Full text of Commercial and Financial Chronicle : April 30, 1942, Vol. 155, No. 4068, Section 1

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wrw<->t»'»' LV -W'1 ¥v»i«ttc»ttyrt**M*« -AI .rvwst WJ1

'"Pinal

New

Number 4068

York, N. Y., Thursday, April 30, 1942

Oui Reporter On

"Governments"

OUR

First

REPORT

The

...

Despite talk

|xj

deal includes re-

that $4,000,000,000 financing

funding

of the $875,000,000 Home Owners Loan Corporation
Z\is of 1944, callable July 1, and the $276,000,000 of RFC 1%

notes, due July 1, informed opinion is these
in

addition

minutes
needs

In
sales

new

And

...

this

you'll

see

from

the

open

amount

Just spend a

given groups, becomes evi¬
dent from the apparent success of
discussions that have been taking
place

insurance

between

pany

representatives and

ment

bankers

New

under the

York

State-

months

the

com¬

invest¬
auspices

the

and

add income tax returns for June and war bond

you

than

$1,000,000,000,, a month and $4,000,000,000 new
money borrowing, it still seems indicated that the
cash balance
on July 1 will be no more than $2,000,000,000.
And that's a mini¬
mum
for comfort in these times.
By the time the new fiscal
year rolls around, in fact, it may be that the excess of daily ex¬
penditures over receipts will be way above $100,000,000. .
We're
increasing our spending—not staying at the same point or falling
more

ally

points"

"swords'

for

The

securities.

new

trial

bankers contended that the in¬
firms

surance

ter of

production.

back.

their

prerogative

bids for

same

taxes

Federal

For

time

the

Terms

situation

was

26%

for

financing

in June, but

come

isn't likely this

month.

Maybe

again, the odds are we won't have any¬

of the ordinary until Morgenthau experiences his first
disappointment with financing. . . . Direct sale of part of the $4,000,000,000 to the Federal Reserve Banks is possible, though. . . .
thing

out

Odds

are

the

that

market, which

has been dull

and

uninter¬

esting for weeks, will continue untouched by any except terrific
developments until the new issue comes around. . . . Federal Re¬
serve Banks may buy bonds to keep market in shape until issue is
sold.

continued

...

the steep increase

Short-Terms

•

for

Economic

Association's
to

ask

banks

System—both

terms.

The

American

Bankers

limited

issues

gest restriction of all future offerings of Governments to commer¬
cial banks to the short-term classification.
The Treasury in¬
.

its

dicates

awareness

of this by selling certificates of indebtedness

remarking that increased liquidity is one object^ of the flota¬
Add the comments. . . . Interpret them. .
And what have

and
tion.

you?

; ■

-Y.'

■■ ■ ."

(Continued

page

these

round-table

ing

out

formula

institutional

assuring

investors

proportionate share in

ity offerings.

1700)

V.V^
_

the
fair

new secur¬

sion to

war

the cost of

conver-

operating costs during the past

Our

the

available

companies

for

which

have

high
pro¬

Bank

Page

Report............ 1689

Reporter's
and

Stocks

Insurance
of

New

Flotations

details

Tax

new

recently

;

Calendar

;

rates; and the
the

used

INDEX
.

material and other

and excess

posed by the Treasury.

production, and the

rise in labor,

1941 rates for

the

surtax

of rates

year.

That the program appears to be
working out satisfactorily for all
concerned seems indicated by the

schedule

noted

for

"substantial"

tax; one-fourth applied

remainder

curtailment of peace¬

the

time output,

over

tax,

allowed

these

the existing 1941

profits taxes,

factors

"moderate"

profits

upon

for first quarter

computed.

were

half

normal

in Federal in¬

excess

other

although
were

Presumably

talks have been helpful in work¬

that

bankers

have

pretty

for

considerable period.

ance

much

the

had

field

bracket. . . . Officials of the Federal Re¬
lectures and in "approved" articles—sug¬

measure

some

Investment

1694

....

Security

1702

.............,.........

wY.............1695

Trusts

Municipal

News

Personnel

1696!

Items

and

Notes...,....

Commission asks for

Policy

10-year maturity

the

serve

short

and

come

period of

months.

fact

The

over

unorthodox

An
it will

large

contained

reserves

increase

have

banks...

than

The decline in net earn¬

caused in

was

—

re¬

ings under these circumstances

information on terms yet. ,
.
At ings. Then the conferences were
this writing, the financial district is full of rumors, all of which arranged, and with little or no
fanfare
very little has
been
are just that—rumors.
Chances are, though, that we'll have a
written about the proceedings—
two-way offering—long-terms for insurance companies, short-terms

are

to the basis

issued

explanation

the first quarter last

over

year.

which

paid,

A considerable number of the

can't get any accurate

You

when

taxes

reports

The bank fur¬

sales,

se¬

charged in operating expense.

ported, showed gains avergaging

quite strained, particularly when
the
insurance
company
bidders
snapped up several large offer¬

-ji.

social

and miscellaneous

taxes

which

Volume

com¬

profits

excess

only, and do not include;

curity

in 1942.

given

figures

State and local taxes,

taxes

entering

offerings.

new

tax

prise income and

was

...

1941, but 73%

The

ther says:

usurping

were

——-——.

;

before taxes in the initial quar¬

generally upward trend of earn¬
ings since 1938 which accompa¬
nied the rapid expansion of indus¬

over

various

organizations

absorbed 48% of the net income

the first important reversal of the

the matter of "competitive bid¬

ding"

largqr
and^

companies, in the first quarter of
1941, and 29% below that of the
fourth quarter.
It is likewise
pointed out that the decline marks

it will be

ago,

the

$107,-

000,000 after taxes, which
16% below the total for the

Superinten¬

bankers

part

manufacturing,

in the first quarter of

come

dent of Insurance Louis H. Pink.
Some

most

employing an aggregate capital
and surplus of approximately $4,250,000,000 at the beginning of
this year, had combined net in¬

be¬

talks

round-table

and

insurance companies were liter¬

tion

taxes

the

branches

tween

recalled,

market

accomplished

can

through the medium of coopera¬

operations will be

few *
why Morgenthau

requests.

money

statistics.

minimum

fact, if

the

July 1.

for

tive
What

to date by 150 manufac¬
a decline in net in¬

cases,

as
compared with the levels of a year ago, ac¬
tabulation by The National City Bank of New York,
made public April 27.
The bank notes that this group, representa¬

$2,000,000,000 June borrowing also is believed slated for
In short, the Treasury is spending money
so fast these days that it can't afford to wait
even a week or two
longer than necessary for timing purposes.
.

early in the month.

after

come

cording to

The

quarter earnings reports issued
a majority of

turing companies show, in

Copy

Company Profits
Reflects Mounting Burden Of Increased Taxes:

REPORTER'S

$2,000,000,000 May borrowing may come next week, ac¬
cording to dealers.
Feeling is Secretary Morgenthau will want
to get this record-sized financing out of the way as soon as possible
--avoid possible difficulty arising out of bad news from abroad.

Price 60 Cents

Lower First Quarter

One

Three Sections-Section

THURSDAY

Edition

Volume 155

119421

MAY

>».ADH,

themselves

Insur¬

bidding, except in
issues, has been
a rare occurrence of
late, though
occasionally they acquire issues
through direct negotiations.
the

company

case

of small

Treasury's Program
Forewarned
task

war

r' V

,•

the

has

Nation

taken upon
-

itself, the Government
(Continued on page 1699) &

•

the

com¬

before

taxes

Railroad

bined

from

increased

first

the

income

net

$102,000,000

quarter

1941

in
to

$171,000,000 in the first quarter
of

1942, Y

$69,000,000.

1692

Securities

Tomorrow's
v

Says

Market—Walter

(The) 1695

Whyte

Bond

1693
1694

Selector

Reporter on

Uptown

After

Governments.... 1689

1700

profits taxes for the two

however,

periods,

Corner

Charges for Federal income and

from

1693

;4...

Securities Salesman's

Our

excess

by the tremendous

which

that

show

reported

increased

$49,000,000 to $125,000,000

by $76,000,000.

THE

Such taxes

CHASE

NATIONAL BANK
QUICK ACTION ON
DESIGN and CONSTRUCTION
V

••

■

also

Established

f. :f f;.Y

SURVEYS AND REPORTS

NATIONAL BANK

R. H. JOHNSON & CO.
1927

)

Head

;

Office

Commercial

No.

Railroad

Cairo

Broaden your customer

Investment Trust

Cairo

In connection with

service with Chase

Real Estate

64 Wall Street

MANAGEMENT PROBLEMS

Public Utility

g-of EGYPT |;g

;

INVESTMENT SECURITIES

OF THE CITY OF NEW YORK

Industrial

FULLY PAID
RESERVE

FINANCING and VALUATIONS

CAPITAL

FUND

£3,000,000

correspondent

Stocks-Bonds

£3,000,000

...

New York
:

Sanderson & Porter
ENGINEERS and CONSTRUCTORS
52

Chicago

Albany

Troy

WILLIAM STREET

NEW YORK

PHILADELPHIA

BOSTON
-

Pittsburgh

San Francisco

Williamsport

Watertown

King

AGENCY

William

■

[

Street,

principal

'f«;v

Branches

Towns

EGYPT

and

all

the

facilities

May & Gannon

the,

Boston

Milk Street

31
,-Y

Wilkes-Barre

•

LONDON

■

and

Boston Phone—Hubbard 8360

SUDAN

Member

Phone—Canal 6-2610

Federal

Deposit Insurance

Corporation

Teletype BS 568-569

NATIONAL BANK

F. H. PRINCE

Over-the'Counter

Underlying Mortgage

of INDIA. LIMITED

Railroad Bonds

Bankers

BANKERS

Kenya

Securities

PROVIDENCE, RHODE ISLAND

Head

Branches

INVESTMENTS

Security

Members

York,

Boston

Stock

Chicago

Colony

Exchanges

45 Nassau
Tel.

Street

REctor 2-3600

Dealers

New York

Teletype N. Y.

1-576

The
.

Reorganization Bonds

Uganda

26,

India,
and

Burma,

Aden

Bank

conducts

banking

and

HART SMITH & CO.
Members
New

every

exchange

description

business

also

and

Executorships

undertaken

York Security

WILLIAM

Trusteeships

invited

Zanzibar

Inquiries

Ceylon, Kenya

and

Capital. ..£4,000,000
Capital ,,,, .£2,000,000
Fund/,.
,V.£2,200,000

Reserve

Ass'n

and

Bishopsgate,
London, E. C.

Paid-Up

INCORPORATED

Government

'Subscribed

Kobbe, Gearhart&Co.
Members

the

Office:

Colony

HIGH-GRADE

New

Dealers Assn.

ST., N. Y.

Bell Teletype NY

York

HAnover 2-0980

1-395

Montreal

JlXtXPmini
GUARANTEED RAILROAD

Telephone

Toronto

'&>.

STOCKS-BONDS

Xjr-x?

BO.

Gr.

9-6400

Broadway

NEW YORK

Teletype
N.Y. 1-1063

1690

♦

THE COMMERCIAL & FINANCIAL CHRONICLE

Thursday, April 30, 1942

Smith & trie, NYSE
Arnold Print Works

We wish to

announce

Corp.

J.F.

remain

Coal

Co.

Iron

Retail

have

At
E.

Lohrman,

Certificates and Bank Stocks

INC.

S. BROADWAI
YONKERS.
N.Y.
MArble 7-S599

1-2361

Sinsabaugh Becomes

selves

sustain

Mr. Lohrman says:

institutional
investment counselors in Chicago.
Mr. Sinsabaugh, for the past six
years,

Company,

has been vice-president of

the New York investment counsel
firm of Clarke,
and

Sinsabaugh & Co.,

thereto
vice-president
of

was

Hanover

Bank

York

New

assistant

the

prior

voted

HOWEVER,
thought, of this.
gainful embarrassment for
we

W. Sinsabaugh has be¬
vice-president of Woodruff,

was

unfortunates.

Robert

Hayes

bill

Central

Trust Company

of the
trust investment department.
Mr. Sinsabaugh has lectured at
New York University
and City
College of New York and was a
charge

Association.

Fifth

Fortune

and women,

at the

chus

these

than

humiliate

"The
and

Seventy-

Club
the

their

and

Club's

attended
meeting at

guests

luncheon

which D. D. Ivall, District
of

the London

Rudolph

Fireman,
Mr.

Fire

Officer
Brigade, and

Haybrook,
Auxiliary
speakers.

were

Ivall

and
Mr.
Haybrook,
associate, Mr. Palmer,
have
been
touring the United
States, exhibiting the now famous
group
of
Firemen's
Paintings
created
in England
during the
present war. Mr. Haybrook is an
with

their

eminent

artist

and

has

several

possible

cure.

would be that,

cure

perhaps
the

on a

Three reels of

interesting mov¬
shown, official
Government releases, showing the
great London Fire Raids, which
are being exhibited in this coun¬
try to bring to the people of the
were

United States the lessons learned

by the British through practical
experience in combating air raids.

Trading Markets in

are

sensitive.

must think of

are

our

WHitehall
1-609

Merger Effective Of Pyne
Kendall & Reynolds Fish
The

merger of the New York
Exchange firms of Pyne,
Kendall & Hollister and Reynolds,
Fish & Co. to form Pyne, Kendall
;

Their

research

intensified

they

necessity

tell

can

Wagenseller
thereto

Durst,

W.«. Wilson Joins
i

(Special

to The - Financial

LONG
liam

BEACH,

Melvin

has

Co.,,

South

453

Spring

the

previously
Walter

new

- ■

"Buying habits and preferences
marked
changes in
periods, such as the present and
these
Will be felt by industry
undergo

Customers

war.

dis¬

can

Los-

? Street,
Angeles

was

they

short

"Advertising

;

Goodnow/ formerly

Wilson, is also
staff
of
Fewel,

Marache & Co.

helping

build

morale, helping Uncle Sam derive

single co-partnership, becomes
on
May 1.
Partners in

will
be
Buell Hollister, Albert W. Bianchi, Ernest L. Jones, members of
organization

revenue

for

war

purposes^

that

;

•

The

Financial

Chronicle)

offices in the Kohl Building.

& Co.

was

Over Clarke,
of

investment

the

of Scudder,

Sinsabaugh
activities

the

become

Co.; Inc.,-

effective

May 1
acquire

capital
Sinsabaugh & Co.
Clarke,> Sinsa¬
baugh & Co. will be continued at
its present
offices at 247 Parl^
the

outstanding

stock of Clarke,

/With Morton Seidel
(Special to The Financial Chronicle)
•' LOS
ANGELES, CALIF.—Char¬
.

(

firms

counsel

Stevens & Clark, and

Sinsabaugh

Clarke,

business

The

Scud¬

Avenue under the name of

der,. Stevens & Clark, Inc., with!
les L. Holton has become associ¬ E. Thurston Clarke continuing as
ated with Morton Seidel & Co., President./
'■ V.
Rowan Building.
Mr. Holton was
Two Clarke, Sinsabaugh & Co.
manager of the trading
depart¬ officers, Charles M. O'Hearn and
ment of

the local

office

of E.

Rollins & Sons, Incorporated.

Henry
G.
Davis,
will become
special partners of Scudder, Ste-j
vens
& Clark.
Other partners
.

can

Offer Retail

only be dbne through the

radio

which

N. White,

lar retail appeal, according to cir¬
cular, issued by Schoonover, de

increase
investment
Co., Inc., 120 Broadway, facilities of both organizations
New York City.Copies of these
despite probable drafts of man¬
interesting circulars may be had power either to the armed, forces
from Schoonover, de Wiliers &
or
to
administrative
duties
in
and

improve

the

Co. upon request.

George L. Shaskan, member of
New York Stock Exchange,

partner in Shaskan
Exchange Place, New
York City, Exchange members, as
of May X. E. Felix Shaskan, part?
ner
in the firm, will act as al¬
ternate for Mr. George Shaskan
under Section 15, Article IX of
the Exchange's constitution.;V

Jame^

F. Vinton Lawrence Jr.;

solidation is designed to

Wiliers &

Washington.
"

Scudder, Stevens & Clark was

the

will become

Appeal

6% cumulative preferred Livingston T .Merchant, Hardwick;
voting trust certificates of Hous¬ Stires, Donald B.; Smith, Robert
ton Oil Co. of Texas and .the cer¬ G. Wiese, Ronald T. Lyman Jr,
tificate of deposit 5s of 1973 and and Winslow Lewis.
6s of 1949 of Philadelphia & Read¬
A letter being sent to the clientsi
ing Coal & Iron Co. have particu¬ of both firms states that the con-j

are

To Be Shaskan Partner

Theodore T. Scudder,

are:

[ The

doing more
than their share to help win the
war."
/
./

Consolidation

all

the New York Stock

Exchange, F.
George T. Adee,
George C. Astarita, Paul W. Have¬
ner, Charles H. Mallory, William

//'.

Scudder, Stevens Takes

will

Charles Holton Now

medium of the press of the nation
and

■*

when the former firm will

Hollister-Reynolds, Fish & Co.,

new

ter & Co.

time.

the

joining the staff of Mer¬
Lynch, * Pierce,. * Fenner
&"
are John M: Brazier, Jesse
C. Johnson, and James C. Robin¬
son, all formerly with Dean Wit¬
v

Mel

overnight in wartime, ,but
seldom can be secured "ih

such

Beane

become

Mr. Wilson

President

joining.,/-the

keeping their* cus¬
they can. do through
intelligent advertising which sus¬
friends.

Fenner

Also

tains confidence and attracts

with Mer-,

Pierce,

Beane, 1411 Fourth Avenue Build¬
ing.'h/,
</;rv
rill

CALIF.—Wil¬

Wilson

Lynch,

associated with Fewel, Marache &

This

tomers.

effective

Dean Witter & Co. for many years,

has become associated

Chronicle)

SEATTLE, WASH.—Charles W.;
Easter, manager of the trading^
department of the local office of

Fewel, Marache & Co,
-

(Special to The Financial Chronicle)

prior

and

with Schwabacher

was

Merrill Lynch, Pierce

;

Ex¬

Co. and Wm. Cavalier & Co.

is the

today

making the public conscious of
the
immensity of our fight for
freedom—generally doing a job

Kahn

Stock

change. ; Mr. Gadbois was form¬
erly vice-president of Q'Melveny-

greater importance than the

needed

Edgar Kahn In S. F.

4-4970

Angeles

appear

.Merrill Lynch, Pierce Co.

Co., 40

(Special to The

Financial

founded

in Boston in

pioneer

Lester Hansen Now With

investment

the

later

Chronicle)

•

TACOMA,.

WASH.

—

Lester

United

1919

counsel

States.

The

the

firm
firm

opened offices in New York,

Providence

and

Philadelphia.

Scudder, Stevens & Clark main¬
tains associate relationships with
.George Edward Wratten have be¬
Ward Hansen, Will E. Smith, and

come

associated

with

Merrill

the

investment

counsel

firms

Lynch, Pierce, Fenner & Beane, Haydock, Lull & Peabody in Cin-^
Washington Building. . Mr. Han¬ cinnati, and Willis & Christy in
Clarke, Sinsabaugh
sen, -formerly
in charge of the Los Angeles.

local office of Dean Witter & Co.,

SAN
FRANCISCO, CALIF.—
Edgar M. Kahn is engaging in a
general securities business from

Los

associated with Mr.

after the

(Special

Teletype NY

position

heretofore.

story

man.

mmrnamrn—

G.A.Saxton&Co.,Inc.
r,f

the

Wilson & Co. of Long Beach.

even

alike."

ST.,

result/ of the

production~ will
make many old products obsolete.
Many have a story to tell the pub¬
lic they never had before. But of

pur¬

Strong, Jr., New York Ex¬
change member, general partners,
Stanley W. Burke, Henry E. Coe,
Jr., and Robert E. Strawbridge,
Jr., limited partners.

Bonds

•-,*

Charles Easter Joins '

affiliated with the

now

BH 198

New York, N. Y.
'•y;.NY 1-1557

Pacific* Company
of California,
623 South Hope Street, members

Stock Exchange.

and

may

fellow

not all constituted

Gadbois is

Wire

Chronicle)

been

laugh at this thought.
Perhaps
they are the hardened type. But
we

Financial

LQS ANGELES, "CALIF.—Guy

compete;, for
post-war business than they have

My idea

Some

to The

Bldg.. Brown-Marx Bldg.
Orleans, La. Birmingham, Ala.

' Direct

25 Broad St. ,•«/:"

Guy Gadbois Is Now
With Pacific Company

created by
anti-inflationary

natural

New
S;.

(Special

Hew York Stock Exchange

Maritime

—4

members

better

of insuring these folks who

pose

advertising, linage

and

Steiner,Rouse&Co.
Members

newspaper

: that /
has
place in the last few months
manufacturers will be in a

many

Water

PINE

HA 2-2772

Debardelaben 4s, 1957

continues.-, -vJ

Bank

industrial'expansion

picture

for the

'S *1

Reserve

taken

lesser basis because

ever,

detail, OR give the
employee the prerogative of hav¬
ing his employer pay the 2.70%
premium over to an insurance
fund set

on
spending by the
public," said Mr. Guenther. "How¬

Malcolm Minor,

1920,

Security Dealers Ass'n

Exchange PL, N.Y.

rill

restrictions

extra

company

the

problems

priorities,

Assem¬

this

reduction

magazine

leave of absence from I. M.

inevitable^

Stock

paintings in the collection.
ing pictures

present

in financial

advertise

production,

separ¬
ate unit be set up by the State :;or
mail requests for the benefits and

—

five members of the Denver Bond

Simon & Co. while the work with

the conversion of industry to war

his

Denver Bond Club
COLO.

York

Birmingham El. 7% Pfd.

mire,

began is a natural consequence of

himself

and

other

many %

that has taken place since the war

publicly.
Of course, there are
many of us who will disagree with

Senators

that

that is considered

State

were now

their per^
formance records as part of the
war effort
and to pave the way
for rebuilding of peacetime mar¬
kets in the battle of competition

Many of them
have worked at good jobs and are
high grade and I can understand
their feelings.
I have had this
situation presented to me often¬
times by those who are entitled
to such benefits.
One man only
today said that he would rather
starve

interest

consumer

said

position

people.

and offer

British Firemen At
DENVER,

products and services, Mr.

Guenther

of them forego the pay¬
We should be considerate

blymen and

stockholders

interest in .iheir

companies

many

to stand in line

some

ments.

in their

Unemployment Bureau and

York

■

their

consumer

maintenance of

have
It is

.ever

men

•

■i

New

Alabama Mills

•

panies as examples of constructive

viewpoint but the fact remains
that it is his privilege to feel that
Round Table, the National Policy
Therefore, I would suggest
Committee, the American Council way.
that employees who are now still
of the Institute of Pacific Rela¬
to
their
New
tions and the American Economic employedwrite
the

member

and?

is what I call consideration of the

Woodruff, Hayes ¥.come

certain

recommends

products and services through ap*the Legislature and is awaiting the propriate, informative advertising,
Rudolph
Guenther, /of ^Albert
Governor's
signature
increasing
the benefit period from 13 weeks Frank-Guenther Law, Inc.," New
*/ "/ ";
to 20 weeks and the maximum York, declared.
>Y i".
Pointing to a few notable;, cam¬
payments from $15 to $18 a week,
paigns by steel, motor v-car;* air¬
and reducing the waiting period
from 3 to 2 weeks.
FINE. * That craft, oil, rubber and-other com¬

Schoonover, deWillers & Co.

Teletype

Established
Members

a partner in I. M. Simon &
Co., 315 North Fourth Street, has
been appointed director of- the war
night, manufacturers in eompeti-/ loan agency of the St. Louis Re-;
serve
tiveL-industries owe it ..to.ihem,Bank.; Mr. Longmire .will

years

Co., 76 Beaver St.,
New York City, in a letter to The

"I note that

2-7634

it frequently requires
to procure new customers,,
although they can be lost over¬
Because

William

Lohrman

Bureau.

Mortgages,

BROADWAY

KATZ BROS.

New

St. Louis War Loan

changes in procedure "or register¬
ing with the State Unemployment

appeal

County

NEW YORK. N.Y.

San-Nap-Pak Mfg.

Urges Change Advertising Necessary
Agency Under Longmiro
Osiempbymeni Bur. To Maintain interest 1;ST.: LOUIS, MO.—John R. Long-

Chronicle

6s/1949

Westchester

broker

floor

individual

Lohrman

Pfd. V. T. C.

5s/1973C/Ds

Bell

A?*

*£

Stock Exchange

Differential Wheel

American Barge Line

BELL TELETYPE NY 1-423

William

REctor

York

1942

April 27,

Philadelphia & Readings

129

Stock

York.

Available-

now

Cum.

Mortgage

New

Members

liauston Oil Co. of Texas

Both

;

Aeronca Aircraft

1-2480

Teletype,

Circulars

All

in:

Standard Coated Prod. Pfd. & Com.

Exchange, will
partnership in E.
Dutilh
Smith
& Co.,
30 Broad
Street, New York City, Exchange
member firm, on May 1st and \,he
name of the organization will
be
changed to Smith & Irle.
Mr.
Irle for many years has been an

unchanged

York

admitted

St., New York, N. Y.

Hvstem

HARDY & CO.

Assn.

Dealers

Trading Markets

Liberty Aircraft

Wiilard S. Irle, member of the

New

y.■■/,/U

■

•

Actual

"Firm, Forming In NY
;

•y.

HAnover 2-4660
Bell

;

Telephone and teletype numbers

Members

50 Broad

■-

Spencer Steel

Security

NEW voRx

Reilly&Co.

York

New

office >ta

30 Broad Street

Liberty Aircraft
Wickwire

our

Autocar

the removal of

Mr.

formerly with J. Barth

Guion, Scholle Partner
John

partner
Wall

Guion

will

become

Scholle

Street,

Brothers, ,,40
New
York 'City,
Stock

Exchange,

;

of May 1.

;

which

Wratten

were

Mr.

Smith

and

Mr.

Co.,

have

Inc.,- established in

maintained

offices

1933,
New

also associated, will

York \ City
for
their
business,
be; local manager for the Merrill
which is national in scope.
• .
•/. Lynch firm.

members of the New York
as

with

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4068

155

1691

MARKETS FOR

COMMERCIAL and

FINANCIAL CHRONICLE
U.

Reg.

William B.

MORTGAGE

Dana Company

issued

Spruce Street, New York
BEekman

Herbert D. Seibert,

MORTGAGE

Frederick W. Jones, Managing Editor
William
William

Dana

Seibert, President:;

week

Other

1942

William

Dana

Reentered
i

„

•

second-class matter Feb-

1879.

Subscriptions
'

■

•

ruary
25, 1942, at the post office at
New York, N. Y., under the Act of Mar.

United

States

and

Possessions $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.
•

40 Wall

NOTE—On

account

the

subscriptions

• •

.•

•'

.••••'•

•

AND COMPANY

-v

•

■■

One

r-,.:t:;-

—

•

and

advertise¬

ments must be made In New York fuhda.

DIRECT PRIVATE WIRE TO LOS ANGELES

the undersigned '■</

Prospectus obtainable frctm

Stock

Atlantic

Georgia & Florida R. R.
1st
should

Spencer Trasfc it Co.

.f."

25 Broad

Actual

Street, New York
99

Teletype NY 1-5

WALL

pressed securities markets indus¬
try, Marshall
and

W. Pask; Chairman

Secunties,

the

Commodities

Banking Section, of the New

York

Board

Trade,

Lehman

Governor

wrote to
April 25

membership

of
Exchange

payable to the Exchange by

P. Squier,
Institute of

to -Albert

Finance./ The

•

demand

combined

of the armed forces
high paying defense industries
has been draining off the skilled

financial
considered

this

When

district.

the

working «force

Stock

York

and

bers

member

4-6551

Corp.

Common

Joseph JMcManus & Co.

The

amendment, which had been

WHitehall

Theatre Circuit

mem¬

firms.

United Artists

the

for manpower

Director,- New York

dee

-The

and

according

aimed

the

1929,

3%-4%

Common

New
April
23
approved the amendment to
the Constitution providing for a
comprehensive revision of mem¬
bership dues and other charges

.Wall Street is beginning to feel
its first labor shortage since

for the third successive year bills

in¬

3y4-4 F..

W. L. Maxson

Expressing encouragement • that
Y. Legislature had
passe^
to

this

■

STREET, NEW YORK

Telephone:

Lebanon

the N.

relief

Bonds

C. D.'s

Urges Lehman f Special Courses For j NYSE Members Approve
Sigii Slk. Transfer Biffs J Women In Wall St. Revising Dues, Fees
give

1946

investigate
now.

Pask

due

You

1-2033
„

Victory!

teresting1 speculative opportunity

Exchange

City

Nearer

CO.

WHitehall 4-630C

Teletype

Week

;

companies

York

St., N. Y.:

Philadelphia

fluctuations

In the rate of exchange, remittances for

foreign

local

Mew

Bell

offices:

«•

J,,Vl-

Newburger, Loeb & Co.

Company.

v./;'■

CO.

[every

Chicago—In charge of
Gray, Western Representative,
Field Building (Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, B.C..
*
'

i Fred

other

All

Thurs¬
day (general news and advertising issue)
!;.• with a statistical issue on Monday)
a

'•

'■

$2.20 Cumulative Preferred Stock

)

CO.

MORTGAGE

Riggs, Business Manager

twice

v.:.-.';; "vV":- •'">

•'

TITLE GUARANTEE & TRUST CO.

Members

Published

-^?rr;v

CO.

MORTGAGE

TITLE

STATE

Thursday, April 30. 1942
:

TITLE

liCHTfllSlfir

Light & Power Co.

••

LAWYERS TITLE & GUAR. CO. <

Editor and Publisher

•

CO.

GUAR.

