Full text of Commercial and Financial Chronicle : December 18, 1941, Vol. 154, No. 4021, Section 1

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SOS.

DEC

Final Edition

Volume

THURSDAY

New

Number 4021

154

In 2 Sections

York, N. Y., Thursday, December 18, 1941

Dealers Must Unite

REPORT

the

Major

institutional
than merely

investors
refuse to

Several weeks ago,

had

buyers
firm

months,

standing

been

"Monthly Review" of the Federal
Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San

far

dipping into

the seasonal market

tion which must be

corrected.

The

was

con¬

cerned.

Federal

vailed

during

allowances

the

and

companies

(Continued

1542)

on page

the

puhlshed quotations which has
do

BROOKLYN TRUST
COMPANY

George V. McLaughlin
'*

NEW

President

BROOKLYN

YORK

within

HEAD

TORONTO

OFFICE:

Established

1867

Reserve

without the

that, directly
Government

securities business

now

appear,

the

and

financial

only been one-eighth of

firms

corporations,
interested

dividuals

in¬

and

the

some

of the quotations

newspaper

"bid"

price

transaction and would

Branches

every

for

the

year.

During October, 119,319 bales
of

cotton

raw

consumed

were

mills

in New
increase of 17.9%

England,

over Septem¬
higher than the

October

gland is estimated to have been

there

were

boots

ago,
although
declines in several im¬
year

21.8%

shoes

and

New

En¬

14,036,000
pairs,
an
amount
3.4% under the September total
16.8% larger than in Octo¬
.

portant lines of industrial activity
between September and October.

but

The bank's "Review" further said;

ber, 1940.

Total

The
of

Dec.

the

New

index

Second (New York)

freight carload-

revenue

"Monthly Review"

Federal

York

District

Reserve

states

that

Bank

operations during November con(Continued on page 1543)

Regular Features
Page
Bank

Insurance

and

Calendar

New

Stocks..

Security

1542

Flota¬

tions

1549

Investment

Municipal
Our

Trusts

News

Reporters

Personnel

Notes

1544

Report

CHASE

NATIONAL

1540

Securities

OF THE CITY OF NEW YORK

1541

'"V
Securities

Salesman's

Corner

'(The)

1546

Tomorrow's

Markets—Walter

service with Chase

1541

Selector

1546

(The)

Whisperings

1548

Report

■/

'■

Broaden your customer
V

Whyte Says
Bond

BANK

1537

Items

Railroad

THE

1543

Governments.....

correspondent

1552

Uptown After 3

Jottings

facilities

1548

1540

Member Federal Deposit Insurance

Miscellaneous
Over-the-Counter

Dealers

•//;/ *;;//

/•'-/*' /••■

Corporation •

■

Must

Unite

1537

Auers Stock

Market

National

Securities

Corp.

1538

Buy

Distributor

Research

for

modity Corporation

Com¬

Stock.......

1539

Reserve Banks Report on Business

1537

PREFERRED

STOCKS

R. N. JOHNSON & CO.

Francisco;

London,

Seattle;

England;

Kingston,

Jamaica;

Barbados,

and

Port

Los

The
New York Trust

Company

NEW

YORK

AGENCY

Hanover

CORPORATION

;

NEW YORK

H'/'--

Exchange PI.

Established 1899

New York

Bridgetown,
of
Spain,

first boston

(Incorporated)

Capital Funds. $37,500,000

Havana;

Trinidad.

OTIS & CO.

64 Wall Street

An¬

IOO BROADWAY

CLEVELAND

New York

PHILADELPHIA

BOSTON

BOSTON
CHICAGO

PHILADELPHIA

Chicago

SAN FRANCISCO

AND OTHKR PRINCIPAL CITIKS

St.

MADISON

AVENUE

AND 40TH

61 BROADWAY

STREET

FINCH, WILSON & CO.

.Girl M. Loeb, Rhoades & Co.

Securities

TEN

Members

Commission

INCORPORATED

Members N.

Y. Security Dealers Ass'n

45 Nassau Street

York

Stock

Exchange

PLAZA

NEW YORK

Buenos Aires

New

ROCKEFELLER

HART SMITH & CO.

Kobbe, Gearhart & Co.

Tel. Rector 2-3600

New York
Teletype N. T. 1-676

Executed
and

Orders

for

Carefully

Institutions

Individuals

Members

Member

federal
Insurance

New

of the

Deposit

York

WILLIAM
Bell

Corporation

industrial

(Continued, on page 1540)

Important

city and town in Canada and New¬

London

total

INVESTMENT SECURITIES

foundland, also in Portland, Oregon;
geles;

have

increase

the

over

corresponding four weeks last
/ 7/•< ,v

for

involved in such

Canadian

business.

should

point away from the inside
wholesale market "hid" price.
In such a transaction, if a
securities salesman went out to procure an order and his
customer finally
decided to sell one hundred shares of
stock, the total gross profit received, in such a case, would
only amount to $12.50.
In many cases this sum would not
even cover the teletype, telephone, clearance charges and

life

equipped to

Canada and is well

serve

indirectly, any
association

any

14.6%

after

made

114,246,

were

20,000,000

commercial

the

case

quoted

This Bank is in close touch with

or
or

see a

taxes which are

$30,000,000

Paid-Up Capital

been

ber and

Our

has

OF COMMERCE

Federal

We also note that in the

which

THE CANADIAN BANK

not believe

the

quotation on an over-the-counter stock in the
newspapers they expect, in most cases, to be able to buy
or
sell at this published quotation which appears in the
papers.
This is the practical viewpoint and we know from
experience that most securities salesmen must do business
at the newspaper figures or they will incur the disfavor of
their customers and possibly lose business.

Member Federal Deposit Sneuranee

Corporation

right to establish the margin of profit any Dealer should
be allowed to make on any security transaction.
When

people

Chartered 1866

agency

by the change in
taken place.

now

four-week period ending Nov. 8

Dealers who have been affected

counter

had

1 ■■■

ings in this district during the

Bank

September,

customary seasonal changes, and
was
considerably higher than in

requested, signatures will not be used by us.
But quite evidently portfolio We believe it is imperative that the NASD and the SEC
managers for a great many of the
be informedJ of the majority opinions of the over-theinsurance

Reserve

Boston, in its "Monthly Review"
of Dec. 1, reports that the level
of
general business activity in
New England during October held
up
at approximately the same
high volume as that which pre¬

We, therefore, invite all Dealers to write us their
opinions on this matter. We intend to publish the letters
received.

•

for

sidelines

the

which we give
Reserve Districts of

First (Boston) District

the published quotations on lea'ding
stocks, which regularly appear in the
become panicky on the outbreak over-the-counter
of hostilities in the Pacific, it de¬
newspapers, were changed.
Spreads were narrowed. Bid
velops now. They not only agreed prices were moved
upward—asked prices were lowered.
among themselves to refrain from
Ever since these changes in the published quotations
hasty and unwarranted selling of
their holdings, judging by reports on Bank Stocks, Insurance Stocks and leading Industrials
from people in a position to note have
appeared, many dealers throughout the nation have
developments in the market.
besieged us with their comments. Without exception, all
Such institutions, it is dis¬
the letters which we have received have stated flatly that
closed, were inclined to take
the new quotations allow too small a margin of profit for
quite
the
reverse
attitude.
the average Dealer to cover his overhead and remain in
With yields low and prices,
business.
This is plain talk and this is the sort of situa¬
accordingly, high these major
more

Re¬

districts is indicated in the following extracts

from

To Conduct Business At Profit
did

Copy

Report On Business

Francisco.

Newspaper Quotations Now Make It Impossible

Indications of the trend of business in the various Federal

serve

REPORTER'S

Section 1

Price 60 Cents

Reserve Banks

Over-The-Counter

OUR

New

York

Security
ST.,

Teletype

Dealers

Y.
NY

Assn.

HAnover

2-0980

1-395

Montreal

Toronto

120 BROADWAY, NEW YORK

1538 :»■'

j
.

MARKETS FOR

Actual

Trading Markets in

MORTGAGE

'»

CERTIFICATES
by

issued

„

COMMODITY

CO.
INSURANCE CO.
LAWYERS
MORTGAGE CO.
LAWYERS TITLE & GUAR. CO.
N. Y. TITLE & MORTGAGE CO.
STATE TITLE & MORTGAGE CO.
TITLE GUARANTEE & TRUST CO.
BOND

MORTGAGE GUAR.

Vewburger, Loeb & Co.
Members

WHitehall 4-630C

St., N. Y.;

One Cedar Street, New

.
'

r*\
«•

'i y?

;'v

f' * *K1

"S'S"

»«.

'
'

■C:', y-v'S-S)

Sugar Assoc. Pfd.

Punta

• -

S J*

•'

)

•

■

y/'S.

■

^ '

Distributor

capital stock for which new sales literature,

of its

dealer's

HAnover 2-4660

Exchange PL, N.Y.

available upon request.

selling agreement and prospectus are

Members New York Stock Exchange

pleased to

the formation of

announce

with
ness

New

member firm
principal place of busi¬
in Westchester County.
its

;

well

Common

'<■

Cuba Co.
"referred

*•>'

5V2S, 1f)4(i

•

Roxborough

Shuron

20 South Broadway,

Optical Co.

Yonkers

Bonds

Bell

Frank C. Masterson & Co.
Members

WALL

Exchange
NEW YORK

Curb

York

New

HAnover 2-9470

Teletype NY 1-1140

1973 C/Ds

5s,

■

Nat'l Bronze & Aluminum Common
Phila. & Read. C. & I.
V

6s, 1949

•:

Houston Oil Co. Preferred
Tudor City

Units,

Westchester
Mortgage
Certificates and Bank Stocks
specialize

also

all

County Securities including

Schoonover, deWillers & Co.
INC.

City

Louis

St.

St. Louis Pub. Serv.

Mississippi
Scullin

Vy.

Barge

Stk.,

Steel

Bonds

"A" & Bonds

Line
&

Bds.

Stk.

Warr.

Edward D. Jones & Co
Established

Boatmen's

Bank

1922

Building, ST. LOUIS

Members
New

York

Stock

Exchange

St. Louis Stock Exchange
Chicago Stk. Exch.
Chicago Bd. of Trade
Assoc.
Member Chicago Mercantile Exch.
New
York Curb Exchange
Associate

CEntral

7600

Bell

Long Distance
Teletype—ST L 593

Buy

simple
—

phenomenon, we venture to say,
will
ultimately dominate thinking

in this country.

G. H. Walker To Admit

of the half-truth is that war is not

bullish
War

cash.

Consolidated

Walker

argue,

fact

that

the

bull markets

and

Locust.

member

the war-time capitals of Lon¬

the

Mr.

Simmons,

New York

Stock

expanding

Exchange who has been engaged,
in business as an individual floor

profits and dividends — a lack of
confidence in money vis a vis tan¬

and
of

Berlin

are

confidence

based
in

tions his family

upon

This

Wall Street.

City, members of the New York
Stock and Curb Exchanges, as of
Jan. 1st.
Mr. Alsberg, an asso¬
ciate member of the New York
Curb

Frederic H. Hatch & Co.

G.A.Saxton&Co.,lnc.
NEW

YORK

Exchange, has been a part¬

in Loeb, Alsberg &

ner

Co., New

City, for many years.
Mr.
Scheer for many years has been
York

partner in D. M. Minton & Co,

■;

BOSTON

63 Wall

Sold

—

Quoted

Incorporated '

Security Dealers Association

St., New York, N. Y.

Bell Teletype NY 1-897

York Stock Exchange,

Exchange

New

York

Curb

and

-the

other

Exchanges

120

New York

Broadway
Telephone:

2-5000

REctor

Morgan Stanley & Co.
Forms Partnership
Stanley & Co., under2 Wall Street,
York City, formerly operat¬

Morgan

writers and dealers,
New

Wayne Martin Is How

ing

that

ATLANTA,

business

GA.—Wayne Mar¬
to

Atlanta

become a

Mayes,

Inc.,

Rhodes-Haverty

Gaines

Milhous,
Inc.,

participating

are

dealers in Southern

and

municipal and

general market bonds, bank stocks
and

local

in Georgia

bonds.

securities,

partnership consisting of
Henry S. Morgan,
John M. Young, A.

Harold Stanley,

Perry E. Hall,

Northey Jones,

Edward H.^York,

Alfred Shriver, and Sumner
Emerson, general partners, and

Jr.,

Henry

Morgan

William

and

Ewing, limited partners.

underwriters,

distributors

corporation, announces
of the firm have

members

formed

Building.

—

the New

Members

Co., 120 Broadway, New York

Mayes,

Members New York

$10 Tar

Alsberg and Herman
partners in
the firm of Richard K. Kaufmann
Albert

N. Scheer will become

1958

5% Preferred

Be Kaufmann Partners

Vice-President of Milhous, Gaines

1962

Utilities

CYAN AMID CO.

Aisherg & Scheer Will

Ar,

INSURANCE STOCKS

Southern Cities
5s,

have been prom¬

tin has discontinued his securities

AMERICAN

Bought

BANK STOCKS

4-0486-89-90-91

of Yonkers and for three genera¬

broker, will make his headquar¬
ters at the New York office, l\

don

Electric & Gas
6s,

Teletype NY 1-1702

WHitehall

Tel.

of the New York Stock

fallaciously in as of Jan. 1, 1942.
"
•
our
Mr.
Matthews, who has been
opinion, that in order to
bring about a bull market, it is; associated with the firm for some
necessary to have confidence in time as manager of the new busi¬
expanding corporation profits and ness department, will continue to
his
dividends.
We would call atten¬ make
headquarters
at -the
tion, however, to the already ob¬ firm's St. Louis office, Broadway
vious

;

BROADWAY, NEW YORK, N. Y.

Fellowes Davis & Co.

Co., members
Exchange
and other national exchanges, will
that has not resulted, sooner or
admit Robert H. Matthews and
later, in a major price inflation— Cheston Simmons to, general part¬
that is, a major deflation in the
nership, and Loulie W. Walker to
purchasing power of money.
• ;'
special partnership in their firm
People

York Stock Exchange

New

Members

Matthews & Simnions

destructive of purchas¬

Commonwealth Gas

in military

was

V-P Of Miaous, Gaines

1948 & Common

DURYEA & CO.

Innes Getty, a partner of the
firm, is also a life-long resident

Trading Markets in

;

inently identified With our city.
Disregarding the hour-to-hour, Its central business square and
ing opportunities.
•
the day-to-day or even week-to
Park Hill residential section are
Half Truths
week fluctuations, there is only
named in honor of his grand¬
It .is. frequently asserted that
one logical conclusion and that is
father, Robert Parkhill Getty, who
war
is not bullish on equities—
that the mraket is in a buying and
served as one of the first Presi*
and there is a good element of
not a selling area.—G. Y. Billard,
dents of the then village of Yon¬
truth in this. It is, however, noth¬
J. R. Williston & Co.
kers.
Many will recall him as
ing more than a. half-truth^and
the former local manager of the
there is nothing more misleading
New York Stock Exchange firm of
than a half-truth.
The other part

gible property and equities.

6s,

of rein¬

use

erected by the State

of New York.

concedes that the war will end shortly), a very
principle of any tradings—

policy would be that interim "defeats" offer buying opportunities
and interim "Victories'' offer sell¬

lack
Postal

the

introduced

fluctuate

habitually

Phone

2338

Common

Trading Department

service on the Mexican Border
with the fortunes of and served throughout the first
war.
On the basis that the United States will eventually emerge World War and for more than 10
victorious (we know of no one who even concedes the possibility years has commanded the 368th
of final complete defeat of the United States) and on the basis Regiment of Engineers, a U. S.
that the war will be a long drawn out affair (we know of no one Army reserve unit.
markets

War-time

ing power.
It has been demon¬
strated
throughout history that
there has never been a major war
OFFERINGS WANTED

7-9667"

MArble

City

Yonkers

Avers Stock Market A

1-2361

Teletype

Bell

BROADWAY

YONKERS. N.Y.
MArble 7-8500

2-7634

KEctor

BROADWAY
N.Y.

120

NEW YORK,

York

Yonkers, N. Y.

and

subway

City

of buildings

who even

,•

New

Triumph Explosives

elevated
railroad, and the structural work
of many private and public build¬
ings throughout New York State.
He

and basic

Phila. & Read. C. & I.

•

—

Teletype

of experience in the

years

York

■

Preferred

forced concrete in the construction

Stocks

8-0355

Common

Minneapolis Gas Light %
y'TSi-S*; 4s» 1950
''^SSS^Detroit International Bridge

engineer with

design of engineering and archi¬
tectural structures, including New

Exchange

York Stock

New

Members

Berkeley-Carlaret

known

many

A. O. VAN SUETENDAEL <S-CO.

■'

Orleans, La.

Direct Wire

Colonel Van Suetendael is also

A. E. Staley

BH 198

Maritime Bidg.

Exchange

Stock
are

Birmingham, Ala.

NY 1-1557

ity dealer, and the new firm has
the advantage of this background
and the fact that it is the only

N.Y.

New York,

lished Westchester County secur¬
.

Brown-Marx Bldg.

25 Broad St.

in the Wheeler Block, Yon¬
He was the longest estab¬

kers.

;V\\•'

Steiner, Rouse & Co.

HA 2-2772

Securities

Co., located in the First National
Bank Building,
succeeds to the
business conducted by Col. A. O.
Van Suetendael for more than 20
years

■

Louisiana

YONKERS, N. Y.—The recently
Exchange
firm of A. O. Van Suetendael &

Y. 1-248®

System Teletype, N.

Pell

formed New York Stock

New York, N. Y.

50 Broad St.,
;

Dealers Assn.

Security

BELL TELETYPE NY 1-423

Forms Own NYSE Firm

Sugar

Members
York

Dealers Ass'n

Cdr Van SuetendaeL

J.F.Reilly&Co.
New

1920

New York Security

•• - -

•>,

West Indies Sugar

'■

DIGBY4-4950

PL.,N.Y.

Established

Members

Bell Teletype NY 1-953

; ■

V;:

Underwriter and Exclusive Wholesale

Alegre Sugar

Vertientes Camaguey

'■•■'.'.'•■I1

KATZ BROS.

Members New York Stock Exchange
40 EXCHANGE

'iii,.-;

SHASKAN & CO.

Corporation t

York, N. Y.
• * U
''u" 'V*

Differential Wheel

securities

appointed

has been

Eastern

real estate

Lebanon

City

Atlantic

National Securities & Research

1-2033

Teletype

Bell

Philadelphia

that

announce

Missouri Pacific 5 l/4s

MARKETS

TRADING

Exchange

Stock

York

New

pleased to

;';;;

•

Liberty Aircraft

companies

local

other

All

40 Wall

MASS.

BOSTON,

i:'

CORPORATION;

TITLE

HOME

specializing

and Alabama tax-free

To Be Jas. Bennett

Partner

CHICAGO, ILL.—Frank

Hegner

to partnership in
James E. Bennett & Co., 141 West
Jackson Boulevard, members of
the New York
Stock Exchange
and other leading Exchanges, as

will be admitted

of Jan. 1,

1942.

Uil!.* 1

-1•

•

m r M

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4021

Volume 154

COMMERCIAL and

FINANCIAL CHRONICLE
Reg.

j V

Office

Patent

BEekman

•

Herbert D.

•

■'

New'York

3-3341

•

Seibert,

William

Riggs, Business Manager ■

Thursday, December 18, 1941
Published

three

times

week

[every
Thursday (general news and advertis¬
ing issue)
with statistical issues on
i
Tuesday and Saturday]
"i;.
Other

offices:

Chicago—In charge of
Gray, Western Representative,
Building (Telephone State 0613).

Fred

Field

London—Edwards

Smith,
Gardens, London, E.C.
J

1941

Co., Louisville, Ky., Chair¬
of the Defense Bond & Stamp

man

Editor and Publisher

Drapers'

•encer
Sp1

Traders Association, to the
dressed the following letter to the

ity

Secretary of the Treasury) offer¬
ing the services of the Committee
and Association in any way in

Traders

ALBANY
.

Members New York Stock

8, 1879.

i'-"

•

Subscriptions in United States and
$26.00 per year, $15.00 for 6
months; in Dominion of Canada, $27.50

/Possessions
»

$15.75 for 6 months; -.South
and Central America, Spain, Mexico and
1 Cuba,
$29,50 per year, $16.75 ^for 6
months} Great Britain, Continental Eur¬
per

year,

(except (Spain), Asia, Australia and
Africa,
$31.00 per year, $17.50 for 6
months.
NOTE: On account of the
fluctuations in the rate of exchange,

ope

f remittances
and

for

foreign

advertisements

New York

must

subscriptions
be

New

made

funds,

Specialists in

;

"Thomas "

announce

Chairman,
Louisville,

Graham,

"James

GUARANTEED

On behalf of the entire

Department and

RAILROAD STOCKS

any

"There

BO.

Gr.

STOCKS-BONOS

——

f 52 Broadway

Telephone
0-6400

NEW

YORK

;

Teletype

services

N.Y, l^lOBS

can

General Partners

"When

Burgess Named Pres.
I
ByPbiia. Bond Club

Ail MORGAN

■

in any par¬
.

Treasury

Limited Partners

WILLIAM SWING

National Securities & Research Corporation >
Distributor For Commodity Corp. Stock

Burgess

Philadelphia elected Arthur S.
Burgess, Biddle, Whelen & Co.,
President.
Walter A,
Schmidt^
Schmidt, Poole & Co., was named
Vice-President; John C. Bogan,
•Jr., Sheridan, Bogan & Co., Secre¬
tary, and William M. Claflin, Halsey, Stuart & Co., Treasurer.
Edward C. Sayers, Smith, Bar¬
ney & Co., Joseph G. Carpenter,
Adams & Peck, and Elwood W.
Miller, E. W. & R. C. Miller &
Co., were elected to the Board of

ilar

issue

bills

Dec.

$100,957,000."

of National

Securities & Research Corporation has been

Corporation
when
interSimonson,

Commodity
Mr.-

viewed stated:
national

—

ner

keeping

with our-insti¬

tutional policy
to

provide

wide range of

been

prior

thereto

partner in Tifft Brothers.

was

INC.

Broadway,. New York, N. Y.
Teletype NY

2-891#

1-1203

Clement, Curtis & Co.

false alarm

today,

but

years

inflation

here.

Not

that

not—

office

firm's

only

describe
our
economic status as such but it is

most.\ authorities

apparent in the price rise.- in
many commodities.
Rising com¬
modity price levels, mean a de¬

about

Dec.

31.

The

partners, Roy E.
Bard and Lawrence Williams, will

Chicago

become partners

of Clement, Cur¬

& Company.

A large part of
organization
Chicagawill also join Clement,
Curtis & Company, who will move
from their present location at 231
South La Salle Street into Sutro
tis

the Sutro Bros. .& Co.

purchasing power of
We ourselves feel in¬
flation in'the higher cost of daily
to
the
vary¬
living. This presents a question Bros. & Co.'s offices on the ground
ing investment to the
average investor as to what floor at 134 South La Salle Street,
objectives
of consideration: he has given to on or about Dec. 31.- >
1 • ■
are

acceptable1

our

money.

investors.

tant

momentum
■;

within

the next be admitted to partnership in the
firm

Jan. 2, 1942.

Clement, Curtis & Company is
one of the oldest Chicago broker¬
age firms, having started in busi¬
ness

here in

members

1903.

the

The firm

New

York

are

and

Chicago
Stock
Exchanges,
the
Chitago Board of Trade and other
and commodity exchanges;

stock

Partners include Arthur F. Lind-

ley, John G. Curtis and Irving E.
For the past 35 years, the
as

New York

corre¬

spondents the firm of E. F. Hutton
&
y

whose

Company,

offices

and

wire system extend from coast to

Public Utility
Industrial

coast. ;

Railroad

W'';'"3;

Miami

Municipal

Bridge Co.

6s due 1952

Common Stock

Bought—Sold—Quoted
H T TTT\T

r .A I

.♦V

jJUAXX

R.E.Swart & Co,
•NCnOPOfiATED

Incorporated

Schirmer, Atherton & Co. for .some
and:

Participations

Bard, Williams Join

Jan. 1st, 1942. Mr.

Trust

firm has had

Luther has been associated with

'time

HAnover

has

securities that' cline in the

BONDS

the New York and Boston Stock

Co.'s

Marcus.

•

Exchanges,

Title

other

all

part¬

Street, members

Ctfs.

Members New York Security Dealers Assn.

Schirmer, Atherton & Co.,

Congress

Co.

Charles

Fisher Luther will become

times

several

"Whether

In Schiriner Atherton
; BOSTON, MASS.

Ctfs.

Mtge.

Bond

CHICAGO, ILL.—Sutro Bros. &
distribution
of wolf Has left the door step and is Co., with offices in New York and
now in the kitchen, in the ward¬
shares of the
Chicago, announce their with¬
robe, and, in fact, all over the drawal from business in Chicago
Capital Stock
average home.
and the closing of their Chicago
'of Commodity

Governors.

Luther To Be Partner

cry,; wolf—inflation,

"The

in' recent

Corporation is

year.

Ctfs.

Co.

that Henry J. Simonson, Jr.,

Stock of Commodity Corporation, and
President

elected to the Board of Directors^

Dec.

Co.

Title

J.G0LDWATER&C0.

Langdon

:
(Continued on page 1547) '
High—99.950. Equivalent rate
believe that
approximately 0.198%.
this
addition
Low—99.919.
Equivalent. rate;
Gander To Be A Partner
to our offer¬
approximately 0.320%.
ings is'partic¬
MacLean Gander, manager of
Average Price—99.925. Equiva¬ Henry J. Simonson, Jr.
ularly timely the bond department for Domlent rate approximately 0.295%. w
(50% of the amount bid for at due to the inflationary forces inick & Dominick; 115 Broadway,
that have now been set in mo¬ New York City, members of the
the low price was accepted.)
There was a maturity of a sim¬ tion 6nd that may gather impor¬ New York Stock Exchange, will

amount of

Invited

Mtge.

Complete Statistical Information

Sullivan,; President of Commodity Corporation,
Boston, has just announced that National Securities & Research Cor¬
poration, 1 Cedar St., New York, N. Y., has been appointed under¬
writer and national wholesale distributor for shares of the Capital
J.

Range for accepted bids (ex¬
cepting two tenders totaling $80,000):
^

Inquiries

Lawyers

19J1

Bank

Total applied for__ ^$382,650,000
Total accepted
150,040,000

Arthur

Specialists In

REAL ESTA1Y SECURITIES

12, were
opened at the Federal Reserve
Banks on Dec. 15.
The following
details of this issue are revealed;
orl

Are

Lawyers
December 16,

bills, to be dated Dec. 17 and
Mar. 18, 1942,' which
offered

HENRY S.MORGAN

]

SUMNER B. EMERSON

mature

were

Tele. NY 1-1610-11

EDWARD H. YORK, Jr.

ALFRED pBRtYER

Secretary of the Treasury Morgenthau announced on Dec. 15
that the tenders for $150,000,000
or thereabouts, of
91-day; Treas¬
ury

A. NORTIIEY JONES

"The

and

you

Results Of

Broadway, New York

DIgby 4-2290

JOHN M.YOTJNG

PHILADELPHIA, PA.-^-At'its
annual meeting, the Bond Club of

;

: \

PERRY E. HALL

peril.

be used

York Curb Exchange
Chicago Stock Exchange '(v

Govern
can be of

Members

Hew
v

our

have the opportu¬
nity, I would appreciate your
giving this matter your serious
consideration."
'f
;

V-

4-6551

;

HAROLD STANLEY

tremendous

ticular.

Midco Oil Co., Com.

MORGAN STANLEY & CO.

asso¬

job to
be done in this particular regard
and it would certainly please all
of us very much and we would feel
we were doing some small part of
our
duty to our country, if our

im
RAILROAD

— —

way

emergency and

WHitehall

Musson,

Haigney Co., Boston, Mass. ; i"The National Security Traders
Association ; has
approximately
2,500 members scattered all over
the country, all of whom are in
active contact with the retail pub¬

ment

STREET, HEW YORK

Florida Power & Light, Pfd.

ury

WALL

partnership

J: C

•...

the formation

offer their services to the Treas-.

-r

Exchange

1967

ciation, this committee wishes to

CUARANTEED

Obsolete Securities Dept.

Aldred Investment Trust

J.;,Van.
Ingen & Co., New York-City, ivf'{
"J. Earle Jardine, Jr., William
R. Staats Co., Los Angeles."Wilbur
R.
Wittich,^Bond .&
Goodwin, Inc., New York City,
f
"Dayton P. Haigney,' Daytonl
;

those

y^V'v;

at New

C;i; '

Ky.

than

services.

our

cases

many

part of Septem¬

The Bankers Bond Co.,

lic.

——

Curb

York

see

—

feetter

Telephone:

fense Bonds and

HARTFORD

WORCESTER

V Members

•

judg-e

posted in the

Dana,

New York, N. Y., under the Act of Mar.
••

Exchange

the

aren't

considerafely

FALLS

GLENS

SCHENECTADY

fee

prices

Teletype NY 1-5

•

BRIDGEPORT

BOSTON

PHILADELPHIA

ber, the following committee was
.Company;:-; < •uu'«
appointed to work with the Treas¬
t; f
Reentered as secdnd-class matter Sep¬
tember 12, 1941, at the post office at
ury Department on the sale of De¬
■i

Trask & Co.

Telephone HAnover 2-4300

can

Association held

COMPANY

HI, YA JUDGE!
You

^25 Broad Street, New York

help in the na¬
tional emergency;
1
f '
"At the Eighth - Annualj Con¬
vention of the National Security
they

Orleans the latter

William

Listed and Over-the-Counter

Committee of the National Secur-r

which

Tfnsnm
AND

BONDS and PREFERRED STOCKS

Bond

| Frederick W. Jones, Managing Editor
Williani Dana Seibert, President

]

The following letter was sent'by
Thomas Graham of The Bankers

B.S.

