The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
6 7343
Reg. U.
Volume
New
Number 4154
157
In 3 Sections-Section
ESTABLISHED OVER 100 YEARS
Edition
Final
S.
Pat.
1
Office
Price 60 Cents
York, N. Y., Thursday, February 25, 1943
Copy
a
Large Volume Of Savings Presents Definite
Of
Threat Of Inflation Declares SEC Report
Rules Relating To Proxies
SEC Issues Interpretation
New
Commission made public last week
The Securities and Exchange
letters of Baldwin B. Bane, Director of the Cor¬
poration Finance Division; to officers of corporations who had asked
for interpretation of certain provisions of the amended rules in
Regulation X-14 relating to the solicitation of proxies.
?
The first excerpt refers to paragraph (H) of item 5 of Sched¬
from
excerpts
reads
which
14 A
ule
^
follows :<f>-
as
"Describe briefly any interest,
direct or indirect, of each person
/
who has acted
issuer
each
tion
director of the
as a
the past «year and
nominated for elec¬
during
person
as
director and any
a
asso¬
tee
in
or
a
similar fiduciary capac¬
ity, and (3) any relative or spouse
of
as
The
r
having the same
^ •
Director's comment on this
such
home
person
such person."
item follows:
;
:
f
general, the following prin¬
in any transaction during the past ciples should be observed in pre¬
year or iri any proposed transac¬ paring the information called for
i;
tion to which the issuer or any by paragraph (H) of item 5.
subsidiary was or is to be a party. : "The word \ 'interest' means " a
ciates of such director
"In
nominee
or
.
No reference need be made to im¬
and
material
If the interest was or is
actions.
to be in the
in
than
insignificant trans¬
purchase
sale, other
course of
or
the .ordinary
In determining
material interest.
person's inter¬
the materiality of a
est, the scope of the definition of
the
word
'associate'
in
Rule
X-14A-9 may be
considered
as
in¬
The
in large part to
dicating thb type of interest in re¬
the very substan¬
tial increase in peoples' cash hold¬
subsidiary, include a state¬
spect of which information should
be furnished., For example, the
ings and deposits in checking ac¬
counts, amounting to $4,600,000,-
a
cost of the property
of the
ment
subsidiary and a
statement of the cost to the pur¬
to
the issuer
chaser
or
'
vendor."
or
definition
The
"associate"
in
of
the
r
term
X-14A-9,
Rule
which is referred to in the Direc¬
tor's letter,
"The
reads as follows:
I
:
fact that
a
director of the issuer
officer
an
were
holder of 10%
or
'associate,' used to or more of the stock of the other
indicate a relationship with any
company, his interest in transac¬
persons, means (1) any corpora¬ tions between the two companies
tion or organization (other than should be
disclosed unless the
the issuer or a majority-owned transactions were immaterial and
subsidiary of the issuer) of which
insignificant.
such person is an officer or part¬
"Your letter sets out a list of
ner
or is, directly or indirectly,
transactions between -your com-*
the
beneficial
more
owner
10%
of
or
other 1 companies
and
pany
of any class of equity securi¬
or
(Continued on page 744)
ties, (2) any trust or other estate
in which such person has a sub¬
individuals
of
Debts
mortgages
duced
other
again
were
re¬
considerably, but such
business' saving.
figures include the cash and de¬
unincorporated business as well
consumers." Probably the two most
unincorporated
tThese
posits
deposits
fnet of retirement of
However,
a
notes payable),
although the amount of this in¬
it is believed to have
fourth
quarter,
highest for the
than
less
substantially
the
in
reflects
unincorporated
is not known,
crease
been
when
$500,000,000
it was at its
period covered.
quarters
in
the
payment of taxes.... As in other re¬
the volume of liquid
cent quarters,
saving is substantially higher than
might be expected on the basis of
past
relationships between
such saving and. income alone.
This
Special Editorial Material Featuring California Savings
and Loan Associations Starts
on
hands of individuals after
the
Page 746
QUICK ACTION ON DESIGN
AND CONSTRUCTION
to be due in part, as
seems
.
ARMY, NAVY and
Bankers
PROSPECTUS
OBTAINED
AUTHORIZED
MAY
BE
FROM
64 Wall
Troy
1856
DEALERS
from
or
.
York
Curb
Cotton
Buffalo
Williamsport
PLACE
The
Bank
Capital
Capital
.
Exchange,
Chicago
And
..
Board
Orleans
New
Y.
of
Cotton
other
Cotton
NEW
MEXICO,
,
Insurance
and
Calendar of New
Canadian
D.
Dealer Briefs
Personnel
740
Items
..................741
740
Railroad Securities
Real Estate
Securities
743
Securities Salesman's Corner..:.
Tomorrow's
Markets—Walter
Whyte
741
.750
Says
Uptown After 3.
—
CHASE
THE
v
correspondent
£2,200,000
conducts
every
description
facilities
of
and exchange business
Trusteeships
and
>
>
Member
Federal
Executorships
Deposit Insurance
Corporation
also undertaken
Exchanges
Open lo 5:30 P. M.
dealers
PRODUCTS, Inc.
Coast
and
(e.w.t.)
institutions
securities,
also have
on
Pacific
including those which
eastern markets..
Direct wires
/
HART SMITH & CO.
Kobbe, Gearhart & Col
J
INCORPORATED
N.
Y.
PITTSBURGH
MEXICO,
743
Trusts
Municipal News and Notes.....
744
Our Reporter On Governments.;... .745
service with Chase
INDUSTRIALS
Exchange Bldg.
F.,
742
.........<.1,...745
739
Securities
Investment
Stocks.
Security Flotations.T50
Dallas
RAILS
Trade
Exchange
GENEVA, SWITZERLAND
752)
Quotations and executions for brokers,
Exchanges
DETROIT
page
i
PUROLATOR
Members
CHICAGO
on
Pacific Coast Stock
Inc.
YORK
1942.
Page
Bank
£4,000,000
..£2,000,000
Fund
banking
634 SO. SPRING ST.
LOS ANGELES
JERSEY CITY
Syracuse
Exchange
York
Commodity
cash
will be
Broaden your customer
in
26, Bishopsgate,
Subscribed
INCORPORATIO
IS EXCHANGE
Exchange
New
1943
it
new
in
'
Exchange
New
for
pay¬
of
INDEX
'■
Actual Trading Markets, always
Members
Stock
banks
saving
more
taxes
Uganda
H. Hentz & Co.
York
in
than in
(Continued
In India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Reserve
HUGH W. LONG and COMPANY
Street, New York
Albany
:
SECURITIES
philadelphia
Pittsburgh
New
absence
the
individuals'
and
larger
Branches
Paid-Up
„
BOSTON
,/
much
of
-
Established 1927
INVESTMENT
Government
London, E. C.
R. H. Johnson & Co.
San Francisco
the
Colony and
Office:
Head
ENGINEERS and CONSTRUCTORS
""
to
Kenya
Buy War Bonds
and Stamps
Sanderson & Porter
N.
hand
on
in
tax
of
care
payment
OF THE CITY OF NEW YORK
of INDIA, LIMITED
FINANCING and VALUATIONS
Established
that
developments
take
,
NATIONAL BANK
Y"MARINES
MANAGEMENT PROBLEMS
NEW YORK
believed
is
to
after
NATIONAL BANK
Enlist Your Funds in the
In connection with
Chicago
Even
prior quarters, to rationing and
growing scarcities of consumers'
goods and to restrictions on the
granting of credit for the purchase
of such goods, ;
;
.
REPORTS
52 WILLIAM STREET
sufficient
ments.
in
also
SURVEYS AND
tCash accumulations in 1943 will be
than
of
liquidation of inventories of
trade
provision for future payment of
currently accruing taxes.*
An-
the third quarter.
For the four
of 1942, liquid saving
totalled
$28,900,000,000, ; an allas
of
time high.
The increase in liquid
important groups included in unincorpo¬
rated .business are agriculture and trade;
saving during the fourth quarter
It should be noted that part of the above
reflects the higher level of income
increase
in cash and
cludes
the pattern
re¬
payment was much smaller than
000,
stantial beneficial interest or as to
which such person serves as trus-
"4.
than
almost $1,000,000,000 higher in prior quarters.''
is also a director of another com¬ than in the
preceding quarter.t
Further details were given by
pany is not enough of itself to es¬ Saving in this form again consti¬ the SEC as follows:
tablish the materiality of his in¬ tuted the largest component
of
"Individuals' liquid saving was
terest in transactions between the individuals' saving.
The ratio of
$10,100,000,000 in the fourth quar¬
two
companies.
On the other
ter, compared with $9,100,000,000
"In this analysis individuals' saving in¬
hand, if the director of the issuer
in
term
"The most significant
feature of
of saving during the
This survey shows that the public continued to hold an extremely fourth quarter of 1942 was the un¬
large part of its increased income in cash on hand and in checking precedented growth in individuals'
currency and demand deposits. In¬
accounts.
1
1
dividuals added about $1,500,000,The more important results of^
000 to their cash on hand and $3,the analysis said the Commission saving in currency and demand
deposits to income (after taxes) 100,000,000 to their checking ac¬
may be summarized as follows:
contrasted with $1,100,reached
the
highest point
on counts,
"1. People in. this .country saved
record. Thus data for the fourth 000,000 and $2,500,000,000, respec¬
more in the fourth quarter of 1942
For
quarter indicate a continuation of tively, in the third quarter.
than ever before.
The data indi¬
the propensity of individuals in the year as a whole, saving in
cate that the ratio of liquid saving
recent months to put increasingly these two forms totalled $10,-300,(i.e., saving exclusive of purchases
greater proportions of their in¬ 000,000. The rate of accumulation
of durable goods) to income after
come
into currency and demand of such funds during the last half
taxes remained at the same high
of the year seemed to be consid¬
deposits.
point reached in the third quarter
"3. Individuals purchased $3,- erably greater than could be ex¬
of the year though a seasonal de¬
300,000,000 of U. S, Government plained on the basis of the rela¬
cline might normally have been
bonds (including $2,300,000,000 of tionship of past accumulations to
expected. ;
;
'
Part of this
War Savings Bonds) in the fourth income (after taxes).
"2. The great volume of saving
quarter, an increase of $500,000,000 growth in currency and demand
in this quarter, however, was due over the third
quarter.
:
i deposits undoubtedly represents
business, of property by the issuer
or
Feb.^
Securities and Exchange Commission made public on
quarterly analysis of the volume and composition of saving by
individuals in the United States covering the fourth quarter of 1942.*
24 its
45
Tel.
Nassau
Security
Street
REctor 2-3600
Philadelphia
Dealers
New York
Teletype N. Y.
Telephone:
Ass'n
120
Broadway
New York, N. Y.
New
52
York Security Dealers Assn.
WILLIAM ST., N.
Y.
Bell Teletype NY
HAnover
2-9980
1-395
SAN
FRANCISCO STOCK
and other security
v
Bell
REctor 2-7400
Teletype NY
1-635
New York
Co.,
Montreal
Toronto
LOS ANGELES
EXCHANGE
and commodity exchanges
14 WALL STREET
NEW YORK
Telephone:
1-576
Enterprise 6015
York Stock Exchange
a
Members NEW YORK STOCK EXCHANGE
Members
REYNOLDS & CO.
Members New
Dean Witter
BArcloy 7-4300
SAN FRANCISCO
.
.
HONOLULU
;Trading Markets in:
We Maintain Active Markets
American
v
for
Botany Worsted
'-v.£&y
CANADIAN UTILITIES
-
Farnsworth Television
CANADIAN MINES
Triumph Explosives
;
Tennessee Products
'
i
Established
40
Exchange
1920
Security
York
New
Members
i Goodbody & Co.
HA 2-2772
PL, N.Y.
7-0100 "
/
for
Interesting
Emerson Drug A
Dividends paid last 8 years
Des Moines &S. Rwy. 5's
Ft. Dodge,
1942"Dividend $13.50
May McKewen & Kaiser Com.
Union Elevated Rwy.
Baltimore. Stock
)
r
'•
Teletype N.
Y.
'j
HAnover 2-4870"
'..I*-,<■
-
,
"
■
New. York V.
'Teletype NY ,1-924; :;
new
will
y
Offices
the
be
George A. Rogers & Co., Inc.
King
twenty
throughout the country but
dealers
in
smaller
cities
and
houses
in
organiz¬
the
towns,
ing, establish¬
ing and finan¬
cing of more
than
50
dence
and trust
financial
field,
explained, because their
extensive experience demonstrates
there are less serious problems in
that field than in any other, and
com¬
1914
In
tivities
the
Hodson
Mr. Dowd
panies.
& St. Paul
in
of
House
The
continues
na¬
banks
State
Chicago, Milwaukee
good management has shown earn¬
ings even during uncertain times.
ac¬
were
ance
the
•
<
of one of
enterprises in that
organization
pioneer
field. Many sizable and
that time.
Loan So¬
These include Beneficial
Broadway, New York, N. Y.
Co-ianager Of
Goodbody & Co., members New
Stock
Exchange,
have
ap¬
pointed Clifton W. Wilson to serve
as
with
Co-manager
Aldrich
C.
Morgan
of their Hartford, Conn.,
-branch office, 75 Pearl Street.
Capital
pire
Corporation, Em¬
Corporation
and
American Business Credit Corpo-r
Goodbody In Hartford
York
Inc.,
ration, Bankers National Life In¬
surance
Company, Bankers Na¬
tional Investing
Wilson
Bankers,
Beneficial Industrial Loan Corpo¬
Boston
Philadelphia
Collateral
ciety,
COrtlandt 7-9400
■
Charles
Dowd,
H.
President,
points out that the House of Hod¬
son is unique in that it has main¬
tained a three-fold policy of First:
in
the
field of
Companies" in which it
Concentrating
has
5Va %, 6%
& 7%
accumulated
a
vast
fund
of
practical and extremely valuable
knowledge;
Second:
Rewarding
adequately; Third: Dis¬
tributing through a specialized or¬
ganization of independent dealers
who
are
intimately
acquainted
Pfds.
Kings County Lighting
5%
&
7%
with Hodson
England Putlie Service
All
securities.
Pfds.
son
ated, which have distributed in
interest,
dividends and
profit-
Common
7%
Pfds.
G. A. Saxton & Co.,
1170
11
PINE
ST.,
N.
Y.
.
Teletype NY
San
Francisco
reflected
its
in
Inc.
Whitehall 4-4370 if
1-609
||
through the recent depression.
Mr. Dowd also
the
success
TEXAS —Louis
B.
/
Hugh Bass.
Henry
formerly ViceManager - of the
was
and
department of Moss,
Bass
ments
was
sales
the
formerly Manager
and
trading depart¬
of The
of the local office
Dunne-Israel Investment Co.
31, 1942, "the
strongest, most favorable position
in the company's 57-year history,"
according to Milo R. Robbins,
of
as
Dec.
President.
gains
vious
and
.;
.
;
.
.;
,
j;j
the
revealed, / substantial
Despite
war
conditions,
made over' the pr<L
total assets;-: cash
Government
securities'; ' re¬
were
,
year
and
serves
in
surplus,
and :savers-<
and investors' accounts:
Since its founding in
1885/ and
through three previous wars and
depressions, as well -as
the San Francisco holocaust;, of
five major
1906, Home Mutual, its. President
has
reports,
tained
an
Service Stars Added
The
the
following
San
are
Francisco Bond Traders
who are now serving
the /armed
forces.
The
/
Traders Association;
3% per annum.on
vestment funds.
of at -least
savings,fand in¬
.'
:
■
(SG) Hodge Davidson, U. S.
Treasure
APO No. 525 New .York
of Dean
Chester
/r
l
Rail Issues Look Good
I
Baird & Reuss,
1
Wall Street, New York City,
members of the New York Stock
McLaughlin,
Exchange,
have just issued * a
most interesting circular on Mis¬
Co.
the
road, present situation and out¬
souri, Kansas & Texas RR.
discussing the background of
look for the future.
i:
Federal Screw Attractive
way,
New York City, from whom
emphasized that copies
of the House of Hodson quest.
may
,
•
•
be obtained upon re¬
lien 4s and 5s due 1962
Copies of t|ie
the prior
and
4V2s due 1978.
' r' '
'
•
Situation Looks Good
Fla.
The outlook for Florida is moist
both
optimistic
now
and in the
to An
prepared fey
post-war period, according
circular
interesting
Witter & Co.);
(formerly
Lt. (JG)
Glass, Jr., U. S. N.,
Fort
William* T.
the
Southern
Spokane Int'l Ry. Esc. Recpts.
Federal Water
Ohio Match
Universal Match
(formerly of First of Boston
Corp.); 1st Lt. Gareth Kellam, A.
A. F. A. F. S., La Junta, Colo, (for¬
merly-of Weeden & Co.); 2nd Lt:
&^Gas Corp.'
Deep Rock Oil
Graham, Jr., U. S. A., CommandGeneral School; Ft. Leavenworth,
Kan."
The current situation* in Strom¬
possibili¬
according to the circular,
particularly the first 4s of 1990,
and as an attractive speculation
ties,
Lauderdale,/Fla,
(formerly
of
Bankamerica Co.); Maj. Donald
Stromberg-Carlson And
Issues of this
carrier offer interesting
Brown, manager of
Municipal Depart¬
Island, Calif., .(for¬
ment of Allen & Co., 30 Broad
merly. of Schwabacher & Co.);
Street,'New York City. Copies of
Capt. Arthur Dolan, Jr., U. S. A.,
this circular may be had upon re¬
HQ 9th Corps, Fort Douglas,* Salt
quest from Allen &" Co.^
) ~
'Lake City; Utah (formerly of F.
M Brown & Co.); 2nd Lieut. John
': Lt.
unfailingly; /main¬ Egan, U. S. A., 82nd Fighter Group,
interest rate
Missouri-Kansas-Texas
request.
San
Francisco Association is an affil¬
iate ^f
the
National
Security
in
Curtis,
<■//■■.'
St. Paul.
members of
Association
N.
/.:
J. E. Masek, Chas.
Co., Minneapolis, Chair¬
circular, discussing the situation
in detail, may be had from Mc.r
Laughlln] Baird & Reuss upon
114th semi-annual financial statd-;
ment,
sharing more than $70,000,000 dur¬ berg-Carlson and Federal Screw
Works offers attractive possibili¬
ing the last 30 years through good
times and bad. Nearly all made ties, according to memoranda is¬
sued by Herzog & Co., 170 Broad¬
uninterrupted quarterly payments
Virginia Public Service
&
of
Committee are:
Paine, Webber, Jackson &
Moore
Cecil, Inc., which will be in¬
of
Co.
Entertainment
the
of
C. J. Rieger, Jamieson & Co.,
Minneapolis, and Paul Matsche,
charge of the buying department
Mr.
policy is
by the record of the Hod¬
financed companies enumer¬
proven
Southwestern Public Service
6%
Home Mutual Deposit-Loan
1
•"..
Thursday.
Members
Invest¬
ments, to act as dealer in munici¬
pal securities specializing in Texas
municipal bonds and warrants.
Associated
with ' Mr.
Henry in
&
Pfds.
The soundness of this
New
last
active for the duration of the war.
,
investors
Jersey Central Power & Light
Deposit
of Feb. 18 thiat
would be held
the Traders' dinner
of Louis B. Henry,
name
President
Loan Go. of San Fran.
statement
ration.
"Money
Home Mutual
;;
it was indi¬
error
an
cated in our issue
Invesfmesil Firm
DALLAS,
sales
successful
corporations in finance and allied
fields have been supplied capital
through Hodson, since
Strong Position For
at the
Through
V,
■
<
mid-winter dinner
25) from 4:00 p.m. on
Dyckman Hotel in Minne¬
ing its annual
today* (Feb.
apolis.
Henry has opened offices in the
Kirby Building under the firm
Mr.
business
with
the
Telephone:
and
Henry Opens
v
Charles
fin¬
personal
120
in
stocks
:
man;
L B.
will be
directed to the
5's, 1975
Co.,
E. Fuller
who-enjoy the full confi¬
and respect of their fellow
citizens.
banks,
tional
the1 large
said,' were not
he
ers,
was
associated
Trading Market:
&
twenty years and many others for
more than ten years. Hodson deal¬
years
Hodson
■
.
1-2480
N. Y.
System Teletype,
MINNEAPOLIS, MINN. —Twin
Cities Bond Traders Club is hold¬
ndustrial bonds
and
.
,
Annual Dinner Today
associated
Hodson
first
the
For
..
Twin Cilies Traders
many
reorganization securities. ;
organization^
Mr. de Willers has been very
became important in the develop¬ in distributing securities aggregat¬
active in the Security Traders As¬
ment of the Financial Field, be¬ ing many millions of dollars had
sociation of New York since its
been mainly attributable to
the
ginning a long
inception
and
in the
National
loyalty of a large "family" of deal¬
specialization
Security Traders Association, and
ers, a number of whom have sold has Served as an officer of both
that continues
Hodson securities for more than
to
this
day.
The
...
Assn. >
form--
specializing
deWilleri
Bell
■■
with Charles
E.
.<
.
Dealers
Broadway, New York, N. Y.
<*'• UAm>ver 2-4660
' : /••"' V
71
Broad-,
for
years
Chester
Security
Schoonover,'-
lers
the maintenance of the "Profit
Members
'
York
New
Co., Mr. de Wil¬
associations.
|^JNewYorh^
LE.Reiliy&Co;
of
firm
de: Willers
System"- in
our way of life and in the inevitable recovery and future of invest*-,
ment banking, Hodson & Company, Inc., are celebrating the 50th an¬
niversary of their business, founded in 1893 by the late Colonel,
Hodson who had the vision to foresee the. great expansion ofV.the
Financial Field and its possibilities for stable and .profitable. inyes.t/
ment.
4's—5's—6's
•
I
N. Y. City.
way,
Affirms Faith In Maintenance 6f Profit System
all "Inactive"
:
located
at' U20
ng
also
Airline R. R.
E. de Willers &
Hotfson Go. Celebrates Fiftieth Anniversary;
Sugar & Coal
Seaboard
in a gen¬
gage
Before
Affirming faith in
branch offices
eral securities
business as C.
1-1227
All
our
re¬
Vice-President of
as
v^ .
<
has
Schoonover, de Willers & Co., and
will shortly en¬
.......... .. ^
' '
60 Broad St.
WOrth 2-4230
Bell
Direct wires to
Willers
de
E.
Chester
signed
^
fhare^
J. L. S C I S IFFIVIA N & co.
Exchange
Broadway, N. Y.
120
total $73.50 per share
Request
NewOrleans,La.-Birmingham,Ala.
V
2-7815
Co.
Mitchell & Company
Members
on
REctor
'
New York, N. Y.
NY 1-1557
Forming Own Company
■
available around 70
Circular
•>:
25 Broad St.,
Exchange
York Curb Exchange
Tel.
CORP.
Accrued Dividends ,now over $35 per
Currently
Stock
BROADWAY, NEW YORK
120
1942)/ "v
mill, ^
Pfd.
Ware Shoals Mfg. 7%
—>-
York
New
Members New York Stock Exchange
'■
/
Members
'\ '' •'
•
New
;
Higher prices for lead, zinc and silver <o«ly partially reflected in
plus increased production through operation of a new, modern .
indicate substantially higher earnings in 1943.
.
•:
5's, '45
i
■
Chester de Willers
Cuml. Pfd.—-§100 Par
7%
& B
"
:'
Dealers
TOWNE SECURITIES
Offerings Wanted:—
r/!
;»
NEW YORK
-Teletype NYJl-672
BROADWAY
115
Telephone BArclay
1-423
BELL TELETYPE NY
Steiner,Rouse&Co.
Mc Donnell & Co.
j
Exchange and Other Principal Exchanges
Members IV. Y. Stock
Dealers Ass'n
'■
1944
6s,
I
i
KING & KING
Fulton Iron Works Co.
C
Walworth Pfd.
;
"CANADIAN BANKS
i
Debardelaben 4s, 1957
Warren Bros. Class A, B &
.
CANADIAN RAILS
-
v
Alabama Mills
Remington Arms
\
/
Thursday, February 25; 1913
Cyananiid Pfd. \
Botany Pfd. & Common
CANADIAN INDUSTRIALS
Pfd. & "A"
V
FINANCIAL-CHRONICLE
THE COMMERCIAL &
738
Robert C. Mayer&Co., Inc.
.Established
Thomas
Petersen,
Jr.,
U.
S.
30
501st
S.
Tampa,
A.
Fla.
W:
R,,
Drew
Field,
(formerly of Davis,
Skaggs & Co.).
1915
A.,
Pine Street,
New York
•
Telephone Dlgby 4-7900'
Bell System
Teletype NY 1-1790,
Volume
COMMERCIAL and
Financial
WMiam
1
I
.
1
.
chronicle
B. Dana Company:
Publishers
"
""
-
.
BEekman 3-3341
>
25 Spruce Street, New York
i'
,
\
.
-"■'is
;
Seibert,
D.
Herbert
,
Editor and Publisher
William D. Riggs,
;
and
twice
[every
week
a
Offices:
This
1943
B.
William
by
owns
factures the
' the
i ;
.
$31.00 per
Africa,
Members New York Stock Exchange
offer
1
■
j
Lawyers
possibilities in
Ext.
WAR-INFLATION-PEACE
1st. 3^2®
and
Request
on
;'//
39
specialise in
7-9400
Invited
| | of Reynolds & Coi
J.
WHitehall 4-6330
Teletype MTY 1-2033
Bell
-
-•
cited
bank di vision :is. T.« F.
r ".4
Hearings On Bill
To Kill SEC Proxy Rales
Plan
in
The House Interstate and.
For¬
year
!
mar¬
eign Commerce Committee, headed
with particu¬
lar interest in preferred stocks of
holding companies.
:
i
The situation appears to be com¬
Representative ■ Lea(Dem,
Cal.); was reported on" Feb;' 22 to
have appointed a sub-committee
to hold hearings on proxy regula¬
parable to that existing in the rail¬
road
defaulted
bond
group
in
1938-39.—John J. O'Brien, John
tions
and
a
half
to
we
are
a
bull
two-year
ket for utility issues,
,
-
J. O'Brien & Co.
-
' V
•
(
New York City
The
stigma
due
been
ments
on
defaults
to
and
large
general
the
adjust¬
open
and junior liens. ♦ The
small underlying issues have fared
rather well.
This is the type of
mortgages
advocated by us for
apprehensive about post¬
outlook for railroads.—B. W.
rail
by
promulgated by the Secur¬
ities and Exchange Commission.
;
Proposed legislation which
would kill the new SEC proxy
rules has been introduced by Rep¬
resentative Wolverton (Rep,
rail securities has
on
N/J.);
Mr. Wolverton's bill provides that
the SEC shall operate under its
regulations which were in effect
on
Nov. 1,: 1942.
In effect; this
would abolish all subsequent reg¬
ulations, including the proxy rule
revisions.
