Full text of Commercial and Financial Chronicle : April 22, 1943, Vol. 157, No. 4170, Section 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

ESTABLISHED

Edition

Final

OVER 100

In

YEARS

2 Sections-Section

I

ommetci
5;»-

New

Number 4170

157

Looking Ahead!

;

toward

headed

their

Nations

United

"The

are

accord.

complete

Pat.

Office

Price 60 Cents

York, N. Y., Thursday, April 22, 1943

The Individual In A

to

Copy

a

Corporate

World

Only

.

,

f

>

Post-War Investment

now

victory—due

-5

i.

S.

U.

lteg.

Volume

.'.

through the same spirit of cooper¬

will

is won,

after victory

ation,

of the United States will be highly
abnormal, and one of the important steps to reduce abnormal con¬
ditions to the minimum is the encouragement of risk taking and
maintenance of a high spirit of adventure in the community, Dr.
The

these nations continue united and
thus maintain

stable peace.

a

"Production

of

materials,

raw

mines, farms and fac¬
Pro¬

able

hold

to

permanent

;New York.

1

- •

,

IliMs itti

put

writes

Thus

C.

Robert

Stanley,
of

President

Co., in
to

ter

"Chroni
and

to

spirit

taking

flour¬

ishes,"

D r.

di¬

Slichter

said.

rect

the

lic's

attention

pub¬

"The

these

company

his
has

pared a
advertisements on the

subject. The first one appears on
page 1485 of this issue and carries
these catch phrases: "Industry is
on page

1478)

H.

Slichter

will

public

policy.

new

in

ments

the

last

need

o

harshly.
must

material

Special

dealer

to

activities in the above States
pear
see

in this issue;

Commenting

and

of

starters

page

for Michigan
on

hospitable

and

ment."
The

r

four

gested by

specific

1.

savings

QUICK ACTION ON DESIGN

•

steps

conditions

sug¬

mini¬
in

Slichter

the

"There
for

need

opportunities be¬
technological progress

of

brought about by the war.
the

the holding
of
bonds until matur¬

Discourage

said:

substantial

war,

itself with

the
a

country

from

individuals

After

will

find

price structure which

will require many

2.

and

costs

of

a

(Continued

readjustments.

on page

1486)

attaining

They Give Their Lives
YOU LEND I

MANAGEMENT PROBLEMS

YOUR MONEY

REPORTS

FINANCING and VALUATIONS

ENGINEERSand CONSTRUCTORS

Chartered

Life

at<^-

Underwriters,

the Waldorf-Astoria in New York

and

are

desirable objectives

should

we

sacrifices

to¬

Established

San Francisco

NEW YORK

INVESTMENT

realization,

if

it is clear that

they

are

at¬

tainable,"

Dr.

Freedoms

soon

and

int

a n

g

costs.

is

Troy

Stock

Exchange

Curb

Exchange

Cotton

Exchange

Exchange,

Commodity
Chicago
And

N.

Board

Orleans

New

NEW

MEXICO,

GENEVA,

D.

terms

of

Valentine

Dr. Alan

present

free¬

American

every

much in money that

all

Stocks........ 1499

1491

Trusts

1479

Our

Reporter On

1494

Our

Reporter's

Governments:.... 1492

Report....1475
....1490

Items

.1477

Securities

Railroad

Real Estate Securities.............. .1477

Securities Salesman's Corner ........1494
Tomorrow's

Markets—Walter

Whyte

.....1479

Says

so

most of our

present* economic elbow room
nearly

global

Securities

Investment

Personnel

Discussing the costs in terms of

cost

of

1481)

Municipal News and Notes

their

doms."

would

the

of

on page

Insurance

Canadian

to

Ameri1 cans,
in

realized.
economic

the

Calendar of New Security Flotations. 1495

and

chase

the

of our private enter¬

prise system would have to van-

Bond Brokerage
Broaden your customer

Service

service with Chase
and Dealers

correspondent

Hardy & Co.

facilities

Exchange

York Curb Exchange

Members New

INCORPORATED

Syracuse
Dallas

IS EXCHANGE PLACE

634 SO. SPRING ST.

JERSEY CITY

LOS ANGELES

Member Federal

New York

30 Broad St.

of national

scope

Pacific Coast Stock

Federal Machine and

Exchanges

Welder Co.

Open to 5:30 P. M.te.w.t.)

in

Quotations and executions for brokers,
and
institutions
on
Pacific

Over-Tlie- Counter

dealers

Basic Report

Exchange

PITTSBURGH

MEXICO,

SWITZERLAND




sent upon

Securities

INCORPORATED

45
Tel.

N.

Y.

Nassau Street
REctor 2-3600

Dealers

New

Teletype N. Y,

Phiadelphia Telephone:

securities,

also have eastern

HART SMITH & CO.
REYNOLDS & CO.
Members New

Security

Coast

request

including those which
markets.

Direct wires

Kobbe, Gearhart & Go.
Members

Deposit Insurance

Corporation

Tele. NY 1-733

Tel. DIgby 4-8400

I

Inc.

YORK

F.,

Buffalo
Williamsport

Albany

Exchanges

DETROIT

HUGH W. LONG and COMPANY

I

Trade

Exchange Bldg.

Y. Cotton

CHICAGO

of

Cotton

other

become

Page
and

Actual Trading Markets, always

Members

York

would

Bank

to

cost

if the Four
be

INDEX

Members. New York Stock

York

PHILADELPHIA

Pittsburgh

1856

H. Hentz & Co.

York

war

and
i b I e

estimated
the

of

totalitarianism

(Continued

Among

Buy War Bonds

1927

64 Wall Street, New

New

economic

the

costs

the
be

to

were

The

ultimate

tangible

un¬

times.

relaxation

no

totalitarianism

probabili¬

ties

be

could

and its bureaucracies

esti mate

the

There

and

normal

controls, no diminution of
centralized
government
power

said, "but it is
too

in

these

V alentine

not

unendurable

but

democratic

for Banks, Brokers

SECURITIES

BOSTON

New

challenge to Amer¬
is not only through

high taxes and loss of private
capital for individual enterprise.
We regard present Government
controls as endurable through the
war

their

ward

to

But the

ish.

ican freedom

and Wise Investment

R. H. Johnson & Co.

52 WILLIAM STREET

York

now

OF THE CITY OF NEW YORK

For Patriotism

Buy War Bonds
and Stamps

Sanderson&Porter

New

Freedoms,

Four

national bank

In connection with

Established

the

objectives under the Atlantic Charter, must be,
closely scrutinized by every American, to make certain that none
of the present freedoms are lost, it was asserted last Saturday by
President Alan Valentine of the University of Rochester, .speaking
before the annual Economic Seminar of the American Society of

also
SURVEYS AND

Chicago

the Four Freedoms of
Reality Questioned

war

as

There will be individual freedom of the appli¬
potential demand
for goods based upon the great cation of the Four Freedoms, Dr.
said:
accumulation
of
"First,
they
liquid
assets Valentine

ity;

AND CONSTRUCTION

a

environduring the war.
ff
.'■■■:!■
an
enormous

Encourage

war

be

cause

post-war period were:

1480.

post-war econ¬

investment

of

con¬

a

Slichter to

Dr.

abnormal

mize

on

goods arising out of geographical
shifts in population,
The country
will have accumulated a backlog

enter¬

furnish them

to

way

Dr.

omy,

will

experi¬

innovators,

regard

genial

ap¬

Connecticut

1478;

page

of

items

and

reference

with

upon

; i

a

menters

interest

enormous

an

based

By

prises as peculiarly useful citizens
and must be willing to go out of
its

be

goods

goods will exceed $3,000,000,000.
the middle" of next year it
will be about $25,000,000,000."

During

The
nation
which
high standard of living

-

will

for

dle of 1943, however, the deferred
demand
for
durable
consumer

ten. years,

methods

all make great

^

de¬
purchases," he said.
"No
estimates of these needs pretend
to be very accurate. By the mid¬

public policy
has treated the risk taker pretty
wishes

'

\

ferred

f
taking
require
develop¬

risk
S.

Prof.

"There

encour¬

agement

/

the trend of post¬
war
business, Dr. Slichter pic¬
tured a huge "catching up" pro¬
duction, to meet the backlogs in
all
fields
of
consumer
goods.

risk

an

heavily income from

Discussing

the

of

enter¬

The

established

"These

risk taking.

consume,

provided

business

The Atlantic Charter

their

Tax less

4.

drops

to

pre

(Continued

to

itself
in
the' propensity

the

c

thoughts

of

than

and

in

to

series

seeking

funds

1 e,"

effort

Robert C. Stanley

ment

the
of

Editor

The Ability of the World to Make

earnings rather City.
distribute them as dividends;

portion of

let¬

a

3. Encourage

prises to plow back a large pro¬

ties of invest¬

to

Nickel

tional

o

work
quanti¬

adjust

Interna¬

The

t

funds into

insurance, the prob¬
facilitated;

or

lem of shift will be

to

large

demand

and

these

convert

fairly,
annuities
the

for

economy

just and dur¬
able peace'."

cash

of

deposits; to the extent that indi¬
viduals

is

easy

'a

of

Saturday,

last

said

cumulations

in

..

"It

jobs—if the post-war world is to
en j o y
the
fruits

:: Hotel

Waldorf-Astoria

the

duction must continue—workmen
be

University

Economic Seminar of the New York
Chapter,
American
Society
of &
Chartered Life Underwriters, at rapidly spending their large ac¬

tories busy as never before.
must

Harvard

of

HAND IN HAND

before the annual

speaking

of war—are being made at a rate
that keeps

FREEDOM AND SECURITY DO NOT GO

economy

Slichter

H.

Sumner

tools

output of factories—all the

post-war

Ass'n

York
1-576

Enterprise 6015

York Stock

120 Broadway

Telephone:
Bell

New

Exchange

New York, N. Y.

52

York Security

WILLIAM ST.,

N.

Dealers Assn.

Y.

Bell Teletype NY

HAnover 2-0980

1-395

REctor 2-7400

Teletype

NY 1-635

Dean Witter & Cm
Members

Members

SAN

NEW

YORK STOCK EXCHANGE

FRANCISCO STOCK EXCHANGE

and other security

NEW FORK

New York

Montreal

Toronto

and commodity exchanges

14 WALL STREET
LOS ANGELES

BArclay 7-4300
SAN FRANCISCO

HONOLULU

THE COMMERCIAL & FINANCIAL^ GHRQHICLE

1474

ZZZZZiTrading Markets in:".:

,

1

American Cyananiid Pfd."

Nu-Enamel

Brown Co. 5s,

United Gas Improvement

KING & KING
New

Security Dealers Ass'n

York

Telephone

NEW YORK

BArclay 7-0100

Teletype

NY. 1-672

.

York

,/ -

Preferred

Members New York Stack Exchange

■'

;

Stock

:

Exchange
Neio York Curb Exchange

120

NY 1-423

BELL TELETYPE

^•; V Members
New

Exchange and Other Principal Exchanges

115 BROADWAY'

HA 2-2772

PI., N.Y.

Common &
.

HcnONNELL&QD. Steiner, Rouse & Co.
/■;v;
V

Members N. Y. Stock

.

\

\

.

Walworth Pfd.

.

r

Goodbody & Co.

Established 1920
Members

Warren Bros. Class A, B & C

,

Paper 5s, '€0 & Com,

Noranda Mines Ltd.

Common

Debardelaben 4s, 1957
Ralston Steel Car

Remington Arms

v

,

Minnesota Ontario

Alabama Mills

Botany Pfd. & Common

'59* Corn. & Pfd.

Gold

Bulolo

Sedgley, Inc.

40 Exchange

in U. S. FUNDS for

We Maintain Active Markets

Red Rock Bottlers
R. F.

Thursday, April 22, 1943

r...

>V; .;'

25 Broad St., New York, N. Y.

/

•

NY 1-1557

•

New Orleans,

BROADWAY, NEW YORK

Tel. REctor 2-7815

*

La.rBirming ham, Ala.

Direct wires, to our branch' offices

-

N. Y,
THEIR

GIVE

THEY

LIVES

Savings Bank Oommiitse Galls For ill Cunningham V.-P, Of
United Action To Coordinate Post-War Planning Equitable Management
;bOSTON,

...

YOUR

YOU LEND

Urges All

To Cooperate In Strengthening American
Economic System

MONEY!
WAR

BUY

KONMS!

The Best Buy In

Mitchell & Company

that

gests

WOrth 2-4230

the

for

national

United. States
is

merce

Chamber

desirable

for

and

Corporation

St. Paul Gold 5s 1975

of

V

Spurgeon

Ph. & Read. C. & I. 6s 1949

H.

Cunningham as
Vice-President in charge of dis¬
tribution through
investment

Seaboard 6s, 1945

Houston Oil Pfd.

^

dealers of shares of Equitable In¬
vestment

Corporation

chusetts.

;

of Massa¬

'

Cunningham has been

ac¬

C. E. de Willers & Co.
120

tively associated with the whole¬

plan

as
the
of Com-;

suchleadership

]oire.

Teletype N. Y. 1-1227

Bell

of

C Mr.

State and New York City and sug¬

Broadway, N. Yv

120

■4% :MOP;Ge«>|4s^l97j5;; •;/

Equitable

the association with it

announces

Baltimore Stock Exchange

Members

Management

—

Massachusetts, 82 Devonshire St.,

/

.

Citing that any plan for post-war reconstruction and prosperityrequires cooperation of all groups—industry, banking, agriculture
?and labor—the New York State Savings Banks Committee oh postWar Planning and Reconstruction, in its recent report,, calls-for the
constructive and aggressive formulation of a plan with all-groups
participating under the leadership of one qualified organization. The

v.-v

.

Today

World

The

1

MASS.

;

saling of Boston managed invest¬
ment trust shares exclusively for
the last 15 years;

•

Broadway, New York

REctor 2-7634

Teletype NY 1-2361

1

New

York
To Dealers

City, the planning Should" be
Centered in a group such as the

only

Interesting:

i

tion

the committee, (composed of
Charles Diebold, Jr., Harold Stone,

Copper Canyon Mining
10c

Frank IL Williams, William L. De-

Par—-25c—35c

35c—55c

New Niquero

Springer Manage
Gar! larks Gf Gfeicago
f William vP.
with

been

.

Richards and

Philip A. Benson,'all
leading savings bankers, under, the

Sugar

chairmanship of; DeCoursey Fales,

Earned about $7.37

President

12V*—14%

George fl. Rogers & Co., Inc.
NewYorlG^^

Charles; Diebold, Jr.

Course y Fales

:; Do

of

ings, stated:
^After this

report considers the .problems con¬
fronting the Nation, New York

The

war we

(Continued

Sav¬

for
•

the greatest plant
i

Bank

-•

capacity- in our

on page

1490)...

Sugar:-

Springer, who has

Carl

Marks

&

Farnsworth Television

Com¬

Missouri Kansas "A"

Botany Worsted Mills

placed in charge of the Chicago

Com. & Pfd.

affiliate, of the firm.
Mr.

Springer has been active in
"Foreigns" here and abroad for

J. F.Reilly&Go

15 years and. now holds the
office of VicerPresident of the Il¬
linois corporation, succeeding Mr.
I. Zippin, who resigned; ^ ;
Mr. Springer has had two years
of training on the London Stock
Exchange and has also been a

Members

Foresees Television As1

Vigorous' Post-War <;

member

Struthers Welts

other

of

Bourses.

-

'

E

u r 0

Bought—Sold—Quoted

Club
-

earlier

this

Bell

television set will depend

(Special

public demands, the advertis- '«vaudience' was told; but Dr. tures on their screens after the,
Baker
pointed out that in his war if such a procedure, can be;
opinion the American people will made economically sound arid if;
not
want
a
managers can attract audiences to
the theatrers to see these pictures,!
picture the
Dr. Baker said..
size
of
their;

on

ing

H. G. BRUMS & CO.
New York

20 Pine Street

Telephone: WHitehall 3-1223
Bell

Teletype NY

1-1843

,

(

wall

living
Th

Exceptional Facilities For The
ACCUMULATION OR PLACEMENT

of large blocks of

people's

average

he

The
the

sit

feet
away
from the tele¬

STOCKS & BONDS

vision set and

&reene«aGompaY\^
Members

N.

Y.

Security Dealers

Association
37 Wall

Bell

St., N-Y.

Tel. HAnover 2-4850

Teletypes—NY 1-1126

&

1127

bnjoy the
gram,

pro¬

it

was

technical

is

tion
Dr. W. R. G, Baker

son

We

Light & Power

built

Established

of

the

after
any

color

war

immediate
television

make obsolete much of the

on

after'

E. Volz Associated

TITLE COMPANY CERTIFICATES

<

REctor 2-0166

i

/ With John HI.
--

;

Douglas
Edward

TRUST COMPANY PARTICIPATIONS
WHOLE MORTGAGES

New Orleans Public Service

Southwestern Public Service

|

It will be worth your

buying

or

while to check us before
selling any of these securities,

sterling investing corporation

G.ASaxton&Co., Inc.
£

70 PINE ST.,

I'

N. Y.
Teletype

NY

Wlliteha
1-609




42 BROADWAY

NEW YORK

*

1921'

1 IS Broadway
v

New York City

would

A. S.

Dumcnt Labratories

T.

KellettJAutogiro Corp.
Warren Bros."B"&"C"

Shonmger Dies

EdwardA. Purcellt Co.

!

Members New York Stack

Alexander. S. Shoninger, Assist¬
ant Vice-President of Massachu¬

Exchange

Members New York Curb Exchange

65

Broadway
Telephone

New York

WHitehall

A. T. & T. Tel. NY

4-8120
1-1919

Spokane Int'l Ry. Esc. Recpts.

Elk Horn Coal Corp.

Eastern

1st and 2nd Preferred

Federal Water & Gas
Missouri Utilities

Request

1

ends;

adop¬

trans-;
mitting equipment of the nation's;

Specialise in

Telephone

.

why mo- :
setts Distributors, Inc., Ill Devon-;
tion-picture houses cannot receive eight television stations., which shire, Street, Boston, Mass., died
and project special television picon April 16, 1943.
(Continued on page 1478)
-

Common Stocks of

Black Hills

time

Then, too,
no

re a-

sets

on

R. F. GLADWIN & CO.

-

-

Circular

Type

old-

war

some

explained.
There

television

Inc., U. S. National Bank Building.
Mr. Greenlee was previously with 1
VascohcellS,
Hicks
&
Co.
for1
eleven years in charge of the:

as vice-presi;expensive and still has not been dent of Wachob-Bender Corpora¬
worked
out
to
the
engineers'; tion, and is now associated with
satisfaction, Dr. Baker pointed John M. Douglas, Investments, In-;
out.
Color television will come, surance Building.
1;;he
■cas
said, but probably not " fori

eight

or

the

*

with Peters, Writer & Christensen,

probably; will. produce
OMAHA, NEB.
pictures in black and white be¬
cause color television may be too; Volz has resigned

that

can

quoting

Chinese proverb that a picture is.
worth 10,000 words.

prob¬
ably will want
a picture from
12 to 15 inches

person

feeven

lives,

National Paper &

associated i

become

Mallory

Sylvania Industrial

The Financial- Chisonlcle)

has

f

Kellett Autogiro Corp.
P. R.

DENVER, COLO.—Lawrence A.
Greenlee

1-2489

p e a n

imag-j municipal department/

ination the effect of television

rooms.

e

square so

"OVER-THE-COUNTER"

He left to the audience's

their

in

to

:

Teletype, -NY

System

,

New York, N. Y.

REctor 2~zm

.

With Peters, WriSer

month.

The size of the picture produced by a

i ■•.

V

Lawrence Greenlee Is

priced television sets in large volume, Dr. W. R. G. Baker, General
Electric Vice-President, told the Schenectady (N. .Y.) Advertising

Security Dealers Attn,

III Broadway,
■

'

When peace comes, radio manufacturers, now devoting all their
facilities to war production, will be prepared to build reasonably

AH Issues

York

New

:''

ii

:

Vertientes Camaguey

oyer

will possess

Punta Alegre Sugar

:f'

Bost, James T. Lee, Oliver VW. pany, ; inc., foreign securities speRoosevelt, JosephhA, - Broderick? •ciajists, New York and Chicago,
Clarence M. Fincke, "Edward A. for' the,past seven years, has been

Cuba Co. $1 Par
■.

•

Regional Plan Association.
In discussing the national situa¬

Corpcration Common

Deep Rock Oil

Clinchfield Coal
Preferred

&

Corp.

Ohio Match

Common

Universal Match
Bought—Sold—Quoted

Robert C.
.

.

lewis &st0ehr

30

Mayer & Co., Inc.

Established

Pine

1915

'

,

.

Street,' New York

INCORPORATED

Telephone DIgby' 4-7900

4-4970

BOwling Green 9-0480

80 Broad St.

,

KY.

DIgby 4-0985

-

•

Bell

System TelelypeNY' 1>1790

.

■

^

157

Volume

Number 4170

/

B. Dana Company
Publishers '

William

;

Spruce Street, New York ;
3-3341

BEekman
Herbert

■

'

1

President

:

.

i

i

AND COMPANY

One

(When Issued)

twice

Published

week

a

[every

Common

Stock

(When

the

Long-Bell Lumber

.'}

Offices:

Other

H. H. Robertson

Reentered
ruary

William

by

B.

Members

'

s -

32

second-class matter Feb¬

as

under

the

Act

of

March

Subscriptions in United States and
Posessions, $26.00 per year; in Dominion
of Canada, $27.50 per year; South and
Central
America,
Spain,
Mexico and
Cuba,
$29.50 per year; Great Britain,
Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year. '
NOTE—On account of the fluctuations

York

Security

Teletype NY 1-5

'

CHICAGO

DIgby 4-8640 Teletype NY 1-832, 834

JggglThe Gold'.Standard

129

determination to

limelight this week when hear¬
ings opened in a suit by a holder

^

The

-

from

;<

the

fought

WHitehall 4-6330
1-2033

NY

against

in

:

of

and

being

is

of

the

for

President:

The

officers for the

Lewis

First

Secretary:

mately bring

S.

.

Emrich,

Harris, Hall & Co.
\

Childs & Co.
Directors:

a

States

C. F.

I:

r

..

:

•

ket

shows

little

disposition

a

than

more

coast

mar-

to

do

<

S.

(Editor's Note:

Knight,

Decision

of

the

Kansas

Terminal

Railway to forego pro¬
jected
refinancing
of its
out¬
$49,000,000
mortgage
An interesting descriptive cir¬ standing
debt at this time, sets that oper¬
cular on Fashion Park, Inc., which

Clothing Stock Looks Good
the firm believes offers

attractive

ation back for at least six months

been

prepared

under the terms of the "call pro¬

has

distribution

by

Blauner,

Si¬ vision" governing the outstanding
bonds.

Co., 25 Broad Street, New
Bankers
had
been ; confident
City, members of the New
York Stock Exchange.
Copies of that this deal involving $47,000,this circular may be
had from
&

•

York

Blauner, Simons & Co. upon re¬
quest.

000 of

new

on page

1489)

BRANIFF AIRWAYS

•

e

t

e s-

and;
wrist

a

Sold

—

'

Bonds & C. D.

:

.

j

"

/

r

;

J.F.Reilly&Co.

twenty-

in

Members

-

his

■

-

:

111

Wm.

P. Larkin and
partner in the firm of

L.

i

-

with

Bartgis Brothers

Benjamin E. Bampton and Adolf

Thomas

Type ;

and rights

common

In 1936 he formed, together
E.

1-2480

Y.

N.

Federal Screw Works

Theodore Prince & Co.

Sen.

Teletype,

National Paper &

teen with Sylvester

other

System

Pflugfelder

H.

on

April 16, 1918 at the age of four¬
a

■

REctor 2-528H
Bell

financial

later

Assn.

Broadway, New York, N. Y;

in

career

was

Dealers

Security

v..;\

Pflug¬
began

district

a

York

New

W all

-.Mr.

the

managed.

H. Rust,

Segal Lock & Hardware :
preferred

(

road bonds and railroad reorgan¬

1896

were

we

some

on:

of

value

cents'

64

Of

property,

the gol$

course,

worth of
I refer to

property

as

measr

the Bureau of Labor Sta¬
standard.
Then we ref

ured by

tistics
mained

on

the gold standard and

1932 the dollar again had a
buying power of some 167 cents.

by

Because

make

surance

terms

I

Georgia-Alabama 5's '45

and ?

•;

•

lishes

manual'

well-known

the

of

the

known

facts

I

the statement with as¬

.that the value of gold in

of

property can be placed

at.any point so long as the Govr
ernment manging its money can

(Continued

on page

1493)

HlRIOD&fo.m!

The firm pub¬

ization securities.

St. Paul Fire & Marine

Bell

Jacksonville Gas Corp.

The St. Paul Fire & Marine In¬

Common & 5s, 1967

Paul, Minn.,
offers attractive investment possi¬

surance

bilities
dum
&

System

j

Insurance Looks Good
:

of

Co.

according to
110

a

Terminal &

memoran¬

William Street, New

Savcy-Plaza, Inc. 3-6s, 1955 W.S.

City. Copies of this memo¬
randum together with a consol¬
idated balance sheet as of Dec. 31,
and

comparative

upon

request

165 Broadway,

4Vis, 1958

earnings

figures from 1933 to 1942 may
had

Transportation

Great American Industries

York

1942

•

St.

just issued by F. L. Brokaw

Co.,

COrtlandt 7-6190
Teletype NY 1-84 ;u

1'70 Broadway
....

.

,

can

;

4's—5's—6's

4's

ing power of some $2.15 as measr "Guide to railroad reorganization
ured by property.
•
«
Then in 1920 securities."
we were still on the gold standard
and the same dollar would buy

the

1-12M

NY

Bonds & C. D.

asso-i

his
a

felder

standard

only

Teletype

Seaboard Airline

f elder, >

Street.
•

those

the

i

ary

must
agree that

that

\

Atlanta & Birmingham

fifth annivers¬

you

admit

CO!

.

honored ?

his

gold

must

2-8970

firm,

from

Brokaw & Co.

F.

be
L.

Frank C.Masterson & Co.
i

Members

64

WALL

New

York

Curb

Exchange

NEW YORK

ST,

HAnover 2-9470

Teletype NY 1-1140

/

LAZAKD FRERES & CO.

Eastern

Corporation
Preferred

Bonds

Announce the removal of their offices
•—

Co/a

Participations

e w

watch to mark j

ta ndard

gold

g

was

e.d

favor

u

with

school. I think

who

the

Pf 1

and

a

Exchange, 61 Broad¬
1
'vV \'C.
City, the
N

"From the Great Lakes to the Gulf"
Bought

Title

other

Stock

serial bonds would go

(Continued

Ctfs.

Trust

William H.i

money

-

second,

In

City

Ctfs.

Co.

was: presented?

standard and the dollar had abuy-

Further details

Co.

impromptu gathering at

an

friends,

•

Newell

At

c

stable.

along.

Title
Mtge.

Ctfs.

Broadway, New York, N, Y„

HAnover

by

!

first,

school,

I n:

regarding the suit now in prog¬
George L. ress will be found in the Munici¬
Martin, Martin, Burns & Corbett,
pal News and Notes Department
Inc.;- L." M. Rieckhoff, Northern in
this issue.)
Trust
Co.;. Floyd
W. : Sanders,
Smith, Barney & Co.; Ivan W.
Ilung On Technicalities?
Wing, Weeden & Co.

mons

is

b

Court,

Barcus, Kindred & Co.;

possibilities,

V

I

backed
by gold must

ruling from the
Supreme

In

Co.

125 Years In "Slresl'7

of

money

expected to ulti¬

Meanwhile, the municipal

Treasurer: A. G. Pickard,

a

all

Invited

L. 1.60LDWATER &
39

the.firm of Pflugfelder,
on whether or not Congress has
words,- the fact that any monetary Bampton & Rust, which has be¬
the constitutional right to tax L'
unit, even if tied to a fixed gold come widely known throughout
State
and
municipal
issues.
content,
is
not thereby
made the country as specialists in rail¬

T'.'-

Elton

is

case

United

Miller,

since

not enjoys the status of
governmental subdivision.* ^

1944 fiscal year are:

National Bank.

erence

even

that

just

George L. Martin, President of the
association, announced.
,
Nominated

Bureau

Revenue

conversely

Authority does not exercise
sovereign powers of the State, it

will be held
on
April 30,

Club

Counsel i'or

the

for the ensuing year

Attic

Internal

maintains

Club to elect officers and directors

the

ref¬

-s

— The
annual
Municipal Bond

the

note

I

paper

Revenue Act.

In

Mtge.

iNc,

senior partner!

therein.

a- m a n.a g

of all
Authority'sfse-U,

a
governmental subdivision fall¬
ing within the definition set forth

CHICAGO, ILL.
meeting

the statements

the

tending that the Port Authority is

in the

—

—

>

with any of

issue

take

the; interest

Counsel for the plaintiff is con¬

To Vole For Officers

Specialists

Memberi New York Security Dealers Asin,

York

Senator From

with

.made, to

curities.

Chicago Municipal Men

—

way

read Dr. -Kemmerer's
interest'^and do .not

have

article

interest;

the

—

York

Oklahoma

made

Department's

4-6551

Complete Statistical Information

the offices of Pflugfelder, Bampton & Rust, members of the New

'•M

States

desire-to

test of the validity,

a

" ;

•

and April 15.
given here¬

are

ELMER; THOMAS

I

of Au¬

Port

*

•

8

ones

'

.

is being,

case

the

bonds,

holders

>

holdings.

Treasury

assessment

II Members New York Stock Exchange*'
Teletype

by

as

the

on

his

petitioner's

sponsored

Invited * z

St., N. Y. Z

s"

April

United

$2,943 paid
income taxes1 on

recover

deficiency

revenue

Newburger, Loeb & Co
Bell

with:

of bonds of the Port of New York

as

&

and

-

regarding the views expressed by
Dr. Kemmerer, I and some of thje
letters received were given in our

subdivisions

of

40 Wall

obligations

.The

.

issues'of

thority

I

nationalistic paper-money

own

Additional

Certificates
Inquiries

ends the

we

ESTATE_SECUR1TIES

Bank

"Chronicle" in¬
vited comments from its readers

governmental
;back into thp

came

Are

Bond

monetary situation and expressed the conviction
prevail and we
spared the chaos that would ensue if each country adopted

would be

of States and other

Authority to
.

of

status

WHitehall

Lawyers

"Chronicle"

1, bearing the above caption,- Dr. Edwin Walter Kemmerer,
of International Finance in Princeton University, dis¬

standards

Government's ap¬

Federal

tax-exempt

B Prudence Company

j

Maybe

that the doctrines of the gold-standard school would

its

REPORT

;:
The

N.Y. Title & Mtge. Company

in the

appeared

Professor

REPORTER'S

foul

STREET, NEW YORE

Lawyers

cussed the post-war

parent

Lawyers Mortgage Company

authoritative article which

an

April

OUR

ments must be made In New York funds.

specialize in

-In

.

the

that

on

hold?

Inquiries

:

exchange, remittances for
subscriptions
and
advertise¬

We

REAL

'

Harrison 2075

Teletype CG

us

and

them
to

bid/

Telephone:

The Tuture

healers Ass'n

in the rate of

foreign

for

v

Board of Trade Bldg.

Broadway

NEW YORK

25, 1942, at the post office .at New

York, N. Y.,
3, 1679. ;v/

New

Spring

call

a

We

STRAUSS BROS.

Dana

not

still

you

99 WALL

Telephone HAnover 2-4300

\v,j.

1943

and

make

can

H.

Copyright
Company. ;

at

bond

(?)

calling:

are

why

25 Broad Street, New York

'

Chicago—In charge of

Gray, Western Representative,
Field Building (Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, E.C.
//

Victory!

Spring- is here

Umpires

phone

Spencer Trask & Co.

Thurs¬

Nearer

FOUL!
Now that

Issued)

again,

day (general news and advertising issue)
with a statistical issue on Monday]
Fred

Week

Philadelphia Electric Company

William D. Riggs, Business Manager
Thursday, April 22,., 1943

ticrasTfip

"

trading interest in

'•

$1 Preference Common Stock

Kellogg Company

■;

:

1

Dana Seibert,

1475

Philadelphia Electric Company /
-

Publisher,,

active

an
'

Stromberg-Carlson

■">

.

'

Rockwood & Co,

Selbert,

D.

Editor and
William

We have

CHRONICLE

U. S. Patent Office

Reg.

& FINANCIAL CHRONICLE

;

COMMERCIAL and

FINANCIAL

25

THE COMMERCIAL

-

Quoted

from 120

Warrants

Common

Broadway to
Bought

—

Sold

—

Quoted

Descriptive Circular Available on Request
44 WALL

STREET, NEW YORK

Boettciikr and Company
52

Wall

Teletype N.Y. 1-2385
DENVER

.

CHICAGO




New

Tel. HAiiover 2-8140

Street, New York

•/.

'

COLORADO SPRINGS

telephone number

HAnover 2-1200

April IP, 1943.

CRAIGMYLE, P1NNEY & GO.
Members

ONE

New

WALL

Telephone

York

Stock

Exchange

STREET, NEW YORK

WHitehall

4-5290

1476

THE COMMERCIAL & FINANCIAL CHRONICLE

James Currie, Jr., Willis M. Summers
x;-

Louis P. Singer

and

.

GOODBODY

^ ■
New

York

Stock

Exchange

New

York

Curb

Exchange ;
and

CO.

We

specialize in the following

New

Other

York

Cotton

Chicago

Exchange
of

Board

Trade

Principal Exchanges

"When Issued"

,

.

A ^

Securities

of

name

Iff! Hon, Rose STrsster

115 BROADWAY

105 WEST ADAMS ST.

NEW YORK

CHICAGO
that

Announce

.
,

will conduct their business under the

&

Members

|

formerly doing business under the

Thursday, April 22, 1943

of

name

as

New

of their

manager

Investment Securities Department

';

Troster, Currie & Summers

Chicago & North Western

MR* JOHN S. REITENBAUGH

,

has become associated with them

BARCLAY

TELEPHONE

<

Minn., St. Paul & S. S. M.

7-0100

New Issues

■

of April 26,

as

74

1943'.
Oliver J.

Trinity Place,

New

Troster*

Spread Gospel Of Free Enterprise
Wampler Urges; Warns Against Paternalism

!:'! i

:

James Currie, Jr. •>

York, N. Y,

Willis M. Summers "v
Louis P. Singer

'*>

people must decide

American

The

!||

New Common

whether private enterprise

'.

Corporation, commended the

Group

Director ;: of Harriman Ripley &
Co.,; has accepted the chairmanship

said

Attractive, Condensed

chure

ing

paign

and

of

Highlights

behalf

Special

of

hospitals,

E

h

n

v a

i I

a

n

The
supply
limited,

will

be
ro¬

tation

M

is

four

tions

ADAMS & CO.
SOUTH

Lfl

SALLE

has

STREET

CHICAGO. ILLINOIS

Pierpont V. Davis

been

UTILITY

The

Section

separate divisions.
"We

|

gratified

RAILROAD

that

MUNICIPAL

post," Mr. Burgess declared.
is an important assignment, calling

|

Mr.. Davis has accepted

for sound

have

we

BONDS

able to

this
"It

leadership. In Mr. Davis
chairman who will be

a

rally the fullest support of

New York's financial community."

Outlining his plans, Mr. Davis
explained that the Finance Sec¬

CmYN«®COMPANY
INCORPORATED

tion

CHICAGO
Boston

will

Milwaukee

NEWARK

the

their

large degree how well the home

a

front

Municipal Bonds

depends to

response

is

to

be

maintained

"United

in

the

Insurance Stocks

J. S. Rippel & Co.

cies

including

child

care

MArkei
York

8-3430

Phone—-REctor

2-4383

family

System

Teletype—SL 80




A

'

*

".0

I1:' ;

•

-,r

'•

that

action

Joint
New

in

leaders

industry,

active

with

and

aid

directly

Davis

a

commerce

agen¬

after his elec¬

.

/.

.

■

was

No¬

last

tion

vember

chairman

as

ment

Bankers

been

associated

of

,

the

with

He

18

Vice

years,

National

State,

in

included John

He is

:

of

W.

has

the

>

trustee of the Drydock

a

director

a

members

Its

r

Hanes,

dersecret
of
Gov. Thos. E. Dewey

the

Chair¬
man; David I.
Dubinsky, President of the Inter¬
national
ers'

Ladies'

Union;

Garment

Corporation, the Philadelphia and

Inc.,

New

York,

and

Reading

Bell,

New

York

State

Iron

Co.,

and

the Wabash Railroad Co.

He is active in the affairs of the

Henry Street Visiting Nurse Ser¬
vice/

.

-

-

'•

■

-

•

'

r

-

"

Work¬

Delos Walker, Vice-

President

and

a r y

Treas¬

ury,

of the National Distillers Products

Coal

Un-

former

'

Harriman

President

City Co.

Yorkj
partic¬

the

Prior to that he was, for

.

in

>

ularly in New
York
City.

Ripley & Co. since its formation
in 1934.

oppor¬

New

Invest¬

Division.

to

employ¬

♦

tunities

agen¬

Fund

'Members N.
120

- v.7-- ; V

on page

1493)

: V. .r,

and

the

of R.

H.

Macy

&

Elliott

V

•

Superin¬

tendent of Banks.
In

a

covering letter to Gover-

(Continued on page 1492)

Established 1926

2-8700

.Teletype NY 1-1288

Tax Data

State

of

Hay Be Had

From STAMY Com.
The

ruling obtained by the
of the Security

new

Committee

Traders Association of New York

out-of-town

gave

firms

the

ad¬

vantage of shipping drafts to New
York without the necessity of af¬

city's ablest fixing the New York State Tax

Attractive Possibilities

stamps unless specified to

do

so

the time the transaction takes

at

place.

This supplements the ar¬
the "Chronicle"

ticle appearing in
of April 15.
! ,!

Copies of the rule from the
New York State Tax Department

-

may be obtained from the STANY
Committee,,, members / of
Airways, Inc. offers at¬ Tax
!
tractive possibilities at the present which are:
P. Fred Fox, P. F. Fox & Co.,
time and for the post-war period
according to an interesting circu¬ Chairman; John Laver, Edward
lar just issued by Boettcher and Purcell & Co.; Frank Mackessy,
Company, 828 Seventeenth Street, Abbott, Proctor & Paine; Fred
Denver, Colo. Copies of this cir¬ Preller, Eastman, Dillon & Co.;
cular may be had upon request Willis
Summers, Hoit, Rose &
from the firm's Denver office or Troster. V! % !;>h!

Braniff

.....

•

from

their

52 Wall

New

York

office

at

Street.|

Interesting Situations
American

Fed. Machine & Welder

Situation of Interest
Federal Machine
offers

and

& Welder

attractive

possibilities, ac¬
cording to Reynolds & Co.,-120
Broadway, New York City, mem¬
bers

of the New

change.

York Stock Ex¬

An interesting basic

re¬

port upon the company may be
had from Reynolds & Co. upon

request.

Credit

at

the present

ac¬

Broadway, New York City. Copies
may be had
request from Hill, Thomp¬

of these memoranda
upon
son

& Co.

7

Lazard in New Quarters
Lazard

Brooklyn

pos¬

time,

cording to memoranda just issued
by Hill, Thompson
& Co., 120

Freres

& Co., members

of the New York Stock

Louis Geen In

"A"

1953, offer interesting

sibilities

Co.

Business

Quaker City Cold Storage Co.

of

5s

r ;

Co.,

V.

Security Dealers Assn.

$

V"-

cooperation of the

Y.

Broadway, N. Y.

REctor

(Continued

]

Ward & Co.

pro¬

with its

division of Federal power among
the executive, the legislative and

and labor, is urgently required to
of the City of New York and

services,

on

.'

Yorkers

the

balances

and

for encouraging the future expansion of the

program

a

served

Odd Lots at the Market

J

;

city's economic life, it was stated in the report of the Hanes Com¬
mittee on Employment in the city, &
which was made public by Gov¬ Braniff
Airways Offers |
ernor
Thomas E. Dewey at Al¬

2,000,000 every
period of war

vital in

year, are

*

arrest the continued economic decline

appointed
by
Governor
Dewey shortly

New

Convertible Preferred |

and

recapture

the basic structure of our

municipal government

the

by

coupled

York,

blind, crippled

all

abroad

Gravity of Economic Problems Facing City Underscored;
Corrective Steps Held Imperative
|

ment

serve

war

Tax

and

cies

to

are

checks

The

/>-

The committee

"Important always, these

the

battle at home to

a

Rejirl Giles Continued 1
I||J|| Loss GfTrade By Hew York Ciiy

bany

The

we

won

Hanes Csmmiflee

institutions, settlement

Savings Institution, and

Members St. Louis Stock
Exchange

'

•'

and aged.