High Grade

Publishers

25 JSpruce Street,

Inquiries Invited On

Defense Bond Sale

William B. Dana Company

•

■

NASD Offers Aid In

1539

CHICAGO

NEW YORK

40 EXCHANGE PLACE, NEW

Tel.:

HAnover

2-0510

TORE

Tele.: NY 1-1073

THE COMMERCIAL &

3540

Thursday, December 18, 1941

FINANCIAL CHRONICLE

DALLAS

Hentz Urges Confidence

Canadian
Bought

Enterprise

In American

Mining

ahead to victory,"

principal ex¬
'urging the
purchase
of securities on the
ground that the present level of
prices does not truly reflect actual

Dallas

Macdonald & Bunting
Members Toronto Stock

tion

time to buy securities.
'"Unreasoning fear can hardly

the

if less

should

DETROIT

and in this respect
remembered that

than this year,
it

good stocks are now selling from
four to ten times earnings and on

LISTED AND UNLISTED
If you contemplate making
send in particulars to the Editor
lication in this column.
(Special

to The

Financial

additions to your personnel, please
of the Financial Chronicle for pub¬
to The

(Special

Chronicle)

Financial

Chronicle)

pessimism. Our industries will

they would

than

Co. for many years.

porations.

produce more and more without
the costly and paralyzing effect of
strikes. Taxes will rise, but prob¬

went through this
phase and corrected it. We will
do the same. This looks like bar¬
"England

gain-counter days in stocks."

(Special

to The

ILL.

CHICAGO,
O'Donnell
E.

—

Robert:

Sons,

Inc.,

231

to The

Chronicle)

man,

CLEVELAND, OHIO—Ralph L.
Williams
has
become
affiliated
with

Ball,

Commerce

Coons & Co., Union
Building. Mr. Williams

has recently been

the American Dun¬ the Peoples National Bank of
and some favorable Lakewood, and prior thereto for
implications. London stock prices, after declining from 1937, have 25 years with the Union Trust
been rising since Dunkirk. A great change-over took place in British Company of Cleveland.
industry. First effects were a slight decline in industrial activity,
(Special to The Financial Chronicle)
similar to the expected decline here as certain civilian industries
GRAND

^ Some people are saying Pearl Harbor was
kirk^ The comparison may have some value
;

But the change¬

the

quick

and the output
It will probably
Remember those

part of its financing.

was

over

rise

soon.

came

here.

soon

come

for

banks

commercial

terials and men.

front

labor

look

for

Co.,

Se¬

Continental

with

after

predictions,

business

which the FRB index of

its

activity is likely to continue
1941 rate of climb.
Look for

terrific increase in
sales.
In Hawaii

bond

defense

labor

force" of the country.

staff of M.

Average work-week last month
in 25 major industries was only
42 hours. Imagine how that will

Inc.,

40 hours that will mean

over

S. Walker & Co., 125

Co.,

(Special

to The Financial

J. S.

Chronicle)

MArket
New

energetic

grows

cut off the normal ways

ages

people can spend money).
mean
sales in the

which

should

That
fiscal

1942-1943 of perhaps

year

$10 to $15 billion, substantially
easing the pressure on the Treas¬

companies,

Insurance

ury.

sav¬

ings banks, and corporations are
"ready to go" in facilitating and
urging sales, even without any

compulsory

feature;
of the sales will not

they

since they may be ef¬
withdrawals of savings.

appear,

fected by

ought to be at least

There
a

for

chance

faint

members

NASD

IBA

and

to get some

employment from the Treas¬

After
to dis¬

ury's borrowing needs.
V all,

come

affiliated
& Co.,

with

...

hope our ma¬

troubles

labor

jor
over.

the

strikes for

Let

are

now

...

Labor

will

considerable

called

distribution

for
in

coming months, many distortions,
some
hardships, in the change¬
over from civilian to arms out¬

put. . . . But it will have no
grievance on this score likely to
register with the rest of the
rest
of
the
American
people.
We're all in the same boat.
.
.
.

Harold

ST. LOUIS

II.

;

(Special to The Financial Chronicle)

SEATTLE,
Davidson

has

WASH. —Tory L.
joined the staff of

Earl F. Townsend &

v5r/x

Co., Dexter

and when civilian rationing

comes

take

it will not be

hard to

sounds, or as it has
If the immediate

been in Britain.

Members

at the sharp rise in
sales and
Army,

Look

way.

defense

its

services

used

compensation at

without

any

all.

It now seems inevit¬

...

able

have

that
to

the

Treasury

continue

will

relying

Stock

Louis

Exchange

L. F. Rothschild Wi

this nation should keep its channels
private finance flowing freely. In order to do this, overthe-counter Securities Dealers must hire
salesmen and
therefore should be able to pay trained men a sufficient
compensation to make their efforts productive and afford

Eugene

them

partners in L. F. Rothschild & Co.,

living.

Today, more than ever before, it is essential that the
Securities Commission and such associations as the NASD
should work in harmony

with the

men

who

are

actively

engaged in the investment banking and securities business.
Now that this nation is at war, the time for petty bickering
arguments

ourselves should be definitely a

among

thing of the past.
We feel certain that

Admit Cohn, Treuhold
Henry A. Cohn, member of the
York Stock Exchange, and

New

will

Treuhold

York

become

Stock Exchange firm,

120

Broadway, New York City, as
of Jan. 1, 1942.
Mr. Cohn has
been engaged in business as an
individual floor broker.
hold

has

been

years

with

Co. for many

F. Rothschild &

Mr. Treu¬

associated

manager

bond

the

trading department.

shown

if the NASD and the SEC can be

can

that these

be obtained.

But first,

must show them that

Wade Hampton de

our

bond

air raid

and

warden

en¬

there

listments.

And

demands

are

plenty of the necessities.
The
shortages will be in the semiluxuries.
And incidentally the

passed

St.

published quotations which now appear de Fontaine Now With
public reaction to Pearl Harbor
are much too narrow, they will take steps to cooperate and
meant anything it meant that the
E. W. Clucas Company
voluntary principle will go a long have them changed so that at least a better margin of profit

government is using their
facilities. Surely Wall Street
will
not
be
entirely
bythe

Co.

SAINT LOUIS
509 OLIVE ST.

Dealers in securities,

and

Navy,

are

■

Hoge Building.

jurisdictional

duration.

set up
tribute securities. In Canada
they

2-4383

Chronicle)

purchase

though some
be
as
anti-inflationary

3-3430

Phone—REctor

all the higher wages

Treasury

York

4,':tMM
(Special to The Financial

they should triple (particularly
as employment and payrolls fur¬
ther increase and civilian short¬

1891

18 Clinton St., Newark, N. J.

Over-The-Coiintei Dealers Must Unite!

But

wages.

Rippel & Co.

Established

Colorado St.

East

that's about
(Continued from First Page)
likely to be
granted from here on, if even leave practically nothing at all for handling charges and
(Knox reveals that it was a bat¬ that is granted
except for salesman's commission.
We also believe that securities
tle, not just a push-over); in this cost-of-living adjustments, as in
Also, it is
country sales have apparently at Canada, despite labor's dislike of must be sold to investors and this costs money.
least
doubled,
and when the them.
Look also for an end imperative that, through the medium of over-the-counter

they jumped 900% the first week
after the Battle of Pearl Harbor

higher

Fidelity Union Trust Co.

Horton Building.

East First St.

At time-and-a-half

step up.
for

Witter

Dean

Insurance Co.

of Newark

PASADENA, CALIF.—Louis R.
Spaeth has joined the staff of
Franklin Wulff & Co., Inc., 234

pending

compared

with

Firemen's

Co. and Wyeth
has become con¬

355 East Green St.

Na-; Huston

People's
tional Bank Building.
curities

predictions of an im¬ "negative unemployment" within
2,000,000 of "priorities six months; i.e., the employment
(Special to The Financial Chronicle)
LONG BEACH, CALIF.—Allan
unemployed." Watch for the dip of old men, young men, and
women in addition to the "normal
this time to be similarly small
H. Stunz has been added to the
dire August

nected

Insurance Co.

(Newark )

Co.,

MICH.

NEWARK

RAPIDS,
MICH. —
SEATTLE, WASH. — Carlisle
Paul S. Johnson, formerly with Norwood, for many years with
M. L. Pardee & Co., has become
Arthur G. Latimer & Co., has be¬
associated

the

in business for

himself and in the past was with

slowed down to conserve ma-o

Eichler

Hass

Stock Exchange
BUILDING

DETROIT,

Chronicle)

PASADENA,
CALIF. —James
Logan, formerly with Bate-

Financial

of Detroit

PENOBSCOT

American
to The Financial

(Special

•

II.
(Special

Charles A. Parcells (r Co.
Members

previously Ontario, Calif., Man¬
ager for Davies & Co. and White,
;
J
M. Wyeth & Co.

Chronicle)

connected with

now

Rollins

II.

Financial

South La Salle St.

are

SECURITIES

LOS
ANGELES, CALIF.—Al¬
CHARLOTTE, N. C.—Robert J.
will we do not think is in sight.
"The
President
anticipates a Powell has been added to I the bert Van Zandt is now with C. L.
be reflected in a steady restora¬
Wells
&
Company,
724* South
That means a costly staff of R. S.Dickson & Co., Inc.*
tion of confidence and realization long war.
war
that
cannot
possibly
be Wilder Building.
Spring St,
•
<I
•
that this is the case. Fear will be
financed on a 'pay as you go'
dissipated, initial reverses will be
(Special to The Financial Chronicle)
(Special to The Financial Chronicle)
borne with greater fortitude and basis. A realistic viewpoint of* the
CHICAGO,
ILL.—Edward
II.
future must take into considera¬
ONTARIO, CALIF.—Harvey O.
once again the faith and courage
Van Cott has become associated
Chapman has become associated
in our tremendous potential might tion the inflationary ramifications
with J. S. Bache & Co., 135 South
and
the pertinent
with Merrill Lynch, Pierce, Fenquestion of
will be restored.
La Salle St.
Mr. Van Cott was
ner & Beane, 523 West Sixth St.,
"On the economic side of the whether it is better to have cash
previously with Paine, Webber & Los
than equities in our leading cor¬
Angeles.
Mr. Chapman was
picture there appears no ground

TEXAS

of the times, this

conditions

ably

Southwestern Securities

DALLAS,

further. yields of from 7% to 13%. The
"Stocks, in our opinion, are cur¬ only justification for such prices
rently very much
undervalued would be the prospect of sharp
declines in earnings, a condition
and, as we adjust ourselves to the

for

RAUSCHER, PIERCE & CO.

values," the firm says

declaration of war,

Profits will be good, even

appraisal

basis for any sound

Check

1879

New York

have without a

the firm says, in an

stating

ESTABLISHED

Utility Preferred Stocks

Ft. Worth-Houston-San Antonio

victory in the preserva¬
democratic institutions,"

advertisement
their opinion that now is

Jackson & Curtis

Exchange

Toronto

Ry. & Ter. 6% 1951

All Texas

Broad St., New York, N. Y.
HAnover 2-7673
Tele. NY 1-1619

towering
strength and tremendous produc¬
tive capacity of this country will
instill a surging confidence in our
ultimate

Southwestern Life Ins. Co.

the

"Inevitably

Great Southern Life Ins. Co.

available

:'4'.

values.

Quoted

—

Republic Insurance;

Complete statistical data
on all Canadian minet

■

today

are

Sold

Dr. Pepper

New Mexico Gas Co. Com. & Pfd.

Funds

Bought & Sold in V. S.

Exchange and other

changes,

UTILITY PREFERREDS

Securities

Declaring that "America looks
H. Hentz & Co.,
members of the New York Stock

—

are

warranted.

Clucas &

Please address all your

Chronicle,

25 Spruce

letters to the Editor, Financial

Street,

New

York

City.

our

opinion, this is one of the most vital matters that the overheavy 1941 sales in these lines
will provide a substantial cush¬ the-counter Securities Dealers have ever been called upon
.

ion.

Look

automobile

(Continued

the

recent

sales.
on

decline

People

page

1545)

clear up

and correct.

apare

urgently requested.

become

Your comments and cooperation

associated

Fontaine has

with

Co., 70 Pine Street, New

York

City, members of the New

York

Stock, Exchange and other

leading national exchanges.

Mr.

formerly

with

Fontaine

was

Penington, Colket & Wisner and

prior

thereto

Lord & Widli.

was

partner

Volume 154

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4021

1541

Guaranteed
'

Tomorrow's Markets

Railroad

Defaulted Railroad Bonds

Stocks
Bought—Sold

BROWN
Says

5^S, 1946

3o$epb Walkers Sons

5s,

PFLUGFELDER, BAMPTON & RUST
120

purchases

JMembers

Broadway
61

NEW YORK

Prospective
be

postponed

until

Stock

Old Pfd.

Common

Preferred

HART SMITH & CO.

Exchange

New York

Telephone—DIgby 4-4933
/ •,
"
RAILROAD

may

York

New

Broadway
;

Bell

REORGANIZATION

well

1959

Mrmttrt >{rw Yerk Stotk Exfktutg* ':,, ,_1

;

WILLIAM

ST., N.Y.

Bell

Teletype—NY 1-310

SECURITIES

Teletype

New York

HAnover 2-0980
NY

1-395

Montreal

Toronto

re-

action has

developed; hold former
have but don't for¬

what you

WALTER WHYTE

since

the

entered the

market

ning

shock.

get

the

setback

but volume

of last

over

it's

first the lows of last week, the vol¬

"Times"

averages.

ume

to show

marked

stepup on plus ticks and a stepdown on down ticks. If, how¬
ever, the opposite is the case
then

were

driven

down

dates indicated:
Nov.

below the

18,

1941—W. Alden Har¬

previous lows. Out¬ vey, Blackstone Apartments, Bal¬
standing were the two motor timore, Md., a sole proprietorship,
leaders, Chrysler and General handling oil royalties.
Nov.
24,
1941—Arthur
Ellt
Motors, and that1 blue chip,
Hungerford, 809 North Charles
American Telephone.
Street, Baltimore, Md., a sole pro¬
#

* $

So far the market has been

of a pattern set for it by all
previous unexpected news.
The pattern is as follows:
The first shock brings in sell¬
ing. As this selling increases
security
holders
becoming
frightened or worried join the
parade. The result is. more
and more selling and with a
sharp increase in volume.
Such selling is usually selflimited.
It stops when the

Nov. 26,

1941—James Valentine

Harbison,

803
Ramsey
Tower,
news, known or unknown is Oklahoma
City, Okla., a sole pro¬
digested and appraised. When prietorship.
this stage is reached the mar¬
Nov. 27, 1941-r-R. H. Moulton &
ket either has

quick reversal Co., 510 South Spring Street, Los
or enters a period of dullness. Angeles, Calif., Robert H. Moul¬
ton, Francis Moulton and Vic E.
Naturally this depends on the Breeden, formerly officers, as
kind of

news.
.

s;s

partners, Elmer Booth and J. C.
Finch having withdrawn as offi¬

sis

cers.

'I' might point out that if,
the recovery, the

instead of

market had gone into a period
of dullness, the immediate

would

future

not

appear

Nov. 29,

brought out

any new

(Special

to The

Financial

Chronicle)

Sheldon is

three

points in the "Times"
average.;"
v;:■ ♦.,' Defaulted RR Bond Index
V
:1s
sis
sis
■v.-'V

■"

•/

■

The defaulted railroad bond in¬

Now the

that,

question is posed
having had/the rally,

what will the market do next?
No

answer

appears yet.

But if

tial set-backs in the

feeling
latter

Pacific, and 'for another there has developed a
as to future reorganization progress.
The

of uncertainty
consideration

decisions

arises

from

dex

Pflugfelder,

Bumpton

Rust, 61 Broadway, New York
City, shows the following range
for Jan. 1,1939, to date! High—
34

5/6, low—14%, last—29%.

the

succession

pending cases which <8>
presumably
been
far
ad¬

had

vanced

final

towards

adverse

court

UTILITIES

other

Both

the

Pacific

turned back by

the grounds of insufficient sup¬

porting
Prior

data
this

action,

there

Box S 16,
25

Securities

valuations.

Part

reasonable.

employment

Reorganization

the Circuit Courts

Trust

Salary

Railroad

were

Insur¬

need

ings.

and

reorganizations

Bank,

Investment

supervision of its hold¬

competent

consumma¬

Western

Paul"

YORK

desires

institution

■

tion.

"St.

NEW

with

Company,

PUBLIC

issues;

and

ESTATE

employment

FIex¬

posted

INDUSTRIALS,

REAL

ance

and
mature

would

time

considered.

The Financial Chronicle,

Spruce Street, New York, N/ Y.

(When Issued)

had

been such confidence in actual and

obvious

relatively

praisals of these defaulted bonds

expeditious

consum¬

mation of at least the "St. Paul"

plan that active arbitrage
tions

had

been

going

Bear, Stearns & Co.

for

months between the old bonds and
Members

the

York

New

"when issued" securities.

new

These

Circuit

upsets were
succession by

rejection

Stock

Exchange

York

New

Haven"

Court, and an order by the Fed¬
eral Judge in the "Rock Island"
case to show cause why the reor¬
ganization should not be disap¬
proved.

This

brought

has

question
of the

(except

virtually
set

and

up,

Gen'l

Secured

any

Refun.

which
can

they

trading

4s,

'88,

dVas,

4s,

'34,

Actuals

C/Ds

& C/Ds

Actuals

4Ves,

'34,

Actuals

C/Ds

Choctaw, Oklahoma & Gulf

can,

Bs,

'52,

Actuals

C/Ds

how much further delay may

involved

additional

the

working

data

by the higher courts.

WALL

WHitehall

the

Under
market
as

this

some

declines at the

cases

the

move

represented

to 50% from the 1941
The
monkey-wrench
thrown
into
the
reorganization
machinery by the higher courts

paring of
highs.

may

detract materially from the

near

term speculative trading ap¬

peal of the reorganization group.
Nevertheless, basic values have
apparently not been disturbed,
particularly in the case of the bet¬
ter secured liens, and the chang¬

speculative aspect is hardly
important enough to warrant such
a
drastic reappraisal of market
ing

crop

1-2050

present

of ICC reorganization plans

is their conservatism with respect

allowable

fixed charges, and
is hardly apt to be upset
by any court. Fixed debt in prac¬
tically all instances has been held
to levels virtually, if not actually,
impervious to depressions.
The
new first mortgage bonds, there¬
fore, should range from sound to
high grade in quality. Barring a
very severe change in money mar¬
ket conditions, bonds of this cali¬
ber would likely range in price,
after
some
seasoning, from the
this part

low

90s

above

"Pace Value

cash

heavy

that

cash

earnings

will

for

balances,
liberal

$280.00
208.00

21%
13
10V*
23%

.—

attitude

N. Y. Stock Exchange

Weekly Firm Changes
The New York Stock Exchange
has
announced
the
following

sions

section

'. /

accordance

the provi¬

with
13

article

of the

Constitution, the Exchange
approved the application of

has

Lamson

Bros.

sion

continue

firm

member

Co.

for

its

for

permis¬

status

period of 45
days from Dec. 3, 1941, the date of
death of the sole Exchange Mem¬
ber partner.
V
a

John

Cronin

retires '.from

partnership in Benjamin Jacobson
& Co., New York Cityi as of J;o-»,
day.
.

Transfer of the

Exchange mem¬
bership of Martin B. Saportas to
Hobart Ford will be considered
23rd.-

Dec.

The privilege of
ler to act

Henry W. Mil¬

alternate

the floor

the

Exchange for Robert S.
Dodge under section 15, article IX,
has

withdrawn.

been

Both

are

partners in Miller & Dodge, New

233.00

10Vi

.4Vis, 1978—,

augur

during reorganization proceedings.

152.00
65.98
300.00

24%

1967

the

and

prospects

towards partial interest payments

;

New First Mortgage

1st & ref. 4Vis,

Without

par.

other consideration, then, it is
•

cons.

Teletype:

Recent Market

Louis-San Francisco

•As

charges below those called for in
original plans and thus rfurther
improve the quality of the new
first mortgage bonds.
Also,; the

Milwaukee & St. Paul gen. 4 Vis, 1989
& North Western gen. 5s, 1987
Chicago & North Western 1st & ref.„4Vis, 2037
Chicago Rock Island & Pacific sec. 4Vis, 1952
Missouri Pacific 1st &,ref. 5s. 1980,
..

St.

3-3450

NEW YORK

One characteristic of the

any

New York New Haven & Hartford

earn¬

accum¬

weekly changes:

handicap, defaulted bonds
sharply lower,

ST.,

dual

whole moved

and in

low

stress

CO.'

LEROY A, STRASBURGER &

required

High

resulting in rapid

are

well

Rock Island, Ark. & Louisiana

is
be

are now

if they

even

considerations,
are operating

side.

bright

Reg.

Cpn.' &

'52,

reorganiza¬

Erie

completed)

consummated

■

the

Section 77

tions

net

[Chicago, Rock Island & Pacific

whether

maintain

markets

]

other

are

ap¬

of rediculoils.

probably not be necessary to issue
new
money
bonds provided
in
most plans. This will reduce fixed

short

bullish

the

ulation

Chicago

part of the "New
plan
by
the
District

quick

There

market

recent

however, and they
ings

Court

followed

little

are

opera¬
on

that

169.24

York

City.

■

••

■

proposed in Interstate Commerce Commission reorganization plans.

•

PALO

ALTO, CALIF.—Willard
now engaging in a
mean that more bad news was general
securities business from
expected and buying was not offices at 343 Kellogg Avenue.
Mr. Sheldon was formerly with
to be done.
Coons, Milton & Co., Dean Wit¬
ter & Co., and E. A. Pierce & Co.
Instead of this, we saw a In the past he was a partner in
Phillips & Co. and McCreery, Finrecovery
of approximately nell & Co.

This in turn would

reorganization railroad group has been subj ect to double
during the past week and a half. For one thing the bonds
suffered their share of the war scare liquidation that followed ini¬

1941—Allen and Com¬
status.
211
East Lemon
Street,
Lakeland, Fla., J. Everett Allen,
formerly proprietor, and Schuyler Chicago
I. Golden, partners.
Chicago

For such a condition
Willard Sheldon Forms
presupposes two things. One,
Own Business On Coast
selling has dried up; but two,
buying.

The

pressure

pany,

bright.

it has not

RAILS,

Nov. 25,

partner and admitted as a limited
partner, ether partners remaining
unchanged.
M
'

thoroughly

perience,

prietorship; Duncan Murphy, 199
North
Oxford
Street, Hartford,
Conn., Duncan B. Murphy, sole
proprietor.

1941—James C. Fred¬
erick, 325 Walnut Avenue, Cranford, N. J., a sole proprietorship;
Ogden H. Freeman, 20 Exchange
Place, New York City, a sole pro¬
prietorship; Rakestraw, Betz &
Company, 123 South Broad Street,
Philadelphia,
Pa.,
Edward
H.
Rakestraw withdrawn as a general

ANALYST

NANCIAL WRITER of

the

day, Friday, they
only conclusion to
hung around the previous make is that the market is
How
much
day's highs but at no time headed lower.
were
they able to go beyond lower, only time itself will
them.
Saturday was almost tell.
as
(Continued on page 1548)
repetitious as Friday. Mon¬
day they continued to keep
near the
previous rally highs SEC Applications For
but the lows were avoided.
Broker Dealer Registry
Tuesday and yesterday the
The following applications were
same
pattern continued ex¬ made with the SEC for registra¬
cept that on these days a few tion as dealers and brokers on the
stocks

SECURITY

week

this reaction

dry up. And when the aver¬
slowly begin¬ ages (or most stocks) reach

Thursday stocks
snapped back to reach a fig¬
ure
of
approximately 80 in
The

"news"

and to

war

Last

the N.

to obtain you can

following:
A reaction equal in depth

This is the second column

are

look for the
;

patterns

markets

get the "stops"', for
details see below.

While

Circuit

the

sions handed

Court

deci¬

sarily presage any important revi¬
sions in the plans covered, de¬
faulted bonds in many instances
have

declined

close to,

and even

below, the face value of new first
mortgage bonds proposed for dis¬
tribution under the Commission

plans.
No values are given to
projected large blocks of junior
securities.'

The :'

above

tabula¬

typical examples,
market for repre¬

tion shows a few

listing

recent

sentative

defaulted : bonds

com¬

pared with the face value of first

mortgage bonds, allocated to their
claims by

To Be Hornblower Partners

down do not neces¬

the Commission.

I As brokers we invite inquiries
on

blocks

odd lots of

ton

highest grade rails
We also maintain net markets in

SEABOARD 5s/31. Bds. Cifs.
SEABOARD ALL FLA. 6s/35
INT. GT. NOR. ADI. 6s/52

CHGO. MIL. & ST. P. 5s / 2000
MOP

Paul J. Eakin,

5V2S/49

Weeks, 40 Wall Street, New York

City, members of the New York
other leading
national
exchanges, on Jan.
1,
1942.
Mr. Eakin is manager of the
Stock Exchange and

investment
firm's

co.

department
of
the
office, - Union
Building; Mr. Nortori
charge of the Philadelphia
Cleveland

office-at
Mr.

specialists in rails
HAnover 2-9175

Richard E. Nor¬
R. Perrigo will

Commerce

1. h. rothchild &
11 wall street

Charles

and

become partners in Hornblower &

n.y.c.

Tele. NY 1-1293

1429 Walnut Street, and

Perrigo is manager
underwriting department

of
of

the
the

Chicago branch, 39 South La Salle

THE COMMERCIAL &

1542

Need For Revising Plans

decline, despite distribution
sub-contract¬

may

Fireman's Fund

Bank and
Insurance

available

supply.
therefore,:,

inV increasing

With returns controlled,

Stocks

U. S. Fire

Members

other

and

Stock

York

New

Telephone:

NEW YORK
DIgby

Telephone

Large

expan¬

earning assets and deposits.

Department)

should

Bank and Insurance Stocks

quired, and may definitely kill
any
hopes of interesting stock¬
holders in subscribing
to more

Entry of the United States into World War II under dramatic
has raised numerous questions about the future of
rates,

Government securities, bank credit expansion, bank

dividends, continued private operation of the banking system and
other related problems arising from the reality of war.
' Obviously, answers to these questions are impossible to give at
•

this

and even a general#
depending upon present
probable conditions, would be
time,

answer,
Or

Corn

in conditions under war¬
time emergency.
,;
yy' -//
Nevertheless, a general look at
some of these questions, subject to

Penna. Co. for Ins.

qualifications
of
"change
without
notice,"
might
be
in

the

/,/

■;

'■.p

Phila.

vitally impor¬
tant to bank stock investors be¬
cause rates
are the fundamental
interest

which

rates

affect

will

earning

power

.1421

solvency.

est

Government
Normal

2039

Phila.

Chestnut Street, Philadelphia '
New

Phone

Locust

1477

;

of total earning assets

and

ties
*

times total capital funds.

4y2

compared

present

2-2280

$1,130,-

000,000.

received

road

The

:
a

Ranking, and

business

Executorships

undertaken

also

description

every

exchange

Trusteeships, and

bids

three

banking groups with the
wining tender being 100.18 for the
issue as 2%s, the lowest bid for
similar securities in many months.

from

Royal Bank of Scotland

Rcoffering was

financial

made

Incorporated

Royal

Charter

1727

HEAD

justified, or pecessary.

from

continue

while

low, will mean

f levels for Government
ities.

Volume

keted.

steady

year,

re¬

reserve

FOREIGN

Bishopsgate,

; /

258

ollices,

DEPARTMENT

London,

England

Capital (fully paid)..,.

£3,780,192

fund

£4,125,965

Reserve

.y'

Deposits

.....£69,921,933

Aircraft

Associateed

Williams

Looking over the terms set for

Whytc
of

number

CHIEF

the

; y

Vultee

secur¬

expansion

Total

incidentally, has
largest volume of
rail
equipment financing
since
the middle twenties, with a total
of about $254,800,000 being mar¬
This

Manager

Willikm

ing out quickly.

produced

to
operate under controlled stai -bility of interest rates, which
probably

/
<

the» bank i stock-

f holder's standpoint, the banks
will

/: \

intermediate maturities mov-

OFFICE—-Edinburgh
General

Bank

Deacon's, Bank, .Ltd.

Governments

Australia and New Zealand

BANK OF

$150,000,000,000 y De¬
planned, and
a
doubling of the $1,500,000,000
under
wartime. emer¬
monthly defense rate projected, curities
! r direct Government participa•4
Carrying a $1.25 cumulative
1
it.- appears
that''previous esti-' gency powers, • '■■■
;
tion should be, necessary in * / i ' dividend and convertible into
i!
(6)
Or more directly, infla¬
mates of $25,000,000,000 deficits
/
common any time after Janj / view of general cooperation /
for 1943 and 1944 will have to tionary measures as a last resort,
/with the Defense Program,; y
r uary
15 next at the rate of
be
adjusted//sharply
upward. such as exhaustion of present de¬
/
one
preferred for two and
Even if the plan is still followed valuation power, further devalu¬
With

-v

fense Program now

Zanzibar

wartime.

operation of ; the -banks

look

par.

Reduction

r'/-/

;;

iready reception.'

Summary: Judging the out¬

quirements.
(3)
Utilization of the $1,800,000^000 gold profit earmarked as

re¬

excess

York

New

(2)

conducts

Bank

257

the
offering of the issue Wall
and
to
lesser
Street had little doubt as to the
extent in loans will create'/"
ready acceptance by the market
| moderately better earnings,y/
! but dividends -would not be * • of the 240,000 shares of cumu¬
the Stabilization Fund.
lative convertible preferred stock
i
increased because of neces-•/
(4) " Spending of - seigniorage
being marketed for Vultee Air¬
| sity
of
conserving capital
craft to finance the purchase of a
profit on silver.
| funds. The RFC may again "
(5) "Freezing" of interest rates
[large block; of Consolidated Air¬
j build up a large senior capitalV.
and market for Government se¬
craft Corporation shares.
interest in banks, but no other

During the past year, $1,280,000,000 of Governments were added,
serves

and

Adeu

•

Ceylon, Kenya

The

would

that

alone 57%

and

Colony

' Subscribed Capital... .£4,000,000
Paid-Up Capital
.£2,000,000
/ Reserve Fund
£2,200,000

p scale ranging from 0.75% for
Bank¬ I the nearest maturity to 2.60%
series due in 1957.
ers, however, have pledged their y for'the
undivided/support to the war ef¬ / Dealers reported the issue in
brisk demand with short and
fort, and no form of direct Gov¬
ernment

York Phone

HAnover

Teletype

principles

Burma,

ondary to defense needs.

