The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.A^,,...»■>.i'.:
•,'";,
vi,:.'.' A. •
,
lu.'.iji.-'Aiii
,^j'
t
ADl*
|Oft.
lUHMfW
Final
THURSDAY
Edition
2 1943
JAN
In 2 Sections
Section 1
-
Reg. U. S. Pat. Office
New
Number 4138
Volume 156
THE ANATOMY OF CAPITALISM
REPORTER'S
By H. B. LOOMIS and JOHN B. KNOX
V
REPORT
of John B. Knox
operation which escaped al¬
unnoticed, although appar¬
ently not so intended since the
company sought tenders of cer¬
tain of its outstanding bonds, re¬
An
most
vealed this week how
current trend
tions
toward
ness.
Gas
&
the
■.
advertised on
Saturday,
asking
tenders
of
certain of the outstanding obli¬
Jersey,
of
gations
properties.
Holders
on.
ad¬
take
to
desiring
It
call the reader's at¬
tention pointedly to certain fundamentals often overlooked
in this day and time.
It can think of no better contribution
cles, of which this is the eighth, which
to
the close of business on
Moreover, it was de¬
cided that holders ,of bonds in¬
volved in tenders selected by the
delivered
be
must
company
by
today at the latest.
one
major proportions since the
is calling for only suf¬
to exhaust Sl,-
company
bonds
ficient
principal amount.
But
it may run to around $1,200,000
allowing
for
premiums com/ Tnanded by the bonds.
000,000
The
and
graded
industry grew,
medium of ex¬
a
It
gives meaning to the ele¬
and this
denominator
price.
metallic
not
was
money
fully adequate and the ingenuity of thinking men developed
bills-of-exchange, bank notes and eventually a banking
system, the management
understand, maybe because they do not want tq,
how fail to
that money
publicize the program, or so it
seems, since many of the
port¬
folio men for institutions did not
see the ad
until it was called to
of strong-minded people. The intelligent compre¬
significance of any series of facts is a slow
point
hension of the
little ques¬
We
men
the company
would get its quota of the is¬
sues, even though they will be
on page
QUICK ACTION ON
;;; ..T. ■"" T-'
■
■-
forward
look
may
next
to
this December will permit the
financings
Whatever
(2)
l%s and 2V£s.
new
period and
.
postponement.
do get will be comparatively
portfolios entirely....
.
Special Editorial Material Featuring Savings
Loan Associations Starts on Page 2322.
DESIGN
.
of January.
expected to remain on
are
market is in for
may
a
good
set in and last through the month
...
Some excellent trading opportunities for investors who
like to rearrange their portfolios over the coming 60 days
likely to develop.
...
tary method of financing—when it is tried on a "blitz" basis.
.
.
.
Relationships between the Treasury and the financial
community—banks and investment bankers
and brokers—
are
better today than at any time since the Roosevelt Administration
(7)
office.
took
wider
even
deals
...
Continued
(8)
may
use
of the "blitz method" of selling Governments
Committee setup in future
of the Victory Fund
use
be taken for granted.
(9) The
deal will
next
...
concentrate
buyers in small,
on
more
out-of-the-way districts because these showed the least satisfactory
response..,.
"Basket" deals
(10)
to
in for the duration with the plan being
are
devise, special securities for every type of buyer.
.
,
.
....(V
PREMIUMS
interesting angle of the moment is the extent of the pre¬
develop on the new issues.,. .
As1 this is being written
the 2V2S are selling at a premium of 5/32 and the l%s are at a
One
mium
to
.
premium of 3/32, but both of these are "tentative." . . . And as one
it, "we're holding our breath, and just waiting for them to
break through."
It is expected that the 13/4S will become an ex(Continued on page 2328) ,/ L/
dealer put
.
.
.
,
Real
Page
and
Insurance
Stocks........2318
and
2328
Bookshelf—
Man's
Salesman's
Tomorrow's
2317
Securities. Y..2316
Estate
Securities
,,,....
Markets—Walter
Says
2319
Corner
.........
A,
Whyte
....
...2314
Flotations.2326
2319
Trusts
Investment
I
.
Railroad Securities
INDEX
News and Notes
2320
Reporter On Governments....2213
Uptown After 3
2325
Our Reporter's Report..
2213
Personnel Items
2316
Municipal
Our
THE
CHASE
—
NATIONAL BANK
Specialists in
day
MANHATTAN
and pave
with
the way
VICTORY
to
FINANCING and VALUATIONS
Sanderson & Porter
PROSPECTUS/ON
i
Established 1927
San Francisco
Wholesale
HUGH
SECURITIES
INVESTMENT
Amalgamated Sugar
Broaden your customer
Utah-Idaho Sugar
R. H. Johnson & Co.
STREET
OF THE CITY OF NEW YORK
Light
Utah Power &
FUND
Buy War Bonds
and Stamps
•
ENGlNEERSand CONSTRUCTORS
each
Invest
REPORTS
NEW YORK
.
.
.
gradual rally
a
Calendar of New Security
MANAGEMENT PROBLEMS
Chicago
extending
we
The entire Government bond
(4)
Business
2324)
;
52 WILLIAM
the
month for another
poor
a
Premiums have appeared and
(3)
the
Bank
;
hi connection
of
minor and probably will be geared to bank
also
A
breathing spell
a
for March is
year,
(Continued on page 2324)
CONSTRUCTION V
SURVEYS AND
success
$9,000,000,000 to $12,000,000,000 financing and the funds received
peculiar fascination for most
regardless of their knowledge of the subject. It is
tion, however, that
(Continued
.
record-shattering
Monetary theory has a
But there seemed
AND
v-.;;
process.
their attention.
'>
detail, the
v
always has been and always will be managed but
that when the management is assumed by politicians, the
wiched in between Christmas and
The mind is often the weakest
Sunday, was a rather bad day to result is mismanagement.
Saturday, being sand¬
stitutions.
(1)
into April of
of which required another divi¬
The advocates of a managed currency .some¬
sion of labor.-
technical
greatest borrowing operation in the history of the world means that;
and
became obvious that
soon
.
.
Plans for "forced savings" have received a serious set¬
back due to the demonstration of the effectiveness of the volun¬
call money evolved,
just as did weights and measures from which it does not
greatly differ. Through it all products are reduced to a
ment called
scale
a
(6)
change was required and the thing we
held by in¬
largely
and
commerce
comment from this writer could.
more
(5)
Part VIII
As
on
fellow investors reacted to the "basket" and that tells the
no
as
In
are
are'*- top-
involved
issues
tale
may
common
not
is
undertaking
The
.
postwar planning.
be in by
days and done
even
and your
that the "Chronicle" is
menace
holdings were in¬
that such tenders must
Tuesday.
fit
hope of doing its part in combating this
presenting a series of arti¬
with
their
structed
of
is
opportunity to cash
vantage of the
in
of the under¬
some
now
in 23
the enthusiastic, optimistic forecasts of the managers
of the campaign, surpassing the wildest hopes of Treasury officials.
You know the results, and the $12,000,000,000-plus figure tells
the story as no extravagant language could
You know how you
beating
best way
The
those
subsidiary of
Service Corporation
Public
lying
lent
Company,
New
of
products are every whit as dangerous as they
were—perhaps more so since the war appears to have
them additional psychological support.
to combat such seductive proposals as
appearing almost daily, perhaps the only ef¬
"-Vv;--; fective way, is to turn the flood light of fundamental
Electric
truths upon them.
cash
indebted-*
Service
Public
The
Their
ever
of surplus
use
now wear¬
ing postwar planning labels, continue as in the past to pore
their blue prints with their backs to the world of real¬
ities.
deal is over—done
Well, the
makers,
over
by corpora¬
outstanding
V
reduce
to
widespread
& Company
New Deal program
Editor's Note:
the
Copy
a
HOW DID WE GET THIS WAY?
OUR
is
Price 60 Cents
York, N. Y., Thursday, December 31, 1942
and
REQUEST
other
Securities
Western
service with Chase
.
a
J. A. HOGLE & CO.
Distributors
Established
w/LONG andGOMPANY
correspondent
19 IS
facifiti
ities
York Stock Exchange
Members New
*-—INCORPORATED
New York
64 Wall Street,
Syracuse
Dallas
Albany
Buffalo
'
Pittsburgh
Williamsport
Troy
> Established 1858
H. Hentz & Co.
Stock
York
-
...
MEXICO.
GENEVA,
D.
PITTSBURGH
P., MEXICO
SWITZERLAND
Denver • Los Angeles
5
Member
,.
NATIONAL BANK
Bankers
Kenya
Head
INDUSTRIALS
Federal
f.
Deposit Insurance
Corporation
Inquiries Invited
to
the
Government
and
Colony
Office:
26,
London,
New York, Lackawanna & Western
in
Uganda
Lackawanna Railroad cf N. J.
„
Bishopsgate,
E. C.
i
Morris & Essex
"
'
'
'
'
1
INCORPORATED
N.
Y.
I
Security Dealers A$$*n
45 Nassau Street
Tel.
REctor 2-3600
Philadelphia
New York
Teletype N. Y. 1-576
Telephone:
Branches in India,
t
:
•
\
Kobbe, Gearhart & Co.
Members
DETROIT
•
other Western Cities
LOS ANGELES
JERSEY CITY
RAILS
NEW YORK
CHICAGO
City
U and 7
'
of INDIA, LIMITED
AVIATIONS
.
Exchange Bldg,
634 SO. SPRING ST.
15 EXCHANGE PL.
n
Trading Markets, always
"'
■
N. Y. Cotton
—~
;■
'
Exchange
New
York
Curb
Exchangs
'New York Cotton Exchange
Commodity
Exchange,
Inc.
Chicago
Board of Trade
New Orleans Cotton Exchange
And other Exchangee
New
.
i
Actual
Membert
Salt Lake
PHILADELPHIA
BOSTON
Enterprise 6015
Colony
and
Burma,
Aden
Subscribed
Paid-Up
Reserve
and
Zanzibar
Capital. .rtf4,000,000
Capital .....£2,000,000'
Fund....... .£2,200,000
.
Bank
conducts
banking
The
and
Trusteeships
also
every
exchange
and
Utica Chenango &
Ceylon, Kenya
description
business
Executorships
undertaken
of
Susq. Valley
HART SMITH & CO.
Members
New
53
York
WILLIAM
Bell
Security Dealers Assn.
ST.,
N.
Y.
jBJ/Whiiiri f0>.
GUARANTEED
HAnover 2-0980
—
Telephone
New York
RAILROAD
STOCKS-BONDS
—cr~x?
Teletype NY 1-395
Montreal
Toronto
BO.
Gr.
9-64Q0
55
Broadway
NEW
YORK
Teletype
N.Y.
1-1033
COMMERCIAL &
THE
2314
We Maintain Active Markets
TO ANNOUNCE THAT
WE WISH
THE FIRM NAME OF
Tomorrow's
Debaidelaben 4s, 1957
Walter
'
CANADIAN MINES
Davenport Besler, lstlnc.6s/53
Whyte
CANADIAN RAILS
King & King
V;
|
EXCHANGE PLACE
CANADIAN BANKS
Steiner, Rouse& Co
T:
Goodbody & Co.
NEW YORK
Members N. Y. Stock
MARTIN I. KING
SAMUEL H. KING
BArclay
1
mi
Exchange did 'Other. Principal -Exchanges:
BROADWAY
115
Telephone
1943
2,
Alabama Mills
CANADIAN UTILITIES
WILL BE CHANGED TO
January
Thursday, December 31, 1942
for
CANADIAN INDUSTRIALS
KATZ BROS.
40
FINANCIAL CHRONICLE
}
:
7-0100
Teletype
•
NY
1-672
Firmness
cline
Ghiids of Stein Bros. &
Boyce Galls Ceilings, /;
Saving Best Weapons figainst War Inflation
William
after
two
day
'
volume not
on
first
as
Federal
New
de¬
Water & Gas
Orleans, La.-Birmingham, Ala.
Direct wires
good
as
signs iridicate.
to
our
branch offices
New
buying not recommended yet.
^
By .WALTER WHYTE
r'I
have just finished
T.
trtjc Reason's Greetings
f;
going
Childs, partner in-Stein Bros. & Boyce, prominent;
over,/a : number
of
market,
firm, speaking at Western High School in
Baltimore, declared that "one of j the vicious by-products of "this business, and even war pre¬
dictions and am awe stricken
war,< of World War I, of all wars for all times, is inflation./ iMf.
Childs quoted Dr. Edwin Walter Kemmerer, economist of Princeton
at" the
Baltimore
Exchange
St., New York, N. Y.
NY 1-1557
NEW YORK /;,:
i
.
Members New York Stock
25 Broad
wmmsmmm*.
atib best
investment
complacency
tuisbes for ttje
f./ LJTeto
with
j
University, as saying: "With the I possible exception of France in
which certain people
predict
Napoleonic wars, every great ♦>
—
-7-7
the future,
war in history has brought "infla-1
I have all. I can
QEfl
Dfi)imift: 8*1* !-'At
tion to the belligerents. This was
do in just trying to figure
10 rOflflll Udla
'
true of our American Revolution, j
•
T*. 55<.
what the market can do from
|?car
'
;
to our frienbs anb clients
the
J.F.
Reilly&Co.
Members
Dealers
Security
York
New
A.«n.
American
War
Civil
and .the
H/inover 2-4660
Bell
j.
(dealers
Loeb Rhoades To Admit
announce
that
Gernon
has
admitted
general
partner
;
Mr.
with Hollings-
Street 30 years ago
head
&
a commercial
Following this he
Campbell,
firm.
paper
his
ceived
with
training
bond
early
He was
& Co.
Hallgarten
president of Royal Securities
vice
Corporation of New York and in
1923 joined Hayden, Stone & Co.,
as
He
ment.
bond depart¬
of the
manager
became
partner
a
Jan. 1, 1929, and retired
firm on Oct. 31, 1942.
He
is
from the
Bond
Club of New York and Chairman
of
of
Committtee
Executive
the
the New York Group,
Investment
The wide¬
Franco-Prussian wars.
Opened In Boston
Nu¬
veen &
Co;; municipal specialists
since 1898, have opened an of¬
MAI3S.
BOSTON,
;
fice
The
firm's
Office
Post
10
at
office
main
at 135 South La Salle
leading
cities
located
is
Street, Chi¬
cago, and branches are
in
Square.
Childs
Mr.
"Confederate
throughout
the
was
declared,
W. J.
Banigan $ Go.
Succeeds 0. H. Jones
.
flated
Russian
was
currency
re¬
deemed at
1
W.»J;
Banigan & Co: will suc¬
50,000,000,000 of paper
gold ruble.
In our
Revolutionary War, Conti¬
nental currency was redeemed at
the rate of $100 to SI.
Then it
the
business,
to
sion
one
"Itaiy
is.
We
have
solved
An
be
as
&
Co.
will
of Dec. 31,
entirely
known
will
as
advised
been
Crummer
that
be
R.
the
about
Swiss
20
Swiss
1./'
give
a
to be
formed.
franc
cents
A
trouble
of,
4
weeks
sold
at
franc.
Italian
Swiss
of his
franc.
why Italy's financial
are
it
today
than
for
1
is
24
\
the
$4.80 worth
darker
to
16
'
means
worth
American
ago
the
Now
•
20-cent
were
few
Italian' lira
City,
one
must
liras
That
'
L.
one
one
way
has
said
'there
to escape the evils
inflation, and
that
is
to
pre¬
vent inflation.'
That
is
lot,
Is
possible
but
how?
(Continued
is
on
it
page
saying
2327)
a
to
And
black
white
on
is
irrevoc¬
so
away,
.
I
ground, kI don't"
long; practical
have
or
through
experience
I
recognize cer¬
tain
signs as indicative of
certain developments and can
guide
myself
accordingly,
these
interpreta¬
only
the: market can say. I flatter
myself that during 1942 this
column has kept a good aver¬
age,./-
:/■;,
-
Morrison
this
close
draws
year
to
a
find the market at¬
we
the
will
be
,
Part¬
'//i,/-/
and Morrison
associated
Jones organization
111
securities
(limited).
Banigan
been
Fowler
r
of Jan. 2, 1943.
with
th£
since 1914. Mr.
resident
partner
Carlisle, Pa., office and has
been associated with the Jones Co,
1935.
Mr.
Hutchinson
has
been with the old firm since 1934;
obvious.
Attractive Outlook:
; ;
The
earnings outlook r for - fhq
40 Wall Street Building, Incorpo¬
rated, is particularly attractive at
the present
time, according to an
analysis issued by Seligman, Lu-
betkin
Street,
may
&
Co.,
Inc.,
41Broad
New York City.
Copies
So
far
facts—the war—is
have official
we
keep
ket
concerned,
news
to
informed. If the mar¬
doesn't
readily reflect
us
&
Co.
upon
request.
4s,
1944
Missouri
Serial
WARREN BROS.
Pacific
Old Common and Preferred
5/4$
New Class "B" and "C"
'
' '
5s,
New 4Vis, due 1956 and 5s, due 1977
1931
Bought
7«
PINE
ST..
V
Y.
Teletypj
WHitehall
NY
1-609
Sold
—
Quoted
Hay, Fales & Co.
G. A. Sax ton & Co., Inc.
11
—
Members Neiv
York Stock Exchange
4-4970
II
73
Bmiwaj, N. Y.
Bell Teletype NY .1-61
BOwling Creea 9-7027
to an'
William.
by
the
;
the direction
aver
office.
of the General
Since
graduating
from Yale University in 1919, Mr.
Miller has been continuously as¬
sociated
with
•„
the
advertising
Before joining
business.
agency
Doremus, Mr. Miller
Miller, Inc.
clude
for five
v/as
of Wildrick
principal
years® a
&
Prior connections in¬
Walter
J.
Thompson as
Lord & Thomas as
chief, and United.
States Advertising Corp. as na¬
tional copy chief.
Under the pen
copy
writer,
,
New York copy
.of-Aesop Glim, Mr. Miller
is the author of
dred
articles
and
advertising.
the
a
hun¬
merchandising
.
.
was
also
of
Announcement
of
than
more
on
three
addition
/
,
made
new
mernbers4o the Doremus & Com^
staff.:•.
pany
Charles
F.
Schroeder, formerly
Spot "Film -Pro-'
associated "with
ductions
and
International
Busi¬
Machines, has joined the or¬
ganization as a copy writer- in
ness
the
General Accounts
& Co.
Division.
/
with Lord &
^'first
of
as
good
due
in
the gnawing
the authenticity
is
to
The second is
large part to the fact
news.
that isolated
ter how
tle clue
the
battles,
/
:«
*
On the home front
and
us
the
psycho¬
mar¬
hardest.
To
of us the war is still
something far away and the
various rationing systems are
Schemes devised by incompe¬
bureaucrats.
Thomas, J. F. Arndt
Horton-Noyes, has be-,
with
ecutive
ing
business
1942
It
may
and
ex-'
-
;
directing
Bankers
the
Association's
to
field
Associa-f
work
of
tion
campaign, has joined the;
agency's general staff.
Mr. Tick¬
following his graduation from'
ner,
Princeton,
served
World
and
from
War
service
investment
for
was
the
old
a
in
number
of
to
act
Canadian securities.
tutions
and
entered
the
He
of
years
formed
advisors
his
at
own
investors, largely
on
Recently Mr.
a
pub¬
capacity for the New
York'Ordnance District.
is
with
insti¬
to
Tickner has been active in
lic relations
first:
Harris, Forbes &
he
as
the
his release^
business.
1919
banking
firm
in
upon
firm
2325)
1940
public informa-i
1937
consider some of our
leading industries and how
rationing has affected them
you must see that the market
from
to the President of
assistant
Investment
the
In
page
agency
Reginald
Co.
on
the
writer and account
on
general business.
be argued that a discussion of
rationing systems has little to
do with stock markets.
Yet,
(Continued
formerly
a^copy
the
many^
tent
as
Pearson,
associated
come
tion
*
,
and
H.
W. Tickner, formerly
no mat¬ engaged in the investment bank¬
spectacular, give lit¬
to the major tide of
war.
Edward
if you
Seaboard Air Line
Dore-'
President. of
.
The
ket
For Banks, Brokers and Dealers Only
made
Jr.,
good or bad news is due
in large part to two reasons.
logical. factors hit the
Baltimore & Ohio
of
according
agency,
Long,
York
such
be had from Seligman, Lu-
betkin
1-110
Advertising Accounts of the New
actual
as
war
NY
.■•Mr. Miller joined Doremus 8c
Company in July, 1940, to take
actual but
doubt
•;/
tising
name
As
President
announcement
..gency.
to
come
Vice
that I
month,
next week.; But
even
Teletype
-
Company, 120 Broadway,4
York City, national' adver¬
H.
mean
do next year, next
4-2968
&
firmer
on
tell .what the market will
can
.
George Laflin Miller has been;
Heeled
mus
.'Only where the market is
am
Axs'ri,
New York
Doremus Vice-Presl
New
concerned
Security .Dealers
George Miller Now
the-war—well, I'd rather
speak -than write about them. ;
Putting such things down in
able; that I'm scared
Y.
N.
Broadway
to
and
Jones
is
Some
ever.
as
L2
no one
about.
tempting to reflect not only
psychological facts.
ners "in the new firm-will be Wil¬
That it is up against an en¬
liam J. Banigan, John B. Fowler,
Jr., John S. Hutchinson and Philip tirely new set of conditions is
for
is
situation
H.
Broadway, New York
of the oldest firms in
over-the-counter -
since
expecting the bubble to burst.
"Some
only
Company
having
mow.
Chas*
of
firm
50
have
of
new company
The Crummer
-v
Co.,
\:.y Messrs.
dis¬
1942.
Conti¬
a
,
.
.
the
Members
WHitehall
dim beyond
a
much
'
delv¬
forecast the;state of business
;
&
and
'"This
E.
•'.
ceed
outside of Italy with her currency.
In normal times the 'Italian lira
to
Company
To Be Formed in Ggo.
worth
'not,
arose
nental.' "
the
New Crummer
knows
without
tions will prove correct
wasn't, worth the paper it
printed o.n, At one tj^ne in¬
maintained Vnoney.
country.
was
Civil' War,"
the
money
John
—
ing into
Whether
own
John Nuveen Branch
national
of ...which
people in Europe."
rubles
—am
national
amended, it is un¬
spread inflation of the period of derstood, at the request of bcokthe first World War and the years jers and dealers, who declared that
immediately following, is still a full public disclosure would bene¬
"
tragic memory for many millions fit only their competitors.
of
week
to
from the rest of
associations
The rule
became worthless and the expres¬
America.
of
Association
Bankers
amended,
as
•
jthe person filing the report is a
member. '"V.l-\ ■ /■''.... •
' ■ >.■, f "■ F
William T. Childs
"After
of the
Governor
a
on
regulation./. LYi
now
security Schedules, if
securities
He re¬
Smith, Folds & Co.
way,
rule,
of
schedules
[States or any State, by
•securities- exchanges and -
Hatha¬
with
associated
became
under the
The-
made
filed, will be held con¬
fidential, except. that, they: shall
•be available for official use by-an
'official or employee of the United
Wall
in
started
Gernon
which pubbe
week
!the report
the firm.
in
would
bound separately
a
as
the' Commission
supplementary
[states: that
Frank E
change,
been
filed
j
Ex¬
Stock
York
New
disclosure
certain
Rhoades & Co.,
New York City,
Loeb,
6L Broadway,
members
Tic
financial
annual
with
limit the extent to
to
M.
file
to
(statements
F. Gernon Us Partner
Carl
10 83 leOH7!SE6HII3I
L
j
The Securities and /Exchange
jCornmission has amended the re¬
cent rule requiring brokers and
1-2480
Y.
N.
Teletype,
System
hunter & co.
.
the
Broadway, New York, N. Y.
71
Maplewood, N. J.
His home
^
Volume 156
2315
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 4138
LicHTfnsTEin
B. S,
Connecticut
Light & Power Co.
Common Stock
[
,
'
.
f
AND COMPANY
Freeman & Company
ANNOUNCE
1943
Penn Power Co.
OFFICES TO
REMOVAL OF THEIR
THE
Common Stock
365 opportunities
to
4-3344
Whitehall
Telephone
YORK
NEW
BROADWAY,
61
25 Broad
BON DS >•'
UNDERLYING RAILROAD MORTGAGE AND TER M IN AL
SECURITIES
777
COMMERCIAL and
year-end
FINANCIAL CHRONICLE;
'U S. Patent Office
Reg.
-./
The
,
DEALER
William B. Dana Company
...
; -j Publishers
,
.
BEekman
7; 7
3-3341
;•
our
BRIEFS
Editor and Publisher
"
William
it does
V
1942
31,
December
Thursday,
Government
Published
-
twice
Thurs¬
[every
week
a
day (general news and advertising issue)
with a statistical issue on Monday]
.-
Other offloes:' Chicago—In charge of
H, Gray, Western Representative,
Fred
Pleld
Building
{Telephone State 0613).
& Smith'; '1 Drapers'
London—Edwards
London, E.C.
Gardens,
Copyright
Company.
v
1942
Title
Co.
Ctfs.
Mtge.
Co.
Ctfs.
Title
Co.'s
B.
Dana
77777
77.
,
Reentered as second-class matter Feb¬
25,
ruary
,
1942,- at
the
post
office at
Mar,
■■■".*
New York, N. Y„ under the Act of
.7777V 77,.
1879.
t,
'Subscriptions
•
United
in
and
States
Possessions $26.00 per year; In Dominion
$27.50 per/ year; - South and
America; Spain,
Mexico and
Cuba, $29.50 per year;
Great Britain,
Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year;
NOTE—On account of the fluctuations
©f
Canada,
Central
other
—John
cott,
NEW DIRECT WIRE
TO REAL ESTATE
stocks
lecting
!f
PARTICIPATIONS
Most
a
Teletype
NY
issues cau¬
hesitant on com¬
time, and are
this
the
improved
find
We
six
past
more
'
people
investment
advice than
the war, therefore we are
to
upon
make
solicita¬
more
more
service than
business es there
go after it.—f
The
usual for those who
Co"
White., Pres., \Vahler,
A.
&
White
Company. 777 ''7 7
Oklahoma City, Okla.
Investors
t
the
on
i
quiet. Dealers and
are
concentrating
alike
,
We
Fund Drive.
Victory
in municipals
do
not
to
Cosgrcve, Snyder To
the
Be Yarnall Partners
year,
for
the/ time,
H.
being.—/.
;
statistical department.
of the
.
r
Foster, Brown & Go.
Formed In New York
Following
the
dissolution
Ed¬
& Co., 120 Broad¬
Foster, Brown
New
_j.
lead
us
start
of
one
this
it is too early to de¬
Perhaps
termine.
Where
factor.
important
will
are
we
the right, the type of
changed:;; national thinking ; that
led to Harding's "normalcy" after
the .last war.
But as a generality
we would feel that the pattern of
the war and the
nation's thinking
subject - of peace
will
largely' determine our political
V the
and t
here -f at
economic;- policies
Paradoxically it may be that
Republicans and the Southern
Democrats,
conservative, or¬
our
York 7 City,
effective
will be
members, and
of Foster,
Offerings Wanted
Canadian
Securities
Municipal and
Corporation Issues
Firm Bids Made in
,
American Funds
CHARLES KING & CO.
61 Broadway, N. Y.
WH. 4-898C
Teletype N. Y. 1-142
Specializing
Canadian
In
Bonds
&
Stock
"Profits & Prophecy"
For Investors & Trustees
Patane-
The Mutual Building
and Loan
Association of Pasadena, 38
senbaum & Co.; William I. Rosen-
will
feld, Jr.;. Gerald Sexton, Sexton &
Smith; Alfred V. Smith; Louis
Tavormina;
Charles.
I.
West-
trustees
..
he.imer,. Westheimer & Co.; Wil¬
liam
R.
Wister.
I
7!
/
-
-
N.;Y. Security Analysts
; ;
Schedule Foxum Meetings
the
At
of
the
luncheon
first
New
York
meeting
Society
of Se¬
after the new
year, scheduled for January 4th,
the subject of discussion wrill be
^Actual 7 and Potential Market
Supports for U. S. Government
Obligations."
Stephen
Foster,
be
South
Cal.,
investors,
Ave., Pasadena,
glad
send
to
fiduciaries
other
and
a
of their free booklet, "Profits
Prophecy," describing the ad¬
copy
and
vantages of investing in insured
Federal Savings and Loan invest¬
ments and outlining the history,
operation of the
and Loan Asso¬
ciation with emphasis on dividend
and
structure
Mutual Building
record,
progress
and
earnings,
growth
of the Association.
t
Analysts
curity
Economic
Advisor
for
York Life Insurance
the
Robles
Los
the
New
Hew Gruntal Co.
Dept.
With John Small, Mgr.
Announcement
Co., will lead today
discussion.
is
being
Gruntal
that
made
Co.,
&
30
J. '
Broad
R.
members of the New York Stock
Street,
New
York
City,
thodox
groups, may
unorthodox inflation.
bring about
For if in¬
'On
..January
6th,
Robert
weaken
Guthrie,
independent capitalist,
Exchange, will open a Municipal
formerly with the War Production
Board will speak on "Problems of Bond Department on Jan. 1 un¬
the Food Industries." f
der
the
management
of John
pf Lazard Freres & Co., will ad¬ partner of Newburger & Hano for
coming Congressmen
feel that
they have a mandate to fight off
increased
taxes
and
to
Stock
Exchange,
and
Robert "Fr ceilings
Shelare, also a member of the Exr
change, will become general part¬
ners in
Hirsch,. Lilierithal & Co-,
25 Broad Street; New York City;
effective-Jan.•• 1,; 1943. 7 Alphonse
A. Shelare and Albert J. Seligsf
in
the firm
as
*
inflation
that
partners in Seligsberg
Merging of' the investmentbusiness of Seligsberg & Co.,"and
been
7 (Continued on page 2318)
.
;
On January
dress
8th, Dr. Otto Jeidels
the meeting on
"The Risks
the
of Post-War Inflation."
All
held
luncheon
at
12:30
p.
past year
i
meetings will be
m.
Mr.
Small.
at 56 Broad
Manager
w.as
Bond
been
has
Small
and prior to
of
Department
the
It is
that
of Jackson .&
Curtis for nine years.
Street, New York City.
and Gas
witbjdeep regret that we
announce
the death
of
Corporation
Common Stock
our
& Co.';
Hirsch, Lilienthal& Co., was pre¬
President,
Arthur
Sedley.
