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In 2 Sections-Section
O
ESTABLISHED
Edition
Final
1
TheftommatcLCLL an
Financial
Reg:. U. S. Pat. Office
Volume
Price 60 Cents
Thursday, April 19, 1945
New York, N. Y.,
Number 4378
161
a
Copy
Efforts International Bank Credit and
The Bretton Woods Program
End War and Preserve Peace
President Truman Pledges
To
Upholds "Unconditional Surrender" of Germany and Japan, and Continuation of
Present Grand Strategy. Supports United Nations Parley and U. S. World Leadership.
Will Work to Improve Lot of Common Man. Addresses Armed Forces.
Harry S. Truman, in
President
address
to
'^
By PRESIDENT
a
HARRY S. TRUMAN *
Franklin
D.
Roosevelt,
he
and
President
promised
out
carry
to
the
the un-
o n
d i t ional
surrender
Germany
of
and
Human Endeavor. Calls for
the Full
Government Assistance in
organ-
Cooperation of Capital, Labor and
for
gress
the question whether Con¬
reject the Bretton Woods Proposals including
not wish to discuss
ought to accept or
^*the
——
States leadership in
affairs and to work with
United
world
,„£thera,nations to repress aggres¬
sion and to promote harmonious
political and commercial relation¬
ships.
V
The
complete
text of the
ad¬
dress follows:
Mr.
—
Speaker, Mr. President,
bers of Congress:
Mem-
heart that I
support
order
to
our
in
leader
national
victory
achieve
in
the
ahead.
Whenever
strongly united for a
good cause, victory goes to the
aggressive champions of the peo¬
ple's welfare.
We
Americans are especially
fortunate in having as our polit¬
ical leader one of the greatest liv¬
difficult
they
By WALTER E.
Professor
of
SPAHR
New York
Monetary Policy
Prospects and Holds There Is No Evidence From History to Justify the
Assertion That After this War, There Will Be No Serious Reactions.
Contends a Series of Post-War Strikes and Government Controls Would
statesmen
ing
in
the
world—
to fall
extend
after all,
beyond the limits set by science.
of present-day forecasting (up
is
with
heavy
inauguration of President Truman) reads
like the prevalent forecasting of the late
at
which time there was
depending
upon the mer¬
and
its
faults
them¬
it
But
the
can
sily
ea
proven
that
I.M.F.
.is
Theodor Vogelstein
unable to ful¬
be supple¬
rejected,
substi¬
fill its aims and has to
mented—or
if
other measures which
bigger and more appro¬
tuted—by
•are
knowledge does not
Much
extent
be
;//.>;w::'/c.V// *"<
our
policy
only to a
selves.
future economic
And,
require.
and
small
als
proportion of current forecasts as to
condition is to be seems
far short of what the standards of science
our
is
a
question
ofinterna-
/•
A large
what
Con-
of the propos¬
Hamper Business Despite Large
and Savings. Criticizes the Use of
Strict Scientific Analysis, x
of
vote
tional
of Post-War Economic
Many Forecasters
Economist Takes to Task the
far
priate for this purpose.
\
to the
quite
1920's
I.M.F., as it is planned today,
considering neutral
nations
like
Sweden,
Switzerland, etc.,
The
widespread belief in
President Franklin Delano Roose¬
stand before you, my friends and
this country that we could and would escape a
velt!
(Continued on page 1728)
secondary and severe post-war recession. Today,
it seems to be widely, if not generally, accepted
*An address by President Tru¬
Index of Regular Features on
Dr. Walter E. Spahr
that at the close of this war we need not, and
man
at
the
Grover
Cleveland
page 1744.
probably will not, experience a post-war reaction.
Dinner
of the
Erie Democratic
A considerable portion of the current discussion of this subject
Committee, Buffalo, N. Y. April is built around the desirability of the maintenance of a "national
7, 1945.
income" at a certain, usually-designated level, just as though we
(Continued on page 1733)
(Continued on page 1731)
It
Mone¬
Fund
(I.M.F.). - The
g r e s s
University
Economists' National Committee on
Economics,
Executive Secretary,
job
are
Interna¬
tional
.
hold
Obtaining Long Term Credits.
Principal Problem for Europe Is
This article does
Money Deposits
Agriculture, So That America May
p ermanent
.v
Slogans and Un¬
Again Lead the World Back to
}p e a C e
He
President Truman
scientific Appellations, as Well as Undefined Statis¬
.called for :
.
Tolerance and Understanding.
tical Notions, Such-as National Income, National
.unity of all elements toward these
All Americans must unite and
ends and pledged himself to up¬
Products and National Savings and Pleads for a
ization
World Trade, and
Supplemented. Holds That U. S. Banks Have Suf¬
ficient Resources for Ample Foreign Trade Loans if They Cooperated
Nationwide for This Purpose.
Maintains Foreign Credits, if Currency
Risk Is Eliminated, Are of Equal Quality With Domestic Credits, and
On Future Economic Prospects
That There Will Be Ample
ture in
International Monetary Fund Is Insufficient
Promote Normal Flow of
tary
Esti¬
Manpower and Skills Intelligently,
There Should Be No Fear for Fu¬
Japan, and to
build up a
.world
Loans.
Opportunities for Employment of
Service Men, and, as Long as We
Utilize
Our
Plants,
Resources,
to con¬
until
c
Sound Business
mates
the war
tinue
or
VOGELSTEIN
Will Have to Be
That
Speaking' as Vice-President on April 7, States the
Principal Job Ahead Is Full Employment. Says It May Be Necessary
for the Government to Assist Private Business in This Objective by
Tax Reductions, Special Subsidies^
:/ policy
Stabilize Currencies
President Truman,
p.eech
in
which,
after
eulogizing the
s
;
to
Con¬
16 and de¬
Congress on April
li vered
late
Writer Contends That the
appeared at a joint session
gress,
of
official
first
his
By TIIEODOR M.
a
not
which may
join later, is scheduled
(Continued
on page
1725)
State and
Interstate
Aircraft & Eng. Co.
Circular
on
Buy War Bonds
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Members
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Simple and That the Criticisms Are Directed Against Unimportant
Details. Contends That Fund Does Not Introduce a New Method of
13th
the
tury
periods in the history of mankind that are clearly
great achievement. The Renaissance was such a period;
<8>
cen-
been
Collender Co.
nity; to
i
which
will
Vanderhoef & Robinson
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31 Nassau Street,
Teletype NY
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Bell
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We must make
Stpd.
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Corning Glass Works
Marion Steam Shovel,
Pfd.
that
well-being
countries, and that that they
not
become
(points of conflict
Common
&
Preferred
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world
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That
peace.
speech:
Black Hills Power &
why
of
the
"The close
tion
United
the
coopera¬
Nations
and expansion
mental to the
te
should
o n
.
.
,
in
a
is funda¬
of the world
success
invite
to
me
address
your
annual
din¬
are
he
a
mine
was
clear
about
why I
was
vited
to
in
part
will
and
in¬
re¬
minded
may
supervision of the
Postal Savings System, a bank¬
ing set-up which at one time was
thought to be unique because its
limited
were
to
"With that
able
neither
address
the
York City,
Mr.
by
Economic
April
to
recover
Acheson
Club,
New
16, 1945.
on
page
1734)
: ;
background of e&per-
address
by Mr. Farley at
the Dinner Meeting of the Mary¬
land Bankers Association, Balti¬
more, Md., April 12, 1945.
Trading
Segal
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dealers
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Analysis
on
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NY 1-1026
will
recall, I am
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forecaster of fu¬
a
©•
■9>
in
any
kind
of
—
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Preferred
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task, that of win¬
is one in which
ning the war,
Maryland already has an out¬
standing record.
Several billions
Maryland
Y.
111
was
Our primary
of
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request
F. H. Holler & Co., inc.
don't expect me
the answers this
involved
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Members New York Security Dealers Assn.
ac¬
cording to specification, notwith¬
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labor shortage in
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Engineering Co. *
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Missouri Utilities
,
chance
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Empire District Electric
».
be reversed."
New York Market
Lock & Hardware *
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Memoranda
banking
or,
better
difficult
such
have
Exchange-
NEW
Light
Central Illinois Electric & Gas
'
that
Curb
Great American Industries*
the
know you
been
*An
like
gained in a field
having
little
in common
with
banking.
Moreover, there is a
good
deal
of
the
element
of
James A. Farley
had
investments
bankers
Postal
lead
can
are
ture events
Gen¬
I
I
sure,
m e
master
York
Cross Company*
Liquidometer Corp.*
Delaware Rayon "A"*
New Bedford Rayon "A"*
"you
Savings
"Your banker friends,"
supply all
evening.
You
Post¬
as
to
more
the
to
your
friend
me,
statements,"
"are getting to
and
of
hpw it
These
take
My
talk
eventually
stiii.
not
program.
New
ST.
Trading Markets
he warned, "will want you to tell
pos¬
tion, I
eral
WALL
them where this trend in
sug¬
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to
out,
more
System."
sible explana¬
that
Members
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pointed
statement
friehd of
friend told
my
days."
look
ner
will
An
Economic and
Frank C.Masterson & Co.
Enterprise.
natural
a
these
United States Government Bonds.
be
to Private
an
Mtge. Guar. Com. & Pfd.
your
ience,"
organization. Without it the world
(Continued
*
is
program for economic reconstruc¬
before
-
the wide
Secretary of State said in his Chi¬
*
Public Utility Common Stks.
sec¬
peace¬
aspects are no less im¬
portant than the political aspects
tion
&Temea»A\iompaT\^
is
a
economic
cago
Nat. Commercial Title &
associa¬
gested
recognition
that
peace
is
possible
only
if
countries work together and pros¬
per
together.
That is why the
of
United Piece Dve Works
happy and honored to be
am
of all
sure
The great difference in our
;
(Va.)
Stock
Great Amer. Industries
your
which endanger peace.
Boston Terminal 3'/2s,
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Export Corporation
Holds Advocates of Liberal Spending "Are Still
Policy That Will Give Incentives
I
til
ful
Central States Elec.
General
Coco-Cola
sound
for
innumerable
Tax
tions contribute to the
-
Boston & Maine Railroad
The
guest speaker this eveninghappy to be among my good friends of Maryland—and honored that
these international economic rela¬
ond
Board,
Spending.
meeting.
To be perfect¬
ly candid, un¬
do
the
WHitehall 4-8120
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FARLEY*
peace.
Countries * touch
peace.
their
the
up
foundation
other at
relations.
H. G. BRUNS & CO.
-
to
machinery
during
1953
•
enough
economic
Westchester Service
Budget With
Spending
Government Competition in Banking and Calls for
to
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this
not
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of
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Constantly Goads and Threatens Business With More Regulation. Points
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1952
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partner in F. A. Willard & Co.
a
Farley, After Referring to the Administration's Policy of a Busi¬
Budget in 1933 and Its Subsequent Abandonment Because of Pres¬
sure Groups, Points Out That in the Post-War
Period, the "Whetted
Appetities" of the Same- Special Groups Will Call for a Continuation
of
The task be¬
from
Indiana
Edward A. Purcell & Co.
ness
have
Common
S. F. Bowser Co.
Secretary.
was
Mr.
,
Associated Gen. Util.
W. L. Maxson
the
world
;
Chairman
war:
f i
1-1548
>
.
scourge
fore
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Albert
nolds & Co. and prior thereto was
Former Postmaster
-
freed
from
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ager
By HON. JAMES A.
n
men
be
are
formerly man¬
of the foreign department
trading department of Rey¬
Less
shape
world
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——
opportu¬
a
formed
railroad, public utility
Knies
given
the
in
Montgomery,
Mr.
Needed: A
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other.
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115
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S.
Knies, President; T. Stewart
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or
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Officers of the firm
Operates Contrary to Accepted Credit Principles.
Also
Refutes Theory That Fund Is Too Large and That Voting Power Js
Misplaced. "No Real Difference" Between U. S., British Interpretations.
Lending
&
offices
brokers
the Fundamentals of the International Fund and the International Bank
Preferred
Direct wires
Broadway,
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Asserting That We Must Not Again Experience the International Mone¬
tary Chaos That Followed World War I, Mr. Acheson Maintains That
Standard Oil of Kansas
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NY 1-1557
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Volume• 161
' Number
'THE COMMERCIAL & FINANCIAL CHRONICLE
4378
The
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Thursday, April 19, 1945
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Our
TITLE COMPANY
By EDWIN W. KEMMERER*
Leading Monetary Expert Contends That Bretton Woods Was Dominated
by Ideas of Lord Keynes and That the Policy-Making Experts Were
Copyright 1915 by William E. Dana Company
Little More Than Presidential Rubber Stamps.
Says Difficulties Were
Reentered
second-class matter Feb¬
Glossed Over by Reservations andUThat Motives of U. S., Britain and
ruary 25, 1942, at the post office at New
York, N. Y., under the Act of March
Russia Were at Variance. Attacks Governmental Propaganda and Holds
i, 1879.-.
£ ''■ ,"'£:r
the Fund Is Merely a Scheme of Managed Paper Currencies, Which Will
Subscriptions in United States and
Possessions, $26.00 per year; in Dominion
Lead to International Debasement, Wars and Inflation. Pleads for Gold
)f Canada, $27.50 per year;. Souui anu
Central
Ame.ica,
Spain, Mexico
and
Standard and Warns Against Being Jockeyed Into a Grandiose Global
BOUGHT
SOLD
-
■
QUOTED
Complete Statistical Information
as
■
LJ.G0LDWATER&C0
^
TITLE COMPANY
CERTIFICATES
PRUDENCE
BONDS
Great Britain,
Continental Europe (except Spain), Asiaj
Cuba,
$29.50
per
year;
Australia and Africa,
Call
us
for
quotations
I Members New York Stock Exchange II
St., N. Y. 5
Bell
WHitehall 4-6330
Teletype NY 1-2033
Record—-Mth. $20 yr.
Monthly Earnings Record—Mth..,.$20 yr.
the
rate
of exchange,
remittances fof
foreign subscriptions and advertisements
must be made in New York funds,
v
Govern m ent
f
Britain
for the
committee of the Select Committee
Representatives meeting in New York City, pre¬
sided over by Congressman Eugene. J. Keogh. He made cer-;
tain recommendations which, in his opinion, would:have the
effect of
making capital markets
more
accessible to small
business.
•
recommendations,
all legislative in character,f
three-fold:
£
j*
(a) Repeal of those statutory provisions which made
u;
yr:.
'I
.
„
si
and
details.
:
In the
of
mer
sum¬
:
1943,
which
De¬
Common
bank
E. W.
Kemmerer
£
Secre-
*An address by Dr.
Bought—-Sold
J.F.Reilly&Co.
.
any
regulation which would compel dealers to
Although
we
or
wholesale market prices of securities.
commend Mr. Kole for his presentation
before the Small Business Committee, we cannot
help
before
•
Morgenthau sent to 37 na¬
tions^ "techni cal experts" from
i
due to time limitation,
submit to the Commit¬
tee addenda covering the subject of our criticism.
;
[4
It seems to us the economic effect of a "disclosure" rule
that would compel a dealer to supply his customer with in¬
side or wholesale market pirces, was not adequately stressed.
It may be such inadequacy was
iand if this is so, we hope that he will
.
.
:
a
rule would make the investor profit conscious
Bell System Teletype, NY 1-2480
Private
the
Economic
Club,
City, April 16, 1945.
(Continued on page 1740)
of at the least
By THOMAS
Engineer's Field Reports
r
S. HOLDEN*
Available
After Reviewing Estimates
Predicts
Quite
number of post-war housing esti¬
published, some running into
I do not propose to tell
a
L70
1717)
;
.
New
York
lo.m
Ass n
COrtlandt 7-6190
Broadway
Bell
&
Security Dealers
System Teletype NY 1-84
SUGAR
which estimate is going to prove to be the
one, because I do not know.
I think I can
give you some basic facts to which you can apply
you
right
your own
ure you
own
DUNNE & CO;
business judgment and arrive at a fig¬
sensible one in making your
can use as a
Members New York Security Dealers
plans.
Thomas S.
The National
*An
Holden
Housing Agency published last
address by Mr. Holden before the New
Newark, N. J., April 13, 1945
25
V Quarterly dividend
on
page
1721)
Private
to
Boston
Public National Bank'
paid April 16, 1945
—
$1.25
date)
—
1944 $2.75
& Trust Co.
$.50
Circular
on
1943 $4.50
Industrial Finance
Preferred
request
C. E. Unterberg & Co.
Hon rfise & Truster
Established 1914
,1.
Members
-
Trinity Place, New York 6, N. Y.
61
N.
Y.
Security
Dealers Ass'n
Broadway, New York 6, N.
Telephone BOwling
Green
Teletype NY 1-1666
Telenhnne' BOwline
Green
1
National Radiator Co.
—
Approximate selling price—29 V2
74
Wire
'V
DIVIDENDS:
(to
Asssi
St., New York 4, N. Y.
WHitehall 3-0272—Teletype NY I-956
Jersey Home Builders .Association,
panama coca-cola
1945
Broad
„
(Continued
corporations of the country are relatively easy to
on page
Sold
rather fantastic figures.
big corporations of the country and ignoring the securities of
small business. That this would be so becomes obvious when
We reflect on the fact that orders for the securities of the big
(Continued
—
SECURITIES
been
have
Request
HeriIo d
Members
II
War, but Estimates 300,000 New
Hemes Will Be Built in First Year After X-Day.
mates
Bought
on
Materials Shortages for
Continuation of
After
Period
that could be disposed
possible expense to themselves to enable them
obtain and
in many cases can be secured over the telephone but the
securities of small corporations have to be sold. Conse¬
quently, as things stand now, more often t^ian not, not only
does a salesman have to engage in a lengthy sales discourse
oh why the securities of some small corporation constitute a
Angeles
Electrochemical Co.
President, F. W. Dodge Corporation
"mark-up" would be known. Consequently,
keep their "mark-ups" down to a minimum.
That would mean concentrating on the securities of the
Los
to
M. A. Hanna Co.
dealers would tend to sell securities
to
Wire
New
York
~
since the dealer's
,
REctor 2-5288
-
*
Post-War Home Building
-
Such
Dealers Assn.
Hooker
say¬
ing that in our opinion in some respects that presentation
Was inadequate.
|
Members
York Security
New
111 Broadway,New York 6,N.Y.
Kemmerer
of Post-War Building, Some of Which Are
so that these would be prevented
from exercising the
Based on Needs Rather Than Probability of Accomplishment, Mr. Holden
simultaneous functions of investigator, prosecutor, judge
Forecasts a Post-War Non-Farm Home Production
and jury;
of 820,000 Units in Ten Years. Contends That
(c) Prohibiting the Securities and Exchange Commis¬ Small Units Will Continue to Prevail and That Con¬
sion and the National Association of Securities Dealers struction Will Follow Much the Same Methods as
from promulgating any rules that would change trade
Formerly. Ridicules "Miracle Houses" and Sees No
custom and usage in the securities business, and from
Rapid Trend Toward Pre-Fabricated Structures.
disclose inside
Howell
&
to
invitation
an
sustain such find-
ings;
. (b)
A separation of functions in administrative bodies
passing
\ I
differed
considers b 1 y
impossible for Appellate Courts to set aside or modify
findings of fact by an -administrative body where the
records showed "some''evidence to
\>f
pur¬
phasis
Bell
iu43.
Treasury
published a draft of a
plan.
Out of these
discussions there developed the
:'Joint Statement of Experts on
the International Money Fund'1.
which was
published in April,
1944.
This plan was formulated
after many months of secret de-i
liberation by the "technical ex¬
perts" of approximately 30 coun-.[
tries—experts whose nam es, so
far as I know, ■ have never been
and their
fundamentals,
em¬
our
Common
partment
world
pose
in\ their
July,
public;; in
November
f
it
-
'
j>:
In
a
made
was
tary
■
-
dons
our
in response
£ These
;
were
posals.
rp lans
similar
but
to discuss the pro¬
Following these discusrevision of the White plan
Washington
These
their
in
Small Business of the
on
>
Teletype NY 1-1203
Corning Glass
most of these nations were sent to
d
n
Govern¬
t vyo
House of
;
'a
White
;he
were
April 12, last, Edward A. Kole, one of the attorneys
Securities Dealers Committee, appeared before a sub¬
6, N. Y.
HAnover 2-8970
<s-
.:
Great
>
ment.
On
Broadway
was a development from two monetary
plans made public April, 1943, the Keynes Plan emanating from the
own
Small Business and Disclosure
39
New York
Managed Currency Standards.
plan from
r.
New York Security Dealers Assn.
The Bretton Woods Plan
■)
NOTE—On account of the fluctuations
in
40 Wall
,
Other Publications
Bank and Quotation
Newburger, Loeb & Co.
$31.00 per year.
Scheme of
Members
9-7400
Teletype: NY 1-375
Y.
9-356S|
THE COMMERCIAL & FINANCIAL CHRONICLE
1716
,
,
American Hardware
Magazine Repeating Razor
Art Metals Construction
New England G. & E. $5.50 Pfd.
Durez Plastics & Chemicals
this issue
have
we
115
| Corning Glass
Delta Airlines
Detroit Harvester*
|
Douglas Shoe, Com. & Pfd.*
I
General Machinery
INCORPORATED
LOUISVILLE 2, KENTUCKY
Long Distance 238-9
Teletype NY 1-672
We
Mohawk Rubber*
,
PoilakMfg.
I
Scovill Mfg.*
Sheraton
Statistical
'
New
Report
One
Hanover 2-7793
Teletype NY 1-2425
Sixty
Spokane Internat'l Ry. Rcpts.
American Arch
Eastern
Company
Bird & Son*
Buda Co.*
H. M.
Byllesby pfd. and A & B
du
BOSTON
Banigan & Co.
Successors
CHAS.
H.
JONES
Established
50
CO.
&
Broadway, N. Y. 4
Pine
30
HAnover 2-8380
Street,
New
Tel. Digby 4-7900
York
N.
5,
"New
;
Giant Portland Cement
of
the
utilities
a
March,
Central Public
to
Utility 5
the
Cons. Elec. & Gas Pfd.
| Central EL & Gas Com.
I
Iowa Southern Util.
resume
'
;
of
(Americans United is the
organization which sponsored last
February an all day Government
lecture
the
tion
as
columnist
in
the
Bretton
Woods
to be lacking on
appears
scale
unifying
is
the
center
a
Republicans
Baldwin
of Md.
two,
won
Barry
of
One
and
N.
or
Y.
two
and
both
of
it
would seem, must
if the Administra¬
present the country with
over,
endorsement
of
the
House
Committee.
is,
therefore, significant to
learn from the Daily Worker that
"a major drive to change Queens
Congressman William B. Barry's
on
Bretton Woods is under
in his Congressional district
organized by Americans Uni¬
Farm
bring their influence
to
Bu¬
"A
should
groups
bear
on
action
in
Congressional district."
host of
private organiza¬
are
already at work, an¬
other writer reports.
out
is active through its chapters from
Bretton
The article tells
Woods
of
information
coast
of
baugh, who are also on the com¬
mittee, and mentions the fact that
amine
"State
Department
working
people
on
.
Two
Congressmen have raised
objection to the use of
public funds by the Treasury De¬
public
partment to have full-page photo¬
of
newspapers
containing
articles
about
Bretton
Woods sent to them at public ex¬
news
pense.
Los
Angeles
Woods
Another
coast.
work:
it
a
appointed in
committee to ex¬
criticism
plan
of
Congressman Crawford of
sample
has
in
of
a
the
Bretton
Los
Angeles
publica¬
Commerce
.
the Hill."
Object to Treasury Propaganda
stats
to
its
Chamber
.
Americans
United, already mentioned above,
"brought
to
the
attention
of"
Congressmen Kunkel and Brum¬
have been
Fractions
All
com.
Issues
Warner Co. pfd. &
com.
Wawaset Securities
H. M.
/
Byllesby & Companj
PHILADELPHIA OFFICE
I
Stock Exchange
Bldg. Phila. 2
Phone Rittenhouse 3717
Teletype PH 73
tions"
these Congressmen to vote for
the Bretton Woods program with¬
change.
&
Pittsburgh Railways Co.
organizing and
for
the
labor
"into
members
Lots
Empire Steel Corp.
state¬
Federation
American
Odd
Botany Worsted Mills pfd. & A
matter of "world shaking
a
local
the
.
recent
gests that, since two other House
Banking and Currency Commit¬
official newspaper "polls" report¬
ed the Fund as being opposed by
.
Barry.
tion
reau
e e
way
of
30
American Box Board Co.
Daily
Worker who writes frequently on
Woods calls the legisla¬
Bretton
their
the
mind
delegation
PH
COrtlandt 7-1202
Deader Inquiries Invited
each
of
It
"A
8200
Private Phone to N. Y. C.
Organized Pressure Is Sought
their
mitt
the
groups.)
pres¬
Pennypacker
leav¬
tricts Messrs. Talle and Kilburn—
tion is to
repre¬
are
Cd
St., Philadelphia 3
stones unturned.
no
A
Woods,
different
106
article in the Daily Worker sug¬
would not go
Herbert M. Bratter
along
with
the
International
Monetary Fund proposal.
Un¬
.
Bretton
Washington by
of
Another
ma¬
Democrats,
Bos. 2100
on
ing
tee members come from rural dis¬
jority
be
Pfd.
BOENNING &
1606 Walnut
It is easy to see that the advo¬
that
com
all
Huff. 6024
un-American pressure of the
order."
first
appre¬
bare
a
$7
the
calls
movement, the farm organization,
the numerous civic bodies, and
financial and business groups that
are
for Bretton Woods" to get,
hensive
these
Hartf'd 6111
on
wide
Peoples Lt. & Pow. Pfd.
Direct Wires to Chicago and Phlla.
ENTERPRISE 'PHONES
of the ranking Re¬
House banking
this "diabolical
one
man
sure
giving
the
NY
Utilities
Teletype BS 69
significance" and says that "what
Administra¬
REctor 2-8700
Tel. HUB 1990
Central & Southwest
SQUARE
MASS.
leading citizens" of Queens was
preparing to descend on Congress¬
had
ported
maSSHmBM
9,
which
Nassau Suffolk Ltg. Pfd.
Southwest Natural Gas
course
attended in
the
program
their
ardent
| Queens Boro Gas & Elec. Pfd.
OFFICE
BOSTON
sentatives
re¬
BROADWAY, NEW YORK 5
POST
10
cates of Bretton Woods
ted."
Easter
support
120
LERNER & CO.
House,
some
p.ub 1 i cations
been
Mass. Pr. & Lt. $2 Pfd.*
Corp.
Common
and
Banking and Currency Committee
its hearings on the Bretton Woods program.
prior
the
recess
Conn. Lt. & Pr. Com.
Y. Security Dealers Assn
between
and Los Angeles'
Public Service
*Circular Available
committee,
few days the House
expected to
American Gas & Power
Members N.
System
Missouri
:i:Central Iron & Steel
Groups to
Program.
hearings were
suspended
in
request
Wire
HERBERT M. BRATTER
Woods
Bretton
Within
is
upon
Private
Republic."
When
Circular
Los Angeles
n
Hagerstown, Md.
Telephone—WHitehall 3-7253
Y.
*Riverside Cement
He Describes the Treasury's "Selling" Program and
Furnishes. List of Government Speakers and Their Speeches as Well Michigan,
publicans
as Articles in Magazines and Other Periodicals Written
by Supporters
Darlington Mfg.
New Jersey Worsted*
or
XorK
Exchanges
Prttsburgh, Pa.
N.
"Selling" BreHon Woods to the
Country
Berkshire Fine Spinning*
Consolidated Textile
* Bulletin
York, Philadelphia and
Street, Philadelphia 2
*Kingan & Co.
Aspinook Corp.
|
request
BUCKLEY BROTHERS
BS 424
TRADING MARKETS
Influence Congressmen in Favor of Bretton Woods Pact, Quoting Arti¬
cles in the "Daily Worker," the Louisville "Courier-Journal" and the
Stromberg Carlson
Teletype
Y.
Tele. NY 1-1790
Financial Writer Calls Attention to Activities of Pressure
| P.R. Mallory*
on
Los Angeles Stock
Members New York Security Dealers Assn.
1904
By
Magnavox Corp.*
Majestic Radio & Tel *
Memos
MASS.
9,
Philadelphia, New York
textiles
I
1
Western Lt. & Tel. Common
United Printers & Pub. Common
1529 Walnut
Frary & Clark
Da Mont Lab. "A"*
Gruen Watch Common
BERWALD & CO.
to
Lawrence Port. Cement*
I
PHILADELPHIA
Members New
W. J.
M. A. Hanna
Alabama Mills*
?.
Security Dealers Assn.
2-4500—120 Broadway
Bell System
Teletype N. Y. 1-714
invited
Capitol 4330
Great Amer. Industries*
II
Y.
REctor
Bank Building
Shawmut
Gleaner Harvester*
Philip Carey
Riley Stoker*
Taca Airways*
Established 1908
Members N.
Pont, Homsey Co.
Harrington & Richardson "A"
Com. & Pfd.
Moxie*
J.K.Rice,Jr.&Co
year
Inquiries
Window Glass
II
Foundation Company
Priced about $39.00 per share
Corporation
Community Water Service pfd.
Bought—Sold—Quoted
Deep Rock Oil*
Liberty Aircraft Products*
Maguire Industries
largest
companies
Currently on
$2.00 dividend basis
American Hardware*
Landers
estate
unbroken dividend record
Wickwire-Spencer
ipggiMjjpBB
Am.
England's
real
60,000 shares capital stock
($100 par value)
United Piece Dye Works*
Aetna Standard Eng.
ll
New
Capitalization
$450,000 mortgage note
New York 5
70 Pine Street
of
industrial
FIRST COLONY CORPORATION
Corporation*
Corp.
Mokan
ORGANIZED 1836
now
Underwriters and Distributors of Investment Securities
Triumph Explosives
'
186
Wickwire Spencer Steel Co.
Wharf Company
available covering
this 42 year old company representing a participation
in the Automotive and Building Industries.,
| Torrington Co.
|
Teletype LS
Boston
Purolator*
I
Bell
Gleaner Harvester
Specialize In
Corrugating Co. Common
York
Bowser, Inc.*
I
I
,
BOSTON, MASS.
Our
|
*
,
1st FLOOR, KENTUCKY HOME LIFE
BLDG.
Electrolux
'
I
BANKERS BOND sir
™s
Quoted
105 West Adams St., Chicago
Broadway, New York
Michigan Chemical
'
-
Telephone BArclay 7-0100
I
'
\
'
Members N. Y. Stock Exchange and Other Principal Exchanges
Brockway Motor*
.
I
special study prepared by our Research Dept.
a
Goodbody <Sl Co.
Pfds.*
Corporation Stock
Bought—Sold—Quoted
Stromberg Carlson
Bought - Sold
Boston & Maine,
Girdler
*Oxford Paper Pld. & Com.
*Crowell Collier Pub.
"On
Thursday, April 19, 194
tion, and reportedly will answer
that criticism publicly.
The Louisville Courier-Journal,
very decidedly a Bretton Woods
enthusiast, carries the suggestion
that
opinion
and
pressure
be
"aroused" and suggests "positive
lobbying
activity"
for
Bretton
Woods by the American
Farm
Bureau
Federation
(Continued
as
sure
on page
1738)
to
James R. Buck
In
Opens
Houston; Texas
HOUSTON,
TEX.
—
James
Buck has formed Buck & Co.
offices in the Esperon
act
tors
as
w
Building
underwriters and distrit
and
dealers
in
bonds
a
stocks for investment.
Emanuel To Admit Bradi
Emanuel
&
Co.,
52
Willi
Street, New York City, memfc
of the New York Stock
Exchar
will admit Albert Bradick
to p£
nership
as
of May 1st.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
161
1717
New Direct Private Wire To
AMERICAN BANTAM CAR
in company's history, total¬
Sales in March were the largest
BAUM, BERNHEIMER CO.
quarter of its fiscal year
ing $2,394,000, and sales for third
exceeded $6,500,000.
BALTIMORE AVENUE
IOI6
plan of recapitalization, approved by the directors, will be
submitted to stockholders at a special meeting on June 25.,
A
KANSAS CITY 6, MO.
holders of convertible preference stock
will be offered two options, either to exchange each share of
such stock for 4V2 shares of common stock, or to take 1 share
Under
this
Tel. Harrison 6432
Mr.
6%
stock, and is callable for redemption
Teletype KC 472-3
Eldridge Robinson
>
Mr. H. H. Hunter
Call US
iSSI
on
Securities local to the
Kansas City and Southwestern
[
,
Markets
Intl.
Hydro Elec. 6, 1944
London & Cdn. Inv., 4y2, 1949
Teletype: NY 1-375
SPECIALIZED DEALER SERVICE
Mont. Lt. Ht. & Pr.
Power
IN
Albert Frank-
Curb and Unlisted
HART SMITH & CO.
STRAUSS BROS.
MICHAEL HEANEY, Mgr.
Request
32
INC.
Established
YORK
CHICAGO
4
William
New York 6
39 Broadway
Harrison 2075
Teletype NY 1-832-834
Teletype CG 129
WHitehall 4-3990
1-395
Montreal
Community Water Service
5
y2 s-6s
Teletype NY 1-2419
1946
East Coast Public Service
4s
NSTA Notes
Consolidated Mining
Analysis
upon
request
call for
CARTWRIGHT & PARMELEE
79 Wall St., New
Co., Inc.
York 5, N. Y.
Incorporated
Boston Securities Traders Association
brought to a close a successful winter Bowling League tournament
with a dinner at the Music Box in the Copley Square Hotel and the
April
the
1945,
9,
Darling
an
was
held April 12, 1945, in the Boston
Stock Exchange
interesting talk by Mr. James H. Mellen of
Townsend, Dabi4ey & Tyson on the subject "Projected Highlights of
Industrial Securities Field."
Several hundred members and their
friends attended.
The committee in charge consisted of Robert H.
R. M. WRIGHT
Adams, Arthur E. Engdahl, William J. Burke,
Duffy, and Robert H. Warren.
H. Roller & Co., Inc., N.
Calendar of Coming Events
As of
i
1945—New York, Security Traders Association
One
SUITE
1701 —N.Y.C.
Security Dealers Ass'n
New York 5
of—Annual Dinner at the
Telephone: WHitehall 4-2968
Whitehall 3-7830
Small Business and Disclosnre
(Continued from page 1715)
desirable investment but also on occasions
Brill Corp.
creating
a
thing that Mr. Kole didn't refer to at all, is the cur¬
NASD and the SEC concerning sales¬
rent activities of the
market
gathered, we believe, as a pre¬
liminary to decreasing securities salesmen's compensation.
If the pay which dealers give to their salesmen is
chopped, salesmen will then concentrate on the disposal of
securities of big business and will be indifferent to those of
5s,
;
*
fc;
6s,
Iron
1973
Phila. Reading Coal &
Iron
1949
Gude, Winmill &
CoC
Members New York Stock Exchange
D Iff by
York 5, N. Y.
Teletype NY 1-955
4-70611
American Maize
small business.
Products Co.
insofar as making capital markets accessi¬
small business, the set up of the Securities and Ex¬
On the whole,
ble to
,
in securities, fountain pens, vegetables or
reveal to a customer his cost or wholesale
price. Were he not "free" in this respect the American
I system of free enterprise could not survive and America
as we know it would no longer exist.
a merchant
what not, to
i
7% Pfd.
7% Pfd.
Western Pacific 5s, 1946
1 Wall St., New
men.
preparation of circulars and statistical and
change Commission and the National Association of Securi¬
other data of a costly nature.
ties Dealers, which is becoming more and more an arm of
Initially, if a "disclosure" rule were promulgated it
the Commission, does not present an inviting picture.
might not affect the flotation of new security issues of
The bureaucratic controls exercised by the Commission,
small corporations but it certainly would not be long be¬
its mounting usurpation of power, the exercise by it of legis¬
fore both underwriters and investors lost all interest in
lative function, its power in certain instances to sit in re¬
stocks and bonds in this category when it dawned upon
view of its own activities, the mental attitude that it exhibits
them that after once bought no satisfactory market
toward the securities business indicating a belief it is deal¬
could be found for such securities and they could be
ing with a diseased body—adding all these together we have
liquidated only at a big loss.
little reason to hope that the Securities and Exchange Com¬
Such a rule, too, would eventually drive the small dealer mission—as now constituted and with its present abuse of
in securities out of business because the large investment
power, will be of any assistance to small business.
firms doing a volume business can afford to do business on a
The least that should be done by Congress to insure
smaller "mark-up" basis.
; '
~
•
^
.
small business being readily able to raise capital through
In passing, we might say that when it was pointed
the sale of securities is to enact legislation that will pro{
out to an SEC official that a "disclosure" rule would
\ hibit the SEC from promulgating a "disclosure" rule and
make for an "dog eat dog" competition he is reported to
from changing* trade custom with respect to mark-up
I
have said, "Well, what of it? Isn't competition the es¬
practices as it has been doing and which is responsible,
sence of free enterprise?"
in our opinion, in no small measure for there being a
Obviously, this SEC man doesn't realize that "free"
|
third less firms and branch offices in the investment
means just that and includes lack of any compulsion on
\ field than was the case a few years back.
|
'
~
Cayuga & Susquehanna
Eastern Sugar
necessitates the
.
New York 5, N. Y.
American Locomotive
Hotel.
Statistical data is being
Telephone
Security Dealers Ass'n
Teletype NY 1-897
April 23rd, 1945
OFFICE AT 42 BROADWAY
60 Wall Street
Apr. 20,
Waldorf-Astoria
•
S. Weinberg & Co.
Bell
Phila. Reading Coal &
Y. C.)
ANNOUNCES
Triumph Explosives
Members N. Y.
Jr., James E. Lynch,
James R.
(Formerly of
F.
Y.
63 Wall Street
Under the direction of Chairman Rodney M.
enjoyable evening was had by all.
sponsored by the Boston Secur¬
Bond Room with^a very
Corning Glass
N.
awarding of prizes.
ities Traders
Digby 4-3383
Bell & Howell
Members
The final Winter Lecture Forum
Telephone HAnover 2-8681
Street, New York 5, N. Y.
,
Consols
Frederic H. Hatch & Co.
descriptive circular
F. BLEIBTREU &
70 Pine
Issues
BOSTON SECURITIES TRADERS ASSOCIATION
On
or
5y2s '51
Securities Co. of N. Y.
4%
Dividends
Write
%
Minneapolis & St. Louis Ry.
Benguet
Uninterrupted
i
1948
Eastern Minnesota Pr.
36th Year
;
- v
Toronto
Crescent Public Service 6s 1954
St., New York 5, N. Y.
Teletype NY 1-1610
Digby 4-3122
Now York
Direct Wire Service NEW YORK-CHICAGO-ST. LOUIS-KANSAS CITY
1924
IIAnovcr 2-0980
Teletype NY
4
Digby 4-8640
Chicago Stock Exchange
52
St., N. Y. 5
Board of Trade Bldg.
Broadway
NEW
Co.
George R.Cooley
Members New York Curb Exchange
WILLIAM
Bell
Members New York Security Dealers Ass'n
-
Circular upon
52
.
Bought—Sold—Quoted
WALTER KANE, Asst. Mgr.
3y2, '56, '73
Corp. of Cda. 4y2, 1959
Steep Rock Iron Mines 5x/2, '57
OVER-THE-COUNTER SECURITIES
Preferred Stock
(Par Value $2)
Joseph McManus & Co.
<
Guenther Law, Inc.
Securities
1959
Gt. Brit. & Can. Inv.
Trinity Place, New York 6, N. Y.
74
Telephone: BOwling Green 9-7400
:
4%, 1967
Assoc. Tel. & Tel. 5y2, 1955
Brown Company 5, 1959
Foreign Pow. Securities 6, 1949
at $11 a share.
1914
Abitibi P. & P. 5, 1953
Aldred Inv.
•
HouRqseSDrssier
Established
Canada, Internal Bonds
Alberta, All Issues
Prov. of
cumulative prior preferred $10 par and 2 shares of
common stock.
The 6% cumulative prior preferred is con¬
vertible at the election of the holder into 2 shares of common
of
Dom. of
plan,
So far
as
the NASD is concerned, it should be deprived
by Congress of the right to. have a monopolistic rule pro¬
hibiting its members from giving discounts to non-members.
It would then be a
Associates, Common
Ohio Match Co.
Frederic H. Hatch & Co.
Members
63 Wall
N.
Incorporated
Y. Security Dealers Ass'n
New York 5, N. Y.
Street
Bell
Teletype NY
'
1-897
Punta Alegre
Sugar Corp.
Quotations Upon Request
FARR
CO.
Members
New
York Stock
.
»
-
Exchange
Exchange
New
York Coffee & Sugar
120
WALL ST., NEW YUKK
TEL HANOVER 2-9612
>
really voluntary association.
I
1718
THE COMMERCIAL
& FINANCIAL CHRONICLE
Trading Markets In
Thursday, April 19, 1945
We have
We maintain
active interest in
an
Bunte Bros.
MARYLAND CASUALTY CO.
Central Electric & Gas
SERRICK CORP. CLASS A
Dexter Co.
i
continuing interest in—
a
BOWSER, INC.
MARYLAND DRYDOCK CO.
STRUTHERS WELLS CORP.
United Stockyards Pfd.
•
'V.'-
'
Our
■
Request
on
CfiUTTfflDfil HO.
Members
120 South La Salle Street
M CHICAGO
Available
SILLS, MINTON & COMPANY, Inc.
1922
Tel. Randolph 6960
Bulletin
V.
C. L. Schmidt & Co.
Established
Current
itjimleri f/tui
;
Chicago Stock Exchange
142(l
Telephone Dearborn
£ C T
P t
Dealer-Broker Investment
Recommendations and Literature
It
is
understood
Amott
Price
200
(Prospectuses available
upon request)
W. J. Sennott, Jr.
—
Fred i. Cook
Co.,
York
Clement, Curtis & Co.
Members N.
Stock Exch. and
Y.
the
SALLE ST.
LA
Airlines—Earnings fbr
Stout
Effect
of Debt
Refunding
road
FredJ.FairmanCo
&
Co.,
Chicago
Stock
Board of Trade
New York 4,
Exchange
Florida
Corporation
Federal Mach. & Welder
How
4, ILLINOIS
Randolph
the
Rail¬
for
Beaver
Bonds,
4068
Quotations
and
Will
Taxes
duced?—Memorandum
stock
60
and
influence
market—II.
Beaver
New
its
on
Ilentz
Street,
New
Be
Re¬
International Rwy. Buf. 3/6-62
E. H. Rollins & Sons
Incorporated
Street,
CHICAGO 3
CG 530
Wires
To
Our
Offices
In
Principal
Cities Throughout
the Country
Co.,
York
4,
York.
Steel
&
panies
of
New
Ptg. Co. 6-1963
Parker
Appliance, Com.
Snap-On Tools, Com.
Woodward Governor, Com.
3aul H.Davis & Go.
1916
Members
Principal Stock Exchanges
Chicago Board of Trade
St., Chicago 3
Indianapolis, Ind.
Teletype CG 405
Aetna Life
tive
&
Charles
—
Co.,
American
on
Hardware
Corp.,
Scovill
Manufacturing Co., Torrington Co., Connecticut Light &
Co.,
Connecticut
Hartford
United
or
a
total
of
for the complete serv¬
ice
which
includes
two
cloth
bound
volumes and ten paper
a year
issues—a special free trial
offer is available—National Quo¬
tation
Bureau, 46 Front Street,
York, N. Y.
Oil
in
War
with
Electric
Bantam
Power
Light
Co.,
units
Post-War—
"the oil industry
on
—
some
Thomson
of
&
the
Mc-
Kinnon, 231 South La Salle Street,
Chicago 4, 111.
for
Oil—Discussion
current
position
related
to
Pacific Coast
For
Car—Circu¬
American
Hardware
study—Goodbody
&
the
—
Co.
&
of
oil
stocks
intermediate
of
as
and
5,
New York.
circulars
and
on
Riverside
650 S.
CG 362
Spring St.
Trinity 3908
Also
Co.,
Railroad—Complete
proposition—Sutro
120
Cross
ar¬
Bros,,
Broadway, New York
Co. Common
for
reasons
considering
ation—F.
H. Roller & Co., Inc.,
Ill Broadway, New York 6, N. Y.
Also
available
Corp.,
Great
American Industries, Hartman To¬
bacco and
New Bedford Rayon.
Collier
Pub.—Special
study—Goodbody & Co..
research
115
Broadway, New York 6, N. Y.
A.
Darling
—
Street, New York 5, N. Y.
Gruen
Watch
common—Memo¬
Also
available
Western
M.
Light
A.
Electro
circulars
are
&
Printers
Telephone
&
Hanna
Publishers.
Co.
Chemical
on
and
and
Hooker
Engineering
available—Herzog &
Co., 170 Broadway, New York 7,
—
field reports
N. Y.
v'
' ■
Interstate Aircraft & Eng. Co.—
Descriptive
circular—Hirsch
&
Co., 25 Broad Street, New York
4,
:
Special
Co., '
115
man,
Associated
Electric
"post-war
Co., Penobscot
Building, Detroit, Mich.
Company—Descrip¬
circular-yHerrick, Waddell &
"*>., Inc., 55 Liberty Street, NewYork 5, N. Y,
tive
Benguet
Consolidated
Mining
Bleibtreu
Street,
&
New-
Boston Terminal 3V2S of 1947—
Analytical report describing
status
plan—Greene
and
&
reor¬
proposed
Co.,
37
of the
120
&
Co.-r-Review
Co..
&
Broadway, New York 5, N. Y.
Hughes
&
Treat, 40 Wall Street,
5, N. Y.
New York
Trust
Bissell
&
Street,
Co.,
&
Corporation—Brochure
statistical
information, avail¬
able to dealers—Fred W. Fairman
&,
Co., 208 South La Salle Street.
Chicago 4, 111.
General
tailed
y
business
eight
of
own
page
for
seventeen years, for
of which he headed
firm of Carley & Co.>
(Snecial
to
The
Financial
Chronicle)
CHICAGO, ILL.—Hilda
has
become
*
B. Mil¬
associated
with
Strauss
Bros., Board of Trade
Building.
Miss Miller was pre¬
viously with Thomson & McKin-
non
Co.
and Shields & Co.
Federally Insured
De¬
—
Certificates
on
request
...
AGGREGATING $25,000,000.
Brochure
-
Have
Tnmt
been
purchased
thru
us
I
Co^nanJes, Trust Departmen
Estates, Pensions.
Hegeler
SELECT FROM OUR LISTS
Common Stock
MISSOURI PACIFIC RY. SEC.
514%
Federally
Insured
Savings
&
Loan
Associations about 400 Represented
located
in
try, offer
COMSTOCK & CO.
Knekland & Co.
CHICAGO
%
141 W. JACKSON
BLVD., CHICAGO 4 A
>
v
Tel. WAB. 8686 and Western Union
Telephone
Tele. CG 640, 641 & 642
231 So. La Salle St.
4
Dearborn 1501
Teletype CG 257
r
AND>LACE
YOUR FUNDS DIRECT— NO
FEES
Zinc Co.
'
Mr,
H. Miller With Strauss
position and
Matthiessen &
;
LaSalle
years
To Yield
Available
ROHR AIRCRAFT CORP.
BUILDING
South
that William M.
■
Industries
discussion
Four
MISSISSIPPI GLASS CO.
TRADE
105
announce
Carley has been in the investment
ler
Garrett
Canadian Pacific RR.—An anal¬
Laird,
Harvester
situation—Reynolds
Wall
ysis—-Wechsler & Co., 120 Broad¬
way, New York 5, N. Y.
—
CHICAGO, ILL.—Bennett, Spanier
Electronic Co. Common—Report
discussing this stock as an attrac¬
tive low-priced dividend payer-
and
Bulletin
Carley Joins Staff
Of Bennett. Spanier
his
Street, New York 5, N. Y.
Central Hanover Bank
Manufacturing
Co., Inc., originator of the Bull(Continued on page 1719) J
Carley has joined their firm.
Building, St. Louis 2, Mo.
Co.
Analysis — F.
Co., Inc.,
79
Wall
York -5, N. Y.
-
&
A. De Pinna
Co.— New
analysis in light of recent events—
Peltason, Tenenbaum Co., Landreth
Moreland
A
La Plant-Choate
analysis—All-
INTERNATIONAL DETROLA CO.
OP
on
randum—Buckley Brothers, 1529
Walnut Street,
Philadelphia 2, Pa.
V
BOARD
report
memoranda
are
Liquidometer
on
a
Frank-Guenther
Law,
preferred stock—CircularGeorge R. Cooley & Co., Inc., 52
Stock—An¬
attractive low-priced situ¬
an
is
Stamping Co.
Inc.,
United
alysis of
this
available
National
Chicago, Milwaukee, St. Paul &
MARKET
LOS ANGELES 14
—
William
Pacific
Broadway, New York 6, N. Y.
DISTRIBUTION
135 La Salle St.
Kingan
L.
MOHAWK RUBBER CO.
UNDERWRITERS
Randolph 3002
Mercier, McDowell &
Dolphyn, Buhl Building, Detroit
Square, Bos¬
are
baby"—Complete
ganization
post-war outlook for the petro¬
leum industry—E. F. Hutton &
Co., 61 Broadway, New York
*
Wholesale Distributors
CHICAGO 3
outlook
New York.
on
this situation—Hoit, Rose
Troster, 74 Trinity Place, New
—
statistics
leading
Minneapolis
Albert
available
Detroit
and
on
Teletype CG 273
Crowell
bound
v
SECONDARY
developments—Lernei
Cement.
York 6, N. Y.
year,
—j
Pittsburgh
Steel—Bulletin
Illuminating Co.
American
Monthly Stock and Bond Sum¬
maries—May be had at a cost of
Member, National Association
—
Also
W.
Church
209
CARTER H.CORBREY&CO.
Middle West
&
9, Mass/
ton
York—Compara¬
Place for Common Stocks in the
of Securities Dealers
Iron
Insurance—Descrip¬
memorandum
Scranton
Rockford, 111.
-
Nev
5, N. Y.
&
per
fcr
^
Broadway,
& Co., 10 Post Office
bitrage
lar
each
Common
26, Mich.
&
Broadway, New York 5, N. Y.
Outlook
Tel. Franklin 8622
120
recent
New York.
tive figures as of March 31, 1945—
New York Ilanseatic Corp., 120
$72
1968
Street, Chicago 3
Philadelphia
5, N. Y.
Central
on
Alabama Great Southern RR.—
Power
Memorandum
Lincoln
Established
York
Descriptive circular — Adams &
Peck, 63 Wall Street, New York 5,
Wire, Com.
Globe Steel Tubes Co. Com.
10 So. La Salle
Street, Chicago 4, 111.
Street, New Haven 7, Conn. > y;
Also available are memoranda
Leading Banks and Trust Com¬
New
Central
Meeds,
article
Co.,
$144
Central 7540
,
Direct
^What's Bearish About Peace?—
the
on
&
York 5, N. Y.
Chicago Mill & Lumber Common
Salle
the
Federal
ICC Comment on 1945 Railroad
Operations—A summary—Vilas &
Hickey,
49
Wall
Street,
New
Federal Electric "A"
South La
Serfdom—A condensa¬
from
prepared by John J.
O'Brien & Co., 231 South La Salle
,
135
to
Lichtenstein & Co., 99 Wall Street,
New York 5, N. Y.
An
CG 537
System
La Salle
Telephone State 8711
New York
book by Friedrich
Hayek,
reprinted
from the
April
Reader's
Digest — B.
S.
Street,
N. Y.
Soon
budget
208 SOUTH LA SALLE ST.
Telephone
and
Upon
C. Pierce Corp., Barnett Building,
Jacksonville 1, Fla.
Magnavox Common
CHICAGO
Incorporated
So.
Information —Tabulation —Clyde
Trading Markets
Garrett
Road
Broad¬
Retirement
60
COASTS
King,
tion
Outlook
WIST
Byllesby and Company
135
New York.
Equities—Memorandum—H.
flentz
'
Bell
50
Operations
Longer-Term
Chicago
H. M.
Equipment Industry-
A.
I SINCE 1908
Firm
Co.,
&
&
Teletype CG 214
Members
Railroad
AND
Broad¬
New York 6, N. Y.
Descriptive circular — Ilirsch
&
Co., 25 Broad Street, New York 4;
New York 4, N. Y.
way,
Jas. II. Oliphant & Co., 61
way,
TEL. 2-3343
IAST
GALVIN MANUFACTURING CORP.
Investment Portfolio—No. 200 in
Oliphant's Studies in Securities—
New
7, N. Y.
