Full text of Commercial and Financial Chronicle : January 28, 1943, Vol. 157, No. 4146, Section 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

BUS. ADM

JAN 29
1943

library

Final

Reg.

Volume

New York, N. Y.,

Number 4146

157

OUR

Ahead Of The News
Federal

from the list of any

carriers, railroad bond maturities
this year will consist mainly of a
multitude of obligations of small¬
roads.

er

One

By and large the Class

carriers,

as

a

whole,

pretty much in the clear

are

far

so

debt

situation

is

are,

their

as

however,

a

con¬

cerned.

A matter

that

sizeable maturities to

few

Madame

is

Perkins

of the

fact

becoming aggressive again.
She will be
drive to put across this country's version

Beveridge plan.
She recently held a press conference, her
first one since administration of the immigration bureau and labor
of

retail

sales taxes, according to Winthrop W. Aldrich
integral part of war finance, even though one may
be convinced that they are not a good form of taxation for the
Federal Government in time of peace." Mr. Aldrich, who is Chair¬
"should form

of moment, in a war-torn world, perhaps, is the

forefront

the

in

a

an

of the Board of Directors of the

man

Chase National Bank of New

York, urged the adoption of a sales tax in an address at the annual
midwinter

banquet

Bankers

necticut

of

:

Con-<^

the

Association

at]gated the debt burden and per¬
problems, generally, were pretty much taken from her.
For more
New Haven last week.
Stating mitted reductions to take place.
than a year she has kept quiet, "
in his remarks that "it is a good
"To alleviate in a similar fash¬
and recurring rumors had it that of Mr. Roosevelt grabbing it up,
axiom that increases in the pub¬ ion the debt burden following this
she
was
to
leave the Cabinet. as had
frequently been repre¬
She

There

Price One Dollar This Issue

Thursday, January 28, 1943

By CARLISLE BARGERON

complete absence
of the major

a

Office

Pat.

Federal Sales Tax Advocated As

REPORT
by

S,

U.

From

REPORTER'S
Marked

In 2 Sections-Section 1

ESTABLISHED OVER 100 YEARS

Edition

to

came

sented

forgotten

fairly

be

as

his attitude towards her,

lic debt in time of

conducted

had a search held to
high and low to find added:

her.

straw

he

that traveling around
the
country
I
was
invariably
asked:
"Why doesn't Roosevelt
about except

should be

war

minimum," Mr. Aldrich

a

got excited and

should do all that is pos¬

war, we

sible to increase real income. This

Outstanding at the moment is
maturity of
$49,000,000 of
first
and
refunding 4s of the
Delaware & Hudson Railroad Co.,

President

This road already is
moving to take care of that situa¬
tion by seeking to obtain consent

the fact is that she blew up com¬

may be
achieved if efforts are
accomplish this re¬ made to stimulate private initia¬
tive and enterprise and to reopen
camel's back was his appointment sult, taxation must be of such a
channels
of
international
of Bill Green of the AFL, and character that it will absorb as the
Phil Murray of the CIO, to con¬ much as possible of current dis¬ trade.
stitute a Victory Labor Commit¬ posable income, that it will reduce
"The stimulation of private ini¬
tee to come together to the White personal consumption and that it tiative is
largely a matter of the
House occasionally and talk with will divert productive facilities to
(Continued on page 377)
him.
He didn't tell Miss Perkins the manufacturing of war ma¬
anything about it.
In resigning, teriel.

pletely sometime after Pearl Har¬

she

of, but with few exceptions

care

it

taken

be

is

indicated that

the

debtors

There

requirements.

quently

the

due

May 1.

are

Perkins?"

Francis

of

rid

get

will be able to provide for their

others whom I am fre¬

the

why

asked

being

doesn't

get rid of, but
Madame Perkins is always in the
list.
It

is

not

generally known, but

of

her resignation and
modification of disappeared from town.
Instead

of its holders to a

bor,

sent in

The

let

him

that

she

know

tired

was

under

fixed

recently

the

ment of

for

In the Second Section of this issue of the

fixed length of time.

under

Canadian National must

provide
of 2s,
but there is, of course little ques¬
for

tion

far

so

issue

that

as

is

the

"Chronicle"

heading "Business and Finance Speaks
Year," we carry the opinions

The
Railroad,

oper-

■

&

in

Pacific, and with more than

held

total

the

i Southern

Pacific,

has

a

showing

this

issue

high and

the

also

contains

prices,

low

which dealings occurred on the New

Exchange.

the

by

Taxation

.

indicated

of

should

limits of taxable

:

a

by

York Stock

^

-

check

character

used

to

the

capacity in order
in public

said

in

part:

Kjrfhe

only equitable and desir¬
able way of reducing the relative
burden of debt is through in¬
in
of

terms

national

the

income

quantity

and services produced.

and will be sent upon request.

the

rise

From

Washington Ahead of the News.353

and

similar
World

Enlist Your Funds in the

MANAGEMENT PROBLEMS

MARINES

FINANCING and VALUATIONS

MANHATTAN

Governments......384
Our

Reporter's

Real

..........353

Report.

Personnel Items

.,.................356

Securities

..................

Estate Securities

Markets—Walter

Tomorrow's

357
380

Says
Uptown After 3

(Continued

page

on

NEW YORK

SanFrancisco

INVESTMENT

after

increases

War

that

CHASE

THE

miti-

BANK

OF THE CITY OF .NEW YORK

Broaden your customer
service with Chase

REQUEST

and 7

other Western Cities

HUGH

SECURITIES

W/LONGW-COMPANY
-INCORPORATED

1856

H. Hentz & Co.
New

York

Stock

York

Curb

Exchange

Cotton

York Stock Exchange

Deposit Insurance

Corporation

LOS ANGELES

JERSEY CITY

NATIONAL BANK

Trading Markets, always

Exchange

New

Members New

I
Actual

Member a

Member Federal

634 SO. SPRING ST.

15 EXCHANGE PL.

Syracuse
Dallas

facilities

I

J. A. HOGLE & CO.
Established 1915

PHILADELPHIA

Albany
Buffalo
Pittsburgh
Williamsport

Troy

correspondent
Direct Private Wires

Oj

{

1927

64 Wall Street, New York
BOSTON

383)

DENVER

Wholesale' iisrrioutors

•

Established

356

Whyte

SALT LAKE CITY

FUND

PROSPECTUS ON

R. H. Johnson & Co.

52 WILLIAM STREET

.357

.".

Corner—....359

Salesman's

Securities

ENGINEERSand CONSTRUCTORS

Established

.360

LOS ANGELES

BOND)

Buy War Bonds
and Stamps

Sanderson & Porter

376

Prices and Yields

Municipal News and Notes

goods

Offices in

ARMY, NAVY and

Chicago

359

Trusts

Investment

production and trade in
following the Civil

first

the

In connection with

384

Calendar of New Security Flotations.382

NATIONAL
REPORTS

.358

It was the

also
SURVEYS AND

^

Stocks.

Insurance

Man's Bookshelf..

Business

decades

War

AND CONSTRUCTION

in

of

in

of

Page
and

Railroad

Copies of this issue of the "Chronicle," the Annual
Review and Outlook edition, are priced at $1.00 each

QUICK ACTION ON DESIGN

source.

under, the caption
"The Economic Implications of Internal Public Debts," Mr., Aldrich
also

2

Regular Features
Bank

Moody's Bond

creases

$20,-

(Continued on page* 377)

in¬

increase

the

normally published in Section
Thursday's "Chronicle")

data,

is possible,

the

be

contains, in addition to its usual con¬

tents, various other features and statistical

.Speaking

v

months, for the year 1942 of every bond and stock

jated under lease by the Texas

J half

of

Section

Second

tabulation

Meanwhile the San Antonio &

current

as

debt."

industry and finance regarding

cerned, since the road is govern¬

Pass

■«.

to

the outlook for business in 1943.

ment controlled.

Aransas

.

of various leaders in

con¬

to

should be collected at the

After the Turn of the

of $55,000,000

issue

an

related

be

(Editor's Note: This section of the "Chron¬
icle"

be so
of in¬
Income taxes

great mass

tapped.

GENERAL CONTENTS

re¬

ex¬

must

rates

the

and, in so far

come

10% in cash and an ex¬

a

is

should

Annual Review and Outlook Number

plan calling for pay¬

tension of the balance of the is¬
sue

that

come

McLaughlin
Act, the
Delaware & Hudson is offering
a

and

emptions

enacted

holders

"The best taxes for this purpose

being humiliated. She was as- are the individual.income and
tail sales taxes.
Income tax
(Continued on page 377)

the terms of the issue.

Moving

"In order to

the

broke

Exchange

York

New

Chicago

Inc.

Exchange,

Commodity

Board

Trade

of

of national

scope

of INDIA, LIMITED

Federal Machine and

in

Bankers

Over-The - Counter

.Head

Orleans Cotton Exchange

New

And

other

Exchange Bldg.

NEW YORK

Kobbe, Gearhart & Co.
INCORPORATED

Members

CHICAGO

DETROIT

MEXICO,

D.

P.,

PITTSBURGH
MEXICO

GENEVA, SWITZERLAND




N.

Y.

Security Dealers

Tel. REctor 2-3600

Ass'n

New York

45 Nassau Street

Teletype N. Y. 1-676

Philadelphia Telephone:

'

Government

and

Office:

26,

and

Enterprise 6015

HART SMITH & CO.
REYNOLDS & CO.
Members New

120

York

Broadway
Telephone;
Bell

,

New

Stock Exchange

New York, N. Y.
REctor 2-7400

Teletype NY

1-635

52

Y.

Reserve

Bell Teletype NY

New York

HAnover 2-0980

Zanzibar

Capital. .. .£4,000,000
Capital ..... £2,000,000
Fund.
.£2,200,000

Paid-Up

Members

ST., N.

Ceylon, Kenya

and

Subscribed

York Security Dealers Assn.

WILLIAM

Aden

in

Uganda

Bishopsgate,
E. C.

Branches in India, Burma,

Colony

N. Y. Cotton

the

Colony

London,

Securities

Exchangee

to

Kenya

Welder Company

The

Bank

conducts

banking

and

every

exchange

description

business

1-395

Montreal

Trusteeships

Toronto
.

i

also

and

Executorships

undartaken

si

THE COMMERCIAL &

354

FINANCIAL, CHRONICLE

Thursday, January 28, 1943

Trading Markets in:

American Barge

American

in U., S. FUNDS for

We Maintain Active Markets

Line

Bulolo Gold

Missouri Pacific
5

Yn

Montreal

Serial

s,

.

.

Established 1920

tork Security

New

Dealers

'.

Members M< Y Stock Exchange kid Other Principal Exchanges

Ass'n

[
•
Neib York Stock Exchange '1'
New York Curb: Exchange

.

,

HA 2-2772

Exchange P1M N.Y,

40

115

NEW YORK

BROADWAY
BArciay 7-0100.,

Telephone

BELL TELETYPE NY 1-423

;

1944

Stei ner, Rouse & Co.
Members New York Stock

Members

■

Members

6s,

*

Goodbody &

>

.

Fulton Iron Works Co.

McDonnell &To.

KING & KING
.

Lt.,;Hfc & Pr> 3%s-T95C-63-73 4

Noranda Mines Ltd,

Debardelaben 4s, 1957

Remington Arms
Warren Bros. Class"A, B & C
Walworth Pfd.

Com., Pfd.

Brown Co, 5s-'59,

Tennessee Products

Alabama Mills

Botany Pfd. & Common

Canadian Securities

Liberty Aircraft

Cyanamid Pfd.

Teletype NY

.

.

120

,

v

■

,

25 Broad

,

NY 1-1557

New

Orleans, La.-Birmingham, Ala.

Direct wires to

branch offices

our

Interesting for Dealer Distribution

Federal Water & Gas

TOWNE SECURITIES CORP.

IV. XOIITOK & CO

Farnsworth Television

Cuml. Pfd.

7%

NEW YORK CITY

30 PINE STREET

York Ice Machine

$100 Par

—

Common
BelJ System

Teletype NY 1-865

Dividends last 8 years $73.50 per share
1942

Dividend

$l3.50-r-Back

$35 *

Dividends

share

per

&

pleased to announce that

are

Currently available at less than 70

Mr. Harold B. Smith
has become associated with
our

us

on

J

Request

J. L. SCHIFFMAN & CO.

in

60 Broad St.

New York Trading Department

HAnover

Members

71

York

Security

Dealers

Axnn

Broadway, New York, N. Y,
It Anorer 2-4660

Teletype 3STY 1-024
Bftl

We

Preferred

F.Reilly&Co.
New

New York

2-4870

&

.

*

Cirtutar

Preferred

Eastern Sugar
Common

We

.

..

BROADWAY, NEW YORK
Tel. REctor 2-78IS

1.-672

Exchange

St., New York, N. Y.

System

Tetetvj»»,

V

V.

l.-MSe

.

equipped to give fast and accurate markets in all

are

Harold B. Smith Now

'

OHIO SECURITIES

Offerings Wanted

DEALER

by direct wire to our Toledo office. "

Connected

Harold

Phone BOwIing Green 9-2432

Norton
Associate

Members:

York

New

Chicago

Stock

of

Board

York

New

Exchange

Cleveland

Trade

B.

Smith

&

Eastern

hasbecome'

associated with the firm of

BRIEFS

Collin,

Company, members', of,

Members:

Curb

Haytian Corp.
4s-5s-Com.

Exchange

Stock

Toledo, Ohio

:

Exchange

Since Jan. 1

we

have enjoyed

DUNNE & CO.

con¬

siderable increased demand for

se¬

Members New York Security Dealers Asm,

curities, including bank and insur¬

30 Broad

stocks,
investing
company
shares,' and local securities.
This

ance

reflects not only
of

view

also

the

desire

a

tors

the

increase

to

optimistic
outlook, but

part of inves¬

income

business has continued

Underwriters and Distributors

for

deals

Some

of

of

in

the

to

meet

the

State, Municipal and Corporate

;;

New

Security Trader

[ 30
j

Stock

of

their

Pine

New

Street.

-

York

Mr.

Office,
Smith has

been identified with the over-theis

a

|

|

(Incorporated)

1399

New

!

business in 1920 and became

change in 1926.

Key wood To Be Dealer
(Special

The

to

Financial

as,

E.

Key wood

—Harold
engaging in a se¬

is

curities business from office at 14

School Street
been

Mr, Key wood has

associated

with

Bond

&

Laird &

with

Goodwin, Inc., since 1931,

Co., 61 Broadway, New

York City, announce that Jerome
B.
Sullivan
is, now v associated
them

unlisted

as

of their
department.

manager

securities

Mr. Sullivan for many years con¬

Trading Markets in

ducted his
ness

own

investment

in New York

Birmingham Gas

busi¬

City.

resiX
>

annual

edition

of

Reynolds & Co. Opens

Detroit & Canada Tunnel
Common

Water

Company

Bonds

& Stocks

C.A.Saxton&Co.,Inc.
79

I!

FINE

ST..
.

N.

¥.

Teletype

NY

WHitehall
1-809




4-4979

their

long

more
willing to do
light .work in chosen equities.
We should not be surprised to see
them grow more ambitious as time

goes

on,

stock

expect

their

and

recent

as

a

consequence

;

j

ton

Corporation upon, request.'

XX

York

PHILADELPHIA

Buffalo
Will.amsport

Syracuse

Dallas

by relatively
time

some

The United Fruit Company

X
has

formed The Middle America In¬

minor setbacks

formation

A.

to

sion

of

Bureau

their;
will

Bureau

be

as

an

expan¬

activities.

The

clearing house
for data about Middle America, a

ternal

Twenty-five

teach-;
InterAmerican affairs and the public;
generally can go for thorough,
accurate, up-to-date informations
ers,

1953,

-

I

leaders,

5%

experts

on

The Bureau has just issued an

interesting bulletin on the inter-?

.

Year

a

where students and

source

fingdom Of Denmark

of

dependence
and
this

the

Middle

America

United

bulletin

request

from

States; copies of
may; be had upon

the

Bureau,
9
York City

Rockfeller Plaza, New

Spokane Int'l Ry. EscXRecpts.
Consol. Electric & Gas $6 Pfd.

Ex¬

Deep Rock Oil

Gold

propose

Ohio Match

New York Water

<

•

:

Formed By United Fruit

Bonds, due Feb. 1,
to put the par¬
The First Bos+on Corporation, ticular paying-agents in funds so
far as it is,estimated to be neces¬
Reynolds & Co., members of the 100 Broadway, New York City,
New York Stock Exchange, an¬ has issued a revision, of the July sary, to make coupon payments to j
nounce the opening of a
branch 1942 edition of "Serial Issues" holders, other than residents of j
office in The Sherry-Netherland, bringing up to date their compila¬ Denmark, of bonds of these
two]
Fifth Avenue at 59th Street, under tion of. the principal.Industrial; issues.; X
'
r ■ * |
the
Railroad, and Public Utility; Se¬
management
of,.- Philip H.
"Feb. 1,4943, coupon payments
Steckler, formerly with Merrill rial Issues now outstanding.
will, be subject to such licenses as
Lvnch. Pierce, Fenner & Beahe. Copies of this interesting booklet
Samuel Jolesch will be associated may be had from The First Bos¬ may-be granted to paying-agents
with Mr, Steckler,

Rankin

"Middle America" Bureau

we

"The

"Serial Issues'* Revised !

for Mr.

Albany

Pittsburgh

prices to continue
advance, punctuated

.

i

ask

BOSTON

Troy

appear

Preferred

New Branch Uptown

|

some

Loan

Common

or

Established 1927

getting
inactivity

Kauffmann, Envoy Ex¬
traordinary and Minister Pleni¬
Stock Guide"* has ^juSf potentiary of 1 His
Majesty the
been issued by G. A. Saxton & King
.of; Denmark, in Washington
Co., Inc., 70 Pine Street, New-York yesterday (Wednesday) made the
City. The "Guide" which contain? following statement for the infor¬
quotations, price range/ dividend mation of bondholders:
information .and other interesting
"For the purpose of paying Feb.
comparative figures, arranged in
1,X 1943> coupons of Kingdom of
tabular form, may be/had ujipn
Denmark ..5Vz%
External
Loan
request by writing to G. A/'Sax- Gold
Bonds, due Aug. 1, 1955, and
ton & Co. ' X
X,; " ■;
X \ Danish Consolidated Municipal
The

personal
but not

64 Wall Street, New

be

Henrik

Common

Citizens Utilities

to

seem

■:;X Ta.fay .On Bonds

Preferred Stock Guide

Some

desirable,

R. H. Johnson & Co.

St. .John',

j Exchange, who continues
partner. X

Manage
Laird Unlisted Dept.

ROCKLAND, MAINE

4

and

with

orders, give
desk, and

Weber, Ford

j member of the New York Stock

Toledo

Sullivan To

Chronicle)

dollars

-

bored

for

j dent
^

mem¬

Idle

trading

absolutely essential.

con-'

Write

JR.

execute

production

estate

Cleveland, Ohio

Their home of- only

j 1936 by Howard ; E.

Cincinnati

Chicago
Denver

•

Collin, Norton & Company was
formed to do a general investment
;

to
on

assist salesmen.

bonds.

real

come.—H.
! fice is in Toledo, and a branclvbfI fice was opened in New York in Gotschalt, Prescott & Co.

^\CLEyELi^D:';^

York

president of the New
Security Traders Associa-r

bers of the New York Stock Exs

XXX^^

He

past

I York
; tion.

OTIS & CO.

quotes

except

Exchange, R. Weber & Co.

j counter market since 1914.
I

Wanted

He will be in the trading depart¬
ment

Securities

York

"dollar"

stronger

si deration.—-Ford

! the

slow,

issues have received favorable

Harolcl B. Smith

Street, Now York, N. Y.

TeL TOitehall 3:ol72

more

a

business
on

•XX';

higher taxes and living costs, and
to
average-up
the return on War
Bond., purchases.
Our
municipal

Established

Sugar

Preferred

;

by the United States Treasury.".

.

Service, Pfd.

Robert C. Mayer & Co., Inc.
Established ,1915
,

30 Piae

,

Street, New York

Telephone DIgby 4-7900

,

Belt System Teletype.NY 1-179(1

<,

Volume

THE

Number 4146

157

COMMERCIAL

and

1943 State Presented

FINANCIAL CHRONICLE
V

•

Reg.

i

-

.p.

Wlliia.m
25

S.

Patent

To

Dana Company
Publishers

Herbert

3-3341

D.

Editor and

Publisher

■

:

;v.

D,

Riggs,

.

.

..

^

offices:

Chicago—In charge o!
Western Representative,
Field
(Telephone State 0613),
London—Edwards & Smith, 1 Drapers'
Gardens, London, E.C.
'.V V.

,f/

.

-

•,

Reentered

as

i8?9.'

PREFERRED STOCKS

V;; Telephone HAnover 2-4300
; C

post

office

Many

times

and

we

you

haven't
hid.

a

surprise

you.

Obsolete Securities Dept.
99 WALL

the Act of Mar

ii. iiEm & co.

v.r*

STREET, NEW YORK
WHitehall

4-6551

of the

'.NEW
.

^...

COTTON"'EXCHANGE

YOIIK

'-'YtANOVEK*•

*

-

-

•

ESTATE_SECURIT1ES
Invited

In

j

SO'UAKE/-NJEW- YORK

Mtge.

Co.

Ctfi.

Lawyer®

BX1>G.

Uptown-. Office

Title

Co.

Ct!®.

Co,

Ctfs. \

Title

Co.'s-

Bond

•"

and

-■

fit

Mtge,

AVEME

Hi 111

CilU

all

Bank

1
-

other

Trust

Participations

Complete Statistical Injormation
.•

D.

the

Red

McCormick

Dean

Chi fair t,

Pittsburgh

Mexico, II.

Mexico

..J.GOLDWATER&CO
'■

INC.

'

Members New York Security Dealers Attn.

New officers will

be inducted at the

39

meeting.

'D. Dean

;

Detroit

^ Citenevu, -Svvi(/.erhtiitl

Lacquer. Room of the

Palmer House.

STilCKH

McCormick, partner in
Kebbon, McCormick" & Co.," has
been nominated for president to
succeed Edward C. George of Harriman Ripley & Co., Inc.
Charles
R.
Perrigo, of Hornblower f &
Weeks, was -named for treasurer:
Eugene Hotchkiss, of Lee Higgin-

s

In

V

in

in

Specialists

Inquiries

fluctuations

-We.

Are

Lawyer®

must be made in New Yqrk fundi.

-

for

W»

exchange, remittances for
subscriptions
and
advertise¬

;V:

Lichtenstein

REAL

to the rate of

ments

cats

called

are

Established 1856

.

foreign

have

you

strong box that
and

Teletype NY 1-5

,

Victory!

valueless

at

%.CT';

account

if

Telephone:

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

not

think

Members New York Stock Exchange

;

Nearer

Pays to be Ignorant

tout

Street, New York

-v

second-class matter Feb¬

*

•

It

Week

William B. Dana
v's
■/

by-

ruary 25,
1942, at the
New York, N. Y., under

i,

i

AND COMPANY

One

Utility and Industrial

25 Broad
v

ItCHTEnSTtlD

B. S.

Spencer Trask & Co.

|/

Gray,
Building

Company.

offerings of

dog's in the

H.

Copyright" -1942

"

be

to

,

(Published twice a week (every Thurs¬
day
general news and advertising issue)'
with a statistical issue on Monday! ;
Other

/§§

annual

Club

Business-Manager

Thursday, January 28, 1943

Fred

Public

thirty-;
meeting of . the
held on February 7th

second

\
.

interested in

ate

355

High Grade

will be voted upon at. the

/

William

We

Chicago Bond Club

members the' slate for, 1943 .which,

Seibert,

William Dana Seibert',.-',President.

".

f

CHICAGO, ILL.-rThe nominat¬
ing committee of the Bond Club
of Chicago has presented to the

Street, New York

BEekman

•

.Office,

B.

Spruce

COMMERCIAL & FINANCIAL CHRONICLE

Broadway, New

HAnover

1IOXIW

2-8970

York,

Y,,

N.

Teletype NY

1-1203

.

PRUDENCE
•

bonds^M

-

•

••

-.

AND1"

CERTIFICATES

son

as.

Newburger, Loeb & Co
Members

New

40 Wall Si.,

'1

Bell

York

Stock- Exchange

N. Y<v

1-2033-^V

W

secretary."

was

renominated

JV.?'

:

emmumrivs

i

St. Paul 5s
///:/-

:

1;:.New.-.York 'Stock Exchange
York Curb Exchange

Nominated for directors to -seryb

New

V

York

New

-C/

.a
-

Mo. Pac. 4s-51/4s-51/2s i

MEMBERS OF:

Orleans Cotton

-

•N.rTNCoifee & Sugar Exchange, Inc.
Ccbimodity Exchange- Inc."'
:
/ ;/'••

Cotton

Int'l Great Nor. 6s

Exchange

one

terms are :•{- Edward 0.
P; Feeiey, v Eir$t'

year

National

Bank

of

Chicago; WiL
liam A. Fuller, William A. Fuller
& Co.; Hardin H. Hawes, Harris

Trust

•.

T

XewA/ogk Cocoa Exchange, Inc.

James

York. Produce

.•New
;

:-

Exchange

;
Wool Associates of N, Y. Cotton Exchange

''

Chica;go^Iercantile'Exchange

v •

v-

V;'"■

'

..

.

j-.'.

Stock Exclrange

Chicago

Boston Steele

,

v•:

u
•

•

: ?

Exchange

'

"

.;

Winnipeg'Grain'-Exchange •
Canadian Commodity., Exchange, Inc.
:••

J.F.Reilly&Coj

'<•>

Members

&

Sayings Bghlfc; PgUf
Mullaney, Mullaney, - Ross &• Co;-;
t and Alfred S.
Wiltberger; Bljdli &;
Co.', Inc./ V}
:!/■,//
'B//
Members
of V; the j nominating
committee were: "■"}■ P, A;' Waltef,
i
Thomas A. Larkin will become
Stone & Webster .'and Rlodgeb
a partner in Goodbody & Co., 115
x
Ganson Purcell; chairman of the Securities and Exchange Comr
Broadway, New York' City,' mem¬ Inc.; chairman; Frederick B.- Car¬ mission, speaking before members and guests of the National Asso¬
bers of the New York Stock Ex¬ penter, John Nuveen& Co.; and ciation of Investment Companies, suggested that they might well
Holden K. Farrar, Smith, Barney consider placing their funds in venture
capital-—in fact in view of
change and other leading national

Thomas Larkin New

>

Urges ''Venture Investing";
Risk-Taker Catted Job-Giver By Economist

.

•

exchanges,

effective

today.

Mr.

&

Co.t,

irtg department.; -:

The

offers >
with

ing

§ Y^PrCf Underwriters
Joseph B. V. Tamney; formerly
of

treasurer

Underwriters

the

Trusts: Company,',. 50Broadway,
New York

City, has been elected
vice-president • and treasurer .of
ihe -institution,11
*.'' 1:'"!
,v

a

to. a circular just .issued; by.
Rothchild .& Co.,' 11/Walt

L.: H.

The

current

ceivers may be had from the firm

-v.t./.

upon' request.

•vV-V',>rr-*"H'."'"u,

Firm

issue of "News

Views"; has. just
Butler-Huff &

&

been, issued; by

Copies .Of

details"on

Seaboard Air Line and the recapi¬
talization plan offered by the Re-,

'{Kv'»'*..'-vM#•' .v."

^5 ""News And Views";

.'.san

Co. of California. lass \

.&

"'<>

.*

name

-4

Montgomery

Sireet, members of .the San Fran-»
geles, Calif., containing interest¬ cisco "Stock; Exchange; f has been
changed to Douglass, :Varrdef,
ing, data on several leading bank
insurance

the Naillen &; Co.

Partners

are

Earl

./interesting S.
Douglass and Ralph E. Van/der
possibilities,
Copies of "News &
firm's ; Exchange
Views" may. be had from Butler- Nailfen,/ the
member.-/'/•*/

Huff & Co. upon request.

markets

be

was

thoroughly

a

is the job giver;
job taker. There seems to
need for making the encour¬

agement of risk/ taking a
conscious: objective
of

rather
public
the PostjWar Economy." The first policy,". - That the ?:small
indi¬
five/or. ten post-war years might vidual enterpriser would return in
be 'characterized .as a. "defer red any magnitude as a source of ven¬
demand .economy;" Professor ture capital Was considered doubt¬
Slichter^declared, which could be ful by Professor; Slichter, but he
maintained with not too much dif-

are

interested in

/C/C-

offerings of

trading
sires

ND

PREFERRED

,

the

Slichter

declared,

Spruce. St., New York.

CASHIER

of the
risk

social

taker

in

on

BOOKKEEPER
"MAN OR

significance of the' the Chicago.Corporation, presided
our
/• :
■; ;r|t.
economy," he at the meeting.

WANTED

,

first

be -the

will

For

South




La

Salle

Teletype CG 1660

our

'

Write, stat-

;

age

issues

and

listing

icle, 25 Spruce St., New York.

Cornell-Duhilier

specific industries

on

Electric

request from,

DIgby

or

1-832,

from,

Louk,

Mo.

Sold

Common

—

Quoted

Harrispa 2075

834
our

-

Teletype

CG

129

CRAIGMYLE, PINNEY & CO.

correspondents:

Murdoch, Dearth & White, Inc.
St.

—

CHICAGO

4-8640

NY

Bought

Board of Trade Bldg.

YORK

Corporation

Debentures

York Security Dealers Ass'n

Broadway

Teletype

desired. ;

questions, don't fail

available

Members New

,

salary

period?

STRAUSS BROS.

.

and

latest Bulletin

Bulletin

of

typist.

.JBox T-126, Financial Chron- \

to

PREVIEW for 1943

NEW

Street, Chicago

to these

answers

'V-l

to read

Must

good

ing

chan^ will the steady onward march of
III Nil I the United Nations bring about this year?

Chicago Stock Exchange

231

well-known
firm.

be

mll!3i

32

/

by

I
1

WOMAN

over-the-counter

Members

;

Box

and

depend

JOHN »I. O'BRIEN & CO

*.

pro¬

C^6j Financial Chronicle, 25

the suc- and-an authority on trusteeship,,
how much' spoke .on investment company se¬
Vtheispirit of venture flourished.'-' curities as' trust investments.
:
'/There must be an appreciation
Richard 'Wagner, president of
.:

^ess would

STOCKS

(Associate)

with

de¬

Familiar with

situations.

;

in
^

wrar

■-

Chicago Board of Trade

contacting

connection

by technological keeping up the supply of risk
difficult would' capital and therefore of jobs," /;
subsequent shift to a self-"
Mayo A. Shattuck, president of
sustaining economy, Professor the Massachusetts Bar Association;
-

CORPORATE/ BONDS

New York Curb Exchange

and

interesting

man

experienced

gressive house.
"

broadening

imminent,

.

Copy

.

and

appear

ficulty by the surplus i liquidity gregate of funds might eventually
opportunities
accumulated realize that it had ;"a stake in.

/
T

GRADE

HIGH

better

/and

benefit in the immediate post-war

We

■

said that labor with Its great ag¬

WHAT, industries
;

1-2480

DEALERS

/

As

offer

considers

firm

which

stocks

to

.

advances,;J More
I be the

of Eastland, Doug¬

:Co;, ', 232:

I
Y.

OVER THE COUNTER

■

declared., v "He

importance

Economics in Harvard University,
in An address on ; ^Enterprise in;

during
.

calif.

N.

w'/-.'

\

•«

Changes Name

francisco/ *

The firm

■■■

i

210 West Seventh Street, Los An¬

and

System Teletype,

not the

of speculative
also emphasized by
Company
Sumner, H, Slichter, Professor of

favorable outlook, accord-

Street) New York City)
circujar "containing

The

capital

interesting /. potentialities

the

Assn.

HAnover 2-4660

/■

Bdl

.

t

Dealers

Of investment managers.

situation; in' Sea¬

current

board Air Line Railway

Security

Broadway, New York, N. Y.

theseTimes that special venture companies might be formed by groups

Seaboard Outlook Good

lime in charge of the trad-

J, 6. V. Tamney Now

York

*'••-

'

the-/difficulties in the normal operation of investment companies in

Larkin has been with the firm for
some

New

71

Pnrceil Of SEC

Coodbody Co, Partner

;

V

•

-

Detroit- Stock Exchange

Liverpool Cotton. Association

-

I

Seaboard 4s-5s-6s

Exchange

•Chicago Board of Trade

•

George;

WHitehall 4-6330

Teletype

I

Corporation)

•'vn; -''

Baum, Bemheiimer Co*
Kansas

Member^

City, Mo.

Through Wire Service NEW YORK-CHICAGO-ST. LOUIS-KANSAS CITY

ONE
•

-.

New

WALL

Telephone

York

ST.,

Stock

Exchange

NEW

WHitehall

YOKK.

4-5290

pi

Chicago, No. Shore & Milw. R. R. All Issues

General Motors

of '46

Howard Aircraft Corp'n 5's

THECOMMERGIAL&FINANGIAI^CJHRONICLE

..'.■•'A.,.*.";:'

,,'t -

356

New York

With Stock

Stevens Hotel 5's of '56

PERSONNEL ITEMS

<

City

(Broadway Motors Bldg. Corp.)

Standard Gas & Elec. 6's 1948-'65

5's of '47

Chicago & West Town Ry.

BifHdingx

Memorandum

Request

on

If you contemplate making additions to your personnel, please
send in particulars to the Editor of the Financial Chronicle
for pub¬
lication in this column.

/

Seattle Gas Co. 5's of '51

•;("

r,'

Sel igma n,

y.'-.

,

CHICAGO

'

.

•

••

York Security Dealers. Association'

Clifford

added

has. been

the

to

*

staff of Bond and

..

best & Land, Inc., 1016 Baltimore
H. Avenue.

MASS.—Charles

Goodwin, Inc.,

30 Federal Street.

.

Macnamara is
(Special to The Financial Chronicle)

Teletype NY 1-592

Telephone HAnover 2-2100

to New York

BOSTON,
McGrath

Dodge

Jones

MASS. —Robert T.
now
with
Clark,

is

&

Street.'.

■

Company,

ing,

Federal

70

&

ORE. — Gerard
with Atkinson,

now

Co., U.

S. Bank Build¬

/

.

,

(Special to The Financial Chronicle)

-"'.(((-■

ORE, ^ Frederic

PORTLAND,

Barnes Andrews is

PUBLIC UTILITY

INDUSTRIAL

(Special to The Financial Chronicle)

PORTLAND,

New York

41 Broad Street

Teletypes: CG 1234-5-6
w'LJirect private wire

Incorporated

.

Members New

BOSTON,

Lubetki n & Co.

■

STREET

SOUTH LA SALLE

(Special to The Financial Chronicle)

.

"■

HICKEY & CO.
135

Thur^ay,-janwary 28j-1943

(Special to The Financial Chronicle)

REAL ESTATE SECURITIES

:

now.

affiliated

with John Galbraith & Company*
Porter

CHICAGO, ILL—Ivan G. An¬
become associated with

Building.

derson has

RAILROAD

S. R. Miller &
Salle

MUNICIPAL;

BULLISHNESS IN HOTEL BONDS MUST BE

BONDS

TEMPERED WITH CAUTION

x

Not Every

C.ALLYN»«>COMMNr

Bond Will Benefit from the Current Financial

?Booni of Mpre

INCORPORATED

;

((.'•','^-(

Boston

Detroit

Milwaukee

Philadelphia
Omaha

,

Street,..v;

CHICAGO,

ILL.

read

—

James

A.

i ?i

209

Salle

La

South

Street.

of

them.

we

Bought

Sold

—

Dr.

Quoted

—

from the suburbs to

City Hotel bonds have begun tor¬

Pepper

(

Great Southern Life Ins. Co*

Southwestern Life Ins. Co.

\

Ry, & Ter. 6% 1951

All Texas Utility Preferred Stocks
Check

u*

>

outstanding

substantial rise

a

he

continue

ceive bis

while

DALLAS, TEXAS
Ft. Worth-Houston-San Antonio

the

pockets
Is

fixed

a

plus

merely

of

of Newark

est-paying
issues

/

:

have

fair
der

which

Rippel & Co.

the

any

in business;
Dorset

.

;

New

York

3-3430

ST. LOUIS

bonds.

■■St

Co.

509 OLIVE ST.
Bell

System

Teletype-—SL OR

These

,

first

due in

are

on

traded

to

fixed

interest

the

second

considered

one

Hotel

Drake.

is

known

The

as

feature

Traders

sent its officers for 1943 at their
annual

dinner to

Palmer House

The

they carry
stock representing an equal share
in 100% of the ownership of the
property.
This
permits
each

bondholder to share to the maxi¬
mum
extent of any increase of

new

President:
of Lee

on

be

held

at the

February 2.

officers

are as

Richard W.

follows:

Simmons,

Higginson Corp.

Vice-President:

James

H.

Mur¬

phy, of Cruttenden & Co.
Secretary:
Loren A. Cochran of
Glore, Forgan & Co.

fashionable

,

Treasurer:
of Wayne

F. Girard

Schoettler,

Hummer & Co.




Association's

who will attend the

seventeenth anniversary, dinner at

Waldorf-Astoria

the

Feb.

on

4,

From reservations made to

1943,

John

P.

any

.

of

the

first

of

the

year,

George K. Baum, formerly Secre¬
tary of Baum, Bernheimer Com¬
pany,
and associates purchased
the

interest

of

Earle

J,

Bern¬

heimer, formerly President/
name

The

of the firm Will continue

as

Baum, Bernheimer Company for
the time being and the following
officers have been elected;

George K. Baum:

President.
Vice-President,

Chas. E. Lewis:

Eldridge

Robinson*. ( Vice-Presi¬

dent in charge of Trading De¬

#

Chaplin, NBC
(Speaker).

Coinmentator,

New
:>'■?(

.

Cobbs, McGraw, Hill Co., New York,
Jol. -, Willard,
T. ; Chevalier,
Publisher,

John

.'"Business Week". (Speaker).

.

■

Jevil Ford, State.

TRADING MARKETS IN

r: C. Forrest, New York

REAL ESTATE

\4ax

it

Furman, Ass't Att'y Gen., New

Godfrey Haggard,( British
General, New York.

Members New York Stock
40 EXCHANGE

PL.,N.Y.

Lee M. Limbert, Blyth & CoM New
E. Allen MacDuffie,

Exchange \

Ambrose V.

DIGBY 4-4950

Fred C.

Bell Teletype NY 1-953

New

securities of the central west and

specializing in lumber securities.
The firm has direct private wire
facilities to New: York, Chicago,
St. Louis, Seattle, Los Angeles and
San Francisco.

Election of Messrs. Hunter and
Robinson

Vice-Presidents

as

was

previously reported in the Finan¬
cial Chronicle of Jan. 21.

McCall, New York.

,

Hon. Robert H. O'Brien,
Edwin

as previously—underwriting!
dealing in ( municipals and
corporates, with particular em¬
phasis in trading both general
market municipals and corporate

and

Moffatt, New York Curb Exchange,

George W. Morgan, Breed,
gan, New York.

-

York.

SEC, New York.

.New- York.-

;

Emig To Manage Dept.
Of Farwell, Chapman

Consulate

tinue

Associated Press, N. Y.

Claude A. Jagger,

SHASKAN & CO.

York,

SEC, Philadelphia.

Hon. Robert E. Healy,

^

■

:

,

"Times."

3ir

SECURITIES
ir

Administrator, War Sav-

ings Stamps, New York.

.

;

&. Co., N. Y.

rving D, Fish, Smitli, Barney
•

Abbott & Mor-

SEC, Phila.

*'

'Posner, New" York.Curb Exchange,
York.'

Hon. Ganson

'' :

;

Purcell,

'.

•

Lambert Davis Opens Firm
(Special to The Financial Chronicle)

C HIC A G O, ILL.

1

Lambert
Davis has opened offices at 231
—

South La Salle Street, to

-;-

SEC, Philadelphia.

T. Raymond, SEC, Philadelphia.
Clarence J. Reese, Pres., Continental Mo-

William

is

unpaid accumulations of the
cumulative portion are to be

::.-:

Broderick, Federal Reserve Bank,

in

a

Mr.

general
Davis

securities

was

engage

business.

formerly

with

Adams & Co. with which he had

_

:

3%

;-;:u

Appoints New Officers

Income interest on the
CHICAGO, ILL.—Howard A.
I tors, Detroit.
•.
payable at the rate of Emig has become manager of the
Harry Riter, Chairman, Board of Gov5% (of which 3% is cumulative) municipal
bond department of ; ernors, NASD, New York.
out of net income after
operating Farwell, Chapman & Co., 208 Frank. L. Scheffpy, NASD, New York.
Emil Schram,, President, New York Stock
expenses, taxes, improvements up South La Salle Street, members of
Exchange; New York.
to $5,000 in any semi-annual in¬ the New York and
Chicago Stock Herbert D. Seibert, "Commercial & Ficome
period.
Mr. Emig has been | nancial Chronicle," New York. .
Surplus earnings Exchanges.
after payment of 5% interest and with the firm for some time; in €„ A. Shively, The "Sun," New York.
bonds

:recently with L. H.

Baum, Bernheimer Co.

Anniversary Dinner

of

York

t

issue

ILL. —The
Bond
Club of Chicago will pre¬ business.

CHICAGO,

was

Bullock, 'fr'':

As

Streetj.

of these bonds is that

Elects 1943 Officers

Paxton

—

has

.

were

actually made.
The

Chicago Traders Glub

have

iAHendN.Y^^Dealers

un¬

City,

,

54th Street

overlooking the gardens and low
buildings of the Museum of Mod¬
ern Art.
It is an 18-story apart¬
ment hotel containing 429 rooms.
Built on a plot of approximately
19,400 square feet, it has the
Unusual large frontage of 195 feet.
At current market price levels
the bonds yield
almost 7% at
fixed interest requirements. This
yield can be increased by addi¬
tional interest payments. During
the past three years payments in
addition

Members St. Louis Stock Exchange

MO—John A.
Trimble

L.

Paxton

partment.
' > p/.pP
Hay ward H. (Pete) Hunter: Vice;;'_NeW;:York.V;(
President in charge of Corpo¬
Harold Bunce, The "Sun," New York.
rate Department.
and additional interest, they also
Hon. Edmund Burke, Jr., SEC, Phila.
George J. McLiney:
Vice-Presi¬
participate in 25% of the net
James J. Caffrey, Regional Administrator
dent in charge of Municipal Deearnings of the owning corpora¬
vSEC, New York.
i
partment.
.■ ('.
tion. At current market price a
,(
Patrick Carberry, "Wail Street Journal,".
D. Smith:
Secretary.
yield of 10% is obtainable,
New York.
Cf: \ 'Pii.r •;;P, HP,.
The policy of the firm Will con¬
W. W.

mortgage
1957, and there
$2,373,000 bonds outstanding
compared to $2,750,000 originally
issued.
The
hotel
enjoys an

bonds

excellent location

SAINT LOUIS

J.

Guests Of Honor To

May-

payment if earned but not: cumu¬
lative.
After payment of fixed

between Fifth and Sixth Avenues

St/k

r

.

are

Fhone-REctor 2-4383

and

The bonds are due in date it is obvious that the dinner
interest', one-third of issued.
the net income of the property 1950 and have a fixed interest will be extremely well attended.
is paid to the bondholder as ad¬ rate of 3%.
They also have a Howard C. Allen, Albert Frank-Guenther
Law,
ditional
interest
and
one-third provision for an additional 2%
of the net income is used to retire

St., Newark, N. J.

MArket

FRANCISCO,: CALIF.
R.

rejoined
Protected Investors of America,
Inc., 130 Montgomery Street. Mr.

2%

■

18 Clinton

"

outstanding amount to $2,574,500
compared to $2,600,000 originally

is

from

(Special to The Financial Chronicle)

SAN

interest

the

is

(bonds
is

(

CALIF. —

was

in
New
The New York Security Dealers
It is located at the Association has announced the
southwest corner of Park Avenue
and 65th Street.
It is 15 stories following list of guests of honor

bondholder

benefit

increase

first

rate of

Established 1891

price, and

Hotel.

The

V"'\ofY|-.''

hotel

FRANCISCO,

At pur-

of 60 East 65th

most

the

A

,

rooms.

feature ■(; of
these
bonds
is
that in addition to their fixed

directly

substantial

(Newark)
Jersey Insurance Co.

House

York

bond

the

Barton

Halsey, Stuart &
years.
; • - >
^

high joined (the (staff of jPrugh, Corn-

stories

21

third< issue

name

This

inter-

mortgage

first

three

with

KANSAS CITY,

in height and contains 408 rooms.
It is built on a plot 75 feet by
160 feet.
First mortgage bonds

Will

American Insurance Co.

in

selected

is

market

The

sur¬

Mr.

Street.

for many

Foltz

payments the bonds .yield: almost
9%.

money

We

Co.

building

rent

re¬

to reduce the funded
indebtedness of the property?

Firemen's Insurance

SAN

.v,/^Special. to The Financial Chronicle) 'p

land

and contains 479

hotel

of this

use some

of

with

now

Co., Russ Build¬

■>(;.

Edwin

comprises! \ ah
approximately 15,236 feet.

The

interest

the

The

area

the surplus income?
provision in the bond

indenture to

NEWARK

to

Co.

The

of Park. Avenue and 56th

Street.

CALIF. XI

is

(Special to The Financial Chronicle)

located at the northwest

corner

business.

rate^ of

owner

all

there

new

issued.

originally

hotel is

price of this type of se¬
curity.
.Y': (
However, the prudent security
buyer will look behind the scenes
and investigate to find whether
his position as a bondholder Will
W ill

RAUSCHER, PIERCE & CO.

J. S.

Adams

$3,393,250 bonds
compared With !$3,- formerly

are

750,000

the

in

benefit from all this

Southwestern Securities

on

and

there has been

New Mexico Gas Co. Com. & PfdL

Dallas

there

refied; this influx of business and

&

ing. ,(/,'-,(

#

...

Republic Insurance

Erickson

Baker

CHICAGO,
ILL. —James
\V. Mrs. Violet Scott has become as¬
sociated with C. J. Devine & Co.,
New York Barton is now connected with
(
Smith, Barney & Co., 105 West Russ Building. ,.

into the city has come true.

move

R.

Chronicle)

FRANCISCO,

and

Food and Beverage sales are at record levels.
The prophecy
made in this column that the oil shortage would induce people

East.

to The .Financial

Joseph S.
II.

Mr.
with

City of New York.

DALLAS

SAN

with Sills, Troxell & Minton, Inc.,

and

•

■

(Special

become, affiliated

has

Woodburn

Woodburn was previously
heard of the Hotel Boom that has hit t the
A. C. Allyn and Company,
"Standing Room Only" "signs are up in most
Bond and Goodwin, Inc.
New York has become the wartime playground of the

You have

H. has been added, to the staff of
Lincoln
E.
MeRae,
449
Main

(Spepial to The Financial Chronicle)

ThaiLCapacity Busmess^^

■■,':Til*'ree ;.:S[bi£el:;Bpn^X:Tlbia Caii- Share in Profits

.

R, Meader of Center Conway, N.

1

CHICAGO

New York

ROCKLAND, MAINE—Kenneth

formerly with Thompson Ross Se¬
curities Co., J. H. Beall & Co. and
Ryan-Nichols & Co.
:
;
;
;

j

;

Street.

(Special to The Financial Chronicle).

Co., 231 South La
Mr. Anderson was

the past he was Chicago resident

partner of Prudden & Co. and
applied to a sinking fund for the prior thereto was with Hoyne,
retirement of bonds.
These first Mellinger & Co.w and its predemortgage bonds are due in 1953 cessors.'
V. /
*
' (
,

C,

Norman

Tribune."

>

Stabler,

New

York

"Herald

Board of Gov¬
ernors, New York Stock Exchange.
James A. Treanor, Jr., SEC, Philadelphia.
Raymond Trigger, Investment Dealers Digest, New..York.

associated for many years.

N. Y. Analysts To Meet
The New York

Society of Se¬

curity Analysts, Inc. will hold;its
regular Friday luncheon meeting
on

Jan.

...

Robert L. Stott, Chairman,

.

been

New

29

York

Chairman
road

at

56

of

Group,

Broad

Street,
Bretey,
Society's Rail¬
will speak on the

City.

Pierre

the

Missouri Pacific Situation.

«

,'

gf

v^auMACHWitPH#

vtu^w 1H-

JAMjWw^WFtoffM*^ ffrfi'i^www*

tm

•*(-•«. .IVi.'; ••►••

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a^,-t.i»vn-

* -iv. •«.,«■.>

iioomv^ *-i«-r'

THE COMMERCIAL & FINANCIAL CHRONICLE

357

hCi&tafc

»

■H4».•

:'V?^

A
,

'

,

t

■,.;■

•

'■>.•" *" t. ?.:&.{

v •

•*;:•

'

-V

*■$<:*' *'t

'

7

.:>
(• •*

«:*.*v *•? <

•'

\yV

r'-iksri

•'•

_

1 '•''",

J»

:V

tomorrow's Markets

•jf Memb^rs Neii). YortcStgck Exchange
r

;>■

{

f i

:•

•

V *.

M

•< J.*

.

*

^

Defaulted Railroad Bonds

■;

„

vr ^^

u,;
j

j.:.

BROKERAGE

BOND
•

r*

SERVICE

CANADIAN
'

WESTERN

Says

v>

i

■■

■

t,

timism

pessimism

overdone.

.

Expect

market to have minor decline
then

rally. Dow theory does
indicate

not

strength.

immediate

new

the

in

other,

So far

100.

was:, concerned

meant anything. /

;

what

or

can

the. 110
meah
now

or

the 100 figure
ana

a

so

neither

will

rest

much water

over

is

the

get from

reading of the dispatches coming in is# that the
muddled political situation in
North: Africa

has

im¬

not

proved .," -V/;>: liArA y/■ .V;y;/ • / /

j

On Jan. 21 the market

at 121.79;

at

■/>;*/,/ *

A week later it

124.31.

was
was

So much for that.

we

don't know

a

Still if

we

don't know that

know

Pac.

Ry. (var. issues)

Canadian Utilities 5s,
Consol.

Is this market

ket action itself.

dustrials managed to make'a

1955.

Paper Co. 51/2 s, 1961

Dominion Gas & Elec. 6V2»»
Gatineau Power 3

Gatineau

...

/ Even the most optimistic expectations as to what Southern
Pacific might be able to do in the; way of earnings were shattered

lnternat'1

For the. year

Power

5s,

Mont. Lt.

maintain

We

net

CANADIAN STOCKS
Abitibi Pwr. & Pap. com. &

New York Central
Illinois Central

the full year, after all taxes and

harges, approximated $80,000,000,

Andian Nat'l

;

Asbestos

-

ith fixed

charges covered about

times.

This

would

There

bles

are

that

a

number of

will

make

We

are

generally

registered

bonds

current

coupon

estimate

WALL

.

STREET,

WHitehall 3-3450

NEW

a

should

revenues

sizable, increase

YORK

There

,

pfd.

Investment Fund

Canadian

Pacific

Canadian

Railway

Crow's Nest Pass Coal Co., Ltd.

I

Teletype; NY 1-2050

Distillers

I

Seagrams Ltd.

Ltd.

Fanny Farmer

Halifax Insurance Co.

MINNEAPOLIS &

Imperial Oil Ltd.

ST. LOUIS RAILROAD
(in reorganization)
Minn.

&

Minn.

Kerr

Lake

& St. Louis 6s

Loblaw

1934

Montreal

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

Iowa

Central 5s

Des

Moines

&

Fort

com

Ltd.

Corporation

Pend

Dodge 4s

last year.

Pap.

Refjrig. & Stor. Ltd.

Noranda

1951

4s

Mines

Groceterias, Inc.

Moore

1938

Central

Shore

1

Mines, Ltd.

Minnesota & Ontario

1932

& St. Louis 5s

Iowa

Addison Gold

;

Louis New Com., W.I.

St.

& St. Louis New 2nd 4s, W.I.

Minneapolis
Minneapolis
Minneapolis
Minneapolis

show

also

over

Stocks

Canadian Indus. A. B. &

Electrolux Corp.

Commission
terstate; Commerce
against the demands of the OPA),

gross

& pfd.

Dredging

Canadian Bank

\

able to offer
of these roads
from
bond market.

LEROY A. STRASBUR6ER & CO.
1

Gold

Bulolo

at substantial concessions

-

-

Canada

of

Brown Company com.

Southern Pacific# etc.

intangi¬

an

*

Corp. Ltd.

Corp. Ltd.

Tel. Co.

Bell

Lehigh Valley

indicate

earnings of $£1.20 a share on the
common stock which has recently
been selling, below 17.
In 1941,
fixed charges were covered 2.18
times and earnings on the com¬
mon stopk amounted to $9.21.
*

Lackawanna

//

pfj.

Algoma Steel Corp. com. & pfd.

likely that; net income for

^IJ

.80

H $,'56-73

Quebec Power 4s, 1962

trading markets in most
of the medium-priced Hail Bonds,
particularly obligations of

traffic. handled.-f. With-the highly
favorable December results it now

6

Paper 5s, 1960

Ht.&Pr. 3

Shawinigan Wtr. & Pow. 4s, '61

r again established new all-'"
records 'for the volume of

seems

1949

Hydro Elec. 6s, 1944

Minn. & Ontario

whole the com-^-

as a

'45

%1969-B;

Internal'! Pow. & P., N.F. 5s, '68

py the December report which showed net operating income of
$13,159,837 Compared with only $2,728,998 realized a year earlier.
In addition/ December; 1942, broke all precedents by showing a
level, of business above that of October, the usual peak of the year.

