Full text of Commercial and Financial Chronicle : August 5, 1943, Vol. 158, No. 4200, Section 1

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M>*

1943

AUG 6

B Ml*

Final

Edition

ESTABLISHED OVER 100 YEARS

In 2 Sections-Section

~tke&
ommeteiat

Financial
'

Reg. TI.

Volume 158

John T.

Number 4200

New York, N. Y.,

Barry With

Public Nat'l Bank
E. Chester Gersten, President of
Public National Bank and

The

Trust

John T.

the

appointment

'■$J':'.;" Lying; Ahead As Stupendous

Barry

that

declared

Mr.

Barry,

oti nee ted

'•with

the

Louis

Washington
Inter-American Af¬
fairs, Joseph C. Rovensky declared on July 28 that "I've come back
# Stating the principles that have guided him in his business
With a greater regard for our form of government and our way of
career, Mr. Ford said that money was never his main object, regard¬
life than I ever had before."
Mr. Rovensky, who is Vice-President
ing it as "one of the by-products
of the Chase National Bank of New York, made this statement in
of business," and that it "must changing goods—and is no good
speaking at a testimonial lunch-*»>
7
always remain secondary where for anything else.
"The
Russians will not
eon
given in his honor by the
anything really useful is done."
"People who desire to live off
Latin-American
Section
of the hold but on the soil of Russia the
H e
asserted money, thinking that money is
New York Board of Trade.
He Nazi war machine has broken its
that "a busi¬
wealth, easily become parasites. It

who has been
c

a statement on the eve of his 80th birthday,
July 29 that business and industry "must build the phy¬
sical basis of the good society" and called for "more and more in¬
dustry" to serve America's needs or the world's needs.

■

for several years as Assistant Co-Ordinator of

in¬

stitution,
•

Copy

fI Henry Ford, in

With his return to private business after serving in

Vice President
of

Cents

Calls Money Secondary To Helping General Public

C. Rovensky Of Chase Bank Regards Opportunities

Assistant

Price

Thursday, August 5, 1943

Reopening Trade Channels Will Foid Says More Industry Needed
Solve Import-Export Problems To Build Basis Of Good Society

Company of New York, has J.

announced

Rat. Office

St.

Officei

■

of the General

•

Motors Aca n c e
Cor p oration

i for

the

"Don't

years,

office of your

will

tified With the

Cor

iden-

and
today it's the

country

res pon-

I vision
i will
■? the

John T. Barry

Giving Wash¬

devote

ington the ab¬

major part of his time to the

I Middle-West, in which
he is well known.

sent treatment

territory

just doesn't
get you any¬

•

He is

native of Illinois and

cago.

4
•

his

started

and became

business

associaled with

the

General

Motors

Acceptance

Corporation in 1927 and served as
Manager of the St. Louis office
\ since 1932.
V
_h,

tell them your

Joseph C. Rovensky

unless

views;

know
by whom matters af¬
your business are being
you

where and

fecting

decided—not,

[

PENNSYLVANIA

Corporates—Municipals

Special

material, and

the fact."
that

and

new

lot

;

Interest with reference. to dealer

business

activities in the State of Pennsyl-

job."

vania appears
For index

on page

see

502.

;

page>516,

QUICK ACTION ON DESIGN

AND CONSTRUCTION
•

\vV''

after—but

before

He likewise observed

"everybody

isn't

items

"We

licked.

menace

The Nazi and

"And

Tunis

the

people," add¬
ing that "the
o n
1 y
real
profit is the
general bene-i-

su¬

And

means

for

fighting forces
Sicily.
Italy has
in

•

Washingtorj

dealer or
of

men

have

done

crackpot,

from

private

excellent

;

some--

thing
that
really helps

our

Once

see

and

cracked.
lini

that

that this

seen

success

;

of the air is ours.

have

the

;

know

premacy
we

fit."

D e c 1 a

Musso¬

that

another idol with feet

u s

only

ring
in-

try

abolish

can

pov-

He went

now

Henry Ford

off.Our

ease

profits
in

are

those

are

public

gets from using the commodities
that

industry produces.

After all,

the only real profit is the general
benefit.
:/■
■'■I
"We never have believed that
could

be
prosperous
alone.
prosperity is prosperity for

Real
all. C

"Young
that

should understand

men

business

money

something

will

long
that

lack

not

produces
really
helps

get them.
"The

much

problem

better.

shipping

looks

building

are

the American ideal."

useful is done.

;

"By doing things that need to

ships at an astonishing rate and
the:

sinkings

the

freeing
added

Great

the Allied

be done, wo have found that the
diminishing; necessary means come along as a
Mediterranean has by-product. ;:V,; .*\ • •...'vo j
are

Britain

cause.

capacity to

More and more

"We

on page

made

never

our

money

main

object.
We regarded it as
of the tools, one of the raw

tical

510)

life—it

"Our

statement follows:

Ford's

Mr.

saves

time

has

business

been

alllstockholder

from
cial

control,

and

arid

free

finan¬

therefore

could do many things that
to be done.
: *

needed

'"When

wages

lowest in
highpage 510)
?

were

this country, we made them
/

(Continued

the chase

ex-

bank

OF THE CITY OF NEW YORK

Bond

MANHATTAN
WAR BONDS

Sanderson* Porter

PROSPECTUS^ON

ENGINEERS and CONSTRUCTORS

R. H. Johnson & Co.
Established 1927

San Francisco

INVESTMENT

...

(eDisMjb

Wholesale

HUGH

SECURITIES

■

%»'•

.•

•

'•

and Dealers

service with Chase

correspondent

mors

Hardy & Co.

w/LONGand-GOMPANY

facilities

Members New York Stock Exchange

^—INCORPORATED

64 Wall Street, New York 5
PHILADELPHIA

Broaden your customer

for Banks, Brokers
REQUEST

Brokerage

Service

bond fund

FINANCING and VALUATIONS

NEW YORK

in¬

most

the

"is essential to

(Continued

MANAGEMENT PROBLEMS

"The

terested

national

WILLIAM STREET

something

money the
object, you ape likely to miss it
altogether, because money just
political and if not big enough to be the main
plants for war work are built and
in production.
It must always remain
We know how economic freedom, and anything object.
much material we need and where that hinders industry is harmful secondary where anything really

will from

to say:

In connection with

Chicago

create

SURVEYS AND REPORTS

industry

also

■

desire

useful that makes them workers,

erty, Mr. For4 people.
;
stated
that
"But if you make

additional
areas
According
to
Mr.
Rovensky we • liberate
one
"already signs show that big whose resources become available,
materials, one of the by-products
changes are in the making.
The while the noose narrows around
of business, and as a result we
Americans are no longer menaced. the enemies' throats.
;
■
"
always found that we had enough.
Our
home
"We can now get our materiel
plate is safe; that
"Money is just a part of a prac¬
Great Britain is safe from inva¬ more safely and speedily. Slowly

sion."

is the

long as it pro¬
duces

Jap vermin of the ocean is being

destroyed.

not

lack money as

the submarine

that

know

will

ness

vi;■■■

unless of
clay.
Yes and we see it in
you
know Russia and in the Far East.
your Con¬
"And
so
we
enter
into new
gressmen and
phases.
Many of the jobs which
Senators
and
were so difficult and so important

in 1924 with A, G. Becker

career

r & CO.

Africa

where,

graduate of the University of Chir

;

that

know

forces.

world.

the

and

back.

firmly in the hands of the Allied

head office of

dent Bank Di-

forget

that Washing¬
ton is the head

past

eleven

said:

further

jeep t

Members New York Curb

Exchange

BOSTON

Troy
Albany
.Buffalo
Pittsburgh
Williamsport

Puget Sound
Power &

15 EXCHANGE PL.

Syracuse
Dallas

JERSEY CITY

30 Broad St.

634 SO. SPRING ST.

Tel. DTrby 4-8400

LOS ANGELES

New York 4

Member Federal Deposit Insurance
'

Corporation

Tele. NY 1-733

-I

Light

Actual Trading Markets, always

$6 Preferred-Common 4lwi"

New England

Purolator
for brokers and dealers in

Products, Inc.

Public Service Co.

Over-The-Counter

„•

•

Preferreds

Basic Report
'sent upon request

Securities

Hirsch, Lilienthal & Co.
Members New York Stock Exchange
and other Exchanges

Kobbe, Gearhart & Co;
INCORPORATED

■

London

Geneva

NEW YORK 4, N.Y.

25 Broad St.

HAnover

2-0600

Teletype NY 1-210

Rep.

Members

CHICAGO 3, ILL
135 So. LaSalle St.
State

8770

Teletype CG 1210

Security Dealers

45 Nassau Street
Tel, REctor

Philadelphia

2-3600"

Ass'n

New York 5

Teletype N. Y. 1-576 '

Telephone!.

Enterprise 6015.

HART SMITH & CO.
REYNOLDS & CO.
Members New York Stock
120

Broadway, New York 5, Mf. Y

Teletype.NY 1-635 .1

York Security Dealers Assn.

52 WILLIAM ST., N. Y. 5

Bell Teletype NY

Telephone: REctor 2-7400
Bell

IRA HAUPT & CO.

Members

New

Exchange

New York
..

Members

New

York Stock Exchange

HAnover 2-0980

1-395

Montreal

Toronto

111 Broadway

REctor 2-3100

Teletype NY 1-1920

Thursday, August 5, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

498

Trading Markets in :I

We Maintain Active

Dumont Lab.

Markets in U. S. FUNDS for

CANADIAN MINES

5s, 1952 & Common

Walworth Pfd.

Members

York

New

and Other Principal Exchanges

Members N. Y. Stock Exchange

Dealers Ass'n

2-2772

BROADWAY

115

7-0100

BArclay

Telephone

Steiner, Rouse & Co.

McDonnell &fo.

Co.

Goodbody

NEW YORK 6, N. Y.
77V;..-;-Teletype NY 1-672

Members New York

25 Broad St.,

Exchange

New Orleans,

BROADWAY, NEW YORK
Tel.

REctor

Tariff Controversy

Never Ending

""• 777.~7;v7r
>
Editor, Commercial & Financial Chronicle:
In your July 22nd issue, Dr; Ivan Wright

Pfd.

Bohack Realty,

iff
tariff nrnhlpm
problem

Com.

Du Mont Labor.,

1952 & Com.

Baltimore Stock

7:
comments upon the
V'

'4i

•'

countries," and
pay in the goods

the V

d emande d

foreign
must accept

duced.

The

Panhandle

Refining
tend

its

Co.

Producing

planning

activities

include

Actual Markets in

Rails and Industrials

ex¬

lower

labor
jobs
protected

we
pro¬

All of this will make for

1952

Taggart Corporation
Preferred

United Cigar Whelan
Preferred
♦Traded on N. Y. Curb

Exchange

Vanderhoef & Robinson
Members

York Curb Exchange

New

31 Nassau Street

C. L de Willers & Co.

Telephone COrtlandt 7-40*70
System Teletype NY 1-1548

porations - will be voted upon at
this special meeting.74

War, inflation and TSie Stock

Common

Douglas Shoe
&

Common

Inc.

6s,

1952

1959

Preferred—5 Va

1949

H. G. BRUNS & CO.
20 Pine

Street, New York 5

Telephone: WHitehall 3-1223
Bell

Teletype NY 1-1843

Associated

the

loss

forgotten

All Issues

phenomena -of

the

ouuj

Y. Security Dealers

Teletypes—NY 1-1126

the

war

Russian

the

front, then it may take years in¬
stead of months to bring the final

of the war
tax policies, the

decision.
From

■

market

stock

stand¬

living and, also, the course
next national election. Stocks to¬

Assn.

Wall Street, New York 5, N.
Tel. HAnover 2-4850

Pfd.

Spokane Int'I Ry. Esc. Recpts.
Scranton Spg. Brook W.S

Pfd.

Ohio Match

Robert C.Mayer&Co.plnc.
Established

1915

Street, New York 5

Pine

Telephone DIgby 4-7900
Bell

are

the

their

appraised mainly
judgment of

being

composite

theoretical

postwar

earn¬

ings, but if the war against Ger¬
many is not won this autumn or

and

conclusion of hostilities in Europe
will tend to ease the
to

by the latest early next spring, all
our criteria become
meaningless,

1127

reconversion

peace economy.

v--

System Teletype NY 1-1790

7 7

Inflation ^.^77:70 77

(Continued

on page

508)

Braniff Airways

Dumont Laboratories

Win, Fuller Go. Admits

Cavanaugh, <1. Fuller
CHICAGO,
ILL. 1- Audran
J.;
Cavanaugh and Joseph T, Fuller

Portland El. Pr. Prior Pfd.

Portland El. Pr. 6s, 1950

S. Plain

New Eng. P.
&

7% Pfd.

quoted

sold

bought

Edward A. Pureed & Co.
Members New York

Stock Exchange

Members New York Curb

Bell System

Exchange

WHitehall 4-8120

Broadway

Teletype NY 1-1919

Carl Hartwig

Joins

Staff Of Brailsford
(Special

Chronicle)

The Financial

CHICAGO, ILL.—Carl A. Hart-

become

has

wig

associated with

208 South La
members of the Chi¬
Stock Exchange.
Mr. Hart-

Brailsford

Co.,

Salle Street,
cago

wig was previously with Dempsey-Detmer & Co. in charge of
trading department.
;' •

the

Exchange firm of William A. Ful¬
&

ler

Co., 209

South

Street, it is announced.

La Salle
Both were

formerly with Fuller, Cruttenden
& Co. and

ler

Co.

joined William A. Ful¬
at organization. Other

Many people erroneously think partners include William A. Fuller,
that "inflation" and not war is Wallace T. Combiths and Jerome

sharp downward read-

a very

fashioned land

old

of point, the problem of the war in have been admitted to general
the Pacific is much less important.
of the
In fact, its continuation after the partnership in the Chicago Stock

day

degree of control on our way

All Issues

Members

bling

the

progress

that will fix our

Cities Service Bonds

arid

Deep Rock Oil Corp.

battle of millions of men, resem¬

past until the war is won and new
factors gain the ascendency.

volved

and our
Philippines, can be

British loss of Singapore

Gas & Electric

Quist Now Is
With Eastman, Dillon

and the price path.oLour
common stocks naturally reflects this. Once the markets took.a re¬
^ Albert J. Quist has become as¬
alistic view of World War II in 1939, the Averages started dowh"from
sociated with Eastman, Dillon &
above 155, with the first signs of a permanent upturn about the time
of the victory at Midway.
Stocks were worth more later that year Co., 15 Broad Street, New York
when the British attacked in Egypt and they have been worth more as City, members of the New York
Stock Exchange and other Ex¬
we
have moved to Tunisia and^
changes. Mr. Quist was recently
then to Sicily. The elimination of justment in stock prices is inevi¬
with the U; S. Navy.
In the past
table.
"
^
Mussolini
brought some selling
The basis for expecting such an he was manager of the municipal
into stocks but they should re¬
department of Mackay & Co. and
cover
quickly as people under-; early victory is simply one of me¬
conducted
his
own
investment
stand the real significance.
In chanical superiority against short¬
ages and exhaustion.
If we mis¬ business under the firm name of
one manner of speaking, the lows
Quist & Co.
under 93, established between the judge the problem and are in-,

Struthers Weils
Common

' 7 Albert

and peace is bullish

is bearish

War

Properties
6s,

Market

The War

Preferred

Indiana Limestone

Retail

Teletype NY 1-236F

Interstate Bakeries,

his 'duties."

Byrndun Corporation
.

prices

W. L.

5, N. Y.,

120 Broadway, N. Y.
REctor 2-7634

foreign

Bell

7
*

"THE SHEETS"

investments in the only will look upon such a foreign in¬ made parties. However, the com¬
way they could be
collected—in vestor very differently if we pro¬ pany, the amendment states, will
ceed to become such?
not
indemnify
anyone
"finally
foreign goods.
(Continued on page 509)
"After
this
war
foreign
adjudged liable for negligence or
misconduct in the* performance of

New York 5

OUR LISTINGS

SEE

According to a proxy statement
and a more abun¬
; sent to stockholders,
the company
goods in the United
from
the
intends, so that the investment
cheap
goods States and the whole world for phase of its business will not be¬
(Emphasis ours.)
of
European that 'matter."
come
subject to the Investment
I tage it that, if carried'through
and
Asiatic
Company Act of 1940, to restrict
to
successful
conclusion, * the the maximum value of securities
labor.
The
farmers
de¬ policy
here
advocated
would owned at any one time to 35% of
manded
pro¬ make USA the major loan shark— total assets, exclusive of cash and
tection
from the chief absentee landlord of the government, securities, on an un¬
the low prices world. The Mexican Government* consolidated basis (amounting to
its confiscation; policy; $5,760,573 on Dec. 31, 1942).
ofSouthAmer- through
ica, Australia, has recently given us a practical
Stockholders will also vote on a
and
Canada, illustration of what that part of proposal to indemnify officers and
E. S. Pillsbury
and we pro¬ the world thinks of the absentee directors
against liabilities and
Have we any reason to
ceeded to shut the door to the col¬ owner.
expenses in connection with pro¬
lection of the proceeds of our think that the rest of the world ceedings to which they may be

interstate Power

the

dant Supply of

Bell

...

that their

Y. 1-1227

Teletype N.

Enter Investment Field

-7'

•

great

tries;

WOrth 2-4230
Bell

branch offices

DEALERS !!!\

Panhandle Oil Go. To

Exchange

Broadway, N. Y. 5, N.

NY 1-1557

La.-Birmingham, Ala.-

Direct wires to our

2-7815

we be-<S>
field of general investment in ad¬
creditor countries will need plenty of-our dition to its integrated operations
nation.
But we held on to our capital and consumer goods, pro¬ in the
petroleum industry accord-*
vided we are. willing to sell them
high tariff policies. Investors deing to an announcement regard¬
\ ■ :
manded ' pro¬ on credit. If we do sell to foreign ing the special meeting of stock¬
tection
from countries on credit, we know that
holders called for Aug. 20 at Wil¬
the
low
cost we cannot collect in gold. The
mington,
Delaware.
A ! charter
production of proceeds must be invested in the amendment authorizing transac¬
foreign coun¬ capital and productive facilities of tions in securities of other cor¬

Mitchell & Company
Members

follows*
follows:

world's

the

came

Maryland Drydock, Com.
Washington Prop. 7's,

■

"After World War I

Com.

Emerson Drug,

77.H

:■

Tobacco, A & B

Axton Fisher

;

Stock Exchange

New York 4, N. Y.

HAnover 2-0700

York Curb Exchange

New

120

Stock

•

TELETYPE NY 1-423

BELL

120

National Fireproofing

Warren Bros. Class "B" & "C"

CANADIAN BANKS

PL, N.Y. 5 HA

40 Exchange

CANADIAN RAILS

KING & KING
Security

Birmingham Gas.

Remington Arms

Bendix Home Appliances

Established 1920

Alabama Mills

Botany Pfd. & Common

Mid-Continent Airlines

York

American Cyanamid Pfd.

CANADIAN UTILITIES

Braniff Airways

New

CANADIAN INDUSTRIALS

Common & Bonds

Members

Marquardt.

Position Markets:

Carey Trust—All Issues
Oklahoma-Texas Trust

Chofford Master Mfg.
Columbia Baking, Pfd.

& Cora.

Galveston-Houston Co.

INSURANCE STOCKS

Trading Markets in

AMERICAN

BALTIMORE-AMER.

Railroad

GREAT

HANOVER

NATIONAL
CITY

Public Utility

FASHION PARK, Inc.

HOME

LIBERTY

OF N.

CONTINENTAL

NORTH

AMERICAN

v7,,

FIREMEN'S

STOCKS

STANDARD ACCIDENT

& BONDS

H7
WW
1170 FINE ST.,

N. Y.

WHitehall 4-4970 If

Teletype NY 1-609

Trading Markets-On The Wire

wmw*

All If & 1 Awm
^V

Established

192S

Direct

Wires

120 Broadway. New York
phone: REctor 2-8700
Bell

Teletype NY 1-1288

Members New York Security Dealers Association
to BOSTON

—

HARTFORD

—

PHILADELPHIA

Jefferson Lake

New

England Industries

Earnings
of $9.00 per share

April 1* 1943.

1942 in

excess

Descriptive Circular

Request

SIMONS, UNBURN & CO.
Members New York Stock

25 Broad St., New
tta nnvpr

2-0600

Exchange

York 4, N. Y.
Tele.

NY 1-210

Sulphur, PId. & Com.

Liberty Baking, Pfd. & Com. 7

Accumulations $17.50 per share

WESTCHESTER

Firm

G.A.Saxton&Cov Inc.

loans.

FRANKLIN

Industrial

Preferred

No funded debt or bank
.

RIVER

NORTHEASTERN

CAS.

$3.50 Cumulative

U. S.

Nu-Enamel

Finishing, Pfd. & 5's 1S44
U. S. Radiator,

Pfd.

T. J. FEIBLEMAN & CO.
Members

New

Orleans Stock Exchange

41 Broad Street
BOwling Green 9-4433

New York 4
Tele. NY 1-493

Volume-158 * Number r4200
The

COMMERCIAL and

FINANCIAL
L

;

7 7:':77'-""''

-7.,j

The impact

•' <>

of events

j\ 7.7

,William B. Dana Company

Publishers

THE COMMERCIAL & FINANCIAL CHRONICLE

j. ■ '7.'7

f.\

BEekman 3-3341
•.

Herbert

discussed in

£'/

D.* Seibert,

our

William Dana Seibert, President

.week

suggestions

Other

Offices:

Members

■'jU Copyright "1943
,-Reentered

William

Company.'7:;::'

Y„

New

under

the

Through

Harrison 2075
Teletype

Wire Service

/ v. :

if!®; OUR; 177117
REPORTER'S

Our

Real

Estate

Department

thei other hancl.

operation

New

Stock

Teletype

York-Stock
the

advisory

establishment

department

problems

trust

and afford counsel

handle

management
general eco¬

nomic and investment matters for

The

the

War

mittee

Iron

reorganization of Phila¬

Reading Coal
Company since 1937.

and

Impact Of Events On
Investment Policy
The

impact of events on invest¬

discussed

in the

current Bulletin issued by

Strauss

ment

policy

Brothers, 32 Broadway, New York
City.

Copies

bulletin with

of
a

this

interesting

list of suggestions

obtained

may

from

request

the

Commission

program

of dissolu¬

American

Public

the remaining 3%

re¬

outstanding, through the use
a $34,881,500 bank
loan, carrying a 2% interest rate,
for which arrangement? have been
completed. £#.
of proceeds of

further

what institutions

indication
are up

that

estimated

banks

throughout

against,
country

will

show: a reduction approach^

ing

$300,000,000

in holdings of

corporate obligations due to re¬
tirements and redemptions this
year.

Post-War Reserves

Another factor

trend

toward

debt

the

tempt

disposition

This

done

sumed in

one

retirement,

sing

ever

Have

been:
In
Dr..Wright's

stored up.

seems

he accepts
t h

i s;,
when the
es

509)

upon

803

Landreth

Bldg.

ST. LOUIS 2, MO.

Teletype—SL 486

L. D. 240

the

over

engi¬

ers

Teletype NY 1-1666

Broadway, New York, N. Y.

77 *

2-8970

Teletype

1-12M

Argo Oil
Federal Water & Gas
Mo*-Kansas Pipe "A"
Farnsworth Television

J.F.Reillj&Co.
Members

place
such

New

Ill

the

that

York

releasing

Security

Dealers

Assn.

Broadway, New York, N. Y.
REctor 2-5288

conserva¬
System

Teletype, N.

1-2480

instigating controls during
(Continued on page 511)

Memorandum

Request

Federal Screw Works

Dealers, Inc. takes

Howard E. Taylor,. President of the
listing of all securi¬
ties on exchanges.
(Mr. Taylor's statement is carried in full in the
"Financial Chronicle" of July 22nd, page 298.) The NASD, in an
article which will appear in the next issue of the "NASD News," a

NASD

has

■:

' *

addressed another
bers of Congress.

exposition

the

securities

business' internal differences.

compelled

feels

But

to / answer

Exchange.
to

appeal to

fT \

Bell

mem¬

COrtlandt 7-6190
1-84

System Teletype NY

In the follow¬

has

NASD

which

sent

every

Congressman, certain of the state¬
ments made by Mr. Taylor in his
first

letter

bold face

are

comment

NASD

Central States Elec. Corp.

"Do

and

Great American Industries

Roman -im¬

Greater New York Breweries

know that any

you

and

Berkeley-Carteret 5V2S, 1951

all securities may be bought and
in

sold

place,
Act

In June, he wrote a
member of Con¬

lic

while

every

stock

followed this up some time
later with a press release; in July

Savoy Plaza 3-5s, 1956, W.S.

private

Congressional

purchased by the pub¬

day

being traded

press;

public

large percentage of the se¬

curities

every

any

are
on

barred from

the supervised

exchanges?"-

(Continued

Frank C.Masterson & Co.
Members

•

■

Exchange

NEW YORK 5

HAnover 2-9470

Detroit International
:

-7' >'71'.: -.

Bridge Co.

Miami Bridge Co.

General Partner

this firm

Curb

514)

,;Mr. Carroll J. Ward
"has this day become

York

Teletype NY 1-1140

on page

•

New

64 WALL ST.

JVe take pleasure in announcing that
_

(Va.)

Common, 6% Pfd. & 7% Pfd.

mediately under each passage:

Baltimore Stock

VJ !in

Est. 1926

ing, which is a reprint of a reply

circulated copies among the

gress,

niRiao&lo.m
170 Broadway

believed that'®'

never

Bartgis Brothers

■

Stromberg-Carlson

will send to every member of

Association

of which the
Congress, declares:

•,

rights

the views expressed by

reprint

and

Miller Tool & Mfg.

excep¬

Baltimore Stock Exchange, and others advocating

Common
•.

Stocks

Bought—Sold—Quoted

Unterberg & Co.

Broadway, New York 6, N. Y.
7

HAnover

Telephone BOwling Green 9-3565

CO.'

The National Association of Securities

:;Cy;77:v-

Members New York Security Dealers Assn.

Co.'s

Participations

INC.

common
'

7HOIXR0SE§ TRfiSTm: 7

■

0. E.

>7 7;

...

.7)

request

Ctfs.

Title

,:.. r:7 ,;777 :
Analysis

other

J. GOLDWATER &

Bell

,.,7Tv/

Company

Request

all

Bank 'Trust

NASD Refutes Contentions Of Those

National Radiator

COMMON

Co.

Title

Ctfa.

Gisholt Machine Co.

letter

page

7 7

Co.

Complete Statistical Information

tives, have'accused the New Deal¬

will blast the dam,

neers

seems

'■'*

war

as¬

of two directions.

Invited

Mtge.

Lawyers

and

The thought behind this

proposal.

Richard C. Lilly

the

that

an attempt to
Deal label on any

New

President of the

it is

Either the corporation puts such
funds into war bonds of the Treas-

(Continued from

Peltason, Tenenbaum, Inc.

| tion, there is

article

coun¬

vigorously continuing controls of
business
into
the peace period.
As soon as this is suggested, and
Dr. Wright does indicate that an
effort may be made in this direc-

the part of cor¬

largely,

Specialiste

Bond & Mtge. Co. Ctfs.

p "

pounded purchasing power. There
seems to be great timidity about

lic

j..

growing

Are

Inquiries

made to educate the
public to a procedure of
reducing this -im¬

American

charges 7 that have been made
porations engaged 7 primarily in againskthe character and respon¬
war work to set aside
sibility of the business of the vast
portions of
their earnings as reserve for re¬ majority of its
members.
Ap¬
conversion needs and other pos¬ parently several spokesmen for
small stock exchanges have gone
sible contingencies.
7/ ;•
to Congress or to the press with
Naturally it would not be
statements and arguments that can
economically justifiable to hold
and must be refuted.
One such
such funds in cash, so the urge
spokesman is Howard R. Taylor,
is to put these monies to work.
the

4-6551

scientifically

flood

of in this

constructive ends result from pub¬
:

WHitehall

Lawyer*

I cannot understand why no at¬

eco-'

the great¬

tion to
<

savings:

the

any¬

rise in prices that

be unheard

and 3Vz%

The

dam

p u r c

filed with the Commis¬

North

rich,

will

wave

valley will 1 be subjected, to
drought of deflation.: 71 171

the

est

now

York Corporation
Analysis

war

Securities

tidal

debentures of the parent company

Strauss Brothers.

upon

the

requirements, of' the

tire

Production

and

delphia

known

Previously'he was head
counsel firm
under his own name from 1932
to 1940. Mr. Waldman has been
chairman of the Bondholders Com¬

Utility Holding Company Act.
tTo do this it is planned to

investment

the

This

pounded 7 be¬
hind

of purchasing

wave

parched valley of pro¬

with it

carry

will

power

the

Board.

sea.

now:

Company
proposes
to split its remaining
properties up into four regional
groups integrated so as to meet

department

new

vision

to meet

Exchange

Under

will be
under the managmeent of N. E.
Waldman who.was formerly Chief,
Analysis and Statistics Section,
General Industrial Equipment Di¬
•-

order

wax

REAL ESTATE SECURITIES

try and in a short period of time
will have expended itself and the

/'There

to such interests

duction.

the

and

great tidal

power on a

run

brings it into bold relief, tem¬

individuals and corporations.
;

open

won't

Members New York Security Dealers
Assn.
a

harm¬

lessly
the

;

lowered

nomic

tion just

1-2033

Co., 61 Broadway,
City, members of the
Exchange, an¬

York

New

period of

waters

would

porarily at least.

Exchange

New

nounce

gradually

created by the

tence"

Byfield Go. Opens, New
Depf; Under Waldman
Byfield

' ;

its system

sion,

ing

WHitehall 4-6330

over

inflow

ican Company's plan for break¬

quotations

York

St., N.Y. 5

Bell

re¬

Vewburger, Loeb & Co.
40 Wall

one

is i not widely appreciated until
i something like the North Amer¬

and

Members

the

requirements of thcr"I>eatb Sen-;
for

and

exceeded 6

the

The shortening of the field of

and Mortgage Company

Call

that

flood

"legals"

demption of corporate bonds

Title

Certificates

outflow

time the-level of the lake would

suitable

had

holding?

those junk

disc-ussing

being severely squeezed" these
days between the dearth of new
are

Company Certificates
•

the

hand and the heavy calls for

Lawyers Mortgage

York

Editor, The Commercial & Financial Chronicle:
rAs you invite comments pn Dr. Ivan Wright's second article on
inflation; I submit the following* '
;
^
I
7777-There is impounded behihd the 726-foot wall of Boulder Dam
the largest artificial lake yet created by man. If for" some redson it
were necessary to empty this reservoir, the engineers would increase

and

Securities

has

specialized
for the past twelve years in:

New

REPORT

Institutional portfolio managers

advertise¬

ments must be made in New York funds.

You

rec¬

STREET, NEW YORK

Being Stored Up To Boulder Dam

City

Urges Extension Of Controls To Avert Post-War Boom

bid

our

worth

99 WALL

" Teletype NY 1-5

•

it's

still

way!