INSURANCE

TITLE

HOME

3-3341

MORTGAGE

BOND

LAWYERS

'tA*.; k'i

■■.v

by '';

v;-

;

Connecticut

CERTIFICATES

Publishers

•

Office

Patent

Members

New

York Curb Exchange
Chicago Stock Exchange •

ap¬

proved by the Exchange's Board
39

urging him to sign the bills; this together with the fact that there of Governors on April 9, was rec¬
by
President
Emil
year.'
has been relatively
little "new ommended
Schram as part of a broad pro¬
The
measures, - sponsored / by blood* taken into the securities
Senator Coudert and1 Assembly*- industry
in .recent
years,
the gram "to establish the revenues

Broadway, New York

DIgby 4-2290

Tele. NY 1-1610-11

Mitchell, eliminate double
taxation on odd-lots, and reduce
man

TRADING MARKETS

pacific coastf

securities;

readily appreciated.
'
the State stock transfer tax rates i To a. large extent the financial
and put the rates on an ad val¬ industry has been a man's world,
orem
basis. " Similar bills; Were with' comparatively few women
vetoed by the Governor last year. holding positions of responsibility,
In his letter

Wyeth

Co.

says
save

Member Los Angeles Stock Exchange

WALL STREET

Go.

J. P. Morgan & Co.} Incorport
has been admitted to mem¬

the Federal
the New York

Reserve
System,
Federal
Reserve Bank announced on April
27.
The Morgan bank was the
largest non-member bank in the
country.. Its admission brought to
in

commercial

bank members' in the New

;York

;

T» •

iV'-.

James

The admission of the bank inr

subscription

of $l,200,f

000 to Reserve Bank

stock, equiv¬
alent to 3% of its capital and sur¬

ernors

per

year

der

Burns, Jr.,
of

VL'

President
Stock Ex-,
on

April

also

announcement

Mr. #Macdonald, Mr.
Mr. Purves will re¬

in the Morgan

ner

def

posits of $637,000,000 on March 31
'
•
{

last.*
In
and

letter advising stockholders

customers

the

admission,

George Whitney, President of J. P.

Co., and Gard¬
Stout,
of Dominick &
Dominick, who have all entered
the armed forces. Mr. Adams will
D.

/We

consider * it / appropriate

should join the Federal
System because such

that

we
Reserve

> membership
broaden

our

will enable
services

Institute ; of

York

New

and

•

the

services

Bank

from this

Co.

;

Ctfs.

Co.

Ctfs.

Title

Mtge.
other

Trust

;

Ctfs.

Co.'s

Participations

L. J. GOLOWATEB & CO
■

inc.

the
now

Exchange

Stock

Thes

preparing, to

1, Membership dues reduced
the annual rate of $1,000

workers

Financial Group

both

responsibility.*
/

specialist post

With Walter

space

' ;

odd-lot 1 brokers
and $10

have been scheduled and

courses

others,..will follow. "The Princi¬
ples oif Stock Exchange and Bro¬
kerage Office Procedure" Will be
offered

intensive

specialists.
5. A transaction

beginning

Member

change,

the

with

the

transactions
floor
the

this

the

effected

-the

of the Exchange. / When
Exchange's
income
from
source

the

course

$500,000

over

year

in
the

her

$750,000

the

eliminated

charge

for

the

would

remainder

lecture

The Board's

approval of these
reported, hi our is¬

Morris has become associated with

Bogardus, Frost & Banning, 629
South Spring Street, members of

fith, Secretary.
Members elected
to the executive committee in ad¬
dition
to
the
above
include:

which- the

the

Harold

Exchanges.
previously 1 vice-president
of
O'Melveny-Wagenseller &■ Durst
and
its
predecessor -firm; prior
•

thereto he

was with Smith, Bar¬
& Co., Edward B. Smith & Co.
and was manager of the bond de¬

ney

partment for Wm. Cavalier & Co.'

eral business and. finance courses

especially

Institute

for

will

Co.; Penn Harvey, W. E. Burnet
Co.; J. D. Massoletti, Down¬
town Restaurateurs Assn.; Oliver

women.

Strasburger Goes Bucolic
Leroy A. Strasburger of Leroy

A: Strasburger & Co.,.l Wall St.,
Troster, Hoit, Rose & Troster;City, has purchased
William DeWitt of the Chemical New York
Bank & Trust Co.; and Frederick the Hillyer MacKensey farm of
Todman

man

& Co.

S. Tod-

of Frederick
..

;

was a

partner in J. & W. Seligman

& Co.

Lavin With Rawson Lizars
(Special

Financial

The

Chronicle)

(" CHICAGO, ILL.—John P. Lavin
has

again become associated with

number of years and

trading

Lizars & Co.
ducted

his

prior thereto

for Rawson
he con¬
firm in-Chicago.

manager

In the past

own

Denver Tram Attractive
current situation

The

in issues

of the Denver Tramway Corpora¬
and

tion
offers

companies

subsidiary

attractive

possibilities,

ac¬

cording to Amos C. Sudler & Co.,
First
National
Bank
Building,
Denver, Colo.

An interesting an¬

alysis of Denver Tramway may be
had

upon

request from Amos C.

Sudler & Co.
y$

——

Hirsch, Lilienthal Co.,
Absorbs Orvis Branch

Moseley ■ {

Hirsch, Lilienthal & Co., mem¬

pi/-

(Special to The Financial Chronicle)
)■!
bers of the New York Stock Ex¬
BOSTON, MASS.— Gerald W.
has become associated change, have taken over the office
with F. S. Moseley & Co., 50 Con¬ of Orvis Brothers & Co. at 11
/

Brewster /With

offer

partner in Maloney, Anderson &
Mr. Seligman at one time

•

Bache, J. S. Bache

Block.

was

of the year.

a free introduc¬
revisions was
the Institute, 20 sue of
April 16, page 1536.
'r':'
Broad Street, on Wednesday, May
6 at'5:30; on "Personal and Per¬
Put-Call Brokers Elect
sonality Aspects of the Secretary's.

tory

individual floor broker;
prior thereto he was with Carl
M. Loeb, Rhoades & Co. and was
ness as an

charge would be reduced to V2. Rawsom;Lizafs/Co.; 135 South
La Salle Street.
Mr. Lavin was
of
1%
and when - it exceeds
formerly with Riter & Co. for a

and

terminology

net

received and
rejby each member
and
member firm with respect, to

Stock ;Exr

has ' been (designed

charge of not

assessed

tained

acquaints/ the C newcomer to Waljl
Street

commissions

four-week

Firms

than

.more

by the Women's Division,

course

and
dealers,
for relief and associate

Seligman

Inc.,-will be in charge of the genr

Angeles
Mr. Morris was

1-1203

early- evening

.intensive

Vice-Chairman; and M.-D.-Grif¬

Los

charge for
to $500 6
William B. Anderson, member
year.
.•
"
*
'
of the New York Stock Exchange,
3: Reduction of $50 a year in
as of May 7th will form the firm
present annual charges for spe¬
of William B. Anderson & Co.,
cialist
clerks'
tickets,
bond
with offices at 2 East 55th
Street,
clerks' tickets and special bond
New
York
>
City, in partnership
clerks' tickets..
;
; \
with Walter Seligman.
Mr, An¬
:.,
4. Registration fee of $150 a
derson has recently been in busi¬
year for regular specialist and
>

-; Agency, will give

Elects

Teletype

Miss; Maude Lennox, Director
off Maude Lennox Personnel

N. Y Board Of Trade

Reduction

2-8970-

W. B, Anderson Forms

$750..
2:

Broadway, New York, N. Y.

lIAnovcr

changes

from

meet the de¬ t

mand for trained women

•

the general
schedule of charges follows:
K

Institute,

new source.

Members New York Security Dealers Asm. 1

•

founded., by

LO^ ANGELES, CALIF.—Wells

Complete Statistical Information

Bogardus, Frost Firm

York" and

Title

&
all

Invited

Mtge.. Co.

Lawyers
Bond
and

Wells Morris Now With

New

Lawyers

Stock

Inquiries

...

;
At the annual meeting of' the
;/;• public and private war financ¬
Position." ;A four* week course,
At the annual fneeting of the
Securities, Commodities, Banking
ing not only to our clients but and Allied Industries Section of beginning May
12, titled t "Ad¬ Put and Call Brokers and Dealers.
also to United States Governvanced /Secretarial Training for
the New York Board of Trade,
Association, Inc., Sidney D. Harn; ment;
;r
Marshall W, Pask' of Mackay & Stenographers" will be taught by den was
elected 'President and
Miss iFlorrie Barr, Secretary to
Max Hesslein, M. Hesslein & Co.,
Co,, was elected Chairman; EmLt.^ William McC. Martin, Jr., forfmett Corrigan of Albert JTrankInc., Vice President. Charles S.
mer President of
the New York
Guenther Law, Inc., Vice-Chair¬
Godniclt, Godnick &; Son, and.Mr.
Stock Exchange.
Harnden /were elected to serve on
man; Matthew G. Ely of Horace
Miss Irene Sheehan, statistician the board of governors for three
!S. Ely & Co., Vice-Chairman'; O.
(Special to The Financial Chronicle)
|
R. Kelly of Lawyers Trust Co., with. General American Investors, years. ^
:

Specialists

member

The pur¬

the revision, it is said, is
produce any net increase
in the Exchange's revenues, al¬
though it does provide for a new
charge based on the commission

the New York Stock Exchange as

fill the vacancy; caused by the
procedure
encountered >
resignation of J, Gates .Williams, daily/ work."
of St. Louis, Mo.
'
I
\

Morgan & Co., Incorporated said:
;

;

relation

Are

REAL ESTATE SECURITIES

pose of
not to

May 11. The course,
place J. Gould Remick, of Evans, which, wilL be'taught by John IL
Stillman & Co., G. H.r Walker, to
Schwieger, of the Department of

posits amounts to about $530,000
based

The

Finance, / originally

Governors,

of Gi H. Walker &

case

members

and benefits received."

in,; the

and

The FDIC assessment rate

U-jj Vv,

>-•*

of increasing

Smith

board

among
firms in

and

assuming;-positions
responsibility.

Co., St. Louis, Mo.;
Macdoiiald/ of Domi^
nick & Dominick; Winthrop H/
Smith, of Merrill. Lynch,' Pierce,
Fenner & Beane, and George T.
Purves, of Graham, Parsons &
Brown

Federal Deposit Insurance Corporr

employed

girls

markers

resigned. cial Women's Division. The earlywho twill evening courses to be offered are
hold office until the annual meet¬ designed to train present women
ing of the Association in Novem¬ workers in all fields related to
ber are Sidney J. Adams, of Paul finahfc^
/^r/ positions; of/ greaternew

that

1/12

new

Board who have recently

The

many

Brokerage houses now

brokerage and financial
Govjto "replace members, of the field by the organization "of a spep

states

ation.

have

utilized

■Ji-

24 the selection of four new

Co.

Membership in the system

*•

Association

the

carries with it membership in the

plus.

„

change firms, announced

Ranald

District.

being

capacities.

ated

volved

ad¬

Elects New Governors
...

number

are,

Exchange on a sound and
equitable basis, by providing for
a
fairer
allocation
of
charges

Joins Fed. Reserve

the

legislative

Ass'n Of S. E. Firms

J. P. Morgan

800

first

im-

petus^oi/.War, however, womep"

of the

quotation
clerks, revenues' of members1 and mem¬
ministrative
act > within ; recent,
banks are hiring girl pages and ber .firms.. However, it is further
years that will give encourage'1reductions
in
other
throughout the financial district explained,
ment.
\ /
t'rainOd women
employees are charges will offset the income

NEW YORK—

bership

the billsalone won't
the industry, but they will
the

urging the Govern Mr.; Squier/ said. XJnder' the

sign/these bills, Mr.. Pask

that

mark

Telephone Whitehall 4-0650

nor

Inc.

growing concern of employers is

130

acres

ton, N. J."/

located

near

Brewster

gress

Street, members of the New West
Exchanges York

York and Boston Stock

and

other

leading

national

Ex¬

changes. Mr. Brewster was in the
Prince¬ past affiliated with Jackson &
Curtis.
:
' ;

their

Forty-second
office

second
closed.

Street,

122

New
it with

Street,

City, consolidating
East

which

Forty-

being

The entire Orvis Brothers

staff will be retained.

•

THE COMMERCIAL 8c FINANCIAL CHRONICLE

1692

CHGO.N.S. &MILW. R. R.all issues
III. Power & Lt.

THOMSON & McKINNON

5's—'56

III. Power & Lt.

5 /i s—'57

brokers
MEMBERS

NEW

YORK

STOCK

AND ALL PRINCIPAL

5s—'46

Dairyland, Inc.

iimnr preferreds

'/'J

removal of their Chicago offices

announce
t

EXCHANGE

EXCHANGES

5s—'48

Gulf Coast Water

Monday, May 4, 1942, to

\, / /j

suite 700

CONTINENTAL ILLINOIS BANK BUILDING
231 South La Salle-Street

HICKEY & CO.
LA

SOUTH

135

,,r.

-r

Partners

...

PRINDIviLLE.
'

Jackson

Chicago Municipal Men Bells Renominated By Voevodsky In Davis h
Investment Dept.
] Elect New Officers
Cg(kS. E, Governors
ILL.—Arthur
M.
j
CHICAGO, ILL.-—The following
new
officers have been elected Betts, senior partner of Alfred L.
Baker & Co., was nominated to
by the members of the Municipal
of Chicago: George L.

Martin, Martin, Burns & Corbett,
Inc., President; Russell Vinnedge,
lHalsey, Stuart & Co., Inc., Secre¬
tary; George B. Wendt, The First
'National Bank of Chicago, Treas¬

of the newly elected

H.
& Co.,
O.
H.

board of directors are: William

Hammond, John Nuveen
the
retiring
President;
Heighway, Hornblower &
&

Weeks;

Lazard Freres

Elmer G. Hassman,

Rieckhoff, Northern

Co.; L. M.

term

Chairman of the Board of Gov¬

ernors

of The Chicago

Stock Ex¬

change,
it
was
announced by
Mitchell, Chairman of the
Exchange's - ' 1942
Nominating
Leeds

members

the

Chicago

York

has become associated

Mr.
Voevodsky
Russia, but is now

born

was

naturalized

citizen

of the
his

filled at the annual election to be

the First World War

held June

in the Imperial Guards and began
his financial career in Paris after

The following were nominated
serve
three years as Gover¬
Emmet

nors:

Bennett

Barker,

Co.;

Lyman

James
Barr,

United

native

States.

country during
as

Colonel

H. Davis & Co.;

Paul

Bridgen,

contemplate making additions to your personnel, please
particulars to the Editor of the Financial Chronicle for pub¬

you

lication in this column.

;

Newburger, Loeb & Co. announce that
George H. Willis and Thomas J.

nected with Blyth & Co., Inc., 1411

Call an,

formerly

Brothers

number of years
& Co.

—

Fourth

Mr.

Orvis
associ¬

with

are

now

Anderson

MASS.

Federal

Robert

—

sales
net

Paul

amortization/

Davis & Co. and

Joseph R. Patton

charges,

with Jackson

State

Co.,

now

O'Connell,
Viceoi Murphey, Favre &

' Edward

President

term.

one-year

Messrs.

Mr. Voevodsky has

Barker, Barr, Cathcart
are present members

Co., Spokane & Eastern

and Wheeler

Spokane,

of the board.

Building,
Washington, is
now
a major in the .United

serving as
States Army with headquarters at
the

District Air Corps in

Fourth

Messrs. Bridgen, Chapman, Har-

grave,

McCormick

and

Perrigo

were

nominated

OHIO

—

Albert

with Otis &

Benjamin D. Williams, Jr., has
as a general partner in W.
E. Hutton & Co., 14 Wall Street,
New
York
City, to
enter the

Frank

armed forces.

of'

Hardy &

that

nounce

Exchange,
offices

their

been removed to 30
New York City..,',

Library

Commission
taken

& Co.

Mr. Skinner is retiring from the
board after

have for 21

Broad Street,

serving

has

also

the

Finance

eight

served

years as

Mr.

The

Chairman

served

LISTED AND UNLISTED

national

The announcement

The

exchange,

listed

confined

was

securities

admitted

Ex¬

change from 1933 to 1936.

unlisted

change Act of 1934. Under the
action taken the exemption will
also

Charles A. Parcel Is 6* Co.
Stock

Detroit

PENOBSCOT

Exchange

BUILDING.

DETRohy

ST. LOUIS

Nominating
Committee
which
presented today's report
consists
of:
Leeds
Mitchell,

William
Smith,
Street,

Srn^&

Moore

St.

than

SAINT LOUIS

thirty

years

died

and

tracts of

only

ex¬

the

from

transaction from
any other provision of the Se¬
curities Exchange Act or the
exempt

any

Securities Act of 1933.
•

il-

lustration, the Commission re¬
ferred particularly to Section 5

Securities

Mr.

East

Act

con¬

have been made to the

LOS

to The

company's
plant, building and equipment, all
of which are in splendid operating
condition; and personnel and labor

Chronicle)

ANGELES, CALIF.—P. K.

Wright

has

staff

Financial

was

added

been

Bankamerica

650 South

the

conditions continue satisfactory.

Company,

Company has declared

Spring Street.

dend

cluding
(Special to The Financial Chronicle)

ANGELES, CALIF.—How¬
ard J. Davison, previously with
Schramm, Eddels & Co., is now
with Crowell, Weedon &
South

company's earnings might justify
a larger distribution still it felt a

Co., 650

conservative policy should be fol¬

Spring Street.

lowed at this
come

(Special

LOS
ence

to The

Financial

Chronicle)

with

Hopkins,

Ilughey

(Special

;

to Tha Financial Chronicle)

Now Jacques Coe & Co.
'

•

As of May 1, the firm name of
Baar,' Cohen & Co., 39 Broadway,
New York City, members of the

wood W. Bump is now with Les¬
&

Mr.

Co.,

Bump

Merrill

New

South

621

Spring St.
previously with

was

time, because of in¬
requirements, increased

LOS ANGELES, CALIF.—Sher¬

ter

tax

payroll, etc., required on account
of enlarged operations.

ANGELES, CALIF.—Clar¬

J. Flanagan has become asso¬

ciated

a divi¬
7% cents per share (in¬
an
extra of 2Vz
cents)

payable May 1, 1942.
The man¬
agement while believing that the

LOS

York

Stock

Exchange

and

other Exchanges, will be changed

Lynch, Pierce, Fenner &

to Jacques Coe & Co.

Beane, Banks, Huntley & Co., and
Nelson Douglass & Co.
(Special

to The

Financial

Chronicle)

MUNICIPAL

OAKLAND, CALIF.— Van V.
Midgley, previously with Dean

RAILROAD

Co., is now with Geo. H. Grant &
Co., Central Bank Building.

the

payments

$803,610.

Harris, Upham & Co.

Wray

pointed out that the exemption
does not relieve any one from

advance

Mr. Kahn states that during the
period certain necessary additions

Street.

Witter & Co. and Wm. Cavalier &

of Jan. 31,
of $3,-

previously with Shields & Co. and

Market

and

the

McKinnon,

Co., 609 South Grand Avenue.

provisions of Rule X-10B-2 and
does not in any way operate to

Stock

following

exemption

Chronicle)

trading

emption for special offerings is
an

Financial

assets

580,850, including cash of $831,054
and inventories of $1,462,317, off¬
set by current liabilities of $2,756,027, including notes payable
to banks
(secured) of $1,085,011

Building,

to The

shows current

Thompson

The Commission also directed

former

president of the St. Louis

Exchange,

509 OLIVE ST.

and

unlisted

attention to the fact that the

Burg,
partner in
& Co., 509 Olive

Louis, Mb., for

securities

for listed securities.

Dies

Burg

(f)
if information is available
with respect to such securities
approximating
that
available

mittee.

William

The balance sheet
1942

Corporation,

Wray has become connected with

(1)

Shearson, Hammill & Co., Chair¬
man; William T. Bacon, Bacon,
Whipple & Co.; John R. Burdick
Jr.; Morton D. Cahn, and Joseph
A. Rushton, Goodbody & Co.

MICH.

(Special

stantial, and shipments are satis¬
factory.

Chronicle)

Bank

compare

G. H.

INDIANAPOLIS, IND.—John J.

privileges under Section 12

The

available

admitted

Members

Dayton, Ohio,

trading

National

Third

sales

unfilled orders.
However,
Kann, President, states that
present unfilled orders are sub¬

securities

and

'privileges under Section 12 (f)
(2) or (3) of the Securities Ex¬

Paul H. Davis, Paul H. Davis &
Co.; Chancellor Dougall; Norman
Freehling, Norman Freehling &
Co.; Michael J. O'Brien and Fred¬
erick R. Tuerk, Fuller Cruttenden
& Co., were chosen as nominees
for the 1943
Nominating Com¬

SECURITIES

of the Dayton Bond

existing

exemption
to
which relates to
the solicitation of purchases on
an

to The Financial

(Special

Rule X-10B-2,

the

enable

of special offerings

broader basis.

President

that it has

recently

was

Co., and prior thereto

COLUMBUS,
OHIO — Lloyd
Wayne Sharp has joined the staff

of the Commission stated;

Treasurer.

O'Brien

announces

action

retiring after
serving as a member of the board
for 17 years, three of which he

DETROIT

Exchange

securities exchanges to try, out a

and

Committee

and

Securities

member .system

16 of which

during

years,

(Special

International

member of the

Mr. Fischer

net

$620,933.

On account of War
Department regulations the com¬
pany is unable to furnish figures

Terminal

Co.,

with J. S. Bache & Co.

was

Offerings For Exchanges

mill

an¬

of
a

McDonald

Henke
&
Co.,v and
a
Caused by the death of
Lawrence Howe, Shearson, Ham-

Co., members of the
Stock

York

since

Frank

vacancy

New

the

Relations and is

Swift,

Hardy & Co. Moves

Association

Chicago Club and of the Adven¬
McDonald, turers Club of
Chicago. 11:
&
Co.;
Michael J. O'Brien, Paine, Webber
& Co.; Paul B. Skinner, Horn«- SEC Broadens
Special
blower & Weeks; Charles Swift,
Messrs.

Webber

Paine,

of
figures

taxes,

Jan. 31, 1941.

Fischer has became affiliated with

Tower.

Festival

income

foregoing

$1,113,072 and
net profit, similarly computed, of
$155,810 for the six months ended

(Special to The Financial Chronicle)

CLEVELAND,

vinia

its organization six years ago. He
is also Trustee and Vice-President

and
extraordinary
before Federal and

with

tee and Vice-Chairman of the Ra-

succeed

Denver, Colo.

retired

been Trus¬

but

The

Curtis, 231 South La Salle St.

of $3,971,269, resulting in a
profit,
after
depreciation,

Stewart

with

for the six

months ended Jan. 31, 1942, shows
that for the period it enjoyed net

Chronicle)

Financial

formerly

Elliott,

The Triumph Explosive Inc., in
its semi-annual report

Co.,

Street.

to The

(Special

associ¬

become

CHICAGO, ILL.

Wash.

formerly for a
with Dean Witter

was

Triumph Explosive Inc.
Issues Semi-Annual Report

Chronicle)

with Goldman, Sachs &

ated
75

has

Jr.

Seattle,

Avenue,

Warren

their office at

Financial

to The

BOSTON,

In 1924 he arrived in the United

directly to Chicago
being employed by the Harris
Trust & Savings Bank as a mes¬
senger.
In 1929 he became asso¬

Co.,

with them in

ated

(Special

States coming

YORK,

57 West 57th Street.

the Russian Revolution,

Clarence J.
Paine, Webber & Co.;
Emerich, Harris Hall & Co.
James A. Cathcart, Harris, Upham
& Co.; Ralph Chapman, Farwell, ciated with the Chicago Office of
Brown Bros. Harriman & Com¬
Chapman & Co.; Homer P. Har% In Ar,med Forces
pany and remained
there for a
grave, Merrill Lynch, Pierce, FenRobert W. Lane, manager of the
ner
& Beane; D. Dean McCor- period of over ten years.. In Oc¬
Newark, N. J. office of Minsch,
tober 1940, he was elected ViceMonell & Co., Inc., a reserve of¬ mick, Kebbon, McCormick & Co.,
and John E. Wheeler, Hicks & President and Director of the Chi¬
ficer, has left for Army service.
cago investment firm of V. P.
Price.
Coinpident with this, Minsch, Mo¬
Oatis & Company from which or¬
Charles R. Perrigo, Hornblower
nell & Co., is closing the Newark
ganization he recently resigned, j
& Weeks, was nominated for a
office.

Milton

and

Company;

Trust

viwT-.f.;.

•

send in

NEW

served

;•

with them

their Investment Department.

Committee, which filed its report
for all offices to be
1, next.

PERSONNEL ITEMS

and

Exchanges,
an¬
George Voevodsky

that

nounce

New

Stock

of nominees

urer.-;

Members

consecutive

fifth

his

serve

CHICAGO, ILL.—Paul H. Davis
Co., 10 South La Salle Street,

CHICAGO,

Bond Club

Curtis

( "!

new telephone number: central 5775

wire to New York ;

7.V *Y i-X'J£ v.

james"' a;

—

Resident

aV r'- '

•y,;' ■'

alfred w: mansfield

Teletypes: CG 1234-5-6
Direct private

'•

SALLE STREET

Chicago

Thursday, April 30, 1942

PUBLIC

UTILITY

AND INDUSTRIAL
SECURITIES

registration requirements.
(Special to The Financial Chronicle)

operation.

Mr. Burg entered the

investment

field

wards &

St.

Louis

Stock

Exchange

the
the
tion

was

Ed¬

chairman of

Mississippi Valley
Investment
of

Sons, later joining Smith,

Moore & Co.
Member!

with

Group

Bankers Associa¬

America

1932.

Robinson In Air

TOPEKA,

Corps.

KANS.—Donald

of Elmore,

Heath & Co., Central

Building.

.V,

;

Inc., 1180 Raymond Blvd., Newark,
N.

has

been

commissioned

Thompson Ross

White has been added to the staff

Arthur R. Robinson, Vice-Pres¬
ident of Colyer, Robinson & Co.,
a

captain in the United States Army
Air Corps.
•; • • -

Securities Co.
Incorporated

(Special

to The

Financial

VANCOUVER,
ard

Warren

•

Chronicle)

WASH.—How¬

has

become

con¬

CHICAGO

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4068

155

1693

Switch Recommendation

Guaranteed

Tomorrow's Markets

Jr./

»'

•

Railroad;/

V./•..„, *

..I,t

"In

Walter Whyte

info

Stocks r/

Erie Incomes
Circular

Sttk Ext!**#

M*mkm
; r

Hudson Bay Mining & Smelting

Mclntyre Porcupine Mines

...

Dtalcn tn

•Vv/

120 Broadway

GUARANTEED

PFLUGFELDER, BAMPTON & RUST

Tel.* REctor

stocks:.

NEW YORK

P.,

2-6600

Since 1855.

tors, Presidential tax recommendations now gives market
new problems.
Current rally
due mainly to short covering.
Stabilization signs, however,
becoming evident. //
By

WALTER WHYTE

% If it isn't

Bell Teletype NY 1-1158

big

formation.

/"■%' A

how is what

news

the

lines," and
with an election -coming up,
I doubt if Congress will
pass
a law
anything like the Pres¬
.

tion.

You may

that there

have noticed

were

Treasury

proposals submitted to

carry

President's latest

proposals.

The only
Will they become
change that Chairman Doughwill they af¬

If so, how

REORGANIZATION

out FDR's message.

And how about cor¬

ton

the

the 5s, 1974.

a year or more in the 81/2-91/2 range.
About two
jumped sharply to 12% on relatively heavy buying,
and subsequently- slumped just as suddenly to 10.
Now, with volume
of transactions continuingheavy3/ •*.
/'
around 11, many speculators are
eyeing the bonds from the point
of view of the
near-term price
...

basis

early

will

ately

part has been small.
not of our doing.

our

But this

Unfortun¬

ious,

tough sledding.

our

willing

part, indeed anx¬

Corporations

their

excess

still figure
profits against
can

invested

/capital/
if permitted to do so.
anybody conversant with earnings. Though

tries that go

to make up this

country of ours, the business
finance has been hit the

hardest/
'

❖

■

sis

s|:

•>

(When

normal

We read of tremendous

prof¬

forget that

Members

just academic. We markets
been living in a market

have

;

: Now

as.

far

the

possibility

of the latest Presidential pro¬

above

can

the issue j and this request
will be considered by the court in
The outcome is,

This

one

semi-annual

cou¬

posits of $3,312,000 on Feb. 28, an
increase of

Union

Carbide, 57.

I won't

posals becoming

supply several lots of

were

not too

expected
will make

•In

but

pleasant reading.
Year-togains in traffic during Janu¬
ary and February ranged from
around 8% to nearly 35%, but the
rise in gross for the full period was
more than offset by higher costs.
For the opening week of March
the rate of traffic expansion was
accelerated to 63.2%,-and since

English With Fisher Co.
substantial concessions below

1 •.*: *

*'.*fJ.if.r*}f Jttirt*,»mi.,

3.•

*>/«< j, yty/.isr-'ff ///J"//

(Special

prevailing levels for coupon bonds
/ of

issues.

same

LEBOY A. STRASBUR6ER &
1

WALL

CO!

ST., NEW YORK

3-345*

WHItehall

Teletype:

below 75%.

In the best

comparative week, the
March 21, the in¬
crease over a year ago amounted
to 90.7%.
With the exception of a
ended

few of the

road

other

has

Class

interim.
in

specialty carriers, the
done

better

than

any

this

property

Added to the actual rise

volume

it
is
out that revenues from
business,

will re¬

the middle of March

flect the incidence of

freight rate

John

Fisher

Company,

Inc., 8
English

Mr.

Co.

In the past he was an officer

Rodabaugh, English & Co., Inc.