///-.v/'

Pfd.

control

India,

Bishopsgate.

26,

London,

•

Uganda

and

money

•

dearth of tenders.

complete

Office:

Head

Branches

Government

Colony

conservatism will have to/be sec¬

Transportation Co.

3-6s,

was

the

Kenya

f'Pennsy" Equipments Move y ;
i
The: market accorded the $18,r

operation of banking
The character of private
operation, quasi-public in normal
times, is bound to incur increased

Lives etc.

/for 465,000 issue of one to fifteenpreferred stock is of course avail¬ year
Pennsylvania
Railroad
able to strengthen' capital funds
Equipment/ trust certificates a

tempered by the fact
higher rates would cause
depreciation in holdings of high any important rise ' in money
and
grade bonds.• : •: /y V //:/Z;Z/y: v/ rates
upset to the bond
Specifically,
Government
se¬ market:
curities of New York City mem¬
v (1)
Open market operations
ber banks total $6,900,000,000, or and loans on Government securi¬
would

deposits.'// RFC/

and

H.N.NASH & CO.

Any rise in inter¬
rates creating better earnings

and

assets

earning

expansion

[

system:

Provident Trust Co.

future

The

the

Consequently 4 there

Private

Philadelphia National Bank

•

.,//>, >, //•//.Zy.y;/,

rates:

Exchange Nat'I Bk. & Tr. Co.
Fidelity-Phila. Trust Co.

Interest

by unusually good earners, as cap-/

Bankers

to the date set for the auction y

ital funds should be conserved for

of INDIA, LIMITED

brought / withdrawal of both
due to the price limitations.

change

order.

dividends,

hand, are possible only

the other

and
impart- safer - leverage
stockholders' equity. - t
„:.

Central-Penn National Bank

sudden

inaccurate

rendered

Increased

capital.

SUDAN

the

NATIONAL BANK

bonds last;

the

Towns

and

Street,

all

intended to bid on the issue, /
but changes marketwise prior

•

—

William

Branches

EGYPT

fixing.
minimum
price of 104. Two groups had

[

AGENCY

/y ...-principal

Tuesday

interest

of 3%%

000,000

somewhat

King

/ £3,000,000

*/ £3,000,000

■

which had asked bids on $42,-

Reducing bank - dividends ' will
/
not provide anywhere near
the additional capital funds, re¬ /

Circumstances

Cairo."*

case

y,'

point is Public
Service Company of Indiana
A

will

.LONDON

and

And the

costs and rates available on Gov¬

ernments may improve

*'!" 1

.has; caused investors to take
'

CAPITAL

FUND

al-

has

stock of the situation.

than offset increased

to have

investments

RESERVE

undertakings.

with the risk involved.

war

rise

earnings

new

Return

moderately, as volume expansion
may

FULLY PAID

^yays been /gauged in keeping

But

operating

hearing

;i-1248-49&V-]

This Week —j Bank Stocks

ryy;(y;. Head Office Cairo >,
Commercial

altered sufficiently

been

problem of sufficiently large capif
tal funds to
support expanding

BArcl^y 7-3500

(L. A. Gibbs, Manager Trading

4-2S25

p'pof EGYPT i-yy/

ten days.

Governments
continued emphasis nnf vol¬
for
earnings magnify the

ume

NEW YORK CITY

| p. Bell Teletypes-NY

last week

the way in

and

Exchange

Stock

York

BROADWAY,

,120

exchanges

leading

WALL ST.

Exchange

New

Members

dividends:

Bank

Laird, Bissell & Meeds
i

continue

will

sion

wivwv.

NATIONAL BANK

take:; a::; large v While the market has been be¬
given volume- expansion; at low having admirably there is no gain¬
rate to produce a given income; yy
saying th6; fact that - yields -have:

Inquiries irlvited in all
Unlisted Issues yy/yy.;

Bought—'Sold—Quoted

corporations

been working up new

ing to smaller firms borrowing at
banks.
On the other hand, supply
of Government securities will": be

Hanover Fire

,/,///'

which had
issues prior
to a fortnight ago will be forced
to revise such plans has become'
increasingly i; evident during the
That

of defense work by

Thursday, December 18, 1941

FINANCIAL CHRONICLE.

NEW SOUTH WALES
1817)

(ESTABLISHED

Paid-Up Capital
£8,780,000
y Reserve Fund
'
6,150,000
Reserve Liability of Prop.
8,780,000

;

£23,710,000

raise

taxation,

by
the

debt

in the

ation

cost

offing.

Bank

expansion in Govern¬
ment security holdings alone
will therefore probably be so

substantial

•

imports

/'■; operative,

the

reserves

gold

—

show

must

past—

longer

may

occur.

The

securities:
,

rates, especially

cess

power

feeling appears general that the
"top" for high grade bonds has
been seen/ Institutions, however,

since
the chief factor creating ex-

money

the

short-term returns
Government

present volume of excess reserves
and
ordinarily
raise

•

exhaust

invoking

$3,000,000,000
in
"green¬
backs," to create reserves.
.In any / event,
interest. rates
will, continue under control at
low levels,
although some rise

•

or.

Our

increase; in print

huge

this

two-thirds

"bread

and

butter"

Aggregate

one-half shares of the junior

Reporter's

y at

$25.

*y/yy

Sept.,

priced

issue-was

the

equity,

SIR

y-;

|. (Continued from First Page)
banks
were
inclined to
expect
account of
nervous individuals might present
buying opportunities which had
been absent for considerable time,
that

selling

for the

garded,

the

marketplace

as a

and
870

The

all

States

With over

Australia,

London,

and

"quicky."
close

year-end

the

Zealand, Fiji, Papua and New Guinea,
efficient

traders

With

Wales Is the oldest

largest bank in Australasia.
branches

and

parlance of the
at

and

offers

banking

most

service

complete

investors,

interested

travellers

thesa

yy•y^yzy;',y
OFFICES:

LONDON
.

the

y'y//'/;i•

countries,

Threadnecdie

Street,

/,/; 47 Berkeley Square, W. 1

thing in. the way of substantial
new * business
developing until

y//'/

Government,

Manager

George Street, SYDNEY

New

//•'.
companies
and /
turn, apart from patriotic consid¬ / insurance
banks,
the
latter
like
the y 'after New Year's.
however, is erations in supporting defense fi¬
first-mentioned having been;
vitally interested in stability of nancing or self-interest in con¬
In
normal ; circumstances
virtually withdrawn from the
interest
rates at
low levels to
tinuing support of the market for
the
closing fortnight of the
market
for
a
finance
the war
effort with
a
prolonged y
their largest earning asset. yy'yy.';
year is given over largely to
:
minimum of cost and upset.
period. '
The
/;//'//y //".'/'• ' ''//
getting books and accounts in;
I Much as some institutions may
monetary agencies have powers
Naturally such bids were en¬ y order for closing.
dislike to increase Governments
And curwhich,
most
authorities
agree,
in view of already high ratio of tered at levels materially below > rently the moderate unsettlewould be strong enough to check
the highs prevailing prior to the
ment
pricewise
is
moving
holdings to capital accounts, it
therefore appears likely that con¬ outbreak of war in the Pacific.
prospective * borrowers ; t o
await
a
reappraisal of the
centration in Governments
will What was more important from a
market point of view at the-mo¬
become much higher/
market.
f
y
r;y!"T; V^ 'y:-/
-

Office:

The Bank of New South

there is very

earnings to offset rising costs, pay f s. dealers, there was a reappeardividends and show modest re¬ D ance of substantial bids from

£143,903,000

hand, the trade now figures that
little chance of any¬

Consequently, according to

the present situation, with
full emphasis on military planes
and full operation on Government
orders assured, this deal was re¬

30th

DAVIDSON, K.B.E.,

General
Head

;

Assets

1940

ALFRED

Agency arrangements
throughout

the

with

Banks
A.

)

Fidelity Trust Company

First National Bank at Pittsburgh
•

Peoples-Pittsburgh

Trust

„

•

Union Trust Company

[

•

Co.,

•

Inquiries Invited

Bank

credit expansion:

During

the past 12 months, about 60% of
the credit, expansion at New York

has

been

Government

securi¬

ment, however, was the fact that
trusts
and individuals failed, to
be

seriously disturbed,

although

;

ousness

commercial

have made their

A. E. Masten & Co.
Est.

Members N.

voted

increased

extent to

de¬

1891

fense

PITTSBURGH, PA.
!"

production and facilities de¬

Stoc.k Exchange

goods, for which Govern¬
ment financing arrangements for
plants and production are avail¬
able, it is likely that bank loans

Doubtless

they

find

little

about, in the situation since
they are standing by to take up
their portions of new government
financing necessary to prosecution

worry

of the war.

•

>.*•

;

VvA

off the

United

States.

The

presentation
in • its
pages
is
largely
graphic y and
statistical.'.
Most of the figures used therein

disposition to take the at- /
even

though we

at war people

and institu-

that

titude
are

tions

will

funds for

ian

roads

seri-

of the situation, there

Facts,"; 1941 Edition,
prepared by the Western Rail-,
ways' Committee on Public Rela-*
tions, has just recently been is-y
sued.
The purpose of this book¬
let, which contains 96 pages, is to
bring to the attention of its read¬
ers
the facts regarding the rail¬

And while the institutions have

loans been in the market with sizeable
strongest recov¬ bids, they have not, up. until this
time at least, been successful in
ery showing with a $650,000,000
expansion,;- .,;
jadding very substantially to their
yy'•• ...
'/
- / / y
-y - /
With priorities restricting civil¬ portfolios.

ties,

the

recognizing

But

:,i

"Railroad Facts" Issued
"Railroad

.v,

continue

have

;

have

been

taken

publications / of

official

Interstate

Commerce Commission ,and
ous

vari-

A good part of

naturally-go

they call
securities

private corporation
is expected to remain

for

•

figures were also furnished
the Bureau of Railway Eco-/

by
• V / /|
such money, will nomicSivy -y '.y
Any
inquiries
into war bonds, but booklet

investment.

from

the

this

regarding

Z be made to
the
Western Railways' Committee on
Public
Relations, « 105y Adams
may

substantial nevertheless.; Street, Chicago, Illinois,

-..

;

?-•

1543

Report On Business

....

tenaencies.
With

V..

seasonally
clined

index

adjusted*

and

production of certain

articles/ $ fa

■;

the

Federal

Reserve

Bank

slightly compared with

October.

and

the

ume

October*

like the larger de¬
cline in September, resulted frpm
October

first/part of
about up to seasonal

was

Eighth

Distribution of

levels of industry and

level,

J. ///.

consumer

p /continued f; in ;i larger

ber; {. The' Bank's ' summary con¬
tinues:
it*

were

Osborn—in

objective unites everyone to¬
day.
Each person,; in many dif¬
one

ferent

ways

will

make

toward

that

shall

and

his

end

due

such

directed

course,

contributions

Conditions" for Nov. 28 it is alsowhich, canpot—and

/',

goods. stated1;■

v s-

/•„

Dealers."

Hugh

"Letter

special

W. ' Long

"Concerned

Company—>

about

effects

the

•

manner

volume j/y?/ Output 'of bituminous coal at

f ^ in
^

consumers'; sets' an-yalF*? time

curtailment? in the;

10%-, whilefsales of }■ ■ ihonthly record in October/arid
houses and variety > cotton
consumption in both thh
■■>/%:/• chain store - systems' increased ^Uri'it&F* States i and>> the UFifth
!
considerably v less
than/..usual ^ District reached *■ new hfght figr

not—

98 %

lightly put aside iri-the present
emergency. /; Those responsibilities,
are imposed by individuaUcircum^
stances, by family, by community,"/
by occupation, wx'"■'I'•":'//'.V''
[ "Our business * responsibility—v
speaking as a firm—-is to serye as

and held that - rate best we
can, ^he interests of'thouas- of" mid-November
although san'ds of
/investors.
They,/ indi¬
acute scrap - shortages threaten

•:

near

future^

October conmption of electricity

order

the district.returned

of -capacity

■

about*

should

[//above sales ink September, and
Department store "Sales, •* which
exceeded ' October,
1940,-f -.sales-'
-i,; on the average have shown'little r;- by; 13%. Rayon yarn shipments
change between September and
in the United States to domestic
:
October in past' years, this year
mail

trade

a
year' ago iexcept- in lv" mines ; in this area in October
increased 7%l over September
automobiles;'; Department store 1
sales Jn 79 stores in the district M and was 30% over October; 1940.
showed- a 9 % .' rise fh : October
j ' Steel ingot production at mills

H/than

fell

District

Calvin Bullock—''Above all else,

on
the .whole far exceeded | maintained in the Eighth District
shall, on his own initiative, deem
October, ;1940, volume." , The fol-/ throughout October and early No-j most effective?; Ww.:
/"•;'/
wHncr' fc ?a»anrlowing is? also reported Arni-r^t.n-p- jyember,'!!. In the Bank's "Business!
in tne
"But there are responsibilities

trade, seasonal factors considered.
The general level of. production,
aon the other hand, appears to have
rhoved somewhat higher in Octo-

•

(St. Louis)

and

/slackening in the volume of retail

0^,' •.Vis /

Observations On The War

Michigan

The Federal Reserve Bank of St.
November Louis reports that "continued hign

s,\ 11 year ago. J,.'v: T
*
?//? During October, production of "Review"-'/.,*/»•/'*

;

and

The deciihe bf the index

declined

difficulties

of trade and industry in the
Reserve District in October

consumed

oil

priorities for certain construction
industrial materials, the vol¬

one

amount

crude

obtaining

some

Fifth

Indiana

Was 96;

Production

Illinois,

■r

November., exceeded* the"" output!
corresponding weeks of
October, ranging from a low of;
77,000 units to a high of 94,000.

point further to 108%
of 'estimated
long-term
trend:
The figure for<October a year ago
;

Thanksgiving week, auto-*

for the

Richmond indicates that "in spite

de¬

mobile production each week in

respect to-prbduction and
in*- October,
the
Bank's

trade

the

rials

The Nov. 30 "Monthly Review"

'.i.yy- /?

exception

short

.../, Fifth (Richmond) District

(Continued from First Page)
tinued along hire lines of ■ recent

the

by further restrictions on mate-

•<

;
■

With

ment in civilian lines occasioned

Fed. Reserve Banks

by industrial

f-r

2.% and

users was

vidually: and' collectively, have

f--'

PROSPECTUS ON REQUEST

HUGH W. LONG and COMPANY
iNCO«to«*»i»

!' 15
hi-

EXCHANGE PLACE;

634 SO. SPRING ST. 't

JERSEY CITY

LOS ANGELES

.j.-

major stake in the outcome of the
war

and ill the future of

tutions.

our

insti¬

v*y/yy

!*■

23%.'greater, .respectively, than /
! * "At least * we know where we ' 1
y/Ahd they0. directly '^nd indi-'
a
/month and a year- ago. Pro- 'rectljf,
jwilt be called upoft.to make jstand now. .-The atmosphere has/
tires. v? 'i'obaccn-mahufacturmg
ydiictionof lumberi continued at sacrifices 'Howard the Successful been cleared of a major uttcer-Z
?in October was in-large volume;
near capacity rates, while orders
outcome of the emergency,. //*/;.'A. tairity.y This much is constructive./
^and cigarette- production^ iset && V. and: shipments .exceed product
"Nor are; they-: a .separate class' /Our ;1 preliminary / impression ; is;^
new1 monthly record of *19,632,-' h# tionMBuilding permits ^granted
of people. They cut across all oc-i that no major change is required?" '
j"
466,019 cigarettes, of which 84:%,if in October; showed sizeable in-*cup'ational lines/ all social lines,: in the investment policies of the;

■

'"t between

September >• and

■'r-.hber.^ There

Octo-

^a^substantial

was

-"seasonal increase in retail sales
;

new

but the

passenger cars,

volume of sales

43% lower

was

than

October,^ 1940^' After
V adjustment'for seasonal factors;
the •: flow* of
goods / through
'.-primary distributions channels,
as evidenced by railway freight
'*■*'
traffic,
appears; to
have de: -creased' slightly between» Sep-

s-creases over September and Oc->
The formal declaration of
all geographical boundaries.; And: Fund;
ii/ tober; 1940s However; constructo many of them, .the success or War has merely speeded up and:
N tion contracts let declined from
lack of success which they achieve1 Intensified a development that has
ja month and a year. ago.
through their investment activity been apparent for some months," >.
.Y/. '■
s.;
' ''
j
''''
/ I.-/'
^The^^^ fdllowirig^
[ / vNihth (Minncapi)llis) District ? determines -in-large part the* de¬ jhamely the shift from a peacetime/
to a wartime economy.
On Dec/ ?
ness in the Sixtn Federal Reserve ;/
,The/ No'v; JZQ -TVIohthly Review" gree. of duLd whiqh 'they can of can8/. the: Fund had; approximately/?
District is reported in the;-Nov. 30 of * the Federal Reserve- Bank of not*, give to the \Qovernment to
11% • of its' resources
in
cash,1940
-1941—
Minneapolis, lias the following, to proecute the war."—From Bulle¬
36% in bonds and preferreds and/ ?
Oct.
Sept; /
Aug.
tin, Dec. 11, 1941.
Oct. report:1/'"r
' - '
'

were

made in the Fifth Reserve Dis-?

pi&iricii

October. \

16,572,086,00(1 cigarettes,

•

tember and

;

•Indexes of Production and Trade—
(100

Index

estimated

and

•

trend)

long-term

Production

Trade

—;

ii4

Production

109p

116

goods—total
durable goods
non-durable

Consumers'

100

------—i—r-

Producers'

—-li

100

117p
128p

non-durable

Durable

goods—total

Non-durable

Cost
,

of Living.

'<100

Wage

==:

87 >

103p

over 1940:
Deposits
at both country and "city member banks expknde'd to record

95p !
106p

Yl25p

levels.

VI lip

nop

108

loop*:

<415

r ioip
.

but

95p

the

——

increases

104p

"•
'

123p

•

110
■:

> '104p

year/; Retail sales showed small

102p

;/ .103 p

105;

100

'—-L—.—

average)

106

109?

108

Farm

farmers'

prices

cash

declined

income from

sale* of livestock

stock
products;
'October, 1940.

Bureau of Labor Statistics—

1935-39

(100= 1926

1919-25

York

Outside

—1--+

average)

Demand

New
1

102p

•

,.V-124r..->

119p

96p

105:

—;

,—J.'

(100

108

compared to September but was
greater than in October last

138p

wnen

was

and

live¬

45% /

over

Deposits—

average)

City..;
York

114

; >

.//?■:

/ Tenth

124

The

,27^'"

———

City

New

123

-r'■?:'

61 ,v,

l__

? 30

.59:

ness

(Kansas City)

following

District

regarding

busi¬

conditions in the Tenth Fed¬

eral Reserve District

was reported
"Monthly Review"
Third (Philadelphia) District •" •"Monthly Review"' of the Federal of the "Kansas City Federal Re¬
.
serve Bank:
It is stated by the Federal Re¬ :Reserve Bank of Atlanta: -October was * the third conr /■'
October rainfall in the district
serve Bank of Philadelphia, in its
secutive month., .in ..which, .the
averagednearly three r times
"Business Review" of Dec. 1, that
lv value of construction contracts
normal and there was extensive
expanding defense requirenemts
awarded in the Sixth Federal
flood/damage in many places* v
and generally increasing incomes
/ "Reserve District/exceeded all
Cattle slaughter and:the proare.. sustaining
industrial
and
The Octoduction
of
trade activity in the Third Fed¬ // previous high levels.
flour,
petroleum,
U/ber total was nearly three times
eral Reserve District at unusually
coal, lead and zinz continue very
4,.: that for
October, 1940; and the
active.
Under. the stimulus of
high levels.
Thfe "Review"' adds
January-October total was 60 %,
national defense, construction is
that'-'production of heavy manu¬
greater than for, that part of last win
factured goods is the! largest on
large volume but non-defense
year,
Pig iron: production was
residential building and lumber
record, 'and factory payrolls are
up
5%; from September, and
sales are below a year ago.
the greatest since -reports were
textile ; I operations .• increased
first 'received' in the' early 1920's.
Eleventh
(Dallas) District
slightly. Department store sales,
Retail sales by department stores
however, following an unusual
According to the Dallas Fed¬
are the largest for this season in
rise, in August and a smaller eral Reserve
Bank, the output of
more than a decade.
Wage earn¬
than seasonal gain in Septem¬ some important manufacturers in
ings and prices continued to ad¬
ber, actually declined in October, this district leveled off in October
vance."
and
wholesale
trade
changed at • the advanced rate; previously
\ Fourth (Cleveland) District
•"
little from September. •
attained, while mineral production
'i

Preliminary. "

0 Adjusted for

seasonal variation.

:.'v

in the Nov. 29

...

George Putnam Fund of;
Boston■—"Naturally'*all eyes are
focused on the Japanese situation.
Like everyone else, we have ideas
!on thisTsubject; but, in /the face^
of so many unknown factors and
so many unpredictable
things that
may occur we see little point in
bothering /you with our opinions.
Our talks with people who are in

Charles

—

George

Werly,

entry into.the

our

merits; I
one

try

Bank

Reserve

Seventh

Cleveland indicates in its, Nov* 29
In its

District

(Chicago)

Dec;

."Business Condi¬
"Monthly Business1 Review"? that
tions"- report, the Federal Reserve
business activity
Bank of Chicago states that the
continued at a record rate- in
October' and vthe' first weeks /of tempo of industrial production in
,

Fourth " District

November

''even

though

adjust-

the Seventh Federal Reserve Dis¬

increased and

construction activ¬

ity was in record proportion.
In
1. "Monthly Business Re¬
view," the .Bank also reports: 'w/w
its Dec.

Consumer

purchases

de-

partment stores declined contra-

trict quickened in. November, al¬ //seasonally/> in October and the
adjusted 'index of sales fell, to
though the pressure against -fur¬
employment-were necessitated by
the lowestlevel recorded thus
ther expansion increased as plant
the1 increasing -importance; of war
;/ ^ak ;this* year.;.
Petroleum
•material productions- The' Bank's capacities were reached, shortages
productiqn^ rose to the highest
of critical materials become acute,
bulletin continues:
and "priorities .unemploymCni'/ih^ y. level of a the /year an October,
•
Pig,-: irun ■' andiX"steel
ingot creased in non-defense industries. ^/whereas,;; the production of reoutput..were - well.- maintained, The dollar volume of trade con¬
/fined .products, as measured by
crude, oil runs to refinery mills,
though somewhat* handicapped tinued
upward accompanied by a
vshowed* little change from that
by- work5 stoppages < at captive
larger volume of factory payrolls
in the//preceding month.
/. bituminous coal, mines and re- and
Lumaugmented farm income. The
/.Vber .production declined some¬
,/ curring scrap .shortages.
Com- Bank's
summary adds: v;.l/.:;
;' mercial
mine* > schedules
were
what further in October^ but
Those Seventh District indusr
increased, so that total soft coal
shipments, remained at about the
tries which are directly conproduction ' .remained '• at
unSeptember level.
y

.ments-in operating schedules and

invest-/

yesterday with
I'll,

give

his

you

conclusions./

"Our announced war status rep¬
resents a change, in degree more'/;

•/

than

kind

that

from

have

fall

the

Low

Countries

Hitler's'.'invasion of
by

/firms: in
obtaining
skilled labor, materials and equip¬
many

ment

needed

Holland.

successful stock price adjustments1
have practically discounted almost;

tinued

gains

in the Tweltfh

Dis-;

trict's two major defense indus¬
tries: carried forward district fac¬

me.'
-

"The

common

attitude to*

sense

toward the

assume

war

is that.we

tory ' employment and payrolls to :will win it.
records

new

Bank's

October.

"Business

Conditions"

view of Nov. 28 further
On

the

whole,

industries
-

other

production
registered

The

and

re¬

says/,. "

activity
than

v shipbuilding

The great superiority
and materials of the United'

men

States,
China

aircraft

Empire,//Russia/

British
and

Germany,

Dutch

Italy

dominions

over

Japan

will

and

tell in the end.
-

"Tax

and

priority positions of1
a small further gain
companies now require increased
dn October.For some weeks study," he stated,' "Inflatic v im-lumben production has been in munity and possible military dep-Z
■

excess

new

orders which have

declined considerably since the

redation

other

are

/ Summer

peak, i, but

output

October

decreased

less; >than

seasonally.- Plywood plants and
pulp y mills operated* as they
have for some time, at
capacity.
Crude petroleum production and
refinery operations showed lit¬
tle change in October;
•«- * > *
.

tors.
'

important fac-'

'.//;. ?"v

-v

CORPORATION'

: •

hand," he pointed
out, "certain influences cmld be
considered
with

labor

Loyalty

good. .*; Less
could

difficulty/

anticipated;

is the order of the day/

Less interference with private in-x
dustrv of the arbitrary, social aim'

■^'(Continued

on page

1544)

Prospectus

request

•/"•/

cerned

Metal*i
v:

fense r;iterns*

•

(

practical

operated

limits ' of

at -.the

expanding

capacity, thus offsetting curtail-

•

with

the

defense

effort

not/only forged ahead, -but also
made ■<-greater
advances
than
were
recorded by .the country
as

whole.

.Steel and coal fell

within this category.

Twelfth

(San Francisco)

District

PYNE,

The San Francisco Federal Re¬
serve Bank

reports that although

I capacity

"tions in

number of industries and

near-capacity

KENDALL
484
,

opera-

PROSPECTUS70 N

REQUEST

Wholesale/Distributors
HUGH W. JIG m COMPANY

;

UND

HOLLISTER

B|oomfiehd Ave.

Montclair, N,. J.

"On the other

NATIONAL/INVESTORS

qsually* \high ,.nlevels.

hampering any ' eventuality—that
was
his:
further aggregate expansion, con¬ studied
opinion as expressed to
are'-

working industries, making de-

increasing difficulties encountered [-"Unless the Axis is completely;/

A
:

and

/become accustomed' to1 since - the'

;

economic advisers.

•

Federal

.The

Putnam,/
Richard

war on

lunched

our

and

a
position to form an intelligent France., '
•'
opinion indicate to us that the task
] : "The first days' drop in stock ;
may be more difficult and more
prices reflected a shock because":
extended than most people appre¬
'of the unexpected nature of the-/:' /
ciate.
Our experience teaches us
Japanese attack—not the war it-;
that under such conditions., it is Self.
This selling found the mar—
well to be prepared for the unex¬
ket in- better shape than during
/
pected; and the unorthodox.
Ithe panic of May, 1940, following:

stocks."—From

common

Trustees

the

The

Rates—

•Velocity
,

105

——

consumer

services

Miscellaneous

—__

goods—total'-wi---------

I35p '; 118p

•

118

goods

Primary distribution
Distribution

i27p

-_i_—

goods—total
durable goods

Consumers'
Consumers'

124

101

goods —;—

1: ber showed mixed treads

108p

lisp r'

Producers'

53%

Business volume during Octo-

;5fc

EXCHASgE PL.
JERSEY CITY

634 SO. SPRING ST.
;

LOS ANGELES

;

Thursday, December 18, 1941"

CHRONICLE

THE COMMERCIAL & FINANCIAL

1544

titles and tax rates,

FLORIDA

gives

issues

start

comprehensive

familiarity- with these
municipal bonds.
We will be glad
to
answer
any
inquiry
regarding
background of

them

place in the past fortnight on able, a total of , 55,765 measures
high-priced
obligations, —averaging 1,430 per State—was
dealers report that increased de¬ brought to Legislators' attention
mand has been manifested.
This this year;, in 1939, the number of
better
tone
may
be
attributed bills introduced totaled 56,334.

took

obligation.

no.

age

partly

from

news

more
optimistic
the actual
fighting

the

and partly because

zone

1,293

of calmer

years

for the

store

•

municipal coterie is problematical.
Point of view of dealers is that

approve

place,

take

action

such

the

levied

was

are

it brings to

would, of course, automatic¬
ally,create a problem of reinvest¬
ment and it is not considered good
investment policy to hold large
sums of cash in war periods.

Sales

Tax Exemption Of
Ep¬

Municipal

the

addresing

Forum

of New York last Friday,

stated

flatly

Treasury

the

that

Department should cease its agi¬
tation for the taxation of State
and local bonds.

arguments
which the Treasury Depart¬

upon

the

ment based their

plea for the tax¬

of local bonds, Mr.

ation

records

were

arguments

their

Epstein

Treasury's own
complete answer

the

that

stated

disputing

that

wealthy were escaping taxes

there

that/ moreover,

was

the
and
no

chance whatsoever to obtain rev¬

for national defense

enue

had

which

sold

been

without

upon

the

pledge that they were tax exempt.
This, Mr. Epstein said, would be
disastrous.
"By taxing outstand¬

Solicitor Gen¬
eral continued, "the entire moral
integrity of our National, State

ing securities," the

securities,
have to make
because no

taxpayers would
up the difference

government can retain

public's confidence and break
a
promise.
Not even the
Treasury dares to suggest an in¬
tention to tax outstanding issues,

which

obligations

Legislative Proposals
Decline

serves

least

recently

Flor¬

Chamber of Commerce

State

ida

Panama

City,

that

declared

constructive tax legis¬

'thanks to

lation by

1941."

operations

from

continue
even
though

tor

counties and other local
the

this

year

slight decline from the

the last year when
Legislatures met in

the

regular session.

