Full text of Commercial and Financial Chronicle : January 8, 1942, Vol. 155, No. 4030, Section 1

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US.

ADN%

LIBRA!

Volume 155

i^SDA

THU

Edition

New

Number 4030

Y

In 2 Sections

York, N. Y., Thursday, January 8, 1942

Section 1

-

Price 60 Cents

a

Copy

$59 Billion Budget For 1943
Dealers Must Unite § Debt Of $110 Billions Foreseen

■j 0 ver-The-Counter

J1
j

Newspaper Quotations Now Make It Impossible v;^

budget message before the Congress of
Expenditures in the fiscal year which starts next
In
issue of December 18
carried an article under the above July 1 he estimated at $59,027,992,300 and for the current fiscal year which ends June 30,
heading.
It disclosed the situation which has arisen under the new $30,675,796,162, which figures compare with-* $12,774,890,323
in the year ended last
NASD system of preparing quotations on over-the-counter securities June 30. Needless to
say the amounts projected are of unprecedented magnitude and are
for publication in the press.
chiefly for purposes of carrying on the world wide war in which we are presently
We concluded with
engaged.
request that over-the-counter dealers write
our

I
>

j

their views

us

Revenues

the subject.

on

On December 25 and
'}

January 1

presented

we

number of replies

a

received prior to that date.

Today

we

Further

j that

make

and

names not

suggestions

are

interest your article in the Dec.

entitled

Dealers

"Over-the-Counter

and the replies from dealers published in subsequent

.

18th issue of

Must Unite''

issues.-I heartily

'(■ agree that the Over-the-Counter

dealers should unite and as quickly
j as possible, but I disagree on the reasons and motives. As I see our
f problem, it isn't a question of "narrow spreads in newspaper quotations" or "Over-the-counter dealers" versus "members of recognized
:

Stock Exchanges."

let's take

look at ourselves collectively.

a

engaged in the only legitimate industry which is still in dis¬
repute with the general public, and we are not making any organized
are

effort

to

rectify this

;

to

meet

after

these

ex¬
ex-

deducting

#

:

the

Federal Old Age and Survivors In¬

plemental requests will be made
-

as

condition.
(Continued

Instead of trying to increase
Page 122)

our

on

'

$18,631,800,000 in 1942
and one of $42,440,800,000 in the
fiscal year 1943.
Tentatively Mr.

COMPANY

30, 1943, the public debt would
proximate
$110,000,000,000

ap¬
or

and

Insurance

Calendar

Chartered 1866

1

-

v

of

Municipal

News

Personnel

George V. McLaughlin

;

Railroad

•

-

'

\

,

Notes........ 104
^ 100

;...

......

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

Corner

NEW

YORK

Member

BROOKLYN

Federal

Deposit Insurance

Corporation

Markets—Walter

101

(The)

Whispering
Our
Reporter on
Uptown After 3
Jottings

103
126

Governments....

123

..;

124

100

ivv

•

State of Trade
November

Auto

November

Tin

Dec.

THE CANADIAN BANK

1

HEAD

Established

1

■

1867..

Paid-Up Capital

President
Dutch

$30,000,000

Reserve

Lumber

Bureau's

Banks

'

:

Output....
Statistics..

....

115

...;

115

Stocks

Paperboard

Weekly

'

-

116

Thanks

Index........

commercial

and

corporations,

dividuals

120

120

120

Page 127)

financial

firms

interested

progress

estimated that

tempo

of

Taxes

previous

made
**

to

the

and again by $860,000,000

year,
cal

the

greatest

during the fiscal

purposes

creasing

more slowly; customs
falling otiX On the whole,

tax system has became more
(Continued on Page 127)

THE

NATIONAL

at

Broaden your customer
service with Chase

correspondent

year

expenditures the President said in

facilities

amount

said:.

$24,000,000,000 - for
obligations. Continuing, he
1 U.
~ ~
'
'
;
this

In

initial

budget

.request

for

I

make
a

war

an

ap¬

propriation of $13,600,000,000 for
the fiscal year 1943.
Large sup¬

Member

in

to

in¬

and

in

R. H. JOHNSON & CO.

Canadian

foundland,also in Portland,Oregon;

Francisco;
London,

Seattle;

Kingston,

Jamaica;

Barbados,

and

Trinidad.

Los

England;

/

receipts

from

existing

'

They
■'

expected

are

increase

to

from $6,000,000,000 in the fiscal
year

the

1940

$18,000,000,000 in
1943.
This in¬

United States

year

is due partly to the ex¬

pansion
and

to

fiscal

crease

of

economic

activities

partly to tax legislation

—

Government

-

New York Trust

of

Capital Funds

OTIS & CO.

$37,500,000

Established 1899
NEW

Hanover

YORK

BOSTON
CHICAGO

IOO BROADWAY

&

FIRST BOSTON
CORPORATION

(Incorporated)

Spain,

CLEVELAND

PHILADELPHIA

SAN FRANCISCO

AND OTHBR PRINCIPAL CITIES

YORK AGENCY

Exchange PI.

,

New York

..

NEW

eft

64 Wall Street

An¬

Havana;

Bridgetown*

Port

Insurance

tax legislation will triple under
the defense and war programs.

Company

important

every

Federal Deposit

Corporation

Total

There remains of the lat¬

-

BANK

OF THE CITY OF NEW YORK

part:

3, 1941, to $75,000,the close of 1941, he

000,000

CHASE

1941.

Jan.

stated.

Yields

creasing half as fast, and the
yields from excise taxes are in¬

appropriations, contract authoriza¬
With respect
tojmethods of ob¬
tions, recommendations and com¬ taining funds to meet the
proposed

on

increase.

from employment taxes are in¬

These programs will

year.

require $1,400,000,000 during the
fiscal year 1943, about one-half
of the expenditures
for these

The defense program including

000

activity.

on

fiscal

current

from the current to the next fis¬

of the

mitments of government corpora¬
tions increased from $29,000,000,-

economic

meas¬

greater

a

incomes, estates, and
corporate profits are showing

expendi¬

relief, youth aid—can be
reduced by $600,000,000 from the

...;E;:

:

tax

new

rather than from

work

through publication of

,

is

tures for the major federal as¬
sistance
programs—farm
aid,

total figures of appropriations and

expenditures.

rev¬

our

war

INVESTMENT SECURITIES

Branches

,

effort

war

and

further increases in

re¬

The

life

elty and town in Canada and New-'

geles;

be

our

next year must come pre¬

dominantly from
ures

As

years.

Securities

business.

San

are

cannot

enue

20,000,000

of Canada and is well equipped
serve

situation

ter

This Bank is in close touch with
the

"we

asserted

sources,

are

It

not

during the last 2

approach full use of

will

war

public will be informed of the fis¬
cal

future

118

Chamber...

on

the

could

public, the President' said, but the

117

Support Fund
Pledge Cooperation

(Continued

he

of

he

to preserve our way of
In the future details of war

life."

117

Statistics....:.;

Movement...
Price

Weekly Coal and Coke Statistics.; 119
November Motor Freight Volume... 120

TORONTO

OFFICE:

Coal

Weekly
Labor

OF COMMERCE

101

(The) 102

Whyte Says
Selector

but

appropriations

Flota-

.

Salesman's

Tomorrow's
Bond

102

........,^125
./103

and

Items

,...

Security
.

Securities

.

Securities

President

,

New

Trusts

costs

said

must

we

Stocks

tions

Investment

ultimate

Roosevelt

acted
we

bring hardships and require ad¬
justment. Assisting those who
suffer in the process of trans¬
formation and taxing those who
benefit from the war are integral
parts of our national program.

Roosevelt estimated that by June

forecast

Page
Bank

of productive capacity.
short of a maximum
suffice.
'

We all know that the

determined to pay whatever price

Regular Features

max¬

,

of

The

BROOKLYN TRUST

the

toward

-

Mr.
;

move

use

Nothing
will

nearly double the present level.

INDEX

we

imum

$11,943,993,000 in the 1942 year,
With respect to non-defense ex¬
and these figures
compare with
actual receipts in the 1941 -fiscal penditures he said in part:
year of
In : the
$7,607,211,852.
Receipts
preparation
of the
and expenditures in 1941
left a
present
budget,
expenditures
budget deficit to be provided for
not directly related to the war
of
have been reduced to a min$5,103,400,000, which seemed
large at the time but is now
imum or reoriented to the war
dwarfed
by the prospect of a
program. .-V
:
■
deficit

It's much bigger than that.

To get what I mean,

penditures

Appropriation were esti¬
to hand. mated
by the President at $16,487,Requests 200,000 in the 1943 fiscal
year and

come

urgently asked.
be printed will be scrupulously observed.

f the "Chronicle"

We

yesterday (Jan. 7).

surance

for others which have since

room

comments

I have read with

?

the United States

we

a

:

President Roosevelt delivered his annual

>

To Conduct Business At Profit /

BOSTON

New York

PHILADELPHIA

Chicago

...

St.

MADISON AVENUE
AND 40TH

>CariM.Loeb/Rhoades&Co,

Over-the-Counter

STREET

FINCH, WILSON & CO.

TEN

Members

New

York

Stock

Exchange

ROCKEFELLER
61

BROADWAY

PLAZA

Commission

NEW YORK

HART SMITH & CO.

Kobbe', Gearhart & Co.
INCORPORATED

\

Members N. Y. Security Dealers Ass'n

45 Nassau
London

Buenos Aires




Street

Tel. Rector 2-3600

New York
Teletype N. T. 1-676

Member

Federal
Insurance

Executed

Orders

for

Carefully

Institutions

and Individuals

Members

of the

Deposit

New
52

York

WILLIAM

Bell

Corporation
New

York

Security

Dealers

ST., N. Y.
Teletype

NY

Assn.

HAnover

2-0980

1-395

Montreal

Toronto

120 BROADWAY, NEW YORK

T

COMMERCIAL & FINANCIAL CHRONICLE

THE

98

■

,i

MARKETS FOR

..-

\

.

•

■'

/

<

■

(All issues)

CERTIFICATES

1

Eastern Pipe

Panhandle

Associated Gas & Elec. Corp.

MORTGAGE

Punta Alegre Sugar

.

Atlantic

by

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

&

other

All

local

Braniff

Aniline

40 Wall

6s,

-

Ordnance

:V

'

j-:;y/

for

•

2-2300

York

Members

52

Teletype

r

NY

Established.

1-1693,

Broadway

^Phone

o

New York

We

pleased to

are

aim ounce

.

J

-

have been admitted to

N.

Teletype,

System

firm

/.

:

</// 'V-

uy

...

xh'Y-TY"...

''

•

^

.V■

' *.:*

*••••

/,

//;, V

14 Wall Street

formed

Pecos Valley P. L.

Tel.

6V2

Company

64

ST.

WALL

-

j

42

;;

IIODSON&

j

YORK

NEW

.

are

pleased to

•Y

Corporation. However,
of the Banking
Act of 1933, the BancOhio Securi¬
ties Company has operated as a
private company, entirely sepa¬

the establishment

announce

of

since the passage

a

.

HAnover 2-9470 "

rate from the BancOhio

Corporate Bond Trading Department
•'• ' :•*

_

i

.• j

.'••i ^

'

*v

.•

%

'i-v-. '*•

c-

"v.:■:!

-

\

-■ /. '

k

''
•"V'V'*V;••

:"T.
},!,s VC*''.

O.\.i"Z

/ v-'-

under the management

mr.

Nat'l Bronze & Aluminum Common

Thompson Paper

>

,

Tudor

v.;

/

Schoonover, deWillers & Co.
J
INC.

BROADWAY

120

*

S.

Bell

"

BROADWAY

YONKERS.
MArbie

2-76.14

REctor

~

20

NEW YORK, N.Y.

Teletype

NY

the

(

Boles,:

company,

names

.

>

.

■<,*>,

'

.

J. P.

Morgan Completes Fifty Years

N.Y.

7-8500

As Member Of Wall Street House

1-2361

J.

P.

Incorporated,

New Officers Elected 1

has seemed to con¬

By Baltimore Traders
BALTIMORE, MD.—At the

meeting of the Bal¬
timore Security Traders Associa¬
tion, the following were elected
to office:

Alex.

J. Wil¬
Egglesof Jenkins,

dent;
liam
ton

Vice-Presidents;

Whedbee
P

•&

VicePresident;
o e

,

Richard

W. Hen-

of

Annan

J

Treasurers.

Brown

& Sons, Presi¬

Edgar S. Noland, Vice-President
and Treasurer; John M. Waring,
Ass'stant Vice-President:
Arthur
F. Johnston and George

\
T.

Ba ldwinof

j".

of the Ohio Company
are:- Ewing
T.. Boles, President;
Edward
M.I Battin,
Henry
F.
Thterman,* Dennis
E.
Murphy,

on

.

John

\ Officers

Malcolm S. Rank,

an¬

nual business

in

Chairman of the Board of J. P. Morgan & Co.
Dec. 31 completed 50 years with the banking house drix, Assistant
that bears his name.
;
l?"'-*"
Morgan,

Broadway, New York

spite of the separate
ownership
and^ operating
per-

- •

)

'V--* '/V* •'

the

sonnel.;
5, 1942.

Certificates
Bank Stocks
'

and.

of

J.

'

Ewing. T.

to

COMPANY,

Corpora¬
.

since confusion from the similarity

tinue

City Units

Westchester Mortgage

!

,

-J/1

LEHMAN BROTHERS

January
All

According

of the

Houston Oil Co. Preferred

....

165

change is to remove all connection
in the mind of the public between
the BancOhio Securities Company
and
the
BancOhio Corporation,

■''*

'A"\

/S'XV

i.

•..

President

of

11 ^-V:^'

O K

1958j
Common !

•

_

:

buechler

k.

:

Thompson Paper V/z%,

Stevens &

richard

tion.

--

Phila. & Read. C. & 1.5s, 1973 C/Ds

Stevens &

\

Inc.

Company combined to form BancOhio
Securities
Company,
the
stock of which was owned by the

Exchange

Curb

1-1146

4-0488-89-90-91

1930, the First Citizens Corpora¬

Fiank C.Masterson & Co.
Teletype NY

WHitehall

the

and

tion, the Ohio National Corpora¬
tion and the " Will J. Thompson

(

50

-

Utility 5%

York

'

Bank, taking over
In

BancOhio

New

Exchange

affiliate of the First

Trust

National

First

w. s.

We

Members

Stock

their investment departments.

(Seneca Holding)

Great Lakes

an

as

Citizens
January 2, 1942.

Cuba Co. Pfd.

Savoy Plaza 3-56

York

Citizens Trust Company.

NEW YORK

15th & Walnut Sts.

Prudence

New

BROADWAY, NEW YORK, N. Y.
v
Teletype NY 1-1702 ■ r

In 1925,
the First Citizens Corporation was

v;

PHILADELPHIA

Optical Co.

Members

65

First

the

later

Bank;

Savings
:/

•

&

Trust

Citizens

the

of

7:'///

duryea & co.

ized

ment

(Founded 1838)

W arrants

The firm was originally organ¬
in 1921 as the bond depart¬

;

//7/./,

•/

1-2480

Y.

Drexel & Co.

Shuron

HA 2-2772

Trading Department

Street,Columbus,
Union Trust
Building, Cincinnati, and Union
Commerce Building, Cleveland.

j;

General Partners.

as
"-V-,

IIAnover 2-4660
Bell

our

The

change in management, personnel
.or
location of the offices, which
will continue at; 51 North High

■

;•

the

to

name

Assn.

Dealers

St., New. York, N. Y.

50 Broad

Exchange PL, N.Y.

Triumph Explosives

change of its firm
Ohio Company, ef¬
fective Jan. 1.
There will be no

«•

Spencer Steel

Security

1920

Security Dealers Ass'n

7

COLUMBUS, OHIO—The BancSecurities
Company an¬

nounces.

MR. ROBERT H. LEE

Members
York

York

BEE!. TELETYPE NY 1-423

Ohio

J.F.Reilly&Co.
/*

New

Common

that

MR. WILLIAM L. DAY

■

.

;

Company Triumph Explosives

The Ohio

Corp.

Struthers Wells-Titusville

New

.

Lebanon

Auto Ordnance Corp.

Wickwire

40

Green 0-0923

BOioling

BancOhio Name Now
Autocar

74.114:
%-l ;

KATZ BROS.

■

Association

Dealers

Security

Members

YORK

BROADWAY, NEW

120

i

"

Iowa Central 4s '51

New

Members New York Stock Exchange •;

"

Telephone

!

t

5y4s, Ser. H/4-1%'
Gary 5s '48 534-63/

5s & 6s 2002

■

;

WERTHEIM & Co.
REctor

change in market, '

Central Pub. Util.
5l/2s '52 1-11/4
Associated Gas & Electric v '

Spencer Steel

Ice'Machinery Pfd.

fo

We Will Trade:

Chi. Mil. &

Corp.
information

current

^

.

Mo. Pacific

(Tommy Gun)

:

■

Sugar Com.-Pfd.

.

1-2033

City

Atlantic

>

Clokey& Miller

WHitehall 4-6300
NY

Teletype

Philadelphia

York

*

-

-v

Ash

Wickwire

Pipe Line

Missouri-Kansas

Indies

West

Marathon Paper Mills

Exchange

Stock

St., N. Y.

Bell

Film "A"

Florida

Industrial

Sylvania
&

Auto ;>»!

'

5s, 1931

;'>w

..

,

Sukject

Line

companies

York

New

1935

Airways

General

Newburger, Loeb & Co.
Members

of Conn.

Coast Line

•

-

Seaboard Air Line

Auto-Ordnance

Seaboard-All
issued
BOND

Thursday, January 8,1942

E.

C.
W.

Hutton : &

.

OFFERINGS WANTED
Ark. Road "B" & Hwys. 3-3

5

%»

Edison Bros. Pfd. (New & Old)
Missouri Utilities Com. & Pfd.

Valley Barge Line
Seven Up Texas Corporation

Mississippi

Edward D. Jones & Co.
Established

Boatmen's Bank

York

Stock

Exchange

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

Postal

Phone

CEntral

7600

Bell

Long Distance
Teletype—ST L 593

having then been organ-^
Mr. Morgan became head
E.

ized.
of

the

firm

father in
On

the

on

1913.

April

.

1,

from

a

State-chartered

death

of

' v

,

;

his

M

1940, the house
partnership to a
bank

the

and

maintain
in

firm

A.

Whiting Opens New
Dept. For Peter Morgan GoJ

& Co.

•

?."

BANK STOCKS

•

! INSURANCE STOCKS

Employees

N.

Y.

Teletype
NEW

YORKr

WHitehall

NY

*

;

Lehman1

the

Buechler

past

had

six

been

Mr.
partner in

years,
a

charge of the bond department at
Bros.

Newman

Frederic HJ Hatch & Co.
Incorporated
"

■

Members

New

York

Seourity Dealers Association

1-609

BOSTON




&

Martin,

&

Worms,

and

three year terms.

The sixth annual Winter Dinner
of the Association will be held at

the Lord Baltimore Hotel, Friday,
Jan. 9.

A number of traders from

prior to that he managed H. Hentz
Boston, New York, Philadelphia,
& Company's bond department.
Washington and other cities will

,On Tax On Municipals
Lee W.

attend.

Sheldon In San Francisco

r

Carroll, of John B. Car¬
SAN

be held

63 Wall

St., New York, N. Y.

Bell Teletype NY 1-897

at the Robert Treat

ness

from

offices

in

the

Kohl

Thursday,
Mr. Sheldon formerly
Assis¬ Building.
tant General Counsel for the Port was active from offices in Palo
of New York Authority and Sec¬ Alto, Calif.
The formation of his
retary of the Conference on State firm was
previously reported in
Defense, will speak on the subject
the
"Financial
Chronicle"
of
of "Federal Taxation of Munici¬
Hotel

4-4970

ris

;1

Brothers,

Association for

For

will

G.A.Saxton&Co., Inc.
ST.,

'

of

Stirling, Mor¬

FRANCISCO,
CALIF.—
President of the Bond
Club
of; New
Jersey, has an¬ Willard H. Sheldon is now con¬
nounced that a luncheon meeting ducting a general securities busi¬

Securities Co.

PINE

With Lehman Brothers

roll & Co.,

including

79

Floyd W.

Bousman

To Address NJ Bond Club

System
Utilities

•

markets

the securities of

Associated Gas & Electric

and

Treasurer.
William
William
H.
Street, New York City, members
John T. Baldwin
of the. New York Stock Exchange
B o g g s
of
Peter Morgan .& Co., 31 Nassau;
and other leading exchanges, an¬ Frank B. Cahn &-Company, the
Street, New York City, announce nounce the establishment of a
retiring President, and Jack A.
that Edmund A. Whiting has ber.
corporate; bond : trading depart¬ Kolscher of George G. Shriver &
come associated
with them, v Mr.
ment under the direction of Rich¬ Co. were elected
governors of the
Whiting will open a department to ard K. Buechler.

organization
o f
Drexel & Co. began operation as
a
separate partnership, although deal in real estate and industrial
the Morgan interests in Morgan,
securities.
He was formerly with
Grenfell & Co.,. Ltd., of London,
Mitchell & Co., and Amott, Baker
and Morgan & Cie. of Paris, were
continued.

We

Richard Buechler Now
<

firm not

Philadelphia

Members
New

1, 1892, Mr. Morgan was admitted to partnership in the;
affiliated firms of Drexel & Co., Philadelphia, Drexel, Morgan & Co'.;
New York, and Drexel, Harjes & Co., Paris, the London associate;

changed

1922

Building, ST. LOUIS

Co., Secretary,

On Jan.

Jan.

in

22.

Newark

Austin J.

pal Bonds."

on

Tobin,

Dec.

18.

THE COMMERCIAL & FINANCIAL CHRONICLE

^Volume 155 '* Number 4030
COMMERCIAL and

NY Trafe Board Urges

FINANCIAL CHRONICLE
5

!'

S,

Reg.v.U.

...

Patent

Office

; •>

;

Publishers

;

25 Spruce "Street,

■

<

:

Frederick W.

f

?

;

i

;

Seibert, President

i

:

j William D. Riggs, Business Manager
:

t

j

"

Other offices:, Chicago—In

Fred

H.

charge of

Western Representative^

Gray,

Field

Building (Telephone State 0613);
London—Edwards & Smith, 1 Drapers'

Gardens, London, E.C.
Copyright

1942

by

.

Reentered

William

- .v;1

Company. V:
;

:

.•!

Dana

B.

New

as second-class matter

Sep¬

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

1879.

VA'
Subscriptions in United States and
Possessions $26.00 per year, $15.00 for 6
tnonths; in Dominion of Canada, $27.50
per year, $15.75 for 6 months. South
and Central America, Spain, Mexico and
Cubd, $29.50 per year, $16.75 for 6
months; Great Britain, Continental Eur*
Ope (except Spain), Asia,-Australia and
Africa,
$31.00 per year, $17.50 for 6
months.

NOTE:

On

of

account

the

fluctuations in the rate of exchange;
Remittances
for
foreign subscriptions
and advertisements must be made in
~"ew

I

York, funds.

-

-•

'-.K---'

■?;

To The Institutional Seller:
We

equipped to liquidate

are

blocks of underlying, inactive
railroad bonds.

-BRIDGEPORT

GLENS
SCHENECTADY

PHILADELPHIA

Members New York Stock Exchange

.

*

Members

;

FALLS

HARTFORD

York

Curb

that

Exchange

lax moment? Check

a

%

GUARANTEED RAILROAD STOCKS-BONDS

—

—

.

'•

Teletype j|

N.Y. 1-1053

NEW YOBK

you

can-

use

99 WALL

STREET, NEW YORK
Telephone: WHIteliall 4-6551

Indiana Limestone
6s,

the
gross in¬

correct a

to

Governor

We

the formation of

announce

a

5s,

partnership

4^8, 1967

reasonable, though
heavy; taxation.No American

Bonbright & Company

Joseph IVScManus & Co.'

business man would attempt to do

Members

this

in

present emergency;
Everybody, and that includes the
investment industry, is willing to
pay to the* last available;
"But medical science

;, v
does not

of

a

to

relation

Tele. NY 1-1610-11

Specialists

Are

In

REAL ESTATE SECURITIES
Inquiries

(

January 2, 1942

Title

Co.

Ctfs.

Mtge.

Co.

Ctfs.

Bond

announce

L.J. GOLDWATER & CO

the election of.

-

Co.'s
Participations

Trust

Complete Statistical Information

.

pleased to

are

&

and all other Title
Bank

We

-'INC.
•

-

■

|

V

the/greatest eontribu-c

In

Co. Ctfs.

Lawyer!

j. ;

this conclusively. The sell-*
done largely for the pur^
pose
of computing taxes." The
low prices prevailing completely
refute
any
thought of a con¬

Invited

Lawyers Mtge.

^

was

"One PL

We

Pierson M. Tuttle

recovery.
volume

-

•

Broadway, New York

DIgby 4-2290

of the last few* days

indication

Exchange

August Belmont

stance, is the sick patient. It has
consistently failed for the last sev¬
eral years to meet the quotas
allotted to it in budget making.

in

39

Gail Golliday

sick

York Curb

Chicago Stock Exchange

Pearson Winslow

patients in order to increase the
supplies in the blood banks. Our
securities
industry, in this in¬

no*

New

Sidney A. Mitchell

dollar.

draw blood from anemic and

1946

Aldred Investment Trust

avoid just and

that

1952

Reynolds Realization

equity in our State tax structure.
"Most certainly this is hot a
case; of .business
men seeking to

structive investment market.

52 Broadway

•

to pay
your

•

proves

JR ^t/Pkzhu

and

you

taxes!
Obsolete Securities Dept.

The time is now opportune for

is

completed

obsolete

junk

us—perhaps

the proceeds

WORCESTER

New

of

bought in
with

Teletype NY 1-5

Legislature
the - executive
budget, which will show antici¬
pated tax receipts as well as dis¬

ing

Or. D-0400

BOSTON

i

rid

"non-marketable*

Street, New York

Telephone HAnover 2-4300

ALBANY

following statement in making the
telegram
public:
"This month
Governor Lehman will submit to

"The flurry

■

Inquiries invited

BO.

•

of the Board of Trade, made the

Prices

« Telephone

25 Broad

Exchange

ting

have

you

selling, hoW about get¬

bursements which he recommends.

tember 12, 1941, at the post office at
<8,

Spencer Trask & Co,;

members;
of the Securities,
Commodities and Banking Section

the

that

your tax

Chairman

and

three times
a
week
[every
Thursday (general news add advertis¬
ing issue) with statistical Issues out
\
Tuesday and Saturday]!
-. ?

Now

Marshall W. Pask, a
in Mackay & Co., New

Stock

York

Thursday, January 8, 1942

Published

•{'

Lehman.

LAX SELLING

Listed and Over-the-counter

urged by the New York Board of
Trade in a telegram to Governor

I partner

.

.

,

BONDS and; PREFERRED STOCKS

■.: '

■■

AND COMPANY

Jones, Managing Editor

'' William Dana

High Grade

:

Editor and Publisher

!

:«

>

New York

BEekman 3-3341

]

Inquiries , Invited On

Lower Transfer Tai

\

Herbert D. Seibert,

t

,

Reduction of the New k York
State transfer tax and removal of
the double tax on odd lots was

;

'
•

.yv ,v

B. S.

J.

William B. Dana Company

•v/v;

99

■

Members New York Security Dealers Asm,

39

LOUIS A. STONER

Broadway, New York, N. Y.

HAnover

2-8970

Teletype NY

1-1253

■

tions

to

national

our

as

defense

would be strong stock, bond and

E. H. Welch

commodity markets,

Rejoins

Sincere & Go. Staff

;

>•

Midwestern Vice-President

These; vital

with great

"Thin

interest.

weak

•

-

markets

have-

y/

HUGH

a

H.

tendency to lower the loan value

Welch has resigned as Vice-Presi¬

LONG

W.

of securities in the banks and to

CHICAGO,

ILL. —Edward

of

McGuire, Welch & Co.,
which is discontinuing its Chicago
dent
;

office, and has

-

,

become

*

asso¬

;■

lower the asset values of Amer¬
ican business

enterprises.

'

AND

Macfadden Pubs. Pfd. & Com.

COMPANY

/;■' Incorporated

LOS

JERSEY CITY, N. J.

Ludlow VaL Mfg Co. P. & Com.

'■ \y/-.

634 South

15 Exchange Place

Fever¬

Permutit Company

Spring Street

ANGELES, CALIF.

Galveston & Houston

ish markets do not show strength.
There is

a

vast difference between

runaway price markets, which no¬
Co., body desires, and a confident
American spirit expressed through
231 South, La
firm and strong ^capitalmarkets;
Salle
Street,
members of which our country does need. No
the New-York weapon would give our enemies

ciated

New Orleans Great Northern

spots are watched by, our enemies

■'

January 2,1942.

.

_

with

ATLANTIC INVESTING

Sincere &

more

concern

than

an

exhibition

sale of listed stocks and bonds.
The firm maintains a branch of¬

Oempsey-Tegeler Go.
Gets NYSE Membership

fice

in

Co., Mr.

Welch will act
as

Chicago

correspondent
McGuire,

•'or

Welch
!

Edward

was

H.

&

Co.

Moines.

Welch

In the past he
affiliated with Sincere & Co.

from 1931 to 1937 when

Welch & Co.

was

Mr. Welch is

a

McGuire,

organized.

Salle Street.

Partners

are

Own Firm In St.

■'

"'•<

'

customers' orders for the purchase solved.

'

,

•.

•

member of the

Executive Council of the National

Security Traders Association, hav¬
ing just completed his second term
as
national Secretary, and is a
member of the Bond Traders Club

pf Chicago, of which he is

a

Public

past

President and director.

'

■

.

Lynch Go.

ON D

B

Merrill Harfman Now
With Merrill

L>uis

'

%

;

■

■-

Teletype—NY 1-1625

;

Add

ists in insurance stocks, who re¬
cently opened a Chicago office at
135 South La Salle Street for the

firm,

announces
that Fred O,
Cloyes will be associated with that

organization in the Chicago office
as

of Jan. 12,

Mr.

Cloyes was previously with
McMaster, Hutchinson & Co. and
recently with Webber, Darch &
Co.
On or/about Feb, 1, Mr. Liston will return to the New York
office of Huff, Geyer & Hecht, at
which time Mr. Cloyes will as¬
sume charge of the Chicago office.

Industrial
Railroad

Eastern Corporation
Bonds, Preferred
Common

DALLAS, TEX.—Merrill Hart-

Traders Association and the Dallas
Bond Club.




Warrants

Complete1 statistical report
sent

CHICAGO

on

request

R.E.Swart &Co.

Incorporated

MrnoPflB4Tft>

-

Security

&

€

Bought—Sold—Qutstad

Son, has joined the local office of
Merrill Lynch, Pierce, Fenner &
Beane,
First
National
Annex
Building. Mr. Hartman will be in
charge of the unlisted securities
department in that office. He is
member of the National

Gloyes In Gbicago

ILL.—Corwin Liston, of the New York office of
Huff, Geyer & Hecht, Inc., special¬

man, formerly with Beckett Gil¬
bert & Co., and Dallas Rupe &

a

•

.

CHICAGO,

Municipal

/

,

Huff; Geyer S Hesbt

M •'

V

'
•

Utility

NEW YORK,N, Y.

Telephone—BOwling Green 9-3000

Tim¬

ship in the New York Stock Ex¬
(Special to The Financial Chronicle)
change.
The firm is active as
Ernest Reich Now Partner underwriters and distributors, of
ST.
LOUIS,
MO. — Raymond
Ernest
Reich, who has been Catholic Institutional Securities Gremp has formed Gremp and
associated with Reich & Go., 52 throughout the country, and re¬ Company with offices in the Boat¬
men's Bank Building, to engage in
Broadway, New York City, mem¬ cently their facilities were ex¬
bers of the New York Curb Ex¬ panded
to include
corporation a general securities business. Mr.
Now, with Gremp was formerly a partner in
change, for some years as manager stocks and bonds.
in the New York the firm of Neuwoehner, Gremp
of the Curb department, has "been membership
admitted to partnership in the Stock Exchange, they can execute & Company, which has been dis¬
firm.

67 WALLST.,

Chicago at 39 South La

Stock
Ex¬
othy F. Dempsey and Jerome F.
ST.
LOUIS,. MO.—Announce¬ Tegeler, the Exchange member.
change and of American confidence expressed
ment is made by the investment
other
leading through a healthy and vigorous
firm of Dempsey-Tegeler & Co.,
Exchanges. In financial structure,
his connection
"The State. of New York should 407 North Eighth Street, that they Raymond Gremp Forms
with Sincere do its utmost to heal this patient." have been admitted to member¬
&

CORPORATION

or

NEW YORK

*0

Tel.:

EXCHANGE PLACE,
HAnover 2-5510

NEW TORE

Tele.: NY

1-MW

1

THE COMMERCIAL & FINANCIAL CHRONICLE

100

Thursday, January 8,1942
/

DETROIT
We wish to

has retired from

Bunting

LISTED AND UNLISTED

UTILITY PREFERREDS

firm and that the

our

of the firm has been

name

that

announce

Mr. Alfred

I

SECURITIES

changed to

F.jW. Macdonald & Co.
Members

The

Exchange

Stock

Toronto

-"

Royal Bank Building

2,

Charles A. Parcells fr Co.