Defaulted RR Bond Index
developments. All along the
had been receiving a
considerable
volume
of
freight

war

company

attributable to the

effort, and
particularly the establishment of
military camps in the service area.
In addition,
the road had been
benefiting from the abatement of
competition from highway car¬
riers
and
coastal
steamships.
More
recently
this
has
been
war

The defaulted railroad bond in¬
dex

Pflugfelder,

York

City, shows the following

range

for

Jan.

Broadway,

1, 1939, to date:

submarine

the

lessen

quent greater utilization of avail¬
able ship bottoms.
In this con¬
nection Florida East Coast is be,

(Continued on page 1700)

Owners of

PRODUCING
OIL ROYALTIES

Are in

because

•

We also maintain net markets in

SEABOARD ALL FLORIDA
68/35

Bonds

Ctfs;

■

GEORGIA MIDLAND
3s,

5s, 1931 Actuals 8c

and

the

essential
in

Tele. NY 1-1293

well

sea

today than ever before
hisitory.

Royalty owners receive the
equivalent of Ys of the

crude oil

produced—PAYABLE

MONTHLY.
These
ahead

monthly payments come
of dividends or bond in¬

terest

We
to

operating companies.

specialize in offering Oil Royalties

registered dealers.
ule "A"

Send for Sched¬

filed with S.E.C.

offerings.

TELLIER & COMPANY
Eastern

Members
/

Oil

Royalty

Dealers

Association

Established

42
n.y.c.

•n

air,

nation's

our

co.

specialists in rails

product is more
national war

our

effort than OIL. On land and

;

1. h. rothchild &
11 wall street

other

for

current

Ctfs.

Very

homes and factories, OIL is more

1946

SEABOARD AIR LINE

HAnover 2-9175

necessary

cash

highest grade rails

Favorable Position

Oil
invite inquiries
blocks or odd lots of ;;

As brokers we

High—

40%, low—14%, last—37%.

putting into Southern ports
and
dumping their cargoes for
transshipment by rail.
Not only
this

Bampton

New

Rust,

been

period

—

was
previously
with
Paul
H.
Davis & Co. and T. P. Burke &.

danger but,
also, it
allows a
quicker turn-around and a conse¬

been

Chronicle)-

English has become associated

1-205*

does

never

Financial

East Market Street.

Invited

Inquiries

The

INDIANAPOLIS, IND.
with

year

then has

Registered Form

6s of 1948, may be had from Blair
S. Claybaugh Co. upon request.

very

■

$1,196,000 over a year aggravated by the intensification
f£:'/ /
of
submarine
activity / off
our
At the time of this writing the shores.
As a result, boats coming
report of March earnings has not from South and Central America
as yet been released.
Results for and the outlying
islands have

a law is con¬ say these stocks are burning
increases.
: ",/". :
•'
Before writing any¬
up the tape, but considering ;
The
answer
to
the
sudden
more, let me assure you that the action of the rest of the
change for the better in the com¬
I have no so called inside inpany's fortunes obviously lies in
(Continued on page 1700)
* '*

of the road.
Copies of the an¬
alysis, which indicates interest¬
ing possibilities for the prior lien

earlier.

cerned.

securities to be issued under

new

Chicago

RAILROAD BONDS

for

pon on

Western Union 24 and pointed

Exchange

payment of one semi-annual cou¬

encouraging,

Harvester

Stock

York

New

Corporation has just been issued'
by Blair F. Claybaugh Co., 72
Wall
Street,
New
York
City,
members
of
the : Philadelphia
Stock Exchange. The analysis in¬
cludes a chart showing how the

ers

con¬

committee

interesting analysis of prior ;
of 1948 of the Alabama,'

the plan of reorganization will be
allotted to present security hold-.;

reor¬

that subsequent reports

lien

C.
.

the first two months

downswing so long, that the ; As this is
being written, the
making of money in the busi¬ market is rallying. A great
ness of
buying and selling of deal of the rallying power,
securities has become only a
however, comes from a short
memory.
covering ' movement
rather
\/v;.y//:'://
than from any sustained buy¬
Still, we in Wall Street are
ing power. Still, whatever the
ready to contribute our efforts reason, it's nice to see the
towards the winning * of the
market " show an ability to
war. Maybe our contributions
do something else than go
won't be as large as we would
down.
Meanwhile,/you still
like. But that isn't because of
hold. Atchison,
which / has
lack of spirit. It's the shallow¬
managed to . keep its head
ness of the pocketbook.
above the 34 stop price; Inter¬
national

Issued) '

York

New

the bonds has made a request for

ment.

NEW YORK

Bear, Stearns & Co.

pos¬

the.

pon would involve an outlay of
it is the war, not our entrance
$1,125,000.In
comparison, the
into it, but when Fascism first company had cash and special de¬

its, wages, etc, To most of us
this is only hearsay./ We do reared its head, that brought
not share in it.
Even this about present conditions. And
latest recommendation of the until the war tides change in
White House to tax 100 % all our favor, there will be little
net income over $25,000 is to improvement
in /our: stock
most of

terms/prior

protective

June.

72 WALL STREET

Tennessee and Northern Railroad

the

naturally,
impossible to prognosticate, but it
is pointed out that in general the
courts have been adopting a more
%
#
liberal policy with respect to dis¬
bursements,,. by
reorganization
For the time being, it seems roads.
Also, it is believed that
that the war has taken second the company's "financial position
place to events on the domes¬ is adequate to make such a pay¬
tic front. But don't

optimism

liberalization

ganization

Van Tuyl & Abbe

RR. Issue Attractive

Securities

flat 55%
tax on
corporate profits is
the business of Wall Street
knows that of all the indus¬ probably still in the cards.
But

instill

; The

Toronto

Underlying Mortgage Bonds

Reorganization

summation.

was

We in Wall Street are

1-395

and

current

sible

effort.

HAnover 2-0989

RAILWAY COMPANY

Railroad

On the
prospective
traffic
figures and hopes of a
possible, interest
disbursement,
there
is certainly ample
back¬
ground for bullishness. :///
The fly in the ointment is the
drastic
treatment
proposed for
enhancement potentialities.

even the milder
Treasury pro¬
willing to do our part posals of last month will have

war

Montreal

dormant for

lain

Street
the

Previously, and in

generally active and strong defaulted bond market, these bonds had

pitching in, so are we in Wall
in

Teletype NY

SEABOARD AIR LINE

Committee

ing in Washington, the

us are

ST.,

New York

weeks ago they

called upon
I think that not only won't summer, and on the theory that
continued, phenomenal traffic ex¬
to make sacrifices.
But just
the Presidential suggestions
pansion, if accompanied by the
as the rest of the country is
be now enacted into law, but expected financial improvement,

when all of

WILLIAM
Bell

SECURITIES

Considerable interest has been engendered recently in the junior

bonds of the Florida East Coast,

has the bonds in the ICC reorganiza¬
tion plan.
Release of the final
mentioned, is the $25,000 in¬
Commission plan a short time ago
porate
earnings
and divi¬
come limit and even on this
interrupted the advance that was
dends?
he said nothing concrete has under way, and was directly re¬
5j.
#
/////'
been offered to the Committee sponsible for the precipitous de¬
I know it seems pretty small
cline from the year's high of 12 %
by the Treasury Department. a week or so
ago.
Bulls on the
pumpkins to talk or worry As a matter of fact, the more
bonds base their hopes for higher
about the stock market, and
I read about what is happen¬ prices on the possibility of an in¬
what makes it tick, at a time
terest
declaration

fect us?

Bell Teletype—NY 1-310

HART SMITH & CO.

New York '//

v'/;•

RAILROAD SECURITIES

about the
law?

York Stock Exchange

however,

can,

between

read

ident recommended.

Membert New

RAILROAD

one

collective heels.

The

,»

Telephone—DIgby 4-4933

>:¥:' ::V;:': '
thing, it's an¬ M^
other. It's hard enough to fig¬
For. example, /the :House
ure the
why's and wherefore's
of the
stock market, what Ways and Means Committee
is already drafting a bill. Its
with the war and the eco¬
first piece of business will be
nomic
displacement,
when
to go ahead and vote on the
along "cornea;" another sock
that sets us right hack on our Treasury excess profits plan;
hot the White House sugges¬

%/■ 61 Broadway /V/■/■:

Added to all other known fac¬

request

Canadian Pacific Ry. Com.

Hiram Walker Com. & Ffd.

3o$epb talkers Sons

Says

Broadway

1931

New York, N. Y.

BOwling- Green 9-7947
Teletype NY 1-1171

•

THE COMMERCIAL & FINANCIAL CHRONICLE

1694

Collateral Trust

Royal Bank of Scotland

Bank and Insurance Stocks

WARREN BROS.
v

Thursday, April 30, 1942

Incorporated by Royal Charter 1727
HEAD

4Vis, Feb.; 1, 1956
This Week—Insurance Stocks

and

;

25 Broad

24 Federal St., Boston

Exchanges

Principal

Other

//./•/'//-vr'^y

EXCHANGE

STOCK

YORK

NEW

and

1880

ESTABLISHED
MEMBERS

■/,/•'■

1. Substantial increase in premium volume.'

"Z/Z.5••;'v

Best's comprehensive

Street, New York
of

209 So. La Salle St., Chicago

•

tabulation^———;

Fire /premiums

the inability
show

As it Affects the Bondholders
Judge Brewster of the U. S. District Court at Springfield, Mass.,

;

approved the reorganization plan of Warren Brothers Company on
Jan.

29, 1942. It is understood that approximately 85% of the credi¬
have approved the plan which will be voted upon by bond¬

tors

holders and stockholders

bond issues and three

two

June 1.

40,907 shares $3 convertible preferred; 472,923 shares, common

preferred stock, ip addition to
the common, as follows: $1,487,500
5.1/2%. notes due March 1, 1937;
$4,457,000 6% convertible deben¬
tures due March 1, 1941; 16,420
shares
$1 first preferred; 4,692
shares $1.16% second preferred;
Collateral

trust series A

Collateral

trust

4Vis,

cumulative

stock.
The

•

plan of reorganization

preceding paragraph:
$4,150,300

1977.

5s,

4,150,300

funded

Total

Class

$8,300,600/i I

debt

stock

(no

par)

Class B stock

(no

par)

Class C stock

(no

par)

—*

40,907

■•••••

••

236,862

The treatment of the old securi-1 is shown in the following tabula-

ties under the
■

21,112

________

reorganization plan

Old Securities—,' v
'•

notes

Bonds

$680

700

debentures

67c

: /

Class A Class B

Approx.
•Cash

$680

700

——_

Series B f.

Series A

" /

(Per $1,000)

5V2%

| tion:!

Class C

$13.88

(Per Share)
First

preferred

Second

preferred
preferredCommon- StOCk

;

„

Convert.

' "

■

chief

The

Brothers

Warren

that

reason

Co.

unable

was

pay.

off the maturity of $1,487,500 5%s
on
March
1, 1937, and conse¬

$500,000 the
$250,000 each
'

Both

asT

second
year

6ontractot

and

year,

had

and

Government

seek

interest

meet

principal payments

some

$14,-

patents

processes,

number

which

paving

"Warrenite

000,000 of bonds which were held Bitulithic," a bituminous product,
by Warren.
These bonds had is the most important in point of
been
laid.
Domestic
road
accepted by the company mileage
for
work
performed
for
the building contracts, directly or in¬
Cuban
Government.
With
a
directly financed by the Federal
change of Administration in Cuba Government, have in recent years
the company's claims were adju¬ become the principal source of
dicated and the present holdings revenue,
whereas formerly the
of Cuban bonds now pay their mainstay of the business was the
interest, the whole reorganization
plan being tied in with these
Cuban

j: The

bonds.
new

series A and B .bonds

paving

streets

and

highways
for direct account of municipali¬
ties and for foreign governments.
The latter formerly yielded about

collaterally secured equally half of total revenues, but. because
like
principal
amounts
of of the uncertain market for for¬

are

Cuban bonds.

For each

$1,000 of

Series A and B bonds there is

equivalent

face

amount

Re¬

eign securities in which most for¬
eign
contracts
were
paid, the
company in
recent years with¬

public of Cuba
external
4%s, drew
1941-55, and 4%s, 1937-77, the field.
total of both

large extent from this

issues amounting to
Under the plan of re¬
organization the series A and B
Bonds may be exchanged for a

cessful in point of gross revenues
since
1931, when some of the

income

$9,300,600.

principal amount
"bonds;
however,
the
does

not

than

have

$1,500,000

Cuban

company

The year 1941 was the most suc¬

Cuban

ahead

work
of

done.

was

$8,149,000
1940.

Gross

55%
following

was

The

exchange more shows
pertinent
the first year, for 1941 and 1940:

income

items

■dross

Income,
Operating income

Interest
Total

accrued
taxes

Net

income

before

—_I

funded debt

discount

the

190,620

extraordinary charges
charges

U939

713,350

5,235

591,195

r;y/.V:

expense.

1941

pany's net property

13M19

,464,017

d*186,177

"Before providing $429,533 accrued interest and

and

end

1,283.002

——

income after extraordinary

Ui<*Deficit:

debt

on
,

105,208

391,631

—

interest
Net

$5,230,537

833,527

bonds

income

Income

1940

$8,148,668
.—

Cuban

the

was

com¬

carried

$1,565,492 and Government and
municipal
obligations
at
$9,206.487, the bulk of this repre¬
senting Cuban bonds. Net work¬
ing capital amounted to $2,089,247

lines

Other

war¬

scored

more/spec¬

tacular

gains
for
1941,/ ocean
marine
premiums rising /about
35% and motor vehicle and in¬

1940.

$1,057,089 at the

Cash stood

210,472 compared with
the previous year, and
in

excess

ties of

unamortized

compared with
end

$33,470

$1.well

of total current liabili¬

$773,827.

meet

interest

"
on

Pfd.

1421 Chestnut Street, Philadelphia

;

Phila.

Phone

Locust

New

1477

York

HAnover

Teletype PH

257

(ESTABLISHED

and

gasoline

repercussions.

have

the

new

Fund

6,150,000

Reserve

Liability of Prop.

8,780,000

z //■

direct

basic

lines

such :

ALFRED

SIR

Office:

reinsurance

and

870

however, for losses to show a ris¬
ing trend in times of sharply ex¬

it appears to

panding volume,

the Commission that
insurance on an adequate

because of the
such
increased exposure to losses cre¬
basis cannot be obtained on rea¬ ated
by high rate of production
sonable
terms
and / conditions. and war
projects. Moreover, al¬
While this does not\mean :that
though rising loss ratios are to
direct waiting or reinsuring ma¬ be
expected, expenses are not ris¬
rine companies are shut off, the ing .in proportion to the heavy
recent
increase
in
losses
has
expansion in volume, so that the
forced
companies to raise rates lowered expense ratios act as an
substantially, and since the Mari¬ important "offset to rising loss
time

Commission

has

taken

now

airfreighters and tankers, it
occupies a position in the
nature
of
a' self-insurer/which

over
now

might lead to extension of its in¬
activities.

surance

shut off the motor vehicle

insur¬

market, in view of the ratio

of about 6:1 between vehicles out-

4%s

and

$394,000

will

require

annually;

about

however,

the

Cuban bonds yield approximately
that much, so that as long as the

bonds /continue

Cuban
their

interest

will be taken

interest

report
the

the

bonds

new

than twice

bonds

In the 1941

requirements
was

over

to/ pay

Warren
of.

care

earned

without consider¬

ing the interest received from the
Cuban 4%s.

•

Thus, for 1941, the

expense ra¬

tio of fire companies dropped two

points, to 42.5%, the lowest since
1926.

Rise

ratios

combined
was

loss

and

all

States

over

Australia,

Zealand, Fiji, Papua and New Guinea,

and

London,

and

efficient

/ traders

offers

banking

the

service

travellers

and

most
to

complete

investor#,

interested

these

5. countries,-"• /

/
•/

v-;

OFFICES: /

LONDON

Threadneedle Street, E.

A'/y 47 Berkeley Square, W. 1
Agency arrangements
throughout

the

C.
»

with Banks

than diminish.
To summarize, the era of low
loss ratios appears at an end, and

rising loss ratios must be expect¬
ed. This emphasizes the need for
adequate
of the

and

rates

continuation

enlightened public regula¬

tion which has stressed such ade¬

of rates.

quacy
v

Investment

•

operations
'

de*

;Z /,-

Ordinarily,

investment

opera¬

tions/income
and

from, and profits
appreciation on investments)

furnish
to

surplus

for

the

increased

contribution

furnish

cushion

rising volume of under¬

written

risks.

net investment

fire

expense

Stoppage/ of new automobile
production would not, of course,
ance

ratios.«

With

largest bank in Australasia.
branches

New
•

and

Manager

George Street, SYDNEY

The Bank of New South Wales Is the oldest

tained

'•

£23,710,000

30th
£150,939,354

DAVIDSON, K.B.E.,

General

Head

;
companies rose three points, to
outlook /for 53.2%v in 1941, the highest since
both
ocean
marine
and- motor 1932. In
fact, since 1935, the loss
vehicle lines appears less favor¬ ratio of fire
companies has risen
able. For the duration, Congress almost 13 points, having increased
has
empowered
the Maritime in every year in that period.
Commission to provide war risk
"/Tt
is a
normal 'expectation,

'/zzv //.zz;

Aggregate
Assets
Sept., 1941

/ Casualty companies also report¬
ed a .15% expansion in premium
volume to a new high of about
$1,000,000,000,/ featured
by in¬
creases

780,000

Reserve

Paid-Up Capital

volume

and

181p

insurance

Zealand}

/NEW SOUTH WALES/

banFof

<//

Phone

2-2280

high level of payrolls for
preliminary the
duration, enjoy a good volume
companies
outlook, but the prospect for auto
shows that the incurred loss ratio
lines appears less promising,' 1
of fire lines rose only one. point,
j/On - balance, expansion/ in/ pre¬
to 43.4%
but the loss /ratio on mium volume will
probably con¬
ocean marine jumped sharply by
tinue. ;/;•/// , /:■•/>/.//.-;// :
V ;
over 10 points, to 57.1%
and mo¬ 1. 2.
Rising trend of losses.
tor vehicle, about six points, to
The composite loss ratio of fire
'

Bank, Ltd,

Australia and New

H.N.NASII&CO.

largest

Deacon's

Glyn Mills & Co.

Transportation Co.

3-6$, 2039

Best's

58.5%.

Associated Banks:

Lives etc. §

marine
lines, about /15%. workmen's
compensation and auto
Companies, however,. were much
liability. Compensation premiums,
happier to write fire than ocean in view of the likelihood of sus¬

and

1941, however,
operations of both

casualty

companies de¬

creased their contribution to

sur¬

plus, thus throwing a heavier bur¬
den
upon
underwriting opera¬
tions.

therefore held

Net
investment operations
of
point for 1941, to
fire
companies
produced
39%
Nevertheless, this was the
lower
return of
$20,233,000 for
highest since the 102.5% of 1932.
1941, while that of casualty com¬
//This 1941 > margin for under¬
panies was 30% lower at $14,183,writing profits is not fully re¬
000.
As a
result, policyholders*
flected in 1941 operating state¬
surplus of fire companies dropped
ments; which show a statutory
7%, compared to 15% expansion
underwriting profit of only $4,in premiums written and 11% in¬
996,000 (0.5%), compared to $19,crease
in
unearned
premiums.
<012,000 in 1940 (2.3%), becausa of
Policyholders' surplus of casualty
the expansion in unearned pre¬
companies rose only 1%, com¬
miums
caused
by larger term
pared to 15% expansion in pre¬
business. If we allow 40% equity
mium volume, 12% in unearned
in the increase in unearned pre¬
premiums and 7% in loss reserves.
miums, " 1941 underwriting gain
Investment income alone of the
would be $40,798,000.
/
'
fire companies rose 6% for
1941,
'/ Casualty companies enjoyed in¬
crease
in both statutory under¬ to $81,693,000, of which/stock¬

down

one

95.7%.

holders dividends of $71,938,000writing profits and unearned pre¬
miums for 1941. Statutory under¬ were 88%. Investment income of
writing profits rose 7%, to $56,- jthe casualty companies rose 5%,/
Warren Brothers 4%s and 5s are
to $37,611,000. Heavier taxes
gen¬
160,000 (6% on earned premiums),
exchangeable sell at 79%/ whereas
compared to $52,569,000 (6.3%) in erally and their effect on net'
the latest quotation on the War¬
available for dividends by
1940. /V;:/
leading

the

time

the

two

Cuban issues into which the

new

ren

4%s

present

"68 bid" and

the

Warren 5s "no bid, offered at 73."
The old

5%s, 1937, selling at 94,

are priced
about right' after* the
exchanges for new securities are
figured out.
At present ■ prices
the new 4%s and 5s look under-

$405,349 priced when compared with
was

Phila.

land

'At

1941

marine risk reinsurance whenever

thereafter.

manufacturer of materials used,
refuge • in Warren Brothers Co. is one of the
Section 77-B of the Bankruptcy leading factors in street paving
Act, was the failure of the Cuban and highway surfacing.
It holds

quently

good volume trend under

Williams

this basic line of fire insurance standing and recent production of
new cars, but restrictions on tires
companies should now experience
time conditions.

/ /

£98,263,226

Philadelphia National Bank

volume

Moreover,

12.67

JPenria. Co. for Ins.

of fire premiums to

in
1941, for
study of 35

;

IV. I

ASSETS

TOTAL

;

cited for

are

marine and motor vehicle volume

1956———.

income

pro¬

vides for the following capitaliza¬
tion in place of that shown in the

64 New Bond Street,

mutuals, but it would appear that

issues^ ///. ,////:T/;,/ ZiZ://./■,--v...

Burlington Gardens, IV. I '

Girard Trust Co.

gains, includ¬
ing the steady reductions in fire
insurance rates,/increased popu¬
larity of inland marine coverage
and effect
of competition from

capitalization of Warren Brothers Company consists of

The old

Smithfield, E. C. /

Charing Cross, S. W. I

Fidelity-Phila. Trust Co.

;

for

Various factors

1940.

Discussion of the Reorganization Plan

8 West

Corn Exchange Nat'l Bk. & Tr.Co.

the first
time, in several years scored an
important gain, - rising 8 % over

REORGANIZATION

OFFICES:

Bishopsgate, E. C. 2

I / Central-Penn National Bank

these ; companies
$1,060,000,000 - for
1941, a gain of 15% over 1940 and
the highest in the history of the
business,
topping- the previous
1929 high by over $50,000,1)00.
of

reached > about

WARREN BROTHERS COMPANY

companies writing fire and,al-r

lied lines estimates that premium

volume1

•'

—

throughout Scotland

LONDON

Complete figures now available: covering 1941 operations of fire
casualty companies reveal; underwriting trends and investment
experience which indicate the importance of keeping adequate rates
and reasonable underwriting profits in wartime as an aid to policy¬
holders' surplus.
•
* j
«

faint, Hthbtr & ffln

OFFICE—Edinburgh

Branches

other

issues

which

some
have * been

touching
new, » highsrecently
purely on the basis of war busi^
ness.
•-■/'/"'
-

V Casualty

companies too,; how¬
experiencing rise in loss
ratios, the 1941 loss ratio of 52.7%
showing a' one-point rise over
1940- and two points over 1939.
Although this trend is as yet mod¬
erate, and was fully offset by the
1.6-point drop in expense ratio
in 1941, it is to be expected that
the underwriting problems cre¬
ated by war will
ever, are

^increase rather

corporate issues indicate prospect

;of lower dividend receipts, offset
to some-extent by probably main-Z
Gained
and

interest

increased

from

increased

bond

holdings
resulting
premiums
in¬

income

vested.

;' However,

the

chief source of
investment gain is capital
appre¬
ciation, and since the mood of the
security markets is hardly recep'.CT.

:Url ,/

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4068

Volume 155

BANK

INSURANCE

and

Treasury Will Seek
$4 Billions Nay-June

STOCKS

ISSUES,.' ;;.Y£

TRUST

INVESTMENT

RAILROAD BONDS and STOCKS

REAL ESTATE ISSUES

120 Broadway,

It is said

Tel. COrtlandi 7*9400
NEW

Albany
"

YORK:

Buffalo

Utlca

Newark ;

Watertown

'Wilkes-Barre' 4 Allentown

Wellesley

Jersey City

Portiand

UNION PREFERRED STOCK FUND

STOCK FUND "A"

UNION COMMON

STOCK

IZumfasfyc.

FUND "H"

Prospectus covering all classes
oj stock on request

Treasury

Lord, Abbktt & Co.

proposed borrowing
regular
sale of |whr; bonds, which for the
two. months will probably total
well over $1,000,000,000.
The type

Sunbury

Scranton

Springfield

Plttsfield

FUND "C"

BOND

UNION FUND SPECIAL

Ywill be in 'addition to the

Y>,|

UNION

this two-month fi¬

UNION BOND FUND "B"

UNION COMMON

.history.-J. The

'•

PHILADELPHIA

'i;

that

tnohey" 7 "operation

>»|"v >

teletype NY l-i950-!r2

Bell

;

BOSTON

><V.f

„

New York

nancing will be the largest "now

J. Arthur Warner & Co.
.

UNION BOND FUND "A"

.,■*

The Treasury plans to borrow
$2,000,000,000 in May and the same
iamount in June, Secretary Morgenthau announced on April 27,

INDUSTRIAL SECURITIES
;

1695

INCORPORATED

63 Wall Street, New York
S'./l':;.!

CHICAGO

"'I •'■■

JERSEY CITY

LOS ANGELES

jof securities to be offered in this

huge financing has not been de4

The Securities Salesman's Corner

■

I.,-,;

y. .. ■

-V

•.

■

•

You Don't Have

Yell, to Sell

—*

cided, though it will probably :nand long-

yolve; both - short-term

term ' obligations. * In

time

Spring is here. The trout are striking—the Dodgers are once' been offered since 1934.
again leading the league—and the markets are making new lows
other day.

every

Who is to be blamed if

again this week and talk
Sometimes

meet

it's

some

pleasure

along and do his job in such
effortless

hardly real¬
ize that he's working. There are
such
salesmen.
In
our
opinion,
they are the "cream of the crop."
Quiet, reserved, slow of speech,
making every word count, an un¬
manner

smile

derstanding

Here

are

believe

are

still

viduals, who by nature as well

through
that

about your

''effortless*
among

field

selling,

art

"security
ship." In fact, we had
in

friends

old

from

Boston

versation

had

"You

out

not

put

pound

act,

the

used

made

exert

sale

the

olden

Try

time.?Have

for

a simi¬
April 29 in
of $150,074,000.
was

amount

maturity of

of bills

Tel.

Tobacco

American

Steel

Bethlehem

Percent

Oil

Standard

"United
U.

58%
35%

Calif

25 Va

•

Aircraft

:^v1:

Steel

.....

'/'•+ 17%- V/-/
+20%

..v.

29.0
—23.^

•

11%.

+50.2

—

31% r

+60.9

+11

■•

—12%.

23%.a\o;/

45.3

•;+•.>;<+ 22.4>

■—10%

19%

26%

19 ¥2

Woolworth

53%

4.7

—34.5

+ 18

.110%

36%

—13.4'

—20%

57%

90%

•:

•

38 Va

39%

...

Change
'

116%

.»i
Nickel.

International

0,1942 >
Change
-61%
- \V — 9 Va

111

Chrysler Corp.
Dupont

there

demonstrate

figures
is

such

thing

29.9

—34.7

that,
"the!

market," and they probably
tain

for

natural for

people.

most

volatile issues to

investment

out-pace

j
|

conelement of

considerable

surprise

stocks

bull

Probably
clined

est

Mr.

The 1942 edition of "Investment

Companies and Their Securities"
has

Wiesenberger

you,

afterthought.
This is very effective.
Speak in a lowered voice, but

just

issued

been

Arthur

Co., 56 Beaver
Street, New York City. The study
reviews 67 investment companies,

on average,

stocks

Two

Wool worth.
would

forgot to tell'

have

larg¬

josse??of>the

entiie list, and
the other has barely held its own,
whereas profits of 50% and 60%
were available to the happy pos¬
sessor of the right kind of crystal

rapid speech.
*
Have something to show. Cre¬
ate some pictures as you talk.
Draw a map—make diagrams
piece of paper—build up

proposition with dramatic
emphasis as the kind of situa^
tion which is unusual. In other

give

the"
that your prospect
portant person and
proposition is also

words,

impression

Detailed analyses are presented
on
29 ' r "closed-end"
investment
/•

first basic prin¬

companies.
ture of the

tion

An interesting fea¬
study is the presenta¬

information

dividends

tax-free

investment

;

trust

| and

preferred shares,
which should be of important in¬

common

terest to investors in

high income

tax brackets—nine of the

an im¬ stocks
that your stocks
above the; which

and

paid

the

dividends

partially

were

common

preferred
last
or

And

today,

with

rivaling

the

The

investment

fact

kaleidoscope

ent

York

Letter," published by
Long & Co., national
of New York Stocks,
Manhattan
Bond
Fund, Funda¬
mental
Investors, and Investors

Hugh

:S» >+ y•:

presented by the

current

conditions

investment.

ties that

are

not

securi¬

investment.
are

unfavorably affected

by war (no matter how bright
their
post-war .prospects)
are
bought now, they may have to be
sold during the war, at depressed
prices.

