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Final Edition8."^*"!*'
THURSDAY
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vBee. U. 8. Pat. Office)
155
Number 4033
New
In 2 Sections
Section 1
-
•
•
Volume
•!
'
$V
^
"» 'f*'"'
■)*
■
ji
j
York, N. Y., Thursday, January 15, 1942
Price 60 Cents
a
Copy
OUR
Ouz Reporter On ^Governments w
fllJDealers Must Unite
-■t
i
1
Despite its billion-dollar size, the refunding operation, in itself,
may be considered of only minor importance; < r * It was more or
less a routine affair; it involved few of the problems that ordinarily
out-and-out
cash
borrowings; it certainly wasn't as
crucial a deal, as, say, the recent issue of 2V2S.
V
i ;
But the refunding brought out several points of vital signifi¬
cance to all present and potential holders of U. S. Government obli¬
gations.
And if you haven't recognized these angles as yet, you
would be wise to read and consider the following seriously.
In the first place, many holders of the called Treasury l%s,
accompany
...
.
.
RFC
and
FFMC
notes
invest their funds.
week
several
or
They
.
.
.
did
not
wait
for
They "did their
the
issue
new
days before the actual announcement.
bought
tax-exempt
notes
bonds
and
to
NASD
for
of
system
with
.
publication in the
interest
Their
be made
on
That's
in tax-exemption—not in
was
refunding transaction.
a
important.
...
.
.
Perhaps
.
.
ing reliance
Today
a
similar
.
•
............
tions
of
New
.....
Investment
Security
201
20S
Flota¬
...................
Trusts
214
..............
..
207
.
Municipal News and Notes
BROOKLYN
208
Personnel
204
Items
....'
Federal
Depotit Jnturanee
Corporation
Railroad
Securities
Securities
Tomorrow's
Whyte
Bond
THE CANADIAN BANK
OF COMMERCE
HEAD
Corner
...
205
appearing
functions:
formed
present
public
system
in
keep
securities.
(The)
Reporter
Uptown
After
on
;
..........,..
Governments
3
have
It
to
seems
us
the
that
quoting "Over-the-Counter" securities fails to
things at all well and that in view of this failure,
complete situation
should
few simple
probable that
edy the condition.
in
a
be
reviewed.
changes will not completely rem¬
found it possible to set profits
bond which could be fairly and justly ap¬
We
have
a
to
buyer without charge
In view of this fact, it would
security.
arrive
at
method
a
sincere
our
desire
of
apply
to
Radical
the
as
205
216
212
.....
201
...................
212
But
that
v.........
204
there
1867
Jottings
...................
$30,000,000
Reserve
long
so
he
as
may
hold
to be impossible
that will be suf¬
issue which,
commercial
and
financial
life
serve
firms and
corporations,
dividuals
interested
in
to
computing quotations
to any given situation.
And
yet,
attempted
and
Rule
vides
for
issues
in
important
every
idea
Francisco;
geles;
London,
Seattle;
Los
England;
Kingston,
Jamaica;
Barbados,
and
dealers and with interested
individuals, that the entire purpose
would be better served if "Over-the-Counter" securities were
quoted
with one definite price.
The situation would then be that instead of
an
actual
INVESTMENT SECURITIES
;
1
64 Wall Street
2
An¬
New York
market
of
It
&
Hanover
that
less
be
from
•
the
This
he
wanted
difficult
stated
the
to trade on that
market, it would probably
explain the variance of the actual bid or ask
quotation
quoted
radical
amount of
to
and
than
it
actual
departure
educational work
now
is
to
from
custom
THE
NATIONAL
Broaden your customer
service with Chase
correspondent
facilities
Member
Deposit Insurance
'
v
.
require a certain
the part of all retail dealers.
But
on
Canadian
Securities
PRIVATE
WIRE
TO
New York Trust
Company
;
OTIS & CO.
Capital Funds. $37,500,000
(Incorporated)
FIRST BOSTON
CORPORATION
NEW YORK
PHILADELPHIA
PHILADELPHIA
-the-Counter
Securities
BOSTON
CHICAGO
CLEVELAND
Chicago
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
AVENUE
STREET
FINCH, WILSON & CO.
TEN
Members
New
York
Stock
ROCKEFELLER
Commission Orders
HART SMITH & CO.
Kohbe, Gearhart & Co.
INCORPORATED
Members N. Y. Security Dealers Ass'n
45 Nassau Street
Tel. Rector 2-3600
New York
Teletype N. Y. 1-676
Exchange
PLAZA
NEW YORK
Federal
Corporation
.
MADISON
Buenos Aires
BANK
OF THE CITY OF NEW YORK
having gotten that educational work done we would then have a
system of quotations which would arouse the interest of the un¬
initiated and perhaps bring more fresh
money into our markets for
V
•
(Continued on page 210)
AND 40TH
London
CHASE
would
New York
61 BROADWAY
under¬
explain the variance
market.
St.
.CarlM.Loeb,Rhoades&Co.
in
writing quarters that the deal, as
it shapes up, is made almost to
(Continued on page 211)
see his
security quoted at $16.50 a share and
multiply that price by the number of shares which he
held and quickly arrive at an estimate of its value.
And in the
Established 1899
BOSTON
YORK AGENCY
out
could
IOO BROADWAY
NEW
utility
competitive
/
pointed
was
15%-16y4,
Spain,
Trinidad.
Exchange PI.
pro¬
of
R. H. JOHNSON & CO.
Havana;
of
which
sale
through
the individual would
Bridgetown,
Port
U-50
the
may
foundland, also in Portland, Oregon;
San
Secur¬
TORONTO
•
Branches
the
bidding.
DIRECT
in¬
city and town in Canada and New¬
under
Exchange Commis¬
sion's
it is
at first sound, we have come to the
conclusion, after months of thought and discussion both with other
.
Canadian
business.
incidentally,
arrive
20,000,000
of Canada and is well equipped
pos¬
"surprise" bid for
a
is the largest undertaking yet
This Bank Is In close touch with
the
rumblings'
are
suggests the strong
^
Established
Paid-Up Capital
definitely in
appear
at a method which will enable our
customers to tell what the approximate value of their securities
is.
-
Alabama
never
given stock or
plied to every sale.
It should be remembered in this connection
that "Over-the-Counter" dealers
charge a commission not for the
even
between
.....
to
seem
the
of
It is
event
.....................
Selector
would
newspapers
First; to
interest
do either of these
the
in the
the
syndicate
one
sibility of
security holder in¬
the value of the securities he
holds, and second, to
to
as
stimulate
he
(The) 213
Markets—Walter
Says
Whisperings
Our
-TORONTO
OFFICE:
.........
Salesman's
only
ities
finding his stock quoted 15-18 and
Member
Requests
of
the field for the business.
hand.
to
come
suggestions are urgently asked.
be printed will be
scrupulously observed.
ficiently flexible to
........
George V. McLaughlin
YORK
which have since
and
important
two
that
Calendar
President
for others
room
comments
names not
to be available to the
Our Reporter's JReport
number of
a
actual execution of the
business, but for the careful analysis and
inspection that has gone before the execution and that will continue
INDEX
Bank and Insurance Stocks
Chartered 1866
make
we
presented
we
great deal of interest.
a
■
|
succeeding weeks
that date.
to
bonds
Rower Company, noon Monday is
the deadline, the situation finds
the
the
coming
period
of
record-high
spending,
unprecedented
borrowing. ...
The savings banks are going to become less and less important
as purchasers of Government issues as their
deposits dwindle—due
}yS-(Continued on page 213)
:: 'y
'■* '
BROOKLYN TRUST
write
dealing with the subject of "Overthe-Counter" newspaper quotations and the comments thereon with
of cash during
source
30-year
request that over-the-counter dealers
a
Quotations
as
As the time approaches for ten¬
der of bids for the $80,000,000 of
the
We have read your articles
the issue indicated the Treasury's continu¬
COMPANY
replies received prior
.
your
the commercial banks
upon
new
securities
under
arisen
over-the-counter
on
subject.
that
the money to
,
second place,
In the
article under the above
funds
the
position dictates
.-;J'JJ; J• vvi'"
.
has
press.
On December 25 and
.
.
an
which
preparing quotations
We concluded with
their views on the
us
carried
we
It disclosed the situation
Further
a
K**
issues....
NEW
issue of December 18
Qur
.
heading.
re¬
refunding" instead
own
REPORT
To Conduct Business At Profit
.
.
released by redemption of the tax-exempt direct and guaranteed
action.
Newspaper Quotations Now Make It Impossible
.
.
REPORTER'S
Member
Federal
Insurance
Deposit
for
Carefully
Institutions
and Individuals
Members
of the
Corporation
Executed
New
52
York
WILLIAM
Bell
Kew York
Security
Dealers
ST., N. Y.
Teletype
NY
Assn.
HAnover
2-0980
1-395
Montreal
Toronto
120 BROADWAY, NEW YORK
THE COMMERCIAL & FINANCIAL CHRONICLE
202
MARKETS FOR
Our
BOND
TITLE
TITLE
Y.
Marathon Paper
available
Mills
information
Worthwhile Checking:
con¬
Auto-Ordnance
Alegre Sugar
West Indies Sugar
CO.
MORTGAGE
&
latest
CO.
•-
,
AERONCA
CORPORATION
CO.
MORTGAGE
&
TITLE
Punta
CO.
TITLE & GUAR.
LAWYERS
N.
STATE
"A"
Film
&
CO.
CO.
INSURANCE
MORTGAGE
LAWYERS
earnings
Ordnance
cerning
by
MORTGAGE GUAR.
&
HOME
Aniline
Genera!
CERTIFICATES
issued
circular
compares
of Important
companies
and
gives
-current
published
MORTGAGE
Thursday, January 15, 1942
AIRCRAFT CORP.
(Tommy Gun)
Com.-Pfd,
Copy may be had on
v
request
TITLE GUARANTEE & TRUST CO.
AH
other
local
Clokey& Miller
companies
Newburger, Loeb & Co
Members
40 Wall St.,
Bell
Stock
York
Neio
N.Y.
City
Members New
Telephone
REctor
1-2033
NY
Atlantic
Philadelphia
Wertheim & Co.
Exchange
WHitehall 4-630C
Teletype
KATZ BROS.
M?mb-rs
York Stock Exchange
52
Telefype''
NY
YORK
BROADWAY, NEW
120
Security
Dealers
Established
Association :
Broadway
New York
:
1920
.
Members
'
2-2300
York
New
*0
New
York
Security
Dealers Ass'n
Exchange PL, N.Y.
HA 2-2772
"k
1-1693
Phone
BOwling
Green 0-0023
BELL
TELETYPE NY 1-423
Lebanon
Alabama
Eastern
Punta
v
and
Sugar Associates
Louisiana
Alegre Sugar
Vertierites Camaguey
West Indies
Sugar
MiAJXKS
50 Broad
Baragua Sugar 6%, 1947
St., New York, N. Y.
Y.
N.
Teletype,
System
Utility 5% -42
Circle Theatre 6-46
Broadway 4-50
*
.
,
61
w. s.
Western it. Tel. Com. & Pfd.
Potrero
'
Cuba
Sugar Pfd.
Company Pfd.
Frank C.Masterson & Co.
Members
64
WALL
Curb
York
New
ST
West Indies Sugar, common
"
50 BROAD STREET
i,
Common'
ll..
20
NEW YORK, N.Y.
REctor 2-7034
S.
WHitehall
NY
N.Y.
7-85AI
1-2361
Gala Round Of Dinners
CHICAGO,
OFFERINGS WANTED
!
Ark. Road "B" & Hwys. 3-3%$
Missouri Utilities Com.
&
Lt.
Pfd.
&
Pfd.
6%
St. Louis Pub. Serv. bds. & stk.
ILL.
Club
of
Traders
and
The 'Bond
Chicago,
the
—
Club
of
Statler, St. Loui£,
Feb. 6.
Edward D. Jones & Co.
Established
■
the
firm
Co.,
Chicago
are
being
Firmin
Co., Chicago; and L. B. Carroll,
Dempsey, Tegeler & Co. of St.
Louis will entertain traders
ing
the
to
of¬
St.
St. Douis
breakfast in
morning.
Louis
Members
Stock
fered
by the Chicago group, cov¬
ering rail and Pullman
Exchange
Stock
Exchange
Chicago Bd. of Trade
Assoc. Member
Chicago Mercantile Exch.
•New
York
Curb
Exchange Associate
Exch.
Postal
Long Distance
Teletype—ST L 693
dations,
rooms
accommo¬
in Kansas City and
com¬
^dinner at
on
Friday
Leslie Rodgers, Jr. New
Willi H. N. Nash & Ge.
ciated
1421
in
with
H.
Chestnut
bank
'
Wurts, Dulles Oo,
*
t
Louis,
dinner
the
on
train,
guest? fees at St. Louis and Kan¬
City,
further
etc.
Reservations
information
may
and insurance
trading
be
Wilmer,
Wilmer
and
ob¬
ciated
formerly
&
railroads
Insurance Stocks
with
Wurts, Dulles "&: CoiJ
the
New
N EW
NY
Cashier.
as
in
-
.
was
Stein
and
Paper
Co.,
v;,.
&
Co., Inc. and G.
M.-P.
Murphy
»*
»
Sugar,
Mr.
trading departments.
;
connected
was
.
analysisprepared
Burton
of
-
by
Utah-Idaho
Co., 160 South Main
Street, Salt Lake City, Utah, has
just come off the press. The out¬
look -for the stock is most
promis¬
ing according to the Burton Com¬
pany, which ;will send copies of
the analysis upon request.
,
THOMAS E.
been
A
PARTNER
admitted
to
Stewart has
KING
OF LAN GILL
our
firm
name
as
&
a
CO.
general
of Hixon &
been changed
to
HIXON, STEWART & KING
MEMBERS
'
120
BOSTON
New
63 Wall St., New
York
South La Salle
STOCK
EXCHANGE
Street, Chicago
\ *:■
WILLIAM LLOYD HIXON
Security Dealers Association
York, N. Y.
CHICAGO
Randolph 51)86—Teletype CG 072
Incorporated
Members
Bell Teletype NY 1-897
L.
&'«
,
Frederic H. Hatch & Co.
with
Edward
; We take pleasure in. announcing that
FORMERLY
;
,
'
An
& Co. in their, bank and insurance
Philadelphia
Alegre Sugar
/
formerly a part¬
& Boyce and
Interested In Sugar?
V
stocks, in
partner and that the
West Indies Sugar
Asso¬
Bros.
Mr. Sherman
formerly with Hen¬
Stock Exchanges.
Punta
4-4970
1-609
YORK
corporation securities.
Mr. Jones
ner
Eastwood, Swart, Duntze
Street, members of
York
act as
municipal
Ohio Match
G.A.Saxton&Co.,Inc.
Teletype
in
partner: in
a
industrials
WHitehall
dealers
Co., has become asso¬
1416 Chestnut
Central
Bank Stocks
Y.
&
was
American Maize Products
utilities
N.
Sherman.
organization will
and
&
East
partnership
PHILADELPHIA, PA.—Van B;
Trading Markets in
IN
ST.,
ton,
specialists
department.
has
trading markets
PINE
Nash
•>
v
in
Hanson
'
St.
sas
70
N.
Street,
dricks &
:■>$
221
PHILADELPHIA, PA.—J. Les¬ Mackubin, Legg & Co.
lie Rodgers, Jr., has become asso¬
Rodgers
Van Wilmer Joins
Jones
at
Street,
Tnomas
new
R.
E.
offices
-
their
V
v
Boatmen's Bank Building, ST. LOUIS
of
with
ciated with the firm is E. M. Ever-
D.
Prescott, Wright, Snider Co., Kan¬
sas City.
/' '■={
Special round trip accommoda¬
tions from
1922
&
Kansas
Security Traders
Club of St. Louis, announce their
winter dinners to take place early
in February, at the Palmer House,
Chicago on Feb. 3, at the Kansas
City Club, Kansas City, Feb. 5,
the
and at the Hotel
from
<
—
Elisha
Riggs Jones, member of the Bammoie Stock Exchange, nas formed
Teletype: N.Y. 1-971
Fusz, Jr.,
Fusz-Schmelzle & Co., St. Louis,
Mo.; Edward H. Welch,' Sincere
Tri-Gifty Traders Plan
"City,
Bell
1-1702
4-0488-89-90-91
\ Own Firm In Ball.
Redwood
Bond
7600
;
BALTIMORE,'-'MD.
Telephone: State 6693
Traders
CEntral
Exchange
EiR. Jcnes Forms
ana
BROADWAY
MArble
Phone
Stock
teletype NY
Mortgage
YONKERS.
Teletype
Chicago Stk.
York
BROADWAY, NEW YORK, N. Y.
Tel.
The
INC.
York
New
Members
65
witn
Schoonover, deWillers & Co.
Louis
•/
duryea & co.
V
CHICAGO: 208 So. La Salle Street
tained
St.
.
Trading Department
/
Certijicates and Bank Stocks
New
:
National Airlines
,
brokers
Westchester County
Pwr.
" '•*
'
Warrants
-
'
v
Tudor City Units
Missouri
,
Triumph Explosives
•
NEW YORK
'
.
,
Thompson Paper Common
Bell
>
;Triumph Explosives
V
inc.
Telephone: HAnover 2-0050
Thompson Paper 3 lAs, 1958
BROADWAY
NY 1-1557
s
Houston Oil Co. Preferred
120
'
YORK
PhilaARead.C.i 1.6s 1949
All
BH 198
HAnover 2-9470
Phils. & Read. C.&Us, 1973 C/Ds
Stevens &
Wire
New York, N. Y.
v~;
v
fffeni. marks &
Stevens &
Orleans, La. Birmingham, Ala.
25 Broad St.
Sugar 7%, 1941 //<*
Cespedes Sugar 7Vz%. 1939
1 <v.,
Cuba Company 6%, 1955 stamped
Francisco Sugar 6%. 1956
Haytian Corporation 4%, 1954 1 >
"Haytian Corporation 5%# 1989 f >■
Haytian Corporation, common j
Manati Sugar 4%, 1957
Punta Alegre Sugar, common j
'v
:
Vertientes Camaguey Sugar, common
Vicana Sugar 6%, 1S55
Vicana Sugar, common
Exchange
NEW
Teletype NY 1-1140
Exchange
Caribbean
1-2480
v
Great Lakes
York Stock
Maritime Bldg. Brown-Marx Bldg.
Direct
HAnover 2-4660
"Bell
Members New
J>]\l<Y^
Antilla Sugar Estates 6%,
.
Assnl
Dealers
Security
BROKEKS
New
Members
York
New
AIM
Steiner, Douse & Co.
&
bought, solo, quoted
J.F.Reilly&Co.
Securities
SECURITIES
SI 4.AU
Sugar
JOHN C. STEWART
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4033
Volume 155
COMMERCIAL and
FINANCIAL CHRONICLE
»
New capital financing for Union
Oil Co. of California was carriecu
BEekmaii 3-3341
•
!
.
Herbert D. Selbert,
.
I
W.
Jones,
Jan.
out
!
/
Editor and Publisher
.Frederick
Managing Editor
William Dana Seibert, President
William D. Riggs, Business Manager '
:
January
three
times
1942
15,
week
[every
Thursday (general news and advertis¬
ing issue)
with statistical issues on
\
Tuesday and Saturday]
Other
?
a
offices:
Chicago—In charge of
Gray, Western Representative,
Field Building (Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, E.C.
Fred
H.
Copyright
1942
by
Company.
William
B.
Dana
y
Reentered
as
second-class matter Sep¬
tember
12, 1941, at the post office at
New York, N. Y., under the Act of Mar.
8, 1879.
Subscriptions in United States and
possessions $26.00 per year, $15.00 for 6
months; in Dominion of Canada, $27.50
per year, $15.75 for 6 months.
South
and Central America, Spain, Mexico, and
Cuba, $29.50 per year, $16.75
for
6
months; Great Britain, Continental Eur¬
ope (except Spain), Asia, Australia and
Africa,
$31.00 per year. $17.50 for 6
months.
NOTE:
,
fluctuations
in
remittances
On
for
the
advertisements
New
York
of
account
rate
the
of
exchange,
subscriptions
foreign
and
AND COMPANY
with
13
the
BONDS and PREFERRED STOCKS
$15,000,000 of 3% debentures, due
Jan. 1, 1967, by an underwriting
group headed by Dillon, Read4 &
Spencer Trask & Co.
must
made
be
funds.
in
;
Specialists in
last
.
fcOSTON
ALBANY
GLENS
SCHENECTADY
BRIDGEPORT
PHILADELPHIA
Members New
Yclrk
Stock
Exchange
actives.
99 WALL
WHitehall
6s,
Telephone
BO.
Qr.
62
9-04OO
Broadway
NEW YORK
Teletype
N.Y. 1-1003
Pittsburgh Steel Co.
Bonds Are Offered
.
A.
G,
Becker
14
offered
burgh
Steel
& Co., ..Inc„ on
$2,000,000 Pitts¬
Co.
first
mortgage
fronds, series B, 4y2%, due
fit 99%
1950,
and accrued interest from
the
that
announce
present time.
'
Upon completion of the financ¬
ing the funded debt of the Union
Oil Co. of California will consist
Members
5s,
Joseph McManus &
meeting of the Board of
'
Telephone
Rector 2-8200
York Curb Exchange
Chicago Stock Exchange
39
Broadway, New York
Teletype
.
'
;
DIgby 4-2290
fl". Y. 1-1592
Tele. NY 1-1610-1;
t'K
We
Are
REAL
King; Firm New Nonfinaliag Committee
Is Elected Bj NYSE
Hixon, Stewart & King
:•
CHICAGO,
ILL.
—
The January,
Announce¬
ment is made of the admission of
board
withdrawals
for/future
and
the McCloud River Railroad Com¬
J.J.LanMraWHk
Blair F.
boilers and is consider¬
new
ing the erection of a building and
purchase and installation of forg¬
ing and heat treating equipment
for the manufacture of hollow
tubular freight car axles, a new
product recently patented by the
trial
stock
Claybaugh Go.
department for J.
Sammon & Co.
F.
Vice-President
in Toledo and
and
pany in California.
is the son of the
Director
of
Mr. Stewart
late
Bishop
George Craig Stewart of the Epis^
copal Church and formerly had
his own firm, Thorson & Stewart.
He is a Governor of The Chicago
Stock
Exchange.
members
which
to
members
of
INC.
and
HAnover
suggesting nominees for the of¬
positions to be filled at
Annual
change
on
Election
of
May 11.
the
Ex¬
mittee
on
5s, 2032,
Permutit
Company
Galveston & Houston
ATLANTIC INVESTING
CORPORATION
67 WALLST.,
NEW YORK, N.Y.
Telephone-—BOwling Green 9-3000
Nominating Com¬
April 13.
H.
0PM Priorities Div.
Newspaper Publishers Association,
Higher
pay
and heavier taxes forced
rolls
the pa¬
prices,
change
firm
of
Fred
W.
Fair-
& Co., has taken a leave of
absence from the firm to join the
man
Priorities Division of the Office of
said Production Management in Wash¬
ington, D. C.
Hardy.—N. Y. "Herald Tribune."
Taylor Sales Mgr.
Of R. E. Crummer Co.
Fred Fairman, Jr. With
CHICAGO, ILL.—Fred W. Fair-
the
1-1203
Teletype—NY 1-1625
man, Jr., partner of the stock ex¬
raise
Teletype NY
MacfaddenPubs. Pfd. & Com.
'
Pennsylvania
to
2-8970
New Orleans Great Northern
allied
fices and
the
Dealers Assn.
Broadway, New York, N. Y.
the
pieet increased operat¬
ing expenses, -William N. Hardy,
pers
Co.*s
Participations
Members New York Security
39
Exchange and
also non-member limited partners
will be invited for the purpose of
weeks—to
reported today.
Title
other
Trust
A slate of nominees will be re¬
Subscription rates have been
raised
by twenty-five Pennsyl¬
vania daily newspapers in the last
year—most of them in the last few
*
Ctfs*
Ctfs.
,.J.GOLDWATER & CO;
The Committee will-hold open:
ported by the
of " the
Co.
Co.
Complete Statistical Information
1942, Nominating
meetings in the month of March,
/
Newspapers Raise Prices
nanager
Ctfs,
Title
&
all
Bank
In
Co.
Mtge.
Lawyers
-Bond
Invited
Mtge.
Committee pf the New York Stock
Hixon-Peterson
ciation:
•against property additions now
contemplated. The balance of-the
net proceeds
will be added to
J.
Joseph Lamb has become
working capital for reimbursing associated with the New York
the company in part for the cost office of
Blair F. Claybough Co.,
cf property additions constructed 72 Wall Street. He will
specialize
or
acquired in the 12 months in industrial securities. Mr. Lamb
ended Nov. 30, 1941.
was
formerly
with
Winslow,
The company has made appro¬ Douglas
&
McEvoy and prior
priations for the installation of thereto was manager of the indus¬
two
the
of
Lumber' Company
1, 1941. This is an additional
Blair F. Claybaugh,
Blair F.
series
of
,the
company's
first
Claybaugh Co.; Henry C. Keister,
mortgage bonds which are listed
Jr., Adams, Keister & Co., Inc.;
on the New York Stock Exchange
William
E.
Lohrman, Wm. E.
where application for listing the
Lohrman Co;j and J. Arthur War¬
iiew series will be made.
ner, J. Arthur Warner & Co.
;
Of the net proceeds to the com¬
pany from the sale of the bondsj
$893,000 will be deposited with the
In
ESTATE_SECURITIES
Inquiries
following were elected to
active membership in the Asso¬
The
Specialists
January 8,1942 V^.,
Governors
of
the
New
York Thomas
E.
King to Hixon & Exchange has been elected. The
Security Dealers Association the Stewart as a general partner and committee is composed of:
Three
members
of
the
Ex¬
following officers were appointed the change of the firm name to
for the year 1942: Frank Dunne,
Hixon, Stewart & King. Mr. King change: Austin Brown, Dean Wit¬
Dunne & Co., President; Clarence was formerly a partner of Langill ter & Co.; Charles S. Hirsch, Jr.,
E. Unterberg, C. E. Unterberg & & Co. here and will continue to Hirsch,
Lilienthal & Co.; and
Co., and John J. O'Kane, Jr., John trade unlisted securities special¬ Walter W. Stokes, Jr., Stokes,
J. O'Kane, Jr. & Co., Vice-Presi¬
izing in public utilities.
Hixon, Hoyt & Co.
dents; Tracy R. Engle, Secretary, Stewart & King are members of
Two allied members of the Ex¬
and Fred J. Rabe, 'Treasurer.
The Chicago Stock Exchange and change:
Newcombe
C.
Baker,
Philip
L.
Carret
of : Carret, maintain offices at 120 South La Laird, Bissell & Meeds; and Holstein De Haven Fox, A. C. Wood,
Gammons & Co. was added to the Salle Street.
Board of Governors to serve for
Mr. Hixon is chairman of the Jr. & Co., Philadelphia.
three years.
Co!
New
Street, Mew York
Admit
a
1946
4^8, 1967
they have become
of the Mew York StocJc Exchange
Two Wall
$30,000,000 of 3% debentures
due Aug. 1, 1959, and $15,000,008
of 3% debentures due Jan. 1, 1967,
exclusive of $7,958,500
of nonredeemable 6% bonds, due May 1,
1942, funds for the payment of
which at maturity are on deposit
in irrevocable trhst. Capital stock
outstanding consists of 4,666,270
shares of $25 par value.
Security Dealers
Appoint 1942Officers
1952
Members
of
Dec.
trustee
4-6551
Aldred Investment Trust
•
Jan.
a
Reynolds Realization
MORGAN STANLEY & CO.
company
y
IAT/
4n-
on.
that
Indiana Limestone
intends to make
capital expenditures of substantial
amounts, the exact nature and cost
of which cannot be determined at
The
At
GUARANTEED RAILROAD STOCKS-BONDS
price
make
Net
NY
RAILROAD STOCKS
check¬
STREET, NEW YORK
Lawyers
GUARANTEED
have
by
policy hereafter."
Telephone:
proceeds from the sale are
initially to become a part of the
company's general funds and as
such may be used for such pur¬
poses
as
the management may
from
time
to
time determine.
should
Obsolete Securities Dept.
CUrb Exchange
York
Let's
BLANKET
:'■/
'■
"We
ourselve3
.
FALLS
HARTFORD
WORCESTER
New
Members
•
partner to his trader
week.
ing, Lichter.stein's
Teletype NY 1-5
Telephone HAnover 2-4300
ons
COVERED
25 Broad Street, New York
'
99V2 %, plus -accrued interest.
Djllon, Read & Co., on behalf of
the group of underwriters, /ari^.'
nounced that the selling group
books were closed the day of of¬
fering.
in Bed"
—said
The debentures were priced
Co.
"We Should'a Stood
Listed and Over-the-Counter
offering of
at
Thursday,
Published
tlCHTfnSTfifl
High Grade
-
Spruce Street, New York
!
Inquiries Invited On
Oebs. Oversubscribed
rPublishers
25
V
-
S. Patent Office '
William B, Dana Company
I
j
Union Oil Co. of Gal.
Reg. \U.
^
203
CHICAGO, ILL.—Harry A. Tay¬
lor, associated with R, E. Crum¬
& Company for the past 20
years, has been named sales Man¬
ager of the Crummer organization,
C: S. Turner, Vice-President, an¬
mer
.
Mr. Taylor will be in
charge of sales in the main office
in Chicago and the firm's branches
nounced.
in
Wichita, Orlando, Fla., Miami,
St. Paul, Kansas City, Des Moines,
and Omaha.
He was previously
with the Texas and Wichita offices
and
for
eight
years
He
Orlando office.
was
in
the
came
to Chi¬
a year ago
to head
company.
-
In f the
five
.jgears
and
nine
Public
months ended
Sept. 30, 1941, the
company and its subsidiaries made
expenditures of $16,251,888 for re¬
pairs and maintenance, $9,029,758
for capital improvements and on
Sept. 30,1941, bad on deposit cash
of $3,889,850 to be applied to the
construction of a by-product coke
plant.
At the request of
B ON DS
cago more
Utility
Industrial
Railroad
Eastern Corporation
Municipal
has filed
Common
Government of
these
Warrants
Complete
sent
statistical
on
report
request
two
certain addi¬
A.C.COMPANY
tional iron and steel-making fa¬
cilities.