Bought
—
Sold
—
Quoted
All
in the dissolved
Marvin & Co.
York
and
Stock
,
and
Curb Exchanges
other ' leading
exchanges.
n a
tio n a 1
the
December 17,
...
BANKERS BOND
xo
Incorporated
"
1942
>
Kentucky Home Life Bldg., Louisville
CRAIGMYLE, PINNEY & CO.
Members
ONE
New
WALL
York
ST.,
a
Municipal
Federal Water
of the same date.
All were
has
'
Jan.; 1,
Irving Brown.
partners
1-120S
Portser, Jr.; John D. Rissetto; Al¬
bert F. Rosenbaum; Wm. M. Ro-
swings to
on
Sebastian
at the
of those intermittent
Hollander,
-
firm
changed
c.omplexiop of Congress is the all7 On the. home front the
2nd;
Y.
N.
Teletype NY
price regulation and price control,
we may then be face to face with
this
surprising paradox. ; Cer¬
1943. viously reported in the "Financial
Chronicle" of \Dec;724.
Hirsch;
Partners of Foster,Brown & Co,
Lilienthal- &- Go., established in
will be H. Elbert Foster,.Jr., Don¬
ald M. Lovejoy, both' Exchange 1911, are .members of the New*
formed
2-8370
"
of berg will become .limited;partners
Co., today, the
York Stock Exchange firm of
Foster, Marvin &
were
question now is not if we will
win,: but how soon we will win.)
Following the dissolution;r,of
Seligsberg & Co., today, Clifford tainly it has only been by resort¬
Alphonse A. Shelare; ing to high: taxes and by adopt¬
and Mr. Cosgrove in charge Jr., member of the New.; York
ing vigorous price controls and
time, Mr. Snyder in the pub¬
utility • and railroad /depart¬
UAnover
an
Charles H. Phelps, Jr.; Donald C.
,
Exchanges, on Jan. 7, >. Both have
been associated with the firm for
way,
five-year,
Broadway, New York,
ten-year war.
the
Seligsberg Parlsisrs 7
New
a
Participations
INC.
39
Thomas B.'Berentsen, Ingalls &
Snyder;7 Richard
J.
Bernhard,
Wertheim & Co.; William R. Bol¬
Parish,
off
wards, R. J. Ed wards, I nc.
ment
duration has
anticipated rather than later.
Certainly our progress since Pearl
Harbor has been great, and the
the
Snyder will be admitted to part¬
nership in Yctrnall & Co., 1528
Walnut Street, members ' of the
New York and Philadelphia Stock
lic
that ..thinking
than
by
pressure
PHILADELPHIA,
PA. — Wil¬
liam P. Cosgrove-and Harry B.
some
Curb- Exchange are
serving in the armed forces:
j
ion that the end will come sooner
fund$ will be
when
Government for
York
New
develop until1 after the first of
expect interest
following members of the
The
,
Business is very
1-2033
se¬
are
great
has
Leonard
WHikhali 4-633)
40W.IISt.,N.Y.
Bell
as
York.,Stock Exchange
New
are
at
formerly.
7 ;7;
! They
deal of attention to
post-war securities.
Although we
are
giving
considerable of
our
time to War Bond sales, our busi¬
paying
called
<777;
■
yield
higher
tions and render
Newburger, Loeb &
Members
bonds.
stocks
before
CERTIFICATES
CO.
i
are
and
seeking
BONDS
Pres-
largely interested
seasoned income securities, both
ness
WHITEHALL 4-6330
favored.
Pres.,
a
other
Trust
J. GOLDWATER & CO
.
securities
are
Wright,; Snider Company.
months.
SECURITIES DEPT.
local
Prescott,
clients
Our
m
A.
-
yields
generous
mon
TITLE
of
means
Good
taxation.
with
us
all
Ctfs.
Members New York Security Dealers A tin.
ton; Charles K. Dickson, Auchineight-year;
closs, Parker & Redpath;: William
Today, due to P. S.
Earle, Jr., Winthrop, Whitethe magnificent stand of the Rus¬
house. &
Co.;
Martin
Fentori,
sians;,btirl' assumption of the in-- Laird & Co.; Henry W. Ford,
itiative in the Pacific, the im¬
Laird, Bissell & Meeds; Andrew
proved position in North Africa, J.
Fox, Jr., Fox & Monteith; Ed¬
and /our / amazing
progress ,.in ward P.
/Frost; Ezra R. Frost; G.
building /t up our Armed Forces Donald
Gallagher;Charles
H.
arid /turning out munitions, few
Hoffman; William E. Hutton, W.
.individuals are pessimistic enough E. Hutton &
Co.; Edward H.: Jew to believe that five to ten years
ett, Jr.; Morton D. Joyce; Robert
will be required to overcome the R.
Lansbu'rgh, Bear, Stearns &
fascist powers.
*7 /
7;, '
Co.; William E. B. Lyon; Joseph
7 (Perhaps the war will end in G. McManus; Darwood G. Mey¬
1943, perhaps in 1944 or 1945. If ers; G. M. Minton, Jr.;. Thomas
we'were
compelled to guess we Morris, Jr.; Sterling J. Nordhouse;
would prefer to hazard the opin¬ Lee S; Oppenheimer; Henry W.
in-for-
investments.
though in a* very dis^
criminating way, and with consid¬
erable stress upon the effect of
tiously.
remittances lor,
subscriptions
and advertise¬
ments must be made In New York fundi.
-77 BANK MORTGAGE'
of
,
individual-investor
is still seeking
the
However,
of moderate
in the rate-of exchange,
■J
forms
has
demand
the institutional
lessened
foreign
PRUDENCE
everything,/ and
to
question of
&
Bank
.
changed .substantially•/since
a
year ago./ At that time predict
lions were frequent that we were
course,
investment,
,r
William
by
;•'/,<
overshadows
for
of
financing,
t;
In
Co.
and
7/77
With Armed Services
World' and
completely in
the
seem
the
on
City, Mcl
Invited
Complete Statistical Information
<
Kansas
7 -••'•'•7
,
In
Mtge.
Bond
NY Curti Members New
governing .. our livfs- and
economy will be the course
duration of the war,, and on
his
brother
are.
the
realm of guess-work.- " However,
.
-
Specialists
Lawyers
of
factor,
all-important
..
Riggs, Business Manager
D.
want to err on the side of brevity.
this: subject
7
_
William Dana Seibert, President
.
and
w.
V:t
7 Herbert D: Seibert,
77"
:'
7.
we
course,
.
25'Sprace Street* New Yorlc
■'
4-6551
Lawyers
sections and all types of periodicals will feature the flow of
.comment and conjecture, review and prediction, that has come to be
the norm in America as a new year.is born.
Accordingly, in this
•I
Are
Inquiries
Special news¬
plentiful during the next few days.
paper
v
WHItehall
REAL ESTATE SECURITIES
predictions regarding 1943,
77 Reviews of the year just closing, arid
will be mighty
V' '•
STREET, NEW YORK
iWe
7 As We End 1942
6161
RIttenhouse
1942/
Obsolete Securities Dept.
99 WALL
Telephone:
Phi las Telephone
28,
Street, New York
'
UNDERLYING PUBLIC UTILITY BONDS
december
DON'T MISS ONE!
Teletype NY 1-5
SERIAL1 ISSUES
'- SHORT TERM
!
WAR EFFORT
Spencer Trask & Co.
EQUIPMENT TRUST
i
help the
Stock
NEW
Exchange
YORK
Telephone WHItehall 4-5290
2316
THE COMMERCIAL & FINANCIAL
CHRONICLE
Thursday, December 31, 1942
PUBLIC UTILITY
•PERSONNEL ITEMS
Forty Wall Street Building
INDUSTRIAL
New York
RAILROAD
City
..
If
MUNICIPAL
Illustrated Analysis
.
on
you
contemplate making additions
to
your
personnel, please
send in particulars to the
Editor of the Financial Chronicle
for pub¬
lication in this column.
0
request
,
BONDS
(Special
Seligman, Lubetkin & Co.
■
ACALIXN^COMEANY
Incorporated
Members
INCORPORATED
,
New York
Boston
Detroit
York
Milwaukee
Philadelphia
.
,
New York
Telephone HAnover 2-2100
Omaha
-
.
The
Financial Chronicle)
MASS,— David
Teletype NY 1-592
(Special^ to Thi
CHICAGO,
Pillion
KANSAS CITY
with
1942
In
March, the entire
issue
estate
securities
during 1942
"
of
the
Hotel
Syracuse
taining well
1016 Baltimore Avenue
.
.
.
terest
"The
in
of
excess
interest
Teletype: KC 472
requirement. *
After being in default since 1931
the Greystone Hotel was sold and
NEWARK
the bonds settled at 24%
they
sold as low as 13 this year.
.
.
stockholders
Hotel
Jersey Municipal Bonds
Insurance Stocks
of
the
.
.
.
.
The
.
.
Victoria
face
of
amount
bonds.
A
report
issued
firm;,
by
Hotel
of
that
a
prom¬
Auditors
occupancy,
room
being earned on these first
mortgage bonds 1% times and the
bonds
can
still
over
yield
8%,
tels in the
1891
their
years.1
All
bonds
down
be
purchased
of
City of New York
peak
* '
for
of
these
is
the
the
2-4383
rise
ST. LOUIS
the
of
for
the
these
J..
.
for military use in
the news was
this
year
bearish
bonds
51.
Chicago.
On
(and
the bid
dropped
from' 56
12, this
»December
►
in
era
.
.
prices of Hotel
yet the
Settlement
securities
the
during 1942 finds these prices far
stock
mated
at
of
the
bonds
Several
hotel
market
quotations,
bonds with
they carry)
is esti¬
106%, if the bondhold¬
Governor
Park
Clinton
Central
Hotel
Hotel
Teletype—SL 80
Blomberg In Army
was
20 %
points
undergoing his basic training
at
schooling in the Finance
Blomberg was identified
trading on La Salle Street
most
with
Co., Inc.
He
director of the Bond Traders
Club of Chicago and served in the
heavy
artillery
of
the
Army
in
years of
age and his friends may write him
by addressing him at Co. A—1st
last
war.
He
is
SHASKAN & CO.
43
Members New York Slock Exchange
40 EXCHANGE
Bell
:
to
clean
up
PL.,N.Y.
DIGBY 4-4950
Teletype NY 1-953
Freeman In New Location
Company
announce
the removal of their offices to 61
Broadway, New York City.
firm's
hall
The
telephone number, White¬
4-3340, remains unchanged.
&Company,
F.
with
Inc.?
204
Mr. Oderman
.
formerly with Elmore-Heath
&
predecessor, Elmore,
Co.
;
fallacy that only 4 or 5% of a gen¬
look inside the financial
pages, a test
Lancaster, Pa., revealed quite a different situa¬
article appearing in the December
issue of "The
publication of the New York Stock
Exchange.
that "instead of the off-hand
newspaper's readers
made last month in
tion, according to
an
Exchange," monthly
It
is
stated
therein
with
readers
paper
individual
of
news¬
figure,
upper-grade,
or
est
in
daily
securities
prices
as
showed that—
test
times
a
month.
i
"Thirty-three per cent desired
regularly read prices of se¬
and
curities
Stock
listed
the
on
New
York
Exchange."
The publication goes
"Furthermore*
prices held that
were
by
desirable
for
who professed
no
personal inter-
s
1
the
a
with
that
except
so
covered
than
more
conducted
were
representative
The
financial
receive
coverage
tion from
class,
in
the
than
members
class.
"In
an
,
middle-
upper
from:
of
,
.
and
both,
the
and
women
lower
middle-
;
V
with
the
agricultural territory. It is served
by two daily newspapers—'The
New Era,' an
evening publica¬
tion,
and
'The
Intelligencer
issued in the morning.
city's population, according
to the last Census, was
61,345 (it
is somewhat
larger now), and loThe
1
and
on
Exchange
Dec. 22
an
Accounting Series
certain
accounting
aspects of the recent amendments
Forms 10-K and
N-30A-1, the
to
principal annual reporting forms
under Section 13 of the
Securities
Exchange Act.
In its advices the
Commission said:
"These
amendments, which
adopted in connection with
were
recent revisions
of the rules
gov¬
erning proxy solicitations, permit
companies to file copies of their
regular annual reports to stock¬
holders in place of certain of the
statements required to
financial
be
filed by such
forms, if the fi¬
nancial statements included in the
annual
report
to
stockholders
substantially, conform to the
re¬
of
Regulation S-X,
the underlying
accounting regula¬
tion of the Commission. The
opin¬
ion,
prepared
by
William
W.
Werntz, Chief Accountant, indi¬
cates
that»
while ?.the
financial
included in reports to
stockholders are frequently some¬
statements
•
analysis of the degree of
satisfaction
its
quirements
atten¬
more
and from those in¬
men
dividuals
pages
quotations,
considerable
Securities
dealing
city,
No
The
Commission issued
conducted
was
(the institution
were
Exchange
informa¬
what
more
security lists
manifested by 95 regular readers
filed
in
Regulation S-X, such condensa¬
tion, if limited to the grouping of
tional
content
of
quotations, it was found
51% were satisfied,*40% dis-r
satisfied, /while 9% had no opin¬
ion on the subject.
Further an¬
alysis of the 38 dissatisfied readthat
indicates that
with
third of them
a
additional
other
that
radio,
in
the
information
viz.,
sources,
newspapers,
out-of-
quirements
items
of
than those
with
those
the.
re¬
forms
and
that
are not
substantial in
otherwise material be¬
cause of their
particular origin or
nature, would not prevent tje fil¬
amount
or
ing of such financial statements
place of those required by the
in
instructions."
etc.
Lancaster
stock
condensed
accordance
market
are
an¬
President Has Signed
Mexican Claims Bill
President Roosevelt signed on
stock market quotations, repre¬
senting 33% of the persons in¬ Dec. 19 the legislation establish¬
terviewed,
gave
the
following ing a commission to settle claims
of
American
nationals
against
/easons for readership of market
prices; securities ownership or Mexico.
;
The claims will come out of
a
desire to keep track of stock
a
fluctuation^, and the determina¬ $40,000,000 fund which the Mex¬
ican government is
tion of business trends.
paying in in¬
"Reasons given for regular read¬
ership of market prices reflects,
in general, a desire on the part
of
those
individuals
to
watch
price fluctuations closely."
Troup & Co.,
Chgo. & NY Exch. Firm
CHICAGO, ILL.—Effective Jan.
2, Clarence G. Troup & Co.,
bers of the New York and
stallments
under
concluded in
claims
of
called
Americans
general
claims
but
do
mem¬
Chicago
ate"
new
confirmation,
Mexico
500,000
has
to
the
Wall
11
firm will
to
adjudicate
already paid $8,$40,000,000 fund,
period of
to
be
years
liquidated
at
an
House, in
amended
form,
the
ferences
in
Troup, member of
Chicago Exchange, and John
F. Brennan, New York Stock Ex¬
change member.
Mr. Troup was
formerly a partner in Lamborn,
Troup & Co., which was dissolved
as
of Dec.
broker
ner
as
and
31.
an
Mr. Brennan
individual
recently
was
a
was
floor
part¬
in Richard J. Buck & Co.
an¬
$2,500,000.
The legislation
passed the Sen¬
ate on Oct. 1 and the
be Clarence G.
active
those
claims.
Street,
the
cover
Under the measure a threecommission will be
appointed
by the President, subject to Sen¬
overt a
in
so-
agrarian
1938.
nual rate of
Partners
and
not
Exchanges, will be formed with the balance
and
Street, New York City.
agreement
involve
man
with offices at 231 South La Salle
Chicago
an
November, 1941. The
arising from Mexico's expropria¬
tion of petroleum
properties in
C. G.
Stock
the
The
Journal,'
to say:
of
those
on
75%
the
men¬
middle-gra^e
incomes
in
that Lancaster
newspaper readers.
manufacturing and residential city
"Lancaster was selected for
several
Accounting Opinion
On Financial Statements
in
ever
tioned, personal, painstaking in-®
terviews
SEC
.
ar¬
Psychological Cor¬
"Forty-nine per cent read local
Fin. Tr.
poration, 522 -Fifth Avenue, New
Bu.—Group 11—Platoon financial
pages; one-third read York, as a
4, Fort Benjamin Harrison, Ind.
representative city,
them daily, the other
two-thirds containing a
variety of industries
from three to four times a
week and
centering in a prosperous
to
Freeman &
affiliated
now
opinion
ticipates fluctuations in business,
ndustrial,
and
banking
condi¬
tions.
The regular readers of the
Survey Shews Large Numbers Of Newspaper
Readers Are Interested In Financial
Pages
Challenging
oft-repeated
eral
Private
the
this year.
Another hotel
an
School.
and
is
resi¬
.
iware
SECURITIES
lower!
sues
of
"Individuals
They also operated their
initial sinking fund of the first
mortgage and debenture bond is¬
in¬
Fort Benjamin
Harrison, Indiana,
after which he will
begin nine
W. Thomas
area con¬
city.
trends.
REAL ESTATE
arrears were cleaned
up on
the debentures of the Hotel Lex¬
ducted for army service at Camp
Grant, Illinois, on Dec. 3, is, now
a
an
current business and industrial
city
TRADING MARKETS IN
ington.
past 20 years, his
association
being
.
from
21
During 1942, the cumulative in¬
E.
KANS.—William
& Co. and its
Hurt
..
In all probability, the
large
proportion of financial page read¬
ers reflects a
widespread interest
lists
terest
Members St. Louis Stock
Excfcanfi
is
;
;upplemented the available price
points lower, the St. George Ho¬
tel bonds 8 points lower and the
bonds of the Waldorf Astoria Ho¬
tel
recent
obtain
of the
and
bonds
sections
2rs
Lexington Hotel bonds are
selling 8% points lower. The
now
509 OUVE ST.
ri,
current
the
Co.
are
find that
we
the
SAINT LOUIS
the
;
of these
(with
the prices
of the bonds
ers approve the sale.
Bonds
during the Worlds Fair.
Com¬
currently quoted 95-96%!
paring November, 1938, prices of
with
Seltsam
was
city block in order to
thought in
Government first took
considered
below
for
•
the very poorest.
to¬
be, is illustrated by the ex¬
perience of the bondholders of
July
ten
section
a
all
to
can
that property
were
past
How wrong this trend of
to
the World's Fair
weeks of
■
'Financial. Chronicle)
The
West Sixth Street.
Fischer,:
at
factor, we three interviews
believe, that is keeping the price in any one
figures are now
year, the purchase of the hotel by
considerably higher than those of
the Government was announced
3-3430
Blomberg, who
and
to
Oderman
was
100,000 people."
over
College
located
in
One
When
rates, food and beverage sales of
representative transient ho¬
at
Carl X.
i
.
pre¬
Lancaster).
Each
interviewer was assigned to work
is
the Stevens Hotel in
the
18 Clinton St.; Newark, N. J.
Carl
is
$12 peu> share in tally unconfirmed rumor that the
compared with $9 a hotel might some day be taken
share last year/Governor Clinton over for
Government use and oc¬
Hotel reported an 850% increase
cupancy.
net earnings after all interest
charges.
Rippel & Co.
System
its
thereto
Co.
(Special
Pil¬
Whitely, of Franklin and
Marshall
Interest
received
showed
Bell
with Blair
now
;
v.
TOPEKA,
with
interviewing of 292
Paul L.
dividends
inent
&
Mr.
by 15 advanced students of Prof.
.
in
Real Estate Securities
St/x
prior
&
dents of Lancaster
$371,000
distribution
fixed
Tel.: Harrison 6432
Phone—REctor
Bryan is
•
.
.
Hotel paid interest at the rate of®
4% compared with 3%% in 1941 rears on their
debenture bonds
and 3% in previous
was
the Hotel St. George.
years.
.
The Drake Hotel paid 4%
in¬ They also operated their initial
terest compared with 3% in 1941.
sinking fund on their first mort¬
The Dorset Hotel made in¬
gage bonds and retired
KANSAS CITY, MO.
York
H.
Chronicle)
FLA.—Wil¬
•
Claybaugh & Co., 420 Lincoln
called
was
.
New
The Financial
BEACH,
Road.
Co.; 208
years
cal newspapers serve
was
.
MArket
liam
J.
.
BAUM, BERNHEIMER CO.
Established
&
Street.
many
and
Jansen
to
MIAMI.;
F.
associated
Excerpts of The Psychological
at 104.
The bonds of the Beacon Hotel made their
first interest Corporation's report present ad¬
payment in eight years in April of this year.
ditional details, as follows:
if
.
The Pierrepont
(Murdoch, Dearth & White, Inc.)
■ *
for
Schmick & Watts.
RETROSPECT
One of the highlights of real
the Hotel Bonds.
.
'-
Salle
decessors
r
*
ST. LOUIS
;
La
was
with
(Strauss Bros.)
J. S.
become
Ryan-Nichols & Co. and
CHICAGO
New
ILL. —Thomas
has
South
(Strauss Bros.)
:
Financial Chronicle)
Webber-Simpson
lion
Through Wire Service
-'--v; '
to
;• v,':^
NEW YORK
(Special
C.
Carpenter has been added to the
staff of Tucker,
Anthony ^Com¬
pany, 74 State Street.
Security Dealers Association
41 Broad Street
CHICAGO
,
New
to
BOSTON,
on
Nov. 24.
the two bills
worked out by a conference
mittee
and
their
report
adopted
and
on
Dif¬
were
com¬
was
Dec. 8 by the Senate
House, thus completing Con¬
gressional
action.
t
Passage of the bill by the House
was
Dec.
referred to
17,
page
in these
2168.
columns
Volume 156
THE COMMERCIAL &
^Ny/mber 4138
FINANCIAL CHRONICLE
2317
Delaware & Hudson '
of the country
are
Defaulted Railroad Bonds
while the re¬
Corporations confronted by important maturities
sources
completely absorbed in financing the
so
deal with their problems
of financing upqn a thoroughly realistic basis.
Fortunately, the
adoption by Congress of the McLaughlin Act has opened the door
to such treatment, where fundamental solvency is beyond question,
costly of all wars must necessarily
most
and
be'3>-
must
there
rest
the
for
the common sense nine months the required
might well add, the ments out of income to the
reliance
we
as
American
of
intentions
decent
and
additional
May 1, 1943, maturity of the
whole outstanding portion of the
amounting in the
$47,769,000,
hap¬
that situation. In¬
has been a lively
to
the
proposals
ing mortgage,
aggregate
to
pened to be in
evitably, there
curiosity
as
forthcoming;
be
would
which
and refund¬
first
underw its
issue
They were announced last week,
immediately after the meeting of
the Board of Managers held on
Not
No
•
of
scaling
obligation,
the
New York
postponement of any date
payment of interest is
any
is proposed is
that, in consideration of payment
upon consummation of the agree¬
..All that
sought.
the
of
one-tenth
of
ment
prin¬
cipal and other concessions ma¬
terially augmenting the security,
the
of the remaining
principal be de¬
layed until May 1, 1963, interest
payment
of
nine-tenths
meanwhile
balance
the
on
to
be
regularly paid at the full four per
cent rate provided in the mort¬
gage, which has never been in
of
the
preferred, which has been one of the poorest
better grade rail equities for over two years (ever
of the
since the
disappointment
to show
over
conditions
the admittedly strong long
position of the prop¬
and the vast improvement
in
debt
hardly
is
will
investors
that
in
structure
It
its
years.
present investment, or in his
income therefrom, or
in the market value of his hold¬
his
dicated
New York Central
in¬
will
generally
are
registered
Steel
provision for a supplementary
fund, additional to and
sinking
substitution
not
in
ent
sinking
fund,
for
to
the
pres¬
which will
be dedicated two-thirds of all net
system's rail¬
and additional sums equiv¬
income
roads
alent to any
be
the
from
dividends which may
although
paid,
dividends
such
in
bonds
lot,
until
has
been
after
to
bonds
able
of
to
Abitibi
offer
roads
these
Fortunately,
reduced
to
by
issue
$25,000,000,
payments
special fund may be re¬
$500,000.
Before May
to
1; 1948, the Company agrees also
to sell for cash investments hav¬
valu^ of $5,324,000, paying half the proceeds
ing a current market
the
into
supplementary
same
In addition, other
sinking fund.
corporate assets, including owned
and hereafter acquired shares of
the
capital stock of the important
held under perpetual
railroads
subjected to the
There are other
leases, are to be
mortgage
debt.
is
result
provisions very favorable to; the
security but' those cited are the
most
significant and suffice to
show that the plan is liberal in
all its essentials, going as far as
t
practicable^ towards " recognition
of the extreme letter of the ob¬
ligation, which a great war fol¬
lowing close upon an unparalleled
depression > has- made presently
impossible
of precise enforce-^
no
be
to
such unfavorable
anticipated. •
in¬
1
WALL
STREET,
YORK
NEW
Teletype: NY 1-2050
and Hudson's railroad
revenues are running at an en¬
couraging level and its operating
ratio is among the lowest shown
country. From
Jan. 1, 1939, to Sept. 30, 1942, the
aggregate revenues from railroad
operations amounted to $120,231,294 with corresponding operating
anywhere in the
this
period
of
three
years
.
.
V
semi¬
highly
$50,000,000.
This would
presumably not be an impossible
refunding operation if the worst
impor¬
particularly as total fixed
charges would by then be around
the $11,500,000 level.
came,
aspects of the Great Northern
In the first place, it is
one
of the ,few major railroads
in the northwestern region that
escaped
Bill Offering v
Secretary of the Treasury Mor-
1953
4V28,
1967
Company 5s, 1959
Canadian Pac. Ry.
Internat'l
(var. issues)
Hydro Elec. 6s,
1944
Pwr.
3^s,
Lt.
Montreal
Ht.
&
Quebec Power 4s,
1962
Shawinigan Water & Power, 4s,
1961
HART SMITH & CO.
52 WILLIAM
N.
ST.,
Y.
Bell Teletype
HAnover 2-0980
NY
1-395
Toronto
Montreal
New York
pertinent that the sys¬
tematic reduction of charges, and
necessitous reorgan¬
easing of the 1946 maturity prob¬
Specializing
lem, enhances the position of the
and improves the ultimate
in
stock
SEABOARD AIR LINE
possibility of meeting a substan¬
tial share of the, 1946 problem
through conversion of at least the
bonds
that
ties
Northern
Great
are
at $40
stock
realized the sharpest reduction in
fixed
in
28.
duced
have
would
1943, which were of¬
fered on Dec, 24, were opened at
the Federal Reserve banks on Dec.
31,
charges
carriers."
charges
from
to
major
the
A ,v
to
a
share.
except
the
Bought
,
in
Information
full
of the depression
for 1932, even if
$13,-
jointly owned Bur¬
lington in some years. Moreover,
earnings on the stock would have
•
The road benefitted
substan¬
applied for, $930,278,000.
tially from the ability to accom¬
Total accepted, $602,950,000. ••• '•
Range of accepted bids
(ex¬ plish major lower coupon refund¬
cepting
two
tenders
totaling ing (particularly, replacing the
General 7s with Convertible 4s in
$157,000,000):
High, 99.931; equivalent rate of 1936), and also followed a prac¬
discount
approximately
0.273% tice of meeting as large a pro¬
portion of maturing bonds as was
per annum.
:
Low, 99.905; equivalent rate of possible from treasury cash. Full
discount
approximately
0.376% details of the 1942 debt retire¬
Total
in
been
of
excess
$1.00
share
a
but 1932. In six of
years
earnings would
in every year
the
ten
topped $4.00 a share, with a
have
high of $7.12 indicated for 1941.
The
better-than-average
of the road
formance
ally
72
§
by the
ings
per¬
in practic¬
all years may be traced to
unusual diversity of interests
not been released but
the
99.908; equiva- approximately $14,000,000 of Gen¬
discount approximately eral 4s, 1946, were accepted on
for
a
the
—
upon
Quoted
request
Van Tuyl & Abbe
adjustment ils made to eliminate
dividends paid in excess of earn¬
re¬
Sold
—
present charges
covered
been
year
every
decade
end
had' been,
$19,572,165
800,000.
Details of the issue follow;
1934
From
1941
of
the
among
into
convertible
Great Northern's
has
RAILWAY COMPANY
The Series "G"
Series "G" bonds.,
for those proper¬
have undergone
reor¬
ganization
Treasury bills to be dated
Dec.
30,;', 1942,
and to mature
ly
of the
about 18% to 20%
runs
Thus
total.
WALL STREET
NEW YORK
portant
the road
as
an
im¬
in the heavy in¬
compensating fac¬
stake
dustries
has
a
against changing year-to-year
agricultural
conditions.
Also,
tributary territory has been ex¬
tor
panded
through
connection with
Western Pacific in northern
Cali¬
relatively
have
ment
annum.
Average
Paper 5s,
It is also
tained.'" Except
announced on Dec. 28
tenders for $600,000,000 of 91-
day
per
BONDS
.
genthau
March
&
about
recognize the absolute necessity
of reducing fixed interest charges
if
solvency
were
to
be main¬
price,
northwestern
carrier,
fornia.
and
Finally, the Government's
power developments
in the Painvulnerability of cific Northwest have opened up
traffic items to com¬ new traffic sources through in(12% of the amount bid for at it seems
petitive
inroads.
Wheat,
for¬ dustrial development and irriga¬
the low price was accepted.)
000,000 to $22,000,000 face value est products and iron ore are the tion of
potentially important new
On most important items, averaging
There was a maturity of a sim¬ of bonds have been retired.
farm lands.
ent rate of
0.365%
ilar
bills
of
issue
amount of
;v
'
per annum.
on,.
.
in
tenders this month and
altogether
likely that at least $20,-
important
this basis it may be assumed that
more
annual
30
Dec.
$401,288,000.
enues.
charges
are
now
$12,900,-
-
than 40%
of all freight rev¬
Iron ore alone consistent-
000, or less, representing a cut of
As
brokers we invite inquiries
on
blocks or odd lots of
HIGHEST GRADE RAILS
.
attack.
years
of
S.
,
Straus
for
many,
&
Co., a former
banking firm with offices in
many1
cities.
for
The
one
the
large 1946
Series "G" and
vertible
Jan. ,1.
1939.
high-r-:
to date:
and 44; low—14%; Dec: 30 price—40.
i
■
'
'
uncertainty
in
We also maintain net markets in
the
vice-president Great Northern picture has been
senior
was
W.
Straus
Mr.
•
....
I
.
