due
May 1, 1941.
The city finally adopted an ordinance under date of
of
Jan.
31,1939, providing for the refunding of $1,884,000 3 3*% bonds due
$500,000
May 1, 1940, 1941 and 1942, and $384,000 on
May 1, 1943; said action
being pursuant to Chapter 373, P. L. 1939.
"The sale of the first $500,000 instalment was
approved on Dec. 29,
1939, and the city is now considering the funding of the
instalment due
May 1, 1941.
It appears that Graham, Parsons & Co.
propose to purchase
the $500,000 3 34 % bonds from the present holders and
deliver these to the
city, par for par, taking in return $500,000 2%
% general refunding bonds
dated Oct. 1, 1940, maturing $20,000 on
April 1 of each year 1942 to 1966,
inclusive.
In view of the fact that this
exchange will result in a consider¬
able saving to the city, the
following resolution was proposed by Mr. Greer,
seconded by Mr. Hoffman, and
duly adopted:
'Resolved, that the Commission approve the
exchange of $500,000
bonds of the City of Trenton on a
par for par basis, based on a communi¬
cation from Edward W. Lee, Director of
Revenue and Finance, dated
Sept. 14, 1940; said refunding bonds to be dated Oct. 1,
1940, interest rate
to be 2 54 %. and maturities to be as set forth in
papers previously submitted,
and provided further that
issuing expenses be limited to printing of bonds,
legal opinion and delivery expenses.'
on
"
"It
was
Bidder—
further noted in
connection with the refunding
program of the
city that a tax sale is to be held Oct. 29, 1940, which conforms
to a pre¬
viously expressed condition of the Funding Commission."
TRENTON, N. J.—BOND SALE— An issue of $500,000 254% refund¬
ing bonds was sold to an account composed of
Graham, Parsons & Co.;
Blyth & Co., Inc., and Julius A. Rippel, Inc. of Newark.
Dated Oct. 1,
1940 and due $20,000 on Oct. 1 from 1942 to
1966, incl.
Principal and
interest (A-O) payable in Trenton.
Coupon bonds in $1,000 denoms.,
registerable as to principal only or as to both principal and
interest.
Legal¬
ity approved by Hawkins, Delafield & Longfellow of New
York City.
The
purchasers re-offered the bonds from a yield of
0.75% to a price of 101.75.
They will refund an equivalent amount of 3 3*s, due
May 1, 1941.
UNION TOWNSHIP, Union
County, N. J.—FINANCIAL STUDY
ISSUED—MacBride, Miller & Co.
of Newark have
prepared a report on
the financial status of the township as of
Sept. 1, 1940.
YORK
COXSACKIE, N. Y.—BOND OFFERING—Peter
Clerk, will receive sealed bids until noon on
exceed 6% interest coupon
$120,000 not to
Oct.
or
J.
3
Whitmore, Village
for the purchase of
water bonds.
registered
Rate Bid
154%
1.40%
1.40%
1.40%
100.076
100.12
100.107
100.02
George B. Gibbons & Co., Inc
R. D. White & Co
HORNELL, N. Y.—BOND SALE—The $32,000
coupon
or
registered
bonds offered Sept. 26—V. 151, p. 1756—were awarded to
the Manu¬
facturers & Traders Trust Co. of Buffalo, as 1.10s, at
par plus a premium
of $28.48, equal to
100.089%, a basis of about 1.07%.
Sale consisted of:
$15,000 home relief bonds.
Due Sept. 1 as follows: $2,000 from 1941
1945 incl. and $1,000 from 1946 to 1950 incl.
5,000 public works bonds.
Due $1,000
9,000 fire truck bonds.
Due Sept. 1
1944 incl. and $1,000 in 1945.
3,000 ambulance bonds.
Due $1,000
on
as
on
Bidder—
R. W. White & Co
Sherwood & Co. and C.F. Childs& Co. Inc
Sept. 1 from 1941 to 1943 incl.
Other bids:
Premium
Int. Rate
$32,023.20
32,023.00
32,016.00
1.10%
1.10%
1.10%
1.20%
1.20%
1.20%
1.20%
1.20%
32,013.00
32,000.00
1.25%
32,011.20
Marine Trust Co., Buffalo
E. H. Rollins & Sons
Geo. B. Gibbons & Co___
Brown, Bennett & Johnson
Union Securities Corp
Steuben Trust Co., HorneIl_____
to
Sept. 1 from 1941 to 1945 incl.
follows: $2,000 from 1941 to
All of the bonds will be dated Sept. 1, 1940.
32,067.25
32,061.00
32,059.84
32,028.00
1.20%
MANLIUS. N. Y.—BOND OFFERING—The Village Clerk will receive
hall bonds. Dated
by vote of the electors
on Sept
10.
sealed bids until Oct. 1 for the purchase of $40,000
village
Oct. 1, 1940.
Due serially In 20 years. Authorized
.
NEW
YORK, N. Y.— WILL SELL $60,000,000 BONDS—Comptroller
Joseph D. McGoldrick has announced his intention of offering for public
bidding in the near future an issue of $60,000,000 in serial bonds to finance
a large portion of the construction of the new Delaware
Aqueduct.
The
issue will be the largest offering of long-term bonds since
1933.
The
Sept. 27 issue of the "City Record" carries the Comptroller's notice of in¬
tention to sell.
Details of the date of sale and terms of the
offering have
not as yet been announced.
The sale will probably be held on Oct. 8.
Mr. McGoldrick said that after the coming sale there would be no
further
sale at least until the spring of next year.
"The forthcoming issue of $60,000,000 in serial bonds will
bring
than
us more
half way through our financing of the Delaware water
project,"
Comptroller McGoldrick declared.
"It will mean that we will have issued
approximately $120,000,000 in bonds for this improvement, leaving about
$90,000,000 still to be fiiianced.
This balance, however, will be
spread
over a period of five or six years, so that there will be no
problem in the
future.
Furthermore, this sale carries us well into next year, so that we
will not be obliged to issue
any long-term obligations at least until the
spring of 1941."
(The last previous permanent financing by the city was effected on
Aug. 6
of this year, when an offering of $30,000,000 bonds was awarded to
a syndi¬
cate headed by the Chase National Bank of New
York, on a bid of 100.917
for 2?4s, a basis of about 2.6694%.
Reoffered from a yield of 0.30% to
2.95%.—V. 151, p. 882.)
NEW YORK CITY HOUSING
AUTHORITY, N. Y.—BOND SALE—
Announcement was made of the award on Sept. 25 of
$8,046,000 housing
authority bonds to a syndicate headed by Lehman Bros., Phelps, Fenn &
Co., Inc., and Goldman, Sachs & Co., all of New York, as 2s, 234s, 254s,
2 3*s and 3s, at par plus a premium of $500, equal to 100.0062, the net in¬
terest cost to the authority being 2.705%.
These are the bonds previouslyoffered on Sept. 19, at which time the housing
authority rejected the sole
bid received.
This was an offer made by an account also headed
by Lehman
Bros, of New York, which figured an interest cost basis of
3.01%.—V. 151,
p. 1756.
The bonds bear interest and mature as follows:
$6,708,000 series A, first issue.
$773,000 maturing March 15, 1941, as
2s; $2,975,000 maturing March 15, $225,000 in 1942, $234,000
in 1943, $242,000 in 1944, $251,000 in 1945, $259,000 in
1946,
$269,000 in 1947, $278,000 in 1948, $289,000 in 1949, $298,000
in 1950, $309,000 in 1951, $321,000 in 1952, as
2Ms; $331,000
maturing March 15, 1953, as 234s; $343,000 maturing March 15,
1954, as 234s; $1,091,000 maturing March 15, $353,000 in 1955,
$364,000 in 1956, $374,000 in 1957, as 2 Ms; and $1,195,000
maturing March 15, $387,000 in 1958, $398,000 in 1959 and
$410,000 in 1960, as 3s.
1,338,000 series A, second issue.
$156,000 maturing March 15, 1941, as
2s; $590,000 maturing March 15, $45,000 in 1942, $47,000
in 1943, $48,000 in 1944, $49,000 in 1945, $52,000 in
1946,
$53,000 in 1947, $55,000 in 1948, $57,000 in 1949, $60,000 in
1950, $61,000 in 1951, $63,000 in 1952, as 2Ms, $66,000 matur¬
ing March 15, 1953, as 234s; $68,000 maturing March 15, 1954,
as 2Ms; $218,000 maturing March 15,
$70,000 in 1955,; $73,000
in
1956, $75,000 in 1957, as 2 Ms; and $240,000 maturing
March 15, $77,000 in 1958, $80,000 in 1959, and $83,000 in
1960,
BONDS
NEW
Int. Rate
Marine Trust Co. of Buffalo
E. H. Rollins & Sons, Inc
H. L. Allen & Co
T.
p. m. on Oct.
5% interest coupon
Dated Oct. 15, 1940.
HOOSICK FALLS, N. Y.—BOND SALE— The
$12,500 coupon or
registered street paving bonds offered Sept. 20—V. 151, p. 1756—were
awarded to the Manufacturers & Traders Trust Co. of
Buffalo, as 154s, at
par plus a premium of $11.50, eqnal to 100.092, a basis of about
1.22%.
Dated Sept. 1, 1940 and due Sept. 1 as follows:
$2,500 in 1941; $2,000 in
1942 and 1943 and $3,000 in 1944 and 1945.
Second high bid of 100.076
for 13^s was made by the Marine Trust Co. of Buffalo.
Halsey, Stuart & Co
with
Courtney,
Village Clerk, will receive sealed bids until 3:45 p.m. on Oct. 1 for the
purchase of $ 19,000 not to exceed 6 % interest coupon or registered
municipal
shop building bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due Oct. 1
as follows: $2,000 from
1941 to 1949 incl. and $1,000 in 1950.
Bidder
bidder.
j
A
ied check for $2,400, payable to order of the
taxes.
certivillage, is required.
Legal
opinion of Dillon, Vandewater & Moore of N. Y. City will be
furnished the
successful bidder.
as
3s.
PUBLICLY
OFFERED—The
purchasing group re-offered
the
bonds to yield from 0.25% to 2,85%, according to coupon rate and date of
maturity.
The underwriters, in addition to Lehman Bros., Phelps, Fenn &
Co., Inc., and Goldman, Sachs & Co., consisted of: F. S. Moseley & Co.,
Blair &
brook &
Co., Inc., R. W. Pressprich & Co., Union Securities Corp., EstaCo., Kidder, Peabody A Co., E. H. Rollins & Sons, Inc., B. J:
Volume
The Commercial &
151
Van Ingen & Co., Inc., A. C. Allyn & Co., Inc., Equitable
Shields & Co., Graham, Parsons & Co., Hemphill, Noyes
Securities Corp.,
& Co., Eastman,
Schoellkopf, Hutton & Pomeroy, Inc., Otis & Co. (Inc.), McDonald-Coolidge &
Co. (Cleveland), Darby & Co., Inc., Charles CLark'& Co., Harvey Fisk &
Sons, Inc., Farwell, Chapman & Co. (Chicago), Minsch. Monellf& Co.,
Inc., R. D. White & Co., Wells-Dickey Co. (Minneapolis) and Thomas &
Dillon & Co., Bacon,
Co.
Stevenson & Co., Roosevelt & Weigold, Inc.,
(Pittsburgh).
/
comprise the first and second issues, series A, of the
The bonds
authority which has authorized a total
housing
of $38,967,000 of the first issue and
$7,811,000 of the second issue to finance the cost of development of low
rent housing projects in the City of New York.