129

March

In the rate of exchange, remittances for

and

but

Likeiis Flood of Purchasing Power

" CHICAGO 4"**"

New York- Chicago - Sfc Louis - Kansas

L'? NOTE—On account of the fluctuations

subscriptions

you're

securities.

•

get

so,

old

your

needled

you

Ass'n

Board of Trade Bldg.

New

Subscriptions in United States and
Posessions, $26.00 per year; in Dominion
of Canada, $27.50 per year; South and
Central
America,
Spain, Mexico
and
Cuba, $29.50 per year; - Great Britain,
Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year. .?

:•

that

Telephone:

8, 1879.

foreign

JL'-. :'77;:7

25 Broad Street. New York

Security Dealers

DIgby 4-8640
Teletype NY 1-832, 834

B. Dana

Act

York

Broadway

NEW YORK 4

as second-class matter Feb¬

ruary 25, 1942, at the post office at

York,

•

Spencer Trask & Co.

Telephone HAnover 2-4300

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

are

.7:

look at

you

ords

STRAUSS BROS.

Monday]

When

buys

request

OLD RECORDS!

Puget Sound Power & Light Co. 5% Preferred

Copy'with list of

[every

Thursday (general news and ad¬
vertising issue) with a statistical
issue

AND COMPANY

current

Beginning vv>

j . w-y- Thursday,-August 5, 1943.

LiCHTinsTEin

B. S.

West Penn Power Co. Common

77;7
a

active trading interest in

(When Issued)

William D. Riggs, Business Manager

twice

Rochester Gas & Electric Co. 5% Preferred
Public Service of Oklahoma 5% Preferred

BULLETIN

Published

W-

policy is>.■

Editor and Publisher

We have

investment

77 25 Spruce. Street, New York 7

■-iv

49£

CHRONICLE

Reg. U. S. Patent Office

i;-,

.-:

' .7. ..Established 1914
':
'Members New York Security Dealers Association,

J" 7.

7 '

Trinity Place

August 2,1943

;

New York 6, N. Y*
7'':;

CRAIGMYLE, PINNEY&CO.
-

Members

New

ONE

WALL

Telephone

York

Stock

Exchange

STREET, NEW YORK 5
WHitehall

4-52&0

mmmmmmmmmmmmmmmmmmmmmmmmfrnmmm

•

THE. COMMERCIAL ^FINANOIA^€HRONIGLE

( Thursday,

Specialists in Railroad Securities

Troster, Currie & Summers

•

Lease Line Railroad Securities

•

Underlying Mtge. Railroad Bonds
Minority Railway Stocks
Reorganization Railway Bonds

N. Y. 6—HA-2-2400—Teletype NY 1-376-377

•

Standard Oil of Kansas

•

INDUSTRIAL

RAILROAD
MUNICIPAL

Petroleum

Lago

UTILITY

PUBLIC

Guaranteed Railroad Stocks

Dealers Association

Members New York Security

74 Trinity Place,

•

August 5, 1943

BONDS

Mexican Petroleum

Republic Natural Gas

•

George Weston Ltd. Common

If W.

r r •

■

A-CAIJXN^COMMNY

guarantee!) railroad stocks-bonds

INCORPORATED

CHICAGO

Privait Wires

Buffalo

Cleveland

Detroit

Pittsburgh

St. Louis

Broadway

New

-'Vi'v'.

York

New York

•
■

(■.

...

Milwaukee

Boston

.J.r.'I.i,

DALLAS
vj&'fv

-A -y *-"V"r

" • •••

announce

the

opening of a

•;

"V vAiU''"5 *u.

.....

si t cr

'/ 0*

{

\» i "

■

-r

Bought

—

pleasure in announcing

the

opening of

Dallas Ry.

All Texas

PEIRCE

Check

Mr. A1 vin F. Kramer

•

and the

opening of
■.

DALLAS, TEXAS
Houston

».

..v

v*»vnL V

* •

-•

.v-/-

Eastman, Dillon

63 WALL STREET

MEMBERS

ENGLE, Manager

NEW

Co.

ST. LOUIS

YORK STOCK EXCHANGE

15 Broad Street, New York 5, N. Y.
Philadelphia

Reading

Paterson

Easton

Hartford

Brothers

Buckley

Sr/x

Members New York Stock "Exchange

SAINT LOUIS

Philadelphia Stock Exchange

SOyOUVE ST.

PHILADELPHIA

WALNUT STREET,

1529

San Antonio

•

OFFICE

YORK

TRACY R.

Southwestern Securities

...

NEW

& Terminal 6% 1951':

Utility Preferred Stocks

RAUSCHER, PIERCE Cr CO.

Resident Partner

-Mas

Common

and the admission of

Manager

COOK

«r

Pepper

SoVestern Pub. Serv. Com. & Pfd.

Field Building, 135 South LaSalle Street

...

Quoted

—

Republic Insurance

chicago office

UNION TRUST BUILDING

HORACE C. MOFFET,

Sold

Dr.

Southern Union Gas

PITTSBURGH OFFICE

J\f,

We take

BeU System

vleased, to

are

Teletype—-SL 80

that

announce

AUDRAN J. CAVANAUGH

Members

St. Louis Stock Exchange

and,

;^'^v
We
J1

■

pleased to

are
!v

•

that

announce
.

>u.'\

• t

JOSEPH T. FULLER

'uJd *J'

have been admitted to

MR. MILES BURGESS

■

partnership, in

our

Alien Heeled Pres.

general

Of Deireil Bond GEub

firm

has become associated with its1 as

DETROIT, MICH.
Allen

Albnzo C.

—

fwas elected the 28th Presi¬
Detroit

dent of the"Bond Clubr6f

iam ix. jruiier
■>.'

DISTRIBUTORS

■

.'i

W«nU of

GROUP, INCORPORATED

63 Wall Street, New York 5, N.Y
August 2, 1943

■■

(

for the year

1943-44 at a special

AAA-,'.:

meeting of the
of

Board

Gucayo
Stool Sxclanat

Allen

Mr.

109

•

SALLE

STREET

Di¬

rectors.

has

CHICAGO

been

en¬

the

gaged

securities
b

u s

ness

Says SEC SMd Be Administered By Men
Sympathelic To Our System Of Free Enterprise

Chicago Stock Exchange Issues
We

are

interested in offerings of round amounts

his

v e r s

Members New York Stock Exchange

Dearborn°0500
Teletype
Chicago 35

209 South La Salle Street

Wires

to-

East and

Chicago 4, Illinois

the

Securities

West Coasts

members

and

Direct Private

a7ld Chica9° stock Exchange

tain

Exchange Commission staff
questioned as to their finan¬

were

cial, and certain of their past po¬
litical affiliations, developed the
amazing fact that most of them
had never had any practical ex¬
perience in the business that they
are
empowered by Congress to
regulate.
Good business wisdom
determine

should;

Available

TRADER WANTED
C

Corporate ; Analyst

Senior

Formerly Assistant to Buying
Dept.
in

Extensive experience
Streetand

Wall

field. Box L 2,
Financial

Spruce

the

Commercial &

Chronicle,

Street, New York 8,

n.y.

r»

.«

Offer top commissions to
trader

who

situations.
details.

has

Apply listing

Box M28,

Com¬

mercial & Financial

Chronicle, 25 Spruce St.,
New

York, N. Yva

.'.

before

appropriates any more
funds for the upkeep of the SEC,
that it should amend the
Acts

ties

special

that

Congress

mandatory

ficers
have

that

least

certain

make

executive

of that Commission
a

Securi¬

amount

of¬

should
actual

experience in: the business over
which they are given so much
authority.
v
"In the revival of private busi¬
.

ness,
war,

and
to

which is anticipated after the
much new public financing
refinancing will be required

repay

present

Government

i t y

of;
i n
having

Michigan

1926,
started

with

Halsey, Stuart
and;

Co.

1936

op¬

with actual

CRUTTENDEN & CO.

graduation

from the Uni-

Seward M. Lawson, Stoetzer, Carr & Co., Penobscot Building,
Detroit, addresses the following letter to Senator Homer Ferguson
of Michigan in which he advocates, among other things, that Con¬
gress make it mandatory that executive officers of the SEC be men

experience in the securities field:
''Recent hearings before the House Committee
Foreign Commerce wherein cer-^-

since

Detroit

ened the local

Interstate and

office

loans, and provide for the de¬
velopment and manufacture of
new
products.
The investment
banking business is a most im¬
portant link in the chain of pri¬
vate enterprise;
"If -"such agencies 1 as the SEC
are
to regulate without destroy¬
ing the creative energies of the
industries in this country, these
particular
grants
of delegated
power should certainly be admin¬
istered by men whose background
is sympathetic to free enterprise,

Blyth
and
Co., Inc., and

Allen

is still associated with that firm.
been active in many se¬

He has

curity and investment banking ac¬
several years, having
served as SecretaryTreasurer, and Vice-President of
the Bond Club, and is at present
Vice-Chairman of the Michigan

tivities

for

previously

Group of the Investment Bankers
Association.
Other

officers

elected

are

Wil¬

Bosworth and Co., Vice-President, and

"The industrial communities of

Howard L. Parker of M. A. Man-?

and

our

traditional institutions,

liam

Adams

Braun,

this

city, and of the country at ley and Co., Secretary-Treasurer.
officers
together with
large, have demonstrated their T h es e
ability to deliver the goods, and Charles C. Bechtel of H. V. Sattwould like to feel that they can ley and Co., Douglas H. Campbell
trust you to see that such com¬ of The First of Michigan Corp.,
missions as the SEC are governed John L. Kenower of Miller, Kenby the experience of practical men ower and Co. and Bert F. Ludingwith first-hand knowledge of the ton of Watling, Lerchen and Co.
business involved.

"May

count on you?"

(will comprise the Board of Direc¬
tors for the

coming

year.

w,twa v?

Volume 158

Number 4200

THE COMMERCIAL &

501

OLD COLONY
4s, 4V2S, 5s & 5%s

IlilSRAILSi^ill

Abitibi Power &

Bought and Sold

''"

■

'•

•££

's"''.\\v T'\u"\t:*'r-'r^ J,r; r*'- ,•"
wf

.'•'«»•

»,-*

«r

■

I-

•'

■

•' '•

Brown

pflugfelder, bampton & rust

NEWBORG 6- CO.
MEMBERS
York

New

York

Stock

New York

Exchange
Curb Exchange

*•

Baltimore

Stock Exchange
Boston Stock Exchange

Chicago Stock Exchange - Philadelphia Stock Exchange
Pittsburgh
St.

Bonis

Salt

Stock Exchange

'/■
j

Stock

Exch. (Assoc.)
City Stock Exchange

Lake

' *

HAnorer 2-6540

Cocoa

Exchange
New York Coffee & Sugar Exch.
New York Cotton Exchange
New York Mercantile Exchange
New York Produce Exchange
Chicago Board of Trade
Chicago Mercantile Exchange
Commodity Exchange, Inc.
Winnipeg Grain Exchange

•

30 BROAD ST.. NEW YORK 4

vU..

;vv'

New

Members New

11; Electrolux Corporation

New York' 6

Telephone—DIgby 4-4933

•

Bell

}

■

Teletype—NY 1-310

'••N ;

A;.

Kerr Addison Gold

Railroad Securities
At least from

trading angle the day-to-day

not

of the

the

war—bonds

been

altered

caliber

N.S.T.A. Advertising Notes
'

"v'

■

>.?

11 v-v*'

<>-

......

"•

•

.* 1

;

With approximately

Los Angeles reports^ that President Donald E.. Summerell of

Merrill

Lynch* Pierce, Fenner &S>

Beane is covering their member¬

ship and, with business already

•'sent in, hopes to substantially in•

these amounts in the

crease

near

future.

Gene Hussey, First Boston Corp.,

;

•President Boston Securities Trad¬

ers Association, informs us that
in-addition to Dayton Haigney,

sion held

Louisville

during the Annual Meet¬

be present.

The

Nashville,1

United

for

Cgc.

(Special to The Financial Chronicle)

Dickson

Company,

Sharp, " who

.most offices

I'm

sure

rthat

all will recognize the fact

call

two

■i will:

ring
I register, v

the

phone

National

our

•

Smith, Chairman ; ;
NSTA-Advertising- Committeef
Collin, Norton & Co.

v:;

30 Pine Street

New York,

N. Y.
/•- .• '

-• •

The National Security Traders
been

able
at

announces

reserve

the

was

that it has
a

block

Palmer ..House

Co.

and

Brothers
Central

planning to be in Chicago
urged to get in.touch with
/Larry A. Higgins, Hulburd, WarIren & Chandler, Chicago, who is
in charge oL hotel reservations.
'are

/ Registration blanks should be sent,
I with check,to Leo J. Doyle,
•Doyle, O'Connor & Co., 135 South
La Salle Street, Chicago, as soon
as possible as it is more important

trations

'luncheons
ration
V

have advance regis¬

order
and

Company.

branch office
the

State

management

land M. Minot.

Street,

Mr. Minot

Way-

was

for¬

merly with H. C. Wainwright &

in the past

and

was local
Allied Distributors,
Distributors Group, Inc;

for

provide

for

dinners under the

requirements.

V::

Every member of the Associa¬
tion is invited to attend every ses¬

Cohu & Torrey
Cohu

New

York

New

York

that

(in reorganization)

Iowa Central

Des

Moines

associated

manager

partment.
years

Dept.

.with

their

them

syndicate

de¬

| Mr. Morison for
his

own

ment

business,. under

name

Morison

firm has been dissolved.

many

invest¬

thefirm

Co.; this
1

:'j'

".uk

use
would almost
certainly
correspondingly increased, thus
taking up any slack that might
develop in overall industrial ac¬
tivity.
As a matter of fact, such

1938

1951''

Fort

Incorporated

63 Wall Street

BeU>

selling

N. Y.

rather

Teletype Jil Y/'l-fcy'1T:;

over

manner

not

cause

even

depression
Therefore, to the extent

ago; they, 'are still elements' of
value
today regardless of > the

pressure

long

favorable war trends.

come

from

a
a

traffic boom.
end

Even if the end of the

the

the present

war

would

be the
tion

cause

porary

very

teqi-;
sharp contraction in

rail traffic which is generally ex¬

pected at the war's end.

On the

basis of all of these considerations

valid

difficult
excuse

for

toward

recognize
continued

the

well

any

bear-

situated

reorganization rails at this time.

Raymond

Street,
this

possibili¬

circular issued

Co.,

Mass.-

148

circular

had from the firm upon

State

Copies
may

of
be

request.

war

within

in Eur¬

relative¬

and if this should

war

traffic.,

Boston,

interesting

materials, it would
likely have a serious effect on

rail

reorganization

& Essex offers attractive

ties, according to

signal for reduced produc¬

not

substantial balances to

evaporate,:'" and

come

ly short time

immediate
not

should

ope

may

continuation of the
Even

Gradual rather than sudden

rail V facilities.

transcontinental

This cash is already

hope of what

change¬

Morris-Essex Interesting.

will decline precipitously on corh-J
pletion of the European phase of

term

respective treasuries, and is

merely

sudden

The current situation in Morris

and earnings

the war.
Presumably such a :de-j
past the spec¬
velopment would mean intensifi¬
the general run cation of the drive in the Pacific
of reorganizationsecurities
has
theatre, which in turn would mean
rested mainly on the implications
complete utilization of at least the
inherent in the large accumula¬
in the

the

that railroad traffic

ulative appeal, in

tions of cash.

con¬

tion, it is also being pointed out)
that no realistic appraisal of the
situation can support the theory

time

some

than

gradual

to peace activity,

war

conversion would obviate the

ishness

Aside from the cash considera-1

prospects for, the securities.'
For

mean- a

that will be necessary if peak

ities.

cash- drain

is, to be expected in view
previous sharp advance and
the large speculative trading fol¬
lowing that this type of bond had

and

funda¬

production is continued right
to the final end of all hostil¬

such

was, and

of,

would

capitalizations have^beeh set up iq

of the

value

version from

New York 5,

mentally very constructive from
the point of view of the carriers.

war

analysts/- contend

the

development would

Dodge 4s 1935

"many rail men, afford an excel¬ periods.
that strong finances may
have
opportunity for the accumula¬
tion
of
the better" situated
re^ justified bullishness in individual
organization securities at bargain reorganization roads two weeks

not

conducted

ilian

lent

These

Teletype BS 250

Frederic H. Hatch & Co.

the major

factor in

mental

Torrey, 1 Wall Street,
City, members of the
Stock Exchange, an-;

Iowa Central 4s

while

production and there was an
easing of the tight situation in
raw materials, production for civ¬

Minneapolis & St. Louis Ss 1934

There is every reason to believe
that; the flow- of war - develop¬

prices.

holders

war

Minneapolis & St. Louis 4s 1949
Minneapolis & St. Louis 5s 1962

that

benefit

148 State St., Boston, Mass.

MINNEAPOLIS &

attracted, it is by no means justi¬
on
the basis r.of the funda¬

that A. J. Morison has be-<

nounce

come

^ Teletype: NY 1-2050

ST. LOUIS RAILROAD

fied

A. J. Morisor Heads
I

3-3450

This rally was short-lived)
however, and peace sentiment was
again to the fore at the close of

between

and^ stockholders
roads

>f this sqnior issue?

Minneapolis & St. Louis 6s 1932

ments will continue

Line

Tel. CAP. 0425

Italians " might

the week.

adjustments

WALL STREET, NEW YORK 5

under

Inc.

WHitehall

speculative price move¬
: ments, at least for the time being.
This peace psychology might well
-hit its peak with the final sur¬
render of Italy; If this brings an¬
other sharp break in speculative
bond pric£s it .Will, in the opinion

and

accommodations)

those

Brown

Co.

OSTO N, MASS.—Amott,
Baker & Co., Inc. have opened a

Co.| and

ever

Amotl Baker Opens
Branch In Boston

manager

than

manager

with

was

Harriman

Republic

for

members

order to confirm

formerly

^eased

pending

CO!

LEROY A. STRASBURGER &

mans/

been

recently

the municipal bond department of

attending the : Annual
Election Meeting to be held in
.Chicago on Aug. 20 and 21.
Iri

rooms

Mr.

*.B

II Reservafioits Early
Association

has

Street.

Urge Making NSTA
|

Salle

cash Bacon, Whipple & Co., was Chi¬
•' * |1 cago manager for R." W. Pressprich

•

Harold B.

Chicago,

2000
Would

Descriptive circular oh request

continue to
fight with the assistance of Ger¬

with the War Production Board in

short of help, but

135 "South

Morris & Essex

1988, hQth Coupon & Registered

the

indicated

Rome

Toronto

from

ments

Montreal

2-0980

consideration,

J).

withdrawal of
Offerings were just as scarce
few days later when announce¬

the

Inc.,

rAlvis is assisting Mr. Glas.---;
] I know we are all busy -and

HAnover

Teletype NY 1-395

time,- of all issues'-of-",:-'."-

Nations

was

St., N. Y. 5

Bell

New York'

Particularly the GENERAL 4s,

characterized by a

Jerry Glas of Glas & Crane
CHICAGO,
ILL.—Nathan
S.
'Chairman, and their President, Sharp has become affiliated with
R.

WILLIAM
•

& Pacific R. R. Co.

bids.

are

announcement'

the- speed

drive in Sicily.
sharp drop in prices
speculative
rail
securities

There

R= S. Dickson In

and

HART SMITH & CO

Chicago, Rock Island

been
■

week-end

this'

the strength of the Russian coun-

named

Kingsbury &

have

hand,

nervous.

terdrive,

their local advertising committee.
Our New Orleans affiliate has

J. W. Kingsbury of

other

We recommend dealers'

ing, .which will be outstanding in that Mussolini had been ejected as
many respects and one of great head of
the Italian government
importance.
The
Association heaped fuel on the fire of an in¬
wants the support of the member¬ cipient peace > psychology which
ship and it is hoped that as many earlier had fed on the failure of
members, as possible will arrange the German offensive in Russia,!

Chairman, Carl Jordan of R. W.
'Pressprich & Co. and Sumner
;
Wolley of Coffin & Burr complete

;

the

highly

Sun Life Assurance Co.

by the rcent favorable

Northern, and Pennsylvania junior mortgages and the senior
bonds of somewhat weaker credits have been notably firm at or close
to their
highs. *- There has also<*>>
been a very consistent good de¬

two weeks left, we have signed contracts; mand for the maturities of
up to
equivalent to the total business secured last year.- With a small- ten
years of all but the weakest
amount of individual time devoted toward developing ads for our
credits.
The speculative sections!
special edition of "The Commercial and Financial Chronicle," we of the bond market and
virtually
.could easily double last year's return to our National Treasury.
\ all sections of the stock
market,1'

Noranda Mines

•,

developments

war

have become the completely dominating factof in railroad securities.:

Tele. NY 1-2972

Mines, Ltd.

Minnesota & Ontario Paper Co.

Great

•'

Fanny Farmer, Ltd.

Halifax Insurance Co.

trends of

Company

Consolidated Paper Corp. Ltd.

York Stock Exchange

Broadway

Investment sentiment has

■

Paper Co.

Aluminium Ltd. Common

Inquiries Invited
-

tii "JF wrtfi ^

FINANCIAL CHRONICLE

REORGANIZATION

'•*$

^ ,v *s

jj$i\h -wr.JWMV.K«VUIV<"fj wfcn. yi

plants

Virginian

•

released; from

were

Corporation
Now

Mclaughlin* baird & reuss
Members New York Stock

Exchange '

that the Final Report of the Special Master has been

submitted to the Court in

draft

our

report,

feel that

form

practically identical to his

study of the

Collateral Trust Bonds

SEABOARD AIR LINE
BOND

BROKERAGE

SERVICE

Specializing in Railroad Securities

timely than

request.

|
•

ONE WALL

STREET

...:

■

TELETYPE NY

1-1310
.

••

;

-■

upon

■;

1. h. rothchild &
w.

tyEW YORK 5r
-."

TEL. .HANOVER 2-13'55

Copies-gladly furnished

ever.

,-.

specialists in rails

120hroadway
COrtlandt 7-0136

-/;v

co.
.

5
Tele. HY1-1293
,

n. y. c.

•

I
<

i
.]

Adams & Peck
63 Wall

Street, New York 5

BOwling Green 9-8120
Boston

Philadelphia

Tele. NY 1-724
Hartford

THE COMMERCIAL & FINANCIAL

CHRONICLE

Thursday,-August 5M 943

Dealers Exclusively in

TRADING MARKETS

$400,000.

Kansas Oklahoma & Gulf 5/78

MUNICIPAL BONDS

CITY OF PHILADELPHIA

Lehigh Valley Transit 5/60
Old

DUE

Colony Railroad 5/45

Oi/4% BONDS

We devote

1975-62

JANUARY,

And its
*

2.25% to the optional period and 3.25%

thereafter,

Members New York Stock

Phila.

NEW JERSEY

l lU

r'l

Pennypacker

WALNUT

1528

0300

New York Phone

PHILADELPHIA

Philadelphia Phone

PH 265
N. Y. DI 4-1527

—

REctor 2-0790

STREET

1421 CHESTNUT STREET

Philadelphia 2, Pa.

St..

Bell Teletype

;

And its Municipalities

Municipalities
S't

<<•

"'j'»"

•

''l

(^1*

A. Webster Dougherty & Co.
Municipal Bonds

Stock Exchange
Exchange

Members Philadelphia

1529 Walnut

•"

■

special attention to obligations of

PENNSYLVANIA

at 115 and interest,
to net

PHILADELPHIA

Philadelphia

/New York.

Teletype

Rittenhouse 2580

PH. 70

BOwling Green 9-8184

Pennsylvania Brevities

Philadelphia
Bank
Stocks

Tractions Remain In Favor

Fidelity-Phila. Trust Co.
Girard Trust Co.
Penna. Co. for Ins. on Lives etc,

Philadelphia National Bank
Phila. Transportation Co.
iv..

3-6s 2039,

Pfd. & Common

Pocono Hotels Corp. Units

ii. n. nash & co
Chestnut Street,

•1421

Phone

Phila.

Locust

■

-■.-.■■■■J

Philadelphia
New York Phone

HAnover
257

1477

Teletrpe

2-2280
>

We Maintain Markets

Philadelphia Trans. Co.
All Issues

Jacobs Aircraft & Engine

Autocar—Com. & Pfd.

1500 Walnut St.

Philadelphia 2
N.Y. Phone

Teletype
PH

CAnal 6-4265

Akron, Canton & Youngstown
5^8 & 6s and When Issued

Northern Ohio

Ry. 5/45

Philadelphia Reading Coal & Iron
5s

& 6s

York Ice Pfi & York Corp. Com W.l
CERSTLEY, SUNSTEIN & CO

«213 So. Broad St. Philadelphia 7, Pa.
New

We have

System Tel.

Bell

York Phone

PHLA 591

WHitehall 4-2300

continuing interest in

MISSOURI

LOUISVILLE,- KY.

PACIFIC

nual

General 4s

Bond: Club
INTER. GREAT NORTHERN

the

Adj 6s

—

Louisville

following

officers

entire

Members Philadelphia Stock

Phone

George II. Williams,

Exchange

Svstem

users,

Philadelphia,

Quaker City delega¬
tion which will attend the an¬
the

nual

head

meeting

the

Specialists in

National

PHILADELPHIA

of
the

essential

and

forces

the

department

absorbed

will

ciation

Tel.'

PHLA 84

HAnover 2-7900

was

of the Investment Traders Asso¬

Philadelphia 9
Bell

President

output

battery

E.W. & R. C. MILLER & CO.

the

elected

for

the

•"*'
Allan

President:

an¬

coming year:

Watts,, W.

Although, throughout 1942, the i

123 S. Broad St.

At its

meeting /and - election,

storage

L. Lyons & Co,

Vice-President:

Philco,
armed
civilian;

was

part of the
version

not until the latter \
year

other

that full
divisions

Ruth,

E bi

n g er,

Otto

James C. Willson & Co.

conwas

Secretary:

Russell

Smart & Wagner

Treasurer: Albert C.

Brocar, Jr.,

J. J. B. Hilliard & Son.

(Continued on page 503)

offer, subject

$30,000

Upper Darby Twp.> Penna.

BANK STOCKS

5% Bonds

PHILADELPHIA

Due May 1,

TRANSPORTATION CO

Price to yield

STROUD & CO

SECURITIES

123

1510

Rittenhouse

8500

279

New York Phone—WHitehall 4-1234

South Broad Street

Members

PHILADELPHIA

Chestnut Street, Philadelphia

Teletype
PH 296 and 297

1.05%
mi

■■

-vr.VV-,

■

Charles Clark & Co.

INCORPORATED

F. J. MORRISSEY & CO

1951

120

123

Broadway

NEW

YORK

BROAD

Kingsley

2400

New

York

Stock

Exchange

PHILADELPHIA 9

ST.
,

Bell System Teletype

NEW YORK—72 Wall

Street

577

Volume 158; Number 4200

THE COMMERCIAL & FINANCIAL CHRONICLE

ilfcEhd Of An Era ggg
v

Pennsylvania Brevities
(Continued from

Roger W. Babson Appeals For Small Communities

accomplished.

The end of Mussolini's twenty-one-year rule over Italy came
so suddenly that its significance has yet to be appreciated.
It marks,:
however, a definite end of an era of confusion.
The sands of all
dictators are now running out.
Whether governments of Fascists,
Nazis, Revolutionists, Socialists or New Dealers, or city dictators—
their ends are in sight. We shall return to Religion and Democracy.1
i

also

face

World Markets Important;; ;

relief, but

relief coming from one more
demonstration that what is funda¬

annually.
$0.56

arise

c o n

ction

n e

and in shipping
be

costs! remains, to

with

reported at

share compared with

per

gineering
Army

work

and

expected

orders

.! I

about

Pretty

equipment is

add

first

seven

35%

pretty

:v.

the / year.
Philco is a leading
supplier of radar and electron¬
ics

equipment

ment

and

tinue to

the

govern¬

planning

service

the

United

Army and

Cas

>•

plications.

1943, compared with $8,074,485

!;; American Lime

These earnings included
actually received from
Philadelphia
Electric
Co.
and

has
kept

within reasona

b 1

limits.

National

The

Debt has risen
: astronom¬

and

far

Foreign

demands

for

lower
standard
for
and living for all groups.

temporary
wages

heights; This would be better
but it is being
employment.
* *
adeq uately
No other nation is

Babson

serviced.

Money

circulation

capita is the highest in our
history.
Consumer goods inven¬
and
f

holding up pretty well;
should

now

see

more,

rather than less, such goods.
For
the time being, however, there is

relatively less for which the aver-

*age •

wbrker'can spend; his
Hence, Secretary% Mor-

wage<

% money.
genthcfti's

continued

efforts £ to

switch the bulk of W ar Bond buy-

the-cities

the

towns.

funda¬

mentally equipped to expand
we

Control of the post-war

are.

world markets would put us at the
head of the Peace Table regard¬
less of any

question

England

we,

to whether

Russia had done

the most to knock out Hitler.
we

can

But

accomplish little without

the; industrial

"development

and

terlands.

the

cities—lies

the

hands

than our 1 a r g e
physical salvation

subsidiary

Company,

called

has

its

rather than how.

[ ;;;It thus becomes essential that
possible

everything

;•

done

Small-Town

ever

own

economic

and

The SEC's

reflections

sour

I the proposed plan of reorgani¬
sation

of the Philadelphia &
Western Railway found no sym¬

pathy from Judge Kirkpatrick
in the U. S. District

Court, who
approved the plait
arid referred it to bondholders

conclusions

\u;

towns

near

the

best

opportunities

for

both

owners

and labor will

fight

Philadelphia Stock Exchange

Packard

Bldg., Philadelphia 2

Teletype

N. Y. Phone

PH<j375

REctor 2-0040

common

Shore

Public

York

of that company

Delaware

Power
of

the

Light

stock

the consolidated company.

]

'•

Corp.

par common

R. Conover Miller, E. W. & R.
Miller & Co., has been ap¬

"Connie" will supervise the

preparation

Buckley

Brothers, members of
and Philadelphia
Stock Exchanges, have opened a

York

branch

office

Pittsburgh,

Co.

Philadelphia.

^ Buckley

small communities.

the

few

who

have

also

New York office

the

friends

learned

ever*

quota-

Private

known

St., Philadelphia 3

Pennypacker 8200

press

Philadelphia

COrtlandt

PH 30

Phone

Y. C.

7-1202

one

marines
read and

jwrite.
York

York

Pennsylvania

Corporation,

formerly

and New

Jersey
Municipal Bonds

Ice

Machinery Corp., in a
to
stockholders, reports
completed sales for the first nine

report

months of 1943 of

$15,921,651

pared with $11,095,507
date

1942.

Wall

opened

Brothers

unlisted

among

same

young and • old I will be on good
farms and in spiritually minded

furnished

BOENNING & CO.
1606 Walnut

estimated taxes
three times

slightly

were

great

com¬

the

Reserves for

Dolphin & Co., Inc.

over

in the pre¬

Fidelity Philadelphia Trust Building

Street, under the direction ceding comparable
period, result¬
of Tracy R. Engle.
Opening of ing in estimated net
profit of
the New York branch was previ¬
$789,922 compared with $735,928.
ously reported in the Financial The
management discloses placing
Chronicle of July 29th.
of what it believes to be the

PHILADELPHIA

The Stock

ma¬

over

Exchange

5 The

firm's

Philadelphia
.