Fund "C."
.

any

for

vision

distributor

*jc

that

ignoring current con¬
ditions, but instead emphasizes
the necessity of constant super¬

profes¬

sional job.—Reprinted from "The
New

should be
securities

now.

problem

that

reason

list is a full-time

thoroughly

subject to change is always pres¬

rapidity of their changes,
the handling of even a well diver¬

sified

been

bought may have to be sold
some uncontemplated time.

the

year
com¬

remembered

forgotten"

and

away

have

learned

Once more, the

ciple of investment asserts itself;
today,, as always, there is no sub¬

"put

should

ball.

factors

your

three

the

shown him the

stitute for diversification.

days,

this

from

much better than loud voice5.

list, would have taken American
Tel., American Tobacco B and

point—then

one

three

reverse

defensively in¬
1938, if asked

the

investor

select

buying/ or¬

make

not so inaudible as to make with total assets of $779,000,000
hearing difficult.* Low voice- <jn/;ia basis of comparative
slow voice—carries attention agement results.

pressure, steam¬

just

salesman

There

lar issue

but make it as an

only got so many shots like that
in
your
system;
besides,
who
wants to be a combination circus
roller

reasons

almost

I'd be burned out by now. You've

barker and high

(26% of the amount bid for at
price was accepted.), .:

Jones,"
(then bring out the
strongest argument you have),

table

time

every

Tel.

lent rate approximately 0.335%.

another. Stop and>try< this^^f

and raise the kind of a hullabaloo
we

American

70%

market, but the
expected when prices,
Equiva¬ decline or stand still.

the low

little

ganized.

1924,"

know," he went on, "I am
kid any more; if 1 had to

accepted

Average price, 99.915.

atmos¬

story in one mouthful. Give it

selling securities.
he replied.

been

since

"Ever

Don't rush to tell your whole

your

asked him how long

conviction.

the

and we were discussing
subject. During the con¬

this very

there

phere of candor, honesty and

other day,

when

ist

salesman¬
one of our

day

Can

The

$375,372,000
150,125,000

v|Range of accepted bids (except¬

carinoV

to him.;DoubtS

you

this sort of selling technique than

present

American

kjsrtt

Price,

<§>-

Total applied for
Total

1938 Low

is better adapted to

field

mature

ing two tenders totaling $55,000):
Equivalent rate
ing; then the confidence; you ! : High—99.950.
have will be transmitted auto-, approximately 9.198%.
Low — 99.910,
Equivalent rate
matically to your buyer/Con¬
viction
is carried over from approximately 0*356%.

the opinion of this column

It is

»yoU jreally be¬

will be the
gainer if he buys your offer¬

today

are

honest;

lieve your customer

the leaders in almost every
of
promotional and sales

activity.
that

the

mastered

subject, your prop*
your product.

I'...''.

'Stoclc—

revealed:

you are talking
Know
that you have

osition,
2.

application,

and

study

have

bills, to be dated April 29 and
July 29, 1942; which
were
offered on April 24, were
opened' at the Federal Reserve
banks on April 27.
The follow¬
ing:' details
of
this
issue
are
ury.

the

fortunate ^indi¬

These

salesman.

job and

what

Know
about.

successful

excellent

are

trial Average:
!'.• >

"Secretary of the Treasury; Moron April 27
that the tenders for $150,000,000
or
thereabout
of 91-day" Treas¬

facts, the details, ah angles
that can possibly be discovered

are

become

doing

who

turning in the business.

possessed by
greatest salesmen in
this country today. This is contrary to the generally
accepted public idea of the quali¬
fications
that
are
necessary
in
order

that

salesmen"

"effortless

any

the qualities
some of the

qualify, for that select grpup ttf

face,
excellent
listeners, planners of
every move before they attempt
action, poised and unperturbable, masters of understatement,
—here in brief is a summary of

that

Supervision

31, 1938, the Dow-Jones Industrial Average made an
historic low at 98.85. i On April 9, 1942, it closed at 99.69; a stalemate.
So, the superficial conclusion is that anyone who bought at the
'38 low-would be about even today.
Would he?
The eleven promir
nent stocks tabulated below are all included in the Dow-Jones Indus¬

■

heces^rY*in>brderfl5q genthau announced

their

few things

Result Of Treasury f

||| : Bill Offering

to*>

salesman who seems to go

"selling."1 ;'V

about

•r:

The Case For Diversification—And
:On March

not thinking about

are

selling securities?
But sell them we must—at least as long as we
have a market, a job, or a family ta feed. Sof let's got back to reality

Investment Trusts

the

due Nov. 1, 1942—the first
this type of security had

' nessV

April

Treasury sold over $1:500,000,000
of V2%' certificates of indebted-

:yY;\

considerations
Nor is the fact that securities
should play the major part today
in selecting securities for invest¬ may be more difficult to judge
in war-time a sound argument.
ment
(as
distinguished
from
No matter how difficult it may be
speculation) is an opinion often
to weigh the effects of current
expressed
in various quarters.
The * reasoning
on
which
this conditions, the investor must deal
with
them
as
best he
can—to
opinion
is
based includes the
ignore them merely courts disas¬
points that: (a) war is essentially;
ter.
Furthermore, in some re¬
temporary; (b) its duration is un-j
spects the war causes a number
certain;! ; (c) the war-time be¬
That

post-war

•

living.

average.

....

By this, we do not mean that it
necessary
to go about one's
affairs in a sleepy, half-hearted
is

vate the inner conviction that i

as a
return of capital, and the
That | you; extent of future tax savings on
you
will always 5come! the 29 companies reviewed is im¬
through. That the world could pressive when it is noted that un¬
cave
in and you'd still keep] realized portfolio depreciation as

There is every reason to

manner.

tween

drive

the

and

hit and

salesman

be¬

men

about trying to do
strikingly shown by

out

of many sales¬
today, are turning
excellent production records.
who

even

.tive

appreciation

side

favorable

portant

gains

factors

war

from

out¬
im¬

news,

this

some

the earning power

source

and composed.
of the year-end totaled about 70%
conclusion, and we have said of the. year-end asset values of

calm

sometimes

in which

good."

know

emotional

hectic,

manner

run

business

difference

The

controlled

"are

you

put a sustained, forecful drive be¬
hind each day's
work that we
undertake.

pletely
Keep: taxable

non-taxable;
this
non¬
feature, Arthur Wiesen¬
calm
at
all
times.
Do one! berger & Co.states, is due to off¬
thing at a time. Try to culti¬ setting tax-loss sales considered

Have faith in yourself.

before, "Think fast and talk
slowly."
And work!
But don't

these Funds.

■

havior of securities is

judge,

-■

of relatively fixed

difficult to
.

We disagree with this opinion,'
/'Included in the study is an
for the reasons outlined below.
!
get out of breath running around! analysis •' of1 asset
distribution,
In the first place, war is not
in circles trying to see how many comparative' gross
income,
ex¬
people you can talk to between penses, turnover of investments, only a fact, but it is the dominant!
sun-up
and sun-down. - Rather, and balance sheet analyses of the economic and financial element.;
see one or
two, but make those 29 "closed-end" companies.
In¬ To attempt, in effect, to disregard
calls count.
This is the way to come figures are presented com¬ it because it will not last indefi¬
keep on doing business: every paring the performance of invest¬ nitely and because we cannot tell
v

actually
securities

easier

times.
,

conditions that
selection of

the

make

than
•

normal
.

;

give post-war considerations
major weight in selecting invest¬
ments
at present,
unconsciously
assumes that post-war conditions
can
currently be better judged
than the war-time conditions that

surplus, making it
highly important that nothing be

are actually with us.
-';
day—and the way to do it With¬ ment trusts with the Dow-Jones how long it will last, is merely to
Not only do we not know when
stocks
for
last year, assume an ostrich-like attitude*
out getting high blood pressure,! Combined
stomach ulcers, kidney trouble or which- refute,
The uncertainty of the duration the post-war period will arrive,
according to the
but also we do not know just
a weak heart.
company, the impression that in¬ of the war is all the more reason
|. v-"*
what it will be like.
There may
P.S.—A
doctor once
told - us vestment. trusts have not done to. consider it. While, in making
well in handling their assets.
commitments, investors have a be a slump; there may be a boom;
these were the four worst enemies

done by public authorities to im¬

of most

pair the policy of adequate rates

men

based

which

diseases

contribu¬

nervous

cannot be counted
t

Therefore,

throws

the

on.

entire

situation

increased burden

.under writing's

upon

contribution

policyholders'

assures

tion

loss

experience

underwriting's
surplus. Vv^;:'' •'

living.

business

general.
were

men

and sales¬

He claimed such
the

partners

tension and high pressure
,

Copies

of the

1942 edition of
compendium

greater degree of permanency in
speculators, they must

the 'investment trust

mind then

be had from Arthur Wiesen¬
berger-& Co., and sell for five

also always

may

dollars per copy.

be ready to make any

changes
that
seem
advisable.
The lesson that securities cannot

there

may

be a slump followed

boom, or vice versa. Future
post-war conditions appear more,

not

less, difficult to foresee than
(Continued on page 1697)/

THE COMMERCIAL & FINANCIAL CHRONICLE

1696

FLORIDA

MEETING
NORFOLK

Municipal News & Notes

Roanoke,

Roosevelt's

his

recom¬

message

NOTICE

MUNICIPAL BONDS

cities

dropped
to
6.80%
from
8.70% in 1940 and 9.25% in 1939.
The

that

tion

low point in

ended, at least so far as
the surtax goes, induced immedi¬
ate market repercussions. A gen¬
eral lowering of bids throughout
the list resulted, although it was
not nearly so drastic as followed
Secretary Morgenthau's memora¬
ble speech in Cleveland.
How¬
ever, each time the Administra¬
tion's

drive

for

removal

1941

Our

With

however,

warns,

considerable

held,

with

will

inquiry

any

if the

obligation.

although
considerably
this
time, ^ President

subject,

collection of taxes from

The

stated:

Roosevelt

that

indefensible

those

property

tax

CHICACO ILLINOIS

lit NAT BANK HOC W

on,

which

are

Interest

war.

such

be subject at

least to surtaxes."
All

all, the municipal mar¬
ket reacted fairly mildly to this
latest pronunciamento

from Wash¬
ington.
The lack of any note¬
worthy liquidation was attributed
to a general expectation that the
President
views
said

exemption, that he

tax

his

reiterate'

would

May 8, when members of the Na¬

nothing essentially new and
fact
that the
municipal

the

market's usual reaction to unfav¬
orable developments

is a dryingof activity rather than a sell-t

ing

move.

records

The

only

dealers

find

could

dent's statement
was

rather, than

general.

Presi¬

the

tax exemption

that he referred to the surtax

rate
in

which

did

the

was

income

differentiate

not

tax

also noted that
between

outstanding and future issues
he

did

his

budget message in

Conference
..

lated

matters

are

reof-

fering of these obligations is said
to

have

been well received.

other bids

were

Five

submitted for the

bonds by investment groups.
Most

State and

provement

day.

the

important

city issues showed im¬
on the bid side Tues¬

The New York City transit

unification

denced

for

3s,
fair

instance,

recovery.

showing better tone—the
bonds

evi¬
Also

outstanding

revenue

against

toll

bridges, tunnels and the like, such
as
the New York Port Authority
3s, and the Triborough Bridge
3%s.
Revenue

fered

obligations

considerable

ket-wise last

prospect
use

had

setbacks

suf¬
mar¬

week, reflecting the
drastically curtailed

automobiles

growing

out

of tire and gasoline
rationing with
the consequent loss of funds aris¬

and

water

showed
lished

further

upward

swing

1940 and many cities estab¬
a

new

collections

last

record iin

current

the Munici¬
pal Service Department of Dun &
year,

are

Lowest

ratio

the

indicates

levy

interest / require¬

and

ing

authorities

throughout

the

long

go a

way

in alleviating the V

high

small
-

school

munities
been

not

recent
.

been

particularly
districts /and com-

whose

officials

have;

Court

decisions,;,

have

financial

from

their

taxes

allowed inside the 10-mill limi¬

tation,

Special

been

enue

creased

ready

use

municipal

are

made in

source

rev¬

ciation

services,

al¬

review

185 cities, the

International City Managers'

reports, in '?the
Municipal Year Book.;
/

As¬
1942

The high percentage of cities;
sewer rentals
lies in
the cities above 100,000 popula¬

charging

those

between

10,-

of the

cities—77.3%—have their

sewage
treatment plants.
the
cities
without

own

of,
municipal j

plants

are

served

served by

facilities of neigh¬

boring governmental units.

bonds

for which had not;

specifically;voted outside
,

;

preme

Municipal -Investors/ AsSo-:
on

Monday

was

denied

meeting of the Board of Directors

held

it asserted a

for

necessary,

the

national

the

date

same

Surplus Forecast
New

York

con¬

21, 1942. Checks will be

May

ness

mailed.

W. M. O'CONNOR

April 27,1942;

THE

.Secretory

BUCKEYE
26

Broadway

New
A

dividend

arid

defines

penalties.

been

One

declared

record

the

close of

violations

and

Section

par

Banking LaW., ;'

/ ■?.,/,

.; /'

share on the
value Common Stock have-

been

declared, payable June 20,
1942, to stockholders of record
the close of business

26, 1942.

May

■

Checks will be mailed./

Cleveland BondsDelivered

per
the Preferred Stock and

dividend of 20<f. per

C. A. Sanford, Treasurer

general

235, New York -State

174

138

quarterly dividend of $1.50

share
a

sale

recent

No,

Dividend

Common Dividend No.

;

bonds eligible for investment by
savings banks in New York State.
Upon examination of the prospec¬
tus issued by the city in connec¬

its

secretary. *

"5as==='

-•

Preferred

and

The. Gity of Norfolk, Va., Was
on
the last published list of

water

29, 1942.

May

fast,

ELEVATOR

not

with

business
r.

COMPANY

Legal ;iri N. Y, State

tion

1942. :

($1.00)

the

OTIS

Norfolk Bonds Held

•

York, April 25.

LINE

Dollar per 6hare
Capital Stock of this
Company, payable June 15, 1942 to stockholders

has

implementing and codifying
State;/ War . Emergency Act
the State and local
war councils,, provides for mutual
aid, financing, closing or restrict¬
ing use of highways and water¬
ways

PIPE

COMPANY

bill

Y01A, April 22. J942'.

UNITED

$7
At

Gas

dividend

the

GAS

the

$2.25

1942,

April

share
of

Directors

held

per

Stock

Dividend

Board

Corporation

Preferred

the

CORPORATION

Preferred Stock

meeting

United

Blyth & Co., Inc., as head of a
NatipA-wide banking group which
earlier /this month .offered $17,500,000 City of Cleveland Trans¬
portation System revenue bonds,
announced .Tuesday
that
they
h^e made/ payment to the city
and
received
delivery
of
the
bonds. This brought to a conclu¬
sion one of the larger municipal

the

28.

Corporation

to stockholders

business

1942,

declared

was

for

of record

May 9, 1942. *v '
•
H. DIXON,. Treasurer.

State

will

OF AMERICA
420
...

Lexington

Avenue,
-

meeting

held
per
to

today
a
share was

New

York,

April 16,

the

dividend

Board

1942.

Director

April
•

27,

•

1942,

-*-

record

Checks

Louisiana-r-

now

York

own

their
•,

Detroit,? which

and

own

transportation

/ ?;*.

and

call

old

its

capital

due

that

City of New
in

existence

the

July, 1950,
V
Orleans has

for

well

over

the current war ac¬

tivity has the old town humming
as

never

before.

present population of New
Orleans is around 500,000.
With
and

projected

it will reach, within a

additions
year,

600,-

cenl

1941
p.

Secretary.

.Other cities

Baton

Monroe

Rouge,

and

mailed.

GIBBONS.

Laki

Alexandra

growing ' liki
Over $500,000,000 o

expenditures

have

beer

Louisiana defense

industries.

have

reached

Staggeringly

Bank

big

campi

deposit:

all-time

high

contract:

war

have

been awarded/ the Higgini
ship contracts alone running ovei
$700,000,000.
Need it be adde<

that

employment

look'■

good,

what

building, the
tor

plant

planes

new

that

figures,

tod
ship¬
Nash-Kelvina-

with

will

the

make

and ,/ similar

cargc

ventures'

Housing for the new workers i:
going to cost more than $100,000,000.
dous
and

The

current

200 years but

and

3:00 o'clock

meanwhile

—are

made in

permanent

callable July 1, 1942.

been

Charles,

will

625,000.

mushrooms.

formation, ? anticipating
will

000

of
twenty-five
payable May .4,

declared,

stockholders

New

? .The

VANADIUM CORPORATION

flotations of the year, and added
Cleveland to those cities/ such as

improvement
.

..."

city

•v?/-'';

than $22,000,000

stock¬

holders of record at the close of busi¬

the!

the bonds grant no such
right.' .'

15,v 1942,

June

payable

which sets up

New Orleans may - supply the
against land sold for tax-delin¬
in order to'pay defaulted municipal market with a refund¬
paving bonds/held by the Asso¬ ing operation amounting to $12,ciation. The Court,- in reiusing to. 000,000, according to talk in mu¬
review; the: findings of the Su¬ nicipal circles. Several syndicates
are
said to be in the process of
preme Court of Michigan, ruled
tract

was

signed

contract right to re¬

City

dividend of
declared

"omnibus"

quency

fhat

cents

the Common Stock of the Company,

the

New Orleans Refunding
Birmingham,;
Operation Foreseen ;?'?.//?'
Mich., to levy special assessments
quire

27, 1942,
per share

April

fifteen

preparation
review of plans and specifi¬

"in the black" at
the fiscal year-end, June 30, ac¬
Bradstreet, Inc., states in its an¬ Municipal and Government
cording to a Republican financial
nual survey of
municipal tax de- Investments to Be Discussed
authority, who predicted a surplus
linouency just published.
An economic
conference, "De¬ nearly 45% higher than the $15,The
average
year-end
delin¬ voted to Victory by
Saving," will [ 600,000
estimated by Governor
quency on 1941 levies of 150
large open in the Waldorf-Astoria, New Lehman.
"
•
• >

ernor

by the United States Su¬
systems.
Court of the case in which

privately' Large N. Y. State

operated facilities, while 18 others
are

The

in¬

sociation

tion and

outstanding

Michigan jSpecial Assess-';,?;:.
ments Case Ruling
; / '/

for

demands

meet

all

the tax limitation.".

sewerage systems, under consid¬
eration
in some war-production
communities

the tax levy

charges for the

may

to Purchasers

culties principally because they;
have believed it .* necessary to
pay

diffi¬

Ore., has the lowest ratio of all

Charges

payment June

suffering

May 9, 1942.

147

of the $60,be used for the pres¬

defense, /or/ for

kept fully abreast of

NUMBER

high

Edmund A. TIarvey, Treasurer

none

except: for /the construction
of parkways or highways .which
have been certified by the Gov¬

550,000

all 30

Levied by 185 Cities

grademoney

$3,im¬
divisions that have been unable, V
provement bonds, it has now been
because of the 10-mill tax limi¬
determined by Reed, Hoyt, Wash¬
tation, to find sufficient income
burn & Clay, New York munici¬
for all their operating and debt
pal/ bond attorneys, that the pity
service
requirements. - Many
nbw complies with the provisions
such
subdivisions,
financial troubles of those sub¬

;w;

DIVIDEND

Executive/ * said / that

law

new

000,000

and

10-mill limitation to pay

Tub

;In^Signing^the^jrheasiire the New

cations. The Governor also

tax"'outside the consti¬

1942, to stockholders of

ent,

*",•

cities with 3.4.

Sewer Rental

THE ATLANTIC REFINING CO.

reallocated. to

York- Chief

re¬

"This decision, particularly if

•

level of
hotel occupancy and
apartment
building tenancy. A low ratio in¬
dicates a high percentage of home
ownership.
New York has the
highest ratio rwith 11.9.
Jersey
City is second with 8.4 and Chi¬
cago
third with 8.2.
Portland,
a

Stock

Company, payable in

April 29, 1942

-:;by vote. of the people at

under

brought to the attention of tax¬

are

population

water users, the median for
cities is 5.1.
In general a

ratio

•

an¬

Buildingr"Cineinnati.---•;

paid by San Francisco,"
shows.

Common

June

highway and
construction,. * will be¬
come part of a fund for post-war
public works construction by the
provisions .of a bill signed Mon¬
day •by: Governpr. Lehman.

discussed

t; " "V>

•<

paid by Chicago,

185

Property tax collections by the
average United States city in 1941
from

for

charges

More than three-fourths

Delinquency, 1930-1941

will

State," the firm declares, "will

000 and 25,000.

Trend of City Tax

who

ments

judging relative rates.

both household and commercial

and

Checks will be mailed.

parkway

Savings

Jan.

points out that water
supply costs vary so widely from
city to city that they must be con¬
in

Common Dividend

American Tobacco

principal

survey.

ing from
such
usage.
Certain
highway bonds had also devel¬
oped uneasy tendencies on a sym¬
pathetic footing.

State

morning
session!:
defense housing and

tutional

industrial

covered in the

survey

Public

The survey

the

13/4s.

Stock

cash

the last November election was to

and

on
bonds issued
prior to
1, 1934, it is pointed out by
ing from 3,000 to 5,000,000 gallons
J. A. White & Co., Union Central
monthly in each city are studied.

concerted by Monday's attack was
the award by the City of Boston,

for

which

is Ralph

thority.

city

Selected bills for quantities rang¬

are

100.289

resident of

domestic

use

Most of the $60,000,000
crossing elimination bond

Blandford, Jr., Ad¬
ministrator, National Housing Au¬

specialists.

Both

busi¬

vote at

Secretary.

; ;

the

population pays Ohio Court Decision,
97 cents a month for 5,000 gallons
Affects Local Units
of water, according to a survey
Certaiit taxing ' toddies;!! in'Ohio
of water charges in the 30 largest
U. S. cities made public last week will be aided by the recent decision of the State Supreme Court
by Barcus, Kindred & Co., 231
S. La Salle St., Chicago, municipal authorizing the City of Coluhabus

dis¬

Mass., on Tuesday of $3,776,000
funding and relief bonds on a bid

City

COMMON

300,000

over

too

not

the

Charges Surveyed

sidered

time,

Grade-Crossing
Bond Money Shifted;

alyze the outlook for municipal
and Government investments.

by John

Highest

were

the

Hartford,

Bank,

cur¬

Large City Water
average

May

Investments

Treasurer

mu¬

houses

■

May

that

nicipal

Government

year

address

uing necessity of deficit funding
maturity refunding, are like¬
ly to be in a vulnerable position.

charges

cox,

147tii

York

A dividend.of Seventy-five Cents
(75(f) per
share has been declared
upon the Common

N. Y. State

W.; Chapln,;:Chairman, of the
Committee; on Municipal arid

and

January.
Indicative of the fact

current

with sizable deficits in their

feature

new

the

those

Among

1941

for

rent accounts, or with the contin¬

bond

■

began

The

year-end balance.

operate.

delinquency.

against
the
vicissi¬
tudes of the war period. But those

this

be entitled to

will

1942,

••>>'■

■

three

business,

fees, and gasoline; and beverage
taxes, would swell the anticipated

York, May 6 and continue through

disclose, however, that cities have
had.ample, opportunity to fortify

be immune from taxation while

securities should

determined

term

other

Assemblyman Abboti Low Mof¬
fat, Chairman of the Ways and
Means Committee, reported in a
•statement that unexpectedly high
collections
from//motor vehicle

r.e.crummer & Company

themselves

enjoy

such

Avenue(New

record at the close of business

also

collection

large incomes from
State and local securities should

who

the

for

transact

emer¬

now

survey

Tax

Virginia,
1942, at 10 o'clock A. M.,

14,

Directors

April 24,
-such meeting.

difficulty in the

it remarks.

three

ness

emphasizes tional Association of Mutual
Sav¬
that municipal revenue systems in
ings Banks meet to discuss sav¬
though
Congressional
sentiment their entirety need to be carefully
ings under war, conditions.' Itepat this time points to rejection of scrutinized at this
particular time,
resentatfves of /the Government,proposed legislation to levy Fed¬ as a shrinkage in miscellaneous
the economic field, industry and
eral income taxes, particularly in
revenues, grants-in-aid, and Statebanking will address the gather¬
regard to outstanding obligations. collected taxes shared with local
ing, made up of officials and trus¬
>: Employing the same
approach communities can unbalance mu¬ tees representing the 17 States in
as
in previous references to the nicipal budgets just as quickly as
which mutual institutions
-modified

and

properly may come before the meeting.
Stockholders. of record at the close of

glad

regarding

city en¬

average

some

pursuant to the By-laws,
of
the Company
in Roanoke,

years,
and
r.ot
known

these

Meeting of the Stockholders
Western Railway Company will

num¬

factors, it will not be sur¬

prising

'•

1 ■

Ill Fifth

of
be
at tne principal

Annual

elect

MEETING

ANNUAL

Thursday, May

•oil

comprehensive

familiarity

bonds.

answer

them

Nation's

other

forces, and

counters

nicipal market displays character¬
istic sensitivity. This is true, even

The

armed
gency

gives

municipal

time to come.

higher Federal taxes, in¬

clusion

v.".

;

1942.

OF STOCKHOLDERS

;

Norfolk

long experience in handling Flori¬
issues

background

current tax delin¬

some

ber of taxpayers in the

all

probably marked the

for

quency

immunity is revived, the mu¬

tax

survey

;

ot'lice

•

Congress on Monday that State
and municipal bond tax exemp¬

NOTICES

;-v

■

April 6,

Virginia,

DIVIDEND

RAILWAY

INCOAPOAATiO

President

NOTICE

WESTERN

AND

COMPANY

FLORIDA
mendations

Thursday, April 30, 1942

Maintenance
army

the

further
So

camps

money

busy.

tremen¬

in this

spent by

swells the

let's just say

of the

regior
soldier:

city's business

the town is
.

;

sor

Volume 155

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4068

1697

Washington Utility Dist.
Bond Sale Held Up
,*

Although it

expected that

was

offering date would have been

set

this

ere

Whatcom
No.

the

Co.

$5,875,000
Util.

Pub.

Dist.

Wash., electric revenue
bonds, no definite action has ma¬
terialized as yet.
1,

The

bonds

are

issued

finance the acquisition by the dis¬
trict
of
the
electric
properties.

operated by the Puget Sound

now

Power &

Light Co. in the district,
with certain transmis¬

together
sion

DEFENDS

lines

extending into Skagit
Uounty, ,to providq.working capi-;

stal and for other purposes.

;

C\ '

y >:.;

.i •/

•

..;

.,v

■

•

J. S;" "i :

•

;

,■

.•

5 V:.;

t" *■>'

Major Sales Scheduled
We

list

herewiththe

important
($500,000
issues
come

over

in the

—•

the

which

successful

bidder

for

the

lasi

are

also

ap¬

runner-up

previous issue

to
The

are

future.

near

the

names

and

excluded),

offerings
short term

municipal

sold

pended.
April 30

'§2,278,000
These

HOME
s

•

';':v .:s.;:

(Today)

Charleston Housing*

•

SOLVENCY

Auth., W. Va.

?•

•"

■

bonds

issued to refund!
bonds now outstanding.
J
being

are

series A and B

May 5
S5.800.000 Allegheny Co., Pa.
This

offering was for $6,800,000 originally
been scheduled for April 28.
On

had

and

the latest sale by the county, Lazard Freres& Co. of New York, headed the successful

syndicate in April, 1941.
entered by
;

Next best bid was

Harriman Ripley & Co., Inc., of

New york, and associates.

{

$1,225,000 Oklahoma Co., Okla.
There
this

record

any

recent

sale by

May 7

county.
"

$608,337.72 Utica, N. Y.
September, the city awarded bonds to
& Merle-Smith of New York.
Second

Last

Dick

) best offer
of

On land and

and in the

sea

submitted by! Lehman Bros,

was

New York,

But the casualties of

*$505,000Albuquerque,';N.:vTVIe&

war

In offices and factories

<fc

city last sold bonds in February, 1940,
going to Sidlo, Simons, Roberts
Co., and the J. K. Mullen Investment

ent

award

Co., tooth'of Denver, Jointly.

of liberty.

cause

days of

the

not all

are

in line of

men

and

;•

women engage

struggle for economic security

country's crisis.

our

military duty.

made

differ¬

difficult

»
/t-.-.r j :

Nerves

Investment Trusts

days.

(Continued from page 1695) f (
effects of the present . war

the

What,
Since

then,

war

Sleepless nights follow anxious-,

...

keeping enough life insurance in force.

- -

answer?

the

Is the dominant factor

and will be with
nite

Physical endurance is taxed to the limit.

tightened and the pulse is quickened.

are

Times like these redouble the need for

; economy.

kind of battle

in these

•.

[ ;!•!>>!

fight and die for the

men

throughout America,

This
the

air, brave

and associates.

for

period,' the>

indefi¬

only -sensible

procedure (for funds where man¬

is flexible) is to adapt
investment portfolios to the war
economy.
- When
the ' economy
changes from a war-time one, in¬
vestment lists can also be changed
in
the
light = of -conditions and
prospects at that time.
This is
only following the
sound
and
established, principles i that,
to
have
reasonable
expectancy of
success, investments must be in
accord with ruling conditions, and
there must always be alert will¬
agement

LIFE

ingness to change if and as Conditions change.
These principles

INSURANCE

COMPANY

apply to the institutional as well
individual

the

investors.—Re-V

printed from "Investment Tim¬
ing,"; published by the Economics
&
Investment Department, Na-

SPRINGFIELD, MASSACHUSETTS

Bertrand J. Perry,

| tional Securities & Research Cor¬
poration, distributors of National

Organized 1851

President

Securities Series and First Mutual

Trust Fund.

;-X•"

Investment Company Briefs
investments

The

Shared, Inc.,
ceptions,
stocks
the

latest

letin."

Dividend

with minor ex¬
confined
to
common
this time, according to
are,

Calvin

Selected

Bullock
and

"Bul¬

diversified

stocks, in the opinion of the man¬
agement, appear to offer assur¬
ances of a satisfactory return and
an
opportunity for protection to
purchasing power in periods of
rising living costs.
At current

levels, and based on
rates, the "Bul¬
letin" points
out, common stocks
.as a whole are providing a far
recent

dividend

generous return than virtu¬

ally all

other

investment

media.