' i:;
SEABOARD
maturity1 of the
Series'"H" Con¬
has
probably
been
around $75,000,000.
tinuation
earnings^
of
the
reduced
in 1942.
high
to
Con-
rate
of
which appears, assured
I
]
j
.
the company's freight.
permanent considerations and support confidence that
the road will continue to display
gOries
of
<
are
,
11 wall street
co.
,
,
,
years.
the
theM
Also important
of view of the
point
stockholders is that Great North-
specialists in rails
HAnover 2-9175
new;
have
There
1
ern's labor costs in relation to gross
i
practically
.
are
1. h. rothchild
what
the
compensated
diversion to competing
sources
post-war
Refunding 4s, 1959
is concentrating its debt re¬
on this problem,
which
measure
;
transportation agencies there has '
been in the miscellaneous cate- V
from
1st 4s, 1950
tirement
large
,
better-than-average trends in
AIR LINE
4s which were outstand¬
ing in the-amount of $97,402,000
as of the end of 1941.
The com¬
pany
In
traffic
for
approximately 35% from the 1934
level.
The saving is equivalent
Samuel J. Tilden Straus died at to more than $2.60 a share on the
;
1
his home in Chicago after a heart stock.
S. J. Straus Dies
expenses of $81,281,416, showing
a
ratio for operations of 67.60% Defaulted RR. Bond Index
cent.
The ratio for 1941 was
The defaulted railroad bond in¬
66 6%
and for the ' first nine dex of
Pflugfelder, Bampton &
months of 1942 it was 65.0%. Had
Rust, 61 Broadway. New York
the
adjustment plan now pro¬ City, shows the following range
posed been in operation during
through 1943 at least, should al¬
low reduction of this liability to
picture.
has
ment.
.Delaware
two
are
& pfd.
com.
1956-73
continued
be
can
Assurance
Investment
Brown
market.
bond
coupon
WHitchall 3-3450
ization, and the only one to main¬
tain a good credit.
Secondly, the
Great Northern management was
one of the first in the industry to
Result Of Treasury
that
There
tant
by no means con¬
corporate and pri¬
vate interests directly concerned;
called
outstanding
the
V
rate
Life
Pow.
Aldred
EROY A. STRASBURGER & CO,
the visible future at least.
over
the
to
the
to
or
bonds
of
which the annual
this
duced
market,
the
redemption
annual
calamity,
a
fined
be regularly
purchase of the
the
to
dence that the recent $1.00
profound interest.
Failure,
in the present condition of pub¬
lic and private finance through¬
out the United States, would be
sinking fund are to
applied
confidence
with
awaited
be
and
supplementary
this
in
Funds
any case
not exceed
railroad net.
such
of
one-sixth
in
may
a
as
Canada Ltd.
of
Co.
Sun
at substantial concessions from
bonds, to the extent that the face of the still substantial
acquiescence is required 1946 maturity problem, there is
pre-requisite to its success, certainly ample cause for confi¬
these
is
among
1
Mines
Shawinigan Water & Power Co
formal
Chief
default.
Orielle
Southern Pacific, etc.
We
the rate of distribution in
crease
Ltd.
Mines
CANADIAN
current
of
Ltd.
Corporation
Winnipeg Elec.
maintained
hesitate to
Refrig. & Stor. Ltd.
Pend
Lackawanna
during the past two years. While
is generally expected that the
will
Mines, Ltd.
Mines
Lehigh Valley
it
management
Shore
Noranda
Illinois Central
earnings to afford a
on the basis
rate
Co.
Minnesota & Ontario Pap. com
Moore
conceivable
permanently
Farmer Ltd.
Addison Gold
Montreal
nearly 10%
dividend
the
of
:
holders
1942
return of
ings, while the position of the
corporation would be materially
and permanently strengthened by
of- the
Seagrams Ltd.
Lake
trading markets In most
of the medium-priced Rail Bonds,
particularly obligations of
:;
recent
selling only about two times
contractual
action
Railway
net
maintain
We
■
The
Kerr
tion fo
proposed, no bondholder ignore the favorable implications
would surrender anything really of these
developments.
substantial out of the principal of
At current levels the stock is
the con¬
cessions favorable to the security
It is still hovering
low, but there has been some expansion in buying
Many rail men are of the opinion that the market may
the plan
consummation.
Pacific
pfd.
Fund
Imperial Oil. Ltd.
the 1940 year-end dividend, has begun
signs of life in recent trading sessions.
interest.
price of the issue
affected.
Thus* under
its successful
&
Halifax Insurance
close to the 1942
market
directly
B.
Investment
Fanny
Northern
Great
acting
erty
no
Stocks
Electrolux Corp.
debt, after the cash
investment
& pfd.
Dredging
Bank
Distillers
Obviously, with contin¬ finally be going to give recogni-f>
of
Canada
com.
Gold
Canadian
payment of one-tenth of the now
outstanding total, by as much as
uance
of
2row's Nest Pass Coal Co., Ltd.
have meant reduction
of the secured
Co.
Canadian
which is higher than
quotation of recent months,
this would
Corp. Ltd.
Company
Bulolo
chased at 60,
any
Tel.
Brown
& pfd.
& pfd.
Corp. Ltd.
Canadian
principal or of interest to be paid,
for
Bell
Bell Teletype—NY 1-310
If the bonds had been purr-
ness.
com.
com.
Canadian Indus. A.
existing, the operation would re¬
sult in substantial enhancement
and
Asbestos
therefore, have been devoted to
purchase/ cancellation or re¬
tirement of the secured indebted¬
the
of
amount
the
To
Andian Nat'l
*
-
SECURITIES
REORGANIZATION
term traffic
as
Exchange'
would,
sum
not less favorable than those now
either
Stock
the
000,000.
warrantable.
action
York
Broadway
RAILROAD
$13,471,510, that is to no more
than $29,520,590, or . within con¬
Tuesday,
and
as .promptly
as
practicable
after the necessary siderably less than $5,000,000 of
Federal legislation had made def¬ the proposed maximum of $25,inite
New
Telephone—DIgby 4-4933
least
this
than
less
61
would
have
$8,082,906.
'fund
The
Delaware
and sinking
Company, on account of amounted to at
the
Members
supplementary
investors.
Hudson
new
STOCKS
Pap.
Algoma Steel Corp.
PFLUGFELDER, BAMPTON & RUST
pay¬
upon
and,
CANADIAN
Abitibi Pwr. &
n.y.c.
Tele. NY 1-1293
lower
than
for
other major carrier with the
exception of the large bituminous
coal roads.
Thus, agitation for
any
increased
wages
minor factor.
is
relatively
a
.
j
i
2318
THE
COMMERCIAL & FINANCIAL CHRONICLE
than
likely last spring.
This was due to the fact" that
'cor'4
poration surtax rates were raised
Fireman's Fund
''
(New)
Bank and
National Fire Ins,
>
■
Insurance
ins.
Fire
are
Members
and,
I
1
i
New
York
other
Stock
Exchange
120
Telephone
Stock
Bell
Teletype—NY
vision
tax
1-1248-49
will
permit
savings
banks.
far
;
Bank Stocks
largely
•:
By H. A. LEGGETT
,
For
the
banking
institutions
of
the
The
1942
was indeed an eventful year.
It was a year of readjustment
preparation for the struggle that lies ahead. * It was a year in
us,
and
;.y,V'\ *
that
has
DIVIDEND NOTICE
Qommon Stock Dividend
it,
the
be
can
the
Dow
purely
trial
is
"War 444- in
a
convert
from
1942, equal
Dow
A
year
•
at
was
the
at
record
will
San
and
be
not
it
is
expected
to
perform.
but
things are tougher,
lot clearer, than they were
a
a
year ago.
At that time,
subsequent to Pearl Harbor,
fusion and
built
a
chine
of
yet, by
smooth-running
we
have
we
just
the
war, in
scarcely wet.
We
haps, in it up to
are
indus¬
the
Francisco, California.
Electric Bond and Share
Company
•; $6 an! $5 Preferred, Stock Dividends
|
at
year
end
of
clos¬
about
ago;- they are
The
the
on
S6
Preferred
Sometime
long
per¬
we
should be well up to our necks—
and then we are
going to start
swimming,
or
at
the
close
stockholders, of/record
business/January. 6,/1913. :.■■'<» V
of
B.,
AMERICAN
else.
get most of the headlines
deserve all they get), the
Industry
equally
matter
thsk
has
cause
fact, in
been
it has
munity
the
has
remarkable
of
to
have
an
As
a
losses
record
This
being
"essential" industry, key
has
"gone
to
war,"
and
highly specialized
bank's
this
mechanism
means.
"Under
wonder
.
such
that
manager
of
a
garded
as
its
ficer.
It
has
conditions,
lose.
the
is
important of¬
been
necessary
to
other
Fur¬
banks
war economy
recognize
that
primary job is to raise the
In
this
instance, it
means
their
money.
money
a
scale- such as no economist
banker has heretofore dreamed
of.
The banks know that
on
or
cannot
do
it alone
.select, and train, hundreds of wo¬
men and girls and
young boys to
fill the jobs
previously handled
by men.
This in itself has been
endeavoring to
a;major command of mobilization
erable
and
they
that they
the
organization
most
part,
those
because, for the
who
have
gone
Were
experienced
and
highly
capable cogs in the machine. Fur¬
thermore, the banking business is
more
active
than
at
any
time
in
they
participation
financing.
Meanwhile,
are
ing
taking
volume
Their
types of
cial
the
clined
and
on
of
course,
may
has
Teletype NY 1-897
in
ris¬
commer¬
have
de¬
However,
been
a
steep
and
gross
income,
despite
higher expense and taxes, is also
running at a higher level than for
The
industry
by the
be¬
'
For there is.no
the
in
far
be" discussed.
.*7
new
was
hit
and
and
its
physical
Copies
tails
may
from
L.
Notice
road
cellent.
containing
can
hope to do, it seems
is to have his list properly
proportioned 4 and well designed.
Traffic
the
in¬
an
us,
H.
,
of
af~;
favorable-
condition
is
'
ex-
the. analysis '
interesting
many
be
factors
are
had
de¬
request
upon
Rothchild &
Co.
the Holders of:
to
that
to
make
least likely
A!;/ //%;
;
Twenty
adjust¬
k
to be tor¬
change.
well-known
;
•?!•',
'
-//<■/
is
become
newspaper.; com¬
night use the
%>
/
suddenly
static
when
|
dynamic
our
going
the
Year1 3%
t.
An
Investment
the
Up to
a
Policy
Current
Year
.
!
•t
'!
capital
in
and
bonds
and' the
cash,
were
Govern¬
fully selected equities.
however,
we
nominal
have
Recently/
suggested
,a
namely,
that 60% of an investor's
capital
can
perhaps wisely be • concen¬
trated
in
selected
balance
and
we
Tax Bill For it
in
equities' .arid
5%
seems
to
us
Fund
External
Gold
Due
-;/••
June
1,
1052
Gold
Bonds,
Bonds,
Due
/'"A •'/'/ V'J
' *
■
,-V •
:•:
,
!
i
Due November
.February
1,
(Konfferig-ct Danmarks Ilypotckbank)
Sinking; Fund
Due
External
December
1,
1055
1053
1,
Gold
Bonds
.
Series
.
IX,
of
1027
»
3972
■-
.
Arrangements have-been made
period ended December
whereby, until
months'
6'/«
Loan
will
further notice,
interest for
the
six-
be
Bonds presented to the Fiscal Agent
for this payment must be
accompanied by an
appropriate Letter of Transmittal, a supply,of which
may be obtained.at the office of
the Fiscal Agent.
t
The interest payment referred to will be
subject to such licences as may be.
granted
-to the Fiscal Agent by the United States
Treasury.
,
..
-
.
•
.
-
•
In-conformity with my .announcement of November
.18, 1942, I purpose to maka
subsequent-, announcements with a view to .keeping:
bondholders informed of further
-/developir^ents-relating to the above-described loans.
-
"
cash, " Govern-'
.Beyond
go at this ..time,
■''' •*"'
that 40%
of
an
v
HENRIK
.
,j
-
•
Envoy
■
Washington, D.
C„ .December 30,
*
1
.
..
high-grades.
would not
Bonds,
.
in: Care¬
modification;
'
30(12 "•"///
,
high-grade; corporate
balance
>
1055
15,
31,^1942, on bonds of the above-named Kingdom of /
paid to
holders, other than residents of
Denmark, at t-ha
rate of 6'T ner annum on the principal
amount.
In the absence of
coupons covering: 1
this payment.-bonds- should be transmitted
at the owner's risk and
expense direct (or r
■'Through' a local- bank) to the.Fiscal Agent,,The
National City Bank of New York; v
/ Coupon-Paying Department, 20
Exchange Place, New York, N. Y.
Each of the- bonds
will be* stamped with the-notation that the holder
thereof acknowledges receipt in full
of, all qjoneys due or payable on account of .interest on the
principal amount for the
six-months' period ended December 31, 1942.
Thereupon the bonds will be returned, by '
; Registered Mail insured, at the owner's
risk and expense, together with
remittance for '
interest (less shipping-expenses),
advising investors that they main/a
'"fifty-fifty". r&tidp half of
their
1,
April
The undersigned Minister of.Denmark in Washington, makes
the following state- •
ment for the information of bondholders of
the above-described issues:
*
Denmark
tain
ments
August
Due
}-v'
.
few months ago we
January 1, 1012
Due
Mortgage Bank of the Kingdom of Denmark
'
Forty-five Yealr 5%
/'%
For
Period
Due
['■+>■:■« Danish Consolidated Municipal Loan
Twenty-five
/
;
A*./ \.f
to
Fascists
:
conquered.
Gold
Thirty-Year 5External Sinking
.
>
way
that
not
Bonds.
City of Copenhagen.
Twenty-Five
will last beyond
This is an apt
indicating
Gold
Twenty-Five Year 4Vs% Gold Bonds, Due
May 1, 1053
war
the duration."
External
Bonds,
the other
phrase, "The
Kingdom of Denmark
/
Year 6%
Thirty-Year .hVi% External Loan Gold
Bonds,
Thirty-Four Year 4Ms% External Loan Gold
change will, not: end /with
coming of peace.
We heard
mentator
this
remain
All
.
the/public.
fecting
vestor
For
a
j'
.
to
It
substantial
transition
sub¬
possess
*
"
/,
Many other phases surrounding
to
more
peace.
instances
merit).
the!/investment problem
end'
war's
mean
of
qualified
ments
far less hard
1920s.,. Few
tured by the agonies of
the
years.
banking
stantial
.
other
also
"earning assets"
Net
world
a
ments
the
them¬
corresponding increase in
several
York, N. Y.
aa
are
best
are
ultimately reach
net
result
inmany
/it
to/the
living in, and he who most
thoroughly realzies this will be
J
war
and
point.
income.
New
is
unprece¬
are
vanishing
a
Incorporated
an
Ordinary
of
return
usher
Government
the
Street
the
banks
V-loans
rapidly.
advance
Bell
probably
surprises
many
would place the greatest
-
,
the
Wall
It
we
are
credit
war
loans,
in
that / when
And
.
well
world
Bonds.
S3
-
changes in the familiar economic
pattern to which many of us have
become accustomed and attached.
of
selves
(Frederic H. Hatch & Co.
as
to the
the'restoration of
may
formed miracles
along the line of
public
and
inevitably will
than
en¬
do—with consid¬
A The banks and
success.
dented
Stocks
provide just
Secretary,
likely
would
we
going back.
Treasury Department, work¬
ing together diligently and har¬
moniously, have thus far per¬
•
Bank and Insurance
and
must enlist the support of the
tire population.
This
^s
conditions of the
lieve that today.
banking industry, there¬
a
1930s
ended
needed to
are
going to return
velopment,
means
war
successfully.
converting to.
the
re¬
one
The
In
>
now
most
is already in" the "front¬
line trenches" and is
prepared to
stay there for the duration.
of
employment
bank
most
pa¬
fore,
what
little
and
thermore, they have a keen appre¬
ciation of what it would mean to
of
nature
service
than
more
conduct
anyone
knows
useful
citizens,, realize what
Who is familiar with the intricate
a:
For the year ahead will
York
days of groups are not worthy-of conskb street, New
City, it is *
On
the contrary,
to be fan¬ oration.
the stated that the All-Florida" line i
shares of oil drilling
tastically wrong.
> Many
Amer-V
companies, has a very definite
place in the >
icans, for example, felt that ,the carefully
selected
receivership scheme of
Southern railroads and
New Deal was a
fail "bonds, rail
temporary and
equipment/equi¬
highly personalized political de¬ ties, building stocks, and so on, has proved that it is invaluable to
are
the
beyond the call of duty.
will
be no exception.
and what sacrifices
personnel
and
(Continued from page 2315)
war
Bankers,
by the hundred, have been drafted
for military or other war service.
more
of
triotism
officers have been commandeered
by the dozen and staff employees
In. many cases, 20% or
the regular operating
2, A. BURGER,
,
which
Not
spring).
list every adviser, has preferences
and prejudices.
In our view we
long¬
no
last
today's level with the
As to what equities should and
Should not be in
an
investor's
.
mean
history
of
banking,
in
wartime,
has
been
a
glorious
be¬
enjoyed the im¬
had.
..."
/
■
times.
The
its
ways
difficult
personal
others
rated'an
some
more
not
done
job.
/
|
On
December 29th; 1942 a quarterly dividend of
Seventy-five cents.per- share wis declared on the
Common Stock of this Company,
payable Feb¬
ruary 15tli. 1943, to Stockholders of record, at
the close oF business
January 21, 1943. Trans¬
fer books will remain
open. Checks will be mailed,
■
makers
(and
argument.
the
of
of
is
COMPANY
COMMON STOCK
the
contrast
lows
WlEGERS', /Treasurer,.: >
CAN
be¬
their
eye
4
$L25
,
Although the shipbuilders, air¬
plane
manufacturers
and
tank
Banking
normal
more
is
purchasing equities
in
mind's
and
per..; share, /n-the'r $5/
preferred,/ Stock ,/ct /the;;■
Company have, been declared for payment
Feb-/
ruary:--1,. 1943; • to. the
j
have occurred in 1942, and an in'-.1
emphasis
regard a 40-hour week as sheer controlled up to now.
oils, chemicals, rubber, mo¬ vestment list must be of a nature
And
if on
loafing.
Most of them, both lit¬ the
effectiveness
of
these
two tors.' and
airlines,
for
leading to minimize the unfavorable ef¬
erally and figuratively, have their policies is to be in part cancelled and standard companies in these
fects of bad news and to
coats off and are
permit)
handling routine out or diluted, inflation conditions groups in the altogether should
work in their own
organizations may develop almost before we provide inflation ^protection and participation in the benefits of'
which they have not hacf'to do know it.
in
This, in our opinion, is participation
growth
indus¬ good news .—Ralph E. Samuel &
personally since they were clerks one of the key domestic factors tries.
Moreover,
well-selected CO.
■'
: '•'!.
or
junior officers.
All this may to keep, under constant
scrutiny. equities,; in these groups should
be good for the bankers and
good
Finally,; .if we may look ahead present no insuperable problems
for the banks,
because, in some to the war's end, we would like at the war's end, for no
leading Seaboard All-Florida
V
;
cases
at least, high officers had to make the
point that so many companies in these fields should
:
become so long and so far re¬ of us are
V ' No Black Sheep
pfone to forget, namely, experience too much difficulty in
moved from the counting-rooms that
sweeping, world-wide /wars making - the "future1 transition f. to ! In a. study of the Seaboard All- :
that they had forgotten how to
bring about profound world-wide peace.
(The
foregoing list is Florida
oil the
Railroad, just issued by
machinery and make re¬ changes. The individual who be¬ given preference, but we are not
L. H. Rothchild &
pairs."'-' '
' :■ '/
lieves that at the war's end we attempting
'
'
Co., II Wall ;
to
say
that
other
ma¬
1943
than
of
what they once did. Any
conscientious banker today would
A year
now,
in
in
activities
score
do not wish to commit themselves
in regard to the war vs.
peace
Stock
per
9%
cause,
those" who.
for
dividends % of $1.50;'
.regular..quarterly
never¬
tute very suitable "middle-of-the-
investments
■
.
',
share
1941,
is
ill; it
road"
over
addition,
Thus "banker's hours"
er
respective
our
in
obliged to handle
participate in more "extra¬
case
day.
a
and,
are
curricular"
means,
war
come
rapidly
banks
or
only ankle-deep in
fact, our feet were
were
waists.
the
con¬
the
any
since Pearl Harbor.
way
ago
order
not
but
more
disorganization
the
were
We have
before but they turn it
ever
general
/u
Foote, Secretary-Treasurer
av¬
the various elements of our
protected in making theless finishing the year at levels
loosely-knit society began to
for the first time, their complete inter-dependence and the these transitions and, all things well below the previous year-end
necessity for "team-work" such as we have never before employed. considered, occupies a particular¬ closing figures of the entire 1935ly essential place in the present 1940 six-year period.
Gradually each of these elements^
(We make
scheme of things.
is being assigned to its post of the
Bank Stocks, this point because- so
past decade. Not only do de¬
frequently
duty and schooled in the role positors have more money than therefore, would seem to consti¬ investors show hesitancy on the
In
De-
on
closed,'/j'
grasp,
which
to
the close1 of business
..
Jones
"'"up
are
par value,
Capital
by check on
shareholders of
31; 1942., The Transfer Book»
D. H.
with1 a; mini-! ing- this year4; at'/about '118-120.
motion.•and^expehsel! Accordingly it !;will:fbe seen that
year
at
cember
^
,
■
back again
stocks
2% of its
January 15,1943/
V
at
ago,
'this index
to
'
1942,
December/31,
tvHl be paid upon the Common
Stock of this Company
;;180;/'in ,1937, '121/
1038,^ 154; .4L939;; 150, and 1946, 131.
to
peace
1936
Banking Industry wouldTapf while /
qualify as one of-the;most from' a
flexible
industrial
ended
averages
pear to
which
Jones
,.10/1935, the
greatdeal.>,*Ap¬
not
16,
for the,quarter ending!
1942
at
so-called
,
No. 10S
"A cash' dividend declared
by the Board
of Directors on December
J
the, market is
ending the
year at compartively sub-normal
levels,.,, And on this score a look
thus
,
PACIFIC GAS AND ELECTRIC CO.
.
importance,
Generally
of
the othervhand;
"War
Orphan"./ and
of lost
mum
for. the rest of
as
utmost
speaking, it is im¬
portant to realize that despite the
rise, in equity prices from the lows
on
a
and
war
nation,
a
is
can
•f
substantial
transition industry
nor,
which
'
,
the
Industries," of which erages/is illuminating. '
a
which
Baby"
—
of
growth
industries
growth companies.
and
part joiS the
'/
of
one
hear
now
one
<
banking business
demonstrated
we
of
■
parently,
This Week
One specific
the
on
regarded as
"Transition
'
re¬
(i.e., capital. losses)
ordinary income. /This pro¬
The
[i
is
moreover, that the equity portion
of' an investor's' list shall
be se¬
lected with great care.
For it
must attempt to
provide planned
losses
from
(L. A. Gibbs, Manager Trading Department)
4-2525
.
It
1942
DIVIDEND NOTICES
type.! of
surely needs in
one
advantage incorporated in the protection in case
inflation does
Revenue Act,
applying onl^ lie ahead, and it must
place due
banks, is the option to deduct emphasis - on
bond
Exchange
Telephone: BArclay 7-3500
NEW YORK
Dlghy
York
BROADWAY, NEW YORK CITY
leading exchanges
WALL ST.
i
Laird, Bissell & Meeds
New
sheltered
1942
to
Members
in
so
in
a/rapidly 'changing /world.
the' Ex¬
and
provides. .the
bulwark that
tax
Unlisted Issues
'
Tax
spect to the Surtax.
Inquiries invited in all
looeti
Normal
Profits Tax but not
cess
capital
categories
relatively sheltered in respect
the
to
Thursday, December 31,
investor's
only to 16% instead of to 31-%nas
originally proposed.
Most bank's
Stocks
National Union
appeared
1942.
Extraordinary
KAUFFMANN
and
Minister Plenipotentiary
of His Majesty the King of
Denmark
,
-
•
,Volume 156
Number 4138.
THE COMMERCIAL & FINANCIAL CHRONICLE
r
Royal Bank of Scotland
The Securities Salesman's Cornet
Incorporated by" Royal' Charter
;
Branches
A BARKING DOG NEVER BITES!
ago
friends
SERIES
Smithfield, E. C. /
FIRST MUTUAL TRUST FUND
Charing Cross, S. W, I
Burlington Gardens; W. I
•
Prospectuses upon request
SECURITIES & RESEARCH CORPORATION
VA
.
was ^
INTERNATIONAL
$4J^tW Bond Streetj W. /
goes.
.
.
/ Several any one wants to sell-that's; our
one-of vour salesman business, but, * after all, we are
given a;/lead; by .his more interested in making /friends
office.
The prospect lived in an'than, just buying, a
couple oL
adjacent suburb of New York bonds."
:
;
<
< ./ }■■..'
weeks
TOTAL ASSETS :? :
SSSS
£98,263,226
"'j
,
This
broke
the
ice;
In
C'fevf
minutes our salesman was': in the
trip of several hours was kitchen and he/even had a sample
Other,
necessary to make this call, r The of our .prospect's;!coffee.;
prospect had called the Office on issues. this prospect held he disf
the 'phone: in reply to a mailing cussed with eagerness.' "He everi
bonds
he
of several
owner
Wished
he
said
lead
The
to
looked .worthwhile,
sell.
al¬
though the salesman did not know
regarding his prospect than that heheld a few
bonds—no"
pre-call
information
was available in this instance.
.'t
anything
more
,
•
Associated Bahkst.
-
Williams
v---
Bank, iLtd.
Deacon's
a
and he was the
,
U.
w.
both train and bus had to be used,
,
The
of
at
arrived
salesman
residence
this
the
prospect about
It so hap¬
:fout in the afternoon.
pened he was not at home.
The
day was cold and wintry and in
Glyn Mills & Co.
-
apologized for his rude behavior Australia and New Zealand
and
gave
the salesman several
issues to check up : and - report
back upon.
Here knowledge'' of
NEW SOUTH WALES
security values on the part of' the •
salesman made a strongly favor-*' ;; V
(ESTABLISHED 1817)
abie. impression.
; Paid-Up Capital
£8,780,000
BAiToF
.
-
The result of the interview was
that
eventually : several
the
later
were
of
a
weeks
Fund—
Reserve
Liability of Prop.
VJ
held
client
this
bonds
Reserve
*
exchanged into another issue
- same
company, which on
.
about
/
-
•
ALFRED DAVIDSON, K.B.E.,
General Manager
•
she
He
NYSE Weekly Firm
*
spent the next two, hours waiting
arid filling in time reading, and
Changes
; j
having his supper.
;;
;
The New York Stock Exchange
At
the
appointed time our has
announced • the
following
salesman appeared again at this
weekly firm changes:
v
].'l.
prospects front door.
No one
Buchanan Houston, gen era 1
answered his ring, the house was
partner in H. T. Carey, Joost &
/dark. Undaunted, and by this time Patrick, New York City/ will be?
determined to play the string out come a limited partner. on Jan.
to the
bitter end, the salesman
1, 1943. \
went to the back of the house;
Edward
H.
Kent
will" retire
Office:
Head
he
light
the
kitchen and his prospect was bus¬
ily tossing his supper in and out
of a frying pan.
The salesman
rapped, on the back door.
He
; was greeted, apron and all, by the
disgruntled cook.
By this time,
you no .doubt get the picture—"sick wife upstairs, husband fryiing his own- eggs, cold night, and
bad temper.
-•/',v y.;« ■ - .
V.-'
a
^-saw
in
■
.
.
.
,
didn't you tele¬
appointment, inin like this?"
said our irate prospect. The sales¬
man,
by this time/ was - plenty
"Why
in
for
phone
stead,
hell
an
of/ barging
himself.
sore
Two-hour trip, two
took the
right road.... Sizing up the situa¬
tion, he replied: "You're right, J
am sorry as hell, I guess I am all
wrong.
But how about it, I want
to see you if only for a few mini
utes."
The ire on the other side
"went down just' a trifle.
"Well:
shot
,
to
O.K.,
"but
'
pieces; t but he
come in around
make it snappy,"
Frying Pan.
'
;:/
the front,
said
Mr.
■■l/. ■
Once inside the house, the sales¬
man
told
the
prospect briefly
that he. would pay him a certain
.
■
price for his bonds. "Not
the answer. "Now
was
to
enough,'.'
you'll" have
me,
but you've said
and since I've got to
out tonight, we'll have to call
excuse
your
go
this
.
say,
to
an
end
for
this
time.'?
discussion
partnership ;in Green, Ellis
Anderson, New York City, as
today.
Mr. Kent made/ his
headquarters in the firm's Wilkes/
,
in Australasia.
With over
branches
870
in all
Australia/ in
and
London,
and
efficient
and
traders
it
of
States
New Zealand, Fiji, Papua
of today.'?>■
Chester
Hutchinson
partnership
Elwell,
day;:'.-
//
Mass.,:
Boston,
as
■•■/;;/
.■■*:>
retires
Whitney} &
in
of
tof
,:/-j
r
Henry D. Talbot retires fron?
partnership in By field & Co., New
York City, as of today.1
dates
men
was
that time,
under the
"Confirmation
Of
A
consists
of
offers
investors
to
■;1
complete
most
the
service
banking
in.
interested
travellers
year.
conflict
t
LONDON
,
,,.
29
OFFICES:
*
Agency.arrangements.with Banks
•
throughout the U. S. A.
1
.
term and
3.
|
r
,
NATIONAL BANK
When
/'
ifiead
Office
1.942.
take
Can
i
situation and
satisfac¬
of
measure
a
long of selected stocks
of any and all "bodies
opinion."
In, view
past,
we
of
record
his
consider
this
.
a
in
the
rather
However,
we can^ cheerful note on which to "enter
do- we claim, any; 1943.
Should an early reversal
for the surprising accur-. of the longer term indicator ocacy
of
the
combined
indexes' cur, readers of this column will
which, for want of a better name, be so advised,
not
take,
u
nor
credit
FULLY PAID CAPITAL
RESERVE
FUND
.
.
.
£3,000,000
.
,
£3,000,000
shall
we
LONDON
^
6 -and
:
7
King
William Street,
E. C.
ancial
this
-.
;
Branches
in
all the
principal Towns
call
the
Trend Indicator.