The

1943

edition

unfavorable.
In

maintained
and

main
•

and

also

office

branches

Los

in
are

Angeles

Hagertown, Md.

issue local

est

ceived

after

books

for

which

have

use

the

third

Trading Markets In

and destination of

military secrets, will
cooling capacity equiva¬

are
a

Insurance Company

melting of a block of
ice weighing 23,440 tons, every 24

Executive

Committee

hours.

appointment
of
George E. Rieber as Assistant Sec¬

of the District.
In- this
capacity he will act as aide to
Frank L. Scheffey, who has been
retary

Executive Secretary of the Thir¬
teenth District since the inception
of.

the

will

Association.

also

District

act

Mr.

Rieber

Fire Association of
*

only

revenue

year
ury

of North America

Camden Fire Insurance Association

New

second

was

York

internal

collections for the fiscal

ended June 30, thei Treas¬
Department has announced.

The local Hake'

Philadelphia

Pennsylvania

the

-3! .V',.

District No. 13, National Associa¬
tion of Securities
Dealers; Inc.,
announces

2-9369

This equip¬

lent to the

The

York—-HAnover

System Teletype—PH 299

single order for refrigeration
history of the industry, re¬

was

reported

Established

(Geo. 3E.

1895

Jsuyflcr & (Go.

Members Philadelphia Stock Exchange

$1,993,466,069,
compared with
$1,163,720,211 for the previous
year.
•';!":
!.;
-

Bell

Tel.

BOwling

Green 9-5860

System Teletype—PH 220

Secretary of the

Uniform

Practice

Com¬

bonds, which appeared,
editors, farmers and other
mittee and the District Quotations
-/ leading citizens of our small cities in earlier editions uL-tiw;boofc^Has
'Committee, t• -;
$
and towns can -get - together and been reinstated.^;;.!"!;!;
^
Of particular use ;and interest,- !| Mr. Rieber has spent his entire
Operate, by themselves or through,

er ers,

New
Bell

in the

ment, the

NASD District No. 13

•

Telephones:
Philadelphia—Pennypacker 4646

larg¬

quarter had closed.

most

respects the book fol¬
and production schedules
they did in 1918-21.: Huri- lows the familiar lines of previ¬
ous
editions containing the com¬
dreds of large city plants may be
idle.
It is possible for unemploy¬ plete
financial
particulars ;!*! of
ment to reach new heights unless thousands of companies and ^Se¬
curities. The current edition" also
people return to their birthplaces
has particulars of the Joint Ad¬
during the post-war period.
S .The smaller, communities hold visory Committee of* Stock Ex¬
the key to solving the problem. changes and a list of "Marking
Names", recognized; by; th£ mar¬
The
total
population of -i small
ket. ; A list of- local authorities in
towns exceeds that of our large
;' cities.
If the businessmen,-' bank¬ England and Wales authorized to

i wage

just

Eastern
merger

distribution

; tions

with
and

living in towns and' small cities Pennsylvania, in the Union Trust
should stay where they, are and Building, under the management
not seek the large cities. ' Those of Horace C. Moffet.
Associated
now- in
the'larger .cities. should with Mr. Moffet in the new office
Both
plan to get back, to. their "home willT be M. Peirce Cook.
towns" just as-soon as the war were, formerly with Craigmyle,
is over.
Following World War II Pinney & Co. and R. E. Swart &

companies
raw

Service,

si 12.

new

now

Samuel K. Phillips & Co.

Chairman, Quotations
Committee, NASD District No.

The chief

is Hhat those;'

Bonds & Stocks

pointed

the1 New

one

stock

for acceptance or rejection.

be
reached from the. above analysis.

" may

the Stock
Official
Year-Bo ok,
terials
and
foodstuffs
sources. Exchange
published in London, England, has
When 30,000,000 war workers and
lb,000,000 service men are de¬ just been released in this country,
thus making its fourth appearance
mobilized, the larger cities will
feel the effect of unemployment during the period of the .war, con¬
ditions
continuing to be highly
and depression the most.
Plant
located

sition, by U.G.I., of the

lasfcCweek

Advice to* Young People

Philadelphia Real Estate

;

Several

Issues

the

Members

our

before.

Opportunities

processing

postwar home front,.

Henry Ford may live to see a
revival of his ideas for small fac¬
tories

battle

are

plant,

prevent a post-war scarcity of
goods and resulting uncontrollable
prices. This should be the basis of
our post-war recovery plan.
Rus¬
sia, Norths Africa^ Latin America;
Denmark, Norway and Holland
may provide a good deal of food.
It becomes more apparent, how¬
ever, that we shall-have to feed,as
well as help clothe, several
hundred million people outside of
our
own, beginning with North
Africa,: Sicily and Italy.For two
or three years, we may be obliged
to produce.much more food and
merchandise than

coming

All

mag-

Any high degree of inflation is of much of the world and certain-:
likely to come after the War, ly the winning or the: losing of the
-

Public Service Corp. of N. J., ma¬

in operation since j The next most probable distri¬
May, is expected to add materially bution to U.G.I. stockholders, sub¬
to the company's current earnings ject to the SEC's favorable con¬
and to provide for a diversifica¬ sideration, is likely to be the par¬
tion of activities in the post-war ent company's holdings of Dela¬
ware
Power & Light Company.
period.
!
The proposal involves the acqui¬
^v;■?:"i;--f
hesite

this

owned

Stone Co.,

i government-financed

new

help of 80,000,000 consumer-pro¬
ducers'of the American rural"hin¬

ing from banks to the individual group—rather
—from

un¬

per

tories are

than

outstanding issue of first mortgage
distribution
under
5#>s, 1951, for payment at 103 on process S of
iU.GJ.'s plan of divestment.
September 1. Warner Company's

To do this may require a

them.

dividends

jor portions of which

prepared fully to meet

ical

Roger

wholly
Warner

and services will be great and we
must

Philadelphia
Transportation Co.

year ago.

goods

our

•

Co.

reports consolidated net earnings
of $9,366,231 for the first half of

can

living

PG 482

! ;• V

Improvement

war.

been

Teletypes:

NY 1-1420

is on, assure

Bell

H Anover 2-2S23

delphia Electric Company.
::.v

;

the

William St.

New York 5

con¬

least, while the war
ourselves of surpluses
beyond our own needs.

lic relations advertising to Phila¬
?

events.

rise in the cost

Wire to Our
New York Office

the

was

vertising Association in awarding
first prize for excellence in pub¬

and sales during the balance of

0881

Direct Private

verdict of the Public Utilities Ad¬

production

with post-war

To gain an edge on this,

ATLANTIC

| Navy in the post-war period as
; well as to develop industrial ap¬

date, the

PITTSBURGH

greater.

Foreign trade competi¬
tion will be unprecedented after
seen.

Pittsburgh Stock Exchange

GRANT BUILDING

19^2.

additional

Navy

the

Backlog is approximately 60%
larger than at the end of July,

$0.43 in the corresponding period
of 1942.
The completion of en¬

mentally right tion of tariffs, shipping and air
will prevail. routes. Whether we
can.long com¬
We, however, pete with certain other nations in
do
face
new
the cost of manufacturing goods,!
econ om i c ire.
the cost of growing and pro¬
problems that cessing foodstuffs, in wage rates
will

$155,000,000

were

Members

for

months of 1943 of Electric Storage
Battery Co., it is estimated, will
run 25% ahead of the 1942
period,

Earnings for the first

quarter of 1943

the ques¬

over

above

REED, LEAR Cr CO.

502)

page

Shipments

than double its peacetime

output,

One of the biggest battles at the
Peace Table will be

Philco's wartime

capacity has been estimated at

"Re-*

return

lief"—not to New Deal

503

WE ARE ACTIVELY INTERESTED IN

«••

American

PENNSYLVANIA

;

loans,: small .and
efficient plants they can absorb
government

due to the war, is a special list of

business life in the financial dis¬

addresses of compa^* trict, where for 26 years he had
the unemployment slack.
I an-' nies, registrars, etc., dealt with in been connected with several lead¬
!. '
\v-lv-'"H'V;V :
ticipat'e that 75% of post-war un¬ the book.
ing brokerage firms; He has also
employment will be taken care of
The current issue, which is pub¬
by existing consumer goods plants lished by Thomas Skinner & Co; acted as instructor on Brokerage
and by!;reconverted war plants.
(Publishers)
Ltd., London" and Procedure in the' Columbia Uni¬
Taking
maining
may

care,

however, of the

25%

unemployment

spell the difference between

the American way
more

re¬

of living and a

drastic planned economy.

New York,
the

under the sanction of

Committee

the

London

versity School of Business and the
New

York

Stock

Exchange, contains y 3,144
pages, and costs $25 per- copy in
the

United

(duty paid).

States

and

•

Canada

Mr. Rieber

Institute

And

Bought

—

CO.

1923

Members Philadelphia Stock Exchange

Land

Title

Dealers, Inc., in 1941.

E. H. Rollins & Sons
i:

PHILADELPHIA

10,

PA.

Telephone Rittenhouse 3940
System Teletype PH 380

Incorporated

Pennypacker 0100

Building

joined the staff of the

AUTHORITY ISSUES

Quoted

AND

/ * Established

Bell
-

Sold

KENNEDY

Finance.

National Association of Securities

MUNICIPAL

Investment Securities

emergency,

1528
New

Walnut St., Philadelphia

York

San

Boston

Francisco

Chicago
Los

Angeles

* v.

■*» T •*

* •:

'*■

*'■'<. '.

'■

other

.i.

■■

request

....

& Go.

Corn

Products,

•

7,7

•

■

'.7.; ' •

our

post-war economy.
survey of dealer

results:
...
dealers generally

following
;

Railroad

1, Investment

(believe that post-war
show

Ay-

business will

present volume.
.
„
2. About two-thirds think that

will

Roughly 75% believe

employment.
4. Industries regarded as having
ihe best post-war outlook rank as
follows: Automobile (with a vote

-W-'\V

s3 wall

28,

ling

Engineering Corporation
.

outlook for
the steels.
One, taken from the
New York "Times," is by George
W. Wolf, president of the United

'F7

the

Securities, Inc.

largest bombshydraulic gun

a
myriad of
diversified precision items. Then,

only recently, the completed
L4 Liason plane for the army—
arid now a new' twin engine job;
the

appeared in Moody's Stock
of July 19.. Both .are
strongly bullish on the steels and,
as Distributors Group puts it, add
two more voices to the swelling

other

Survey

street—new york

conjunction with
blue prints to
prototype
ini less
than nine
months.
This new plane appears

engineered

Export Company; an¬

qualified observers who

turning bullish on steel stocks.
777
* 7 * •
* 77^77'-7!7f7
are

Navy

destined to make aviation history

shortly become

public knowledge. 7To reach the
production required a new De¬
fense Plant
Corporations in De
Kalb has been outfitted and first

An
interesting innovation -by step production should be reached
mailbag
With Interstate'g
prohibit more than Lord, Abbett is its "Message to in September.
Shareholders"
containing- news engineering staff numbering ap¬
summary notices on the items of
about Affiliated Fund. This well- proximately 300, no task or probinterest.
'•
■
...
-of 64%); Chemicals (37%); Air¬
First on the list we should like prepared goodwill builder was ap¬
lines (32 %).
1 7 7' 77
*777
parently mailed out to sharehold¬
5. Industries regarded as having to mention the July issue of Cal¬
This ers in advance of the regular June Miles
the poorest post-war outlook: Ma-f vin Bullock's Perspective.
30th Report;
"'' V ^ : 77 7 T 77
chine Tool (with a vote of 49%); bulletin contains a "Comparative
'7,t'7 * 4 *
' *
v
r,.
Bailroad (48%); Aircraft Manu¬ Study of Economic Conditions-E¬
National Securities" & Research
facturing (44%).
'7V' 77' 7"'""" World Wars I and II."' Replete
Distributors
Group,
Inc.,
63
77': 6. Germany's ultimate defeat with C harts, the discussion Corp.'s series of articles in its In¬
Wall
Street,
New York City,
•will come next year in the opinion reaches the following conclusion: vestment Timing service dealing
"While granting that the market with post-war backlogs and busi¬ underwriter and national distrib¬
of 69% of the dealers and 51% be¬
ness of various industries have re¬
utor of Grpup Securities, Inc., an¬
lieve that Japan will collapse in after a rise of the degree and
the 77'7trV'77:7 7-v''777;
duration which it has experienced cently dealt with Radio, Steel and nounced
1945.
Office Machines. 7 These articles
to date might be vulnerable to
appoint¬
; Other
questions dealing pri¬ such temporarily disquieting news are carefully prepared and
should ment of Miles
marily with conditions in the inas may develop with the war ap¬
be highly stimulating to investors
Burgess as
j vestment business and its outlook
proaching its. climatic phase, we interested in these industries. '7- Vice Pres¬
i brought the following response:
ident. :
'
The most recent sales folder to
continue of the opinion that, re¬
7 1. 98.5% of the dealers are now
A
graduate
gardless of near-term fluctuations, issue from this sponsor is an at¬
keeping their offices open one or the investor should be placing tractive leaflet on National Se¬ magna
cum
more
evenings a week for the
As the laude of New
major emphasis in his current curities Income Series.
benefit of war workers.
portfolio ' on 7 carefully selected name implies, the management York Univers¬
2. Wartime shifts in population
and broadly diversified, diyidend aim is for a high return, which the
ity's
Depart¬
have helped
business for 37%,
paying common stocks in view of folder estimates at approximately ment of Bank¬
hurt 20% and have had no ap¬
the strong inflationary environ¬ 6,8% of the current offering price.
ing
and, Fi-,
parent effect on 43%.
However, ment now prevailing and in pros¬
.7 77 -v'7 *7 * 7? * 777;7 7;7°:
nance,
Mr,
41% of dealers' former staffs have
was
pect, as well as the favorable out¬ 77 Striking is the word for the Burgess
been absorbed by the war effort.
look for business iri the post-war latest industry study in the cur¬ pre v i o u s7; 3. Only 33% have lined up the
1y
connected
period." - '
'
rent Hugh W. Long & Co. series.
men they want for associates after
7
77
with
Van
"Electronics on the March!" is the
the war, while 73% believe that
A, recejit1 issue of Keystone title of the folder which gives a Cleef, Jordan
most of their former associates
Wood
Corp.'s Keynotes asks, "Is an un¬ stimulating picture of the elec¬ &
will
return
to
the
investment
where he was
Miles Burgess
invited guest going along on. your trical
equipment industry. Westbusiness.
(We're checking this vacation?" The "guest" in ques¬
engaged 7i h
inghouse Electric has contributed
one!)
7;7.7,7 7:77;
; ,7
5 tion is
management of advisory accounts
worry about the effect of some dramatic photographs to the
4. And finally, 86% believe that
and other specialized work. Prior
lay-out,7^ ;7V;'7777?,s7^;7p;7y77:>i:-7
war and change on your invest¬
to his association with this firm
j>ost-war conditions will be such
ments.
There is a simple solution 77777.77''..' *7— * V*'■ "r777T7,,!7
as to encourage investments.
,

the
so

CAPITALIZATION

June 30, 1943
7
No Preferred

No Bonds

accumulation in our

large as to

Assets-l.L»-.j

- $3,582,509:
771,808,150
Total Asset Value-j.7- - 4,012,726:
Backlog of Orders—
56,000,000-

Current Liabilities

This

company's fiscal year ends

ings, after all charge-offs will be
between $1.25 and $1.50 per share.
However the earned surplus ac¬
count was debited with the $5 per
share .;

stock

(

adjusted

The

writer

this

should not take a vacation.

column
On re¬

turning from a short one, we find

those

classes of

fit your
for

funds in diversified lists

your

securities which

requirements and arrange

continuing supervision by an

experienced

staff.

research

Send for

Prospectus
.

to
an

he conducted his own business as
a
registered investment advisor,
the sub¬ having severed an: association of
five years with Hugh W. Long &
jects discussed in two recent issues
of Brevits.
The former is based Co., Inc:, to 7engage in his own
practice;;* He came to Wall Street
on
a
new
series
of statistical
in 1933-and, "before entering the
studies by. the U. S. Department investment company field in 1936,
of
Commerceand shows
that was engaged in investment work
while 1942 corporate profits after for the Manufacturers Trust Com¬
taxes were slightly less than in
pany. 77: 7", 7777 7777777. ,7.7
1929, a new peak in net corporate
Mr. Burgess has had wide ex¬

Inc.

Distributing Agent
Prospectus
from

The

may

authorized

be obtained
dealers, or

PARKER CORPORATION

ONE

COURT ST.,

W. R. BULL
40

MANAGEMENT CO. Int.

Exchange

Place,

New York

7*7' '77 '7

"7 "7"

folder
that

bank

earnings

assets

Earning

* '7- '77777

lished. Renegotiation does not ap¬
pear; as a problem because the
bulk of the volume is on a cost-

plus fixed-fee basis. 7
This
company
has

;

City banks have

$13.2

.1942 to

New

increased

billions • on June

30,

$17.8 billions as of June

30, 1943.

cial and economic

sharply.

leading

from

advisor and as a writer on

excellent
post-war prospects inasmuch as its
entire plant in El Segundo is free!
of

excellently:

and .is

debt

precision

with modern

equipped

tools and machines.

The Wilshire

plants are under De-'
fense Plant Corporation contracts
which entail no. liability.
Post-,'

and De Kalb

planning

war

studied

and

the

ardently

being

company

has in

of development, a"
number of articles,; any one of
which can show an excellent re-!
turn on the small stock Capitaliza¬

various stages

tion
mon

only

stock.

128,000 shares Lcom-

777777; 77^77777^'77'

I * ♦The company also has $1,865,543 in Vloans which can be construed to be a

;;v7"77777,

Liability.

Current

7.7.

INTERSTATE
AIRCRAFT

finan¬

....

Bought—Sold—Quoted

•

subjects.

showing

stocks

are

York

BOSTON

reached this perience in the financial field as
'''F 7 7 7 777 7 7 a security analyst and investment

Hare's, Ltd. is out with a new

Republic

$4 per share and July will show
improvement over June. After

profits will likely be
j.

Investors Fund,

are

September with the new De Kalb
plant's earnings included the earn-,
ings, on the current • computed
basis, should show between $6 and!
$8 per share. These
projected
earnings are after taxes as estab¬

7 "Corporate Profits" and "Post-

year.

been;

running at the annual rate of $3

Reconversion"

net, must ]have
near this figure..

un-7

$5 stock March 1943.
Earnings for May and June are

War

in'

paid

Dividends: 50c cash March 1942

-i

the > bulletin—put

;

somewhat

according? to

dividend

March 1943 indicating that the

■;

April 30: Year-end statement for
this 12 month period to be re¬
leased shortly. Indications unfold
that the common per share earn¬

Burgess V.-P.

■

;

CURRENT POSITION 7?

Current

Only 128,000 shares $5 par value
Common Stock outstanding;

from

and its details will

production is maintained 24 hours
per day, 7 days a- week.

chargers—and

the post-war

chorus of

and

ticles

Trade

Bell System Teletype CG0 537

mechanical

Incorporated

GROUP#

7 7

April

you

ILLINOIS

Exchange—-Chicago Board

precision plants in the West . . . now on a war
footing.
BUT A FLEXIBLE FOOTING
capable of quick
change.
This pre-war engineering organization is now geared to
war
but its FLEXIBILITY
gives it a bright post-war outlook-.
Starting as a precision plant, in war it turned to making all
types of hydraulic actuating equipment—from the smallest valve,
to the largest gear mechanisms—<S>
bomb shackles capable of hand¬ lem is unnecessarily delayed and

'Leading steel stocks
are
drastically
undervalued' — and
wish to re-emphasize it now!"
To

e DISTRIBUTORS

that liv¬
ing costs will continue to rise
after the war, but that private in¬
dustry will be able to prevent a
dangerous degree of post-war un¬
3.

wrote

Stock

One of the finest

1943,

States Steel

time after victory.

$400,000.;,7777.7 7:7v >

Chicago

Interstate Aircraft And

thei past

Grains

Commodities

Se¬
curities have exceeded $6,500,000.
Dealer concessions on this busi¬
ness
have
totalled
more
than

Prospectus on Request

abandoned for

trols

A Class of Group

present or higher income and cor¬
poration taxes will be continued
after the war and that price con¬
not

/7-i>;

that

reports

Securities.

statement, the let¬

support
this statement Distrib¬
utors Group has recently mailed
to affiliated dealers reprints of ar¬

Equipment Sha res

substantial advance over

some

——

—

request

upon

Telephone RANdolph 4068

months dealer sales of Group

"We

opinion^
covering 36 States, the Long Company questionnaire produced the
In

ter

Members

announces

evidence of this

questions vitally affecting the
American people, Dr. Gallup appears to have overlooked a fertile
field of informed opinion.
It has remained for Hugh W. Long & Co.,
Inc., well-known investment company sponsor, to find out what in¬
vestment dealers throughout the country believe will be the pattern

available

CHICAGO 4,

* ::-.-7777;7>7:'-

Group in a
in Group

the answers to

In his search for

$5 Stock 1943 ;77

memorandum

208 SOUTH LA SALLE STREET

Bonds

'Group Method' is Grow¬

dealers

Questionnaire

Common

FRED W. FAIRMAN & CO.

Sloc':s

■

Distributors
special letter to active

ing!"

Dividends:

supervision are the. > intelligent
77-7777:77 7:; - 777777:7

Investment Trusts

Engineering Organization—Now at War

Capitalization 128,000 shares
Backlog $56,000,000

Dealers

to 1, the
bulletin concludes that adequate
diversification
and, continuous

77 7: 7 ;'7;i *

•.

Sole

Corporation

STOCK

the list are 29

"The

Results Of

A Pre-War

answer.

;77;-77/;7v:7 7v-rv-

COMMON

net gain

stock

LOS ANGELES

JERSEY CITY

individual

compared
of 20.0% for the
average.
Since the mathematical
odds against your picking the best

63 Wall Street, New. York
'

Interstate Aircraft & Engineering

and
perform¬
ance during the first half of 1943.
The gains ranged from a high of
53.6% for Goodyear down to 2.9%
with

CHICAGO

Dealers markets in

Average

Industrial

their

shows

Lord, Abbett
INCORPORATED

stocks

Keynotes
the Dow-

issue

latest

the

Jones

for

Custodian

words, Keystone

The

lists

Prospectus on

Funds.

AFFILIATED'
fOWIfc,
7»r'7F>7

■* •

-Thursday, August 5, 1943

FINANCIAL - CHRONICLE
t
•
' ,
* i
- -*»

THE COMMERCIAL &

504

7 7.4-W.vi"/

F. J. Weller In N. Y.

Francis J. Weller is

East

-'New York City.

SCHERCK, UlCHTER

engaging in

securities business from

located

45th

COMPANY

offices

Street,
.

Landreth Building, St.
Bell
•

■

System

Garfield

Louis, Mo.

Teletype SL 456

0225—L.

123

•

Volume 158

Number 4200

Should

THE COMMERCIAL & FINANCIAL CHRONICLE

Gold

Italy Be Granted Neutrality?

Babson Says Mussolini Has Saved
jUs

$15,000,000,000

special letter to his investment clients, Roger W. Babson
in part:: '
'
'
•
<
„

In
says

vis-f
offered

Mussolini last

(1) "When

the

Dominion of Canada

Posl-War Move

All Issues

September,, 1942,

accumulation

Revaluation ^

Upward Suggested As
•

asked for military

ited Hitler he

505

tax

for

Charles

Johnson,
State
California, proposed

Treasurer of

reserves

Bought

on
July 31 in a letter to Presi¬
permission to withdraw
or for the temporary or short-term
dent
Roosevelt that the United
Italian troops from other coun¬
investment of idle cash balances,tries.
Hitler flatly refused Mus¬
States; examine the possibility of
they were designated "Treasury
solini. * * * Mussolini was greatly
meeting post-war financial prob¬

and

aid

Sold

—

Quoted

—

y ■;

of Tax Series

Notes

C" but last

upset by the Rome bombings and
June this was amended to "Treas¬
labor uprisings and especially by
ury Savings Notes, Series C."
the refusal of the Vatican to pro¬
A circular regarding the latest
test such bombings.
These events

crack.

caused him to

of 'Italy
and the con¬
interests
of Italy to appoint Badoglio.: His
first act will be to get Italian
soldiers back into Italy and the
asked by the Vatican

dent of the Federal Reserve Bank

servative army and navy

of New
tions

York, to banking institu¬
other

and

local Reserve

notes in Septem-i
the designation of
of Tax Series C,'

the
;•!.

regime

the nation

whole.

the

"At the time of the original of¬

make an honorable fering of-these
trade with the United
Nations. ber, 1942, under
*
* *
Roosevelt and Churchill are 'Treasury Notes
now discussing whether 'uncondi¬
the
Secretary
tional surrender' applies only to a stated that:
at

'The

notes * * *

new

Treasury
'

are

adapt¬

able for dual purposes: (1) for the
accumulation of tax reserves and

(3) "Withdrawal
of
Italian
troops from the Balkans should (2) for the temporary or shorthave a profound psychological ef¬ term
investment of cash balances
fect
on
these
satalites
which which are at
present idle.'
should be a direct help to Russia.
"The elimination of the require¬
*
*
*
Other countries will follow
;

the lead of Italy.
this
*

of advance

ment

Russia will use

tion

opportunity to push her gains.
*
Hitler will then realize that

he will lose his Russian

redeem

notice of inten¬

increases

tractiveness of the notes
porary

campaign,

the

at¬

tem¬

as a

short-term investment

them.

treatise which he

adoption "of a world-wide
tary siMeniy •based "upon

Argentina Takes Over

■

U.S.-0wned

depends
upon
Nations get
the airfields of northern Italy and
the Italian ports and navy.
If
Italy would turn these over to us
now she can
enjoy an honorable

The

Much

By BRUCE WILLIAMS

reporting

Press

this,

Associated

from

accounts

Sacramento,

Gold, he declared, will un¬
doubtedly be that standard since,
"the world has learned from past
experience that all other mediums
have resulted in chaos."

"America

has

the

largest
•

the

this vast

►

the

war

power

will make Amer¬

reserve

United

Argentine Government in

decree
vision

July 27 assumed super¬
of eight industrial estab¬

lishments,

including

six

Amer¬

ican-owned plants engaged in the

production

farm

adopted

what

should

standards

trade

for

credits

interna¬

and

adjust¬

the

that

machinery,

this

First

country,

War, again
find that debtor nations are

unable

liquidate, Mr. Johnson

declared

"Certainly some solution
will
undoubtedly be found by
fixing the price of gold at an
amount

which

will

enable

gold

Aires it

standard

with Italy. '

Motor

not getting on
is digging in.
The U. S.'s 'great victories' in the
Pacific are largely in the news¬
while

Japan

headlines.

paper
can

make

faster

Michelin

privilege

Anonima

Ar¬

gentina de Neumaticos.
The

British-owned

Pneumatic

Tire

the

under

Dunlop

Co.'"also

measure.

came

The

eighth
company was not named, said the
press
advices .from
which
we
"The decree said action

be¬

was

past ing. taken to investigate charges
that the firms violated commercial

war

which

laws
and

fix

"The

dollar value of

$120 a fine ounce,
compared with the present price
of $35.40.
This, he said, would
make the Government's metal re¬
worth

000,000,000.

;

tions
and

would increase in

liquidation

them

na¬

purchase

enabling
materials for

power,

purchase

Our national gold reserves

areas.

be employed; in stabilizing
international trade and currencies.

could

"As

long

the price

described

adopted

maintained by all
could

nations, no
experience any harm."

sys¬

To Pay On

under which government in¬

stalls

officials

supervisors
private business firms.
as

Finnish 6s

Treasury Makes Sav.

about

The National

York,

Notes Easier To Cash

out:

Secretary of the Treasury Mor-

supplies available and rooting
speculation.' ; ; j v .;
•

newsprint

had

been: operating

under

genthau has announced that any
owner of Treasury Savings Notes

restrictions imposed by war.
"All maintain assembly plants—

of Series C who desires to redeem

depending

such notes for cash

ity will

give

prior to matur¬

longer be required to

days'

advance

notice of

from
the
United
States—which
normally
turn out cars and farm machinery,
"The Ford plant had been closed
on

while

V "Accordingly," it is announced,

national Harvester had been

"any such notes may be redeemed
cash, at the option of the
owner
and with advance;notice,

centrating

during

and after the sixth calen¬

before

Harbor

repair jobs.
were

con¬

T
work¬

ing on a shrinking supply of raw
rubber, most of which arrived

sue."

orignally

"The tire factories

here

were

redemption

date,

sinking fund monies
to be

in¬

price

was

and

$55

1943

the

ton

per

$50 per to to

whose

coun¬

exchange is at

with Canadian funds.

"mark-up

came

the

year.

par

The first

March

raising the price to
$59.40 and
$54 respectively.
The new ad¬

and

the
the

attack

Pearl

Japanese

drive

into the South Pacific."

Nazis.

the

and

with

for

regard

the

paid

out

hand

of the National

newsprint

industry an
additional $3,000,000 in 1943. Next
year, other things being equal, the
new price structure should net the
000

approximately $16,000,than' in 1942,

Securities

"Let

the

newsprint

ment with the result that there
was

general advance in such

issues

last

bonds

will

Interest

resolve
a

cease

and after the

S. stocks, these issues held
quite stable around their highs

for

the

year.

accrue

from

"On July 26,

1943,

ers

the

bonds

ijt

had

not

ment

been

and

presented for

interest

thereon

our

and

the Nazi

serve

weaken

cause

well.

Italy, we will simply
be showing the Nazi hoodlums a
way to escape the. awful retribu¬
tion

have in store for them.

"It is

who

Marshal

are

Badoglio

the

;

trial; not

Little

King."
V)

————■——

Canadian
The

crop

a
reputation for exercising
privilege wisely not only in

lated

field

well.

following

re¬

statesmanship as
particularly the
editorial
which
ap¬
like

peared in last week's issue of the
"Financial

Post."

"Let's

have

gang
to

been

indulge

weakness for
the

kicked

in Italy, this is

Italian

our

"For

out

time for

Anglo-Saxon

people.
years

that

Montreal,

its

crop

Manitoba; in Saskatchewan and

Alberta
prospects are generally
satisfactory but good rains would
improve the outlook materially.
The bank's report further says:

"Where moisture conditions

satisfactory,

recent

has

hastened

in,, the

generally

barley

crop

Prairie

and

most

are

dry
de¬

warm,

wheat has headed out.

Prov¬

of the

Oats and

making fair to good
progress
except
in
dry , areas,
where growth is stunted.
Flax is
are

flowering,
rust

four

report, states that
conditions remain promising

inces

sentimentality about

almost

Crops

Bank

velopment

Avoid This Trap"

"Just because Mussolini and his

power

July

weather

■

but

weeds

and

some

hindering development.
Damage from hail and insects is
are

small.

Sugar beets are progress¬
ing favorably. In the Province of

We specialize iri

[

Quebec,

Government

Municipal

crops

factory

yields

CANADIAN

Corporation Securities

tricts.