Remarking that the average re¬
turn on
high-grade bonds is about

Dec.

the income

appeal of this Series,

stock

3%, "Bulletin" says that to reduce
yields to as low as 4%

March 31, 1942.

says

would mean very extreme reduc¬

Bond Series is

in the cases of some

tions—60%

issues—from

leading
dend

1941

divi¬

question as to
fear
of
common

the

raises

whether

the

stocks

yield basis in
been
overdone,"

has

not

to 5,942,499 on
Also an increase
in the number of

1941,

over

1,000
shareholders.

consecutive

ket,

other than

says

cash,

mar¬

have paid
during the

past 12 months."

quarterly

5,870,592

est

The
rate

securities owned.

payment
for

period last

the

year.

the

same

corresponding
.

Series, in the order named.

interest

Trust shows an increase in shares

from

Stock

Common

Low-Priced

1942

report of Massachusetts Investors

outstanding

Bond Series, Income

ments of the Trust taken at

Sales

71st

representing dividends and inter¬

leading in volume,

Among other things, the trus¬ Series, Preferred Stock Series, and

dividends

❖

The

have declared

Series have
mark.

about

This
18

National

Securities

passed the $3,000,000
result

months

within

only

is tangible evi¬

dence of the investor response

Loomis With Hutton

directors

"Bulletin."
The

Low-Priced

sponsors.

followed by

;

the

tees state that "98% of the invest¬

payments.

"It

31,

Boston

share, payable May 20,
stockholders of record

This

dividend

from

LONG

regular quarterly

dividend at the rate of 16 cents

to: tirely

(Special to

Fund

1942,

April 30.

derived

undivided

en¬

earnings

The

Financial

Chronicle)

BEACH, CALIF.

—

Roy

Loomis has become affiliated with

Hutton

Co.,

219

East

Broadway. Mr. Loomis was form-

j erly local

manager for Dean Wit¬
number of years.

ter & Co. for a

THE COMMERCIAL

1698

COMPANY

UNION PACIFIC RAILROAD

T>'

ENDED

DECEMBER

31, 1941

Pacific Railroad Company:

Stockholders of Union

To the

YEAR

ANNUAL REPORT

FORTY-FIFTH

Thursday, April 30, 1942

& FINANCIAL CHRONICLE

De»

Directors submits the

The Board of

following report for the year ended

Decem¬

and affairs of the Union Pacific Railroad Company,
Oregon Short Line Railroad Company, OregonWashington Railroad & Navigation Company, Los Angeles & Salt Lake Railroad
Company and The St. Joseph and Grand Island Railway Company. The lessor
companies have certain income and charges, and the figures in the Income Account,
other than those relating to transportation operations, and in the Profit and Loss
Account and General Balance Sheet and tabulations and tables relating thereto
are stated on a consolidated basis, excluding offsetting accounts between the com¬
panies except as otherwise noted.
}

18.
19.

21.

of year and income for the year
■

Federal

income^__.L.—
capital stock

1,537.92
4,310.03

additional main track

tracks and sidings

*»-•-

24.

$17,784,641.71

$14,693,388.53

$3,091,253.18'

$40,309,457.95
9,048,383.48
725,700.98

$32,521,758.008,770,354.87

$7,787,699.95

$23,358,960.07

73.36

71.92

Other

federal

cent—Operating,

;

$218,091,994.24 $168,164,257.99

$49,927,736.25

159,997,894.58

120,949,111.46

39,048,783.12

$58,094,099.66

Revenues over expenses

FREIGHT

of revenue

use

yards,

and

$32,521,758.00

1,559,762.67

$34,228,265.08

$278,028.61

(Excludes

per

27,289,316

14,060,393,343

4,678,527,210

554.01

515.23

equipment—debit balance
of joint tracks, yards, and ter¬

$9,048,383.48

.962

.971

•

other

$.16

passengers

carried one mile

2,109,885

1,702,678

407,207

23.9

1,021,396,602

262,596,329

25.7

(miles)

passenger-train milepassenger-mile (cents)

87.52

76.64

Average revenue

2,098)950.14
$10,869,305.01

1.670

1.700

$1.46

$1.30

$.16

$2.01

$1.88

$.13

$23,358,960.07

$7,176,413.42

passengers

only

Average total revenue per passenger-train mile

Operations—

than

California—net

stocks owned—.

Interest on bonds, notes,

and equipment, trust

certificates owned

—

$1,167,310.99

$3,375,188.42
4,794,185.00

$4,542,499.41
4,547,965.00

184,450.15

securities and accounts
of road and equipment

630,523.80

2,809,941.08
130,429.90
186,039.73

335,249.32

13,504.04

396,226.55

354,951.68

t$12,027,260.00

and

$759,841.71

$43,322,475.20 t$35,386,220.07

$7,936,255.13

Miscellaneous income

Total

—

6.9

Decrease.

Increase.

$978,140,726.05 $21,657,189.80

$999,797,915.85

Equipment———

;)
'

$23,823,091.13

13,310,236.52

$37,133,327.65

Appropriations from income and,,:
surplus prior to July 1, 1907,
?

Total
■

December 31,
J»40.

Receipts Jrom improvement and,
:
equipment fund

46,798.55

232,838.28
348,753.36

——.—

Less:

54,020~25

751,178.23

rents

$246,220.00

3 $12,787,101.71

lease

from

Miscellaneous

Investments:

Road

2,179,417.28

Income from unfunded
Rents

1.8

12.3

SIIEET—ASSETS.

December 31,

1941.

Dividends

—

other

Southern

operations

oil

Income"] from

14.2

.030

indicated for either year.

for excess-profits tax is

GENERAL BALANCE
Investments and Sources
Transportation Operations.

from

Income

10.88

mile,

passenger-train
—1y

per

"?■

$464,542.12

$30,535,373.49

per

t No liability

from Transportation

Net Income

1.4

8.68

599.88

608.56

Tevenue

2.8

1,283,992,931

carried—

186,513.51

.9
.

than

passengers

Average

2,285,463.65

7.5

.009

$5.73

$5.89

33.3

_■___

Train)

Revenue

Average distance hauled per passenger

$11,333,847.13

facilities —ui;—^

minal

23.9

38.78

•

TRAFFIC.

Train,

Motor

Streamlined

$146,744.41

.—

Rents for use

—2.0

6,534,907

33,824.223

___—

Average passengers per
Hire of

30.7

—

1.44

18,738,920,553

—,

ton (miles)
ton-mile [cents)
per

PASSENGER

$7,640,955.54

$8,770,354.87

hauled

Revenue

terminal facilities

$7,176,413,42)

.^84.9

Average revenue per freight-train mile—.

1,706,507.08

$41,869,220.62

from

Rents

TRAFFIC.

freight carried
freight—;

Average revenue

$7,787,699.95

$40,309,457.95

Income
joint tracks,

Railway Operating

3.2

;

operating

revenue

$47,215,146.53 $10,878,953.13
14,693,388.53
3,091,253.18

17,784,641,71

•Taxes

23 9

—_

278,028.61

333,257.92

392,443.06

(Commercial Freight only)

Ton-miles,

—

expenses

Average distance

yZ-i.2i.b

12.19

Transportation Operations.

■

(debit)

_'i^l26.8:

9.19

Tons

;

revenues

Operated-

26.9
'

15,683.37

Decrease.

15,730.91

15,718.72

297.4

80,272.60

28,047.55

23.

21.38

9,892.15
1,537.92
4,300.84

9,870.77

Operating revenues
Operating expenses

33.1

yyy:y;';s2.8

1,526,039.65

1941, compared

Increase.

1940.

716,779.10

12,364.18

Per

of Year.

Operated Mileage at Close
Miles of road

Total Mileage

Federal

22.

$41,092.45

.711,386.01

2,166,191.03
2,883,538.57 y 2,172,152.56
v v513.201.86
f 2,039,241.51
298,618.90
378,891.50

insurance.

___—

follows:
1941.

retirement

26..^Equipment Tents:
27. Joint facility rents

Miles

unemployment

Federal

$30,535,373.49

operated mileage at close

Miles of yard

Federal

$9,530,860.00

$9,571,952.45
2,882,970.13

State and county—.

20.

income
The

Per
Cent.

crease.

+TAXES.

ber 31, 1941, of the operations
including lines leased from

with 1940, were as

Increase.

1940.

1941.

credited to this account

.vv.; r?

Income

Total.

$941,007,398.40 $21,657,189.80

«9f)2,«G4,588.20

Interest

unfunded debt

Miscellaneous

—

rents

Miscellaneous

$1,047,596.16

charges

704.

39,166.99

$13,619,757.81
$14,667,353.97
313,833.21 t
221,559.37
13,467.34
52,634.33
517,997.33
998,792.31

debt

funded

Interest

Charges.

and Other

Fixed

705.

$92,273.84

Deposits in lieu of mortgage prop¬
erty sold —————j—___
Miscellaneous physical property——

1;/ •

'•

11,819,710.03

480,794.98
$12,959,643.19 $26,137,760.50 yyyyr

$39,097,403.69

$1,475,284.23

$14,465,055.69 t$15,940,339.98

—

12,923,343.19

•i>

24,743,053.22

TotalTotal

$36,300.00 $14,318,050.47

$14,354,350.47

706.

Investments in affiliated

companies:
'

Net Income from All

$28,857,419.51

Sources.

$9,411,539.42

$19,445,880.09

Stocks

trust
6,367,178.12
10,970,351.70

certificates

;

DISPOSITION

•

Dividends
road

2 per

Advances

OF NET INCOME.
of Union Pacific Rail¬

Co.:

—

___

cent paid April 1, 1941_
cent paid October 1, 1941

$1,990,862.00
1,990,862.00

-—-—

)):;f))fev'

$3,981,724.00

$63,380,981.35

48,429,987.41

$124,019,567.42

equipment trust
—i———:——

certificates :

April 1,1941 $3,334,365.00
IV2 per cent paid July 1, 1941
3,334,365.00
1 lAt per cent paid October 1,
1941
3,334,365.00
V/2 per cent payable January

$75,589,580.01

42,701,494.47

—_

—

Bonds, notes, and

$11,069,917.06

companies:;

in other

Investments
Stocks

■

1,262,900.72
8,864,009.34

19,834,361.04
$47,832,388.79 .-■•a

$106,082,475.82

707.

$3,981,724.00

stock:

Common

7,630,078.84

$36,762,471.73

Total.

stock:

Preferred

2 per

Stock

$943,007.00

$20,367,948.91

$19,424,941.91

————

Bonds, notes, and equipment

$12,2.08,598.66
>

—

5.728.492.94

lVa per cent paid

3,334,365.00

2, 1942

703.

13,337,460.00

$875.00

Sinking Funds.

Dividends-

—

Surplus, Transferred to Profit and Loss

$17,319,184.00

$11,538,235.51

-ya-■

$17,319,184.00

$2,126,696.09

liability for excess-profits tax is indicated

$9,411,539.42

Current Assets:

were

-Cash

$36,854,166.07

713.

714.

last year income from unfunded securities and accounts and interest on
reported on a net basis as "Interest on loans and open accounts-balance."
•

unfunded debt
V

Net

711.
712

2,257,439)91

62,399.45

12,992.25

Temporary

Special

De-

1941.
9,878.40

operated—.

Average miles of road

Increase,

1940.

9,901,03

______

Cent.

22.63

717.

Interest and dividends

OPERATING

REVENUES.

$180,272,441.59 $136,464,742.10 $43,807,699.49

Mail

Express

2,516,164.16

17,472,731.34
5,610,065.14
2,108,051.34

2,076,420.96

2,434,548.23
1,815,185.18

2,658,016.11

632,082.04

Total

operating revenues

OPERATING
9.
10,

11.
32.

13.
^

17.7

29.7

Total

Deferred

Maintenance

Total

16.

Total

line—

operating

—

$50,389,631.27 $22,395,127.42
4,829,000.57

56,868,021.44

3,483,992.72
5,378,465.46

$58,094,099.66

_—

40.0

370.89

1,718.00

Railroad Co.

items

—

Current

Assets—$94,702,811.84 (a)

25.9

14,753,683.43

$77,079,698.35 $17,623,113.49

727.

Assets.

):• )

'■->.)■

$121,090.49
s.sii.gsiiss

,$5,933,021.84-

$64,565.56

$185,656.05
6,433,382.73

•')'i $6,619,038.78

621,451.38

■y:--.

—

_—

9.4

$686,016.94

debits:

premiums paid"

$57,642.92
604,828.40

advance

funded debt
.r—,r
Other unadjusted debits———

Discount on

4,760,149.68

$10,223.56
.

$47,419.36

$31,694.04

636,522.44

2,185,900.79

2,574,248)55

$2,832,646.79

$2,589,974.21

28.0

975,490.51
506,537.42

$47,215,146.53 $10,878,953.13

725.

Deferred

Rents and insurance
in

44.4

.•

Working fund advances————.
Other deferred assets—

Unadjusted

8.7

417,944.34

$159,997,894.58 $120,949,111.46 $39,048,783.12

expenses

expenses..

13,084,804.37

5,246,944.91
71,621,704.87
4,459,483.23
5,885,002.88

operations—.

over

$9,310,323.05

32,718,370.99

$72,784,758.69

General

1*7. Revenues

$17,671,260.28

52.7

723.

Transportation—rail

$26,981,583.33
45,803,175.36

maintenance—

Traffic

722.

Total

equipment

Ohio

Assets:

Maintenance of way and structures-

14. Miscellaneous
15.

EXPENSES.

184.00

482.26

213,292.55

14.4

720.
8.

111,715.10

9,572,095.50

assets:

and

Miscellaneous

13.9

261,235.78
399,081.45

$218,091,994.24 $168,164,257.99 $49,927,736.25

111,531.10
111.37

———

19.4

337,785.22

153,877.29

receivable—

3,603,140.55
y:

11.3

408,112.82

2,258,934.66

2,772,333.45

passenger-train

Other

23.4

6,242,147.18

i_—

Switching
7. Other
___—1

current

890,824.14
2,263,530.77

916,886.05

7,771,494.19
33,648,741.62

—

capital stock applicable to payment of extra dividend of 1914

32.1

4,081,739.45

21,554,470.79

Other

i—

supplies

receivable—

Baltimore

Passenger

Rents

and

receivable—

accounts

Material

719.

Freight

3,777,798.50

,152,159.29

conductors..

Miscellaneous

716.

1,360,058.23

49,407)20

1,355.787.60
4,168,353.64
24,076,646.12
703,593.51

3,619,318.37

715.

718.

receivable from agents

balance

and

Per

crease.

$6,000,000".00

4,668,622.64 (a)

'net

Operating results for year 1941 compared with year 1940:

$3,606,846.10

$40,461,012.17

6,000,000.00
897,381.68

—

cash investments—
deposits———
Loans and bills receivable—
Traffic and
car-service balances—

709.

for either year,

t Restated:

$1,125,819,697.80 $ 18,788,116.64

$1,144,607,814.44

708.
*

$175.00

13,337,460.00
:

Total

$17,937,091.60

•

$700.00

Total

Unadjusted

Debits.

32.3

Grand

Total

23.0

(a) Restated.

——

$5,422,621.00

$1,250,666,2(»9.12(a)$l,«12,351,681.72 $38,315,187.40

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4068

Volume 155

31,

December

1941.% "

1940.

December
-

■■■

751.

Capital

December 31,

SHEET—LIABILITIES.

BALANCE

GENERAL

Decrease,

Increase.

$321,894,080.79

terments

$321,895,980.79

Reserved

(a)

99,593,480.79

1,900.00

Funded

$1,900.00

$693,537,260.79

Total

Debt

Nonnegotiable
■

1,674,858.66

$921,395.20

$8,775,873.48

$7,854,478.28

—-

this

Liabilities:

Miscellaneous

762.

Interest

}

•

569,373.01

Dividend

stock

common

Unmatured

Accrued

768.

875.00

700.00

175.00

$67,233,057.00

$256,123.77

235,441,266.83

Loss—predit Balance—

$302,930,447.60

—

242,302,936.11

.v;.

$309,535,993.11

*6,861,669.28
$6,605,545.51

149,292.38

120,982.70

ex¬

3,334,365.00
693,055.00

Railway

:'r»r

Company

are
The difference between the

such

face value of

and

the

(less
the

securities

books of the issuing

unextinguished
and

bonds

dis¬

discount

charged to Profit and Loss but added
back in cosolidating the accounts) and
the
amounts at which
the securities
are carried on the books of the owning

—

3,334,365.00

$670.00

$39,569,499.74

$39,570,169.74

companies Is set up here to balance—
$620.63

$1,250,666,269.12(b)*!,212,351,081.73 $38,315,187.40

Total

Grand

$35,181,729.60 (b)

2,361,409.63

$28,141,629.71

1,407,753.07

$7,040,099.89

$1,189,014.55

•

;

3.07

———-

$10,138,542.77

-953,656.56 (b)

shares of First Preferred Stock and 5 shares of Second Preferred Stock of The
St. J. & G. I. Ry. Co. purchased by Union Pacific Railroad Co.
(b) Restated to conform with change in Interstate Commerce Commission classification under: which
traffic and car service balances receivable and payable, formerly staged separately under "Current Assets"
and "Current Liabilities," respectively, are now stated on
a net basis;
accrued tax liability, formerly
classified as a "Deferred Liability," is now classified as a
"Current Liability," and liability for taxes
collected from employes and others, formerly included in "Miscellaneous Accounts Payable" and "Other
Current Liabilities," Is now included in "Accrued Tax Liability."
(a) Represents

644,930.83
48,124.17
276,391.95
7,129,354.83 f 2,343,324.62

276,388.88
,W
9,472,679.45 (b)
»--•

Liabilities:

Other deferred liabilities

Island

companies

38,067.80

120,362.07

sheet

balance

Los

count

Liabilities——

Current

•

pay¬

Other current liabilities-—-

Deferred

by other System companies

carried

liability—"——

tax

par

accrued

rents

766.

770.

84,743.60

187,360.18,;

accrued---—

interest

767.

Total

4,003,652.50

1914, unpaid--—-—

Unmatured

288,247.50

able second proximo

764.

281,125.51

4,088,396.10

dividend on common stock
declared January 8, 1914, payable to stockholders of record
2,

intercompany

the

Grand

owned

interest on registered

all

not included.

- <«,

pre-

Extra

March

373,051.62

------

due first proximo
Dividends matured unpaid:
, '*
'
Dividends due but uncalled for—

412,142.11

785,193.73 (b)

bonds,

•

$5,272,917.35

Coupons &
763.

$9,427,982.27

payable—

accounts

unpaid;
matured, but not

sented

$14,700,890.62

payable

wages

matured

Coupons

227,320.00

$67,489,180.77

reserves

consolidated

and

761.

items, securi¬
Angeles & Salt Lake
Railroad Company and The St. Joseph
ties

Audited accounts and

$516,771.20

cludes

Current

1,447,538.66

$28,628.77

Affiliated

Companies

760.

34,972,570.88

through income

Total Surplus
757.

$30,812,247.46

34,972,570.88

Appropriated Surplus

Profit and

784.

$8,726,446:06

$30,840,876.23

surplus

Sinking fund

$668,646,755.79 $24,890,505.00

$9,243,217.26

Grants In Aid of Construction

754.

Decrease.

of securi-

and

346,750,775.00 $24,892,405.00

371,643,180.00

Debt.

;

for depreciation

ties
Funded debt retired

755.

Increase.

Appropriated for additions and bety

$222,302,500.00

stock--

Preferred

1940.

Surplus:

$222,302,500.00
99,591,580.79

stock—

December 31,

1941.

31,

Stock

Common

1699

$11,327,557.32

EXPENDITURES CHARGEABLE TO INVESTMENT IN ROAD AND

EQUIPMENT PROPERTY
and Branches

Extensions

Credits:

Unadjusted

Premium

772.

773.

10,670,484.20
133,894,736.27

—

depreciation...
Other unadjusted credits:
Contingent interest-

Reserve for

778.
•

1,900.496.74

Reporter's

100 lA: J-

March

In the last day or two, how¬

offerings

scattered

ever,

the announcement of
of the Treasury Mor-

ing to market observers, with
the

that

result

the

debentures,

sold at par, are evidently

absorbed

being
syndicate's

the

that he would market
bids.
some $4,000,000,000 of new securi¬
The
high quality investment
ties during May and June.
character of these debentures is
On
the
contrary,
the out¬
such that these isolated offerings
standing
Treasury
issues ac¬
should
readily be absorbed by
cepted the news quietly; and
discerning portfolio managers.
with only
minor variation so

genthau

tions showed

the price level was con¬

Government secur¬

cerned.

misgiv¬
ing with regard to the market's
ability to absorb the projected
ity circles there was no

financing.

new

expected in most quar¬
forthcoming under¬
takings would. involve approxi¬
mately one billion of refunders
that the

take

approximately

equivalent amount of guaranteed
issues of the Home Owners' Loan

Corporation and the Reconstruc¬
Corporation.

tion Finance

Virginia Public Service

with
ness,

hopeful

can

cated

jected financing
Service

of the Virginia

Co.. is

for re¬

newed discussion.
;

had

firm

assumed

was

favorable

corporate undertakings go
this business is sizable, calling
for the sale of $26,000,000 of
As

mortgage
bonds due in
1972 and carrying a 3%% cou¬

and $10,500,000 of sinking
fund debentures carrying a 5%
pon,

the

made

At least two banking groups
said

are

interested

in bid¬

ding for this financing when, as
and if the company decides to go

un¬

coffee

current

a report
Department of Commerce
public April 24. The De¬

announcement

From

through with its proposals.

( Presumably a smattering of the
$100,000,000 of 20-year debentures
the

American

Tobacco

Co.,

brought out last week, are finding
their way back to market.

| On the day of offering this
issue
ums

commanded
over

having

the

been

sizable

issue

premi¬

price of 100,

reported

72%

the

traded

total

coffee

at the

increase

the

export

constitutes the second

outstanding export

crop

The position of

coffee in the domestic economy
is thus

was

0.6%

1.0%

1.5%

—

Change from February,
1941, to March. 1942
Excluding

Class of

Construction—

All Cities

New

residential—

—13.4%

—14.1%

New

non-residen¬

—34.2%

—35.2%

tial

Additions,
&

All

N. Y. City

altera¬

repairs-

28.0%

-20.4%

construction.

+ 29.7%

—21.4%

tions

quarter
issued in

of
re¬

important one.

7;-.

of 1%.

Labor
we

Bureau's

Department's
also

include

awarded

Governments

private and

struction.
eral

the

and

2,533

con¬

by Federal and
in

addition

municipal

For March
State

quote:

tabulations

State

and

agricultural
crop ■
of
Venezuela in point of value and
the

first

tracts

of the

trade

largest
is

con¬

the

The

present time that area is

of the country.

28%

were

permit valuations

total

entirely eliminated as a market.
Coffee

nonresidential

new

drop of 34%.

announcement

shipments during the year. By
1940 shipments to Europe ac¬

counted for only 12%

American Tobacco 3s

for

s o

Exports of coffee from Ven¬
ezuela to Europe in ]1935 ac¬
counted

All construction.

$699,000;

altera¬
repairs-

—

1.3%

All

construction.

3.8%

con¬

1942, Fed-*

construction

reporting

cities

to-

taled $67,163,000; for February

types of building construction for
permits were issued or

contracts were awarded in March

1942, except those awarded by the

Navy

Departments^

and the
Defense Plant Corporation which
have been excluded because of
their
West

Commission,

confidential

nature,

were:

Hartford, Conn., factories to

$1,048,000; New York City—
Borough of Brooklyn, multifamily
cost

$1,452,000 and
factories
to
cost
$1,070,000,
March 1941, $45,802,000.
Borough of Queens, factories to
Changes in permit valuations in cost
$690,000;
Chester, Pa.,
1the 2,533 reporting cities between
family dwellings to cost $2,500,March 1942, February 1942, and 000; Lower Merion Township, Pa.,
1942,

$167,437,000,

and

for

dwellings

cost

8.4%

which

Maritime

Tex.,

Houston, Tex., 1-family dwellings
to
cost
$909,000; Los Angeles,

housekeeping
dwellings
for which permits were issued in

and

Worth,

family dwellings to cost $657,000;

New

War

Fort

5.4%

cities
for
buildings
$624,217,000, an in¬ the
2,533 reporting cities in March
crease of 4% as compared with
1942, will provide 28„695 dwelling
the
corresponding
period
of units, or 17% less than the 34,480
1941. Permit valuations for new
dwelling units reported in the
residential
buildings
during
previous month, and 8% fewer
the first 3 months of the current
than
the
number
provided
in
year amounted to $281,076,000, a
March, 1941.
Dwelling units in
loss of 6% as compared with the
publicly financed housing projects
corresponding period of the pre¬ included in these totals numbered
ceding year.
Over the same
2,554 in March, 1942, 14,483 in
p e r i o d
new
nonresidential
February,
1942,
and
3,073
in
building showed a gain of 18%
March, 1941.
and additions, alterations, and
Principal
centers
of various
repairs
decline

says:

;

valued

and

partment's

'rate and maturing in 1957. V

showed

ex-

residential
decline of

new

porting

Surplus

conditions, according to
to

2.7%

—

mar¬

anticipated under quota,
prospective shipping

are

market

repairs-

Township, Pa., 1-family dwellings [
to cost $1,558,000; Chicago, 111., l- <
family dwellings to cost $2,289,-(
000 and factories to cost $646,000;
Dearborn, Mich., 1-family dwell-]
ings to cost $1,014,000; Detroit,!]
Mich., 1-family dwellings to cost
$6,595,000; Akron, Ohio, 1-family
dwellings to cost $931,000; Cleve¬
land, Ohio, factories to cost $823,000;
Columbus, Ohio,
1-family
dwellings to cost $608,000; West

Additions,

Indicated

for

while

trast,
!

the crop reaches the esti¬
650,000 bags and both the
United States and Argentina take
the
greatly
reduced
quantities
which

20.8%

altera¬

Additions,
tions

re¬

13%

showed

year if
mated

first

18.5%

additions, alterations, and
pairs to existing buildings.

20%.

During

Venezuela is faced with

the

City

—11.1%

for

building

precedented carry-over of coffee
of

19%

N. Y.

—13.2 %

non-residen¬

New

Pa.,
1-family
dwellings to cost $871,000; Phila¬
delphia, Pa., 1-family dwellings
to cost $1,396,000; Upper Darby

shown by permit valuations

penditures

1942, permits

the end

Excluding
All Cities

residential

New

1-family dwellings to cost $674,-.
000; k Norwood,

Allis, Wis., a factory to cost $600,000;
Wichita
Kans.,
1-family
Comparisons of permit valua¬ dwellings to cost $1,550,000 and
dwellings
to
cost
tions in cities reporting for the multifamily
Washington,
D.
C.f
first quarter of 1941 and 1942 are $696,000;
multi-family dwellings to cost $1,shown in the following table:
812,000 and public buildings to
Change from
cost $3,084,000; Baltimore, Md., 1First 3 Months of 1941
to
family dwellings to cost $630,000
First 3 Months of 1942
and factories to cost $1,040,000;
Class of
Excluding
All Cities
N. Y. City
Construction—
Norfolk, Va., 1-family dwellings
New residential
6.0%
+ 0.4%
to
cost $611,000; El Paso, Tex.,
New
non-residen¬
waterrtreatment
plant
to
cost
tial
+ 19.2%
+ 18.4%

ket could be obtained.

be¬

$21,657,189.80

—

reported

was

Faces Coffee

stated:

cline
i.

offering 6,000 shares of American
Cyanamid class B stock, for which
it

increase

said.

As compared with February,
March
permit y a 1 u a t i o n s
showed a contra-seasonal de¬

sold.

been

Another

busi¬

huge program, was indi¬
by reports that the pro¬

Public

preferred

block

was

she

building." Secretary Perkins fur¬
ther

3,500

out

the other day, and
within
a
comparatively
short
time
reported that the entire

notwithstanding the Govern¬

ment's

brought

repairs,"

and

in the value of new nonresidential

market

firm

and

building

summarized

Change from March,

tions

bond issues.

One

are

tial

in value of additions, altera¬

"There

shares of Aluminum Co. of Amer¬
ica

residential

tions,

proceed

normal

less

banking

investment

the

That

world

' I

ing to keep the investment bank¬
ing fraternity occupied in lieu of

It was

•

ters

13% in indicated expenditures for

offerings of
blocks of listed stocks are help¬

new

the

After

1941

April 25.
"The decrease was
brought about by a falling off of
new

$2,116,084.90
1,021,509.48
$3,137,594.38

low:

Class of

compared with the corresponding
month of 1941, Secretary of Labor
Frances
Perkins
reported
on

Offerings Continue

Stock

decline of 1%

—

...

1941, to March, 1942

valua¬

permit

building

$24,794,784.18

—

Construction—

►

far

Credits

Building Permit

March

•

——

—

in investment in "Road and Equipment Property"

Valuations Are Down

have

made their appearance,] accord-,

Expenditures

March

101%, later settling back
^ '
.'
.'.

around

(Continued from First Page)
bond market was not visibly dis¬
Secretary

18,912,799.45

.___

Total

Net increase

*908,165,651.78 (b) *863,245,588.87 *44,920,063.91

$2,835.92
5,879,148.81

——

...

Equipment Property:
of property retired and not replaced
of equipment retired

Cost

$138,816,341.06 $12,205,067.47

high

turbed

—.

to investment in Road and

Cost

900,407.76 £ 3,566,871.83

$151,021,408.53

Total Liabilities——

Report

2,218,494.47

4,118,991.21

4,467,279.59

—

Unadjusted Credits

Our

——

equipment)

—

Total

$739,132.12
10,120,772.96
Credits

items

Miscellaneous

Total

9,931,352.08
123,773,963.31

Equipment

(Reserve for fire

reserve

insurance)

$3,214.97

$91,626.70

(excluding

Betterments

and

Additions

$88,411.73

funded debt

Insurance

Calif., 1-family dwellings to cost
$1,073,000, multifamily dwellings
to cost

cost

$3,144,000 and factories to

$1,750,000; San Diego, Calif.,

schools to cost $715,000; San Fran¬

cisco, Calif., 1-family dwellings to
cost

$868,000, and Seattle, Wash.,

1-family dwellings to cost $948,000.