1940

Bell

''

and homes for the

Mr.

509 OLIVE ST.

•!

•

if

STOP NUT

again and again:

vided by our Constitution

effectively by being exactly what
we
have proved ourselves to be
during 90% of the past 150 years

more

emergency,
guarding
front behind the front."

SAINT LOUIS

sys¬

job most

our

•'

of

time

v5r/x £ Co.

do

can

study business

.

New

We

...

houses, hospitals, clinics, health
agencies, visiting nursing services

1891

18 Clinton St., Newark, N. J.

-

•

have

we

battle

a

April 11.

appeal

Greater New York Fund are
than 400 voluntary welfare

Bank and

in

strength and health," he added.

shall have

win

our; American

of

structure
tem.

to develop

the various exchanges.,

Jersey

Established

of

support

banks, investment houses,
loan
companies, insurance companies
and brokers, textile factors and
"On

New

enlist

•

ELASTIC

great truth that must

will have

preserve

capture

f

particularly

are

we

a

to;win, if we are to re¬ American
system.
and preserve |the! basic,

at home

W.

16

includes

Here is

After

Cloud Wampler

we

the %i

won

abroad

war

an¬

of the National

Finance

not easy to

one

In

be driven home

we

City Bank
and General Campaign Chairman.

INDUSTRIAL

;

"After
have

Randolph
Vice-Chairman
of
thi

Burgess,
Board

New York

-

it

nounced by

re¬

mili¬
tary secrets. ;':H

the

campaign,

with.

Boston

*

Telephone: LAFayette 4620

fact, a statement
of the case is rather touchy busi¬
ness-especially during war time.
But I am going to take a whirl
at it just the same.
'
1 ;

vealing

sec¬

for

Congress St.

thought that is in my
with respect to

honesty is

deal

disclosed

New York f

,

organ¬

ized

Broadway

Telephone: REctor 2-5000

heart

and

sheer

decline

without

major

business

received.

120

]

Exchange
Exchanges

each other.

The third

losses

ping
were

and other

with

mind

sharply, he
if ship¬

of

one

Members New York Stock

19

la¬

.^aid,

Davis

r.

Joscphthal & Co.

American

average

a

the

problems.

would

}

chairman,

heads

re¬

filled in the

quests

As

of

solve

playing it safe. Oppor¬
tunity and security do not thrive
on

Absenteeism

and

agencies.

to

1 y,.

tion

and

us

good chance, he said,
good chance is incompati¬

a

ble

a

propor¬

bor

welfare

!

ble

Dealers O

solve

large

country's

ry

health

Market
ncement

a

Possibilities.
A

PUBLIC

406

which

average

would

on

volunta

better than

131

The

Situations
offer

management

New

York Fund,

the
is

wants

and

coddle

problems."

our

All

of

and

labor

cam¬

Greater

Bro¬
contain¬

15

on

"

to

ernment

all

a

the part

on

sixth

!.' :!;k

New.Issues

people independent, confident
ambitious, and not a people
that looks to a paternalistic gov¬
and

similar candor

of the Manhattan Finance Section

annual

that-

Ik.!;!.;,.'
a

co¬

operation ' of railroads and ship¬
in. : meeting
the rail car
shortage, and •

pers

the

Western Pacific

Wampler, President of the Carrier^

Pierpont V. Davis, President and

of

Residual Ctfs.

,.

Speaking on April 14 at the 61st meeting of the Board, Cloud

Pierpont Davis Heads

*

United Gas Improvement

government shall rebuild the world after the war, and business
must seize every opportunity to prove that American industry
is entitled to the faith of the American people, a Syracuse indus¬
trialist told the Atlantic States Shippers Advisory Board.
i
men

Greater HY Fund

Philadelphia Electric

:

or

*Now in the Armed Forces.

Concise

Issues

the

announce

offices

BROOKLYN, N. Y. — Louis
Green is engaging in a securities

Wall

business from offices at 2205 Fos¬

firm's

ter Avenue.

Hanover

from

Exchange,

removel

120

of

Street, New York City.
new

telephone

2-1200.

their

Broadway to 44

-

-

The

number
».>

is
-

Volume 157

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4170

"

ATTRACTIVE SITUATIONS IN

1477"

Chicago North-Western Decision
and What the Cash Means

•

REAL ESTATE SECURITIES

New and Old Securities
Statistics and

complete information on request

Circular

Seligman, Lu bet kin & Co.
Members

Members

61

New York

i::

York

New

Stock

Internal Pr. &

New York
:

Bell

Teletype—NY

Company 5s, 1959

Canadian Pac. Ry.

Exchange

Broadway

Telephone—DIgby 4-4933

Teletype NY 1-592

HAnover 2-2100

tone

Brown

Security Dealers Association

York

New

41 Broad Street

Aldred Inveslment Trust 4 Vis, 1967

request

on

PFLUGFELDER, BAMPT0N & RUST

Incorporated

•

Abitibi Pr.& Pap. 5s, '53, Bds.,C/ds

v

-

(Internal Issues)

Pap. of Newf.5s,'68

1-310

HART SMITH & CO.

Earns

BUILDING

AVENUE

RUSSEK'S FIFTH

J;

7.32% On Bonds

I

The action of Pere

More Than Two Times Fixed Interest For 1942

joying
been

Russek's has had

corresponding effect

a

the earnings of the 390 Fifth Avenue Cor¬

on

poration, a company 100% owned by Russek's, which leases the
property to the parent corporation on minimum terms to cover all

including 3%% fixed interest on $1,287,500 First Mortgage
1951.
The lease "calling for rent to be paid the

expenses

Leasehold Bonds of

subsidiary based
sales

provided

cient to
than

■

5% of its net4>
$5,990,129.10,
income suffi¬

on

net

fixed interest

cover

more

twice.

The issue

July

1936

1,

secured

the

reorganized

was

by

a

leasehold
95

about

and

extending

estate,

feet

166 feet

of

as

and the bonds are
first mortgage on
on

Fifth

Avenue

West 36th Street,

on

comprising about 16,000 square
feet, located at the Southwest
36th

of

corner

Street

the

buildings,
erected

eight

location.

thereon.

made

for

which

advance

to

the

advances

to

The

for

Avenue

in

any

made

be

For Year

one

additional rent

•

-

1938——

—

$72,765

—

!" 1940—
i\ 1941—*

——

Total

rent

paid

1941

for

.'

49,025

——_

6,823

minimum

the

on

amounted to

$234,073.35, the sum of $227,249.89
being based on the 5% of net
for

called

For 1942 sales at 5%

sales.

$299,506.45,

of

payment

or

than
fixed
bond interest,
of the subsidiary.
A continuing
uptrend of sales is noted from the

$49,260.64
more
charges, including

comparison of January, 1943 sales
of

$925,775.75 with $701,630.68 for

interest.

-

to be

SHASKAN & CO.

*

~

charges including ground

estate taxes, operating
and fixed interest on
the bonds. Through Dec. 31, 1942,
Russek's
have
paid
net $147,-

PL.,N.Y.

Bell Teletype

DIGBY 4-4950

5%

NY 1-9S3

addition

that

to

of net sales, having
BK
C2

&

l« A •

>

Prudence Collaterals

Schram Will

F1

Series
A-18

all other

and

'

.

Schram, President of the
Stock Exchange, will

on

25)

(April

Sunday,

to

SI EG EL

Ex¬

the

of

firms

member

visit

stop

in

Houston,

leans, and. Atlanta.

Mr.

-

Schram's

first

Coast

since

West-

!

at

be

visit to the
he
became

,

.

Francisco, he will speak
luncheon meeting on April

in his honor by the
and, also,
at a luncheon meeting of the Comrftonwealth Club on April 30.
In
29, arranged

Chamber of Commerce,

Los

Angeles, Mr. Schram will

dress

a

luncheon meeting of

Town Hall

on

DIgby 4-2370

Teletype

1-1942

Now Kenneth B. Hill Co.
BOSTON, MASS.—As

May 3.
.

_

"

ad¬
the

dress or

firm




,

as

.

;

operating the

sole proprietor

since Dec.

1, 1942, previous to which it was a

partnership.
a

While

specializing

the firm also con¬
corporate business.
\l

in municipals,
ducts

,

telephone.

Mr. Hill has been

Members

the

be

York Stock Exchange

New

par¬

JX:.- (We specialize in

BROKERAGE

;

.Specializing in

.

■/.::

Railroad Securities

New York Central
NEW YORK

ONE WALL ST.

Telephone HAnover 2-1355

V

Chicago, Rock Island

1-1310

Teletype NY

& Pacific

direct

Railroad Bond Issues

these

increasing

are

the

at

Specializing in

$560,000 a year.
Even in
1942 net earnings of the company
amounted to only $3,569,066. Ob¬
viously even if the company were

EROY A. STRASBURGER & CO
1

to

abandon

couple

of

ferred

its

years

stock

dends

its

Buy U. S. Treasury

hope for divi¬
the
management

sound financial

completely

the

background for
that

is

construc¬

the

after

that

even

place

distortions

were

volatile

The

a

of

come

available for

in the
when in¬
charges dipped

from

$1,831,000 in

1931 to $682,-

was

apparent
years

1932 and then recovered to

Again later in

$2,071,000 in 1933.
the

income-available

decade

for

dropped from $5,002,000
in 1937 to $1,090,000 in 1938 and
recovered to $3,636,000 in the fol¬

charges

lowing

year.

past,

of

the

<

road

when

and

this

latter

consideration

With

now

in relation to other rail

St.

waukee,1975

that

even

if

St.

siphon off a portion of the pheno- ;
menally swollen cash reserves for:
the direct benefit of present bond !
Under

holders.

presumably, be an im¬
portant .lag- in, the operations of
Pere, Marquette. This is based on
the
theory that therer will be
wholesale shutdowns of plants in
there will

period of

bonds

Income

in

($717.50)
stock

ferred
power

the

com¬

portion of the

is allocated pre¬
good
earning

of

5s,

slightly

a

Defaulted RR. Bond Index
!'. The defaulted railroad bond in¬
of

dex

Rust,

New

Broadway,

&

York.

City, shows the following range

apprehension as to post-war sol¬
vency. Therefore, the new secur¬
ities should give a higher evalua¬

55.

even

Bampton

Pflugfelder,

61

low—14%;

tion to the

plan

new

and quality.

Jan.

from

free

ICC

and

but the major

claim

56,

be

the

5s, 1975 get a small participation >

remote

will

is

means

for

curities

1,

date: high—

1939, to

April

price—j

21

earnings.

war

Secondly, there will be some in¬
coming in

on

the St. Paul

during the current phase.

5s

amount

will

be

small

The

Mohawk & Malone

kept to

if

the interest due on new

As

Railway

securities

3/4s, 2002

inquiries

brokers we invite
on

blocks

odd

or

of

lots

HIGHEST GRADE RAILS
We

maintain net markets

also

in

SEABOARD AIR LINE

i

4s,

1st

Guaranteed principal

6s/45.

and interest

by New York Central R. R.

1950

SEABOARD AIR LINE
Consol.

Bonds

(Unlisted)

h

Ctfs.

8c

SEABOARD AIR LINE

the post-war

a

other

reorganization and the se¬
that
emerge
therefrom

severe

ap¬

witnesses a sustained high
level of railroad traffic in general

territory. during

at

price. For one thing, the
Paul
is undergoing
a
very

5S/31

years

the

Pacific

&

lower

eliminated
the
stock
looses -this
questionable appeal.
One other factor being pointed
is

Paul

available

are

or if
found
to

the new preferred

on

some

securities,

particularly reorganization bonds.
As an example, the Chicago, Mil¬

parently

out

substantially if

distribution is made out of earn¬

ings

mon

moder¬

receded

ately from the year's high (selling
at 35 at the time of this writing)
but is still considered unattractive

the

accumulated in poor years.-

has

a

im¬

business

belief that these
recovery periods would be util¬
ized to pay off dividends that had
proves

peace

stock

The

come

^ Vr;

the appeal of the
preferred stock, in the face of
periodic deficits, has been based
on the strong recuperative powers

the plants
production to

manufactures.

war

The fixed charges
slightly more than $3,-

a

from

went

year.

the

1-897

reconversion to peace activities. A

not

nature

Bell Teletype NY

N. Y.

similar lag was noted as

on

war

63

the

the automobile in¬
dustry leads to highly cyclical
earnings as evidenced by the fact
that charges were earned in only
five of
the
10
years
1932-1940
when

Incorporated
Wall Street
New York,

the

Strong de¬

war.

rederic H. Hatch & Co.

biit

i,
reorganization plan,

could be increased

position of

will

retirement

Bonds
under the

holders, the nature of

confidence

to

NEW YORK

bull¬

a

retirement of

fundamentally

request

upon

WALL STREET

72

A

the stock.

the

Quoted

—

Van Tuyl & Abbe

practices and dis¬

ish attitude towards

Sold

—

Information

•

2nd War Loan

on

tributed virtually lits entire net to
the
stockholders'.
This
hardly
seems

SEABOARD AIR LINE

YORK

Bought

it would be a
before the pre¬

back

NEW

Teletype: NY 1-2050

RAILWAY COMPANY

could

unless

turned

STREET,

3-3450

retirement

debt

entirely

program

WALL

WHitehall

,

of April
15, 1943, the firm name of Alcock,
Hill
Co., 80 Federal Street,
Boston, Mass., became Kenneth B.
Hill & Co., with no change in ad¬
i

.

In San
a

System

Or¬

New

This will

President of the Exchange on July

1, 1941.

Bell

CO.

&

39 Broadway, N. Y.

change in Chicago, San Francisco,
and Los Angeles.
Returning, he
will

and

In

York

leave

and if, divi¬
prior pref¬

will

accumulations on the prior
preference
stock
amounted
to
$25.83 a share, a total of $2,890,960,

000,000

TITLE CO. CERTIFICATES & MTGS.

McLaughlin, Baird&Reuss

beneficiary. As of the end of last

amount to

NYSE Firms

Toronto

SERVICE

year

000 in

$49,260.64 from the 1942
net earnings of the subsidiary, as
rent based on 5% of net sales of

New

when,

early depression

Active Markets

en¬

pur¬

resumed the

stock

operations

recovered

Emil

are

erence

factor.

expenses,

in

dends

pendence

Members NeW York Stock Exchange

40 EXCHANGE

rent, real

rent

Even

gory

*

*

is

company

BOND

operations

stock in the consistent
dividend paying investment cate¬

REAL ESTATE

Aug.

the

for debt reduc¬

preferred

sales, made in this property,
the minimum rental, however, to
be an amount sufficient for:; 390

on

sued.

debt

IN

ret

630,89

from

utilized

tion, and this policy will be

lead
MARKETS

SECURITIES

based

released

has been

past history of operations does not

is leased to
1, 1951 (one
month after the maturity of the
bonds) on the basis of 5% of its

all fixed

way on many occa¬

Pere Marquette's business arid the

TRADING

L395

the management to soft pedal the

sions to stress the fact that divi¬

After

repayment

that

preferred stock have little prospect of

ground rent and

The entire property

until

of its

gone out

all security

and retirement of bonds.

Russek's

the part of

tive for the long term

advances, net earnings
applied to the purchase

these

Granted

ings. In fact, the management has

debt

net

any

on

fact that holders of the

Granted

1942.

January,

securities.

rate of

68,279

'

and

year

only from

ating expenses,

are

ex¬

Approximate

„

after payment of oper¬

earnings

of

and

construction

for reorganization

$60,000

fixed

reorganization

of $74,675.11 was

Repayments by 390 Fifth
Corporation are limited

penses.

can

necessary

cover

sum

advanced

$52,187.00

to

agreed
funds,

Russek's to make further

and for

costs.

Russek's

,

„

basis

The plan of reorganization pro¬
vided for certain alterations to be
.

'

*

HAnover 2-OS

Y.

Montreal

New York

high rate of earnings at the present time, there has

inclination

no

Cash

lease, the

interesting in
that they reflect the uptrend of
business done by the store in this

high,

stories

this

subsidiary are

1939

Avenue,
New
York
City,
to¬
gether with two contiguous

basis of

railroad

of

very

a

an

figures
showing the additional
rent paid by Russek's as a mini¬
mum
to
meet fixed charges of

Fifth

and

the

On

r

N.

Teletype NY

Marquette preferred stock in advancing about

dends of any nature are remote.

such

provided

ST.,

Bell

ticipating directly in these earn-*

above fixed charges,

excess

WILLIAM

100% from the low established earlier this year is surprising to most
followers

An increase in net sales of well known store of

52

RAILROAD SECURITIES

REAL ESTATE SECURITIES

,

SEABOARD AIR LINE
Ref.

4s/59.

Bonds

8c Ctfs.

1. h. rothchild &

co.
63

specialists in rails
120

broad way

COrtlandt 7-0136

n.

y. c.

Tele. NY 1-1293

Wall Street, New York

BOwling Green 9-8120
Boston

Tele. NY 1-724

Philadelphia

Hartford

THE COMMERCIAL £

1478

FINANCIAL CHRONICLE

!! Thursday,

April: 22,. 1943

the issuance of bonds and in many

Sacrifice Of Michigan Dealers

V

Governmetit

Municipal and Corporation

Do Yeoman Service

!!!!! Bonds ill-;:

'

i'

'

n

j

It

who

NEW

DETROIT
1500 Buhl

Bldg.

:>

,

Randolph 2055

expense.

own

t

duly impressed.

was

■

But then I started to think about what

YORK

65 Broadway

here

Digby 4-8101

to

Detroit.

in

detract in

any

Not

attempting o

way

from what
doing,
I

entertainer

that

was

and

are

customers

;

into

stocks

bonds

war

9685

the

be

to

war

tomers

the

scot

one

Common

Request

Mercier, McDowell
&

& Dolphyn

Members

Buhl

Detroit

Stock

Exchange

>

.

Cadillac 5752

Bldg.

DETROIT

60,000 Lincoln Park

The

Mich. School Dist.
3—3>/2—i%

known

15,000 11-1-61/4

bankers

Building

DETROIT

Teletype DE, 475

the

RAndolph 3262

ferred;

purely

Building"

"

DETROIT
CHERRY 7040

i

the

of

Michigan

he

Building,

Detroit Stock

information

ns

for

up-to-date

information and markets
on

3Eii«lBi|u;2iis .MM'iirilie.s.

Members Detroit Stock
Exchange
Members Chicago Board

of Trade

812

Buhl

Bldg.

Teletype DE

,

Detroit
167




Motors

R.

•

These

scot

ing

Co.

Solid

over

was

!V.y

V.'r,

,,

and

fact

i,' *

hundreds

remains

of

other

of

the

fraternity

j

to

find

out

;

finest

and

that

>;

most

are

coun¬

unusual

doing

-

C. O'Donnell & Co., Penob¬
Building, members of the De¬

Common;

so-called

National

on

in

antagonizing good customers.

to

F.

some

of

and

agreed

this

war,

won't, be

Wni

ofJ the
5

"The human
;

.;.V.

1

i

•

•

Mr.

we

of the

o r e

land

h

u m a n

na¬

f

didv

n

Co.,

&

Buhl

Michigan

Steel

One

of

Welding

Class A.,

major; prob¬
lems after the

would be how

war

bond

rapidly to
compe titive

his

to each and
every

Charles
.

Purple Heart and the Dis¬

investment

and post-war planning con¬

peace

Sees

Bright Future
For Television

I (Continued from page 1474)
will

form

diate

the

'

F.
\

Kettering

thing is to let
business: keep
being
Kettering
on

petitive,"
Mr.
"Nobody is going to

com¬

said,

ball game
if you don't keep score.
Profitmaking is just keeping score."
•

for

television

post-war

I

imme¬

broad¬

These stations. probably '
branching out with full— |
scale programs shortly after the:
will start

war

ends, it

Before

was

the

explained.

war,

sizable por-'

a

tion of picture tubes, the most ex¬

pensive part of television sets,
imported from Holland be-|
cause
they could be bought by'

were

U. S. manufacturers cheaper than'
they could bd built! But the war
has changed that, Dr. Baker ex¬
plained, and when peace comes'
U.
S.
manufacturers will have;

tremendous

capacities

make

to

-

America.

in

tubes

will drastically reduce
price of these tubes,

opments
the

pre-war

which will be among

the elements'
bring about reasonably

priced television sets/ he said!

Machines

Co.

Copies will be sent by

will

*

Dr. Baker

pointed out that Gen¬
eral Electric has had a relay sta-'
tion

in

years.

operation for over three,
Located in the Helderberg

Mountains outside Albany, N.

Corp.,

Economic

—-——-—-———

NBC

picks

television

station

from

■

N.-: Y.'

in

through General Electric's WRGB
This

transmitter!

is

the

nation's

television network, he
pointed out, being in service since
January 12, 1940.
pioneer

'

United Public Utilities
Preferreds
The

$3

United

DETROIT, MICH—President H,
Hastings announces that
the following members of the Se¬

up programs

City and relays them to the Al-|
bany - Schenectady - Troy
area

tion

Attractive
$2.75

and

preferred

according

stocks
of
Corpora-!
possibilities-'

Utilities

Public

offer

attractive

^

convertible
'

to|an! interesting dis-

Russell

cussion

curities

April, 1943 issue of the Preferred
Stock Guide being distributed by.

Detroit
Armed

Traders'
and

Association

Michigan

Forces:

■-

are
■

of

the

in

:

Iv.Pvt. Harry B! Buckle, Allman,
Everham & Co.

"

..

Major Thomas S. Clayton, Clay¬
ton & Company.
&

Major Fred
Company.
Lt.

•

nucleus

casting.

cumulative

war," he said,

them

out

management of The International

that

In Armed Services

!

rate

equivalent

;

displayed, by Mr. Stanley and the

Detroit Traders How I

the

to return busi-

passes

,

We hope that the vision being

Cast¬

the firnvupon request.

and

simple." '•

sincerely hope that when

Department

play in

can

Bank

Common; United Drill & Tool Co.'

01

to

tinguished Service Cross, he gives
one

Roney

wars

e

"sound

win

powder

of

today and

the

Largescale production and other devel¬

analyses of National

Electric

:

b

and

don't

epito¬

peace," if given a
opportunity to do so, than

these

ings Co. Common Stock; National

for

operations.
"The
big

Morgenthau

Treasury

:

ture,

bonds, now—

the

And I

latest

Indianapolis

'

the

unselfish

C.

Of Detroit;

change',". Mr.
K e tiering
said. He urged
that plans be

the brokerage industry
-worth

Committee

~
has had

race

'

!:

that if

a

Building, members of the Detroit
Stock.; Exchange, have prepared

Stamp¬

April 17,-which' added:

cases

right

blow it up; but I still
most

the

from

advices

in trade is his

it's
war

over

Kettering, Vice-President of General Motors

business for him in

sell

cycle

Simple Post War Plans Med
8y G. F. Kettering, Detroit Motor Executive

selling

even

that

business

doomed to failure;-said United•>>-•

on

the

job

to

Nickel Company will pervade the

Leonard

Refineries. Inc., Common; Federal

Exchange, have late

member

Press

he

put into

difficult

be

ferences.

Development, spoke
on April 16 at a dinner at Indianapolis,
Indiana, sponsored by the
Indianapolis Chamber * of Commerce and the Indianapolis ! Sales
Executives' Council. :! Mr! Kettering said that any post-war plan
based on- the assumption that -the war. "will change human .nature"
is

that

unselfish

history—in

a

as

members

dollars

world

Exchange, have com¬
piled late; information on King-

which

Charles

fin¬

Best in History
the

would

the station

terest return.
i,y

'.It

troit-Stock

Buhl

Corp.,

members

salesmen.

Wm. C. Roney & Co.

The company has
peace-time prospects.

request/

ished, that broker looked up kind
of sheepishly and mumbled some¬
thing about safety plus a good in¬

proper

Contact

the largest manu¬

now

Peace-Time

a

mize the dynamic part the corpo¬
rations of America are playing in

j

being

When the conversation

Agreed

.

It is

Build

Help

World."

does the copy used in this ad.

been used be¬

who

customer,

was

Must

full

*

Buhl

-

broker,

stop down and talk it

less potential
the future.
.

Editor

Mercicr, McDowell & Dolphyn,

customer list and every war bond
sells is just that many dollars

.

Ward

Jong period of' time.

he

lt<SllOI*S

to

try.

firm upon request.

bonds fill

war

A broker's stock

•

Helping Win the War"—"Industry

.'

.•

never

Seeley ^ Corp.
First

touted
out
of something.
Finally I the
broker offered to buy his lunch

R.C.O'DoiM8ll& Company
625 Penobscot

-

facturer of this item in the

reports
may
be
had from the firm Upon request.

long-

a

.

said

prospective

But

SECURITIES

fore.

the

of

Electric

Howell

.

further.

INVESTMENT

method-had

comprehensive

was

'

that U. S.

might feel

King-S^eley Corp'n, Com.
Leonard Refineries, Inc., Com.
Federal Screw Works, Com.
Vinco Corporation, Com.
Graham-Paige Motors

Stock Exchange

'

:' indebted

are

Looking Ahead!
(Continued from first page)

the

on

of the
Detroit ■■■"Times" for making it
possible for us to carry the fore¬
going from his pen.

Exchange,
have
up-to-date analyses of

Co., and L. A. Darling Co.

needs much better than that

if he'd

Members Detroit

•

»

We

active

are

Schultz;: Financial

will be given on
This company has an
stock. V Let me put you down for
outstanding peace-time record of
some?" 1,11!
:l earnings and dividends. In 1940
And then he went into a spir¬ its engineers originated a method
ited selling talk—possibly not too of making machine-gun clips and i
well received on the other end by
links
out
of
stamping, - which

Miller, Kenower
& Company, Inc.
V.|

Frank,"

"I think

your

Penobscot

stock—for

"But
request

on

■(

-

members

To All Markets

own

.

.

the other end

on

investment.

term

3.30

Circular

their

lVivule Wiihis

•

llandolph 5625

not

ley, Milner Co. Common and Pre¬

interested in the purchase of sev¬
eral hundred shares of a well-

;
>■

man

-

.

Telephone

Bank,

Banks

Building

DETROIT, MICH.

Campbell,

National

though things have been pretty" Building! has compiled a recent Screw
Works
Common;
Vinco
good the last six months or so, no bulletin on Roseville, Michigan Corp. Common and
Graham-Paige
industry
has
suffered quite so Refunding Bonds
maturing 1948 Motors.' This data may be had
heavily as the brokerage business to 1967,
priced to yield 2.65 to front- the firm upon request.
in the last five years.
3.25. Copies of this bulletin may
But the comparatively few sur¬ be had
from First of Michigan
Charles
A.
Parcells
&
Co.,
vivors put personal gain to one
Corp. upon request.
Penobscot Building, members of
side and stepped but to do a fine
the Detroit Stock Exchange', will
selling job.'
;
Keane & Co., Penobscot Build¬ send
upon
request
copies
of
Real Sales Talk
ing, members of the Detroit Stock "Business Booms & Depressions."
Exchange, have prepared up-to- This | is an analytical chart, in
Yesterday afternoon I stepped
date analyses of Teeumseh Prod¬
color, on price inflation covering
into the office of a partner in one
ucts Co. Common Stock and Modmore; than a century.; It is in¬
brokerage firm. He was busy on
fern Collet & Machine Co. Com¬
tended to be helpful in achieving
the phone, and I couldn't help but
mon.-Copies will be sent by the a more accurate perspective Of the
overhear the conversation. 1

Latest Information
on

^ea'ms.

Kellogg Co. Common Stock; Crow¬

diverting current and future
commissions
right out of their
own pockets. .'
1
hi In case your memory is short,
I might remind you, too, that al¬

Stamping Co.

and

Stock

prepared

to realize that in
bonds to their cus¬
investment

Building,

Detroit

the
doesn't have
by

are

National

industry

age

Allman, Everham & Co., Penob¬

find
bonds for

psychic

selling

W.

639 PenoMcot

J.

Detroit Recommendations

put into

'And

years.

token,

same

Fred

Industrial

J.

"winning

hot going to

are

10

least

at

and

Detroit,

SECURITIES

the

their way into stocks or

DETROIT

McFawn

of

Commissions

out that dollars

find

to

Building

.INVESTMENT

In addition to these captains,
43 other members of the broker¬

that the banks are
with details regarding

swamped

I; It doesn't take any crystal ball

Keane & Company

Simonds

Bank,

t

grand job in the

drive.*

Members of Detroit Slock Exchange

as

personnel for the work,

Realizing

and

bonds.

war

Divert

Cadillac

from

a

McLucas, you'll recall.

switching

deliberately

bond

war

bankers

investment

who

their
bonds

Quoted

doing such

Bank

Ralph A. Crookston.
tnentioned. are using

McPherson Browning are the cochairmen appointed by Walter S.

peddling war bonds!

brokers

Common

2056 Penobscot

who

men

the

on

Simonds dropped > into
office to give me a little ad¬
ditional data on the brokers who

I I'm referring specifically to the

Company.
Bought, Sold,

of

group;

a

worked

bond drive.

are

so,

has

are

Shader and Charles Par-

National
and

,

the

public goodwill and a future fol¬

out

*

Ralph

lowing.
Not

|

1

doing right

—

war

.

ivas gaining much in the way of

are

some men are

broker: who

couldn't help but realize that he

Tecumseii Products

*

teams

'

cells; the Detroit Bank, W. C.
Roney and H. L. Parker; Manu¬
facturers- National!Bank,
Cyrus
King and Fred Bargmann; the

/

last night that my wife mentioned a certain entertainer,
taking his troupe to Casablanca to put on shows for the

I And I

the

Commonwealth

Fred J.
■

was

was

soldiers—all at his
;

follows:

armed forces.

of

Captains

Charles A. Parcells & Co.

con¬

tacting potential bond buyers.

i

|

'

committee

brokers to assist the banks in

Selling War Bonds

Not all sacrifices are made by men in the

Corporation

the

Typical Of Whole Industry

i

First of Michigan

.working.: with * short 'staffs,
in charge of the
drive! has appointed }. teams r of
cases

2nd

Col.
Lt.

O.

K. H.

Guider,

Keane

J.

David

Lt. Commander John C.
Keane 8c
'; Lt,-.

(J.

Wright,

Company.
G.)

Arthur

Goodbody & Company.

the

teresting comparative figures for'
preferred
and
common
public

utility

stocks

may

be

had

from

G. A. Saxton & Co. upon request.

Sherwood
admitted to

Schley,
City,

York

D.

Williams,
Campbell, McCarty & Co.

a

in

A. Saxton & Co., Inc., 70 Pine
Street, New York City, Copies of;
the Guide which also contains in¬

&

Co.
Lt.

situation

G.

Schollen-

berger, Jr., Campbell, McCarty &
2d

the

Moore & Schley To Admit

Owens.

Herbert

of

York
as

become
York

J.

Zuber|
.

..

Stock

of April
a

Stock

B. Davidge will be
partnership in Moore
100 Broadway, New
members of the New
and

29.

Curb

Exchanges,'

Mr. Davidge will

member

the

of

Exchange,

New

acquiring

the. membership of Arthur Myles,
a

partner in .the firm.!

„

.

j

;

THE COMMERCIAL

'-Number 4170

157

Volume

then I don't know when is!
;•

••

r,-/' • •*

.:y-

Walter

Whyte

'.»• • -r.'

i

•

? ; #

,.r

'•

s-r •;.

#

<

-

.

BOND

•

;•"

•

?.

In

concluding j last week's
: column
: I
said ; that rapid
!

It

that

could

is that

best

Prospectuses
request.;,

be

take

didn't

wizardry

any

-from

come

TRUST
■.?.

fast

money

on

Prospectus

•..

on

There is little

A. W. SMITH &
DEVONSHIRE

/\ V.'-v/T

CO., Inc. E
STREET?-.'

5'Y.y'y V

9

~

:

*■».

and if

niiiiiiiiiiiiiiimiiiiiiiiiiimiiiiiiiiiiii-

Superheater is currently sell?
ing; at about 19.
I consider
that close enough to the ob¬

So take your profits.

jective:

stock

Thei other

•

U.

is

S.

Steel, bought at 50.

Cancel

the 58

objective and get out
now.--. It's
about
55 today
(Tuesday, 1 p.m.).

'the< up-

dent's order and McNutt's di¬

read last week's column
'will

that I wrote

see

will

:market

..

International

little to solve

rective will do

there

Harvester.

-If

my advice is to for¬
problem facing the coun¬
get the stops'/and take profits
try.
Prices have not \ been no'w.;yy ■?"'
??>?-.*,
.the
kept down under OPA Ad¬
byrViv'*.. *
*
are

the

you

just manage to ministrator Brown. • He either

;avoid getting to

those (April
highs—though some stocks
; may improve on them—and
'then turn down again." Noth¬

!5)

the

do

won't

the

Whatever

the

sult lis

hasn't

ing has happened in the past
J week to make me change my
;mind.; If anything, -the op¬

job

or

I

re¬

opinions
that

those

stocks
appear in
on

'the

move

been

seen

has either already

the next few
i'i

\

:

will be

or

in

seen

days.

>)'•!»*:!

* -u

:???:???•/ -:;v-j

appearing in

A statement

? More next Thursday.

(V":?
[The

,

bulk

of

the

—Walter Whyte

1

views

expressed

in

this

no : matter
what fits
shortcomings, has no inten¬ Old Ben Coal Earnings Up;
tion of permitting runaway Continues To Retire Bonds
prices. You can bet if pres-: <; The published'statement of Old'

methods

ent

do

not

in

if

some

the

when

.stocks,

' Good

time."

isn't

that

other tactics. V
f-(

on

'stocks than there have been

The

conscious

stop

Corporation for 1942
net
income
before
bond

Ben; Coal

in

up

is

is

only;

WALL

STREET

'

NEW YORK CITY

Exports—Imports—Futures

DIgby 4-2727




'

;
'y'V..\v

opinion,

of

move

After
were

est

on

gage

par

one

taxes,

surprise National Securi¬
forecaster

received

6% bonds. During the year
purchased $289,000

ing fund requirement. It must still
over
$257,000 cash for bond

purchase to complete sinking fund
-

-

.

•

_

Shares

on

April 8, "we must take the posi¬
tion .that, lower prices will prob-i
ably

be

market

points

dropped

the-line" order.
has

smoke

Group's

increase

lot

.

.

Now that the

second-grade

on

could

save

it will
with

in revenues—and

they are, just who is

taxes where

going to lose the greater part of
the rate reduction, the railroads

Henry?

Uncle

or

on

Request

Incorporated

GROUP#

york

street—new

63 wall

In answer

...

50%

Massachusetts

In

remain.
are

carrying

some

on.

"So, there is financial 'absentee¬
ism' too, but for

constructive rea¬

Unfortunately, it cannot be
alleviated for the duration.

sons.

,

Keystone's question,; "Which is
we'd take the blimp for

to

best?"
a

down the coast on

run

peace¬

a

ful, sunny day. Until that peace¬
ful
day,
really
has
meaning,
though, the B-17 will have to be
choice.
Note to dealers:

our

...

seen

you

ties' sample letters

sales 100% above a year ago,

up j

Feb¬

sales up 107%, March sales

ruary

209%—reported

Putnam Fund.

\

by

George

•.

"Those

who

are

left owe

of investors
loyalty in the finding

continuing

dissemination of facts which

them to sound conclu¬
regarding the securities they
own; of opinions which will en¬
able them to balance war invest¬
will

help

sions

against those of peace and
a
road—a middle

ments

determine

to

road,

perhaps—which will make

their

investments

and

safe

income sufficient to meet the

smaller

lar's

purchasing
W. Long

Hugh

New York

Company

us

the country's millions
and

—From

From Investment

of

their
dol¬

power."
& Co.'s

Letter.

Literature

"Financial
has

"Because

pages,
^

offering price of Dividend Shares,
Inc.
(computed on the basis of
market value of net assets at the

and

about

absenteeism

plants and factories.

war

fortunately
to

"Cycle—On March 27, 1943, the

said in re¬

weeks

cent
from

Absenteeism—Much

written

been

close

industry rarely—

our

the

makes

—

front

little consideration is given
consistent,

for

need

the

tiplied by

"Manpower

in

the

investment

Hardly

an

organization

depleted.

in

the

not given
to the armed forces.

financial fraternity has

essential

men

Ohio

registrations of distribu¬

tors show

that, compared to 1937,

less than 40%

advance of 45% in
April 28, 1942.

an

the

is

This

Shares
March
years

were

27,
ago!

Dividend

time

first

offered at $1.29 since

1940—exactly
...

three

,1

.

,

"The Dow-Jones Industrial stock

closed at 133.96 on March
which was 11.9 points,
8.15%
lower than on March

average

26,
or

1943,

26, 1940!
'"The
dend

In

March 26, 1943) was $1.29

the 11 months since

war. •

business has been sadly

on

share,

per

year
were

dividends

by

Divi¬

that three-

period (about 20% of which
derived from net securities

(Continued

of investment men

paid

Shares, Inc., in

on page

1480)

After all charges, the company

go

.

.V

poration, ••• 120

Broadway,

New

only two York City, has prepared an in¬
stocks.
The first is Super¬ teresting comparative table of the
heater, bought at 13V£, - in leading banks and trust compa¬
which you were advised to nies of New York as of March 31,
take partial profits at about 1943, copies of which may be had
20 and stop the rest" at 15. >from the firm upon request.
Readers

now

1

the railroads

in wages than

more

t

'•

DISTRIBUTORS

Distributors

ought to be better than

them

cost

Prospectus

over

rescinding the freight rate

ever;

a

.

cleared,

story

rail bonds

'•

President's "hold-

the

on

Next day;
four

resumed."

is

up-move

the

*"'•

' '

.....

the^major!

before

seen

'

A Class of Group Securities, Inc.

V

long positions and
reported a net profit of $873,041
short of stocks or equivalent to $5.59 per share of
just saunter over to the side¬ common stock compared with
lines and become a spectatorf $385,797 or $2.47 per share in 1941.
Let somebody else, the John-.
ny-come-lateiies, carry the N.. Y. Banks & Trust Cos.
ball for the time being.
The New York Hanseatic Cor¬
< ;?
,

Investing Company

must

writing

after

through for the investor in these
times' when his problems are mul¬

the Company's First Mort¬

-v

trend

intermediate

the

earnings

Company

needs,

i

thoughtful service which follows

use

Get

.

$2,222,871.

-value of its bonds in partial
anticipation of this year's sink¬

Therefore there
thing, for stock

of all

of

1, 1943, of all the re¬
maining accumulated back inter¬

The best it will: do is

will

deducting

March

the

It certainly

taxes

sufficient to permit payment

on

coming

-."-..-V.*

SUGAR

•

% ' /-

market followers to do..

either

LAMBORN & CO.

,

market, acutely

face

the

events.

?.
:

Federal

and

of the possibilities,

sell not go up.

everybody

•!'

will not, in my

out

99

stock

God, mark time.

time to

the

.

ties & Research Corp.'s

tion,

investment

the buying
side", makes me laugh.;/ An¬
other says there are more
"investors clamoring to buy
"is

opinion

of

Shares.

chuckle to think

.

brokerage house market prices from skyrocketing the shows
Tetter to the effect that this is Administration f will
.adopt interest, -.'depredation; depletion,;
.the

Commonwealth

It still gives us a

Administra¬

The

one

"no time to sell stocks because

sor's

-

-

the record of this spon¬

National Securi¬
and folder for
prospects: "Buying Securities for
C What They Pay?" '.
January

going implies inflation "and article do 'not necessarily at any
timistic
opinions? stated in
advancing stock markets. But time coincide with those of the
: various
market letters have
that
is
oversimplifying:;, the Chfohicie. [ They are presented as
'convinced me that the end of
those of the author only. 1
situation.

up

of

.

wondered about the kind of investment job one

ever

look

Have

.v:?*:-'yW

realize that all the fore¬

I

than

the column.:. ;
;■

either.':??

any

don't-give

other

Congress

same.

helped

J. J. L., Des Moines, Iowa. Sorry,

can't.

.

the

reason

'

you've

get done, on the West Coast,<£

can

have

now

permit it to start out on an¬
other up-move.
If you will

.