Jackson & Curtis

2-7673

HAnover
January

Broad Street

41

•NEW YORK CITY

TORONTO, ONT.

ESTABLISHED

Members

Detroit

PENOBSCOT

MACDONALD & BUNTING

1942

of

Stock

Exchange

1879

DETROIT,

;

,

,

BUILDING

MICH.
•

ST. LOUIS

PERSONNEL ITEMS
clipped off while the bottom

in /Wash¬

somebody

Probably

will

ington is soon likely to point out
that
if
Germany,
Britain and
i Japan

I

effort

cent—on
we

cause

is

the war

to war the sooner

The

will be over.

reported
ready

is

to

Axis ability to supply their
armed forces.

Notes

>

.

unless
mind

you

arms

stock

lines,

many

able

are

the

•

may

.

either, in

use,

master¬

to

You

program.

up

the

on

wrong

things, or after stocking up
may have to
declare what

help

a

rubber.

To

are
save

50-50

arms

mean

plant

of

and

requisitions
of ma¬
Otherwise
we
should

chinery.
have
most

time

build

to

equal

ah

to

our

industrial

Hence,
American

recent

peace¬

plant.

to

as

plant al¬

arms

has

already

,

will

be

crowded,

very

from

—

Indo-China

Thailand—and

and

haven't.

we

Her

merchant

fleet, though somewhat
smaller, is much newer, and the
ships she loses average 1,000 tons
smaller than
tin

she

She has all the

ours.

needs,

though since

blew

she

the

up

will

the
Penang

have

smelt

to

it

uneconomically by hand. She
will get a considerable haul of

hemp, and cocoanut prod¬

sheets

destroyed.
won't

She

get

the

presumably
oil

she

still

needs,

to
judge by Dutch determination to

though
be

down

cement

pour

she

able

the

sink

to

wells,

may

may—or

not—

"

shafts

new

industries

may

Miscellaneous.

particular
civilian

is

.

.

.

The

Navy in

dissatisfied

with

wants it turned

under

cloud.

a

up

essentials, like automobiles, which

.

.

arms

.

.

.

While

program,

on

It looks

.

a

as

post-war

means

and

arms

billions

for

$50

billions

for

civilians, would take
V

approximately
1921—in

or

price

,

be

I

to

back

either

1934

dollars.

adjustments

somewhat

us

we

worse

cut out essentials. That
that

the

top

of

the

higher

the

though

.living

standards

will

*«

*,
•

»

M

•
«




•

be

many

years

/

Chronicle)

Ilowser and
have

Alan

LeRoy

joined the staff of
& Co., Inc., 1012

Members

St.

Louis

Stock

Barrett Herrick
Baltimore

Mr.

In

Avenue.

Weston

was

the

Exchange

past

connected with

James A. Ross & Co.
to The

Financial

Chronicle)

LOUIS, MO.—Thomas J.
Hagan has rejoined
Slayton &
Co., Inc., Boatmen's Bank •Build¬

Chicago Bond Traders
Elect New Officers

ing.

ILL. —The

CHICAGO,
cent

meeting unanimously elected

the following officers for

Wall Street—The • Financial Backbone

Bond

Club of Chicago at a re¬

Traders

the

year

1942:

President:

Of The Nation

Henri

P.

Pulver,

Goodbody & Co.

For the past eight and more years we have had a National
Administration at Washington which has, in every conceivable man¬
ner, attempted to destroy Wall Street, in
in business there have been called every

those

there
were made by practical and un¬
scrupulous
politicians,
and
in
many
instances
by
just
plain,
every-day
"crooks."
But
Wall
engaged

to
.

,

war-production
.

or

who

loyal Amer¬

believe

in

Vice-President:;

Frederick

J.

Cook, Clement, Curtis & Co.,
-Secretary: Francis C. Woolard,
Kneeland & Co., Inc.
Treasurer:
Jerry
Marquardt,

Constitution of the United States,
Declaration of Independence

and

all

in

nowhere

this

country

responded as
freely to the calls

liberally and

as

of

from

distress

Capital

Nation's

the

has Wall Street. With¬

as

the
and

at this

men

time,

find the Nation

an

we

would

"Oasis in

and the

Bill of Rights. And they

LookiniTat Wall Street and its
of

record

forced
real

to

conclude

financial

Street

only

and

safe

the

we

that

it

backbone

Futher

nation.

in

achievement

than

are

is

this

that,

the

its

operators are the
barometer of business

United States.

When Wall

of

the

stead

it

may

1942

.

.

.

others

.

but in¬

lower dividends in

land

war

risk insurance

the

for

country.
the
in

business

interests

of

premiums

...

it has

been~"

more

conservative

than

the

Personally, the editor of

"Gazette" wishes

undertake it.

.

.

places of

there

power

sightedness that there

.

are on

New York Curb Firm

Andrew J.

formed Fox & Monteith,
fices

business

10% and Better

We

Street.

hesitancy in

posed of and if a majority of the
American people would give as

Street

has

and will

done

do

in

there would never be
any
trouble in selling Defense
Bonds and Stamps. Wall Street is

the future,

today back

effort to preserve

it

Long
is

at

Live

Wall

Street!

this very hour the

the people
of this Nation quit
abusing Wall Street .and begin to

for

,■

Security Dealers Association

HAnover 2-2100

the back" for what it
is doing, not only
their country, but for the busi¬

"pat it

Incorporated
"

Teletype NY 1-592

no

liberally and as unselfishly to the
cause of National Defense as Wall

has

Broad Street

have

saying that this Nation .would be
off than it is if all its
citizens were as loyal and true
Americans as Wall Street is com¬
far better

'

41

in

bro¬

kers, Mr. Monteith specializing in
foreign bonds.

SELIGMAN, LUBETKIN & CO.
York

formerly

hour of need. It is about time that

Recommendations and statistics available on request

New

were

individual Curb

financial foundation and backbone
of the United States. Without the
help of this much villified organ¬
ization your Uncle Sam would be
in a bad'way financially in this

Real Estate Securities

Members

as

with of¬

Broadway, New York

Both

City.

Now

NEW YORK CITY

To Yield

52

at

people.

Sound

-

Fox, Jr., and Joseph

Monteith, both members of the
New York Curb Exchange, have
E.

of this Government's
the freedom and
liberty of the American people
with all that it has, although it
and the members of the organiza¬
tion have been insulted, abused,
Wall
denounced and crucified upon the
Cross of Hate by many of our

were

at Washington
a
headache for the fire com¬
at this very hour some men of the
panies, for they are "damned if foresight, the ability, the
plain,
they do and damned if they don't" practical common sense, and far¬
is

.

raise its

the

of

Desert," with nowhere to go Street is prosperous the Nation's
nobody to call upon. We per- business is prosperous. When it is
not prosperous it is "just too bad"

some

; v

the

all the assaults were, willing to go their limit,
it, and today we find with life and property, to preserve
many people who
abused those all of them for the present gen¬
eration and the generations yet
on the Street now admitting that
Wall Street is the financial back¬ unborn. And that is far more than
bone of the nation. In this crucial we can say about some of those
time the Street and those engaged who have heaped abuse and villiin business on it have undergone fication
upon
Wall Street and
a
real test of true Americanism those engaged in business upon it.

has any organization

Fox & Monteith Fofrmed:

the

.

New York Life will probably
not lower its "expected return"
.

icans—men

withstood

Street

.

change¬

real and genuine and

made upon

high for wheat and cotton,
too low for meat and
wool, etc.
.

business

in

.

consumers

■

*

Russell
with

ILL. —J.

for

too
•

Chronicle)

Financial

CHICAGO,
Wheeler,

Parity as a basis for
price-control seems absurd; it is

than

means

to The

509 OLIVE ST.

MO. —Louis

Francis

(Special

(Special

SAINT LOUIS

Bank

ST.

though there won't be that an¬
ticipated
employment
let-down
over.

would

off

Financial

CITY,

Weston

& Co.

as

due

With

1934, better off than 1921.
But rationing is not going to

l
*

'

St.,
St.,

Mass., and 64 Wall
New York City.
Mr. Foster was
previously with Townsend, An¬
thony & Tyson and Eli T. Watson

will not have that "Economic In¬
dian Summer" after all.
But
on
the other hand it also looks

iP

$50

to The

KANSAS

with

connected

market.

.

it

become

Illinois

&

Building.

Chronicle)

Boston,

to the Joint

over

Munitions Board, but until Pearl
Harbor
is
explained, is itself

sending was good, the Dutch sent
all the tin they could; the Brit¬
second, those like textiles, ish were a little
slow. They were
which will go on producing es¬
reluctant to increase operations
sential
civilian
goods,
subject to
capacity under the 100% ex¬
only to internal changes from one cess
profits tax, and let the U. S.
type to another; and third, those
pile up tin reserves which might
now
producing
civilian
non¬
back

50-50

has

handling of procurement,

versa;

will have to be converted.

Financial

R. H. Johnson & Co., 31 State

soon

be

to

A

ter

ness

plates, and in aircraft
fighters to bombers or vice

from

to The

out Wall Street bankers and busi¬

outlook,

roughly divided into three cate¬
gories: first, those like steel, ship¬
building, and airplane building,
which will go on building for the
war,
subject
only
to - internal
changes such as, in steel, from

&

Continental

Srn( i-iCo.

has

Hicks

,

needs

quickly.

1942

Hathaway

Price,

Co.,

with

.,

smelters

conversions

enormous

G.

the

to

&

Mitchell

associated

names

you

must

added

,

Winthrop,
become

New York. Those engaged
name in the catalogues df
particularly with former automo¬
except that of Americans and gentlemen. Those on the Street
bile riders.
have "set steady in the boat," paid absolutely no attention to the Fuller, Cruttenden & Co.
The new officers will be pre¬
assaults
and
bittei;
statement.
sented to the club at the annual
made about them and have pros- sonally
know no one on Wall
Too late, the Far Eastern pic¬
dinner, Feb. 3, to be held at the
ture shapes up economically in pered and kept their faith in the Street, but a thorough investiga¬
Palmer House.
-States
and
its
people. tion by us proves that the Street
our
disfavor in many respects. United
Japan has all the rubber she These assaults upon the Street and is composed of business men—
schedules

sugar,

program

been

D.

good deal of additional

ucts, minus what MacArthur has
The

(Special

waterways will prob¬

been stopped, and passenger train

British

popularity.

your

trucks

production

you

own,
as
of tires for instance,
under oath, or your foresight may

not

is

so

inland

motive

element

.

and

taken;

business, particularly down the
Mississippi
and
up
the
Ohio.
Passenger car and passenger loco¬

front.
gets

rationing

surprise

have

ably get

larger—naturally. Washington has
to act fast, before civilians an¬
ticipate its rationing programs,
just as the British had to spring
their "point-rationing" system for
clothing. ■, So don't expect kindly
hints to be passed out from Wash¬
ington about shortages to meet
which it intends to apply ration¬
ing after you have had plenty of
time to stock up.
Incidentally,
stocking • up
isn't going to be
much

the

/

the

on

The

...

■■■•<•

BREWER, ME.—Merton E. Fos¬

freight-cars considerable re-rout¬
ing will have to be enforced, and

estimated, not over-estimated

J

Kendall

of

/'

*

■

Chronicle)

MASS.—Joseph

has

oper¬

will probably have to
their short hauls to the

up

scarce

ganda figures, but on the record we have generally under-

<

Financial

Knight

some

trucks

Those may be German propa¬

>

BOSTON,

trucks, but will probably be given
all
the
long-haul business the

be spending al¬
60% for war.

to

up

The

'(Special

happen to rail

roads

give

instance

for

Germany,

to

to your personnel, please
of the Financial Chronicle for pub¬
///•
'/-/^/;.--oo >^/:v. v:;/.,

Co., 31 State St.
A lot will

good, some bad for
which they do not have; second, earnings. OPM estimates 51,000,because our standard of living, 000 carloadings for the year—an
being
higher, • can stand : more average of
nearly
1,000,000
a
shrinkage; and third, because the week. That will shove the Octo¬
faster we convert and divert en¬ ber peak far over
1,000,000 cars.
ergy

{Special

staff

better

now

before the war.

was

lication in this column.

In fact

English¬

average

health

than it

etc., ations,

clothes,

the

in¬

by

up

employment.

say

man's

be

an even

automobiles,

of,

to

larger per
three counts: first, be¬
have a civilian backlog

spend

/able to

ought

we

arms

on

they

of their

50%

spend

can

shored

be

creased

If you contemplate making additions
send in particulars to the Editor

ness

on

done

and

interests of The Land of the

Free and the Home
—From "Mount

of the Brave.

Sterling Gazette"

(Mt. Sterling, Ky.) of Jan. 2, 1942.

\ A

Volume 155

TFF COMMERCIAL &

Number 4030

FINANCIAL CHRONICLE

101

*

Guaranteed

Tomorrow's Markets

Walter

Railroad

any
New Securities

Stocks

Whyte |%

(when,

\

Says

as

and

if

BROWN

issued J

Bought & Sold

3o$epb Walkers Sons

5^s, 1946
5s,

1959

-

50

Old Pfd.

-

Common

-

&

Preferred

Mtmktn Nrw fork Sink Extk*up

PFLUGFELDER, BAMPTON & RUST

!S^
Dttkn in

120

Broadway

Tel. REctor

GUARANTIED

NEW YORK

2-6600

) Signals have been given that,

Broadway
;

RAILROAD

lower prices but
higher
prices;
time
has back in 1929/
come
to
begin a. gradual those

Bell

REORGANIZATION

WILLIAM

58

New York

Telephone—DIgby 4-4933

Since1855.

HART SMITH & CO.

Members New York Stock Exchange

V

61

STOCKS

SECURITIES

,

♦

.

,

Teletype

NY

1-395

Montreal

New York

,

UAnover 2-0980

ST., N.Y.

Bell

Teletype—NY 1-310

Toronto

presage not

If you

recall

days you remember
? buying
program;\for details
you couldn't get a shoe shine
|see below:
j, v ' h J - >, without the boy offering you
( . ir By WALTER WHYTE A
a market "tip." vYou couldn't
?

ride

Last week I wrote that the
market

was

beginning
signs of a pending

show

>

take

strict confidence" about

re¬

would

it

came

without

elevator

an

>The

was

And

road

social

back

I have

jme

#

Hf

'

infinitum,

ad

nauseum

nothing to make;
change that opinion.
seen

that

today

can

see

the % almost

this in the vol¬

about

ume.
'..V

SjC

Now the

*

'

/, *

the. - market

forecast

the

Effects

sion

latter

belief.

market

>

Not that

;

will

the

blanket

cast a

*

■

rather

whether

it

does,

or

doesn't, is at best academic. :
'\-y.

*

*

-

§,.

of these

For after all is said and done

a

mentioned above.

specific security or ? a believe
of securities.
Don't on the

I therefore

that instead of

sitting

sidelines

of

the

country

V;

'

'

.!>

:

•••

-V?

Northwest

.182,350

South west
: 418,095
Sre&t Lakes-—I/-.:.—/' 294,871

are

sound

reasons

for this but

their discussion has

no

here.

Ohio, pfd., and Warner Bros.
place Both act well. \ Hold them
too.

*

*

;.
;

It all

:

*

Midwest

also

advise

one seems

this

*

❖

is

;

written dle

being

of

1940 and

the

big'talk in the Street is flirting with
coming taxes, how high 10-12.
they'll be and how they'll hit

a/

778,787

be

That taxes will

large is admitted.

Still the

talk of taxes reminds
the ..talk

about

the




me

of

We

supply several lots of

can

RAILROAD BONDS
Registered

Form

the

continued

coastal

and

cotton

except

is

picture

at

substantial concessions below

of

haul, it is logical to expect that
gross receipts will again outrun
the traffic gains. To this may well

issues.

same

Inquiries

;*■

1

WALL

WHltehall

Invited

ST.,

3-3450

,

be

NEW YORK
Teletype:

inter-

increased

shipments to the West Coast for
the Pacific war mean a longer

prevailing levels for coupon bonds

1-2050

NY

added

least

at

selective

some

freight rate increases towards the
end of the period covered. There
is only one disturbing factor and
that

does

affect

not

the

entire

Coast—

Pacific

Northwest—

looked^for in automo¬

offset the wide

*As

traffic.

de¬

fact, the various Boards

6.5

stances to make any estimate

that

6.2

of

eliminated

231,299

—

Valley—

5.7

v..

200.041

,

-.

4.0

727,279

2.1

The

Southwest, Midwest and
Central Western continue in po¬
the top of the list,

while the great Lakes and North¬
have

west

to

cline

279,265

Pacific

Ohio

gains

C advanced

-sharply
from their positions at the bottom
list

the

in

final

quarter

The Ohio Valley
drops from second to last place.
About hal\f;_)of the regions, South¬
year.

a

under

unwilling

matter

of

industry. 'Much of the traffic be¬
ing moved (and probably the per¬
centage will increase) is classi¬
fied as Government freight and

" 665,693

States-

oil

some¬

of

diversion

steamships and

bile

Kansas

es¬

im¬

considering that
high grade freight should con¬
tinue moving in relatively greater
volume, that installation of addi¬
tional modern equipment allows
heavier loading per car, and that

7.6

"

were

the circum¬

loadings of assembled au¬

tomobiles

full

show

a

the

the

individual ?

group

commodity

estimates

drop of 68.7%

Great

Lakes

70.4%^

in

travels

in the
and.

region

Trans

-

Missouri-

Kansas.

land

the

lower

rates

over

It is hoped
rates
may
be

grant

by

legislative

action

Miami Party A Success
,

MIAMI, FLA.—-A very

ful
a,

Christmas

individual

success¬

party was held-

joint-account basis

by

all

on

the

municipal dealers in Miami, Fla.,
from 1 to 6 p.m. the afternoon of
Christmas

Eve.

served

was

Of

at

this year.

the

For

January.

month

one

to

thus

the land grant roads.

the

item

this

of

of

the

confining

quarter,

forecast
month

for

trucks

and

commodities,
grains, gravel, sand and stone,
chemicals and explosives, citrus
west,
Ohio
Valley,
Allegheny,
Atlantic States, New England and fruits and machinery and boilers
Southeast, are expected to carry are expected to make the best
a heavier volume of traffic than
showing with gains ranging from
was estimated for the
final 1941 21.1% to 26.6%. Building activity
is apparently expected to hold to
quarter.
'
a
high level, as such groups as
The, outlook for the Great
Lakes
area
is
particularly : cement, brick and clay products

the

respect

to

the

As brokers
on

ly

Alco¬

This

with

automobile industry; normal¬
more

.duced

try.

mid¬

automobiles

in this

region

than in

other section of the coun¬
The

Trans

-

Missouri-

Kansas region is second to
Great Lakes in automo¬
bile production and here also

currently
1939-40 top o

the

Board

we

blocks

in

Buffet

luncheon

addition

to

the

usual refreshments.

Defaulted RR Bond Index
The defaulted railroad bond in¬
dex

of

Rust," 61

City,
for

Pflugfelder, Eampton &
Broadway, New York

shows the following range
1, 1939, to date" High—

Jan.

34%, low—14%, last—30%.

inviie inquiries

or

expects

other

We specialize in

odd lots of

are pro-

the

is

a move.

agricultural

(13.0%)
products,

revenue

7.0

highest grade rails
We cdso maintain net markets in

SEABOARD ALL FLA. 6s/35

Wholesaling io Dealers

Oil Royalties

INT. GT. NOR. ADJ. 6s/52
MIL. NOR. CON.

4V2S/39

Send for our new booklet

"PETROLEUM ON PARADE"

SEflBOflPD ft & B 4s/33

It

will

help

sell

you

Royaltiet

PITTSBURGH <5. W. VA. 4 Vis
I

suggest buying it. So much
new purchases.
I am not
recommending the leaders yet
If, how¬ because they look like they

Another alcohol is U. S. In¬ for
dustrial Alcohol which has

already had

The

9.0

the

the market.

and

132,235

-

England

Atlantic

purchase of

smce

9.3

Trans-Missouri-

to have been under

accumulation

seed

1,052.239

—

Allegheny

any
»

automobiles

Chicago

.

for

are

gratifying in view of uncer¬

buy stocks you American Commercial
them, and not hol between 7 V2 /and 8.

averages.

9.5

205,865

Western—__

Southeast
New

10.3

883,219

Central

tainties

I

York

17.0

*,

down to this:

comes

if you want to
have to buy

As

Gulf, Mobile &

only
com¬

21.1

last

other stocks:

Increase

the

what mixed; but

Percent

(estimated)

>

made,

was

plements and vehicles, other than

Exchange

LEROY A. STRASBURGER & GO

(in cars)
'

■

aver¬

(3.1%).

*

(.•;' •■
l

of

There

New

arranged
in
respective gains:
Loadings

■

the

eral market advances.

Stock

York

New

following tabu¬

First Quarter

of

stock, no mat¬
Last week I recommended
ter how strong, can withstand
Intercontinental
Rubber
at
a
general market decline. just under 7. As this is writ¬
Though strange as it seems ten the stock is already across
different stocks will, and do, the 10
price. If you bought it,
refuse to participate in gen¬ hold it.
You still have two

Members

regions,

order of their

estimate

timate

varies

though
show some

board and pre¬
expected to

paper

modity groups covered by the

Bear, Stearns & Co.

rail

sec¬

25

declines expected in the 28

even

to

The

nitely.

no

outlook

paper,

considerably better than

no

fore¬

current

expected

are

sition close to

For

Issued)

than

between different

as

waiting for
me.
I don't news to develop that a grad¬
mean to say that the action of
ual buying program be insti¬
\»
averages doesn't affect indi¬ tuted now.
vidual stocks.
They do. Defi¬
group
misunderstand

the

usual, i-the

dividual

:■

and

on

Box

Chronicle,

Practically all food prod¬
ucts, including fresh and canned
products are well up on the list.
Except for automobiles, for which

impos¬

months

Financial

26,

oppor-;

capabilities.

Spruce Street, New York, N. Y.

lation shows estimates for the in¬

•*

now

(When

r

v

In

As

widely

W' *

one
can
get
quite the next two weeks I expect
pedantic about a favorite set the market to have another
of averages—the final choice sell off but I don't think this
of what to buy will still have sell off will carry prices be¬
to be answered by the indi¬ yond the 2 to 4 points that I

to

winter

for

L

the rail

on

offering greater

age.

Securities

casts.
■

over-

Desires

tunity

one

burden

above

ciably

of

trading.

change

that final results may run appre¬

event enough signals

Sometime between

almost

are

during other seasons. Considering
these factors, it is quite possible

all

—and

vidual and have to be limited

in

10 years

Thoroughly

phases

all

the-counter

do

to the

important influence

traffic

tors

overrated.

are

plants

Finally, weather condi¬
always have a relatively

more

the

have been given that presage
Reducing the market to an not lower prices but higher
average has its points, though prices..
most

additional

betterment.

In any

qualified

and

Reorganization

the

thing, For
another, it is possible that ration¬
ing of tires may cut seriously into
highway transport thus throwing

the

by aver¬ stock market. ^ I think
down too but opposite will be the case.

ages^ won't go

to
.

of the stoppage of au¬
production and conver¬

effort

tions

measured

as

due

/ '

judge for

an

connection.

present

estimates

Analyst—

contacts.

pared rooting are all

of

carriers.

over

their

Railroad

are

margin

normally,

sible to

about taxes
as to whether or
top." - Pit¬
ket will go off the 2 to 4 ting it another way: Every
points as a unit or in indi¬ body seems to think that
new "and
vidual stocks.
I lean to the the
higher taxes
comes up
not this mar¬

estimates

greater

a

automobile

does

so ?

It may be expected

defense

the present talk
forecast a
"tax

question

of

1929

in

break,

to

tomobile

talk

universal

released

Trader—Keen
Street

the

dislocations.

war

The

You

For

current

than

error

exists

condition

same

%

but instead of everybody talk¬
buying of last week or ing about the market they
about
the
so has dwindled
impending
away to the talk
I don't suppose the
point; Where what :• activity taxes.
there J is I seems to be gener¬ analogy is the same but I can¬
ated
among ^ floor
brokers. not help but feel that just as
>

the

subject

The

a

traffic.

rise of 11.8%.

,

•

have

country as a whole it is estimated that car
loadings will be 8.1% above the opening 1941 quarter, with all re¬
gions participating. This will compare with an actual year-to-year
gain of approximately 13% in the«>
final quarter of 1941 when the
Advisory Boards had estimated a

in for

anywhere from 2 gatherings invariably degen¬
to 4 points of the recent gains, erated into a discussion of the
market and stories of some¬
gains.
<
body who made killings, ad
-

Advisory Boards

for the first quarter of
1942, revealing expectations of continued
sizeable, although somewhat narrower, year-to-year gains in rail¬

some

all

other that

or

move.

a

Shippers'

Good
Good

to the operator telling you "in

when, and if, stock

action and that

'this reaction

in

Trader-Statistician I

RAILROAD. SECURITIES

market ever, it reacts to about 27-28

(Continued

on page

124)

1. h. rothchild &

co.

tellier & company
(Members

specialists in rails
11 wall street
HAnover 2-9175

Eastern

n.y.c.
Tele. NY 1-1293

42

Oil

Royalty

Broadway

nOwlinr

Green

9-7947

l^ilers

Ass'n.

New York City
Teletype

NY

1-1171

THE COMMERCIAL & FINANCIAL CHRONICLE /

102

:

■v

v

:

Thursday, January 8,1942

ally limited to within invest- t * ernment securities and corporate
ment income alone.

Agricultural Ins.

Bank and

National Union Fire

Insurance

1

i

:

-

made

i I

other

and

Stock

York

leading

120

exchanges

DJgby

Telephone

Bell

7-3500

1-1248-49

Teletype—NY

than
>

carried

the

in

new

funds

■

mark

down

fare

wartime

full

This Week—Insurance Stocks

^

*

RESERVE

*

FUND

.

,

£3,000,000
£3,000,000

.

.

/*/ : ' LONDON AGENCY

>

and

6

7

King

William

Street,

..

]j
•{?]

The

in

Towns

EGYPT

and

all

C.

E.

the

'--'V

the

in

SUDAN

^

example, alhas threatened
comcessation ' of J civilian

Branches

principal

;

;

for

.

NATIONAL BANK
of INDIA. LIMITED

;££;•;

>

plete

yOi.u];'

additions

substantial

•

V

serious

as

War, but it is not /• ..The extent to
it sounds.
Thahks: A losses in volume

as

to

pre-

mium volume in recent years.

States into the
r

re-

industry.

on

year,

ready
•

occasioned by entry of the United;

such

which

//
Ji

Bankers

]
']

offset by

are

Head

and

In

and

'

.

Bishopsgate,

26,

India, Burma,

Colony

in

Uganda

London, E. C.

.

j

.■

Government

Colony

Office:

Branches

;

the

to

Kenya

-

j-

;

7,

Although the final figures will not be known until the detailed to the year-end rally, the decline
expansion
in defense
lines ;
1-Dec.
31. (measured
by.
annual statements are filed, general comment in insurance circles is Dec.
f; will
depend on
the • agStandard-Poor's
i available to indicate roughly the results of 1941 operations. •_ <. •
averages).-was. ; gressiveness of the particular >
«,
I
Fire Companies: Stimulated by Defense spending and projects. only 4%^ for stocks; 3% for Jong-i :v/group or company. Losses and
term Governments (slight gain forj /
H the volume picture was generally favorable for 1941. Fire premiums
operating expenses, including
showed a large expansion for 1941, as compared with little or no short-terms); and 2% for corpo-j
are
headed upward;//]
ate bonds., 1
k,
„•
but if regulatory bodies con- •>
(gain in receni years. Automobilev
For the period' Dec." 31,^ 1940: tinue their enlightened policy m
premiums, which in. 1940 aggre-i
of permitting adequate rates, ; ]
Dec. 11941,7
Corn Exchange Nat'I Bk. & Tr. Co.
;gated $236,000,000, or 50% of fire;
iher«foi^jv.^^ittt:
volume, expanded again! to an-|
panies in preparing their security: 7;the heavier volume and; lia-4
Fidelity-Phila. Trust Co.
*f
A bility should occasion no danother probable high ratio of firei
values will find a 14%/ decline in,
companies' volume. Despite dis-;
Girard Trust Co.
stocks; and practically unchanged I gerK to
safe and profitable
locations
in
to slightly better levels in Gov¬ •/' operation,•
foreign
trade, the
v
Penna. Co. for Ins. on Lives etc.
"large increase in imports of stra¬
[

Cairo

1

.

the j

for

Results

CAPITAL

FULLY PAID

a

of

under

new

such ? amortizable

date will avoid the market decline,

f

1941,

year

the whole

was on

strictions

or

Register No.

:■!

■'

'

bonds.

I

••

therefore,

economy./

r

Cairo

Office

Commercial

/] ^automobile production, an inThus, this change in valuatioh' !;-!dustry which has contributed A

I

Bank and Insurance Stocks

or

{ year should not be conclusive
of how
the companies
may

voluntarily ^set-

to actual market

reserve

brings

to add to fiduciary
policyholders' surplus,

adjustment by the
insurance companies to a war

•r

of EGYPT
Head

money

period

1941 values. High
will continue to be
amortized values; but

aside

NATIONAL BANK

conclusive guide,

a

Conclusion: The

v

31,

at

de¬

com¬

increase in volume

as

liberal

not

are

;/'/

companies

many

V

alone

grade bonds

(L. A. Gibbs, Manager Trading Department)

4-2S2S

Dec.

gauging possible

liquidating values

pared to Dec. 31, 1940, however,
trends
of
the security /markets

curity valuations, will use Dec. j 1,
1941
quotations for both , stocks
and non-amortizable bonds, rather

Exchange

Telephone: BArclay

;

V

NEW YORK

WALL ST.

Stock

York

BROADWAY, NEW YORK CITY

,

1

New

Members

Exchange

cline in

1941, in
order to expedite the task of se-,

Laird, Bisseli & Meeds

Co.

NeiV

Member$

influenced

In

bonds*: J

Insurance companies for

Unlisted Issues

cfl%clli>. 1

r

strong

a

abnormally
payments.

invited in all

Inquiries

Bought—Sold—-Quoted

i

corporate fstocks

on

showing in 1941;
The year proved to be the best for
dividend
payments / since
1937,
when the undistributed profits tax

Stocks

Sec. Ins. of New Haven

Dividends

»

Aden

,«/

Ceylon, Kenya

and

Zanzibar

Subscribed

•

.

Capital...; £4,000,000 ?
Capital
.£2,000,000
,£2,200,000

V; Paid-Up

-•
^

,

Reserve

Fund

>

.

The

'

,

///

Bank

conducts

banking

exchange

and

of/

description

.every

business

.

Trusteeships

-

Executorships

and

also

;

undertaken

.

Philadelphia National Bank

tegic materials has led to larger
premium volume in cargo and
while

insurance,

risk

.war

ance.

Phila. Transportation Co.

U

have created a large rise in

unearned'

'.that

*>n

"statutory"

ratios

although

lower

the larger

on

estimated

will;

1941,'

and loss ratios

man's

surety-—produced steady upturn in
volume that may enable casualty
companies to
crease

their

top

volume

'in

11%

shown

will

has

experience

3

finished sales

into a

way

it, because the prospect is al*
ready conditioned for the tele¬
phone interview.
Now here is

used the telephone to

In the

of 1941.

the last half

in

1941 in both the

marine field,'

ocean

258

/

Bishopsgate, London, England

fund_-_i____r/i£4;l 25,965

Xv.

£69,921,933
Bank

Associated
■

/

Williams Deacon's Bank, Ltd.