AGENCY
who
gentleman
indicator
Price
Stock
In fact, the fin-
We take this opportunity to exto our readers in particular
contrives
clearly has no
tend
in-, and
to
the
investment
company
tention of revealing its nature
in
or. field in general Best Wishes for
making it generally available a„ Victorious and Prosperous New
and we are greatly indebted to Year!
him for advising us of the changes
; /
of
,
whA?
As
wo
nrpn^rp 0mCUpntPr
to enter
Insured Investment
th*
the
prepare
/
With Liberal Return
Year, one hears so many
Practices shall be required in the conflicting opinions regarding the
The Danielson Federal Savings
.financial statements of companies probable course of ^security prices arld Loan
Association, 84 Main
'•
engaged in the war effort.
The in the immediate future that we 0A
amendments to Rules 3-02, 5-04; thought our readers might be in-| Street, Danielson, Conn., will be
12-06, 12-08 and 12-14 are de¬ terested in learning the present glad to send a booklet and full
signed to simplify and shorten the position of the Stock Price Trend particulars
on
insured
Federal
reports required, to be filed by Indicator.
Accordingly, we ap-1 Savings
&
Loan
investments,
New
,
£
U1
.
.,
,
^
.Un
,■
registrants by permitting under proached the aforesaid gentleman
designated; conditions the omission and received the following in-. ^
'
9
9"*
clares, unusual opportunities for
or
partial omission
of certain formation:
schedules."
1. The longer term index has safety and liberal return on in„
Interest of the late Kenneth S,
Beall
Cruttenden
in
&
Co., Chi?
cago, 111., ceased as of Nov. 12.
Approval, of Louis J. Werner
to
of
act
as
alternate
the
on
the
drawn
on
Dec.
18.
was
,
remained
floor
David
Exchange for
Cooper of Asiel & Co.
S.
The, St.
SEC Revises Regulations
On Report
The
Requirements
Securities
Commission
]
and;
Exchange
announced
Decl
on
Paul. Federal
Loan
Association,
Street, St. Paul, Minn.;
will. be / glad to, send investors;
turn
on
vestment.
Current dividend rate
' 0f 3% per annum.
: s
present
versing itself in the imme¬
Savings
4
East
Fourth
upward
an
the
April 28, 1942.
There is no
indication of it re-
Investors And Trustees
and
in
since
trend
Insured Investment For
withf
/;, )
"TheJ amendment
permits
the
:
to
diate future.
2.. The short-term index turned
down in November-and then
trustees/ and other fiduciaries in4
reversed
tereste^ in.. learning more about
part
of
itself
in
the
December
fore
Custodian Funds
(exact
insured Federal Savings and Loan
statement
Rule '3-01
in
thou¬
to' send
investors,
fiduciaries,
trustees
,
and
BONDS
WELLINGTON
other
fpee-booklet, "A Safer and Better
Plan,"' describing the advantages
a
copy
Business Men's
Medium Priced Bond Fund
•Low Priced Bond
FUND
investing
in
insured
Fund
Speculative Bond Fund.
.
»
.
>
.
.
.
.
.'
,
*
'
.
B2
.
,
.
.
.
B3
B4
PREFERRED STOCKS
Income Preferred Stock Fund
Prospectus of this Mutual
Investment
.
able
Fund
ment
Dealer
or:
from
K2
.
.
COMMON STOCKS
Avail-
through your Invest¬
K!
....
■Appreciation Preferred Stock Fund
SI
Quality Common Stock Fund
I
'
.
...
Income Common Stock Fund
.
.
.
.
,
sS3
.
.
.
; si
.
.
Appreciation Common Stock Fund
Lo\V Priced Common Stock Fund
Prospectus
of
B1
Investment Bond Fund
,
S2
of their
sands of dollars of all amounts
appearing in-financial statements,
thereby substantially reducing the
t be so pleased
size of the statements and the. time
to buy these bonds if we didn't
like them ourselves..
Of course required for their preparation in
dealers in bonds, and if final form.
The amendment to
we are
friend, he replied
in spite
of
from
mentioned.
;
Cairo
»
real study of this
frankly we wouldn
pointed out this
we
our
remain
having gotten these
forecasts into print on the dates
Cairo*.
Register No.
to
that
longer term in-
a
Looking backward, this column
tion
of EGYPT
Commercial
short-
obviously every move, had
to come to an end some time and
longer term index had that
each
day
his
indicator
turned up on April 28, 1942, pointed upward brought it just
for the first time in nearly one day closer to the ultimate rea year.
' ■versal.
Confirmation of the longer
But, he added, the indicator
term upward/trend had been
had given no sign of a reversal
given in the week of July 6,
yet—and until it did he would
;
:
a
2.: "The
Threadneedle Street, E. C.
47 Berkeley Square, W. 1
.:'";
v
derived
dex. of stock price trends.
.
these ;
-
|
given).
At
index is also
this
stock prices after the first of the
of
series
a
which -are
-
worth more money than
even 'the
figure you are asking
for them. You see/we've made a
not
were
present
1
.
J.
At
mathematical formulas from
.
England, office.
•/•'/■/•■r
i EGYPT and the SUDAN
James
O'Donnell, Harold -W;
Frank/ general
partners, g and
George Douglass Debevoise, lim? Rule 5-02 provides that no classi¬
ited
partner,, will/ retire
from fication of; inventories in contraStruthers & Dean, New York City;,
yehtidn of the Code of Wartime
as
It
1.
countries.
:
&
from
tioned.
and New Guinea
of
Barre, Pa,, office. :
—
Reginald G. Baxter will retire
from partnership, in Frazier Jelke
& Co., New York; City, as of to?
day.
Mr. Baxter made his head?
quarters / in the firm's London;
security prices bad. been reached.
Although a number of respected
"indicators"' supporting this viewpoint were, then cited, the most
important single factor in this forecast was not divulged until later.
It was not until the issue of^-—;
—
——
—--r—,•
•
shot 22 the adoption of amendments to investments full particulars.. Cur-f
Rules 3-01, 3-02, 5-02, 5-04, 12-06;
in the dark and it worked. "Yoii
rent dividend rate 3 % annum.
12-08 and
12-14 of Regulation'
know," he said to the impatient
S-X.
The changes, made are part
cook, "if you don't mind- a sug¬
of a comprehensive revision, of the"
f<A Safer & Better Plan"
gestion, I think you ought to hold
on
to those bonds and not sell reporting requirements designed
For Investors & Trustees
to facilitate the furnishing of inT
them." This time he got a re¬
formation with* a minimum bur¬
The Atlanta Federal Savings &
action. "Why not?'-' said the pros¬
den and expense,
The Commis¬ Load
Association,
22
Marietta
pect. "Well, Mr. Smith, I strongly
sion's announcement said:,
~
believe they are eventually going
Street, Atlanta, Ga., will be glad
be
ap¬
At that
suggested that the long-awaited turn in the ebb tide-of
The salesman took one more,
to
which
•
George Street, SYDNEY
and largest bank
from
and-a-half-hour wait, the day all
,
r
time it was
The Bank of New South Wales is the oldest ;
;
"
•
the
'
said this would be agreeable.
There
may-recall
in an upward trend.
heading
Trend,", we discussed the missThese indications are hot in
ing. "indicator" in some detail agreement with a large body o:!
and
established
the
following market opinion which anticipates
points:
I a
rather substantial -decline
in
30th < .
£150,939,354
Assets
1941
Sept.,
SIR
and
6:30,
.
column
July 9 that this factor
.8,780,000
£23,710,000
"Aggregate '
the
statistical basis made a definite
6,150,000 !
•
V
-
.
back
this
peared here last May 28 entitled, "A Turn In The Tide."
.
prospect's wife, who improvement in his holding. Two
had a bad. cold, wouldn't open other issues were Sold and another
the door, but talked through the put
in their place.
Customer,
.storm door on the porch.
Our commissions/ friendship and con¬
fidence.
Plus a cup of coffee!
{salesman, realizing he had made
That's something nowadays, too.
a long trip, told the wife he would
call
THE INDEX IS STILL UP!
of
Readers
>,
.
addition the
.
120 Broadway, New York
,
The trip to see him meant
and
SERIES
STOCK SERIES
49
here
So
STOCK
LOW-PRICED COMMON
8 West
securities
mum
PREFERRED
BOND SERIES
3 Bhbopsgatc, E. C. 2
been
people.
Knowing "people" is also an important part of
salesmanship-—that is if you ever are to get the maxi¬
rewards
from
this
job.^-1-—
—-v.
seeing
SERIES
Securities Series
LOW-PRICED
throughout Scotland
INCOME
NATIONAL
LONDON OFFICES:
quite a while since we've carried a little piece deal-l¬
ing with "sales psychology" or a "sales problem" regarding - the
always present "human element." in this column.
Selling securi/
ties consists of so much more tlia.n Just "knowing securities'? and
It's
BOND
SERIES
1127
1IEAD OFFICE—Edinburgh
.
2319
Federal
Savings & Loan investments.
W. L. MORGAN & CO.
Packard Bldg.* Philadelphia
may
be ■obtained front
your
dealer
or front
The Keystone Corp. of Boston
50
CONGRESS STREET, BOSTON
.
2320
THE COMMERCIAL & FINANCIAL
CHRONICLE
VIRGINIA
Municipal N
of
partment
analysis
Wire Bids
which
on
"Loss of
had declined $540,000,000, or
the
2.7%,
in the fiscal year ended
June 30, 1942.
The amount out¬
on
mated at
their
subdivisions
their
had
but
and
redemption
two
reau's
term
with
States
created
the
it
is
Bu¬
completed
below
earlier
by
the
the
vice
to
sales
to
month
show
the
of
1941.
be
sold
to
Finance
other
the
Federal
The
losses
revenue
at¬
were
a
report filed with the
to,; gasoline rationing
-to
mean
the
reve¬
bridge
was
bridge indebtedness,
that $2,100,000 has to be set
on
annually for interest, bond
amortization and pay roll.
In¬
terest, alone, he said, amounts to
$1,560,000 annually. Payments of
$200,000 a year will be made on
principal until 1946, when the
Reconstruction
or
are
aside
Our
Corporation
agencies
resumption of ferry ser¬
County shipyards.
paid
and
totals,
incidentally, do not include issues
annoyance
that ,$34,800,000 still has to
mony
amounted
to only $505,431,074 as compared
With
$891,357,631
in
the
11
months
ef¬
Marin
loss
nue
any
agencies.
amount will have to be
1942
to
total, it should be
noted, includes $172,225,497 for
refunding purposes, the volume
of strictly new indebtedness be¬
ing $333,205,577.
The ll^months'
increased
$400,000.
'We
looking
are
need it and
don't
we
for
and
capital issues
$416,075,382 for refunding.
When allowance is made for the
large amount of old issues retired
each
(other
year
proceeds,of
would
than
from
refunding
the
sales),
it
To
Refund
figure esti¬
the
by the
fiscal
bureau
census
ending
year
for
Morgan Stanley & Co., New
York, will head a syndicate now
being formed for a contemplated
June
issued
May
1,
30,
yearly debt
redemption, compiled for publica¬
part,
tion
notice
1942.
Estimates
in
the
of
"State and
Compendium,"
Municipal
disclose
est.
in
as
at
maturing
The bonds became
whole
a
but
and
par
on
not
in
60 days'
accrued
inter¬
The
tirements have approximated
$1,-
outstanding issue bears
the highest rate on
any Dominion
000,000,000
loan
past
annually
several
that
during
re¬
the
years.
by Frank W. Clark, State Public
Works Director, in a letter sent
John
F.
State
to
Senator
Shelley, Chairman of
Senate
studying
status.
16
interim
the
Mr.
Clark
a
committee
project's
declared
that
control
proposal and stated that
introduction of empowering
leg¬
islation at the next session of the
State
legislature
was
contem¬
plated.
Press reports from San
Francisco
newspapers
discussed
"Mr. Clark said the
jective
to make
was
follows:
as
primary obr
$35,000,-
the
000 span toll free as soon as
pos¬
sible.
He
also
said
the
State
should
not
be
expected to con¬
tribute public funds for the bene¬
fit of those who have
motional finahcial
only
a
pro¬
interest in
the
deal.
"His letter expressed the be¬
lief that the State Highway Di¬
vision
and
could
supervise,
maintain
the
operate
bridge
on
a
considerably lower toll pending
the
time
when
rangements
take
and
care
the
public
financial
could
made
of outstanding
structure
use
be
to
bonds
operated
for
free of tolls.
of
relief
was
forthcoming,
No
par.
date
has
been
offering of the refund¬
ing issue and it is understood that
many details must still be com¬
pleted.
.
Destroys $3,372,000
Of Matured, Retired Bonds
The
State
of
Connecticut
tol
Building recently and at the
time effected
stantial
cut
funded
debt.
occurred
ous
in
its
outstanding
development
This
Dec.
on
further sub¬
a
21
when
officials, including Gov¬
Hurley and Deputy /"State
ernor
indicated
than
possible
balance
Treasurer
payment
of all of the
obligations
in
full.
debt
equalization
issuing
Thomas
of
of
Co., San Francisco; in .his
ity
Group,
H.
standing
can
of the last
and
result
cluded
law
and
$2,100,000
purchased
State
bonds.
cedure
devised.
tion, the letter
In
this
asks
on
the
in
were
at
$209,661
interest
an
out
of
the
large
saving
after" payment
surplus funds
bond
of
for
of
made
transferred
money
the
Mr. Judd said
that
same
as
of
prem¬
were
retirement fund.
amount
available
a
is
A
still
purpose.
result of
retirements since 1939,
only $16,035,000 of the original $25,000,000
building bonds
ing.
remain
bonded
outstand¬
in
the
tion
of
year-end summary of the
for the purpose of keep¬
ing the city debt free after
pro¬
was
debt.
made
for
Public
existing
improve¬
ment
projects under this plan will
be financed on a cash
basis, in¬
stead of
through bond issues. Mr.
Wendt said few permanent
public
improvements could
or
undertaken,, during the
"Nevertheless,"
he
uni¬
under
would
war.
.
be
.
added,
;
the
.
be
received in
a
term, it
one
tory state-wide merit system, to
replace
the
present
optional
and
one,
wide
quired.
State
tion
mandatory
a
parole
If
system
state¬
are
approved
re¬
by v the
Legislature, the constitu-5
still
be
must
approved
voters of the state.
If the
by
con¬
stitution is adopted, New Jersey
will become the eighth State to
revise
its
pletely
>
since
constitution
1900,
com¬
though
at¬
have
been
made
by
other states, according to
of State Govern¬
tempts
many
the
Council
Executive
changes giving the
authority
also
charge him with initiating
more
In addition, the 90-
departments,
agencies
in
now
boards
the
and
executive
branch would be reduced to nine
departments and an office of the
comptroller and treasurer.
The
new
judicial system would
is considered one
simplify what
of
the
most
systems
of
complicated court
State, modifying
any
organization of state
courts
to
preme
court;
trial
include
court
of
a
a
and
county
full-time
su¬
single state-wide
general
civil
views
of
the
federation
expressed by Douglas Suth¬
erland, its executive secretary, at
the district's public
budget hear¬
ing.
He recalled that the district
federation
had
joined
forces previously to obtain
en¬
and
a
the
actment
and
of
bill to bring about
change. A bill was
passed by the legislature for this
purpose, but jt was. vetoed by the
a
the suggested
Governor.
"
Wartime
Harass
Local
Problems
are
their
i
Officials
problems
war
officials
>
Fiscal
Financial
by the
brought
on
causing municipal
greatest
worry
to¬
day.
This is shown in an
analy¬
sis, by the American Municipal
Association, • of municipal pro¬
grams for 1943 adopted
by city
officials of 24 states
municipal
this
of
municipal
their
1943
city
fiscal
efforts
reflected
in
at
their
league
an¬
meetings
fall.
Concern
in
to
officials
over
problems, and
solve them, are
the
resolutions
and
legislative programs, which
general:
:
\
;
;
Ask for larger shares of
state-
collected
tax
Oppose
?
revenues.
federal
taxation
of
income
from outstanding and
future issues of municipal bonds
(municipal leagues of almost all
the states took this
stand).
Oppose,
cation
or
ask
for
modifL
a
of, statutes granting tax
exemptions for property owned
by religious, charitable and ed¬
ucational
institutions and
commercial
Ask
that
ment
the
assume
used
purposes.
federal govern¬
liability
for in¬
juries sustained by local auxili¬
ary civilian defense workers in
line
of
duty.
Call for development of
post¬
war
planning
programs
by
cities.
Favor
amendment
of
the
so¬
cial security act to give munici¬
palities the option of including
their employes and officers un¬
der old age insurance provisions
of the act.
Need
fiscal
for
additional
funds
and
planning is created in part
by demands for additional muni¬
cipal
services,
especially
industry areas, and
criminal jurisdiction to sit in each .local
county; and
year's tax levy
'available for appro¬
is
The
for
if necessary.
odd
current
were
from
governor
than
more
increases the present three-year
;
term to four years.
A manda-;
z
the
nual
proposed constitu-
structural simplification of execu¬
tive and administrative agencies
their
years ago
bonded
to
right of the legisla¬
the
bars
would
city's finances, Mr. Wendt pointed
out that a
permanent improve¬
ment fund was
established several
vision
adminis¬
making executive, ad*
or
judicial appoint¬
governor
bonded indebtedness."
a
commit¬
that
needed
•
serving
\
interest due in 1944.
Thereafter Milwaukee taxpay¬
In
con¬
ments.
"It may
sufficient
relieved
Jersey
new
conform
study
from
While
v J
thej
be
to
ments.
"It is expected that next
year,
the
public
debt
amortization j
fund will be able to
assume
to
priation') and the 70% to 75%,
which may actually be
available
through the sale of tax war¬
Much of the power consid¬
ture
or
according to Wil¬
Wendt, City Comptroller.
will
The
constitution, which
specifically prohibits the legisla¬
indebtedness,
ers
market
open
also
agencies
pro¬
to pay the
which
the
.
ministrative
;
a
govern¬
New
ture is given the governor
the proposed
making
in¬
for
making dras¬
and ju¬
state
constitutional
subr
.
include
of
given
provides
nial;
provision for payment of the
prin¬
cipal on the municipality's bonded
to
special
a
Levy
amount
be
ered the sole
City; of" Milwaukee's re¬
cently adopted 1942 tax levy prob^
ably will be the last one
necessary
1943 levy an
their 50-
scrap
legisla¬
tion, and changes meetings of the
legislature from annual to bien¬
The
re¬
will
council
act
ideas
cash
1942
more
rants—either. by underestimat¬
ing miscellaneous revenue or
by
'padding' the budget."
constitution
branches
trative
subject which
*
be
form, established procedures: and
practices, sets up a legislative
would contribute toward
present^
ing a workable measure for conr
sideration of the Legislature.
liam H.
ef¬
changes in executive
tee,
connec¬
for
the
of
^
new one
of
method
actual
per¬
stitution, completed last spring by
i'
&
>
suggestions
total
the
iums. These purchases
to
tic
dicial
capac¬
repealed and
practical
is
during 1942 by Deputy Treasurer
Judd
in
fornia State and
municipal secure
ities. Efforts will be made to have
stitute
State
completely
Legislature pro¬
viding for deregistration of Cali¬
the measure
for
1942, but
$844,000 greater than the
salvage occurred in
appropriations and once
1942
on
;
.
legislators in 1943.
the
was
tial
por¬
the
might
finances
.
Opportunity to,
misunder¬
from
of
Jersey May Adopt
year-old
State
be
retired
burning of the bonds
by
its
on
New
Investment. Bank¬
confusion
$70,000 lower than
appropriation
also
New Constitution
a
only
in
was
production,
..
Association, recently stated
letter addressed to banks and
bond
houses
in* California
that
in
was
the
(which
fect
Vice-Chairman of the Cali¬
as
fornia
valuation
increase
valuation
serious.
th&
Kaiser
$8,448,286
value of materials and
equipment
in war
a
Kaiser
tured
quired
the
used
ment
M.
the
-
property.
He added that, if
city should be prohibited in
placing on the assessment rolls the
$6,500,000 at the end of
-'■>/'
:<V ' '
Leland
;
the
district's tentative 1943
appropria¬
for the
corporate fund of
sonal
ap¬
California Dpregistration
Law Held Unworkable
of
tion
the
By
which
cash surplus
appropriating 90%
levy.
making this suggestion
federation pointed out that
given year," the federation
said.
"Under existing
budget laws,
the district is forced to
make
up .the difference between
90%
redemption, Comp¬
free
assessed
large
of
assessed
Greer
remaining
$10,362,000
debt," Mr. Wfendt said.
and
1942
taxable
tion
would have matured from 1955 to
1959 incl., the city avoided the
debt
tax
In
This
addition
bonds,
can
figure, however, is 74 mil¬
lion dollars below the
peak valu¬
ation of 1,016 million reached
in
1930.
Mr. Weridt said a
apr
program.
these
district
points to the
necessity for leg¬
islation which will make
pos¬
sible the construction of a
bud¬
get based upon the amount
of
more
to immediately
reducing the outr
standing debt by : $355,000, the
step also enabled the city to can¬
cel the issuance of
$579,000
refunding bonds in 1943 as ori-f
ginally contemplated by the 1940
not
the
budget appropriating
tax levy that it
can
into cash
through the sale
anticipation warrants
a
its
rather than
its tax
totaled 842
million dollars and continued
the
upward trend resumed in 1941.
city's 1942
In
that
so
up
of
convert
of
"anti¬
estimated actual 1942
expenditure.
"This indicates that
substan¬
all
propriations which will exist after
Judd,'offi¬
ciated
at
the
burning in the
Capitol furnace of $3,372,000 ma¬
The
of
the
70%
is
organization feels
budget law should be
changed
draw
assert
The
property
The
by
$750,000 in unexpended
vari¬
State
quated."
total of
a
officials
that
erty taxes.
The advance ret
made
Of Debt Service
tially solved the problem of pro¬
viding adequate heat for the Capi¬
same
1943.
was
Milwaukee Soon Free
par¬
tion
posed to have legislation enacted
extending the installment pay¬
ment privilege to
personal prop¬
pur¬
j
Conn.
ar¬
"The
gloomy outlook on fthe
bridge's finances, with a property
assessment
to
liquidate revenue
losses predicted unless some other
form
the
set for the
financial
Governor Olson favored the State-
the situation further
in
offering
price of
Operation of the Golden Gate
bridge by the State was advocated
of Dec.
marketed
was
United States in April,
1922, by a
syndicate headed by J. P. Morgan
& Co., New
York, at an
,
California May Operate
Golden Gate Bridge
under date
and
tirement
had
$355,000
ordinarily would
which
mature in
the
the city
cancelled
ers
and
May 1, 1942,
on
that
and'
bonds
issue of $100,t-
an
1922
1952.
callable,
week
1942.
5s
outstanding total
this
chased
excess
$100,000,000 Bonds
mated
the
j
Raymond M. Greer, City Comp¬
troller, announced on Tuesday of
accumulated
of State and local debt for the
entire year of 1942 may be
greater
than the $540,000,000
in
Ahead of Due Date
Of
that
Sanitary
Chicago, which federa¬
District of
paying
$3,100,000
installment, accounts,
only
$100,000 became delinquent.
The
City Comptroller said it. was pro¬
their taxes.
;
reported that the
city will still have remaining an
000,000 Dominion of Canada re¬
funding bonds. Proceeds of the fi¬
nancing would be used in the re¬
demption of a similar amount of
effected
84
&
3-9137
Jersey City Pays Bonds
troller
underwriting of
that the reduction
appear
Canada
,
reas¬
enacted to modern¬
ize the budget law of
the
mately 17,000 taxpayers took ad¬
vantage of this method of
advance
where
care
grand aggregate in 1941 consisted
of $475,282,249 new
83
.
terest charges.
Despite the
propriation of free cash for
1
help,
get it."-
we
RH
■
payment of $254,905 in future in-
"The witness summed
up:
"
System Teletype:
Telephone
summed up by Newhouse in testi¬
that
November
their
"What all the elements of
the
including
and
of
in
Bell
are riding
too
$450,000 in rev¬
Federal
committee
and
output
"Chronicle"
cut
by
Figures compiled
year.
the
the
tributed in
sions during 1942 will be great¬
ly
RICHMOND, VIRGINIA
;
Tax
Civic Federation has
its
recommendation
legislation be
Mr. Wendt reported that the in¬
stallment
plan
of
paying real
estate taxes,
inaugurated in 1942,
proved successful.
Approxi¬
year.
conceal
subdivi¬
their
and
to
"Other
be
to
agencies
no
The
serted
improve¬
conditions."
CRAIGIE&CO.
taking out of revenue, even going
to the point of
charging—and de¬
scribing 'chiseling' practices.
volume of long-
borrowing
the
at
accumulative
compilations
noted that the
fort
1940.
connection
per
the
F. W.
"Newhouse and James E. Rick¬
the
$663,000,000
between 1932 and
cost of
comes
good
military,
the
ets, bridge manager, made
past
substantial
a
the
of
of
employes
a
enue
combined
in
marked
years
In
the
effected
cancellation
increase
that
the
planning.
Such projects may
be helpful in
relieving post-war
factor
appeals
' \
'
Budget Reform Urged
program so that when
time
sift
Chicago San. Dist.
ments may be made in the
order
of their
necessity and impor¬
tance and consistent with
testified.
single
civilian
whose
$42,000,preceding fiscal period
observed
90-odd
free at
reduced
aggregate debt by
000 in the
Newhouse
greatest
Government—not
calculated that the States and
reau
the
when
MUNICIPAL BONDS
in this loss is the United States
that date was esti¬
$19,643,000,000. The Bu¬
standing
crisis,
And
appellate court
to
from the trial court.
*1942
funds
available
be
reserve
long-term
CAROLINA
has brought
revenue
up
can
proceed.
Meantime,
committee is working on a
a
NORTH and SOUTH
committee
State building by
Hugo D.
Newhouse, President of the bridge
district directorate.
indebted¬
such
Senate
will
urged and
item in the tax
an
work
in the
State and local gov¬
indebtedness issued Dec.
reported that
ness
given the
was
of
ernment
28,
Census, De¬
Commerce,
in an
again
levy to build
VIRGINIA—WEST VIRGINIA
The Bureau of the
officials
had included
& Notes
s
"city
Thursday, December 31,
property
tax
a
in
war
shrinkage in
revenues
single intermediate companied by inequitable
ac¬
distri-
.uniHijir «•'«," n.",I «<
Volume 156
THE COMMERCIAL & FINANCIAL CHRONICLE
' Number 4138
bution of state-collected revenues,
according to the analysis.
Municipal leagues of 15 states
asked in resolutions,' or plan to
seek through 1943 legislative pro¬
grams, increased shares of statecollected revenues from gasoline
'
,
*
faxes,
fees,
license
automobile
;
V state liquor store profits and other
V'- sources.
Iowa,
for
example,
surpluses of these various
funds returned to cities on a per
wants
r
...
capita basis.
.
,i'
cities
Illinois
and
want additional revenues
1
for
,
costs.
a
of
ments
i
tional
\
seek
;
v
fi-;
civilian decalled;
study of financial require-;
fense
;
to
California
-
cities
to
and plans
costs,
war
addi-f
meet
to ;
the i 1943 /legislature
J
funds to help meet wartime fis-
j
cal
from
of cities and
// / ../;/
v
requirements
/,/ towns.
'
v :
if Cities of several states, includ•
ing Colorado and Illinois, want to
allowed to spend their share
1
be
funds
of
?
for
street
and,
construction at their
highway'
discre-
own
In Colorado these funds are
j
tion.
■t
limited to
Savings & Loan League Pledges *
A Safe Haven For
Complete Support To War Financing Program
"
•
;
<
n;//. Municipal leagues of several
v
states, including Iowa; Kentucky
and New Jersey, took a stand that
property,
used
for /commercial
purposes, of religious, charitable
■
a resolution adopted at the recent War Conference on
Housing
Savings of the United States Savings and Loan League, all sav¬
ings and loan associations wholeheartedly pledged complete support
to the war financing program and pledged that the member institu¬
tions would purchase at least $250,000,000 in government bonds dur¬
ing the coming year, which will more than double their present hold¬
ings of government securities.
<#)
The
of
text
resolution fol¬
the
educational.institutions
and
■
should
be
the
on
tax
1111-
rolls.
nois cities opposed tax exemptions
:•
/ for defense and war plants, while
/.Louisiana
officials: opposed
city
granting of tax exemptions to war
industry contractors: ./;
;
-
of ' issues
of
general
the
current
Infla¬
fought
year.
foe which must be
home
battle
The
front.
calls for the enlistment of the dol¬
which
represent savings and
investment
and
non-in¬
thus
are
flationary when invested in gov¬
bonds.
ernment
next
continuation
A
of the program for in¬
year
vesting savings and loan funds in
balanced
a
portfolio
bonds
ment
will
of
not
institutions.
serve
strength of these
of
institutions.
semi-liquid
limitations on
ing
government
investments
exist
in
the
state
charac¬
our
as
bond
will
It will contribute to
establishment
which
codes
may
an
as
those who shall
to
January of the new year, Further¬
more, there is a possibility of an
/yearly resumption of institutional
selling, which would no doubt be
very welcome
to the municipal
(
assume
like
a
press
our
Treasury
ings
year.
We ex^
appreciation
to
the
Department War Sav¬
Staff,
As to the outlook for
Ted
R.
Gamble
Mr.
and
Robert
program.
/*/''
'
■
'
;
.
T
demand, the prospects
investment
in
this 'regard
should
be
very
'
favorable.
bf
•
■
Increasing recognition
the impact of Federal taxes on
incomes should serve to stimulate
// the demand for tax-exempts. The
'
table bf coming sales of $500,000
y or more
follows:, '
/
;
industries
war
duly adopted by
States, Savings and
League at its 50th Annual
United
the
Loan
conditions.
in November and the first half
(Signed)
H. F. CELLARIUS,
- Secretary-Treasurer
;
.
in November
maintained
was
award
made
.
bidder
'
seasonal
;
Halsey, Stuart & Co., Inc., New York, suc¬
cessful bidder at previous sale, with Phelps,
Co.,/Inc., being the next best bidder..
"
/.
//
January 16
/ :•/:;■'
:y.///
$983,000 Orleans Levee District,
-
.
.
duction
tendency
in
Proposed sale in December, 1941, was can¬
celed because of poor market conditions,
Previously,
an
to R. W.
award .was made
Pressprich & Co., New York.