.

E
y' ..'r.'yv.y.

••

the market
V;V''
* y
jh
has
rallied back to
The
President's order : of
Last week I suggested buy¬
'about 134 after breaking from
about 138 to approximately April 3 hasn't solved a thing. ing.'; two
additional stocks.
If anything, it has added to
As neither got to the pur¬
,130, and is what the farmers
the confusion.
If that wasn't
-call "between hay and grass.",
chasing-level I now cancel
enough there came McNutt's the advice.
There may be
job-freezing order, intended readers who still hold
part of
V
The question now comes up to
help stop inflation.'?:{ Un¬ their
original commitments
-if the market has enough getfortunately .both the Presi¬ in
Goodyear, Bethlehem and
up-and-go in its system to
But
already

swing.

Lord, Abbett's April issue of Backgroundit tells the story behind the figures, "money in circulation."
Manhattan Bond Fund has passed the $13,000,000 mark; not bad for
a
fund that was started from scratch less than five years ago!
We ;like North American Securities' friendly "airplane" blotter-^Required reading:

MASS.-.

BOSTON,
'•

to sup¬

reason

APRIL NOTES

ft
DISTRIBUTORS:

Ill

Trusts: ?;

% Investment

request

no

.

•

120

—'

have

we

ten points is usually pose any burst of renewed
•compensated by a .rally of activity in that theatre of war
^anywhere from five to eight will give the market the fil¬
-points.
The initial recovery lip it needs.
,is seldom anything to sneeze
.at. Anybody who has the guts
The only impetus it can get
1 to
buy them jonA the? break is from the home front and
'stands a good chance of mak¬
here confusion still reigns su?

:

request

upon

& RESEARCH CORPORATIONJ
\NflT10NAL SECURITIES
Broadway, New York

INVESTORS

[of about

ing

GENERAL

there

longer news. It has been
"or unusual market acumen to
anticipated too long. Action
-arrive at such a conclusion: in the South Pacific?
Perhaps.
•Markets are like pendulums. But we have
already seen
A"wide swing in-:one direc¬ how the market acted on .the
tion is almost always followed news of the Coral Sea, Bis¬
.by an equally wide swing in marck Sea and Guadalcanal.
'the other direction:.;A break

/

piece of news

finally driven
up and down, would Rommel into the sea. ..-And
the order of the day.
that, in the market sense, - is

moves,
"now

the

SERIES

FIRST MUTUAL TRUST FUND

Prospectus

-

But

INTERNATIONAL

STOCK SERIES

Fund

SERIES

STOCK

COMMON

LOW-PRICED

New\Engldnd /

PREFERRED

WW

BOND SERIES

where such news is to come
rally
about
over.
"Some more flurry
possible fromv and what it's likely to
but recent highs will prove a be is a. guess you can take
your chances at as well as L
stumbling block.
From the war fronts? Maybe;
By WALTER WHYTE

SECURITIES SliRlliS

LOW-PRICED

Market

:

SERIES

piece

some

course,

INCOME

SERIES

of
news
may come? along
and
send them scooting up for a
couple of more points; - But
Of

Says—-

1479

JL111111111111111111M | f 111111111111111 (|! 11111 ^

supposed to be buying them,

i

Tomorrow's Markets

& FINANCIAL CHRONICLE

It

is

with

deep

regret that

we

MR. ALEXANDER S.

announce

SHONINGER

Assistant Vice-President

on

the death of

of this firm

April the sixteenth, nineteen hundred and

forty-three

have

Massachusetts Distributors
INCORPORATED

THE COMMERCIAL & FINANCIAL CHRONICLE

1480

Thursday, April 22, 1943
in

Revolutionary days, could not
about
the job of investing
money with a light heart.
"Entirely aside from his mili¬

Disney To Be Partner

Banks

Institutions

-

Fiduciary Agents

■

go

Specializing in

In Abbott,

CONNECTICUT

Many bonds and stocks of CONNECTICUT
CORPORATIONS

rating.

high investment
We have specialized in these secur¬

ities for

over

Should

enjoy

Public

desire information

Members New York Stock

.

Bell

Hartford

and
political
accomplish¬
ments, Washington was an influ¬
ential and respected business man
in his home
State
of Virginia.

Starting out in life as
only too glad to earn

■

r

Edward M. Bradley & Co.

New

Exchange

tary

&

Stock Exchange and other lead¬

Inquiries Invited
>

Telephones: 5-0151
York, CAnal 6-1255

PUTNAM & CO.

Proctor

City, members of the New York

markets,

or

inquiries, attention of DEPT. S,
will receive prompt attention.

Abbott,

Paine, 14 Wall Street, New York

Insurance Stocks

your

6 Central Row

s

y

Disney will become

in

partner

a

Industrials and

37 years.

you

Utility

a

Proctor Co. >

W. Barrett

;i?v y':

•

;

Teletype

Church

215

St.,

New

ing national exchanges, as of May
1;

for

associate

as

the Richmond, Va. of¬

manager of

Haven,

time

some

of that of his

Mount

valued

doubloon

grew

exclusive

the

a surveyor,
a

steadily in wealth
died, when his property,

until he

Mr,. Disney has been? with the

firm

Investment Bankers

:

HFD 564

INCORPORATED
Established 1868

day, he

a

at

death he

estate,, was
$500,000. At his
of the wealthiest

was one

Americans

wife and

Vernon

over

of

his

time, and it is
a
fortune, was' never
honestly acquired nor more
thoroughly deserved.

Conn.

fice, 911 East Main Street.

said

that

more

Connecticut Brevities
During the past few weeks, the State of Connecticut has been

occupied with preparations for, and prosecution of, the drive for the
United States Treasury Second War Loan.
the

On

evening

of April

Present Partners In Hoi!, Rose & Tresfer
To Form Troster, Currie & Summers

given to purchasers of bonds, andf>
the audience, buying bonds in de-' is considerably better than in its
nominations of $50 to $5,000 paid best years of
commercial busi¬
a total of $2,617,150 as its price of
ness, with less than 7%
of this
admission.
In addition to this, volume made up of items of nor¬
insurance
companies and banks mal manufacture.

purchased

150

admission

by subscribing to $200,850,000

The

in

bonds.

the

Connecticut's financial

and

in¬

the

to

Second

War

everything else
gated

Loan,

and

just
is

is

borrowing

absence

general

a

the

on

of

part

The

at

of

Company

Con¬

with

$200,000
1 xk's
Biddingsecond
being

100.199.

comfortable

surpluses

indicating

good

a

record

of

*

*

,

interesting facts

some

of

conversion

In the majority of
little change has been
required to place such companions

basis, since the
merely
means

war

emergency

most

of them

usual

lines

will

continue

of manufacture

accelerated

This

ain.

It also

owns

that

Connecticut

their
at

an

K \>;x

company

line

of

household electric appliances such

washing

machines,
electric
cleaners, coffee
percolators, toasters, etc.
vacuum

When

the

In normal

"Universal"

the

Government stopped
the manufacture of electrical ap¬

pliances, and drastically curtailed

electric and gas
are

leased

and

x-y.Lx:'&
annual

following

reports indicate

results

for

manufacturing

some

com¬

1942:

year

Chain

American

&

Cable

re¬

ports earnings of $4,005,184, equal
to

verted

—

several

aid

task

which

required

months—to the manufac¬

of

ture

a

gun-mounts,

kits

and

many

fuses,
other

first
war¬

time necessities.

Robert
mitted

to

Cluett

&

New

what,

but at the present time

it

re¬

business

and

value

his "sole and

as

exclusive property."
Oliver JY Troster,

this

service

firm

as

now

active

on

lieutenant colonel

a

the Army,

will be

in

partner and

a

former

president of the
Security Dealers Asso¬
ciation, serving in that office for
a

At the

City, members of the
New York Stock Exchange.
Mr.
Volkening
has
been
associated
the

firm

of

the

for

some

statistical

'

ment.

time

in

depart¬

•

r

of

National

Security Traders Asso¬
1938-39, and one of the
organizers of The Security Trad¬
ciation in

Association of New York and

ers

at

present

member of the
Board of Directors.
Louis Singer,
a

became

associated

with

the

trading department of the firm in
1928 became

partner in 1937.

a

continuous

1902,
pany,

work

war

of

operation

since

41 years old.
The com¬
while presently engaged in

or

CO.

to

the

extent

of

95%

manufacturing facilities, is
by no means a War Baby. What
is
being manufactured by
the
today

company

tical

with

is

what it

New Haven, Conn.

its

convert

share.

presently
outstanding and
of the proceeds thereof will

none

and

The

in

net
Dec,

wartime

to

will

conversely,

do likewise from

sales

company

for

the

year

31, 1942, were $3,510,858. After Federal income and
excess
profits taxes of $495,361
net

profits

$197,121.

were

holding of Bank of England
stock, and an annuity in the funds,
besides

bond,
.

.

considerable

property

on

the larger part of which
liquidated in depreciated
money
This paper money

was

.

paper

for

the

most

part put into
securities,
and
eventually the 'at least £10,000?
Virginia
money' proved
to
be
worth $6,246 in Government 6s.
A great believer in the Potomac
Canal Company, Washington in¬
vested £2,400 sterling in the stock,
United

States

which

produced

time

in

showed

Another

age.
was

income, and
heavy shrink¬
and smaller loss
no

a

investment in

an

the

James

River Canal Co/

"Washington's letter to John
West, to which we referred above,
indicates

how

the

problems

of

management weighed on his mind.
He wrote to West: 'What with my

business, my present ward's,
mother's, which is wholly in
my hands, Colonel Colville's, Mrs.
Savage's, Colonel Fairfax's, and

own

my

and

678.

liabilities

current

$667,-

Cash and Government bonds

amounted

to

than

more

$733,567, which was
all liabilities, includ¬
for taxes.

reserves

business

of

York

is

allied

building and
industries.
All

of these

industries

are

ac¬

backlog of civilian

a

Investment Trusts
annum,
nual

providing

return

of

an

just

average an¬
over

5%

on

offering price prevailing at
the beginning
and end of that
period."—From Calvin Bullock's
Bulletin.
Jjf

#

1 if

"1775-1943—Some
aii

investor

turbed

friend

-

at

the

of

end

excess

of

profits

the war,

the

earnings of this company, should
exceed the current attractive fig¬

of

5-2410

190,906

authorized

consists

solely

common

shares

capital¬
of 300.000

stock, of which

are

outstanding.

months
of

ours,

kept constantly en¬
gaged in writing letters, settling
negotiating one piece
of business or another, by which
means I have really been deprived
of every kind of enjoyment.'
"If
George
Washington
had
lived in our times, he might well
have

relieved himself

the

of

some

of which he

of

least

at

burdensome

details

complained. He could

have placed many of his real es¬
tate problems in the hands of a

competent real estate agent.

collecting
lems

and

could

accounting

well have

His
prob¬
han¬

been

dled for him by a qualified bank

dis¬

with

ment

the

hundred

a

years

or

more

Our friend, who is a trustee,
responsible for his family's in¬

ago.

vestments

seemed

well

as

to

feel

in

this

as

his

own,

that the investing

relatively simple

country

a

century

and that if he had lived then,
have
gone
about his
daily business with comparative
peace of mind.
ago,

he

could

"Last

Trust

-

week"

Co.

of

the

Old"

Colony

Boston

published a
letter written by George Washing¬
ton

to

his

friend

John

West

in

1775, which throws some light on
this subject.
Apparently a man
of

means

and

responsibility,

even

judg¬

indivi¬

of

money."—

The New York Stock Exchange
the following weekly

announced
firm

changes:

the

lived

other

Exchange
Weekly Firm Changes

of

had

of

New York Stock

expressed

he

that

management

act

that

Investment

duals whose full-time business is

to

wish

his

From MIT's Brevits.

change, and trying un¬
happily to peer into the future,
the

of

some

losses by checking his own

ago,

by problems of social and

matter

elimination

I have absolutely re¬
qualify as an executor)

been

accounts and

economic

peacetime demand that should tax

taxes

have

management, he might have

the

its

to

to

I

avoided

(Continued from page 1479)
profits) averaged 6.5 cents per

of money was a

facilities

(for

fused

as custodian, and with our
modern facilities for investment

ment

536

give in the management
brother Augustine's con¬

my

cerns

iacting

war¬

no

paid divi¬

past three years at
600 annually.
Com¬

ended

from

offered

the
of

rate

pany's

facilities

be

stock

common

iden¬

has no funded
bank loans, no Govern¬
financing.
As of Dec. 31,
1942, current assets were $1,597,-

debt,

The

dends

to

to the company.

accrue

the

shares

peace

operations

Company's
Hartford:

per

50,000

almost

duction.

ization

6-0171

$6.50

are

made in

ures.

Teletype NH 194

at

The

its

capacity.
The
post-war prospects for York are
unusual, and with the reduction

&

sized

of

stock

Chicago, the underwriters, will offer the issue
Corrugating Co. has beenS>——~—

air-conditioning

Information

Telephones: New Haven




President of the

was

York

in

three

Members New York Stock Exchange

6-7870

M. Summers

present

common

cumulating

CHAS. W. SCRANTON

CAnal

Regional

time there is in registration an issue of 50,000
(par $1) of York Corrugating Co. Although
it is expected that the registration statement will become
effective
about April 20, out of deference to the War Bond
Drive, the public of¬
fering will not come along until about May 1, 1943. Floyd D. Cerf Co.,
shares of

or

York:

13th

According

taken to

time operations to peacetime pro¬

partnership in Burton,
Dana, 120 Broadway,

Primary Markets

New

the

Corrugating Stock Offering About May I

operations,

Volkening will be ad¬

Connecticut Securities

Bell

of

property.

i the little assistance I have under¬

York

The

Church Street,

Security Dealers Asso¬
the
Uniform
Practice

District of the N. A. S. D., and the
Bond Club of New Jersey.
Willis

who

is

James

member

a

Board of Governors of the

ciation,

He

New York

Association

Dealers.

of

of his biographers, before
Revolution he had 'a good-

was

New York

is

with the automotive,

209

of the

■.,

former

a

Currie, Jr. is at present

plans to take an active part in the
affairs of Troster, Currie & Sum¬
mers at the conclusion of the war.

ing

Statistical

Securities

Committee

who was a
Hoit, Rose & Troster
style was estab¬

member of

be able to

York

charge

some¬

Troster,

per

Robt. Volkening To Be
Burton Cluett Partner

with

suffered

&

privilege to use that
"together with any and

goodwill

peacetime

volume

1942

all

name

money

Because of the delays caused by
the
conversion,
the
company's
for

firm

Rose

-

13th District Com¬

mittee of the National

the

share; Ballard Co., times
and is in the main doing
$2,381,279
or
$8.63
per
share; business
with its peacetime cus¬
"Hartford
Times,"
? $2,124,804,
tomers who are engaged in war
equal to $2.15 per share; Plume
work.
The company is one of
& Atwood, $162,319 or $3.01 per
those
fortunate
businesses
that
share;
Scovill
Manufacturing could
without delay and without
Company, $3,166,987 or $3.02 per
the expenditure of great sums of
share.?:xk&x, ■, /.i;
'>■
$3.76

the manufacture of non-electrical

merchandise, this company's regu¬
lar business was brought
to
a
standstill.
Its plants were; con¬

member of the

of

Hoit,

tained

to

Power

.-V'

.

panies for the

well-known

oper¬

Stamford

: '

Recent

for

times,
manufactures the

from

Company.
:

instance, Landers, Frary & Clark,
in New Britain.

company

Light

Connecticut

ranges,

the

throughNorwalk,
Bridgeport,
Derby, Waterbury, and New Brit¬

few companies a drastic change
has been necessary.
Take, for

as

Improvement

petitioned

bus service

properties' which

However,

pace.

a

war

a

this

over

the

is

and

years,

agreement made when he retired

$300,000

of

under

several

Hoit,

,—:■!

..

from

lished, and who is

to¬

of the

as

of

name

.

for

ates

to

Hoit

Mr.

Starting

*

Gas

date.

same

Brown,

when

surplus,

assets

has

Bridgeport.

re¬

plants

work.

a

of

anni¬

Exchange Commis¬
permission to sell its
majority holdings in the Con¬
necticut
Railway
and
Lighting
Company to Charles U. Bay of

cases, very

on

total

United

sion

'

companies,
pre¬
sented during the past few weeks,

war

has

Corporation

tax

industrial

reveal

30th

its

^

The annual reports of Connecti¬

garding

Insurance

Securities and
*

.■

cut

*

amount

with Thomas C.

attached to same"

April. 19th.
in capital of

on

like

The

collections.
i

set

$32,000,000.

hand,

on

*

marked

paid

and

100.183.
the

plant

day it is capitalized at $5,000,000

close,
the
Many towns, in line with
State, find themselves with

was

operating.

Automobile

and

offered

*

.

London

,

Corporation

local

fifth

Massachusetts.

versary

went

Aircraft

commenced

the

in

necticut municipalities these days.
On March 18th the City of New
which

Division of

by Pratt & Whitney, four of
being in Connecticut and

up

one

■

There

Whitney

them

second place.

to

&

United

has
This

to be rele¬

seems

Pratt

the

stitutional personnel is giving the
better part of its time, these days,

Southington plant of

new

..

how¬

faced with

one

the

Present active partners of the firm of
Hoit, Rose & Troster,
Trinity Place, New York City—James Currie, Jr., Willis M. Sum¬
mers and
Louis P. Singer, who have conducted the business since
the withdrawal of Howard S.
Hoit, on and after April 26—will do
business as Troster, Currie & Summers.
74

.

finance;

same problems that
today in the successful in¬

exist

to

Howard S. Hoit will do business under the firm
& Troster,
in partnerships———..:
?

,

was

essentially the

agement

As Hoit, Rose & Troster

Rose

tickets

of

matters

Washington

vestment of money and the man¬

H. S. Hoit and T. C. Brown To Do Business

12, at the Bushnell Memorial Hall,

-the well-known radio program, "Information Please," was presented
with Wendell Willkie as a guest performer.
Admission tickets were

"In

-

ever,

Privilege of William C.
alternate

as

on

Beach

the

floor

Exchange for Bayard Dominick, II, of Dominick & Do-

minick,

New

York

withdrawn

on

April

Beach

act

as

will

Sheldon

E.

the

firm.

same

Robert
from

Prentice,

DeF.

City,
15.

was

Mr.

alternate

for

partner

Boomer

in

retired

partnership in Auchincloss,
&
Redpath, Washington,

Parker

D. C.. as of March 31.

H. Fraser Leith withdrew from

partnershin

in

R.

Swinnerton

&

Co., New York City, as of Dec. 31,
1942; Henry C. Stochholm retired
from the firm

Clarence

Clark
died

&

on

H.

Co.;

as

of Mar. 31.

Clark

of

E.

Philadelphia,

April 15.

W.

Pa.,

can, we

The individual In A

Corporate World

(Continued from first page)
of

ideals

the

'all

like

should

I

securities.

Charter realized,

to

■

see.

Atlantic

the

1

is

Charter

tic

significant

ap¬

as

through victory?
Not
only
has
Mr;

:

.confuse

we

may

happen to be¬
lieve that, and I think you do.
With it goes-faith in man as a
man—in his capacity to determine

1832.

and advanced that

want after the

world

war

We

it

ing

cannot

took

Americans

thinking and distort
new

in

and

English civilization through the
Magna Charta, the Long Parlia¬
ment, Milton, and the reforms of
of

Whatever

our

the picture.

-

found

gion, fundamental to the tradition

the

over

tradition, mak¬

of our own de¬

basis

could

that

in the

men

not

be

I

mass.

ultimately what is right, and his
desire and ability to do it.
We

Roosevelt
be attained, or even
envisaged, mocracy. That tradition, as I un¬ believe that general improvement
merged'freedom and security, but
except by the clearest and most derstand it, is what we are fight¬ depends upon individual improve¬
Mr. Churchill has supported him.
ing for, just as our ancestors ment; and we believe that in
prejudiced thinking. :They are on public record, in the
Most of us approach the prob¬ fought for it, according to their order to improve a man needs
Atlantic Charter,' as to their noble
lem from' a common
background interpretations, on Bunker Hill spiritual, mental and economic
total global intentions. Again they
elbow room. It has been our sys¬
of .inheritance, tradition and ex¬ and on both sides of Bull Run.
merge freedom and security; and
to 'provide,
Sir Thomas Browne expressed tem
within reason;,
perience, for we are all Americans
actually
call ' security
freedom,
and. as Americans have absorbed the tradition when he wrote "A that elbow room. And we hope to

the Atlan¬

omission from

con¬

controversial words, for they raise
emotions
and
prejudices which

w=.2;

.

deny that they take in a
lot of territory. Are they attain¬
would

:

America.

as

"One

V

-V

....

should keep clear of

temporary shibboleths, of fighting

able

but I should also

like to see America remain recog¬

nizable

1481

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4170

157

Volume

.

plied to the individual. I find no
guarantee, no stated objective, to
create or preserve freedom of en¬
terprise.'; It seems likely that we
Americans cannot have all our

for two of the Four Freedoms are

freedom, and all our security/ at
the same time.
Perhaps we do

wholly concerned with securityfreedom from want and freedom

than freedom,
but before we concede away free¬
dom of enterprise let us be sure
We can-achieve security."
'

from

want security more

fear.

promise

They

the

that

these will be attained not only

for

whole tradition

of

individual

man

should

something

be

that

not." He meant that there

freedom—the belief in the impor¬
tance
of the individual that is

men are
was

something

fundamental to the Christian reli¬

that

was

that

continue

have

rock

that

in the individual mocracy.
But
we
preciouis and important

system, for upon
we built our de¬
'' V:

./

that

recognize

must

forty-eight states and the Brit¬

the

ish Commonwealth of Nations but

,

for

Freedoms are essen¬

Four

The

to ultimate realization for

They are freedoms from
things.
They are not capable of
realization through political guar¬
What

is

are

official spokesmen

These
and

unafraid.
attempted
only under the complete control
of
a
world government highly
whole world is

a

Such

world could be

a

centralized,

powerful and
and ef¬

very

bureaucratic

extremely
ficient,"

central¬

tendency towards

The

of

ization

be

cannot

power

re¬

"It is the
tendency of modern industry to
increase its efficiency by central¬

versed, he continued.

direction," he com¬
"It is the tendency of

of

ization

mented.
similar

for

centralize

to

government

central¬

Labor

reasons.

organization in order to
strong.
What we are experi¬

izes
be

its

encing is a world-wide change in
the sources and vehicles of power.
such

In

a

the individual

period

loses some part of his
rights
and
regains

always

hard-won

of

them, if at all, when the clash
old and new has quieted."

:r;v

follows:

rifices

;':-

their realization

toward

they

But it is not too

;

THE

closely

mirrors

immediate

our

problems — with
more celerity
than perspective.
The/second is
that in 1922 and 1932 we-recog¬

1

has

States

Because we

the

of

President

The

'

America

is

a

for

the

its

individual

and

freedom

is

citizen
lion

he is

dom

is

welfare

are

of

When

citizens.

given us his answer.
have not protested it,

we

have by

it.

He

implication accepted

talks

about freedom

and

breath; ap¬
parently in his mind they are one
and inseparable.
In fact, he has

security

in the same

Emphasized security more heavily
than freedom as the desired out¬
of the war.

■

alternative

6,

Congress on Jan.
Roosevelt said:
know

that

I

American people

.

1942,

to

the

take

—to

.

.

for the
when I say

only
with the

The

starting

guarantee of financial

representatives and employees.

revealed
/Etna

total

are




;

ii

freedom and protective power

of life and property values. They

by these figures

men

and

women

And

no

small part of the results ;

due to the efforts of the nearly two thousand
now serve in the armed forces of their country.

was

who

%

population

130
for

million.1
no

That

can

one

gets

nowhere,
••^CONDENSED

think in terms of

130 million

people all at once and
still be thinking in terms of per¬
sonal human

STATEMENTS^"

(As filed with the State of Neiv

York)

problems. And what

that type of thinking sim¬

is not democratic; it

93rd Annual Statement of The /Etna

is totalif

Life Insurance Company

<

tarian.
So

we

come

/

back to the ques¬

ASSETS

LIABILITIES

$847,864,'568.93

$802,222,074.04

'1

in the interests ol
the individual American, our Pres¬
tion

whether,

'

with

bear
•

little

a

background.

-Most of men's thinking,

ure

to
to

based

>

for hun¬

ASSETS

LIABILITIES

.$89,064,288.47

$63,077,930.31

contemporary

prob¬

^

as

A-

.

\

.

required by law.

*

$45,642,494.89

*

>

,

■> '•

t

,

i

..

Casualty and Surety Company
$3,000,000.00

Capital
Surplus

22,986,358.16

\
to

above statement

arejleposited with public authorities,

required bylaw.

as

$25,986,358.16

policyholders

Securities carried at $1,097,689.17 lit

ASSETS

.

A

^

,

'

'

LIABILITIES

$5,000,000.00

Capital
Surplus

8,950,351.13

$18,828,095.15

$32,778,446.28

Surplus
Securities
,

33rd

policyholders

Annual Statement of The Automobile Insurance Company

30th

V

to

above statement,

Stirplus

lead America and the
a
long-term solution,

upon

30,642,494.89

deposited with public authorities,

36th Annual Statement of The /Etna

has centered about
two questions: the relation of man
to his
God and the relation of

world

$15,000,000.00

Securities carried,at $14,$40,166.46 in

V

dreds of years,

trying

Capital
Surplus

Surplus
e

are

to

$13,950,35 1.13

policyholders

carried at $191,701.24 in \ above statement

-

deposited with public authorities, as required by law.

Annual Statement of The-Standard Fire Insurance

Company

lems.
In

our

cerned

time, we seem more con¬
about

our

relations

to

society than to God. This is partly

ASSETS

LIABILITIES

$6,702,55 1.58

$3,523,942.51

mentary

we

or

we are

created in Gods' image,

and therefore are

content to sub¬

stitute the image for the
the

question

translated

to

in

this:

our

original.
time is

"What

I

do,

myself personally, and how
much
should I compromise
my

owe

Capital

$1,000,000.00

Surplus

2,178,609.07

Surplus to policyholders

are
spiritually ele¬
spiritually insolvent.
It is also partly because we have
optimistically accepted the thought

because

determined
not-only to win the war but also personal life and objectives to
interests
of
society
as
a
to
maintain the security of the the
whole?" " V ;. '
peace which will follow ... We
To deal with so large a problem
are fighting today for security, for
progress and for peace, not only we need a large map, even if it
This is not
for ourselves but for all men, not is also a crude one.
only for one generation but for simply a controversy between con¬
servatives and New Deal, or capi¬
all generations.",.
talism and socialism.
There are
Those are noble sentiments and
far greater, and more complicated
Mr. Roosevelt has already begun
forces at work.
As much as we
to implement them.
But no one
that this time we

COMPANIES

bloc, and then divide them by

en

So

speak

F

O

N

individual is to start with the mass

that

to
Mr.

example, in his message

O

I

heartening figures, reflecting the enthusiastic work of thousands of r

/Etna

a

multiplied by 130 mil¬
America and his free¬
democracy.

are a

directed at the conservation

resources

America,because
democracy, existing

to

figures

•

United

,

Morgan B. Brairiard, President •'

December 31, 1942

more

important one.

T

,

for hundreds of thousands of /Etna policyotC'ners. They stand for mighty y

It is also im¬

important to him.
portant

founded, constitutions written, re¬
that our present volutions
fought,
and
nations
clear or more created and destroyed. Yet both
turgid? Are liberty and security problems remain unsolved in prac¬
parts of the* same thing, or are tice. Each generation has to at¬
they separate—possibly even in¬ tempt a new solution in terms of
compatible? The question is an new conditions. Mr. Roosevelt is

is

I

D

AFFILIATED

LIFE

/ETNA

These

Does this mean

thinking

"I

N

O

C

——_____

distinction between
freedom
and security, whereas
man to his neighbors.
Upon these
today we have merged the two
questions
religions
have y been
with little sense of difference.
,
nized a clear

For

L

to ask a few

..

*

A

Hartford, Connecticut

attainable.

are

soon

there was much talk ident is right or wrong in regard¬
security" and very little
ing individual freedom and secur¬
about freedom. • Today everyone
ity as one and inseparable. Or he
talks about both at the same time.
could be right in theory but ques¬
From these contrasts come two
tionable in practice, or vice versa.
reasonable conclusions. -The first In order to
suggest an opinion in
is that our thinking and our talk
that matter, I must ask you to

come

I

C

if

about-

>.

N

ago

years

r

A

N

I

questions, or even to estimate the
probabilities
and
the ultimate
tangible
and
intangible
costs.
Among the costs to be estimated
is the eost to Americans, in terms
of their present freedoms.
After all, the freedom of the
individual American is extremely

there was a

Twenty years ago

great deal of talk about freedom
and very little about security. Ten

objectives

desirable

are

it is clear that

full, ply

Valentine's speech, in

Dr.

F

of Britain

should all Make great sac¬

we

is more,

,

-J.

a

America.

and

capable of realization only when
a
whole
world
is
prosperous,
when a whole world is at peace,
when

clear-cut promise from

ple,
the

they are

more,

intention, and the pledge
all peo¬

but the

passive.

antees.

they do not expect to rea¬

lize them for everyone tomorrow,

and

fear," he said, "are negative

Gf

everywhere.

everybody,

course

the New Deal written so
large that the implications stag¬
ger
the
imagination, he con¬
tinued.
"Freedom from want and
tially

$3,178,609.07

carried, at $244,170.10 in above ' statement
deposited with public authorities, asjeqnired by law.

Securities
are

Fetid to

or

$2,139,362,876.46

for policyholders since organization

Total premium

209,278,373.28

income—all companies—1942 / v

Life insurance in force December 31, 1942
Increase in

4.

y

life insurance in force during 1942

5,230,327,634.00

j

ft

■

373,728,382.00

,

The AEtna

Life Affiliated Companies

write practically every form of insurance

and bonding protection

1482

THE COMMERCIAL & FINANCIAL CHRONICLE

The Individual In A
under

that

achieved

system

provided

or

economic

elbow

Americans.
far

cent

successful.

from

bred

not

effective
for

room

Our

been

have

have

we

all

democracy

has

hundred

per

one

New

conditions

limitations, un¬
founding fathers,
economic elbow room
new

foreseen by the

the

upon

to millions of Americans.

guarantees in
do

not

share

the

insured

cropper

so

New

it

seems

Freedoms,

one

ap¬

Hence the

which

is

of

the

not the old guarantees

are

Bill

of

adequate?
They are inadequate because since
they were written sources and
forms of power have altered, re¬
ducing the economic elbow room
Rights

live to

"freedom

cynical

Bill

of

Rights was based
upon an eighteenth century con¬
ception of the "natural rights of
man." What was the key to man's

himself?

express

to

starve"

expression

ferment.

The

became

of

"Equality",

the

this

even

new

"equal¬

rate,

the

hungry

for from his point

man

of view it did not exist.

What he

economic'

was

him

to

was

security,

the

founda¬

Impotent alone,
he could form unions to gain and
apply collective power. And he
Such

a

President's
dom and

will

man

share

conclusion

security

are

our

free¬

that

inseparable.

Meanwhile the average middle-

those

Deal
and

are

who

direct

not tired

or

the

are

the

now

world.

"We

tween

vast

are

the

old

differences

freedoms

of

be¬
the

are

po¬

negative

and

and

even

tling with

one

constituted
of

the

pro¬

another and

with

for

con¬

government
nation.

relatively small
ful

neither

One

group

was

who

men

the

of power¬

directed, or
thought to direct, industry.

were

the

passive.

Constitution—bat¬

the

are

manufacturers—men

We

are

perience was limited until ex¬
pediters and engineers went out

to

this
t

them

take

men—in

to

til

small

wo¬

thrifty, could accumulate

prop¬

the

So
not

the

individual.

founding

concerned

fathers

about

were

economic

freedom; they were satisfied to
provide guarantees of religious,
intellectual and political freedom.
But then what happened?
Eng¬
land and America became rapidly

industrialized.

A whole

new

eco¬

Modern

centralized

means

industry.

and

industry
powerful

Powerful

industry re¬
quires powerful, centralized gov¬
ernment to control it.

Centralized

manu-

industry therefore results in
tralized
must

government.

centralize

government
control

to

must

be

cen¬

Industry

efficient;

centralize

to

industry. Between the two,

freedom

for

the

individual

re¬

threw

thus
thus

system

highly

efficient

and

pervasive

so

a

government freedom of enterprise,
as

we

understand

not exist.

It

it, simply could

seems

the

accumulate
secure

property

and

independence and in¬

dividual freedom.

It did not




seem

the

White

House,

today,

would

have to recognize these forces and

adjust his policies to those forces.

"Everyone

want

security

But before

we

more

than freedom.

concede away free-

(Continued

on page

1484)

Schenectady and in

places.

Let

many

who

anyone

feels that Big Business and Little
Business are not working hand-

in-glove for love of country study
what is going on in America to¬
day.v':p: ••
"The

majority of our subcon¬
tractors and suppliers are small
shops—many of them with five
to

15

workers

with

less

and

than

of

most

200.

them

One

small

company, with only six men, has
been making one of the most im¬

portant
other
for

company

makes

men

of

parts

the

the

M-7.

An¬

with

only

seven

five

separate

tank-killer.

son

un¬

million

a

skills
but
And another

often

obtained

parts

They

make

Our

are

were

'

not

■

,

what

v

,

a

the

armed

things
But

and

so

are

in the shops,
"I don't want to leave this sub¬

-

men

ject with the idea that the learn¬
ing process runs all one way. Our
subcontractors

joy

the

and

fifth

suppliers

American

en¬

freedom

to

improvise and invent and to do
things in new ways. Yankee in¬
genuity—in our own shops and in

shops of

our subcontractors—
grand thing to watch.
We're

a

all

learning.

"To

here

Schenectady, to the people

who

helped

us

all

secret of the H-7 from

the

workers

motive
of

of

who

ask

fine

as

as

any

Loco¬

a

group

could

man

to

see, to the subcontractors
suppliers who worked with

and

I

us

keep the

Rommel, to

American

are

Americans

would

like

to

the

express

deep thanks and
the

appreciation of
Locomotive Com¬

American

To
the
British,
whose
world-famous
Eighth Army so

pany.

gallantly and effectively used the
tank-killer, no tribute from us is
We

necessary.

them

heaviest.

in

men

learning

learning them fast.
our

General

the

learned how

they

recognizes

young

forces

the biggest and the smallest parts

and

have

tremendous educational process is
on in this country today.

—the

lightest

two-

one

going

is

Perhaps it is recognized that in

have

familiar with before.

the

other

half

a

machines

use

here in

stated objective, to create
freedom of enterprise.

likely that we
developed
and ceives scant attention. No one in
Americans cannot have all our
political system com¬
particular is to blame; these are
pletely off balance. The Bill of major forces at
play. Even Jef¬ freedom, and all our security, at
Rights did not seem adequate to
ferson or Jackson or Lincoln, in the same time.
Perhaps we do
men who could not find work and
nomic

to

tee,

no

shops

It has learned not

manufacturing

manufacturers

systems examine the magnificent
cooperative job which eager free
men
are
doing in this country—

preserve

^;>

machine

I know of

year.

we

do¬

shops
—bought them and loaned them
on a $1 a
year basis.
Many small

One omission from the Atlantic
Charter is significant as
applied to
the individual. I find no guaran¬
or

of

special machines for small

totalitarian

erty.

methods

;•A;p\

doing

a

thing:

new

if

ex¬

put into practice

management skills.

gar¬

the

was

is

dollars

The, peace, when a whole world is un¬ f a c t u r in
g
Such a world could be
opposing force of afraid.
plants up an
potent
trade unions.
The attempted only under the com¬
down this his¬
independence, the guarantee of
D. W. Fraser
citizen demanded
that plete control of a world govern¬
those natural rights? It was prop¬ average
toric
valley
duly constituted government take ment
highly
centralized, very and in towns and cities far from
erty, said John Locke and others.
If a man could acquire a little steps to control both. The average powerful and extremely bureau¬ here.
Without
the
more
than
citizen is still demanding
cratic and efficient—(if bureau¬
their
500 subcontractors, supplies and
property, through it he could gain
control,
though
since
1932
he
has
cracy
and
efficiency are not mutu¬ others who helped build the
economic independence, and if he
M-7,
Such a govern¬ we could not have done our
had economic independence, then, ceased to worry about the "sixty ally exclusive).
part
families" and has increased his ment would have to be far
with a few constitutional guaran¬
wiser, of the job. Some 200 are with us
worries
about
the
far more efficient, than
irresponsible
any gov¬ today to share the
tees, he could speak and believe
pride of this
ernment
power of unions.
;
has
ever
been.
Then occasion.
as he pleased. This was reasonable
'
He has also increased his wor¬ would it have a chance, and only
in the eighteenth century, for in
"We have here as fine an ex¬
a
ries
about
the
chance,
to
achieve
the
effect
of
a
Utopia
of
highly
eighteenth century America, at
ample of Democracy at work as
least, almost anyone who wanted centralized and highly powerful global freedom from want and anyone could wish.
Let anyone
to work could secure work, and, government upon the freedom of global freedom from fear.
who thinks well of
other

it

only

machine
shops
and

perous, when a whole world is at

and

whose

man
shop—a father and a
shop—which has now grown

ages,

whole world is pros¬

and

modern

have grown.

oppor-

and

men

machinists

ing things. V\]
"Many
small

speak also for
thousands
o f

capable of realization through po¬
guarantees.
What is more
they are capable of realization

trained

learn

the "most

of

unity

of

from
companies
like
American
Locomotive Company and helped

company.

like

litical

a

We

"But I would

not to fear that unpleasant
things might happen. They are not

only when

army

city. It is

behalf

''—

.

our

great

on

;

of

priv¬
ilege for me
to speak here

are

vided

in

this
a

litical guarantees. Thenew'freedoms—freedom from want
and
fear—are

Locomotive^*—-—~A,"-.— \

proud

very

proud of

very

posi¬

believe, to worship. They
capable of realization through

American

are

part in creating the M-7.
very proud of our men.

tive and active: the right to
speak,
to

at

Company

Bill of Rights and the new added
freedoms of the Atlantic Charter.
The traditional freedoms

Com¬

Schenectady to the audience

marking the anniversary of the completion
of the M-7
Tank-Killer, thanked the sub-contractors and others
throughout the country who helped in building the
weapon. Mr.
Fraser's speech, which was broadcast oyer a
radio network, follows;

philosophy, the same
promises,
and
presumably
the
same
performance, to the entire
There

Fraser, President of the American Locomotive

pany, in an address earlier this month at
of a city-wide celebration

same

extra-political

two large and

Duncan W.

Charter

prepared to extend

frightening forms of power—both

saw

Sub-Contractors Who Helped Build Tank-Kilter

New

They are freedoms from things,
they are rights, not. to have un¬
pleasant things happen to one,

class American

Fraser Of American Locomotive Thanks

discouraged,

through the Atlantic

they

ity of opportunity" meant little to

trol

of the individual.

The

not

did.

essen¬

tially the New Deal writ large—
so large that its implications stag¬
ger the imagination.
Why

no

tion of freedom.

tothem! Hence

Deal, which is

miner who had

a

has tried to do.
You will judge
the results for yourselves. At
any

funds to escape from a bad job in
West Virginia to a good one in
Minnesota. What was the use of
freedom of expression if he could

the miner, wanted
or the negro. Jor that

proach to the solution.
Four

the

adequate to

freedom to

necessary

the

of Rights

Bill

to have

seem

At least

the

The old

This is just what the New Deal

Corporate World

Thursday, April 22, 1943

"In

1940, American Locomotive
a job to do which, measured
dollars, added up to $38,000,000.
That was what we shipped

can

only

say what

Montgomery has
'Good Hunting!'"

said

to

had

Thirteen Indicted

in

Simple and Sure

that year.

insurance in

a

had

That

a

much

year

we

job.

The fact that

the

men—some

of

delivered

we

tribute to

a

of

22,000

credit is due also to

subcontractors

our

through one of our
low-premium policies.

Members of the organization in¬
Russell Safferson and
Sig-

clude

hundreds

mund

our

and

both.