' '

Contracts

were

March for the

financed

awarded during

following publicly

housing

projects

bbn-

taining the indicated number of

dwelling units; Springfield, Mass.,
$1,074,000 for 300 units; New York
City, $2,030,000 for 342 units; Al-

lentown,

Pa.,

$374,000

for

104

units; Bethlehem, Pa., $856,000 for
202

000

units; Connellsville, Pa., $615,for

150

units;

New Albany,

Ind,. $74,000 for 18 units; Detroit,

Mich., $974,000 for 210 units; Wil¬
mington,

Del.,

$833,000
Fla.,

for

200

units;

Rockledge,

for

units; Tarrant City, Ala., '«

$233,000

$134,000 for 48 units, and Seattle,

Wash., $3,096,000 for 900 units.

Reporter On "Governments"

Our
-

Thursday, April 30, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

1700

v'rryryy'y J"

(Continued from First Page)

A definite indication that short-term securities are to
be sold to commercial banks in large quantities over the next

(1)

two

years.

...

that shifting of some of your short-term hold¬
ings to long-terms may be smart policy because you'll get
plenty of short-terms later. ...
■
,
Vi / .
(3) A suggestion that short-term interest rates may harden
slightly (but not enough to hurt the long-term market) as the
total of short-terms outstanding increases. . . . \
>.
'
A hint

(2)

NEW MOVIES

"Saboteur"

(Universal),

Alfred Hitchcock production, with
An exciting and enthral¬

Priscilla Lane and Robert Cummings. :;

ling adult movie about

suspected of setting fire to a v
defense plant, who is arrested, escapes and ends up by capturing,
There
have it—a combination of news interpretation, not only the actual saboteur, but uncovering the hidden ringleaders
you
The story has its share of heroics but Mr. Hitchcock hasv
fundamental policy determination and forecasting. . . . If you can as well.
The sub- .
find the logical fallacy in this story, go ahead and tell your board welded a yarn together that has a ring of authenticity.
not to do anything with the maturity distribution of your portfolio ject—sabotage directed from high places; the scenes—beginning in •
at the moment.
If you can't, take some Action and see how it California and coming across the country to New York, are all woven'
turns out. '{
We'll wager you'll discover you've acted wisely together into a believable pattern. The final shots of the chase that
begins in New York's Radio City Music Hall and ends in the cap¬
and in time.
.

young

man

...

ture of the saboteur in the

Advice—

Following

y y There doesn't
authorities

key

mercial banks.

of the Statue of Liberty, will keep

disagreement among any of the
the advisability of selling short-terms to com¬

Consider the statistics.

crown

off the

"In This, Our Life" (Warner), Bette Davis,
Olivia de Havilland, George Brent, Dennis Morgan.
.
.
.
Social
consciousness has come to Warner's; with a bang.
First it laughs

seem

on
-.

tenterhooks.

you on

to be any

■

red

...

bogey in "Male Animal;" then it takes the side of the

member banks are expected share croppers in "Juke Girl," and now it comes up with its version
to be holding $22,600,000,000 U. S. Government obligations, as com¬ of "In This Our Life" and talks right out about the Negro and his
pared with $18,100,000,000 June 30, 1941. . . . As of June 30, 1943, troubles in a world ruled by the white man. True, this is not the '
holdings of the member banks are expected to total $36,500,000,000. ; . primary object of the story, still it's an integral part of the saga -'
The
American Bankers Association's
Policy Commission es¬ of the Timberlakes, a family that has come down in the world due timates that public financing must total $18,800,000,000 in the 1942 mainly to the financial machinations of Mrs. Timberlake's brother.1
fiscal year and $33,600,000,000 in the 1943 fiscal year. . ....(In study¬
The family consists of four people: two daughters, Stanley, an irasci¬
ing these figures, remember that the Commission's members are ble headstrong selfish girl; Roy, the gentle thoughtful daughter, mar-leading American bankers and that they have worked in close co¬ ried and in love with her surgeon husband; the father, a meek un-;
operation with Treasury representatives.
You may consider them assuming little man, and the mother, a hypochondriac. Stanley, on
as official, therefore, and allow only a normal margin of error in
the eve of her marriage, runs off with her sister's husband."
The
calculating the future).
subsequent divorce and marriage ends in her husband's suicide.
It is inconceivable that the Treasury would expect the com¬
Stanley returns home restless and selfish as ever but the family, in-.
mercial banks to absorb 40% of the increase in the publicly-held
eluding her sister, forgive her.
Meanwhile, Roy and her sister's
debt over the next fiscal year in long-terms. ... It is inconceivable ex-fiance have reached an understanding, a condition that Stanley
that Secretary Morgenthau would ignore the advice of those closest tries to break up.
In a fit of rage Stanley drives too fast, and has
Panic stricken, she runs off and blames
to the situation—especially when that advice fits in neatly with the an accident and kills a child.
opinions of Government experts. ... So, look for formulation of a the accident on Parry Clay, a young Negro, who studies law in his
clear policy on the part of the Treasury soon, aimed at placing spare time and is a handy man during the day.
John Huston, who
short-terms in your portfolios and at placing (1) longer-terms in directed the Maltese Falcon, does a splended job in this picture.
insurance company portfolios; (2) intermediates or very-shorts in All in all, it's a fine movie with an excellent cast in the leading as
well as in the supporting roles.
A particular bit of outstanding work
corporate portfolios; war bonds in individual portfolios.
is turned in
by Ernest Anderson, the Negro boy. . . . "Moontide"
30, the Federal Reserve

As of June

Inside The Market

Gabin,

Jean

(20th-Fox),

Lupino,

Ida

Thomas

Mitchell,

Claude

maturity preference in the Rains..
A slow-moving yarn about waterfront people, their lives,
category is accepted or whether the recommendation loves and philosophies. Gabin, in his first American picture, is a
of other bankers for favoring of the one to five-year category' is
rugged two-fisted odd job waterfront laborer. He saves a girl from
accepted seems of minor importance. -. . . Big point is the average suicide, falls in love and marries her. His buddy resents the new
will be around five years.
And dealers are wondering whether wife and one night while Gabin is away breaks into the cabin. An
banks are re-arranging their portfolios. to fit in with this pros¬ accident occurs and the girl's back is broken. Gabin returns, rushes
pect.
her to the hospital and then goes hunting for the man.
The photog¬
In case you're doubtful about U. S. Government's ability
raphy is magnificent. Angle shots and soft foggy eerie effects domi¬
to
keep interest rates where Treasury and Federal Reserve
nate.
It is an interesting picture, but not the tremendous thing
Board want them, consider the fact that on and after May 1,
claimed for it,
Gabin is effective as a rough hewn thick hailed, bun¬
Whether the ABA's suggestion for

•

to 10-year

one

...

by themselves in the face of
a
general decline. The best
they can do under such con¬
ditions, is to stand still.
#

for the time

being.

ized and

adjusted itself to the
new program and will act ac¬
cordingly.

list.

taxable
Life
far
000

this year

the

company

same

period.

1941

(Continued from page 1693)
lieved particularly well situated
for sugar coming from Cuba.
As
there is no indication of a pos¬

this shipping situ¬

sible change in
ation i

seems

reasonable

company's busi¬
ness will continue at peak
levels
at least so long as the war lasts.
Admittedly, this prospect it apt
that

assume

the

keep alive the recent increased

that the stabilization program

Fundamentally,
however, and
on
a
long-term basis, there ap¬
pears to be little question but that
the bonds are at least adequately

far

thinks.

away

the

one

majority

stocks manage to keep above

Tuesday's lows, the stabiliza¬
tion .idea

will

hew stimulus.

have
'

gained
•

priced,
j Strictly
war-induced
earnings will hardly warrant a
more
liberal reorganization plan
by the Commission.
Under the
final

St. Louis, Mo.—Sorry, I

_can't ;..help
!l'm

[The

time

next
?

article

its market

: ■■'y .■■■, 'y;'y.':yy;yi^

".a

Gar Wood.

not familiar with

history.;

with

you

not

coincide

Chronicle.

Thursday,

—^Walter Whyte.

views
do

expressed

this

necessarily at any
with

They

are

those

of the

presented

those of the author only.] '

E. 56th), that

Though

than $200,000,-

doors.

softly

pleasant,

a large room, at eight in the evening, it's jammed to the
AFTER-THEATRE.
.
.
.
The gorgeous Rainbow Room,'
above Radio City, is still one of the town's show places,'

floors

the

and if you're tired of it you can always
or to Clemente's rhumba rhythms.
Current show consists of Helen Tamaris, assisted by Ida Soyer and
Daniel Nagrin in dance interpretations of American themes; Billy
de Wolfe, whose satirical sketches of night club m. c.'s, frustrated
actors, cocktail bar denizens, etc., keep the place in an uproar. For
the duration the dress obligatory rule has been lifted, but most of

should

released,
bonds are

control.

dance

unless some in¬
desire to bid for

common

Taking these theoretical
securities, the

values for the new

present 5s would be worth 9.

To
possibly be added 2V2
points if the interest request is
granted, and there is no corre¬
sponding-reduction in the pro¬
posed allocation of new securi¬

this might

Leo

ABOUT-TIIE-TOWN.
for the benefit of

receive

come

only $100 in new in¬
4V2S, and 10 shares of new

The Banshees "Carnival Street,"

the fun event of the month. . . . Myrna Loy,
Sawdust Trail, being protected from autograph

guards. . .
At El Chico, aristocrat;
of its best shows in years. '. .;
Buck argues amiably with a parrot in Spanish and is stumped
the bird resorts to Portuguese. '.
.
.
Russell Swann who

when

started

six volunteer soldier

Spanish night clubs with one

Frank

Intermediate

April 16 made

the Naval Relief Society, May 12, at the Waldorf-

Jimmy Dwyer's

hunters by

FIC Banks Place Debs, f
Credit Banks on

Astoria, promises to be
at

Federal

clothes, so guide yourself accordingly.

people here wear dinner

the

ties.

The

Reisman's music

out

customer's man '
magician

is a top flight

successful

and

now

000

and

comic, has ten pages devoted
life in one of those comic

placement of $48,260,debentures through Charles R.

Dunn, New York, fiscal agent for
the banks.. Of the total amount

his

magazines the kids bring home
and you throw out. . . . Don Loper
Barrat astride a tan¬

$42,260,000 were sold publicly at

The Penthouse Club
30 CENTRAL PARK

and Maxine

of which $16,645,000 dated
May 1, 1942 and due Nov. 2, 1942,
carries a coupon rate of 0.65%
par,,

might sell at 40 while

price of 5

would

'••]*>••-•>•;

\r. •

appear
"i"

liberal
ijh .''I.:.;

and

and due Feb.

will have outstanding

debentures,
■

-i,-;-'-*; j-

the statistical

$296,755,000
l :.

unique restaurant in

beautiful location, overlooking

Central Park to the north.

Serving

best

skilfully
;

Telephone PLaza 3-6910

department for Mc¬
j \

food,

prepared.

Millan,- Rapp & Co.

all time high.
F'l I!

most

With Merrill Co.

incomes

SOUTH

Adjoining1 The Plaza VV-;

pull up in front of El
Morocco and give the doorman the
dem, bike

$25,615,000, dated May 1,1942 jitters—he knows all about open¬
1, 1943, bears a cou¬ ing taxi doors but from bikes he
don't know nothing.,.
- '
The other is¬
common.; It is
believed
likely pon rate of 0.75%.
that the income bond interest will sue of $6,000,000 carrying a cou¬
be supporable in all but severe pon of 0.50% and maturing Aug. j
Moyer
depression years, but earnings on 1, 1942, was sold privately on a
PHILADELPHIA, PA.—Walter
0.40% basis.
Of the proceeds of
the new common will be highly
R.
Moyer
has
joined
Merrill
the sale $38,540,000 will be used
erratic.
Substantial earnings are
Lynch, Pierce, Feriner & Bearie,
to pay off a like amount of de¬
not likely except in periods of
Commercial .Trust
Building, as
bentures due May 1 next and $9,real prosperity.
Judging by the
manager of the bond department
720,000 is for new money. At the of the Philadelphia office. In the
present market levels of other re*
organization securities, the mew close of business May 1 the banks past Mr. Moyer was in charge of

;;

recently

the subject

plan,

holders

■

RESTAURANT—Theodore's

lighted.room is doing a turnaway business these days. Its food, for
the price (dinner, $1.65) is as good as ever.
But if you plan to eat
there before theatre better phone ahead and make reservations.

The view is breathtaking

speculative interest in the bonds.

not

Government bonds

purchases

total nearly $300,000,000, against less

appear

investing in

....

insurance

for

signs

jestic Theatre since last January.

:v /.

terests

the market will have stabil¬

Here and there

\v ;

Without knowing how Con¬
gress will act, I would ven¬
ture
to say, that once the
problem of taxes is ironed out,
;

York's.MaBut with one thing and another
I just got around to seeing it.
It's George Gershwin music at its best.
The singing of Ann Brown and Todd Duncan is beautiful to hear. It
belongs at the top of any entertainment list.

changes with

Thomas

job.

THEATRE—"Porgy & Bess" has been playing at New

bills

Miss Lupino, in an actor proof part, is, capable

Claude Rains, as the philosopher, is excellent.

always.

Mitchell, as the sadistic brute, does a good

.Talking about refunding, Government maturities in the. next
months total $4,100,000,000 and include Treasury notes, discount
and the new certificate of indebtedness issue. . . .
Traders report best market interest still is in tax-exempts.
Reveal this section of the market is holding .better than the

(Continued from page 1693)

market, they are acting well.
How long they will continue
to dd so, is another question.
I don't think they can go up

dle of masculinity.
as

these

par.

--If. you have, cash and don't want to take any
it over the next few weeks,
you might consider

Says
I

Walter Whyte

the Exchequer proposes to issue a
bonds, carrying 3% interest, due in

Present issues are due in 1955-66.
Any banker want to argue the relative financial positions
England and America? ...
priced at

and

1970

Tomorrow's Markets

war-savings

loan

Chancellor

British

the
new

)

-l. I

-5...:

a .1

;

Volume

THE COMMERCIAL & FINANCIAL

Number 4068

155

Lithuania

Italy,

and

additional

defaults

Municipal and Corporate
teed

Greece, Poland, and
Yugoslavia—which. increased to
75% in 1940 from 58.2% in 1939.

f;— w"-"

Defaults in Latin American dollar

The Foreign Bondholders Pro-

;

Council, Inc., New York,
issuing its 1940 report on April

•

v27 stated

that of the 40.countries

bonds

,t 1940 in the amount of $5,340,701,?
>396, there were 42.8%. in default
to

interest,
principal, cas

as
'

sinking, fund, or
compared
with

39.6% at the end of 1939. This inT

ncrease

due

'European

largely

defaults

new

Belgium,

—

during

Far East and Africa

settlements

the

negotiated
Council

total service of 5.5%

per annum.

"At the end of 1940 full interest

payments

were

made

Latin-American

bonds

of European

25%

dollar

In Default

% In Default

ing Canadian dollar bond issues
paying interest in full, as
98%

970,603,872

■j-

,75.0

•

loans dur¬

and

respectively,

of the bonds of the

East, Australia and Africa.
less

than

Latin

American

bonds, 16% of European
bonds, and 5% of Canadian bonds.
"No
interest
payments what¬
made

were

ever

70%

of Latin

American bonds, on

50% of Euro¬
pean bonds, on 2% of Far Eastern
bonds, and on less than .005%
non-Dominion bonds.

Canadian
"The

following table shows by

the percentage

of outstand¬
ing dollar bonds with respect to
interest
payments
(based upon

areas

treatment of last coupon

maturing

in 1940):
Payment
Other Than

Payment
%

U. S. Dollars

25.54

3.75

25.35

15.60

America

Europe
and

East

Canada

Africa.

■

Payment
%

Vil

9.23

97.93

70.71

49.82

4.604

■

2.07

v.:-;.;,;::

95.391

-1

•

.005

w—.

The

the

Conversion

Office.

bonds1, continued

com¬

Non-State bonds

through the Cash Office for
Foreign Credits at the reduced
rate of 1%% per annum.
Ireland

full

pay

paid

the Cities of Milan and
Rome, and on Corporate obliga¬
Lithuania.

July 1940

due

Interest

paid at

was

reduced

rate, but the following year went
into default. Norway continued to
full service

America

$90,151,364

89,680,800

Europe
Far East

4V2%

Bonds

continued

388,000

Canada

lic.

Under

com¬

Dominican Repub¬

plete default.

639,404

——-■'

its National,

Rumania

continued

the

Convention

new

1919.

since

default

its funding

bond issues of the Kingdom and
24, 1940, the General Re¬
$180,859,568
the Mortgage Bank, continued to
ceivership of Dominican Customs
do so during 1940, but defaulted
Details as to Latin American and ceased to
operate. Ecuador, which
the early part of the following
European payments and defaults defaulted on sinking fund pay¬
are
Supplied as follows by" the ments as early as 1908 and 1910, year.' " X: ■'
"In other parts of the world,
Council.
continues in complete default. EI
Australia continued full
"In Latin America, Argentina Salvador. No
interest
change occurred in
continued
to
serve
its
national
1940, all of the bonds continuing service, but made no sinking fund
dollar bonds in full, with the Re¬ in
complete default.
Guatemala payments during the year. Pay¬
adjustment bonds of the Prov¬ is paying full service on one loan, ment of both interest and sinking
inces of Buenos Aires, Mendoza, and
50% on account of the con¬ fund were made in full on the
and Santa Fe also meeting full
tract interest on another. Haiti, State, Municipal and Corporate
China.
The
service, while Province of Cor¬ while continuing to pay full inter¬ guaranteed issues.
doba paid interest in full but con¬
est, has been in default on sink¬ Readjustment bonds went into
tinued in default on sinking fund.
default in 1939. On Jan. 15, 1939
ing
fund
since
Jan.
1,
1938.
Certain
the Chinese Government stated it
City of Cordoba
1957 Mexico continued in
complete de¬

of Sept.

•«

bonds have received

inter¬

fault

est, but not for current coupons,

State

the

and

was

default.

default

offered

issue

1937

pletely
been

some

dollar

its

2085

of Decree

its

bonds

Brazil, under

com¬

Bolivia

has

publicly
1931.

since

four

year

plan

of March 8,

1940,

offered interest payments at about

22% of the contract rates
than

less

4^ths of 1%

issues

Grade VII

one

issue

State

Rio

3J/2%

However,

Janeiro

has

made any payments under

never

this

II.

certain

Grade

the

from

and 3

Decree,

tions

are

other obliga¬
Chile

arrears.

tinues to offer interest at

1V2 %

mately

per

con¬

approxi¬
under

annum

transferred
sums

under

amortization
purposes..

this

that

$6,000,000
account

decree

from
for

the

other

Further transfers from

amortization

since-been

made.

have

account

Colombia

fol¬

lowed its temporary offer of 50%
interest payments in 1940 with an
offer of 3% bonds for the two 6%

issues, and scrip for half of the
back

interest. To the end of 1941

less

than 46% had accepted the
exchange offer. Departmental,
Municipal and Guaranteed Obli¬

gations of Colombia continued in
complete default, with the
tion

ments
issue

excep¬

Barranquilla, where
were

only.

made

Costa Rica

pay¬

the

continued

issues.

and

railway,

Panama

made

offer of 31/4%

bonds for the 5 %

issue, and 3%

bonds for the 5%

Arrears

Certificates.

3%% bonds

Also

new

floated early in

were

1941, the proceeds being used to
the 5%% loan. Bonds of

retire

the National Bank and of the
of

Panama

Peru.

continue

City

default.

No payments were offered

"In
to

meet

its

full

service

from

funds frozen in the United States

following the invasion in May of
1940, but bonds of the City of
Antwerp
defaulted r during
the
year.
Bulgaria, which had been

making 40% payments on account
of interest, defaulted completely
before

the

slovakia

sinking
and

end

1940.

defaulted

fund

Republic
payments in 1939,
on

interest in 1940 following

the occupation by Germany. Dan¬
zig. No payments have been made
on these bonds since the German

occupation in 1939. Denmark
tinued to meet full service

National, Municipal and
rate
guaranteed
dollar
utilizing

for

that

purpose

con¬

its

Corpo¬

bonds,
funds

thereafter.

num,

per

an¬

provided for in its tem¬

tained full service
lar bonds

Interest

view

the

all

its dol¬

through 1940.

the

Liberia.
issue, held
Company, was

Other

with

1940

its

sum-

1940

Over 1940

132,600,798.97

; 28,317,618.54

$ 46,574,665.66

$20,009,938.39

:15,780,105.71

11,645,694.99

4,134,410.72

$ 34,928,970.67

$15,875,527.67

4,310(439.38

190,934.43

46,297,124.53

$ 30,618,531.29

$13,678,593.24

8,306,748.01

•X' 8,244,714.20

62,033.81

54,603,872.54

$ 38,863,245.49

$15,740,627.05

2,004,180.92

1,688,203.37

315,977.55

52,599,691.62

$ 37,175,042.12

$15,424,649.50

20,141,033.67

20,265,210,33

124,176.66

16,909,831.79

$15,548,826.16
6,440.00

Miscellaneous
Income
other

Fixed

X™

deductions

available

for

charges

interest

and

—

interest and other fixed charges

Income

available

for

other

pur¬

poses

32,458,657.95
11,366,775.00

Contingent interest charges—
Net

audited

income

statement

indebtedness

—

there

included

are

.11,360,335.00

21,091,882.95

Xi:

this

income, the full amount of fixed

5,549,496.79

I-

.J—*

deductions

before

■

.tap

$15,542,386.16
ssai

hrin

sea s

and

The

■

arriving at net audited

contingent interest on the total interest bearing
the Company accruing within the
periods shown.
'
s

AVAILABLE

INCOME

statement

AND

APPLICATION

UNDER

MODIFICATION

PLAN

shows

that for the year 1941 there was
$52,599,691.62 of audited
payment of interest and other charges.
Under the Plan for
Charges and Maturities of August 15, 1938, as incorporated in
supplemental indentures of January 1, 1940 to the affected obligations, an adjust*

income

available

Modification
the

ment

for

the

of Interest

is made in this amount for

cash transactions
pertaining to the income of- former
This increased the amount of income available for the
payment of interest and"

years.

other

charges to $52,644,114.86.

leased

Plan,

From this is first deducted $1,057,688.32 for rent
fo*
and equipment and $19,083,345.35 for interest
remaining fixed under the
total of $20,141,033.67, leaving remaining available net income of
$32,503,-

roads
or

From

this available net

income the

Board of

Directors

the exercise

their

delegated discretion appropriated $5,690,337.39 for capital fund to be applied to or to
reimburse the Company's treasury for capital
expenditures. They further appropriated
$22,073,407.69 providing for the payment of all accumulated and unpaid contingent
to December

31, 1941; From the then remaining available net income,
75%, or $3,554,502.08, was appropriated for sinking fund, leaving available balance of
$1,184,834.03 for other corporate purposes. (The Plan provides that from 1939 to
1943,
75%, and thereafter 50%, of the Available Net income remaining after the payment of
all contingent interest charges, is to be set aside in the
Sinking Fund until $100,000,006
par value of secured obligations of the Company is retired.)
The

payment of contingent interest authorized by the Board of Directors will b&
against the surrender of contingent interest coupons of May 1, 1942, appurtenant
by the Plan, and the supplemental indentures relating thereto

made

to all bond issues affected

and
on

facilitate collection the

after April 10,

coupons of

May

1, 1942, may be presented for payment

1942.

X,*• X f'XX*'•X
There was
tions

incurred

the

principally
v:XX\X'-i..v::

■

The

total

expenditures

during

the

property aggregated $3,773,277.77.
During the year four new arid
acquired

and

material

acquired,

hopper

in outstanding interest; bearing
to the issue of equipment

due

year,

placed

vital

consisting

cars.

service,

National

and

for

year

■

trust
X V-• )
-•
*

■

additions

additional
to

steel

v"-:

and

roa4

locomotives

were

betterments

provide

Defense,

1,563

;v-c.Xi"'1-"i",'XX'-'Xf '.

obligaL

net increase of $3,788,010.17

during

obligations.
■■■
%<
>.«' i::* *

4,763

box

passenger

and

2,050

cars,

for

the

transportation of
freight cars were

additional

steel

gondolas

and

1,150

steel

Diesel

adequately

new

v
... v;
.
„
.
.
Company also acquired and placed in service four passenger-train cars, eight
barges and scows, twenty-five units of automotive equipment and four units of work
equipment. The Company built in its own shops fifty new caboose cars and rebuilt and
modernized five locomotives, two passenger-train
cars, thirty-six freight-train *fc~rs, one
unit of floating equipment and one unit of work
equipment.
The total cost of the
equipment acquired together with additions and betterments to existing eqhipmerit,
,

The

aggregated $17,080,698.55.and

other

train

During the

period there were retired for obsolescence

same

eleven steam locomotives, three passenger-train
thirty-six units of miscellaneous equipment, having

causes,

cars,

and

of $1,065,351.44

which

deducted

from

the

total

205 freighttotal book value

cars,
a

cost

equipment installed during the
year makes a net increase in capital account of equipment of $16,015,347.11.
"
'
In addition to the cars delivered and
placed in service during the year, 687 addi¬
tional

cars

under

contract and have since been delivered.
The Company has
acquisition of the following new and additional equipment for 1942
multiple-unit Diesel passenger locomotives, six multiple-unit Diesel
freight locomotives, 1,000 steel box cars and 1,000 steel hopper cars at an aggregato

authorized

delivery,
cost of

were

the

viz.:

two

approximately $9,500,000.

;X&X.vVv-X
Based

increases

X."':A-

•

1941

volume

rates,

fares

■

•

traffic,

.v'X-;-

•

%> *

XXXX''
estimated

that

";:

annual

basis

the

and

charges authorized by the Interstate Commerce Com¬
mission, will produce $10,500,000 additional revenues, as compared with the increase
recommended by the Mediation Board appointed
by the President of the United States,
of $14,250,000

in wages and taxes incidental thereto, and nothing for increases in cost
supplies and other taxes.
r

miscellaneous

service

4,507,373,81

™X

income

Canada

full

comparison

66,584,604.05

—X-XX-r-

income

Total

of materials

met

$48,327,556.93

revenue™.

railway operating ihcome_™

entirely by one
paid at the reduced rate of 5 %.

and

Railway tax accruals in 1941
683.16,

tax

accruals

increase

1940

over

aggregated $15,780,105.71, to which should be added
making total taxes for the year $16,213,$4,432,316.98, or 37.62%. Of railway tax accruals,

$433,577.45,
of

$6,471,098 was levied by States and local taxing agencies, and the remainder, or
$9,309,008, was taxes due the United States, of. which $6,194,708 were pay-roll taxes for
unemployment insurance and retirement, and $2,808,192 income taxes, the remainder
being of miscellaneous character. Railway tax accruals in 1941 absorbed approximately
seven

dollar of total operating revenues and
approximately twenty-four
dollar of net operating revenue against which these taxes are a first

cents of

cents

of every

charge.

each

.-..v.! ..•/

•• .V

•

.::h

•

March

frozen

Finland

meet full service

continued
its

The
ergy

production of electric
for public use during

Republic,

duction
en¬

the

month of

March, 1942, totaled 14,778,578,000 kwh. according to re¬
ports

filed

Power
sents

with

the

Commission.

increase

12.9%

when

compared with March, 1941.
The

daily production
of electric energy for public use
for March was 513,145,000 kwh.
average

This is

decrease

of 3.2%

when

compared with the average daily
production during the month of

February, 1942.
The production

March

by water

'■

power

amounted to

5,585,109,37.8% of the total
output for public use. The aver¬
age
daily production by water
power during March reached an
all-time high at 193,927,000 kwh.
000

kwh.,

Total production for

for

the

12-month

public

period

for

the

March

use

•, •

•

WHITE,

•«

President

Coal

consumption by electric
plants was 5,236,353 tons
March, 1942, which is a de¬
crease
of 128,353 tons from the
February consumption, and an in¬

vious

power

146,510,077,000 kwh.
period ending

12-month

31,

1941, representing

increase of

Federal

This repre¬

31, 1942, was 170.458,811,compared with a pro¬

000 kwh. as

Electric Energy Output

Czecho¬

including July 1940, but defaulted

interest at 1%

bonds

Europe, Belgium continued

with back

interest

these

paid in full."

default.

ments at 30% of the contract rate

current

for

160,918,417.51

expenses

Net

Japanese interference with the
pledged revenues. Japan main¬

issues, but there were
year on National, State,
defaults in the Proyince of Al¬
Municipal issues. Uruguay is
berta and on the Alberta guaran¬
meeting full service on its Re¬
teed issues, and in the
Municipali¬
adjustment and Conversion
ties of St. Boniface and
Bonds.
Weyburn.
Only
the
unexchanged
bonds of the Government and the Other Provincial and Municipal
dollar bond obligations have been
City of Montevideo remain in
during the

pay¬

make

reluctantly
announce
it
longer provide service

could ho

Dominion

in y the
United
States.
Estonia met its full service to and

must

the plan of its Law

5580, but sus¬
pended bond redemptions by De¬
cree
3753
of Dec.
3, 1940 and

national,

1929,

Yugoslavia, which had been

paying full service

Com¬

report shows that the

$179,175,464.63

debit™....

interest accrued

bonds

$227,503,021.56

Net

occupation, defaults occurred un¬
der the Readjustment plans in the
latter part of 1939 and early in

dollar

Company

operating income_;™-.--X $ 50,804,498.34
Equipment and joint facility rents—

081.19.

its

the

revenues

railway operating

Departmental, Municipal and Cor¬
porate guaranteed issues. Poland.
Following German and Russian

1940.

;

operations of the

The

OPERATIONS

CO.