'
P'izzini, B. W. Pizzini & Co.
Fred W. Fairmaii Go.
:
to
The Financial
CHICAGO, v ILL.
—
Chronicle)
A.
Frank
Cahn has become associated with
Fred W.. Fairman & Co,
La
Salle
Chicago
Cahn
was
Street,
208 South
members of the
Exchange.
Mr,
Stock
formerly for
many years
Honohan & Co.
In
the. past he was a partner in Benthin, Larson & Cahn and was ac¬
With Larson,
tive
as
an
individual dealer.
Bampton &
Broadway, New York
Rust,
City,
members of the New York
Stock
61
Exchange, have just issued a cir¬
cular on Chicago North Western,
both the new "when issued" and
the
firm
old
securities
considers
of
offer
Lyle Boren To Speak I
had
which the
particularly
public, of whom not less than one
shall
mission
bonds
S t
■
a
t
e
Exchange: Com¬
and
municipal
■.
:
The
meeting will be held at
the Bankers Club, New York City.
be
natt
Ex¬
Crowell-Collier
Struthers-Wells
Green, incumbents.
the
For
One
the
of
member
a
Edgar Scott and H. Pre-
change.
of
Term
Year:
One
Botany Worsted
Governor, to fill a vacancy,
shall
who
be
of
member
a
Wickwire Spencer
the
Exchange residing and having his
principal place of business within
the metropolitan area of the City
of New York.
Henry Picoli, in¬
cumbent.
{
•
,
'!
*
-
.
"
.
,'
,
-
*^
■
<'
I
J
T;
of Governors—
*
». y
I1
/'
,j
Farnsworth Television
Federal Water 8c Gas
:
of
Term
the
For
the following positions:
made for
Board
J.F.Reilly&Co.
Members
j
New
71
York
Security
Dealers Assn.
Broadway, New York, N. Y.
HAnover 2-4660
/'.:, Bell System Teletype, NY 1-2480
Five'members
One
Year:
of the Nominating
Stromberg-Carlson
>
Committee, three of whom shall
Year:
be members and two of whom
A Chairman of the Board of Gov
shall be allied members of the
erriors who shall be a member of
For
the
the
of
Term
One
L.
Robert
Exchange.
Stott,
Exchange.
.
Federal Screw Works
/
{.For
the Term of Three Years:
Three
Governors who shall be
members of. the Exchange resid¬
ing and having their principal
places of
business within the
metropolitan area of the City of
New York.
Robert "Cluett, 3rd,
-
E.
Burd Grubb, Ernest L. Jones,
P.v Larkin
Sylvester
and r Sidney
Rheinstein, incumbents.
Governors
Two
members
who
\
be
shall
non-members
or
residing and having their princi¬
i
Memoranda
More Buying Power
Although wars are de$troyers
values, decreasing the buying
power of the dollar, it is possible
of
that
power will be as
larger
than
before,
Grande & Co, Inc., Hoge Build¬
ing, Seattle, Wash, declares in
an
interesting - circular • listing
11 situations which they consider
large
rights
request
on
Segal Lock & Hardware
preferred
V
to increase the number of dollars
so
and
common
incumbent. .//.
'
En. 1926
buying
n
or
170 Broadway
Bell
COrtlandt 7-6190
Teletype NY 1-84
System
attractive
at
the
Copies of the cir¬
may be had from Grande
& Co. upon request.
particularly
present time.
Trader
cular
interesting
■
Order Clerk & Statistical
Interesting Features
An
With
/
British Columbia Offers
descriptive
cir-
Background
cularj on the Province of British
shall
be
members
or
Columbia has just been issued by
non-members of the Exchange re¬
Wood, Gundy & Co, Inc., 14 Wall
•Two
or
Governors' who
allied
or
siding. and having their principal
St.; New
.
copies
City,
York
C.
Box
25,
The
Financial
Chronicle, 25 Spruce St., New
of
places of .business outside of the
which may be had from the firm
metropolitan area of the City of
•
■ '
:
New York, who shall, be general upon request.
York, N. Y.
,
.
stock
Retailers attention
Peace
the/Auto-.
Ordnance Corporation offers ? in¬
teresting possibilities in war, in¬
flation, and peace, according to a
circular issued by J.'Arthur War¬
ner
& Co, 120 Broadway, New
York City.
Auto-Ordnance is en¬
gaged in the production and sale
of firearms, oil,
and food and
owns
the patent rights- to ^and
Capital
.
...v
.;
i
•
;
:
/
PROViNCE OF ALBERTA BONDS
/
"V-v A Provincial Bond
1
interest rate
i
:
^
•
^
-
:
returning 3% to 4% at half
.
-
,
t
61 Broadway, N. Y.
j
on
....
request
»
Bought
^
1
i
>
Specializing In Canadian Bonds & Stocks
—
Sold
—
Quoted
CRAIGMYLE, PINNEY & CO.
WHitehall 4-8980
Members
ONE
•
-
Warrants
'
Teletype NY 1-142
'
Preferred
Common
CHARLES KING & CO.
/
Corporation
with good speculative possibilities.
Circular
I
Bonds
Attractive for current and post War Investment.
-
.
manufactures thefamous/'tommy-
description "C."/.
'
.
Eastern
of
—
York Ice
-
members
intro¬
bill in Congress to re¬
from the jurisdiction of the
a
and
1-1208
member
partners un
Suggestions/ by letter. / Similar Trustees of the Gratuity Fund—
meetings / will
be held by the
For the Term of Three Years:
Nominating Committee on each Two trustees who are members
Tuesday and Wednesday during of the
Exchange. H. Gates Lloyd
March.'.;
i -'■C',and William D. Scholle, incum¬
| In .its / announcement; the Ex- bents. ' ' '
i '
change states vacancies will oc¬
cur'in and nominations are to be Nominating Committee—
duced.
-
request.1' >
make their
unable, to attend may
resentative Boren- .recently
Securities
NY
Auto Ordnance
Eeb. 26 will be Representative
Copies of gun." Copies of the circular may
interesting circular may be be had upon request from " J.
ask for
from Pflugfelder, Bampton & Arthur Warner & Co.
Rust upon
those
and
nominees
suggest
pal .places of business , within the
jhetropolitan area of the City of
New York, who shall be general
!
The principal speaker
at the br limited partners in member
juneheon meeting of the Munici¬ firms engaged in a business' inpal Bond Club of New ;York on yol-ving direct contact with the
public. Radcliffe Swinnerton and
yle H. Boren of Oklahoma.Rep¬ John C. Maxwell, incumbents.,,
attractive possibilities.
this
jare-invited to attend This meeting
;
move
Teletype
,
Chicago North Western
Securities Look Good
Pflugfelder,
All members and their partners
allied
For War Deflation
v
positions to be filled at the
annual-election to be held in May.
r.
limited
on
[ At Bond Gfisb Meeting
Frank A. Gahn With
(Special
meeting
open
the
....>• •
security
investors
war
an
Exchange
Stock
York
-
hold
will
to
the, firm
Wentworth.
Chicago, 111.
that
with
associated
Also
BRIEFS
believe
Co-manager
of their bank division.
k
DEALER
We
them ,as
with
inj,.their
■
Exchange and other-
leading exchanges, announce that
C. E, Huntley has becomeyasso-
Members New York Stock Exchange*
Sr., N. Y.
the; New
Reynolds & Co, 120 Broadway,
JTuesday' (March 2) for the pur¬
New York City,-members-New
pose of receiving suggestions for
Stock
2-8970
engaged in a business in¬
volving direct contact with the
•;-L
v
Broadway, Hew York, N. Y.
firms
The Nominating Committee of
i
York
40 Wall
.or,
1 /ForrAetnnal Efecliesi
HuntleyIn Bank
i
Inquiries
Information
y. '
Boston /
Philadelphia
*
-
Teletype NY 1-1033
Telephone BOwIing Green 9-6400
NYSE Seeks Nominees
V
C..
Broadway, New York
55
'
HAnover
York, N.„Y.
COrtlandt
Telephone:
Certificates i
Statistical
Members New York Security Dealers Asm.
~gr~C?
ers
v
Co/s
INC.
GUARANTEED RAILROAD STOCKS-BONDS
/
;
Go
Ctfs.
J.GOLDWflTER& CO
:
120 Broadway, New
age
Ctfs.
Co.
Title
Participations
'
'
We
Co.
Mtge.
other
Trust
Ctf«.
request
on
in New York funds.
ments must be made
In
Co.
Title
&
Complete
"C"
Description
In
Invited
Mtge.
all
Bank
Availablei
advertise¬
and
Specialists
Lawyers
Bond
1951
NOTE—On account of the fluctuations
subscriptions -
Are
Inquiries
Susquehanna 1st 4s 1963
Allegheny & Western 1st 4s 1998
Morris & Essex 1st 3*/2® 2000
Beech Creek
year.
4-6551
REAL ESTATESECURITIES
,
Special Analyses On
Buffalo &
.
to
seems
*„ ;
'
•/;',••.•••'
^
stock
11
tP"
-'
,
In the rate of exchange, remittances for
foreign
STREET, NEW YORK
W*
j
,
Its; capital
in
can
Telephone: WHitehall
famous
"TOMMY-GUN"
Subscriptions in United States and
Posessions, $26.00 per year; in Dominionof Canada, $27.50 per year; South and
Central
America,
Spain,
Mexico
and
Cuba, $29.50 per year;
Great Britain,
Continental Europe (except Spain), Asia,
Australia and
99 WALL
UNDERLYING MORTGAGE RAILROAD BONDS
;
those
bonds
We
manu¬
Dana
second-class matter Feb¬
as
box.
Obsolete Securities Dept.
-Teletype NY 1-5
;
about
and
often
give you more points than or¬
dinary market channels!
25 Broad Street* New York
,
J f
f
-
.
Reentered
y
stocks
strong
your
Spencer Trask & Co.
rights to, and
patent
ruary 25, 1942, at the post office at New
York, N. Y., under the Act of March
3,1879.
Company
,
ration-al
be
obsolete
.
Victory!
POINTS FOR
Let's
/
Nearer
Week
DRIED ISSUES
■
/Telephone HAnover-2-4300
H.
Copyright
Company.
and Industrial
PREFERRED STOCKS
FOOD
Chicago—In charge of
Gray;- Western Representative,
Field Building (Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, E.C.
Other
A?
of
OIL
Thurs¬
(general news and advertising issue)
with a statistical issue on Monday]
day
Fred
Public Utility
One
FIREARMS
Business Manager
Thursday, February 25, 1943
[>
Published
»
"•*'
pro-
sale
'i
William Dana Seibert, President
I
engaged in the
duction
.
AND COMPANY
High Grade
'''
■
.
llCHTEIMIII
"
interested in offerings of
are
CORP.
|
1
We
AUTO-ORDNANCE
U. S. Patent Office
Reg.
739
& FINANCIAL CHRONICLE1
THE COMMERCIAL
Number 4154
157
*
New
WALL
Telephone
York
ST,
Exchange
Stock
NEW
WHitehall
YORK
4-5290
740
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, February 25, 1943
dallas
Public Service of Ind. Stocks
Sold
Bought
Quoted
—
Seattle Gas
PUBLIC
UTILITY
Hearst-Brisbane
& Elect. Stocks
INDUSTRIAL
Howard Aircraft
Dr. Pepper
Republic Insurance
Great Southern
Southwestern
Dallas
All Texas
Check
Life
MUNICIPAL
Standard Gas & Elec. 6's all issues
Co.
Ins.
Inquiries Invited
Old
Co.
Ins.
6s, 1942
Coal
Ben
6/48
s.
w.
BONDS
Ry. & Ter. 6% 1951
Utility Preferred Stocks
HICKEY & CO.
135
Southwestern Securities
on
us
Life
RAILROAD
Chgo. N. S. & Milw. Ry. all issues
New Mexico Gas Co. Com, & Pfd.
Properties
common
LA
SOUTH
'
■
,
Direct private wire
DALLAS, TEXAS
Members
"CHICAGO
New York
to New York
Boston
Detroit
Teletypes: CG 1234-5-6
Incorporated
INCORPORATED
;CHICAGO
rauscher, pierce & co.
Seligman, Lubetkin & Co.
A.cjiliynAW>comesny
STREET
SALLE
York Security Dealers
New
;
Milwaukee
Association
41 Broad Street
Omaha
New York
Telephone HAnover 2-2100
Philadelphia
Teletype NY 1-592
Ft, Worth-Houston-San Antonio
newark
Old Ben Coal
1st
Firemen's
Insurance
Corp.
T; •
6s, 1948
Debenture
Income
of Newark
•
Common
•
First Mortgage
7^s,
V
1953
.
Liquidation Certificates
Offer Attractive Investment Possibilities
Stock
American Insurance Co.
'
^
•,
Co.
?■-■<
(Newark)
REAL ESTATE SECURITIES
■
Series F-l Issued By New York Title and Mortgage Co.
1
Bought
Sold
—
Quoted
—
In
May, 1935, three individual trustees appointed by the Supreme
over supervision of 121
prop¬
erties in New York and Bronx Counties, New
York, on which the
New York Title and Mortgage Co. had taken first
mortgages, issuing
and selling to the public guaranteed participation certificates called
Series F-l.
/
v,;:.
The trustees, in the declaration^
——
of trust, hold the properties for
the purpose of liquidating the as¬
sets in an orderly and business¬
like manner, having due regard
Jersey Insurance Co.
of N. Y.
Court of the State of New York took
SCHEIICEC RBCHTER COMPANY
v
Landreth
J. S.
Rippel & Co.
Established
MArket
New
York
1891
Building
Garfield 0225
Louis, Mo.
L. D. 123
J.
3-3430
Phone—REctor
St.
.
SL 456
18 Clinton St., Newark, N.
/
Bell Teletype
Old Ben Goal Clears AH Arrears On I si 6s
2-4383
Directors of Old Ben Coal
Through Wire Service
of the accumulated back interest
the bonds,
on
"
With
tO
net
NEW YORK
interest
earnings
for. the year
follows:
as
(Strauss Bros.).
:
f
..
■
eliminated
arrears
depreciation®,
1943 will be applied 7%s due 1953.
Fixed
interest
at
6%
to
sinking fund on the First Mort¬
gage bonds up to a maximum of
$500,000 cash, and the remaining
CHICAGO
(Strauss Bros.)
/'
—
First
market,
but
50% to interest
the Debenture
on
interest
Debenture ,7
'
*
Incorporated
Tel.:
tribute
all
moneys
Office:
Des
If
you contemplate making
send in particulars to the Editor
Teletype SL 477
Des
Moines
Moines,
Bldg.,
(Special
Financial
The
to
the 6s also
on
strictions
removes
tion
re^-
against
with
Auliffe
Co.
&
Chronicle)
(Special
has
become
LOS
Street.
H.
M.
R.
Frank
M. Al¬
—
'
with
ANGELES,
R.
E.
Hines,
A.
Pierce
Co.,
and
with
Pacific
and
W.
was
E.
Hutton
Co.
&
previously with A.
E. Aub & Co.
B.
to
Keeler
blower
Weekly Firm Changes
The New York Stock Exchange
the following weekly
announced
merce
The
&
Financial
is
of
Otis
Com¬
&
Co.
was
for
was
with
J.
Underlying
East Market Street.
railroad
possibilities,
according to B. W. Pizzini & Co.,
President of
55
Broadway, New York City,
which
has
just
issued
special
Mr.
Masters
previously with Thomson
&
mortgage
bonds offer attractive
Beech Creek Ext. first 3V2S of
1951,
issues
the
firm
considers
•"Proposed transfer of the Ex¬
McKinnon and was an officer of particularly interesting at current
change membership of the late
levels.
Copies of these memo¬
M. P. Crist & Co., Inc.
Ogden M. Edwards, Jr., to Albert
randa may be had from B. W.
B. Tompane, partner in Benton
Pizzini & Co.
(Special to The Financial Chronicle)
Nicholas, New York City, will
March 4th.
The main office of J. W. Sparks
& Co. will be 50
1510
Chestnut
LONG BEACH, CALIF.—Ansley L. Oltman has been added to
the staff of Halbert,
Street,
(Special to The Financial Chronicle)
Phila¬
delphia, Pa., will be
a
branch of¬
fice in charge of resident partners.
'
Jones
&
LOS ANGELES, CALIF.—Wil¬
liam
C.
Gregg
has
rejoined
staff of E. F. Hutton &
Company,
effective
Jan.
1943.
local
office
of
Post
&
Flagg.
7%
cumulative
preferred
stock of Towne Securities Corp.
offers interesting possibilities at
current levels, according to a cir¬
cular issued by J. L. Schiffman
& Co., 60 Broad Street, New York
City. Copies of the circular may
Quest.
from
the
firm
5%
5% V
4%%
upon
re-;
informed
taxable
V
v
.
Trust
fee-owned prop¬
were
no
properties
Estate
arrears
which
on
holds
the
first
mortgage.
Cash receipts in the
principal account for 1942 totaled
$347,662.96,
income
cash receipts
account
totaled
in
the
$1,203,-
With
the pronounced improve¬
real estate conditions in
ment
in
New
York,
more
favorable
the
possibilities
for
liquidation natu¬
The certificates at
that
due
to
the
an
yield and appreciation
as
liquidations occur in an im¬
proved real estate market,
j
The Series F-l certificates are
example of many attractive
liquidating situations in various
an
price ranges.
only
a
fact
that
depreciation taken on properties
may be prorated to the
outstanding certificates.
owned
i
N. Y. Analysts To Meet
The
curity
New
York
Analysts,
Society of Se¬
Inc., announces
that at its regular Friday lunch¬
eon
meeting, to be held at 56
Street, New York City,
26, at 12:30 p.m., Fairman R.
diversified as follows:
66 mort¬
Dick, senior partner of Dick &
gages in good standing in the to¬ Merle-Smith,
will
address
the,.
tal. amount of $14,365,735.82; 46 Railroad
Group.
properties fee-owned having a
On Wednesday, March 3, Frank
cost to the Trust of
$10,755,551.63, Rizing, General Manager of the
and one property which the Trust Automotive Parts and
Equipment
was operating under rent
assign¬ Manufacturers
Association, will
ment in the amount of
address Industrials Group I.
$230,300.
Total principal assets, exclusive
As
of
Estate
Dec.
held
31, 1942, the Trust
113
separate
assets,
Broad
Feb.
•
$304,294.60,
587.45.
Interesting Situation
the
on
rally follows.
portion of the income distributed
is
of
623
South
Spring Street.
Mr.
Gregg recently was in charge of
12, the Statistical Department of the be had
Co., New York City,
dissolved
the
request.
Towne Securities Offers
The
The office
<
was
Hargrove &
Broadway, New Co., First National Bank Building.
York City, hereafter.
at
upon
6%
5%
are
taxes
on
there
715.65.
1942—41/4%
-
and
attractive
1938
We
-
of
paid
are
erties
present levels in the 50s offer
1940—
Underlying Rail Bonds
Offer Possibilities
taxes
4%
1937
Bache & Co., 175 Church Street.
the
"C1
2%
.
1939
;
S.
a
with the
Guaranty Company of New York
was
Ex¬ R. B. Keeler & Co.
individual floor broker.
on
of
follows:
as
1941
associated
Horn-
Mr. Keeler
years,
and in the past
-
with
Union
now
Building.
number
Chronicle)
OHIO —Robert
Weeks,
formerly with
was
&
value
; .;:.v /•
payments have been
NEW HAVEN, CONN.—Philip
Susman, previously with Eisele &
King, Libaire, Stout & Co., has
change membership of the late
memoranda on Buffalo
&
Sus¬
(Special to The Financial Chronicle)
Henry R. Ickelheimer to Saul J.
quehanna first 4s of 1963, Alle¬
Shepard will be considered by the
INDIANAPOLIS, IND. — Wil¬
gheny & Western first 4s of 1998,
Exchange on March 4. It is un¬ liam G. Masters has become asso¬
Morris & Essex first 3%s of 2000,
derstood that Mr. Shepard will ciated with Henry K. Dalzell, 106
and
be considered
face
of
assets
are
kept * in good
condition, all real estate
rentable
Interest payments based on the
.■
N. Y. Stock Exchange
an
present
;'T
the
Properties
$355,-
face value of the certificates have
CLEVELAND,
as
a
of
guarantor.
been made semi-annually on June
30 and Dec. 31.
Annually, the
Miss
liquidation
for
to
shortly,
the balance to follow from further
r
Company
Street.
available for distribution
amounted to
$930.
of
(Special
act
cate
previously
&
about
10%,
or
approximately
$836,000. About 4%, or approxi¬
mately $335,000, will be made
pos¬
pal, reducing each $1,000 certifi¬
CALIF.—
Jr.,
DIGBY 4-4950
inter¬
took
trustees
properties sold.
Since
the trustees took possession the
public has received a distribution
of 7 % on account of the princi¬
Building
PL.,N.Y.
Bel/Teletype NY 1-953
-f
the
California, 623 South Hope
Probst was formerly with Merrill Street.
•
Lynch, Pierce, Fenner & Beane,
(Special to The Financial Chronicle)
Granberry & Co., Thomson & Mc-
80
the
ment
of
affiliated
Walnut
Exchange
of
their respective
which they had taken as part pay¬
with
Bank
.
become
transfer
now
Members New York Stock Exchange
^
40 EXCHANGE
592.80 face amount of certificates
Douglas E. C. Moore have become
326
Mr. Mack
Proposed
is
Co.,
joined the staff of Westheimer &
Kinnon
firm changes:
&
fred Mack and Norma Probst have
509 OLIVE ST.
Members St. Louis Stock
net
among
The trustees had required
Chronicle)
Co.,
Teletype—SL
Estate
hands of the public
C A LIF.—
(Special to The Financial Chronicle)
v
•..
CINCINNATI, OHIO
SAINT LOUIS
System
and
session, $27,574,576.37 certificates
were outstanding.
As of Dec. 31,
1942, the total amount of princi¬
pal unpaid on certificates in the
formerly with Shields
was
V LOS
Co.
Financial
Purkiss
Baker
America
Miss Mc-
to The
ANGELES,
Myrton
associated
(Special to The Financial Chronicle)
Bell
Trust
$25,481,888.85.
Shearson, Hammill & Co., 208
South La Salle
&
the
with
ance
additions to yout personnel, pleas*
of the Financial Chronicle for pub¬
CHICAGO, ILL.—Elizabeth McAuliffe
Stix
of
net; income
the certificate holders in accord¬
the company's
purchase of debentures.
v. >•
j,
la.
SHASKAN & CO.
derived from the liquida¬
52^% as of January
The payment of .back .in¬
lication in this column.
LOUIS, MO.
Central 0282
Other
the ■■in?
and to dis¬
amounted to
When
MISSISSIPPI VALLEY TRUST BLDG.
ST.
collect
from the assets
ests.
■
:
and
manage
come
(Baum, Bernheimer Co.)
•
SECURITIES
2, 1943.
terest
MARKETS IN
REAL ESTATE
to
Accumulated back
KANSAS CITY
Murdoch, Dearth & White
TRADING
vestment as is reasonably possi¬
ble; and, pending final liquidation,,
Mortgage bonds,
the
on
not to sacrifice the
as
to
yield to them as large a
proportion of their original in¬
•
-v
so
interests of the certificate holders
before
the! remainder divided 50%
with
the
on
19365—
for the condition of the real estate
Corporation have declared a total in¬
First Mortgage 6% bond due
1948, payable March 1 to holders of record Feb. 18. Of this payment
$60 covers the fixed interest for the year 1942, and $205 covers all
terest payment of $265 on each $1,000
st. louis
Of
the
totaled
113
$25,351,-
separate
as¬
sets, 70 consisted of six-story ele¬
vator apartments and 22 walk-up
apartments.. Six properties were
sold
in
1942 for
$1,013,000 for
$149,000
and
purchase
money
mortgages of $864,000.
A
claim
allowed
the
trustees,
in the amount of $8,359,855.33,
against the guarantee of the New
York-Title and Mortgage Co. is
expected to produce a dividend of
i
'
Raymond N. Parker Now
With F. S.
(Special
to
Moseley Co.*
The
Financial
INDIANAPOLIS,
Chronicle)
IND. —Ray¬
mond N. Parker has become asso- *
ciated with F.
Circle
S.
Tower.
Moseley & Co.,
Mr.
Parker
j
was
previously an individual dealer in
Indianapolis
and
prior
thereto
was
with
was
an.
E.
L.
Kline &
officer
maker &
Co.
of
•
Wm.
,
-
Co.
F.
•
and,,
Shu.
-
•
•
-
Tomorrow's Markets
North Western New "When Issued"
Missouri-Kansas-Texas
Walter Whyte
;
?
.
'"
'
*
'
1
;
•
7
-
North Western Old Securities
Circular
Strong current market pleas¬
no longer impressive.
January conditions
Members New York Stock
fulfilled. All stops
raised.
By WALTER WHYTE
.
j'
i
request
Canadian Provincials, Internals
Exchange
Stock
Canadian .Western
Telephone—DIgby 4-4933
RAILROAD
Teletype NY 1-1310
New York Vv
Beil Teletype—-NY 1-310
'
Broadway
61
v*
past week has been, a
sober one, if not for the mar¬
SECURITIES
REORGANIZATION
conditions that affect it.
it's the American
traits
■
vv
,
-
...
J.
■
1
'.v
..r.
■
tions, the
possible that they
nothing to base the last
premise on. Reactions breed
utilized
ing ahead of tne First Mortgage,
and this is the issue of Trustees'
Certificates held by the RFC. Un¬
reorganization plan now
before the Supreme Court these
Trustees' Certificates were to re¬
ceive the entire issue of new First
the
der
high
Mortgage
°
New York Central
*r
Illinois Central
at substantial
current
1
WALL STREET
7
NEW. YORK
/
bond market.
?
WALL
STREET,
NEW
in any
These in¬
greater utilization of the
northern
California
connection
with Great Northern made possi¬
should be given recognition
YORK
Teletype: NY 1-2050
revised reorganization.
clude
through the physical rehabil¬
of: the
Western Pacific;.
ble
itation
MINNEAPOLIS &
.1
&
Minneapolis
Minneapolis
Minneapolis
Minneapolis
Iowa Central
J
Moines
and
1
been
Wall Street
<
Bell Teletype
'
the
to
of which will continue un+
many
1935
New York, N. Y.
NY 1-897
' In fact, there
peace economy. '1
a
addition
In
Incorporated
63
additions
important
industrial life of the service areq',
Frederic H. Hatch & Co.
r
larger
t
Finally, under
the stimulus of the war there have
■,
& Fort Dodge 4s
correspondingly
a
margin of profit.
der
1938 ;
1951
5s
Central 4s
Iowa
i;
Com., W.I.
Louis New 2nd 4s, W.I.
& St. Louis 6s 1932
& St. Louis 5s 1934
& St. Louis 4s 1949
& St. Louis 5s 1962
St. Louis New
Minn. & St.