1% more of the

are

strengthen
the
local units to
property taxes ade¬

greatly
of

collections

problems

property taxation which has oc¬
cupied an uncertain status until
recently
tax

the

interest

concerns

resident's
in

jurisdiction
beneficial

non-resident

State

highway

for the "tongue-in-

one

North

department.
Governmental

Da¬

Survey
to

Congress

people,

The

variety.:
and

the armed forces will expect

efficiency in conducting the war.
in

investments

"Substantial

selected,

carefully

diversi¬

well

stocks are his recom¬

common

employ

Distributors /-r

Massachusetts

"The outbreak of war brings with
it many serious problems for in¬
vestors: The difficulty of selecting

Govern¬

of the State

ganization

,"v 'i Out in Salt Lake City

sion which employed the firm be
abolished.

individual securities is greatly in¬
creased due to many influences

Remain

the holding of

velopments;

power

cash

because

risks

mal

assumption of abnorr
its purchasing

the

entails

is seriously threatened; the

stocks

bonds

for

all

and

preferred

and

grades

classes

in light of
influences likely to af¬

reappraisal

requires

Strong/////"

play; the normal .risks of invest¬
ment ar^ int^sified'bjrt^fe Uh)af6-;
dictable nature of tiay to day de¬

outlook

Canadian Bonds

>•••■

many new

bonds

Canadian

their

have

would

-y

/• /*,Y/Y

first

//:.■/;///::

to
life

this

$10,500,000

highway fund is to be used
as
follows:
30%
for
highway
maintenance and 70% exclusively
for current debt service and the
State

■

Finance

Prepared
&

Co., Inc.,

Boston,. are

Street,

Y
75 Federal
distributing

the 33rd edition of their

quarterlv

up-to-date financial
statistics of the Commonwealth of
booklet

Massachusetts, its counties, cities,
towns

and districts.

'/.■-/

tonic effect

Canadian

entire

the

;

85% of the gasoline
now
at' 6^
cents
a

gallon,

Data

Ky. Appeals Court Rules
On Trust Property Taxation
legal

(Continued frovi page 1543) : ~

Chicago public administration
service to draft a plan for reor¬

refunding

registration of mo- -;
vehicles
and
approxi¬

Tyler

the

Investment Trusts /

fied

Here's

which pro¬

1941

revenue

Mass. Local

the

redemption of bonds.

the

quate to finance their opera¬

One

total for 1939,
most

{

the

The

units

laws

for

the

tax,

working out in such a way as

tions."

"laws."

tax

new

,'V1

;

mately

J servation can be made of the

of the

enacted, most of
them relating only to finances or
administrative technicalities—not

bordering

associates.

and

apolis.,

Montana

.bond

structure. 'Y'Y//'///: /;.
been

American

this

problem

if Canada
5s

prob¬
enough

to make
dollar

were

reprinted
ber, 1939.

from

Dec.

•

(

13,

1941,

Brevits, Septem¬
'

Investment Company Briefs

bonds.

would be lessened
able to refund its

which A there
are
outstanding) with,

(of

danger of allowing judgment to be
influenced by emotion instead-of*

pur¬

and

country

American

service

obtain

currency

chases. in
This

/ / reason."—Brevits,

main

Canada's

One

which
lems has
consists of all income arising /

■

Approximately 30%
were

The legislation
established

largely
increased to finance the defense efforts.
The same ob-

day.

showed

from

York.'; The only other

Wells-Dickey Co. of. Minne¬

bidder was the

has

kota's

trustee.

vided

strong shape to

State

the

introductions

petition for retrospec¬
The
Sutcliffe's es-Court's opinion, is of Court

assessment of

fund

State

the

leaves

"This
very

headed by ,Foxn Reusch & Co. of

group

City. Bank of New

cheek".

;

•

silver

the

anniversary banquet of the

were .rejected;
This;
issue last December to

generally are fect interest rates and price levels.
highs of the last Overshadowing all ;i these prob¬
couple of years, a few of them lems—the duration, the trend and
around par.
issue earlier this year.
Some are 15-points the ultimate effects of the war it¬
or
more
above Jheir. 1941 .lows. self are unpredictable. Y
The account had a balance of
/
If the strength in Canadian bonds
"In addition to new problems
$5,295,713
before
credits
from
November collections were•); en¬ persists it is believed likely that are new dangers: The temptation
a refunding operation will be ar¬
tered. The gasoline tax at $1,274,to seek quick speculative profits
129 and the motor vehicle license ranged in this country regarding because of gyrating markets; the
the 5s of 1952 which become call¬
at $194,400 set up a gross credit
tendency to allow new conditions
able next year at par.4:/Y
of $1,468,530 for the highway fund.
and
new
influences
to
obscure
Y
In the past few years all
Other
tax
totals shown in the
fundamental f principles
of con¬
/ Canadian ; Government
and
State refunding board's report for
servative investment policy; the
provincial issues maturing or
November showed $188,400 from
reverse
tendency to rely solely
/ becoming callable have been
the
cigarette tax, $74,518 from
upon conventionally conservative
handled internally.
Refund- •
the severance tax, $719,432 from
policy without making proper ad¬
ing through an issue of U. S.
the sales tax and $114,299 from
justment for new conditions and
obligations doubtless
the income tax. />./////////Y /, dollar
new
influences; and, finally, the

Spessard L. Holland,

Governor

speaking

collect

Bill

ex¬

Arkansas To Service

Florida Finances Termed

Council of
Governments said last Fri¬

new

to apply a life

of Road Debt
of
With
November

Greatly Improved

ability

measures

Cali¬
counties/ Cal¬
ifornia and Oregon aren't taking
the
secession" seriously, believ¬

intangible
property
taxes
on
trust property against the bene¬
ficial interest rather than against

soundness."

this year, with three States

unreported,

Dist.):

offered

nrlginally

bids'

State ; Supreme
mendations
for
every
portfolio
just ruled that the under his supervision," he told me.
tate.
The
State's corporate license tax is
widespread; significance because
—From the Editor, The New York
it provides
a
procedure for all virtually an income tax, there¬ Letter.
those States which apply their fore should not be levied.

credit analysis
appraising
investment

and

were,

8, but all
district.awarded

fornia and Oregon

Commission has voted

bonds

These

ing .iL is more;or loss an/effort

tive

for a careful

sary

58,000 bills were in¬
troduced in State legislative ses¬
still

..agitating

are

constituted

used in its

information neces¬

outline of the

Dec;

experts employed to reorganize
that
city's government
recom¬
mended
that the City Commis¬

its

sions

men

49th State—Jefferson-r-to be

pectancy table and compute the to advertise the mineral, .opporcapital value of the: beneficiary's ; tunities of thd region arid -to ob¬
large j appropriations
for
life annuity.
This is the method, tain
as
a
matter of fact, which the roads into the mineralized sec¬
X /'.// YYV'/
• ;; Y"/:
Commonwealth
had
originally tion.

Federal taxes must be

mining;

ready
for

ment.

such

Show

.(2d) 1028, the Kentucky

announced recently that
reaching an all-time high at $2,all State and
901,937 and December contribut¬
National banks in Illinois the new
ing the bulk of motor -vehicle tax
book "Municipals," published by
receipts, the Arkansas Depart¬
the committee on municipal ob¬
ment of Revenue expects to com¬
ligations; Of the National Associa¬
plete this month ; the $10,500,000
tion
of
Supervisors
of State account to cover debt service on
Banks.
Mr. Lueder termed the
highway
maintenance
costs -as
publication a valuable handbook
specified in the contract with the
in
municipal credit analysis and
Reconstruction Y Finance Corpora-;
noted that it "presents a form of
tion which purchased the $136,uniform credit file for municipal
000,000 highway debt refunding

the

1941

April

the Court is

economies,-the financial position
">f the State has vastly improved

destroyed.

said

Sutcliffe, 283 Ky. - 274,

the

awarded by the district last
syndicateVriheaded by R. W.1

ponds .were

regis¬ ."Pressprich & Co. of New York.
enacted by
$519,000 Scrpntoti,: Pa. (Sch.

certificate

Court of Appeals ;held; that; its
original opinion determined this
issue.
Briefly,. the appropriate
method of assessment :as found by

In fact, viewing the
promises made on the issue of

vs..

140 S. -W,

will

local fiscal transactions

$3,944,000 Orleans Levee District;

.^;La///////;;;r;.Y';/ <////;..

the 1941 Legislature, to
the increased collections in sev¬
eral
tax
fields and to various

and

/Y::y;:YY/; Dec., 29th

tors, and all food sellers will have
secure

opinion; in,

wealth

2%.

Lueder, Auditor
Public Accounts of the State

securities

outstanding

taxing

Administra¬

Illinois,

Henry

General

Solicitor

stein,

.They

county. /yy:*

above

Tor "the

;
bonds on record
•-

recent sale of

is no

There

Municipal Credit Book
To Illinois Banks
Arthur

he will distribute to

Bonds Defended

Local

impost and Virginia,

Co. of

22nd

held, the market would collapse in their fiscal picture, the Tax
quickly.
Institute
of - the
University
of
/ If,, as is more generally assumed
Pennsylvania, points out. /////
the : exempt
status - is ' retained,
in the current issue of "Taxes
njuriicipal
bonds
should show
for Democracy," popular release
strength, possibly superior to that
of the Tax Institute, State rev¬
of other classes of issues,';
This
enues from the poll tax are shown
would prove the case particularly
to have yielded in; 1940 only 1%
as and if income taxes advanced.
of all the State income of seven of
At present demand for municipal
the 10 States.
These were Geor¬
bonds
is
largely
institutional.
gia, Indiana, Maine, Massachu¬
Further advances in income taxes,
setts, North Carolina, Texas and
it is held, would create a market
West Virginia.
among personal investors.
In Connecticut where the poll
A;< significant point
in recent
tax
is levied by counties in be¬
developments
is the fact that
half of the State for old age as¬
large-scale investors did not at¬
sistance purposes, the State net¬
tempt to dispose of the securities.
ted 5% of its .revenues from this
Most state and municipal bonds
source.
Vermont with a poll tax
are in
strong hands and there is
for the same purpose got 4% of
little likelihood that substantial
blocks
of bonds
will be sold. its State revenue from the poll
tax

bonds,
in

Cincinnati. Runner-up was E. H. Rollina1 &
Kentucky,; in Here And
Sons, Inc., and associates..
the view of-the trust beneficiary
There
S
expressly involved, left open the
/"
Jan..5th
\
question as to how the trust prop¬ V Up, in Ihe;:
$2,700,000 State of Minnesota
erty which could not be assigned tains of Northern .California.and Last
August the State awarded similar cer¬
Oregon
rough r and tificates to a group headed by the National
was
to be valued.
In Common¬ Southern

where it is still
little consequence

States

*
Runner-up

$560,000 Tulsa Co., Okla.

will

"Massachu¬

of'• Tax

Federation

April.

Dec.

Court of Pennsylvania in¬ tration. The law was
dependently ; decided
that
the the 1941 Legislature, to provide
for '
increasing ; t h e
state, of i beheficiary'if; residence revenue
amount of old ag£. assistance/ '
could impose a property tax.';
;

actual State revenues

Should

obligations.

outstanding

serially,

inscription

preme

v'V

/ ./ *
the'jfuture of the municipal mar¬ Yield Discussed /
ket,: relative to other classes of
For all the political controversy
bonds, depends .primarily upon that rages over the poll tax, the i/;The
whether the Treasury seeks to tax

a y ear ;ago the'. Kentucky
of. Appeals anj the/Su-

'///

awarded the

were

last

sale

for

separate

tjbe bidding was the Northern Trust
Chicago, and associates.
y

b,6 issued" for all meals,;re¬

will

and associ¬

two

■

Dec. 19th

banks

Tulsa

offered

Special ;.;;pnieal

numbered

Old ;Age;

setts

intangible .property.

comprising

this year. Two

Poll Tax

V-V

the

$3,833,000 Tulsa, Okla.
Two

gardless of price, according to the

1,102 measures wete About
7' Court

ago

vetoed.

will

residents

iriore; /

the

bear

et al, and Salomon

checks,

';v

passed by Legis¬

measures

latures in 37 States

/;//// ■'

trading.- /V/'Y. /
Just what is in

failed

Governors;

goes

best

////'

building up the State old
pension fund with their ap¬

dollar

;//,

a 5 %;
all meals served to
the public which amount to one
tax

RECrummer S. Company
1WINOIS

../,';

second

Co.,

of New York,

Hutzler

issues. "*■:•-

petites Jan. 1, 1942,

/ //

these

1ST MAT DANK

Halsey, Stuart &
ates,

Massachusetts'

experience in handling Flori¬

Our long
da

Taxes Meals

Minn.

Syndicate headed by Phelps, Fenn & Co. of
New York, high bidder for bonds in August.
Bros.

MUNICIPAL BONDS

hostil¬ bills;, introduced this; year was
ities in the Pacific caused muni¬ passed,; however.; > Measures, ve¬
toed numbered about the same
cipal prices to skid for the first
few days but they now seem to for the two years. 4In 391 States for which com¬
have regained their stability. Be¬
cause of the rapid decline which
parable information was avail¬
sudden outbreak of

(Today)

Minneapolis,

$3,940,000

Massachusetts
The

Dec. 18th

ulation, gross and net debt as of
Oct. 1, 1941, net debt ratio and
per capita, assessed valuation, tax
collections to
Oct. 1, 1941, tax

FLORIDA

$100

A dividend of 14 cents per share

will

be paid

the capital stock
Corporation

of. National Investors
Dec.

23, 1941, to stockholders of
Dec. 15. ' This payment
will be approximately equal to the
tions this probably could be done
cash
dividend
income, less ex¬
without difficulty.
penses and irrespective of security
Major Sales
profits or losses for the second
million

4s. ;

sav.

Under present market condi¬

We list herewith the
n

($500,000
issues

municipal
or

record

offerings

over—short

excluded),

im¬

which

term

in the

names

near

are

the' successful

bidder

was

Total

paid.

24 cents per

the

runner-up

Statistics of municipalities pre¬
trust sented in the booklet include pop-. pended.

for

the

last

is^ue sold are also
-

dividend

share compared with

21; cents per share paid in
•

1940.
■ '

Who says investment trusts are
"no better than the

and

10 cents per

oayments for 1941 will amount to

The

future.

For the first half,

■

come

half of 1941.

Scheduled

port a

Nov.

average?'! On

29, 1941, the Dow Jones In¬
Average stood at 114.23,

ap¬
.

dustrial

../• :

just .10 points above the May 21,:

;fe-Volume 154

Number 4021

THE COMMERCIAL & FINANCIAL CHRONICLE

1940, mark of 114.13. > Over that
period, while the Average made

off cotton and wheat. That

brakes

is that these

without any adjust¬
ment for dividends paid.
''77-7'
"; >:« -, *; %

crops

expanded at

$3.12—a gain

14%

over

suggestion

crop-reduction

taken

headway, Republic Inves¬
Fund, a leverage trust, ad¬

vanced from $2.72 to
of

Fulmer

that

net

tors

acceptance

1545

the expense

beans,

might then be
of soy¬

hog, dairy, and other

corn,

lease-lend farm products.

■

The Directors of American For¬

Miscellaneous..

BANK

Look for fur¬

eign

ther

holders of record

Presidents of poor press relations
at their annual convention. They

Investing Corporation del clared a quarterly dividend of 10
cents per share on the common
stock, payable Dec. 22nd to stock•

This is the

same

last dividend

paid

•

ing.

amount

the

tleship!"

(Continued from page 1540
bought >■; about all the
while /the

; summer

the

buying

flatten

Was

cost«of

prices

current

laid

chart

parallel 4n

years

the:.

the

;ing

paralleled

late

1941,

living

After

war

sale

our

prices

levelled

t r-thought retail

prices

off,

Incidentally, for

accurate

story

economic

and

price

history 25 years ago, see
"The Business and Financial Rec¬

ord

World

War

and

Cash

re¬

will

from

ships

help,

7/V

■

Hand and in

OCTOBER, 1941

Loans

•

; 7

♦

;

•

Banks, including Bank of Canada

;

with

new

42,648,170
3,374,763

Commercial Loans and Discounts
Bank Premises

put
.

this

.•

Liabilities of Customers under

larger than in

•

♦

Acceptances, Letters of Credit

This

war"

people.
blackout

LIABILITIES

Deposits
Deposits by other Banks

•

.i-

2,596,731

.$143,151,535
.

•

3.264,991

•

Notes in Circulation

Acceptances, Letters of Credit and Sundry other Liabilities

air-conditioning

tit

•.,;.-«;••'

•

4,189,539
7

3.258.099

Capital, Reserve and Undivided Profits

14865,511
$168,729,675"

bombers, etc.
What Churchill
lished by Herbert D.
said of Libya (he quoted a
cap¬
Company (25 Spruce St., N. Y. tured German officer) seems true
City), a collection in one cover also of the Pacific war—"a para¬
pub¬
Seibert &

,ar

Wide,
blast-furnaces,
factories, stratosphere

Years,"

•

"air-conditioned

the

say

' 7

$168,729,675

only good port
between Port of Spain and
Cape¬
excellent article

5.386.931

and
■

calculations. Dakar

*80.614'532

...-,7..

Sundry other, Assets

is best and almost
See

,219170

[

•

ships.... Don't overlook
war

$33,889,378

„

••*••••••••

•

also

times

31st

limited

our

(which will
the .railroads)

Call

this possible near-term theater of
war
in
the
current
"Harper's".

complete and

of the Board

town.

; con-,

tinned the 1916 rise.
■

A. BOGERT

General 'Manager

assets 7,;/r

merchant

shift

America

Africa in

whole-:*

own

in 1939, due to transfers to Britain
v
But that will soon be made
up
.

weentered'

1917

Office — Toronto

Chairman

•

:'t;:;0i'

CONDENSED STATEMENT

1917, but somewhat smaller than

jner.>

our

several

war

lev—

elled off last spring and sum-

But

years.

U. S. merchant marine starts

war

and

Big

transfers

;

ilv Britain's cost

1>:;-•"•;.(•.7.r

Deposit with Minister of Finance

added load

two

■:

Government and other Securities

South

qfp7

apparently lending — the 77
sharp rise in 1916 is not be-7:

;

last

merchant marine

the 4 curious

•vi'is

combat
.

coastwise

first

Garolina

tion.

The:v

wholesale

the

for

those 25 years ago shows that iv
n '

•ROBERT RAE,

longer be public informa¬
However, Axis ships from

will

liV'-c

?ing, not lift it further.

;:.1; chart

'Vice President

-reconditioned.

North

allocation in

will actu-7

war

the

Head

r, s. Mclaughlin

President

Phenomenal increases being
reported
in
shipbuilding
now,

looks'■ 7 ships.

not

though the

ally

"One old bat¬

CARLISLE

now.

both

r'7:> Believev it

been

battleship

new

:.r

C. H.

they}wanted last spring and they'll be coming thick and fast

p: cars

t.f

CANADA

Established 1871

Insurance

parently

.''•7-7

the

accuse

Life

April and the Washington last
May we haven't commissioned a

have

Until

JOTTINGS

mill pric¬

They're all old, though

most

can

hadn't any at all.

Sept. 23rd.

Nobody

Association

10th.

Dec.

extension of f.o.b.

of the

1914

"Chronicle's"

through 1918.

reports from dise for the strategist, a nightmare
for the quarter-master.
(Price $6.)
."
.

NEW YORK AGENCY49 wall street

A.W. RICE, AGENT

'.V
;

•

Radio jottings.
\ The indus¬
try is just getting its head above
.

Mobile Gas Service

water, what with war news, cen¬
sorship, West Coast blackouts
.

cut-ins

for

kept

thought they
people
listening.
up.
Sta¬

news,

-Others:got rather fed
tions give either
stitute time
in value

refunds

possible.

sub¬

nearly comparable
.

Look for

divorce of Red and Blue networks
next month, Red
(WJZ . in New
York) to remain "NBC Network"
and

Blue.

become

"United

Broadcasting
System
or
some¬
thing like that.
..NBC. and CBS
vgot a.; postponement to Jan. 12
of hearings on the networks' mo¬
tion to enjoin FCC from enforc¬
ing .its, new rules, on network.

The

dends.

Three-

judge statutory court headed by
Learned
seems

CBS

Hand

.7.

officials

President

chief

reason

preoccupation
the

with

Roosevelt's

war.

first

of
.

mes¬

sage after,Pearl Harbor estimated

have

had

90,000,000 listeners.
Foreign-language broadcasts
continue;, but short-wave people
have
dropped news commenta¬
.

tors.

once

built"

cotton

vastly
textile

Outstanding

hard-pushed.

shift

over-flow
rayon,

and

two-

It has to

needs

;

from

war

and

tomers,

stock..'

substantial

From

commercial

cus¬

volumes

black-out

now

re¬

10%

will

increase

sub¬

recent

years as a result of the growth of
population and increase in indus¬

activity in the Mobile

City National Bank
City, Kan¬
City, Mo.:
From
$600,000
to
$1,000,000;
amount of increase, $400,000.

Branches

The Merchants National Bank of

preferred

Location of branch: 513

Boyls-

Dec. 3—Union Planters National

Bank & Trust

stock,

mal" and
,

over

than

cotton

1,000,000 bales

current

crop.

American 7

Despite

cotton

carry-over

already

shortages

huge

there
in

are

some

grades and staples.

leans);

Lamar,

Probably only

thing stands
in:,way of near-term Agriculture

one

(New Or¬
Sterne, Agee &

now

business

conducting
from

Street, New York City.

Rates

Call

commodities.

of purchase and

of ship¬

witi

these

New York, N. Y.
December 16, 1941

DIVIDEND NOTICE

Philip Morris & Co. Ltd.

Wall

Inc.

Stock, 414% Series, has been declared
payable February 1, 1942 to Preferred
Stockholders of Record at the close of
business on January 15, 1942.

modities

reached

agricultural

the
the

British

180

MADISON AVE.

pro¬

Act,
550,000,000

pounds during
partment
of

Surplus Marketing Admin¬
reported that the food
other agricultural commodi¬

ties delivered to the British from
the

beginning

operations

NEW YORK,

regu¬

lar quarterly dividend

of 75r per share
the Common Stock, payable
January
15, 1942 to Common Stockholders of
Record at the close
of business on

N. Y.

December 29, 1941.

STOCK

PRIOR PREFERRED

L. G. HANSON, Treasurer.

THE Boardquarterly dividend,in the
regular of Directors has declared
a

of $1.25
per

amount

Cumulative
Stock

Series

share, on the 5%
Prior

Preferred

THE SUPERHEATER COMPANY
Dividend No. 143

payable

on January 1, 1942, to
stockholders of record at the close of
on

December 26, 1941.

JOHN A. LARKIN,

istration
and

5% CUMULATIVE SERIES

Lend-Lease

total

There also has been declared

CORPORATION OF AMERICA

com¬

Govern¬

business

Inc.,

for

riHUP MORRIS"

commitments.

The

securities

offices

other agricultural

months

number of

Shipments Are Large

Delivery

000,000.

Mattikow In NYC
Lawrence Mattikow & Co.,

is
;

Ward,

Oct. Lend-Lease Food

October, the De¬
Leach (Birmingham), and Shrop¬
Agriculture
an¬
nounced
Dec.
8.
October ship¬
shire & Co. (Mobile).
ments were valued at about $30,-

during the

as well

A regular quarterly dividend of
$1.061A
share on the Cumulative Preferred

bales

year,

needs

per

Kingston & LaBouisse

tein

ahead,

Location of branch: 1540 Thomas

is at rate of nearly

12,000,000
twice "nor¬

one-

St., Memphis.

visions

Co.;

We have agreed to furnish

fourth of Britain's animal
pro¬

Company of Mem¬

ment, for shipment under the

phis, Memphis, Tenn.:

Starkweather

require¬

organization;: James L 'Har¬

Purchases
are
being
made with Roy Gridley & Co. for1 many
daily to provide for large con¬ years.
tinuing supplies of the Amer¬
ican farm products which are. so
DIVIDEND NOTICES
vitally needed across the. water.

ment will be in line

St., Boston.

poration, comprises The Robin¬
son-Humphrey
Co.
(Atlanta);
Granbery,
Marache
&
Lord;

consumption

1—

mer

repre¬

Calumet

Authorized—Dec.

This

rison, Jr., and Louis Schulhai'er,
nearly 20,000,000 pounds
Mr.
Schulhafer
of agricultural shipments
was
associated
daily.

& Trust Co. of Kansas

4—The

October.

area.

underwriting group for the
and

.*}

sented

sas

addition to The First Boston Cor¬

of its output, but

Current

ments.

has undergone
expansion during

day

during

Dec. 3—The

ton

The

The steadily increasing flood Partners of the new firm are T. U.
food
to
Jtsritain reached a Crumpton, President of the for¬
rate of $2,000,000 worth a

$1,200,000 to $1,500,000;
increase, $300,000.

Boston, Boston, Mass.:

bonds

quirements. Army takes 20%,
increased
civilian
require¬
ments

common

dential

and burlap indus¬

-;7'7*•'"71:;7 v7: 7 '7 7 7" "717;.-■■ "7

amount of

Dec.

trial

April up to November 1 amounted
Now T. U. Crumpton Co*
to more than
2,200,000,000 pounds.
Cost of the
commodities, delivered
BIRMINGHAM,
ALA. — The
at shipping points during this
pe¬ firm name of
Roy Gridley & Co.,
riod, was just under $250,000,000.
First National
Building, has i>e4a
Roy F. Hendrickson, SMA Admin¬
changed to T. U. Crumpton <5sifCpl
istrator, stated:

National
Mobile Gas Service Corp. is an
operating public utility distribut¬ Bank of Hammond, Hammond,
Ind.:
ing and selling natural 7gas in
From
$250,000
to
$300,000;
Mobile, Ala., and vicinity.
In
addition to sales made to resi¬ amount of increase, $50,000.

stantial

capacity, i.e., nearly at

try,

$1,400,000 of the new 3%% bonds,
6,000 shares of $100 par cumula¬
tive
preferred stock, and 5,000

company

Operating

135%

three-shift capacity.
meet

capitalization

industries,
including an aluminum .ore re¬
plant and a paper and
pulp mill.
The business of the

"over¬

around

silk,

Tenn.:

duction

industry

now

„

the company after the completion
of the
financing will comprise

7:77. ;7;7 -.77

gas are sold to various

The

'''7'7-7: 77<7-V

Boston

Corporation
heads
an
underwriting
group
which
is
today making public
offering of $1,400,000 of Mobile
Gas Service Corp. first
National Banks
mortgage
bonds, 3%% series, due 1961, and
The following
information is
6,000 shares of the corporation's from the office of the
Comptrbllbi'
6%
$100 par value cumulative of the
Currency, Treasury De¬
preferred stock.
The bonds are partment:
priced at 104.68 and accrued in¬
Common
Capital
Stock
In¬
terest;
the
preferred
stock
at creased,
Dec. 1—The First Na¬
$92.50 per share and accrued divi¬ tional Bank of Memphis,
Memphis,

;

affiliate relationships.

First

Correspondents throughout Canada

London, England, Brancli: 3 ICing William Street, E. C. 4

Issues Are Offered

advertisers liked the station

some

Branches and

:7- 777777. ' 7.\7»T.7'/V,:.77.7;'

•

December 9, 1941

Vice-Pus. & Sec'y.

(25c.)
of

-1

dividend

share on

per

the

January
the

quarterly

Company
15,
of

1942,

all

has
to

business
M.

twenty-five

cents

the

outstanding

siock

been

declared

stockholders
January

SCHILLER.

payable

record

1942.
Treasurer.

THE COMMERCIAL & FINANCIAL CHRONICLE

1546

k'VA

Thursday, December 18, 1941
they wished by any one of a: num¬
ber of devices,, and.-which-may
rectify at any time - they wished
by any one of a number of de-.
vices, and which may rectify it-

The Secnrities Salesman's Comei
MAIL

DIRECT

IDEA

selfA>.;dA"'^4/

THAT

HOLDS CUSTOMER GOOD WILL

between a securities salesman's visits to
his clients is often the time when his competitors gain a foothold

jolt which the bond market suffered immediately

severe

the Japanese attack and the war declaration was actually an
intensification of a subtle trend which has been discernible over the

same

very

orities, who have it in their
to

is naturally a matter of conjecture
a

but

observers

For

stocks—then send him
a

wish

notice of

the

pending change in crude prices.
priorities affect a company in

any

salesman

wealth of Corporation
News in the Statistical sectioiis of
the

find

spreading over a
of about ten weeks were
reminiscentofthe paction of simi¬
lar issues in the latter part of 3,936
and the early part of 1937. AUthat:
•time, it will be recalled; the 'lead
.taken by short term; ? Treasuries
was followed by long< terms, jfirst

you

and at the

in hand and
on

opposite

•

Chronicle* which
card takes a one and one half cent
appears regularly in the Tuesday
'
and i Saturday
editions.
These stamp.
items are printed in an ideal size A This card can be further per¬
for the purpose of the following sonalized if there are a number of
salesmen in the organization by
mailing plan.
having your printer insert (From
Have
.

printer supply
card of pasteboard '

your

you

with

stock

that

will

graphing.

be the width of
and

half

one

Across
•

the

should

letter head

its

top

facsimile

printed the

card
name

of the firm, its address, tele¬

type
and

telephone

or
any

other

corner

stamp

can

use

pectation

Association memberships that
are

desired.

made up these cards by using

reverse

the

;;

with the firm

and other 1

name

yourself before

blue edge along the top of the
card

which

uses

about

one

and

in width.
can

the

In the event

CHICAGO,

two

list, this card then

purposes.

can

partner

become

the

New

York

market

tors

pointing

toward

lower

the.