&
Bought—Sold—Quoted
the Office of
the com-*
applications
for the erection fit the expense of
the
•
Bonds, Preferred
Production Management,
pany
than
the trading department.
applications
are
estimated to
cost approximately
$16,2QQ,QQQ and
$870,000, respectively.
R.E.Swart & Co.
Incorporated
The facilities covered by
CHICAGO
~
iKjrooonR ATED
40
NEW YORK
Tel.:
EXCHANGE PLACE,
HAnover 2-0510
NEW YOB*
Tele.: NY 1-107J
204
Thursday, January IS, 1942
Fisher & NimickrAre
DALLAS
*
►
Canadian
'S
PITTSBURGH, PA.—Charles N.;
Securities
^Fisher arid T. Howe Nimick will
pe admitted« to partnership in
Singer, Deane & Scribner, Union
h^rust Building, members of the
New
York
arid
the-firm
been
for
Traded
associated
number
a
las manager of the
Members
years
municipal bond
7;:
■«
•,
UTILITY PREFERRED
HAnover
Republic; Insurance
Tele.
2-7673
'}
;
i,
Great Southern Life Ins. Co.
t'\Y.
c Dallas Ry. & Ter.
All Texas
Exchange
NY
1-1619
New
'>v
Southwestern Life Ins. Co.
Check
Jackson
,
Curtis
&
J;
1951
7
Utility Preferred Stocks
1_»»''
j,
St., New York, N. Y.
Toronto
Quoted
—-
Pepper
New Mexico Gas Co. Com. & Pfd.
us
\p'- •/;• vlyivrv" *r •>"'7 it'v*1 -WV
Southwestern Securities
on
RAUSCHER, PIERCE & CO.
York
DALLAS,
:;'v77',;
•1
.
Broad
41
department. Mr Nimick has also
beea. connected with them for
sometime.-
?
Funds..#
Stock
Toronto
Sold
—-
Dr.
F.W.Macdonald&Co.
with
of
S.
U.
in
^::-. r:vS
Pittsburgh Stock
of Jan. 22. Mr.
Exchanges v
Fisher' has
Bought
TEXAS
,
Ft. Worth-Houston-San Antonio
DETROIT
JOTTI
PERSONNEL ( ITEMS
LISTED AND UNLISTED
'
" This puerile attack
i
business, and particularly
on
the automo¬
on
bile industry, for having hamstrung defense with "business
before Pearl
Harbor, wouldn't last
a
as
usual"
a
decent
minute if'business had
If
contemplate making additions to your personnel, please
send in particulars to the Editor
of the Financial Chronicle for pub¬
you
lication in this column.
NEW YORK CITY—Italo Conte
has been added to the staff: of
chants of death."
Hayden,
pushing
were
jof
"business
as
lil'orm of "guns and
usual"
in
butter"—pres¬
sure for expanding output
fjto
(3)
the
so
try
it
as
take care of civilian require¬
ments.
steel.
the
of
defense
Only recently, it
Administration
for
pressure
scarce
seems,
given
St.
copper
to
build
the
plant
of
of
slow.
has
dow
its
dressed
lar-orders
were
wore
(Special
.
large dol¬
plants
which
small.
out
•.
Business
shoe
Washington
larger
it
try
has
.
.
materials
it
Company,
'
to The
35
Con¬
;
o
Financial
v
•
and
Carl
associated
Ross
with
-
men
leather
trying
in
to
(Special
'
:
get v
Some went ahead
ones.
.
could
get slowness in stream-lining the de¬
after the priorities system had al¬ fense
set-up, and by slowness in
lowed for defense requirements.
removing the profit handicaps on
"
to The
Financial
:
son,
now
(2)
,
fact there
In
was
no
real
Chronicle)
ting automobile
production by
stipulated
monthly
percentages
below 1940-1941. Priorities should
have
taken care of the situation,
leaving the automobile people to
produce what they could. " Yet
the
illeberal
("liberal") periodi¬
damning the indus¬
asking permission
to keep its assembly lines busy
long enough to put together the
cals
are
try
even
output..
/•,(5) Auto assembly lines
now
for
remaining parts
on
built
for
aircraft
assembly and
can't be used for it.
The industry
depends
largely oil4 specialized
tools
which
Where
can't
conversion
be
converted.
(Continued
on
"
•
Charles A. Parcells (r Co.
of
Conrads,
&
Stock
Detroit
Exchange
BUILDING
Chronide)
'
DETROIT,
Street, Rockford, 111.
(Special
317
MICH.
West
to The
Financial
ST. LOUIS
Chronicle)
LANSING, MICH.—Everett V.
formerly local man¬
ager for W. E. Hutton & Co., is
connected
Pierce,
Lynch,
108 West
with
Fenner
Merrill
&
Beane,
Co.
4
Allegan Street.
1 North La Salle Street.
SAINT LOUIS
to
(Special
The
Financial
Chronicle)
509 OLIVE ST.
to The
Financial Chronicle)
LONG BEACH, CALIF.—War¬
ILL. — Lucian B. ren D. Lamport has become affil¬
Christiano has joined the staff of
iated with E. F. Hutton & Co., 219
Dempsey-Detmer & Co., 135 South East
Broadway. Mr. Lamport was
La Salle Street,.
previously local representative of
CHICAGO,
■
(SDecial
i
to
The
Financial
Chronicle)
Conrad, Bruce &
Co.,
Nelson
Douglass & Co., and E. H. Rollins
7 7
v
Members
St.
CHICAGO, ILL.—John H. Boyle & Sons.
has
become
associated
with
Shields & Co., 135 South La Salle
Street.
with
Mr.
Boyle
Lamson
was
Bros.
(Special
Co.,
Harris, Burrows & Hicks.
and
(Special
to
The
Financial
Charles
Financial
SALT LAKE CITY
has
Co., 136 Pine Aver——•
Specializing in
^affiliated v^ith
(Special
to The
Financial
Chronicle)
—LOS ANGELES, CALIF.—John
J. 'qO'DonnelL,;«previously
with
'
UTAH-IDAHO SUGAR
Webber, Darch & Company, 208
South La Salle Street. Mr! Claf¬ Butler-Huff & Co. of California,
lin was formerly with Wolf & is now affiliated with Quincy Cass
Company, Inc., industrial engin¬ Associates,
-■■V':-"
to
The
Financial
&
Analysis
530 West Sixth St.
(Special
to
The
Financial
request
on
Chronicle)
MANCHESTER, N. H.—Walter
Chronicle)
EDWARD L. BURTON
E. Wheeler has been added to the
CINCINNATI,
E. Aub
SUGAR
AMALGAMATED
'7'
•
(Special
Exchange
CALIF.—
Henderson
Chronicle)
eers.
Stock
I..'Mti
Chronicle)
BEACH,
Reginald
Louis
'::
joined the staff of W. Mel Wilson
CHICAGO, ILL.—James Edwin
Claflin has become,
to The
LONG
formerly
&
of A.
hand.
Financial
King
authority, and
of the Adminpage 211)
with
Members
State
OHIO
—
M.
Alfred Mack has joined the staff staff of
one
1
;
.
J.
FREEPORT, ILL.—R. E. Stuart,
previously with Brailsford, Rod¬
ger & Co., has become associated
possible,
particularly in the accessory and
equipment
plants,
these
plants
turned out all the parts they could
get orders for.
;...7:7
(6)
Responsibility goes with
was
Harry
recently
was
to The
(Sneclal
not
*
f9
Chronicle)
—
PENOBSCOT
(Special
&
are
Doerfler
now
with John A. Daw¬
arms
Washington order cut¬
a
V
'f
■
Eschbach,
'
CHICAGO, ILL.—James P. McMahon is
-*•1
have
-
need for
DETROIT, MICH.
Brails-
Salle Street.
Financial
with
Chronicle)
B.
ford, Rodger & Co., 208 South La
been
any
fenhauer
become
on
letters of intent or even
industry.
(1)
gambled on new plant with¬
getting materials
out any orders at all.
at the 1 expense of essential war
industries, then
something t has
(4) Washington discouraged de¬
been seriously wrong with the fense construction
by slowness on
priorities system. Either it hasn't liberalizing the amortization al¬
been
working,
or
Washington lowance, by slowness on removing
hasn't -been;, using it
drastically the anti-trust threats to cooper¬
enough.
IVfere
common
sense
ative action,-byj slowness in cut¬
would give the automobile indus¬
ting procurement red tape, by
If
&
Street.
The
W. E. Hutton & Co.
Chronicled
CHICAGO, ILL.—Julius R. Of-
win-
with
to
Financial
til 1944, but immediate orders
private
v:':
'<'7'7
As to the auto
en¬
could not possibly deliver un¬
transmis¬
duplicating
■Cc,:';'- V;V":
gress
orders
were
to The
Raymond
of
turn-out
the
They
Broad
to
Doerfler has rejoined the staff of
Keane & Co., Penobscot Building.
BOSTON, MASS. — Henry H.
Noyes has become connected with
in¬
airplane
But
25
(SDecial
Mr.
(Special
schedules,
for
and
etc.
almost
the
Co.,
Street.
orders
construction
tanks,
new
were
Lawrence
lines
lines.'
up
beat
&
indus¬
arms
and
for
gines,
TVe REA is still using
waterway.
sion
the
users
get
new
would cramp the imme¬
needs
could
the
both
jinstance, that expansion of steel
Capacity for this purely civilian
diate
all
took
variably
Gano Dunn: warned, for
purpose
The automobile
Stone
%'•' '
•
jjpublic relations technique. Only two years ago business was being
;j belabored for favoring war and craving munitions orders as "mer¬
Only six months ago leading New Deal "thinkers"
their own version^
;f'V
SECURITIES V
Co., Union Trust
State
R.
H.
Johnson
&
& COMPANY
Co., 31
to The
Financial
Bell
Chronicle)
PORTLAND, ME.—Maurice A.
„
Salt Lake City, Utah
100 S. Main St.
(Special
1899
Established
Street, Boston, Mass.
Building.
System Teletype SU 464
Oldest
Investment
House
In
Utah
Gellerson has
This advertisement is
not, and is under no circumstances to "be construed as, an
securities for sale, or as a solicitation of an offer to
buy
any
offering of
of such securities..
rejoined the staff of
Co., Bank of Commerce
Mr. Gellerson was re¬
Bowers &
Building.
cently with Timberlake & Co.
This
offering is made only by the Prospectus.
NEW
ISSUE
to The
Financial
Mo.
Chronicle)
formerly with Bowers &
now associated with R. H.
Johnson & Co., 31 State
St., Bos¬
33,750 shares
Panama
Coca-Cola
Bottling
v..
Co., is
Company
ton, Mass.
(Special
(INCORPORATED
*
.
Eighth
St.,
St. Louis,
'
PORTLAND, ME.—Ralph W. E.
Giles,
The
North
409
if' 1
(Special
ciated with A. G. Edwards & Sons,
IN
REPUBLIC
"tot
OF
to The
Damrell
is
Warner &
common
VALUE
S1.00
PER
SHARE
Kirkup
with
price
$12.50 per share
The
Kirkup
has
may
become
&
Co.,
Ave.
Sixth
Mr.
previously with Rus¬
Hoppe, Stewart & Balfour,
&
to
The
Adams
Members New York Stock Exchange
NEW YORK
&
Conrads,
Byron
KNOXVILj-E ;»>
Kadel
is
317
Mr. Kadel was
••
Fourth
&
&
Bro.
Francis,
Olive
with
years
many
Gremp
Co.,
is
Co.,
&
Sts.
(Special
to
The
Doering
Scherck,
is
Financial
MO.
LOUIS,
Chronicle)
Bertram
Richter
Co.,
A.
with
affiliated
now
Landreth
Building.
Chronicle)
ILL.—John
now
with King
West
State
Penn
to Ths Financial
Thomas,
of Byron,
Bank of America Building.
111.
(Special
to Tha Financial
SPOKANE,
Reinhart
(Special
to
The
with
previously
ciated with Wheaton and Roberts,
NASHVILLE
JEFFERSON
Chronicle)
DIEGO, CALIF.—Clifford
St.,
formerly with the
State Bank
(Special
SAN
Fox, Castera and Co., is now asso¬
Financial
ROCKFORD,
associated
Humphrey
West
with
ST.
Chronicle)
be obtained from the undersigned.
ELDER 8c COMPANY
for
was
(Special
January 15, 1942
P.
Chronicle)
Arthur
Galbraith,
and
Stephenson, Leydecker & Co.
-4
CHATTANOOGA
Henry
J.
Financial
Hughes,
South
sell,
,;L!
—
with
Co., Chapman Building.
to
Humphrey
Copies of the Prospectus
now
PORTLAND, ORE.—John F. T.
309
ambolis,
now
Chronicle)
stock
(Special
PAR
Financial
Financial
to The
LOUIS, MO.—Paul T. Phi-
Neuwoehner,
PORTLAND, ME.
PANAMA)
(Special
ST.
Financial
Chronicle)
CITY, MO.—Mal¬
colm Bradlee Epstein is
now asso-
has
WASH.
been
Chronicle)
—
A.
added to
staff of E. J. Gibson & Co., 5
J.
the
Wall
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
:Number~4033
155
;.'V:
Guaranteed
r.
■4
>
Tomorrow's Markets!
Railroad
1
Stocks
OA'... J
New Securities y
1
.
(when,
Says
t
-.TJ
'.+>
v.
120
can
another
see
.
which
may
Cons. Mining &
;
Pend.
PFLUGFELDER, BAMPTON & RUST
Telephcme*~DIgby 4-4933;y
:\&
- \*
<»
better to liquidate and hold
for better opportun-
that
ities;' details below.
for
we
cash
U
/•*: * r>
V\
.
-
are
so
Toronto
been notified
This
was
have
seen -what
The
market
has
p,
-
Happened;
down,
maybe not the full four points
that
were 4
originally - indi¬
cated; but certainly the two
points.
4
go
;
market
the
wak;
least
:
than
it
week.
picked
Tuesday / was l
strongest days
since
I'll
matter oi fact,
.a
on
the, market * made..it's
has
•|ji The first
volume; of
was
•
ment
y
it
which to base this
none,
that I
put;
v
/.■ -.//yy
* U.
•:
/.
*
•
::,4. > j"/
admit/that I can't
First there
outburst
terest
the rubbers and
result. of
the
was
Washington
announcement
■; i
Government
that;, the.
the
was
planning to spend a lot of
to build . plants that
money ,
would* turn out
•tons'
of
; theory
ersatz
400,000
rubber: The
or
,
eduction of rubber would elim¬
fear that gasoline
p
*
•
,
t i o n
on
hand/ court
authority seems likely. There has
been some talk that the request
would be for payments based on
whole
to
iROY A. SIRASBUR6ER & C(L
1 WALL
Teletype:
NY
•
is
tribunal,
reversed
ruled
that
at least senior bondholders in this
if
prosperity is equitable.
the
ficient.
•"
tion
plan at this
seems
to
-
on
the basis of the
interest
bonds,
rate
covering
on
a
perhaps two years.
the
old-
of
five
are
:
default
ous
originally.
„
were
provided
All of these obliga¬
represented by fixed
as was
the
in
debt
interest
reorganiza¬
tion, which would presumably be
freed
on
for
>
to
plan is fair
>
»
Court
r
data
would
still
suf¬
are
Circuit
have
if treatment
?!
Court
to
de-
,
of vari-
s
creditor groups is fair and
/
equitable.
The company has
pay
money
new
tions
and one-third semi-
annual coupons in
to
off its bank
has reduced its RFC
loans (further reductions are also
possible) and should not require
any
Up to the
proposed effective date, of the
ICC reorganization plan there
able
then
in-
data
A reversal by
the
The
termine
Circuit
loans in full,
ac-
period
been
the
in
contained
Court decision.
us
that any payments authorized
will be
would
promulgated, and partly on state¬
ments
that
mean
rest
~
Rather, it
•
/
it had
determine
partly on the vast im¬
provement
in
the • company's
finances since the plan was first
time.
the
not
valuation
plan, covering the
three years from Jan. 1, 1939, the
effective date of the plan.
/
the status of the
by
will
it
sufficient
and participation by
treatment proposed in the ICC re¬
view of the uncertainties over
the
likely mark the end of litiga-j?
tion. o The
Circuit
Court,1
merely
substantial cash balance is
not necessary
:
will i
>
Court
1-2050
If '»
upheld,
Circuit
if
higher
ST., NEW YORK
WHitehaU, 3-3450
:
back to the Com-
Even
Supreme
This hardly seems likely in
Fall.
is
:
come
proceedings
equitable.
organization
distribution
General
to
Warren Snow, J. McNamara
Elected To Directors Bd.
James
F.
McNamara
of
New
mill products sales man¬
ager of The International Nickel
Company, and Warren H. SnoW,
president of E. H. Rollins & Sons
Incorporated,
New
York,
were
York,
elected
to
the
board
of
directors
bondholders
without of Lukens Steel Company at the
annual stockholders' meeting held
bonds.
\
"
any increase in the debt proposed
Exclusive
of
bonds
pledged by the Commission in its report. Jan. 13 at Coatesville, Pa.; it was
hope is bolstered by the announced by Robert W. Wolcott,
with the RFC, there,#re $137,788,- This
000
Of • the
General^ Mortgage ^statement of the Circuit Court President of the company.
r
General
these
1
next
Court
go
mission.
v
Mortgage
Mortgage
,
it
crossed
this
is
10.
one
of
•
Incidentally,
the
few
com¬
curtailed, 7 Secondly, the substitute rubber on hand.
production of rubber Still, I expect the stock to
might even eliminate the tire sink back/to about 8 before it
rationing program. Both these starts going again..
i! arguments sound silly to me.
year
are
expected
to
long
of is Gulf, Mobile & Ohio, pfd.=
v.
D = £i;
(Continued
V7(;1
51
ft
3
on
page
212)
■
year
fixed
when,
it
is. estimated,
old
charges were earned about
twice. Obviously, maintenance
Over-Counter Review
'
& W. VA. 4^s
FACIPIC 5V2b/49
ST. P. ft E. GRD. TRUNK
We
;
/
are
Willett,
115
;
Broad¬
New York City, are issuing
copy
of their Over
The-Counter
Review, copies of
which are available upon request.
way,
current
L h. rothchild &
Defaulted RR Bond Index
The defaulted railroad bond in¬
SEABOARD RAILROAD /
dex
co.
of
Rust,
specialists in rails
HAnover 2-9175
&
4^8/47
COLL. 4s/49
interested in ail issues ot tbe
11 wall street
Bristol
the
GT. NOR. ADJ. 6s/52
MISSOURI
SOUTH'N PACIFIC
hold at least close to those of last
Another stock you are
INT.
PITTSBURGH
\
com¬
000,000 in cash in the 12 months
ended Oct. 31, 1941, and opera¬
this
odd lots of
We also maintain net markets in
ing year. There was a rise of $19,-
tions
invite inquiries
or
highest grade rails
this amount and will
bolstered in the
we
blocks
:
these
cash balance was almost
three times
.
on
lay of less than $12,000,0.00,,. As of
the end of last October the com¬
pany's
As brokers
,
publicly held
bonds would involve a cash out¬
interest. on
be further
until
Circuit
the
>
Supreme
decision from that
a
the
have
a
the
a
—
such
to
body will probably'not
dealer inquiries and
position to submit firm
bids and offerings.
in
reorgan-
completed.
Circuit Court ruling will
appealed
Court and
invite
We
are
*
v
bonds, outstanding
weeks
new
large > amounts .of
•
be
the
sharply
before any
;
likely that
Paul
be
and
the
,
The
-
through
"
in five series
ago I recom¬ with coupons ranging from 3%%
mended Intercontinental Rub¬ to/4%%. Payment of two years'
Two
would , be panies that has- supplies of
It .will take at least a year
v
St.
may
Hopes for eventual better treat¬
ment of the bonds in reorganiza¬
If you
indicated.
cash
of
the
ization
■
-
seems
another two years will elapse
Lehigh Valley/ etc.
;
month;''and cohsidCrihg the
tual
have bad-stocks, you
certainly don't want them. I/If
you have good stocks, then
you'll be able to buy them
back cheaper.-In any case a
sharp look out for a sudden
change in market direction is
in¬
our
pre¬
to the small percent¬
At best it
>
/
Lackawanna
V
the bonds will be filed
on
amount
*
substitute pro- ber at
just under 7. Last week
inate .the
c o n s u m
*
some
apparently was, that;
this added
Illinois Central
y"
^
?
is, however, in
serious question
a
due
before
income
*
:
y
V; 7 New York Central
re¬
level 6f current' and pros¬
pective earnings, and the large
£:
the sudden
some
"There
of the First Mortgage bonds
given to the holders of old Geni.
eral Mortgage bonds. Our sugges¬
tion is that if any revision should
be made, this percentage might be
high
>
I hear and read that
the oils.
this
in
was
particularly obligations of y
.y
A
tion for authority to pay some
this
years.
reputation.
age
It is expected that the applica¬
any sharp reaction ahead,
but I can see another set back
v'-,; *
expect
return in the interim.
see
"-"-'V':
<**■
treatment.
-
compensate for further
might
ers
-,'Tr
•/; I'll also
'
b'lv*/-
any
:1 market s that /doesn't' organization delays, particularly
sound true.
"/:'■ kyh /■ if there were evidence that hold¬
»•". *
throughout
many
increased.
this
'
he
contacts
M 1,
Financial Chronicle,
Spruce St., New York City
opinion,
maintain net trading markets in most
of the medium-priced Rail Bonds,
.•
We
in j? black, , and white.; larger allocation of new fixed in¬
terest bearing bonds would more
Still there is something about!
than
Exchange
Chicago
the
down,
,
*
in
Stock
York
Nets
York
In the second place,
"favorable
more ;
,
"
be authorized
Membert
New
generally expected that if
Cou^t decision neces¬
is
over
,
Excellent
39.
sented
changes in provisions
of
the reorganization plan,
the
General Mortgage bonds will get
.
.
for/ strength
may
sitates
change;'
can
Box
the
on
established
country
;
Age
Bear, Stearns & Co.
the Circuit
admit,
.
has
the
that
two important factors
are
future.
near
with the year-end tax that to all' intents and
pur¬
selling and general evening poses can carry stocks back
up out of the way it is too to at least the lows made in
much to expect for volume to the last week in December.
hold up. However, if volume That being the case I see little
of importance was lacking the point; in
taking on new posi¬
kind of buying I saw most of tions at this time, or for that
the last two days was defi¬ matter holding on to old
posi¬
nitely not the kind that would tions in the hope that they
make, me stand up; and, cheer, will escape. .It seems;to me
On the, contrary, the buying that the, wisest
thing would
at times, was the .kind that he. to liquidate and hold cash
made me look for bogey men. for better opportunities.
»;
#
There
in these
issues. In the first place, and of
immediate import, it is expected
that a substantial interest pay¬
already/I • I ex¬
theory last
be .-frank, -and
he
25
connection where
capitalize
can
busi¬
own
selling at the highest
were
working
course
'sje
points, an advance of more
38%, and at the end of last
advertise¬
conducting
seeks
ties
Issued)
(When
this
over-the-counter securi-;
in
ness,
"Securities
some
of
TRADER
formerly
Reorganization
of
bonds
counter
-
The Financial
Chronicle,
25
Spruce
Street,,
New York, N. Y.
'
Railroad
levels reached since 1937.
anymore;
mind..:->^44 ;
the
ai recovery of
staged
week
same
my
lows
the
-
C 72,
Box
ment.
than
But: since -then I have
certainly
last
top on January 4th. Yet
therewere two things missing
from that day, and the day
following,. Wednesday, which
to me put a damper on the
proceedings.
r „.
„
- , ,
/{ | // ■ V&'V *
12
been
that I have few sound reasons
of i the
have seen
one >:
we
has
market
pressed the
and regained changed
part of '"its 4 lost
ground/. As
It
market
war
have
-
the
up momentum
at
the
pointed out;- that even if
Singapore falls, it would not;
reaction
the closer the market
a
broke
month since the establishment
same
;ai^r the retreat
right
fromDunkirk,
and before
over
the
.in
now
points, selling close to the
this phase. In - a
Generals
lows 4n
1941
position - the .London market
affect
On/ Tuesday
is
-
Sty Paul
about 8
ter writers: have recently; be¬
written, iyou gun pointing )out > that ojir
did
seemed to be
Japan.
over
desires
experienced
trader* Salary and commissionsMembers of organization have
far isn't
us.
r*,.y "17
i*•VV • "'{*i^
"y * *
4 Since this
ti
1-395
Montreal
York
house
you don't know it,
still in a war, a war
j&v
I '•
NY
TRADER WANTED
New
-
■
llAnever 2-098*
N.Y.
Teletype
New York
going sp well I / Despite the outlook for interminable
delays in consummation
brings me to an¬ of a reorganization plan, the Chicago, Milwaukee & St. Paul Gen¬
other commonly accepted ar¬ eral Mortgage bonds have.been among the most buoyant of the
By WALTER WHYTE
rail securities during recent weeks of general
strength.
When the
;
Last week I spoke about a gument that proposes to sholw
that Pur market is now. going .^reorganization plan was .turned back ,by the Circuit Court early
pending 2 to 4 point reaction
an
December,/the bonds displayed only modest weakness,
In the
to be followed by a
following week,, however, all se-<p
snap back
curity markets were dominated by '
that would retrace most, 'if
the
opening of ..the ; war with
not all,s of the lost ground.
(! Any number of market let¬
; -
/k '.J:i
lj
•"
Bell
,
SECURITIES
least to the lows
at
'
Smelt.
Oreille Mines
WILLIAM ST.,
51
■
made in
substitute, rubber can become
the last week of December; available arid before then
j a
hence I can see no point in lot of
things ^can happen, j'
taking Oew'.positions now; 4 In case
;
&
HART SMITH & CO.
'
New York •'•
Bell Teletype—NY 1-310
^
BAILB04U REORGANIZATION
Smelting
Mining
Noranda Mines
_y" yy.
y
Bay
stocks
carry
.
4
•
Hudson
I-7-'7*■-/ .Members New York Stock Exchange
61' Broadway',v1
-y
'
;
2-6600
.back
set
REctcjr
Tel
Broadway;
NEW YORK
I
7T
M»mh*rt NfW,Y»rk Sltek Extktap
,
y
"
..
and if issued)
as
Bought & sold
v
.
-205
City,
n.y-c.
for
Pflugfelder,
61
Broadway,
Bampton
New
&
York
shows the following range
Jan.
Tele. NY 1-1293
1, 1939, to datfr" High—
34%, low—14%, last—33Vs.
of
l?c? ^
i
t#
*#•«* "<t
<
»■»
-
-
I
THE COMMERCIAL & FINANCIAL CHRONICLE
206
Connecticut Ry.
Common
& Ltg.
Preferred
&
NATIONAL BANK
Bank and
Marion Steam Shovel
of EGYPT
Insurance
Preferred
Head
8
Vinco
Bought—-Sold—-Quoted
Office
Commercial
Stocks
Corp.
RESERVE
Cairo
Register
FULLY PAID
Inquiries invited in all
Unlisted Issues
No.
CAPITAL
FUND
.
.
Notice to Holders of Dollar Bonds of the Republic
£3,000,000
.
Members
and
1
New
York
other
Stock
leading
WALL ST.
Exchange
120
exchanges
DIgby
Stock
and
6
Exchange
7
King
CITY
NEW YORK
Bell
4-2525
(L.
A.
Street,
in
principal
1-1248-49
Teletype—NY
William
Towns
EGYPT
and
atl
the
Chile, Mortgage Bank of Chile, Water Com-
1
AGENCY
Branches
Telephone: BArclay 7-3500
NEW YORK
Telephone
York
New
BROADWAY,
Chile
of
Cairo
£3,000,000?
.
.
Republic
*
1
of
LONDON
Laird, Bissell & Meeds
Members
Thursday, January 15, 1942
E.
of Valparaiso, City of Santiago, and
pany
C.'
Chilean Consolidated
the
Municipal Loan
;
in
SUDAN
Gibbs, Manager Trading Department)
Oil and after
•
February 1, 1942, in accordance with /•*
provisions of Law No. 5580 of January 31, 1935
as
regulated by Decree No. 1730 of May 17, 1938 and ;
Decree No. 37 of January 4, 1936 of the Republic of
Chile' (which decrees are now consolidated into
Decree No. 3837 of October 24, 1938) and decrees
Mssued^ursuant thereto, holders of assented bonds of
the
NATIONAL BANK
•
of INDIA. LIMITED
Bankers
This Week
The
December
31,
1941
—
Bank Stocks
statements
of
New
York
City
Branches
banks
small
decline
in
000
(35%),
was
enabling
point in about
Paid-Up
Reserve
Fund
on
Incorporated
Phila.
Transportation Co.
3-6s,
com¬
highest
2039
200
1421
Phila.
Chestnut
Street,
York
New
1477
PH
bank
York
supplied with
ing
from
pur¬
a
a
New
higher
pears
the
confirmed
deposits for
banks
in~100
net
3
York
raised
in
New
York;
large-scale gold im¬
ports at New York; and the record
of
would
excess
reserves
were
in
1940
<■
■'
-
and
25%
took about
will
1942
to
serves
Since New York City banks
have to pay the most in de¬
posit insurance for the lowest
••
insurance
of
assessments
posits),
posits
deposits
are
the
is
on
not
an
in
unwelcome
be
provide
Williams
1
Bk.
of
N.
proportions. Nevertheless, the im-i
provement
in
net
was
fairly
general.
below, 22
higher profits for the fourth
quarter of 1941 compared to third
show
Annual
Dec. 31, '41
Div. Rate
1940
$0.89
$3.12
$2.95
$44.48
4.48
6.34
20.05
17.61
0.36
1941
1940
Paid-Up
Reserve
$2.00
Liability
SIR
Head
New
it
banking
traders
Countries.