Des
::'
(in reorganization)
Minn.
operation^
efficient
more
al¬
has
rehabilitation
the
Also,
lowed
ST. LOUIS RAILROAD
stejps that might jeopard¬
xonsummaiion of the plan
working purposes.
••••
concessions from
coupon
WHitehaR 3-3450
take any
has acted,
\
LEROY A. STRASBURGER & GO.
court restric¬
could readily pay off
the certificates in full and still
have more cash than is needed for
'
'
past due.
the company
5
registered
the
until the Supreme Court
Quoted
Sold
Van Tuyl & Abbe
generally able to
offer
bonds of these roads
We tare
in tions, presumably growing out of
the lower court's disinclination to
ize the
,
72
cates outstanding
If it were not for
—
!
Southern Pacific, etc.
;f
V
fixed interest bonds.
approximately $9,r
that the certificates are
:
Lehigh Valley
Trustees' Certifi¬
(originally $10,000,000)' and principal payments
are being made at the rate of $25,000 per month* despite the fact
of
Bought
"
Information upon request
,3Lackawanna
There are now
500,000
RAILWAY COMPANY;
potential¬
these
to
ities, it is expected * that the ist
mortgage bonds wills recei ve some
direct benefits this year from the
record
earnings and record ac¬
if the
Even
of cash.
cumulation
paid off,
be in line for
Trustees' Certificates are
the
1st
should
5s
.
1
that
tions^ is
will
bonds.
Aside from the * serial equip-;
ments there is one security rank¬
peace sometime bring hand¬
reactions,{and what starts out some profits, o Industrial
to be just one of those things mergers1 That
bring bigger*
theoreticians
like
to
call profits in either the form of
"technical" can easily develop higher market prices or larger
into something more serious. dividends, are during peace
#
*
,.'•'
t i m e
dependent on man¬
The odd thing about reac¬ agerial or market ability. But
*
SEABOARD AIR LINE
particularly obligations of
,
the First Mortgage
can go,
Business maneuvers
have to be
directly for the benefit of
cash
this
ally
but on the down¬
•with the news'from the war side ■}
they can only go to
fronts veering around so
nothing.". It's a comforting
rapidly, any reaction may be thought but seldom a practi¬
short lived,
A few days' cal one.
Moreover, in war
weakness and it may well be time it's a naive one.
all over. Unfortunately there
is
consid¬
v
erably higher prices than the re-r
cent level of around 40.
Eventu¬
,
there's "no limit to how
it is
course
Specializing in
maintain net trading markets in most
of the medium-priced Rail Bonds,
We
accumulation \ of
rapid
cash would alone Warrant
••
Of
.
about by the failure of
reorganization stalemate brought
regardless of the outcome of<^
thev Supreme * Court
appeal.; If
there were no other considera¬
'■
.
'
\
Torontd
Montreal
men,
j
v.
HAnover 2-098&
Y.
N,
Teletype NY 1-395
Bell
New York
to hand down a decision on the cases heard last
October, Western Pacific 1st Mortgage 5s, 1946 have given a rather
desultory market performance in recent trading sessions, although
hovering consistently close to the 1942-1943 high. The bonds still pos¬
sess outstanding price appeal, in the opinion of most railroad bond
way. It's part of life to be
optimistic; to look towards k
millenium.
Applying this to
\ If the former is true the the market you will find the
strength which reasserted it¬ bull attracts a1 larger follow¬
self late Tuesday afternoon ing than the bear.
will continue, though -there
will be days which will be
Your, trader, for example,
given. over to dull irregular^ will * be more" comfortable
ity: If the latter applies then with a five point loss in a
we are in for a major sell-off.
long position than with a one
For no head-in-the-sand phi¬
point loss in a short position:
losophy can change the pic¬ To partially explain this you
ture of things as they are,
have often heard it said that
ostrich complex.
ST.,
the Supreme Court
way any more than the Eng¬
lish can says it's the British
technical
reflection of the
either the strong
or a
With the
Such human
not national.
We
can't 'say
to
position
are
RAILROAD SECURITIES
of themselves.
give more than „a
cursory nod to the headlines.
This may be a commentary
on,
52 WILLIAM
optimists.
It's true the market has re¬
fused
C0i
HART SMITH &
For while we try
the to look ahead we prefer to let
| • each day's problems take care
for
certainly
then
ket
Municipals
Corporation & Industrials
The
-
Internals
Canadian Natl. Rys., Internals
Exchange
Telephone HAnover 2-1355
[
.
York
New
Member$
NEW YORK
ONE WALL ST.
;
on
PFLUGFELDER, BAMPTON & RUST
McLaughlin, Baird & Reuss
indicative
Dominion of Canada,
request
upon
ant but
'
,
Bonds
Circular
now
'
'
and
Says—
of rise
741
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4154
157
Volume
to
they * seem
is
$6,000,000 of cash already de¬
substantial interest payments or
1946. At the same time,
posited as additional collateral be¬
invitations for tenders, or'both. >;
it seems reasonable to expect that
hind the certificates; and no inter¬
even
in normal times ambi¬
if the Commission had to recon¬
est
accrues
on
a
similar face
tious plans go awry. And dm>
sider the Western Pacific reorgan¬
amount of the certificates. In ad¬
ization it might welTbe more lib¬
ing a war the chances for ac¬ dition, the company itself ended
eral in its appraisal of a supportrcidents multiply a thousand 1942 with treasury cash of more
of first 4s,
.
.
just before a piece of
breaks into print.
come
bad
news
Up .to
i-
"coinci¬
these
now
Gadbois And Holton
bothered,the fold. No, if the gods of chance
much.
But it favor, either side, they favor
dences " have not
market very
foolish
expect the; bear jtoday. V
to
would
be
such
condition to* continue
a
•indefinitely.
'
'
j:
v
;"
*
•
*
:'y:;;V;'■
;
j
days when you
could be a -big time ~ trader
with a hundred dollar bill;
,
usedto
a,.' market
be
h id o soph y which,-para-,
phrase d, said that the
p
made
fellow who went short"
..
$4,000,000 would presumably be ligations. Fixed charges were tp
This* oddly enough, doesn't
adequate.Tori working needs even be kept under $500,000. Last year
that Tronr now on wd under
available ; for
chargejs
present boom traffic condi^- income
topped $9,000,000 despite an adb
can
look forward to an; un¬
broken decline. 'Present)day :L Jf: the f reorgapiaztion plan., is justment of close to $900,000 in the
final month fox .maintenance and
markets ^ don't behave
that turned back by : the •, Supreme equipment reserves.- In fact, with
Court; - and-j the - delay in handing
the exceptions of 1937 qnd 1938:
way. ' But it, does mean that down
a,decisionals considered as
caution from how; on", should improving "the ^prospects- foK such when -property rehabilitation,work
be written in upper case caps."' Action,) there seems little question approached the level of almost
complete rebuilding of the main
but that the Trustees'. Certificates
lines, earnings, have consistently
will be paid off almost immediate¬
run
two to three times the pro¬
About a month or so ago in:
ly. : Without - any- change in the
posed fixed charges.
j,)
analyzing the Dow averages, commission's proposed capitaliza¬
There is no question but that
t hen
at" about 118-119, * * I tion this would alone release $10,000,000 - of™ new First;- Mortgage the recent earnings have been
pointed out that the market bonds for "allocation to old secu¬ largely war engendered, but there
was on the verge of a 10 point
rity x holders, practically
all of have also ben important elements
move.
A
positive
push which would go to the $49,290,000 of " basic improvement which
r
mean;
Back in the
there
able capitalization. • ■ >., J ^
j.
.$8,350,000 and system cash
Under • the original reoragnizaclose to $9,400,000.
If the
certificates were paid in full there tion the only fixed debt allowed
would
still -be system ) cash of was $10,000,000 of f irst 4s, and "the
modest amount" of equipment obf
roundly $5,900,000 while less than
.
.
-
'
more
If it was
peace
at
than the longs.
true ih a world at
money
if is
war.
more so
in a world
4
of
Most
us
are
naturally
lamborn & co.
:
NEW YORK CITY
'*
.
*
„
r
about
to
averages broke
the
downside,
sugar
4
,
move
WALL STREET
99
-
through the then much talked
of
resistance point
of 120
would bring an
additional
t
'
If the
through
before
on
pene¬
trating the upper level, a 10
point .drop
wasindicated.
Well, you know what hap¬
pened.
'
%
.
Supplement of February 20th, 1943, the 1942
ber 1942 net operating income figures of the
upward:
DECEMBER (net operating
YEAR 1942
( "
>
"
J.
geles Stock Exchange. Mr. Gadbaisi
was formerly manager of the Bev¬
erly Hills office of Pacific Co. of"
California and prior thereto was:
officer
an
of
O'Melveny-Wagen-'
and
& V Durst
seller
was
previously
trading
manager
department
with
was
Holtph.
Mr.
Schwabacher; &
for
of the
Morton
Seidel & Co. and E. H. Rollins &
Sons, Inc., in Los Angeles.
r
v
Applied Electronics^—>
|
Major Post-War Industry
A
most interesting
booklet has
just been issued by Estabrook \&>
As
"
The
Originally
..As
.
the
booklet
qngilyse?- ofT five, manufacturers :o£
Copies of this book^
let may be
had
specialists in rails
Estabrook
&
Tele. NY 1-1293
:
,
I
in
request from
and
Boston
firm at 40 Wall Street.
;
>
upon
Co.
from the New York office of the
n.y.c.
HAnover 2-9175
devel¬
the
discusses
of the use of electron
tubes industrially
and in radio
and television and includes briefr
these tubes.
llwall8treet
and
York
New
opment
■V.I
Revised
$6,629,619
$33,945,971
income) $3,067,619
" ' ) $30,383,971
of
1. h. roihchild & co.
;
4 V
Wyeth & Co., 647. South Spring
Street,: members of the Los An-:
entitled
''Applied Electronics — A Major
Industry After the War? What It
Offers
to
the Investor Today."
and the Decem¬
Announced
.
nv-.u
,V
ANGELES, CALIF.—Guy
Gadbois < and Charles.. L. Holton
have
-become
associated
with
LOS
Boston Stock Exchanges,
SEABOARD AIR LINE
have been revised
and
as
this is-being -written-the
averages are across 129. It is
*
Moody's
*
(Continued on page 743)
Wyeth & Go,.
(Special to The Financial Chronicle Y
V
members
attention that, according to
We wish to call to your
The market did go up
DIgby 4-2.727
.
Co., 15 State Street, Boston, Mass.,
-
.
*
Exports—Imports—Futures
130.
Join
than
was.
>.V!
s ,<t
i
'it
j*
t
'
•.
THE COMMERCIAL & FINANCIAL CHRONICLE
742
Thursday, February 25, 1943
DIVIDEND NOTICES
St. Paul Fire
Aetna
Co.
HEAD
throughout
3
i/LclL.) G
New
Members
and
tW (fc fo.
Bell
(L. A.
4-2525
DIgby
Telephone
49
NEW YORK
that
Stock for the
I
payment
the
on
on
f
Williams
Deacon's
have
and
tax
declared
terim dividend
1st
Bank,
October,
September,
Ltd.
of
£1
By E. A. VAN DEUSEN
of tenpence
1943,
Two
matter of importance to bank stock investors.
and earnings is a
this column reviewed the experience of New York City
banks under the inflationary conditions which prevailed during the
weeks
b. e. hutchinson
Chairman, Finance Committee
per
in¬
the 31st"
on
Australia and New Zealand
ing sanctioned at the Annual Gen¬
It is proposed to review this week the
experience of French banks under inflation.
During World War I, and for
several
years
following, France
experienced inflation of marked
and growing severity.
Specialist Since 1903
Generally
speaking, this inflation may be
ri
into
divided
the
viz.:
phases,
district
two
war
1918; and the post-war reconstruc¬
phase, from 1919 to 1926. It is
pertinent at this point to note that
tion
France
entire
her
financed
(ESTABLISHED
was
Aggregate
francs, but the
payable in gold.
existed
in
France many years prior to the
War, but they were small in com¬
parison with the deficits which
deficits
from
and
war
struction financing.
recon¬
In 1913 there
deficit of 165 million francs;
was a
of 1918 the accumu¬
deficit was 144,579 million
by the end
lated
francs, and by the end of 1924,
305,106 million francs.
A budget
balance was achieved for the fiscal
1926.
year
of
during which
borrowed huge
budget deficits,
the
Government
sums
the
the
from
from
Bank
of
France,
banks
commercial
from the public; issued
notes, and
and
short term
eventually resorted to
the printing press.
At the start of the War the franc
was
worth
Hartford
and
offers
it
19.29c, at which point'
rise
to
and
reached
Throughout the entire
war
and
post-war period there was a rise
in
commodity
the
In November, 1918,
wholesale commodity index
the
base
the
in
and
prices
living.
stood at
of
365.5, compared with the
in July, 1914.
After
100
close
of
the
Australia,
banking
most
.
service
LONDON
v
interested -inv thesa'
OFFICES:
throughout
the
with
U.
the
$ Ji¬
on
commercial
the
carried
which
on
had
Head
Commercial
of this
long-sustained and
severe
siege of inflation.
Ap¬
proximately half of the commer¬
cial banking business of France
was
war
the
index
i'
EGYPT
,
Cairo
Register
FULLY PAID
RESERVE
'Office
No.
CAPITAL
FUND
.
.
.
usually referred to as the "Big
Four,"
and
group
figures
are
and 7
6
throughout the country. The banks
s
£3,000,000
.
'
William Street, E. C.!
Branches in all the
principal Towns in
\y/:
■
docks:
'
EGYPT
and
the
1
j:
:
;
..."
'
SUDAN
The Bourse.
The
J
investment
...v
'■''■■N'k
portfolios
of
Gottlieb Opens In
Leo
is
Gottlieb
engaging in
they declined some¬
what during the early years of the
war, but reached 7,557 million just
before Armistice.
less
They rose more
steadily thereafter to 22,-
million
francs
by December,
1927.
The expansion over the en¬
tire
period
was
equivalent
to
from
March
.
INTERNATIONAL
475
.A
declared
Company,,
holders
the
■
■
Secretary:
•i>>
February
.
'
BOARD,
by
1923_;_
90
,,
.
•:
92 h.
100
■
-1917k
-
_
1918.--J.J_
48
T924lJ_.
-
109
58
1925__J J:;
log
69
1926_1_
129
1920
90
_
of
Northern
;
(Wisconsin), at
1943,
meeting held!
a
declared
States
dividend
a
of
■
iecord_as of the close of bsusin-ss February 20,
1943,
for the
quarter
N.
'
SL Louis,
H.
ending February 28,
BUCKSTAFF,
1943;
Treasurer.
Secretary.
llocky Mountain
Pacific
■&
dividend
$5.00
share
per
Company
of
March
to
business
10,
on
the
Preferred
stockholders
February
1943.- Transfer
closed.
Dye Corporation
Ca.
Raton. New Mexico. February
15, 1943,
PREFERRED STOCK DIVIDEND NO. 99.The above Company has declared a
close
of
Stock
record
23.
at
1943.
books
of
the
payable
will
be
not
-.i::,.-,-
,
V:;.
'
COMMON STOCK DIVIDEND NO. 85.
$1.00
share
per
on
the
a-dividend
Common
Stock
of
the-Company
close
of
March
-
to stockholders of record at the
businessi February 23,
1943, pavable
1943. Transfer books will not ba
.' '-'.-r-.v--, ■■ •'-i
10,
'closed.'-
" February'23, 1943
L.
MION
1943:
AND
BONNYMAN,
Treasurer.
""
CORPORATION ;
W. C. KIKC,, Secretary
•
HECL4
AND
CALUMET
A qash dividend of
of
NICHOLAS,
D.
23,
February
Boston,
Secretary.!
:;
1943.
1
*
E03
twenty-five cents ($0.25) per
share
will -> be ,paid
on ■ March'
16,
1943, to
holders
of
the outstanding
Capital Stock of
the .Calumot -end
Hecto Consolidated Copper
Company of record at the
of "business
March
fi, 1943.
Checks will be ma'led from
the Old Colony, Trust Company, Boston, Mass.
dividend
'
'
CONSOLIDATED
COMPANY
COPPER
A
CARBIDE
CARBON
.
'
/
'
••
;
Seventy-five eeiita
(75^). |>er share oil the oiitstandiiig
eapital stock of this. (Corporation has
been
to
declared, payable April 1, 3943,
stockholders of record
at
of business . March 5, 1943.
the close
*
'
y
•
ROBERT W. WHITE,' Vice-President
of Francs
1922___
45
1916
-
1921__.
28
-
J
Illinois
per share
the Preferred Stock of
the-Company, payable
chock
March
1,
1943,
to stockholders-of
cn
the
Millions
.
34
1915
).AJ -:V
-STATES
(WISCONSIN)
Directors
16,
'
•
■
Secretary.;'
■"
Millions
1914
of
»
has,
one^ and one-quarter per cent (l'/4%)
of
'
i-i
A.
STOCKHOLDERS
fi''
closed.'
C3BORN,
v.
Fewer Company
on
be
J.
COMPANY
Chicago
The Beard
_
not
OF -NORTHERN
POWER
Y,
share
at the. close of
business -on
The stock transfer books -of
-
will
-OFFICE
;;
.
N.
a
capital stock- of this
April
l,
1943, • to stock¬
HERVEY
:
p^r-share on the Common Stock of the
Company,;payable,March 20, 1943, to,
common
stockholders of record at the
l
Books will remain open, Check's -wilEbe ''mailed.
■
1943.
Company
COMPANY
York,
CENIS
the
on
record
15,
New
FIFTY
payable
of
March
SALT
Avenue,
of
p.
STOCK
Year
Fifth
dividend
been
pay¬
Egham, Surrey.
: .V
''
'
191
Broadway, New York
'fr':
.
mailed.
Philadelphia, February 19,194311
h
■
be
will
8eerotary and Treasaver,
(f Allied Chemical &_Dye Corporation
v has declared quarterly dividend No. 88
of One Dollar and Fifty Cents ($1.50)
February 2, 1943; a quarterly'dividend of
one and
three-quarters per -cent-was declared oh
the .Preferred Slock of this Company,:payable
April 1, 1943, to Stockholders of, record at. the
close of business
March
17,
1943:-Transfer
of Francs
Cheeks
1943.
10,
H, C. Allan,
day of Janu¬
THE
On
Year
the Common
1943,. to stock¬
on
holders of record at the close of business on
corre¬
before
close of business March 5,
TO
payable
($.50)
:
CAN ■ COM PA-NX
PAID
share
March 31,
per
Stock,
Sur¬
divi¬
a
Cents
business ; days
OPPENHEIM,
61
--
\
DIVIDENDS
of. Fifty
dend
:'V..
Allied Chemical 8C
O'-'i
AMERICAN
R. A. BURGER:
Accumulated
the
plus of the Company
.The above Company has declared
City.;
1919„„___
245%.
OF
ELECTRIC STORAGE BATTERY CO.
The Directors have declared
of
a
securities business from off ices-at
PREFERRED
THE
.
June 30, 1914;
642
which
> '''-V."
Rusham House,
N, Y.
bank acceptances, bills and over¬
drafts.
During the war years the
or
the
from
19th
1943.
.
the press,
'
the
DATED
ary-,'
D.:M.
these banks comprised, in the
551 Fifth Avenue, New York
main,
National
Defense
Bonds
(mostly short term), commercial
DIVIDEND NOTICE
paper; short-term collateral loans,-
Their portfolios aggregated
around' 6,572 million francs as of
made.
-
W. F. RASKOB, Secretary
,.
but
4
Coupon No.
clear
BY ORDER
All
regularly quoted on
were
in
(excluding Saturday)
is
'}
February 23, 1943,
the
on
five
ination
private corporations and their
are
No,
5% Preference
Stock (less income tax)
for the
year ending 30th
September next
will " also be payable on the 31st
March, *1943.
Coupon
No. 79 must be
de¬
posited with the National Provin¬
cial
Bank Limited,
Savoy Court,
Strand, London; W. C., for exam¬
2l/2%
ment
are
period under review.
King
Cairo
£3,000,000 !
,
LONDON. AGENCY
branches
':
'
1
by four large banks
numerous
oP
on
Outstanding
Common Stock, payable March 13, 1943, to
stockholders of record at the close of business'oil
to
;
y
NATIONAL BANK
of business
the close
at
also, $1.00. a; share- as the first
"interim" dividend*for"l 943, on The
exchanged
not
announced
detached
be
record
April 9, 1943:
::
and .when the ".dividends
to
they: are entitled are paid,
The usual half-yearly dividend
as
of interest to examine
effect
banks
191. *
Warrants
Talon
that
of
holders
coupon
one
sponding Talon No. 4 and can¬
celled by the Company in London
^
by the end of 1920, and at 624 in
now
notified
will
,V *
A.
been
are
Ranki
S.
for
3
has
Street,. E. C. V.
47 Berkeley Square, W.'T'-d,7s
Agency arrangements
have
who
No.
Stock
paid
which
October, 1926.
Preferred Stock,
;
be
with- the ^arrangement
ance
Threadneedle
-
will
deposited Talon No. 3 with
the Guaranty Trust Company of
New York in New York, in accord¬
investors,"
to
of
:i
$1.12^ .'a1 share qn the outstanding
payable-April 24, 1943. to-stoek-.
dividend of
can
have5
and New Haven
lt" is
3,
'
,
only,, namely, Coupon No.
Taion
in
complete
2-1035-1044
Phone, 2-0121
11,
C.
this day
The -Board of Directors.has-declared
days (exclud¬
,
dividends
Both
:
Bearer
over
countries. :J:-:;.-:/:;-
^
ap¬
proximately 4c by the end of the
year.
On June 28, 1928 it was
legally stabilized at 3.92c.
-;y *
cost of
of
the
travellers
was
started
States
With
efficient
.U'V^j
largest" proportion was in National
pegged throughout the war Defense Bonds.
After the short
period.
It was unpegged in 1919,
post-war depression of 1921-22 the
arid rapidly fell to around 9c; in
demand for business credit be¬
the panic of July, 1926, it reached
came
so
great
that the banks
its lowest point of 2c.
With the ceased
buying Treasury notes and
accessioh
of
the
conservative
cashed ' those
already
held
as
Poincare government, the franc
rapidly as they matured.
it
all
in
clear business
Holders
Telephone to Hartford
Private
entire
inflation, therefore,
through a long period
about
came
In Australasia.
London,-
available for them for almost the
'
J
French
HAnover
E.
London,
Lane,
made.
Wales Is the oldest
The internal
than ten fold.
was
Phone
Company of New York,
Birchin
against the deposit of
>
Zealand, Fiji, Papua and New IGulnea,.
29
'
Trust
j
Street, SYDNEY
of New South
branches
Members New York Security Dealers Assn.
Street,
Ordi¬
Coupon No. 191- wijth the Guaranty
be
Manager
George
largest bank
traders
Broad
of
holders
March
Stock Warrants must deposit
i
DAVIDSON, K.B.E.,
and
30
on
ing Saturday) before payment
New
V; ;t New York, N. Y.
31st
seven
30th
and
million francs, of which
nearly 12% was represented by
foreign loans. Thus, between 1913
and 1926 the public debt increased
resulted
Office:
Bank
870
& CO.
the
held on the
and after
/Meeting to be
February next)
•
£150,939,354
The
328,518
Budget
8,780,000 .j)
£23,710,008.
Assets
General
32,594 million francs,
external debt
J':
1941
ALFRED
SIR
:
Home Insurance Co.
debt was in paper
-
First National Bank of N. Y.
T. C.
15th
;
Wilmington, Delaware: February 15, 1943
,
pub¬
170,076 million francs, ap¬
proximately
30,000
million
of
which was represented by foreign
Joans.
On Dec. 31, 1926 it totaled
of Prop.
Vj' '
■'•
at the close of the war in 1918 it
more
Liability
eral
nary
6,150,000
and
was
;
£8,780,000 '
Fund
Head
war
At the end of 1913 France's
j
'
1817)
;
Reserve
Reserve
Sept.*
and foreign.
lic debt
Capital
Paid-Up
through loans, both domestic
.•cost
i
NEW SOUTH WALES
,
Central Hanover Bank & Trnst
•r-
-
-
BANK OF
WE HAVE FOR SALE
phase, from 1914 to
& Company
(subject'to the Final Dividend be¬
».j-
'V'"'
period of 1914 to 1919.
war
E. I. du Pont de Nemours
Ih order to obtain these dividends
ago
of business
February 26, 1943.
-
March,- 1943.
bank operations
The effect which severe inflation may have on
payable
stockholders
to
the. close
at
the out¬
on
stock,
Stock free of
also payable
tax,
come
to
share
1943,
13,
record
of
in¬
from the
the 30th
year
1942,
Ordinary
Glyn Mills & Co.
first
a
dividend of seventy-)
per
common
March
the issued Ordi¬
on
Stock for the
nary
Bank Stocks
standing
per
Chrysler Corporation
a
($.75)
five cents
£1
Ordinary Stock free of income
of
ASSETS
have declared
ended 30th Sep¬
year
tember, 1942, of fourpence
Gibbs, Manager Trading Department)
The directors of
a
issued
ON
COMMON STOCK
Final
Ordinary
of
FIRST FROM CHRYSLER CORPORATION
DIVIDEND
their Annual
1943,
GOOD THINGS
*
the
the
March,
64 New Bond Street, IV.
Associated Banks:
—
Directors in
Dividend
TOTAL
This Week
rou OtT THE
the
31st
;
£98,263,226
.
'DODGE
GIVEN
HEREBY
Stockholders
Smithfield, E. C. /
Charing Cross, S. W. /.
Bank and Insurance Stocks
I
CHRYSJ.ER
TO HOLDERS
Report have recommended to
1-1248-49
Teletype—NY
the
IS
Burlington Gardens, IV. /
CITY
Telephone: BArclay 7-3500
NEW YORK
1 WALL ST.
DIVIDENDS
WARRANTS TO BEARER FOR
NOTICE
Exchange
Stock
York
BROADWAY,
120
exchanges '**■"
leading
other
Exchange
Stock
York
Scotland '.,
Bishopsgate, E. G 2
8 West
Laird, Bissell & Meeds
New
OF STOCK
ORDINARY AND PREFERENCE STOCK.
Unlisted Issues
Members
NOTICE OF
'
NOTICES
f
TOBACCO COMPANY, LIMITED
LONDON OFFICES:
v
Inquiries invited in all
Preferred
OFFICE—Edinburgh
Branches
Stocks
Marion Steam Shovel
BRITISH-AMERICAN
Incorporated by Royal Charter 1727
Insurance
Casualty
& Surety
Royal Bank of Scotland
Bank and
& Marine Insurance
DIVIDEND
SOUTHERN
.'.»?"