;

advan¬
the most important part of tele¬
First, he has called on his
-•
customer or prospect and during phone selling.
Under such conditions, the ,
this interview has made a def-1 ;

7

.

inite
lar

Automobile loss

has

been worse for
bodily injury and

suggestion of some particu¬
In many cases, - this
been a direct offering .of a!

nature.

salesman

,/

}

his

has

at

prospect

point where attention has :7

a

been assured by

BANK OF

already

interview

personal

particular

Australia and New Zealand

the previous

security., At another!
referred to.
4
?
has 'suggested .an exr)
classifications. change of one security for .an# ^Desire and action, can be stimu¬
losses were also sharply higher, property« damage
Motor vehicle accident deaths in;
other. Always, the interview has lated by the salesman's power of
one
notable instance
being the|
155 large cities - tqtaled 8,927 for
had
a
Fall River fire in October, 1941,
specific - purpose
and - a carrying conviction over a tele¬
the first 49. weeks of 1941, com-, stated
iwhich
caused
abjective as the basis for; phone wire.. This is a very sim-,
aggregate ; ocean;
discussion
with ithe
client. pie / procedure despite' the pre¬
•marine losses estimated at over! pared to 7,957 for 1940, with the, the
week ending Dec. 6V 1941 alone;
Sometimes, rather -than suggest-; vailing belief that telephone sell¬
i$5,000,000.
If
Higher losses are
an
in—. ] showing a 19% increase over 1940.! ing that the client should .come ing is exceptionally difficult.
field

automobile

offices,

Capital (fully paid)£3,780,192

o]qe of the best aids in making sales
cab<$>-

write#

that the

of

number

tage.

field, especially in

automobile lines.

one

>• 7

Whyte

■

POREIGN-^^^DEPARTMEOT/ ^v}

Deposits

Here is

generally show good under¬

in the casualty

frequencies

Properly fitted

Reserve

to

operations

casualty

broad subject.
lazy

very

a

technique, the telephone can be

has

1941

making calls.

of

way

have

mid-year 1941.
While

salesmanship which-in itselfis

'{OUIBP

/

that any competent salesman
at his command.

in¬

up

securities

Total
-•'

Many salesmen abuse the telephone, probably because it is a

and

OFFICE—Edinburgh

-1-*,-*; % f •vwilliaitt

The telephone is one of the most valuable tools available to the

writing profits, the same tendency
for losses to increase is apparent

sharply in the

rose

fidelity;

and

Commercial Banking

$-■->i/!;-VGeneral Manager

securities salesman.--The proper use of the telephone, covers a phase
of

the Na¬

by

Accident

2-2280

257.

leading lines—liability, workmen's

tional Board of Fire Underwriters

1940.

HAnover

PH

1727

Over

of

HEAD

•

TRY] THIS!

New York Phone

v;

/

?

CAN YOU SELL OVER THE TELEPHONE?

Philadelphia

_

compensation

aggregated $291,000,000, indicating
•an
increase of $13,200,000
(5%);
•over

::

Teletype

expense

volume

For the first 11 months of

losses

1477

so

help to keep down combined loss
and expense ratios.
J
fire

t

,.

Charter

r

(earned)!

basis, net underwriting operations
will generally be lower or deficits
for 1941. Loss ratios, too, will be

higher,

Phone

Locust

liability,

premium

a

Phila.

Street,

Chestnut

1421

Royal

by

■

Years

200

H. N.NASH & CO.

These increases in volume, how¬
ever,

& Pfd.

2039

3-6s,

'-.Incorporated

The Securities Salesman's Corner

Provident Trust Co.

the

shipbuilding program and increase
in value of existing tonnage have,
continued to expand hull insur¬

Royal Bank of Scotland
v,

..

•

-

time,'jhe

,

-

k

-

.

NEW SOUTH WALES
(ESTABLISHED

1817)

,

.

.

evitable

premium

higher
—

accompaniment

wartime.
tor

is

volume

-

not

so

much

whether

mium

reasonable

a

gin. For this
of

f

mar-

adequacy
is of special impor-

rates

tancc

:

pre-

income keeps pace and

preserves
•

to

reason,

reasonable

assure

underwriting

at

therefore

;

the

to

States

be

will

rate
<*.,

and

reductions

a

in

I larger portion of incoming funds.

(or

As a result,
investment income,
j despite theTarger volume avail¬
h able for investment, showed only

stock

that

i

Such

recent

!

lowever,

ume

rn

1941

fq^

was

the casualty field. The

am

<

i

conservative

company

practice,

insurance
are

gener-

.

'will

f

to

is

Members New York Stock
,

/

one

the

should

about

NEW YORK

Teletype—BA

!>°(Ut

288




WHttrhnll
■

„

i

\

'

.

8-9630

NY 1-553

A

you

should

can

j

SIR

in

j
j

straightforward tone of voice, as
if you actually believed in what

Then, I can feel
than

ever

that

follow

at

/

this

of the

in

a"

client

at

CThe Bank of New South Wales Is the oldest
•..

and largest bank in Australasia.
870

New

other

.

you

the
It

over

ask

ere-;

are

selling,

in

cases,

you

of

order.

is

easy

the

for

branches

and. London,
and

it

efficient

"V

of

States

the

offers

With

over

Australia,

in

complete-

to

investors,

interested

in

these

••

.

t

OFFICES:

LONDON

Threadneedle

-•i'f.V':''t.1'!;

most

service

banking
travellers

and

V
29

Street,

E.

C.

Berkeley Square, W. 1

Agency arrangements

throughout

with

II.

the

S.

.

.

Banks
A.

.

will

:

ma-

get

The

But

believe

you

and

order

a

so

Will do business.

The

many a

over

believe

we

This is

gestion that the writer

.

in

that
voice will "ring" with it. Put

by.
an

clubs.

telephone

7

to ask for

'phone,
it.

the

their

situation strongly enough

one

a

you

sug¬

swear

will

telephone

can

close

sale if you use it properly.

ahead and
telephone was

so go

Arms For Defense

.

An

.-

evidenced by the sales¬ that we come back to the same
man's manner, and his definite fundamental principle we have
leaning away from the normal always,, tried to stress in these
articles
on
securities
desire to force a decision during various
the interview.
'•!./
VI salesmanship. That is, you can't
After such a build-up, the tele¬ sell -anything unless you believe
phone call the, next day or so has in it. The first problem is to con¬
vince and sell yourself, After this
very much more meaning behind
..

all

countries.

5
This confidence is a nat-f made for closing business.
Here, once again, you will see
reaction/to
the:,lack, of
.

in

Zealand, Fiji, Papua and New Guinea,

that sort of voice to work

selling.;;:
you do believe in what

jority

-

"delayed

Confidence is

your

you are

procedure

logical

end

to; him

If

f \

'

at

talk

let

Manager

George Street, SYDNEY

convincing,

the

i

and

Office:

'phone and

1

you

DAVIDSON, K.B.E.,

General

Head

is
done, you can sell others—•
whether they are sitting home at
their firesides, at their offices, or

situation; / if
it
satisfaction, I

picture of

other

ALFRED

-

mean

office, with the
your-/hand, get a

8,780,000'
£23,710,000

your

telephone

;•■•]:•
and

in

sit

you

6,150,000

of Prop.

Aggregate
Assets
30th
Sept., 1941 _i...._^._£l 50,939,354
;

traders

say.

mental

pressure,

Exchange

can

;

up

.

Telephone—IMe7,n

.

more ; ;

variations;- of
close" build- up a
psychological reaction in the cus¬
ated,

BALTIMORE

Jones, I believe

"ring."

a

you

this

certain

These

the

1899

have

that

way

.

my

tomer's mind.

Established

just

get

time."

ural

Liability

other

are

know.

you

»

a

buy .these bonds" that,

telephone

you

\

-

Mackubin, Legg & Company

voices'/ that>

the

particular '
checks

this

STOCKS

Believe it-or not* there

say^ it.

are

There is

sell

cleared

'more

INSURANCE

you

you.

You might say, "I ex-

to

point

strengthened
scale of

the

also

I

pect

occurred,

the safety of present

Companies: The vol-r

picture

favorable

has

as

dividends, which, pursuant to

years.'

CasvaHy

believes
that the proposition he is pre¬
senting will be of real benefit to
his customer, his voice will carry
that story. 7 It is not so much what
you say over the telephone that
is important, it is-the way that

price of
offering you).".

suggesting

vice-versa—the

nique.
increase

the

of

honestly

"Mr.

am

There

( small rise.

fairer

I

salesmaq

more to your client when it comes
.
perfectly ; j to getting him to act, than all the
logical variations of this tech- j statistics you can .show him. As

f

It is

hoped

reversal

rates

{

which

during 1941, the

and

a

allow

and Governments

time

profits

strengthen surplus

of expanding liabilities.

the

the

.

,,

and losses

whether

but

decision during

£8,780,000

Fund

Reserve
"

,

.

definite

a

not! interview, the way has been pur¬
i helped by the broadening of the, posely left open- so that a deci-f
could vbe. reached
by fhe^
coverage of the automobile policy sion
\
j for both bodily injury and prop-i client at a latter date./. Something;
:
;
.1 like this has been said: "Do you;
i erty damage... Investment Results: In view of know, Mr. Jones, I would/like tq
;
the uncertainties of both the stock, call you on this tomorrow.. I think,
j
I might be able to do a little .bet-j
and
bond
markets,
most
com¬
i panies continued to , add to cash ter on the price of the stock

*

increase

to

Moreover, this tendency for au¬

i

tomobile losses to increase was

in

The important fac-

aggregate liability

"

to

Capital

Reserve
v

-

.

/

•Paid-Up

paring

interesting
the

circular]

com¬

four

leading "arms"
companies has been prepared for
distribution by Clokey & Miller,
52

Broadway,

members

of

curity

Dealers

ies

the

of

by the firm

New

the

York

New

York

Association.

circular
upon

City,
Se¬

Cop¬

wilh be*>sent

request.,,

103

DIVIDEND NOTICES

NATIONAL SECURITIESSERIES
Preferred Stock, Series

'

UNION BOND FUND "B"

Income Series

Low-pri

Bond Series

r:riai3iNCE

UNION BOND FUND "A" ;

;
4

,

UNION BOND FUND "C*
UNION PREFERRED STOCK FUND

Lpw-priced Common Stock Series'

UNION COMMON STOCK FUND "A"

CORPORATION

UNION

;

*

^

FIRST MUTUAL TRUST FUND

COMMON STOCK FUND "B"

UNION FUND SPECIAL

:i;;r■ dividend notices

COMMODITY CORPORATION'- CAPITAL

COMMON STOCK

A quarterly dividend of 35c
:

a

snare,

plus

an

oflOc

dend

a

been declared

/

Prospectuses

,

com-

upon

request

NATIONAL SECURITIES ^ HiESilEMCil

,

One Cedar St

stock of the company,,

mon

:

the

Prospectus covering all classes
of stock on request
:

1

extra Divi¬
share, has

on

rnc.

STOCK

r.New York

: 11

Lord, Abbett & Co.

CORPORATION

INCORPORATED.

Buss Bldg., San Francisco

63 Wall

Street, New York

/payable Feb. 1,1942, to hold¬
of record Jan. 27,1942.

ers

/ 53 RD CONSECUTIVE DIVIDEND
'

Cumulative Prefer«nc« Stock

^

The 53rd consecutive quar¬

terly dividend
the company
sor

on

the Cumu¬

Preference

lative

Stock

of

and predeces¬
has

constituent company

.KENTUCKY UTILITIES 4s, 1970

been declared at the rate of
C J/ 50c

;

rently quoted I04?l 05 to yield approximately; 3.71% on the asked
side.
During 1941, this issue has raniged between a high of 108 and
a low of 104%.
Offered in February) 1940; at 102, the high and low
since that time have been,; respectively,. 108 and 98 %.
The present

L. E. MICKLE,

vj

;

Vica-Prea. and Treasurer

>

Traded over the counter, Kentucky. Utilities 1st 4s, 1970, are cur¬

/;

a .share/ payable' Feb.
1,1942, to holders of record
Jan. 27, 1942.,
\
:..v

call
OFFICES

36

IN

9

STATES

to 106.

recedes

COLUMBIA
ELECTRIC

&

CORPORATION
The

Beard

of

has

Directors

'v:—v
:
—:—
i ship. All in all, the eompeti- /

*

.

U jtivefactors

declared this day the following dividends:

^.Cumulative

6% Preferred Stuck, Series A

Xo. 61, quarterly,

$1.50

No.

Cumulative

payable

on

Stock

Preference

No. 40, quarterly, $1.25

]■■'<

:

5% Series

51, quarterly, $1.25 per share;

5%

v

sharfe"

per

Cumulative Preferred Stock,

share

per

February 15,1942, to holders of
20,1942.

record at close of business January

.

Dale
:

.

January 6,194?:

'

Parker

■

•

•

Secretary

■:;

cooperating to the fullest in working out investment plans for the!
individual iwhich will" permit of substantial purchases of- defense!
bonds and stamps. As a matter of cold fact most investors feel that:
they cannot afford the sacrifice of immediate income required fori
the

purchase

affecting -Ken-;-

tucky utilities are not as sedon, is engaged principally in the
generation, purchase and , sale of 1; yere as those encountered byelectricity; at retail in, approx!? ./$■ many .other Southern propermately 3d7 communities. in south? ic, ties and should not be given
eastern, central and western Ken-r k: undue weight in evaluating
i.. these bonds.
Total gross revtucky and 3 communities ¥ inTennessee.
The major communities U enues. in 1940 from Middiesserved
are
Lexington, 1 Paducah; M boro, Paris, Glasgow, and one
Middlesboro,
Winchester,
Dan¬ i or two other communities in¬
volved in competition
with ville, Richmond, Paris, Somerset; fthe company or which have
Glasgow and Princeton. Popula¬
tion served with electricity at re¬ k;- indicated' their desire to enter
tail is estimated at 392,755. Com¬ ;; the
electric business, were
1;estimated
at
$485,000, torpany also furnishes ice? water, gas
and
bus
service, but' these are I about 5.4% of the company's
minor components of the business;
Since the company's system is

transmission

within
certain

distance

of

p gross operating revenues from
i'? electricity.

of

;

Over

\

of

90%

the

investor's

is to

ways,-

defenses-

most

problem,

al¬

as

adequate -in¬

secure

• and
relative v safetyin
capital. To place part of his. funds
in defense bonds will provide absolute dollar safety for that por¬

come

~

tion.

But

he must

consider

still

the

possibility of decline in the
value of those dollars, and he still
must
make
provision
for the
immediate income.

necessary

PROSPECTUS ON REQUEST

HUGH W. LONG and COMPANY
INCORPORATE!)

The

investment company

solu¬
tion is to provide through ade¬
quate diversification, a relatively
safe investment in securities that,
taken individually, might be too

15 EXCHANGE PLACE

*

JERSEY CITY,

:

investment

company

port¬

folios are speculative.

company's

power i

What

it does

-

vestor

is that

mean

would

who

consider

only

*

blue

the

15,
;.-

THOS. A. CLARK
treasurer

there

1941-—the end of
last fiscal year—4
exceeded
$35,000,000.
paid since incorpora¬

assets

However,

slight

a

-

the

N. Y. Stock

Exchange
Weekly Firm Changes

-

tion

a

turn

formerly from /the ;

than

higher rate of re^

in

1932

have

totalled

over

$17,400,000.

remaining portion with about
the

increase in
larger - pur¬

granting of a franchise for a operating ■ ■ expenses,
period exceeding twenty years. In chases of. power and- gas, and a
1933, the; city of: Paris, whose heavy " increase in taxes kept net
franchise expired in 1929, installed bperatmg) income of
$3,185,000

Dividends

in defense

bonds, get

unexpired franchises in 1941," totaloperating revenues of
most of the larger communities $11,355^)00: were up $85.7,000,or
served > (except ;• Glasgow), since '8%,over -the like
1940 period.
are

1892 the State Constitution forbids

of his funds

part

.

subscriptions]

31,
company's

its

of

chips

Oct.

On

ordinarily

the bluest hue can, if he puts

:

-

month of increased

in¬

the

other month in the year, and rep-;
resented
the
fifth
consecutive;

,

1942, to stockholders of record on January
194?. The transfer books will not close.

634 SO. SPRING ST.\
10$ ANGELES
?

;

1

speculative for the taste of the
individual investor.
;
/v-j: subscriptions for shares in Decem¬
ber, 1941, exceeded those for any
./ This does not imply that all

sites of, the Ten? revenues are, derived from sale of
NATIONAL DISTILLERS
riessee Valley Authority, there, has plectric energy, the balance being
PRODUCTS CORPORATION
naturally been some effect upon fairly, evenly divided between ice,
the company from competition and gas and water, with bus operations
The Board .of Directors has declared a regular
from some successful municipal: Contributing a- negligible amount.
quarterly dividend of 50<! per share on the out¬
activity.
'Although For the T2 months ended Sept; 30,
standing Common Stock, payable on February. 2, ownership
*

The

.

.

,

i

/
The open-end investment companies notrknowing-whatq.direcfc
part they. may be called upon to. play in our national effort are

price-is 106% which holds until Dec.. 31, 1942; in 1943, the price bonds.

Kentucky Utilities. Company, a
unit of the Middle ..West Corporal

GAS

/

same

Manhattan Bond Fund has de¬

degree of safety by

clared

/ investing it in a well-diver-

its

14th

consecutive

quar¬

*

sified
'•

-

of stocks

group

slightly

of

v

blue /

brilliant

less

a

through the investment

terly dividend payable on Jan. 15]
1942 to holders of record
5th.

com-

The amount is

share, plus

11

on

Jan]

cents

per

extra at the same

pany.
■../;» k .: ■/; :y;;'
generating plant and • competes gome 10% beloW the $3,541,000 re¬
time of 2 cents—a total of 13 cent$
There is an investment trust to
with the company's electric ser-> ported. in the 1940 period. Interest
per share.
The 11 cents are de-j
answer practically any investment
vice in that city.
Middlesboro, .in ..requirements of- $1,593,000 were
rived from ordinary income (bond
weekly firm changes:
requirement. When properly em¬
J Vernon
interest) less operating costs. The
C. Brown, general part¬ 1936, voted to.construct a distribu¬ thus;/covered 2.00 times; in the
tion system and the.following year prior period, interC&t requirements ployed tjiey form an unusually 2 cents extra results from
net
ner in Vernon C. Brown
& Co.,
adaptable investment medium.
contracted to purchase power from of; $1,759,000 were covered 2.02
profits realized on the sale of
New York City, became a limited
the Norris Dam project, but so far times.- Overall charges including
!
portfolio bonds. V '
j
partner on Jan. 1.
Investment Company Briefs no transmission line has been built
all
preferred
dividends , were
Gayer G. Dominick, a limited
v
National Securities Series, not
by TV A to serve Middlesboro. In earned 1.31- times in the 12 months
The Keystone Custodian Funds
partner in Dominick & Dominick,
1941, compared yet two years old, passed easily group reports that its series S-2
New York City, became a geheraL 1938, also, Glasgow voted in favor, ended Sept. 30,
of building a generating and dis? with 1.36 times in the comparable by the $2,000,000 sales mark dur¬ Income
Common
Stock
Fund
partner.on Jan. 1. .
tribution system, but: the company- 1940
period. In every case these ing the last quarter of 1941. The showed total assets of' $873,161
/ Allen
L.
Wetmore,. a general
secured an injunction against the earnings are computed after Fed¬ National Low-Priced Bond Series
equal to $10.44 on 82,807 shares
partner in Dean Witter & Co., San
led in volume, with National In¬
issuance of the necessary revenue eral taxes.
k'-v:'
outstanding
on
Nov.
30,
1941
Francisco, became a limited part¬
come
Series
in
second
place*
bonds to finance the project. -This
compared with $754,935 equal to
ner on Dec. 31, 1941,
? '
; I.llheifpllbwihg showk some (of the
National Bond
Series, National
proposition is now in litigation.i 1$10.77 on 70,077 shares outstand¬
Charles V. Snedeker was rein¬
more important income items for Preferred Stock Series, and Na¬
Several smaller communi- i
ing at the close of the fiscal period
stated as a member of the Ex¬
tional Low-Priced Common Stock
ended May 31, 1941.
ties also have shown tenden- [ the years ending Sept. 30th, 1941,
The trus*
change in good standing oil Dec.
Series follow in the order men¬
tees' report states that the cur¬
cies toward municipal owner- /
23, 1941.
" 1 '
"Yv;
tioned.:.: V:
'■!: v'iV rent
high -eajmirigs reported fot
12 Months Ended Sept. 30
k-Hamilton F. Kean, partner in
1940
v
1941:
;
the companies whose stocks are
Kean, Taylor & Co., New York
Dividend
Shares
reports that held in the
Operating revenues—
v,';(
portfolio indicated the
$9,573,705
.$10,401,137
City, died on Dec. 27, 1941.
/
Electric
average stock was selling at Only
291,465
w;/V
319,226
<, J/ Berliner &
The 1st 4s, 1970 are rated at
Co., New York City,
272,433
6 times estimated 1941 earnings,
268,995'
Gas.
dissolved on Dec. 31, 1941.
•
271,966 medium to better grade by Moody
274,692
Water
after
providing
for
increased
89,295
91,468
(' Herbert M. Dreyfus & Co., New
(Baa), Standard and Poor's (B1 + ) taxes. "The distribution of 50
'■
:
and Fitch (A).
,York; City, was t dissolved as of :
r-.
v-:". p"!"
-•
^
,
1
$10,498,864
cents r»er share for the period was
$11,355,518
Total operating revenues1
Dec. 31,1941.
:
2,866.120
3,141,073
(Continued *on page 122)
)
Operating expenses

The New York Stock Exchange
has
announced
the
following

.

an

a

_

-

-

.

-

•

.

••

»**-•

———'——-—

••

i;

| H. G. Einstein & Co., 500 Fifth
Avenue, New York City^ mem¬
bers of the New York Stock and

Exchanges,

opening 'of

a

management

announce

new

the

investment

department,

under

the direction of Norman H; Edel-

spn.

Mr. Edelson

was

of the "Dow Theory
vestors'

weekly

publisher

Letter," in¬

trend

and

gas

(analysis,

Taxes

(including Federal)

Available
Times

for

fixed

charges

the

$3,543 630

v

,

■

earned

Depreciation has
up

677,356

1,213.739

$3,184,956

:

1,024,720
563.479

1,265,033
2,117,042

pur9hases-'->--/rJ/Jir-.-ii"£^4^r-^r^i.^

573 585

.

Depreciation

Dept. Under N.Edelson

Curb

Power

Maintenance

H. G. Einstein Opening

considerably
amount

in

above

2.00

due in 1949.
and 2.52% of plant.
Maintenance Total: mortgage debt is equivalent
represented 4.96%
of ~ operating td approximately 58% of net book
revenues.
*
«•..
:;y J/- yalue of plant account. There are
The
company's
fundeddebt aliso; outstanding $13,010,900 of
totals $30,795,000. The 1st :4s; 1970/ preferred stock—-$7,601,100 of 6%
are
outstanding,. $20,00,000 and $100 par, and $5,409,800 of 7% $50
constitute, a first lien on substan¬ pir.
The. 102,946 common shares
tially all property of : the comoany : are / all • held by Middle West
there are, in addition, $5,840,000 oi Corporation*
-

.

ture

be issued in

the

by H. G. Einstein & Co.




fu^

Group

Shares

Bank Group/Shares

Insurance
Stock

&

•

-

Group Shares

Bond

Group

Shares

I

...

UND

PROSPECT^ON REQUEST

SECURITIES, LTD.
Prospectus may

be obtained Jrom

Wholesalf DlsS^utors
HUGH W.JIG andMHPAHY
WCOtROR*Tfe:^i^

.

_

AN

MA!
BO

INSTITUTIONAL

subsidiary, debt

,

Which will

'

2.02

been stepped sinking fund mortgage A V2s, 196$-,
recent years, junior to the 1st 4s; $4,675,000 of
for the; 1941 Seriaiv: notes; : 1940-1946; $208,000

period representing 11.5 % of gross bf

Aviation

1,620,691

IS

HARE'S LTD.
15

Exchange Place
T9

Rector

Pacific

Jersey City, N.

Street. .New

York,

EXCH4H* PL
JERSEY Cin

N.

Finance.Bldg., Los Angeles,

J.

Y.,
CaL

634 SO. SPRING ST.
LOS ANGELES

THE COMMERCIAL & FINANCIAL CHRONICLE

104

house when it installed

Fifty Years On NYSE

its Albany

For J. S. Bache Co.

of

ber

J. S. Bache & Co., 36 Wall St.,
New York City, is celebrating its
50th

year

as

member.

Exchange
1892

as

a

to

successor

business established by the

old

Kelly

well

as

In

?

Stock

oldest

be

Enterprise—the Founda¬

of its

the

subject of

livered

of

the

United

war

States

will

the

of

States

Inc., at
Year

of Commerce

Chamber

of

the State of New York at 65 Lib¬

erty street today.
Percy H. Johnston, President of
Chamber will introduce Mr.

win

"emerge

unified

and

stronger,

more

the

following

Hawkes

progres¬

session which begins at

noon."'

sive than ever."

Exchange

United

the

the

and

The firm
more

Hawkes,

W.

the first meeting of the New

partner, stated confidence

the

Albert

by

address de¬

an

dent of Congoleum-Nairn,

custom¬
occasion

the

on

anniversary, Jules S. Bache,

senior

that

firm

the

Freedom" will

of Individual

Chamber of Commerce and Presi¬

letter to the 95,000

a

of

ers

cities of the Nation as
representatives in nu¬

a

the

holds

family

1879, the firm has
office in the
Building at 43 Ex¬

by

tion

Exchange.

opened the first out-of-town wire

operated

coun¬

President

one

other localities.

merous

the

Stock

change Place, New York, until it
today
maintains
offices
in
40

principal

throughout

"Free

membership in the Chicago

of J. S. Bache in

expanded from

other

active

brokerage

a

To Hear Albert Hawkes

and

house

the

try,

Stock
Founded in

NY Chamber Of Commerce

mem¬

stock

leading

exchanges

New York

a

wire to

a

office in 1893. A

Thursday, January 8,1942

v.:'

business
12 o'clock

;;v*/

Municipal News & Notes

Harris Trust and
Organized

Savings, Bank
CHICAGO

HARRIS TRUST BUILDING,

'

••

•

-■...

,

.......

*ft

,

,

...

Statement of

"v

i.\"'V

'•

^ndition

.-

December 31, 1941

,

*

.

determined to get State and

Congress has refused to pass such

securities

.•

legislation but now that there are
few, if any, untaxables for de¬
fense, it is reported that ? some
Treasury officials sense a change
in the Congressional attitude and
believe
that reciprocal taxation

V;

'

*

.

t

ahead. This would

of bonds is just

of course, placing Federal
and municipal securities on the
same
taxable basis.
Passage of
mean,

Resources

.

Hand, in Federal Reserve Bank
and Due from Banks and Bankers

Cash

on

U. S.

^

•

y

•

such

•

,

.

U. S. Government Securities, not exceeding market:
Due prior to January 1, 1948
:
Due on or after January 1, 1948

2,294,000.00

^

prepared to do this.
; • At the present time there
are
cases involving the collec¬

.

several

35,619,451.55
13,481,908.44

—

Due

Municipal Securities, not exceeding market:
prior to January 1, 1948—
—
38,305,880.17
on or after January 1, 1948
—«6,007,544.07
t

,

Other Bonds and Investments, not
Due
Due

-

Liability

Interest Earned but not Collected
Other

r

—

;

Resources.—

944,483.46

v

invade
local

The

three

termination

of

has

directions:

,

273,182.40

of

the

on

domain

been

from

Court

Congress,

Constitution

Liabilities

that

state

Constitutional

is

believed

method

Capital
Surplus

—;

it

—

Reserves for Taxes,
Etc.

by

3,803,156.54 $18,803,156.54

.Undivided Profits

Interest, Contingencies,

ply because there is also a Fed- )
eral : gasoline
tax.
Nor is the|
State

of

tion

Acceptances and Letters of Credit
Deposits
Time Deposits
Trust Department's Cash Balances

•!;

J

will

the

Amend¬
the

be

stand.

States

income taxes.

only

But

and

most officials would

Chairman of the Board

v,

bowman

even

though

in

be

They

would

pro~Mpr»+

States will get in

for

sition
it is

Executive Committee

i

v

JAMES M. BARKER

THOMAS DREVER

Pres. American Steel Foundries

m. haddon maclean

the

HAROLD H. SWIFT

;

Hall & Ellis

Swift & Co..
STUART

rate

J.

possible for States to do so,!
should - be retired and;

debt

all

surpluses built

Chrn. of Board, The Adams

Municipals Hit Record

Prices
These

bonds

are

1941

this

wit¬

country

nessed the involvement in war of

practically the whole of Europe,,
recently, the major por¬
tion of the Western Hemisphere.

Asia and,

Throughout

the financial markets in

powers,

United

tained

have

States

extremely

an

after

True,

this
most
trying
most of the vic¬
scored by the Axis
,

with

period,

each

new

were

and calm

(Continued

keel.

upheaval,-

recessions

there
reason

main¬

even

but,

page

on

121)

.

:

.

1, 1942 to 1961, inclusive
our

Trust Funds

opinion, for Savings Banks
in

New

York

offered

to

yield 0.50%

when,

&

as

State

to 2.00%

and

HALSEY, STUART & CO. Inc.

FRANK H.

BLAIR & CO., INC.

Co.

•

•

HEMPHILL, NOYES & CO.

WOODS

Chrn.

AddressographMultigraph Corp.
,
.

■

,

Dated December 1, 1941.

herein

January 8,

1942.

been carefully compiled from sources considered
not guaranteed as to completeness or accuracy, we

has

and while
,

Deposit Insurance Corporation

Principal and semi-annual interest, June 1 and

December 1, payable in Albany, N. Y.
Coupon Bonds in the denomination
of $1,000, registerable as to principal and interest.
The information

reliable,

believe it to be correct

as

of this date.

as

again prevailed,

if issued and received by us and subject
to approval of legality by counsel, whose opinion will be furnished upon
delivery.

contained




a

r

High In 1941

Westlake Co.

Vice-President

Member Federal

up.

amount.

or

;

TEMPLETON

WARD W. WILLITS

.A. H. MELLINGER
Pres. Illinois Bell Telephone

better fiscal po¬

.

Wilson & Mcllvaine

McKINLAY

FRANK McNAIR

Vice-President

!

>

post-war period. If-

These Bonds, to

Vice-Chairman of Board,

President, National Tea Co.

ARTHUR B. HALL

CHARLES H. MORSE

Sydney g. McAllister

FRANK R. ELLIOTT

ex-1

that'

so

obligations of the County, payable from ad valorem taxes levied
against all the taxable property therein without limitation as to

Chairman, Exec. Committee
International Harvester Co.
JOHN

the

see

WILLIAM P. SIDLEY

Vice-President

Director, Sears, Roebuck & Co.

to

used to reduce out-

indebtedness

standing

Sidley, McPherson, Austin &
Burgess

Vice-President

Chairman of

all

like

revenues

cess

receipts may¬
expenditures.!

total
of

excess

be issued for refunding and relief purposes, in
the opinion of counsel will constitute valid and
legally binding

,

c. lingle

see

their present scale of taxes

1.90% Bonds

and

Vice-President

„

prefer to

tinue

Albany County, New York

j
v {

$347,310,737.36

[

State and local governments con¬

$1,021,000

DIRECTORS

HOWARD W. FENTON

;•

reasons, )

'

Legal Investments in

STANLEY G. HARRIS

be-j

*

anti-inflationary

I For

mu¬

Due December

ALBERT W. HARRIS

taxes

.

■,State: Income Taxation

6,798,586.54
,182,401.06

—$278,515,356.98
27,090,999.96
15,920,236.28 321,526,593.22
Total

of

income

of the existence of Federal!

cause

Interest exempt from all present Federal and New York

a,-

Demand

most

to the imposi- |

Treasury opposed

.

}

—;

that

to

A

Constitutional amendment, fought

$6,000,000.00
9,000,000.00

.

a

is not in favor of asking the)
to eliminate that tax sim-!

the

ment

;

and

has

States

tories* being

specific

State

State

ury

cannot be achieved -fey. an Act of
Congress, that such would be in¬

—$347,310,737.36

of
a

gasoline sales, the Treas-*

sufficient and unconstitutional.

Total—

If

on

During

approach

decisions,
Constitutional
amendment.
The first obviously
has failed, and many authorities

Act

the

taxation.

tax

exemptions.
.

115,424.85

——

local
opened up for Federal
taxation, they are not inclined to

than two decades

more

called for the

has

- ^

94,170,819.96
450,000.00

Acceptances and Letters of Credit-

on

Hereto¬

interest.

Secretary of the Treasury

every

14,993,264.83

—

Federal Reserve Bank Stock-

Customers'

For

case.

29,015,920.11

prior to January 1, 1948_
after January 1, 1948-

on or

These are being

.

exceeding market:

Loans and Discounts

v

:

under Trust Companies.Act)

'

with

from

incomes

on

fore, the Treasury has had diffi¬
culty getting test cases because
the
individuals .involved
went
ahead and paid the tax. However,
the bill embodying the reciprocal
tax
provisions is being drafted
quite independently of any« set

^

(Including $500,000 deposited with State Auditor
'• *

.

.

taxes

municipal bonds.
watched

State and
Due

of

tion

(Including $16,029,000 set aside to protect Trust
Department's Cash Balances)

•

bill would mean litigation

a

through all of the courts, but it is
reported - that the Treasury
is

$111,638,857.52

Treasury Bills, at par

nicipalities of the United States,
would hardly be approved.
Although Treasury officials are

pal and state securities. In the past
1

/

-

to elimi¬
immunity on munici¬

force action by Congress
nate the tax

•'

developing to

Another drive is

1907

N. W. Harris & Co. 1882 -Incorporated

as

*

!