47
,
93.84
4.00
unchanged),
0.44
0.65
1.96
1.83
32.56
1.40
0.58
0.58
for full year
2.43
2.38
39.58
2.98
3.20
12.96
11.17
221.92
;
1.80
4.55
f 1.37
88.02
81.03
976.95
30.00
24.00
19.21
32.93
100.58
102.41
1,102.78
80.00
year
21.44
0.80
47,28
2.40
3.76
10.99
12.26
245.69
National
2.16
7.98
1.44
15.11
9.16
258.76
4.21
6.00
3.86
4.28
14.80
14.41
Irving Trust
Kings County Trust,
310.52
0.19
12.00
0.17
0.20
0.70
0.70
20.84
12.84
0.60
108.73
108.11
1,449.08
80.00
Trust
,
2.08
1.78
50.19
1.40
1.01
2.60
2.82
37.51
2.00
0.57
1.97
3.55
3.12
32.05
1.00
1.30
1.23
5.36
5.11
81.77
0.71
3.50
0.Q2
0.78
3.29
3.03
45.15
4.24
0.21
1.71
4.99
2.45
66.94
0.20
0.11
tO.74
+
1.95
0.18
6.81
7.92
17.22
205.23
15.29
25.35
72.11
71.63
1,545.15
ing City Bank Farmers
a)
Trust
Co.
Operating earnings, officially reported.
19
C.
AUTONOMA DE AMORTIZACION
DE
"
>•
:
LA DEUDA PUBLICA
(Autonomous Institute for the Amortization of the Public
Debt)
,
ALFONSO FERNANDEZ,
Banks
j'
ALBERTO CABERO,
J
r
:
;
President
Manager
•
t
fourth quarter
(plus one
banks
higher profits
1941 compared to full
show
The
age
4.00
♦70.00
(b) Includ-
banks earned $89,000,000
Seeger With
1941, .^compared to current
Jacob
dividend rates aggregating $62,Seeger,
Newborg & Co.,
000,000, or 70%- of earnings.
;
for
.
,
gage Guarantee
return
-
on
This is
age,
on
stockholder
point
of
for
1942
is:
maintained?
indicated
will
Based
earnings,
dividends
on
a
the
group
be
(1)
crease
This also operated
a
but
fairly good
a
whether
maintained
where average maturities of port¬
folio
securities
were
shortened.
to increase the
amortization charge against earn¬
ings, as the pace of amortization
of premium on a 5-year maturity
is obviously twice as quick as that
on a
10-year maturity.
G. W, John
formerly with
Bond & Mort¬
Co. and the State
'
in. net was
decline in aver¬
earning
assets
view, the most important question
,
leading
improvement
also held down by
From
14.34
1.91
23.23
'Including
CAJA
'
<
A.
S.
.
♦2.00
t0.29
Underwriters Trust,,
0.43
1.46
__
12.03
0.41
0.23
2.16
National
32.74
1.25
Title Gu*r. & Trust,
U. S.
♦8.50
0.21
National
or
>
-
these
•.
with
U.
1940.
"
Guorants Trust
Trust
the
compared to
1940r and
3.00
59.45
York
in
Street,. E.
8.00
23.85
Ci^v
'
:
City of "Santiago
complete
tendering bonds of the the Consolidated Municipal ;
quarter of 1941; 16 indicate higher
profits for the fourth quarter of
6.25
12.81
Z
of transmittal is to he used in
in
investors
to
OFFICES:
arrangements
6.31
22.60
(ai
'
"■
throughout
2.48
1.00
Lawyers Trust
over
Berkeley Square, W. 1 ^ •
Agency
1.21
4.72
Manufacturers
'
most
interested
Threadneedle
29
1941
1.01
Sterling
'•
LONDON
/
of
2.20
With,
Australia,
'
;
4.00
3.34
the
service
travellers
14.00
2.99
Public
and
offers
of
<
which have already been stamped,
or in connection with the'
presentation of bonds and
...coupons' .which have not, been so stamped. In the
latter case, kindly indicate whether or not the letter..
and New Guinea,
Papua
London,
efficient
♦0.90
0.25
New
Zealand, Fiji,
and
23.73
0.99
Trust
WaleA is the oldest
States
all
and
173.40
t0.37
National
in
341.85
1.12
National-.,—,
Street, SYDNEY.
largest bank in Australasia.
branches
5.09
t
•
requesting letters of transmittal, kindly
ment of coupons
•
;
? ,'v
-
870
1.09
0.25
Bank
^,,£150,939,354
DAVIDSON, K.B.E.,
George
1.18
0.75
Ave.
When
indicate whether the letter,of transmittal is to be
used in connection with the
presentation for pay-
•
30th
New South
5.04
1.14
Fulton
of
1.58
0.23
Grace
Office:
The Bank
and
8,780,000
£23,710,000
•
General Manager
v,::';7r-V
0.35
0.83
Exchange
First
ALFRED
6,150,000
of Prop.
Aggregate
Assets
Sept., 1941
1.05
Corn
Empire Trust
—_
_.
:
3.56
__
£8,780,000
>A.
0.26
Continental
•
Fund
0.73
Natl.
made at the office of the correspondent of the tindersigned in New York City, Schroder Trust Company,
Trust Department, 48 Wall Street, New York, N. Y.* /
together with an appropriate letter oL transmittal.
^ Letters of transmittal, and In the case of dollar hondsTT-y
of the City of
Santiago and the Consolidated Munici¬
pal Loan copies of the. Prospectus)- may be obtained >
,: at the office of said
.correspondent.
l
1817)
,
.
Reserve
0.69
Chemical
Commercial
Fifth
Capital
1.63
National
Ltd.
WALES
(ESTABLISHED
2.51
Trust
j
Santiago, Chile, January 15, 1942.
Book Value
1941
Central 'Hanover
Bank;
BANK OF
Of the 27 banks listed
$0.66
Manhattan,.
Brooklyn
Chase
aries and amortization operated to*
hold down the gain in net to small
6.13
Y._
Deacon's
NEW SOUTH
re¬
Against the upturn in vol¬
however, higher taxes, sab'
—$0.85
Truit
of
1941.
ume,
concerning the presently
will be furnished with form
payment
stamped coupons in order to re¬
ceive the presently announced
payment at the^ateVy
of $15.58 per $1,000 bond, and
presentation of shonds
with appurtenant coupons for
stamping, should he
to
during
additional
before December 31,
Presentation of
Bank
Australia and New Zealand
require¬
lowered
or
detailed notice
more
letters of transmittal.
ap¬
$500,000,000), it
reserve
on
£69,921,933
v
for the huge war financing
-Indicated EarningsQuarterly NetQuar. 3rd Quar. 4thQuar.
Full Year
1941
Banker?
de¬
de¬
the Treasury
as
4th
Bank
(FDIC
total
decline
development,
in
•. • •"—•;—.
■
A
announced
i
£4,125,965
Associated
any
down
against presentation of the bonds with all
coupons attached for stamping to evidence
194?;
£3,780,192
,
issues which
payment will be
'
entail
but
IPlan, said
their assent to the Plan
;
England
fund
funds
increase in circulation are
among program.
i
the reasons for the small 1941 de-j
Considering the substantial up¬
cline in New York
deposits, which turn in earning assets, indicated
compares with deposit expansion I earnings of New York
City banks
of
$2,600,000,000 in both 1940 and'show a rather modest upturn for
(20%
London,
Deposits
Although, therefore, New York
ments
of
1939); V
258
out of the question for
Treasury country-wide spending is probable that
1939
offices,
DEPARTMENT
duration.
serves
funds
:;
cities
assets).
of
made
.
(fully paid)
Reserve
$990,000,000 at the yeaf-end (a
other than New York
($2,133,000,- decline of $2,475,000,000 compared
000 expansion in
deposits against to Dec. 31, 1940, of which the No¬
$2,542,000,000 upturn in earning vember, 1941 increase in legal re¬
cessation
Bishopsgate,
Capital
reserves
rates,
money
of
number
of bonds of the above
case
have not assented to the
Whyte
FOREIGN
'
'
,,
unpaid
Normally, too,
outflow
case
after October
stamped coupons
corresponding to said payment under the Plan and
the bonds need not be presented.
f'
Manager
•
render for cancellation of the two
well
are
important change in rates
by
the closer correlation in
expansion
of earning assets and
member
'V4
1727
2-2280
Total
excess
program.
such
indicated.
the
Charter
.
„
of-bonds which have been
so stamped
24,1938, the presently announced
payment will be made against presentation and sur¬
Commercial Bahking
William
to support the Defense financ¬
long as it is not to an¬
other bank, creates
deposits, a loss
in deposits
to other districts is
is
Royal
General
257
banks
The above payment
In the
CHIEF
so
This
V
OFFICE—Edinburgh
Phone
HAnover
Teletype
of
HEAD
Philadelphia
Phone
Locust
Years
Pfd.
&
H.N.NASH & CO.
fact
extension of
or
Executorships
Over
New
bond
by
as
will be made only in respect
which have been stamped with
appropriate legends to indicate that they have
^assented to the provisions of the aforesaid Law and
Decrees '(hereinafter referred to as the "Plan").
Royal Bank of Scotland
will undoubtedly see to it that
a
and
undertaken
corresponding to said payment
coupons
of bonds and coupons
'
on or
Philadelphia National Bank
earning assets, gross deposits
$49,000,000 (about l/z of
1%) for 1941, the decline in the
fourth quarter alone being
$420,000,000 (3%). In view of the fun¬
chase of
.A
of
business
In the
Lives etc.
declined
loan,
description
every
exchange
a payment
$1,000 bond against pres¬
per
forth in letter of transmittal.
set
Girard Trust Co.
$€v6,000,-
total
every
and
also
in
that
conducts
banking
Exchange Nat'l Bk. & Tr. Co.
Penna. Co. for Ins.
"othhr loans" (all loans except se¬
curity loans) stood at $3,258,000,000 Dec. 31, 1941,
compared with
$3,202,000,000 at the 1929 peak.
•
By contrast with this expansion
damental
Bank
deposits
stamped
.£2,000,000'
£2,200,000
.
$15.58
entation and surrender for cancellation of the two
Zanzibar
£4,000,000 -H
com¬
decade;- In
a
and
^6f the above loans will be entitled to
at the rate of
Provident Trust Co.
in
mercial loans to reach the
Aden
Kenya
Fidelity - Phila. Trust Co.
000.
mercial loans alone
and
Trusteeships
$1,126,000,000;
other
securities,
$84,000,000; and loans, $651,000,expansion
Ceylon,
any
C.
•
Com
Government securities contributed
year's
Bishopsgate,
Burma,
Capital
Capital
the
1941 statements. On Oct.
22,
1941, earning assets reached a new
high record of $12,356,000,000 and
closed the year higher by
$1,861,000,000 (18%). Of this expansion.
26,
in
Uganda
Subscribed
The
yet
and
India,
in
Colony
heavy expansion in earning assets for 1941, a halt in the
long expansion of deposits, substantially lower excess reserves and
moderately better earnings despite provision for higher taxes and
other costs, including higher amortization in
certain
cases.
The expansion in
earning assets
probably constitute the feature of«.
Government
Colony
Office:
London,. E.
reveal
The
Head
the
to
Kenya
4
in
it
cover-
will
1942
depends
The extent of the inin
costs,
issues
of
sociated
with
G.
W.
now as¬
John
&
Co.,
Inc., 80 Broad Street; New York
City, in the firm's real estate and
.
particularly
taxes; <2) the yields placed
new
Mortgage Commission, is
•'
be
mortgage department.
,
•
on.
Government
"
securities,
which will
Sparrow In Boston
be the
principal determinant of
(Special
sus¬
tained gross; and
(3) the con¬
servatism of individual boards
of
directors4
whether
dividends
or
-if
in
not
Sparrow
deciding
to
the
Sparrow
reduce
ratio
of
above
general
offices
\
^"ploughed back" earnings de¬
of 16
clines below the desired point.
•
'
j
i
.■
itfijw
The
to
Financial
BOSTON, MASS.
has
Chronicle)
Frederick
formed
Frederick
Co. to engage in a
securities business from
&
at
In the past
82
Devonshire
Street.
Mr. Sparrow was asso¬
ciated with Arthur
.
—.
Perry & Co..
■
Volume 155
THE-
Number;4033v'
Republic
_
NOTICE OF
Under date of September 1, ,1937. the Republic made
the
ties, priorities, tax positions and
a)l the problems arising from war
and its demands. Some industries
will
prosper under war condi¬
tions—even after paying necessar¬
ily heavy taxes.;
.
"In
!
OF URUGUAY:
,
an
.Republic.-'
' 'v„■
V' •.
v •
'•
In .view of the large percentage of holders who have exchanged their securities
for .Readjustment .Bondv under flm
Plan,, and after, consultation with" the Foreign
Bondholders Protective Council, Inc., the Republic has determined to extend the •• *
period for acceptance of the Offer, The Offer will remain open until such date as may be specified hereafter by public advertisement in this
newspaper at least thhty ;
?
days in adyance of the final date for acceptance. •>
V ,:-~
' Holders of Dollar Bonds of the
Republic of the issues listed below who have not 7 T
heretofore accepted the Offer and who desire to do so' should' promptly- deliver their
bonds with all coupons maturing after November 1, 1937; together with form letters
fa
of transmittal, to the institutions and firms listed below: '
J/
-
10.3%
.
J
EXTERNAL DEBT 5% GOLEt BONDS. OF 1915/
v
f
V':
dated January I, 1916/
to The Chase National Bank of the
'
11
Broad-Street, New York, N, Y.
:1v; TW6NTY-FIV8
to
,{:
dends,
r
•
v
GOLD BONDS*
.6% EXTERNAL SINKING
to
w
the
Net
seem
funds
spepta^cu-
PROSPECTUS ON REQUEST
were
are
HUGH W. LONG and COMPANY
INCO«rO*AItft■
15 EXCHANGE PLACE
m
63< SO. SPRING ST.
*
JERSEY CITY
„
LOS ANGEtES
in. their in¬
claimed
not
!
by
re¬
the
today,
and
nothing •The higher these taxes become—
could; be farther from the' truth,
:an<^ war has virtually assured
A soundly diversified port{substantial increases—the greater
v folio^ cannot produce
spectacuthe I bond
advantage. Although
lar. profits.
Etui neither is it
; corporate income after such taxes
:
subject to disastrous, losses—
jmay be reduced, income before
to completely lose one of fifty
{taxes is in general likely to re^
e equally
represented ; issues
imaih high or rise further during
means a loss of only
2% of
the war period."
r
Hallgarten & Co., 44 Wall Street, New York, N. Y., or to Halsey, Stuart & Co., -t
:v;:
p.;
as
A
JUAN CARLOS BLANCO,
I ^ ^ ?
Ambassador\ of Uruguay to the United States
Dated, January IS, 1942.
TOBACCO,(IQMPANY LIMITED
.
r,
DIVIDEND NOTICES
BRITISH-AMERICAN
At
.
the entire portfolio.
K
Directors : A diversified portfolio does as¬
l'',t ;i
NOTICE TO HOLDERS OF STOCK WAR¬ held'January 7*. 1942, it was de¬ sure "average" results—and only r;{ ;
eded to recommend to. stopkhold- <r outvof
every 3 individual stocks j
RANTS TO REARER FOR ORDINARY
h •
r*
at tha annual, meeting
fixed, Idoes :as well. The buyer of one
STOCK.
: ? ";y
:"-} I ;y
a
talons.
new
NOTICE
that
Anal
HEREBY
IS
Talon
No.
with
4
GIVEN
the
new
of
sheet
for
coupons is now available
exchange - for Talon No. S. It
the
holders
of
Stock Warrants
to
will
Bearer
deposit Talon No. 3
company's office,. West¬
minster House, 7, Millbank, Lon¬
don, S.W.I., they will receive m
the
at
exchange the : new Talon (No. 4)
a
supply of
coupons
at¬
with
tached.
The
directors
will
nor¬
mally accept Talon No. 3 as prima
facte evidence of ownership of the
relative Stock Warrant but they
reserve
the right in any case, if
they think fit, to call for the pro-
meeting, of. the
bs hqld February 2,
o
nent
February
on
Dividend
each
or
One
Stock free of
ipon
1942,
12,
of
pay-
Three
! stock
stands
of idoipg
1942,
Pence
worse
a
-
2
to
1
than the
chance
of
portfolio on the other hand is tak¬
Net profits for the. year... After,
ing a sure thing—he is certain of
deducting all charges and expenses doing ..approximately', as well as
for management, etc., and provid¬
the "average.
v;;; ;,v,;
ing
for
taxation*
are" £4,087,- /: Wheri to diversified portfolio is
364/12/7
as
against
£4,£65,- added professional management,
.
the
previous year.
paying
Final
Dividend
amounting
to
£293,972/0/3
the,
carry
forward will, he £2,338,-
the buyer is entitled to expect re¬
sults better than the average. Not
156/15/10.
.
,
(spectacularly better, and not even
always .better, but results which
at no time should be particularly
1942.
not
decided
~
on
"
,
,,
-.
.
,
company's office,
Millbank,. London, S.W.I., or
Trust Company
New York, •140 Broadway, New
7,
from the Guaranty
of
York.
.^1'. J/
f."
Fob the benefit
whose Talons,
a
of
stockholders
held in America
are
two
dividends will be
above
together
one
against
coupon
paid
v
the f deposit of
only namely No. 188.
at
TOBACCO COMPANY, LIMITED
'
;
;
,
principle,
he
quarter of 1941 reflect¬
ing the materially ^greater year-
gets the
Lock
|he 1941 record- again—only
{owned by" Dividend Shafe^.r *
!; The curfent distribution is the
Dividend Shares
scheme has been devised where¬
by,
Talon
if
No.
3
deposited
is
:with the Guaranty Trust .Company
of New York at its office-at 140
Broadway, New York, future divi¬
dends payable in respect of the
•
Stock
from, which, such
Warrant
Boston. Mass'., Jan. 14,1942
At
was
(sub¬
ject to Government regulations) bpaid as and when they are de*
clared, and the actual exchange of
Talons will he postponed unti"
after tK? cessation of hostilities
,
thus
avoiding the exceptional risk*
of loss in transit and. heavy insur¬
ance
which would he
expenses
en¬
tailed by the transhipment of the
Talons under existing conditions.
,
.
All holder* of Stock Warrant* to
Bearer in.. America who^ wish, to
avail themselves of this scheme
are
requested to, conuniiiiicate with the.
Guaranty. Trust Company of New;
.York, 140 Broadway,- New York,
who
will
of the
furnish
procedure
BY
full particulars
to,
he-adopted;
ORDER,
E. A.
BLOCKLEY,
'
*
Rusham
Egham,
31st
Secretary.
Lane,
,
,
Surrey.
December,
Fund—?
value
Stock
of
Fund
Eaton
Dec.
on
&
31,
1,988,277 shares of stock outstand¬
ing in the hands of the public
disclosed today by the report
was
of
The Lehman
1932,1 * Tptgl i dividends paid
incorporation—partly de¬
rived from net profits on securi¬
ties sold—including this payment,
will exceed $18,000,000.
Corporation
fdr
the half year ended Dec. 31, 194L
As. of Jane 30,
1941, net asset
value was $28.77. Robert Lehmah;
President in his letter to stock-;
holders, also reveals that the Cor¬
poration resumed the purchase of
its own shares in the open market:
during the past quarter, having;
re-acquired 15,100 sharek at an
price of
share.
approximately
per
earned
and
dividends'
for the six months ended Dec.
31,
1941 amounted to $1,871,490, com¬
pared with $1,685,127 in the cor-:
responding period of the previous
year. After operating expenses of
$241,156 arid provision for Federal
income tax of $30,000, net ordi¬
nary. income amounted to; $1,600,333, as compared-with $1,377,250'
in the comparable last half year.
Net
realized
loss
invest¬
amounted
on
ments for' the 6 months
to $607,701. The net unrealized
depreciation of the Corporation^
assets on Dec. 31,. 1941 was $11,298,05-jt, as compared with $7,134,-/
294
on
June 30, 1941.
mmmrn
—
.
\
.{.;,,
i.
,
Ohio "Over-Counters,> ;
J. Mericka & Co., Inc.
William
have
prepared a booklet of quota¬
tions
Ohio
on
securities
as
over-the-counter
of Jan. 2, 1942. Thfs
booklet, listing, approximately two
thousand issues local to the State
Investment
New
Company Reports
York
been prepared by
& Co. since
1931: and is of particular value to
New trust officers, financial advisers;
^
Stocks,
Inc. — Six
Months Ending Nov. .39', 194l:\
The
York
net
asset
value
of
Of
Ohio,
William
has
J.
Mericka
30; ..was and over-the-counter. dealers fort
it has been computed. $6,400,179. Net operating-income the purpose of obtaining year-end,
'
(At the end of 1932, the Utility for {the six months, exclusive of quotations. Copies may be had
Average was 27.50 compared with security profits and losses upon request through either the\
HOMESTAKE MINING COMPANY
14.92 at the end of 1941.) The amounted to $205,424.38. JJistribu-. company's Cleveland office, Union,
Dividend
No, 840
Dow-Jones Railroad Stock Aver¬ tions totaled $182,072.72. Dividend' Commerce Building, or the New
■'
The Board
of
Directorsv h?.v declafed ,'d'vit
age had its iowest year-end close payments for the period were in¬ York office, 29 Broadway. >
dend
No*
81&
of
thirty-seven
and
one-hal:
cents. ($.3TV2)
per share, of $12.5ft -par
value in the. entire 45 years in which* creased over last year in fifteen
Capital- .Stock,
payable
January. 26,
1942 tc. it
has been computed.
(At the pf the twenty industrial series,
John C. Montgomery,
Stocks
on
Nov.
the 13 years
~
Vke President & Treasurer.
-
-
'
.
stockholders of, record 3:00. o'clock' P. MJ. Janu¬
ary
20. 1942. '
4 •
•
Checks will ba mailed by Irving Trust Com¬
.
**
the Rail Average was one; was * unchanged and four Charles P. Nelson Joins
compared with 25.42 at the showed decreases. The decreases
D. E. Arries Co. Sta^
R, A. CLARK, Secretary., *
end of 1941.)" ... from"Selections, were small in each instance, while
January 6, 1942,
Selected Investments
Company, several of the increases were sub¬
TAMPA, FLA.—Mr. Charles F.
sponsors
of Selected American stantial.. The greatest improve¬ Nelson, for the past year con¬
Li S. & F. B. Wetzel With Shares. Inc.
ment, generally, was in the heavy nected with The Natco Corpora¬
industries groups.
tion, of Miami, is now associated
Bankers Bond Ac Securities On.Medium Grade Bonds:
"In 'the..first place,, mediumHugh W. Long," President, said with D; E. Arries & Company*
•o-The
Plnanr'aJ. Ohrnnftej
accompanying letter < to. 415, Tampa Street. - Mr. Nelson*
ST. LOUIS, MO.—Leland S. and grade Sbonds share in certain ad¬ in, the
prior to his connections in Florida,,
Forest B.- Wetzel, formerly offi¬ vantages common to bonds in gen-, stockholders:
eral'.; Outstanding among these is ;
^The prospects of the ^various was with F. L. Dabney & Com¬
cers of Wetzel Investment. Co.- of
.
pany,
Dividend
Disbursing
Agent. -
end. of ; 1932;
25.90:
.
,
?
:
House,
Whitehall
asset,
Stock
.
since
a
&
pec.
1941, was $9.05 per share com-;
pared with $10.32 per share ozi
June 30,1941, and $10.68 per share;
on Dec. 31, 1940.
{ " {
incorporated
..
Talon has been detached will
Howard
Net
Howard
in
Investment: Company Briefs
:
;
regular meeting of ^ V.-v! "1941 .was the third successive
jfj the Board of Directors; year of rising corporate earnings
and dividends, and falling prices
0 of The First Boston
Corporation held on., for their stocks.
>
"On Dec. 31, 1941, the DowJanuary 14, 1942, a dividend of
30 cents per share was declared on
Jones Industrial Common Stock
the capital stock of the Corporation
Average was at the lowest, yearay able January 31,1942 to stockend
level in seven years. The
Iolders of record as of the close of •Dow-Jones Utility. Stock Average
business on
had its: lowest year-end close in
January 24, 1942. 4
m.
on
31, 1941.
thirty-eighth consecutive quar¬
terly dividend4 to be paid since
Average—one 0.2% below and
the other 0.8% below.
:
same
end: distributions on many stocks
two of the twenty-five trusts
were
below the How Jones
BRITISH-AMERICAN
January 7, 1942
cation
results he expects, too.
v
&
Dec.
Interest
to
12,
the
Eaton
stocks.
Eaton
$19.72
.
from the
mon
average
;
more so.
'
tained
of
Fund
31, 1941 was. $15.57 per share com¬
pared with1 $31 T.44 per share on
June 30, 1941, and $17.61 per share
on Dec. 31, 1940. Shares outstand¬
ing increased from 185,066 at the.
beginning of the year to 222,805
at the year-end,
Qn Dec.- 31, 194L, 6,5% of net;
assets was held in cash, 26.1% wasi
invested in bonds, 27.7% in pre-i
ferred stocks arid 39.7% in com-'
.
have
February
value
Balanced
.
The Board of Directors of Divi¬
pay worse, and over a period of years j
dend Shares, Inc. has declared a
1942,
Interim should, be appreciably better than
'quarterly dividend at the rate of
Dividend of Five Peijce for each the usual average.
two? and two tenths cents ($.022)
One Pound of Ordinary .Stock for
:
This, basically, is the posi¬
{per share, payable-Feb. 1, 1942 to
the current year
on
the issued
tion of ^Ihe investment trust
duction of the'relative Stock War¬
stockholders of record on Jan. 15,
Ordinary Stock of the Company
buyer.
He i^ making a conrant.
' { '" ''• ■./
;'""V;-/
''
free of British Income Tax.;-".
iil942.f-:'{':";lv:'■ {u-.iff
:
;
seryatiye investment in an,
A declaration, in the prescribed
j This dividend, which is derived
Transfers received. up to - Janu¬ ■X expertly managed, diversified
form, as to non-enemy ownership ary 9,. 1942, will be in time to
{entirely from net investment inX portfolio; He pays a small fee
must be lodged with Talon No. 3.
enable transferees .to:receive divi¬
jcqme received during the three
for the management and he
imonths ended Jan. 15, 1942, is
.I,'
Listing forms which should ac¬ dends.
expects
results.
Unless
he
10% larger than the payment oh
As .regards Bearer. Warrants .the
company the
Talons may be ob¬
misunderstands the diversifiDirectors
on
asset
Dec. 31;
President of National Se~ hehman Corporation,
mi.
curities and Research CorNet
asset
value
of
approxi¬
poration as quoted" by the
"New York Times", Jan. 2, mately $26,74 per share on the
to point
lout that while high-grade bonds
{are substantially-at their ail-time
{highs, medium grade bonds did
not follow them to the peak—the
;high grades have, drawn away
Irom the medium grades in' yield.
On the other hand, he cautions
{that not just any bond;is a good
buy purely, because it is classed
as
medium grade. Proper selec¬
tion is as. important a? .ever, if
and, conversely, has only 1 chance
After
.
Mr. Simonson goes
f
Pound* of Ordinary in". 3 of doing better or even as
British Income Tax well. The. buyer of a diversified
for
Howard Balanced Fund
31, 1941.
Henry J. Simonson, Jr.
i
average—
the issued Ordinary Stock.
441/16/7
&
—Dec.
.sponsors:
FUND GOLD BONDS, PUBLIC WORKS LOAN, ^
■J:i Inc., 201 South La Salle Street, Chicago, 111. 'S
investment
Corporation's investments."
your
Howard
this? country. Such
in
sults
■
dated May 1,1930, due May 1-,. 1964,
;
,
'"v*!
and
that
companies
fancy
May 1,1926, due May 1, I960 '
;
:
Eaton
that of the occasional specu¬
as
ment
6% EXTERNAL SINKING FUND GOLD BONDS,
:
I:
lation that happens to live up to
its promise. "Undoubtedly this no¬
tion was fostered by early sales
claims of the trusts- when invests
>
August 1,1921, due August 1,1946,
dated
trusts
for
average
an
should turn in results
City Bank of New York, Corporate Agency Department, 20 'fa.
Exchange Place, New York, N. Y.
,•••
v
'"'V
feel
to
The National
'•
and
/
/
lar
Y6AR EIGHT PER CENT. SINKING FUND.
twenty-five
V
:;
.So.me unthinking investors
;
/<;.-/.;■> ;,{
•*
City of New York, Corporate Trust Division,
'.' {.
the
group of 7.1%.
: V *
-
./
EXTERNAL LOAN
dated
f
—
turp£§ :;iniperformances ranging
from a loss of only Q.1% to a loss
of only 11.2%, adjusted for divi¬
«.
•'
.
our
The
.•
Offer to holders of bonds M",
listed below to exchange them for new Readjustment Bonds of the
issues
...
opinion, stock prices at
"average" investment trust: decidedly outperformed! thf the time of this writing
represent,
Dow Jones Industrial Average in > 1941.
:
Twenty-three out, of shock rather than reasoned judg¬
Iwenty-five representative trusts bettered the record of the "In* ment. Your management believes
dustrials" for 'the year,
{ \.
that investment in carefully se¬
While the Dow Jones. Industrial Average declined from 131.13 lected
equity securities of favor¬
at the close of 1940? to. 110.96 at the close of 1941—a loss which,
ably situated industries should be
after
crediting
the
"Average"^
='■■ ■ maintained
and
plans to applywith 5% dividends, amounted to
that belief in the operation of
j ———
EXTENSION OF OFFER TO HOLDERS OF
DOLLAR, BONDS OF THE REPUBLIC
of
207:
Uruguay
of
(Republica Oriental de! Uruguay)
•
C0MKER<?IAL & FINANCIAL CHRONICLE
1941;,
Clayton,
Missouri,
-
have
become
•the
fact,that interest is a corpo-
Securities Co., 418 Olive Street,
classes
of
American
industry al-
before ,ways differ. Today those differincome and excess profits taxes, ences are accentuated by scarci-
associated with Bankers'Rood and Irate; expense
chargeable
pany,
was
of Boston, and before that,
of his own firm in
head
Boston.
/
f HE COMMERCIAL, & FINANCIAL CHRONICLE:
208
present holders is in the Secre¬
tary of the Treasury's consistent
pledge that, the -Treasury, will not
Rearranged
tax
cities
tures
not take such
outlook
a
interest.
investor.
tinguishing characteristic that has It. is evident that financing with¬
long made the municipal bond out the
tax-exempt privilege will
Undoubtedly we are all aware
that the President's budget mes¬
rates.
FLORIDA
-
of
The
as
bonds in 1941
little as 1.90%
FLORIDA
.
•
MUNICIPAL BONDS
:..
.