,
**•
RAILWAY
COMPANY
York, February 23,
New
1943.
of Two Dollars ($2.00). per share
THE
UNITED
STATES
LEATHER
CO.!
cn. 1,298,200 shares of
Common stock of South¬
A quarterly dividend of $1.75 per share will
ern "Railway
Company, without par value, has
be paid April 1, 1943, to all holders cf record
today been declared, out cf the. surplus of not
at
the close of
business
March
10, -1943,
of
profits
of
the. Company for the fiscal
year Prior Preference sleek of this Company.
ended December 31, 1942, payable on Thursday,'
C.
CAMERON, Treasurer.
April 1, 1943, tp stockholders of record at the. l,:New York, February 24, 1943.
1
' close -of
business Monday, March 6,
1943.
.Cheques in .payment of this dividend w.U be~*
mailed
to
all
stockholders of record
at the.
addresses as they' appear cn the bocks of the
Company unless -otherwise instructed in writing.:
...A
dividend
.
.
_
continued its rise
to
Deposits showed
600 in April,
growth,
1920; thereafter it declined to 313
er
in
an even
million francs
1922,
reach its
and then again rose to
peak of 854 in July, 1926,
at which time the franc
was
at its
Cost
of
fected by a
living, which was af¬
lag in certain commod¬
ities and by rent
touch
modity
the
freezing, did not
extremes
index.
of
the
Starting
House
of
the
Paris
showed
a
Clearing
comparable
record.
Earnings
are
a
not
figures
of
the
banks
available, but dividends to
stockholders
rise
the-
same
of
reserves
panded from
of
over
show
a
substantial
the period, as follows:
.time
the- "Big
capital - and
Four" ex¬
1,088 million -francs
Dec.
31, 1913, to 1,273 mil¬
lion francs on Dec. 31, 1926.", ,-f -
as
c.
•
-
-
e.
substantially
throughout ' the : in-,
including, -bank
period,
stocks.
The
most
representative
index is that
published by. "Bullc-:
Statistique Generale de
la France"; it is composed of 194
tin
de
la
Continued
on
page
745)
a.
Vice-President
McCarthy,
and
Secretary.
li
Johns-Manvillei
Corporation
j
dividend
The
Stock market indices moved-up:
flation
com¬
from
base of 100 in July, 1914, it stood
at 210 in November, 1918, at 420
expanding from 5,455
on June 31, 1914 to
26,404 million francs in December,
1927, an increase of 380%.
Tran¬
sactions
low of 2c.
At
great¬
INTERNATIONAL
HARVESTER
COMPANY
International Harvester
a quarterly div.dend cf fifty
cents (50c)
per- share on the- cammon ste-ci,
payable April 15. 1943, to all holders cf record
at the close' cf business on March 20, 1943,
■.The
Directors
Company declared
cf
SANFORD
B.
WHITE, Secretary.
Board
of Directors declared
a
quarterly dividend of $1.75 per share
.Cumulative 1%
April
regular
on
thp
Preferred btock payable
holders of record oh
a dividend of 50c per
the Common Stock payable March
1, 1943,
to
Murch 17, 1943, and
share
on
24,1943 to holders of record
on
March 10,1943.
.....
t
ROGER HACKNEY, Treasurer
.Volume, 157
743
THF COMMERCIAL & FINANCIAL CHRONICLE
Number 4154
Tomorrow's Markets
\
BOND
ays-—
^
'1
:_v,
■
;7/^("Continued TromTpage- ,741) *.'
.7
made
■' 7
i
:•"47";
"*sjs-r-*
From the
.;
7*
»
SERIES
INTERNATIONAL
COMMON
SERIES
7
Prospectuses
t
a
Av'V.v;
PREFERRED
FIRST MUTUAL TRUST FUND
^NATIONAL
strong;; ^market possible in
January 7are • no longer
rpresent."
SERIES
STOCK
' STOCK SERIES
-,
7
Securities Series
LOW-PRICED
.
which
>
BOND SERIES
:
conditions
NATIONAL
...r:
LOW-PRICED
-
That.;enough ; bullish
sentiment can be generated
once the averages get above
;ii30 ';to 7 permit of -additional
.strength, particularly ; with
t le large number of new accbunts opened daily. Vet the
likely
'i"
■"
>
INCOME
7
7 SERIES" "
request
upon
CORPORATIONJ>
SECURITIES & RESEARCH
——
120
Broadway^
New York
7|: Jsivestment Trusts
fronts—with
war
th^ exception of the Russian j: -TAn Investment Program to fit 'Pay-As-You-Go'" is the timely
subject of Keystone Corporation's current Keynotes.
The program is
news may become
designed to provide a dividend check each month throughout the
Worse. If Gandhi dies, the In¬ year..%It is. built around the ownership of six separate Keystone
dian problem may; flare vup.' Funds fyhose^semi-annual dividend dates are timed to provide the
-."7. '-w"
-:777
' ;J77:
The panaceas to our economic monthly checks.
•j Tne Keystone booklet, "A Mod-<$7:; .. -'.,;;7'
,
7',
.11
and
front—the
SCUENLEY
ROYAL
RESERVE,
NEUTRAL
GRAIN
60%
SPIRITS^
.
political, problems high¬
lighted by the war will almost
certainly-- affect
the basic
structure of our society.
And
of
Investing," has seems, as we write tonight, too
revised, with pertinent data great to permit our taking at this
brought up to. January 18,. 1943.. time even a short-term bullish
V1*
•1
.*?>,'; lr.vC£:r1
'V'/fv-&•:'Wv;
- 7
7 777
:-x--4
',7:\ v...
■"...
:
777/.7
As of that date the combined asset position."
values of the Keystone Funds were
j.: ; 7 : * 7- *
*
!'!
*
lasf'but not least the intensi¬
$45,837,000. 7 The
breakdown of ! "There are only two distinct
fication of the rationing sys¬ asset values by individual Funds roads before us—free enterprise or
government capitalism. The first,
tems.at home will take their was as follows:
AN ANSWER TO,'"THERE ARE TOO
;;
Asset Value .,777: under intelligent direction and a
toll. 7 Keystone Fund
Jan. 18, 1943
keen sense of social responsibility,
f
77.777
*
*
-fi
;'v'•
$2,578,383.46 i'-rS
provides individual freedom and
'
7,623,110.30
7Consider the position of the average investor in securities' today:.
17 S67far the market doesn't 7 :. ' "B3"l
16,099,643.12
opportunities
for
advancement,
More ".than likely he> is -.engaged in some line of regular work that
i; "
: 8,561,238.24
and has the potentialities to pro¬
seem to be disturbed by any
takes up most of his time and leaves him with little left over "that
"Kl"——4,497,705.66
vide the abundant life. The other
■I
560.119.44
he can devote to ,?giving; ^ttentiofi -to-his investments.
With ..things of. the above. 7 It acts well, :
'
"SI" _;U7—'-i '
340,531.79
road leads, as it has always led,
as they stand
at present," he probably desires to "make profits'', and takes offerings, backs down 77
"S2" _l___l__
' 2,587,463.43
to
regimentation, oppression,
a
increase his income but he is also more aware of the many com¬
•
660,712.38
only slightly and gives indi¬ •i / '; "S3"
general leveling down of the liv¬
"S4"2,328,987.24 ''
plicating factors which make successful investment even more diffi¬
cations of doing better. Still :V
ing
standards,
and
eventually
cult than heretofore.
'<
i
77;:-- *
^
;7
'
stagnation and war.
Jn brief, this is the present state of mind of today's investor. 7 He when
everything seems so
Lord, Abbett's current issue of
"America's future progress will
desires to put his money- to work—he needs more income and profits nice is the time to look around
Background discusses "Inflation:
epepd upon what road we choose
to pay higher expenses and taxes.
Meanwhile he is under a restrain¬ for fox holes. 77 Not ■ when Will We Prove Equal to Control¬
take. When peace again pre¬
ing influence which is caused by his realization that his own .capacity
ling It?" The subject is handled
vails, we should regenerate and
to make wise selections, follow them up after he has made his com¬ everybody else is 7scrambling m
the same direct, common-sense
77. .
mitments, and-finally judge the proper time for their. disposal, is for the same thing.
manner to
which readers of this Restore vitality to the best phases
of the enterprise system that has
5?v'r7-7t.7 7-,- :i! ;7#
7 71. ?; '• 7.
very much limited by the increased pressure of his other duties and
publication 7have become accus¬
served us so well in the past and
his lack of available information.
|'L 77- Readers7 are ■*still;
tomed from previous issues. There
long; of
'•
has the capacity for great future
When you meet this highly intelligent investor (and there are
is a good measure«. of significant
certain; ■ stocks.7. Procedure
expansion if we but intelligently
many of them) you will recognize him immediately. He will probablv
comparative data and the funda¬
use the- facilities at our command.be well read;in some of the-better financial publications,, he will now advised is as.follows: Air
mental problems
of wages and
Should we choose this course, then
show an - interest in your "offering"—but he will tell , you frankly Reduction bought at- 30, now farm
prices are thrown into the
we
shall be able to provide jobs,
that there are too many uncertainties around today.
about 43, raise stop to 3972. spotlight. The conclusion is opti¬
for all, raise living standards, and
77. This, we believe, is an invitation and a callfcf frelprrather:than
mistic—but.cautious. We quote:
Goodyear bought at 22, now
fortify our security."—From the
a direct expression of an unwillingness to make investment commitr
7Tf—as now seems, indicated, as
Ahents. -'Here is the pdiritAvhere'a salesmamshould become ^positiyey about .30, raise stop to 27v In- a result—both wage rates and New England Letter of the First'
and "convincing.''
.This; investorisjlookirigfiov.someone to.help him ^rpaHpnal. Harvester bought farm prices can be harnessed as National Bank of Boston as quoted,
in MIT's Brevits. •
do a constructive ihvestmen.tr job; -^trthis-point;he-doesn't:want; idle' at
Effectively as the prices of manu¬
BLENDED WHISKEY, 86 PROOE,SCHENLEY
•
DISTILLERS CORP.; N.Y.C.
'r
1
•(
Method
ern
been
.
The Securities Salesman's Corner
MANY
-
ggf
Q.^v,%yNCERT4^TIES; AROUND TODAY."
,
^
-
•
—
:
V
'
..
-
to
.
•
.
43,
now
about 61, raise stop
words,- gifted oratory or generalities, but he will listen to - concrete
to 58 Superheater bought at factured goods, which have with¬
suggestions that are clearly set forth and sincerely offered.; % 77777
stood the pressure of inflationary
; '
So why not say something like this: It's true there are many 1374,7now about 1574, raise tendencies j' without V yielding,; it
uncertainties today.
But our firm has worked out a simple method stop to 1414.
7V ■
Eeems indicated that we may be
.
with our regular clients that is specifically
of cooperation
designed
uncertainties that exist
today.
For instance, when you turn over a list of your investment
holdings to us to watch for you, we take many details-of supervision
off your hands so that you are regularly advised regarding important
changes that take place in connection with these securities.',-Changes
in price movements are reported to you when important to do so, or
new
political, technical .and competitive developments are brought
to your attention when they, affect your particulardmldings.V Besides
you may feel free to confer with me at anytime regarding any phase
of your investment program. * In this..way we can earn the com¬
missions you pay us, and you can count on it that we know it is to
our best interest to see to it that your, investment account is success¬
fully, handled." 7 In other words, sell yourself through your sincerity
and your conviction that you are the man this investor should have
to
overcome
this problem presented by the
On-,Feb.
Bethlehem
suggested
11,
*
I
and
U.
the first at 58
sbcond' at 50
or
S.
Steel,
better, "the
better.. Both
or
stocks sold within a half
ofvthe
now
58 and X 49.
areroBS
7-7
777^:.
.
7
■"
| ' v' --7, ..." .4 'r
-;7-
^
^
^
7 *1* '
7- "*
^
Corporation's current issue of In¬
in its
;
place.
;
" ;
j
to help you—if I can't do that I'd rather..not
'•
"I sincerely want
do
"business with you!"
-
:
Bill
Offering;
per annum.
Secretary of the Treasury Mor-
■—Walter Whyte
to inflation in general, and as
inflation
mon
for comstock prices; rising, it is the
reason
a
as
jenthau
announced
hat tenders for
on
Feb.
19
$700,000,000 of 91-
lay Treasury bills to be dated Feb.
14 and to mature May 26,
1943,
vhich
were
offered
on
Feb.
17,
1043," were opened at the Federal
Reserve banks on Feb. 19.
-
Details follow:
* 1.053.727.000,
accepted, $700,206,000.
Total applied for
Total
expressed
Willard Sheldon Wilh
Stewart, Scanlon Co.
V'l ^Special .to TJie Financial Chronicle)
bers1 of
| Low, 99.905; equivalent rate of
discount
per
approximately
0.376%
77
annum.
7777;
99.906; equiva¬
lent rate of discount approximate¬
Average
ly 0.374%
i
price,
annum.;.,
per
the
San
Francisco
active
dealer in
Alto.
as
an
individual
San Francisco and Palo
Prior
thereto
he
was
Of the amount bid for at the low- Coons &
Co.; in the past
There
was a
issue
amount of
of
maturity of
bills
on
$501,722,000.
Feb.
with
Coons, Milton & Co. and Newell,
tivated.""
!
The conclusion is that such an
'inflation"
psychology ' is' much
more
likely to. develop
after the
during the "war".
As to
its influence, on sfock prices, the
bulletin concludes, "It seems un¬
War than
a
sim¬
24 'in
now
is
The
bulletin holds
the "common
has
stock
the
con¬
that
investor
for
reason
more
"time for
a
now
confidence
time in
any
past five years—and perhaps
in the past
77,-'
fifteen."
.7.,
„
Highlights of Selected American
Shares'
tenth
in
listed
a
annual; report are
issue of
subsequent
total
and
number
shares
of
likely
'inflation'
that
psychology
will- iilitiate a market rise; but
a
were
•
lower than in 1941.
(Continued
7
major rise gets under way and
become at all violent,
inflationary psychology might ex¬
tend it greatly."
j The forecast of this service as
to the intermediate trend of stock
750)
page
on
Keystone 7
Custodian Funds
7-77 '
.
7
7.7
:.7
.7.:
BONDS
Businesa Men's Investment
Bond fund
Medium Priced Bond Fund
Low Priced Bond Fund
Speculative Bond Fund
.
7
.
.
;-.
.
.
.
•
.
.
..
.
B.I
•
•
•
.
BJ
.
..
.
.
V
...
if
jjegins.- to
out-
standing all increased during 1942,
operating expenses for the year
.
;
»
•
•
84
PREFERRED STOCKS
Income Preferred Stock
Fund
.
.
.
.
.
Ki
7
COMMON STOCKS
Quality Common Stock Fund
Income Common Stock Fund
Kl
,
.
.
Appreciation Preferred Stock Fund
St
.
...
.
.
«
.
...
7.
.
.
.
S3
.
S4
Appreciation Common Stock Fund
Low Priced Common Stock Fund .
,
,
.
.
S2
prices as of February 11 was as
follows:
he was
7
.
;.
7, /7'\7
Prospectus
price
associated with Dean Witter & Co.
price 59% was accepted. 7:
ilar
Stock
Exchange.- Mr. Sheldon was,for¬
merly
State that
fidence."
highly interest¬ Selections;;: Noteworthy is that
conclusion is reached.* It is while net asset value per share,
based on the premise that: "Both- total net asset value of the fund,
to
7 SAN;/ FRANCISCO,
CALIF.—
;
Range of accepted bids:;\:^T;fc^ Willard H. Sheldon has become
[ High, 99.925; equivalent rate of affiliated with Stewart, Scanldn &
discount 'approximately
0.297% Co., 216 Montgomery Street, mem¬
Result Of Treasury
7
this
he has
.A certain salesman' friend of ours says
his clients and he lives up to jt—is it any wonder that
their confidence and enjoys a very'.satisfactory' business?'7 V
to
-
Shares
Selections
of
to stock prices..-A
in . .this psychological element that is domdiscussing a particular recommendation); and start to resell it all over article< dx> <not. necessarily at any fnant. For ten years, vajrious.^cph?
omists have pointed out the fact
again. Remember this type of person wants to be'sold but he wants time coincide with those of the
that the basis for such' a rise exr
you to help him make up his mind;.
When you say to him. that you Chronicle: 7 They are presented as
ists, but the. psychology leading to
those of the author only.]
7
■
are going to lift his burden of watching over the securities he purf
he
typical 'flight from money
chases from you—you are removing an obstacle which he rightfully
nto things' has not become ac¬
respects as a future hazard and you; are substituting a helpful service
■
issue
recent
a
-
National Securities ,8c. Research
I
in
in the future than at
".
£s
7;-More next Thursday.
a
the tax
feated."
of Selected American
sors
ing
:7/(w
7^7 '?- '•
inflation on the control
With" similar success on
front, inflation can be de¬
against
'front.' -
vestment 'Timing - analyzes
the
If you
prospects for inflation with respect
at 61;'X is at 53.
have, either the stops
;
point
buying price.V • BS is
personal- advisor' on his investments.
.
; v ;;- It
may take someAtall effort to get this point oyer—^but don't ■v7.7r7vr77':V
[The views
give in.
Go right back to your original offering (if you had been
has
to, winning, our fight
On our .way
7
(777777 *
*
*
* ■■7.■.77777--*77
j Citing nine reasons, the spon¬
; "The probability that a
culmination of more than
and E. A. Pierce & Co. and was a
ininorimportance has occurred,
partner in Phillips & Co.
will
occur
in
the
near
very
or
future,
may
be obtained from your dealer or from
The Keystone Corp. of Boston
50 congress
street, boston
THE COMMERCIAL .& FINANCIAL CHRONICLE:
744 '
Much of the attention of the loss of $200,000 from bus tolls and
municipal
bond fraternity will it was also noted that an addi¬
undoubtedly -center on the ' out¬ tional revenue loss is possible in
view of the
efforts now being
come of today's sale of $12,000,000
New York State grade crossing made
by the
operators of the
elimination bonds, for which bids high-speed transit line to have
will be opened at 1 p.m. by Comp¬ the Office of Defense Transporta¬
This of¬
fering has naturally created more
tract to
than the usual amount of interest
senger
that
attaches
to
long-term
bor¬
Wire Bids
"
Aside
clause.
tion
State
tive
&
ous
to
of
>
:/V7>7,- 7-.
Considers Debt Refunding
V
ports that, in line with its recom¬
The Delaware River Joint Com¬
mendations, the General Assem¬
mission is investigating the pos¬
bly has approved as Chapter ,136
sibility of refinancing its $35,- of Laws of 1943, a bill making all
703,000
of
outstanding
funded general obligation bonds already
debt in order to reduce "its heavy
Interest burden," it was stated in
issued; or hereafter issued by, the
State subject to financing and re¬
of Joseph K. tirement under the provisions of
Costello, General Manager.
The Chapter 165, Public Acts of 1937.
bridge bonds, it was noted, be¬ Because of an oversight, the Asso¬
come callable Sept. 1, 1943, at 105
ciation reports, the act authoriz¬
and now bear a 4V4% coupon.
A ing the $500,000 State tuberculosis
substantial 7 saving
in -; interest hospital
bonds, dated April 1,
charges is the goal toward which 1941, did not affirmatively make
the Commission is driving, the re¬ this issue
subject to the require¬
port - said. -77777-:'77': 77777;77 ments of the 1937 debt retirement
In connection with operating
law. To correct this omission and
annual
report
results in 1942, the report shows
to
that
close
of
;
states that it
income
will
for
1942-1943/$22,553,190;
full7 year 1943
city which failed
to
duction,
;
$669,816. Bayonne
it
tax
was
revenues
and cash
ing
to
■
funds
retire
the
on
when
should
due. ;
in the* sink-
of
!
says,
equal
years' interest
quirement.
:
v
State's" municipalities
report.
$7,129,589.
SEC
Interpretation Of
7Amended Proxy Rules;
^/ (Continued from first page);
firms in which
After
issue
will
field
tion.
amounted
to
the
$982,881,
period
as
com¬
pared with $1,576,075 in 1941.
Traffic on the structure drop¬
ped
20.31%
.
from
its- all-time
peak in 1941, it was noted.
the
of
month
the
decline
heavy,
December
such
as
col¬
instruments
above that
highly
are
,
current
collections- for
any year
7'February 25 ;
the figures for the
$750,000 Nassau County, N. Y.
earlier years, having been as fol¬
The
Franklin
Square National Bank
lows: 1937, 71,51%, 1938,- 73.99%,
Franklin 'Square purchased the last
since
default
; in,
meeting
-
their
At
the last previous sale, in Dec.,
below
same
the earlier year.
holders
-
mercial
of
.
line."
Son, of Louis¬
ville, of a comparative statement
bridge revenues for the 12
at Camden and
runs
passengers
the
to
months'
,
"2.
1941, the
ended
have
to
been
and tire
rail
In
Such
Dec.
bridge earnings
by gasoline
with
When
•
the
doing
please mention, the "Chronicle."
so
company •
which issues policies of Marine In-:
surance in the usual form and at -
-
-
'
*
■
re¬
■
■
■
■
<
"I
First Federal
6763
7/V:W'.'v^A.-7;
.
*
9
7
,
-
f
-7
•>••••''
•
Redeemable
by State
on
notice,
on
February 26, 1953
or any
interest payment date thereafter.
•
;
.
money
of the United States of America, at
the Bank of the Manhattan
Company, New York City.
Descriptive circular will be mailed
FRANK C.
upon
Dated: February 17, 1943
•
215 South William
Mutual
7 ^
Calif,
7
*
to
under
7
v
:
7
'7/ 7
'
77
:
;
over
4
insurance
;
*
1
firemen's, police and other pension funds,
etc.
municipal
the-
should
consider
that
the
immaterial and
-
transactions
insignificant.-
the precise terms of the arrange- •
ments need not be stated."
To
7
another
same
director
./
inquiry regarding 1
provision of the rule, the!
wrote
"You state
issuer
sinking
is
an.
institution
funds
Details such
the dollar amount involved arid
the
Los Angeles, Calif.
and
I
disclosed runless
as
"
^
';
Angeles, Calif.
school
to
in determining the route!
in it should be brief.
;7
Street, San Francisco, Calif.
State,
available
•
i
or-
"The description of the transac¬
tion and of the director's interest
.
.
Avenue, San Diego, Calif.
companies.
is
7-"
:
Wilshire Federal Savings and Loan Association
♦Guardians,
were
which its products should be,
were
a-
-
•
the'
with
sactions referred to in 6 should be
•
Savings & Loan Association .;■;;;
South Western Avenue,
associates'
the director's interest in the tran¬
San Francisco Federal Savings and Loan Association
461
their
or
transactions
carriers
shipped,
/
7 823 Marquette Avenue, Minneapolis, Minn.
Paul, Minn.
•
services/
immaterial and insignificant.
"If a
choice between two
more
Street, Wichita, Kans.
735 South Olive Street, Los
in
.company
Northwestern Federal Savings & Loan Association
1027 Sixth
special
or
the
extraordin-7
not immaterial and in¬
"Directors'
-
BuildingTfc Loan Association of Pasadena
San Diego Federal
If
rates.-
involved
unusual
were
,
.
Street,vSan Jose, Calif.":' '7 .7
Fourth at Wabasha Street, St.
regular
•
Standard Federal Savings and Loan Association
*
referred
closed unless the transactions
y> 38 South Los Robles Avenue, Pasadena, Calif.
705 Market
application to
MOORE, State Comptroller, Albany, N. Y.
be
companies referred to in 1 to 5, in¬
clusive, and in 10 should be ;dis-s
-
St, Paul Federal Savings and Loan Association
Principal and semi-annual interest February 26 and August 26
payable in lawful
:
*
and
interest
'
Mid Kansas Federal Savings and Loan Association
?7
Vi
7
■:-
Loan Association
Independent Building-Loan Association
16 East San Antonio
$600,000.00—annually February 26,1944 to 1963 inclusive.
•
not
ors
$
"
945 Seventh Avenue, San Diego, Calif;,..
160 Sutter Street, San. Francisco,
-'
7'---;;7 -v7 iQrpx: vv;7!-: :7'/7'7, 7y;:;7^7;7;f ^: .'7
Dated February 26, 1943 and maturing as follows:
*■
in¬
the!
with
-
significant, .the interest of direct-;
in them should be disclosed.
*
-
' '
Richmond; Va/*
Home Mutual Deposit-Loan Company
State of New York
-77-
ary,
and
\ 118 North Brand Boulevard, Glendale, Calif.
Home Federal .Savings and
t.:9-
jr 7"!:
usual
Avenue, Wewoka, Okla.
Glendale Federal Savings and Loan Association
<
need
transactions
•
Grade Crossing (Serial) Bonds
of the 7,
Savings and Loan Association of Hollywood
Hollywood Boulevard, Hollywood, Calif.
4516 East Franklin Street,
,vyv,yvv,
77;|
director's
a
.
Franklin. Federal Savings and Loan Association
Elimination of Railroad
•
Avenue, Altadena, Calif.
211. South Wewoka
.
fy.
"
that
transactions
companies referred to in 7, 8 and
; ; :
First Federal Savings and Loan Association of Wewoka
'
:
■
in
paragraph H if the transactions in- •
volved the ordinary services reri-First Federal Savings and Loan -Association of Beverly Hills
dered by such companies and the >
9501 Santa Monica Boulevard, Beverly Hills, Calif.
7'77 services, were rendered at the
k P. M.
February 25, 1943, at 1:00 o'clock r. m.
t
believe
terest
Savjngs and Loan Association 7
654 Market Street, Sun Francisco, Calif7
~ - - -;/• ,/
*
:
:
"10. A sales agent for one par¬
ticular line of fabrics in one city. 7
Citizens' Federal
Albany, New York
'
of 7 its *
'
7 "8. A telephone company.'- ' 1
t
"9; An electric light company.
■
■
-most;
7..
* 7/'"'
.^"7. A telegraph company".
California Federal Savings
Loan Association.
' *
5654 Wilshire Blvd., Los Angeles, Calif.
a
*
■
« - California Savings and Loan Company
J777;
673 Market Street, San Francisco, Calif. - ■
The Comptroller of the State of New York
-
* .
<7*
from -
which this,
over,
ships
products." >
•
~
railroad-
company
Street, Salt Lake City,' .Utah
Berkeley Guarantee Building & Loan Association
2101 Shattuck Avenue, Berkeley, Calif,
2455 North Lake
j&sk.'
•/
:
company
•
First Federal Savings and Loan Association of Altadena
-
^
die various- legal
.
•
bridge projects, the bond house
will sell at his office at
f
,
insurance
An
"6. A
American Savings & Loan Association
17 East First South
Kentucky
on
?
ployed on an annual basis to han-.;
matters.