<'Many a time the Production
Department has run into a mid¬
night problem and called a sub¬
contractor out of his bed.
Many

your estate

gation.

own

*

Saxe, members of the se¬
curities firm of Biel, Russell &
Saxe, 60 Broad Street, New York
City; Odie V. Fluker, an escaped
murderer;
Benjamin
Franklin
Clifton, Jr., who until his resig¬
nation

two

years

ago

was

plier has called his whole organ¬
ization

owner

a

time that subcontractor

out

at

one

o'clock

or

sup¬

in

the

of

the

old

Embassy Club
Miami; Frank
work through Sunday, in order L. Miller and
George A. Turley,
that production lines might keep attorneys; John
Jay O'Brien, for¬
mer
moving here in Schenectady.
Manager of the Fleetwood
and

gone

to

work,

to

"This
widespread cooperation
during wartime may have impor¬
tant post-war results.
Hundreds

in

New

York

and

Hotel

in
Miami; Paul Samuel
Martoccia, Florida gambler; Ha¬
rold Leroy
Butler, part owner of

of
little
business the Quin-Se-Willa Night Club.in
shops and manufac¬ Jacksonville; Daniel Spencer Moturers—are
getting
a
technical ran, a former stock and bond
education. They are learning how salesman; Joseph W. Grober, a
to handle new metals.
They are promoter, and Matthew Reinhardt,
are
learning
new
techniques. a former dealer in over-the-coun¬
They
are
./
learning
production ter securities.
All except the
methods, how to ■ use new ma¬
convict, who is
still
at
chines, how to read blueprints,
large, have been held Tin
and
a
hundred other manufac¬ high bail.
They face penalties of
turing arts.
This country will '10 years' imprisonment and $10,of

thousands

men—small

Home

(Eomgattg
Office, NEWARK* N. J,

in

charge of detectives in Daytona
Beach, Fla.; A1 J. Contento, alias
A1 Howard, racetrack
figure and

morning

Jnaarattrr **

con¬

to violate the National
Stolen Property
Act, in transport¬

them—but

suppliers.
We could not have managed with¬
out

to

ring, accused of

spiracy

other

that much is

simpler the problem for his heirs.

Add

13-man

ordnance,
locomotives ing and selling stolen stocks and
items having a value
bonds, : has been indicted by a
of $73,000,000.
But in 1942 our Federal Grand Jury
following al¬
job,
measured
in
dollars, was most a year of investigation by
$302,000,000.
That is a very big the Federal Bureau of Investi¬

of life

man's estate,

we

shipped

and

The greater the
percentage

In 1941

bigger job to do.

A

Amrrira

..

have

after

this

war

a

vast

new

.

000 fine each, if convicted

..

THE COMMERCIAL & FINANCIAL CHRONICLE

'

Number 4170

157

Volume

Guarantee- .Co.,

"Crop Comments"
Thomson & McKinnon received

following

the

C.

Henry

from

comments

from

Donovan

Peru,

Illinois, under date of April 14:
of

"Talk

from

feed

The

the

corn

belt, to be used for
the winter months,
considered

feed during
and it was
good and substantial

as

livestock feed.

1291.

But

the

as

beneficial

the

The

and this before the claims of scar¬

market

for

second-grade
during the

rails advanced further

fortnight and then sold off
sharply, along with
the stock
market, on news of the President's

past

anti-inflation

of

use

husking machines increased
corn
fodder feed decreased

the

issue| of April 8, page
;

news

rail
a

proclamation

and

that the ICC had lowered

rates.

decline

It is natural that such

should

following

occur

railroad

to

The

and

bonds

credit, in spite, of the rate

reductions.

on

corn

our

extraordinary advance, and in wages but in materials, supplies
light of this news. Neverthe¬ and other expenses, than they
less, it would seem that, funda¬ stand to lose by.this rate reduc¬
mentally, such an anti-inflation tion.
program
is, on balance, highly
railroad

into

past

put up
shocks all through the

corn

appointment of bankers as
referred

importing livestock
Canada and Australia

in

seen

in

to

the

the

directors of the Fund was

brings to my mind the millions of
tons of corn fodder that were to
be

Simmons Co. and

Manufacturing Co.

Dresser

1483

An

of

amount

examination

railroad

of

earnings

are

in

railroads

one

ciaries

of

the

United

principal benefi¬

of any measures

curb inflation. It

involved in the elimination of last

the

is, of

taken to

course,

as

yet entirely speculative as to just

year's freight increase reveals that what

will

be

what

son

decidedly small by compari¬
with such offsets

demands.

whole
roads

as

Furthermore,

inflation
to

stand

wages,

the wage

the

in

picture the rail¬
much

lose

more

1943

and therefore estimates of

earnings

are

impossible. Tax

matters, furthermore,

are

be heard from and may
a

further

drain.

through rising costs, not only in continued

still to

as

always, the most at¬

tractive investment
investment

very

in

the

light

shocks

corn

corn

in

seen

were

their

prosperity

From

Homer

price
Co.'s

&

letin of April 15.

a

by use of mechanical

than

some

ago,

years

re¬

Our business is

gardless of the fact that corn is
being used as sparingly as pos¬
sible

the farms at this time.

on

During the 1920s and 30s, when
harvester combines

the

be¬

were

KEEPING FAITH

the farms, the
from small grain diminished

installed

ing

straw

on

in

proportion to the increase of
the
combines, for the combine
leaves the straw in the fields the
the

same as

combines
need

to diminish

the

as

causing less
which about

increased,

for

those years,

But in

horses started

with America

pickers leave the

corn

fodder.

corn

horsefeed,

Some day

balanced the loss of stray feed oc¬
casioned

by the use of the com¬
However, there is nothing

bines.

like that

take up the slack at
Years before the use of

a

equipped with
about 15 horses, colts and all, and
acres

fifty and sixty acres of
farm
were
used, alone, to
feed

the

for

horses.

Then

when rid of their horses the farm¬

had

ers

much

so

raise grain for

life insurance will still have a job to

in

do,'

before.

Widowed mothers and fatherless children
will be

land

extra

to

that it
when

sale that for a time

markets

the

the dawn of peace will burst forth upon us,

—

hundreds of thousands of them —1

was

between

raise

—

bigger and more important job than ever

machines when horses did
the work the average Illinois farm

the

hope

splendor of promise. When that day comes,

all its

power

160

soon, we

to

this time.

of

—

that had

corn

keeps every promise that it makes.
a

How important keeping those promises becomes,

family needs money most.

in it, is a hallowed tradition

Keeping faith with all who have put their trust

overcrowded

were

with wheat and

They can look to it safely, knowing

looking to life insurance to take care of them.

no

place to go, but just now if we are
to
feed so many others in the
world beside ourselves, we should

with life insurance. In years
with families all over

of

in times of peace, it keeps right on keeping faith

war, as

America.

'

,

consider every bushel of grain as

something worthwhile. Had nearly
an
inch of snow here yesterday
which melted almost
fell.

as

fast

as

it

Spring is about 2 weeks later
than last year, but

civil war ravaged our land, and our

In 1861, when

strained to its last fibre

even

—

then

in this vicinity

only about
normal."

week later than

one

dollars from their life insurance.

Bush To Direct Drive

S.

Prescott

Bush,

firm

Brothers Harriman

1942

the

national

A little more than thirty years later, when our

re-United

of

war,

entered World War I, our life insurance

companies distributed

ninety million dollars. And in 1942, with the

life insurance payments right here

whole wide world at

in our own U. S. A. were two billion, four hundred

Co,

two

hundred and forty-six million

★

million dollars.

Service

has

Inc.,

Organizations,

&

campaign

the United

of

Chairman

benefits of five hundred

partner in

a

banking

private

and

American families received two and a half million

against Spain, life insurance payments were a

dollars. In 1917, when we

Of National War Fund
Brown

national sovereignty was

.

States warred

the

—

Mr. America,

been

Mrs. America, Junior America, you may

well express your

named National Campaign

it

National

the

of

man

announced

is

Chair¬
War Fund,

by

Winthrop W.

Aldrich, President of the Fund.
Under Mr. Bush's direction, the
National

take

War

raise

to

Fund

will

gratitude to the men and women who
these

payments possible.

adequate funds to
requirements

persuaded you to buy the life insurance that made

Theirs has been a noble service. They still h'ave

under¬

do, and they keep right on

doing it, in war and in peace

—

always.

meet the reasonable

all

of

approved

war-related

ap¬

except the American Red
Cross, through coordinated cam¬

peals,

paigns to be held next fall.
The
Fund's goal has not yet been set.
Mr.

Bush,

a

resident of Green¬

wich, Conn., was born in Colum¬
in

Yale

from
war

and

Ohio,

bus,

he

Field

saw

was

1917.

graduated
In

the

last

service with the 158th

Brigade
during
offensive and
Germany with the

Artillery

the Meuse-Argonne

remained

Army of

in

Occupation until April,

1919.

He is

bia

a

director of the Colum¬

Broadcasting

Co.,

America,

Corp.

of

Water

and

Vanadium

Pennsylvania

Power, United States




LIFE

INSURANCE COMPANY

SPRINGFIELD,

MASSACHUSETTS

BERTRAND J. PERRY, President

none

justify

pickers than putting it into shock
and hauling it into the barnyard
all through the winter.
So there
should be no mystery concerning
the
heavier usage
of grain on
farms

se¬

special wartime profits to

the

of

are

peacetime

earnings and which require

is far easier and more

crop

convenient

of

are

still

many

of these

the roadside, the rea¬

that the disposal

being

son

found

be

rails

low in.price, which

Thus during
past three seasons little if any

fields from

to

items,

numerous

city of farm hands.
the

speculative

or

second-grade

among

those

media

structure.-—

constitute

Nevertheless,

railroad

not the

decreasedL somewhat.

or

Again,

cure

it is

or

1942 top froth is increased some¬

rail

about

done

assured, whether

seems

much work to

Bond

Bul¬

THE COMMERCIAL

1484

The Individual In A

(Continued from page 1482)

,/;

,dom of enterprise, let us be sure
\ve can.achieve security.
■

Corporate

Let

ity

first consider that

us

Which

The

is

freedom

Atlantic

the

from

fear.

freedom'

be '

could

u

Freedoms,

what,

of

terms

know

as Ave

American

freedom

own

our

it

First,. tliey

attained " 'it

in

if "anything; Will they 'cost

.in

us

ideal

so

-

implemented.;

theory,.i^could. .be

Charter

probably
means only freedom from the fear
of, political dictatorship or ex¬
ternal aggression. If that kind of
•*

Four

now?/

/ /? / 1

would cost /every
much

so

in-

have

ness

men

least

as? much

contributed,

to 'these

forces

money—

What

we

are

at

tion,. and-then they will

his friends could,

laws

be

fined

for

10

/// / /.'//
experiencing,, is. a

world-wide change in the sources,
and vehicles of power.
In such a

all

are

kinds

of

cannot

most of them

fear,' and

be removed

by political means. Fear is a state

duration;

of

mind, a basic emotion in human
psychology. Its cure is in the
realm of psychology; political and
economic

measures

may

if

for

fear

purged

and

world

no

Atlantic

Charter

government or
could

help

me.

but

fear, if limited to
might be attainable,

war,

then

even

it

might not be

would

be

who

able

but

to

de¬

living

a

means

in economic freedom,

decrease

have already learned that

we

political

freedom without
eco¬
nomic freedom is only half a loaf.

it is difficult to be optimistic.
If ; 'But the challenge to American
the phrase means anything when freedom; is not only through high
taxes

considered globally, it means'pro¬
posing to provide millions of peo¬
ple with something they do not

for

realization
would

have', and which must there¬

now

fore be created!
else.

material

problem; of" world:,
It

old

of

problem

at

Roosevelt

will

have

to

demand

least

ef¬

permanent

a

equal

which

nomic

includes the age-

present

to

war¬

We know'the extent
American

normal

independence

-eco¬

had

has

to

be sacrificed to meet those levels.

poverty. Among
the first immediate-little problems
Mr.

The

of the Four Freedoms

time levels.

pro¬

duction, world organization, world to
distribution.

capital

enterprise.

ficiency? of' industrial production

-Vgiveh "them by
This is largely a
or

someone

and loss, of private

individual

We -rogard.

an'ct Mr: -'Churchill
face/to make .good

controls

present

Government

>

endurable

as

through the

bpt .unendurable, and

war

un¬
times.

.

their promise, is that-of prevent¬ democratic Aim " normal/
There could be no relaxation
ing the annual floods
t

of
ip China
which result ip" the: yearly death those' controls, mo" diminution : of
near-starvation

or

of

millions

of

Chinese,

Another will be that of

teaching

400

of

India

how

to

feed

and

above
else

bare

a

million
to

inhabitants

enough

war

subsistepce-level,-

produce enough to
change for enough to satisfy
modest

wants.

whether

even

welcome

that .small

Mr.

dividual

even

by

question
Ickes * would
of

the

immediate job!
But

want"

of

economic

the

.global

.think/that in¬
is

freedom

limited

now

must recog¬

you

their master.

If, in times of stress, we come to.
depend upon government for our
personal security; if we lean upon
as

a

staff, then that staff be¬
indispensable and we will
again
walk
without /it.

Speaking, of those who plan for.
security, Lord Bacon once wrote:
"They become in the end them¬
selves

sacrifices

-

the

to

world tolerable to

of

him//Security

body does not insure - freedom
mind

of

spirit.
A man or
woman? achieves; dignity and. hap¬
piness by the proper use of in¬
or

peace

is

enter¬
least

at

similar" long-term*

A// ;'

controls.

■.

/ ;■ ■/./ /

endowments

them

may

than

be more
the at¬

tempt to eliminate want and fear.
As John

Stuart Mill wrote: /

to work.
But even a
of the- right to. work

right

guarantee

This is not the

f

argument of

an

isolationist—a word Which in any
case
means
little - since it is so

laws

scale

a

on

that would

dwarf the greatest New Deal meas¬
ures of this country.
All that the
most powerful, world .government
could do would be .to attempt to

establish
trative

suit

political

and

adminis¬

conditions, that might

re-

in

painfully slow but steady
progress toward" improved meth-;
eels
of
production,
improved
standards of living, and the pa¬
tient building up of capital re¬
All

sources.

he

this

would

have

to

voluntarily accepted by hun¬

dreds of millions of people whose

ideologies and values in life
far

different from

Four

Freedoms

our

are

own.

are

The

Western

a

conception, perhaps not accept¬
able, for centuries to come, to the
East.

We

cratic

cannot

world,

world,

upon a

or

erect

a

demo¬

even

a

stable

set of ideas imposed
peoples by force

reluctant

upon

of arms, or by the pressure of
financial aid,-or even by-supplies
of

food, goods and western edu¬

cation.

No

federation

conceivable

-world

could

guarantee
the
global enforcement of the four
freedoms.

My
I*

our

purpose

Freedoms

in
is

discussing the
not

to

the

individual

in

a

corporate

method

-of

without

-the -Four

.approach*
•

but.

even

Freedoms

the

future ©f individual enterprise,; as
we have understood it in the
past,
does

not

questipn

me

rosy.

"is.. npk-whether

^

vidualism
how much
The

to

seem

be

can

of

it

;

The
indi¬

expanded

but

be retained.

can

tendency toward -centraliza¬

tion of power cannot be reversed.

It is the tendency of modern in¬
dustry to increase its -efficiency
by centralization of direction/ahd

/ "A state, which dwarfs its men,
order that they may be more
docile instruments .in its hands,
in

for beneficial purposes, will

even

really:

can

great

no

be

accom¬

plished."

/. The Archbishop of Canterbury
recently spoke of the unavoidable
increase

warned'

claimed that its?" heads

are

remote

circumstances be

more

aware

more/sympathetic?ii /

and

welfare

of.

trol

be strong

enough to con¬
Labor "centralizes

industry.

freedom, and

they watch other

as

nations/ they,:/understand/- what,
when:/ he V said

someone, ', meant

"Democracy, is the last refuge of
the/true '{ conservative."
?

Because all the Johns and Jims

in its
move

concern

with moderation and cushion

best

as

it

lives..

blows

their

upon

read/in the paper of the bill
permanent

unifying forces throw their
weight- toward urbanization, large
scale housing and feeding plans',
centralized labor
of

to

those
group

the

ways

see

of life

which

add

efficiency but diminish

stature

that

markets, and all

and

freedom

In fairness

conservatives

we

of

the

should

and

universal

military; training, after thefor"

if

they advocated changing their
'municipal government to/a

.own

city';: manager • plan.''; It *"appears
that

The/Government authorities

have. said

they do: hot? intend' to
interpret the Act- that way,/.but
there" is

the"Actfo'i- 'some

war,

other

authority, :if he- wants to, to. in->
terprct and; apply to the.full limit'
of/ Its';- meaning.:/;, Jim1 wonders
what forces-' got that law through
Congress' /and
what ;the / .real
.

motives

were.
/ Is / such: a /bill
necessary/'to / deal" with all/ the

saboteurs Mr / Dies says •
scared up, or has someone
wrote

Jim

-

he has
else an
grind?
Jim
Congressman, but lie

his

either.

know

to

seem

is

to"

axe

So

whether we
ought not to clear the decks for
the Bill of Rights in America be¬
fore we get to work on freedom
from fear for everybody in the
wondering

five other continents.

/ Perhaps

/A'//'-/•

need to sacrifice
our freedom
of enterprise, as we
have understood it, in the inter¬
ests

of

we

national; efficiency,

world

one

does some figuring with a: mocracy as we understand it, and
pencil: and wonders how; America above all leave our children, aS
will/ need,.iin/J95.5, a potential\ regards their freedom. If we havd
army' of .,some*T0,000,000 vtrained* figured it out wrongly, wc would
John

.

10 j

wonders

if now,

high, is the best time to

are

decide

this

when

matter

that

war

like to know whether

govern/

our

He- merit has figured it out rightly, all
the way through / before it moves
emo-i

tions

fast.

too

We

think

Hei right to know, too!

wisely.

A;"/-././//

the

have

we

/

a

;

forefathers

our

large standing army, and

a

why

reasons

He

recalls

vived

-

some

without

they

his

that

feared

country

it. i

Suspended From Exchanges
The

sur¬

Securities

times, Commission

difficult,

yery

establishing uiiiver/
sal peace-time compulsory mili¬
tary training.
To set it up in
war-time, for peace-time seems
ever

and

has

Exchange
that

ordered

Robert DeForest Boomer, partner
in Auchincloss, Parker & Redpatli
with

headquarters

in

the

firm's

New York office at 52 Wall Street,

move.
He won¬ be suspended for a period of six
cynically, who is months from the New York Stock
really back of this bill, and why?: Exchange, New York Curb Ex/
He doesn't express his doubts for change, Washington (D. C.) Stock
fear his friends will call him un-j Exchange, and the Board of Trade

rather

drastic

a

ders,

little

a

patriotic,'but he* isn't
about it. -It doesn't

very

-augur

well for personal

under

a

happy

to him to

seem

the

of

of Chicago, national
v//; -•; ' j

City

securities exchanges.

Mr. Boomer admitted, accord¬
freedom
government,! ing to the Commission, that he had
He thought he was alone in this induced the legation "of a certain

centralized

until he came on an old friendly foreign government," the
speech /by" John Sharp Williams,] name -of which was' withheld/ to
perhaps the best-Senator Missis¬ purchase bonds of the govern¬
sippi ever; hack who said in Con¬ ment
it /represented
through
gress on March 28, 1918:
Auchincloss, Parker & Redpatl/
"A nation which lives in peace- and their confirmed, the purchase?
fimes under universal military to the legation at prices in excess
service is a--nation of slaves to of their cost to the firm plus regu"exactly That extent."
'/fl Tar Stdck Exchange' commission".
reaction

•

part, in He^lSb""admitted; the Commission
declared, that he had made secret
politics -and Avoultln't know how;
upon the welfare of John Jones'
to
begin, ^ but
wonders why; prollts~for his firm' in connection
the'A.WQrkmartv/? Jim /Smith * the someone -doesnT :-feaysomething? ?with
the transactibhs and that he
salesman, and Wlary Robinso'h thd or at least ask a few
questions.
school teacher.
Their self-respect
J'aile^- to -make or keep any record
and their elbow room are what / Meanwhile Jim, who/occasion-; of the transactions.
/ •* ,/•• / ■ -, /
really count.
They, know that .'in ally does a bit of heavy reading,:
The
Securities " and Exchange
of

its

citizens

:

•;

rests

John?nevei*. took ; any

.

-

the interests of

a

stable world and

economic elbow room

they will have to give

for

others,

up some

of

in

poke.

a

:ters.. are-,

They know these mat-

complicated

and

they

on

came

fessor

Harvard
fessor

a

book

recent

Law

need

and

,

than

free

time "at

present/

they don't, pretend to

more

brains'.
It is their
and its government
must
move
slowly
enough for
them to keep up with it.
No sys¬
average

democracy,

tem

will work

untary support.

without their vol¬

They will stand

busi¬ for just so much external

regula¬

The

School.

informed

by Pro-;
of the1

Chaffee

Zechariah

Jim

for

pro¬

called the Alien

Registration Act,!

passed in Congress and signed by
the

President to
the

Jim

land

on

become

discovered

June

that

CommissionJjtated that it Wished
"to

make

the

28,

most

of"'

Chaffee," who

drastic restrictions

of

the j

on

States

during peace."

Jim

any way

sequent .»to

the

on

&. Red/

implicated hi

submission

the

of. the..

money

by

'/.consent,' the

received

should! closs, Parker

from- -Auchin¬

& Redpath,"

a

sum'

which' the Legation has

freedom of

enacted in the United;

ever

that,

no/other partner

law-} the misconduct of Boomer." The
1940.j Commission also stated that "subr

know, said it "contains the most! of

speech

clear

Auchincloss,"/Parker

patkwas..hi

with aliens,!
but a great deal tQ do with the! Boomer
Legation
rights of American citizens
Professor

it

the first;
record before u%

time of the real meaning of a bill

bill had nothing- to-do

be

now

pending in Congress which would
establish':

have "much

to

night and

one

strong enough to influence both.

order

ad¬

/ ' / //
home

came

These

in

of

personal

•/■

■'

John

the

can

justment

of

organization

,

didn't

their * government,
for global freedom,

certain

Lincoln, or even the
of Independence, or

essential

time to think them through.
John
and
Jim and
Mary-don't

ils

Abraham

and--Marys are what they are, and
as
important as they are, it is
that

contained

Declaration

undisclosed

dempcracy and /

of production,". 1$ \s. the TMTrejpddm fhby value. But they
tendency of government to cen¬ don't want to hand "over ' their
tralize
for similar ;reasons; /and elbow room in.
return for a pig
to

on the
only ./coin "which
buy
their /freedom.
;rThis
."makes-' them
Conservative/about

libraries

,

The

the" freedom

usually

also

passed

•will

remembers

world,
and
my
answer
is
to from the lives and wishes of their
What
speculate, not without pessimism; thousands of employees.
upon /that/ subject."
.Speculation assurance Js There -that /he heads
upon the Four 'Freedoms is' one of government will- under similar

oppose' individual.

them, but to analyze their impli-




of

/Who - pass ; responsibility
on,to their government!will have

feared

.

labor

citizens1

their

speeches by Thomas Jefferson 'or

...

in 'central control,
but
against "the enslavement
o.f citizens" that might result, un¬
would mean little in large areas
loosely applied.
I should like to less we "foster liberty alongside
of the world. ..Millions, of tillers
see all the ideals -of the Atlantic
authority." -/ If society becomes
of the soil in Asia, for
example, Charter realized, but I should-also nothing mor ethan a we 11-man¬
are already over-worked and ex¬
like
to, see
America
remain aged
factory
or
public • school
ploited. To begin to give them any recognizable as America.
If both then a man becomes nothing more
real economic freedom would re¬
can
an
be done, so much the better. than
employee or a pupil.
quire agricultural legislation and But
you have sef n\e the- subject, Critics,
of ; big /; business -- have

the

be responsible/andithat

must

one:

telligence, conscience and ability/ soldiers/ .imj^additibh to the
090,000
now
in .?training;
and
adequate freedom
to
use

thing

suffer

that /'De¬

serious undertaking

a

bill,

or' imprisoned
years,'and in addition lose
their citizenship for five years, if

.

particularly

freedom; 'of

Brandeis

is

under this

$10,000

world organization:
year, for every boy of 18. peace, ; and
fortune, whose wings
John is just as patriotic as any Certainly we ought to spread that
they sought in their self-wisdom;
economic
.freedom
a
little; more
Congressman, and just as anxious;
td pinion,"
'' * /V
tolwin the war and win the peace. widely / among
all
Americans:
;
Ben Franklin put it more col¬
John
and Jim/ will
But / he, has : two
gladly pay
sons,
and he
loquially:
"They that give 1 up
knows/how big and. crucial is their taxes and fill out all their
liberty to obtain a little; tempo¬
government questionnaires, now
rary safety
deserve neither 'lib¬ that/particular-year in the life;
of .a'; young man Of college: age.\ and. later, if that is necessary tci
erty nor safety .?//r://./ ////:///
Heiwohders if a year in the army, give- either our negroes or Ma¬
Certainly the cost of security
even
admitting, that, it has certain dame Chiang's brave countrymen
for all is restricted freedom for
advantages, is-.necessary "for all a better break, But John and Jini
each.
To make the Avbrld" physi-?
and I would like to be a little
young. ^Americans'" after the war!
cally safe for the individual man
more
clear just where that will
boy.;
is
not necessarily to make. the is/over, y Will "'it keep " the
leave us, and leave American de¬
from
ever
getting
to
college?!

find that with small men

would

/incon¬

of

stancy

nize that individual freedom, and

equally / from

is probably meant
(though not what is said) by the
"Freedom • 'from

you

controls,

war

prise,

what

phrase

the

become

securities... If

I

part

totalitarianism

economic
would

realized.

be

totalitarianism. / of

or

: ex¬

their servant, not

as

those

themselves

produce

clothe

icans to regard their Government

important to

to

won¬

.

Freedoms

were

/////// ',//■

■ -

those who

even

government
power
and its bureaucracies if the Four
The

to

their

centralized'

are

Their; argument
runs
thus: >*'Tt
hak been the tradition of Amer/

never

living;

whose /four

-

der whether the quest for: security
is good for
the spirit ..of man

comes

of

about

global iederation/wiH

a

any concern.

There

by a tremendous lowering of the

and

bargain if the cost is too high.
Regarding freedom from want

show

American

a

a

last ? person

freedoms

it

standard

Justice

„

The raised standard of living for
Asia alone could be realized only

lowered standard of

Freedom from

fear of

And

want.

fray the greater part of that cost?

X could still fear

children's welfare, or my
health, or socialism in Amer¬

own

and

Americans

my

ica

(or at least

Mr.

mocracy

^U33vC' ; joqjo' : iCUB 'UI;poiJDd- which'1 substitutes self-restraint
period the individual always/loses for external restraint."/ Without
-part: of his hard-won: rights; .-being able' to say. it quite: clearly,
and regains them, if at 'all, when
John/, Jim "and Mary also/know
the/clash of old and. 'new /has that freedom land responsibility
quieted.- "For the?tetlance; pf/6ur are; .inseparable;' that to <be free

national

-mentioned)-in Washington, it
could not defray the cost of free¬
ing the; rest of the world from

contribute

are

yet undreamed of

as

cannot

hunger and Hitler

the

not

of mind.

from the world.

if

Even

income could be brought to levels

establish- global
A fearful person
will find something to fear even
but

to

peace

that.the/duration will

now

outlast the war, and that the taxes
for the war alone will outlast the

They take their responsibilities
seriously, for they believe with

some

.

know

There

nullify
.they nullified Prohibition.

as

JO

lives', ■■ ah least, - private? dapitdhshi
,migh t- be worth- almost any price that is,.. ip
/the, income / of ■ ■ his in; America will play: th.erole- of
—or so we, feel at the moment as
labor—that 'most of: out/ present
selfrstarter. and. pai-d. -eha^ffeuf;
'our thinking mirrors our present
economic elbow room and- nearly but
government will gjve the. gen-problems.!But that is not the' only all "of our
private enterprise sys¬ eral1 orders' from 'the- back; seat!
kind of fear.
We might come to
tem-would have to : vanish. :; We
The American business man is the
fear other thing's just; as much.
•

Thursday, April 22, 1943

as

liberals and farmers.

cations upon the' freedom of the
individual in American Assume

secur¬

& FINANCIAL CHRONICLE

So far

as

;could make out, he and all

accepted
losses

as

restitution

'resulting

-

for

to -it- from

activities" of Boomer.

its
-

the

Volume

157

Number 4170

THE COMMERCIAL & FINANCIAL CHRONICLE

■^Xv!v/X,>XvX*!'SX'
v.v.y ,y .<% vXy yv.>5
v.svv.v.v'v/.v.v.v,*

mmm




IndustrY is helping win the war.

industrY must help build a peacetime world
Today, all industries

^ Conserve vital

:

i

produce

as never

ships and other instruments of

guns,

a

must

before

1|||

speed the output of food, tanks, planes,

—must

decisive

supplies—that

W
11
1

war—must

win quickly

we may

victory.

■

Tomorrow,. all industries

must

continue

to

\

pro-

duce—beating swords into plowshares—to prevent
world-wide
nomic
.

unemployment leading to ultimate

eco¬

collapse.

If the world is to prosper
cohesion among
transition

there

must

be the

same

the United Nations during the

period and thereafter

as now

exists dur¬

ing the world-wide conflict. Internal stability here

|

and in other nations

be gained and maintained

can

only by sustained industrial production and by

||

v.\

interdependence.
The

people of this country, in

people of other lands, will

||(|

spiritually when this
\

,

prosper

with the

materially and

is ended

but only if plans world-wide in
scope are

\

war

common

1)^8^1

formulated promptly for

A JUST AND DURABLE PEACE.
THE

INTERNATIONAL

NICKEL COMPANY, INC.

Subsidiary of The International Nickel Company of Canada, Limited
New

York, N. Y.

asm
sum

11111

vC<*Xw

THE COMMERCIAL & FINANCIAL CHRONICLE

1486

Post-War investment Opportunities
(Continued from first page);
The

country

with

an

will

confronted

be

unsolved tax problem.
the
conditions
tending to

"If

been

volume

of

the

enormous

savings, are
powerful than the retarding

more

surplus

influences, maladjustments in the
price
structure
and taxes, the
level of production and employ¬
ment will be high.
Furthermore,
a high level of business will help
eliminate maladjustments in the

against unemploy¬
approaching this in

reserve

a

ment

even

magnitude.
the

After

5.

support business, the great accu¬
mulated needs and

.

country

with

itself

find

will

the

war

a

price

structure which will require many

This is partly be¬

readjustments.
the

cause

and

commodities

the

off

cut

has

greatly

demand

the

creased

has

war

and

commodities

for

not others, it
supply of some
not others, and

controls

government

because

in¬

some

of

price structure and help to solve

prices of finished goods have been

the tax

more

problem/'

Looking beyond the post-war
boom, Dr. Slichter sees the real

problems,
however,
for
"the
catching-up demand for durable
goods will

not last

indefinitely."

"When

country

has

the

built

up

these to meet the demand of the

particular

volume

"shall

have

he

we

asked.

of

1929?"
from

shift

a

ber, 1942, wholesale prices of fin¬
ished goods advanced 26%; raw
materials, 58.5%, and the hourly

factory

of

earnings
6. The

will be
an1% unsolved

difficult

times

order
out

to

a

shift

the

achieve

from

In

economy.

this

with¬

shift

collapse,

severe

a

advance

planning is necessary."
A
mary
of
Dr.
Slichter's

sum¬

paper

I

The

shift

from

normal.

A

may

be

less

normal

established

war

decade

require

tax

its

prewar

Government

after

the

war

three
needs—and the
two

or

succeeded

never

in

meeting by taxes more than twothirds of its prewar needs.
In
the twenties, the entire budget of
the Federal Government was less
of corporate profits in

good year.
Hence, it was pos¬
sible for the Government to meet
a

production
to
civilian
production will not
be followed immediately by an
economy which may be regarded
as

roughly

than half

follows:

con¬

problem.;; The needs of the Fed¬
be

civilian

more

or

before

more

relationships

or

have

themselves.

needs

its

without taking

a

very

large part of the profits of suc¬
cessful ventures.
After the war,
ordinary budget of the Fed¬
eral Government will be three or
the

times

four

as

large as corporate

profits in a good year. It will not
easy for the Federal Govern¬
ment to meet such large needs

Six

be

1. There

taking a large part of
the income of successful business

principal respects in which
the
post-war economy will be
highly abnormal will be:
need

will

be

an

for

goods based
purchases.
No

ferred

of these needs pretend

enormous

de¬

upon

without

enterprises.
II

estimates

to be

By the middle of 1943,
however, the deferred demand for

ferred

tending

by the middle of

1943 will be about

$10,000,000,000.
By the middle of next year it will
be

mulated needs

and the enormous

price structure and help to solve
the tax

problems.

the

after

the

rental
of

a

average

war

is

If employment
approximately

Wholesale Price Movement And Cost Of Living
Stock Market For War Years
The March number of the

of

Statistics"

claim

cannot

of

this

demand

of $2,00,000,000 a year as
minimum, four or five years

needs

the
of

residential construction

at the

rate
be

of $6,000,000,000 a year will
required for us to catch up.

Gross

national

expenditures of

increases

for

kinds

all

the

above

increase

of

the

demand

consumer

levels

in

the

in

goods

1940.

of

demand for

cific articles would vary

The
spe¬

consider¬

ably because additions to income
would
not
necessarily be spent
in the

same

way

incomes were

as

The rise in the de¬
for various articles, how¬

spent in 1940.
mand

would

ever,

about 50%

average

above the levels of 1940.

ditures
for

Expen¬

both food and clothing,

on

example, would be about 50%

above

The

1940.

index of indus¬

trial

production which would ac¬
company gross national expendi¬
tures of $155,000,000,000 would be
180 to 185—compared to an aver¬
123 in 1940.
For such a
rate of production the plant and

of

age

equipment of the country are far
too small.
This is indicated by
the fact that an index of indus¬
trial

production of 196 in De¬
cember, 1942, was achieved only
by the extensive use of second
third shifts and of overtime.

in wholesale prices and the
lag between these prices and the
cost of living vary considerably
from one country to another.
crease

the United

-In

prices
32%
of

higher.

The

4.

because

There

will

of techno¬

during

progress

be

an

the

war.

enormous

potential demand for goods based
upon the great accumulation of
liquid assets brought about by
the

Indeed, the growth of

war.

liquidity among
individuals
is
perhaps the most sensational eco¬
nomic
development of the last
two

During

years.

1942, : gross

savings by indiyiduals were $30,600,000,000.
Of
this
amount,

$23,000,000,000 were
in
highly
liiquid form—cash, demand de¬
posits, time deposits, war savings
bonds,

and

debtedness.
cash

and

the

reduction

in¬

of

The accumulation

demand

by individuals in

600,000,000.

In

deposits
1942

of

alone

$10,-

was

1941

also, there
were
large increases in liquid
savings. As the present time, in¬
dividuals, apart from
corpora¬
tions, have accumulated well over
$30,000,000,000 of savings in li¬
quid
form.
They
are
savings
which
to

they intend

convert

into

later

sooner or

goods.

By

the

end of the year the liquid savings
of individuals are likely to ex¬
ceed
$50,000,000,000.
Never
in

the

country's

history

has




there1

diture

of

$155,000,000,000,
the
would wish to have a
of between 34,000,000 and

country
stock

35,000,000 automobiles.
This is
over
5,000,000 more than we had
in 1941 and about 11,000,000 more
than we shall probably have when
the

war

ends.

If

one

allows for

of cars of 2,300,000
output of 5,000,000 cars
a
year for four years would be
required to enable us to "catch
up" in adjusting the supply of
retirement

a

year, an

cars

the

to

level

of

income.

If

production were 4,000,000 cars a
year, about six years would be
required.

of

1942

were

living 22%
Both had risen more than

Canada,

Canada

although

started

after

ately

of

cost

the

prices

rise

to

in

outbreak

of

war

while in the United States whole¬

sale

prices did not begin to rise

till the latter part of 1940 and the
cost of

living till the second

of

ter

1941.

Wholesale

this

shift

without

a

severe

quar¬

prices in

Encourage the holding of war

2.

Discourage

individuals

from

rapidly spending their large accu¬
mulations of cash and demand de¬

the extent that indi¬

posits.

To

viduals

convert

cash

or

demand

deposits into annuities or insur¬
ance, the problem of shift will be
facilitated.

period

covered

extent

same

to

(80%

to

90%), but the cost of living rose
in

Peru

and

little

as

as

13%

the Argentine.

in

»•

Tax less

heavily income from

most

exactly the

in the United

1942.

In

In

of that

reverse

States.

Mexico there has been

a

re¬

markable rise in the share values

unaccompanied by
ble

rise

end

of

in

any

compara¬

the

price
indices,
amounting to nearly 300% by the
1942,

whereas

in

Chile,

where prices have risen consider¬

the

Kingdom whole¬
prices were practically un¬
altered
during
the
last
nine
months

65%

of

1942

above

at

the

a

level

some

January-June,

1939, average, and the cost of liv¬
ing showed little change since the
beginning of 1941 at a level about

30%
In

above that average.
India

the

wards

wholesale
end

to¬

stood

al¬

500%

above

the

pre-war

In

Australia

and New

Zealand

wholesale prices and cost of
had

risen

about

40%

and

living
20%,

respectively, up to the end of 1942.
In
Germany wholesale prices
and
cost
of
living have been
firmly held down to about the
same
level, each showing at the
end

of

1942

than 10%

increase

an

over

less

the pre-war level.

Elsewhere in Continental
wholesale

of

Europe

prices have risen

con¬

after

wide

level.

Continental

Europe

gent governmental

measures

adopted generally to
in

increases

value

the

of

strin¬
have

check
shares.