Pennsylvania
cities
we re
brought1 under a new local gov¬
sage of last week carried a rec¬ business a distinct arid separate cost more arid that municipalities
ernment borrowing act embody¬
ommendation that congressional phase of investment banking.
will not be able to rely on this
ing most, of the features con¬
Informed holders of municipal
legislation be enacted to elimi¬
feature to add to the salability of
sidered desirable by municipal,
nate the tax-exempt feature from bonds have taken the President's their bonds. While
municipalities bond authorities.
future issues of State, municipal proposal in stride, If the proposal are
expected to try to "beat the
A number of large cities, in¬
and
authority obligations,
This goes through a scarcity value will gun" and carry out. any possible
cluding Minneapolis, Hartford and
action came as no surprise to the be attached to tax-exempt bonds
financing before the tax-immu¬ Kansas City, improved or com¬
municipal trade, since our Chief now outstanding. This has been nity is discontinued a reasonable
pletely overhauled their account¬
in
the tendency
Executive's
administration a has evidenced
to¬ view is that any legislation will
ing systems, and smaller cities in
demonstrated time and again that wards higher prices in. the last set an effective date far enough
Michigan and Wisconsin under¬
it was unalterably opposed to tax several days. If the suggestion to ahead to allow
municipalities to took similar action.
Louisville,
the
tax-exempt
status adjust their financing plans. Fur¬
immunity for such securities and remove
Portland, Ore., and Rayne, La.,
were extended to issues now out¬
the Treasury has instituted direct
thermore it can be assumed that were
among cities adopting pro¬
action to bring about high court
standing this would be another the legislation will not be passed
cedures making for uniform ac¬
rulings
on
various
authority matter, but the President speci¬ for several months after hearings
counting practices throughout the
fied as a "matter of equity" he are started.
bonds. The powers-that-be seem
various municipal departments.
to, be quite intent upon removing
recommended legislation on fu¬
The municipal investment busi¬
New
laws
improving
budget
from future flotations the
dis¬ ture issues. Further assurance for ness appears to face several re¬
safeguards for local governments
adjustments, but the immediate were adopted in Massachusetts,
/>//// //.////////////// ////,/////// / / / / ///.// /.//// / //>//////////////////////////////////////
outlook is for more intense ac¬
Oregon and Washington in 1941,
tivity. The supply of tax-exempt while in several other States the
obligations would not be exhaust¬ scope of budgets was widened to
ed for
some
time, although it include utilities and special funds
would be diminishing as maturi¬
formerly omitted.
ties
V.;v
Business Established 1818
;
,
Brown Brothers Harriman
Co.
&
PRIVATE BANKERS
NEW YORK
BOSTON
PHILADELPHIA
replaced with taxable is¬
are
Two
States
Our
da
Hand
on
of Condition, December 31, 1941x
Due
and
Banks.
from
,
.
.
United States Government Securities
,
Valued
at
Cost
Loans
and
•
: Valued at Cost
Loans
and
Market whichever Lower
or
Apvances.
at
Cost
or
51,535,931-61.
.
8,566,788.59
.
Maturing Within 1 Year
or
Marketable Bonds
Valued
.
Acceptances of Other Banks
Securities Called
,
Market whichever Lower
or
.
.
.
.
,
.
.
.
f
:.r
:
■
0: j;
3,651,257-74
-
30,113,560-48
*
.
Stocks
and
Market whichever Lower
Customers'Liability
.
'
,
on
Acceptances
Other Assets
;
.
.
13,287,281.59
...
.
8,835,862.18
,
;
361,939 07:
$157,643,703-93
LIABILITIES
Deposits—Demand
Deposits-Time
Acceptances.
.
.
.$130,231,186.91 '
3,490,937-31 $133,722,124 22
...
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.$
Less Own Acceptances
.
Held
Portfolio.
in
"
.f
;
.
9,782,057.47
7
;
v
9,367,082.62
414,974-85
,
of
Accrued
Reserve
Interest, Expenses,
for
Capital
Surplus
Contingencies
«>.
.
.
.
...
.
....
.
etc.
.
.
.
.
.....
.
,
.
.
.
.
102,866.66
.
since
be
FACILITIES
E.R. Harriman
Complbtb Facilities
for
1st nat rank
Deposit Accounts
W. A. Harriman
•
Loans
%
Domestic
•
ano
NEW JERSEY
New
Orders Exbcutbd
Ray Morris
Salb
Lo uis Curtis
Knight Woollby
for the
of
Jersey
Municipal
Bonds
J. S. Rippel & Co.
Washington
Established
; >
1891
18 Clinton SL, Newark, N. J.
MArket
'New
,'
York
3-3430
Phone—REctor
200,000,000.
and local
fiscal
Total Federal, State
expenditures during the'
are estimated by the
year
Tax Foundation at
36.8%
$35,000,000,000,
of the national income.
was
no
as
described by the
\
With
1941
setting
records
Governor Homer
in
obtained
in
this
manner
to come.
for further
than ever before, in spite of tire
rationing and the Threatened re-.
;
duction in the
use
of automobiles
and the consumption of gasoline.?
>
>'The phenomenal increase
in number of motor vehicles
-
of
all
or
tion of
cantonments,
reason
Attorney Generals , and all $25,000,000,000, of which approxi¬
similar State organizations.
mately $18,000,000,000 will be al¬
located for : .war purposes," j be
Municipalities Improve •
states..*
\ v..J
V
Debt Stand, Budgeting "During the year State tax col¬ j
in 1941
lections reached the highest level
Investment Advisory Sbrvks.,
airports,
■
Edward Abrams
'
Managers
,
National
,
^
.
Charles W. Eliason, Jr.
Thomas McCancb
Stephen Y.Hord-
Ernest E. Nelson
Albtbr C
Howard P. Maedbr
Donald
H. Pelham Curtis
'
K.Walkbr
John C West
-
AssistanS Managers
MerrittT. Cooke
Alfred B. Meacham
William A. Hess
Edwin K. Merrill
Joseph R. Kenny
Arthur K. Paddock
Joseph C. Lucby
Arthur K: Rows
"
•
L. Parks Shiplby
Eugenb W.
Stbtson, Jr.
Harry L Wills
George R
Paul,
i
Comptroller
*
f
and
;
Defense; industrial
,,
agencies,
plants," he continues, "in my
opinion
will
tend
,
j
to: offset
reduction of taxes due to tire
]
.
„
,
;
'
,
Charles F. Breed
Colquhoun
,
other
.rationing, etc. V. It is my. conCity - finance • officials,; facirig yet recorded.. j-Total vcollections
;
sidered opinion that Arkanshortages and - substitution, of rmar. were 7% higher.than in1940, with
r sas
will not have to worry
terials, impaired staffs and .rising income taxes up 17 %y sales taxes
I about meeting the principal
wage levels for 1942, left behind up 9%, and unemployment taxes
and interest requirements on
them a 1941 record of municipal up 4%., The total collected was in
the new State Highway Redebt reductions and some devel¬ excess of $4.4 billions, Tax Foun¬
funding'Bonds."
opments for improved budgeting dation research experts estimate.
pennington, Central Manager
;
of the location of army
Governmental
r
;
.
v
classifications, which
have been brought in or pur¬
chased within the State by
;
•
Purchasb
Securities
M. Adkins of,
a
-
H. D.
2-4383
pected to swell to about $4,600,000,000, while local governments
will receive approximately $5,-
!
Acceptances
Commercial Letters of Credit
Prbscott S. Bush
•locm^^s/chicago iuinou
Municipal Finance Officers' As¬ 1942,
are
expected to * exceed
sociation,, the. State and Municipal $ 12.6 billions, ? expenditures for
League, the American Associa¬ the same period will approach
Foreign Banking
MoreauD. Brown
be glad
regarding
RECrummer L Company
-
PARTNERS
will
inquiry
any
obligation.
no
"patent farce," Federal, State arid local taxation, Arkansas reports that his State'
sub$tantial revenud can the outlook for. 1942 points to is in a stronger financial position
many years
13,365,283 54
$157,643,703.93
Thatcher M. Brown
at
We
bonds.
answer
them
new highs in* tax collect
tions, .Fred A. Eldean, Executive
Plans alrpady hav
been for¬ Director of the: Tax Foundation,
states in a year-end review and
mulated,; according to, the stater
ment for opposition to the admin¬ forecast.
istration proposal by the United iv ''While Federal tax collections
States Conference of Mayors, the for the fiscal: year ending June,
$ 2,000,000.00
11,365,283-54
revenue
Conference
1,086,346.89
......
comprehensive
a
.
$ 41,291,082.67
.
us
nicipal Accounting, and the pub¬
State Defense Conference
Total tax revenues for the three
lication of easy-to-read summary
units are expected to reach $22,Prepares For Fight
reports for public consumption
400,000,000, or 23.5% of the na¬
In
a
statement by
Austin J. was extended.
At least 10 States, among them tional income."
Tobin, Secretary of the Confer¬
ence on State Defense, it was in¬ Texas,
Illinois,
Colorado
and Trust Funds
May
dicated that finance officers of Florida, conducted some kind of
Buy Defense Bonds
State and local units in all parts in-service training program for
The Federal Reserve Board an¬
of the country are alert to the municipal finance officers.'
New
retirement
situation and are confident Con¬
systems
for nounced Monday a decision by.
gress
will
Continue
to
protect municipal employes were created the Treasury that common trust
them against Federal attempts to by
Kalamazoo, Mich.,
Norfolk. funds may be invested in. IJnited
seize control of State and munici¬ Vaf;, and San Jose, Calif. Various States defense ,'sa^iri'gs bonds of
were
introduced
in Series F Or G if authorized under
pal finaricing on the "flimsy pre¬ proposals
text of the national emergency.'
Congress to extend the scope of the laws of the State where the
The Conference reports that re¬ the Social Security Act to local national bank or other financial
cent checks made by local finance government
employes but none institution maintaining the fund
officers on their representatives of the bills received serious con¬ is located.in Congress showed congressional sideration. \
The Federal Reserve Board has
opposition still strong.
It was
Legislation was enacted in In- decided that the most appropriate
recalled; that the Senate defeated 'diaha, North Carolina, South Da¬ basis for valuing United States
the^dmiriistratiori1
pTppp^al -by a kota, West ^Virginia! and several savings bonds of Series G held in
large majority a year vago,' and Other States' giving municipalities trust funds would be the redemp¬
that the House Ways and Means a
larger share of State-collected tion value at the time of valua¬
Committee has never reported on revenues. •'• tion.'
" ;j v v\
'vV
;;: s- ■
the proposal,
v
:
.
Tax Collections In 1942
Arkansas Road Debt* Fund 1
A
Treasury proposal
to tax
Revenues Deemed Ample
only future issues* on the- basis Will Reach Record
I
ASSETS
Cash
gives
municipal
to.
and
sues.
The trading market would
New York—passed laws permit¬
be dealing with two types of ob¬
ting cities to build up cash re¬
ligations—the-old tax-free issues serves or "nest eggs'' for perma¬
and the new-taxable issues.
nent capital improvements to be
If
the
tax-immunity
is
re- made
in the future.
California
moved, municipal obligations and
Oregon already had such
eventually will have to compete laws.
with
other
types of bonds on
Other highlights in municipal
their
intrinsic
merits.
Jn that finance during 1941:
event the municipalities may re¬
Scores of cities sought to make
quire the machinery of invest¬ their
annual
financial
reports
ment banking in even a stronger conform to standards set
up by
degree than today.
the National Committee on Mu¬
—
long experience in handling Flori¬
issues
background of familiarity with these
or
Statement
1942
able, to find mar¬
their
by paying
debt - struc-
advantage
interest
were
kets for
may
calm view of the
the, present
as
their
take
to
lower
outstanding issues.
Municipalities, however,
Thursday, January 15,
Arthur B. Smith, Auditor'
"Local
and, planning, a review by the
governments also en¬
Municipal Finance. Officers As¬ joyed their highest tax collec¬
tions since 1930, receiving a .total
Purchasing and salary prob¬ tax revenue estimate at $5,000,-
N. Y. City Announces
Financing
sociation showed on Tuesday.
!
Consequent .upon the statement-
.
of
Comptroller- McGoldrick last,
intensified in 1942, 000,000, - Substantial reduction in
iweek that" New, York. City is
the Association said, with new taxes by municipalities, counties
seeking bid? on $50,000,000 bonds,
budget difficulties bound to oc¬ and other local units should be
the larger, banking, and, invest¬
cur
as* large
appropriations are possible in 1942, for most of them
ment houses have; been concen¬
have ended the current year with
requested for civilian defense.
lems will be
j\
/////✓//////////////////////////////////////////////////%
-
AS' municipal
Reached
an
year,
with,
a
prices
j,
cities—especially
callable s bonds—
surplus.
"During
all-time high last
many
those
bond
.
.
the
1942
.:
fiscal year,
unless tax rates are revised down¬
,
ward,
trating
on
McGoldrick
suitable
also
this., will, be- the
State* tax, revenue is ex- last
major
bond
tenders.
reported
Empire
financing
Mr."
that
City's
"for;
Volume
the
Number 4033
155
THE COMMERCIAL & FINANCIAL CHRONICLE
duration," but future circum¬
stances
that
may
cause
revision
a
of
•
statement.
current
offering will
con¬
This
been
Street
that
expects
bids
will
bids
mitted
issue, the
which
probably
stricted to not
will
The Connecticut
will
Light and Power Company
sub¬
be
re¬
than two and
more
possibly only
num¬
be
Cumulative Preferred Stock, Without Par Value
.
are
*336,088 Shares $2.20 Cumulative Preferred Stock, without
In
the
value (Maximum number to be sold for cash if
,
v
u
%v'7
no
•■'75^2% Preferred Stock is exchanged for $2.40 Preferred shares.)
in
issue.
par
•
*
r.
'7
.,
*136,088 Shares $2.40 Cumulative Preferred Stock, without par value (Maximum number to be offered to holders of
on the basis of 2 shares of such $2.40 Preferred Stock for 1 share of 5J/2% Preferred Stock.)
City Bank,
the past,
consolidated on issues of $50,000,000 or more.
It can be assumed,
therefore, that
they
will
join
this
share)
a
rySy*y5V2% Preferred Stock
Bank and the National
respectively,. have,
on
y i.
•1
(stated value $50
major syndicates which
the principal competi¬
tors for city issues, namely, those
headed
by the Chase National
forces
v
"
one.
The two
usually
7
y
be
considered about Jan. 20. Because
of
.•#
336,088 Shares*
officially set, but Wall
of the size of this
•
a matter
The date of sale, also, has
known.
./
of record only and is tinder no circumstances to be construed as an offering of these shares for sale
offer to buy, or as a solicitation of an offer to buy, any such shares. The offering is made only by the Prospectus.
appears as
or as an
and
$18,000,000
of
assessment
bonds, but details as to maturi¬
ties, etc., have not yet been made
ber
*
....
The
sist of $32,000,000 of serial bonds
not
209
4
To be subordinate
.
sale
V.*'
<•
•
to
>
■'
unexchanged 51/2% Preferred Stock until March 1, 1942, when such unexchanged stock will be redeemed.
*'•;-t7.'
:■
>•'
■
S'-jC*' P''v-'''7 V-'*J'\r
•
I?,/.•
1
•;'
*.'7*v*V'*
7
" 1
■
■'
''
v',7' c •/
'
•'
'•
.*
;•
7
of
$55,000,000 of i city bonds in
December, 1940, the consolidated
group
met competition from
a
group including C. J. Devine &
$2.20 Cumulative Preferred Stock, without
par value
d Price $52 per share
Co., Bank of the Manhattan Com¬
pany
and others,
but whether
such a group will be formed this
time remains to be
TO FACILITATE THE
STOCK.
y
N. Y.
Fare
City Transit
Hike Urged
The
this
THIS
STABILIZED OR THAT THE
Fifteen, that New York City's
rapid transit system be put im¬
mediately on
a
self-supporting
4
basis has genuine
it
merit, although
probably languish indef¬
the files, as have so
-of its predecessors. The
will
initely
OF
THE
ABOVE
SECURITY
many
Putnam & Co.
Chas. W. Scranton & Co.
Estabrook
Drexel & Co.
a group headed by
Windels, former Corpora¬
tion
Counsel, and composed of
representatives of business, in¬
dustrial, civic and social organi¬
%■
Harriman
Smith, Barney & Co.
:
zations.
It
has
ber
of
that
New
York
the
only
two
cities
fares.
j
and
it
and
points
with
five
to
7^2
cents,
since
of
a
to
person
buy
would
be
In the case
rides
the
be. 10 cents..
t
fare
...
-They Committee estimated ythat
the higher fare would yield $45,000,000 annually in new revenue,
enough to wipe out the annual
accelerated by the
The City of De¬
were
threat.
tax
troit
who did not want
two
plans
the
two
would
sold for 15 cents.
-
Bonbright & Company
The First Boston Corporation
Kidder, Peabody & Co
January 13, 1942.
new
•'
fare from
tokens
or
Ripley & Co.
are
cent
-'7r- J.
would increase the
tickets
|
Co.
out
Newark
For the most part the rec¬
ommendation, if adopted,
5
Blyth & Co., Inc.
made a thorough
transit in a num¬
study of rapid
\
&
Incorporated
Paul
!
BE
in
Committee is
;
WILL
STABILIZING, IF COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME.
Copies of the Prospectus dated January 13, 1942, describing these Shares and giving information
regarding the Company may be obtained in any State from only such dealers participating
in this issue as may legally off er these Shares under the securities laws of such State.
put forth early
the Committee of
by
PRICE OF THE $2.20 CUMULATIVE PREFERRED
STATEMENT IS NOT AN ASSURANCE THAT THE PRICE
proposal
week
OFFERING, IT IS INTENDED TO STABILIZE THE
seen.
intends
to
for
offer
future
total
^ale
in
Major Sales
We
i'
of
Sec. Gallagher Joins
Scheduled
list
the
herewith
a
Mutual Life Fin.
more
$28,municipal
offerings
994,500 non-callable serial bonds, important
maturing from 1943 to 1963, with ($500,000 or over — short term
issues
an average life of 14.9 years. The
excluded), which are to
come up in the near future.
The
proceeds will be used to redeem
names
of the successful bidder
outstanding bonds of an equal
and the runner-up for the last
amount, which carry an average
interest
rate
of
Approximately previous issue sold are also ap¬
V; ;■ ;■ ;'
4.25%. This refunding, when com¬ pended. :/v-/ J ;
near
Phila. Traders Will
Meet STANY Bowlers
Dept.
The Mutual Life Insurance Com- i
A1
Tryder (H. T. Greenwood
Co., Philadelphia)
and
Bill
the appointment
of George B.
Conary (B. W. Pizzini & Co., New
Gallagher as a member of the staff York City)
announce
that
the
of
&
of New York has announced
pany
the
assist
Financial
in
Department
contact
with
work
bowlers of ihe Investment Traders
to
in-
Association
of Philadelphia
and
regarding, the, : of the Secqrity Trad^r$ Assodiaofferings of securities ajcid general tion of New York will stage their
vestment
dealers
Jan. 15th (Today)
pleted, will end all need for such
market matters.
operations by the city for* years $4,250,000 Birmingham, Ala.
fri
J f first battle of the year on Wednesto come, with the exception of Last March this city awarded bonds to a i Mr. Gallagher has been active day,
Feb. 11.
The match will
syndicate headed by Blyth & Co., Inc., of
$4,900,000 in callable bonds, not New York. Second highest bid was entered in many divisions of the invest- take place in New York and, as
deficit of $30,000,000 and provide
eligible for refunding under State by Blair & Co., Inc., of New York, and ment field for the past 19 years, on previous occasions, each city
$8,000,000 for additional mainte¬ law at this time. This sale had associates.
having first become
associated will
be represented by three
nance as well
as $7,000,000 for a
been
with Brown Brothers & Co. in five-man teams bowling total pins
tentatively
scheduled
for ■j,
:Jan. 16th
rehabilitation fund which could
the end of January but the City
...
$1,250,000 Hempstead, N. Y. (Un. 1923. Since then, he has been en- for three games.
be used to renovate stations and
Council on Tuesday failed to ap¬
gaged in the investment security I j The Philadelphia invasion will
;
Free S. D. No. 16)
replace old rolling stock " with
A year ago, this district awarded a small
prove this offering date.
business with a number of firms be largely by the same tank corps
,
.
and
modern
light-weight
"The
economical
more
cars..
additional
funds
from
higher fare, according "■ to
Committee, which also sent
a
the
cop¬
ies of its letter to members of the
Board* of
mean
Transportation,
would
reduction in the real
a
tate tax of 20
points.
issue to
This
"
-
es¬
practical cleanup of the
city's callable bonds should be a
definitely
the
.
ing,
as it frees the market of the
threat of any immediate increase
in the supply of Detroit bonds.
City, according to
an
Monday,by USHA
Instead of borrowing need-T¬
funds
Authority
„
rates
at
stated,
f
from
by
obtain
it
at
the
-
-
The plan has been used
the
city
in
previous
funding operations,
yc
re¬
vv
.?•
Detroit .Bond
In
addition
offering,
to
other
The
United
States
Housing
Authority announced from Wash¬
ington on Monday that over $84,000,000 of temporary-loan notes
will
be
local
for
offered
housing
for
the
new
New
financing
headed
Co.
of
by
New
beating out Kidder, Peabody
York, and associates.,
^
'
of
these
opened
on
Jan;
on
issues
city
awarded
will
loans
20,
will
and' for
be
be
the
considered
Jan. 27.
maturities
issues
range
of
from
various
the
five
to
12
The largest issues to be sold on
Jan.
20
include
$18,000,000 by
Detroit, $11,400,000 by Chicago,
$8,500,000 by San Francisco, $5,500.000 by Jersey City, N. J.y and
$3,200,000 by New York City. On
$10,000,-
of
Los
Angeles County and $3,120,-
Angeles;
Denver, CoL
$5,500,000,
to
associates.
further details
For
above.
On
26,
Jan.
Estabrook
&
Co.
:
of
New
York,
bonds to
and
F.
W.
2nd
$920,000 Baltimore Co., Md.
This
twelfth
bonds
in
issue
follows
April,
the
1941,
bidding
of Metropolitan District
preceding issue awarded
to
a
syndicate
of New York.
was
the
headed
by
Runner-up in
Harris
Trust
&
Sav¬
ings Bank of Chicago, and associates.
'
Saxton Installs New Wire
*
For
the
dence,G.
A.
convenience
Rhode
Saxton
established
between
ton office
an
of
Provi¬
Island,
dealers,
&-Co., Inc., has
Enterprise wire
Providence
Since ieaves oniy four regular sessions
1938, he has been associated with for the New York boys at the
Corp., serv- bottom to
push up their averages
ing this firm and its subsidiary, into the
top 15.
the Union Corp,* in both New
Further details of the match and
York and Philadelphia.
and the victory celebration fol¬
Roger Bourland has been ap¬
lowing will be announced later.' /
pointed Director of Sales Promo¬
Mr.
Payment
com¬
1936, and for the past
has been Home Office Suoer-
pany since
year
bonds
on
of
Holders
the
of
Chilean Bonds
assented
Republic
dollar
of
Chile,
Bank of Chile, Water
of Valparaiso, City" of
and
its Bos¬
(10 Post Office Square)
—Enterprise.*7021;>-* »**iV--.
visor of its Premium Budget Plan.
Mortgage
Company
Real Estate Securities
Craigie & Co. of Richmond, jointly. Second
best offer was entered by Halsey, Stuart
St Co., Inc.
Feb.
^ond trading department.
Bourland has been with the
this city sold
1939,
Kidder
Peabody
&^Co. : Wrih j^y
15 regular STANY bowlOrs
Brown, Harriman & Co., Mr. Gal-, having the highest season average
lagher was manager of the firm s
up
the time of the match. This
tion, effective immediately.1
26th
Jan.
the
000 of
7-
March
previous financing, refer to article given
on
Shields & Co.
Los
last
the National City
Next highest bid sub¬
by the Chase National Bank of New
and
York,
issue
i n c 1 u di n g
Bancamerica-Blair (that worked such havoc with
Corp., the National City Company, STANY last year.
Brown, Harriman, & Co., and j , ]sfew York will be represented
the Uinon Securities
by
York.
Bank of New
mitted
an
headed
syndicate
,,
000
New; .York
Trust
by 28
authorities.
Bids $750,000 Alexandria, Va.
18
other
sale
Jan. 27 the sales include
Offering Projected
•
time,
of
and from taxation in most States.
insti-
estimated, 34.
an
that
Co.
They are non-callable,
exempt from all Federal taxation
was
&
$50,000,000 New York, N. Y.
months.
money
banking
private
tutions
1%.
to
at
•
ranging
has—arranged,
/.
.
Housing
The
The
approximately 2 to 3%%, the
city
.
the
from
syndicate
a
Bank
Chemical
&
a
*
projects now being erected around
the metropolis.
y
y
*
ed
1941,
January,
York, obtained the award of bonds offered
Jan. 20th
Schedules
Note Sales
Officials,j has made an.. arrange¬
ment
whereby
much
interest
money will be saved in connec¬
tion, with financing construction
of ' the 1 $3,200,000
in
housing
;
$1,700,000 Syracuse, N. Y.
In
y *
-
City To Save On Housing
Projects Financing <
5 -v
New York
in
of the current refund¬
Halsey, Stuart & Co., Inc. of New
& Weigold of New York,
Roosevelt
the runner-up.
was
the
USHA
announcement
factor
constructive
success
York.
..
Santiago, and Chilean < Consoli-.
Municipal Loan are being
notified by the Autonomous In¬
To Yield
.
dated
10% And Better
stitute for the Amortization of the
Seligman, Lubetkin & Co., Inc.,
41
Broad
Public Debt that they will be en-^
Street, New York City,
members
of
the
York
New
titled to
Se¬
Association, have
interesting recommendations and
curity
Dealers
statistics
available
on
sound New
york City real estate securities,
many
10%
of which
or
current
sent
better.
Information
upon
reouest
&
Co.
Seligman
..The
complete-file&
real estate issues.
by
and
will be
recommendations
Lubetkin
most
priced to yield
are
firm
has
dn over 3,000
\
1
:
■
t
a
payment at the'rate of
$15.58 per $1,000 bond against
presentation and surrender
for
cancellation of the two stamped
,t
coupons
-
corresponding
to
this,
payment.
Payment will be made on
after Feb.
and
1, 1942 at the office of
Schroder Trust Co., trust depart¬
ment, 48 Wall Street, New York.
<City>
THE COMMERCIAL & FINANCIAL CHRONICLE
210
Thursday, January 15, 1942
answer is yes,
then they must permit reasonable profits to com-:
pensate the dealer organizations who render such services and en¬
courage them to continue to do so.
..
This advertisement is neither
offer to sell
an
securities. The offering
nor a
solicilcuion of an offer to buy
is made onhfby the. Prospectus,
any
The list of securities that have
of these
our
recommendation
daily in the various service bulletins to obtain
■;
would have
a
addition
that
to
bearing
checked
are
information that
future outlook. \kr>
any
on tneir present status ana
make
two periodic surveys, annually, of each
belonging to each client, that was acquired on our reoommendation.
The survey involves days of work in its
preparation and
compilation and then each sales* representative personally contacts
we
issue
>2 MOO MOO
each
his clients and conveys to them the! available
data, in
that is applicable to each one of their holdings.
This
in our opinion is a very valuable
service, as it is also in the opinion
of our customers, they - look for it but it consumes a tremendous *
amount of time, is costly to
prepare and render and could not be
carried on if our profits continue to be curtailed.
v.r'>'v:'r
.V'VIn the state in which we do
the,:-greater part of- our business
the
Pittsburgh Steel
;l
of
one
surveyj
.■
First
Mortgage Bonds9 Series ii9 ; 4J/2%9
1050
,
two
To be dated December
\-}-;
1,1941
...:'
personal
property
tax
returns
must
filed
be
Our
annually.
clients depend upon us to prepare
them, therefore prices of all their
bonds and stocks must be
To be due December 1,1950
procured, the taxable and non-taxable
issues must be determined and set up on the
proper forms and forms!>•
must also be prepared
by which tax refunds are claimed on certain ■
issues.
.vy•,■
We
Offering price 99% and accrued interest
tinue
and
are
to
which
proud of
very
render
the
services
i,
*'•'' /'■,/y
record.
our
to
which
We
of
course
clients
our
desire
are
to
con-;
accustomed*
largely responsible for our good record. The house,
however, has its operating expenses to meet and must pay its repre-.
a living rate of
compensation which is minimized
by the amount of time consumed in servicing our accounts.
Cer¬
are
sentatives at least
tainly the service cannot be broadened
if
Copies of the Prospectus
may
must suffer
or
improved,
even
continued
continued diminution of profits.; It would there-;
fore appear to me to be in the interest of the
investors and should
be the aim of the regulatory ! authorities, to
encourage rather than
be obtained from the undersigned.
we
a
discourage conscientious retail organizations to maintain and im¬
prove their services, by permitting a fair and sufficient
margin of
profit to enable them to do so.r—WV H. Fleischman (Philadelphia).
A. G. Becker & Co•
fei'
;
One of my associates has written the attached
(above) letter on
the subject of the editorial in your Dec. 18
issue, "Over-the-Counter
Dealers Must Unite."
He appears to have
:
INCORPORATED
the
on
developed some thoughts
subject that have not been introduced by others who have
comment on your article.
!
contributed
January 14, 1942.
•The letter interested
to
Mr.
Pittsburgh Banker Is
Hopeful Of Post-War Era
After
presenting
unusually
an
encouraging statement of the con¬
ditions and progress of the First
National
at Pittsburgh for
President Frank F.
Brooks expressed his personal be¬
lief that if, at the conclusion of
the war, our tax program is so
planned that new enterprises will
be encouraged to start, inflation
in post-war
prices will be un¬
necessary.
Mr. Brooks feels the
Bank
the past year,
curtailment
of
production
and
consumption during the war willoffer a tremendous pent-up de¬
mand for
of
the
been
back-to-normal supply
a
merchandise
.
restricted
flict.
which
during
the
has
con?
'
V '
'i*"Further,"
says ' Mr.
Brooks,
"our plants will have been tho¬
roughly modernized and brought
up to date on the latest produc¬
.■
■■
.
tion
methods,
bound to.
come
present
our
materials,
industries
new
are
to the front out of
search for substitute
and
of
some
the
war
me
very much, so much so that I decided
this accompanying letter to state that I
fully concur with
Fleischman's statements and views
upon the subject and have
write
encouraged him to forward them to you.—George A.