Exchange house of Sincere & Co.,

There is
United
and

will

that during

the

military

severe

tinue

befall

the

Allied

arguments presented

sure

cause.

for

Sale

Securities

Who Want To Increase
Their Sales
The

who

salesman

customers

That is

easily demonstrate to

in their
To

the

success.

your

as
a

the

countries

run

old as it is

customers that

his

you are

Tuesday and Saturday issues, in which

which remain enor¬
there are hidden reserves of
funds which, if added up, reach
unprecedented proportions. Statis¬
cess

And you can

new.

sincerely interested

most

will take but

interested

and

Cut out those in which

mail

few minutes each

customers will appreciate your
measure

good-will.

if not immediately.
v

them

with

week, and

your

customers

Your sales

are

almost

sure

business card.

may

you

thoughtfulness.

sure

You will win

with the

Federal

that
a

Reserve

...

This suggestion is passed along simply because we want you to get'

are not
news

are

published.

gladly

send

you

If this should be the case, just let us know and

sample

copies

Saturday issues—without obligation, of

the

current

Tuesday

and

necessary to do so,
through the'payment of in¬
terest for it or byt more direct
methods;:. 1-The. I relatively
small
it

were

either

*' "

course.

amount of

excess

reserves

in the

ingvtb

create

higher

STREET,

NEW YORK, N

and

(b)

among

world
i
•

;
.

ing a large return over a long
period of years.
In the first

place,
ward
into

they cannot
more

the

than

future,

make

and

the

of the

are

large

they

will

not

return* and if v;
they do, taxation will take it '
away from them. The* general *
disposition is to be on somebody's else» payroll, to makev# *

'
.

that

for¬

few months

second place, they

opinion

look

good,

current

possible, and to

plus wealth

living

conserve sur- ^

liquid >. form
a
rainy +day.
Thisxpsychological
state a of
f ear
,

•*'

moment; is largely an
artificial"situation created by acts
of ^ the. Federal - authorities which
they could

rectify

against
4

;

in fact be the key

may

planation

pur

bull

market of the last ten

ex¬

bond

years.

Further discussion of factors af¬

tend-, fecting the course of the, bond
short-term- market, iri view" of bur current- :

rates at the

25 SPRUCE

management

two uni- f

New. York market, which is

The Commercial & Financial Chronicle

world-

structure in the hope of mak-

be recalled to the banking system,

(a)

impulse today to tie that.
capital up in fixed plant and

or bond ^buying power. A
large 'part of this currency could

military,

Serves

;

Holders of cash capital have

;

be, however, that you

receiving the Tuesday and Saturday issues, in which corporation

items

will

It may

Banks

themselves if
they were' disposed to do So. The
large ambunt of currency in cir-1
culatibn Coristittites, inbart, a po¬
tential addition to banking re-.

face

apparently

factors:

monetary

" authorities,

government "bonds

greater v

Federal

the

thev psychology
of fear
business
executives • the
over<
f
>
* t "* '

could how buy in all outstanding.

your

other

de¬
.

government

reserves,

and

This xiA

to increase—eventually,

full value from the "Financial Chronicle."

your

;

will

versal

have computed the aston¬
ishing fact that the surplus of gold
in this country is now such that
the Federal Government, together

will find hundreds of

you

government's

wide condition based

ticians

It is

serves.

mous,

through the "Financial Chronicle," particularly

individual corporation news items.

years

(1) The
supply
and
demand
position of money still is weighted
heavily in favor, of firm bond
prices. In addition to reported ex¬

general rule, than the salesman who

truism,

-A-.

illustrate—just

welfare

the

catastrophes, economic catastro¬
phes, enormous credit expansion,4
and the draining off of
gold re¬

interested

countries of the world, belligerent
neutral. This is true in many

genuinely

successful,

lacks this viewpoint.
so

sweeping

bond prices have
learned to stand up against such
developments a in
extraordinary
fashion, but it may be that they
are not yet altogether immune.
4 The four arguments presented
by Homer & Cb. against lower
bond prices follow: ; ;

#'W ■;

the proceeds;of new
;

Broadly
speaking,
high
grade bond prices are at or near^
all-time, highs
in
virtually , all

decline in bond prices. During the

past two

for

(4)

in the Pacific might

cause

out

crease

such developments would, a very
few years ago, have been consid¬
ered

for ;

reserves

mand for money.

reality presently. All of

reserves *

and

mand
for
money
may
diminish A
rather than increase and this may, 4
in part, offset the prospective in-»

con¬

become

taxation

manufacture which is just getting
under way. Thus, the private de-

this

war

unprecedented

seasonal
demands, for
A large part of the initial
borrowing of the defense program
to build plants and to acquire ma¬
chinery will be presently liquida-

become

will

finance

next six months
reverses

funds.

erent,
i

for '4 4

depreciation are
reaching: new
high amounts and in the future
may, be
largely
sufficient
to

table

Corporations'

future

prospect that

involved

unless 'it

plants permits A
of cash in corpora¬

hands

rate.

A sudden

four

tion

States,

any

11T

armament

building

their purchasing

every

debts

new

ance

perhaps as an avowed bellig¬
and there is a possibility

war,

prices.
The

because

•

1942-rather' than t increase. > 4 A

short • periods, 4with their
ability to. pay triply assured. Fur-':
thermore, the large tax program
and the heavy depreciation allow¬

on.

rise

is limited.

*4 bond

Stock

cur

influence

very

the cost of living, and the prospect
that this rise will gather momen¬

(4)

fac¬

prices and those indi¬
cating maintenance of high

The

power

the

reviews

(3)

and other funds will dirnin-

pression years and which are nowV
beqoihing liquid due to business * 44
activity. 'The 'continued * heavily '•* • ;
pessimistic- attitude of\business-' 4
men throughout the nation is and W:
will dispose them to pay off debts
whenever they can and not to in-A A

tum, tend to make bonds less at^

1941

1936,

November,

"Bulletin"

November,

drain

part'

sGpncdrrently?AVith; neW^bbin^ii^^Ai
for A defense ■ projects*,"; therte has
been and will, continue1 to bea44V
continuedwepayment of old Ibans' '
whichr-wfere frozen during-the de-'

tractive

in the
technical position of the bond

231 South La Salle Street.

serves

be used for

interesting

ago.

cussing the similarity

limited

ish

of funds.

source

bond market.
v

Co.; dated Dec. 1st. .After dis¬

they
they

ILL. —Fatima

has

Sincere

two weeks ago

analysis of the pre-war situa¬
tion
was
presented in' the
"Bond Bulletin" of Homer &

and

short message is
to be mailed to the prospect and
customer

month

Sincere To Admit

message

available

carrying not only its fu¬

(J) There is substantial opinion
private demand for bahk>v

heavily increased demand
for money is in prospect coincidentally with a gradually dimin¬
ishing supply. These two factors
naturally make for a declining

dissimilar from

very

those of

The rest of the card

used for

not

are

therefor

outlook

future

the

three-eighths inches

that is to be sent.
.

them—then

will keep you in mind when
think of their investments.

and i

basic
market conditions and

money

Show them that you want to keep

data appearing in white. This

8th,

Dec.

is actually at war,

tion

on
the
job and that you are
watching out for their interests.

plate in solid blue,

week

despite the fact that the na¬

Thus

constitute

;

time increase the

same

that

will

cost

government rearmament program
will
be
doubled and
redoubled

a lower price level
and
months of 1942. | i v

Despite the rapid sell off in y

Show people that you are inter¬
ested in them. Show them you are

writer has

The

ex¬

every

;

in the early

personally interested in plac¬
ing this information before his
client.

1936-1937 to warrant*

was

number,

Exchange

hand

that

his signature
and* each man can thereby place
his name on the card—bringing
even more closely to the attention
of the ricipient that the salesman

;

length.

the

right

the card. The salesman

should

card

the, upper

mimeo- *

take

This

the -Desk of -——-—-—-—-)

that

intentionally

ture deficits, but also a large
of its old: deficit.
; !

namely, increased loans

reserves,

private and government borrow¬
ing,have. been growing and prpmise to continue to gro>v.: Excess
.reserves in. the New York market
have? been reduced, to 'a . .sihali
amount and. a, further .conduction
is possible.* Thus the point may,
slowly, then precipitously, through: presently bey reached.;, when first
New York,banks ahd^bsequently
February; March and April, 1937;
until
a
slow
steady r recovery out-of^townrbankswill,become
brought yields to new lows in the seUersvpf-government bonds rather
summer
of
1939.
Even., if the thanvbuyers. ^ 44
events of Dec. 7th had not taken A (2) Long ,term bond prices are
at their all-time highs; and at a
place,' the pattern of the bond
totally without precedent.
market at the i beginning .of. the level
month was sufficiently similar to There is every prospect that the

„

Financial

excess

doubt

impede its financing program by
creating a declining bond market

period

side of the card.
Turn over. to.the mail:department
and, thp job is done.. If this routine
becomes a habit every morning,
the time involved will be negligi¬
ble * and the good will
that is
created is very valuable. This size

the clipping from the paper which
tells about this. In this connection,

might add that

cards. Take pen

the:

which he is interested—send him

can

to .those. items

mail and paste them to

write the address of the client

Will

.glue

paper

example, does he own oil

Treasuries

manyx

the government will

term

monetary authorities
"lower • bond market,

really plan

power

these actions at will. It

reverse

whether

•

44.r-4;i4;.

actions of Federal monetary auth¬

after

customers. Securing customers is difficult—
that is why it is important to keep the good will of a customer past two months A sudden decline of first magnitude in high grade
bonds is nothing new; the market was hit hard upon the outbreak of
after you have begun to do business with him.
44^4; 4 V'
One of the ways to make certain that your customer will war in 1939 and again in 1940 when the Lowlands were invaded
In each case, recovery^
continue to think of you when he •
:— suddenly.
thinks of his investments is for the purpose of a mimeographed was fairly rapid and low yields by Homer & Co. for lower bond
went
even
lower. The question prices follow:'$.<■'{Va
you to keep him posted in regard message and it can also be used to
(1) Excess reserves have been
to the many factors which affect paste the clippings of current in- now arises whether the recent sellthat
the
salesman off, preceded by the rising yields heavily reduced, both by natural
bis holdings. The current news¬ formation
on
short
term
Treasury i issues factors and by government action.
papers, the* financial papers, the wishes to send to his clients. All
over the past two months presages The factors
which tended to in¬
published
reports
of * company the salesman has to do each morn¬
the long-predicted deterioration of crease excess reserves for many
earnings—all contain a wealth of ing, is to look through his usual
years, principally the importation
; ,y
information that can be passed periodicals and newspapers. Have high grade bond yields.
of gbld, ;have ceased to. operate..
ailong to a salesman's prospects scissors handy,, clip out notices v Up to the time of the - Japanese
of interest/ apply some ordinary attack, the rising yields on short The factors which tend to reduce
aind fclients.
:
these

with

(2) Thus it would seem that
any tendency of short-term rates
to tighten is entirely due to the

the outlook for bonds
The

time that elapses

The

all-out wart' effort,. will
sented

time Selector.

week's

pre¬

Bond

Volume

THE COMMERCIAL & FINANCIAL

Number 4021

154

The

"3.

Commodity Corp.

effect

control

price

commodity

this country on
markets in

CHRONICLE

Announces Nominees
The

Nominating Committee of
interested the New York Stock Exchange for
1941 has presented the following
i
t
but over which it has no control.
(Continued from page 1539)" •.
"What the result will be it is nominations for members of the
having a reasonable percentage impossible to foretell, It is, how¬ January 1942 Nominating Com^
of his. capital invested directly in ever; .a l fundamental problem of mittee: yryv
Three
members
of
the
Ex¬
the very commodities, the price all investors.
If the .. decision is
increase; .of which is one of the., to invest,
portion ,of funds; in change:! Austin Brown, Dean Wit¬
ter & Co,; Charles S. Hirsch, Jr.,
important; factors to~the' higher' commodities, the capital stock pf
cost of living,
\ Commodity Corporation offers an Hirsch, Lilienthal & Co.; and Wal¬
prices in world-wide

Stock Distributor

which

its

citizens

1547

are

^ByvTo the Holders of $1,400,000 of
The Peoples

Gas Light and Coke Company

First Consolidated

Mortgage 6% Gold Bonds

due

ter W. Stokes, Jr., Stokes, Hoyt &
April 1, 1943
tremendous ideal' medium.' X■ V-.':''
of basic commodities,
"Commodity Corporation was Co/,;,;:,,;a
Two allied members of the Ex¬
In times of major war, the cost formed in October, 1935, to buy,
Newcombe
C.
Baker, At any time prior to and in¬
of living, and commodity prices; sell, hold, option and deal in basic change:
have
always risen.
There has commodities but not to buy on Laird, Bissell & Meeds; and Holcluding
March
1, 1942,
the
stein De Haven Fox, A. C. Wood,
been no exception to this rule.
margin.
Many farsighted invest¬
H "The present war has assumed ors wishing to take advantage of Jr. &. Co., Philadelphia.
Ty'V"' ■ Company is prepared To anticiv

"Wars ! consume

quantities

(non-callable)

world-wide

proportions. Current¬

ly/ as in the World War, demand
commodities

for

has

increased

this convenient refuge

We believe that, now,

•

January

1942

Nominating

Com¬

standing

the

price rise.

ther

our

How much fur¬
will

Government

with

privilege of voting by.means gether

absentee

ballot,

make

written

request

ballot

thereon
their

the

Secretary of the
Absentee ballots will

Exchange.
be

he should
for such

of the

from October

maturity

sent

promptly after Dec. 30,
1941, when the period for filing of

THIS

OFFER

nominations expires, to members
making such requests.

INVEST

ULTIMATELY

PART

cocoa,

CEEDS

hides,

SAVINGS
SERIES

UNITED

THAN

APRIL

Central

the

and Trust

City.

If sent by mail, instruc¬

tions

for

bonds.

WAITING

U N T IL

must have

WILL

Securities

"National

search Corporation,

the

presented

due

all future

cou¬

attached thereto.

pons

THE PEOPLES GAS LIGHT AND COKE COMPANY

find

will

clients

Re¬

interested

through their venient

wholesale

represen¬

the

method
direct

their

of
this

many

con¬

Twin City

ownership

will furnish dealers with
diversified group of carefully sedata regarding this un¬
usual offering. It is believed that lected commodities."

Bond Traders

Announce January

participating

MINNEAPOLIS,

tation,

WAR

U.S.BUR.OF LAB. STAT.

pro¬

accompany

All bonds

RATHER

THIS

the

remitting

should

ceeds

Y-

Entertainment

necessary

Bank

Hanover

Company, New.Yprk

TIME,

1943.

STATES

G—2l/z%) TO DO SO

Illinois,

Chicago,

Bank

Trubee, Collins & Co., has
been appointed to complete Mr.
Gaylord's term as a Director.

nation-wide

SOURCE

National

First

(DEFENSE

BONDS

dealers

WAR VS.WGRLD

Jr.,

COMMODITY PRICES
PRESENT

them

insured,

send

mail,

Chicago,

ALL OF THE PRO¬

THIS

in recent months.^

bonds

ac¬

present

must

The

IS MADE

ENABLE OWNERS WHO PLAN

;

their

this

registered

will

democracy; ■'

April

desiring to

offer

cept

FOR

YEAR.

Bondholders

1, 1941,

THAN

IN¬

THEREON

TEREST

full,

interest

IN¬

THE

ADDITIONAL

VESTOR

above

1943.

coffee,,
cloves,
cotton, H. Sharpe Becomes Pres.
oats,
pepper,
rye,
silk,
Of Bond Club of Buffalo
depend upon its conclusions sugar, tin, wheat, wool and wool
after having given proper weight tops.
BUFFALO, N. Y.—The Bond
to such matters as the following:
"By observing the chartered Club of Buffalo announces that
"1. A free market in commodi¬ movements of commodity prices Harry Sharpe, Blair & Co., Inc.,
ties jacting in itself as a regulator during the last World War, and has become President of the or¬
of prices;
so far
in the present war, it is ganization,
succeeding
Harvey
"2. The effect of restriction and interesting to note that the up¬ Gaylord, J. C. Dann & Co., who is
control of a free market upon ward
spiral of prices has only retiring
from
the
investment
the .fundamental economies of a just1 begun to. gathers momentum banking field. • Frank C. Trubee,
away

bonds

AND

ALSO, GIVE

WILL

pate the retirement of all out¬

THE

NOW

GOVERNMENT

it may be mittee will be held on the Floor described issue, at their face
of the Exchange on Jan. 12, 1942.
medium of
If a member wishes to exercise value oi $1,000 per bond, to¬

Large demand timely to bring this
surpluses and causes protection against the declining
shortages;; shortages: cause prices purchasing power of the dollar to
to soar.
So great is the stimulus the attention of investors gener¬
to the demand that the normal ally, throughout the country.
"The
operating
personnel
of
regulation of price by the laws
of supply and demand must, in Commodity Corporation remains
order to prevent run-away infla¬ unchanged and Commodity Man¬
tion, be supplemented by Govern¬ agers, Inc., of Boston, continues
as managers
ment regulation and control. \
of the assets which
; < "Our
Government has already as of a recent date consisted of
taken steps to prevent a run¬ such
commodities
as
butter,
and is increasing.

consumes

The election of members of the

against in¬

flation have become shareholders.

HANDS

THE

MONEY

NEEDED

PUT MUCH

•

Twin

motion"

240—i

COMMODITY

CORPORATION

The
the

Committee

■

Bond Traders Club
"Smorgasbord Com¬

City

announces

Gala
—

MINN.

Jan.

for

1942, at the

15,

Dyckman Hotel in Minneapolis.
The Committee, consisting of Art!

Woodard-Elwood & Com¬
Don Anderson, First Na¬
Paul, and MayRue, Wells-Dickey Company,

Rand,
pany;

VS.

tional Bank of St.
nard

STANDARD

220

extend

INDEXES.

of the security

WAR

Bond Market
•

(1914 = 100)

•

Secretary of the Treasury Mor—

♦40
•

Withdrawn;

•

;;y

Support Of Government i

+45-

WORLD

members

business fraternity.

JAN.1,1941 TO NOV. 1,1941

200

cordial invitation to out-

of-town

genthau

at. his. press;

announced

conference

•

Dec.

that

the

Treasury

160
+

said it had
to

been found necessary

United

States, and was ended

Obituary

!"N

Herbert W.

Noble, dean of De¬
brokers, died on

troit

STANDARD
A

PRESENT

WAR

(1939 = 100)

"kt

+•'_ '•y-'i

D0W-J0NES

1915

1916

1917

,J 918

1939

1940

1941

1942

1943

-1944

;•

INDUS.

0.5
"With

respect

price

move¬

note that
ly 1941, to Nov.j 1, 1941,

ment, it is interesting to
from Jan.

liquidating value- or ^the Capital
Stock =*o£ .Commodity Corporation
advanced

34%.

Fronfi

Dec.

1/2%.

DITY

period the

stocks declined

3.80%.

...

SPOT
COMM.

-10—1
vm

MOODY^S

CORP.

indexes

During the same

DOW-JONES

COM MO-

of • .Standard
and Dec. 9, 1941, the liquidating value
Poor's 90 stocks and Dow-Jones of a share of Commodity Corpo¬
Industrial Average of 30 stocks, ration advanced .2.31% and dur¬
both declined; 10% and the index ing -the same period the Dowof Dow-Jones 40 Bonds declined Jones--Industrial Average of 30
the

INCLUDING

INDEX

INDEX
OF
COMM.

futures

DIVIDENDS

PAID

retirement

was

one

of the

the

member

New

Mr. Noble

Exchange.

York
was

Stock

also

founder of the Detroit Stock Ex¬

change.

■

':V■

Group~Of

IB A

Announce Christmas Party

%
•

recent

Miss.

Noble

Mr.

leading brokerage firms in Mich¬
igan.
At one time he was a

1919

DOW-JONES

40 BONDS

80—1
1914

Miami,

74.

Detroit, H. W. Noble & Co., which
for more than 40 years until his

POOR'S

90 STOCKS

Fla., at the age
organized the
first investment banking firm in

22
-

investment

Dec.

on'

Dec. 11.

+20-

10 0-

The buy¬

ing started, on Dec. 9, two days,
after the Japanese attack on the

their

purchase a "goodly amount" of

supporting operations.

+25

bonds for investment accounts for.

140-

120

ended

York

market

%
+

New

support of the Government bond
on Dec. 11.
The Secretary

41
16 0-

Reserve

Federal

and

Bank

ST.

LOUIS,

MO.—The

annual

Christmas party of the Mississippi

Valley

Group

Bankers

at the

of the

Missouri

Monday,

Investment

Association will be held

Dec.

Athletic

22,

Club

1941. A buffet

luncheon will be served and will
be

by the allotment of
prizes and favors.

followed

attendance

THE COMMERCIAL & FINANCIAL CHRONICLE

1548

Thursday, December 18, 1941

waaasiPBffiasr®

F. H. PRINCE
BANKERS

PROVIDENCE, RHODE ISLAND

Joe Masek of Charles A. Fuller

Company

Chicago

York,

hear

his

Exchanges

Stock

that

If you make a fortune in secur¬

ities

then,
according
to
your
neighbors (not the jealous ones),
of his way to listen to anything you've done
it by wise invest¬
he thinks or hopes will turn out ment or judicious speculation.
If
to be good, so long as it's music. you lose one, it's because you've
One night he and a friend went been gambling.

HIGH-GRADE

New

Minneapolis

about music.

way

INVESTMENTS

Boston

instrumental

friend

the

trio

Joe.

observed

looked

Joe

the

He will go out

very

didn't

but

much

apparently

Perry

McPherson

Wal¬

ker, Austin & Waggoner, Dallas,
Texas,

collects

rather his

match

does.

son

books,

All of which

the

Established

■

1856

Members-''vy-';
Stock

Exchange

Curb

Exchange

Cotton

Exchange

York

New

York-

-New

York

New

Exchange,

Commodity
I

Chicago

And

other

Exchanges

Exchange Bldg.

NEW

YORK

DETROIT

CHICAGO

BOSTON

Inc.

Trade

Exchange.

Cotton

Y. Cotton

Board

Orleans

New

PITTSBURGH

GENEVA, SWITZERLAND

LAMBORN & CO.
99

be there.

ing Steel 2 points. The total
gross losses came, therefore,
to 8 points. Against these you
took a profit in N. Y. Ship¬
building of 11 points (bought

WALL STREET

approximately

Exports-—Imports—Futures

DIgby 4-2727

Tomorrow's Markets

3
closed

all

hold but to
in mind.

Walter

were

Droppe Inn was dis¬
just .another of our
point of the whole
story is if you don't want to face
regarded

Every
wood

and

once

"H.

in
M.

while

really fine picture

Pulham, Esq." is

out of Holly-,:
Adapted to the

comes

of them.

one

from J. P. Marquand's best seller the result is even better than

screen

In a nutshell the story is about a Boston Brahmin whose
orderly life is upset by the first World War.?' After the war, rest¬

less

and

uncertain, he goes to work in a New York advertising-;
instead of returning to Boston.
Here he meets a girl and
falls in love with^her but the death of his father forces him to return
home and take over the job of head of the house.
The whole thing-:
agency

mittees and women's clubs.

who isn't

The

tricks.

involved

examinations bet¬

cross

ter send the match books

(empty)

points

trades.

keep their "stops"

In fact there isn't

just right and who doesn't do

Montparnasse Cafe

52nd)

member in the cast

grand job,

used to

the

70's

but

re¬

cently moved here and has since been taken over by that Greekgod-about- town, James McKinley Bryant, who in his spare moments
puts out the cafe society bible, "the Cafe Society Register."
To
celebrate the occasion Jimmy even put up a new
canopy, a candy
striped affair, on which his name is emblazoned for all to read. The
inside is
ahd

pleasant place,

comfortable cocktail lounge (Scotch 75c.)

medium sized dining room (dinner $2)

the
trading table all wrapped up. in

Garvis

had the answer

what he is but he

trader

}[{

Ay-

!'!

"
.

Says

As far

sitting

was

ready for weeks."

as new

purchases

are*

concerned, I'm afraid I'll have

to beg off.
The market is
again between hay and grass
ket picture. There is another and to
anticipate anything at
side—the up-side.
such a stage would be flying
l;:
*
*
*
in the face of all experience.
Right now most stocks as I'll have to see how the mar¬
measured
by averages are ket acts when, as and if, it
hugging the half-way recov¬ penetrates current highs or
ery mark. If they stay there reaches last week's lows be¬
a few more days and then be¬
fore I can again recommend
gin to show signs of wanting new purchases.
*
*
*
to go through them (volume
on the
up-ticks), you can as¬
In the week just passed two
mar¬

Investors should

market

all

letter.—-That's
has

woman

along.

what

been

Now

the

telling us
can Only

convince the boss!

Plumley

tional

Bank

When

Jimmy promptly jumped to the conclusion that the Mont¬
military objective and had sandbags placed around
the entrance.
But our police, lacking military acumen, were not
convinced.
They made Jimmy take the barricade down. Not that
he actually put them up or took them down; he sleeps too late. But
just the same Jimmy feels bitter about the whole thing.
NEW

YEAR'S

his hands.

with

First

Trust

PRICES

Na¬

Co.,

It has nothing

securities.

rabbits.

EVE

don't know if the

war will
keep you at home but if it doesn't
and you want to raise a little polite
whoopee, here's a few places
of and their prices; $3 to $5—Ricciardi's (132 W. 43rd),
supper, danc¬
trading prob¬ ing and favors, $4.-—Waldorf-Astoria Peacock Cafes, $3 minimum'.

the

Minneapolis has
lem

uncomfortably close to the truth.

and ask for him.

parnasse was a

come

now feel
respond to the need for
warning.
increase in income as an
.

offset to advances in living costs."
—From a recent brokerage house

little

can

sure

assures

The day the erstwhile boniface Jimmy Bryant opened his new
bistro was also the day on which New York had its first air raid

freer to
some

(Jimmy's right hand man)

drop in be

you
*

down-side of the stock

Esq."(MGM). Hedy Lamarr, Robert Young,
Ruth Hussey, Charles Coburn and others.
Directed by King Vidor.
Opening today in New York at Radio City Music Ilali.

of the Dew

Whyte

(Continued from page 1541)
So far I have given you the

Pulham,

done in what Johnny
is genuine Batik,
Genuine or not it makes for a handsome place what with the semiThe column is still long of
oval
what from his face looked like
banquettes against the walls on which to lounge.
No
two stocks: Gulf, Mobile &
rose colored dreams. It developed
dancing here but titillating music is provided by a violinist and
Ohio preferred bought at 20 that he had
pianist who play requests.
This usually arouses diners to bellow
proposed marriage
(stop at 17) and Warner Bros, to his fiancee the night before forth in song at the oddest moments but the effect is amusing. One
and wonder of wonders had been of the highspots of the Montparnasse is a gentleman called Mr,
bought at 5 (stop at 3%). The
Theoretically he is a hand analyst but actually he is
accepted.
"How did it happen," Rodriguez.
first is about a point above
somebody asked.
Dreamily, he more than that. For not only can he speak a half dozen languages
the buying level and the sec¬ explained about how he'd been but with his newspaper background (editor for a Javanese
paper)
ond is still about where you ready to pop the question for he has acquired a knowledge of psychology that puts him well in the
forefront of the so called see-ers-into-the-future. HeHnSists that he i$
weeks.
"Well, why didn't you,"
bought it. My advice is to broke in
a\ cynic.
"I'll bet she no palm reader, astrologist, or fortune teller.
Well, I don't know

profit

SUGAR

The fact that

in the town or even heard

never

15, sold when stopped out
to W. Perry McPherson in Dallas,
at 26). So that the net result
Texas, and let him take the rap.
is

NEW YORK CITY

janitor of the hall, in which reminds us of the time we pulled
concert was given, did.
For out a pack of Chesterfields (adv.) is done in a series of flashbacks when the now middle
aged Boson leaving the
place the gentle¬ and a book of matches and started tonian, married to a
girl of his own class, is asked to write a history
man
in charge of I gotta-cleanto light up when the little woman for his college year book.? It's a
story done with pathetic under¬
up-now approached Joe
(think¬ grabbed the matches and began tones that' will
keep you oh the edge of your seat.
It's a story, of'
ing he was one of the trio) and questioning us
closely as to where my generation; a generation barely old enough to fight in the last
asked for his autograph.
Decid¬ we were and how we got the war but too old to
fight in this one.
It pictures life in the roaring
ing to have a little fun Joe asked matches. We patiently
explained twenties, the speakeasies and the hail-fellow-well-met spirit of col¬
the man what his (the janitor's—
that we got the matches when lege days, and college reunions.
The abandon of old love affairs?
not Joe's) name was. "The name
we
bought the cigarettes.
She that for some reason never ripened and the tunes nostalgically
is
Herman
Goering," explained refused
to
be
mollified.
The reminiscent of the dear dead days and what
might have been. Hedy
the man. "Herman Goering? Her¬
matches, she pointed out with fe¬ Lan\arr as the young advertising woman is no longer the glamorous
man Goering?
Seems I heard that male logic, came from "Ye Dew creature. In this
picture she is a consummate actress. She turns in
name
before," ribbed Joe.
"I Droppe Inn—Dining, Dancing and the best job since she became a
publicized figure. Robert Young
wouldn't
be • surprised,"
replied High Class Entertainment—Ber¬ as the
young man whom life passed by gives a marvelous perform¬
the
janitor
placidly.
"I
been lin, N. Y." and the only way we ance.
Ruth Hussey as his wife is appealingly pretty as his placid
working here for years."
could have gotten them was to matter of fact spouse whose
only interests are bridge, small com¬
the

H. Hentz & Co.

"II.

the book.

one

much

think

resemblance

trio, and

that

NEW MOVIES

has

rather

one

Ruban

Bleu

E. 56th),

$5 min.

drinks only.
No dancing but
Pierre), $5 minimum.—includes supper, breakfast in
Montparnasse (see above), $10.
Coq Rouge (65
favors and dancing and entertainment, $10.
EI

swell

entertainment.