Libaire,
CHICAGO 3
Randolph 6800
on
price
Broadway,
150
1944 and outlook—Eisele
134 S.
of
issues
Amott-Baker
Inc.,
Domestic
Others
Bond
Tabulation
estate
TO
DEEP ROCK OIL CORP. Common
based—Amott, Baker
averages are
&
Realty
>—
real
Eastern
which
'
Baker
-
Averages
WIIES
VICKSBURG BRIDGE CO. 4-6s,
the
firms mentioned will be pleased to send
interested parties the following literature:
Sentinel Radio
Warren Petroleum
that
I V A T I
—We Maintain Active Markets In—
Hallicrafters Co.
E. H. Scott Radio
LINCOLN I. NEB.
TEL. DEABBORN 0500
; TEL. TRINITY 6343
D I I
Firs* National Bank
Bid?.
Chicago 4, Illinois
LOS ANGELES 14. CAE.
Teletype CG 864
V
Tele. CG 271
TRADING MARKETS:
-
209 South La Salle Street
634 South Spri.Tj Streel
209 SO. LA SALLE ST., CHICAGO 4, ILL.
3
Vjarl Stoch <£u!,anyt and Chicago Slocl £,clia*y
every
section
of
the
Coun¬
Liquidity, Insured safety of
Principal, complete
fliliiioi*
■
FINANCIAL
freed°m from
mar*
ket losses—
"
^/development Co.
105
SO. LA
SALLE ST.. CHICAGO
3
Volume
161
Number 4378
*
Trading Markets
INDUSTRIAL STOCKS
The HaiSicrafters Go. Common
.
Altorfer Brothers Co., Com. &
CHICAGO
Prospectus available
;
request
upon
Chicago Daily News, Pfd.
Pfd.
} ,;
Collins Radio Company, Com. &
TRACTION
Colorado
Commercial Shearing &
BONDS
DOYLE, O'CONNOR & CO.
Gisholt Machine Company,
135 SOUTH LA SALLE STREET
KITCHEN & CO.
■
Case of
Tele. CG 573
[Broker-Dealer
York Curb
earth-moving
other
and
machines—Descriptive circular—
Richter Co., Landreth
f Scherck,
Mo.
Building, St. Louis 2,
■
based
was
wrongfully ordered the dissolu¬
tion of the firm, and upon the
further assertion that after the
Exchange
Curb
the
Macfadden Pub. Inc.—Descrip¬ wrongfully refused to permit
tive circular—C.
i Co.,
I
E. de Willers &
New York 5,
120 Broadway,
Y.
N.
suspended from the Exchange,
•■■ ■ v/—i-—
—
solely because
the
charges are preferred by a mem¬
ber of the governing board: which
is to try the case.
—
Company—Brochure
Magnavox
information, avail¬
dealers—Fred W. Fairman
able to
Trial
member firm of the Exchange to
&
a:
Co., 208 South La
Salle Street,
P.
v
New York
Inc.—
Steiner,
—
Broad
25
Co.,
&
Rouse
Co.,
&
discussion
Analytical
Street,
4, N. Y.
Marmon
course
Herrington,
Interna¬
Leece
Neville,
of
participation in the trial
Governors
who
of the
members
Committee
which
Transactions
Stock
the
ferred
also
were
on
pre¬
charges is a matter
which has given
concern."
.
the court deep
...
^.
.J
;
;
f
t
of
attitude
the
was
critical
several of
Avery's application for
employment with a member firm
after his firm had been dissolved,
Mr. Justice Shientag nevertheless
said thai the great majority of
who voted against the ap¬
those
plication did so in good faith and
were
actuated by proper
"So far as voluntary
Holding that the punishment in
this case, where concededly the
accused were without knowledge
,
Chicago 4, 111.
Merchants Distilling Corp.
y
and
Standard Silica Corp.—Recent an¬
alysis—Faroll & Co., 208 South
Salle Street, Chicago 4, 111.
outlook
on
W. Pizzini & Co., 25 Broad
New York
—
B,
3 Via s
Essex
&
of 2000—
Descriptitve circular — Adams &
Peck, 63 Wall Street, New York 5,
New York.
Railways
National Candy Co.—A
the
describing
pamph¬
business, en¬
the Corn
Products
Industry" — N ewhard,
Cook & Co., 4th & Olive Streets,
Current
—
Colony Corporation,
Street, New York 5, N'. Y.
study—First
National
Public
Mo.
yV~;.
W National Candy Co.—Analytical
discussion—O. H. Wibbing & Co.,
Fourth
North
319
Louis 2,
Street,
Bank
&
Trust
ysis, for dealers only—C. E, Unterberg & Co., 61 Broadway, Neu
York
memoranda
preferred & com¬
Analytical study — Goodbody & Co., 115 Broadway, New
York 6, N. Y.
—
Drug
Panama
70 Pine
stock
Colony
this
1 Yorkp, N. Y.
Pfaudler
discussing
f pany
as a specu¬
Corporation,
Street, New York 5, N. Y.
Electric Co.—
of income
—Maxwell,
Marshall
possibilities
& Co., 647
South Spring Street, Los
Angeles
14, Calif.
I
Co.
—
Recent analysis
outlook for
which
the com-
manufactures glass
| Jined and stainless steel tanks and
j. equipment — Caswell & Co., 120
South La Salle Street, Chicago 3,
Corporation
—Brochure of articles
they have
in the Chroniclewrite to Mark Merit, in care of
Sclienley Distillers
Corporation:
350 Fifth Avenue, New York 1.
been running
Coca-Cola—^Discussion
situation—Hoit, Rose &
Troster, 74 Trinity Place, New
of
;;
Railway
Company—
Segal Lock—Post-war outlookSimons, Linburn & Co,, 25 Broad
Street, New York 4, N. Y.
I
St. Louis 1,
Mo.
Corp. class A—Current
209 South La Salle
Pittsburgh & Lake Erie RR. Co.
associated with
South
231
La
Florida Portland Cement Co.
in their trading de¬
partment. In the past Mr. Revell
was with Apgar, Daniels & Co.
Central Soya Co.
;
-
Seneca Falls Machine Co.
Johnson With PaineWebber
(Special- to The
with
Paine,
Edwin
WIS. —J.
has
Johnson
Chronicle)
Financial
ASHLAND,
associated
become
Webber,
HICKEY& CD.
Jackson &
Mr. Johnson for the past
Curtis.
nine years was
connected with the
Bids., Chicago 3
Field
CG 1234-5
Randolph 8800
Union National Bank of Ashland.
wire
Direct
New
to
York
Business Man's
ACTIVE TRADING MARKETS
Bookshelf
National Terminals Corp.
Along the Line in Illinois—In¬
dustrial Development Dept.,
el Plate Road,
Cleveland 1, Ohio
—paper.
&
Common
Nick¬
Common
Bankings-Albert Griffin—Mon¬
Preferred
Franklin County
n .r
■■■•■*
ograph No. 53 in a series of Vocai
tional
and
Professional
Mono-1
&
Coal Corp.
Preferred
Howell Elec. Motors
Interstate Aircraft &
graphs—Bellman Publishing Cpftipany, Inc., 6 Park Street, Boston
Engineering Corp.
Common
8, Mass.-r-paper—$1.00.
Light
&
$2
Maine; Buda
&
Co.; Deep
Federal Machine &
.Welding;
Gleaner
Harvester;
Liberty Aircraft Products; Lamson - Sessions;
Berkshire Fine
Oil;
Rock
Economic Stability in the Post¬
World—The
war
Prosperity
War
from
Conditions
of
Spinning, Bowser, Inc.; New
Worsted; Mohawk Rub¬
ber Co., and P. R, Mallory.
Engineering Co.—De¬
scriptive circular — Simons, Lin¬
We ll
man
York
Nations—Serial No.
1945, II.A.s—Columbia University
Press,
New
York
City—paper
(without index) $2.50; cloth (with
index) $3.00.
FinancingCredit Requi rements and Operat¬
ing Procedure—Consumer Credit
Department,
American Bankers
Association, 22 East 40th Street,
New York 16, N. Y.—paper.
Home
Applicance
in the
War
Economy
1940-1944—L. L.
Waters—Industrial Research Se¬
Kansas
Manufacturing
4, University of Kansas
Publications, Lawrence, Kansasries
No.
Bond plub, of Chicago
To Hear Win. Burden If
ployment—National Planning As¬
sociation, 800 Twenty-first Street,
N. W, Washington 6, D. C.—paper
—50c.
ILL. —The
Bond
will hold a
CHICAGO,
Glub
of
Chicago
luncheon
12:15
p.m.
Room
Friday, April .20, at
in the Red Lacquer
on
the
of
House.
Palmer
speaker will be The HocWilliam A. M. Burden, Assistant
Guest
His sub-4
Secretary of Commerce.
ject will be, "The Place of Avia¬
tion in Our Post-War Economy.**
of
Because
Full Em¬
Phone State OlOl
Teletype CG 361
of
interest
National Budgets for
La Salle Street
of
the
club
The fee
of
the
broad general
the subject,
may
two
guest should
members
guests.
invite
dollars for each
accompany
resbrvan
t
tions.
Broad Street; New
Corrugating
^
CONTINUOUS INTEREST IN:
New York 5, N. Y.
Co,— New
report — First Colony
Corporation, 70 Pine Street, New
York 5,
South
231
Chicago k, Illinois
paper.
4, N. Y.
Wilmington Chemical Corpora¬
tion-—Descriptive
circular—Hill,
Thompson & Co., Inc., 120 Broad¬
way,
*
the League of
,
Jersey
ADAMS & CO.
after the Transition
Peace—Report by
to
North'n Pap.
Le Roi Co. Com.
Mills Co. Com.
Central Elec. & Gas Co. Pfd.
KoehringCo. Com.
Nekoosa-Edwards Paper Com. Central Telephone Co. Pfd.,
Mfg.Co.Part.Pref.&Cd
Compo Shoe Mchy. Com. & Pfd.
Hamilt'n
Rochester Telephone Co. Com*
James Mfg.
Standard Silica Co. Com.
Wis. Pwr. & Lt. Co. 6 &
Co. Pfd. & Com.
m.
1
7% Pfd.
N. Y.
Fields
discussion of possi¬
bilities for price enhancement—
Cartwright & Parmelee, 70 Pine
Street, New York 5, N. Y.
Yuba Consolidated Gold
4, Illinois.
—Analytical
Stromberg-Carlson
Ill
Co.,
Street, Chicago
—
Descrip¬
tive circular—J. F. Reilly &
I
ton
York
bulletin—Sills, Minton & Co., Inc.,
.
Power
statistical
Serrick
Pickering Lumber Corp.—Ana¬
lytical circular — White & Co.,
| Mississippi Valley Trust Building,
|
•
Laboratories
burn & Co., 25
Seaboard
Complete arbitrage proposition on
request—Sutro Bros. & Co., 120
Broadway, New York- 5) N. Y.
'
111..
late
preferred; Majestic Radio; Mag¬
navox Corp.; Electrolux; Brockway Motors; Scovill Mfg.; Bird
& Sons; Riley Stoker; Alabama
Mills, Inc.; American Hardware;
Douglas Shoe; Ilartford-Empire;
Maine Central Pfd.; Purolator;
Moxie;
Southeastern Corp.;
United Piece Dye Works; S. F.
Bowser; Detroit Harvester; Bos¬
Co.—Discussion
common
lation—First
N. Y.
■
on:
Mont
Du
of
class. A convertible stock for in¬
come
and possible appreciation,
Reed
6, N. Y.
Oxford Paper
are
sachusetts
and
Schenley Distillers
mon
available
Also
Y.
Broadway, New York 6, N. Y.
Discussion
Co.—Anal¬
for re¬
"A";
Great American Industries; Mas¬
San Diego Gas &
Radiator
National
SA.—Discus¬
appreciation—Ward &
Co., 120 Broadway, New York 5,
St.
Mo.
Airways
current
notes—C. E. Unterberg & Co., 61
and the
/
,
on
and
turn
titled "An Investment in
St. Louis 2,
circulars
are
sion of attractive prospects
N.
Company—Analysis
let
available
Also
TACA
70 Pine
now
&
;
Marmon Herrington Co,
4, N. Y.
Pittsburgh
Morris
..<
Street, Bowser, Inc., and Foundation Co.
La
•:
Street and is
Salle
La
to
Mfg. Co.
>■
—
—Memorandum
Raymond F.
motives,
associa¬
tions such as the Curb Exchange of the wrongful conduct of their
American Barge Line, Foote Bros.
are concerned, the court is not
firm, was severe, Judge Shientag
0ear & Machine Corp., and Steel
at all impressed with the wis¬ said that the result was warranted
products
Engineering — Memo¬
dom of permitting dual partici¬
by the provisions ol the Constitu¬
randa
Straus
&
Blosser,
135
pation or witty its necessity; ** *" tion to which they subscribed di¬
South La Salle Street, Chicago 3,
The court then goes on to point rectly, and to which their firm
'Illinois.
out that when the rules of a vol¬ also bound itself.
When interviewed, the attorney
:?t Matthiessen & Hegeler Zinc Co. untary association are followed,
for Mr. Avery indicated that the
—Four-page brochure—Comstock the courts will not interfere with
decision
would be appealed.
'& Co., 231 South La Salle Street, disciplinary action taken against
Detrola,
tional
—
returned
has
the
members of the Board in connec¬
tion with
opinion,
his
of
Judge Shientag said:
"The
Mallory
R.
the
Exchange
the
of
Practices
CHICAGO, ILL.
Revell
Galvin
Wickwire Spencer Steel Co.
Salle Street,
Agreement
Indicating that he.
Court Criticizes Certain Rules and
Chicago 4, 111.
,
Methods Authorized by
employ Avery individually as its
In
Minneapolis
Milwaukee
Raptoitil Revel! With
Comstock & Company
Comstock
a
registered representative.
and statistical
•
.
member
a
of
■X
Boston
'
,
of action against the New
the alleged claim that two of the
upon
partners of the firm were illegally
and
that
the
Curb. Exchange^
dissolution,
I]
New York
Chicago
•„
Exchange.
action
The
(Continued from page 1718)
;!'dozer
Incorporated
a
Company had failed to establish any-cause
Recommendations
& Pfd.
A.CAUYN*®COMPANY
Exchange Exonerated
sweeping decision just rendered by the New York Supreme
Court for New York County, Mr. Justice Shientag held that Avery &
In
Pfd.
Inc., Com.; & Pfd.
United Printers & Publishers, Inc., Com.
X.\X
■„
Avery & Co., Decided
New York Curb
Corp., Com. & Pfd.
Com.
Hart Carter Company, Com. &
1200
Moore McCormack Lines,
Chicago 3, ill.
j:j
CG
Street
135 South La Salle
Tel. STAte 4950
Teletype;
Dearborn 9,600
Telephone;
Stamping Co., Com.
Foote Brothers Gear & Machine
INCORPORATED
Pfd.
Milling & Elevator, Pfd.
Co.,
Broadway, New York 6, N. Y.
225
EAST
MASON
PHONES—Daly 5392
ST.
MILWAUKEE (2), WIS.
Chicago: State 0933
Teletype MI
4^8
1720
THE COMMERCIAL & FINANCIAL CHRONICLE
SPECIALISTS
Thursday, April 19, 1945
Lipe - Rollway Corporation
in
Convertible $1
Real Estate Securities
REAL ESTATE
Since
SECURITIES
Circular
Seligman, Lubetkin & Co.
Primary Markets in:
Hotel St George, 4's
165 Broadway,
870
F-l
Series
HAnover 2-2100
Exchange
Exchange
Members New York Curb
Dlflby 4-4950
NY 1-953
of New York State to take
York Title and Mortgage Company, Series F-l Certificates, the status
quite varied
34
Mortgages Owned
Owned
Properties-
Properties Operated Un¬
der Rent Assignment-
8,773,575.00
38
10,238,225.00
6
1,590,000.00
121
$27,885,286.67
TITLE CO.
Mortgages
of
December
First
Fee
Mortgages Owned
Owned
Properties-
as
shows
31, 1944
different picture:
very
PRUDENCE AND
classification
following
As
a
believe it reasonable to
that
they
$18,725,458.39
19
3,494,508.30
salable
are
maining
dated
19
on
a
108
It
is
interesting
$22,219,966.69
note
to
from
the above schedules that total
have
sets
decreased
more
as¬
than
assume
institu¬
properties be liqui¬
of 85% of cost
basis
the mortgages
proceeds
would
around 90, the
sufficient
be
distribute about 87%
REAL ESTATE BONDS
to
tions seeking an outlet for their
mortgage funds.
Should the re¬
and
89
the
mortgages are in good
standing and are being amortized,
we
Certificate!)
The
,
ent
on
to
the pres¬
$840.00
unpaid principal of
original $1,000 Certificate.
each
This is in comparison to the pres¬
ent market of around 70.
endeavor.
How
that
one
to
few
is
people
unsound.
Even fewer know
OVERESTIMATE
THE
KNOWLEDGE
ALONG
THESE
LINES
WHICH IS POSSESSED BY OUR CUSTOMERS.
Incidentally, a fin¬
ished and efficient securities salesman is never a show-off or a
super
egotist.
He knows too much about the vagaries of life to indulge
vulgar show.
On the contrary, his very modesty and un¬
derstanding prompts him to be charitable toward others and this
also prompts him to overestimate his client's
knowledge of securi¬
in such
a
ties.
.V
This
trait
of
overestimating
the
..
.
.
lay
public's
knowledge
$5,600,000 and that only 19
prop¬
handicap
SIEGEL & CO.
erties
Some
Broadway, N.Y. 6
think about the times in your own life when
you have bought
about which you knew
nothing.
Or the times when
cash and others for cash and pur¬
39
DIgby 4-2370
Teletype NY 1-1943
remain
to
be
sold.
properties have been sold for
chase
#11
mortgage, however,
original assets have been
fully liquidated. Total assets sold
NYSE Members
to
New York Stock Exchange mem¬
money
13 of the
first mortgages
received we$e liqui¬
85.32% of original cost,
were
at
„
shown
Bought—Sold—Quoted
1939
31, 1944 for which
purchase money mort¬
and
cash
The fee owned properties still
field and the book cost thereof is
certificates
EST.
December
gages
dated
title co.
;
EMPIRE REALTY
by the following schedule:
12-Story Elevator Apts—
6-Story Elevator Apts._
$511,176.63
5-Story Walk Up Apts.
Garage Properties
1,472,181.67
Theatre
and
Hall
Prop.
Vacant Parcels
_
,
Broadway, N.Y. 6
Junior
66,700.00
The investment in mortgages as
A
national
Stock
Loft
Buildings
$14,000,000
2,000,000
1,500,000
analyst with general
in
Excellent
listed
expe¬
securities.
opportunities
for
advancement in growing de¬
partment.
Write
experience
Our
and
of
of
education.
employees
notified
details
have
advertise¬
ment. Write Box
engage in the securities busi¬
Mr. Wright was previously
ness.
manager of the wholesale
experience
193, Dore-
New York 5, N. Y.
Research Assistant
that Walter V. Kennedy
Kennedy
execute
M
Worms
securities.
19/ Commercial
&
Financial Chronicle, 25 Park
Place, New York 8.
^
Investors
don't
want
to tell
you
TELL YOU SO.
believe, trust
why they should
can
them
that
he thinks the Japanese may
give
up
many
its fight
is
12,
of General
Exchange house similar
capacity — clientele
age
36,
draft exemot. Box S
19, Com¬
mercial & Financial
25 Park
PL, New York 8, N. Y.
in
soon
beaten,
it
Associated
after Ger¬
was
Press
patches from Cincinnati
which
"The
—
Chronicle,
the
are
things which will
with you—they
things
that
you
them to believe in you.
cause
must
do
to
confidence?
create
a
you
promise to do when you have promised
them; IN OTHER
WORDS—PERFORMANCE.
These are some of the fundamental
parts of a man's makeup THAT BEGET CONFIDENCE.
a
salesman makes friends of his customers.
is non-technical in his conversation.
with them
he
descending
nor
THEY
is he too forward
ARE
TRYING TO
CUSTOMERS
FAR
AS
THEIR
SKILLFULLY
PROBLEMS
DO
A
DO.
personal.
IN
HIS
When he talks
He
is
not
DESIRE
TO
HELP
FOR
THEMSELVES
AFFAIRS
ARE
CONCERNED,
TO
THEIR
con¬
HE FINDS OUT
JOB
THEM
EVEN
too
BETTER
FINANCIAL
LEADS
AND
or
TELL» HIM
ABOUT
WORRIES, PLANS
AS
HE
THEIR
AND
AMBI¬
TIONS.
Even the most astute investor with
years of practical busi¬
ness experience can see at a moment
whether a salesman has back¬
ground, knowledge and experience which is BACKED UP BY THAT
INTANGIBLE SOMETHING WHICH BEGETS
CONFIDENCE.
You
can't put your finger on it but it is there—WHEN A
MAN HAS
LIVED
AND
BETTER
SEEN
MAN
LIFE
FROM
AND
HIS
AS
A
RESULT
EXPERIENCES,
MANNER, IN THE THINGS HE SAYS AND
Army's former Chief of
Staff, General John L. Hines, said
Stock
begging for people in whom it
man
is put in this world to
help others by doing his task
whatever it may be,
modesty regarding your oWn personal af¬
fairs, a personal interest in your fellow man that shines out of a
man's personality and is obvious to
any observer, doing the things
HAS
IT
BECOME
SHOWS
EVEN
IN
IN
HIS
A
HIS
FACE.
an inner coordination of a
well-adjusted person¬
Poise begets confidence.
The man who has it is at peace
with his world, has found his job, has found that his
job is good; and
it is so because he makes a point of
achieving as great an efficiency
in
his work
other
gave
Hines
as
Japanese
on
made
dis¬
April
comments
follows:
War
fidence
on
business
it is possible for him to accomplish.
man
the
who takes
pride in his job that develops this con¬
part of his customers that leads to the top in this
well
as
He remembers
as
all others.
that the
He does the little things that count.
other fellow
wants
to
rely upon him and
knowing this HE MAKES IT EASY FOR HIM TO DO SO.
the
things
and
says
the" things
themselves, "I'm glad I've got
are
the
men
end
ness.
We
than many people suspect,"
he said. "I wouldn't be surprised
need
men
may
as
It is the
The
rail bonds desires
position with
8.
capacity.
with A. C.
Early Defeat of Japan
Seen by General Hines
business
Minimum annual
Place, New York
MOST
Poise comes from
known
Park
is
someone
not equipped to
PEOPLE FEEL WHEN
were
ality.
Heavy experience handling
over-the-counter securities and
25
similar
a
in
College
training.
Chronicle,
in
the
serv¬
orders
permanent
compensation considered $3380.
Box H 19, Commercial and Fi¬
nancial
was
past he was
Allyn & Co., Inc.
high
Library School
Legal and financial
Incorporated,
New York City,
associated with them.
now
that
HIS
Burr
Street,
announce
is
In
AVAILABLE
position with
calibre
organization
in
mid-town Manhattan.
Pine
&
over-the-counter
or
&
'formerly
manager of the Bond Department
Unlisted Trader
and
knew you
well
WHAT
for A. M. Kidder & Co. and prior
thereto was with Newman Bros.
Pox
Librarian
Coffin
Mr.
Place, New York 8, N. Y.
Wishes position to give
you
WAY
are many things that must be done, but
they all rest
certain traits of personality.
Personal integrity, sympathy for
the other fellow's
position, a desire to uphold high moral standards
of conduct in your own personal
life, your own deep conviction
Such
Kennedy is
70
basis.
Available April
23rd. Box P 19, Commercial &
Financial
Chronicle, 25 Park
ice
and
depart¬
Co., Inc.
&
mission
&
background.
Broadway, New York City,
With Coffin & Burr
Company, Advertis¬
ing Agents, 120 Broadway,
For
Wright announces that as
April 23 he will open offices
in all markets desires new con¬
nection. Age 43 and draft de¬
ferred. Prefers salary and com¬
been
this
mus
years
SAME
SECURITIES, EVEN IF THEY WON'T
world
rely.
do something
THE
Well, there
R. M.
of
Walter V,
fifteen
IS
upon
Exchange
an
With
and
What
Owns Office in N. Y.
at 42
6-Story Elevator Apts.
5-Story Walk Up Apts._„
Wright Opens
ment of F. H. Koller
opening in its
New York office for a junior
rience
R. Mr
to
6
THAT
The
You did this because you had confidence in
you
argue
properties:
Wanted
firm has
partner in the past.
65
13
do.
help
want you to do the
of December 31, 1944 was
mainly
in the following classification of
Security Analyst
THEY BUY
else to
455,000.00
$3,494,508.30
REctor 2-9838
Broad Street,
partnership with Jack Slifka. Mr.
Slifka was a partner in Fagan &
Co., in which Mr. Cunniff was a
can
point just
know about all of these
things?
What did you do?
Did you try to
analyze all the details of curing a sickness or of winning your law¬
suit, or did you gratefully TURN THEM OVER TO YOUR DOCTOR
OR LAWYER?
New/York City, in
this
prove
things
you needed
professional assistance, such as a doctor, lawyer, engineer, account¬
ant or even a garage or radio mechanic?
Just how much do you
bership of George S. Elsaesser, as
26th, and will form Cun¬
niff
& Co., with
offices at 41
of April
To
316,600.00
154,250.00
Associate Member
Real Estate Boards,
B'klyn Si N. 7,
Melvin Cunniff will acquire the
otherwise capable salesman.
an
buy a particular security BY GOING INTO ALL THE BURDENSOME
DETAILS WHICH MAY BE OF INTEREST TO YOU BUT TO THEM
ARE ONLY A BORE.
They don't want to
518,600.00
Taxpayers
TRADING CORP.
111
Gunniff & Go. To Form;
every
Doubly so in the business of selling securi¬
there are who know a good security from
something about values, or
timing, or even understand the economic system in which they live
and earn their living.
Those of us who spend our lifetime dealing
with the realities of profit and
loss, acquainting ourselves with sci¬
entific progress in many fields, studying the
manipulations of pol¬
iticians, and analyzing business and economic trends, are often prone
ties.
$7,283,286.67 §>—
43
Receivers
and
*
Confidence, confidence, confidence; it's the foundation of
shown by the following
as
classification:
First
Regardless of all else, the basis for success in the business of
selling securities rests upon the salesman's ability to develop a close,
friendly and confidential relationship with his clients.
We have
mentioned this many times in this column and despite all the other
things which we have believed to be of interest to securities men,
this subject keeps cropping up again as the most worthwhile and
beneficial topic which we can discuss.
worthwhile
Properties Operated by
We buy and sell:
appointed by the Supreme Court
the 121 properties securing the New
over
of the assets taken over was
Fee
By JOHN DUTTON
Mortgage
In 1935 when the Trustees were
Members New York Stock
The Securities Salesman's Corner
Properties Present an Interesting Picture for Analysis.
Is Final Liquidation Near at Hand?
SHASKAN & C0.
Boll Teletype
Co., Inc.
&
55 LIBERTY STREET, NEW YORK 5, N. Y.
.
Certificates Representing 100%
Ownership in 89 First Mortgages and 19 Fee Owned
Hotel, 4's
40 EXCHANGE PL., N ,Y.
Association
Real Estate Securities
N.Y. Athletic Club 2-5's
*
request
4^'s
(Park Central Hotel)
Beacon
Security Dealers
Broad Street, New York 4
41
7th Ave. 4H's
-
York
on
Herrick,Waddell
Incorporated
A'ew
Members
Preferred Stock
Class "A" Stock
1929
who
which
someone
make
his
in whom I
they
gave
up
shortly after the
German collapse."
many more
of them in the
who will think of retailing securities
vocations
for public
SUCH A
BUSINESS!
can
rely."
say
to
These
carrying the load today in the securities busi¬
are
need many,
sooner
if
He does
customers
as
ahead.
years
one
service that exists in this country.
"
We
of the finest
And it IS
^Volume 161
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
•
'1721
ADVERTISEMENT'
NOTE—From time to time, in this space,
HONOLULU OIL CORPORATION
'
.
THE
DN
WIRE
KillSER S. CO.
.
'
'
•
NEW
STOCK
EXCHANGE
YORK CURB
EXCHANGE
YORK
>^£/
■
NEW
;..:y
•
This recorder has
4
■(,.
just had
an ex¬
be of interest to others who have
■
150D RUSS BUILDING
SAN FRANCISCO STOCK EXCHANGE
>^,
STREET
BROAD
NEW YORK
series.
perience yiith his lawn that might,
'
25
a
Springtime!
-
MEMBERS
.
of
UTION S
PRO MPT QU OTATI DNS AN D EXEC
OVER CUR DIRECT PRIVATE
extra article
an
SCHENLEY DISTILLERS CORP., NEW YORK
STOCK EXCHANGE
FRANCISCO
SAN
This is
STOCK
CAPITAL
LISTED
there will appear an article which we hope
will be of interest to our fellow Americans.
SAN
FRANCISCO
patch of
4
green,
ises. We made
a
have to re-seed
about their
a
prem-
■
mistake, and we'll
quite
a
plot. Here's
the tale.
Post-War Home Building
Members New York Stock Exchange
Other Leading
units a
study of the country
post-war housing needs. The study year is a major undertaking. De¬
contains estimates of the number sirable as the goal may be, I do
•
of
units
a
non-farm
new
should
that
be
produced
in
families,
for families
who
migrate
from farms,
for
servicemen's households to be es¬
tablished or re-established,
and
our
a
families. NHA
primary need at
this
units
period,
or
units
year.
If
a
the
for
rect
for
.
assume
we
this figure is cor¬
primary need,
any¬
demolished
destroyed,
doned.
the
have
rates in the past
fairly small.
NHA
from
1920
through
been
that
states
1939
/ units
half
other
down for one reason or
torn
pairs and all units in metropolitan
an¬
war
you
housing
ions, not necessarily facts, in re¬
porting needs for major repairs.
They had no way of knowing or
indicating whether such houses
could
be
economically repaired
add to that figure represents
your bet as to how much the post¬
war replacement market will ex-
you
the
prewar
whether
or
example, F. W. Dodge Cor¬
modernize
stantial
replacement market is 190,000 an¬
nually in the post-war period, as
compared with 40,000 annually in
the prewar period.
The widely
on
for
the
be demol¬
ished
to
make
way
for non¬
residential improvements, and the
be
10
of
nonfarm
be scrapped in
the next
The
1955.
to
years,
this
number
in order to accomplish
would be 6,135.000
purpose,
units
over
likely
to
and above the 200.000
be
in
think
to
terms
of
destroyed
by
fire,
have to stand losses incurred by
abandonment
houses
econom¬
require
would
ment.
Replacement Rates to Be
Increased
As
indicated
by our conserva¬
tively optimistic estimate, previ¬
ously
forces
quoted, I think all these
are likely to increase re¬
placement
rates
I
However,
do
by
rate
NHA
of
think
estimated
without
one
kind
prewar.
over
not
be possible to achieve
grams
be
of
either modernization or abandon¬
including the NHA,
that stepping up the
replacement
rate
from
40,000
agree
cannot
that
occupancy
,
ment
Everyone,
that
demolition
or
ically repaired and modernized.
Local governments may adopt and
enforce minimum standards for
storm and flood.
will
in prewar
fi¬
our new
depreciated values.
Many own¬
of substandard properties will
pointed
highly desirable for many reasons
to get rid of all the substandard
housing in the country by 1965.
To do this, we should eliminate
half
the
substandard
units
by
units
of
reason
ers
in effect, that it is
says,
than
greater
By
themselves
out em¬
phatically that NHA did not pub¬
lish
these
figures as forecasts,
although many people have ap¬
parently
interpreted
them
as
such.
They
are
estimates
of
needs, not market predictions.
NHA
will
nancing of home mortgages, prop¬
erty
owners
have
accustomed
required, instead of the
should
be
may
times.
customary 40,000.
It
houses
number demolished for this reason
10-year
period at 12,600,000 units, or a
production rate of 1,260,000 units
a year.
To realize this, a replace¬
ment rate of 630,000 units a year
would be
the high side.
Many
NHA study estimates total
needs
replacement
somewhat
needs may prove to- be
estimate of a million
would call for a re¬
placement rate of 370,000 units.
The
them, meeting a sub¬
portion of the estimated
way.
In other words,
the NHA estimate of
year
housing
houses lack¬
that
need
publicized
a
in¬
be
ing .them.
The point of this is
that the higher rents of the post¬
war
period may very well en¬
courage owners of some of these
substandard houses to repair and
poration's
estimate
is
820,000
dwelling units a year for 10 years.
That means that our guess on the
units
could
baths
stalled in any of the
replacement
market.
For
can
sus
Whatever
market.
be
pointed out that cen¬
enumerators reported opin¬
It
rate
ceed
baths.
vate
add this prewar demo¬
of 40,000 units a year
to the primary need of 630,000
units, the resulting figure is 670,000 units a year, which you might
call the reasonably certain post¬
If
lition
reported as lacking pri¬
districts
other.
£
under
rented
.
deliberately
were
replaced, accord¬
housing units to be replaced, for
purposes
of its study, all units
units everywhere reported in the
1940 census as needing major re¬
for the whole coun¬
About half of these were
destroyed by fire, flood and storm,
the
be
$30 a month.
The NHA counted as substandard
a year
try.
to
to
units
averaged about 40,000
they
the
the NHA study, rented
under $10 a month in 1940; an¬
other third from $10
to $19 a
month.
A full 90%
of all the
/ "Demolition
•
the houses sched¬
scrapheap are the
in the country's
More than a third of
sure,
valuable
units
ing
aban-
or
governments.
programs
in
residential
inventory.
«•
Federal, State
positive action.
least
of old units which will be
tation by
going to just happen; it will have
to be created by various kinds of
be
it
as
desirable
subsidy
or
will
the replace¬
pro¬
another for
public housing and slum rehabili¬
:
didn't blame the product;
bought
on
Until
we
effect
the
we
NHA's
or
local
see
such
cannot
certain localities; right now there
is a shortage of architectural and
engineering draftsmen.
estimated
replacement needs becoming
replacement market.
use
analyzed these post-war
building estimates at
length, because their num¬
expects to see the
of revival in the
repair and modernization field.
ber and variety has been confus¬ It is likely, in case restrictions
ing and because I think you, as are lifted on a piecemeal basis,
business men, undoubtedly want that moderate-priced houses will
a realistic basis for
judging their be favored on account of present
value to you.
shortages.
I expect houses in
As state earlier, our post-war' medium-price ranges to predom¬
estimate is an average of 820,000 inate in the early phases of the
new
It is my guess
nonfarm dwelling units a building revival.
year during the first
10 years that the number of new dwelling
following
the
war.
Ten-year units that can be built in the first
12 months after X-Day will ap¬
average production in that amount
some
would
undoubtedly
include sev¬
eral million unit years.
As in all
the
estimates, dwelling units in¬
clude single-family houses, house¬
keeping units in two-family and
multi-family buildings, and new
units created by converting qr
subdividing
space
in
existing
buildings.
I would expect about
of
two-thirds
the
new
units
to
consist of single-family houses.
I estimate
war
of
roughly that the post¬
market demand in the
New
Jersey
will
State
be for
ap¬
proximately 20,000 new nonfarm
units
a
Post-war
creased
that
Bill of Rights.
I expect house
building for owner occupancy,
including houses built to owners'
order and houses built by oper¬
ative builders for sale, to revive
before
rental
housing.
Rental
housing will not be undertaken
until after rent ceilings are lifted,
after investors know what post¬
and
construction
costs
will be, and after they know what
income taxes, individual or cor¬
prosperity and the in¬
house building activity
we
all
increase
to
anticipate will tend
large-scale
house¬
operations;
building
I
not,
have
intelligently.
?
leading
up
matter
of
something. Take this
using alcoholic bever¬
to
for instance. Like
r&any
so
moderately, and by comparatively
few, immoderately. So why blame
the product for any lapses?
: \
And that reminds me, too,
neighbor got
last
summer
to the blessed
posure
We
never
but
sun,
that a
second degree burn
from immoderate ex¬
a
sunshine/,
heard" him blame the
you
ought to have heard
him blame himself. "I should have
known better!" said he.
So here ends
ing. Hope
this
today's short
have
you
a
mus¬
nice lawn
spring—but be careful!
'
*
MARK MERIT
of SCHENLEY DISTILLERS CORP.
FREE
—
Send
a
postcard
or
letter to
Schenley Distillers Corp., 350Fifth Ave.,
K. Y. 1, N. Y., ana
you will receive
a booklet
containing reprints of earlier,
articles on various subjects in this series.
be¬
procedures will be a
in
sustaining
the
lieve, to the extent of causing
large-scale operations to dom¬
reducing
inate the market.
small-house market after the first
An
ownership
should
in¬
crease
greatly in the post-war
decade; it usually does in periods
of prosperity.
In addition to the
home-ownership incentives of our
present-day home-mortgage fi¬
nancing,
there are further in¬
centives
in
the
loan
privileges
for veterans contained in the GI
rents
upsurge
proximate 300,000 for the whole
country.
On the basis of oipr
general
regional
allocation
of
housing market potentials for the
post-war period, this would indi¬
cate 7,000 to 7,500 units for New
Jersey in that first year.
year.
Home
war
Everyone
first
as we
other products of nature,
whiskey
is used by millions of people—
Modernization
I have
it
You're right, dear reader—we're
ages,
Upsurge in Repair and
an
of it, and
some more
we'll continue to
in the past—but
active
,
we
that would be unfair. The truth is
Phone LD-159
SZZZSZZSSSSSSZui
count
uled for
you
ments
•
we
ment market of the size
To
add to it represents
your guess as to how many new
units
will be built as replace¬
thing
A replace¬
<
indicated
in the NHA needs estimate is not
the 10-year
average of 630,000
an
billion dollars still looks like a
lot of money to me.
for undoubling of
estimates
Home Office Atlanta
No,
year;
That is
nonfarm
6,300,000
that estimate is my own.
a sizable annual loss for
national economy to absorb;
a
•
we
sick.
very
Private Wires
But
used it
unintelligently.
We "overfed" part of our lawn and
it got "acute indigestion"—very*
INVESTMENT SECURITIES
Scrapping 610,000 houses a year
writing off capital assets at
the rate of about a billion dollars
The primary need is ,obviously,
"the need for accommodating new
this time
BROKERS OF BONDS, STOCKS, COMMODITIES
means
£
perfectly wonderful results.
will
be attained.
purposes.
bag of commercial
a
We had used it before with
uct.
and
Exchanges
UNDERWRITERS AND DISTRIBUTORS OF
this moment
predict with certainty that it
1955
certain
accomplish
to
order
630,000
to
year
not know who can at
units
in the
dwelling
10-year period 1946 through
a
bought
plant food—a most excellent prod¬
(Continued from page 1715)
-November
We
BANKERS
INVESTMENT
illustration from
has
year
a
a
pre-war
bearing on this point.
vital
factor
wave
is
of meeting urgent
shortages
over.
The
typical prewar house-build¬
No Miracle Houses
>
operation was fairly small
There is scarcely any need at
Scale.
Analysis of a record of
this time to review the furore of
110,800 single-family houses built
in the year 1938, showed that 16% a year and a half ago about the
of the total houses were built by post-war miracle house, or to re¬
279 large operators, large oper¬ count the debunking of that par¬
post-war
dream.
That
ators in this survey being defined ticular
ing
as
those who built more than 30
was
aboutHhe time when
Elmer
during
the
year.
An Twitchell, homespun philosopher,
equal percentage of the total was frequently quoted in H. I. Phil¬
built
by
17,351
builders who lips' column in the New York
turned out just one house each Evening "Sun," remarked that all
the post-war plans he had seen
during the year.
Middle-sized
were blue prints either for a bet¬
operators,
averaging not quite
ter world or
a
super
cuckoofive houses each, turned out 68%
clock.
In 1943 the architectural
of the total.
In that year there
and building magazines and the
were not many spots of concen¬
manufacturers
trated housing demand calling for building-product
houses
had to debunk the miracle house,
large-scale projects.
job they
.When
got to the point, about mid¬
Mass migration of
ing revival will, as we all know, came along.
summer
1944,
when
miracle
created
take some time to get under way. workers
large concen¬
houses had disappeared from all
Government controls will not be trated housing
demand in war
public prints except whisky ads,
completely relaxed directly after production
centers, and large- realism had finally come Out on
X-Day.
It has been stated that scale operations became neces¬
top.
war production will then be cut
sary.
Since war housing was
Our own latest check ori post¬
back about 20%; a 20% cutback limited to buildings to cost less
war
building potentials was a
on war production will not per¬
than $6,000 with land, there will
among
.building-product
mit unlimited civilian production/ likely be hereafter concentrated survey
Many essential building materials markets in many of those centers manufacturers, who were asflked to
will be short, principally lumber for houses over the war-housing tell us about the materials and
and fabricated metal equipment maximum.
However, if the post¬ equipment they would offer in
items.
Even though price con¬ war housing market is to be sus¬ the post-war market. The replies
we received from 255
presidents
trols are likely to be continued tained, if the high production es¬
or
other top executives from as
until
Japan
is
beaten,
doubts timates for the postwar period
representative
companies
about
future
construction
cost are realized, and very particularly many
porate, they will have to pay.
The post-war residential build¬
trends may cause some people to
hesitate
ments.
may
about
The
different
A
when
if
a
commit¬
velops,
manpower
situation
home
of skilled building
labor short in
builders
efforts to
ket.
war
existed
housing program
huge replacement market de¬
it will be necessary for
making
be spotty, with certain kinds
the
situation
serve
to
continue
their
the low-cost mar¬
Improvements
and
cost-
and
a
made
very
thorough
of their debunking.
it
were
listed
summarized
in
in
detail
the
and
also
December,
1944, issue of "Architectural Rec¬
ord."
(Continued on page 1739)
THE COMMERCIAL & FINANCIAL
1722
Tll
We Are Interested in Buying
Charles A. Parcells & Co.
VltOTIIEKS
IT
Exchanges '
International
Established 1919
*
Detrola
Exchange
DETROIT 26, MICH.
Roney & Co.
Hartford
BUHL BUILDING
812
Teletype
Randolph 56*25
DE 206
Cherry
V
6700
At this writing, about 90% of the offer¬
outstanding success.
an
was
ing has been placed by the underwriters.
It covered 759,550 shares of common
in the
Corporation
its
plus
bank,
250,000
of
share
which
shares
new
offered
been
have
to present stockholders in a
one
for four, plus any
of
ratio
addi¬
which shall be un¬
tional shares
subscribed by other stockholders.
The rights expire May 2.
Walter S. Mctucas, Chairman
already re¬
underwriters/
have paid in the $10,000,000 in
of
-
the
the
that
capital.
new
has
bank,
ported
*
.
-
.
'/From a Detroit angle, perhaps
the outstanding news in the offer¬
number of shares
taken in Detroit and Michigan.
Hardest-hit city in the world
ing
the
was
during the banking holiday, De¬
troit's two big banks—the First
National and Guardian National
did
Commerce—never
of
Bank
and thousands of stock¬
holders paid in the double lia¬
the exChang^ back in 1923 and at one
time was prominently mentioned
for the post of paid President.
He played an important part in
the organization of both the Bet¬
brokerage circles, joined
'
I
t
which the
stock in the National Bank of
The
in
manner
Business
ter
Detroit
of
Bureau
the Association of Stock Ex¬
and
change Firms.
headed by
Floyd Odium has been one of;
the
heavy
buyers
of Hudson
Motor Car Company stock in
recent weeks,
mulating
reportedly accuof
upwards
-
50,000
shares.
The
annual
Hudson
meeting is
May 20, and at that time Odium's
reportedly ask that
Baird, Vice-President of
David
Marsh
and
McLennon, be placed
the Board.
on
A
Dutch
^
.
which
group,
holds
nearly 200,000 shares, will also
ask representation, it is under¬
stood.
ers) and Mrs. Roy Chapin, sisters
of WPB's Carsten Tiedeman, who
is now a director.
institution.
', •/
>
,
/
death
of
month.
//;/;;
Street
jji
7
O
>',s
,
Sale of F. L. Jacobs Co.'s hold¬
Detroit
v
nounced
by
Jacobs.. He
President
C.
Rex
that
stated
the
sale
price was $637,000.
; The individual purchasers of
the subsidiary, which manufac¬
tures radio landing systems for
„
General Industries Co.
airplanes and
variety of othei^
a
products, were Dr. Robert I.
Sarbacher, who resigned recently
as Vice-President of Maguire In¬
dustries, and Robert H. Bailey,
official of the First National Bank
\yar
Reports furnished on request
of
Mercier, McDowell
& Dolphyn
Cadillac 5752
DETROIT
Track,
Air
26
it
is
understood,
business
war
radar.
and
Dr.
of
the
Tech.,
also
was
,
The
after
in
the
for
Jacobs
a
19,750
stock..
shares
Assets
of
year
company
of
its
W.
I.
common
T.
were
;
!
3s-5s
of
ftllman, Moreland & Co.
Detroit
Stock
Exchange
1051 Penobscot Building
DETROIT 26, MICH.
Gross
balances
*
♦
ended
in
743
or
does
it
held
ances
free
for
the
reporting firms
or
for
credit. bal¬
514%
preferred
$12.23
against
of
accounts
:*
the
.
Lansing
the
on
stock
were
1943,
in
Fixed
year
Commission's
Farrel
Com¬
Birmingham
$1,266,719 compared with $1,272,014 or $7,92 against $7.95 a year
ago.
Approximately $250,000 was
added to earned surplus, bringing
the total of $2,600,000.
state¬
ment follows:
"Section 8 (a) of the Securit*'es
Act of. 1933 provides that -the ef¬
fective
date
of
a
registration
.
statement shall be the twentieth
after the filing thereof or
The Fafnir Bearing Company of
day
such
earlier
sion
may
regard to
the
and
date
the Commis¬
as
determine,' having
for
due
.
passing
request for
upon
April
on
of
and
its
ac¬
issued
of
.
the
a
general, policy
effective
statements
registered
covering
of
date
or
securities
1944 totalling $781,has
year
in
tively.
covering
whole
in
income
net
War Contingency
Reserve.
Earnings were $4.88
against $13.23 a year ago. Hart &
C.ooley, inc., a. holding company
which owns 50% of the capital
stock of Fafnir Bearing, showed
net income
of $491,744 against
$477,1,35 ip
1943, pr $6.15 per
share compared to $5.96 respec¬
Exchange
7
showed
In addition the company
$1,000,000
.
Securities'
the
076.
the public interest
protection of investors.'
.
Britain
New
.'
.
At their recent annual meeting,
the directors of New Britain Gas
selling
Light Co. elected A. H. Scott pres¬
ident and general manager.
tory standard is not met in coses
order
for
that
cases."
'
The
for
*
,
the
1944
in. such
-
income
Bridgeport
will
reason
acceleration
959
" ;
year
of
account
Gas
ended December 31,
$268,849
against
Earnings pier share
were
to
The
DETROIT,
Babbitt
has
Financial
The
-
ended
MICH.—Donald
become
G.
associated
-
the
which
Co.
&
showed
in
cut.
$448,355
for
December
31,
with
Coke
in¬
the
year
1944
$434,087
as
year
a
'Members Detroit Stock
Exchange
Detroit
'
.
Tele. GR
Office, Buhl Bldg.
184
the
Stock
against $2.18 in 1943, while the
the
GRAND RAPIDS 2, MICH.
Earnings per share
ago.
Exchange.
past
was
a
Mr.. Babbitt in
partner, in D. G.
Babbitt &
and
Co, and
was
a
1
partner
of the municipal
department of Rathbun & Co.
J
manager
;
-
preferred
common
stock
showed
a
on
were
$2.25
deficit of 50c
a
share against a deficit of 54c.
f
*
*
The
*
"
*
consolidated
*
income
ac¬
been
added
to
legal for savings
Connecti¬
State of
Among the issues certified
included certain
are
the
obligations Of
roads: " ? Atlantic
following
Coast Line Railroad Company, the
Baltimore & Ohio Railroad Com*pany, the Chicago, Burlington &
Quiney Railroad Company, the
Central
Illinois
the
Railway
Com¬
City Southern
Company,
the
New
-
York
the
Railroad
Kansas
pany,
Central
Railroad
Northern
Company,
Pacific
Railway
Pennsylvania
Company and the
Railroad Company.
Ball, Burge & Kraus
Promotes Bobbins;
Adds Rank, 0'ilalley
to
The
Financial
Chronicle)
CLEVELAND,
OHIO. — Ball,
Burge & Kraus, Union Commerce
Building, members of the New
York
Cleveland
and
announce
Robbins is
now
who
became
Stock
of their
Mr. Robbins,
manager
associated
firm in 1944
Ex¬
that William T.
trading department.
with
formerly
was
the
part¬
a
in Robbins, Gunn & Co., and
business,
member
of
Malcolm
associated
lumbus,
•
as
the.
an
/v
.
S.
individual
Cleveland
Rank
with
the
has
firm
/
Ex¬
•
.
become
in
Co¬
He has recently been an
examiner with the State of Ohio
Division
of
Securities.
Prior
thereto he
*
WHITE, NOBLE & CO.
the
change.;'.
net
have
investments
banks
."j/,7';"
Baker, Simonds & Co., Buhl
Building, members of the Detroit
$3
*
bulletin published
by the State Bank Commissioner
did
Connecticut Gas
compared
Manufactur¬
*
*
The April 2
ner
.
of
come
Atwood
$164,289 for the year ended
31, 1944 as compared
with $196,478 the previous year.
Earnings per share on the capital
stock
were
$3.04 and $3.64 re¬
spectively.
ago.
year
$1.46 and $1.48 respec¬
Securities
Chronicle)
*
December
the capital
a
on
tively.
(Special
the
Company
Light
showed net income of $264,-
stock
Baker, Simends & Go.
*
of
change,
selling stockholders
does not bear his equitable pro¬
portion of the expense Of regis¬
the
stock
common
share.
&
(Special
to
where
the
and
per
Plume
a
be distributed for the account of
stockholders, ' the Com¬
mission considers that the statu¬
1.6$
listed fifty-seven railroad bond is¬
reported net profit for the
ended December 31, 1944 of
pany
over¬
ing Company reported net income
charges
5.84 times against
covered
while
covered
The
preferred
stock
earnings of $28.70 per
showed $2.24
times.
The
for distribution for the ac¬
selling stockholders. The
of
$6.77
sues
count of
text
On a per
$12.56
common
year,
$288,682 and
Security
Liquidation by Stockholders
in part
was
$2,348,-
earnings
$2.32.
against
5.76
on
basis,
while the
<■-
year
respectively.
$296,514
of partners of
the
1944
to
preceding
was
share
'
SEC Policy
the
31,
nor
of
exchanges,
include
share,
Hart-
The
for
Inc.,
December
while the net
with
Phone 94336
75
*
of
revenue
na¬
members
are
securities
tively. 7
rate
coupon
*
'
Teletype DE
a
showed
Request
American Box Board Com.
Creek
carry
with 2.76 times
year,
were
times against 2.18 times respec¬
of .70%.
free credit balances held for other
which
times compared
balances,
regulated commodity accounts,
tional
ended December 31, 194|
against
$22,901,437
in
1943.
Fixed charges were covered 2.16
1, 1947 to 1956 inclusive, to Tyler
Co., Inc. of Boston for 100.299—
„
*
;7
Railroad was $14,071,121 for the'
&
;
$8.21 re¬
*
year
charges
$2,453,357. compared
credit
«
preceding
lord. Times,
include
;
*
all
the bonds to
and
.
*
•.
the
*7*/*
Aeronca Aircraft Com. &, Pfd,
Battle
sold
Water
Net income of the New Haven
12, the City of
$100,000 Sewer
April
on
Britain
■
bonds due $10,000 each year May
1962
Central Steel & Wire
Member
ex¬
International Rys. q£ Buffalo
Complete Analysis
on
Also,
New
Greenwich
$7.76
were
*;
finance the cost of
not
tration, and
Simplex Paper Corp. Com.
spectively.
rying margin accounts, amounted
to $553,329,498.
This figure does
not
COMMON
ferred
basis.
cus¬
the
System showed net income of
$198,788 for the year 1944 against
$210,325 the previous year. Earn¬
ings per share on the 6% pre¬
changing the fiscal year and plac¬
ing the town on a pay-as-you-go
national
-
of
count
reoffered at
reported by member firms car¬
securities
formed by
was
February, 1939,
transferred to Air Track.
L. A.
Customers' free credit
re-—
clusive, and $7,000 each year April
1, 1956 to 1965 inclusive, and were
were issued to
segregated
under the Commodity Exchange
Act, totaled $241,397,193.
as
Bloomfield
of
Town
prices ranging from a
.35% basis to 99
These bonds
balances
registration
consultant
had
acquired W. I. T. Manufacturing
BABY
of
statements
subsidiary
Jacobs
The
or
reported by firms carrying
tomers'
margin
accounts,;
were
cently sold $150,000 bonds to Cooley & Co. for 100.1426 for a .90%
coupon.
The bonds mature $8,000
annually April 1, 1946 to 1955 in¬
"own"
accounts
firms, or
accounts of partners of those firms:
Cash on hand and in banks,
ration
to Air Track.