H. E. SCOTT CO.
49 Wall

St., New York 5, N. Y.
Tele. NY 1-2675

making satis¬
and
average

are

progress

are

in prospect in most dis¬

Haying operations

are

well

under way and an excellent crop
of good quality is being harvested.

continue

good
making
of
average yields, but canning crops
are below average.
Small fruits
are
promising.
In Ontario, fre¬
condition.

very

Root crops are

good progress

pay¬

had

harmless

"Nothing would suit the Axis
better.
Nothing would

a fine
tradition for any nation to uphold.
"The Financial Post" of Canada

WHitehall 3-4784

ceased."

bamboozled

^Italian lead¬
bosom or letting them

purpose

called for* redemp¬

previous to the present call,

that will

new

our-house

Pastures

tion

vic¬

this

one

domesticated.

Speaking out fearlessly is

the notice

make

not

Continue Promising

states, $463,000 principal amount
of

Let

weakened

and

one

taking the

the drawn

redemption date.

good

However, in

Treasury De¬
on

■

not

week.

fondly

the face of the sharp decline in

City Bank of New

license by the

partment.

on.

usv

our

Companies have long been dis¬

York and subject to the granting
of

later

many

into

industry

any

"So let us not fall into a trap—
trap that may have been clever¬
ly devised to spare Italy now and
to pave the
way for sparing Ger¬

tained, it is estimated that this
latest price increase will net the
Canadian

have

last.

quarter

Italians

Panzers.

ex¬

\y;'

second

the

"When Italy had weaker oppon¬
ents,
Ethiopia,
inoffensive Al¬
bania, mortally wounded France,
she was very adept at the slaugh¬
tering and looting.

into

the

them

than Hitler's

production rate
is main¬

for

strength, skill and guts
doing, this is no reason to

tory

Canadian

change parity.

Assuming

$58

And

lacked the

brings the price to $63.80

vance

received, at the head office

General Motors and Inter¬

dar month after the month of is¬

When these notes

the

parts

his intention to redeem.

for

this

months

two

tries

second

in the price of Canadian

crease

the

makes

"The automotive establishments
listed

"The drawn bonds will be

said,

the field of finance but in the

'thus
bringing
equitable distribution

of stand, just as ready to kill our
soldiers, sailors and airmen as the

general decline

derived

was

This

statement

evidence

was

but

Some

support undoubt¬
from the $4
newsprint prices to be¬
effective September 1.

edly

this

City Bank of New
fiscal agent is notifying
holders of Republic of Finland
"The
announcement
said
the
books of all establishments would 22-year 6% external loan sinking
fund gold bonds due Sept. 1, 1945,
ring of neutral states. Is this what be examined carefully and that
that $373,000 principal amount of
President Roosevelt had in mind their inventories would be scru¬
the bonds have been drawn by lot
when he talked about
the war tinized.
'•
*
•
i"
"
for redemption on Sept. 1, 1943,
'The measure extends to head¬
possibly not ending until 1949
for the sinking fund, at 100% plus
which would be after the elections quarters (in Buenos Aires) as well
accrued interest to the date of re¬
as to
of 1948?"
'
outlying branches through¬
out
the
country,' the * ministry demption. The notice states:
Holland, Denmark, Po¬
land,
Slovakia,
Hungary
and
Yugoslavia? This would result in
Germany being protected by a
Belgium,

there,

our enemy, just
ready to bring about the downr
fall of everything for which we
as

has

was

the

"interventorship"—a

country has been

counting this favorable develop¬

"Likewise the gold of other

•

Ministry of Agriculture in

move as

tem

approximately $80,-

one

announcement

,rj

"Entirely for the. purpose of il¬
lustration," Johnson suggested a

prices

require adequate stocks to be

maintained.

France,

maximum

non-producing

reconstruction of their devastated

quote, which further stated:

neutral, how can we refuse
same

Sociedad

by •: all
gold countries,".

serve

* *
will
save
many
American lives and
probably $15,000,000,000.
(6) "If we permit Italy to he-

the

(Corp.), Firestone de la Ar¬
gentina Sociedad Anonima and

against Japan later when we have
help of England
(possibly
aided by German planes and sub¬
marines), but Russia holds the
trump hand in the Pacific. Russia
can dictate the peace terms there.
This means World War II will not
be over until after the elections of

come

General Motors of
International
Har¬

ima

gains

events of the
ten days have shortened the
by at least three months. *
The collapse
of Mussolini

Ford

were

Argentina, Good¬
Neumaticos Sociedad Anon-

year

the

1944, ; Yet, the

Co.

vester

Of course, we

much

affected

Co.,
Argentina,

"China

(5)

stated that the United

was

firms

States

Asso¬

4V2S, due Sept. 1,^
•

nervousness

ensued.

countries

America, he said, "will be in a
position to supply the necessary
gold for the adoption of the gold

bore

here),

with

ciated Press advices from Buenos

peaks last week, closing at the top.

equities markets (which
the
brunt
of
liquidation

for

automobiles

1943

In the

producing

nations to. liquidate
their gold supplies.";

their

first

World

having trouble with the

front, Canadian Govern¬

war

pic¬
the call of the entire issue of Canadian Pacific Railway

was

1946.

the

* * * The duration of the
conflict,
therefore,
largely depends upon what trade
the
United
Nations > can make

tires.

ture.

come

sold

Collateral Trust

sufficient authority for the desig¬

European

and

bonds

Mediterranean

ThC market in provincials continued firm and a further straw in the
wind indicating the steady improvement in Canada's financial

boost

may

news

ica the only credit nation in the
world.
This influence should be

nation

from the

good

in¬

vestment"iri gold of any nation,"
ho Continued.
'
■."After

While domestic security markets were
ment

Calif., stated:

after

Companies

Teletype NY 1-920

Canadian Securities

uni¬

peace.

well

Bell System

en¬

mone¬

Street, New York 5

versal standard of value."

Stating

(4) "The most serious problem
facing Hitler is oil.
He relies
much upon
the Roumanian oil
the

serted in

as-1

ments in foreign currencies."

position to help Russia and all the
United Nations if she will join

whether

14 Wall

inevitable, Mr. Johnson

tional

medium."

Turkey is in a very strong

fields.

It is

District, from which

he will try to

Fascist

concerns

quote also says:

of Italy. Then

German soldiers out

Incorporated

gold, in terms of the dollar.

Treasury announcement, addressed closed in his
letter, that an afteron July 28 by Allan
Sproul, Presi¬ the-war
was
development will be the

King

(2) "The

Wood, Gundy & Co.

lems by an upward revaluation of

with

prospects

quent rains

during the past ten
days have retarded harvesting op¬
erations somewhat but
ficial

crops

were

generally."

bene¬

THE COMMERCIAL & FINANCIAL

506

CHRONICLE

Thursday, August 5, 1943
war

Th. Sraitia Salesman's

Coral^

plants.. The problems of the
a challenge

postwar period will be
to

the best talent

and will call for the

How One Salesman Makes His Customers His

ganizing and directing of

Urges Favorable Post-War Climate For Free Enterprise

Best Prospects
In

Declaring that venture and security are not mutually antagon¬
istic but are complementary, the First National Bank of Boston urges
that there "should be created in the post-war period a favorable
climate for free enterprise so that business can face the future with
confidence and faith."

opinion the method of securing customer cooperation and
we outline this week will undoubtedly be more suc¬
in a rural or semi-urban territory.
The salesman who

our

radiation that
cessful

it admits that he doesn't believe it

uses

He next builds confidence.

some cases

he has worked for well

account before the first sale was made. Many times
he- does unusual kindnesses and favors for these prospects. He cau¬
tions that this interest must be sincere in being helpful—otherwise
the results will be unfavorable. People are quick to sense a super¬

ficial! and selfish attitude that is only masked by outward indications
of sincerity.

his method is the case of an elderly woman who
a crutch she was forced to use and couldn't

One example of

needed

treads for

some

in her locality. He bought a supply and sent them to her.
Several times she afterward wrote to him to send out an additional

procure

supply.

a year and a half, she started doing business
account has paid him over two thousand dollars in

Finally, after

with him.

The

the past year—principally in4 indirect business

commissions during

that she has recommended to him.
Now here is

there

are

interested

are

how

secures

In these smaller towns

radiation.

of people who know each other very well.

groups

subjects, among which, strange to

many

When

and satisfied customer, and only AFTER HE HAS

a new

DEMONSTRATED

SUCCESSFULLY

INVESTMENT

HIS

Stations

Investment".

very

great banks and for the

ments and advice.

But

now

there

investment dealers

meetings

are

(in most

absolutely

amaz¬

ing. Naturally, his client at whose home the affair is held is always
on the job and cannot be restrained of
doing a little bragging of their
own about the way their own investment account has been handled.
This clinches it.

Afterward

;

those people who

simple matter to make personal calls upon
at the meeting. There may be some who
ridiculous way of doing business. There is one
a

were

might think this a
thing we can vouch for—it works for this salesman. His income
today is well into five figures and more of his time is devoted to
analytical research than it is to selling.
It takes time and patience to build such

a business, but if
you can do
know of nothing in the securities selling field that can beat it.
weeks ago a reader of this column wrote in from
Chicago, 111. and took exception to a statement we made, wherein

it,

P.S.—Several

referred to the various commissioners of the SEC
saying, "We've
had ten years of Boy Scouts and that's about
we

enough". He thinks we
shouldn't slur the Boy Scouts by
putting them in the same class
with the SEC personnel.
We'll take it all back and apologize to the
Boy Scouts.
It's a fine movement, we were scouts once ourselves.
If all of the SEC officials adhered to the same
high code of "fair.

play" and ethics taught by the Scouts the entire country would have
little to criticize

far

from the
ous,

war period strong, vigor¬
and resourceful so that they

make

maximum

contribu¬

the guiding spirit in our

eco¬

nomic progress. The
of idle capital was

large volume
pointed to as
evidence that business enterprise

quest

Essential¬

universal ailment.

conditions the would-be venturer

attempt to escape from could not function under its own
reality.
It finds
reflection .in steam. : But this was a false
the 'cradle to the grave' security premise as it put the cart before
Capital markets were
plans, in deficit financing theor¬ the horse.

communities,) registered under state and federal laws, who have
made a study of investment, and who spend eight to ten hours a day
doing nothing else but looking after investments. Then he speaks
about bonds, how values are uncovered, how they are watched and
safeguarded after they have been purchased by the investor, and
he gives specific examples of some of his own good work to
prove
the point. :'l
The results of these small group

is particularly important that
private concerns should emerge

might be inclined to stay close to
shore and invest his money in

private initiative, and that

the Government must henceforth

follows:

ly it is

in simple, understandable
only possible for people to go to
wealthy to secure sound invest¬
are

tion of

for security is the
fundamental urge of the times and

CA¬

outlines

was

the

"The

PACITY, this salesman suggests that the customer invite some friends
and he will come around and make a little talk upon the subject of
investment. He suggests that it will be strictly a general informative
discussion, and of course, no attempt will be made to sell anyone
anything.
He has a^ carefully prepared talk he calls "The Filling

language, how in the past it.

sources, manpower, capital, and
all the facilities at our command.

longer advance under the direc¬

regimented under its direction."
The full text of the bank's com¬
ment on "Venture and Security"

They
IS

say,

HOW THEY CAN INVEST THEIR MONEY FOR INCOME.

he has made

or¬

our re¬

In its July 30th "New England Letter," the bank says post-war
tion in the reconstruction period.
polices
"should
make
for • a^
"For the spirit of enterprise and
dynamic economy," with incen¬ saving / devices of much backtives provided "to keep alive the breaking toil, the maintenance of adventure to flourish after the
war there must be an overhauling
pioneering spirit, to unleash the a high level of employment, and
of our tax system. Not only should
powerful creative energies of our the general increase in living
The provision be made under the cor¬
people and thereby rediscover the standards over the years.
touchstone of American progress." compensation for these services porate tax structure for a cushion
In order for the spirit of free en¬ and risks is very modest, as is to absorb costly reconversion in
some
lines
and
possible losses
terprise and adventure to flourish shown by the fact that the aver¬
after the war, the bank calls for age net return on capital invest¬ from a temporary deflation, but
ment in United States corpora¬ also for expansion and new de¬
an overhauling of the tax system,
providing not only "for a cushion tions for the past twenty years velopments. Special tax consider¬
to absorb costly reconversion in has been at the annual rate of ation should be given to invest¬
ment in new undertaking so that
some
lines
and
possible losses only about three per cent.
"Over the decades a favorable there may be opportunities for
from a temporary deflation, but
also for expansion and new de¬ atmosphere
prevailed
for
risk reward commensurate with the
It should be
taking.
Then came the global hazards involved.
velopments."
The bank warns that to destroy depression, an aftermath of the obvious that no enterpriser would
Under the dis¬ knowingly embark upon new ven¬
the incentive for profit making first World War.
would drive out private business tress and confusion of the times tures if he must absorb all the
while
the
Government
and make the Government "the there
developed the pessimistic losses,
chief reservoir of credit and cap¬ philosophy that we had reached through taxes would take practi¬
ital, with ', all lines of activity industrial maturity and could no cally all of the gains. Under such

U year on an

over

muster,

can

would be nearly
as effective in a large city.
His territory takes in cities up to 30,000
population and covers a generally rural area.
The first thing he does is some careful prospecting. He confines
his calls to people who are more interested in income than they are
in speculation.
Usually they are investors in the retired or semiretired stage. In many cases they consist of women who live upon
their income, owning their own home, and are concerned with con¬
serving their principal rather than increasing it.
successfully

can

intelligent

this Bureau is concerned.

Banner Year Tempered By High Taxes Gave
Lower Net Profits, According To Dry Goods Ass'n
While the year 1942 must go down in the annals of the
depart¬
and specialty store trade as the best on
record, peak gross

ment

profits were so reduced by all-tirhe high taxes that the final net
showing was less by approximately two-thirds, according to the 1942
Departmental Merchandising and Operating Results—an annual re¬
port compiled by the Controllers' Congress of the National Retail

ies, the new debt philosophy, and largely stagnant because of the
in
the
vast
array
of Utopian Governmental
policies adopted,
schemes that are designed to pro¬ particularly near-confiscatory tax¬
vide shelter against the storms of ation, which served to shut off the
life.
This same craving found ex¬ flow of new capital, the constant
pression abroad in Fascism and supply of which is essential for
Nazism.
The Italians and Ger¬ the operation
of our economic
mans
surrendered their freedom system.
Without this supply of
for an illusory security and mili¬ capital, business became stagnant
tary pageantry.
But they were and the United States, which had
led into a war of aggression that for decades led the world in eco¬
threatened the very security of nomic progress, was among the
civilization.
»The- downfall
of most laggard in rising from the
Mussolini and the humiliation, de¬ depression.
In short, by penaliz¬
feat, and disaster that has befallen ing risk taking, millions of per¬
Italy should be warning of the sons were deprived of jobs.
"Our economic system is so in¬
fate of a people that surrender
their individual freedom to auto¬ tricate and so delicately adjusted
that a thorough knowledge of its
cratic power.
•
"With the crumbling of auto¬ workings is essential to its effec¬
cratic
Subject only to
systems in * Europe,* it is tive operation.
timely to reexamine the funda¬ reasonable regulation, its direc¬
mentals

the American

tion

system

and

the

control

should continue

hands which
have been responsible for our in¬
dustrial greatness.
It should not
be unduly interfered with by Gov¬
ernmental agencies,
for unwise
decisions or the adoption of un¬
sound policies are almost certain
to do irreparable harm.
As Win¬

private initiative is the
dominant force.
Our private en¬
in

which

terprise system is the survival of
experiments in virtually all forms
of endeavor, following thousands
of years that mankind was strug¬
gling with nature to eke out a
bare subsistence.
It needs to be

riskless

securities.

But

such

policy would result in stagnation
and be followed by the Govern¬
ment's embarking upon a huge
spending program.
"In

keeping with the tasks be¬

fore

us,
our
post-war policies
should make for a dynamic econ¬

Incentives

omy.

should

pro¬

vided to

keep alive the pioneering
spirit, to unleash the powerful
creative energies of our people
and thereby rediscover the touch¬
stone of American progress.

"Security and venture

not

are

antagonistic
but
are
complementary. The one depends
mutually

the

upon

other,

economic

hand.

should

post-war period
ate

for

free

business

for

progress

social and
hand in

create

the

favorable clim¬

enterprise

that

face the future with

can

confidence and faith, and thus be
impelled to make long-term com¬
mitments that would furnish
the

best

keep

form

jobs,

security,

and

the doors of opportun¬

open

ity for the youth of the land."

experienced

NYSE Listed Companies

Urged To Note Earnings
Subject To Renegotiation
Emil

Schram, President of the
Stock Exchange, sug¬

York

New

'We must gested on July 28 in a letter to the
build a society presidents of corporations having
securities
listed
upon
the Ex¬
make
corrections
within
its in which nobody counts for any¬
framework and not adopt policies thing except a politician or an change that in their interim earn¬
that
would
undermine
and official, a society where enter¬ ings statements notice be given
to stockholders where these earn¬
eventually
destroy
it.
Human prise gains no reward, and thrift
ings are subject to renegotiation.
nature being what it is, the pros¬ no privileges.'
"Destroy
the
incentive
for In his letter Mr. Schram said:
pect of individual reward, based
"The very cooperative response
upon contribution
to society, is profit making, and private busi¬
the mainspring of progress, and ness would be ruthlessly driven to my suggestion of May 5, 1943,
ston Churchill has said:

constantly corrected and modified
defects appear,

the

release

under such

of
a

but

individual

should

beware of trying to

energy

out while the

stimulus is the most

progress

necessity

Government would

is accounted

with

lines

all

the chief
capital,
activity regi¬

become

reservoir

creative force in the world.
"Modern

credit
of

and

that, upon completion of renego¬
tiation proceedings which affect a

published
notice
be

previously
statement,

earnings
given to

mented under its direction. Under

largely by a comparatively
stockholders as soon as the re¬
Dry Goods Association, and based 3>—
—
few men who were willing to risk such a system, all income pro¬ vised
results have been deter¬
on
departmental data submitted uted
through
department
and their all on the prospect of .re¬ duced could not be distributed to mined, prompts me to make a fur¬
by 277 department and apparel specialty stores depend to a very wards. We are told by Carl Sny¬ the workers, as losses would have ther
suggestion with regard to in¬
specialty stores.
The announce¬ great degree on the trend of pro¬ der that nine-tenths of our wealth to be asbsorbed and reserves set terim
earnings statements.
ment regarding the report was is¬ duction and consumer income.
the
direct
result
of
the aside for replacements and new
So, is
"It
is
well
understood,
of
sued on July 23.
as note is made of the rise of
13% machines, which in turn were the equipment as well as for other
course,
that
interim
earnings
H. I. Kleinhaus, General Man¬ ins the value of sales of the
If this were done,
typical product of the brains and efforts contingencies.
statements, by their very nature,
ager of the Congress, points out department
or
specialty
store of the inventors, enterprisers, and there would be much less to go
are
at best an estimate, and I
that "several new records were which
contributed
data
to
These were the around than at present because of
the accumulators.
feel sure that you will agree that
reached in 1942," including new study, activities of all
inevitable
inefficiency
of
industry exceptionally gifted individuals the
where these earnings are subject
high gross margin and operating during this period should be ex¬ who blazed new trails, built our bureaucratic management. If re¬
to the renegotiation provisions of
profits, but he goes on to explain amined. /.
industries, and developed our re¬ serves were not set aside, then in
for

that

"it

fair

estimate

that

with corporate normal taxes, arid
surtaxes

being

rate of 40%

90%

and

defined

come—from

the

excess
excess

combined
profits at
profits in¬
of retail

65%

"Income

payments to

uals in 1942 touched
the

individ¬

new

high,

index

year on

137

reaching 172 for the
the 1935-1939 base against

1941, and 123 in the 1929
peak year.
Thus the rise in the

operating profits were consumed value of retail sales is merely
by the tax bill." Reporting further,
reflection

Mr. Kleinhaus states:

"Generally
ume

and

speaking,

the vol¬
distrib¬

value of goods

ness

war."

tempo

the

increased

resulting

from

busi¬

the

sources.

That they incurred great

risks is evidenced

by the history

of the

the

tem

course

of time the whole sys¬

would

crumble,

business

automobile, railroads, elec¬ would stagnate, living standards
appliances, movies, radio, would be wretchedly reduced, and
telephone, airplane, and the like. economic and personal freedom
Many of the ventures failed, but would be swept away.
that there was a great net gain to
"The war will leave us with a
all is reflected in our unparalled heritage of staggering debt, heavy
economic progress as evidenced taxes, and the stupendous task of
by the steady decline in the hours providing jobs for those released
of work, the elimination by labor- from the military forces and the
trical

Defense Appropria¬
qualification to this
effect should be made for the ben¬

the

National

tion

Act,

efit

of security holders.

not

expected that the results of

If it is

renegotiation would have a ma¬
terial efect upon the earnings as

after

reported
taxes

provision

for

and reserves, it would

all
ap-

pear

desirable to make a state-

ment to this effect."

tVolume 158

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4200

Slow Progress In Winning Inl'l Agreements
:
i
On Post-War Commercial Policy Foreseen
Slow progress in obtaining "significant agreement" among naf tions on post-war commercial policy is foreseen in a report by Profes¬
\

Jacob Viner of the University of Chicago to

sor

the League of Nations

Economic, Financial, and Transit Department on "Trade Relations
Between Free-Market ' and Controlled Economies," issued by the
International Documents Service of the Columbia University Press.
The report states that "given
as-fsurance that the other measures'

the

peaceful and
prosperous post-war world will be
taken, it is probable that some
countries will be willing on their
own

initiative,

other

or
of

forms

agreement,

by bilateral

or
international

abolish

most if not all of the

outright

measures

direct regulation of foreign trade
which

they adopted during the
great depression or during the war

period."
It is likewise

stated in the

re¬

In Commerce Bureau
The U. S. Department of Com¬
merce announced on July 24 the
creation

association

trade

unit in its Bureau of Foreign and
Commerce.

Domestic
It

personnel.

Advices from

Washington

to
the New
"Herald Tribune" added:

York

and

7,000 State and local associ¬
ations, a large number of which
in

regular contact with
Commerce Department.

as¬

regional
scope are active in domestic and
foreign trade of the United States

are

Senator

Chairman

George

of the

Committee.

"Approximately 2,000 trade
sociations of national

the

(Dem., Ga.),

Senate
,

Finance

yv-.v

'"4^

interview at his home in

Vienna, Ga., the Associated Press
quoted Senator George as assert¬
ing that "the virility and strength
of

civilization depends upon

any

the

middle

other

classes.

very poor

There

pull together the
and the very rich. The

way

"C. J. Judkins,
in immediate middle class is the liaison."
charge of trade-association work

Trade Association Unit

for

necessary

tures

for the Department for ten
years,
has been named chief of the unit."

The

Associated

revenue

Government

of the

has

increase

whelming

with

low

for

would

those

-"I

would

fee

greatly -surprised

tee

creased tenfold in the last-decade,
Senator
George said that new
enacted at the forth¬

raise

the

any

House

undertook

tional

revenue,

still more

of the two

raising,

billions in-new revenue."

trade, either for its own sake or
as a corollary of their practice of
direct regulation of their econ¬
omies as a whole, to justify any
expectation that it will be pos¬
sible to obtain anything like uni¬
versal abandonment of direct for¬

eign controls.
much

ground for optimism if there could
be reasonable hope that the coun¬
tries

the

toward

inclined

all

elimination

substantial reduc¬

of direct controls of foreign

tion

trade

could

persuaded to at¬

tempt to deal with the problem
through a
multilateral confer¬
ence.

•

"It is conceivable that the sense

adher¬
provisions of an in¬

of mutual advantage from

the

ence

ternational

drawn up

convention

by the conference would suffice to
secure
the
continuance
of the
agreement and conscientious ex¬
ecution of its terms.
It would be
wise

nevertheless,

precaution,

provide that adherence to the
should bring with it

convention

privileges confined to
countries, and that

valuable
the

adhering

from its terms,
proclaimed by an international
agency set up by the conference to
be aggressive or otherwise objec¬
tionable in character, should bring
serious departure
if

costly penalties.
I.. "The technical, ^difficulties of
framing and of administering,, a_
multilateral
agreement
of this
kind
would
be
comparatively
moderate if wide acceptance could
be obtained for definite and un¬

of the ques¬
least after a
elapsed. If,
however, as is likely, many coun¬
tries will be willing to sign such
an agreement only if made sub¬
ject to important reservations and
qualifications, very serious diffi¬

DRAW*

FOR.

PWLCO

5ID

outlawry

qualified

tionable practices, at

transition period had

result.

culties will

COOPERATION and team¬
work is the

through
ica's

light of past experience,
danger will be that an
agreement will be reached with
general provisions admirable in
form and substance but almost to¬
tally deprived of meeting or of
enforceability by the detailed res¬
ervations and qualifications

incor¬

porated in the agreement.
"Progress in obtaining signifi¬
agreement in the field of
policy will certainly
be difficult and will probably be
cant

commercial

achieve

impossible

connection

with

except

field and

that

runs

of Amer¬
the battle¬

every aspect

war

story, on

"In the

the greatest

note

the industrial front.

Philco has such

a
story of co¬
operation in the record of its

war

Sid Hix makes

credit

lem

and

facilities,

collaboration
the

business

movement
on

cycle

form

will

deavors

shall

take

assure

that the

of re¬
lead promptly to en¬
accomplish the next

achievement

one

the facili¬

sub-contractors,

Philco has made it

possible for

many smaller companies to
contribute their special skills

production activities.

Over

fifty percent of Philco's output of radio, commuArmy and Navy
is made
up of parts, components and sub-assemblies produced by its sub-contractors and suppliers. Their skill,
efficiency and fine spirit of cooperation have contributed
nications and ordnance materiel for the

the

war

been able

effort. And,

the

same

time, Philco has

multiply the output of its own factories
by making fullest use of its engineering resources,
managerial ability and experience in the mass produc*
tion of precision equipment for our armed forces,
to

PH I LCO

CORPORATION

and

procedures of nego¬

tiation which will

By thus relying
ties of its

interna¬

will not neces¬
sarily be fatal, provided there is
early agreement on the direction
which

production lines.

the prob¬

"Slow progress

greatly to the accomplishments
of the Philco laboratories and

mass-unemployment.

place and

the series

being drawn for Philco by America's leading
cartoonists depicting the significance
of America's productive might. While available,
a full size
reproduction of the original drawing
will he sent, free, on request to Philco Corpora¬
tion, Philadelphia, Pa. Ask for Cartoon No. 62CF.

heights of tariffs,
the establishment of internation¬
al

editorial

limitation of

tional

contribution

reaching of

the

agreement in other
fields of economic relations, such
international

this

stage

stage."

LISTEN TO

BUY WAR BONOS
AND STAMPS
Hasten

Victory.

tomorrow
your

Invest

Build
ct

for

part Of

Income In War Bonds:

V»

OUR SECRET WEAPON

Philco distributors and dealers
utmost

your

Air

under

wartime

are

conditions

doing their
to

service

Philco Radio, Phonograph, Refrigerator,

Conditioner,
>'

.'..'.

industrial Storage Battery.

Hear Rex Stout expose
Axis lies and propa¬

ganda, Every Friday
evening, CBS stations,.

suc¬

than five

j
'
countries, however, ap¬
to be too strongly committed
direct
regulation of foreign

commit¬

(House and Senate), we

ceed in
six

and 1 - would fee

surprised if, at the end

of the work
tees

specific-sum-of--addi¬

"Other

would

fixed in¬

comes, such as wages, salaries,
self-owned business, annuities and

pear

"There

any

over¬

taxpayers

moderate

port:

in¬

explained that this ac¬
coming session of Congress may
tion consolidates existing func¬
A warning that further drastic be expected to
yield not more
tions, giving broader scope and increases of individual income than five or six billions of dol¬
simple administration, but will taxes may destroy the nation's lars, or scarcely one-half the Ad¬
not require additional expendi- little man was issued on
Aug. 1 ministration's estimate of need.
was

principle,

drastic

if the Ways and Means Commit¬

Observing that

taxes to be

crease individual rates in
1943,"
he explained, "is that under
law,
income tax rates must be uniform.
Since we have this

the like.

account

further said:

Federal

Warns Against Heavier
Tax On Little Man

Press

"One of the strong reasons why
believe we cannot greatly in¬

THE COMMERCIAL & FINANCIAL CHRONICLE

508

"Our Reporter On

By S. F. PORTER
And
ness.

this observer asks

now

"What do

once

War, Inflation And

Governments"

executive price

again and in the utmost serious¬

still outstanding?" . . .
"What do you, the
buyer of tax exempts, the holder of these obligations and the person
most vitally interested, think the United States Treasury is going to
do at this time to disturb the status of the exemption clause?" . . .
.

Seriously.

And in complete understanding that

you're making up your mind now about a most significant question,
s
; You simply must do so. . . ,
Or you too are going to be caught
in the whip-saw markets, in the utterly un-understandable fluctua¬
tions that have been occurring and that may again occur in this
imost sensitive of all markets.
.

...

quotas.

You've been watching the

the disclosure of

tion, but which is under no con¬
ceivable circumstances going to
Even in Germany
happen stocks on

happen here.
where

did

the

average

the

hedge

did not prove to be
fallaciously supposed.

Our problem

is concerned with a

rising cost of living which may
be partially maintained.
If we

That

distinguish

rise in the cost of living

complete loss in the value
The latter is what hap¬

Fortnightly Mar¬

in equities and 50%

in de¬

NYSE Common Stock

Dividends

States

Uiiited

Up Slightly

In First Half Of 1943

latter

These

situations.

consist

Survey.

dividend

Total

the best grade pre¬
ferred such as du Pont $4.50 and,
of

cash.
As market op¬
portunities
develop,
additional
course,

stocks

common

Most

take

can

investors

bought.

make

mis¬

the

six months of 1943

the New

York Stock Exchange

3s,

1962

payments

stocks listed

common

War Bonds, highest,
gr^de indus¬
trials such as American Tobacco

for the first
only 0.3

were

in the same
according to a

larger thai!

period

1942,

contained

tabulation

issue of "The

publication
change.
It

the

July

Exchange", monthly

the
Sto^k Ex-i
pointed out that

of
was

over-diversifying. * A
properly balanced list should be

higher taxes than the year before,

enlarged

costs,

selected carefully enough to per¬

corporate

cases,

mit

substantial

relatively

tions

issue.

each

and, in many
renegotiation of

posi¬ contracts,; restricted

Buyers very

returns " to

stockholders.

rarely fail to include high grade

The
publication
further ex¬
usually make the plained:
mistake of failing to provide for
"Of the 27 groups noted in the
omy, profits and dividends would
capital appreciation.
Every list,
go up and so would stock prices.
table, slightly less than half paid
even
the 4 most
conservative, out more than in the same period
But we live in a world of excess

under

lived

short-lived?

50%

excuse.

pened in Germany, a defeated na¬

of exempts—the

common stock prices, and our best
judgment leans towards a position

important ;to

Co.'s

distribution

justify the price of any given
fensive
share, "inflation" is used as an should

of money.