$6 to

$10—Savoy

Cafe

Plaza,

rabbit—a

Pierre

$8.50

(Hotel

each

big black one. It seems kitchen, dancing.
Al, in a moment of weakness, E. 56th), supper,
bought this rabbit as a pet for his Chico (Greenwich Village), supper, favors and
entertainment, $6.50.
young. hopefuls.
But the young¬ Among the higher priced places the
outstanding are Fefe's Monte
sume that no near-term reac¬
sters are no longer interested in Carlo
of New York's leading papers,
(49 E. 54th), $20; supper, favors, dancing to Ted Straeter's
the lettuce eater., Meanwhile the and Bob
tion is expected...
Knight's orchestras. ;Cotiliion Room (Hotel Pierre), $15;
the "Times" and the "Herald
$
$
#
rabbit has grown like the na¬
supper, entertainment, etc., dancing.
Casino Russe (W. 57th), $20.
Tribune" omitted their week¬ tional debt. Three
times, Al Com¬ Rainbow Room, $15.
Among the places holding open house the
Weighing both sides of the ly stock and bond tabulations. plains, he's had to build a larger Penthouse Club (30 Central Park South), no dancing, but a let
rabbit hutch
and
now
it
looks
market I, however, feel that Investors and
your hair down kind of place, is a good bet.
There are any number
speculators who like he'll have to
enlarge it again. of other places that feature special entertainment and
we are in the former rather had
special menus
depended on these figures Anyway, Al is fed up; up to here. for New Year's Eve but
space doesn't permit listing them all.
If you
than in the latter stage. This to
give them weekly highs He wants the security world to want to know about a place not listed
here, call or write me for
means
that any prospective and lows, chartists who looked know that no reasonable offer information.
V:.
.

that

purchases may well be post¬
poned until the reaction has
developed.

for these
to

all

figures from which
compile their records, are
left high and dry. So far

is I know the "Commercial &

Last

week

Financial

Chronicle"

will be refused.
he'll get

assures

bid he'll hit it so fast
it'll make the bidder dizzy.
' v
a

stead
line

readers,

losses all down the

30 CENTRAL

In the "Financial Chronicle" of
in from a
selling trip from the Pacific Coast Dec. 11th, it was reported under
presented an expense account on "SEC
Applications
for Dealer-

security salesman

there

was

profit that made

least

one

for the
losses when the stops were
caught. The losses were as
follows: Bendix 3 points; U.
S. Steel 3 points, and Wheel»

Lit

)

—Walter
[The
article

time

views
do

Chronicle.
those

not

coincide

explained:

Thursday.
expressed

Whyte
in

necessarily at
with

They

those

are

this
any

the

presented

of the author only.]

Registry," that Central
Company,
First Na¬
tional Bank Building, Omaha, Ne¬
braska, had become a proprietor¬
ship of Lyman G. Cross, and that
Securities

i.m':

■

A
a

most

unique restaurant in

beautiful location, overlooking

Central Park

too!

the north.

was

PARK SOUTH

Adjoining The Plaza

Broker

The salesman Harold H. Helme and Lee A.
in my room Huey, formerly officers of the
with a client when he expressed firm, had withdrawn.
We are in¬
a
desire for a cigar.
So I rang formed by The Centra] Securities
for the bellhop, gave him a $10 Company that the former corpora¬
has been
bill (smallest I had), told him to tion
dissolved .and
is
get some cigars and get some¬ operating as a sole proprietorship,
but that there has been no change
thing for himself.
How did I
know he would use the change to in the personnel or nature of the
business.
.'.V-V-.f.
buy himself a watch?"
; money,

The Penthouse Club

Omaha Personnel Same
A

it's
pointed out
having been Tuesday edition is now the which one
item, "Tip to bellboy
stopped out of all but two only publication that prints —$10" appeared. The manager
the complete prices for the questioned the item and asked
stocks, had little to cheer
about. I have since then gone previous
week - on a daily him who did he think he was
paying out such tips, and the
over the list and find that in¬ basis..\ ' •
•
{•';/
V
firm's

that

Central Securities Of

'
..

r.-V

.--•i'"

Serving

best

food,

skilfully

prepared. /,

Telephone PLaza 3-6910

CHRONICLE

THE COMMERCIAL & FINANCIAL

Number 4021,;..

Volume 154

1549

Calendar of New
AS'. OFFERINGS

Abbott

stock, $100

Rd., North

Address—14th St. & Sheridan

"V
."\X:
Business—Engaged in business of manu¬

111.

Chicago,

facturing fine pharmaceutical preparations,

important medicinal chemicals and biolo¬
gies, and widely used vitamin products
Underwriting—Underwriters, and number
of shares which each has agreed to pur¬
chase,
000;
;

supplied

amendment

Proceeds will be used as follows:

$1,382,-

654 to redemption, at $107 per share,

4^2%

outstanding

stock;

heretofore

connection

pany

of all
preferred

convertible

replace working capital
hereafter expended by com¬

$400,000 to

tivities

construction ac¬
plant; and balance

with

company's

S-2

effective date

working capital
Registration Statement No. 2-4899. Form
(11-28-41)

A2.

Effective

,1941/

4:45

E.S.T.

m.,

Dec.

"■ V «
per,share

■■

SHOE

CORPORATION

Shoe

GENERAL

Corporation

General

SERVICE CORP.
Mobile Gas Service Corp. registered with
SEC $1,400,000 first mortgage bonds, due
Dec. 1. 1961
(interest rate to be supplied
by J. amendment)
and 6,000 shares 6%
cumulative preferred stock, $100 par.
Address—162 St. Francis St., Mobile, Ala.
Business—An operating utility subsidiary

Address—513

Gallatin

Nashville,

Ave.,

Tenn.
'

Business

-3- Manufactures
.and
sells a
low-priced and medium-priced
boys'
shoes,
including
work
shoes; boots; children's shoes; and grow¬
ing girls' and women's shoes.
Principal

range

men's

and

advertised

trade

names

For*

Jarman,

are

t.une, Skyrider, Betty Barrett and Friendly
Underwriting—Smith.
Barney
&
Co..
New

York, is named principal underwrit¬
others will be named by amendment

ers;

Gas Co.,

price to be supplied by

amendment
will

Proceeds

added

company's

general funds
Registration Statement No. 2-4900. Form
A2.

(11-29-41)

Offered Dec. 15, 1941, at 99 and interest

The

Maryland Drydock Co. has filed
statement

shares of

common

reg¬

with SEC for 112,740
stock, $1 par value

Address—Fairfield, Baltimore, Md.
Business—Engaged in a general line of
ship repair, reconditioning and conversion
work
on
ocean-going
vessels,
including
freighters, passenger ships, tankers, col¬
liers.
dredges, lighthouse tenders,
Coast
Guard cutters, mine layers, troop ships and
Navy destroyers, and also bay and river
craft of most types
Underwriters—Shields & Co.,
Blyth &

Co.,

Hornblower

Inc.,

ginson

U-50

Rule

Act,

and

112,740

Proceeds—The
stock

are

owned

common

and

already

out¬

Co.,
which will receive all of the proceeds from
the sale thereof.
Upon consummation of
standing

the

sale

not

own

are

Koppers

these

any

shares, Koppers Co. will
shares of common stock of

The public offering price will be
by amendment to registration

company.

supplied

Registration Statement No. 2-4897.
(11-26-41)

Form

62.

Names

CO., INC.
Co., Inc., registered with SEC
53,690 shares 4J/2 %
cumulative preferred
stock, $100 par, and 30,000 shares common
stock, $1 par
Address—Rahway, N. J.
&

icals

medicinal,

for

chem¬

sells

and

household

indus¬

and

trial purposes

Underwriters,
and number of shares of preferred
and
common
stock each has agreed to pur¬
chase, are as follows:
Underwriting—Names

Com;

11,595
Lehman Bros., New York—_ 11,595

6,480
6,480

1,500

838
838

Bristol

Willett,

1,500
1,000

560

5,000
2,500

2,794
1,396

3,500

1,956

3,500
2,000
2,500

1,956
1,118
1,396

New York

Dillon, Read & Co., N. Y.
& Co.,

Drexel

Philadelphia—

York
Harriman Ripley & Co., Inc.

First Boston Corp., New
New York-——

Hemphill, Noyes & Co., N. Y.

Kidder, Peabody & Co., N. Y.

Laird, Bissell & Meeds, Wil•.i.
mington, Del.
Merrill Lynch, Pierce, Fenner
& Beane, New York—
Offering—The
be

the

preferred

common

amendment

plied

public,

to
the

loan; balance will be added to

company's general funds

Registration Statement No. 2-4902. Form
(12-1-41)

A2.

Effective

4:45

E.S.T.,

m.,

1941

Dec. 8,
;v-'-■
on

Offered—53,690 shares of preferred stock
Dec. 9 at $105 per share.
30,000

offered
shares
at

stock

common

Dec.

offered

Effective

3:30

Dec.

Awarded

The

First

18, 1941, the bonds at
preferred stock at $92 Va

Dec.
the

and

Midwest Tool &

with

Manufacturing Co. reg¬

SEC

50,000

Copies of the Prospectus may be obtainedfrom such of the several
as are registered dealers in securities in this State:

NEW ENGLAND TELEPHONE &

underwriters

TELEGRAPH CO.

England Telephone & Telegraph Co.
registered with the SEC 222,243 shares of

stock, $100 par value
Oliver St., Boston, Mass,
subsidiary of the Amer¬
ican Telephone & Telegraph Co. is engaged
in the telephone business in Maine, New
Hampshire,
Vermont, Massachusetts and
common

Address—50

Business—This

common

Mich.

stock

common

subscription at
$100 per share, to its common stockholders
of record Dec. 19, 1941, in the ratio of one
by

rata

pro

then

held.

sale

stated

offering

The

sale.

connection with

the

222,243

shares is not underwritten

1941
Dec.

Offered

1941

12,

Underwriter—Keane

Offering—The

50.000

will

shares
offered

registered,
for

the

27,125

account

shares
of

are

the

of¬

Of the
to

company,

Shropshire & Company

Underwriting

—

Blyth & Co., Inc., and
York City, are

Emanuel & Co., both of New
named

other

principal

underwriters;

underwriters

will

names

supplied

Offering—The preferred stock will be of¬
fered to the public, at a price to be sup¬
plied by amendment to registration state¬
ment
Proceeds from sale of the preferred stock
will be applied to the purchase, on or be¬
fore
mon

Dec.

26,

stock

from

1941, of 440,000 shares com¬
Consolidated

Aircraft

Corp.

R. H. Fleet, members of his
he
at a total price of $10,945,000. Of
such purchase price, $1,665,000 will be paid

amount

due

with

in that
Provision is
discharge the
note at its election either by payment of
principal amount thereof in cash, or issu¬
ance of '225,000 shares of its common stock
to Major Fleet or on his order. The balance
of the cash required will be obtained from
sale of 150,000 shares of company's com¬
mon
stock to Aviation Corp. at $10 per
share, from the company's general funds,
company

30,

additional

from

and

ment

1942.

current

bank

loans

Al.

(12-1-41)

SUNDAY, DEC. 21

Offered

and dividend

Kearney

Pacific
v

& Telegraph Co. reg¬
656,250 shares of

Telephone

with

SEC

the

common

stock, $100 par value.

common

New

Address—140

Francisco,

St.,

Montgomery

San

Calif.

subsidiaries
provide telephone service in about 650 ex¬
changes In
California,
Nevada,
Oregon,
Washington and northern Idaho, includ¬
ing San Francisco, Oakland, Berkeley, Sac¬
ramento, Portland, Seattle, Spokane, Tacome, Los Angeles, San Diego and Pasa¬
dena.
Company is controlled by American
Telephone & Telegraph Co.
and

Business—Company

its

will

first

31,

The

warrants

price of

will

later

common

company

Dec.

ing

not

per

capital.

Offered to holders of preferred and com¬
stock at $100 per share

Vultee

registration
statement
with
SEC
for
260,000 shares
$1.25
cumulative
convertible
preferred

later

Aircraft,

par;

common

issuance

Inc.,

filed

and 650,000 shares $1 par
stock, latter reserved for
exercise of conversion

upon

machines, which are machine tools widely
used in industry for the facing, removal
and

shaping of metal through the applica¬
a multiple toothed rotating cutting
to a work piece secured to a move¬

development,

SATURDAY, DEC. 20
Time

Finance

Co.

Minnesota

Underwriting—Underwriters

the

de¬

bentures

are
Piper, Jaffray & Hopwood,
Minneapolis, and Bankers Bond Co., Louis¬

ville, Ky. Underwriting commission is 6%
Offering—The debentures will be offered
to the public at 100.
Purchasers of each
$1,000 debenture will receive an option
warrant entitling holders to purchase 50
shares of common stock on or prior to
Dec. 1,
each

1943, at $2.75 per share; purchasers
$500 debenture will receive option

entitling

holders

common

stock

Proceeds will be added to

to
or

purchase
before

Dec.

1, 1943, at $2.75 per share

shares registered

Offering—The

supplied by amendment.
offering price, based

al¬

are

Proposed maxi¬

mum

the SEC fil¬

ing fee, is $30 per share
be

will

received

the

selling

Registration Statement No. 2-4904. Form

(12-1-41)

for 1,000
non-cumulative preferred stock,
$100 par; 3,500 shares class A voting com¬
mon

class

stock, $1 par; and 50,000 shares of
B non-voting common stock, $1 par

Address—108

Market

St.,

Danville,

Va..

Business—Manufacture and sale of Pine-

hurst

cigarettes

other

and

brands

common

stock

CO.

of first mortgage
1
1950

series B 4(4% bonds, due

Dec.

Address—1600

Grant

Pitts¬

Building,

burgh, Pa..
Business—Engaged primarily in manu¬
facture
and
sale
of semi-finished steel

products, wire products and tubular prod¬
ucts

•

...

Underwriting—Kuhn,

and

smoking tobaccos treated with the com¬
pany's patented Panax Process
Underwriting—None.
Securities will be
sold by officers and licensed salesmen of
company,
and by John W. Yeaman, of
Martinsville,
Va.
Commission
to selling
agents Is $12.75 per share of preferred and
75 cents per share for the class A and B

STEEL

Pittsburgh Steel Co. has filed a registra¬
tion statement with the SEC for $2,000,000

shares 6%

Becker

Co.,

.•

Loeb
Inc.,

Co.,

and

New

both

have agreed to purchase $1,000,000 principal amount of the bonds
Offering—The bonds will be offered to
the public, at a price to be supplied by
York,

each

amendment
Proceeds

extent

drawn

from

time

will be
be with¬

$1,040,000

deposited with Trustee and will
time

the

future

Offering—The securities will be offered
public at following prices; $85 per share
for the preferred stock, and $5 per share

against property additions which are now
contemplated; balance for working capital

each

A2.

for

stocks.

the
The

class

and

preferred

class B

and

class

common

Registration Statement No. 2-4905. Form
(12-2-41)

com¬

may also be sold in units of one share
preferred and 3 shares of class B stock

mon

working capital

Registration Statement No. 2-4901. Form
A2.

CO., INC.
Swain Tobacco Co.,, Inc., has filed

R. L.

registered

de¬

ready outstanding and are to be sold to
the public for the account of certain sell¬
ing stockholders: public offering price will

stockholders

registration statement with SEC

with SEC
$400,000 10-year 5% sinking fund deben¬
tures, due Dec. 1, 1951, and option war¬
rants for 20,000 shares common stock, $1
par value
;
,.;v
Address—Louisville, Ky.
Business—Engaged in the "small loan"
personal loan business in Kentucky and

warrants

Field, Downey, Calif.

•

Underwriters—Blyth & Co., Inc., New
and The Wisconsin Co., Milwaukee,
are
named principal underwriters,
others will be named by amendment.
Un¬
derwriting commission will be $3.50 per

York,
Wis.,

Proceeds

R. L. SWAIN TOBACCO

TIME FINANCE CO.

West

Ave.,

S$. (12-2-41)

sign, construction, manufacture and sale
of aircraft, and sale of aircraft accessories
manufactured by outside interests

Business—Engaged

National

wis.

Business—Manufactures and sells milling

PITTSBURGH

of
the

Registration Statement No. 2-4879. Form
A2.
(11-6-41-San Francisco)
mon

rule 930(b).

per

ing.

Dec.

portion

offered

$100

than

less

$100 per

share.
Further details as to the offering will be
supplied by amendment. ■ <
Proceeds will be used to repay advances
from the parent company, and any excess
is to be used for plant extensions, addi¬
tions
and
improvements, and for work¬
public,

list of issues whose registration statetwenty days ago.
These issues
are grouped according to the dates on which the registrar
tion statements will in normal course become effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in seven days.
These dates, unless otherwise specified, are as of 4:30
a

ments were filed less than

P.M. Eastern Standard Time

■

tion of

1941,

expire

unsubscribed

The

1941.

record

warrants

through
share.

offered

stockholders

value

par

Address—6784

Offerings will rarely be made before the day follow¬

registration statement.
Offering—The 656,250 shares

its

named

underwriters

stock,

able table

Following is

registra¬

& Trecker Corp. filed

tion statement with SEC for 198,083 shares

tool

istered

TRECKER CORP.

KEARNEY &

Aiiis,

is agent,

ing campaign expenses, and for working
capital
Registration Statement No. 2-4903. Form

defer¬

liabilities

Registration Statement No. 2-4906. Form
(12-2-41 San Francisco)
Dec. 16, 1917, at $25 per share

Major

immediate family and others for whom

note

June

made that the company may

TELEGRAPH CO.

PACIFIC TELEPHONE &

Address—Vultee

Co.

Ward, Sterne, A gee & Leach

amendment

reimburse company's
treasury for uncapitalized expenditures to
its
telephone plant; a portion of such
treasury funds will be used to repay the
parent AT&T for
advances of approxi¬
mately $13,500,000; and the remainder of
the proceeds will be used for general cor¬
porate purposes
Registration Statement No. 2-4896. Form
A2. (11-26-41)
Effective—4:45
p.
m.,
E.S.T., on Dec.
10,

Lamar, Kingston & Labouisse

proposed

price of such shares,
and all other matters

the

stating

statement
and offering

manner

such

Starkweather & Co.

right# evidenced

istration

the

Granbery, Marache & Lord

Sub¬

by warrants to
be issued
to
such stockholders, will ex¬
pire on Jan. 15, 1942. The company may
sell, at not less than $100 per share, such
portion of the 222,243 shares as may not
be purchased through the exercise of sub¬
scription rights, and in such event com¬
pany will file an amendment to the reg¬
number

Robinson-Humphrey Company

for

company

each

for

Corporation

be offered

are

privilege of the preferred stock

fered to the public at $2 per share.

The

Underwriting and Offering—The 222,243
shares

value

precision cut¬

etc.

The First Boston

Rhode Island

stock,

Business—Manufacturer of

ting tools,

Plus dividends accrued from December 1,1941

headed

group

Corp.

Boston

Offered
104.68

VULTEE AIRCRAFT, INC.

stock, $1 par.
Address—Detroit,

Price $92.50 per

E.S.T, on Dec. 2,

$30 per share.

MIDWEST TOOL & MANUFACTURING CO.
istered

share)

(11-15-41).

1941

per

Form

Registration Statement No. 2-4887.
A-2

such

sale

shares preferred stock, will be ap¬
to payment of a $3,000,000 1%%

serial bank

(Par value $100

of additional property.

construction

6% Cumulative Preferred Stock

fund

struction

stock

53,690

6,000 Shares

used to establish a con¬
provide for acquisition

will

$75,000

and

from

in¬
first

accrued

standing $236,950 of first mortgage income
bonds series B
(7% ) of 1956; balance of

1,396

prices to be supplied
registration statement
company

and

100

bonds of 1956, the outstand¬
ing
$637,750
of first mortgage income
bonds series A (9%) of 1956, and the out¬

1,396
1,396

the

Due December 1, 1961

mortgage 5%

2,500

Proceeds

redemption,

follows:

terest, of the outstanding $876,700 of

2,500
2,500

offered

will

stock

Price 104.68% and accrued interest

■'

applied

will

Proceeds

Underwriters—No

Union Securities Corp., N. Y.

Dated December 1, 1941

prices will be supplied

offering

amendment.

No. Shares

Pfd.

Goldman, Sachs & Co., N. Y.

Baker, Weeks & Harden,N.Y.
Bodell & Co., Inc., Providence

Mortgage Bonds, 3%% Series due 1961

statement

Proceeds will partly

MERCK &

Business—Manufactures

•yf

practicable after the reg¬
shall have become ef¬
of the underwriters and

istration

required

statement

Merck

Company

SEC's Holding

the

soon

First

bonds
sold by
bidding

preferred stock will be
under
the competitive

the

and

scription

Dec.

Offering
shares

Hig-

Lee

and White Weld & Co.
17 at $19.75 per share

Corp,

Offered

Weeks,

$1,400,000,

retail

Electric

Consolidated

pany

New

THE MARYLAND DRYDOCK CO.
istration

Corporation

(An Alabama Corporation)

com¬

furnishes natural gas service at
Mobile, Ala., and vicinity.
Underwriting and Offering—The

Offering—The debentures will be offered
to the public,

Mobile Gas Service

public

filed

has

the SEC for
sinking fund

registration statement with
$2,500,000 of 15-year 31A7o
debentures, due Dec. 1, 1956

December 18,1941

at $2 per share

1941,

Dec. ,5,

Offered

MOBILE GAS

fective.

1941, at $104

NEW ISSUES

Dec. 5,

1941

company

Offered Dec. 11,

E.S.T.,

m.,

of these securities.

any

2-4886. Form

offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.

The

Nov. 28,

4:45

Effective

This advertisement is neither

Cleveland).
1941, to defer

(ll-n-*i

form)

(New

Amendment filed

for
V

company

working capital.
Registration Statement No.

A. G. Becker & Co., Inc., 15,S. Mosely & Co., 7,500; Shields &

Co., 7,500 (all of Chicago). Underwriting
commission is set at $2.75 per share
Offering—Public offering price will be

Proceeds

27,125 shares will be used for payment of
outstanding bank loans, final installment
on
sales
contract, and the balance for

are:

two selling stockholders.
from sale of the

the account of

registered with SEC
cumulative
preferred

Laboratories

30,000

LABORATORIES

ABBOTT

Security Flotations

remaining 22,875 shares (already
issued and outstanding) will be offered for
the

and

will

TUESDAY, DEC. 23
FOOD

$100 per unit
Proceeds

used

purchase

manufacturing plant, equipment,

advertis¬

Food

MACHINERY CORP.
Machinery

Corp. filed registration
for $4,000,000 sinking

statement with SEC

THE COMMERCIAL & FINANCIAL CHRONICLE

1550

Thursday, December 18, 1941

Calendar of New Security Flotations;
due 1956.
Interest rate
by amendment to registra¬

debentures,

fund

will be supplied

Address—San Jose, Cal.

Business—Manufacture and sale of food

machinery

cleaning and packing

shares
the

Underwriters—Kinder, Peabody & Co.,
and Mitchum, Tully & Co.
Offering—The debentures will be offered
to the public, at a price to be supplied by
amendment

participating

A2.

VIRGINIA

Public

istration

Service

capital purposes

serial

Dec.

statement with SEC for 25,000
shares common stock, voting, $10 par value
Address—Sixth and Crumley Sts., Bristol,
istration

Tenn.

,
,

telephone

Business—Supplies

service

portions of Virginia and Tennessee
Underwriters—Alex. Brown & Sons, Bal¬
<

Richmond, Va.;
Stern, Wampler & Co., Inc., Chicago; Equit¬
able
Securities
Corp.,
Nashville, Tenn.;
Courts & Co., Atlanta, Ga.; R. S. Dickson
is
Co., Inc., Charlotte, N. C.; Minnich,
Wright & Co., Inc., Bristol, Tenn.
Offering—The 25,000 shares of common
timore; Mason-Hagan, Inc.,

offered

the public,

at,

price to be supplied by amendment to reg¬
istration statement.
The shares are to be
underwriters,
who are to acquire such shares as follows:
Southern Bell Telephone & Telegraph Co.
and Chesapeake & Potomac Telephone Co.

offered for the account of the

and

par;

'
Washington

Address—117

andria,

Va.

iary

cash

take

cash

stock.

their

for

pany
Proceeds

will be

the under¬

received by

writers

Registration Statement No. 2-4908. Form
A2. (12-6-41)
..

SATURDAY, DEC. 27

will

Proceeds

stock

will

first

Electric

issued

common
General Gas

par

Bond

Stores,
with

statement

Inc.,
filed
registration
the SEC for 50,000 shares

New

filed

202

stores located in 48 cities, and
the manufacture by the company of most
of the clothing sold at such stores
V:
Underwriters — Lehman Brothers,
and
"Wertheim <& Co., both of New York
Offering—The 50,000 shares are already
outstanding and are to be offered to the
public for the account of Benj. J. Fried¬
man,
President of the company.
Public
offering price will be determined in accord¬
ance with a formula, evolving around the
then price of such common stock on the
New York Stock Exchange
Proceeds will be received by Benj. J.
Friedman, President of company
v
Registration Statement No. 2-4909. Form
.

A2.

■

(12-8-41)

BURLINGTON, REALTY TRUST
Bondholders' Committee for holders

Burlington
Realty
Trust first mortgage
5»/2% sinking fund bonds (modified to pay
interest
at
3%
on
income
basis)
due
Oct.

has filed

with SEC

issued

1945,

ment

said

covering
bonds

for

registration state¬
of deposit

certificates

under

bonds.

deposit

agreement

$1,052,800

such

outstanding

are

175

Address—Company:

Brooklyn,

Woodruff

Ave.,

Y.;
Protective Committee:
c/o William Healy, 1701 Landreth Bldg.,
St. LouiS, Mo.
v;
Business—The Burlington Trust owned,
operated and managed merchantile prop¬
erty known and numbered as 21-27 Bur¬

lington

Ave., at Brookline Ave., Boston,
Mass., which was leased to the Post Office
Department of the U. S. of America
*
Protective

Committee—John

Bunn,

Philadelphia; A. A. Christophel, St.
Louis; W. C. Siddle, Davenport, la.
De¬
positary—First Trust
&
Savings Bank,
Davenport, la.
Jr.,

Committee

Recommends

that

holders

deposit their bonds promptly, so that the
Committee may be in a position to pre¬
pare to bring about a foreclosure sale and
protect the interests of the depositing
bondholders
to

such

position

sale, and in addition
to sell the mortgaged

property, if a suitable offer is received
Registration Statement No. 2-4910. Form
D-l

twenty

days

offering
mined

have

ago,

not

unknown

are

ASSOCIATES,

mum

stock,

MERCHANTS

SECURITIES
Merchants

a registration statement with
the SEC for $1,081,000 of 10-year 4Va%
debentures, due Sept. 1, 1950

Address—231

South

Salle

St.,

Chi¬

111.

cago,

Business—Through
its subsidiaries,
is
engaged in the small loans business
Underwriting and Offering—The deben¬
tures

outstanding in the hands of the
public and have been registered with SEC
under Securities Act of 1933 solely for the
purpose of obtaining the assent of the
are

holders

principal
tain

not

less

than

majority

amount

thereof to modify cer¬
of the indenture under
debentures have been issued.

which

the

Smith, Burris & Co., Chicago, is to assist
in obtaining such assents. Major
modification of indenture being sought is
to permit release from covenants thereof
of not to exceed 62,484 shares of,common
stock

owned

Domestic

Finance

Merchants

Corp.
now
Manufacturers

its

stock

Bell

Telephone

(a subsidiary of AT&T)

& Telegraph
- -

involved

Co.

Offering—Common stockholders of record
26, 1941, are being granted transfer¬
warrants

for

stock,

the

then

held.

for

than

$100

sale,

the

re-;

10,625

not

are

event less

in no

such

stock

common

each

expire Dec.

right

reserves

price

per

common

share for

one

share,

per

Warrants

Company

1941.

offer

$100

10,625

the rate of

29,

sub-

be offered

Proceeds to payment of $830*000 of bank

stock

Proceeds—$300,000

A-2.

(9-27-41).

has filed an amendment
registration statement with the
and Exchange Commission dis¬
closing that its 50,000 shares of $1.371/a
cumulative convertible preferred stock will
be offered to the public by the following
The

company

its

loans,

balance

additions

ing

and

for

plant

apd

betterments,

equipment

and for

work¬

capital

filed

date

tive

and

common

underwriters:

Weld

White,
Jackson

12,500

10,000

Wampler
Rollins

—

Mitchum,
Cohu

Tully

—

filed

Amendments

1,500
1,000
1,000
1.000

Common & Co

Vletor

Nov.

and Dec.

13,

effective date

to defer

1941,

Torrey

Cruttenden

Fuller,

5,000
4,000
4,000

Sons

Pacific Co. of California

BAKERIES
Bakeries

Class

520

CO.

Co.

par

registered 15,000
stock
St. Bldg.

common

Ten

Pryor

Business—Manufacturing and distribut¬
ing bakery products in souther states
named

Underwriter—None

Offering—Stock will be offered to pub¬
at price to be filed by amendment
Proceeds—All proceeds will be received
by L. A. Cushman, Jr., chairman of board
of company, for whose account the stock
lic

will be

(3-28-41)

Proposed offering as amended Dec. 10,
1'941, 9,000 shares at $54.25 per share
Amendments

filed

registration
21,445 shares of
value

par

Franklin

Road,

effec¬

Nov.

and

Dec.

1941, to defer effective date

VIRGINIA

with

the

SEC

number

unstated

kraft

stock,

that

board

kraft

and

other

Proceeds
will
be
applied
as
follows;
to redeem at 102V4, the $52,000,000 of company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110 per
share, the 142,667 shares of company's

specialy

underwriters

sale of single and multi-engine
together with repair parts there¬
for,
for commercial,
transport, military
and private domestic use, and for export
for both private and military use

INC.
Associates, Inc. registered 8EC
Participating Sinking Fund
Debentures, due July 1, 1971
Beacon Associates, Inc. interest rate ob
6%

$500,000 Participating Sinking Fund Serief
A Debentures, due July 1, 1971, changed
to

6V2%

per

Further de¬
post-effective

par.

supplied

Registration Statement No. 2-4845.

will

A2.'