VoiJme 155

Number 4030

THE COMMERCIAL & FINANCIAL
CHRONICLE

105

!
...THE...

PHILADELPHIA
'

NATIONAL-BANKS;!!
{

''•

•%.

\

XX
■*

Organized 1803

V."r-.%•'•

XV..X

-•'vX.VXx..lX:|:|' l';. I.SX.'V

;5

'

-'-'v'

••• •

•

.

'

«:\*

..

I-X•

•

''

.1

"ll-X

*

,

X-

'*

V.

•;

•

X;">

'l-X '

x|"-v

IX-'X

IXVI.'

'<\ >•X-v-;

•'

•.

.

V

i: K'*•

••

V *'

'

December 31, 1941

RESOURCES
Cash and due from Banks

.

.

.

.

.

.

.

X

.

.

$304,524,666.90

.

....

U. S. Government Securities

221,215,634.38

State, County and Municipal Securities
Other Securities
Loans and Discounts
Bank

f

.

Buildings

.

.

.

.

.¥.

.

41,655,047.06
91,630,773.80

...

,C.

.

.

.

.

.

.

.

.X

2,725,000.00

........

Accrued Interest Receivable
Customers

.......

......

.

i

.

.

19,124,826.49

Liability Account of Acceptances

.

.

.

1,636,692.85

1,834,471.58

.....

$684,347,113.06
'

'

LIABILITIES
Capital Stock.

.

.

.:

.

Surplus and Net Profits
Reserve for
Dividend

X Deposits

.

32,295,271.62

.

.

.

.

.

.

.

3,299,082.76

.

•

.

*.

.

.

.

875,000.00

.

.%.

.

.

.

1,015,878.42

•

...

.

.

.

...

.

.

.

.

.

.

.

.;

.

.

X

.

.J

«

.

.

.

.

(Payable January 2,1942)

Acceptances

.....

.

Reserved for Taxes and Interest
.

$14,000,000.00

.

.

.

.v

Contingencies

Unearned Discount

•

.

<.

.

.

.

J

.

.

.

•

184,102.26

2,945,217.66

.

.

/

.

629,732,560.34

.

$684,347,113.06

X|

Evan Randolph, President

CHARLES

1

P.

|

BLINN, JR., Executive Vice President

•"

DIRECTORS
JOSEPH WAYNE, Jr., Chairman of the Board

RODMAN

JOHN

E. GRISCOM

HAMPTON

moopiq

MUKKlo

i

L>.

WILLIAM M.

CHARLTON YARNALL

'

(

RANDOLPH

WILLIAM

J.

JAY

G.

ROSENGARTEN

RICHARD

H.
D.

KINGSLEY
WOOD

CHARLES P. BLINN,

MEMBER




A.

OF

'

E. HUTCHINSON

WILLIAM

TURNER

HOWARD PEW

421 Chestnut Street

I.

THE FEDERAL

W.

BOOTH

JOHN O.

GEORGE F. TYLER

rmruico

CLOTHIER

SYDNEY
EVAN

POTTS

A. J. COUNTY

BARNES

,

P.

BLAIR

LEE

WILLIAM CLARKE MASON
G.

WILLING

WILLIAM

JR.

PLATT

JOHN F. MACKLIN

L.

PEPPER

McLEAN, JR.

J. R. DOWNES

DEPOSIT INSURANCE CORPORATION

32nd Street & Lancaster Avenue

1416 Chestnut Street

Prime Minister Churchill Addresses

States on Dec. 26

of the United

Congress

of

Churchill

Winston

Minister

Prime

the- East,

the

Great Britain told

that the Allied nations

"the

forces

mous"
at

and

against us are enor¬
"they will stop

of

nothing that violence or treach¬

ery

can

while

it

suggest."
is

He added that
that

true

Allied

against the enemy.
category

re¬

taken

in

Atlantic

Ocean" and

All these steps,

he continued have
led the subjugated peoples of Eu¬
rope
to "lift up their heads in

hope"

their -liberation

awaiting

from the Nazi yoke.
With regard to

Japan,

the

that

"if

been

found

'

.

<

'

-

■

.

the
at

to

until

tney^nave ■} been

lesson."

United

States

has

disadvantage at

a

various

to

aadress

ins

Congress

the

sudden

have

th^i

upon

reconcile Japan's action
"nr^d^^ev^n ev^n ^anitv"

In this latter

to

with

but

he cited the defense of

promised that "we shall

war"

us.''.

taiven

and

' „
Prime Minister's

■

Tne text of the

talk follows:.,>

alter

'

•

-

' !

'

<

ing

the. House ot heprsentatives'

?

in

!

Tne

that

tact

my

the

.

'! mother, whose memory I cheracross
the vale of years,
could have been here to see. By

•

"1 ish

I cannot help reflect¬
ing that if my father pad been
■I an American and my mother
! the way,

Company

:

BROADWAY

IOO

•British, instead of the other way
around, I might have got here
;*vI' 4

'i

•$.

TEN ROCKEFELLER PLAZA

MADISON AVENUE AND 40th STREET

Ion my

:'.\U

In that case, this

own.

i'would not have been the first
I time you

would have heard my
voice. In that case, 1 would noi
v have
needed any invitation; but
!; if I had it is hardly likely that
•

•

CONDENSED STATEMENT OF CONDITION
At the close of business,

! it would have been

'

December 31, 1941

they
!

ASSETS

are.

confess, however, that
feel quite like a fish

I may
I

not

do

•|out
Cash

United

$168,368,326.47

Hand, and in Federal Reserve and Other Banks

on

Exchanges, Collections and Other Cash Items
States

Government

Guaranteed

.%

/

.

*

.

.

.

•

.,

*

.

21,301,970.28,

,

Loans, Discounts and Bankers' Acceptances

134,157,857.541,;

*';7- 1,472,489.22 I

InterestReceivable, Accounts Receivable and Other Assets
Customers'

Liability for Acceptances

v

.

.

•

.

.*

\

.

*

*

.

951,407.59*;

Mortgages.

.

.

,|.

.

.

.

.

.

.

,.

.

.

.

Banking Premises—Equity

.

.

.

2,010,202.42

.

$580,838,745.79

was

in democracy:

I

used

to

see

by crowds of working
I men, way back in those aristoI craticf Victorian days when, as

for
the very few.
Therefore, I have been in full
V*harmony all my life with the
Disraeli said, the world was

I* the/few, and for

;/! tides which have flowed on both

*

J sides

against

Atlantic,

the

of

have steered confidently toward

the

Outstanding and Certified Checks
Dividend

Accounts

16,499,310.10

.

Payable January 2, 1942

.

.

v-

* $537,081,903.36
'•

.

Payable, Reserve for Taxes and Other Liabilities

Acceptances

owe my advancement entirely.f to the House of Com.•Imons, whose servant* I am. In
a
my country, as in yours, public

I;, 71

12,500,000.00

Surplus

.

of

Undivided Profits

ashamed

be

«'

i

25,000,000.00

.

7,

•I On

be

to

.

$580,838,745.79

..!

by
a
single
from my office.

vote remove me

I

But

United States Government
at

it

obligations and other securities carried
are deposited to secure

I

$6,198,471.15 in the above statement

public and trust deposits and for other purposes required by law.

sure

which

FRANCIS

MALCOLM P. ALDRICH

New York

United States Rubber Company

President

'r:

MORTIMER N. BUCKNER

Chairman

SETON PORTER

of Natural History
RUSSELL H. DUNHAM

Chairman

Bennington, Vt.

New York

President, American Museum

of the Board

JAMES C. COLGATE

HARRY T. PETERS

F. TRUBEE DAVISON

President, National Distillers
Products

of the Board

SAMUEL H. FISHER

Sage, Gray,-Todd & Sims

Litchfield, Conn.

& Greenman
WILLIAM HALE HARKNESS

w.

1

New York

WILLIAM F. CUTLER

Vice-President

B.

American Brake Shoe & Fdy. Co.

BREWSTER JENNINGS

VANDERBILT WEBB
New York

MEDLEY G. B. WHELPLEY

Socony-Vacuum Oil Co., Inc.

Guggenheim Bros.

of the Federal Deposit Insurance Corporation

■*«L

the

order to

President

of

the

and

to

ar-

that

States,

mili¬

tary plans and for all those in¬
timate' meetings
of the high
officers

of

the

armed

services

in both countries which are in¬

dispensable for the successful
prosecution of the war.
I

should

like

to

say,

first of

outcome.

derrate

found

one

I

have

in all quarters over here

I have had access. Any

who did not understand the

size and solidarity of

the fo'iin-

Britain

-We,

in

too,

our

were

in

the end all would
a "'

have

which

to

still

forces

to

be

against

they

path of

their

are

men

who

peoples

have

the

on

and conquest know

war

that they

us

wicked

their: factions

launched

-we

bitter, they

are

The

ruthless.

and

and

you

subjected. The

ranged

enormous;
are

"•

not, I am certain, un¬
tne
severity
of
the

:

ordeal

will be called to terri¬

ble account if they cannot beat
down

have

at nothing. They have
accumulation

vast

a -

arms the peo¬
assailed.
They

by force of

they

ple

will stop

weapons

of

war

of all kinds; they have

highly trained and disciplined
armies, navies and air services;
they ' have plans and designs
which have long been contrived
and matured; tney will stop ax
nothing that violence or treach¬
suggest. T

can

ery

is

It

that on our
in man¬
power
and materials are far
greater than theirs; but only a
portion of your resources are
as yet mobilized and developed,
side,

quite

and

true

resources

our

have

we

of

both

much

us

to learn in the cruel art of war.

We

fore

a

without

therefore,

have,

doubt,

time of tribulation be¬
same time, some

In this

us.

ground

will

be

will

hard

and

be

lost which it
costly to re¬

Many
disappointments
and unpleasant surprises await
us.
Many of them will affect
us
before the full marshaling

gain,

of

total

and

latent

our

power

accomplished.
the best part of 20

be

can

For

years,

the

youth of Britain and Amer¬
ica have been taught that war

evil, which is true, and that
never < come
again,

was

-would

which has been

proved false.

For the best part

of 20

years,

youth / of ! Germany,
of
Japan
and
Italy have
been
taught that aggressive war is
the noblest duty of the citizen
the:

and that it should be begun
soon

the

as

and

necessary

as

weapons

-organization
have
been
We have performed the

made.

to

incident

duties

They

peace.

have

plotted and planned for
war.
This naturally, has placed
us
in Britain and now places

United States at a
which only time,
and, untiring exertion

the

in

you

disadvantage
courage
can

correct.

We

indeed,

have,

thankful that

so

be

to

much time has

granted to us.
If Ger¬
had tried to invade the
British Isles after the French
been

many

in

collapse

June,

and

1940,

if

Japan had declared war on the
British Empire and the United
States at about the same date,
can

one

no

been

which

in

!■

•

You do

pressed and encouraged by the
breadth of view and the sense

proportion

days.

be well/

and

of

We

feeling

same

that

sure

all, how much I have been im¬

to which
Member

obtained

with him for
mapping
out
of
our

DEAN SAGE

ALFRED A. COOK




Corporation

Hercules Powder Company

Cook, Nathan, Lehman

I

range

New York

President

JOHN E. BIERWIRTH

Y

HOWARD W. MAXWELL

will approve
journey here

all

the

meet

B. DAVIS, JR.

my

King's permission—in
United

?

a

about
matter of fact,

they

highly of

—for
•

As

all.

at

worrying

not

am

am

very

TRUSTEES

masters.

could

Commons

■

:;|'.

its

day, if they thought the

any

^people wanted it, the House of

40,883,772.55

3,383,772.55

proud to be the ser¬
the state, and would

are

men

pur¬

proof

"

it

people, for the people."

vants

Capital

the

of

-

437,500.00 .J
1,220,242.83 |
1,215,327.05

.

ideal of "govpeople, by the

Gettysburg

ernment

-

$520,582,593.26

Deposits

in

days,

inflexible

an

tne

the

darkest

privilege and monopoly, and I

!

LIABILITIES

of

and

had

him

•-streets

2,101,191.86 !

Equities in Real Estate

I

father's

my

I cheered at meetings and in the

,3,463,833.42 12

,

in

people," that was his

"Trust the

•»

Real Estate Bonds and

a

up

fmessage.

•

a

Commons.

to believe

house
v

Other Bonds and Securities

am

of*

*

brought.,

196,596,510.444

*

.

I

spoken.
•House

i*.

Obligations— Direct and

legislative
English
is
child of the

of water in
assembly
where

50,414,956.55 I

....

unanimous.

perhaps things are better as

So

V

mark

final

welcomed in your

| not been entirely uneventful.
-I I
wish,
indeed,
tnat
my

yours.

of a sure,
well grounded confidence in the

••

'

or

Washingtin,

memorable

pose

American

midst makes
> this experience one of tne most
; moving and thrilling in my life,
'. which is already long and has

in

I have
an
Olympian fortitude
which, far from being based
upon ? complacency, | is
only

played their part in the

erations

overthrow

here

these

you,

found

Congress.

Of

their

But

of

i'ate cnamber and address the
! representatives of botn branches

never

mak-

are

and a quar¬
is open, which can only end
upon

war

rel

.'

"

•

have all declared and
'

Members of the Senate and of

life of tne United States and
'"■'"that here I am, an Englishman,

t

set

and

the greatest military power in
Asia—Japan, Germany and Italy,

I'

New York-Trust

attacked

safety measures "this renewal of
me curse neea never have ialle^

together

stuck

had

last

explaining

:| forebears have for so many gen-

IIIIIIThe mil

been

common

if l'we
Tne

ot all,"

good

.

us." He further said that it is dif¬
ficult

as
tney hit Amer¬
all, the United States

by three most powerfully
armed dictator states, the great¬
est military power in Europe,

trie

points
in
the
Pacific
|'the United States:
. •
•«' ,V
Ocean, we know well that it is to I ' v I teel
greatly honored that
no
small extent because of .the
I you should bave thus invited nie
aid which you have been giving
I to enter the United States Sen-

dealt

States;

war

ica. Alter

come 'lor

tne oays to

in

United

fixed
upon
the novel,
startling and painful episodes ot*

tween

peoples

the

,

minds

witn

plea for closer cooperation Be¬
tne British and American

a

of

easily have expected"to
fina an excited, aisturoed, self-;
centered
atmospnere
witn
all
might

a

!:••

|

■

...

dation

them

taugnt

^Turning from the present to the
future, lvir. Cnurcnill conciuaeu

upon

the onslaught by
Minister said

Prime

persevere against

cease

,

already been

nave

war

offensive

lastly "the best tidings of all" the
United States entry into the war:

mighty strokes

will be evil," since

that

the

across

Stating that a time of tribula¬
tion is before us, Mr.; Churchill
asserted that "not all the tidings

rating the "severity of the ordeal"
which must be faced, saying that

the

Libya, the steady flow of supplies

"cruel art of war."'

against under¬

stand of the Allied armies in

the

'

warned

of his African empire,

Mussolini"

probably will be able "to take the initiative upon an ample scale
by 1943 against the Axis powers and that Japan will be "taught
a lesson which they and the world will never forget."
:..
•.
While stating that "it would be reasonable to hope that the end
of 1942 will see us quite definitely^
in a better position than we are sources in manpower and mate¬
rials are far greater than theirs,
now," the Prime Minister said he
only a portion of
was
certain that today "we are nevertheless,
resources
are
as
yet
the masters of our fate" and that American
and
developed
and
the task which has been "set for mobilized
much has to be learned in the
lis is not above our strength." Mr.
Churchill

against Nazi

tyranny, the loss by the "boastful

Congress On Plans Of U. S. And Britain

>

armies

Russian

the

Thursday, January 8, 1942

FINANCIAL CHRON1CL

THE COMMERCIAL &

106

agonies
lot.

our

of

end

say

what

might

disaster

But noW,

December,

have

not

at the

1941,

our

transformation from easy-going
peace

has

to

made

total-war efficiency
great progress.

very

The broad flow of munitions in

(Continued

on

Page 108)

*

y
Volume 155

THE COMMERCIAL & FINANCIAL

Number 4030

CHRONICLE

107

CHARTERED 1853

Ituiiril iptatra erital

a

Statement of Condition December 31,1941
;Uyy
''

1

'

■

(

V--'i--

y.'yy

»vv.'.• •*.

•

"-"yy--'y-.--'i;'y

\

I

•

y

y;;-TyyVy\y"y

i

-

y

-A

'y'^yv'

President

'

-

.

..

.

.

.

.....

y.

.

.

.

■

'

.

.

32,787,914.22

5,756,330.22

.1

Vice-President

«

.

M,; TRENARY

/;{>;.

V; ,/y

:

•

!

Accrued Interest Receivable.

V

.

1,850,000.00
313,214.49

.
,

yy.'-'y yy-y -y.

\

y Total

A;y

840,000.00

y

Real Estate Mortgages.

:

Real Estate
JAMES

j 2,350,000.00

y

.

Loans and Bills Purchased.

ALTON S. HEELER

Vice-President

Corporate Bonds

Federal Reserve Bank Stock

Secretary

'.v*y:

2,060,000.00

;

First Vice-President

Vice-President and

*'

y //■

1,678,000.00

Railroad Bonds.
Other

■

11,673,776.12

.

Canadian Bonds

,

■■

38,063,000.00

3

'

THOMAS n. WILSON

-'v

$ 67,112,065.94

Obligations.

State and Municipal Obligations.

BENJAMIN STRONG

:yy

:

RESOURCES

United States Government

'

'

■

V

WILLIAMSON PELL

-

r':

Cash in Banks.
OFFICERS

y

y,':yv>.v

y''

—

...y

$164,484,300.99

Assistant Vice-Presidents

!

-

Henry B. IIenze

y

Kl

LIABILITIES

,

y

Capital Stock...

George Merritt
George F. Lee

Oil':

| ;

y.y..

•*

..

y,

•

.

v

f

Elbert B. Knowles

i;.

}

Reserved for

'

Lloyd A. Waugh

:

}

IIenry G. Diefenbach

:

4

'■■<■■■>:/'

('■ '.v.

-v

Dividend

;.j|

J
'•

1,691,321.55
>

Payable January 2, 1942

.5

United

•

at amortized

States Government and other

cost less

securities

Pledged to secure public deposits and for other

]

17,887.44

'

500,000.00

$164,484,300.99
Securities shown

~

■
,

Assistant Secretaries

131,371,605.83

Taxes, Interest, Expenses, etc

'

;'-v.y:^• '?,

fet

2,902,986.17

Total

i

*

2,000,000.00

26,000,000.00

Unearned Discount.............

\

Augustus J. Martin
'

>

j 'i

Irvin A. Sprague

Arthur II. Erb

i. A.V.

i.....

Deposits...

,,

IIenry E. Sciiaper

\

Surplus,

$

y....

......

Undivided Profits..1.

IIenry L. Smithers

*•

'

y

Carl 0. Say ward

reserve

yyy,

carried at $355,000

purposes required by

are

law.

4

M*

Albert G. Atwell

i

JeIarry M. Mansell

;; i

.Tiiomas J. Madden

v

Sterling Van

de

.

TRUSTEES

Water

Leland C. Covey

Ferdinand G.

von

WILUAM M.

Kummer
PHELPS

JOHN

J.

JOHN

SLOANE

KINGSLEY, Chairman

BARKLIE HENRY

FRANCIS

T.

II. John Simmen

W. A. W.

Stewart, Jr.

FRANK

L.

•

POLK

GEORGE

de

ROLAND

L.

FOREST

LORD

REDMOND

EENJAMIN

-

JOHN

y

Frederick M. E. Puelle
WILLIAMSON PELL
v

Paul Campbell, Jr.

Berkeley D. Johnson

JOHN

/

P.

WILSON

HAMILTON

HADLEY

PLIMPTON

WHITNEY

~

•

;

G.

•

JAMES H. BREWSTER, JR.

FORREST BUTTER WORTH

Lawrence C. Marshall




HAY

P.

STRONG

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

♦

108

On

evil.

Winston Churchill

the

strokes ' of

Congress

the

in

foreseen

or

at

the

will.

virility,
valor and virtue of the Englishspeaking world, with all its gal¬
axy
of loyal friendly or as¬
brain

power,

power,

bent

simple
think
to

unremittingly

but
it

in

a

we

are

and : that

now,

1943 will enable

year

us

the

to as¬

homes but the
in

land, the

every

whether

question

deliverance

time

or

feel

proper

that

the
for

set

which

task

is

us

strength;

that

toils

not

are

durance.
faith

in

,

As

as

and

cause

will power,

querable

naica

were

all

the

I

about

of whom about

German.

a

General

the

states,
Nazi

people,

That

Representatives

fixed,

at

House

this

their

by

of

■

has

mo¬

problems

,

for

with

which

and

army

in

can

weapons

Deposit in Banks

$251,630,571.01

Government Securities,
Fully Guaranteed

Loans

gradually growing

on

dispersed
resources

If the United

•

etc.X
v

...

$749,725,410.72
,

-.

i;

-

Of course,

it would have been
better, I freely admit, if
we had enough resources of all
kinds to be at full strength at
much

all

Acceptances Outstanding and Letters of Credit
Issued.

17,213,363.03

Profits.

1,214,540.80

Total Liabilities.

41,214,540.80

public monies

as

play

the

cannot

design is being worked out here
"Honor
;

tovbe

vants.
It

'

is

into

we

have the

faithful

the

"sfr-"

;

not

given to us to peer
mysteries of the fu¬

the

ture; still I

avow my hope and
and inviolate, that in
days to come, the British and
American peoples will, for their
own safety and for the
good of
all, walk together side by side
in majesty, in justice and in

faith,

sure

the

Empire

those

of

compared

to

when

remember

we

Insured Savings, Loan
Associations In 1941

United

British

of

resources

and

consider

we

Japan,

those

of

The nation's insured
loan associations

set

savings and

new

records

in 1941 both in investments of the

public held

by them ana in the
financing of small homes, Oscar
Kreutz, General Manager of the
Federal Savings and Loan Insur¬
Russian 7 menace
which hangs ance
Corporation,
declared
on
over
Japan,' it becomes still Dec. 31. He stated that
"during
"more difficult to reconcile Jap¬
the past year the number of in¬

which

China,

v

has

for

long

so

valiantly
withstood
invasion,
and, when also we observe the

with

action

anese

even

with

prudence

or

What kind of

sanity.

people do they think we are?
Is it possible they do not realize

a

that

shall

we

never

sured

associations

2,326,

to

mounted

to

the combined re¬
represent increased

while

our

had

and

tory will

to

be

time of

United

States

I

limited

hitherto

made

and

by
by

time

of

war

in

believe

that

his¬

that upon
it is upon the
these matters must

pronounce

the whole—and
whole
be
was

h\*'

that

judged—the
right.

choice

made

sources

by

the

forget?

,"

-

of

Members

cease

the

,

and

sentatives, I turn for one
more

There

mo¬

of

the

present

the

of the future.
together, facing
a group of mighty foes who seek
our ruin.
Here we are together,
defending all that to free men
is dear.
Twice in a single gen¬
eration the catastrophe of world
we

upon

now

small

more

than

investors

in

heads

of

families.

Their

about $816 and
since few are over $5,000, the
maximum of insurance granted
by the Insurance Corporation:^
practically all of them are safe¬
guarded in full.
The other chief guage

twice

us;

said,

accounts average

are

fallen

has

war

he

these associations—most of them

to

the broader spaces
Here

are

3,000,000

from the turmoil and

convulsions

associations

87%,"

by

grown

and he added:

members of the House of Repre¬
ment

these

of

assets

have

Senate

of

sav¬

across

ings and loan associations' ser¬
vices is their activity in meet¬

bring the United
States into the forefront of the

the construction of new homes,

in

our

has

of fate reached

arm

the

lifetimes

If

battle.

out

long

ing

to

ocean

we

if

had

we

common measures

for

safety, this renewal of the
need
Do

never

we

not

our

curse

have failed upon us.

to

owe

it to ourselves,

our

us

It has been

proved that pesti¬
in the Old
carry
their de¬
structive ravages into the New
World,

which

from which,

once

for funds for

of properties, or
old-type
loans.
During the first nine months of
1941, insured associations made
a total of $673,000,000 in home
loans as compared with $559,000,000 for the same period the

before,

year

000

or

a

gain of $114,000,-

20%—even

in

the

face

impediments to home build¬
ing in non-defense areas in the
last three months of that period.
of

for the third time?

lences may break out

World

demand

purchase
refinancing

'

■

taken

the

for

had stuck together

the last war,

/after

the

gulf

peace,

at $52,553,765.42
pledged to qualify for fiduciary powers, to secure
required by law, and for other purposes.

5, 1942.




When

of

resources

$749,725,410.72

United States Government obligations and other securities carried

January

who

Indies, they

know that the stakes

The choice of how to dis¬

the

are

soul

great purpose and

some

"

Japanese statesmen

children, to tormented
mankind, to make V sure that
these catastrophes do not en¬

Britain in

in the above statement

blind

a

that

IJbelow, of which

suc¬

pose

20,000,000.00

Undivided

upon

tion.

.$20,000,000.00

Surplus

threatened

points, but con¬
sidering how slowly and re¬
luctantly we brought ourselves
to large-scale preparations and
how
long
such
preparations
take, we had no right to expect
to be in such a fortunate posi¬

1,936,263.01

Capital.

of your

been successfully and
prosperously maintained.

16,451,304.57

Payable and Miscellaneous

Liabilities

Isles and to the Libyan

depends and which has in con¬

$689,361,243.88

Accounts

you

sequence

LIABILITIES f

Deposits

which

aid

the

and, above all, be¬
help in the Battle
of the Atlantic, upon which all
cause

-

v

of

campaign,

1,817,373.82

762,058.46

Total Assets.

British

63,918,202.79

........

.$17,213,363.03

Prepayments

will

see

been

Japanese Cabinets and
by the- assassina¬

now

States

dis¬

a

have been giving to us in muni¬
tions
for the
defense
of
the

4,000,000.00

Letters

of Credit and Acceptances..
Less

because

.21,891,023.31

Banking Premises.

Liability of Customers

vanquished.

never

and

the Pacific Ocean, we know well
that it is to no small extent

33,993,422\66

Limited).......

Interest, Accounts Receivable,

Investment in

be

nation, victor or
The < chance
has

they
$321,000,000, to a total of
$3,221,000,000.
Since
the
re¬
persevere
against them until
spective dates on which they were
they have been taught a lesson
insured in the past seven years,
which they and the world will

diverted

we

advantage at various points in

(including Shares

andpjlls Purchased-.,.........

Accrued

356,023,512.56

Municipal Bonds and Notes

of Morgan Grenfell $ Co.

Charter should not

in both theatres.

ASSETS

Other Bonds and Securities

mate-

raw

between Libya and Malaya, we
could have been found wanting

United States

State and

of

only point to

States has been found at

Direct and

the

could

gained in the Libyan campaign.
Had
our

on

Japan has

their

mortal.

are

both

we

assuring to

assume

and the Dutch East

grievous

the victory Gen Auchinleck has

Condensed Statement of Condition December 31,1941

Hand and

denied to any

for which they decided to

Malaya and in the

East Indies?" I

take,

gressive policy.
It may be that
these
societies,
dazzled
and

must

-

be
fully
prepared.
If
people asked -me, as they have
a right to
ask me in England,
"Why is; |it ? that i you have not
got ample equipment of modern

'

NEW YORK

on

its

not

INCORPORATED

Cash

men.

and

presented

countries

all kinds

•

like

strike

.

aircraft

>

blows

tfrill

Japan,

our

J. P. MORGAN & CO.

-

once

The. \ onslaught /upon, us, so
long and so completely planned

when you are entering
the war, proof that with proper

be

liberation

of

again
play their parts and

hour

come.

ment,

will

the

creeds,

peal will proclaim that
•night is past and that dawn has

accomplished.

the

hour

which

dizzy with their own dreams of
aggression and the prospect of
peace.
'
?
\
early victory, have forced their
The Prime Minister's address
country, against its better judg¬
was
delivered
in
the
Senate
ment, into war. They have cer¬
tainly; embarked upon a very Chamber, those in attendance in¬
considerable
undertaking; for cluding House members, members
of the President's Cabinet, mem¬
after
the outrages they
have
bers of the Supreme Court and
committed
upon
us
at Pearl
chiefs" of the Diplomatic
Harbor, in the Pacific Islands,
IVfissions
in Washington.
/
in the Philippines,
in Malaya

solemn

to believe that his

and

and

of

have to

opposed or who did not
sufficiently further their ag¬

ancient

and

they, too, will

strike

Auch-

•

masses

classes

the
,

be able to

third

the

all

await

when

150,-

famous

treaties

$ rials, which we declared in the
Atlantic

societies of
junior officers of
and navy who have

of any

tion

prostrate under the

now

yoke,

en¬

so

Senate

dozen

ful¬

on

disarmament

the opportunity for
the Germans those

"who

fiercely

hatred

of

the

for

Great

That also would have been

war.

Parliaments,

that ' hope

more

fires

of

pun¬

of

army

cessive

and

still

and

the

a

clauses

have

enforced

v

glad to be able to
before you members of

am

place

afraid of evil

tidings

to

with

blood,
and

Germany signed after the great

>

further

to

policy

the

will.

men

the

of

shall

we

of

States

Britain to have insisted
•

ago.

dominated by secret

contempt for the filthy Quis¬
lings whom he has suborned.

armored
in Cyre-

enemy

aim will be fully

In the words of the Psalmist:

Not

the

of

has

conqueror's

drop

a

United

fillment

so

subaltem" arid

brutal, corrupt in¬

In

the

We know for many years past

the

them¬

vaders

those

of

he

The

amounted

every reason

uncon¬

salvation

tidings;
His
heart
is
trusting in the Lord."

edge

which

resigning

or
six
years
ago,
it
have been' easy, without

shedding

tion.

shameful

against the
burn

Five
would

departed; it is gone.
'
x
that they
\M Prodigious
hammer
strokes
have made very careful calcu¬
have been, needed to bring us
lations and think they see their
together today, or if you will
way
through.
Nevertheless,
allow me to us other language,
there may be another explana¬
I will say .that he must indeed

steps

there burns the flame of anger

Hun

the

the

and

women,

7;

the

and

prudent

the scab¬

of millions of

scores

beginnings, r before it spreads
throughout the entire
earth. - 7
"
and rages

certainly appears an irrational
.act.
It
is,
of
course,
only

their heads

up

that the pestilence
its earliest

sure

be controlled at

can

it

Hope has returned to the hearts
of

been

18* months

weakness

ishment

They have put

of

the

to

enemy.

inleck set out to destroy totally
that armed force, and I have

en¬

will not be denied us,

"He shall not be

selves

aircraft,

made

Europe.

000 men,

have

we

with

forces

and

have

the! sharp

slaved

our

its pangs
beyond our

,

tools

been

above

not

long

our

has

of

and

tremendous

Europe to lift

temptation

flank, we were never
bring numerically equal

we

these

again in hope.

for the first time we
have* fought the enemy, with
equal weapons.
For the first

of

before

never

aside-, forever

these,

1943, or 1944, falls into
place in the grand
proportions of human history.
Sure I am that this day, now,
we are the masters of our fate;
1942,

its

desert

fiercely

qualities of tanks and

in

comes

most

the

in

weeks

of

British and American. Aided by

of freedom

cause

forgive

will

you

as

All

had

preparation,

cate

have led the subjugated peoples

Therefore/ we had to rely upon
superiority ; in: numbers / and

4re

we

6

been

able to

though it be; and after

when

y

suffered

; '.

^" 7.

r

if

freedom and cast away
bard. -

Libya.

forces to bear upon the

doing the
noblest work in the world, not
only defending our hearths and
all,

.

for saying so,, the best-tid¬
ings of all, the United States—

""both ""sides.

desert

a
; long, hard war.
Our peoples
would rather know the truth,

sombre

in

to make

why, if this dark design,

''long filling their" secret minds,

many

me

fought
Owing to the
difficulties of supplies upon the

on

President, I speak of

your

last

has

plejscale. H- Ui
Some people may be startled
or momentarily depressed when,
like

to

secondly, that an adequate
organization should be set up

with all its laborious and intri-

stronger and is
stronger with every

united

and

'

Viewed, quite dispassionately,
in spite of the losses we have

Lastly,

devoted
preparing to take

offensive

the

the initiative upon an am-

sume

could do.

/

considerable

two

our

thought 18
broken, is now

month.