Nevertheless,

in Axis-dominated
inflationary
tendencies,

Europe
excessive

liquidity

confidence
forced

in

the

and

lack

these share values far

up

the pre-war level.
month of 1942 share

last

by

level

that

by

In the
values

nearly

in France, by nearly 300%

500%
in

of
have

currency

above

Hungary, by 270% in Belgium,
over 100% in Finland and by
80%

over

in

at

was

30%.

the

Netherlands;

time

no

In

than

more

Germany share

had risen nearly 60%

quarter of

1941,

in

increase

the

however,

Denmark,

some

values

by the last

but

as

a

result

of further restrictive orders have

No such in¬

changed little since.
creases

occurred in neutral Swe¬

den and Switzerland,
crease

up

the total in¬

to December, 1942, be¬

ing under 10% in both countries,
although, the Swedish index has
18%

been

average.

values,

pre-war

In

exceeded

prices

1942

of

share

been

In the United

sale

over

the pre-war aver¬

in the previous August.

age

The

volume

of

circular

note

tion, following the seasonal trend,
fell off in many but not all coun¬
tries

between the end

of Decem¬

ber, 1942, and the end of January,
1943.
The decline amounted in
Czechoslovakia to 6.7%
kia and 2%

Moravian protectorate,
bia

in Slova¬

in the Bohemian and

in Colom¬

5.4%, in Sweden to 5.1%,
in Turkey to 4.7%, in Switzerland
and Ireland (up to 21.1) to 4.6%,
in
Denmark
to
4.5%, in Ger¬
many and New Zealand to 2.9%,
in Canada to 2.3%, in Finland to
to

closing
months of 1942, by 90-100% in
Switzerland, Denmark and Por¬
tugal, by about 80% in Norway
and Sweden and by over 70% in
1.8%, in the United Kingdom to
Spain; up to July, 1942, by nearly
115% in Finland; up to April, 1.7%, in Roumania to 1.4%, in
1942, by nearly 140% in Turkey. Cuba to 1.2% and in Venezuela
Corresponding increases in the to 0.5%.
Increases were regis¬
cost of living were: nearly 100%
tered over the same period in
in Turkey, 80%
in Finland, al¬
India
(4%), Australia (2.8% up
most 70%
in Spain, about 55%
in
Denmark
and
Portugal and to 18.1), Belgium (2.1%), Costa
siderably;

of

4.

of

quarter

Japan the movement has been al¬

80% in Chile, rather less than 40%

than distribute them

risk taking.

upward grade since the first
second

fluctuations, dropped in the mid¬
dle of 1942 to a point 7% below

Sweden.

dividends.

the
or

of
on

ably,

the
the

much

3. Encourage business enter¬
prises to plow back a large pro¬
portion of their earnings rather
as

of the war, and in all
the movement has been

tunes

them

during

were

1.

similar, reflecting but with un¬
equal intensity the varying for¬

the Argentine, Peru and Chile rose

col¬

savings bonds until maturity.

countries the movement has been

immedi¬

"catching-up" demand for
goods in plant will not
last indefinitely.
When the coun¬
1942, when the country was pre¬
try has built up these to meet the
paring for military operations. In
demand of the particular volume
Egypt, still closer to the war zone,
of income, shall we have another
wholesale
prices were up' over
1929?
The shift from a "catching100% and cost of living nearly
up" economy to a self-sustaining
80% by July, 1942.
But by far
economy
will be more difficult the
greatest rise has
been in
than the shift from a war to a civ¬
China, where both series by the
ilian economy. In oi;der to achieve
end of the third quarter of 1941
durable

$25,000,000,000.
These 55,000,000,000 out of a postwar lapse, advance planning is neces¬
are
very
rough, but working force of 57,000,000,000, sary. The shift is likely to be ac¬
the low side.
For the gross national product
(at complished more smoothly if it is
example, they take no account of 1942 prices) will be about $155,- spread over an extended period.
It is also likely to be accomplished
the needs produced by extra wear 000,000,000.
and tear on equipment from two
With
the
income
created by more smoothly if the level of con¬
and
three-shift
operation
and gross
national expenditures of sumption in relation to incomes
from hard usage and inadequate
does not become too abnormally
approximately $155,000,000,000 a
maintenance
under
war
condi¬
high
during the
"catching-up"
year there would be an enormous
tions.
In order to spread the
amount of "catching-up" to do. economy.
2. There will be a substantial
as
For example, the stocks of vari¬ "catching-up" economy over
need for goods arising out of geo¬ ous
years
as
possible and to
durable
goods
which
we many
graphical shifts in population.
choose to maintain are related to limit the abnormal rise of con¬
3. The country will have accu¬ the level of income.
At the in¬ sumption in relation to incomes,
mulated a backlog of investment comes created by a gross expen¬ the following steps are suggested:
logical

and

130%, and the cost of living
about
65%, above the pre-war
level; more than half of these
rises
occurred
after
February,

on

opportunities

end

wholesale

higher than in the first half

1939

in

the

at

States

most

HI

estimates
are

League of Nations "Monthly Bulletin

just

precision, but it

about

they

has

which

been published by the League of
Nations Mission at Princeton, N. J., contains, in addition to the
is
usual tables, two sets of graphs, one illustrating the movement of
probable that by 1945, with the
wholesale prices and cost of living, and the other the movement
gross
national
expenditure
of
of the market value of industrial shares.
Both cover the war
$155,000,000, there will
be
a
years
up
to the end of
1942.
"catching-up" demand for four
Wholesale prices and the cost shares at the end of 1942 was 25%
to
five million
dwelling units,
of living have risen in all the 34 below, the pre-war level in Ca¬
representing a construction cost
countries included in the diagram.
nada, 15% below in the U. S. A.,
of $15,000,000,000 to $20,000,000,In most countries the cost of liv¬
3% above that level in Australia,
000.
Shifts of
population pro¬
and
somewhat
higher
in
the
duced by the war will raise this ing has risen less than wholesale
The magnitude of the in¬ United Kingdom.
In these four
demand.
If one assumes normal prices.
Estimates

to

consumer

demand

above

support business (the great accu¬

goods will ex¬ volume of "surplus savings") are
ceed $3,000,000,000.
The deferred more powerful than the retarding
demand for housing will be in influences (maladjustments in the
excess
of $1,500,000,000.
There price structure and taxes), the
are
already large postponements J.evel of production and employ¬
of
Furthermore,
private
maintenance, public ment will be high.
works
and
public maintenance. a high level of business will help
All in all, the accumulated de¬ eliminate maladjustments in'the
durable

well

1940.

and

conditions

the

If

very

accurate.

quality—with

good

value

stantial

country
with

fronted

Government

than

of

$155,000,000,000 would mean sub¬

will

a

workers,

43.1%.

eral

to

Be¬

1939, and Decem¬

August,

catching-up economy to a selfsustaining economy will be more
war

controls

its

materials and wages.

raw

tween

income,

another

"The

of

than

effective

proximately $27 a month.
With
incomes roughly 50% above 1940
there would be an enormous, in¬
crease in the demand for housing

Thursday, April 22, 1943

almost

up

to; the

in

50%

Norway

and

In

Yugoslavia the cost
living in July, 1942, was 230%

over

the pre-war level.

The market value of industrial

Rica

(1.4%), France

Netherlands

(0.8%),

(0.6%)

States

and

(1.3%), the
the

United

Hungary

(0.5%).

When the critical period of tran¬
respect to
risk taker pretty harshly.
One pitable environment. This can be
The increase sition from a "catching-up" econ¬
might almost infer that the gov¬ done while at the same time pro¬
of
families
alone
will
produce omy to a self-sustaining economy
ernment did not wish anyone to tecting the right of workers to or¬
a demand for several million ad¬
occurs, it will be particularly im¬
ganize and giving workers the
ditional houses by 1945. Far more portant that the spirit of adven¬ attempt to make his living by giv¬
important will be the effect of ture in the community be high. It ing jobs to others. No nation can protection of an adequate system
is fairly easy for the economy to
higher incomes upon the quality
The country
become rich by discouraging risk of social security.
of housing demanded.
Expendi¬ put to work large quantities of in¬
should not lose sight of the fact,
taking.
The
nation
which
wishes
vestment
seeking funds and to ad¬
tures on shelter seem to follow a
more
or
less persistent pattern. just itself to drops in the propen¬ a high standard of living must re¬ however, that high levels of em¬
sity
to
consume,
provided the gard
Men spend on shelter about oneinnovators,
experimenters, ployment require that a substan¬
of risk taking flourishes.
fifth of their incomes after taxes spirit
and starters of enterprises as pe¬ tial proportion of citizens seek to
The
encouragement
of
risk
taking
and savings, and this proportion
culiarly useful citizens and must derive at least part of their in¬
helds as incomes rise and fall. will require new developments in
The

situation

with

housing is similar.

In

1940,

families

the
on

outlay
shelter

of non-farm

averaged

ap¬

public policy.
years,

During the last ten be willing to

go

out of its way to

public policy has treated the furnish them a congenial and hos-

comes

from

giving jobs to others

rather than from holding jobs.

Volume

THE COMMERCIAL

Number 4170

157

r

& FINANCIAL CHRONICLE

1487

PERE

MARQUETTE

PERE MARQUETTE RAILWAY CGMMUY
SUMMARY OF 1942 OPERATIONS:

history of the Company, having doubled in the last

it will be interesting to review twelve years of

three

Marquette operations:

years.

in

Taxes consumed 10.87% of operating
1942,

OPERATING REVENUES.
Reflecting the expansion of

revenues

freight and

6.11% in 1929.

operating
as

passenger

revenues

traffic resulting from the war,

year

13.5%, and

or

against 8.71% in 1941, and

TWELVE-YEAR

in 1942 amounted to $44,311,307,

compared with $39,048,003 in 1941,

$5,263,304,

as

were

an

Tax accruals amounted to

increase of

higher than in

1942,

any

as

135% of net income in

OPERATING EXPENSES. Operating expenses in 1942

NEW INDUSTRIES. During the
year,

amounting to $32,544,485, showed

industries

1941 of

proportion of

crease

revenues

of $4,181,971 in

over

means

for whose account

the

dled, producing

consumed by operating ex¬

increased less than

penses,

was

increase

an

14.7%. The operating ratio, which

1942

over

18,342

revenue

for

1941, $1,381,014

due to wage increases.

30,250

on

cars

eighty-five

the Pere

1937...

2.74%

1938...

0.53%

1933.... ....1.07%

1939...

2.07%

1934.... ....1.64%

1940...

2.48%

1935.... ....3.04%

1941...

3.54%

1936... ....3.45%

1942... i.%3.64%

new sources

were

may

of freight and produce

cars

new

Marquette,,

of freight

han¬

Twelve-year

revenues

of
While the

approximately $1,850,000.
Of these 85

Railway tax accruals in 1942 amounted to

$4,819,071,

an

increase

over

1941 of $1,415,682, or

41.6%, and

an

increase

over

1929 of 62.7%. United

new

industries it is believed that 63

will continue to operate after the war is

over.

3.64% return for 1942

FINANCIAL AND DIVIDEND POLICY. While net in¬

Canadian income and

come

$928,517.

it

was

the best in

considerably under 5.56%, the

was

average

return for all Class I railroads. And the

average

Pere Marquette return during this whole

twelve-year period, 2.10%, must be compared with

States income tax and surtax increased $436,049, and
excess

2.10%

average

account

twelve years,

TAXES.

RETURN

OF

1932.... ....0.20%

in 1942 of $1,349,811. It is

estimated that in 1943 these

cent. Of the in¬

one per

established

were

RECORD

mt.... ....0.79%

compared with 105% in 1941, and 40% in

1929.

since 1929 when they totalled $48,468,439.

Pero

profits taxes increased

full

'

for the year was

consideration, deemed it unwise to declare

dividends
In 1942, taxes were the largest of any year in the

specific

during 1942. ;iThere

reasons

2.44%, the

$3,569,065, the directors, after

are

any

immediate and

for this. But before considering them,

return for all Class I roads.

average

It may be well to recall that during this

period beginning with 1931, the last
dividends

were

paid

on

all

same

years,

was

$5,069,262. During

the total of all dividends paid to

stockholders

our

in which

all classes of stock, the total

net income of the railroad

these

twelve-year

year

was

$5,061,778, which is almost

equal to the entire net income for the period.

SOURCES AND DISPOSITION OF INCOME

At the end of this twelve-year period, however, the

outstanding debt
,'f.T

t>.T

*N

Increase

Our income

from the following

came

Revenues from

W2

sources:

Decrease

1U1

$34,457,564.28

$30,909,018.47

$3,548,545.81-1

4,986,134.36

652,896.23-1

hauling coal and coke

5,639,030.59

Revenues from

hauling

2,125,624.89

1,089,319.05

1,036,305.84-1

2,089,087.74

2,063,531.40

25,556.34-1

passengers

Other transportation revenues...

others

43,372.08
i

Dividends from stocks owned

623,668.82-1
'

658.75-1

79,133.25

78,474.50

593,259.56

442,616.32

150,643.24-1

$45,027,072.39

$38,988,797.36

$6,038,275.03-1

Other income from non-railroad operations

Total

580,296.74

disposed of

our

income as follows:

the

interest charges on debt

$16,308,292.49

$14,384,367.16

6,844,531.26

6,731,155.56

2,356,280.42

2,305,164.29
^
" ■ 1

(

2,929,800.58

325,162.14-1

$1,923,925.33-1

'

Materials, supplies, and fuel

■

Taxes, other than Federal and Canadian tax

on

income,..

;

Payments to contractors, associations, other companies, and

/

individuals for services and expenses

3,254,962.72

paid for facilities used jointly with
others, less amounts received from others
on

113,375.70-1

repaid)

and out of

improvements to the property
depreciation

charges to operating

expenses.

Depreciation, amortization, and retirements
Total

2,160,177.09

3,218,669.68

3,228,512.50

4,350,587.60

2,914,488.60

1,436,099.00-1

$34,653,665.78

$4,341,549.73-1

$38,995,215.51

j

gage

Bonds with high

market

at

very

(since

retirement

This situation has

Company's credit.

Even

coupon

rates

are

selling in the

substantial discounts. Unless the

financial strength and credit rating of the railroad

be

substantially improved during the next twelve
the refunding

or

payment of

some

forty mil¬

lion dollars of First Mortgage Bonds coming due in
1956 will present a

major problem.

REDUCTION OF DEBT. In October. 1942, when it be¬

501,714.25-1
9,842.82-D

the

evident that Pere Marquette earnings were on

upswing

initiated

a

as a

result of

program

war

traffic, the directors

of debt reduction to strengthen

the financial position of the road by purchasing
First Mortgage Bonds at
end of the year some

Net Income before Federal income and Canadian income
and excess-profits taxes

and

today, despite the improved earnings, the First Mort¬

came

2,661,891.34

debt

not fully earned. Defi¬

51,116.13-1

■1

Rentals and expenses
Interest

were

years

have been financed by short-term borrowings

years,

Wages

at the be¬

as

one

can

We

large

dollars; and in five of the twelve

unfavorably affected the

equipment used by others, less amounts paid to

as

million

cits have been met and

hauling freight other than coal and col

Revenues from

Rent from

almost

was

ginning, the net reduction having been less than

its

prevailing discounts. By the

two and one-quarter million

i

dollars of these bonds had been retired, and in 1943,

$ 6,031,856.88

$ 4,335,131.58

2,462,791.00

1,098,225.00

$ 3,569,065.88

$ 3,236,906.58

$1,696,725.30-1

Federal income and Canadian income and excess-profits
taxes

.,

Net Income

Disposition of Net Income

was as

follows:

:

:

.

,;

■

'.v.;

■

Appropriations for Sinking and Other Reserve Funds...
•

Balance remaining for other corporate purposes..........

The above

are

summary

excerpts from

1,250.00-0

1,250.00
$ 3,569,065.88

our

332,159.30-1

;

$ 3,235,656.58

$

333,409.30-1

purchases have been made.

It is the present
sue

this

intention of the directors to pur¬

policy of debt reduction

one on

as

additional funds

become

available, to the end that the Company's credit

will be

strengthened, the refinancing of its bonds

undertaken, and dividend payments resumed in due
course.

•

current Annual Report and are published only for the information of stockholders. Any

stockholder palling to receive a copy of the Report will be furnished




1,364,566.00-1
$

additional

request to the Secretary, Terminal Tower, Cleveland, O.

.

?

if.

1488

THE COMMERCIAL &

What Are We
It is most

that this question be answered simply and
position to speak for the nation. We are fight¬
are the British, but then what?
We have been
given the Atlantic Charter and the Four Freedoms, but to the average

Hell The

a

Various recent

American they mean very little.
They are too general, too nebulous.
are the goals for this country as a
country?

fighting for

we

of

economic

perpetu-*>

a

planning

bureaucratic control which

the

face

of

wisdom of

the

or

sentimental

of

one

perimentation?

Are

a

the

country

tion?

A

social

for

or

united

a

in

of

the

na¬

the

for

country

as

Are

ing

aggregation of factions—the
labor, the bu¬

an

not

we

II.

by

a

unit.

the unemployables, and
there may be the veterans of
war

can

the

in the

level

and be
to his

economic

beehive?

these ques¬
tions, but it is high time for their
spokesmen to enunciate clear cut
principles which are sound and
simple and can serve as a compass
trying days ahead.

in the

we

to remain true to

are

traditions,
these
already formulated

Anglo-Saxon

principles are
for

and

us

social

our

to be found in

are

the

and

a

property

have

tions

the

on

of

rise

of

shall

There

free

he

The Securities and Exchange
lic

another

combinations,

Factions,

in re¬
all types
groups are in¬

political

pressure

of

struments

national

discord,

whose sole aim is to gain artificial

advantage at the expense of other
citizens of the nation.
These

principles guarantee no
one
against want.
They guaran¬
tee
something much more pre¬
cious—the right to be free, the
right for man to realize his capa¬

the

in

series

of

Commission

statistical

Corporations."

This

bilities, the right to be a man
to work without pay¬
ing subsidy, not a creature of the
State, a pawn of politicians. Just
what are we fighting for?
What
is the goal of this country ten
years hence?
Let it be expressed
sincerely in words we can under¬
stand, that really mean something
_

No.

of

TOTAL

(Dollar

pending

Net

contracts will again become

verified

be

this

at

time,
It points

according to the Board.
out that in the last

cellations

total

war

all

of

can¬

'Government

agencies

were

the

23%

total

war

of

de¬

or even more,

equivalent

of

income

Board

also

has

World

ruptions

and

lation

of

war

work

in process

be

intensified
War

essarily

will
as

World

pared with

nec¬
com¬

I by

the

greater proportion of national re¬
devoted

sources

conflict.

the
in

work

two

and

the

a

the

to

Board

of

number
war

in

The

is

half

present

adds

that

civilians

engaged
currently about

times

great

as

as

10.8%

the

contracts

did

of

the

and

exoerience
of

the

of

World

War

existing situation

regards the much larger war
tracts of World War
concludes that

icy

carefully

vance

"would

relationships
the

war

a

I
as

was

not

outstanding

contain

cancel¬

standard

The

not

II, the Board

cancellation pol¬

formulated

in

ad¬

clarify the complex
developed

among

during

Government,

unliquidated by June
30, 1919, while a tenth of them
required two years or more of in¬

originally drawn.

The post¬

-environment involves

of relations between

a

shift

taxes

__

413

1,052

3,009

1,821

2,306

2,842

210

210

as

10.8

11.9

5.8

9.0

10,0

11.1

5.1

8.3

8-4

9.1

4.0

13.0

21.1

12.2

-■20.4

a
•

Taxes

•

ments.

After

an

armistice the

re¬

economic

emphasis

basis,
upon

and basic material

ing party."

power

with

a

a

legal-

greater

the relative
of each

bar¬

contract¬

deposits

reserve.

this

privilege,
expand
70-80% of the
is

by

to

amount of bonds banks

More

buy.

than $20 billion will thus be added
the

to

nation's

supply this

effective

This is

year.

money

potent

a

inflation force that cannot be nul¬

lified

by

wages and

To

legalistic
prices.

restraints

on

Pay Further Biv.

On Jt. Stock Land Bank

Bonds Of Portland, Ore.
Stock

Land

(Ore.),

Bank

issued

nouncement

of

the
all

to

Portland

following

an¬

hav¬

persons

ing claims against the bank repre¬
by bond, coupon obligations

sented

receiver's certificates:

or

"A

further dividend

dividend

as

standing
bonds

to 10%

principal

issued

Washington
Bank of

designated
6, in an

number

amount equal

of the out¬

of

by

farm

the

Joint

loan

Oregon-

Stock

Land

Portland, Portland, Ore.,

unmatured

interest

accrued

such bonds and/or interest

to 9.0%

as

in

a

'Net Profit before Prior Claims,

1939,

percent of

13.0%

in

1940 and 21.1%

in

tured
est

interest,

which matured prior
1936, will not partici¬
pate in this dividend as to such

May

1,

inasmuch

as

such coupons

payable from

a

special trust

coupons
are

on

to

1940

in

1941.

"Net

Profit

deposit with The United

States National Bank of

'

Ore.

ness

after

Portland,

x

dividend
is
payable to
who, at the close of busi¬

April 15, 1943,

on

regis¬

are

tered holders of receiver's certifi¬
cates

to" the

as

delivery of bond's

coupons

in

and

the

in

claim

a

unma¬

of inter¬

coupons

to

and/or

as

in

20.4%

Holders

1941.

12.2%

and

representing sdid

coupons

9.9

of

the" receiver

to

making

thereon,

and

proof

of

of

all-other

to

All

in 1937, declined to 4.0%

,

1936

1937

1938

1940

1939

1941

capital

profit

_

—

make the

interest
8.11

—

10.19

5.85

5.91

7.09

6.00

"As

''8.96

'4:75

4.90

6.11

9.50

7.74

3.95

4.20

4.92

6.84

,

Producers with Blast Furnace Facilities:

capital —__.___.1_:

7.57

0.82

certificate, checks for the amount
of

such

to

said

Metals inCl.

spective addresses

4.25
>

.8.81:" 16.66

6.74

(P,1P)«

,

.4,0.1.

5.30

(0.30)

•

3:2-2- V, .6.49

Smelting and -Refining:

•

X :'M''
j,..*!'. v

*V.

V '/•"

i

*

y.\,(

*

'•

.<

f

r.

-7.01-

•

7'y*.

p
•

_

-•

" «•'
■*

profit before prior claims, interest
income taxes as a percent of in¬

9.21

13.33

—8.87

13.06

>6.94

profit after all charges, as a per¬
cent' of invested capital_al____^—7.56

11.04

5.78"V

Net

profit

—

before

income

taxes

as

percent of invested capital-

be

mailed

pear

upon

as

the

re¬

same ap¬

the books of the Re¬

The books of the Receiver

ceiver.-

will- not be -open- from

April -15,

1943, to. April 30, 1943, both dates
7.T9" * TO'.48' ' T'3',54 "11.61

vested capital

will

dividend

registered holders of said

17.37

9.83

4.96

";'.,x"
3,52

receiver's

provided in the

receiver's certificates at their

—5.11

profit

>

."A

10.48

before

6.94

required proof of claim

thereto.'.

relative

and

...

inclusive, for registration of trans¬

a
10.25

13.38

.

17.54

fers

of receiver's

certificates.

-

It

Net

8:32' '

■

'9.40 V-20,20

Chemicals:

capital
profit before

income

taxes

percent of invested capital
Net profit after all charges as
cent of invested capital

' '

a

30, 1943.

capital

8.85

14.30

18.56

25.96

13.92

18.22

25.64

who

April

13.01

7.32

11.80

12.15

12.33

bonds and coupons to

•

-

"Holders of bonds and -coupons,
have

not

their

delivered

per¬

13.45

as

-23.91

9.82' " 19,'8'4

27.20

39.76

30.23-

23.74

9.76

19.56

27.09

39.60

25.34

18.96

7.40

15.63

16.51

17.38

a

:—

proof of claim
secure

from the Receiver the forms

nec¬

,

essary

for such delivery and such

per¬
—-

the Receiver

thereon, should promptly
30.35

—*

a

about

"

8.52

and have not made

profit after all charges as
capital

or

"

15.16

percent of in¬

profit

cent of invested

"

15.55

—.—

before income taxes
percent of invested capital-

Net

"T'

16.17

profit before prior claims, interest

vested

on

:

Automobiles:

and Income taxes as a

Net

anticipated that dividend checks

&s a
■
■
—.—15.63

vested

Net

is

will be mailed

profit before prior claims, interest. :.

and income taxes as a percent of in-

.

lationship is restored to

required
use

result

net

"The
i

8.4

6.7

Invested Capital' was
1937,; declined to 5.8% in 1938, and there¬

1936, 11.9% in

Non-Ferrous
Net

Net

arrange¬

bank

less
banks

persons

before income taxes as a
percent of- invested capital
.'
Net profit after all charges as a "percent of invested capital

with

overshadowing business

the

':'.'X-■

■y

Refining:

vested
Net

Net

commanueering authority

all

but

'

profit before prior claims, interest
and income taxes as a percent of in-"-:'--*;;

industry compared
relationship. War
urgencies invest the Government
a

Not

fund

__

profit before prior claims,

Steel

Government

war

scription

Net

private

gaining




273

1,080

223

•>X

income taxes as a
percent of invested capital
______
Net profit after all charges as a per¬
cent of invested capital

remained

prime contractors, subcontractors,

suppliers. The

199

522

2,426

declined
to

vested
Net

Army's 31,000 claims, ac¬
cording
to
the
late
Secretary
Baker, was a potential law suit.

and

201

404

and income taxes as a percent of in¬

of the

war

6,050

Capital' rose from 10.0%, in 1936 to. 11.1%
5.1% in 1938 and thereafter rose from 8.3

9.1%

Oil

Net

adopted until the

"Over two-fifths of these claims

deposits} subject to check

persons having Claims against the
Invested Capital' rose from 8.4% in 1936
bank'which are based upon the
in 1938, and then rose to 6.7% in
bond
-and/or
coupon
1939, 3.4% in 1940 and 9.9% in 1941."
.
V aforesaid
The rates of return on invested capital for. five. of. the. largest
obligations if, as, and when such
industry groups in the study having assets of over $2,000,000,000
persons "deliver their
respective
each in -1941 are summarized in the following table:
obligations To the receiver and

final six weeks of hostilities. Each

with their

con¬

Income

and

in

1937,

defective
formal war

the

clauses.

clause

was

study of

capital

increased

1939

legally

were

many

fully half of all vestigation and negotiation. When
production and of the cancellation
terms
are
left
to
nation's gross national product
is,post-war decision, it is inevitable
being channeled into the war ef¬ that more time is absorbed on this
fort as against a maximum of a feature than when
the contract
a

3,559

percent of Invested

Armistice, the War
had
numerous
in¬

last war;

Upon conclusion of

27,493

2,444

»

1,562

Following a similar pattern 'Net Profit before Income Taxes

problems

industrial

fourth for World War I.

26,730

2,099

__

"The combined data show that

:

following to

contracts

which

revocation

and

income

invested

884

28,739

percent of in¬

a

to

while

curtailment

before

858

.

invested capitaLj_-__wi__
profit after all charges as a per¬

cent, of

-

from

as

848

27,097

836

3,171

...

'Charges as a percent of

II, the dis¬
problems
arising

War

_

time

formal

of

_

840

79 S

208

taxes

pare
adequately for that even¬
tuality during the war.
At the

of

avail¬

total

by the amount of the bank's sub¬

upon
1941

1940

1938

26,572

interest

income taxes

profit

Net

of
World War I were
complicated
and prolonged by failure to pre¬

cancellations

close

and

..

after

actual

the

the

"Cancellation

raises

buying power in the form of

demand

and

1939

-1937

2,711

percent of

say:

of

aftermath

Invested

on

Figures in Millions)

25,036

_

for income

Interest

the

following

taxes

profit after all charges..
profit before prior claims, interest

Net

by all Government agencies may

Department

of the

of Return

readjustment.

expenditures
through April, 1919 but whatever
scale

_

..

vested capital

$25,000,000,000 to^>

assumptions which

upon

cannot

April 11 made pub¬
of the "Survey of

1936

profit before prior claims, Interest

Prior claims

Net

Armistice Day, the Division of Industrial
that
fully integrated cancellation policy formulated in advance of the

$60,000,000,000,

capital-

Provision

on

contracts

This

Bank

"country"

survey

registrants in each year.

and

Economics of the National Industrial Conference Board suggests

war

of

the

'

a

GRAND

and

of

survey

banks),
able

Reserve

case

of profits and invested capital- and data are pre¬ thereon up to and including April
sented for each company and for combined industry groups.
Some 30, 1936, has been declared as of
of the more important items shown in the report are invested cap¬ the close of business
April 15,
ital; net profit before prior claims,. interest and income taxes; pro¬ 1943.
visions for income taxes; net profit after all charges; and the ratio
"This dividend-is being distrib¬
of net profit before prior claims, interest" and income taxes to in¬ uted out of the
proceeds derived
vested capital; the ratio of net profit before income taxes to invested from the
liquidation of pledged
capital, and the ratio of net profit after all charges -to invested capital. assets of the bank and is payable
"7, * "A combined summary for all 59 manufacturing groups is pre¬ only to persons who have proved
sented in the following table:;.
*
and filed claims against the bank
"It is

•

,

among men,

end of the war" would facilitate post-war

on

reports

the

George B. Guthrie, Receiver of
Oregon - Washington Joint

Capital

effort.

war

Net

Cancellation

placing the
price of the bond to the credit of

annual reports

War Contract Cancellation Policy Formulated
In Advance Major Need; Conference Board

aggregate from

Federal

Capital" is based on data taken from registration statements and
filed with the Securities and Exchange Commission
by corporations having securities registered on Dec. 31, 1941, under
the Securities Exchange Act of 1934.
From the advices made avail¬
able by the SEC we also quote:
"Eight hundred and seventy-eight companies and their consol¬
idated subsidiaries having invested capital of approximately $29,000,000,000 in 1941: are included in this survey ' which covers the
years 1936-194li inclusive.
The companies classified in 59 manu¬
facturing groups were selected because of their importance to the

straint of trade, blocs and

Invested

"a

the

subscribe to

SE0 Survey Of Return On Invested

mar¬

*

major national issue

of

can

protection, freedom

political -literature of
this country, England and France.
They have been gleaned by bitter
experience.
If we are to be a
free nation, a
solvent nation, a
vital, united people with a high definite.—From a recent Market
degree of ecenomic well-being, Letter put out by Van Alstyne,
such principles might take a form Noel & Co.
i

a

banks

System

Government bonds by

v

protection.

American Listed

war

Member
Reserve

.

Federal

in

from

come

the banking system.

not

(14%

(other than

The rest must

banks).

touch the roots
inflation. >'
It is absolutely necessary for the
Government to spend vast sums to
do

Probably

than $40 billion of this
be taken up by private and

institutional investors

and

wages

which nourish

individual.

Asserting that cancellation of

lion must be borrowed.

Such legal limita¬

higher prices.

goods, services and capital of the

of

others

any

or

will

prices

and

person

efforts,

Allies.

our

this year will be
billion.
Of
this

amount, tax receipts will probably
cover about 30%.
About $70 bil¬

similar nature, will not stop

a

sustain

fiction.

III.

to

the people can answer

If

individual

stocks.

permanently the inflationary spi¬

equal.

the

close

to

spending
to
$100

ral of higher prices, higher wages,
rising costs of production, and still

property

and

person

are

forces, and

the inflation pressure on both

power

hot more

kets throughout the nation for the

scale

emulate the
In the last analysis only

the

can

is

compensated in proportion
or for a system
attempts

.

to take

Total

But these

of

shall he government

Without such

contribution,

which

to

men

District

will check but not halt

moves

to

purchasing

commodities and

are

,

the

find his

is free to

individual

own

individual

,

There

:

ease

change in which

the

Spiral

anti-inflationary

is aimed

drive

enough

up

Only under government by law

who politically
present a formidable front.
Are we fighting for equal rights of
all men under law, for the rights
of minorities, however small?
Are
we fighting for government by law
or
by executive edict?
Are we
fighting for a way of life in which
present

of

bond

war

only

of the individual and under which
all

reaucracy,

the

strictest

the

law which guarantees protec¬

tion

rapidly becom¬

farm bloc, organized

soon

rights

destroyed.

people now
of the nation, or

terms

laws

pass

/ xt

he

government

profligate

violent social

to

How seldom do

think

v: V:'

shall

on
their deposit
They need only put up a
reserve of 20% of the resulting in¬
crease in
their deposits with the

Treasury

books.

ilarly, the cut in rail rates is expected to spike the demands for
higher railroad wages, and at the same time help in the control of
industrial goods prices by lower-<s>
ing transportation costs. The April maintain and equip our military

fol¬

leads to overpowering taxation, an
uncertain currency, and ultimately

ex¬

fighting

we

as

in government.

economy

we

factionalization

further

for

Are

•■/
There

I.

and

strong, virile future

a

expression somewhat

lows.

in

run

experience

ancestors?

our

lighting for

and

and

the.

the inflation spiral according' to the United Business Service.
The President's strong stand on prices will unquestionably stif¬
fen the resistance of the War Labor Board to wage demands.
Sim¬

What

Are

Thursday, April 22, 1943

Controls Will Check Inflation But Cannot

Fighting For?

desirable

honestly by those in
ing for survival, as

ation

FINANCIAL CHRONICLE

proof.":

THE COMMERCIAL & FINANCIAL CHRONICLE

"Number 4170

157

Volume

trust

company.

been

paid

Dividends have
uninterruptedly since

1854.

Connecticut General

Bank Stocks

Life Ins. Co.

charter

under

Request

on

.

Laird, Bissell & Meeds
Members
and

York

New

other

Stock

leading

WALL ST.

1

120

Exchange

Bell

NEW YORK

Telephone

Dlgby

L. A.

4-2525

without

interruption since 1864.

after

It

York;

of the Dow-Jones Industrial

Average, and how relatively enduring
is leadership in the fire insurance field.
This same quality of en¬
during leadership is also a characteristic of commercial banking.
Banking is an essential and irreplaceable service, without which
business

is

often

changes

sound

which

death

the

dured,

in

and

day.

has

Bought

en¬

Trust

have interesting

commonly

Bulletin

Inquiries

to 5 p.

Service

Orders

the

OF

New

York

For

St., Los Angeles

PRIVATE

WIRES

founders

of

the

Chicago

TELETYPE

bank,

years

the

for

and

15

active

bank in

the

years

part.

New

It

York,

only

bank.

Dividends have been paid contin¬

uously .since organization.
of

Bank

The

^

^

Co.,'

Manhattan

New York; Age 144 Years—Char¬

tered in 1799
but

as

Burr

water company,

a

the

through

Aaron

astuteness

clause

a

into its charter

of

written

was

permitting its

sur¬

plus to be used "in any other
monied transaction not inconsist¬
with

ent

and

Constitution

the

the United

of the State and

laws

L.

Bullion."

Its

is

116

record

In 1842, the City of New
inaugurated its own water
system and thereafter the com¬
pany
devoted itself exclusively
to banking
operations.
Its un¬

extends

record

back 96 years.

Co.,

Trust

Manufacturers

New

York; Age 131 Years—Though or¬

1905

in

ganized
dates

the organization of

back to

the New York

and

1812

m

Manufacturing Co.
of the old Phenix
The pres¬

Bank founded in 1812.
ent

institution

sive mergers

of smaller
several
been

Citizens

the

as

Brooklyn, its history

Trust Co. of

than

more
over

ones

a score

period of

a

have
singe

Dividends
in'every year

years.

paid

A.

279

-

L.

280

A.

York;
Years—Organized in 1812
Bank of New York, it
opened its doors but a few days
before war broke out, and actively
National City Bank, New

Age 131

the City

assisted the
its

Irving
in

1851

dividend

unbroken

the

is

It

float
second

largest bank in the United States.
have

Dividends

paid unin¬

been

terruptedly since 1853.
Chemical

Bank

Trust

New

Company,

during the early

named
in

after

whose

gold

Washington

honor

it

was

Irving,

dinner

a

of

years

rush;

was

given to celebrate the opening of
bank.

the

If

consideration

is

given to banks which have been

merged, its history dates back to
1838 when, during the Presidency
of Martin Van Buren, The Amer¬
ican

Exchange Bank

ized.

Dividends

without

break

a

organ¬

was

have
over

been

paid
the past 38

years.

New York; Age 120

tered

as

organized

Years—Although

the New York Guar¬
Co. in 1864,
commenced

as

and Indemnity

anty
its

104

Age

York;

history

actually

with the

year

Years—Char¬

1823,

in which President Monroe

trine."

the

"Monroe

It conducted

chemical
until 1844,

and

a

Doc¬

combined
business

banking

when the chemical de¬

In the
only bank

partment was liquidated.
panic of 1857 it was the
in

New York

payment

and

to maintain

was

specie

dubbed "Old




for

permit

PRODUCTS CORPORATION

it

of

World

credited

was

foreign

more

War

with

I, when

handling

business

than

other

American

tion.

Its unbroken dividend

banking

any

institu¬
rec¬

ord is 51 years.

Co.,

New

Civil

York;

its

Traces

Age

history

War

days

92

back

when,

Hanover

National

ganized.

It

Trust

&

Bank

in

famous

the

Hanover

India

brochure
on;,

15

.

market enhance¬
is now avail¬
distribution

by

1851,
or¬

House

NORFOLK

Co.,

New

Adams

Co.

&

which

the

at

selected

been

by

time

present

with high¬
lighted items on lumber, coal,
utilities, transportation and real
estate.
Each of the reports have
with

viewpoint

a

of

presenting
the
outstanding
facts in a short, concise manner,
and can be readily absorbed "in a

This

glance."
serves

as

a

"in

glance"

a

guide to

a

more com¬

which study can, be
any
of the
standard

situations,
in

made

The need

services.

statistical

a

glance"

cedure has been evident for

by

pro¬
some

time, Adams & Co. believes, as it
eliminates the "wading through"
long,

cumbersome

reports

and

on

Its

This brochure

interest is desired.

bird's-eye view; then if
looks interesting a
intensive
study
can
be

a

situation

more

made.

available

The

supply

of

brochures is limited, so

it is sug¬
gested that requests be made at
once.

Age

90

COMPANY

Roanoke,

It

was

one

of the first banks

the

possibilities
in
banking, legalized by the
State Legislature
in

branch

York

Dividends

without

a

have

been

Our Reporter's

New

paid

break since the year

New
was

in

States

1853

York
one

of

Trust

of

State
the

Company,

90 Years—Char¬

by

an

act

of

the

Legislature;
first

5,

.

Australia and New Zealand

of Nor¬
will be
heid, pursuant to the By-laws, at tne principal
office of
the Company
in Roanoke, Virginia,
on Thursday, May
13, 1943, at 10 o'clock A. M.,
elect

four

Directors

Stockholders
ness

at

of

for

record

the

April 23, 1943,
meeting.

the

at

term

of

three

close

of

busi¬

be

will

entitled

to

vote

such

W. COX,

L.

Secretary.

other things the basis of

among

guarantees

BANK

joint

by

it

swing.
tion

(ESTABLISHED

Paid-Up

News

has

a

for

the
was

accepted
to

decision

is

as

to

delay

given the Govern¬
was

generally

the reason. But now
talk of inability

some

have overcome certain tech¬

organized in the country to tran¬

nicalities
available

a

official explana¬

ment's financing

sact

exclusively the business of

of

way

perhaps

getting

some

activity

listed

in

the

on

just

Exchange

nouncement
Roosevelt
aroused

bonds

York

before

that

was

Stock

Reserve

Liability of Prop.

in
to

-

market

the

the

short

30tli
£150,939,354

ALFRED

DAVIDSON, K.B.E.,
General Manager

Office:

Head

George

Street, SYDNEY
Wales is

of New South

The Bank
and

8,780,000
£23,710,000

Aggregate
Assets
Sept., 1941

the oldest

largest bank in Australasia.
branches

870

all

in

Zealand, Fiji, Papua

and

London,

and

efficient

banking

With over

Australia,

in

and New Guinea,

the

complete

most

service

to

investors,

interested

travellers

and

traders

offers

it

of

States

New

an¬

In

these

OFFICES:

LONDON

President

Threadneedle

29

again,

Street,

E.

C.

Berkeley Square, W. 1

47

interest.

with

arrangements

Agency

the

throughout

developed that the
in Monterey, Mex.,
where
he
spoke Tuesday

from

6,150,000

'

,

it

President

£8,780,000

Fund

countries.

the

tour

on

little

no

4: When

Mexican

New

1817)

Capital

Reserve

SIR

17.

S.

Bank*
A.

was

have

must

been

bit

a

\

NATIONAL BANK

back.

of EGYPT
Commercial

Effort To Be Discussed

FULLY

In N. Y.
The
of

its

April 27-20
wartime

thoroughly canvassed at
session

insurance

which

Council

Commerce
will

hold

the
the

of
at

of

the

will

War

Chamber

In

time

company,

principal

Towns in
SUDAN

the

and

of INDIA. LIMITED
Bankers

the speakers

among

:

President, Yale & Towne Manu¬
facturing Co.'and former Presi¬
dent
of the National
Chamber,
and Dr. James S. McLester, Pro¬

and

26,

Bishopsgale,

India, Burma, Ceylon, Kenya
and Aden and Zanzibar

in

Colony

Subscribed

Capital
CapitaL__.

Paid-Up
Reserve
The

Bank

Fund

£4,000,000
_£2,000,000

.

__£2,200,000

conducts

every

description

of

and exchange business

banking

and

Trusteeships

Medicine, University of

Uganda

London, E. C.

:

Branches

Jones, Secretary
W. Gibson Carey,

in

Government

Colony

Office:

Head
V?;

the

to

Kenya

will be Jesse H.

of

C.

NATIONAL BANK

the

major branches of
the insurance industry.

fessor

in

City, April 27

under the heading, "In¬

Commerce;

E.

all the

Branches

of

■i-

of

AGENCY

Waldorf-Astoria

and the War Effort."

Prominent

£3,000.000

William Street,

King

EGYPT

attendance will be executives and
leaders of

.

States

29.

surance

7

£3,000,000

.

.

.

Cairo

1

be

The session is scheduled in the
program

and

6

special

the

United

Hotel, New York
to

a

all

No.

CAPITAL

FUND

LONDON

place of insurance—in
forms—in

Register

PAID

RESERVE

Cairo

Office

Head

Insurance And War

Executorships

also undertaken

Alabama, Birmingham, Chairman
of the National Chamber's Health

Council

Advisory

and

former

George V. Rotan Dead
George V. Rotan, senior partner

Blue Network

1:45 o'clock, will
unique feature, since

will

at

be

first

the

radio

pro¬

to be broadcast in con¬
nection with the entire insurance
gram ever

In addition to the ad¬

industry.

dresses, the broadcast will include
dramatizations
by
professional
talent

Fire,

the deal

there

companies

owners.

OF

NEW SOUTH WALES

Mexican Bonds A Cue

this

through, sinqe.as it was a straight
refunding, and not a new money
undertaking, it would not inter¬
fere with the Treasury's vast war
financing program, now in full
no

Ltd.

1943.