11)41

since

year

Railway

dom,

tions.

account

Railway tax accruals-

bonds of the King¬

dollar
bonds
upon porary plah of March 20, 1939. In complete default, with; no pay¬
ments to American bondholders
which the principal is past due Cuba only those bonds
of the
February
1937
coupons.
and unpaid are distributed as fol¬ Public Works 5%% issue which since'
had not been exchanged for new Russia has made no payments on
lows:

Net

service.

heretofore

service, defaulted completely

during 1940

income

any

the

1941

terest

YEAR

follows:

Railway operating
Railway operating

offered in¬

were

which had

RAILROAD

FOR

1941 Increase

the 4J/2% bonds

Kingdom was paid in full,
sinking fund payments, sched¬
uled to start on those. bonds in
August 1940, had not been met.

continued

audited

reduced rate. Hun?

Interest

Italy,

the largest for

were

Non-

Athens Waterworks have received
a

OHIO

REPORT

the 3% bonds

Foreign

Latin

year

RESULTS

marized

meet

Partial

earnings for the

gross

and

ing Jan. 1, 1941

AND

ANNUAL

The,annual'report of the President and Directors of
pany for the year 1941 is being mailed to its shareholders.

made full payment to and includ¬

of the

In Currency

Far

gary.

,2,1

"Partial interest payments were
made

Full Cash

Latin

ing 1940 and the first half of 1941,
at

payment at

77.4

$1,216,099,852

Far

dollar

bonds, while 95% of the outstand¬

well

Germany

Greece.
Interest
$1,499,110,588, or 65% plete default.
issues, 16% were payments on " theLeague > loans
State issues, 9% were Municipal were increased during 1940 from
issues, and 10% were corporate 40% to 43%, and maintained at
that rate to and including the Feb.
guaranteed.
;
The following table shows de¬ 1, 1941 coupon, when complete
faults grouped according to areas: default occurred.
Bonds
of the

11,427,512

annual
interest return has been approxi¬
mately 4.3%, the sinking fund

were

Young 5%%

BALTIMORE
SUMMARY

national

88,586,312

and recommended by the
on
25 issues, the average

and

Dawes

1701

1940,

were

553,299,512

report shows that

long-term

the

THE

guaram

continued

service.

but

"The

1.2%,

the

France

debt

interest

Reich

XI,922,208,265

Canada

from

period.

paid

dollar bonds in default at the end

1,293,965,815

—

77.4%
same

full

$2,286,737,548 principal amount of

$1,571,227,804
.*•—■„

the

"Computations show that of the

Outstanding

Latin America
Europe

;

increased

The Council's announcement says:

having foreign dollar bond obligations outstanding at the end of

and

77.2%

tective

bonds.

pay

CHRONICLE

16.3%

over

Reports

were

the pre¬

period.

received

during

April 1942, indicating that the ca¬
pacity of generating plants in ser¬
vice
in the
United States oh
March 31,
kilowatts.

1942 totaled 44,728,408
This is

net increase

kilowatts over that pre¬
reported in service on
Feb. 28, 1942.
Occasionally
changes' are made in plants which
are not reported promptly so that
the figures shown for any one
of 316,242

viously

month
that

all

not

necessarily

mean

the

changes were made
during that month but that they
were

reported to the Commission

since the previous monthly report
was

issued, the Commission's

ending port, dated April 20 stated.

crease
•

re-

303,639 tons or ^6.2%
consumption for March,

over

the

1941.

Of this total 5,019,043 tons
bituminous coal and 217,310

were

tons

were

crease

anthracite. This is

bituminous

crease

de¬

of 2.6% in the consumption*
coal

and

in¬

of 3.1% in the

consumption
of anthracite when compared with
the preceding month which had
three less days.
.

The

of fuel oil
during March, 1942, totaled 1,307,697 barrels as compared with 1,531,607 barrels during February,
1942,

consumption

or a

decrease of 14.6%. Dur¬

ing the same interval the con¬
sumption of gas increased to 15,-

516,833 MCF in March from 14,-

1731,039 MCF in February, repre¬
senting

increase of 5.3%.

7.;A.:A::«::: Ar-"AAA-

.'v;..

■ •

■■'0'^;

,vaA'<A:\A;

THE COMMERCIAL & FINANCIAL

1702

TOBACCO

AMERICAN

THE

CO.

due

Address—111 Fifth Ave., New

Offering—The
debentures will
be of¬
to
the public at 100 according to
amendment to- registration" statement ./-••' ,
Proceeds from
sale of the debentures,

:
'

with other funds

together
•

extent

the

necessary,

of company to
to be applied to

are

payment of the outstanding $12,977,000 of
2.45%
serial debentures, due serially
to
1948, the outstanding $16,000,000 of 2%
notes
payable to banks, due serially to
1945, and the outstanding short-term notes
payable to banks aggregating $75,500,000
as of April 10,
1942, thus positioning com¬

requirements of

for purchases of its

pany

leaf, tobacco

Registration Statement No. 2-4985.

Form

(4-10-42)

A-2

effective 5

E.W.T.

p.m.

April

and

100

syndicate headed by Morgan Stanley
&
Co., Smith, Barney & Co., The First
Boston Corp., Mellon Securities Corp.
by

pur¬
area of

also

preferred
subscription
to
company's
common
stockholders,
through warrants, on basis of 8/85ths of
a
share of $5
preferred stock for each
share of common stock held.
The stock of
record date, expiration date of the sub¬
stock will first be offered for

subscription price
stock, will be

share of $5 preferred
supplied by amendment
per

Underwriting—Unsubscribed
portion of
the 40,000 shares will be underwritten and
offered to the public,
at a price to be
supplied by amendment. Y. E. Booker &
Co., Washington, D. C., is named prin¬
cipal underwriter, other underwriters will
be

supplied

amendment

$3,100,000

Proceeds will be used to repay
loans

bank

additions

and to finance
improvements to plant and

payments in (1) and (2) exchange
offers
represent unpaid cumulative divi¬

31, 1941; in connection with
offering under (3) above, a cash offer Is
to

amount

payments

above

a A:"A A'A'7 A:

Amendment filed

Hamilton

ex¬

A 'AA'A;:A>-:

SEC

the

registra¬

for

filed

amendment

registration

the SEC

ments were

zation expenses,

grouped according to the dates on which the registra¬
effective, that

are

is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally

working capital "
~
4
Registration
Statement
No.
Form A1 (3-2-42—San Francisco)
CARPENTER PAPER CO.

become effective in seven days.

Address—Ninth

Offerings will rarely be made before the day follow¬

DISPOSAL

WATER

SALT

TEXAS

EAST

CO.

Water Disposal Co. filed

East Texas Salt

registration statement with the SEC for
19,750
shares common stock, $100 par

value

Bank

National

Citizens

Address—706

Bldg., Tyler, Tex.
Business—Incorporated on Jan. 20, 1942,
under laws of State of Texas.
Business
of

will be the gathering, storing
impounding of water containing .salt
other
substances
produced
in
the

company

and
and

East

oil

Texas

flow

the

operation of oil wells in the'
fields, and the prevention

and

drilling

such

outstanding

Company's

streams.

into

water

stock

common

principally by a group of seven
large oil companies.
Underwriting
and
Offering—The com¬
mon
stock will be offered to the public
owned

direct

and

cers

company,

employees,
no underwriting.

will be

There

will

Proceeds

ital

through its offi¬
at $100 per share.

the

and

used

corporate

working cap¬

for

Form

(4-13-42)

E.W.T.

12:30 p.m.

Registration effective
April 17, 1942

Inc., filed reg¬
istration statement with the SEC for 50,000
Mutual Investment Fund,

for

change

Inc.,

INC.

filed

will

33,586 shares ($7.50
preferred stock

basis as follows: debentures matur¬
ing
1944,
$62,000;
debentures maturing
1945. $62,000;
debentures maturing 1946,
$62,000;
and debentures maturing 1947,
$65,895
may
100.
R.

be sold through under¬
N.

Webster,

President,

agreed to sell through underwriter the

has

debentures he has agreed to ex¬
for his 25,405 shares of preferred
G. Brashears & Co. is named prin¬

$190,537

change
stock.

cipal underwriter.. R. N. Webster may be
an underwriter
Proceeds of $48,105 (1943 maturity) will
be used for working capital

Registration Statement No. 2-4988. Form
(Filed in San Francisco 4-20-42)

A-l.

TUESDAY, MAY 12
HUNTER

/•

value

stock,

common

American
shares

1940,

30,
of

the

road

sale,

tions.
been

and

sale of

Rex rail¬

Since

that

date,

engaged

the

Bakeries

Class

Address—No.

Co.

stock
St, Bldg.,

common

par

620

A-AA
'AAA
registered 15,001

CO.

Tea

Pryor

Ga.

Business—Manufacturing

distribut¬

and

ing bakery products in southern states

'v
:
Offering—Stock will be offered to pub¬
lic at price to be filed by amendment
Proceeds—All proceeds will
be received
by L. A. Cushman, Jr., chairman of board
of company, lor whose account the stock
Underwriter-*-None

named

will be sold

.A.

Registration Statement No. 2-4714. Form
A-2.

(3-28-41)

'/AyAAA\:.

- - v

Proposed offering as amended Dec, 10,
9,000 shares at $54.25 per share

17, 1942, to defer

Ax ton Fisher Tobacco

tration statement with

••

CO.

Co.

filed

the SEC

regis¬

for

has

company

Underwriters—Nelson

•'

•

cigarettes

Grand)
and

and

(Clown,

aggre¬

Spud,

and

Twenty

brands

various

smoking

tobaccos, 'AAA
A;V;
Offering—The 149,944 shares new

chewing

ferred
of

stock

will

recapitalization,

issued

under

follows:

exchange for 14,136

(1)

pre¬

plan

56,544

shares out¬

Douglass
& Co.,
standing 6% preferred stock on basis ol
Cal., and Barrett Herrick & 4 shares new preferred stock plus $17.25
cash for one share of old 6%
Co., Inc., New York, each have agreed to
preferred
underwrite 46,500 shares of the
common
stock;
(2) 54,558 shares in exchange for
stock registered, or a total of 93,000 shares
45,465 shares outstanding Class A com¬
Offering—The .109,560 shares registered mon stock on basis 1 1/5 shares new pre¬
Los

Angeles,

Carlton

Smith,

are

Higbie

Hague

Corp.,

make

Cinn.,

April

due
1961;

Ohio

Fuel

$3,750,000

United

■

Illinois

ard

De-

serial

Honolulu

guaranteed

Fuel

Gas

$3,402,090

capital

Co.,

r.ontributior

Newport & Covington

that

Company

$3,303,000

1st

Ry Co.tc

redeem

Ref.

its

6s.

out¬

1947

(4-10-41)

A-2.

Amendment filed

date

April 16, 1942, to defer

POWER

SEC

Power

J,.

LIGHT

Co.
First

$45,000,000

•

A A

CO.

Light

registered
Mortgage

due Oct. 1,

$100
and

Par.
Interest rates on the
Debentures, and the dividend

the preferred

stock, will-be sup*
,
' ■
,
Ave., Miami,

Second

Fla.

Business—This
&

Power

Light

subsidiary
(Electric

American

Bond

operating public utility en¬
gaged principally in generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of the territory along the
Is

System)

east

coast

Florida

(with

Jacksonville area),
Florida •>'
-

the
of

exception

now

Offering—The securi¬
registered are to be sold by company
under the competitive bidding Rule U-50
Underwriting and

ties

SEC's

the

Public

Utility Holding Com¬

Act. ;' Names of underwriters and
price to public, will be supplied by posteffective amendment to registration state¬
ment
A
■
■ A/A'!
":A7A AAa.AA'
Proceeds
will
be
applied
as" follows:
$53,170,000 to redeem at 102V4, the $52,000,000 of company's First Mortgage 5s ol
1954; $15,693,370 to redeem at $110 per
share,
the
142.667 shares of company's

preferred stock,

par.
by

Further de¬

post-effective
supplied
A
Registration Statement No. 2-4845.
Form
A2.
(9-17-41)
A
'
Amendment filed April 17, L942, to. defer
effective date
AAA'A^'Aa7A:.:aaAA'A; A,

tails

amendment

tration
shares

Mining

statement
common

Address—30

Co., Inc., filed a regis¬
with the SEC for 5,000
La

Salle

HI.

v."

the

number

convertible

Lee

which

Beane,-New
&

Pierce,

York

Fenner

Hale, Waters & Co., Inc., Boston—

-A'A-v,:- A

Graham,

Parsons & Co., New York

Weeks

Stubbs,

Boston

County, Arkansas

mining

A."AA'

Yarnall

& Co.,

par;

25,2j)2

and

financing

intermediate

or.

enterprises until the financial positions
the borrower or a change in general

markets open avenues for longerfrom customary sources'

capital

term borrowing

111.,

cago,

the

underwriter.

sole

The

underwriting commission is $8 per unit
Offering—The class A stock is to be
sold in
units' of 4 shares, at a price of
.

With at least the first 900
will be included .with each

;

—

thereafter

stock;

common

right to reduce the

the

class

unit

stock''
^
working capital

be used for

(t-i.

(3-18-42)

•

A-A;:X.

Amendment filed

effective date

April 21, 1942, to defer
,

....

INTER-MOUNTAIN TELEPHONE CO.
"
Inter-Mountain Telephone Co. filed reg¬
.

statement

istration

with

for

SEC

25,000

shares common stock, voting, $10 par value

Address—Sixth and Crumley Sts., Bristol,
Tenn.

■

':A;

•' •.:••• .'
telephone

Business—Supplies

service

Underwriters—Alex.

1,500
1.500

Sons, Bal¬

timore; Mason-Hagan, Inc., Richmond, VA;
Stern, Wampler & Co., Inc., Chicago; Equit¬
able

Securities

Courts

Corp.,

Nashville,

Tenn,;

Atlanta, Ga.; R. S. Dickson
Charlotte,* N-. C.A Minnich,
Wright & Co.. Inc., Bristol, Tenn.
"
Offering—The 25,000 shares of common
stock will be offered to the public, at a
price to be supplied by amendment to reg¬

2,000
1,600

Brown

portions of Virginia and Tennessee

14,000
10,000
7,500

1,000

reserves

Proceeds will

Inc.,
.

Philadelphia

there

4 shares

Registration Statement No. 2-4968. Form

7,400
Conn.—

Chicago,

Whiting,

the

each

—

Hartford,

Co.,

"interim",

vide

has

each

Curtis, Boston—
Corp., Boston—i.
& Co., Boston
.'--t--.

Lynch,

$25

stock, $1 par

justed or reorganized by its wholly-owned
subsidiary, H,.M. Preston & Co. A second¬
function is to loan money, with fund3
not used in its primary function, to pro¬

company

preferred stock, and

Higginson

Merrill

stock,

N. La Salle St.,

number of common shares to be included in

preferred

agreed to underwrite, are as follows:- \
Jackson

CORP.

ary

unit

registra¬

tubes,

defer
.

Chicago, 111.
Business—Primary function of coinpahy
is to loan money to enterprises whose debt
and/or
capital structures are. being ad¬

units,

filed

Corp.

the

A Underwriter—t-H. M. Preston & Co., Chi¬

St., Salem, Mass.
in manufacture and
incandescent lamp bulbs,

Underwriters of

Address—33

Boston

receiving

shares, common

Sfluorescent lamps
and fixtures, and other electronic products
and certain chemical products directly or
indirectly related to the foregoing. > Reg¬
ular, arid special products, to a large and
increasing extent, are being supplied to the
military services and for other war uses
.

class

Business—Engaged

stock, $40 par; and 105,000 shares common
stock, no par, the latter reserved for con¬
version of the preferred stock --; A A-

radio

outstanding

1
Interim Finance Corp. filed a registra¬
tion statement with "the SEC for 39,912

with SEC for 50,000 shares

electric

due 1972, to¬
the company,

the

retire

$110 per unit,

Sylvania

used

INTERIM FINANCE

8YLVANIA CORP.

sale

Amendment filed April 24, 1942, to

IIYGRADE

Address—60

with

are

the $5,750,000 *of

sale of

3V2% bonds,
other funds of

mortgage

effective, date

cumulative

first

gether

A Underwriters ;of the 3 Vis of 1972, and
the.' principal
amount, whiph each has
agreed to underwrite, are:
Bonbright '&
Co., New York. $2,875,000; Paine, Webber
&
Co.,
New York,
$2,156,000;
Mitchum,
Tully & Co.; Los Angeles, Cal., $719,00(1

in Mineral Township, Sevier

Business—Engaged
antimony ore

St.,

CO.,

Co.,

outstanding bank loans, aggregating- $1,-,650,000
1
1
;
Registration Statement No, 2-4973. Forrtl

Putnam

stock, no par valueNo.

TRANSIT

public sale;- at; not less than $10 per share
Proceeds will be applied to reduction of

4 y2%

bonds, due 1971, and 24,000
preferred stock,

cumulative

par' value

bondS, due 1970

1942, for subscription at $10
share, on the basis of three shares of
preferred stock for each five shares of
common
stock, to be evidenced by trans¬
ferable
warrants which expire May 29,
1942.
Such of the preferred
stock not
subscribed to on or before May 29, 1942,
or
not sold on or before June 30,
1942,
will be retained by the company, subjectto
issue
and
sale,
either at private or

tion statement

shares
no~

company's common stockholders of rec¬

Estabrook

GILLIIAM MINING CO., INC.
Gillham

had

mortgage 3%%

per

Hygrade

mortgage 3Vi,% bonds, due Marph
Previously, in original registration
on Oct. 24,. 1941. company
proposed
to sell $5;750,000 of first

1, 1972.

$5,750,000 of first mortgage series A

Co. Aon

statement, filed

15, 1942, to. defer,

Transit

(3-30-42)

Telephone

statement disclosing
that .it
proposes to offer to the public $5,750,-

000 first

ord April 30,

S-2

Commercial

•

19, 1942, filed an amendment to its

registration

Offering—The preferred stock Is offered

Illinois Stand¬

(10-24-41)

March

and

Co., to make additions an#

Proceeds' from

by trolley coaches and gasoline buses
.Underwriting—None

and other portions

RAPID

and

Registration Statement No. 2-4806. Form
Illinois

Rapid

Telephone Co.

Telephone

A2.

LTD.
Lld.y lias
filed
a
registration statement with
the
SEC for 75,000 shares of 6%
cumulative
convertible preferred stock, $10 par; and
75,000
shares common
stock, $10 par,
tatter reserved: for issuance on conversion
of the preferred stock
Address-*-U40 Alspal St., Honolulu, Ha¬
waii
.
*
Business—Company is a public utility
engaged in providing urban transportation
service :to the city of Honolulu, rendered
HONOLULU

Co.

bonds

the

company's plant and prop¬
erty, and for other corporate purposes f

pur¬

Gas

sale

from

betterments

**"

preferred stock, together with $105,000 re¬
ceived from sale of 7,000 additional shares
common
stock, will be used in part to re¬
tire following securities of lompany: $5,750,000 ; First
Mortgage
Series
A
bonds, due June 1, 1970, at 105 %; 17,099
shares
$6
preferred stock,
at
$110 per
share; 1,108
shares $6 preferred stock,
owned by parent company, at latter's cost
Balance of net proceeds will be used te
purchase from
General Telephone Corp
the outstanding capital stocks of Centra)

Registration Statement No. 2-4890. Form
Cleveland) A >
;
\AA4.A A

A Amendment, filed April
effective date

from the holders thereof:, and

standing

guaranteed

papital
A2.'i(ll-19?41

3.000

statement

719,000

Angeles,

Offering—Bonds and preferred stock to
a ^>rice to b«
supplied by amendment to the registration

CO.

v JA
'
Rockefeller; &
underwriters

9,000

...

pany

1941,

muni¬

the munitions

business

rate

experimental basis,

primarily

us.

Address—Louisville, Ky.
: A'AA
Business—Engaged in the manufacture

signal lights and the manufacture and

notes

Bonds

/A';'w" A?;

Pa.

operations of company consisted

manufacture

BAKERIES

underwriters

amendment

6s,

and

subsidiary,

Address—25
AMERICAN

principal

2,156,000
r'At

be offered to the public at

troifcv.Mich.,
.
',
Offering—23,100 shares are unissued and
are
to
be offered
to the public for tht

publicl)

6s,

Deb.

1942-46

Stock,

gate of 149,944 shares 5% cumulative prior
preferred stock, $25 par.
,

Deb.

$3,750,000
due

notes

will

$50,000,000 Deb

plied by amendment

two years ended Sept.

Business—During

unknown

Los

12,000

Mltchumr Tully. & Co.,.

Proceeds

MANUFACTURING

$2,875,000

York

New

;

Inc., / are

York

New

Paine, Webber & Co.,

•'•t.

1971; $10,000,000 Sink¬
ing Fund Debentures, due Oct.
1,
1958;
and 140,000
shares Cumulative Preferred

cents par

Address—Croydon,

are

AXTON FISHER TOBACCO

Manufacturing Co. filed registra¬
statement with the SEC for 109,560

chase

bonds,

list

Tedeem,

Sbs. of

pfd. stk.

Bonbrlght & Co., Inc.,

SEC

and

Co.

working capital

filed

redeem

$4,750,700

with

of Issues
whose registration statements were filed
twenty days or more ago, but whose
offering dates have not been deter¬
or

$50,000,000

Florida

UNDETERMINED

mined

Issues

prices

1952;

FLORIDA

MANUFACTURING CO.

Proceeds—To

OF OFFERING

below

•

Har-

No. of

„

Amt. of
Bonds

Hastings

Other

AAA;

Offering—Both

I.//,;-.'
Genera)

Belvidere,

Lincoln,

Macomb,

price

account of the company;

present

used

(12-30-41).

Co.,

group

employees of the company*

pany .' ■

effective

rings And expanders
Underwriters—Schroder,

common
a

Registration Statement No. 2-4735. Form

Registration Statement No. 2-4989. Form
■
1

DATES

of
to

subsidiary

low:

ex¬

serial

Co.

A-l.; (4-23-42)

•'}]

enable

the

remaining 117,300
Effective 5 p. m. E.W.T. April 21, 1942,
shares are outstanding and are to be sold
as of
5:30 p.m. E.W.T., April 19, 1942
to
public for account of certain selling
ftockhoiders* r . A '
♦
COLUMBIA GA8 A ELECTRIC CORP.
Proposed offering as amended A 23,100
Columbia
Gas
&
Electric Corp,
regis¬
shares
by
company,' 105,756
shares by
tered
$28,000,000
serial ; debentures,. dm
certain; stockholders
-,. .
„
1942 to 1951. and $92,000,000 sinking fund
A Public offering price Is $9.50 per shart
iebentures due 1961
1 ' '
'*'•
'A
A Proceeds to company will»be used for
Address—61
Broadway, N. Y. C..
general corporate purposes, including purBusiness—Public
utility
holding
com'
Chase of new equipment and for working

mately $7.35 per share)
.

the

(3-31-42)

subsidiary,

Amendment filed April
effective date
'T

Hunter

tion

\-2.

Any shares of
under

Manufacturing Co. registered
140,400 shares common. stock.
$2 par value
1
Address-*—Hastings, Mich.
Business—Manufactures and sells plstoc
-

Registration Statement No. 2-4978. Form

Offering—The common stock will be of¬
fered to the public at the market at the
time of the offering (at present, approxi¬

Atlanta,

writer

Management

shares
only

1942.

issued

Offering of stock has been postponed for
time, .being,
it was announced April, 10,
1942
'
*

offered

1952;

open-end in¬
vestment company of the diversified man¬
agement type, and is qualified to do busi¬
ness in States of Maryland and New Jersey

Underwriting—The debentures aggregat¬
$251,895

and

west

Proceeds will be used for

Jersey City,

;

approved by the Board of Directors, at not
more than $21.50 per share
A

par

being

are

of officers

value

par

for par

ing

par)
on

stock

offered

Business—Company

at 100. The
offered in ex¬

cumulative

cents

Address—15 Exchange Place,

the public

maturities

other

stock,

common

each

statement

offered

INC.

FUND,

INVESTMENT

MUTUAL

States

r:,A:

risburg, Olney, Mendota and Mt. Carmel
Underwriters, and amount of bonds and

Registration Statement No. 2-4990. Form
S-2. (4-23-42)

ering $300,000 5Va %

will

Mississippi River.
Underwriting—None
Offering—The 5,000

Springfield,

St.,

tories in Illinois, including Kewanee, Mon¬

Omaha,

Sts.,

Adams

Business—This

expenditures in connection with construc¬
tion and equipment of plant additions
Registration Statement No. 2-4926. Form

with

16,560

purchased

value, and for other corporate purposes

with the SEC cov¬
convertible serial and
sinking fund debentures, due 1943-1947 '
Address—Dayton, Ohio • v..7
Business—Company
manufactures
and
develops aircraft products, etc.
Offering—The 1943 maturity ($48,105)
registration

per

shares registered are to
the underwriters, under
purchase option, from certain stockholders,
and will be publicly offered
Proceeds will be used to purchase or re¬
deem all the outstanding 36,000 shares of
6%
cumulative
preferred
stock, $5? par

maining

poses

PRODUCTS.

AIRCRAFT

Aircraft Products,

Standard

Proceeds will be used for investment pur¬

SATURDAY, MAY 9
STANDARD

public

underwriting commission is 80
cents
per
share.
93,000 shares are un¬
issued and are to be offered to the public
for the account of the company; the re¬
the

Underwriter—Mutual

purposes.

Registration Statement No. 2-4986.
A-l

the

offered

share;

;

HASTINGS

distributed
'

will

Harney

such

will

Proceeds

Business—Company is engaged in the
warehousing for sale at wholesale of paper
and paper products of various description,

ing.

stock

preferred

Telephone Co.
Is engaged
in providing,
without
competition, telephone service to
180
communities
and
surrounding terri¬

1..1942, at $105 per share, all out¬
standing 6%
preferred stock; balance for

2-4956

the 6,328 shares not
exchange offer, will be

thepublic,

Neb.

P.M. Eastern Standard Time as per rule

SATURDAY, MAY

111.

March

Carpenter Paper Co. filed a registration
statement with the SEC for 5,000 sharep
of common stock, $1 par value

unless otherwise specified, are as of 4:30
930(b).

These dates,

detinning plant and for

tion statements will in normal coursebecome

24,ofio

1971; and

cumulative

jiar

Address—607

to be
supplied by amendment.
Harriman Ripley
& Co., Inc., Philadelphia, is named prin¬
cipal underwriter; other underwriters will
be supplied by amendment,

AA;
Underwriters—Quincy Cass Associates
Offering—The common stock will be of*
fered to the public at $1 per share
Proceeds will be used to pay for organi*

list of issues whose registration statefiled less than twenty days ago.
These issues

Following is

for

not

plus

offer,

offered

reclaiming and processing of tin

shares
no

preferred stock underwritten by each, fol¬

Jan. 22,

preferred

the

Telephone Co. regis¬
first mortgage

bonds, due Oct. 1,

mouth,

reserved

engaged

3%%

change

Address—Los Angeles, Cal.

Business—Company

Commercial

Illinois

tered with SEC $5,750,000 of

39,382

date

offer expires

reg¬

for 234,•

000 shares of $1 par common stock

and associates.

by Y. E. Booker & Co.,

De-Tinning Corp. filed

the

April 15, 1942, to defer

ILLINOIS COMMERCIAL TELEPHONE C0.

quarterly
dividend
payable
1942, on one share outstanding
preferred
stock),
plus an
unstated

April 18, 1942, to defer

statement with

istration

Form
V

(3-30-42)

effective

exchanging

privilege of

33,054

additional

for

amount
(difference between the public of¬
fering price of one share 4Va% preferred
stock and $105, the redemption price o)
the 6%
preferred), for each share of out¬
standing 6%
preferred stock.
Exchange

date,

California

(4-14-42)

the

used

Statement No. 2-4974.

Amendment filed

current

March

CALIFORNIA DE-TINNING CORP.

Registration effective 5 p.m., E.W.T., on
April 24, 1942
Offered April 27, 1942, at $100 and div.

such
of
%' preferred stock on basis of one share
4 Vb % preferred stock, plus $1.50 (equal

Amendment filed

Form

Registration Statement No. 2-4987.
A-2.

for

company,

effective

stock

(3-30-42)

S-2

Registration

wrist watches for women

stock

presumably
in
con¬
formity with military censorship policy / A
Registration Statement No. 2-4975. Form
by

and

will, be

Proceeds

working capital

32,054

SEC withheld much of material

statement.

registration
4ya%

filed

Co.

Underwriting and Offering—Company is
making a conditional offer to holders of its
shares of outsanding' 6% preferred

57,412

stock, $1 par.
Further,
details as to the financing, including de-"
tails
of distribution, application of
pro¬
ceeds, underwriters, if any, etc., are to be
common

supplied

Watch

—

(

filed

with

statement

500
500
500

Offering—The preferred stock will be
to the public, at a price to be sup¬
plied by amendment to registration state¬
ment.
The underwriting commission is $2

preferred stock, $100 par
Address—Lancaster, Fa.
Business
Company manufactures and
sells various models of high grade
(17 to
23
jewel) pocket and wrist watches for

men

Aircraft Corp.

Eellanca
shares

500
500

offered

eumuiative

BELLANCA AIRCRAFT CORP.
tion

Bros.

Boyce, Baltimore
Van Alstyne, Noel & Co., New York
Wyeth & Co., Los Angeles-

statement with SEC for 39,382 shares

April 18, 1942, to defer

date

effective

1,000
:

HAMILTON WATCH CO.

necessary

the

Stein

Registration Statement No. 2-4947. Form
A2 (2-13-42—San Francisco)

company,

and

cash

offers.

change

made

cover

Co., Inc., New

Brush, Slocumb & Co., San Fran:—
Herbert W. Schaefer & Co., Bait.

poses,
including further developing and
exploring of properties now owned by the
company
;:A\.">- AjaA-vAiAA
Registration Statement No. 2-4964. Form
S-3 (2-12-42) ; A
'• '
r

The

cash

Monell

York

share; no underwrit¬

per

will be used for corporate pur¬

Proceeds

at $25 per share,
portion to be sold

MInsch,

5,000

sold

will

stock

common

public at $5
ing involved.