The
very considerable battle which
has been proceeding there for

the

might fail,: is
steadily in

who have drawn the sword for

ourselves

us

Wonder

and

enemy

and revenge should be
constantly and vigilantly sur¬
veyed and treated in good time,

they did riot choose our moment

which

growing

For many months we

that

see

lifeline

incomparably

ill-

Nile.

the end of 1942
quite
definitely
better
position
than

hope

will

all

months ago was

reasonable

be

also

fact that the British Em¬

a

pire,

Cyprus

I

task,

supreme

would

It is

Benghazi, from Aleppo and
to the sources of the

to

the

to

which

out

desertion, now control
regions from Teheran

-the

all

The

waters.

flowing freely
spite of all the

equipped at the moment of the
French

blue

tidings

good

are

of supplies which joins our two
across the ocean, with¬

great

and

weak

so

were

got

nations

Our armies of the East

which

sociated communities and states
are

from

stripped of all his African em¬
pire. Abyssinia has been lib¬
erated.

have

we

hatred

linked ,in .a

are

nations, each in perfect unity,
have joined all their life ener¬
gies in a common resolve, a new
scene opens upon which a steady
light will glow and brighten.
Many people have been aston¬
ished that Japan should, in a
single day, have plunged into
war
against the United States
and the British Empire.
We all

in every quarter of the

us

There

industrious people.

fort is made, that nothing is
kept back, that the whole man¬

what

that

now

globe.

and wrong upon his
He has been

suffering

dictator

Provided that every ef¬

states!

lead

master's

inflicted

has

He

of

suffering
in
sample and a

give him and his- accom¬
plices wherever this war should

a

his

of

utensil

merest

a

only

togetlwrff

are

we

we

righteous comradeship of arms,

is ;

is

that

.now.

to

He is now
serf, the

crumpled already.
a
lackey and

but

Hitler

foretaste

body but in the Nazi mind.
The boastful
Mussolini has

war,

out

that

Now

organiza¬

proper

Libya

by

deep and will fester and
inflame not only in the Nazi

that

now

is

States

are able to beat the
of
the
savage
Nazi.

What

of *' their

bitten

the
it is
possible for orders to be given
every day which a year or 18
months hence will produce re¬
sults in war power beyond any¬
thing that has yet been seen
and

purposes,

United

and

we

life

the enemy—

defense

tyranny and system which have

military

to

already

have

the
Russian
armies
and
people have in¬
flicted wounds upon the Nazi

been made in the conversion of

industry

-

soils

native-

(Continued from Page 106)
Great Britain has already be¬
gun.
Immense
strides
have
American

glorious

weapons

tion,

mighty

contrary,

war "

been dealt against

Addresses

!.'?

Thursday, January 8, 1942

r.

they

On

the

other

hand^ insured

associations succeeded in reduc¬

ing the amount of real estate on
by 24% during the

afoot, the New World can¬
not by any means escape. Duty
and
prudence alike command

their books

first, that the germ centers of

home seeks.

are

fiscal
their

year
1941, disposing of
properties to individual

Volume 155

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

Small Business Unit Set

Up In Commerce = :
Department-Congressional Hearings

The

setting

up of a small business unit in the Department of
Washington was announced on Dec. 25 by Jesse Jones,
Secretary of the Department. The new unit will be headed by
William Sheperdson of New York,-former management consultant
for manufacturers and distributors.
The announcement in the mat¬

Commerce at

ter said:
•

present the most ^
view to determining how the fa¬
pressing problems of the small
from

their

have

derived

inability to get de-

fense contracts

,

convert to

to

or

defense production.

Under the

cilities

business

small

of

will

prises can be utilized in war. On
Dec. 18, Federal Security Admin¬

the

small

business

said that it

there

were

esti¬

than

was

more

City, advocated legislation to

2,750,000 small business establish¬
ments in the United States, with
8,350,000 persons engaged as
employees and employers. Of the

over

total,

169,000 are industrial con¬
cerns,
72,000
are
wholesalers,
1,614,000 are retailers, 638,000 are
service organizations, 200,000 are
construction companies, 40,000 are
places of amusement and 25,000
,

hotels.

It

the

further stated:

was

The most

small

derived

pressing problems of
their

from

to

vert

Under

have

manufacturers

inability to

get defense contracts
defense

the

war

to

or

At

time, according to the
Associated
Press, George Seedman, President of the American
Business Congress, of New York

According to press advices from
Washington on Dec. 25, the an¬
nouncement

tion to assist such businesses.
the

created.

was

mated

"If

con¬

same

the

tect

small
war
*

capital

industries

pro¬

investment

of

the House

to

small

business

with

determining:
(1) Whether

in

view

a

to

not

or

the

the
:

national

defense

been 5 adequately

oped,

devel¬

if not, what factors
hindered
such
develop¬

rials

These

not adequate

or

I

I

gaged

in

non-defense

in

engaged

■from

the

non-defense

activity; and
(3)

defense

activity,

| business is being

.

or

or

purchase of said materials.
?

Appearing

Senate

Dec. 2 before the

on

Naval

Affairs

Committee,

conducting a hearing on Senator
O'Mahoney's bill to create a spe¬

agreed to

cial agency empowered to allocate

to

resolution

Rules

called
seven
were

for'

the

3.

It

ready for that."

appointment

Committee

of

counts

on

members of the
"authorized

and

Dec.

House, who
directed

to

from

United Press

reporting this, added:He conceded

that

on

J.

contracts

are

be preserved,

can

impairing

the

defense

program."

OPM Widens Operation
Of Priorities System
In

a

tion of

further step toward alloca¬

a
competitive basis,
percentage open only
larger
plants
in
distress
a cost-plus basis.

plants

nation

which

cannot

verted

into

are

throughout

and

that

defense

even

of

scarce

Production

so

a

many

on

be

the
con¬

production
a

full

war¬

time
economy
basis
civilian
needs will demand at least 50%

civil¬

This must be pre¬

mainte¬

functions

-_-.He-pointed out that there

:
some

that has given
the highest

living the world has

known.

without

on

to

Washington, Dec. 2,

States

standard of

to

"It is

independ¬

materials, the Office
Management
on
busy "they Dec. 23 amended
priorities regula¬
cannot give early deliveries."
tion No. 1 to require all orders
Insisting that little business be
bearing a priority rating, includ¬
given a greater part in the arms
ing B ratings for essential civilian
program or be allocated mate¬
use, to be accepted by producers
rials
for
restricted
trade
in
in
preference
to
any
unrated
civilian products, Mayor Kelly
orders.
Under the amendment B
proposed this
plan
for
Chi¬
ratings are made mandatory prior¬
cago:
A
certain
percentage ities since they designate the rela¬
of
contracts
open
to
all tive
importance of civilian uses
plants on a competitive basis; of materials after war
require¬
a
percentage
open
to
small ments have been met.
In order
now,

and

ac¬

independent

the

man

United

con¬

should be awarded to big plants

plants

i; allotments of valuable materials,
in which there is a
shortage, or

sale,

Edward

which

properly
through the

use,

to

and

normal

to eliminate any

confusion in the
previously unrated
defense
orders, a blanket A-10
rating, the lowest issued to de¬
fense orders,
is assigned.
The
amended regulation also imposes

handling

strict

a

of

control

on

inventories

it

cepting delivery of materials for
inventory in excess of "a practi¬
cable working minimum.

is

expected there will be increas¬

ing problems in the distribution
of goods
to sell, and later, problems of
labor shortages in all classes. It
is to cope with these future de¬
velopments that the Small Busi¬
trades due to shortages

Unit

ness

In

our

created.

was

reference

<

made

was

the adop¬

to

tion by the Senate on Nov.

17 of
requesting the Office

resolution

a

of

Production

submit

(1)

Corn Exchange Bank Trust
ESTABLISHED 1853

issue of Dec. 4, page 1344,

Management

report

a

on

assignment

of

A Bank

Statement

(3)

Condensed Statement

program

sored

by
Senator
(Dem. of Wyoming).
On

in

President

armament

Press

Washington

on

In

the

with

this,

to

from

accounts

he

sufficient

Contract

declared

authority

Distribution Divi-

,

headed by Floyd Odium,
could bring an additional 50,000
small plants into defense pro¬
duction. :
He
urged " that Mr.
Odium's division be given au¬
thority
to ./ make
loans
and
grants, to wield a "big stick" on
priorities, to require the breaking up of big contracts, to fur¬
.

"

nish technical aid where
:
■

and'

sary

offices

in

industrial

to
•

neces-

establish

State

every

section

field

of

try.

;

Such
:

.

a

program,

"would accelerate the
duction

of

guns • and

of

the

B

Cash in Vaults and Due from Banks

m

•>

«

«

*

.

•

he

said,

war

pro-

necessary

$ 435,683,291.97

•

•«•]«««

meet

this indebtedness

we

have:

Securities, less Reserve

.

DIRECTORS

Secured Demand and Time Loans
Other Loans and

DUNIIAM B. SIIERER

First

C. WALTER NICHOLS

ERNEST M. BULL

Liability

Other Real Estate

HENRY A. PATTEN
;

on

.

.

Acceptances

.

•

"This Leaves

•

Meet Indebtedness
-«

g

■

i

■

■

.

•

.

*

Other Assets.
to

•

Owned, less Reserve

Accrued Interest Receivable

Total

•

*

•

900,000.00

«

.

736,500.00

17,379,589.82

.

Banking Houses Owned, less Reserve

ETIIELBERT IDE LOW

DAVID G. WAKEMAN

.

•

Discounts, less Reserve

Mortgages, less Reserve

Customers'

GEORGE DOUBLEDAY

■JOHN II. PIIIPPS

37,456,439.14

188,807,522.54

\

42,200,407.40

9,990 sh.-Corn Exchange Safe Deposit Co..

ROBERT A. DRYSDALE

RALPH PETERS, JR.

*

Securities, less Reserve

18,000 sh. Federal Reserve Bank of New York
/

.

$ 138,820,251.38

secure

Other

*

»

ft

9

9

15,661,900.52

*

987,494.09

H

11,664,486.91

M

9

m

1,219,127.31

<

M

*

1,230,596.14

«

ft

ft

279,461.35

9

n

13,797,665.99
*

9

$471,141,442.59
$

35,458,150.62

EDMUND Q. TROWBRIDGE
BRUNSON S. McCUTCIIEN

ships, planes, tanks,
all

*

and

the'coun-

'

31,1941

(Direct and fully guaranteed, including $30,539,153.57 pledged to
deposits and for other purposes as required by law.)

First Vice-President

'

sion,

B

U. S. Government

Dec. 29 said:

statement

a

that

As

program.

are

s

JOHN R. McWILLIAM

thousands of small plants
production for the Nation's

Associated

Deposits and Other Liabilities

Cash Items in Process of Collection

RALPH PETERS, JR.

to

order

of close of business December

.V

a

Contract Distribution

as

«

To

Chairman

!

posed that vastly increased powers
be
given the OPM Division of

into

Our
DUNIIAM B. SHERER

.

29, Senator Mead of
member of a special
Senate
committee
to
study the
problems of small business, pro¬

bring

Understand

can

OFFICERS

O'Mahoney

Dec,

York,

Woman

or

its policy of
priorities, (2)

for protecting
various business enterprises, par¬
ticularly small business, affected
by the priorities or allocation sys¬
tem.
the resolution was spon¬

New

Man

any

to

methods for allocation of materials
and

that

Capital, $15,000,000.00; Surplus and Undivided Profits, $20,458,150.62

WILLIAM G. HOLLOWAY

and vital
our

equipment required by
military organization.
.

.

HERBERT J. STURSBERG

.

'

1

Everything ordered for delivery
in 1943 could be delivered
by
the end of 1942

.

if^ this universal

■

enlistment

of

small

business

is

made effective."

In

;

the

Senate

on

Dec.

15

the

special Senate Committee, headed
by-Senator Murray (Democrat),.of

Montana,

began

hearings with




a

JOHN R. McWILLIAM

The Corn

Exchange Safe Deposit Company operates vaults in 56 of
conveniently located throughout the City of New York.

the 74 branches

United States Defense

Savings Bonds and Stamps

Member Federal Deposit Insurance

are on

in

that it forbids producers from ac¬

production.

economy

ca-•

•

exist," he said.

served, and it

given

additional defense

no

treated fairly

preferences in the

the

to

said,

Kelly of
Chicago told the Committee that

small

in the granting of priorities

needs

Mayor

and the public welfare
rand justly served

;;

been

~

small,

initiative of

ever

he

~

ent business

a

of State and local governments.

.......

not

or

,

on

•

the

a

mate¬

allocated

had

of

nance

defense

v.'

Whether

be

raw

allocations,

sideration

transition
to

suggested

should be made after first

•

r\

would

little

percentage basis.

consideration has been given to
the needs of small business enor

and

formula under which

country's productive
our

businesses should cea^e to exist;
our country as we know it will
cease

operator,

and

Y;V(2) Whether

the .civilian

the

ment; }
;

in

He thought O'Ma¬

"theoretical relief" to the

program

have
have

maintained

of this

honey's plan would bring only

po-

tentialities of small business in

;

authorizing an inves¬ raw materials to small manufac¬
Fiorello
H.
La
Mayor
tigation of the national defense turers,
Guardia of New York, said
program in its relation to small
that,
business.
The resohition, intro¬ unless the free enterprise of small
duced by Representative Patman business 4s-maintained, a system
to
(Dem.) of Texas on Aug. 12, was comparable
Europe's
cartels
favorably reported by the House will develop and "we are not

a

,be

population.

obtain

unable

contracts.

On Dec. 4

relation

the United States

istrator Paul V. McNutt and C. C.

be

that

ments

unit

semblance of "normal life" must

it is expected that

economy

there

,

pacify/

enter¬

Fichtner, Chief of Regional Econ¬
increasing prob¬ omy of the Bureau of Foreign and
Commerce,
described
lems in the distributive trades Domestic
due to shortages of goods to sell, small business as vital to military
and
later, problems of labor operations and to the future wel¬
fare of the Nation, and declared
shortages in all classes. It is to
that they favored emergency ac¬
cope with these future develop¬
war

ian production must be sacri¬
ficed/ But he insisted that some

its

the

to

manufacturers
.

<?onduct a study and investigation
of the National defense program in

!'

Up

109

sale

Corporation.

at all offices.

thecommercial&einancialchronicle

110

1

Thursday, January 8,1942

married persons vandv from, L count during the period Sep$1,500, to $750 4n ;;ther;:Cape^bf'
teiAbeif, l939 v tp October; 1941,
single persons. The corporation
inclusive, amounted to $1,408,'
i income-tax rate has been in.V 7 000,000.
This was met in part
! creased from 15% to 18%;. but
•by the traiisfer to Canada of
$250,000,000 in gold and $512,.'; ;■ The shifting of the Canadian national economy from a peace¬ I in addition an excess-profits tax
1
time to a wartime basis has resulted in Government regulation of f of 75% on profits in excess of
000,000 in. securities.
The re*
average
earnings during; the 7 mainder of $646,000,000 was fipractically every economic pursuit, according to a bulletin issued
on Dec. 31 by Dean John T. Madden, Director of the
Institute o£ f four years 1936 to 1939, ihclu- 1 nariced by Canada by the acAs a
International Finance of New York University. It is pointed out : sive, has been imposed.
quisition of sterling balances by
of
these
that it has also resulted in the levying of heavier taxes than the I result
and, other 1, the Canadian Foreign Exchange
! changes
total
receipts / from ?,v Control Board with funds adcountry has ever known and i the<f>
policy was abandoned with the s taxes on incomes rose from f vanced. by the Canadian Govcreation of a multitude of new
issue on Oct. 24, 1941, of the j $142,000,000 in 1938-1939 to an
government departments, boards
7»erhment.
7-"7 777'7>7:7^7,7/-,
Wartime Wages and
Cost of if estimated $674,500,000 in: 1941- /
and agencies to
Canadian authorities have esadminister the
Living Bonus Order. This Order c' 1942, an increase of 375%. : • 7r
timated that from November,
regulatory legislation;; The bul¬
froze basic wages at the rates 1
letin continues:
The budgetary deficit which
1941, to April, 1942, the British

Regulatory Legislation la Canada licideal
To War Tne BasisDtSMSsed By Madden

of

I

-

.

/

.

•

;

transactions without serious in¬

prevailing on Nov. 15, 1941, but
provided
for
fixed
bonuses
based upon the cost of living
index as computed by the Do¬

terference with commercial re-

minion Bureau of Statistics. Ad¬

The

r

Government

Canadian

-

has, thus far been able to con¬
trol foreign-exchange rates and
:

with

lations
;

friendly

justments are to be made every
three months, beginning in Feb ruary, 1942.
The quarterly ad¬
justments are to be based upon
the change in the cost of liv¬
ing index between the month
preceding the adjustment and

nations,

and to finance its requirements,

including aid to Britain, with¬
out difficulty. Prices and wages,

however, have presented prob¬
lems. During the first two years
of

,

the index of wholesale

war

October, 1941,

prices in Canada rose by 26.9%
and the cost of living by 12.8%.
Comparable data on wages are
not published but increases of
70.3% in payrolls and 37.8% in
employment indicate a substan¬

,

lished

of Nov.

frozen

were

the

at

with
ence

Difficulties

with

cruing

if

prices

in

the

On

controlled.

As

United

sidies

reduce

or

tariffs

It

necessary.

1940-1941

trol

machinery

ganized,

but

is

no

being
details

were

reor¬

1941-1942

were

took

■

endeavor

to

to

borrowed,

increasing the

and 126%
expen¬

are

the

have been
of

rates

taxes

i

\

j
j

i
f
'

}'
i.

;

British

7

.

deficit

current

on

new

taxation

Found

on

emptions* have * been

s

Banking
Other

1941

from 154.3 in October tb
in

November ;

Premises

The

and nondurable, goods
higher in November, than
in' October, althoughWtbe
^iri-i
crease
was
greater in honr
durable, goods. The inventories
of the boot and shoe,
house|
furnishings, cement, and vjnetal
product industries - showed th£
greatest" gains. ' Automotiye;an4
railroad equipment inventories
showed the largest declines.i
The composite index
of ihaiij.

October

?

ufacturers'
26.2 %

Ex¬

inventories

w a

.

;

--i—

reduced

Customers' Liability Under Letters of'Credit and
,

.Acceptances

-i—

TOTAL

Undivided

Reserve

Profits

for

for
for

~

.2-1

....

.

nf

Debentures

Dividends Payable
Interest, Taxes, Etc

1

;

Liability Under Letters of Credit and Acceptances

Unfilled

orders

S.

Liabilities

and

Savings-

Government

...

TOTAL
*This

1

ceived




index

less

that the
shipments

so

of

than

the

indexes

following table gives The
Conference Board's indexes of

unfilled- orders

manufacturers
in
237, unchanged
from October and 11% higher
than in November, 1940.' The
all-time high record p/as 262
for last July. Manufacturers of
textiles,
building
equipment*
INDEXES

„

earlier..

|

7 The combined index of prices.

;

paid by farmers, including in- :

than

higher

'

7 1

..

'

''

,Z

•

'

f terest and
month to
average.

•

payable per
point during the.

taxes

rose one

acre,

: 7

based

on

These

:

:
'

;

7

The index on Dec. 15,

farm prodwhen expressed
percentages of parity, were:
corn, 72%; cotton, 91%; butterfat, 87%; eggs, 89%; hogs, 98%C
and beef cattle, 125%.
Prices/
received for all farm products
averaged 99% of parity, com¬
pared with 79% a year ago.
Prices of leading

ucts

on

Dec. 15,

as

:

7

indexes

a

ported that prices received by
farmers for agricultural com¬
modities sold during 1941 aver-

average as 100 and are

for

Nov.:

seasonal

(revised)

Shipments

«

f

136.0

Non-durable goods

+ 1.7

+

130.5

+ 1.0
+ 2,3

+

orders

.

;

*

;

-

'

17.0,,

150

—2

+ 34

235

166

—3

+

175

131:

—3

+ 29

237

213'

529

260

-237

540

-

-

,

the

o

37

'+2

most,of the

10 years,
some
:

distance

maintained
The

last

although they are still
in

from

the

the late

improvement

in

level
1920's.

prices

during 1941 was general for

*.+11

+108

126.

index was

ities have regained

26.2

1

Unfilled

when

By this measurement, it is .said,

+ 31.4

116.2

206

The

losses sustained during the

zo

169

.

average,

compared with 98 in 1940.

1930

to
12! o <

228

:—

orders

to

Nov.. 1941

1941 was

1909-14

1941 level was the highest since

NOV., 1940

124.3

*

201'

-

goods

1940 ^

ofv the

prices of agricultural commod¬

154.3

17L5

-

-7

122%

1941

169.8
7133.0

156.9

■

goods
goods

Nov.,

higher

fourth

for the 12 months of

■I

Oct., 1941

a

The average index

;

adjusted

changes.

nearly

1

Percent Change from.

'

1941
f

J

Inventories

aged

are

•

7

year-end summary of
farm product prices, the Agri¬
cultural Marketing Service re¬
In

than in 1940.

the 1935-1939 monthly

(1935- 1939.== 100)
.7 "
'

"1941"

of the 1910-14

144%

1940, was 128. ;;/7
i

.

changes.

'•f '• Oct.,

New

November

INVENTORIES,-SHIPMENTS AND ORDERS—NOVEMBER,

OF

,

Durable

for

October, 1941, and Novem¬
ber,
1940,
with
percentage

year

a

:

and

new

and

was

'

Durable

shipments,

23

was

i

.

ventories,

during;

the month to the highest mark 7
since August, 1937.
At 123% of
the 1910-14 average, the feed-

points

November, 1940. The durable
goods index was 37% higher 7
and the nondurable goods index was 29 % higher.
The

that

tendency to level
off in November.
Feed prices,
which had declined since Sepa

I

the value of manufacturers' in¬

-V|

by

«November8

142,824,075.64

.$161,799,734.96

increased,

commodities

those

had shown

j ; price index On Dec. 15

3

The index, of new orders rej

Non-durable
1

.

; The composite index of ship¬
was 34%
higher than in

7

114,915.77

includes $2,430,217.00 of trust moneys on deposit in the
Banking De¬
partment, which, under the provisions of the banking law, Section 710-165
of the State of Ohio, is a
preferred claim against the assets, of the Bank.

.

.

,

1,200,000.00

6,538,746.54

above 1940.

ments

:,

New' Orders 7

5,000,000.00
3,800,000.00
1,033,918.17

767,076.87

—-

j

7

as

J of both durable and nondurable
77goods shipments. ,,,;;:;;7

for

1

Commercial, Bank
U.

years

7 tember, rose five points

K

declined

November,

and ^nondurable

durable

t

either dur¬

composite

goods were below
the peak reached last May.
> f

969,857 .4J

50,000.00
321,001.97

i

nondurable goods pro¬

or

ducers

of

j

*

Other

end of

not classified

able

At the end of November

declines.

114,915 .77

DEPOSITS:
■

are

higher

108%

shipments )of

-nondurable

150,000.00
i

the end

at

was

of

r

>

«

producers were higher
than in October, although a few
individual
industries
shQwed

.

-$
.

_

—

Retirement

Reserve
Reserve

the

at

both

LIABILITIES
.J—,

than

index

declined,
owing
largely
to
lower shipments by the clothing
industry. Shipments by certain
miscellaneous industries which

goods

———61,799,734.96

«...

prices higher than in
of large supply.
Factory
payrolls
about
57%
support
other

:

f' ments of nondurable goods also

it stood at 540, a new high rec-iord.
The
unfilled
orders
of

;

'

-i.:,

;

from
Ship-

last. March. The index of ship-

/

?

Orders

2%

November.

durable goods consequently de¬
clined for the first time since

higher' at the -end of
and

than

•

'

:

„

'

Capital Debentures
Capital .Stock
Surplus

2%;

November

n

*

Demand, both' for domestic
consumption
and for export,;
continues
strong, enough
to

even

of

*

" higher

Unfilled

300,000 DO
5,249,000 .00
198,025 .56

±

ih.

1
value

the

declined

to

Board's

7

in
November;
1941, than in November, 1940. |

;

of

ments' of building equipment,
cement, and glass, seasonally
adjusted, increased; but ship¬
ments
of
automotive
equip¬
ment,
office
equipment,
and
housefurnishings declined. The

:

.

$ 89,237,893 .24
*12,757,660 .22
52,972,382 .76

.

month, and

'

were

.

index

shipments

durable

'

Occupied—.—;—

Estate

Other ' Resources

-

—

under those of last year.
.

;

Shipments

(1935-1939

equals 100). Inventories of both

;

-

39,130,757:79

•

only slightly

.

156.9

J___.L__$50,f07,l35.4S

Securities--

of

Marketings

years.

'

index of-the value of manufacturers' in¬

1.7 %

Deposit Insurance Corporation

Discounts,.--.--—---^

Real

•'

;

1940.

Federal Reserve Stock__-___w

•

'

CO,

%

The "

abundant.

are

grain harvest was the larg- *
nearly a decade and hay 7
; and forage crop production was
7 the largest of record.
Fruit and
vegetable production, excluding v
Irish and sweet potatoes, was
also of record proportions.
The
:
farm output of milk and eggs on
Dec. 1 was at the highest rate in :
est in

many

:

RESOURCES

and

commodities
feed

,

October

of. December*31

With
production
heavy ; in
1941,; supplies of agricultural i

highest' on record. ^The Board's ,index of shipments declined
While.
the,
prices-received
slightly from the aR^ima'peak:,^^whicE -it reached in October:
The
index was rising, farmers also
Board's index of* new orders was unchanged. All of these indexes
were
paying more for articles
:
are
adjusted for seasonal :.variathey' bought, both for family
.metal products, and iron and
tion. Under date of Dec. 31, the
I maintenance and for production,
Conference
Board
steel reported increases in new
further//re¬
f The prices-paid index advanced /
orders', but. new orders for maported;
•
T *'
"
two points during the month,.
Inventories '
■
>'
/chinery' and electrical equip¬
entry of the United States in.
ment declined.
*
"
TTie index of ih^ntqfies/rps^
the war stimulating prices for'

incomes.

.

.

the

from $2,000 to $1,500 in the case

United States Bonds

Loans

•

Feb.

at the eftd of the month both it and the/ index of unfilled orders were

MEMBER FEDERAL RESERVE SYSTEM

and

,

i 7

"

ventories increased in November for the 26th consecutive

(depending upon marital
status) on the first $1,000 of
taxable
income
as
compared

CINCiNJMATI, OHIO

Bonds

after

or

on

.

,

Highest On Record In November

The Conference Board

income of indi¬

Fifth Thi

Other

% of • the August, 1909-July,
1914, average—the highest point
since January, 1930.
The index,
it states, was 42 points above that
of mid-December, 1940.
Grains
and meat animals, with a ninepoint rise since Nov. 15, made the
strongest gains. Cotton prices ad¬
vanced
moderately.
Fruit and
dairy product prices Were un¬
changed, and the seasonal decline
in egg. prices was less thaft, usual.
The- Departmentfurther
ex¬
plained:

i-

*

Banks__,

<.

Industrial Inventories And Unfilled Orders;

was

from

in London

Ltd.

2, 1942.

ac-

The index of unfilled orders

Due

143

meat animals were

changes
taxes and higher

with 3% on 1938 incomes.

and

result was a general average of all«
prices received by farmers which
stood at 99 % of parity, the De- 7
partment
of
Agriculture
an-;
nounced on Dec. 30.
The Depart¬
ment reports that prices received
by farmers rose eight points to

.

I nadian Minister of Finance the

22%

legislation providing for
fair
wages, limited hours
6f
labor, and mediation.
This

Cash

by farmers both advanced during
The netY

the month ended Dec. 15.

,

in¬

were

vincial

as

delivered to Great Britain.

Mar:

viduals will be taxed at 20% or

Statement

in

■pk Cuban Bond Payment

from

ment

i

principal

Thus -the 1941

prevent

Member Federal

the

from

Government

States

/the form of lend-lease aid, and
:

gross

be / obtained

J. P. Morgan & Co. Inc., New
$3,710,610,000 ; ori
31, 1939, to $5,018,928,000 York,, as fiscal agents, announce
on Mar. 31, 1941.
7.7+7:'777^77:-; that., $281,500
of. Republic
of
In addition to its own require- Cuba external $ebt 5 % gold bonds
of 1941, due in 1949, have been
ments the Canadian Government has undertaken to supply drawn for redemption on Feb. 1,
the British Government with 1942, at 102
and accrued inter¬
the Canadian dollars it needs to est.. Holders may receive pay¬
ment for the designated bonds by
finance its purchases in Canada
and which the British cannot presenting them at the office of
provide out of their own ; re- J. P. Morgan & Co. Inc. or at the
sources.
According • to the Ca- office: of Morgan Grenfell & Co.

f

es¬

219%.

stoppage of work by labor dis¬
putes.
For this purpose it relied upon collective bargaining,
and prewar Dominion and pro¬

Tfe

United

.

debt of the Dominion Govern-

that of 1938-1939

over

many

creased,

the Government
step toward wages ex¬

no

cept

I

I

is to be met by increased taxes.

rising

.

i

will,

;

and advances to various goverriment undertakings have been

I

higher than the 1938-1939 ex¬
penditures;
More than 72% of
the excess of expenditure in

also

commodity prices

as

Gov¬

ditures in 1938-1939 and the

While

long

23 %

timates for 1941-1942.

given.
So

were

respectively, larger than

announced that the export-con;

the

war

expenditures
have
risen rapidly.
Expenditures in
the fiscal years 1939-1940 and

the

to

was

result of

a

ernment's

level,,thereby adversely affect¬
ing Canada's imports of essen¬
tial goods, the newly created
Commodity Prices Stabilization
Corporation will provide subextent

How¬

holdings or assets convertible
into foreign exchange is rigidly

States rise .above the Canadian

v

.

their

on

in Canada.

ever, the disposition, by Canadijans of their foreign-exchange

Dec. 5, 1941, the "Wartime Prices
and
Board
announced
Trade
that

interfer¬

foreigners

to

investments

respect to imports and exports
have already been foreseen by
the
Canadian authorities
and

counteracting steps taken.:

{

>

132,000 in 1941-1942. Funds for
covering these deficits as well
as
for extra-budgetary loan's

I

in Canadian currency ac¬

come

may

measure

arise out of this

of

with normal trade and fi¬

permits not only pay¬
ments for imports, and interest
and. principal due -in .foreign
currency, but also the transfer
into foreign currencies of in¬

maximum

which

minimum

a

I

•»•

•

The general level of prices re¬
ceived by farmers and prices paid

freely

similar goods or services during
the four weeks ended Oct; 11,
1941.

nu¬

nancial relationships. The Board

price charged for the same or
-

While

changes in regulations
have been made, control has
been administered by the For¬
eign Exchange Control Board

1, 1941, prices of prac¬
all goods and services

tically
'

•

in

merous

During the first 27 months of
war price-control efforts
were
to
limited
specified products
and services. However, under the
Maximum
Prices
Regulations

I

and

.

transactions

break of hostilities.

v

to

$118,700,000, in 'i( deficit in Canada will amount
to more than $400,000,000.
$377,431,000 -in
Of
1940-1941 is estimated at $368,- I this/amount about $200,000,000

,

over

exchange was estab¬
shortly after the out¬

foreign

tial increase in wage rates.

'

Control

amounted

;

j. 1939-1940

Decem^rFaw
Average 99% Of Parity'

major commodity groups.

all

^Volume 155:

Number 4030

T.V

;

THE COMMERCIAL & FINANCIAL CHRONICLE

-

-

Uon ©fs. the- Hitler tyranny, of
AVtheT Japanese frenzy and the

At Ottawa Sees
In

before

speech

a

,

,

gangs of bandits

the

have sought to stand between the

basis

common

favorable trend

darken

struggle that lies ahead, viz.-r-(l) the "period of consolidation,
of combination and of final preparation," (2) the "phase of liber¬
ation," involving the recovery of ;lost territories and revolt of con¬

of

the

guilty

the

people of all the lands,

They

the

with

harmony

and

scheme.

powers

■;

•

general

when

permissible

crime and of their

view of the

to

take

forward, jor

a

in view of the

war

ex¬

"Imperial

the

to

isting facts, "now that the whole;

in

of the

food and in

North

American

continent

!

effort

war

V- we

aircraft, in;

troops, in ships, in

,

turn

earth

and

.

has

purged

from

task

upon

we were

continuation
in

of

products,"

forecast

retarding

af¬

demand

the

of

in

and

Bureau

will

which

total money

income of

be

British

at

and

outlook

subjugated

nations

daylight* at the end
nel."

;;

In

of

the

see

along

must

our

place

any

at

may

tive

He

did

not

time limits

on

the

va¬

phases; explaining that these
""depend upon our exertions and
achievements and

the

war."V

that

Mr.

"while

on

Churchill

hateful domination.

enables

into

take

to

us

He added:

nor

uous

exertions

Concerning
he

President

described

whom

&t

the

the

same

new war

time

of

judge'for

made

himself,

united

Hun," i

least

at

against Japan will be

goods for
will

"that

been

for

to

and

pacts

fight

and

in

other

in

in

on

;5'
Cash

on

Loans

<

,

fidelity,

without

--T-

' ■*assets

;>—■/

in

.««»•..

with

one

been
upon

•-

control

total

ex¬

In 1940, about 10%

-

-

-

«

*'

j

-r

1812

STATEMENT AS OF DECEMBER 31, 1941

R E S O U R C

.

.

Other Investment Securities

.,uJ

,•

i

•

•>

i.

•>?<>-'

»•:

f^V-

V

.

,

r.

.

.

.