The Annual Meeting of Stockholders
folk
and Western
Railway Company

beginning
provide a

Report

Although

York; Age

tered

April

broadcast of most of the program,

(Continued from page 1475)

organization.
United

;

,

Virginia,

OF ANNUAL MEETING
OF STOCKHOLDERS

cal Association.

Years—

Bank,

RAILWAY

NOTICE

The nation-wide

York;

realize

WESTERN

President of the American Medi¬

Trust

Deacon's

are

fication is the keynote,

prepared

Associated Banks:

investments

as

benefiting because of their direct
or indirect war participation—and
—because they appear to have a
real and necessary post-war place
in the nation's progress.
Diversi¬

Organized in 1853, during the pe¬
riod of prosperity which followed
the discovery of gold in Califor¬
to

AND

taken

have

back 79 years.

Bank

'

.

Williams

analyzed

unbroken dividend record extends

Exchange

TKEASURF.B

night, some followers of the bond

the

Square, Ne\y York.

Corn

'v

v..

Adams & Co., investment brokers,
231 South La Salle St., Chicago.
111.
The
issues
discussed
and

gives

pre-

was

•

At any rate the sudden hurst

possibilities
dealer

ASSETS

THOS. A. CLARK

-

March 25,1943

of

highlights

for

to

originally located

was

TOTAL

I

£98,263,226

people
who dabble in the foreign bond
list are a bit psychic.

attractive,

concise

ter than average

Years—

in

64 New Bond Street, \V.

regular
the out¬

transfer books will not close.

around, or

statistics, merely to find out if an

Central Hanover Bank

a

quarterly dividend of 50^ per share on
standing Common Stock, payable on May 1, 1943
to stockholders of record on
April IS, 1943. The

i

Smilhfield, E. C. I

Charing Cross, S. W. I

Burlington Gardens, IV. I

The Board of Directors has declared

sketching

brokers for this "in

time

1898.

in

also,

Boston, Philadelphia,

not

Bishopsgale, E. C. 2

49

and

the

the

Co.

institu¬

plete study of each of the special

New

formulated

NATIONAL DISTILLERS

to

founding of the National
Bank of Commerce in 1839, which
merged with Guaranty in 1929. It
became especially prominent at

the New York Chemical

Manufacturing

in

exceptionally

been

Guaranty Trust Company, New

nia.

Trust Co.,

and

City

cities

other

does

ment

years.

California

the

Government to

loans.

war

in

containing

1909.

as

3

years.

all

are

old-timers

are

well-prepared,

York; Age 105 Years—Established

represents succes¬

of

rec¬

Capital Gain

able

York

dividend

banks

York

There

San Francisco

-

States."

broken

Morgan

special situations which offer.bet¬

years

most

New

An

Seattle

Hamilton, then but 27
of age, played for several

the first

a

Interesting Opportunities

CALIFORNIA

210 West 7th

Alexander

was

as

solicited.

Butler-Huff & Co.

Years—Organized five
before the adoption of the

all

of the
It is

boom.

13

throughout Scotland

Secretary.

WHITE,

8 West

Security and

and

have

B.

LONDON OFFICES:

New

their histories at this time.

Constitution of the United States.
Of

Co.,

height

known

above

OFFICE—Edinburgh

Branches

Glyn Mills & Co.

ord extends back 39 years.

space

(P. C. T.)

m.

HEAD

close

the

at

1943.

5,

SANFORD

Brokers.

&

m.

invited.

159

years

a.

May

record

uninter¬

Chicago, San Francisco, etc., but

Compared

-

Booklet

and

Dealers

to

> Bank of New York, New York;

Age

Divi¬

Its unbroken dividend

bank.

instance

Quoted

-

Reviewed

Trading daily 7

romantic

them

STOCKS
Sold

-

Special

grandfathers

our

histories, and many
played important
roles in the Epic of America.
of

Co., at the
building

leaders

-

Analyzed

banking

leading

of

They

business

of

V

of

BANK

stockholders

MEETING NOTICE

Trust

railroad

tions.

INSURANCE &

also among the leaders of to¬

even

Secre¬

Salmon P.
as the larg¬

paid

New York

as

leading

so

knell

banking

the

institutions
are

of

to

54 Years—Established

Age

The

hitherto prosperous industrial and
business enterprises. As a result,

leadership

declared

nor

immune to those destructive

technological

New

country.

been

York

in 1889

government^
could function efficiently.
Hence,
it

the

have

New

Last week this column discussed how relatively short-lived may
be industrial leadership, as exemplified in the changing composition

neither

Incorporated by Royal Charter 1727

Quarterly dividend No. 99 of one dollar and
seventy-five cents ($1.75) per share on the pre¬
ferred stock, payable June 1,
1943, has been

ruptedly since 1878.

.

DEUSENj

By E. A. VAN

ranks

now

in

bank

est

Lincoln's

Abraham

dends

Bank Stocks

Bank,

u

of the Treasury,

Chase.

Bank and Insurance Stocks
—

National

1877, during the secondary postCivil War' depression, and named

Gibbs, Manager Trading Department

tary

This Week

Royal Bank of Scotland

ac¬

Dividends have been paid

York; Age 66 Years—Organized in

1-124S-49

Teletype—NY

For many years

exclusively with large

Chase

Telephone: BArclay 7-3500

exchanges

National

counts.

YORK CITY

NEW

BROADWAY,

Exchange

Stock

York

New

HARVESTER

COMPANY

it has been closely affiliated with
the House of Morgan.
It deals
almost

Members

the

,

Bank Act of 1863.
Available

NOTICES

INTERNATIONAL

Age 80 Years—Organized in 1863,
it was the first bank to receive
a

Bridge V.T.C. Com.

DIVIDEND

First National Bank, New York;

Comparative Analysis

Norfolk Portsmouth

1489

ance."

"The

on

Casualty
•"

War

and
■'

'

Services of

L.

Life

Insur¬

V.

George

Rusk

Avenue,

Rotan &
Houston,

Co., 806
Texas,

died of influenza at the age of 56.

His

illness

friends

to

was

the

co-chairman

attributed

strain

of the

of

work

by
as

Houston City

Committee which raised $87,000,000
new

ton

in

the

campaign to

build

a

cruiser to replace the Hous¬
lost in

the

war.

'■

Vice-Presi¬
dent of the Metropolitan Life In¬
surance Co. and Chairman of the
James

of

Madden,

Frank Moll In Buffalo

BUFFALO, N. Y. — Frank R.
Committee,
Moll has formed Frank R. Moll
will be Chairman of the session,
and Paul L. Hardesty, Manager & Co., Inc., with offices in the
Bank "Building, to en¬
of the Chamber's Insurance De¬ Liberty
gage in the securities business.
partment, will be Secretary.
Chamber's

Insurance

1490

THE COMMERCIAL & FINANCIAL CHRONICLE

Savings Bank Committee Calls For
ri
United Action To Coordinate Post-War Planning
much

the

latest

We

will

of

it

designed for
techniques.

productive

have

greater

sources

of

materials, natural and syn¬
thetic, than ever before.
We will
raw

have

the

greatest

number

of

skilled mechanics and technicians
ever

There

available
will

be

to

a

any

nation.

gigantic demand

and

labor,

business.
Cooperation must be
given to the Citizens Budget Com¬
mission
and
other
organizations
striving for the reduction in the

aside self interest and distrust:

rehabilitations

technique of mass produc¬

technological achievements,
organization and ability

convert from

to

war

nomic

dinated

peaceful pursuits

the

'Arsenal of Democracy*
hope of the world.
shape of tomorrow's world
will depend on the combined abil¬
ity of each group—industry, agri¬
and

relief

its

Co., is now in the re¬
department of Amott,
Co., Incorporated, 150
Broadway.
*
:
■
<

and

studied

be

~

should

and

also

natural

be

be

Co.,

should

be

center,

as

an

as

a

de¬

amusement

and financial center.

reason¬

Securi¬

modifications

in

(Special

investor

to

position

world's leading

"Likewise,
tive

basis,

as

the

the

for

on

a

tries

for

free

President On

and

made

are

so

President

and

President

Benson

population

must

and

must

we

be

closely

so

that the welfare of

knit

segment is

one

integrated with the welfare of all
William

L.

De

James T. Loe

Bosl

others.
"Government

has

also

its

re¬

wartime
and
given to it for
the proper prosecution of the war,
should be restored to the people
after the war as quickly as pos¬
sponsibility.

All

emergency powers

is

the report

essential,

con¬

tinues, for the country,,to. have

a

tremendous

production and dis¬
of goods to attain and
a
record breaking na-

tribution
maintain

[ tional income

to meet the inevit-

jable increase in cost of Governjment, and for a time, rehabilitaI

ing and policing the world.

plans must include

war

a

Post¬
decen¬

tralization of vast bureaucratic

or¬

ganizations, simplification of the
tax structure, and the abolition of
Oliver W. Roosevelt

Joseph A. Broderick

taxes

gains and

capital

on

restrictive

measures

other

Camacho

together for

sources.

Mr.

the

of

an

(Special

war

and

allowed

to

continue

in

when

left

Washing¬

York

New

war

Committee
on a

to peace.

City the Savings
recommends

broad scale by all

groups within the City
this must be coordinated in a

active central group such
the Regional Plan Association. :

The

the state and city

distribution

which originate in the

the

first

in

34

co-

ing

be¬

two

un¬

precedented prosperity guided by
the
accumulated
experience
of

previous cycles of expansion and
This is the task of indus-




of

ing
met

face

face.

'

Mr.

developed for
good of humanity.

mon

of

the

of

one

President

is

Roosevelt

to

one

in

Roosevelt,

his

address,

important

than

the

respective

our

and

has

economies

the exchange of those ideas
of those moral values which

life

significance

and

to

the

taxes.
proposed

measures

United

indicated

and

requirements made

strict for people applying tor
relief.
Changing conditions chal¬

lenge

the

Many

benefits

offered by

progress

the

and

of

the

city.

civic services

city result in

ex¬

tremely high taxes which place a
burden upon real estate,

heavy

listened

statements

and

We know

profit

in ; the
with

to

us

Mr.

We

have

republic

harm

means

We

"In

the

shaping

of

a

j

common

&

Financial

Chronicle)

.

now

with Barrett Iler-

Company, Inc., Third Na¬

Pease

In the pa£t

with

was

Result Of

Bill

Geo.

W.

Treasury

Offering

that

or

offered

on

April

opened

at

the

have

Total
'

Range of accepted bids:

to

all

principle

of

per annum.

It is time that

we

the

—

upon

bilizatiori
The
State

and

agricultural

Presidents

dinner.

Earlier

can
r

a

the

division.

,

a

in

Mexi¬
:

-

t

"

'

annum.

price—99.906

A

Mr. Roosevelt's tour of training

of

rate

(19%

discount,

The

equiva¬
approxi¬
J

per annum.

>

,

of the amount bid for af

the low prices was

was

spoke at

motorized

'

mately 0.371%

*mo-

of his country.

two

f

-

an¬

among

cooperation
and

•

equivalent rate of
approximately
0.376%

discount
per

one

Camacho,

military

as

Low—99.905

things, spoke of the degree

industrial

•

are

High—99.935 equivalent rate of
"'approximately ; 0.257%

discount

lent

of

1943, were
Reserve

applied for $1,622,219,000.

Average

.(.President
other

16,

Federal

Total accepted, $905,584,000.

of

recognized

and; had reviewed

inspiration
strength from your words.
gained

The

Smalley & Co.

re¬

recognize also the privilege of in¬

your

addresses,

to

that^every citizen follows:;* ■ '■

time

the day
President, and to those of your
Presidents Roosevelt and Camacho
distinguished
Foreign
Minister.1

accepted.)

.

offering of bills
increased from $800:000.000 to
weekly

$900,000,000

April 19 ill view
maturing issues
$600,000,000 to $700,000,000
on

of the increase in

from

the Treasury's desire to con¬

and

tinue its present policy of obtain¬

ing

$200,000,000 weekly in

money."

"new
'

.

peoples are finding;
There was.a maturity qf $701,^camps started on April 14 at the
that they have common aspira¬
Marine Corps station at Parris Is¬ 511,000 in bills on April 21.
tions.
They can work together
for a common objective.
The following day
Let us land, S}. C.
never
lose
our
hold upon
Attractive Situations
that (April 15) he visted the Army
victory

our

.

contains
future

prosperity for all
sides

Let

of

us

of

is

of

us

sure

"shall

it

be

the

and

both

on

border:

that when

when the

won,

surrender—and

evil

render

within

happiness

unfortified

our

make

victory

"Cost of Government should be

have

and

It

are

We

States

of

stamp and
The I further

world.

admiration

truth.

follows:

cut down

the

secret

income, gasoline,

corporate

of

\

added

been

1 another country is Banks on April 19.
'
$ The details of this issue
tVf
♦

in

independence.

-

to

E. Pease is

.

•

has

.over.

republic.

every
.•

said in part:

been

com¬

publics recognizes that the goodneighbor policy means that harm

to

less

resources

the

resources
and the people
country for the benefit of

group

; "It

-

"Not

(Special

United

in every one of the American

neighbor¬
republics

Chronicle)

the tenders for $900,000,000,
thereabouts, of 91-day Treasury
bills to be dated April 21 and to
mature July 21, 1943, which were

be

definitely

the

Financial

We know that Mexico's

that the Pres¬

idents

The

Secretary of the Treasury Morgenthau announced on April 19

any

time

city, includ¬

more

we

was

to

SPRINGFIELD, MASS.—Charles

\ ■

years

of taxes

seem,

by all groups, cooperating and
ordinating
their
activities,
might embark on an era of

decline.

recommends

equitable

tween

as

therefore, that
with intelligent post-war planning

also

report

more

reach the markets of the world.
would

This

Spring

'

my

that; the day of the exploitation

he

ples

strong

"It

April

13,
ton.

the

Walter

South

recognize a mutual inter¬
dependence of our joint resources.
will

Mmm

President

tremendous effort of the free peo¬

as

*

' /p
- 1 3W

Mly

the

Richards

markets, and with our
assumption of a leading position in
aviation and shipbuilding we can

jhmw

|||ypj|

which

on

of

become

the staff of Timberlake & Co., 191
Middle Street.
f\
'

work

to

"We

training

began

ress. ;

the

planning

world

ff'ft

of

621

Sommerville

countrymen are
ready to contribute to that prog¬

factories

camps,

and

has

Bingham,

% PORTLAND, MAINE—Ralph M.

Mr.

give

and

in

tour

McLean

with

Street->y.

each citizen may

Government

States

American

interested

only in the American market but

The

ANGELES, CALIF.—Mel¬

Bruce

Ilurry,

rick

should be

Banks

products and services, not

to

was

course

— Bert
Torre#,

Metcalf

LOS
ville

enjoy the greatest possible meas¬
ure
of security and opportunity.

inspec-

tion

upon

FLA.

Cohu

people have their feet
tional Bank Building.
a path of ever greater'

of

In

our

visit

Mexico
in

set

•

Chronicle)

Financial

is with

affiliated

Mexico met in

promises

progress so that

Roose¬

velt's

Mexican

be based on hard work,
production of goods and services,
and
thrift.
Private
enterprise

the transition from

lor

common

a

recognizing a mutual inter¬
dependence
of
their
joint
re¬

The

Building, Orlando,
Walgreen Building, St.
Petersburg, v:/:■;
— A" / ;'

work and

may

of

war

other."

development of railroads and
transportation industry, and
public utility fields. Employment
must be made a joint objective of
Government and industry during

A.

States, renewing
objective v-

terdependence

should

Fincke Edward

United

East
•

as. well as all indus¬

persons

military cooperation and the sup¬
plies needed for the maintenance

growth and discourage
enterprise.
Social Security

new

M.

the

and

and

which retard

economic

Clarence

Mexico

the

sible."
It

of

Searl-

107

and in the

Inspection Tour Of Camps—--'

Roosevelt

with

which maintains Florida branches

City of Monterey in northern Mexico on April 20 and exchanged
pledges to promote the closest understanding and continued unity
of purpose between the peoples of the two countries.
The Chief Executives joined in a radio broadcast to the
peoples

and solve

our

Lau¬

—

V

to

Long

in the

the

of

CALIF.

JACKSONVILLE,
S.

that

Visits President Gamasho Of Mexico

consider the welfare of the others

Chronicle)

Financial

Company,

(Special

:

progress in a sound economy now
and in the future.".

coopera¬

continues,

report

call

fullest

sayings banks

New

must

recommendations

financial center.

planning

States

and

segment

The

Broadway.

employment and
production, consump¬
tion and exchange of goods so that
increased
savings and
national
thrift can be brought about. These

safeguards and
the city's

York State must be

interest and mutual distrust. Each

manager
and stock
,

affiliated

Merrick

enterprise, free

the

from

detract

pre-eminent

responsibilities severally
jointly. Cooperation and mu¬
tual assistance must displace self-

as

bond
,;

to

become

war

'■

'

conclusion, the people of the

United

Exchange Laws without

relaxing

Frank H. Williams

the

"In

;

The Federal

Government should make

and

industries.

center

able

cease

A.

Street,

estate

GLENDALE,

enlarged and

from the armed forces and the

artistic and cultural

market center, insur¬

center,

ties

Philip

Wall
real

department.

resources

veloped. Educational and research
facilities

72

of the

Agri¬

expanded and

YORK, N. Y—William G.

Carey, previously with Seligman,
Lubetkin r;& Co., is now associa¬
ted
with Blair F. Claybaugh &

in¬

development within
Existing business should

expanded and enlarged.

culture

coor¬

New
should

&

NEW

for

the state.

areas.

states.-

products

sales

Baker

laws. K Everything

neighboring

dustries

those of private en¬

center,
ance

understand

labor—to

eral

&

tail

rence Casselman, previously with
emergencies arising
from improved and more trade schools
Bankamerica Company and Mar¬
large scale unemployment.
The established for the benefit of those
city should be developed as a style returning to peacetime * activities*1 shall, Sanders Incorporated, has

"The

culture

igan

corporations

meet

the

and

with

YORK, N Y—Harold
Keays, formerly with' W. J, Bari-

by driving out of

desirable

I

NEW

should be done to keep New York
State in as favorable a position as

made in these

are

state

^Personnel Items

and individuals and attracting less
desirable individuals through lib¬

terprise and on the whole should
only be used as a last resort to

products of our eco¬
system, so that today we
are

the

are

blighted

regards by the city must be

talent for
to

of

Whatever plans

its economy

on

com¬

bined

tion,

Stone

and should provide for the wel¬
fare of all segments of the popula¬
tion. Many of the laws of the state
have produced an adverse effect

agriculture
cost of Government.
Existing in¬
through concerted action, dustries and new industries must
and it is the duty and responsibil¬ be
fostered here in the city. Trans¬
ity of these groups to meet this portation
companies, hotels, banks
challenge to justify our right to be and associations should
join in
a great and free nation."
promoting the city throughout the
The report also points to re¬
country.
Plans must be made to
sponsibility of all groups to put solve the traffic
problem and the
try,

"Our

Harold

tax and others

do not add to its attractiveness for

(Continued from page 1474)

history,

the city sales

and

N. Y.

Thursday, April 22,1943

our

forces

that

sur-;

unconditional-

then we,
with the

with the same spirit and
same united courage, will
face the task of the building of
a

better world.

"There is much work still to be
done by men of
sides

of

the

good will

border.

on

The

both
great

Air cadets at Maxwell
and later the

same

ning, Ga.
;

The

at

House"

at

then

"Little

the
Warm

Auxiliary

thorpe, Ga.
were

the
Corps

rested

of

White

pany

Springs,

and resumed his trip on

reviewing

Mortgage

6s

of

1956,

Oklahoma

City Ada-Atoka Railway first 5s

President

briefly

Hudson River Day Line Second

Fiejld, Ala.,

day Fort Ben-

Ga.,

April 17

Women's
at-Fort

1954, and Queen Dyeing Com¬

tors

first 5s of 1944 offer inves¬

interesting

possibilities

ac¬

cording to descriptive circulars

on

Army

these companies just issued by D.

Ogle¬

F.

Other places visited

Camp Forrest, Tenn., Camp

Joseph T. Robinson in Arkansas.

Bernheimer

&

Co.,

Inc.,

42

Broadway, New York City. Copies
of

these

circulars

may

be

from the firm upon request.

had
-

Number

157

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

4170

William Perry Brown Reports To NSTA
On Association's Activities To Date

The 2nd War Loan is On!,

You LEND your money

Bell

Street, New York

portance

and

enables
be

to

with

first

The

.

securities.

added

«

■

7.^,

,••'

&

position with respect to U, S, dol¬
lar exchange., ■ During the war
it

we were still neutral
difficult for Canada to ob¬

when

years
was

U.

sufficient

tain

S.

currency

to

purchase' essential war materials
Only by adopt¬
ing a course of strict self-denial
in
the - matter
of
imports, and
travel was it possible for her to
fill
war
requirements
without
seriously impairing the exchange
from this country.

value

Canadian

the

of

dollar- in

v'

in
the
Hyde Park
whereby we commit¬
ourselves to purchase suffi¬

recognized
agreement
ted

her

balance

to

Canada

materials from

cient, war

purchased

war

At that time the official

from us.
rate of

exchange between the two
countries
was
pegged with the
dollar* at

Canadian

from pre-war

count

ef¬

Canada maintained re¬

fective,

strictions

With

agreement"
became

materials

war

Park

Hyde

trade

"reciprocal
for

parity.

the

after

Even

dis¬

10%

a

an

the

United

she

that

exchange

has

imports

civilian

on

result

the

now

with

balance

States

both

in

her

but

Canadian
record.
Although we have the
largest supply of wheat in his¬
tory, pressure group politics have
driven the price up; to a point

put

shame

to

millers

American

to

the

by

af¬

can

in

Canadian wheat

buy

spite of the 520-per-bushel tariff

to

<!

stantly work¬
ing
in
your

is in the ridiculous

of

position

being able to sell its own

not

the Government's

inten¬

supplies of wheat below
($1.58 basis Chicago), ex¬
cept as permitted by Act of Con¬
gress. :
;::v- *
:
; However much one might wish

tion henceforth to "avoid

build¬

for

materials and non-war ac¬

war

This

counts.

the basis for

was

Mr. Ilsley's announcement that
it

was

ing

up

large surplus or run¬

a

ning into a deficit" with

exchange.

to U. S. dollar

belt

meet

to

the

; \

insatiable

mands of war during

de¬
period of

a

large

parity

'

more

-a

the

in

statesmanlike

admin¬

of this difficult problem

istration

United

States, The

very

that

fact

national

her

tightened

Having

respect

supplies- are in abun¬
dance is something to be thank¬
ful for.
we

As long as we

have them,

rest assured that

can

a

way—

when she was the most likely a cumbersome and
only nation in the Western Hemi¬ expensive one—will be found to
sphere openly fighting the Axis, get them into the channels of dis¬
once
the
need
has
and having continued her all-out tribution
"
fiscal and productive efforts when reached the "crisis'- stage.
Meanwhile,
Canada
will
no
strong allies came to take over an
increasing share of the burden, doubt be happy to sell us all the
over

two years

is

Canada

sound

ally

and

cially
of

!

now

The

:

exception¬

an

both

position,

at the

morally,

United

the

in

finan¬
table

wheat and

second development also
Canada's improving fi¬

relates to

grains that

coarse

want—and at fair
result

so

far

a

we

prices, too. One
Canada

as

cerned will be

Nations.

behalf

the

on

con¬

fronting
industry

the
and
recognized

is
as

Wm.
:.

Brown

Perry

the

of

one

t st

anding

V .factors

in the

o u

is

ening of her civilian

non-war

or

account with the United States.

National

report

most

Association

that

Fulton

Mr.

Mr.

with

the

at

James

A.

the Securities and

its

be

the

to

extent that

due

expected

to

might
those who

have joined the armed forces, and
I

believe

total

the

for

this

year

will be approximately 2,000 mem¬

members of the

Executive

cil and the operations of
sociation

have

the

possible

least

were

called

gone

for

tribution

of

forward at
You

an

through

your

additional

con¬

$2.00

a

member

of your.; regular $1.00

excess

As¬

the

tions
the

the problems

on

confronting

of

Directors

of

Board

Exchange

and

Securities

in

ing
of

that out of

state

to
21

affiliates

already

their contributions and
balance have either already

ap¬

;

the National Committee was held
in

Chicago

23

officers and National Commit¬

teemen

there

meeting.

the

at

present

addition

In

Feb. 3, 1943 with

on

were

in

excess

of 75 out of town members of the

in

Association

dinner of the
of

Chicago

attendance

ited

to

of

the

dered

the
two

and

amount

of. securities

issues ten¬

maturing

payment
will
As announced

accepted

in

therefor. ' Cash subscriptions
be

not

received.

12, this exchange oper¬
ation will be conducted outside of
on

March

the Second War Loan

Campaign,

offering of a new security
holders of the two maturing

The
to

issues,

it

was
considered
as
future

said,
a

refunding

is not to be

precedent

operations

the Treasury.




for

of

further explained:

r

,""The

certificates

will

dated

be

now

May

1,

;

offered

1943,

and

will bear interest from that

date

the

Council

was

also

certificates

the

shall

not

have

such, under

as
now

or

the

because

ments

they

have

tion

both

while

heavier, and
corporate
earnings

grown

and

any

official

form

will carry no

$1,000,

onlv.

in

$5,000,

denominations

$10,000,

of

$100,000

and $1,000,000.
"Pursuant
the

to

the

provisions of

Public Debt Act

of

1941, in-

the

in

"The

deemed

in

"There

cash

at

will

be

re¬

maturity

and

exchange privileges.

are

now

outstanding

$1,505,727,000 of the Series C-1943
certificates and $289,458,000 of the
Series Fv notes."

the

on

"in

that

the

addition,

problems

o

industry

f

are

impossible to offi-

our

economy plan.

made

and winter dinner

the fall

ings of various
hoped that the
able

How¬

official visits have been
by the officers to some of

ever,

to

attend

affiliates

meet¬

affiliates.
It is
officers will be
of other
balance of

meetings

during

the

this year."

people "cannot back new
enterprises," and "there
opportunities
for
new
capital." Continuing, he
"While

is earning less

a s

materials

become

more

threatening.''
"No

says,

doubt,"

"one reason for the

long

in gen¬
increasingly confident of

bull market is that people
are

wars." "Prob¬
"an even more
explanation is to be

"Probably there is a still more

important reason for the strength
this bull market after it had
for

run

is

est of

found in the fact that

people have

to spend than ever
progressively fewer
things to buy." -Likewise, he adds,
more

almost

and that
who

everyone

speculated in it made profits. Per¬
haps the profits were not large,
but
they were consistent, and
they

states,

long a time,

so

that

ably,"'

important

Moreover,

of

victory in our two

he

deposits.

o f
de¬
and; which will afford great opportun¬
of ities in post-war times.
;{

transportation
and

he

than it was a year

and paying smaller divi¬
dends, it is also to be noted that
last April, when this bull market
started, stock prices were at ex¬
ceptionally low levels, and even
now dividend yields of high grade
stocks are well above the returns
available from sound bonds, j or

ago,

present shortages of goods keep
reminding people that backlog's
of demand
are
being built up,

those

P. Ayres

says:
industry

from savings

velop,

L.

true that

difficult,

shortages

Gen.

is

it

business
are few
venture

growing more

manpower

eral

certificates

com¬

s e

fact

Federal

in full.

i

ments

ex¬

allotted

have

ing." He like-

now

circular,

pay¬

decreas¬

been

scriptions at any time without no¬
tice. •; Subject to the reservations
forth

per

the

dends

held

due May 1, 1943, detached.
"The right is reserved to close
the books as to any or all sub-!

subscriptions will be

1%

of

of

cause

ments of divi¬

pon

all

%

"It has been

cially visit all of the affiliates be¬

taken

have

place while the burdens of taxa¬

hereafter enacted.

set

of

ing on.-v->;

upward for ?
and has carried price averages up as much as 50%, the volume
of trading has
shown an impressive increase, Brigadier-General
Leonard P. Ayres points out in the April 15 issue of the Cleveland^
Trust Company's "Business Bulletin."'
General Ayres observes that
*'it is worth while to consider the probable causes of these develop¬

Feb. 2, 1943, six of

on

upon

an¬

rate

year

Although the trend of stocks has been generally

was

payable semi-annually on
™ov. 1, 1943, and May 1, 1944.
They will mature May 1, 1944.
They will be issued in bearer

at

num,

It is felt

Municipal

year

held on
A meeting of the

which

Chicago

offered

announcement

Tobin recently in
Municipal Commit¬

Sees Reason For Market Strength In Profits
To Speculators

Bopd Traders Club

February 2nd.
Executive

at

Gen. Ayres

the

proved this action or they are
still considering the matter.
-"A most successful meeting of

terest

Treasury's

is

total

a

have

13

paid

tax acts

The

of

Dotts

impressive Increase In Trading

"Subscriptions will be received
announced on April 19
at the Federal Reserve Banks and
the offering, through the Federal Reserve Banks, of one-year.% %
at the Treasury
Treasury Certificates of Indebtedness of Series C-1944, in exchange Branches, and
Washington,
and
for 0.65% Treasury Certificates of Indebtedness of Series C-1943, Department,
should be accompanied by a like
maturing May 1, 1943, and %% Commodity Credit Corporation Notes
of Series F, also maturing May If 1943.
Exchanges will be made face amount of the maturing cer¬
tificates or notes, with final cou¬
par for par, and the offering of<$
be lim¬

M.

an¬

Secretary of the Treasury Morgenthau

certificates will

Fed¬

the

of

Governors

the

of

members

Commission,

of

Committee
complete a: most successful
in the work that it is carry¬

will

ciation of Securities Dealers, Inc.,
the

Mr.

the

that

Asso¬

National

Russel

of this Association.

tee

the Governors and
the

we

success

Committee,

Municipal
Mr.

behalf of the

likewise

was

the

that

Association.

with

ing

of the article "The Wrong
Formula," which was written by
Mr. Irwin R. Harris, Chairman
I of the Public Relations Commitbooklet

and

members

our

retary of the Conference on State
Defense and that he had a meet¬

ac*

copy

This

the

Chairman,
reports
that
it
is
working very closely with Mr.
Austin Tobin of New York, Sec¬

"During the month of January
membership was furnished a

•

in

nual dues and it is most gratify¬

emption,

new

which

the

distributed to

through

of

"The

the good derived from these many
contacts is most beneficial.

tee.

association

Committees throughout

this

of

confident that

are

we

and

cooperation

your

Victory Fund Drives can be
the excellent
work being done by.the members

complished during this year. The
membership may be assured that
they are; being properly repre¬
sented and

with

and has

attributed in part to

am

be

is

.

the

industry and there is consid¬

erable additional work to

full

of

confident

are

associa¬

other

various

Meyer

expense.

upon

affiliates

Coun¬

your

with

the

eration

closely

worked

P.

Victory
the
country.
This
committee
has
urged the continued good coop¬

of

I

and

entirety

.

communication

Bonds

Fund

phia, Pennsylvania. Mr. Traynor
gave us the opportunity'1 of dis¬
cussing the Disclosure Rule with
in

of

be

members

Committee, of

Frank

in

been

ury

mission in its office in Philadel¬

him

readily

can

the sale of War Bonds and Treas¬

met

Traynor

this

Federal

can

the

to

Bond

Mr.

assistance

Exchange Com¬

w

the

time

same

value

the

work

Association.

offered

was

committee ;' has

creased

has

cooperative and helpful. The

committee

of
You

the Treasury Department

Se¬

J "The membership has not de¬

in

Treasury Offers 7/s% Certificates

of

this

War

from

concerning

engaged in carrying on this most
important work. This committee

pleased

am

pleased to report that we had a
most
successful
meeting.
This

;

.,

which

en¬

Securities Industry.

con¬

further strength¬

its

is
re¬

Chairman, has been most actively

Fulton, Executive Director of

is

bers.
It is most interesting to
which, our Good Neighbor policy
know that these members repre¬
nothwithstanding, still prevails,
sent something over 1,100 firms
;
Now, in a belated effort to head
throughout the United States. The
off further inflation, our Govern¬
Association is proud of the num¬
ment was reported last week to
ber of its members in the armed
be negotiating for the purchase of
and defense forces of this coun¬
huge amounts of Canadian wheat
try.
It is likewise proud of the
for resale at low prices to dairy
personal sacrifices being made by
and livestock farmers for use as
the members by devoting their
feed. Fortunately, Canada's wheat
efforts in the sale of War Bonds
reserve
of 750,000,000
bushels—
and their work with the various
approximately equal
to a full
Victory Fund Committees,
year's normal consumption in this
i "Economy has been uppermost
country—is ample to meet the de¬
in the minds of your officers and
mand.
Meanwhile, our Govern¬
ment

H.

tion

problems

"The

month of
October,
1942
at
Philadelphia,
Pennsylvania, with Mr. Wallace

4

con-

in

"T"

where

this

of

fi¬

newspa¬

Committee

work

Board.

immense

the

curities Dealers and I

is

fully equal to that of our own in
the vital .matter of production.
And in the hardly less vital mat¬
ter of price control our Admin¬
istration's dilatory ^bungiings are

committee

during

the

another
The

on

record of Canadian agriculture

ford

strain of this situation was

; The

position,

This

Associa-

front—that of food supplies.

where

market.

the American

nancial

try.

its

and

Regulations

Sener, Mr. B. Winthrop Pizand myself,
has been most
on
legislation, rules and
regulations affecting our indus¬

other

as

derived

be

to

Reserve

active

tirety met

Relations

article

see

well

as

publications and

hopeful of the ultimate

sults

zini

same purpose.

Parliament last week on Canada's*'

Banks,
and
The article was reprinted

Public
most

The

|

Federal

12

throughout the country. The

pers

1942 to April 15,

W.

'

assurance

.

mem¬

bers, all striving
for
the

r

Ilsley's announcement in

Minister J.- L;

Finance

was

fail to give

cannot

Canadian

holders of

American

to

developments

these

2,000

fellow

ing financial strength. Although hardly unexpected in view of the
Dominion's soundly conceived
and zealously administered fiscal

policies,

approxi¬

mately

^

afford confirmation of Canada's grow¬

Two recent developments

you

closely

associated

CANADIAN SECURITIES
By BRUCE WILLIAMS:

nancial

your

System Teletype NY 1-920

members

the

District

Chronicle"

"Although it may not be necessary to point out to you the value
membership in the association, I would like to stress this
point most strongly to you be-«>~—-—
.
cause
the advantage you derive the nine members were
present.
in a personal and business way
"The Special
Executive Com¬
is unquestionably of prime im- mittee, consisting of Mr. Joseph
Of

Incorporated
14 Wall

Represented In Membership
1,

Co.
&

of

Boards

others.

In his report, Mr. Brown declared:

1943.

Sjystem,

the

Reserve

William Perry Brown, President of the National
Security Traders
Association, has forwarded to the members a report covering the
activities of the association for the period Oct.

They GIVE their lives—

eral1 Reserve
of

in the "Commercial and Financial

Over. 1,100 Firms

Wood, Gundy

1491

gained with the great¬
Many of the current

were

ease.

speculators
have

are

newcomers

harrowing

no

who

memories

of

money

before,

and

margin
having

calls.
a

They

have

wonderful time."

been

THE COMMERCIAL & FINANCIAL CHRONICLE

1492

Thursday, April 22,1943

the original "unstated" goal
...
What we're talking/about now, country.
This achievement
been
then, is the real oversubscription in terms of the inside setup
.
recognized
all
over

has !
the :

.

(Dm Repoitei

On "Governments"

'

'''

By S. F. PORTER

'{^

:

This is terrific,

stupendous, magnificent and, choose your own
adjective if you can find a more dramatic one . . . . This is so big.
so great, so inspiring a response that even the most optimistic of the
optimists are at a loss for words to describe what they are seeing
.:. Don't gasp
But one forecast from a leading Government bond
dealer in the country today was that the total subscription might hit
the $19,000,000,000 mark! . . . Another man, known for his conserva¬
tism, says $3,000,000,000 to $4,000,000,000 over the oficially stated goal
of $13,000,000,000 for the second war loan drive would not be at all
surprising ... v As for this commentator, the prediction here that
$15,000,000,000 to $16,000,000,000 would be. subscribed—and the flat
statement that the objective was not $13,000,000,000 but far above
that figure—now not only are vindicated but are proved too cautious.
v. We're-still at the beginning of the campaign, of course, and
beyond question the impetus will be less telling at the end of this
week, but what is more important is that already the orders are
exceeding all estimates and the bank buying of the 2s is still to
come
'
■■■
•
'■>' V;;"J;.'V.
.

.■.

What has it meant to the market?< And what will it mean?

...

Consider these

points, which are of vital significance to every in¬
vestor, actual and potential ... . .
y".-.;
.

months

.

.

.

f

.

their
are

excess

know that, if possible* they'll be

.

.

.

them at par

.

,

.

.

.

.

.

..

,

They

p

.

.

.

.

.

Vexatious

Regulations

.

.

.

"A few

of

those consulted

ex¬

.

.

Washington' Hostility

page 1476)
in

ment

the committee said
that
it was
"deeply impressed
with the gravity of the economic
problems
principal
facing our
Dewey,

the

city.

These

the decline of New York

in

according to
Taxes and Assessments
was

general

is

agreement

that the, burden

■

"A subtle but important factor

were

.

listed in the report as follows:

one

City
widely held view

the indifferent attitude

which

has prevailed in the National Cap¬
ital arid on the part of the Federal
Government
toward
New York

of taxation, in¬
cluding the New York City sales
tax, had operated to the. disad¬ City, This has been particularly;
illustrated in the repressive meas¬
vantage of business in the metro¬
ures taken with respect to the fi-,
politan area.
Particular
stress
nancial community which has a >.'■
was
laid
upon
continued high
decisive bearing upon the eco¬
assessments on New York City
nomic welfare of the entire City.
real estate which, it was claimed,
It is illustrated by the fact that
militate against the expansion of
existing industries in the city and recently, when the head office of,
the Securities and Exchange Com¬
discourage the location of new

industries in the

area.

The

high

mission

was

removed from Wash-,

ington, it was transferred to Phil¬
adelphia instead of being located
tends
to
drive
business
away
in New York, which would have
from the New York Stock Ex¬
been the logical place.
New York
change to?out-of-town Exchanges."
City is especially well equipped to
level

.

■

.

.

.

.

.

.

...

,

.

.

.

"There

strength has shown up lately is in those last
tax-exempt issues
The ones mentioned in this column
frequently and highly recommended during the last six weeks
;
They are:
''v v:-■ "■ ■
^^<'■.v•;'
:
(1) The 2%s of 1960/55, selling at 110.10 at this writing, to
yield 1.90% to call and 2.14% to maturity
.
These bonds have been acting beautifully
Tremendous buy¬
ing of them reported all over the country
High coupon plus
good maturity (only 12 years on the call date) plus tax-exemption
contributing to movement
' /
«
No telling what will happen over a period of years, but since
this is a column of reporting, it's worth mention that one dealer
thinks the 27/ss eventually will sell at 114 ...
Maybe in a few
years—after the tax-exempts have been cut by another few billions
and the investors who need them really start scrambling for the
.

.

-

*

.

,

.

real

four

.

.

,

,

the

.

.

.

Where

.

,

prediction is that after this deal is over and the "over the top"
figures have been disclosed, the market really will get going on the
upside
>
-0
'Vy.y/:,■ 'c;
.

,

as

.

...

own securities rise and show a profit, too
...
(6) The sentiment of optimsim around the New York financial
district today is something not seen for years .... And the general

TAX-EXEMPTS

well

.

.