POST-WAR
of
regarding requests for the accele¬
Graduate
School of Engineering at Geor¬
gia
of
members
statement
electronics and
of
the
exchanges,
of reporting
Commission
Sarbacher, scientist
Dean
re¬
firms
held for other firms
are
securities
The
and plans for the future include
manufacture
cus¬
celeration of the effective date of
its books
on
total
balances
member
accounts
In
backlog of about $12,000,-
a
000 of
Members Detroit Stock Exchange
Buhl Bldg.
Farmingdale, L. I.
has
i
,,
three sales of municipals within the past month—
number of offerings in this type of security in some time.
The prices paid moved to new all-time highs.
Heading the list were
the Milford School bonds.
On April 11, Day, Stoddard .& Williams
paid the Town of Milford 100.267 for $75,000 bonds carrying a coupon
rate of V2 of 1%.
The bonds were not reoffered publicly.
were
ing, College Park, Md., to. Aero¬
dynamic Research, Corp.* was'an¬
the
31,
debit
•
the greatest
on
/
•.
„
Wickey,
in
figures
//V/,v,
ings in the Air Track Manufactur¬
of
by
business
those firms.
mourned
C.
Clark
i •
Stock Exchange, lat.e last
Mr. Wickey, one of the
known
best
.
Vice-President
Executive
Detroit
*
*
Griswold
All
the
.
•: ?■
March
Danbury
Exchange
Connecticut Brevities
Exchange carry¬
ing margin accounts,; was $1,034,012,245.
Of that amount, $109,270,238
represented
credit
ex¬
tended, to customers on U. S.
Government obligations.
The to¬
tal of $1,034,012,245 includes all
securities
accounts, - commodity
accounts and* all other accounts;
It does not include debit balances
firms
of Walter
of
Water bury
Members N. Y. Stock
New York Stock
will
group
close
net
clusive
was
bank and the policies
Saturday,
which
Eastern group
An
jMfcLucas, who came to Detroit
from Kansas City to head the
>.
New London
Exchange
the
tomers'
in
Other large Hudson holders are
taken was a testi-*i the Webber family (Detroit's J. L
monial to the soundness of the
Hudson Department Store own-?
Detroit
of
*
reopen
bility.
at $42 a share and rep¬
holdings of General
resented the
As
ported
.
'
Motors
New Haven
f
There
the
request
CHAS. W. SCRANTON & Co.
!] J
single exception, the largest bank stock offering in the
of
these Connecticut companies
on
h
New York:
NY Stock
on
available
7-3191
Hartford Electric Light Co.
United Illuminating Co.
Torrington Co.
Bell System Teletype: IIF 365
country, the $32,000,000 saie of National Bank of
Detroit common by a syndicate headed by Morgan Stanley & Co.,
history
Connecticut Power Co. V
Corp.
Market* and memoranda
BOwling Green 9-2211
Michigan Brevities
a
Conn. Light & Power Co.
American Hardware
Phone
(
DE 167
With
-'-/'•v.
*
DETROIT 26, MICH.
Teletype
Aetna Life Insurance
Hartford and
Members New York Stock Exchange
Telephone
Thursday, April 19, 1945
Scovill Manufacturing Co.
/•
Connecticut Securities
Wm. C.
639 Penobscot Building
;.jy
.
Primary Markets in
J
Michigan Markets
\
Associate Members New York Curb
>
..
Members Detroit Stock Exchange
.
York and Boston Stock
New
Members
CHRONICLE
trading
was
vice-president and
manager
for
The
Ohio
Company and BancOhio Securities
Co.
;
Patrick A. O'Malley, for
years
many
with Hornblower & Weeks,
has been added to Ball, Burge &
Kraus' staff in Cleveland.
Volume
161
THE COMMERCIAL & FINANCIAL CHRONICLE'
Number 4378
'
1723
SINCE 1900
ASSOCIATED ELECTRIC 888PM
LA PLANT -CIIOATE
'
-
5% 1961
/ 4Vz's, 1953
_
J ST. LOUIS
"
'
Recent
added
have
events
,
SECURITIES
Manufacturing Co., Inc.
.
strength to this already sound situation
A
New analysis on request
,
Ori< i lafcor of the
t
BULLDOZER
Peltason, Tenenbaum Co.
\ Direct Private Wire to
New'York
and
Providence
Offices
G. H. Walker & Co.
Members
803 LANDRETH BLDG.
ST. LOUIS
and other
•
,
2, MO.
Iff;—T
SEC Statement
Modifying Restrictions
cn
:
^
tention
Exchange Commission desires to call at¬
provisions of War'.Department Circular 7.4^, dated
the
to
Landreth
and
Securities
''
F;
Description of Company's*Stock
Bell Teletype
SL
COMPANY
Louis
2,
Mo.
Companies
in
engaged
enjoined
from plication of these instructions to
publishing
operating statements' particular facts will be referred
or
other financial reports which to the
Director, Bureau of Public
would indicate any of the follow¬
Relations, War Department,
ing data concerning production Washington 25, D. C., who when
under classified War Department
necessary will consult with the
production
procurement
tal production, or
concerned.
production pro-
or
agencies
ether
2.
5.
There is,
objection,.how¬
to companies showing their
earnings and total produc¬
by dollar value, subject to
ever,
total
tion
the
no.
Company Ordered
St. Louis County Gas
Approximate
-a.
of
particular
a
classified
disclosed.
article
will
contract
if
ticle is shown if that article
com¬
prises more than 75%. of- the com¬
The
im¬
been
underwriting group headed
Ripley & Co., Inc.,
by Harriman
April 18 offered 30,000 shares
of the Bell & Howell Co.'s 4V4%
on
cumulative
preferred stock
($100
common
stock.
of the
contract
listed
data
Net proceeds from
the sale ol
the preferred stock will be added
in
post-war
Defense Plant
period
from the
Corporation the Lincolnwood, 111.,
plant now being operated under
The
common
outstanding and
stock
offered
including J. H. McNabb, Presi¬
None of the proceeds from
ers
dent.
ceived by the company.
Quarterly statements show¬
ing by total dolalr value the fol¬
lowing:
•
the
sold to
was
is
underwriters by certain stockhold¬
tions companies may issue—
a.
shares
common
Associated
will
be
re¬
the
Lehman
Brothers;
Kebbon,
period.
(4) Orders
Davis &
& Co.; Paul H.
Co., and Hemphill, Noyes
Co.
n
during
unfilled orders
at the close of the period.
<6) Finished goods on hand.
of
Qf 0. H.
ST.
president
(8)
Raw materials and supplies
Co.,
(one item).
of
tal
has
is
most
how
much of the total dollar sales was
and
Laclede Gas Light Co., whose
stock
common
was
National Candy Company
Candy continues to
feature trading
activity on the
3t. Louis Stock Exchange having
new
An
describing
ness.
has
high levels in recent
interesting pamphlet
company's
the
busi¬
and entitled "An Investment
Products
Corn
the
in
been
■
Industry,"
dealers.
members
Activities
dealers
of
underwriting
the
were
Blyth & Co., Inc.,
of New York offering $80,000,000,
Pacific
Gas
Electric
&
first
refunding mortgage 3s due
and
1979.
Newhard, Cook &
were
of
Security
the St.
Peabody
Sachs
headed
&
the
Tegelcr &
&
&
Newhard,
Co.;
& Co.;
G.
Walker
H.
Stix &
Co.;
&
not
of
any
Building,
t.
4.
Special reports covering any
Kansas
of
*
"Effective
3946
unless
superseded."
until
sooner
-.
7
September
rescinded
-
or
v
''
_
&
Co.,
all
of
St.
YfFLVYY: j
& Co.
0. H. WIBBING & CO.
City.
underwriting
offering
group
$50,000,000 New York Power and
Light first mortgage 23/4S, 1975.
dealers included
F F
St. Louis Stock Exchange
319
North
Fourth Street
Saint Louis 2
:
Teletype
SL
158
L.D.
Wm. M.
years.
Financial
politan St. Louis Company; New-
hard,
Cook
&
Co.;
Reinboldt
&
Gardner; I. M. Simon & Co.; Sti¬
fel, Nicolaus & Co., and Stix &
Co., all of St. Louis, and Baum,
Bernheimer Company and Stern
Brothers & Co. of Kansas City.
We
interested
are
in
offerings of:
Mercantile Commerce Bank
& Trust Co.
St. Iiouis, Mo.
Stock
-
Mississippi Valley Trust Co.
St. Mollis, Mo. Stock
Stanley & Co. of New
York headed by the underwriting
(Continued
and
on page
First National Bank
St.
Louis, Mo. Stock
1731)
718
Members New York Stock
Street
Saint Louis
Central
Newhard, Cook & Co.
SECURITIES
Locust
L. D.
t.
Mo.
8250
St.
208
L. 499
Exchange
Chronicle)
Rosenbaum
members of the New
will
&
^Municipal
u.
vvuifiHuy, inc.
ESTABLISHED
1924
Member
Bonds
St.
Louis Stock Exchange
Himme
with
the firm
City,
York Stock
George
May 1st:
admit
became
associated
in December
>:;vF
506
Co., 285
Himme to partnership on
Mr.
71
Metro¬
Morgan
Co.
Members
„
Halsey, Stuart & Co. Inc. headed
Missouri
Request
on
Listed on
St. Louis Stock Exchange
V
&
Exchange,
,
Analysis
Co.;
Exchange.
Madison Avenue, New York
sold by the company.
Common Stock
To Admit Himme
classified product's dollar value to
the total dollar value of all goods
Candy Company
Co., and
members
\
particular
National
INVESTMENT
within 25 points of the percentage
relationship
&
Louis, and Stern Brothers
Listed and Unlisted Securities
percentage .is
New
Smith, Moore & Co.; Stifel,
Nicolaus
Co., Inc., Ill North
Fourth Street, St. Louis, Mo.
the
of
Co.
Cook
Underwriters and Distributors
provided
St.
Reinholdt & Gardner; I. M. Simon
KANSAS CITY, MO.—Lester C.
Slayton
of
Edward D. Jones
Co.;
Dobbins, previously with Pratt &
Whitney, is now affiliated with
use,
Co,
&
Co.
underwriting
through the use of facilities which
will not require substantial re¬
peacetime
Exchange
COMPANY
Louis Stock
The
Stock
Metropolitan St. Louis
Dobbins With Slayton Co.
to
Louis
Kansas
Cook
&
St.
included
of
H.
He has been with the firm and its
(Special
Walker
Members
1,Mo#
-
Goldman
the
Missouri
group headed by
St. Louis
f
York
prepared by Newhard,
St. Louis. Copies are
Recent Underwriting
Several
Newhard,
H.
-
•
Cook & Co.,
to
and
G.
Louis.
Co.
&
which offered 150,000 shares
May
Department
Stores
$3.75
cumulative preferred stock. Mis¬
souri dealers included Dempsey,
National
sessions.
STRE ET
of New
group
1
property.
sold at
SECURITIES
OLIVE
recently sold
public, is expected to have
interest
in
acquiring
the
Kidder,
MO.—Russell
City
dealers
Brothers
derived from goods manufactured
for
INVESTMENT
an '
underwriting
250,000 shares of
Missouri
Stern
to the
an
Co.
&
Anderson Clayton & Co. common
and
profitable.
Annual reports and prospec¬
tuses showing by percentage
conversion
Stix & Co.
Insurance
been elected viceO. H. Wibbing &
predecessors for ten
earnings.
Jc.
Wibbing Go.
LOUIS,
Gooding
Work in progress.
Quarterly, statements of to¬
which it is most interested
which
and G. H. Walker & Co.
(7)
b.
business
Smith, Moore & Co.; Stifel,
Nicolaus & Co., Inc.; Stix & Co.,
the
•
that
favor
to
of
types
Co.;
the
during
-
of
stock.
Stanley
Morgan
stock.
is
control
included
adjustments,
filled
period.
(5) Volume
<
Whipple
Bacon,
&
cut-backs
and
St.
Automobile
terests; that the tendency of joint
two
with Harriman
RipT
ley & Co. in the offering of both
the preferred and common shares
are
(3)
of
shares
Co.
&
75,000
common
headed
available
-(1) Volume of unfilled orders McCormick &
Co.; A. G. Becker
at the
beginnning of the &.
Co., Inc.; William Blair & Co.;
-period.
,(2) New orders booked during
that, in their
highly unrealistic
vital competition be¬
company's general funds. It
the
period.
Cancellation,
Walker
offering
is planned that the company pur¬
paragraph 3.)
3. Subject to the above restric¬
:
II.
offered
York
•
the contractors. if the
all
G,
and
Louis
group
priced at $103.50 a share and the
at $15 a share.
lease, at approximately $1,950,000.
or
Huff, Geyer & Hecht of New York
service
when controlled by the same in¬
The preferred was
the War Department are directed
any
as
and
stated
par), and 150,000 shares ($10 par)
chase in the immediate
any
arising
such
officers
was
the
tween
posed by the responsible procure¬
ment agency because of. the ex¬
treme secrecy of particular con¬
tracts.
(Procurement agencies of
makes undesirable publication of
SEC
expect
to
to the
of
economies
ownership,
executive
opinion, it
publication of total production by
secrecy
joint
Company
common
extreme
ST. LOUIS 1, MO.
and its subsidiary, argued that
properties would result in the loss
American
.
to .inform
substantial
rom
gas
.
An
Exchange
of Missouri
dated returns.
pany's production.)
b, Future operational plaps or
intentions will not be directly or
indirectly disclosed.
c.
Special restrictions on the
not
Electric
of the electric and
rescinded.
be
that the approximate
production rate of a. particular ar¬
have
Union
severance
directors, offices, and tax savings
made
possible through consoli¬
under
not
(It will be conclusively
value
of
tem
by
presumed
dollar
B
509
production
Louis Stock
Mississippi Valley Trust Bldg.
County Gas Company, a wholly owned subsidiary.
North
American, in requesting that it be permitted to retain the gas com¬
pany as an additional system along with the integrated electric sys¬
common
number, quantity, or dollar value,
a
Members St.
F
North American Company has been ordered to divest itself of the
War Department, 1944, pertaining
to the aforementioned subject, is
following conditions:
to Divest
St. Louis
IV, Circular No. 407,
Section
request
WHITE & COMPANY
North American
■
cesses.
on
Missouri Brevities
are
contracts: rates of production, to¬
Common
Circular
questions concerning the ap¬
any
Corporation
>
K- L. D» 123
»
oeriod shorter than 3 months and
war
Pickering Lumber
Garfield 0225
SL 456
7, 1945, relating in part to a modification in the restrictions
on publication of operating or financial statements by companies en¬
gaged in war production.
The text of that portion of the circular
concerning this subject follows:
/l.
Stock Exchange and
Principal Exchanges
'
Broadway & Locust, St. Louis 1, Mo.
Tel. Central 0838
Building
March
II—Military Information.—
York
Teletype SL 84
Request
on
SCHERCIi, l IUHTtl
On Publication of Financial Statements
The
■
f:
.
New
Other
Telephone LD 240
Teletype 486
earth-moving machines
.
1944.
FOURTH &
New York
OlllVE STREETS '
"
ST. LOUIS 2, MO-
Correspondent, Clark, Dodge & Co., 61 Wall Street
Olive Street
ST. LOUIS 1,
Teletype
MISSOURI)
—
SL 62
1724
Seaboard Railway
Chicago, Rock Island & Pacific Ry. Co.
Chicago,
1st
Rock Island
Ry.
New
(When Issued)
••
'
•-
■
,
'
-
'
Bought
Clearing
Stock
Contracts
■■
.v.
Stock
York
SUTRO BROS. & CO.
Members New York Stock Exchange
Exchange
120 BROADWAY, NEW YORK 5, N. Y.
New York 6
Telephone—DIgby 4-4933
Telephone REctor 2-7340
Bell Teletype—NY 1-310
..."
request
on
Only
PFLUGFELDER, BAMPT0N & RUST
New
Quoted,
—
issued profits discounted
When
Broadway
Sold
—
Complete arbitrage proposition
Stock, No Par
Exchange
Stock
York
Members
"'u.
4% *# 2019
5% Series A Pfd., $100-Par
Common
61
.
w
'
(when issued)
.
New Securities
■
D
-
Chicago, Milwaukee, St. Paul & Pacific R.R,
Mtge. A 4s, 1994
Gen. Mtge*Inc. Conv. A
Cony.
& Pacific
Company
(when issued)
When Issued Securities
Province of
ALBERTA
Broker-Dealer Personnel Items
Railroad Securities
(all issues)
If you contemplate making additions to your personnel
please send in particulars to the Editor of The Financial
Chronicle for publication in this column.
Chicago & North Western 5% Preferred
77 reorganizations, both those already completed
Of all Section
or in process of emerging from reorganization, that of the North
Western was one of the most severe, fixed debt being reduced 70.53%
reduced 75.08%.
This is well known in financial circles.
Net so well known is
the extent to which charges have been reduced since completion of
and fixed interest charges
MEMBERS
York
New
Stock
and
Exchange
LaSalle St., Chicago 4,
111.
from
refunding
Such
reductions
obligations
last
million
RFC
loan
RFC
loan
July
on
of
payment
The
NEW
YORK
consisting
5
owned
President Truman's
First Press
•
100%,
the
Omaha
capitalization
posses¬
foldings
are now a
;
s.
Chicago
Meeting
of
leaders
the
United
a
continuation of the
reciprocal trade policy, and said
he would support the San Fran¬
cisco conference of the United
from
Nations
Washington
but
Would not attend it personally, it
was
made
known in
a
special
dispatch
from
Washington
on
April 17 to the New York "Times"
by Bertram D. Hulen, who also
said:
Speaking crisply and frankly to
correspondents at the White
House on both foreign and do¬
mestic issues, the President also
declared
that the
curfew
and
the
other
ban
restrictions,
horse
on
James
F.
Director
the
racing imposed by
Byrnes
of
including
when
War
he
Mobilization,
Would be continued.
Fixed
Other
Total
Obligations——
Interest Obligations
Fixed
Contingent
—
Debt
Total Fixed
and
sets
funds
reserve
current
for
both
There
($100
are
par
after the
resent
war
These working capital
common
a
era
controlled Omaha.
the late 20s.
of Jan. 31, 1946.
Since the First Mortgage bonds
pon
basis
are
in
as
is thought in
quarters, duplicate those of
As
a
capitalization and for purposes 'of
limited
comparison
appreciation by their call price
Vs, the investor is obviously
projecting
estimated
post-war earnings in a so-called
of 101
now
share
dicated by applying past earnings
for selected years to its present
cou¬
selling at 10134, and
are
common
plain preferred,
ignoring the convertible or profitsharing features, its value is in¬
as
the Income 41/2S at 90
$5 and is
in the event that railroad
earnings should,
some
3%
pays
valuable call for the post¬
figures do not include those of the
a
to
for share. These provisions are of
slight importance to the investor
as of today, although they do rep¬
invested in U. S. Government
on
only
convertible into the
capital
Reinsch
in
1943
testifying
on
radio
appointed
The important
charge of
went
tions
post
press
At
separate
news
became
he
M.
was
to Dayton, Ohio,
station WHIO of The
Dayton Daily News for Mr. Cox.
when
went
he
set
to
execu¬
up
stations
other
The
The Miami Daily
conferences,
are
normal year.
purchase underlying issues of the:
of The Atlanta Journal.
Earnings
II
Applied to Current
as
Capitalization
Post-War
1943
1941
1939
1944
Estimate
*$16,000
(000 omitted)
Available
Fixed
Fixed
for
Charges
Charges
Balance avail, for Income Bonds
Interest
Income
tAvailable
for
Dividend
Preferred
for
Available
Times
Interest
Times
Int.
Overall
Earned
per
per
1st
After
2,039
2,039
2,039
2,039
2,039
$5,116
$17,956
$29,716
$22,205
$13,961
4,034
4,034
4,034
4,034
4,034
$256
$12,996
$24,756
$17,346
$9,001
:
4,572
4,572
4,572
4,572
$8,424
$20,184
$12,774
$4,429
3.56x
9.81X
15.57X
11.94X
7.85X
1.29x
4.45X
1.37X
5.53X
3.46X
1.19x
3.29X
5.23X
4.01X
2.63X
on
on
inc.
1st
mtge.
mtge.
914,526 pfd.
816,302
$0.28
shs.
shs.
com.
tAfter
Income Taxes.
$656,000 for
and
3s
$24,345
3s
Federal
mortgage
$31,755
4"/2s
Coverage_i___^____
Earned
sh.
sh.
$19,995
4,572
Common
Earned
Interest
Earned
*
Preferred
$7,255
$14.21
$27.06
$18.97
$9.84
$10.32
$24.72
$15.64
$5.42
of $270,000 for new
deducting sinking fund
1.':
2nd mortgage income 43/2S.
table gives no effect to Capital Fund of $2.5 million annually nor to
incidence of Federal Income Taxes in years prior to 1943.
As a credit against
N. B.—This
the
Capital Fund there
of
preciation
not
ways
will be allowed
and structures
Earnings during these
not
the amount charged to the newly established de¬
account (1-1-1943) which should offset most, if
all, of this Capital Fund.
include those
years
of the
did
Omaha
adequate coverage during the war
period and
a
the war period have
averaged approximately $3 mil¬
lion
annually and which under
normal conditions post-war might
two times in
well average $1 million annually.
hand.
which during
war
to
debt
further
excess
coverage
cash
giving
retirement
resources
With
the
SEABOARD
parent company,
approximately
$9.4 million, in part representing
principal
edness
on open
and
the
account indebt¬
balance
pressure
interest
vestor
;^VaIl
Street, New York 5
Boston
Philadelphia
Teie. NY 1-724
Hartford
1. h. rothchild &
Member of National
must
of
necessity
obtain
well
high
a
of
Securities
Dealers,
Inc.
52
wall
street
2-9072
position to undertake
The
earnings
table
indicates
the
n.
y. e.
5
ONE WALL STREET
-
to
reasonably
We believe the
stock attractive for investors in
a
risk.
Exchange
change in their
teletype number to
tele. NY 1-1293
turn
prior to reorganization.
announce
HAnover
on
in¬
yield
protected.
•
specialists in rails
co.
Association
of
stocks of this character if he is to
NY 1-2155
BOwUng Green 9-8120
from
presently
accrued in the company's account
AND ST. PAUL
Adams & Peck
effect
Since Oct. 1, 1944 the Omaha has vestment funds making possible
paid to the North Western, the refundings at lower yields, the in¬
Members New York Stock
ROCK ISLAND
request
of almost
estimated post¬
our
without
year,
Mclaughlin, baird & reuss
Descriptive Circular
upon
of
WIOD
News and WSB
Registered
We wish to
associated
Cox of Ohio, of
managing director
at the time of his appointment.
He started with Mr. Cox in 1934,
which
Leonard
James
to
he
James
Gov.
sec¬
and radio rela¬
Reinsch, 36-year-old radio
tive from Atlanta, Ga.
until
cities
secretary
as
at
with the radio stations of former
retary.
in
Nov. 19,
Clinton, Mass., and Mr.
28, 1908, at Streator,
111.
The latter spent most of his
life in Chicago and other Illinois
was
his confidential
as
was
member.
a
1907,
committees and recently Mr. Tru¬
secretary,
he
Reinsch June
Connelly, 37-yearCongressional
executive
Mr.
and
Mr. Connelly was born
old investigator for
'
turning to the 5% Preferred
1941
was
April 17, which also had the
following to say about the ap¬
pointments:
^
man's
dur¬
legislation at hearings by a Senate
committee, of which Mr. Truman
by President Tru¬
J.
President Truman
met
while
on
Matthew
Street,
career,
on
value). The dividend is
the extent
preferred partici¬
pates with the common up to $1
under
po¬
staff
April 17, said Associated
Press dispatches from Washington
man
The
earned.
segregated
recently refunded
currently outstanding
of this Preferred
shares
cumulative
in the
Capital Fund, the bulk of which
securities.
816,302
914,526
improvements and/or debt retire¬
Of the $28.3 million, $23.3
was
1,077,997
selling currently at 62, at
level the excellent yield of
8.06% is afforded.
ments.
million
914,526
which
assets, totaling $28,215,000,
available
were
Shares
Shares
1,069,960
stock,
so
listed
not
$164,727,000
$215,347,366
Shares
223,950
1,584,402
is
that
working capital amounted to only
$20.2 million.
However, special
million,
House
54,000,000
-
89,651,000
At that time current as¬
$51.3
selected
fill key
$21,076,000
$75,076,000
totaled $71.5 million, current
liabilities
White
the
in
State
30
ing his Senate
TABLE
105,058,904
probable is suggested by analysis
of the balance sheet as of Dec.
31, 1944.
Two young men to
sitions
Co.,
R.
Mr. Con¬
nelly as chief investigator for the
War Investigating Committee in
Chooses Two Aides
(see text)
$110,288,462
———
That further debt reduction
first
President Truman
As of 2-1-45
None
—
Stock
Common
million
31/2S, 2000
&
Mrs.
H.
—
with
Mass.
Boston,
the, new secretaries said that they
$19,590,000
90,698,462
Contingent Debt— $374,336,465
Stock
financial
$374,336,465
Interest Debt.
Working capi¬
tal of the latter amounted to $6.64
Morris & Essex
Insur¬
is
-:^p,
As proposed
originally by I. C. C.
$11,678,000
362,658,465
i
Preferred
was
was
Trust
Equipment
Na¬
tions, endorsed the Bretton Woods
international financial agreements,
declared for
&'>.
Old
conference on April 17 and
expressed his desire to confer
with
I
—
Company
President Truman held his first
press
Arnold, Inc.,
Western—Capitalization
North
&
the
after
changes referred to;
valuable asset.
TABLE
-'ifT' ii'**■■ y——
"
•
the
and
owned.
together with
RFC debt has
a
These
full
of
93.66%
the
par)
non-issuance
the
bonds,
equity,
obtain
both
($100
par)
($100
by tabulating the capitalization of
all three companies, the first be¬
ing that of the old company prior
to reorganization, the second that
of the company as reorganized by
the ICC and the third the existing
sion of all of its Omaha holdings,
72 WALL STREET
*
will
1989
startling metamor¬
phosis in the company's capitali¬
zation.
This is clearly delineated
and
Western
in
resulted
when the RFC loan is
finally liquidated next July North
Van Tuyl & Abbe
of
of
retirement
released, chiefly its holdings of
the 100%
owned Superior Coal
Co.,
results
these securities,
of
1st.
RFC
these
preferred
23,259,863 common
paid off and funds have currently
been
reserved for the payment
the
secur¬
12,114,530 income 43/2S, 1999
15,543,462 5%
loans valuable collateral has been
Securities
Johnson
&
Building, Raleigh, N. C.
were
$7,783,180 1st mortgage 4s,
been
has
following
ities:
in
$48
Through
Old and New
Kirchofer
ance
MAINE
Tyler
L.
Chronicle)
Financial
WATERVILLE,
Beatrice
through non-issuance
to the RFC of the
charges
interest
and
a
streamlined
senior
earlier
of
TRADING MARKETS
both
reorganization.
Since
July all but $6,224,000 of the
the
RAILWAY COMPANY
old
in
been almost as severe as
have
SEABOARD AIR LINE
of payment of the
capitalization consid¬
ered virtually impervious to de¬
pression influences was further
4s.
1st
the
result
a
RFC debt
through interest savings
tion and
So.
As
application of large working capi¬
tal balances, through debt reduc¬
Broadway, New York 5, N. Y.
231
(Special to The
Chronicle)
The Financial
reorganization last July, through^
other
leading Security and Commodity Exchs.
120
(Special to
COLUMBIA, S. C.—Holt F. B.
Watts
has
joined the staff of
NEW YORK S
Telephone HAnover 2-1355
a
moderate
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
161
International Bank Credit and
ternational finance, if not exactly
balance may spend it
in the old
their
The Bretton Woods Program
fathers.
of
participations
millions.
Of this total
millions are to be sub¬
scribed by the U. S. A. and $300
millions by Canada, both of which
are supposed to become creditors
of the fund.
This leaves $5,750
$8,800
$2,750
foodstuffs and many commodities,
better able to carry
is financially
many
other
With Russia the credit
than
loan
large
a
countries.
'i
'
In order to find the
becomes a pure
question of politi¬
to
World
first
War.
This
in
was
pluses and deficits of internation¬
The I.M.F. allows each country
familiar with the Far East to be
easily settled by
banking transactions. The
system, while not at all perfect,
worked so smoothly that it was
draw 25% of its quota per annum
discussed.
called the "Automatism of Reach¬
potential debtors.
to
millions for the
but
never
Canada
the full
words, if all
than
more
other
In
quota.
countries
to
were
and
the fund to
use
the credit in the first
the utmost,
could not amount to more
$1,437.5 millions and the
increase in the second year;
year
than
same
bringing the debit
balance to
$2,875 millions or practically ex¬
hausting the total of the two sup¬
posedly solitary creditors.
In
no
total
the
could
case
of
loans
debit balances (exclusive of
against gold which we can neg¬
lect) surpass $4,400 millions, i.e.,
the debit balances are naturally
to
limited
equal
an
amount of
countries.
the 44 countries who will be mem¬
bers
I.M.F.
the
of
be dis¬
cannot
of
50
100
12.50
Zealand
New
Union
South
25.00
Africa
India
—
100.00
400
$512.50
$2,050
11
The
of millions of
millions
of tons
the expert
even
to have
steel
of
bushels
of
lions
dollars
mil¬
or
wheat.
of
or
Netherlands
—
Belgium
reader may wish
yardstick for the figures
a
of the potential credits
which
we
enumerated.
have
The true yardstick is
the extent
of
Norway
—
Iceland
be
10
and
12.50
50
inter-war
0,25
1
$252.75
$1,011
$31.25
$125
31.25
125
15.00
60
10.00
40
$87.50
$350
Yugoslavia
Greece
—
Latin America—
Bolivia
Brazil
;—
—»
$2.50
$10
37.50
150
12.50
50
Chile
Colombia
,
—
'
—-
Republic—
Dominican
Ecuador
—
Salvador
El
Guatemala
Haiti
——
1.25
'5
12.50
50
1.25
5
5
2.5
90
6.25
25,
3.75
15
3.75
15
Uruguay
—i._-—
Venezuela
—
$122,375
$300.00
Russia
$489.5
Iran
$1,200
Ethiopia
25
8
least
for
1.5
0.125
0,5
$21,125
$84.5
selling their
or
the
did not
financing.
If
months
and
of
Greece
(2) The rich European countries
for
(Rus¬
sian, Italian, Austrian, Turkish
bonds, American bonds and
shares).
While the United States
this
own
Europe.
a
be sold
Other
international tradition.
tions with
an
interna¬
to
need
for
an
Britain
excellent
and
.•{.
other
%.
.
Some
part
in the financing
could be played by the American
exporter
and
importer.
Aside
from the big manufacturing com¬
panies with foreign subsidiaries
(oil, motors, shoe machinery, etc.)
and the large importers of metals
and
certain other commodities,
the American businessman
so
far
has not been willing to undertake
nations, aside from the
U.S.A., we will see Switzerland
and Sweden with a good deal of
or
or
restricted
European countries.
the
Among
will
business
creditor
large market all over
They could
ended?
be
has turned out to be
than for the financing
is
will
nancing which, by the. way, di¬
rectly and even more indirectly
British industries.
war
trade
a
good deal of
to the creditor psy¬
America is to fulfill
her part in this international fi¬
What will be the situation after,
railway and industrial bonds and
government
is
lacking,
it
adaptation
chology if
in¬
and
If
IV
attentive¬
credits
international
vestments
of many
na¬
busi¬
cash basis.
It
the London market was more open
various stock exchanges
shares had
a
Latin America around
or
little
very
private enterprise
tional
generation
new
listened
need
for
1890, the European banker and
capitalist looked favorably upon
obligations of foreigners. In fact,
owned large amounts of interna¬
were dealt
held few of such securities its
the
while
bankers
you
international
If you have this mind
either government must substitute
ly at the open fireplace to the
stories of elderly London bankers
about
their
experiences
with
tional securities which
this is not
credit
any
risk
his
outside
own
country or at the utmost outside
the
na¬
North
continent.
American
He wants to buy delivered U. S.
international credit
an
Offering Circular. The offer of these Bonds it made only
Offering Circular, which should be read prior to any purchase of
*
*<•>*'
j
/Vs'
,
J
•>'
'
d1'
11
'*
v
)
-1
*
4
!
"
'
'
'
*
'
•
* '
* >/
by
rqeans,
oftho
•
^
these Bonds.
i
'
"
*
' '•
'
$73,900,000
Erie Railroad Company
FIRST CONSOLIDATED
bor¬
Dated
MORTGAGE BONDS
Due January 1, as shown below
v*.
January 1, 10^5
Interest
for
the
simple
payable January 1 and July 1 in New York City
three
reimbursement credits of
international
The issue and sale of these Bonds are
trade
subject to authorization by the
Commission.
Interstate Commerce
ties
into finished goods and of
marketing imported merchandise.
let
us
$33,900,000—3'/s% Bonds, Series F due 1990—Price 100.65%
$40,000,000—3'/8% Bonds, Series G due 2000—Price 100.65%
(Plus accrued interest in each case)
investigate the posi¬
tion of the individual nations.
We
All; Latin
for
Brazil.
or
bring
normal flow of interna¬
tional trade.
The
Russia, with a gold production
self-sufficient
in
obtainable from only such of the undersigned
the
legally offer these Bonds in compliance with
securities laws of the respective States.
,
.
& CO.
HARRIMAN RIPLEY & CO.
GOLDMAN, SACHS
.
)
THE FIRST BOSTON CORPORATION
BLYTH & CO., INC.
for Belgium and
Netherlands give a similar
Incorporated
v
on a
be easily enabled
trade to
to finance her
much greater
extent than the $112 millions of
the I.M.F. would provide in the
first year.
t-4.': • ■: it
; When we say
■
KIDDER, PEABODY& CO.
.
MELLON SECURITIES CORPORATION
SMITH, BARNEY & CO.
a
IIL
trade
MORGAN STANLEY & CO.
figures
a
lof about $200 millions per annum
may
give her $1.5 billions in the first
year.
This would at least solve
foreign
r
Nobody can believe that these
^amounts will in any way suffice
as
Financing both
sides for only three months would
'
Guatamala to $37.50 millions
Copies of the Offering Circular are
one-half billion.
smaller scale. France,
-America
about
$125
millions, who is intrinsically in a sounder
ranging from very small sums, as economic condition than any other
for
instance, $1.25 millions for belligerent European nation, could
normally
transactions)
and were
able and willing to increase their
foreign investments or credits al¬
most year by year.
The U.S.A.,
while still a debtor country, was
not only increasing its domestic
wealth in a quick pace but the
ratio of foreign assets and liabili¬
ties was improving rapidly.
and eight billion dollars would be
picture
and
capital
some
world's
The
f
Theory of Foreign Exchange and
his exposition of the dollar fluc¬
tuations during the Civil War, as
well
as
the fall of the ruble,
four billion dollars
is the minimum which would be
other
currencies
countries had an active
of
payments
(before
ropean
balance
need any
they
would add another billion dollars.
stabilize
economists studied Lord Goschen's
an
mind.
organization.
currency or
(1) The western and central Eu¬
in foreign
"overdraft," to use the
.to
pe¬
riod?
at
obliga¬
(or another
with
ness
special export transaction.
English term, and all western and
northern continental Europe.an¬
fabout
war
for
capital (or credit) from
tions
own
for contracts in
paper currencies which could eas¬
ily be swapped, i.e., sold forward
in the big financial centers. While
fundamental
General Mo¬
cars
part of her immediate problems.
Extending the import credit to
six months in the following year
millions.
the
either
tions in the creditors'
gold)
pre-world
their
a
words, the fund allows
the United Kingdom $325 millions
$250
were
this
dollars; her export two to two and
In other
per annum
of
foreign
many
than
I.M.F. in the first year.
Her nor¬
mal import was about four billion
2.00
—
What
facts
less
fellow-citizens
capital¬
ists.
repeat that Britain cannot draw
than $325 millions from the
6.25
Liberia
of
trust
not
more
$11.25
—
subsidiaries
tors
But
$45
Iraq
millions
to
debtors
vide
legitimate amount, including the
period of transforming commodi¬
Africa and the Middle East—
Egypt
and
willing
sition and beyond that has to pro¬
were
a
$550
$137.50
——
trade at
own
the
$15
$3.75
Philippines
few hundred bank¬
a
countries
European
Any plan for the period of tran¬
of
businessmen
and
of
foreign commerce butf^
they do not produce a regular
capital surplus for such purposes.
transactions.
international
bankers
most
hundred thousand busi¬
ing finished consumer goods to
importers for six or nine months.
Naturally there were oil com¬
panies sending their goods to their
needed
0.50
—
foreign
Now
2
The
period, in many cases
of processing raw material or sell¬
5
2
ward
objective
tions
three months
1.25
0.5
far
was
It worked
psychological
'
on
0.50
,—
on
the
On the basis of these facts, the
leading financial centers had de¬
veloped a favorable attitude to¬
any
the
in
5
0.125
Peru
extent
2.5
Nicaragua
Paraguay
some
financed most of
also the U.S.A.
outside
Panama
it
certain
help to other
length of time.
They may have a surplus of for¬
eign assets under the war restric¬
for
times, i.e., before 1914
certain
1.25
22.50
—
a
0.625
0.625
—
Mexico
to
rowed short term money they did
so on their general credit and not
1.25
_
Honduras
China
In olden
markets which
50
12.50
Rica
Cuba
through
period, Britain and the
European continent and after 1918
Europe-
Poland
of
substantial
nations
'
275
225
2.50
the
Eastern
phenomena,
basis
allow
the dimensions of the present war.
most
mean
further
a
,
like the first one and even less of
given as collateral in London and
another.
56.25
;
Czechoslovakia
Costa
an almost fantastically
proportion of the goods to
moved from one country to
small
68.75
Luxembourg
facts
But
constitute
$450
the
on
impressed if one talks of millions,
whether
As
from automatic action.
nessmen
,
in the street is always
man
Equilibrium."
an
ers,
speaks of the accumulated import
needs of the world, these credits
Western and Northern Europe—
ing
reactions
cussed here in detail.
foreign trade.
In 1937 world
foreign trade amounted to about
But
much
more
informative $25 billions (paper dollars at $35
than these global figures are the
per ounce gold) in import as well
data for the various nations and as
export.
In 1929 the trade was
groups of nations.
As far as I about one-third higher in old gold
can
see
these
detailed
figures dollars of $20.67 per ounce.
The
have not been put into the right less than
$1.5 billion credit lines
light.
open in the first year of the I.M.F.,
—In Million Dollarstherefore, amount to not more
Maximum Maximum
than 6% of the former foreign
Debit
Total
Per Annum
Debit
trade.
At the present level of
British Empire Excluding: Canadacommodity prices this percentage
United Kingdom-----$323.00
$1,300
is considerably less, and if one
Australia
<-•50.00
200
credit balances of other
normal
economic
needs of each of
economic
The
needs
the I.M.F.
facilities of
loan
her
Certainly
greater than the meager
far
are
question is too ob¬
somebody who is not
for
scure
U.S.A.
the
but
The Chinese
ex¬
currency
(4) There was rightly no fear of
political or social revolutions and
wrongly no fear of a great war.
Certainly no idea of a world^war
fact the last period in which sur¬
quickly for
which. will
-
strengthening of
the American balance sheet or, if
and
when
Europe
can
export
enough, a help for. England, Bel¬
gium, Czechoslovakia, etc.
But
one
can
certainly not expect a
regular foreign' financing from
Argentina or India. Their wish to
import
capital
goods or hoard
gold and silver is too great to
trouble paid
their
regular
commercial
and
banking debts in the gold curren¬
cies which they had borrowed.
credit, one has to go back
1939, not to 1930 or even
1928, but to the period before the
not
the countries which
even
perienced
al payments were
confidence.
cal
But
right view¬
point for the future organization
imports
either
(3) The currencies of the prih>cipal nations were on a gold basis.
of world
(Continued from first page)
with
start
to
j Paris, in Brussels and Amsterdam,
>
V
*
style, in a manner not' in Berlin and Zurich.
efficient than the methods of
less
our
r
1725
STONE &
could
be
:
Incorporated
~
WHITE, WELD & CO.
WEBSTER AND BLODGET
.
DILLON & CO.
LEE HIGGINSON
CORPORATION
•
>
•
.
that the foreign
of these countries
GLORE. FORGAN & CO.
<
•
April 18, 19^5.
t .:'C ' ,V V'-
<
;•
financed
by private banking, we
presuppose the functioning of in¬
•
;
)
;
4—4*.
--oa
;;
-»
j
-V*
THE COMMERCIAL & FINANCIAL CHRONICLE
1726
wishes to
undertake
other rich countries to
the
financing, it will hardly do for
future.
It will
not give a
chance
of extending
American
business whenever
a
European
merchant is at hand who buys and
the
But the
*
; p,
national
could
be
syndicates or
by bill brokers just as the domes¬
Theoretically,
main task of financing
it worked
Never
the
in the world has there been any¬
of
the
American
been
so
ploying
cash
funds
these
Credits in
in
view of the
domestic
accumulated by in¬
resources
a
Electric,
moratorium
dozen
small
with
had to
because
did
banks
a
not
the hundred thousand dol¬
represent the financial power of
this country in a degree com¬
parable
clay,
the
to
Midland
the AmsterdanTsche
Societe
Generate de
Until
fined
to
half
dozen
a
of
practically
was
the
or
Belgique.
the business
now
eign credits
Bar¬
or
for¬
con¬
New
York
banks, one Boston bank and per¬
haps the two leading Chicago in¬
stitutions.
three
trade
banks
It is
billion
impossible to find
dollars
credits
for
from
foreign
these
up
but
still very large size and the outof-town banks to organize these
reckless
special institutions. But, irrespec¬
tive of the form and method, the
financing of world trade is wait¬
ing for the full cooperation of
American banks.
If they fail to
give
this
cooperation,
foreign
dividual
trade will be restricted almost
en¬
tirely to cash transactions and the
impoverished
>
belligerents
j'
..'
•
can
•
,
.11;
V
Can
expect, can
one
the American
field
on
banks to enter this
big scale?
a
bearable
advise,
one
is
or
Are the risks
the
of
aversion
typical American bank presidents
against anything foreign justified?
foreign business but to organ¬
banks for this purpose
with the important local banks as
share of this business was
by
up
be¬
which
quite apart from each other:
ordinary credit risk, and the
currency risk.
in
every
or
its
agency, the cen¬
issue.
It could not
of
be otherwise.
44
the state itself
country;
designated
bank
tral
An
organization of
governments
be
cannot
ex¬
pected to investigate the
tive debtor and
taken
ploy
controls
and
his
dealings.
banks, with branches
by everybody who
employ cash reserves
(insurance
companies,
building
societies and many foreign insti¬
tutions and capitalists).
There is
no
use
trying to duplicate their
role as acceptance houses in this
country.
Legal, as well as psy¬
chological objections would re¬
tard such development for many
paper
of
his
Private
or represen¬
tatives
abroad, are able to judge
the quality of loans, the way the
to
debtor
lives
conducts
his
business
and
to
expectations.
They
may grant revolving import loans
to the Imperial Chemical or the
Margarine Unie upon the merits
up
of their business.
Except for the
very best customers they may ask
for
years.
guarantee of a British or
Dutch bank.
In most cases, they
There is nothing in the Federal
Reserve law which would prevent
may
count
the banks to organize such special
institutions for foreign trade and
Amsterdam'sche
to become their
shareholders and
the
Boston, etc., have to decide them¬
is
to
Even
joint,
Midland,
the
or
ac¬
the
reason
no
why
turn" out to
than
domestic
these
be of
the
a
credits
borrowers.
during the great depression
announcement
is
not an
The
offer to sell
or a
solicitation of
offer to buy these securities.
offering is made .only by the Offering Circular.
an
Bretton
Y.rV-
V.
.
f-r-fy
this
,
<
.
,
,
>
J
,
t
" 'lit,,
J
.
,
w
2% Bonds, Series H
subject
Lvi.
^
has
to authorization
been
pointed out before,
that
the
is
risk
of
Contrary
the
short
to
popular
term
continental
loans
J
'•
:;"„v
'
credit
business
means
tent
to
were
CO. Inc.
SALOMON
But if Siemens
had
lars and
do
to
ten million dol¬
pay
able and willing to
were
either from dollar balances
so
they held here or from their new
or by asking the Reichs-
export
WEBTHEIM
&.
BURR &.
COMPANY, INC.
COFFIN
&,
BURR
'
HARRIS, HALL & COMPANY
ESTA8ROOK
.'-v;'
•'
v;
HORNBLOWER & WEEKS
& CO.
the
nothing left for the credi¬
he has no priority in the
year against a new im¬
port which is being paid in cash.
If the private
banks supply in
more
than the
I. M. F. can fur¬
any
one
year
credits that the
or more
to
need
no
there
years
make
the
of
use
I. M. F. It would
practically work
being." Instead of a credit
agency it would become a cur¬
rency insurance fund for private
"in
It is
creditors.
couid
it
true
not
immediately pay in full if after
one year the banks would not re¬
no
facilities.
their
new
would
would
hand
do
not
But
believe
to
reason
there is
that
they
They
so.
even
pledge themselves before¬
continue
to
the
loans
on
a
revolving basis. But in the worst
case the government could easily
step in. If the granting of an im¬
port credit is noted in the books
of the I. M. F. as giving priority
to later imports, the government
or its agency, whatever it may be,
than advance
more
for a moderate pe¬
certainly not longer than
riod,
writer
than the
more aware
this
of
article
that
even
the large amount of three to five
billion dollars which the banks
of this country, Canada, the neu¬
trals
and
perhaps some newly
rich countries
provide
can
in¬
are
bank for dollars against marks at
sufficient to finance the recovery
of the world. But it will
at 8.4
or
or
what¬
quotation—the transfer
was
stopped
by order of the
govern¬
ment
on
July 13, 1931.
was
same
as
if
some
wanted
to
It
the
debtor in Amer¬
settle
not allowed
his
debt
of
the
later
ap¬
the
of
Supreme Court to
anything but paper dollars.
is
futile
to
be
pretend that the
better way
a
certainly
to overcome the
difficulties of the first year than
the
present proposals for the
I. M. F.
and
method
to
of
it
that
the
seems
only
prevent the cessation
international
most
fegr
the
credits
for
I.M.F. would
not
supply the funds for repayment.
by the American
with
real
The
ficulties
Europe
of
solution
for
Britain
and
dif¬
the
western
only be found in long
can
term credits for which the Inter¬
national Bank for Reconstruction
banks under present world condi¬
is
tions
currency
this question has to be dealt with
The only
separately
together with the
problem if and when one may ex¬
pect foreign credits and invest¬
ments to be liquidated or even
could wish to liquidate them.
shoulder
can
this
question is whether one crosses
that bridge when one gets there
or provides for the
emergency be¬
forehand.
behalf of the
on
bankers
a n
d
some
considerable
with
the
on
frozen
continent.
The
British simply
measures
taken
adapted
Aug.
on
4,
not only Britain but
other countries could act in
informal
a
One
Board
again, if nec¬
live very well
way
they
written constitution.
work in
cannot
the
even
It
this country.
for
a
Federal
to
minute
Reserve
asking the holders of ac¬
of private institutions
take
renewal
drafts
for
the
being, in fact in many cases
for
an
unlimited
period.
The
friendly "advice" of the Federal
Reserve System would not have
the
desired
London and
result
as
it
has
in
the law could not be
long delay and
before utter confusion had set in.
For
this
provisions
not
sufficient.
But
Soher, Morrill & GuS!en
To Be Partners in
Waiston,
SAN
FRANCISCO,
CALIF.—
Hubert J. Soher, Clifton W. Mor¬
situation.
new
certainly
There
previous provision for this
no
changed without
April 18.1945.
finances
4.2 to the dollar
& CO.
CO.
of
following
Nobody is
the. I. G. Far-
time
incorporated
CO.
or
favor
debtor country. When
quota
is exhausted
a
three to four years.
Probably
HUTZLER
which
bank
annual
deflation had the result of aggra¬
ceptances
HUTTON &, POMEROY, INC.
HAUPT &
BROS. &
the
vating the depression.
imagine
CO.
the
import to
in
against the merchant
the lepayment
without
LADENBURG, THALMANN
discriminates
sales
would do not
would not
BLAIR & CO., INC.
It
or
accomplished within-the period of
loans but it was done on a
pretty good scale—even if this
1914, to the
"
its.
cash
the
essary—as
IRA
ex¬
decrease in in¬
a
ventories and accounts receivable.
this
ALEX. BROWN & SONS
considerable
a
paid off by
many
H.M.BYLLESBYAND COMPANY
restriction
Perhaps this could not always be
State.
SCHOELLKOPF,
of
they could have been repaid and
in fact
banks
The
(incorporated)
to
countries
reduction
e v e r y
merchant
Offering Circular may be obtained in any State in which this announcement is
circulated from
only such of the undersigned and other dealers as may
lawfully offer these securities in such
&
opinion,
granted
Eurooean
during the twenties were in the
not badly placed. While
the
L. F. ROTHSCHILD
re¬
average
certainly
was
OTIS & CO.
currency
strictions.
case.
& CO.
ex¬
On July 13,1931, when Germany
stopped all payments to foreign
countries, the Bank of England
by the
The I. M. F. as it is plann.ed to¬
day does certainly not offer any
inducement to grant private cred¬
is
isted only to a very small degree
before 1914 and even before 1931.
assets
BEAR, STEARNS
to
-
.
risk for large amounts.
100%.and accrued interest
HALSEY, STUART A
left
or
garding Bretton Woods.
nish in three
VI
had to intervene
P rice
and
But there is another risk which
has become predominant and, as
It
Interstate Commerce Commission.
.
financing
arrangements.
sum
full cooperation between the
and the government re¬
a
there is
term
import
credits.
The private banker could
see that
capital goods except for
replacement should be excluded
was
Company
for
tor and
short
on
certain
a
banks
"Ruritania" to purchase industrial
gold dollars of the old weight and
or in
guilders as he had
promised to his bondholders and
Due March
15,1953
are
international
these
government
Dated March 15,1945
The issue and sale
of these Bonds
agreement.
risk above
cess
a
equipment
pay
First Consolidated
Mortgage
•X
Woods
credits to normal imports would
greatly reduce the danger that
they would be used for long term
investments.
The
provisions of
the I.M.F. are clearly insufficient
in this respect and would allow
proval
Erie Railroad
very
fineness
'C:-i
I- •'
$5,500,000
.
can
Confining
ica
■
.
even
rarely be scru¬
tinized, despite the clauses of the
ever
This
crooks
abroad.
as
credits,
of which
ben
;
and
credits of the I.M.F., the use
sum
Credit
;;
'
quality
given
wish to be¬
the
should
lesser
business
with
There
loans
Chase, City, Guaranty, First
to 20% of! selves whether they
do
Lyonnais.
.purchasers of acceptances.
The
a
termed—is bearable for the banks
certain percentage.
This point seems to be the basis
for a compromise, even more so
prospec¬
less to em¬
even
permanent
status
whose acceptances were sought as
prime
wished
risks
The Bretton Woods proposal for
the I.M.F. knows only one debtor
bankers
merchant
the
distinguish
to
different
—
with a
guarantee of domestic banks of
the debtor country will turn cut
to be better placed than the lump
well
as
long term
ought
two
forehand, in fact right now. The
credit risk of foreign short term
revolving, but neverthe¬
less in every single case short
loans
The in¬
here
borrowers
from
to harness the
of America
power
One
prove
decent
if the currency risk is insured by
the government, at least the ex¬
small credits the neutrals and the
offer.
not
foreign
ones.
people who
got broke or at least illiquid in
every country.
And there were
the
lew
which, despite their giant
figures, hardly add
smaller
of
did
than
were
are
financial
foreign trade credits if the American banking system were one of i stockholders and as buyers of aca few large banks with branches
j ceptances of these new instituall over the country.
But with tions. This seems the
iU" only
n"Ur meth¬
™MUod
our legal system of local or at best
compatible with the present
state-wide
organization of American finance.
banks,
another
ap¬
proach to the problem is needed. In Britain, before 1914 and even
It is true that the greatest banks in the inter-war period, a great
York, Chicago, San Fran¬
cisco show absolutely much high¬
er
deposits than any of the big
five in England, the Credit Lyonnais, the Credit Suisse. But com¬
pared with the total of America,
even the Chase, the National City
and the Bank of America, do not
banks
York
debtors
better
any
There
to be no other way
ize special
of New
New
domestic
tween
for
This would make it easy to pro¬
several -billion dollars for
vide
leaders in such nation¬
organizations or prefer to
continue their foreign business in¬
dependently,
leaving it to the
they were happy to offer
a few months before—and again a
few months later.
There seems
full
.
the
1907 when
lar loans
enormous
dustrial and railway companies.
for
few
renew
little opportunity for em¬
a
at home in
Westinghouse
ask
com¬
has there
never
and to
excellent balance sheet,
an
thing comparable to the combined
resources
in
transacted
.
certain ex¬
tent still is.