•

«

«

<

V

First

Mortgages Owned

Interest; Accrued

.

.

$140,676,088.50

.

#

48,781,618.03
7,094.245.00

....

.

<

,

.

.

.

.

♦

4,149,117.41

.

:

Ownprl (Including Fidelity RiiildinR Corporation,
Mortgages uwnea
s«oi>a Morwgc $3,291.0001.
Vfnrt-mapc

.

.

•

1,966,414.20

•

•

/;.

2,530,768.22

.

,

Miscellaneous Assets

.

.

;

.

.

.

•

.

Prepaid Taxes and Expenses

.

.

,

,

.

Cash and Transient Collections

Other Assets

.

.

.

.

,.

;

.

.

.

.

.

.

.

.

...

.

::

92,451.30

.

744,769.39
184,156.05

Capital Stock

««•«.«».

.....n.

Surplus

*

....

Reserve for

on

Securities

.

.

.

,

.

.

.

,

,:A 1,496,337.85

Interest,-Taxes,

etc.

......

Deposits

.

;

.

;

V
.

I ' '

.

.

,

.

"./

.

....

MARSHALL S. MORGAN

12,100.00

14,700,00000

to secure

at

$24,418,983.91 in

■»

,

'/.'

1,671,396.92

Unearned Interest

.

405,919.21

.«•••••

v

.

400,000.00

.

.

.

.

.

,

.

.

•

.

1,439,053.61

...

.

•

«

92,451.30

.

.

J

j;

$167,990,000.52

-

Miscellaneous

Liabilities

35,157.07

Deposits

310,224,182.63

-

$341,087,239.46

Municipal deposits

Clearing House exchanges.

KENNETH G. LE FEVRE

V
„

PrfsiJent

'

United

States

Government

Treasurer

$19,340,102.05

!135 South Broad Street

325 Chestnut Street

MEMBER
MEMBER
FEDERAL




$10,000,000.00

.

2,119,078.72

Letters of Credit and Acceptances

,

.147,831,129.16

.

;J

;

462,650.81,

.......

.

andforfidweiarypurposesasrequitedbylaw, and

SYSTEM

.

Contingencies

Dividend Payable January 2, 1942

100,000.00

....

United States Government obligations and othersecurities carried
the above statement are pledged to secure Government,State and

RESERVE

.

....

Reserved for Taxes and Expenses

;

.

387,782.70

,

jf.

[FEDERAL

•

,

11,000,000.00*
...............

.

.

.

-

$6,700,000.00

.

Depreciation

Other Liabilities

.

.

Undivided Profits
Reserved for

Reserve for Insurance

Reserve for

*

.

262,544.58

.'

Undivided Profits

2.052,499.48

*

505,980.05

.

.

»

.

LIABILITIES

1,406,568.54

,

.

$167,990,000.52
.

.

,

$341,087,239.46

LIABILITIES

Capital
Surplus

.

5,579,210.68

.

.

.

4,568,581.33

.

.....

Vaults, Furniture and Fixtures

544,553.30

•

25,725,997.92.

.....

18,662,645.20
114,536,838.82

21,607,661.70

.

•

.

.

.

Buildings and Equipment

Other Real Estate

;

38,235,964.65

l

;

Customers* Acceptance Liability

/;/ /
$38,177,625.85

«"

State, County and Municipal Securities "<

Accrued Interest Receivable

measures

instituted.

State, County and Municipal Securities

-30,990,939.78

.

anticipated,

an^

-

DEPOSIT

INSURANCE

V

CORPORATION

S-V

State

and

in

the

above

obligations
statement

and
are

other

pledged

Mumcipal Deposits and for fiduciary

securities
to

secure

purposes, as

a

level

rise

in

carried

at

Government

required

will

depend

the nature of the various

Philadelphia

V

price

1942. greater than previously had

to

thought ex^

any

,

Real Estate Owned

general

of

f

Other Investment Securities

the

'

]

FOUNDED

Bank

■-';'/;

Hand and due from Banks. ;N

U. S. Government Securities

Whether
in

together,

Organized 1866

Investments:

commodity prices.

/

ports in 1941.

cept the total and final extripa-

•;

..««.»•

may

pressure

not this will result

on

the

resolves

unity

Statement of Condition, December 31,1941

t

upward

this

concerting

fj'

•'

increase

the

of

Commercial and Collateral Loans

,

relatively

'

of

and

war

20% required for defense and

fortune,", Mr.

Trust
,1'

the

great man

Fidelity-Philadelphia

'•/

,

and

third

Cash and Due from Banks

■■

becomes

The spread of hostilities

.

increase

be double the estimated

a

U. S. Government Securities

-

;

or

proportion

v

'

■■

,

"the

probably

may even

fought by the Allies together.

than 30 States and Nations

more

consultation with others and in

./'„

needs

difficult.

V

-• -

marked

human

We've

these exertions, take, that is for
each partner in the grand alii—
to

export

promising that

•

ance

points

more

his
conversations
Roosevelt, whom

as

destiny

climax

stren¬

be

must

these

tant

form of severity which it
will make us weary'
make us quit.";;
" ;

will

or

now

shiphostili-

if transportation from more dis-i

assume,

with

As to the form which

by all.

increase

may

1941

of

-'

any

may

account."

most

spread

farm

estimated

•

consumer

•'v

■

1942,,

manufactured

ing strength and asserted that "the
tide has turned against the

In

I

Churchill stated:

the

double the
The

"neither the length of the struggle,

■"

Evidently

they

demand.

the valiant, stout-hearted Dutch."
He also cited the Empire's
grow¬

the whirlwind," adding that

reap

added

growing strength

our

domestic

States

been

have

bombing offensive against Ger¬
many will remain one of the prin."cipai methods by which we hope
to bring the war to an end, it is
by no means the only method
which

for

about

ties

United

have

that "Hitler and his Nazi gang
sown
the wind—let
them

say

of

ever-increasing

an

principal factors in the favorable

catastrope" with the "behaviour of

for

ments.

the

as

,,

The Prime Minister went on to

the

course

destruc¬

as

which

with

those

as

:'f. have sought to establish their

rious

upon our

confront .the

shall

tiful, as sharp and

fortunes."

hazardous and uncertain

that

evildoers with weapons as plen~

stage

every

every

year

every

we

passes

never

of the enemy

affect

and

month

forget that the
of the enemy and the action

power

and. in

been -turned

has

-

should seek to advance,Prime'Minister warned that /

"we

des¬

troyed by it when it broke: upon
us.
But that dangerous corner
-

we

be-almost

to

as

cited

were

the
war

4

■;

course

it

avoid

tun-;

^

.

forecasting the

which
the

.

can

0'
•

ment, and wages

former

progressive.

-l products

The expanding war effort and
the prospective accompanying rise
in
industrial
activity,
employ¬

to continue to increase," according to the analysis.

the

Prospective 1942 needs of the

is/ expected

-

of

pronounced when
from a defense to a

is most active, prob¬
ably early in 1942; but will be
temporary; effects of the latter
may arise more gradually and

consumers

undertake but which we shall
arsenal j as "magnificent.":/,;.- ■
T/Z/VK
the im- i
Explaining that "we did not V now most faithfully and punc-i
mense
reserve
power
of Russia; make this war, we did not seek
tiliously discharge.
/:, ;/.■
i
is gradually becoming manifest; s
it, we did all we could to avoid, it* I. Mr.. Churchill also took occasion
now that the long suffering,
un-| we did too much to avoid it," Mr/] to review the
past history of the
conquerable China sees help ap-j Churchill further stated: - ••,///
war, contrasting the "great French
proaching; now that the outraged!
We went so far in trying to

effect

rising
The

economy

price

of

buying will be expanded, and the

us—the

reluctant to

normal

and

be

shift

the

Agri¬
cultural Economics.
"Speculative
and storage demand may be stim¬
ulated for products unaffected by
price
ceilings,
food-for-defense

their

of

activities

taxes necessitated by war.

the

conditions

analysis

been

of

"a

December

villainy will

the

they have forced
task which

finance," describing it*

is becoming one, gigantic
and armed camp; now that

the

cleansed

by Can¬

contributions made

ada

farm

shall

only

both in Europe and in Asia." Mr.,
At the outset of his talk, the
Churchill said he considered it Prime Minister reviewed the ma¬
\

of

restriction

economic

fecting. the domestic demand for

themselves be cast into the pits
of death and shame, and

.'V

.

greater

the U. S. Department of Agricul¬
ture
indicated recently on
the

have sought to
light of the world,

and thence march forward into
their inheritance.

the<s>

.

homelands

factory production apparently
for defense or export." • The

was

30, Prime Minister Winston Churchill of Great Britain took a
broad forward view of the war and outlined three main phases in
Dec.

quered
peoples,
and'; (3)
""assault upon the citadels

of

v*

spread of war to the West¬ Bureau's
analysis also stated:
'J
ern Hemisphere has not
no
materially
halting /or
Influences tending to reduce
half measure.
There will be no changed the' favorable^ economic
consumer
demand
will
be
a
outlook for agriculture in
compromise or parley.
1942,
These

Ottawa, on

at

Parliament

Canadian

the

Farmers' Outlook Good
The

Mussolini flop.
"->There will be

by law.

which may be

.-+i*rr

r. V-

,.

the Commercial & financial chronicle

112

want the Committee to make

Report Of Byrd Committee Galls For Gut
In Non-Defense Ontlays Of $1,301,075,000
In

these

preliminary report presented to the President and Congress

a

over

the

I

make

amounts

this purpose.

available for

in non-essential spending by the Government in
the next fiscal year. The Committee, headed by Senator Harry F.
Byrd (Chairman), Democrat, of Virginia, was created under the

the

of

$1,301,075,000

Revenue

Act

of

tion,

Committee

this

as

reservation

a

ommendations

that

being

a

by the Government, as the in¬
crease
in his net income indi¬

accounts from Washington
Dec. 26 that the Committee's spe¬

In

cates.

accrue

head of agriculture called for

de¬
ferment of land purchases, reduc¬
tion in appropriations for expor¬
tation and domestic consumption
of

we

lend-lease
In

agricultural commodities, abo¬

our

and the farm security administra¬

and

In his letter to Senator Byrd

expressing disagreement with the
under
"Agri¬

the

estimated

is

farmer's

in

of

share

will

income

tional

that

the

than in

standing
10%

in

1932,

the

would

I

recommend

that

Agriculture be

The

na¬

With

ried

the

with

on

funds

Corporation,

nance

I

' Fi¬

would

debt

created.

are

Byrd

/

that

the

th&t

extent

they

not

met

the

by

themselves.

report
Civilian

The

.

_

institutions

of these

also

that

the

ties

of

the

non-defense

National

ministration

activi¬

Youth

Ad¬

be

abolished, bring¬
ing about savings of $91,767,000
and
that
$400,000,000 be saved
through monthly reductions for
the Works Projects 'Administra¬
tion.

The

:

Committee's 7
effect

mendations * to

$1,301,075,000
follows:

j

the

tions

specific

in

the

fiscal

*

t

Youth

Corps

#

♦

#

Rent Control Measure
The

are

year

.

go

D.

Savings

■

into

91,767,000

______

Projects

at least for the year____

—

of

'v,,-; <t -XV

be

,

final

must
Agriculture—
of land purchases

_—/—

Reduction

Continental Illinois
National Bank
and

in

appropriation for

agricultural

.

■§

Other

Public

Works—

'

,'

>,

.

,

,

,

-

•

for non-defense^
__________
of Interior items
————.—
of rivers and harbors and flood control items—________

Deferment of

Trust Company

public buildings

Deferment

savings

Cancellation

,

-s

/:

\.

•

r

$

;■'•••••'■«

.

-

v.

;•

•'

*

*•

656,448,462.95
*

.

v

i

United States Government Obligations,
Direct and Fully Guaranteed.

724,258,158.91

....

Other Bonds and Securities

68,927,395.19

Loans and Discounts

284,763,260.90

Stock in Federal Reserve Bank

Customers' Liability

on

3,000,000.00

Acceptances

536,859.15

Income Accrued but Not Collected..

of

loan

170,000,000

activities.

$1,301,075,000

recommendations

Harry

re¬

2,854,463.89

L.

«

\

>

LIABILITIES

>

12,000,000.09

"

Real Estate Owned other than IJanking House.

•

1,996,261.10

«

>

*

$1,754,784,862.09

„

A,*

,

Deposits.....

$1,616,430,112.16

..

Acceptances

536,859.15

.

Reserve for

Taxes, Interest and Expenses....

Reserve for

Contingencies

Common Stock

/

"

469,172.09

50,000,000.00

*.......,

Surplus

50,000,000.00

Undivided Profits

14,394,693.17

$1,754,784,862.09

.

/•

-

.

'

United States Government obligations and other securities carried

$202,333,292.78

are

pledged to

and for other purposes as




_

,

5,721,008.35

17,233,017.17

Income Collected but Not Earned.

at

F.

.

Banking House..

secure

required

public and trust deposits

or

permitted by law

Mtmhtr FtJtrtl Dtputl Itumrtnct CftmtU*

law.

reversed

Twice

a

will

by

year

a

he

to

present Congress a report on
of his office, according

the

ported

Association, which also
as

Before

re¬

follows:
Jan.

including

will be liable for

a

$1,000 fine, one

imprisonment,
or
both.
Tenants
who
suspect they
are
being overcharged simply petition

4

1941

; ;

.

of

his decisions

unless

the Rent Administrator for

an

ad¬

Byrd,, Chairman justment of rents, and a trial
examiner
conducts
v
hearings
of
(member, Senate Finance Comgarding the Civilian Conservation
evidence from both landlord and
Corps, the ^National Youth Ad¬ ^mittee);1' Robert L. Doughton,
tenant.
After study of the evi¬
ministration,'etc., the?'report said: ^Vice - chairman - (Chairman,
j
House Committee on Ways and dence, the Examiner makes his
The Committee recommends
recommendation to the Adminis¬
i Means);
Henry
Morgenthau,
that the Civilian Conservation
;
Jr., Secretary of the Treasury, trator, at the same time notifying
Corps, the National Youth Ad¬
the contesting parties.
If neither
subject
to • qualifications
as
ministration and the National
stated in his letter which'fol¬ party appeals to the Administrator
Defense Training Activities of
for a review of the case within
lows; Carter Glass, Chairman,
the
Office - of
Education
be
Senate
Committee on Appro- five days, the findings ar^ con¬
abolished, effective as soon as
Recourse
to the
!■
priations;
Walter ;F.. George, sidered final.
possible
and
not
later
than
Chairman,
Senate
Committee courts is further possible in ap¬
July 1, 1942, and that there be
pealing the decision.
established
in
some
suitable j on Finance (see attached com¬
To avoid
retaliatory measures
ment);
Kenneth
McKellar,
agency
facilities for training
Democratic
ranking
member, by a landlord whose tenants pro¬
persons
for work in defense
Senate Appropriations Commit¬ test rental rates, the Act places
occupations; this activity; to be
tee;
Clifton
A.: -Woodrum, new restrictions on the former's
limited strictly to national de¬
Democratic
ranking
member, right to evict. Increased services,
fense
work
and
confined to
House Appropriations Commit¬ but not minor renovations, will be
those fields and to numbers to
only
basis
for
charging
tee; Thomas H. Cullen, Dem- the
be certified by the Secretary of
The Capital had a
i ocratic ranking member, House higher rent.
War and the Secretary of the
Ways and Means Committee; type of rent control following the
Navy as necessary for that pur¬
Allen H.
Treadway, Republi¬ last war, when there was a heavy
pose; also that there be merged
can
ranking member,, House housing shortage.. Standards for
in this new program any nec¬
Ways and Means , Committee; rates were defined merely as "fair
essary part of defense training
7 John
H.
Taber,
Republican and reasonable," however, and the
now
under the Work Projects
ranking member, House Com- Act failed to fulfill its purpose.
Administration as shall be cer¬
mittee on Appropriations; Ger- Rent boosts written into recently
tified by the Secretary of War
[■■■- aid P. Nye, Republican rank¬ signed leases will be invalid. The
or
the Secretary of the Navy
ing member, Senate Commit¬ Jan. 1, 1941, "freezing point" for
as
necessary
to national de¬
tee
on
Appropriations.
See rents was chosen partly because
fense; and further that all por¬
the most rapid rent rises in Wasncomment.
/
?
tions of previously appropriated
Senator
ington occurred since that date.
George's comment:
funds for these
agencies now
"In my opinion the defense
Although naif a dozen States
held in reserve by direction of
activities of the NYA and edu- earlier this year considered en¬
the
Bureau
of
the
Budget
I'
tional activities relating strictly abling legislation to make possible
(totaling $132,000,000) be cov¬
to defense activities in the Bu¬ municipal
rent control regula¬
ered ipto the Treasury.
1
{
reau
of Education
should be tions, no laws were enacted, and
From the report we also quote:
continued in the agencies re¬ any regulations now in force in
spectively unless a substantial cities are directed by the "fair
Government Corporations
j
saving could be made by com¬ rent committees" suggested by the
Rent Section of the Office of Price
bining the two."
The Government, more and
Administration and Civilian Sup¬
Senator Nye's exception:
more, is relying upon the 30r
:
"I take exception respecting ply.
The price control bill novv
odd Federal corporations for fi¬
Congressional
considera¬
recommendation No. 5, relating under
nancing both defense and nonto
reductions in the
Depart¬ tion has a section on control of
defense operations. Most of the
rents in defense areas.
ment of Agriculture.
funds thus used, amounting to.
its

In

Cash and Due from Banks

27,835,000
$1,131,075,000

Total

RESOURCES

next,

year's
Cash

of Condition, December ji,

1,

Jan.

1
every landlord,
hotel
keepers,
must
under the new law, notify tenants
of the rates they will be charged.
A landlord who gives false infor¬
43,164.000 mation on rates charged last Jan. 1

26.727,000

Deferment of Department

OF CHICAGO

Statement

50,000,000

as

commodities'^———.
—i__—100,000,000
Farm tenant program (abolished) (cash)__;.
i
—
7,122,000
Farm tenant program (abolished)
hoan authorization cancellation)^—.
50,000,000
Farm Security Administration
(abolished); (cash).
v
70,500,000
Farm Security Administration (abolished)«. (loan authorization cancell.)
120,000,000
Public Works and Federal highway one-third deferment in public roads^-.
64,000,000
of

in

effect

activities

3,000,000

_____

______

indicated—______—____
"Exportation and domestic consumption

Savings in overhead expenses of Department

on

the Act and

court

400,000,000

—

C.,

31, 1945. A rent administrator, to
be appointed by the District Com¬
missioners, will be in full charge

$246,960,000

—-—•

(non-defense)—

(abolished)

Deferment

1
in

enacted

Washington,
the Na¬
tional
Association
of
Housing
Officials reported Dec. 16.
The
Act, it is was said, will peg rentals
rated from time to time in ad¬ at their levels of Jan.
1, 1941, and
ditional forthcoming reports.
will remain in operation until Dec.

activities for

-v.votV:.';

measure

this country to control rents will

preliminary report is
upon a great amount of
factual
information, testimony
and
other
documentary
evi¬
dence which will be incorpo¬

nually).

tures should save

first

i

based

Administration (present appropriation $875,000,000 an¬
Recommendation for quarterly appropriation, includ. defense
first 3 months of next fiscal year of $50,000,000 monthly
and further reduction as employment improves due to defense expendi¬

Works

Washington, D. C., Adopts

This

•

(abolished)

Administration

mi¬

Follette.

specific recommendations
in subsequent reports.

•

-

-

Conservation

the

of The Committee,
by
Senator
La

deal

will

'

National

embodying

views

submitted

was

more

Cby the following amounts:
Civilian

report

nority

corporations and make

ernment

as

recommenda¬

current

let

we

with the disbursements of Gov¬

of

adopted, the appropriations for
the next fiscal year will be less
than

A

funds

their

its

Committee

,

Committee

the

by

of

means

The

,

Tabular Recapitulation<
If

over

corporate

constitutional
appropriating machinery.
:

by

recom¬

savings

offered

were

direct control

ad¬

Clarence Can¬
Chairman of the House
Appropriations Committee, par¬
ticipated actively iq the prep¬
aration of the report, and was
unexpectedly called home. The
opportunity was not available
to
present the report to him
for signature. v
v

Committee"-recommends

coordination

be abolished,
of v $246,960,000;

the

follow

non;

\

v

When

-

must

Congressman

Government

-

Committee

the

to

guaranteed by the Federal
and that they are

are

activities, / legislation
subject¬
ing the corporations to budget¬
ary and audit control, and that
Congress assume tangible and

borrowed

Reconstruction

the

from

car¬

this

agriculture

finally encompassed the whole
country.
We must not repeat
that experience."'
;" •
7

Federal

indirect

an

savings

respect to that part of
program

constitute

keep

ready, for

war, we contributed largely to
the economic breakdown which

credit of the
These obligations

Government,

gen¬

must

and

the
agriculture
down during and after the last

war.

the

effecting

program

agricultural

a

of

adopted it would defeat

recommended

operate the agri¬
included in

to

if

obligate

strong

justment that

jurisdiction.
These
corporations
already
have authorization substantially

large savings.

that

"We
7

gressional

these

chance for
of the subject

each recommended

reduction.

are

They

effect in

of

return

credit.

•

taken,
without
searching study

these

by

Conservation Corps

fiscal year.

20%

of

expenditures

serves

than authorized for the current

notwith¬

proportion

circum¬

time that

me

times

recommendation

kind is

with an annual ap¬
propriation of $500,000,000 less

reduction of almost

a

at this

agricultural

the

greater

the

corporations

the very purpose for which re¬

the Budget

1941

be

I feel

cultural

in part:
It

from

all these

of

view

required

Morgenthau

Secretary

are

will

that

program.

the Secretary of

recommendations

said

farmer

there

should make drastic cuts in

lition of the farm tenant program

culture,"

benefits
the

to

stances

tion.

addition,

substantial

the

to

seems

eral

there does not

expenditures'" made

total

of the

Press

under

It

in

having

after

result in

reserves

one-

more

to be any reason to con¬
tinue spending at the same rate.
The farmer is getting his share

pointed out in the Associated

recommendation

and

or

appear

$500,000,000 be made
in the appropriation therefor.
It

cific

dollars

certainly

1941,

reduction of

was

eight

to

up

billion

reached this goal

rec¬

agricul¬

affecting

proposal

his

ture,

the

to

as

one-quarter billion dollars
1932

Many

-1 *

"While I - am: confident that
large savings can* be- accom¬
plished in that Department, I
am
not: ready to recommend
just where and in what amount
the
savings
shall
be
under¬

.v,

collec¬

from

made

to

Committee,
with

loans

on

ficiencies.

half

1

derived

tions

to
their
subject only
to control by the corporations
themselves outside of any Con¬

in

Treas¬

Morgenthau, a member of the
signed
the
report

ury

Receipts

(para¬

of item No. 7, "Re¬
impounded") to cover
into the Treasury all reserves
set up by the Bureau of the
Budget. \ Reserves are set up
primarily to meet unforeseen
contingencies and to avoid de¬

and

recom¬

Secretary of the

•

;

funds

farmer's net income from three

Budget, were covered into
by legislative ac¬

Treasury

mends."

of

disbursement

population to the total
population of the country.
Al¬
though Governmental aid was
necessary in order to bring the

of $415,890,061,
says the report, would result, "if
funds impounded by the Director
of the

question about

serves

farm

immediate savings

the

a

recommendation

graph

Additional*

1941.

raise

:

through these corporations, ex¬
cept in blanket authorizations.

Secretary Morgenthau also said:
also

not

are

in

definite
reductions

I

dollars,

recommendation

before

26, recommendations were made by the Joint Committee on
Reduction of Non-essential Federal Expenditures to effect savings
Dec.

on

billion

many

subj ect' now
to
the
usual
budgetary
and audit control,
nor does Congress have control

activities

any

for

a

thorough investigation of

more

Thursday, January 8,1942

.

•

♦

*

,

.

,

.

.

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

Volume 155

"Possibly

clared,

U. S. Circuit CouHsl Hold ^ Loft

;

service

it

is

establishment

not
at

a

all.

Perhaps that phrase should be

Service

Employes Under Wages, Hours Act

limited to those who

An opinion rendered by U. S. Circuit Court of Appeals for the
District at Philadelpnia upholds the contention ,:of the Wage

garages

watchmen, firemen and other employes Of a building, housing firms
producing goods for commerce, are covered by the Fair Labor Stand¬
ards Act. The opinion confirms the decision in April last year of
Judge William H. Kirkpatrick in^
the U. S. District Court at Phila¬

and

the Wage and

says

Division

Hour

the Labor

of

enjoined

partment

the

Kirchbaum Co. of that city from
further violating the wage and
hour

provisions of the act.
The
instituted by the Division.
The opinion extends the benefits
of the 30 cents per hour and timeand-a-half for overtime beyond 40
hours per week provisions of the
wage-hour law to the elevator
operators, watchmen, firemen, en¬
gineers, etc.
employed by the
Kirchbaum Co..

suit

was

°

April was referred to in our
April 19 issue, page 2483. In re¬
porting the Circuit Court's opinion,
the Wage & Hour Division says:
The defendant argued that the
employes involved are not en¬
the

to

benefits r of

lishment,
which
is
exempt.
However, the Circuit Court dismissed this argument with the
finding that "the rendering of
some

-

>

service

incidental

is

most businesses but

they

are

to

place in the

meeting

A

15 of Article IX would

ing

commerce."

Judge Woolsey's findings of last
April were also noted in our April
19 issue, page 2483.

active

to

member "in the

a

military or

naval serv-

The Court reasoned that "it is / ice of any nation or State which
^
is a belligerent against one or
to infer that the type of

fair

establishment meant by the Act

services

other

United

ordinary

retail estab¬

of

it is

an

it sells
goods.
In
establish¬

decision

A

public."

upholding the

Army

building

service

so

This

the

to

section

amended that

employees

Law, was handed down on Dec.
31 by the U. S. Circuit Court of

The

The

complaint charged that
the owners and agents had failed

the maintenance men,, ineluding elevator operators and
watchmen, employed by them to
service the building, time-anda-half overtime for ali hours
excess

fense

ent

tory

the

.

.

,




service

time

been

for

ate

and

Washington,
the

was

military

prospective

taxation

of

which have no immedi¬

or

thA

Representatives,
during
which
time he specialized in the fields

up¬

economic

or

of

Journal

served five terms in the House of

be spent
experi¬

government

social

ments

Director

Vice-

C.

Born

in

Aldrich

Mr.

of the late Nelson W.

son

Aldrich,

tariffs.

D.

United

States

Senator

value.

from Rhode Island, co-author of
gratifying to know that the famous Payne-Aldrich Tariff
the committee is continuing its Act. Richard S. Aldrich
gradu¬
v

"It is

inquiry
tures

with

of

view

a

its

ated from Yale

expendi¬

defense

into

University in 1906

and from Harvard Law School in

recom¬

1909, and practiced law in New*
elimination of waste York City until 1913, when he re¬
inefficiency in administra¬ turned to Providence. Mr. Al¬
tion, if evidence of such is re¬ drich entered the political field
vealed.
While the people are in 1914 when he was
.elected to
willing to give their last dollar, the Rhode Island House of Repre¬
if necessary, to finance the war,
sentatives and two years later be¬
they will be the more eager to
came a member of the State Sen¬
do so if they know that their
He
was
elected
to
the
defense dollars are being spent ate.
economically for the sole pur¬ national House of Representatives
pose of insuring ultimate vic¬ in
1922 and served until 1932,
tory.

Y'v

Chamber

"The

of

State, of

the

of

when he retired from active poli¬

Cohimerce

tical life.

in

York

New

Mr. Aldrich

was

elected

Director
of
the Providence
before Congress a
and in other public utterances
Journal Co.
in
1918 and was
repeatedly has urged the elimi¬

presentations

named Vice President in 1938.

nation of all non-defense spend¬

He

also

Trustee of the
ing not absolutely essential to
public welfare and morale and Providence Institution for Savings
it
earnestly
hopes
that
the and a Director of the Anchor in¬
labors of Senator Byrd's com¬
surance Co., Providence National
will

with

meet

was

a

the

Bank, Providence Washington In¬

prompt consideration and ap¬
proving action they deserve."

Co.

surance

President

leading part in the

a

of

move¬

ment for drastic reduction of

essential

non-defense

un¬

expendi¬

THE

tures, commended on Dec. -2-j the

CHASE

report of Senator Byrd's economy
committee as paving the way fQr

prompt

and

-

action

effective

by

NATIONAL BANK

President Roosevelt and Congress
to eliminate unnecessary

spending

of

the

United

alternates

17

have

approved.' It is estimated

are

in the Army, Navy

defense

effort.

amendments,

The

it

is

or

other

proposed
expected,

will permit other members now

contemplating

some

form

of

while

re¬

'

war

service to do so,

taining

benefits of their
present ~ business.
The amendments are being
some

Federal government.
A
by. Mr. Johnston fol¬

the

by

"Senator
ciates

on

Executive
Committee

Byrd and his asso¬
the
CongressionalDepartment
Joint
on
Non-Essential

Expenditures deserve the grati¬
people for
pointing the way to war-time
economy in non-defense expen¬
ditures of the government. The
Committee has cleared the path

All

Congress.
must

task

give way

non-essentials
to the supreme
nation

which this

to

now

is pledged.

of needless
spending which is saved makes
possible the contribution of j ust
dollar

"Every

so

much

more

for the relentless

Jan.

13

Due

and

from

Banks.

.

.

.

*

^

,

h

fully

State

of

Municipal Securities

and

Stock

Federal Reserve Bank

.

.

Other Securities

.

,

.

which

the

and

the

inspiration

freedom,

nation

which

,

and

hope

Loans, Discounts and Bankers' Acceptances
Banking Houses

.

Other Real Estate
Mortgages

.

.

.

.

.

.

.

.

.

,

.

.

.*

.

partments and agencies without
disrupting the necessary func¬
tions and activities of Govern¬
ment to a point where they
would work hardship on any
group.
"The fact that the
to all intents

Committee,

and purposes, was

so largely united in its recom¬
mendations, except chiefly as to
the extent of some proposed

economies,

should

37,775,473.15

,

6,842,700.13
8,729,425.18

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

.

.

.

6,965,977.86

.

9,853,853.88

...........

$3,811,802,804.96

of

Christianity and dem¬

throughout the world.
"The preliminary report re¬
veals
that
the
Committee
searched far and deep in its ef¬
forts to find economies which
could be effected in Federal de•

802,221,308.65

.

.

.

are

ocracy

•

6,016,200.00
194,989,187.80

..........

was

today

125,045,060.17

.

.

destroy the ideals and traditions
founded

LIABILITIES

Capital Funds:
"

Capital Stocky'.
Surplus.

.

.

Undivided Profits

$100,270,000.00

.

100,270,000.00

.

.

.

.

*.

.

.

40,369,834.49
$

Dividend Payable February

1, 1942

5,180,000.00

......

11,375,028.06

Reserve

for

Contingencies

Reserve

for

Taxes, Interest,

etc

.

Acceptances Outstanding
as

Endorser

on

.

.

.

.

.

.

.

.

3,032,603.47

.

.

Deposits

Liability

Acceptances

Foreign Bills

.

.

.

i

•

•

i

.

.

3,534,966,617.22
8,241,999.24

and
.

Other Liabilities

240,909,834.49

,

575,267.46

7,521,455.02
$3,811,802,804.96

recommend

report to the President and
to Congress, as should its con¬
clusion that the proposed econ¬
the

omies, would be of material aid
to

United States Government and other securities carried

$354,906,037.00

are

pledged

and for other purposes

checking inflation.

faces the greatest

in its history

crisis

the people have a

r

ft

v"

j

Other Assets

upon

$1,248,5:16,343>94

•.vVd-4:" L
OBLiOATiONS^piRBd^
v.
guaranteed'.
.'/»j'i v ' * j" .1,364,847,274.20

U. S. Government

the forces which are seeking to

States

on

RESOURCES

,

Cash

Customers' Acceptance Liability

loting

effective

of Condition, December 31, 1941

prosecution of the war against

sent to the

become

Statement

duty for the President and

of

"Congress must recognize that
at
a
time when
the United

membership for bal¬
and, if approved, wi.