(Continued from

given less opportunity to buy

back and let its

as

.

buying and selling, the feeling is the Federal will just sit

some

.

applies to main

•"

(5) The Federab Reserve Open Market Committee hasn't had a
thing to do on the supporting side of the list, and although it may
do

This

abroad.

local ;
arteries and streets, and to inci¬
dental traffic improvements."
look now way over the $1,000,000,000 goal set for this month's
(Although admitting that the
problem has not been, or ever
purchase will be hit
Out-of-town institutions, small firms,
will
be, completely solved, Mr.
corporations, professional people are picking up the 2V£s and 2s
Moses went on to say that "de¬
in tremendous quantities
tailed post-war plans are under ;
So the ideas formed before the drive which were based on big
way for further improvements on ]
institutional buying are being cast aside
That big-time buying
a
tremendous scale."
Mr. Moses ;
will happen anyway and the little stuff will raise the quota
quoted from comments made by
Not much borrowing-to-buy bonds going on but there's enough
"a distinguished Englishman, re¬
to encourage feeling that this market will become a much more
cently sent to the United States
familiar trading medium in another six months
When the time
for picking up the bonds in full arrives and subscribers either have by the British Government," who
described large-scale building of >
to put up the cash or sell out
It suggests a more active market
express
highways "as the most
on a permanent basis ....
i
'
v. •
>
,
On premiums, here are the forecasts . . . . Feeling is the 21/£s important development in Amer¬
ican
city
planning
in
recent
will get up to V2 point premium in three weeks
will be selling
and declared that the
above that by mid-May, assuming the market continues as active years,"
"City of New York has led the
arid strong, as is indicated;. ./?">
•'■'
the development of an.
As for the 2s, they may reach the 100.20 level in May, it is said way in
outstanding system
of express
Depending on how wide is the subscription to the 2s
—
Some switching—but not as much as could be—from the out¬ highways and parkways."

nor

■"

....

.

and

.

employ all

being given much of a chance at new issues and they

.

States

....

■

not

.

.

V;/

up securities if they're going to
funds and use their war loan accounts

United

Maybe $17,000,000,000, probably even more*.
Why the
optimism?
Because this drive actually is reaching into the
out-of-town, out-of-the-way districts ;
The war bond buy¬
ing we're seeing was totally unexpected, and the way things

.

(3) Buying is coming from banks all over the country, rep-;
not speculative playing with the mar¬
ket
■'1
\
V.
>."V'1■'
' '■ :
7
(4) This buying is certain to continue, for the banks of the
nation are just starting to recognize they must enter the open

■'7;'i market and pick

.

(Commercial banks can't until the last three days of the drive)
!
Fact that there's not more shifting out of the outstanding 2s into pressed the view that manufactur¬
ers located in New-York City had
the new issue is another confirmation of market's strength
in the past been harassed and dis¬
couraged by the multiplicity of.
regulations administered without •
sympathetic understanding of the
problems of industry." - r
;;
;

resents real investment,
»■.

,

standing 2s of 1952/50 into the new 2s . . . . By savings banks and
other non-banking investors eligible to buy the 2s at this time

(1) The market is strong, buoyant, moving ahead in a way
no one—including the Federal Reserve and the Treasury—
anticipated
/: 'v.\Vv
(2) Prices of long-term bonds are advancing sharply with
the last four tax-exempt issues in the heaviest demand
of
that

'

.

.

of

the

stock

transfer

tax

•

...

.

Labor Differentials

....

.

.

.

v

.

.

/'

.

.

(2) The 2%s of 1959/56, selling at 109.14, to yield 1.94% to call,

-

2.06% to maturity

...

.

Nothing especial to report about these except that they're in
great demand, too
Feeling is banks won't be selling .taxexempts when they recognize their value even if they have good
profits
As one commentator put it: "They just can't afford to
....

.

...

sell them and take the burden of

profits taxes"
(3) The 2%s of 1963/58, selling at 109.13, to yield 2.02% to
chll, 2.17% to maturity
.■■':/ ;'■■■.
;
■
The longer the tax-exempts, the better chance they have to ad¬
.

vance

.

.

.

Shorter

.

ships, of

course

.

David

Dubinsky

excess

.

...

city, not merely during the

war,

but
especially in the post-war
period."
:. Stating
that the "problem of
business and employment oppor¬
tunities in New York City are

< •.

....

: if

114

...

.

114 while

to

the

year, incidentally , . . . About $9,000,000,000 are going out iri the
next 12 months and that's going to make a definite dent on the
market
First out, of course, will be the
$454,000,000 of 3%s,
due for repayment June 15
Then will come the $1,401,000,000
3 lAs of 10/15/45/43
No question about their call and
...

.

.

.

tion, naturally

.

..

,

,

.

.

,

redemp¬

.

.

.

INSIDE THE MARKET

■

/

;

the

.

...

.

Elliott V. Bell

Delos Walker

economic

deterioration

in

the

metropolitan area of > New York,
constitutes

problem
the

a

and

attention

iriajor icommunity
that demands

one

of

the

most

able

bjtizens of the city and State as
well

as

the

efforts

of the

State

municipal governments."
In carrying out its assignment
the committee interviewed a large
number of New York City busi¬
and

....

...

•

-

As for total

will be

no

.

.

than

York

en¬

City

elsewhere

for future

was

several

Federal

York, others which might logically
have

here have

transferred

been

been

placed elsewhere."

Lack

of Effort
to

by

City

or

State

Attract Business

"In contrast to other States and

engaged in efforts to attract bus¬
iness and to safeguard the inter¬
ests of existing enterprises, New
York State and City, until re¬

cently,, have made no effective
efforts to bring new business into:

the
community or to halt the3
generally con¬ existing tendency - of established'
gested conditions obtaining in the businesses to: emigrate. This condi- >,
tion has; been improved in recent ♦
City."
v:-:.V/c
years by the establishment on the"
Traffic and Transportation
part of the-State of the Division1
Problems
of Commerce rind *ron - the part of
i
"Adding to the relatively higher the City of its Department of
costs of doing business the met¬
Commerce, but in this respect
ropolitan area, according to ^sev¬ New York is still far behind other
eral of those who appeared before
states."
the committee, were the density
A Mature Community
\
of
traffic
and
inadequacy
of
v "In
part, the economic problems
terminal and through traffic facil¬
ities in the city for all forms of of New York.City are those which
ex¬

the

are

transportation."

letter sent
to Mayor LaGuardia under date
of April 17,, New York City Park
j

(Editor's Note—In

Commissioner

a

Robert

Moses

de¬

scribed the above-mentioned ref¬
erence in the Hanes report "as an
absurd summary."; Actually, Mr.
Moses wrote, "there is plenty of

evidence
ment

that

to

the

support

since

1934

state¬

more

actually been done to

has

meet the

motor vehicle traffic, problems

of

.

cited
subscriptions, the forecasts vary but belief is there frequently
difficulty in hitting the $
1.5,00Q,000,OqO mark—which was affecting business




industrial

New

space

and

*

-

new

the

While

agencies have been moved to New

,

~

...

frequently cited
operating to discourage

lack of

pansion

Report from market is that buying is swinging through the en¬
list
No special preference shown except for the.taxexempts but a glance at the price level will indicate clearly how
nessmen, heads of various trade
widespread the. buying has been
and industry associations, labor
Considerable switching also
reported from intermediates to
leaders, and officials of both the
longs, in both tax and tax-exempt classification
It's bank
Investing—based on the desire for. greater earnings and the con¬ city and the State.' During these
discussions various factors were
viction that the market is in good shape
tire

dation. :

communities which have actively1

the

rather

area

to

are going to be a lot less tax-exempts at this timemext

of

terprises in

"

t,T^ere

generally higher
competing areas.

Congestion

the location of

(

current

2%s could rise from 109.25
; 116.9, an obvious differential with an obyious moral . . . ,

in

,

'

"One

.

Meaning that the 2%s could rise from the

level of 110.10

those

This presumably arises out of the'

factors

on possibilities indicates that the 1965/60 bonds
to 116.9 while the maximum on the 1960/55 bonds

up

of

provide office space for various
phases of the war effort and for
government
agencies
dislodged
from Washington.
Available of¬
fice space in the City was more
than 6,000,000 square feet, accord¬
ing to a recent survey. There is
no; shortage of housing accommo¬

.

Calculation

could get

were

those

■

....

....

;

area

than

tiveness."

....

J;1

City

.

....

view

that wages in the New York

was

held down by their own yield relation¬
The best possibilities, therefore, lie iri the

.

.

unanimous,

although

larger degree of organization of
The
not of. a character" that can im¬ labor in New York City.
view
was
also
expressed
that
mediately be solved, the commit¬
tee declared that the "continu¬ there are, in some measure, re¬
strictive
shop
practices
within
ance
of
economic
progress,
or
some of the organized
industries
even
the
prevention of serious
in New York City which act as a
handicap to: their fullest effec¬

One interesting report is that there has been and is considerable
switching from the intermediate tax-exempts to the longer-term
exempts
It's logical, of course
(4) The 2% s of 1965/60, selling at 109.25, to yield 2.08% to call,
2,20% to maturity
■■
y
:
'
These are preferred by some of the smartest traders around for
they figure these can rise the highest and are as safe in price as
any of the other shorter bonds
/
/ «

f

not

preponderant,

with whom the committee talked

ones are

.

lpngest-terms out

.

John W. Hanes

.

.

bonds

"The

as.

and

adversely New. York City, than in

employ¬

lstrge city, in : this or

-

any

any

other

other

common

to

established, ma¬
They are simi¬

ture commuriities.

lar in this respect to many of the

problems

that

have

confronted*

industrial centers in New

and

other

England
older, settled parts of

the country.

Much of New York's

industry is operated with anti-'
quated methods, obsolete machin- >
ery and management that is lack-:
ing in modern and progressive •
point of view. As a consequence,'
these

industries

competitive
those

more

have'been

at.,,

ar.

.disadvantage,

with,
recently established in*

other;: 'younger' sections of the;
(Continued on page 1495)
;
.

t

: THE COMMERCIAL & FINANCIAL CHRONICLE

.Volume 157J * Number' 4170

which

we

now

readily

1493

and respect to capital and labor., Not
us many years ago capital indulged

ing it safe. Opportunity and se¬
curity do not thrive on each other J
The heralding of these and other
politi¬ in excesses that were evil. These
(Continued from page 1475)
cian, or that business man, or that have been pretty well washed up. fundamental truths must be a part
S. G. II. TURNER
labor, leader, who endeavors to More recently labor has been in¬ of the war-time effort, and the
buy and sell gold in the open
advance his own selfish interests, dulging in excesses that are evil. post-war
market.
Chairman of the Board,
yv ./'/ ■'/<•- M'-i'
program
of American
At
the present time we pay Elmira Bank & Trust Company, and
business.
This sounds as though
capture our Constitutional And these are being washed up.
rights by playing fast and loose
$35.00 per ounce for gold and be¬
Elmira, N. Y.
.;///
Fourth—After the war the peo¬ I think that talking will turn the
with the patriotic instincts of the
cause we have so much
gold in
ple of America are going to insist trick, and of course, you and I
Personally, I am in thorough
American people at war/vy///,,;
reserve we can place the value of
know it won't.
The great essen¬
upon
accord
with
Dr.
Kemmerer's
throwing into the ashcan

The Future Of The Gold Standard

so

willingly relinquish.

And let

determine to cast out that

,

■

■

point we desire so
as we maintain this ^enor¬
mous surplus of the yellow metal.
By this, I mean that through the
at

gold
long

any

issuance of paper money into

culation

opin¬
ion. The only

cir¬

point and

I have

fine.

men
that

feel

Dr. Kemmerer

; ••//

are

old-

fashioned

and

and I

ready
for
the press ;• giving my
view¬
point with respect to the entire
money question.
The title of the
book will be "The New Dollar,"
and now that the money question
is developing a popular interest
again I will probably get the man¬
uscript perfected :-so it,- can be
placed in printed form within the

have

still

*

is

Here

'

$

■

/-/■

•

another

spot where

Trainmen

road

;

.

plans

these

hear

we

days for

little

so

much

tial is

saving the
V": v;. ' / ;

good deeds by business.,But
not enough,
The good
deeds must be described in simple
these

are

truth-telling wouldn't do world!
Not long ago, the Na¬
language. And the principles that
Please don't think for a minute
Resources Planning Board
make the good deeds possible must
that I believe we should refuse to
released its report containing a
be explained so that the people
furnish aid either to stricken na¬
"Cradle to the
Grave" security
will understand.
tions or to needy peoples.
Nor do
"Here is the sort of thing we
plan for America. To many this I
believe that we should do less
must explain. The reconstruction
report made fine reading.
For
than our full share in the intel¬
there isn't any question but that
of the war-torn world will require
ligent adjustment of world affairs
the
average
man
wants; a far
capital.
The only capital avail¬
looking toward maintenance of
able for investment by anyone is
greater degree of economic secur¬

any

harm.

Neither do I believe that

peace.

in

.

.

Rail-

of

Brotherhood

'
•

about

tional

^

A. F. WHITNEY

President,

most of the
a

ity than democracy has given him we should
private capital. Governments have
not strive to further
in the past.
no capital as such.
All they have
some
way we
sound
commercial relations
be¬
But the program presented by
is the power to take private capi*
can have man¬
tween our country and the other
the planners for tomorrow did not
tal.
No government has money
aged currency
nations of the world.
The re¬
to
with less re¬ reveal the whole, truth.
spend except that which it
But I do believe with all the
takes or borrows from its citizens.
port
said
nothing
about
the
price
liance
upon
conviction' I possess that—in an
of admission either in cash, or
"So
the
proposition
is this:
the
gold
effort
to
re-design
the
whole Shall
So I'd like to raise the
private enterprise be given
standard. liberty.
world overnight—America might
the opportunity to rebuild—with
I
have
less question: "How much will it cost
S. G. H. Turner
easily
lose
the
qualities
that its own
capital—after the, war, or
confidence
in —and where is the money coming
should enable us to create, by good
from??
shall the Government do the job?
the
// r/ i /
//; /
ability of the mangers to
example, a world safe for democ¬
Well, the choice is ours. ; For we,
manage.
/
: / -All of; us are more or less .fa¬
'
miliar with England's so-called racy.
the people, can still dictate the
Now then, how should we set this course
of
V ; RAY LYMAN WILBUR///
Beveridge Plan.
This plan in¬
government here in
cludes an estimate of the financial good example?
I believe that we America. And if., we insist that
^Chancellor, Stanford University
can
do our job most effectively by faith be placed in American busi-*
burden it would entail in 1945 at
In so far as I have knowledge
about
exactly
what
we
have ness the road will be cleared for
$2,800,000,000.
Since the being
of the subject, I am strongly of
population of the Unitd States is proved ourselves to be during 90% private enterprise.
If we don't,
the
gold
standard
school.
It
of
the
not less than two and one-half
past 150 years.
a people
the spirit of venture in owners of
seems to me that, in the troubled
times that of the United Kingdom, independent,
confident and am¬ capital will continue to be para¬
world ahead of us, something sub¬
it may be surmised that an Amer¬ bitious, and not a people that looks lyzed
by the fear that results
stantial
and
appreciated, as is
ican plan of equal money benefits, to a paternalistic Government to from lack of faith.
■:
gold, will be of greater value in
if initiated now, would in '1945 coddle us and solve all our prob¬
"And I submit that the record
developing
sound
international
cost somebody the paltry sum of lems.,:,/
—not only since Pearl Harbor but
• / .V. / :////
exchange than any paper.
War
///'•"
/
However, let's not be too sure over the years—entitles American
financing through political action $7,000,000,000.
This calculation is based on the of ourselves.
is poor training for the develop¬
Personally, I'm not business to faith rather than to
let' nature take • its have government stand over it
ment of a world-wide dependable Beveridge Plan rates, such as the willing /to
financial mechanism using paper. equivalent of $8 a week for a mar¬ course, and this is the reason why with a. club.;?' / '*: - // v./■',,
ried"/ couple
as /unemployment I raise billy-hell in defense of the /"Today
the
tide is > running
benefit or retirement pension, plus American systerm whenever I get against bureaucracy and in favor
David M. Minton Dies |
of private enterprise.
$1.60 for each child. As. a matter the chance.
It is run¬
of fact, the payment scale under
David M. Minton died at/his
against a government of
Not that I believe many Ameri¬ ning
home at the age of 73. Mr. Minton your present social security setup cans want to change the system. men, and in favor of a govern¬
is well above the proposed Bev¬
ment
of
laws.
It is
running
My only fear is that the 'system
was a member of the New York
eridge level. Therefore, it seems may be quite unintentionally de¬ against regimentation, and in fa¬
Stock Exchange and a founder of
vor of freedom"
probable that^instead of a begin¬
stroyed—just because so many of
But for the sake of all we hold
D. M. Minton & Co., 120 Broad¬ ning over-all cost of $7,000,000,000 our fellow

that

hopes

few months.

next

our

younger
who

book practically

a

from

of

some

gold content of 15 5/21sts grains

of gold, 9/10ths

article

came

still keep the paper dollar tied to
a

of

criticism
the

could raise the price

we

level to. practically any

1■/..

sound

.,

>

While

I

monetary
site

is

system

the

to

sound

that =

agree

a

prerequi¬

a

establishment

I

economy,

•

stable
of

not

am

a

pre¬

pared to take

...

partisan

a

po-

in

the

dispute

be-

sition

I

|
V f|

I

tweenthe

;

'

j

'

managed
paper

-

money

school and the

gold-standard
school.

.

The

important
thing is to
adopt a mon¬
etary unity
that

will

.

not

produce

only

domestic
peace,
will also

but
serve

as

a

of

guarantee¬

ing

a

,

I

is

He retired

1935

having

transferred his exchange member¬

won.

ship to Robert H. Minton;: his son,

glad to note that official
are being taken with this

am

steps

in

business

from

international peace after

war

New York City.

way,

A. F. Whitney

just and

durable
this

citizens

means

V/v/:7////

end in view.-

now

'

duty with the Civil Air

on

Patrol.

*

'' ' *

1

^ '■

*

a

year,

the judicial branches of our
ernment—these checks and

Gov¬
bal¬

swept away by
the necessities of war. The duality
ances

of

our

are

being

Government with divided

authority between the States and
Washington, as contemplated by
the Constitution, is being largely
lost

sight of

ernment

as.

the Federal Gov¬
its

makes

demands

for

our

to

something

like

Incidentally, there are now 40,-

don't

under¬

stand

clearly that welfare isn't
possible without wealth and that
profits

can

extent

that

be taxed
makes

to an
jobs im¬

away

new

000,000 taxpayers in this country possible and old jobs insecure.
and these people are en¬
Listen to this—"It is absolutely
titled to know not only the glam¬
essential that a business be profit¬
orous
objectives of the bureau¬
of ours,

crats,

(Continued from page 1476)

horizon

social

enlarge

should

twice that dollar dimension.

tives

Spread Gospel Of Free Enterprise
Wampler Urges; Warns Against Paternalism

we

but also that these objec¬
be reached without

cannot

the bill. And
the bill? Well, there
still isn't any Santa Claus.
somebody

paying

who will pay

As

I

such

study and speak of

I do not

able.

should

ness

I

be

not

that the busi¬

run

at

a

loss.

that the business should be

mean

run

mean

under such conditions that the

owner

is willing to

risk his capital

in the business."

This statement

was

made by the

late Mr. Justice Brandeis, and of
things as post-war planning and
social security, I keep asking my¬ course he was speaking at the mo¬
sons and brothers fight abroad for
/
//// ment about capital. But he might
freedom, that they and we are not self these questions: What will be the temper of the iust as well have said the same
undermined at home by indivi¬
duals
who are more concerned American people after the war is thing about management and men.

Let

us

to it that while

see

our

with their

own

careers

than with

over?

the

support

Will'; they

necessities, and by American system? of free enter¬
philosophies of alien origin which prise, or will they - turn • away
' •
tend to destroy the American way from it? / *
of living.
<No man" can give categorical
/ //
';.' .■ /.'.//
Remember
this!
Neither
the answers to these questions. Never¬

the

nation's

.

.

For all three of the component

of business must have the
opportunity to get ahead. If they
don't, the American system—and
I, along with Mr. Eric Johnston,
parts

gotten as we pile both necessary
and

radical

into

a

tative,
patriot,

nor

a

wartime

powers.

Simi¬

larly, the requirement for rule by
law, rather than by men, and the
Constitution's
antipathy to bu¬
reaucratic dictation are being for¬
unnecessary

war

bureaus on

top of each other.
The

same

holds true with

re¬

spect to the Bill of Rights, which
.is

being disregarded with such
frequency and impunity that we
are

inclined to become callous and

indifferent to the violations.
It is probable

that

we are prop¬

erly patriotic in disregarding for
the time being our historic ways
and our traditional Constitutional

war

an

again,

into

false

a

sense

of

For the tide might eas¬
ily be turned.
Therefore, you
and I must do everything we can
to make this tide roll on and on
security.

with ever-increasing power..
If

don't,

we

we

must be pre¬

pared to forever hold our peace
if freedom does disappear.

forget everything else I

If you

here today, please remember
this. We business men must seize
say

opportunity to prove by
deed that American
industry is entitled to the faith of
the American people.
"We must

every

word and by

the gospel of free enter-"

spread

prise all over this land. We must
be more articulate than we have
and
in

before.

been

ever

defense

We must be,

be, more convincing

can

we

of

business than are
again make busi¬

those who would
ness

whipping

the

of Gov¬

boy

ernment."

the

nor

,

into

ourselves

must not let

we

lulled

.

like to call it by its right name,
singing of the "Star theless, a base on which to plan "Capitalism"—won't work.
Spangled Banner," nor the wavr must be established. And here is
For there must always be a mo¬
ing of the flag do of themselves my conception of what American tivating force.
Today that force
business
may count upon from the
necessarily convert a communist
is "Beat the Axis."
Tomorrow it
into
a
Constitutionalist, nor a "Jones, and the Smiths, and the must be "Opportunity."

necessary

dear,
be

nor

reliable

represen¬

politician into a
an
internationalist

intense American.

all

I

Brov?ns" after Victory. /
First—Those
war

service " will

Here, Rickenbacker

pleading for is
that we see the facts as they are.
Let us properly understand and
approve and vigorously and com¬
pletely support every necessary
and essential war measure.
But,
at the same time, must we not
realize their ultimate significance
am

be—as

"says

—

Did

from

Captain

the

most

rugged individualists that we can

possibly imagine.
little love
mentation

or

or

They will have

admiration for regi¬
new

schemes

that

promise security rather than op¬
Second-L-Those who

are

"Double

work¬

Brown,

W.

"Oppor¬
tunity" in the dictionary? I have.
chance."
To

ever

you

me

look

definition

the

And

"a

is

good

these words are right in

you

to

own

What

get

we

Americans

ahead—and under

steam at that.

think

our

New

Jersey,

Pennsylvania, Dela¬

Maryland, Virginia ar^the
District of Columbia, thajl, rail¬
roads have reached the "bottom of
the
barrel"
in
increasing- the

ware,

really want is "a good chance," a
chance

President of the

up

///./-;

the - groove.

our

portunity. jSK

Defeat" —not
Victory!" / / ; / '

"Double

mean

R.

-

,

who;, return

Otherwise, we will lose the war
we win it.
And this would

after

factory

What do

workers

supply

of

repairs.

'

"An

freight

cars
''

•

increased

car

through
«■

/

/':

supply,? he

.

want most?
They want to get
ing in war plants today are gain¬ ahead. They want to become group said, "can now only occur by; the
addition of sufficient new equip¬
ing and will retain a wholesome leaders; the group leaders want to
ment to more than offset cars: de¬
Years and years ago some great respect for the business processes
become foremen; the foremen—
man said that,
"A government is of America. Who made this coun¬ superintendents, and so on up the stroyed by general conditions or
accident." A similar situation, he
I would ask you to see clearly like anything else—to preserve it, try of ours the Arsenal of Demo- ladder. /
■
// /
added, prevails with locomotives.
that there are at least some in we must love it." Therefore, let racy? Well, it wasn't the bureau¬
Of all the bad guesses made in
Failure of shippers properly to
our
administrative
offices, our us see clearly and fearlessly that crats. And it was American busi¬
recent years the guess that the clean cars
after unloading was
Do the men and women in
legislative bodies and our judici¬ those, either abroad or at home, ness.
average American
wants some¬ termed by Ralph C. Huntington,
ary
who, under the guise of who do not love our government your plants and mine realize this?
body to take care of him is prob¬ Chairman of the Board's less car¬
But if they
Let us de¬ I believe they do.
patriotic necessity, would seize will not preserve it.
ably the worst.
It just isn't so. load transportation committee, as
and keep permanently those ces-- termine that when this war is don't, you and I must bring home
The average American wants a
lowering car supply "much, more
sions of our liberty which we now over to demand and fight for the to them the truth.
than
is
commonly
And a good chance J seriously
Third—The war is causing a re¬ good chance.
so freely make
for wartime pur¬ restoration of every one1 of our

rights in order to concentrate the
necessary power for the prosecu¬
tion and winning of this war. But,

after the

war

is won?

.

poses.

•




traditional liberties and

privileges

turn to the middle

of the road with

is utterly incompatible with play-

known,"

1494

THE COMMERCIAL & FINANCIAL CHRONICLE

The Securities Salesman's Corner
Sell Your
If

"hem"

to

build

to
and

majority of

healthy

a

ability

your

"haw"

as

of

clientele

investment advisor.

time

every

clients; if

securities

an

before

decision

a

is

you

offer

you

a

active

bonds

If you

suggestion

to

are

made; then there is

sales technique.

serious defect

a

in

your

of

all

faced with this

same

problem.

ing

and say
make it

Vhad better
securities salesmen

we

So don't feel

experience the greatest problem

our

experience

retail clientele is the reluctance of the average security buyer
to pick out a good investment advisor and to stick to him.
They
jump around like Mexican jumping beans, first with one house,
then another, or they subscribe, to a service, or they go off on a
hunt

treasure
a

of

their

own—most

of investment.

program

customers that he

can

It's

give them

investors

do

not

the salesman's

job to

plan and

program.

a

a

Here's where the selling end of the securities
its

biggest problem.

If

pressure

exempt status of the former.

vide

will

need

We

have

be

with

a

their ideas

on

success

convince

in

this

AFFAIRS

or

Tax

Mr. Laing, who

a

as

Court

in

United

Clarence

Tax

States,

Terminal

business.

Judge

the

Court

of

Grand

Building,

City.

Hearings

known

as

in

the

Shamberg

action,

Commis¬

vs.

sioner of Internal Revenue, began

should

April

on

suit

The

19.

is

spon¬

sored

by the Port Authority, in
interests of its bondholders,

the

firm

public

with

have

been

identified.

real

Laing

arid

ing

debt

of

borrower could not dispose

taxable

Robert C.

was

Webster of Webster &

Gibson, of

Nashville,

substanti¬

the

ated

Tenn,,

who

views expressed

of

1

''

had

not

included

turns.

It

stated at the time

was

reason

that

it.
Select accounts with
whom you believe you can get along.
Gain their confidence, and
after you reached this goal you will then have an account large
enough to pay you for your efforts.:
(5) Develop certain selling ideas that convey a clear-cut mes¬
sage along these lines: "No matter how much experience and ability
an
investor may have when it comes to handling his investments,
he has other important tasks to take care of as well.
On the other
while

worth

hand,

you

following

are

exclusive work

If not, drop

up.

from eight to ten hours a day to the
of studying and managing investments."
Or some¬
devoting

"I WANT YOU TO MAKE MONEY, MR.
INVESTOR, BECAUSE I AM SELFISH.
When you make money
on the securities you purchase from me you will buy other invest¬
thing like this is effective:

ments that I recommend

MONEY

WHEN

IS

I

to you.

SELL

THE ONLY TIME I CAN MAKE

YOU

it's

That's why

SOMETHING.

important to me that you should profit and benefit from the advice
and suggestions that I give to you."

interest,

from the bonds in their tax re-1

Be ready to spend sufficient time in making calls.
For
try to determine on the first call if an account is

(4)
this

who

*

here.

the

Treasury

substantiate
such

public

neither

that
are

territories,, vnorl^
and that

from

their

suit

1

„

counsel

thority

in

Julius

chief

former

Port' Au¬

the

is

law

firm

counsel

and

Lewis

of

assistant

general

counsel
of
the
Port
Authority.
Keep on driving for your objective—to win, never wilt—
In
the
Triborough Bridge pro¬
don't give up—this type of clientele is the most difficult to build
ceedings,
known
as
the
White
but once you have it—you've got something.
"
case, Mr. Delafield is the attor¬

(6)

NSTA Gives Entire Facilities To Treasury
To Aid In Second War Loan Financing
Affiliates From Coast To Coast Join Drive
In response

the National Security Traders Association has offered
its entire facilities to the United States Treasury War Finance Com¬

record.

Commissioner
enue

Acting
of

Internal

Mason

are

for

B.

the

outlining

initial

his

Leming,

hearing,

Julius

at

the

April

19,

case

on

Henry Cohen

contended

mittee, and through its 21 affiliated organizations with a total mem¬
that the
Port Authority
is a
bership in excess of 2,000, is giving 100% cooperation to the many i governmental subdivision fall¬
well-organized committees from coast to coast to insure the success
ing
within
the
definition
of
of this $13 billion campaign.
Each'f
such bodies under the language
and every member of the.N.S.T.A. to put forth our maximum effort
of the
Federal
Revenue
Act.
considers it his patriotic duty to to insure its unquestionable suc¬
Federal taxation of State and
put forth his maximum effort, and

cess.

is

is

pledged

The United States Treasury

plans

out the
o f
the

counting on the securities in¬
dustry to give vigorous support
to the $13 billion goal it has set

War

Finance

for this

carry

to

sizable

Committee for

campaign.
one

but it

The task is
can

a

and will be

complete

done, and to this end the National

f
every
poten¬
tial buyer.

Security Traders Association has

a

coverage

o

11 volunteered its entire facilities to
j|| the United States Treasury War

In line with

the

Finance Committee for the dural ition of the drive.

Associa¬

aid

War

in

the

Loan

First

member

the

of your Association is

at

disposal of the committee in

your particular district and giving
that committee all the cooperation

of

Michigan

possible in working out the plans

Corp oration,
Detroit,

it has laid for

Chairman
the

War

o

i

an

State

and

and

clog

a

Mason

B.

he

interference with

local

governments

to their

functions."

Leming,

age
Frank P.

Meyer

N.S.T.A.
Bond

complete cover¬
of banks, corporations, institu¬
a

tions and particularly individuals.
We have an important
job to do

Committee, has ad¬
dressed the following letter to the

and

with the combined efforts of

our

2,000

presidents of the affiliated organ¬

certain that when the final results
are tabulated in this
history mak¬

izations:
"The Second War Loan drive is

ing

or

more

campaign,

the

under way and it is the patriotic

emerge

duty of each and every

second to none."

one




of

us

with

a

members I

N.S.T.A.

record

of

am

will

sales
/

States
this

Treasury

of

tions.

be

United

the

it

sovereign

the

first witness

introduction
in

the

of

proceed¬

question of the tax-exempt status
of the Port and Triborough bonds,
under the language of the Federal

Revenue Act, from the broad con¬
stitutional
question involved in

his

Court,

likely

to

showed the Army
acquired withing the past two
years
18,789,290 acres v and " the
Navy more than a million acres
of -lands
which' had formerly
yielded important revenues to the

before

Circuit

of

A bill

Tax Limit

to permit

bonds

salary

pay

municipalities
they may

that

so

bonuses

was

branded

zens

Public

Evasion

municipal finance but as an at¬
tempt to evade the State constitu-.
....

bill

*

.

,

,

permits any county,

city, town, village
ganized

district

or

to

other

issue

or¬

five-

serial bonds to pay salary
bonuses up to $300 in each fis¬
year

for any of its employ¬
The bill acknowledges that

year

municipalities

to pay

due

are

such salary bonuses out

hence it proposes going in addi¬
tional debt at this time.

Many municipalities are close to
the constitutional limit which pre¬
to

taxes

exceed

ment.

Peterson said
sented

his

for

2%

a

resolution pre¬

committe

Repre¬

by

"White,

DemOcratv In-1
allow a thorough

diana, would
investigation of the question, in¬
cluding consideration of bills to
authorize State taxation
eral lands.

of Fed¬

,

..

„

.

;

current

expenses

of the total

The calendar of future offerings
$500,000 or more, at this writ¬
ing, consists of the $5,000,000 Phil¬
adelphia
School
District,
Pa.,
i

of

bonds,

for $ which

opened

on

bids will be
April 30. At the dis¬
trict's last sale, in December,
1939,
award

made to the

was

Pennsyl¬
Employees' Retire¬
Board, the second high bid¬
der being a syndicate headed
by
vania-School
ment

Lehman Bros, of New York.

;

Mexico To Sdl Gold

J

unable

taxation, without un¬
hardship on the taxpayers,

vents

prob¬

a

employes
April 5 by the Citi¬ Major Sales
Expenditure Survey- Scheduled

.violation of
principle in

The

wholesale

become

to

not only as a
flagrant
the
pay-as-you-go

tion,

facilities
now

Gov¬
hotels

over

get

sentative

As

issue

to

Peter¬

"the

taken

enough
money
through
taxation
to; provide
maintenance for schools, road
districts and other State serv¬
ices."

the

Court

alone,"

reporters,
has

it has

lem

-

State

plant

and

place-

New York Bonus Bond Bill

to

.

ernment
and

.."

.

my

told

son

although

take

continued

States

Seen

committee

had

United

of current

of the State.

Following

the

Com¬

•

taxation

■

of

Appeals.

many

exercise

by

of

States;

outcome

to

investigate ;the
of
public
lands by
the States,' Chairman
Peterson, Democrat, Florida, said
recently.
''
' \
Peterson said figures presented

Supreme Court
accept the case, it will

is asked to

first

plans

problem

Before the

ernmental

since

The House Public Lands

have

sometime in the latter part
1944, according to all indica¬

cal

not

the

by the constitutional tax

mittee

"In

of

review

not

to finance through borwhere current expendi¬
for the aame purpose are

House Committee To

until

ees,

does

the

history. The. bill,'

Study Land Acquisition

or more.

Supreme

•

is

the Port Authority is not a gov¬

powers

on

in

taxables would

8!4%

ultimate

counsel, argued in rebuttal that
subdivision,

6%

for local debt service dur¬

blocked

the present case, it is destined for

argued,

|J
"As President of your affiliate ings, Judge Opper indicated that
If;you should see to it that every he might wish to divorce the

Drive,
Frank
P.
Meyer, of
the

bonds,

"would be

•|

tions activities
to

municipal

of

and

salary

Survey warned, would
mounting costs to tax¬

in

tures

6% tax-free credit the

a

on

Regardless

enue Bureau, and J.
P. Wenchel,
chief counsel of the Bureau.

In

rate

a

Mahoney-Ehrlich

limit.

woitld

Rev¬

assistant chief counsel of the Rev¬

to the Treasury Department's appeal to the securi¬

ties industry,

of

ney

to he

Authority,

Hawkins,
Longfellow, and Aus¬
Tobin, executive director

former

pay

-the

rowing

yields midway be¬
yield on high-grade

securities

of

return

of

Delafield &
J.

to

case

Henry

Delafield Jr. of the New York

municipal

have

taxable

for

when " specific

schemes

at

tax-exempt ;4s

on

levied

taxes

arid

approved, might also open the
door to: a : multitude
of' other

municipality able to bor¬

a

row

service

if

Expanding
the
point,
Mr.
Webster, in response to ques¬
tioning,
expressed - the
belief
that

Excluded from the

are

federal taxes in

corporates and taxable Treasurys.

securi¬

and associated with him is

tin

the

(

the Port of New York

L.

tween

to

corporations

ties is taxable.

Cohen,

sell

subdivisions,

income

Trial

sought

contention

States,

political
the

its

•would

villages.

payers

'

guns

year'is

fiscal

larger cities to

ing the next few years while they
are
attempting to pay the highest

.

your

the
Constitution
the
be raised by tax on

in any
limited in the

result

•

to

the

can

penditure

by Mr.

Laing and testified concerning a
comparative study he had made
qf
high-grade
corporate
securities,

ment

Stick

pro¬

with

bonus bill, the Citizens Public Ex¬

taxable U. S. Government 12 Yj s
First convince yourself that you know MORE about invest¬ to test the
validity of the Treas¬ and long-term New York State
procedure than the people you are calling upon—and if you
ury's assessment and collection of bonds.
'
f
know this business as you should, this is certainly a truth.
$2,493 in deficiency income taxes
rMr. Webster found ^ differential
(2) Remember that you are not selling a security—you have on income from
port bonds held
nothing to sell but a service. Your job is to help others do a better by the estate of Alexander J. of 20 basis points between corpo¬
rates and taxable
Treasurys and
job of investment than they could do without your help.
Shamberg.
v
a
(3) Stress your desire to analyse and plan a definite invest¬
differential of Over 100 basis
The
action
was
originally
points
between
ment program.
corporates and
Show your client that you must know what he
started in March,
1941, when
New - York States. He expressed
wants to do before you can help him.
Insist upon his confidence,
the Treasury Department sent
the
opinion that if New York
and unless you can get it, tell him frankly that you won't be able
deficiency notices to bondhold¬
State bonds had the same status
to help him.
Show him that the trouble with practically every¬
ers
of the Port Authority and - as to
income taxation as taxable
one who has made more investment mistakes than they should, has
the Triborough Bridge agency,
Treasurys, New York State bonds
been because they followed a hit-or-miss pattern of investment.

(1)

undef

to

permission is given by special leg¬
islation, for school purposes.
'
Approval by Governor Dewey

obligations.

Another witness

be

municipality
disastrously affected."

limitation

number of instances where

a

the

2% of the average assessed valua¬
tion.
This limitation will be ef¬
fective after Jan. 1, in all citi'es

he

promi¬

Mr.

in

board in

every

estate

now

would:

catastrophe

bonuses

;

that

amount;

rev¬

which

salary

/' Under

demonstrated the importance of
the tax-exempt feature by cit¬
the

V.

York

his

or

and

securities

nently

Central

New

municipal

enue

the

of

mu¬

financing, was
called
Tuesday. He testified
concerning a number of issues

it

to

to issue bonds

would be

on

door

locality would

result

nicipal

and

Ways

The governing

every

]

qualified

was

expert in the field of

an

again

Port

Opper

all

how to go about this most important selling task:

the

Authority
case
is
being tried before United States

his

this problem of convincing the average in¬
pick out a good securities man and stick to
number of experienced salesmen—here are a few of

with

of, the

The

business presents

you've acquired

followed

action,

future emissions.

discussed

that he

vestor

him,

for

plan

of V this

the

assess¬

The Mahoney-Ehrlich

Bill

To Check Inflation
Free purchase of gold in ex¬
change for silver coin and bank
.

will

notes

soon

be

permitted

by

the Banco do

Mexico, in an effort
tor.halt inflation, according to a
special dispatch to the New York
"Times"

on

April 16. The bank has
its metallic reserve at

would permit these

drawn

the whole

to escape

from Federal taxation.

bonds to meet what is customarily
considered a current expense.

New York, including the old
10-,
20-, and 50-peso gold coins, Mexi¬
can officials
state, in order to meet
the demand, will issue
one-peso

subject of the immun¬
ity of State and municipal bonds
ter

phase of the

be tried in

This lat¬

have to
Washington, the jurist
case may

implied.
Two witnesses for the Port Au¬

thority

hearing
of

C. F.

testified
on

at

the

initial

municipalities
this tax limit by issuing

The Survey is directing the at¬
tention

of

taxpayer organizations

throughout the State to this bill
(Assembly
introductory
1638)
which has gone to Gov. Dewey for

April 19—-R. Van Cleef action.

Childs &

Co., Inc., New

During the Assembly

debate

j

Moffat;

municipality

every

State.

f

Low

declared

the

taxable securities due to the tax-

Outcome

in

price differential be-;
municipal; securities and

of

and

"Open

ity.

approximately $20,000,000,000
of
State
and
municipal bonds
presently outstanding, as well as

can

will convince investors that you
ALL OF THEIR INVESTMENT
you

a

Abbot

•

Committee, opposed the

of the Port of New York Author¬

the

develop a selling technique that
should be their investment advisor

you

ON

that

have

bill

ex¬

of the

tent

Triborough Bridge
Authority, New York, also may
vitally influence the tax status of

a

Means

&

tween

ness

badly about it—in
have ever found in build¬

we

created

similar proceeding per¬
taining to tax status of indebted¬

so

W.

Nuveen

exempt status of the instruments

trial of

are

C.

Laing Jr. of
:Co., Chicago'.
Object of their testimony was to
John

demonstrate the existence and

t

own

similarly

York,; and

bodies is at issue in the suit now
in progress bearing on the tax-

which

,

Now, before you begin to check your
to yourself:
that's me, all right—possibly
plain that we honestly believe that most

blyman;

Chairman

The question of immunity from
Federal taxation of income on

met with evasions, excuses
and suggestions that someone's outside advice is going to be asked
your

the salary bonus bill, Assem-

on

Municipal News & Notes

Ability As An Investment Advisor

accounts—sell

have
the

wish

you

retail

Thursday, April 22, 1943

bank

on

notes

to

economize

on

the

cost

of silver

will
peso

put another 50,000,000 onesilver coins in circulation.

transportation, and

The

gold

coins

sale

will

contain

pure

gold.

to

be
37.5
,

placed
grams

on

of

.