:
"/■
>
$7,900,000 Seattle, Wash.
Nuveen
-John
.
,,,
Co.,
&
account 4 awarded
previous loan,-with- Blair &
syndicate making next best bid,
;
Co.,
.
February 1'■:
,
Inc.,
/
■
$4,100,000 Maricopa Co., Ariz.
-
Bids
for these bonds
Treasurer in
State
.
will be received by the
behalf of the county.
Pettingill Branch Manager
PORTLAND, ME.—Theodore K.
Thurston,
ager
for
formerly local man¬
Coffin & Burr, Inc.,
120 Exchange
ing in the
Street, is now serv¬
armed forces.
Portland office of Coffin
Burr will be under the man-
The
&
■
-
agement of Charles S. Pettingill,
formerly the firm's representative
in Augusta, and Charles A. Ross,
Jr.
•
-
"Guardians, insurance companies, State, school
firemen's, police and other pension funds, etc/
v'
•
.
other wholesale commodity prices'
little change.
"Retail
food
prices 1 increased
in the five weeks
consumers
further
rose
000,000 tons, and were 15% above
the record established in
"At
mills
maintained
was
level
textile
cotton
in
at
November
a
high
shoe
production declined less
"Construction
of
foodstuffs
decline.
contract
were
the
Out¬
season.
seasonal
a
in November
level
activ¬
at
and
of ' manufactured
put
showed
1941.
awards
10% below the
in
to
a
level
less
than
the
seasonally,
minerals showed
usual
de¬
seasonal
In all groups
crease.
pf products
all
accounted for
over
awards.
//•/■<
'
"Distribution of commodities to
consunibrs
increased
and
'year
:■/,:;//./^/:,/-V.//' .;/■■■/
ago.
"The increase reported for dur¬
able manufactures from October
to November
for
and
in finished
was
industrial. equipment
plants
new
completed
in
'which
large
at
weeks
of
the
in
three
appeared tem¬
porary as the scrap supply situa¬
tion
had
been relieved
and as
further progress
was
being made
construction of additional iron
and steel capacity.
Supplies of
on
iron
ore
on
hand
are
regarded
as
sufficient for operations at capa¬
city until movement of ore down
the
lakes
is
resumed
in
the
November,
ports this year
At de¬
variety
stores,
and
mail-order
houses
serving
rural areas, sales in November
expanded more /than seasonally,
rise
sharply and
ably larger than a
were
consider¬
year ago.
"Freight-car
loadings in No¬
vember declined about 7% from
their peak
levels in September
and
October
but
adjusted basis
the
rose
October
on
rose
a
seasonally
slightly
over
level.
Coal loadings
although a de¬
somewhat
cline is usual in November. Ship¬
ments of other commodities de¬
fundsv
"Grain
prices
middle
of
States
Government
Security Prices
steady
of such
uncontrolled
of
United
States
securities
in
the
Gov¬
have
three
past
been
weeks
fresh foods
—
fruits,
v
on
'/////;/ S/i/ Bank Credit //■■/"■■.■//»
2.09%
a
basis."
':.
//
"During
the period of largescale Treasury financing in De¬
cember, total/excess reserves of
member
banks
Amend Revenue Act On
were
generally
above $2,500,0(10,000.
Substantial
purchases of Government secur¬
Powers of
/
ities for the Federal Reserve Sys¬
tem offset the effect of drains on
currency
Act
of
1942 by extend¬
time relating to the re¬
lease of appointments under the
gift and estate tax provision from
ing the
by the continued heavy
outflow and further in¬
reserves
Appointment
Congress recently amended the
Revenue
in required reserves re¬
from a rapid growth in Jan. 1, 1943,, to July 1, 1943.
The amendment, which had the
deposits.
"Reserve
Bank
holdings
of approval of the Treasury Depart¬
Government securities showed an ment and the staff of the Joint
creases
sulting
bank
increase
four
of
weeks
$850,000,000
and
in
reached
Committee
tjie
Taxation,
total
a
Treasury /bills
practically the
with
almost
accounted
entire
of
the
Revenue
House
on
Dec.
on
11.
In the Senate Finance Commit¬
tee's report on the
explanation
"Under
the
legislation, this
given:
was
1942
///■'///j/v
Revenue
Act
the Congress provided that hold¬
ers of general powers of
appoint¬
for
increase, ment,
two-thirds
Internal
on
passed
Dec. 7 and the Senate
created
on
of
before
or
date of enactment
the
the
the
amend¬
amount
going to New York City ments, may release such powers
banks.
In the week ending Dec.
prior to Jan. 1, 1943, without in¬
16, bond holdings rose sharply as curring estate or gift tax liability.
banks
of
received
the
scribed
their
1%%
new
Nov.
on
allotments
bonds
30-Dec.
The
sub¬
of
purpose
this
amendment
is to afford holders of such pow¬
2; allot¬
ers/additional
time
to readjust
light of the
$2,000,600,000, represent¬ hew provisions, changing the date
ing 85% of subscriptions.
for the release of such general
ments
of
this
issue
to
all
banks
their
affairs
in
the
totaled
"Total
change
loans
showed
little
from Jan. 1, 1943, to July
Rec. Dec. 11,
9812.)
powers
the four weeks end¬
1,
ing Dec. 9. Commercial loans de¬
clined by $200,000,000, with about
p.
over
1943."—(Cong.
HI.
half the decline at New York City
banks, while loans to brokers and
Goodman To Be Partne
dealers increased
over the period,
reflecting largely advances made
to security dealers in New York
in
connection
with
the
In Kanfmann,
Victory
Bertram
Fund drive.
"Payments
admitted
by
bank depositors
,
Commodity
United
E.
Alsberg
Goodman
will
be
to
partnership in Rich¬
ard K. Kaufmann, Alsberg &
Co.,
120 Broadway, New York City,
for New Government security is¬
sues resulted in a decline of ad¬ .members of the New York Stock
clined seasonally.
the
sinking
..
1941.
Prices
justed demand deposits and a rise
of U. S. Government deposits to
Upper
$5,800,000,000
in
mid-December
totaled 92,-' middle of December, while most the largest total on record.
spring.. \"Shipments' from
Lake
stores,
In the first half of December de¬
capacity
/ :
following an adjustment in the
as are
latter part of November when the
vegetables, Treasury announced the drive to
and fish—showed the largest ad¬
sell $9,000,000,000 of securities in
vances/from October to Novem¬ December.
taxable
Long-term
ber, but price increasesv in con¬
bonds
are
selling on a 2.36%
trolled-items
contributed
about
yield basis on the average and
two-fifths of the total rise.
•
•
long partially tax-exempt bonds
Prices
partment store sales continued to
December, was down
fropi the October peak,
the reduction
partment
in
with
be
Steel pro¬
first
further
December
active Christmas buying.
over
of
slightly
but
98%
and
will
number
the next few months.
duction,
mu¬
of
/ ;-/';:•.;////
Distribution
November
a
90%
,
considerably larger
than
,
"Prices
three
the proportion of output for yvar
was
-
municipal
/• ■-/'
;
ernment
16%
work
declined
and
.
showed
factures
:/t average// This
November
Thurston In Armed Forces;
the
'
v
Street, Los Angeles, Calif.
rise
was
largely accounted for by a fur¬
ther advance in output of durable
manufactures. Nondurable manu¬
1939
nitions
//;
of
Savings and Loan Association
preceding of $5,500,000,000 on Dec. 16.
"At
months, according to data of the
reporting member banks
F. W. Dodge Corp., but were still in 101 leading cities
holdings of
about 40%
States
higher than in No¬ United
Government
se¬
vember of.last year.
As in other curities increased by $800,000,000
recent months, publicly-financed in the four weeks ending Dec. 9.
purposes
/"January 26
downward
rise
a
Board's seasonally adjusted index
from
189 to 191%
of the 1935-
while output of
La.
is
reflected
was
$2,300,000 Minneapolis, Minn.
Perm &
"Maintenance of industrial pro¬
in November when the
&
was
5
January
.
Webber
to Paine,
Chicago, and next high
; Daniel F. Rice & Co., Chicago.
to
than is usual at this
Production
/ $1,020,000 Kenosha Co., Wis.
Co.,
a
factories
1
'
/'// *' /
;
Savings and Loan Association
735 South Olive
>,
than
ity
further
summary
Federal
Standard Federal
higher
off>
tinued to advance.
// The jBoard's
•
1%
Nov. 17
re¬
December,
reducing
somewhat
the large
volume of stocks on
hand.
Retail
food
prices
con¬
.
/•//v/..9440 Wilshire Boulevard, Beverly Hills, Calif.
ending
of commodities
Distribution
Southland
further by
continued growth of output
seasonal decline in production of civilian
a
705 Markerstreet, San Francisco, Calif.
V/
1942.
reflecting
v
San Francisco Federal Savings and Loan Association 1
Meeting held in Chicago, Illinois,
on
the
18th day
of November,
,
j
Previous
and
•
//////;//;:;-
//'/;..//. : /
goods, the Board of Governors of the Federal Reserve System an¬
nounced on Dec. 22 in its summary of general business and financial
said:
*
4
January
in
October level,
Savings and Loan Association
resolution
a
industrial production
Federal
Street, St. Paul, Minn.—Write for.^nforma-...
tioh':=; ■/■■•'■/-: ■/■;-/
//,
■*.
f;/.
i
I hereby certify that the fore¬
going is a true and correct copy
of
Paul
4 East Fourth
Coyne, for their cooperation with
this
St.
•
Mr.
to
/ #
Activity Maintained At High Level In November
close to the
/
•
particularly
Federal deserve Board Reports Industrial
Aggregate
.
example
■
fraternity.
'
responsibility next
govern¬
institutions should be
our
their performance
govern¬
only
the country meritoriously but
also increase the
We hold up
scheduled to reach the market in
.
;
,
"
in the several states.
already
interest- rare
•-
American Savings & Loan Association
■.
,
'
the
on
lars
ter
number
market
•
/•■. v-17
.
.
indicated in the appended
calendar of forthcoming offerings,
As
a
.
war-financing program
be the-unquestioned right of
thrift and home-financing in¬
.
Any
/
that full support of the
so
investors, trustees and other* fiduciaries interested
becoming acquainted with the Federally insured investment'op¬
portunities offered by savings and loan associations should write for
current explanatory literature to the
associations mentioned below.
When doing so please mention the
"Chronicle."
in
East First South Street, Salt Lake City, Utah
Savings and loan institutions
our
•
Atlanta Federal Savings & Loan
are approaching the attainment of
Association
stitutions. .•.
.'
22 Marietta
their
/.;•/■';.'//
goal,
the
investment
of
Street, Atlanta, Georgia—Write for free bookThe United States
$100,000,000 in government bonds,
Savings and :/;■.•/;///::;,'/
let, "A Safer and Better Plan." 1 • *
<
/
/'.
•
including Series F and G War Loan League through the repre¬
Danielson Federal Savings and Loan
Association
Bonds, during the last half of 1942. sentatives of member institutions
84 Main Street,
Danielson, Conn.—Write for free booklet
In the several states, those asso¬
assembled in this War Conference .'■v
'://;/;/', and information.
"///"'
'
ciation managers who had the re¬ on Housing and Savings pledges
•
First Federal Savings & Loan Association
/ '
sponsibility of chairmen for the that $300,000,000 of government
^ /
y:'•"///''/.///"//.■■'
campaign have given of their time bonds will be purchased by this ;/'//.:/; 46 Pryor Street, N. E., Atlanta, Ga.
and talents unstintingly for the
/
•
Hinsdale Federal Savings and Loan Association
system of institutions during 1943.
attainment of this unprecedented We
commend
v;;;/;:-';/'8 East Hinsdale Avenue, Hinsdale, 111.
the
noteworthy
'//;••.
•
Mid Kansas Federal Savings and Loan Association i
program for a direct Contribution leadership given to the campaign
1942
on
the part of these associations in
by Femor S., Cannon,
;.;/•//:•;</ 25 East William Street, Wichita, Kans. ■'/;
President of the League, by Ralph
victory of our country.
•
Mutual Building and Loan Association of Pasadena
/ ;
H. Cake and John F. Scott,' viceIn the year 1943, the need of
/;:
38 South Los Robles Avenue, Pasadena, Calif.—Write for
the United States of America for presidents, by Morton Bodfish, ex¬
"
"
freq booklet, "Profits and Prophecy."
funds to finance the war from ecutive vice-president, by Frank¬
.•
Railroadmen's Federal Savings and Loan Association
lin Hardinge, Jr., member of the
J;' 1
sources
other
than
commercial
21 .Virginia
Avenue, Indianapolis, Ind. ./
banks will be greater than it has League staff, and by the chairmen
//
the
Major Sales
2 Scheduled
moved
Individual
nation's
lows:
,
»
Investment Funds
In
and
improvements to state
highways through citiesl y. Along
this line/ Montana cities want 50
per cent of the money received
been in
from auto license plates for cars
tion is a
within their limits.. >. /.'••
v
y /•
;*
2321
U. S.
will
their growing
nance
J
*
f
■
California
■■
"M'WV/# 'A-'li-v,
advanced
November
and
from
to
the
Curb
Jan. 1.
|
'
was a
&
Co.
Exchanges,
effective
Mr. Goodman in the past
partner in Newburger, Loeb
tie
COMMERCIAL & FINANCIAL CHRONICLE
THE
2322
ORGANIZED
Thursday, December 31, >1942
Large and Small Investors Fare Well By
Disbursements Of Savings and Loan Associations
1887
By CARL D1STELHORST,
Vice-President
Assistant
United
States
f-
Savings
and
Loan
League
they
have already accumulated,
according
to
many
other
possibly unique features of an in¬
and
112th
The
American
xfowtfed
ciations
half
last
*
and
of
credit
in
banks
some
$78,800,000
<$>—
did
$30,000,000.00
found
disburse¬
earnings for
as
home
stitution's
—
their
also
bonds
the
mortgage loans and
of associations this
penses
OVER
the
by
;—1—
if,,:
ASSETS
richer
has
savings, building and loan asso¬
was
celebrated this week when
their investments in
on
which
Day
the
balances
distributed
1942
Year's
New
investors
to
cooperative
institutions
these
-L
and
purses
dividends
of
ment
consecutive
!several
handle
the
to
staff
public
bonds
war
have
and
partici¬
pated at their own expense in
special plans to, push the bond
'S
in their
sales
SAVINGS AND
FEDERAL
In the first
days of this type of
communities.
As
a
would-be
were
there
was
what
the
little
Indianapolis, Indiana
21 Virginia Avenue
with
the
bring' them
five
For Insured
associations
HERE
Government
di¬
This
securities.
$5,000.00 by
and
an
dividends
current
Accounts
at
are
3%.
know
We
of
no
other
tional
equally safe investment that will pay you as good a return on
your money.
Assets are over $3,800,000.00.
Send card for
the
in
this
in
type of institution
10 years.
This is an
impressive figure, even in a day
when billions trip as easily from
free booklet and information.
past
tongue
millions used to.
or pen as
expenditures
and
been
placing greater emphasis
their
loan
institutions
position
reserve
Phone 377
84 Main Street
Danieison, Conn.
are
universally
and
of it has been credited
UP TO
ACCOUNTS INSURED
Latest Semi-
RATE
Dividend
OF
$5,000
AT
Annual
fWe
31/2%
of
accounts
Individuals,
Trust
•
Assets
$5,400,000.
over
Write
for
free
send
or
Surplus and
Atlanta Federal
states
for
of
Savings & Loan Association
Marietta Street
the
been
such
holdings
general
been
has
rates
ditions
paid,.savers
however,
field
to
gage interest rates in the
according
to
the
still
since
according
vary
con¬
mort¬
which
Savings & Loan Ass'ns
Advancing More Funds
CHICAGO, 111.
building
—
The savings,
loan
and
advancing
were
associations
more
money
this
past
October, $91,672,000, than in
the first months of the year before
the
home
building
restrictions
for
the
Fluctuation
Market
No
The
being
was
and
investors
this
in
whose
them.
ing to
that
the
first
loan
HINSDALE, ILLINOIS
Dividends
exempt from
Income
normal Federal
Tax.
88%
ment
of
loan to
their
three
million
dollar
paid
one-family
three
house
and
operative
the
war
economy not
funds
the
to
preserve
Treasury,
the national
Hecht, Inc., 67 Wall Street, New
York City, discussing the attrac¬
and
tive possibilities offered by insur¬
on the idea of owning
their homes and have
kept up the
market
for
existing
properties
since
building
stocks
ance
other
as
types
cluded
of
in the
compared
with
In¬
securities.
brochure is
a
com¬
parative table showing rate of
turns
from
stocks.
Non-members
seek
are
information
bership in
cordially invited to
in
regard
to
largest
purchase loans
the Ilinsdale Federal Sav¬
broker
or
leading
insurance
Copies of this interesting
brochure
may
be
obtained
from
banker.
Huff, Geyer & Hecht, Inc., upon
request.
tions
Ohio
of
they
their
started
At the close
mortgage
the
made
Investing For Profits
Vogel & Co., Detroit, and
a
mem¬
Profits"
is
the
interesting subject of a brochure
j:ust
issued
by
Huff,
Geyer
ber
of
change,
& armed
the
is
Detroit
now
forces.
Stock
serving
in
made in
Ohio,
California
in
associations
led
October,
it
was
total
assets,
of
some
to
this
by
another
although
substantial
addition
mortgage
loan portfolios has
been offset by heavy repayments
loans ahead of monthly repay¬
schedules.
ment
It
is
noteworthy that by the
beginning of 1942 real estate on
Home1
the purposes for
which loans were granted made
some notable shifts between Jan¬
uary
that
but
years
Loans
for
war
housing,
built
and
financed,
was
vately
counted for some 11.54%
remainder
of
was
assets
probably
and
earning
associations'
October
pri¬
ac¬
of all the
disburse¬
better net return to the associa¬
tions while it stayed on the books
ments, and this meant that con¬
struction loan volume in October
in 1942 than has been characteris¬
was
a
tic
in
other
recent
years.
The
almost
in
by
half
during
1942,
constitute
the
end
of
the
year
it
only about 3% of
assets, the smallest percentage in
the consolidated balance sheets of
Ex¬
associations
the
Increased
and
since
supplies
costs
added
half
equipment
to
the
ex-
of where
it was
January when people could
still build housing in any area if
last
they could get the materials.
On the other hand home
pur¬
greater in
in October than in Janu¬
chase loans were 65%?
volume
ary.
lending
u
L.
„
_
»
61.67
16.02
14,694,000
6,380,000
6.96
$91,672,000
W0IQ
First Federal Of Detroit
In New Location
%
First Federal
April
$50,000,000
we
or
have been
more
month to enable people to buy
a
a
Savings and Loan
Association of Detroit is
cated
in
corner
trict.
the
a. new
of
center
of
Detroit's
Association
Depositors
now
lo¬
building at GrisLafayette in the
financial
The building was
dis¬
bought by
from
Corporation
Guardian
-
of
De¬
troit.
Increased
vided in the
facilities
new
are
pro¬
location for the
handling of War Bonds, home
mortgage loans and insured sav¬
ings accounts.
Larger quarters
were
required because of con¬
tinued growth ,of the Association,
which
Federal
"Ever since
1930.
of
about
i
wold
and October.
that
5.7%?
58,060,000
—_
Purposes-
Total
3.81
3,498,000
Purchase-
Other
Total
1T.54
Mod-
He said that this
League.
performance was in line with the
seasonal trend in lending activi¬
ties of the associations in other
the books of the associations
to
and
Of
$10,572,000
Refinancing
Loan
to
1942,
Pet Cent
United States
ernization
Ralph H. Cake
Cake, Portland, Oregon, President
of the United States Savings and
in
they were
percentage for each
sedations In the
.
Repair
as
added
arid
which
Construction
ing assets of the associations and
been
October loans
Made By All
;
purpose
the
at
\
\
Estimated Loans
last year,
of
'
for
in
for
current
mortgage investments of all asso¬
ciations
were
79.20%
of, their
and
Beard, partner in A. H.
;
home
follows:
part
will
Fred H.
of
housing construction loans,
purpose
cut
"Investing
was
and
proportion
position
earning
real estate item of assets has been
In Armed Forces
restricted."
volume
count for nearly half of all the
construction loans which associa¬
down
re¬
mem¬
ings and Loan Association from their
own
.was
The
and
on
economy.
intervened,
stayed sold
granted
most
$1,000,000,000
channel
two-or-
a
building,"
said
the
League officer. "Obviously scores
of thousands'ivho
might have built
or
bought brand new homes, had
fornia, and these two States, with
York and-New Jersey ac¬
have
sent
statements
request
or
flat
purposes
the
76.13%
WICHITA, KANSAS
on
here
home
mem¬
New
out /to
compared with
beginning of 1941.
Mortgage loans are the big earn¬
LOAN ASSOCIATION
Financial
accounts
a
pointed out.
Analysis of
year.
portfolio FHA insured.
Share
savings in
of their fellow
ones
bers.
■
FEDERAL SAVINGS AND
of
in
followed closely by those in Cali¬
savers.
splendid
which
MID KANSAS
year
members were al¬
lotted the return from the invest¬
loan portfolios to total assets with
Assets Over $3,003,000
in¬
are
is interest¬
istence and 37
in 1942 was
largely due to the increase in the
Legal for Trust Funds
It
operations
which the associations maintained
Investment
funds
of savings
America,
year 1831.
Then only the original
association, the Oxford Provident
Building Association, was in ex¬
and
for
Insured
an¬
savings
the number with
compare
at
in-war
400,000.
Reserves were increased
by about $50,000,000 while this
amount
the
7,000,000 individuals and
some
that order,
$160,-
were
year
from
vested with
in¬
30, this year these in¬
stitutions distributed some $81,600,000. Their total dividend pay¬
ments
,
112th
associations and cooper¬
banks of the country will
Pennsylvania
Loan Insurance Corporation
/
institutions
took effect, according to Ralph H.
On June
Atlanta, Georgia.
it
closer together in
are
policy.
dividend
ative
locality,
reserves
than
and loan
creasing.
Member Federal Home Loan Bank System
Federal Savings &
net
picture in the past decadje, and in
the past few years the proportion
GEORGIA'S LARGEST FEDERAL ORGANIZED 1928
22
they
that
the distribution. At
has
that
least
Certificate
Investment
such
is
about half of
$535,000
over
war
but the volume of the latter's
holdings
in
investors,
lower
ago and the various
the
the
now
stitutional
"A Safer and Better Plan"
booklet,
check
reserves
in
getting dividers thanip-;
and lump-sum invest¬
savers
ors,
many
thus
1920's.
Diversity
and
rates
1920's, the
avail¬
re-investment
financing field.
In number there
are
always
many
more
small
Companies and other Trustee Investors.
Non-Speculative Investment Legal for Trust Funds in
system¬
made
and
for
home financing and
ANNUM
rest
savings accounts in these in¬
able
Officers, Administrators, Guardians, Life and Fire Insurance
A
on
stitutions
PER
Investment
solicit
atic
The
associations.
loan
in the
lower
at
characterizes the
cooperative banks and savings
on
that
so
present distributions of dividends
than
amount has been
have
the
extreme
Participating in the
these
ings
about
half
of this
paid out as cash
dividends to lump-sum investors
Roughly
Loan Ass'n.
institutions
be
in
Danielson Federal Savings and
by
For the past 12 or 13 years sav¬
the
generally
years
nual
associations.
vestors
is
15
acting as agents. These cases ob¬
viously represent unusual promo¬
vidend brought more than $2,000,to
more
turn
in
have emerged to the
when the rate of re¬
era
dividend
000,000 the cumulative amount of
money loaned by savers and in¬
here are insured up
Agency of the United States Government
Investment
and
Savings
sold
and
of
the
to
it
on
associations
present
was
disregard
return
emphasis
$1,000,000 each during the
entire period that they have been
Dislelhorst
Carl
>
All
have
one
Twenty-
than
Safety and Liberal Return—
SAVE
single month by
a
associations."'
association
a
of
"these
quarterly
step nearer debtownership of a home. From
free
extreme
of
All
was.
uptheir
credits
rate
reached in
rate
allotted
were
to the members of the association
and
served
to
build
this
$300,000,000
Treasury. In No¬
vember a single association sold
$1,000,000 worth of bonds, the
first
time
this figure has been
home owners,
knowledge of just
dividend
earnings
result they have sold
OF INDIANAPOLIS
ASSOCIATION
LOAN
112
.
of bonds for the
f
and
in any of the past
in the business.
ors
war
employees
sales of
savings
than
years
of
handling
extra
the
rate
closer to
institution, when all the invest¬
agents of the Treasury.
Many of them added one or two
to
The
nevertheless
uniformity today in
loan
'
:
situation.
is
year as
as
or
situation
tion
has
become
the
largest
savings and loan associa¬
in Michigan, and because of
increasing activity in War Bond
sales.
mi#>h'wji WiUitifrtotow,
Volume 156
Number 4138
tt<.
^ t
■«.«# 4»M>»
Bond
1
i,
1
fyl
^
,
' i j*
<
"'v ''
-
'
,i
,
By
United
Buying Day
'
<■
•
,
y
►
v
^
States Savings
Jan.
going to
their
federal
16,
limit of F
your
Strong, tome-tested
portfolios.
will
standard of
savings.
every
the
celebrate
1943
own
meets
several
and,.Loan League Committee
NOTICE
be
Estimates
,
than
more
which has been
United States
G
are
SEMI-ANNUAL DIVIDEND
tions
ity
each account to
Funds received
of month
have
most
to
AND LOAN ASSOCIATION
South Olive Street
spectacular
A
.
,
help fight
a
Los
M-i-233-1
Buy War Bonds Here
Bank
,
Money to Invest?
-
loan
for
Have
each
vances
Fermor S. Cannon
(Then Consider This)
Paid
Consistent
Dividends
since organized in 1923
year
the
building
and
loan associations and cooperative
banks
Our Accounts Are Insured
for
By Federal Savings and
Loan Insurance
to
the
invest
entire
of
the
bor¬
17 East First South St.
CITY, UTAH
30,
year.
with
birthday
Benjamin
is
This
net
most
from
the
ap¬
the
the
over
country, and his
birthday has long been recognized
as
the starting
date for a full
week's emphasis on thrift in this
fall-off
and
of
that
the
bol¬
of
Profits
or
our
Account,
current
vestment
holders of
may not
be less in the funo
predication
promise of what
the
in¬
our
be
rate
will
our
future
be, but
we
promise to continue the same
liberal policy of determining
should be distributed among
the
not
indication that the
dividend
rate
which
we
have fol¬
lowed in the past.
and savings accounts.
£
Upon this policy, ive solicit your savings
about
.
loans
rate
earnings,
less
ture.We make
cent.
per
net
current
proper
Undivided
Home
comes
thus
the
to
the strength^
repaying
institu¬
Probably there
greater
fall-off
there¬
by strengthening still further the
emergency funds available to the
member associations
Many of our outstand¬
ing. savings and loan institutions
Government
when and if
they need them.
from New
Oregon,
The
Savings and Loan Association
as an
rate
before the end of the year,
country.
St. Paul Federal
the
25
repayment
banks
ening
about
saint
tron
all
from
this fact should
taken
in 1929,
since
never,
organization
paid dividends at a
than $xl2%
per an¬
our
reasonable increase in
few
past
been
have
long ago adopted as pa¬ tion's credit line.
by- thrift organizations ■will be an even
was
have
we
num,
were
of
While
policy
provision for
required legal reserves and a
30, 1942, the ad¬
outstanding to savings and
decline
a
our
the date of
after
$192,645,000. By
end of the next quarter, Sept.
1942, they were $144,752,000,
the
Governments
always been
pay
that all
Home
On June
Loan Banks
propriate to the wartime emphasis
on saving and
thrift, since Frank¬
lin
AMERICAN SAVINGS &
LOAN ASSOCIATION
in
tie-in
Franklin's
Write For Details
LAKE
savings,
The
Corporation
Current Rate of Dividend 3%>
SALT
Federal
system
institutions
PER
ANNUM
OF
the highest rate of
return
possible, consistent
with the earnings and con¬
servative management policies
to
come
association
system
reserve
.
have
months has meant, of
course,
unused lines of credit with
stered.
.
It has
war.
the
THE
of this Association. We feel
satisfaction
decline..-in
rowings -from
Do You Have
in this Association, again
busi¬
strongly
so
should
Loan
J.
accounts
liquid¬
the
the
735
♦
of
in
by indirection, by the aim
provide .funds to the Treasury
to
£a#uu&
are
actual
It
;
York
City to Portland,
named for Franklin.
should
the
be
noted
also
securities
Home
Federal
that
owned
Loan
by
Banks
birthday, January
17, themselves increased in volume
this year on a Sunday, so the
third
quarter
of the year,
preceding Saturday has been from $69,368,000 at the end of
picked as the actual day for bond June to $89,179,000 at the end of
purchase.
September. -J Cash in the Home
This first of the year challenge Loan Banks rose from
$49,068,000
will give an early start to State to
$68,283,000 during that quarter.
falls
the
h-
St. Paul, Minnesota
Assets $1,898,872.24
Current
'
Wlfi,
I
+ ,}.<*•
Dividend
themselves
paid 3%
they have set for
;fhis .year is three times-that which
they have already succeeded in
system the liquidity factor
is receiving major attention.
■■
Bond-buying day to celebrate
drive
A.
.Illinois
the
last
half of
the
curities
to
their
portfolios
bond
total
the Treasury to
of
assistance
without any question.
year
to
$37,220,106.
gional bank for the two States.
V^hile the .First Federal Savings
and Loan Association of Chicago
Was
chalking up the first $1,000,000 war bond month ever
achieved by an institution of this
type, the Acme Savings and Loan
Milwaukee
of
selling bonds in one month
equivalent
tically
its entire assets.
-
was
prac¬
in
volume to
The First Fed¬
eral Savings and Loan Association
of Chicago
Acme
the
totalled $1,028,284 war
sales- for
bond
sold
and
loan
have
not
operation
since
they
previously in their his¬
tory had anything like the bondbuying urge or
program
with
which they have to live this com¬
ing year..:''v
J
J
Something like nine per cent of
Novemberwhile
year
and
ings
of ;
added to
present hold¬
$240,000,000, ; and
that total assets of the savings
and loan system increase during
the year by no more than their
gain of the past two or three.
some
This will be the most conspicuous
position which loans to the United
States
held
Government
in
portfolios
have
of these
ever,
insti¬
tutions.