OF THE CITY OF NEW YORK

tude of the American

pro¬

that at least 50 other members
M

overtime

provisions of the
Wage and Hour Law with re¬
spect to its building service em¬
ployees.
'
In reversing Judge Woolsey's
ruling that dismissed the com¬
plaint and held that the employ¬
ees
in questipn were not en¬
gaged in the production of goods

has

States might have a partner as
a floor alternate.
At the pres¬

of the statu¬

maximum workweek, as
prescribed by the Wage and
Hour Law.
An injunction was
sought restraining the corpora¬
tion from continuing to violate

Constitution

vided, since Sept. 25, 1940, fol¬
lowing the first call for Army
and Navy reserves, that a mem¬
ber in the Army, Navy or de¬

to pay

of

keep

necessary

former

and

Co., died on
Dec. 25 at his home in Providence,
R. I., at the age of 57. Mr. Aldrich

are united in insisting
part of the money which
their
economy
and
sacrmce
contribute to pay the cost of

and the

and

Providence

people

war

Aldrich,

Congress

lows:

Appeals for the Second
(New
other
members
or
member
York) Circuit. The opinion of the
firms, to share, during his ab¬
court, written by Circuit.. Court
sence
in war service, in the
Judge Learned Hand and concurred
commissions produced on his
in by Judges Clark and Frank, re¬
usual Floor business executed
versed the judgment of Federal
by another member during his
Judge John M. Woolsey in April
of last year dismissing after trial
absence, subject to the approval
in each case of the Board of
a complaint filed by the Wage and
Governors.
Hour Division against the Arsenal
The purpose of these amend¬
Building Corporation and Spear &
ments is to make possible the
Co., Inc., owners and agents, re¬
maximum * contribution -by
spectively, of the 22-story loft
members of the Exchange to
building at 463 Seventh Avenue.
the national war effort.
The New York Regional Office of
the Wage and Hour Division of
It is pointed out by the Ex¬
the Labor Department reporting change that:
this said:

Johnston,

H.

Chamber of Commerce

the

taken

proposed amendment of
the commission law of the Ex¬
change, Article XV of the Con¬
stitution, would permit a mem¬
ber
who
is
not
a
general
partner in a member firm and
whose principal business is that
of
executing
orders
on
the
Floor
of
the
Exchange
for

entitled to the bene¬

President

xhat no

the

■

S.

-

of

the State of New York which has

A

fits of the Federal Wage and Hour

worked in

of

alternate.

,

member

statement

of

time, although not
assuming full time duties for
an
indefinite period, may be
granted the privilege of having
a
partner
act
as
a
Floor

turers

are

engaged in

or

incident

Percy

periods

engaged in servicing a loft build¬

therefore

Navy

defense.

as to a
States

Former Representative
Richard

-

quickest possible overwhelming
defeat of its enemies. Congress
should recognize also that the

mittee

Byrd Budget Report

member who may be engaged
in
war
work
for
protracted

con¬

producing goods for inter¬
are themselves
engaged
in
the production, of
goods for interstate commerce, and

United

a

<

commerce,

service

has also been

ing tenanted largely by manufac¬
state

or

other

the

of

well

as

the

in

national

tention of the Wage and Hour Di¬
vision of the Department of Labor
that

enemies

States,"

member

ment, the principal activity of
which is to furnish service to
the consuming

the

of

more

that

except
instead

words

at

N. Y. Chamber Endorses

privilege of hav¬
partner act as a Floor

alternate

special exception to the general
coverage of the act."

Death Of R. S. Aldrich

ener-;

v

and

enable the Board of Governors

a

full

mending

cutting and stitching," the
stated, "would not, we
think, exempt the pressers; their
servicing would be in interstate

01

amendment

proposed

its

devote

gies and resources to insuring
the safety of the nation and the

court

on

a

a

as

Schram, President of the Exchange, explained:

npt

ernment

the

to extend the

lishment

state

gaged in war service and to broaden the conditions under which
these privileges may be granted.
In a letter sent to members, Emil

not be given so broad
meaning since it represents a

characteristics of

same

Dec. 30, 1941, approved two amendments to the Con¬
stitution of the Exchange to enlarge the privileges of members en¬
its

term may

that which has the

pressing

of Governors of the New^York Stock Exchange

Board

The

.

Section

is

the

Exchange Moves to Enlarge
Privileges of Members iniWar Service

thereby necessarily stamped as
'service establishments.'
That

•

; took

right to demand that the Gov¬

labors and also will extend

that

fact

N. Y. Stock

the

Wage-Hour Law because they
are employed in a service estab¬

"The

Stating that "we do not think
a service establish¬

Judge Kirkpatrick's opinion of

It is

themselves.

defendant is

last

titled

service establish¬

ment, the larger part of whose
servicing is in intrastate com¬
merce," the court's opinion de¬

.

the extent to which its
servicing is intrastate."
In holding that the serviMng
performed by employees of%e
Arsenal
Building
Corporation
was in interstate commerce, the
court
cited the example fur¬
nished by manufacturers, who
sent
their
goods
out
to
be
pressed instead of pressing them

defendant corpo¬

a

was

.

upon

.

ment, the Circuit Court of Ap¬
peals held that the employees
were engaged in the production
of goods for --commerce within
the meaning of the law, and
stated that in the court's opin¬
ion the Arsenal Building Corp.
was hot a service establishment,
as defined ip the law.

B.

A.

the

that

ration

De¬

,

least its exemption must depend

for commerce, or in commerce,

delphia, which

laundries.

or

or

enough for our purpose that if
it is a service establishment at

of Labor that elevators,

and Hour Division of the U. S. Department

directly, like tailors

sumers

Third

serve con¬

113

Member Federal

as

at

public and trust deposits
required or permitted by law.

to secure

Deposit Insurance Corporation

r,
,-V

■

v
• -

ty

THE COMMERCIAL &: FINANCIAL CHRONICLE

114

by

v

President

Signs New

him

added

The

War Powers Bill
Roosevelt

signed

on

legislation giving him
extraordinary
wartime
powers,
including
authority
to
impose
censorship on all outgoing and
incoming
communications.
The

the

it

dent

ganization
cies

of

to

amounts

Overman

Enemy
the

Government

alien

and

property.

Acts;

held

the

Both

passed

measure

he

tions

16

16

"Journal

the

to

Commerce"

of

from

its

*■

the

war

bill

power

the Senate

when

condi¬

ture," Fred W. Catlett, member of

business

Senators Taft

functions

prosecution of the

do

of

v

Ohio) and Vandenberg
Mich.)
protested
that

war.

itations

contracts.

on

of

Barkley the
to

bar

Another
to

bill

such

the

a

acts

tract

the

Leader

amended

was

ments

move.

amendment

bill

requires

dent to make
all

At

Majority

2. Speed up Government pro¬
curement
of war material by

adopted

the

The

Presi¬

latter

signed
sition

when

downward

the

con¬

deemed

to

undertake

and

ment contracts where the work

the

able to

of

seekers

small

and

The

300

32

bank
iv-M

district

>110

Banks,

Sc

T.:.''

Founded 1824

165

,

•'

industry.

/,

close-qf business, December

31, 1941V.:

<•„

'ASSETS '
Cash and Dui from Banks

$377,335,459.90

Direct

Obligations,
and Fully Guaranteed—

State and

and

Call

Municipal Bonds

321,211,477.96

Loans

79,636,147.00

■

Other Bonds and Investments

120,904,973.58

Loans and Discoilnts__

156,455,076.38

schedule

Banking Houses

539,243.85

■

4,995,921.87

Mortgages.

creased

pound
future

and

York Coffee and

New

change

on

of the close

Temblor

Oil

of

LIABILITIES

at

40

:

1914,

9,161,723.81

$79,161,723.81

Payable January 2, 1942

Reserves, Taxes, Interest,
Acceptances Outstanding
(less oum acceptances

portfolio)

York

City

prevailed

at

Dec. 8.

$8,269,309.70

Other Liabilities

274,489.02

Deposits (including Official and Certified
Checks Outstanding
$26,783,252.80) 1,014,109,864.03

$1,101,728,373.?8

*

Obligations and other securities carried at
$111,253,065.53 ifi the foregoing statement are deposited to
secure public funds and
for other purposes required by law.

.

15, 1937, the Hun¬
Government
has been

semi-annual payments
on account of its

$9,828.16

indebtedness

United States.
Charter Member New York Clearing House Association
Member Federal Reserve System

Member Federal Deposit Insurance
Corporation

been

15.

No

to

the

payment had

made, however, as of June
and the present pay¬

1941.

represents
the amount payable under this
practice for June 15, 1941, and
ment

Dec.

of

$19,656.32

15, 1941. "

&

and

Corp.,

general

$ per Lot

,

Inc., note October,

1943,

Jan.

Inc.,

1,

1949

March,

coupon

8'/2

1933,
2

:

1956, reg.

4s,

with

i

,

1957—coupon January,

1977—coupon

April,

Lofland, Philadelphia,

Trust

and

66

on

/"://:
»

1914,
'/v.:

Wednesday,
"
'-vV
$ per Lot

.Co., Port Chester, N. Y.

1

(par $20)

Erben-Harding
Stephen

F.

Co.,

Public

Electric

60

Hamilton
Hamilton

Finance

10

Idaho

10

i

Finance

Farms

Olean,

24

(no

$1% shr.
(no

A

par)4_

and

Salamanca

Petroleum

Conversion

20

Terminals

and

(American

Hamilton

Loan

1

1
23

7*4

preferred

common

(par

capital

$5),

(par

(par

1

$100)

$7

2

temporary certificate

preferred—.;—;

•

Society

of

,.

Falls

Twin

Oakley

Falls

Twin

500
'•

and

S.

C.

A.,

Salmon

December,

and

Water

Inc.,

Co.,

7s, "1953,
mortgage,

Nov.

1,

C.

D

River

October,

——

Land

and

Water

Co.,

first

,

1

mortgage,

and S. C. A., C. D. stamped

1913,

'

,$perLot

"■

1

Land

"

1913,

'

11

....

first

Pennsylvania,

'»

1

1

1935, and S. G. A
100

3

1

—

.

;

1

$100)_„____

Corp,, common (par $1)___
!
receipts); common.-*Corp., common (no par)_L.___
Co., first preferred (par $100)____^____^__

Securities,

;

1

$10)___^____L.____

Co.,

Miv,Vv,-BONDS
$200

1

cents),

Deposit

Miller's Sons
Utilities

Ry. Co.,
Rv.

(par

5

(par

Transportation

Control

Heat

Corp.,

$75 shr.

(no par)^..^______^i____:

Service, Inc., preferred
capital (par $45)__u_i

Co.,

Bradford

51

$100)___^_>.i_^4_i-^_r-i-^.^__

Corp., common (no par) V. T.
Service, Inc., second preferred

Olean, Bradford and Salamanca

,

$15 shr.

—-7.__.___

(par

coipmon j(par
& Son, class

:-'v

1

par)i

(par $25)____:

common

Utility Corp., A

"30

•

5

Co.,-!common

Finance

5

!.'■

ElecUicL

Whitman

(no

common

Insurance Co.

25
,

Co,,

Hires-Turner Glass Co.,

The London Stock

5

Exchange

stocks

received

as

by

cable each

day of the past; week:
Saturday

Monday

Dec. 27

Boots

Pure

&

•Cable

Central

W.

Min.

Tobacco—

Court,aulds

(S.)

4\\

Bay

Imp. Tob.
•London

Rand

"oils

0 <

/.

Ry

Vest

86/3

40/9

85/9

40/-

40/-

33/6
■

33/6

34/-

£RVa

.

72/3

Closed

£ 8V2

£ 8 V2

72/6

72/9

14/9

72/9

14/6
■

14/9

24/6

24/6

24/6

24/9

25/-

24/9

24/9

25/129/3

£173/M

—

.

•

90/-

Royce———;—

P8Vs

75/6

£ 67/B

£ 67/R

£7

:

£7
•'

131/9

£191%

75/6

75/6

-

14/9

131/3

£1R

P<3%
£7

Holiday

£18%

131/3

•;

75/6

—.

£7

90/-

90/-

,.

90/-

51/3

:

—

51/3

53/-

30/-

3«/3

30/3

16/6

16/6

£ 4 V2

Molasses__—-4L—

51/3

30/-

Transport

Vlckers

£13%

41/3

Mines

3hell

£ 13%

33/6

Tinto

Jnited

£13%

£ BV3

of G. B. & I.-_

Box

Rio

£66

^

Company-

Mid.

Metal

£66

£ 13.

'

-

Hudsons

36/3

85/9

'

1

Co

Friday
Jan. 2

£65 Mi

'i; X

Electric & Musical Ind.„

Jan. 1

36/3

85/9

& Co._—

Beers—————

Dec. 31

36/3

*

£65 V

"

^

Invest.—

Goldfields of S. A._

Cons.

Dec. 30

36/3

ord._______
&

Tuesdav Wednesday Thursday

Dec. 29

Drugs——

Amer.

British

Distillers

of

$10,000

Bank

10

Qe

Since Dec.

making

20

March,

Quotations of representative

*

relief

,11c

f

Treasury, in announcing this

garian

^-.4—

(par

New

Government to the United States.

\J. S. Government

5'/3S,

Co.,

Watson

Gas

24 25/80 Central

price

Hungary, $19,656.32 in cash as a
payment on account of .the funded
indebtedness
of
the
Hungarian

said:

l;/;

on;

Ml''Philadelphia Life

the

Treasury
received
on
11 from the Government of

The

3

"625

Associated

200

a

The

2,294,280.68

2;

$100)_L4-_---,-C__^

(par

'

Hungary Pays
Dec.

5,975,029.02

19

STOCKS

!

1,988,016.24

(old)

Corp,-,!cnmraon—

Barnes

National

900,000.00

etc..

26

'

at

Warren

28

between

on

(par $100)^^_«i._;

(par

sub.

First

Public

which

those

50,000,000.00

Realty Trust,
$5); 10 New

(par

5

John

grades

temporary

Lynn

3'

Ambassador Hotel

95

20

The

25

Share

on

600

conference in New York

OPA.

&

'f

Price dif¬

18

Co.

preferred

Shares

schedule froze all coffee prices at

$20,000,000.00

Surplus

a

Dec.

$100);

Bond

(par $5

5#

Deposit

and

'

•

11

1 cent); ,94 Detachable Bit Corp. of America

Dec. 31:

in-r

those agreed

1

60c

sub.

Jacob

are

$89 shr.

common

10

various

$55 shr.

(par $50)

National Railways of Mexico, prior lien 41/4s,

20,000
■

Co.

RR.,

Co.

Atlantic .City

800

representa¬
tives of the coffee industry and of

on

the

Undivided Profits.

sub.

Penn

Dec. 8.

Warehouse

Industrial

Safe

and

Fiat

coffee

green

on

$1,101,728,373.78

Capital Stock.

Straus

122

the

$100)

■/;
BONDS '
Bouve-Boston School of Physical Education,

2,000

400

on

10c

5

(par

Electric

Nantasket Boston Steamboat Co.

$1,400

r

r,

'

Pacific

Sugar Ex-,

for

5

(par

cents)

&

—-1

.

$7 shr.

$100);

Missouri

Utility

;

3

$100)

Products,-. Inc;,, class.

•

Longfellow Mining

5

3

••

MM_mMm
(par

K

4

1

--

(par

(par

10

(par

retained at the levels

are

ferentials

3,136,043.59




traded

Mills

100

39

cent

a

5»/2-:

MM—/.—M_M!

520

the previous price
ceiling prices for

contracts

1,762,294.70

Acceptances.

on

Assets

held in

from

schedule

are

•_

.

2,000

15 grades.

only

prices
one-quarter of
spot

1,533,644.46

Credits Granted

Dividend

covered

(par $1)

/

6
15c

_M—MM

Sterling Steel Foundry Co., common; 10 Sterling Steel Foundry Co.,
preferred (par $100); 3 Pittsburgh Terminal Warehouse1 & Transfer Co. (par $100)
.»
Robert Fulton Distilleries,; Inc., class B (par

r-'«

grades imported from 28 foreign
countries, whereas the temporary
Maximum

&

Gas

CoMtpar

Carburetor

Royal Tiger Mines

28

6V2

Southern;

_M

_

Petroleum (par $1
Realty Trust, preferred

Lynn

-•

-

Other Real Estate

Other

34,218,090.49

in

Electric, A

England Storage

,

schedule takes

&

Luminous

common

Washington
issued on
Dec. 28 a formal price schedule
for
green
coffees replacing the
emergency schedule of Dec.
11.
revised

&

Associated

Manufacturing ' Associates_>.4*!i«_U----------.-

Transacted

at

The

U. S. Government

Bankers' Acceptances

tion

20

;

tpar $1)^4

Andes

562

S.

(pari $1); 3 common—mm——m—i—mi'

Electric; A

1,500

Ceiling

The Office of Price Administra¬

CONDENSED STATEMENT OF CONDITION
At the

Ludlow

and

Green Coffee

$1);

Airplane & Motor (par $1)MM—
Aravaipa Mining Corp., common; 25 430/779 pref.

Brookside

•:

Broadway, New York

Gas

Commonwealth

Corp, Mpar

1,263

/

.

(old) ; MO

A

$1)'M_M__—

(par

Corp.

Feeding

Rainbow

25

1

$100); 2Vz S. Ulmer & Sons, com.
cents); 8 Associated Gas & Electric,:

Foreign Oil Co., Inc., common; 40 preferred
Pure Cheese Corp
;

:

2

1

25

400

authorities
and
the savings and loan

leaders of

TRUST COMPANY

A

.

•'

\

_m—m:

(par

(par 50

Investors

Gas &

r.

4

common

,7..

Utilities Power & light Corp., class A
Cambridge Rubber Co., preferred (par

40

6

60c shr.

&

20
■si

Associated Gas & Elec.,

$1)

Kinner

6

115
*

4

(par

v,y

3'

*17 27/779
v,(v

State

m

Co.

(Mark Corp.

.

2,500

Loan

":/■;{

1V4V

4___M.

Self

250.

investors.

Home

2

Manufacturers' Trading"

102

P{p,rthwestern RR.,
common
(eld) : (par
$100);/ 100
Wabash RR., preferred A (old) f (par $100)MiMMMMMMMMM-/

Chicago

mmMM

beer^ supported by the
Washington, the 12

Federal

Guardian

Associated

50

in

—,,MM-

9°

cents);

$1M_M_mMMMM^mM_M-.—M...MM_MMM—M—-M-MM

(par

Cosmocolqr

200

better

1

2

class' A—MM-MMmMMmMMM-Mmm.—
Improvement t Co., 6s, February, 1933; 5

Square
Sons,. preferred

&

Associated
•

250

Board

50

(par $1);

Mining

Corp.,

Mining Co., Ltd.

Electric,
6'

60

mer¬

trend has

..

Public

Ulmer

Fawn

20

purchase of assets and re¬
organization, this constructive

m i cal

Ltd.- (par

Co., class. A

Croesus

Theatres

A

ger^

Che

105

Radio-Keith-Orpheum/

larger,

Utilizing the mechanics of

(par

Eureka
Fox

$200

the nation's home

serve

$1

>:

50c shr.

Robinson

-

associations

MM

19

15

institutions

emergence

stronger

!

B;

common

;

Mining Co.,

rCorp.:

■

inactive

440

A;

common

37

-

largely due to a con¬
tinuing process of consolidation,
resulting in the gradual elimina¬
of

50

common.!_L_„L_——
Corp., units; 144 common.
Corp
M-Mm

'

savings and loan insti¬

■

temporary certificate—MV- 25c

B

common

Co.,

Cheese

Electric

31,

tion

5

Western Dairy Products, class A__—

100

tutions is

Govern¬

Pure

9,000

1938,
it
is - stated,
amounted to $3,753,000,000.
Three
years later the total had grown

de¬

$1);

Inc., preferred;

Steamship Co., Inc. (par $100)MMMM
m—M—.___MM
15
Joseph Breck & Sons Corp,'.- A'_MM!MmMMMMMmMMM:M3:M.mM
149 25/80 Central Public Utility Corp;, class A; 139 Associated Gas &

to

'

_

>;M^:__MM..m:M_MM---MMM-MmM_w.-M-M—MM

Assets of savings and loan asso¬
ciations of the Bank System on

member

is

Corp.

Fawn

40

The decline in the number of

provision

75c

.

Fed¬

3,914

Mi1

//''M

Midland

M

System has

from

snr.

i—_

3
Commonwealth Supplies, Co-.;," .common BmmMMmM
M~MM—•
1,142 ■; Pure:. Cheese; Co.—_
——_MM__—M__M—

savings

of

:

____

v.t.d.—'m_M__—M—j_M

B

Oil

3,787 in the past three years, their
assets have increased
by nearly
26%
and their average size by
30%, Mr. Catlett pointed out.

aid
small
business
which are not in po¬

concerns

authority

member

of

(par

Products,

Atlantic

While

institutions

B_—^

common

$3(4 shr.

Light, common (par $100/.
;
Corp., common (par $1)M

common

Foreign

Bank

27.

eral Home Loan Bank
moved

to

under

the

number

loan

Loan

Dec.

on

the

contracts.

on

public record of

a

taken

Home

said

10

'

;

to
$4,728,000,000, not including
eliminating the requirement of
$646,000,000 represented by the re¬
competitive
bidding
on
con¬
sources \ of
member
insurance
tracts
where
it
still
exists;;
companies and savings banks. Mr.
waiving performance bonds and
Catlett further stated:
authorizing
"progress"
pay¬

the bill would permit the Pres¬
ident to suspend all profit lim¬

suggestion

Federal

Board,

Oct.

'

(Rep.,
(Rep.,

the

and

can

agencies, exclud¬
ing the general accounting of¬
fice, in the interest of efficient
i

•

500

capable than ever of ad¬
justment to the needs of the fu¬

small

4

common

ties

larger units,

give defense

62

500

"more

will

bill

Governmental

in

came

6,000"

..

the

This,

the

Fewer; Larger Units

$1)__„

Chicago & Northwestern RR., common (old) (par $100).u.:.a—40c
American Ship & Commerce; 50 units International Power & Securi•

'

50

Authorize the President to

redistribute

the breadth of the powers con¬
ferred
upon
the President in

100

Savings and loan associations—

•.

7

(par

common

_

$1);
e

:

•r

Refining

Standard

135... Dispersion

s

&

Corp., common
—__i.i
MM
1
Chicago & Northwestern RR., common (old) (par $100)———M -T0c
Power & Light Corp., common temporary certificate
(par

5

Associations Becoming

Co.,

13

.

Producing

(par $100)

Osark

20

oping into fewer and

Watch

!

,

Yarg

$1)

(par

Lot

$ per

—

$5);'< 50

(par

Central States Electric

homes of the country—are devel¬

the

in

Delaware

Utilities Power &

150

Savings And Loan

of

STOCKS

,

(par $5)

common

Finance Trust

Waltham

,

24

payments

by making the terms and

1.

75
100

{ti

■<

In
addition
to
providing for
censorship, the bill, according to
the United Press, would:

Washington bureau, it was stated:
The only
complaint against

in
or

.Home

168

made

under

the

owned

by Axis nations

Inc.,

.': ^National Service; Cos.,

40

216

the

York

New

to

property

Corp.
500

:V'7.

'

Mining Co.

Georgian,

.

specialists in financing the small

conditions such that he
job."

,

17,
when
both
branches
approved the
confer¬
ence
report on the bill.
In ad¬
Dec.

and

of

Pioche

200

cases

other

progress

needed.

contracts
man

Dec.

vices

,

he

still

make it possible to

but, due to minor differences in
the two versions, final Congres¬
sional action was not completed
until

000,000

250

$7,000,-

nationals.

V

V."

Shares

the Treas¬

estimated

an

this country

the

•'
•;
cannot

'

be

over

Ai

Transacted at R. L. Day & Co., Boston, on Wednesday, Dec. 31:

i

em-;

into the de¬

cases

cannot

amounts

House

Dec.

on

ury

exist¬

bring

to

man

In

needs

which

War.

and

Senate

the

control exercised by

the

bond.

ance

President

by

Auction Sates

War laws

and expanding them to en¬
large
the
current
"freezing"

goods at as low a
price as the big corporations,"
the report said. "In many cases
he
cannot
afford
a
perform¬

Trading With The
this latter revives

powers

in

now

possible

man/

"In
make

the

Wilson in the first World

Re-enact World

emy

pointed out, will

was

it

small business

It

of

completed before any,
*
" C - |

prohibiting trade with the

explained by the
Committee
of
the

fense program.

agen¬

re-enactment

and

it

make

the Presi¬
virtually unlimited powers
defense contracts, the reor¬

over

3.

con¬

over

was

restrictions

ence,

First War

measure, cited as the
Powers Act, 1941, gives

powers

Senate, was needed to speed up
the procurement of war mate¬
rial.
The authority to suspend

18 the

Dec.

be

payment is made.

■

tracts

Judiciary
President

must

with

incompatible

not

the public interest.

Thursday, January 8; 1942

,£41/a

•

16/9

16/9

£4%

£*U

Witwatersrand

Ai*eas
♦Per

——

£100 par

value.

tEx-dividend/..

Volume 155

'

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

1940

Ncvemlrar Automobile Produclioi

tion
ures

figures are supplied by the Dominion Bureau of Statistics. Fig¬
for previous months appear in our issue of Dec. 4, page 1350.
NUMBER

Factory sales of automobiles manufactured in the United States,
including complete units or vehicles reported as assembled in for¬

OP

VEHICLES

(INCLUDING

States, for Novem¬
ber, 1941, consisted of 352,347 vehicles, of which 256,101 were pas¬
senger cars and 96,246 commercial cars, trucks, and road tractors,
as
compared with 382,000 vehicles in October, 1941, 487,352 ve¬
hicles in November, 1940, and 351,785 vehicles in November, 1939.
These statistics comprise data for the entire industry and were re¬

of the Census, Depart¬

leased Jan. 2 by. Director J. C. Capt, Bureau
ment of Commerce.
"•
Statistics

for

in

the

in

1941

the

based

are

United

shown

number

received from 69

data

on

manu¬

include

those

for commercial cars,, trucks, and road

ambulances, funeral cars, fire apparatus,

for

and buses, but the number of such

special'

small0 and hence a negligible factor

in any

Total

and

Passen-

(all

Passen¬

Trucks,

ger

vehicles)

cars

,

and

ger

Total

etc.

cars

trucks

cars

the

1941—,

October

382,000

November

Total

(11

mos.

end.

Nov.).

295,568

86,432

19,360

5,635

352,347

"

256,101

96,246

21,545

7,003

4,556,325

3,569,338

986,987

250,118

October

493,223

421.214

72,009

November

487,352

407,091

80,261

3,985,787

3,295,797

313,392

251,819

13,725
i

87,394

21,151

7,056
10,814

Total

12,807

689,990

199,620

98,473

101,147

61,573

11,297

7,791

vehicles is

very

analysis for which the figures may be used. Canadian produc-

3,506

(11

mos.

end. Nov.).

November

:

351,785

285,252

66,533

16,756

9,882

cration

mos.

3,125,150

2,492,992

632,158

138,450

97,315

41,135

U

the

■

Congo

5,242

3,902

Indies

5,320

Nil
__

United

of

States

1941, United

States

over

from

1

Va'uta

at

Cost

Call Loans

and

Acceptances

Banks.

Securities Called
Valuta

Loans

Cost

at

♦

.

$ 41,291,082.67

.

per

Marketable Bonds

Paiuea

at

Cost

:

.

and

.

.

changed
3,651,257.74

.

.

on acceptances

.

.

8.835,862.18

Stocks

month.

the

at

end

of

the

in

price

average

at

the

present,

for

1940.

Straits

this

maximum

controlled

of

New

52.00

York

cents

was

of

endure

un

achieve

pound

per

His

November, 1941.

the

right,

sacrifices
a

Acceptances.

•

Head
••

•

......

Portfolio;

in

Accrued interest,

Reserve

for

Surplus.

.

.

.

.

etc.
-

.

.

.

.

.....

.

.

r.

1: V.

Branches

Office:

K i

Throughout Greater
New York

.

Condensed Statement of Condition

102,866.66

'1,086,346.89

...

$ 2.000,000.00

.

'■>

:

>.

•

,

ASSETS

LIABILITIES

Cash and Due from Banks and

$i57J43J03T93

-

.

.

.

.

..

.

United States Government
tions

(Direct

U

.

.$

.

985,161,064

Obliga-

Liability
r

Fully Guaranteed) 1,137,543,527

or

Deposits

FACILITIES

E R. Harriman

complbtb facilities

for

Agencies

domestic

and

State and

.

.

.

.

tances

Municipal Securities

.

.

164,997,544

Accep-

on

$13,092,737

Less: OwnAccepfolio.

45,756,272

.

$2,878,821,222

.

tances and Bills

Obligations of Other Federal
PARTNERS

of December 31, 1911

INCLUDING DOMESTIC AND FOREIGN BRANCHES

' •

11.355,283.5* —13,365,283-54
■

as

(In Dollars)

Bankers

Thatcher M. Brown

in Port¬

4,495,723

.

.

.

Items in Transit with Branches

8,597,014
8,131,542

.

Foreign Banking
Moreau D. Brown

W. A Harriman

Other Securities

Deposit Accounts

♦

Loans

•

Orders Executed

; Ray Morris

Sale

Louis Curtis

Knight Woolley

for

of

thb

Purchasb

or

Securities

Acceptances

,,

Edward Abrams

Real Estate Loans and Securities

Thomas McCancb

Stephen Y. Hord

Ernest E..Nelson

Alistea C Colquhoun

Howard P. Maeder

Donald K. Walker

H. Pelham Curtis

.

4,290,000

Capital

.

.

.

.

.

.

7,475,921

....

.
...

.
.

.
.

3,100,000

.

$77,500,000 "

.

Surplus

Corporation
Bank Premises

John C. West

7,000,000

.'

.

77,500,000

Undivided Profits

.......

17,891,093

172,891,093

39,522,843

Assistant Managers

Other Real Estate

Alfred B. Meacham
Edwin K. Merrill

L. Parks Shipley

Joseph R. Kenny

Arthur K. Paddock

Eughnb W. Stbtson,

.

Other Assets

.

Arthur R. Rowb

William A. Hbss

Joseph C. Lucby \

Private Binlcers

Jr.

Harry L. Wills

George E.

is

Dividend

*

Interest, Taxes, Other Accrued

Expenses, etc.

.

"i

3,843,790

.

,

MebjuttT. Cooke

Licensed

.

6,320,682

Ownership of International Banking

Charles F Breed

0

.

-

Stock in Federal "Reserve Bank
Jr.

.

6,376,694

Liability for

Acceptances

Managers

Charles W. Eliason,

Unearned Income

618,810,573

Investment Advisory Servicb.

h. D. pennrngton, General Manager

Reserves for:
Unearned Discount and Other

Loans, Discounts and Bankers'

Customers'

1

66,445,598

Acceptances

Commercial Letters of Credit
Prescott S Bush

Paul, Comptroller

Arthur B. Smith,

Auditor

»nd

subject to eximinstion tnd tegulltion by the Superintendent of Bmkj
of the Sute of New York tnd hy the
Department of Banking of the Commonweilth of Pennsylvania
Subject to supervision tod examination by the Commissioocr of Bub of the Commonwealth of Massachusetts.

.

Total.

.

.

.

•

♦

•

»

1,607

934,178-

.$3,082,860,582

I

Total

rfmrmmmr/r/msaofjmfmmsr/rmm/m/xr/mrjirrm/i

♦

f

•

•

.$3,082,860,582

of Foreign Branches are as of,December 23, 1941, except Hong Kong,
Shanghai, Tientsin, Peiping, Tokyo and Rangoon, which are as of November 25, 1941.

Figures

$190,851,507 of United States Government Obligations and $13,222,360 of other assets are deposited to
secure $176,658,678 of Public and Trust
Deposits and for other purposes required or permitted

by law.

(Member federal Deposit Insurance Corporation)




t»

City Bank of New York

9,367,082.62

j

r-;

.

:•

:

414,974.85

.2

.

'

•

.

.'•••

.

Expensbs,

......

t#

'

9,782,057-47..

.

Contingencies

Capital

brave

_

Fifty-five Wall Street

3,490,937.31 $133,722,124.22

./.$

•

Less Own Acceptances
Held

steadfast
and

victory of liberty anl.

peace.

.

$130,231,186.91:.'
•

that

be humble i*.

$157,643,703-93

LIABILITIES

.

•

God'i

guidance

may

New York

Deposits—Time

past,

tasks of

asking

of

need

people

tion

in

the

spirit but strong in the convic¬

v'

tin

the

of

to

help in days to come.
We

November,

1942 as a day of
of asking forgiveness for

shortcomings

the

1940

cash price for standard tin in London was £256.9

£258.4

our

our

year

consecration

of

carry¬

October,

freedom, in

prayer,

53,890 tons.

The National

361,939 07

-

and

in

13,287,281.59

.

....

'

>v/;

stocks

de¬

our

country,

our

Stocks

-

■«;

in

smelters'

in

hereby appoint the first day of

24,879 tons, against 24,904 tons for the

including

to

hold dear.

we

30,113,560.48

.

Deposits—Demand

and

The

8,566,788.59

.

.

.

Market whichever Lower

0"

Customers' Liability
Other Assets

Other Banks

to

tin,

all

confident

Therefore,
I,
Franklin
D..
Roosevelt,
President
of
the
United States of America, d*

ton in November, 1941, compared with £256.0 in the previous

month

51,535,931.61

.