Ltd.

Mines

Orielle

Mines

1935

Shawinigan Water & Power Co.

is

Steel Co. of Canada Ltd.

Frederic H. Hatch & Co.

that

,

;

1949

Canadian

certainly no indication
new high—124.31.
The rails,
of a possible retrogression in the
Tuesday
however, with a close objec¬
company's
saw
a
operating
efficiency
strong market with tive of
29.22, managed to get under the burden imposed by the
volume showing the first millto only 29.04.
record; traffic.
The main poten¬
1
ion share day in 1943.
It is
another rise in
*'A* ^>i://;Sv7,, tial. deterrents to year, i therefore,
net results this
possible this improvement of
Why the rails should have are taxes and wages.;
*,r ;,
not only Tuesday but also the
three or four previous market to puff and huff to even get a | The wage -question is impos¬
few cents is a, problem that sible' to evaluate,/ being largely
sessions was in anticipation
dependent on political considera¬
of the news. ' But whatever you can get many solutions tions.; If the Government has any

do

we

Paper 6s,

prospective 1943 results im¬
possible for some time to come.

] At Tuesday's close the in¬
.

Int'l

of

Now the
swered:

market

1953

Canadian

question to be an¬
going One thing appears certain, how¬
/ ; As a story of international
straight up from here? Where ever, and that is that the actual
developments, the highlights will it
stop?: Or is the cur¬ volume of freight handled will
of the Casablanca conference
rent strength enough for the again move forward to new highs.
As cancellation of freight rate and
and the methods used in pub¬
time being?" In order to give
passenger fare
increases is not
licizing it makes engrossing Some kind of
answers, atten¬ considered likely (all indications
reading..; But of its effect on tion must be
given to the mar¬ point to-a firm stand by the In¬
the
:

1967

5s, 1959

j

close

a

Brown Company

SECURITIES

: neither

be, (Jan. :21 to Jan.
27)

in

unknown./ What

do know

we

and

they will materialize,

course

REORGANIZATION

this col¬

as

t.

is of

RAILROAD

s,

Algoma Cent. Hud. Bay 5s, 1959

Bell Teletype-NY 1-310

"

pessimistic, fore¬

more

^the armed services of.;the two pounced,if the market
does not: show;; any ^et-upcountries^ What, the outcome
and-go within the next week
of these conferences will
manner

Aldred Investment 47/2

New York

*

Canada North'n Power 5s,

/'J/ figure
j v-

news

BONDS

Vbitibi Power & Paper 5s, 1953

;

One group saw 110
immediate offing, an¬

•

soon

'

,

in doubt.

v

how1

,

Calgary Power 5s, 1960

of the r;-' As last week's column went
week was of course the Presi¬ to
press indications were pres¬
dent's dramatic trip to North
ent that ah upr-move had to
Africa. But all we know of it
pome almost immediately, or
was that talks were held be¬
the entire applecart would be
tween Roosevelt and: Church?
bpseh' " This; column flatlyjari^
;; ill and the chiefs of staff of

Or

Exchange

•

By WALTER WHYTE

/{ The' biggest'

Stock

Teletype NY 1-1310

,

umn

\

Broadway

Telephone—DIgby 4-4933

;

." •:

!

cast

>.<

\

>

;

is current op¬

so

61

NEW YORK

Telephone HAnover 2-1355

last week's

as

York

New

'■

•

ONE WALL ST.

unwarranted

CANADIAN

PFLUGFELDER, BAMPTON & RUST
Member*

Just

MUNICIPALS

Specializing in
Railroad Securities

-

.

Sun

Incorporated

■

Wall Street

63

Bell

New York,
Teletype NY 1-897

Life

Winnipeg

N. Y.

Assurance

Elec.

com.

& pfd.

r

*

earnings, and
The

■

:

/
•

the

reason

the market did go

'

up,;, and. that in the. final an-

V' :'l

■/alysiS is; what counts.
};///;;//.'/;^Vjv: * {

Yet solutions

to.

don't

count

-

for

or

answers

much.

The

fact/ we ha&eface; is- that
the

rails

could

not

make

a

/y

high, when j the industrials
Unfortunately this good ac¬ made theirs. This, suspicious
tion was good only to a cer¬
by itself, would not be so im¬
tain
point. / But if it,did portant {for the rails could
nothing else it showed again make their high a .few days
how a widespread belief can later) if
they had shown a
be misleading.
similar reluctance to follow
/y>/y;y/:.y'<
I

the

[ It

...

is

no

industrials

secret that for the side.

:'/■

on

the

{down

that

99

WALL STREET

:

fight agdinst an inflationary spi¬
ral, and of- stabilizing prices, there

Barring

a

Is ho justification for

more than
nominal -Wage increases in certain
classifications of rail labor.
An

overall

level.

rail

wages

guess

in

increase

of

3%

appears

to

as

5%

the

combined

surtax-rate "to

normal

tax

about 45%

is

hold

least

at

in

close

the

to.

a

has continued. to divert
substantial portion of the
earnings to debt retirement.

very

war

con¬

ened

lem

ties.

out
to

beyond the

embrace the

Full

Bought
;

1946

1949

details

as

credits

not

;Information

not

chance
be

that

the

faced with

able

as

debt in

system

are

y

This included $15,-

1942.

sub¬

000,000 of bank loans (eliminating
stantial liability in respect to 1943 i
(Continued on page 377)
any

stumbling blocks

-

room

believe

that

our

Study

MICH. — James J.
partner of Hornin charge
of
Detroit
office,
Penobscot

DETROIT,

Jr.,

for the

customers

rather |

of the firm, will tern-;
porarily be in charge of the De-*
troit office.

timely

Defaulted RR. Bond Index

•

Copies

plication of; the Dow theory
will- show that just as there
jwas;little in the action of last

Request

upon

.

; :;

1. h. roihehild &

co.

specialists in rails
<

11 wall »ireet

-

-.

-

.r

Weeks

partner

SEABOARD AIR LINE"
is

&

Building, has been appointed a
captain
in
the
U.
S.
Army.,
Charles
R.
Perrigo, a Chicago

"THE CURRENT OUTLOOK

bearish

bring;'out

Phelan In Army; Perrigo

their

on

-V

'f'A

Will Go To Detroit

blower

We

request

NEW YORK

Phelan,

appear.

upon

Quoted

72 WALL STREET

-

avail¬

yet, but the company it¬
roundly $30,000,000 of

—•

■

entire

self retired

is

operations

Sold

Van Tuyl & Abbe

prob¬

maturi¬

to

—

.

system

bullish side. 'An academic ap¬

Exports—Imports—Futuret;

RAILWAY COMPANY

;

agement

important to Southern Pa¬
prospective earnings than
the question of excess profits tax

good

;

SEABOARD AIR LINE

1942

7

-

is less

will

-

Toronto

Specializing in

'

A& had been expected; the man¬

H

and

there

1-395

Montreal

M

traffic; and : revenue.
heavy excess profits tax

cific's

carryovers,

HAnover 2-0980

be more
potential in¬

the

Last year this program was broad¬

and

Y.

Teletype NY

as

sidered almost inevitable, but this

a

ST., N.

New York

liability, then, it ,.is reasonable
expect that net earnings of
Pacific this. year will

best

-

"

wages

of its loudest adherents

Week's;/ market; toe
Iv

as

Bell

Southern

time. 1 An increase

at this

the

though hopefuh
As of Tuesday night, the opin¬
ion had veered sharply to the

SUGAR

by

WILLIAM
-

to

Just before this current rally
bccurred most;, technicians

were

;

serious -intention' of continuing its

in

well

as

in

52

the

should

above,

crease

in

HART SMITH & CO

•

and board

NEW YORK CITY

increase

increase

offset

than

From the present van¬
tage point, and based on expected

The Dow theory has always
opinion called for a market
There is
reaction. It was only the ex¬ had its adherents.
tent of the reaction which was nothing wrong with the the¬
ory; it's only in listening to

LAMBORN & CO.

moderate

outlined

.y.;..-. liability.'

past two weeks or so general

some

estimated

normal tax and surtax
a

entirely.

may escape

HAnover 2-9175

•

-•n.Y.c.-'

Tele, 1ST 1-1293

The defaulted railroad bond in-,

Bampton &;
Broadway,. New .York
City, shows the following grange,
for Jan. 1.. 1939, to date: high—:

dex

Bust,

of

Pflugfelder,

61

■
"

»■ ,ji

i

,




r >

iJContinued

on page

44/ lqw-rr-14 %; Jan. 27. price-r43 %.*

380) j/;>;
»

i •:/

..

i ;j;»'

t

I

;

THE COMMERCIAL &

358

FINANCIAL CHRONICLE

Thursday; January 28, 1943

»

North American

Bank and

Cement Corp.

Insurance

Even the censors

Stocks

All Issues

down—we

letter

a

Duke

Inquiries invited in all

Pacific

Laird, Bissell & Meeds
Members

Stock

York

New
other

DIgby,

Telephone

Stock

York

New

since

:

LONDON OFFICES
v

August

-

3

8

;"V

Dear Mom:-—

:

.

.

150

-

At

a meeting of the BoarJ of Directors
held January 25, 1943, a dividend <?f

j

Bishopsgate, E. C. \2

fifteen

WptSmithficll E. C. /

on

Char tag Cross, S. W. /

49

a thing, ■/.
The censor's to- blame.

;

: 7

,

64 New Bond Street, W. I

-

'

Just say that I'm well, ;
And sign my name.

be mailed.

Can't tell where

Bank and Insurance Stocks

;TOTAL ASSETS
,;.A

•

.'

v

number," :

even

Deacon's-

Bank,

Giyn Mills & Co.

The meals that I ate,;

,

••%.,;

.

.

Ltd.

>

COMMON DIVIDHND

,

,

i;

.Can't-

This Week—Rank Stocks

where, we're .going,

say

of Dec.

Couldn't inform you,
If met by a band,
*

,

a

Can't mention
'

———

City
Continental Bank

Trust

&

aa-*-:-'-.--

63.75

+

74.375

+

12.5%

46.50

+

9.4%

•155

National

169,

-

.

27.875

i

National

Public

First National

238.

______

_________

,

28.75

'

____________

Trust

40.75

39.75

—___—

&

77.75

75.75

Central Hanover
IMted States Trust—
Bank

of

322

York—

New

t. O it

—

.

.

of

seriousness

under

--

5.8%

stockholders.

of

the

institutions, themselves,- a general
tone of confidence arid optimism

of; 1932 * is father

was

stocks,

for

to

as

difficult to

um

derstand.

True, there had been
scattered dividend reductions, and
banks were faced with stiffer tax¬

ation and greater operating

but their earning assets

penses;
Lad

;

been

expanding

expressed.

Nearly all of New York City's

steadily
and substantially for three years,
so

Bankers Association and the New
York

lind were headed for still greater

growth; that this pessimistic view

ALFRED

;

in,

and largest bank in Australasia.

.

all States

in

and -London,

^

It

offers

;

■

,

:

And close

!

•

.'

*

W

:

to

coinplots

investors,
thes#

itr

Thread needle

Street^ E.

C,

Berkeley-Square; W, I
the

•

t'.

S.

A.

• •<

•

This

is

all

to. ; the

oh

NATIONAL BANK

healthy earnings .will help ;t6." as¬
sure a healthy financial position;
when peace comes,*
J ;7; *TCv7

Head
;

Commercial

DIVIDEND NOTICE

.'J >"*

Office

No.

Dec.

on

31

stood

of the operating results

25% above the April 22 low.
i
That there was little cause for
such pessimism is evident to

who

one

attended

than

on

reporting

Jan. 12

and

institutions

on

and Who

20,

Jan.

have

in

some

1

Cairo

'•

;

'.

pf

•'

J
Manhattan.

Bankers'

Trust

$1.37

National

0.58

2.68

,

.

and

.LONDON

7

'■ AGENCY

William

King

••,

■.

' ■/

1.17

106.42

14.25

C.

Street, E.

together against the deposit of
only namely No. 191;

0.89

in

that

net

lower,'

,

l.lf

2.18

with

6.06

.

that net oper¬

the

profits

were

exception

of

As a general thing, the 19 banks
the

first

of

tabulations showed

an

the

holdings

of

accompanied by
loans

the

while

declined.

above

increase in

Governments,

expansion in
their commercial
an

As

measured

by

reported figures of the Fed¬

eral

Reserve

member

.

banks

in

New York

from

City, total U. S. Gov¬
obligations
increased
$6,924,000,009 on Dec. 31,

1941,

to

ernment

$11,611,000,000 on Dec.
20, 1942. a growth of $4,687,000,€00
on

or

67.7%.

Commercial loans,

the other hand, declined from

a

of

measure

posits

crop




'V ;

ported
the

by the

New

the

:

1943,

to

Rtcckholders

business February 8,

E., H., DIXON,

Association.

On

change in de¬

of

of Eaton Manufaauring
Company has declared a dividend of
Seventy-five Cents (75c) per share on
the Outstanding common stock of the
Company, payable February 20,

1943'.

Treasurer.

1943, to shareholders of record at the
close of business February 5, 1943.

Twenty Year fi% External Gold BondvS, Due January 1, 1042 Thirty-Year 5V3% External. Loan Gold Bonds, Due August I, 1055

Clearing

City of Copenhagen

;

'

'

•

Twenty-Five-Y-eafv0i?% Gold,Bonds,^Due May;t, 1953:

COMPANY

Danish Consolidated Municipal Loan

were

•

Quarterly dividend No. • 98 of one- dollar and
seventy-five cents ($1.75) per share on the pref¬

all

quite
con¬

1, -1943, has

payable March

record

stockholders

of

February

to

been
close

the

1943.

SANFORD

5,

at

B. .WHITE,

Secretary.,

Forty-five Year 5^9 Sinking Fund E&ternal Gold Bonds Scries IX, of 1027

•

The undersigned

ment

for the

Due December 1. 107^

'

,

-

The United Corporation

,

Minister'of" Denmark, in Washington makes the following state¬

information

of:

bondholders1 of-the above-^described

For the purpose of paying February 1, 1943. coupons of Kingdom of Denmark
5Vz% External Loan Gold Bonds..due August I, 1955, and Danish Consolidated Munici¬
pal Loan Twenty-live Year
"External Gold Bonds, due February 1, 1953, I propose

to-put the particular paying-agents, in-funds so far as it is
to

make-coupon payments

these

two

to holders,, other-than residents

$3 Cumulative Preference Stock

issues;

The

a

estimated to be necessary
of Denmark, of bonds of

February 1, 1943 coupon payments will, be subject to
granted to paying-agents by the United States Treasury.

standing

such licences as may be

Stock,

conformity with my announcement of-December-30, 1942, I purpose-to make
announcements with a-,, view to keeping- .bondholders informed of further
developments relating to the above-described. loans. ;
-rv
YIENRIK KALFFMAXN
Envoy .Extraordinary and Minister Plenipotentiary
..'of His Majesty the King of Denmark
January 27,'1943.

J

;

.

*

Directors

of

of

$1.00

arrears,

declared
share,

per

the

upon

$3 .Cumulative

The

of

has

on

out¬

Preference

payable February 9,

1943,

to

'the, holders of,record at the close of,
business February 2,
THOMAS. H.

-

D. C.,

dividend

account

.

In

of,

Corporation

'

issues.

Washington.

Board

-United

-

therefore,

stock,

business

(Kongeriget -Danniarks Hypotekbank)

subsequent
seems

of'

Mortgage Bank; of th^ Kingdom of Denmark

war

things

erred

declared

.

upward trend will, with
little
doubt, be maintained
through 1943, for so long as the

of the past decade.. It

•

.

Thirty-Year 5Ve% External Sinking- Fund Gold Bonds, Due November 1, 1955
Twenty-five Year 5% External Gold Bonds, Due February t, 1053

-

This

outlook, then,'-is for expanding
deposits, a rising volume of Gov¬
ernment holdings, heavier taxes
and
higher operating expenses.
But gross earnings will also
rise,
and to probably the
highest level

HARVESTER

INTERNATIONAL

Twenty-Five Year 5% Gold Bonds, Due June 1, 1052
•

Dec.

lasts war-finance must be the
main business of the banks.
The

'.. 1943

«

*

House

H; C. STUESSY,
Secretary - Treasurer

January 18,
"

Thirty-Four Year 4^.5% External Loan Gold Bonds, Due April 15, UMW

:

i

.

31, 1941,
reported at $16,389,on DeC. 30, 1942, at
$19,857,499,000, an expansion of
$3,468,047,000 or 21.2%.

likely

NO; 72

The Board of Directors

Kingdom of Denmark

•

the ^figures re¬
member banks of

York.

Cleveland, Ohio

DIVIDEND

dividend, of $2.75 per share was,declared on
the $7, Preferred. Stock cf* the Corporation for

»

.

take

we

to $2,422,000,000, a sidered, that 1943 net operating
of $151,000,000 or 5.9%. As profits need not compare unfavor-

$2 573,000.000

/

,

Notice do the i Holders of:

.,

deposits,

'

,

FINANCIAL NOTICE

■

452,000 and

their

;

EATON MANUFACTURING COMPANY

-

87 Preferred 'Stock'Dividend
:;
At a meeting of the" Board of Directors of
United Gas Corporation held January 27, 1943,

r ;

t

payment March '
Haryey, 'Trmmr. record at'the close1,of

•

1,26

these

in

) ■•;

0.43

3.44

higher for each
than in 1941, but

security

10,1943.;

■|^rv;:vUNn,ED--GAS CORPORATION

January 27, 1745

!

Bankers Trust and Manufacturers

listed

Checks will be mailed.

1943

1.42

5.36

were

1942

;American^

close of business February

;

;

BRITISH-AMERICAN

TOBACCO COMPANY, Limited
I»m.arv 19.

f

I,

!

■':»

0.07

4.03

Trust, which reported increases.
;

March
at tW

principal Towns in
EGYPT and the SUDAN
.

DIVIDEND NOTICE

Company,-payable^in cash, ;on'
1943; to; stockholders^of» record.^

.Tobacco

1.41

0.84

1.94

It will be noted

bank

.and Cbinmon Stock B of The

'

Trust—

ating profits

•;

one

Coupon

the

Seventy-fiy^.C^nts;,

0.37

16.28

0.21

3.91

City

York

7.02

0.70

^Includes City Bank Farmers Trust.

^

,

all

receive dividends.

As regards Bearer Warrants .the
above dividends will be paid

*—8.76

Irving Trust
Manufacturers
"National

Branches in

; :

to

two

0.14

102.50

—

Cjuaranty Trust

New

$1.81
3.39

0.25

March

transferees

(75$) per shV,;«- arid.,an.
Twenty-five'Ceiits (25f) pei^ shave; Imve^
been declared upon the Common; S^ck.

;

2.60

.i——^

Cheinical

First

.

Security
-$0.65

3.19

:

lixTRA;DiviDENp^'^"'^,;^^

AN

regular dividend; Of'

;A

—-1942 Net-Earnings-

Operating

to

up

1L 1943 Will be in time to enable

£3,000,000

J'i C

Common. Dividend and

150th
•

14
studied share basis:

Security
$0 43

Tax... '

Income

;

S

if v

possible ih several instances,
and are giveii below on a per

13,

-

£3,000,000

-

are

—1941 Net Earnings—*
of

the

British

:

Fifth Avenue

lit

'were

substantially

One

,

form last year, comparisons
of 1942 results With those: of 1941

Operating

Eank

banks

pay

Divi¬

RESERVE FUND

y/iv

same

nNational Bank Day), the meet¬
ings of New York State char¬
tered

as

to

Ten Pence for each

of

<Transfers received

formerly possible.

Inasmuch

any

stockholders'

meetings in; New York

was

of banks

^

1943 Interim

31,

FC1LLY PAID CAPITAL

.

index

^

.decided

Ordinary Stock for the
current year on the- issued
Ordi¬
nary Stock of the Company: free

appears

the

March

dend

Caire

Register

»■

each

Pound of

of EGYPT

to 'Consider the standardization of

to have been unrealistic,
bank income reports.
This is a
the least. It changed dur¬
great step forward and permits
ing the second half of the year,, a fairer
comparison to be made

£2,442r729.<
-Directors have

;

good; ; since

pay¬

Four Pence, for

of

be

ably with those achieved iri 1942;
'

1943

1943 of Final

564. for the previous year.
After
paying Final Dividend amounting
to £395,963 the carry* forward will

-

;

DUKE;: JR..;

.

15,

31,

ing for taxation and. contingencies
are.£3,065,348 asagainst £4,087,-

1 •

with-Banks

'Agencr arrangements

March

on

Ordinary Stock free
of British. Income Tax upon the is¬
sued Ordinary Stock.
;
Net profits for the year after
deducting all charges and expenses
for management etc, and. provid¬

-

throaehflut

J:/

vYour loving son,

,

Association,
appointed last year

were

tp say

for

held ^February

One Pound of

in

LONDON OFFICES:

/

,;W-r:-v ';.47

a letter^:- "
with "Good Night.";

most

interested

travellers

countries.

V'

the

banking service

and .efficient

stockhold¬

to

the annual meeting-fixed tor

Dividend

With ovei

of. Australia,

recommend

to

at

be

New-Zealand, Fiji, Papua and New Guinea;

i; %%

,

Company

of the Directors
1943 it was de¬

ers

George Street, SIDNEY

Office:

rneetingr

a

January: 19,

cided

DAVIDSON, K.B.E.,
Manager-

Bankers

State

Which,

At

held

.-_£150,939,354

The. flank, of New South Wales is the oldest

29

leading banking institutions re¬
ported earnings for 1942 on the
form
recently, recommended by
committees,
of
the,
American

ex¬

•

Just what I CAN write,; •:

j

was

Why. the

60.3.

fearful

so

sin.

Can't say for. sure, folks,"

situation

war

appraise them at
levels' below the deflated values

low of

was

Head

;

" -Vv r. *

Borden

E. r.. NOETZEL; rn- mnr

£23,710,000
.

—14.4%

given full recognition, yet, bs
regards the affairs of the banking

193^

iharket

a

'

:

8,780,000

General

*

=

i

♦

:„Sept., .194l

traders- and-

.2.6%.

bank

the

/

The
1

Ajrgrejrafe'' •-Assets-', - 30th.'.-

>

'

""

©,150,000

.

.",V

Can't keep the envelopes,

annual reports to
Though the deadly

the

stpod

2%

J, J ^

will be mailed.

;

£8,780,000

Reserva'Fund

*;

1943, Checks

February,.

business

-

1817>

Reserva Liability: of Prop.

j' So. V, . I'll calf this

l^w York bank stock's occurred1
drj. April 22, when the index
nearly

i

/

.SIR

Your letters come

—10.2%

,

38

(ESTABLISHED

$70- branches

for'»

year

many

at ,59.2,

289

-

44.375

_——.

I The market low of the

;

.

3.5%.

-

Bankers Trust

..

a

—

1,050

1,115

__

h

'+■

+
,3.1%
—,0.4%
2.5%

.

'

Chemical Bank

night.

me at

For such is

R/!

,

-r
'■

1,145

1,150

—

"""",'7

l

ment

9.0%

+.
■T-

v

~

230

•a

flashlight,. J;-.f

Can't keep a diary,

*

'Trusty

.

j;

cig,
Except out Of sight.;

14.3%

,

AVERAGE

i

Cjriaranty

guide

a

Can't smoke

■14.5%

+

42.50

NEW SOUTH WALES

;

;r

+ 14.9'r

11.873
37

66.125

—

To

15.1%-

+

32.375

.__.o_.i___,..

.York Trust_______—

Commercial

29.50

55.50

Empire Trust

; v -

'■;

"Military Secrets,''

Can't have

+17.6%

,

10.375

Irving Trust
Manufacturers Trust

rClompany, payable March 1, 1943, to
'
stockholders of record at the close of

i

1+19.9';

13.375

25.625

—.

J—

Brooklyn Trust

.

BANK OF

+20.4%

.

30.125 V

,

11.375

-w---

O-(30^')-per share has been declared 0:1
the outstanding common stock o! this

..

weather,'k

Must secrets remain.

+24.2';.

.

17

14.125

dhase National

New

$37,875

25.125

National

,.

No. 132

_

M

Paid-Uj# Capital
All

Change

Dec. 31, "42

'$30.50

.Exchange
Bank of 'Manhattan..-^-.——

.

Australia and New Zealand

Per Cent

-Asked Price—

Corn

V

-

Can't say if there's raiii/

following' tabulation;
Dec. 31, "41

■,

,

gain of 4.2%: The performance of individual
sitocks, however, showed great diversity, as will be • noted in • the

31, 1941,

.

-

I,
New York City bank stocks, as* measured by "Standard & Poor's
Weekly Index" of 19 stocks, closed 1942 at 74.0-compared with, 71.0
as

-

! An interim -dividend- of-thirty-cents

J

Don't know where we'll land;,,

By E. A. VAN DEtJSEN

•

Secretary'

"

Associated Banks:

.

Williams

Can't

W. M. O'CONNOR

;.

January 25, 1943

•

7

;

stock¬

1943, to

V1;£98,263,226

.

sail from,

we

Can't mention'the date.' V

declared

Was

the Company,

or

February 19, 1943. Checks will

ness

J

.?

share

per

holders of record at the close of busL

tt. A. Gibbs, Manager Trading Department'

4-2525

cents

the Common Stock

payable March 15,

.Burlington Gardens,■ W, I

:j

„

Can't write

l-t24S-49

Teletype—NY

throughout Scotland

NUMBER

Exchange

Telephone: BArclaj 7-3500
Bell

COMMON

OFFICE—Edinburgh

Branches

mother

7th:

BROADWAY, NEW YORK CITY

120

NEW YORK

WALL ST.

1

Exchange

leading exchanges

THE ATLANTIC REFINING CO.

Charter 1727

DIVIDEND

HEAD

reprinting

Hunter, Jr., who has Ween

Southwest

and

can't; get this
are

his

to

sent

^ Incorporated' by -Royal

serving with the Marines in .the

Unlisted Issues

Members

Royal Bank of Scotland

This Marine Either
Marine

NOTICES

DIVIDEND

Censors Gan't Lick

Wilmington, Delaware
January 20, 1943.
.

1943.

STACY, Secretaryt

.Volume 157

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4146

359

Harbison &

Gregory
Opens in Los Angeles

The Securities Salesman's Coinei

Announcement

.

of

the

has

formation

ship: of

A SPECIAL SITUATION

V

^

Harbison

conduct

SOME SUGGESTIONS FOR SELLING

a

Last week, in this column, we suggested the use of the "special
'situation" in order to open new accounts among larger investors.

the I, N.

&

with

SERIES

rtMTlBS

LOW-PRICED

partner¬

Gregory
general investment

curities ^business

}

INCOME

made

been

the

of

\

BOND

SERIES

LOW-PRICED

in

offices

COMMON

Then

select

FIRST MUTUAL TRUST
Prospectuses

1

Send them
r.".'

•

'

;

: :

has

served

as

its

SECURITIES & RESEARCH
120

1

President

..

,,

.

.

7
7
since I have seen you and, first of all,

Broadway, New York

Investment Trusts

there in 1923 to affiliate himself
w*th the financial- fraternity of
Los Angeles

As

President of the

enjoying good health. ■
;-7 : J firm bearing his name he has been
sent you a mailing just to keep in touch a member of Los Angeles Stock
with you more than anything else.
'
Exchange
since
19333 and was
;
Recently our firm completed a serious study of one of the most J elected a member of its Governoutstanding investment situations we have ever been fortunate ing Board in 1942
enough to run into.
We believe we have definitely uncovered at; Associated with the two
pr.incompany that has one of the greatest futures (through its estab¬ cipals as account executives will
lished production of byproducts and chemical research) that exists be
Fred
L.
Clarke, N. Milton
today.
We have gone thoroughly into this situation—have estab¬
Boore, John S. Mitchell, George
lished strong contacts with the management, have access to the V;
Honeycutt and Ross K. Boore.
facts, and in every possible way have come to the realization that The latter will be in charge of
this is one of the few companies that should make revolutionary
the firm's; Pasadena office at 385
progress in the next several years that lie ahead.
:
f
East Green Street. J. G. Hender¬
Today it isn't easy to find an investment that offers safety, to son will be
manager of the Stock
a marked degree, a satisfactory income, marketability, and in addi¬
Department
while
Warren
B.
tion possibilities for genuine appreciation—despite war, high taxes
Bailey .will serve as manager of
'and; the probability of an inflationary cycle, which some day may The" Investment
Department. Wil¬
'come around.
This ; we concientiously believe is what we have;; liam
V., Hull has been appointed
"uncovered. in "this instance. ■
v ■ ■•J/ fftf f/; ■: '// -./T/
cashier.
v*
this finds

request

upon

ship in Kentucky, migrating from

i

-

?

Tt has been several years

I hope

:

.

-

.

this:

-'•••

:
•
Smith:

Mr.

Dear

letter something like

a

and

FUND

R. N.
the larger ."unit continuously since 1932.
Gregory served his apprentice¬

which you believe to be among

those

buyers''
,

twice in the past.

SERIES

McClarty Harbison,

.

or

SERIES

INTERNATIONAL

STOCK SERIES

Van Nuys Building, ;
.

have done business with you only once

PREFERRED
STOCK

se¬

formerly a
of Dunk-Harbison
Co.,
This week, we follow up with a letter that can be used (changed partner
entered "the
securities
industry
according to your own circumstances, of course) for this purpose.
here in 1922. He, became a mem¬
1
First step, make an inventory of the non-active names in your
ber
off Los, 'Angeles Stock Ex¬
'present prospect and customer files, f Cull out all those individuals
that-for some reason or another have not been followed consistently change in 1925,, was elected to its
Governing Board Jan. 16, 1929
!by your sales organization.
Among them may be a few individuals
.that

oERIES

BOND SERIES

to

you

"

Occasionally I

have

VITALITY

-

.

.

•next

kind permission I am going to

your

'phone

in the

you

Harbison

&

Gregory

few days to

will

see

to

'v:v.-7.With kindest regards,'. I'
i

remain,'■'7

of

securities

preparation and
statistical; and

/'/

\

7 '

>

j

(Partner

or

Salesman)/?.';

-

well

as

'Dunk-Harbison

It

not the

was

undisciplined vitality of a spoiled
child
which
one
might
have
in

sensed

large

a

of

measure

evidence of vitality at the membership dinner

Companies

Monday evening.

gathering of invest¬
leaders of the late

a

ment company

of

Mr.

it.

did

Purcell

not

say

how

he thought this latter situa¬
tion should be cured.
From

personal observation this

writer

that

knows

investment

company sponsors are

mature man who has
made
his
mistakes,
taken
his
bumps, and is confident of his
ability to meet the problems of

of both "weaknesses."

suggested that court action is the
only sensible cure for companies

the future.

through

vitality of

the

—

—

capital although such capital no
longer has any asset value back

controlled

It

Twentiesj

was

a

which

well

aware

Some have

the

still being controlled
ownership
of
"undert
water" junior equities.
With re^-

approximately 175 members and
guests put it, "I figure that any¬

the

spect to the small company, how¬
ever,
sponsors
who
have
at¬

As

N.

R.

was

given
at
New York's University Club last

information.

Co.* and

Certainly there

vestment

dissemination of

other

continu-

or

discouragements
over the past

'if":,'

of the National Association of In-«>

be

as

has demonstrated

that power.
>

the obstacles and

investment company field

the

admit that it

decade, must

you.

sale

<

Anyone acquainted with

;

which have confronted

ask you when it would be convenient for me Ho; members
/ of Los Angeles
Stock
You can be certain that there will be no obliga¬
Exchange "and maintain complete
tion upon your part—I just desire to give you the benefit of the
facilities
for The
purchase and
facts—which in this instance, as I have said, are truly exceptional.;

/call to

the "power of enduring

as

'

ing.

•

;;tf With

defines vitality

Webster

old-timer

one

'

v

is

still

among

in this business

are

,

tempted

to follow Mr. Purcell's
advice are wondering if the SEG
;The purpose of this letter, the pre-arranged interview, and the Gregory; & Co. will be dissolved today has got to be good!"
in connection with the formation
personal touch, is to set up this one situation on a pedestal. \ Making
-Under
the
able
direction
of really expects much headway to
it important, however, implied that' you have a real situation to ; of Harbison & Gregory.
Edward Association President Paul Bar- be made so long as it maintains
one

when

is
you get on the . job with your prospect. ; Even if some; Dunk
leaving the securities
telephone calls result in turndowns, that is all -right.;' Better business to devote himself to per-1
five or ten real interviews than fifty, wild swings at the air. : One sbnal affairs and will maintain of-s
caution, however—don't be dragged into a discussion of your offer-: ficesMn the; Van Nuys Building, i
ing over the telephone.
Phone for the appointment—don't try and; ; Formation of Harbison & Greg-

offer

of the

have

interview over the 'phone.
The more important your cu'jr was previously reported in;
situation is to you—the more interesting and important it will appear! the ' Financial Chronicle/ of Jan. f
*
to your prospect.
The more important it is to him, the closer you 21st.
are to your order and your "new account."
4
V
"Selling methods never change—times and conditions;change—
but the same old common sense that prevails in human nature is | Chain Store Performance ;
-Childs,: Jeffries & Thorndike,
basic."
Inc., - 50. / Broadway,
New York
City, ;have issued a circular on
your

Thoughts On Tomorrow

-

A controlled optimism, based on

o

Electric Bond & Share

sober consideration of current and

The research staff of Goodbody

V

expected events, is daily .becoming
/& Co., 115 Broadway, New York more prevalent among the .people
City, members of the New York in the financial district.
This is
Stock Exchange and other leading
indeed heartening and speaks well
exchanges, has recently completed of the rugged character of men
'an extensive investigation of the
who for more than a decade have
various developments now taking had
too

>place in the Electric Bond & Share
situation, including the related
United Gas Corp. and the Electric
;Power & Light Corp.
The profit

possibilities in the various deben¬
tures and preferred and common
'stocks are analyzed in consider•able

detail, while efforts are also

•;made to gauge the possible timing
likely to influence these
different
securities
marketwise.

; factors

,

'Increasing

market

has

attention

tholet, the program was drawn up

its

to include Chairman Ganson Pur-

fer of

cell/of the SEC, Professor Sumner
H. Siichter of Harvard and Mayo

of

Ar

Chicago

felt

Corporation

v

Association

the

should

values and marked i. price of Dec.
31 of each year per

share. Copies

of the circular with data
cial

situations / which

on

spe¬

to

deavor

en¬

"should

step

said Mr. Purcell,
in and merge such
either
with
larger

companies

with several other small

or

the

trolled

Thorndike.

by

owners

of the junior

preoccupied

with

war

to

The

securities

/recently been centered on certain
;of the preferred issues selling at
.large discounts, carrying substan¬

incidental

was

an

companies

Company Act
specifically pro¬
endeavor.

made

by

One

Professor

the

lighter

tell whether

side,
Mr.

essaying ;: humor
when

he

former

read

we

was

prophecy

letter

a

investment

could

Purcell

or

;

from

adviser

a;

who

had retired to

a goat farm. Judg¬
ing from present political trends

—and

the

aforementioned

vital-

ty—our own guess would be that
the goat farm is likely to get more
from the membership of

recruits

SEC

than

the

from

invest**

Best

"With

INVESTORS MUTUAL, INC.

of

of

all

one

all

;

liked

we

the

fore¬

grizzled veteran thai
money that's going

the

(Continued

377)

page

on

}>'

•

ago

tial accumulations and which are

industry

On
not

cast

tion

converting ; its
efforts
to
peace-time pursuits, the securities
industry will have a big job to do.

investment

statement

the

na¬

a

that

ment company field.

nation necessarily

a

fect

could contribute to this need and

was

vital, effective role in the vic¬
torious post-war era; that when
turn from

venture capital.
We
particularly impressed with

Mr. Purcell's comments to the ef¬

company

one,"

"Some

units

One

cure.

small investment

a

we

speakers Stressed the need

postwar

were

that the Investment

firm companies. *; Security
holders
considers:: particularly attractive,; should be given a chance to with¬
many t reasons' which
draw on an equitable basis if they
and .a tabulation "of chain store:
might well:have- made them Into:
want to." The other weakness he
confirmed pessimists.
company sales may be had upon
L
referred- to was the
closed-end
One conviction now commonly; request from *, Childs, Jeffries
& company which is still being con¬
held is that Wall Street will have

management contracts.

The

;(■
/;T;(■
pointed to "two in his opinion
spots" in the field Which he vides for such

presided.
Pdrcell

weak

as

Richard Wagner, Presi¬

of "the

// Mr.'

the

Bar Association

Massachusetts

speakers.
dent

of

President

Shattuck,;

prohibition against the trans¬

this
the Siichter on
point left no
which doubt as to where he stood. "The
chain store performance for 1917has shrunk to a point where it propensity
to
venture
is
more
1943 containing interesting charts
can
no
longer be opera ted eco - important than the propensity to
of
'
k
earhings(^ividendSi net asset nomically as an independent unit. save," he said.
.

Profit Possibilities Of

who

mow

moving towards possible re¬

important factor some 50 years'
when industrial expansion got
under way

this

and it
the

to

was

more

than;

attainment

by

the

of

highest livr
capitalization.
These studies are ing standard among the countries;
iavailable without charge and may of the world;
Private enterprise'
be had iipon request from Goodis still an example of our way pL
body ' & - Co.
■
>71 life, and Wall Street is, still tho
country

Custodian Funds

,

through t which ' private;
capital:; flows into the; great.(in¬
dustries that are living tributes tb\
the
democratic
system. ~ New
York Curb Exchange..
/ ■-■/ !: -/

;

Lilienthal, Simon, Gumbel i
Join J. Barth & Co.
•!

;

<

<Speciai t<r Thfi Financial Chronicle)

;>

CALIF.—
Arthur
Frederick
Simon and George. G. Gumbel, all
formerly with Strassburger & Co.,
.

SAN

FRANCISCO,
G. Lilienthal,

-

become

ienthal

with

associated

& Co.




-

!

J.

.

.

AN

OPEN

END

INVESTMENT COMPANY

Speculative Bond Fund

,

.

,

...

.

.

.

.

.

The

New

York

Hanseatic

poration,

from

the

120

firm

upon

on

request from Principal

.

.

.

request;

'

7

1ST.

INVESTORS

SYNDICATE

.

U94

Quality Common Stock Fund
Income Common. Stock Fund

.

.

.

.

,

.

,

.

.

..

THE

PRINCIPAL

CITIES

OF

THE

UNITED

STATES

may

be obtained from

your

dealer

SI

.

.

.

Low Priced Common Stock Fund

Prospectus

IN

K2

.

Appreciation Common Stock Fund

MINNEAPOLIS, MINNESOTA

OFFICES

KJ.

.

.

COMMON STOCKS

Underwriter

Cor¬

Broadway,

B3

F4

PREFERRED STOCKS
Income Preferred Stock Fund

Prospectus

N. Y. Banks & Trust Cos.

FT
•B1

.

.

Appreciation Preferred Stock Fund

New
Barth
&.
Co.,
482
California York City, have prepared an in¬
.Street, members of the New York teresting comparative table of the
and
San
Francisco.. Stock
Ex¬ leading banks and. trust compa-r
changes. In the past Mr. Lilien¬ nies of New York as of Dec. 31,
thal was a partner in M. P. Lil- 1942, copies of which may be had
have

BONDS

Business Men's Investment Bond Fund
Medium Priced Bond Fund
Low Priced Bond Fund
>

medium

S2

.

rfl
or jro.it

The Keystone Corp. of Boston
50

congress street,

boston

'

1..

r'p.ljr.' ,Tv"f •,'»Jn"'"tPjVI-i<'.

(..'f

Cttl'HlMI*!"! V ■U'l'/Trft.' .!«,«

THE COMMERCIAL & FINANCIAL CHRONICLE

360

Thursday, January 28, 1943
VIRGINIA

Dealers Exclusively in

canadian
Government,

Wire Bids

MUNICIPAL BONDS

Municipal and

We devote

Corporation Bonds

special attention

to

And its

NEW

Municipalities

VIRGINIA—WEST VIRGINIA

obligations of

PENNSYLVANIA

NORTH and SOUTH

JERSEY

CAROLINA

And its Municipalities

'

MUNICIPAL BONDS

,

F. B. Asiiplant & Co.

A. Webster Dougherty & Co.
CHESTNUT STREET

1421

NEW YORK
Bell System

F. W.

Municipal Bonds

REctor 2-1545

Two Wall Street

CRAIGIE&CO.

PHILADELPHIA

:

RICHMOND,

Philadelphia

Teletype

New York

Rittenhouse 2580

Teletype—NY 1-69

on

PH 70

BOwling Green 9-8184

Bell

VIRGINIA

System Teletype: RH 83 St 84

Telephone 3-9137

tured

Bonds will be

1962.

re¬

Stating that accurate forecasts

deemed at par
A

syndicate headed

Mr.

by Braun,

Johnston

the

that

warned

"present drop in the sale of gaso¬
line is becoming dangerously near
the point where ,the
(highway)
department cannot pay its obli¬
gations and carry on a reasonable
program of existence in mainte¬

Bosworth & Co., Toledo, was the

successful bidder for the $3,000,-

City of Toledo, Ohio, 2%%
and 2^% waterworks first mort¬
000

bonds offered at
bidding on Tuesday
by the Prudential Life Insurance nance and administration."
Co., New York. The bankers ac¬
Missouri May Need
quired the bonds at a; price of
110.577, a net cost basis of about More Debt Service Income
1J9%.
This was the highest of
Possibility that the State may
th£ five offers received by. the
have to impose a property tax to
insurance
company,
the
other
supplement income from the usual
bids
ranging in price from
sources
used. in the payment of
100.646 by Blyth & Co., and Asso¬
outstanding highway obligations
ciates, to 109.179.
is suggested in news reports from
The purchasers re-offered the the State
Capitol concerning the
bqpds for general investment on financial problems of the State.
th# following basis: 2%% non- This view is based on the fact that
qntional bonds due from 1948 to last
year there was a decline of
l§f>0 incl., were priced to yield about $3,000,000 in receipts from
from 1.10% to 1.90%; the 2%% automobile licenses and the gaso¬
qntionals, maturing 1961-1969, of¬ line tax and a continuing decline
fered at a price of 113; the 2V2% is expected.
Road bond require¬
nationals which mature in 1970 ments as well as all other highway
wire priced at 110. >;The 2%%
expenditures have been met from
and
2V2%
optional bonds are these sources.
callable after Dec. 1, 1956, as 102.
gage

revenue

competitive

Within the next two years, it

-to

addition

In

worth

Braun,

in
the
Fkhey,
Clark

bers

Bos¬

is

other mem¬

the

Co.,

&

included
Co.,
Field,

group

&

out,

$16,-

total of

a

ma-

outstanding

on

is also reported that

It

the State may increase its sales
tax from two to

Hayden, Miller & Co. and

in

order

tween

to

three per cent

bridge the

gap

be¬

revenues

anticipated

and

$#uth Carolina May

Refund Highway Bonds

opening session of the State legis¬
lature on Jan. 19, Governor Olin
D, Johnston declared that no ad¬
ditional bonds should be sold for
rp$d purposes and observed that
iq event of a continued drop in
said. ;
■
gasoline tax revenues it may be
necessary to sell refunding bonds
"ip order to save the credit of the Atlanta, Ga., 1942 Tax
Stgte." The finance committee of Payments Set Record
the highway department, he said,
Taxpayers set an all-time record
Should maintain a close watch on for tax
payments in 1942, paying
ptl of its financial affairs and
$6,104,869
into
the
municipal
Stated that the department has al¬
treasury, or $255,313 more than
ready started to drastically cut
the total of $5,849,577 paid in 1941,
expenditures in order to live

according to figures made public

within its income as much as pos¬

sible. Pointing out that highway
4#bt service needs in 1943' ap¬

proximate $8,000,000, the Gov'-ejrpor declared that this figure is

estimate of the State's gen¬
eral
fund
surplus,
although

%p

$8,000,000

the

by

of

the redemption

large

this

the

vision, and
ance

invested in

be

no

time

Stating

Governor

for

new

bp

went

amended

$tate

income

than

pro¬

on

to

to

"this

taxes

during

without

in

following

Brings Heavy Revenue

pects to retire $18,870,000 of ma¬

the

year

ex¬

turities, also without refunding.

Philadelphia's unique municipal
tax on income earned in the city
by residents and ."daylight citi¬
zens," which brought in more than
$2,000,000 a month during 1942, is
a success with respect to financial
return and. securing of revenue
from outsiders who use city ser¬
Officers

'

showed.

all

from

since its adoption

the

to

call

Mr. Goodforecast

could

the
the

not

city

he

a

will

be

able

$800,000

remaining

without

refunding.

said.

Reduction

of
has

debtedness

outstanding
also

in¬

served

to

greatly reduce the city's annual
bond interest requirements.
Amount
in 1942

tax

required for this purpose
$20,691,822, which was

was

$853,654 less than the comparable
figure in 1941.
The city's gross

approximates

debt on Dec. 31, 1942, showed a
addition to the $59,- * decline of $19,670,000 for the year,
collected during 1940while the decrease in net debt for
1942, approximately $6,200,000
the period was $17,460,100.
is due this year on 1942 salaries
Bonds of the city held by the
and wages, plus $2,000,000
of
sinking fund on Dec. 31 last

In

owed at

the

end of

1942

totaled

by federal employees who with¬

aggregate

courts

dashed—the

linquencies of
were outstanding at the close of
1942.

tized
-

■//'

/,■

of

outstanding debt.
assets, includ¬

ing its bond issue holdings, cash
on hand, interest and unamor¬

Additional de¬
about $200,000

ject to the tax..

27^% of the grand

fund's total

The

slightly

$134,210,800,

than

more

in the hope—now

held payment

Two classes of income are sub¬

as

premiums,

reported

were

$138,690,602.

payments
press

was

the

t

!

year,

In connection with the

city's fi¬

nancial position, it

tax

on

it

over

or

after. March

city's total

of

to. the city
taxed,

once

Others

month.

Collections exceeded expecta¬
tions

almost

the

from

start,

growing with the war boom, the
report said.
In 1942 the yield
equalled 57.1% of the total re¬
ceipts from the city-county real
estate tax, and supplied 27,8%
city's

the

With

reduction

total

of

revenue.

rate

the

by

one-third, receipts from the tax
tween

before Pearl

debt

employee;

I a the city will, in ,1947, be in a posi¬
mainly tion to take definite steps towards
State and Federal employes, file
placing municipal government on
returns once a year—by March 15. a
pay-as-you-go basis.
Maturi¬
ing

in 1943 are expected to

case

on

the

war

municipal

bonded

$10,696,000 ma¬
tures during the next five years,
earnings—87.9% in 1940, 89.4% in according to the annual report of
19.41, and, 88.5% ior the first 11 City Controller Cecil J. Marlowe,
months of 1942.
The tax on this an analysis of which has been is¬
income is collected at the source,' sued
by the New Haven Taxpay¬
Philadelphia employers deducting ers, Inc.
In noting this fact, the
it from paychecks of both resi¬
agency states that for the first
dents and non-residents; and pay¬ time since the early depression
from

that

their

,

More than half of the

receipts

Most of the income tax

come

of

year

Joseph T. Sweeny; Director of
Finance, has announced the~ call
for redemotion

conducted outside the city.

observed

first

paid

last

ulation

total be¬

$18,000,006 ! and

$20,~

j

000,000.
Continued

in

reduction

the

city's funded debt, coupled with
notice of a further substantial cut

subsequent

ties

the

in

the past

year

•

their share of motor fuel

as

taxes collected by the
each of the

in

past two

State for;

years,

further

a

report, the Tax
disclosed that New

Commission

City and all but eight upState counties will receive a larger
of

slice

State-collected

.franchise
business
corporations
(Article 9-A of the Tax Law) for
the final quarter of 1942 than for

taxes

on'

.

the corresponding period of

1941|,

In most cases,

The

of the locali¬

total share

ties in

the last quarter's distri¬

bution

is

pared
uted

it whs said, the in¬
substantial in amount.

are

creases

$11,988,903.55,

com¬

to

$7,258,494.37 distrib¬
year ago,"
This is an in¬
of 65% in the localities'

a

crease

and

share

in

constitute

for

revenue

many

the

will

cases

"windfall"

real

a

local

of

districts,'

where receipts from some other
sources

declining.

are

Cities,

towns and villages share

distribution

on

in the

basis

a

of

"

the

of

property

of the taxed corpora¬

tions.
will

tangible

The

City

receive

of

over

personal

New

York

$6,000,000

in

this distribution, as against $3,-

850,000

a year ago.

Major .Sales. ;v/.,..
Scheduled
While

-

calendar

the

\

forth*-

of

coming bond sales of $500,000
remains

over

at

a

or

ir¬

seemingly

reducible minimum, it is expected
that a considerable amount of ac¬

tivity in the tax-exempt field is
likely to be provided by further
secondary offerings in important
degree: Concrete evidence of such
developments
was
provided by
the sale on Tuesday by the Pru¬
dential

Life

holdings

Ohio, water
the

was

Insurance

of

Co.

$3,000,000

bonds.

revenue

of

its

Toledo,
This

largest individual offer¬

ing of this character to reach the
market in the recent past and the

belief

general
ther

prevails

liquidation

by

the

that fur¬
Pruden¬

,

with

Gasoline
State's

costs
the
loss of nearly

rationing

localities a

$2,000,000 ih their share of motor
taxes collected by the State

fuel

during

the

included .$9,307.,357 in.the previous year, a.1
payment of $13,020,000 in ma¬ decline of 21%. New York City's

fected

of;

New York and the State's coun¬

$993,000 in 1945, $1,005,000 in 1946 noted that it has been accom¬
and $1;065,000 in 1947;
Total in-, plished without disturbing the
terest charges during the period
general price structure adversely
are reported as $518,280. and, as a matter of fact, such of¬
N. Y. State Units
ferings have been placed in the
Gas Tax Income Down
hands of investors

.

1, 1943, of a block of $3,500,000 of

Tax
thel

to

r

the city's outstanding transporta¬

the

showed

1947 run to tial and other similar institutions
1961.
Maturing bond principal in
is to be anticipated.
In connec¬
the .next five years consist of $1,-;
109,000 in. 1943, $1,043,000 in 1944, tion with such selling, it is to be

ties

calendar year 1942,
to be effected in the current year, compared to 1941, according to a
are disclosed in the annual report
report released Jan. 26 by Car¬
of the Sinking Fund Commission roll E. Mealey, President of the
submitted
Jan. 21
to the Ci,ty State
Tax. Commission.
The
Council by Chairman Herbert "jV, ^amount turned back to localities
in-1942 was $7,332,923, as against
Goodajl,
Debt. retirement c ef¬

the

by

prepared

Commission,

amounts received by the City*

location

.

of

record

the

on

was $51,324,060, as against
$65,150,918 the previous year, a
A tab¬

reduction of $13,826,857.

York

423,763

taxes

ag¬

$58,656,984, compared
$74,458,275 collected in 1941.

to

$68,000,000 according to the re¬
port.

fuel

1942

gregated

*

rate, 1H% when the
levy went into effect in 1940,
was reduced to 1% Jan. 1, 1943.
revenue

said

whether
4

sinking fund has

of $1,206,000.

reserve

The tax

Total

on

ent year, the

'

■

$2,060,000 callable
Dec. 1 of the pres¬

the

maturity

Association

'

v

Against

the Municipal

report to

a

State in

the

come

refunding

bonds

and

Finance

by

The State's share of the 1942 in-,

off $8,375,000 pf matur¬

pay

ing

vices,

collections of motor

Net
taxes

$400,000

—

1943 the commission is prepared

Philadelphia's Income Tax

gfnounts paid in Federal taxes.




all

from

tax

Cleveland, Ohio, Calls
$3,500,000 Railway Bonds

recom¬

exempt

1942

Harbor.

taxes," the

mend that the income tax law

'

governmental obligations better

Federal

that

local

citizens

remaining bal¬

any

bonds.

war

is

to

call

tax

during .the

of outstanding
a

was

Commenting

of

fiscal year.
He recommended,
however, thai the greater por¬
tion of the surplus be used in
State bonds having

The

year.

ventories, it

indicated

end

earlier

carried values listed at
$371,941,592 as against $359,376,398 for 1941, a gain for the year of
$12,565,194.
The increase is rep¬
resented largely in increased in¬

.

excess

light of the fact that the city
of its tax bills in

digest

The Governor declined to give

in

in

the

'

have

recently by the City tax assessors.
This record takes on added lustre
collected 94.78%

very
Close
to
the
estimated
amount of gasoline tax revenue
for that period.
•

be

however,. that

.

approximately

was

to

,

In the inaugural address at the

will

possible; the Chairman

is of interest
proposed expenditures in the
ject to the tax. They are salaries,' to report that steady progress is
current biennium.
wages
and other compensation being made with reference to the
While this tax yielded almost earned by residents within or out-! bond
exchange
offer currently
Exchanges to Jan. 4,
$4,000,000 more in 1942 than in side the city, or by non-residents under way.
within the city; and net profits
1941, the situation can be expected
1943, aggregated $25,167,900, ac¬
earned by
unincorporated busi¬ cording to a recent report by
to change this year as merchants'
nesses and
professions conducted Drexel & Co., Philadelphia, and
shelves \ become
depleted
and
further cuts made in the output in Philadelphia, net profits of such Lehman Bros., New York, joint
for civilian needs.
Higher retail enterprises conducted outside the managers of the bond exchange
prices will, of course, offset this city by Philadelphia residents, and group.
• •'
■
condition to some extent, but not shares of Philadelphians in the
net
profits earned by unincor¬ New Haven, Conn., $5,215,000
enough to compensate for the drop
in volume of goods sold, it was porated businesses and professions Bonds Due In Five Years

Corbett, Inc. and Blair, Bonner
& Co., both of Chicago.

sources

noted,

Cleveland, or at the Guaranty
Co., New York City,

would rule they were not sub¬

charges

not

are

Trust

est

Merrill, Turben & Co., both of
Cleveland;
Martin,
Burns
&

that, it

the

at

apparently

bonds.

land; John Nuveen & Co., Chi¬

other

plus a premium of
Cleveland Trust Co.,

luring bond principal and inter¬

Richards & Co., and McDonaldCoolidge & Co., all of Cleve¬
cago;

pointed

946,900 will be required for

5%

of the total decline*

city debt and the call for
an additional $9,050,000 bonds.

system revenue bonds.
The
applies to bonds Nos; 14,001 to
17,500, maturing March 1 in 1960,

call

1961 and

loss

redemption of

tion

ative

compar¬

case.