* -;/
iri* becomirig^cqriainted: ^ith -the Federally" insured investment op¬ I;. "5.: A tenant at - a
{substantial'
portunities offered by .savings and loan associations should write for rent of part of an office, building :
current explanatory literature to the associations mentioned below; owned; by
a
subsidiary of .this {
PI Individual, investors, trustees and other*, fiduciaries interested
affected
revenues
;
at
which the company makes pur-4
chases of machinery, equipment or
supplies. - 5
» -V^(7 7; j 7;
*
:
rationing.
connection
duced
recent.
which
:
com-;
the going rate of interest and also J
issues letters of credit, etc.:-at the
going rate.. '
having
Parsons
the usual rates.
The
extent
a
policy, according
Philadelphia news re¬
ports, would result in an annual
td
period
31,
survey is particularly
interesting in that it shows the
1942.
follows:, 77
the company
to
77"3. An industrial
of
also mentioned the
possibility of. further decline in
revenues in light of reports from
Washington
"that
Philadelphiabound buses might be forced to
transfer
Kentucky; and
J. J. B. Hilliard &
month in
The report
curtail Jheir
of various
loans
;/"4. A law firm which is em-j
individual
are
the
'
.and
out of State bridge revenue bonds
advised of the preparation by
the
traffic7 using
structure in the
Institutional
,
as
"1. A bank which makes
pre¬
.
1939,- 78.08%,- 1940, 80.35%/ and vious issue, the second high bid
been
submitted by. the
Graham,
83.34% in 1941.
Only two- mu¬
&: Go," account. 1
nicipalities, • both
in
Atlantic
County, were reported, as being $12,000,000 New York State.
in
"Your list is
1937,
enacted.
was
Revenues Charted
curtail¬
a
one-third
of
bill
mention of the tran¬
no
saction
the transaction.
enactment, the abovenew
,
,
Kentucky Bridge Project
For
alone
particularly
was
representing
of
ment
atnount
mentioned
party to the transac¬
If the director's interest in-
year
bring all other general obliga¬
issues within the provisions
of the 1937
partner
or
need be made./However,
87.3% of their rated as prime investments and
in commenting on your questions
total tax levy, according to the enjoy a wide following among in¬
I shall assume that your director
annual report -of • Walter Darby, vestors in all classes.
The calen¬
is ; an7 officer, partner
or
10% ;
Local Government Commissioner. dar of pending awards of $500,000
stockholder of the other party to i
This was the largest percentage of or more follows:
lected ■last;
tion
income for
net
'
director of your
a
director
a
of the other
the
involve
is
company
the transaction arises
Increase Tax Collections
The
Suburban
merely from
forthcoming : housing
authority
the fact. that he is a director of *
bond offerings aggregating over
the other company, it appears in:
$20,000,000.Strong bidding is ex¬
the light of the principles stated
pected to develop for these loans
.
Jersey Local Units
the largest
Its
was
levy for 1942
new
re¬
'
'•'; ■;•'':
Washington
i
today's sale of the $12,000,000 New York State issue, the
next important operations in the
Sinking fund bal¬
more
$1,200,000
Scheduled
facilities
the
7!'
Au~
:-Jvv-y=:. thority, Ky. ,7•/■'•■•, .L /;..,
V/•;' /■ 7 March' 3
pre¬
Major.;Sales77F7:n?^vv-::-j-^7/7-;v,.
;
sufficient
be
report
the
New
gross
principal and interest
debts
or
stated,
was
v
i ri g
due other funds-account advances
be in the neighborhood of-
25% to 50% below the 1942 fig¬
ures. In spite of this drastic re»
.
Au-
i
paid taxes for 1943, $5,282,837; ap¬ Sanitary District, Md.
/
|.
propriation reserves, $4,701,340; Previous issue taken by Shields & Co., New i".
unpaid state arid county taxes for York,' and Associates, with the second
high bid being made by the Northern Trust
1941 and previous years, $633,109;
Cor, Chicago,- account. /
iv < %
that such
appears
the
2,375,000 Detroit
Housing
thority, Mich.
;
850,000 Jersey City H o u s
Authority, N. ;J/;-.
2,800,000 Louisville Housing
a
years
3-913777777-'
Telephone
two
The Tennessee Taxpayers Asso¬
ciation, Inc., Nashville, Tenn,, rer
the
at
Balance due local schools for the
Teletype: RH 83 Si 84
'
.
590,
RICHMOND, VIRGINIA
ances,
Debt Retirement Act
Delaware River Unit
the
'
Bell System
purposes in that; the maturity of
the bonds will be 20 years rather
White, Weld & Co., New York, bid
on a net basis of approximately
than for the 40-year period as in 2.93%.
Public offering of the
the past.
For these reasons,;, the bonds will be made by a syndi¬
present sale will be followed with cate headed by the First Boston
particular interest by the trade Corp. and Stranahan, Harris &
and, according to all indications,
Cq;-777:7;7^
Comptroller Moore's first longterm operation should be a signal Tennessee Extends
...7oV;7
liabilities
$34,447,drop of $1,850,617 from
1941. Major items reported were:
CRAIGIE&CO.
2.92%.
about
(Total
the year were placed at
net cost basis
on a
issuer
•
,
F. W.
bidding to Stranahan, Harris
the
,
T
:
$13,455,522.
Syndicate Buys
River Authority Bonds
Co., Toledo,
■
which failed to report. Tax levies
of these for last year aggregated
pas¬
The Lower Colorado River Au¬
rent issue also differs from
success.
MUNICIPAL BONDS
a
financing, the cur¬
previ¬
borrowings for grade crossing
in
-
from 2V2 cents to XVz cents.
Texas
-
77:7 GAROLINA;;7p7
callable thority, Texas, has just awarded
from this innova¬ $21,635,000 of bond's at competi¬
containing
sold
toll per
•
.
NORTH and SOUTH
con¬
the
reduce
present
on
.
•
Stranahan
rowings by the Empire State as it
represents the first occasion in
the State's history that bonds will
I be
the
invalidate
tion
indebtedness. -They are successful, bidder was a syndicate ..headed
Brigaritirie; $1,282,468, arid Somers by 'the, National Citji Bank of New York:
March 2
7
Point, $4,000.
! Total
assets of the municipali¬ $4,100,000 Alley Dwelling Authorties reporting as of Dec. 31, were
ity, Washington, D. C.
$238,683,539, an increase of $26,6,000,000 Baltimore City Housing
635,934 over those reported for
Authority, Md.
v ,"
Dec. 31, 1941.The latest figures
7,800,000 Boston
Housing' Audo not include 45 municipalities
r: -■' - thority,' Mass. • •'' ■7-.'" ;'
VIRGINIA-WEST VIRGINIA
■
troller Frank C. Moore.
bonded
VIRGINIA
Municipal News & Notes
Thursday, February;25, 1943
pany may
or
as
.that
officer
with
7'\'
follows:
a
director of the
of
have funds
banking.
a
which
the
on
com¬
deposit,
which may act as trustee under
4
^ Volume^
157
a
Number
'
THE COMMERCIAL & FINANCIAL CHRONICLE
mortgage Of Other indenture,
.
annual
or
,
benefits
estimated
be
to
*
transfer
agent of stock, or as payable to such director, officer
registrar with respect to outstand¬ or nominee in the event of retire¬
'/ £' .£/ / /■'■, ■ V '•
ing stocks - or : bonds. - You ask ment.";
:
as
whether
/
The director's comment
the director's interest in
these transactions should be' dis¬
closed under item 5
'•
"Where
is
tion which during the period cov¬
ered by the statement has ren¬
dered services
mortgage
existence
should
of
be
whole
such
in
tioned
this
disclosed."
'
transactions
need
>
"
'
•
£ Another
item
he
until
which
a par¬
director will
reaches
and upon
re¬
upon
retirement
age
the amount of his salary
well as past years.
In
be
as
the fact that his retirement bene¬
-
the fits will result in part from his
sparagraph (I) (3) of item 5 which own contributions, you suggest
■: requires' in
respect of each |di-{; that you should not include in the
/
rector, nominee/ or' person who tabulation called for by item 5 (I)
has acted as an officer but not as the estimate of annual retirement
•
excerpb refers
to
•
A
•"a
of $20,000
excess
paragraph
(L). of
other
than
which
5
of each person
name
a
Dominion of Canada
refers to
item
officer
director,
All Issues
or
employee of the issuer whose ag¬
gregate
remuneration from
the
issuer
person
it
Bought—rSold—Quoted
exceeded
$20,000, the
each such
and the capacity in which
amount
received
by
received.
was
i
..
Wood, Gundy & Co.
/.
"You
point out that paragraph
5 (L) of item 5 of Schedule 14A is
substantially the
;//•£
of Form
thereof./* *
the
include
the Commission under the Securi¬
ties
as
to
item 11 of the Instruction Book for
should £ be
made
"irt
We
of
help
one
tax pur¬
getting.set for the next major financing deal.
Insur¬
companies are selling municipals, realigning their portfolios in
.
.
-
•
*
dollar
1913.^-^—
January, .1923—,
January, 1924
.
As is logical, natural and1 healthy.
.
Between
and
now
•;
1 We
little
are
the
Gov-
either side.
on
may see a reaction of a few 32nds, may see
J political front,/the institutions,
from
market
this
£ expectations
/
the
on
buying
sure
day
on
will
January, ;1925___
.
.
snapback
a
governed
.
are
against
'
reasons.
L,._
1 " 211
-
•'
■
March,'
1927
280
f.
/.
Armored
&
"Total
Cars—
utilities
showed
Tanks
$2,100
and
showed
preciation of 177%
period.
/
a
over
,
United
&
produc¬
//
2,220,000
engaged
in
•
1942
War
1941
;/A-A;/-l,000,000
Workers
700,000
,
Army;
/"
►
.
Volunteers
Draftees
■'1
Navy
360,000
260.000
more
view
position
Translating
fore the
States
war
ritory
20,000
the
27,000
are
figures into
production on
general
billion
for
the
dollars
than
we
did.
how
have
as
...
is
forced
an
army,
war
all
are
an
production and
short notice.
her
production
87%
men,
This
army
.
.
the
.
market
a
good psychological base).
v
Maybe the goal this
$13,000,000,000 land the expectation will be $3^000,000,000
surplus.
Anyway, we have Secretary Morgenthau's word for it
that the new borrowing will total <at least $9,000,000,000 "if not more
than that," which, is as good a sign as we need at this time.
.
is
.
.
/
-v
As for terms,-no
new
of 4,600,000 for
"Victory 2Vas" will be reopened and
the short-term bond issue tried
,
(Continued
on
page
750)T£
HAVE TO WAIT
.
There is such
note will be substituted for
a
las| time.
.
/:/£':£•£
.
Some .gossip About a three-way offering in the open market as
opposed to the 2 /?> s plus 1 %s of December. . ..
But report of a 2*4%
bond issue may be discounted on£dne basis and that is the interfer¬
ence this loan might create with the
Victory 2*/2S.
No point in
confusing the market; as Treasury officials have found out.
The
simpler the 'deal is) the better".
-c
■
•
"
$ ,
// /
f
a
variety of Prudential
policies and premium plans that often |
.
.
.
man
who investigates is
surprised to
.
.
.
a
find he
can
surance
he needs for family protection.
afford NOW the life in- 4*
«
'
/'AAe&l .short-tertnvplus a'real long-term are certain, with the in¬
terest rates depending on the market right before the issue..;
An
.
.
intermediate
offering is possible but not probable, judging from to¬
day's market, W
££ ? ;:///./-•
/£££/. -/A/// /■/: ;££;;££;///
.
WAR-JLOAN DEPOSITS
;
tPSyiy./!
The Congressional move .to.
.
Corporation'assessments
ment is
certain to
advocated
.in
on.war
it's
an
j.
actuality.
Fact is banks will be
Here's
.
more
.
No
.
.
one
has
/
.
'£
deposits.
...
They'll buy
come up
was
more
assessment
under the
.
more
The
interest thereby and
assessment
duration but whether or not it
an
is
on
pressure
ever
far particulars
war
now
war
loan
.
.
the deposit assessment..
being
suspended
only
for
.
.
the
is put back may depend on the
at the war's end.
intelligent banking and market move.
banking system's
it's
save on
supposedly
/
agent
sug¬
deposit system which Federal Reserve Board Chairman Eccles
admits is essential to the financing of the war.
And they'll
make more money all around because they'll get more securities,
get
/
Prudential
to oppose
willing to buy Governments
many
Ask any
.
that they're not forced to pay th£ 1/12 of 1%
loan
step long
a
Removal of assessment
.
gested in these columns long ago.
now
,
loan deposits of the Federal Govern¬
help the April financing.
financial circles;
step.'/;!: And
.£/
eliminate Federal Deposit Insurance
...
...
In the meantime,
/
the United States.
(
MAYBE YOU DON'T
rumors-here although the talk still is the
1
equiv-4
.
time will be
j
of whom
.
.
.
at the
an army
THE NEXT DEAL
Feeling on size of next borrowing seems to be it will be around
$15,000,000,000; to $16,000,000,000 mark.
The goal may be set
lower to let the market and the Victory Fund Committees show
up
nicely again.
(In December, the goal was $9,000,000,000 and the
subscriptions were $12,906,000,000, a differential which still is giving
i
na-
from;
her., man-power
volunteers.
alent to
a
on
accomplishments, Canada
415,000
her;
which
convert
end of 1942 had raised
of
f
of ter-
for
problems
to
pre¬
small
a
spaces
a
the
a
nation be¬
accentuated
Yet despite
problems and
:
United
Just
1.
remarkable in,
Moreover,
man-power
raise
However, the comparison
total ap¬
in terms of dollars is misleading
the entire because Canada
got more for her
~
war.
peace-time to
population in
arrives at some
$22.4
com¬
invariably created when
tion
the basis of the total
of
her
population and vast
these
each
of
dominantly agricultural
55,000
r~—«
are
In fact, what Canada has
ments.
52,000
,
Personnel
United
figures
done is all the
directly
890
134,000
'
quiet, listless market,
/enlivened occasionally by slight -price shifts in both directions. »v.
?
;
Cars._^_._„>
these
!
1942
42,300!
,
;
—_____
■;>
effort:
war
.
-
Armored
.
of
States
Population
his January message to
Congress/
will find good reason
to applaud Canada's
accomplish- ;
States.
market,
the
Total
Terms
in
Americans
$800
war
■
a
in line with the
on
^
v;
actually produced last year, as re- *
vealed by President Roosevelt in
3,000
country, one
'relatively significant comparisons./"Canada's
expenditure for war materials last
performance;- Bank stocks,
it Will be noted, behaved approxi¬ year was equivalent to an outlay
and
v
Figures; for
Based
Trucks
120,000
miscellaneous
;
pared with what the United States
.
12,000
(millions);
Personnel
183
"'■*238
;.L:-
by the fol¬
1;.%■
1941
-/: '
200.000
value
"Including
:■:■//
the
own
number
a
■.
Production
Military Aircraft
Cargo Chips
previous
PRODUCTION
tion.
277
•
War
war
of the fig¬
some
CANADIAN ;WAR
.
Tanks
160
January,:/lS27/i£;4££^5,^65;''i";'-^/K::
mately
.
Which all adds up to
1926
Canadian
poor
any
/reaction prior to the next borrowing for psychological and technical
are
the
Trucks
instance/ chemicals and textiles
performed excellently, while rails
wave.
As for selling by private holders, .we may be
the Federal Reserve System will stand ready to prevent any
.
in
.
now
primarily by their
issue and thus the odds
new
January,
lowing figures:
Equivalent
159%
was
/
■■
is indicated
more
.
100
180
/.;y/,\Y:
much
Military Aircraft
3,800
1,700
Cargo Ships- 80 £/ •
1
;150
200 ;/ / /
;
our
$>~
figures
1942
Some.groups of stocks naturally
performed better than others. For
which "make" the Government
be
:
:
;
V
and thendue to individual buying orders, Federal Reserve
operations in the market, etc;,. , . But nothing important is forecast
by any dealer, j
;-No matter. what the news on the military or
;
> ;
.
<
-
the next borrowing, chances
Ay ernment/market wilt do-comparatively
■
.
.
"
152
208
,
,
;
than
only equals but in
When
Stocks
100
in
many
the
last year
Here
year.
"
-
engrossed
ures:
13 Bank
-
so,
>-./•£
volume of Canada's
greater
follows:
194 Stocks
■
been
record not
war
on
Canada's 1942 war produc¬
tion/They revealed a great ex¬
pansion in output over 1941. The
represent¬
;£//£//' '///./ ://v--/A;/./:
.
preparation for the April deal but they're not entering the market on
any large scale to pick up outstanding issues at this date.
Deal¬
ers are getting more cautioua
;r;So^^Tt alTadda
^b/^T%^ing
/
as
have
.
poses and
out.
released
production
ing 13 bank stocks is
States
Early this month Prime Minister King
.
back, anticipating heavy withdrawals in March for income
ance
United
effort—and in the problems it has created—that some
may not have a full appreciation of what Canada is
doing to
defeat the Axis.
It may even come as a
surprise to
of respects excels Our own.
£;£By S- F-v' PORTERW9V"
£ /
The Government market has slowed down just as was to be
insurance, rails, utilities, indus¬
expected.;; ;£/ April/is /getting mighty close now,
;
The
long
A comparison
breathing spell investors had to consider when they looked at their trials, mines, etc.
of this index with
cash positions and at the market: in
January and early this month is
not so impressive from this calendar
point.
Banks are drawing
Teletype NY 1-920
war
Americans that Canada's
(Continued from page 742) /;
different stocks, comprising twen¬
ty-five groups, including banks,
.
us
the
in
prodigious
the;'proxy
Our ReporterOn ^GoveInmeIlts,, flllil! Slocks IP-SII;
.
Bell System
/^///;///; CANADA'S WAR RECORD
Form 10-K may be used as a guide
in
determining what disclosure
Bank & Insurance
.
•
CANADIAN SECURITIES
Exchange Act of 1934.- You
ask whether the instructions
statement
a
Incorporated
.
14 Wall Street, New York
/
-
note may also
£• i'..';
>
company
^ar>a statement
rangement, and the amount of the
r
pr
/
«
item 11
same as
»;££;£,;l££y£ statement under item 5 (L).
r
"I think you should include the
"Item 5 (L) is intended "to elicit
required estimate in the tabula¬
information similar to that re¬
"the amount paid or set aside by tion, computing it
upon the as¬
quired to be given under item 11
the;: issuerand /its r subsidiaries sumption that an employee will
of Form 10-K and the instructions
V primarily for the benefit of such continue C in
the
employ
until
as to that item may properly be
director, officer or nominee, pur- normal retirement age at his pres¬
used as a guide in the preparation
suant to each pension or retire¬ ent salary and explain in a foot¬
of that part of. the proxy
ment plan of the issuer and its : note the
assumptions upon which
.subsidiaries ox other similar ar- j the estimate is based.
The foot¬
"durmg the Yiscal
'
benefits specified in paragraph (3)
director, and who has received
remuneration- in
The following excerpt
;
10-K/the form on which
files its annual re¬
view of these uncertainties and of
port with the Exchange and with
in future
men-
not
any,
or
depend
of the sum
employee's
contributions."
own
calls for the
.
his con¬
tinuance in the company's employ
Directors' interests
.other
in
ceiver will
the
unless
benefits, if
ticular officer
is/ immaterial and
matter
the
ment
a
relationship
disclosed
insignificant.
*
trustee under
as
.
The amount of retire¬
company;
other indenture, the
or
..
retirement plan provides for con¬
tributions to the retirement fund
both by the employees and by the
banking institu¬
a
/ ;•
"You state that your employees'
(H).•£[ _//
director of the issuer
a
officer of
an
paragraph follows:-
this
on
to the effect that part
attributable to the
is
^BruWia!
Insurant?^ Cuntpanij of Aatfrira
Heme Office, NEWARK, N. %
.
*
Thursday, February 25, 1943
FINANCIAL CHRONICLE-
THE COMMERCIAL &
746
California's Savings-Loan Assn's Maintain
TRUSTEES, EXECUTORS, CORPORATIONS, INDIVIDUALS
High Volume Of Refinancing Loans
here.
and OTHERS are Med to invest
v
-
By NEILL DAVIS
r,•
Executive .Vice-President California Savings and Loan League
FEDERAL INSURANCE UP TO $5000-00
K
,
:
HIGHER INCOME
'
-
The distribution ;of approximately $6,000,000 of earnings for the
v
last half of 1942 to investors and members of
savings and loan asso¬
year-end. Investors in the
,
ciations
California
of
was
made
at. the
State number
of
SAN FRANCISCO FEDERAL
SAVINGS
about 430,000 individual savers. The 178 associations
(California, 32 of which are 50 years old or over, reported combined
assets/of. $354,991,193, a gain for the preceding year of $12,283,016.
Ninety-seven cities have one br$>-—~^•1 >
^
AND LOAN ASSOCIATION
.
such
more
SAN FRANCISCO,
CALIFORNIA
sails
so
So.
SAN DIEGO FEDERAL
OLDEST
>«•••♦.
San Diego's
Asaoci
i
a t
fine
a
skip.
★
★
★
//:.../////:>/ and building-
is his future
so
—
Accounts
an:
protfeeleil.
federally insured
up to
paid for 56
$5000
uninterrupted
-reaching and
/note - worthy..
years
are
;'~most
T
.
their
EST.4tU.IS II ED
18 SI
AND LOAN
SAN DIEGO
of Liberty
}%
California
arrived in
America
673 MARKET ST.
Roy Hecjg, Pres.
t| | ffl
•
COMPANY
SAN
i
Fluctuation
in this
Insured
| $100.00
Legal for Trust Funds
in most States
Assets Over
per
Multiples
$3,000,000
FEDERAL SAVINGS AND
LOAN ASSOCIATION
'
WICHITA, KANSAS
sent on
Community
\
"
500,000.
Investment
Corporation
.
•/
Executives
At the end of 1941, 1.3%
of these
institutions
was
by
represented
government bonds; last Dec. 31 the
ratio had jumped to 5.3%. \i
"This is a record for savings and
loan
Individuals
And
Government ob¬
of the combined resources
Trust Officers
And
States
ligations from $43,900,000 to $193,-
Inquiries Invited
From
.vV J
fight
American
Ljoan Association
of Altadena
It has paid
safety and yield.
interruption
out
founding 20
counts
up
hy
to
an
are
-
Chartered
and
Supervised
United States
by
Government
its
since
Ac¬
ago.
years
Than
More
Write for
latest financial statement.
BERKELEY GUARANTEE
Building
Association
Loan
&
2101 Shattuck Avenue,
Each investor's account is
safety-insured
U. S. Government
Mail
Can
up to
$5000 by
agency. ★
Current interest rate
Savings
is 3%.
To First Federal
Assets
able
thousands
countless
With
buy for".the first timer-it is plain f
.that
now
more
than ever our •
to
co-operated in the
financing
program
millions of dol¬
Many of them have' installed
payroll
their
own
other
deduction
institutions
plan
of thrift and:
since 1830, are J.
long been leaders among institu¬
tional lenders in the volume of
With
are
existing properties.
active sales market, they
loans
an
on
still maintaining a satisfactory
volume of refinancing
spite
general manager of the
complete
the
perhaps better equipped to serve'
in this capacity than overwise in'
war
program.
By urging its!
the
California, most of whom
are ■
families, to pay off their '
surplus in-^
come over and above their regular'
heads of
corporations.
L Savings and loanassociationshave
hew
ownership
in 540,000 investors and borrowers of j
for
and
home
loans.
.
stoppage
De¬
of
debts and invest their
Bond
War
away
of
turning
is
industry
savings ac-"
vast-;
sums
from the purchasing stream
rapidly
goods, '■
12 Federal Home Loan Banks
»'YV. -jV /
quotas in
counts, thus accumulating* a huge'
reservoir for post-war needs, the
diminishing ^civilian
; ./■''• /*:/ /? •;
•;/
Report Income
'
Of
$3,103,069 For 1942 Calendar Year
well as their invest¬
obligations of other L/' The .net income of the 12 Federal Home Loan Banks for the cal-;
endar year 1942 amounted to $3,903,000, of which 20%, or $781,000,
types.
Such purchases have, of
was transferred to the legal reserve as required by law, according to
course,
been increased
because
an- announcement issued by Everett Smith,
financial representative
normal loan outlets of the associa¬
of the banks. This compares with net income of $3,779,000 for the pre-v
tions have been curtailed by war¬
vious 12 month. ! Mr. Smith also pointed out that dividends totaling
time restrictions on building while
$1,065,000 were declared by thc$>—'
'
— " *
associations have continued to re¬
banks as of Dec. 31,1942,. resulting . "P to 10 years, such advances are
ceive investments from the public
v.
.:<■
•
j
'irpfiiiirpn
tn
requiredto hf* amortized -on a r
be aninrtiypH r»n a
in the declaration of dividends ag
in steady volume.
.
monthly or quarterly basis.
• iL -.V
gregating $2,068,000 for the entire
"Although the associations' hold¬
"Of
the
total
advances
out-;
year. During the year ended Dec.
ings
of, government
bonds in¬
standing on Dec. 31, 1942, $98,
1942, the net profits of the
creased considerably during the 31,
259,000 were on a secured basisfirst nine months of 1942, the rise banks, after payment of dividends
and $30,954,000 on an unsecured;
and setting aside legal reserve re¬
during the last three months of
basis. The secured advances were!
the year was greater than that of quirements, amounted to $1,054,- collateralized
by
98,958
home,
the three previous quarters com¬ 000. The total net income of the
mortgages, the unpaid balances of
banks from the beginning of their
bined ."
■
'L//;^
which aggregated $259,557.,000, and'
on
Oct.
15,
1932,
operations
by
obligations ;■ - of
theUnited *
through Dec. 31, 1942; aggregated
States, direct or guaranteed; hav$34,288,000 which has been dis¬
ing a face value of $755,000." In /
tributed
as
follows:
$6,859,000
addition
to
this
collateral, the;
transferred to legal reserves;. $1,Federal Home Loan Banks held at
754.000 transferred to reserves for
statutory lien on all stock in such;
MINNEAPOLIS,
MINNV-— The contingencies;! $14,944,000 paid in
banks owned by each borrowing,
directors of the Twin City Fed¬ dividends to United States Gov¬
member institution which, on Dec. '
eral Savings & Loan Association, ernment; $4,533,000 paid in divi¬
31, 1942, totaled $21,503,000./. The.
801 Marquette Avenue, announce dends To,, member institutions,- and
Federal Home Loan Bank Act re-:
the election of the following of¬
$6,198,000remainingin - unre¬
quires that at no time shall, the;,
ficers:
/'/,
served earned surplus.
'■
aggregate ; outstanding
advances'
A. M. Blaisdell, Chairman of the
/Regarding the banks'" advances,
made by any Federal Homer Loan/
Board. //;■.
/'>-/ the announcement stated: /■?.
Bank to any member exceed;, 12.