But in practice, it
would not work—just as little as
only fall on the
banks of this country and of the
mercial banks and
this
was
olden times,
can
few other creditor nations.
business
tic
the
between
commerce
wide
achieved by special
.
foreign trade not only American
export and import but.the interother nations
come
it would be easy enough to
business.
at three to
pays, f.o.b. and sells
nine months' credit.
the total American deposits.
But
gather
such amounts if Philadelphia and
San Francisco, Detroit and Pitts¬
burgh, and many other cities in¬
cluding
the
other
New York
banks, down to the ones with a
few million dollars capital and
twenty to fifty million dollar de¬
posits, take their share in the
He
sell, payment in U. S. A.
—at the latest against
shipping
If
documents, preferably before.
this worked, as long as there were
payment after arrival.
port,
Thursday, April 19, 1945
rill, and Daniel J. Cullen will be¬
partners in Waiston, Hoff¬
come
man
& Goodwin, 265 Montgomery
St.,
members
San
and
changes,
of
the
Francisco
New
Ex¬
of May 1st.
as
Mr. Cullen and Mr. Soher
previously
in
partners
Baker
&
Morrill
was
sales
York
Stock
Co.,
with
which
associated
as
were
H.
R.
Mr.
assistant
/
manager.
T. L. Watson To Admit
T.
L.
Watson
&
Co.,
40
Wall
Street, New York City, members
a
least the
have to be taken be¬
country
at
of the New York Stock
will
sey
admit
Exchange,
Sylvester F. Hennes¬
to partnership on May 1st.
'.
Volume
161 ;
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
1727
..." P1
c
PERJE
fi
MARQUETTE
y
COMPANY
railroads
American
1944
!
I
FIRE
In
.
-
$1,354,798; fuel expenses increased $217,272;
supply expenses increased $616,and increased charges for depreciation,
amortization and joint facilities substantially
charges, coming simultaneously with one of
periods for financing in rail¬
history, made it possible in 1945 to sell an
issue of $50,000,000 of 35-year First Mortgage
Bonds at an interest rate of 3%%. The proceeds,
est
carried approxi¬
mately double the daily bad of the peak year
(1918) at the time of the first World War. Net
earnings, however, did net keep pace with in¬
creased service. This is explained by the fact
the most favorable
material and
road
794;
and prices continued to increase, and
tax rates were at the highest levels in history,
whereas freight and passenger rates remained
together with treasury cash, were applied to the
redemption of all of the outstanding $52,467,335
of bonds, which bore interest at the rates of 4%,
that wages
substantially at
prewar
4%%
levels.
accounted for the remainder.
The
ing
was
and 5%. The interest saving resulting
debt, combined
the substantial cut in interest rate on the
Marquette shared in this general
trend. Operating revenues in 1944 were the
highest in its history, exceeding those of 1943,
Pere
the
with
down
in operating expenses, however—Owing prin¬
cipally to wage increases and increased daily
hours of employees, and higher costs of fuel,
materials and supplies—was more than three
times the increase in operating revenues. "
than that
same
way,
for the
use
ex¬
a
de¬
amounted to 12.73% of
Total tax accruals
operating revenues in 1944, as compared with
15.64% in 1943, 10.88% in 1942 and 6.11%
in 1929.
Total tax accruals
come
in 1944,
2.38 times net in¬
were
2.38 times in 1943, 1.35 times in
1942, and 0.40 times in 1929..
5,768,000,000 in 1943, a decrease of .84%. The
of passenger miles (passengers car¬
ried one mile) in 1944 were 186,311,406, com¬
divided in the
RESEARCH-With rising wages and prices forcing
pared with 179,656,394 in 1943, an increase of
3.7%. Greatly increased civilian railroad travel
resulting from war emergencies and necessitated
by the continued shortage of gasoline and rub¬
ber, together with the heavy movement of in¬
ductees, accounted for the greater proportional
of the railroad.
—
profits taxes amounted to $4,504,605,
crease of $1,429,952 from 1943.
cess
number
or
1945 REFINANCING
United States and Canadian income and
REVENUES—The Company's 1944 op¬
$1,249,973, or 2.27%, over 1943. Freight
of $49,771,833 were higher by $946,or 1.94%, than in 1943, whereas passenger
revenues of $3,920,675 were higher by $235,936,
or 6.40%, than in the previous year. The num¬
ber of revenue ton miles (tons carried one mile)
in
1944 were
5,719,000,000, compared with
with 70% going for taxes and 30%
DEBT REDUCTION AND
16.81%,
$4,202,604, or 141.87%, than in 1929. r
revenues
16.78%,
of 1943. In both 1944 and 1943, net
or
prior to 1943. They were higher
by $2,345,728, or 48.68%, than in 1942; by $3,761 ;410, or 110.52 %, than ' in 1941; and by
102,
1943, and net income was lower in almost
exactly the same proportion. Net income in 1944
lower by $1,447,542,
road's history,
of
of
income before tax accruals was
Because of
erating revenues were $56,302,777, an increase
Due to higher operating costs, railway tax
were 16.81% lower than those
less by $607,444,
approximately $1,840,000, compared
OPERATING
were
1943, they exceeded by towering margins
the total taxes for any other year-of your rail¬
ized in the first year.
accruals in 1944
was
$7,164,799
than in
duplicate interest incurred during the 60-day
period between the call and redemption dates of
the old bonds, the full savings will not be real¬
accruals, but
after deducting interest on debt and other mis¬
cellaneous items, was $10,176,875 in 1944. This
compares with net income before railway tax
accruals of $12,231,861 in 1943, a decrease of
$2,054,986, or 16.80%.
$3,012,076
to
with more than $3,200,000 in 1941,
Net income before railway tax
of
TAXES-While' railway tax accruals in 1944 of
remaining debt, brings annual interest charges
on
all debt, including equipment obligations,
previous record year, by 2.27%. The increase
and 73.45 in 1942.
year
from this additional reduction in
The
operating ratio, or proportion of operat¬
required for operating expenses,
76.76 as compared with 71,20 the previous
revenues
The
policy of debt reduction established in 1942, and
pursued vigorously ever since that time, has
brought gratifying results. By the end of 1944
this debt-reduction policy had effected a decrease
of $12,067,665 in First Mortgage debt and a
reduction in interest charges of $562 ,333 on an
rise of passenger
OPERATING
traffic.-
EXPENSES
-
Operating expenses of
freight
$43,219,772 in 1944 represented an increase of
$4*022,029, or 10.26% over the preceding year*
Of this amount, payments for services increased
annual basis. This reduction in debt and inter¬
operating costs higher, and with government
regulation tending to maintain rates at relative¬
ly stable levels, earning power depends on con¬
stant improvement of operating efficiency. To
research goes a considerable part of the credit
for the ability to transport more than twice as
many ton miles of freight in 1944 as in 1939
with only 1.4% more locomotives and 5.1% more
As
a
cars.
further step toward strengthening this
of research, the Boards of Directors of
Chesapeake & Ohio and Nickel
program
Pere Marquette,
joined in
Department of
Research Engineering, which will initiate and
conduct studies and experiments looking toward
more efficient use of material, equipment and
facilities.; Through this move the three coop¬
erating railroads are in a position to benefit
from the most advanced developments in tech¬
Plate Road in December of last year
the establishment of a conimon
SOURCES AND DISPOSITION
OF INCOME
nological progress in all fields.
Increase or
1944
Our income
came
from the following
I
the three
freight other than coal and coke
hauling coal and coke
.
hauling passengers
Other
transportation revenues....
Dividends
Other income from non-railroad
Total
$43,552,621.47
$42,761,911.98
790,709.49—1
6,219,211.10
3,920,674.57
2,610,269.46
6,063,819.09
3,684,738.27
2,542,334.46
786,444.43
56,801.50
722,343-06
155,392.01—1
235,936.30—1
67,935.00—1
42,473.23—1
64,101.37—I
$57,188,495.76
$55,831,948.36
$1,356,547.40—1
'
from stocks owned
operations
.......i
,
-
99,274.73
203
disposed of
income
our
as
tax on income
Payments to contractors, associations, other companies,
and individuals for services and expenses............/
Rent for equipment
$19,283,859.16
9,081,134.61
8,247,069.00
2,660,194.30
2,667,783.98
5,804,110.09
4,667,594.23
142,351.09
199,846.11
$1,354,797.75—1
834,065.61—1
17,589.68—D
Interest
on
funded debt..;
Other interest
.............
......
Total
Federal and Canadian income and
Balance remaining
excess-profits taxes....
for other corporate purposes
The above are summary
a
copy
of the Report
' •
of 1942, '43 and '44,
*
,
a
total
account of these industries, pro¬
a revenue
of $230,705.
a
so-called
"overhead
call that following
'
carried
more
business,"
the
1919 than in
World War/I the Railroad
ton miles of freight in
revenue
1918, and more in 1920 than in 1919.
213,048.57—D
56,188.38—D
\
*
■
.
It does not necessarily follow that this
experi¬
1,755.57
4,729,280.72
$49,671,815.08
$46,277,871.47
$3,393,943.61—1
ture
will be taken up by the large-scale produc¬
$ 7,516,680.68
$ 9,554,076.89
of goods
4,504,605.00
$2,037,396.21—D
1,429,952.29—D
tion
5,934,557.29
$ 3,012,075.68
$ 3,619,519.60
607,443.92—D
tion
.•Ne^ln^ibe^foTe/^ederal and Canadian, incoriie and
excess-profits taxes
j,.
,
' ; .V
57,943.95
4,749,809.10
_
Depreciation, amortization, and retirements.
}
433,414.42—1
3,459,851.98
2,934,113.96
3,893,266.40
2,721,065.39
.
:
■ - ■
on
railroad's
57,495.02—D
»
paid for facilities used jointly with
others, less amounts received from others
■
postwar era, trafficwise, is not viewed with pes¬
simism. In this connection, it is interesting to re¬
1,136,515.86—1
of others used by us, less amounts
received from others
Rentals and expenses
v'..-
growing number of new industries
added to those already firmly established in the
territory served, and the prospect of a continu¬
ing proportional growth, in future years, of the
With
$20,638,656.91
;
•
1
ducing a revenue over the three-year period
amounting to $8,680,263. During the year 1944
alone, 57 new industries were established, which
accounted for 3,016 carloads of freight, pro¬
follows:
Wages
Materials, supplies, and fuel............i..................................... •
Railway tax accruals, other than Federal and Canadian
war years
i
'
POSTWAR ERA-During
pew
handled
ducing
We
'
industries have been established
along the lines of Pere Marquette Railway.
During this period, 87,001 cars of freight were
of
Revenues from
1
NEW INDUSTRIES AND THE
sources:
Revenues from hauling
Revenues from
^
^
Decrease
1943
20,528.38—D
$
excerpts jrom our current Annual Report. Any
will be furnished
one on
will be repeated, but it is reasonable to as¬
sume that a great deal of the slack that may
ence
result from the cessation of wartime manufac¬
and materials to meet pent-up
rehabilitation and reconstruc¬
civilian demands,
requirements.
:
t
J
.
stockholder failing to receive
request to the Secretary, Terminal Tower, Cleveland,
O.
i,.
THE COMMERCIAL & FINANCIAL CHRONICLE
1728
President Truman Pledges Efforts
To End War and Preserve Peace
he
Selected
PUTNAM
(Continued from first page)
american
# FUND
shares
New
United States.
England
Only yesterday, we laid to rest
Fund
cjf
the mortal remains of
Prospectus
Prospectus upon request
be obtained
may
GENERAL
and
At
time
a
like
SELECTED INVESTMENTS COMPANY
Distributors,
Fund
Putnam
50 State St.,
Yet, in this decisive hour, when
events are moving so rap¬
idly, our silence might be misun¬
derstood and might give comfort
INVESTORS
Inc.
Boston
world
TRUST
Prospectus
CHICAGO 3, ILLINOIS
on
to
request
enemies.
our
In
His
Mutual Funds
Sales Helps Are
from
the
| A. W. SMITH
factual, "reason why" sales material in
the point where the
various
sponsors
^
& CO., Inc.
E
111 DEVONSHIRE STREET
E
E
BOSTON, MASS.
E
Stocks, Inc.
series of sales folders
on
series
new
presented in
affords
attractive
an
is
dis¬
Low Priced
Union
Affiliated
and
And
Fund.
models
A Class ol
brochure
and
data
gives
condensed
folio
information
port¬
each
on
GROUP, Incorporated
63 WALL ST.
To
Bulletin
Investment
new
will
a
which
in
week
be
the
will seek each time to
"some-specific fact or
thought favoring the purchase of
investing company shares."
sponsor
present
George Putnam Fund
'
The
quarterly
George
assets
000
Putnam
at
a
new
March
of
report
the
shows
Fund
peacetime
mean
production
of
by the million? Through
a single investment in Automobile
Industry Series of N$w
York
cars
Stocks, Inc.
you
part-owner
of
automotive
companies
The two most
Keynotes
vantages of
the
policy
adopted in the last quarter of 1944
of reducing the common
stock
ings
common
As a result,
proportion so invested was
olily 45% of the total on March
31, 1945, compared with 59% on
Dec. 31, 1944 and 63% on Sept. 30,
1944.
j
assurance
industry
that the
can
ward to several years
Hugh
W.
Long
are
recent
an
&
look
au¬
for¬
of prosper¬
article
Co.
which
has
re¬
printed from the Cleveland Trust
Company Bulletin.
"There
are no
young cars—49% of cars are mid¬
dle aged, 51% of cars are ancient"
bulletin.
"Doesn't this
states tne
and
devoted
common
to
in
of
the
quarter of 1945
Group
the
gain
in
Securities
of
ad¬
as
in¬
the
50
Barron's
the
over
Sales of Group
yp
were
compared
in
with
New
York
volume.
Stock
Another
"The
reason," states Dis¬
"why shares of
Group Securities are so highly
salable is simply this:
Group,
"Group Securities' unique
ihown
trate sales effort in the
that
a
much
smaller
per¬
centage of earnings has been paid
in dividends during the war
years.
Thus, earnings of these
stocks in 1944 were 70% higher
than
were
in 1938, whereas dividends
only 22% higher. "The yield
the average dividend paid dur¬
on
ing the full nine-year period, at
price of 92, would be 5.1%
current
or
twice the return
bonds.",
The
on
high grade
V/
.,
latest
issue
of
Keynotes
earnings of the 40 stocks held
Com/mon Stock Fund
in Keystone
"S2."
net
These 40 companies
had
for
which
their
were
common
dealers
undervalued
good
to
groups.
securities
soldT to
in¬
Corp. refers to National Preferred
Stock
Series
program."
fund
must
tests
"an
as
income
plus
Stocks included in this
measure
for
2.
a
post-war
business
fropi
The
50
your
may
or
Keystone Corporation
of Boston
Congress Street, Boston 9, JMass.
National Securities &
Research Corporation
120
BROADWAY. NEW YORK,
(5)
ANGELES, 634 S. Spring St., (14)
BOSTON, 10 Post Office Square (9)
CHICAGO, 208 So. La SaUe St. (4)
yacht must
carry
enough to drive her forward;
but also ballast enough to keep
her right side up and under con¬
trol."
The trustees of the
George
Putnam Fund believe that
good
a
investment program must contain
the
same
and
profits
to
elements of balance.
what
showing
portfolio
changes of Incorporated Investors
in the first quarter.
National
.
.
.
information folder for April
National-sponsored funds; also
portfolio memorandum showing
changes made during March.
Distributors Group — Current
.
.
..
.
Estabrook
brought
lected
.
.
Co.—Memoran¬
&
chemical stocks in refer¬
Fund.
Chemical
.
.
Se¬
.
Co.—Current
Investments
Delano
that
dare
momentary
Such
I
call
help
been
Calvin
Bullock
the
—
Bulletin.
Fund
Cur¬
.
.
.
Revised
Cash payment in full or part
George
of accumulated dividends
"What Is the Putnam
Fund?"; current Portfolio News
showing changes during the first
quarter.
Lord, Abbett—Com¬
posite Summary for April cover¬
ing the Lord, Abbett investment
companies.
Hugh W. Long &
Co.—Current portfolio folder on
in
on
Steel
.
.
.
close
normal
relationship
industry
stock
prices and steel production is pic¬
between
steel
tured
a
in
Manhattan
chart
preferred
Research
LOS
research
Stocks,
advisers
Inc.
to
This
by
part
of
a
.
.
New
chart
dum
Roosevelt.
I want in turn to
low
Americans
love
pub¬
studv
on
the
Industry Series of New York
assure
and
all
and
peace
fel¬
my
of
those
liberty
throughout the world that I will
and
defend
those
ideals
with all my
my
strength and with all
That is my duty and I
heart.
shall
shirk
not
So that there
it.
be no possible
misunderstanding, both Germany
Japan can be certain, beyond
any
shadow of doubt, America
will continue the fight for free¬
can
dom until
vestige of resistance
no
remains!
We
deeply conscious of the
are
fact
that
still
ahead
much
of
hard
is
fighting
us.
Having to pay such a heavy
price to make complete victory
certain, America will never be¬
come a party to
any plan for par¬
tial
victory
To
settle
for
merely another
temporary respite would surely
jeopardize the future security of
Our
demand
has
and
been,
remains—Unconditional
it
Surren¬
der!
We
will
not
traffic
the
with
breakers of the peace on the terms
of the peace.
The
responsibility
for
the
making of the peace—and it is a
very
grave
responsibility—must
rest
with
pfeace,
are
not
defenders
United
the
of
Nations.
unconscious
of
tates
the
the
of
humanity.
We
the
dic¬
We
do not
unnecessary or unjus-'
tified suffering.
But the laws of
wish to
God
see
and
lated
of
and
man
the
unpunished.
have
been
vio¬
guilty must not
go
Nothing shall shake
determination to punish the
criminals- even though we
-
pursue
Lasting
cured if
them to the ends of
peace
we
can
permit
never
be
se¬
dangerous
opponents to plot future wars with'
impunity at any mountain retreat
our
—however distant.
In
ffi:-
this
shrinking world, it is
futile to seek safety behind geo¬
graphical barriers.
Real security
will
be found
justice.
only in law and in
/Vv\.
on
Railroad
the
Help the Common Man
Industry
Here
bored
in America, we have la¬
long and hard to achieve a
Dividends
social
order
Shares, Inc.—A quar¬
heritage.
share
payable May 1 to stockholders of
progress
record Anril
me
Series
of
New
York
is
to
Manhattan Bond Fund; memoran¬
York
Stocks,
Inc.
Associates,
lished by Hugh W. Long and Com¬
as
—
booklet,
.
Americans
nation united in
our
eloquently proclaimed by
so
Franklin
the earth.
payment
all
upon
keep
me
must
through
1
Unity
defense of those ideals which have
war
or
for
It can be
provided only by a united nation
deeply devoted to the highest
ant."
Putnam
died,
permit even a
in the hard
leadership requires vision,
a
retirement operations with
of
and
courage and tolerance.
our
rent, issue
Franklin
lived
pause
Calls
of "These Things Seemed Import¬
pre¬
which
not
Today, the entire world is look¬
ing to America for enlightened
leadership to peace and progress.
ed American shares; current issue
outstanding
what
fight for victory.
portfolio memorandum-on Select¬
.
for
Roosevelt
we
preferreds, by repurchase,
.
would
is
So much blood has already been
for
the
ideals
which
we
retirement of bonds ahead
.
he
That
Unconditional Surrender
orandum
to
to
is
do.
to
all the world.
The Parker Corporation—Mem¬
ence
The
That
us
He
for¬
moved
shed
Mutual Fund Literature
Shares and Railroad Bond Shares.
stock.
bteel
the
outlook
capital
position
about by refunding
Memorandum
pany
port¬
George Put¬
entitled, "Sail and Bal¬
"A big racing
Improving
tions
be obtained
local investment dealer
of
program,
current
sail
on
or
the
monthly investment report; cur¬
rent
portfolio
folders on
Low
Priced
Shares,
General
Bond
ferred issues.
request
review
Fund
dum
of
3.
upon
folio
sustain dividends.
or
investment
recommend
three
to
up
of value:
1. Favorable
respect
Prospectuses
constructed
on
National Securities & Research
stocks
Securities Series
II.
For a swell story on the im¬
portance of "balance" in a well-
rent
An Income Plus Program
and
and
Securities & Research Corp.—Cur¬
recapitalization
plans
to
eliminate dividend accumula¬
F unds
line.
"Sail and Ballast"
we
backward.
forward
America will do.
concen¬
undervalued,
are
can always
be
telligent investors."
selling in the market
Custodian
of
me¬
currently
And when
they
equity of $6,151,600,000 avail¬
able
permits
the question as to whether
31, 1939 level is certainly not out
big
tributors
to
points strongly to the conclu¬
last."
while New York Stock Exchange
volume was declining 29%.
want
leader
departed
looked
support
months of this year.
maintained at record levels
Our
on.
looked
nancial factors today as compared
with Dec. 31, 1939.
The compari¬
nam
of
Corp. in the
sion that the market at its present
of only 2% above the Dec.
is
During that
Group Securities
carry
never
ideals.
High?
Sales
level
Exchange
comparison
thod
presents charts showing the assets
Prospectus
Tragic fate has thrust upon us
responsibilities.
We must
who
made between the monthly trend
of sales during the first three
sales
50%
champion of jus¬
grave
goes on to show the relative posi¬
tion of various economic and fi¬
son
126.1%
as
gain of 56.6%
a
be
pe¬
Securities
charted through 'the
period from 1936 to 1944 and it is
are
same
riod of last year.
were
the
stocks
dividends
stocks
average
and
eystone
of
should
asks the memorandum which then
Exchange volume during the first
time,
issues
out
Young Cars
ity is found in
leading
producers
under
current
conditions. In one issue the earn¬
portion of the Fund.
tomobile
selected
—
come
the
Further
twelve
Common Stocks for Income
trustees
No
become
now
net
high of $12,350,During
year the
continued
can
manufacturers
of
automobiles,
trucks, tires and auto parts."
31, 1945.
the first quarter of this
on
sales
produc¬
million
70
the market is currently too high.
"Too high in relation to what?"
regardless
the
steel
that
produced in post¬
post-war
answer
statement,
compares
the
looking
current issue of Items sets out
with the gain in New York Stock
new
each
issued
salable
this
prove
dealer
stracts will hereafter be issued in
letter-page dimensions and that
eminently
sponsor
NEW YORK 5, N. Y,
•
that Ab¬
announces
are
are
be
Broad Street
Group, in a letter
to dealers, points out that "the
shares of Group Securities, Inc.
Request
post-war
Is the Market Too
of general investment
activity."
Along with this new material,
Lord, Abbett
on
Assuming
that
so
Salable Merchandise
DISTRIBUTORS
of the
funds.
seven
40,
was
to
tion.
of
in
made
higher than current levels.
still available at approxi¬
mately 10 times earnings.
Group Secuiities, Inc.
Prospectus
separate
"Fund
Data"
entitled
April 1
application
ahead
prices
Average price of their
on
the fifteen
war years, and that excess
profits
taxes
are
removed, steel stock
divi¬
Distributors
A
themselves.
funds
they
they
of
simple, under¬
standable sales presentation of the
all
ar£
share.
a
Shares
Funds, American Business Shares
Moreover,
payments for 1944 averaged
shares
Trusteed
man who loved,
by, all humanity.
covers
be
cap
mate—will
has behind it $1.56
assets."
take
tons of steel—a conservative esti¬
$2.33 a share or only 60% of the
year's average earnings of $3.89
separate folder for
five
the
of
each
a
net
dend
play of the new folders.
There
April 1, 1945 at $3,934,700,000.
"In other
words, each dollar of
on
of
dis¬
It
Practical
chart
market value
The ♦>
a
container
three-fold
tinctive
which
is
to
period from 1929 to 1944.
year
constitutes a veritable
Lord, Abbett for that sponsor's new
Union Trusteed Funds, American Business
This week the honors go to
fit
seen
Al¬
heroic
a
cherish, and
|
"library" of business and financial information.
Shares and Affiliated Fund.
great
a
wisdom,
E
DISTRIBUTORS:
investment company field has progressed to
of
us
and was beloved
E
Getting Better All the Time
The trend toward sound,
output
has lost
tice and freedom.
ward.
infinite
mighty God has
X-
combined
reverent
a
silence,
135 South La Salle Street
the
this, words
most elo¬
The
,<
from authorized dealers, or
ease
velt.
inadequate.
possibly fill the
the aching hearts of un¬
millions of every race, creed
color.
The world knows it
can
told
quent tribute would be
request
beloved
our
could
man
tremendous void left by the pass¬
ing of that noble soul.
No words
President, Franklin Delano Roose¬
are
v
No
colleagues, in the Congress of the
INC.
Prospectus
Thursday, April 19, 1945
Dividend
terly
dividend
14.
of
2C
per
In
worthy of
our
our
great
time, tremendous
has been made toward
really democratic
assure
the
way
of life.
a
Let
forward-looking
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378:
161
people of America that there will
be
relaxation in
no
the
improve
people.
'»'•
of
lot
efforts to
our
the
common
\
.
In the difficult days
ahead, un¬
questionably we shall face prob¬
lems
of staggering
proportions.
However, with the faith of our
fathers in our hearts, we fear no
future.
the
On
battlefields, we have
faced
overwhelming
odds—and won!
At home, Ameri¬
frequently
will not be less resolute!
cans
We shall
never
cease our
strug¬
gle to preserve and maintain our
American way of life.
At this very moment, America,
along with her brave Allies, is
paying again
defense
of
heavy price for the
a
With
freedom.
our
characteristic energy,
we
are
as¬
for
outlook
hopeless.
humanity
*
>
•
All
of us are praying for a
speedy victory. Every day peace
is delayed, costs a terrible toll.
The armies of liberation today
bringing to an end Hitler's
ghastly threat to dominate the
world.
Tokyo rocks under the
weight of our bombs.
are
Strategy to Continue
But
not
—due in
small
no
of
vision
our
der in Chief.
ing out
our
to the
measure
departed Comman¬
We
are
now
carry¬
not
must
have
part of that strategy
direction of Ad¬
We
avert war.
only have hope but we
faith
were
gressors
the
when
*in the future
wars
to be
are
na¬
tions must be united in their de¬
to
The
law.
keep the peace
breaking of the
anywhere is the concern of
peace-loving nations everywhere.
Nothing is more essential to the
future peace of the world than con¬
tinued cooperation of the nations
had
the
muster
to
force
Nimitz and General Mac Arthur.
special
world.
While these great
remain—UNCHANGED AND UN¬
states have a
to enforce
the peace, their responsibility is
based upon the obligations resting
upon all states, large and small,
HAMPERED!
not
I want the entire world to know
that this direction must and will
s
Our debt to the heroic
valiant
the
in
women
men
and
of
service
to
great
gratitude.
America will never
forget their sacrifices. Because of
these sacrifices, the dawn of Jus¬
tice and freedom throughout the
world
slowly 1; casts its ; gleam
world.
across
the horizon.
Our
forefathers
came
to
our
rugged shores in search of relig¬
ious tolerance, political freedom
and economic opportunity.
For
those
fundamental
rights, they
We well know
risked their lives.
Schedule
Within
oath
the
an
hour after I took the
of
office, I announced that
San
Francisco
Conference
would proceed.
We will face the
problems of peace with the same
courage that we have faced and
mastered the problems of war.
In the memory of those who
have made the supreme sacrifice
—in the memory of our fallen
SHALL
President—WE
NOT
FAIL!
is
It
not
enough to yearn for
We must work, and if
necessary, fight for it.
The task
of creating a sound international
organization is complicated and
difficult.
Yet, without such or¬
ganization, the rights of man on
earth cannot be protected.
Ma¬
chinery for the just settlement of
peace.
International differences must be
found.
such machinery,
Without
the entire world will have to
main
an
armed camp.
re¬
The world
will be doomed to deadly conflict,
devoid of hope for real peace.
Fortunately, people have re¬
hope for a durable peace.
Thoughtful people have always
had faith that ultimately justice
must triumph.
Past experience
surely indicates that, without jus¬
tice, an enduring peace becomes
Impossible,
In bitter despair, some people
tained
have
are
come
to
inevitable.
believe
With
ism, they insist that
always
been,
of
that
wars
tragic fatal¬
have
as wars
necessity,
will
wars
to
international
serve
and
not
of
the
peoples
en¬
abroad,
but
we
have
must
able to judge this thy
people?"
I
ask
only
faithful servant
my
be
to
great
so
falls.
be carried
you
on
As
*3
address
scribed
his
17)
Armed
United
Forces
States
the
of
throughout the
world:
After
death
,
the
of
Chief in
'
1
news of the
Commander in
tragic
late
our
duty to speak
promptly to the Congress arid the
was
my
liams
University
debt
the
to
heroic
Clark is
leader,
and
a
of
have
us
and
an
lost
far-sighted
a
real
friend
country can never be re¬
justice and freedom throughout
slowly casts its gleam
across the horizon."
At this decisive hour in history
it is very
stateman
old friend of the services.
I quote the immortal
of that great Commander
may
words
Eric
"With malice toward none;
with
charity for all; with firmness in
:
-
'
-
V
•
-
V
\
.VV.
i
Bear, Stearns & Co., 1 Waif
Street, New York City, memt^rsfk
of the New York Stock
other
and
Exchange
exchanges,
announce
that Eric Etherington is now asso*
ciated
with
Utilities
Mr.
them
Etherington
with
was
in
the
Public
Research
the
Department.
until <. recently
Philadelphia office
Sons, covering
of E. H. Rollins &
utilities for the Company's
offices,
and
Co. and
an offer to sell or a solicitation of an offer to buy these securities.
offering is made only by the Offering Circular.
This announcement is not
The
lot cannot bring a ship safely into
co¬
operation
of the crew.
For the
all, every individual
must do his duty.
benefit
of
$84,000,000
Support of United
Nations Pact
Asks
I appeal to every American, re¬
gardless of party, race, creed, or
color, to support our efforts to
build a strong and lasting United
Nations Organization.
You, the Members of Congress,
surely know how I feel.
Only
with your
help
I hope to com¬
plete one of the greatest tasks
ever assigned to a public servant.
With Divine guidance, and your
help, we will find the new passage
to a far better world, a kindly and
friendly world, with just and last¬
ing peace.
With confidence, I am depend¬
ing upon all of you.
To destroy greedy tyrants with
plans of world domination, we
Reading Company
First and
To be dated
May
Refunding Mortgage 334% Bonds, Series D
To be due May 1, 1995
i, 1945
can
these Bonds are subject to authorization
Interstate Commerce Commission
The issuance and sale of
In the
Price
cannot continue in successive gen¬
erations
to sacrifice
our
finest
by the
banks in California,
York, Ohio and Rhode Island.
opinion of Counsel, these Bonds will be legal investments for savings
Maine, Massachusetts, Nebraska, New Hatnpshire, New Jersey, New
The
Offering Circular
may
WI.87% an(l accrued interest
be obtained in
any
State in which this announcement is circulatedfrom
only such of the undersigned and other dealers as may lawfully offer these securities in such State,
youth.
In the
name of human decency
civilization, a more rational
method of deciding national dif¬
and
MUST
ferences
and
WILL
HALSEY, STUART & CO. Inc.
be
found!
America
must
assist
suffering
LADENBURG, THALMANN So CO.
BEAR, STEARNS So CO.
peaceful progress.
This will re¬
quire time and tolerance.
We
shall need also an abiding faith in
the people, the kind of faith and
courage which Franklin Delano
Roosevelt always had!
U.
S. World
so.
We
have
achieved
a
SCHOELLKOPF, HUTTON & POMEROY, INC.
WERTHEIM So CO.
H. M. BYLLESBY AND COMPANY
■ov/r
incorporated
BURR So COMPANY, INC.
R. L. DAY So CO.
IRA HAUPT & CO.
:■■■'
DEMPSEY So COMPANY
.
KEAN,TAYLOR & CO.
AUCHINCLOSS, PARKER &, REDPATH
GRANBERY, MARACHE So LORD
BAKER, WEEKS & HARDEN
KALMAN So COMPANY, INC.
world
leadership which does not depend
upon
our
military and
naval might.
We have learned to fight with
E. M. NEWTON So
COMPANY
REYNOLDS So CO.
solely
common
(incorporated)
incorporated
incorporated
We must keep it
CENTRAL REPUBLIC COMPANY
A. G. BECKER & CO.
PHELPS, FENN So CO.
COFFIN So BURR
Force
Today, America has become one
of the most powerful forces for
good on earth.
SALOMON BROS. So HUTZLER
SHIELDS So COMPANY
OTIS & CO.
(incorporated)
humanity back along the path of
defense
April 13, 1945.
'
.
' *
East¬
previously bad
Goodbody &
Bonbright & Co.
associated with
been
**d".
-.ft
•
Efheringion Is
r—
the
of
Mr.
With Bear, Stearns
ern
in Chief:
hard-hitting chief
a
Analysts.
of
democracy.
of
Administration,
member of the Ameri¬
a
Association, An¬
Club,
Bankers
Club
of
America, the Economic Club and
the New York Society of Security
the service
the world
ture,
School
alysts
paid. They have earned .our un¬
dying gratitude.
America will
never forget the sacrifices.
Be¬
cause of these sacrifices the dawn
great
a
Harvard
of
and
Graduate
Statistical
can
men
mander in Chief fell.
All
College
Business
Yet, I recall the words of Lin¬
coln, a man who had enough elo¬
quence to speak for all America.
To indicate my sentiments, and
to describe my hope for the fu¬
Now I speak to you.
I am especially anxious to talk
to you, for I know that all of
you felt a tremendous shock, as
we did at home, when our Com¬
asso¬
riman & Company and Goodbody
& Company. A graduate of Wil¬
gress.
Yesterday I addressed the Con¬
formerly
was
his stamina, his
comrades, his country
difficult to express my
feeling.
Words will not convey
what is in my heart.
armed forces of the United States.
admitted
ciated with Brown Brothers, Har*
.
the
and
years,
are
our
been
And I know
depending upon each
of you.
Yesterday I said to the Con¬
gress and I repeat it now:
of
that
announce
work for the firm for the last two
strain, the mud, the
and valiant women in
by the New York "Times"
90
general partner in the firm.
a
and himself.
"Our
Rose,
He has been engaged in research
courage,
faith in his
follows:
To
as
counsel,
Clark has
Warren
misery, the utter weariness of the
tran¬
and
vestment
the
Merchant Marine.
I know the
&
Story
Brundage,
Broad Street, New York' City, in¬
and every one
(April
recorded
as
Admit Warren Clark
Marine
Coast Guard and the
Navy,
the
Corps, the
President Truman spoke over the
radio to the armed forces.
This
laaih
When
I know that this is also true of
We
night
;v
death on the
I
fought
in
France with the Thirty-fifth Di¬
vision I saw good officers and
men fall and be replaced.
too
just and
ourselves,
a
among
I have seen
battlefield.
a
cherish
and
peace
veteran of the first World
a
War,
Addresses Armed Forces
Tuesday
care
and with all nations."
in keeping with our
soldier in the field.
of my
achieve
lasting
American tradition.
good and
Lord and
a
to
battle, and for his widow, and his
orphan—to
do
all
which may
when
Chief
as
sponsibilities
my
nation's wounds;
our
up
the Commander in
My duties and re¬
are clear.
I have
assumed them. These duties will
done,
field,
people.
united support of our own people.
Even the most experienced pi¬
harbor, unless he has the full
V.Y,«VJ
f6r him who shall have borne the
I may discern be¬
good and bad; for who is
We have lost
the foundation of
always be.
To such defeat¬
ism, men and women of good will
must not and can not yield.
The other nations in
in
during peace we must not only
work in harmony with our friends
vigilance,
liberty!
on
is
the
build
To
served only by constant
San Francisco Conference
states
dominate
today that such rights can be pre¬
the eternal price of
force
use
relations except in the defense of
law.
The
responsibility of the
country can never be repaid.
They have earned our undying
our
responsibility
never
do in the
that
peace
which
have
I
services,
On
peace-loving
the
He
us.
faltered—nor will we!
the officers and men of the other
beaten back only
loving nations
united to defend themselves.
If
assume
claims
Roose¬
"Give therefore thy servant an
understanding heart to judge thy
peace
prevented
As I
prayer.
also
velt
must
other
claimed
1729
the right, as God gives us to see
the right, let us strive on to fin¬
ish the work we are in; to bind
heavy. However,
are
which
cause
Solomon:
loving nations to
Hope was not
enough to beat back the aggres¬
sors
as
long as the peace-loving
nations were unwilling to come
to each other's defense.
The ag¬
the
Leahy, General Marshall,
King, General Arnold,
General Eisenhower, Admiral
We
with
more
the
so
a
people,
Admiral
able
good.
trade
Our hearts
now
nations
other
that there may be—for
mutual advantage—increased
tween
miral
the
to
must
We
with
mutual
nations
enough to work
necessary to defeat the conspiracy
of the fascist powers to dominate
under
learn
our
live
to
our
heavy duties, I humbly pray to
Almighty God, in the words of
hope alone was not and is
sufficient to
must
under
The grand strategy of a United
Nations' war has been determined
for
heart
Work with Other Nations
termination
Grand
freedom.
our
learn
be crushed.
never
maintain the peace.
of freedom.
of
abject submission offered the only production^ increased employment
salvation against
overwhelming and better standards of living
0
power, hope showed the way to throughout the world.
victory.
May we Americans live up to
Hope has become the secret our glorious heritage.
In that way, America may well
weapon of the forces of liberation!
Aggressors could not dominate lead the world to peace and pros¬
the human mind.
As long as hope perity.
At this moment, I have in my
remains, the spirit of man will
nations.
forces
so
During the darkest hours of this
sisting in the liberation of entire
Gradually, the shackles
being broken by the
not
horrible war, entire nations were
kept going by something intangi¬
ble—hope!
When warned that
with other peace
of slavery are
is
41
]"
SWISS AMERICAN CORPORATION
THE COMMERCIAL &
1730
"
t
:
'
'/%.;.* We maintain
^
;
1
system
markets where
those
in
trade
3*
variousV. offices
our
ESTABLISHED
$79,500,000
moved
that
likewise
end
from
to interpret,
easy
a
crept into
number of irregularities have
picture in recent years, due mainly to holding company liquida¬
tne
and variations in the treatment of tax items. Accordugly, it is frequently essential to "look behind" the published
earnings^ ratios and per share figures to see whether they really
mean
what they appear to.
<$>■
Wall
Street house, and later a
In studying the "coverage" fig¬
research
ures
for bond
organization,
interest, peculiar financial
tion programs
the
called attention to the new earn¬
checking it will
that fixed charges have
ings figures, the stock enjoyed a
sharp advance. Careful students
been swollen by the inclusion of
might have noted the same facts
sometimes
results
services, and
be noted
on
amortization
heavy
in
appear
items
in the
September statement.
Holding company earnings fig¬
or
charge-offs, in addition to the
usual less important amortization
bond discount, etc. At present
of
considerable
is
there
opinion
they are in the nature of extra
they
should
able, for
On
interest.
if they
the
other
important ad¬
justments of plant account, they
should go down into profit and
hand,
loss
account.
and
the
are
But
the
commissions
companies
have
vary¬
would
Gas
earn
amended and Standard Gas
were
go
fore arriving at the balance avail¬
it was
years ago
Standard
that
puzzling
show
about half its interest
charges if proposed tax changes
occurred.
Instead, the tax laws
only
practice in the
handling of these charge-offs. If
"above the line"—be deducted be¬
Several
changes.
feared
difference
and
depreciation,
sometimes
ures?
of
the technical provisions, so that
the
prior
preferred stock has
gained some
tenfold in price.
Here again careful study of tax
changes would have proved highly
advantageous to the stockholder.
On the other hand, earnings of
benefited considerably by some
ing views, and the financial serv¬
several other holding
ices
American Light & Traction,
do
proper
not
always make
adjustments
which
to
necessary
arrive
the
are
correct
at
companies-
Elec¬
tric Power & Light and American
Power & Light have declined. On
"coverage" figures. Incidentally,
it 7 is
quite important to note
whether bond interest coverage is
analysis, it is evident that the de¬
before
the cash
is
after
or
frequently
Federal
stated
taxes.
both
It
ways,
especially in comparisons of
new
offerings with other issues.
The same difficulty arises with
respect to "overall" coverage of
fixed charges and preferred divi¬
dends. This overall coverage fig¬
clines
due
were
certain
sales
the
to
of
properties for cash. Since
was not reinvested, earn¬
The
ings naturally declined.
factor—retention
of
same
about
$56,-
000,000 cash—tends to explain the
present poor earnings of Electric
Bond and Share.
Another
factor
which
the
an¬
alyst must watch for is big tax
ure has now become a standard
sayings due to mergers, property
yardstick for comparing preferred sales, refunding operations, etc.
stocks but apparently all the fi¬ It is usually customary to offset
nancial
services
do
not
realize these savings by a "charge in lieu
this yet, for some of them con¬ of tax savings," but this is not
tinue to publish only the share always done.
Thus Puget Sound
earnings figures, or the number Power & Light in 1943 reported
of times the preferred dividend share earnings of $2.21 a share on
(alone) is covered by net income.
But
the
real
pitfalls lie in the
statement of share
common
panies.
Water
ings
earnings on the
stocks of holding com¬
For example, American
Works'
for
consolidated
the
12
months
earn¬
ended
Sept. 30 were reported as 54 cents
a
share, while a footnote indi¬
cated, that this
cial
tax
was
adjustment
before
a
spe¬
credit.
But
the
report for the calendar year
apparently threw this tax adjust¬
ment '
"upstairs"
and the same
service reported share earnings at
$1.36 or about 2 V2 times as large
£s;the previous figure. There is
rot space here to go into the; ac-ounting problems involved, but
the: point remains that when a
the
such
tax
months
to
For the
12
February,
1945,
$1.97, and this is
savings.
ended
/
due
stock
common
new
earnings were
slow
issues
being
cleaned
of
of
one
issues
for
institutional
alike.
the
year
public
pro¬
the
investor,
individual
•
trade
terms
fast
a
pretty much of
Sold
ment.
in
would
mover,
understate¬
an
three series, with
one
group taking $33,900,000
of
series F and $40,000,000 of series
G
3
Vgs, and another group ac¬
quiring the $5,500,000 of series G
as
2s, the successful syndicates
proceeded immediately to reoffering.
as
few
shaped
were
minutes
of
within
up
announcement
of the opening of the books and
in
were
brisk
demand
in
the
market above the offering
price of 100.65.
open
For the issuer this business pro¬
vided funds for the
$74,212,500
retirement
lic and $5,500,000 of
serial 3V8%
notes maturing in 1953.
It means,
likewise, a saving of some $721,000 annually in interest charges.
and
accorded
stocks
common
Glass
the
preferred
of
Corning
amounts of
Works, in
the
shares and 412,340
respectively.
50,000
The
shares,
fact that this
tunity
into
was
the first oppor¬
the public has had to buy
the hitherto
closely held
se¬
curity.
Offered
stock
at
$25
of
Ibid side and it
that
allotments
down
to
to
tion.
The
vantages
4
points
was
scaled
20%
as
a
on
reported
were
little
as
order
to rule at
full
a
the
share
a
bolted ahead
premium
the
income
"Federal
item
an
reduction
tax
credit"
In
wide
distribu¬
preferred,
likewise,
assure
gained
On the other
hand, the earnings
of Engineers Public Service have
been mounting rapidly
and the
price of the stock has similarly
advanced.
1944
$2.50
For
a
the calendar year
share
was
reported
compared with $1.75 in 1943 and
94
cents
gain
in
appears
sulting
from
Most
1942.
of
the
to be legitimate, re¬
the
substantial
ad-
;
;
Central Public Utility 5'As 1952
Crescent Public Service 6s 1954
whereas
a
pro
29
Co.
BROADWAY, NEW YORK 6, N. Y.
Direct
Wire
to
Chicago
with
assortment
a
utility,
of
end
riod
place
its
hibernation
$35,000,000 of
on
mortgage
bonds
3s
and
Railway
is
pe¬
of
$60,000,000 of
ring
the
It
be
noted, however,
that 1944 earnings as reported by
may
service
one
contained
credit resulting
of facilities
income
an
from amorti¬
allowable
as
emergency
construction,
amounting to $1;067,652 or about
56 cents
be
a
share.
included
Another
in
Should this item
the
less
earnings? V
important
excluded from earnings. One ser¬
vice now reports earnings in two
and
Without
without
the
re¬
the
refund, for
example, Engineers' earnings
would be reduced from $2.50 to
$2.34.
Obviously, there is
a
wide field
ifor exploration of values in these
earnings statements.
Teletype NY 1-928
to
Francisco
Monterey
Principal Offices
Santa
—
Oakland
—
sched¬
Barbara
Sacramento
—
Fresno
Louis
has
York,
Railroad
applied
in
(Nickel
for
St.
&
Plate)
permission
On
the
final
day of the month
Power Co.
is
Electric
slated to sell in competitive bid¬
ding $59,000,000 of new bonds to
redeem
outstanding issues carry3V8 and 3J/2% coupons.
in 3,
Bell & Howell Offering
Bankers
market
tions
yesterday
another
of
involving
bution
of the
the
which
company
brought
to
those
opera¬
wide
distri¬
stock of
common
had
a
held
been
heretofore by several large share¬
holders.
This
was
combination
a
deal
involving the sale of 30,000 shares
of cumulative preferred
raise
funds
and
of
stock, for
designed
to
for
post-war needs
purchase from DPC
account,
company
for
the
the
Lincolnwood
But
it
shares
plant,
embraced
of
account of certain
ers.'"
also
Chi¬
150,000
stock
common
Whyte
for
the
Says
Change in White House lead¬
ership brings rush out of
money into stocks. Wild hopes
based on change unwarrant¬
ed. Protect profits by raising
stops.
/
By WALTER WHYTE
An
example what happens
bull market suddenly
faced
with
the
unexpected
was
given you last Thursdayto
a
when the jvorld was electri¬
fied
by the sudden death of
President Roosevelt. The fol¬
lowing day, Friday, prices ac¬
tually advanced. And as this
is being written the averages
are at a new
high (163).
$
offering was well re¬
ceived by investors with both is¬
reported in brisk demand.
ket
it
Reading Go, Awards
hours
came
sounder
$84,000,000 Bonds
trol.
To Halsey Stuart
\
Reoffering Made
Group
at 101.87
investment
banking group
Halsey, Stuart & Co., Inc.,
won the award April 12 of Read¬
ing Co.'s $84,000,000 of new first
and
refunding
mortgage
3Vr%
bonds, Series D, due May 1, 1995.
The winning bid named a price of
interest
3Vs%
a
cost
a
net
of
ap¬
coupon,
the
to
proximately 3.10%.
art & Co., Inc., and
The
of
#
-
.
road
Co.
will
permitted
thinking to take con¬
*
devote
$84,249,700 of out¬
ft
import-,
market
was more
stock
a
the market
in
was
a
basic bull
trend. And basic trends don't
or veer overnight.
It
succession of events that
change
is
a
bring about
change in the
a
tide.
*
nationwide
a
would
The fact that
point of view, is the fact that
Last
Halsey, Stu¬
proceeds from the financing,
together with other funds, to the
retirement
.
after hours
But what
ant,
from
could
week
been
*
*
all
the
signs I
minor
The averages had
pointed to
see
correction.
across
a
and had ral¬
160
lied to about 157. At the 157
resistance
area
Reading
.■
setback
a
seen.
%
led by
for
.
My guess is that had the
death occurred during mar¬
have been
An
v,i
■
big stockhold¬
This
sues
Walter
to
issue $58,000,000 of refunders.
Virginia
Tomorrow's Markets
plans, and
Chicago
began to as¬
But at worst this
sert itself.
kind of obstacle is temporary.
It
just calls for the market to
back and get another
stronger one, and then
be publicly outstanding as of May
it is away to the races again.
1, 1945, after giving effect to the
So even if the down-signs last
present financing will total $108,121,164,
of
which
$10,570,000 week were present I saw no
standing higher-cost obligations.
The funded debt of the road
to
step
grip,
a
Heading Co .-Jersey Central col¬
need to sell.
lateral
trust
I warned that the basic
called
for
4s, due 1951, will be
redemption
on
next
April. 1.
On the contrary
tion should be
*
*
Smith & Co. is Formed
Whether
was
(Special
to
The
Financial
Chronicle)
WATERVILLE, MAINE
ald
O.
Smith
have
formed
with
offices
Donald
posi¬
long.
"
diffi¬
culty is the question whether the
post-war tax refund should be
with
San
4*4s.
Wires
first lien
new
change
any
New
again
tail.
Private
Trade
New York 5, N. Y.
COrtland.t 7-4150
re¬
cents next Tuesday, bar¬
per
Here
de¬
Street
uled to open bids on an offering
power.
discussed in
14 Wall
first
new
which will
outstanding
Virginian
the
cannot be
York
Chicago Board of
B. T. Goodrich Co. is hearing
the
potential
which
New York Stock Exchange ^
Curb Exchange (Associate)
New
pect.
the
important tax changes
*Members
large rail and
offering in pros¬
two
industrial
one
vealed
number of
Schwabacher & Co.
"
large
Commission.
fund.
&
diversified
forma income account on the new
basis would have immediately re¬
earning
there are a
on
issues
new
proval of the Interstate Commerce
gradually,
ways,
Gilbert J. Postley
of
only
war
American Gas & Power 3-5s & 3.6s 1953
host
a
appeared in the published figures
tax
issues
is
Executed
Pacific Coast I&changes
banking group of 121 members on
April 13 publicly reoffered the
bonds
at
101.87, subject to ap¬
zation
Associated Gas & Electric
There
merger-
refunding
Orders
the next War
on
in prospect for the next fortnight
and the roster offers a pretty well
100.59
from
of
of $1.54.
field be¬
corporate
junior
equity, especially,
stood out by its performance, per¬
haps enhanced by reason of the
Securities
Loan Drive.
cago, now operated under lease.
Coming Glass Works
Scarcely less impressive than
the reception given the Erie bonds
that
the
of
of
series B 4s out¬
standing in the hands of the pub¬
was
in
fore the turn to
a
operations of Virginia
Electric (which acquired Virginia
Public Service from the Associ¬
$935,142, or about 43 cents a share.
The adjusted share earnings would ated Gas System on an advan¬
tageous basis). These gains have
appear to be in the neighborhood
included
still
ahead
The two larger and long-term
issues
securities in re¬
the
banking
fra¬
new
weeks,
ternity and dealers realize that
they have not yet finished the job
3
that Erie's huge under¬
was
a
"quickie," as the
say
Pacific Coast
Notwithstanding the heavy out¬
$100,000,000 of
and
v
taking
be
of
securities
new
over
To
up
r'i^yyy
proved
ducing well
such
but
testi¬
standpoint
a
offering
utility earnings statements are highly standardized
most
silent
conclusive
biggest days thus far this
Analyzing Utility Earnings
.
While
were
bonds,
new
recent
nicely.
Tuesday
Utility Securities
of
afforded
out
none-the-less
1879
mony
Public
In
fact, celerity with which several
major deals, including Erie Hailroad's
Paine, Webber, Jackson & Curtis
'
issues
new
brought to market this week.
located.
'
of investors to
sponse
are
%
Busy Days Ahead
cent
Underwriting
bankers
could
find no complaint with the re¬
especially equipped to
are
premium of around 2
a
points at times.
pouring of
REPORT
wire
the facilities of our direct private
ruled at
-
.
REPORTER'S
active market in the stocks of
an
public utility companies and through
many
Thursday, April 19, 1945
,
OUR
:
PUBLIC UTILITY STOCKS
FINANCIAL CHRONICLE
'
and
at
Don¬
66
&
Company
Main
Street.
previously
President of Smith, White & Stan¬
ley, with which Ray Smith was
also connected
■
-
justified I leave
judge.
- -
to
you
-
*
The
*
question
*
xvv.
Manager of the
Municipal Department.
now
facing
is what to do from here
was
as
'
*
not this advice
v
Ray W. Smith
Smith
Smith
—
or
*
Well,
think
first
*
of
on.
*
all I
sentimentalism
(Continued
us
on page
don't
and
1741)
Volume
Number 4378
161
THE COMMERCIAL
is
The Job Ahead
(Continued from first page)'-'
-
Our
nation
mightiest
world.
military
energies
force
divert
ordinated
the
in
our
structure.
is essential to remain in the
guard
of
social
This
merely
It
by
needed.
na¬
van¬
disposal,
requires
be
attained
and
waiting.
cannot
careful
Bonus
whom
When
cash
a
bonus
their
resume
ment
the home front!
on
Fear
has
when
our
these
new
with
like
is
peace,
ours
by neglect.
This
is constantly chang¬
of
bank
have
also
Of
as a
civilian
tilities
the
danger
future
of
■depressions.
the
a
far
ernment will be
main
in
welfare
to
industry
workers.