.

February 1
$4,100,000
for

Bids

State

these

Maricopa
bonds

Treasurer

in

will

Co., Ariz.
be

behalf

received
of

the

the

by

county.

February 9

$1,600,000

Baltimore
Co.,
Md.,
Metropolitan District Bonds.

Last

offering of similar, bonds was pur¬
chased;.by Alex. Brosm & Sons,. Baltimore,
and Associates,

ing

the

the-second high bidder be¬
Mercantile Trust. Co.t Baltimore,

syndicate.

•

■

•

Volume

157

THE COMMERCIAL ft FINANCIAL CHRONICLE

Number 4146




A NATION WITHOUT CIVILIANS!

As

America

grasps

meaning of total
"civilian,"

stood,

as

it

war

the true

empty.

Virtually

nation

plays

under¬

increasingly

everyone

in the

in keep¬

some part

of these

essentials.

war

Thus America

the term

was once

becomes

none

obligation to take

at

war

every

has

an

possible

precaution against the outbreak
of fire in any
to

see

instance; further,

that all property

is ade¬

ing America going—a vital factor

quately insured. These wise and

in

necessary

achieving victory.
In this

loss

to

H

effort, loss

all. Loss

to anyone

is

by fire is especi'

-

'

man-power, ma¬

chine-power, materials,
three. We

can

afford

.

importantly to keep America "in
there

punching" until the Axis

'

'

ally serious since the resulting
damage is in

precautions will help

to

or

all

squander

is

vanquished for all time.
All of

us

the urgent

should bear in mind

obligation:

Be EXTRA

Careful about Fires.

Tin: homk £
NEW

YORK

THE COMMERCIAL & FINANCIAL -CHRONICLE

362

smallest,

:

The State Of Trade

land.

was

in,..Ne.wrEng-- ..Classr I. railroads

3,7%

States

was

in

s

(1935r,39 -equals 100),: rose twp
points' in"December to 196%,* a

December

.wmtL$570-,£39,;881?-' aii -increase of

Output im the

43,9%. over:• the

'7.1%above last year.

1941

new

month, the

the 168 level, of December;
1941, and 69% higher than the 116
level of mid-1940, when the de^
fense program was initiated,
i

the basis of prelim¬
inary reports.
estimate

on

December freight revenues for
the .89 carriers amounted to $433,-

,

.

72Qj487,

•

a

an

year ago,
were

nues

The increase in munitions out¬

put lifted total durable goods pfpDecember 33%- above

increase of 35.2.% over
Awhile passenger reve¬
estimated at $95,951,-

duction in

the level of December, 1941. Non¬
durable goods production, also

sections. Production of electricity
corresponding: week'-.in <-777,■ an increase of 111.1% - over
1942, according to the
the AAR .re¬
Electric
Institute,
The 1942 and 51,872 cars above the December, .1941,
in the United States in the week Edison
ported.
,
ended Jan. 16 totaled 3,952,479,000 output for the latest week ex¬ like period-two years ago.
This total was 121.98% of aver¬ •,Steel production in the United
kilowatt-hours, virtually un¬ ceeded that of a year ago in all
States is; scheduled .this week, at
changed from output of 3,952,587,- geographical areas covered in the age loadings for the corresponding
9.8,6%', of; rated capacity against
000 kwh. in the preceding, week, report.
The largest increase was week of the 10 preceding-years.:
99.8,% last week,.a,decline .of 1.2
and an increase of 14.5%
com¬ 29% on the Pacific Coast and the ;
Total operating revenues lor 89
points,: the American Iron and
week

of

the

than

record peak.; That was 17%

.Association of:Aihbrican Railroads above

Loading of revenue frfeighti fon
industrial sections continue highly
favorable, with little or no weekly setbacks. Reassurance that all is the week ended Jan. 16 totaled
going well on the nation's production front was contained in the 755,369 cars, according to reports
j'ederal Reserve Board report, showing that the industrial output filed by the railroads \with^the.
American - Rail¬
index rose two points in December to an all-time peak of 196% of Association ; of
This was an increase
the 1935-1939 average, or 28 points above the closing level for 1941. roads.
39,097 cars over the • preceding
Output of electricity continues ♦/
to hold at peak levels in most pared with output
in the like week this year, 55,958 cars fewer
coming from most

Reports

Thursday, January 28, 1943

slightly, 4% over. the year
level.. -Mineral .output de¬
chiefly
because
of
the

rose

.

ago

clined

Pennsylvania coal strike:Criide
petroleum

Steel Institute reports.
•
The current week's rate' indi¬

continued
'V-

■

j

Limited To Customers

for : the

production

ingot

■

Fuel Oil Sales May Be

,

1

cates

production

high.';

f

.period
at
1,686,700
net
tons
Fuel oil dealers or suppliers
/against 1,707,300 tons a week ago
•and. 1 >607,600, tons for, the like mayv limit .sales to customers ;to
a
percentage, of: the
currently
.1842 week.
-v.

.

I:

valid ration coupons presented las

Closer control by the War Pro¬
Board is restraining ex-

long

duction
4

cess

buying-.and bringing better

-

all customers

as

plike; the Office

on

balance, between Steel production
interpretation
consumption, informed ; ob-

c'and
1

state. '•

servers

■•v

■

•J

/

'

:Buying

./X/'/MX

is

under

to

January,

requirements

•

ultimate

quired

Reduc¬

to

norma

16, in jan

.

|

i

'

..

;

-

dealer who sells

a

is

consumers

sell

fuel

dealers if - this

plan ^ and

Jan.

; of
its
recently
"Non ^discrimination"

ruling.
In, addition

scale

ago, • as

tion in allocations under the pro¬

duction

-

,

* a; year •

instances.'

some

^

a; reduced

on

.xompared with
much1 ':as. .10%
1942, in

announced

treated

are

pf Price. Admin¬

istration stated

oil

has

not

to

re¬

other

been

not

his

1 practice, the OPA pointed

oyt.

However, if! he sells to one

pons

must honor the cob-"
of all other dealers. A bulk

preliminary action leading t<r the dealer, he
Shift to the controlled ' materials
-

•dan

the

responsible factors,
supplier
"SteelY- weekly sum¬

are

Explains

*

^

a

,

r

dealers

V
yol-

mary of, the. industry.,

•.

who

sells ]to

regularly
refuse

cannot

to

to

sell

dealer, even though he is riot
a regular customer.
[
*
The OPA listed the following
jf $67j930,p00 is 38% higher than
specific business ^practices which
.n* the preceding
weekN but 47% dealers and
secondary,, suppliers
'^low/the/-total forvthe week endmay /, follow
u n d e r
the-, non¬
mg ^Jari/ 22, 1942; jthe ""Engineer¬
discrimination rules:
/
ing- News-Record" reports. Pub¬
1. Dealers .may limit the amoqnt
lic and
any

Engineering construction
.?hie.vfbr fhe week ended Jam 21

t

.

.

-

.

private* construction* top

of

their respective totals of a week

sold, to

oil

each

buyer in

ac¬

•

cordance with

igo,/the "former gaining 28% and

uniform percent¬

a

age of the coupons within a fixed
Both, however,
period of time> such as a day or a
public
week.
Obviously;, the consumer
declining 47% and private 45%.
need only surrender coupons rep¬
federal
construction
tops
last
resenting the amount he actually
week by 23% but drops 44,%, be¬
receives. This same provision ap¬
low last year.1
*■ ■
.
plies to suppliers in their sales to
The current week's total brings
dealers.
1943 construction to $184,971,000/
2, Customers located beyond, a
in average of $61;657,000Tor eabh
certain uniform distance from the
if: the;" three weeks.
seller may be refused delivery.
Department
sales

•he

me

latter

22%.

lower than'a" year ago,

r

•

■

.

•

IQR

more

than forty years,

actual

ships

of the Great White Fleet have

played
ment

our

Thousands of

and

men

and

women

for

sail¬

built good will

been the

lifeblood of Inter-American

bananas, coffee,

food surpluses of-"Middle

beans, pineapples

and other

.

cars,

Today,

America
war

are

States

Middle

fighting side by side in

that must be

won

great the sacrifices

disruption of

and

or

no

peacetime patterns.

men

as

—

willagain

-i

.

than
a

in

Jan.

the

Dpllar

ported.
,

be wearing wartime grey

orders

as

necessary

>.

ts

J

-

y

v.Proud *■.

it carries put

for Victory

f
\

Hemisphere; To morrow, it imlFb&rMdyr^ %
to resume its

With

between

ex¬

the

place in the trade and travel
United States

and Middle

America.

Less

volume

1

'

active

response

UNITED FRUIT COMPANY
★ HONDURAS ★

COLOMBIA

★

CUBA

★

NICARAGUA

A COSTA RICA

★ -PANAMA

JAMAICA, B.W.I.

Buy War Bonds and Stamps regularly and budget for that "trip to tome"




to

Janu¬

ary
promotions,
coupled
with
iharply lower sales than a year
ago of fuel oil, gasoline arid dur¬
able goods left total dollar volinie: substantially lowOr than the
r ecordestablished
in
1942, al¬
,

.

though larger than in all other
recent
;

years.

•Ther dip

Hours

4.

/

of

:

operation may

be

restricted

as long as the restricapplies uniformly to all pur¬

tion

chasers

of the

general

notice

same

of

class

the

and j

hours

.

if
is

given.
■.
5. Suppliers may, before deliv¬
ery, require the dealer to give/ a
.

...

,

statement

written

that

his

cus¬

.

-

^

*

volve
may

.

discrimination

which

and

not be followed/are:

|

;1. Sales to customers may not
be limited to a quota based on a
customer's last year's purchases.
2. If

suppliers restrict sales td

percentage

of

the

coupons

a

pre¬

sented, this percentage limitation
musb be uniform, i He may not re¬
strict sales to one customer to 35%
of

the

the

coupons

presented

and kt

time honor 75% of those

same

of another customer.

3.

Discrimination against local¬

prohibited. All localities
a
given uniform distance
•.
purchasing a. year must be served.
4. A supplier may not refiise
ago, did hot affect heavy purchas¬
ing In wholesale- markets.
Re¬ to sell to a dealer merely because
tailers, .faced
with exceptional he has never dealt with him be¬
consumer demand, endeavored to fore nor because the dealer is not
obtain sufficient merchandise to a regular customer.
•
maintain volume as suppliers re¬
5. A supplier may not refuse to
sorted to : widespread use of vol¬
in

merchants To

anticipatory

untary

EL SALVADOR

standards.

,

V

of retail sales
well below the
(942 levels, purt & Bradstreet re¬

a

;

tomers

year ago,

sales,

lack

ascribed

of

.

by ities

stocks and

is

within

•

.

allotments

to

distribute

sell to

has

merchandise^

★

1%

were

last week>dipped

.

sales may bd denied to cus¬
who do not meet these

and

comparable petomary supplier cannot meet his
according to the
requirements.
•
•
},
New York Federal Reserve Sys¬
Specific practices which do in¬
tem. •
:

and the protection of the entire. Western

and materials vital to the

GUATEMALA

16

,

come/

always, the Great White Fleet

government

a

how difficult the

Inter-American shipping, for

ample,

to

how

matter

less

America

proud to be serving the Americas

Today, this traffic is greatly changed.
United

ended

-

-

America's progress and prosperity.

The

Weeks

perhaps before, those great.

into their own
helping to feed
hungry, war-ravaged world....;. *'/

radios, and
necessary to Middle

other products so

or

especially bananas

important Middle American
exports... Southbound with farm and

machinery,

-

But when ships can ,be spared, after i

economic

Victory

factory

balsa and

/

viod

very

health and growth...Northbound with
cocca

as

-

~

mahogany have taken on new impor¬
tance as Middle American exports.
v

Below decks these ships have moved
the cargoes that have

while hides, minerals and es-

sential tropical woods such

within these countries.

;

•

.

year

according to the Federal Re¬
serve System,
■
\ "" ,/ /;••/ '/
Store sales were up 8% for the
fpur-week period ended Jan. 16,
compared with last year.
Department store sales in N£w
York City in the week ended Jan.
16 were 8% smaller than in the
like 1942 week, and in the four

3. Uniform credit standards may

be fixed for other than cash sales

.

quinine, palm oil,, rotenone and V

others..

for the week ended Jan. 16, com¬
a

.

a

1%

up

ago,'

manila hemp, cinchona

or

on

were

pared with the like week

:

now being "grown
shipped from Middle America .'.V;

rubber, abaca

these American flag liners have

on

>

.

Pacific Tropics, are

Good Neigh¬

store

spuntry-wide basis'

imported almost exclusively from the

bors, the Republics of Middle America.

ing

effort must be moved first.V '

Many wartime essentials, formerly

vital part in the develop¬
of trade and commerce between
a

the United States and

war

a

dealer because the dealer

previously promoted

a

com¬

Spectacular gains in output of petitive brand.
munitions lifted over-all indus¬
6. A supplier may not refuse to
trial production in 1942 by 17% honor the
codpons of a dealer be¬
to an all-time high, the January
cause
he
anticipates
that
his
review of the Federal Reserve
stocks will be needed in the

Board revealed.

industrial

future to

supply his
reported that its
production index ' dealer customers.

The authority

own

near

regular

'.Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4146

157

Banks Asked To Retire
l

tional

Special Silver Gtfs.

the

SIS

The

President's

"Mile

appeal of the

annual

Foundation : .for

Paralysis

.

Na¬

Infantile

.In

birthday- and the

of Dimes"

campaign.
support of the campaign the

President: has

issued

this

state¬

the
■
In accordance with the Treas- country on Jan. 15 and will con-* ment:; >
fT feel that any interruption in
ury
Department's desire to dis¬ tinue through Jan. SO^the date of
this work would be
extremely
Roosevelt's
courage
the. circulation in the President
-birthday J
inadvisable
unless
absolutely
United
States
of
the
specially This year's appeal is similar to
necessary.
More than that, I also
identifiable silver certificates is¬ previous
ones,
with
the main
think that such a fight as that
sued for use -by American forces fund-raising activities:: including
being
waged
against
infantile
in
combat areas, Allan Sproul,
dances and parties 'the night: of paralysis,/or any other as yet un¬
^President of the Federal Reserve
-Bank of New York, on Jan. 19,
; asked banking institutions in the
began

throughout

•

.

-

controlled

part

we

struggle

District

-Second

f

which
but

.

these

of

live.

While

we

must

we

health

of

served

and

may

tomorrow's

better world

in

which

fight this global

see

to

it

that

children

our

to

protected

so

is

the
pre¬

that

we

enjoy that better world—for

tomorrow's

strong

as

America

today's

will

be

children.

as

We

must

help them win their victory

over

disease today."

In

a

Jan.

of

18,

dent

Dimes"

13-foot bust of Presi¬

a

Roosevelt

the

General

York
A

opening the 1943
campaign out

ceremony

"Mile

was

City.

drive

turn

.

appeared

in

our

14, page 201.

payout

silver

ing institutions Mr. Sproul said:
"These certificates in denomina¬

tions of $1, $5 and $10 are. in all

respects similar to silver certi¬
ficates issued for circulation in
'

the United

States, except that* the

seal to the right of the portrait on
the face of the note is printed with

•

'

'."yellow" ink instead of blue ink
'

is done

as

on

the certificates here-

'

t of ore issued for circulation in the

)United States.;:';

v

/?. /:• •';

'i-"The Treasury

;

Department' has

J advised

that silver certificates

us

i identified with the "yellow" seal
•

enjoy the same circulation privileges as other, issues of' United

'

'States'
i

world.

•

will

in

currency

States

'

'

United

other
parts of
the
Some, of these certificates

and

undoubtedly be returned to

"the United States
•'

The

the

by members of

American

forces, or others:
Inasmuch as the Treasury Depart¬
ment desires to discourage the circulation of these particular "yel¬
•

low" seal silver certificates in the
: United

States,- the Department has

'

asked

to request the banking
institutions in the Second Federal

■

us

Reserve

District

silver

any

fvith

the

to

which

seal

for retirement

us

"In forwarding such certificates
the Federal Reserve Bank, it

will

be

appreciated

♦.segregate; these
other

.

pay out
identified

possession, but to

turn them in to
»"

to

"yellow"

into their

come

not

certificates

if

will

you

certificates ' from

currency.'/ -..:y:\y''v

.'{

"Communications to us regardzing the subject matter of this cir4
; cular
should be addressed to the
Cash Department."

;

.

;sX;-.r§

:'

Craig Again Heads
:
Coffee-Sugar Exch.
The

membership

of

the

New

; York Coffee and Sugar Exchange,
at the annual

•

election

reelected

William

f President,

Frank

■

Oil for the Tanks of Africa

Jan. 21 j

on

B.

Craig

as

C.' Russell

as

,

Vice-President and John C. Gard¬
Treasurer.

as

ner

Mr.

Craig be¬

Tankers

came President and Mr. Gardner
-

elected Treasurer at

was

election

'choose

a special
Aug. 20, 1942, held to

on

successors

•

W.

to

W.

Pin-

officers

the

in

■

United

Mr.

the sugar

dates

of

back

New York.

our

armored force,
the perils

over

Chase National Bank

to

one

of its

ing

was

Craig, whose
indus-

placed in their path.

1910, is head
Ledward,1 Bibby Co., Inc. of

.try

the African Coast

planes, trucks—victors

States

Naval Reserve.
association' with

on

life-blood into

pump

and Richard L. Lamborn who

ney

resigned to take up active duty as

arrive

to

He has been

a

To build

mem¬

our

/

r

;

tankers and other

by

quickly arranged—and oil for

thereby speeded.

In this instance and under other simi¬

ships

of the

ber

Exchange since April,
1930, and has served on the Board
of
Managers of
the ^Exchange

has been

since

1939, being elected to the
Vice Presidency in January, 1942.
Mr.

Russell of Russell

been

Co.

our

to

Exchange
served many
the Board of Managers

on
as

committeeman.

a

Five

members

Managers
year

member

of the

do

a

tensive

Mr.

large yard, for example, had

terms

was

years—David

and

also

M.

lar

circumstances

Sugar

members,

elected

was

"wholesale''

job in

a

financing]to build
necessary part

a

hurry. Ex-

ways

quickly

of that task. The

helping producers
more

quickly,

where the

Reiser,

year

on

the

to

Board,

are

more

"deliver the goods"

efficiently—when and

fighting forces

want

them!

TH E CHASE N AT I ON A L BAN K

Presi¬

Two

OF

new

serve

one

are

J.

H.

Curacao Trading
I

Co., Inc.




'

f

-

-

*

THE

CITY

OF

NEW YORK

coast,

actively

new

Scholtz, Jr., of Scholtz & Co., and
H. Zelisse of

to

to

serve

one

elected for two

Co.

coast

the Chase and other banks

dent and Treasurer of the Cuban-

American

from

Board of

reelected to

were

shipyards.

has

Gardner, who is Vice President of
Lowry & Co., has been a mem¬
ber of the Exchange since 1932.

two

major task for

191 \y having

years

and

&

a

One such

of the

member

a

.since

D.

contacted

correspondents and the financ¬

the tanks of Africa

.

was

at

New

regarding the

In his advices to the bank¬

rnent.

in
.

previous item

Jan.

unveiled

Postoffice

certificates
into their possession,
them in for retire-;

come

to

to

not

make

are

a

war

all

an essential
struggle
in
engaged—a

main

to

world

•

; any

disease, is
the

of

which

363

*

issue

of

THE COMMERCIAL & FINANCIAL CHRONICLE

364

Thursday, January 28, 1943
'

.

Steel

year.''''v':

"While

officials

Washington

this week

Output

slashing the

were

;

'

-

warring

■

nations

are

transforming numerous alloy steel
parts into

un¬

carbon steel, but
equipment is

German

tured

usually heavy requests for steel, aluminum and copper which claim¬
ant agencies under CMP have placed for second quarter delivery,
the concern of war leaders appeared to be shifting from raw materials
to

the

"All

Steel Orders As Allotments Match

'<

....

indicate

that

un¬

to

Nazis

making substitutions at

components," says the "Iron Age" in its issue of today (Jan. 28),
in part as follows:

are

faster rate than other countries.
"For

further adding

the

the fourth time in recent

struction

week£, the first quarter tin plate
quota has been changed. Initially
the quota was around 750,000 tons
but the latest figure is about 620,000 tons. Tin plate mills are fear¬

to

ful of losing some

"It has been

secret that larger-

of partially completed

quantities
war

no

machines stood idle over the

may reach

1.200,000 tons in March.
February directives to the mills

natiop, and that some vital con¬ for plates also will be Unusually
programs
were unable high for that month.
because they lacked
"At present, shipyards have a
Months ago the large tonnage of plates in stock
scheduling of compo¬ but only e q u i v a le n t to two

proceed

small equipment.

complete who

nents

advocated

but

never

adapted.

Now, with key officials
seriously disturbed over the situa¬

months' supply when
the
present rate of

compared to
fabrication.
This is ample for the entire ship¬
building industry and /close to
the allowable maximum, but sev¬
eral yards have pointed out that

closer attention to produc¬
tion Of parts may be expected.
"Particularly in the shipbuild¬
ing industry it is important that in their own individual cases,
perfect coordination be achieved. plate receipts are declining in
New
shipyards,
although
they comparison to their rising rate of
won't be
launching ships right
launchings. Although direct Navy
away,
will soon need to place
needs are down currently, around
large orders for steel plates. De¬
tion,

mand is

so

heavy that production 20,000,000

deadweight

men

tin

time,

plate
quarter

second

requirements in
will, be excep¬

tionally heavy in view of slash in
the first quarter tonnage.
"Last

week's

Bessemer

steel

ment

of

tons

of their skilled
At the same

during March.

makers

allocation

to

farm

aroused

of

equip¬

much

in¬

terest, since it Confirmed previous

predictions that wider use would
be made of this type of steel. The
main
question, however, is not
one
of Bessemer vs open hearth
steel, but one of utilizing the
greatest amount of steel that can

"The

center around the Controlled Ma¬

set

It appears now

tons

the

list

Class

B

essential chemicals
of materials for

:

Mono Sodium

The

American

Institute

rich meaty
—an

essential

enables the army to

upon

arrival at the

cinal and industrial

grease,

scene

uses.

that

the

operating rate of steel companies
having 91% of the steel capacity
of the industry will be 98.6% of
capacity for the week beginning
Jan. 25, compared with 99.8%; one
week ago, 98.2% one month ago
and 94.6%
one
year ago.
This
represents a decrease of 1.2 point
or 1.2% from the preceding week.
The operating rate for the week
beginning Jan. 25 is equivalent to
1,686,700 tons of steel ingots and
castings, compared to
1,707,300
tons one week ago, 1,679,900 tons
one month ,ago, and 1,607,600 tons
'

year ago.

>

<

10%

as

reduce^

a

are

and

Plan

Require¬

preliminary

ac¬

looking to shift to the Con¬

consumption.

Easing in de¬
prod4
of

reduction

but

Potash and

Phosphates for

use

more

than

thirty

years,

by diversion of semi¬

steel

to

needed

most

you

better position but some
observed
from
electric

no

shift

is

ways

ducers

•

cient

unable to obtain suffi¬

are

material

their

meet

to

or¬

finished

and

caused

is slow. Ac¬

of directives

cumulation

alloy

and in

schedules

:

cases

have

inroads

are

canceled

been

proud that its products

are so

indispensable

: '

.:;

as

about

a

on

as

result

the

10,900

cars, part of
for first half

hearses—must

be

ODT.

reported to the

/

Owners

required to list all

are

motor vehicles which

commercial

by ODT form CWN-3.
Commercial vehicle

:

•*-

with

owners

is to enable the ODT to determine

what

proportion

of

commercial

actually

use,

the

motor

in

nation's

vehicles

are

,

Lumber Movement—Week
Ended Jan. 16, 1943
According to the National Lum¬
ber

Manufacturers

Association,

porting

the

to

National

Barometer

pro¬

11.9% for the week
16, 1943. In the same

by

orders

new

Lumber

exceeded

were

15.8%

tion.

Unfilled

of

these

mills

greater than produc¬
order files

the

in

are

order

lent to 38

days' production at the

current rate, and gross stocks are

equivalent to 46 days' production.
For the year to date, shipments

able

back¬

26.7%

were

29.4%

were

greater; shipments
greater, and orders
12.2% greater.

has

tonnage

PRP allocations

deliveries

responding week of 1935-39, pro¬
duction of reporting mills was

have

been released

on

domestic
freight
the 20,000 allocated

Independence Hall Now

/

A National Shrine

}

The Independence Hall build¬
ings in Philadelphia officially be¬
came

a

when

National shrine

Mayor

on

Bernard

Jan.

11,

Samuel

construction, about signed an agreement between the
4,600 to railroad shops and 6,300 city and the U. S. Government
to commercial builders.
Most of designating them as such at the

pro¬

to

ve¬

of reporting
identical mills ex¬
has ceeded production by 9.1%; orders
old by 7.o%,
Compared to the average cor¬
been

improved.

many

being rushed to completion. International is expanding its

duction facilities,

mills

Considerable

logs.
-

some

make

to

"

mines and
t

motor

trucks, buses,
and other vehicles—except taxicabs, rental cars, ambulances and

cold-

on

bars

delay von

delivery
and

v

"While sheet consumption con^
tinues heavy, demand has receded

;

the

through its partnership with industry and agriculture. New
plants have recently been put into production. Others

commercial

hicles that all "idle"

to

."Orders have

/

Trans¬

reminded

15

open-hearth
alloys, reporting mills amounted to 76%
of stocks. For reporting softwood
which
may
ease
the situation
somewhat.
Cold-drawn bar pro¬ mills, unfilled orders are equiva¬

furnace

failed to cover consumer requests

in

Defense

Jan.

lumber shipments of 453 mills re¬

'

'

steel bars the situation, has

in

are

in fertilizers and chemicals.'

International has served

of

on

of

owners

directions tends to equal¬

some

and

For

portation

steel, in part due to smaller lendweek
requirements.
Alloy bars

ammunition. Fertilizers and Chem«

huge quantities of food America needs for its fighters and workers.

,

month earlier."

a

Reported

Office

lease

swiftly

manpower,

The

allotments

ders and substitution of bessemer

enabling farmers to produce, with less

Cars To Be

ended Jan.

Magnesium for aircraft, incendiary bombs and other war materials.
icals that

year.
the

under

broken considerably.

arms

in

numbered

ago^

year

Production

under

orders

Potassium Chlorate for small

1

Idle Commercial Motor

Trade

products.

1

furnaces

,

,1:

,

"In

growing flood of basic materials required for many critical war

1

last

of

steel for this purpose

-

date

Jan.

175, against 172

improved somewhat, attributed to
duction
better
supply
of semi-finished

;

feed supplement that is

a

47,424,421
40,456,893

with

same

1941.

were idle during the last 14 days
Cleveland, in
its of the month.
The report should
the iron and steel be filed within
five days after the
on Jan. 25
stated in last
day of the month covered
.

materials.

making possible their immediate

plants, International is producing

the

in

totaled

compared
at

year,

compared

of

much

in

Sodium Silico Fluoride and others.
From other mines and

tons,

1

blast

ucts

now

increasing the nation's production of poultry, swine and cattle.

docks'Jan.

States

indicated

earlier

any

83,714,451 'tons,
74,570,871
tons

with

Active

finished

a

Steel

mand is not uniform in all

of battle. Epsom Salts for many medi¬

Defluorophos,

consumed in 1942

ore

above

United

received

ize pressure

rations. Silica Gel that

7,227,497
7,370,595

with

and . also how
"Closer control by War Produc¬ many trucks, buses, etc., are being
unused and might be available for
tion Board is restraining excess
essential war or civilian transpor¬
buying and
bringing a better
tation work, the ODT said.
balance between steel production

ship motors, rifles and other equipment without

protecting coating of

a

use

army

and

25,

trolled Materials Plan.

vegetable protein salt that imparts a

ingredient in certain

Total
far

with

had

and

dehydrated products and other foods

tons.

with

October

tons

ments

rapidly increasing its production of many v.-.-

soups,

November

and

announced
that telegraphic reports which it

tions

fighting forces.

flavor to

in

no
idle
equipment are not re¬
January,
quired to submit a report.
1942, in some instances.
This is
Purpose of the monthly report
attributed to reductions, in alloca¬

and improve Quality

a

Iron

Jan.

on

buying is on
scale compared with a

MATERIALS OF WAR
and

Glutamate,

that

under¬

Stocks at furnaces and lower lake

"Steel

required for food producers and manufacturers

our

be

will increase the burden of paper
work."
'
''
V
• ./

tion

^NTERNATIONAL is

will

,

was

as

PRODUCTS

4

going
constant
revision
down¬
ward, and WPB officials are be¬
ginning to admit that the plan

markets,

FOOD

.

,

all-time record at 7,540,841 gross
tons, exceeding the prior records

terials Plan.

part:

on

metal

most

producers continues to

"Steel"

Speed

of

interest

and

users

summary

CHEMICALS

'

,

one

INTERNATIONAL

*

>

automobile steel v scrap has been
ingots, scrap/ hot reduced $1 per ton. \
'
i
metal
for
"Lake Superior iron ore con¬
open; hearths
or
for
semi-duplexing - is immaterial.'. .: sumption in December set a new
ities are used for

cap¬

derstood

a

.

,

Whether Bessemer facil¬

be made.

shipping will be constructed this

Operations Off Slightly—Easing In

-

these
*'

job of speeding the output of materials of war.

-V'Vf

'•*"

desk
in
Independence
placed on order sev¬ historic
;
ago and later frozert Hall.
Reporting on the matter, the
War Production Board.

were

eral months

the
Compared

by

with

the

100,000

cars

deemed necessary by the carriers
to

INTERNATIONAL MINERALS

give efficient service this is a

small release.

r

Philadelphia "Inquirer" of Jan. 12
said:

"It,was

a

step looking toward
Government ; aid
for
improvement of the entire area,

The remaining 9,-f obtaining

100 of the first half allotment are

expected to be released shortly.

making it a National park.
The
"Numerous changes have been agreement, was necessary before
made
in the schedule of scrap this aid could be sought.
"Attending thC ceremonies were
prices.
The most important is a
reduction of $1 per ton on ma¬ Judge Edwin O. Lewis, President

& CHEMICAL CORPORATION

,,

'

;

„

,

,

.

.

4

\

General Offices: 20 North Wacker Drive/ Chicago

*.

U

-.u

boF-

of the

and turnings, an effort to
move grades not particularly de¬
sired by the industry. The differ¬
ential on unprepared scrap has
been increased from $2.50 to $3.50

£'

Works

chine

,}•

turnings

and

mixed

ings

Mining and Manufacturing

PHOSPHATE




•

POTASH

•

FERTILIZER

...

•

CHEMICALS

stimulate preparation before
shipment to consumers. Cut elec¬
tric furnace grades have been ad¬
vanced 50 .cenlS-4>er.~ton..and. cut
to

J

t

Independence Hall Associ¬
ation; D. Knickerbacker Boyd, its
Secretary, and Director of Public
John

H.

Neeson.

"

'Ultimately,' said Judge Lewis,
'we

hope

north

of

to improve the
Independence Hall

tween. 6th

and

tending

far

as

7th
as

Streets,

the

River Bridge approach.'

area

be¬
ex¬

Delaware
...

-

W 7?llT-.rWrt'friiy.gi

*-«* ujuw

*^mrnim&&wHwmteim*jmm0*mimt{<f ms*w.m

■vv-V'i'W:' M,1'^:;.v<■■-<;

THE COMMERCIAL & FINANCIAL CHRONICLE

Volume-157-' -N uniber" '4146

iii'".;'

URM tuttttiuBto1

365

Traisilionof Silvw To War Use In 1942

Outstanding Feature, Says Handy & Harman
^The

transition of silver

America's

war

effort"

front) civilian life to

a"ctiv^ "service in

the outstanding feature of the" silver sit¬

was

uation in this country in 1942, according to the 2,7th annual review
of the silver market issued Jan. 11 by; Handy & Harman, New York
bullion dealers.

The transition,

the firm states-''/involved- at'times

sharp conflict between the natural law of supply
tics, and control administered by
Government agencies."
The firm's review continues:
;

"All

and

war

needs

for

States

were

the

in

United

satisfied during 1942,

there /were insufficient sup*
plies
from
current
production
(domestic as well as foreign); to

but-

more
than a -small part' of
heavy, civilian demand for sil¬

fill
the

verware

were

and jewelry.

These lines

sharply restricted^ and con¬

sumed less silver in the' past year
than in 1941."
v
With silver

consumption figures
available
only.; for ,• the United
States
and
Canada,
Handy
&
Harman estimate that during 1942
the .arts and industries used 115,000,000
ounces
iri
the former
Country and 4,000,000 ounces- in
the latter, a total of 119,000,000
ounces.

to say:>
r

The
■r - ■ ■

firm's review goes on

■ ■ i;

■/ ;.;;:"/';/; ?: •

■- ■ %.' ■ ■ ■

"This represents an increase of

nearly
ounces

507<?

the

over

estimated

as

and demand, poll-

five

months, of the year
against purchases made prior to
essential Nov." 28, 1941/which date marks

other

silver

first

80,000,000

United States

the

.

cessation

of

foreign

silver

buying by the Treasury. An ad¬
ditional
48,000,000 ! ounces were
derived from

domestic- ores,

and

balance

w^is

of; 1/000,000 ounces
accounted for by miscellane¬

ous

bullion

the

receipts./'

view further states:

.

Their/

re¬

'•/-/-*■■//;

/"Adding the acquisitions of 1942
to 3,283,200,000 Ounces, the' offi¬
cial
figure for Treasury silver
holdings at Dec/ 31, 1941, makes
a
total
of
3,346,600,000, ounces,
From this total, however, should
be- subtracted/ an; estimated -4,000,000 ounces, representing abbiit
1,000,000 ounces; of "silver ordi-j
nary" sales plus a scant 3,000,000
ounces
used in making the new
"silver'! 5-cent pieces. The bal¬
ance of 3,342,600,000 ounces is our

WO years
Car and

much needed

includes the

.

It

/ "Of the Canadian total
000,000 ounces, about 40%
sents- war

and

essential

of

4,-

repre¬
uses,

a

under

the

heading

Minor

Because of this grouping, it

possible

to

the

ascertain

were

imposed

upon

•in

the

In Canada

price of silver

no

increase

was

made

when the United States raised the

not

was

thereby :permWtihg / Jhenir tb/'db-'
tain

the; equivalent

Q/C£ -built,

highway to the Aberdeen Proving Grounds

by chance that Q,C,C

money

invested in

new

equipment.

largest maker of case-carburized

men now

leading

mor

manufacturers

output of munitions which this

1918.

produced during 1914 to

Seeing the

war

pattern again

plate

—

ar¬

other
of tanks and armored

supplying

many

Vehicles. From CLC/fZ plants pour
shells and demolition

bombs, shell

forming, they set about planning early
in *39 how QC€

Coin.
is im¬

forgings and shell fuses, mine sweep¬
ers

our

total

/

The

many

built tanks

quote,
"According, to an official state¬
the amount of silver re¬

might best

serve

country again/ should need arise.

thousands of CLC,f/-

now

serving with the

forces/are but the first fruits of Q/C/€
foresight and

ceived at the United States Mints

eleven

energy

—

and

some

and

and
ous

tons

surf-landing tank lighters,
tons of miscellane¬

upon

articles.

/

And from Q,C/C
pour

plants there also

fighting freight

weapons

cars

—

prime

in the Service of Supply!

million dollars of Q>C,f>

during the first eleven months of
1942

for

the

of foreign
rate to 45£; bullion for internal
coinage manufacture was 8,991,consumption /., continued
to
be 000 -fine
ounces, some, of; which
based- on the former price* of 35<5,
was 'Jpought>outsidq pf_ the United
expressed in terms 1 of Canadian
States/^The;ldentityfpf/thn^countr
dollars..; .Only/ if ■ their v silver: was
tries: :pbtaining/thi?/^
not; needed in/Canada - were pro¬
Withheld;:::V''/////|;// /'// ///v/
ducer^ granted a license1 to ex!port,
•

also building light

Today, CLCC is also the world's

company

the manufacture of jewelry and
ment,
silverware.

was

dous

percentage which might seem low amount of silver contained in the
except for the. fact that, although 'silver' nickels."
/
subject to supervision, no severe
From the review we also
restrictions

if

Q/C/C had also headed the tremen¬

Statement'

'Circulation

passenger cars,

few- days betore Dunkerque the first

light tanks. The

of all

.

ernment

before Pearl Harbor, the American

busy supplying the railroads with

became the first civilian builder of

coins in

Canadian

was.

tor its acceptance tests.

circulation, as well as in
consumption
in
the Treasury and banks, with the
1941, and about four times the
exception of. the n e w /silver'
y e ar ly
average
of 29,000,000
nickels which, together with pen¬
ounces consumed in the two coun¬
nies and the old 'nickel' nickels,
tries during the ten-year period
are grouped together in the Gov¬
1931 to 1940.
'
and

a

tank rumbled down the

This figure

silver content

freight and

combat4anks—and>

estimate of Treasury silver hold¬

ings at Dec/ 31,1942.

Foundry Company

purpose

./."A mevy/highTeeord

"We did it before. ..and we'll do it again!"

|qj/dbmesr

tic/silver cpipagd: \yas /made/in

of; 45fe$•/,]£' 1042,. jhe-ele
Ypnrmpntb; figurebf

//"'Nearly. 60%• of the. amount .of 69,100,000, ounces;^
silver/* consumed tin /the '/United ounces greater; than. the / previous
States during 1942 is; estimated to full/
year?s record Jestablished: in
have.; gbne -dhto,war. * production, 194 At h ^;fpi^;/;;6^76^oo
or int0;use§r classified by/ the War
ounces; WCre?
-

Producto

iary/boinagewhi

th us.' £5 veiVd by: priority/ ratings,
els/rand;:/ pennies//:a^
irhis silveh was -uised mds$y ln ihe ounces %'ere/usedp
production;: of: photographic, film;, ver* nickels PT^
airplane/^ engine hbarings,,/Splders cOntain:35%//silvp|//'5^

and;brazing

aMtoys/ele^

Ing / utensils f for; ~th£; ^Arrriy
Navy, lahd't/ehemicaL/

/aha

Silver- has also 'been used iii

the

fnak-ihg. -ofpimrmadeutical. prod/
ucfs/ surgical supplies,;; and -dental,
alloys,; but in smaller quantities
than Tor /the purposes- first/men*

crpta£y;/'Mb|;IentM
spebifit^lfons^fbv/a/Ke^f^a^^e;
1-ce'nt* .coin, of the «ame design' $s

the/ present >perihy; ^ but/ mb'de / df:
ziUc-cbated/ steel/:/Mi
new/pepines will com

Febi"3^/19|:3/;/:bhd^^;^seUubin^^//a
3
; ./-Silver brazing alloys and ^elec¬
-cent/ piece;/^aisb AuthoriZed-;
trical .contacts made of silver/haye det /the; recent /lawV.; inaYvUu:pUt!
into mrculatibn -if: the''d
had the/mps.t" w
; use''? iri
minor - coins, eontinues;": v: ^ t j: /
rvwaV/^^qdueti^
brazing - alloyshave been: $ era* :;■/ Onployed for makhrg joints: in .ships' duetidh/ - the firm; says/ its /infor¬
piping; -and in the manufacture of mation is^canfyz^but; wen-;
cdvequipment 'such* -hi57hTeetric/,mib'^ tiires* the-fdllowingestimat

-

tors, generators, transformers, tur¬

eririg'

the

Western

Hemisphere

And Never Forget...

bines and

airplane, tank, and ma¬
only:
United States, 54,000,000
rine engines,, field kitchens; radi¬
ators, heaters, and various instru^ ounces; Canada, 22,300,000 ounces;
ments.

In general, it can be said

Mexico, 74,000,000 ounces; Central

that silver is finding an important

America and the West Indies, 4,place in the production of every
300,000 ounces; and South Amer¬
airplane,
battleship, submarine,
cargo
vessel, or tank, and in ica, - 29,000,000 ounces. Tlie total
many
guns,
bombs,
torpedoes, of 183,600,000 ounces is 18,300,000
shells, and vital1 parts of / other ounces
less
than
the
Western
weapons."
;
Hemisphere output for 1941, and
; Handy & Harman estimate that
most of this decline is represented

FREIG

/'United /States * Government ac¬
by the drop of 15,000,000 ounces
quisitions of silver for "1942 at
in United States production, the
63,400,000 ounces, -byfar' the

AMERICAN CAR AND FOUNDRY CO.

$riiall6sf annual' total:' since; the fifrii/explain^/_r/".//;/>•/:
/siiyer-buyihg program was/lnau- /:
/Np^i)gu|e's^w|r^'.; availabiey for
gurate<h Included 4» this/total/are
Europe,1:
14,400,(100'^ouhcM'^fdr^TOetJBdJ.f™^ Asia/: Africa and:; Austria-




AREf IGHTING VfftPONS, TOO!

NEW YORK. CHICAGO. ST. LOUIS, CLEVELAND, PHILADELPHIA, PITTSBURGH, ST. PAUL, SAN FRANCISCO
*

«it

\

*.

♦

< -ji

4»|"

4 4*J£'< .f'.' i'J.

THE COMMERCIAL 8c FINANCIAL CHRONICLE

366

$13,600,000,000

[Industrial

Activity Ai High Level In December
Fed. Res. Bd. Reports In General Summary

four-fifths

1941.

of which .almost .increases, in these/prices are in-^
publicly-Jiriancecl dicated/in" January as ' a - result of

—

was

increase

—an

r

i

one-fifth'over

of

"The -increase

•

Thursday; January 28, 1943

permitted

[advances

recently

,

Governors

.

,

•

•

.

•

■

'

•

>

of

.

"

"

,

instruments.

.

,

:

•

-

.

.

tl/S.; tToyejrnjnent Security Prices
^ Subsequent', to the -close of (the
prices; -of- IL S.- Government se¬
curities

:•/increased.;

^jftaally^Ux-e^mpt'-IJonds 2.06%.

manufacturers

Third

Higher In 1942

Factory, 'payrolls in New York
for the
year, 1942 than for 1941, accord¬
ing to a f statement issued J an. 16
by [ "Acting
Industrial Commis¬
sioner Michael J. Murphy. Aver¬
age
weekly earnings increased
from $31,68 :in .1941 to $38.44 in
1942; employment rose 11%. Em¬
ployment . .and - . payrolls
w e r e
higher for every month during
the: year, than for the correspond¬
ing, month of 1941. Payrolls for
December,, 194?,. were 35% above
those
for December,
1941, and
employment
was ,/• 10%
higher.
Compared [with November," fac*
tories in the State employed 1.5%
more w workers
and
paid 3.5%
rhore in payrolls. The announce¬
State ,were/34%". higher

was too

busy

to

remember to

"

guard against attack from the rear?
It is

good generalship to

savings

program

for the

use

year

hindsight and foresight in planning

ahead—and

to

make

sure

that

ings will do tivice the job you'd expect in normal times.
It takes

only

one

visit to

our nearest

office

4

your

your sav-

-

to get two

kinds of thrift

protection.

:

* Double

>

First,
you
'

you

your

and

Thrift Service

-

dollars in War Savings Bonds and Stamps

yours.

Second,

your

dollars in

your

..

.

ment

go to

the firing line for

-

'

• ■

and Keep Saving

.

;.

• •

.

v;\ "

v'://;

EAST RIVER SAVINGS BANK
Five Convenient

Offices

MAIN OFFICE 26 CORTLANDT STREET
i-:

291

Broadway

Member

60 Spring Street
Federal




41 Rockefeller Plaza

Deposit

743 Amsterdam Avenue.

Insurance

Corporation

aiso.says in part:;.

."Most

tional

savings account continue to protect 4

against emergencies and sudden needs!

Buy Bonds
v

"

V

industries

workers

/.
hired,

during

all; groups except apparel and pe•.

steel

while

mills

The

metals and machinery group as a'

whole showed
in

an

increase of 2.5%

employment and 4.1% in pay¬

rolls.

•

•

■

declines

"Employment

the

in

chemical and pe-[
all less thari

food, apparel,

troleura groups were
_A /O

•

■

.

■

declines

"Seasonal

in

-

-

the

ap-:

parel industry in New York City
much smaller than usual for

were

■
• :
upstate districts re¬

December.'J.;■;
"All

seven*

ported; increases in employment
and payrolls for the month."

Ruml Plan Endorsed

Ry

Am. Retail Federation
ciations

retail

and State

National

asso¬

urged by the Amer-,
ican Retail Federation on Jan. ^
to.

were

Congress

petition

for

enact"

of the Ruml pay-as-you-go

ment

plan.. The action of the Fed J

tax

eration

was

taken

annual

its

at

meeting in New York at the Wal-'
At the

dorf-Astoria Hotel.
time

Association also

the

itself

record

on

favor

in

same

placed
the

of

plan ahd advocating a drastic re¬
vision of the price control system
to make it "practical and effec¬
The New York "Times" in

tive"

reporting this in its issue of Jan.
10, said:
"On
the
pay-as-you-go
plan'
the association held that 'the

re-|

moval of threats

implicit in defer-;"
ineht of tax payments for one
year
to the succeeding year is
not only, an objective of immediJ
ate practical concern to citizens'
and government alike, but; also of
the

to

concern /

governJ,

Federal

jneht from the standpoint. of
sible

free of debt-as

as

in ■ order the

post

-

better to

con-j
and

problems

war

needs.'

^

■

hav-"
pos-V

"V;

""The. pricercontrol resolutiori"
palled for the rescinding of the

and

tion

workable

more

lating

ceiling
of

suance

for

the

a

Price

'

prices

"

"It

..

a

through is-;

"V

as

(gross.

of individ¬
1941-

of the year

March,

1942, at

bf the retailer.'

/

urged that the Central Com¬

mittee of National Retail Associa-.

tions. Consisting of 17 national re¬
trade

tail

associations

than 400,000

and

more

retail stores of every

type, which has. already

adopted

the resolution, be consulted in

appointment
cuss

It

advisors to

of

the proposed new

was

Furniture

Retail

the

dis¬

regulation^

disclosed that the National

Association

in

Chicago also has ratified the reso¬

•

——:

■

——i—f

-

,

t.

NY Chamber To Name ;
Man Power Committee
At

the

business

of the

session

New York State Chamber of

'

./These:statements -are based on
preliminary tabulations covering
reports from 2,788 representative
factories
throughout the
State.

■

regulation 'providing

month of

the option

,

calcu-j

mark-up practices

retailers
the

or

of

.

system of

percentage mark-up)
ual

Regula¬

substitution

ithe

addi¬
the past lution."'

month particularly those engaged
in J war work. . The only, major
industrial groups -to show declines
in.'employment were food prod¬
ucts, apparel,. chemicals and pe¬
troleum. Payrolls were higher in

{roleufn:

Plants

curtailed operations slightly.

General Maximum

NY Stale Factory Pay

cor¬

industry
increased
production.
Increased
activity was reported by' tin cars

Long-term front;

taxable bonds are -yielding 2,32%
bh 'the ^average,' and long-term

were

in the nonferrous metals

Victory Fund/drive in; December ing.citizens

think of a general who

the

A few ship-'

builders laid off workers.

,

>

Payrolls

respondingly higher.

_

What would you

for

tanks,7 airplanes,,

in armaments,- ejectrical machinery,
communication - equipmenta ri d

In its summary

of

hired

were;

for such" items as

dio^y^aee;

entirely in military: and;industrial flour, milk and poultry.
of general business and financial conditions, the
projects, which rose $4,400,000,of the Federal Reserve System reported on
Bank Credit
000. All other types'of construct
Jan. 23 that industrial activity continued at a high level in De¬
tion declined.
'
~
•./'.»V' .Excess reserves of member
cember and the first half of January and distribution of commodi¬
'
v
;
*
banks declined sharply in the last
ties to consumers was sustained. Prices of farm products and retail
Distribution
v
weekOf December, and during
foods advanced further, while prices of most other commodities
Distribution, of commodities to the first* half of January they
showed little change. The Board's^
=—
consumers
was
maintained at,, a averaged, about $2,200,000,000, as
summary continues as follows:
(
Mineral production was lower
high level in December and the Compared with $2,500,000,000 • for
in December, reflecting a decline
first half of January,, after allow¬ most of .December.
Large pay¬
Production
in
coal
output' from the peak
ance
for the sharp fluctuations ments to the Treasury for new
Bitumin¬
Industrial
production in De¬ reached in November.
that ard customary at this ' time securities; some increases in' cur¬
cember showed less than the usual ous coal production in 1942 was
of
year. The 1942 Christmas buy¬ rency, and other end-of-year re¬
decline from November and the the second largest in the history
ing season exceeded that of • any quirements were responsible for
Board's seasonally adjusted index of the industry, averaging 13%
previous ^ycar, value of - sales' at drains on reserves during the last
rose two points further, to
Crude petro¬
196% greater than 1941.
department, stores, for example, week, of December. There were,
of the 1935-1939 average.
production
in
December
Muni¬ leum
being | about' 15 % larger; in; No¬ however, ' substantial
sales
of
tions output continued to increase, continued at the level of earlier
vember and December than in "the. Treasury bills to Federal Reserve
raising total durable goods pro¬ months and for the entire year
corresponding period of 1941. .The Banks under options to repur¬
duction to
a
level 33%
higher was slightly lower than 1941, re¬ increase over the
year-peridd re- chase. In the early part of Jan¬
than in December a year ago, flecting transportation shortages.
j'lected in part price [ ra.d^ancqs,"' uary,: reductionin Treasury bal¬
while for the same period pro¬ In the first half of January pro¬
but there was al$o
afi increase, :ih ances' at the Reserve Banks, and
duction of nondurable goods was duction of bituminous coal and
the volume of goods' sold;/. v
a
return flow of
currency sup¬
only 4% larger and mineral out¬ petroleum was maintained, but a
Freight
carlbadings
declined plied banks with additional re¬
number 'of anthracite mines were
put was somewhat lower. '
about the usual seasonal amount serves; and some of the bills sold
Steel production in December closed by an industrial dispute,•
in Decemberf and thh Board's ;ad-' to the Reserve Banks were repur¬
Value of construction contracts
and
the first
half
of
January
justed index remained at;.134% chased.
During this period Re¬
averaged 97% of capacity, down awarded in December, according of the
-1935-1939"'avCragp;/[Gr^in,1 serve Bank holdings, of Govern¬
slightly from the October and No¬ to the F. W. Dodge Corp., was
ment
livestock,: and miscellaneous" load¬
securities, which had in¬
vember levels,.
Total steel pro¬ somewhat higher than in Novem¬
ings rose somewhat on a season¬ creased to $6,200,000,000 by Dec,
ber.
Contracts
for apartmentduction for the year showed a 4%
ally adjusted basis, while; coal 31, " declined
to below $6,000,increase ov,er 1941j while the out¬ type "buildings for housing war:
and
other '
products ; dedined oooTooo.: /
;
■
put of steel plate, important in workers continued to rise and
■"
slightly.'" '•»
• ■
s
;'v*,
/Reflecting largely purchases of
shipbuilding and tank production, public works increased sharply,
the1 %%■ certificates of indebted¬
while: awards for manufacturing ? ■ *
rose 90% over the previous year.
CJommodlty ' Prices ,,:K ■ •; •,"
ness
delivered in the week
of
>
>,
This increase over a year ago was buildings declined' further.
Prices of agricultural; commodi¬
Dec.' 30, Holdings of direct and
The Value of,, construction was ties advanced
largely obtained by conversion of
sharply' from : the
guaranteed Government' obliga¬
existing facilities. Output of lum¬ $3,200,000,000;
in
the
fourth early part of December to the tion's at. reporting member banks
ber, and stone, clay and glass quarter
of -1942/
according to middle of
January. (Maximum in JOf cities increased by $1,800,production in December showed preliminary estimates of the De? prices designed to restrict further
000,000 to $28,000,000,000 over the
larger declines than are usual at partment of Commerce. This was increases were Issued for some of four weeks
ending Jan. 13. New
this time of year.
these commodities, including .corn
about 25% lower-than the peak
York City banks took $640,000,of $4,300,000,000 reached in the and
mixed- feeds,' \ For. certain
Output of
nondurable
goods
000 of .the $1,500,000,000 of cer¬
showed little change
from No¬ previous
quarter, -but
slightly other products, however/like; po¬ tificates sold to reporting banks.
vember
to
December.
Textile higher than : that' of the fourth tatoes and truck crops, ^Federal
Commercial loans in New York
production continued at the high quarter of 1941. -Installations for price- supports i were increased.
City .declined by $90,000,000; out¬
level which has prevailed for the direct military use and industrial Wholesale prices of most other
side New York there was • little
accounted.
for. almost commodities
continued " to-" show,
past year and a half.
Meat pack¬ facilities
change.,
Loans to brokers and
ing increased sharply, reflecting three-quarters of the total, and
littletchange,. ■ ■■- ■; ?;
.////■[/:/ dealers; rose sharply in. December
From mid-November f to/midexceptionally large hog slaughter residential
building contributed
during, the; Victory Fund cam¬
ahd output of most other manu¬ somewhat less than half of the re¬ December retail
food; prices ad-. paign,-' but declined* corresponds
factured foods was maintained at mainder.
For
the; year as
a Vanced 1.6 points to about. 133%
irigly i, • in - the following, weeks.
a
high level.
v
whole; construction. is valued- at of the 1935-1939 average: Further Other,> loans continued to decline.
:

Board

workers

manufacture

merce

on

Jan. 7, President

erick E. Hasler

was

Com/
Fred¬

authorized to

appoint a special committee to be
known

,as

the Committee

on

Man

The Division of Statistics and InPower to. study plans for the mo¬
.formation,' under the direction of
Dr.* E. B. Patton, is responsible, bilization of the man and woman
for the collection, tabulation and
power of the United States under
analysis of these reports.
an equal "system of national ser¬
"Activity, at war plants contin¬
vice to help promote the success¬
ued to increase during the month,
vLarge,. numbers
of
additional ful prosecution of the war.