Roy W. Larsen, President. ,
•"Advances outstanding to memw
times the amounts paid iivby sucht
Henry Rines, Vice-President. .. ber institutions on Dec, 31, 1942,
member
for outstanding.- capital,
B. N. Bell, Secretary-Treasurer. amounted to
$129,213,000 of which stock held by. it; ^ >. v*r. >;;
$53,577,000 represented short term
'"Since the beginning' of their
Association of Altadena, Calif., in advances
which mature .within
-
Twin
Berkeley, Calif.
Your
t he
exceeded
'
taxes* for the first time:
as
:
•
o
.,
,
each account
instrumentality of the
on
U. S. Government.
1
(the
.indus,''>' ''as
the
-•
insured for safety
$5,000
,
.
ments in U. S.
$3,000,000.00
.
with¬
dividends
semi-annual
Resources
i
of
combination
attractive
will be 'taken from the j
public next year in
000,000
tt;i.S; substantially .when the .Victory tax '
into- ' effect.": One-third ofV
the goes
pay
such v.
own: -these., taxpayers\ will
for
lars.
corporation.
He further. said:i"It^
reflects heavy purchases, of Series
F and G War Bonds by these in¬
stitutions,
ALTADENA, CALIFORNIA
Association offers
This strong
an
.
with sales totaling
associations, which ordinarily
all of their fuiids in
R. Kreutz,
have
government's
long-term mortgages," said Oscar
First Federal
2Vi% CURRENT RATE
.
agents for War Bonds, these asso-^ sociations/ apostles
invest almost
Savings and
in '<
community life.:'-. ; /;./ /• //.//;;/
-While the. vast sum of $35,000,-
ciations
of United
Management
Sound
operative statements
request
Financial and
Tested
is
report issued this month by
Loan In¬
surance Corporation showed
that
during 1942 the 2,400 insured sav¬
ings and;loan associations in the
country increased their holdings
Per Annum
Rate
Current
IW:.-..
:N«II
x
the Federal Savings and
Up To $5,000.00
MID KANSAS
—
associations
$100,000,000-quotasetbyitselffqr
the;rdaab "dialf^of T942/ and": has; spending for; the usual con>modi-V
ties must be cut down quickly and/
pledged three .times that amount
in, purchases' for- 1943. As-issuing1 drastically. /Savings and.loan ;as->
A
Insured
Federally
Accounts
i/that
established / themselves
Securities Increased
share
Any Amount in Above
improving
steadily
indication
an
have
r n m err
:drive
Investment In Govt.
Investment Share Certificates
Investment
is
which
///: pay taxes on their 1942 incomes, "J
the- gov-;. and this number will be increased,
In
.;
le
-.(ff
Savings-Loan Units'
FULL PAID
United'
States in.the present conflict. The '
maintenance:/of
its
position-—,
fore-
securities
Market
active participation of the
r
.•sale of its
No
which
extent
have been expected since the
may
shortage.:,
.
FRAN^ISCttvL
Oft'1 '
to::; the
decreased
-against /infla¬
CALIFORNIA SAVINGS
1027 Sixth Ave.
the year
the Statue
home building except, in war-industry areas, statistics shO|v that
the mortgage-loan volume "has not,
taxes, this is less than one-third',
tion
and. aid- of, the predicted national income. .
More than 27,000,000 persons will J.
in the housing
a
Since 1885
far¬
are
-.Two
DIVIDENDS...
the
to
problems
brought
-by
-,,war
Liberal interest
58 Years
of
associa¬
loan
regularly,
one saves
tions
'
SAVINGS
LARGEST
-
As
★
California's
which
institutions,
practically every commun¬
ity- of .the State. .,
•
;.,;The .- contributions
of savings
oA* Iici* keel is well laid,
supervised by the U. S. Government
Chartered and
.
serve
over
..
City SavsAoan
Elects New Officers
.
'
$5,000,000
BEVERLY
★
ment
HILLS-—
advantageous invest¬
M\
1ccation
servauv"
plus
a
management
con-
has
;
resulted
in
16
consecutive
semi-annual dividend
pay¬
.
cooperation
ments.
DEPOSIT-LOAN
★
Mailing Saves
GEORGE
v
W.
160 Suffer St. * San Francisco * YUkon
Time.
DAVIS,
COMPANY
Mgr.
Son Francisco's oldest
1881
building and
loan association. Established 1885.
Government
with
The Home Front—
V EfEVERXV HILLS
L
9S01 SANTA MONICA
BLVD.
The Story Of Mayfair
J
Mayfair
sponsored
First
is
and
Federal
a
housing
balance, of
of
high
quality
homes
offer
housing project.
An attrac¬
and on which instalments
approximately $9,323,000 are
due
within
tive illustrated booklet describing
eral
Federal,
upon
entire
project
may
be
had
request from the First Fed¬
one
year.
Under the
regulations for the Fed¬
Home Loan Bank
System,
rules and
vances
Home .Loan
made for
one
Bank .ad¬
year or
less
project eral Savings and Loan Association
need not be amortized, but when
by the of Altadena, 2455 North Lake
and Loan Avenue, Altadena, Calif.
v made for more than one year and
financed
Savings
the
years,
the
and
while
These
nary
Loan Association
year,
$75,636,000 represented long term
advances which mature up to 10
marked distinction from the ordi¬
First Federal Savings
one
housing agencies, to provide mod¬
ern,
attractive,
low-cost homes
for
workers
in
war
industries.
operations / on L.Oct. -.45,/ /1932,;
through Dec. 31, 1942," the. total'
advances made by
Loan
Home
the 12 Federal
Banks,
aggregated
$973,197,000, against which repay¬
ments
to
that / date
aggregated
$843,984,000. Except for indebted¬
ness of four members in liquida¬
tion aggregating $150,000 on
which
the
looses,
banks
there
were
principal
1942, in
or
anticipate
no
delinquencies ininterest on Dec. 31/
of 30 days." V
'■;»
no
excess
.
.
*
V&lume 157
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4154
Savings and Loan Institutions Are
Preparing To Adapt To Post War Needs
DoYou Have
We
Dubuque, Iowa
:
.
;
It
,
tive.
that the
means
association
is
bank
in
whether
it
is
dividual
or
or
the
post-depression share account in.
coopera**>
majority, stitutions after the
an
owned
by
iflr. quent
an
11.
investor.
community
great majority
and.o rganizations,
estates and;
invest-,
trusts,
ing in our in¬
t
stitutions
o-
day. think of'
therm
strictly
in
BUILDING
V
LAKE CITY,
SALT
of
UTAH
and
They
Federal
Insurance
Wilshire Federal
3l/z%
of
7 •
war
important be¬
cause
the de-,
pression
p e-
Hanger
R.
'
..
Insured Safety
WEWOKA, OKLAHOMA
With its funda¬
institution.
of
mentals
operation and its ob¬
jectives still the
the
when
into being,
same
first
in 1831,
as
association
came
this system of financial
institutions
made
dous advances
tremen¬
some
during the
recovery
Just to mention, one
period;
or
those1 advances; I would
point out that the most flexible
two " of
plan which the savings and loan
system has ever offered investors
is characteristic today.f The evo¬
lution of savings and loan history
portfolios
They have
own
Harbor.
financed
300,000
approximately
in war industry
homes
areas^
to
help solve the war housing pro¬
gram.
They are continuing to ex¬
pand
their contribution in -all
these phases so that 1943 perform-,
ances
will dwarf those up-to-now.-.
But meanwhile
anticipat-ing a future wherein private en¬
terprise will have its opportunity
to show that it can bring about
they
are
.
full
They
employment.
get¬
are
An
tailor-made plan for put¬
ting his money into a savings and
institution.
loan
himself
to
He
force
can
put money in period¬
ically by aiming at a premium for
systematic saving.
He can be an
optional saver or a lump-sum sav¬
er, can receive dividends in cash
have them credited to his share
or
account.
the borrower finds a
flexibility in the savings and loan
Again,
plan of financing real estate which
was nonexistent ten years ago. He
have
can
years,
ten
fifteen
set
or
will depend
of
twenty
to
usually
circumstances
come
from
'
their
in
pay
the
on
which
Loan Association
461 South Western Avenue
ticular piece of financings
Chief¬
ly tile Changes which have ad¬
vanced savings and loan in the
May
opinion
flexible,
munity
forward.-looking
of
The housing expansion
a
which is
period of WLB
on
the home build¬
inevitable after
L-41 strictures
III
6763
Los
ways
remaining
community,
to the
asset
an
its
earning
2
The
in
Return
vested.
in
the
post-war
savings
Treasury
Department;
complete
property,'
and the incul¬
of
the
ship.-
brought their money
is every reason to
the
War"
look forward to
greater development of these in¬
tion
investor
there
*
"Schools
chosen
case
I
I
»
H
it
Hollywood Blvd.
-
Hollywood, Calif.
Privileges
CURRENT DIVIDEND RATE
All
up
s
5654 Wilshire Blvd.
George
;
effort
Eason
at
Educa¬
Commit¬
tee's
to
'
program
the-": W a r
and- Bond campaign.: For
this purpose, Avery J.- Gray has
been engaged as directormt thrift
practice, instruction for the new
organization.
j
Leading
educators
and
the I
Stamp
share
accounts
to $5,000 by
the Federal
LOS ANGELES
3%
insured
an agency
of
Government
Inquiries
Invited
$5,000,000.00
SAVINGS
FEDERAL
ASSOCIATION
LOAN
giving
845 SEVENTH AVE.
•
SAN DIEGO, CALIFORNIA
-
commenced
.
.
is showing great
promise.
George M. Eason, President of
3 70
Standard
Loan
Federal
Savings
and
Association, Los Angeles, is
head of the
gram.
thrift education
Other officers apd
tive committee members
pro¬
execu¬
are:
T. A.
Gregory, Long Beach, Vice-Presi¬
dent; M. H. Mahana, Jr., Pasadena,
California
ern
.those who, - are; in¬
This "being
-
...
Secretary-Treasurer; ^ C: A. Carconcentrated den, Whittier; F. B. Palmer, Po¬
o n
effective mona; Hugh H. Evans, Vierling
participation Kersey, and Neill Davis, all of Los
in the South¬
Angeles.;; ;.y,
■•}, -■ ;:y
.
view.
•
gram
are
zation will be
the past four years., ..The
directors of the associations, the
men who guide basic policy, who
must be depended on to.approve
have'directors with-that point of
y
of this organi¬
in during
lic service, we are-most likely to
owner¬
initial"
progressive procedure in the sav¬
ings and loan business by the very
fact that so- many of today's' in¬
ings
flexible-institution .for: quasi-pub¬
and
However, the
the die is cast for
an
of
t em a tic
home
healthy approach to the new prob¬
lems after the war has. been won.
have
A
support, and the pro¬
although only recently
saving
we
I
Liberal Withdrawal
AND
the economi¬
for
and
mainly .conscious of a sav¬
and loan- association as a
C
They will not be disap¬
pointed
of affairs, respect
thrift and economy,
well for
group
I
:-:C S:&
principles.2 of &■
the
1930's
vestors. " If
S
type of organization.
public.-.The
are
$
a
tion for this
sys
among
A
It
people whose money is in¬
savings and loan associations of Los Angeles County have
undertaken
importance
froip
*
0
Iligher-than-Average
to
Assets:
its flexibility in the
progressive -policies,
l
the
to
right
Angeles Savings-Loan Associations
;
Open Educational Campaign
evidences of
vestors have
ar¬
account
to $5,000
up
it¬
Savings A Loan Association
approach;, to -the
Furthermore,
of
simple
your
HEmpstead 4141
CALIFORNIA FEDERAL
cation
sane
the
opening
OF HOLLYWOOD
Federally Insured Safety
ing plans of America can be fi¬ and loan association because that
nanced
by
private .enterprise. is the type of adaptable institution
Private
enterprise can develop it will continue to be on basis of
plans for putting into their own present plans and leadership.
cal management
a
for
Statement
our
you
and explain
SURPLUS FUNDS
existence and paying the earnings
war.
will have to be made in policy and
augur
send
we
it
com¬
organization adapting
things after the
system faces
when -adjustments
.era-
man¬
self to the times and therefore al¬
are
After the war this
.
Insured
FIRST FEDERAL SAVINGS
For Your
a
curricula,
another
the high¬
you
with
conservative
Assets Over $4,000,000.
loan institution will be
post-depression
ties of persons
\-r-^ V :-Y
sound
by mail?
insti¬
past decade have been those which
attracted. more- and greater variet-
ested.-;-;
earns
consistent
return
est
rangements
co-operative effort which may prove to be an innova¬
At the request of the Los Angeles
City Superintendent of Schools, they have joined forces under the
title "Los Angeles City and-County Sphool Savings and Loan Asso¬
ciation" "for the purpose of instruction, as a regular part of the school
and of institutions
to it .than were heretofore inter¬
Your account here
Safety and
agement.
Their opinion of the sav¬
ings and
the
financing
of
Condition,
by those who are al¬
happily acquainted with
home
to
Los Angeles, Calif.
vestments
and
up
and
both parts of the
pattern. ' The
determination
is
there to have enough money to do
localities,
con¬
stitute the actual risks of that par¬
the
much will represent additional in¬
tutions.
the current loan demand
investors
new
insured
is
here
account
by a direct instrumentality
United States Government.
$5000.
Savings and
ready with the
money to lend private enterprise
home building
when the peace
comes, and their leaders are work¬
ing on plans to make post-war
home ownership something more
•than a middle class indulgency.
Probably another $1,350,000,000
will be put into savings and loan
associations this year.
Much will
thrift
port¬
own
are
be
to
YOUR PROFIT
Wilshire Federal
twelve
or
FOR YOUR SAFETY
Your
Savings and loan institutions
determined
Policy in the selection of govern¬
The interest rate he
off his loan..
pays
years-
Write for Our
Financial Statement
Oklahoma
in
AND
ment securities for their
a
chartered
homes the people in America who
are in the lower income brackets.
ready
will be
a
in that direction folios, and the widely followed
the 1930's gave it real impetus.
practice of not only accepting but
investor or saver can have al¬
encouraging savings regardless of
most a
first
day when there
great demand tor funds.
ting ready for
has always been
but
The
war,
$250,000,000 of gov¬
some
Pearl
the
of
Accounts
Solicited
their counters and
over
ernments for their
since
...
milestone
in the maturity of the savings and
financing
bonds
bought
Halsey
riod represented a new
loan
the
Savings
Hollywood
Angeles
Institutional
FIRST FEDERAL
v
^irst Federal
^
of
of Los
having sold $350,000,000 worth of
is:;
CALIFORNIA
liiiMfiltJ iffijfflill
Savings
Corporation
Savings and Loan Association
tie in definitely
with
by
Loan
Current Dividends
duties arid respon¬
war
Insured
v;
war
tices.
fact
SOUTH LOS ROBLES ★ PASADENA,
INVESTMENTS INVITED
a.
sibilities.
,.
LOAN
of PASADENA
-
38
the
cies and prac¬
This
&
ASSOCIATION
to ;their
the; tests
and
have their
poli¬
pression
Mutual
Since 1925
$5,000,000 ★ LARGEST US PASADENA
17 East First South St.
period is be¬
coming a great time of prepara¬
tion within the institutions:*/ They
post-de-r
due.
as
institution ./must
Actually the
terms-of;
their
RESOURCES
LOAN ASSOCIATION
conse¬
position to come through
them with flying colors, v It will
be earning its salt in the post-war
period .and the investors will get
the' earnings.- 7
!
-
depression,
promptly
today.
AMERICAN SAVINGS &
.
in
and
war
or more
all investments in Mutual have held
par—$100. At
all times Mutual has
paid on demand. Invest on this
record of stability.
Send for our statement
Write For Details
post-war period may prove to be
many and great.
This, business is
of persons
through
3%
the test of usefulness to its
stand
that the
means
1925,
has paid
In the final analysis
financial
any
Since
Corporation
Current Rate of Dividend 3%
savings
a
and:
war
service
greater
communities.
ins t itutional;
INSTITUTIONAL
Financial Advisors
By Federal Savings and
Loan Insurance
;
represents about 75%' of the total funds invested in the /institutions
now.
and
Consistent Dividends
since organized in 1923
year
.
.
estimates on'money received are available, $4,825,176,000 has been
invested in savings, building and loan associations and cooperative
banks in the United States.
The figure is significant because it
and* loan
Paid
Our Accounts Are Insured
During the past four years,' the only period for which reliable
'
Have
each
Director, United States Savings and Loan League, District 7
;
INVESTORS
(Then Consider This)
By HALSEY R. HANGER
;
Money to Invest?
741
)■
meets every
standard of
safety for your savings.
Strong, t.'me-tested man¬
agement, ample reserves,
sound underlying security,
plus federal insurance for
each account to $5,000,
protect you. Liberal income
too.
Funds received
of month
Hooker Electrochemical
Current
Standard federal
earn
by 10th
from 1st.
7
Rate
Federally Insured
Savings
OUR GROWTH
J... 1, 1935- *23,590.36
Jan. 1, 1937- $2,016,655.68
Jan. 1,1939-$3,449,384.161
Jan. 1,1941—54,418,854.77',
Jan.1,1943—$5,303,244 26
Situation Attractive
The current situation in Hooker
Electrochemical
Co.
*
offers
at¬
tractive-possibilities,. according to
a'" memorandum Issued by Baker,
Hughes & Treat, 40 - Wall Street,
New
York
City.
^
Copies
of
this
interesting memorandum
may
had from the firm
request.
upon
be
Federal savings^
AND
LOAN
''"""
118
N.
ASSOCIATION
-Y.-
"trr-"
Brand
r.i
Blvd.
Glendale, Calif.
SI
Thursday, February 25, f943
FINANCIAL CHRONICLE
THE COMMERCIAL &
-748
For Post-War
Federal
Franklin
!
HI
[|
Assets
if
ft
VIRGINIA
RICHMOND
SAFE SINCE
—Trust Funds
<<1885
v-
-
;
Institute
Loan
that
the Institute strong so
we can
the responsibilities which
assume
Chicago
in
.
—Endowment Funds
—Insurance
and
Savings
want to do is to keep
we
""
We Solicit The Investment
of
"What
the framework and foundation of
this edu¬
Monday, Feb. 22. The Institute which is the national educational or¬
cational body when the war is
ganization of the savings and loan«>ended," he said.
system brought together the of¬ Savings and Loan League, in ad¬
Among his suggestions for the
ficers of some thirty of its chap¬ dressing the group, sixty educa¬
Institute program was a Post-war
ters in twenty States to plan- their tional organization leaders in sav¬
Planning Committee and a Na¬
wartime educational program.
ings and loan, pointed out that
tional Speaker's Bureau, the latter
Mr. Bliss said that the army has days of difficulty and change such
to help provide speakers in war
recently developed a realization as the present provide opportun¬
bond campaigns as well as in gen¬
that education must be a continu¬ ities for advancement for those
eral education about the savings
who are prepared, ready, willing
ous process and that financial in¬
and loan business.
7777-7777 7
stitutions
must follow this ex¬ and able. ■
The
conference: discussed
the
Charles
L.
Plumb,
Assistant
ample if their men are going to
grow- with
the institutions for Treasurer of the Franklin Society necessity of filling in many rou¬
which their is a great promise of for Home Building and Savings, tine positions in savings and loan
newly elected president of the In¬ institutions these days with what
post-war expansion.
V
He suggested that the savings stitute,
welcomed
the
group, were termed "duration workers,"
and loan educational organization pointing out that the savings and i.e. people who always shift from
Pleas .'were
start training its sights toward an loan associations are serving one one job to another.
Funds
Trust
Of
Investment
tion.
will naturally come upon
On
Invite Your Inquiry
We
American
the
of
ference
fight against infla¬
function in the
army
Associa¬
address before the Chapter Officers' con¬
tion, New York City, in an
$4,000,000.00
over
of the recent
Bliss, President of the Railroad Federal Savings and Loan
of Richmond
I
suading great numbers of people
to save money—a most important
developments In training leaders, it was pointed out by George L.
ASSOCIATION
LOAN
AND
SAVINGS
take
Demands, Bliss Declares
Financial institutions could take a page out
and loan workers who will
the responsibility for per¬
ings
Financial Institutions Must Tiain Leaders
Funds
—Individuals
Latest Dividend
r
■
for
made
Institute
the
tailor
to
officers' training school following
out of every
the
the army lead again, so that those
United
the some of its training courses during
In¬ the war to take care of the rapid
the preparation of this type of man or
who.are qualified to take respon¬
ASSETS OVER $5,000,000
•
•
•
sibility.
*'
'<V
•
Assets December
be singled out.
Bodfish, Executive Vice-
may
Morton
31st; 1942
President
RESERVES & SURPLUS
v
$3,140,024.37
■*?-. 'ty';
7"V-
V
•*:•'.
;
CITIZENS' FEDERAL SAVINGS
•
MARKET
654
Calif.,
STREET
E.
ST.
ANTONIO
SAN
'
ance
siding, was:
,..,.7
Free
Enterprise
—
Frank
Doherty,
President, Los
Chamber
of Commerce.
Assets
the
Dividend
Rate
^3% fmf
Dividend Rate
for further
Write
AXEL
A.
OLSON,
Learn
77'v7:
yy";' 7,
Geo. B.
Campbell, Chairman.
..
Franchise
Taxes
Edward
—
Federal
D.
on
Mr.
over
Federal Savings
"77;'
Loan Association.
and a report by the Presi¬
War Bonds—J. Arthur Younger,
addresses were .pre¬
M.; M. Hurford, was read, following
'
'
7 B. K, Richardson and Hugh H.
followed by an address by Oscar sented:
\
Taxes and Sayings and Loan— Evans,
R. Kreutz, general manager of the
dent,
-
Hollywood
Charles K. Fletcher, President
of., the. California Sayings and
Loan League, has been commis*
sioned in the United States Navy
B&LA
t
Park
Building-Loan Associations
7
of December 31,. 1942
17
■
1,995,388
1,355,466-
————-
Huntington
as
2,561,914 "
-
•
') ■}■
Huntington Park
First
FS&LA
of ♦ Huntington
>•
California Savings; and 77
t
Park. B-LA..„____
Inglewood
7' '
7
Inglewood
2,795,562
;C457,7597„
,71777W';7r
3,862,616
Peoples FS&LA
■
Alameda V.': 77'
Central
,
Albany- Vy
7";7
77::-
Altadena
Claremont
'''7Anaheim
-
,
' •'
•
•
.
Greater: Arcadia
——i—7.
1,764,159-
Arcadia
Atascadero
Guarantee
■,
:v.\
7
vi'> Compton
V
7; ••'7:'7.
$5,000. Savings invested
onj leave
of
absence
from
duties as head pf the State
his
.trade
Gabriel
Barnett will carry on. Mr.
Barnett
:
Kern
County
Mutual B&LA-w
31,118
of
the
Santa ; Rosa.
—_
360,091
B-LA
Ramona
—
316,211
v
836^551-;
'3,591,514
9,551,582
>
Beachir
—
Los Angeles
FS&LA
5,000,166
_______
of Los
Coast
FS&LA
Great
B&LA
19,633,645
Western B&LA
Angeles^.
1,224,9.05
303,886
,
Liberty B-:LA
1,603,381
—
FS&LA
FS&LA
Angeles
Metropolitan
343,004
5,248,138
of
-
Los
Southern
California
FS&LA
Standard
2,277,593
386,986
12,055,066
FS&LA
State
Mutual
B&LA—
593,450
- —1—
2,522,3.75
.-j. 14,624,664
B&LA
FS&LA
Western
1,246,575
—
8,315,076
FS&LA
1,164,775
Angeles
''
'
STANDARD
fat
AND LOAN
735
Los
South
ASSOCIATION
Olive Street
Angeles
•
Mi-2331
B'uy War Bonds Here
Other officers and
ithe League are:
j
directors of
H.\R. Erkes,-Los
Angeles;
Mervyn
Hope,
Holly¬
1,981,054'
Fresno
V
BerkeleyB&LA^__;_.
Berkeley
Guarantee
Community FS&LA of-Berkeley '
Fidelity Guaranty B&LA_>_—
;■%'
-
Hills
Beverly
Beverly Hills
;
5,140,792.
2,550,185
3,057,746
:
Fresno
cisco; Frederick R. Peake, Berke¬
J. Arthur Younger, San Fran¬
cisco;
and
Harold
A.
First
''"7
\B-LA
Burbank
Noble,
Carmel
—
228,608
•
——i
Glendale
'
Glendale
;
—-
454,654-
903,224
-
-
FS&LA
First FS&LA of
259,377
—
Hollywood-
■
-
1
•
B&LA—
/.
" 7
7'
'
Merced
,
■
269,295.
Merced Mutual B&LA
Modesto
"■
B&LA
7
•
.7
1,950,930
—_Z—_—i
'77*7
MonVoviaH
Monrovia Mutual B&LA_^__7„.
Hollywood
94,679
•
Modesto
875,412
5,303,246
Hemet
»
Hemet
234,277
'
FS&LA
Carmel-By-The-Sea
B&LA
1—i
5,593,562.
1,332,212. Fidelity FS&LA of Glendale—
Burbank
Suretjr Bond B-LA
■
Stockton.
Beverly Hills.
FS&LA*
of Fullerton,----■
B-LA'-——x.——
B&LA
*4
560,703
-
Marysville
Marysville' Guarantee
663,138
First FS&LA
Mutual
1
11
>
Mutual. B&LA
2,817,276
B-LA_
.
-
Madera
Madera
Fullerton
Fullerton
B&LA_1—657,782
FS&LA. of
Southland
Guarantee
..
.
.
ley;
'
.
,
80,866
B&LA
Fortuna
FS&LA-of Bellflower j
....
wood; J. B. Kidwell, San Fran-,
•
*
First
-
Building and Loan Association.,
.
.
V
'.
-
2,368,736
;
Republic. FS&LA
Security FS&LA of Los Angeles
Wilshire FS&LA of Los
Fortuna
258,879
•
.
Angeles American B&LA—
Union
598,800
—
355,443
Long
Southern
38,713
Fillmore
Banning
B-LA
of
V.
California
Angeles
Escondidd- FS&LA
Bellflower
i$ !Secretary
Centro
Elsinore
-
FS&LA
Long Beach FS&LA
Los
915,498
Escondido
1,241,174
Peoples Mutual B&LA——.
Gorgonio
El
995,068
Bakersfield—
of
San
— .
123,215
First
Los
Imperial Valley- B&LA
FS&LA
organization, Vice-President E. L.
1,012,527
■;(7 Mutual B&LA of Elsinore—
First
62,709
i:;
7
'
Lincoln B&LA
San
1,347,464.
:
"
:
;
of
FS&LA
260,279 <7:
FS&LA
Bskcrsfiold
'1
,;
Covina
Auburn
Central California
Lieutenant, senior grade. While
' '
Coronado
FS&LA-
Coronado
FS&LA
Home
•
.
Mutual B&LAi^__-—■
'
•:vV (
.
Long Beach
'Y-
'
1,161,359
FS&LA
7:7770'
Jolla
7"-v.406,206.