Morgenthau to Gov¬

designed for circulation among the big holders
on exempts started coming back. . . .

Hutton

weapon.

000 under

purchases they may later
It seems that whenever
impossible reasonably to

and

via the Federal Reserve Banks and

know that the recovery was

market

But did you

make

regret.

Planning

investment fund of $25,today's conditions?. The
first consideration is the level of
for,

investors from taking prof¬
and
causes
many
others to

its

would

cutting will again

effective

What is the proper

loose term that keeps

most

less, but, otherwise, w6
employ pure investment
funds in equities. — From E. F.
ly 3%

ex-

ket and Business

many

between

that letter—written by

ernment bond dealers, sent

flation" is

his

Portfolio

the increase in stock values. "In¬

You know that after

long-term tax-exempt
unconfirmed rumor to
the effect that the Treasury was going to disturb the contract
between holders of exempts and the Treasury. . . .
You know
that Secretary Morgenthau thought enough about the rumor's
effect to come out with an unsolicited (at least publicly) state¬
ment containing these words "I feel that there is a contract which
stands between the Federal Government and the holders of
these Federal tax-exempt securities and I don't intend to directly
or indirectly circumvent it."
And you know that just prior

2%s of 1965-60—the keynote of the
list—hit 112.30, they Were badgered by an
the

(Continued from page 498)
the dorhinating influence behind

trial bonds yielding• approximate¬

be¬

the dominant industrial

comes

exempt Governments

Honestly.

peacetime products and when

the sales manager once more

think is going to happen to billions of tax-

you

Thursday, August 5, 1943

laissez-faire

econ¬

equities,

but

bit and then, following the news from Italy,
the exempts again had "no market"? . . .
Did you know that the
should include at least one issue
of 1942.
Of the 596 listed com-?
experts around Wall Street have been saying as recently as late profits taxes, price controls, labor selected for
capital gain and us¬
and wage regulation, and
even
panies*** dividend distributions
last week that "you can't sell 25 exempt bonds in this market"? . . .
ually, a non-dividend payer. This were increased
by 111, they were
production allotment. Under these
And did you wonder just why?
is a necessity to offset unexpected
circumstances
stocks
must
be
reduced
by
141
(of which 17
(1) Why have these favorably placed obligations been under
deterioration among the "better se¬
eliminated or deferred payments),
j udged purely on their future
curities
pressure much stronger than the taxable issues? . . .
held.
A
good current while 361 disbursed the same
and
dividend-paying
(2) Why, if the market is getting its much-needed breathing earnings
combination might consist of 25
amounts as in the first half of
spell and finally is getting a chance to find a level from which it ability within the framework of shares Johns-Manville, 25 Union
1942.
these controls.
What is more, the
can advance once more, are the exempts getting the brunt of sell¬
Carbide, 50 General Electric, 50
price currently paid is vitally im¬
"Groups whose earning power
ing?
..
■"
1 '
f i
•
U. S. Rubber, 75 Continental Can
was
sharply
affected ^by
war
(3) Why have the dealers been concentrating on putting these portant. There is no profit in buy¬ and 100 American Radiator.
At
the rise lasted just a

doghouse?

issues in the

ing

(4) Who's doing this, anyway? . . .
This observer admits wonder, admits a lack of ability to under¬
stand

presumably had made up their minds
of the exempts from a tax or trading view¬

who

investors

why

stock where one correctly
an
increase in earning

foresees
power

level

if it is already selling at a
that takes this fully into

this

quotations

prevailing

port¬

folio would

require roughly $12,500 and produce a yield from di¬
vidends of about 3.1 %.
Under

The possession of large
existing conditions it appears de¬
assets is by no means
sirable to accept some sacrifice
prima facie evidence that such
It comes down to this:
in current return for the sake of
a company will earn more money
(1) Either you're going to take Morgenthau's word for it, when
holding stocks in a favored posi¬
Governments dic¬
he puts that word down on paper for all to see, or you're not. . . . in the future.
tion from the longer term stand¬
And if you're not, then you shouldn't be holding any Governments tate the prices at which natural
point.
because you don't believe in any of his contracts. . . .
resources, such as oil under the
Dividend Stocks
(2) Either you want exempts from a tax viewpoint or you
ground, can be exchanged for cur¬
There is a ver^Hafge portion of
don't.
And if you don't, then forget them and look for your
rency.
The stock which promises
to go up fihOst?« iirtrthe mafrket i is the investing public who believe
trading profits and income possibilities in the taxablesv.as they
the
best
come out.
j-hedge against "infla¬ in keeping all their funds con¬
tion" just as it is usually the best stantly employed.
(3) Either you like the exempts as a trading medium or you
They make
don't.
And if you don't, then keep away and confine your
type of share to own for other new investments as their savings
dealings to the taxables which naturally have a broader market
permit or as previous investments
purposes.
\ now....
-'vrHvv
Stocks which have appeared in mature.
Dividend-paying ability
is paramount in such cases. With
(4) And either you are suspicious of the possible influences
our lists have all been submitted
behind these erratic movements or you're not. . . . And if you're
for consideration because, in our the
prices of high-grade bonds

about the attractiveness

take a stand and stick to it.,

point suddenly are unable to

account.

physical

♦.

...

not, then you're unusually trusting.
At this writing,
..

the 23/4s are hovering around the 112 level again.

Several dealers believe the issue may break through that price.
That kind of talk is going around—which gives you an idea. . . .

mind and then act accord¬
ingly.
.How this writer feels about the exempts has been ex¬
pressed here so many times that repetition seems unnecessary. ... In
addition to which, the very tenor of this report tells the story. . . .
So how do you
.

Make

feel?

up your

THE SEPTEMBER DRIVE
And

these:

side, chances are the Treasury will have a tough job meeting the
objective. ; . .
/■'.
(2) The fall of Mussolini and the sensational developments in
Italy may give too many people the idea that the war in Europe is
going to end soon. ... With the result that the general public won't
have the inspiration to go in and buy war bonds on a terrific scale
when the

war

the cash?"

were
are

once

see.

unsatis¬

avoid

over-production

tempor¬

because of the demand for
additional
annual
more

small

percentage increase in

yield* investors

and

There

are

list.

also

see

who

many

better protection against chang¬
ing times in good equities than in

utility company payments receded
4.5%. In contrast, aviation moved
to

with an increase
of 98.5%, and the rubber departs
ment
year

managed
the War

back to the April war loan drive, which was
under the auspices of the Victory Fund Committees and
Savings Staff.

Now reorganized into the State War
/

...

April, the Treasury obtained
generally termed non-banking sources.
In

$3,290,000,000 from
trusts.

individuals,
..

$12,550,000,000 from what is
. . .
Here's how:

partnerships

•

/ ' •'

2,408,000,000 from insurance companies. » .
1,195,000,000 from mutual savings banks. .
117,000,000 from elemosynary institutions. ...
503,000,000 from State and local governments.

5,038,000,000 from other corporations

Finance

„

and

personal

might

characterized as permanent investments,

The

war

bonds, of course, are demand obligations and therefore, aren't in the
same

category.

...

Now look at that.

v
.

enlarged

since

classification,

checks in

1941

was

over
10.2%.

considering the six
June 30, the rise

ended

31.2%

was

than

year,

months

increase

the

nevertheless,
This

second

the

For all of that year;

half of 1942.

the

over

correspond¬

ing stretch of 1942.
"The

gain scored by the

amuse¬

ment group,

centering in moving
picture companies, was consistent
with the record of earlier periods
since

the

United

the

States

and public

war

entered

earnings be¬

Heavy 'movie' at¬

to grow.
was

reflected by an en¬

of 27.6% in dividend
A stronger tempo was
disclosed in the figures than the
story of all of 1942 told; for that
entire year, this group showed an

know

the

companies and savings banks

we may

depend

them for

are

this

subscrip¬

finance

committees

admit

that in

other

had

been

War

re¬

Savings Bonds

—
Series E,
change in the terms of
bonds, or their designation.

the

from

be reached..

in about two

answer

abruptly:

first,

think

the

goal

will

top to bottom.

"Work will proceed immediate¬

ly, and it is confidently believed
the

new

they

bonds

will
as

course

without

once

reached

duce the size of the United States

It seems incredible that financiers should be worrying now about
buyers refusing to buy bonds in September because they think the
war financing need is less, but apparently they are.
,<
And ap¬
parently, they think there's a real chance that the goal will not

effort to conserve,

"The new size will be approxi¬
mately 7% by 414 inches, or about
that of the present bond folded

the second point.

LACK OF INSPIRATION?

Well

The Treasury announcement said:

Which brings up

reached.

1941."

July 27
labor,
materials, con-,

announced

and

paper

...

over

Secretary of the Treasury Mor¬

elusion

war

19.4%

To Cut War Bond Size
genthau

insurance

since

increase

With the September goal set at $15,-

necessary.

of that.

payments.

•
.

sure

will

available

months, after which
issued

stocks

regular

the

present

really can
—that the Government will do something to make sure the issue is
subscribed.
Even if that necessitates opening the books to

bonds become exhausted.

costs alone will be realized

And

second, if it's not, then

That
are

. . .

their

recalled that

earnings began to
feflt in the shape

rail

of dividend

must

bonds

asking for.

and associations.

will

make themselves

April record indicates that only $2,450,000,000
be sold to give the Treasury the amount it's

the

000,000,000,
more

increased

railroads

"The

stride.

banks.

1 >

■

paid out 70% more than the
before.

tendance

...

So let's go

poini

class in

the head of the

of disbursements,

largement

the future and you've a basis for

iron group,

and

example, paid out less in di¬
vidends
by
5.9%,
and
public

gan

owning indus¬

securities bought, $6,018,000,000 represented
sales of 2V2S and 2s, the longer-term securities and the ones that

about finding out the validity of these
look at the record.
. .
Then compare the record with

The steel

tions.

and

believe in

for

fixed interest obligations. We be¬
lieve in owning U. S. War Bonds
we

impressive fashion.
There were,
however,
some
notable
excep-t

turning

the stock

are

they haven't
touched the farmers and many prosperous retail and professional
sources, surely we may expect another billion or so from these buyers.
And if not, well, the lack will be made up.
,
You can be

The only way you can go

Committees.

After the war,

speculative issues

many

As for the types of

And

present and the chances for

because

shortages are made up,

our

decline "satisfac¬ tions, if
of the

THE FIRST ONE—SIZE

conversation.

cancelled

cannot

And

other little reasons, but these plus the

are

it not for the exceptional pressure on the exempts)
the factors mentioned most frequently. . . .

comments is to

over-production.

there

Well, let's

the

have also tried to con¬
sider the possible effects of later
"deflation".
We see today war
over,

factory action (this observer would rather call the
market

arily selling at investment levels,

The psychology will be "why go in and load up
is going to end and the Treasury is not going to need

in September.

tory"

stage
of the market balanced
against the risks. The "inflation"
factor has been weighed to the ex¬
tent we felt was justified.
How-

(1> The goal mentioned is too high for individuals and non-bank
buyers to meet. ... $15,000,000,000 would be small for all buyerscommercial banks included—but with these major subscribers out¬

And

completely unreasonable and with

contracts

There's talk also about the possibility
drive may not go so well. . . . Reasons given are

another thing.

that the September

opinion, they offered the best pos¬
sibilities available at any given

conditions

war

marched ahead of last year

...

•

and

orders,

■>.

be sure—and

you

might be

short.

you can

■

■■

;/■' v

nasty thing to take at first, but market memories
•

■

year

basis

saving of about $1,750,000
in

paper

and

of last year's

bonds."

production
on

the

sales of these

Volume

158

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4200

The Never

We maintain active

Ending
§;/ Tariff Controversy

Portland Electric Power

(Continued from page 498)
Mr.

Manford

states

problem, in

follows:'

a recent

;';-V./',

■

"There is

tion, with

General Gas & Electric $5 Prior Preferred

Massachusetts Utilities Associates
5% Preferred

Bought—Sold—Quoted

Peoples Light & Power $3 Preferred

an¬

letter,

//•■.•,/;V S':

need for

any

Analysis

na¬

those

our

own

standard

Mussolini
that

imports, is right in
country,
raising
the
living of our own

opinion,

no one can

refute

Mr.

lias

been

least

printed frequently.
when applied to a

not

tion

that

ours

can

erally does produce
its requirements.

and

over

gen¬

His conclusion

effectively

Note

and

there

the fact.
quo¬

and J

abun¬

wonders

spending
year,
to

Mr. Wright might well have

(Continued from

it not rather
evident
that * such
importation
must curtail the world's supply at
Is

own

portions

indebtedness, thus plac¬
a

when

position to borrow

the

occasion

arises

With the return of peace.

Port
The
to

of New

only

come

week

York

new

Authority

issue of

any

size

into

sight in the past
is that projected by the Port

of New York

war

Authority, which has
called for bids for a refunding
loan, to be opened next Tuesday.

by 80 billion dollars a
demobilize
8
million

and
15
million
just how importing soldiers
war
what could- perhaps- with even workers.")
greater efficiency be made at
For when both of the wars that
home, adds to the supply of the we are currently fighting are over

goods.

499)

page

ury, or proceeds to retire

explained

world's

certain holding company systems
operating subsidiaries into the hands
Among these issues were Connecticut

Light & Power, San Diego Gas &
Electric, Newport Electric, Indian¬
apolis Power & Light, Public Service of Indiana and
Black Hills
Power & Light. In the case of
Connecticut Light & Power, some minor¬
ity stock had previously been

The Authority has sent out re¬

quests for bids
general

and

$14,281,000 of

refunding

bonds,

seventh series, to carry a Z%%
coupon and mature in 1973.

from the

came

same

source, and
is the only one of the issues
men¬
tioned to obtain
listing on the
Stock

Exchange. :* Public Service

of Indiana

distributed to old
security holders in reorganization,
Midland United (one of the old
was

holding companies) losing
majority control thereby. Black
Hills,- a
small
company,
was
formed to take over

properties

from

some

Dakota

General

Public

Utilities and Dakota Power Com¬
pany.

•;/

>////;/>•;
.t
v/ This year there have been sev¬
.

Hence the

mon.

new

common

selling at between 12 and 13 times
earnings, which compares with
.

of about 14-15 times
for other listed utility
Obviously the new issue
regarded in investment

average

earnings
stocks.
is

well

circles /although
favorable factor

slightly

un¬

the

de¬

low

preciation charge—only about 9%
of

Insull

its

was reported after
dividends
and
after

allowing for the new preference
$1 dividend; this was equivalent
to about $1.55 on the new com¬

by Standard Gas & Electric
which exchanged part of the stock
for its own bonds and sold the
rest
to the public.
Newport was sold
by Utilities Power & Light (now
Ogden) in 1939. Indianapolis P. &

$14,695,848

preferred

owned

Report;

debacle
cut

gradual breaking up
has released common
stocks of
of the public in recent

standing, but United Gas Improvemajority interest
Diego was formerly

Our Reporter's

issue, for example,
enough planning has

supply of goods in the United been done to avoid a
States, and the whole world for :"when it somes time to
that matter."

Newcomers In The Utility List
The

ment sold out its
in 1941.
San

current

Teletype N.Y. 1-344

out-f>-

(The "United States News" in
its

conservation

we prefer the latter at this time.
—Ralph E. Samuel & Co.

anew

days

for

moves

ing itself in

post-war

2-9500

years.

cautious

of its

dant

•

significance of the
In our opin¬
perfectly natural de¬

into

come

uncertainty andf

nothing to be gained by blinking

this from the above

prices

outlook, there has

general confidence does not exist

tation: "All of this will make for
lower

war

for

large unit does.
r

obviously improved

and
profits satisfactory despite
high and unprecedented tax rates.
But
very
obviously that same

"Public Utility Securities

possibility
optimistic

many

now

velopment.
Investors have been
ready and willing to buy and hold
common
stocks through
a
war
period, knowing that corporate
activity would be at high levels

ing to prevent such from combin¬
ing with neighbor nations- into
economic units sufficiently large
function

there is

scene,

"quits", and

cry

What is the

ion

trader nations, but there is noth¬

soon

market's weakness?

not apply to very small and

may

are

may

nervousness.

na¬

95%

disappeared from the

Nation

the equity market

suc¬

Manford's

In fact, no one so far
know, has tried although it

with

But

our

has

Italian

Co.

Street, New York 5, New York

Telephone HAnover

L. D. 123

measuring Nazi resistance in terms of months
The Italian chapter, together with the news from
the Eastern Front, certainly makes the war outlook
extremely bright.

conclusion.
as

the

individuals

people."
In

Garfield 0225

rather than years.

cessfully

Louis, Mo.

ftervmis Days For The Market

goods, other than
must export to pay for

St.

49 Wall

SL 456

all

needed

rur

Bell Teletype

Members New York Stock
Exchange

Landreth Building

duced, the total costs of producing
them, including interest and prof¬
its, reaches someone's hands as
purchasing power and thus auto¬
matically enables the nation to
purchase its total product.
The
for

Laurence M. Marks

stHEUCK, nun i f company

system,
to
export
more
than
enough to pay for its needed im¬
ports.
Whenever goods are pro¬

market

Request

intelligent economic

trading markets in

6s of 1950

other slant by an economist upon
this

509

gross

revenues.

//•<'■

New issues which have attracted
over-counter "when issued" trad¬

ing interest

are United
Light &
Railways and Puget Sound Power
& Light.
There is considerable

amount

these
old

"arbitraging" between

new common

stocks and the

preferred

stocks for which
will be facing, in the
eral further additions to the list.
they are being offered in exchange
opinion of many skeptics, a ser¬ V Proceeds will be
applied to re¬ Philadelphia Electric common had —United
Light & Power pre¬
ious economic, chapter,
Now this demption of
$13,865,000,of its gen¬ previously had only a small overleast to the extent* of the addi¬ is not to say
ferred, which receives 5 shares of
that!,we will not suc¬ eral and refunding bonds, third counter market
(United Gas Im¬ the sub-holding company's com¬
tional labor required to ' import cessfully surmount any economic
series, carrying a 3^% coupon provement owned
97.28%).
In mon stock
from points more remote than the unsettlement
(on a recapitalized
or
industrial, let¬ and maturing in 1976, but
subject connection with the partial disso¬ basis) and holders of
the old A
home supply? As we see it, all of down; or that a genuine business
to call next November 1.
lution of UGI,
Philadelphia Elec¬ and B common obtained fraction¬
this should; inspire us to say to boom may not conceivably follow
tric was recapitalized and the new al shares.
Puget Sound Power &
the nations of the world, as; Presi¬ World War II just as, starting in
To Settle Question
common
stock
is1'* now
traded Light $6 preferred (the second
dent Coolidge did to Canada — 1923,
•The persistence of midwestern
pre¬
a
boom
followed
World
"when
delivered" * on
the
New ferred) will receive 88 shares of
"'Make
your
tariffs to develop War I. But it is the uncertainty banking interests in their quest to
York
Stock
Exchange, " selling new common under the plan. Both
your own aptitudes and resources that leads investors to the con¬ force competitive bidding in the
around 19 V2. UGI al£o handed out
plans have been' approved by the :'t
to
the largest extent practical. clusion that this may be a good field of railroad bond financing is
a large proportion of its
holdings SEC. and the courts. / The Puget
Promote your own welfare and time to lighten equity holdings destined to bring a definite ruling
of Public Service of New
Jersey, Sound
plan
becomes
effective •/'
or to buy only at substantial
we will take our chances on be¬
price on the part of the Interstate Com¬ hence the latter
stock is traded
September 13th unless there is an
merce Commission.
\
ing able to profit through your concessions..
two ways, regular and "wd"—the
appeal.
Th&re is no present indi¬
I
success,"
On the whole we cannot see
This became certain over the
latter
indicating the additional cation that any appeal will be
If it is the purpose of the Amer¬ that in all candor one can be dog¬
week-end when the Commission
shares distributed to UGI holders. taken.
1
ican people to do the best possible matic these days in attempting to
refused to order a rehearing on
UGI itself is traded two ways—
United Light &
Railways is cur¬
for humanity* and I am sure that give prudent investment advice.
the sale of $28,434,000 bonds of
regular stock at 9%, and "x dist." rently
selling
"when
issued" 4
is the dominant motive, we < are For in the first place estimates of
the Pennsylvania, Ohio & De¬
at 21/4.
The "x" stock does not around 11%..; A recent
earnings
satisfied that much can be accom¬ the wars' duration are of course
troit Railroad, subsidiary of the
retain very substantial
earnings statement is not available, but
but thin guess-work.
And in the
and equities in proportion to the share
Pennsylvania
plished hy adopting ^an intelli¬
Railroad, which
earnings for 1942 on the new
second place, who is so bold in
were
sold through
gent economic system," as Mr.:
private
huge number of shares, though it basis have been estimated at
$2.29,
this
unpredictable
era
Manford says, that will provide
through / negotiation direct to bankers.
may have modest possibilities for so that the stock is selling at about
;
and won, we

market

home

sufficient to

which the world is

ab¬

passing

produce; attempt to chart out the post-war
economic pattern?
(How long re¬
thereby enabling us to rely upon
secondary markets only to the tooling will take, how long before
the pent-up demand for consumer
extent necessary
to .secure the
goods can be satisfied, the future
funds required to pay for the 2%
of foreign
trade* and the relation¬
to 5% of goods that we must im¬
ship between industry and labor,
port on account of not being
of

all

sorb

what ' we:

The alternative to

but

are

available in the home market.;

that

plan for de*

home resources as . far
practical is likely to condemn
the world to a practice of trans¬
veloping

few of the many factors
the altogether will make

many

a large
uncertainty ahead, it

: most

investors

may

natural;

that

deciding that
be wise to "trim^ship" a
are

were far better; employed in
bit
and
prepare
for • a v future
adding to the world's supply and
period, the outlines of which are
in distributing it to domestic con¬
anything but clear and vivid.
sumers.
/
"f:
M:/v
V We think this is
prudent invest¬
'
E. S. PILLSBURY,

that

Century Electric

1943

sooner,

that
over

contemplated

the

war

would, suggest

equity

selling

Ward &

weak and nervous markets.

quest.

Co.

upon

»' v.'-VV.'

re¬

facturers Trust Co. offers attrac¬
tive

possibilities

according to a
bulletin just issued by Laird, Bissell & Meeds, 120 Broadway, New
York City, members of the New

during

;

dividend

preference

31/40ths of

The

mon.

lower

for

rates

new

com¬

preference /stock

convertible into
common

and

common

share of

one

three

share of
years

thereafter.

and

The

new

We /anticipate
that
market
swings during future-months will
sharp and sudden and substan¬

tial: this may not be a period for
the
faint-hearted. • And as between daring moves for

profit and

traded

stock ' is i currently
over-the-counter nround

26—less than

basis—which

doing pretty well for
preferred
stock.
For

months ended March 31

second
the

balance

times

earnings,

which

seems

about in line with similar

holding
company issues. However, the old
preferred (to be exchanged for
five common) has advanced from
last year's Curb low of 10 % to the
current

price around 54, most of
the advance occurring this year.
!
Puget Sound is selling "when
issued" at around 9V2 and is earn-

ing

makes

estimated

$2, which also
earnings ratio
However, it is an operat¬

its

around 5.

price

ing company and as such should
theoretically be entitled to a much
(Continued on page 510)

York
this

•

next year or

timely study of Haskelite
Corporation has been prepared by

Ward

Mfrs. Trust Interesting
The current situation in Manu¬

sell & Meeds.

Europe may be

from

/
:

concluded

be done earlier rather than later.
For one cannot be nimble

had

future, it should require that
seeking
to finance
through the
issuance
of
new
bonds, must call for competitive
bids, as now required for utilities
under the Holding Company Act.
railroads

procedure and to those who

y that

Co., 120 Broadway, New
York City.
Copies of this study
and an interesting circular dis¬
cussing the post-war prospects of
Northeast Airlines, Inc., may be

the

ment

Situations Attractive

will determine whether

have

Co.
v--

even
f. -

investigation

Stock Exchange.
Copies of
interesting bulletin may be
had upon request from
Laird, Bis-

St. Louis, Mo., July 27,

preference

And since there is such

seems

porting much of its product long

appreciation.
Philadelphia Electric converted
which its
10,529,230 shares of common
not, in, into
9/40ths of a share of new $1

The Commission, however, has

ordered

the shape of things to come.)

measure

distances with labor and facilities

Purolator Products

:v-

//v.!

UTILITY PREFERREDS

Situation of Interest
Purolator

Products, Inc., offers
possibilities, according
to Reynolds &
Co., 120 Broadway,
New York City, members of the
New York Stock Exchange.
An
interesting basic report upon the
company may be had frbm Reyattractive

nolds

Co.

upon

request.

Paine, Webber, Jackson & Curtis
ESTABLISHED 1879

THE COMMERCIAL & FINANCIAL

510

from current tax of so-called

Usually twhenever

closed, the Trustee has taken
possession of the property, as¬
sets to be liquidated without time
limit for the benefit of the certi¬

dealers

for

cult
retail

Dealers Association

Should Be In Real Estate Bonds!
reasonably priced industrial bonds to
' ^"

•

'■

dealers are becoming reluctant to

rail bonds.
the dealers' problem for

distribute any more

merchandise is

The natural solution to

•$/—

real estate bonds.

with

est

would

that.

business

have

day.

the
you

controlled

ness

minimum

;

He must know how to read

men.

Then

nature.

the book of human

he will know how best to

the

know

should

businessman

busi¬
stockholders

think that

public, its employes, and

the

itself.

When the depression came
wages were being reduced,

raised

allowed

been

well,

business until it does equally
for

and

proportionate share

$5-a-day minimum.

our

finance-controlled

employ

he has around him. Men

men

ever could have done that?
We who are doing what they are best*
of the property.
Since
building valuations on did it because we were free and fitted for, are more useful to;
themselves and to everyone else.
which depreciation is
computed because we thought it was right
If more employers had thought In our Company we have always
are generally very high, the result
that principle
is that a substantial part, or oc¬ the same way the story of the tried to work on
last few. years in
this country and our men stay with,us longer;
casionally all, of the distribution
than is the general rule.
to certificate holders is tax free. might have been different.
"Business ■; and ; industry must ;
"Take our schools. We're deep¬
Of course, when the certificate is
It may build the physical basis of the
sold, the total of the tax free dis¬ ly interested in them.
Only industry can
tributions must be deducted from seem strange for industry to go good society.
the cost Of the certificate in de¬ into education, but it was one of abolish. poverty; it can give the;
the things
that came into our only social security human beings
termining the amount of gain or
We can know—the security of being
loss from the sale.
However, if hands to do, and we did it.
have about 30 different schools in able to produce what they need.
the certificate. is held more than
"We have not enough industry
six
months, gain is recognized operation and are opening a new
.

fact that it is becoming more, and more diffi¬

locate

<**

their

butions

HAnover 2-2100

It is also evident that many

this

Because

Society

(Continued from first page)

of depreciation

Incorporated

Real Estate Securities
It is a well known

To Build Basis Of Good

fact, these certificates holders are
entitled
to
deduct
from
the
amount of their "income" distri¬

Seligman, Lubetkin & Co.

The Coming Boom

holders.

ficate

Complete reports sent upon request

New York 4

Says More Industry Is Needed

have

City Hotel Bonds

Member! New York Security

Ford

mortgage

against which these participations
been issued has been fore¬

Attractive New York

in¬

distributions.

come

41 Broid Street,

'Thursday, August * 5, 1943

CHRONICLE

fOyftVdM-** * * »' *

only in the amount of 50% and
the tax rate is. limited to 25 %.

Those

one.

schools

have

nearly

18,000
students.
They
teach
everything from kindergarten to
science.
In the schools operated

needs

America's

serve

world's heeds;

the

In this country we;

of the pro¬
have done pretty well as far as
Thus, if the certificate is held for
These bonds have been more than six months, there will
we have gone, but there must be
paying 6% interest and the bid is
more and more industry.
It is'
geherally be a tax benefit even if by the; Ford Motor, Company—the
only 85. An industrial bond with
it. is sold in a year in which the Trade Schools, Apprentice School, essential to political and economic'
such a large debt retirement and
Mechanical * Training School for freedom, and anything that hind~:
ket; while others of course are
taxpayer has no offsetting losses.
slow. The latter issues are usual¬ large interest rate would surely
So if you are looking for new High School graduates, the Air¬ ers industry; is harmful to the
This

of security can be

type

purchased in a wide range of
price and for extraordinary yield.
Some issues enjoy an active mar¬

and are worth

very desirable
while waiting for.

many

real

yet the prices of
are

far

found that

bonds ' compare most
with industrial bonds,

favorably

real estate bonds
other

comparable

below

bonds.

dealer interest in real
securities has been due to a

general

estate

merchandise to retail, we would craft School—we teach the trades American ideal.
"I ahi convinced of the basic
securities even sugest that you contact, a repu¬ and all that pertains to industrial
social service of industry and I
have a tax exempt feature; for table firm
specializing 1 in real Science. In connection with these
we
also have the Naval Train¬ am proud to have served for 40'
estate securities and you may be
instance, certain Nevy York Title
agreeably surprised at the advan¬ ing School where young naval years in its development. I know
mortgage participations have a
trainees spend half of every day of no better way to help my felr
tageous securities [available.f§
receiving
mechanical
training. low man than to build more and
partial or complete exemption
And since the inception of the more industry, linking farms and
Ford
Training
School
e 1 g ti t schools ' and' all the' arts ", to its
years ago, students representing
general purpose.
; There; is no»
438
high schools have learned better way for a young man to'
j

believe that the absence

Reopening Of Trade

George.

has

and

America

the

bonds enjoy an

SECURITIES

Members New York Stock Exchange
Members New York Curb Exchange

market.

promptly when due.
Last year,
through operation of a sinking

Dlgby 4-4950

40 EXCHANGE PL., N ,Y.

reorganization in 1935,
these bonds have paid their fixed
interest
requirements
of
4%
Since

Bell

Teletype NY 1-953

Active Markets

will

have

approximately

$175,000 with which to purchase
bonds for sinking fund the latter
are

told that the

property is cur¬

rently earning its interest almost
tour

N.Y.Title&Mtge.

Series

Prudence Collaterals

times, yet bonds are present¬

A-18

all other

and

ly selling to yield over 71/2%.;
An example

is the

inactive issue

Tyler Building.

TITLE CO. CERTIFICATES & MTGS.

First mort¬

bonds outstanding amount
to only $436,500.
Compared with
gage

the

issued and
stock with them
equal share in

originally

$1,400,000
bonds

carry

representing

SIEGEL

39 Broadway, N. Y. 6
Bell

System

CO.