Bailey.
Over-The-Counter Dealers Must Unite
-rV.y
*
/ Your
(Continued from First Page)
the
of
that the man
quotations which set a price
simple
corporation.
It
*
indeed
is
heartening
•
see
,
economic
scheme.
:
-
existed
acting
v
due
to
:
.
between
member
expressed
firms
and non-member firms as
regards
in the purchase of and the sale of
agents and principals
as
There
are:;
"-
v.; ■,'
.V
:i .V
.■
'•...i;-'
member firms,
many
sales prices and pay little, if
any, attention to newspaper prices.
seems
question of commissions became of such import¬
a
is
unfair, for example, that
firm who acts
order
declining volume of business, it has been my "bone
a
Deal¬
vitally
particularly those who do not !"
trading departments, who buy and sell unlisted securities
for their clients and act as
agents, charging the regular Stock Ex-'i
change commission. These firms often execute their orders at whole¬
we
Ever since the
be
The. views
maintain
of
ance
business.
unlisted securities.
offer our congratulations on your timely entrance into
his particular problem.—Kulleck, Wheeler & Co.
By Jack Wheeler
(Kansas City).
■
./.
/V. v■
May
should
important to everyone in the
in the many letters that
have come into you are most
interesting.
There is, however, one
important phase of the problem of small spreads that I bel'eve has
been greatly ignored and that is the unfair
competition that has
this problem because we
American
interesting editorial entitled "Over-the-Counter"
Unite"
securities
1 ;■
-
■
,
such wide-spread interest in
can now rest assured that sooner or later
a solution
will be found.
It is our sincere hope that the unlisted
securities dealers will unite in an aggressive business-getting ef¬
fort, because we sincerely feel that the purpose of the auction mar¬
kets has been served and that they no longer fill any need in the
to
very
Must
ers
could instantly understand a list
on the shares of each individual
reason
executed
acting
as
a
at
as
wholesale
a
It
investor, because he is a client
agent should have the privilege of having his
an,
price when
a
client of
a
firm
who
principal
pays a net or retail price. -c"r
This writer recently heard of a case
where a client of an Overroad.
It is my personal feeling that commission rates could and
the-Counter firm bought an
unljsted stock at the newspaper price
should be based on a percentage of dollars involved rather than on
and later stepped into the
office of another firm and learned that
a
per share basis.
In other words, what is wrong with charging he could have
bought the same stock at the wholesale price plus theif
mmmissions on securities on the same basis that commissions are
Stock Exchange commission. He
immediately got "sore" and refused
charged on real estate?
yo./>• to do any more business with
the Over-the-Counter firm.
This has,
Following this trend of thought, I certainly feel that commis¬ happened in
many instances.
Is it not, therefore, reasonable
and/
sion rates on listed securities should be on a different basis than-: sensible that all
member firms and non-member firms should
unite,
commission rates on unlisted securities.
The commission rates on and put an end to;
this unfair practice?
Why, for instance, should
listed
securities
could be uniform whether, buyingor selling. a client be entitled to
buy at a wholesale price anyhow?
Is there
On unlisted securities they could be fixed at one rate on the sale
jf contention" that the
approach to the matter
was
along the wrong
any answer to it?
•
v *
.
^
•
/■„■ ...v
and on a different rate, presumably a higher rate, on
;;-Certain firms are only interested in
acting as agents for their/
purchase of securities.
When referring to the sale and purchase clients and as soon as an order is„ executed
"Other
countries
will
neces¬
they are through and do
of securities, I refer to the sale for a customer and the purchase for riot have
any further interest in that
sarily look to us for innumerable
particular security. The inter¬
a customer rather than the sale to or the purchase from.
est of the Over-the-Counter
;
products.
The
destruction
of
firm, who is acting as principal in the
Following this trend of thought still further, and particularly transaction, is vastly different
for he may have a position in the stocks
hemes, buildings, ships, etc., will
as
it relates to unlisted securities, I would then suggest that all
upon which he - desires to make a reasonable
take
years
to replace
and - the
profit and must main¬
published quotations be "actual" markets rather than "spread" mar? tain a retail price to his clients.
United States, due to our modern
Is it not possible for Over-the-i
kets.
I believe that the closer bid and ask would have a tendency Counter dealers to
have list prices such as is done
manufacturing
methods,
is
a
among automobile
to encourage individuals to look upon this class of security with a
dealers and department stores?
natural seller of all of these prod¬
^ :
y ■'
/' i.y?/
/
greater degree of favor, and it would certainly tend to put brokers,
ucts.
', ^his unfair situation has existed for many years and has un¬
dealers, etc. all in the same category and eliminate the constant feud doubtedly always had; a bad effect as
"For the duration of the war,
regards the Over-the-Counter
of a commission broker quoting a market that is detrimental to a market in this writer's
the banking industry will devote
opinion.
s,
' •
%
•
y
dealer in the same security.—Anonymous (Cleveland).
If all security.
•<;./ .♦
its energies and resources to the
dealers, .member and non-member alike, could
unite and work out a
task of protecting America in her
plan whereby this unfair practice could be
For a long while I have been conscious that the "Over-theput to an end and their clients could
hour of peril."
only buy and sell at retail
spreads ' could not only be made
Mr. Brooks reports total earn¬ Counter dealers must unite," if they are to continue in business or pnees,
larger, the margin of profit
Consequently, I feel fpr the* dealer, increased but it would considerably help dealers to
ings for 1941 of $1,466,071.17 or to give the type of service expected of them.
$24.43 per share which was used that, your editorial of Dec. 18 last, on that subject and, subsequent keep the confidence and bqsiness of their. customers.—Anonymous
(IV€ZD X OTK> wZty).,
as
follows: dividends of $8.00 a comment by your readers, is very timely.
*'
•'
'
share were paid, $8.11 per share
Recently a local newspaper carrying NASD quotations quoted
B & O Secured 4% Notes, due Aug. 1, 1944, at 68Vs bid-69-ty asked.
was used for various adjustments
w? h,ave been reQdi"g with vast interest the various letters of
of carrying values, and $8.32 was At the time that quotation appeared we had to pay 70 for the bonds. other dealers in
your article headed "Over-the-Counter
Dealers Must
added to the stockholders' equity To meet the paper quotation we would have had to lose $8.75 per Unite."
■
•"
••
•
*■
bond.
It not infrequently occurs that these local quotations show
in the Bank.
•Evidently one b'g thing, has beeh overlooked, and it is rather
an offering price less than our actual cost on several issues on the
amusing to see the dealers in N. Y.
howling while at the same time
lame day, which only adds to the multitudinous difficulties encoun¬
they choke their own business at the source.
tered by the Over-the-Counter dealer in his quest for business.
Survey Of Bank Earnings
Here's an example of our
experience which has made
industries
will
be
placed
on
a
firmly established foundation.
....
.
of
■
securities
the
.
,
•
..
•«
t
4
'
•
..
-
us
An
The
firm
that I
interesting
tabulation
of
bank earnings for 1941 of leading
statistician who has had
New
ence
York
pared
banks
has
been
pre¬
for
distribution by Hoit,
Troster, 74 Trinity Place,
York
City.
The
survey
compares earnings for
1941 and
self
in
am
that department
with
a
group
of
associated
more
with
than 20 years
of the business.
men,
headed
is
by a recognized
of training and experi¬
He has surrounded him¬
carefully trained, who
have had
Rose &
vears
of experience in the selection and distribution of sound
New
ties.
An
1940 and contains
of
brief analysis
indicated profits as of Dec. 31,
1941.
be
a
Copies of the
obtained
from
survey
Hoit,
Troster upon request.
may
Rose
&
issue
is
many
securi¬
offered by this house until it has had a.
thorough statistical survey and has been discussed freely in a meet¬
ing, where each man may fully express himself.
As a consequence
of such painstaking care, this organization has not had a single rec?
never
•tmmendation
of
Should
appear
the
house;
However, the client wants, a bit of outside advice before he con¬
firms the order and he calls his banker.
Bank will not say
anything'
definite in the way of advice but does check the
market through a
local stock exchange house who has a
wire to. N. Y.
Market comes'
back tathe bank—21%-21%.
Result: Exchange house now has ordfer
default, either principal or interestthe regulatory authorities that this is the
type of service to be encouraged and promoted by dealers?
If the to
it
not
to
more
than reluctant to sell Insurance stocks:
After the usual amount of work
and expense^we~aTe~about to
clinch a sale of 100 shares Camden Fire
at 22V4 which is the asked
price published in the N. Y. "Times" of that particular
day. We know
that we will have to pay about
21% for it but are willing to work for
$50 gross profit.
buy 100
at 21%
plus regular commission,
or
client is
now
sus->
-~.r——-—..-17
Volume
155
Our
.rl.
^
mmammmmemsat
Number 4033
THE COMMERCIAL & FINANCIAL CHRONICLE
211
Reporter's
Report
(Continued from First Page)
perfection for purchase by one,
or two, or a group of the wealth¬
:
This announcement is under
no circumstances to be construed as an offer of these securities for sale or as a solicitation of an offer to
of such securities. The offering is made only by the offering prospectus which, however, does not constitute an offer by any
underwriter to sell securities in any stale to any person to whom it is unlawfulfor such underwriter to make such offer in such state.
buy
ier firms.
As
observer
one
out,
outstanding
to
are
pointed
$45,000,000
some
be
of
securities
retired,
any
the
which
New Issue
January 13, 1942
the
in
are
f
\
*
7t reTT*-i"
hands of the larger insurance
companies.
$15,000,000
With the proper
approach, it is
underwriting
house well-supplied with capital,
.which could line up the insurance
companies involved through their
holdings of the old issues, might
contended,
handle
an
the
business
Union Oil
enough.
If
the
of
holders
the
take
to
amounts
of
there
sue,
balance
remain
$35,000,000,
substantially
less
than
keted,
not
task
some
a
or
half
total business to be
the
;
projected is¬
would
of
ob¬
similar
up
the
mar¬
over-burden¬
an
in the eyes of stu-
Price 99V2%
v
dents of the market.
plus accrued interest from January 1, 1942 to the date of delivery
'
Slight
Disappointment
The
to
seven
offered by
version
Debentures, due January 1,1967
out- /
standing bonds could be
tained
3%
of the insti-
pledge
tutional
Company of California
readily
nine-year 2% bond
the Treasury for
n:-
S;
con¬
of
$1,075,000,000 of out¬
standing securities, of its own and
several
governmental
agencies,
was not fully up to expectations,
it appeared today.
'"'V ■;
ir
Copies of the offering prospectus may be obtained from, the undersigned (one of the
underwriters named in such prospectus) only by persons to whom the undersigned may
legally offer these securities under applicable securities laws.
banks, it seems, which
The
"
holders of the
substantial
are
in
for
had
pected
In
ex¬
Mor-
provide
would
portion of
a
less
Secretary
that
genthau
least
bonds.
the
or
more
Dillon, Read & Co.
instances
numerous
none-too-keen
They
retired,
being
obligations
were
at
notes.
new
there was con¬
around in the anxious to
get to market before
market on Monday and Tuesday
any such legislation was passed.
in an effort to dispbse of matur¬
The
proposed' financing
will
ing issues. This resulted in no lit¬ consist of
$32,000,000 of serials
tle
arbitrating on the part of and
$18,000,000
of
assessment
dealers who sold old issues, taken
bonds, and will not add to the
from
institutions,
against
pur¬
current debt since it is designed
chases of the new bonds.
to fund temporary loans arranged
for undertakings already underFirst Issue of Year
consequence
siderable
feeling
*
The first
the
corporate issue of
new
Union Oil Company of
California's $15,000,000 of 25-year
,3s, brought to market on Tuesday,
was accorded a heartening recep¬
year,
tion.'
'■
was
a
v
which it
the
manner
received proved
was
There
absolutely
was
expectation
of
no
"out-thehere
an
for
number
a
of
interested
Those
West
A
Coast
$27,500,000 undertaking by
Schenley Distillers Corpora¬
tion, now in registration with the
•
the
the issue carried considerable
Proceeds
be
of
applied
the
to
financing will
retirement
of
the
company's
banking indebtedness
which on Aug. 31 last, aggregated
$24,000,000.
n,!
JOTTINGS
proposal
make - all
•State and municipal securities is¬
sued
in
the
future,., subject to
^Federal taxation was expected to
t
Congress
act
to
(Continued from
istration's
since
May
chief
1940
204j
page
preoccupations
has been that it
keep hold of all .ultimate author¬
ity in defense decisions.
had
tions
propaganda,
relation
capacity
it should have had.
—as
it
And
probably
be
can
near
sudden
:
1942 and
about
the
As
machine-tool
been
have
saying,
never
you
,
know
$17 billions for 1943,
decision of the
for
issue
of $50,000,-
bids
j,
000 in long-term bonds, announced by ' Comptroller
an
difference
fiscal
or
crudely
the
calendar
between
for
and
The
years).
other
two-
will
presumably
go
for
clothing, pay, transporta¬
tion, and the numerous other es¬
sentials,' including powder and
shell,
anti-tank
and
machine
guns, etc.
,
Most
to
of
increase
the
through
come
and
For
will
have
longer
through
tank
plant
>
an
isolated
case
.
ican
so
well
merchant
.
.
.
The Amer¬
,
fleet
on
,
"Manu¬
Uruguay Extends Time for
Exchange Dollar Bonds
convers¬
;
existing
each
a
top
little
or
sales.
and it applies to all types of securities
being
now
the
Md.).
methods
vastly
results
never
are
before.
important
as,
expanded
and
being pooled
They may be
for
as
dollar
•
.
•
by
which
as
the
Obviously
tion has given up
goal
of
covering
of
Administra¬
hope of that
two-thirds
taxes.
Even
with the proposed new taxes,
the
1943
budget would be
with
outlay
But
only about 40% covered.
don't
the
confuse
percentage
covered' by
budget
taxes
the
percentage of
income
diverted
tional
They
arms.
are
na¬
to
entirely dif¬
ferent.
ing
for
stock
up
stock
market
when
.facing
but
answer
the
never
go
up
question
major
always goes up
question is conclusively
is.
we
can
a
almost
no
matter what the
Pearl Harbor answered
major
"Will
market bull¬
(1) London has been go¬
since Dunkirk.
(2) The
1939-1941
question—
enter the war?"
Miscellaneous
has
apparently
cut
its
...
The
public
already begun, to
Physical volume
is little if anything
buying.
of retail sales
above last year.
retailers
say,
is
And the buying
shifting toward
useful things and away from lux¬
uries.
The
fur
people,
hard hit
stance, were
melancholy fact
for
...
that
in¬
The
Blanco,
Ambas¬
Uruguay to the United
is
States,
notifying
bonds
of
holders
of
these
for
bonds
bonds.
ment
main open
This
offer
re¬
as may
be hereafter announced.
Holders
of
external
debt
5%
gold bonds of 1915, dated Jan. 1,
1916 desiring
to exchange their
bonds should present them to The
Chase
Bank of the City
11 Broad Street.
National
of New York,
of
Holders
25-year 8%
sinkings
gold bonds
dated Aug. 1, 1921, due Aug. 1,
1946, should present their bonds
to The National City Bank of New
external
loan
York, 20 Exchange Place.
Holders of 6%
fund
external sinking
dated May 1,
1926, due May 1, 1960 and 6% ex<ternal sinking■„ fund gold bonds,
public works loan, dated May 1,
1930, due May 1, 1964, should pre¬
sent their bonds to Hallgarten &
Co., 44 Wall Street, New York or
to Halsey, Stuart & Co., Inc., 201
gold
bonds,
South LaSalle Street,
Chicago.
A. W. Lind To Be Partner
Albert W. Lind will become
ner
in
members
Sterling,
Grace
&
part¬
Co.,
of the New York Stock
apparently
Exchange, 50 Broad Street, New
the
only
the
has
seem
currently able to cope with York City, as of Feb. 1.
•<
will
until such date
Britain
■»
readjust¬
new
instance,
Russians
of
the
Republic of
Uruguay that the Republic is ex¬
tending the period for exchange
fund
Reasons
ishness:
*
♦.
Carlos
of
sador
answered,
•
Juan
revenues
be
when the
new
tax"
excise
particularly hit with the
decline in automobile, tire, etc.*
will
life.
the
goals, raised them
higher, usedi that
We have no ready7
made' remedy on hand to suggest, but we believe, that the NASD
should begin to ponder over this angle.—Anonymous (Hagerstoum,
six
current
months than in the last.
the President apparently took
.actively traded in the N. Y. unlisted market.
<
the
in
facturers'
mark
a
.
*
from "miscellaneous internal
revenue"
airplane
plant it is like a baby—it takes
^bout nine months to bring it to
his
""
This is not
using
now
.
of
,
..
the
.
goods.
with
> .One accelerator to the
program
figure for 1942 (thus "advancing' which will be of
;
great help but
Joseph
D.
McGoldrick -was
the, date of achievement■)',*."and
get very little publicity will be
r
accented as a straw-in-thethen
lifted
them
substantially" through research and invention.
!
wind.
;•
again for 1943.
^
'
Even five years ago the country
For instance 'the aircraft goal*
|
While not so stated, it was as¬
was spending about
$300,000,000 a
sumed that, the city fathers were had'been 50.000 planes; "The 1941
year for 70,000 employees in 2200
laboratories.
The airplane manu¬
i picious and peeved at us and no one gets an order. In either case we facturers
were ' particularly
re¬
* are out in the cold and our work has come to naught.
>
search-minded.
These figures are
•
for
.
Oct.
1,
Already customs rev¬ 1941 had an average of 19.7 years
enue
is
That puts our merchant ship¬
shrinking
as
Govern¬
ment stock-piling accounts for an building
program
in-4he "It's
increasing proportion of imports; about time" department.
—Ll
The budget-message showed that
„
4...
the Treasury expects to collect no
ian
more
third of the budgeted out¬
a
(adjusting
lays
ions.In
;
allow
now
.
growing curtailment of the civil¬
Message on the State of
the Union; for his arms program,
future.
-City of New York to call for
j
must
,
■
done.
operation
the, flow of such financing
The
I
obviously
designers of fancy post-war programs
There will be several
airplane design, in electrical ap- tax laws this year, not just one
The Dutch have so far paid
paratus, and in synthetic organic
in
cash—from rubber, tin, qui¬
chemicals.;;
:\
nine, etc.—for all those Hudsons,
U. S. Treasury budget calcula¬ Brewster Buffalos, etc., they are
bombings.
food,
President * Roosevelt's
for the
excellent
was
for
Particularly
revolutionary will be changes in
night
thirds
Spur to Municipalities
;spur
The
more
issue
next
appeal.
that
1942 and 1943.
President lifted it to 8,000,000
1942 and 10,000,000 for 1943.
carrying sinking fund, it was
tanks
at
$25,000,
anti-aircraP
-expected
that '•* the
business; j guns at $10,000 and merchant ships
would come
on
the market 'j at
$200
a
deadweight
ton,
it
some time next week. ';
V r'^ ! runs to only about $9 billions for
undertaking, the
to yield slightly better than
3%
as
1942.
goal
deadweight
-6,500,000
>
"Funny,:
r
S.-Japanese
99V2
been
tons each for
people
looms
been
to American than to Axis
The
reasons.
conflict in the
Pacific naturally was an influence
to
be
overcome.
But priced
at
U.r
had
the
recognized
working proposition.'
a
as
had
but
Schcnley Distillers Next
"
it
goal
President set it at 45,000 for
The merchant shipbuilding
the Axis should not be ignored by
countered German submarines and
~
window" * performance
-
tank
The
36,000; the
1942.
likely to reach the public offering
what you can do till you try."
stage.
V Incidentally, it represents only
Consisting of $10,000,000 of
"ten-year sinking fund deben¬
a surprisingly small proportion of
tures,
and
$17,500,000
of
the dollar budget totals.
If you
fifteen-year debentures also.
figure planes at $100,000 apiece,
in
cheering to the trade.
,
60,000 for
sion,
"new money"
straight
undertaking,
So the Pres¬
said
.It
way-
20,000.
was
ident
Securities and Exchange Commis¬
Considering the fact that it
::
output
and
Chinese |
I
Thursday,'January 15, 1942
CHRONICLE
THE COMMERCIAL & FINANCIAL
212
F. H.
BANKERS
l*'
v
i
'
*• *.•
S
•
It was
RHODE ISLAND
PROVIDENCE,
«
/1*
<| »
t
J
V* v A**
■.*
of those days when
one
for
tated
HIGH-GRADE
stock
Members
>
&
Exchanges
Stock
Boston
v
*
v,
1- *
1.
it
ear
v;
See
muffs on."
' 11
*
,,
\
^
1 "*
Joe),
was
■" '
"A
Cold
:
The letter
"Son
car¬
George
"Yep, pretty cold.
Ed, did the letter carrier get
■'
" c y.*.
According to newspaper "PM"
glumly observed:
"Good
Emil Schram, former Chair¬
Brands,' never goes, ?
man
of the RFC, now President
down, never goes up. A regular
of the NYSE, left the Govern¬
Rock of Gibralter."
^v
^
ment
partly* because
he v was
Wellington ? (Duke).
Hunter, bested by -Jones .(Secretary. of
J**
V ■' > Established 1856
*
H. Hentz & Co.
Stock
Exchange
Curb
Exchange
Cotton
Exchange
York
York
New
York
New
A-
Board
Chicago
i
i
Trade
of
other
And
at
' ''"/
■
■■
,
DETROIT
/
PITTSBURGH
V
GENEVA, SWITZERLAND
a
pharmaceuticals.
second-hand
-■
buyers may have
car
put
can't
will
cans
or
on
a
Goods that
.
.
in
WALL STREET
99
beyond
go
limit.
LAMBORN & CO.
it so you
certain speed
governor
a
paper
SUGAR
V-J.
"j. Jfc-v*
jt s. \
1
*i.h.4
containers.
•
you
is
to
not because of
>v~T
and
Exports—Imports—Futures
Silk will become as
precious as jewels.
Wool will
become
scarcer' (percentage
of
get.
....
DIgby 4-2727
Earl
-
Rodney
the
contributes
a
Tomorrow's Markets
list
.
.
both
Says
v
(Continued from page 205)
r
.
imported, will be rationed,
Pearls (cultured from Japan
is
given
unobtainable.
Railroad
.
bought it at about 21. travel will be
cut—priorities.
/.
it-managed to ap¬ Cobalt, found with nickel depos¬
proximate 25. ' I expect this its, is used iri'production of paint,
,
Last week
.
to
one
to
react
22 V2 before it
or
gets anywhere
side again.
:
.
Warner Brothers is another
the
become
Light
>
of
have. This is cer¬
tainly not a fast mover; how¬
ever, it has been acting well.
I would be tempted to hold
this through a reaction, but
effect
Feb.
chlorine ~(goes
in
used
1)
This will make
newsprint, magazines, books, etc.^
yellower. .:.
Salaries will prob-*
ably also be fixed.
:
New is¬
sues may also
be cut down.
SEC will pass on such new issues
which "help defense,'! others will
even there a set back, to say
be sidetracked.
No prohibi¬
4, would not be surprising.
tion, despite slowly gaining agi¬
*
*
*
bleaching paper.
.
.
stock
last
purchasing
cohol. The
8.-
to
week
Commercial
American
7Vz
advised
I
price was between
It didn't get that
I would not advise chas¬
low.
you didn't
wait for it. You may
ing;;Jit;\ If
get it,
get it
how
ordered
on
dis¬
feel, and
you
then wacks you on the back, so if
felt
feel
optimistic, but that is the pic¬
ture as I, see it today.
Per¬
all
right
like
after
the
the
carrier
the
a
second
wrath
wack,
in
other
ago-
of
;
excess
Inasmuch
dealers.
into Bill Rosenbaum (William Rosenbaum & Co.)
liquid refreshments advised that business
was
grand.
At Fefe's Monte Carlo I ran into Morris Newburger
(Newburger & Loeb), Mrs. Newburger, and an officer in the Army,
who was with them but said he couldn't take more'than two drinks,
at least hot while he was in uniform;* 'While Morris was explain¬
of the
the
as
ex¬
change of stock to old holders is
not closed the selling books are
offered
Jan.- 13
a
ing about a certain show he and his wife had seen Frank (bringBuck entered, minus even a tame pussy cat. Right
'em-back-alive)
I thought about how I had promised my son to get him Frank
away
Buck's autograph but just
attention
diverted
was
I
as
by
336,088 shares of cumulative pre¬
the
without
par
in
exchange
additional
ferred
shares
not
of
at
equal to
5xk% pre¬
exchanged for
stock, which was offered to
On March 1, 1942, all
shares of the present preferred
stock
not
surrendered for ex¬
new
a
shadow.
down
something
everything.
mortgages
about
Ran
into
.
the
for
Sidney
Prudential
,
does
who
Rogers
Insurance
people.
explained his being out at that hour by saying he was going
He
to
Out into the night and the snow coming
Ho-hum!
blanketing
work.
wee-wee
Does
something
hours;
*.
■
the
for
*• ■,
War
Department
the
during
;
*.•».
sidiaries for the 10 months ended
1941 j
shows net income
transferred to
surplus of $3,146,-
Oct.
31,
054, compared with $4,083,206 for,
the full year 1940 and $4,167,447
The Penthouse Club
«
;
30 CENTRAL PA«X SOUTH v*
in 1939.
Adjoining The Plaza
r
-
,
date.
specific suggestions regarding the
.
be used to
to
the
company
•
will
retire all of the pres¬
Bunn Now Trading Mgr.
For
ST.
Stifel, Nicolaus Co.
•
LOUIS, MO.,—Stifel, Nico¬
outstanding
cumu¬ laus & Co.," Inc., 314 North Broad¬
lative preferred stock and to raise way, announce that John W. Bunn
you like the column.
approximately $10,000,000 for ex¬ Jias been appointed manager of
More next Thursday.
pansion of present facilities prin¬ the trading department. Mr. Bunn
the watchword:
—Walter Whyte.
*
cipally occasioned by the installa¬ has been with the firm for a num¬
[The views, expressed in this tion of two 45,000 kilowatt gener¬ ber of years, and in the trading
J. W. Y„ Martinsville, Va. Above
for the past
two
article do not necessarily at any ating units at the Devon plant, one department
market
advice
applies to your
of the company's principal base
time coincide with those;
years.
Mr. Lougeay, formerly
of the load stations.
stocks as well.
If you will write
' •*
ently
I'm glad
..
ready
like the dog who dropped the bone to snap
was
I didn't learn how to play gin rummy and I never got
the autograph.
change will be called for Tedemp-tion at $112 per share plus the
his quarterly dividend due on that J.
of
thing about
getting the bum's rush I wandered back to Mr. & Mrs.
So there I
to leave.
for
amount
number
the
a
Newburger, and the Frank Bucks, I found they were getting
preferred stock which
offered to holders of the 68,044
stock
Carlo publicist and Eckert
but anxious to make a noise like a kibitzer I joined in.
game
When after
cumulative
is
Dolly
gin rummy between
Not knowing
Goodman, the Town & County scribe.
value
(stated value $50 a share) of The
Connecticut Light and Power Co.
The stock was priced to the pub¬
lic at $52 per share.
The offering
consists of 136,088 shares of $2.40
stock,
Proceeds
.
of
ferred
a
"Hy'a Joe!
two stocks you mention.
about to make the request my
was
game
a
society registerite and Monte
deMihlo,
of
issue
new
gay.
members, who between
selected
for
reserved
amount
'I
~
around the city have been anything
the
stopped
front
day.
confusing to everybody including your reporter.
was
Erie Railroad, I ran
Light and Power Company
the public.
house
by next week things
may change for the better,
but until they do, caution .is
re¬
the offering of Connecr
and
letter
haps
ticut
on
twice
I'm sorry I can't be more
v
subscriptions have been
ceived
an
you
think.
that
Our own Ed Beck, the hail fel¬
low-well-met-. type
(as
if you
didn't know). The kind who stops
you
way."On
they
screen
Last Friday was the first night since New'Year's Eve
people began leaning against their favorite bars 'to discuss the;
grand strategy of the war with bartenders^
At the Penthouse Club,:
which in case you don't know is run by the ex-President of the
each old
share, and 200,000 shares of $2.20
cumulative preferred stock, plus
gods
.
.
.
concentrate
asks
On the
that
indus¬
to
has
naivette of
when^ there is little else-to distract
Since the war the gay spots
but
Co., on behalf of the
underwriting syndicate, announce
alcohol, but drinking stock
On hand is big enough to last five
years. ' ■■
a.1
tillers
you
than you
•sooner
.
trial
was
Al¬
Pfd. Oversnbscribed
Putnam &
/
presently outstanding 5^% pre¬
ferred shares, $100 par value, on
the basis of two shares of new
OPM
tation.
Another
.
.
.
tiresome, particularly
NIGHT LIFE IN NEW YORK
.
.
the antics and sometimes laughable
to
over
attention.
In any case there is a brush salesman, a district
attorney, a' simpering detective and adot of other people who wan¬
der through the story leaving all kinds of clues behirid:- The whole
.
rationing
into
stock you
.
Grade Allen, William Post,
your
glass, linoleum and ink. Shortage being kept open for further sub-^
Df cobalt will cut. production, of scriptions of cash stock.
The banking syndicate headed
these products.
And speaking
of ink, its rationing will reduce by Putnam & Co., Chas. W. Scrannewsprint
another factor is ton & Co. and Estabrook & Co., on
.
the up
on
about 22
(MGM), with
the radio the remarks of Gracie can be funny;:
thing
Connecticut
will preferred stock in
Indian Ocean)
from
—real,
be
You
.
Mrs. North"
Gracie Allen. 'Still a little of Gracie Allen can go a long
;
.
will be on the ra¬
(now being used for
parachutes). ;
Soap which con¬
tains coconut oil and palm oils,
Walter Whyte
&
Directed by Robert B. Sinclair.
An occasionally amusing, but mostly dull story about a couple
who become involved in a series of murders. Most of the picture
about the stage
nylon
tioned
daughter,- who promptly gives him away. /Why, is never
'
-
Even
into his old love, Sir'
back he does and runs right smack
go
well Tyrone
things,
Merrie Olde England.