The remainder of the au¬
thorized total, designated as series B bonds, are to be purchased by the
United States Housing Authority at an average interest cost of 3.04%.
Interest payments on the bonds are exempt, in the opinion of counsel, from
Federal income tax by-the pro visions of the United States Housing Act of
1937, and from New York State income tax by the provisions of the Public
Housing Law of New York.
The bonds will be secured by a pledge of the
annual contributions to the Authority which are to be made by the United
States Housing Authority.
These contributions are available for service
of the"series A 'bonds after making provision for annual interest on the
series B bonds.
An additional pledge of revenues from the housing projects
is provided, but is not regarded as a principal source of funds for the service
of the bonds.
Such revenues are to be used to establish and maintain a
series A bond reserve, which in a period of nine years will produce a sum
which will thereafter equal the total principal and interest of the series A
bonds maturing in the following year.
Created in 1934, the New York
City Housing Authority is operating seven completed housing projects and
undertaking the construction of five others.
Two projects comprising
six developments are being financed through these bonds and the series B
bonds to be sold to USHA.
Project I consists of four developments known
as Red Hook Houses,
Queensbridge Houses, Vladeck Houses and Kingsborough Houses which provide a total of 8,391 apartments.i
Project II
consists of two developments known as South Jamaica Houses and East
River Houses, providing 1,618 apartments.
NORTH
JHEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 7
(P. O. Great Neck), N. Y.—BOND OFFERING—Margery C. Griffen,
District Clerk, will receive sealed bids until 3 p. m. (EST) on Oct. 3 for
the purchase of $535,000 not to exceed 6% interest coupon or registered
school bonds of 1940.
Dated Oct. 1, 1940.
Denom. $1,000.
Due Oct. 1
as follows: $30,000 from
1941 to 1948, incl.; $35,000 in 1949 and 1950,
and $45,000 from 1951 to 1955, incl.
Bidder to name a single rate of
interest, expressed in a multiple of H or l-10th of 1%.
Prin. and int.
(A-O) payable at the Chase National Bank, N. Y. City.
The bonds are
unlimited tax obligations of the district and the approving legal opinion of
Hawkins, Delafield & Longfellow of N. Y. City will be furnished the suc¬
cessful bidder.
A certified check for $10,700, payable to order of the
Board of Education,
PEQUA
each proposal.
must accompany
OYSTER BAY (P. O. Oyster
^
Bay), N. Y.—OFFERING OF MASSA-
WATER DISTRICT BONDS—Harry Tappen, Town Supervisor,
until 10 a. m. (EST) on Oct. 1, for the purchase of
will receive sealed bids
$13,000 not to exceed 6% interest coupon or
bonds.
Dated Oct. 1,1940.
Denom. $500.
registered series of 1940, water
Due $500 on Oct. 1 from 1941
in a multiple
at the Long
The bonds
are general obligations of the town payable primarily from assessments to
be levied on property benefited in the district; but if not paid from such
levy, all of the town's taxable property will be subject to levy of unlimited
1966, incl. Bidder to name a single rate of interest, expressed
of l/i or 1-10th of 1%.
Principal and interest (A-O) payable
Island National Bank, Hicksville, with New York exchange.
to
principal and interest requirements. A
certified check for $260, payable to order of the town, is required.
Legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
ad valorem taxes in order to pay
the successful bidder .|
Other bids were as follows:
Int. Rate Prem. Bid
Bidder—
Brown, Bennett
jointly
& Johnson, Inc. and Tilney & Co.,
Manufacturers
&
Traders
Trust
Co., Buffalo
A. C. Allyn & Co., Inc
C. F. Childs & Co., Inc. and Sherwood &
Roosevelt & Weigold, Inc
Geo. B. Gibbons & Co.,
Co
2.25%
2.25%
2.30%
2.40%
the $1,640,430 of a year ago.
For the 12 months the figures
$16,586,349 and $15,542,360.
but at a smaller rate than income.
Deduc¬
tions totaled $1,007,706 in August, against $1,006,535, and in the 12 months
the figures were $10,839,003 and $10,289,471.1
IS
of 6.6% over
were
Total deductions increased,
PORT OF
NEW YORK
CONSTRUCT NAVAL
H. L. Allen & Co____,
137.00
82.15
Par
285.67
101.00
Par
PORT
OF
-
against $18,695 a year previously.
For the 12 months net was $93,740,
against $143,792,
Lincoln Tunnel recorded a sharp increase in the deficit for August when
it amounted to $42,272, against $11,277 in August 1939.
The 12 months
results were a deficit of $591,964 against $616,507.
George Washington Bridge made the sharpest percentage gain during
August with net of $359,360, a gain of 51.3% over the $237,517 reported
YORK
NEW
AUTHOR TY,
N. Y.—BIDS
payable from the General Reserve
secured by and
"ASKElToN
Fund of the Authority.
Copies of the prescribed bidding forms, the Official Statement describing
bonds, and the conditions of sale may be obtained at the office of
the General Manager, 111 Eighth Avenue. New York City.
the
SCHENECTADY,
N.
Y.—REFUNDING
S. Tremalne has approved the
$540,000 bonds.4
N.
UTICA.
APPROVED^tTte"T)ompcity's application to refund
I
Y.—BOND OFFERING—Thomas J. Nelson,
until noon on Oct. 3 for the
troller, will receive sealed bids
$502,517.90 not to exceed 4% interest coupon or
City Comp¬
purchase of
registered bonds, divided as
follows:
$50,000.00 series A public improvement bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $5,000 on Oct. 1 from 1941 to 1950 incl.
Interest A-O.
28,500.00 series B public improvement bonds. Dated Oct. 1, 1940. One
bond for $500, others $1,000 each.
Due Oct. 1 as follows:
$6,500 in 1941; $6,000, 1942 and 1943; $5,000 in 1944 and 1945.
Xnt/0r0st) A-O
12,951.82 series C public improvement bonds. Dated Oct. 1, 1940. One
bond for $951.82, others $1,000 each.
Due Oct. 1 as follows:
$2,951.82 in 1941; $3,000 in 1942 and 1943, and $2,000 in 1944
and 1945.
Interest A-O.
25,000.00 series
PORT OF NEW YORK
.
assured
$5,284,000 BONDS—Frank C. Ferguson, Chairman has announced that the
Port Authority will receive sealed bids until 11 a. m. on Oct. 1 for the pur¬
chase of $5,284,000 special refunding bonds, series G, maturing serially on
Oct. 1 from 1941 to 1945 incl.
They will refund series F and FF bonds
maturing March 1, 1941.
This financing was originally scheduled for
July 30 last, at which time the Port Authority rejected the single bid sub¬
mitted for the loan.
The offer, made by the National City Bank of New
York and the Chase National Bank of New York, in joint account, figured
a net interest cost of 1.46%.—V. 151, p. 732.
In the opinion of Counsel the interest on these bonds is exempt from
Federal and New York State income taxes, and the bonds are legal invest¬
ments in the States of New York and New Jersey for savings banks, insur¬
ance companies and fiduciaries, and are eligible for deposit with New York
and New Jersey State or municipal officers or agencies.
These bonds are
D
Denom.
AUTHORITY, N. Y.—REITERATE ARGUm
MENTS AGAINST TOLL REDUCTION— The Commissioners of the Port
of New York Authority told the New Jersey Legislative Commission
for the Investigation of Tolls at a hearing Sept. 20 at Newark that present
toll rates are necessary to provide revenues to meet contract obligations.
Any reduction at this time would result in a substantial diminution of net
income, the Port Authority said, and it declared that individuals seeking
toll cuts have offered no proof to show how such action would improve net
income.
Experience, judgment and continuous studies, the Port Authority
asserted, prove that a decrease in net income always follows downward
revisions of tolls.
The Holland Tunnel, the Lincoln Tunnel, the George
Washington Bridge and three Staten Island crossings are Port Authority
facilities.
As to bus tolls, the Port Authority hold that any adjustment
should be subordinated to the solution of the larger and more pressing termi¬
nal problem in New York City.
In discussing the proposed extension of commuter rates from the Staten
Island bridges to the Hudson River crossings, the Port Authority said that
this not only would lessen revenue but it also would undesirably stimulate
more traffic at peak hours.
"Even at the present time," it was remarked,
/'there is agitation for the second tube of the Lincoln Tunnel because of the
increasing loads at that facility during commuter hours."
The legislative commission was reminded that the Port Authority in its
main report of three months ago had stated that consideration might be
given to toll reductions when certain conditions were fulfilled, "chiefly the
construction of specific highway improvements leading to existing facilities.
Those highway improvements have not yet been built."
In its conclusion
and in referring to the July hearing, when the toll reduction advocates were
given an opportunity to be heard, the Port Authority commented:
"The record shows that two of the (six) individuals who appeared to urge
toll reductions sought and took advantage of the opportunity to air their
personal grievances.
Their remarks were characterized by villification,
abuse and exaggeration, and they possessed none of the qualities of deliber¬
ate criticism and constructive suggestion.
Nowhere did these individuals,
or, for that matter, the others, offer a scintilla of evidence that a reduction
in the present toll schedules on Port Authority crossings would improve
net income.
We have heretofore stated that in our honest judgment, based
on our own experience at the Staten Island bridges and oh the experience of
other toll bridges, that a reduction in tolls will result in a loss of revenues,
and our reasons for this conclusion have been fully stated.
This supple¬
mental report is intended merely to point out and correct the more impor¬
tant errors in the record of the July 12 hearing.
If in the determination of
the problem under consideration your Commission desires further informa¬
tion of any kind, we shall be pleased to comply with the request promptly
and to the best of our ability."
NET INCOME HIGHER IN AUGUST—The Port of New York Author¬
ity reports an increase of 16.8% in net income during August over the like
month of 1939.
Net of the Authority amounted to $740,662 in August,
against $633,895 in the 1939 month.
Net income for the 12 months ended Aug. 31 also shows a gain over the
level of the preceding 12 months.
For the latest reporting period net
income was $5,747,345, against $5,252,889, an increase of 9.4%.
All but two of the facilities registered gains during August, and only one
had declines for both August and the 12 months period.
Inland Terminal's
net was off 0.6% during August, when a total of $18,592 was reported
AUTHORITY, N. Y.—GOVERNMENT TO
DRYDOCK-"The Port of New York is now
largest graving dock in the world," said Chairman Frank O.
Ferguson of the Port Authority on learning that President Roosevelt had
signed the bill authorizing the Navy to build the dock in New York harbor.
"The Port Authority has, for some time, been actively advocating the
Immediate necessity, as a matter of national defense, for the construction
of a very large naval drydock in New York." said Mr. Ferguson.
A bill
was passed by the Senate some weeks ago which would have authorized the
joint participation of the Port Authority and the Federal Gofernment in
the construction of such a project to be operated on the basis of a long-term
lease by a private ship repair company or companies.
At that time, the
Navy had viewed the desirability of the dock chiefly from the standpoint
of a standby facility for emergency use after the launching of large superdreadnoughts at the New York Navy Yard.
However, the rapid strides
which are now being made toward the formulation of the Atlantic Fleet
required that the construction of the dock be undertaken entirely by the
Navy as a defense program. Mr. Ferguson stated that "the Port Authority
will give to the Navy Department any help or assistance that it might be
able to afford in aid of this project.
"The Port Authority," said Mr.