American
must
To
all
our
peo¬
for
all
maintain
willing
our
high
standards of living, we
produce
lead
to
benefit
efficiently, which
employment for
full
of
essential goal.
It
of
course, the basic problem
find useful employment in
private
the
permitted to re¬
Of
ple.
will
our
if it neglects the
power,
essential
is
people
in
all.
That
is
our
We must not fail!
for the
private
business in attaining this objective
by tax reductions, special subsi¬
dies, and sound business loans.
Public works, long delayed be
may
be
Government
necessary
to
assist
long
field of human endeavor.
as
remain
we
dustrious
our
free
progress
*
.
offering
benefit
of
cooperate
all
were
The
filed
members.
Governor
Labor
efficiently to
assure
capital
essential
with
appointment of Mor¬
McClintock
L.
deau,
an
of
centuries
wild
In
and
into
than
the
financial
world.
two
Today,
ideals
a
center
steadily
stronger
of
has
April
15,
whose
Agnes
are
ton),
1947,
15,
May
whose
Wilson
to
Williams
Kyle
term
ex¬
Miss
and
(Rep.-Tren-
expires April
term
15, 1949.., Appointments are sub¬
gradually ject to
Senate
dispatch
York
known
April
on
"Times"
April
on
in
from
positions
our
half
the
on
tion
persons
This is under
or as a
no
law, Mr. Berle said. More¬
imported
over,
items
labor
six
after hos¬
American importers have
the
point
States is
that
law,
ticles
far
as
imported
concerned,
acts
taxed when duties
are
,,
-
April 18, 1945
u
Central Illinois Electric and Gas Co.
$14,000,000
First
Dated
Mortgage Bonds, 3% Series Due 1975
February
Due February
I, 1945
1, 1975
Price 103% and accrued interest
30,000 Shares
re¬
4.10% Cumulative Preferred
These three
sufficient
jobs
for
seeking work.
half
a
a
are
Price $102 per
million
share
Plus accrued dividends from April 1,
entitled
As did
Stock, Series A
(Par Value $100 Per Share)
alone
1945
our
women,
to
boys
six
force
while
between
million
into
when
there
14
and
Copies of the Prospectus may be obtained from such of the
undersigned as are registered dealers in securities in this State.
17
people
may
be
to
comes,
only about four
ready to Step
their places.
Modern scien¬
are
should
discoveries
tific
victory
veterans
million
important
new
give rise
industries.
Therefore, if our high production
is
maintained, or increased to
the
meet
manpower
of
demands
America may
As
a
result
of
our
record
debt, inflation has
considered by some people
"big
bugaboo"
can
Central
Corporation
Harris, Hall & Company
Republic Company
(incorporated)
(incorporated)
Blyth & Co., Inc.
Kidder, Peabodv & Co.
have
of
peace.
inflation,
nothing to check it.
-
•
A. C. Allyn and Company
Incorporated
Eastman, Dillon & Co.
White, Weld & Co.
The Wisconsin Company
shortages for some time
tional
we
The First Boston
peace,
actually experience
certain localities.
in
paid.
r.
,
na¬
been
as the
Again
if we
do
However, it
Shields &
Company
a
barrier, since such items
expected to leave the nation's la¬
bor
ar¬
as
tojbe construed as an offering of these Securitiesfor sale, or as an offer to huyy
ojferto buy, any of such Securities. The offer is made only by means of the Prospectus.
NEW ISSUE
working, who should be sent back
to school when war ends. In brief,
about
raised
United
barriers, the consump¬
as
are
customs
the
considering the lowering
of customs
tion
while
women
women
pensions.
on
work
million
taxed
are
highly than domestlcQnes^
more
they continued
help our war effort.
Furthermore, there are about two
■
Ja¬
circumstances
solicitation of an
mighty
guarding
18 million
65, who
over
patriotic
to
de
included in the consump¬
are
tion tax
be replaced
soon
also
are
to retire
New
the
Rio
million
remaining
million
provide
There
wireless
a
4 to
neiro, which added:
Items specifically mentioned in
the treaty as exempt from taxa¬
are
confirmation.
made
was
Cape Girar¬
extended
been
1951;
April
pires
American
and
term
(Rep.-Albany),
political,
making
themselves felt in every part of
the world.
America has become
energy
and
less
have transformed
continent
cultural
the
we
trade
treaty, it
4 by
U. S. Ambassador A. A. Berle, it
Capital must pay
mission.
Osburn was designated
reasonable wages to help main¬
as
Chairman
and
named
for a
tain
the
general
purchasing
term
expiring
April
15,
1947.
power, upon which prosperity de¬
McClintock was named for a term
pends.
Government must assist
ending April 15, 1949. Both men
both, and prevent either from
are
Democrats.
Other members
taking any undue advantage.
of the Commission are: Charles L..
We Americans have good rea¬
Henson (Dem.-Springfield), whose
son to be proud of our r/markable
achievements.
American
announced
was
attorney, as members of
the Missouri Public Service Com¬
be distributed.
■
American
Embassy
has
protest with the Brazilian
a
zilian
Speaker
of
the
Missouri
House
of
Representatives,
and
mer
to
%
Government, pointing out that the
consumption tax law, in effect
April 2, conflicted with the Bra¬
an¬
ris E. Osburn of Shelbyville, for¬
E.
profits
has
Donnelly
nounced the
the
for
concerned.
must produce
P.
Consumption Tax
first mortgage 2%s, 1975.
Newhard, Cook & Co. of St. Louis
Capital, labor and agri¬
must
George
U. S. Protests Brazil
Ohio
$26,089,000
Edison
in¬
should be
To achieve our greatest possible
development, all of us must work
together for the interest of our
culture
vice-president;
Middle-
East River Savings
Savings Bank, treasurer.
practically unlimited.
country.
Bank,
the
*
1
(Continued from page 1723)
group
As
and
of
Montgomery, Seamen's Bank of t
Savings,
secretary;
and; Frank
Missouri Brevities
why
reason
C.
brook
cease.
a
may
busi¬
They know that no Gov¬
may
Other officers
Alfred
are:
Mullen of the Greater New York
America should fear the future in
any
elected
immedi¬
not
employees will be anxious to
economic
the American
greater faith
Today,
have
future.
sound
no
of New York State.
un¬
busi¬
enter
turn to their homes.
reduce
t
seems
manpower
shortages,
gigantic war industries and
economic
productive
machines
managed to break all records.
Women workers helped to make
this possible.
According to an of¬
ficial poll, after
the war about
and
-
we
*
there
and
toward all mankind.
plants, resources, man¬
and
skills
intelligently,
This leaves only about
most veterans
worthy
power
tolerance
At this Easter Sea¬
As long as we
our
Despite
deposit in¬
tend to
all Americans.
our
which once defrauded so
many of our unsuspecting people.
These
measures,
together
with
new record
personal savings, re¬
duction of private debts, and ex¬
to
of
to
hope that ultimately
there will
be lasting peace
on
earth, and universal good will
son
Furthermore, we have
acquired the skill and ability to
do gigantic tasks for the benefit
four million veterans available for
of stock,
loans
vet¬
outposts
and
of
never
greater.
utilize
back
derstanding.
man our new
guards sound secufities and pre¬
vents the gross abuses in the sale
interests, all
the
and
America.
prevent
ness
million
career, or
one-fifth of
tension
seek
five
over
life savings
being wiped, out during a hysteria
of financial fears* The SEC safe¬
to
world
■
Bank, has been elected president
the Savings Bank Bond
Men;
of
Roughly this
who will
"thrown
be
fleets
most important.
We
total
service
to require detailed com¬
Unemployment insurance,
surance
steadily to
was
prestige only in the
justice.
In that way,
may
again
lead
the
of
cause
Our national income
Franklin H. Thomas, investment
with
Central
Savings
analyst
moral
servicemen, approximate¬
two million may remain in
ly
our
well
age pensions, maternal
child
welfare
are
among
is
Elect Thomas President
Americans always live
we
increased
wealth
Savs, Bank Bond Men
to our glorious heritage. May
utilize our tremendous power
we
America
national
the
this turbu¬
million
Administration has
sponsored considerable social leg¬
islation
to
help safeguard the
health, security and future of our
people.
These progressive legis¬
old
two
workers.
market."
The present
known
should
or
probably
by others, to
too
and
deciding
on
become
veterans,
ately
also
May
up
productive
record size.
in
lent planet.
national
our
power
consideration
influential
training.
will
or
should
entire social structure.
ment.
school, college,
ernment
political power.
No depression will be allowed to
grow, like a Frankenstein mon¬
are
of these
self-employed,
such
as
lawyers,
doctors,
and
farmers.
Another million people
will have special positions await¬
ing them, such as policemen, fire¬
men, teachers and necessary gov¬
to
measure
the
in
people are under
age.
Therefore, at
additional
ness,
political inaptitude
of the late twenties and early thir¬
lative
to
erans
again per¬
indifference, the
threatening
be
not
million
two
An
never
ultimately
services, about
will
of
years
return
economic and
ster;
In
service
vocational
for the best interest of all.
return
armed
million
least
rapidly become obsolete and. dangerous. As
a nation,
we either go ahead or
drop behind in the passing po¬
litical parade.
All lasting human
progress requires intelligent plan¬
ning and reasonable regulation
callous
unemployment.
place, of the eleven mil¬
the
our
26
may
will
in
us
market for jobs immediately upon
discharge from service. Over half
an
which can
lost
dynamic world
to
been expressed that
fighting forces return,
workers might flood
heavy
lion
ing, and, therefore, we must make
endless adjustments to meet new
conditions,
Static measures in a
ties
waiting.
They may
studies,,at govern¬
receive priorities
for
government
positions,
and
many other benefits, such as spe¬
cial
loans
designed to expedite
their readjustment to civilian life.
This time our fighting men will
hot have to fight again for justice
five
the
freedom.
our
expense,
in the free air of democracy.
mit
owe
we
in
the first
America
will be no
Already we have
demobilized, the veterans
advance they will have
know
and
staggering.
Yet, the main
1731
destiny of mankind
,
practically every field of human
endeavor, has been possible only
Prosperity,
■
them most
use
America's remark-' the labor market and threaten
welfare.
elusive state of affairs,
,
9ur
the
Veterans'
Bill
of
which contains a whole
program for a modest repayment
of our everlasting debt to those
to
are
many
at
Rights,
»able rise to world leadership, in
-
and
weapons
Army!
created
balance, by preserving individual
rights, while promoting the gen¬
*
these,
did not
more
were
that
would be foolish in¬
we
gratifying to note how
kept in line, and pre¬
vented from soaring as they did
during the last war.
Of "course,
everybody regrets the size of the
public debt, but modern war costs
most
this time there surely
ought to be given deep
study, so it may be utilized to the
utmost to
help assure full em¬
ployment in the post-war period.
Wherever
necessary
and desir¬
able, the Government should give
special aid to private industry to
encourage the maximum amount
of employment from sound busi¬
ness
enterprises.
i;
Surely
recent
world
events
should explode, once and for all,
the myth that democracy is in¬
herently inefficient. We have out¬
produced and out-fought the foes
of democracy.
Furthermore, we
.have been able to retain a healthy
world of
when
,
Every major phase of our eco¬
be
the
effectively to fight the first threat
nomic life
easily
pro¬
produce
benefits
we
co¬
of another depression.
We hear much about the prob¬
lem of returning veterans.
Well,
hard work.
eral
to
economic
deed if
and
planning
scheduled
a
With
other
progress.
wishing
into
maximum
That
should be
war,
designed
gram
To
achieve this peacetime goal, there
must toe -useful Jobs for £11 willing
hands.
the
of
cause
wartime
our
improving
to
economic
tional
the
become
With the return of peace,
should
we
has
most
prices
v
& FINANCIAL CHRONICLE
The Illinois Company
.
THE COMMERCIAL & FINANCIAL CHRONICLE
-
1732
Thursday, April 19, 1945
Corning Glass
Dominion of Canada
>
O
Preferred & Common
f
All Issues
CANADIAN BONDS
-
Canadian Stocks
Oversubscribed
Public offering was made
GOVERNMENT
Bought —Sold
——
Quoted
17,
Wood, Gundy & Co.
stock at par, at
Incorporated
New York 5
14 Wall Street,
I
Bell System
mon
Teletype NY 1-920
com¬
Both
have
issues
for the Dominion more clearly demon¬
strated, when in the hour of its greatest need, with the British Com¬
monwealth battling alone against the triumphant forces of the Axis,
he initiated in August, 1940, the Ogdensburg Agreement which vir¬
J INCORPORATED
TWO WALL STREET
tually pledged the support
of this country in the event of invasion
Pearl; Harbor,
President Roosevelt, in collabora¬
tion
with
his
life-long
friend,
before
Again
King,
Hyde Park Agree¬
arranged the
to
Canada
enabled
which
ment
Mackenzie
Minister
Prime
forget any temporary U. S. ex¬
change deficiencies and to
fill
without impediment Canadian
CANADIAN
requirements in this country.
war
Bought—-Sold—Quoted
6, N. Y.
1 Broadway, New York
WHitehall 4-8980
in
award of $33,900,000 series F, due
1990, and $40,000,000 series G, due
2000,
to
Co.
on
by
and of $5,500,000 series H,
1953, to Halsey. Stuart & Co.,
Reoffered
Co.
a
of
t
Morgan
by
Stanley
at
100.65,
associates
and
bid
subject to the approval of the In¬
Commercial
terstate
Commission,
both the series F and the series G
bonds
quickly
were
oversub¬
scribed and the subscription books
closed. Halsey, Stuart & Co., Inc.,
arid
associates
price
100
of
set
for
reoffering
a
the
H
series
bonds.
j The Erie will
the net pro¬
use
sale
of
the securities
with funds in the treasury, to re¬
deem
$5,500,000
secured
serial
3*/8% notes, due in 1953, and the
entire $87,185,000 of first consoli¬
dated
mortgage
bdnds,
iskued
the
main
course
cause
due, in
in
1941
organization.
4%
1995,
at
Series
which
B
were
the time of
re¬
There is $74,212,500
of the B bonds outstanding in the
hands of the public, $1,723,000 be¬
Interest cen¬
Quebec mines
the older
after
the
Spring thaws
as
collateral to
secure
the new Yellowwill recapture popular
In
Victory
Federal
and thei
together with
Loan
Election
the Ontario elections
still loom
factors.
bitter
as
June 4
on
the most important
Consequently, there is
still little likelihood of
Roosevelt, has, during his equally
long direction of Canadian affairs,
suffered
through the conflict of
national
interest and the
interests of province and
personalities.
The
passing
of
high
lesser
Roosevelt
well have
fect
and
will
might very
deep psychological ef¬
a
the
on
Canadian
that
ensure
electorate,
departure from the present state
of dull inactivity.
Mackenzie
King
empowered to fulfill his
life-long political ambitions—
unity within the Dominion with
friendly
cooperation
between
English
Canada;
and
the
stitution
French-speaking
amendment
and
following a Dominion/
conference;
and the
a
establishment
world
power
Canada
of
in her
own
as
Selective demand fully
maintained the
high
over
price level in the
grade section but the turn¬
was
negligible.
Toronto
Montreals
be
Stock
Exchange
carried
to The
; DENVER,
Stanley
has
Financial
COLQ.
joined
Chronicle/
—
Helen
the
by
basis,
after
Previously, stocks selling at $1
specified
over, and also a few
stocks which sold under
a
share, could be carried on
margin.
Under
the
must
new
$2
stocks
and
under
.
33%%
$4;
on
on
stocks selling at $40
over.
by
several
of
stockholders,
of
with
New York
net
Prices.
Direct Private Wires to Buffalo,
Amory
of
quotations
or
at
which
common,
underwriters
descendants
the
on
Toronto and Montreal
Houghton, the founder of the or¬
TV
ganization.
The 3%% series stock
redeemed
whole
a
per
1,
share
thereafter and
1,
and
1954;
is
before April
or
on
$101
at
subject
fund
retirement
share
per
of
an
$101
on
or
Place, New York 5,N.Y*
System Teletype NY 1-702-3
share thereafter.
per
for
the
retirement
purchase
through
Kendall Co* Preferred
Stock
1
each
year
Being Marketed
An offering of 40,000
redemption,
or
June
before
fund
retirement
annual
The
provides
Series
A
$4.50
commencing in 1948, out of con¬
solidated
dall
ferred
income
net
dividends,
after
2%
of
pre¬
of
the
number of shares of the 3 %%
This is the first time that stock
ownership of Corning, one of the
two large domestic producers of
glass bulbs used in making incan¬
descent lamps,
nic
radio and electro¬
shares of
cumulative
ferred stock (no
<otal
pre¬
par) of the KenApril 18 by a
group headed by The First Boston
Corp., Goldman, Sachs & Co. and
F. S. Moseley & Co. The price is
Co.
made
was
$103 and accrued dividends.
in the underwriting
Associated
with
The
First
Boston
Corp.;
Goldman, Sachs & Co., and F. S,
Moseley & Co. are: Eastman, Dil¬
tubes, and cathode ray tubes
lon
&
for radar and television, has ever
son
& Curtis; Coffin & Burr,
made available
been
(
per
per
$100.50
or
Bell
or
on
at
40 Exchange
annual
$101.50
at
before April 1, 1951;
share thereafter and
before April 1, 1954; and at
share
Dommioh Securities
(Brpokatio/i
y;
redemption
to
operation
through
on
part
or
on
The 3V2% Series stock
thereafter.
also
in
or
be
before
1951; at $102 per share
at* $103
April
as
may
public.
the
gen¬
The stock has
been
to
closely held by members of the
Houghton family since the com¬
pany was
founded in 1851.
Co.; Paine,
Webber, Jack¬
Hornblower &
and
Proceeds.,
V
-I.-..
■
■
with
together
:
.
•
y
other
funds, will be applied by the
com¬
manufacturer of commer¬
pany, a
cial
Inc.J
Weeks.
textiles
and
surgical
dress¬
ings, to redemption of the follow¬
York
Corporation
ing
pating $6 preference stock, at $110
Bonds Offered
a
The Union Securities
&
Stone
Inc.,
Webster
headed
a
and
Corp. and
Blodget,
of
group
under¬
writers who offered on April 18 to
the
public $4,400,000 of first mort¬
3V4% bonds of the York
The bonds, due April 1,
1960, will be priced at 102% and
gage
Corp.
interest.
accrued
Other
members
outstanding securities: 29,343
shares of cumulative and partici¬
of
the
under¬
Blyth & Co.,
writing group are:
Inc.; Drexel & Co.; Kidder, Peabody & Co.; W.H.Newbold's Son
share and accrued dividend, on
June
$4,500,000
1;
3%%
sinking
fund-debentures due Sept. 1, 1957;
and $1,000,000 2%% serial notes
due 1945-47.
To provide part of the funds
required for the redemption, the
has
company
tracts for the
into
con¬
3%
600,000
tures
entered
private sale of $8,-
sinking fund deben¬
1, 1960 and $1,2V2%
serial
notes
due
due
400.000
1945-52.
June
Co.; Graham, Parsons & Co.;
Lee Higginson Corp.; Paine, Web¬
'
*
.
|
.
ber, Jackson & Curtis; Bosworth,
Chanute, Loughridge & Co.; Alex.
Brown & Sons; E.
W. Clark &
0. C, Johnson
Offices in
Opens
Spokane
Co., and Yarnall & Co.
Net proceeds from the sale of
the bonds, with other funds of the
company, will be applied to the
redemption
of
$4,450,000
first
Johnson is engagingJn an invest?
mortgage 4 %s, due in 1958, at 105.
who is
SPOKANE,
ment business
Peyton
WASH.
O.
C.
from offices in the
Building.
a
—
Mr.
Johnson,
member of the Standard
Exchange
of
Spokane,
in
the past was in business for him¬
&
Company
Charles L. Churchill
-WHitehall 3-1874
Charles
offices
•
'
■
n
:
.
on
canadian securities
Government
L.
Churchill
the firm
Mr.
Provincial
•
Municipal
♦
Corporate
Louis L. Rogers
open
May 1, 1945 to transact
name
under
of Churchill & Co.
Street, New York City.
was
formerly
Churchill
vice-president of Churchill, Sims
&
♦
will
business in municipal bonds
at 52 Wall
/
self in Greenville, South Carolina.
To Form Own Firm
64 WALL STREET, NEW YORK 5
the past was with Ranson-Davison
W. K. Ewing & Co.
the
Exchanges,
furnished
Stock
.
Mrs. Stanley in
was
cus¬
of the
stocks selling
Boettcher & Co., 828 Seventeenth
Co. in San Antonio and
the
to
Stock orders executed
Montreal and Toronto Stock
&
selling at $4 and under $40;
and 30%
and
on
50%
1
ruling,
deposit 40%
purchase price
at
a
;
tomers
Taylor, Deale
Street, members of the New York
Stock Exchange.
dollar
a
D.
staff
of
sold
the
Stanley With Boettcher
(Special
must
a broker on a
effective on and
Thursday, April 19, it has
been
ruled,
by
the
Exchange.
Existing margin contracts are not
affected by the ruling, however.
marginal
right.
Turning to market affairs, the
lull
in
activity still continued.
Supply was scant and interest
apathetic.
TORONTO, ONT., CANADA—
Shares selling under $2 on the
or
con¬
Provincial
final
sale
them
eral
Margin Rules Are
Tightened by Toronto
Stock Exchange
i
not
be
Imrn
———■mm
early
an
King,
constant collaborator of President
President
the
was
looking to the future, the
Eighth
late.
Prime Minister Mackenzie
expanding its
facilities and
Series stock theretofore issued.
frictions, and comprehension of
the higher policy can come too
3Vs% serial notes.
j
it is
that
ing held unpledged in the com¬
pany's treasury and $11,250,000
pledged
the
on
attention.
its leader for the
to
recorded
were
knife camp
11, it will be Canada's
on
condi¬
hectic
but
,
Exchange.
on
expected
follow
clarification of the Canadian
ceeds from
bonds
again prevailed in the mar¬
for gold shares and record
tered
.
Inc., and associates on
99.33 for a 2% coupon.
&
to
little interest in in¬
was
Toronto
trying period ahead.
In the undeviating pursuit of lofty political
objectives too often the paths of
earnest although lesser aims cross
banking
Morgan Stanley &
bid of 99.389 for a 3V$%
a
coupon
due
investment
an
led
group
ket
cooperation.
path of world
turn to decide
/Competitive bidding for $79,400,000 of Erie RR. first consoli¬
ternal
tions
dis¬
revolutionized
strive
earnestly
Edmonton
between
Ilsley.
There
but
On June
dated mortgage bonds resulted
bondholders
try and the world, it can already
be seen that President Truman
the
Are Oversubscribed
Manning has kept the door very
widely open to proposals for a
recognition of the provin¬
cial obligations. Reports of move¬
ments
of representatives of the
fuller
turnovers
two Erie Bond Issues
totaling $79,400,090
appraisal of refunding pros¬
pects.
As
predicted,
Premier
this vivid ex¬
ample can serve as a universal
standard. Happily for this coun¬
will
a
closer
ter
transport,
rapid
Toronto Stock Exchange
with
today,
tances shrunk by
CHARLES KING & CO.
Members
of
world
on
ples laid down by Finance Minis¬
In
litical and economic affairs.
this
demand
increased
in
point to an early an¬
nouncement
of
a
revised
plan,
more consonant with the
princi¬
rela¬
tions are a glowing example to
the whole world of the benefits
to the common welfare which
accrue
from
friendly,
under¬
standing collaborations in po¬
STOCKS
were
shade easier but Albertas
a
and Toronto
United States/ Canadian
I
were
company,
plants. The common is part of the
2,635,508
total
shares resulting
from a recent 4-for-l split of the
old common.
The company will
receive none of the proceeds from
certain
of Canada.
N. Y.
NY-1-1045
RECTOR 2-7231
Never was President
loss.
the
by
manufacturing
WILLIAMS
tragic
a
preferred stock represents
financing
of modernizing and
Roosevelt's great friendship
A. E. AMES & CO.
NEW YORK 5,
suffered
has
also
Canada
oversubscribed.
been
which is contemplating a program
Canadian Securities
BRUCE
share,
per
stock at $25 per share.
The
By
group
($5 par)
new
CANADIAN STOCKS
($100)
412.340 shares
and
CORPORATION
April
underwriting
an
headed
by Harriman, Ripley &
Co., Inc., and Lazard Freres & Co.,
of 50,000 shares of Corning Glass
Works V/2% cumulative preferred
PROVINCIAL
MUNICIPAL
by
Co., and prior thereto was man¬
ager of the investment department
of the New York office of H. C.
Wainwright & Co.
"*
Company
Opens in New York City W
L.
Louis
Louis
offices
L.
at
Rogers
43
The
dealers
and
and
and
formed
Company, with
Cedar Street, New
York City.
as
has
Rogers
insurance
new
firm will act
brokers
stocks,
in
bank
industrials
public utility issues.
Mr.
Rogers
was
formerly with
Schafer Bros, and Lehman Bros.
Volume
THE COMMERCIAL & FINANCIAL
Number 4378
161
the
On Future Economic Prospects
do this if
can
(Continued from first page)
ing of tne policies
around our ability to carry the
debt burden easily with such an
so;
income; around the alleged un¬
willingness of the government to
and
permit unemployment
a
re¬
cession; and so on.
Many of our forecasters are
bold
enough to use the word
"will"
in
discussing
what they
future of
economic
the
conclude
as
of
only wish to do
we
the United States is to be.
"Will,"
President.
.
our
new
If, for example, during this pe¬
riod of readjustment, labor lead¬
should call strikes
ers
—
apparently, lead the
government, under present laws
and policies, to take over the in¬
they could,
that
dustries
and
If labor
struck.
are
Socialism
of
advocates
the
"full
and
carefully used, is a most should continue to dominate the
word, since science government, these industries could
be literally stripped down to the
does not recognize any law of ne¬
of
bankruptcy,
and
the
cessity in the continuation of any point
sequence of events.
Science op¬ stock and bond markets could
erates only in the realm of proba¬
collapse, all in the face of this
volume
of deposits
and
bilities, a fact that the users of huge
"will"
either forget
or
do not money which, though of an ex¬
tremely explosive nature, might
understand.
Considering
ence
there
is
author
to
evidence
no
the
knows,
be ob¬
of
history
the
tained
from
United
States that would justify
asserting that after this war we
properly expect the United
States to escape primary and sec¬
can
reactions,
post-war
ondary
the
secondary usually being the more
severe
and
devastating of the
two.
Such reactions have been
remain
inert
of
because
of
such
bilities
well
on
as
the
suring
is ended
war
seems
experience.
Although it is true
that, from the point of view of
science, this past regularity of
say
post-war recessions does not mean
that we might not have a new ex¬
on
perience, the important point to
stress is that, in so far as our
knowledge
goes,
there are no
erly do is to speculate
not
experi¬
in
only in this country but
others
easily be led to con¬
7: One may
clude
that
have
should
we
expect
beginning
prices,
rising
with the close of the war,
light of
to
in the
huge volume of bank
and money in/ circula¬
our
deposits
tion, our extraordinarily low ve¬
locity of deposit currency, and
the scarcity of civilian goods and
services, provided one assumes
that
other factors
certain
counteract
the I
nullify
or
do
not
pres¬
which these and similar fac¬
sures
tend
tors
to
Without
generate.
having made any tabulation of a
majority of current forecasts as
to 7 our
economic
future,
this
has
nevertheless
writer
the
im¬
pression that the chief stress is
being laid on such factors as this
great volume of money and de¬
posit currency, the so-called sav¬
ings of the people, the scarcity of
goods for use in civilian activi¬
ties, and so on. This point of view
market
stock
dominated
have
to
seems
the
during the several
months
and
which
score.
The
or
poorly-
world
supposedly
utilized
are
respectable
This is under
no
much
in
business
in
if
forecasters
circles,
had
circumstances to be construed
to
buy,
or as a
solicitation of
The offer is made
keener
a
as an
is
not
is
to
known
follow
and is the
by
and
analysts
or
what
or
a
be
appre¬
which
as
the
what
path
is
of
the
writing
of economic and
security analysts and forecasters
during the same period, if not at
present.
there would appear to be
But
another and
this
an
important side of
picture, not to mention still
insufficient at¬
is being given.
It is the possibility, if not proba¬
bility, that governmental policies
may take an unfortunate direction
others,
tention
at
the
to which
probably
close
President
of this
Truman
trend
the
rest
is
unless
able to ar¬
war,
toward
a
Social¬
ist-Labor
government and to in¬
augurate policies much more en¬
couraging to private enterprise
than those that have prevailed in
recent years.
a
our
reliable
guidance- can
provided.
offering of these Shares for sale, or as an
offer
offer to buy, any of such Shares.
an
only by
means
of the Prospectus.
Corning Glass Works
that
eco¬
3%% Series
Cumulative Preferred Stock,
destined to
(Par Value $100
wide variety of
this matter goes, it would seem
about all anyone can prop¬
Share)
per
Price $100 Per
that
Share
to what
as
happen — stating the possi¬
bilities,
and
handling gingerly
the probabilities, regarding what
we may expect.
That these possi¬
may
bilities
are
may
be obtained from only such of the
undersigned as may
legally offer these Shares in compliance with the securities laws of the respective
States.
The number
obvious.
of
cases
which
Copies of the Prospectus
of several kinds would
to be
seem
past experience on
may draw is too few to
we
warrant any great amount
of
reasonably anticipate at the close
of this, war.
In addition to the
fewness of these cases,
the
z
con¬
fidence in anyone's ability to do
more than guess at what we may
pres¬
Lazard Freres & Co?
Harriman Ripley & Co.
Blyth & Co., Inc.
"'7^'
Kidder, Peabody & Co.
Goldman, Sachs & Co.
''
,
'"7;
Incorporated
:
Lehman Brothers
Mellon Securities Corporation
Smith, Barney & Col
ent
situation, quite apart from the
change in the Presidency, has in
it many new factors which did
not exist in the preceding post¬
war periods.
Since any estimate as to what
Estabrook & Co.
Dominick & Dominick
April 17, 1945.
should expect
during the post¬
war
period can be little if any¬
thing more than guessing, the
country would be served best if
we
the
forecasters
fact
would
stress
7t
This is under
the
no
circumstances to be construed
to
that
they do not know and
possibly know what the
future is to bring. It is quite prob¬
able
that
some
of
the present
guesses of forecasters will prove
buy,
solicitation of
or as a
The offer is made
cannot
as an
offer to buy, any of such Shares.
an
only by means of the Prospectus.
'
variety of them! But this would
hardly change the fact that they
are in nature guesses rather than
bits of knowledge based upon ev¬
,H; t
i.HrJ
dling, has produced the conclusion
It
what
our
economic
future
of
well-grounded knowledge
ties
at
the
close
of
the
war
are
likely to be both difficult and
disturbing even under a govern¬
ment that is most
understanding, and
sympathetic,
helpful to¬
The an¬
swer as to whether private initia¬
tive is to have the opportunity to
attempt these readjustments in
ward
such
private enterprise.
a
favorable atmosphere ap¬
parently must await the unfold-
per
Share)
Price $25 Per
Vl '
11
Share
ost'•
from only such of the undersigned as may
compliance with the securities laws of the respective States.
Copies of the Prospectus may be obtained
is
legally offer these Shares in
re¬
v.
suggesting
what they think or guess the fu¬
ture is likely to bring during the
great
caution
period.
in
seems
methods
brace
the
post-war
to be
of
slogans
a
strong ten¬
science, to em¬
and
unscientific
appellations, and to accept with
very little critical discrimination
verbal notions and statistical data
such
Lazard Freres & Co.
Harriman Ripley & Co.
Incorporated
Blyth & Co., Inc.
r
Goldman, Sachs & Co.
Lehman Brothers
as
Mellon Securities Corporation
Dominick & Dominick
Lee
Estabrook & Co.
Higginson Corporation
national product, and na¬
savings,
various
crude
measures
of productive activity,
Merrill Lynch, Pierce, Fenner & Beane
White, Weld & Co.
come,
April 17, 1945.
Smith, Barney&Cd. *
Granbery, Marache & Lord
♦
those
alleged to have
something to do with national in¬
tional
Kidder, Peabody & Co5
~
There
the
of
years
^ iji.it
v-5-
garding this matter and to exer¬
cise
J.
L-t J
,2b ■"
likely to be to consider the lack
dency in this country, even among
those who are supposed to follow
system
(Par Value $5
appears
justments back to civilian activi¬
economic
Common Stock
-
reasonably clear, in
considering the various possibili¬
ties as to the future, that traders
in the stock market are at present
doing
little, if anything, more
than gambling. Those anticipating
a
post-war rise in prices may
be gambling in the right direc¬
tion. Nevertheless, it would seem
very wise for those who do much
to guide the public's thinking as
to
r
412,340 Shares
a
reached.
K\.
offering of these Shares for sale, or as an offer
.rv'S
to be correct—since there is such
earlier
an
known
science
50,000 Shares
vari¬
has
made
the
radical
adjustments
which a war demands, the read¬
After
war¬
only procedure known
preceding the recession,
beginning March 6, and also much idence which, by scientific han¬
of
is
hunch
wishful
rant, to point out as clearly what
gain
should
general
economic
a
which the evidence does not
the
and
world
information
surmise
thinking
is to engage in quackery. To stay
strictly within the limits of evi¬
dence, to draw no conclusions
or
yield in the way of truth.
up
manner
undefined
concepts
business
The
To attempt to market
reliable
nothing but guessing
are and where we are
going
economically. It is just as impor¬
tant, from the point of view of
science, to indicate what is not
known as it is to point out what
we believe existing evidence will
un¬
measure
as
explosive materials. But who can
where, or whether, the light¬
ed match may be dropped?
In so far as reliable knowledge
of
well.
as
we
in faking.
oc¬
is
fact
The
peace.
when this
a
ence
of
use
be loaded with
grounds for believing that
escape
a repetition of
this
excessive and oppressive
government controls following the
war, and failure of the nations
to devise effective means of in¬
nomic situation
shall
sci¬
definition
To pretend to know what
not know is to Engage
does
one
of
ety
experience of this country
and, if we escape them
after this war, it will be a new
what has been a common
analysis
forecasting does not
science.
other
the
we
of the current discussion of where
of,
and
would
adhere
closely to, the standards of
more
re¬
777
consideration, much of the
current writing
in the field of
economic
ciation
unwar¬
drawn from
na-
great disturb¬
ances or disasters.
One may think
of still other disconcerting possi¬
currence
thus far,
good
the
that
which
are
writer
der
defined
this
fact
careful
and classification of all data
in
as
the
requires
in
way
garding the nature of which the
or
speaker probably has
no reliable information, place the
stamp of inferior quality on much
general
same
ture.
unscientific
far
the
the
hand-me-down statistical data
such things
war,
employment," "inflation,"
inflation gap," and a
large number of
other
of
unless
So
and
1733
ranted inferences
"the
items
this
across
and who can properly
assert that this is improbable?—
country
of people that some
"must" be employed at
says
close of the
fairly
v
v.;-
number
one
the
CHRONICLE
.
r
V
'
THE COMMERCIAL & FINANCIAL CHRONICLE
1734
Fundamentals of Bretton Woods
(Continued from
from
to
effects
the
of
this
United
nor
war
Bretton
Woods
United
the
is
recognizes that the prompt
reconstruction of devastated coun¬
the
and
development
that
countries
the
lack
If countries that departed from
of
the
modern
to
of production are essential
means
have
It recognizes that expand¬
countries
all
that
and
this
possible only if we have an
The
Woods
Bretton
the
1920's
the
last
the
of
out
is
or¬
the
and
program
experience
1930's.
there
been
saved
might
world
economic
from
Unfortunately,
each
country revalued its currency to
suit its own interests, and there
was
a
strong
tendency toward
competitive depreciation of cur¬
rencies.
Even worse, a number
of countries used discriminatory
derly monetary basis for trade-.
grows
the
level,
disaster.
ed world trade is to the advantage
of
gold standard had cooperated
currencies to the
adjust their
proper
to the establishment of a peaceful
world.
cur¬
finally, in 1935 and
1936, the countries constituting
the
gold bloc
were
forced, to
abandon gold.
It
tries-,
of
rest
the
and
And
rencies.
Nations program for international
monetary and financial coopera¬
tion.
States
Latin America devalued their
prevent the next war."
of
After
devices—exchange
currency
is equally enlighten¬
Throughout the 1920's this
tion,
currency
invested
country
In too many
1714)
page
investment
ing.
their
mfeet
to
the
great
depression
currencies.
some
must
we
productive
sonable
This
Government
rencies
some
at
sacrifice,
finally
were
ati the pre-war
cur¬
1932
stabilized,
by
parity, others
neW parity, and still others
a
through
the
establishment
of
taken
a
stabilization
was
undertaken
cases
there
loans,
and
the
heads
of
its
as
banks.
exclusive
What
the
World War I
We
afford
cannot
to
make
the
mistakes in dealing with in¬
ternational
currency
problems
But
after
this
A
large part of
the world, including Great Britain
war.
stabilization
and
the
business.
that
the difficulties
Dominions, is convinced
due to
were
a
of
the
1920's
return to the
gold
this method of dealing with inter¬
standard.
national
bluntly that they will not return
problems?
Many currencies were overvalued
and
currency
some
these
were
countries
undervalued.
exchange
In
rates
the
to
rency
When depression came, the whole
pattern of exchange rates became
untenable.
The
countries like
lia, and Brazil
raw
* material
Argentina, Austra¬
were compelled to
depreciate
their
currencies
in
1929. In 1931, Great Britain and
the
rest
of
the
British
Empire,
nearly all of Europe, most of
South America, and Japan were
forced
off
gold.
In
1934, the
the
to
1920's.
Nor is
standard.
it enough to get
turn
were
not satisfactorily
adjusted
changed economic conditions.
They have stated quite
the old gold
to
world
after
Treasury,
the
have been
lems
of
the
State
Federal
the
and
established
countries to
1941.
After two years
Bretton
tional
and
for
Fund
Bank
and
posals
are
and
for
Interna¬
an
Reconstruction
pro¬
Con¬
our
and
Bank
Are
Simple
problems
with
which
they
deal, the Fund and the Bank
quite simple.
We
the fundamental
Fund
in
the
four
are
summarize
can
principles of the
short
members
statements.
of
the
recognize that international
Fund
mon¬
etary
no.
have
the
been
proper
But these
of
not
are
that
great
must
we
economic
devastated
a
developed world.
and
un¬
Before the war,
one-half of the world's trade
done
with
Europe.
was
More
the
modern
duction.
Until
of
means
pro¬
built up
readjustment
will
be
half¬
hearted and halting.
of
process
reconstruction
development must be under¬
taken
each
by
with its
labor
Agreement
is
not
own
local
and
largely
country
using local
resources,
There
materials.
its
of
in
a
the
member
the
ment
tion
we
employe restrictive and dis¬
criminatory practices with greater
ingenuity and with increased effi¬
ciency.
The
and
experience
the
1930's
on
the
of
1920's
international
rencies
stable
the parity
cept
or
not
to
change
of their currencies
after
Fund
and
consultation
with
its
with
ex¬
after
the
orderly exchange
as
the
International
concurrence.
offer to buyy
any
International
The
post-war transi¬
an offering of this Stock for sale, or as an offer to buy, or as
of such Stock. The offer is made only by means of the Prospectus*
a
NEW ISSUE
April 18, 1945
Bretton
The Kendall
nent of
an
in¬
International Bank for
Development.
essential
Bank
principles of the
simple. Private inter¬
are
investment
for
sound
productive Projects should be
en¬
If private investors
are
md, in exceptional cases, it will
nake the loans out of its own
Because the benefits o*
international
in vestm en t
.vorld-wide,
all
share
the
risks
countries
are
will
international
of
loans through the Bank.
It
seems
Woods
Price $103 per share
Plus accrued dividends from April
1,1945
Criticism
Let
should
of the undersigned:
the
should
I
off.
be
because
Goldman, Sachs & Co.
■
•
F. S. Moseley & Co.
far
led
ment..
I
on
believe
that
the
Hornblower & Weeks
overlook
agree¬
the
agree¬
is
broad
-
In
his
testimonyon
before
the
Banking and
Currency, Mr, Burgees, the Presi¬
dent
of
the
American
Bankers
Association, said that his Associa¬
tion agrees with the objectives of
the
Fund.
The
said, is solely
said
the methods to
that
,
clearly
as
•
international
an
being
the
offen¬
Fund
in detail
up
Fund.
the
to
some
Critics
"the plan for
that
Fund
have
method
a
novel
is
.
and
-
to accepted credit prin-
-
ciples." I am not impressed with.
the argument that it is reprehens¬
tion.
,
the Mon¬
introduces
which
lending
use
method of deal-
••
unprecedented situa-
*
a
new
an
-
But in fact, the Fund is not
>
novel. The United States Treasury
•
has
-
made
bilateral
15
about
sta-
12
,
countries, with aggregate commit-
;
with
agreements
ol
ments
million
several hundred
dollars, and after eight
have not lost
ternational
one
years
•
'
we
The In¬
dollar.
would
Fund
under¬
take: exchange operations, in precisely the same way and with the
same safeguards. The only signif¬
icant difference is that the Inter¬
'
national Fund would operate on a
multilateral rather than a bilat¬
basis.
:
The method by which the Fund
makes credit available to mem¬
bers for stabilization purposes is
not contrary to accepted credit;
principles.
Of course, it is not
done the
a
same
loan to
Fund
bank makes
way a
local merchant.
a
offers
in
credit
The
limited
amounts to member countries that
such
stable
dom
credit
exchange
in
to
rates
maintain
free¬
and
exchange transactions.
I
,
country that in good
faith abides by the principles of
the Fund,
that meets the tests
n
specified
;
submit that
a
in
the
credit-worthy,
Agreement,
the
and.
aid
with
cord
that
the
should
credit
is
ac-
stabilization
govern
•.
Critics have said that the Fund
too
large,
plenty of
tries
•
that countries have
reserves.
hold
now
;
principles
operations.
5s
*
ex¬
tended to such countries is in
Other
coun¬
20
about
bilhon
dollars in gold and official dollar '
balances.
large,
will
•md
These
are
tributed
and
have
though
unevenly dis-
reserves,
very
considerable
a
to
be
dmte
for
used
reconstruction
in
the
post-war period.
billion dollars of
that
ro^rv^s
-
part
relief
imme- '
Of the 15
gold and dollar
mav
then
be
left
.
after the^e pxpenditures, not more
than
disagreement, he
on
•-
objections that have been
made
frankly
general sup¬
port for the adoption of the oroposal for the Fund as it stands.
.
ffin & Burr, Incorporated
put
criti¬
warrant
House Committee
B;tman, Dillon & Co. ■ Paine, Webber, Jackson & Curtis
or
of
principles
to
the
of differ¬
to
many
it
for
the
Very
broader-area
ment
enough
Fund
over-emphasis
has
ences
the
amended
discuss
as
sugges¬
proposal
be
to
want
cisms Of the
The First Boston Corporation
adopted
There have been
that
Fund
any
prac¬
problems. There is general agree¬
ment that the proposal for the
tions
be obtained from
a
promote f
believe
this
of
take
me
need
that the Bretton
tical, common-sense way of deal¬
ing
with
urgent
international
stands.
may
me
proposals provide
Bank
Copies of the Prospectus
to
to
sive.
eral
epared to make worthwhile
foreign loans, the International
Bank
will
guarantee the loans
pj
"esourc^c.
(No Par Value)
international
international prob¬
an
Reconstruction and
not
$4.50 Cumulative Preferred Stock, Series A
Woods Conference
that
couraged.
Company
Problem
:
to
without
bilization
an
lem, and it proposed the establish-
national
40,000 Shares
Investment
of
appropriately
We
all
be done in
can
agreement
contrary
ar¬
,
resources
stability,
said
to
rangements,
Third, the members of the Fund
■•eree,
of
tenance
-v
be used only by
can
words.
ible to
cur¬
.-
resources
of
of
con¬
the
that
have
ing with
their
will
carry
maintain
orderly
exchange arrangements,
and
to
avoid
competitive
ex¬
change depreciation. It is a ques-
to
Sound in¬
investment
.
u
Fund,
that
these
use
tribute to the expansion of world
maintain
to
lending "countries.
ternational
and
the
the '
whenever
.
say
trade and will facilitate the main¬
disastrous, for countries
countries
to
the
the Fund should
undertake
more
will
the
borrowing
fails
to
to
And
that
Fund.
Second, the members of the Fund
tiine
far
the
lead
the Fund,
In short, the Articles of Agree- ;
the consequences would be
country for
of
out the i
including the exchange objectives, the Fund
can
declare
that ; member
ineligible to use the resources of
itself, we must
expect a repetition of the same
unfortunate
mistakes; and
this
each
member if '
would
members. *
of
purposes
etary
devel¬
and
beneficial
be
exchange '
prejudicial
its
or
The'
Fund '
the
any
resources
Agreement states
ects of reconstruction
will
that
with
'
a
of*
use
Fund.
the
undertake
manner
Fund
of
it
'
or-
main¬
be
excessive
of
circumstances
use
will
be need
for
some
foreign
capital, particularly for machinery
and equipment.
If the necessary
foreign capital is provided
on
reasonable terms for sound proj¬
opment,
sound *
a
parity of
cannot
states
to
transactions
exchange
and the American
it
without
Republics have
their economies, the post¬
the
possible until-
initial
an
if
resources
countries
until
not
basis for stable and
accept
has been
Far East
Europe
reconstructed,
The
to
tained
than
half the people of the world still
lack
is
currency t
visions of the Fund. The Agree¬
ment states that the Fund is not'
problems are an interna¬
tional
responsibility
and
they
agree to deal with these problems
through international cooperation.
circumstances to he construed as
>
Burgess said that
stablization
a
international
vestment is
solicitation of an
explicitly
the fundamental prin¬
on these funda¬
relations in
recognizes
This is under
or
they do not modify
principles
The
Despite the technical nature of
that
assure
details
orderly
and
Fund
Agree¬
It will not be possible to assure
for consideration.
gress
;
Mr.
In¬
judgment.
pass
war
These
before
now
prepared
International
an
Development.
First,
dealt with by
Woods
proposals
state
saying'
derly exchanges. No one disputes *
this; we have said so in the pro-,
The
three
of
way
economic
And it is
mental
Board
these prob¬
cussion among experts of some 30
re¬
are
to
in any way
Department,
on
to
safeguards
ciples.
The
stud}' within the Government,
a
year of preliminary dis¬
gold standard, as in
If international' cur¬
problems
order
operation of the Fund.
in¬
after
the
in
technical
been
war.
in
stated
words—a
the
the
Reserve
working
since
Monetary
same
the consequences of
were
of
level
40
the
of the
of
ter
currency,-
rea¬
countries, the United Nations met
some
cases there
discussions among
currency
own
the
world
remained
be
the
to
Fund.
funda¬
not
mental; it is very largely a mat¬
The provisions of the
Agreement are elaborated in great
detail
the
is
there
Monetary
could
only
of
is
ex¬
four pages.
hap¬
has
nature
orderly
and
essential, features
monetary and finan¬
cial problems that would confront
at
the fact remains that each country
regarded
value of
Must Avoid Currency Chaos of
other
central
had
uni¬
stabilization
were
in
informal
were
In
recovery
1920's.
laterally, each country determin¬
ing its policy for itself.
even
1930's
the
below
percent
and
percent;
the
place,
in
trade
system.
70
industrial
after
By 1929
all major currencies were back on
the gold standard. This process of
monetary
new
the value of world trade fell
nearly
the
of
main¬
arrangements,
That is all
ment
in
reserves
stable
consequence;
No wonder that between 1929 and
considerable
i
pay.
With
a
own
ternational
the
the disagree¬
even
method
on
countries have established
their
not
on
opinion,
ment
of
made
within
and
be used to attain these objectives.
In my
things.
change
capacity of borrowing countries to
—to
of
is
are
projects,
terms,
ternational
share
our
that loans
aware
larger
war,
that
sure
investment
foreign
hazard;
for
After this
make
remove
possible.
as
taining
disorders began in
Europe, the capital flight to this
country put added
pressure
on
trol, multiple currencies, bilateral
a
we
ical and social
clearing and other currency tricks
secure
came,
stopped
lending
almost
com¬
pletely, although we had an ex¬
port surplus* And when the polit¬
con¬
shrinking volume of world trade.
of
borrowing countries
their obligations.
When
serious
were
of
and
the ability of
disorders, with many
currencies
disrupted
and
some
currencies completely destroyed.
war
monetary
soundness
restrictive
impose
practices and to
Fourth, coun¬
tries that abide by these standards
of fair currency practice will be
given limited help under adequate
safeguards to supplement the use
soon
were
consideration
economic
to
not
the restrictions they now have as
abroad.
instances, loans
without
made
freely
Thursday,, April 19* 1945
5
billion
by
stable
dollars
countries
exchange
to
rates
would
be
mairtam
and
free- ;
Volume
THE COMMERCIAL &
Number 4378
161
in
exchange transactions.
remaining 10 billion dollars
dom
The
would
retained
be
for the most
reserves
Before
riods.
pelled
As
funds
would'feel
adopt
to
critical pe¬
these
using
countries
many
their
com¬
devices
extreme
to protect
their last line reserves.
The question is really whether
the Fund is too large for the pur¬
it must serve. Provided the
reasonably prosperous in
the post-war period, we may expect total world trade of mote
poses
world is
,
With
line
billion
80
than
such
as
such reserves are
in
swings
lars
there is
of
balance
the
would
to
seem
to
seems
I have
doubt that
no
experience will show the need for
some changes.
After we try the
for three
Fund
be easy
will
And
can
firmed
Director
we
for
international
financial coopera¬
large
be
.enough to give countries confid¬
Comprehensive
only
the
and
Plan
Bank
a
tp use their own reserves for program
hurrerioy stabilization and to give balanced level of world trade.
The maintenance of stable and
; them time to work out the necesexchange
arrangements
sary corrective measures without orderly
and the elimination of restrictive
employing drastic restrictions.
-There is one point v on which currency practices are an impor¬
.there seems to be some confusion, tant first step in this direction.
ence
,
•
Under the Bank, a country has a
i
loaris made
i by or through the Bank in its cur¬
rency.
In the Fund,
currency
-veto power over any
-transactions
Fund and
-
no
the
by
made
are
country has a veto
is an important
reason for this distinction.
Loans
made through the Bank may be
There
-power.
with¬
out restriction, and they could in-
-exchanged for any currency
-
volve
drain
a
on
the
exchange
country.
lending
the
of
"reserves
For this reason, a country
should
privilege of determining
have the
whether it is in a position to have
the loan
made.
On the other
:
.
•
objection. There are
said to be differences between the
United States and England on the
more
•'
interpretation of the provisions
'regarding exchange rates. There
is no real difference on this point.
is agreed
on
what
provisions say and mean.
Everybody
these
put the facts in 1, 2, 3
The Articles of Agreement
Let
me
'
order.
of
the currency of each country shall
.be expressed in terms of gold or
the United States dollar; second,
first, that the par value
state:
minimum
rates for exchange shall not differ
from parity by more than 1 per¬
cent; third, that a change in parity
that the maximum and
;
fourth,
changes
-objection of the Fund,
*ber
the memr
ineligible to use the
of the Fund and may be
becomes
resources
required to withdraw from mem¬
bership in the Fund.
these
Now,
provisions
are
as
crystal. There can be no
difference of opinion as to their
clear
•
as
meaning.
The difference centers
name
that should be
,
about
the
given
to
arrangements.
these
'has been said
in
not
the
gold
Works,
Kelly disclosed he
the
Grant
was
the
Grant
and Mr.
field
of finance, the former
world trade.
The
the
are
Woods
Bretton
foundation
structure
proposals
the
of
whole
international
of
eco-
nomic cooperation. The Fund puts
into effect the principles on stable
and
orderly
exchange
arrange¬
national
monetary
cooperation
to
place themselves in the
position of irreconcilable oppo¬
of the Bretton Woods pro¬
because of small technical
nents
gram
lions
exchange
on
his
been
a
Berkeley,
very
of
ber
is
Claremont
the
ment securities.
order
ance
a
the title
business in Redding.
veteran
of
the
last
insur¬
He is
world
war
at
present
the
of
the
Its
to
its
the
into
Sherow Now Partner
lr Hilbert &
Bank of America
Company
corpo¬
will be
name
eliminate
DPC and othe.
agencies, as wel las being a
> a
business that he wen
following the last world war.
Mortgage
any
contu¬
between the
Bankamerica Company and
names
N. T. & S. A.,
,whi<?h organizations no
corporate connection exists or has
between
Alonzo B. Sherow has been ad¬
mitted to
partnership in the New
Exchange firm of
Stock
York
Hilbert
&
Co.,
120 Broadway,
City, it is announced.
seven
years,
Mr.
was
bond and syndicate
New
York
For
the
Sherow
past
Montgomery, Spott &
Co., and before that, he was asso¬
ciated with Paine, Webber & Co.
manager of
existed for several years past.