This
about
development
a
new
position
bring
high in the liquidity
the
of
will
associations.
A
$612,900, just 6% few of them have
always invested
The advices
in
under its total assets.
from
Federal
the
Government
Home
Dec.
14
Loan
Bank of Chicago, also state
that figures on war
bond sales by
secondary
the
line
practice
securities
of
has
as
liquidity
a
but
become
never
general.
Now, under the impetus
these associations are compiled by
of the campaign to invest in Gov¬
their district Federal Home Loan
ernments, this policy is becoming
Banks and toldate the Illinois- generally
accepted. Together with
Wisconsin
the
issued.
district is second only
Ohio-Kentucky-Tennessee
district in
the
five
to
associations
ten
■
tem,
the
per
cent
cash
in
toaay and their lines
total volume of bonds of credit with
-
this
to
of
birth
highly
or more
and depression, Mutual has
promptly
investments in Mutual
Benja¬
will
war
Since 1925 all
$100. At all
times Mutual has paid on demand. Send for state¬
ment today.
Funds received by January 10th earn
from January 1st.
re¬
con¬
RESOURCES
nave
$4,800,000
*
desirable
as
due.
held par
—
LARGEST
IN
PASADENA
BUILDING & LOAN
ASSOCIATION
their
Federal
reserve
Home
sys¬
Loan
of PASADENA
38
i
Illinois
and
borrowed
Wisconsin
more
LOS ROBLES
the
of
fix
or
first
Bank
TRUSTEES, EXECUTORS, CORPORATIONS, INDIVIDUALS
up
nine
months
Federal
the
year,
money
of Chicago
of
Home
reported
and OTHERS are invited to invest here.
the
FEDERAL INSURANCE UP TO $5000.00
Loan
the
on
HIGHER INCOME
basis of mortgages recorded by all
types of lenders.
which
The $32,059,000
borrowed in these two
was
States
2%
was
more
than
in
SAN FRANCISCO FEDERAL SAVINGS
August and second only to April.
A. R. Gardner, President of the
Chicago Bank, said that the pro¬
AND LOAN ASSOCIATION
SAN
portion of the borrowing taking
place in metropolitan areas was
the
advices
from
the
bank
"Dollar volume of
by the U. S. Government
County
was
added:
borrowing in
largest
since
April, but in Milwaukee County
fell below the May, June and July
figures, which were exceptionally
More borrowing for
large there.
homes
took
place
in
,
Milwaukee
County than in September, 1941,
however, while the Cook County
activity, like that for the two
states
as
the
whole
a
same
was
under
period of last
"Dependence
ing
and
loan
31.69%
that
home
of
all
reflected
was
analysis of
institutions
year
savings, build¬
associations
for
borrowings
the September
in
sources
thus
of funds. These
hold their
by
of loans made, Mr.
pointed out, since 3,429
out of the total of 9,599 separate
loans, or 35%,. were made by the
savings, building and loan associa¬
nance
is
volume.
even
"The
home loan being
made this September was $3,340,
some $200 larger than the average
in
average
September two
INVESTMENT
CERTIFICATES
♦
years
ago
and
$70 larger than in September last
First Federal Savings
year.
AND
According to Mr. Gardner,
this situation reflects
OF
a
LOAN
ASSOCIATION
ATLANTA.
GEORGIA
larger pro¬
portion of home purchases in the
higher price range."
I
four-
Their domi-i
more
INSURED
tions.
Milnor In Air Force
lead among types of lenders
dollar
number
Gardner
year.
on
by
FRANCISCO, CALIFORNIA
Chartered and supervised
largest since May—56.8%. The
Cook
for
* l'ASADENA, CALIFORNIA
people
to
buy,
their homes in
September than in any except one
build
s
SOCT1I
Borrowings Up
In Chicago Loan Disf.
Most
Spectacular performance of two
institutions, one in Chicago and savings and loan assets will be
ope
in Milwaukee, featured the invested in Government securities
November sales, according- to A.
by the end of 1943, assuming that
R. Gardner, President of the re¬ the
$300,000,000 is purchased this
Association
anniversary
Franklin's
tribute
this
Wisconsin-.savings^
sales, the -Fed¬
eral Home Loan Bank of Chicago
reported, issuing $4,890,507 in the
one
month
and
bringing their
cumulative
their
,
of their .concentration these days
loan
associations is rather on what kind of secur¬
themselves in their No¬ ities are most suitable for savings
vember war
237th
min
building Vand"
outdid
in
a challenge than that of the
year state of affairs in the home-fin¬
just closing.
Our managers feel ancing system of the nation.
that.. Jhe
associations
will -. add
$300,000,000 of Government se¬
Up Bond Sales
and
during
Thus the effort in 1943 may
be said to be 50 per cent more of
also
but
serve
1942.
Exec.-Secretary
III.-Wise. Home Loan
Units
the
among
-
further Information:
OLSON.
coming
The goal
reaching
Write for
Financial Advisors
Since 1925, through
the
INSTITUTIONAL
AND
Thus not only in the associations
for
tions.
Rate
,
3%:
AXEL
INVESTORS
year's
institu¬
chairmen
bond
to
AT
about
STANDARD
Angeies
kind
advocated
their ..dream
.
savings and investment
RATE
post-depression
It is interesting that the
period.
t
the
leaders
throughout
by 10th
from 1st.
earn
achieve
which
ness
protect you. Liberal income
-We
all
Banks, the newly stepped-up bond
holdings are helping the associa¬
too.
December
on
man¬
plus federal insurance for
$5,000,
\-'
'.t
pleasure in announcing the payment
31, 1942 of the 26th consecutive semi-annual dividend on
that the total purchases for the day
or one-sixth of the way to the goal
agement, ample reserves,
sound underlying security,
"
We take
Savings Bonds for their
$50,000,000
by the United States Savings and Loan League
set
CONSECUTIVE
26th
OF
on
hundred savings and Joan institutions are
birthday of Benjamin Franklin by buying
and
2323
i'
^
SI CANNON, Chairman
FERMOR
1943 Investment iri: Government Securities
On
.
safety for
It'll Utti'Vtrt W w
THE COMMERCIAL & FINANCIAL CHRONICLE
t
Standard
iSAUKM^JW.
j
Kirk
conspicuous trading
Milnor, Manager of the
department of the New
York
office
Brothers, Inc.,
of
is
Van
now
Deventer
serving
the'UrS. Army Air Force.
in
THE COMMERCIAL &
2324
Our
DID WE GET THIS WAY?
Reporter's
'
and
5%
to
and will
grudgingly.
coupons,
an
who are go¬
Dealers and others
ing, through the motions of doing
regular routine this week
are
finding it a rather difficult
their
procedure, that is so far as in¬
surance companies are concerned.
lat¬
Following precedent the
much closed
their books on investment until
aftier the turn of the year, and
while they may pick up odd
pretty
have
ter
pieces
"deferred delivery"
going much
on a
an
lation of its value is believed to be
liooks Are Closed
,
of the many
things on which everyone claims a right
opinion, neglecting the obligation to know something
about it.
This is probably so because money is assumed
to be wealth, rather than its symbol, and because the regu¬
one
(Continued from first page)
hard to replace since they carry
4
(Continued from first page)
'
,
Report
therefore be yielded
FINANCIAL CHRONICLE
economic
political rather than
The adolescent mind which is obsessed with the
that all human ills
vinced that
thought
by legislation, is firmly con¬
can
be created without effort.
The
obsession,
That all such experiments in
can
money
belief amounts to
an
be cured
have only succeeded in making it worth¬
less, means Less than nothing to those who are never per¬
turbed by conclusions which prove their faith to be mis¬
placed.
Primitive people had the same confidence in magic
and the same resentments of any efforts to puncture their
making
money
delusions.
basis, they are not
a
function.
Thursday, December 31, 1942
allegations, inaccuracies, contradictions, inequities, subjec¬
tive interpolations and more than the usual retinue of
irrelevants.
It ignores the fact that there is a
finality in
economic laws, which are mandatory and not simply per¬
missive/and against which it is disaster to rebel; laws which
cannot be nullified by executive "musts" enacted by rubber
stamps,, in which form we still have an oversupply of the
strategic material.
Even when honestly held, it is directed
by feelings,
prejudices, sympathies and antipathies mistaken for human¬
ities.
When not honestly held, its fatuities are concealed
by a prodigality of ologeaneous words which convince by
pleasing but deceptive analogy and deaden by the narcotic
of the hope of getting something for
nothing.
Invented
social schemes are mainly grandiose theatrics, staged on an
unreal diorama with the usual political eclat.
Planners who impertinently arrogate to themselves
what
should
or
should
not
be
done, close their minds to
everything which contradicts their assumptions and pre-Men who will admit that they know nothing of medi¬ sume to make arbitrary selections
among the countless
cine, of engineering, of astronomy; that these subjects are causes of which the effects are still operative.
Wise men
sciences and require years of study; will advance monetary are never as sure of any one thing as they are of
everything.
absurdities with profound confidence in their profundity. They depend upon the accuracy of coincidence and
neglect
There is something almost ludicrous in the unconscious to calculate the recalcitrance of economic forces to act, like
arrogance with which they ignore the science of money; marionettes on a string, as they are directed.
These forces
a true science as it
requires a knowledge of the casual con¬ do not respond to directives or fragile promises and are not
nection of financial phenomena.
influenced by the lyricism of the manipulators, which is the
Indicative of the genius of some men, and evidence insigne of their power.
They do not respond to the edicts
of the truth of the principle that by serving self man serves of academicians and reformers, even when their faith is as
all, was the development of a method of protection against monumental as their conceit and who, like the fly on the
contingencies.
Although it is fully accepted today, it is wagon wheel, brag about the great dust they make.
but little understood.
That is why ludicrous pension plans
Regimentation can be planned but its effects cannot
and ham and egg schemes—caricatures of insurance, based be controlled.
Plans can never be perfect enough to solve
on
self-pity and second-hand day dreams—have so much the whole complex of intricate social relationships, particu¬
political appeal and frequently elevate their handshaking larly when the chartularies of the abilities of the insouciant
advocates, oozing with buttery trivialities, to offices they planners contain more false than genuine entries, and who
are not
draw inferences to suit their convenience.
qualified to fill,
They are always
That precautions could not entirely prevent loss was
vague arid amorphous as to methods although definite and
soon discovered.
Devices gradually evolved whereby acci¬ specific as to results.
They never state the program by
dent, disastrous to one, could be shared by many.
But this which they propose to accomplish their objectives; they
protection was based upon a charge adequate to cover the never tell how they are going to manage without absolute
expense and fair to all.
•
•
power to control individual efforts.
They cannot do this
The institution of insurance arose from its necessity, as without exposing the fallacy of their schemes which involve
do all major economic institutions, and the final machinery a centralized bureaucratic control which must treat people
To suppose that a self-reliant economy can
represents a rational form of co-operative in which each as automatons.
element is rewarded in proportion to its utility, import¬ be constructed out of individuals reduced to that state is
ance and value,
a condition beyond the comprehension of preposterous.
There is no way of determining exactly what will hap¬
twitterpated uplifters who do not realize that there are
many kinds of relativity besides the cosmic.
pen when one economic operation is slowed down and
Insurance based upon getting something for nothing; another speeded up; there is no way of determining defi¬
upon having someone else pay a portion of the fee; upon nitely the effect of assumed security upon the character of
inadequate experience tables; is not insurance at all but any one man; there is no such thing as economic eschatology
a
corruption of the electorate.
When the annual revenues based upon the observation of isolated phenomena.
from the fees are treated as tax levies, it is embezzlement,
There is, however, such a thing as a rational explana¬
and ho amount of lip-service to the ideal of democracy tion of events; of describing the laws that regulate them
will alter the facts.
and thus clarifying the present and forecasting the future.
Social security, like social gains, collective bargaining It
proceeds from the assumption that events are governed
and the rights of the common man, has become one of the
by laws which are universals and which admit of no meta¬
most hackneyed platitudes in the lexicon of the priggish
physical vagueness; that there is a meaning in the lives of
This is the purpose of the science of political econ¬
planners of the more abundant life—those incipient dic¬ men.
tators who are experts in logomachy; specialists in deni¬
omy, upon which a planned society is a travesty, and which
gration; professionals in demagogy; cum laude graduates explains the line of continuity between a long series of
in the strategy of slander and phony social cartographers.
causually connected developments which can be traced back
The desire for security, and the impossibility of its to before the dawn of history.
It increases in importance
attainment, are the dynamics of accomplishment.
Were as society becomes more complex but invests no one with
it fully attainable, progress would stop, just as mental
apostolic authority.
Correct concepts are the result of
progress stops for those who, craving security for their knowledge which is relative in the measure. in which it
beliefs, refrain from doing anything which might disturb depends on empirical conclusions and absolute in the meas¬
them and thus perpetuate the superstitions which mark ure in which it rests on rational ideas.
f
mental senility.
The only real security is security in the knowledge that
;
*
Security is as impossible as a planned economy, the one has taken advantage of opportunity to equip himself to
luminous model of which is a mirage; a figment of the meet the
always existent dangers of life; ^hat he can make
imagination. Both would produce only economic catalepsy a good struggle against any menace. Doers do not whimper,
and would require an absolute/ perpetual and infallible for
security like a beggar for baksheesh.
They undertake despotism with the penalties and rewards disposed of at ventures as did Columbus, Magellan, Drake and Cook and
the whim of functionaries, or would require the surrender
produce results like Curie, Lavoisier, Pasteur, Rembrandt,
oi power
to pressure groups—militant minorities—and Beethoven, Epictetus, Emerson, Edison, Burbank and a host,
eventually result in administrative democracy, which is of others whose biographies are an inspiration and a gift
autocracy by another name and in which stupidities are beyond price.
Men can build; a career upon'the ashes of
piled on procrastinations and lack of coordination to pro¬ their discontent. They .fulfill their destiny when they do
duce the inefficiency characteristic of a monolithic society the difficult.
John Stuart Mill read Aristotle's logical
in which individual initiative has been
treatises in the original when he was only twelve.
jettisoned.
Comte
The arguments for both make no recognition of the said:- "The
history of society is dominated by the history
underlying motives of human actions; of the ramifications of the human spirit," which is reflected in the mosaic of
that interpenetrate life; of the revulsions and attractions
philosophies, religions, customs, conventions, inventions and
that influence menr
They do not parse in the light of material accomplishments of mankind, which are the real
experience.
Human nature has many facets.
It is like a artifacts of culture.
^
**
;
The security of social security is illusory and belongs
polygon which has lines of movement and faces of rest.
Repose is not the destiny of man.
Nothing is permanent in the anthology of fable. It lacks authenticity.. It belongs
except change.
Life is of necessity fluid, precarious and to the infancy of the race, when the imagination was not
replete with vicissitudes.,.
subdued by the intellect, and when men believed in the
,
_:
:
'
beyond that.
!
according to
have tried,
Portfolio managers,
who
those
of
some
explana¬
just come back with the
closed, and if
tion that books are
is persistent
potential seller
the
they advise him that "the vaults
also are closed until next year."
Paring It Down
& Santa Fe
up in
the
Topeka
Atchison,
well
stands
Railroad
which have been
ranks of carriers
advantage of their war¬
worn prosperity to
reduce out¬
standing obligations.
taking
indicated, has
This road, it is
beginning of Decem¬
the
since
last
ber
liquidated
year,
its
of $5,-
exclusive
indebtedness,
ap¬
of
$35,897,500
proximately
110,000 of equipment trust cer¬
tificates which mature annually.
foregoing total is also ex¬
of bonds purchased for
retirement in the open market.
The
clusive
The
single piece retired
of $28,070,500 of
largest
was
made
up
4V2s,
'
Corporate
Feeling
Expected
Revival
around
underwriting
circles is that the turn of the year
will
an
bring to light indications of
early revival of corporate new
financing.
.
-
.
Though the necessity for war
financing probably will keep the
total of such
private ventures
reasonable
bounds, the securities distributing
industry is confident that consid¬
within
erable
new
relatively
such
will
business
new
develop.
Two
such
the
over
week
possibilities
when
came
with the
horizon
Public
the
past
Service
Co. of New Hampshire filed for
$22,500,000
of
bonds
$5,-
and
000,000 of serial notes the latter
to be placed privately.
Now the
& Light
Puget Sound Power
Company, subsidiary of
Engineers Public Service Com¬
has
pany
on
which
$60,000,000,
$52,000,000
,
into registration
gone
refunding
a
some
of
overs
including
mortgage
bonds
1
and
the
balance
debentures.
The latter
undertaking is being
launched as a part of a plan for
recapitalization of the company
before
the
Securities
and
Ex¬
.
change Commission.
Wm. Richards Now With
I
Staff Of Homer & Co., Inc.
i Homer & Co., Inc., 40 Exchange
Place, New York City, dealers in
investment
securities,
announce
William
that
M.
Richards,
for¬
merly of Gilbert Eliott & Co., and
more
recently
Laird,
Bissell
connected
i
■'
f-
■|
Meeds,
&
come-associated
with
i——i
.
-
'
with
has
the
be¬
firm.
'
'
,
Charles Plohn Acquires
18th Exchange Membership
Charles Plohn, a member of the
firm of
Newborg & Co., 30 Broad
&treet,
New York City, has pur¬
chased
a
seat
on
the
New York
kStock-Exchange for $28,000.
[purchase
(member
makes
Mr.
This
Plohn
a
of 18 different exchanges
-
!
throughout the country.
*
The
theory of security in
a
planned
economy
contains power of shamans to
control nature with the efficacy of
.Volume 156
THE COMMERCIAL & FINANCIAL
CHRONICLE
Number 4138
2325
their incantations.
Faith and fear are frequent allies.
The Tomorrow's Markets
theory impresses only the uncritical; those who have an
almost organic indifference to whatever lies outside the Walter Whyte
lange of their immediate sense perceptions and apprehen¬
Says
sions and who are susceptible to the
hypnotic influence of ;/ (Continued from page 2314) :.
the spoken word.
in
acting as it does reflects a
Like other panaceas, it may work for a short time but condition within such indus¬
it cannot work indefinitely if for no other reason than be¬ tries. And if the stocks
repre¬
cause there is no
guarantee of the integrity of the tokens senting such industries re^
in which the promised benefits are
payable, any more than fuse to act according ' to
there is a guarantee of the ability of the planners, about known news the answer isn't
which they maintain a discreet silence.
so hard to find.
•
;
'
There is
a
and
romance
great need of
I
efficient liaison between
an
am
well
of
aware
having
written here that the market
reality.
The only thing which can give par¬
tial security to all without
taking from any is knowledge,
as measured
by the law of increasing probability.
is the
all
beginning and the end-
of
everything that can,
only certain thing about social security is the tax. may, or will affect it. .'And
that no one need delve too
In the rest there is little that is
probable and much that
far into causes if he has mar¬
is impossible.
The most feasible way of attaining a degree
ket savvy, for it is this soof security is by
preventing the destruction of our proven
called market
savvy which
system by crackpots, cranks and suave politicians with
will answer all
questions in
warped mentalities, whose promises are a gratuitous insult
terms of dollars and cents.
to the
intelligence, and by seeing that our republic does
SCHENLEY ROYAL RESERVE, 60% Grain Neutral
But the plain truth is that
Spirits.
not become an
autocracy of mobocracy.
BLENDED WHISKEY, 86 Proof. Schenley Distillers
Corporation, N.Y. C
ability to read markets in
Anyone who wants to believe that they, their children,
terms of the future is not a
or their children's children will be secure in the
promised static
thing. What was true don't know. It's not enough and a half and volume of
land of star-gazers who
nonchalantly and frivolously assume of last
year, last month, or to say that an anti-New Deal more than a million shares.
responsibilities, is incredibly optimistic. They are in grave
even
last week no
longer is Congress will put a stop to Tuesday saw more decline
danger of trading their birthright as free men for a mess
true today. A world in a state further social
planning. For with volume still above a*
of pottage.
Competitive industry will produce better re¬ of
revolution doesn't permit one reason the world does not million.
Yesterday saw firm¬
sults than a security
economy and it can offer irrefutable of
the
application of out¬ stand still. For another, and ness, with a volume decline.
proofs.
moded yardsticks.
a
bit more realistic one, no But steels, which
up to now
EDITOR'S NOTE—We
giving consideration to putting all
Do you want to know what security trader can be obliv¬ have done
little, began to
installments of this article under
in pamphlet form
for
the world of tomorrow will ious to
unpleasant possibil¬ perk up. Ordinarily this
distribution to
subscribers in quantity lots at a nominal
price.
be?
We would like to hear from any of our readers who would be
Well,
read
Wallace's ities. It's better to count on would be a bullish indication,
inter¬
ested in obtaining copies together with some idea of the
quantity latest speech.
If you agree them rather than to shrug occurs. Another and severer
they would want so that
may
decide as to the feasibility of with his
plan—and it's prob¬ them off. If they don't ma¬ But belated group or indi¬
making these reprints available and the price it will be necessary
ably the Administration plan terialize, well and good.
to charge.
If vidual strength after an ex¬
'/
—how can you
apply your they do he won't be caught tensive rally is often not only
short
lived
but
knowledge of markets to this unprepared.
frequently
The
are
one
cover
our
we
:
.
.
-
,
"Flare Path," by Terrence Raligan.
at
the
Henry
Miller
Theater,
New
Presented by Gilbert Miller
York,
with Arthur Margetson,
Nancy Kelly, Alec Guinness, Alexander Ivo, Doris Patston and others.
Staged by Margaret Webster.
Sets by Raymond Sovey.
(Reviewed
Thursday, Dec. 24, 1942.)
.
.
This is
story with its heart in the right place, but, having said
say.
Basically, it's the old triangle in which
pretty young lady is forced to choose between two men. The first
a
that, there is little left to
a
man
to
is her
husband,
member of the R.A.F., who needs her to cling
whenever he returns from bombing forays over enemy territory.
The other
man
a
in her life is
an
old movie actor who
Holly¬
wood's reigning idol.
But with the years overtaking him he finds
parts harder and harder to find.
He wants the lady because of the
uplift she gives him. The whole thing is set in a village close to an
once
Patricia
Passing through
comes
moves
to
be
closer to
her
Peter Kyle, late of Hollywood.
He
resumes
his friendship with Pat, who used to be his big moment before
a
dis¬
agreement separated them.
Ever since Peter's return to her life
Pat's problem is to decide which man she will go to.
What her
decision is and how she arrives at it, is told, at times, in touching
But the whole thing never seems to matter very much, a
terms.
condition
even
the cast
seems
aware
of.
Some efforts
made to
are
emotionalize the conflict, but the effect never seems to quite come
The life of the Polish Count, who speaks a broken English, and
off.
his cockney wife* seems to be more touching.
v
■
v
,
SCREEN
on
What is frequently funny on the radio has again proved unfunny
screen.
No doubt there are millions of people who have
the
laughed at the air antics of Red Skelton's irrepressible kid, whose "If
I dood it I get a licking.
I doo it!" But the illusion of an amusing
brat coming over the radio comes to nothing when the same lines are
uttered by a grown man on the screen.
In MGM's "Whitling In
Dixie," Red Skelton is again the Fox—the famed radio sleuth.
In
this case he gets mixed up with a couple of Southern highbinders
3who
are
after hidden treasure.
How the Fox solves the mystery is
the burden of the story.
The gags are heavy handed. The Southern
a thick trowel.
Red even goes into the
"I-dood-it" routine, but the whole thing amounts to little. The sup¬
drawls
are
.
.
.
Plan.
Donald has his first experience
Goofy as a gaucho on the Argen¬
tina pampas. This one will make your sides ache.
There's a delight¬
ful little skit about the planes that fly across the Andes.
Set in
on a
llama in Bolivia.
Then
we see
"I
lines.
Wanna hear
it?"
And
Meanwhile what about the
day I'll go back to sunny
Itaty, when
And I'll do the things I've longed to
do,
I said, "go on."
He
be the next song
birth of the next Number One
on
man,
wearing
is
an
top
Well, I've been
a
the first time I
was
new
song.
.
.
,
A
hat, walking along Central
.
.
inspiring sight these nights.
awe
Outlines of
skyscrapers against the murky skies seems like the stuff nightmares
are made of.
Crossing Fifth Avenue the dim headlights of autos
bearing down on you look unreal.
Sometimes wonder how drivers
can
see the pedestrians.
Night clubs all girding themselves in
preparation for big New Year doings.
Most of them will give out
.
.
makers, and those funny hats you wouldn't be caught dead in
nights. So, until 1943—A Happy New Year
and try an
aspirin BEFORE you celebrate.
It will save you headaches the
morning after.
tempt
to
a
of two things
severer
successful
penetrate
commitments
should
be
.
More next
J. R. Williston & Co.
[The
time
views
not
coincide
Chronicle.
The Penthouse Club
Thursday.
—Walter
.
New Uptown Branch For
,,
Whyte.
expressed
in -this
necessarily at
with
They
are
those
presented
those of the author only.]
,;
Adjoining The Flaza
57th
Street, New York City. The
main office of the firm, which is
A
member of the New York Stock
Exchange, is located at 115 Broad¬
New York.
a
most
LAM B OR N & CO.
unique restaurant in
beautiful location, overlooking
way,
Central Park
Westfall In Armed Forces
Westfall,
partner in
W. K. Archer & Co., Kansas City,
a
Mo., is now serving in the armed
forces
and
is
stationed
Chaffee, Arkansas.
will remain
W.
K.
an
Archer
absence.
at
Camp
Serving
to
best
the north.
food,
99
WALL
STREEfi
NEW YORK CITY
Entertainment after 11 P. M.
SUGAR
Exports—Imports—Futures
Mr. Westfall
inactive partner in
&
Co.
during his
;
rl
skilfully
prepared.
Telephone FZ>aza 3-6910
DIgby
any
of the
30 CENTRAL FARE SOUTH
J. R. Williston & Co. will open
new
branch office at 1 East
Ercell G.
re¬
tained, keeping in mind the
prices which this column re¬
gards as critical.
trticle do
a
at¬
recent
highs. If the latter occurs you
may have to pay more for
stocks but I think
they'll be
cheaper at higher prices than
they are pow. Meanwhile all
other
.
a
one
.
noise
on
buying until
or
.
Avenue
advice
therefore is to postpone new
decline
begins:
Park South, holding a huge turkey drumstick in a
gloved hand and
blithely munching it—the drumstick, not the hand.
Dimmed out
Fifth
*
the world has dried its tears.
ado
the Hit Parade."
a
*
considered
Another and
things in my varied career, but this
attending obstetrician at the birth of a
tall, well dressed
*
My,
occurs.
number of
was
drive the market into.
"Some
further
for years and years and years."
said, "that's all I have, so far. But its going to
hit. Anyway," he added, "you've just sat in at the
plane, the medium-sized mama plane and their little offspring,
Pedro, the baby plane.
Pedro's big dream is of being able to carry
the mail across the mountains like his father does.
The final scene
takes place in Rio De Janeiro, Brazil, where the American tourist,
Donald Duck, meets his South American counterpart, a parrot named
>
without
Santiago, Chile, Disney conjures up a family of mail planes—the big
papa
*
involving imaginary, romantic experiences (though no one
they're imaginary), when Nick turns to your scribe and says,
just thought of the words of a new song; anyway, the first few
photography is radiantly beautiful, whiie the antics of the Disney
characters are uproariously funny.
>
admits
put on with,
porting cast of Ann Rutherford, "Rags" Ragland, Guy Kibbee and
George Bancroft try hard, but it's all a waste of time.
Walt
Disney's latest animated cartoon, "Saludos, Amigos," is one of the
most delightful things to come to the screen in many a long month.
It's a travelogue of South American countries, with the old Disney
favorites, Donald Duck and Goofy, as typical tourists.
The color
Beveridge
.
cussion
was
husband, Teddy.
a
Song writer and the "New York MirrorV' radio columnist; Nick
Kenny, at the Monte Carlo with Gene (Colony) Cavellero, Tony
(Theodore's-Ruban Bleu) Mele and your reporter in an animated dis¬
.
airfield where
Ijs
marks the
beginning of an
important decline; Even firm¬
You also hear that some such immediate market
past and ness at this stage of the marplan will shortly be recom¬ its future? Well, Monday saw ket cycle is not a good sign.
mended-here. How "Will it af¬ a volume decline—Dow aver- With the Russian
offensive,
fect the market?
Frankly I'ages went off about a point the new Congress and our
improved war prospects, the
Jose Carioca.
The pair join hands, do the town and Donald learns market should
rally. So firm¬
the samba.
Put "Saludos, Amigos"
(Greetings, Friends) down on ness on good news is not
your must list.
.-.v,
enough.
It creates ah air
SCENES ABOUT THE TOWN
pocket which bad news can
of
read
STAGE
*
world? I can't do it. You
new
4-2727
as
2326
THE COMMERCIAL
&
FINANCIAL CHRONICLE
Thursday, December 31r
1942
Calendar of New Security Flotations
OFFERINGS
BEDFORD
PULP
Bedford
filed
a
SEC
&
$700,000
mortgage
The bonds
mature
will
Dec.
Underwriting—Coffin & Burr, Inc., Bos¬
ton,
$550,000,
and
Whiting,
Weeks
&
Stubbs, Inc., Boston, $150,000.
INC.
Co.,
Inc.,
has
statement
with
the
face
5%
amount
sinking
dated
be
CO.,
Paper
registration
for
closed
PAPER
&
Pulp
of
fund
Dec,
1,
Offering—It
bonds
first
bonds.
1942,
and
ceived
the
Address—Big Island, Va.
Business—Company is engaged in the
manufacture,
distribution
and
sale
of
Nine Point paperboard.
This is a -paper
material
which
is
used
to
form
the
ing
and
located
ture
inner
the
owned
James
River.
A
000
Corp.,
owns
the
and
leases
timber
derives
company
of
part
be
to
are
be
the
is
proceeds from
be added
to
the
sale
19
1
(EWT)
p.m.
1942,
99%
at
the
int.
profit
A-l.
to
No
final
to
itself
the
and
L.
SHERIDAN BELMONT
G.
W.
under
a
tration
ing
Rosseter
HOTEL
and
others
certificates
common
stock,
no
Belmont
Hotel
for
a
Sheridan-
trustees,
Securities
shares
of
Co.
par
Address—Address
Service
Corp.,
of
310
South
Michigan
of
Dec.
24,
the
assets
Ave.,
A-2.
and
operates
an
building.