Jr., Paul Kelly and others.
buy
you
less).
and
less
become
BOOM,
boom,
boom,
those
.
virgin wool in clothing
will
of
half wit for wanting to go back to
paradise and his love Gene Tierney, where it is assumed they live
happily forever after.
1
""
''
z '"
\ \ '
,'!V
.
.
When
•
caught, tried, and about to be sentenced to be hung when the
applecart is upset.
How it's done you'll have to see for yourself.
In any case he gets hunk with his thieving uncle "(there are some
swell fight scenes) repays all his friends and sails back to his island
director who
girl in the cast he was re¬
hearsing, "I'm a man of a few
words. When I point at you, that
means
you are to come to me."
'.
"O. K.," replied the actress.
"But when I shake my head, that
means I ,ain't gonna do it.''<
one
told
Arthur's daughter.
explained, she seemed to like him all along.* Still, for the purpose
of getting him back to the arms of Gene Tierney, I suppose some¬
body had to be the heavy.
In any case the impetuous Tyrone is
Schram
.
.
..
one
a
Arthur's
risk."
synthetic rubber, plants as long
ago as July, 1940. Jones killed it
and it wasn't revived until May,
No more
.
want (sugar ra¬
reduce speculation
scarcity), , :,
Tea
canned fish, will be hard to
candy
tioning
vy,V-**—** :t
business
mean,
But
"Mr.
,
the
I
Power is
in ,either glass
come
platinum in jewelry.. ...No more
copper or brass for pipes, screens
unless they're for defense indus¬
tries,
V. You'll be able to get all
NEW YORK CITY
it,
1941^v
come
now
re¬
.
would finance the construction of
get. permission.
And if you
have a car you will probably have
to*
to
see
approved the
arrangement with the Goodyear
Rubber-Phillips Petroleum com¬
bine whereby .the
Government
.'Even
.
bad
a
Mr/
that
and cer¬
,
be
to
area
couldn't
„The story then goes on to say
economy:
war
Sugar will be rationed
tain
:
.
of
out
come
•,
CHICAGO
BOSTON
'{■
.
therefore
Japs and the Fascists, here are a
few' things -you
can
expect to
YORK
NEW
i
Pacific
pointed out that rubber produced
by synthetic methods was more
costly than the natural stuff and
getting
the Unithd States
Indian
East
r r'v/
a
shipmate jump the vessel at an'uncharted island in the South
Pacific, make friends of the natives, find pearls as big as walnuts
and meet beautiful native girls headed "by Gene Tierney.
Miss
Tierney may not be much of an actress (see "Shanghai Gesture")
but in
a
sarong she out-Lamours the much publicised Dorothy
Lamour.
And when she does a kind of a dance, you know what
on
too far away in the
Jones
liable.
over
production
and others, v. Directed by John
"Benjamin Blake" by Edison
discovered, Sir Arthur gives him what for with a Whip, and the boy
runs off and stows away on a ship headed for the Indies.
He and
Schram wanted
the
that
theory
troubled
ap¬
swing against the Nazis, the
into
Bldg.
Cotton Exchange
Y.
be
,;;v
,
Exchanges
With
N.
■
will
Island
Paris
the
supply-was
line addressed to
A
preciated.
Orleans Cotton Exchange
New
Corps.
him
Inc.
Exchange,
Commodity ~
Sam's
Uncle
in
leatherneck
controversy
a
ersatz
finance
to
fledged
Ma¬
for itself. He is now a full
rine
Commerce) in
shift synthetic rubber.
York, has left the Street to
hovel
on
he falls in love With Frances Farmer, Sir
„
& Company, New
of Hunter
Jr.,
Members
New
..,
-
based
An excellent movie about a bound servant who actually is the
rightful heir to the title and estates of Sir Arthur Blake who plots
to rob him of his birthright.
Set. in England of the 18th century
it describes the plight of the common people and the power of life
and death-the-rich and powerful had over them. .-Tyrone Power
as the nameless stable boy is the bound servant of Sir Arthur who
has him pp his estate to see that he does no talking.
The boy grows
up hating and planning revengi on his uncle but between his hates
stock,
jj
Farmer
Frances
>
the drink?,*.■
old -Standard
Sanders,
Marshall.a.^
back, apparently long of the
away
'
(20th-Fox), with Tyrone Power, Gene Tierney,
of Fury"
Cromwell.-> :Story
right along. I was afraid
somebody-would ask me in for a
drink and I wouldn't hear them."
P. S/
'
NEW MOVIES
got the
you
muffs
out
came^
frequently enough but every tick
was
at the same price.
Finally
Walter Haggerty, a trader from
,
York,' Chicago
New
It
Brands.
Standard
•
haven't been wearing these ear
I
point or so.
a
•
think
,
rier looked up.
time, then ad¬
short
a
old
Only one
refused to follow the pack,
vanced
1
■*
■■
enough for you?
everything on the tape was active.
Stock after stock appeared, hesi¬
INVESTMENTS
<
we
•<A
a
most
beautiful
unique restaurant in
location, overlooking
Central Park to the north:
<
!
;
.
,
^Serving y best food,
skilfully-
prepared.
n
.
-
•
again
me
so
I
may
in
be
two weeks
able to give
say
or
^ou
Chronicle.
They
are
presented
those of the author only.]
at
,
.
.
;
The consolidated'earnings state¬
ment, df
trading-
manager,
is
no
Telephone PBaza 3-6910
longer
jthec/company, and „snh- qonp^ed with the firm.^'—■ -
'
1'"..,;
1
jv
1.
1
;
-1
TRE COMMERCIAL & FINANCIAL CHRONICLE
Volume. 155. Number..4033,
Our
-
Reporter On Governments
The Securities Salesman's Cornei
\(Continued ftop'firstpagtj\' \
j''
,
to
withdrawals"
213
Results Of
Treasury
by/individuais investing their savings* in - defense
jjcy.1 r'
bonds at 2.9% return;.........'
^
\
.
WORK IS NINE-
The insurance companies are going to be big buyers of. Govern¬
Secretary of the Treasury Mor¬
genthau announced on Jan. 12 that*
JETTING STARTED
the
ments, of course, but the billion to two billion securities they can
buy in any one year will not suffice.
•
for
tenders
$150,000,000
or
Did you ever watch a train
^ull but of ^ a station? ■ If you did;
you'll remember how the engine; huffed and'puffed and how the thereabouts, of 91-day Treasury',
bills, to be dated Jan. 14 and to!
The commercial banks continue as the important buyers of wheels spun round and round; . Then the engineer released the
mature
April
15,
1942, which
Governments and the important point here is that Secretary Mor¬ sand which poured onto the tracks and the driving shafts drove
were
offered on Jan;19, were;
genthau and Reserve Chief Eccles can expend the banks' purchasing the wheels faster- and faster until the train was only a vanishing
opened ; at the Federal Reserve!
power by a stroke of the pen at any time (lowering reserve, require¬ object far in the distance. : "Getting started" doing your day's work
Banks on Jan. 12,
The followingj
is similar, to this analogy;
The$ -3 '■
7
ments, for instance). ; . ..
\
details of this issue are revealed^
greatest amount of
efiojrt
ex¬
more pleasant and enjoyable.
V
•• This, too, was emphasized by the refunding deal.
. . ;
; ,: , ?
Total applied for^,^$384,694,000!
pended by the locomotive was
After all "work" should be
: Tptal accepted
The Next Borrowing
15Q,047,0Q0i
7>•';>'Vy*•)':'7s" ''V.V': during the; first 100 feet of its
pleasant, it should give, more
7 Range for accepted bids
Cex-?
y', When will the Treasury be back for more cash?
than just a piece of bread to
7-^ >
^ "pull" from a dead start.
cepting one tender of $300,000)
^
Boiled down to ■"fundamentals,
This is a guess.". . . But the chances are Morgenthau will ask
any man who has the initiaHigh—100.
- for money through open market channels in February, : . . "The there seems < to be a certain law
t i v e
and
imagination
to
Low—99.963.
Equivalent rate
which applies to both mental and
middle of next month, in all probability. ...
.choose "selling" as his pro¬
approximately 0.146%. - , •
*
physical effort.
|
If you want to
fession.
Life's just too short
The pace of defense bond sales will be the determining fac¬
test this out to your own satisfac¬
Average Price—99.97(1. ^ Equiva-<
for any other way,
■>
*
tor here and present indications are sales in January may total
lent rate approximately 0.1197%.
tion review what happens to your
|
$1,000,000,000.
That's a tremendous figure, an out-on-theThere was a maturity of a sim-l
own mental and
physical condition
limb forecast, surpassing any others made so far.. . . But this is
ilar issue of bills on Jail. 14 in!
when you awake in the morning.
January, the month for re-investment by trust funds, wealthy
amount of $100,207,000.
v'' '
«
The hardest job is "to get your
estates, etc.
This is the month of intensive publicity for the
.
.
.
,
*
.
•
,
,
.
.
.
NASD
.
■>.
drive.
.7
fense
.
.
first
foot
that
In the first five days of the month, $145,000,000 debonds and stamps were sold. . . .
♦
.
the
the
on
floor."
.
The billion-dollar mark doesn't
seem so
.
tomatic.
.
.
get out of a
you're on your
Work
habit.
seems
Tax-Exemption
to be
a
two
and
the
taxes.
now we
come
to the
ties
:^7"' :y 7* 7y'*."P
;;'Vy 7"y
'y
reason 'to believe that the Government will
y,:.
.
There's
every
y
is done.
tion
accomplish, its objective of eliminating the tax-exemption feature on future issues of State and municipal securities within the
<
next few months. V. * Therein, by the way, lies the reason for the
haste of several municipalities—notably New York City—to get
their
last war-time
"under
"
borrowings
out of the
Utn^ire," so to speak....
;.y-
way.
.
V
.
cause much delay, ... Maybe the Treasury will find a way to
"nullify" the exemption privilege by 1943 or 1944. . . .
v
Surely, you would be wise to expect moves designed to make
the tax-exemption clauses less valuable.
But removal of the full
exemption in the near future?
'
.
most
.
..
clearly,
creased
more
There
started"
inter¬
will
one
that
to
"aid
should
any
;
be
7
1
getting
of
some
salesman
who
has trouble with this problem to¬
The suggestion we would
make is this—try sort of a mental
"warm-up" before you attempt
your first call of the day.
Sit
down with your pencil and paper
and plan the day.
First map out
your calls, route yourself, add a
few extra stops (just to be ob¬
stinate) and because . you really
don't feel like working after all.
Then deliberately close your mind
day.
That's]•••';.• •/,h'■»''■>/.
a «CAnd this accounts} for/the definite increase in switches from taxAbies' to tax-exempts in recent weeks.
.
For the moves from the
long-term taxables to longest-term exempts, from the "preliminary
refunding" of the recently called issues by major institutions.
Before the Treasury tries an obvious move to remove the ex¬
emption feature on outstanding Government issues, it's likely that a
general sales tax will be attempted.... It's likely that various subtle
to all outside influences.
This
changes will be made in the normal vs. the surtax ratios (changing
the surtax figure is the best way to get at the tax-exempts without can be done if you try to do so.
Next, say something like this to
direct action, of course). . . .
yourself, "Here goes!" "Just be¬
Since we may expect the tax-exempts will continue fairly
,
.
.
free from tampering for at least another six months or a year,
cause
I
don't
feel
like
it
I
am
going to finish one of the best
day's
work
I've
ever
accom¬
plished.
What will happen to¬
Income vs. Maturity
morrow, Tarn not concerned about.
Another angle deserving your consideration now is that involv¬ Yesterday and its hopes and errors
is passed.
ing your basic policy of maturity distribution as against income.
.
.
Today is the only day
These points appear obvious:
I know about and as long as this
(1) The commercial banks and other major investors in Govern¬ is my job I am going to do it."
ment issues are not going to be allowed to sell their holdings at will.
It may sound silly to suggest
Liquidation on any scale disturbing to the market will be such a stunt as this. But it will
frowned upon and (that's putting it gently)....
help you if you try it and the
(2) The banks and other major investors are going to be ex¬ reason we've written about this
pected to buy huge amounts of Government bonds this coming year. subject is that we believe that
To buy more than they purchased in 1941, for instance, and that
every
salesman
(especially to¬
total ran close to $3,000,000,000 for the member banks alone.
day) needs to give himself such a
(3) The bank's aren't going to want to sell bonds—for patriotic boost once in a while. Try such
reasons alone..
a
good hard, enthusiastic, day's
(4) Savings banks will become less important as purchasers, so work tomorrow. See if it doesn't
commercial banks will have to replace them....
work out to your advantage.
Now what does that mean to your policy?
Watch what happens if you
To this observer, it means that you might as well-get the most
can
keep it up for a few
you can out of your holdings. ., . The best yield possible. ... The
weeks stretch.
It can't hurt
most income available. ...
your volume of business nor
Maturity becomes less and less important as you consider
the tax-exempt list appears especially attractive In comparison
with the taxables at this time..,.
.
.
.
.
.
.
.
.
.
.
..
you
must hold the bonds for an indefinite period, anyway. . . . '
more and more important as you realize
Income appears
you no
longer can buy and sell at will and only your total hold¬
ings interest the Government.
.
.
.
In the
'20s, it was possible at times to sell long-terms and buy
short-terms to increase your total yield.
.
.
Not that we wish to
.
the
Association's
examined
in
Treasurer and the Executive Di¬
are
be
to
elected
for the
ensuing year.. Perry E. Hall,, Mor-r
gan Stanley / and Company,
Frank Dunne, Dunne ;'& !Co., are
members of the
nominating
mittee
will
which
com¬
report
its
recommendations' for the current
year's officers at the meeting on
Friday.
■
■v
■:-V.
come
a
and
Co.
Chisholm
and
&
Chapman^
and prior
& Co. as
thereto with Cranberry
specialists in research
and sales promotion.* / MF. Eustis
was a partner in
Granberjry & Co#
In the past Mr.
Stoddard was
secretary
and sales promotion
manager of Standard Statistics Co#
Urges Nat'l Investors,
Tri-Continental Merger
Fred
the
Y.
Presley,
National
President of
Corpora¬
Investors
tion, an investment trust, in re4
signing from that post to free
himself for other endeavors,
rec-j
ommended that National Investors
become
with
affiliated
the
Tri-
Continental
Group.
Under the
proposed arrangement/ set forth
in a letter from Mr. Presley to the
stockholders,
National
Investors
the com¬
Tri-Continental
would participate with
panies
in
the
Group,, in; their arrangement; for
sharing ?the.-cps.ViOf; ipa^qgepiept
anil,
investment
would serve
crease
serviqe^ wbiqh
considerably to de¬
expenses.
Mr.
Presley
the
and
prqserit
Board of National Investors sug¬
new
Board be
com¬
posed of Tri-Continental men. TriContinental is sponsored hy, J. &
W. Seligman & Co., three of the
In Edward A. Purcell Co.
J.
Exchange
nected with Francis I. du Pont &
gested that the
.
Majewski To Be Partner
Tomasz
Stock
York
other Exchanges, to do sales re¬
search.
Both were formerly con-4
as
Coggeshall, Jr., The First Boston
Corporation - and
Clarence
E.
Unterberg, C. E. XJnterberg & Co.,
New
York.
Robert W, Baird,
The
Wisconsin
Company, Mil¬
waukee, is Chairman of the Asso¬
ciation.
Lee M. Limbert, Blyth &
Co., Inc., is a Vice-Chairman. A
Chairman, two Vice-Chairmen, a
rector
New
Majewski will be¬
partner in Ed¬
limited
ward A. Purcell & Co., 65 Broad¬
proposed new directors, Henry C.
Breck, Cyril J. C. Quinn and
Francis F. Randolph, being part¬
ners
nees
that
in
firm.
Other
nomi¬
to the Board are Thurston P.
City, members of Blodgett, Vice-President of Union
Stock and Curb Service Corporation; Alfred M.
Exchanges, on Feb. 1.
Mr. Ma¬ Ellinger, Vice-President bf the
jewski has been in business es an Central Hanover Bank & Trust
individual dealer in New York Co.; Bayard F. Pope, Chairman of
and prior thereto was with M. C. the Board of Marine Midland Cor¬
Bouvier & Co. and Parris & Co.
poration, and Robert V. White,
President
of
Lehigh Coal and
Navigation Company, all of whom
way, New York
the New York
Security Salesmen Of
Philadelphia Elect
are
directors
of
Tri-Continental
companies,
'
.
PHILADELPHIA,
PA. — The
Philadelphia Association of Se¬ Wm. Ede And D, Collins
curity
Salesmen
has
elected Form S. F. Exchange Firm
C. Howie Young, W. L. Morgan
SAN
FRANCISCO,
CALIF.-&
Co.,
President,
to
succeed William Ede, Jr., and Daniel J.
S. Stewart Alcorn, Jr., Eastman,
Collins have formed Collins &
Dillon & Co.
Clifton D. Bunting,
with offices in the Russ
Building, to succeed Holt & Ede.
Mr. Ede, a membef of the San
your commission account, and
McKenzie, Paine, Webber & Co., Francisco Stock Exchange, will
the day's work will surely be
Secretary.
represent the firm on the floor of
the Exchange.
'
Mr. Ede, who has been in 'the
lYz%-.and 2.9% and fall under the spell of an intensive sales
drive.
investment business since 1995, is
Wall Street believes President Roosevelt set the budget figures Vice-President of the San Fran¬
Boston
First
Vice-President
Corp.,
and
was
named
William
Ede,
V.
...
,
forecast this again, but following income rather than maturity would
seem a wise—and yet properly aggressive—policy at the moment.
as.high
Inside The Market
.
scheduled.
is
his imagination would permit.... But spending the money cisco Exchange.
Mr. Collins is
President of the Security Cash¬
thing else again.
"
Open market borrowings every other month appear to be iers' Association of San Francisco
as
some
...
Savings banks already nre beginnings to lose deposits and will
Morgenthau "hit it close" this time with refunding debt only
lose more as depositors recognize the difference between interest of week before redemption date;;;.
• ——* ■ *
j
mem¬
1941
Among new members elected to
the Board of Governors are James
in-
therefore
in
of
were
of all members.
and
of
The governors will re¬
the first step in a program for re¬
view of the finances and practices
the, results,
work,
satisfactory.
is
assistance
bers
and more;
efficiency
consistent
•7;be
your
result
associa¬
a
third
work
will be smoother,
natural
a
Securi¬
report on last year's NASD
enforcement campaign and plan
for its continuation in 1942.
One-
personal
your
of
organizations of securi¬
dealers and brokers, in the
ceive
Your mind will func¬
accomplished
v:7y.y
will
.
the
more
views
as
Getting
^ But eliminating the exemption on outstanding issues is another
matter entirely. . , . A matter calling for invasions into the field of
constitutional law and into the realm of ethics that unquestionably
.
with
satisfaction when
Association
program.
constructive,
purposeful
effort, is also going to leave
you
Row With Biter & Co.
today
Government's Defense Bond sales
of
big story of the day—the question of
City
tions and
ease
"
And
York
.
which you will make
last call of the day. Be¬
calls
New
collaboration with other
sides, the day in which you
put forth the greatest amount
..
in
and brokers
In addition, the
meetings will complete plans for
NASD's
active participation, in
direct relation¬
with
y-v-
dealers
ties Dealers, Inc.
There
won.
first
your
securities
National
get started
you
a
less
or
to
amount of
effort necessary to make your
.
.
„f-:y■;;&yfy/;
;
more
was
ship between the
another long-term bond,
For the Treasury is still
intent on its re-distribution of the debt plan, even if it has to and
knows it has to compromise somewhat because of the emergency. . ..
.
is
Once
half the battle is
So let's say February and let's figure on
aimed at the "permanent" investors.
,
John N. Eustis and Ralph G.
and Fri¬ Stoddard have become associated
nice warm bed—
day for the annual election of with Riter & Co., 48 Wall Street}
way!
V
officers
and
governors
of the New York City, members of the
to consider how difficult it
>"J;'77:;/'v-.
.
Meetias To Elect
Officers; Plan Prcgran J. Eustis & R.
Stoddard!
Representatives of underwriters,
By the time you've got
every section of the country will
on you have forgotten
meet at the Waldorf-Astoria in
shirt
your
.
.
of scrubbing
procedure
teeth and
removing the
stubble becomes more or less au¬
your
preposterous in view of
these factors. .•.
■:
'"/'"'W,
But, regardless.... With the budget figures in the astronomical
realm, with spending rising every day, it's to be expected that Mor¬
genthau will hesitate to "shave it close."
Thus while he probably will be able to hold off until March,
if he wishes or if the market so dictates, he'll prefer to finance in
February and to get the funds before he's pressed for them. . . .
For a hint at the spending rate, notice the Federal Reserve Sys¬
tem's weekly statement for the week ended Jan. 7. ... The Treasury's
deposits with the Federal Reserve Banks sank $204,000,000 to $663,000,000 in that seven-day period. . . . (Incidentally/ that develop¬
ment helped boost excess reserves for the member banks $300,000,000
in the week.)
After
and
a
a
past President of the San
Stock Exchange Insti¬
Francisco
tutes—
—
__
__________
THE COMMERCIAL & FINANCIAL CHRONICLE
214
Thursday, January 15, 1942
Calendar of New Security Flotations;
LIGHT
•
CO.
POWER
&
registration statement with the SEC
336,088 shares of cumulative preferred
stock, no par
the SEC
wiih
statement
tration
filed
Power Co. has
Connecticut Light &
a
ments
Debentures, due Jan. 1, 1967
000,000 3 %
a
of
Business—Business
principally of production,,
and
.distribution
mission,
consists
company
purchase, trans¬
sale of elec¬
tricity and gas for residential, commercial,
industrial and municipal purposes in Con¬
necticut
;
•
&
New
Scranton,
Boston;
Co.,
supplied
be
stock,
ferred
bearing
share'per
annum,
in exchange
the outstanding shares of
per
lative
stock,
preferred
of
basis
shares
2
$100
par,
for
stock held
(excludes holders in Minnesota, Wisconsin,
preferred
Maine, New Hampshire and
California);
the exchange offer expires Jan. 16, 1942.
It
proposed to offer publicly
the underwriters 200,000 shares
preferred stock, bearing a dividend
of $2 per share per annum, plus an
further
is
through
of
the
rate
of
of
of
shares
not
•
exchanged.
Public offering
supplied by amendment
•
will
Proceeds
construction
of
tion
and
to
45,000
March
on
bank
$300,000
of
redeem
to the
the company's
loans,
1942, at $112
1,
share, all of the 5'/2 % preferred stock
exchanged for the new $2.25 preferred
per
not
stock
1
"
1
....
Registration Statement No. 2-4918. Form
A2.
(12-24-41)
Jan.
Offered
by syndicate headed by
13
Chas. W. Scranton & Co. and
Estabrook & Co. as managers.
A total of
Putnam & Co.,
preferred
336,088 shares of new cumulative
stock
par)
(no
offered comprising 136cumulative preferred
was
$2.40
of
shares
088
purchase,
tion,
of
oil
crude
natural
and
gasoline;
re¬
production, treatment
and the manufac¬
ture, transportation and wholesale and re¬
tail marketing of pertroleum products.
Its
business is conducted chiefly on the Pacific
of
crude oil;
and sale of natural gas;
Coast, particularly California.
Underwriters,
each,
are
•
Blyth
Co., Inc
Slocumb & Co.-———
Brush,
Elworthy
stock offered to holders of 68,044 presently
5V2 % preferred shares ($100
par) on the basis of 2 shares of new stock
for each old share; and 200,000 shares of
$2.20 cumulative preferred stock offered to
100,000
,
150,000
—.'.——
Co
&
First
The
1,500,000
Inc
Co.,
&
300,000
—
Corporation— 1,000,000
Boston
500,000
serving
500,000
counties
Brothers
—
Corporation— 1,200,000
&
preferred
exchanged
not
shares
stock
new
STEEL CO.
mortgage series B 4Via% bonds, due
1, 1950
of first
Dec.
Grant
Address—1600
and
sale
primarily
Underwriters—W. C. Langley & Co., New
150,000
in
manu¬
steel
Loeb & Co., and
A.
G. Becker
& Co., Inc.,
both of New
York, each have agreed to purchase $1,000.000 principal amount of the bonds
Underwriting—Kuhn,
the
public,
at
deposited
; i
supplied
be
registration
against property
to
in
time
the
additions which
now
Smith,
& Co
Barney
Weeden & Co
Witter &
Dean
99
and
accrued
in¬
terest
TIME
FINANCE
CO.
Finance
Time
Co.
registered with SEC
5% sinking fund deben¬
tures, due Dec. 1, 1951, and option war¬
rants for 20,000 shares common stock, $1
par value
$400,000
500,000
Business—Engaged
personal
500,000
.
1,500,000
Co————
Offering—The Debentures will be offered
the public, at a price to be supplied by
to registration statement
to
loan
the
in
in
business
"small
loan"
Kentucky
and
the
of
de¬
Piper,
Jaffray & Hopwood,
Minneapolis, and Bankers Bond Co., Louis¬
ville, Ky. Underwriting commission is 6%
Offering—The debentures will be offered
the
at 100.
Purchasers of each
debenture
will
receive
an
option
public
$1,000
warrant
shares
entitling
of
holders
stock
common
purchase
to
on
prior
or
50
to
Dec.
common
1943, at $2.75
holders
stock
to
on
purchase
before
or
25
Dec.
share
per
working capital
Registration Statement No. 2-4901. Form
A2.
*12-1-41)
Effective
3:45
Offered Jan.
PANAMA
tered with the
$1
SEC
BOTTLING
1942
Bottling
Co.
CO.
regis¬
33,750 shares common
par
Address—19-A
la
EST on Jan. 6,
Coca-Cola
Panama
stock
p.m.
7, 1942 at 100 and interest
COCA-COLA
Avenue
Jose
Francisco
Ossa, Panama, R. de P.
Business—Engaged In business of bot¬
tling Coca-Cola and other carbonated bev¬
erages
and
In
and
ice,
the
all
in
manufacture
of
Republic
which
of
are
of
Ice-cream
6old
wholesale
and
Panama
in
the
Canal Zone
Underwriters—Elder &
the
sole
Co., New York, it
underwriter
Offering—The
shares
will
be
offered to
the
public at $12.50 per share; under¬
writing commission is $2.50 per share
Proceeds—Will be used to increase tho
company's working capital
Registration Statement No. 2-4870. Form
6-2
as
(New
Form)
(10-29-41)
Effective 3 p. m. E.S.T. on Nov. 25. 1941
of 4:45 p. m., E.S.T., Nov. 11, 1941
to
prices
/'
to
registration
shares
stock,
the
FINANCE
funds
redeem
of
company
of
the
of the
is'car¬
three of the divi¬
manufacturing divisions and each
engineering,
Underwriting and Offering—The 265,669
of
loans
company's
of
holders
for each 10 shares of common
1942, and
of certificates
for shares of common stock of United Air¬
craft & Transport Corp. who, by exchange
of their certificates after such date and
held
stock
record
of
Jan. 2,
on
the same basis to holders
prior to the expiration date of the sub¬
scription
warrants,
shall have become,
stockholders of the corporation. The rights
shall
subscribe
to
evidenced
be
by
sub¬
warrants, which will expire on
Jan. 13, 1942.
Any of such shares of pre¬
scription
stock not subscribed to under above
will be underwritten and offered to
public, at a price to be supplied by
offer,
amendment.
Price
the underwriters for
stock
unsubscribed
share.
to
Harriman
will
be
Ripley & Co.,
$100
per
Inc., New
York, are named principal underwriters and
are committed to
the purchase of 18.15%
all stock not
of
stockholders.
of
subscribed
addition
In
for by common
to
Harriman
underwriters and their
are:
Blyth
&
Co.,
Inc.,
Kuhn, Loeb & Co. and Morgan Stanley &
Co., 11% each.
Hayden Stone & Co. and
Smith, Barney & Co., 5.5% each. G. M.-P.
Murphy & Co., 3.8%.
Clarke, Dodge & Co.,
Dominick & Dominick, Goldman, Sachs &
Co., Hornblower & Weeks, Lazard Freres &
Co. and White,Weld & Co., 3.65% each. W.
E. Hutton & Co., 2.75%.
The Blue Ridge
Corp., 2%.
Merrill Lynch, Pierce, Fenner
& Beane, 1.85%^
Baker, Weeks & Harden,
Putnam
&
Co.
and
Co., 1.2% each.
and Cassatt
Proceeds
tal
and
Chas.
W.
Scranton
&
Merrill Lynch & Co., Inc.,
0.9% each.
& Co.,
will
will
be
be
added
used
to
for
working capi¬
corporate
pur¬
poses
Registration Statement No. 2-4916. Form
A2.
(12-17-41)
Jan.
cumulative
ELECTRIC
preferred
interest rate
rate
28
CO.
plied
preferred stock, will be sup¬
amendment; to the registration
by
r,'v-. '
Johnstown,
.
Address—222
Pa.
$100'par. The
stock,
the bonds and the dividend
on
the
on
statement
Levergood
„■■■•"
St.,
•
■
Business—This
Trustees
company,
controlled by1
Associated
Gas
&
Electric
of
purchase,
transmission,
distribution
and
electricity for lighting, heating, in¬
and general utility purposes, serv¬
ing a territory in Western Pennsylvania
extending
from
the
Md.-Pa.
State
line
sale of
dustrial
northerly to Lake Erie
the
right
at
others
of
to
exceed
to
for
pay
50
in
to
such exchange
in assisting
Securities
Registration Statement No. 2-4922. Form
A2.
(12-29-41)
WEST
INDIES
West
Indies
"
shares of
Address—60
E.
42nd
Business—Company,
: v.
St., New York City
organized
in
1932
plan of reorganization of
Dominican
Sugar Corp. and cer¬
Cuban
its
the
tain
of
ing
company
subsidiaries,
owning
is solely a hold¬
the
securities of
several
operating subsidiaries engaged prin¬
cipally
in
the production
of raw cane
and
sugar
in
the
and blackstrap molasses
Republic and Cuba
will be named by amend¬
invert
Dominican
Underwriters
ment
.
.
.
.
$100
par
Statement
(12-29-41)
Registration
A2.
No.
2-4923.
dividend
plus
between
Cornell-Dubilier
Corp.
CORP.
filed - a
statement with the SEC cov¬
convertible sinking fund
debentures; 30,000 shares of 5% cumula¬
tive convertible preferred stock, $50 par;
gnd an unstated amount of common stock,
$1
par,
the latter
to be reserved for
issuance
upon
conversion of the deben¬
tures or the preferred stock.