Wm. C. Chadwell Farms
Put & Call Men Elect
Own Firm in
S. Harnden has been re-elected
president. of
Brokers
and
has
been
three
another
the
on
and Call
Association
Put
consecutive term.
Godnick
S.
for
named
term
the
Dealers
fourth
the
Charles
Kelly, upon his graduation
from the University of California
Mr,
is
Vice-President
banker,
changed to Pacific Affiliate, Inc.,
in
Commercial Club.
entered
Coast
sion due to similarity
He has
a mem¬
Snyder
allied
Company occurs
continue
present
Club, Athenian Nile Club and the
1915,
.
of
managing its portfolio of invest¬
Country
Office of
a
business
securities
Pacific
of
for
in
head of the
First National Bank of St. Louis,
as
.
.
of the
Bankamerica
active worker for the
Oakland Boys Club and
as
rate existence for the purpose
First
year
board.
well has formed Wm. C. Chad we1
elected
a
member of the
Associa|
tion, it is announced.
At
this
time,
Street to deal in investment trur
railroad, bank, and public utility
Mr. Chadwell
was
Francisco
establish
to
United
at
This advertisement is neither
Bankamerica Co.
r
"-,1
an
offer to sell
nor a
solicitation of
an
offer to buy
any
of these
securities. The offering is made only by the Prospectus.
San
inter¬
an
national security
of
have
us
organization, all
obligation to con¬
an
sider the Bretton Woods
in
again
the
light
for peace.
program
proposals
of the
Bell & Howell
whole
Company
We cannot be
There is only one
test that we should apply to the
Bretton Woods proposals. Can the
Fund and the Bank with intelli¬
perfectionists.
30,000 Shares
Cumulative Preferred Stock, 4l/\% Series
gent management d,o a reasonably
good job in dealing with post-war
monetary
lems?
investment
and
I think the
is
answer
(Par Value $100
of
the
Bretton
Share)
prob¬
"yes."
Price $103 Per
If so, we must get together in
sup¬
port
per
Woods
Share
pro¬
gram.
Death of F. G. Herbst
Frederick G.
150,000 Shares
Herbst, Vice-Pres¬
ident in charge Of the Corporate
Trust
Division
Born in New York Dec.
Herbst
Mr.
but
1909,
Common Stock
of
entered
8, 1891,
banking in
his studies,
continued
(Par Value $10
Price $15 Per
Copies of the. Prospectus
Trust
Co.
he
became
may
Share)
Share
be obtained from only such of the
legally offer this Stock in complian.ce with the securities laws
graduating from New York Uni¬
versity in 1912. After serving as
Auditor and Comptroller of Co¬
lumbia
per
Harriman
an
undersigned as may
of the respective States.
Ripley & Co.
Incorporated
Assistant Secretary when that in¬
stitution
merged
was
Irving in 1923.
been
with
the
Since 1925 he had
with
associated
Corporate
and
elected
in
was
1930.
For
a
Herbst
York
the
Trust
a
Lehman Brothers
Kebbon, McCormick & Co*
com¬
Division
Vice-President
A. G. Becker & Co.
William Blair & Company
Bacon, Whipple & Co.
Incorporated
,
number
was
of
active
Stock Transfer
of which he
was
time of his death.
years
in
the
Paul H. Davis & Co.
Mr.
New
Association,
Treasurer at the
April 18. 1945.
for¬
merly with J. A. Hogle & Co. and
opera-
when the
gathering
are
-
Company with offices at 73 Sierr-^
securities.
Frank V. Stockenberg has beeri
Reno, Nev.
RENO, NEV.—William C. Chad-
by the Fund.
Nations
of
re¬
with the RFC, the
establishing
business in 1924.
signed
Mr.
Bankamerica Company will for
long experience in the
at
own
Byrnes,
stitution.
the
hav¬
ing been in the investment and
underwriting business in the Bay
Area for 25 years. He is a gradu¬
ate of Oakland High School and
attended the University of Cali¬
fornia
F.
Company, of which Bankamerica
Company is a wholly-owned sub¬
sidiary.
7 ,V.;
to
Vinsoi1
work
who?" had
James
Executive
Extension
Business
the
the
post he recently took after re¬
signing from government work
He has worked for some time
assets
^ >
Kelly
tariff, quota and other barriers to
of
of America
Bank
over
War Mobilization.
he
1938
In
Merriam.
in connection with liquidating
firm, which hence¬
as
He was appointed
Gov. James Rolph,
take
to
for sev¬
former
Department and at present is one
of the senior officers of that in¬
re¬
was
California Company.
Both Mr.
the
of
become associated with him.
Mr.
joined
Sale
State
former
as
Director of Public
national agreements to reduce the
It pany's
England that it
standard. It has
been said i i the United States
that it resembles the gold stand¬
ard. I think it doesn't make much1
difference what we call it.
It is J
an arrangement to provide stable)
and orderly exchange rates.
We
is
official and
bank
had
Irving Trust
in parity
Co., New York, died April 12 in
aggregating 10 percent may be
St. Luke's Hospital of coronary
made after consultation but with¬
trombpsis after a short illness. He
out the concurrence of the Fund;
was 53 years old.
For a number
fifth, that or. all other proposed
of
years
he
resided
in
East
changes the Fund shall either
Orange, N, J., moving to 444 East
concur
or
object;
and, finally,
57th Street, New York, about a
that if a member changes the pai<
year
ago.
value of its currency depsite the
minor
firm's
the
have
be made only on the proposal
of the member and only after con¬
that
retained
be
to
F.
be
maintained
without interruption. He also an¬
nounced that Earl Lee Kelly, well
known throughout California as a
That is why we want inter¬
Act.
may
sultation with the Fund;
would
service
would
forth is to be known
of our ex¬
There is no rea¬
son, therefore, why a veto should
be given to the United States on
the sale of dollars by the Fund.
One
cities
that
of
differences
depletion
and
clientele
Congress to extend and broaden
the Reciprocal Trade Agreements
were
change reserves.
Nevada
Frank
head
con¬
level.- That is why we have asked
be used to buy any currency
needed by the Fund. The sale of
dollars by the Fund to" make pay¬
ments in the United States cannot
a
personnel of the
devote his full time to the affairs
lievers in the principle of inter¬
in
office
sales
world trade far above the pre-war
is sold. Furthermore, each
country
subscribes
gold which
result
Grant stated that the
under
Works
Jr., and continued on under Gov.
California
First
Company.
signing from his banking post to
to
It would be tragic if the groups in
this
country who are firm be¬
may
of
originally by
and the
concern
California
position of State
Public
of
two governors.
Com¬
Bankamerica
organization
promptly
measures
Fund
used
be
rency
•
proceed
security
raise
other
only to make payments in the country whose cur¬
can
'
must
we
with
ments which have been the policy
of the United States for ten years.
hand, currency sold by the
'
But
of
investment
pany
the
of
cern's offices in 16 California and
are
comprehensive
for securing a high and
of
part
a
purchase
business
and
payof
open
left
Mr.
Fund
been
to have held the
Geo. H. Grant of the San Fran-$>-
tion.
The
tor's post has
Grant & Co., simultaneously con¬
and
Part
Federal Loan Administra¬
The
will be continued by First California Company and substantially
will be associated with
H'"'*'
all of the present personnel
the
Fund.
an¬
nounced:
improve
to
York
New
Bureau
eral
weeks,
when
its •
occupant, Judg Fred M.
done
monetary
the
Washington
and is the only man in
of
already
Advices
"Sun"
by A. O. Stewart, Chairman of the Board of Bankamerica. All offices
and the service facilities formerly maintained by Bankamerica Com¬
cisco and Oakland firm of Geo. H.
or
changes then without
destroying the work
the
risk
the
from
17
trator.
April 16, 1945, the security business of Bankamerica
Company will be sold to First California Company, it is announced
any
the
of
W.
Snyder, St.
Louis banker, to fill the vacant
post of Federal Loan Adminis¬
New Firm Successor to Geo. H. Grant & Co.
it
April
on
John
nominated
Effective
pany
Truman
President
enough to make
needed
changes
four years,
Snyder Heads RFC
Company Buys
Bankamerica Go. Security Business
that
me
amendment provision.
an
For my part,
A Fund of 8.8 billion dol¬
,ments.
it
1735
.
Firs! California
objections to
not fundamental.
No¬
body claims that the provisions of
the Fund are perfect. That is why
ordinary
with
deal
to
out'at
are
make
distributed, would be inade-
quate
,
Fund,
they
aggregating 5 billion
other
countries,
trade,
the
I consider
work
of
all
for
.'particularly
now
annually.
the
of
work
leisure.
first
level
a
reserves
dollars
dollars
the
selection
scholars to
to
name
emergency
as
the
leave
can
FINANCIAL CHRONICLE
Hemphill, Noyes & Co.
COMMERCIAL
THE
1736
bonds at
Craven
$350,000
Craven
Co., N. C., is asking for
until April 24 on an
offering of $2,400,000 refundings,
due serially from 1946 to 1981 in¬
3^% Bonds
To
yield 2.10% to 2.50%
TRIPP &CO. INC.
Wall Street, New York
40
On Oct. 24 last the county
clusive.
unsuccessfully offered a total of
$3,000,000 refundings, having re¬
jected as unsatisfactory the two
offers submitted.
These, accord¬
ing to report, provided for net in¬
terest cost of about 3.14%
and
optional 1954-62
1983
1,
Telephone WHltehal! 3-6742
3.15%,
respectively,
the
with
3%
compared
as
the
which
basis
county is said to have desired.
Municipal News & Notes
D.
of the
rector
Di¬
Finance
Bonniwell,
R.
de
Banco
Fomento
Puerto, and financial adviser
the
Insular
Government
of
de
to
Rico, will arrive in New
York City on Friday, April 20, to
discuss present and future financ¬
Puerto
ing and refinancing programs of
the government and its agencies,
authorities and municipalities.
The
bonds will be sold via competitive
bidding and consist of $1,160,000
maturing from 1945 to 1951 inclu¬
sive, and $3,784,200 due serially
from 1950 to 1961 inclusive.
The
offering
mission
Buscaglia, Treasurer
Puerto Rico.
made
was
includes
45
separate
high grade registered
each
for
bids
sealed
and
bonds
made
Announcement of Mr. Bonni-
well's
Rafael
of
blocks
be
block.
must
individual
tenders
Board of
fund at
"May 1, at their of¬
Mr. Wood advises that
by
will be opened by the
of
Trustees M
Mr. Bonniwell will
P.M.
2
on
the
view
In
Pension and Annuity Fund.
State
of
the
proved
price
nicipal
market
sion
of last
im¬
greatly
of
level
the
since the
mu¬
occa¬
year's offering, the
prospect is that the county will
receive
for
bids
the
current
$2,400,000.
its
to
more
offering
'
■
liking
5
of
gg
Chattanooga, Tenn. Exchange
Offer Ends May 31
Wainwright, Ramsey & Lancas¬
York, fiscal agents for
ter of New
the City of Chattanooga, announce
that holders of the following ma¬
turities and bonds of the city have
tel for
Bldg., Trenton, N, J. The fund
is no stranger to the municipal
until
period of two weeks.
a
de
instrumentality
Government
designated
Fomento
of
and
the
has
is
an
also
been
fiscal agent of the
Early
as
Treasurer of Puerto Rico.
in
March the
bank
sold
at
of»the
Puerto
sources
Authority to a syndicate
by Stranahan, Harris &
headed
Water
purchased $1,000,-
price of 106.16, and $1,000,000
schedule B, due Jan. 1, 1964 to
1, 1968, at 106.36.
the bonds
and
All
of
dated Jan. 1, 1944
callable on July 1,1947,
are
at 104.
are
Several other groups en¬
tered bids for the bonds.
$9,650,000 Awarded
Los
Asks Bids
recipient on Tuesday of an
impressive tribute to the high in¬
vestment rating accorded its ob¬
ligations, having effected award
electric plant revenue
refundings at a net annual interest
of $9,650,000
The
v
successful bidder
John
A.
was-a
syndicate headed by Glore, For&
which immediately
Co.,
the
bonds
at
prices
to 1959 inclusive, and the bonds
Wood,
3rd,
made
maturing after 1950
are
to call in that year.
Keen com¬
subject
public details of the
$4,944,200 New Jersey municipal
petition attended the sale, with
bonds
and
May
1
being offered for sale on
by the State Teachers'
8-1-1956 to 7-1-1957
liarriman
Ripley
96,000
&
88,000
-
bonds available in
new
ex¬
Wainwright, Ramsey & Lan¬
whose offices are at 70
Street, New York City 5,
point out that holders of $5,755,Pine
000
bonds
Co.,
Inc.
Associates, the next highest
bidder, offering to
take the
have
already
ex¬
changed and that acceptance of
the
offer
by holders of
the
above -mentioned
will
complete
obligations
the
program.
However, they must act in
matter
1%. The
issue is due serially from 1946
on
Secretary
has
only 0.934%.
to yield from 0.20% to
$4,944,200
Municipals
Local
De¬
the
cost basis of
$196,000
caster,
Calif.,
Angeles,
Amount
8-1-1955 to 5-1-1956
change for the foregoing include
$380,000 series G, due 1965 or 1966.
Revenue Issue of
The
equalization bonds:
Maturity—
8-1-1959 to 6-2-1960
*
Angeles Electric
gan
Jersey State Fund
May 31 to exchange them
for debt
The
Los
re-offered
New
of investments on
good terms.
partment of Water and Power was
The group
000 schedule A bonds, maturing
Jan. 1, 1950 to July 1, 1952, at
July
portfolio
very
Re¬
Co., Inc.
a
its
com¬
petitive bidding a block of $2,000,000 2^2% electric revenue bonds
Rico
market, having previously dis¬
posed of substantial amounts of
Insular
as
prior
bonds
to
May
be
cannot
after that date.
31,
the
1945,
exchanged
<r
offer, it is stated, represents
an opportunity for the holders of
the bonds in question to profit
both from the standpoint of yield
and security.
Complete informa¬
tion
regarding the
terms
and
method of exchange may be ob¬
tained by bondholders from local
bond dealers
from
or
Wainwright,
Ramsey & Lancaster.
Atlantic City May
Governor
NOTICE TO HOLDERS
Walter
E.
J., to levy immediately
following maturities and amounts of bonds may still
exchanged for Debt Equalization Bonds until May 31st.
$196,000 due August 1, 1955, to May 1, 1956, Incl.
$96,000 due August 1, 1956, to July 1, 1957, Incl.
$88,000 due August 1, 1959, to June 2, 1960, Incl.
eral
Governor ac¬
City . levy
because of its local application
and in the belief that it "appeared
to have the approval of a decided
majority of those who will be
1966
ture,
Holders of $5,755,000 have
already exchanged.
The ex¬
change of the above bonds will complete the
plan.
If you
5* aCity of Chattanooga bonds of the maturities
.
local bond dealer
or
the
Bonds Cannot Be
obtain full information from
your
but
in¬
decided
that
such
a
might have cast doubt
as
expected
$500,000
Atlantic City is
to
receive
between
and
$800,000
annually
in consequence of the levy.
$2,919,000 Sarasota, Fla.,
Refundings Offered Privately
A group
composed of Shields &
Co., Allen & Co., Municipal Bond
Exchanged After May 31, 1945.
i
& LANCASTER
and Investment
Street/New
York 5, N. Y.
and
Co., Cohu & Tor-
Leedy, Wheeler &
Co.,
purchased at public sale $2,919,000
Sarasota, Fla., refunding bonds of
Agents for the City of Chattanooga
April 19, 1945
originally
1943 at
.
The
a
price of 102.51.
bonds
represent the
exchanged portion of
an
un¬
original
issue of $5,199,000 for which the
group
acted
as
exchange agent
of this growing tendency to look
to
government for subsidy, for
credit, for insurance; in short, for
security
against risk of every
kind.
I
the time of
war,
speaking
am
which
trend
our
now
a
at
entrance into the
and not of activities assumed
by the government in the
tion of
tion
of
pronounced
was
of the
effort.
our war
promo¬
The ques¬
is, whether at the end
now
this trend will be
war
ac¬
whether we may
look forward to a period in which
celerated,
or
effort will
serious
a
balance
the
business
can
the
from
and
be
threat of
more
to
controls
competi¬
government
more
made
budget, in which
be reasonably free
a period in which we can
by experience the value of
many new laws which have
been placed on the statute books
during the past few years.
?
The prospect is not altogether
The appetites of
welfare of the human factors and encouraging.
the
well-being of our national many special groups have been
whetted in past years by the ten¬
economy.
The
questions
are:
der morsels served them at the
Will our government, after the
Washington
table.
They have
war, live within its income and
foster business growth,
or
will succeeded in placing representa¬
tives
in
many important places in
it take the easy way of deficit fi¬
and
their spokes¬
nancing leading to political re¬ government,
man have become adept in special
gimentation of business and un¬
pleading.
Let
us
consider the
avoidably to the destruction of
problem of attaining a balanced
the American system of free en¬
budget.
It is estimated that the
terprise?
annual cost of servicing the debt
after the war may equal or ex¬
The Balance Budget Policy of 1933
ceed the total national budget for
As I consider these questions
any peace time year prior to our
my mind goes back to 1933, when
intensive
preparation for war.
I went to Washington as part of
will gladly continue to give
full energies to the winning
of the war until the job is com¬
pletely done.
While still deeply
engaged in war work you are and
should
be
concerned with the
an
administration
committed
to
the
principle
of
a
balanced
budget, to the correction of cer¬
tain
practices
in
our
security
markets, to the strengthening of
our
banking system, to the ex¬
tension
of
certain
benefits
to
labor, to the establishment of a
plan of social security and to
other
which,
reforms—all
of
then contemplated—
were
thought to be
consistent
with the tenets of free enterprise.
In the years that followed, this
purpose
was
sometimes lost to
sight in the scramble by opposing
groups for power, for benefits and
for
the
advancement
of
pet
theories of government.
As gov¬
ernment yielded to the pressure
of one
group, others
were
en¬
for
useful
to
increase
their
de¬
the
special
them.
to
ly, considered, may seem remote
from
everyday
subumit
sheets
large
that
the
occurred
have
tion,
test
the
This
in
in
recent
measure,
banking, but I
changes which
your
balance
in a
merely symptoms
years
are,
for the city.
associates
Shields & Co. and
announced
that
the
bonds just purchased will be of¬
fered privately, rather than
to
public.
The bonds
are
dated November
1, 1943, and mature as follows:
$239,000 3s, series A, May 1, 195161; $154,000 3^4s, series B, May 1,
1964-71; $211,000 3V2S, series C,
May 1, 1973-80; $151,000 3y2s, se¬
ries D, term bonds due May 1,
1981, redeemable at any interest
date; $2,164,000 3s, series E, term
bonds, due May 1, 1981 optional
November 1, 1953.
National Park, N. J.
Refunding Sale Approved
The New Jersey Local Govern¬
fact
should
alone
be
suffi¬
cient to direct the
Americans along
fecting, when
thinking of all
the lines of ef¬
the
war
is
over,
possible economy in gov¬
expenditures.
Instead,
we
find that the groups which
advocated liberal spending in the
every
ernment
past
have_ even more grandiose
plans
for
the
future.
One
occasion
had
advocate
as
advantages
Where, we are
prompted to ask, is this trend
leading us? The question, casual¬
sure
the
to its validity.
rey,
70 Pine
great contribution to the war ef¬
fort.
It goes without saying that
0
undersigned.
WAINWRIGHT, RAMSEY
Fiscal
operation of the financial ma¬
chinery essential to Maryland's
Atlantic
Governor
course
opportunity to profit both from the standpoint of yield
and security is offered to
remaining holders of eligible gen¬
eral obligation bonds for the New Debt
Equalization Bonds.
you may
the
tended to permit the measure to
become a law without his signa¬
An
above,
5% lux¬
principle, the
The
included
a
benefitted."
NEW BONDS AVAILABLE
or
of
damaged by the hurricane
last September. Although voicing
opposition to sales taxes as a gen¬
ceded to
$380,000 Series G due 1965
Edge
erty
The
be
the
couraged
ury tax to provide funds
with
which to repair municipal prop¬
City of Chattanooga, Tennsssee Bonds
Directly, and through the gov¬
ernment, you have helped to sup¬
ply the credit that was needed,
and in other ways have facilitated
mands and to exert greater pres¬
New Jersey signed on April 14 a
bill empowering Atlantic City, N.
OF
building, in the production of
steel,
aircraft,
chemicals
and
many other vital products, your
state has written a chapter in her
glorious history never to be for¬
gotten.
In this great effort I
know
that
you
bankers
have
played an important part.
certain
The
Levy Sales Tax
IMPORTANT
areas
your
fices, Room 1307, Trenton Trust
Banco
(Continued from page 1714)
which has seriously
multiplied the problems of man¬
agement.
In ordnance and ship¬
many
you
stay at the Waldorf Astoria Ho¬
The
Needed: A Balanced Budget With
Less Government Spending;
bids
sealed
California
January
County, N. C., Offers
$2,400,000 Refundings
Imperial Irrigation District
Thursday, April 19, 1945
net cost to the issuer
a
of 0.959%.
free from present Federal and^sK
State of California Income Taxes.
Interest
Due
& FINANCIAL CHRONICLE
not
such
long
to expound this philosophy of
ago
government to a committee of the
The state¬
ment was a sort of blue print for
a fuller, richer life.
No man in¬
United States Senate.
in the welfare
terested
and hap¬
piness of his fellow citizens could
read it without hoping that the
time may come when1 Americans
may enjoy the great advantages
The
enumerated.
there
first
mentioned was the need,
when the war is over, for full
point
employment, with higher wages
and shorter hours.
This, it was
argued, should be accomplished
by having the government stand
by, ready at all times, to provide
employment; for those not ab¬
sorbed by private business.
|
;
the farmer forgotten.
proposed that government
place a floor under farm prices
and so insure the farmer against
Nor
It
a
was
was
fall in the market value of farm
that
not all?
provided
housing, and rural
electrification would be expanded
And
products.
The
farmer
with
to
would
is
be
better
the
utmost to
make
rural life
comfortable.
Turning to the
problem of improving the health
of the American people, this re¬
more
markable
document
would
have
the
government assume the re¬
sponsibility of building hospitals
communities
in all
not
now
hav¬
ing such facilities, and of provid¬
ing adequate medical care for all
citizens.
Likewise,
phy, better
under this philoso¬
education would be
made available to everyone.
The
statement
was
made
that
tech¬
recently approved the
proposal of the Borough of Na¬
tional Park to make a private sale
of $320,000
refunding bonds to
nical
Bioren & Co., Philadelphia.
The
refunding of the outstanding debt
of the borough, as provided in the
agreement between the munici¬
pality and the bond issue, is ex¬
pected to result in a saving to the
community of about $60,000.
other recommendations for gov¬
ernment guarantee of a better life
and
greater individual security.
ment Board
and
higher education must,
future, be made just as
universal as secondary education
has been in the past.
There were
in
the
Many
laudable
objectives,
point, to some
of us a very important one, which
received only casual reference.
I
were
but there
was
one
Volume 161
refer
the
to
is
"where
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
■
question' of
coming
simple
the
money
ahead.
from?"
I
'
4
;
Liberal
k.
'
•
.
Balance Budget Essential
in
Still
Spenders
Administration
Just
of thought which
prominent in recent
years in advocating public spend¬
ing would answer simply by say¬
ing that if government sees to it
that we have a high national in¬
come the budget will take care of
school
The
has
been
One group of self-ap¬
experts
on
budgetary
,itself.
pointed
would
matters
and
go
a
spending
it
We
collects.
not
go
on
than
more
thankful
be
can
brand
this
of
tives who make the laws and ad¬
various departments
minister the
of government.
The fact remains,
however, that the advocates of
liberal spending are still retained
in
important
official positions.
Periodically they are allowed to
expound their views on financial
questions
under
circumstances
seeming to indicate that they have
substantial official backing.
This
of thing has been a
sort
in
confidence
icies
the
of
constant
development of
the financial pol¬
the
to
deterrent
government
the
on
part of people in every walk of
It is my considered opinion
that
nothing
could
contribute
more
to the building of
confi¬
dence in the future of this coun¬
life.
try, here and abroad,1 than un¬
equivocal assurances, / backed by
action, that we will strive to at¬
tain a balanced national budget
at the earliest possible time.
In this
learn
respect perhaps we could
from Prime Min¬
lesson
a
who recently had
the position
ister Churchill,
occasion
which
define
to
Conservative
in
the
believes
he
British
should take
election. He
Party
next general
the
said:
"There is one thing we
and
baits
very easy
a
be
us all to promise,
give each other,
and
bonuses
presents,
ties in
for
to
even
or
would
It
lures.
gratui¬
most enthusiastic man¬
ner; but if we woke up
in the
morning and found that the
pound sterling only bought five
shillings' worth of goods or
services, we should have committed a great crime."
We must, of course, achieve and
maintain a high national income
the
after
war
and
ourselves
oncile
must
we
rec¬
carrying
to
a
heavy tax burden for many years.
At the
same
time
we
have to rec¬
ognize that the levying of taxes is
not the sole means of bringing the
balance.
Control of
expenses is
also important and
we must give due regard to both
factors
if we are to solve the
enormous
financial
problem
budget into
which
will
this country
confront
at the conclusion of the war.
kis
no
time to lay plans
which
are
This
for things
not essential and which
cannot afford, no
we
time to en¬
courage pressure groups, no
time
to think that all
self denial and sacrifice will end
to
lead
people
with the armistice.
gathering to under¬
distinctly, that in what I
have to say about the need for
economy in
government I have
I want this
stand
made
no
reference
to
post
war
expenditures for the maintenance
of
our
armed forces.
I would
here give great weight to the ad¬
vice of Gen. George C. Marshall,
Chief of Staff of the
United States
and Admiral Ernest J.
Chief of Naval Operations,
extent of our military
naval needs in time of peace.
Army,
King,
as
to
and
They
the
are
entitled to our respect
and confidence on
government
to¬
business.
Business¬
challenge
Their appre¬
the
of
aware
are
confronting them.
questions con¬
with
tance
which
volume
the
said
business leaders
mind
work
in
are
goods
frame of
a
free
make
to
of
plan to produce.
It
with certainty that
they
be
can
enterprise
effectively than ever
more
But what will be the at¬
before.
titude of
symbolic
are
that
sure
of
producers
the
materials
raw
of
distributors
finished
This question is
products?
upper¬
tion.
Not that
fearful of
are
we
enemies
avowed
of
the
free
They are few
in number and they seldom attain
positions of power. The men who
enterprise system.
will bear
watching
those who
are
profess to believe in free
enter¬
prise, but with certain conditions
always attached, such as: provided
it is helped by government, sup¬
plemented by
government,
regu¬
lated by government, protected by
government against its own weak¬
business
What
insure
more
employment
the
bankers
can
What
do
more
can
help arrest this invasion of
ernment
ness?
into the
The methods of
on
the
This constant
goading of busi¬
threatening more regula¬
ness, of
tion and
more
government compe¬
falls the
tinuing leadership.
influencing
Another
economy.
ernment
You bankers have had
experience with gov¬
competition.
I under¬
stand that in the
lending field
you
required
to
compete
with
forty-six different public agen¬
cies, and that you are now being
are
threatened with
indeed had
You have
more.
recent
to
years
are
not
You cannot go
of your numbers, com¬
in terms of ballots, have
views accepted, no matter
your
sound
to
they
rely
may
instead
its
to
by
know
You
operations
essential
production
of
people
who
better, and
your
that
unless
the
is
needed, and that
bankers
meet
the
sit¬
war
time functions.
specialists in credit
your
now
on
will
you
the
to
goods.
war
by industries which
for
ernment
are
cancellation
contract
is
grim indeed for industries whose
by groups bent upon imme¬
diate gains without regard to final
in
working capital is largely tied up
receivables, inventory and par¬
tially
completed
goods.
They
must
find
ways
of converting
these assets into cash if they are
to contribute to the production of
goods and the employment of re¬
turning veterans.
You can't solve
In time, however,
opinions will be heeded, and
it will be found that you have
cotributed
greatly to intelligent
public thinking.
It is vital that
you continue to study and express
your thoughts on the great issues
confronting us. All have financial
implications, all have a bearing
on
the momentous question
of
consequences.
your
we
The
have
banks
made
a
portant
real
under
control.
beginning of our war ef¬
fort your
leaders have been out¬
laws
goods.
Bankers
to
future
must
margin
But,
have
divert
income
into
bonds. They have
and
tive
the
a
should
taxation
fact
business
is
in
over
far
we
of
In
mobilizing its great human
physical resources for war
production American b u s i n ess
sought
no
favors, only a fair
and
chance to meet the greatest
lenge
bonds.
taxing
we
or
a
enter¬
call it incen¬
something
that
large
much
of
to
else,
moderate
volume
be
of
desired
higher taxes and only mod¬
erate
have been remark¬
in
favors
its
now,
when peace
chal¬
history. It asks no
only a fair chance
arrives, to accomplish
reconversion
and
in
set
motion
great industrial machinery in
our
the interest of
a
better life for all.
War Loan Chairmen
Louis
G.
Meuer, Jr., Assistant
Marine
Trust
Com¬
pany, Buffalo, and George S. Mills.
Treasurer,
Vice-President,
tional
New
Bank
business.
Na¬
Company,
Commercial
and
Trust
York, have been named
loan
chairmen
downstate
for
New
have
times, is an in¬
groups to come in
help. Soon a new pres¬
sure group is
organized, and free
enterprise is threatened with the
seen
a
representative
of
the
Mutual
activities
of
the
Association
the
with
various
organizations
nance
Seventh
War
American
in
working
of
Loan
during
Drive
May 14 through May
foot
of
The
appointments were made
President W. Randolph
as
part of the associa¬
tion's
war
loan
organization
bringing together 15,000 member
banks
throughout
the
United
States
in
a
coordinated
effort
reaching its
$14 billion goal during the Sev¬
enth War Loan, including $4 bil¬
lions in E bonds.
As the New York State Bankers
Association's War Loan chairmen,
Mr. Meurer and Mr. Mills will
tional
the
with
those
banks.
tion's
Each of the state associa¬
seven
groups
to
encourage
and
upstate
will form
an
bond
regional
organization;
sales
contests
promotion and intrabank
all of these Bonds have been sold.
Needed
which could not for good
reasons
be
lenders.
out
to
uation
satisfied
by
The need then
everyone.
Corporation
First Mortgage Sinking
Fund Bonds
private
was
3lA% Series Due April 1, 1960
obvi-
Today the sit¬
is
entirely changed.
Our
capital markets are functioning
vigorously and effectively both as
regards
equity
and
long-term
debt.
The banks are on the job
looking
for
chances
to
lend
money.
I
know
that
you
are
pounding
the
pavements
and
pushing into the byways looking
for business requiring bank cred¬
it.
I have been particularly in¬
terested in reading of the forma¬
tion by banks in various parts of
the
country
of your
so-called
"bank credit
of
adopting
pools."
these
clearly apparent.
you
have
made
UNION SECURITIES CORPORATION
measures
certain
is
means
that
no
DREXEL & CO.
KIDDER, PEABODY & CO.
W. H. NEWBOLD'S SON & CO.
The wisdom
By these
STONE & WEBSTER AND BLODGET
INCORPORATED
ELYTH & CO., INC.
April 18. 1943
of
New York State's 700 commercial
$4,400,000
purposes
co¬
of the na¬
program
association
Government Credit Agencies Not
York
to
assist the Treasury in
New Issue
In the early years of the depres
sion it was necessary for govern¬
ment to supply credit for certain
from
by ABA
Burgess
precious
ground.
the
30.
many
another
fi¬
state-wide
and ask for
loss
'
Savings Bank Association to head
porting of sales.
This advertisement appears merely as a matter of record as
an<j>;
has also been named chairman as
uation government will do the job.
This kind of announcement, as we
vitation to all
war
upstate
York respective-
ly, and Henry Bruere, President,
Bowery Savings Bank, New York,
ordinate
remains
the Treasury message to save, ana
sale
wide
a
the
spirit
gov¬
now
al
of faith
in the
dignity and
strength and ingenuity of the in¬
dividual, whether he be a worker
on the line, a
scientist, or just a
plain business manager.
revenues.
use
the
Whether
on
the
tax
in ways that will encourage
taxation
pressing
by
pre-war
sustain
prise.
government
gladly carried
the
tb
exceed
our
we
power
important role in the plan to
Thus
from
remove
impediments
post war
I am not sug¬
gesting that the government can
do with less income.
Everyone
recognizes that tax receipts in the
welcomed the opportunity to play
an
com¬
business activity.
in recommending meas¬
prevent prices from get¬
ting out of hand due to the high
national income and a
limited
of
revi¬
some
enable
to
to
supply
cases.
reconversion, when some of
them may face a serious struggle
for survival.
Likewise, it is im¬
tendencies
ary
law
encourage¬
place on the
post-war jobs.
Perhaps
this is a sign that government in
the future may give more consid¬
eration to the problems
of the
great body of American employ¬
ers.
Perhaps it foretells a renew¬
Bankers
dealing with such
the
find
can
a
better
a
need for
up
in
and
emphasis which
ernment leaders
fluence in
of
keeping inflation¬
From the
ad-
panies to nave the benefit of their
post-war refund during the period
Bankers' Contribution to Stability
We
ment in the
Vise customers and exert wise in¬
sion
lems.
contribution in
you can
important to consider
affairs, and
strength to exert
the
problems, but
In recent months it has become
shall restore order to
maintain
so
all such
domestic financial
our
world.
upon
recommendations will be trampled
upon
America
full
planning
The prospect of gov¬
peace.
deterimnation to build
or
better
Ahead
From
called
be
The Task
increasingly for expert assistance
Your motives will often
questioned
the
as
peace
are
be.
technique by which officials
soberly proclaim that credit for
or
solu¬
a
normal
Bankers
ability to search out the truth and
lay it clearly before your fellow
citizens.
to
guidance
upon
heavy burden, both in spreading
that
the
conclusion, is that of
reconverting our industrial ma¬
chinery from war production to
Washington and, by the sheer
puted
for
you
draws
weight
full experience with
a
con¬
to
in
available to you.
izing the full
first-hand
in
problem,
of
tion of which the nation will look
ures
free
duty
popular
spoken
a
of combating
integrity of our
means
government which have been most
tition has prevented us from real¬
benefits of
devising
economy,
gov¬
inside
pockets, ready to be
public the minute
industry fails to perform to their
liking.
;■
this
of
sphere of busi¬
employment,
flashed
power,
pressure
this threat to the
they do
Wise and constructive influence in
the solution of international prob¬
their
the
the effort, to you who are capable
to
after
economy
whether
government
must
step in and take over," having all
the time a plan for that purpose in
which in turn adds
on prices.
The
fight against inflation will there¬
to
forward after
healthy
a
the war?
to
and
look
we
etc., etc.
There are the
same self-styled friends who say:
"If industry doesn't provide full
nesses,
chasing
who appreciate the importance of
be
the
and
fore go on even after the struggle
on the battlefield is won.
To you
claim
na¬
civilian
production
businessmen
the
legitimate
remember,
the manu¬
return to
a
of
the
more
to
most in the minds of bankers #nd
throughout
desire
must
hampered by lack of bank
financing in the great program of
have
and
the
to
We
goods
will
not, in itself, end the threat of
high prices. The process of mak¬
ing such goods also generates pur¬
will be
how
with
of
no
likely
that
too,
piles
up
become
power
is
facture
determination of bankers to make
to make commitments with
labor,
task
another,
fail to meet the
tests of a particular lending in¬
stitution.
To me, and I am sure
to many people, these credit
pools
government? Will busi¬
ness be encouraged to go forward,
to expand and improve plants and
shall
We shall not
bid for votes or popularity by
promising what we cannot per¬
form,
nor
shall we compete
with
others in electioneering
certainly not do.
f
men
hopes
difficult.
or
war.
"progressive"
thinking is not accepted by the
great majority of our representa¬
that
wards private
chasing
son
taining high employment is evi¬
denced by the fact that they speak
of the number of post war jobs
which they hope to offer as an
objective of at least equal impor¬
should
States
of
to find ways of satisfying credit
requirements which, for one rea¬
We must not permit the magni¬
tude of the task ahead to dull our
balance be--
and that there is no
why the government of the
indefinitely
attitude
to specu¬
the post¬
ably successful in keeping prices
under control, but the threat is
by no means ended.
As pur¬
which
income and expense is not
United
war, so we are left
on
the question of
war
ab¬
no
application need be denied
before it has been carefully scru¬
tinized by a group specially set up
ciation of the importance of main¬
necessary,
reason
late
been
convincing
assurance
possible effort will be
balance the budget after
all
made to
the
has
of
sence
that
there
as
credit
further
even
that
us
assure
tween
cerning
appropriations
for
the
Army and Navy in the years
1737
re¬
FINANCIAL CHRONICLE
THE COMMERCIAL &
1738
Thursday, April 19, 1945
White, Asst. Secy, of State Dean
Acheson, Sen. Chas. W. Tobey and
E. E. Brown) Aug., 1944.
"Selling" Bretton Woods to the
Country
Bought
Speaker—Secretary of the Treas¬
ury Morgenthau, a member of
the U. S. delegation at Bretton
(Continued from page 1716)
available
to
Senators and
organizations in any part
of the country on Bretton Woods,
and at least two members of the
dress
"could be decisive
in formulating
Treasury's
(theirp position."
The New Re¬
Research
radio commentators the Sec¬
and
of the
retary
special
Bretton
lunch
with
Treasury
Woods
served
on
has held
the
ent
ton
months.
cast from
publicity, the
Government has not only special
MBS
Government
side.
apart
working exclusively for Bret¬
Woods in the radio and pub¬
for
Government
Several
speeches by the Secre¬
tary, as well as by other Admin¬
istration^ members,
have
been
broadcast nationally, and a num¬
ber of other special broadcasts on
the subject have been| arranged
so as to 4give the Administration's
Bretton Woods story "the breaks."
Below
vtenj;ion /'to 'sell' the pact to the
Philadelphia news¬
the Secretary as
stating that, if the public can be
made rightly to understand them,
the Bretton Woods proposals will
have
A
quotes
good chance in Congress.
Some reporters have disclosed
seminars which Treasury officials
a
of members
Hill with
of the Con¬
and
unofficially,
had
have
groups
on
quietly
gress,
Some
the
done to push the
light.
,
will
<
is reported,
has
Institute
Post-War Reconstruc¬
on
yers
December, 1944; meeting of rep¬
resentatives
of
106
pressure
Washington,
D. C.,
February, 19451; United Nations
Forum, Washington, D. C., March,
1945;
N.
Y. Newspaper Guild,
April, 1945.
ganization,
;
-
the
Speaker
—
Assistant Secretary of
Herbert D. Gaston.
the Treasury
addressed—Banking ses¬
Foreign Trade
Convention, N. Y., October, 1944;
Group
National
of
sion
Citizens
Conference
on
tional Economic Union,
D.
C.,
March,
Church Forum,
SPEAKERS
tember,
1944;
Interna¬
Washing¬
1944;
Christ
New York, Sep¬
Lower
Citizens Committee on
PROGRAM
ers
1 This
Morgenthau.
April
wide
broadcast
(with
Harry
D.
and
meeting
speakers
other
Group addressed—MBS nation¬
speak¬
be overlooked. Special speak¬
East
Side
Chartered
Commerce
was
also
addressed by
State
from the Treasury,
Departments.
(Continued on page 1740)
Chase,
example,
for
quarter of last
had
gratifying improvement in
National
Bank
year,
including
City,
profits
total
ing
-——First
thus
shown
as
87.5%
of
Earnings. Book Value
Per Share
Earnings Book Value
Assets
Per Share
Per Share
things that weren't
a
even
Bank
of Manhattan---^.
*$0.42
$25.26
$388.81
*$0.53
$26.48
$445.58
,
of
York.——
*6.72
362.19
4,886.38
*8.08
421.67
5,345.61
.
*0.73
42.23
490.88
*0.92
46.35
485.19
*1.30
99.45
1,277.19
*1.50
105.46
1.416.25
'
$0.62
37.57
515.28
$0.61
39.51
529.46
;
10.88
41.50
518.06
$1.00
45.72
558.00
*0.41
23.47
286.82
*0.50
24.77
351.25
$1.03
49.73
522.62
$1.06
52.51
569.49
'
-
New
Central
—
Hanover
National
Chase
Chemical
—
&
B.
Corn
Exchange
First
National
Guaranty Trust
Irving
__
^National
49,69
649.15
*1.19
51.49
1,250.26
9,555.72
*27.10
1,297.97
763.95
8,710.79
14.56
326,96
21.38
3,050.46
$4.00
339.05
3,283.09
185.55
*0.28
21.79
193.78
42.24
678.90
$1.25
45.35
834.01
38.54
551.97
$0.68
4L44
604.36
86.06
1.000.72
44.50
666.05
*1.08
47.31
1,519.38 .■■•■6,486.40
*15.93
1,528.50
*1.60
Trust
York
-
$0.55
1fPublic
National
States
*0.91
Trust——
indicated
*16.88
$1944
earnings.
after
capitalization
present
$0.99
u__
City
united
us
earnings,
20%
stock
book
*1.88
value
dividend.
and
$Net
The
the
average
in
improvement
share earnings of the 17
as
tabulated,
is
8.2%.
per
banks,
Meanwhile
the
earning assets per share was
10.7%, thus earnings have not
pace
by
business, by higher taxes
somewhat larger pro¬
a
of
It
clined
the
adjusted
assets
earnings
re¬
to
before
low-interest
shortobligations in
fractionally, and that it is
only bank in the group to
lower
port
tional's
figures.
earning
re¬
Na¬
First
increased
assets
only 1.6%, Chase's increased 2.7%
and
Irving
On
Trust's
substantially
are
the
above
is
of
portfolios.
other
the
Bank
4.3%,
below
hand,
average
considerably
of 10.7%, was
Manhattan's
of
which
average.
increase
of
to
interest
note
that
14.6%, Continental's 22.3%, Man¬
ufacturer's 22.8%
is
dend
Public Na¬
and
24.9%'.
tional's
gratifying
are
to
that
note
well ahead
of divi¬
requirements and that
con¬
sequently book values continue to
& SURETY CO.
advance.
They
now
average
ap¬
proximately^A %; above the values
Bought—Sold—Quoted
of
a
year ago.
year
AclUCi Co.
what HALF of that will
Members
w
1
you,
New
York
Stock Exchange
exchanges
and other leading
WALL
.
at retirement
832.04
7,236.25 s ;
Government
-
yourself,
earning
Operating
1,060.83T*.
^
Bankers Trust's earning assets de¬
increase
average
in
much fun? Make
family, additional income for
"
89.73.
i;
„
security profits.
§ Includes City- Bank Farmers Trust.
11944 earnings>,boob? vahie sixid
earning assets adjusted to present capitalization after 10% stock dividend,
:
;
buy in providing additional protection for
your
.
*0.94
*0-24
Trust
.
*23.66
—
Trust
Manufacturers
New
T
National
rough estimate.
Then ask
Earning
Assets
Per Share Per Share :
Bank
AETNA CASUALTY
On
1944.
First .Quarter 1945Net
Earning
It
things that weren't necessary?
operating profits irf
Quarter 1944-——
earnings
on
in the table, were only
net
March quarter of
the
Net
the banks'
year
to $6.72r
$6.71 in 1944, al¬
amounted
though net operating profits alone,
se¬
profits of $1.14
current
/./"i;
,
Guaranty also had sub¬
compared with
curity profits of 460, against 310
in the first quarter of 1944, giv¬
term
spend last
In
stantial
net
security
profits
amounting to $2.72, against $2.14
in 1944.
Guaranty's total current'
City
net
:
$0.8-3.
vs.
giving total
Farmers Trust, had
portion
you
1944.
net'?-
current
earnings
of
$1.02,
as
against 710 in the 1944 first quar¬
ter/
and
WHAT Vz WILL DO
#
Bank Stocks
A. VAN DEUSEN
security profits of 420 per share,
compared with 90 for the first
of doing
did
,
tabulation the earnings for 11 of the 17 banks are
"indicated", while earnings for the other 6 are net operating profits
as reported by the banks, exclusive of security profits.
Security profits in some instances have been quite substantial.
World Or¬
19;
—
with the growth in
earning assets. This narrowing of
the
profit margin can
be ac¬
counted for by the increasing cost
How much
Seattle
280
A.
the accompanying
kept
L.
-
quarter earnings, compared with the first quarter of
Continental
Speaker—Secretary of the Treas¬
Nor should Government
first
Commercial
ganization,
ury
27i)
Most New York City banks showed a
tBankers Trust
*
if
:js
PROMOTING BRETTON
Government Speakers
This Week
Per Share
addressed — K i w a ni s
York, March, 1945.
Group
Woods.
-
•'
San Francisco
.
A.
Bank and Insurance Stocks
*
*
Club of New
ton,
WOODS
-f
Speaker—Undersecretary of
Treasury Daniel W. Bell.
go on.
Department
of
chairmanship
under
groups
Americans United For World Or¬
been
Bretton Woods
'GOVERNMENT
being used by the Treasury
to promote Bretton
are
1944; National Foreign
Trade
Convention,
New
York,
October, 1944; Foreign Policy As¬
sociation forum, New York, Oc¬
tober, 1944; New York University,
it is surprising to read
of a poll which disclosed, in Feb¬
ruary, that only a possible 100,000
persons in the United States are
moderately conversant with the
program.
Definitely the work
tary Morgenthau offering to send
his experts to the Hill to explain
the Fund and Bank plan in its
Even the movies, it
meeting in Washington, Sep¬
a
tember,
program,
have received letters from Secre¬
true
at
Guild Committee on Post¬
war Planning, Washington, D. C.,
that
-
L.
'
WIRES
PRIVATE
Chicago
-
TELETYPE
By E.
women's organizations
tion, October, 1944; National Law¬
all
CALIFORNIA,
7th St., Los Angeles
West
,
New York
addressed—Representa¬
Group
desi gned
activities
Considering
who have
program
publicly,
Detroit, February, 1945;
tives of 50
of the
promote
210
broad¬
nationawide broadcast from
clude Presidential messages.
Capitol
Congressmen,
criticized
some
nationwide
Network
1945;
the Bretton Woods
program.
The list is in no sense
complete.
It does not include
any
press release or press con¬
ference, any testimoney before
Congressional committees, or any
departmental literature not signed
by an individual.
It does not in¬
clude speeches by such govern¬
ment spokesmen as James Byrnes,
Leo
Crowley, Lauchlin
Currie,
Harry Hopkins, Henry Wallace
and others, who have plugged for
the Bretton Woods program in the
course
of speeches or reports on
some other topic. Nor does it in¬
to
Mr.
Morgenthau has
frankly stated to the press his in-
paper
Activities Tabulated
tabulated
Government's
fact,
^people."
are
BUTLER-HUFF & CO.
broadcast
February,
tion at Bretton Woods.
a story into
practically at will,
news.
lication fields.
In
fact that the
by issuing a mineographed press
release to the reporters in Wash¬
ington.
The Government makes
news, and reporters
are hungry
Louis,
(P. C. T.)
Orders solicited.
;
on
1945; Blue
Speaker — Assistant Secretary of
the Treasury Harry D. White,
a member of the U. S. delega¬
get
can
S\
COMPARED
-
Minneapolis, March, 1945.
the field of broad¬
with the franking
the direct-by-mail
also with the press.
the newspapers
from the regular
press and radio conference of the
Secretary.
The
Secretary now
has some full-time publicity tal¬
is
This
Blue
This arises from the
briefings,
broadcast
Inquiries invited.
OF
several
St.
Quoted
—
Special Bulletin andl Booklet Service to Dealers & Brokers
Net-
Blue
nationawide
Network
from
advantages in
casting and,
privilege, in
approach, but
columnists
some newspaper
of Monetary
if anything else for
—
CIO program, January,
When it comes to
ia order."
Treasury "Selling" the Program
/// For
Division
seem
Sold
—
REVIEWED
-
Trading daily 7 a. m. to 5 p. m.
addressed
nationwide
work
ANALYZED
<
Group
1
to have been doing
little
public similarly has stated in an
editorial: "A campaign of public
education is
WOOdS.
ad¬
ers
Congressmen," par¬
ticularly Senators Bankhead and
Capper,' where
the
lobbying
.
be
to
seem
have "a decisive effect upon many
Insurance & Bank Stocks
NEW YORK 5
ST.
Telephone
DIgby 4-2S2S
The steady
year
by
growth in book values is of
great significance and testifies to
the
sound
achieved
dark
progress
that has been
by the banks since the
days of the 1933 "bank clos¬
ings."
age.
Analytic Comparison
NEW JERSEY
18 New York
SECURITIES
Bank Stocks ^
March 31, 1945
INSURANCE
COMPANY
A mutual
HOME OFFICE
OF
Sent
AMERICA
life insurance company
on
Request
J. S.
Laird, Bissell & Meeds
NEWARK. NEW JERSEY
Members
(20
New
York
Stock
Exchange
5, N. Y.
Telephone: BArclay 7-3500
BROADWAY, NEW YORK
Bell
Teletype—NY 1-1248-49
Trading Department!
tL. A. Gibbs, Manager
Rippel & Co.
Established
1891
18 Clinton St., Newark 2, N. J,
MArket 3-3430
N.
Y.
Phone—REctor 2-4383
Volums_f61
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
1739
x
>>
.a*
Post-War Home
Royal Bank of Scotland
HEAD
/ The survey indicated that new
building products to be put on
OFFICE^Edinburgh
BranchesthroughoutScotland
3
which
Smithfield, E. C. /
will
were
imposed.
Most manufactur¬
who are not now in produc¬
were
49 Charing Cross, S. W. /
ers
plan to resume production of
Burlington Gardens, JV. /
tion
64 New Bond Street, W. I
materials and
TOTAL
ASSETS
:
Associated Banks:
Bank, Ltd.
Mills &
Glyn
Co.
NEW SOUTH WALES
1817)
(ESTABLISHED
Paid-Up Capital
£8,780,000
Reserve
Fund
Reserve
Liability of Prop—
6,150,000
8,780,000
£23,710,000
Sept.,
General
today largely in
the
research and testing stage, to
be
announced
and
at
marketed
unspecified, later dates.
and
bank
largest
.
in
imposed
was
late
1941, and moves along continu¬
ously rather than With a sudden
branches
all
in
is the oldest
With
Australia, in
States of
New
Zealand, the Pacific Islands, and London,
it
offers the most complete and efficient
banking service to
investors,
traders and
travellers interested in these countries.
LONDON
OFFICES:
Threadneedle Street, E. C.
29
Berkeley Square, W.
47
has
ket
arrangements with
Agency
throughout
the
U.
S.
been
going to strike it very,
rich.
Newcomers in the
field,
particularly
those
with
money to risk on daring experi¬
are
very
ments, are likely to attempt rad¬
ical
innovations
in
materials,
Banka
FULLY
PAID
CAPITAL
FUND
RESERVE
LONDON
and 7
6
1
No.
Cairo
.
£3,000,000
....
£3,000,000
AGENCY
King William Street, E. C.
all
the
Branches
in
principal
Towns
EGYPT and
to
in
the SUDAN
carried out in
was
time,
with hundreds
completed ahead
jobs
Economies
in
of
of
house
building
regularly achieved by assem¬
bly-line methods whenever
ticular
For
.
project
the
war
is
big
housing
a
par¬
enough.
prefabricators had merely to
where
one
for
ac¬
big buyer.
the
future
is:
enough big buyers to
sustain a large spe¬
cial industry within the construc¬
tion industry?
It is conceivable
that you home builders, orlargebe
to
Prefabricated houses will likely
produced in large numbers in
Europe during the reconstruction
period; some are being ordered
in
in
our
make
a
house market will
munities,
be
as
to
and
to the
house
sites, but also as
degree of standardization in house
design that will be acceptable in
varying requirements
terms of the
of
com¬
entire
Corporation
program
who
than
more
range
can
a
afford
Corporation
important established
com¬
which will experiment with
prefabricated houses, having re¬
cently purchased an interest in
the Gunnison Housing Corpora¬
tion.
These are interesting and
pany
NATIONAL BANK
of INDIA. LIMITED
Bankers
the Government
to
in
anything
bare minimum want
of choice in the food they
clothes they wear, the
Office:
26,
in
Subscribed
Paid-Up
Reserve
The
Bank
Capital
Capital
Fund
£4,000,000
£2,000,000
£2,200,000
.
conducts
description
every
banking and exchange
Trusteeships
prin¬
cipal problem of the future of the
prefabricated house is marketing.
matter
of
Cape
business
and Executorships
and
also undertaken
blies
for
cottage
are
design,
entirely possible that
design may pro¬
much faster after the war
gress
than
house
before.
trend
Influencing such
would
for
better
by
large
modern
place
be the
a
opportunities
light and air afforded
well-placed windows,
lighting to re¬
electrified
imitations
of
interior
and kerosene lamps, and
of original design
candles
furniture
new
aiming at comfort and conven¬
ience rather than imitative copy¬
gen¬
erations.