Ferguson, "has repeatedly made it clear that the only vital and important
issue is the construction of the dock and that the matter of who was going
to construct it had always been secondary."
of having the
106.00
2.40%
2.60%
2.70%
2.70%
2.70%
Inc
40.81
95.40
$2,528,272 agains
$2,016,706, a gain of 25.4%.
Holland Tunnel net increased 3% during August to $427,380 from
$414,983 in the 1939 month.
In the 12 months, net income was $3,974,404,
against $3,857,164, a gain of 3 %.
Arthur Kill bridges showed a smaller deficit both in August and the
12 months.
For August, 1939, the deficit was If 17,243 against $24,381, and
the 12 months comparison shows $177,854 deficit against $207,620.
Bayonne Bridge reported a deficit of $17,976 against $22,816 a year ago,
and the 12 months comparison was $180,915 against $227,091.
Income from other sources continued lower in August when net was
$12,822 against $21,174.
For the 12 months period the figures are $101,663
against $286,444.
Gross income from all sources amounted to $1,748,369 in August, a gain
$103.50
lA0%
-
-
Net for the 12 months period was
month.
for the 1939
troller Morris
►TPLEASANTVILLE, N. Y.—BOND SALE—The issue of $53,000 coupon
or registered sewer bonds offered Sept. 26—V. 151, p.
1756-—was awarded
to E. H. Rollins & Sons, Inc., New York, as 2.20s, at par plus a premium
of $120.85, equal to 100.228, a basis of about 2.17%.
Dated July 1, 1940
and due July 1 as follows:
$2,000 in 1941 and $3,000 from 1942 to 1958
incl.
1933
Financial Chronicle
public improvement bonds.
Dated Oct. 1, 1940.
Due $5,000 on Oct. 1 from 1941 to 1945 incl.
$1,000.
Interest A-O.
5,000.00 series
E
public improvement bonds.
Dated Oct. 1, 1940.
Due $1,000 on Oct. 1 from 1941 to 1945 incl.
Denom. $1,000.
Interest A-O.
_
257,000.00 home relief bonds. Dated July 1, 1940.
July 1 as follows: $26,000 from 1941 to
from 1948 to 1950 incl.
Interest J-J.
„
Denom. $1,000. Due
1947 incl.; and $25,000
124,066.08 delinquent tax bonds. Dated Oct. 1,1940. One bond for $66.08,
others $1,000 each.
Due Oct. 1 as follows: $24,066.08 in 1941,
and $25,000 from 1942 to 1945 incl. Interest A-Ot
single rate of interest, expressed in a multiple of H or
Principal and semi-annual interest payable at the City
with New York exchange. The city will, if so requested
by the purchaser, purchase for its sinking funds the $500 public improve¬
ment bond series B and $951.82 public improvement bonds series O, and the
$66.08 delinquent tax bond, which are to be typewritten, but at no greater
price than that offered by the purchaser.
The city is operating under its
City Charter, Chapter 658 of the Laws of 1923, as amended, and the Second
Class Cities Law.
The purchaser will be furnished with the opinion of
Thomson, Wood & Hoffman, of New York, that the bonds are valid and
legally binding obligations of the city, and that the city has power and
is obligated to levy ad valorem taxes for the payment of the bonds and the
interest thereon, upon all real property within the city, subject to taxation
by the city, without limitation of rate or amount. Bonds will be delivered
to the purchaser Oct. 17, or as soon thereafter as delivery can be effected.
A prescribed form of proposal will be furnished on application at the City .
Comptroller s office and all proposals must be conditional as therein pre¬
scribed.
Enclose a certified check for $10,050.36, payable to the City
Comptroller.
Bidder to name a
l-10th
of
1%.
Treasurer s office,
YONKERS, N. Y.—CERTIFICATE SALE—The $1,000,000 certificates
offered Sept. 24 were awarded to the First National Bank.
at 0.46% interest rate, at par.
Dated Sept. 25, 1940 and
due on March 14, 1941.
Issued in anticipation of 1940 taxes and principal
and interest payable at First National Bank of Boston, or at Central
Hanover Bank & Trust Co., New York City.
Legality to be approved by
Hawkins, Delafield & Longfellow of New York City.
Notes will be
authenticated as to genuineness and validity by the First National Bank
of Boston.
Other bids:
of indebtedness
of Boston,
Int. Rate
Bidder—
Leavitt & Co—
Bank of New York (plus $24 premium)
Bond, Judge & Co_„_
—
Lee Higginson Corp
Bishop-Wells Co__
National City Bank of New York (plus $12 premium).
Halsey, Stuart & Co., Inc. (plus $15 premium)
Chase National
NORTH
0.47%
_.0.48%
0.49%
—0.50%
0.53%
0.59%
0.88%
CAROLINA
BENTON HEIGHTS, N. C.—BOND OFFERING—Sealed bids will be
received until 11 a. m. on Oct. 1, by W. E. Easterling. Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
$5,000 street improvement bonds, dated Sept. 1, 1940. maturing
of
annually
$500,1941 to 1950, incl., without option of prior payment. There
will be no auction.
Denom. $500; prin. and int. (M-S) payable in lawful
money in New York City; coupon bonds registerable as to principal only;
general obligations; unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
< 9 per annum in multiples of X of 1%.
Each bid may name one rate for
on
Sept. 1,
1934
The Commercial & Financial Chronicle
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
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 town, such cost to be
determined by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their respective maturities. 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
specify in his bid the
unconditionally to the order of the State
Treasurer for $100.
The right to reject all bids is reserved. The
approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
CANTON,
until 11
N.
a. m. on
C.—BOND OFFERING— Sealed bids will be received
Oct. 1, by W. E. Easterling. Secretary of the Local Govern¬
ment Commission at his office in
Rale»gh, for the
purchase of $5,000 street
Dated Aug. 1, 1940. Due $2,000 on
Aug. 1 in 1941 and 1942, and
$1,000 in 1943, without option of prior payment. There will be no auction.
Denom. $1,000: prin. and int (P-A) payable in lawful
bonds.
New York
unlimited tax;
money in
City; coupon bonds not registerable; general obligations;
delivery at place of purchaser's choice.
Bidders
are
requested to
name the interest rate or rates, not exceeding
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
6%
per annum in
awarded to the bidder
offering to purchase the bonds at the lowest interest
by deducting the total amount
©f the premium bid from the aggregate amount of interest
upon all of the
bonds until their respective maturities. No bid of less than
par and accrued
Bids for the issue
Bids must be accompanied
bank or trust
by
certified check upon an incorporated
company, payable unconditionally to the order of the State
Treasurer for $100. The right to reject all bids is reserved.
The approving
opinion of Storey, Thorndike, Palmer & Dodge, Boston, will be furnished
the purchaser.
a
GASTONIA, N. C.—BOND OFFERING— Sealed
E.
bids will
be received
a. m. on
Easterling, Secretary of the Local Government Commission,
Oct. 1, at this office in Raleigh, for the purchase of $50,000
public improvement bonds. Dated Sept. 1,1940.
Due on Sept. 1 as follows:
$3,000, 1943 to 1949; $4,000, 1950 and $5,000, 1951 to 1955, incl., without
option of prior payment.
There will be no auction.
Denom. $1,000:
coupon bonds registerable as to principal alone; principal and interest
(M-S), payable in legal tender in New York City; general obligations;
unlimited tax; delivery on or about Oct. 15 at place of purchaser's choice.
Bidders are requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of one-fourth of 1 %.
Each bid mAy name one
rate for part of the bonds
(having the earliest maturities), andmother rate
for the balance, but no bid
may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder
offering to purchase the bonds at the lowest
interest cost to the city, tuch cost to be determined
by deducting the total
bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than
amount of the premum
par
accrued interest will be entertained.
Bids
are
re
juired
and
forms to be furnished with additional information
on
and each bid must be
accompanied
by
a
certified check upon
an
incorporated
_
as
2s, due
remaining
on
Oct.
1,
1952.
PERSON
COUNTY (P. O. Roxboro) N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. in. on Oct.
1, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of $28,000 school
building bonds.
Dated Oct. 1, 1940.
Due on Oct. 1: $2,000 1941 to
1944, $3,000, 1945 to
1948, all incl. $2,000,
1949, $3,000, 1950 and $3,000, 1951, without option of prior payment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as to
principal alone; prin. and int. (A-O), payable in legal tender in New York
City; general obligations; unlimited tax; delivery on or about Oct.
17, 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 county, such cost to be
determined by deducting the total
amount of the premium bid from the
aggregate amount of interest upon all
of the bonds until their
respective maturities. No bid of less than par and
accrued interest will be entertained.
Bids are required on forms to be furnished with
additional information,
and each bid must be accompanied
by a certified check upon an incorporated
bank or trust company, payable
unconditionally to the order of the State
Treasurer for $560.
The approving opinion of Masslich &
Mitchell, New
York City, will be furnished the purchaser.
TARBORO, N. C.—BOND
OFFERING— Sealed
bids
will
until 11
ment
be
received
a. m. on Oct.
1, by W. E. Easterling, Secretary of the Local Govern¬
Commission, at his office in Raleigh, for the purchase of $9,000 sewer
bonds.
Dated Oct. 1, 1940.
Due $1,000 on Oct. 1 in 1941 to 1949, incl.,
without option.
There will be no auction.
Denom. $1,000; coupon bonds
registerable
as to
in New York
principal only; prin. and int. (A-O) payable in lawful money
City; 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 town, such cost to be determined
by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their respective maturities. 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 $180. The right to
reject all bids is reserved. The approving
opinion of Reed, Hoyt, Washburn & Clay, New York
City, will be fur¬
nished the purchaser.
'If....
_
:
Seasongood& Mayer
Walter, Woody & Heimerdinger.
McDonald, Coolidge&Co
.
Premium
-~-lM%
1M%
1M%
1M%
-l%%
1M%
1 % %
1 M %
1 M %
1 M %
1 %%
1M%
2%
$65.80
283.88
276.00
lt2.00
■
604.00
527.50
509.00
415.00
321.00
190.00
105.85
.._
104.00
463.50
ASHLAND, Ohio—BOND SALE—The $12,000
ment bonds offered
Sept. 4—V. 151,
coupon road improve¬
1174—were awarded to the BancOhio
p.
Securities Co. of Columbus,
as 1 M». at a price of 100.833, a basis of about
Dated Aug. 1,1940 and due $2,000 on Oct. 1 from 1942 to 1947 incl
1.06%.
BARNESVILLE,
Ohio—BOND
OFFERING—The
Village
receive sealed bids until Oct. 4 for the
purchase of $15,000 fire
Clerk will
department
equipment bonds.
BUTLER
P.
G.
COUNTY (P. O. Hamilton), Ohio—BOND OFFERING—
Banker, Clerk of the Board of County Commissioners, will receive
sealed bids until
noon on
Oct. 8 for the purchase of $78,481.72 4% special
assessment water supply bonds. Dated Oct.
1, 1940. One bond for $481.72,
others $1,000 each.
Due Dec. 1 as follows: $4,000 from 1942 to 1960 incl.
and $2,481.72 in 1961. Bidder
may name a different rate of Interest provided
that fractional rates are expressed in a
multiple of M of 1%. Principal and
(A-O) payable at the County Treasurer s office.
Tho bonds are
anticipation of the collection of special assessments in various
interest
in
districts, which
assessments are levied for purposes incident to construction
and maintenance of water supply distribution
systems in the sewer districts.
A complete transcript of proceedines with reference to
the bond issue will be
furnished the purchaser.