Unauthorized; Treasury Defends Legality

receipts,

budget

,

will

ton

be

of

85%

about

total

needs, while the carryover of cot¬

stapling

ton

than

less

one

inch

.

The

'

produce the longer staples needed
in wartime, and thus take advan-

leaving
iTvoje.lhari $62 billion To be raised; tage of the increased rates offered
by borrowing.
Government trust for the longer staples.
Also according to present plans,
accounts are expected to supply

other

assertion that the issuance of $660,000,000 of Federal. Re¬
serve Notes by the Treasury is unauthorized by law and is a form
of "Greenbackism" is made by Walter E. Spahr, Secretary of;the

1

grades and staples of Upland cot¬

ficient seed of varieties that will

arpount of less than $23 billihiL will "come from taxes and

het

Notes Held

Issuance Of Federal Reserve

367

& FINANCIAL CHRONICLE

THE COMMERCIAL

Number 4146

157

Volume

less than $3 billion of

about

leaving

$60

this amount, farmers will be given special con¬
that sideration on essential farming
and

labor

and

materials

requirements by

In addition, it is

23%.

billion

the

exceed

will

that, the carryover

consid¬

indicated

of cotton stap¬

Committee on Monetary Policy, and Professor ■ must be borrowed from the pub¬
eration from draft boards in direct ling iy8 and longer will be about
York University. Prof. Spahrs views Were, lic; /including the banks. It is ab¬
proportion to their production of 17% less than the carryover of
.contained in an open letter.,,to Congress, made public, on/ Jan. ;21y, solute l;yje§se ntial in the interest
August 1, 1942,
of preserving as sound a financial the type,, of food and fiber needed such cotton on
en
which date Under Secretary—.//',. • ,
'j,'*
~
,
Economists National

:
'*

New

at

Economics

of

does

Notes

"3.: The

issue of the Reserve
exist.
Prof. Spahr's;

for the

ity

the • Federal Reserve
and "are not liabilities of

Banks

these

expressed were solely those of the
Secretary, Prof. Spahr;' The com¬

of These

is

of 76

group

a

standard", and

gold

to the

y

monetary

vocates."
"If

:>

Treasury

our

also

y

■

banks

tn
to

Dec.

nounced

of the

13

been

staple varieties, officials

the shifting

pointed out that serious shortages,
staples may develop

of the longer

manufacture, were an¬
on
Jan. 22 by the De¬

authorities

to

are

are

make

to

their best contribu¬

inch
of

utilize "the existing stock of cur¬
resort
rency
printed in the early 30's
greenbackism, they should do known as 'Federal Reserve Bank;
so
openly and inform Congress notes'" and the excuse was of¬ Department's announcement fur¬ 60% of the amount which was
ther said:/■;• '"//• "*
and the people of that fact. This
\
fered
that
more
than
$300,000
/"Department officials said the needed to supply domestic, lendtype of currency inflation is pre¬
would be saved in the cost of
reason
for announcing the pre- lease, and export requirements for
cisely what ; is
involved in the
printing new currency. 1
r,1 *;/'; imium: and discount schedule in
the 1942-43 marketing year; and
present issuance of so-called Fed¬
Prof. Spahr said, however, the
advance
of
the
complete
19431.
,
,
eral Reserve Bank notes by the
effect of issuing the currency by
loan program was to give cottonthe carryover
over
Treasury.
the
banks,
Under
the Reserve farmers an opportunity well
ahead]
about 62% of the require"The following facts are not to
rules,- or issuing / them '»by the of,
planting time, to secure suf- ments.
The carryover of all
be controverted:
''
'/'y'y
' Treasury was vastly different.yHe"
Reserve

staples to the longer ones, if they

unless

s^aP^n£
The

Reserve
authorized
to

Reserve said the
had

encourage

lnnffp'r stanlp
longer staple vsriptipQ ripAriAH!
varieties.needed

,

'

producers maintain or in¬ tion to the nation's war needs:
crease production of such cotton.
The longer staple varieties yield
partment of Agriculture in Wash¬
For example; there is a greater
less
per
acre
than the shorter
ington./ .The loans, based on 15/16
Middling, will be made at 90% of; ne5^i °^. ■C0^<Si
one
staples, and, in some cases, giveparity: oil-all'growths of Upland) and/longer. ■
carryover, as
producers less cash return.
Thq
cotton, and will be effective dur-l August I, 1943, before the 1943
new premium and discount rates
ing the 1943-44 marketing season; crop is harvested, of cotton stap¬
which/begins Aug. ,1, 1943.
The; ling one to 1 3/32 will be about are designed to compensate for 1

Press we

::£•
of

,

in wartime

Spahr pointed out that the

release

Federal

said:

Federal

and

signed, to

or

quote:

Prof.

staples

.

States -' of

.United

.the

who produce

Discounts For i 943

effect: that

to. the

From the Associated

press

'y;i

.

Prof. Spahr

letter

his

'.In

•

;

by like deposit .■ of
other securities' is a falsehood." ;>/

"combat

to

of

urer

America

policies such
as those of" inflationists, devalua¬
tionists and commodity dollar ad¬
unsound

notes

the.; face

on

they are.'secured by United States
bonds deposited with the Treas¬

econo¬

mists, and its announced, purposes
included education on the. desir¬
ability of "an early return

statement

Accordingly,

effort.

war

,

farmers

cotton

major part of this

the

absorb

Cotton Loan Premiums,

banks. y-y-. •«/.-■s;
The

"4;

the

The indicated
carryover
of the/
the
longer staple lengths of upland iq
needed in the war effort
would be given consideration be¬ regarded as relatively small to
fore those producing the shorter meet any emergency arising be-:
staples—those of which there are cause of increased ' requirement^
Targe " Surpluses, and, therefore,
of. such cotton.
*■
are not so urgently needed.
/
"Officials say these figures indi-f
'"In* urging
farmers to plant
larger acreages (within their al-1 cate strongly that cotton produc¬
i ; Premium and discount rates for lotments) to intermediate and I
ers will need to shift from
short
the 1:943 cotton loan program, de

lic

not

,

in

situatipiitts possible that the pub¬

*.

' by

issued

Press, said that-while it was issued by the committee, the -views

mittee

notes "• are

k

a n

'

so-calledFederal .financing." -

new

B

Reserve

the Associated

letter, according to

'S

/LCI

mi

4

m

>

fcr9vl?.10^:'FederalReserve
L

pt the Treasury Daniel W. Bell is|
LI
-W<3 Artl nUnil
4*T\ at*
said to have declared that author¬

to

do not vary

this, and in general

greatly

from

the

1942

market

.

.

,

.

of 1/s-inch and

:«

:

U

>

is

There

authorizing

law

no

the

1043

cotton

-."Remainder

of

loan

will be announced

program
the

when

basic

loan

rate

is

de¬

termined."

issuance of the- money

calculated

issuing by the banks would permit an ex-'
pansion of bank deposits,- under
any,/amount the banking laws,' of $1,885,714,-:
285, .while issuance by the Treasin

action

Treasury's

the

differentials.

-

Federal Reserve Bank notes up to

$660,000,000

or;

f
^

L

~

_

1

^

J

J

"1

1

notes

•

.

issued' only
Banks

"•

can
be legally fury would permit an expansion of
1
J
4<w t.n '■ i- k
1m. Aim
4'
Federal Reserve: deposits in the banking system of
and only in accordance with $9,428,571,425/

Such

."2.

in

Zi /

.whatever. ".

I.

_

»

*

«

"m

mm

m

.

m

y.

by

.'Guaranty Trust Go/ Urges Public To Absorb //i/
;
Major War Financing; Reports Earnings
Trust 'Co. of
with $13,-/
the; annual report to stockholders; at

:>>• Net current operating earnings of the Guaranty
'New York for .1942 amounted to $14,883,835, compared

1941,

115,640 in

according to
20.-The report,was signed by W. Palen

■their meeting on Jan.

Con-

of the Board, William C. Potter, Chairman . of :the
Committee^ and Eugene C;-Stetson, President/; ', ^"//

iTvay; Chairman
.Executive
The

total

company's

current,

,:

Thrift has become the "war word"

■.

credited/to the
'operating earnings were. $30,361,?
amortization fund to provide' in
127, consisting of $16,196,397 in¬
terest and dividends on securities, part for amortization of other gov¬
ings;' have been

•

$8,883,696 interest on

loans, and

$5,281,034 other current operating
learnings. Operating expenses for
the year amounted to $15,477,292,
made up of $8,106,634 as salaries
$7,300,665 other cur¬
rent operating expenses and $69,993 interest paid.
/ ;
/ ■:'
/

and

wages,

ernment

securities

bought

at

on

of

a

■'•

Accordingly, each year
a portion, of current .amortization
of
bond
premiums ■ has
been
charged against the fund, thus in¬
creasing interest earnings/* / For
the-year 1942, $2,500,000 of such
amortization was charged against

'

During the year profits from
the sale of investment securities

spending will—

J!

ft

'

to

the

task

of

war

borrowing

war

/

'

1'

*

'■■!. [

;
' / J

r

t

;

//;//%V{;-'

-

>

/:/.

'L-

in

war—that

of

with

providing
the

%Z/:/'./.;■
a

will

to

our

surely take
up

effort. So,

the

for

:///.-.':.l'/-,

government's pro/yy

y:: /:/

ahead will see a broad,
rationing system which

year

speed

.

boom of rising prices to

'

effective

/•'/:.'y/y

y/''/.-/-;/

gram.

The

/
\

;

•;

r..]■:/•■"

competition with Uncle

impede

connection with the Victory Loan

Government

'\./,

for materials needed

ft avoid

in

.

holdings of U. S.

' '

avoid

the Fund, as compared with $3,'%
655,100 in 1941.
The balance of
the current amortization has been

compared campaign was obviously based on
a recognition of that fact.
It rep-;'
$6,315,958 for 1941. Deferred
resented an effort to deal with
profits carried over from the prethe. problem that invariably, arises
yious year were $2,767,011.
The company's

.

Sam

amounted to $1,267,998,

■

*'

keep things stable and build

.{with

'.J

.

morale

company's surplus and un¬
divided profits at the end of 1942
amounted,, to $192,547,059, com¬ charged directly against coupon
pared with $189,470,856 at the end income." .'. ;/%y////
//■';■■,/:•.:*/ ■"//;...
of
1941.
Dividends declared in
v
As to financing of the war, the
1942 were the same as in 1941,
Guaranty's report makes the fol¬
$10,800,000.
During the period lowing comment:
'..
there were set aside as reserves,
"Too large a share of the financ¬
$1,000,000,
against $600,000/ in
1941,
and
for
miscellaneous ing of the war has been carried
by the banks. The new approach
charges, $164,120, against $85,980.
The

Saving instead

premium.

•

h *

the home front;

more

civilian goods

y

the tempo of our war

for 1943 resolve

—

enormous'

amounting amount of necessary, purchasing
to
$1,692,372,000, showed an inpower
without resorting to un¬
fcrease of $673,886,000 over the
wise expansion of bank credit. .«■'
end of last year. The maturities
•••'.'The urgency of-the' question
|(to first call date), exclusive-of
increases with-every rise in the
$212,651,000 Treasury bills, are as
follows: Under 3 years, $1,037,- prospective volume/of war ex¬
354,000; 4-5 years, $280,833,000, penditure. The cost of the war
program
as
already authorized
and over 5 years, $161,534,000.

Government securities,

further disclosed will reach the total of $238 bil¬
has made many lion, and will probably increase
loans related to the war
effort further. During the current fiscal
and has actively engaged in the fi¬ year alone, it is estimated, war j
expenditures, including net out¬
nancing of companies holding
tracts, under terms of Regulation lays by Government corporations,:
will amount to more than $77 bil¬
V.
lion. With other expenditures es¬
In the report it is stated:
timated at $8 billion, the aggre¬
"For a number of years profits

!

The

report

that the company

•

from
sale
of United gate financial needs of the Gov¬
expected to total
Government securities, in¬ ernment are
more than $85 billion, of which a
stead of being credited to earn¬

realized
States




If You Can't Buy It Now—SAVE
To

"

—

;

,

Buy It Later— & resolution of

sound practical patriotism.

.

The Dime Savings
—

FULTON

Bensonhursl: 86th STREET AND

Bank of Brooklyn

STREET AND
19th AVENUE

.

DE KALE

AVENUE

Flatbuik: AVENUE J AND CONEY ISLAND AVENUE

BROOKLYN, NEW YORK

THE COMMERCIAL & FINANCIAL CHRONICLE

368

Dauber of Dauber Bros., and Nick
Fennema
of
S. • Si4 Borden
Co.

Dec. War Bond Sales
Calls For Aid To Small,
Near Record High
Business—Suggests Remedial Legislation
Committee

Business

Small

Senate

Jan.

on

criticized

18

as

far taken to spread war contracts among
said it had under consideration several legislative

"unsatisfactory" the steps
smaller plants and

so

proposals to remedy the situation.
In a report to the Senate, filed by its chairman, Senator Mur¬
Mont.), the Committee declared that "the fundamental

(Dem.,

ray

or not the-*>
free enter¬ and

whether

of

question
American

of

system

will be restored and sus¬
tained" depends to a large extent
prise

wartime

the

the

of

expansion

Big Business.

^cts„

hands of

*n

that subcontracting
at a "snail's pace."
had

is proceeding

these

legislative

under consideration:
of

civilian

a

tor

within

administra¬

War

November

for

the

"The

month

a

hours

in

It

week

was

m0nth since

any

43.7
rise of

averaged

November,

a

the October level. This

over

level represents a week 2.2 hours,

5.3%, longer than in Novem¬
ber, 1941, and an increase of 8.7%

or

January, 1941.

over

"Real

weekly

The

Committee

forth

set

these

than

more

in

January, 1941.

*

five

basic

future

principles

plans

for

small

business

"Small

be

must

effectively used in
"Small

its
business:

business

more

production.

war

be

must

"Total

to

as

effectively used in meeting

more

essen¬

tial civilian needs.

0.4%

in

adjusting to certain

war

conditions.
"Small

"If

American

is

make

to

contribution

small

to

business

prob¬

lems."
with

Coincident

of

the

filing

of

E. Holland, Dep¬

of

Director

Chairman

the

the

and

WPB

War

Smaller

Plants
Corp.,
announced
that
Army contracts worth $1,047,800,600

were

ber

and

from 5

during Novem¬

placed

employing
Mr. Hol¬

concerns

to 500

persons.

rose

establishing
for the
of

Since

November

last

man-hours of work have in¬

year

creased

17.3% and since January,
1941, they have advanced, 41.4%.
"Due

the

to

larger

of

employment
of
women

numbers

in

manufacturing
industries,
total
employment
increased
0.2%
in
raising it to a new
level.
Since
November,
the number of employed

peak

1941,

workers

and

has

since

advanced

January,

"Payrolls

1941,

advanced

16th

consecutive

it

has

rise

of

1.2%.

At

the

for

month

with

226.6

a

(1923

December

$1,014,168,000, - bringing

total

sales

year

to- $9,156,958,000.

for

the

1942

November, 1941, and 80.6% above
January,

1941."

try

the

were

second

-

number

calendar

The

Field :

De¬

coun¬

viduals with

established

a

high of $725,777,600.

previous high for E bonds was
$667,411,000 " in J Jafttiary,1942.
Sales of Series F and G bonds in

$288,392,000. v.
The total amount of E, F and G
were

the

to

public

in May,

the

Second Federal

bonds

;~:

office

take

and

R.

were

L.

Elster, H.J W.

Tatham, Sr.

*

Nomination of this slate

was

re¬

in

York disclosed

of

U. S. Use Of

Newsprint

war

was

r

Rowe Heads Sav. Banks

Retirement System
Daniel

T.

Rowe,

the

Board

Savings

of

Banks

Grace

National

of

Bank

presented

by

Chester

R.

corporations, the

to

few

a

that

the

final,

the

be

can

war

crushing blow to small business.'

1941
for

"we

that

warned

The

he

New

Dewey,

tive

City Savings Bank,
Vice-Chairman. ■./%

"Total

against the loss of our traditional

U.

freedom of enterprise, a loss that

tons

result in

would

creating

a

dicta¬

torship by a few corporations and
cartels over our jobs."
'
;
The House Small Business Com¬

report

mittee
our

was

mentioned

,

in

issue, page 2328.

Dec. 31

At New Peaks
Earnings,
employment,
manhours, and payrolls in manufac¬
turing reached new highs in No¬
vember, according to a monthly
survey
of 25 industries by Na¬
Industrial

tional

Conference

Board.
Under

Board

date

Jan.

of

20,

the

explained:

were

S.

apparent

stocks

the third

were

The

income, it is
almost exactly
offset decline in profits on sales
pointed

Chicago Mercantile H
Exchange Elects
Members

of

the

Chicago

of

governors

to

years,

three

and

nominating

a

of

serve

whom

securities

Commercial

Mer¬

loans

the

loans

declined,

collateral, principally
for two Government bonds, increased, and
are new, holdings of Government securities
were

committee for

larger, constituting 42,4% of

assets.

Newly elected to the governing
board were V. O. Appel of Fulton

843,013.
Dec.

pared

Storage,

to

on

1943.

Cold

due

changed
method of marketing Government
offerings in the last few months.

cantile Exchange on Jan. 6 elected
six

has

out,

Victor

C.

Total

resources

Total

31

were

in

$75,-

use

$54,536,000,
$35,216,000 in

were

with

funds

on

com¬

1941

Robert
bain

Matherson, Jr., and Ur-

C. LeGost

Treasurer

and

;

;

The Trustees

the

System

$300,938
777

in

December

and

amounted

December in

1941

and

1940

521,508 and 465,733 tons,
tively.

.as

were

1942 represented 71% of the total
United States supply, compared
with

70%

from

24%

in

United

194L

States

of the total,

the

previous

foundland's

Shipments
mills

were

against 25%' in

while

year,

share

New¬

remained

un¬

changed at 5%.
14

The association reported on Jan.
that December
shipments of

Canadian newsprint totaled
245,523 tons, a decline of
75,759 tons,
23.7% lower than December.

or

1941.

earnings

their

rising

consecutive
vance

new

32,3%

maintained

for

trend
month

with

the
an

of 0.8% in November.

peak
over

level

of

November

$0,966
a




year

28th
ad¬

Shipments

States

were

overseas
was

The
was
ago

to

ST. LOUIS, MO.

"Shipments' from Canada during

to

the

United

■

"Hourly

s

down

customers

60.2%.

20.8%. and
the

.

to

decline

,

Canadian production amounted
244.183 tons, 56,640

tons,
18.8% below December, 1941.

or

■f.'V.

,

amount

of

participants from 24 partici¬

pating banks in New York State.
Since

bank,
Bank

that

The
of

time

one

Mechanics

additional

Savings

Rochester, has become

member of the System.

International Shoe Co.
f

the

of Dec. 31, 1942, with

•

respec*

respec¬

reported assets of

in

all

645,494 tons at the end of the
month, the Association said. Cor¬
responding stocks at the end of

reappointed

;

[

?: '•

were

Secretary,

tively.

.

publishers decreased 38,212

elected

largest

also

of

was

other
Trustees
besides
President,-at the annual meeting
Messrs. Rowe, Babcock and Diehl,
on Jan. 12, reported year-end de¬
are:
Sales of Series E bonds aggre-; posits increased from $50,693,014
to $69,850,805.
Frank L.
Operating income
Gardner, "President,
gated $93,800,000, against $72,700,in 1942 was $218,720 or $14.58 per Poughkeepsie
Savings Bank.
000 in November; Series F, $11,share, compared with $165,492 or
Fred
300,000,
against $6,000,000, and
Gretsch, President, The
$11.03 per share in 1941.
After Lincoln Savings Bank of Brook¬
Series G, $56,000,000, against $30,-'
into
account
profits
on
lyn.
300,000,
against $6,000,000,
and taking
New York District were $440,500,- sales of securities, charge-offs and
Hamilton
C.. Griswold,
Vice*
total
results
were
000 in December, against $357,- recoveries,
President,
East
Side, Savings
$241,841 or $16.12 per share, com¬
200,000 in November.
For the
Bank, Rochester.
whole country sales of tax note? pared with $242,018 or $16.13 per
John F. Kreeps, President, The
share at end of 1941.
Thus in¬
were
$1,312,000,000.
Home Savings Bank, White Plains.
creased
operating
The sales

Canadian Press dis¬

to

■

Earnings, Employment

a

as

for any month.

year

patch from Montreal, Jan. 19.

guard

must

following advices

contained in

go, we

the previous

Rowe,

Charles Diehl, Execu¬
Vice-President
of
Empire

Cumulative decrease

under

Mr.

Trustee.

2.9%.

was

"Should the small business man

will all go."
Throughout his testimony

period.
1942

meeting of the
19.

Savings Bank, who will remain
a

26,341 tons lower than in the like

going

country now faces 'the brutal fact

the

Sys4

Vice-President, Onondaga County

of United States publishers in De¬
cember was 339,703 tons, 7.2% or

war

of

Trustee since the

a

newsprint Association of
has reported that total
apparent newsprint consumption

production contracts

of

tion

of

Trustees

Jan.

Canada

Jan. 13 that with "the major por¬

President

Retirement

annual

on

The

Secretary of the Interior Ickes
told
the
Senate
Committee
on

per

of

Down 7.2% In Dec.

con¬

tracts among distressed plants.

$3.00

1, 1943 to
record, Feb. 25,
declared.
:

stockholders

1943,

of

March

inception of the System May 1,
1941, succeeds Perrin L, Babcock,

York in its report to stockholders
4

•

dividend

payable

tern at the

Gains In 1842

New

Jan. 4.

on

share

Trustees

Grace National Bank

Reserve Dis¬

Bank

Reserve

regular

who has been

December,
against
in
November, • the

$108,900,000
Federal

re¬

en¬

year,
Herbert A. Nickel,
formerly Chief Clerk, was ap¬
pointed Assistant Cashier,
The

10, page 2052.

by agencies other than the
post-offices amounted to $161,in

bank

suing

ferred to in these columns of Dec.

trict

100,000

of the

the

of

of

-

.

still in the hands of their

original buyers.
Sales of war-savings

Directors

Jan.

on

and C. C.

through December, 1942, .fis
$11,694,000,000, of which about
are

of

reported.

was

meeting

Fox, E. J. LeFebvre, R. Ei Scholes

1941,

and

98%

annual

Kings Highway Savings Bank,
Brooklyn, was elected Chairman

mittee

bonds bought since their introduc¬
tion

candi¬

re-elected

governing body the Exchange's of¬
ficers for the ensuing year. * Gov¬
ernors serving two-year terms are
Garrett B< -Shawhan, President;
Maurice Mandeville, - First VicePresident; Joseph Godow, Treas¬
urer;: Frank A. Priebe; Thomas J.
Ryan and Max Weinberg.
'
; ^ Elected to the nominating com¬

The

December,

will

slate

and

meet with carryover board mem¬
bers on Jan. 18 to select from- the

$3,750 is*
calendar year,

any

regular
new

but 'Mr.

All

votes.

The

governors

largest
exceeded

limit of

a

price, in

of

were

dates.

monthly
total,
being
only by-those for January, 1942.

sue

business '

the

Board

Growth

13, all officers were
Co., Inc., who polled the largest
appointed to serve during the

ag¬

Market

equals 100) they stood 32.4% over

predicted
that
this
was
simply the forerunner of an even

distribution of

11.4%,

risen to 30.1%.

land

greater

gregated

in

Co., and L.

D. Schreiber of L: D. Schreiber &

Reserve pql*

Treasury' bills.

Harry H: Field of partment
At

Federal

new

on

"small

with

December

business"

worked

November,

the ninth consecutive peak

•

the report, Lou
uty

to

life, the Federal Gov¬
must
improve its ap¬

ernment

"in

November,

business

maximum

proach

better

capital.

small

its

needs

business

to

access

man-hours

series.

"Small business requires assist¬
ance

Bonds

icies

Brothers, Michael E. Fox

of the Peter Fox Sons

savings bonds, sold only to indi¬

greater than

work

average

June,,. 1930.

minerals

Savings

Faroll

Jan. 3 that sales of War

of

level

same

and 38.8%

ionger than jn

Production

a war

on

in,Latin American and trust de¬

year term were

re¬

December sales of Series E War

weekly earnings, or
earnings
adjusted
for
director to coordinate the activi¬
ties of various Federal agencies changes in living costs, which had
declined in the previous month,
ill the mining industry; helping
regained their September peak in
small
business
adjust to lease,
November
to
stand
at
159.2
mortgage and inventory problems
(1923
equals
100).
With
this
brought on by the war, and Gov¬
ernment financial assistance for weekly return, 10.1% more goods
and services could be purchased
industries beset by wartime bur¬
than a year previous and 19.1%
dens.
>.

Board; creation of

vealed

Department

new

weekly earnings in January, 1941.

The creation

supply

the

proposals

0.9% in

another

18.9% above the $35.74

was

ago

0.2%

report said the Committee

January,

rose

reach

to

The

average
year

The Committee's report charged
that "over 70% of all prime con-

The

"Weekly earnings
high.
$42.49

economic

present

toward

the

above

November

and

to

Treasury

cember sales for the entire

27.3%

1941, level.

smaller

problems

the

reversing
trend

of

solution

the

m

farm's

The

due to

Governors re-elected for the two-

Senate Group
The

Thursday, January 28, 1943

a

►l|*Wjt «.»Mh^i^ n-flf, '»,

Volume

f

MM tfcM WrfW k.t^vWC'^WWH^tlMhiMnni'SM

THE COMMERCIAL &

Number 4146

157

«t iw!

a

Transition From War To Peace

« Wtltt ■'.WlWA^nM WWrftC^lHifteT^ fmiui^M\tYntfMti«Ak» I

,

Climb' Says
transition

The

from

Continental Bank Chairman
to

war

a

a

peace-time

will

economy

be

much longer than the period
of preparation to win the war, Frederick E, Hasler, President and
Chairman of The Continental Bank & Trust Co., said on Jan. 20
"up-hill

an

climb" which

in

his

30

Broad Street.

will

and

must be

prepared for still greater

peace"

the

sacrifices and that the
the

war

ing

of

ending of

offensive
calling for other sacrifices to im¬
plement peacetime economic re¬
adjustments and to liquidate the
great

Avar's

huge legacy Of debt.
Mr.
:Hasler,.;said: •' A'AAA'A •' A AA'AA'";A A"The

road

back

world will be

hill

a

time

more

the economic

to

the

from

recover

repercussions of the

than it has taken

war

normal

a

long, tortuous, up¬
for- it will require

climb,

much

to

physical

and

to "make

us

ad¬

financial

fact that, regardless

our

necessary to the win¬
ning of it. We must face the grim
of when the
war
ends, the United States will

from it burdened with the

debt

;

shouldered
world."

Pointing

nation ever
history of the

any

in

the

f A\AAv

■

Personal

Checking

vice .to

rendering

a

we

.valuable

been

member

a

that

the

at

important

many

committees.

it

as.

did

first

when

Exchange

..

Voung Will Address
Lend-lease Meeting
Commerce

The

and

Industry

ceeds Garrett B. Shawhan who
has served three successive terms.

Harry H. Field, of Uhlmann Grain
Co., was elected First Vice-Presi¬

Stettinius,

this vital

dent

the Office of Lend-Lease Admim

unimportant considera¬

an

war

on

effort.

and

"Approximately 22% of our or¬
ganization are in the armed ser¬

Market

vices

Second

V.

nounced

O.

Appel, of Fulton
Cold Storage,
a
newly
Governor,
was
chosen
Vice-President.

found that the
fices

women

credit

veloped
which

we

come

list

our

customers.

officers

have

de¬

who

will

their

require assis¬

March

15th

of

this ^service

borrowers."

wide
AAA A./ a AAA
for

Godow

reelected

was

Robert

E.

Scholes

a-

meeting

mass

named

will

ficially

liams, also

1933-34

and

in

dent

World

budget

War

the

for

forecast

and

for

many

Thursday, Febru¬
At the

national debt in

a

questions,

answer

an

year

excess

of

$210,000,000,000 on June 30,
1944, Mr. Hasler in his comments

stated:

The

we

budget.

We

istence.
too

the

present

fighting

are

which threatens

war

No

price

great to

and

pay

our

non-war

efforts

that

eliminate

make

of

of

is

spent

that

non-war

our

for the
shaped to

necessary

the

nation

increased

$456,227.

19.6%

to

Earnings

oper*

total

a

share

per

of stock increased 4.8% over

The

bank's

$96,759,799

at the

close

of

busi¬

Dec.

31, 1942, were 9.6%
higher than on the comparative
date in 1941.
Surplus and undi¬
vided

profits increased
bank's

of

1941

end of

$195,213.

investment

increased from
end

names

today—names,

is peppered with

every

rubber... commercial solvents,

new

aviation

one,-that stand for

products vital to this nation's victory.

to

1942.

over

300

Gasoline and lubricants for the armed forces, heavy
fuel oils for steel mills and

formerly devoted to the production of

products for peacetime motoring and in¬

\

lubricants for America's
are

dustry, have been converted to produce such things
as

A"

weapons,

"'x

#vA

the

A.

v

A

-

'

.

ships, cutting oils and
industries—these too

war

produced abundantly at Pure Oil's
'-A''"

-'AAA-

A

:•

•.

•A?/-:..- A A.

A.

y.-A-,.

refineries throughout 1942.

these:

Toluene, for bombs and explosives
A

• • •

alkylate and codimer, for high octane aviation

di-isobutylene, which

be

gasoline

.

used

component of aviation gasoline or of

as a

•

.

Butyl rubber

•

»

•

Quick conversions for

aviation

may

butylene, for conversion to

up

speed throughout

our

new

production, stepped*

schedules, research effort

keeping at it 'round the clock, these '42 offensives
have

taught

for the year

States

butadiene used in the manufacture of Buna-S

us

much—lessons that hold promise

ahead of still greater strides in the

production of these materials of victory.

obli¬

item in the
investment account, totaled $33,367,977 at the year-end, an in¬
crease
of 285%
compared with
the close• of 1941. \h
AA/A'A'AA-;
gations,

polymers, and

waxes.

account

$23,053,906 at the
$46,945,512 at the

United

Resources

lubricating oils and

1941.

S100,000,000-mark for
the
first
in its history.
Deposits of

The

The Pure Oil product list

crossed the

resources

time

ness

concerning its first.

annual report

ations

progress-

wasteful

certain

while the net from current
of

these

you

our

stringency."
showed net
earnings of the Continental Bank
for 1942 were $515,213, compared
to
$491,724 the
previous
year,
The

brings

the

should redouble

we

wartime

meet

notes

we

and
dollar

welfare

The Pure

over

spending
funds

Oil Company

is

This does

our

to

every

war,

of

year

final

vigilance
expenditures.
On

relax

contrary,

Entering its second

very ex¬

insure

however,

mean,

should

war

total

a

dollars

in

to

complete victory.

not

■

standard by which

no

judge

can

largest

WITH PURE

Four directors whose terms had

expired—Allen K. Brehm, Ells¬
Bunker,
Siegfried Gabel

worth
and

Carl

elected
year

O.

to

Hoffman—were

the

for

Board

■

re¬

three-

terms.

Colonial Trust

Reports
Growth In Deposits

Arthur S. Kleeman,
the

Colonial

Trust

President of
Company, at

the annual meeting of
ers, on

stockhold¬

Jan. 20, submitted a report

in which he said that "in

with

most

institution

New

has

York

common

banks,

our

the past
year enjoyed an important growth
in
deposits, from $19,382,000 at
of 1941

the end

.,

during

to $24,045,000 on

December 31, 1942, an increase of

24%."

He added

that

"the most

gratifying fact is that this was not
wholly due to the increase in Government'

deposits, our totals from




/

4,

^

will

,v-"S\v

\,

con¬

meeting

will be open to the public.

that

AA\AaAAaaAA

"There is

He

expert on this

subject.

PURE OIL REPORTING

the

fiscal

next

con¬

accompanied by Gordon Wil¬

troversial

Vice-Presi¬
since

on

the

that

address

"Lend-Lease

much

as

of

clusion of his address, Mr. Young

be

as

on

4, at 2:30 P.M.

ary

Exchange and has been active of¬
affairs

New York to

Commodore

A-1

trade, is a charter member of the

its

RA

Operation," to be held under the

Mandeville, a well-known
figure
in the
butter and egg

in

an¬

E.

Administrator, Philip

to

a

Mr.

He served

that

sponsorship of the Association in
Marwyn the grand ballroom of the Hotel

was

sergeant-at-arms.

years.

26

Treasurer.

of

Dairy Products Corp.

York

Administrator

JrM

Young,

in¬

tax payments;/we expect to

provide

but

of¬

special type of loan
plan to make available

with

tance

are

a

those

to

our

giving excellent service

are

"Our

in

have

we

Jan.

on

first Deputy

Nick

and, as a result, we have
substantially increased the per¬ Fennema, of S. S. Borden Co., was
centage of women members on picked to serve as Secretary for
year
and
our staff.
We expect to go fur¬ the; ensuing
Joseph
ther in this direction for

New

istration, had agreed to send his

•

elected

of

Association

A

;
,

time

entered

we

the

;

of Pearl Harbor the Federal Gov¬
ernment owed 42.3 times

of

part of all banking institutions to
make a patriotic contribution to

ser¬

smaller,^depositors

Chic. Mercantile Exch.

institution

tion in view of the desire

Depart¬

ment, where we feel that
not only

has

A?.AAA; A1A/A/A:

•'

out

we

clients increased substantially;
have had a special growth in

of

,

to the bank and to

"Again in 1942 the number of

time

the

vice is

sources

Mr. Kleeman also stated:

justments

greatest

march to

having increased by
a substantial margin, and in each
of our offices.
Although during
the past year we increased our
holdings in United States Gov¬
ernment bonds from $2,023,000 to
$10,084,000, approximately 33 Va %
of our deposits on December 31,
1942, were otherwise invested, in
loans, a percentage which is grati¬
fying in view of the generally
decreasing demand for bank ac*
commodations by other than war
product manufacturers."
In part
other

our

emerge

72nd annual meeting held at
order to "speed the

i^'\HMXl>,Ur'S.V ill tf't 'iljWift

\

Board of Governors and chairman

Maurice Mandeville, associated
Fahnestock
&
will, along with
Co.,
was
with other banks, do its part in elected President of the Chicago
the handling of ration banking; Mercantile Exchange on Jan, 18
the small compensation which the by the governors of the produce
Government allows for this ser¬ futures trading center.
He suc¬
"Our

w

nation *>

would mark the launch¬

another

in

warned that

He

victory

4f'W<r*

for other services of the bank,

take

stockholders at the

report to

'.ui'ili "'M/fi#" >"C '"V *JT"(Hi"-rf'A,^l!^

365

Mandeville Heads

and thus become prospects

power

lf^M|V n?£ i- l/^C #*i

FINANCIAL CHRONICLE

where we also begin to develop
relationships which become of
growing
importance
as
such
clients
increase
their
earning

'Hp-Hill

v*'k'<j^V^'(iWll' <t\ '.' )W 'ft <

fl \t*,w

THE COMMERCIAL & FINANCIAL CHRONICLE

370

On War
The

Mr.

American

in Casablanca, French Morocco, of President
Prime Minister Churchill of Great Britain for
discussion incident to the war campaign of 1943 against Germany,
Italy and Japan, was made known on Jan, 26, no intimation hav¬
ing previously been given to the public or the press of the un¬
expected visits. A communique, dated Jan. 24, was made available
on Jan.
26 regarding the confer-*-

old

mander

for

in

chief

of

com¬

States

meeting

a

between
Gaulle." At

de

General

H. H.

invited to meet the President and \
Mr.

"Admiral of the Fleet Sir Dud-

ley Pound, First Sea Lord; Genthe
the
communique
issued at the imperial general staff; Air Chief
joint press conference at Casa- Marshal Sir Charles Portal, chief
Churchill, but had been

able to leave Russia.

blanca

Jan.

Roosevelt

Churchill

24

and

on

United

Prime

was

Press

blanca,

as

"The

of

given

Great

Britain

follows in

have

Jan.

They

were

ister

con-

Admiral Lord Louis Mountbatten,

sion,

of

chief

since

Lieutenant

combined
General

operations;
sir

of

the

Minister

of

ten

have

Prime

Transport.

days

>

combined

the
in

been

Min¬

British

constant

ses¬

meeting two or three times
and recording progress at

intervals

Hastings

Defense,

able

to

the

President

and

Minister.

Prime

"The entire field of the war was

to¬

leave

to

the

all,' it added."

>..

,,

,

was

leaders

himself

he

chief

Russia

at this

of the great

account

which

Hopkins and
in
W. Averell

day

a

accompanied ismay, chief of staff to the Office

by the combined chiefs of staff of

....'

accompa¬

Leathers,

War

of

Minister

Mr.

by

Lord

was

"For

was

With the

Harriman.

United

Supply,

•

Mr. Harry

by

joined

staffs

•

14.

was

staff mission in Washington; Vice-

in

Casablanca

near

nied

assisted by:

of

Minister

of

between

.

Corn

President

"The

"Lieutenant General B. B. Somervell, commanding general, Serv-

ices

77..;.

.

agreement

1

*

States
!Army; Field Marshal Sir John
Dill, head of the British joint

x

ference

were

"Complete

on

United

the

been

'

Casa-

in the New

of

"These

before.v; /,.

D.

reached

States Army.

of the air staff.

Minister I

from

the Prime

and

eral Sir Alan Brooke, chief of

of

Tribune":

President

States

un-

text

President

as

advices

published

"Herald

York

The

,

;?of
commander in chief
the two countries" 'and theiri re¬
expeditionary force
in North Africa; from Admiral of spective staffs upon the .war plans
and enterprises to be undertaken
the Fleet Sir Andrew Cunning¬
ham, naval commander of the Al¬ during the .campaign of 1943
The net current operating earn¬
lied expeditionary force in North against Germany, Italy and Japan,;
ings of the Corn Exchange Bank
with a view to drawing the ut¬
Africa; from Major General Carl
Trust Co., New York City, exclu¬
most advantage from the. .mark?!
Spaatz, air commander of the Al¬
sive of recoveries and net profits
lied expeditionary force in North edly favorable turn of events at
from
the
"sale 7: of
securities;
the close of 1942. ! :
Africa; from Lieutenant General
amounted to
$2,478,379 in 1942,
"Premier Josef V.-; Stalin Was
Mark
W.
Clark, United 7States
Dunham B. Sherer, Chairman, told
invited, to
meet
the
Army,
and
from Middle
East cordially
stockholders at the annual meet¬
President and Prime Minister, in
headquarters, General Sir Harold
ing on Jan. 12.
These earnings
which case
the
meeting would
Alexander, Air Chief Marshal Sir
are equal to $3.30 a share on the
have been held much farther to
Arthur
Tedder
and
Lieutenant
capital shares outstanding.
;
He was, however, un¬
General F. M. Andrews, United the;east.

Navy; Lieutenant General
Arnold, commanding United
the same time it was stated that States Army Air Forces.
Premier Josef V. Stalin had beenj
"And for Great Britain:
arrange

him and

D wight

surveyed, theatre >, by ; -theatre,, L. Hopkins arrived the second day
thfoughbut the wotid^'and* all1 rfe- after1 the; Prime "MittiSter: "Then;'
sources were marshaled for more said
t h e ,; official, account,
the
'teritpo hf7th.fr^^ohfejr^ce. spfeeded,
intehse#r
land, sea and ah;VNothing. like up' with a minimum of formal¬
this prolonged discission between ity. 'Work came first, second and
two allies has ever taken place third,
and protocol nowhere at

the Allied

of

United

the

General

Eisenhower,

chief of staff of the United States

Army; Admiral E. J. King,

Macmillan, , British Minister
headquarters);
from

Lieutenant

in which it was stated that the two countries; namely, for the
"the occasion of the meeting be- United States:
tween the President and the Prime
"General George
C. Marshall,

the combined chiefs of staff and to

Nor t h

in

Allied

at

ences,

Minister, made it opportune to in¬

Minister

Africa) and Mr. MaCmillan (Har¬

and

vite General Giraud to confer with

a

both

from

"They have received visits from'
Murphy
(Robert
Mtirphy;

Campaign; Giraud, De Gaulle There

presence

Roosevelt,

number of staff of¬
countries. 7 V tV -

gether with
ficers

Roosevelt, Churchill Confer At Casablanca

Thursday, January 28, 1943

is

result of the drain of
the armed ser¬
vices, and that more than 200 are
women, as a

manpower1 into

directing.

"The President and Prime Min-*

ister realized to the full the

weight

mous

Russia

is

of

the

her

their

prime

draw

as

object
of

much

has

that

tellers.

enor¬

been

to

weight

as

possible off the Russian

armies

heavily

as

possible

the

at

as

selected

best

informed

Stalin

has

the

of

been

fully

military

;
'
• <7
"The President and Prime Min¬
have

Kai-shek.

of

him

in

been

the

Chiang

have

They

apprised

which

measures

undertaking

are

communica¬

Generalissimo

tion. with

they

assist him

to

;

York

12, recoveries aiid

credited- to

Mr. Sherer said most current bor¬

rowing is for war work and that
the

in

China's

magnificent and unrelaxing
struggle
for
the common
cause.'
••••'.7.':;

had

bank

loans.

the

of Jan.

13

of such

272

v7

■

From

prot

posals.ister

Jan.

New

the net

points.
"Premier

of

the

to

profit from securities were
reserve accounts, the
Uotal of reserves being $6,911,000.

by

engaging the enemy

"Sun"

*

.

According

which

war

successfully; bearing
whole land front, and

along

than half the employees are

more

commander

as

that

commented

Mr. " Sherer

time

offensive

Exchange Bank ;
Trust Go. Earnings

direct

.,77"",- r''

'."''"'77':

"Times"

York

New

■

take the following:

we

Questioned by

stockholder

a

re¬

garding excess profits tax, Mr:
Sherer said the bank would not be

subject to such tax until earnings*
exceeded $3,000,000 in a year.
He
said that last year the Federal
surtax amounted to $345,000, and
deposit

7

7'

'

to

payments

insurance

$325,000.

7,

,

7

-

-

■

occasion

"The

of

the

meeting

between the President and Prime
Minister made it opportune to
vite

General; Giraud

with the
and

combined

to arrange

for

in¬

confer

to

chiefs of staff
a

meeting be¬

tween. him and General de Gaulle.

The

generals have

two

in

been

consultation.

close

the

combined

staffs, having
completed their plans for the of¬
fensive campaigns of 1943, have
now
separated in order to put
them"

into

active

concerted

ana

7, /. ' •
>
!
LondonJ Jan. 27 Associ-r

execution."
From

ated

Press

accounts ! in the

ald Tribune" had the

"Her¬

following to

regarding the jour-j¬
undertaken by the President

say" in "part
oeys

Mr.. Churchill:

and

j

,

•."Formality wa§ brushed aside
arid" 'Tr&edom of speech was the
order

of;, the. day'

Roosevelt

a

n.d

President

for

Prime

.

Minister

Churchill at Casablanca, the Britt
ish

ing, which included some hitherto

firing

details.

suppressed

away

closed

that

North

More

production is the order of the
day. Men and machines work on,

while

tanks, ships, planes,

guns,

become

ammunition
war.

This is

Nation's

vital

a

program

It enables

our

thunder their

the

tools

of

to

the world's fighting
this

mighty task,

providing boundless, unfailing
ergy

for Victory.

powerful

enemy on

fronts. Behind

part of our

armed forces

the

Africa

to

message

for
Gas

our

industries,

and

servants

are

en¬

Natural

Electricity—master
perform their

which

Cairo

and

also
went

same

Liber¬

which he flew to

Moscow last August:

off from

a

president of the

Wilson,

of Physicians and
his personal physician; Air Mar¬

Royal College

shal Sir Charles Portal and three
'•"They
an




the

been

News

the

of

member

a

rial

Finan-*

"Herald Tribune" since

the
Mr;

of

Department

1928.

is 40 years old, was
Ark, He is a gradu-t
University of Arkansas;
entering newspaper work*

who

Lyon,

born in Colt,
ate of the

Prior to
Mr.

Lyon had been a high-school
in Fort Smith, Ark.
Ha
the first treasurer of the Ne^
York Financial Writers Associa-*
teacher

was

In addition to the .above ad-»

tion.

vices from the State Banking De--

partment we quote the following
the: "Herald
Tribune" of

from
Jan.

.

15:

.7

•

'

''

•

"Mr. Lyon,

expert on bank¬

an

ing problems, has specialized since
1928

in

covering

stories

concern-,

ing the intricacies of money and

credit, inflation and related bank¬
ing problems, and in this work
wrote
many
of
the
leading
financial
stories of the "Herald
Tribune.":

V7:■'(:/■

;

.

joined the "Herald Tribune"
taking post-graduate work
Columbia University in 1924,

"He

at

with the

newspaper's

and then

he worked
service

news

with its marine depart¬

ment; "joining

the financial
'•
* •

in 4928."

staff
*

at ,Casablanca
'uneventful' trip. A small

;

arrived

and

British

of

officers

who

have been

must

up

Primed

ing other

British delegates.
chiefs

of

near

ate

a

hotel

in

a

services

The
had

small

resort

Mri Churchill
prepared and served by
and stewards of the British

Casablanca;

food

cooks

Navy.

Phillips Reaches India

American

Minister, and Mr. Churchill him¬
self met the second plane conveys

"At

CORPORATION

Tribune,", as assistant to
Superintendent Mr. Lyon has

members of his personal staff. 7. i

American

& Electric

staff of the New York

news

"Herald.

For the first few years

Charles

arrived about half an hour earlier,

Columbia Gas

ment

14 the

Jan.

on

12, with W. Averell Harriman, Def
Expediter in England; Sir

fense

before dawn welcomed the

employees have relinquished varied peacetime duties to join the colors

to

an-*

appoints
of W. A. Lyon of the finan-j

nounced

after

party

of its

dis¬

York State

Banks,

of

Air Force station in the
south of England the night of Jan.

alter

Yes, Columbia System is enlisted for the duration. Already 1500

Elliott V. Bell, New

Superintendent

Royal

ly, effectively, continuously

.

the

in

Churchill took

"Mr.

appointed wartime duties silent¬
.

It

Churchill

ator bombe:* in

7

Information said

Ministry of

today in its account of the meet¬

Named Aide

To NY State Bank Head

cial

"The. President, Prime Minister
and

W. A. Lyon

The hotel and a dozen vil¬
requisitioned for the

las had been

conferees.

"President Roosevelt and Harry

William

Roosevelt's
tive to

personal

representa¬

India, arrived at New Delhi

by airplane

lips, who
to

v

Phillips, President

on

Jan. 8.

Mr. Phil-r

former Ambassador

was

Italy, said that, in addition to

studying the problems of India for
the
nate

President,
various

he

would

American

coordi-t

civil

ac¬

tivities in the country.
The President's appointment
Mr.

Phillips

issue of Dec.

was

31,

reported in

page 2335.

of

our

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4146

157;

371

rr
by the War Production Board
regulating
such
production,
distribution and use, provided,

As Best
;

Way Of Putting On Current Basis

The

simplest, most effective method of placing individual in¬
come tax payments on a current basis is collection of the taxes at the
source of the income, the National Retail Dry Goods Association was
told' in New York on Jan. 13 by Stanley S. Surrey, tax legislative
counsel of the Treasury Department.
Mr. Surrey addressed the
association on the subject, "Some Aspects of the 1943 Tax Picture."
Mr. Surrey pointed out that the ♦President's
Budget
message
to mands for redemptions.
We beCongress; forecasting Federal ex¬ lieve the majority of bondholders
penditures of more than $100,000,- will want to hold on to their
000,000 in the fiscal year 1944 and bonds until maturity and thus get
calling for $16,000,000,000 in new the benefit of the full amount of
collections "by taxation, savings interest they have earned."
both," presented two fiscal
problems which serve as a back¬
ground for all 1943 tax studies.
The first of these problems, he

The maturity terms range

or

ten

years

the funds the Federal Government

lower

needs; the second is how to ab¬
sorb excess purchasing power and

mostly by large investors and
porations. .*•'

,•

thus protect the
tion
program.

nation's stabiliza¬
Mr. Surrey de¬

.

"The Treasury Department has

said

for

time

some

the

that

best

method of

placing the income tax
current basis is through col¬

a

on

the

by

interest

return,

held

are

cor¬

.

of

problem

meeting

large

scale demands for redemptions has
been

clared:
»

mainly

The

lection at the source.
If such col¬
lection were made applicable at

given "considerable thought
time," Mr. Bell said,
and the Treasury is confident it
could be met, especially if present
high tax rates continue to swell
from time to

Federal

revenues.

-

the normal plus first bracket sur¬

"We will handle the redemption
of these bonds just like any other

tax

refunding

rate, the vast majority of our

operation,"

he

said.

taxpayers would be placed on a
current basis—about, 25,000,000 of

tfFirst

the

money

taxpayers.

35,000,000 income
In
addition,
they

would

their

the procedure for years."
Series E bonds are redeemable

estimated
have

income

taxes

automatically budgeted for them."
Mr,

likewise

Surrey

the

foundations of

the

source

in

the

5%

said

that

collection at

a

system have been laid
withholding tax on

salaries which is a
feature of the Victory tax.
With
50,000,000 persons subject to the
Victory tax and about 35,000,000
the

'come

income

regular

is

taxation

sleeves

rather

now

than

shirt

a

silk

a

"in-r

tax,
on

stock¬

ing basis,Mvhe~ pointed out, adding
.that -'the case, for collection at the
source
can
be rested upon this

the neces¬
exemption for the lowest in¬
come brackets, nor take into ac¬
count family size and dependency
sary

Neither

status;

between

ate

essential
the

crude

can

it'differenti¬

luxury spending and

expenditures except on
and wholly unsatisfac¬

tory basis of a classification of ar¬
ticles to
be
taxed
at different

V.
."The spendings tax, however,
operates on an overall basis and
thus, through exemptions and pro¬
gressive
rates,
can
accomplish
these ends quite readily."
V.
rates,

h

the

In

contemplating the weight of
tax burden, it must be re¬

the

membered

that back

is

Mr.

Surrey
the

even

made
it is

a

a

help

summed

heaviest

income,

V'And
burdens is
up.

of

us

to

in its

ucts,

outstanding, was made

Jan. 18
by Under Secretary of the Treas¬
ury
Daniel W. Bell.
Should
additional

funds

be

on

needed,

he

added, the. Treasury could- borrow

Reporting this from Wash¬

them.

Jan.

ington
Press

"Of

18,

the

Associated

added:

course," said Mr. Bell, "we
anticipate any such de-

not




or

in the

use

_

r

Director

his

in

own

short
close

these

Mr.

Jeffers

port
ers

of

9

also

over

exercised

existing

business

Exchange from

as

of

the

Apr.
May

29—

June

settlement

the

date,

tember

sweeping powers
by President Roosevelt
but ;had confined himself up to
that

Dec.

time

domestic

to

production programs.
ture

the

will

BEW

"Of

the

shares,

than

a

27—
31—

—

—

—

460,577

—

489,223

513,546
Apr. 30—
530,636
May 29—— 534,396
June 30
514,158
July 31
*517,422
Aug. 31
532,867
Sept. 30———— 548,365
Oct.
30
558,446
Nov. 30—
,1- 551,053
Dec.
31
—501,833

com¬

—

—

—

——

1,238

5,000

31

Mar.

ac¬

individual stock

on the Exchange on
31, 1942, there were 27 issues

in which

In the fu¬

simply act in

——_

Feb.

issues listed

synthetic

444,745
453,244
349,154

—

Jan.

further said:

under

granted

18,323

was

31

—.

1942—

pared with 27,655 shares, on Nov,
30, 1942.
The Exchange's announcement

counts

486,912

31—

Dec.

31, 1942,
total short

the

interest in all odd-lot dealers'

496,892
478,859
487,169

—470,002

28_

odd-lot

510,969

—

—

Nov.

As of the Dec.

dealers.

pow¬

537,613

30——

Oct.