Dlgby 4-2370

Teletype 1-1942

Realty Associates Securities Corporation
Bondholders' Protective Committee

Qn* our property in' Georgia we
organized colored schools

have

Which

But we think it is industry's busi¬
ness to teach anything when that
promised land.
happens to be the thing that needs
The time is right.
It is well that to be done.. What is life hut edu¬
we do not think" and plan.
One of
cation, anyway?
the best formulas I know is for i
"Because we are a free, uncon¬
every individual, every manufac¬
trolled business, all of these use¬
turer, processor and distributor ful
by-products — the work and
to know just where he will be¬
the means to do it with — just
long in the picture and what he
naturally come along, and every¬
is going to do about it.
one gets the benefit.
"And when you focus your at¬
"Young Americans should know
tention on bur neighbors in the that there are two ways of doing
Americas, brought closer to us business—one that makes money
than ever before, please remem¬
its master, and one that makes
ber that the Inter-American De¬
money ' its
servant. For forty
velopment Commission in Wash¬
years, the latter has been my style
ington, of which Nelson Rocke¬ of"
business, - and J - think - it will
feller is Chairman, is your vehicle
be the only type of business that
to obtaining the information that
will succeed in the future.
you may require regarding busi¬
"Until we first started in busi¬
ness opportunities which will be
ness I had no idea how completely
opened with the coming of peace. American business was governed

for

plans

new

'We have been
in

our

rather slow in

foreign trade; census bur¬

eau was

The

Company sponsored plan for the reduction and ex¬
tension of your bonds is inequitable, in our opinion.
This
Committee has been formed to protect the interests of
bondholders and to recommend action with respect to the
mittee

has had

any

None of the members of the Com¬
connection with the Company or its

The Committee suggests that bondholders
send to the Secretary, at the address below, their names
and addresses, and the principal amount and number of
their bonds, so that the Committee may communicate with
them by mail and furnish our form of authorization or
management.

proxy.
form

The Committee advises bondholders not to sign the

of acceptance

distributed by the Company pending in-

vestigation and report by the Committee,
Edwin
Jacob

;
JULIUS

SILVER,

B.
R.

started in 1790; bureau

foreign

and

1912.

domestic
12 years

get our groceries.

"The problems—^-the opportuni¬

;•
ties

which

lie

ahead

Milton C. Zaidenberg

Broadway,

Room

1010 (Tel. BOwling Green 9-7027)

making industry

better builder of

social values."

Public Utility

Securities

stu¬

making

idea

'good business' to cut

Coulee may compete with private ;
power in the Northwest inv'the"
However, since.
Puget's industrial load is relative-:
ly small and its rates are low,'it

post4war period.

fairly

seems

against

secure

com¬

petition from local or federalpower projects.
To build com-^
peting distributing lines (as TVA
began

abandoned

Tennessee,

but

favor

buying:
Commonwealth's lines) would be
a

waste of funds which tax-payers

seem

unlikely to approve; and the;

only alternative would be to buy

Puget's
which

system, in
stock,

distributing
the

case

common

with its book value (after "write¬

offs")

of nearly

$15, might not
event, rapid

fare too badly. In any

growth in this' territory is -ex-;
pected
and government power,"
currently going into* aluminum
production and other war work,
may not prove a serious factor.

money.

down pro¬

duction in order to increase

that cheap government,
from Bonneville and Grand

fear

power

thought, it was

even

men

the

prof¬

ited-.''':.;*."':'
,

"They, believed in the theory
scarcity makes wealth.
I

Cgo. & Southern Air Lines

that

could

never

understand it;

one whole year J went
around and talked to older busi¬

djV'For

nessmen

—

better

the

Offers Possibilities

type, the

Chicago and Southern Air Lines;

Inc., common, common V.T.C and
option warrants offer interesting

possibilities <; according to a
manipulator and specula¬ phamphlet prepared by Stifel,
tor type. ' It is a good thing for Nicolaus & Co., Inc.,. 314 North
the making of a new
young men to talk with the right Broadway,^ St. Louis, Mo. Copies
progress which is bound to come
sort of older men. They confirmed
in the Americas—you will start
of this pamphlet are available to
my idea that the best theory of
When

you

who

built

daydream—

of the re-establishment of

Europe,
Far East, the

Detroit—not the

money

business

make

many

investment dealers
.'

Chairman

of the best article you can
low a price as you can.
If

request.

upon

you can

Hubert L.

the

Some

men

pendous.

Mihic With Frank Kiernan

Schiff

Secretary.

are

the

lying awake at nights."

Meredith,

Counsel.

WECHSLER,

commerce

started
counting noses but it took 122
years more before we were • in¬
terested in finding out how we

Mihic, formerly with
Long Island Daily Press, has

become
THEODORE

into the work of

are

everybody is studying

5% Income Bonds Due October 1,1943:

Company's proposal.

his generation than to' get'

serve

recognizing necessity for research
To the Holders of the

In the 21 schools

(Continued from page- 509)
operated by the colored
better ratio
(listed utilities * sell
people themselves, and they are
exportation problems are rapidly doing a fine j 6b.V *tne; point" here nearly three times as high in rela¬
tion to earnings).
The rise in the
going to be solved in the best way is that we can do these things be¬
old preferred has not been as sen¬
possible—by
the
reopening of cause we aire free to do them. An
sational as that of United Light—:
normal : trade ; channels. w And
industry established merely to it is
currently selling on the Curb
that's good news.
make
money
neither could or
around 72 or about double, last
"But you still better know your
would do these things.
It would
year's low. ■
who's who in Washington. I know
say it is not industry's business to
A probable reason for the low.
that there is a group of economic
teach homemaking ' or
nursing.
iarhing^; ratio of PugetSoiind is*
planners under every bush;
I
know that

part of October of this year.

us.

fund, $371,000 bonds were retired
and
we
understand
that
the
Trustee

procurement business.

ping, become less difficult. V And
?o
will the problems of exports.
In other words—importation and

SHASKAN & CO.

active

So the foreign

lies.

problems, with the easing of ship¬

outstanding bond issue of $8,376,307.
Because of the size of the

trades with

(Continued from first page)
under the Ford Foundation we
but surely more materiel will be
teach all subjects from homeniakavailable for the needs of our Al¬
ing and nursing to farming and

REAL ESTATE

This is the largest hotel

Eastern

issue

TRADING MARKETS

the Hotel St.

bonds of

into

look

Channels Necessary

to a lack of dis¬
semination of information con¬
cerning their real values and at¬
tractive yield.
As an example, let us briefly
extent

large

well over par.

sell

Some real estate

estate

cases

100% of the ownership

perty.

associated

Kiernan

with

Frank

Company, 41 Maiden
Lane,
New
York
advertising
agency, as account executive.

do this you find yourself, as

you
we

did, having all the money you

need to grow on,

the

and able to pay

highest rate of wages.#

business

never

■
a

good

Lary Opens In Boston
(Special

to The Financial

BOSTON,
Lary

has

MASS.

opened

—

Chronicle)

Stanley C.

offices

Trinity Place to engage in a gen¬
eral

securities business.

Volume - mi -Number 4200>

HEAD

o''*'; If you
contemplate

making additions to your personnel
please send in particulars to the Editor of The Financial
; ' •Chronicle for publication in this column.

(Special

to The

have

Bishopsgate, E. C. 2

8 West

Knudson

LONDON OFFICES:

Chronicle)

Eleanore

added

Waterman

Fourth Avenue

Stone

(Special

W. Pierce
111

MASS.—George

ILL. —Everett

has

Thomson

135

been

The

with

to The Financial

Noll

(ESTABLISHED

1817)

Capital

(Special

Fund

Reserve

Liability of Prop.

Salle

many

ALFRED

30th

^ -

£150,939,354

DAVIDSON, K.B.E.,

Neubauer

thenar with

The Bank of .New-South Wales Is the oldest

largest bank in Australasia.

New

all

8tates of

London,, it -.offers the

and

efficient

traders

and

countries.

most

banking service
travellers

The

Interested

these

throughout

the

deflation

Dealers

Banks
A.

Government

and

Branches
•

India, Burma; Ceylon, Kenya
Colony and Aden and Zanzibar
*•
}

>;■

Paid-Up, Capital
Reserve

The

Bank

r;<';

Fund

;

conducts

banking

•

"You

say,

that

T V

If this

business
at

the

common

post-war
the

tional

;

[ \ ;

LONDON AGENCY

and .7

King

William

war

principal

Towns

all

Financial

become

;

The

Chronicled

associated with

Mr,

Senturia

for

Financial

Chronicle)

WASH. —John

The

SEATTLE,

and

plea of the Na¬
of

Manufac¬

the

for

immediate

war-time
war

controls

ends.

as
reported in "the
After indicating that the
post-war outlook is very favor¬

the

staff of

Financial

1411

Chronicle)

WASH.—Harry

and

the

SUDAN

Beebe Returns To

survey

Bond

chief

economic

threat

climate

the

For

plants

Glens

Falls

American

Insurance

the

Administrative
Reconstruction

Assistant
Finance

the

and bureaucratic red

Corpora¬

tion (Rubber Development

Unless

Corpo¬
ration) stationed at Manaos,Brazil.

order

Petrolite Corporation, Ltd.,
fers
interesting possibilities

income, according to

of¬
for

a memoran¬

Hill, Thompson &
Co.,
Inc., 120 Broadway, New
York City. Copies of this memo¬
randum discussing the situation
may

had

upon

request

intelligence of

offer

attractive

possibilities

ac¬

cording to memoranda being
Mackubin, Legg &
Company, 22 Light Street, Balti¬
more, Md., members of the New
distributed by

from

and

'Baltimore

Stock

Ex¬

Natl Radiator Attractive
The

current

situation

The

National Radiator

Company offers
possibilities, according

attractive
to

memorandum

post-war planners to retain capi¬
talism and free enterprise in this
country may be washed away in
the flood

waters

of this

boom.

post-war
.•••:.

RICHARD C.

$31,496

York

TELETYPE

Over

other

279

280

period

Loss

Our

—103

17,699

the

34,911
39,784

—2,192

44,188

39,428

2,624

1932

35,100

26,495

—6,629

30,176

24,919

value

invested

30,667

47,508

times

each

assets

24,469

27,919

27,354

assets

32,288

33,510

35,563

1936

38,217

31,744

17,433

"liquidating value

1937

39,822

35,959

34,331
34,291

22,153

1938

cept in the
whose

17,098

the

38,907

35,881

41,244

36,171

17,427

43,503

37,491

15,029

41,920

86,431

—545

$676,490

$573,689

$256,219

case

share,"

per

capital

and

surplus

is, that the great majority

these

insurance

purchasable
considerable

stocks

Dec.

31,

discount

had

from

LILLY,

•

The

Railroad

age, the thirty stocks were selling

margin.
The year
conform, because
dividend

was

1935 does not
a

paid

large extra
that year by

be observed that net

results

fluctuate

greater

substantial

Home Insurance Co.

It will

also

investment

income,

five

does

net

and

that

1925, 1926, 1930,
1932, and 1942, net underwriting
losses were experienced.

$1.00.

American

per

$100, Hartford yielded

for

$1.00, but

Glens

selling at

were

premium to in¬

vested assets.

(Continued

INSURANCE

Beech

page

514)

STOCKS

bilities,
being distributed by Adams &
Peck, 63 Wall Street, New York
City.; Copies of this circular dis¬

Bank

tail may be had upon request from

Saint

Paul.

Paul, Minn.; July 27, 1943.

New

interesting possi¬
according to a circular

cussing the situation in

Huff, Geyer & Hecht, Inc.

Creek

offers

Adams & Peck.

some

de¬

York

Wall

..
.

Boston

Street

WHitehall

Post

3-0782

ST.

WIRE

LOUIS,

"A-V:, WA''
HARTFORD,

Chicago

Office

HUBbard

NY 1-2875

PRIVATE

Square

135

0650

LOS

NEW

CONNECTING:

ANGELES,

SAN

6011

PROVIDENCE,

YORK,

FRANCISCO

TELEPHONES

Enterprise

S. La Salle Street
FRanklin 7535

CG-105

SYSTEM

Falls,

Great American and North River

PRIMARY MARKETS

the

aver¬

Equitable yielded the highest with

viz:

years,

yield the investor $1.36 of in¬

underwriting $2.20
by year to $1.00

than

share."

vested assets per

year

extent

request.

stock

"in¬

vested assets per

dividends

Situation Attractive
r

were

1942

ered

by C. E. Unterberg & Co.,
Broadway, New York City.
Copies of this interesting memo¬
may

The

Great American Investing Co. The.
second and more important point

in each year except 1935, net in¬
vestment income alone' has cov¬

upon

ex¬

of Great American

liquidating value includes

to note

The important thing brought out
in this tabulation is the fact that,

per

share" is greater than

per

16,489

1941

the
and

thirty companies

the

31,170

1939

shows

the group, as of Dec.
31, 1942. The
first point to note is that "invested

1934

1940

net

per

1935

•

total

tabulation

liquidating

26,342

1930

2.64

was

26,147

1931

excess

underwriting profits.

; *,27,498

40,938

were

by net invest¬

The

were
credited to earned
surplus.
It is of interest to note that total
net
investment income for the

—$4,659

22,878

dividends

times

uted

firm

of $102,801,000, plus aggregate net under¬
writing profits
of
$256,219,000,

Profit
or

$21,860

•

1.18

ment income.

'.TV

Dividends

words,

earned

34,417

Total

Francisco

entire period of 18
investment income ag¬
gregated $676,490,000 and divi¬
dends aggregated
$573,689,000. In

Net

32,461

1942

■

San

the

37,176

WIRES

net

years

1927

1033

CALIFORNIA

Chicago

1928

1929

C. T.)

Seattle

writing

1926

(P.

solicited.

being distrib¬

:
President, The First National
-

New

Under¬

1925

fii.

Orders

PRIVATE

COMPANIES

i,(

Income

invited.

underwriting

($000)

Com¬

Company, Paul
Revere Fire Insurance Company,
and Security Insurance Company,

randum

high

net

v•

210 West 7th St., Xios
Angeles

■j.

■'■■MV'?.. siv':'

Brokers.

period, all of the efforts of the

dum issued by

Hill, Thompson & Co.

tape."

Compared
Service

Butler-Huff & Co.

under¬

Phoenix Insurance

applied to the lowering
of
the
impounded
purchasing
power in the immediate post-war

Petrolite Looks Good
•

and

reduced, despite

TOTALS FOR 30
■'

pany, National Liberty Insurance
Company, New Amsterdam Cas¬
ualty Company, Northeastern In¬

possible

gence

Dealers

Inquiries

profits.

Company,

Insurance

management of intelli¬
and
ability
with
one
shackled by political expediency

past

a com¬

experience

Quoted

■

Reviewed
»
Bulletin and Booklet

Trading daily 7

thirty representative compa¬
nies, since 1925, as to their net in¬
vestment income, dividend
pay-,

such

were

Sold

•
•

Special

;At current

Great

retention

six months he has been acting as

Bought
Analyzed

group

liance

changes. Copies of these interest¬
ing memoranda may be obtained

"The

Department.

insurance

concerned, the invested

ignored, for certainly if

BANK STOCKS

favorable net investment income.
It is of interest in this connec¬
tion to study the record of a

levels, American Al¬
Insurance Company, Con¬
tinental Insurance Company, Em¬
ployers Reinsurance Corporation,
Fidelity
&
Deposit
Company,

•.

York

by government of war¬
Co., 61 Broadway,1
•New York City, members of the time controls over industry.
Ex¬
cessive government intrusion in
.New York Stock Exchange, has
private enterprise inevitably sup^
returned as manager of the firm's
.

Jns; Stocks Look Good

sweeping upsurge of en¬
terprise, the article continues as from Mackubin, Legg & Co.'s In¬
surance Stocks Department.

Street

INSURANCE

cred¬

Hence,

Net Inv.

follows:

William N. Beebe, who has been
:on leave of absence from
Stillman,

.Maynard

are

under¬

are

Norris, Inc., and Dagg & Co.

able to

EGYPT

while

importance. This by no means im¬
plies, however, that the under¬
writing record of a company can

m e n

press.

Insurance Stocks

consideration by investors in
is that of "market to
liquidating value per
opinion of the writer,
however, a more helpful and

income,

Year

period.

industrialists, I quote the follow¬
ing from a Carnegie-Illinois post¬

Street, E. C.

Branches

Sloan has become connected with

severe

illustrate the type of oppo¬
which is emanating from

sition

approach to
period but aside

recent

soon as

£3,000,000

•

to The

'■(Special

sense

inent businessmen

Cairo

—

assets and the investment
income
of the companies are of
critical

Michigan

Hartley
Rogers
and
Co.,
Fourth Avenue Building.

being the

5, N. Y

1-1248-49

stocks

In the

stocks

done, it seems to
going
almost
unsponsored surance Company, Northwestern
amid vigorous appeals of prom¬ National:Insurance C
om.p any;

£3,000,000

Teletype—NY

favorite ratios given

writing profits or losses
ited to earned
surplus.
far as dividends on fire

Cairo.

CAPITAL

FUND

no,"

of that

Association

release
FULLY PAID

East

Heffernan has joined the

done, instead

turers that it be

of EGYPT

RESERVE

with

end

appeals to

from

NATIONAL BANK

insurance

vestment

period

were

good,

;

this

207

SEATTLE,

without

•

only

->»*vAHead''Office

affiliated

number of years was with Ed¬

the

see,

run

Exchange

YORK

significant ratio is that of "market to
invested assets per share." As
is
well known,
fire-insurance companies derive their income
from
two
sources, viz: invested assets and
underwriting operations. Fur¬
thermore,
dividend
payments
are
predicated entirely, in
the
great majority of cases, on net in¬

IND.—Fran¬
now

ST. LOUIS, MO.—Edward Sen-

U; (Special

Dr.

This

Commercial

the

would have to be
'

large majority

postwar

shock

Executorships

undertaken

share.

Chronicle)

ward D. Jones & Co.

every -reason

Wright's two-year period,
it is easily possible that we
might
enjoy four or five years of very

every

and

also

ment.

description of
and exchange business ;.;' ' ';

Trusteeships
>

£4,000,000
£2,000,000
£2,200,000

applied as to permit full
employment but not overemploy¬

Subscribed Capital—:

fire

includ¬ Earl F. Townsend and Co., Dextering price controls, rationing, and Horton Building.1" Mr. Sloan was
priorities. 1. The priorities should previously with Harris, Lamoreux

26, Bishopsgate,
London, E.C.*>• ' " Ji"

•j

■

turia has

the New
step back in the

cannot

believe

mediate

Uganda

Head Office:
:

One

with The Milwaukee

now

(Special

that A Dr.

of INDIA. LIMITED:
the

Financial

Godman

Street.

thoroughly convinced.
The best
thing the conservatives -can do is
to urge rigorous control of the im¬

comes,

would

saddle

Kenya Colony and

The

Company,

of the American public would be

Chronicle)

COLO.—Arthur

MILWAUKEE, WIS.—Grace M.

the

NATIONAL BANK
Bankers

Financial

This Week

writing losses for a stretch of
years, its surplus position, would
be jeopardized and its
dividends

picture

Stock

(L. A. Glbbs, Manager Trading
Department.

Olive: Streets.

the

controls," and I have

4-2S2S

pany

economy

Lowe is

immediate

York

Bank and Insurance Stocks

and

(Speclal to The Financial Chronicle)

Wright properly fears and when

Wj
C.

Co.

peace

Bell

Newhard, Cook & Co., Fourth and

exactly

Street, E.

Agency arrangements with

Dealers than

NEW YORK 5
DIgby

New

BROADWAY, NEW

Telephone: BArclajr 7-8600

peace comes. Then we would have

*•:

Threadneedle

New

beneficial

120

—

In my opinion, nothing

Exchange

exchanges

release ofall war--controls 'when

Investors, i

,,yt7,. JBqtkeley .Square* W. 1•
-

complete

v;LONDpN,-OFnCESr:
,

could

'f
Guinea, i

Zealand, Fiji, Papua and New

and

continuing them into the

period*;

With over

Australia,

with Thomson & McKinnon, 5 East
Market Street.

idea in mind

eyer

WALL ST.

Members

Stock

By E. A. VAN DEUSEN

INDIANAPOLIS,

connected with

was

York

leading

Telephone

(Special

for

(Continued from page 499)

Office: George Street, SYDNEY

branches

Noll

Purchasing Power
Backlog Discussed
of

and

years

Mr.

8,780,000

::^;';il:^^Geheral Manager'-.;.V;v>^v'i^:,>^

t70

Street.

New
other

now

Building.

with

cis

£23,710,000

Head

affiliated

6,150,000

Aggregatey; Assets
Sept., ,1941 "i.

Copeland has joined the staff of
Otis & Co., First National Bank

Chronicle)

£8,780,000

Reserve

SIR

become

Chronicle)

Eastman, Dillon & Co., 135 South

NEW SOUTH WALES
Paid-Up

has

Laird, Bissell & Meeds
Members

Inc.,

CHICAGO, ILL.— Gerhard B.

BANK OF

McKinnon,

Financial

Request

the

Stanley & Co.

asso¬

South La Salle Street.

(Special

OHIO —Harold
with Goodbody
& Co., National
City Bank Build¬
ing. Mr. Yeomans was previously
S. Yeomans is

DENVER,

Australia and New Zealand

added

CLEVELAND,

Devonshire Street.

Kimbrough, Jr., has become
ciated
with Blyth
&
Co.,

Ltd.

(Special

tSpecial to The Financial Chronicle)

Glya Mills & Co.

Bulletin

Stocks

Chronicle)

and

CHICAGO, ILL.—Edwin Price

Associated Banks:

Trust Co.

Fire Insurance

with Moors & Cabot,

are

Blodget,

231 South La Salle Street.

£108,171,956

Bank,

Financial

staff

TOTAL ASSETS

Deacon's

The

Morgan

Clace, James J. Conway and Ralph

Williams

CHICAGO,

Building.

(Special to The Financial Chronicle)

BOSTON,

and

Inc.

staff, of
Co., 1411

and

&:> Webster

Scott

the

Charing Cross, S. W.J

Burlington Gardens, W. I
64 Neu) Bond Street, W.J

and

been

Earl

Smithfield, E. C. /

Financial

WASH.—Theo.

Manufacturers

Hartford

■

OFFICE—Edinburgh

SEATTLE,

■:k

511

Specialists in

1727

Branches throughout Scotland

: "A

Broker-Dealer Personnel Items

Royal Bank of Scotland
Incorporated by Royal Charter

THE COMMERCIAL & FINANCIAL CHRONICLE

BOSTON,

AND

CHICAGO,

SEATTLE

PORTLAND,
Enterprise

7008

Enterprise

7008

THE COMMERCIAL & FINANCIAL CHRONICLE

512

State.

Municipal News & Notes

Commissioners

The
Port

Authority

meeting

Aug. 3, according to

the announcement made by

consist of General and Refund¬
Bonds,
Seventh
Series,

will be dated Sept. 1, 1943.

"The proceeds of the new issue,"
j.Mr. Ferguson said, "will be used
to redeem $13,865,000 of the Au¬

$184,700 has been put in bond re¬
$155,177 trans¬
ferred to surplus,
. i

tirement reserves,

thority's General and Refunding
:
Bonds, Third Series, 3y2%, due

Port

traffic

Authority

V kept earnings at

since the city began dis¬
tributing • power, / although
in
terms of dollars and. cents, oppose

has

level which

cent used for that pur¬

lowest per

Ferguson

essential nature

stated that the
i

the forthcom-

Chairman

offer

ing

Operating costs for this period
amounted to $839,653, or 55.2%
of total revenue.
That was the

The latter are callable Nov.

Says Tax Levy To Pay Interest On And Amortize 300
Billion Dollar Debt Would Wreck Our Economy j

Ail-Time

I have just got around to reading Dr. Saxon's article on the sub¬

High

port

we'll

of tax collections in the fiscal year

of your most

which appeared in

I find myself in agreement

$76,556,034 equalled 96.97% of the
total $78,944,979 levy.

with

many

just

when' payments

ended,

ductions..

Port Authority earnings."

The

Knoxville Would. Like

showed

with

approach to this

96.31% in 1923.

was

small

Tenn.y

Knoxville,

power

rev¬

months

year,

the

i iod in 1942, according to a com-

1 parative

which

statement

income

pre¬

Profit for the period

for Power

for

$339,877

divided

| power and $100,894 for water.

•

;

the

,12

past

(ending June 30)

revenues

months
totaled

$3,012,707 as compared with $2,852,270 for the same period in

j 1941-42.* A total of -135,771,000
j kilowatt hours were sold during
j

/•"

district for

school

ment with

reduction

the past 12 months, 7,527,000 more
during the previous 12 month

than

iperiod.. 1".\ r*'1

of/interest

bonds

».

••

calendar

year,

•

Monday Edition,

*•

'//' ./-•/i'

re¬

Changes Name

Wood, Hoffman,

Corporation and Municipal
dividend, redemption,
calendars and banking statistics.
«'

Whether you are an Executive

^Investor

or Trader, a Banker
Congressman, a Stock Broker
wishes

"-VV'V

'/'

' * *

•»'

/V'-i} "7"

keep

abreast

or
or

Business Man, a Private

Financier,
Bond

events
>

Dealer

Senator
:

The

■//■•/■.

the

business

and

/////

withdrawn

year
your

Chronicle,

,/,'

„

—

and

firm

from the

procedure.

Index

every

I understand that I

three

due

moV

Tennessee Reports
Record High Surplus
all-time record, the

State of Tennessee closed out the

fiscal

year

June 30 with
general

fund

ac¬

surplus

cently to
the

Governor Cooper.
general fund surplus

added

highway fund sur¬

1, approximately $11,000,000
principal and interest on ob¬

ligations, thereby leaving a present
surplus in that fund of aproxi-

"This is the largest surplus

history

the

months

without

one

in j

"It appears

have

charge.

Bill Company Q

icle"

current savings, and
represents the di¬

certain

amount

post-war

economic prob¬
be a distinct

J. HZ

HARRISON,/

! /

' '

When

few years as

strong or

Witness Germany, which wiped out
its in-!
ternal debt by inflation and its
foreign debt by repudiation and
in a few years created the might-t
iest war machine the world had
until then seen.
Witness Russia;
which was completely prostratq
in 1917, and today is stronger thari
stronger than ever;

living

creased
state

costs,

salaries of

employes had been

Lands/: subcommittee,
that America's proven

announced

oil reserves

only, 19,000,000,000 or;

are

20,000,-

000,000 barrels—a 14 or 15-year '
supply at the present rate of con¬
sumption/"/:--//"/ /■ ■■.'/-./ ./
On the other hand, he said, we

stepped

roll."|

after

program

war."

».

to relax

holding down

our

commend leaders of
who had co¬
•/•

governmental
,/:!

Duncan
general fund sur-■!
plus for single fiscal year just
closed
at
$2,632,490,
which

vigilance iri

•/;;//,/

Director

Budget

placed

(

operating costs of
government and continuing to op-i
erate within

administration

costs. :>/:

the '

'■/•:••';•/'

operated in paring
t

large fund for the next

habilitation

s.
'V ;':j
Executive took the

Chief

occasion
his

not only to meet all ob¬

"can count
tons, of

here about three

marks
year;
:

the

a new

this was

the

$5,490,291. The single year surplus for the highway was placed
at $1,331,664, while that of the

our budget."
pointed out.-that* due to~nwv sinking fund was

$9,897,793.

backed by Ralph

Davies, Deputy Administrator;
R. R. Sayers, director, of the
Bureau of Mines; W. Jett Lauck,
economist for the United Mine
Workers ' of America." ^ ; c/•//: :
K.

Dr.

Industrial Finance Corp,

Situation Attractive
Newborg & Co., 30 Broad Street,
New

York

New

York

City, members of the
Stock Exchange and

New

York

Curb

Exchange,: have

which the firm believes offers at¬

existing surplus of

give

times as fast as

being discovered.

prepared a/memorandum on In¬
dustrial
Financial
Corporation,

high figure for one

added an
$2,857,801 to
accumulative total of

Mr. Ickes was

The

enough

administration to carry on a re-

cause

wrong.

arise in

the

ligations of the state, but also to

also to receive

further

will

state,"

his administration to date "will not

are

you

approximately $600,000 a year,
but added "This is more than of¬
mately $12,000,000, which is ample
fset by the reduction in the num¬
to meet all obligations falling due
ber of employes on the state pay
in the current year.

Company

Debts

'.up

why, in case after case, nations
which have been defeated in war

warned, however,
that the splendid fiscal showing of

Bill

buying power.
of the size we are piling

they, are • recognized as coal; and
coal' shales,'/accord¬
payment becomes
ing - to; Associated Press advices
impossible or inconvenient, na¬ from Washington/ Which further
tions merely wipe them off the
books and start fresh.
That is
Mr. Ickes, before a Senate Public
long-

The Governor

—

the paying

buying power, while
off of debt reduces

case

version

Name—

Address

either

had

Again

such.

money,

subscription to the "Chronicle" for

cost of $26.

•

scale it

leave
enter

off debts on a large
speedily runs into depres¬
sion.
This, of course, is because
the
creation of
debt increases
starts paying

current

the

Spruce and William Streets, New York (8), N. Y. >
Please

but: when

it/ is; prosperous,^

public service.

Thomson

Graham

now

& Financial

going. / It sounds queer
nevertheless;, that,

true

nation is contracting, debt

lems seems to me to

Governor declared.

The Commercial

idle

work

put

either past or

"MUST"—the first essential of every one who

financial world.-

was

when

Money borrowed today represents

July

Semi-Weekly issues for $26.00 Annually.

labor which

been

large

on about three trillion
coal—enough to provide
L,500,000,000 gallons of synthetic
fund surplus of $21,930,969, giv¬
; fuel, each year for .1,000 years, and
ing the State a total surplus in
still have" enough coal for all pres¬
its three major accounts of $39,the Czar's Russia ever was.
'/,/;■ ent day purposes. - /^/////// /'.j^004,572,
also
a
new
all-time
Mr. Ickes also stated that the
People are appalled at the ex¬
high, the budget director re¬
penditure of billions of dollars nation would find it impossible to
ported.
for defense.
They needn't worry. "continue to rip and roar through
Out of the sinking fund surplus,
Defense material is very largely an endless golden age of gasoline"
however, the state paid out on
because
oil is being consumed

also contains extensive

Chronicle is

very

debts.

was

News Sections in addition to

■-

has

today ' will neyer - be paid in
But, you will say, all this mili-l
tary production is paid for with
•May I add in closing that the
borrowed money and future gen-j "seriefe of 'articles you have been
erations will have to pay those running recently in the "Chron¬

$5,490,291, State Budget Direc¬
tor W. M. Duncan reported re¬

Daily high and low prices on all New York Stock
Exchange stocks for entire week appear in Mon¬
day's issue together with weekly high and low
price ranges in tabular form on other U. S. and
/.Canadian listed stocks and bonds—Monday's paper

\ V,

navy.

enough left to keep ordinary

business

but

tion follow in the wake of war.

plus of $6,583,312, and a sinking

104

have

the

for

suffer whatever loss and destruc-t

96.6 %, ;

Financial, Statistical, Editorial and News Information.

fund

for
military production, as we see all
around us today.
Therefore the
present generation, and to a lim¬
ited extent past generations, pro¬
duce everything used in war and

of its levy paid
Angeles a month ago

cumulated

Section I

Approximately 5,000 Pages Yearly of Business, Banking and

is: di¬

Thomson, Wood & Hoffman of
New York City, announced Aug. 1

by the

district" "held

Thursday Edition, Sections I and II

sinking

manu-

civilians

King & Dawson

rates -on

Complete Chronicle Subscription Includes j

"V;

otherwise;

manufacture

that

97.2%

Setting

orable?/^ more so than bank-

During
.

ported

set

was

;

country

for

extent it is

aside for sinking fund reserves;

'and Water Board operations was

$440,771,

$27,472

sum

forms of taxation^:/. ///: v/

:;-X a retired banker.
spending power from civ¬
I
his retirement from the practice
Westport,zConn.
ilian to military uses.
$73,421 was transferred to sur¬
When the
of law.
war
is over, the war will have
plus and $82,930 paid in interest.
V' David M. Wood, John H. Hoff¬
been paid for—evdfy last plane;
man, George G^. King and John B.
Rules Against N. Y,
Dawson, the remaining partners, tank, ship, gun and uniform—be¬ Coal Backed By Ickes / /
;
cause every item had to be cre¬
School Districts On
will complete all pending business
/ Harold
L. 'Ickes,- Secretary of
ated by past or current labor and
and will continue the practice of
Interest Rate Reduction
the Interior/ and Petroleum Ad- t
capital before it could be used.
Jaw under the firm name of Wood,
ministrator foJ^War/ on Aug. 3
New
York
State's ; Attorney
:
What we have left is merely a
endorsed a Congressional v move ;
General has ruled that the State Hoffman, King & Dawson. ..The
firmV is
nationally
known r as matter of bookkeeping. Debts are to ^build .demonstration plants for
Comptroller cannot" find agree¬
valid claims on posterity only as
specialists in municipal bond law
the^extraction of motor fuel from

iMax Bartlett.

erates

that

this

unduly,
scaling

mistake of

common

would

army

Baltimore, which op¬

lections.