Transamerlca

Corp. at same price.

the

dends to Dec.

metropolitan

scription offer, and the

unsubscribed

38,852

stockholders

Offering—The

and

Underwriting

one

(3)

than

parent company,
the

for

and

first

other

company

with

cash

stock;

sold

purchas¬
cook¬

Offering—The 40,000 shares $5

■

$16

plus

common

will

to Transamerica

•

subsidiaries

manufacturing,

poses
within the
Washington, D. C.

/AAA
interest

1942.

23,

Offered

f
its

and

ing, distributing and selling gas for
ing, heating, refrigeration and other

■

property of company and subsidiaries

Registration

•'April

W„ Washing¬

> •

•

engaged

are

fered

par

Business—Company

York, N. Y.

and its subsidiaries
are engaged in business of
manufacturing
and selling cigarettes, smoking and chewV'
ing tobaccos, and cigars.
Principal prodnet
of
company
is "Lucky Strike" ciga¬
rettes
-'V. A"
7.7 V ...;V •.•■.■'A
Underwriters,
and
principal
amount
A underwritten by each, were listed in the
.< "Chronicle"
April 23, page 1621.

Class

Corp.,

ton, D. C.

Business—Company

stock,

preferred

cumulative

Address—411 Tenth St., N.

debentures,

of
20-year
1962.

April 15,

stock

ferred

CO.'

LIGHT

Washington Gas Light Co. filed registra¬
tion
statement
with the SEC for 40,000

;•' The American Tobacco Co. filed a regis¬
tration
statement
with
the > SEC
for
$100,000,000

GAS

WASHINGTON

OFFERINGS

Thursday, April 30, 1942

■

Flotations;

Calendar of New Security
■■■'/.'

CHRONICLE

v''A?y,;'." •■ :'.:i„v,71''',A'/v.:

:•;

Co.,

istration

Co.,

Inc.,

statement.

The

are

offered for the account of the underwriters,
who are

to acquire such

follows:

Volume 155

THE COMMERCIAL &

Number 4068

FINANCIAL CHRONICLE

1703

Calendar of New Security Flotations
Southern

Telephone & Telegraph Ca
and Chesapeake & Potomac Telephone Co
ctf Virginia, have agreed to sell to above
Underwriters, a total of 25,000 shares ol
6%

non-cumulative

$10

stock,

Registration effective
on April 25, 1942.

Bell

convertible

preferred

par,

immediately following delivery to them
of such shares of preferred stock,
eaqh will
convert same, share for share, into a total
25,000

shares of

Proceeds

stock

common

will

com-

r Amendment to defer effective date filed
April 21, 1S42. It is understood that the
registration statement may be withdrawn

BROTHERS

Kline

Brothers
with

Statement

COMPANY

Co.

the

filed

SEC

registration

for

capital■••••:v-■■y&.

ing

$322,300

sinking fund notes, due; May VI952,"
and registration statement for certificates
of deposit to be issued to holders of out¬
standing
5%
notes
of
company,
under
plan of exchange
;/V v/Z'//:/;/
/
Addrcss-rl32 W. 31st St., New York, N.Y.
;
Business-—Operates 19 retail department
stores located in various cities in Illinois,

S2.

(12-26r41

Amendment filed April 18, -1942, to defer
date.
'

effective

NICKEL

ONTARIO

'partment stores

Offering—The

will

outstanding, 5%

Such

the

not

notes

new

Business—This

ties in Missouri adjacent to the company't
Osage hydroelectric plant
;/>/i/^/'%
Underwriting—Dillon, Read & Co., New
York,,is named the principal underwriter

active

the
1943,

issued

retire

is. in¬
option,

the

stock

the

;•.

•;

the

will be used for development
purchase of machinery and equip¬
ment, and for working capital
,
Proceeds

work,

;

18, 1942

LIBERTY AIRCRAFT PRODUCTS CORP,
Liberty
Aircraft
Products Corp.
filed
registration statement with SEC for 60,000
shares

plied

Convertible

Cumulative
no

(dividend

par

rate

SIIENANGO

Preferred

tration

sup¬

amendment),

and

ing

customers'

Owns about

order.

stock

common

which

The

Co.,

motor trucks

Offering—The
offered

public

will be
price to be
the
proposed

supplied
by
amendment;
maximum offering price, based on the SEC
filihg fee, is $2J» per share
Underwriting—E. H. Rollins & Sons, Inc.;
New York, is named principal underwriter;
names

the

other

underwriters

will

Proceeds

used

the

extent

loans, and the balance will be.
added to working capital
% Registration Statement No. 2-4934. Form
(1-28-42)

Amendment .filed April 24,
date
/
•
"

///•///
'

effective

1942, to defer

tlPC-ROLLWAY CORF.

Llpe-Rollway

filed

Corp.

with

the

SEC

for

registration

80(000 shares

$1 cumulative convertible preferred stock,
$10 par, and 160,000 shares class A stock,
$1 par, latter reserved for issue upon conversion of the preferred stock
; Address—208
8. Gedded St.,. Syracuse,

V- Y.

■

•

1924 as W. C.

Business—Incorporated in

Inc., on March 16, 1942,. the name
changed to Lipe-Rollway Corp.
Part
i'of ythe proceeds iOf sthasyfinancint iSito^
Lipe,
was

tended

used

for

acquisition by the
company of all or at least a majority of
the outstanding stock of Rollway Bearing
Co., Inc., of Syracuse, Nv* Y.
Business of
the company, Including that of Rollway
/Beating14 Co.; .Jactfincluded the manufacture
to

and sale of machine tools, reamers, cutters,

Clutches,

clutch

parts,

bearings, .etc..-

vUnderwriter—Barrett Herrick & Co., Inc.,
New

York, is the sole underwriter

Offering—Tho preferred- stock; will be
offered to .thepublic. at. $14 per share;
the underwriting commission is $2.1(1 per
share. '/■'/\-;'//////;///;

all

//" ■."/"

be used in

Proceeds will

many

for

the

son

the

7,000

offered

issued

will

names
be,

under

pre¬

the

ex¬

underwritten
and
100.
H. M. PayMe., Is the principal

the

supplied by

will

used

other

under¬

amendment

redeem

all

the

pay

preferred
adjustment called

cash

for by the offer of exchange,

to pay whole
part- of outstanding. $236,000 of notes
payable of company, and to provide funds
for completion of plant additions and im¬
or

provements
\
Regisirfttioii- .Statement Nov ,2-4983. Form
A^2. \ (4-3-421-;f'x~''"V;"A■'::
''Withdrawal request filed April 24, 1942
,

SOUTHWESTERN
Southwestern

registration

PUBLIC

Public

statement

SERVICE

Service

with

filed

Co.

the

Louisiana,

certain

com¬

New Mexico, Oklahoma,

Arkansas

and

integration

Arizona.

Under

and

simplification
proposed to be consummated under section
11

the

taneously
proposes

actions.:

Holding
with the

Company

Act

simul¬

consummation of the
the company
to effectuate the following trans¬
Merger of /Community Power &

proposed

financing,

Light Co. and General Public Utilities, Inc,

;
(the two present parent companies.of the
part to acquire
company)
into the company; liquidation
possible of the

outstanding capital stock of Rollway Bear¬
ing Co.,' Inc.,
the balance will be used
for additional working capital :
Registration Statement No. 2-4971. Form
A-2. f 3-23-42)"

Texas-New

Mexico

Utilities

Co.;

re¬

capitalization and partial- liquidation -of
Gulf Public Service Co.; purchase of Pan¬
handle Power & Light Co., Cimarron Utili¬
ties

Co.

and

Guymon

Gas

Co.;

and

re¬

i>Y'v;'/V-'N■■;:,r-yi.4//////
ft Registration effective 11:30 a.m. E.W.T, funding/ of the .entire outstanding funded
debt
On

April

25,

1942,

April 13, 1942
MAPLE-KISSENA
y;

REALTY

Voting

trustees
of
registration' statement

Voting

Trust

of 5:30

E.W.T.

p.m.

t;
CORP.

company

with

Certificates

the

of the company .itself; Upon comple¬
the transactions involved in fore¬

filed
SEC

covering

tion

going, it is expected that the company will
have no parent
/.;
A
/>■/'>'
Underwriting—Dillon, ..Read & Co., of
New
York,1;is the principal underwriter;

for

7,315

shares of

the

names

the

other

underwriters

wilt

supplied by amendment ■.-/
,f; ,'
capital stock, $1 par
_/
■?' \
Offering—The bonds, serial notes and
Addresses—Voting trustees: c/o Axel J.
Swensen, 149 Cherry Ave., Flushing, New 6% preferred stock, will be sold to the
York.
Corporation: ' 70
Pine
public, at prices to be supplied by amend¬
St.,
New
York, N. Y.
^/C;
■/
•'Z/YYY/■ ment
; / Proceeds from sale of the new securities
Business
Corporation V operates
the
Yorkshire Gardens Apartment
will be added
to ; the company's general
Building, in
New York City; /•• -..v/
/• v/'Y// funds and will be applied to effectuate the
> Offering-~The
voting trustees propose various financial transactions involved in
to Issue voting trust1 certificates repre¬ the plan of integration and simplification,
senting such capital
and the refinancing of the company's out¬
stock
to
evidence
be

■

—

extension
from

date,
*

June

the

voting trust agreement
present expiration
19, 1947 ,'/,/' V V" tV"?-"

10,

June

1942,

Registration Statement No. 2-4984.
(4-7-42)'4

F-l

\
"/
2-4981. Form

V/-/
;qV VAmendment filed April 17, 1942/ to defer

A-2.
4

Forth

funded debt
;•/->'
Registration Statement No.

standing
■jL

utility

Corp.

Electri-

each

for

units

5/94ths

each

holders
for

mon

for

unit.

$5.3.'

share held

held

shar»

share
share

basis,

new

may

each

5/94ths of

at $100,016

stock
share
share

per

(3-31-42)

effective

date

ception

confined

preferred

new

for

justment)

Handing

the

The

(with
the

Rates

stock

who

their

stock.

for

and

ment

■528.333
fe

will

used

first

Electric

issued

follows:

new

Corp.

stock

oommon

the

public

/."■. /'■/:/,-Z^V;
par

The

proceeds

from

the

sale

registered will be used to

the

all

Gas

Service
make

and

that

Generating Co.

cash

ferred

payments

stockholders,

Virginia

and

with funds for

Amendment

April 23,

defer

effective

West

Address—60

Sugar

filed

regis-

//;>

42nd St., New

the

Its

the

and

Dominican

stock

share.

each

$1.99, at 6 cents.

dollar

cent

Cost Of

added

above

additional

The cost of

the

of the

the

cane

amend¬

trial

Registration
A2.

effective

rose

price

received

the

Statement

No.

gain of 1.5%.

and

registered

The

ac¬

Confer¬

The cost of fuel

light remained unchanged.
other items of the budget

The

outstanding com¬
and will be

Economics

1.9%, followed by clothing with
a

recorded

advances

1%: sundries 0.6%

0.3%;

selling

less than

and

housing

/.:..

/•

The Board's index of the cost
of

2-4923

living (1923=100) was 96.1
March, as compared with 95.1
in February,
94.5 in January,
93.2 in December, 92.9 in No¬

(12-29-41)

Amendment filed

clerical

Food
prices
showed
the
largest increase for the month,

amendment
will

wage earn-/

ence Board, which under
date of
April 23 said:

company,

public,

living of

lower-salaried

workers in the United States

cording to the Division of Indus¬

named

the

and

ers

1.1% from February to March

raw

blackstrap molasses

Living is Up

1.1% From Feb. to Mar.

stockholders
Form

share.

engaged prin¬

Republic and Cuba

will

aggregate

supplied

through 99 cents, at

yit"-:

Offering—The
shares
registered
are
already outstanding, and are owned by
City Company of New York, Inc.. In Dis¬
solution, to the extent of 436,691 shares;
National City Bank of New York, parent
of the former company, is the holder ol
the
remaining
17,000
shares
registered.

mon

ment

The

through

1932

Corp. and cer¬
is solely a hold¬
the
securities
of

production

and Invert

Sugar

subsidiaries,

company
owning
everal operating subsidiaries

ineluded until at $10 the rate be¬
comes 15 cents a share*

of reorganization of

ing

York City

organized

plan

Dominican

sugar

For

filed

CORP,

Corp.

Business—Company,
pursuant

cipally

-;,;■//

1942

Indies

rates
•

cents

From $1 to

$1.99,

par

tain

4 cents

'.ratton statement with the SEC for
453,691
shares of common stock, $1

Cuban

the

share, at 2 cents

com¬

date

From 50

construction

new

stocks

cents

pre¬

Registration Statement No. 2-4913. Form
A2, (12-12-41* xrU -

$1.

From

Public

present
provide

each

....

the

subsidiary),

its

for

From 7 through 24 cents
share, at 1 cent a share* .Y

long-term indebtedness of, the
its predecessor and constituent

companies,

cents

each.

jutstanding
company,

follows: T;/

are

securities

retire

selling at $10

now

selling 'from
1
through 6 cents a share, V2 cent;

Electric

sale

are

commission

exchange for the old
by General Gas

Corp., and will be offered for
^through
competitive
bidding.
The

stocks

Below

common

General

fol¬

selling.
'/

held

now

of April

above $10 at which the stock is

offering prices
for the securities, will be
supplied by posteffective amendment to
registration state¬

"Sun"

increases

share, the
rate
ascending
gradually with the price of the
stock, V4 of 1%, being add^d to

elect

not

business

considerable

ad¬

Name

the

presently out-

preferred

lows:

cash

doing

Baltimore

reported

the

issued

may

basis

holders of

of
to

increased

extent.

ex¬

Exchangej pointed out •

expenses

had

Public

Only

Act.

such

stock

underwriters,

April 21, 1942, to defer

date

vember, 92.0 in October and 86.3

New Mtg. Funds Voted

Corp.
debt ant
$2,835,000 first mortgage bonds held b;
parent and associated companies, aim fo»

increase by

March, 1941.
Living costs were 11.4% higher
than in March, 1941. Food prices

construction

ent

led

Columbia

Electric

Gas

Proceeds—To

current

repay

The House

April 22 voted to

$500,000,000 the pres¬
$300,000,000 authority of the
Federal
Housing Administration
to insure mortgages for housing of
to defer

costs

Registration Statement No. 2-4379. Forrr
A-tf. *3-38-40*
•
Amendment filed April 23, 1942,
effective datfr
,

Corp.

$75,000,000

registered

bonds due 1958
Address—2 Rector

Street, New York City

Business—Production and sale of natural

part of Electric Bond and Share Sys¬

gas;
tem

Underwriters—None

investors,

will

sold

whose

to.
will

names

supplied by amendment, at 99.34%
Proceeds—To redeem $28,850,000 United

Gas

Public

1953;
000

Service

to pay 6%

Electric

due

Debentures

demand note of $25,925,-

Bond

and

Share;

repay

$2,000,000 open account debt to E. B. & S_;
and-to purchase from United Gas Pipe Line

Co.,

$6,000,000

bonds due
part

its

1961*.

1st

Balance

Coll.

will be used

reimburse

treasury for capital ex¬
penditures and possibly to pay accumulated
dividends of $9,502,499 on company's $7
preferred, stock.'
Registration Statement No. 2-4760, Form
A-2

(5-15-41)

United

;

SEC

Feb.

been

■

Gas

Corp.

■

filed amendment with

21,

1942, stating that it had

further

unable

chase

agreements

with

extend

the

pur¬

insurance

com¬

panies covering the proposed private sale
tft su.ch insurance companies of
$75,000,000
of

the

lateral

company's first mortgage and col¬
trust 3y4% bonds, due 1959.
This

amendment states;

ments expired

"These purchase agree¬

Feb.

16,

1942.

The

cor¬

poration intends to continue negotiations
to.the end that its bonds shall be
either
sold

privately,

renewal

the

afore¬

said

agreements or otherwise, or offered
the public as circumstances
shall dictate
order to obtain the pest

to
in

possible price."

Amendment filed April 16, 1942, to defer

Banking
Committee
on
April 20 that the FHA's available
insurance

effective date

fund

exhausted

was

VIRGINIA

PUBLIC

Virginia
istration

Public

SERVICE

Service

statement

$22,800,000

Co.

to raising the in¬
authorization to $800,000,-

Dec.

with

the

Address—117

SEC

stock,
■>/

common

Washington

...

St.,,

Alex¬

andria, Va.

f--^f

Mtg. Bankers To Aid OPA

tion.

$50,000,000 for additional hous¬
ing and public works for Wash¬
ington war workers was signed
by President Roosevelt on April
10.
Final Congressional
action,
came on April 6 when the House
adopted
the conference report,

which
on

the

had

Senate

the

Association, has been

pointed

collect

the

ap¬

informa¬

The Association states:

The

government

designate
data
sired

the

and

will

agency

areas

rental

for

which

housing

the

is de¬
Association's

members in that city will assist
in supplying it through ques¬
tionnaires

approved

prepared
by
the
According to Mr. Holly-

OPA.

April 3.

Bait. S. E.

principally

Ups Rates

The Baltimore Stock
announced

Exchange

April 22 increases

in commission rates to

bring them

nearly in line with those
charged on the New York Stock
more

Exchange and to make them
nearly uniform with

exchanges.

number of

In announcing
s

•

"l:.i .;/ V/.f.

sarily mean Federal rent con¬
trol, under the Emergency Price
Control Act of 1942, will be ap¬
plied to that community.
The questionnaire seeks in¬
formation
size

the decision to increase the rates,
*"

Y/Z;YYX//Y';\Z'f-b-y:-';f;:f;'""'■

February
it
was
105.2, iii January 105.8^ and a'
year ago it was 115.9.

mortgage from 20 to 25 years.
A bill authorizing expenditure

other

-x-Business—Company

104.1

family home, and from $10,50ft to P. Champ, President, announced
on
April 12.
A special commit¬
$12,000 on a four-family home.
The bill also extends the per¬ tee, headed by Guy T. O. Hollymissible maturity of any insured day of Baltimore and a Governor

for;

stock. $100

'/.;'

Other rises,

The Mortgage Bankers Associa¬
the measure increases from
$4,000 to $5,400 the principal ob¬ tion of America will assist the
ligation of any mortgage which Rent Division of the Office of
Price Administration in assembl¬
may be insured covering a single
family residence, from $6,00ft to ing data necessary for determin¬
$7,500 on a two-family residence, ing rent trends in defense and
from $8,000 to $9,500 on a three- potential defense areas, Frederick

reg¬

first

par

rise.

; day, collecting this data in any
particular city does not neces¬
a

cumulative preferred
value; and 628,333 shares

23.1%.
second

were

000,

CO.
filed

mortgage 3'/2%
bonds,
1971; $5,700,000 of 2%-3»/a%
serial notes,
due semi-annually
June. 1/
1944-Dec.
1,
1951,
in varying amounts
(from $320,000 to $390,000); 70,000 shares

due

March.

addition

1923 dollar declined to

and

necessary to

program covering about
285,000 dwelling units in defense
production areas/.

surance

prices

17.2%

the year

over

rise

during the 12 months were:
sundries, 5.3%; fuel and light,
4.6%; and housing, 3.4%.
;r
The purchasing value of the

House

conduct

Terms—Bonds

with

Blandford, Jr., head of the
National Housing Agency, told the

that the increase

advance

with

Clothing

John

first /mortgage /and/ ioUateraI/ttuai i3^^

the

period

workers.

war

CORPORATION

Gas

United

GAS

UNITED

-'. V

that

cash

take

Substantially all outstanding stock is hel<

Baitimore

•

Proceeds

Offering—Stockholders will receive ol
fer to subscribe to 25/94ths of one com

Theodore Gould, President of the^

Corp. hold¬

bidding
Rule
U-50
Utility Holding Company

offered

Gas

North

Cincinnati

electric

Underwriter—Columbia

serving

Operating

—

Offering

electricity,

St.,

Electric

tive

represents 47.7 %

Business

institutional

munities in Texas,

Main

company

for:

SEC

bonds, due, Feb. 1, 1972; $5,500,000
notes, due in equal annual amounts
Nov. .1, 1943,. to Nov.. 1, 1953. in¬
clusive;. and. 85,000 sharea of §%:. cumula¬
tive preferred -stock, $100) par value - *
Addrecuh^Dallas,. Texas
;
Business---Thia company
and its sub¬
sidiaries
are
engaged
principally in the
generation, transmission, distribution and

present

1942, to defer

Ohio

from

plan

1942, page

26,

Heat and Power Co. re
shares $100 par commoi

25,ooo

Address—4th

trust

Feb.

rtock

serial

system

Underwriters

Unionj Light,

CO.

$18,500,000 of first mortgage and collateral

sale

stock

common

Underwriting and Offering—The securi¬
ties registered will be sold through
com¬
petitive bidding, under the SEC's competi¬

Foriu

agreed to purchase were listed

"Chronicle"

mistered

j
of

the outstanding unexchanged 6%

stock,

such

extent,

subsidiary of Gen¬
Corp., which is in

Electric
Gas

at
Vir¬

energy

Virginia, West

WEST INDIES SUGAR

Missouri* on Feb

Cl of

ex¬

be
at

Portland,

Co.,

Proceeds

►"/-

UNION LIGHT, HEAT AND POWER COM

outstanding

the

public,

underwriter;
writers

Amendment filed March 2,
effective date

stock,

Statement

first

not

are

offer

$900,000 toward part payment of outstand¬

Such

each

the

Gas

Associated

ing company

electric

minor

the

pany

84&

6%. preferred must accept
offeh before such exchange will

made.

change

supplied by amendment.

ing bank

will

holders of

sold

will

which

stock

ferred

Electric

number

shares of

3,686

stock

prefened

the

filed an amendment to its regis¬
statement, naming the underwrit¬
141 in all, who will publicly offer th<
2,695,000 shares (no par) common stock
ill of which are owned by its parent com¬
pany, The North American Co. The name*
of
the
underwriters,
and
the
maximum

preferred stock, on basis of one share
5% preferred plus $5.13 in cash for one
share of 6% preferred. Holders of at least

heavy-duty

will

underwriters

PANY

ferred

/•

Company is

tration

change

the

serving

ers,

County, Pa.
Underwriting and Offering—The 5% pre¬

upon

the; other

Carolina.

V 1942

Address—Sharorir .Pa.
Business—This subsidiary of Cqnsumers
Water
Co.
supplies water service princlpally
in
the
city of Sharon, Mercer

the manufac¬

and

SEC

Union

regis¬

filed

preferred

outstand¬

Autocar

of medium

sale

the

engaged chiefly

turer and

•

specifications,
50%

with

cumulative

subsidiaries,

pur¬

Registration Statement No. 2-4940.

CO.

Co.

and

generates

A2f (2-2-42)

$100 par

craft

WATER

Water

statement

120,000 shares
$1 par value common, stock, latter to be
reserved for Issuance upon exercise of conVersion,'rights of the preferred stock
Address^Farmingdale, N, Y.
Business—Engaged in manufacture arid
processing of parts and equipment for air¬
by

Valley

Louis,

VALLEY

Shenango

of St.

its

of com¬
pany's common stock are outstanding and
are owned by its parent, The North Amer¬
ican Co., who
will receive the entire pro.ceeds from the sale to the public of such

Registration withdrawn April 18, 1942

Stock,,

...

from

supplied by amendment
Offering—The 2,695,000

Johnson,, To-

public

which

energy,

Names

com¬

sold

George

market,
fontp

the

ground,

Offering—The

and

will

from

Sudbury

Registration Statements: Np. 2-4968 (D«
Registration Statement No. 2-4976. Form
1A, covering certificates of deposit) and
8-3 (3-30-42)
2-4967 iA2, covering new notes). (3-16-42)
Registration effective, but under notice
Amendment filed April 18; 1942, to defer
of deficiency 5:30
effective date.
p.m. E.W.T., on
April

i VlS

'•

which

holds

concentrates

Underwriting

all out*
■

Also,

nickel

contained

mon

"exchange plan
company

Ontario,

which, will be marketed

■

present.

produce

ore

notes

mining
company
owns
of
mining
claim
ih;

certain mining properties., in
the Sudbury District, Ontario.,.". Company
plans, to dismantle a portion of the min¬
ing plant set up on the Strathy property
and move it- to the Sudbury
property and

exchange. for the outstanding 5% notes,
be sotd to public, at 100 and accrued
interest.*
*** / - 4>
'
*
.
Underwriting — Illinois Securities Co.,
Joliet, 111., is the underwriter of the notes

standing. 5%

patents
Township,

tric

Mo., and portion of 5
adjacent Missouri counties and of 3 coun¬

to ^purchase;

will

issued under

lease

Strathy

not

engaged

city

c,and May 1, 1944; latter noteholders, de-.
positing under the exchange plan, will reposit.

subsidiary of The North
primarily in tht
transmission, distribution and sale of elec¬
is

public utility engaged |
purchase, transmission,;

sale

wholesale in

Proceeds

Business—This
Co.

and

and,

par

$1 par
Address—372 Bay St., Toronto, Canada

;

first

notes due Dec. 31,

stock/

common

chases

six

be offered, par for par, in exchange for
v':

and

stock

American

LTD.:,;^'-^;:>

CORP.,

000 shares common, stock,

r \u
notes

Mountain, in San Juar,

Ontario Nickel Corp:; Ltd., - filed a. regis¬
tration statement with the SEC for 2,400;-

in small de-

„

new

silver

and

Mo.

I Michigan, Ohio, Iowa, Missouri, Pennsyl¬
vania a&d, Georgia, selling merchandise of
generally sold

organizeo

gold

Address—315 N. Twelfth Blvd., St, Louis

Cleveland)

character

Treasure

2,695,000

Registration Statement No. 2-4920. Form

S'/o

the

mines

for

been

operate

retail

ginia

H2-6-41)

KLINE

tools

and

CQUnty&Zcblbt'K^^
by; thev automotive industry : y
1 - ;Underwriting—None
Underwriters—Baker,
SimondS • &
Co.,
Offering—Company will sell such share*
Is named the principal underwriter
'.vfvvs?/
directly to the public, at a. price of 5Q
Offering—24,875 shares of common stock
cents a share
will be sold to the public for the account
Proceeds will be used for working capita.
of
the
company;
the ' remaining
67,917,
Registration Statement No. 2-4937; Fonr
shares registered
are already issued
and
S3 (1-29-42)
outstanding, and will be sold to the pub¬
Amendment filed April 25, 1942, to defer
lic for the account of certain selling stock¬
effective date
holders. The public offering price la $4.20
per share
UNION ELECTRIC CO. OF MISSOURI
Proceeds will be used for the purchase
Union Electric Co. of Missouri filed
a
of machinery and equipment and for work¬
registration statement with the SEC few

by the underr;.'.
; ,//-' . vv.| Registration Statement No. 2-4908. Form

A2.

service

develop

use

be\received

-.writers :/v, V'/v,

Address—Denver, Colo.
Business—Company has

operating
production,

the

distribution

eral

electric

Mining Co. filea

registration statement with the SEC for
150,000 shares common stock, 25 cents par
value
.

sale

MINING

''J

Manufacturing Co. hat
registration statement with tht
SEC for 92,792
shares of common stock
$1 par value
'■■. '
i"■*^,£'
^
Address—Detroit, Mich.
'
r
: v. :
Business—Company
is engaged in
the
and

GOLD

i CO.
:/
Treasure Mountain Gold

CO.

MOUNTAIN

manufacture

/ .//J

/;,;.

pany

/v.?

that

TREASURE

E.W.T

a.m.

MFG.

Tool

Miller

filed

of company, at a price tc
be supplied by amendment
(20,665 sharet
of such
preferred to be sold by former,
4,335 shares by latter); Underwriters agree

TOOL

MILLER
•

11:30

to the number and

and rental

units by rental
rental income, operating
and
administrative
ex¬

groups,

ing

penses,
it.

/;■■•

and taxes.
1

•>.

<■

•:n v

•

/
■

PWMUWIW

THE COMMERCIAL & FINANCIAL

1704

Marine Ins. Has

the

A; detailed discussion
Current situation in
the

REMEMBER

sideration

v
'

mittedly bad, Butler-Huff & Co.

OVER

figures given in the
their opinion,

the

inaccurate

misleading,

and

THE

COUNTER SECURITIES

business

repre¬

PHILADELPHIA

telephone

Peril covers on
hull and cargo, and by Cargo War
Risk
cover,
the study, declares,
adding that a modest amount of

Bell

telephone

new

who

shippers
coverage,

pany

prefer

well as from coverage
of ships of other nations; the vol¬
ume of such business should, in¬
rates,

york

the

1-576

Enterprise .6425

Enterprise 1250

•

N. Y.

been revised

have

outlook

»*loss

to con¬

double taxation

brighter; the recent ocean marine fer emergency tax and rearrange
experience and the adverse pub¬ the rates from three cents for
licity given it have helped to pro¬ shares selling under twenty dol¬
vide one of the greatest invest¬ lars and four cents for those above
opportunities in years.

ment

Copies of the Marine Insurance
memorandum and a detailed sum¬

graduated scale, which would

from one-tenth of a cent on
selling for less than one

vary

ing

shares sell¬

hundred

one

dollars

more.

The

odd lot stock

while the transfers. The measure, as passed,
becoming much would also repeal the stock trans¬

losses

recent

dollar to five cents

bill, which

Governor
1940

1941,

was vetoed
H. Lehman

Herbert

and

Senator Frederic

Assemblyman

Republicans
who

Coudert, Jr. and
Mitchell,

MacNeil

New -York

contended

caused

Full text of Commercial and Financial Chronicle : April 30, 1942, Vol. 155, No. 4068, Section 1

FRASER