1942, both totals exclud¬
ing short positions carried in the
all

last

487,151

—

—

Aug. 29—
Sept. 30

and

Nov. 30,

Economic

the

31—

31,
compiled

Warfare,
through the Rubber Reserve Co., a
subsidiary of the Reconstruction
Finance Corp.
Mr. Jeffers had
been given this authority last Sep¬
<

for

30

July

Dec,

firms, >vas 501,833 shares,
compared with 551,053 shares on

of

business

last

498,427

31

its members

accounts

the

-

Mar.

member

odd-lot

28

the

as

the

on

of

31,

Feb.

from information obtained by the

as¬

by

interest
of

interest

1941—

that

13

1942, settlement date,

name,

all rubber im¬

taking

programs,

formerly

Board

Jan.

on

over

Jam

on

short

close

Jan.

The New York Stock Exchange

announced

tabulation is
existing

following

the

two years:

Lower On Dec. 31

through the WPB Director Gen¬
eral
for Operations, or through
such other official, agency or per¬
son as he may
designate.
sumed control

the

at

'■

the

day for each month

prod¬

exercise

may

either

powers

In

shown

NYSE Short Interest

It also is provided that the Rub¬
ber

1942."

pow¬

aries.

production of rub-

ber."

these

from the RFC and its subsidi¬

when such other
products are for

even

material

rubber, on
Presiden¬

,

other

than rubber and rubber

Dec.

a

order transferred

short interest

short interest of

shares

———

more

existed,

*

in

or

Revised.

the

bond¬

in

his

estimated

officials
about

announced

that

Board

re¬

authority

allot rubber

rector

William

amendment

in

Jeff ers

an

WPB

to

Regulation
signed by Chairman Donald
M. Nelson.
The WPB said:
\ '■

No. 1

"This order givesMr: Jeff ers
complete control over4 distribution
,

of the nation's rubber

supply, in¬
cluding all allocations and appor¬
tionments from the rubber stock¬

pile.

It

also

power to

ders

■:

him

vests -in

the

issue, administer, and if
amend

necessary to

regulating

distribution and

repeal

or

the

"CLOSE RANKS! ROLL 'EM UP!"

or¬

production,

v;

of rubber and

use

ever,

products; it does not, how¬
include the authority to con¬

the

distribution

of

"Close ranks! Roll 'em up!".... that's

the order of the day if

rubber

our

materials

and

gas

to

keep

electric production

are

so

our

boys

"keep

can

'em

flying."

The order states that the Rubber

allot

.

rubber

-

among

of

tration,

Lend-Lease

Board

of

Domestic

gaps

Adminis¬

'

or

Requirements

act

as

a

before the

lot rubber for

al¬
civilian require¬

ments.

To allocate and

ber

among

including

apportion rub¬

the users thereof,
all allocations and

apportionments from the rub¬
ber stockpile.
"3. To
issue,
administer,
and,
where necessary, amend or repeal new orders regulating the
•

•

production,
use

of

our company

distribution

rubber

and

and

rubber

products, and to amend, re¬
peal and supersede any exist¬

ing -order.s

we

many

find

new

ranks caused by

services

certain

.

.

deliveries

.

connections

scheduled and pos¬

sibly meters read

less often

.

.

long hard days public

despite

cur¬

merchandise

regular trips, service calls and

on

meter

be

must

of

employees still "serve with

.

but

utility

smile."

a

other branches of government

some

War knows

service.

distinction but

no

reaches into executive, commercial and

The

gas

and electric industry has al¬

been fraught with problems..

ways

the

production departments alike.

Claimant

keep things moving

possible.

as

summer

wrath

.

.

.

hurricane

and

now

or

as

.

.

the winter's icy
then under the

War Pro-

duction Board, and also to

"2.

in

of the Office of Rub¬

thorized to

day, along with

people leaving to join the armed forces

Economic

Director, and any other
'public or private agency auAgency

every

other American industries,

ber

v.

True,

made

Nearly

the

Department, Navy Depart¬
ment, Maritime Commission,
Aircraft Scheduling Unit, Of¬
fice

efficiently

as

tailed

Director shall have the authority-

"1,- To

and do their part to

lines

we

.

rolling

used in the production of rubber."

gen¬

half

ers

a

among all claim¬
agencies, military and civil¬
ian, is, conferred on Rubber Di¬

Bell

nearly

money

redeem

tial

whose

ant

of the approximately $15,000,000,000
in war savings- bonds now

do

cash

The War Production

cently

should end tomorrow" the Treas¬

to

products

or

including

April 13, 1942, when

control the distribution of any

material

BEW,

Of Rubber Distribution

Treasury Can Redeem

fund

spe-

The

Vice-President

desires.

so

Section

has enough

materials,

shall

cifically amended, repealed or
superseded.
The
authority
hereby delegated shall not in¬
clude authority to regulate or

Warfare, Dominion of Canada,

The statement that ."if the war

use

until

or

effect

is

Jeffers Has Full Control

obtain the things that are
in the world today," he

War Bonds Says

in

things.

more

months,
require

the

of

to

been

and

may

notice"

were

the

ury

tion, distribution
remain
r

change in the short posi¬
than 2,000 shares oc¬
curred during the month.
a

tion of

series F;

said.

eral

was reported as of
31, 1942, exclusive of odd-lot
dealers' short positions, was 457
compared with 433 on Nov. 30,

other

such produc¬

affecting

which

$11,000,000,000
in series E bonds outstanding, in¬
cluding $3,300,000,000 of the old
"baby bonds"; $3,600,000,000 of
series
G
and
$850,000,000
of

light by the realization that
small price to pay if it will

stake

at

of

has

days

Treasury

Treasury
there

of the bur¬

flow

record

den

60

intention

bond if it

trol

!

after

cash

holder's

would yield little revenue ex¬

satisfactorily" provide

That

market.

"reasonable

a.whole*

cept at very- high rates.
The re:
tail sales tax operates on a piece¬
meal basis and hence 'it cannot

the

but

jsaler's tax would play havoc with
.price controls, and a retail sales
tax

general fund and if more
is needed we will borrow

other two issues after six

and
spendings tax, Mr, Surrey saidl; *
or

in

for

inescapable fact alone." ;
Comparing the sales tax
"A manufacturer's

the

it

and

wages

to

in

will pay out from funds

we

"The number of issues in which

advisory capacity, recommend¬

ing development programs, among

or¬
Production

War

the series E bonds,

on

explained, is how best to supply

bought

Wal¬

lace, was given control over im¬
ports of strategic and critical war

the

of

Board

from

general
public, to 12 years on the F and
G bonds, which because of the

\

,

chairman

ders

;

an

however, that all existing

Collection Of Income Tax At Source Favored

heretofore

issued

<

;

But when the gaps are left they are

promptly closed
workers

line"

.

.

.

.

.

.

up

as

our

remaining

"soldiers of the production

step in, roll

up

their sleeves,

stress

of

ranks!

Roll

over

our

war
em

the

slogan

is

"Close

up!" for victory both

problems

and

our

Nation's'

enemies.

Buy U. S. War Bonds and Stamps

Long Island Lighting Company
Queens Borough Gas & Electric Company

Kings County Lighting Company

Nassau & Suffolk

Long Beach Gas Company, Inc.

Lighting Company

THE COMMERCIAL & FINANCIAL CHRONICLE

372

Dec.

Construction Contracts In 37 Eastern States

31,

about

1942,

were

$426,827,000,

Chairman

was

tional

compared with holdings of $356,-

Broke All Previous Records,

60%. of the total assets,

which

Dec. 31, 1941, the per-

NLRB

or

Says Dodge Revue

023,500

on

Act.

'

UConstruction contracts to a total of $8,255,061,000 were awarded The
holdings at the close of 1942
in the 37 eastern states during the calendar year 1942, F. W. Dodge Tllp hnlrilnffs at thp Hns'' of 1942
averaged 6 Mi years to maturity
Corporation announced on Jan. 25. This was 37% greater than the and
4V4 years to earlier call date.
total for the preceding year, and nearly 25% greater than the figure
Mr. Whitney explained that the
for the previous high-record year 1928. Building contracts, amount¬
company has extended credit fa¬
ing to $5,714,458,000, increased 34% over their 1941 volume; heavy cilities to
many
of its
clients
engineering contracts, amounting
engaged in producing war mate¬
to
$2,540,603,000, increased 46% .over 600 of the general public last rials and supplies and that a con¬
Over the preceding year.
The an¬ February when a block of 16,500 siderable
part has been through
shares were

Thursday, * January 28, 1943

,•

the

of

.-

first

Na¬

wartime to buy a car or house in'

Board

Relations

Labor

peacetime can help win both the'
preceded
the
current war and the peace.. .• <t»
V
by." the- Wagner. J VTen years lago the banks of

-created

■

this

The

WLB

announced

also

their

the

appointment of Burton E. Oppen-

heim,
the

Deputy

Office

greater strength than

will

ever.
In
immediately ahead there

be

anxious

times.

I

am

deeply sensible of the honor and

Deputy Executive Direc¬
tor.
Mr. Oppenheim has been a
price executive at the OPA in

tion,

were

greatest

the years

Administra¬

Price

of

to

Special Assistant
Administrator of

formerly

the

to

nation

plunging into
crisis.
Since then
they have fought their way back

u

as

responsibility that have come to
me in sharing
with you bankers
these
future
problems
and
in
working out with you their solu¬
tions.
I am completely confident
that they will be met by the banks
of this State with understanding
and with courage."

charge of textiles, leather and
For 81
the medium of the so-called Reg¬ apparel, and was formerly Direc¬
time, the
spectacular increase was
ulation V loans.
He added that tor
oi the Industry Committee
in new factory construction, con¬ company's capital stock was held
the volume of financing of this Branch of the Wage and Hour
tracts for which amounted to $2,- by a group of about 80 or .90 who
type totaled $28,300,000 as of a Division, Department of Labor.
227,458,000 in 1942, compared with were either identified with the recent date and it is
expected to Carl
Schedler,
who
has
been
company or were members of the
$1,181,523,000 in 1941; both year's
Director
of
increase further.
Operations for the
figures exceeded all previous rec¬ families of former partners of the
Mr. Whitney's report also dis¬ WLB,
has also been named a
ords.
Contracts
for
residential private banking firm of J. P. Mor¬ closed
that, since the close of the Deputy Executive Director.
His
The institution be¬
building, exclusive of barracks gan & Co.
year, the board of directors has duties, however, will remain the
for the armed services and war came a State-chartered bank on
Mr. Schedler came to the
accepted the resignation of Fran¬ same.
workers, declined from $1,817,- April 1, 1940, taking over most cis D.
Bartow, who has retired Board from the U. S. Concilia¬
War expenditures by the United
419,000 in 1941'to $1,149,481,000 in of the business conducted by the from
active
business.
In
the tion
Service,
where
he
was
States Government in 1942 totaled
1942.
On the other hand, con¬ former private banking firm. <
"Wall
Street
Journal"
it. was Assistant Director.
$52,406,000,000, or 3.8 times the
tracts for the barracks type of
Only about 50 of the new stock¬ stated
that'when the time came
$13,895,000,000 spent in 1941, the
housing accommodations increased holders attended the meeting pre¬ for inviting stockholders to
^ask
War Production Board announced
sided ; over
by
J.< P.- Morgan,
nearly five-fold over 1941.;- *
questions Mr. Whitney took over,
on Jan. 16.
The Board states that
Chairman of the Board, the fea¬
Commenting
on
the
recordbut
only
two
questions
were
the average daily rate of expendi¬
ture of which was presentation of
breaking
construction
program
forthcoming, both being answered
ture during the 310 days in 1942
a
detailed annual report of the
carried out in 1942, Thomas S;
by reference to the annual report.
President, George Whitney.
The No other stockholders
Commending the
bankers
of on which checks were cleared was
Holden, President of F. W. Dodge
responded
This compared with
New York State for their "vital $169,100,000.
Corporation, stated: "Public-own¬ report showed that the net earn¬ in spite of repeated suggestions
contribution" toward the winning $45,600,000 for the 305 days on
ership projects represented 87% of ings for 1942 were $3,251,131, as that questions were in order.
In
which
checks
were
cleared
in
of the war, Elliott V. Bell, Super¬
the enormous 1942 total, reflect¬ compared with $4,089,845 in 1941. the same advices it was stated
From
the
Board's
an¬
Of the 1942 earnings, $1,200,000
intendent of Banks of New York 1941.
that
ing the dominance of war con¬
following
the
reading
of
State declared on Jan. 18 that they nouncement we also quote:
was
disbursed to stockholders in
struction in the year's activity. It
President George
Whitney's re¬
During the month of December
have in fact "carried more than
and $1,448,164 trans¬
is generally understood that the dividends,
port, retiring directors H. P. Da¬
their proportionate share of the war expenditure totaled $6,125,ferred to general reserve, leaving
peak of war construction has been
vison, Thomas S. Lamont, R. C.
war
a net balance in undivided profits
financing."
Mr. Bell went 000,000, which was an increase of
passed and that this year's pro¬
Leffingwell, John S. Zinnser and on
to say that "they have fur¬ $13,000,000, or 0.2%, over Novem¬
of $1,817,508 as of Dec. 31, 1942,
Mr.
gram will shift emphasis strongly
Whitney were reelected to
November, expenditures
nished the Treasury with far more ber.
an
increase
during the year of
to end-products.
It is estimated
serve threes-year terms.
Mr. Mor¬
were
$390,000,000
higher
than
money than has been spent here.
The operating results
that construction contracts in 1943 $602,967.
gan stated, said the paper from
As a result the State banks and those of October, an increase of
for the year ended Dec. 31, 1942,
may approximate half the dollar
which we quote, that during the
6.8%.
showed
that
grcss
income was interval that Mr. Davison and Mr. trust companies have kept only a
volume
of 1942.
Even this re¬
The daily rate of expenditures
fraction of the deposits created by
duced volume, however, would be $7,825,011, made up of $5,864,562 Lamont were serving in the armed
their war loan subscriptions.
In a averaged $235,600,000 in Decem¬
in net earnings from interest re¬
greater than that of the average
forces, but added, "I do not be¬ recent twelve-months' period they ber, compared with $244,500,000 in
ceived and accrued, $1,707,746 in
lieve that this disqualifies them
peacetime year."
In
December
there
kept only one-eighth.
And for November.
fees and commissions, and $252,from serving on our board."
were
26 days on which Treas¬
every dollar they lent the govern¬
703 in security profits; this com¬
ury
checks were cleared, com¬
ment cash reserves fell 80 cents,
pared with 1941 groSs income of
r Mr.
WLB Staff Changes
Elliott, who addressed the pared with twenty-five such days
$8,462,072, consisting, respectively,
in November.
The National War Labor Board mid-winter meeting of the New
of $4,113,264, $2,689,966 and $1,The figures cover expenditures
York State Bankers' Association
658,842.
The 1942 operating ex- announced on Jan. 16 that Lloyd
in New York City, at which bank¬ both by the Treasury and by the
For the first time during the penses
amounted to
$3,641,791, K. Garrison, its general counsel,
ing in war time was the theme, Reconstruction Finance Corpora¬
long
existence of; the Morgan against $3,579,806 in 1941, and has been given the additional
tion and its subsidiaries.
also had the following to say:
of
Executive
Director,
banking house, the annual meet¬ taxes and miscellaneous expenses duties
"Whatever sums are needed to
Monthly war' expenditures and
totaled
$932,089, |Mr. Garrison, who yvill be reing on Jan. 20 of J. P. Morgan and, accruals
win the war—they will be forth¬ the average daily rate for each
& Co.,
Inc., at 23 Wall Street, compared with $792,421 in the sponsible for administrative opercoming. However much the bank¬ month from July 1940, through
was
•
■
attended
by
"outside"
or previous year.
[ation of both the Washington and
ing system must expand its credit December, 1942, are given - in the
Mr. Whitney's report disclosed field offices
of the War Labor
"public" stockholders.
—that will be done.
It will be following table: v
^
the company's holdings of Board, is Dean of the University
-Partial ownership of. the insti¬ that
done even.though it means ex¬ UNITED STATES WAR EXPENDITURE^
Government securities on of
Wisconsin Law School.
He
tution passed into the hands of U. S.
*(In millions of dollar's) :
traordinary departures from some
distributed.

nouncement went on to say:
Most

years

previous to that

1942 War

<

Expenditures

Were $52.4 Billions

.

Praised

For

Financing Of War

J. P. Morgan

S Bo., Inc.
Earnings $3,251,131

.

.

-

,

,

the

of

all

,

the

old

effort

war

as

bankers

whole-heartedly

as

bankers have,. a greater
war, financing will come

you

share of

where '. the

States

from

When

rules.

.

biggest

part of; the government's war ex¬

penditures. is being made.

V

V

.

-

-

;

.V

ditures

6-mo. total 1940

12-mo. total
c

were

1.911

12-mo. total 1941

'

,

305

rate

12.5'
-.

45.6'

310. 160. li
by' the Treasury

1942;; 52,406

payable from

cleared

1531

"

13,895

.'Includes checks cleared,

and

appropriations,

war

and

net" outlays" of * Government
tot

"Second only to the winning of
the war; our greatest prpblem; is
to make sure, that
when *peace

;■. No. of
V"
*Expen- days checks Daily

•'

.

the/country get .behind

over

,

war

corporations
With- theJexception of

purposes.,

some

months', the

hack

to_ July

have

data

been

revised

1940. These revisions are
complete'data on.expendi?
by- Government- corporations. *■' ''
*'v'

based

more

on

tures

.

comes

slipped
lated

do

we

into

not

va

;

economy.

.find - we have
permanentregu¬
Here again the

bankers, as leaders in their com¬

munities, have

a

vital role to play;

Nothing could more surely force
us into -such a regulated economy
than inflation resulting from the
bungling of war financing.
/;
f

of
Elkton, Md,'

Maryland
*

•

T

-f

+

J0HN F'C0NR0Y, JR-, President

'

■

r

•

\

.

of

"One

■<■■■■■<

strongest defenses
this front—and it is only' one

on

New York, N. Y.

jmany-^ris1: sayings.

among
tr.-.-

banks man: this defense.

r

saved is

:'

fir

The

A dollar
dollar taken from, the

a

spending.; ILis a dol¬
lar
which : relieves ■' by
just so
much
the upward
pressure
on
prices.
The banking system can

,

Flares, Tracer Bullets, Photo Flash Bombs, Float

its service

increase

to the nation

by redoubling its efforts to attract

Lights, Aircraft Signals and Submarine Signals

dollar of potential savings

every

left

after

over

war

Lamtorn Sugar Calendar f

./

The

Tlth;. annual

Lamborn's-

bond

pur¬

Sugar

This company was

to

the

- to
industry of the United

sugar

States, and the world is being dis¬
tributed by Lamborn
New

.

York.

This-

unique calendar provides
day of 1943 the prices

for .each
for

-

-

.

and. refined; sugar

.raw

tive

& Co., Inc."

V

' '■

the

date

same

in

effec¬

1942,

to¬

gether with the monthly averages",,
It gives other useful and inter¬

esting material such as the har¬
vesting- periods of the sugar crops
in

the

various

countries

of

the

world, and the highlights of gov¬
ernment regulations and controls
during 1942.
in

will

not

be

MacDonald Again Heads
and
N. Y. Home Loan Ban!

enough merely

the tellers' windows
the public to bring it3
The reappointment of Georg
savings in. Nor will it be enough
merely to urge savings in the MacDonald of New York City a
abstract.
Only a miser saves for Chairman of the Federal Horn'

awarded the Army-Navy "E"

open

wait

pennant on August 26, 1942, less than six months

after commencing operations. It was among the
first fifty companies to receive the award.




of

con¬

vital-.'informationpertaining

chases.
"It

edition

Calendar

taining statistical-data and other

,

of

stream

POWDER

PRODUCERS OF MAGNESIUM

the

]

for

the sake of

Loan Bank of New York

human,

cently announced by the Federa

saving.
The ordinary
being must have a goal.
Millions of our people want - to
plan now for the houses, cars,
washing machines that will again
.

become
over.

available, when the war is

The 'banks

can

help by en-

'couraging Installment savings for
---

r

*

w *

*

future

consumption,

was

re

Home Loan Bank Administratior
At the
tion

of

same

time, the redesigna

Francis

V.

Ridgefield

Park, /N,

Chairman

of

the

D.

Lloyd

J.,, as

bank

nouhcedi-, -Both terms,

are

o

Vice

was

an

for-th*

Saving- ;in calendar -ybar ;1943.V v vc,, i.>.

r

"

:'V6lumef 157

said

National Bank of New York
the annual meeting of stockholders that he thought

Fraser,

President

Jan. 12 at

on

of

First

the banks of the United States could make
than

their dividends.

to increase

in his

greater mistake

no

now

Mr. Fraser made this observation

stockholder's question as to the prospect for restora¬
tion of the bank's annual dividend rate to $100 from its present leveJ
of

reply to

'

The

New

Tribune"
to

share

last

known

re¬

suspected that banks
their funds as fully

keep

invested

was

time;when it was not

or

could

Its earnings
$97.66 a share. He
year;

to

a

that
$100

earn

bank's dividend

the

duced at

they

are.
When
reduced, he
pointed out, the bank had about
as

dividend

the

now

was,

?n'ir/nmunt ntt*Tnr
the prospects
for^

inrrpaspd

and

mcome

had

increased \
While

uncertain.

were

of the shorter interest rates

some

firmed

he
said, there still remained the prob-t
lem of replacing investments at
maturity which were now yield¬
ing 3 to 4%.
considerably,

up

"In discussing the bank's earn¬
ings for last year, Mr, Fraser said
;the net earnings from loans and

investments

of

$14,881,156 were
derived to the extent of $13,761,000 from investments and $1,120,from

loans.

From

United

Earnings

The Central Hanover Bank and

ments of

of

assess¬

$3,290,682

because

and

was not bigger
$875,753 net loss

the

securities.

on

Net

against

$9,765,998,

income

was

in

$10,050,000

1941.
"Mr. Fraser said the bank

>

'had
of

203

ten

employees,
15

to

in

last

the

now

increase

an

year.

Twenty-seven percent of the male

employees had joined the armed
forces, he said. These employees
had been replaced with women,
who

proving

were

but it had been discovered

that

a

more

needed to do the

were

women

ing

armed

W.

L.

the

Campaign to

men

forces

and
is

provide
in the

women

announced

Hemingway,

American

Vic¬

by

President of
Associa-

Bankers

Victory

merce

Book

Bank and

Trust Co. of St.

Louis, Mo. The campaign aims to
collect
10,000,000 books, biogra¬

marines.

or

every

on

has

one

or

when he
to

more

books

she sails

or

throughout

ment
trict

in

guide to the kind of books

information may be obtained from

and abroad.

As

a

which
has

are

desired

the committee

one-third in

more

Only
ments

7%

would

less, another

to five years

and

than five years.

of the bank's govern¬

have

a

maturity

of

more

than ten years.

"All

directors

the

elected except

re¬

were

Snowden A. Fah-

rmtxr

+

rm

tal

States

colonel

m

The

by

of

way

practical

help

campaign

Jan. 5,

The committee has suggested that

banks

5,

as

umns

and will

was

run

dntv

as

a

the

Army."




,

L

on

reported in these col¬

was

Jan.

14, page 198.

The

Airport that

Travels

ing

expenses

amounted to $4,200,000."

Mr. Gray

holdings

of $918,773,000

ernment

securities

figured
in

38.1%
five

in
ten

on

years
years.

>

WAR

PRODUCTS

OF

NATIONAL

GYPSUM

COMPANY

of Gov¬
31, a

Dec.

one

the maturity date,
to five years, 31%

ten

years.

AMAZING

on

fifteen

to

THE

-

mature within

one

to

OF

said that of the bank's

total of 28.5%
year,

ONE

$11,206,298.
declared in-the

were

Dividends paid or
year

by Truck!

To-

reserves.

operating income for the year
$17,254,166* arid total operat¬

and 2.4%

in

He further

•

>H. '

•*•';

How long does it fake to build o landing field?
Months? Weeks? Guess ogoin! A serviceable emergency

landing field

can

Making these "mots" is the wartime job of these
big presses in one of National Gypsum's 21 plants.

be laid down with these

Formerly they turned out metal lath for apartments,

sturdy, interlocking steel "mats" in 6 hours!
n

-

.

•

.

v

office

buildings ond fine homes.

»r

■v/.

M.

George

Moffett,

Chairman

and

Corn

Products

elected

of

President

the

Board

Refining Co.,

of

i

was

member

of

the

bank's

Trustees

a

of

Board

at

the

stock¬

holder's

meeting.
Mr. Moffett, a
Parkersburg, W. Va.,
and a graduate of Princeton Uni¬
versity, is also a director of Com¬
native

of

mercial

Solvents

Puerto Rico
can

Corp.,
South
Sugar Co. and Ameri¬

Gas and Electric Co.

Commodity Exchange
Reelects Governors
Members of the

elected Abraham L.
ceed
a

Richard

The

reelected

Frank
wine

R.
for

Group;
and

V.

of

Governor

Dorgin to

Z.
the

suc¬

Salembier
Silk

as

Group.

Governors

are:

the

Commission

Edward
A.

L.

lumber

war

this patented Gold Bond noil with
as a steel landing field.
a base for plaster
like the Marines stop Japs!

steel mesh collar is dramatic

Used with

Gypsum Lath it builds

walls that stops cracks

or

Ask him.;'

\

v»

-

House

McKendrew

Watson

for

the

Hide Group; Adolph J. Borner for
the Silk Group; Irving J. Louis
and

materials and construction materials
job today. But your
building material dealer still has Gold Bond
plaster, lath, insulation, wallboard, wall paints and
the new exterior board that replaces critical lumber.
Supplying

for the armed forces, is our real

In peace-time

Hope and Jerome Le-

Merrill

Martin

H.

Wehncke

for

the

AFTER VICTORY,

And National
the

same

back

building will be

one

of the first industries to regain its stride.

Gypsum will be ready! Most

machines

as

war

materials

we

ship

peacetime products. And almost overnight,

are

made

we can

on

shift

100% to normal building materials. National Gypsum Co., Buffalo, N. Y.

Metal GrouPi Louis V. Keeler and

United (Group,

'

opened

until March

•

re-

was

nestock, now absent on duty as a Charles T
lieutenant

these local libraries.

adopted as its campaign slo¬
"any book you really want
keep is a good one to give.

gan,
to

Local libraries will pro¬

therein.

Victory

one-third

one

and

vide such posters and will collect
the books.
In addition, complete

this

Commodity Ex¬
change, Inc., New York, at the an¬
nual election on Jan. 19, reelected
Loan drive had gone through the for three-year terms ten
retiring
First
National
Bank, said Mr. Governors to represent the va¬
Fraser. Of the bank's portfolio of rious groups of the Exchange and
December

one-third in

a poster calling attention to
campaign and inviting cus¬
tomers
to
deposit their books

country

camp's

.

transferred to

were

percent of the govern¬
securities sold in this dis¬

mature in a year or

overseas

other container in their lobbies

the

read

coveries made during 1942 which

"Nine

governments,

to

provide books at United States

Jan. 14. In addition to this

648, not including substantial

Wilson for the Rubber

and

Joseph .Fischer

for

PEACETIME

GOLD

BOND

MO»UCt$

CONTROL, PAINT, INSULATION

BOARD.

IHtlUDi

WALL BOARD. IATM, At ASTIR.

MANY ARE

AVAILABLE

LIME, METAL PRODUCTS. ROCK WOOL,

Liberty Aircraft Products Corporation
Farmingdale, Long Island

Suppliers of precision parts to the Aircraft Industry

a
'X

SOUND

TODAY FROM YOUR LUMBER OR RUllDING MATERIAL DIALER.

the Non-Trade Group,

.

V

with

It is planned to see that
member of the armed forces

amount, Mr. Gray said the bank's
net profit on securities was $283,-

work, he said.

the

\r

adopt the practice that, many
employed in last year's
campaign of providing a basket

stockholders at their annual meet¬

of

amount

same

.i

banks

satisfac¬

very

tory;

few

'•

may

1942, William S. Gray, Jr., Presi¬
dent
of
the
bank, reported to

explained that, on the basis of the
governments the earnings
earliest call date, 28.5% mature
$11,500,000 gross and $8,within one year, 43% in one to
300,000 net after deduction of $3,five years and 28.5% in five to ten
.„200,000 amortization. The amount
taxes

books for

1943

the

phy, fiction, mystery, professional,
technical, scientific and military,
to be given to solders, sailors and

Co., New York City, had
operating earnings of $6,047,868 for the year ending Dec. 31,

States

for

*•'

373

Trust

were

reserved

»

net

.

.

000

Central Hanover Bank
& Trust Co.

not

Book

of

Campaign
Committee.
Mr. Hemingway is
president of the Mercantile-Com¬

pre-

out

pointed
did

tory

1943

Mr. Fraser:

Fraser

National

amounted
said

following

.

"Mr.

a

the

regarding the report

say

First

had

Endorsement

in response to the invitation of the

:

"Herald

York

also

sented by

■

a

$80.

'I

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4146

ABA Head Endorses
Raising Bank Dividend Rates
Be Mistake, Says Fraser Of First National Victory Book Campaign
Leon

' >'■1

;;

THE COMMERCIAL & FINANCIAL CHRONICLE

374

Thursday, January 28, 1943
-ji'V

bank

6-to-2

decision,

United

the

which
did

function
the

for the Labor Department

courts.

fusal

to

and not

Accordingly, it reversed

a

N.

City,

Y., to

subpoena

judicial function for

Federal

a

District Court's

In

Washington

of

contracts

the

$10,000

activities and

than

of the

sovereign

ment

to

deter¬
mined by the Secretary of Labor.
The
was

tain

wages

Endicott

.

and

charged with failing in cer¬
cases
to
pay
the required

1936 and

ceedings
records

the
for

1938.

of

govern¬

private

affairs

of the subpoena

use

of

intolerable

oppression

injustice."

the pro¬

In

factories

not covered

were

The
written

by the act.

sources,"

the

act to the

tary

of

administration

told

to the

not

judg¬

District

made

decide

had

the

authority

no

procedure"

question

of

"to

nor

Chemical
New

of

all

loans

to

Justice Frank Murphy, in a dis¬

report

was

Mr.

read

in

of

in its, held

reserve

$1,294,549 to the bank's net;

worth.

^

/

the

was
ac¬

to)

surplus

1

'

•

been

report,

to

comment

on

nomic situation and the

will

added:

of

"We

one

this

be

and

and:

people

win

only—to
make

to

midst

war

united

sound

a

this historic institution's
and

its

for

manpower

resources

that

pur¬

/V;.;,.

V\;'
York

'•

.

The New

"Times"

\
of Janj

reported that "Mr. Houston

stockholders

to

that

last

year

that 31.6%

drive

last

of

that
Mr.

"in

he

said

held

[

/,,•

'/ ^

•;

-

9,429,385.81

482,273.73

^

1,450,717.59

a/c Letters of Credit,
"

bonds
its

'

686,726.79

Accrued Interest Receivable

698,685.62

5,095.45

Other Resources

5,324.54

Cash and Due from Banks

103,614,815.29

$361,651,664.81

and

10,200,000.00
;■ v*

■;/'

.

\

/>

'V:v

10,288,734.77
240,000.00
482,973.77

Unearned Discount

129,883.26

Liability a/c Letters of Credit, Acceptances, etc.

717,346.29

Other Liabilities

12,512.64

Individual Deposits
Savings Deposits
Bank Deposits
Government Deposits
City of St. Louis and Other

$187,255,664.39
31,810,274.57

116,473,706.15
65,925.00

Public Funds

Bankers

holdings of

:

3,974,643.97
Total Deposits

339,580,214.08

deposits in accord¬
with, instructions of Comptroller of Currency.
reports net

$361,651,664.81

President
of
of New York,

Trust Co.

reported to

stockholders

meeting

the bank's

Jan.

on

additional

for

reserves

year were

operating

Deposit Insurance Corporation

"Ay.",.

by thd savings -banks in New York
were

informed

Jan.

on

20

the1 annual meeting that earnings

share were $29.02 for -1942
adjustment of taxes, com¬
pared with $68.68 for 1941, re¬
per

teSavs. Banks Accts.

after

Savings banks deposits in New flecting mainly smaller net profits
State increased by $42,100,- taken on securities sold. He-stated
156 during-December with a net also that after provision for taxes

York

gain of 2,075 in accounts^. after and the payment of dividends of
turning over 5,829 dormant ac¬ $200,000,
undivided
profits
in¬
counts to ! the State Comptroller, creased
$525,517, bringing total
according to an announcement- is-, capital funds to $39,414,370.
sued Jan. 18 by the Savings Banks
Mr. Ihlefeld stated that'aggre¬
Association. They also sold $20,- gate deposits amounted to $249,..

.

798,117 of War Bonds and stamps 374,267, or about $57,000,000 over
during the month,.a gain of 13Vz%
over sales during November.
The

the

total

a

as

savings

State

York

The trust
depositary for
banks
of New
ago.

year

acts

company

in deposits repre¬ mutual
consecutive month

50th

the

has. been a

their

and

instrumen¬

gain in the number of

balances

time

and

mand

due

130

accounts. The announcement from

$20,379,022.

oper¬

tax

re¬

Total deposits as of by the savings/banks to "increase
$5,570,090,600. The their purchases of United States

i

Dec.

31

total

number

were

date

same

of

was

gain

senting

a

the last

six

War

of

Bond

earn¬

$19,406,377
$10,938,-

expenses

on

but

sales

during

banks

/

of

;

by the savings

continuing heavy. The
savings banks have sold, through
the end of the year, $418,695,000
of War Bonds and stamps.
Pre¬
liminary reports for the eleven
largest savings banks for the first
week in January: show a heavy
increase in' war bond purchases
this month with a total of $3,are

Cash

banks increased

S.

Government

675,550;

$30,759,916;

securities

$125,991,408;

discounted

due

and

increased

$17,-

State
and
municipal
$22,514,945, and other

bonds down

and

investments

Mr.

Colt

said

that

as

was

deposit with the trust
$153,290,173 on Dec. 31,

on

company

1942,

as

before.

Treasury-

against $50,000,000 a year
The larger balance main¬

tained at the end of 1942 reflected

mainly the subscriptions of over
100

savings banks to the Decem¬

ber, 1942 Treasury war financing

of available funds in Government

war

In

approximately

is

average

weekly sales

bonds by these institutions.

announcing

and

figures,

these

Executive

Vice-Presi¬

.Savings Bank,

'/.•'** !//

'

•//

"The continued trend of greater

savings

shows

how

seriously

better

life

and

a

better

world

.

held

by the trust company

The National

City Bank of New

York, as special agent, is notify¬

were

"Earning assets were carried at
$217,821,881, and consisted en¬
tirely of United States Govern¬
ment
obligations on which the
premium
has
been
completely
charged off. The market value of
these earning assets as of Dec. 31,
1942

was

$2,082,203

the book value."
Mr. Ihlefeld

tial
He

growth
also

reported

in

stated

accounts

trust

par

that

for

of

substan¬

a

accounts.

the

Invest¬

Department had

subscribers with
totaling

value/ and

company

scriptions

excess

custody

savings bank

120,000

in

,

ment Information

bond

Pay Minas Geraes 6% %

obligations

$127,414,000 greater than a year
ago. The liquidity ratio, consist¬
ing of cash and United States
Government securities to deposits,
stood at the high figure of 115%.

95

after the war."

Government

States

in United

Investments

securities.

had

$1,811,that, the

entered

savings

sub¬

banks

in
holders of State of Minas New York State to public offer¬
Geraes (United States of Brazil)
ings of new United States Gov¬
secured
external
sinking
the 6%%
ernment issues during 1942 aggre¬
fund...gold .bonds .of .1828,. dpe

down

$18,044,857.

had1

v

States

United

"The

York

the

double
of

This

in¬

and

loans

as

Myron S. Short, President of the
Savings Banks Association of New

379,670.

explained that,
providing for $3,500,000 in

follows:

The trust

placed through the trust company.
"Cash due from banks, princi¬
pally the Federal Reserve Bank
of New York, totaled $47,187,211
at Dec. 31, 1942, as compared with
$117,077,295 a year previous, the
lower cash position reflecting in
part a policy of full employment

Colt

as

securities.

paid $574,517 to savings
interest on time deposits.

Further advices state:
•

Americans want to play their part
after in winning the war. After all, it
divi¬ doesn't make much difference
dends during the year, the bal¬
whether you invest your extra in¬
ance in undivided profits showed
come in War Bonds or deposit it
an increase of
$3,968,322, bringing in a savings account. In either
the bank's total capital funds to case, the money is used to buy
$115,171,789. The bank's general Government securities to finance
reserve account on Dec. 31, 1942,
the war, so it is largely a mat¬
showed a balance of $17,725,590, a ter of personal selection.
net increase of $2,010,662 for the
"During 1943, however, accord¬
year,
of which $935,754 repre¬ ing to President Roosevelt's $109,sented net securities profits in the 000,000,000 budget program, we've
investment account.
got to do much more. We must
The principal
changes in the revert to the life of our pioneer
assets of the company during the forefathers
and
like them, put
year
were
listed
by -President aside every dollar we can for a

Mr.

Government
company

loss

a

T

year;

the

repre¬

36,501

months

42,789 for the
banks

accounts

6,002,004,

914.

securities

Member Federal

the skies

Coiilmyed Gates Shown

said:

bills

Olive

until

Stockholders 'of Savings Banks
Trust Co., which is wholly owned
,

State;

The bank's gross operating

creased

/

Reports Deposits Up

"maintain

would

.

dent of the Buffalo

from

Locust

bank

quirements, amounted to $8,467,463, compared to $7,967,486 in 1941.

U.

/

that

14

1942 net current

Colt

Broadway

their

at

ating earnings, after provision for

and

Dividend Declared, Payable Feb. 27, 1943
Reserve for Taxes, Interest, etc.

the

by August Ihlefeld, President, at

these

that

entire

Colt,

ings for the

LIABILITIES
Capital—Common
Surplus and Profits

Sloan

annual
'

Overdrafts




bank

the

Oper. Net $8,487,463
S.

-

Acceptances, etc.

ance

question

a

Banters Trust Co.

453,000.00

Other Real Estate Owned

statement

;

$ 74,992,279.45

and Fixtures

The above

.

$4,749,000 of Canadian Gov¬

foreign securities."

Banking House, Improvements, Furniture

Customers' Liability

to
that

said

:

stated

likewise

response

Houston

constituted

Stock in Federal Reserve Bank

Savs. Banks Trust Co.;

about reinstate¬

$2

sents

purchased $90,000,-.

"Times"

ernment

165,255,891.28
4,577,469.26

coupons,

reply to a stock¬

December gain

of the total Gov¬

December

that the bank

The

U. S. Government

and

savings banks were $95,160,820,
the Association added:as compared with $130,767,482 re¬
The gain in dollar deposits for ported at the end of 1941.
The
and ten years, and 0.63%
the last six months was $148,150,- 1942 decline, he said, was
over,
largely
ten years.
In the. Victory Loan! 841, and the gain for the year was the result of withdrawals of funds

LOUIS

U. S. Government Securities

payr

bonds

the

bank's in which there has been a gain in talities. Mr: Ihlefeld pointed out
obliga-, dollar deposits and, the seventh that although there was an in¬
averaged 1.30% J consecutive month in which there crease in total deposits, the-de¬

000 of Government bonds."

Other Securities Guaranteed by
Other Bonds and Stocks

the

the

holdings mature under
one year, 25.6% between one and
five years, 42.16% between five

RESOURCES

of

ex¬

ernment

Loans and Discounts

such

return
on
the
of Government

average

and

of Business, December 31,1942

of

optional with the holders

of

annual dividend
rate, - which was reduced to $1.40
during the past year, Mr. Colt

report

the

deadly
a

purpose

war

the. eco¬
policies of

doing so.'/

in

are

and

should

with

from

refrain

costly

a

we

tions

At the Close

coupon.

acceptance

ment is

*

this

Government—in

our

holdings

ST.

$16.25

.

its

practice, in this annual

our

plained

IN

each

Mr. Johnston noted that "it has

Owen

FIRST NATIONAL BANK

that in

learned

said

'

•,

amounting to $33,136,238."

senting opinion joined by Justice

STATEMENT

America,

31,

operated during the
present policy
with average excess reserves, are;! clearer;'•/•v- ;

year

21

CONDENSED

Dec.

on

ment

bank

we

(due
to illness)
by Frank
K.
Roberts, contended that Houston, President of the bank;
Congress had not conferred, "upon net
operating
earnings
of the

loan

the $711,606,351
Government obligations

holder's question

'rvv.".

During the year $5,000,000
transferred to the surplus

absence

J.

of

March
1,
1940,
$4.89125 for each
and $2.445625 for

due

coupons

amounting to
$32.50 coupon
.The

S.

U.

States

United

15.05% of the face amount of th,e

.

Johnston's pose.";

his

"war

Government's

S.

.gold. loan of 1929, series A,
6%% bonds due Sept. 1, -1959,*
that funds have been deposited
with it to pay, in lawful currency
of the

With respect to

commitments peace—-one under which the whole
to
$191,073,071; world can live. -We again pledge

$536,810,141."

■

de¬

,

added

He

holdings of U. S. Government ob¬
ligations rose from $321,211,478

coverage

itself."

/ '"

-

gross

account."

regu¬

and

amounted

•

1942,

but
1942, in the in-- pursuant to the terms- of the
history—$1,392,000; paid $754,210' vestment. - account,; Mr. Colt ex¬ Presidential, decrees of the United
Federal Deposit Insurance! assess¬ plained the following as the per¬
States of. Brazil,, such payment, if
ment; took out of the current centages of deposits; 31.5% ma¬ accepted by the holders, must be
year's
earnings
$5,173,161
for turing within five years,. 12.49% accepted in full payment of such
amortization of bond premiums;; maturing in five to ten years, and coupons and of the claims for in¬
used $379,808 of the year's earn-; 3.06%. in 10 to 12 years..
From terest represented thereby.
•.
ings
for. -employee welfare and the "Wall Street Journal" it is

also
an¬

of

compared with
Dec. 31, 1941.
included in the above figures on
the respective dates were $230,198,668 and $172,420,270 in the

of

the largest tax

up

Bank

York,

meeting on Jan, 20 that "the
scope
of operation
was
vastly
changed during the year, war in¬
dustry

Court

the

the shareholders at their

ment of the courts" and that "the

to control her

of

Co.

Johnston,

H.

nual

judgment of the Secre¬

Labor,

Trust

&

the

of

Percy

Chairman

Supreme Court's opinion,
by
Justice Robert H.

Jackson, said that "Congress sub¬
mitted

for

program.

end

to
$1,504,657,609,
$1,375,481,863 on

$3,600,000; cared
expenses
and losses; set

"The

making the
Reporting that "the bank had a
finished shoes, but refused data
splendid growth and development
on other plants where parts of the
during the year and reached allshoes were made, contending that time
highs in deposits and re¬
these

dividend

the

paid

$55,000,000.

Earnings $5,385,858

furnished

company

uncon¬

exercise

Chem. 3k. & Tr. Go.

government
tween

lar

and

count, "bringing

and overtime for work on
shoe
contracts be¬

wages

the

in

at times become instru¬

may

,

.

ments

Corp.

allowed

power

invade

through the

as

Johnson

are

trolled discretion

earned

-war

the

posits of Bankers Trust amounted

U.

"It

adminis-*

that

"if they are freed
of all restraints upon inquisitorial

shall

more

manufacturers

minimum

pay

added

trative agencies,

of Jan.

advices

11, Associated Press further re¬
ported:
The act requires that on gov¬
ernment

He

poenas.

and

said:

the power to enforce its own sub¬

pay-roll

produce

profits

on

for the bank," Mr. Johnston

year

re¬

to

records for examination.

net

At

securities, amount¬
ing to $281,137.
Describing 1942 (the 119th of
the bank's existence) as "a good

Secretary of Labor Frances Perkins
requiring the Endicott Johnson «
Corp. of Binghamton and Johnson any agency which it has created,"
grant a

include

not

with the

-

nal

directly and indirectly. connected

were

indicated that this total

was

recoveries

States

Supreme Court held
on Jan.
11 that the task of determining whether a factory is sub¬
ject to the Walsh-Healey public contracts act is an administrative
a

1942

$5,365,659 in
1942; according to the report, in

Supreme Court Upholds Labor Department
Subpoena Powers Under Waish-Heatey Act
In

for

;C3S£_]ast 3;eaL..the- Increase...in.
loans was primarily due to loans

ing

March 1. 1958,

and secured exter¬ gating $727,746,500.

Volume": 157

available.

Non-Ferroiis Kelals^Lead Order Amended^

certain

FINANCIAL CHRONICLE

Quotations

•.

continued

at

in

of

the direction

the

Office of

for the

&

M.

duration

Metal

of

the

-

per

,

market

ver

in

London

has

been

"The

New

York

Official

and

also

are

350

re-

New York and St. Louis

in

made

the

order., Word

Washington
full

der:

several

Bismuth

of tirrie.

allocation

un¬

in

WPB

Order M-276, effec¬
The publication fur¬

Conservation
tive Feb. 1."

ther went

placed

by

to say

on

in part:

.

.

-

1

•

Copper
mills received word last

"Brass
week

from

Washington on the
tonnages allotted to them for Feb¬
but wire mills have not yet
been provided with this informa¬

ruary,

tion, which tends to retard activ¬
ity

in-

directions

some

in

refer¬

to

releasing metal and is¬
suing shipping instructions. The

ence

domestic 'market

for

held

copper

at

120, Valley, with foreign cop¬
per moving to Metals Reserve on
the

basis, of

''

"An increase in pay of $1 a day

in

miners

for

WLB

accepted

lead

been

suggested
simplify the

manner

industry

Tin-Lead

to

make

where necessary,

according to

an

announcement from that office

on

Under the revised

15.

Jan.

Not

other

and

Florida
covered

The

for

imports

which1 might develop.
United States supply of antimony

is

-14

and

known

will

1943

for

lead

of Chile, Mortgage
Chile, Water Company of
Valparaiso, City of Santiago, and
Consolidated

Municipal
Letters of transmittal, and,

the

of

case

The

report

dollar

bonds

of

in

these

page

was

columns

of

referred

Jan.

14,

require¬

Iraq Declares War On Axis
Government

Jan. 16 declared

Italy

and

already
tions

war

the

Iraq

on

Germany,

on

Japan.

Iraq

had

diplomatic

broken

with

of

division

of

the

Bureau

of

orders have eliminated the

from thousands of civilian

copper

told the members of the Institute

products.

of Scrap Iron and Steel last Sat¬

have

urday

of

use

The

Army

and

Navy

of

that

tin

the

is

metal

one

least

of

concern

all

has

ity

tin

unchanged.
for

nominally

as
-

dollars

rela¬

Axis

with

Straits qual-,
shipment was

scrap

the

which

of

March
52.000

"Because

overall deficit is

52.000

52.000

99% grade/spot
delivery, / 51.1250 all

week.

/ /

or

J "Conditions in the Pacific Coast
area

winter

tion of quicksilver at a

trade

authorities

other

hand,

metal

has

produc¬

claim.

not

The

the

slackened

cluded

hostile

increasing

R

ton¬

partment,
in

recently

New

York

than

more

revealed

5,000,000

owners,

with

regularly

Payroll

Savings

3,554,244

said
in

000,000,

1942

total.

State's

bonds

in

them

of

through
Plan

the

the

42,896

at

Mr. Pat¬
bond

State's

totaled

one-sixth

or

country's
the

that

are

bond

war

places of employment.
terson

that

there

State

$1,430,-

the

entire

Explaining

these

reduction

a

compared

with

$130,000,000

of

no

reason

restrictions
of

those

individuals who

buy

the

full

are

annual

able

limit

pound

every

on

of

to

-

smaller

make

Autonomous

acts

methods.

-

the

use.

to

copper

Institute

of

the

for

Public

the

Debt of the

Republic of Chile has

of

the

announced

that

and

solidation

no

under

the

con¬

decrees

affecting vari¬
ous dollar loans, holders of bonds
assenting to the plan are entitled

Government

stands on and after Feb. 1,
1943, upon
ready
to
stockpile
quicksilver presentation of stamped coupons
longer counting on imports of
should any surplus production be
relating .to the payment, to relead from Australia and Canada,

jnargin for stockpiling.-:WPB is
no

an

in* augentduring 1942, and

factor

important

ing our supply

South American imports will take
second place

in shipping to more

critical materials.

■

"It was suggested
location
should
be

t

-

D

R

would

if

solved

be

file

D

I

N

G

the

for

lead

is

Canals and; Port Works

be

to

"

the

week

unchanged.
allocations

We

are

-

more

than

a

routine

:

little

to

8V40

premium

where
in

necessary)

was

discussed

(up

Contractors

t

industry circles.

Largest Plant

sure

imports and do¬

primary

and -secondary




/or a brge nfcr nf Prow So*r-

/'/owe

4

Tms OvNtu**.

kinds, of

dredging, reclama¬
'

Federal

"

Soap advertisement to readers of Century Maga¬

Government

t

from

zine
Corporate

and

Private

Everywhere

56 years ago.

And throughout the

years,

Ivory has continued to be reliably uniform. Yes,

reliably uniform in the qualities which have
for

Longest Experience

it

so

many

millions

won

of friends—superb

purity and gentleness.

Atlantic, Gulf and Pacific Co.
New
21

"Total of

the

Interests

York

Antimony

mestic

to

Correspondence invited

event.: The

price of Prime Western continues
at 8 Mi 0, St. JLouis.
The extent to
which the premium plan 'for zinc,
concentrate production has been

expanded

all

execute

work anywhere in the United States

■

greatly restricted, release of this
become

will »e»l you

Reliably uniform/' said this dignified Ivory

expected
soon,
but
with
civilian consumption of the metal
has

equipped to

February

are

information

,

iloei not keep the tsory Soap, send *11 tyveent AtsmpJ, to pay Ihe postage, m Procter

G>r»Ue.jGi»ci«n»i«.»4

tion and port

for

your grocer

Improvements, Deep Waterways
and Ship Channels

Zinc
"Zinc

* If

Each pronounced it

pure.

in

Prices-were

previous.

of national reputation, have

reliably uniform.

remarkably

River and Harbor

■

the last week were lower than

Chemistry,

trifling that the quality of the "Ivory" may

so

#

time, or before the 20th of each
as required.
?
* >
"Sales of common lead during

you arc

satisfactory results.

of

be considered

on

month

same

always uniform, is,

analyzed the Lory Soap, and the variation in each

Filling, Land i Reclamation,

consumers

requests

G

and

fessors

This problem, WPB. held:

tould

E

is pure
certain of having
Eight prominent Pro¬

'/HE advantage of using an article that

I

L

determined

jearlier, in the month than,at;pres¬
ent to start
deliveries movingearlier.

^

that lead al¬

Park

Row

Houston, Texas
Scanlon

Bldg.

of

purchases

is available."

Amortization

to

$5,000 this month and for others

for the

efforts

our

last

January, Mr. Patterson called on

have

of

E

January is $150,000,000,

efforts

and

that

series

for

quota

eliably

the

at

On

present selling pressure, even in forward
metal, has appeared in the mar¬
ket.

in

relaxation

The

high level, the

consumption

State War

Savings Staff of the Treasury De¬

Chilean Bond Payment

have been satisfactory so far

this

of

successful,

wherever it

Quicksilver

to-maintain

been

acquire

'

;

have

relaxation

tin,

nearby

twice

expected

some

52.000

"Chinese

Jr., Chair¬

York

beginning of 1942.

Feb.

52.000

52.000

or

New

on.

was

resulted

for

of the

are

collection

nage

Jan.

20..—

man

for

52.000

Jan;

amounts

Buyers In N. Y.

Richard C. Patterson

According to a communication through Payroll Savings Plan in¬
from the Ministry of Foreign Af¬ vestments.
He also expressed the
fairs in Iraq, transmitted to the
belief that the voluntary method
State Department in
Washington
of payroll savings is still superior
by the Iraq Legation there, the
compulsory
reasons
for
the
declaration
in¬ in every respect to

being spent on
new
projects to in¬
primary production, while
programs have resulted in

crease

follows:

■

14.

carried

facilities

52.000

•<

'an.

future

been

lion

;•

3*4 Million Regular

War Bond

"Further, several hundred mil¬

:

"The price situation here in Tin
remains

considerable

copper by reducing their re¬
quirements wherever possible. v A
vigorous program of substitution

strategic

metals.-,i

saved

re¬

ports," as well as utterances dis¬
respectful to the royal family and
calculated to undermine the loy¬
alty of the Iraq people.

205.

The

of

prevaricating

buying

the funds avail¬

on

able for debt service
to

and

their

those of

are

through Axis
"untruthful

broadcasts

rumors

Republic

Loan,

dissemination

rac'/io

Bank of

Chilean

promote outright rebellion and

the

Over
affected

interference in the
of Iraq designed

domestic affairs

before

or

•

metals

52.000

cover

on

[sf

52.000

requirements and leave a

plan

Powers, the
ble
1939
Germany coming in
would
a
constitute
supply.
Current con¬ statements
1939; with Italy in
sumption of antimony is greater threat to our entire war produc¬ September,
than normal world production.
tion ..program.
The
supply
of June, 1941, and with Japan in No¬
On this latter date
copper is not adequate and never vember, 1941.
/-'Tin
will be while this war is on.
relations,
with
the
.'/'• diplomatic
"W.
A: Janssen,/chief, of- the
Vichy Government were ended.
v/"A number of WPB limitation

52.000

total supply of

attached

evidence

31, 1943.

break

52.000

Jan.

military

// ;•/ '.■•:
\:K'
/1 '/
"Widespread acceptance of such

-

18-—__

on

all

ments.