Jolla
La
'
' C
Valley B-LA—
:-
•
1,306,786
:
•First.
7
La
Belt .'.FS&LA—-——-—.1,207,632
Compton
321,547
B-LA—
v-
t.
;
Long Beach B&LA
Vallcry
erally insured for safety to
' t
Orange
Corona
v,
B-LA
•
Corona
Atascadero
Each account is also fed¬
full from 1 st of the month.
Building
Anaheim____L_____
of
Assn.
Claremontt
B&LA
Habra
»
72,132,9087
7'7. '7 La Habra
'■
•
La
fct.i 7..'j7, 732,912
B-LA
1,257,532
The. Savings; -Loan..&
'
■
-
B&LA
■
".r'7;'
3,426,583
'
Anaheim
Vista
Cotton
I
.'yy..
.
of Altadena
FS&LA
'chula
;
7 7' ' \ 77'First FS&LA of Alhambra—77 2,027,603
Mutual B&LA.; of Alhambra—77
961,891-
7''-7:7.7.1777*Alhambra
'T;
160,069
>
—
v
Chula Vista
-7 533,817
"-"r'
Chino'
B&LA
7V'"':
Albany FS&LA
First
':7.'''
Chino
$5,753,278
B&LA.
Beach
;
.
7
Laguna
Laguna FS&LA
}
(Compiled by California Savings and Loan League) >. 'J -
;
v>
.;■■
•
*
11;;:
7-:
v'i
-
7_jl—_—
FS&LA
Peoples'., B&LA.-: C
*
as
E.
Today—J.
Policies
Hoeft, Glendale
and
Act-
Relief
Civil
Fitzpatrick, Lawyer.
Lending
7At, the morning session on the
second day of the conference the
meeting was pre¬
by D. G. Davis, Chair¬
man,
/
■*
Richard
Potter.
Assemblvman Franklin J.
sided
Savings-Loan League;
Fletcher In Navy.
I
>
"Inside the the Capitol."
Houser was introduced by
nia,
-<•?>.
Home Loan Bank
Federal
'
by 10th of month earn in
,-j ' 7.
Legislative Committee Report—*
Executive
Jr.,
nigen,
tech¬
on
questions, followed by a gen¬
eral discussion.
.
Manager,
07
Savings—Vier- Victory Fund Committee.
77>v
California.
Darnell Heads Calif.
MINN.
sArt tv
.
;
;
-7 77' 77
Dollars—Arnold Gru-
Fighting
series of brief talks
a
nical
Sailors'
Information:
Exec.-Secretary
The
Friendly Institution"
in
of
session program
follows:
as
was
,
,
afternoon
stockholders"
Marquette Avenue
*
Apartment Conference.
Some Underlying Factors in the
Ceilings on SalariesDaniel P. Bryant, Lockheed Air¬
Landels, Lawyer.
:;
Legislation and Post-War Plan¬ craft Corp. 777'7.7;T7.: .77' 7.7777:77
cation Committee.
Introduction—Frank C. Morti¬ ning—Ralph H. Cake, President, 7 A Time for Institutional Adver¬
mer, Building and Loan Commis¬ U. S. Savings and Loan League. tising— R. W. Caspers, Chairman,
At dinner the League was ad¬ Business Development Committee.
sioner. .'
7 7
."l; 7,; \: 77;77
The State and the Taxpayer— dressed by Frederick F. Houser,
Practical Effects of the Soldiers'
Hon. Earl Warren, Governor of Lieutenant Governor of Califor¬ and
SAVINGS 6- LOAN ASSN.
*
P.
California
Control—Eugene
Secretary,
r,
.
NORTHWESTERN FEDERAL
P Rjo%
Angeles
:yv-..;v,7'
Well
May
Thrift and
Corp.
The
P.
ling Kersey, Chairman, Southern
California "Schools at War" Edu¬
$1,998,872.24
Current
o
"A
Youth
What
Up to $5,000
MINNEAPOLIS,
Rent
o n s e
,
St. Paul, Minnesota.
insured savings
823
C
Economic Picture—Benjamin An¬
discussed at the conference.
derson, Ph.D., Professor of Econ¬
for the morning session of the first day of the omics, University of California at
conference, with E. L. Barnett, <e>Los Angeles.
"
Vice-President of the League, pre¬ Federal Savings arid Loan Insur¬
The afternoon session consisted
About
Current
Trenham,- Executive
years were
St. Paul Federal
■
\
Bradford
and
Friday and Saturday, Feb. 19 and 20.
Problems of par¬
in the present "war" world and in the post-war
on
Savings and Loan Association
Money received on or before
10th earns from the 1st!
.»
•
The, program
CALIFORNIA
JOSE,
.y
•
Secretary, -California Taxpayers'
Association... .7 r 7 7v.
7
7 - 7
Housings Legislation Questions
League held its annual mid¬
Hotel, Los Angeles,
& Loan
Savings
ticular importance
i SAN FRANCISCO, CALIF.
SAN
California
The
Independent
Building-Loan Association
1<>
tutions in wartime.
winter conference at the Los Angeles Biltmore
LOAN ASSOCIATION
AND
for usefulness to the insti¬
woman
im¬
portant fact that they educate sav¬
California Savings & Loan League Holds
Annual Mid-Winter Conference In Los Angeles
.''J-'I'y* j.;,
CURRENT DIVIDEND 3%
'
the
mentioning
effort,
war
States
United
N.
7'..'s?'•'.-*/>
:
•
.the
of
.
*
$631,599.45
'.
.
twenty persons in
He said that
American Savings and Loan
stitute has a definite place in
States.
4,190,868
Monterey
Educational B&LA
(Continued
t!r
on page
2,033,287
v
7 426,092
751)
.
Volume 157
Number 4154
"
THE COMMERCIAL & FINANCIAL CHRONICLE
'
NEW YORK
LIFE
749
INSURANCE
COMPANY
'
i/\ '
s.
'.'.I
/•.
■■--vVv/'V
:
/•••'/'
-
.
--i
'/■
'•
'/■'./
-..i
•/•
-
'•*},;
.•
'.-V
•'
.
V-" ' '■/:'
'■
'
V-^V'V.r/vV'/V,*.*,.''.v'.'/V-'//'■*'
K
•/:
•.
V'"/'" /■// /.
7'
v"
•
98 th Annual Statement to its
The
•
accompanying 98th Annual
senting
consistent
effort,
as
give the greatest possible
it has done in past
tection to its
1
policyholders.
increase of
over
the
war
New
year.
amounted to
wars,
this
pro¬
is
9Vi
/ amount of
:
1941,
The following are some pertinent
our
a
in
made
insurance paid for in
facts
relating to the Company's busi¬
was
ness
and its Statement for the year
1942:
I
1. The assets ot the
; were increased
$154,000,000 to
j,
/
2.
r/
'
v
,
/
Of
•,
^
;
' *-t ffr
this
$li266,000,000,
per cent
*'
J
•
% «
tions
oyer
policy
appropriate addi-
mortgage
"loan
been
an
important stabilizing
family and economic
A
■
complete" report
more
as
assets to
<-
»
y-,.
,
Surplus Funds for general
tingehdes. These furids
$200,000,000.
6. The
now
con-
3,080,000 policies in force
bonds and
Life Insurance
about
ers
were
year
'
that
means
$32,000,000 in dividends
during the
Company, 51 Madi-/
^ohAveriuerNeW^ York,!!; Y.
scale of annual dividends .for
as
are
policyhold¬
1943.
Through periods of prosperity and
repre-
President
STATEMENT OF CONDITION
December
31,1942
ASSETS
hand
or
in banks
..,..
.
LIABILITIES
$57,827,511.14
Reserve for Insurance and Annuity
1,266,655,610.00
.,,
Present value of amounts not yet due
United States Government
obliga-
/ tions.
Contracts,
....
All other Bonds:
•
•
Policy Claims in
Municipal.... .$143,930,636.00
Railroad
ment,
270,326,948.00
| Public Utility....
$2,507,400,139.00
Supplementary Contracts.,..
on
-
State, County and
v
or
process
..
212,093,544.26
of settle¬
incurred but hot yet re¬
ported
13,172,607.04
356,276,193.00
, '
Dividends left with the Company..
■Miscellaneous'.. "62,858,875.00
Canadian/
;.
'! 138,360,197.17
in advance.
92,868,043.00
Stocks, preferred and guaranteed...
16,176,858.80
bilities.:......
.
.
.
.....
.Uv>.
Policy Loans and Premium Notes..
Real Estate:
Reserve for fluctuations in
5,300,390.34
.
32,090,061*00
Dividends payable during 1943....
:
.
Home Office..... $13,437,231.00 i
Other Properties..
64,064,529.62 i
Interest and Rents due and accrued;
Foreign;
Currencies*
4,000,000,00
77,501,760.62
Miscellaneous Liabilities..........
11,885,125.85
25,613,885.88
Total Liabilities
Deferred and Uncollected Premiums
(net).
31,030,854.75
Other Assets
.
1,361,985.90
...••••«•.
Surplus Funds held for general
contingencies.
•
•
*#
*....
$2,940,478,923,46
201,753,130.62
'
4
$3,142,232,054.08
State authorities
as
deposited with Government
required by law.
are
$3,142,232,054.08
•,
Of the Securities listed in the above statement, Securities
valued at $44,527,738.00
/
Reserved for other Insurance Lia-
First Mortgages on Real Estate....
or
,
Premiums, Interest and Rents paid
Industrial and
ob-^
gained by writing to the. New York
Company has declared the
for 1942. This
preferred and guaranteed /
available. These booklets may be
.
'■
,
Company,
stocks owned by the Company is also
,
exceed
1943
in military
are
^
"
Company's
4. At the end of 1942 there
on
of/
and other informa-.
tional statistical
.
available for payment to
Cash
»
will be sent upon request. A list of*
its
,
service.
the Company not only has
i
year.
3. About 1,270 of the
over
so
tion of interest about the
same
*
safety its first consideration. In
-
'4
obligations? the
employees and agents
Company
December 31,1942, containing addi- /
Company has added $13,813,000 to
~'
fJ
i
Hi
1
*
*
V
holdings of these obligations by about
r
and in¬
:
.
and after
reserves
wars,
life of the nation.
/
'
conservative current valuations ^ the v
of tee total assets, are United
$379,000,000 during the
to
.
estate and
{
Company Having increased its net"
;
*
-
-
.
approximately 40
/States Government
1
•/
•
•,
writing down the book values of real
V / •;.;
amount
or
5. After making
by
year
4 v
V
.
factor in the
'
total figure of
a
$3,i42,ooo,boo/;.
1
Company
during the
twenty years.
•
and their beneficiaries but also
has
per cent,;
sand surrender! Werfc the lowest in
'
over
/
ers
•
primarily through war service. Lapses
about 20
•
successfully protected its policyhold¬
<
active agency force in 1942
reduced by
'•
.
adjustments, the
New York Life Insurance
doing
new
■
has for the 98 years of its existence
1942
less than the
cent
'
-.;v
depression, epidemics,
$403,000,000. Although
per
•/;
evitable post-war
net
$117,000,000 during
insurance
\
■'...*
Policyholders
total of approximately
$7,130,000,000 of life insurance,
policy of the Company to
and to
'
.*
-J
Statement of Condition reflects the
support the government in its
a
:
..
\
...
*This
tween
are
reserve
is held chiefly
against the difference be¬
Canadian currency Assets and Liabilities which
carried at par.
The New York Life Insurance
Company has always been a mutual company. It started business on
April 12,18Jf5 and, is incorporated under the laws of the State of New York. The Statement of Condition
shown above is in accordance with the Annual Statement
filed
with the New York Insurance Department.
,
,
I. '•
1
;
».'
THE COMMERCIAL & FINANCIAL CHRONICLE'
750
Thursdays February- 25, 1943
Calendar of New Security Flotations
referred
debentures
the
sells
OFFERINGS
the
to
to,
for the account
being sold
are
extent required, the net proceeds from the
sale thereof, will be applied
to the pay¬
stockholders.
Philip Morris & Co., Ltd.,. Inc., has filed
a registration
statement .with the SEC for
105,176 shares of common stock, par $10
of these loans
and
the remainder of- such net proceeds
will be added to the general working cap¬
cago,
per share, and 893,996 full and fractional
share
subscription
warrahts
evidencing
ital
stock.
A-2
riHLIP MORRIS
&
€0., LTD., INC.
rights to subscribe for such
Address—119 Fifth Ave.,
common
liscal
931/4 %
nine
the
31, 1942. '■ '
■
Offering—As
net
March
ended
for
sales for the
31, 1942, and
months ended Dec.
total
of
92
year
"v..
'
soon
,
after
practicable
as
the effective date of the registration state¬
ment.
Present holders of common
stock
to
are
be offered right
ne\y
new
common
for each 8',a
shares of com¬
Subscription
held.
mon
to subscribe to the
at the rate of one share of
common
is
price
to\ be
supplied by amendment. Such rights are
granted to holders of common stock of
record at 3 p. m. on the date of issue of
the
prospectus.
Statement says
of
board
the
authorize
to
intends
the
of
sale
of
directors
issue
,an
debentures, due March I,
1963,
in an aggregate face amount of
approximately
$6,000,000.
The
company
intends
to
sell such
debentures
shortly
after the expiration of the rights to sub¬
scribe to the common stock offered hereby.
-
20-year 3%
Underwriting
Brothers
Lehman
—
and
Forgan & Co., of New York, head
underwriting group which has agreed
Glore,
an
to
purchase from the company such,shares
stock as shall not be subscribed for by
Price
to
be
paid: by the
of
stockholders.
underwriters for the
shares and the offer¬
ing price to the public will be supplied by
amendment.
■/;' • v'.-.
Proceeds—During the nine months ended
Dec. 31, 1942, the company's cash require¬
ments have substantially increased.
Dur¬
ing the period from March 31,' 1942, to
Dec. 31, 1942,
its inventories rose from
$53,080,487 to $66,406,270, its net* accounts
receivable rose from $6,209,719 to $9,011,058, and its net investments in property,
plant and equipment rose from $3,650,663
to $3,815,235.
During this period the com¬
pany financed its needs for cash in part
by bank loans which at Dec. 31, 1942,
amounted to $8,500,000.
Proceeds of these
loans were added to the company's cash
.
.
balances and
used
were
increases
the
referred
to
finance in part
to.
is
It
expected
the
that
proceeds from the sale* of stock
applied to the reduction of the
company's bank loans. ■'*, If the ,company
the
of
(2-9-43).
In
IS the price"
amendme'nt filed Feb.
an
pf the new stock to the company's common
stockholders was placed at $62 per share.-
to holders of common
at 3 p. m. Feb. 19 and
Rights are granted
of
stock
record
rights expire March 5.
subject
have -agreed,
underwriters
The
purchase
share.
The company has been advised by the un¬
derwriters that they have authorized Leh¬
to
terms
the
of
agreement,
stock
unsubscribed
the
Brothers
man
to
$62
at
Glore,
and
per
&
Forgan
Co.,
determine
whether a general public offering or any
other offering shall be made of, part or all
their
as
of
the
offer¬
such
If
stock.
it will be made on the New
Exchange (regular Way)
at
ing is made,
York
to
representatives,
unsubscribed
Stock
..
UP-TOWH A^TER THREE
Chi¬
Boulevard,
Illinois.
'
•
the manufacture
>
•
and
sale of
By BILL SMITH
STAGE'
receiv¬
radio
to
of
deceased,
"The
Burke.
the underwriters have agreed to
purchase the shares being
per share.
run
living
(2-15-43).
derwriters
shall
$1.50
be
purchased.
than
more
10,517,
share for each
* •',,.••
per
North
Address—301
an
share
TUESDAY, MARCH 9
;
;?
Eugene St.,
boro, N. C.
■
Business
V??
■■■
Greens¬
■
1
<
Corporation
is
engaged,
directly and through subsidiaries, in manu¬
The underwriters are Lehman Brothers;
facturing woven fabrics from rayon yarns
Glore; Forgan & Co.; Bear, Stearns & Co.;
and rayon mixtures, and, to some extent,
A. G. Becker & 'Co., Inc.; Branch, Cabell
from cot to u yards;
throwing: and dyeing
<fc Co.;
Alex. Brown & Sons; Frank B.
rayon yarns and,
to some extent, cotton
Cahn & Co.; Davenport is Co.; R. S. Dickdyeing, and finishing cloth, and
Son & Co., Inc.; Dillon, Read & Co.; Domi-; yarns;
selling the manufactured goods.
" • f
nick & Dominick; Emanuel & Co.; Gold¬
Offering—Price to the? public will be
man, Sachs &. Co.; Granbery, Marache &
supplied by amendment.
Lord; Hallgarten & Co.; Harriman Ripley
Underwriting —Lehman
Brothers and
& Co.,
Inc.; Ira Haupt & Co.; Hayden,
Kidder, Peabody & Co., both of New York,
Stone
&
Co.;
Hemphill,
Noyes &
Co.;
Hirsch, Lilienthal & Co.; Hornblower & head the group of underwriters:, Price to
Weeks;
Kuhn, Eoeb & Co.; Ladenburg, be paid by the underwriters will be filedby amendment.
-;V: >■'.
Thalmann & Co.; Lazard Freres & Co.;
Proceeds—Net proceeds will be utilized,
W. L. Lyons & Co.; Mackubin, Legg & Co.;
to the extent necessary, to redeem on or
Laurence M. Marks & Co.; Mason-Hagan,
about April 5,
1943, all shares of cumu¬
Inc.;
Merrill
Lynch;
Pierce,
Fenner &.
convertible
preferred stock,
$2.75
Beane; Paine, Webber, Jackson & Curtis;. lative
and
cumulative
convertible
pre¬
Reinholdt & Gardner; Riter
Co.; Schwa- series,
bacher & Co.; Scott & Stringfeilow; I. M.; ferred stock, $2.50 series, not theretofore
redeemed, converted into common stock,
Simon & Co.; Stein Bros. & Boyee* Stern
or purchased by the corporation, and any
Brothers & Co.;. Stifel, Nicolaus is Co., Inc.;
balance will be applied to reimburse the
Swiss
American
Corp.;
Union Securities
Corp.;
G.
Lerchen &
Weld
•
.
—.
/
preferred
v?.■?:;;r
•
stock,
series,
$2.73
the
of
lot
of
on a
East
with class
up
End
palatial estate.
Burke flutters, forgetful
and addle-brained
as ever.
1
/
AROUND NEW YORK TOWN
So far
is
as
the local dine and drink spots are concerned, New
York
Ih most places, from the chi-chi East
assuming boom proportions;
Side supper clubs to the cafeteria society
West Side night clubs you
have, your job cut out for you to just get'elbow room at the bars
without even thinking of getting a table.
And if it's a Saturday
Of course the service you
do eagle-eyed waiters snatch
night, brother, better bring a shoe horn!
accustomed to is out.
were
half-.finished drink
your
•
No
away
more
Not that they're less eagle-
from you.
eyed, they just can't get through and there isn't that many of them
arouhdl
]But if service is away down, entertainment is away up.
Take the Monte Carlo (E. 54th St.). as an example. Under Dick Nesbitt its entertainment policy
is strictly treadmill in character.
Fresh
faces, excellent talent, and lots of it, appear here week in and week
out.
Right now the program consists of Noble & King, who sing
better than well. Tony Farrar, who Can do the funniest things with
his feet.
And a couple of girls, Gloria Btake and Virginia Hayes,
corporation for * the redemption price«Of
H.
Walker
& Co.;
Watling,
the 21,725 shares of cumulative convertible
Co.; Wertheim & Co. and White,,
Co.
&
.
A
The story
chance.
a
kids, evacuees from bombed-out
Stanleys, a shipbuilding family
Douglas MacMasters, a ground crew mem¬
ber of the RAF who brings the youngsters, is bitter at the class dis¬
tinctions which he feels keeps him from
flying. He takes his spite
out at the Stanleys, particularly the daughter of the house. The dirty
youngsters, yelling "cripes" and "bloody,"-dishing through the house,
fill Miss Burke (Mrs. Stanley) ;with horror; and dismay.
But even¬
tually she takes them to her heart and fights to keep them. Mean¬
while our brash, social-conscious young - m!an and the Stanley girl
get together. The kids become perfect little ladies and gentlemen*
and everybody loses their cockney accents.
Through it all Miss
selling stockholders. '/<;
Registration Statement No. 2-5095. Form
:
Without her it wouldn't have
time.
a
London areas, are billeted with the
•
Proceeds—To
A-2
for
hodge podge of comedy and sentimentalism mixed
a
consciousness.
price is $8.50
share.
celebrate her return.
is
registered at $7
Offering—Public offering
per
...
handled by any one
Harris
cutors
play by Walter Livingston Faust, starring Billie
a
For the fact is her part could have been
of a half dozen actresses without adding or de¬
tracting from the play itself.
With her, of course, "The Rock" will
an
the
Rock,"
Presented by Eddie Dowlinff at the Lonjiacre Theatre, N. Y.
Staged
(Reviewed Friday, Feb; 19, 1943).
If there is
anything kind one cad say of *The Rock" it escapes me. It's true it
brings Billie Burke back to the legitimate stage after an absence of
twelve years.
It's too bad she did not choose a better role in which
Burlington Mills Corp. has filed a regis¬
tration- statement for 65,000 shares of 5%:
cumulative preferred stock, par value $100
per share.
'
y
so
i
With Zachary Scott* Jane Sterling, Nicholas Joy and others.
agreement entered into be¬
underwriters, Paul V. Galvin
Trust & Savings Bank, exe¬
the estate of Lillian A. Galvin,
By
tween
and
BURLINGTON MILLS CORP.
additional
^
each.
respect of all the
105,176 shares of common stock plus, if
the aggregate number of shares of unsub¬
scribed stock purchased by the several un¬
share in
per
,
.
by .Mr. Dowling.
ing on such exchange, or in the over-thecounter market.
The company will pay to
the several underwriters an amount equal
to. $1.3-7Vz
1
':
with the year 1942
more
and more of company's production
capacity was devoted to the manufacture
of equipment for various arms of the U. S.
Government.
It* May, 1942, the production
of. radio, receiving sets for civilian use was
stopped entirely.
Underwriting—Hickey & Co., Inc., and
Paul H, Davis & Co., both of Chicago, are
named
as
underwriters of 20,000
shares
Beginning
sets.
of a special offer¬
market prices; by means
of certain
,
Augusta
Business—Company's normal business is
ing
company.
Registration Statement No. 2-5092. Form
New York City.
Business—Engaged m the business of
manufacturing and selling cigarettes and
smoking
tobaccos.
Company's
principal
product is the cigarette sold under the
brand name Philip Morris (English Blend),
net
sales of
which
constituted approxi¬
mately
ment of the unpaid balance
Address—4543
cor¬
this program Nesbitt has added a girl from
Jean Murphy, who is supposed to be a gorgeous
blonde;
It is not yet clear whether she sings, juggles or just poses.
the working funds of the company. "
Registration Statement NO. 2-5096. Form
But Nesbitt, who admits he, knows. nothing about talent, becomes
Following is a list of issues whose registration state- A-2 (2-18-43). ; ;■■:■;■* v\>" "" <■' ;?■ ;
dreamy eyed when he describes Miss Murphy's physical charms. And
ments were filed less than
twenty days ago.
These issues INVESTORS FUND, INCORPORATED
speaking of feminine pulchritude,; -there were three movie scouts, at
are grouped
Investors Fund', Incorporated, has filed
the Monte Carlo; the other night vying for the attention of the tiny
according to the dates on which the registra¬ a
registration statement with the SEC for.
Frances Chisholm, the diminutive blonde from Nawth Ca'lina who
tion statements will in normal course become
effective, that an indeterminable number of full paid
thinks Our Town is "jes' scrumptious!"
And Ernest Brooks, trying
certificates which will be issued in prin¬
is twenty days after filing
except in the case of the secur¬ cipal amounts of $100 or more.. However; to
get a picture of the proceedings, falling over his big feet. ■
ities of certain foreign public authorities which
the aggregate principal amount of certifi¬
be
■will
Registration Statement effective 5 p. m.
EWT,' on- Feb. 19, 1943.
;
.
normally
become effective in
days.
seven
tion
dates, unless otherwise specified, are as of 4:30
P.M. Eastern War Time as per rule
930(b).
Offerings will rarely be made before the day follow¬
ing.
of
preferred
cates covered
is
These
who warble nicely.; To-
poration called for redemption on March 1,
1943. Proceeds not utilized in the redemp¬
stock
will
be
added
the West
to
,
y ■''
*
;
investment Trusis
City, Mo.
Business—Investment trust.
CENTRAL
Central
STEEL
Steel
will
WIRE
&
&
Wire
CO.
Co.
filed
a
registration statement with the SEC cover¬
ing 125,000 shares of common stock, par
value
$5
per
share.
The
stock
is
already
issued and is being sold for the account of
stockholders.
certain
Address—3000 West 51st St.,
Business—The company is in
ness
of the
and
distribution
Chicago.
the
busi¬
warehousing, initial processing
of
steel
and
nonferrous
metals, and the representation of mills
a
commission
on
basis.
price to the public
supplied by
amendment.
It
is
expected to offer the stock as soon after
the effective date of the
registration state¬
be
ment as possible.
are at present
offered
for
offered
to
rata
pro
effective date
the
shares
of
The shares to be offered
outstanding and are to be
the following accounts: H. R.
Curran
108,743 shares and Mandel Lowenstine
16,257 shares.
Mr.
Curran
is
at
present president and director of the com¬
registered
entered
pany
nounced "A New Investment—For
new invest¬
ment is the recently created Low
Appreciation." This
into'
J.
G.
stockholders" on
shares of $1 par common
basis
for
out
par
the
underwriters
value.
are not
The
com¬
of
three
each of
the
with¬
common
will sell to
company
such
Securities,
price of
$5.00 per share.
It is composed of 56 active, lowpriced stocks selected to meet the
following general specifications:
1. They represent
sound com¬
panies in many industries.
,
;■
2. They appear undervalued in
relation to earnings, outlook and
stock
common
as
subscribed for by stockholders at a
price to be filed by amendment.
-
Proceeds—Net proceeds from sale of the
shares will be used to increase the com¬
pany's working capital.
Some- portion of
working capital may be devoted to addi¬
WELSBACH
ENGINEERING
MANAGEMENT
the
&
i}\'
CORP.
Welsbach
Engineering
&
Management
filed a registration, statement
for $493,000 collateral trust
5% ten-year sinking fund bonds.
Address—1500 Walnut St„ phila., Pa.
Business—Registrant is a holding and
managing company which owns all - the
stock and manages its subsidiaries.
These
subsidiaries, in part, are engaged in the
installation
and
maintenance
of
street
lighting systems, gas or electric, in ap¬
proximately 37 cities and communities in
New England,
Middle Atlantic and MidWestern
States, and in general electric
Corp.
with
has
the
SEC
construction
work.