Proceedings have been taken under the super¬
vision of Peck, Shaffer & Williams of Cincinnati, whose
approving legal
at the county s
exponse.
A
$784.82, payable to order of the County Treasurer, is
opinion will be furnished the successful bidder
certified check for
required.
CLEVELAND,
Sept
25—V.
Lazard
Union
151,
Freres
Ohio—BOND SALE—'The $2,748,000 bonds offered
p.
1458—were awarded to a syndicate composed of
Co., Goldman,
&
Sachs & Co., Kidder, Peabody & Co.,
Securities Corp., Hemphill, Noyes & Co., L. F. Rothschild &
Co.,
Co., Cleveland: C. F. Childs & Co.,
all of New York; Merrill, Turben &
Inc., New York; Stern, Wampler & Co., Chicago; Newton, Abbe & Co.,
Boston; Minsch, Monell & Co., Inc., New York; Edward Lowber Stokes
Co. of Philadelphia; Wheelock & Cumins, Inc., Des Moines:
Martin.
Burns & Corbett, Inc., Chicaeo, and C. S. Ashmun Co.
of Minneapolis.
Successful bid was a price of 100.138 for 2s, a basis of about
1.979%. Sale
&
consisted of:
$175,000 sewage disposal bonds.
Dated Sept.
Dec. 1 from 1942 to 1966 incl.
325,000 general sewer bonds.
Dated Sept.
Dec. 1 from 1942 to 1966 incl.
purchaser.
$16,000
-
Braun, Bos worth & Co.
Hawley. Huller & Co
Fox, Einhorn &Co_
Fahey, Clark & Co
Stranahan, Harris & Co
Ryan, Sutherland <fc Co...
BancOhio Securities Co
bank or.trust company, payable
unconditionally to the order of the State
Treasurer for $1,000.
The approving opinion of Masslich and Mitchell,
New York City will be furnished the
HICKORY, N. C.—BOND SALE—The $40,000 refunding bonds offered
for sale on Sept. 24—V. 151,
p. 1756—were awarded to Kirchofer & Arnold
of Raleigh, paying a premium of
$36.40, equal to 100.091, a net interest
cost of about
2.13% on the bonds divided as follows: $24,000 as 2Ms, due
on Oct. 1, $5,000 in
1949, $10,000 in 1950 and $9,000 in 1951; the
follows:
Otis & Co
issued
until 11
as
Int. Rate
-
by W.
were
Paine, Webber & Co
Van-Lahr, Doll& Isphording
cost to the town, such cost to be determined
interest will be entertained.
Sept. 28, 1940
of $65.80, equal to 100.07, a basis of about
1.23%. Dated Sept. 15, 1940
and due Oct. 15 as follows: $15,000 in 1942 and 1943 and
$16,000 from 1944
to 1947 incl.
Second high bid of 100.30 for
1Mb was made by VanLahr,
Doll & Isphording of Cincinnati.
10,000 cemetery bonds.
from
Dated Sept. 1, 1940 and due $1,000
1942 to 1951
on
on
on
Dec. 1
incl.
100,000 city's portion paving bonds.
on
1, 1940 and due f/,000
1, 1940 and due $13,000
Dated Sept. 1,1940 and due $10,000
Dec. 1 from 1942 to 1951 incl.
2,138,000 delinquent tax anticipation bonds, first series of 1940.
Dated
May 1, 1940 and due Nov. 1 as follows: $237,000 from 1941 to
1944 incl. and $238,000 from 1945 to 1949 incl.
BONDS PUBLICLY OFFERED—The banking
group made public offering
1941-1947, at prices to yield from 0.40% to
1.85%, according to maturity.
The remaining $1,020,000 bonds, due
1942-1966, were sold before the close of business on day of the award.
of the $1,728,000 bonds, due
OTHER BIDS—Second high bid of 100.11 for
2s, an interest cost of
about 1.98%, was made by Blyth & Co., Inc.,
Stranahan, Harris & Co..
Inc., Braun, Bosworth & Co., Field, Richards & Co. and Ryan. Suther¬
land & Co.
An offer of 100.022 for $500,000
1Mb, $110,000 3Ms and
$2,138,000 2Ms. a basis of about 2.02%, came from
Phelps, Fenn & Co.,
Inc., R. W. Pressprich & Co., Paul H. Davis & Co., Roosevelt & Weigold,
Inc., William J. Mericka & Co., R. S. Dickson & Co., Illinois Co.of
Chicago, Wells-Dickey Co., J. M. Dain & Co., Walter, Woody & Heimer¬
dinger, and Johnson, Kase & Co.
An account headed by
Halsey, Stuart
& Co., Inc., bid 100.269 for
2Ms. a 2.21% cost basis, and one managed by
the BancOhio Securities Co. of
Columbus, offered 100.10 for all 2Ms. and
100.043 for a combination of $610,000 2Mb and $2,138,000 2
Ms. Associated
with Halsey, Stuart & Co. were Blair &
Co., Inc., B. J. Van Ingen & Co.,
Inc., E. H. Rollins & Sons, Inc., Otis & Co.,
McDonald-Coolidge & Co.,
Fahey, Clark & Co., First of Michigan Corp., Campbell, Phelps & Co.,
Farwell, Chapman & Co., Moore, Leonard & Lynch, and Alfred O'Gara
& Co.
With the BancOhio Securities Co. were Provident
Savings Bank &
Trust Co., First Cleveland Corp., Fullerton &
Co., Assel, Goetz & Moerlein, Inc., Paine, Webber & Co., Prudden & Co., VanLahr, Doll &
Isp¬
hording, Weil. Roth & Irving Co., Seasongood & Mayer, Fox, Einhorn &
Co., Inc., Pohl & Co., Breed & Harrison, P. E. Kline, Inc. and
Mullaney,
Ross & Co.
COLUMBUS,
Ohio—BOND PURCHASE
AGREEMENT—It
Is
re¬
ported that the BancOhio Securities Co. of Columbus has
agreed to pur¬
following refunding bonds aggregating $287,000:
chase the
$52,000 2M% series A bonds. Due Sept. 1 as follows: $5,000 from
1945 to
1952 incl. and $6,000 in 1953 and 1954.
53,000 2%% series B bonds. Due Sept. 1 as follows: $5,000 from 1945 to
1951 incl. and $6,000 from 1952 to 1954 incl.
63.000 2U% series C bonds. Due Sept. 1 as follows: $6,000 from 1945 to
1951 incl. and $7,000 from 1952 to 1954 Incl.
80,000 1M % series D bonds. Due $8,000 on Sept. 1 from 1945 to 1954 incl.
32,000 2% series E bonds.
Due Sept. 1 as follows:
$3,000 from 1945 to
1952 incl. and $4,000 in 1953 and 1954.
7,000 2% series F bonds. Due $1,000 on Sept. 1 from 1945 to 1951 incl.
All of the bonds will be dated Sept. 1, 1940.
ENGLEWOOD, Ohio—BONDS VOTED—It
is reported that an issue
5% interest sewer bonds was approved at an election
Dated Oct. 1, 1940, and due serially from 1941 to 1953 incl.
of $3,400 not to exceed
on
Sept. 24.
GEORGETOWN,
Ohio—BOND
Council on Sept. 10 voted down
a
ISSUE
REJECTED—The
Village
resolution authorizing an issue of $10,000
water works system mortgage revenue bonds.
NORTH
EDDY
GIRARD, Ohio—BOND SALE—The $36,622.20
DAKOTA
(P. O. New Rockford) N. Dak.—BOND SALE—
The $60,000 issue of 3 M % semi-ann.
refunding bonds offered for sale on
Sept. 23—V. 151, p. 1756—was awarded to Kalman & Co. of St.
Paul,
paying a premium of $3,457.50, equal to 105.762, a basis of about
2.10%.
Dated Oct. 1, 1940. Due on Oct. 1 in 1942 to
1953; optional after Oct.
1,
1945.
WELLS
COUNTY
OFFERING—Bids will
(P.
O.
Fessenden)
N.
Dak .—CERTIFICATE
be received until
Oct. 4, at 2 p. m
by Otto G.
Kreuger, County Auditor, for the purchase of $50,000 certificates of in¬
,
debtedness.
Such certificates to be issued in
denominations as the Board
may direct, due either in 12 or 24 months. The payments of
such certificates
be governed by Section 2079-b5 of Chapter
247, Laws of 1933.
The
reserves the right to sell such certificates in
blocks as money may be
needed, but a block of $10,000 will be offered Oct. 4.
No bid of less than
par will be considered.
The certificates are being issued
pursuant to the
provisions of Chapter 50-A Supplement to 1913 Compiled Laws of North
Dakota and Chapter 247 Laws of 1933. Enclose a certified
check for not
less than 2% of the bid, payable to the
county.
to
Board
OHIO
ALLIANCE, Ohio—BOND SALE—The $94,000
series D-1940 coupon
registered refunding bonds offered Sept. 25—V. 151,
p.
1610—were
awarded to Paine, Webber & Co. of Chicago, as 1
Ms. at par plus a premium
or
coupon street improve¬
Sept. 23—V. 151, p. 1611—were awarded to Stranahan,
Co., Inc.,of Toledo.as lMs, at par plus prem. of $61, equal to
100.166, abasisof about 1.21%. Dated Oct. 1, 1940, due Oct. 1 as follows:
$7,022.20 in 1942 and $7,400 from 1943 to 1946 incl.
Other bids:
ment bonds offered
COUNTY
Harris &
Bidder—
Int. Rate
Braun, Bosworth & Co
Seasongood & Mayer
Ryan, Sutherland & Co.
Fox, Einhorn & Co
Paine, Webber & Co...
Hawley, Huller & Co..
BancOhio
Rate Bid
1M%
1M%
1M%
1M%
1M%
\%%
2M%
Securities Co
100.554
100.37
100.22
100.17
100.06
100.439
100.122
GIRARD, Ohio—NOTE OFFERING—P.
J. Wilson, City Auditor, will
noon on Oct. 7 for the purchase of
$65,800 3%
city portion street improvement notes.
Dated
the day they are issued.
Denoms. to suit purchaser.
Due Sept. 1, 1942.
Interest payable at maturity.
Bidder may name a different rate of in¬
terest, provided that fractional rates are expressed in a multiple of M of 1 %.
Principal and interest payable at the First National Bank of Girard.
A
receive sealed
special
bids until
assessment
and
certified check for $658, payable to order of the
City Treasurer, is required.
The approving legal opinion of Peck,
Shaffer, Williams & Gorman of
Cincinnati will be furnished the successful bidder.
GOOD
HOPE
At the Nov.
SCHOOL
DISTRICT,
5 election the voters will
$10-,000 building improvement bonds.
Ohio—BOND
be asked
to
ELECTION—
authorize
an
issue of
HAMILTON,
ized
The Commercial &
151
Volume
Ohio—BONDS
AUTHORIZED—City
Council author¬
improvement
$2,668.90 in
of $23,368.90 3% special assessment street
Dated Oct. 1, 1940, and due Oct. 1 as follows:
issue
an
bonds.
1935
Financial Chronicle
WEST SALEM, Or©.—BONDS DEFEATED—'The City Recorder states
an election held on Sept. 16 the voters rejected a proposal to issue
that at
$80,000 electric company purchase bonds.
1942 and $2,300 from 1943 to 1951, inclusive.
HOLLOW AY, Ohio—BOND OFFERING—Olive Carroll,
will receive sealed bids until noon on Oct. 4 for the
bid, payable to order of the
A certified check for 5% of the amount
A-O.
village, must accompany each proposal.