Law Firm

of 1942.
Of

debts

war

our

verted

high~irercentage of

Los

months of

facture

exceeded
col¬

country have

Detroit's

collected

the first half

than $24,000 over

pared by City Utilities Manager

the

in
■

had

increase of more

year,

total to 41,160.

during the first six

the same per-

over

future

makes the

indi¬

comparisons

and

Revenues from the Water De¬

of ." the

the effects of

the

Last

only two major cities

partment amounted to $426,723

increase of more

$72,000

that

were

customers

new

added to bring the

j $1,521,156 for the first six months
than

433

past

the

during

However,

which have mounted stead'
ily since the city took over the
! electric system in 1939, rose to
of the

stations, ; roadside stands
and other small type businesses.

enues,

•

such

firms

filling

;

Available
cate

commercial

To Retire Additional

Power Bonds

bother

the/slate

, ,

half-year's ope rat ion
a slight decline in sales to

idle.

de¬

miscellaneous

and

interest

expected to further im-

debts

wipe

been

he1 rljptcy in civil life! , We used116
as-j put debtors* in jail; now we put
year's total
collections
were
suming that in some way the costi them through bankruptcy,
and
^95.8^ ^
^; of the war is going to be borne5 'they come out pure as driven
With delinquency collections of
by future generations.
This, it snow.
England repudiated her
$3,863,000
for
1941 . and
prior seems to me, is not only
untrue,, debt to us, but seems to have
years,
the aggregate payments but impossible, as a simple analy-; plenty " of friends in the United
were equal to 101.9% of the cur¬
sis will show.
States still.
Besides, we might as
rent levy, compared with 104.38%
Every item of military supplies; well realize that beyond a certain
last year.
The shrinkage is ac¬ used in war has either been with-i
point debts simply can't; be paid.
counted for by the- rapid contrac¬ drawn from
storage or made for If we taxed * our people high
tion of remaining outstanding den the purpose from day to day. Sup-f
enough to pay interest and amor- \
linquencies.
plies which would otherwise be tization.,; on a 300-billion-dollar
'/The year's collections exceeded consumed by civilians are di-; debt it would wreck our whole
by $27,000: the preliminary. esti¬ verted to military use, or labor economy. The taxpayers wouldn't
total

prove

the

have

conclusions 1
But what about national honor?
drawn, but when he comes to deal Wouldn't repudiation be dishon¬

otherwise

down/ inflation/ or " repudiation',
all of ^ which are ^ simply other

recent issue

interesting publica¬

tion.

crating expenses were up about
is reflected in the continued and
/'• exceptional strength of Port; $30,000 for the first six months
of the year over the same period
I Authority securities. "The closin 1942.
:
" v ..//). mate given the Council by Cobo a
/., ing
of the Electric Ferries at
*
During this period a total of year ago for budget-making pur¬
23rd Street, and the collection
$241,895: went to taxes, amortizar poses,., ah: error of only one-third
of military tolls which started
tion and depreciation; $101,046 to of one per cent.,
on July 1," Mr. Ferguson added,

*J.< "are

300 Billion Dollar Debt?"

being produced by workers who
would

ject, "Can the United States Sup¬

The closest

of this year,

the first six months

11,1943,"
\
j In announcing

July

due

bonds

$1,521,156 revenue for

the

Future Geieralions

certain

City Treasurer Albert E. Cobo
reported recently an all-time peak

1943, were retired a year ago.

;

11976.

sum

However,

2%%, due 1973, and the bonds

lump

that

Detroit Tax Collections
At

terest to maturity

ing

keep

of par and in¬
which would
send income taxes rocketing*
j
the

will

offering

The

Ferguson.

fund.

than accept

it comes due rather

said

bought years
ago by the Comptroller for invest¬
ment in the state's canal sinking

interest as

them and take their

the

Frank C.

| Authority's Chairman,

the

which

bonds held had been

Bart- '

could get them," Manager
lett said. ';•/•
Holders would
rather

decided at a

district

since
1939, and another three-quar¬
ters of a million dollars worth
would be retired now—"if we
009,000 have been retired

'/^'//.^// 5>//:

Aug. 10.

Avers CosI Of War Will Nol Bs Bone

port was made in*answer to an
inquiry from an up-state school

amount of $1,«

in the

Bonds

'! An issue of $14,281,000 of Gen-

J eral and Refunding Bonds will be
< offered
for sale by The Port of
New York Authority at 11 a.m. on

The'ruling according to re¬

Thursday, August 5, 1943

tractive

possibilities at the pres¬
Copies of this interest¬
ing memorandum may ; be had
from Newborg & Co/ upon re-

ent time/

^ m^
h^^vfawwww •^v^umtwmufjtt*w«kam ok1 >^ni

'f r%'(. -1
,..

*,.

•¥.:'}{
,.l
,

.j<f .4vi w'f''v. *

'fw> ?»,

\iffr

■-:■'''

", t'jj.

«.».<«,%

.Volume 158

((hi) -**i»fe

Number 4200

•

ft-.t

.>.

THE COMMERCIAL & FINANCIAL
CHRONICLE

•••».

The boardroom trader who
has

seen

traffic

7#tl|ilt:

Foreign selling from neutral
countries

off market

set

one

can run

Acting

Says

S. Steel about

50-52; Youngs-

came a

513

DIVIDEND

street so town Sheet 32-33 and Yellow
long, was horrified to see that Truck 15 to 16.
;
^
}

Walter Whyte

NOTICE

DIVIDEND NOTICES

way

s'V-y'/V' *

the other way.

on impulse he too be¬
seller. Before

long the
bull

whole pattern of the
long
market was torn apart.

EATON MANUFACTURING COMPANY

unlikely that

any

DIVIDEND
-■

The

day. If they

pect

rally you can ex¬
sharp a reversal as

Dividend

NO. 74
,
Y'
■>; '• '
Board of Directors

of Eaton

do and then

de¬

Atlas Corporation

Cleveland, Ohio
>

these stocks will make their
lows on the same

Notice
dend

Manufacturing

Atlas

that

per

the

divi¬

has

Common

been

Stock

Corporation, payable Septem¬

ber

10,

ness

August 14, 1943.

1943,

holders of such
stock of record at the close of busi¬
to

Company, payable August 25, 1943,
to

shareholders of record

of business

the close

August 9, 1943.

Dividend No. 28

•

ll. C. STUESSY,
Secretary - Treasurer

...

July 2?,:,

Wi¬

are no

Preferred

Stock

Notice is hereby given that a divi¬
dend of 75(1 per share for the
quarter

ending

longer there or will be just getting dull.
Should a
changed in the very near fu¬ rally occur before the greater
on
volume, the number of
ture. What the
Interesting Speculation
change will be proportion of the above list
pessimists has increased by
Adjustment Mortgage 5% In¬
and how it will come about is sells to the
figures appearing come Bonds due 1960 of the Third
leaps and bounds. The only
kind word you can hear for something the market does alongside then my considered Avenue Transit Corporation ap¬
not say. My guess is that has
opinion is to look out for new pear to enjoy a unique "straddle"
the price trend
today is that
considerable to do with our storms.
position in the market, offering
"maybe it will rally." But if
interesting possibilities for spec¬
there's any doubt of the rally patchwork foreign policy par¬
ulative investment, according to a
More next Thursday.
ticularly where it applies to
there doesn't seem to be
detailed
circular prepared by
any
—Walter Whyte
post-war plans.
Hardy &
about the
Company, 30 Broad
'''impending" new
*
*
y *
tThe views expressed in this
down

25<f

declared

has declared a dividend of
Seventy-five Cents (75c) per share pn
the outstanding common stock of the

Common Stock

is hereby given

cline but market was already
Now
the
question - arises you have seen in a month of
ripe for it. /Support levels a how is it that a market re¬
Sundays. But what you will
lew points below recent lows
flecting fundamentally good likely see is one stock after
now begin to show.
business conditions can go to another
recognizing its sup¬
pot so quickly? The answer port level by either
bouncing
f}y WALTERWHYTE
is that the good fundamentals around when it reaches
it or
Now that the market has
turned

•

August

declared

violently, and

31,

1943, has been
Preferred Stock

the 6%

Atlas

Corporation, payable Sep¬
1, 1943,- to holders of such

tember
stock

record

the

business August 14, 1943.

close
:

;

Walter A. Peterson, Treasurer

August 2, 1943,.

.''.C

•

decline.

From

Learned

articles

and

the

market
guess

would

that

article

action

the

venture

as soon as a

piece
brokerage market letters are
of news—it must be an im¬
now
busy quoting the Dow
portant piece—hits the Page
theory all tending to--prove
One's
whatever the writer wants if

to prove.

fine

But shorn of all its

words

and

polysyllabic

terminology the fact stands
that the market is down

cut

and

nobody

really ij knows

when it will either hit bottom
and recover, or when it will

just have
>;/.

a
*

I think the
to

news

have this

piece

good

would

news

now

leave the market cold.
*

There is

some

talk around

that the market will hit

•

not

Chronicle.

necessarily at any
those of the
They are presented as
with

those of the author only. 1

Street, New York City, members
Exchange.
Copies of this interesting circular

may

had

upon

from

request

Hardy & Co,

would be

reach

the

Public Service
In

from individuals but the

These

are

follows:

Steel

American investors

suddenly
with a
possibility of
bids,'which ordinarily

faced
peace,
would

have taken the

offerings,

drawn to

see

what

over¬

with¬

were
was

going

on.
*

Result

that: stocks

or¬

dinarily offered at a price
were
simply thrown at the
market

for

whatever

price

they would bring.

By Acting As Risk-Bearers

Established

Air

Founders

The

sight with whom it can readily
complete the transaction.

Triumph

"On

such

occasions, the house

the public as a risk-bearer.

Attractive Situations
Blair

Wall

New
New

Stock

Exchange

York

Curb

Exchange

; Commodity

Chicago
New

Orleans
And

Cotton

Exchange

Exchange,
Board
Cotton

other

meeting

de¬

Inc.
Trade

pany

to sell.

"This is

one

of the contributions

to the

public interest that is made
the over-the-counter market

in which securities houses conduct

The

60-62;
Laughlin 19-20; Na¬ N. Y. Stock
Exchange
Cash Register about 23-

LAMBORN & CO,
99

WALL

STREET

declared
of

the

chicago

The New York Stock
announced

Exchange
following

the

change:
Benjamin V. Harrison, Jr., mem¬
ber of the Exchange, retired from
partnership in Delafield & Dela-

field,

of record

July

28,

•

r'■

geneva,

of July 31.

;

interesting descriptive cir¬
on

Fashion Park, Inc., which

possibilities,
for

Exports—Imports—Futures

ties for appreciation, according to
circular
issued
by
Scherck,
Richter Company, Landreth Build¬

Copies of this

has

been

prepared

distribution

by Simons, LinCo., 25 Broad Street, New
City, members of the New

York

July 31, 1943.
f.

pepper, President
•
.

ELEVATOR
COMPANY
Dividend

No.

Common Dividend No.
A

quarterly dividend of $1.50

share
a

179
143

par

value Common Stock have

been declared, payable

20, 1943,
ord

September

stockholders of

the close

of business

save

for

circular

quest.

rec
on

August 25, 1943,
Checks will be mailed.
C. A. Sanford, Treasurer
Hew YotIl July 28, 1943.

treat..

I'll

per

the Preferred Stock and

dividend of 2 5 ^ per share on the

special

occasions!

SCHENLEY
royal reserve

Stock

Exchange. Copies of
may be had
from
Simons, Linburn & Co. upon re¬

this
DIgby 4-2727

company

stockholders

1943-

Preferred

possibili¬

stock

O T IS

Com¬

income

burn &

York

pittsburgh

switzerland

trust

attractive

cents

payable

company,

August 7, 1943,
/

has

common

Clothing Stock Looks Good
cular

Exchange BIdg.

detroit

offer

the

of,

Inc.

dividend of 20

Directors

;

NEW YORK 5, N. Y.

Exchange

4, N. Y.

collateral

1950

Power

Explosives,

Weekly Firm Changes

has
firm

Exchanges

YORK

Electric

Company V

EXPLOSIVES, Inc.1

PEP Looks Attractive
Portland

Borden

Board

per

:#'■

ing, St. Louis, Mo.

trading by negotiation."

tional Harvester about

SUGAR
NEW

cov

mand, is a constructive one.
Through it, dealers are able to
serve buyers when they want to
buy and sellers when they want

the firm believes offers attractive

Y. Cotton

What

York

20; Anaconda about 24;
and the prospects for growth in
Atlantic
Refining about 22; Seaboard Reorganizaion
some
Bethlehem Steel about
detail, may be had upon
55; Possibilities Interestng
California
request
from
Scherck, Richter
L. >H.• Rothchild -&
Packing about 23;
Co., 120
Caterpillar Tractor about 43; Broadway, New York City, have Company. r 1
prepared a study of Seaboard Air
Continental Can about
30;
Line, which they believe is es¬
Continental
Oil; about
31; pecially timely in view of the
Crown Cork & Seal about
22; final report of the Special Mas¬
Cutler
Hammer about
20; ter's plan for reorganization of
a
Seaboard. Copies of this interest¬
General Motors
46-47; Good¬
ing study may be had upon re¬
year Tire about 32; Interna¬
quest from L. H. Rothchild & Co.

24; Republic Steel about 16 to
16M>; U. S. Rubber 33-34; U.

Members
New

inventory

•Jones &

1856

Checks'

•

E. I. NOETZEL, Treasurer'

TRIUMPH

circular, discussing the

H. Hentz & Co.

of business August
14; 1943,
will be mailed.;';'-;^

about

tional

per

"When a securities house, as a
dealer, buys or sells a security,"
the letter states, "it
frequently has an actual customer on the Other
side of the transaction.
But often a house
buys or sells a security
when it has no buyer or seller in<^

from

major portion of the initial of¬ Reduction
41-42; American
ferings which started the ball Brake Shoe
32-33; American
rolling came from abroad. Machine & Foundry 12V2Swiss selling of a size which
13 V2; American Metal I8V2hasn't been seen in
many a
19; American Smelting 37-38;
long month came in.
With
American '

seas

(30tf)

came

;lV

dividend of thirty cents ^
share has been declared on 1

reprint of & letter to their subscribers, the National Quota¬
tion Bureau,
Incorporated, offers an excellent refutation to the argu¬
ments in favor of listing securities
promiscuously on small exchanges.

serves

; Firpt: where did all ttye sell¬
usual potential support.
ing come from? Some! of it

No, 134

interim

Company, payable September 1, 1943,
stockholders of record at the
clqse

128-130

zone.

the outstanding common stock of this

F. Claybaugh & Co., 72
Street,
New
York City,
Maybe that's so but the It purchases for
members of the Philadelphia
an
ideal time for me to sit
inventory in an¬
fact remains that if
Stock Exchange, have prepared
you don't ticipation of reselling at a later
back, put my feet on the desk have the
right stocks then the date as buyers come into the mar¬ interesting circulars on Ft. Dodge,
and wisely observe "I told
Des Moines & Southern Railway
ket.
It sells out of inventory in
averages can *turn flip-flops
you so." Unfortunately I have for
expectation of repurchasing at a (4s of 1991 and common), Utica
all the good it will do
you. future date as sellers enter the & Mohawk Valley Railway (4V2S
a column to write and
patting So instead of
of 1941), and Consolidated Dear¬
talking about market.
myself on the back won't fill
born (common), which the firm
"This process by which, at their
averages, bull markets and
all the blank
believes offer attractive possibil¬
space that faces bear
markets I give you a list own risk, dealers on the one hand
me,
So here goes:
accumulate securities for inven¬ ities at current levels. Copies of
'
of stocks:,which
"•'■■■■
*
these circulars may be had upon
up: to this
.• *
*
• ivj.
;
tory in absorbing supply, and on
writing indicate better than the other hand release securities request from Blair. F. Claybaugh

dustrials

^ Being human this

COMMON DIVIDEND

of the New York Stock

must be bad

effect.

coincide

of the country the
price
trend will reverse itself
again;

sup¬
port area when the Dow in¬

rally.

time

60% grain neutral spirits. Blended whiskey, 86 proof. Schenley Distillers Corporation, N

"?/v: .r' - -

514

Flotations;

Calendar of New Security

change

has filed a reg¬
$20,000,000
15-

Company
statement
for

Drug

sinking fund debentures due 1958 and
100,000
shares
of
cumulative preferred
stock, par value $100 per share.
Interest
rate on debentures and dividend rate on

year

by amend¬

preferred stock will be supplied
ment.

Boston,

Street,

Leon

y, ;. '>V. 'V

Mass.

'■■■ :r-'J

;■

Co.

products,
rubber articles and
products used in or sold by drug
and distribution of such products,

Inc

Corp.—

American

Swiss

Walker & Co—

Redpath

Whipple & Co

Baker,

Weeks & Harden—

subsidiaries

Smith,
Barney & Co.,
New York, heads the group of underwrit¬
ers.
Others will be. supplied by amend¬
ment.
■ ;
Underwriting

—

applied

will

Proceeds—--Proceeds

together with other funds to the
redemption of $30,243,200 face amount of
the
company's
25-year
5%
bonds due
March 15,
1953, presently outstanding in
the hands of the public, at 103% of face
amount plus accrued interest.
Such re¬
demption will require $31,150,496 plus ac¬
crued
interest, which to Sept. 15, 1943,
company

$756,080.

amount

will

Byllesby & Co
& Co
i—• —
Farwell, Chapman & Co.—
Field, Richards & Co.
First of Michigan Corp
H.

L. Day

150
150
150

750

Kebbon, McCormick & Co„_
Milwaukee Company

150
150

750

Leonard & Lynch—
Newhard, Cook & Co
Chas. W. Scranton & Co._

150
150

750
750

150

750

Moore,

Yarnall
J.

Davis & Co

Fahey, Clark & Co
Henry Herrman & Co._
Mullaney Ross & Co.——

Maynard H. Murch & Co.—
Nashville Securities Corp.—

preferred stock.
It also includes pro¬
for a "purchase fund" for the pre¬
ferred stock.
It is proposed to pay into
tive

received

ceeds

"purchase fund" annually either 20%
certain net profits of the company and
subsidiaries for the fiscal year imme¬

this

diately preceding, or $250,000, whichever is
less.
Payments to this fund will be made
after deducting annual preferred dividends

the deben-

fund payment on

sinking

amounts

tive

underwritten by them

& Co

Barney

Glore, Forgan & Co
Harriman Ripley & Co., Inc.
Hornblower
Lee

Washington,

500
500

Weld

Dillon

E. Hutton & Co
Rollins

2,000
2,000
° nnr>

Spencer Trask
A.

3,000
2,000
2,000

600
400
400
400
400

—

Republic

Dominick

300

Co.

—

1,500

300

Dominick

Estabrook

1,500
1,500
1,500

Hayden, Stone & Co.—
Hemphill, Noyes & Cu

300 .
300
300 :
3GG

Tucker,; Anthony & Co—
Wisconsin Company

300
300

Harris, Hall & Co

Hawley, Shepard & Co

—

Dean

Witter &

1,500
1,CGG
1,500

•-

1,500
1,500

300

Folio wing
ments
are

operates

Alex.

public

will

stock

common

outstanding

financing on part of Woodward &
The
securities of
Woodward &

Lothrop.
Lothrop

follows:
39,899 shares of common, par $10,
and
2,333 shares of preferred stock, 7% cumu¬
lative, par $100 per share.
Of said se¬
by the sellers are listed

shares of common are
offered under registration statement.
Registration Statement No. 2-5183. Form
9-2. (7-19-43);
-:vv
Offered Aug. 4, 1943 at $34.75 a share
by Merrill Lynch, Pierce, Fenner & Beane,
Alex. Brown & Sons, Johnston, Lemon &
27,500

only

Brown,

Exnicios

Goodwyn
& Olds,
Ferris
Co., Inc., Robert C. Jones &

and

Mackall & Coe
baugh & Lukens,
Co.,

Robinson, Rohr¬

list of issues whose registration stateThese issues

filed less than twenty days ago.

were

grouped according to the dates

tion statements will in normal

which the registra¬

become effective, that

course

is twenty days after filing (unless accelerated at the dis¬
cretion of the SEC), except in the case of the securities of
certain

foreign public authorities which normally become
seven days.
These dates, unless otherwise specified, are as of 4:30
P.M. Eastern War Time as per rule 930 (b).
Offerings will rarely be made before the day follow¬
ing.

effective in

Walter

each

from

year

rates

follows:

2%%;

Co.

for

Proceeds—To

CO.

has

filed

$3,000,000

serially $600,000

due

Interest

Heller

statement

istration

notes,

HELLER

are

given

■

West

Address—105

serial

214%; 1950,
2%%;
2%%, and 1953, 3%.

1949,

1952,

reg¬

Aug. 1 in
1953 inclusive.

1949 to
maturities

Adams

Street,

tire

Chi¬

making advances on their accounts,
acceptances

direct

making

machinery,

inventory,
or

lending

other

assets,

funds and

* business

notes,

other documents, also in
loans or advances against

equipment,
real
in otherwise
to

and

giving financial aid

concerns.

Underwriters
with
purchased are given
as
follows: Harris, Hall & Co., Inc., Chicago,
$1,500,000; First Boston Corp., N. Y., $1,000,000, and Goldman, Sachs & Co., N. Y„
Underwriting

amounts

—

$500,000.

Offering—Price to public to be supplied

applied

used

for

part

re¬

from banks and
general working

funds.

Registration Statement No. 2-5184. Form
A-2. (7-22-43).

WEDNESDAY, AUG. 11
HOOVER
Hoover

Business—Engaged principally in financ¬
ing the sales and other current operations
of
manufacturers,
distributors,
dealers,
merchants
and others,
by purchasing or

$2,400,000 term loans

balance

1951,

cago.

estate

amendment.

TUESDAY, AUG. 10
WALTER

In-

statement

COMPANY
/) '
Company has filed a registration
for 20,206 new shares of 4V2%

stock,
cumulative,
par
value
share,
and
110,000
common
value $5 per share.
The com¬
mon
stock is issued and outstanding.
Address—North Canton, Ohio.
Business—Engaged in the manufacture
and sale of vacuum cleaners.
At present
preferred
$100

per

shares,

par

company
war

is doing an extensive

business in

products.

Share Share
Dec.

Dec.

(7-28-43).
5
list is incomplete

S-6,

this week.)

(This

underwriters

Inc.,

Henry

Spencer
will

73,-

Sturgis

Morgan, as
Pierpont

Situation Of Interest

John

Henry

Interstate Aircraft

Registration Statement No. 2-5187. Form

(7-27-43).

Industrial

300,000

FUND,

Fund,

INC.

Inc.

has

shares.

fund

Fairman

208

Salle

Street, Chicago,
111., members of the Chicago Stock
Exchange, have prepared an in¬
teresting memorandum on Inter
state Aircraft & Engineering Cor¬
La

poration cbmmbn stocky which
they feel offers an attractive sit-:
uation at the present time. Copies

MONDAY, AUG. 16
INDUSTRIAL

Fred

South

of this memorandum are available
to dealers upon

request.

Dec. 31,

Per $©f

(Continued from page 499)

Market at
Dec.

July

31,

30,

1942

1943

$
Aetna

53.31

67.22

1.31

1.18

Agricultural

81.22

111.06

1.60

1.46

Am.

Alliance

23.05

27.80

1.32

1.13

Am.

Equit.

26.88

38.54

2.20

1.79

The

"Congressional Act" which the^e cases resulted in expulsions,
is referred to has not "barred" any suspensions and fines ranging to
securities from being traded on $2,000
and, in cases involving
stock exchanges.
No issuer is minor infractions, censures, dis¬
barred from having its securities
listed and traded on stock ex¬

missals

settlements

parties resulted.

between

The SEC in sev4

106.17

138.03

1.92

1.49

changes

608.16

736.04

1.37

1.17

that the advantages

39.83

46.22

1.10

0.97

41.53

49.10

1.11

1.02

74.89

103.41

75.23

88.59

1.18

1.00

21.73

30.46

1.06

0.98

36.17

36.37

0.94

0.82

issuer believes eral instances has followed up
derived from NASD expulsions with revocations
these
dealers'
registrations.
listing on a stock exchange com¬ of
pensate it and the owners of its NASD examines business practices
securities for complying with the of all members at least once a
requirements of listing. Obvious-^ year. They are continuously un¬

Great Amer.

29.36

26.15

0.94

0.85

ly, the Congress wisely left this der supervision.

Hanover

28.64

39.26

1.59

1.31

to the choice of the issuer.

Bank.

Ship.

Continental
Fid.-Phenix
Fire

•

Assoc. A

Fd.

Fireman's

Franklin

Falls

Glens

1.91.

1.44

Hartford

81.34

93.21

1.00

Home

24.71

30.44

1.04

0.93

84.86

1.18

1.01

such

"These

0.90

Ins. of N. Am.

Natl.
Natl.
New

New

1.66

1.45

2.03

1.64

phrase "supervised
stock exchanges"
in the above
reference
was
undoubtedly in¬

32.33

46.16

1.52

1.27

Hamp.

45.49

54.93

1.29

1.14

that only transactions on stock ex¬

103.37

126.15

1.44

1.15

0.99

0.86

21.50

1.74

1.51.

93.55

1.09

0.98

36.23

42.80

1.29

1.11

262.17

Wash.

Paul

171.80

89.94

Phoenix

23.28

134.66

Pacific

291.98

1.09

0.93

convey

The

cious.

securities

acts cover

trading in over-the-counter mar¬
kets

well

the stock

are

the

definite commission schedule,

are so regulated that the
public cannot be deceived."

and

the impression

changes are subject to supervision.
This, of course, is wholly falla¬

exchanges,,

natural markets of record, have

the

Bswk.

North River

St.

93.24

328.15

Use

tended

Northern

Pro v.

73.71
76.54

220.01

Fire
Union

statement that exchanges
"are so regulated that the public
cannot be deceived" is, to say the
The

least, a very broad statement not
necessarily related to the specific

ex¬

virtues
mentioned;
it would
changes, and Federal and State further appear to be inconsistent
130.54
& M.
regulation
of
over-the-counter with the objective of this advocate
1.03
1.12
55.30
51.27
U. S. Fire
markets is supplemented by reg¬ who wants exchange regulations
ulation of the majority
$1.36
$1.17
of the relaxed.
Average
over-the-counter dealers through
"These small exchanges,, prior
Since Dec. 31, 1942 fire insur¬
the medium of the NASD.
to the inception of the
SEC,
ance stocks have appreciated some
"These exchanges are the nat¬
supported the securities of small
15%, with the result that the
ural markets of record, have a
local companies and helped in¬
average
for
the thirty
stocks
definite
commission
schedule,
numerable such companies to
shows 1.17 of invested assets per
and are so regulated that the
develop and become well estab- >
$1.00 of market as of July 30,1943.
public cannot be deceived."
lished
in
the
financial
This ratio, however, is misleading,
world
"
The statement that exchanges
in that it is based on current mar¬
5.7.47

1.54

1.48

159.03

1.28

1.20

44.65

Security

Sprnigfield F,

against invested assets as of
Dec.
31, 1942.
Invested assets,
however, have increased since the
first of the year, not only because
the
market value of industrial

ket

stocks, rail stocks,

bonds, etc. have

regulated that the public
cannot be deceived" is, to say the

"are

trust," but one which enjoys an
additional source of income by
for its underwriting opera¬

20,206 of
its 4!/2% preferred shares, share for share,
in exchange for a like number of its 6%
preferred shares now outstanding.
Ex¬

discount

tions.

Furthermore, in most in¬

stances,

per

he can purchase it at a
from the market value

share of its portfolio of in¬

vestments.

Stock

exchanges

are

auction

They provide the physical
least, inconsistent with the ob¬ surroundings for the buyer and
jective of this advocate who wants the seller to meet in. They do not
and cannot "support" nor can they
exchange regulation relaxed.
"help" securities traded in their
NASD Supervises Members
markets.
In fact, it might more
NASD (National Association of accurately be said that a security
must attain maturity before it is
Securities Dealers, Inc.) - was

appreciated in the meantime, but
also because the actual funds of
the insurance companies available
for investment have expanded.
It established under permissive legis¬
seems
probable, therefore,: that lation (Maloney Act) passed by
ratios which are based
on the Congress in 1938.
Among its ob¬
market of Dec. 31, 1942 are in jectives is the administration and
most cases approximately correct enforcement of rules of fair prac¬
tice and the promotion of high
for today.
■'. - t,
■
-■,<.*<- -•
of
commercial honor
It might perhaps be said, that standards
an
investor who purchases
the and just and equitable principles
stock of any of the better man¬ of trade for the protection^ of in¬
aged,
old line,'.fire insurance vestors; and, further, to promote
members
companies is, in effect, investing self-discipline" among
in
an
experienced
"investment and ' to investigate and adjust

Offering—Company is offering

Registration Statement No. 2-5189. Form

vested Assets

31,

reason

—

1943.

y.y.v

1942

Smith,
Barney
& Co.,
Hornblower & Weeks and Field, Richards
&
Co.
head
the group
of underwriters.
Others will be named by amendment.
Underwriters

Per

Co.,

the

registered

Address—650 Seventeenth Street, Denver.

vested 4 1942 In-

Value Assets

Boston

are
issued
and
owned by Brainard W.

offering

Stocks

Brown

Offering—Price to the
by amendment.

(Continued from page 511)

and

owned

Ht\\.

Offering—Proposed "maximum

to the public of the securities being
registered is $1,800,000.
Approximate date'
of
proposed public offering is Aug. 17;

'-Proceeds—For:-Investment.