,19_-_1__

Committee

Production

civilian

*an,

a

that the

essential

Jan.

comprehensive
statement on the position of the
metal as viewed by WPB. It was
•revealed

meet

52.000

of the Tin and Lead

issued

Branch

to

52.000

in Washington

the hea,d

adequate

52.000

Advisory

Producers

.took place

Trust

presentation

coupons

to

the

The bonds

was

O.

press

52.000

pound. /.v':' v'V."
//:/,■■ ■
■
"After the meeting of the Lead

H.

statements quoted
in
have conveyed the im¬
pression that the supply of copper
the

52.000

;

Schroder

"Recent

must
be, continued
to build a
stockpile against any interruption

52.000

cent a

unpaid

payment

City of Santiago and the Con¬
solidated Municipal Loan, copies
of the prospectus may be obtained

War

16j-____

secon¬

at

their

stamping
to

plan,

the

by

the

15

uniform

made

with all

the

In

constituting
to

sales

of

"an.

primary, antimonial, and
dary lead at one-quarter

against

in

King,
Director of the WPB Copper Di¬

Tan.

ingots,

July

statement

8

al¬

linked

made

is

billets

and

Jan.

on

the pig lead

over

ingots,

,

orig¬

be

Dec.

appro¬

at Schroder Trust Co.

following

made

taining that the supply outlook is

not

The premium

lowed smelters

price

the

in

adequately

document.

inal

centers

of

as

Adequate

encouraging, WPB holds to the vision
position
that
sufficient ' control Board:

order

all of Pennsylvania now takes the
6.500 base price for common lead.
Basing points have been added in

Chronicle"

Copper Supply

Though in¬
representatives have rec¬
ommended
relaxing the conser¬
vation order for antimony, main¬
dustry

of

...

,

unchanged from those ap¬
pearing in the "Commercial and

announced last week.

conform

it

.

were

of : WPB

Division

trade

with

„

imports, if they reach
3i, 1942, page 380.
expected volume, will provide a
surplus of the metal for stockpile,

Cor which we were definitely de¬
practices in reference pendent on the Far East for sup¬
to
existing
basing
points
and plies, and, paradoxical as it may
establishing new
basing
points seem, it has so far. caused us, the

and1

measure v

.

(domestic and export, re¬
finery), lead, zinc and Straits tin

with

transmittal.

the

to

will

assent

Co.

of

of bonds which have not

case

Co.

daily prices of electrolytic

Financial

American"

the'

the

Trust

letter

Stamped cou¬
presented
to

.

ments, but the addition of South

Foreign and Domestic Commerce,
has

order

amended in the

the

Ana¬

Lead

"OPA's

by

of

yrV;/:yi/AA'.y

area.

/ v-'

-.

has/ been

employees

that

the

by.

of, Economic

Byrnes,

by

in

conda

Ana¬

and

approved

Director

and

Stabilization

•

Butte

Mont.,

conda,

production of antimony is slightly,
less "than
anticipated
require-;

in
1943, WPB 'disclosed, will ,be
f.a.s. United
slightly; larger than in 1942. Sup¬
V '■/ ■ /. ' /,://
ply is expected to be about dou¬

11.750,

States • ports.
>

w..

copper

ahead

days

was

No dnajor revisions were
allocations came through from

zbnes.

copper

on

priate

for

,

regular

$1,000 bond.
should
be

per

assented

its., issue

375

ceive interest at the rate of $16.80

Schroder

'

unchanged at 23Mid.
.

Markets/' in

•

•

"During the past week the sil¬

Censorship

war.

Mineral

and

/Silver,-./

of Jan, the U. S.
Treasury prices
^21/slated:. "The price order for lead was amended during the last unchanged at
44%0- and
week by the Office of Price Administration to simplify the measure
1s^ectively?'
and correct some inconsistencies in. basing -.points outside
of the J
Daily Prices
i

New

$196d> $198

pons
v

production and shipment figures and other data have been

omitted

"Ei

Vork

-^-February Copper Allocations Released

Editor's Note.—rrAt

•

:

&

flask.

///:
,

<

THE COMMERCIAL

Number 4146

PR

0

C

T

E

R

GAMBLE

Decline In Farm Labor Cuts

Employment
November, Conference Board Reports

In
-

Employment in November dropped about 550,000 below the
record level of 59,500,000 set in October, according to the National
Industrial Conference Board, New York.
This decline was due to
falling off in the number at work on farpis at the completion of
fall harvests. Fully half the reduction of 1,200,000 in farm employ¬

-a

ment

offset by the continuing ex¬

during the month, however, was

and§>

pansion of the armed forces

about 60,000 to meet holiday
non-agricultural activities. A
buying,
particularly in depart¬
year ago the comparable decrease
in
employment reached nearly ment stores and related retail
by

of

The total number

fields.

16,

1,300,000, the Board said Jan.
further reporting:

remained fully 400,000
"By November, 1942, over 5,500,000 more persons were at work helow the corresponding 1941 em¬
■.
in
civilian
industry,
excluding ployment.
"Farm
family** members con¬
agriculture, than in the closing
months of 1940, while about that tinue to form an increasing pro¬
however,

number

been

armed forces.

work¬
and numbered almost 150,000

ers,

ihore
than in 1941.
Total farm
Congress on Jan. 7, 1943,
the President placed the number employment is placed at 10,215,in uniform at 7,000,000, or 6,200,- 000, as compared with 10,088,000
000 more than in November, 1940. in the preceding year, while the
totals for hired
Of the 5,500,000 added to non- corresponding
farm civilian industries since the workers were 2,553,000, as against

sage to

2,572,000 in 1941.
"Construction employment also
fully 3,500,000 were placed
on factory payrolls.
Manufactur¬ continued to recede, and fell off
almost
140,000
during the
ing employment totaled 15,600,- by
000, or 36% of all employment month, largely on public projects.
The number at construction work
in
civilian
non-farm
activities.
has dropped
by 11%, or nearly
Two years previous the nation's
factories were
employing about 350,000, since its August peak. In
12,000,000 workers, or about 32% mining the number at work was
lower than in the preceding year,
of all non-farm employment.
early months of the defense pro¬

.

gram,

not only in bituminous and an-Ci /\1 /I
14
w"v
I w\ i Vi
thracite fields, but in metal min¬

"Manufacturing and trade were
.1.

4-1—

' 1'

•

_

civilian industries m
which employment was substan¬
the

only

_

:

•

employment in regu-

Civilian

expanded its personnel lar

The latter

v\

/-*

ing as well.

month.

tially increased during the

the

employment

vember,

1940, to 1,700,000. Fed¬
payrolls alone in No¬

No¬

since

'

vember

at

were

annual

an

production of electricity by the electric-light and
power industry of the United States for the week ended Jan. 23, 1943
was
approximately 3,974,202,000 kwh., compared with 3,440,163,000
kwh. in the corresponding week last year, an increase Of 15.5%. ' The
output for the week ended Jan. 16, 1943, was 14,5% in excess of the
similar period in 1942.

rate

$5,5,00,000,000.
Public emer¬
gency activities were further cur¬
tailed, the number on WPA proj¬
ects
totaling 363,000, as against
of

in October and
ago."

381,000
a

year

Federal services rose to nearly

PERCENTAGE INCREASE OVER PREVIOUS YEAR
Week Ended

y

Total

INCLUDING TRUST FUNDS

■

$78,893,374.36
■ - - ' yh'U
24,866,615.69 $103,759,990.05

—

Government

S.

U.

Other Securities

and

Stocks

of

Bank

Reserve

S.

Loans

on

Customers'
Bank

Real

Estate

Other

Real

Estate Owned

_______

—

$413,417,733.17
-

i

.

•

_

■

Time

3,355,440

+ 10.3

2,817,465

1,507,503

1,806,403

3,313,596

+ 12.2

2,837,730

1,528,145

1,798,633

3,340,768

+ 12.3

2,866,827

1,533,028

1,824,160

Oct

31

3,774,891

3,380,488

+ 11.7

2,882,137

3,761,961

3,368,690

+ 11.7

2,858,054

1,525,410
1,520,730

1,815,749

7

1,793,584
1,818,169

repair of real or personal prop¬
erty damaged or lost by persons
in areas affected by current floods
in the Fourth (Cleveland) Fed¬

Funds

Public

eral Reserve District.

Nov

Letters

for Taxes

Reserved
Other

389,812,948.08

4,136,852.82
778,562.29
387,114.59

Credits and Acceptances

of Credit,

—•

—.—— —

Liabilities

*

9,000,000.00

in

CAPITAL

Paid

Surplus
Undivided

Profits

3.775,878

3,347,893

+

12.8

2,889,937

1,531,584

3.795.361

3,247,938

+ 16.9

2,839,421

1,475,268

Nov

28

3,766,381
3,883,534

3,339,364

+ 12.8

2,931,877

1,510,337

3,414,844

+ 13.7

2,975,704

1,518,922

1,718,002
1,806,225

3,937,524

3,475,919

+ 13.3

3,003,543

1,563,384

1,840,863

1,554,473
1,414,710

1,860,021

Dec

18,302,255.39

2,302,255.39

_ —

$413,417,733.17

which

have

been

lost

19

3,975,873

3,495,140

+ 13.8

3,052,419

26

3,655,926

3,234,128

+

13.0

2,757,259

Public and Trust Funds

}
San Francisco) ss"
A. W. Kohner, Cashier of Wells Fargo Bank & Union Trust Co., be¬
ing duly sworn, says he has a personal knowledge of the matters con¬
tained in the foregoing report of condition and that every allegation,
statement, matter and thing therein contained, is true to the best of
CALIFORNIA

OF

City and County of

his knowledge

Subscribed
Catherine

E.

A. W. Kohner, Cashier
and sworn to before me this 4th day of January, 1943.
Keith, Notary Public in and for the City and County of
and belief.

State of

San Francisco,

Correct—Attest:

California.

Sidney M. Ehrman, Henry

DIRECTORS
Arthur D.

Sidney M. Ehrman
♦James Flood
*J. A. Folger

1943
"

Jan

2

Jan

9

Jan

or

16
23

dealers

Monongahela,

H.

on any

-

*

*

Henry D. Nichols
Henry Rosenfeld

•

_

»•'

Law

Clara Hellman

Heller

'

Guy V. Shoup
Frank E. Sullivan

L.

• ^ •-

Lipman

J. D. Zeilerbach

Hellman

*Is one

of our 183 Directors,
.

S. Shainwald

R.

F.

;

,

now

on

Officers," and

Members of

leave for wartime

the Staff

duty.

and

essential

the

has

if

117.04

108.52

117.40

114.85

25

117.05

108.52

117.40

23

117.05

108.34

117.40

22

117.05

103.34

21

117.07

103,34

repair of

20

117.07

108.34

comfort

19

paragraph

members

of

ex¬

they

98.88

112.37

115.24

94.26

98.73

112.37

115.24

117.20

114.66

109.60

94.26

98.73

112.37

115.24

117.40

114.66

109.60

94.12

98.57

112.37

115.24

117.20

114.66

109.60

93.97

98.41

112.37

115.04

108.16

117.20

114.66

109.42

93.82

98.41

112.19

115.04

108.16

117.20

114.66

109.42

93.82

98.09

112.19

115.04

108.16

117.20

114.66

109.42

93.82

98.25

112.19

115.04

117.05

108.16

117.20

114.66

109.42

93.82

98.41

112.19

115.04

117.05

108.16

117.20

114.46

109.42

93.67

98.41

112.19

115.04

'

117.05

107.98

117.00

114.46

109.24

93.52

98.41

112.00

115.04

117.05

107.98

117.00

114.46

109.24

93.38

97.94

112.00

114.85

117.05

107.80

117.00

114.27

109.06

93.38

97.78

112.19

114.66

117.04

107.62

116,80

114.08

109.06

93.08

97.62

112.00

114.66

117.02

107.62

116.80

114.08

109.06

92.93

97.62

112.00

114.66

7

117.05

107.62

117.00

114.08

109.06

92.79

97.47

111.81

114.66

107.62

116.80

114.08

109,06

92.64

97.31

111.81

117.03

107.44

116.80

113.89

108.88

92.20

97.31

111.81

114.66

116.94

107.44

117.00

114.08

108.88

92.35

97.31

111.81

114.46

116.85

107.44

117.00

113.89

109.06

92.35

97.16

111.81

114.46

L-—u"

Section

117.06

108.34

117.20

114.85

109.42

93.82

98.41

112.37

115.04

116.85

107.44

116.80

113.89

108.88

92.35

97.16

111.81

114.46

1942—

118.41

107.62

117.20

114.27

108.88

92.64

97.47

112,19

114.66

1942—

115.90

106.04

115.43

112.75

107.09

90.63

95.32

109.60

112.75

117.21

106.92

116.22

114.08

107.62

92.06

97.31

110.52

113.70

106.56

117.80

113.70

106.56

90.91

97.16

109.97

113.50

1 Year ago
Jan.

of

1942-

26,

2

Years ago

Jan.

117.54

1941-

25,

Constitution,

MOODY'S

submitted to the

(Based

The amend¬

the

to

1943—

continuance

for

ah

have

Exchange Close i

1943—_

Low

of

5

-III„~

1943.—

Low

a

in

interest

U. S.
Govt.

Averages
26——

BOND

on

Corpo¬
rate

YIELD

AVERAGESf

Individual Closing Prices)

Avge.

Bonds

Daily

limited

Corporate by Ratings
Aaa

A

Aa

Corporate by Groups
Baa

R. R.

3.25

2.78

2.91

3.18

4.11

3.82

3.04

2.83

2.06

3.25

2.78

* 2.91

3.19

4.11

3.82

3.04

2.89

2.08

3.26

2.78

2.92

3.19

4.12

3.83

3.04

2.89

2.06

3.26

2.79

2.92

3.19

4.12

3.83

3.04

2.89

2.06

3.26

2.78

2.92

3.19

4.13

3.84

3.04

20

2.06

3.26

2.79

2.92

3.19

4.14

3.85

3.04

2.90

19

2.06

3.05

2.90

25

—

23

22

-

4,:.^-'

21

•'

— —

3.20

4,15

: is

2.06

3.27

2.79

2.92

3.20

4.15

3.87

3.05

2.90

16

2.06

3.27

2.79

2.92

3.20

4.15

3.86

3.05

2.90

2.06

3.27

2.79

2.92

3.20

4.15

3.85

3.05

2.90

2.06

3.27

2.79

2.90

2.06

3.28

2.80

2.93

2.06

3.28

2.80

2.93

2.06

3.29

2.80

2.07

3.30

2.81

'

a

——

-

—

—

13

.

.

—

12

—

11
9

-

2.79

.3.27
-v

2.92

3.20

4.16

3.85

3.05

3.21

4.17

3.85

3.06

3.21

4.18

3.88

3.06

2.91

2.94

3.22

4.18

3.89

3.05

2.92

2.95

3.22

4.20

3.90

3.06

2.92

2.93
•

3.30

2.81

2.95.:

3.22

"4.21

3.90

r

3.30

2.80

2.95

3.22

'*4.22

V3.91'-;-

3.07

2.06

-.3.30

2.81

2.95

3,22

4.23

3.92

3.07

2.07
-

-

.

244.3

20_

Jan.

21—

Jan.

Jan.
Jan.

ago,

ago,

1942

High,

High,

1943

i

LpWj
■

•'

1

...

.

i

4.25

3.92

2.08

3.31

2.80

2.96

"3.22

4.25

3.93

1
Jan.

*

3.22-

;

2.92

3.07,

"

2.93

3.07

.

2.92

3.07

„v~

2.93

Exchange Closed
2.96

4.25

3.93

3.07

2.93

'3.25

2.91

4.11

3.82

3.04

2.88

2.14

,3.39

3.02

4.37'

4.05

3.19

3.02

1.93

3.30

2.94

4.23

3.91

3.05

2.92

2.04

3.34

2.84

2.95

3.30

4.27

3.92

3.14

2.97

2;03

3.36

2.76

2.97.

3.36

4.35

3.93.

3.17

2,93

1942
1942

Year

26,

—

_*

3.31.

2.08

ago

1942:

2

.

Years ago

Dec. ' 28-

.4.—

25,

1941-

—

computed from average yields on the basis of one "typical"-bond
(33,i% coupon, maturing In 25 years) and do not purport to show either the average
level or the
average ; movement of actual price quotations.
They merely serve t®
illustrate in a more comprehensive way the relative levels and the relative movement
)f yiflld

♦These prices are

238.9

226.9

2—
25

Jan.

239.9

12'-.

244.9

220.0

:Jah..

—245.1

A

.2

•

3.92

3.23

242.8

26-.*--

Jan,

Low

245.1

Jan, 26_t._
Dec. 22__

Low,-.Jan.

4;24

' 2.95

'

25__—

weeks ago,

High

244.2

23—:

Jan.

2.95

2.80

2.92
2.92

.

1943—2.06

Low

244.3

22

Jan,

2.81

3.31

1

244.0

—

3.31 ,l

2.07

1943—

High

245.1

—

2.07

2

*

-

2.90

3.06

2.06

6. ——.'

7

4

Moody's Daily
Commodity Index
19a_J_

2.89

3.85

14

Jan.'-

Indus

P. U.

2.08

Jan.

issue of Jan. 14, page 191.

Tuesday,

114.66

117.07

5 '

6

^
|

•

iVw

240.2 i

k

averages the latter being the

true picture-of; the bond -market.'

complete list of bonds used in'computing these indexes
-Uivthe issue; of.'Jai& i4f-1942; -page--202t«f
*' 7: r rj-T.-.
■ v v-\tThe latest

.

'.V

94.41

109,60

5

.

*-

109.60

114.66

117.05

"■

;
t

115.43

114.85

8

Extension of the voting period
on
these amendments was noted

West—Established 1832

4

112.37

9

partnership.

Month

»

P. U.

98.88

117.05

— —

15

our

R. R.

117.06

are

member part¬
ner
and to describing more ac¬
curately the status - of the estate
of a deceased partner'which con¬
to

Indus.

Baa

94.41

11

sole Exchange

tinues

Corporate by Groups*

A

109.79

Aa

13

member firm after the death of

the

I,'-.-"

12

period of time with the status of
a

,

14

membership

Dec. 18.

partnership

a

,

16

Stock Exchange

the

been

relate

ments

are

18

High

the

of

on

'

'

2

(1)

XI

Article

yield averages

15

the amendment

approved

bond

Corporate by Ratings'
Aaa

26

Jan.

Section 13 of Article IX and sub¬

Year

"

1,717,315
1,728,203

4

that

announces

Two

'

1,736,729

1,588,967
1,588,853

.

rate*

Corpo

1

Tuesday,

P, O, /, t",

Avge.

Govt.

Bonds

'




U.S.

1943—

areas."

tressed

Monday,

Oldest Bank in the

and

Daily

the

to

exist,

may

Friday,

•

1,598,201

2,996,155

(Based on Average Yields)

of this waiver to

terms

Wednesday,

••

1,733,810

MOODY'S EOND PRICESf

well-being of those who al¬

Saturday,

FRANCISCO

1,542,000

1,602,482

3,012.638

15.5

1,619,265

3,002,454

13.8

2,994,047'

prices

bond

computed

*>

not suffering from flood
damage. It is designed purely to
remove
any obstacle to the im¬

Thursday,

SAN

+

1929

1932

2,845,727

given in the following tables:

.

.

+14.5

3,440,163

1942.

3,468,193

Moody's

terms which

lenders may choose to

or

Meyer
Motherwell

E. C. Lipman

W, L. Gerstle

W.

Larsh

3,450,468

3,974,202

—

—

8
R. B.

Samuel Lilienthal,

*F. J. Hellman
♦I.

G.

Dr. liartland

Jr.

3,952,479

30

Wilson

'

•

3,472,579

+

1941

+ 14.9

over

Moody's Bond Prices And Bond Yield Averages

and

grant, to replace goods damaged
or lost by reason of floods in
the

~

King

3,288,685

3.952,587

—

Jan

1942

V.

■—

Jan

1943

3,779,993

Week Ended-

Reserve bank has removed the re¬

in

Frank B. King

:

-

.

W..P. Fuller,

Rosenfeld, W. P. Fuller, Jr.

1,637,683

% Change

.

STATE

—

Therefore, the

damaged by flood.

of

*$26,374,149.60 pledged to secure

12

Dec

financing to repair or replace ar¬
ticles

__

5

Dec

other

or

1,798,164

14

Mr. Flem¬

credit

dealer

need

1,819,273

1,506,219

21

Dec

which had

7,000,000.00

,-

i

2,792,067

Nov

"Regulation W was not designed
to impose additional hardship on
people already in distress.
No
useful purpose could be served by
adding to the difficulties of people
who

3,330,582

+ 10.6

Nov

ing stated:

The New York

——

—

or

High

111,049,554.32
19,557,564.24

1929

1932

1940

3,752,571

NYSE Amendments Voted

mercial)

1941

over

3.717.360

259,205,829.52

Deposits
Deposits (Savings and Com¬

Demand

% Change
1941

3,702,299

Liabilities
DEPOSITS

i4.9

'

(Thousands of Kilowatt-Hours)

1

3,682,794

10

=

i

13.8

V

-

17

brought to our notice.
Our pur¬
pose is to relieve, and not add to,
the difficulties of people in dis¬

2,939,743.16
532,794.86

Fixtures—

27.4

24

ditions

3,916,132.39

Liability for Credits and Acceptances.

Premises, Furniture and

::

1942

3

other sections where similar con¬
45,838,025.60

11.0-

-

Oct

extensions

to

"This bank will cheerfully

39,179,008.26
6,659,017.34

'

Oct

tend

and Discounts

7

25.0

Oct

in
F.)

LOANS
Loans

14.5

-,11.4

-

-

of

apply

they

Oct

ready have suffered much.

694,685.77

-—

stock

$480,000.00

(Including
Federal

29.0

credit to finance the replacement

as

articles

255,736,361.34*

15,255,403.89

——

.13.5

15.5

-

.25.1

22.7

21.4

" r :

temporarily waived the re¬
strictions of Regulation W insofar

mediate replacement or

market value)
Securities-^.—. 240,480,957.45

INVESTMENTS (at not exceeding
Other Bonds

'

1942

Week Ended

persons

Federal Reserve

Banks

Other

With

State's—.

■>

"This waiver does not extend to

y.

Bank

•

11.0

Averages

CASH
On Hand and with

12.6

'

period between Dec. 25, 1942, and
Jan. 20, 1943.

•;

13.6

DATA FOR RECENT WEEKS

had

'X

Resources

12.4

Jan. 5 that the bank

on

sions of credit

NOT

11.6

11.4

30.6

United

Fleming, President of Fed¬
Bank of Cleveland,

Ohio River areas, to permit exten¬

December 31, 1942

\

;

Coast

Reserve

announced

7.8

12.2

,

21.2

'

St*

Mount

Pacific

eral

6.3

14.3
'

Rocky

On Flood Area Loans

2.7

7.1

12.6

Central.

Southern

Waives Restrictions

4.4

3.7

7.0
9,6

Central Industrial
A^est

Jan. 2

Jan. 9

Jan 16

Jan. 23

Atlantic

Middle

strictions of the regulation in the

At the Close of Business

the

1,056,000

Cleveland Reserve

Allegheny,

Statement of Condition

that

Malor Geographical Divisions—
Mew
England

M. J.

its current weekly report, esti¬

The Edison Electric Institute, in
mated

civil

eral

portion of all agricultural

added to the
In his annual mes¬

had

Federal

in

brought
civilian

.

.

Electric Output For Week Ended Jan. 23,1943
Shows 15.0% Gain fiver Same Week Last Year

engaged

trade, distribution and finance,

in

2,800,000, as more than 50,000
were again added to public pay¬
rolls
during
the
month.
This

increase

Thursday, January 28, 1943

CHRONICLE

THE COMMERCIAL & FINANCIAL

376

I

A

i-

,

.-.-.'"'.J'

•

.4 dr.i

^

+ 9-

•

V,

„

was

published

-j-.
—V u.

• -

,Volume 157

THE

.Number 4146

COMMERCIAL & FINANCIAL CHRONICLE

377

Federal Retail Sales Tax Advocated As
OUR

FROM WASHINGTON

War Measure To Check Public Debt

REPORTER'S

(Continued from first page)

policies that

adopted by gov¬

are

War

Civil

the

ernment, business, agriculture and

French political life

labor.

first

The

policy of government

with respect to the monetary sys¬

tem, to the capital markets and to
taxation, if properly directed, can
make; an
important contribution
towards

increasing general, busi¬
activity.
Of equal signifi¬

ness
cance

the

are

attitudes

of

indus¬

try, agriculture and labor towards
If prices are
prices and wages.
not

subject

artificial

to

controls

monopolistic practices, the eco¬
nomic system will possess a flex¬
ibility which will permit it to make
adjustments to changing economic
or

conditions.

be

■'

....
,

"Real national

-

increased

■

and

the

debt

channels

of

of

reduced
This

means

that trade and tariff barriers must
be

reduced,

-foreign

controls removed

alism

exchange

and

multilater¬

substituted-for the

"The

(Continued from first page)

questions

raised

at

the

outset had to do with the amount

that

debt

with

and

nation

a

the

stand,
implica¬

can

economic

tions of debt increases for the

and

post-war periods.

war

These

are

questions that cannot be answered
in

definitive

a

fashion, since the

amount of debt that

nation

a

can

stand, without substantial price
increases, depends upon the use
of

debt

the

proceeds,

relation

in

to

real

the

upon

charge

national

based

of

must,

long

ma¬

turities,

and above all upon the
ownership
distribution
of
the
debt.

Although any conclusion
must of necessity be relative in
character, this analysis empha¬

bilater¬

sizes, I believe, the fallacy in the
point bf view of those persons
be who assert that there is, slight

on

necessity,

system of multilateral

a

trade and this will be true

fear

to

reason

debt.

rising

a

domestic
/ ■'

:

climatic

as

conditions, natural re¬
and productive equipment

sources

from

vary

one

private

initiative

encouragement
of

another.

to

area

"Although
tude

and

international

the

channels

trade

the

as

given; gressed,

is

are

re¬

opened, the production of civilian

be

increase

an

and

in

financed

debt,

we

war program

little

too

much

too

of great magni¬

wars

cannot

lied,

"If

.■*

long

as

taxation

borrowings.

upon

50%.. of

have re¬
has pro¬

upon

Thus, in the calendar
about

without

1941,

year

Federal

total

and, in consequence, real penditures were covered by taxes,
national
income, should experi¬ while in T942, only 31% were so
ence, in the post-war period, a covered. These data indicate that
totals.
effect

increase may be of
magnitude not only to

substantial

a

the relative debt

to. permit
are

of

burden, but also
reduction

debt.

the

on

reduction;in

actual

an

amount

we

pre-war

The

sufficient

the

over

in

threshold

of

portant economic frontiers.

im¬

Post¬

potentialities in the field of
housing, of consumer
demand,
and
in foreign trade
present a
war.

of

vista

tunity.

great

oppor¬

achieve the goal
the dynamic forces
enterprise must be

private
leased.
.

economic

To

visaged,

...

.

en¬

of
re¬

.

"A large redeemable debt places
the Treasury in a precarious po¬

ment of

finance,

war

though

even

it is conceded that the entire cost

of the

15

taxation.

"Far

minor

being

importance,
in

crease

a

,

internal

an

matter

a

of

rapid in¬
public debt

to absorb

large sums, the transfer
will be aggravated and
the
economic
system
will be
forced to operate within a rigid

problem

framework.; Inflationary dangers

dollar

the

on

sound

a

basis

and thus to

to the currencies of other nations.

and

size

The

give

of

our

the

debt and

domestic

and

in

manner

is financed

will, to
determine

extent,

anchorage

a sure

a

public

which it

considerable
the
political

economic role of this country

goods.; in the post-war world."

non-durable

liability,,the Treas¬
might be forced to sell obli-j
gations
in
the--market, which;
would probably take a short-term

current;

a

.ury.should issue the greatest pos-1 debt was augmented importantly
sible amount of its obligations in by purchases by wholly owned
long-term negotiable form to be
in

this

direction,

despite;

subsidiaries which will not be

published.

December

campaign, have not as

the

substantial

brought

■;

,

The progress

the excellent achievements of the:

avoid the latent

short-term

"If

;

a

dangers of a large

debt.

a

/-

■

towards resolving
problem has

debt

justifiable

the senior liens

turities.

...

public debt is widely dis¬

tributed among all income groups

nearer

The junior 4x/2%

have

tures

the

or

condition

it

should

be

This is as ranted,

policy.
in

a

democracy.

Moreover, if the:debt is widely
-distributed, political controversies

bondholders
bondholders
are
not

; between
;

and

non-

been

can

laggard.

-two

or

current

little

attractively
levels.

question
be

able

There

but
to

are

decades

the
following solvency.




and

she

The Treasury had no trouble in
placing its recent offering of $2,-

earner.

000,000,000 of % %

of

indebtedness,

at

Labor

did
as

have

much

as

any one person.

certificates1 of
judging by Secre¬
tary Morgenthau's recapitulation
the other day.

dertaking
working

the

was

of
-

i- With Federal Reserve Bank
still

ports

re¬

to

„

priced
now

that

make

the

at

seems

road

sufficient

company's-post-war
„

;

v

velt's

of

of both the New York,

St.

&

and

Pere

Marquette

R.

is

for

haps

earnings
duction

if

But

applied

were

of

the

in¬

to

orating,

alot

to the

come

re¬

advertise

fringe

con¬

it didn't necessarily
an

active

She could be
in interior dec¬
whom

anyone

wanted to

the

speculative

could

newspaperwomen.
in publicity work,

debts.

funded

that

follow that, the girl was

while

years,

and

over

ferences and

to wait, per¬

some

something, but I

.or

little

said who

the

bluntly

social

a

things • one could
possibly imagine. Everything was
honey and happiness.
Mrs. R.

obli¬

Chicago

Railroad

Louis

getting

It's

of hair .pulling now goes on at
the press conferences.
Up to now
these
been
have
the
chattiest,

officials

by

know

reliably told that the long
honeymoon between the gals and
Mrs.

in the wake

announcements

fast

am

sweetest

such

a

we

are

her.

phenomenon

;

for

as

hereabouts,
with

mean

ample indication in

bidding

gals,

press

them

"chase the market."
Brisk

Mrs.

R.

help by letting the girl
she

inner

was

circle.

tablishment

member, of

a

Quite*

has

es¬

built

been

an

ington

contact

den

spurt, it was doomed to dis¬
appointment, for there was evi¬
dence that railroads, which might
be interested in picking, up their

politan newspapers had to, take

.obligations, can be equally
as
nimble, when necessary, in
stepping away.

women,

when Mrs. R.

women

ing

these

forded

own

Clare's

of

women

it

made

wares

known

_

the

quite

plainly that henceforth her deal¬
ing would be with the gentlemen
of the press.

V V
«!«(}!

Joe

:

a

speech

last

sunshine,, made
Los

in

Angeles

which

day

world

new

might

order

with

Dealers,

bear

of

the

Soviet

New

Russia,
was

how this beautiful

world

new

was

going to be erected if there should
be

change

a

1944.

He

should be

of

should

make

the

New

contingency

provided for, that

thing

be

done

some¬

fortnight

a

expected;

binding

of

the

on

any

future administration.
It

might be helpful to launch
to this end

so we

of

busy

or so

out

what

So far

the

of

organi-

no

the

commitments

are.

they exist only in the minds

three

four

or

of

record

routine

men.

them,

t

There

except

agreements

as

Cordell

Hull has made.

the

next

on

month, bankers
plans for seeking the
r

:

■

;

It had been expected that the

would call for bids to

company

be

opened

of

as

Monday, ;

last

but hearing is still pending be¬

Securities

the

fore

and

Ex¬

Statement

change Commission.

;

Involving

it does the sale of

$22,000,000

of

first

and

and

Government

general

State,

and

Other

pal

314s to mature

in

30

years,

$2,500,000 of unsecured notes, the
latter

to

be placed

privately, the

County

Time

Banks. $67,467,353.55
Securities
80,586,755.36

Mtmici-

and

6,109,230.88
s,!

Securities
Loans

will

be the

first big under¬

taking of the current

year.

Loans,.;..•

Commercial Paper Purchased
Bills Discounted

Buildings
Other
Real
Estate
Accrued Interest Receivable

Liability

Customers'
Letters

Other

of

1®> 186,884.19

s.;.........

Collateral

Bank

deal

December

-6,(68,361.89

3,640,009.00
16,336,310.34

3,215,724.40
'
346,036.62
297,187.43

Capital

1942

31,

Liabilities

\

Securities

Demand

of

Due from

Cash
U. S.

as

as

Resources

Stock

i...

.

..

$4,550,000.00
7,000,000.09

Surplus
Undivided

Profits

2,431,886.03
1,048,723.16
348,201.13

.........

Contingencies..
Accrued Taxes, Interest, etc.
Reserve

Reserve
able

for

for

Letters

Dividend

January

Unearned
of

2,

Discount

Pay¬

113,750.00

1943

162,091.67

.,

1,407,685.36
191,446,757.84

Credit..:

DEPOSITS

under

Credit.......;.

Resources

1,407,68.'}.36
64,643.27

$208,509,095.19

Investment Trusts
(Continued from page 359)'
to be in the hands of

can't

spend

it

people who

after

this

$208,509,095.19

CORN EXCHANGE

war,

,.

there's going to be a
000
If

investment

we're

factor

going

in

struction,

to

postwar

NATIONAL BANK

$10,000,000,-

trust."

Why not?

be

a

AND TRUST COMPANY

positive

world

recon¬

"large investment

com¬

and should play

vital

Established
"

panies
part.

can

"

.

:

a

1858

PHILADELPHIA
Member

Federal Deposit Insurance Corporation

is

such

and

issue.

a

could find

Com¬

until

now

to

now

commitments

Dealers

in

government

that

said

of New Hampshire has been

not

an

asked

oper¬

Service

a

the

outstanding brother, he

for

an

and

out

other

af¬

gave

fore.; They developed

the

watching; Urging support for'this

It

career

new

whom

to

10 years have been unadulterated

happiness

move

began hold¬

conferences..

Davies,

on

them a standing in
the Washington newspaper corps
which they had not enjoyed be¬

Public Service of New Hampshire

are

Wash¬

After her first

the

with

she

press

The press services and the metro¬

Although the refinancing

the

onto

r

with its accompany¬

scene

—the wrong way.

up.

expected to "cash in" on any sud¬

ation of the Public

Clare

beauteous

i

moving world is that Mrs. Roose¬

the last few
sessions that potential buyers of
these obligations are in no mood
to

Club.

ing fanfare rubbed the girls—very

ago

Another development in

the behavior of the railroad bond

during

Gridiron

few of whom have

weeks

may.

Putting On The Brake

market

of

dressing labor groups he never
taking a sly .crack at the
Secretary and it was always good
for a hearty laugh.
Be that as it

somewhat

was

representatives

missed

-

incomplete,
Mr.
Morgenthau
disclosed
that
total subscriptions ran well above
the
$6,000,000,000 mark, neces¬
sitating considerable scaling down
of allotments against orders.

There

the

I made quite an
extensive trip,, with- one of the
top leaders of the AFL.
In ad¬

allot¬

ments for subscribers.

things that the wage-earners,
least

famous

few

un¬

task

equitable

out

wageof those ironies

one

the

They have served, in return, as
a
valuable
publicity outlet for
Mrs. R., aside from her own col¬
umn.'
Now, something has got
into them.
Apparently they are
tired of the taunts that they are
just Mrs. R.'s press agents. Any¬
way, they've become more bellig¬
erent, they press Mrs. R. for ex*
planations, don't just take her
statements as gospel.
Just how long this new regime
has been going on, I don't know,
but I am of a mind it began about
the time Clare Luce put in her
appearance.
The entry of the

their unions, are not very appre¬
ciative of Miss Perkins' work. A

Apparently the only problem
involved in that particular

It is

of

L

Department, is the

par¬

likely

our-economic dife inrthe 'as
three

Act

just like the men; now
have their clubhouse and
give annual dinfiers on the order

they

con¬

to debt .progress in the current pe¬
arise.- Such controversies : charae- riod to completely eliminate fears
terized

She

Treasury Certificates

This

logically

not

the Debentures

ticularly

will

give

zation

Deben¬

■

fiscal

security,"

do

to

In her press conference she said
her
chief' concern,
that of the

ma¬

in the community, a larger num-; tinue permanently.
If, as is our
the
present
advanced
!ber of people will acquire a con-; opinion,
scious personal interest in gov¬ prices for the senior liens is war¬

ernment

fight

it, will
something to work on.

her

re¬

improve¬
ment
in
investment feeling to¬
ury financing in the first World;
wards the Southern Pacific bonds,
.War, amd we must strive to equal:
that record if the Treasury is to; reflected mainly in strength for
yet equalled the record of Treas-i

the

or

to do with it

sold to the ultimate investor.; Ourj vealed until the annual report is
results

West-,

of these issues.,'

middle

in a large floating debti the Central Pacific 4s, 1949. It is
large redeemable debt, or; believed that this direct retire¬
of both in combination, the Treas-j ment of $30,000,000 face value of

a

the

Cabinet

around.

"The extension of social

$16,070,000 of

and

1

York,&

'

involved
in

shift

considers she is really the mother
of
the
original Social Security

cial

or

and

Pennsylvania,
facing a payment of $9,999,000 on
April 1.
There is, however, no
anxiety with regard to servicing

is

(Continued from page 357)
debt), $8,604,000 of the
banking system.
;
; V f
3%s, 1946, $3,217,000 of the Se¬
"In order to avoid the hazards- cured 4s, 1949, and $2,443,000 of
commer¬

New

ern

Dec.

on

set back for

ury

form and be sold to the

administrator

the Philadelphia,
posts, including hers,
Washington, being

called upon to meet
first 4s

pany

meet this

To

&

ago, to test
she, along with
who blasted the

was

one

Baltimore

dends would have

tion

durable

maturities,

weeks

It

McNutt,

plan to make Ickes the manpower

forming stockholders that divi¬

be badly distributed, if
commercial banks must continue

is

period, of purchasing consumers'!

properties leased by the
Pennsylvania Railroad also have

tinues to

lish

obligations outstanding.
It
possible that large amounts of
these might be presented to the
Treasury for redemption, either
for the purpose of paying taxes or
for the purpose, in the post-war;

Two

few

a

out.

Paul

gives rise to many difficult and
grave problems. If our debt con¬

billion

redemp¬

15.

gations developed

from

will increase and, in consequence,
it may prove difficult to reestab¬

dbllars of

cided,
this

could not be met from

war

At the present time, there

sition.
are

have not made the fullest pos¬
sible use of taxation as an instru¬
we

Certainly,

166,000 issue of first 4s falling
due Feb.

ex¬

goods

substantial increase

(Continued from first page)

,

between short and

alism of the past decade.. A world
economy

sured she would be better treated
in the future.
Apparently she de¬

in¬

the distribution of the

come, upon

if debt

international

reopened.

are

following the

World War."

amount of the debt service

also

can

burden

correspondingly

the
trade

,

income

REPORT

Summarizing his remarks, Mr.
Aldrich in part stated:

of

AHEAD OF THE NEWS

characterized

and

THE

378

COMMERCIAL & FINANCIAL •CHRONICLE

with

partly

permit,

Thursday, January 28, 1943

of

help

vidual

remuneration

these

the

companies

reported by

NY Finsn. Advertisers

ranged
from
A survey by General Foods Cor¬ $19,800
to
$80,000;
the second
poration revealed that 29 leading highest individual remuneration
By CLARENCE FRANCIS
food manufacturers are introduc¬ ranged
from $4,766 to $55,000,
William T. Wilson was elected
President, General Foods Corporation
ing new items in 1943; 38 Will while the third highest individual President of the New York Fi¬
have new food items ready for the remuneration
reported
ranged nancial Advertisers at the annual
Despite shortages in raw materials, equipment, manpower, and
The total election
post-war market; and 27 said their from $3,920 to $50,000.
meeting held at the City
transportation, the U. S. food industry hopes to achieve in 1943 a
research projects in 1943 will be remuneration
reported paid by
new record tonnage of foodstuffs.
Midday Club on Jan. 19. Mr. Wil¬
these
more numerous than in 1942.
companies to all officers
This industry in its larger sense consists of 6,100,000 farms, 48,000
son, a graduate of the University
Earning reports >of food com¬ and directors amounted to $1,of Michigan,
is Director of the
manufacturers, and 500,000 retail outlets. Total retail sales last year
panies for 1942 have not yet been 588,562 during this fiscal year."
Committee on
Public Education
approximated $14,500,000,000, the highest dollar volume in history.
published.
Net profits for the
and Secretary of the State Secre¬
But
with
25%
of total food*;———————
—
first three-quarters of 1942 of 27
of $30,271,000.
taries
Section
of the American
Even at the bot¬
production in 1943 going to our
food companies, whose securities
Bankers Association.
Since 1921
armed
forces
and
lend-lease, tom of the depression in 1933, 607

Food In 1942 and 1943

record research activities.

Elects Wilson Pres.

H. H. Turner Named

various items con¬
127,000,000
civilian

in

shortages
the

front

of

for

normal

eases, a

or

insects

dis¬

ing 1942 rose 17.3%, according to

in

bered

006.
new

started.

were

They

where

built

at

num¬

large

as

well stocked

as

cost

a

volume

was

about

in 1933 and
nearly a third larger than in 1929.
In this war year, food proces¬
sors hope to increase manufactur¬
ing and distributing efficiencies,
and thereby keep grocers' shelves

only 137 and cost $10,129,plants

about

1942,

sales

twice

During 1941 there were 393
food

dollar spent in retail

28.3 cents
expended in retail food stores,

was

lowest in dollar volume since such
records

in

stores

and

number

every

the New York Stock

on

Exchange, were 17.3% lower than

profits for the same period of a
year earlier.
Net profits of 390
companies of all tyoes. in the same
period, declined 16.3%.

as

war

as

during 1942 by food companies
a decline of 14.3%, com¬

000

showed

pared with disbursements by the
27 food companies during

same

the Bureau of Labor.
Of

listed

are

Common dividends of $1.12,277,-

un¬

which was critical at
mid-January, 1943, and sufficient
supplies of farm machinery, fer¬
tilizers, and insecticides.
Food plants constructed in 1942
fewest

and

higher
taxes * and
other costs, retail food prices dur¬

solution of the farm labor

the

critical materials

save

and munitions plants

arms

products.
Reflecting

shortage

were

from

no

weather,

from

losses

resulted

construction

effort to

an

1943 may equal—or

perhaps exceed—their record food
production in 1942. This estimate
usual

$50,038,000.

plant

adequate.

assumes

put up at a cost

were

Drastic curtailment of most food

market, although nutritional
needs
should
prove
reasonably
Farmers in

plants

new

conditions

Meanwhile,

1941,

all

payments on
listed

the

on

totaled

dividend

thq

shares

common

Exchange

for

1942

$1,997,461,000, a decline of

12.1% from such disbursements in
1941.

Common food shares on Jan.

1,

1943, had a market value of $2,800,300,000—a net gain- of 6.8%
their value

over
a

shares

date

same

All
common
1, 1943, had a

Jan.

on

the

on

earlier.

year

market value of $32,920,000,000, or
a

gain of 9.4% over Jan. 1, 1942.
Bonds of food

companies had a
market value on Jan. 1, 1943, of

$233,444,000,
the

Established 1865

rise of 12.5% over

a

day
a
year
before.
United States com¬

same

Bonds

KANSAS CITY,

System

all

panies

MISSOURI

Member Federal Reserve

of
as

of Jan.

This
Statement

Condition

of

at

December

Business

of

Close

i*

1942

31,

the

was an

advance of 6.3% over

day

same

Banks__

U". S.

:

:

Bonds

SEC Issues Report

28,280,279.35

8,021,089.98

and Securities----.....,-::.

Bank

and

and

Customers'

Accrued

Real

Other

Liability

Account

Letters

1,987.867.57

Owned

Estate

Credit

of

17,800.00

-2—

307,238.06

Receivable—"-——l..——-—_—i—

Interest

Overdrafts

57,109.332.64

.L_—i--,-——-—;—

Discounts

Premises

35,623.03

—-

„

Other

Resources

Total

Resources

1.154.79

:

——

$321,543,567.21

—

made

Deposits

$307,314,706.22

u

Capital

—

Undivided

Liability
Accrual

—I—

—

Profits

Account
Interest,

Other

Letters

of

Liabilities

The

17,800.00

Credit.,.,',

and

Expenses—-',',,2——'2

164,749.45

—j——-i.:

Taxes

3,007.45

Liabilities

Total

$321,543,567.21

.

above

MEMBER

14,043,304.09

4,043,304.09

-

statement

is

correct.

E.

P.

Wheat, Cashier

INSURANCE CORPORATION

FEDERAL DEPOSIT

Jan.

on

series

new

a

)f advance releases of the Survey
of

Listed Corporations.

American

for . net
sales, net profits, net profit as a
percent of sales, total dividends
These

give

reports

total

data

years

for

1942

and

1941

fiscal

for

assets

in

ended

in¬

ficers

and

companies

and

for

These

directors.

Corporations
from

ARMOUR AND COMPANY
tells how the
are

fed
is dis¬

tributing the book "Food for
Freedom" to its employees,

holders, customers

stock¬

and other

friends. This book tells, in an

teresting

with

way,

in¬

what Armour is

—including Ration C, Ration K
and boneless beef-and aboutsome
of the

uses

of Armour's many by¬

If

products.

you

would like a

copy

of "Food for Freedom", just

drop

us a

line.

compa¬

years

having se¬
curities registered under the Se¬
curities Exchange Act of 1934 at
Dec. 31, 1941, were engaged pri¬
marily in the production of grainmill
products.
Seven of these
corporations (reporting assets
which represented approximately
96% of the entire industry group)
with fiscal years ending between:
May 31 and Aug. 31 have filed
their annual reports for 1942 with
the SEC prior to Jan.
1, 1943,
and data for these companies are
corporations

No.

Q. M. C. for this modern war

for

ending
during the calendar
year 1942.
In its release Jan. 20
to the SEC, said:

and for Lend-Lease. It tells about

developed by

reports
fiscal

contained

the

4.

-

.

"For

Release

Advance

in

-V

combined sales amounted to




ap¬

Mr.

Vice-President.

Yards, Chicago, 111.

Cloverhloom Dairy Products

dent, Harold L. Whittaker, Public
Relations
Bureau —Group
V —a

education in France and, Switzer¬

William

land.

Bank; Treasurer, Syd J. Hughes,

is

native of

a

He

is

Vir¬
and has
of

graduate

a

Military

ginia
been

Milwaukee,

Institute
with

connected

the

Chem¬

ical Bank & Trust Company since
1928.

He

>

ity &

his

started

with

career

C., in

and

1923,

Secur¬

Washing¬

Trust Company,

ton, D.

banking

American

the

1925

in

became associated.with the Fidel¬

ity

Union

Newark,
that

time, he

States
tion

with the United

Emergency Fleet Corpora¬
in*

/

Prior

Jersey.

was

of
to

Company

Trust

New

England.

London,

Turner

with the Trust

Bank

where

Mr'.

;-

Chemical

t he

entered

Department,

of his assignments was

one

Morris

nine

has

he

years

the

derson, The Merrill Anderson Co.;
Dudley L. Parsons, The New York

of

the

1942

fiscal

tune

of the

<#For

1941 fiscal year.

1942,

the

highest

Magazine;

thal, Lebenthal & Co.; Charles C.
Hull, N. Y. Chapter, American In¬
stitute
of
Banking; William D.
Murray, Hudson Advertising, Co.;
Clinton L. Miller,- Dime Savings
Bank of Brooklyn; Lee Cr Horny

New York Post, and Joseph
The Commercial National

ney,

Bame,

known

well

in

;

'

-

Treasury t

Result Of

country.

the

meeting,

At

same

Bill Offering

banking circles

throughout the

,

v

Secretary of the Treasury Mor-r

-

Leonard

announced

genthau

tenders for

the

formerly an "Assistant
Secretary, was appointed an As¬
sistant Vice-President, and Henry
C. Ottiwell, formerly an Assistant
Secretary, was - appointed Trust

that

Officer.

opened

M. Horton,

'

Other

sell H.

appointments

were

Rus¬

or

Ralph

Treasurer;

Peterson,

G.

thereabouts, of 91-day Treasury

offered

were

Exchange

announced

the

are

as

follows:
Total

applied for—$1,016,768,000
702,344,000

Total accepted

Range of accepted bids:

:
'
99.940.
Equivalent rate
discount approximately 0.236%

High:

-

of

per annum.

per

;

-

99.905.

Low:

of discount

Equivalent

rate

approximately 0.376%

annum.

Average price:
of

rate

99.906 +

discount

Equiv7

.

approxi¬

mately 0.370% per annum.

for at

the low price was

The New York Stock Exchange

There

following

accepted.)
maturity of a simi¬

was a

of

issue

lar

' >
/ : '
Philip G. Rust and Henry H.
Silliman general partners in Laird
& Co., Wilmington, Del., became
limited partners effective Jan. 1.
C.
Hyland
Jones,
Exchange
member, and partner in Jones &
Co., New York City, died on Jan.
12, 1943.
Harold
M.
Baer,
partner 1 in
Friedman, Brokaw & Samish, St.
Louis, Mo., died on Jan. 7, 1943:
weekly firm changes:

25.

details of this issue

The

were

Reserve

(32% of the amount bid

Weekly Firm Changes
has

22,

Federal

Jan.

on

Jan.

on

the

at

banks

alent

New York Stock

on
Jan. 25
$700,000,000*

bills, to be dated Jan. 27,1943, and
to mature on April 28, 1943, which

Sherman, Assistant Secre¬

tary; Willis R. Phillips, Assistant

bills

27

Jan.

on

in

of

amount

$504,529,000.
With respect to the previous is¬

-

sue

of $700,000,000 of 91-day bills,
Jan. 20 and maturing

dated

April
18

21, 1943, the Treasury on Jan.
disclosed these results.
Total

applied for.__$1,306,648,000
701,511,000

Total accepted

Range of acceptance bids:
!
High: 99.940,' equivalent rate of
discount
approximately
0.237%

-

<
*
.
'
99.906, equivalent~xate oif
discount
approximately
0.372%

per annum.
Lo'wr

Donald Bander Now WithMerrill

Lynch In Chicago

per" annum.

:

lent

The

to

The
its

ciated

theny

with

Myers
was

A.

G.

Edwards

Building.

Mr.

Treasury

view

of

over

the

on

wished

to

the

approxi¬

Jan. 18 raised

$700,000,000

fact

next

proximate

that

$500,000,000
continue

to

ill

maturities

several weeks

apr

and

it

its. policy

of

.

&

Ma¬

formerly an officer of

Uhl, Matheny & Company and its

indi¬ predecessor, Matheny & Co.

discount

weekly' offering of bills frohi

$600,000,000
>

Financial Chronicle)

of

-rate

"

.

{Special

.

99.907, equivar

mately".. 0.366% per vannum,i
(24% of the amount bid for
;at the low, price was. accepted.) '

Pierce, Fenrier & Beane, Board "of

Matheny Joins

'

-,

V Average price:

CHICAGO, . ILL.Y-Donald
C.
Bauder has joined Merrill Lynch.

at Sons,

year

L

Bank & Trust Co.-

Trade Building, as an account ex¬

compared with $202,000,000 at the
end

Co.; Bradford Warner, For7
Louis S. Leben-

Trust

and

mid western -business

paid out by these enter¬
SPRINGFIELD, ILL.—Rodman
amounted to $8,300,000 in
C. O. Matheny has become asso¬
against $10,800,000 in 1941.

end

"■

The
National City Bank; Merrill An¬

thej ecutive. He was • formerly with
$367,-! Daniel; F.- Rice & Company "in

$225„000,000

of

Bank

John J. Lawlor,

Directors:

A. G. Edwards Sons Staff

totaled

Industrial

Plan

New York.

actively

1941, equivalent to 3% and .4.4%
of sales, respectively.
TotaL divi¬

porations

National

Chase

Huckel,

of the bank's clients. .For the

one

Rodman

dends

directors

Vice-Presii

Wisconsin, and received his early

Turner

charges
totaled
$11,000,000
in
1942 compared with $14,000,000 iih

prises

and

First

were:

Savings Bank Association; Second
Vice-President, T. W. Norcross;
Bank
of
New York; Secretary*

a

000,000 in 1942 against $316,000,- charge of, the bank division;':
000 in 1941.
Net profit after, alf

1942

Purveyors of Star Meats and

As¬

an

was

officers

Other

elected

corporations.

seven

The combined assets of these cor¬

ARMOUR AND COMPANY, U. S.

pointed

compiled

are

time

some

producing for the Armed Forces
the modern rations

and

annual

nies

"Nine

and Company

★ Armour

Vice-President,

data

presented in advance of the
complete industry reports released
by the Survey of American Listed
are

Armed Forces

formerly

Turner,

the Assistant
Comptroller; Ernest M.
group as a whole.
Remuneration
Gilmour, Assistant Manager of the
data for
1942 reported for
the
320 Broadway office; Harold E.
same
fiscal years are shown for
Harris, Assistant Manager of the
the recipient of the highest, sec¬
11
West 51st Street
office, and
ond highest and third highest in¬
Herbert* Nannen, Assistant Man¬
dividual amounts paid by these
ager of the Eighth Avenue at 57th
corporations and the total which
Street office.
each company paid to all its of¬

dividual

$6,000,000.00
4.000.000.00

————-—-..I.

public

of

fourth

the

and

LIABILITIES

Surplus

20

Exchange

and

Securities

The

Commission
Loans

M.

ton

sistant

is

On

Grain-Mill Producers

300,000.00

-

Other

233,804,271.77

19.959.189.37

State, Municipal and Federal Land Bank Bonds
Stock of Federal Reserve Bank

Trust

&

Bank

bank's

Obligations, Direct and Fully Guaranteed 125,956,020.04

Due

from

$107,848,251.73

and

Chemical

the

Company, held Jan. 21, Hunting¬

participated in the handling of the

RESOURCES
Cash

of

past

earlier. %

a year

his entire time to

he has devoted

banking, specializing in advertis-.
At
the
annual
organization ing, public education, also custo¬
meeting of the Board of Directors mer and public relations.

supervising the construction of a
1, 1943, had a
hospital in< Manissa, Turkey, for
$13,487,087,000.

of

value

market

V.-P. Of Chemical Bk.

realizing
"new

about

money"

-

$200,(500,000

from

these

,

in

sales.