LUCAS COUNTY (P. O. Toledo), Ohio—BOND SALE—The $23,580
highway improvement No. 538 bonds offered Sept. 2b-—V. 151, p. 1459—
were awarded to Braun, Bosworth & Co. and Ryan, Sutherland & Co.,
both of Toledo, jointly, as lKs, at par plus a premium of $35.25, equal
to 100.149, a basis of about 1.21%.
Dated Oct. 10, 1940 and due Oct. 10
as follows:
$4,580 in 1941; $4,000 in 1942 and $3,000 from 1943 to 1947 incl.
Second high bid of 100.65 for lj^s was made by Stranahan, Harris & Co.,
Inc.
;
Ohio—PROPOSED BOND ISSUE—A proposal to issue $290,000
be submitted to the voters at the Nov. 5 election.
school building bonds may
(P. O. Youngstown), Ohio—PROPOSED
BOND SALE—The County Commissioners plan to offer for sale in De¬
cember an issue of $440,000 refunding bonds, according to report.
MAHONING
COUNTY
MILAN, Ohio—BOND OFFERING—Herman Sickinger, Village Clerk,
(EST) on Sept. 28 for the purchase of
$21,000 not to exceed 5% interest coupon sewer and sewage disposal works
bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $1,000 on Oct. 1
from 1942 to 1962 incl.
Rate of interest to be expressed in a multiple of
% of 1%.
Interest A-O.
A certified check for $300, payable to order
of the village, must accompany each proposal.
will receive sealed bids until noon
MILTON,
Ohio—BONDS AUTHORIZED—The Village
CounciLhas
authorized sale of the $30,000 not to exceed 3H% interest water system
bonds
which
were
will be dated Nov.
authorized
at
the
Denom. $1,000.
15, 1940.
Issue
Due Nov. 15 as follows:
November,
1939,
election.
$2,000 from 1942 to 1953, incl., and $3,000 in 1954 and 1955.
and interest (M-N) payable at the Village Treasurer's office.
Principal
LONDON,
Other bids:
Bidder—
Premium
Int. Rate
.
Ryan, Sutherland & Co.
J. A. White & Co., Inc_i__^_
Stranahan, Harris & Co., Inc
Browning, Van Duyn, Tischler & Go
Savings & Loan Banking Co. of New London
$207 00
189.00
169.00
193.75
Par
2\4%
__
____
...
2%%
2H%
2M%
3%
Ohio—BOND ELECTION—At
the issuance of
$82,000 children's home site purchase and construction bonds.
PREBLE
the Nov.
COUNTY
housing project bonds.
approved an issue of $806,000 2%% low rent
CHESTER, Pa.—BOND SALE—The $515,000 funding bonds offered
Sept. 24—V. 151,,p. 1611—were awarded to a group composed of Doug¬
herty, Corkran & Co., Mackay, Dunn & Co.
both of Philadelphia, and
Singer, Deane & Scribner of Pittsburgh, as \%h, at a price of 101.722, a
basis of about 1.56%. Dated Oct. 1,1940 and due Oct. 1 as follows: $25,000
from 1941 to 1945 incl. and $26,000 from 1946 to 1960 incl. Reoffered from
a yield of 0.30% to a price of 101.50.
Other bids:
Bidder—
Int. Rale
Rate Bid
Co. and Burr
Blyth & Co., Inc., Hemphill, Noyes &
1^%
1% %
(P.
O.
101.211
101.162
l%%
101.156
l%%
1 % %
2%
Stroud & Co. and Butcher & Sherrerd
Ripley & Co., Inc., Merrill Lynch, E. A.
Pierce & Cassatt, and Schmidt, Poole & Co
Drexel & Co. and Delaware Co. Nat. Bank of Chester.
Yarnall & Co., E. H. Rollins & Sons and Graham, Par¬
101.273
101.265
1%%
1%%
& Co_
101.095
100.589
101.672
Harriman
_
sons
& Co
_
Halsey, Stuart & Co., Inc., Moore, Leonard &
Lynch,
and Edward Lowber Stokes & Co.
Charles Clark & Co.
Eastman. Dillon & Co
_
_
CONWAY, Pa .—BOND ELECTION—An election will
the question of issuing $15,000 funding bonds.
be held Nov. 12
on
OFFERING—Roy F. Shelly, Borough
Secretary, will receive sealed bids until 7:30 p. m. on Oct. 18 for the pur¬
chase of $10,000 3% coupon waterworks bonds.
Dated Jan. 1, 1941.
Denom. $500.
Due $500 on Jan. 1 from 1942 to 1961 incl.
Callable on
any interest payment date on or after Jan. 1, 1946.
Bonds are direct and
general obligations of the0borough.
Interest J. J.
EAST PROSPECT, Pa.—BOND
EAST
ROCHESTER, Pa.—BOND OFFERING—William D. Kramer,
5 P. M. (EST) on Sept. 30
Borough Secretary, will receive sealed bids until
Ohio—BOND SALE—The $45,000 sanitary sewer
bonds offered Sept. 21—V. 151, p. 1611—were awarded to the BancOhio
Securities Co. of Columbus as 2ks at par plus a premium of $522 equal to
101.16, a basis of about 2.40%.
Dated Aug 1, 1940 and due semi-annually
from Oct. 1, 1941 to April 1, 1966, incl.
High bid of par and a premium of
$271.85 for 2%s, submitted by Seasongood & Mayer of Cincinnati, was
rejected as it was conditional, according to J. W. Nelson, Village Clerk.
NEW
HOUSING AUTHORITY (P. O. Beaver), Paof Internal Affairs
COUNTY
BEAVER
—BONDS APPROVED—The Pennsylvania Department
Blair & Co., Inc.,
(P. O. Mans¬
MADISON TOWNSHIP RURAL SCHOOL DISTRICT
field),
PENNSYLVANIA
Village Clerk,
purchase of $13,000 not
6% interest street improvement and sewer bonds. Dated May 1,
1940. Denom. $500. Due Oct. 1 as follows: $1,000 in 1941 and $1,500 from
1942 to 1949 incl. Rate of interest to be expressed in multiples of % of 1 %.
to exceed
Eaton),
5 election the voters will be asked to authorize
STRUTHERS, Ohio—BOND OFFERING—John F. Pearce. City Audi¬
will receive sealed bids until noon on Sept. 28 for the purchase of
$30,000 4% Yellow Creek Park swimming pool coupon bonds.
Dated
July 1, 1940.
Denoms. $1,000 and $500.
Due $1,500 on April 1 and
Oct. 1 from 1941 to 1950 incl.
Bidder may name a different rate of interest
provided that fractional rates are expressed in a multiple of % of 1%.
Interest A-O.
Transcripts for the issue may be obtained from Squire,
Sanders & Dempsey of Cleveland.
A certified check for $300, payable
to order of the city, is required.
tor,
purchase of $7,500 coupon sewer bonds.
Denomination $500.
Due
$500 on Nov. 1 from 1941 to 1955, incl.
Bidder to name a single rate of
interest, expressed in a multiple of % of 1 %. Sale shall be subjectto approval
of issue by the Pennsylvania Department of Internal Affairs.
A certified
check for $500, payable to order of the borough is required.
for the
HARMONY TOWNSHIP (P. O. Ambridge), Pa.—OTHER BIDS—
$16,000 bonds awarded to E. H. Rollins & Sons, Inc. of Philadelphia,
2s, at par plus a premium of $119.84, equal to 100.749, a basis of about
1.92%—V. 151, p. 1612—were also bid for as follows:
The
as
Singer, Deane & Scribner
Sherwood & Co
__
___
j„;
___
*
2%%
2)4%
.....
....
—
Co
Economy Bank of Ambridge.
$86.00
296.00
205.28
188.00
185.00
2%
2%%
2%%
2M%
_
K. Cunningham &
S.
Premium
Int. Rate
Bidder—
Phillips, Schmertz & Co___
Mackey, Dunn & Co„_.___
Moore, Leonard & Lynch_______
P.J.Davidson.
180.00
122.56
2M%
....
__
62.50
2%%
168.70
2%%
Elmer E. Powell & Co
HARRISON TOWNSHIP (P. O. Natrona),
Pa.—BOND SALE—The
$10,000 coupon bonds offered Sept. 23—V. 151, p. 1612—were awarded
to E. H. Rollins & Sons, Inc. of Philadelphia.
Dated Oct. 1,1940 and due
$1,000 on Oct. 1 from 1941 to 1950
The successful bid was a
incl.
Other bids:
price of 100.289 for 1 %b.
Rate Bid
100 225
Int. Rate
Bidder—
Glover & MacGregor
TIFFIN,
Ohio—BOND ELECTION—An issue of $20,000 fire equip¬
by the voters at the Nov. 5 election.
ment bonds will be considered
(P. O. Warren), Ohio—NOTES SOLD—An
issue of $120,000 2% delinquent tax notes was sold to the Union Savings &
Trust Co. of Warren.
Due $60,000 March 1 and Sept. 1, 1941.
Callable
at county's option on March 1, 1941.
TRUMBULL
COUNTY
VERSAILLES, Ohio—BONDS AUTHORIZED—Village Council author¬
an issue of $10,000 not to exceed 5% interest sewage disposal system
1%%
Phillips, Schmertz & Co
.....
Singer, Deane & Scribner.....
Peoples National Bank of Tarentum
Moore, Leonard & Lynch
First National Bank of Natrona
First National Bank of Freeport._________
2%
2%
2%
2%
101.224
100 689
100.50
100.242
2%
2%
100.10
Par
HEIDELBERG,
ized
thorized
bonds, to mature $500 annually from 1942 to 1961 inclusive.
Denom.
WEST MILTON,
Ohio—BOND OFFERING—Russell C. Niles, Village
Clerk, will receive sealed bids until noon on Oct. 4, for the purchase of
$30,000 3>£% coupon water bonds.
Dated Nov. 15,1940. Denom. $1,000.
Due Nov. 15 as follows:
$2,000 from 1942 to 1953, incl. and $3,000 in
1955.
Principal and interest (M-N) payable
Treasurer's office.
A certified check for $300 is required.
1954
and
at
the Village
YORKVILLE, Ohio—BOND ELECTION—An issue of $130,000 munici¬
by the voters at the
pal power plant construction bonds will be considered
(P. O. Elkton),
until Sept. 28, at
8 p. m., by E. A. Iai?3.i. Dist, Clerk, for purchase of $27,500 not to ex¬
ceed 5% semi-annual building bonds.
Dated Oct. 1, 1940. Denom. $500.
Due Oct. 1, as follows:
$2,000 in 1942 to 1944, $2,500 in 1945 to 1947, and
$3,500 in 1948 to 1951.
Prin. and int. payable in lawful money at the
County Treasurer's office, or at the fiscal agency of the State in New York
City. All bids must be for not less than par and accrued interest.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 34
Ore.—BOND OFFERING—Sealed bids will be received
LANE COUNTY UNION
HIGH SCHOOL DISTRICT NO. 15 (P. O.
Springfield), Ore.-—BOND OFFERING— Sealed bids will be received until
on Oct. 1, by Mary Clark, District Clerk, for the purchase of
$100,000 school bonds.
Interest rate is not to exceed 4%, payable A-O.
Dated Oct. 15, 1940.
Denom, $1,000.
Due $2,000 Aprtland Oct. 15,
1942 to 1947, $3,000 April and $2,000 Oct. 15, 1948 to 1952, $3,000 April
and Oct. 15, 1953 to 1957, and $4,000 April and $3,000 Oct. 15, 1958 to
1960.