Small House Designs
While, I
house
am
in
advances
need
take
to
that
properly
we
seriously the
types of houses
obsolete
ones
scale.
wholesale
Good
maintained
do
on
a
houses
not
that is built of materials
that have only recently come into
market; it is not necessarily
that
today
are
more
attractiveness
builders
It has been quite
recent
years
ers
and
the
idea
try,
like
and
the fashion in
for housing reform¬
gentry to
that
any
building section, has been woe¬
fully backward. The fact' is that
great progress has been made in
house design and in low-cost pro¬
duction during the prewar resi¬
dential
building revival and ciff
the war housing
program.
The
post-war period will be a chal¬
lenge to the home builders of the
country.
This
progress
must
continue.
There
materials,
will
new
ple
and
new
types
of
than
100
B. G. Cantor &
Holders of the
Company
Wittman, formerly with
White, Weld & Co. and Goldman,
Sachs & Go., has become ^asso¬
ciated
-31
with
B.
G.
Cantor
upon
prefabrication of subassem¬
have
progressed
year
by
their trading department.
of offers to
Share)
Pennsylvania
Company's Capital Stock of record March 17, 1945 were
the exercise of Share
1945 and the
Assembly-line techniques
operations form
the regular procedures lor
con¬
struction projects large enough to
justify their overhead cost.
An
Empire State Building, a Rocke¬
feller Center, or a large housing
project is a mass production oper¬
ation on its own.
The great vir¬
Allotment Warrants which expired April
remaining 66,612 shares have been sold by the
16,
underwriters.
year.
mechanized
and
Taylor President of
Export Import Bank
T.
Leo
nomic
man
Crowley,
Foreign Eco¬
Chair¬
and
Administrator
of the Board of the Export-
Import Bank of Washington,
nounced
Board
had-
of
April
12
Directors
of
on
elected
Wayne
that
the
former
Under
immediately.
President.
Mr.
in meet¬
the
ing the widest variety of demands;
bank
Secretary
He
Warren Lee Pierson as
industry
consists in its versatility
Mr. Tay¬
Commerce, will take over
post
construction
an¬
Taylor
C.
President of the bank.
lor,
,
of
his new
succeeds
the bank's
Pierson
recently
resigned to return to private
ness.
busi¬
the
of
tue
upon
its capacity to turn its
talents overnight from
housing project to an army can¬
tonment or a mammoth war pl^nt,
a
a
Boulder
to
Dam
ship¬
building.
Progress in these tech¬
niques was well
illustrated in
Henry J. Kaiser's explanation of
his success in shipbuilding, one of
his
been
reasons
being
that
he
had
using in construction cranes
of 250-ton
capacity,
as
may
be obtained from
any
of the undersigned.
Huff, Geyer & Hecht
or¬
ganizing
from
Price 12% Per Share
Copies of the Prospectus
compared J
McDonald & Company
Paine, Webber, Jackson & Curtis
Cohu &
Torrey
Reynolds & Co.
Loewi & Co.
.
■
•
Buckley Brothers
The First Cleveland Corp.
Stein Bros. &
Boyce
&
Co.,
Broadway, New York City in
given the right to subscribe to one new share, at $12 per share, for each three
shares owned. Of the 100,000 shares thus offered, 33,388 shares were sold
pro¬
a
business
David
Casualty Company
o£ Reading,
new
in this highly com¬
petitive field.
The challenge is
also a great opportunity.
;
Capital Stock
American
many
organization
100,000 Shares
per
be
ideas,
construction procedures, new peo¬
of these securities. The offering is made only by the Prospectus.
(Par Value $5.00
broadcast
building indus¬
particularly the house¬
our
David Witt man Is With
good house is not necessarily
house
Shelter, comfort,
and
be¬
obsolete very fast.
come
new
come
ingenuity of design¬
than they do
upon any single ideal bill of ma¬
terials that has yet been discov¬
ered.
'''.'"V":'.'
'
new
small-
too
new
will make old
a
of
art
design, I do not think
notion
A
hopeful of distinct
the
for
they
things people want most;
things depend more upon
and
ers
seems
modern
market.
as
the skill and
the
traditional types of house
it
outlets
the
these
ap¬
similar
and
the
This advertisement is neither an offer to sell nor a solicitation
buy
generation.
Stand¬
ardization of building components
duced
Cod
most
terms
devices
convenience
popular preference
continues to favor
the
good house
the
fact,
Ready-cut houses have been
of
household
ar house that follows some .cur*
rently fashionable style.
There
are
many good
houses standing
partment stores.
a
in
on
While
a
all the necessary
living, and a good
to what is outside
electric
and
expressed in build¬
demands—not, I believe, to
regimenting the way
people live.
in
experiment in marketing pro¬
watched with
is the
plan for selling
As
of
the
The point of this is, I believe,
that we shall continue to build
house
ing
parently
that
of light and
giving attrac¬
tive
views,
the
whole
fitting
the
neighborhood
environment.
Equipment gets out of date faster
than the structure does, making it
desirable to provide for easy re¬
placement, with adequate wiring
furnishings they live with.
prefabricated houses through de¬
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
of
the extent of
interest
Bishopsgate,
London, E. C.
Head
needs
me
air, with windows
components, will pro¬
gress in so far as they serve the
human
for
functions
relationship
houses they live in and the house-
order to know just
experiments like
them may become serious
con¬
tenders in competitive marketing.
An
prefabrication
provided
the
building
a
the
they and
cedure that is being
Kenya Colony and Uganda
and
to
seems
first-class space relationships
in the interior layout, with space
are
buildings and,
importantly, stand¬
more
ardization
important experiments, and it will
be
necessary
to
watch
their
when
It
important criteria of
is an example
Steel
of
progress
start.
v
com-
neighborhoods
sons
so
much
ing of the trappings of past
market.
There is not only a question as
to
how concentrated the future
eat,
a
this
do
of .pre¬
fabricated house
production for
post-war.
Other aircraft compa¬
nies
have
been
studying possi¬
bilities
of prefabricated houses,
prefabricated subassemblies
and
building equipment.
The U. S.
an
be
old.
They
were
wellplanned and soundly built at the
years
Standardization of
are
found
'
houses, apartment buildings, fac¬
tories, hospitals, stores, schools
and other types of building and
engineering structures in a great
variety of designs to meet widely
varying
conditions,
needs
and
preferences.
We shall continue,
I believe, to see small operations
outnumber many times the large
operations,
however
much
the
large operations increase.
There
will probably be a somewhat larger
proportion of standardized build¬
ings in the total than heretofore.
program
Those
highly
most
The Beech Aircraft
Cairo
Register
have
markets
has announced
of EGYPT
Commercial
the
of
one
succeed.
will
economy.
NATIONAL BANK
vital
of
program
climate, sites, orientation, fam¬
ily needs and personal tastes and
preferences.
Families and per¬
fin¬
their
burn
may
some
succeed
who
petitive
Office
marketing meth¬
will
Some
gers,
in
Head
bonanza in which many
as a
people
ods.
A.
record
miracle
biggest
country by foreign
governments.
Here, again, mass
housing jobs by governments will
widely publi¬
very
equipment and
1
the
history
now
post-war construction mar¬
The
Australasia.
in
when
all
when the dimout on civilian con¬
struction
cized
of New South Wales
The Bank
in
construction
war
1942,
signifies is that
scale
land-development compa¬
evolutionary progress in the art
nies, may eventually become the
of building, including building de¬
big buyers of prefabricated house
sign, construction methods, im¬
components, if this trend develops
proved materials and equipment,
as some
people expect it to.
takes up about where it left off
Manager
George Street, SYDNEY
the
question
Prefabricated Houses
Office:
they had not been preceded by
The
SIR ALFRED DAVIDSON, K.B.E.,
Head
if
orders from
£208,627,093
1944
could not
cept
upsurge.
30th
Assets
Aggregate
This country's 1943
production miracles
have been accomplished
equipment which
will result from wartime research
What this really
BANK OF
World War I.
are
and
available in
and 1944 war
improvements and modifications.
improvement being rapidly
adopted by a number of them
consists in dimensional coordina¬
tion on
a
modular basis.
New
and discovery are
Australia and New Zealand
cranes
schedule.
materials
Deacon's
with the 5-ton
equipment they of¬
fered before the war, with some
An
£115,681,681
Williams
post-war
be principally those
developed before the
war
and were about ready for
the market when war restrictions
OFFICES:.
Bisbopsgate, E. C. 2
8 West
in. early
market
the
months
LONDON
Building
(Continued from page 1721)
Incorporated by Royal Charter 1727
"
■
*
.
ARTICLES
State
Department's
uled for April 20.
March,
y.
wealth
i'v
,
if
if
Treas(W
Speakers-Ansel Luxford,
;
ury Department*'.
— New
York
October, 1944.
addressed
Group
Board of Trade,
Speaker—E. M. Bernstein, Treas-
National
New
Man¬
Club, N. Y., August, 1944;
Group addressed
—
Foreign Trade Convention,
York,,October, 1943; Export
agers
of Trade, Oc¬
Special Libraries As¬
sociation, N. Y. Chapter, Novem¬
ber, 1944; Group of businessmen
and bankers, Minneapolis, Decem¬
ber,
1944; Minnesota Statistical
Association, Minneapolis, Decem¬
ber,
1944; Graduate School of
nance
Author
State
addressed—C
Club
ury
one
of
Board.*
Publication
March,
Association,
if
—
if
Author—A. E.
—
Democratic
Mikesell,
Raymond F.
Eco¬
if
addressed
Group
if
*
—
if
Fi¬
American
—
*
Eco¬
University, October, 1944; District
of Column Bankers Association,
*
*
Publication
merce
October, 1944.
Foreign
—
and
addressed
Americans
Speaker
eral
Organization,
World
United ' for
—
New!Orleans, La., January, 1945;
Citizens, for
Victory Luncheon,
—
Malcolm
Group
addressed
Club,
Rotary
August, 1944.
tion, New Orleans, La., January,
Speaker—Arthur R. Upgren, Fed¬
Fpreign Trade Association,
Houston,
Tex.,
January,
1945;
Meeting sponsored by adult edu¬
cation department of the public
•schools, Des Moines, Iowa, Febru¬
ary, 1945.
4945;
•
v
s>:
,i Speaker — Janet
R.
Sundelson,
t
Treasury Department.
Group addressed
American
—
Women's
Washington,
ORT,
D.
SC., March, 1945.
if
*
*
*
olis.*
'
-
addressed
Group
Author—W.
►Speaker—R.
L.
Home,
nomic
Minneapolis,
August,
1944;
Minneapolis Foreign Policy Assn.,
September, 1944; Minnesota Uni¬
ted
Nations Committee,
Minne¬
apolis, February, 1945; Adresses
before business groups at Miles
|
Hs
Group addressed — United Na¬
National Bank,
Chicago,
ber
S. Delegation at
of the U.
4
,
'
*
*
Speaker—Undersecretary of Com¬
merce Wayne C. Taylor.
a mem¬
State
Group addressed—New Orleans
V
[Association
of
Commerce,
No¬
vember; 1944.
'
ff
'
*
^
addressed
of
—
Group
Nationwide
1945;
over
[/'■'
if
*
if
Secretary
Speaker—Assistant
State Dean Acheson,
of the U. S.
r
\
of
ton
Woods.
^ V1 yy'v;
Newcomer,
S. Delega¬
addressed—Representa¬
a
of
member
Delegation at Bret.
-
„
.
addressed — Conference
Private Organizations on the
Wash¬
ington, D. C., February, 1945; Na¬
tional
Woods Proposals.
radio
at
&
*
.
V
,
Lansing Dulles,
gave rise to
widespread public criticism in
this country that our supposedly
policy-making
experts
at
the
1944.
.
Group
Lawyers'
Most
<
broadcast
(one
of
of
—
Journal
of Busi¬
University of Chicago, Oc¬
Calif.
Guild,
"
Francisco,
San
t i
o n a
A. E.
of
Bourneuf.
staff
Woods
of
U.
S.
broadcast
Leish....
was
Secretaries
•
:
"Member of staff
important
New
York
111
Broadway,
will
admit
Stock
New
Thomas
were
arenas
participated
in
.,.'
of U.
♦..;
S.
,•...
■ -
by
the firm
Mac_
•
as
York
of May 1st.
Reed
City,
and
in
Mr. Reed
has been associated with the firm
Delegation at
as
Cashier.
present
heated
much questions
principles and poli¬
questions relating to the
as
distribution
of
fi¬
and
how
have
to
these
Conference
much
for
pay
it.
London Economist
p.
was
to get
he
would
Concerning
discussions
The
(July 29, 1944,
138) said: '
"It is true that the Conference
:
presented the unedifying spec¬
tacle of a technical gathering
jockeyed by purely
litical considerations, and
„„
the
of political
,,
.
chaffering
more
than
...
an
the docu¬
on
and
on
every
in
stage
to
way
no
We
gathered here to put
heads together to produce
most generally acceptable
anything.1
our
the
document
do
not
we
could frame.
We
recommend
our
even
to adopt the re¬
merely submit it for
governments
sult.
We
what, it
worth
is
of
the
the atten¬
to
legislators concerned.
The
.
repre¬
had
Woods
Bretton
at
.
countries
various
sented
and
governments
widely different motives in their
attitudes towhrd proposals under
discussion
Conference.
the
at
Great
Britain, for example, was
particularly interested in building
her export trade after the war
meeting
the
very
serious
up
and
difficulties of her
heavily
position as
nation.
Our
new
debtor
principal interest was in interna¬
tional monetary stabilization and
the
creation
markets.
of
Russia
free
exchange
was
primarily
concerned with rehabilitation cap¬
ital loans, and Latin America with
A
capital
loans.
large proportion of the member
States
aggressively
were
con¬
cerned with what they could bor¬
in
selves
form
one
or
another from
States, while
little
took
As
capacity to borrow.
of
these
we
interest
differences
our¬
in
a
our
result
the
even
agreement ad referendum became
an
embodiment of
promises
ences
cut
on
of
v
numerous com¬
glossed-over
differ¬
matters for which clear-
compromises
reached.
of
could
weasel
be
not
-
worded
phrases, and of numerous escape
clauses.
The Plan, therefore, is a
very
no
complicated
one
can
read
document,
and
the literature
on
po¬
determination of the quotas re¬
sembled the process
other
.have been
the United
,
Bretton Woods Conference.
the
row
Exchange,
W.
for
being
Claytonand
policy-
economic
its—questions of who
Antonio L. Villa to partnership
2 The
the
all
the opinion
it.
developmental
nancial contributions and of cred¬
Delegation at
Conference.
...
Assistant
of
international
J. W. Davis & Co., members of
1
than
whole
a
as
tion being not so
cies
J.W. Davis & Co. To Admit
the
a
more
with
reserve
government
our
King¬
concerned,
is
common
debate, the chief bones of conten¬
of
Reed and Villa As Partners
.
.
...
addressed—N
little
were
Presidential rubber stamps.
United
the
as
committed
a
ference
"Member
Speaker—Joseph J. O'Connell, Jr.,
General Counsel Treasury De¬
partment.
same
These instructions
what
",'A
V'.
the
determining sessions of the Con¬
3 With
'
r" if
apply
Bretton Woods.
Bretton
tion, New York, January, 1945.
*
will
23,
June
The whole of our
proceedings is ad referendum
to our governments who are at
not fun¬
principles in your discussions
and negotiations with respect to
the proposed Bank for Recon¬
struction and Development, ex¬
cept that you will be governed
by the principles agreed upon
by the American technical com¬
tober, 1944.
Group
Bretton
State
lative Conference for Citizens Ac¬
*
do
far
part of
of
National Bank, Chicago, a mem¬
ber of the U. S. delegation at
ness
1944; Association of Bank Women,
Chicago, September, 1944; Legis¬
System,
modifications
Telegram,"
delegation
ment
are
effectuation
respec¬
adoption
York
for
(New
in
we
dele¬
damentally alter the principles
set forth in the joint statement.
Author—Edward E. Brown, First
tives of 50 women's organizations
at Washington, D. C„ September,
Nationwide broad¬
Columbia Broadcasting
March, 1945; Institute of
World Economics, March, 1945.
cast
Mabel
member of the U.
the
the
to
governments
delegations,
agreement and provided that
such
Department.*
Publication
Secretary
broadcast over the Blue Network,
March,
#
other
represented
referred
rejection."
"So
are
opinion,
your
to
Conference
-
*
State William L. Clayton.
Group
Speaker—Dr.
a
v.-:
*
the
pro¬
binding
be
the
tion
tion at Bretton Woods.
Speaker—Assistant
!
if
'
in
essential
Prepares Plans for
Finance, State Dept.
2216.
sociation report, Sept. 1,
addressed—Chicago As¬
sociation of Commerce, January,
'
with
definite
not
but
be
dom
gates, to agree to modifications
Publication—Foreign Policy As¬
'
delegation,
will
Lord Keynes said:
international
both you and
a
Bretton Woods.*
1945.
the
of
agreement by the
upon
1944.) i
to
sultation
Eco¬
Conference
Author—Eleanor
Group
*
,
Fund
President Roose¬
The Presi¬
the
.
"World
authorized, however, after con¬
if
if
an
adopt
governments
tive
definite
a
to
either morally or legally on
will
the
mittee."
.March, 1945.
j.:
ideas
to
.
posals
Roosevelt, in his in¬
for
head
as
an
—
❖
Speaker—Edward E. Brown, First
tions Association, Nashville, Tenn.,
Com¬
Bretton Woods
publication
if
".
adhere to the joint
of principles of an
International
Monetary
Fund
announced April 21, 1944.
You,
Department.*
March, 1945.
*;
known
either
quote
Conference
of
"You
International
i|s
their
formulating
which,
Author—John Parke Young,
were
by
dent said:
of
statement
American
however,
over
advice
priately
under date of June
pected
Com¬
Brown, Jr., State
#
Publication
glossed
velt and Lord Keynes.
^o the American dele¬
monetary
*
—
if
difficulties,
or
proposal
Review, March, 1945.
City, Billings and Bozeman, Mont.,
Treasury
Department.
A.
Publication
men's dinner sponsored by Helena
branch of Federal Reserve Bank
"
I
secre¬
number
a
extent
not
are
"In
Department.*
Business¬
—
*
*
it
occasions
of
them^or to reject them.
On this subject we may appro¬
said:
11, 1944; Survey of Current Busi¬
ness, November, 1944.
Minneap¬
Bank
special
reservations made by many of the
countries and, above all, by the
9, re¬
layed through Secretary Morgen¬
thau, Chairman of our delegation,
Weekly, Oct. 7, 1944; Jour¬
nal of Commerce, New York, Oct.
*
eral Reserve Bank of
of
group
and
Among these assist¬
President
merce
of'
if
>|f
-y-f-'i :V
the
and
if the Conference would
as
finally
experts
structions
Com¬
Foreign
—
Fund
suspend from lack of agreement.
the other delegates will be ex¬
August
Maffry,
Department.*
Publication
Tenn.,
the
a'number
The'
adopted by the "official ex¬
perts"
if
if
—
merce
Nashville
—
Nashville,
Denver, Colo., January, 1945; New
Orleans Clearing House Associa¬
"
Author
Fed¬
Bryan,
Bank of Atlanta.*
Reserve
On
looked
public.
Treasury Department*.
Group
a
were
what
to
were
Weekly, April 7, 1945.
❖
merely foreshadow what
happen in the actual opera¬
of
should they become realities.
of first rank.
they v/ere, to what extent
agreed among themselves,
gates,
Author—Undersecretary of Com¬
merce Wayne C. Taylor.
American
—
was
experts"
there
Who
Smithies, Budget
Review, December, 1944.
Goldenweiser,
addressed
tion
What Did the Bretton Woods
Federal Reserve Board.
■V Group
there
monetary
if
if
Publication
bickering,
or
experience at the Con¬
the
without
Bretton
at
scenes
taries from the different countries
Bureau.*
if
A.
E.
International
Author—Arthur
for
nomic
Speaker
Fed¬
Stabilization, N. Y., 1944
(a chapter); New Republic, Feb¬
ruary 26, 1945; America's Role in
the World Economy, N. Y., 1945.
Action, April, 1945.
»;«
—
the
of
Woods
ants
Hansen,
of
international
would
Conference Do?
Union
—
H.
will
sort
consisted of six Govern¬
four members of, form of the Conference's final
the United States Congress, one recommendation to the respective
commercial banker, and one col¬
governments, which was merely a
lege professor of economics whose recommendation to study and con¬
special field of interest was pub¬ sider the merits of the plans and
represented.
*
Reserve Board.
Alice C. Bourneuf,
Calif., March, 1945;
Northwest Commission to Study
March," 1945, and Central Library,
Portland, Ore., March, 1945.
i
'r'*
):yr0y- :
American
—
Publication
if
if
Speaker
12
this
above
officials,
"technical
nancial
1945.
official delegation of
own
they
cago, April, 1945; Friends Society,
Philadelphia, April, 1945; Town
Hall meeting, Toledo, O., April,
large
a
lic finance and taxation.
Bourneouf, Federal
if
eral
to
rise
Bank
question many people are
asking is if the Fund and the
if
Review, December, 1944.
Chi¬
Women's Club,
ton, Tex., January, 1945; Center
for International Understanding,
Organization of Peace, Seattle,
Wash., March, 1945; Chamber of
Commerce Forum, Portland, Ore.,
Reserve
Board.*
Publication
Walter R. Gardner,
ideas,
whose
Back
Group addressed—Business and
Professional
Our
ment
v
Federal Reserve Board.*
the
if
Federal Reserve Board.*
tion, j New Orleans, La., January,
1945; Foreign Trade Assn., Hous¬
San Francisco,
Keynes,
extent, dominated the Conference.
Economy,
Federal
—
Author—Alvin
Orleans, La., January, 1945; New
Clearing House Associa¬
Eco¬
1944;
ca n
Goldenweiser, Fed¬
if
Reserve
was
the
and
ference
monetary
most outstanding
Lord John Maynard
the
economists,
Bulletin, September, 1944.3
1945;
scientific
'Of
number
Treas¬
eral Reserve Board.*
Group addressed—Illinois Man¬
Speaker
ish
officials, officers of cen¬
Fund
to
ludic¬
are
The management of
.
Bank
were
adopted would the
management rise above such self¬
does
experts
if
Author—E. A.
Speaker—M. S. Szymczak, mem¬
ber, Federal Reserve
i
A
now
the 44 nations
attending the Bretton Woods Con¬
ference consisted mostly of Gov¬
The delegates of
tral banks and other banks, and a
March, 1945.
if
if
if
m e r
was
the
.
petty huckstering."
plan
experts
ernment
December,
if
ufacturers
Bank
The
July.
last
of
of
.
have
Woods
Bretton
able to the public.
t-
Political
of
March, 1945.
Group
—
#
Review,
Journal
State Department series,
a
Af¬
1945.
M. Bernstein,
Department.*
nomic
1944; NBC broadcast,
November,
and
-
Francisco,
nomic
Orleans
1945
African
on
March,
Publication—A
o m m o n
San
of
if
November, 1944; Americans Uni¬
ted for World Organization, New
1945;Some
in
the
of whom
ference), April 9, 1945.
Speaker
Council
to
fairs, N. Y.,
Department.
Group
the
to
Conference
earlier
Eco¬
the
experts' plan that was
to its submission it was not avail¬
Problems
Author—E.
Taft,
P.
Chicago, March, 1945.
addressed — United Na¬
tions Association, Portland, Ore.,
of
if
if
the
was
This
plan.
eign Affairs, January,
American
—
^
Speaker—Charles
wealth
results
and the revised White
nomic^Review* March, 1943; For¬
April, 1945.
if
to achieve equity.
Some
as revised by
submitted di¬
rectly to the Conference.
Prior
ment
Nations,
United
for
Association
American Statistical and
American Marketing Associations,
Department*.
—
Publication
of New
ity, March, 1945; representatives
of
various
church groups
(en
route to the San Francisco Con¬
ury
Assistant
Secretary
the Treasury White.
16, 1945; meeting of
and Civic leaders, spon¬
by Americans United for
Organization and American
sored
tive attempt
rous.
public.
submitted
Suggested Solutions, The Peoples's Lobby, March, 1945; State¬
Club of New York Univers¬
Speaker—|Norman T. Ness, Treas¬
;i::v
;
York, April
Fi¬
1944;
December,
University,
*
mayors
Harvard
Administration,
Francisco,
,;•=*
It was a combina¬
tion of the original Keynes plan
made
Affairs,
American
tober, 1944;
Public
San
of
Club
dinner of Economic Club
Board
York
New
seCommon¬
March, 1945; Center for Interna¬
Understanding, San Fran¬
cisco, Calif., March, 1945; 152nd
World
Department*.
ury
Foreign
—
if
weekly
19452;
tional
*
*
*
i
Publication
January, 1945.
ries),
sched-
Life Underwriters, address
(Continued from page 1715)
Author—Secretary of the Treas¬
ury Morgenthau.
'
(Continued from page 1738)
,
The Road to Bretton Woods
BRETTON
PROGRAM
WOODS
Thursday, April 19, 1945
OFFICIALS
BY
PROMOTING
"Selling" Bretton Woods to the
j
Country
:
CHRONICLE
THE COMMERCIAL & FINANCIAL
1740
objec-
the
subject that has
1 International
Bretton
Woods
Financial
Proposals,
appeared
Problems,
■
4.
in'
The
February,
1945, p. 6, Chamber of Commerce of tha
united states, Washington, d. c.
.Volume-161
the
/different "member
since
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
Conference,
without
realizing that there are wide dif¬
ferences of opinion
ligent
intel¬
among
people—official
and
un¬
official—as
to
the
meaning
of
of its important provisions.
many
Governmental
Propaganda for
Plan is
before
now
<
Stabilization
,
Proposal
We
to
come
national
of
monetary
parities,
which are by far the most im¬
portant part, of the Plan, since
involve
the
values
for
an
indefinite future of the monetary
units of most of the countries of
Con¬
For the United States
the world.
gress and action upon it is ex¬
it is the future value of the dollar
in terms of which will be
Ever
early date.
an
since
the
Conference
termination
the
of
all
at par
and
corporate,
all
has been urging the prompt
adoption of the Plan by Congress,
life
insurance
and
tion
without
whatsoever,
making its appeal
public by high-pressure
propaganda.
We have been told
that the Plan
was
leading
adopted by the
monetary
44
of
experts
nations after long study; that it is
integral part of the scheme for
an
international
cooperation
which
has been developing through the
conferences at Moscow, Teheran,
Yalta,
and
from
or
and
that
San
now
if
the
Francisco,
Plan
issued
as
Bretton
Woods is rejected,
modified, the whole tem¬
even
ple
of international peace and
comity will be jeopardized.
Concerning the Plan, Secretary
Morgenthau said
lation
the
legis¬
implementing these
"is
ments
portant
for post-war in¬
cooperation
before
come
Congress
Bretton Woods
of
the
achieve
agree¬
perhaps the most im¬
measure
ternational
part
that
.
to
the
.
agreements
overall
both
yet
.
are
political
and
a
to
program
eco¬
nomic
security."
(Treasury re¬
lease, March 7, 1945.)
"Unless
they are put into effect the strides
toward
peace
and
security
at
Dumbarton Oaks, at Mexico City
and
at
Yalta, as well as the fur¬
step that will be taken at
ther
San
Francisco
frustration.
end
may
only
in
."
(Treasury re¬
lease, March 12, 1945.)
"The fact
.
.
44
that
delegations approved the
Monetary Fund
was
the
sub¬
stantial
evidence
of
their
desire
for stabilization."
(Treasury
lease, March 7, 1945.)
On
this subject of the
istration's
Bretton
propaganda
Plan,
Admin¬
for
Woods
re¬
a
the
well-
The
economist, Herbert Bratbroadcasting from Washing¬
(March 17) said:
ton
"Never have
had
we
quite like this one;
I
an
issue
never
such
unprecedented Government
an
publicity campaign.
"Indeed,
we
is
peace
not
without
Bank.
are
.
told
lasting
Fund
at
all
this
and
Secretary Morgen¬
.
.
.
possible
this
.
.
thau has frankly undertaken to
'sell' the program to the nation.
And by 'selling' he doesn't mean
publicity
half-way
any
ures.
He has
licity
man,
employed
solely
to
meas¬
pub¬
a
promote
Bretton Woods.
"For months there have been
articles
,
Fund
by
advocates
Bank
and
in
of
all
the
sorts
of
articles have been distributed.
"Columnists
mentators
with
the
and
have
taken
com¬
lunch
Treasury's Secretary,
with Bretton'Woods served for
dessert.
been
The
movies
overlooked.
speakers have
all
to
not
Government
been dispatched
parts of the country to
address
listen.
the
have
any group willing to
On one recent occasion
mountain
brought to
Mohammed, when 106 pressure
groups
was
invited
were
representatives
lecture
y
r
In
course
the
to
to
an
each country would
monetary unit,
of
the
and
the
minds
Bretton
sacrosanct.
nationalism
its
of
large public, the
is becoming
a
Woods Plan
It is said to be inter¬
par
opponents
excellence,
are
therefore
and
al¬
leged to be either hopelessly ig¬
norant
in
their
defiance
world's
of
the
expert opinion or selfish
nationalists.
*' '
r •" *
own
at present, e.g.,
dollar, Eng¬
as
France the franc,
forth; these units would be
so
tied
together
ment,
by
mutual
would
and
controls
be
board
by
of
an
to
in¬
governors
appointed by the governments of
the respective member countries.
At
the
members may be soon after
some
the
time, which for
proper
is
war
for
and
over
others
long delayed, the Fund is to re¬
quest each member to communi¬
to it the par value it desires
cate
for its currency,
narrjiely, the value
in terms of gold, based on the rate
of
exchange prevailing at
nated
date.
come
the
a
desig¬
This value is to
real
be¬
value for the
time being, unless within a speci¬
fied
time
change
insists
the
desires
unless the Fund
or
on
par
member
a
itself
one.
The gold par values of member
currencies,
when
adopted,
once
doing so,
be doing
"domestic social
political poli¬
It is precisely by reason
cies?"
of
or
expensive domestic
political
policies
social
that
and
nations
usually spend beyond their means,
incur heavy budget deficits, bor¬
consider
us
A
is
permitted
to
gold par of its cur¬
only
"after
consultation
member
change the
rency
with the Fund" and
correct
in order "to
fundamental
a
librium."
The
plan
provides,
changes, whether increases
does
creases,
not
exceed
or
10%
de¬
of
the initial par value of the Fund
shall
raise
no
objection."
But
this is only the beginning.
It is
provided that if the change goes
beyond 10% but not beyond 20%,
the Fund may either concur or
object but must declare its atti¬
tude
within
72
hours, and if it
beyond 20% the Fund may
goes
either
concur
lowed
or
object but is al¬
time
more
to
make
its
The
great
provisions
is
liberality
insured
that
the
these
of
by
the
Fund
re¬
must
agree to a proposed
out
stated
any
change with¬
limits provided
ihat it is "satisfied that the change
is necessary to correct a funda¬
mental
disequilibrium" —what¬
that may mean—and further
ever
that the Fund cannot object to a
proposed change on the grounds
that it disapproves of "the domes¬
tic social or political policies" for
the
carrying out of which the
member
is
proposing the change.
insurance, minimum wages, governmentally guaranteed employ¬
ment, many public works, social¬
ized medicine, public
education
and
of other
scores
also
measures,
political
ing
social reform
great variety of
a
such
measures
ing stock piles; protective tariffs,
galore?
Since for
number of years, at
a
least, most of the member nations
will
be
borrowing
members—
buying members, if you prefer—
and
since
be
the
United
the
States
will
doubts
such questions in favor
on
of debtor nations.
Here
make
is
situation
a
that would
debasement
currency
competitive ad¬
a
vantage in its export trade by de¬
the door wide to
open
State
ber
desire
debasement
"to
correct
are
to
whenever
debase
to
lar^e.
are
they
do
is
If
kick
to
them
out
in
large
a
not
meet
and, if they
kicked out, how
forced
to
to
pay
they be
can
the
debts
accumulated
Fund
their
full
gold
in
values?
In addition to the provisions of
Plan authorizing changes in
the gold par
values of the mone¬
tary units of individual members,
there is
provision to enable all
members acting together to make
uniform changes at one and the
same time.
Specifically, the pro¬
a
vision is that the Fund may
make
uniform proportionate
changes in
currencies
of all the members provided that
the par value of any member's
currency shall not be changed if
the
member
objects within 72
the
values of the
par
This
of the Fund's action.
hours
the total voting power
an
it
its
should
a
affirmative vote of every mem¬
fundamental dis¬
the
the United
King¬
together
States,
and
Russia, and
they have more than a majority
of the total votes.
Since nearly
dom
will
members
all
debtor
be
na¬
tions; this provision for uniform
changes in gold pars, realistically
speaking, is one to make, by po¬
litical action, world-wide debase¬
ment and
resulting inflation dan¬
gerously easy.
international
debasement
if
holds
In
likely
nation
one
to
back
fight for itself, it is
submerged.
be
which
a
nation
Grand
Avenue, members of the
Angeles Stock Exchange, have
opened a Latin American Depart¬
ment
to
trade
Mexico,
South
countries.
Ramsdell
and
charge of the
Mr.
White
and
John
Lasher
are
department.
new
has
of
obligations
American
Central
American
White
in
in
been
with
the
How
of
in
the
a
States
recent
Bretton
Depart¬
Treasury
explanation and defense
*
Plan
Woods
for
says:
*
"As
tions
of
The
and
actual
hostilities."
Bretton
Woods
Answers
Bank, March
15,
on
U.
S.
Proposals
the
1945, p. 6.
Fund
tain
the
gold
statutory
re¬
clusion
is
Ques¬
the
on,
that
the
the
*
to
con¬
sudden
rush for stocks will
postpone
a reaction. But when it comes
it will be
now
means
that
have
lot
a
than is
drastic
more
envisioned. This
the
should
stops
be
now
-
you
lifted.
If the market
doesn't, go off
you'll be safe. If it doe$7
much
value
16.
stop
Current 'price
about 24. Raise
of
Jones
&
price about 32. Raise stop to
Bretton Woods and Monetary
Nationalism
Realistically
29.
:
speaking,
there¬
just
given, the trend of the Bretton
Woods Monetary plan would be
away
from
currency
stability,
free
for
and
the
ism, and toward currency debase¬
exchange
controls, paperstandards and monetary
money
nationalism.
In
at
reasons
exchange and international¬
ment,
other
words,
it
Phelps Dodge was bought
27, stop 25. Current price
about 29. Raise
U. S. Rubber
56,
of
about 60.
bought at
Currentf price
Raise stop to 57.
U. S. Steel was bought at
59, stop at 59. Current price
about 67. Raise stop to 63.
*
primary purpose
Fund as contemplated by
leading American proponents.
A
picture of the evils of
was given
good
by Assistant Secretary of State,
Dean Acheson, in his San Fran¬
cisco address of March 23, in sup¬
port of the Bretton Woods plan.
There
he
of
'.'•;.yV ,*:
*
[The
views
article
time
do
■ »
Thursday.£
—Walter
t
expressed ,f« this
necessarily, at any
not
coincide
with
those
f
of the
They are presented
those of the author only.]
as
an
national competition in
.
.
LAMBORN & CO.
WALL STREET
99
NEW YORK 5, N. Y,
.
(of
character that) would have
a
devastating effect upon recovery
from the war."
In such a situaa
'I?.
SUGAR
-
tion he said we would "face the
Exports—Imports—Futures
disintegration of the whole world
•
into
a
state
to climb to some sort of security
back
the
over
each
one
of
its
"
<•
of economic
warfare, with each nation trying
system
•♦-L-
DIgby 4-2727
neighbor,
/
'
•
rji
iMk'
'J
believing that if it man¬
ipulates its currency in some way
or other, it can export the misery
exists in its own country
which
attain
temporary advantage. Each
Established
.
1856-/
'■
'.Hi
to some other country and
some
nation
will
believe
that
the ad¬
H. Hentz & Co.
vantage will be permanent.
But
it will not be permanent, because
Members
neighboring countries will under¬
take exactly the same steps.
So
we shall have progressive
hostil¬
ity
gressively
York
Stock
Exchange
New
York
Curb
Exchange
and
gentlemen,
it
New
Department
of
State
Bulletin,
Orleans
Exchange
Exchange,
Board
Cotton
^
of
Inc.
Trade
Exchange
And other Exchanges w.t
is
N. Y. Cotton
NEW
CHICAGO
'
3
Cotton
Chicago
sorry
25, 1945, p. 470.
York
Commodity
countries." 3
Ladies
'y
>
New
New
countries and pro¬
hostile action against
between
March
/
>
Exchange Bldg.
YORK
DETROIT
GENEVA,
'•
Whyte
Chronicle.
inter¬
which all
nations would use "every device
for increasing their exports and
getting what imports they can
from other people.
The devices
by which they will do that are
manipulation of currencies
spoke
*
More next
the
such economic warfare
stop to 271A.
was
53.-
stop
would be in the direction exactly
opposite to the
was
bought at 29, stop 27; Current
basement competition?
fore,
stop to 21.
Laughlin
its dollar in the face of such de¬
Treas¬
and
■"
Siphoning all this down
stocks from here
18,
long could the United States
picture is a true picture of
what, realistically speaking,, the
adoption of the Bretton Woods
competitive
'
in
time
some
largely because I believe that this
and
t'fi
charge of and it breaks certain levels
Mr. Lasher, there is no point in
having
a specialist in Mexican issues for
your profits washed away. So
many years in the United States
I now advise the
and Mexico, joined Hopkins, Har¬
following:
You hold Hudson Motors at
baeh & Co. in 1944.
firm
cur¬
controls
sje
the sales department.
depreciation spread from country to
country,
not only t do they
distort and
deoress
trade,
they
breed
vicious
eco¬
nomic warfare that may end in an out¬
exchange
rency
And the1 market
place for anything but
analysis.
;
no
•
United
2 The
ment
ury,
can mean all things
Can anyone conceive
situation in
mem¬
bers have that much, namely,
break
men.
Only three
capital.
United
so
monetary
The condition, "neces¬
to correct
if there is
ber which has 10% or more of the
total
ANGELES, CALIF.—Hop¬
Harbaeh & Co., 609 South
Los
its
the
equilibrium,"
a
dis¬
in; furtherance
or
political
is to stop it?
social
What
majority.
to all
of
and
on,
any mem¬
variations
sary
is
war
The debtor nations
are
LOS
kins,
mone¬
fundamental
a
"domestic
of
A
once,
step is alleged to be taken
every
and does not
seem
i.e.. to reduce its gold par.
readily permitted
unit,
The
and, at
currency
debase their currencies.2
tary
Hopkins Harbaeh Opens
Latin American Dept.
wars
among nations easy to start and
difficult to stop.
One nation, for
example, seeks
*
cold
only
important lending
member—selling member, if you
prefer—the pressure on the Fund
is likely to be strong for resolving
wars,
Debasement Wars
■
the clock go
build¬
as
munitions, accumulat¬
up war
and government subsidies
Plan Would Lead to International
These provisions would
you'd think Dewey
'
them to be.
action requires only a majority of
decision.
in the White House.
make
has
disequi¬
however, that "if the proposed
change, together wtih all previous
acts
was
can
changes made in
their obligations to the Fund, who
these separately.
ket
who thinks that he
are
be. The economic
policies."
Let
here to stay, for better or for
worse. But the
way the mar¬
never
changes in the par value of the
monetary unit of individual mem¬
members.
most
changes
social
equilibrium" and
bers, and (2) uniform changes by
easy. ■
No, -1 think
of the New Deal
thinking will lead to
anything. President Truman
may have the best intentions
in the world.
But anybody
and
political poli¬
or
cies" include such things as social
of monetary policy.
Such changes
are
divided into two classes:'(1)
all
even
come
may
This is the way debasement
basing its
important instrument
(Continued from page 1730)
wishful
far
"domestic social
unit.
competing nations strike back and
as an
they'll go.. And
amendments
won't
-
be
may
is as
that
has usually happened throughout
the ages.
Would not the term
the inflation as a fait accompli
by
formally debasing their monetary
In
plated
decade
but
*
*''
;':r
backwards is hid¬ ;'
ing his head in the sand. The
I realize this kind of rea¬
laws that have been passed in
soning won't sit well with
the last 12 years won't be
some of
my readers, But I'm
nullified
in
.the
next
12
trying to interpret things as
weeks; or even months. They
they are, not as I would like
excessively, inflate their cur¬
rencies, and then finally recognize
row
are
not expected to be permanent.
fact, in sharp contrast to the
gold standard, frequent changes
of par value seem to be contem¬
last
amended
as
Savs—-
mental
disequilibrium," and also
to be doing so or
claiming to be
doing so largely by reason of its
the
Tomorrow's Markets
Walter Whvte
at lease claiming to
so, "to correct a funda¬
or
agree¬
subject
administered
ternational
propa¬
gandists and therefore, I fear, in
have its
land the pound,
in Washington."
hands
the dollar
paid.
the United States the
send
all-day
de¬
managed
standards.
While
money
quirement
radio
moreover,
all
bank
Monetary plan provides for
paper
public and private publications.
Thousands of reprints of those
all
collection* of national
a
known
ter,
It is,
mortgages,
in which all wages are
been
the
to
change
any
has
and
posits.
payable
bonds, Government
our
Administra¬
desiring to change the par value
of its monetary unit would not be
the provisions
of the Plan for the determination
now
pected at
the
.
of the
r;'://-"'
they
the Bretton Woods Plan
.) The
Gist
T The
nations
the
;
1741
i.i
4,
N. Y.
PITTSBURGH
SWITZERLAND
THE COMMERCIAL & FINANCIAL CHRONICLE
1742
Thursday, April 19, 1945
1
NEW FILINGS
of
statements
days
were
according: to dates
registration statements will
grouped
ago,
which
on
in
effective, un¬
accelerated at the discretion of the
normal
less
SEC.
become
coarse
■V.'Va;
.
preferred
shares
corporation's V credit; research and de¬
re-entry into commercial mar¬
development of products and pur¬
and Is owned by
Business—Normal
Co.
which
the stock
offer
will
Details—See
chase
certain
of
owned plants
government
equipment
used
now
by
the
corpo¬
porcelain
ration,
7." 7"" v
;'7
Underwriters—Smith, Barney & Co. head
the
to
underwriters,
with
the
of others
names
filed
be
by amendment.
Registration Statement No. 2-5692. Form
s-i.
STORES,
(4-11-45).
Proceeds—Will
be
will
be
filed
by
filed
WATERWORKS
CORP.
on
a registration statement for
of
April 5.
of
.'••
■
Butcher
•
Sherrerd,
&
INC.,
MILLER-WOHL CO.,
statement for 30,000
shares 5 % cumulative convertible preferred
registration
a
stock
and 50,000 shares of com¬
(par $50)
the stock registered
15,000 shares of preferred and 50,000 shares
of
issued
are
common
and
Of
$1(.
(par
mon
^jjffering—The price to the public will be
filed
amendment.
by
principal underwriter
Underwriters—The
Allen
is
&
April
of
CORP.
RADIO
March
on
for
statement
stock
ino
Business
a
Haven,
West
filed
holders.
April
of
issue
5.
public
the
to
be
will
amendment.
&
to
the
to
the
is
Co.
principal underwriter.
of
will
York
New
shares
of
series,
$50 par,
be
Trust
and
Co.
for
used
the
general
Eberstadt
Underwriters—F.
£rd 45,000 shares of common ($5 par). The
45,000 shares of common are issued and
outstanding and are being Bold by T. M.
President.
Evans,
'''
of
Issue
Details—See
&
is
Co.,
Underwriters—Blair
&
Co.,
is
Inc.,
stock,
Dividend
will
rate
Details—See
series
be
(par $25).
West
8505
ment
amendment.
,'77 77
Underwriting—Kidder,
Peabody
automobiles,
will
filed
be
and
Goldman,
principal
Sachs
Co.
&
named
are
proceeds
Electric
&
Gas
Mobile
business
Avenue,
manufac¬
and
tractors
the
purposes,
Underwriters—The
will
for
be
the
public
sale
at
filed
shares
to
go
of
to
Con¬
be
of¬
bidding
b>
are
competitive
Names
by
will
the
the Reconstruction
the
payment
OIL
filed
5
has
filed
shares
and
being
are
61,400
sold
shares
by
the
by
&
of
vertible preferred
Details—See
REFINING
4%%
redemption
Finance Corporation
purchase
or
314
Underwriters—-Allen
shares
of
the
of
7%
stock
on
for
con¬
(4-10-45).
April
stock
rights
preferred
amendment
at
the
at
to
&
New York.
Co.,
Business—Metal
Offering—The
$6.75
rate
preferred for each 24.1
held.
the
The
presently
ferred
for
share
new
basis
plus
subscribed and
sold
to
by
of
to
cash
a
offered
of
are
&
..
.
filed
registration
a
CO.,
INC.
statement
for
preferred
cumulative
$100,000 series Q 3'U
Address—319
types
both
stocks
of
general
sold
at
par.
sold
at
par.
certificates.
preferred
The
Offering—The
holders
of
preferred
exchange
tional
working
officers
be
of
all
bf
will
also
used ' to
bank
of
Is
stock
4'
will
4
be
■
retire
out¬
indebtedness,
loans
and
to
addi¬
for
capital.
Underwriters
—
underwriter
the
for
inc.,
Daly,
&
preferred
The certificates will be sold through
and employees of the company!*4
}■.'
(4-12-45).
cash
the
on
basis
cumulative
payment
share
of
shares
and offered
giving to the
8% cumulative
$2.75
of
the
purchased
shares
plus
by
F.
|. M. Simon
Boyce.
&
Co.,
and
TIDE
April
6
00,000
ftock.
filed
a
shares
of
each
underwriters
Stein
&
Co.;
Bros.
&
The
OIL CO.
dividend
rate
will
be
amendment.
Offering—The
holders
o*
on
registration statement for
of
cumulative
preferred
filed
by
company
12.
offers
to
INC..
for
*
;
Seventeenth
Street,
Den¬
General
investment
to the selling
Davis &
Co.,
Distributor—Investment
Proceeds—For
S-5,
Service
';
.
has
INDUSTRIAL
filed
a
registration
systematic
(periodic
2,000
vestment
will
CO.
has
a
regis¬
for
$35,000,000
first
series
be
due
filed
South
filed
1965.
The
Street,
Akron,
of
rubber
4V*%
series
700,000
1956
added
at
1956 at 103 and of $4,mortgage bonds, 2%
series
102%, with the balance being
to general funds of the company.
Underwriters—Goldman, Sachs &
principal underwriter.
Co.
is
named
Registration Statement No. 2-5691. Form
(4-11-45).
Seventeenth
has
General
90,000
ferred
at
1,
AND
registration
AIRPLANE
statement
shares of
stock
May
a
(no
the
$2.50 cumulative pre¬
par). The shares are con¬
option
}955
into
of
the holder
common
stock
prior
at
a
price to be filed
by amendment.
Address—30 Rockefeller Plaza, New York
City.
Business—Manufacture of
engines,
aircraft,
air¬
for
is
Street,
investment
Den¬
Peabody
underwriters,
OF
list
a
have
dates
or
of
a
investment.
to
cumulative preferred stock,
Address—Commerce
Building,
Texas.
Houston,
■;;
Business—Operation
of
$100.
par
■"
natural
a
gas
transmision
pipe line. .77
Offering—Price to the public will be filed
by
proceeds from
sale
of
the
preferred stock,
together with a
$15,000,000 will be applied to
payment of debt and to finance costs
the
of
and
loan
of
constructing
gas
carrying
facilities
capacity of
Underwriters—Dillon,
Glorer,
Co.
Forgan
arfe
&
Co.
to
increa«e
the
the
pipe line.
Read & Co., Inc.,
and
White,
Weld
&
named principal
underwriters, with
others to be filed by amendment.
Registration Statement No. 2-5699. Form
names
S-l.
be
used
for
any
of
and
tures
the
BALTIMORE
000
a
shares
PORCELAIN STEEL CORP-
registration statement for
of
15-year
$5
sinking
registered
cumulative
of
shares
unit.
outstanding
stockholders. 7 -\7. V;'
HELICOPTER,
and the
100
share
xf
four
of
INC.
Feb.
shares
heads
the
names
additional
held
certain
shares
of others
ment.
to
be
to
100,-
convertible
stock
be
Such
subscribed
for
';•■"
on
Feb
for
$3,
when,
and
as
be
to
warrants
are
shares
shares of stock
as
if
issued
the underwriters
are
not
are
by tne stockholders will be
public by the underwriters
share.
the
to
per
Details—See
Feb.
on
of
issue
stock
present stockholders
Feb.
art
*,heir
b;.
holdings
on
shares
22.
$100
per
offered;
to
rata basis of
pro
of March 15,
as
Underwriters—None
.7
a
16 filed
4,990
Offering—The offering
price
'hare • New common is being
deben¬
1945.
named.
''*v;
,
8.
-7
stock at $8.50 per
Noel
&
WATER
&
TELEPHONE
CO. on March 27 filed a registration statemen t for
107,000 shares of $ 1.20 cumula¬
tive
Co
with
group,
CALIFORNIA
preferred
$25)
(pal-
and
shares
9,072
($25 par). ',
77777', 7V7777:7v;;7
Details—See issue of vApril 5.
-common
thi
supplied by amend-'
,
Offering—New
"/■
•
as
options
registration statement for
common stock, par $100.
jf
preferred
be
will
offered
exchange to holders. bf 100,000. shares
of
^ttOI)UCtS
P. W.
A.
five
200,000
when,
additional
issued
option
each
for
issued
be
200,000
exercised.
fdr
■V
1.000,000
share;
per
to
outstanding
and
reserved
$2
8,71945.-';77."Q:
registered
$1.60
at
reserved
the corporation to
it
2
1,400.000
orincipal underwriters.
being sold
Alstyne,
underwriting
.
Feb.
on
deter
77"
common
A
,
presently proportionately
outstanding stock $n basis
of
are
if
xnd
7:7; "v,'; v':.'";7;.;; '
Underwriters—Van
*7
oflered
holders
shares
Offering—The debentures-will be offeree
at
Class
Underwriters—Kobbe,
Gearhart &
Co.,
Inc., and Bond & Goodwin, Inc., are named
fund
of March
issue
of
wbos*
common
and
auto¬
share
one
capital stock, par value 50 cents.
be
to
mares
names
132,000 shares
and
Details—See
CO.
statement
200,000 shares of
stock
6'Jo
cumulative
($25
preferred
par)
on
CO., INC. on Jan:
share for share basis.
Unexchanged shares
filed' a registratioh statement for $2.and the 7,000 additional shares of pre-,
000,000 20-year 8% 'first mortgage sinking
{erred and 9,672 (shares of common will be
27
fund
bonds
and
40,000
shares
stock' (par $5).- **./*."
7
-w
of
capital
/•a'7/ •s"-7
Offered
through underwriters at prices ;to
be filed by amendment.
Underwriters
Blyth - & Co.,
Inc., - is
named principal underwriter.
7 : 7
'•
Dfetails—See issue of Feb. 1, 1945,
6ffering-~Holdersi
000,000
fund
bonds
due
outstanding
$2,first mortgage sinking
1948
lege of
tendering
tion
of
as
1,
given
are
their
April
—
of
20?year 6 %
bonds
1945
at
the
for
CAROLINA
privi¬
and
156,158
in¬
extension
of
1965
the
and
the
maturity date to April
reduction
extension
lent to the 2V2%
in
addition
($5
par)
offer
will
:he
interest
expire
not
at
102 V2
at
noon
for
and
The
extensior
Feb.
26,
-
extension
accrued
amount
an
interest
6%
bonds
the
by
equal
sinking fund
:ommon
to
are
be
v
E.
Cooley
Ferris,
$110
.
&
Co.,-
the
Bond
filed
Dec.
(or
$2,000,000
4
first
A, 3Vb%, due Dec.
of
Dec.
CORP
7,
ATLANTIC CO.
Co., Inc.
are
reg¬
of
March
$100 par value of
of
5 cfo
6%
of
Class
and
A
on
for
April
dividends
1945,
holders
their
value
com¬
of
shares
The
and
two
outstanding
holders
1945,
paid
on
the
on
at
the
com¬
6%
pre¬
the
receive
the same
stock on
but shall receive no
R.
S.
of
-
Dickson
dealer managers.
ILLINOIS
ELECTRIC
&
CfAS
issue
April
of
(par $100).
First
:
1
29.
March
16 to
7' 7 ;
Boston
at
coupon)
tdividend
102.549
rate
and
the
4.10%)
preferred
100.089.
at
power co.
&
28
filed a registration
statement
11,972 shares of preferred stock, cumu'ative ($]00 par).
The dividend rate will
■.
be
filed
by
amendment.