Underwriting—No underwriting.
Offering—Registration of 6,813
is
of
apart¬
convertible
the
will
filed
certifi¬
to the extension
agree
trust
agreement.
holders
consent,
Puget
of
If
less
of
forms
of
subject to
pires April
than
trust
a
1,
agreement
registration
$52,000,000
series
dufe
will
Dec.
all
1943.
It
is
proposed
erties
is
ex¬
of
19
Securities,
of
capital
cent
1
per
purposes
the
•
proposed
with
stock
N.
1
the
of
For
aggregate
offering is
for
placed
reg¬
registration
$21,900,000
Place, Jersey
J.
Business—Investment
named
principal
trust.
Group,
Inc.,
underwriter.
in
the
class
classes
or
as
selected
by investors, such classes covering
a
num¬
ber of different types of
industry.
Proceeds—For investment.
Registration Statement No. 2-5075. Form
(12-21-42)
A-l.
SERVICE
CO.
OF
Public
has
the
SEC
of
New
Hampshire
statement
$22,000,000 first and general
bonds, series A 3 %%
to
be
Jan.
1, 1943, maturing Jan.
Address—1087
Elm
St.,
N.
with
for
mortgage
dated
Co.
registration
a
1, 1973.
Manchester,
H.
in
the
supplied
The
Building,
pally in
and
is
the generation
engaged
of
shall
all
be
a
be
paid
of
tomers
in
It
manufactures
also
New
Hampshire
Underwriting—To
effective
and
be
bonds
supplied
by
post-
amendment.
to
specify
and
at
competitive
rules
of
the
to
proposes
sell
to
debentures
to
to
the
lic
at
for
competitive
bids
the
will
the
VaYo )
and
the
for
company
of
the
proceeds
bonds
new
and
the
redemption
price
the
in
C,
Section
face
private
sale
11 (e)
of
to
from
new
the
amount
of
Company
Public
be paid
the
sale
debentures,
of
$36,-
or
old
bonds,
$8,850,000 at
Act
Service
Puget
Public
of
Utility
1935,
by
Co.—parent
joined
of
Puget.
the
a
as
plan
This
a
for
plan,
Hold¬
this
order
as
company—to
party,
for
as
it
can
do
so.
(12-28-42).
bonds,
used
days'
to
interest
the
of
notes
pay
to
off
Co.
assets
the
of
the
its
stock
redemption
first
$18,929,000
bank
loans
purchase from
tric
common
will
New
face
UNDETERMINED
We present below a list
cf Issues
whose registration
statements were filed
twenty
days
offering
mined
or
dates
or
are
more
have
ago,
not
unknown
State
30
to
$1,000,000,
Gas
properties
&
and
Elec¬
other
Hampshire division $4,-
281,897,
New
and
to purchase certain assets from
England Public Service Co. $197,080
other
panies
are
corporate
■
transactions
purposes.
subsidiaries
are
the
of
second
All
NEPSCO
step
in
AMPAL-AMERICAN
TRADING
all
bonds
amount,
totaling
Twin
utility
of
mortgage
com¬
and
the
posed
■
and
consideration
the
pay
fees
received
underwriting
be
to
used
under¬
or
the
of
sale
■
in
believe
but
been
to
whose
deter¬
us.
Business—Fire,
motor
and
CORP.
filed
the
SEC
a
cumulative
$5
per
registration
for
182,000
statement
with
shares 4% preferred,
non-voting
stock,
par
value
share
of securi¬
the
organized
purpose
of
developing
30,348
basis
shares
of
of
75/100ths
share
of
Fireman's
in
one
exchange for 67,440 shares of $10
45/100ths share of Fireman's
mr
trade
rela¬
tions between the United
States and Pales¬
com-
of
Occidental Insurance
share of Occidental'
Underwriting—There
Proceeds—To
exchange
be
are no
issued
^Fund-for,
Qdf
basis
on
underwriters
plan; of
4:30
POWER
A
end
140,000
$100
LIGHT
shares
Cumulative
Interest
registers
and
its
to
is
and
supplied by
amendment.
is
to
be
shares
deposited
of
included
-
,
,of
voting trust certificates for
capital
stock
amendment.
will
be
one
with
each
effective
Proceeds—For
plant, equipment, drill¬
ing, development and working capital.Registration Statement No. 2-5070. Form
<
,
■
.
s%
.
.:
1942,
of
as
of
common
stock,. par
-
Trust
investment
Nov.
11,
ments
in¬
company,
prior to - registration to
shares at $1 per share.
To
1,000
offered
at
-
face
amount
for
-
•
■
349,;
-
named.
capital
require¬
working
certificate
of
com¬
capital.
Statement No. 2-5067. Form
Registration
A-l.
share
underwriter
and
pany
22,
$1 -per
provide
of
(12-3-42)
par
j
..
.
Co.
■
,
•
.
subsidiary of The North
engaged primarily in the
is
city of St. Louis; Mo., and portion
adjacent Missouri counties and of 3
ties in
elec¬
pur¬
the
of
1942. "
withdrawn
Dec.
Osage hydroelectric plant
Underwriting—Dillon,
named
of
supplied
the
Read Si Co., New
principal underwriter.
the
other
underwriters
will
by amendment
are
owned by
sale
tion
statement
shares
of
with
common
the
Union
9,
Electric
1942
filed
tration
141
ers,
SEC
for
Address—8 South Michigan Ave.,
"
linoleum finish,
kindred lines, which
and
distributed
pany
■
are
under
the
polish
principally
are
name
The
products sold/by the com¬
manufactured-,' by
Armstrong
Paint •&.Varnish
Works, of Chicago, undei
an
principal underwriter.
-
the option,
51,
1942,
.
♦;
principal
to
•>>.'.
%
is
the
%
.Is
until close of business
purchase at $1.50 per
all
or
any part of 72,500 shares of
.stock of the company from C. L.
Lloyd and all or any part of 34,000 shares
from Gladys Lloyd.
There is no firm com¬
The
pay
to
purchase
any
of
said
principal underwriter' has
a finder's fee to American
shares.
agreed
to
Industries
Corp., Detroit, Mich., in the amount
cents for each share of common stock
of
Missouri,
amendment
naming
to
the
owned
which
and
of ""shares
number
such
of
each agreed
the
Its
Feb.
regis¬
underwrit¬
by its parent
underwriters,
in
Form
on
stock,
are
of
26,
846
Amendment filed
effective date
Dec.
maximum
common
Feb.
com¬
The names
the
to purchase
"Chronicle"
were
stock
listed
1942, page
24, 1942,
to defer
^
,
:
UNION LIGHT, HEAT AND
POWEH COM¬
PANY
c
'
'
*
■
Union
•
■
,
Light, Heat and Power
25,000 shares $100 par
Co.
re¬
eommon
stock
&
Main
St.,
Cincinnati,
•
Operating
—
company
\
'
'
Under writer
—
electric
utility
*
Columbia
(Gas
A
Eleotrle
Offering—Stockholders
fer
will receive
of¬
subscribe to 26/84ths of one com¬
share in units of
6/94ths of a share
to
mon
for
each
for
each
holders
&/94ths of
unit.-
for each
5
pur¬
On
a
share
held at
a
vshare
basis,
stock¬
new
shares
subscribe
may
share held
to
8
at $100,016 per
$8.31
share.
Substantially all outstanding stock is held
by
Columbia
(las
Proceeds—To
$2,835,000 first
&c
Electric
repay
current
Corp.1
debt
.;
and
mortgage bonds held toy
parent and associated
companies, anu for
construction
underwriter
of
all, who will .publicly offer the
shares (no par) common
company'a
specifications',
share
"Nu*
-
eucb
Corp.
stains,
trade
the public of
pany, The North American Co.
of
the
Chicago
Business—The company is engaged in the
distribution and: sale of enamels, paints,
varnishes,
outstanding and
in
2,695,000
all of which
106,500
stock, $1 par value
Co.
statement,
Business
registra¬
a
com¬
Registration Statement No. 2-4940.
A2 (2-2-42)
%
filed
to
shares
Address—4th
Corporation
of
pro¬
from the
Ohio
Nu-Enamel
shares
its parent, The North Amer¬
who will receive the entire
Co.,
ceeds
be
<
otrenng—The 2,695,000
pany's common stock are
.
.
S
coun¬
Missouri adjacent to the
company'*
gistered
Statement
NU-ENAMEL CORPORATION
'
mitment
the
,
•
Euilding,
1942.
shares.
preferred
on
no
Blvd., St. Louil,
■
Names
p.m.,
common
rates
shares common stock,
Address—315 N. Twelfth
York, is
a.m.
5:30
a
for
2,695,000
ican
11
.
furnished
•
and sale of
energy, which It generates and
chases from its
subsidiaries,
stock; thereafter
<i
a
'
.
tric
at a price of
at least the first W
.
The
under
transmission, distribution
bt
1942.
Underwriting—No
Mortgage
Bonds and Debentures, and
the dividend
surrounding territories; to
rate on the oreferred
assist in the
stock, will be sup¬
development of the economic plied
by amendment
tine
22,
8,
Proceeds —To
Dec.
CO.
& Light Co.
$45,000,000
First
Par.
and
by
American
shares,
Michigan
Mich.
Offering—The
7
bonds, due Oct. 1, 1971;
$10,000,000 Sinklng Fund Debentures, due Oct.
L
195#
Stock,
—
publicly
granted
Power
stock
Underwriting—Floyd D, Cerf Co.
•
SEC
O.,
deben¬
debentures,
be
Business—This
defei
share,-V
per
Form
(10-15-42)
'
Registration
statement
effective
(EWT) on Dec. 1, 1942. ' :
Florida
of
will
tures
Mo.
Co., Chi¬
1942 to
contract in accordance with the
formulae and
p.m.
longer-
Si
Offering—Sold
officers
Enamel."
under
4
shares
Rapids,
corporated
in¬
of
with
Address—1440 Broadway, New York
City
Business—The corporation was
for
on
Fireman's Fund for
FLORIDA
a
Registration
California
of
serving
A
common
Business—New
•
Offering—After reclassification
and
$2,250,000,face amount
share
Reserve
Address
,*
marine
ties to
of
;
v
Co., Cleveland,
Offering—Price to. the public, per unit
consisting of $1,000 face amount of .deben¬
genera)
Association, Inc., has
registration statement. with SEC
value $i
'
offer 33,738 Shares of
Fireman's $10
par common and
scrip for fractional shares
in
exchange for 44,984 shares of $10 par
common of Home
Fire &. Marine
of
bodies lie.
ore
&
voting.trust agreement..
sources
,
Statement
Dec;
350,000
Grand
etc.
A-2.
Ampal-American Palestine
Trading Corp.
has
filed
for
registration statement with SEC for
64,086
shares of $10 par value common
stock
Address—»an Francisco, Calif..
Preston
class
of
Dec.
National
filed
has
in
for
avenues
July 30,
unit. With
there will be
on
000
CO.
Co;
change
open
NATIONAL RESERVE ASSOCIATION, INC.
material
INSURANCE
a
per
on
statement
of
Statement filed in San Francisco
Registration Statement No. 2-5051.
PALESTINE
units
(EWT)
be
Fireman's Fund Insurance
mon
in
(EWT)
■
that
statements
or
markets
Registration
facts"
surance,
known
-
(11-14-42)
i
'
Hearing on suspension of registration
set for Dec.
15, 1942, as SEC states it has
one
borrower
Proceeds will be used for working
capital
Registration Statement No, 2-4968. Form
A-l. (3-18-42)
A-2.
FUND
the
capital ;Stock
registra¬
a
company reserves the right to reduce tht
number of common shares to be included ip
each unit or class a stock
;
$200,000, and for addi¬
working capital $75,700
Registration Statement No. 2-5059. Form
FIREMAN'S
filed
the
,
CORP.'-■;>'%;/% f'/; " 1
borrowing from customary
units,
proposed
,
the
unit 4 shares of
of
properties
to
prop¬
ONION ELECTRIC CO. OF
MISSOURI
'
Union Electric) Co. of Missouri
filed
registration statement with the SEC
$110
pro¬
tional
cause
..
owns
A-L. (12-9-42)
sold
provide funds for payments under
pension
profit-sharing plans for its employees
$900,000; in reduction of indebtedness on
"untrue
Company
.
to enterprises whose debl
Offering—The
and
includes
sell
25,232;
Amendment filed,
effective date
$750,000;
$100,000; raw commodities for pur¬
stabilizing inventory $250,000; to
reasonable
SEC
fund
Canada.
amount
and
money
has
with
sinking
tures. coyered
by the registration state¬
ment and 562,500 shares of the
company's
capital stock.
The
rate
to
be. paid
by
the
underwriter
for
each
$1,000
face
I,
-
par;
loan
5Va%
is .principal;underwriter..,, In the
under-,
writing agreement Otis & Co, agreed, to
purchase and the company has
agreed, to
p.' m% ESWT
$25
to
Liipited
statement*
$2,250,000
.Underwriter—Otis
•'<
...
5.30
Corp.
registration
under which
St.
'*'»
'f
v.
Finance
of
farm
Inc.;
cago, 111.,
is the sole underwriter.
Tht
underwriting commission is $8 per unit
acquisition of similar types of business
$700,000; additional farm lands
trucks
Co:,
-
Underwriter—H. M.
be
principally
the
pose
&
common, stock, $1 par
'
; v
Address—33 N. La Salle St.; Chicago, 111
Business—Primary function of company
term
is no
commitment
respect to the sale or
the
securities
registered
of
at
39,912
capital
,
with
Proceeds—Will
offered
the
effective
1942
LIMITED
Mines
..
proceeds; ? togethei
of
a
Iron
comprising approximately 7,000 acres
in the Steep Rock Lake
area> near Atikokan,, Ontarip,
Canada,
containing
large
bodies of high-grade iron ore.
The prop¬
erty
includes, all of Steep
Rock
Lake,
.interest to
for
of
Underwriting—There
kind
;
■>;
IRON MINES
function is to loan money, with fundi
not used in its primary function, to
pro¬
vide
"interim" or intermediate
financing
bo enterprises until the financial
position!
manu¬
is not
commissions
respect
Approximate date
public offering Nov. 25, 1942
any
:
capital structures are being ad¬
justed or reorganized by its wholly-owned
subsidiary, H. M. Preston & Co. A second
par
shall
It
stock.
of
••••:■
Com¬
\
Business-l-Mining.
...•
SEC
is
States
account.
any
with
be
100.50' and
the
...
;
confection
United
to capital
to
writing
share
financial
principal, premium and
in
company's
aggregating
pay
and
the
credited
of
erty
statement I with
tered, at $100 per share. The entire amount
of
%
Bank
debentures, due Dec, 1, 1957.
Address—25
King' St.," West;, Toronto,
and/or
*
the
v.' \
•-
ary
CO.
candy
Iron
deposit shares -in ia-voting
Rock
Ontario,
shares
Candy Co. has filed registration
with the SEC
covering 30,000
in
filed
Street.
-•jhares class A stock,
defer
participating preferred stock,
leading
Home;
Proceeds—The aggregate net proceeds of
said
of
for
without
Rock
'
ROCK
covering
$12,000 on.
Fourth
to
are
funds
9,
Interim
%'
specified
stock
Steep
Canadian
•••
Steep
\-
net
(10-12-42)
Nov.'
tion
Offering—Registrant proposes to offer
the
participating preferred shares regis¬
Co.
DATES OF OFFERING
Institutions.
be
loan,
machinery<
$100
facturers
North
INTERIM FINANCE
Address—622 Diversey
Parkway, Chicago
Business—Company is one of the largest
and
other
Registration
bank
■
withdrawal
118
—
Forks, N. D.
Underwriting—Kalman
On
to
Insurance
Contem¬
to
used
of
.
STEEP
stock
be
demand
,
the
Registration Statement No. 2-5077.
Form
A-2.
value
recapitalization
if
soon
will
.follows:
as
Paul,"is the sole underwriter
.
de¬
Engineers
approved, would
reduce the
percentage of voting power of
Puget owned by Engineers from
77.4%
to 1.8%.
Engineers has been ordered by
the
Commission to dispose of its entire
interest in the
company.
Engineers has
advised Puget that it
intends to comply
company,
at a price of $60 per
flat or $197,040, and will issue
and
$2,500,000 face amount of its unse¬
at
to
bonds;
102%, or $9,027,000, and redemption of
bonds, series D, in face amount of
$13,995,000 at 102'%, or
$14,274,900, or
grand total of $59,881,993.
There is pend¬
ing before the SEC an application under
the
notes
shall
together with general funds of the com¬
pany, are to be used for;
Redemption of
the
old
bonds,
series
A,
in
the
face
amount of $36,039,500 at 101
ing
Curtiss
company.
Proceeds—Net
share
cured
pro¬
bonds
rate, (which
coupon
proposed
CANDY
statement
shares of
both
Offering—The offering price to the pub¬
will, be
supplied
by
post-effective
of
poraneously
with
the
issuance
of
the
bonds, company will issue and sell 3,284
shares of its common
stock, no par value,
to New England Public Service
Co., parent
sell
of
"
»
certificates
capital
•
value
has
corporation, art
-to be used to retire as of
Man.-1, 1943, the
corporation's GVs15-year sinking -fund
debenture bonds due Sept.. 1, 1944
y
.% Registration Statement "Nd'. 2-5049. Form
..
miles.
sell
a
CURTISS
com¬
square
proposes
proceeds
mature
Offering—Bonds
offered
102'A
Incorporated,
Business-^Newspaper publication
A-2.
be
filed Nov. 18, 1942
Amendment - filed Dec,
18, 1942,< to
effective date
of
amendment.
the
bidding pursuant
Commission.
Act
Gross
Registration Statement No. 2-5*071. Form
F-l. (12,-9-42)..
;
>.
i
%
statement'-' with "the
prices ranging from
104.08 and
interest
with
"
(10-28-42)
Request
for
central
Washington,
multiple of Vs ^.), and the price
with
Offering—Company
the
Vermont.
distributes gas.
the Securities
will
Proceeds—The
;
Registration Statement No. 2-5058. Form
It
bid covering the debentures
shall
the coupon rate (which shall be a
of
and
in
material
underwriters
post-effective amend¬
by
and
parts
each
approval
transmission,
distribution
and
sale to about 78,300
domestic, commercial,
industrial, agricultural and municipal cus¬
defined
as
Herald,
registration
Address
^
securities
Co.,- Inc.,
principal under¬
the
of
Proceedss—To
for
Grand
substan¬
and balance for such
additional
production facilities as are heeded. •
western
or
western
company
specify the
multiple of
energy
its
is
G.
statement
-
Sept. 1 from Sept. 1, 1943 to and
including Sept. 1, 1951; $62,000 on Sept.
1, 1952
% %%%/.: %
V ' %...
the
has
voting trust
par
Limited.
trust.
,
each
the business
acquired
Seattle,
and
covering
princi¬
electric
alter
of
for
shares
or
Julian
registration
Offering—See registration; statement, of
Steep Rock Iron Mines Limited No. 2-5070.
HERALD, INCORPORATED
Forks
1 a
Bonds
a
any of the
W. Brooks &
P.
A-2
Washington.
in
The invitation
that
each
bid
which
Business—Company
not
V
Burlding; Toronto," Ontario, Cana'da.
Address, of
corporation, 25 King St., West,
Form
t
on
.
Bradshaw,voting---;trus¬
a.
Address—3100
to- defer
17*1942,
„..
•/..,%
merce'
post-effeotlvi
>',,
Hogarth,.
D,"
filed
SEC
Mines
de¬
$170,000% 4 >/2 %
first
mortgage
serial maturity bonds, dated
Sept. 1', 1942;
folders,
of
.
'
EWT:
p.m.
,
conditions
or
to reimburse the
corporation for
old
Service
filed
war
discharge
interest
.'
date
Grand
paper
in
M.
Toronto.
.i
filed
containers.
the
bonds
amendment.
of
energy
series
NEW
HAMPSHIRE
will
City,
Proceeds—Net
$8,000,000
lkc/ot
PUBLIC
the
take
but
York
with
nominal,
(9-17-411
GRAND FORKS
corporation,-at
has
The
central
State
580,093;
TUESDAY, JAN. 12
to
by
price" at
"•
Russell
562,500
the *62%
Further
par.
AmendmqnUfiied' Deci
•
products of the corporation
<•
Underwriting—No firm commitment
made
no
offering
,ROCK IRON MINES LIMITED
Donald
follows
as
102 Vi,
at
supplied
s.
to
■
nature
the
with
and
1951.
bidding.
and
Offering—It is proposed to offer the
3,000,000 shares at prices based on fluc¬
tuating market prices and shares will be
issued
the
the State
bonds
vide
the
at
Exchange
the
value
of
be
ment.
3,000,000
par
that
therefrom
and
the
of
Offering—The securities will
prices ranging from 99 !/2 to
pending upon maturity date
principally in the business of
transmitting, distributing and
electric
counties
will
amount
Underwriting—Distributors
is
1972,
1,
approximately 4,500
Underwriting—Names
of
a
1943
.
at
mortgage
prising
has filed
SEC
share.
Address—No.
City,
Inc.,
statement
in
the
engaged
portions of
of
1,
due Dec.
generating,
selling
SATURDAY, JAN. 9
SECURITIES, INC.
.
Co.
statement
be
located
portions
(12-19-42).
Group
anticipated
writer,
16
Light
first
Wash.
ex¬
to
of
registered,
in
Business—Applicant's
properties
con¬
sist, generally speaking, of electric,
gas,
steam
heat
and
telephone utility prop¬
the agreement to April 1, 1953.
Registration Statement No. 2-5074. Form
istration
<fe
supplied by
Address—860 Stuart
apply
which
boxes
been
,
will
agreement
folding
New
Power
a
rates
tend
shares
located
stock;
be
effective
.
bonds,
from
envelopes,
products
1933
Sound
debentures
the
participating certificates
the- trust
GROUP
State
:
.
done by the corporation is the
design,
because
or
merger.
for
SEC
only to those who do consent.
Purpose—For extension of voting trust
agreement.
The
securities
are
presently
F-l
Twin
5 y2 %
serially
tially the general character
Third
PUGET SOUND POWER & LIGHT
CO.
the
assumption that all of
holders of participating cer¬
on
present
tificates
present
of
..
.
hotel
cates
by
SATURDAY, JAN.
Business—Owns
the
Co.
' *
,
plant
is
to
SEC
arising
STEEP
and
tees,, have
applied
on Aug. 26 filed
registration
state¬
its
public
share
per
and
•
Registration Statement No. 2-4845,.
A2
maturing
and
be
redeem
.to
the
.
by -postregistration state¬
-
giving
,
of
preferred
tails
-.1
defer
development, manufacture and sale of
packaging and wrapping materials -
(12-24-42)
Chicago.
ment
Power
to
•
.
mer¬
Maine
1942,
.
County Power & Light
will
to
amendment
Registration effective 5:30
Sept. 14. ,1942
amendment
filed
mortgage
of
securi¬
supplied
.»•
the
to
go
.-Nu-Enamel Corporation
ment
-
-
$7
date.
A,
•
•
from
,
company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110
per
•hare,- the
142.667
shares
of
company'i
Address—7800
Cooper
Ave.,
Glendale;
York, N. Y. ■
"
Business—General character of the busi¬
Registration Statement No. 2-5076. Form
Address of hotel, southwest cor¬
Sheridan Road and Belmont
Ave.,
of
Central
Vermont
Chicago.
ner
with
consummated
recently
Cumberland
•
000.000
New
First
be
to
underwriter
Offering price to
supplied by amendment
shares to be offered are
Registration Statement No. 2-5029,
Fqrm
A-2. (8-1-42)
>
sold
of- 'Underwriters
principal
stockholders.
Proceeds—The
an
-
be
will
$53,170,000
could
1957.
step contemplates the acquisition
by Centrah Vermont Public Service
Co., also a
subsidiary of NEPSCO,, of the remainder
vot¬
6,813
value of
of
Co.
regis¬
for
the
was
ger
trustees
as
voting trust have filed
statement with the SEC
trust
step
CO.
NEPSCO,
Names
*
public,
the
public will be
already issued and proceeds will
individual sellers of the
'shares',
and
Uttering—The
to
are
amendment
Proceeds
direc¬
$360,000
first
of 4:30
to
ment
its
Primarily
of
pany * Act.
effective
CORP.
1
Andrews Corp. has filed a
registra¬
statement with the SEC for
series
Share
$2
and
registered
price
have
ANDREWS
tion
&
coast
L.
ness
simplification
in¬
organization of
investments for the pur¬
„
P.
Bond
the
by company
under
the competitive
bidding Rule7 U-50
of the SEC's Public
Utility Holding Com-
substantial
•
P.
manufacture
Underwriting
economic
in
wrappers,
proposed
with
(Electric
.
(11-19-42)
variety
THURSDAY, JAN. 7
decisions
Light
(also
ties
by
-
the selling
sale of gas),
most of the territory along the
of Florida ' (with
exception of
the Jacksonville area), and other
portion!
of Florida
1
corporation of the pro¬
issue have been
considered
indicated
effective
Offerings will rarely be made before the day follow¬
ing.
for
chased
Miami,
American
serving
the
Amendment
rule 930(b),
per
schemes
Ave.,
of
ting,
organization
Registration Statement No. 2-5061.
Form
a list of issues whose
registration statefiled less than
twenty days ago.
These issues
are grouped
according to the dates on which the registra¬
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.
are as
of
As
ergy
through
employees
and
Second
is an operating public
utility en¬
principally in generating, transmit¬
distributing and selling electric en¬
underwrit¬
sold
directors
directors.
oenefit
Following is
as
be
subject to re-examination, the
believe
that
the
corporation
tors
ments were
dates, unless otherwise specified,
will
no
S.
subsidiary
System)
gaged
are
reached, and no commitments have
been made, except that, in a
general way,
poses
These
organized Feb".
-
number
Palestine, make
P.M. Eastern War Time
Power
relating
been
on
and
was
and
8.
Business—This
east
by
its
with
21,
of
in
issuer
this
by
and
effective
Dec.
York.
securities
ceeds- of
the
capital
1942
Offered
Company
New
vestment
(12-11-42).
Dec
otherwise,
Proceeds—A
company.
Registration
its
.supply of pulpwood.
Address—25
Fla.
co¬
.
Registration Statement No. 2-5072. Form
A-2.
the
enterprises,
Offering—The offering price to the pub¬
lic will be $5.50
per share,'for a total of
$1,001,000. Date of proposed public offer¬
ing is Dec. 1, 1942
'
r
con¬
of
the working
in
efforts
of
of
Series
A
mortgage
$714,000 Series C mortgage
total $939,000.. The remainder
cash
and
The
the
be
and
will
1942,
ers.
deben¬
issued
agricultural
Underwriting—There
of
will
Palestine and to afford finan¬
commercial, banking, credit, in¬
and
Palestine.
6,
re¬
amount
5%,
the
from
of
which
4%
bonds
of
wholly-
lands
a
to
they
face
bonds
subsidiary, Bedford Timber & Land
which
to
99%.
proceeds
to
operative
the
the company from the sale
closed
mortgage 5 'fa
bonds
at
$658,910 and
notes
bonds
shipping merchandise.
Plant is
Big Island,
Va., where com¬
owns water rights and hydraulic
on
at
net
offer
currently with these bonds, to retire $225,-
at
works
public
to
used, together with $289,000 of 5e/o
part of corrugated paperboard
in making containers for pack¬
pany also
by
first
estimated
corrugated
employed
the
proposed
Proceeds—The
1949.
1,
to
is
of
resources
cial aid
dustrial
costs
'
1
1
'
*
Registration Statement No. 2-4379. Form
A-2.
(3-30-40)
.
Amendment filed Dec.
Affective data
UNITED
GAS
United
first
-r
Gas
1942,
to defer
CORPORATION
Corp.
mortgage
bonds due
21,
-
registered $75,000,000
and-collateral trust 2V*%
1958
Address—2 Rector Street, New York
City
Business—Production
and sale of natural
»
Volume 156
Number 4138
part of
and
gas;
'
tem
Electric Bond
•'
THE COMMERCIAL &
Share
GSiiSds of Stein Bros. & Boyce QaSIs
..
i
Underwriters—None
Offering Terms—Bonds will
Institutional investors,." whose
be
be
sold
to
by amendment, at 99.34%
Proceeds—To redeem 828,850,000 United
Public
1953;
000
Service
6%
Debentures
due
curb,
pay 6% demand note of $25,925,Electric Bond and Share; to repay
prevent,
tion?
control
or
infla¬
open account debt to E. B. & S.;
purchase from United Gas Pipe Line
to
$6,000,000
bonds
paj-t
due
of
1961.
its
1st
"Balance
&
will
be
reimburse treasury for
to
Coll.
"Economically
used
capital
in
that
(5-15-41)
with
agreements
14
Insurance
covering the proposed private sale
such, insurance companies of
$75,000,000
of the company's first
mortgage and col¬
lateral trust 314%
bonds, due 1959.
This
amendment states: "These
purchase agree¬
to
expired
the
on:
intends
end
Feb.
to
that
16,
1942.
continue
its
bonds
The
'
be
1941,
eithor
Amendment
filed
Dec.
12,
1942,
to
'
aate
,
into
an
;
Rising costs have caused more
than hall the daily
newspapers in
the United States to raise at
least
some
rate
since
the
The ANPA is
conducting
a
sur¬
of daily newspapers on cir¬
culation rate changes in
1942, and
while still far from
complete, re¬
turns
thus far show 648
have announced advances.
The
Associated
reported:
V
./
Press
survey to which
1,777 newspapers
showed the largest num¬
ber, 806, were receiving five cents
per single copy at retail.
A year
replied
earlier
next
cent
a
794
out
of
1,821
replies
previously.
Only 185 re¬
ported two cents, against 231 the
,
previous
year.
"These
increases, replies ex¬
plained, reflected rising costs in
wartime.
diate
At
in
losses
that
most
same
for
were
at
price
cases
time, the
trend
reduced
cir¬
time, such
recouped, "and
soon
record
increases
generally
was
levels.
toward
higher cir¬
culation rates has embraced
pub¬
lications widely..
in the magazine
Early this year,
field, both the
'Saturday Evening Post' and 'Col¬
lier's' increased their retail
prices
to
10 cents
a copy from
five, and
other magazines have taken
many
similar
A
steps.