Interest rate
and maturity date of the debentures will
be supplied
by amendment.
Address—333 Hamilton Blvd., S. Plainregistration
$1,500,000
ering
field, N. J.
Business—Engaged in manufacture and
sale of various types of capacitors, known
also
as
fixed
electrical
condensers,
deVices
by
a
storing electrical energy between
more conducting surfaces separated
for
or
dielectric
or
non-conductor
Holding
underwriters
offer,
for
to
bonds
by
com¬
rule
U-50
Company
and
public
offering prices will be supplied by amend¬
to registration statement.
The In¬
vitations
to
bid
for
the
that
the
company
than
103
for
pany
and Erie Lighting
the
is
securities
to
bonds
specify
receive
and
not
not
less
less
than
$100 per share for the preferred stock
r*
Proceeds will be used-to redeem all of
the outstanding funded debt of the com¬
erty additions
'
Co,
and for prop-*
'
Registration Statement No. 2-4929. Form
A2
(1-9-42)*
R.
'./'.V
-•'
L. SWAIN TOBACCO
L.
Swain
Tobacco
Co.,
statement
shares
Class
1'
■(
CO., INC.
Inc.,
the
with
A
filed
SEC
common
a
for
stock,
value, and 60,000 shares Class
stock, $1 par value
Address—Danville, Va.
B
$1
com¬
Business—Company markets Panax Pro¬
Pinehurst cigarettes, manufactured
payable
Process
unstated
the public
acts
retaining
soothes
is
as
a
its
be
W.
Panax
membranes
is
of
for
moisture
demulcent-
a
the
throat
and
v
each
class of stock,
Martinsville, Va.
Yeaman,
by
The Panax
and Offering—The shares
to the public at a
price of
offered
each
$5
Process
or
and oderless
Underwriting
will
Panax
Co., Inc.
hygroscopic
agent.
the
tasteless
by
John
,
Proceeds will be used for
plant additions;
for purchase of additional
equipment, and
for
working capital
Registration Statement No. 204928. Form
(1-9-42)
outstanding
an
under
company
Ax ton-Fisher Tobacco
A1
of¬
22,
1942.
not
plus
-
issued
the
OF OFFERING
UNDETERMINED
Any shares of
the
under
shares
6,328
exchange offer, will
public, at a price to
*
We present below a list of issues
whose registration statements were filed
ex¬
not
such
the
DATES
*
be
twenty days or more
offering dates have
be
mined
or
but
ago,
whose
been
not
unknown
are
to
deter¬
us.
supplied by amendment.
Harriman Ripley
Inc., Philadelphia, is named prin¬
underwriter;, other underwriters will
be supplied by amendment.
&
Co.,
cipal
Proceeds
will
be
used
to
AIR
ASSOCIATES,
Air
50,000
tion
conversion of the
and
equipment of plant
additions
Registration Statement No. 2-4926. Form
S2
(12-30-41)
'
.
'
DISTILLERS
SCHENLEY
.
.
.
.
Schenley
Distillers
statement
tration
CORP.
filed
Corp.
the
with
SEC
regis¬
a
for
$10,-
10-year sinking fund debentures,
Jan. 1, 1952, and $17,500,000 15-year
000,000
sinking fund debentures, due Jan.
Interest
to
ment
will
rates
be
registration
supplied
1,
statement
Fifth
Ave., New York City
Business—Company
its
and
subsidiaries
engaged generally in » the distilling,
blending, rectifying, producing, warehous¬
ing, bottling, buying, selling, exporting and
importing alcoholic products for beverage
purposes, principal business being produc¬
are
tion
and
whiskies
sale
of
the
in
bourbon
rye,
United
States
Underwriting—Mellon
Pittsburgh,
writer;
is
Corp.,
principal
others
of
will
be
of
mum
stock,
under¬
supplied
amendment
Offering—The debentures will be offered
to the public, at a price to be' supplied by
together
stated
with
the
amount
of
procured
be
to
sale
from
by
of
net
the
debentures,
proceeds of un¬
short-term, bank
-company
prior
loans
to
or
the issue of. the deben¬
applied to payment of all
bank
loans
of
company.
Amount of such bank loans outstanding
on
Aug. 31, 1941, was $24,000,000
Registration Statement No. 2-4925. Form
concurrently with
will
tures,
the
A2.
be
present
latter, reserved
filed
Amendment
of
Jan.
3V4%
13,
for
the
disclosing-a
coupon
rate
sinking fund debentures, and a
rate of 4% for the $17,500,000 15-
coupon
be.
named
by
commission
of the
issues
as
follows:
the underwriters
Mellon
Securities
Corp.; Alex Brown & Sons;
A. C. Allyn &
Co.; Bear, Stearns & Co.; Blair & Co.; Blyth
&
Co.;
Co.:
Bonbright & Co.; Central Republic
Witter & Co.; Dillon, Read &
Dean
Dillon & Co.; Emanuel &
& Co.; the First Boston
Corp.; Hallgarten & Co.; Harris, Hall &
Co.; Hayden, Miller & Co.; Hemphill, Noyes
& Co.; J. J. B. Hilliard & Son; W.' E. Hutton & Co.; Jackson & Curtis; Kidder, Peabody & Co.; Kuhn, Loeb & Co.; Lazard
Freres & Co.;
Lee Higginson Corp,; Carl
H.
Loeb,
Rhoades & Co.;
Laurence H.
Marks & Co.; Merrill Lynch, Pierce, Fenner
& Beane; Moore, Leonard & Lynch; F. S.
Moseley & Co.; Paine, Webber & Co.; Parrish & Co.; E. H. Rollins & Sons; Riter &
Co.; Schwabacher & Co.; Shields & Co.;
Singer, Deane & Scribner; Stein Brother!
Co.;
Eastman,
Co.;
Estabrook
for
common!
par
issuance
preferred.
;
'
amendment.
is
$2.25
upon
.
Underwriting
share.
per
Offering—Preferred
stock
to
amendment.
be
offered
*
Proceeds—$300,000 to prepay outstand¬
ing bank loans; $200,000 for purchase-™©*
additional
• machinery;
balance for plant
and working capital.
Registration Statement No. 2-4851. Form
A-2.
(9-27-41).
additions
The
has filed an amendment
registration
statement
with
th«
and Exchange Commission dis¬
that its 50,000 shares of
company
Its
to
Securities
cumulative
convertible
be
to
offered
the
preferred stock will
public
by the
following
underwriters:
White,
Sharei
'
-
Weld
Jackson
&
Beane
Stern,
E.
Co
Pierce,
Pacific Co.
Mitchum,
Co
&
&
5,000
Sons
4,000
of California
Tully &
Torrey
&
Fuller,
10,000
Fenner &
10,000
Wampler
Cohu
i
-
Rollins
H.
12,500
Curtis
&
Merrill, Lynch,
4,000
Co
Cruttenden
&
1,500
1,000
Co
1,000
1,000
t
Vietor Common & Co.
Amendments
Dec.
30
filed
1941,
Nov.
tp
and
25
defer
Dec.
effective
13.
date
POWER CO.
ALABAMA
$10,000,000
sinking fund debentures
$1
Con¬
and maxi¬
no par;
shares
Airport, Bendlx, N. J.
Business—Company is manufacturer and
distributor
of
airplane parts, equipment,
material, supplies and accessories.
Underwriter—White, Weld & Co., New1
fork, is principal underwriter; others to
and
(12-30-41)
Cumulative
Stock,
100,000
by
Proceeds
$1.37Va
Address—Bendix
closing
Securities
named
names
and blended
shares
vertible Preferred
1957.
by amend¬
INC.
Associates, Inc., registered with SEO
redeem, on
March 1, 1942, at $105 per share, all out¬
standing 6% preferred stock; balance for
expenditures in connection with construc¬
year
ELECTRIC
Electric
Utility
of
sold
one
The amendment named
CORNELL-DUBILIER
be
bidding
ment
for
10-year
stockholders
will
cessed
amendment
'
Offering—The
shares
registered
are
already outstanding,
and are owned by
City Company of New York, Inc., In Dis¬
solution, to the extent of 436,691 shares;
National City Bank of New York, parent
of the former company, is the holder of
the
remaining
17,000
shares registered.
The
aggregate
of
the shares registered
represents 47.7% of the outstanding com¬
mon
stock of the company,
and will be
offered
to
the public,
at a price to be
supplied by amendment
Proceeds will be received by the selling
Form
of
Address—350
filed a regis¬
the SEC for 453,691
Public
Names
$105,
preferred
reserved
Corp.
stock, $1 par
common
pursuant to
and
-offer expires Jan.
CORP.
SUGAR
Sugar
SEC's
Act.
Offering—The
stock
competitive
mon
share
one
on
stock),
(difference
price
stock
due
Co., in consummating such exchanges
under
R.
for
services
Manufacturers
&
dealers
cents
of
and
preferred
share 4 Wfc preferred
the redemption price of
the 6% preferred), for each share of out¬
standing 6 % -preferred stock.
Exchange
fering
reserves
of Domestic
stock
delivered
Corp.
Fi¬
adjustment
cash
company
common
compensation
as
Merchants
plus
time
any
of
Domestic
of
share participating
Merchants & Manu¬
Latter
not
share
Finance
stock
one
Securities,
dividends.
each
amount
offered
for
Underwriting
and
pany
filed
quarterly
1942,
1,
preferred
Securities
Manufacturers
stock
facturers
two
Effective—4:45 p.m. EST on Jan. 2, 1941.
current
6%
change
common
for
the
Ripley & Co.,
participations
»
JAN.
$32,500,000 first mortgage bonds, due
1, • 1972, and 34,000 shares Series A
5,000
CO.r„
Co.
preferred stock,
Address—Lancaster, Pa.
4V2%
are
preferred
common
at $100 per share,
rata, at the rate of one share of pre¬
for subscription
ferred stock
Watch
cumulative
Offering—The shares
outstanding and owned by
and
&
Corp.
nance
stock will be initially
preferred
to
offered
•
through subsidiaries,
business, operating 36
tration statement with
shares
has
outstanding
shares
subsidiaries;
own
&
Pennsylvania Electric Co. registered with
registration
statement with SEC for 39,382 shares 4 Mj%-
March
CORP.
being offered solely for the
exchanging the same for the
shares of participating
preferred stock of Merchants & Manufac¬
turers Securities Co., on the. basis of two
research, manu¬
facturing and sales organizations.
Busi¬
ness includes manufacture and sale of air¬
craft engines,
propellers, and other air¬
craft parts and accessories
its
Co.;
Co.,
&
par
HAMILTON WATCH
com¬
of
purpose
divisions
operating
five
the
states.
are
and
Co.,
and
through
of
Finance1 Corp.
small
30,742
Conn.
on
Wertheim
PENNSYLVANIA
SEC
.
—
Merchants1
'
three
bonds
■„
in
Maine Street, Hartford,
Business—Business
:•>.•;
SUNDAY, JAN. 18
Hamilton
Business—Engaged,
preferred
ment
Address—400 S.
Anthony
Corp.;
Whiting,)Veeks & Stubbs
registration
?
be
v:
other
used
of
111.
preferred stock).
Dividend rate on the
preferred stock will be supplied by amend¬
the
Proceeds will be added to
de
a
'
(12-29-41)
A2.
Business
Company manufactures and
$10,000,000 first mortgage 4s, due
1970; $2,660,000 general mortgage sells various models of high grade (17 to
pocket and wrist watches for
sinking fund 4y2s, due May 1, 1950; and 23 jewel)
$2,500,000 of 6% series A debentures, due men and wrist watches for women
May 1, 1950, requiring an aggregate of I'. Underwriting and Offering—Company is
$15,854,700, exclusive of accrued interest making a conditional offer to holders of its
on
the bonds to be redeemed
32,054 shares of outsanding 6% preferred
Registration Statement No. 2-4921. Form stock of the privilege of exchanging such
stock for 33(054 of the 39,382 shares of
A2. (12-27-41)
4%% preferred stock on basis of one share
of 4ya% preferred stock, plus $1.50 (equal
SATURDAY, JAN. 17 y
registered
filed
convertible
used
be
reimburse
1,
May
offices in 9
served for issuance upon conversion
the
1,
facil-
£100 par value, and a maximum of 943,309
shares of common stock, $5 par (latter re¬
warrants
entitling
the
to
filed
a
registration statement with the SEC for
61,484 shares common stock, no par value
Address—231 S. La
Salle St., Chicago,
CORP.
AIRCRAFT
cumulative
ferred
of
at
with
be
will
issues
Domestic
1942
1,
United Aircraft Corp.
of
1, 1943, at $2.75 per share; purchasers
of each $500 debenture will receive option
shares
together
company
DOMESTIC
99 V2 plus accrued in¬
13 at
Jan.
from
UNITED
on
are
will
to
of
its
to
respect
Registration Statement No. 2-4927. Form
A2
(12-30-41) V V-:;:;';/./ 1
pro
Underwriting—Underwriters
bentures
to
expenditures
and marine transportation
Offered Jan.
loans,
,,
used for general corpo¬
will be
Proceeds
purposes,
including
substantial
amounts
with
rate
stock,
Minnesota
to pay $400,000
company's treasury
to be made for
plant, machinery and equipment during
past and current years, and for working
capital ..'
„'
" ■
1
Registration Statement No. 2-4924. Form
will
Proceeds
bank
pany:
125,000
10-year
Address—Louisville, Ky.
public,
yS' ""
following
amendment
has
at
the
Proceeds,
the
500,000
—————
White, Weld & Co
sions are
14
amendment
statement
to
500,000
Blodget, Inc.
Securities Corporation
Union
and
Jan.
sold
be eliminated from registration.
offering price will be supplied by
Public
~
ried
Offered
amendment
to
ity-will
Offering—The bonds and debentures will
statement
1,000,000
—
William R. Staats Co.——
Stone & Webster and
balance for working capital
(12-2-41)
later
underwriters
be
future
are
other
the preferred stock, will be sold
the public, and the other type of secur¬
tures,-or
for expenditures made and
supplied by amendment to the registration
Registration Statement No. 2-4905. Form
A2.
by
steam heat
as
500,000
.
;,
1
$1,040,000 will be
Trustee and will be with¬
time
contemplated;
be
td
by
offered
be
of
extent
with
from
drawn
;
.
to
to
price
a
amendment
Proceeds
will
the
furnished
100,000
250,000
well
as
of
names
Asche——-
statement with the SEC for 265,669
ucts
bonds
the
area,
200,000
products, wire products and tubular prod¬
Offering—The
gas
York,
and
Halsey,
Stuart & Co.,
Inc.,
Chicago, are named principal underwriters;
in that
Underwriting
semi-finished
of
24
Shields & Company
terest
Business—Engaged
facture
in
southeastern
Schwabacher & Co.——
Pitts¬
Building,
burgh, Pa.
retail
at
and
Also, manufactures and
to several communities
Iowa,
artificial
sells
southern
the
in
of
parts
communities
134
100,000
ities
Pittsburgh Steel Co. has filed a registra¬
statement with the SEC for $2,000,000
tion
distributing and selling elec¬
for light, heat and power,
energy
————
Co._.
refining
PITTSBURGH
of
' 125,000
Page, Hubbard &
public at $52 per share, plus an addi¬
tional amount equal to twice the number
5V2%
that
Durst-
£0
&
trical
is
company
200,000
Pacific Company of California—
Riter
has
—
O'Melveny-Wagenseller &
Otis
operating
generating,
500,000
the
for
utility
______
outstanding
of
lic
Sachs
Mellon Securities
and Blodgett;
Webster
&
Tucker,
Co.;
Securities
WEDNESDAY,
for
Ripley & Co.. Inc.—»
Lehman
of Del.
Co.
statement with
the conditions, it is impossible to determine at
$101000,000 first mortgage 3!/2% this time whether it will be more ad¬
bonds, due Dec. 1, 1971, and $5,160,000 of visable for the. proposed financing to be
4V2 % sinking fund debentures, due Dec. 1, 'effected by means of an offering of deben¬
1971
tures or preferred stock.
It is not expected
Address—Centerville, la.
that both the types of securities will be
Business—Principal business of this pub¬ registered, but that later either the deben¬
a
SEC
Goldman,
Co
OF
Underwriting—McDonald-Coolidge & Co.,
Cleveland, and Eastman, Dillon & Co., New
York, are named principal underwriters
Offering—Company states that because
of -the
present uncertainty of word wide
registration
filed
Harriman
&
Utilities
Southern
Iowa
$3,000,000
Dillon, Read & Co—&
jCO.
DELAWARE
Amounts
Name *
Blair
UTILITIES
SOUTHERN
IOWA
follows:
as
and
Stone
&
Union
Corp., is engaged chiefly in the production,
THURSDAY, JAN. 15
amount
to be purchased by
the principal
and
of Debentures severally
Mitchum, Tully & Co.—
calling for installa¬
kilowatt generating
program
two
payment
units,
pre¬
price will
finance,
to
used
be
about $10,000,000,
extent of
$2
equal to twice the number
5 V2 % preferred stock as are
stock
ferred
shares
of
number
additional
be
prospective and proved
the
on
preferred
$2.25
of
5J/2%
of
share
each
and development of
oil lands; produc¬
transportation and sale
acquisition
including,
course become effective, that
filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in seven days.
These dates, unless otherwise specified, are as of 4:30
P.M. Eastern Standard Time as per rule 930(b).
Offerings will rarely be made before the day follow¬
ing.
■
C ; '
is twenty days after
sub¬
stantially all branches of the oil business,
5V2% cumu¬
$2.25
for
in
engaged
proposes
136,088
of
by
to offer a
shares of the pre¬
a
dividend rate of
Offering—Company
maximum
other under¬
amendment
the
of
names
will
writers
Hartford, Conn.; Chas W.
Haven; and Estabrook &
Co.,
is
Business—Company
Boyce;
Stroud
which the registra¬
on
tion statements will in normal
Cal.
fining
Underwriters—Principal underwriters are
Putnam
Angeles,
Los
Conn.
Hartford,
St.,
Pearl
Address—36
Bldg.,
Oil
Address—Union
were
a
grouped according to the dates
are
for
list of issues whose registration statefiled less than twenty days ago.
These issues
Following is
regis¬
for $15,-
Oil Co. of California filed
Union
CONNECTICUT
&
OF CALIFORNIA
OIL CO.
UNION
OFFERINGS
Alabama
filed
Co.
Power
with the
statement
a
registration
for $80,000,000
SEC
of
first mortgage
interest
effective
bonds, due Jan. 1, 1972. The
rate
will
be
supplied by
postamendment
to
the
registration
statement
.
AddresB—600
N.
18th
St.,
Birmingham,
Ala.
Business—A
wealth
Southern Corp.,
&
engaged,
in
generation
its
subsidiary of
this company
is
the State of Alabama, in the
and purchase of electricity knd
distribution
communities
wholesale
the- Common¬
and
sale
and rural
retail
at
areas,
and
in
582
sale
at
of
and
electricity to other companies
municipalities.
Also,
purchases and
sells
natural
gas
transportation
in
Phenix
service
in
City, provides
Tuscaloosa
and
About 99% of total gross operat¬
ing revenues is derived from electric oper¬
vicinity.
ations
■Underwriting
and
Offering—The bonds
bidding, pur¬
will be sold under competitive
suant
to
Rule
U-50
of
the Public Utility
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4033
Volume 155
215
Calendar ol New
holding Uompany Act of 1935, of the SHC.
underwriters
Names
of
fering
price,
will
be
amendment
effective
statement
and the public
of¬
supplied by postto the registration
from
Pub;ic
together with the proceeds of bank loans
aggregating $12,000,000 and treasury funds
the company to the extent necessary,
will be used for the redemption or proVision for payment of the entire outstand¬
ing mortgage debt of the company
Registration Statement No. 2-4917, Form
112-20-411
"
'
i)ec.
1941
30.
Jan.
v
m
.
par
Address—607
,
Adams
E.
•■.
of
•
,
Genera)
mouth, Macomb, Lincoln, Belvidere, Harrisburg, Olney, Mendota and Mt. Carmel
Underwriters^ and amount of bonds and
foi
preferred stock underwritten by each;
low:
r*
'
'Y
"• '■
.
,
"Y-v.;;;
No. 01
Shs. of
pfd. stk
.•
.
Amt. of
Bonds
,
Bonbright '& Co., Inc.,
Champion
with
SEC
Paper & Fibre Co. registerec
$8,500,000
bf
first tnortgagi
due Nov.
preferred stock
:
, l
Address—Hamilton, O.
i
Business—Largest domestic manufacture)
at the types Df paper known in the tradt
as
white papers -and -book papers, and it
one of the largest domestic manufacture
,
'
,
.
.
*'
,
Y^ V
Filed—Company
(10-25-41)
A2
Aim ndment
statement
istration
bear
would
bonds
3 v2 %
price of thb bonds and the preferred -stock
will be supplied by later amendment
Also disclosed in the amendment is th«
Illinois
Telephone
~~~TT7^T^
W.
stk
B,000
& Co.—$1,700,000
E. Hutton
8,000 i
Registration Statement No. 2-4866; Form
\2. (10-24-41)
,;v,Y,
Amendments filed Nov, 26. Dec. 15, 1941
and
Jan.
2,
2,000
filed
Amendments
TELEPHONE
- Corp.,
Nashville,
Tenn.;
Co., Atlanta, Ga.; R. S. Dickson
inev. -Gharlotte. -N. -Gt -Minniehr
,
to acquire such shares as follows:
are
2,000J
425.000
255,000
.•
2,000
Southern Bell Telephone & Telegraph Co,
ind Chesapeake & Potpmao Telephone Co.
)f Virginia, have agreed to sell to above
1,200 r
anderwriters,
400 >■
1,600
*
85,000
765,000
850,000
340,000
511,000
•hat immediately following delivery to them
;onvert same, share for share, into a
)f 25,000 shares t»f common stock of
•
1.600
bf such -shares of preferred Stock, each will
9
oany
2*1,
artd Dec.
date
i
;
"/■;
""■'
-"'v
York City
Business—Operates a chain of 25 retail
women's apparel stores, located;in Florida,
Georgia, North and South Carolina, Ala¬
bama
and Virginia.
Company does no
Address—519 Eighth Ave., New
manufacturing
Tdbev •& CO., New York *.
Offering—20,000 shares of 6% cumula¬
tive convertible preferred stock and 20,000
shares of common stock will be offered to
cago, and
units consisting of one shafe
of preferred
and one share of common
stook^-at-$14 per unit. Underwriting com-,
mission is $2.10 per unit. Remaining 40,000
the public, in
stock
are
reserved
for
the conversion of the pre¬
common
issuance
upon
!
Proceeds Will be added to working capital
ferred stock
Registration Statement No. 2-4915. Form
(12-17-41)
S2.
Amendments to defer effective date filed
Dec.
22,
1941
and .Jan.
t6ol
miller
Effective 12:00 noon
EST
on Jan. 6, 1942
Manufacturing
Hastings
Mfg. Co.
&
$2
.
and
expanders.
Underwriters—Schroder,-
Rockefeller
<8r
principal
underwriters.
Oiher underwriters are Smith, Hague. &
Co.
and
Carlton
M.. Higbie Corp.,
De¬
•Co.V
troit,
Jnc..
*
are
yY";. ' y.;Y
and
manufacture
sale
of
service -tools
for
use :bv
the
automotive
Offering—23,100 shares are unissued and
(are
to- be offered to the public for the
account of the company; remaining 117,300
-shares are outstanding and are to be sold
to
nubMc for. account of certain selling,
.
industry
Simonds
UnderVvrWers—Baker,
is named
the "principal
of
sold
the
shares
to
the
company;
registered
underwriter
public for the account
the remaining 67,917
8 re
already
issued- and
outstanding,: and will.be sold to "the pub¬
lic for the account of certain
selling stock-,
holders. The public offering price is $4.20
per share
Proceeds will be used for the purchase
of machinery and
equipment and for work¬
ing capital
Registration Statement No. 2-4920. Form
S2. (12-23-41 Ceveland)
Jan.
10,
1942
in
$2.
first
new
acquire
from
be
common
par
General
issued, to
Gas
in
Corp.
stock
exchange
-held
now
(12-12-41)
mineral
I'inis List Is Incomplete Today)
No.
■
Power
and
$100
par
&
Main
Ohio
St.,
Operating
—
Columbia
Cincinnati
YY
utility
:
.
Offering—stockholders
subscribe
to
Elect?1'
A;
Gas
share
for
each
for
each
holders
in
to
Units
unit.
one
held
share
a
On
receive
of
5/94ths of
a
share
subscribe
may
for each
of
of
5/94ths
will
25/94ths
a
at
basis,
ot¬
com¬
shari
$5.31
stock¬
to 5 new share?
$100,016 per share
share held at
DEDUCTIONS
SubstaTitlally att outstanding- stock_la helcby Columbia Gas & Electric Corp.
current
repay
debt
ano
first mortgage bonds held bj
and associated companies, aim foi
$2,835,000
parent
construction
costs
Registration Statement No. 2-4379. Forir
(3-30-401
4-2
filed
Amendments
Dec. 31,
Nov.
25,
Dec.
13
and
Y
1941, to defer effective date
:'Y '
WHOLESALE
UNITED
PITTSBURGH,
United
OF
INC.
Wholesale
,
Druggists
of Pitts¬
registered with the SEC 4,000
burgh, Inc.,
shares
DRUGGISTS
no
par
stock
common
Address—6543
Penn
Ave.,
Pittsburgh
Pa.
Business—incorporated in Delaware
April 28, 1941, to engage in business
selling drug store merchandise
on
of
booklet
Your
Income
will
per
retail
druggists,
at
$50
"
Proceeds—Will be
for
used
purchase of
equipment, and for working capital
Registration •Statement No. 2-4818 Fornr
(8-22-411
A-2.
Effective—Oct 7, 1941 at 11 A. M.t E.S.T
Virginia Land Co.-, registered warrant)
representing interests in oil anr
lands in the Everglades, Florida, abou'
deeds
of Mianti
miles, grest
Florida
Underwriters—None
Offering—Interests will be sold to th»
prices from $20 per acre up V
public at
dividual
Tax"
is
de¬
Proceeds
Ror
—
of
development
of
land*
and working cap
equipment,
■
Registration Statement No. 2-4767. Forn
(5-23-41)
5-10
deflciencj
E.S.T., Sept. 21, 1941.
4:45 P.M.,
PUBLIC
VIRGINIA
SERVICE
CO,
the
with
statement
to the in¬
cluttering his
problems in business
returns in which he has
est,
The
in
Government
their corporate fam¬
A copy bf this booklet will
each
individual
confusion
save
and money in
he
this
for
return
making
when
ductions
proper
distributing
will
de¬
makes up his
year's income.
these
not
incorrect
Tax
for
returns
the
in¬
/■
Bureau
to
straighten
of this booklet by
to their employees,
holders,
depositors
and
stock¬
personal
loan customers likewise will.be in
the public interest
it will en¬
as
savings for taxes. Every
paid out each day for a
courage
penny
sales tax and listed
as a
deduction
Y
law
■
inter-
no
-;.„v
Then
the
individual
from
whatever
source
as
his
in¬
vestment to maintain The Ameri¬
can Way of Life—an investment
which, incidentally, pays him an
annual cash;income.
provides that taxpay¬
not
only avoids paying an extra tax
on a tax but saves to buy bonds
—to
consciously invest savings
Distribution
corporations will
build good will for each distribu¬
their gross income before figur¬ tor-through establishing kindlier
ing taxes. It is to everybody's in¬ and more cooperative public and
terest to keep a record of deduct¬ labor relations. Through the stim¬
ible items in a way that will be ulation of thrift it' will provide
accepted by the income tax in¬ funds for Defense Bonds and be¬
spectors.
For each taxpayer and come a real benefit to each com¬
his purse—rich and poor alike— munity as, through savings- for
this
booklet
provides properly taxes, it will prevent sudden large
withdrawals
of
headed
record
pages
for con¬ and; disastrous
veniently listing deductions as he money from business circulation
pays them. Therefore, it Will keep on tax payment days.
him tax conscious throughout the
ers
by banks
and
make certain deductions from
and
only
tax
days.
not
on
pay¬
Hilker With Clair Hall
(Special
magnitude and significance
of our defense program will be¬
gin to be impressed upon the
minds of the public through the
present Federal Income Tax. Now
that our guns are talking and the
The
to
Financial
Chronicle)
CINCINNATI, OHIO.—J. Ken¬
The
neth Hilker has become associated
with
Clair
S. Hall & Co., Union
Building. Mr. Hilker was
formerly local representative for
Stone & Webster and Blodget, Inc.
Trust
our men
under arms arid prior thereto was with the
First Cleveland Corporation and
vastly increased, taxes
will impose an even greater bur¬ Nelson, Browning & Co.
to
den.
of
be
No
one
estimate
can
now
going to cost us to win
however high
it may be, must be raised by taxds
—taxes now. to pay as much as
the
That cost,
war.
as
we
go
along;
Ralph Deems Now wall
Bingham-Walter & Co.
(Special
to The'Flhahcial
LOS ANGELES,
future F.
Deems
has
'Chronicle*
,
CALIF.—Ralph
become
affiliated
taxes to
wipe out National, State,, with Bingham-Walter & Co., 621
South Spring Street; members of
y
the Los Angeles Stock Exchange.
To deeply root national unity
Mr. Deems was formerly proprie¬
in sentiment and effort, an all tor of Deems & Cb. and prior
important part is the education thereto was sales manager of
*
of
the
filed a reg¬
Public Service Co.
Virginia
istration
of
notice
them
city and county debts.
■
_
Effective—Under
means
without
with
mind
possible
acre
per
burchase
Ital
"Deductions
what it is
Address—Theatre Building, Coral Gables
Dade County,
ilies.
as to
Bond.
eral Income Tax
is
gas
$150
IN
ple language it tells what the Fed¬
number
CO.