Offering—Company
proposals
It in
for
Jan. 4,
to
be
'
'7.
1945.
to
proposes
services
invite
rendered
to
obtaining acceptances of the exchange
offer
of
ferred
such
new
and
of
preferred
for
the
the
stock
for
purchase
11,972 shares
old
from
as
pre¬
it
of
not
are
ex¬
changed pursuant to the exchange offer.
DIANA
basis'
shares of
of
re¬
*<
privilege
Class A stock offering their
exchange shall
1,
par
share of
of stock for $50 par value
debentures
stock.
mon
one
preference stock the
exchanging
5%
and
to
of $50 par value
of
stock for $100
debentures
stock,
mon
is
company
per
Dec.
>n
re¬
offering to
the holders of outstanding 6%
and 7%%
cumulative
preferred stocks the privilege
of exchanging their shares on the basis of
plan
and
Details—See issue of
and
at
$6
or
for
29.
reorganization
dividend
a
annum
Central ohio light
5%
7A7
issue
Offering—Under
Feb.
3%
sinking fund debentures, due April 1, 1980.
and 275,000 shares of common stock
(no
par).
''.'7
.:
Details—See
per
a registration state¬
$14,000,000 first mortgage bonds
1,
1975, and 30,000 shares of
for
Stock
a
privilege
Corp.,
Central
Republic Co.
(Inc.)
and
Harris,
Hall & Co.
(Inc.),-the bonds (carrying a
for
$10,600,000
for
of
make
March 20 filed
on
Awarded
1944.
March 23 filed
on
statement
date
to
respectively, up to
the redemption date
Arnold
Details—See
tale at competitive bidding.
istration
to
proposes
preferred stock, Series A
serie.1
will be offered
bonds
outstand¬
7""7;7;, 7/' 77"7;7:-77 7
CENTRAL
Co.
1, 1974.
issue
Offering—The
to
&
&
statement
mortgage bonds,
presently
dividends
share
per
annum,
Kirchofer
CO.
POWER
registration
a
plus
exchange
$7
per
ment
in
All
Company
spectively
up
"hese stocks.
&
R. H
&
share
the
of
rate
snare
Schoellkopf,
Hutton
&
Buckley Brothers. George
& Co., Inc., Brailsford
Exnicios & Co.. Inc.
more
$6 preferred will be retired
exchange or by redemption: at
per
cises
unit'
Co.,
$5
share
not
adjustment which, together with
dividends ^ receivable on
the $5
preferred
stock, will give each stockholder who exer¬
first mort
Clucas &
of
offered,
for
cash
a
and 20 shares ol
7'7 ;7;7; ' •
W.
shares
be
to
and
by
redemption.
Co.,
Inc..
Pomeroy,
tc
bond
stock.
Inc.,
at
"per
156,158
,
are
exchange
outstanding.
$7
either
offered tc
underwriters
Underwriters— Allen
&
ing
bf
th*
to
The
in
(no
\ ,:;77 7;7,j
of Mdrcb. h2.m°u0""'
■
90%
of
the
93,553 shares
of
$7
preferred and 79,955 shares of $6 preferred
now
1945
will
Issue
—
CO.
stock
'7; ,7 7;
■
stock
share
.
preferred
$5
than
company'x
offering price of $1,000
consisting of $1,000 20-vear fW
3oodwin,
for
After the expiration of the
offer,
public
the
stock.
tendered
1945.
of
initial
jage
Offering
preferred
redemption premium, anc
shares
20
'
of
Details—See
5$
to
the amount equiva-
$25.
common
redeemed
of
and to receive in consideration
annum
'
LIGHT
8s
registration statement for
a
shares
par).7 7
7:
1
-
POWER
.March 16 filed
redemp¬
102 Vi
terest, or, in the alternative, to assent to ar,
ferred and 6%
(4-13-45).
has filed
5%
000,000
Of
registration
a
capitalization
amendment.
bank
filed
27
factory
and
us.
ENGINEERING
Details—See
for
$35,000,000 first mortgage pipe line bonds,
3% series due 1965 and 75,000 shares of
statement
5'4.
two
common
to
blocks of
BLUEFIELD SUPPLY CO
,777'.' '7,
registration
and
Offering—Of
due
TENNESSEE GAS & TRANSMISSION CO.
filed
only
dealers
in
men
Details—See issue
are
x
4MFRICAN
stock
will
shares
Issuer
been
not
unknown
are
stock.
22.
registration statement for
a
offered
but
ago,
ARKANSAS-MISSOURI
etc.
Proceeds—Proceeds
filed
& Co.,
with
Service
Registration Statement No. 2-5698. Form
has
finance
preferred
-.0
OFFERING
more
stock
common
for $101 per
Underwriters—None named.
amendment.
below
or
preferred
Feb.
offered
be
exercised,
present
mined
vnd
fund.
Corporation, Denver and Wilmington.
Offering—At market.
(4-13-45).
of
of
:ommon
£3,622,440.
by
issue
INSURORS,
registration state¬
a
shares
automobile
BENDIX
filed
be
days
Johnson
Distributor—Investment
Proceeds—The
ENGINE
filed
sf
to
whose registration statements were filed
R.
Business—Diversified
bonds
FAIRCHILD
for
in¬
total
certificates
Col.
ver.
prod¬
due
first
INC.,
payment)
providing
payments of $2,400,000.
in¬
by amendment.
Main
FUND,
statement
and
subscribed
not
Kidder,
—
list of
■xnextended
■
pur¬
sinking
the- company
DEALERS
filed
19
4,985
will
mobile
UNDETERMINED
April 1,
investment.
S%
reimburse
notes
the
Offering—Preferred and Class A
received, and will
shares
any
stock
for
authorized
purchased
common
dividends,
to
extension
(4-13-45).
FINANCIAL
and
Proceeds—Will be applied to the redemp¬
tion
of $21,049,000 first mortgage bonds,
A-2.
the
have
have been
DAVES
Bonds
fund.
Corporation, Denver and Wilmington.
Offering—At market.
$11.75
Offering—The price to the public will be
the filed by amendment.
its 500,000 snares ox $-t.50 cumu¬
FtlND,
statement
to
3%
bonds
underwriter.
Feb.
on
itock
at
(4-14-45).
for such
Col.
ver,
S-6.
craft
.
Detsi's—See issue of April
is
per share.
Walker
ASSOCIATED
H.
:
statement
vertible
WATER
public
Offering—The price to the public will be
to
:
electric
filed by amendment.
for
H.
Address—650
manufac¬
and
ucts.
due
the
others
per
Registration Statement No. 2-5697. Form
Business—Manufacture
certain
for
INDUSTRIAL
registration
a
Proceeds—For
&
G.
the
to
GOODRICH
rate
CORP.
Co.;
business
(4-11-45),
Underwriting—Central Republic Co., Inc.;
Peltason, Tenenbaum Co.; Scherck, Richter
Co.; Stix &
Street,
filed
500,000 fund shares.
Address—650
Unsubscribed
the public at $50
to
to
cumulative
company,
preferred.
be
right
2.30
preferred,
by
8%
will
for
stock
12,
the
FINANCIAL
has
be
previously used for that purpose.
as
certain
•
Wegener
WEDNESDAY, MAY 2
Ohio.
is
company
its outstanding
stock,
par
$100,
such
preferred
$2.75
April
Williams
refrigerators
Address—500
STORES, INC.
on
April 6 filed a registration statement
for 30,000 shares of $2.75 cumulative
pre¬
ferred stock (no par).
• *>
common
•
certificates
certificates
reduction
in
engaged
construction.
Proceeds—Will
standing
and
Broadway, Boise, Idaho.;,
Offering—The
stockholders.
77.,.7 ■7 ,'777;.?■' V, .77 7; 7
tration
RETAIL
new
amendment
ay
4.00f'
and 3,000 shares series
6%
shall
for
serial
unexchanged
or
Details—See
shares for each 100 shares
Underwriters
of
has
N
Business—Diversified
Underwriters—Paul
terest
of
electric
mortgage bonds
WEDNESDAY, APRIL 25
accrued
issued
7
shares series M 54
the
Chicago, is named principal underwriter.
issue
West
being
are
Un¬
Underwriting—A. G. Becker & Co., Inc.,
Details—See
certain
of
515
—
and
Proceeds—The proceeds go
B.
of
if
Inc.,
MORRISON-KNUDSEN
filed
Registration Statement No. 2-5690. Form
to
to
bv
common
tional working capital.
The cost of re¬
demption of the 6V-z'/c preferred, exclusive
Balance goes to selling
(4-12-45).
either
3 %
7.470 shares of Class A
ind
offering to
the
ire
Co.
and Shillinglaw,
Bolger
both of Chicago.
Registration Statement No. 2-5695. Form
Co.,
share.
S-l.
filed
ment
outstanding
of
underwriters
purchase
offering
public
stockholders.
public.
CONSOLIDATED
has
CO.
Shillinglaw, Bolger & Co., Inc. of Chicago,
are named
principal underwriters.
payment.
be
to
behalf
on
Offering—Price
pre¬
their
unexchanged shares will be
underwriters
outstanding
Business—Peacetime
per
be
(NC.
re¬
proceeds will be used for
redemption of 30,187 shares of 6Vz%,
preferred stock outstanding and for addi¬
etc.
the
to
all
a
Registration Statement No. 2-5696. Form
share
exchange
on
of
and
ranges.
the
cumulative
to
of
subscribe
to
the
the
Chi¬
Underwriters—Principal underwriters
v
REFRIGERATOR
issued
ture
balance
offering
twenty
stampings,
price
to working capital.
stockholders.
Greenville, Mich.
common
subject to
holders
preferred
a
the
share
one
to
5%
opportunity
the
for
filed
granted
common,
outstanding
the
shares "for
of
shares
rights
the
of
be
also offers,
company
subscription
holders
to
of
of
by stockholders.
com¬
Road,
bonds
been
share.
per
stock.
registration statement for 247,140 shares
common
stock
(par $1).
The shares
are
Address
subscribe
price
of
12.
Offering—Company offers holders of its
common
new
a
offered
(par $100).
of
issue
CO.
statement
later
have
The company is
waivers
We
Bloomingdale
not
of ;the
all
$3,400,000
proceeds
AUTOMOBILE
Proceeds—Net
'
cago.
bonds
outstanding
names
holders.
Idaho,
Registration Statement No. 2-5689. Form
GIBSON
cumulative
are
which
stock¬
certain
3%
exceeding
the
for funds
registration statement for 106,400 shares of
common
stock
(par
$1).
Of the total
45,000
and
calling
of
Registration Statement No. 2-5701. Form
CORP.
of
fund
castings.
filed
holders
the
to
The
also
(4-12-45).
S-l.
registration
a
shares
the
the rate of 13 %
S-l.
the
of
underwriters.
ASHLAND
rights
price
a
heads
MONDAY, APRIL 30
40,000
stock
and
registered
stock.
At
underwriters
amendment.
Registration Stat2ment No. 2-56.94. Form
6-1,
replace¬
the note of the corporation
outstanding
preferred stock.
TUESDAY, APRIL 24
April
from
be
to
shares
ceived
for
to
use
,
debentures
serial
sinking
All. of the
bonds
fund
redemption.
The company con¬
that about June 1. 1945, it will
not
and
pose
registration
common
sinking
mortgage
for
The 5%
callable at 103r
5%
for
templated
preemptive rights
number of shares of
a
stock
common
>
Co.
Business— Contractor
due on
balance
s-l.
are
by amendment.
Proceeds—The
solidated
parts.
corporate
.
Co.
Street,
utility.
Offering—Offering price
,
&
Francis
Business—Public
amendment.
and
£t.
$100 par value; $100,000 series G 3%
Business—Peacetime
of
Warren
.
presently
12.
Offering—Price to the public will be filed
by
5%
—
■-r'
Proceeds—The net proceeds estimated at
$4,550,000 will
be
available for general
amendment.
April
of
cumulative
to
The shares
par).
has
CORP.
statement for 200,000
convertible preferred stock
Offering—Price to the public will be filed
$100).
(par
filed by
of
issue
A
MOTORS
,7.
PURINA CO. on April 4 filed
registration statement for 100,000 shares
(no
' ; '77-7 77
Ala.
registration
a
shares
by
SERVICE CORP. has filed
Address—162
S-l.
names
filed
RALSTON
preferred
GRAHAM-PAIGE
filed
ture
MONDAY, APRIL 23
of
SUNDAY, APRIL 29
public
underwriter, with
by amendment.
principal
of others to be
to
respect
common
outstanding and owned by Con¬
Electric & Gas Co.
Brailsford
(4-9-45).
Dearborn, Mich.
the
machinery
Offering—Waivers of
with
100,000
v
•
shares
an
North
transmission
solidated
bal¬
working
principal underwriter.
Address
April 5.
Offering—Offering price to
be filed by amendment.
named
of
a
plus
Any debentures hot taken in exchange for
Michigan
Avenue, stocks or bonds may be sold by the com¬
Chicago, 111.
77 77^.7,777" 7 pany at not less than par
plus accrued in¬
Business—Widely diversified line of ma¬ terest.;'.'1
7-7/7
'
terials
handling
and
mechanical
power
Underwriter—Courts & Co.,
Atlanta, is
and
&
-7.(
will
a
S-l.
with non-detachable com¬
purchase
warrants
attached.
stock
mon
CO.,
first
the
Proceeds—Company's share will be added
named
INC., on March 31
statement for 50,000
cumulative preferred stock, 5%
PORTER
*
Address—5622
registration
a
is
100,000
(no par).
Address—307
held.
pany
public
will be applied
$3,000,000 loan
proceeds
repayment of the
will
exchanged
issue
for
debentures
exchanged.
are
outstanding
stock
issued and
Registration Statement No. 2-5688. Form
K.
(4-12-45).
of common stock
funds.
Eberstadt
Underwriters—F.
H.
Co.,
registration statement for 100,000 shares
a
by amendment.
Proceeds—Net
ance
sale
and
Manufacture
—
be
filed
working
&
with
names
by amendment.
WEBSTER-CHICAGO
Street,
Elm
shares
being sold for the account of certain stock¬
filed by
and
Dillon
Registration Statement No. 2-5693. Form
5-l.
par).
pneumatic tires and tubes.
Offering—The price to the
Offering—Price
additions
underwriter,
others to be filed
Consolidated.
filed
has
CO.
RUBBER
registration statement for 50,000 shares of
4%%
cumulative
convertible stock
($50
par) and 50,000 shares of class A common
31
100,000
All of the
issued and outstanding and are
Details—See
For
—
Underwriters—Eastman,
fered
SATURDAY, APRIL 28
Address-r-475
registration
are
plywood, etc.
statement
bonds
bonds
called
LINK-BELT CO. has filed
-v.
$1).
(par
of
par
to be determined by the company
exceeding $3 in cash for each $100 par
fund
(4-13-45).
100,000
$100
value of
equip¬
new
presently
outstanding
first |
sinking fund bonds on the
5%
of
amount
not
THURSDAY, MAY 3
capital.
12.
shares of common stock, par $1.
a
for
Offering—Price to the public will be filed
MOBILE GAS
CORP
LIGHT
&
price to the public will
be filed by amendment.
Underwriting—The names of the under¬
writers will be filed by amendment.
Co.
AIRCRAFT
of
principal
Conn.
filed
statement
stock
common
Proceeds
a
issue
ARMSTRONG
Details—See
for
basis
facilitate
S-l.
.
12.
Offering—The
outstanding
and
being sold by four stockholders.
issue of April 5.
are
Details—See
March 31
on
filed
7
used
be
of
mortgage
for Additional working capita}
reconversion. '"7'7 V-77777
Underwriters—Kobbe, Gearhart & Co..
Inc., and Newburger & Hano are principal
to
has
CORP.
Address—55 West 44th Street, New York
city.
,: ,.
- .77 -. '
Business—Manufacture of various types
preferred and
registration statement
for 240,000 shares of cumulative preferred
stock (par $100).
The stock will be offered
for sale at competitive bidding, with the
successful bidder naming the dividend rate.
April
on
•
Phila., Robert Hawkins & Co., Boston, and
Southern Securities Corp., Little Rock, Ark.
filed
April
POWER
YORK
NEW
steel.
on
and
ment;
the holders of
Offering—Price to the public is $100 per
—
registration
a
shares of
THURSDAY, APRIL 26
(par $100);
issue
Details—See
Underwriters
of
for the
Noel & Co.
named principal underwriter, with names
others to be filed by amendment.
is
PLYWOOD
by amendment.
issue
share
per
filed
STATES
preferred stock, cumu¬
10,000 shares of 5%
lative
$25
is
UNITED
of
per share for tne common.
Underwriting—Van Alstyne,
$9
GENERAL
exercise
upon
•
Details--See
lic
amendment.
March 31
issuable
shares
warrants.
Offering—The O fering price to the pub¬
will
Underwriters—Names
holders
business is application
finishes
underwriters.
■.
TUESDAY, MAY I
6
Statement also covers 80,000
stockholders.
for sale at
public
the
to
amendment.
by
April
on
15,781 shares of the
and
common
common
Offering—Price
filed
INC.
a
175,000
April 5.
of
issue
After, the debentures bearing interest fropi
'77 J such date. '; Any debentures ndt issueu m
! exchange for stock shall then be offered to
100,000
Md.
Registration Statement No. 2-5700. Form
are
competitive bidding.
cents).
and
preferred are issued and outstanding and
being sold for the account of certain
outstand¬
North West Utilities
The stock is issued and
par $20.
ing
and
10
allocation on a pro rata basis
if necessary.
Such shares as are not ex¬
changed will be sold to underwriters for
offering to the public.
Underwriting—Kuhn, Loeb & Co., and
Lehman Brothers are principal underwrit¬
ers
with names of others to be filed by
to
registration statement for 55,781
cumulative preferred
shares and 175,000
common
shares.
Of the stock registered
DISTRICT
POWER
CO. on March 31 filed a registration state¬
ment for 133,500 shares of common stock,
$5)
Offering—The price to the public is $5
per
unit consisting of one share of pre¬
ferred and one share of common stock.
filed
SUPERIOR
(par
WinansTBaltimore,
of
KOBACKER
LAKE
(par
common
velopment;
amendment.
THURSDAY, APRIL 19
stock
of
Address—Mt.
kets;
subject
registration
filed less than twenty
whose
Issues
temporary
purposes;
borrowings amounting to
31, 1945, under the
March
on
exchange such shares for the new pre¬
ferred stock on a share for share basis,
to
Lift
following
reduction of bank
$7,150,000
stock the right
convertible preferred
lative
the
of
one
Calendar Of New Security Flotations
dividends
rate
of
Jan., 1,
dividends there-
a
STORES
registration
mon
stock
shares
6hs>re.
of
CORP.
statement
purchase
common
stock
Issue
for
of
par
to
issued
ann
"lit
7
and
value
filed
com¬
40,000
$1
per
these warrants."
Feb.
Offering—40,000 shares of
are
5
40,000
warrants
issuable pursuant
Details—See
Feb.
on
15,
1945.
common
„
-
offered for account of company.
ic.
—
stock"
~
Company.
Volume
Is
Number 4378
161
of
shares
THE COMMERCIAL
is¬
suable
exercise / of
the
stock
purchase warrants and the payment of $7
per share.
offering
40,000
upon
the
common
Underwriters—Not named/
•
ELECTROMASTER,
filed
registration
a
INC.
fs
owned
and
issued
total
of
Details—See
All of the
of
is
and
Corp.
(being
stock).
outstanding
issue
29
107,923
outstanding
Nash-Kelvinator
by
55.17%
for
$1.
par
shares
AEREO
for
Livingstone
Co.,
&
INTER-AMERICANO,
30
filed
registration
a
shares
300,000
of
issue
of
two
named
Alstyne,
POWER
filed
March 30
Co.
CO.
on
registration statement for
a
Details—See
issue
of
Offering—Offering
bonds series
due
April 5.
price
Underwriters—The
public
the
to
bonds
Commission's
the
under
be filed by
sold
be
to
are
competitive
bid-
of underwriters will
and names
•ding rule
amendment.
California)
on'March 30 filed a registration statement
for 175,000 shares of common stock
(par
SHOPS,
GRAYSON
(of
INC.
*
including 75,000
shares to be pur¬
chased upon the exercise of warrants.
$1),
Details—See
issue
of
Business—Operates
shops
for
sale
the
April 5.
chain of 26 retail
retail of women's
a
at
ready-to-wear apparel,
is
etc.
to
filed
by
of
CO.
CHEMICAL
ol
stock
common
issue
Details—See
of
(no
for
30
March
filed by amendment.
will be
named
principal
others
THE
130,000
*
shares
of
stock
common
shares
(par
being
are
certain stockholders.
Details—See
issue
March
of
Underwriters—The
Is
Allen
be
filed
&
-
22.
| CORP.
amendment.
RADIO
March
on
statement
principal underwriter
names of others
to
with
Co.,
by
HYTRON
registration
for
filed
16
registration
a
shares
225,000
of
common
stock, par SI.
Of total, 25,000 shares are
issued and outstanding and being sold for
certain stockholders.
Details^—See
issue
Offering—Price
March
of
to
the
...
.
Waddell
&
of others to be
names
filed
demption
March
the
date
these
of
March
on
Offering
shares
Of
—
consist
will
stocks.
be
of
residents
of
$1
cerning which
series
to
200,000
of
shares
share.
per
There
registration 114,512
to
sold
were
prior
registered
the
in
a
April 5.
new
a
at
sold
which
filed
total
also included
'shares
30
issue
Details—See
writer
market its
United
registration,
Company
—
States
and
con¬
to
proposes
securities.
own
INC.,
March
on
statement
shares
50
cents
shares
*50,000
created
being
sold
regis¬
a
450,000
value.
par
are
filed
29
for
of
Of
the
total
by
the
trust
by William P. Lear for his children.
issue of April 5.
Offering-—Stock will be sold to the pub¬
lic at $5
per share.
Underwriters—Kobbe, Gearhart & Co.
ANGELES
March 30 filed
for
the
TRANSIT
be
LINES
shares
stock
common
on
(par $10>.
Lines,
are
to
filed
Offering—Offering
ten
price
to
will
public
Co.,
Inc.;
Eichler & Co.; Alex. Brown & Sons;
Hill, Richards & Co.; W. C. Langley & Co.;
Lazard
Freres
&
Mason
&
Co.;
Bros.;
Laurence
Pacific
fornia; Reynolds & Co.; Shuman,
William
R.
Staats
Co.;
Wertheim & Co.,
of
Cali¬
Agnew &
Stein
and
Marks
M.
Co.
Bros.
Dean
&
Witter
issued
are
being sold by
-
NORRIS
MANUFACTURING
March 27 filed
ment for 20,000
registration state¬
a
shares of 4Vi %
cumulative
preferred stock
($100 par).
of April 5.
Offering—Shares are being offered for
subscription to holders of common stock at
Details—See
of
share of
one
of
issue
common
Subscription
preferred for each
held
rights
of
will
record
expire
Subscription price is $105
subscribed
shares
underwriters
and
will
sold
per
be
to
Underwriters—Shields
April
share.
23.
Un¬
public.
Co.,
is
principal underwriter.'
17
10.
purchased
the
&
April
by
-
named
-
and
share.
Shares
not
ployees
will
sold
to
Of the total
outstanding
and
of
March
private enterprise from the
be
of
merce
the State of New
York
for by
public through
to
CO.
Details—See
bentures
em¬
un¬
stock
common
public
$10
for
fund
principal
others
of
filed
by
are
30,502
shares
the
de¬
of
the
&
is
Co.,
underwriter
Request
—*
for
March
for
of
creased
Underwriters—H.
M.
filed
LIGHT
&
a
shares
POWER
&
Class
A
5%
of
its
company
Class
A
share
conversion
5%
standing
held
5%
by
for
dinated)
CO.
than
for
to
ceive
agents
to
and
secure
preferred
Co.
to
the
gate
due
1947
principal
to $3,750,000
and
amount
of
its
the
ol
A.
54,000
filed
shares
5%
cumulative
issue
of
common
33,264
rizht
shares
to
shares
of
exchange
CO.
on
preferred
stock, $1
April 5.
of
5%
stock
cumulative
preferred
stock
basis of one share of 5%
cumulative
preferred for 1% shares of preference stock
on
accrued
dividends
40,000
Shares
of
to
agreed
common
of the 54,000 shares of 5%
ferred
as
not
are
July 15, 1945.
to purchase the
stock
of
are
and
for
12
filed
12.500
vertible,
INVESTMENT CO.
registration
a
shares
no
-preferred
par,
no
annum,
be
and
Of
par.
reserved
latter
to
meet
20,000
of
shares
conversion
is
to
require¬
for
15.
the
$1
preferred
the
$1
preferred
will
be
offered
share.
at
not
to
$12.50
but
per
public
also
unissued
share.
Underwriters—None
stock.
issued
the
Corporation
authorized
filed
5
into
two
class
E
327,737Vs
stock, which
stock. ■■r&J.'y3
others
in
at
Any
exchange
$20
per
is offering 11,822
shares of
common
"
ELECTRIC
to;
be
&
CO.
March
on
for
Co.,
Inc.,
both
WATER
SERVICE
registration
a
of
$4.50
CO,
statement
cumulative
preferred stock only represents
issue
of
March
pre¬
new
a
15.
the
will
sell
underwriters
who
holders
preferred
at
of
preferred
will
$6
present
offer
cumulative
$104 per share.
Any stock
by the stockholders will be
offered
to
the
public at $104
share.
a
Offering-price of common stock
public will be"$I3.50 per share.
Underwriting—Allen
WHITE
30 filed
&
Co.
and
the
to
water
three
years.
:V-'.,.
as
and
harbors
"The
control
Secretary.,
be expected to be
in
character,
granted to them
powers
cre¬
strictly
and
the
are
con¬
sidered sufficient to place practi¬
cally every stream of water, large
or
small, in the United States,
their
under
the
secured
to
use
water
therefrom by any
municipality or
establishment;
while
railway and highway authorities
industrial
by
is
electric-
that "its
says
unregulated
an
mo¬
enables
report points
no
the
efforts
not
be
to
out
in
guarantee
there
bills
that
floods and
will
resources
subordinated
duction
that
the
control
national
conserve
to
the
pro¬
of power.
'fV
"One thing is certain,
however,
that the electric power business
carried
by
on
ernment
in
the
Federal
competition
citizens
own
will
Gov¬
with
its
large
assume
proportions in all sections of the
United States," the report con¬
tinues.' '
1
'
•
'
.»
.
"The question before the natioi
jurisdiction,
to such
extent that permission would
report
regimentation of
community's economic life."
The
is
States
the
nopoly
im¬
authorities
regional
can
political
United
power,
pollution,
report states,
of
bridges
over
a
V1*
factor
highly
in
production
industrialized
really is whether the Governmei
.
is to engage
wholly in business, or
whether private enterprise is U
be encouraged to carry on.
Flooc
control
should not be used
as
a
in
nation
a
like
operation of super-luxurion
projects at the taxpayer .:
power
particularly when t] ••••-•
taxpayers are already confronte<
a $300,000,000,000 war debt
expense,
•
with
The Road to Bretton Woods
(Continued from
Monetary plan would give
from which
national
save
ton
us,
Woods
turn
to
and
advocating
The only hope
gold.
COUNTY
Shea
&
WATER CO.
on
March
a
issue
Underwriters
of
—
April 5.
the public
to
Pyramid
100.
Life
international
a
gold
of
would
be
possible
the
tired of
of
continuous
resulting
will
will
thing
CORP.
on
March
27
filed
registration statement for 198,800 shares
common
stock
shares
are
are
being
$1).
(par
issued
sold
by
Of
and
the
total
outstanding
Chester
M.
Wilcox,
of
April 5.
Offering—The offering price will be filed
there
which
they
"
Underwriters—Kobbe,
Gearhart
Inc., and Carr, Chapin & Co.
&
Co.,
is
no
will
as
a
distracted
have so
gold—the
in
much
most
in
This will
world.
the
then
be
again recognized as true, as it was
by
The International Financial
Conference of Brussels in 1920, at
all
the
important
nations
of the world—39 in number—were
The Conference re¬
"It is highly
solved unanimously:
desirafc
is
{
•
currencir;'k
present
In
which
countries
to
agree
not
be
adopt.
possible for
restore
:
.
some
.
w ■
yea
effective
an
V
••
could
number of countries it
a
to
,
.
standard
European
s
gasil
standard; but it is in the gen¬
eral! interest that the
European
governments
should
declartnow
that this is their ultimate
be
have con¬
commodity
.
.
object, and should
man¬
highly exchangeable and the most
widely prized single commodity
the
agree on
of {which
they intend to achieve it." n
by
programme
is
This
world
at
sound
time,
as
toff the
doctrine
The only
today.
this
way
prospec
then, for
a
trul.
international standard is gold, ant
the only realistic monetary inter¬
nationalists
a
return
as
are
time-tested
standard.
the
advocates
0
possible to th<
international
golc
soon
as
In the task of rehabili¬
tating that standard and of mak
ing it a continually better stand
ard we should generously cooper¬
ate
other
with
world's
As
nations.
tk<
creditc
nation, however, and the natic
to
whom
monetary
stabilit
means most, we should refuse P
only
important
desirable that the countries which
be
have
global scheme for a conglomera-}
tion of politically managed papr
lapsed
from
an
effective
gold standard should return there¬
to.
."
Two years later this
.
recommendation
by
by 'amendment.
such
In
world
.
issue
they
which
in
fidence.
It
.
European
common
arrive,
politically
.
all
should be based upon a comrru
standard.
Gold is the on;;
long
represented.
WILCOX-GAY
18,800
veloped.
that
the
large
a
soon
pra
cooperatu
among central banks can -be <?<
standard.
at
>
v
.
refor
tice
inflationary evils,
to get back to a
solid monetary standard, to some¬
the
and
currency
stability
everywhere
public
currency.
of
return to
it did after the last war, when
as
its
facilitated of the
on
The time will,
stability in t
of
Measures
be
nations
doubting
{
,
achievement I V
each country of
value
re¬
that proposition, there are
on
which
Insurance
Co., Little Rock, Ark.
and
Europe is- the
will
monetary
wide scale is in
a
the
a
1741)
page
"An essential requisite for t"
economic
reconstruction ' c/
and
return to the inter¬
a
international
on
us,
gold standard alone can
that I am opposing Bret-
confidence
registration statement for $276,000 first mortgage 4%
refunding bonds.
on
March 2 filed a registration statement for
$18,000,000 first mortgage bonds series due
1975 and 68,875 shares of preferred
stock,
of
rivers
30
president and treasurer.
CO.
of
the
The
not subscribed
of
of
,
L. W. COX,
-
&
Offering—Company
a
Stockholders
Stockholders of record at the close of busincrk
1945, will be entitled to vote at such
160,000
$1.
par
named.
SERVICE
State authority, such
aged paper-money schemes and of
of
of
pursuant
to
of
the
office
April 20,
meeting.
provements, and particularly the
regulation
of electric utilities,"
If,
stock,
14,000 shares of
Details—See
TEXAS
split
and
statement
Bolger
Offering—Price
Offering—Holders of the $1.20 preferred
have been given the option to ex¬
change their stock on a share for share
for
be
re¬
each
issue.
„
o'clock
term
Meeting
Western
Railway Company
w
the
By-laws,
at
the
Company in Roanok
on
Thursday, May 10, 1945, at 1
A.
M., to elect three Directors for a
held,
principal
Virginia,
issued and
Details—See
March
in general carried
sick and
preferred.
of
important
now
ferred stock and 100,000 shares of common.
con¬
common,
the
activities
The
stock
basis
will
that
common
common
March
on
with
rights of $1 per share
60,000 shares
the
certain
scale.
statement
stock,
strip
Declaring that the most impor¬
of¬
non-participating
cumulative dividend
per
on
would
provides
stock
will
equity
VIRGINIA
WEST
to
& Co.,
be
and
and
Chicago, are named principal underwriters
to
March
B
sole
Details—See
underwriter,
with
be filed by amendment.
Annual
building
pre¬
principal
The
Norfolk
stream."
such
cumulative
Internal Trade
compacts for flood control as un¬
der the Flood Control Act of 1936,
dividends
and
share,
.
stock
others to
class
shares
same
of
of
are
under
tant
also
A
B
class B
registration
a
the
SOUTHWESTERN
class
per
the
of
exchanged for outstand¬
ing. preference stock and offer them to
names
class
of
of
underwriters,
with
by amendment.
public at prices to be filed by amendment.
named
Plan
convertible
$25
shares
24.948
April 3, 1945.
MEETING OF
subor¬
the
stock
for
RAILWAY
Virginia,
ANNUAL
244,000
being
are
WESTERN
COMPANY
OF
excust for Government ownershr
April 5.
accumulated
present
Shillinglaw,
preference
such
and
of
present time, their doubts will
rapidly evaporate as a result of
outstanding and are
the
experiences
of
war-ridden
being sold for the account of seven stock¬
countries
with managed
incpnholders.
vertibie paper money standards
Details—See issue of April 5.
during the years immediately fol¬
Offering—Price to
the public
is $8.25
per share.
{ lowing the war and before effec¬
Underwriters—Paul H. Davis & Co. and
tive
stabilization
on
any
plan
Offering—Company is offering to holders
of
all
WELLS-GARDNER
par.
Details—See
30
Underwriters—Union Securities Corp. and
C. Allyn & Co., Inc., are named prin¬
filed
registration statement for
a
of
bills
regulation
some
iing.
March 29
1975
securities
share
be
cipal
indebtedness
STRAPPING
States
an
AND
Roanoke,
NOTICE
would be subject to control in the
debentures
1,
issue
shares
at
named
by redeeming the outstanding
STEEL
"These
aggre¬
bonds and issuing $3,750,000 of new bonds.
The bonds will be sold at competitive bid-
SIGNODE
March
on
on
Chairman
attempted invasion
of State
rights by the Federal
Government.
stock, class B (no par).
debentures,
would
conversion.
reduce
to
CO.
debentures.
of
shares
The company also proposes to refund the
84,806,000
first
mortgage
bonds,
4V2%
;eries
amendment.
income
May
with
10
stock
and
consents
procure
shareholders
the
of
names
at
one.
Capitalization after consumma¬
tion of the plan would consist of $3,881,040
exchange
as
sold
for
Power
H. Walker & Co.
Snider
the
by
be
MEETING NOTICE
NORFOLK
further
a
have to be
29.
will
Reis,
proval at the monthly meeting of
the Chamber of Thursday, April 5.
The report regards the legislation
the
"■,-■'.!(■ treasurer
STOCKHOLDERS
M.
Improvements, which drew
the report, will present it for
ap¬
as
THOS. A. CLARK
■
,rt
by
each
share
out¬
shares
of
G.
March
stockholders
of
that
fc Light Co.
Wright,
26 company in¬
offered
to
$59,-
pursuant to a plan
subject to plan being
stockholders.
.Holders
ol
presently outstanding 32,342 shares of 6%
preferred, par $100, would receive for their
preferred shares
the
an
.
recapitalization
shares,
Service
5%
due
approved
$120
preferred
CO.
to
and
named
POWER
bonds
WATCH
common
fered
on
8.
of
is
Increased—In
of
and
filed
Offering—The
is offering 13,056
Cities
&
be
issue
Details—See
cumulative
share
cumulative
others
Co.
registration statement for $3,881,040
a
shares
Co..
registration1 statement
-
of
preferred stock, par $100.
Details—See issue of March
22.
similar
,,
March 29,1945
extending the territory
the Committee
ated
March
to
sale
convertible
VC
of
28
filed
amount
WALTHAM
filed
the underwriting group, with names
of others to be supplied by amendment.
JOSEPH
&
Offering
underwriters
heads
13,056
of
competitive
($4 par).
Byllesbv
March
Allen
—
Details—See
Offering—The offering price to the pub¬
lic will be filed by amendment.
Feb.
of
The interest rate will be filed by
amendment.
named
29.
and
being sold by
000,000.
cumulative
Details—See issue of March
ST.
issue
ELECTRIC
amendment
withdrawal
30-cent
12,000
March 23
Amount
registration statement
a
shares
common
Of the total
issued and
are
Underwriters—The
filed
23
42,702
a
May 1, 1945,
to stockholders of record
on
April I6t 1945. The
transfer books will not close.
of the latter.
on
filed
filed a registration statement
$33,000,000 first and refunding mort¬
gage bonds Series E due March 1, 1975.
30.
550,000
TVA and
which
for
Aug.
on
REEVES-ELY
LABORATORIES,
INC.,
(formerly Reeves Sound Laboratories, Inc.)
on
for
12
being sold by the company
VIRGINIA
amendment.
non-participating.
Price
public will be $110 per share.
1944.
March
is
principal underwriter.
Details—See issue of Aug. 24,
Withdrawal
the
authorities
names
and
Underwriters—Nn
per
Offering—The price to the public is $6.50
14, 1944 filed a registration statement for
5,000 shares of $100 preferred stock, nonto
$5
per share.
on
cumulative
at
stockholders.
with
OLD STAR DISTILLING CORP.
stock,
March
on
(par 50 cents)..
shares
Underwriters
Davis
H.
underwriter,
be
to
shares,
CO.
statement
Details—See
and
em¬
subscribe
—
LENS
registration
22.
of
100
re¬
gional
shares of
UNIVIS
$1,-
deben¬
price
common
than
to
common stock
purchased.
Floyd
D.
Cerf
Co.
principal underwriter.
Hearing set for April 25 by SEC.
share.
per
Underwriters—Paul
of
Underwriters
'outstanding and
is
share
one
warrants
March
on
March
of
offering
receive
named
stockholders.
issue
the
to
and
will
bills creating eight additional
CORPORATION
The Board of Directors has
declared a regular
quarterly dividend of 50<) per share on the
out¬
standing Common Stock, payable on
power
Congress
to
defeat
the
Murray,
Mitchell
and
Rankin
Arthur
subscribed
PRODUCTS
field, a (report made public on
April 2 by the Chamber of Com¬
29.
on or before Dec.
31, 1948.
Em¬
ployees will receive such warrants for each
Of the stock, 300,-
certain
Details—See issue
McQUAY
issued
are
par
com¬
being sold by certain stockholders.
five
5%. sinking
year
ments of the
& Co.
663,-
A
common
stock,
share, with Class A
a
purchasers, other
public by under¬
statement
stock, par $1.
000 shares
Bate-
•man,
for
Class
cent
stock purchase warrants.
ployees,
tures due April 1, 1955, and 350,000 shares
common
is
April 5.
filed by amendment.
Underwriters—Blyth &
6hares
a
shares
convertible
Underwriters—Kebbon, McCormick
of
issue
March
on
Offering—The initial offering price is $5
per share.
Of the
133,000 shares being
offered for account of
company, 20,000 are
to be
offered to employees at
$4.25
per
share.
per
registration
a
000,000
Inc.
Details—See
CORP.
registration statement
one
Details—See issue
Unsubscribed
common.
Underwriters have
outstanding and are
being optioned to underwriters by American
rate
named
50,000
MANUFACTURING
filed
and
registration statement for
a
'429,200 shares of
on
is
March 30 filed
on
offered
be
at $10
OAK
19
common
Details—See
CO.
Co.
dividend
stock, and 40,000 shares
LEAR,
tration
Boyce;
&
a
shares
530,500
per
Underwriters—Floyd D. Cerf Co. of Chi¬
is named principal underwriter.
offer of recision is to be
an
Underwriters
Co.;
$1
cago,
made.
Co.;
filed
mon
is
Underwriters—The company has retained
registration
statement for 314,512 shares, par value $1.
of
19
500
15.
public
T^llier
CORP.
Estabrook ,& Co.,
LASALLE YEI.LOWKNIFE GOLD MINES,
LTD.,
be
will
share,,
will
Prescott,
LOS
UNIVERSAL CAMERA
value
statement
shares
shares
in
by amend¬
NATIONAL DISTILLERS
Warning
work of TVA's which would drive
6V2
shares
Co.,
Against More TVA's
the
and
new
names
DIVIDEND NOTICE
preferred
$110
equal
at
to
N. Y. State Chamber
of the danger of the
country being covered by a net¬
cash
derwriters along with the rest of the
public
offering.
For every ten shares of common
stock bought,
Underwriters—None named.
*
between
Underwriters—The
..
of
to
cumulative
per
ment,
iCity
in
by amendment.
registration statement
a
—
Offering—The
$5
*
All
amount
an
and unexchanged shares
competitive bidding, with
the
public to be filed by
sold
■
Underwriters—Herrick,
V
be
5.
Offering—Company is initially offering
new
preferred to holders, of its common
stock for subscription at $10 per share on
basis of one share of preferred for each
22.
public
share.
with
,
price
Chicago,
preferred stock, par $5.
Details—See issue of April
ELECTRONICS
&
"
and
will
8.
The bonds
be
the
REFINING, LTD.,
convertible preference stock
Offering—The offering price to the publie will be filed by amendment-
is
March
offering price of the
will
are
60-cent
filed
C. LYTTON & CO.
registration statement
a
the total 30,000
Of
$1).
filed
15
&
issue
Underwriters
with names
by amendment.
HENRY
HUB,
March
underwriters,
be filed
to
offered by
>
of
amendment.
principal underwriter.
par).
April 5.
Underwriters—Field, Richards & Co., and
& Co., both
of Cleveland, are
-
the
of
plus
difference
public
stock.
"!■'■ '•
.
Details—See
McDonald
for
filed
10
value.
par
43,000
Offering—The offering price to the pub¬
-
basis
the
to
per
for 500,000 shares of common stock without
named
March
on
statement
registration
a
shares
with names
amendment.
underwriter,
filed
be
HARSIIAW
*
$7.50
&
Price,
principal underwriter.
Offering—The
principal
others
;
at
stock
amendment.
issue
1743
and
urged
Offering—Price to public will be filed by
Underwriters—Emanuel & Co., New York,
'
date
share
.
named
amendment.
on
offering
of
NU-ENAMEL
will be filed by amendment.
of
to
preferred
on
bonds
on
Offering—The company is offering to
exchange the new preferred stock for out¬
standing $6 preferred stock on a share for
exer¬
purchase warrants entitling
purchase common stock within
years
rate
by
Details—See
share.
&
1975.
lic
upon
Offering—Public offering price
108,000 shares is $5 per share.
share.
per
Noel
LIGHT
&
$2,500,000 first mortgage
is
filed
of
{ Details—See issue of April 5.
principal underwriter.
GEORGIA
'"
shares
The interest rate
dividend
of
108,000
public,
stock
share.
common
April 5.
Offering—Price to public is $3
Underwriters—Van
{
shares
total
the
par $100.
are
25,000
covers
Offering—Price
Details—See
i
Of
to
regis¬
a
Underwriters—Hicks
R.
March
on
statement
/
of
holder
.stock.
•
also
cise
on
/
shares
filed
133,000
$1.
offered
NEWCOR MINING
A.,
is
for
par
being
30
^FINANCIAL CHRONICLE
Mercier, McDowell & Dolphyn, both of
EXPRESO
;
stock,
are
18,000
ment
{(Detroit.
S.
statement
common
share.
per
Underwriters—S.
and
March
on
i
April 5.
Offering—Offering price to the public is
j$8
CO.
by company and
90,000 shares by a stockholder.
The state¬
March
on
tration
which
■
statement
shares of common stock,
'stock
MUTER
the
was
International
reaffirmed
Monetary
Conference held at Genoa, which
said:
jockeyed
money
which
the
into
standards—a
debtor
tune
and
a
grandior'
scheme
nations would
Uncle
Sam
ultimately pay the fiddler.
i
cr\
woul
Underwriters—
Securities
Foreign
MARKETS
Secondary Market and
Wholesale Distributors
Teletype
1-971
NY
Thursday, April 19, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1744
PARL MARKS & TP- '"COVER
FOREIGN SECURITIES
-
THE
-
COUXTEK SECI'IIITIES
SPECIALISTS
Telephone
50 Broad Street
New York 4, N.Y«,
•
HAnover
CO. Inc. CHICAGO
AFFILIATE: CARL MARKS &
2-0050
Kobbe, Gearhart & Company
INCORPORATED
Governments"
"Our Reporter on
Members
telephone
government bond market
The
continued its upward surge with
York
NASSAU
45
CHIPPENDALE, JR.
By JOHN T.
New
philadelphia
•
Association
Dealers
Security
NEW
STREET,
5
YORK
Teletype
Bell
telephone
"
york
new
6015
Enterprise
REctor 2-3600
highs being made in the taxable' obligations, as the demand for
the intermediate and long term obligations continued, with the 2 V2S
due 1956/58 and the 2V2s due 1967/72 showing the largest gains. . . .
1-576
new
fear that no more intermediate and long term
will be offered to the banks has created a great demand for
It is evident that the
issues
reported that recent price advances
comparatively light volume. . . . The partially
exempts were featured obligations with the middle and long term
issues registering sizeable gains, as the last two maturities of these
securities went to new all time high levels. . . . This is a resumption
of the process of bringing these obligations in line on a yield basis
these
obligations, although it is
have
taken place on
with the taxable bonds.
^
■
issues of the
taxable bonds,
the
Whether
technical position
of the market will remain as
will probably depend on developments between now and
the close of the coming War Loan. . M There is no doubt that the
technical position of the Government bond market now is such that
it is today
informed students of the money markets.
the advisability of having the
the maintenance of such prices in the
be dependent upon perpetual government control of the
it is causing concern among
These sources,
market
go
patriotic job in financing the
country. . . . The banks have
than have the individuals in this
Treasury has offered them at rates
taken the bonds the
set by the
Government, which have been substantially lower than those offered
to individual investors.
Nor is it a question of individuals not
.
.
wherewithal to purchase these Government securities
available data proves that they are amply supplied with funds.
We specialize in pll
having the
since
Insurance and Bank Stocks
INDIVIDUAL RESOURCES
circulation
in
reached an all time high of
recently
and this is considered a liberal allowance, it still leaves
than $15 billions of hoarded money, a part of which at least
business,
more
bonds.
should be put in Government
Series "E"
the quota set for individuals in
30% of the $15 billions were invested in
If only
in
bonds it would be
,
Industrial Issues
$25,944,000,000, almost as large as the first World War debt, and the
greater part of this is held by individuals. . . . Assuming that $10
billions of currency in circulation is needed to carry on the expanded
'
markets.
refused to carry
The banks have done a much more
war
to levels where
future may
money
for one thing, question
is,
bonds to finance the
their share of the burden.
Currency
TECHNICAL POSITION
this question and that
deficit, and the war, because individuals have
.
levels at which tjte partially exempts
are now selling, the last four maturities of these securities still
give a better tax free return, than is obtainable in comparable
Despite the advanced
-
There appears to be one answer to
these institutions bought the Government
excess
of
the Seventh War Loan.
Trust Issues
Investment
Public Utility
Stocks and Bonds
SECURITIES
TEXTILE
Securities with
New Eng. Market
a
Frederick C. Adams & Co.
Specialists in
New
England Unlisted Securities
24 FEDERAL STREET,
c
BOSTON 10
Established In 1922
BANKS
COMMERCIAL vs. SAVINGS
deposits, which in a large meas¬
ure are the so-called "country banks," will be allowed to purchase
in the Seventh War Loan only the".;%% certificates and the 1V2%
bonds due December 15, 1950, to the extent of $500,000 or 10% of
time deposits, whichever is smaller. . . . It is indicated that these
institutions feel that they should be given better treatment in the
drive, because to many of these banks savings deposits are more
important than commercial deposits and particularly since the savings
banks can buy both the 2%s and the 2V2S.
These commercial banks with time deposits, have to pay
interest on these deposits as do the savings banks, and they
believe that they should be extended the same coupon privileges
Commercial banks with savings
accorded the latter in the coming drive.
.banks
would
COST TO TREASURY
limited
mean
a
allowed to
of
securities
that
be
can
bought
by the
deposits would not be large enough
substantially increased cost to the treasury, if they were
buy the 2 %s and 2%s instead of the % %
the lVz% bonds.
.
DEMAND
DEPOSITS
Demand deposits
-
.
certificates and
largest
yet
of
personnel and office location changes
deserve care in preparation. We will
be glad to suggest appropriate forms
for
suitable
such
for last year totaling $7.1 billions
If the increase in time deposits of
reported.
...
1944, were the only amount invested in
Government
Advertising in all its branches
The fact
that
these
banks
are
allowed
not
to subscribe
to the
Telephone COrtlandt 7' 5060 **
Chicago Philadelphia San Francisco
Boston
billions less for the Treasury to raise from
The total amount of funds that the Treasury would
the banks.
.
.
obtain from
.
individuals based on these assumptions,
excessive, would be almost as
that are not
INDEX
much as was obtained in
the Sixth War Loan.
It would result
Bank
that the banks would hot hive
increased by that
and it would
in $20 billions less in deposits,
their Government portfolio
amount.
' '
high coupon taxable issues, in order to get income
to meet expenses of time deposits, which are increasing daily. . . .
As a result these banks are putting long term bonds on their books
Federal
authorities
to be greatly concerned over the
principally by the large holdings of
by these institutions.
This discussion about
the substantial position that the banks have in Government bonds
provokes the question as to why these institutions have such large
holdings of these securities.
•
appear
bonds
.
BANK
—
Pfd.
.
Investment
Recom¬
1718
Literature
and
Municipal News and Notes
1736
Mutual
1728
Funds
Notes
1717
Reporter's Report
1730
Our Reporter on Governments
1744
Public
1730
Utility Securities
Securities
Estate
1724
Securities....
1720
PUBLIC UTILITY
—
INDUSTRIAL
Macon Northern
Common
W. T. BONN & CO.
and
Sections
Missouri
on
page
Michigan
on
page
—
SOLD
1723.
COMMON STOCKS
—
QUOTED
Available
REMER, MITCHELL & REITZEL, INC.
208
Stock
on
So.
La
Salle
Memo
HUGHES & TREAT
WESTERN UNION
BELL
SYSTEM
TELETYPE
CG-989
Hill, Thompson & Co., Ii
Markets
BO
St., New York 5, N. Y.
9-4613
Tele.
NY
1-1448
and
Situations
for Dealt
"WUX"
120
Tel.
Request.
St., Chicago 4
RANdolph 3736
Request
TELEPRINTER
40 Wall
on
Broadway, New York
Tel. REctor 2-2020
Se¬
1722;
Corporation
New York 5
curities
Wilmington Chemical
Electronic Company
Report
Teletype NY 1-886
REAL ESTATE
—
LUMBER & TIMBER
BOUGHT
Dividend Payer
5's
Telephone COrtlandt 7-0744
Says
Low Priced
Radiator, Pfd.
Central of Georgia
1720
Markets—Walter Whyte
Connecticut
.
Attractive
111. Power Div. Arrears
Bell
Broker
-
An
Pressurelube, Inc.
Broadway
1732
Canadian Securities
Real
INSURANCE
BONDS, PREFERRED AND
Eastern States,
120
Security Flotations.1742
Tomorrow's
trend of bank earnings, caused
U. S.
Bookshelf.......... 1719
of New
Securities Salesman's Corner
BANK EARNINGS
Government
1724
Items
Man's
Railroad
Unlisted Securities
....1738
Stocks
Business
Our
Specializing in
Page
,\
Personnel
Calendar
NSTA
a
•
Insurance
Broker-Dealer
mendations
into the long term
premium, since they have been allowed to purchase only the
short and medium term issues in the coming drive.
and
Dealer
2V4S and 2V2S in the Seventh War Loan, has forced these institutions
at
New York 6,N.Y#
131 Cedar Street
bonds, it would leave $7.1
mean
institutions.
Guenther Law
-
Incorporated
individuals at the end of last year amounted
,
commercial banks with time
deposits, is such that they can meet any deposit changes that may
take place, so liquidity is not considered to be the need of these
The financial position of the
advertisements.
Consultation invited
Albert Frank
SOAR
$39 billions, with the increase
the
22
Announcements
aggregated
data published by the Securities and Ex¬
change Commission. . . . This figure indicates that individuals could
buy a substantial amount of Government securities.
If only 25%
of these deposits were invested in Government bonds, for example,
it would mean that the Treasury would, have to borrow $8V2 billions
less from the banks to finance the deficit.
considered
;
of individuals at the close of 1944
Time deposits of
Tele. BOston
HANcock 8715
lI{|])|[||ijIilUI^UiiiillliHtfllltl!llllililliIllillllllllIIIIII|lllltilH1!lll[iIllliI}lljj|]i;iii|Hlit>i!iLiUlll
.
$34 billions, according to
to
Tel.
created, neither of which are
in that amount would not be
this time. :.r
•
; /
■ -:
individuals for
amount
commercial banks with savings
to
power
needed at
TIME DEPOSITS
bonds by these
will create deposits, and purchasing power, just the same as
subscriptions to higher coupon bonds.
The
not have to
%% certificates and the 1V2%
Purchases of the
provide the Treasury with $4V2 billions that would
be obtained from the banks, and deposits and purchasing
It would also
Tele. NY 1-2
@FedFRASER