Underwriting—Barrett Herrick & Co.,
New York City, is named principal,
Inc.,
tional
underwriter.
pany.
He has delivered to the company
his resignation as a director and
S-l
dent
870 SEVENTH AVENUE CORP. 870 Seventh Ave. Corp. has filed a
regis¬
tration statement with SEO for eertifieatea
to be effective
underwriters of the
presi¬
the sale to the
upon
common
.stock offered
hereunder, Statement says that
cipated that immediately upon
pletion of such sale,
is
at
present
Mr.
it is anti¬
the
Lowenstine
executive
com¬
who
.
of
deposit for $4,055,200.
mortgage (income) bonds:
vice-president,
Address—870
treasurer
and director, will become
presi¬
and director of the company.
— The
underwriters
are
Paul H, Davis & Co. and Bacon,
Whipple
& Co., both of Chicago, each with a total
dent
Underwriting
of 62,500 shares. Subject to certain terms
and conditions the underwriters
agree to
purchase the common stock at $7 per share
from the selling stockholders.
Proceeds—To
the
selling
Registration Statement
A-2
stockholders.
No. 2-5091. Forfti
(2-8-43).
THURSDAY, MARCH 4
per
<
Is actively engaged
looking to the improvement
of the qualities of its
existing products
and to the discovery and
development of
additional types of
'Thiokol"
synthetic
research
.
' '
general
N.
Y.
City.
7'
•',■
: ■, v..;;-''
Offering—Date of proposed call for
as
effective
and
of a
-
soon
date'
as
,,
.
.
practicable
de¬
after
the
of
registration statement
registration statement filed con¬
currently on Form E-l.
; Purpose—To modify bonds under a plan
pf modification.
The agreement provides
that the plan shall become
automatically
.effective if at any time prior to
May 2,
1943, the holders of 80 % in face amount
of
80%
in
face
amount
of
general
mortgage bonds .shall have assented to, the
plan prior to said date.
Registration Statement No. 2-5094. Form
'
1,1 H '
'
'
•f
.
Proceeds—The
estimated
Registration Statement No. 2-5099. Form
A-2
( 2-20-43).
to The
Financial
GALVIN MANUFACTURING
CORP,
Galvin Manufacturing Corp, has filed a
registration statement for 40,000 shares of
common
stock,
The shares
are
par value $1
per
share.
issued and outstanding and
Arthur Warner & CO., 89 Devon¬
shire Street. Mr. Tracy for many
years
ton
has been in business in Bos¬
as
an
securities. ;
individual
5 ' ' ''
dealer
'K
in
Commission's
the
tional time is
case
if
addi¬
required to present
for religious and
corporations and trus¬
prices which were not
securities
(Continued from page 745)
tees
at
consonant with
prevailing market
prices for such securities.
"
Canada's
war
record
on
the pro¬
duction side—her contribution to
the
fighting power of the United
good.
Investors will
in financ¬
Nations—is
ask: What is her record
The Penthouse Club
30
ing this tremendous effort?
The
answer is that Canada's financial
accomplishments match her pro¬
duction record and give a sound
balance to her whole war effort."
Just one example—Canada has
lent
BOSTON, MASS, — Jay Tracyr
Commission
31, 1943.
The Commission, how¬
ever, granted a postponement of
the
hearing
from
Feb. 23 to
March 8 "without prejudice to the
right of the respondent to request
adjournment at the conclusion of
sold
Canadian Securities
Of
was
.
taken
by the banks.
Indi¬
viduals, insurance com p a n i e s,
business firms and corporations
were
the
CENTRAL
PARK
SOUTH
Adjoining1 The Plaza
A most
a
unique restaurant in
beautiful location, overlooking
Central Park to the north.
this' amount—equiva^
to-an.$lI billion .loan for the
States—only $3 million
United
Chronicle)
the
H.
E.
charitable
Loan.
Jr. has become associated with J.
SATURDAY, MARCH 6
request.
raised $991.5 million by means- of
Third
(and latest) Victory
J, Arthur Warner Co*
(Special
on
her
Jay Tracy, Jr,, Joins
with
Rollins & Sons, Inc.,
of New York asking for a bill of
particulars and requesting a pri¬
vate hearing and adjournment of
the date thereof to about March
by
its; defense.";?.; ■■ ■'
3. They have performed well in
Proceedings against E. H. Rol¬
past bull markets. * ■ ■ :
lins & Sons and its St. Louis
Attractive dealer- literature, in¬
Manager,
Walter
Cecil Rawls,
cluding a large folder, a number were instituted by the Commis¬
of performance charts, and "copy"
sion on charges that the company
for a newspaper advertisement, is
and Mr. Rawls had bought and
proceeds from
derwriting commissions and expenses, will
be $345,100:
At present the* corporation
has- outstanding $493,000 face amount of
8% collateral trust sinking \fund bonds,
all of Which are held by the United Gas
Improvement Co.
The UGI has granted
Welsbach an option to purchase all of said
outstanding bonds exercisable on or be¬
fore May 15, 1943, for the sum of $343,100
with interest from Jan. 1, 1943.
The esti¬
mated net proceeds resulting from the sale
of the bonds now being registered will be
applied to the exercise of this option.
filed
tions
and Exchange
denied two mo¬
(
available
■
series is
Securities
Commission has
•
the sale of the bonds, after deducting un¬
general;
D-l A (2-13-43),
Business—Company
rubbber.
41/2'/*
Ave.,
Clinton Ave,, Tren¬
ton, N. J.
in
Business—Hotel.
posits
ers
filed a regis¬
tration statement with the SEC for
102,000
shares of common stock, per value $1
North
Seventh
mortgage bonds- shall have
assented thereto; that no right of with¬
drawal of bonds deposited shall exist
prior
to May 2, 1943, nor thereafter if the hold¬
THIOKOL CORPORATION
Thiokol Corporation has
Address—780
•y
of
share.
(2-13-43).
new
Denies Rollins' Motions
The
assets,
■
Offering—Bonds are to be offered to the
public at 83 % plus accrued interest from
Jan. 1, 1943, to date of delivery.
research and development.
> ;
Registration Statement No. 2-5093- Form
The initial offering
Inc.
THURSDAY, MARCH 11
an
White
present
Priced Shares of Group
(2-18-43).
stockholders
underwriting agree¬
& Co., Inc., which
provides among other things that it will
amend its certificate of incorporation so
that its capitalization will be
500,000 shares
of
common
stock, par $1 per share, of
which 204,000
shares
will
be
issued
to
ment with
C-l
registration at
price to be fixed by amendment.
Underwriting—On Feb. 3, 1943, the
a
68,000 outstanding shares of
Offering—Offering
will
be
after
has
102,000
|
(Continued from page 743)
Distributors Group, Inc., has an¬
Underwriting—Sponsored
by
Investors
Fund, Inc. .■';.. :j;;., ;■ ■
Offering—Upon the effective date of the
registration statement.
Registration Statement No. 2-5097. Form
Offering—The
a
by this registration statement
$500,000.,
Address—1016 Baltimore Avenue, Kansas
'"■■'Proceeds—For:: investment.
SATURDAY, FEB. 27
Coast,
principal lenders.
*
J
best
food,
skilfully
Entertainment after 11 P. M.
The.
mohey was raised out of the sav¬
ings of the people—and that is the
sound course.-
Serving
prepared.
Telephone PLaza 3-6910
Volume
157
-■■".■■■
Number 4154
-
•
^
■
•
|
:
■'
'
,
|
■
■
THE COMMERCIAL & FINANCIAL CHRONICLE
'
..
•"'tvi,'-.
]C; Plumb Nal'l Pres.
f,. .•••• Rcdlands
■
i.
•
Redlah'dsi FS&LA- Ljgv 1;783,524
r' -1' '
\
.
American
| Of American Savings
1 Kedonda
Mutual
San. Mateo
County
City :
;
<,,
B&LA..„
-
J
,
'
Eureka
FS&LA
Franklin
]
[And Loan Institute ^
Charles
(
L.
Treasurer of the Franklin Society
i for
Home
New
t
York
tional
.(
Building
City,
Savings,
and
was elected Naof the American
President
\ Savings and Loan Institute for
i
term
one-year
the
by
board
a
of
i; trustees meeting in Chicago, Sun| day, February 21.
He succeeds
•
*'v.»
Riverside
.■
Citrus
Assistant
Plumb,
Belt
Sacramento
Capital
Fort
FS&LA
Sutter
FS&LA_____L
Sacramento
v
4,284,909
Guarantee
'
■
.;
Salinas
as
head of the twenty-one year old
educational
organization of the
savings, building and loan associa¬
tions.
First Vice-President is
new
Barry, Oklahoma City, Secre¬
tary-Treasurer
City
:
of
the
1,054,102
Valley B-LA_;._„.^-__
San
FS&LA
Francisco
2,182,702
2,827,434
San
of San
Mutual
Oklahoma
Assn.-
14,697
Santa
FS&LA
Fe
Central
First
FS&LA
FS&LA
Diego
Silver
Gate
Bay
View*
2,271,220
3,381,694
of
B-LA
of
Bldg. Assn.
Santa
i
Barbara
Santa
Clara
Cruz
County
Maria
San
Luis
Paula
Rosa
B-LA-
;
-.i-;
>
:
•
;
.
1,463,459
Peninsula
4,089,168
Diego--—
San
FS&LA
Mateo
Mutual
329,099
San
Francbco
First
FS&LA
of
San
San
.
FS&LA._j.i.LT_:'-__
Loan
688,046
B&LA_—_
913.079
1,710,813
-3,048,-129
Co.____
3,013,235
•
3,140,124
Marin
-County
The
Pedro
Pedro_-„
517,258
B&LA
Sausalito
Assn.
Santa
B&LAi_
356,428
Sonora
Guarantee
1,467,375 ( First FS&LA
oi
So.
,
..
Mrs.
Association,-
Dayton, Oi;
Ruth
Lowe, Metropolitan
Savings and
Loan
Association,
Milwaukee, Wis.; Edward F. ScanIan, Sixth District Building and
Loan Association, New Orleans,
La.; P. E. Rosenbarger, First Fed-
.
.
[ eral Savings and Loan Association,
I Bremerton, Wash.
,>•
;
i
-
C; E. Wilson Appointed
1
'
•
Donald M.
the
v
•
.
War
Nelson, unairman of
Production' Board,
on
Feb. 12 that he
nounced
v
appointed
;
WPB
Charles '*'• E.
VicO-Chairman,
•
,
:
board,
which
Nelson
and
is
headed by Mr.
by
Capt.
Oliver
Lyttelton,. British Minister of Pro-
duction^ is charged with responsibility for integrating the pro-
.
,
•.
duction
.
efforts
of
the
.United
States and the United Kingdom,
j
i.
'
Mr.-Wilson, who will hold his
position
new
in
addition
to
his
post of Production Vice-Chairman
-
of
WPB,
succeeds
James
S.
Knowlson, who resigned recently
-
!
to return
1
to
noted
was
-
private
in
industry,
issue
our
28, page 426.
.
-
of
-
as
Jan.
-
.
'
California Savings and
Building-Loan Ass'ns
[;
(Continued from page 748)
'
Montrose
Intervalley B&LA
;
■;>.
~;p '•
r'
'
.
Napa
Napa B&LA
^
881,679
V ' vv,
1,546,324
—
-
Newport Beach
Newport Balboa FS&LA-———
,
'
North
-
North
*
•
.
Y.."'-v;„
631,580
Hollywood
FS&LA--i—1,001,161
Oakland v-..'
-v,
-
■■1
First FS&LA of Oakland--——
.;$2,389,587
'*•'
_
.
Hollywood
Golden
West
Oakland
B&L
Compa'rtj^ijvJ
.
Thrift
" 1,454,087
FS&LA
'1,341,445
Prudential. B&LA
.
FS&LA
;.
475,601
•;
Oceanside
Oceanside
324,930
-
■;
:
'
FS&LA
,:S.765,136
-
Ontario
Euclid
>'
"
Guarantee
'B&LA^Ji'r__ti '.[ 835,380
Orange'v.~ v.'-: • -.7.it?..:Orange B&LA -Zr———•Ji'.T.Y. T. 2,400,051
"
s
Oxriard
•.Oxnard
'J—
Palo
■-.r\V
-
r
Home
Palo
Foundation
Alto
y'P&rj
.
B&LA
'■
B&LA—
3,344,700
Pasadena
Atlas
FS&LA
of
FS&LA
of
.'l\
Pasadena
First
Pasadena
Investors
t
Mutual
Mutual
B&LA
..Pasadena
'
686,905.
3,306,835
B-LA
of
B&LA
''- '
604,349;
Alto
B&LA1,481,899
Mutual
2,179,313
Pasadena—
4,968,439
1,123,614
—
Paso Robles
Robles
Paso
f
*"
•
'
Mutual
'
Pico-Rivera
B&LAJ—
347,210
Pico
1
B-LA
1
_•
750,353
'
*
,
Fomona
Home-Builders'
Pomona
First
Loan
:
Assri.'—
8,174,399
FS&LA
5,254,425
!
Porterville
Porterville*
Mutual
B&LA
"
M"""
radio »anu~
..
•
...
1US
an-
his
deputy on the Combined Production and Resources Board.,
This
as
MIHACttf
has
Wilson,
556,251
.
1,492,285
San
Fernando
'
444,573
-
1,462,217
Upland—
391,496
Nuys
1,108.221
—
Valley FS&LA—
1,722,323
Visalia
B&LA
;
433.677
Watsonville
FS&LA
625,495
Whittier
Quaker
Loan
Pasadena-
Federal Savings and Loan Assni,
,'i Philadelphia, Pa.; Robert' W: A1-*
money, Citizens Federal Savings
and' Loan
of
147,382
Whittier
City
FS&LA
ce
„
in thesupp
„»ea fo«;
created
rineering
is
of
2,725,936
B&LA
2,350,897
Wilmington
-
260,782
First
FS&LA
of
Wilmington
Mutual
B&LA——
Pasadena
They .include:. Francis -E. Tngalls.
Cooperative Bank, Lynnj.
Mass.; John E. Allen,-Metropolitan
„
B-LA
Provident B-LA
721,804
—
B-LA-_
the home front.
on
FS&LA
Wilmington
South
Lincoln
•
Magnolia
1.343,407
—'
Ana
First FS&LA of Sant Ana
-
'disf:
educaf
trict governors-to promote
tionihjfinahce
798,288
Sonora
Rafael
Mutual
-
Mutual
The Institute also chose six
,
Guarantee
Sausalito
Northwestern
•
•:
Turlock
Watsonville
f
•.
162,329
,
Rosa
B&LA———
Federal
sociation.
FS&LA
749,001
fornia,. Secretary of the Berkeley
Guarantee Building and Loarj Asf
:
1,798,262
1.473.193
Monica-
chcsen by the trustees
is O. Vahder Ende, Berkeley, Calir
:
Tulare
Paula
President
•
703,125
Van
Savings and Loap
Association; and the Second Vicef
v
3*100,13T
Upland
—
Santa
Santa
Bldg.
Turlock
B&LAL_—
670,416
&
Tulare
Visalia
Mateo
Loan
Monica
FS&LA
Santa
Santa
2,449,275
Land,
Maria
Guarantee
,
—2,554,436
Assn,
Crita
First FS&LA of Santa
487,039
B&LA
—
Guarantee B-L Corp. of Tulare
B&LA-__-
Santa
Century
B&LA
6,581,574
Clara
Santa
Santa
B&LA-
Stockton
...
Joaquin
State
Stockton
2,738,564
B&LA-^,'———
Santa
Santa
2,954,748
of Santa
Mutual
-
.
San
Barbara
-
Luis
——-—
San
B&LA:„_I____I_'_
FS&LA
Obispo
1.
Obispo
&
1,928,241
Barbara
Santa
Barbara
!
5,491,816
5,203,101
San
—
FS&LA_„_Ai_il-T-3 ,1. 7,180,121
&
,—
—
Luis
San
FS&LA
The L.
4,917,103
;
B-LA
Guarantee
434,353
6,785,735
—
-
B&LA
Obispo
Santa
of
1,422,152
B&LA
Jose
B&LA—x——
'
of San
California Sav.
Citizens'
San
Ana
First FS&LA
Santa
Jose
Guaranty B&LA
Independent B-LA
Nucleus
—
Jose
San
of
Diego
San
Diego__
San-Diego^—_
of
Home FS&LA
San
of
San
First "FS&LA
Santa
2,469,283
The, Western Loan Assn.-'
First
1,117,951
Loan
FS&LA--—_i—
Francisco
642,862
Bernardino
1,137,491
Mutual Deposit-Loan Co.
Surety
First FS&LA of San Bernardino
San
The
J. E.
B&LA_
Salinas
'
"
•
417,367
1,421,187
1,261,274
Home
662,494
'.1,329,694
San
Edward J. Webb, Kansas City,
j
.
B&LA_____„_..„
Riverside County-Mutual B&LA
Fran.-
Home
Provident
1,382,583
San
B&LAJ-j_J__
FS&LA-—i
'
-*<
of
Mntual
Goldeii Gate
B&LA_i___._,..... 963,226
Redwood
.
Beach •* •"'
I
lab°
ingenulty
821,462
Total
for
California.
330,720
551,505
-$354,991,193
THE COMMERCIAL & FINANCIAL CHRONICLE
752
Thursday, February 25,, 1943
MBA Calls For
Mfg.
Insurance System
Teletype—N.' Y. 1-971
IlAiiover 2-0050
Ft. Pitt
BIDS MADE ON BONDS WITH
foreign securities
of
COUPONS MISSING
insurance for
similar to that in
Federal Housing Ad¬
mortgage
for
serve
I-ARI MARKS & CO- '"g-
a
'
added protection
as
recurrence
values, such as occurred after the
last world war, is suggested in' a
50 Broad Street, New York
Direct Wire
C. M. & Co. Inc.
to
report
of the
mittee
of
the
Farm Loan Com¬
Bankers
Mortgage
Association of America.
Chicago, III. Phone State 6693
The
re¬
port to be presented at the organi¬
Mexican Interest Arrears Cfs.
Bought—Sold—Quoted
Inquiries invited
M.S.WIEN&CO.
S. H. JUNGER CO.
Members N. Y. Security Dealers Ass'n
40 Exchange PL, New York
Phone
DIgby
4-4832
;
.
and Internal Loans
MUTILAfED
against
of inflation in land
of SO
Mexican External
OR
ministration residence loans would
.
6s
Preferred
farm mortgages
effect
&
Sylvania Electric Products
That the establishment of a sys¬
tem
Bridge Works
Common
85 Broad St., N.Y*
Teletype N. V. 1-1779
Teletype
HAnover 2-8780
N.
If.
1-1397'
zation's Board of Governors winter
SEG Declares
meeting in Chicago, today, Feb. 25, annually even though private and
was released Feb. 21 by Charles A. institutional
investors would
be
Mullenix, Cleveland, Association glad to get more good farm mort^
President, A draft, had been previ¬ gages today. The Committee's re¬
ously presented by B, Mv Waters, port says that if a nation-wide
Minneapolis, Farm Loan Commit¬ system of mortgage insurance for
Germany's Master Plan—Joseph
tee Chairman and former Associa¬ farm mortgages, "based upon in¬
tion President, at the winter meet¬ dependent appraisal for insurance Borkin and Charles A. Welsh with
an introduction by Thurman Ar¬
ing in Chicago of the special Na¬ purposes, could be established un¬
tional Agricultural Credit Com¬ der a favorable attitude of the nold—Duell, Sloan
and Pearce,
mittee organized about two years Federal Loaning Agencies it .Inc., 270. Madison. Ave., New York
:
;
ago by Gov. A./G. Black of the would solve most of the problems City—Cloth—$2.50..
Farm
Credit
Administration to of the farm lending business, parr
Inflation And Investment Policy
study possible inflationary trends ticularly those which of late have
in land values.
This latter com¬ tended to raise both business and —A. M. Clifford—A. M. Clifford &
mittee is composed of representa¬ political issues between the gov¬
Associates, 639. So. Spring, Street/
tives of national banking associa¬ ernment
lending
agencies
and Los Angeles, Calif.—Paper.
>::
tions, government agencies inter¬ private investors."
j
ested in farm credit, farm organ¬
We
Cannot Escape History—
Among the points cited by the
izations and many other business,
Pommittee in favor of this innova* John T. Whitakerr—The Macmillan
financial and agricultural groups.
Company, 60 Fifth Avenue, New
tion in farm mortgage
banking York,.. N. Y.—-Cloth—$2.75 (pub¬
Mr. Mullenix declared he be¬
lieved that the current discussion was the assertion that such a sysr lished March
9, 1943).
of liquidating Federal agencies, tem would greatly increase the
the need for which has long since
supply of private funds available
Large Volume Of Savings
Present Definite Threat Of Inflation
(Continued from first page)
other sizable portion of this money surance
funds laid aside for
constitutes
'rainy day.'
ditions
However, these
cash
to
hand
and
a
amounted to $2,400,000,-
000, another new record.
ad-|w
in|
0
ManY Bookshelf
7
.
There
small rise in individ-
,
.
•
'
,
•-^
checking accounts also represent ua*s mortgage debt, reflecting the
in
considerable
part temporary comparatively small amount of
and relatively unstable accumulaJ new private housing. In 1943,
tions of funds which may at any
there will probably be a fairly
time be diverted into consumption
on
and other channels.
continue
to
If such funds
will
become
of
securities
ment
.
sizable reduction in such debt as
present a result of restrictions on new
inflationary construction.
Finally, there was
increas¬
ingly difficult.
"Purchases
,
at the
grow
the. controlof
rate,
tendencies
....
Federal
little
change in individuals' hold¬
ings of corporate securities during
govern¬
by individuals in
the fourth quarter reached a high
the fourth quarter.
sizable
decline
point of $3,300,000,000, compared securities
with $2,800,000,000 in the preced¬
to
There
in
was a
corporate
outstanding amounting
$300,000,000, resulting in part
disappeared, has an indirect rela¬
ing quarter.§ War Savings Bonds
from provisions of the Revenue tion to this farm credit problem
again accounted for the major part
because the Federal government is
of such purchases, rising from $2,- Act of
1942, but this was offset
continuing to subsidize Federal
100,000,000 to $2,300,000,000; tax
a
reduction in institutional land bank mortgage loans to the
notes and marketable securities, by
including issues offered during the portfolios."
Victory Loan drive in December,
accounted for
$1,000,000,000,
extent
.
of
around
a
$100,000,000
for this field;
of
interest,
charges
a
and
More uniform rates
minimum of service
more
standardized
practices in securing and servicing
loans would, result, it declares.
com¬
Tremendous
crude
800,000,000,
"year
the
record.
on
for
NNIVE
A ST
and
sand
representing a
small increase over their saving
in this form in .the preceding
quarter. For the year as a whole
saving in the form of private inSThe figures include purchases by unin¬
corporated business other than brokers and
»
not include
consumers' indebtedness
in
amounting to
the fourth
quarter
the
to
reduction
in
Al¬
con¬
Also
viewed
as
con¬
tributing importantly to the
eco¬
nomic expansion of the Province is
the Alaska Highway, which has
opened for military traffic
November, 1942. The finish¬
ing and future development of the
highway should benefit the Prov¬
since
ince
importantly,
Our half century
record of providing capital to institutions and companies
in the financial field
1942,
feeder
are
In the last 30
years
alone
over
$70,000,000 in interest, dividends and profit
sharing has been paid by corporations sponsored by
us, among them being—
circular
highways
and
rail¬
situated in Alberta.
It is only a matter of
cording
to
Charles
time,
King &
ac¬
Co.,
before the whole debt of the Prov¬
ince
is
settled
tablished
on
a
and
its
basis
credit
es¬
commensur¬
ate with its income and resources.
Bankers National Life Insurance Co.
Beneficial Loan Society
Copies of the circular maybe had
Collateral
Empire Capital Corp.
Bankers, Inc.
from
and $600,-
Beneficial Industrial Loan Corp.
whole.
most
roads
speaks for itself.
the
in view of the fact that
states,
unincorporated
about $100,000,000
of
000,000 in the year as a
American
R. Hoe
Northern
believed to
the North American
on
Continent.
i893-'943
of
are
perhaps the greatest known oil
reserves
purchases were financed by
bank loans.
business,
new
been
quarter,
does
a
seventh
engaging the at¬
of the major oil
the country.
Still
areas
berta which
tain
any
equity in private in¬
mostly life insurance, in¬
creased by close to $700,000,000
J This
set
the
undeveloped are'the massive tar
50 th A
surance,
dealers, whose
for
some
companies in
Individuals'
this
Alberta
1942
tention of
"Among other items of individ¬
uals' saving, additions to time de¬
posits
in
the
fourth
quarter
amounted to nearly $500,000,000.
in
in
in
field is currently
whole, such
highest
are
consecutive year, intensive explo¬
ration and development in this
decreased by $2,-
was
oil
record
probably, continue to tail off in
indebtedness
develbpments
taking place in the Province,
the
circular
says,
pointing out
that, although the production of
duced
a
investment, accord¬
ing to an interesting circular issued
by Charles King & Co., 61 Broad¬
now
consumers'
as
Province of Alberta bonds offer
attractive possibilities for current
and post-war
rate with good speculative
possi¬
bilities.
"Individuals' debt other than
which had been in¬
1942
Attractive Speculation
New York City, which states
a provincial bond re¬
turning 3% to 4% at half interest
mortgages,
For
Alberta Province Bonds
that this is
curred mainly in the purchase of
automobiles
and
other
durable
1943.
Bankers National Investing Corp.
Business
Credit
the
investment
firm
upon
request.
Corp.
American Business Credit
common
"A"
Memorandum
on
WARREN BROS.
Hodson
New Class "B" and "C"
'
'
&
Company
•
—
Sold
—
Quoted
HAY, FALES & CO.
Members New York Stock Exchange
Broadway N. Y.BOwling Green $-7027
Bell Teletype 3StY
■
Storage Company
5s, 1953
INC.
Memorandum in Preparation
x6y Broadway, New York
•
71
1-61,;.
Request
Quaker City Cold
Old Common & Preferred
Bought
.
way,
pared with $700,000,000 in the pre¬
ceding quarter. For the year 1942,
individuals purchased $10,300,000,000 of Government securities, in¬
cluding $8,000,000,000 in War Sav¬
ings Bonds. '
goods, was again re¬
considerably, due principal¬
ly to the* low level of purchases
of such goods and, to a lesser ex¬
tent, to the restrictions on the ex¬
tension of credit.
However, this
reduction; amounting to $400,000,000,fl was much less than the rate
in the first three quarters of the
year.
Saving in this form will
The Business
•
m <.
Hill, Thompson & Co., Inc.
.
Markets and Situations for Dealers
120
Broadway, Now York
Tel. Rector 2-2020
Tele. NY 1-2660
@FedFRASER