<9-17-4H

Amendment

Form
•

■

filed Nov.

•

27, 1941, to defer

effective, date

under

stock

common

this registration state¬

already issued

HASTINGS

and

MANUFACTURING

Hastings

with

Manufacturing

received by

registered

140,400 shares common
$2
par value
Address—Hastings, Mich.

stock,

sells

piston

Business—Manufactures

stockholders

CO.

Co.

SEC

the selling

rings

and

expanders

and

Underwriters—Schroder,
Rockefeller
&
Co.,
Inc.,
are
principal
underwriters.
Other underwriters are Smith, Hague &

•

Registration Statement No. 2-4895. Form
A2. (11-24-41)

and
Carlton
M.
Hlgbie Corp., De¬
troit, Mich.
1
'
:
Offering—23,100 shares are unissued and

Co.

COLUMBIA

GAS

Gas

Columbia
tered

ELECTRIC

Electric

CORP.

regis-

Corp.

serial
debentures, due
$92,000,000 sinking fund

$28,000,000
1951, and

Address-r-61

N. Y. C.
utility- holding

Broadway,

Business—Public

com¬

yv/-.v. \

■

1952;

$50,000,000

subsidiary,

serial

notes

public

for

the

remaining 117,300

•

offering

amended:
23,100
shares
by

stockholders

105,756

company,

Public offering price Is $9.50 per share
«^Proceeds to company will be used for

general corporate purposes, including purr,
chase

Ohio

Fuel Gas Co.,
and
$3,750,000 guaranteed
of United Fuel Gas Co.,
a
of

the

certain

lfiei; to pur¬
guaranteed
serial

1942-46

offered

outstanding and are to be sold
for account of certain selling

5s,

Deb.

$3,750,000
due

public
Proposed

notes

are

stockholders

^ >

Offering—Both issues will be publlclj
offered' at prices to filed by amendment
Proceeds—To redeem $50,000,000 Deb 5s,
1952;
$4,750,700 Deb. 5s,
due
April
15,
chase

pany '

are

account of the company;

debentures, due 1961

new

and for working

equipment

capital

Registration Statement No. 2-4890. Form

A2.

from the holders thereof: and
$3,402,090 capital contribution
to Cinn., Newport & Covington Ry Co. to
enable that Company to redeem its- out¬
standing $3,303,000 1st & Ref. 6s, 1947
Registration Statement No. 2-4736. Form

(11-19-41

Cleveland)

■>

subsidiary,
tp

make

A-2f.

:(4rl0-41)

Amendments

■

filed

HOUSTON
c

Nov.

Dec.

Composite
with

SEC

BOND

Bond

32,500

;v,,,

stock.

INC.
%
Inc., registered

FUND,

Fund,
shares

Address—601

par
.

Riverside

common

•

Ave.,

Business

limited

—

Open-end

Investments

SEC

its

Power

regis¬

Co.

indeterminate

common

CO.

POWER

stock,

number
no

par.

has

common

Fannin St., Houston, Tex.
Business—Company Is an operating pub¬
utility
company
principally
engaged
in
generating,
transmitting, ^distributing
and selling electricity at retail and whole¬
sale,. serving 150 communities and an ex¬
tensive rural area in Texas, Including cit¬
Address—900

Spoxane,

investment
in

Lighting
of

outstanding 500,000 shares
stock* of which 499,987 shares
are
held
by its parent;-National Power
& Light Co.,
which latter company also
holds options to purchase the remaining
13
shares of outstanding" common .stock
Of company 1. .—'V':■•■;'
•; vf'?
of

and

with

(Company

- ■

Houston

tered

Of.

LIGHTING

lic

trust,

bonds.

Underwriting—Murphey,
Favre & Co.,
Spokane, Wash., is underwriter and dis¬
tributor, purchasing said shares at the

ies

Houston

and

Galveston.

white

one

Beacon

stock,

amendment

Underwriter—None,
net asset value then in effect for distri¬
Offering — No public offering contem¬
Underwriter—Auchinloss, Parker & Redbution to public at such net asset value
plated initially.
Company is advised by
path, Washington, D. D.
■"kPlus 9V2%.
National Power & Light, that that com¬
Offering—The shares registered are al-1
Offering—To be offered to the public at
pany has
filed with SEC a declaration
ready outstanding and are to be offered the then
prevailing market price.
..
under the Holding Company Act contemr
to the public for the account of two sell¬
Proceeds—Will be used
for investment
plating, initially; ,J the exchange of com¬
ing stockholders
purposes.
v( x
mon
stock
of 1 company
Proceeds will be received by the selling
which "National
Registration Statement No. 2-4825 Form Power &v
stockholders
Light owns, for the $6 preferred
A-l.
(8-28-41)
stock of National Power & Light Co. and
Registration Statement No. 2-4911. Form
Amendment filed Nov. 8, 1941, to defer
also .contemplating that If,
S2. (12-9-41)
upon termini,
...
effective date
'
; ation of suoh
Offered
Dec.
proposed exchange plan, Na¬
17, 1941, at $11.50 per
tional Power & Light still holds as much
share
CROCKER MC ELWAIN CO.
1,
"
as
5% of common stock of company, It
The Voting Trustees of Crocker McElwill dispose of such holdings as promptly
CHAMPION PAPER & FIBRE CO.
waln. Co. registered with the SEC voting
as
shall be practicable in light of then
Champion Paper & Fibre Co. registered
trust
certificates,
to be issued
In
e*t
with
SEC
market ahd other conditions and with
$8,500,000 of
first mortgagi
change, for a like number of ahares of the best
interests of its security holder!
bonds, due Nov. 1, 1956 (interest - rate* tc
1,684 snares of 7% preferred stock, $100
in mind.
After such disposition, company
be filed by amendment); 40,000 shares $E
par, and 15,000 shares of common stock,
will have ceased to be either a subsidiary
cumulative convertible preferred stock, nc
$100 par.
or an affiliate of National Power &
par;
and an indeterminable number ol
Llgh$
The
voting trust certificates
shares of no par common stock; to be re¬
provide Co. or Electric Bond & Share Co.
that the voting trust shall continue In ef¬
served for Issuance upon conversion of the
Registration Statement No 2-4827 Form
fect until Sept. 2, 1944, unless terminated
A-2. ■ (8-29-41)'
preferred stock :
^
earlier. y Unless terminated according
to
r Company
Address—Hamilton, O.
^
filed amendment
(Nov.
28K
Business—Largest domestic manufacturer its terms; the voting trust - will continue 1941) with SEC disclosing the terms under
until' Sept. 2, 1947.
of the types of paper known in the trade
/ /' which its 500,000 shares of no par comr

BEACON ASSOCIATES,

from

preferred

tails

supplied by amendment to the registra¬

are

SEC's

ment

—

Names

the

$53,170,000

Principal
underwriters
Scott
&
Stringfellow, Rich¬
and Blyth & Co., Inc., New

are:

registered

under

common

estimates

Va.,

develop¬

and

aircraft,

Florida

are to be sold by company
competitive bidding Rule U-50
Public Utility Holding Com¬
pany
Act.,*: Names of underwriters
and
price to public, will be supplied by posteffective amendment to registration state¬

Wash.

papers and book papers,' and ie
of the largest domestic manufacturer!

of coated papers

(500,000

Preferred

Underwriting and Offering—The securi¬

Chesapeake Corporation of Virginia reg¬

Wichita,

design

Cumulative

sold '■-v

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

defer

ties

filed

for

Business—Manufacture,
ment

Pierce, Fenner &

Beane

Stern,

Kansas

10,000

Curtis

Merrill, Lynch,

stock,

Address—5800

140,000

y ;

COMPOSITE

Co.

SEC

CO.

LIGHT

Power

SEC

•.

CHESAPEAKE CORPORATION OF

CESSNA AIRCRAFT CO.„
with

with

to- defer affective date

Aircraft

POWER

Florida

&
Light Co. registered
$45,000,000. .First , Mortgage
bonds, due Oct. 1, 1971; $10,000,000 Sink¬
^>7. 600 H
2,000 "f ing Fund Debentures, .due Oct. 1, 1956;

8,000

Securities

Cessna

FLORIDA
.,

8^000

Dec.

Registration Statement No. 2-4875. Form
A2 (11-4-41)
X:' -V
Effective 4:45 p. in. E.S.Tf; on Nov. 19.
MKI

statement

used

shs.'

pref. stk!

1942

w ,'

Nov.

able

Amendment

no underwriting
with this financing

connection

City,

No, of

the

"About

owned

Underwriters—There is

York

Corp.-:-Ripley Co.
Noyes Co._

Proceeds will be
•-

common

will

Proceeds

amendment

Tarboro.

the telephone business
part of North Carolina.

offered to
$5 per
V-:
for drilling of 5

will

company,

the equipping of a certain
lease, and for working capita)
Registration Statement No. 2-4864, Form
A-l. (10-21-41)
,

outstanding,
and are to be offered to the public for the
account
of
certain
selling
stockholders.
Public offering price will be supplied by

to prepay outstand¬
ing bank loans; $200,000 for purchase of
additional machinery;
balance for plant
additions and working capital.
Registration Statement No. 2-4851. Form

Offering—Preferred
amendment.

provisions

company

St.,.

additional wells,

;

amti

85,000
425,000

Boston

ment

James

New

direct

400 & 8tock, $100 Par. ^ Interest rates on the
Bonds and Debentures, and the dividend
2,000 I
rate on the preferred stock, will be sup¬
Harriman
425,000
2,000
'
.
Hemphill,
255,000 ; y 1,200 a plied by, amendment
Address—25 S. E. Second Ave., Miami,
HornblOwer & Weeks /: 340,000
-.1,600 ^
Fla.
Johnson, Lane, Space
;
Business—This subsidiarji of American
& Co., Savannah—85,000
400 -•
Power & Light
(Electric'Bond & Share
Kidder/ Peabody CO._1 765,000
4 3,600 4
System) is an operating public utility1 en¬
Kuhn, Loeb & Co.—i.
850,000'.'^4,00D.
W. C. Langley & Co._
340,000
1,600 1 gaged principally in generating, transmit¬
ting, distributing ahd selling electric en¬
Lee Higginson Corp.; 511,000
2,400 v.
ergy (also manufacture and sale of gas),
Piper,'Jaffray & Hopy.
serving most of the territory along the
wood,
Minneapolis. ?. 127,000
600
east coast of Florida
(With exception of
Whitp. ^Weld &
1.600
the Jacksonville area), and other portions
Cincinnati

to be offered

St.

bonds

,,v

in
of

Atlanta, Ga.

Co. has filed

„

TELEGRAPH

public

tion statement

scribed for by stockholders in the exercise,
of the warrants
.-WrV'v
V-

Address-No.

Securities

11,

t?*

Southern

registered with SEC
Cumulative
Con¬

$2.25 per share.

v..

31.67

preferred.
Address—Bendix Airport, Bendix, N. J.
Business—Company is manufacturer and
distributor of
airplane parts, equipment,
material, supplies and accessories.
Underwriter—White, Weld & Co., New
York, is principal underwriter; others to
be named by
amendment.
Underwriting

(all

Field; Richards '& Co.;
•

First

York.

Dec.

Business—This operating company is en¬

us.

100,000 shares $1 par common
reserved for issuance upon

American

CO.

Manufacturers

latter

MANUFACTURERS

TELEPHONE

Address—122

whose
deter¬

conversion of the

commission

Offering—The

the

Goldman, Sachs & Co. 1,700,000
R. S. Dickson & Co.127,000
Drexel & Co., Phila.™
425,000

mond,

stock, $100 par, and subscription warrants
evidencing
rights to subscribe for such
10,625 shares common stock

$1.37 &

and

for

W..E. Hutton & Co.—$1,700,000

named

Carolina Telephone & Telegraph Co. reg¬
with SEC
10,625
shares common

vertible Preferred Stock, no par; and maxi¬

follows

Underwriting

istered

INC.

Air Associates, Inc.,

50,000

Nov.

amendment

Underwriters-^-Nons

the

stock.. together with
the
issue
underwritten by

Offering—The
CAROLINA

the

^ies^-y.-/vr ^v'^yV

filed

Bldg., Durant,
/I'/Vwy::,-:v>

Tex.
,

each

Fourdrinier

Atl&f

Co.,

1941, to defer effective date

eastern

AIR

sold

(4-30-41)

Amendments

but
been

will

gaged

AMERICAN

dates

list

for

reserved

Registration Statement No. 2-4748. Font

issues
whose registration statements were filed
below

present

$5 par value.
the number of
shares to be involved is 135,000 shares
Address—West Point, Va.
•-v.
Business—Company is engaged in the
manufacture
and
sale
of
sulphate pulp,

106,-

that

pany

A-2.

Company

parents, and
proceeds will be received by the com¬

UNDETERMINED
We

will

the

rate

public

underwriters

the

The

preferred

amount

preferred

Proceeds—Stock

OF OFFERING

(12-8-41)

WEDNESDAY, DEC. 31

conversion

CO.

at 59

ing

and

istered

,/•

by amendment

except

reg¬

at. the

interest

annum.

disclosed

names

SEO

amendment,

common

DATES

•;'!

Terms — Preferred and com¬
be publicly offered at prices tr

Corp. and the American

with funds for new construction
Registration Statement No. 2-4913. Form
A2. (12-12-41)

stock, $1 par value
Address—261 Fifth Ave., New York City
Business—Business consists principally of
retail sale of men's and young men's cloth¬

defer

1941,

York City

will

mon

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

pany

BOND STORES, INC.

,<o

Offering

held

Electric

sale

Dec.

Underwriters—To be filed

exchange for the old
by General Gas

now

L-v,:y

filed
,

TELLER, INC.*
-v ■
• +'
"L
„
Bonwit
Teller,,. Inc.- registered
39,334
shares
of
5'/2%
cumulative
convertible
preferred
stock,
$50
par,
and
131,20!
shares of common stock, $1 par
Address—721
Fifth Avenue,
New York
City
t
'
"
Business—Operation of specialty
stori

The

follows:

new

Corp.

stock

common

used

near

BON WIT

ment

628,333

(11-12-40*

Amendment

bear

offering
price, of the bonds and the preferred stock
will be supplied by later- amendment
;
Also

V.fiS'

■■

property

Registration Statement No. 2-4571. Font

public

and

proceeds from the sale of the securities
registered will be used to retire all of the
outstanding long-term indebtedness of the
company, its
predecessor and constituent
companies,
and
that of Virginia Public
Service Generating Co. (a subsidiary), to
make cash payments
to its present pre¬
ferred stockholders, and to provide com¬

■

underwriters,

milling

operation
mining
Breckenridge, Colo.

■effective date

3y2%- per

Business—Engaged in the oil business,
buying, selling oil and/or gas leases; owns
and operates certain oil and gas leases and
equipment in Brown and Jack Counties,

filed

its

that

bonds ' of

■

and

SEC

Frin.

and

A-l.

would

each,

COMPAN1

;v,

the

unless otherwise indicated);

—

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

Virginia,

Mining

with

statement.^disclosing

„,v;

?
^.
] ■'
<
Offering—Stock will- be offered public¬
ly at $1 per share, selling commission
35%
'■
Proceeds
For development equipment

have agreed to sell to above
underwriters, a total of 25,000 shares of
6%
non-cumulative convertible preferred
stock, $10 par, of company, at a price to
be supplied by amendment (20,665 shares
of such preferred to be sold by former,
4,335 shares by latter). Underwriters agree
that immediately following delivery to them
of such shares of preferred stock, each will
convert same, share for share, into a total
of 25,000 shares of common stock of com¬
of

August

MILLNG

AND

Underwriter—None

ad¬

Name

E.S.T.,
'

—

justment) to holders of the presently out¬
standing preferred stock who do not elect
to

P.M.

1941

Business—Mining

Underwriting and Offering—The securi¬
registered will be sold through com¬
petitive bidding, under the SEC's competi¬
tive
bidding
Rule
U-50
of
the Public
Utility Holding Company Act.
Only ex¬
ception is confined to such shares of the
new
preferred stock as may be issued on
a

subsid¬

17,

Colo.

ties

(with

advanced

Milling Co. registered'
153,145 shares of common stock, $1 pai
Address
513 Majestic Bldg,, Denver

Virginia, West Vir¬

basis

Co., Inc.,

working

MINING

Bear

ing company system

(6-27-41)

BEAR

and; to a minor extent, in North
Company is a subsidiary of Gen¬
eral
Gas &
Electric
Corp., which is in
the Associated Gas & Electric Corp. hold¬

for

their

of July

Carolina.

for

Effective—3:00

v..;;-:

ginia

Putnam

has

Filed—Company

amendment

istration

•

registered:' with

Corp.

Amendment
an

Oil

Address J— Stevens-Harle

Okla.

(10-25-41)

bonds

A-2.

Alex¬

principally
an
electric
operating public utility engaged
in the production, purchase, transmission,
distribution and sale of electric energy at
retail and wholesale in

A2.

15%, leaving net price to companj
L.

Elmore

14,000 shares common stock, $5 par value
of which 1,376 shares have been sold here¬
tofore and rescission offer is made
*

Registration Statement No. 2-4867. Form

capital or will br
used for payment of debt incurred on pro¬
viding funds for advances to subsidiaries'
Registration Statement No. 2-4790. Fornc

Business—Company

Mass¬

;

Proceeds—Will

St.,
v

($4,125,000 prin-<
cipal amount due 1950, at 104ya; $4,535,00C
principal amotiht of the 1938
Issue at
102y4), requiring $8,947,663.
Balance, oi
net
proceeds will be added to working
capital'i

loan

small
and

Island

CORP..

ELMORE OIL

sinking fund debentures

•

Boston

stock,

common

the

21,

due

628,333

■

Rhode

Underwriter—F.

2%-3Vz'/o

$5,700,000

bonds,

cumulative preferred stock, $100 par

value;

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

SEC

3Vz'/v

sion is

semi-annually June 1,
1951,
in varying
amounts
(from $320,000 to $390,000); 70,000 shares
notes,
1944-Dec.
1,

5J/4%

THURSDAY, DEC. 25

the

mortgage

July
■■■[:>■■■ a

Bldg.,£ Provi¬

Offering—The Debentures will be offered
to the public at 100 by F. L. Putnam &
Co., Inc., Boston; underwriting commis¬

reg¬
for:

SEC

Head

achusetts

CO.

filed

Co.

with

statement

1971;

Registration Statement No. 2-4907. Form
A2. (12-4-41 San Francisco)
; v
'V '

SERVICE

PUBLIC

Virginia

Turks

dence, R. I.
Business—Engaged

stock of

preferred

with

filed

■

Address—216

(12-12-41)

due

will

amendment

1941

business

first

stock

company

$22,800,000

intention

present

Registration Statement No. 2-4912. Form

toward payment
of outstanding bank loans, and for working
Proceeds will be applied

to dispose of such shares either
exchange for or to utilize the proceeds
of
the
sale
thereof for the purchase of

statement

tion

Co.

Securities
company

annum,

according

Underwriters

are

and Goldman, Sachs &
York, N. Y. -v

Htttton

^
Co

Co., both of New
;, ■
- '• ■■''«. > c:;, ,i *

Ottering—The bonds and preferred stock
offered to the public, at prices to
supplied by amendment
- ;

will be

Proceeds will be used to redeem the out¬

standing aggregate of $8,660,000 of 4%%

mon
stock,' outstanding and owned by
National
Power & Light Co., would be
offered in exchange for the outstanding
■: Address—642
Main St., Holyoke, Mass..;, $6
preferred stock (279,716 shares) of Nar
Business—Company Is engaged In manu¬ tional Power & Light Co. National Power
facture and sale of paper, with its mill
& Light is, offering to each holder of its $6
located In Holyoke, Mass. r
r
prfeferred stock the right to exchange, all or
Registration Statement No. 2-4858. Form any part of his holdings of $6 preferred
F-l.
(10-11-41).
stock, in full share amounts up to 90% of
Effective 4:45 p.m., E.S.T., on Nov. 15,
such
holdings,
for
common
stock
of
1941.
VV •'
; Houston Lighting & Power Co. on the basis

Voting

trustees

Ralph H. Morrill,

Elmer

Tucker,

and Joseph K.

Holmes.

are

common for one
preferred stock. Ex¬
piration date of exchange offer will be sup¬
plied by amendment, Exchange agents are
Bankers Trust Co., New York, and First
National Bank,
Houston, Tex.
The ex¬
change offer is permitted as a step prep¬
aratory to dissolution of National Power
& Light Co.
...
7
'■ i.

shares of Houston

of two

phare of National $6

sold

the

parent

will

which

Telephone

Crosse

proceeds

use

preferred stock
\
Registration Statement No. 2-4717. Form
A-2
(3-29-41)
7
7 7
Amendments filed Nov. 19, and Dec. 8,

COMMERCIAL TELEPHONE CO

Illinois Commercial Telephone Co. regis¬
tered with SEC $5,750,000 of first mortgage
3%% bonds, due Oct. 1, 1971; .and 24,000
shares of $5 cumulative preferred stock
H

par
77 :;y 7
Address—607

no
♦

7;7.77

111.:.

St.,

General

subsidiary

Business—This

■ >1
' < I
Springfield,

•, >

Adams

:*v\7 77,.; 7.77;-77/';.;.' --7;

is engaged
in providing,
without competition,' telephone service to
180
communities
and
surrounding terri¬
Telephone

Co.

including Kewanee, Mon¬

in Illinois,

tories

mouth, Macomb, Lincoln, Bclvidere, Harrisburg, Olney, Mendota- and Mt. Carmel
amount of bonds and

and

Underwriters,

fol¬

preferred stock underwritten by each,

low:

No. of

Shs. of

Amt. of
Bonds

pld.stk.

Bonbrlght & Co., Inc.,
Webber

shares 6%
Non-Cumulative
Convertible Preferred Stock, $100 par, and
shares common stock, $l--par
Address — Lambert-St.
Louis Municipal

>•

Now
York
2,156,000 s 9,000
Mitchum, Tully & Co., 777'
77Los Angeles
719,000
3,000
.7 Offering—Bonds and preferred stock t«.
be offered to the public at a price to be
supplied by amendment to the registration
statement
77'7;777;/- 7 ■
.

sale

bonds

the

and

together with $105,000 re¬
shares

preferred stock,

from sale of 7,000 additional

ceived

stock,- will be used in part to re¬
tire following securities of company: $5,750,000
First
Mortgage
Series A 3%'",bonds, due June 1, 1970, at 105'/a; 17,098
shares
$6
preferred stock, at $110 per
share;
1,108
shares
$6 preferred
stock,
common

at hitter's cost
Balance of net proceeds will be
used to
purchase from General Telephone Corp
the outstanding capital stocks of Centra)
Illinois Telephone Co. and Illinois Stand¬
ard Telephone Co., to make additions and
betterments to company's plant and prop¬
erty, and for other corporate purposes
Registration Statement No. 2-4866. Form
owned by parent company,

i-TWpD-:

(10-24-41)

A2.

Amendment filed Nov. 26, 1941, to defer
effective

date

Natural

Kansas-Nebraska

Inc.,

Co.,

Gas

business of manu¬
selling aircraft

to engage in
testing and

presently
facturing,

Securities

Underwriting—None.

b»

7"7i/.'\-7

offered

by company
Offering—Of the shares

shares common reserved
conversion of the preferred
for working capital, purchase

Proceeds
of

Form

;.7 7
Effective—4:45 P.M., E.S.T., on Oct. 8,
1941 as of 4:45 P.M., E.S.T., Oct 6.
1941
(9-17-41)

A-l.

and retail
of Kansas and

wholesale

and

transmission

its

distribution

the States

Nebraska

Underwriting—Names
of
underwriters,
number
of
shares underwritten
by

and

each,

are

11,108 shares; Harold E. Wood

Neb.,

coln,

Minn.,
15,132; Estes,
Topeka, Kan., 10,012;
Abilene,
Kan., 5.552;

Paul,

St.

Co.,

Snyder <fe Co.,

Inc.,

United

Co.,

Trust

Cole & Co., Topeka, Kan., 6,664
Offering—The 48,468 shares are subject
to purchase, under certain options, by the
above underwriters, from the company, at

JBeeeroft,
r

price of $5.4545 per share for a block
of 8,468 shares, and at a price of $5 50
per share for the remaining 40,000 shares.
The underwriters, upon
exercise of their
various options,
propose to reoffer such
shares to the public at a price of $6.50
per share
Proceeds will be added to working capital
a

company

Registration Statement No. 2-4894. Form

(11-24-41)

A2.

■

GAS
CO,
Gas
Co.
registerec

Natural

Northern

of common stock, $20 pal
Aquila Court Bldg., Omaha

710,500

Address

Nebraska
Business—Production
natural

will

Offering—Stock

othen

and

Co.,
named by amendment

transmissioi

and

gas

Underwriter—Blyth

publicly offeree

filed by amendment
proceeds will be received
stockholders, United Light &
Railways Co., and North American Light
and
Power Co.
7 7
Registration Statement No. 2-4741. Form

price to be
Proceeds—-All

selling

(4-21-41)
v7777;7V
Northern
Natural Gas
Co.

its

filed

registration statemeni
par value commoc

its

amendment

$20

proposed to be offered to the pub¬
been reduced from 710,500 shares

stock

has

According to the amend¬
355,250 shares are those that

shares.

to 355,250

such

presently
owned,
and outstanding
North American Light & Powe$ Co.
are to be offered to
public for tht
account of
American Light & Power Co
The
355,250 additional shares orginall;
are

and

United

with
the SEC $3,700,000 of first mortgage series
A
bonds,
due
19G1, and $700,000 serial
notes due $50,000 semi-annually in 19421943, inclusive.
Interest rates and matur¬
ity dates will be supplied bv amendmeit
Address—211 Madison St., Waukegan, 111.
Business—This public utility company is
engaged principally in the production, dis¬
tribution and sale of gas for heat, light,

INC.

MINES,

Mines, Inc. has filed

Kensington

covering

statement

line

par

cent

per

April

E.S.T.,

P.M.,

Effective—4:45

Kirkland

Gold

LTD

RAND,

GOLD

Ltd.,

Rand,

registered

SEC, under refiling, 500,000 share?
stock $1 par
St. James St., West, Mon¬

with

the

plied by amendment.
Proceeds,

plus

funds of

otner

company,

to payment, at 100 and
of the $4,604,000 of joint
4% Series A bonds, due
Jan. 1, 1942, of company and North Shore
will

applied

accrued interest,
first

mortgage

Coke

Chemical

Co.

Registration Statement No. 2-4889. Form
(11-18-41)

A2.

filed

has

Company

amendment with
$3,700,000 first

Quebec, Canada
Business—Engaged In

treal,

development, ac¬
selling
and
operating
and other
mineral
mines
Company is still in the development stage
holding,

quiring,

silver-

gold,

Underwriters—To

commission

43%

Proceeds—For

cents

and

mature on Dec.

would
the

$700,000

1, 1961.

Also,
would

notes

serial

1942, to Dec. 1, 1948, both
inclusive. The public offering prices of the
bonds and notes, and the interest rates on
the notes,: will be supplied by a subsequent
amendment to the registration statement
June

1941,
giving the interest rates on the serial notes
2 % %
to 3% %. 77.7:7 7 77- = 77777777 '■
The
underwriters,
and
the
principal
Company filed

amendment Dec. 11,

amount of the bonds and notes which

has agreed to purchase, are as

purchase

Refiled

A-l.

Cleveland

defer

Nov.

CROSSE

date

effective

28,

1941,

Telephone

32,080

Address—La

and

filed

Dec.

PANAMA

Brown

registered

will

offered at price to be filed by
except that 2,406 shares will
'

Coca-Cola
the

SEC

120
115
95

CO.

BOTTLING

Bottling

regis¬

Co.

33,750 shares common

par

Address—19-A
de

Sons

amendment,
■

COCA-COLA

stock

Inc.,

Allyn & Co,, Inc., Chic.

registered
stock, $10 par

Wisconsin

plus

provisions of

the

with

accordance

Avenue

Ossa, Panama,

Business—Engaged

Jose

Francisco

R. de P.

business

bot¬

tling Coca-Cola and other carbonated bev¬
erages
and in manufacture of ice-cream
and
ice, all of which are sold wholesale
In

the

Canal

Republic
Zone

Panama

and

the

filed

Nov.

WHOLESALE

Dec.

and

Penn

■

28,

selling

1941,

drug

will

(exclusively)
retail druggists,
per share
7777; 777'/V.7 7:
.

Proceeds—Will

and

Registration

for

used

777'
7

$50

Statement No.

2-4818

Effective—Oct 7,
VIRGINIA

LAND

Virginia

registered

miles

west

interests

oil

Dade

anc

Miami

Building, Coral Gables

Offering—Interests will be sold to th»
public at prices from $20 per acre up t'
per

purchase

For

—

development

equipment,

and

working

cap

either

3-10

4:45 P.M.,

notice

bids

purchase of

deficienc)

E.S.T., Sept. 21, 1941.

bonds

the

Employess Corp. registered with
convertible sinking fund

Railroad

$750,000 5%

conversion

107,142

conversion

44th

Address—155

St.,

City

Business—Through subsidiaries, engaged
in the "small loans" business in New York
and

New

Jersey
•
Underwriters—E. H. Rollins & Sons, Inc.,
York, is principal underwriter; others
be named by amendment
Offering—Debentures will be offered to

New

ment

Price supplied by amendment, $98
will be added to general

Proceeds

used

part

reduce

funds,
bank loans

and. commercial: paper

Registration Statement No. 2-4891. Form
A2. (11-19-41)
SOUTH
South

INSURANCE

CAROLINA
Carolina

Insurance

Co.