—

Underwriting—None. *
price

stockholders.': 0,
S-2.

depart¬

underwriters

The

—

7,013;

Beane,

curities

Becker

and

goods.

are to be
sold in¬
Sturgis Morgan to
Hemphill, Noyes & Co., one of the under¬
writers.
Proceeds will go to
the selling

dividually

Kansas

Address—650 Seventeenth Street, Denver.

10,000

while

Morgan,

Bank & Insurance
.y,

the

under

FINANCIAL

Parker and
the
Washington Loan &
Trust Co. as
executors of the estate of Donald Wood¬
ward.
The proceeds will go to the sellers
as
transaction
does
not
represent new

Securities

executors

& Co.,

Junius

and

Morgan

wholesale and

the States of

Liq.

Proceeds—The

Blodget
Union

Hallgarten

In-,

amount

Business—Diversified investment fund.

cotton

the

sold

Morgan

Underwriters
are
First
Trust Co. of Lincoln, Neb.,
5,625 shares;
Beecraft, Cole & Co., Topeka, Kan., 2,250;
Underwriting

registered

Webster and

White,

distribution

are

registered

supplied

Eastman,

514

and Nebraska.

Financial

the

supplied by amendment.

J..P.

Kan.
operating public

transmission and

its

950

$60,000.

par

Proceeds—Of

utility
company engaged in the purchase, primari¬
ly, of natural gas in the State of Kansas,

they have agreed to purchase are
follows: Merrill Lynch,
Pierce, Fenner

3,000

Central

CO.,

systematic
(periodic pay¬
ment) investment certificates providing for
total payment of $1,140,000,
and 50 sys¬
tematic
investment certificates
(with in-;
surance)
providing for total payments of

Co.
Other
names
will be supplied by amendment.
Offering—Offering price to public will

J. %

Fund

$600,000;

CO.

Underwriting—Hemphill,
Noyes
the group of underwriters.

Business—Is

and

stock,

the purchase

for

dustrial

heads

Address—Phillipsburg,

retail

MANUFACTURING

FUND,

registration statement for 600 cumula¬
(full-paid)
investment
certificated

calling

value $12.50 per share.
All. of the shares registered are now issued
and outstanding.
Address—89 Franklin Street, Boston.
capital

registration statement'for 12,500
shares
of
$5
cumulative preferred
stock, without par value.
filed

amounts

Stone &

GAS

INC.
Industrial Fund, Inc., has filed
INDUSTRIAL

Financial

Dwight Manufacturing Co. has filed a
registration statement for 83,514 shares of

Kansas-Nebraska Natural Gas Co., Inc.,

store.

3,500

CorporationWebber, Jackson &
&

NATURAL

zx&i &vv;i>

AUG.

SUNDAY,
DWIGHT

THURSDAY, AUG. 12

has

(7-24-43).

the

Business—Manufactures

KANSAS-NEBRASKA

Balance

1943.

15,

estimated

Registration Statement No. 2-5186. Form

Registration Statement No. 2-5185. Form
(7-23-43).
<

INC.

Sept.

for re¬

stock has been called

proceeds,

S-l.

sold

All

at $243,000, will
be added to the company's working capital.

dividends.

27,500

for

Business—Owns
ment

600

Curtis
Shields

demption

S-l.

registra¬
of com¬
mon
stock, par value $10 per share.
The
shares are already issued anc^outstanding.
Address—11th
and
F
Streets,
N.
W.,

700

Weeks

Higginson

Paine,

preferred

net

to the underwriters will
together with other funds

750

filed

Lothrop

statement

Goldman, Sachs & Co

company

& Sons,
Pfd.
7,012;
Johnston,
Lemon
& Co.,
3,850;
Bonds
Stock
Brown,
Goodwyn & Olds,
1,925; Ferris
Exnicios & Co., 1,925; Robert C. Jones &
(000
(in
Omitted) shares), Co., 1,925; Mackall & Coe. 1.925; Robinson,
All but the
$2,000
10,000 Rohrbaugh & Lukens, 1,925.
—
800
4,000 first group are located in Washington,

Underwriters—
Smith,

stock

•:

tive

L0TIIR0F

Woodward

tion

is attached.

and the respec¬

of underwriters

list

$105

$1,031,520.

pro¬

for

company

investment; '

estimated

the

require

Financial

WOODWARD

Underwriting
The

the

(7-28-43),'

S-5.

per

stock

preferred

will

common

cash

cumulative

by the
be ap¬
plied,
of the
company, to the redemption on a date not
later than Oct. 1, 1943, of all unexchanged
6%
preferred shares, at the redemption
price
of
$100
per
share
plus accrued
preferred

4J/2%

vision

and

Net

stockholders.

fund.

Registration Statement No. 2-5188. Form

$105

FINANCIAL

the underwriters which will go

selling

Proceeds—-For

price to public
dividends. -

accrued

investment

y'-'T-l"■ ,:A,:
p(-5 ?''?•£■
Offering—At market. 'Approximate date
of proposed public offering Aug. 17, 19431
Underwriters—-None."

$1,275,000, the retirement of-the com¬
pany's
outstanding
9,824
shares
of $6

rate of $4.75 for the cumula¬

tive dividend

its

sale

the

—

the

proceeds from
4y2%
preferred

plus

Proceeds—of the net proceeds,

ex¬

stock

500
500
100
500
100
500
its
registration statement.
Among other Piper, Jaffray & Hopwood_
100
500
things, the amendment contains a list of Schwabacher & Co
100
500
66
underwriters for the proposed public Sills, Troxell & Minton
Stix & Co
100
500
offering of $20,000,000 of 15-year sinking
Harold E. Wood & CO.
100
500
fund debentures due 1958 and $10,000,000
700
3.500
,x of
cumulative preferred - stock scheduled tiuhn, Loeb & Co
Offered Aug. 5, 1943, the debentures at
^for offering on or about Aug. 5.
Besides
listing
the
underwriters,
the a price of 101.75 and preferred stock at
amendment also specifies a coupon rate $100, by Smith, Barney & Co. and asso¬
ciate underwriters.
of 314% for the debentures and a cumula¬
Registration Statement No. 2-5182. Form
(7-16-43).
"
'
Company July 30 filed an amendment to

S-l.

the

Inc.,

625

stockholders also will
price to be filed by amendment. :*
Proceeds—The company will not receive
of

per

from certain
be offered at

holders

750
500
500

100
100
100
100

Dain

Paul

150
150
100
100

Stubbs—

Business—Diversified

Paul,

Kan.,

Dallas,

Co.,

Offering—Offering

The com¬

preferred.

purchased

large

750
750

stock

mon

them

received

who

change for-their 6%

J,875;
1,500;
and
Minneapolis,
625
St.

Co.,

Abilene,

Bigelow-Webb,

holders

from

Co.,

Pierce

shtires.';

preferred

new

•

which may be offered

Thursday,-August 5, 1943

*"-*

Wood

Rauscher,

ice to be filed by amend-"
ment.
The
bankers also
may
purchase
some
of the new 4 y2%
preferred shares

750
750
750
750
750

the

any

publicly at a

750
750

150

Illinois Company

Whiting, Weeks &

purchase

stock not exchanged

1,000

expires at 1 p.m.7 on the
following
the
date
of' the
after
registration
becomes
The underwriters; have agreed

effective.
to

1,000
1,000
1,000
1,000
1,000

150
150
150
150
150(

Bacon,

secondly the operation, by
of retail drug stores.

Trust

Auchincloss, Parker &

other

and

United'

any

chocolate
stores

1,000

200

200
200
200
200
200

& Boyce

Bros.

Stein

200

Co.—

1,000

200

——————

McDonald-Coolidge

1,000

200

—

Hayden, Miller & Co.-——
Carl
M. Loeb,
Rhoades &

food and

toilet articles,

pharmaceuticals,

& Co

Stroud & Co.,

businesses in which
company and its subsidiaries are engaged
are
two-fold:
Manufacture
of
drugs,
Business—Principal

Corp

Securities

Allyn

Riter

Address —43-63

Omitted) shares)
200
1,000

Underwriters—
Adamex

Harold

day

prospectus

(in

(000

COMPANY

DRUG

United
istration

Stock

Bonds

offer

fourth

Pfd.

OFFERINGS
UNITED

CHRONICLE'

THE COMMERCIAL & FINANCIAL

places.

acceptable to stock exchange list-:
ing.
stock

its

This is not a criticism of the
exchange; its functions or

contribution

the

smooth

operation of the financial ma-i
chinery of the country" But it is
still the fact that a security has,
had invariably to pass through a.

period of seasoning before it was;
susceptible to auction trading and;
became a recognized medium for;
trading on an exchange.
A pro-'
tracted period of tirne must elapse"
grievances between the public and
between .the initial public flota¬
members.
Since its organization,
tion of a security and its attain¬
NASD has
aggressively and suc¬
ment of 'that' degree 'of public;
cessfully pursued these objectives.
ownership and interest which en¬
As proof of that here are a few
dows the security with the qual¬
facts: since its inception NASD
ities necessary for auction trading
has filed complaints against 400
members
and the
decisions in in it on stock exchanges. No in-

Volume

official to¬
a
large

would

day

have

securities

number

been

one.

have

best

that

deny

listed which, over the years,

that

demonstrated

had

they

not

developed these qualities, perhaps
would,

never

business

■formed stock exchange

A large additional

stock

listed

securities

ural habitat—the over-rthe-counter

market

which

Counter Market's Investment
Character

over-the-counter

the

This

market.

and

markets

exchanges, to point out that
of a high investment

securities

caliber such

•

anteed,
:

United States Gov¬

direct and

issues

ernment

.well;/as

municipal

issues"

guar¬

State

are

and

very

ex-

jtensively dealt in over-the;

counter.

addition, high caliber

investment issues of the most sub¬
stantial

financial

institutions

t the
:

country, such as insurance
companies and banjks, ! are also
dealt in almost exclusively overthe-counter.

•

numerous

cases,

the securities of these institutions

have, at one time or another in
the past, been listed on stock ex¬
changes but were removed by the
issuers.

acteristic

of the over-the-counter

dominant

char¬

market that the issues which make
up

the bulk of actively-traded

curities

that

de¬

market

se¬

are

high investment rating.
The "support" and "help" which

market—,

over-the-counter

merely "ask that such rank
discrimination he eliminated."
we

"discrimination" which

The
decried

would,
were successful,
ination against
whose good and

markets

the

dreds

tional

securities,

securities

of the country will become

ness

just

matters

come

result in

"1.

when

these

before you, will
of two things:

one

1. No

com¬

can

interestedly

the

They have rendered
vice to their

period of
be

useful ser¬

communities

over

hoped that they will survive

communities.

exchanges

if these
no useful

However,

can

serve

economic purpose, then they can¬
not

survive

may

be done to save them.

regardless

What Would

what

Happen?

The

closing of all small
exchanges—the only securities
markets

where

records

all

purchases and sales are kept for
all

time

and

available

are

other those those
the

securities

business

transact

anyone.

'% Unless appropriate action
all regional
exchanges to trade in any and
all securities, whether listed or
is taken permitting

affairs.

of
as

than

"formally" listed

exchange or traded there
privileges.

How this could be done without a

complete revision of the securities
discarding of under¬

acts and the

lying principles of those acts, it is
hard to see; but, even if such edict
or enabling legislation were forth¬
coming, is there any guarantee
that the lot of the regional stock
exchanges would be improved?
This advocate of the position of

come

the

demise

entire

will

securities

country will be¬

concentrated in the large fi¬

centers"

nancial

is a projection
reasonably argued.
stock exchanges are
the more important
financial
activity in

small

The

places. Under their
to buy and to sell
are
matched
by the

located

centers

orders

securities

the

exchanges

that cannot be

no more

auction

roofs

"the

that

business

stock

small

mean

present state
exchanges are;

pointed out,

■

statement that

The

the

Stock

has been

about

come

the other.

exchanges.. The

would
for

reason

and it is to

many years

the

exist*

The

order to buy or to sell

enough for the over-the-counter
opposite of one

the

this

reason

contemplate
dis¬
possible disinte¬
gration of small stock exchanges.
munity

off

markets

in the financial

one

offices.

own
an

sell

happenstance

Decentralization Not Concentration

which still would enjoy their best

under unlisted trading

The

securities which
exchanges but

many

meet,

dealer to find the

addi¬

could be traded

and

buy order

their

ence

there would be

cial centers."

if this advocate
result in discrim¬
the investor for
for whose protec¬

decision,

that

thousands

not

concentrated in the large fian-

ex¬

the exchanges. By
exchanges to hun¬

busi¬

entire

the

and

for

order

forced to discontinue operations

"appropriate
action"
which would permit all exchanges
tion the securities acts were en¬
to trade in any and all securities
acted; it would be worse than dis¬ would seem to be an
appeal for
criminatory to deprive issuers of
legislation which would enable
their right to elect whether their
members of stock exchanges to
securities should be listed or not.
"Your

available off the

are

changes than
opening the

and continue to be useful to these

"We have no argument with
the

as one means of illustrating
fundamental differences between

priate,

stock

he will obtain the best bargain.
•

over-the-counter

which would

super¬

proper

for the protection of

wait

has confessed

(by indirection) that for many
presently listed securities better

.public, it is quite apparent that
these small exchanges will be

effect

with

record

vision

good many cases that happens to

In this connection, it is appro¬

make

transactions in listed securities. In
a

the stock exchanges

exchanges

these

which afford the ONLY market

very

prive the investor of his constitu¬
tional right to do business where
he: chooses^whicb means where

unlisted,

•

simple
Buyers and sellers seek the
exchanges is

good economics — the
operation of the fundamental law
of supply and demand.
The busi¬
privileges. Many securities listed ness man always tries to trans¬
on
stock exchanges, and others act his business where the price
It is difficult to see how
traded on stock exchanges under is best.
unlisted!; trading
arrangements, the public good could be served
should never have left their nat¬ by passing a law or a rule, the
number, with the same inherent
defects, have been placed on ex¬
changes "> under - unlisted trading

market.

515

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4200

158

various

parts
of
the
country.
those exchanges and
opposite order needed These communities are truly "cen¬
ters" of their particular regions
to
complete the transaction
is
missing,; there is no transaction. and the more business that flows
On the other hand, in the over- into these centers the more con¬
centrated becomes the securities
the-counter
market
buyers and
activities of those regions served
sellers
literally make ' markets.
In
Those engaged in over-the-coun¬ by the small stock exchanges.
the
over-the-counter
ter trading recognize no physical contrast,
confinements for their operations. markets are decentralized and dif¬
If a buyer or a seller cannot be fused to such an extent that even
of

members

the

when

the

found in the immediate commun¬

places.
is

effort

made forthwith to

community

The

counter

Over-the-

se¬

can

purely local
native

securities

people

com¬

merchandise

dealers

for

area.

gap

difference.

the

pose

counter

ket

prospect is found but
in the price, the

there

smallest

said to supply a

ity, he is sought out in all likely

larger the number of
engaged in over-thebusiness, the

widespread and local is the
Obvi¬

the regrettable dis-*
appearance
of small stock ex(and we view such a
market that many of those who en- ,| changes
prospect with considerable Con¬
gage in it take the business man's
risk in the conduct of their busi¬ cern, although confident that it is
ness.
They inventory securities unlikely to develop) would most
the same as any merchant. They likely result in an even wider dif¬
are

ously,

then,

fusion of securities activities than

prepared to buy ox to sell at

They do not prevails at present.

price at any time.

! :

the financial community manifests
for securities

are

their arrival

If stock
and

help

their

provided prior to
stock

exchanges.
exchanges could support

the

securities listed

This is under

circumstances to be construed

solicitation

exchanges, it naturally fol¬

offer to buy,

any

offering of these securities for sale, or as an offer to § buy, or as a

as an

of such securities. The offer is made only by means of the Prospectus.

-'7

lows that grateful and contented
issuers would not

remove

their

se¬

NEW ISSUES

curities from stock exchanges and

thus the necessity for such com¬
5

plaints as are now made by Mr.
Taylor would be obviated.

UNITED DRUG COMPANY

Factors of Financial Success

Companies which "become well
established in the financial world"

attain ;such eminence
of

result

in their field of: enter¬

success

This

comes1 about

success

$20,000,000

prise.

Fifteen Year

because of the

quality and demand
for the products of the corpora¬
tion, sound management, etc.—
which, all things being equal, are
conveyed to the securities of the
company.
But
becoming
well

Dated

7->r 7; 7;

577

j7> :

■

:■

3%% Siaking Fund Debentures due 1958
Due August 1,1958

August 1, 1945

1013/4% and accrued interest

Price

established in the financial world

in the cor¬
poration's field of activity and in

presupposes

its

success

has

origin

whatever

relationship

the place

where the
corporation's securities happen to
Transactions made

be traded.

100,000 shares

that

place
merely
reflect
the
changes in fortune of the issuer of

Cumulative Preferred Stock, without par

.75

value

securities.

today

cannot

afford

volved

the

such companies
to become in¬
burdensome

Price $100 per

re¬

Congress left to
the

issuer

cision

able

choice

the

whether

and

the

securities,

to whether it

beneficial

listed

de¬

would

its

securities

were

exchange. How¬
ever numerous and tangible may
be the benefits of listing securi¬
ties on stock exchanges, such ac¬
tion entails acceptance of certain
responsibilities.
TJie. • issuer, in
a

practice, weighs all the advantages
against
the
responsibilities
in¬
curred when considering whether
a

security is to be listed

only such of the undersigned as may
respective States.

legally offer these securities in compliance with the securities laws of the

stock

Copies of the Prospectus may be obtained from

desir¬

was

plus accrued dividends, from August 1, 1943

quirements of the SEC."

on a

stock

17717.I

;

771777

/ :

777-:i

■■:!

777 771 17

7 1

W-7 ■ ': 7171-777. 777 7''- 71777;

■

SMITH, BARNEY & CO.
> •••

•

' >i

•

;

•/

'•

•"

-w-

•

j; c

(

■

y '•

;■ :

;

■

'; V

[

HARRIMAN RIPLEY & CO.

GIORE, FORGAN & CO.

777 Incorporated

GOLDMAN, SACHS & CO.

HORNBLOWER & WEEKS

LEE HIGGJNSON CORPORATION

exchange, and decides whether or
not the one outweighs the other.
"Why

should

the

stock*

ex¬

changes be penalized while the

PAINE, WEBBER, JACKSON & CURTIS

SHIELDS & COMPANY

STONE & WEBSTER AND BLODGET

■'■77''777-l:7:777'7^7-^::'.'777-7'77l77l77- 'h7'-:-77777:f.--<-:77v!'7i:y77:"77-7
-

incorporated

■77r'77'.7l7''-'--

over-the-counter market is per¬

mitted

trade

all

securities and also
on

UNION SECURITIES CORPORATION

WHITE, WELD & CO.

listed

the exchanges?"

The

reason

why

counter markets

the

unlisted

those

the over-the-

are

public for the

employed by

transaction

August 5, 1943.

the

securities

volume of business done.

curities, carrying them to the ulti¬
mate consumer. It is also charac¬
teristic of the over-the-counter

mar¬

....

516

THE COMMERCIAL & FINANCIAL CHRONICLE

Firm Trading

Markets.

Thursday, August 5, 1943

Mexican Bonds

...

post-war prospects

British

Aeronca Aircraft

Corp.

r ARL MARKS & po-

Bendix Home

INC.

Appliances, Inc.

(Important position in Home Laundry field)

M. S. WlEN & Co.

FOREIGN SECURITIES

Allen B. DuMont

SPECIALISTS

New York 4, N. Y.

50 Broad Street

Sterling

Securities

(Important position in small Plane field)

all issues

4 stocks with

SECURITIES

FOREIGN

For Dealers

Teletype—N. Y. 1-971

HAnover 2-0050

r^:?,yr

Laboratories, Inc.

Members N.

Y. Security Dealers Ass'n

25 Broad St., N.Y.

(Important position in Electronics field)

Teletype

HAnover 2-8780
Y.

1-1397

Majestic Radio & Television Corp.
"

(Important position in Television field)

Queries Regarding

Information

Invasion Money

ing

the

by Treasury officials to the press

the nature of this transaction.

things for the American people to" know are
found in the story of the planning, printing, and distribution of

The important

new

Department, Aug. 2.
One thing that we in this coun¬

try need to know is:
nature of this

What is the

•

'being

Sicily in terms
♦of

lira?

•

this

•

United

6015

Teletype

Equipt.

3-576

york

new

General Aviation

Urges Business Garry Burden
Of Finding Jobs After The War

Pine

Street, New York

Telephone WHitehall 4-7970
System Teletype NY 1-2218

•

Bell

•r

bulk of the burden of finding jobs for returning
by private enterprise rather than by the
Government, Senators Burton (Rep., Ohio), and Radcliffe (Dem., Md.),
suggested on July 31 that President Roosevelt confer soon with busi¬
ness and labor leaders to plan for post-war conversion of war indus¬

BUY WAR BONDS

Urging the
be

servicemen

carried

try to peacetime

pursuits.

York,

public and endorsed
his
special-post-war
planning
committee's recommendations that

of 15-year 3%% sinking
debentures due
1958, and

the Government sponsor a

bilization

interviews, reported the Asso¬
ciated
Press, •, after
the Presi¬
dent

demo¬
employment pro¬

*Ft. Dodge, Des Moines &

SouthernRy.4/91 and Common

—

*Utica & Mohawk Valley Ry

Albert Joyce

Partner i
In Graigmyie, Pinney

made

and

,
separ-<S>—

Their assertions came in

fund

right
fiat
money?
t j Some close¬
ly
related
qu estions:

Bell

Great Amer. Industries

YORK

Senator Burton

000,000

out¬

NEW

L. D. Sherman & Co.

Smith, Barney & Co.,
new debentures and
preferred stock totaling $30,000,000.
The offering consists of $20,-

cates?

merely

Utilities

Copper Canyon Mining

Association

telephone

Enterprise

2-3G00

ate

New

Jit

certifi-'

silver

date, United Drug Co. is offer¬

headed by

States

Dealers

STREET,

syndicate of 66 investment houses

paper

notes?

of the largest industrial

one

ing today through a nationwide

•

Offer $30 liiiion Sees.
In

Security

philadelphia

telephone

REctob

Smith Barney Gronp i

refunding operations of the year

issued

'and

that is
printed

•money

not
this

released by«>

money

paper

"the Treasury

York

•

New

NASSAU

regard¬
of invasion money, printed and distributed by the
significant chiefly because of what is not revealed as

use

Citizens

INCORPORATED

Members

Committee on Monetary Policy

National

The information given

Treasury,

Kobbe, Gearhart & Company

University; Secretary Economists'

Professor of Economics, New York

Candy

Air Communications

SPAIIR

By WALTER E.

Loft

request

4V2-41

Albert G. Joyce, Jr.
a

will become

"Consolidated Dearborn Com.

partner in Craigmyle, Pinney &

Co., 1 Wall Street, New York City,
100,000 shares of $4.75 cumulative gram.
<
members of the New York Stock
preferred stock.
The debentures
The following is according to
Exchange. Mr. Joyce was former¬
are priced at 101%% and interest,
the advices quoted:
■
•
•
...
ly proprietor of the recently dis¬
and the preferred stock at $100.
The
Senators
said
they
be¬ solved firm of A. G.
Joyce, Jr.
Other
Who is liable
principal
underwriters lieved policies should be shaped
Co. Prior thereto he was associ¬
are
for
the
re¬
which
the
Government
Giore, Forgan & Co.; Harri- under
ated with Kidder, Peabody & Co.
man Ripley & Co., Inc.; Goldman,
would
help
private
enterprise
demption
of
Sachs
&
this currency,
Co.;
Hornblower
& keep production lines going and
Dr. Walter E. Spahr
what is the
thus provide jobs for returning
Weeks;. Lee
Higginson
Cprp.;
reserve
against it, and how and Paine, Webber, Jackson & Curtis; soldiers.^
7;7:;
when is it to be redeemed?
Shields & Co.; Stone & Webster
"If you
don't have the busi¬
i
After the Treasury tells us the and Blodget, Inc.; Union Securi¬
ness
activity that produces the
nature of the money being issued, ties Corporation, and White, Weld jobs, it won't do a great deal of
Robert P. Henderson has be¬
we need to know the authority for
& CO.
iciv
good to provide Social Security come associated with Louis jH;
such issuance.
Has Congress em¬
Proceeds from the sale of these benefits," Burton declared.
Whitehead Co.,/44 Wall Street,
"It would be a wonderful, op¬ New York City, as general mam
powered our Treasury to issue issues will be applied by the com¬
this brand of currency?
If not, pany, with other funds, to the re¬ portunity for the President i now ager. Mr. Henderson was former¬
under what authority
does the demption on ' Sept. 15, 1943, of to get business and labor leaders ly with Lord, Abbett & Co. and
Treasury undertake this transac¬ $30,243,200 principal amount of together for a discussion of plans in the past was with Amott, Baker
tion?
the company's' 25-year 5 % bonds for' the post-war period," Mr. Rad¬ & Co. and S. W. Strauss & Co.
"A great many of
Nothing in the Treasury state¬ due March 15, 1953, at 103% and cliffe said.
ment on this currency throws any interest.
these men already are in the har¬

Southern Traction 5/50

Henderson Is Manager

available

*Circular

Blaii F.
Member

request

Claybaugh & Co.:

Philadelphia

Whitehall

For Whitehead Go.

•

;

Rochester Transit Common

Stock

New York

Syracuse,

Exchange

Tele. NY

3-0550

Ifarrisburg:,

1-2178

Pittsburgh

Beach

Miami

•>

The Business
Man's Beekshelf
Inter-American

1942—

Affairs,

light

These

these very vital matters.

questions that call for

are

and the press and Con¬
gress should get them.
answers,

Germany devised the diabolical
trick of going into a conquered
country with fiat money—for ex¬
ample, German-printed inconvert¬
ible paper money francs in France
—and buying up the goods of the
conquered country, and flooding
it, with such money.
From all that the

Treasury has
way for the
American people to know whether

revealed, there is

Government is using German

our

tactics
money

issuing and using this
legitimate way. It is

important that there be

fusion in the public mind
score.

all

the

points

con¬

this

raised

the American people are entitled
to

full

explanation.

The

„

financing i repre¬
sents a further major step in the
company's program of debt retire¬

■;

present

The

ment.

have

debentures

new

help
would
be
provisions and Government
the preferred stock i^ subject to a needed.
market fund.
The sinking fund V Mr. Burton said he understood
on
the debentures provides for some progress already had been
made toward
writing-into war
annual payments of $667,000, suf¬
contracts provisions under which
ficient to retire $10,000,000 of the
the Government will aid in fi¬
debentures
by
maturity,
thus
leaving the company with a fund¬ nancing reconversion of plants
and
machinery to civilian pro¬
ed debt of only $10,000,000 at that
duction.;
:
:
v
time, compared with a funded
However, he contended that a
debt of $40,000,000 of 25-year 5%
comprehensive study should be
debentures outstanding in
1928,
made
soon
to
determine
what
but since reduced to $30,243,200
articles each plant is best fitted
through operations of the sinking
to produce after the war and get
fund applicable to that issue and
some general idea of the problems
open market purchases.
each will face in re-gearing itself
The
..

"purchase

fund"

for

the

preferred

stock provides for the
aside each year of the
lesser of 20% of the consolidated

setting

profits, after dividends on the
preferred and after annual sink¬
ing fund payment
tures,
The

the deben¬

$250,000.

debentures, which contain
features, will /constitute

callable

Explosives
Bought

—

Sold

——

the

only

debt! of

funded

company.

Quoted

;

the

Machine' Co.

offers

Broadway N„Y. BOwIiu? Gre«n 9-7027
Boll

Teletype OTT 1-61

said

men

appeared

& Co., 170 Broadway, New
City. Copies of this inter¬

esting memorandum may be ob¬
*

request from Herzog
*

that

firm of F. P. Lang

Mr. Ward

partner

the

war

interesting sit¬
a

memoran¬

Peltason,

Tenen-

baum, Inc., Landreth Building, St.
Louis, Mo. Copies of this memo¬
randum may be had upon request
from

Uni¬

bia University Press,

Morningside

Heights, New York—Cloth—$3.00
Aug. 10, 1943.

—Publication date:

the

Liberty Aircraft Gorp
Elects Directors

.y-■;

I UK

Might

full size

reproduction of the
Sid Hix's cartoon appearing in the
advertisement of Philco Corporaon page 507 of today's issue of the
Financial Chronicle may be ob¬

tained

from

the Philco

Corpora¬

Liberty

Directors

American Productive
A

At the meeting of the Board
Products

Aircraft

held

Corporation,

July 23, 1943, John A.
Payne, President of Consolidated
Coppermines ; Corporation,
! and
Friday,

Harral S. Tenney,
The

Vice President
Midland

Marine

Trust

Company of New York, were elec¬
the

Board of Directors of

ted

the

corporation.

A liberal dividend payer

NO BONDS-NO PREFERRED STOCK

Petrolite Corp.,

INDEX

Ltd.

Page

according to

issued

History,

versity of Pennsylvania—Colum¬

years.

ends.

Common stock of the York Cor¬

dum

Latin-American

& Co. for many

some

York Corp. Attractive

York

upon

formerly

was

plans must be formulated for re¬
adjustment of the tax laws after

uation

tained

firm of

the

No. 2—Edited

by Arthur P. Whitaker, Professor

they

obvious

poration offers

&i Co.,

production.

Both

partner

Place, New York City.

Stocks........
Broker-Dealer Personnel Items—.
Calendar of New Security Flotations
Canadian Securities
•

Peltason, Tenenbaum, Jnc.

Insurance

and

Bank

situation, according to
memorandum prepared by Her-

zog

general

An Annual Survey:

Hoit, Rose & Troster, 74 Trinity

Gisholt Co. Interesting
Gisholt

Members New York Stock Exchanoe

Carroll J. Ward has become a

tion, Philadelphia, Pa., free upon
V
request.
Ask for Cartoon No.
approved
62CF. hThis is one of a series of
the President's program for war
cartoons being drawn for Philco
veterans, but asserted it did not
by America's
leading
editorial
go far enough.;,
: *
cartoonists depicting the signif¬
Mr. Radcliffe, a member of the
icance
of America's
productive
Senate Finance Committee, said
might.
it
to that

attractive

HAY, FALES & CO.

Hoit, Rose & Troster ;
Admits Carroll Ward

annual retirement

net

Triumph 1;

working for the Government
and they could contribute some
constructive ideas."
Both
Senators
conceded
that
ness

Investment

Trusts.,

Municipal News and Notes
Our Reporter on Governments.....
Our

Reporter's

Public

509
.

Fstata Securities

•

Salesman's

Corner^

Securities

Tomo-row's

Says

512
508

Report

Utility Securities....
Securities

Railroad
Real

511
511
5"" 4
505
504

501
510
509

Markets—Walter Wliyte

...J....... *

513

Dividends 1931-1942

$1.82

per

than 11

share
on

averaged
or

present price.

Memorandum

request

Hill, Thompson & Co., Inc.
Markets and Situations

120

for Dealers

Broadway, New York 5

Tel. REctor 2-2020

Tele. NY 1-2660

Full text of Commercial and Financial Chronicle : August 5, 1943, Vol. 158, No. 4200, Section 1

FRASER