Volume. 157-f Number< 4170A-.;

THE COMMERCIAL

-

& FINANCIAL

CHRONICLE

1495,

Calendar of New Security Flotations
v.-'-

>

,

A>n;sv

OFFERINGS
FUEL GAS

NATIONAL

Fuel Gas Co. lias filed a

National

lor' 402,042

shares

pany will
the sale,

'>:%

CO.

w,

state¬

City.

;-r

.

'->■

'

lows:,

has

Dillon,

Allyn

,

•

each

shares

of

capital stock
without par value. The shares are already
issued and outstanding.
v
: ;;V '.'
Addrcss—30 Rockefeller Plaza, New York
ment

receive

not

ii,

underwriters

•The

&

agreed

•

of

purchase

to

Business—Is

a
public
utility, holding
owning stock of a group, of oper¬
ating companies and is not itself an oper¬
ating company.- Subsidiaries ;are. engaged
principally in the production and purchase
of
natural
gns,
purchase of by-product
coke oven, gas and to a small extent the

&

vecKer

company

Inc.,

to

April

1943,

fol¬

C.
S.

date.

E.

&■ Co.,

the

E. W;
Inc.,

the

Y.*uOdrv, ,iVi-rache; «w';'*iurci, • J.Oou, Harns,

ceeds

Hall & Co:,

securities

which

vestment

for

supplied

by

amendment.

:

.

sold

„■

793,060 shares of the company's cap¬

stock

ital

Offered
of

such

total

and

is

selling

stock

to

shares,
Public
1935.

outstanding

of

being;

shares

Utility

from

Proceeds—-Proceeds

will

sale

the

V;,,'

.

!

Registration Statement No. 2-5116. Form
S-l

.'

(3-29-43).

In

'

;

amendment

an

registration

filed

statement

14

April

to

Fuel

National

value..

nation-wide

a

shares

The

Co.,
7,000;: Stix &
Trask <k Co.,• 7,000;

its
Gas

j

shares

outstanding

are

will

being sold to the underwriters
the Rockefeller Foundation,; The com¬

tallowing is

&

Co.,

7,000;' Wisconsin

ments

Dillon,

by

Read

& Co.,
«A

filed less than twenty days ago.

were

grouped according to the dates

Co.,

and

American

to

in

in

seven

it

to

be

used

retain

of

to

of

for

the

Net

companies

of

ican

the

days.

/:

7

*

.

organ-'

the

will
of

the

out

of

outstanding.;
registered,

authorized

be'

into

American

common

177,029

In

com¬

addition

to

Universal-American
issue

to

value

par

of

of Uni¬

merger

of

250,000

each.

$2

shares

securities:
First mortgage

of

amount
of

Offerings will rarely be made before the day follow-

of

$50

face

each, preferred

share

One

will be
of

basis

for

bonds

share

mon

the

on

American.

American

bonds of Universal-Amer¬

exchanged for preferred shares

American

share

Universal-

of

exchanged for each

American;

1%

and

com¬

shares

of Universal-American for each class A and

each

Y

will

SUNDAY, APRIL 25

and

registration statement for 175,000 shares
stock, without par value, sub¬

depending on offering
price and other factors.
':;':V';Y. YY.
j Address—500 Fifth Ave., New York City,

reduction

of

and
products. At
of its products

the end

of

1942

effort.,

other

issuance of the com¬
company plans to call for re¬
demption / on 30^ ;days' notice all of the
outstanding 4»4%
cumulative convertible
preferred stock, at the redemption price
jof $46 per share, plus accrued dividends.
At the close of business March 23, 1943,
there were
outstahding 80,032 shares of
preferred subject to redemption. The pre¬
ferred is convertible at the option of the
holders Into common stock at any time up
j

Proceeds—Upon
stock

mon

the

to

close of

business

third busi¬

the

on

date.
Until the expiration of conversion rights
the company states ft is impossible to tell
day

ness

much

how

verted

receive

to

the

visable

by

the

working
;that it will

mination
a

remain

will

the

be

far

so

with

used

for

as

the

war

price.

not required
deemed ad¬

will be added
expectation
after

and

conversion

meet

to

basis.
Any
redemption and

ter¬

proceeds

not

not added to

working capital will be applied toward the
purchase or redemption of a part of the
company's outstanding VA% sinking fund
debentures

due June 1, 1957.:
Registration Statement No. 2-5122. Form
S-l
(4-6-43).
■; :
.

stock

861

share.

purchase

:

Business—Engaged,

subsidiaries,

phosphate
of

in

the

rock

and

complete

mixed

or

&

Co.

underwriters

'jr..

.

Offering—A total of
warrants

chase

public

at

chase
be

prices

warrants

supplied

All

of

the

by

000,000

to.

OF

North

Hornblower

State

Street,

Weeks

&

from

warrants
the

and

in

of

sale-of

stock

company

and

York

First

$8,125
of

t

per

stock

if

through

S-l

days

twenty

offering

or

list

a

more

ago,

have

dates

or

.

AMERICAN

mined

to

CASUALTY

000

shares

distribution

and

sale

per

share.-

a

of

.




company

then

to

the

price

a

as

that

the

filed

per

Pennsylvania.

;

•••

.Business—Conductssurance

.

..

be

additional

business.

-

syn¬

proposed
stock

to

the

company

were

be

sold

group

should

at a price

The

syndicate has
for
the common

trust

with

POWER

the

Address—900

SEC

stock,

common

par value.
The
and outstanding,

stock

proceeds

working

the

from

and

sale

used

and

capital

for

for

242,664

without

nominal

is

owned

St.,

Houston,

April 9,

to defer

1943,

date.

1

/

CORPORATION

Dah.lbe.rg, O. S. Mansell and Andrew

Dallstream,

value

par

i...
i

•

of

2-5112.)
voting

general''casualty 'in■

Celotex

The

trust

1 company,

•

trustees,

have

filed

Corp.

common

stock,

no

value.

Offering—(See

$5

Reading,

voting

statement for voting trust
for 150,000 shares of common

registration

stock

50,-

forded

Tex.

public utility, i
the public to be sup¬
.

\

'

chase

to

be

by National Power &
which

filed

was

says; that latter has
tional that no firm

been

offered

Light Co.

by

advised

by

commitment

Na¬

to

pur¬

securities
registered
has been
:;■ •

Proceeds—Proceeds from
National

Power &

sale is part of

liquidate

in

Securities

As

part

this

of

The

the program of
and.

will

sales

Light Co.

compliance

the

with

to

go

proposed

National

to

order

of

an

Exchange

Commission,
National pro¬

program

posed to divest itself of its entire holdings
Houston
its

common

holdings
$6

own

shares

of

through the exchange,
Houston common for

of

preferred

Houston

National

preferred.

of

Houston

common

cepted

which

in

registered

the

represents

A.

C.

Balch,

ac¬

ter¬

being

of

Na¬

termination

of

holders

F.

voting

shares

of

share,

of

California.

of

St.,

Los

523

West

Of

—

vote

the

of

is
in

called

plan

tion

Co.

ance

and

of

tore-

prop¬
prop¬

Securities

are

to

a

plan

available,

only

be called for prior

because from

plan

committee is of

feasible

foreclose

the

property

either

nu

mode

of

reorganiza¬

the opinion

of

the

that

procedure

mortgage, obtain
in

all

there is little possi¬

feasible

any

The

tion.

the

the committee,

taken by anyone to pre¬
readjustment or reorgani¬

is

title to

committee

corporate or personal nominee of

to

the
in

or

the

a

com¬

mittee to operate the property for the ben¬
efit of the depositing bond holders and to

purchaser for the

a

the

of

The mem¬

same.,

committee

purchasers

have

for

found

that;

the

mortgaged
negotiate until
title lias been obtained through foreclosure,,
The deposit agreement is dated
Nov. 25,
1942,

The

to

committee: has

limit

any

unwilling

are

the

to

bonds will

period

not

yet fixed

as

within

which

the

be accepted.

Registration Statement No. 2-5083. Form
D-l.

h&-&!yy

(1-18-43).
effective

date.

-vt::-:
./7:

A"'

;>'• ■;•

w;, V

Amendment filed

April 13, 1943, to defer
•.

CORRUGATING

York

ment

r

common

is

the

stock,

presently

does

not

SEC

$1

X'/\V;'v

CO.

Corrugating Co.

with

has filed

for

50.000

The

Street

and;

Western-

and.

Maryland Railroad, York,

of

stock

and outstanding
new' financing.

Address—-Adams

:

state¬

a

shares

par: value.

issued

represent

Spring

Pa.

office.

Cal.

the

committee

it.

However,

Pacific

of

the

and

the

said

by
so-

rehabilita¬

of

mutualization

Mutual

Life

tion,-

Insur¬

California.

are

now

(2-19-43).

April 17, 1943, to defer

date.

devoted

;•

-

•

Underwriting—Floyd

is

cago,

com¬

held

securities

agreement

lim¬

no

the

by

with

are

facilities

places

of

held

manufacturing facili¬
primarily designed for pressed,
drawn and stamped metal products. About
95%
of
the
company's
manufacturing
ties

•

D.

principal

named

to

war

v

■

Cert

produc¬

/'"''

■

■.

Chi¬

Co..

underwriter.

Offering—Offering price to the public is
per
share.
Selling' stockholders are

$6.50

Western

trustee

Trust

Rice,

National
under

York,

Bank

of York,
Benjamin
S.

the

shares,

28,013

Pa,,

and

30,750

Proceeds—To

Dr.

Pa., as
Taylor

Charles

P.

shares.

selling stockholders.

Registration Statement No. 2-5098. Form

effective

deposit
to

sale;for the benefit!-'

to

proposal of

bility of

per

Insurance

South

objectives

vote

the

$1

Angeles,

powers

reinsurance

affecting

508,200

Executive

Los

connection

and

Life

agreement

main

to

them

SEC

par

626

Cal.

shares

the

mittee

filed

the

insurance.

the

upon

order

Business—Normal

St.,

Purpose—The
itation

Mutual

Angeles,
Sixth

the

of

information

Leslie
Share¬

have

with

stock,

issuer,

Business—Life

and

Mutual

Committee

Pacific

Address

zation.
to

been

plan

a

YORK

certificates; for

Co.

pare

known

effective date.

Rand

E.

common

in

INSURANCE

statement

trust

is

as

steps have

16, 1943, to defer

Pacific

Protective

registration

desired

at

According
the

the bondholders.
So far

fer

y

Interest

statement

erty at the foreclosure

property

were

maturity date,
; ;■ •
•

bear

after maturity.

is

out¬

first mortgage
bonds were

of

bonds

of

by it.

are

mortgaged and/or pledged
erty, and, if need be, to bid in the

of

'

$956,500

the

500,000

balance

LIFE

the

as

securities

classes

registration

was

CO. OF CALIFORNIA

one

for

real estate

the

to

1K 1931, with
:
,:'V,:■

8%

of

close

bers

(3-30-43)

MUTUAL

of

rate

the

seek

1942,

3ot.h

to

two

stock

addition

classes

prospective

31,

the

Amendment filed April
effective date.

PACIFIC

Both

share

Registration Statement No. 2-5117. Form

to

Exchange
deposit,

mortgage bonds there

Sept. 1, 1941.

amount

The

holdings after
exchange offer.

of

one

shares

Dec.

offer.

tional's

for

of

rental of store properties owned

total

offered

257,336

the

of

for

The

exchange to

mination

basis

on

common

of

a

and

Tampa, Fla.

bonds.
dated Sept.

Houston

the

made.

;

certificates

gold

already Issued

Underwriting—The shares
Statement

.

Securities

for

standing $8,125 Class A 6%

Business—Operating
Offering—Price to
plied by amendment.

Registration Statement No. 2-5118. Form
( 3-30-43).
7
•

S-2

(This list is Incomplete this

Hanes Committee

week >

Report Cites Continued

Loss Of Trade By Rew York

to

.(mentioned

syndicate

for the

and
the

in

an

statement

Celotex

has

formed

No.

the

stock of -the

common

opportunity

members

of

will be af¬
the syndicate

statement No. 2-5112) nnd

City

values at the lower end of Man¬
(Continued from page 1492)
country. This is particularly true hattan and has injured all trade
in
the case of the clothing and and commerce in the City."
v
Among the committee's recom¬
printing
industries,
which
are
mendations
were
the
competing in many cases with
following:
"The entire legal code concern¬
more
up-to-date plants in other
ing
incorporated
business
needs to
parts of the country."
•
be examined most carefully and
Decentralization of Population
,

streamlined

"The

development

transit,

rapid conditions.

of

to

-

meet

We

modern-day

believe

that

the

subways, parkways, tun¬

corporation laws should be so re¬
nels, bridges and the automobile vised that
corporations may be at¬
have all brought about tremend¬
tracted
into
the
of
New
State
shifts in the residential popu¬

ous

York.
There are many companies
City. This transfer
whose headquarters are in New
City's workers from
York, and which would rather pay
living quarters in the City to the their franchise taxes to this State.
of

lation

the

of New York

serious factor

suburbs has been

a

in

income

Oftentimes, we are told, they have
prevented from incorporat¬
ing in New York State because of
has left behind blighted areas that
the antiquity of the code affecting
will no longer support taxes levied
corporations. Since the daily life
upon
them.
It has also taken of
every citizen in New York State
much
revenue
from
the
retail
is affected by business, we cannot
establishments in New York City.
urge too strongly the desirability
Many of those who derive their of
creating the feeling that New
reducing

estate

the

Manhattan

on

from

income

their

of

real

Island.

It

in

the

work

increased propor¬
tion of it outside the City where
an

they have their homes."
Decline

The

of

Wall

Street

York State and its executives wel¬

wholeheartedly any kind of

come

legitimate
people. ■
"Since

new

we

business

are

all

for

agreed

our

that

major

business

and

business of the studies of tax problems now
York being undertaken at the direction
City's principal industries. Since of the Governor give particular
1933, regulations affecting the se¬ attention to the budeet and tax
curities markets have been car¬ problems of the city. We urge that
ried out to a degree that has pro¬ further
study be made of this
past

ten

Wall

foundly
welfare
result

.

The

years.

Street

is

one

affected
of: the

has

of New

the

entire

depressed

real

whole

problem before the Legiclato the city further
estate authority to levy taxes."

economic

City.

The

;

been

factor
influencing New York City represents a seg->
employment in the ment of New York State wlrch is
City has been the decline of the of such vast importance to the
financial
community during the whole state, we recommend that
"A

(3-24-43).

Amendment filed

CELOTEX

for

CO.

corporate purposes.

deter¬

a

and

the

Fannin

City spend

received 4>y the company

effective

whose

OF

St.,

carried

the

the company.

certificates

Washington

.

be

such

stoclt-'to

share.

voting

a

for

„•

us.

par

net

though

the selected

to

will

A-2

Issue*

but

statement

capital- stock,

not

through

Registration Statement No. 2-5112. Form

of

were

PA.

registration

Address—607-

...

CO.

the

whereby

arose

could

acting

single

a

willingness

a

through then available invest¬
banking channels^/'fhe board deter¬

formed

American Casualty Co. of Reading, Pa.,

gas,

...

at

other

beua

not

unknown

are

•READING,
.

and

Offering—Bonds to be offered for sale
at competitive bidding ■■ under Rule U-50
of. the Commission. ■ Price • to the public

the

of

amount

Bror

energy

!

reasons

purchase
group

issue,

ment

OFFERING

below

present

has' filed

,

When

the

stock of

registration statements

con¬

in¬
those

and

from

indicated

had

same

J.

supply,

sell.

stock

common

Proceeds—Entire

We

directors

and

marketed

(4-9-43).

whose

group

company,

a

which

stock

working

OF

the

requested
the company to afford
syndicate members, as well as other
employees, the opportunity to purchase the

pro¬

will

company

of

and

$10.50

the

at $10.50

company

selected

a

common

the

exercise

Any

in

offered

by

of

or

A-2

first

Prop¬
state¬

the

Purpose—In

common

long

be

the

of

shares of

the

to

officers

of

to

by

only

be

received

added

registration

dicate

and have

warrants.

75,000

employees

capital.
Registration Statement No. 2-5124. Form

ceeds

.

sold

any,

purchase

offered

of

proposed

out,

&

being

stock,

mon

share

to

were

company will not receive
proceeds of the stock purchase
offered, but will receive
share for each share of com¬

of the

warrants,

be

per

standing

pur¬

Hallgarten

Corp,

statement

shares

&

lyy) M.y-;

source

right to purchase additional warrants.

distribu¬

electric

supply,
.

will

terms

amendment.

■

transmission,

the

water.

the

Proceeds—The
,any

mined

jUi the production, generation, manufacture,
and

pur¬

to

by amend¬
stock pur¬

outstanding

of f„ the

be

Securities

the

for

will

In-

utility operating in the
of Indiana and is engaged principally

tion

,,

Co, purchased 25,000 of the stock purchase

INC,

Business—Public

purchase,

34,862

to defer

Lighting & Power Co. has filed

Amendment filed

professional
or
advisory
a
limited group of persons
standing business relations
with the company to be selected by
the
board of
directors.
Statement
says
that
recently, while the company was carrying
on
negotiations to augment its working
capital by the issuance and sale of com¬
mon
stock, a substantial group of key
employees of the company including cer¬
tain officers and directors, joined in the
formation of a syndicate with a view to
the
purchase of a large block of
out¬

originally acquired by the First York Corp.

.

Illinois

Ind.

dianaiwiis,

fixed

of

offered

1943,

0•;v

.

is engaged in the
business.
Underwriting—There are no underwrit¬

serving

and

to

offered

April 9.

,

material

having

UNDETERMINED

INDIANA,

j314%, due May 1, 1973,..
Address—110

be

Houston

the

B

Maritime

Class B 5%

of

Class

of Stovall

registration

par

capacity

of

.

the

■vv.-y,.

111.

cluding

sale

Weeks

post-effective

present

sale

7'; .;
150,000 stock

be

to

are

warrants

chase

per-

Chic,

deemed

in

to

are

the balance

If

ment.

Service Co. pf Indiana, Inc., has
registration statement for $38,first
mortgage bonds, series E,

a

be

defined

as

1933/:

of

Act

$5

and

fertilizers.

may

April

withdrawn

has

Offering—The

through

or

and

y-''V'y. y y". y

filed a
75,000 shares

ers.

.

.

SERVICE

Public

directly
mining

statement

filed

effective date.

of

a

of
business
of
original
Address of committee,
Building, New Orleans, La.
Business—Operation of office buildings,

711

7 V:

Business—Company

sisting

preparation

Cy

:

•

Corp.

no

building

184,861

Drive,

Underwriters—-Hornblower &

Hallgarten

MONDAY, APRIL 26

filed

Wacker

cash.

value., :yyy: y ':y. yry
Address:—120 South La Salle Street, Chi¬

stock,

-

North

Address—20
v

and
value

par

for

:.yV-;y.y;;4'-yv\y^y:y

statement

Chemical Corp.

warrants

sold

or

with

ment

Commission

of

bonds

has filed

Inc.,

INC.

Holders

gold

Address—Place

<3-24-43>.

are

for

5%

$956,500 of such first mortgage

.

Celotex

;

-

■1

F-l.

,

shares of common stock,

fund

CELOTEX CORPORATION

registration statement for 184,-

a

offered

1943.;

6,

treasury.

MINERALS

International Minerals &

has filed

first

bonds of Uni
upon
completion of
the
None of the first mortgage bonds

Registration

CHEMICAL CORP.

.

asked

like face amount of

a

sinking

(3-2-43).

cago,

DATES
PUBLIC

series A,

WEDNESDAY, APRIL 28

r

.

be

s-i

at

the company's

in

INTERNATIONAL

the

upon

peacetime

required

uncon¬

redemption

management,

capital

of

redemption

of net proceeds

redemption,

to

to

the

to

preferred

balance

Any
fof

prior,

funds

be

Holders

erties,

issuer,

fund bonds
to
exchange

consolidation.
Registration Statement No. 2-5104. Form

(4-7-43).

A-2

jcurtis; White, Weld & Co.; Lee: Higginson
Estabrook & Co.;;; Merrill Lynch,
Pierce, Fenner & Beane; Putnam & Co.;
Graham, Parsons & Co.; Whiting, Weeks &
Stubbs, Inc.; Brush, Slocumb & Co.; Yarnall & Co.; Minsch, Monell & Co.; Mackubin, Legg & Co.; Stein Bros. & Boyce;
Herbert W. Sehaefer & Co.; Van Alstyne
& Co,, and Wyeth 8c Co. ;
T\r '» ■
%

1969,

Universal.

sinking

Purposes—For

Registration Statement No. 2-5123. Form

Offering—Price to the public will be sup¬
plied by-amendment.
*
1 •
'
' ' " ^
Underwriting—Paine, Webber, Jackson &
Corp.;

1,

will

5%

merger.

will

issu¬

Any additional moneys Avill be paid out of

directly or indirectly into the
• •Y: .r,;VU.Y >Y'V'Y■•''-

going

were
■war

about 85%

Sept.

of

6%

versal-American

106V*% of the
face amount which will require $40,375,000,
exclusive of accrued interest and expenses.
due

Universal

mortgage

bonds, of $38,Public Service Co.

of

amount

the

Indiana, first mortgage bonds,

4%,

tubes, fluorescent lamps

and other electronic

after-

40 days
of series E

sale

000,000 face

wartime production manufactured
and sold to the public'electric incandescent

fixtures

and

ance

.

present

lamps, radio

within

share

B

mortgage

their bonds for

underwriters

of

of

amounts

demption,

the development of its

to

of

!.."■*•';,V'.:it;

class

first

Of

amend¬

ix>st-effective

underwriting will be sup¬
plied by post-effective amendment.
Proceeds—To be applied toward the re¬

Of common

i Business—Prior

by

Underwriters—Names

Inc., has filed

ject, to

supplied

ment.-

SYLVANIA ELECTRIC PRODUCTS. INC.
J' Sylvania. Electric Products,
■a'

be

of

are

PROPERTIES,

Committee

mortgage

voting trust.
Registration Statement No. 2-5113. Form

Waggener

ican will.be

of

shares

150,000

the

of

the voting

Proposed

agreement of merger which has been ap¬
proved by the boards of both companies
provides
for
the
following exchangfe of

of 4:30

of

certificates

Purpose—To form

: | shares, of

'y

with the-continuing
as Universal-Amer¬

Co.,

known

American

of

bonds

exceed

trust

STOVALL

bonds,

its

solicitation
merger.

Universal owns 70,000

shares

mon

•the

f

^

are as

in

consent

voting

common

application

upon

the

of

cer¬

common

pro¬

>>■..

proposes
Pipe
Corp.

be

to

with

but

shares

to

stock

trust

stock.

Commonwealth'

proposed

Products

Corp.

shares

These issues

assist
the

deposited

and

stock,

common

voting

the

purchase of
as legal
in¬

qualified

laws

Additional

trustees,
to

of

receive

larger) HOUSTON LIGHTING

a

reinsurance.

are

insurance

Sewer

company

on

Thesv dates, unless otherwise specified,
P.M. Eastern War Time as per rule 930(b).

|

all

surplus

Offering—Plan
versal

V •'-•

;

become effective

holder

purchase such

shares

and

Amendment
to

are

products.

cement

securities

ij

asso-

which the registra¬
tion statements will in normal course become effective, that
is twenty days after filing except in the case of the secure
ities ot certain foreign public authorities which normally
are

that

Underwriting—S. K. Cunningham & Co.,
Inc.,
Pittsburgh,
has
been
retained
by

Harold. E. Wood & Co., 4,000.
April 20,1943, at 1034 per

ciates.

.

ind

10,000;

list of issues whose registration state¬

a

event

and

used

the

under

.Vitrified

;

to

be

be

may

who

their

tificates.;

not

the

pipe, segment forms, flue lining, wall cop¬
ing, hot top brick, drain tile, joint com¬
pound, chemical stoneware and other clay

Co.,; 4,000;
Spencer
Tucker; ;;Antho.iv as

Union Securities Corp.,

Offered

,

share

owned, and

by

15,

others

thereunder

.

Rothschild & Co., 7,000; Schoellkopf,
& Pomeroy, Inc., 7,000; Shields &

L.. F.

of

group

resorting

ized

Hutton

t

under¬ Co., 9.000:
Wertheim
writers which will offer 412.042. shares of
the company's capital stock, without par j 7,000, and
lists.

Go.

part

.

the

The Rockefeller Foundation: as
selling stockholder.:•' • ■ Y'.;
:• >
to

go

the

May

,

of the
Holding

view

in

the

Act' of

Company

the

reduce its ownership
less than
10 %
of the

to

order

in

provisions

r

Foundation

The

record

on

on

expire

of
Pennsylvania, ;
V •
Ingalls & Snyder, 7,000; .Jesup & ..Lament, i:tRegistration Statement No. 2-5114. Form
11,000;
1
Johnston, Lemon
&
Co.,
2,500; s-i (3-26-43). y;■'
Kebbpn, McCormick <Sc Co.; 6,000;..Kidder, t;-Registration..-/effective 5:30 p. m. EWT
Peabody. &: Co.,1 18,000; W. C. Langley & on April 10, 1943.
\
:;
/■'
Co., 10,000; Lee, Rigginson Corp.,,, 7,000;
Lehman ; Brothers, ,10,000; , Laurence-j. M. IAMERICAN VITRIFIED PRODUCTS CO.
..American
Vitrified
Products
Marks & Co., 5,000; A..E. Masten & Co.,
Co.
has
filed
a
statement
3,000;
covering the registra¬
McDonald-Coolidge
&
Co.,
5,000;
tion
of
Merrill
$857,500 first mortgage 5%
Lynch,
Pierce, Fenner & Beane,
sink¬
18,000;
Morgan, Stanley; & Co.,
25,000; ing fund bonds of Universal-American Cor¬
Maynard H. Munch & Co.; 3,000; Newhard,. poration, the
continuing company in
a
Cook
&
Co., 4,000; : Otis & Co., : 3,000;; proposed merger.
.Address—1500
Union
Commerce
Build¬
Paine, Webber; Jackson & Curtis, 10,000;.
Reinholdt. & Gardner,. 4,000; Riter & Co.,
ing, Cleveland. Ohio.
,
Business—Manufacture and sale of sewer
7,000; E. H. Rollins & cons, inc., :,Ouu;

by*.The.

underwriters,

the

to

Rockefeller < Foundation^

Noyes :&

HenryfHerrman ;& Co., 2,000;
Hornblower & Weeks, 7,000; E. F. Hutton
,& Co.,; 5,000; W. E. Hutton & Co.* 7,000;

•

owns

out

5,000;

Co.,

&

new

all

to

deposit

portion of its standard limit business with¬

8,000;

Co.,

Offering-—Price to - the ^ public will be
supplied by amendment; The shares regis¬
tered are outstanding shares owned, and
being

Parsons

Inc.; 6,000; Hemphill,

one

V

enable

to

company

largely at. i;etail, of natural and mixed gas.
Underwriting-—Dillon, Read & Co: heads
the underwriting group.
Others will be

Graham,

will

capital

Clark & Co., 3,000; Goldman, Sachs &-Co.,
10,000;

subscribe

'

production of manufactured. gas, and in
the
transmission, •distribution
and
sale,
,

of

shares held

to

Proceeds—Proceeds

t

ratio

record

underwriters.

increase

Fahey,

5,000;

the

of

is not subscribed for by stock-:
the company may
endeavor
to
offering to the general public

an

through

Burr,

,

Schoellkopf & Co.,

right

.

stock

make

3,000;
&

&

Doolittle,

'

Clark

& Co.,
Coffin

in
three

Underwriting—In

holders,

2,500;

stockholders

stockholders

1943..

Coggeshall
Hicks, 2,500; Paul H.
co„
6,000;- Dixon oi Co
z.oOv,

7,000;
Davis

The

the

of

Inc., 7,000; Blyth & Co.,
Central Republic Co., Inc.,-

W.

7,000;
Chicas

15,

share for each

Co.,

18,000;

its

company

isleichroeder, Inc., 2,000; Bacon, Whipple
&
Co.,
6,000;
Baker, Weeks & Harden,
6,000; Bear, Stearns & Co., 7,000; A. G.

<

shares of common stock
being offered at $10 per share by the

are

*

.

number

& Co., 30,042; A.
8,000; Arnold and

Read
Inc.,

Co.,

'•

:

the

i, Offering—The

from

proceeds

any

**
with

ture

extends

;

THE COMMERCIAL &

1496

HAnover 2-0050
are

Pierce-Butler Radiator

Teletype—N. Y. 1-971

'

We

buyers of

Title Guar. & Trust
(Direct

WANTED

in

private

the

wire

State

to

Tower

Members N. Y.

60

New York Cily

50 Broad Street

J.
-

FASHION I'ARK, INC.

;

of April 1, 1943

of $9.00

capacities,

has become associated with Good-

body

Descriptive Circular

on

Request

New
York City, as
Manager
o f

Members New York Stock Exchange

New York, N. Y.

Ilroatl Si reel

Teletype NY 1-210

Fashion Park,
Makers

of

believe will be

11,000,000
the

civilian clothes

soldiers begin stepping back into

business.

Net

income

for

the<$>—

ended Nov. 30, 1942, rose to

year

$237,283.20 from $44,865.56 in the
preceding year.
And these earn¬
ings do not include the income of
"Weber
&
Heilbroner,
Inc.,
a
•wholly-owned subsidiary operat¬

—

—

past year in the financial position
of the company is indicated by
the

S.

Reitenbaugh

fact that, in addition to

pay¬

ing off in full its funded debt of

$164,785, notes payable to

banks
have now been reduced to $800,000 from the figure shown in the

•

issues,
greatly

Co.,

i

York

other

Stock

principal

head offices

and

dustries—E. W. Axe & Co., Inc.—
Tarrytown Press, P. 0.157, Tarry¬
town, N. Y.—paper—25 cents—
free to public libraries and non¬

profit institutions.
Post-War Planning in Britain—

The

tem to branches in 19 cities.

Unofficial
1939-1943

Post-War
—

British

clothing

retail

men's

stores.

above

Another

statement.

Planning

1944

Request

on

Broadway,

New

BOwling

Teletype

Co., Inc.

York

Green

NY

City

9-4970 '

1-1043

Gude, Winmill Partner f
v

Robert H. Radsch will become

partner in Gude, Winmill &
Wall

Street,

New

members of the

Exchange,

York

New

City,

York Stock

of May 1.

as

SECURITY

SALESMAN
WA N T E D

firm maintains

research

—

E. B. Mb To Run As

For it. Y. S. E. Board

Irving Stein Joins

L. 0. Sherman Go.

One

of

clients,

our

invest¬

an

firm located in New York

ment

City, wishes
perienced
The

employ

to

must

an

ex¬

salesman.

securities

man

have

well

a

rounded

experience
in
phases of the business and
established
his
to

retail

all
some

business

of

The firm will assign;
the man chosen, a number of
own..

active retail
will

sation

attractive

Compen¬
arranged on an
basis.
Replies will
accounts.

be

be held in confidence.

Address

Box 90.

DOREMUS & CO.
" Advertising

\

Agents

120 BROADWAY, N. Y.

______

Miscellaneous

68,756.15

™„™_

Total current assets

Fixed

assets

Invest,

in

$2,864,543.99

(net)

sub.,

etc.

604,005.70

(net).

932,788.46

Deferred charges
Uoodwill

33,450.79
1.00

™™__™„,._

$4,434,789.94

book

value

of approximately $91
and the net current
shown
above,
were

share,

per

assets,
as
equivalent

to

payable

Total

ii

current

™_™'-

143,543.71
106,201.09

liabilities™

$1,449,744.80

Capital stock and surplus™

2,985,045.14

$4,434,789.94

The extent of the

which

has

R. D.

taken

improvement

place

over

the

Leahy A Partner

Raymond D. Leahy became a
partner in Leahy Bros., 120 Green¬
wich
Street, New York
City,
members

of

was

a

A

New Class "B" and "C"

partner in the firm.

small

investment

—

house

underwriting the issue of
tablished

Sold

Quoted

Commercial

Corporation, whose
and

opportunity for
Investment

HAY, FALES & CO.
71

take

York Stock Exchanoe

Broadway N. Y. BOwling Green 9-7027
Bell Teletype NY 1-61




\

.

charge

Department.

election

given in

was

our

issue of

April 15, page 1381.

an

Broker

an

now

an

es¬

Finance

men

of

unusual

experienced
who

Cyril

de

Cordova,

York

member of

Stock

Exchange

the

New

and

partner in Cyril de Cordova

& Bro., 25 Broad

Street, New York

City, died at his home of a heart
ailment after

an

illness of several

City.

Decision and What

The Cash Means

Opportunity For

An

ing

interesting circular discuss¬
the Chicago North Western

with

particular

new

and

carrier,

old

has

reference
securities

been

& Rust, 61

this

prepared

for

Broadway, New York

City, members of the New York
Stock

Exchange.

Copies

of

firm

this

circular may be had from the firm

counter

trader with draft classi¬

fication

higher than 3A,

dle

stocks

present

and

cial

10,

to

han¬
Give

bonds.

and former connections

salary

spondence
TE

and

wanted.

Corre¬

confidential.

Commercial

Chronicle,

New York, N. Y.

25

and

Box
Finan¬

Spruce

St.,

of

good

stock

repute,

or

bond

to
issue

underwrite
of

estab¬

lished Commercial Finance Com¬
pany,

whose

directorate

standing

management

are

and

men

of

and

highest

reputation.

Ad¬

dress, P. O. Box 54, Station P,
N. Y. C.

request.

American Business Credit
"A"

Trader

over-the-

wants

House

the

to
of

distribution by Pflugfelder, Bamp-

upon

Texas

Small Investment

Decision and what the cash means,

TRADER WANTED

can

of the Wholesale
Address,
P.
O.

Box 54, Station P, N. Y.

Cyril de Cordova Dead

weeks.

management

directorate include

highest standing, has

Members Wew

Curb

WANTED

Old Common & Preferred

—

New York

Exchange. Mr. Leahy in the past

Investment Broker

WARREN BROS.

Bought

the

Curb Ex¬

the New York

of

change, has been a member of the
Stock Exchange since 1935.
The official slate of the May 10

-mrnm

$1,200,000.00

™™_™

Accounts payable
Reserve for taxes

share.

per

Earnings last year, excluding sub¬
sidiary company profits, amounted
to $7.19 per share.

LIABILITIES

Notes

$43

dent

Thoroughly
the

experienced

execution

of

unlisted

in
or¬

ders, both stocks and bonds,
desires

new

Pittsburgh Terminal
Warehouse & Transfer
1st

connection, pref¬

Refunding 5sf 1936

erably stock exchange house.
Box L 20,
25

Financial Chronicle,

Spruce St., New York, N. Y.

Hill, Thompson & Co., Inc.
Markets

120

and

Situations

for

Dealers

Broadway, New York

Tel. Rector 2-2020

a

Co..

re¬

,

.

of

5s

Information

Services, 30 Rockefeller Plaza,
an unusually large
New York City—paper.
department, an unlisted
trading department, Canadian se¬
the earnings of the subsidiary in¬ vealing sidelight on the
above
Student Folkways and Spending
curities department
and invest¬
at Indiana University, A Study in
cluded, net profit for the last figures is the statement of the ment trust
trading
department.
fiscal year amounted to "at least certified public accountant which
Consumption—Mary M. Crawford
covers
the
company's year-end
$300,000."
;
Columbia
University
Press,
report.
We
quote:
"Sales
in¬
Fashion
Morningside
Park, Inc., organized
Heights, New York
in 1938 to take over the business voices subsequent to the close of
City—cloth—$3.50.
the period were examined and the
of Allendale Corp., manufactures
men's clothing
in its Rochester selling prices thereon were found
to be substantially in excess of
plant and distributes its products
the
inventory valuation of the
widely
under
well-established
finished goods."
This suggests a
brand-names.
Capitalization now
A petition nominating E. Burd
conservative valuation of inven¬
consists
of
32,957
outstanding
Grubb of Coggeshall & Hicks as
tories
as
shown
in
the
balance
Irving Stein has joined the trad¬
shares of $3.50 cumulative pre¬
an
independent candidate for the
'
i-'
ing department of L. D. Sherman
ferred stock and 59,793 outstand¬ sheet.
Board of Governors of the New
& Co., 30 Pine Street, New York
The attraction of the $3.50 pre¬ York Stock
ing shares of common stock. The
Exchange was filed on
City, as manager of the industrial
ferred
stock
in
this
situation April 16 with the Exchange.
following figures give
a
con¬
■
stock division.
Mr. Stein
was
densed version of the company's arises from its greatly strength¬
Mr. Grubb, a Governor whose
formerly in business as Irving
balance sheet as of the fiscal year- ened position and the possibility term expires this year, was not re¬
Stein & Co. In the past he was a
that dividend payments will be
nominated
by
the
Exchange's
end, Nov. 30, 1942:
partner in Morris Stein &. Co.
resumed in the not too distant
Nominating Committee, but under
ASSETS
future.
As of April 1 dividend
the
Constitution
members
may
Cash
$347,635.77
arrears
totaled $17.50 per share. nominate other candidates
Receivables
by pe¬ Chicago No. Western
1,183,235.77
Inventories
Against this the stock now has a tition.
1,264,916.30
Mr. Grubb, former Presi¬
ing

The company estimates that, with

1954

Circulars

Telephone:

1

Investment Aspects of
the Aluminum and Magnesium In¬

in New York and

private wire sys¬

a

42

Bell

stitutions.

1956

). F. Bernheimer &

Bankers

40th

public libraries and non-profit in¬

6s Jof

of

5s

First

Descriptive

Association,
Street, New York
City—cloth—thumb-indexed.
East

,

The

exchanges.

are

Chicago, with

the

of

Exchange

1-1397

Queen Dyeing Company

Manual

Postwar

estab¬

Y.

Mtge,

First

n

ago, are mem¬
bers

New

Loan

Press, P. O. Box 157, Tarrytown,
N.
Y.—paper—15 cents—free to

in¬

u n

lished 52 years
John

Mortgage

tail

sales,

HAnover 2-8780

N.

Oklahoma City Ada-Atoka Ry.

This

Goo dbody

—

Second

pro¬

Investor Looks at 1943, An—
E. W. Alex & Co., Inc.—Tarrytown

&

However, Fashion Park, Inc., has not been forced to wait for
this development .in order to show a substantial increase in its

of

depar tment
handling
re¬

expanded
personnel.

after

Home

22

Depart¬

St., N.Y.

Teletype

City—New York Cotton Exchange,
New York City—paper.

—American

will be

\

war.

25 Broad

1-1779

ceedings of the National Cotton
Conference—Forum in New York

Invest¬

listed

clothing are looking forward to what they
unprecedented boom for the industry when our

an

The—Transcript

Securi¬

cluding

men's

Y.

Army Reports to the Cotton In¬

dustry,

ment

ment.

Incorporated, Earnings Up;
Peace Prospects Excellent

Teletype N.

Man's Bookshelf;

their

ties
HAnover 2-0600

Co.,

way,

BLAIJNER. SIMONS & CO.
25

&

Broad¬

115

4-4832

many

connected with the invest¬

share

per

DIgby

The Business

Reitenbaugh Heads
Goodbody Go. Dept.

years

pfd.

Members N. Y. Security Dealers Ass'n

Exchange PI., New York

Phone

Reitenbaugh, for

&

M.S. WIEN & CO.

S. H. dUNGER Co.
40

1-2230

ment field in executive

excess

Cigar Whelan

Inquiries invited

Syracuse 2-7158

Teletype NY

John S.

$3.50 Cumulative Preferred
as

United

MUTILATED

Y.)

New York

HAnover 2-6790

Attention Dealers

Earnings 1942 in

Common & 6s of 50

Building,

Security Dealers' Assn.

Broad St.
Belt

share

Bridge Works

OR

BIRNBAUM & CO.

SECURITIES

per

COUPONS MISSING

Common

SPECIALISTS

$17.50

Fort Pitt

Office

our

SYRACUSE, N.

PARL MARKS & HO. INC.

Accumulations

BIDS MADE ON BONDS WITH

Preferred

BONDS & SHARES

FOREIGN

Thursday, April 22, 1943

U. S. Radiator

ARGENTINE INTERNAL

OFFERINGS

FINANCIAL CHRONICLE

Tele. NY 1-2860