CO.
registered

with SEC 12,500 shares common stock, $8
par value
Address—1400 Main St., Columbia, S. C.
,

principally

Business-^-Engaged

the

writing of fire insurance
Underwriting
first

offered

Offering—The

and

offered

for

subscription

public at $18 per share,

within

30 days after effective date of registration
statement.
Underwriters will be named by

amendment;

Securities

Commission

Number of shares reserved for

purposes,

The

debentures

the

issuance

for

reserved

stock,

underwriting commission will

and

$2 per

Dec.

cooperate with registrants arid

issued

requests
for
acceleration
as
promptly as possible, consistent
with the public interest and the
protection of investors, appli¬
cations for registration should
be filed early enough to allow
at least 10 days for examina¬
tion of the application and con¬

general policy
requests for accelera¬

statement

its

regarding
of
the

date

effective

tion

registration -of securities on na¬
tional securities exchanges undei
the discretionary authority giver,
it by Section 12 (d) of the Se¬
curities
Exchange Act of 1934
It was stated that requests for
acceleration of registration wili
be considered in cases where, in
the Commission's opinion,
ade¬
quate and reasonable current in¬
formation: concerning the issuer
has already been filed with the

sideration

and

to the public.

ing

upon

made

minimum capital of $300,000
Registration Statement No. 2-4898. Form
A2. (11-27-41)
TEXAMERICA OIL

and

registered with SEC
119.891 shares common
stock, $2 par.
Address
—
Milam Bldg.,
San Antonio

be¬

ordinary

available

consider

R. G. Bulkley

certain ad¬

authorities.

Now With

change, in their Denver office, 828
17th' Street. R. G. Bulkley & Co.

Commission

has discontinued the

ination

Laidiaw Co. To Add Noel,;

MacLean and Van Deventer

the

acceleration

should

not

Laidiaw

York

New

where the application
filed sufficiently in ad¬
to
avoid
the
necessity

requested
can

purchase and

sale of securities.

days for exam¬
application and
consideration of the request, and
at least

allow

that

CORP.

Texamerica Oil Corp.

effective in the

coNrse, requests
for accelera¬
tion should not be made.

Harris, Upham In Denver
such as the ade¬
quacy of disclosure in the instan'
DENVER,
COLO.—Ralph
G.
application,
the distribution of Bulkley, President of R. G. Bulkthe
issuer's
securities, and its ley & Co., has become associated
compliance
with
the
require¬ with Harris, Upham & Co., mem¬
ments of other regulatory statutes
bers of the New York Stock Ex¬
The

registration

permit

come

ditional factors,

and with the laws of Massachusetts requir¬

Commis¬

"7..'7'',,:7 7"
applications
can
be filed sufficiently in advance
Wherever

However, in pass¬
such requests, the Com¬

mission will

the

sion.

Commission

request-, for

the

acceleration

Proceeds will go

ing

with exchanges by acting upon

Exchange

emphasized
directly to capital ($100,7 that where
acceleration of the
000) and the residue to surplus.
Company
effective date is to be requested
deems it essential to comply with laws of
the
application for registration
New York State, soon to become effective
requiring a minimum capital of $250,000
should be filed early enough to

it's

fective

Acceleration Policy

debentures, due Dec, 1. 1956; and undeter¬
mined number of shares $1 par class A
common

the registrant or
representatives

which it is based and the
approximate date on which ef¬
registration is desired.
While the
Commission will

SEG Announces its

CORP.

registra¬

be made

upon

1941

16,

Dec.

EMPLOYEES

RAILROAD

SEC

the

for

received

may

the
exchange on which
registration is sought.
Every
request should be in writing
and should state the
grounds

Effective—10 a.m. E.S.T. on Dec. 6. 1941
No

date

(5-23-41)

Effective—Under

(11-22-41)

A2.

authorized

2-4767. Form

Statement No.

acceleration

for

effective

tion of securities

lands

ital

Registration

case,

with other securities

Requests
the

acre

Proceeds

particular

required stockholder

related thereto.

Underwriters—None

1150

the

tered

Florida

County,

priate
State
and
Federal
agencies having jurisdiction;
Court proceedings; and simi¬
lar
matters connected with
the
securities
being, regis¬

warrant}

Compliance with the
registration requirements of
the Securities Act of 1933;;
(e) Any othei; factors per¬

laws; authorization by appro¬

lands in the Everglades, Florida, about

gas

■

date

registra¬

approval; qualification under
applicable State "Blue-sky"

Form

1941 at 11 A. M.. E.S.T

Co.

Land

the

(d)

(

such

CO.

deeds -representing

relation

tinent

:777'77.7

purchase ol
capital

working

for

(8-22-41)

A-2.

.•

4,000 shares of common
by the company dired

■

! \
operation of the
trading mechan¬

which effective
tion is. requested;;

77777'-

related thereto;

sold

equipment,

•

business

merchandise

Underwriting—None

Offering—The
stock

indenture

Registration Statement No. 2-4893. Form

:7
Delaware

engage

store

ism

Pittsburgh

Ave.,

of. other

distribution

the

Druggists

securities

INC.

Wholesale

there¬

7.7(b) The distribution of the
securities
being
registered

13,

DRUGGISTS

regulations

7;7'3'7'7 7v; 77- 7;*-V-'-:-

under;

777 777;-7

and

rules

costs

(3-30-40)

April

New.York

Broadway,

Co.,

City, members of the

Exchange

Stock

and

exchanges,
7:77-':;'7' 7 7:. •''7:77:7 7
7:->- 77" >•
will
admit Daniel E. MacLean,
therefor. ,'
^
■
Business—Engaged
In
production and
Louis W.- Noel and William F.
marketing of crude oil, acquire mineral
The text of the Commission's
Van Deventer to p-^+nership in
leasehold interests in producing or prover
statement follows:
oil
properties in
Texas, drilling of oil
the firm on Jan. 2, 1942.
wells thereon, acquire rovalty interests ir
Section 12 (d) of the Securi¬
proven and developed oil properties.
ties Exchange Act of 1934 con¬
Underwriter—Willard York Co., San An¬
Max Ibers With Schultz
fers upon the SEC discretionary
tonio, Tex., has agreed to purchase 44.750 shares at $1.75 per share and 74.157
Max
Jbem ha1?
become asso¬
authority to accelerate the ef¬
shares
at
$2.
from
company.
fective date of registration of ciated with L. J. Schultz & Co.. 76
Offering—118,907 shares to be offered
Beaver
Street, New York C'tv.
securities
for
which
applica¬
to
public at/1 $2,375 per share: remaining
984 shares registered constitute shares is¬
Ibers
was
formerly
with
tions for registration are filed Mr.
vance

other leading national

•

sued

July

1941,

company,

divi¬

under

dends.

Proceeds—Will be

used

pay

The

outstand¬
!

associated companies, fcuu for

Address—Theatre

other funds of company
will be applied to redemption,
within 40 days after issuance of the bonds,
af the $38,000,000 of Public Service Co. of
Indiana first mortgage series A 4% bohds,
due Sept. 1, 1969, at lOS'/a and accrued
interest;
and $4,000,000 of the net pro¬
ceeds
will be deposited with the trustee
under the series D indenture and will be
the

anc

held

bonds

mortgage

consider the- fol4

also

registration and its general
compliance with the requirements of the Act and
the

debt

current

•-7:7
Business—Incorporated

if necessary

used

Corp.

infor¬
issuer

lowing additional factors: '
j]
(a) The adequacy of dis-4
closure in the application for

Registration Statement No. 2-4379. Fora

statement

Proceeds,

sion will

stock7'

per

Electric

the

upon requests
the
Commis¬

acceleration

for

share?

new

current

concerning

in passing

ever,

$5.3*

basis,

$100,016

repay

first

and

construction

Tex.

500

with

Offering—All

900 7 170

650
600

Business—Telephone service to La Crosse,

publicly

Inc.,

tered

Corp.

common

Crosse,

Underwriter—Alex.

$200

$1,050

Son's

Wampler & Co.,
Chicago

CORP.

TELEPHONE

Crosse

Stern,

Panama

Wis.

Rollins

941
LA

(000 omitted)

Inc.,

Co.,

Coffin & Burr, Inc., Boston

(6-16-41)

Amendment

follows:

New York

equipment and working capital
Registration Statement No. 2-4727. Form

each

Bonds Notes

amend¬

per

development,

tion

will

Act. Names of underwriters,
and public offering price, will be supplied
by post-effective amendment to registra¬

present stockholders,; under their preemp¬
tive rights, at price of $16 per share.
Un¬
subscribed portion of such shares will be

mature $50,000 on each June 1 and Dec.

$2,835,000
parent

Gas

Proceeds—To

bonds

the competitive bidding

the SEC disclosing that the

'
7,7 ';'7'„' •
V '-77: ' ; -V'
Central7 Republic
Offering—Above shares to be offered to
Chicago
public at $1.25 per share; underwriting
ment

named

"7:7'7:77;:

Offering—The

held

Address—6543

mortgage series A bonds of company would
bear' an interest rate of 4$> per annum,

common

Address—360

77771:

and

under

shart

held

may

Columbia

Pa.

Company

and

■

at prices to be sup¬

Rule U-50 of. the SEC's Public Utility Hold¬
ing

sup¬

notes will be

and

bonds

the public,

will be

underwriters

Offering—The
offered

Co.,
underwriter-

principal

named

other

sold

6/94ths of

cases

public under any Act adminis¬
tered by the Commission. How-

Electri'

Pitts¬
burgh, Inc., registered with the SEC 4,000
shares
no
par
common
stock

Indian¬

St.,

unit.

PITTSBURGH,

public, at price to be supplied by amend¬

•

of" .waters

Underwriting

south boundary

Winnetka, 111., on the south .
Underwriters—Central
Republic

from

1941

KIRKLAND

north

the

that

(3-21-41)

A-l.

gas.

plied by amendment
a reg¬
565,000

cumulativi
preferred stock and the same number of
shares of 1 cent par common 35,000 sharef
of $1 par 6 per cent cumulative preferred
shares
previously sold to promoters
at
$1 and 1,320,000 shares of 1 cent com¬
mon
previously sold to promoters at 2.0t
cents a share
7;\7.;77'£7'77''"
Address—Seattle,
Washington
Business—Mining
and Milling
'
Proceeds — For property, construction
development and working capital
Underwriters—Kressly and Campbell
Registration Statement No. 2-4697. Form
$1

consists
partially of

water gas and
Territory served comprises
270 sq. miles, including all of the communi¬
ties
situated
along
the shore of Lake
Michigan from the Illinois-Wisconsin State
oven

names

istration

registered

Co.

Gas

partially

coke

Chicago,

1941

Shore

pbwer and other purposes; gas sold

and' ".sale

were

North

Illinois

units

securities

reasonably

mation

Substantially all outstanding stock is held

Ind.

apolis,

each

United

[ Business—Incorpor» ted in Indiana on
Sept. 6. 1941. as le-ulr, of consolidation of
Public Service Co, of Indiana, Central In¬
diana Power Co., Northern Indiana Power
Co., Terre Haute Electric Co. and Dresser
Power Corp.
Company is a public utility
operating in State of Indiana and is en¬
gaged principally in production, generation,
manufacture, purchase, transmission, sup¬
ply distribution and sale of electric energy
and. gas, and in the supply, distribution

will

for

holders
for

conr

of'regis-

previously been filed and
7 made available to the general

utilltj

will
receive of¬
25/94ths of one com¬

will

acceleration

date

has

.7- -•7""7V77 •' •-'• -'7.77.-

5/94ths

UNITED

# bonds, due Dec. 1, 1971

•

;':7>:7"";'
A

tration

and

; ,<>•,

Gas

for

effective

ac¬

follows:

Commission
requests

the

for

requests

jWhere, in its opinion, adequate

common

electric

1941, to defer effective date

PUBLIC SERVICE CO. OF INDIANA, INC.
;
Pub.ic Service Co. of Indiana, Inc., reg¬
istered
with
SEC
$42,000,000 first mort¬

serie

;

re¬

Cincinnati

..-.''v

■

Columbia

—

Amendments

notes

Registration Statement No. 2-4865. Form
(10-23-411
,,7

Address—110

Operating

A-2.

and

Co.

par-

St.,

7,..

each

tor

payment of cer¬

outstanding bank loans

CO.

GAS

SHORE

NORTH

Proceeds will be used for

subsidiary

& Railways Co., a
Light & Power Co,

United Light

7 7",7

tain

$100

Main

• V

mon

preferred

subscription

Power

Offering—Stockholders

and

7
V
stock will be
stockholders,
at par.
Unsubscribed portion will be pur*,
chased by
Max Kalter, director of com¬
pany, on behalf of a syndicate which he
represents.
Subscription price is $2.50 pei
for

—

Underwriter

Underwriters—None

Offering—The

and

7\\77;77..;,: ,77,7

Corp.
fer

25,000

Business

Syracuse,

77777 .777

thermometers

offered

A-2.

Effective—4:45 p. m., E.S.T., on Dec. IX,

KENSINGTON

and

gage

First Trust Co., Lin¬

follows:

:Ave.,„

manufacture

sider
of

company

.77 ;,;77;;7:.\.
in

The

;

Ohio

boilers and radiators, steam,
nea ting
and high pressure boilers, -Unaflow engines, radiator valves, boiler gauges

NATURAL

NORTHERN

registered with the SEC on April 21, 1941
for public offering,
and withdrawn from
registration were subsequently registerec
and became effective.
These shares const!tuted the stock outstanding and owned by

Nichols

Heat

jCy regarding

celeration will be

HEAT AND POWER COM-

■

Address—4th

77V-

t.,

Form

stock

stock, latter reserved for conver¬
sion-upon issuance of the preferred
■
Y.

2-4824

Light,

gistered

CORP.

Corp,- has regis¬
shares 5% cumu¬

preferred
stock, $2.50
shares of $1 par

Business-—Engaged

PANY

Union

Al.

and equipment.
Registration Statement No. 2-4844.
machinery

tools,

lic

chase

120,000

Address—701

No.

UNION LIGHT,

common

registered, tht
6,453 Ve shares of preferred and 64,531%
shares of common, will be offered to pub¬
lic
in units each
unit consisting of one
share of preferred and 10 shares of com¬
mon stock,
at price of $140 per unit.
Re¬

company engaged in the pur¬
natural gas in Kansas, and in

120,000

and

(This List is Incomplete This Week).7":

sale of heating

registered with SEC 48,468 shares common
stock, $5 par value
Address—-Phillipsburg, Kan.
Business—Company is an operating pub¬
utility

SEC

veloping aircraft and of manufacturing
and
selling parts
for
aircraft; expects

ment.

INC.

Radiator

convertible

value;

par

lic

KANSAS-NEBRASKA NATURAL GAS CO.,

with

lative

Airport, Robertson, Mo.
>
7 • .;
7
Business—Engaged in designing and de¬

for issuance on

& Co.,

from

6,453 Ve

129,063 Vb

•

Proceeds

registered with

McDonnell Aircraft Corp.
SEC

RADIATOR

BUTLER

Pierce' Butler
tered

CORP.

AIRCRAFT

MCDONNELL

PIERCE
"

will

Statement

A-l. '(8-27-41)

7 Effective 3 p. m. E.S.T. on Nov. 25, 1941

maining 64,531%

12,000

$2,875,000

York

New

Paine,

defer effective date

1941,

Registration

company's working capital
Registration Statement No. 2-4870. Form
S-2 (New Form)
(10-29-41)
'
.
7 '

outstanding

retire

will

Offering—The

-7
($200,000), and
added to work¬

indebtedness

remaining $26,626
ing capital

...

latter

and

Corp.

ing mortgage

York, is

underwriter

sole

be offered to
the
public at $12.50 per share;
under¬
writing commission is $2.50 per share
Proceeds—Will be used to increase the
1

owned

Middle Western * Tele¬
will donate a portion

company,

Co.,

phone

registered

Proceeds—Stock

Underwriters—Elder & Co., New

■

Telephone

Electric

Central

Co.

ILLINOIS

1551

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4021;

Volume 154

-i

Section

(b)

and

Commission's general
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(c). Quincy Cass Associates in Los An¬
pol- geles.
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THE COMMERCIAL & FINANCIAL CHRONICLE

1552

does

Thursday, December 18, 1941

about

stable prices and as
the need for stable prices

long

BONDS WITH

BIDS MADE ON

REMEMBER

•

great..

Merck

Story is,

far the two agencies

American

have restricted their ■ buying to the

WITH nation-wide dealer contacts and private wire connections
with

number

"little fellows."

of the larger New York brokers and

dealers, and with

United

Teletype n. Y.

entirely at the disposal of

are

dealer contacts,

national and local, in

;

will be lowered in the

future.

OVER-THE-COUNTER SECURITIES

1-1779

R. W.

Pressprich To

Kobbe, Gearhart & Company

Glapp, Jr.

John J. Clapp, Jr.,

manager

■.

V '

the

NEW

STREET,

telephone

york

new

.boston

Enterprise 6425

The

Dr.

likely

confidence

telephone

the

earnings to increase pro¬

duction

The

Dec. 9

(See issue of Dec. 11, page

1457).
at his

President Roosevelt said

continuing

press

rapid¬

time-and-a-half

that

cline in prices due to lack of

tinue

buying

Henry M. Wriston, President

Excess

for Peace," was guest
of honor and principal speaker at
the
Bond
Club
of
New
York
luncheon on Dec. 17.
The United
of "Prepare

total

reserves

whole

Seems

...

as a

work

Knudsen, Director-

demands a 168*hour work

gram
week

the wartime production pro¬

that

for

plants producing tanks,

ships, anti-aircraft guns, airplanes
and munitions.
With regard to

...

con¬

all

tion Management, said on Dec.

big
figure but tlie division of surplus
funds isn't so good.
In New
States, Dr. Wriston said, now finds
The Government bond market has been and is acting beautifully.
excess
funds total only
itself united, but to maintain this
In large part the way in which it has been controlled since York,
unity; a "new quality of unity the outbreak of the war.
Controlled not so much by official $1,070,000,000.
must come into the American life. action—outright buying is only one part of the picture.
But The Outlook
It must be a unity founded upon by "gentlemen's agreements" among the big holders, the banks. . . .
The commercial banks in New
commonly accepted political and And by psychological stimulants.
.
.
.
And by appeals to York
will
continue
operating
social premises which are positive patriotism. .
under the gentlemen's agreement,
.
.
And by shrewd^
rather than negative. When the handling of the New York dealers,
"We feel it is unpatriotic to hit
arranged when England and Ger¬
external
pressure
is destroyed, "allowing them to take care of as the market with short-selling or many clashed in the fall of 1939.
only internal cohesion can pre¬ much of the market as
they large-scale liquidation now.
Our
The agreement has been
now.

must

for

General of the Office of Produc¬

around

$3,840,000,000 for the country

paid

William

hours in excess of 40.

the part of the big

commercial banks.

University, and author

for

in his radio talk to the Nation on

re¬

dictated by some sudden de¬

called

conference on Dec. 12 that
he had no plans for changing the
ly
than
almost
any
other
basic 40-hour week provided for
move.
And
there's
a /:
in the Wage-Hour Law,
He said
chance that this move may be

stability of prices

Enterprise 1250

partnership in
1942.

the limit.

President

seven-day week in war industries

be f

decrease

slight

/• ;-;:y

1-1397

of wage

Gov¬

doesn't

—

ex¬

ability

quirements would bring back

1-570

Bond Club Hears Wriston
of Brown

the

absorb

feeling / is

that

teletype

bell

Enterprise 6015

hartford

YORK

telephone

philadelphia

2-3600

REctor

the firm on Jan. 1,

HAnover 2-8780

St., N.Y.

Teletype n.

pressing at all.,.. But

appear

York Security Dealers Association, ;,,

NASSAU

telephone

Street, New York City, members
of the New York Stock Exchange,
will be admitted to

New

increasing
and

banks

the need may become so.

Municipal department for R.
W. Pressprich & Co., 68 William

Members

reserves

the

ernment obligations

.Y
INCORPORATED

Admit J.

thereby

cess

j)etier*:4Wi±;

Security
25 Broad

the

and

M. S. WIEN & CO.

relatively

moment, the need
lowering requirements—

for

Zinc

Mexican Internal & Ext'l Bonds

hereby goes on record
with the prediction that reserve
requirements of member 'banks

valued broker and

our

Mfg. Co.

Cigar-Whelan
Wallower

Evans

thi3

column

near

PI., New York

4-4832

DIgby

Reserve 'Requirements

our own,

OUR up-to-the minute trading facilities, service, and markets

S. H. JUNGER Co.
Phone

retail sales department of

This may be premature, but

Inquiries Invited

40 Exchange

Inc. V

Sharpe Mfg. Co.

Merrimac

.
,

MUTILATED

Co.,

Airlines, Pfd.

Browne &

2j/2s and 2s—to absorb the
sales of free riders and scared
new

COUPONS MISSUS

Common & Preferred

•

the conference Gov. Lehman said:

...

serve our

unity.

wish."

.
4

True democracy,

the faith in the

firm

speaking,

Objectively

is a particularly

vation,

it is the path to

peace."

(1)

G. H. Simpson Jr.

Now

With Lewis And Hall
(Special

to The

Financial

Chronicle)

GREENSBORO, N. C.—Guy H.
Jr., has become asso¬
with Lewis and Hall, Jef¬

Simpson,
ciated

Interest

far, the market has needed
mighty little support, because of
the fact that liquidation has been
comparatively small and because
of the fact that most dealers and
investors
control

(2) The market will remain
around these levels, possibly
fluctuate within a point of

the most

...

expect the

Will Admit Cale

Hobart

Cale

will

be ad¬

drive

the 2y2s

point.''"
far, the volume of liquida¬

"So

Co.

been restricted
and Treasury

"Our

•

to the

confidence

can

how

issues

new

bills."

than before, for we
seen

easily

is greater
have just

the

be maintained.

market

The

ease

With which the Treasury and
Federal

HAY, FALES & CO.
Membert

New

York

Stock

Exchange

Broadway, N. Y. BOwIing Greea 9-7030

.Bell

Teletype NY

1-61

Reserve

held

the

market this time is the result
of the experience

obtained

the agencies

September,

1939

and in the spring of 1940."
.

in¬

and

...

other

accompanying intensifica¬

defense bonds

tion of the defense bond dri\%.

Chances

the Treasury's sales
these will double in the next

lew months.

own.

unit

to give prompt action on
applications coming from em¬
ployers engaged in war produc¬

The

In January.

Open

tion. :

though,

may

while.

Declaring that the Governor's
Conference with members of the

market

borrowing,

deferred

And

psychological

can't

for

But

just in

case

herself

with

were necessary,

would

Fund.

this

use

Insurance company buying is
becoming and will become more
important.
Distribution of

formulation

primary
working

$200,000,000

$2,000,000,000 fund is
the revolving fund.

The $1,800,000,000 balance

still

it,

can

ments
■

the

law

"in

when
.

public

direct support

the

by changes in reserve re¬
quirements, in the gold policy,
etc., and you have a general idea
of the power

of the Government

keep prices and interest rates

where they are.

press

...

Study those comments,
Then

try

visualize a market
down three to five points.
Just try to imagine it as long as
the Government feels the way it
to

made

was

had

Miller

Picard,

labor

pended

permitted
Dec.

comply

with
in

were

been

legislative
The

and

Governor

labor

from

"The

the

said

labor

the

Secretary

the

voiced

crisis

representatives

and

determination

limit,"

The
act

Board
such

procedures have been

Commissioner Miller
She further( said:

Where

legal

shown

maximum

restrictions
interfere

production,

can

with

applica¬

tions will be considered for per¬
mission

work

women

seven

days a week or on a three-shift
basis

understanding of
the

according

Picard.

new

explained.

of
War
Stimson and Acting Secretary of
the Navy Forrestal urging that he
use his "authority to prevent such
peacetime restrictions from inter¬
fering in any way with maximum
possible production." Gov. Leh¬
man

and

designed to help management and
labor increase war production to

lead¬

called

petitions as heretofore.

conference after receiving a tele¬
gram

work

Appeals

allowed,
continue

will

seven-day week.
This action
taken by Governor Lehman
following a conference in Albany
ers.

and

Chairman

was

with

number of such variations have

pro¬

industries

Law

Standards

Roose¬

speed-up of

defense

an¬

week has habitually been
considered
by
the Board
of
days

sus¬

order

Labor

the

the hours

President

velt's call for
duction

the

said

Permission under Section 161

All laws of the New Ydrk State

imposing restrictions

Appeals,

Labor, which added: ; y/

ment of

conference, Secre¬
tary
Morgenthau
answered
a
question about continuing support
with this statement, "I don't know,
but if necessary, we will"
.
.
.
He continued: "We are standing
there ready to buy and keep the
market orderly and demonstrate
that there is plenty of confidence
around."

Labor Laws.

State

nouncement by the State Depart¬

In War Industries

and

ards

Hours Restrictions
,

this

the

Commissioner

Chairman of the Board of Stand¬

dered

At his

N. Y. State Suspends

creating

the

first

to aid

and

announcement

Her

after

And this fund,

1934

indirect control that may be ten¬

the

of procedures

on war

bodied

capsulize it: The outlook is
.

the

Miller

announced

Dec.

Industrial

State
Frieda

conferred with William J.

buy and sell Govern¬

interest."
Add

good.

and

sub-contractors
orders to secure,
where necessary,
certain relax¬
ations in hours regulations em¬

safekeeping at the

Treasury.
under

waiver

Laws,

Commissioner

securities among in¬
companies is admittedly a
desirable thing and the insurance
companies are expected to begin
buying on a large scale soon.

there

Stabilization

the

Only

not

was

Labor

War

hour, 7-day week war produc¬

tion

...

and

leaders

Department requests for a

Navy
24

Dec.

Government

additional

support

labor

Legislature,

surance

stressed

tory.

provisions of law restrict¬

ing hours of employment. The
Department of Labor will im¬
mediately establish a special

are

of 72/67 at 100

to partnership in Colgate tion has been small.
The num¬
Hoyt & Co., 14 Wall Street, New ber of 25, 50 and 100 bond orders,
York City, on Jan. 1, 1942.
•■■■
however, has been comparatively
large, indicating selling by stock
exchange houses, individuals, trust
accounts, country banks, etc. The
R. Hoe &
buying has come from a few major
COMMON
banks and insurance companies.
The
Government's -buying
has

American Hair & Felt

Treasury

their

that

angle—which
enough.

mitted

Eagle Lock Co.

there's

And

represent the market's 'stabiliza¬
tion

sales of

agreed by all that any

was

Department of Labor for au¬
thority to operate on a sevenday week, to employ women on
a three-shift basis and to waive

committee of the Reserve.

be tremendous

tnoney
plenty of selling. . . f flowing in from sales of defense
there's the open market bonds,
this
is
quite
satisfac¬

Then

has keep the new 2fys and 2s at or
been connected with the firm for above par.
The bonds may slip
some time as manager of the in¬ below now and then, but even that
vestment department.
is unlikely at the moment.
And

C. Hoyt

There will

the

employer engaged in war pro¬
duction may apply to the State

could handle

Letchworth

feel

declines

Treasury and

"There is a definite

;

creases

production

limit.

Treasury bonds, $4,000,000 Treas^
ury bills (the one type of issue
supported by the Reserve) and
$20,000,000 Government - guaran¬

Mr.

the

are

increase

three days of the war, not
only did the New York banks not
dump bonds overboard, but they
also bought $38,000,000 additional

teed securities.

of the wage earners to

nation

first

the determi¬

crisis and

the

In the

...

the Federal Reserve Banks to con¬

31st.

important, too.

They have plenty of power,
plenty of leeway.
Just the
Treasury's
investment
accounts
.

P. Letchworth will be¬ tinue a close watch on all prices
partner in Strassburger & and to give whatever support is
to
maintain current
Co., 133 Montgomery Street, mem¬ necessary
bers of the New York and San levels."
";
Dec.

the

refunding program protfably will go through as scheduled.

of the
Govern¬
point is

aware

That second

chances

The

William

Francisco Stock Exchanges, as

proceed immediately along
proposed by the Presi¬
dent.
The representatives of
labor voiced an understanding

the lines

and Federal Reserve System will
continue taking care of any un¬

Comments

ham, making his headquarters in They represent opinions gathered
Greensboro, and prior thereto was during the first week of warfare
local representative for Kirchofer —the week when one would ordi¬
and Arnold, Inc.
narily expect the greatest move¬
ments in prices and the most distubrance:
'[/';■ v

come

working beautifully.

desirable

today's prices

"We

fully
of

are

powers

ment.

Here are some of the comments
Building.
Mr. Simpson
formerly an officer of First of leading dealers, experts on the
Securities
Corporation of Dur¬ U. S. Government bond mart. .

CALIF.—

develop¬

rates will re-

ferson

To Admit Letch worth

the

suggesting

main low;

was

SAN ' FRANCISCO,

(This

Control

spite the world-wide war:

on."

now

important obser¬

vital significance to the market.)

Government

ment of a psychological attitude of

prise from its burdens, will be our Treasury and/or the Federal Re¬
salvation, said Dr. Wriston, clos¬ serve System will continue to
ing. "If democracy is worth fight¬ manage the market in a way de¬
ing on all the continents of the signed
to
inspire
confidence
earth to defend, it is worth a among investors, present and po¬
And that leads to
struggle to protect it here. That tential.
faith is the way to national unity; the obvious conclusion that de¬
.

sell

not

bonds short from

has

individual, simplification of gov¬ been technically an extraordinar¬
ernment, limiting its regulations, ily good job. . . .
And that leads
and freeing business and enter¬ to
the
conclusion
that
the

will

Every one expressed a desire
to

sions

hours of

waive

law

other

restricting

employment."

provi¬
their

Full text of Commercial and Financial Chronicle : December 18, 1941, Vol. 154, No. 4021, Section 1

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