LAND
VIRGINIA
well
as
the
aid to
economic
come
clearly explains the
personal returns. In sim¬
tax for
ment
4,000 shares of common
be sold by the company dired
(exclusively)
share
-
aid
to
signed to give personal education
from income will be a savings that
to the public in taxation and to
could be invested in a Savings
create straight thinking—and sav¬
Stamp and thence into a Defense
ings—for the Federal Income Tax
"Offering—The
dock
YOUR
FROM
new
year
Underwriting—None
to
available
distribution will extend valuable
of
COME TAX, by Otto W. Helbig
60 Broad Street, New York—10c.
^
Proceeds—To
talent
making their returns and in such
greatly re¬
ducing the number, which others
wise may be exceedingly high,
This booklet
—
important but inexpensive book¬
Corporations employ the best
let.
banks
Y' from
companv
Underwi iter
Gorporations, in whole-hearted
Distribution
A
■
electric
du¬
public spirit could well furnish
each
of
their: employees
and
stockholders with, a copy of this
out.
re
Y-Y"-'Y';
Business
elimination of Governmental
estimable expense by
ManY Bookshelf
common
'■■:'Y"' V:'Y' ;-v^v,''YY',Y/:'Y..'
and
but will save the Government in¬
The Business
Form
Co.
sales
plication America, after the fight¬
ing is over,, again will continue
the growth and expansion she be¬
gan with the Boston Tea Party.-
■'
•
Heat
shares
in
only, benefit
their employees and stockholders
in
:
Light,
in
particularly
booklets
(8-27-41)
25,000
cludes,
outstand¬
2-4824
Education
hidden taxes, every man,,woman
and child.
Through true repre¬
sentation
in
taxation
and
the
Corporations
company.
Statement
flourished.
the personal participation in tax¬
ation is needed now that it in¬
The
follows:
as
no
producing or proven
Texas,
drilling of
oil
.Y:
PANY
to defer
date,
and
production
oil.
Union
50
Co.,"
used
be
of
Amendments to defer effective date filed
Dec. 26, 1941 and Jan. 10, 1942
UNION LIGHT, HEAT AND POWER COM
Offering—24,875; shares of common st'odk
will be
at
Registration
A-l.
.
fe
will
Electric
A2.
Antonio
indebtedness ($200,000), and
remaining $26,620 will be added to work:ng
capital
Y'
•
SEC
for:
public in taxation
as
the Dulin & Co.
vital investment in insurance for
*
-O
-
Faniiandle
eastern
PIPE
LINE
CO.
Panhandle, Eastern Pipe Line Co. filed
registration
statement
with
SEC
for $10,-
000,000 first mortgage and first lien series
"C"
3 %
bonds, "due Jan. 1,
1962„> and
150,000 shares cumulative preferred stock,
$100
par
value.
Dividend
rate
on-
the
preferred stock will be supplied by amend¬
ment
City,
-
.
Address—1221
Mich.
stockholders
;
Tool
Manufacturing Co, has
registration
statement
with the
SEC for 92,792 shares of common stock,
$1 par.value
"Y-Y-YYYY'-'
.Address^Detroit, "Mich. ' 'J V/-Y»'Y .•/' ..•••
Buejiness-^-Company is engaged in the
registered
Co.
SEC
per
Tings
i
cash ad¬
a
ing mortgage
"a
effective
140,400 shares common stock,
value
Address—Hastings, Mich,
'
Business—Manufactures and sells piston
with
,
Miller
filed
Amendment filed
MANUFACTURING CO.
HASTINGS
1942
9.
.
Underwritersje-Smith, BUrris & Co., Chi¬
shares
'Y;,/"'"Y.
..
.
.
filed
registration
statement with. SEC for 20,000 shares. Of
■6% cumulative convertible preferred -stock,
and 60,000 shares common stock, $1 par
Corp.
value
(12-6-41 >
42.
DIANA STORES CORP.
Stores
Registration Statement No. 2-4908. Form
will
shares
common
■■
Proceeds—Will be used to pay
received by the under¬
Y-,"' " '
San
;
lends.
■
Proceeds will- be
writers
':
•.
?
^
Diana
com-
(with
basis
ticians
,
&
Offering—118,907 shares to be offered
public at $2,375 per share; remaining
shares registered constitute shares istued July
1, 1941, by company, as divi-
v
Dec.
1941, to defer effective
total
•stock
984
{tock,
1,600
2,400 ;
*Vfwyw
340,000
•
of
be
3,600 {
4,000
600
25,000 shares
of
11'qn-cumulative convertible preferred
$10 -par, of. company, at a price to
supplied, by amendment (20.665. shares
bf such preferred to be sold by former,
1,335 shares by latter). -Underwriters agree
;
127,000
total
a
Public
negligent in the selection of theiF'
representatives and corrupt poli¬
,
co
5%
j
400
340,000
{hares
mon
Securities
Co
share
Proceeds
Underwriter—Willard-York Co., San An¬
tonio, Tex., has agreed to purchase 44,-'
750 shares at $1.75 per -share and 74,151
ter
imore; Mason-Hagan, Inc., Richmond, Va.;
Stern, Wampler & Co., Inc., Chicago; Equit-
for
628,333
to purchase
properties
in
wells thereon, acquire royalty interests
proven and
developed oil properties.
in
Underwriters—Alex. Brown & Sons, Bal
the
of
in
oil
Corp.-
■■
Business—Supplies telephone Service
Virginia and Tennessee
■'
interests
Address—4th
value
Bristol,
share
a
underwriters
of
Bldg.;
-
Business—Engaged
marketing of crude
CO.
Telephone Co. filed reg¬
with SEC for 25,000
mrtions of
ble
■
.
leasehold
statement
Address—Sixth and Crumley Sts.,
tenn.
'
'■ Y
Milam
'■■■
stock
>hares common stock, votirtg, $10 par
who
85,000
Corp._i^
Harriman
Ripley- Co.
Hemphill, Noyes 'Co..
Hornblower !Si Weeks
Johnson, Lane, Space
& Co.,."Savannah-;—
Kidder, Peabody Co..
Kuhn, Loeb & Co.—
W
C. Langley & Co._
Lee Higginscm Corp..
Riper, Jaffray ISs Hopwood, Minneapolis.'
Boston
Names
gistered
defer effective date
425,000
Cincinnati
UlWf
"CiU
White, Weld W vvi.—.«
& Co.—
1942 to
istration statement.
The shares are to be
bffered for the account of the underwriters,
600
Field, Richards & Co.,
First
Stand
Yright & Co.. Inc., Bristol, Tenn.
Offering—The 25,000 shares of common
stock will be offered to the public, at a
price to be suppiied bv amendment to reg¬
No. of shs.
Goldmaft, Sachs & Co. 1,700,000
R. S. Dickson & Co..
127,000
Drexel & Co., Phila,„
425,000
and Illinois
Co.
to compariy's plant and prop¬
for other corporate purposes
erty, and
unless otherwise" indicated):
of pref.
and
betterments
%
of bonds
bonds
Yrd Telephone Co., to make additions and
Courts '&
Prin. amt.
the
vill be used in part to re¬
tire following securities -of mmpany: $5,750,000 First Mortgage
Series A 3% %
■jonds, due June 1, 1970, at 105 Vi; 17,098
{hares
$6
preferred stock, at $110 per
share;
1,108 shares $6 preferred Stock,
iwned by, parent company, at latter's cost
Balance of net proceeds will be used to
purchase from General; Telephone Corp
'.he outstanding capital stocks of Centra)
thq..underwriters for the bond?
and
preferred stock, together with the
amount
of
each
issue
underwritten
by
bach, as follows (all of New York - City,
of
names
Sale "tit
from
stock,
istration
the
the rate ol
public offering
The
1V.Y.-Y'Y''-* Y
.Y'Y.; Y:':;v:"' '"''Y.'
Inter-Mountain
reg¬
interest at
annum.
per
statement
filed
the
3,000
719,000
Offering—'Bofids and "preferred stock (Y
offered to the public at a; price to be
supplied hy amendment to the registratioi)
(NTER-MOUNTAIN
.
has
SEC to its
disclosing
that
with
amendment
en
Hutton '&
E.
Address
be
common
'
W.
are
1935.
U-50
Rule
for the olc
by General Gas
& Electric Corp., and will be offered - fo)
qf natural gas
sale
through
competitive bidding.
The
pipe lines in Indiana and Ohio; and the
proceeds from the sale of the securities
balance to pay part of the cost of author¬
registered will be used to retire all of thf
ized construction work
••
',:
:
Registration Statement No. 2-4919. Form outstanding long-term indebtedness of - the
company, its; predecessor and constituent,
A2.
(12-24-41)
v'v
;■
and that oi Virginia Public
Amendment filed Jan. 10, 1942 to defer companies,
Service Generating Co. (a subsidiary)* tc
effective date ' Y;YI'?/Y"'Y-.'' 'V
/;"v:
make cash payments to its present pre¬
ferred. stockholders, and to provide confTEXAMERICA OIL CORP.
pany with funds for new construction
!
Texamerica Oil Corp. registered with SEC
119,891 shares common stock, $2 par.
Registration Statement No. 2-4913. Form
rex.
1
.
ceived
Co
and Goldman, Sachs & Co., both of Nev
York, N. Y.'
Offering—The bonds and preferred Stock
will be offered to the public, at prices tc
be supplied by amendment
Proceeds will be Used to redeem the out¬
standing aggregate of $8,660,000; of 4*4$
Sinking fund debentures ($4,125,000 prin¬
cipal amount due 1950, at 104 V2; $4,535,00f
principal amount of the1 1938 Issue at
102 y4), requiring $8,947,663.
Balance oi
net
proceeds will be added; to working
capita]
■
Y;\Y,\ -,Y'.
Registration Statement No. 2^4867. Fortt
Underwriters
of
bidding
justment) to. holders of the presently out¬
standing preferred stock who do not elect
to
take. cash, for their stock.
Name; of
underwriters, and public offering prices
for the securities, will be supplied by posteffective-amendment to registration state*
ment
'
•■/.-'
Y
prices, -will be
Y ;
Proceeds will be applied to the redemp¬
tion of all the
company's outstanding 'class
A preferred stock; to the
purchase from
Columbia Gas & Electric Corp. of all the
outstanding securities (stock and debt) of
Michigan
Gas
Transmission ; Corp.
and
9.000
1
preferred stock, together with $105,000 re¬
from sale of 7,000 additional shares
^
of coated papers
2,156;000
•Mltchum, Tully & Co., "
Los Angeles..
'Proceeds
.
,12,000
York
New
1,
Y
'
$2,875,000
:
Webber & Co.j
Paihe,
1956 (Interest rate tc
be filed by amendment); 40,000 'shares $£
cumulative convertible preferred stock, nt
par;
and an indeterminable number of
shares of no par common «tock, to be re¬
served for issuance upon conversion of th»
bonds,
York
New
CO."
tive
Utility Holding Company Act.
Only ex¬
ception is confined to such shares of the
new
preferred stock as may be issued on
public offering
supplied by amendment
Indiana GaS Distribution Co.;
tories in Illinois, including Kewanee, Mon- • from Ohio Fuel
Gas Co.
N. Y. City, before 12 noon, Jan.
19, 1942.
Prior to 3 p.m. on that date, the
company will accept the proposal that pro¬
vides the "lowest annual cost of money"
for the bonds, unless it rejects all bids.',' v
CHAMPION PAPER A FIBRE
pany Act
and
the
stock
Telephone Co-, -is engaged in providing,
without competition, telephone service to
!80 Communities
and
surrounding terri¬
Pine St.,
Underwriting and Offering—The securi¬
registered will be sold through com¬
petitive bidding, under the SEC's competi¬
the preferred for each 5% shares of
stock; the subscription price will
.supplied by amendment. The remaining
shares of preferred stock not required for
such exchange offer, together with all of
the bonds, will be sold by company under
competitive bidding, pursuant to Rule U-50
of the SEC's Public; Utility Holding Com¬
•
subsidiary
Business—This
•
ties
be
'*-Y
.
-
their
waived
of
Springfield,
St.,
111.
Rids^Company
not
common
defer
preferred
no
have
Company is a subsidiary of Gen¬
eral Gas &
Electric Corp.,
which is in
the Associated Gas & Electric Corp. hold¬
ing company system
preemptive rights to subscribe for the new
preferred stock, at the rate of one share
,
1942 to
8,
who
stock
common
.
$5. cumulative
of
shares
.
■
for
COMMERCIAL TELEPHONE CO
Illinois "Commercial Telephone Co. regis¬
tered With SEC $5,730,000 Of first mortgage
3% % bonds, due Oct. l, 1971; and 24,000
EST
p.m.
used
ILLINOIS
■
on Jan. 8, 1942
issued Jan, 9, a
public invitation for proposals for the pur¬
chase of $80,000,000 first. mortgage bonds,
series due 1972, with the stipulation that
the coupon rate Shall be ^specified by the
bidders, in multiples of Va %, but not ex¬
ceeding
3 V2 Y.
All proposals must be
presented to the company at the office of
The Commonwealth & Southern Corp., 20
Public
filed
Amendment
■
Effective 4:45
Cleveland)
effective date
applications filed with
SEC in regard to the sale of $80,000,000
first mortgage bonds through competitive
bidding
permitted
to become -effective
v ■-
(11-19-41
A2.
and
Declarations
shark
per
be
will
company
capital
' 1;.
• /. '•- Y,'
■.!
Registration Statement No. 2-4890. Form
of
A2.
to
and
Offering — Approxi¬
mately 14,000
shares
of
the
preferred
stock will be offered for subscription to
holders of 63,566 Shares of its outstanding
general corporate purposes, including pur¬
chase of new equipment ;and for. working
bonds,
Security Flotations
Carolina.
Underwriting
'amended: 23,100
105,756 shares by
as
price is $9,50
offering
.Proceeds
the, hew
of
sale
offering
company,- •
stockholders
certain
1
<
Proceeds
Proposed
shares
by
Baltimore
Ave.,
Kansas
Mo.'
Business—Engaged ' in. the production,
pilrchase, transmission and sale of natural
$22,800,000
due
mortgage .3Vi%
firrt
bonds,
$5,700,000 of 2%-3V2%.
1971;
1.
Dec.
due semi-annually June 1,
1944-Dec.
1," 1951,
in varying amounts
(from $320,000 to $390,000); 70.000 shares
5 y4 % cumulative preferred stock. $100 par
value: and 628,333 shares common stock,
serial
no
•
notes,
par
Address—lf7 S. ""Washington
andria,
St.,
Alex¬
Va.
is
principally
an
electric
operating public utility engaged
in the production, purchase, transmission,
distribution and sale of electric energy at
Business—Company
gas, major part of which is sold to gas
transmission - eM
gas
distribution com¬
ginia
e n
t
e r
—
i
p r
s e.
Our
personal
and
individualism
liberty,
and,
1
to
'
a
<
'
minor
;
,
extent,
,
I
J
In
'I
North
free
forefathers
Now
DALLAS,
Lynch & Co.
TEX.
—
Coincident
with the withdrawal from the firm
of John E.
McEvoy and Louis A.
fought for and established our
Watson, the firm name of Watson,
country on the idea that there be Lynch & McEvoy, Inc., Pallas Na¬
"No Taxation Without Rjepresen- tional Bank Building, has been
tation."
For
sixty-three
one
years
hundred
we
have had
a
taxation.
Too
voice—our
many
and
Americans
retail and wholesale in Virginia, West Vir¬
panies for resale
the American System
votes—in
have
changed to Lynch and Company.
William F. Lynch is President oFv
the new organization; J. Ervin
Shilg and Alva F. McKnight con¬
*
been tinue in the sales department.
THE COMMERCIAL & FINANCIAL CHRONICLE
216
Thursday, January 15, 1942
Expenses Vs. Prices
Autocar
The following excerpt
REMEMBER
Corp.
t
4
•
■
nancial
<-
'
IT is important to you, that
sales department
Aetna Standard
no
AND that
"Just
retail business;
Mills
entire personnel is
our
making
accurate
yours,
in
markets
and firm
in
asked
"I
'J';
-
''
a.
45 -NASSAU
50 Broad St.,
Assn.
Dealers
Security
York
New
New York, N. Y.
hartford
HAnover 2-4660
/.
Teletype,
System
Bell
N.
'
'V'-.;
new
bought
same
dealer.
at the Crystal Ball¬
of the Benjamin Franklin
p.m.
Hotel.
grand extravaganza is being
prepared featuring superb enter¬
tainment, delightful music, and
claims
real bevy of steatopygic
a
beauty)
committee
(the
girls-girls-girls
guaranteed to make you
There
forget your long position.
will be active trading in
U. S.
Defense Savings Bonds. Send in
reservations early—price six
your
Enterprise 1250
The Board
DEEP ROCK OIL
Rock is a
Deep
y
continent
not
known
1937,
Stroud & Co.
F. O'Rourke,
dinately
stated,
,
v
Arnold Promoted By
Harriman Ripley & Co.
March
2,
est
products.
appointed Manager
the Municipal Department.
invest¬
banking business in 1917
with the banking firm of Brown
Brothers
&
Co.
(now
Brown
Brothers Harriman & Co.) remain¬
ing in their employ until 1934.
is
He
member of the Bond Club of
a
Philadelphia and is Vice-President
of
the
Municipal
Philadelphia
Dealers Association.
The business of Harriman
&
ley
is
Co.,
under
erick
and
M.
Inc.,
the
in
Rip¬
Philadlphia,
of
direction
Fred¬
Thayer, Vice-President,
Edward
Boyd, Jr., Manager.
.
Evans
Mfg. Co.
Cigar-Whelan
Wallower
Zinc
Mexican Internal & Ext'l Bonds
M. S. WIEN & CO.
Members N. Y. Security Dealers Ass'n
25 Broad
HAnover 2-8780
St., N.Y.
Teletype N.
Y.
1-1397
of Governors
of the Association
7%
notes
parent
well
over
$1,-
annually.
On
the
ran
company
at
maximum will
the
$330,000
the
sinking
This
before
operates.
sinking
50% of net.
fund provides that
defined by the in¬
denture, be set aside out of
previous year's earnings for
Purchase at not more than
income,
—
as
debentures.
be
earned
The
'
except
surplus
Jan.
latest
1,
can
nor
paid
since
provision
this
made
be
of
Dividends cannot
until
paid
has been
dends
redemption
by
or
par
1933,
be
divi¬
from
accumulated
1940.
complete
balance
sheet, as of April 30, 1941, the
day before the plan went into ef¬
fect, showed total assets of $16,887,000, of which net plant repre¬
sented $8,434,000 after deprecia¬
tion reserves of $12,737,000.
Net
current assets amounted to $5,-
Exchange
com¬
pletion of its reorganization. The meeting w;as held in the Board of
Governors' room of The Chicago Stock Exchange.
Twenty-eight of the thirty governors of the Association of Stock
Exchange Firms attended, those present being: George E. Barnes,
Wayne Hummer & Co., and Ar-<S^
thur F, Lindley, Clement, Curtis tion of securities by enemy action.
& Co., of Chicago; Wm. B. HaffSteps looking to a more active
ner, Wilcox & Co., Eugene Barry, participation by the various units
Shields & Co., Herbert F. Boyn- of the securities industry in the
ton, F. S. Moseley & Co., Gardner defense bond campaign were dis¬
D.
Dominick & Dominick,
Stout,
George H. Walker, Jr., G. H. Wal¬
ker
&
Co., Sherman M. Bijur, H.
Co., George R. Kantzler,
J. E. Devon & Co., J. Gould RemHentz &
phant & Co., Thomas W. Phelps,
advances
on
of Stock
meeting since the recent
ick,
Francis
I.
du
Pont
&
Co.
and
cussed. The facilities of the
of the
Association
of
Stock
Exchange
Firms have been placed at the dis¬
posal of the Treasury Department.
The
tion
of the Associa¬
Governors
decided
to
hold
&
Chapman,
Jacob
C.
ford, J. C. Bradford & Co., Nash¬
ville, Wm. G. Lerchen, Wattling,
Lerchen & Co., Detroit, Frank E.
Baker, Baker, Weeks & Harden,
Philadelphia,
John
E.
Parker.
Auchincloss, Parker & Redpath,
Washington, Wm. J. Fleming, A.
E.
Masten
&
Co.,
Pittsburgh,
Harry W. Sack, Strassburger &
Co., San Francisco, George Storer
Balwin, Burr, Gannett & Co., Bos¬
ton, Wm. Wymond Cabell, Branch,
Cabell & Co., Richmond, J. Gates
Francis, Bro.
& Co.,
Louis, D. J. Bogardus, Bogardus, Frost & Banning, Los An¬
Williams,
St.
geles, Springer H. Brooks, Piper,
Jaffray & Hopwood, Minneapolis.
Malon C. Courts, Courts & Co.,
Atlanta, and Latham W. Murfey,
Curtis, House & Co., Cleveland.
James
F.
Burns,
Jr.,
Harris,
Upham & Co., President of the
Association, presided.
Emil
Schram, President of the
their
next
meeting in Nashville.
The
tion
Governors
were
of
the
Associa¬
the guests of the
Association
Stone, Asiel & Co., and Homer A. change Firms at
Club
Vilas, Cyrus Lawrence & Sons, of Mid-Day
New York City; and J. C. Brad¬ meeting.
Chisholm
New
Stock Exchange and
York
cago
Chi¬
of Stock Ex¬
a dinner at the
following
the
Panama Goca-Gola
manifestation
First
vestment
in
vestors
private
of
the United
industry
the
in¬
between
relations
in
in¬
and
States
neighboring
republics in recent years will be
the~. flotation
in
the
American
market today of the capital stock
of
Panama
Coca-Cola
Bottling
Company.
v*:
The public offering will consist
of
33,750
value
shares
common
of
$1
new
stock of the
par
com¬
Panamanian corporation
dating from 1913.
The offering
represents what is believed to be
the first equity financing here for
a foreign industrial since passage
pany,
the
of
a
Securities
Act.
Elder
&
Company,5 New York Stock Ex¬
change firm with offices also in
Chattanooga, K n o x v i 11 e and
Nashville, is offering the shares
as agents, at $12.50 per share.
This financing will reimburse
the company for capital expendi¬
tures made during 1939 and 1940
for plant and equipment costing
in excess of $230,000 and for stock
Stock Exchange,
at
suggestion the Association
497,000, or just about equal to the
of Stock Exchange Firms was re¬
cuit Court of Appeals.
Both the principal amount of debentures
cently reorganized on a nation¬
Total current
latter
had
approved
and
con¬ now outstanding.
wide
basis,
also
attended
the
firmed a compromise of certain assets of $8,268,000 included $3,meeting and took part in the pro¬
of
cash,
$1,479,000
of
claims of Standard Gas & Elec¬ 777,000
ceedings. Mr. Schram, in an infor¬
tric against Deep Rock and a plan trade receivables and inventories
mal
address
discussed
capital
of reorganization based on this of $2,966,000. Cash well exceeded
gains taxes as "revenue-prevent¬ that it purchased and retired at a
compromise. The U. S. Supreme total current liabilities of $2,770,Current ratio was 3
to 1. ing" rather than "revenue-pro¬ cost of $169,000. It will also pro¬
Court decision eliminated Stand¬ 000.
vide additional working capital.
ducing".
ard
Gas
&
Electric,
together At Oct. 31, 1941, the company re¬
In the
first seven months of
The Governors of the Associa¬
with its claim for $6,129,000, from ported that net current assets had
tion
discussed
their
proposed 1941 gross sales were $617,513 and
participation in the reorganiza¬ increased to $5,976,000 from $5,The manage¬
activities, including the expansion net profit $168,666.
tion which was finally consum¬ 497,000 reported at April 30.
of the Association's service to its ment has expressed its intention
mated and put into effect on May
Since May 1, 1941, the date of
members and, the broad public of placing the stock of the com¬
1, 1941.
reorganization, Deep Rock's earn¬
informational program which is pany on a regular quarterly 30
The present 12-year 6% sink¬ ings have been extremely good.
contemplated. Reports were made cents per share basis.
ing fund debentures were given For the six months ended Oct. 31,
by various committees, including
to
holders of the old 7%
con¬
1941, sales were running at an
one by the Committee on Insur¬
vertible notes together with cash annual
rate
of
$18,400,000, the
ance which at the present time is
and new common stock. By this best
level since
1930.
The fol¬
seeking, in cooperation with un¬
plan, the debt of the company was lowing summarizes the income
derwriters, to develop a surety
reduced from $10,000,000 of 7%
account for this period:
bond covering possible destrucFormal order has been issued
notes to $5,500,000 of 6% deben¬
Sales, etc.
$9,191,307
tures. The previously outstanding
directing the removal of the Se¬
Cost & expenses
7,541,762 the
and Exchange Commis¬
company to operate in an ef¬ curities
preferred stock was eliminated by
Deprec. & depletion-502,207 ficient manner. If earnings con¬ sion to Philadelphia and transfer
the
issuance
of
new
common
stock
to
tinue at a good level for the next of the records is expected to begin
preferred stockholders,
$1,147,338
Operating profit —
the old common stock owned by
year, as it is expected that they as soon as possible to provide ur¬
161,402
Standard Gas receiving no con¬ Other deductions
needed
space
for
the
will, it seems plausible to pre¬ gently
164,225 sume that these debentures could
sideration.
At the present time, Debenture interest
expanding
defense
bureaus
in
be
refunded on a more attrac¬ Washington, D. C.
the company's capitalization con¬
Balance
$821,710 tive interest cost basis to the com¬
Financial and other interests in
sists of $5,487,000 of the 6% de¬
X Charges earned-6.00 pany. Even without this possi¬ New York City had requested the
bentures
and
399,295 shares of
common stock.
being realized, however, removal of the Commission to
:
The importance of the reorgan¬ bility
New York, as the logical site for
The net result of the reor¬
ization cannot be emphasized too the bonds are believed consider¬
of both
ment
the
fund
PHILADELPHIA,
PA.—Harri¬
ard
Gas
&
Electric
Company,
man
Ripley & Co., Inc., 1529
went into receivership.
A long
Walnut
Street,
announces
that train of
litigation ensued, which
Eugene Arnold, who has been was ended on Feb.
27, 1939, by a
associated with the company since^
decision
of the U.
S. Supreme
its organization on June 16, 1934,
Court.
This
decision
reversed
been
•
Exchange Firms Ass'n
that
while
present 6% debentures, inter¬
this com¬
then controlled by Stand¬
pany,
Mr. Arnold entered the
-
up
due
inor¬
in
old
the
and interest due
000,000
outlets. These
products are sold under the Kant
Nock trade name for gasoline and
On
on
the
control.
reorganization,
the
usually
distributing
Deep Rock for other
to
from
1,-
through more than
Gas
was
interest
being those as of Sept. 1,
marketed
300
has
Merrimac
United
1940, at
Evans, Stillman & Co., Gil¬
bert U. Burdett, Laidlaw & Co.,
Harold T. Johnston, James H. Oli-
advances
heavy
Standard
Prior
the latest
when
of
organization
to
Present re¬
Texas and Arkansas.
elimination
the
121,439 acres, of which 9,152
are developed, these being located
principally in Oklahoma, Kansas,
are
.
Oil lands consist
area.
of
serves
At 94 V2, they yield
-.A.Vsmall integrated unit, operating in the mid-
Bioren
Dotts,
bonds.
represents the redemption price of the
6.76% to their due date on Jan. 1, 1952.
& Co.; operates under lease a 4,000 bar¬
Newton H. Parkes, Jr., E. H. Rol¬ rel daily capacity cracking plant.
lins & Sons; Robert A. Torrens, About 55% of total refinery re¬
Harriman Ripley & Co.; George J. quirements
is provided by the
Muller, Janriey & Co.; James B. company's own production and
McFarland, 3rd, First Boston Cor¬ the balance is purchased.
Deep
poration; SamuelS.Boston, Rock manufactures a full line of
Butcher & Sherrerd; and Thomas petroleum
products
which are
M.
^
6% DEBENTURES
Quoted recently over the counter at 93%-947/s, Deep Rock Oil
Corporation 6% debentures, due in 1952, are considered attractive
for income and the possibility of appreciation to par, which level
they were officially
dollars — to
the
Committee in estimated at
10,760,000 barrels.
charge of the dinner:
A completely equipped refinery
Frank E. Haas, Rufus Waples of 10,000 barrels daily capacity is
&
Co., Chairman; Benjamin H. located at Cushing, Oklahoma, in
Lowry, Laird & Co.; John M. the heart of the mid-continent
In addition, the company
Hudson, Thayer, Baker & Co.; area.
Russell
five
printed
Firms held its first regular quarterly
Philadelphia will hold their 18th
annual dinner on Friday, Jan. 23,
A
go
-
Pfd.
boston telephone
telephone
Enterprise 6425
Y. 1-2480
For Phila. Traders
room
of
Governors Of Stock
PHILADELPHIA, PA.—The In¬
vestment Traders Association of
6:30
June,
some
preferred)
Airlines,
1-576
york
18th Annual Dinner
at
American
<
bell teletype
Enterprise 6015
2-3600
REctor
price
business
this way but
don't dare raise prices on securi¬
ties for profits or you will go to
jail."
STREET,; NEWeYORK'
philadelphia telephone
telephone
Members
for
Co., Inc.
&
York Security Dealers Association
Members New
J.F.Reilly&Co.
.i,; ,•
INCORPORATED
(common
v
World's Fair 4s, 1941
1942, $9.50 for the lot is asked by
the
Kobbe, Gearhart & Company
f
Merck &
*
fur¬
no
$5.95 for the lot; September, 1941,
at $6.20 for the lot; but on Jan. 7,
(Actual Trading Markets, Always)
Steel
let¬
.
small
"Expenses
Wickwire Spencer
a
envelopes.
OVER-TUG-COUNTER SECURITIES
Struthers Wells-Tihisville
needs
ther comment:
retail
no
Chronicle"
thousand
Auto Ordnance Corp.
Botany Worsted
and
have
we
from
recently received by the "Fi¬
ter
a
District Court and a
York
New
whose
Cir¬
SECTo Be Moved To
New Quarters In Phila.
\
Eagle Lock Co.
R. Hoe Hr Co.
COMMON
-
American Hair & Felt
—
Deep Rock Oil
HAY, FALES & CO.
Members• New
71
York
Stock
Exchange
Broadway, N. Y. BOwlin? Green 9-7030
Boll
Teletype
2T7
1-61
—--
.
ganization
has
been
princi-;
pally the reduction of the
ex¬
tremely burdensome debt and
it
effected the ably underpriced at current lev¬
strongly
in
that
removal
of
Standard
control and
Gas
from
els.
In addition, they produce an
consequently permits extremely- liberal yield.
the
SEC,
but there was insuffi¬
political support to carry
the suggestion.
cient
.
.
@FedFRASER