Prin. and interest payable at the County Treasurer's office.
The
bonds shall be sold for not less fhan par, and were duly authorized at an
election held on July 23.
The approving opinion of Teal, Winfree, M
Shuler & Kelley. of Portland, will be furnished the purchaser.
Enclose a
certified check for 5% of the amount bid.
7:30 p. m.
SCHOOL DISTRICT NO. 2 (P. O..
Ore.—BOND SALE—The $15,( 00 school bonds offered for
to Atkinson-Jones &
basis of about 1.42%.
1, 1940.
Due $5,000 on Oct. 1 in 1942 to 1944.
LINN COUNTY UNION HIGH
Sweet Home),
Sept. 23—V. 151, p. 1757—were awarded
Co. of Portland as l%s, paying a price of 100.22, a
Dated Oct.
DISTRICT NO. 8 (P. O. Ontario),
Ore.—BOND SALE—The $10.COO coupon semi-annual school bonds of¬
fered for sale on Sept. 24—V. 151, p. 1757—were awarded to the Federal
Securities Co. of Portland, as 2s, paying a price of 100.19, a basis of about
1.96%.
Dated Oct. 1, 1940.
Due $1,000 on Oct. 1 in 1941 to 1950 incl.
MALHEUR COUNTY SCHOOL
NORTHERN
WASCO
COUNTY PEOPLES' UTILITY DISTRICT
ELECTION—The Treasurer of Wasco
will pass on the issuance of $475,000 in elec¬
the general election on Nov. 5.
(P. O. The Dalles), Ore.—BOND
County states that the voters
tric system revenue bonds at
Ore.—SHARP REDUCTION IN DEBT REPORTED—
of debt reduction during the past decade has been
city, it is revealed in the annual statement of Will E.
Gibson, City Auditor,
The figures show that net bonded indebtedness
was reduced $17,410,804, or 39.48%, during the period, although at the
same time assessed valuations were declining $81,282,850, or 23.41%.
Both the outstanding and net totals are down sharply during the decade,
the report shows.
Outstanding debt amounted to $32,412,407 asof June30,
1940, in contrast to $51,160,463 in 1930.
After deduction of sinking
funds, net debt totaled $26,686,429 this year against $44,097,225 in 1930.
PORTLAND,
An
unusual
Pa.—BONDS AUTHORIZED— Borough Council au¬
refunding bonds.
Dated Sept. 1, 1940.
follows: $2,000 from 1941 to 1948 incl.
Principal and interest (M-S) payable at the Bridgeville
issue of $19,000 3% %
$1,000.
Due Sept. 1 as
an
and $3,000
in 1949.
LOWER PAXTON
TOWNSHIP SCHOOL DISTRICT (P. O.
record
established by this
SANDY, Or©.—BOND SALE—The $4,000 3% semi-ann. fire equipment
Sept. 24—V. 151, p. 1757—were awarded to the
8andy, for a premium of $40, equal to 101.00,
a basis of about 2.80%.
Due $500 on JuneT in 1942 to 1948; redeemable
on any interest paying date.%
bonds offered for sale on
Clackamas County Bank of
Colonial
Park), Pa .—BOND SALE—The issue of $5,000 school bonds offered
Sept. 19—V. 151, p. 1459—was awarded to the Palmyra Bank & Trust Co.
of Palmyra, as 2%s, at par plus a premium of $57.50, equal to 101.15, a
basis of about 2.10%.
Dated Oct. 1, 1940 and due 11,000 on Oct. 1 from
1941 to 1945 incl. Other bids:
Pre™iu™
Bidder—
OREGON
on
...
National Bank, Bridgeville.
Nov. 5 election.
sale
_
Capital Bank Trust Co., Harrisburg
Burr & Co., Inc
________—...
Merchants & Business Men's Mutual Fire
Harrisburg Trust Co__
___
C„Collings & Co...
National Bank of Penbrook
C.
$13.11
10.00
Insurance Co., Harrisburg
10.00
5.50
5.00
___
Par
_____
- —
Pa .—BOND OFFERING— Maurice N. Bailev, Borough
Secretary, will receive sealed bids until 7:30 p.m. on Oct. 14 for the pur¬
chase of $10,000 not to exceed 3% interest coupon bonds.
Dated Nov. 1,
1940.
Denom. $500.
Due $500 on Nov. 1 from 1941 to I960 inclusive.
Borough reserves the right to redeem any or all of outstanding bonds, at
par, on Nov. 1, 1951 or on any subsequent interest paying date.
Option
of registration as to principal only.
A certified check for 2% of par value,
payable to the order of the borough, is required.
Bonds are issued subject
to approval of Arnold & Brickler of Lancaster.
MOUNT JOY,
NANTICOKE
SCHOOL
DISTRICT,
F. Schimmel, District Secretary,
William
Pa.—BOND OFFERING—
will receive sealed bids until
for the purchase of $74,000 2, 2%, 2%, 2%, 3, 3%.
314,3% or 4% coupon funding and refunding bonds. Dated Oct. 15, 1940.
Denom. $1,000. Due Oct. 15 as follows: $7,000 from 1941 to 1946 incl. and
$8,000 from 1947 to 1950 incl. Bidder to name one rate of interest, payable
A-O. Registerable as to principal only and issued subject to favorable legal
opinion of Townsend, Elliott & Munson of Philadelphia. A certified check
for 2% of the amount of bonds bid for, payable to order of the District
3:30 p. m. on Oct. 14
Treasurer, is required.
OLD
are
Pa .—BONDS NOT SOLD—The
24—V. 151, p. 1459—
$5,000 on Oct. 1 from 1941 to 1950, inclusive.
FORGE SCHOOL DISTRICT,
issueof $50,000
5%
coupon
school bonds offered Sept.
dated Oct. 1,1940 and due
PHILADELPHIA, Pa .—TAX RECEIPTS HIGHER—Tax
receipts from
general fund revenue sources in the first eight months of 1940 amounted
$59,778,794, the monthly report of receiver of taxes Frank J. Willard
shows.
This compares with collections of $50,630,847 in the corresponding
period of 1939. Collections of city real estate taxes in eight mos. showed an
increase of $704,880, totaling $35,198,270.
The 1 % % earned income levy
placed on the statute books this year has brought in $9,216,200 so far. Col¬
lections from this source have fallen below expectations. When the measure
was first introduced, it was estimated it would bring in about $18,000,000
annually.
Mayor Lamberton recently indicated that the tax would be
continued next year.
There was little change in personal property tax
all
to
$3,103,987 against
$24,222,992,
school tax
payments from a year ago, total for eight months being
$3,189,830.
Payments on the school levy have reached
compared with $20,711,205, increaseof $3,511,787.
Increase in
rate this year is responsible for the sharp increase.
Water rent
were
off slightly,
totaling $5,796,890 against
payments
$5,830,194 last year. De¬
while delinquent personal
linquent city and school payments were smaller
property receipts showed a small increase.
SUMMIT HILL, Pa.—BOND
Secretary, will receive
of
OFFERING—William J. Watkins, Borough
sealed bids until 7:30 p. m. on
$97,600 3% coupon refunding
bonds.
Oct. 10 for the purchase
Dated Nov. 1, 1940.
Denoms.
1942
1956
$1,000,$500 and $100. Due Nov 1 as follows: $3,600 in 1941; $5,000,
to 1951 incl.; $6,000, 1952 and 1953; $7,000, 1954; $8,000 in 1955 and
The Commercial & Financial Chronicle
1936
and $9,000 in 1957.
Redeemable in whole or in part in the inverse order
of their numbers on any interest date at
105% of the principal amount.
The bonds
are registerable as to principal only.
No bid for less than par and
accrued interest will be considered. The issuance of the bonds will be subject
to the approval of the Department of Internal Affairs and the approving
opinion of Saul, Ewing. Remick & Saul, of Philadelphia. Enclose a certified
payable to the Borough Treasurer.
check for $1,000,
TIONESTA
SCHOOL
DISTRICT, Pa .—BOND SALE— The $14,500
schoolhouse construction bonds offered 8ept. 23—V. 151, p. 1459—
were awarded to Singer, Deane & Scribner of Pittsburgh as 2Ms at par plus
a premium of $176.53, equal to 101.217, a basis of about 2.10%.
Dated
Oct. 1,1940 and due Oct. 1 as follows: $3,000 in 1945, 1950,1955 and 1960,
and $2,500 in 1965.
Other bids:
coupon
Bidder—
Premium
Int. Rale
E. II. Rollins & Sons, Inc
Philip J. Davidson of Beaver FallsForest County National Bank of Tionesta
2M%
2%%
3%
-
$85.41
36.25
Par
'
UNIONTOWN, Pa.—OTHER BIDS—The $80,000 coupon revenue
deficiency bonds awarded Sept. 10 to E. II. Rollins & Sons, Inc. and Singer,
Deane & Scribner, of Pittsburgh, jointly, as 2Ms, at a price of 100.869, a
basis of about 2.08%—V. 151, P. 1612—were also bid for as follows:
Bidder—
Int. Rate
Rate Bid
2M%
100.515
a contract in which
he will agree to accept and pay for the said $25,000 of temporary warrants,
such portions thereof as may be issued from time to time: provided that
the said contract shall terminate six months from its date. The form of said
or
contract may
be obtained from the County Road Engineer's office.
All bids shall be accompanied by a bid deposit th the form of cash, cashier's
check,
or
certified check in
equal to 5% of the bid.
before award of contract, unless the award is delayed for a period exceeding
60 days.
KLICKITAT
COUNTY
PUBLIC
UTILITY
DISTRICT
(P.
O.
Goldendale), Wash.—BONDS AUTHORIZED—The issuance of $100,000
electric revenue bonds is said to have been authorized recently by the Dis¬
trict Commissioners.
PULLMAN, Wash.—BOND ELECTION—The City Clerk states that an
election has been called for Dec. 3 in order to have the voters pass on the
issuance of $65,000 general obligation sewage plant bonds.
141
O.
(P.
COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
Friday Harbor)
Wash.—BOND SALE— The $9,000 school
Aug. 24—V. 151, p. 1030—were purchased by the
Friday Harbor, as 3Ms, at par, according to the
Due on or before 23 years from date of issue.
on
100.432
2M%
an amount
Should the successful bidder fail to enter into the contract as required,
within 10 days after notice of award, exclusive of the day of notice, the bid
deposit shall be forfeited to the county.
No bids may be withdrawn after the hour set for the opening thereof or
bonds offered for sale
—
1940
and equipment.
The successful bidder will be required to enter into
SAN JUAN
Hemphill, Noyes & Co.; Phillips, Schmertz & Co.
and George G. Applegate, jointly
Glover & MacGregor, Inc., and 8. K. Cunningham
& Co., jointly
Sept. 28,
the furnishing of materials and fixed estimate and the rental of machinery
San Juan County Bank of
County Treasurer.
M. M. Freeman & Co
2 %%
100.169
Katz &
2M%
100.63
O'Brien
Moore, Leonard & Lynch, and Dougherty, Corkran
6c Co
2M%
100.503
the Nov.
voters will be asked to authorize the issuance of $110,000
ment and $10,000 playground bonds.