"The
Federal
at
least
situation
in'
the
centers
already
of
banks.
consider¬
to
ers
centers
of
war
communities
have
"The
that
whatever
it
emerges,
breakdown
the
for
and
hours, days
when
goods
and
also
has
the
until
withdraws
goods; and
the
it
Govern¬
and
pays
vicious
for
in the meantime
000 of bonds if it
spiral
$1,000,-
desires.
so
which
against such
an
eventuality."
That's
could
get
Morgenihau StiSS For
Killing Silver Laws
is
said
Dec.
on
14
that
beyond control."
ver
drastic
restrictions
travel
on
he
civilian
duced
home
greatly
a
which
on
he
of
goods
front, have
economy
bringing
and
problems
the
on
war
re¬
train
asked
advice of the Committee.
With the nation
of
becoming
already
tailed
future
;
houses
in¬
"In
creasingly converted to the war
bution
effort, Mr. Nelson said his activ¬
ities
were
seeing
being directed toward
that
ilian needs
In
the
on
civ¬
are
seeking
gestions
"minimum"
supplied.
the Senators'
the
of
and
armed
of
services
or
civilian
quire
maximum
a
our
the
whether
porting
all
of
and
in
now
shelves
connection
system
with
we
our
must
and
be
for
essential
for
the
near
ware¬
up.
the
varied
possibly
have.
that
as
support
large
as
which
we
or
how
means
sup¬
re¬
utilization
of
in-
resources
many
cannot
for
sell
to
ing
the
its
the
Dec.
industrial
United
that
the
out
the
Chairman
of
Committee,
call
a
the
a
committee
purpose
The
said
stores
the
ancl
chase
elimination of
poses
grave
problems
as
to
whether
elimination
should
take
such
place
but
also
we
Mr.
Bell
consultant
was
as¬
quote;
became
eco¬
to
Mr.
Dewey
in
the
latter's
campaign.
In
member of the ad¬
a
of
the
"Times"
a
mem¬
editorial
"He
omist
is
also
the
on
consulting
Committee
econ¬
on
Em¬
ployment in New York City, re¬
cently appointed by Mr. Dewey
to study and
report on declining
business
would
and
employment
oppor¬
tunities here."
meeting for that
early in the next session.
program
Act
the
for the
board.
Coinage
he
New
editor,' From
date, and in 1941 became
ber
silver
House
who
the
visory staff of Wendell L. Willkie,
Republican
Presidential
candi¬
Administration's
Treasury's
1939
1940 he
10, accord¬
Press,
Street
"Herald-
to
news
participated
pre-Presidential
made
throw
transferred
and
and intensified effort will be
in
the
next
Congress to
new
York
a
"Times"
nomic
Strong signs developed
on
Mr. Bell,
Wall
"Times," covering banking
"In
although
which however must be
the House
New
Af¬
study
becoming
the
of
any
consumption,
it has loaned silver for
in
as
the
money developments
next 10 years and
Feb.
laws
1925.
and
has
been
Lend-Lease For Ethiopia
under
steady fire since the Silver Pur¬
v..
"This
silver
to
City,
of travel,
years
sistant financial
the
,
Treasury
silver
columns
York
graduated in
the
he
year
policy
longer, was promised by Representative
Andrew L. Somers,
Dem., N, Y.,
dis¬
distribution system
Under
these
New
joined
of
York
765).
of
that
a
in
to
page
duty
specialist in bank¬
ing and money.
Later that same
(re¬
of
no
suggest
cannot
19,
of
free-lance writing,
1929,
staff
entire sliver purchase program.
Review of the "whole question"
amount of merchandise to be
tributed
ferred
Committee
parts
major
in
use
he
Tribune"
Appropriations
his
was
attended
several
and
industrial
be
lines
the
population,
productive
facts
and
war
ter
appearance before the House
returned.
squarely
available.
"These
remov¬
will
distributors
some
an
purposes
distri¬
our
in
this
used
are
in
native
Bell
which
The, Secretary called for
repeal
all silver laws last
February
cur¬
of
rigorously in the
eliminated
as
needs
supplies,
greatly
effect
face the fact that the entire
asked
points, according to
the Washington "Post" of Dec. 21:
war
full
silver
banking system in
it
public school
here, De Witt Clinton High School
and
Columbia University, from
statute
favors
he
State
country,
so."
A
production.
consumers
the lines of others will
sug¬
them to give special consideration
to these five
"The
been
the
stocks
as
to
problems fast de¬
veloping, Chairman Nelson
1.
and
will be felt
the
.■■■,
available
that
Bell had been reluctant
leave his post on the
"Times"
but finally agreed that "in
times
such as these if he could
render
Mr.
he
the
ing restrictions which prevent
of
shipment of goods, Donald M.
Nelson, Chairman of the War Produc¬
tion Board, warned on Dec.
20, suggesting that it
might be advisable
to store
food, fuel, clothing, and health
supplies adjacent to large
consuming centers as one safeguard against distribution
breakdowns.
In a letter to Senator
Murray (Dem., Mont.), Chairman of the Senate
Small
Business
Committee, Mn<$>
preview of the
from
accept¬
Superintendent
Dewey also said
Mr.
that Mr.
the
of the opinion that Con¬
should strike all of the sil¬
legislation
"extremely
Bell's
to
do
still
gress
Banks.
portant
Secretary of the Treasury Morgenthau
Dewey said he
State
Mr,
service
to
the
stability of the
banking
system
of
the
State,
which is by all odds the
most im¬
use
$1,000,000 deposited by the
borrow money on the
can
a
increased $1,-
are
it
was
of the post of
ance
of
Chadbourne,
& Whiteside. His
the Department
Governor-elect
the
deposits
Superinten¬
1934, when he
attorney.
in
Further Restrictions On
Travel, Shipments
Foreseen By Nelson Of War Production Ed
a
with
dates back to
principal
in
books and
more
connection
fortunate"
war
,
still
Hutto, former
Banking Depart¬
been
Wallace, Parke
to
.
faces
the
has
considered
ment
and wage stabilizations as
well as
"a
saving spree, contrasted with
the
spending spree vof the last
war."
nation
to
who
with the law firm of
which
cannot
will
suc¬
^
weeks in duration,
or
civilian
who
will
1,
Mr. Hutto has resigned, effec¬
tive Dec.
31, from the Banking
Department to become associated
longer
or
larger
occasions,
be
Bell,
S.
White.
or
smaller
may
"Times,"
Superinten¬
dent of Banks since Oct.
30, when
he took the office left
vacant by
the
resignation
of
William
R.
us
subject
shorter
in
There
areas.
system
be
may
V.
editorial
York
Jan.
on
Jackson
counsel
the
possibility is before
the
State
Mr.
office
ment,
grown
correspond¬
geography of
distribution has changed and will
change further.
5.
Dewey.
ceed
shrunk
Thus,
Supt.
Elliott
of
take
nothing around new plants
military establishments, other
centers
of
New
York
of
Banks
was
announced
Dec. 21 by Governor-elect Thomas
E.
from
ingly.
the
New
as
production
have
of
dent
and
other
member
a
board
ably and further change will oc¬
The primary aspect of this
problem is the migration of work¬
moved
Government-,
United
stringent reg¬
ulations concerning
price ceilings
The
Bell,
population
changed
appointment
be
of the
to
.
Bell Named NY Bank
i
cur.
periods
oversub¬
an
000,000
if
eluding manpower, womanpower,
rail, water and highway trans¬
wartime
about
but it is
to
way,
essen-
The
"The
and
talk
the
bank's
hand, Mr. Childs
short
a
circulation
"The
.
to
response
culation
now
the
showed that while imme¬
survey
the Cana¬
declared, thanks
bracket, at 735, against 751
year
was
is
receiving five cents.
The Nelson gave
largest group was the three- days ahead
were
can
States is well in
further
V
'
■
Canada
The
papers
"Earlier this year—before
many,
of
the
increases were made-—a
;
curbing
not
preventing inflation'.'.';
liams,
vey
$40,-
taxpayers will pay the bill.
This, then, is how the Dominion
of
much
say
should
of
range
adequate quantities to
example, a commercial
or from
certain areas.
bank
buys,
say,
$1,000,000
of
"It
may
well
be
bonds, pays the Government for
advisable,
them, receives the bonds, and the therefore, to have considerable
inventories of food,
Government, having no bank of
fuel, clothing
and
health
its own, turns around and
supplies stored ad¬
deposits
the $1,000,000 in the bank.
jacent to consumers at all times
So the
the Canadian Gov¬
means
to
easy way,
inflationary
"As
dian
starfeof
1939,, Cranston Wil¬
General Manager" of the
American Newspaper Publishers
Association, said on Dec. 16, ac¬
cording to the Associated Press.
the cost to
here
without stating
an
commercial
perfect, because
ernment, which
in
war
of
//
rate
$9,000,000,000 Victory
Loan, :and -that is through the
sub¬
"This is good
work, but you
that it is not
of
portion of their circulation
structure
the
re¬
oranges
000,000 to the Government.
cannot
"There is
scribe
!
the
at
come
that
later, the Cana¬
estimated cost of
policies
of the most effective
ways, is
to buy war bonds and
stamps and
less non-essentials. -
announce
an
day
month.
a
merchandise
whole
military establishments.
"Many industrial centers have
that
multiplied their populations; many
that
retail
and
best
threatens
in
prices:
other
reduced
us
4.
one
•
a
The
bonds and stamps, but
war
the
needs.
being done
insurance
not
just
is
how to prevent the inflation
inflationary rise in
living in the Dominion;
the
life
being
about
Dec.
effective
.
the
news
did
kinds.
this
$18,000,000
you
ceiling,
1,
effect
proved
see
,
of
that
on
were
"I
an
in
sidies at
Forced To Up Prices
loans
.
milk,
tea,
coffee
and
;hrough tax remissions
defer
Half Of US Dailies
many
the
duction
:
,
is:
and now, a
year
dian authorities
privately, by renewal of the afore¬
agreements or otherwise,
or
offered
the public as circumstances
shall dictate
order ,to obtain the
pest possible price."
effective
has
the cost of
sold
In
so
debts of all
evidence
a
went
checking
cor¬
said
to
By
according
to
Mr.
country which has
won the
battle against inflation.
."Canada's over-alk price
is
which
negotiations
shall
and
so
Canada,
Childs,
com¬
to
ments
are
through Congress."
panies
poration
tial
have
preventing inflation by
reducing and liquidating his loans
the
not
speaking.
there
mean
is
who
always look out for
Number One that it is not
always
possible to get the necessary laws
; United Gas Corp. filed amendment with
SEC on Feb. 21, 1942,
stating that it had
b^en unable to further extend the pur¬
chase
I
it
folk
stock
j Registration Statement No, 2-4760, Form
A-2
speaking,
but
yes,
politically'
easy,
ex¬
penditures and possibly to pay accumulated
dividends of $9,502,490 on companys $7
preferred
is
answer
4%
available
cover
"The individual," he
continued,
"is also
.
•
,
$2,000,000
and
Co.,
Ceilings,
(Continued from page 2314)
to
to
ly
Saving Best Weapons Against War inflation
will
names
supplied
Gas
2327
Sys¬
■
.
FINANCIAL CHRONICLE
was
adopted
anti-silver
gress
has
under
the
in
redoubled
President Roosevelt on Dec. 10
ordered that Ethiopia be included
in the list of countries
1934,
in
bloc
Con¬
its
eligible
assault
to
of critical short¬
ages of industrial silver.
spur
receive
lend-lease
assistance
from the United States.
tion follows the recent
through the natural operations of
Mr.
Morgenthau was said to
the competitive system or whether
have expressed himself in favor
varying degrees of Governmental
This
ac¬
decision
price
of that
country to ally itself with
Ceilings specifically exempt pub¬
I the one of
portation, light, heat, power, com¬
the United Nations.
of the enactment of the Green
lications.
In
Canada, the price munications, scarce materials
should ; be
undertaken
and guidance
| The adherance of Ethiopa, the
bill, action op which, it may be
ceilings effective a year ago at
in connection with the
first nation to
preserva¬
building and storage space.
regain its terri¬
first
included
noted, was blocked in the Senate
tion of units
publications, but
necessary to place
tory after temporary occupation
"There can be no fat in our
before the close of the recent ses¬
they were later exempted.
products into consumers' hands.
by an Axis
distribution
aggressor,
to
the
system
sion of Congress.
any
more
"One newspaper,
3.
explaining its than
"The mobility of consumer
Declaration
in any other part of our
by United Nations,
increased
price to
its
will be greatly
readers,
was reported in our issue of
restricted, both of
Oct.
economy.
It, too, must be as ef¬
said: '
:
22, page 1451. The action of Pres¬
"
ficient as it can be made to be to necessity and by way of consumer
'The cost of
producing a news¬
choice.
Travel by automobile is
ident Roosevelt was made known
the purpose, pf get¬
paper is much more than the sub¬ accomplish
due
for
restriction much
more
through a letter to E. R. Stettinius
scriber is asked to pay. The dif¬ ting essential goods,into the hands
drastic than that
of civilian consumers.
obtaining to¬
Jr.,
Lend-Lease
It follows
Administrator,
ference is made up by
advertising.
day.
Travel by, common carrier
chat the number of outlets
Comptroller of the Currency made public as follows by the
may will be
But, with a decline in advertising,
increasingly inconvenient Preston Delano announced on Dec. White House:
due to .Government restrictions on have to be reduced; cross-haul¬
and in many instances not
19 that during the month of No¬
per¬
"For purposes of
many commodities, and with in¬ ing eliminated; delivery, distances missible.
implementing
vember, 1942, the liquidation of the authority conferred upon
creased productions costs, we were and frequency of purchase min¬
you
; "Reduced variety of goods, ra¬
three
insolvent
national
banks as Lend-Lease Administrator
imized, and services and frills
faced with the choice of
by
lowering
tioning, price control, value of was completed and the affairs of Executive
Order No.
the quality of our paper or in¬ curtailed.
8926, dated
time to the individual
and
the such receiverships
finally closed. Oct. 28, 1941, and in order to en¬
2.
"The
creasing
the
We
have
price.
quantity and variety
Insolvent National
«
Bank Dividends
l
chosen
general
the
latter, which
we
be¬
lieve will meet with the reasoned
approval of
"Among
noted
our
subscribers.'
the
higher cost items
by publishers was that of
motor route
delivery, with ration¬
ing of gasoline and tires adding
the
to
ery
problem.
costs
were
Increased deliv¬
common
during
the year.
"In
larger cities,
where single
comes
copy
sales
to
newsstands
and
from minor fractions of
on
consumer
the
in¬
factors
a
other
dealers were found
fairly general.
"The revision of rates
wholesale
of
among
major part of which will reduce consumers' de¬
higher wholesale sire to 'shop around,' or to buy
are
circulations,
orices
level
are
lots
to
a
at
a
"It
distance
is
ranged factors
a
cent
cent
or
on
two
from
conceivable
may
even
home.
that
■
military
necessitate
restriction of travel and of
the
freight
movement in certain areas. These
retail
The
announcement
added
:
"Total
aid to the Government of
other creditors
I
of these
three
structure.
re¬
ceiverships, amounted to $3,059,286, while dividends paid to un¬
secured
creditors amounted
to
of
sources,
their homes and that such local¬
including offsets allowed.
Ethiopia,
hereby find that the defense of
Ethiopia is vital to the defense
the United
of
States."
an
average of 46.43% of their claims.
Total costs of liquidation of these
sales, some papers boost¬ factors suggest that goods must
receiverships averaged 10.58%
ing every charge in their circu¬ be available to
consumers close to total collections
from all
lation rate
able you to arrange for lend-lease
disbursements, including'
offsets allowed, to depositors and
"Dividend
creditors
of
distributions
all
active
,to »all
receiver¬
ships during the month of Novem¬
ber, amounted to
$935,630."
THE COMMERCIAL
2328
Thursday, December 31, 1942
& FINANCIAL CHRONICLE
<
'
BIOS MADE ON
BONDS WITH
To AU
Of Our Business Friends
stop an impending wholesale
to
as
i
v.
slaughter of milk cows.
Many
dairy farmers are finding it more
profitable
COUPONS MISSING
At the end of 1943, we
will he
ship
MUTILATED
to its
vicissitudes of another year.
due
confidence,
greater
additional test of the
S. H. JUNGER Co.
York
to
handled
were
with
M. S. W1EN & CO.
so
complications of red tape
and bureaucratic buckpassing as
to leave the complainants bewil¬
dered.
The general inflexibility
of
price ceilings on the retail
front
is
apparently widespread
SECURITIES
THE- COUNTER
-
& Company
Kobbe, Gearhart
either
ter has
Man's Bookshelf
Teletype
doors
or
to
this mat¬
OPA in
Insurance—
Economics Society of
Facts About Social
Insurance
America, 176 West Adams Street,
Chicago, 111.—paper pamphlet.
Pay for the War
Can We
How
by Maxwell S.
Stewart—National
1819
Renegotiation of War Contracts
Binder—Reprint from
by Sim C.
Journal—Sim C.
Fifth Avenue, New
Law
York
New
521
City.
Binder,
York
4
)
Austraila.
Replace¬
Utah.
Hagerman, Miami
Peril Small Business
Prather
;
-
„
,
Jackson
Lt.
Treasure Island,
Horn,
Calif.
gan,
The House Small Business Com¬
Wing, Salt Lake City,
mittee, in a preliminary report to
speedily
will
:
King, Fort Lo¬
F.
Colo.
Lt,
the Taxes? by
introduction by
Jacob Marschak—New School for
Social
Research, 66 West
12th
Street,
New York City—paper
Pay
Tarasov,
cover—25c.
in
the
effort
war
which
attention:
immediate
(1)
retailer
"to
require price squeezes," the
failure tinued,
distributors
of
business
small
independent
of
class of
report con¬
face
acute
Firm Is Alcock Hill Co.
program
Financial
the
In
Van¬ stroy distribution in the United distribution of consumer goods is
States, and (3) unnecessary re¬ necessary if many distributors are
Louis Lyons, Honolulu.
ports and complexities and multi¬ to survive."
Chief Petty Officer Leon MaAs to the third
complaint of
plicity of regulations.
cart,
Navy
Recruiting Station,
In its report the Committee said the Committee—"unnecessary re¬
Pueblo, Colo.
it was shocked to find that the ports and complexity and multi¬
Ensign J. Kenneth Malo, at
Smaller War Plants Corporation plicity of regulations"—the report
Hill
neth
of
Chronicle
reported that Ken¬
Dec. 24 it was
was
engaging in a se-;
curities business as an individual,
offices
with
Hingham,
at
Hill informs
Mr.
us
Mass.
that his cor¬
address
business
rect
is
Alcock,
Street,
and said that while "certain adminis¬ Boston, Mass., of which he is sole
Southwest
which
were
"prac¬ trative regulations are a necessary
2627 Van Dorn Street, Lincoln,
proprietor; the firm prior to Nov.
tically negligible," many localities evil," the present situation "is one
Neb.
30 was a partnership.
having unused facilities which of bureaucracy run riot" and unWilliam D. Morrison, OCS, Co.
could be put into operation and
H, 2nd Regiment, Quartermaster
many small manufacturers being
School, Camp Lee, Va.
unable to obtain any help through
Jack N. Mowbray, SK 2-C; U. S.
the Federal agency.
Coast Guard, San Diego, Calif.
(Continued from first page)
"It is the considered opinion of
Tech.
Sgt. John
Mullin, Jr.,
the House Committee," the report cellent trading bond because of their availability to all types of
Supply Depot, Air Base, Casper,
added, "that the failure of the pro¬ buyers and the fact that many buyers of these bonds are reported
Wyo.
Lt. Col. W. F. Nicholson, Army gram of the Smaller War Plants to be in the trading mood and habit. . . .
The new "on sale" 2V2S also may come in for more activity
Air Force in Transit, Depot No. 5, Corporation, as evidenced in our
than normally would be looked for in a security of this type. . . v
Port of Newark, Newark, N. J.
hearings, can be attributed to the
The fact that many buyers of these have the unregistered variety
Major Canton O'Donnell, Camp management of the corporation."
Hill
&
Raymond
Major
Maxwell,
W.
has
Federal
80
Co.,
sea.
lond Club Of Denver
com¬
avert the destruction
to
and, with it, the middle
this country."
Wash.
couver,
order
in
goug-
burden
the
their correction
lation to "compel
distributor
the
the field
conditions
the
Unless
ings."
addition
in
plained of are corrected, the Com¬
mittee said, it will recommend at
the next session of Congress legis¬
Area,
Staging
Vancouver
tape
equally to manufacturing,"
report added.
and the con¬
unwarranted
from
sumer
might other¬
"And what is
distribution, of course, applies
of
War Plants
Channing F. Lilly, Jr., San
Port of Embarkation,
red
ernmental
The
of the Smaller problems of obtaining a fair share
Corporation; (2) pol¬ of available consumer goods, the
icies of the Office of Price Ad¬ conclusion
being
"inescapable
ministration threatening to
de¬ that some method for an equitable
the
of
open."
said here about unnecessary gov¬
reasonable op¬
will protect
against actual loss
In
the doors of thousands
close
wise remain
as
other
or
are
measures
course,
levels, plus each
erating mark-up
the
1-1397
this factor alone
taken,
businesses which
of
practical remedy for this
to pass on cost in¬
creases permitted by the govern¬
ment
at any level to all other
Congress on Dec. 18, listed these
three critical stituations existing
Francisco
Does
Who
Helen
Finds War Conditions
Capt. Paul H. Hadley,
ment
Melvin
paper—10c.
Green,
Richard
Pvt.
Research,
Beach, Fla.
Broadway, New York CityEconomic
of
Bureau
Na¬
Ensign John L. Gray, U.; S.
val Hospital, Cofona, Calif.
Y.
N.
corrective
less
obvious
is, of
HAnover 2-8780
St., N.Y.
Teletype
distribu¬
States.
United
the
in
tion
Ass'n
Members N. Y. Security Dealers
25 Broad
seriously crippled and in¬
deed threatens to destroy
1-576
york
new
Enterprise 600.5
2-3600
REOTOB
Bell
telephone
philadelphia
TELEPHONE
retailers
n^any
their
close
to
The failure of
YORK
NEW
STREET,
NASSAU
45
causing
contemplate going out of business.
Security Dealers Association
New York
Members
is
and
INCORPORATED
The Business
^fear
com¬
ignored,
completely
were
which
or
wide range of
1-1779
Teletype n. Y.
Dlffby 4-4832
Phone
listened
many
OVER
Happier
Niuu
situations of long standing.
committee
which
Exchange PI., New
A
a
plaint after complaint of urgent
appeals to the OPA in Washington
for relief from such situations,
Inquiries Invited
-
make
to
try
their milk.
on
are
The
cooperation and
having met the
of even closer
one
fer
hope our business relation¬
Actual markets in a
40
profit
-
than
"The situations to which we re¬
OR
«
sincerely for your favors to date.
Thank you
their cows for
sell
to
rather
meat
had results in the South
.
Members Serving U. S.
DENVER, COLO.—The follow¬
Club of
ing members of the Bond
Denver are now serving
in the
devoting their
armed forces or are
time
defense work:
to
the
In
Forces
Armed
Corp. John H. Alf, Battery
K,
(AA), 1st Artillery Anti¬
aircraft, Seattle, Wash.
Lt. Norman C. Barwise, USNR,
202 CA
VGS
Postmaster, Nor¬
Fleet
28,
folk, Va.
rowhead
Lt.'
Col.
Ar¬
Arrow-
Boettcher
II,
Hotel,
Springs
Alfred
G.
Brown,
Main Avenue, Brown wood,
906
Texas.
Capt. Donald F. Brown, 6th Air
Base Squadron,
Salt Lake City
Air
Base, Salt Lake City, Utah.
Ensign Glen B. Clark, Naval
Training School, Tucson, Ariz.
Lt. Lester D. Fedderman, Lin¬
coln
Air
Base, Lincoln, Neb.
William
D.
Fitz-
Cadet
Air
simons,
San
Antonio
Aviation
Cadet Center, San Antonio, Tex.
Ensign John W. Fuller, Jr., Na¬
Aviation
Cadet,
Selection
val
Board, 796 Peachtree Street, At¬
lanta, Ga.
Pvt. George Godfrey, 6th POTC,
Aberdeen Proving Grounds, Md.
Capt.
Gray
B.
Gray,
Napier
Field, Dothan, Ala.
of
ment,
Naval
576
Salt Lake
South
E.
Frederick
N.
Pabst,
Robert
No
Parker.
Officer
Central Tower
Street,
San
Bldg., 705
Francisco,
Staff Sgt. Don
L. Patterson, 6th
Group Advanced GTD, Stuttgart war effort appears inevitable un¬
Air Base, Arkansas.
less
these policies
are
speedily
Lt.
(J. G.) Ray E. Sargeant, corrected."
5
■,
USNR, 1009 37th Avenue North,
The
two
factors,
which are
Seattle, Wash.
"primarily responsible for this
George Seeman, Lowry Field, threatened
breakdown
on
the
Denver, Colo.
home front" and which the OPA
Seaman 1st Class Wesley Whitand
the War Production Board
,
nah.
No
address.
Writer, 1734 West
Street,
San
Antonio,
Magnolia
Texas.
Lt.
W.
T.
Tutt, AC, Wright
Field, Dayton, Ohio.
Ensign Arthur F. Bosworth; c/o
Naval
Aviation
Ferry
Selection
Building,
Defense
San
Warren Bros, old &
new
Spokane Int'l R. R.
Stephenville N & S. Tex. 5s
HAY, FALES & CO,
Members New York Stock
Exchange
Broadway N. Y. BDwling Green 9-7021
"In
Work
NY 1-QX
ness,
tween
said:
instances as, in the
the operating margins be¬
replacement
costs
and
current
Lo¬
tually
replacement costs are ac¬
higher
than
the current
ceiling prices.
Mgr.
In
Victory
Committee, Federal Re¬
Bank, Denver, Colo.
Paul Gorham, Denver Ordnance
Plant, Denver, Colo.
other
cases,
the retail price
ceiling has been so low as to in¬
duce a decline in the production
of commodities vitally necessary
to the health of the nation.
The
Boston
On "Governments"
in-and-out trading, it is said.
.
seeing these premiums indi¬
Anyway, the very fact that we're
cates the success of the deal.
...
INSIDE THE MARKET
contribution
York's
New
to
the
of the December deal
success
great and overpowering that even the
haven't recovered from the pleasant shock as yet.
was
so
Treasury officials
...
Subscriptions
placed in New York reached close to 50 per cent of the entire deal,
counting in the tax notes bought the first day of the drive (November
30) and the subscriptions placed in New York but allotted to other
districts.
...
.
buying of the securities was better than
Similarly, non-bank
anything seen to date.
.
.
.
Restriction on bank subscriptions, there¬
fore, has worked out well. . . . It will be continued. ... And effort
will be made during the next "blitz" to get the "town and country"
cash that was withheld this time.
Little borrowing
.
.
.
appeared among buyers of the bonds, according
reports, despite Secretary Morgenthau's approval of this method
buying Governments and the bank announcement that loans were
available.
Privilege just isn't being taken advantage of as yet.
And commercial banks aren't borrowing from the Federal Re¬
to
of
.
.
.
.
.
Governments to any extent so far either. ...
angle, therefore, hasn't developed and maybe
decision will be to play it down as long as possible. . . . Borrow¬
serve
»'
to buy
borrowing
The
the
ing-to-buy didn't work out well during the first World War.
While conditions are different now, there still is enough idle
around
while.
the
obviate
to
emphasizing this for a
necessity of
.
.
.
cash
long
'
...
Forced savings
proponents discouraged by showing of De¬
voluntarily without
So the minimums
didn't become maximums as they tend to do under any forced
savings program. . . . And the momentum of the campaign was
quickened beyond ail expectations as competition between Vic¬
tory Fund Committees and between buyers entered the
cember.
.
.
maximums
picture.
Billions this month were loaned
.
minimums being specified.
or
...
...
Feeling
is
forced
delayed—perhaps indef¬
loan laws will be
initely—as a result of this demonstration.
,
.
.
result of large-scale sales of
high-coupon municipals in recent weeks. . .. . Sales inspired by de¬
dairy products, for instance, is
cision of insurance companies, particularly, to switch out of highdark indeed, unless the OPA will
revise its retail price ceilings so priced municipals into "on sale" 2V2S. . , . And market spreads are
widening between high-coupon and low-coupon municipals and be¬
tween high-coupon and Governments. ...
Mgr., VFC, Federal Reserve Dis¬
outlook for
Robert P. Lake, Rent Control
Board, Box 197, Memphis, Tenn.
Gerald
Plettner, Federal Re¬
serve Bank, Denver, Colo.
Joe L. Raichle, State Depart¬
ment. Foreign Service, Washing¬
Burdick
many
ceiling prices are too thin to per¬
mit of continued operations except
at a loss.
In some instances, the
serve
C.
so
squeezes,"
aggregate, to constitute an in¬
superable obstacle to thousands
of distributors remaining in busi¬
Adams, OPA, KittBuilding, Denver, Colo.
Waller C. Brinker, State Hdqrs.
Selective Service, 300 Logan St.,
Denver, Colo.
ton, D.
regard to "price
the Committee's report
Francisco,
Hutchison, RFC,
Building, Denver, Colo.
were
will encourage some
.
With
Frederick A.
Sam
adjust,
Committee as "price
squeezes" and "inequitable dis¬
tribution of merchandise."
Board,
W. Doolittle, 411
Street, Huntsville, Ala.
should
listed by the
ridge
cust
and
could
Lt. George S.
Charles B. Engle, District
Bell Teletype
goods distribution "has
been seriously
undermined and
weakened as a result of" OPA
consumer
policies "and, a collapse which
might gravely imperil the entire
Charles
common
of the
report, the House group said that
the nation's
existing system of
Procure¬
Calif.
71
ad¬
dress.
Godbe, Of¬
Market
R. Hoe
Post
Medical
Detachment,
Fort Des Moines, la.
Hospital,
Corp.
As to the second section
Temple,
City, Utah.
Calif.
Lt. Com. Norman F.
fice
Kearns.
Pvt.
Charles
Lt.
Our Reporter
an
adequate supply of
trict, Kansas City, Mo.
OPA, Kittridge
Simons, Assistant Exec. Building, Denver, Colo.
S
Fred
Struby,
Spreads on municipals widening as
Rate
on
discount bills last week
indicating strength of market
% per cent.
...
again.
was
.
.
.
down to 0.363 per cent,
Buying rate at Federal is
@FedFRASER