For the previous four weeks, the

Treasury, had been' offering $600,006,600

In

bills

with

maturities

averaging

$400,000,000.

There

a

was

072,000 of bills

maturity
on

weekly.
of

Jan. 20.

$505,-

Volume

Number

157'

THE COMMERCIAL & FINANCIAL CHRONICLE

4146

market prices from the customers,
purchasing securities from and

Is This To Be A ^Do-Nothing" Congress?

i

The Effects of Gas

!

A recent letter of

selling securities to them at prices

Rationing

^

prominent Washington news service empha¬
Congressional sparring rather
than of accomplishment.
The point is made that the Republicans will

sizes

a

that 1943 is likely to be a year of

highlight New Deal abuses, but will make little

attempt to

or

no

effort to bring about far-reaching corrective measures at this time;
The Democratic majority,, it is predicted, will also attempt little in
the

of important legislation <*>

way

Bituminous
coal
the na¬
requirements
accomplish¬ have been estimated at 600,000,000
ment stems from Republican op¬ tons for 1943, and anthracite at
more than 65,000,000 tons.
position.
and

will

tion

that the lack of

try to convince

.

We can't say that we are thor¬

oughly- acquainted with the
plexion' of Congress or its

com¬
com¬

peting party strategies, but it will

"The

bituminous

coal

industry
1942," Co¬
ordinator Ickes said, in pointing
out that it had supplied enough

has done

fine job in

a

highly unfortunate if in one of coal to increase consumers' stock¬
the most critical years of the na¬ piles to an all-time high in addi¬
tion's history our two parties are tion to meeting current needs.

be

to devote their thinking

"However

and their

energies to sparring for partisan
advantage, primarily with an eye
on the 1944 election.
Certainly if
the country's confidence in the

the

well

has

done

in

we must face the fact
shortage of manpower,

past,

that

the

the

difficulties

•

it

encountered-

in

obtaining supplies, equipment and
House and the Senate is to be re¬ repair parts * for machinery, and
stored, which may be a large or¬ the other wartime handicaps will
der, our elective representatives make it. impossible for the soft
have to go at their job with the coal producers to repeat their ex¬
single-minded purpose of national cellent past performance in 1943
betterment, rather than keeping on the basis of the present length
one eye on their own political for¬
of the work week," Coordinator
and

tunes

the

other

the

on

sec¬

tional interests they feel they rep¬
For sectionalism and in¬

resent.

dividual

political

ambitions

ingredients which
effective House and

Up an

are

make

ef¬

an

fective Senate, and certainly they
are not the ingredients that make
for

public confidence.
*

*

/

,

/

*

The

Effects of Gas

Jan.

1 interest

."The

has

been

Rationing

r

the

of

Islands

interest

pay¬

stich

the

the:

but

a

of

the fact

to

month

same

a

earlier.

year

by the better showing of truck and
bus traffic*: the latter actually in¬
creasing over 1941.) r •
.

'.Obviously this is

with

the

a

war's

has

strike

cut

that the

estimate

is subject to
adjustment-:when more

less. academic .threat

or

to
exemption
features of
these bonds, Port of New York 3s

more

the

,

tax

around

1975

of

SEC Orders Hearing In

95-96

and

Tri-

discussed from week

to

week

Chamber

He went

to

of

Commerce.

Denmark

following

is

resolve

States

Japan

sold

to

course

of

to

scientific economics.

The mathematics
will be treated by

of

ing profits for themselves caused
trading

accounts

of

view
and

of

activity

such

the

character of the

such

in

resources

accounts

customers; that they had

tended credit

on

and

of

ex¬

securities, other

matical
this

dents

which

with

is

the

of

"Mathe¬

The aim of

familiarize

to

the

A

stu¬

"charts"

of

use

completely

calculation.

University

book,

Recreations."

course

investment

author

the newly-published

in

customers

financial

Brussels

by way of Siberia and
in early 1941.
He is the

author

direct

replace

number

of

Social Re¬

search has also announced the fol¬

lowing

change

schedule of
Business

which

the

and

in

Rudolph

chairman.

the

New

The

L.

of

course

Weissman

lecture

dates

mails

and

Commissioner

speak

E.

H.

Rollins

connection

to

&

effect

Sons,

with

the

Inc.,

BOUGHT

QUOTED

in

notice

of

We

O'Brien

"The

hearing called by the
with

respect to

of

the

SEC

vestigating for
one-half

has

more

cer¬

been

than

APPRAISED

Bond

Bonds

Department

com¬

a

tain related group of our institu¬
tional accounts which the
Chicago

office

SOLD

—

Specialize in Ohio Municipal

hearing received by them, issued
following statement:

the

mission is

—

The

PROVIDENT
Savings Bank & Trust Co.

in¬

Cincinnati

and

one

Ohio

During this in¬

years.

vestigation both we and the in¬
stitutions involved have from time
to

time

furnished

detailed

the

SEC

with

information.

WISCONSIN

"Representatives of the' institu¬
involved have

expressed to
their complete satisfaction with

Stocks and Bonds

'

The

Securities

and: Exchange

Commisison has ordered

a

hearing

lations

with

us.
Up to the time
hearing was received

the notice of

for Feb. 23 at its Chicago regional

by

office to determine whether E. H.

information

Rollins & Sons, Incorporated, New
York
investment
banking firm,

contemplated."

this

us

afternoon
that

a

had

we

hearing

no

was

has also maintained

an

individual

MILWAUKEE
Bell

i
|

Weiskopf With Brockhaus
(Special

-

membership in: the National Asso¬
ciation of Securities Dealers, Inc.,

t

had

etta

fraud

violated

provisions of

the Securities Act of 1933 and the

225 E. Mason Street

The

to

Financial

CINCINNATI,
A.

sociated

Telephone
Daly 5392

55

Chicago Phone

State

0933

Cnronicle)

/ OHIO

—

Henri¬

Weiskopf has become
with

Teletype

Milwaukee

Edward

as¬

Brockhaus

Bridge
3V4S
of
1980 Securities Exchange Act of 1934 &
Co., Union Trust Building. Miss
around 86-87, will. perhaps some
by certain practices in the sale of
day prove to be highly satisfactory securities. - The hearing will also Weiskopf was formerly assistant
holdings for the patient purchaser. determine whether E. H. Rollins treasurer of Fullerton & Co., Inc.,
Generally we • suppose .that one & Sons and Mr. Rawls should be in charge of their Cincinnati of¬
can
say
the situation affecting suspended or expelled from the

Straus

Secuuities

borough

these bonds is the exact

reverse

of

rail bonds. The latter will
during the war's duration
and may suffer thereafter; how¬

fice.

nasd.

many

do well

the

ever,

hold

for

should

pattern

reverse

Port of New

Triboroughs, which

Yorks

in

are

and

essence

obligations."—Ralph-

"peace

E.

Samuel & Co,

1942

evidence

Fuels

Solid
War
on

Harold
11

that

by

the

Jan.

timate

Division

Ickes

solicited

a

that

stimulated

reauirements,

time

soft

by

coal
war¬

reached

all-time

high of 580,000,000

in

but

in

1942,

es¬

added

that

an

tons

changes

mining conditions were neces¬

sary

to

assure

tion

in

adequate

produc¬

1943.

The
mated

Bureau

anthracite

-

has

esti¬

production

at

of

accounts

trustees




,

Ohio

and

Securities

&

was

Co.

and

with

the

the

advice of

of Industrial and

Utilities Securities

its

Banc-

135 South La Salle

Co.

Street, Chicago

Direct private wires

dallas

held

for

in

Retailers

an

various

detroit

to

st. louis

los angeles

new york city

com¬

and Mr. -Rawls, with respect

purchase and sale of securi¬
ties; "when, in fact, they intended
act

and

interests
tomers

did

to

in

their

own

induced

and

such

cus¬

act

Morris

purchase,

and sold to
such customers, various securities
at prices far in excess of the prices
which

Waiter

E.

H.

Rollins

Cecil

Rawls

such securities
of

the

and

prevailing

&

had

Sons

and

Municipal,
Bonds

excess

market

Mati-ier & Co.

County and School

paid for
in

prices

far

INVESTMENT

therefor."
Rawls

SEC
and

also
the

alleged that Mr.
Company induced

the customers to sell and purchase

59,961,000 tons for 1942, the larg¬ securities at prices respectively
est
since
1930, and .more;than far below and far in excess of the
3.000.000
tons greater, than the! prevailing market prices, and that

56,368,000-ton total.;for 1941.

predecessor

was

corpora¬

funds

of

officer of Seufferle

she

religious and chari¬
purposes, and had induced
to repose trust and confi¬

The

of Mines

to

thereto

Company

to the

to

preliminary

Bituminous/ Coal

indicates

production,

for

the

and

trust

pany

announced

tended

religious and charitable
tions

dence

Coordinator

L.

which

-

that E. H. Rollins & Sons,
Incorporated, and Mr. Rawls had

them

Highest Since 1918

-

show

in

Output In

/

The Commission charged that it
had

table

Soft Coal

1

Prior

they, had withheld the prevailipg

39

South

La

Salle

Street

Chicago

CHICAGO
Phone:

RANdolph 3900

Teletype:
CG 540

is
are

will

Friday, Feb. 26.
Milton H. Cohen will speak
Friday, Jan. 29.

Municipal Bonds

the

of

on

Max Winkler will speak
bankers, investment brokers, etc;
In
announcing the course in day, Feb. 5.

instruments of in¬

in

follows:

as

securities

terstate/commerce

lecture

Patterns

Finance

purchases

sales

and

books

numerous

The New School for

the

charts
discussed
are
practically
exempted
securities, con¬
trary to the provisions of Regu¬ unknown in this country although
lation T of the Board of Governors they are of the greatest use to
than

of

articles.

Maurice Krait-

chik, formerly of the

Excessive

number

a

the handling of these accounts ancj
have continued their business re¬

E. H. Rollins Stock Deals

the

at

War and Ger¬

Hitler's accession to power in 1933
and was professor of economics in

of

been

a

of

us

•

and Walter Cecil Rawls, manager
If of .the firm's St. Louis. office who

investor is unworried about the

an

national

p.m.

given price." public controversies with the help

had

situation tied

duration.

be

Rawls for the purpose of obtain¬

tions

final

(To some .extent the decrease in
pleasure driving has been offset

up

such

The Commission also charged
that information secured indicated
that E; H. Rollins & Sons and Mr.

1942 .production

further

the
year;
December,
drop of almost 30% from

a

Administrator

transactions.

of

month

showed

securities

such customers at

current

But the decreases have
and

Price

man

close of the World

as
they occur in the news by
customers, purchased various se¬
Lowe of the Graduate the University of Copenhagen up
curities and, at or about the same Adolph
time, made entries in the accounts Faculty of Political and Social to the time of the German inva¬
Science. The main purpose of the sion.
He
came
to
the
United
of such customers
indicating that

-

.cumulative

Control

uniquely equipped to
teach this subject.
He was Ger¬

Current economic problems will

own

of

the

.

ing 1942.

Price

Monday, Feb. 1, at 8:20

by such
customers; and that they had used

course

been

risk

institution of the six-day week in
the hard coal mines to relieve the

two
developments complete information is available.
bring sharply to the fore If the-figure stands, .or. is in¬
the effect, of gas rationing on simi¬ creased, it will be the largest pro¬
lar projects even those more es¬ duction since 1918, when 579,385,sential and more firmly financed. 820 tons of bituminous coal were
The Port of New York- Author¬ produced.. Also,: the Division an¬
ity announced recently a fall-off nounced, the final revised: 1941
of 18% in the number of vehicles production figure to be 514,149,245 -tons.
■'
'■
/ ' v /
'•
using its bridges and tunnels dur¬

of

the

at

and

These

ment.

but

five-day, 35-hour week, and has
made arrangements for immediate

•

Thousand

and

War and Post War will be the

pointed out that Dr.

is

falsified the ledger accounts main¬
tained with respect to

Bridge bonds was not paid, fol¬
lowing by a few months the fail¬ tion
ure

benefit

supply enough coal for immediate
requirements
by
working
the

The Coal Division called atten¬

Bridge to meet its

price of securities for their

industry

production by about half,"
'./.
Niagara Falls he added.

on

market fluctuations in the market

..-vy.

..

Commodity
in

Hirsch

show, the Commission stated,
man Minister of Economics in the
subject of a 15-weeks course to
that during the period from
ap¬
He held nu¬
be given at the New School for Weimar Republic.
proximately Jan. 1, 1939, to date,
merous other posts in
Social
Europe and
Research, 66 West 12th
E.
H. Rollins & Sons and Mr.
made various studies for both the
Street, by Dr. Julius Hirsch, Chief
Rawls "for the
purpose and with
Consultant to the OPA, beginning League of Nations and the Inter¬
the
intent
of
speculating
on

y ;■ Of the Federal Reserve System;
al¬ that directly and indirectly
they
hard-pressed to had made fictitious entries in and

•

anthracite

ready

to

New School

Control Course Given

to the

prevailing market prices.
Information obtained also tended

Commodity and Price Control, the

Commodity And Price

reasonable relationship

no

situation,

the

not

Ickes said..

having

379

BONDS

on

on

Fri¬

11

THE COMMERCIAL S FINANCIAL CHRONICLE

380:
i*|«ft %•«
'

v

»

*,

tj,*' *

include Colorado, - Illinois,
Mississippi, South Carolina, Vir¬
ginia and 'Wyoming; In West Vir¬
ginia present plates are valid un¬
til July 1, 1943.
* ;
;
\ Notations
identifying the cou¬
pons with the vehicle for which
States

they

-

issued

were

required to

are

'l

£ A

ration

also

cations
detect

it

case

expected to help

are

\

cou¬

-

/

For holders of

"D"

for

ration

the

fleet,

the

sists, of
and

"A", "B", "C", or
books, except those
identification
license

car

State

..the'

of

con¬

number

registration.

Coupons for fleet cars must carry
the fleet name. "T" coupons must
be endorsed with the War Certifi¬
cate

number,

fleet

or

"E"
have name

name.

and "R" coupons must

address

and

the

the

ROYAL

RESERVE,

BLENDED WHISKEY, 86

Tomorrow's Markets

(Continued from page 357)

bearishness

so

bring wild-eyed optim¬
Mind you, I am refer¬

ring only to market action,
Peter Hamilton,

not to news.

who did the most in

explain¬

ing the Dow theory, has often
/ said that to signal an uptrend
than minor propor¬

more

above

recent

it

new

bull

been
are

assumed

market

went

member

to

-

delivery,

member

-

heretofore in use,

will be discon¬
tinued, and all deliveries will be
made through the Clearing Cor¬
poration.
.;
,

"After

.

made

-transaction

a

been

has

the

on

-

will

no

signal has

given. The industrials
through their recent
*

of the sale,

poration
buying
him

the

chase,"

highs. The rails are not.
*

and

seller

into effect on Jan.
20, according to the Philadelphia
"Evening Bulletin," which said:
"Under
the
new
set
up
the
buyer,

will

be

can

between

transfer

tate

floor,. the clearing
intervene and
jointly move
accept delivery direct from
the selling member, making pay¬
highs.
If one
ment to him at the exact price

must

fails

Stock

Philadelphia

tions) both the rails and in¬ corporation
dustrials

this

pro¬

motorists

from

theft,

or
save

writing
pull up

on

to

and

delay

of

the coupons when they
a service station for

.

there little in the current ac¬
ism.

loss

,

Ex¬
gasoline.
change's new method- of deliver¬
is ing securities, designed to facili¬
The

tion to

purchase of gasoline, OPA has
urged ration holders to write in
the proper notations immediately.
Betides
protecting the book
cedure; will

Plan Of Phila. Exeh,

,

on

■

.

rationing regulations do
require identifications until
coupon is
exchanged for a

against

New Stock Delivery

Says
universal

SPIRITS.

NEUTRAL

GRAIN

v

the .inconvenience

Walter Whyte

(of

60%

PROOF.SCIIENLEY DISTILLERS CORP., N.Y.C.

;

'

.;

r

written

user

While

.

hot
SCHENLEY

back,

of

and likewise the cor*
make delivery, to
member, receiving from
will

exact

price of the pur¬

said

exchange

an

an¬

NASD Disk 13 Comm.
Elects 1943 Officers
curities

Stating that the plan is an in¬

This doesn't indicate a bear novation along

Committee

13

Dealers,

Inc., at its
nual meeting elected for the
year,

en¬

V1

.'•■■■.

,

;

are:

i

..1 * \..y• <>'•,

v.1-'

1 V.

.*<

*•

-•

pictures about the

war;

some were ex¬

some were just good, but most were simply -Wild West
melodramas slanted to take in the war. These leaned on fancy more

cellent,

than fact.
when

They either showed how our side always came out on top

the

realized

blonde

beautiful

the

situation"

and

the

dumb

but

willing hero arrived in time to scramble the enemies or, if
they tried to picture the war as it was, the: false heroics left a
bad taste.
Only in such movies as "One of Our Aircraft Is Missing,"
Which

"In

We

"Wake Island"

Serve,"

and

the

documentary-film

"We Are the Marines," has realism in action shots been seen.
new movie can be added to

this list.

Now

a

It is Warner's epic story of

the
American fighting air forces called simply ' "Air Force."
Partly
documentary, the picture is a powerful film about the adventures
of Mary Ann—a Boeing B-17 bomber—which takes part in a routine
flight from the West Coast to Hawaii on the eve of Dec. 7.
The
country being at peace, the air armada sets off completely equipped
but ammunitionless.
Within radio distance of Hickam Field, the
crew of the
Mary Ann learn of the Jap attack and are warned to
keep away.
Unable to land at Hickam they: make an emergency
landing at a small field. Snipers force theni to take off. Making
Hickam they refuel, get ammunition and-set off for Wake Island.
At Wake they are ordered to Clark Field in Manila.:
In Manila
they, learn the field is to be evacuated and are ordered to head
for Australia.
But a flurry with Zeros damages the- ship, kills
the pilot, and only by using parts of other damaged ships does the
Mary Ann manage to take off just as the: Japs close in." The pho¬
tography of the action—swift and fast moving—is breathtakingly
realistic.
The attack made by our planes on a Jap invasion fleet,
the Zeros diving in to protect them, the sinking of surface craft,
the hurtling of aircraft are all depicted here with heart-stopping
realism.
It's like having a front row sea at a major air" and sea
battle, sharing the excitement and none of the dangers;
When
posed shots are not practical, newsreel clips have been worked in,
but with such skill they add to the authenticity of a first rate

■:!

tf*

The cast, which includes John Ridgely, Gig Young, John
Harry Carey, Arthur Kennedy, George* Tobias, Charles
Drake and others, does a standout job.
Direction by Howard Hawks
movie.

war

Garfield,

is flawless.

'•

:•,/

*

-

NEW-YORK-TOWN

AROUND
*'•

•

a

Hardly

55th

or

Street),
what

from

been

used

Rainbow

the

be

known

Wilma,

as

who

But

(East

the

"400," starts Wilma Cox this

sing with the best of them,
drink-spots in'the Big Town, such

swankier

Room.

either

jthat draws its patronage mostly

narrow room

the

announce

example, Armando's

For

can

Armando's

is one of the few placesdepend on talent to attract the
thirsty and hungry pleasure seekers. One of the reasons is, Armando

in New York

himself,
week

this

New York.

Monte

that

Carlo.

Wright Duryea, Glore, Forgan
New York.
Tracy R.-Engle, Engle, Abbot &

to

in

seen

attraction.

new

small,

a

George R. Cooley, George R.
Cooley & Co., Inc., Albany. N. Y.
Frank
Dunne, Dunne & Co.,

& Co.,

a

evening.

Thursday
has

week goes by that a night club does not

a

show

new

as

The other members of the Com¬
mittee

There have been many

as

tary.

,

an¬

Chairman, Irving
D. Fish, partner of Smith, Barney
& Co.; as Vice-Chairman, George
N. -Lindsay, President of Swiss
American Corporation; and Frank
L.~ Scheffey as Executive Secre¬
suing

nouncement.

*

District No.

The

of the National Association of Se¬

.*

MOVIES

THE

lost

is

counterfeiting of

any

pons.

in

These written identifi¬

stolen.

or

:

book

tf

UP-TOWM-AFTER'3

protect the holder from misuse of
his

\

have

to

short, kewpie-dollfaced little
effusively you feel like you

a

greetings

doesn't

who

man

makes with the

own the joint.
Last
that Peggy Wood was at the
Obviously I understated the situation. For instead of

so

column

informed

.

.

.

you

just Peggy Wood, there are the following on the program:
Youle,
a Russian guitar player with one of those deep Russian voices who
sits cross-legged on the piano; George Lloyd, who does wacky things ^
with
a
piece of string and a peanut-butter sandwich.
Sounds!
screwy but is really funny.
And Noble & King, a handsome pair

hereto¬
exchange Co., Inc., New York.
Lloya
S.
Gilmour,
Eastman,
in the country, the Philadelphia
Dillon & Co., New York.
fing, for since last April no "Inquirer" of Jan. 20, stated:
of youngsters who got their start in show business via the church.
;
Charles
F. Hazelwood,
E. H. Noble was the organist, Miss King was the soloist.
such signal has appeared, but
For the m.c.
"Mechanically,
the
work
of
Rollins & Sons, Inc., New York.
there is the zany Art Coster, known to New York newspapermen1
it does cast more than a doubt members will be greatly simpli¬
'!
Robert
S.
Morris, Robert S. as the double-talk press photographer.
Art, who is a "Mirror"
fied, as nearly all of the various
as to the continuation of the
Morris & Co., Hartford, Conn. staff photographer during the day and works in the Monte Carlo:
operations required by the night
recent strength.
Julius A. Rippel, Julius A. Rip- at
This doubt clearing plan now in use will be
night, is originally funny. Johnny Walker, star of the pre-talkie:
is
further strengthened by eliminated.
pel, Inc., Newark, N. J.
....
era who says he discovered Lew Lehr, claims Coster as his
protege.
David S. Rutty, Sage, Rutty &
"It is felt the plan will greatly
the action of the rails in
The whole thing adds up to a well rounded show in a room as"
speed delivery
of securities to Co., Inc., Rochester, N. Y.
backing away on the first in¬
-,
Incidentally, Miss Wood's piano accom¬
Meyer Willett, Bristol & Willett, intimate as any in the city,
members, as there will be no
dustrial deeline.
New York.
'
member-to-member deliveries as

market

in the immediate of¬

lines not

fore used by any stock

■

panist is Stewart Ross, who does the backstage music for Katherine

■

j

"

1

deliverable,

to

Stock

by
complete change in
Clearing Corp."
the market picture the rails
would have to go through not
To Revalidate 1942
only 29.22 but through the
November tops, 29.54.
Fail¬ Auto License Plates
For

a

ing to do either, and with the
industrials refusing to throw
more

any

it is

indications,

this column's belief that the
market will

go into a re¬
about 26 or so in

now

action of say

trict, of
1942

J<«

sj«

cess

may

or so,

be violated by a
or by a slow pro¬

of attrition.

If the latter

obtains then dullness over a

period
cards

of weeks is in
accompanied by

creasing

feelings

pessimism.

enables most
27,000,000 motorists

required by rationing regulations,
all

on

coupons

OPA

now

pointed

issued

out

to

Dec.

on

of

in¬

public

But just as wild

tb be avoided in the immedi¬
.,




books

"A", "B", and
in

the

seven

"C"

States

that will change plates and num¬
bers for the coming
year were

warned, however, not to write li¬
cense

than

numbers

they will

on

use

license numbers
for

issuing

with

>

the

new

more

Investment

when
and

it

he

Fish &

York

which

issued.

plates will

into

two,

Carlo

current

where

proper

Committee

,

,

tion of Securities Dealers,

Inc.

hold

forth.

In

the

was

you

must/

orchestras,

case

management, Dick Nesbitt,

he

feel

you

you

of

go

into the

Kendis'

and

about

the

curious

are

Johnny Walker—still

heartthrob

you

Sonny

former Westchester-real estate

a

the

decorations, and Gene Cavellero

as

handsome

movies—arranges

oversees

the

as

show:

the whole shebang.

will be Grover A.

Guest speakers

Hill, Assistant Secretary of Agri¬
culture, Herman Cone, President
Cotton Manufactur¬

American

of

and J. M. Lip¬
scomb, economist and field di¬
rector
of the
Mississippi Farm
Association,

ers

The Penthouse Club
30 CENTRAL PARK SOUTH

>

Adjoining The Flaza

_

Cotton Exch.

Sponsors

Conference-Forum
first

National Conference-

dinner under the auspices

Forum

of

—Walter

as

The

Bureau Federation.

tl^e New York Cotton Exchange
will be held in the main ballroom
Whyte
of. the
Biltmore Hotel in New
[The views expressed in this York tomorrow (Jan. 29) at 5:30
article do not necessarily at any P. M.- The subject of the Forum
time coincide with those of the will -.be -"Cotton
in
the War
They are presented
those of the author only.]
'

now

ginrrummy rendezvouz.

Callaway,

charge of the
Office of the Invest¬

vary

Thursday.

the

two

new

Dates

Monte Carlo has been entirely

new

front is

broker, manages the room.

and

Code

The

dancing; but if

No

On.

goes

Monte

1934,

from

The

exapple, the room known as the Beach is

back, closed off by folding partitions, is where the entertainment

when

position he has held con¬

The

Chronicle.

divided

1920,

tinuously in the organization now
known as the National Associa¬

According to
supplied OPA these

More next

For

over.

in

to take

Bankers

ment

done

until

office

retired

Co.

Association

organized

that

held

when

Bankers

was

Hepburn when she emotes.

Merle Pitt's,

Scheffey was the first Sec¬
retary of the New York Group of

States.

information

New

coupons

before the

are

of

States

Mr.

New

of

the

the entire Association.

the

optimism is unwarranted at
present so is deep pessimism
ate future.,

revalidate

to write their license numbers, as

ration

be accomplished
in either of two ways. A sud¬
den selloff, in which case the
point

York,
New Jersey and Connecticut and
has a present membership of about
one-third of the membership of

license plates

of the nation's

Holders

J$C

may

to

counsel to the Committee.

prises

31.i

industrials.

figures

Columbia

of Breed,
appointed

Morgan,

Abbott & Morgan, was

District No. 13 Committee com¬

Plans of 41 States and the Dis¬

the rails and 119 to 120 in the them,

This

or

M.

George

present, but all securities will

at
be

World"
a

of
in announcing the

Forum said that it constitutes the
first of

a

series of industry-wide
to

sored

York

by

the

New

•

„

;

:

.

1

:

):

Cotton

dustry-wide mechanism by which
representatives of the various seg¬
ments of the cotton

1

to

)

A

most

unique restaurant in

beautiful location, overlooking

Central Park

to

the north.

industry

may

Serving' best

food,

skilfully

prepared.
Entertainment after II P. M.

brought into personal contact,
discuss the various inter-re¬

be

•

a

spon¬

Exchange to provide a regular in¬

panel of cotton industry experts..

be

Conference-Forums

by- lated problems of the industry for
the benefit of all concerned.
•

be discussed

and will

Robert J. Murray, President
the Exchange,

■'

-J

'

i«

I

x.

1

t.

Telephone PLaza 3-6910
:•

U

Volume./!^

THE COMMERCIAL & FINANCIAL CHRONICLE
important

N. Y. Reserve Bank
* -i.

j

Net

Earnings Higher

earnings of the Federal Re¬
Bank of New

York, after all
additions and deductions, amount¬
ed to $4,568,000 in 1942, which
compares
with net earnings of
$3,302,000 for 1941, according to
the Bank's 28th annual statement,
issued on Jan. 8 by Allan Sproul,
President.

total earnings of
the Bank for 1942 are reported at
The

$14,078,000, contrasting with $11,415,000 in 1941, and the net ex¬
penses during the year were $8,880,000
against
$7,975,000
last
year, leaving current net earnings
in
1942 of $5,198,000, compared
with $3,440,000 in 1941.
Total ad¬
ditions to current net earnings in
1942

$974,000,

nearly; all
representing
profits

were

($967,000)
on

sales of U.

S. Government

se¬

curities, and compared with addi¬
tions in 1941 of $395,000, of which
$386,000 was profits on securities,
i

The total deductions from

rent

net:

in -1942

earnings

cur¬

in 1941.

.

1

.

From the net

earnings for 1942,

the Reserve Bank paid dividends
of $3,184,000, transferred $1,350,000 to surplus under Section 7 of

the Federal Reserve

Act, and paid

United

States Treasury $34,000 under Section 13-b of the Re¬
serve

Act.

A year ago the Bank

paid dividends of $3,098,000 and
transferred
$204,000 to surplus.
The Bank's surplus at the end of
3942 stood at $58,001,000 compared
with

$56,651,000

end

the

at

1941.

of
;

:

During 1942 the total assets of
the

New

Bank

York

Federal

Reserve

decreased

to $9,048,863,000
$9,148,572,000 on
Dec. 31, 1941.
Reserves declined
during the year to $6,930,038,000
from $8,212,096,000, while hold¬
ings of U. S. Government securi¬
ties amounted to $1,695,321,000 on
Dec.
31, 1942,
comparing with
$592,196,000 at the end of 1941.
Total deposits on Dec. 31, 1942,
were
$5,845,664,000, against $6,642,557,000 at the end of 1941.
The Bank's profit and loss ac¬
count for 1942, together with 1941
on

the

report.

New York

37 corpora¬

of

Dec. 31 from

For

the'

,

in 1940. The net

profit from oper¬
Discussing the war food problem, former President Herbert
$122,000,000 in 1941,
Hoover noted on Jan. 21 that "there is today an acute
shortage in
$58,000,000 in 1940, and
meats and fats in all the United Nations,
including ourselves, needs
the net profit after all charges
no demonstration.
And fats include the whole gamut of
totaled
lard, milk,
$48,000,000
in
1941, as
compared with $38,000,000 in 1940, butter, cheese and edible oil products." Mr. Hoover went on to say
that "the shortage of labor, of machinery and methods of
price con¬
equivalent to 9.1% and 11.5% of
trol are limiting the vitally es-1^
sales, respectively.
Total divi¬
sential expansion of this produc¬
dends paid out by these corpor¬
"Obviously
price
control
of
and
the flocks
and
herds short commodities
ations amounted to $29,000,000 in tion
is necessary.
Food cannot be allowed to go to
upon which production
1941 and $24,000,000 in the previ¬
depends.
ous year.
And prices
The combined assets of And," he warned, "unless we can the highest bidder.
the group totaled $437,000,000 at quickly realize and quickly re¬ and wages must be controlled to
verse
these limiting forces there check inflation.
But prices also
the end of 1941, compared with
$338,000,000 at the end of 1940, are dangers to the conduct of the dominate production. They can be
ations

Loss

and

Account

while

surplus in the

latter

of

thousands

1942

capital stock of these cor¬
porations declined to $161,000,000

est

Net

expenses

Current

«...

net

at the end of 1941 from

and

starving

$168,000,-

000 at the end of 1940.

Chilean

Government

20 severed

ing Argentina
the

21

as

on

nations,; leav¬

the only

In

republics still
maintaining relations with Ger¬
many, Italy and Japan.
Juan

Antonio

Jan.

had

earnings—..

$3,440

——

$967

$386

7

9

Total additions——

$974

$395

Profits

curr.

net earns.:

sales

on

of

Govt, securities

'

U. S.

/ Ailother—

Deducts, from curr. net earns.:

Retirement system

$1,122
482

Spec. res. on bank prem.
and

Losses

the

broadcast
nation

Axis

Rios,

Jan.

on

of

In

powers.

20

a

telling his

the

losses

Chile's

advances

(net)

action

welcomed

was

as

Total deductions

$1,604

——

earnings

<$4,568

Paid U. S. Treas, (sec.

Dividends

Transf.

13b)

$533

$3,302

$34

—

———-•<

paid

to

3,184

$3,098

(sec. 7)—

1,350

204

surp.

step

which

once

Surp. (sec, 7) beg. of yr.— $56,651 $56,447
as

above——

1,350

204

Surp. (sec. 7) end of yr.— $58,001 $56,651

Securities

and

Exchange

industry reports of the Survey of
American

Listed

These reports
years

Corporations.

the calendar
of 1940 and 1941 for com¬
cover

panies with fiscal

ending in
the same calendar year, and ex¬
tend earlier reports which gener¬
ally covered the period 1934-1940.
Report No. 8 includes 37 com¬
years

panies primarily

engaged in the
manufacture of general industrial

where

in

ourselves

as¬

and

war

would

this

Co.

and

the

world

after¬




more

proved

on

alter¬

in

by

retailer.

the

shift to

experi¬

ship

Saint

Paul

"Problems

in Wartime."

gives

temporary in¬
in meats, but ft is an illu¬
The

sows

far

so

not

-

are

a

numbers

slaughtered

not disastrous.. We will

starve,

allies .will

j. Our

not

starve.

economic
taxation

famine

people after this

war

is

of paying present taxes and also
saving ahead for next year's taxes.

"Mr. Roosevelt laughed and re¬

marked that probably: everybody
felt the

problems.

wartime
vital

Much of

labor.

ing has

mechanized.

been

the farmer is

■

|

cannot

with

But

a

mechanic.

be

For Hawaii
Partial

restoration

learned

organized

training women

tion by

is

all

that

government
Hawaii

was

in

the

civilian

Territory

tween

predicted

at

recent

first is to

labor

arms

"The

for

from

cease

the

the draft

farms

called

will

be

settled

Military government

instituted in Hawaii

Japanese attack

Ruml

thought

getting

on

on

soon

was

after the

Pearl Harbor.

a

so-

tax

in favor of

were

basis

saving out in 1942 the
hard

is

to

in 1943.

he

do,

said.

people think the only thing

is to

the

it."

the

pay-as-we-go

have to pay

we

"This
Some

all

we

instead of
taxes

on

pay-as-you-go

The President said he

program.

forgive all
taxes,

he

part of

a

or

asserted,

cur¬

that

so

tax bills at once.

"One questioner suggested that

Roosevelt

the

on

working

would

indicated

of

such

there

mean

estates at the death of

saying that the main
difficulty is finding a plan to put
the
program
in effect.
When
asked at his press conference for
comment on,the plan advanced by

be

no

income taxes to be deducted from

and that the loss

en¬

system

a

would

a

pay-as-

a

dorsement by

taxpayer,

through the for¬

giveness system would reflect it¬
self then.
to

enter

this

Mr. Roosevelt declined
a

detailed

discussion

point, saying it

was

a

of

prob¬

Beardsley Ruml, chairman of the lem of the future."

A Safe Haven For

Investment Funds
Individual

second

is

for

economize

labor

to

on

interested
op¬

current

When
•

explanatory literature to the associations mentioned below.
doing so please mention the "Chronicle."
American Savings & Loan

17 East First South
•

Danielson Federal
84 Main

Association

Street, Salt Lake City, Utah

Savings and Loan Association

Street, Danielson, Conn.—Write for free booklet

and information.
•

First

•

First

•

Mid

Federal

/

Savings

&

Loan Association of

Griswold & Lafayette, Detroit,
Federal

Kansas

Federal

Northwestern
823

•

Mich.

;

Wewoka, Okla.

Savings and

Loan Association

South William Street, Wichita, Kans.

215
•

Detroit

Savings and Loan Association of Wewoka

South Wewoka Avenue,

211

Federal

Savings

&

Loan

Association

Marquette Avenue, Minneapolis, Minn.

Oak Park Federal
104 North

and

Savings & Loan Association

Marion Street,

Oak Park, 111.

•

economize

and

Peoples Federal Savings and Loan Association of Detroit

•

St.

re¬

Buhl

tary direction, and in our case to
draw both the Army and farmers'
pay."

further said:

Building, Detroit, Mich.

Paul
2116

Federal

Savings and Loan Association

West Cermak

of Chicago

Road, Chicago, 111.

•

St. Paul Federal Savings and Loan Association

•

San Francisco Federal Savings and Loan Association

•

Standard Federal Savings and Loan Association

Fourth at Wabasha Street,

705 Market Street,

735 South Olive

vest, they remaining under mili¬

Mr. Hoover

fiduciaries

portunities offered by savings and loan associations should write for

industry to
labor

investors, trustees and other*

becoming acquainted with the Federally insured investment

lease the economies

question of Hawaii's form of

ques¬

saying he did not want to

rent

of

fate
upon

basis but qualified his

into

President

government

you-go

.

and munitions.

of rigidly

in

reporter

a

"The subject was brought up by

his approval on Jan. 8 to the plac¬

can

to the farmer.
Washington be¬
"The third is large and tempo¬
Roosevelt, Gov¬
ernor
import
of Mexican
farm
Ingram M. Stainback, of rary
Hawaii, and officials of the Army, labor.
"The fourth is to give consider¬
Navy, Justice and Interior De¬
ation to the method of European
partments.
That is to furlough farm
No date was set for the relin¬ armies.
quishment of a measure of mili¬ boys from the Army for the few
tary control but it is expected that months of peak planting and har¬

conferences

when

complicated

request for comment

a

Pay-As-Yon-Go Tax

President

quickly.

preparatory

..

"The
of

Expected
of

depend

Now
These

dies.-

Easing Of Military Rule

the

And

may

Modern

skills

personnel

phases of the

way
a

get things too involved.

Of

in
won.

ing up the farm labor shortage
wholly from women or children.

con¬

There will also be ten
on

same

interrupted

FDR Favors Some Kind

stricken

-

"It is useless to talk about mak¬

Tustee-

Special

additional

000

State

The dual

of

plan,

said, a taxpayer would
confronted with the difficulty

be

"But

panel discussions of
investment
problems,

and

pay-as-you-go tax

are

farming is hard physical
farming requires
by officers of the Army, Navy, great skills in nursing the crops
Marine Corps and Coast Guard, and livestock.
Moreover, farm¬
three

a

Roosevelt

:

ing of income taxes

sion.

ference features include addresses

shortly.

of the

the

agreed that probably the

people would not be paying two

pur¬

"Undue slaughter of cows, ewes

great struggle."

of

and

Dec.

some

finally

would extend over the
live$
of all present taxpayers.
"Unless a portion or all of cur¬
rent taxes were canceled
upon a

to

ceilings

developed

second reform

chance.

world

starve

these demoralizing forces
continuing. Andjf we keep
to be held by the American Bank¬ traveling in this direction we shall
ers Association in New York
City, see more hardships at home if
Feb. 9, 10 and 11, is announced we supply our allies and armies.
by Louis S. Headley, President of And with such a situation it is
the Association's Trust
Division, nonsense to talk about furnishing
who is Vice-President of the First meat and fat supplies to 300,000,-

the

combined totals

that

ward.

Completion of the program for
the Mid-Winter Trust Conference

machinery, all of which had se¬
curities registered under the Se¬
curities Exchange Act of 1934 at
31, 1941.
■
The SEC summarized from the

and

"The

a

But

poses.

of the Chilean people
with those of free peoples every¬

Machinery Mfg.

Commission made public on Jan.
16 the eighth of a new series of

and

war

saler

for

cattle

be of great
trust business by experts in the service for
lighter, simpler tasks.
various trust fields.
"There are other major reme¬

SEC Issues Report On
The

beef

more

we

war

pirations

addresses

Industrial

that

eggs.

a

confirms

more

the identity of the ideals and

and
Addition

of

end

immediate

government of Chile has taken

War"

1

method

lengthy discussion

loss

is

and profits pf" the food, processor
and the
markups of the whole¬

important contribution to the
"The demands ' upon us today
security of the continent."
Mr. call
imperatively to build up our
Hull, who was officially informed flocks and
herds and our produc¬
by the Chilean Ambassador, RoL
tion of vegetable oils.
We cart,
dolfo Michels, further said that
of course, slaughter our breeding
"in a large sense,
however, the herds for

the five sessions of the
conference will be "Winning the
*

Net

the

26%

more

theme of

——^

price

substitute

was a

whether the Treasury would; be

immediately, or whetherUits
loss would be spread over a
period
of years, and the Chief Executive

That method is to fix prices
near the .farm as
possible. And

"an

Trust

All other

"There

was a

Bank, Saint Paul, Minn.

industrial

on

native

to

reported in

was

out

#

reform needed

retail

ahd

following

vices:

on

We
have
in
1943
break, President more milk.
In conclusion, Mr. Hoover as¬
step toward about the same sheep proportionserted that "the first and impera¬
continental solidarity and in de¬ aately as in the last war.
We
fense of democracy.
have fewer chickens in propor¬ tive necessity is to get more pro¬
In a formal statement,
Secretary tion to our population, but the duction, The American farmer,"
he added, "will do it if he gets
of State Hull said on Jan. 2 that chickens work harder and
produce

Rios said that it

$480

for

reserves

The

1,000,000 of human popula¬
the
functions
of
price
control
tion than we had 23 years later,
should be vested in the Secretary
on
Jan. 1,
1942.
We had 26%
of Agriculture instead of several
more
hogs in proportion to the
other places as at present.
He
population.
We had proportion¬
alone can direct price so as to
ately 5% more milch cows than
secure production and
protect the
now.
But the modern cow gives
consumer."

the decree to dismiss the ambassa¬
of

food

each

approved by the Senate on
19 by a 30 to 10 vote, signed

dors

first

abandon

part, he also stated:

"At

whose motion to make the break
was

fats."

last

of

one

"The

meats

*

*

•

Treasury,
taxpayer
would

Associated Press Washington ad-

ence.

American

President

be

-:V.

■

loss to the

the

benefit.

New York,
declared that "agriculture simply as
must be envisaged as a munitions they can then be fixed to stimu¬
industry and that the farmer must late production of the things we
receive men and tools if he is to need. The consumer can bq more
perform his part which he will effectively and more simply pro¬
tected by regulating, the turnover
willingly do."
•

diplomatic rela¬

tions with the Axis

will

people

of

Waldorf-Astoria,' in

With Axis Nations
The

millions

these

dustrial Conference Board, at the

GStife Breaks Relations

Jan.

of

Mr. Hoover, whose address was
delivered before the National In¬

Conference In N. Y. C.

$5,198

Additions to

although

V

need

eventual

an

winning of the peace. the most powerful stimulant to
definitely increase the suf¬ production; - They can stifle pro¬
*
fering after the war, for the great¬ duction.

total

1941

$14,078 $11,415
8,880
7,975

dicated that he did not favor the
Ruml plan since it would- mean

It may

dollars)

Earnings

of

and the

war

year

stood at $121,000,000, against $95,000,000 at the end of 1940.
The

ABA Mid-Winter Trust

-

thought everybody was in favor
getting on a pay-as-yourgo
basis, but the real problem is get¬
ting the program started. He in¬

was

against

crease

the Calendar Years 1942 and 1941

(In

a year's taxes in order
put them on a current basis,
President "replied
that" he

1941, compared with $333,000,000

figures, follows:
Profit

Federal Reserve Bank'

skipping

to

were

$1,604,000, consisting of provisions
for the retirement system and the
special reserve on bank premises,
as against deductions of $533,000

the

in

tions amounted to $530,000,000 in

1942

serve

items

The net sales for the

381

•

Twin City Federal

St. Paul, Minn.

San Francisco, Calif.

^

Street, Los Angeles, Calif.
Savings and Loan Association

Eighth & Marquette, Minneapolis, Minn.
♦Guardians,

insurance

companies,

State,

firemen's, police and other pension funds, etc.

school

and

municipal

sinking' funds,

THE COMMERCIAL & FINANCIAL CHRONICLE

382

Flotations;

Calendar of New Security

2

Following is

list of issues whose registration state¬
days ago.
These issues

a

filed less than twenty

grouped according to the dates

are

tion statements will in normal

which the registra¬

on

become effective, that

course

case of the secur¬
public authorities which normally

days after filing except in the

is twenty

ities of certain foreign
become effective in

days.

seven

otherwise specified, are as of 4:30
P.M. Eastern War Time as per rule 930(b).
Offerings will rarely be made before the day follow¬
ing.

PROPERTIES, INC.
Committee for Holders of Class

first

B

5% gold bonds of Stovall Prop¬
filed a registration state¬
Securities

for

certificates

Commission

of

1,

bonds.

by
this

original

of

buildings,

office

of

of

been

have

the pro¬
considered

have
have

been

Address of committee,
711 Maritime Building, New Orleans, La.
Fla.

Business—Operation

for in¬

schemes

corporation

issue

its directors.
No final decisions
reached, and no commitments

by
business

of

Address—Place

issuer, Tampa,

of

of

number

the

vestment

ceeds

made,

except that, in a general way,

subject

the directhat
the
corporation
could
to itself and with substantial

been

and
'

tors

re-examination,

to

believe

rental of store properties owned by it.
with profit
Purpose—In
addition
to the
$956,500
I oenefit
to the economic organization of
Class B 5c,'o mortgage bonds there are out¬ I
Palestine, make investments for the pur¬
standing $8,125 Class A 6 7o first mortgage
poses Indicated in its organization
gold bonds.
Both classes of bonds were
Registration Statement No. 2-5061. Form
dated Sept.
1, 1931, with maturity date
and

Minn,.; ' ' 'Y
Business—Engaged in

common

Sons,

&

for

underwriter

the

ceeds

Inc.,
is
stock.'

benture

common

each

stock

common

the

with

on

added

discharge
a
bank
together
the

to

but

due

Fund

ing

Co.
First

Light

the

and

Y

deposit

erties

is

th»

on

be

E.

S.

Address—25

Second

Fla.

sup

6t. Light

'

•

of

subsidiary

Bond

(Electric

_

Miami

Ave.,
•

Basinets—This

generating,
selling electric
19

'

'

':'Y

.

A-l. (11-19-42)

I

1, 1941.

Sept.

interest at
after maturity.
According

of

classes

Both

the rate of 8
to

the

of

securities

%

to

order

in

desired

erty,

and, if need be, to

first

benefit

bondholders.

have been taken by anyone to pre¬
plan of readjustment or reorgani¬
zation. Securities are to be called for prior

New

the

;

8har#

of

the

of sub¬
It'has- entered into

that

found

purchasers for the mortgaged
property are unwilling to negotiate until
title has been obtained through, foreclosure.
The deposit agreement is dated Nov. 25,
1942.
The committee has not as yet fixed
prospective

ana

limit to the period within which the
accepted.
j pending upon maturity date
Proceeds—Net proceeds will be used to
Registration Statement No. 2-5083. Form
discharge a proposed demand bank loan,
D-l. (1-18-43).
to reimburse the corporation for machinery
acquired and balance for such additional
TUESDAY, FEB. 9
production facilities as are needed.
522 REALTY CORPORATION
Registration Statement No. 2-5058. Form
A-2 (10-28-42)
Voting trustees have filed a registration
any

statement with the Securities and Exchange

per

Address—Address
in

issuer

of

or-

utive office of the corporation, 70 Pine

Edward

City,

to

act

trust

acting

now

agreement

The

agreement expires Jan. 31, 1943.

SEC

30,000

covering

participating preferred stock, par

$100

Parkway, Chicago
of the largest
confection manu¬

Business—Company is
leading. candy and

as

amended.

as

.the

one

and

facturers

the

in

United

States

consideration

the

received

account.

to capital

shall

voting
sent,

such

trust

for

agreement

latter

date.

five

Thus,

certificates,

will receive stock

who

under¬

or

certificates in ex¬

extension, will continue to hold their VTC

$700,000;

subject

trucks $100,000;, raw commodities for pur¬
pose of stabilizing inventory $250,000;
to

they

the

to

amended

are

of

provisions

agreement;

in

the

existing

to

except,

Proceeds—Will

extent

supplemental

or

ex¬

be

used

additional

lands

farm

$750,000;

provide funds for payments under pension

tension agreement.

profit-sharing plans for its employees
$900,000; in reduction of indebtedness on
farm
properties $200,000, and for addi¬
tional working capital $75,700
Registration Statement No. 2-5059. Form

DATES

OF OFFERINQ

A-2.

below

present

list

a

cf

registration statements
days

twenty

offering
mined

or

dates

or

are

more

have

but

includes

whose

to

us.

per

stock,

par

value

tions between the United States and Pales¬

territories;

surrounding

to

assist in the development of the economic
of Palestine and to afford finan¬

resources

be

with

for

in

the

shares

will

exercise

upon

the

be

of
de-

11,500 shares
states

Company

due

due

of com¬
Of
the

to

conversion

future

ad¬

price,

not

now

anticipated, more than 35,715 shares
will be required for issuance upon exercise
conversion rights,
and it is intended

of

that

present

cial aid to commercial, banking, credit, in¬
dustrial and
agricultural enterprises, co¬

quired

operative

statement

shall

cover,

such

conversion

to

6,

and

Palestine.

otherwise,

Company

1942, in New York.
Underwriting—There

ers.

The

securities

in

was

are

will

and

relating

organized Feb.

be




no

underwrit¬

sold

through

additional

for

shares,

of

issuance

any,
upon

as

may

exercise

be

re¬

of

Business—Company is engaged primarily
in the, manufacture of quick-frozen vege¬
tables.
The major portion cf its frozen

therefrom.

common

shares

stock has

of

,,

•

,

a

(Mexican money)

United

stock.
value of one

common
par

will be made

the public by the company,
brokers and dealers for their own

direct
to

to

and
ac¬

through the latter as selling
agents of
the company.
Assuming that
the entire issue is sold the proceeds to the
company will be
$506,250, or $7.50 per
unit,
the difference representing selling
costs and underwriting discounts and com¬
missions. Statement says Ogden C. Chase,
Francis Piatt and Edward G. Frawley are
believed to be the principal 'underwriters
under the Securities Act of 1933, as de^
fined in the regulations of the Commission.
The three are officers, directors and pro¬
counts,

or

moters of

tion
to

proceeds

will

be

acquisition of properties and
of mill and other expenses

utilized

installa¬
incident

property.
Registration Statement No. 2-5082. Form
operation of the mine

S-3.

(1-8-43)

1

ROCK

Donald

;Y'

IRON

M.

has

comply

,v:

MINES LIMITED

Hogarth,

Russell

and,

Julian

/

G. -Gross

-D.

Bradshaw, voting
trus¬
tees/have filed a registration statement
with SEC for voting trust certificates for
562,500

com¬

shares- of

nominal

the

■
„

Mines

or

capital stock' without
value of Steep Rock Iron

par

Limited.

'

Address—3100

<■■■.'

-

Bank

Canadian

of

Com¬

Building, Toronto, Ontario, Canada.

merce

Address of corporation, 25 King St.,
Toronto.

.:

West,

" '

.*

.

"

Offering—See 'registration statement of
Steep Rock Iron Mines Limited No.-2-£?070.

Proceeds^—To deposit shares in

;trust. /.',.
'

voting

a

y';

r,.'/

,,v'.

'

Registration Statement No. 2-5071. Form

F-l.

(12-9-42)-

.

STEEP, ROCK

Y\

MINES LIMITED

IRON

Steepr-Rock

14, -1943;- -to 'defer,, filed

CO.

Of

Iron

Mines/Limited

has

-registration-statement with SEC
6(4%. sinking- fund
debentures, due Dec. 1, 1951. - -■
1
.
a

NEW';,;

V

.

'

'"

Address—25

'King

St.,

Ontario,' Canada;"f•' *
of

Co.

New

-

West,
'

Toronto,

>?■:J.. ■'

Hampshire

a

for,

supplied

be

amendment. Y

effective

.'

;

.

,

poraneously

bonds,
shares
to

with
the
issuance
of j the
will issue and Sell 3,284
common stock, no par value,

company
of

New

of

,

the

its

England Public Service Co.,

parent

price of $60,-per.
will issue land
sell $2,500,000 face amount-pf its unse¬
cured notes
at private, sale to financial
company,

shaTe flat

or

at

a

$197,040,

,

stock.
The rate to
underwrifer
for
each

capital
r

and

v'.

the

.

debentures

of

amount

stock will be

capital

be

paid

$1,000

by
face

shares

apd

;of

supplied by amendment.'The

stock

voting

is

be

to

deposited

trust- agreement.

QfferingYpriqe

•'

,

and 562,500 shares of the company's

ment

post-

by
;

Offering—Company proposes to sell the
bonds -at competitive, bidding pursuant tothe
rules of > the Commission.
.Contem¬

to

under

■'

,

a

1

the

public per unit
consisting of $1,000 face amount of deben¬
tures and-;:voting trust'certificates for'a
numher

of shares of capital stock to
named by amendment will also be filed

amendment..
JProceeds-—For

.

ing,

be

by

,

-

development

plant, -I. equipment,

d rill-

and

working oapital.,"
of
; Registration Statement No, 2-5070. Form
said bonds, notes and common stock will
A-l. (12-9-42) - '
.'
'
v,'.
' ..
be used to pay principal, premium and .30
In an .amendment .filed Jan., U, -1943,
days' "interest in.-the 'redemption of -all
company stated the, units to be offered the
of
the
company's first'.mortgage bonds
..public- would -consist of $1,000 face amount
aggregating $18,929,000' face amount,- to
of. debentures and. voting trust certificates
pay' off bank loans
totaling, $1,000,000,representing 200 shares, of the company's
to purchase from Twin State Gas & Elec¬
tric Co. the utility
properties and other capital stock. Offering price per unit will
be $2,250.>
Y ,
•
assets of its New Hampshire! division'.$4,rProceeds—The aggregate net proceeds

....