5 election the
street improve¬
-
„
WEST
VIEW,
Pa.—B')ND ELECTION—At
RHODE
WEST WARWICK,
ISLAND
R. I .—NOTE SALE— The $85,000
coupon
sewer
notes offered
Sept. 24—V. 151, p. 1758—were awarded to Harriman Ripley
& Co. of Boston as 2Mb, at par plus a premium of $476.85, equal to 100.502,
a basis of about
2.46%,
Dated Oct. 1, 1940, and due Oct. 1 as follows:
$2,000 from 1941 to 1945, inch, and $3,000 from 1946 to 1970, incl.
Other
bids:
Bidder—•
Int. Rale
Estabrook & Co
Rate Bid
2%%
2%%
100.779
100.27
-
Bond, Judge & Co
WISCONSIN
KENOSHA,
Wis.—BOND OFFERING— It is stated by A. E. Axtell,
Director of Finance, that he will receive sealed bids until 2 p. m. (CST)
on Oct. 18 for the purchase of the following not to exceed 4% semi-annual
refunding bonds, aggregating $61,000: $12,000 school, series of 1927;
$15,000 school, 2d series of 1923; $22,000 high school, series of 1924, and
$12,000 school, series of 1928, bonds.
Denom. $1,000.
Dated Oct. 15,
1940.
Due on Oct. 15, 1946.
Prin. and int. (A-O) payable at the City
Treasurer's office.
The bonds will not be sold for less than par and the basis
of determination shall be the lowest rate of interest bid by the purchaser.
The bonds will be ready for delivery on or about Oct. 25.
The city will
furnish its own completed bonds.
Legal opinion will be furnished by Chap¬
man & Cutler of Chicago.
A $500 certified check, payable to the city,
must accompany the bid.
LA
TEXAS
BEAUMONT
SCHOOL
BONDS VOTED—The
DISTRICTS
Houston
"Post"
MARSHFIELD, Wis .—BOND SALE DETAILS—In connection with the
(P.
O.
of Sept.
Beaumont),
Texas—
22 carried the following
report from Beaumont:
By a vote of 1,145 to 762, the Beaumont, South Park and French Inde¬
pendent School Districts voted Saturday to join together in building and
maintaining a greater Lamar Junior College, and by an approximately
similar count authorized the issuance of $850,000 in bonds to finance the
job.
Seven trustees were elected to administer the affairs
junior college district and to levy a tax to retire the bonds.
of
the
new
BEXAR COUNTY (P. O. San Antonio), Texas—BOND ELECTION—
It is reported that a $285,000 issue of county hospital bonds will be sub¬
mitted to the voters at the general election in November.
BRAZORIA COUNTY (P. O. Angleton) Texas—BONDS DEFEATED
—At an election held on Sept. 7 the voters are said to have rejected a
proposal to issue $85,000 in county hospital bonds.
CHILDRESS
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Chil¬
dress), Texas—MATURITY—The Secretary of the Board
of Education
that the $30,000 4M% semi-annual construction bonds sold at
par
to Crummer & Co. of Dallas, as noted here—V.
151, p. 1758—are due on
March 15 as follows: $500 in 1941 to 1948: $1,000, 1949 to
states
1962, and $1,500
in 1963 to 1970.
COLORADO CITY, Texas—BONDS SOLD—A $20,000 issue of
3M%
semi-annual street Improvement bonds is said to have been
purchased by
the McRoberts-Thomasma Co. of San Antonio at a price of 102.085.
FREEPORT, Texas—BOND SALE DETAILS—It is now reported that
the $225,000 4% water works and sewer system revenue bonds sold to
the
Ranson-Davidson Co. of San Antonio, as noted here—V. 151, p. 1612—
are dated Oct. 1,
1940, and mature on Oct. 1 as follows: $5,000, 1941 to
1945; $10,000, 1946 to 1950, and $15,000 in 1951 to 1960.
Prin. and int.
(A-O) payable at the Second National Bank of Houston.
Legality ap¬
proved by Dillon, "Vandewater & Moore of New York.
GALVESTON,
Texas—BONDS
VOTED— The
City Secretary states
that the following revenue bonds aggregating $6,250,000 were
approved
by the voters at the election held on Sept. 21: $3,750,000 not to exceed
3 M% wharf acquirement and $2,500,000 not to exceed
4% wharf acquire¬
ment
bonds.
HARRIS
COUNTY FRESH WATER SUPPLY DISTRICT NO.
(P. O. Houston). Texas—BONDS NOT SOLD—The $40,000 issue of not
5% semi-annual construction bonds offered on Sept. 24—V. 151.
P. 1758—was not sold, according to the President of the
Board of Directors.
to exceed
Due in 20 years.
JEFFERSON COUNTY
(P. O. Beaumont), Texas—WARRANTS
County Judge states that $40,000 3% semi-annual street
paving time warrants were purchased jointly on Sept. 16 by Fenner &
Beane, and Crummer & Co., both of Houston, paying a premium of $150,
equal to 100.375.
Due in from 1 to 10 years.
SOLD—The
KAUFMAN, Texas—BONDS
SOLD—The City Secretary states that
following bonds aggregating $70,000 were purchased on Sept. 17
by
Co. of Austin, as
3_Ms and 3Ms, paying par:
$60,000 street improvement bonds.
Due in 30 years.
10,000 water works improvement bonds.
Due in 20 years.
the
R.
K. Dunbar &
TERRY COUNTY
It is reported that
an
(P. O. Brownfield), Texas—BOND ELECTION—
election will be held
pass on the issuance of $290,000 road
WICHITA
following
& Co. of
FALLS,
on
Oct.
11
to
OFFERED
revenue bonds aggregating $400,000,
Dallas, for general investment:
are
TO
voters
S1A-P9° in 1942 and 1943, $17,000
!A£a000 Ln^4£j;nd 1947» $19,000 in
1950, and
PUBLIC—The
being offered by Crummer
$203,000 3% semi-ann. first mortgage water works bonds.
,
have the
improvement bonds.
Texas—BODDS
Due April 1
as
in 1944 and 1945,
1948, $20,000 in 1949 and
$21,000 in 1951 and 1952.
19/ ,000 3M % semi-ann. first
mortgage water works bonds. Due April 1
as follows:
$22,000 in 1953, $23,000 in 1954. $24,000 in 1955
a£d *956, $25,000 in 1957 and 1958, and $27.000
1960, bonds
or
on any
sale of the $180,000 refunding bonds to the White-Phillips Co.
Prin. and int. payable at the Mercantile National
of Daven¬
port, as noted here—V. 151, p. 1612—it is now reported that the Milwaukee
Co., and the Wisconsin Co., both of Milwaukee, were associated int he
purchase of the bonds as 2.10s, paying a premium of $1,840. equal to
101.022.
Due $15,000 on Sept. 1 in 1943 to 1954; callable at the option
of the city on Sept. 1, 1945, or any interest payment date thereafter at
101, giving a basis of about 1.88%.
SHEBOYGAN FALLS, Wis.—BOND SALE DETAILS—It is now re¬
ported that T. E. Joiner & Co. of Chicago, were associated with Heronymus,
Ballschmider & Co. of Sheboygan, in the purchase of the $30,000 water
system revenue bonds, noted in our issue of Aug. 10—V. 151, p. 886.
The bonds
were
sold as 3s. and mature from 1941 to 1955 incl.
WAUWATOSA,
Wis.—BOND ELECTION—It is reported that a
$300,000 issue of street lighting system bonds will be submitted to the voters
at the general election on Nov. 5.
WEST ALLIS, Wis.—BONDS AUTHORIZED—The Common Council
is said to have approved recently the issuance of the following bonds, aggre¬
gating $128,000: $75,000 sewer construction, $32,000 street improvement
and
$21,000 water main bonds.
WHITEHALL,
Wis.—BONDS SOLD— The Village Clerk states that
$40,0004% semi-ann. electric distribution system purchase bonds have been
purchased at par by Harley, Haydon & Co. of Madison.
CANADA
BRANTFORD,
Ont.—BOND
of Toronto purchased
price of 99.50.
merce
at a
an
SALE—The Canadian Bank of Com¬
issue of $62,500 2M % improvement bonds
CANADA (Dominion of)—BOOKS CLOSED ON SECOND WAR LOAN
—Canada's
second war loan of $300,000,000—V.
151, p. 1460—went
a total of $342,248,300 when the books were closed
Sept. 21, according to an announcement for Finance Minister
J. L. Ilsley from the Bank of Canada.
Actual subscriptions to the second war loan to be accepted will amount
to $324,946,200, for in addition to the cash subscriptions for the new bonds
were conversion subscriptions totaling $24,946,200.
An important feature
of the second war loan was the large amount of individual subscriptions
which continued heavy up to and after the hour of closing on Saturday.
More dealers reported on that final day than on any day since the books
were opened nearly two weeks ago.
The oversubscription, amounting to $42,248,300, necessitated a reduction
in the orders from large institutions and corporations so that individual
subscriptions could be fully confirmed. As a result, subscriptions entered
through the National Subscription Committee have been allotted only
75% of the amounts subscribed by them.
Finance Minister Ilsley, in a statement expressing deep satisfaction with
the results of the second war loan, pointed out that in less than nine months
(the first war loan was floated late last January) Canadians had purchased
about $522,000,000 of war securities, and the first and second war loans
beyond that objective to
at noon on
totaled over
A notable
second
war
$663,000,000 in cash subscriptions.
difference
between
loan is that the first
while the books of the second
the
first
was
war
loan
of January
and this
oversubscribed in less than
loan had to be left
a
week
for two weeks. One
reason for this is believed to be that another heavy war budget has inter¬
vened and by that budget the income tax has for average taxpayers been
increased by three and four times. Other heavy taxes were also imposed by
that budget.
Taxpayers have not overlooked another fact, namely that not only are
they being asked in the current fiscal year to provide money through taxes
and loans to pay for a war bill in one year that will not be far short of $950.000,000 but they also must provide the funds to pay a non-war bill in this
fiscal year of over $450,000,000.
Total tax revenue for the current fiscal
year is estimated at about $900,000,000, leaving the remainder of at least
half a billion dollars to be paid for by loans. So that another war loan of over
$200,000,000 will have to be floated before the end of next March.*
*
in 1959 and
maturing in 1956 to 1960 are optional Oct. 1,
1955,
interest payment date thereafter on 30
days' notice.
Dated Oct. 1, 1940.
Bank, of Dallas.
VALLE, Wig.—BONDS DEFEATED—The Village Clerk states that
were defeated by the voters at the election
$32,000 water system bonds
held on Sept. 17.
open
QUEBEC (Province of)—REPORTS $7,287,344 DEFICIT—An
of
of
excess
$7,287,344 in ordinary expenditure of $62,936,926 over ordinary revenue
$55,649,581 was reported Sept. 13 by Provincial Treasurer J. Arthur
Mathewson in his financial statement for
Quebec Province for the fiscal
1940.
A surplus of $4,888,009 had been reported
fiscal year, when ordinary revenue totaled $60,836,100
against ordinary expenditure of $55,984,091.
Extraordinary expenditure
for the last fiscal year was $11,183,983, compared with $7,431,016, while
capital expenditure was $34,074,138, compared with $46,729,444.
Excess
of ordinary and extraordinary expenditure over ordinary revenue totaled
$18,471,328, against $2,543,007 a year $gof
year
ended June 30,
for the preceding
WASHINGTON
EAST WENATCHEE WATER DISTRICT
(P. O. Wenatchee), Wash.
—BONDS SOLD—A $40,000 issue of water revenue
bonds is said to have
been purchased by H. P. Pratt & Co. of
Seattle, divided as follows: $20 000
4Ms, due $2,000 in 1941 to 1950, and $20,000 as 5s, due
$2,000 in 1951
Legality approved by Weter, Roberts & Shefelman of Seattle.