.

.

,

-

.

,

,

,

,

Voting
trust -certificates
representing
purchase certain assets from412,500 shares of capital stock will be ac¬
New
England Publie Service Co. $197,080
quired by. the underwriter and a .portion
andt other corporate purposes,
AU - com¬
of such voting trust .certificates
may ba
panies are subsidiaries of NEPSCO- and
-

281,897,

to

.

transactions

ard

the

second

step

in

the

simplification of NEPSCO. First
the recently consummated mer¬
ger of Cumberland County Power & Light
Co. with Central Maine Power.Co.
Third
step contemplates the acquisition by Cen¬
tral Vermont Public Service Co., also a
subsidiary of NEPSCO, of the remainder
proposed

the company.

Proceeds—Net
for

SEC

institutions..

per share.

Underwriter s-YThe offering

the

rights.
Address—Bridgeton, N. J.

20

to

it can do sot

covering-. $2,250,000

Underwriting—To

under

of

amount of $10 lawful money of the
and

Engineers

it 'intends

.

Offering—Offering price is $10 per unit,
States.. A unit
of a production note in the face

$1,-

debentures

shares
value.

concentrates

that

.

a

Mexico.

Republic

been ordered by/
of its entire

dispose

company.

,

lawful money of the United

reg¬

respect to

sale.

possible that

a

for

SEC

the remaining

offered

that it is

35,715

issuance

rights

and

justments

fund

and 47,215
without par

for

conversion

will
1

sinking

registered,

reserved

City

Business—The corporation was organized
the purpose of developing trade rela¬
its

stock

1

I dentures,

for

and

1954,

stock,

the

with

Sonora,

to

the

(12-28-42).

STEEP

bonds

' :

,

Service

filed

the

consists

centavo

5%

1,

mon

and

ores

The

Packing Corp. has filed

statement

the

of

would

' BusinessYMiriing.
Company owns prop-,
.■■registration' statement - witherty comprising approximately 7,000 acres
$22,000J)00 first and general
in the" Steep Rook Lake area, pear Atikomortgage bonds, .series, A ,3*4,ft-vtof he;.
karr,
Ontario,'; Canada, "containing, large
dated Jan. 1, 1943, maturing Jan. X, 1973.
•bodies of high-grade iron ore.
The prop¬
Address—1087
Elm
St.,- ; Manchester,
erty
includes, all
of Steep Rock
Lake,
N.
H.
"r''
undek which, the known ore bodies-lie.
Business—Company
is engaged
princi¬
;Underwriter—0tis & <Po.; Cleveland, O.,
pally in-the generation of -electric energy
is principal
underwriter.
In the under¬
and
its
transmission,
distribution and:
writing agreement Otis;# Co. .agreed io
sale-to about 78,300 domestic, commercial,purchase and-the company- has agreed to
industrial agricultural and: municipal cus¬ sell the
$2,250,000 ,face amount of deben¬
tomers in New Hampshire and-;Vermonttures covered
by the registration state¬
It also manufactures and distributes gas.

has

Mexico on
Oct, 23, 1942, for the purpose of engag¬
ing in the business of acquiring,, exploring,
developing and operating mining properties
in Mexico, and the milling and marketing
laws

States

Dec.

Address—1440 Broadway, New York

tine

material

Prieta,

Agua

of

Registration Statement No.-2-5077. Form

,

-

SERVICE

Public

'

A.1 has filed

Business—Company was organized
the

,

250,000

CORP.

Ampal-American Palestine Trading Corp.
filed
a
registration statement with
the SEC for 182,000 shares 4% preferred,
$5

of

DEERFIELD PACKING CORP,

has

non-voting
share

statements

facts"

PALESTINE

cumulative

that statement

believe

deter¬

Deerfield
AMP AL-AMERICAN

to

cause

"untrue

istration
TRADING

St.,

Puget

A-2.

HAMPSHIRE

.

statement with SEC for 1,350,000 shares of common stock and $675,000 production notes, the latter being law¬
ful money of the United States. "
*
Address—Pan-American Ave. and Fourth

on

reasonable

filed

been

ago,

not

unknown

lssaee

were

S.

(12-29-42)

PUBLIC

p.m.
■

at

tof

amount

approved,

with this order as soon as

effective date. :y

a.m.*

Y.'. /

if

Engineers has

in

advised
•

may' not be-accepted bycthe
old
bonds., At
May 31,

Amendment riled. Jan.

.

registration

of

suspension Jot registration
set for Dec. 15, 1942, as SEC states it has

UNDETERMINED
We
whose

(11-14-42)

Hearing

.

la Victoria

'Me tales'd.e

and

Registration Statement No. 2-5084. Form
F-l. (1-21-43)

1942.

$8,850,000

redemption

face

in

.,

A-2.

MET ALES DE LA VICTORIA S. A.

with respect to the sale or
of the securities registered

kind
underwriting
any

Pec. 8,

on

of

and

D,

plan,

Commission

interest

old.6ft. first morY
gage bonds and for general funds, y s
- ,.
Registration Statement Nd< 2-5079. Font).

A-l.

Registration Statement effective 11
(EWT) on Dec. 22, 1942, as ,Of 5:30

the

Proceeds—To redeem

/

-

•

■to' L.8 Y/

amount,

first

face

at 10l'/«%, or $36,the
old
bonds,

the percentage of voting" power of,
owned
by: Engineers from 77.4

Puget

to ■; May

of old

com¬

the

a

Puget/. "This

reduce

buty'the- .company-

$236,000

in

joined a*, a- -barty, for the
plan for recapitalization

-Puget
of

approval

bonds

.

working capita)

of

principally in
the acquisition of similar types of business

trust

stock

(EWT)

change for their voting trust certificates.
Those holding VTC who do consent to the

voting

A

A,

amount

face
eeriea

the

of

Redemption "of

of

$9,027,000,

or

which

of

the

were

in

C,

bonds,

sale

$13,995,000 at 102 fy; -or $14,274,900, or
grand total of $59,881,993. There is pend¬
ing before the SEC an application under
Section 11 (e> of the Public Utility Hold¬
ing Company Act of 1935, by Engineers
Public Service Co.—parent' company—to

under;- registration

offered

as

of

series

bonds,

redemption

1023,

1,..4943,1 shall

prior

funds

the

debentures,

new

used-for:

such .portion fd the

interest,

be

be

to

from

the

general

with

old

old

its discretion-to-de¬

in

operative

.

Registration Statement No. 2-4968. Forn
(3-18-42)
:

It is not pro¬

commissions

any

pay

class

public offering Nov. 25, 1942
Underwriting—There is no commitment

of

not con¬

do

to

fees with respect to the sale of
stock.
Approximate date of proposed

the

years

holders

financial position!
in genera)
avenues for longer
change

Proceeds will be used for

be

writing

of

all :of/the

-

a

...

.

proceeds

bonds and

new

580,093;

first
mortgage ' 54
bonds.
If .will,
however;
enter
into an agreement, with Mackubin>
Legg. & Co., ..Baltimore,; ,who. may be un¬
derwriters whereby the Underwriters who
have aided in preparing the exchange of¬
fer
and
plan will use. their, best, efforts
in obtaining agreements of, exchange,, in¬
cluding the obtaining- of services -of other
dealers, y for ..which .they; will be-, comperr-,
sated.
■
•■'.•"/Y •> ;':e
■•
,.:--

reduce th«

reserves

both

competitive

(which shall be

rate

series

.into any agreement providing .a
mitment
for
the "purchase - of

is

unit

at

Va'/o) and the price to be paid

amount of $36,039,500

l; 1953.

.

per

company

first

$250,000

than T0QY• of face

there

1942,

unit. With at least the first 90C
units,
there will be included with eact
unit 4 shares of common stock;, thereafter
$110

the

outstanding..
: I '.
• ,
i
•:. ;
Underw riting—Company has ..not entered

the sole underwriter.
Thr
underwriting commission is $8 per unit
Offering—The class A stock is to b»
sold in units of 4 shares,
at a price oi
111.,

lets

not

statement

capital markets open
term borrowing from customary sources
Underwriter—H. M. Preston & Co., Chi¬
cago,

right

plan

bonds" to

Chicago, 111
function of companj
enterprises whose debt

a

f^gistrgtioh'

a

due ,May

.agreements;,-

the

the

plus accrued

included if

posed

of

or

substantially

filed

holders

the right to

credited

It is pro¬

at

enterprises until the
borrower

the

pany,-are

1,
1943, upon receipt of agreements which if
may deem
acceptable '.tot.if: Company^ re¬
serves) he right to offer, for; sale, for - cash

or

the

-

clare

capital structures are being ad¬
reorganized by its wholly-owned
subsidiary, H. M. Preston & Co. A second
ary function is to loan money, with fundi
not used in its primary function, to pro¬
vide
"interim" or intermediate financing
to

v

prior; to'May'I;..1943,

if,

company

reserves

and/or

justed

and

when

the

have

$1 par

each

of

present

to offer the holders of voting trust
outstanding
under
present
agreement the right to consent to the ex¬
the

loan money to

to

to sell

proposes

debentures

Proceeds—Net

of

*

Inc.,

of

Address—33 N. La Salle St.,

Business—Primary
is

the SEC for

with

holders; of

and 25,232

par;

$25

number of common shares .to be

Offering—Registrant proposes to offer
participating preferred shares regis¬

certificates

tension

A stock,

the

posed

from

class

tered, at $100 per share. The entire amount

voting trustees under the voting

as

CO.

Address—622 Diversey

Walter

all of N. Y.

voting trustees
under a voting trust agreement dated June
28, 1933, for the capital stock of 522 Realty
Corporation.
All of them have consented
are

to defer

shares

has filed. a>

Inc.,

I

''

..

of

ative

Finance Corp. filed a reglstra
statement with the SEC for 39,915

shares common stock.

miles."

Offering—The offering price to the pub¬
will
be
supplied
by " post-effective

.

nent

of

with

statement

St.,

value

Crawford,

J.

1943,

20,

Candy Co, has filed registration

shares of

George Weiss,

filed Jan.

CANDY

Curtiss

Business—Apartment building.
—

specified

date

CURTISS

Boom 3905, N. Y. City.

Purpose

of

1942

18,

trustees

McMeekan, 18 East 48th
Principal business or exec¬

McMeekan and

Nov.

Amendment

effective

of Walter

care

St., N. Y. City.

filed

material

withdrawal

for

Request

for

5,837 shares of capital stock, par $1
share, of the 522 Realty Corporation.

to

•ion

4*500. square

amendment.

winter resort,..
is offering to
the holders of its 6*% first mortgage gold
bonds, due May. 1, 1943, . the opportunity
to' exchange
their 'bonds,- .plus", accrued
interest, for first-mortgage 5.Y bonds -now
registered,. - Exchange basis 'is for a like
principal amount. of- the bonds -ta be: of¬
fered, -with '"adjustmentYila.'.vash for-ac*.
crued-intrerest.vThe plan--will ■ become opern•

Interim

Offering—The securities will be offered
at prices ranging from 99 Vs to 102 Vi de-

"

Offering—Pinehurst,

Act.
Names of underwriters and
public, will be supplied by posteffective amendment to registration state*

1933

'

■

Business—Operation

pany

price

of

com-'

lic

■

mortgage 6% bonds, due May
Address—Pinehurst. N. C.

materials

wrapping

bonds will be

Commission for voting trust certificates

Pinehurst:,

Holding Com¬

Utility

parts

or

and -central-

the .company.

to

together

ana

Public

'

(12-29-42)

statement

EEC's

company

and

multiple of

recapitalization.'
Registration Statement No. 2-5080. Form

PIXEHURST, INC.

urrermg—The securi¬
ties registered are to be sold by corapan)
under
the
competitive bidding Rule U-50
the

The

bonds

specify, the coupon

Proceeds—Plan of

A-2.

Florida

jf

all

western

bidding.

the purchase

StOCk.

ferred
'■

of

variety

The mem¬

have

committee

the

is the design,

Is an operating public utility en¬
principally In generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas)
ierving most of the territory along ths
east coast
of Florida (with exception of
the Jacksonville area), and other portion!
System)

Underwriting

the

approximately

ment.

a

registration

gaged

af

western

Underwriting—Namesof
underwriters
be supplied by post-effective amend¬

exchange of the securities registered for
the
corporation's outstanding first pre¬

in
a
Proceeds
will - be
ae
follows
applied
forms of
envelopes,
folders, 153,170,000 to redeem at 102(4, the $62,wrappers,
folding boxes and containers. 000,000 of company's First Mortgage 6» ol
Primarily because of the nature of the
1954; $15,693,370 to redeem at $110 per
plant and products of the corporation, it
thare.
the
142.667 shares of company'!
is anticipated that the war or conditions
17 preferred stock, no par.
Further, de¬
arising therefrom will not alter substan¬ tails
to
bo
supplied
by
post-effeothry
tially the general character of the business
tmendment
or products of the corporation
Registration Statement No. 2-4845. Ton*
Underwriting—No firm commitment has
A2
(9-17-41V
:
*•
V
.'
been made to take any of the securities
Amendment filed Jan. 21, 1943, to defer
registered, but P. W. Brooks & Co., Inc.,
effective date
New
York
City, is the principal under¬
writer, as defined in the Securities Act of- INTERIM FINANCE CORP. 'Y* .. Y"
'J

feasible plan of reorganiza¬
tion. The committee is of the opinion that
the only feasible mode of procedure is to
foreclose the mortgage, obtain title to the
property either in the committee or in a
corporate or personal nominee of the com¬
mittee to operate the property for the ben¬
efit of the depositing bond holders and to
bers

busi¬

development, manufacture and sale of paper
packaging

bility of any

purchaser for the same.

Y.
the corporation

done bv

ness

the proposal of a plan because from all
information available, there is little possi¬

to

a

N.

York,

Glendale,

Ave.,

Cooper

Business—General character of the

a

seek

serially

maturing

A,

5V2%
bonds,
from 1943 to

convertible

Address—7800

steps
pare

filed a registra¬
the SEC for $360,000

11957.

is known to the committee, no

So far as

to defer

CORP.

mortgage

series

1943,

Andrews Corp. has

statement with

tion

bid in the prop¬

erty at the foreclosure sale for the

ANDREWS

L.

P. L.

mortgaged and/or pledged prop¬

the

the

P.

fore¬

12,

Jan.

date.

effective

the deposit

statement

registration
is

bear

bonds

close

of

Amendment filed

and

will

■

,

in

energy

counties''in

prising

has- not

corporation

central

portions of, the Stale of Washington,

following ' the effective date of
statement
to effectuate

60 •* days

.

Amerloat

&

'

•

" "
Seattle,

Building,

,the State of Washington.
It
pxihcipally in the "business 'of
transmitting, distributing and

of

engaged

than,

ahy- agreement• providing,

The interest

1951.

by amendment.

the

located, in

portions

exchange ' agree¬

less

1,

Stuart

Business—Applicant's
properties
con¬
sist-,: generally, speaking,. of electric, gas;,
steami heat
and
telephone utility prop-"

may

1943.
The plan
automatically, when
amount- of first

covering

Dec.

supplied

The invitation for bids will pro¬
vide
that
each
bid
covering the bonds'
ordinated debentures:'
shall specify the coupon rate, .(.which shall
an' agreement
with Kalman & Co.," Inc.,
be a multiple • of hVfc)
and the price to
Wells-Dickey Co.- and Harold E. Wood &■
be paid
to' the company lor the bonds;
Co. to- act'as-dealer-managers.
They are
and each bid covering the debentures shall
to
use
their best efforts for a1 period of

dlvldenc

will

stock,

preferred

into'

;

LIGHT CO.

Wash.

the." ^corporation,

their

due

be

Address—860

face

firm commitment1 for

plied by amendment

Power

of

SOUND POWER &

rates will

May. 15,

effective

80%

Underwriting—The

entered

Preferret

the

defer

a

debentures

for

agreements- prior
such later date as

by

agreements
such 80 Y>
; '

Mcrtgagi

rates

Interest

Debentures,

to

1943k

8,

Sound Power & Light Co. has
registration "statement with
the
SEC for $52,000,000 first mortgage bonds
series
due
Dec:
1,
1972,
and $8,000,000

Shared

outstanding

or..

change

register®*

Cumulative

shares

and

on

CO.

1,

Par.

$100

Bonds

1943,

beyond
of

preferred

1971; $10,000,000 Sink
Debentures, due Oct. 1.
1956

Stock,
rate

&

$45,000,000

Oct.

140.000

and

LIGHT

A

Jan.

Puget

filed

ments, or by declaration by the corpora¬
tion, ' at its option, 'upon receipt, of . ex¬

Power

SEC

15,

become

holders

POWER

Florida
with

oonds,

not

shall

effective date.

FLORIDA

$100

of

amount

determined

be

may

defer

to

PUGET

stock

exchange

their

March

to

com¬

(12-29-42)

12,. 1943,

face

its 3,825

of

preferred

deposit

general

filed Jan,

the

in

share

first

zation,. the holders of first preferred

fundsRegistration Statement No, 2-5078. Form

A-2.

filed

date.

■

of

together .■ with. all
rights to dividends accruing thereon after
Dec. 1, 1942. - Under the plan of recapitali¬

and premium there¬

be

to

are

to

due

$600,000,

of

interest

accrued

Balance

on.

used

be

to

$480,000

amount

the

in

are

of.

balance

loan

St.

-

of

the debentures and

the sale of

from

in

1

•

(12-24-42)

effective

publication. of
St. Paul and
Duluth, Minn.
'
\
- ' •'
' . _'
Offering—Under the plan of. recapitali¬
zation the corporation' offers -'a'
de¬
the

cities

the

in

newspapers

Proceeds—About $487,000 of the net pro¬

1942

Proceeds—A

deposit for

offer¬

Date of proposed public

ing is Dec.

$956,500 of such first mortgage real estate

Rollins

H.

E.

-

,

St.,

Fourth

East

A-2.

Amendment

■•'

.

merger.

Registration Statement No. 2-5076. Form

due'

debentures,

,

by

located

State

Twin

Paul,

others

with

Amendment

$1,001,000.

Exchange

and

the

with

ment

and employees

the directors

of

public

underwriter for the deben¬
to be named by amend¬

principal

tures

ment,

subordinated

1, 1957.
Address—55-63

Underwriting—E. H. Rollins & Sons, Inc.,
is

5J2 %

Dec.

by amendment.

stock will be furnished

issuer

Offering—The offering price to the pub¬
lic will be $5.50 per share, for a total of

Inc., has

erties,

the

of

STOVALL

mortgage

efforts

the

C

of

shares

debentures, and

the

of

the

to

price

Offering—Offering

pany's

SATURDAY, FEB.

500

frozen

loose

or

commodities.

named

These dates, unless

vegetables

frozen

of

ages

of

assets

Vermont

Northwest'Publications,'Ind\-, has filed a
registration statement with SEC for 8382,-

for customers who require large pack¬

ing

the

of

PUBLICATIONS, INC.

NORTHWEST

is quick-frozen by the Birdseye
process, but
the company has developed
and uses other processes for quick-freez¬
prqducts

ments were

Thursday, January 28, 1943

step

was

distributed

to

members

of

the

selling

All or any part of such voting
certificates may be sold by the own¬
thereof at the then over-the-counter

group.
trust
ers

market- price.
trust

On

certificates

the-counter

Dec.

were

market

in

22,

sold
New

1942,
on

voting

the

York

price of $1.30 (United States dollars).

overat

s

*

a

s

Volume

157

electric to. oe

cmon

"Union

Electric

registration

of

Co.

statement

shares

2;ti95,000

Addres#—315

>

Number 4146

THE COMMERCIAL

aussockj
Missouri

SEC

stock,

common

N. Twelfth

"There is comfort for all of

filed

the

with

no

Business—This

American

Co.

in

transmission,
trie

distribution

which

energy,

chases

from

city of

Blvd., St." Lotila,

and

sale of

subsidiaries,

in

Louis, Mo., and portion
Missouri counties and of 3

they

adjacent to the company'!
Osage hydroelectric plant
•
f
Underwriting—Dillon, Read
York, is named the principal

the

of

other

&

Co.,

by amendment
Offering—The 2,695,000

pany's

Co.,

ceeds

who

will

the

from

the

receive

sale

the

to

entire

Registration Statement No. 2-4940.
Union

9,

Electric

1942

filed

tration

in

2,695,000
of

all

Form

the

are

shares

such

of

of

The

able

were

of

Feb,

- any

to

UNION

1943,

8,

$3,906,000,000 in¬
goal of $9,000,

from
'

came

non-banking
;

.

,

.

all

sources,

the

on

different issues:

defer

28.000

gUtered

shares

and

Power

$100

Co.

par

Funds from

sources:

rt

eommo#

&

Main

Cincinnati

St.,

Ohio

•

Business

Operating

—

%

Cnderwi Iter

Columbia

—

Oas

Eleetrlr

Si

:

Offering—Stockholders
subscribe

to

share

mon

each

for

each

for

in

to

unit.

of

5/94ths of

:

of¬

com¬

one

Tax notes

share

a

share

a

On

held

share

receive

of

a

of

share

basis,

stock¬

to

new

held

8

at

$5.3J

Savings bonds1

$2,835,000

first

construction

costs

Registration
A-3

bonds

mortgage

effective

ami

foi

/
Fori#

2-437$.

No.

'

__$12,906,000,000

Preliminary results of the De¬
cember Victory drive appeared in
these

columns

of

Dec.

31,

GAS

Jan.

9,

1943, ,to

United

Gas

due

1958

Tax Returns Urged

'

Address—2

Rector Street, New

York City

Business—Production and sale of natural

of Electric Bond and Share Sys¬

part

gas;

'

tem

tax

Underwriters—None

Offering

Terms—Bonds
amendment,

Proceeds—To
Public

Oas

1953;
000

to

to

redeem

6%

pay

to
will

Debentures

due

and

Share;

to

repay

$2,000,000 open account debt to E. B. Ai S.;
and to purchase from United Gas Pipe Line
$6,000,000

Co..
bonds

its

of

1961.

due

1st

Balance

Coll.

&

will

be

4%

used

In

part to reimburse treasury for capital ex¬
penditures and possibly to pay accumulated
of $9,502,490
on
companys
$7
preferred stock

dividends

Registration

A-2

SEC

No.

2-4760, Form

Corp.

1942,

to

panies
the

amendment

further

agreements

with

extend

the

company's
trust

com¬

proposed

private

•old

end

first

3V4%

mortgage and

bonds, due

1959.

that

its

bonds

shall

privately, by renewal of
agreements or otherwise,

said

or

Amendment
effective

filed

Dec.

31,

date

1942,

\

i

the

.

valu¬

consume

man-hours

of

taxpayers,

of whom will be workers in

production.

The

.7

Treasury's

announcement

help given last
Harbor,
turns

began

A
■#

and

■:

the

by taxpayers
attack on Pearl

to

file

their

re¬

their

pay

taxes, they
to the cashiers'

streaming
as

recalled

year

Eager

windows
were

/' '
.

officials

infuriated by the

soon

as

the

returns

receivable early in January.

total

of

26,369,044

made returns

on

1941

individuals
income and

spreading of work through
early filing eased what would

Victory Loan Drive

otherwise
strain

Secretary of the Treasury, Mor¬
genthau announced on Ian. 2 that
the Treasury's Victory Fund Drive
December

totaled

rowing

there

would

no

more

tention
sued

original

$9,000,000,000
43.3%.
to

but

December
was

this

later

borrowing the Treas¬
received about $2,700*000,000

since

1920.

He

later.

Mr.

that

experience,

V,

a

in

1922

'

the joint statement is¬
Jan.
15
by Chairman

to

on

•

has

served

In 1936 he

,

•

They
.

:

-

"The

-

from
;

fect

committees

that
over

that

a

reports
the

having to

r

are

coming

country to the ef¬

change

genthau said:

1942 return due

will

in




.

be

made

the tax law which would pre¬
clude the necessitv of filing the
on

March

1942

Francisco

in

was

in

he

1937

Crane Co. Looks Good
The

of

the

The

by the

business

it

was

the

at

1941,

and

the

at

nual

re¬

this

in

present

per¬

meeting of the
voted for the

by

stockholder

a

Blackman

similar vote

a

who

—

last week

National

Bank

a

the

ade¬

the

1

Wall

Street

Preference To Russia
Secretary of the Interior

operating profit in

that

increase

an

of

velt

$4,-

in

$711,-

on

Jan.

from

11

that

President

communication

a

Russia

be

given

Ickes

In

had

Roose¬

shipments of war supplies.

Mr.

in

securities

transferred

were

to

unscheduled

an

Russian

income.

The report, signed by
Harry E.
Ward, Chairman, and William N.
Enstrom, President, stated that

Construction

accordance

with

your

address

relief

war

Maxim

man¬

at

may become necessary,
adding to the company's al¬
ready strong financial position,
$500,000 of the year's operating

In

addition,

during the
previously

recoveries

from

year

luncheon

Asks

Banks

deposits

of

report

the
.the
on

received

the

amounts

off

Idle

rise

on

in

1941,

Glass

to

Dec. 31, 1942, the

deposits of banks,

Bank

reflected

due

.

and
in

from

ties

gen¬

Senator

tion

31,

Commercial

Vehlcie3

Must

15, 1943. and other issues with early

ma¬

Carter

reelected

Glass
on

(Dem„

Jan.

14

as

Glass

Henry A. Wallace,

was

National
'.. .364

Silver Transition to War Use In 1942.365

Plan

Tax

Endorsed

Retail

by

366

.

Public

.367

Major

Absorb

to

War

Cotton
for

367

Loans

Discounts

Premiums,

367

1943

Senate Group
U.

Urges Small Business
.368

S.

Newsprint Use Down.......... ,368

December

War

Bond

Sales

Near

Record

368

Chrcago Mercantile Names Governors.368
Heads

Savings
Bank
System
1942 Bank Reports-

Retirement
—

Grace National

Bank, N. Y„

Colonial

Co.,

Trust

N.

363

.

368

Y............369

Continental Bank & Tr. Co.,
Corn Exch. Bank Trust
J. P.

.

....

N. Y.. ,369

Co., N. Y.. .370

Morgan & Co. Inc., N. Y......372

First National Bank of New York. .373
Central

Hanover

N.

Bank

Trust

&

.................373

Y...

Chemical Bank & Trust Co.,

N. Y..374

Bankers Trust Co., N. Y............374

Savings Banks Trust Co., N. Y
374
Says
Return
to
Peace
Economy
"Uphill Climb"
.369
To Discuss Lend-Lease Operations,. .369
Mandeville Heads Chicago Exchange. .369
..

Named Aide to N. Y. State Bank Head.370

Phillipsin India
Source

Mission.,...... .370

on

Collection

Necessary
Says
Treasury

of

Income
.

Can

Tax
.

.

.

.371

.

War

Redeem

Bonds

..371

Jeffers Controls Rubber Distribution.371

Y.

Bankers

.Financing
1942

War

Praised

for

War

372

.,................

Expenditures

$52

Over

Lamborn

{.372
Sugar Calendar Issued..... 372

MacDonald Again Heads N. Y. Home
Loan Bank
V,

Says

Raising

Bank

Dividend

372

Rates

Inadvisable

373

Commodity Exchange Governors Re¬
elected

373

.

nominated

seconded by Senator Mcof Oregon,
the
Minority
Leader, after the Senate had re¬

banks

bills

Be

.364

Now

Hall

NYSE Short Interest Declines........371

was

Nary

increased hold¬

discount

363

by Hemingway Endorses Victory Book
Campaign
,.373
Senator Barkley of Kentucky, the
Supreme Court Upholds Labor Dept.
Majority Leader.
The nomina¬

jected by a 43 to 29 vote Mr. Mc-

Nary's

larger part of the in¬
holdings of such securi¬
of

was

Vice- President

The

consisted

Dec.

President pro tempore of the Sen¬
ate to
serve
in the absence of

ings of U. S. Government securi¬
creased

on

Again President

Senator

Va.)

Federal

other

362

Ctfs

Billion

.

Reserve

The total

$9,342,204.

Pro Tem Of Senate

in the

and

Retire Silver

WI^B Announces Staff Changes..... .372

from

company's de¬
posits since the end of 1941 was

ties.

50%.
was

the

due in large measure to economic

hand

African

Sales,.

Shrine

N.

erally.

Oil

Reported

Am¬

goal of $6,000,000 set early in
had been exceeded by more

than

were

company

31,

to

Independence

1942

says:

"The

Soviet

appreciation for the
work
of the agency.
Reporting
for the organization, its President,
Edward C. Carter, indicated that

reserves.

increase
Dec.

Fuel

on

Craig Again Heads Coffee Exchange..363
Paralysis Fund Drive Opened—. .V, .363

in-

his

pressed

added to reserves."

Regarding

North

.-.370

Rules

Co.,

Litvinov,

1942

charged

372
375

Meeting

a

bassador, who was guest of honor
at the luncheon sponsored by the
Russian
War
Relief,
Inc.,
ex¬

thus

transferred to

Churchill

OP A

communication.

justments

was

Eastern

In

Miscellaneous

Washington. He did not amplify
his description of the President's

agement's' policy of building up
reserves against a time when ad¬

profit

Contracts

States During 1942
Copper Supply Held Inadequate

.

"in

366

.

directing
preference

profits in 1942 amounted to $332,and

1942

Aid

he

009.39

Net

......375

Unauthorized

Ickes, who is also Petroleum Ad¬
ministrator, made this disclosure

1941;

Market

Reports Earnings,,
Employment for November.. ,.368, 376
Moody's Daily Commodity Index
376

Urges

On War Materials
received

over

362

Metals

financing

$3,712,952, compared with $3,501,063 in 1941.
The company's
212.951.71,

Trade

of

Federal Reserve Notes Issuance Held

to

888.88"

CONTENTS

Federation

was

re¬

Group to Study Manpower Plans—368

revealed

1942

from

upon

Conference Board

Ruml

board of directors."

amounted

for -1942

Co.

Weekly Electric Output
376
Weekly Lumber Movement,......... .364
Weekly Steel Review.
364
Industrial Activity in December.... .366
N. Y. Factory Payrolls 34% Higher

holder of

of the annual depreciation
for

State

an¬

Building, and advocated a higher
The matter, Harry E. Ward,
Chairman of the bank said, would
be
given
consideration
by
the

$3,712,952 In 1342

company

&

GENERAL

rate.

Irving Trust Net

had

be

may

(Continued from first page)

Roosevelt,

questioned

shares,

accrual

at the New Orleans convention in
in 1942.

possi¬

O'Brien

J.

Non-Ferrous

of

stated:

Charles Wolf,

quacy

circular

John

foreign

a

Chase

"Dr.

president

Crane

was

meeting.

300

in

attractive

General Review

Co.

Newcomb

obtained

conven¬

situation

offers

bilities according to an interesting
circular issued by John J. O'Brien

yielded

their

annual

Trust

.

ceiling on
was
proposed

Execu¬

current

Company

cur¬

resolution against a
salaries. The resolution

was

of

shipping, nevertheless quest.

in
solving
problems."

Irving

—J.

Schwartz

the Pensions Com¬

on

foreign

further

and

areas

new

21

son

appointed associate

member

a

*

company's

"Stockholders

"The increase, id the company's
deposits and the decrease in cash

"

.

commenting on the "historymaking
total,": Secretary Mor¬
In

Jan.

Advisory Committee.

was

*

*

loans

In the "Wall Street Journal"

the

on

rise in the

said:

$15,600,-

in

Committee, Pub¬
Education Committee, and the adoption of

were

about

trade

its President in 1935.

Educational

additional

good volume of transactions

tomers

year

National Debate

vised

to

and

a

Senator

Wyoming,

Banking satisfactory results and no
oppor¬
the
tunity was neglected to aid cus¬

Simms has served the

one-way

^

the

handled.

In the national activities of the

in taxes and other collections dur¬

month

a

Dakota, on the Civil Ser¬
Committee,
and
Senator
of Mississippi,
succeeding.

total.

their

Michi¬

mittee.

the

make

commercial

chapter in various capacities and

lic

in

of

Committee;
of
California,

of South

Bilbo

loans

of

Brown

Claims

Downey
•
succeeding former Senator Bulowi

received

Certificate

he

material

a

striction of tonnage available for

the

the

& Co., 231 South La Salle Street,
Chicago, 111., members of the Chi¬
by the continued spread of cago Stock Exchange. Copies of

to

war

has

of

of

Certificate

Graduate

on

-

Institute

Standard
the

do
with tax legislation have been ad¬

000,000.

Simms

Chapter

American

ing December bringing total funds

"

Acting

Mr.

.tho* consider tax measures."

It was also disclosed that in ad¬

the

Manager.

was

industries.

war

tailed

1928,
Assis¬

Ceorge of the
Senate
Finance
Committee, the legislative groups

raised

dition to the

for

accoun¬

in

basis

year-end the
also had large commit¬

to

business

Means

,

$11,000,000,000.

ury

appointed

institution

became

this

distribution

At

"While

Dough ton of the House Ways and developments incident to the war,
Committee and Chairman which resulted in a substantial

goal of
exceeded by

was

by

ma¬

'
Mr, Morganthau also called at¬

•

to

been identified with the activities
of
Salt
Lake

have

booths."

special campaigns for funds until
The

that

$791,675,007
flow of taxpayers to and from the $925,045,614

,eaNy April.

'

terrific

a

tax-collecting

booths for cashiers and

of the bor¬

be

been 3

arranged wher¬
possibler.'for ground-floor

ever

$12,906,000,-

success

the

on

collectors

and revealed that in view of

outstanding

have

chinery. "1
"Profiting

i"

the

of

later

deferred

the

000

tant

and

:

"Revenue

defer

ments

.

was

years.

on

Louisiana, succeeding

Senator

gan, on
Senator

decreased, while those
producing war goods

company

convenience

required to make returns, lastminute jams would swamp col¬

This

—MMHMW

in

Reserve

San

He

15"

assign¬
Senator

are:

industries serving civil¬

to

needs

increased.

Francisco, to Assis¬
Manager.
Mr, Simms has

1919.

Ellender of

former

to industries

City

was

col¬

offered

to

income

of

als

afore¬

the

ian

According to the annual report
have been made by of the
Irving Trust Co. of New
the Bureau of Internal Revenue,
York, presented to the stockhold¬
the Secretary said that, with more
ers
on
Jan. 20, the net profit, of
than 8,000,000 additional individu¬
the

elthe^

be

filing

by

added:

the public as circumstances shall dictate
order to obtain the pest possible price."

to

In

Federal

to

decline

net

a

of taxpayers

sale

ments expired on Feb. 16, 1942.
The cor¬
poration intends to continue negotiations
the

1942

on

preparations for

war

amendment states: "These purchase agree¬

to

early

16
to
35,000,000
Secretary of the
Treasury
Morgenthau.'
It
was
pointed out by the Treasury De¬
partment that although elaborate

many

pur¬

insurance

14

insurance companies of $75,000,000

lateral

the

Lake

years,
years,

and
The

minority

these

chairmen

new

former

the

in

Those

ad¬

Assistant

Salt

10

The

two

years,

the

approved

five

to

maturity

and

vice

and

Jan.

on

able

stating that it had

with

the

covering

to such

filed

21,

unable

;

for

lectors' offices and

Gas

Feb.

on

been
chase

of

Statement

<5-15-411

United

-

returns

Americans

United

demand note of $25,925,-

Bond

Electric

sold

names

at 99.34%

$28,850,000

6%

Service

be

will

whose

investors,

supplied by

appeal

made

*

Institutional

An

within

ered

i; "In 1942, there

tion of that year.
He was elected
national Vice-President of the In¬
stitute at its convention in San

Early Filing Of 9942

Corp. registered $75,000,000
mortgage and collateral trust 3V*%

bonds

1

of

the

within

two

of

ments.

Dec.

first call date

a

within five to 10

shift

Insti¬

been

tive Council at the A.I.B.
CORPORATION

'

first

of

elected

defer

due

of

as

list

a

members to be represented on the
committees.
The Senate consid¬

holdings of U. S.

securities

within

presented

was three
years, and to final due
dates, three years and 10 months."
The report also said:

national

American

councilman, and

2332.
filed

of

page

date

UNITED

be

Bank

7,834,000,000

V Grand total

ct-tn-em

Amendment

,

Manager

Institute

by

•

Statement

____

Total

ana

held

associated companies,

and

parent

debt

current

repay

Simms,

total

were

2%

Banking, has
from
Acting

vanced
:

was

at

$100,010 per share
Substantially all outstanding stock is held
by Columbia Oas As Electric Corp.
Proceeds—To

1,312,000,000
1,014,000,000

sharer

subscribe

may

each

will

25/94ths

units

5/94ths

holders

for

5,072,000,000
Funds from nonbanking sources:
'%% certificates _1_$ 1,678,000,000
1%% Treasury bds.
1,003,000,000
2Vz% Treasury bds.
2,827,000,000

;

utility

.

Corp
fer

Total

-

electric

company

.

of

tant

Addreka—4th

or

as

City Federal Reserve branch since

stack

the

31, 1942, 56% had

been associated with the Salt Lake

banking

Treasury bills ___$
897,000,000
'%% certificates J_
2,117,000,000
\zk% Treasury bds.
2,058,000,000

PANY

E.

President of the
tute

tant

from

return

his tax."

pay

David

rowed

page

LIGHT, HEAT AND POWER COM¬

Heat

future tax legislation

Promotes U, E. Simms

Branch

1

Light.

be

S. Fran. Reserve Bank

Mr. Morgenthau issued the fol¬
lowing breakdown on funds bor¬

date

Union

may

Government
from

quote:

we

Government

average

-

our

sources."

stock

to

to

as

decision

purchase

.

'Amendment filed Jan.
effective

.

Whatever

report

"Of

danger of being penal¬

no

made

•

over

000,000

namei

1942,

26,

in

ized.

single borrowing i
/:
i
?
'
•
especially pleased that

am

almost all-of the

agreed to purchase were listed

"Chronicle"

the

"Those filing early returns will

invest

S.

increased

$289,808,033 at the end of 1941 to
$572,672,196 on Dec. 31, 1942; from

27%

crease

maximum

common

be

securities

usual and

regis

underwrit:

the

.

will have to

steering committee, Senator Barkley, on Jan. 14, submitted the
names
of tne majority members
of the 33 standing committees of
the Senate.
Senator McNary also

holdings of in¬

maturities."

Holdings of U.

erroneous.

15%

"I

par)

and

each

the

846

the

termediate

ligation to file his 1942

'history for
operation.

publicly offer thi
common
stock,
owned by its parent com¬
(no

underwriters,

number
Which
in

naming

Its

to

Feb

on

is

made also to

were

will not affect that
taxpayer's ob¬

who will

shares

which

Missouri,

The North American Co.

pany,

of

all,

of

amendment

an

statement,

141

ers,

Co.

paid.
be

the

,

12-2-42)

A2

payment

which

and

1943,

quarter

che securities, and thus rolled up,
total to the, largest figure in

sucb
.

funds

15,

In all cases, that, return will have
be filed and at least the first

depositors

own

March

on

383

turity dates. Substantial additions

not

to

the

Treasury securities.

investors

pro¬

public of

•

in

manner

their

part

will

chased large amounts.
Some hun¬
dreds of thousands of individual

com¬

stock are outstanding and
its parent. The North Amer¬

shares
1

of

the

of

.>

the

on

"Insurance companies and other
institutional investors
also pur¬

common

owned by

are

ican

shares

assumption

be required to file his 1942 return

willingly

share

FINANCIAL CHRONICLE

taxpayer that he

any

•

be

supplied
I

of

and

of

the
the

of

banks

allotted

urged

them in

New

will

The

promptly

withdraw

to

underwriter

underwriters

needs

war

mended for the

8

coun¬

Missouri

Names

the

their

by

response

lending for their own account, and
they are especially to be com¬

the
of

to

country
did

pur¬

serving

grand

Treasury.

elec-.

and

generates

St.

adjacent
ties

its

It

this

people

par

subsidiary of The North
engaged primarily In thf

is

us

k

toi

Mo.
.

"This

j

&

motion

to

have

Senator

Vandenberg {Rep.. Mich.) named
position of President pro

for the
.

tempore.

By

order

-

the

Democratic

Again

crease

Pay

on

374

In¬
;.

Minas Geraes

Payment

on

6Us

.374

.,.574

External Chilean Issues.375

N, Y. State Payroll Bond Deductions.375

Iraq Declares War
Cleveland
tions

of

'

Subpoena Powers

Savings Banks Accounts

on

Reserve
Flood

on

Axis.

Waives

375
Restric¬

Loans

NYSE Amendments Approved.„

376

376

Thursday, January 28, 1943

THE COMMERCIAL & FINANCIAL CHRONICLE

384

Phila. Traders Ass'n
PHILADELPHIA, PA.—The In¬
Traders Association of

Philadelphia will hold their 19th

Benjamin

the

at

MUTILATED

50 Broad Street, New York

and Internal Loans

40

Robert A. Torrens of
Harriman Ripley & Co., Charles
J. Brennan of Blyth & Co., Carl
&

S.

By

prepared
randum

forward at intervals.

.

market holds and continues to move

there's

admittedly
quick end to the

question of a
war.
So market's strength is based on other factors, such
fundamentals as faith in the persistent ease of money, the ability
of the authorities to control prices and interest rates, the obvious
concentration of money in Governments, the equally obvious fact
that the market must remain strong or every investor in the United
States will fall with it.
It's too early to think in terms of
the April borrowing for much can happen to price levels in the
next two months.
But the way things are going now, it may
be that the Treasury will be able to leave the 2%s of 1968/63
but

encouraging

more

no

.

.

.

.

where

.

.

.

they are, turn to another "on sale" loan. .
or a 214
due a few years after 1963.

sider

it!

.

.

Maybe a 214

.

.

earlier

due

.

ting the interest rate a bit to keep the structure in balance.
specifically, the
few 32nds

a

100.14

around

now

news

as

tion.

.

.

l%s will get

.

there should be

But

.

.

Another

item

.

.

.

has

the

been

a

risk.

of the

sale

to 100.20, accord¬
the going should
level at that price,

%%

.

.

in

one

year.

of in¬

.

Morgenthau sold $2,000,000,000 to retire a $1,588,000,000
predicted here some time ago.
Morgenthau is simply

.

.

.

000,000 until recently. .
.
As matters stand now, $500,000,000 is
going into maturing bills as a roll-over proposition, $200,000,000
represents new money borrowing every seven days.
.
That too
is good financing tactics.
.

.

as

one

you

are

interest

may

1.94%.

.

.

you,

if you're not interested in cost as

interested in maturity shortening.

.

.

.

2s

of

1955/51

about

at

100.15

and

of

yield

.

Buy the 2s of 1951/49 at costs of 100.21 to 100.29 and yields
of

1.84

to

1.88%.

.

The 2s of 1955/51

such, they
But here
The

.

;

..

are

the cheapest of the 2%

.

.

.

attract you and you may ignore this switch.
points on the other side:
bonds we bought this year and last year will be

war

turing in 1951 and 1952 and 1953 and
2s will

issues.

As

may
are

so

the chances

are

ma¬

the 1955/51

-

...

R. Hoe

B'way Motors Bldg. Corp.

common

The First Leasehold Fixed and

WARREN BROS.

Cumulative Income 4-6s due Feb.

Old Common & Preferred

1, 1948, of the Broadway Motors
Building
Corporation
(General

New Class "B" and "C"

Motors
—

Sold

—

Building) offer attractive
possibilities according to a memo¬
randum just issued by Seligman,

Quoted

Lubetkin

&

Inc., 30 Broad
Street, New York City. Copies of

the

HAY, FALES & CO.
Members New York Stock

71

^

Bell Teletype OTT 1-61




Co.,

memorandum

situation

Exchange

Broadway N.Y. BOwiing Green 9-7027
.

.

If you

.

.

.

City, entitled "Preview for
an

interesting dis¬

cussion of changes

which will take

100.18

at

and

onward

steady

the

from

march of the United Nations, and
what

1968/63

of

214s

by

32 Broadway, New

1943," contains

place

Victory

issued

Bulletin

latest

Strauss Bros.,

.

.

.

no

sense

yield of

industries will

to benefit in the

to

holding

longer-term 214 at a higher price

a

into coupon 214 s due four years

earlier, cut your price and raise your yield. . . ,
Only reason why the longest-term 214s are holding up the way
they are is that banks are buying them. . . . It's the only longterm 214s which they may purchase.
...
The "on sale" 214s of
1968/63 and 1967/62 won't be open to them until 10 years after
date of issue.

be the

first

immediate post¬

Copies of the Bulle¬

period.

industries and

tin listing specific
issues

available

are

request

on

from Strauss Bros.

...

OUR

you're not part of a commercial bank, why pay the pre¬
mium or hold off on freezing the profit and making the shift?
What sense is there in it if you represent a trust or estate or are

NEED

MEN

But if

just
be

an

individual investor?

valuable

to

you.

THE

.

.

,

.

.

Check

on
.

.

this one.
'

BOOKS

*

It may

...

:

★

:

/

Fs

AND

Gs

in

detail

describing the
may

be

had

upon request from Seligman, Lu-

.'betkin & Co<

-

AGAIN

Story still around in usually informed quarters that Treasury
officials are seriously considering discontinuing sale of F and G
war bonds
when next financing date comes around.
.
No
mand

his

why

reason

Morgenthau should struggle with extra ^'de¬
when he doesn't need this type of issue
The "on sale" 214s are competition for

bonds" outstanding
offer books.

Fs

.

Gs

and

and

.

vice

,

versa

and

buyers might as well pick

up

payable on demand within
Committees reported heav¬
ily in favor of discontinuing sale of Fs and Gs. .
.
.
Recom¬
mended step several times last month. ... Treasury holding out,
Morgenthau reported opposed but weakening in his first stand. . . .
And1 chances are growing that by the time the next big borrow¬
ing date rolls around, the Fs and Gs will go off the books: . . ...

the 214s as get a similar rate on a bond
12 years.
Heads of Victory Fund
.

SEND

.

THE

Treasury apparently has taken notice of large-scale switching
recently from the "tap" 2V2S into the "victory" 214s, due to differ¬
ence in coupon availability.
So beginning Feb. 1, holders of the
...

registered bonds may shift into coupon bonds, if they so desire. . . .
Meaning that there'll be less difference between the new 214 s and
the $2,118,000,000 sold in the first "tap" offerings. ... A good idea. . . .
Also the $454,000,000 of 3%s due 1947/43 will be up for pay¬
ment June 15.
Cash redemption logical, for they're too small to
warrant refunding. ...
There has been considerable switching in and out of tax-exempts
and taxables lately.
Insurance companies and savings banks,
which have least reason for owning tax-exempts, are getting rid of
.

All YOU CAN SPARE

GOOD BOOKS ARE ON THE

slowly but they're keeping the supply
And as for purchase of these, well, that depends
on you.
The only person who can decide the advisability of
holding taxables, partially tax-exempts or exempts is you—know¬
ing your own tax position and the value of the privilege to you. . . .
Banks going heavily into five to 10-year bracket of bonds on
theory that this classification is safe now and if it isn't not much
.

.

.

else is.

.

.

our

book¬

your

fighting

men.

out—leave them

them

the

nearest

collection

at

center

or-public library for the 1943
VICTORY BOOK CAMPAIGN.

AMERICAN
BUSINESS CREDIT

the high-premium obligations
.

to

.

...

running.

from

MARCH
shelves
Get

MARKET

.

Currently Attractive

Bought

Sal¬
S.

...

INSIDE

remain out to maturity, making them a 12-year bond yield¬

ing 1.94%.

...

214s of 1972/67 at 100.29 and yield of 2.44% to call

the

,

the

Sell

,

war

the
much

John

Preview For 1943
The

York

non-bank investor.

if you're a

and lower yield when you can get

on

SWITCH

POSSIBLE
This

.

commercial bank, then it may be passed by for per¬

There's

,

...

A

.

...

2.46%.

—

Jr.,
Guy
& Brookes,
Washington, D. C. Paper.

SWITCH

reasons.

Buy

The

extra

an
.

.

half-billion to help pay the war costs until
As for bills, you know, of course, that the bill offer¬
up to $700,000,000 per week, as compared with $600,-

.

applies

one

date.

$25,000

Against The

Limitation,

ary

Morningside
City. Cloth,

bonds yielding Brookes,

have been trying to cover with mediocre success.

Sell the

.

.

remain out to maturity but ma¬

may

Report is several dealers went short these bonds some

.

REPEATED

sonal

...

was

,

represent a

Fact that
issue

of

holding
.

York

Colum¬

your

sacrifice

.

.

also

Of

System

A

bia University Press,

Co., 60 Broad Street, New York
Heights, New
Copies of the circular may
$3.00.
be had from the firm upon request.

maturity considerably, therefore, at little cost
yield.
One reason the 2s of 1955/51 have
up
so well in the last few weeks is technical in

cut

This

.

.

1951/49

of

As

Business

Rawer—Robert A. Brady,

Case

.

certificates

Economic

City.

souri.,

A

up

...

picking up
April.
ing is now

at

&

tion, the oldest building and loan
association in the State of Mis¬

time ago,

...

Treasury.

possibilities

interesting

levels, according to a cir¬
cular issued by J. L. Schiffman

Federal Savings & Loan Associa¬

origin.

The most popular c.i. maturity
and rate.
These are good, and don't ignore that point for an
instant.
%% interest on a one-year maturity sounds awfully
attractive in comparison with 1%% on a five-year bond and 214%
on a 25-year security.
It depends on your point of view, of
course.
If you can afford to stretch out into the five and
10-year brackets, you can get a better return and that may be the
determining factor.
But if you need some short-term stuff
for your peace of mind and your operations, get into the c.i.s. .
.
.
In addition to being attractive as such, the c.i.s become more and
more
popular as they reach toward maturity and buyers can get
%% on a six-month or four-month or two-month obligation of the
due

.

current

on,

greater returns for not much more

debtedness

offers

been

which will bring them

for banks may buy other issues up there
much

Jacoby, National Bureau of
Research, Incorporated,
1819 Broadway, New York City,
The 7%
cumulative preferred
Cloth, $2.00.
stock of Towne Securities Corp.

elected President of the Lafayette

2s

Saulnier and Neil

H.

Interesting Situation

MO.—Garfield J.
Taussig,
President
of
Taussig,
Day & Company, Inc., 506 Olive
Street, St. Louis, Missouri, was

The

Financing

Receivable

Accounts

—Raymond J.

Towne Securities Offers

LOUIS,

ST.

and

.

.

dealers, although from here

some

tougher.

get

Taussig Named Pres. Of
Lafayette Savs.-Loan

You

l*%s of 1948, which have moved up
1968/63 214s. .
The l%s are
compared with a price of 100.18 on the
of the

May be that the

...

ing to

.

Man's Bookshelf

request.

turity can't be beyond 1951, making them eight-year
1.84 to 1.88% or possibly shorter bonds.
.
.
.

.

.

.

of the market recently has been

Meaning that bank buying is coming into
the five-year maturity and lifting that issue to a favored posi¬
214s.

Victory

.

upon

cut¬

the unusual strength of the
to within

memo¬

Business

American

Just con¬
Secre¬

.

.

tary Morgenthau actually may be faced with the problem of

More

interesting

an
on

At this stage of the war financing program,

.

The Business

which may be

News from abroad has been

.

.

1-1397

Y.

Corporation,
copies
of
had from the firm

Credit

PORTER

F.

N.

Broadway, New York City, have

Clayton H. Terrell of Reynolds &

And still the Government

HAnover 2-8780

St., N.Y.

Teletype

Hill, Thompson & Co., Inc., 120

Buckley Bros., Thomas X Love of
E. Snyder & Co., Joseph A.
Zeller of Bankers Securities, and

Geo.

.

Y. 1-1779

N.

Teletype

Situation Interesting

Co., John M. Hudson of Thayer
Baker & Co., Robert McCook of

Co.

DIgby 4-4832

25 Broad

American Business Credit

Co., Russell M. Dotts of Bioren

&

On "Governments"

Members N. Y. Security Dealers Ass'n

Exchange PI., New York

Phone

of Eastman Dillon

Lachman, Jr.

M. S. WIEN&CO.

S. H. dUNGER Co.

H. T. Green¬

wood & Co.,

6693

Bought—Sold-—Quoted

Inquiries invited

Parrish & Co., General Chairman,
Alfred W. Tryder of

Our Reporter

Mexican Interest Arrears Cfs.

taining
program
has been ar¬
ranged by the committee, who are
as follows:
Stephen A. Massey of

(-.AM. MABKS 4 r.O- mc.

Preferred

Mexican External

Franklin
and enter¬

interesting

An

SO

of

6s

OR

annual mid-winter dinner on Feb.

11,

&

Sylvania Electric Products

COUPONS MISSING

vestment

Hotel.

Bridge Works

Common

To Hold Annual Dinner

FOREIGN SECURITIES

Direct Wire to C. M. & Co. Inc. Chicago, III. Phone State

Ft. Pitt

BIDS MADE ON BONDS WITH

Teletype—N. Y. 1-971

HAiiover 2-0030

"A"

.

.

Memorandum

on

Request

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

for Dealers

.

better than in months because of price
fluctuations recently, fact that they turned over bonds at good profits
last - month.v
• - :
*
»i
■<
Dealers pleased, acting

•

120

Broadway, New York

Tel. Rector 2-2020

.

Tele. NY 1-2660