KING COUNTY SEWERAGE AND DRAINAGE
DISTRICT NO. 2
(P» O. Seattle) WasH.— WARRANT
as
to 1960.
OFFERING—Sealed bids will be
received until Sept. 30, at 10 a. m., by Earl
Millikin, Clerk of the Board of
County Commissioners, for the purchase of $25,000
temporary warrants
It is reported that these warrants will bear
interest at the
rate of
5%
per
until they are either paid in cash or
exchanged for special assess¬
drawing interest at the rate of 6%.
The temporary warrants to be sold pursuant to this
call for bids will be
of a second series and will be
subsequent in order to the temporary warrants
ssued and to be issued under a certain contract
heretofore
annum,
ment bonds of the district
entered into for
THOROLD, Ont.—BONDS TO BE REDEEMED—W. A. Hutt, Mayor '
that the town will redeem on Dec. 1, 1940, those of its general
announces
debentures dated June 1, 1939, which mature in the years 1941-1961, incl.,
by payment to the holders thereof of the face value, and accrued interest
thereon to and including Dec 1, 1940, after which interest will cease to
accrue.
Payment will be made at the Royal Bank of Canada, Thorold,
Ontario, upon surrender of the debentures redeemed, together with all
unpaid coupons thereon. The debentures to be redeemed are $226,337.32
in aggregate principal amount and are a portion of a larger principal amount,
dated June 1, 1939, which were issued pursuant to By-law No. 1417, passed
Nov.
14,
1939,
as
provided by
a
plan of readjustment and reorganization
Thorold, confirmed
of the debenture and other indebtedness of the Town of
by Order of the Ontario Municipal Board on Nov. 2, 1939i-
I
V
I
The
151
Volume
V
Financial Chronicle
Commercial &
Record
Monthly Earnings
T he
carefully compiled
statements, revised and published monthly
indispensable record of
Ail
earnings
Part II.
Part I.
PUBLIC UTILITIES
STEAM RAILROADS
monthly
the
Gives
INDUSTRIAL
of
returns
Class I road obliged to
the Interstate Com¬
Commission, with com¬
every
Gives latest
with
file
merce
quarterly
the current
available monthly,
semi-annual earn¬
with compari¬
ings statements,
parisons for two previous years.
Also gives supplementary state¬
ments for
or
MISCELLANEOUS
for
sons
one
or
previous
more
Is a cumulative record,
figures for the latest available
period being repeated until the
years.
month and
to date, showing income,
fixed charges, dividends,
&c.,
and selected balance sheet items.
year
next
reports
*
available.
are
SUBSCRIPTION PRICE: $8.50 PER YEAR
Single Copies $1.00
Extra
Foreign Postage
t
25
Company
William B. Dana
Spruce
Street
CITY
YORK
NEW
Dividends
Company
Dividends
Electric Boiid and Share
$6 and $5 Preferred Stock
regular quarterly
dividends of $1.50
per share on the $6 Preferred Stock and
per share on the $5 Preferred Stock of the Com¬
pany have been declared for payment November
1940, to the stockholders of record at the close
of business October 7, 1940.
A. C. KAY, Treasurer.
The
$1.25
The
and Bond Houses
EXPANDIT
1,
For other
dividends
see pages
"Security Dealers of
Binder
North
iv
Practical
and
Serviceable Binder
A
for
AIRCRAFT EXECUTIVE
11,000
of
for
dollars
Government
ment
to
through manage¬
efficiency,
engines.
25
&
is
similar
render
manufacturer
cial
saved millions
United States
Box
of
21,
Financial
Spruce St., New
available
service
to
planes
or
Commer¬
Chronicle,
York.
■tract
"Expandit" Binder la so constructed
will always open flat, whether it be
its capacity of six-Inch expansion,
or whether It contains only one Issue.
4 .
- Its back Is adjustable to the size of the
The
listings
alphabetically
with
Cities
and Periodicals.
things done during
World War and
Magazines
your
Book containing
Page
1080
over
got
America"
Published semi-annually
A
who
Stock
IHrcctory of
arranged
States and
details as:
by
full
Address.
Offiosra
Partners.
or
that it
filled
to
number
of issues it contains, thereby
eliminating all waste space and adding greatly
exclusive
Its appearance.
This Is an
feature.
The magazines are held
to
In piace
by means of a wire holder, and can be Inserted
less time than it takes to tell about It,
In
without
or
boles,
pulling strings,
In any way.
punching
Department Xsada.
■ranohea
addrsaa
issues may be In¬
serted
without the necessity of disturbing
other Issues.
You handle only the particular
copy that you desire to Insert or remove,
the others remain In their proper position.
Whether
an
"Expandit"
be thick
or
thin, the
rsaldsnt
bnslnasa and
olaaa of
names
of
aaonrltlsa
■took
handled.
Bxohange
memberships
held
Correspondents.
Private
Local
Wire
and
Oonneotlona.
Long Dlstanoe
Telephone
Xnmbsra.
Binder is adjustable to Its
It embodies every feature that
proved of practical value and it avoids
thickness.
has
Issue
street
of
and
managers.
Gharaoter
mutilating the copies
Successive or Intervening
with
maintained
all that are
objectionable.
In sizes up to
13x8H inches
IKEKBKllT D.
SKIDEIIT & CO.
Incorporated
Price $2.00
each
Publishers
Plus postage
sites
application
Prices for larger
on
WOODSTOCK
TYPEWRITERS
The
26
"EXPANDIT" Binder
Spruce St.,
15
SPRUCE STREET
NEW
YORK
CITY
Telephone—BEekmao 3-1707
New York City
/
VI
The Commercial & Financial Chronicle
Sept. 28, 1940
Foreign
F. H. PRINCE & CO.
the canadian bank
PROVIDENCE, RHODE ISLAND
Established 1866
of commerce
BANKERS
H. Hentz & Co.
HEAD OFFICE ;
TORONTO
Members
Established 1867
New
York
Paid-Up Capital..-...$30,000,000
New
York
Reserve
HIGH-GRADE INVESTMENTS
New
20,000,000
York, Chicago & Boston Stock Exchanges
This Bank is in close touch with
the commercial and financial life
of Canada and is well
serve
corporations,
interested
firms and in¬
in
Canadian
N. Y. Cotton
120
Broadly
NEW
Trade
Exchange
Exchange
Exchanges
Exchange Bldg.
NEW YORK
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San
Francisco; Seattle; Los An¬
geles; London, England; Havana;
Kingston,
Jamaica; Bridgetown,
Barbados, and
Port
of
Spain,
Members New York Slock
Exchange
of
Grain
And other
business.
Wellington & Co.
Exchange
New Orleans Cotton
equipped to
dividuals
Exchange
Cotton
Board
Winnipeg
Exchange
Curb
York
Chicago
New
Stock
BOSTON
CHICAGO
TYLER
DETROIT
DALLAS
PITTSBURGH
LONDON
GENEVA
Trinidad.
YORK
NEW
YORK AGENCY
Exchange PI. & Hanover St.
Over-the-Counter
Australia and New Zealand
Securities
BANK OF
NEW SOUTH
FINCH, WILSON & CO
Members New York$:o;
Exchange
Commission Orders
Carefully Executed
and
£8,780,000
Reserve Fund
Reserve
for Institutions
WALES
(ESTABLISHED 1817)
Paid-Up Capital
-
6,160,000
...
Liability of Proprietors
lobbe, Gearhart & Parsly
8,780,000
INCORPORATED
Individuals
I
45 Nassau Street
£23,710,000
New York
Tel. Rector 2-3600
Teletype N. Y. 1-576
Aggregate Assets 30th Sept., 1939. £130,808,611
120
BROADWAY, NEW YORK
SIR ALFRED
DAVIDSON, K.B.E.,
General Manager
Head Office:
LAMBORN & CO., INC.
George Street, SYDNEY
99 Wall Street. N. Y. C.
The Bank of New South Wales is
the oldest and
largest bank in Australasia.
With
over
900
branches in
ail
States of Australia,
in
New
Leading Out-of-Town
Investment Bankers & Brokers
SUGAR
Zealand, Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
Export—Imports—Futures
interested in these countries.
DIgby 4-2727
ST.
LONDON
LOUIS
OFFICES:
29 Threadneedl©
47
Street, E.C.
Berkeley Square, W. 1
Foreign
Agency Arrangements with Banks throughout
the U. S. A.
St/x
i.
Royal Bank of Scotland
BANK OF MONTREAL
Incorporated by Royal Charter 1727
Co.
Established l8l7
BA/NT LOU IB
8O9OUVC st
Over
200
Years of Commercial
Banking
Head Office
Members St. Louis Stock
Exchange
HEAD
General Manager
Capital
William Whyte
Rest
Total number of offices,
BIRMINGHAM
CHIEF FOREIGN
3
MARX & CO.
BIRMINGHAM, ALABAMA
SOUTHERN
258
i
£3,780,192
£4,126,966
Deposits
Head
to the
Government in Kenya
Colony
and Uganda
Office: 26,
Head Office
Cairo
Commercial Register No. 1
.
Cairo
.
$36,000,000
-
$39,000,000
-
Excess of
•
$950,000,000
W.
A.
Bog
General Managers
Jackson Dodds
—
G.
W.
Spinney
Branches and Agencies
In
Canada
In London:
and
Newfoundland—
More than 500 Branches.
47
Threadneedle St., E.C. 2;
Place, S.W. 1.
In the United States—New
India, Burma, Ceylon,
Kenya
Colony and Aden and Zanzibar
Subscribed Capital
York, 64 Wall St.;
Chicago:
27 South La Salle St.;
San Francisco: Bank of Montreal
(San Francisco),
Street.
£4,000,000
Paid-Up Capital
333
California
£2,000,000
Reserve Fund
£2,200,000
The Bank conducts every
description of banking
and exchange business
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
undertaken
£3,000,000
£3,000,000
-
-
9 Waterloo
Bishopsgate, London, E.C.
Trusteeships and Executorships also
FULLY PAID CAPITAL
RESERVE FUND ....
-
-
Huntly R, Drummond
Branches in
NATIONAL BANK
of EGYPT
-
Vice-Presidents
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
Associated Bank,
Williams Deacon's Bank, Ltd.
Bankers
-
-
£69,921,933
NATIONAL BANK OF INDIA, LIMITED
Foreign
-
President
Bishopsgate, London, England
Reserve fund
BONDS
-
Total Assets in
,
DEPARTMENT
Capital (fully paid).
MUNICIPALSTand
CORPORATION
Montreal
OFFICE—Edinburgh
DETROIT
Chief Office in New Zealand:
Wellington
P. R. M. Hanna, General
Manager
Head Office: 8 Moorgate,
London, E. C. 2, Eng.
LONDON AGENCY
6 and 7
King William Street, E. C.
Subscribed Capital.........£6,000,000
MICHIGAN MUNICIPALS
principal Towns in
Charles A. Pa reel Is & Co.
EGYPT and the SUDAN
Members of Detroit Stock
Exchange
£2,000.000
£1,000,000
Fund
Currency Reserve....
Branches in all the
\
Paid up Capital
Reserve
PENOBSCOT BUILDING,
DETROIT, MICH.
The
£500,000
Bank conducts emery description
business connected with New Zealand.
of banking
Correspondents throughout the World
Secretary A London Manager: J.
H. Lawrie
@FedFRASER