Market whichever Lower

or

1941,

For the first eleven months
totaled 135,642 tons compared

4,736 tons during October, 1941, to 51,465 tons

the

of

The average

Maturing WiThin 1 Year

or

Advances.

and

of

end

amounted

Market whichever Lower

or

increased by

the

at

United States Government Securities:^ >'<•..
y.

added:

our

of

are

inheri¬
tance
of
courage.
But
our
strength, as the strength of all
men
everywhere, is of greater
avail as Gold upholds us.

period in 1940.
stocks

struggle in order that we

love of

PHILADELPHIA

World

year

preserve

votion

3,763

totaled 8,355 tons in November

deliveries

• •

new

We

0

4,481

brought

has

1941

courage

may
-t 2,433

1130

Consumption of tin in the United Kingdom for the first ten

-

same

Due

End November

("Estimated.

months in 1941 amounted to

and

pres¬

of 1942 calls for
and the resolution,
of old and young to help win a

deliveries
with 106,139 tons in the corresponding period of 1940.

PRIVATE BANKERS

Hand

The

1,342

against 8,000 tons in October 1941.

on

all
that,

liberties gained over many

the

3,443~T

;

1,518

...

yet available.

--.:'V'-.Business Established 1818

Cash

the

of

tasks

year

world

1130

The Institute's announcement of Dec. 31

assets

the

centuries.

3,258

1130

8,214

"Not

1

urged

our

won
.

977

4,040

East

November

October

695

*

Indo-China

Thailand

of Condition December 31, 1941 ' -CCC

He

peoples of the earth the hard-

countries

Nigeria

; Statement

young

preserve

nation a war of ag¬
gression by powers dominated
by arrogant rulers whose selfish
purpose is to destroy free insti¬
tutions.
They would thereby
take from
the freedom-loving

Tin Statistics For November

Netherlands

; - •-

may

dear."

The

*"■"

According to the current issue of the "Statistical Bulletin '
published by the Tin Research Institute, London, world production
for the first ten months has been revised to
209,500 tons, against
187,600 tons in the first ten months of 1940.

Malaya

/

we

to

upon

Bolivia

BOSTON

and

ent," and "asking God's help in
days to come."
The proclamation,

6,874

end. Nov.).

_

(11

French

NEW YORK

old

world struggle in

a

follows:
Total

September,

Co.

pro¬

a

1939—

October

Belgian

&

of

as

day designated be devoted to
asking "forgiveness for our short¬
comings of the past," to "conse¬

signatory to the International Tin
Agreement, and the position at the end of November 1941 are shown
below in long tons of tin:

Brown Brothers Harriman

was

22

the

Exports from

r

that

hold

we

14,095

23,621

help win

order

J62.724

on

resolution

to

14,542

commercial cars, trucks, or road
The figures for; passenger cars
include

street sweepers, station wagons,
purpose

Year

Day

Dec.

day of
prayer
by President Roosevelt,
who
declared
that
the
coming
year "calls for the courage and

cial

month

Year's

claimed

Commer¬

making

as

those for taxicabs. The figures
tractors

20

States,

respectively.

tractors,

Day of Prayer
New

Canada (Production)

1940—

*

making: passenger cars and 63
making commercial cars, trucks, or road tractors (14 of the 20
passenger car manufacturers also making commercial cars, trucks,
or
road tractors).
It should be noted that those making both
passenger cars and commercial cars, trucks, or road tractors have
been included in the number shown as making passenger cars and
facturers

United States (Factory Sales)

in the United

from parts made

President Proclaimed Jan. 1

CHASSIS)

f

eign countries

115

Vj,
FINANCIAL CHRONICLE

THE COMMERCIAL &

116

approved on June 30,1941. This
brojught to over 21,000 the total

:

Borrowers

Pay Off

of

number

Farm-Purchase Loans

benefiting

families

1942

Sugar Quotas ;

Stocks Of Coal In Consumers' Hands On Dec; 1

The Department of Agriculture
announced 6n Dec. 31 that 6,666,-

purchase pro¬
890 short tons, raw value, will be
The total of loans made
needed from the various sugaror
pending at the end of the
last fiscal year
amounted to producing areas supplying , the
continental U. S. in 1942 in order
more than $117,000,000.
to meet the normal sugar require¬
Regular repayments
have ments of consumers.
However,
been supplemented by an ex¬
says the Department, since cer¬
tra $671,014, which was applied
tain of the areas may be unable
to
reduction of
p r in c i p a 1
in 1942 to deliver the quantity of
but does not appear as credit
sugar
ordinarily
furnished
by
on
billings. About one-fourth
them, it is necessary to establish
of this additional amount came
initial
quotas totaling 8,032,074
from extra farm income, more
tons, in order to make it possible
than
-equaling
delinquencies. to secure the
required sugar from
Most of the remainder repre¬
the other areas.
The Sugar Act
sented unused portions of loans.
of 1937 requires the Secretary to
About 10,000 tenant borrow¬
establish quotas in December for
ers
obtained operating capital
the following calendar year and
through
FSA
rehabilitation authorizes him to revise such
loans during the year ending
quotas whenever necessary.
June
30, 1941.
Rehabilitation
The initial 1942 quotas for the
loans outstanding on that date

from the tenant

!

The Bituminous Coal

Division,: United StatesDepartment of the,
report released on Jan. 3 reported that stocks of bi¬
tuminous coal held by industrial consumers show a 1 % increase
during November, and on Dec. 1 stood at 52,004,000 net tons..
Re¬
Interior, in

gram,

.

who

families

Farm

have

re¬

the

Farm

Se¬

from

loans

ceived

Administration

curity
their

farms

own

96.5 %

of

terest

due

the

to

have

principal

for

the

buy
repaid

in¬

and

four

years

ending June 30, 1941, the U, S.
Department of Agriculture said
on Dec. 30.
However, extra pay¬
ments made by many of the fam¬
ilies were greater than the total
principal
and
interest
delin¬
quency. The Agriculture Depart¬

.

The

borrowers

tenants

selected

are

farm

or

-

who

laborers

being helped to buy farms
of their „own under the Bankare

-

head-Jones Farm Tenant Act of

With FSA guidance, these
borrowers choose farms which,
1937.

proper' management, are
expected to pay for themselves
within the 40-year period al¬
lowed by the Act.
than

rowers

ment
■

60%

amount* $1,348,391 had been re¬
paid on principal and $181,333

Delinquencies on
operating, loans, figured on a
5-year, fixed repayment basis,
totaled
$323,884,
or
21.3.%.
However, $332,067^-more than
the
total
delinquencies — had

pay¬

plan provided for in the

Farm Tenant Act.

This repaycalls for large

schedule

ment

been

payments in good years, smaller
payments in bad years.: Over a
40-year period payments are
expected
same

to

schedule

that makes

for the ups
farm income.

balance

on

loans

the
rigid

allow¬

no

Based

sheet

for

.

additional

loans

periods

and

interest

the

Delinquencies
kinds

9.4%.

to

been

on

totaled

5%.

the loans

debts of all

$430,140,

or

amounted

alone

$457,333. *

(Short tons

raw

Areas—

1

Beet

STOCKS

jointly

by

W.

Electric

Byproduct
and

Bteel

rolling
Coal-gas retortst
Cement
Other

industrials!

dealer

Steel

countries

6,616,817

announce¬

ment further said:

is not

anticipated at present that the Philippines will fill
much, if any, of their 1942
quota, nor that/Hawaii will
meet its entire quota.
There¬
fore,
any
part
of
the
re¬
quired
6,666,890
tons
which
unable

are

0.8
0.7

19

Hi,501,000

+

9,900,000
61,401,000

1.0
1.5

—

and rolling

Cement millst
Other

-i__.

5,531,000

143,000

10,910,000

10,600,000
8,742,000

^

—L___—_—

—

8,747,000

"

■

—

to

dealer

2.9

+

676,000

^

I) If—

—13.7

143,000

628,000

2.9

—

886,000

v

6.5

—

7,050,000
968,000

912,000

:

Total industrial
Retail

5,913,000

.

835,000

—__

(Class

'

6,848,000

———

millst

industrials!

0.6

+

1

ovenst—;

coke

Railroads

areas

19,670,000

P;P 25,826

31,747

8,032,074

those

2.2

—

+

stocks-,.;

Coal-gas retortst

,

■

19,540,000
9,726,000

720,000

.

52,004,000

:

1,006,931
1,869,060

—

.

1.1

+

364,000
,

9,750,000

stocks

Philippines
1,237,764
——2,297,533

Commonwealth of the

It

4.3

0.5

—

909,000

—

'

Grand total

Quotas

Cuba

Department's

+
—

8,371,000

-

9,548,000

________

I)

8,916

The

Change

—

61,754,000

(Class

industrial

Retail

value)

% Of

(revised)

372,000
714,000

millst

10,716

other than Cuba—

Division,

11,919,000

V

899,000

Beehive

Foreign

Coal

Oct., 1941

8,326,000

millst-~

797,982

______

STATES,

A//-''-///''/

12,427,000

utilities*
coke ovenst

power

938,037

Virgin Islands

Bituminous

Section,

•••■■■—-Net Tons

959,088

___.—___

UNITED

V;;-

■

Nov., 1941
(preliminary)

Stocks, End of Month, at-

1,127,420
Rico

THE

Purchasing Agents)'

Cunsumption by—
Electric power utilities*-——Byprodupt coke ovenst—

Puerto

IN

YARDS

Research

Young,

H.

COAL

RETAIL

and Thomas W. Harris, Jr., Chairman, Coal Committee, National Association Of

420,167

Hawaii

BITUMINOUS

OF

INCLUDING

(Determined

1,549,898

.34,554,000

deliveries

Y.l

—

+

2.9

+

0.1

34,978,000

^

1.2

8,500,000

43,054,000

-

43,478,000

1.0

306,000

Grand total

8,500,000

362,000

-15.5

tt

tt

Additional Known Consumption—
Coal

fuel

mine

Bunker

fuel, foreign trade—

Days Supply, End

•'

-

of Month,

at—

Electric

power utilities;
Byproduct coke ovens———
and rolling mills——
Coal-gas retorts

67
^

36

'

Steel

30

—

78

—

mills

Cement

^

;

34

industrials

Other

Railroads

54

(Class I)

33

Days Supnly
62 days
days
37 days
days
32 days
days
79 days
days
33 days
days
58 days
days
34 days
days

8.1

2.7
6.3

1.3

3.0
6.9
2.9

supply will have to be made
Total
46 days
industrials—,
45 days
2.2
up by sugar from other areas
Retail dealer
34 days
36 days
5.6
having sugar supplies in ex¬
cess
of their quotas.
Officials / Grand total
43 days
_i__43 days
^
pointed out, however, that the
./Collected by the Federal Power Commission. tCollected by the U. S. Bureau of
Mines.
Western
^Collected by the Bituminous Coal Division. §Estimates based on reports col¬
Hemisphere may be
lected jointly by the National Association .of
Purchasing Agents and the Bituminous
called
upon, to
furnish; the Coal Division from a selected list of 2,000 representative
—

Allies

somewhat

with

larger

concerns

supplies of sugar in 1942 than
in prior years.

estimate.

On

the

the

of

basis

by the Office of Production
Management, 1942 sugar distri¬
bution within this country will
limited

be

about

to

reporting

are

chiefly -large

6,891,000

and

consumers

tICollected by the Association of American
and station fuel.
ttNot available.

shop

Industrial

recent

sugar conservation order issued

Bankers Trust Company

CONSUMPTION

AND

504,995

_____

during

10.2%

daily rate of consumption prevailing in November, there
enough bituminous coal on hand at industrial plants on Dec. 1
to last 45 days.
Retail dealers show reserves sufficient for 34 days
supply. ;■../';
/ •':;/■ • "•::'■■■■■
C/ ; ::

1,862,811

Cane

of

1941

Quotas

Continental
Mainland

decrease

a

/

At the

Total

1942

■p

1..5%.

shows

consumption

was

fol¬

are as

decreased

stocks

November.

pp'p
vv

and

Total prepayments from
income

farm

lows:

five

farm

com¬

dealers

Railroads

are

to

by tenant purchase bor¬

rowers

with the 1941

areas

parative initial quotas

a

Industrial

'

at

up

over-all

to

and farm equipment.

6,000

had

borrowers

These

maturity.
addition

livestock, workstock and home

The interest rate is 3%.
than

on

loans

used to purchase feed, seed,

are
*

$2,935,363 out of the $3,041,619
billed in principal and interest
on loans totaling about $88,000,more

of

in

home operating plans,

the

14,944 tenant purchasers
only $106,256/ or 3.5%
of meeting their required payments in full.
They'have paid

for

operating

on

with

years,

lacked

Loans

for

made

shows

000.

are

various

i

farm-purchase

first four years of the program

'

paid

advance

in

and downs of

ance

The

out

average

charges made

as

interest,

in

of the bor¬

variable

the

use

Of this

amounted to $8,392,312.

;with

More

tail

,

ment further said.

Thursday; January 8,1942

manufacturing plants. The
a
satisfactory basis for
Includes powerhouse,

afford

Railroads.

Anthracite /

Stocks of anthracite at electric power utilities and

general manu¬
facturing plants declined in November, while those for Class I rail¬
a 10.4,% advance.
Anthracite consumption at electric
power utilities also decreased but increased at general manufacturing
plants and Class I railroads. • *

roads showed

tons

NEW YORK
"P-

;

*'

yiv-f
f.

••

;

■

'•

•

.

/

,

-Vv

••

.

-

i

•
•'

■■■■•

CONDENSED STATEMENT OF CONDITION

•:
;

(the amount distributed in
1949) plus the supplies needed
by the armed services of this
country.
The difference be¬

tween

into 1942.

It is estimated that sugar dis¬

ASSETS Pp:.;p.p:

tribution
.

.

.

.

.

$454,167,611.16

•

U. S. Government Securities

.

.

...

.

Loans and Bills Discounted

.

,

.

.

.

.

v

318,846,790.22

*

.

.

.

.

v

51,996,573.35

State and Municipal Securities
Stock of Federal Reserve Bank

.

.

Other Securities and Investments

.

.

585,614,943.10

.

-#•

.

2,250,000.00

55,313,419.42

.♦

«

.

.

•

•

.

16,483,848.60

Accrued Interest and Accounts Receivable

3,996,377.67

will

1941

in

total

tons and that
about half of the 1,000,000-ton
increase over 1940 represents
increased stocks held by whole¬
salers and retailers, and indus¬
trial, commercial and household
users

ELECTRIC

7,900,000

of sugar.

POWER

INDUSTRIAL

UTILITIES,

PLANTS

RAILROADS,

(Net Tons)

AND

OTHER

,

% of

Change

From

Nov,,.
Electric power utilities*—

1,371,655

during month-

236,267

Days supply, end of mo.
Railroads, (Class I)t—

170

Stocks, end of month—.

during monthsupply, end of mo.

Other

industrial

days

during month.
supply, end of mo.

*Collected

American
for

by

month

22

+ 12.0

—13.5

days

+ 11.8

9.0

+

—

+ 10.4

197.880

days

year ago

^ 2.4

1,195,010
211,303
175

From

previous

1940

142,564

88,474
41

days

NOV.,.

r

2.9

+ 68.0

+ 24.8

—38.9

—14.5

days

+ 168.0

consumers—

Consumed

•

days

117,778

96.875

69

days

'Selected representative plantst) •
- P
Stocks, end of month—
254.635

Days

289.552

145

days

216,977

120.870"
59

1,357,305

273,145
156

239,465

Consumed

Days

Aug., P
1941
*

1941

1,338,915

Stocks, end of monthConsumed

Oct.,

...

1941!

the

Railroads.

261,785

117.046

Federal
t73

Power

277,330

111,509
80

65 day?

76 days

67

by

2.7

+

5.0

+ 12.1

+ 15.6

—18.7

days

tCollected

Commission.

—

227,330
101.270

112,671

days

the

—

3.0

of

Association

firms

reported for October and November, 1941;
and 84 firms for November, 1940.
§Subject to revision.

7T firms

2,425,630.80

•

about

AT

the

and

6,666,890 tons could be made up
from excess sugar stocks carried
over

Cash and Due from Banks

amount

,

ON DECEMBER 31, 1941

,;-P.^p/-^

this

ANTHRACITE

Real Estate

.

.

.

.........

Mortgages

Banking Premises
Customers'

.

.

Liability

.

.

.

.

.

on

1,414,258.54

Acceptances

Chicago Loan Bank
Oct. Home Financing
1941

wave

borrowings

from

The

all

sources

in

•

.

»

•, *

...

•

...

...

Undivided Profits

.

$25,000,000.00

.

50,000,000.00

36,203,466.30

...

Dividend Payable January 2, 1942

Deposits

.

.

.

..

.

.

.

.

.

.

.

Acceptances Outstanding $

•

•

•

•

•

•

.

.

$111,203,466.30
1,250,000.00

1,375,481,862.64
1,928,663.44

1,886,365.26

Less Amount in Portfolio

Other Liabilities

•

.

i, .". ".

«

•

.

Accrued Taxes, Interest, etc.

.

.

.

460,320.05

'
•

•

•

•

i

1,426,045.21
1,219,415.27

$1,492,509,452.86

Securities in the above statement are carried in accordance with the method de-'

scribed in the annual report

past three
years,
the "Federal Home Loan
Bank of Chicago reports, on the
basis of recordings of $20,000-andunder mortgages in counties with
October its peak for the

stockholders, dated January 9,1941. Assets carried
at >179.028,7 33.58 have been deposited to secure deposits and lor other purposes.
to

three-fourths

the

of

October4 volume
was

in' ■ line
which

trend

With




Deposit Insurance Corporation

that

$1

rowed
poses

out

for

district

this

in

the

national

also reached

high for the month.
Member of (be federal

non-farm

A total of $41,365,000
was borrowed by 12,434 individ¬
uals, topping October a year ago
by 36.9 % in dollar volume, and
September of this year' by 5.8%*
This was-the third month of 1941
when more, than $40,000,000 of
home mortgages were recorded.
Av R. Gardner, President of the
Chicago bank, says that the record

population.

of

each

a

new

He reported
$10.83 bor¬

home ownership

pur¬

throughout the nation was

in these two states.

■*" —

Anthracite

and

Coke

Stocks of anthracite and coke in the yards of 240 selected retail
dealers and in producers' storage yards increased during November.
SUMMARY OF STOCKS

of home-owner

Illinois and Wisconsin reached in
LIABILITIES

Surplus

1941,

Domestic

$1,492,509,452.86

Capital

August,

P.P'/P

v

?

-

OF DOMESTIC

vV' .-p. P

ANTHRACITE AND

P vP./

;;PpPPP'-/P:PPPPpP;pPp
Retail stocks, 240 selected
:•.;• dealers—

Dec. 1,

Nov. 1,
1941

1941$

■;

Anthracite, net tons.P.P.

498.759

Anthracite, days supply*Coke, net tons—
Coke, days supply*——
Anthracite
in producers'
storage yardst

108

1941

380.860

470.573

days

48

96 days
67.754

100

days

From
previous
month

348.002
57

63.086

days

76,295

days

75 days

413,820

1,112,038

95

101 days

1,393,230

days

PP ■PP'.-.P
Dec. 1,
.1940

.

Sept. 1,

68 830

—

1,176,519

♦Calculated at the rate of deliveries to C'istomp*« in the preceding
Anthracite

Committee

Pennsylvania.

of

the

Department

COKE

% of Change

of

Commerce

of

the

+

6.0

+

12.5

+

From
year ago
+ 43,3

1.6

—

+ 89.5
—

9.8

+ 33.3

1.0

+25.3

+18.4 '

month. +Courtesv
Commonwealth of

tSubject to revision.

English Financial Market-Par Cable
The daily

closing quotations for securities, &c«, at London, as
reported by cable, have been as follows the past week:
'

Saturday

Tuesday

Monday1

Wednesday 'Thursday

Friday
•

Sliver, p. oz. d.—.P
Gold, p. fine oz—__
Consols, 2l/z%
British

The

168s

23Vad

23V2d

•

168s

Closed

L.

Closed

£ 1047/s

1960-90-

Closed

168$.

£82Va

3 Va (fo

British 4%

Closed

W.

price of silver per oz.

£82%
£ 105

£114%

£ 114%

(in cents)

in

the

United

23yad

23Vad
168s

168s

-

£R2%

£82%

Holiday

£105
£114%

States

£105
£

on

the

same

U4%

day has

been:

N. Y. (Foreign)
35%
U.iB..Treasury (newly ; -/
mined)-----—' 11.il
Bar

35 Vb
,;.P

71.11'

35%

35%

35%
isi J 1

PTi.ii

Volume 155

-

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

Winfield W. Riefler.of

Federal Reserve

more,

The Board of Governors of the
Federal Reserve System on Jan. 2
announced the

following designa¬
appointments at the

and

tions

Federal

Reserve

Banks

and

Branches shown below:
and

Chairmen

New
New

Year

Reserve

1942

York, Beardsley Ruml of

York,

Thomas

B.

N.

Y.;

Philadelphia,

McCabe

Neely

Swarth-

of

Md.; Atlanta, Frank H.
of Atlanta, Ga.; Chicago,
6f Chicago, 111.;

Simeon E. Leland

Chicago, *W. W. Waymack

of Des

Moines, Iowa, for unexpired por¬
tion of three-year term ending
Dec.

Federal

for

"Agents

;

Princeton,

Cleveland, Walter H. Lloyd
of
Cleveland, Ohio;' Richmond,
Charles P. McCormick of Balti¬

N. J.;

W.

1942; St. Louis, Douglas
Brooks
of Memphis, Tenn.;
31,

Minneapolis, Roger B. Shepard of
Newport,
Minn.;
Kansas
City,
^Robert L. Mehornay of Kansas
City, Mo.; San Francisco, *Henry
F. Grady of San Francisco, Calif.

Cleveland, George C.
Branch Directors
Youngstown, Ohio;
Richmond,
Robert
Lassiter
of
(Appointed for 3-year terms;
Charlotte, N. C.; Atlanta, Frank except at the Branches of the
H, Neely of Atlanta, Ga,; Chicago, Federal Reserve Banks of Cleve¬
Frank
Lewis of Chicago, 111.; land, Minneapolis and San Fran¬
St. Louis, Wm. T, Nardin of St. cisco where the appointments are
Louis, Mo.; Minneapolis, > W. C. for 2-year terms; beginning Jan.
Coffey of St. Paul, Minn.; Kansas 1, 1942, unless otherwise stated):
City, R. B. Caldwell of Kansas
New York, (Buffalo) M. B. FolCity, Mo.; San Francisco, *Henry som of Rochester, N. Y.; Cleve¬
F. Grady of San Francisco, Calif.
land
(Cincinnati)
*Francis H.
Deputy Chairmen for Year; 1942 Bird of Cincinnati, Ohio; (Pitts¬
Pa.;

more,

Brainard

Boston,

of

Henry

S.

Dennison

of

Framingham Centre,

Mass.; New
York, Edmund E. Day of Ithaca,
N. Y.; Philadelphia,
Warren F.
Whittier
of
Douglassville,
Pa.;

Cleveland, R. E. Klages of Colum¬
bus, Ohio; Richmond, W. G. Wysor
of Richmond, Va.; Atlanta, J. F.
Porter
of
Williamsport,
Tenn.;
Chicago, *Simeon E. Iceland of
Chicago, 111.;
St. Louis, Oscar
Johnston of Scott, Miss.; Minneap¬
olis, Roger B. Shepard of New¬
port, Minn.; Kansas City, *Robert
L. Mehornay of Kansas City, Mo.;
Dallas, Jay Taylor of Amarillo,
Tex.; San Francisco, St. George
Holden of San Francisco, Calif.
Class

C

Directors

(Appointed for three-year terms
beginning Jan.
1, 1942, unless
otherwise stated)
New York, Beardsley Ruml of
New York, N. Y.; Philadelphia,

burgh)
'"Robert E. Doherty of
Pittsburgh, Pa. Richmond (Balti¬
more) W. Frank Thomas of West¬
minster, Md.; (Charlotte) Chas. L.

Winston-Salem,

Sr.,. of

Creech,
C.

N.

Comer

Odom of

Angeles, Calif.; (Port¬
George
T.
Gerlinger
of
Portland, Ore.; (Salt Lake City)

B.

Clyde

(Nashville)

Austin

of

Larrabee
*A11

(Seattle)

of

positions not preceded by

MBA Sees Higher Prices
For Apartment Houses
Selling prices for single-family
and i" apartment properties
are going to be higher in 1942 and
.

houses

increase

for

Association

ers

cently

the

;

advices

for

increases

MILL

ACTIVITY

Period

Production

;

Percent of Activity

Tons

.

apartment

Tons

Tons

Current

528,155

579,739

167,240

72

71

February

420,639
429,334

453,518

137,631

70

71

449,221

129,466

69

70

cities

44

will

forecast

trend

The

a

I

cause.

great and

count

man,

on

com¬

and

woman

/

-

■

The

ratio of unfilled

gross stocks was 36%

Ended Dec. 27, 1941

Association

.

the

by

Record

tion

will continue iii the
a

70

70

as

has

in recent years.

case

the

previous

been

Softwoods

President Promises

1941 *

Mills

Roosevelt, in

a

of the United States that

sources

their

estab¬

independence

and

protected." This

mes¬

544,221

196,037

72

73

Islands." Both anouncements were

452,613

made

468,870

487,127
470,228

73

September
October

670,473

-648,611

will result in

in

effort to offset false

an

72

73

73
73

ese

Government

the

Philippines.

77.

151,729

71

January

673,446

629,863

202,417

75

February

608,521

261,650

81

March

652,128

548,579
571,050

April

857,732

726,460

447,525

83

656,437

602,323

488,993

84

;

73

of—

that

plained

and

obvious

Navy

Japanese
of

at
ex¬

had

for

the

tricking

June

634,684

608,995

509,231

509,231

807,440

737,420

86

659,722

Cash

on

152,079—122%

Orders

253,158—202%

6,302— 84%

trusts

in

&

banking

YORK

649,031

576,529

94

September

642,879

630,524

578,402

94

October

839,272

831,991

568,264

99

November

640,188

649,021

554,417

98

fleet.

,

$

Bank of New York

Cash

on

322,671.15 1
8,013,056.85

Deposit in other Banks.....

Demand Loans Secured

392,167.14

intentions

of

sage

by Collateral 1,060,135.55

follows:
of the Philippines:
gallant 'struggle

News of your

1941— Week Ended—

3,073,627, ,19

Municipal Bonds'
.

120,000, 00
225,000. 00

.....

2,384,246. 36

Other Securities.

Time Loans Secured

by Collateral....»,

838,427. 03
62,373. 74

.....

Loans and Bills Receivable.

.$3,615.91

Overdrafts—Secured.....
Real Estate Bonds and
Real Estate

3,626. 55

10.64

Unsecured.

327,499. 92
300,000. 00
125,950. 00
135,649. 71

Mortgages.

(Branch Office)

Other Real Estate..

...

Accrued Interest and Other Resources

$34,797,648. ,47
LIABILITIES

the

.

The Pedple
.•

$27,401,247.97

17,613,217.28

Short Term Securities

Due

;

.

The text of the President's mes¬

—

against the Japanese aggressor
elicited the profound ad¬

149,197

129,019

529,633

74

82

12

147,365

131,531

542,738

77

82

has

July 19
July 26

168,431

156,989

550,902

92

81

182,603

572,532

92

82

2

159,844

160,609
159,272

572,635

93

83

$29,593,181, ,70

Depositors

(

Dividend No. 149—$2.00; Extra Dividend 50 cents

50,000 .00
220,621, 21

Payable January 2nd, 1942
Reserved for Taxes, Expenses and Contingencies...
Capital.
$2,000,000.00
Surplus
2,000,000.00

miration of every American. As

Aug.

President

the United

of

933,845.56

Undivided Profits.

4,933,845.56

States

$34,797,648.47

,

9

174,815

159,894

587,498

91

83

I know that I

Aug.

16

169.472

162,889

83

23

158,403

592,840
584,484
576,529

92

Aug.

94

people on this solemn occasion.

83

97

84

Aug.

speak for all

our

30

157,032

162,964
163,284

Sept. 6
Sept. 13
Sept. 20

147,086

133,031

591,414

80

84

States, of the British Empire, of

164,057

166,781

98

84

176,263

the Netherlands East Indies and

166,797

589,770
583,716

99

84

Bept. 27

155.473

163,915

578,402

98

176,619

168,256
164,374
165,795

582,287

100

575,627

99

85

574,991

98

86

568,161

100

86

Aug.

Oct.

4

Oct.

11

159,337

Oct.

18

167,440

Oct.

25

165,279

*

The

85
85

170,597
169,585

159,860

97

86

NoV.

15

156,394

165,397

570,430

99

22

145,098

160,889

550,383

96

87

Nov.

29

169,111

164,875

554,417

101

Dec.

6

181,185

567,373

102

87

Dec.

13

149,021

166,080
163,226

553,389

101

88

1

20

149,874

166,948

535,556

101

88

27

116,138

124*258

523,119

76

88

made

for

or

of
the prior
week plus
orders
received, less production, do not
orders at "the close.
Compensation for delinquent reports
orders
from stock, and other items made necessary adjustments of unfilled
orders.




the

to play a crucial role.^

As President I wish to express

the unfilled

filled

:

to

them

board

of

directors:

LEWIS SPENCER MORRIS, Chairman of the Board
EDMUND

P. ROGERS, Chairman of the Executive

ARTHUR J. MORRIS, President

Chinese

They have played, and they
are
playing tonight, their part
with the greatest gallantry.

Note—Unfilledorders

necessarily equal

the

upon
_

Dec.

United

fic, the loyal Americans of the
Philippine Islands are called

•

87

Dec.

of the

Japanese war lords. In
this great struggle of the Paci¬

87

Nov.

of

80

8

568,264
576,923

99

Nov.

Nov.

resources

Republic have
been dedicated by their people
to the utter and complete defeat
of

-

168,146
165,420

,

Deposit in Federal Reserve

into disclosing the

and

location

88

July

1

Shipments

7,501—100%
7,288— 97%

RESOURCES

.

August

89

125,116—100%

the

rumors

purpose

States

United

directed

The

the

circulating

been

82

1941 Week

368

Production

Cash in Vault.

propaganda put out by the Japan¬

161,985

337,022

"positive assistance
of the Philippine

defense

the

to

79

509,945

213,871"

300,335

Hardwoods

1941 Week

Mills

Federal Reserve Bank of New York Stock.

an

August

479,099

187,477
189,535

Softwoods

State and

July

488,990

159,367

_

Orders

U. S. Government Securities

73

464,537

223,424

259,460

Shipments

supplemented by a later
Navy- Department statement that

72

December

(rev.)
468

-

CONDENSED STATEMENT, DECEMBER 31. 1941

mes¬

79

November

152,433

Office: 149 BROADWAY (Singer Building)

which was broadcast to the
people of the Philippine Islands,
pledged on Dec. 28 the entire re¬

76

74

442

132,617

_

sage

193,411

-

Week Wk.

442

Production

Previous

1940

Week

All Aid To Philippines
President

236,693

163,769

Hardwoods

Uptown Office: 1002 MADISON AVE. (Bet. 77th & 78th Sts.)

247,644

184,002

and

1941

NEW

OF

509,781
587,339

162,653

in

FULTON TRUST COMPANY

*

624,184

-

follows

week,

thousand board feet:

from

personal

Main

lowing

V

week

current

immediate

good medium for

funds

456,942

'

;

Hardwoods

the

President, that real estate

520,907

;

and

for

ended Dec. 27, 1941, for the corre¬
sponding week a year ago, and for

specializing

would
indicate,
said
Frederick P. Champ, Associa¬

my

feeling of sincere

to

Dec. 27,

7% less.

were

14% less, according
the National Lumber

Manufacturers

orders

on

1941, compared with 31% a year
Unfilled orders were 9%
greater than a. year ago; gross
Softwoods

Lumber

business

5%

was

ago.

.

stocks

to reports to

business

new

production, and shipments
above production.

Supply and Demand Comparisons

Lumber Movement Week

new

1940

5%

were

every

child to do his duty. We will do
ours.

■survey

508,005

5

engaged in

mon

the

For the 52 weeks of 1941

date,

above

orders 6%

Association data.

ers

682,490

July

tell

to

to

of

single-family houses, ac¬
cording to the Mortgage Bank¬

June

July

country

period.

new

orders

above

around

be

May

1941—Month

this

where your duty lies. We

;you
are

of

the

intensive campaign
against the Japanese forces which

Cumulative

of—

-

people

shipments, and

above

of

weeks
9%

prop¬

sage was

Remaining

January

April

in men
United

the

corresponding
shipments were

1940;
the

the American Pacific Fleet is fol¬

Received

March

of

above

for

lished

Orders

material,

estab¬

11%—half the anticipated gain

and

Unfilled
Orders

1040-Month

quote:

we

"their freedom will be redeemed

STATISTICAL REPORTS—ORDERS, PRODUCTION,

independence

expected in 1942
average
increase in

the

and

these

'

industry./;

their

erties is to be

the

production, and also a figure which indi¬
activity of the mill based on the time operated.
These
advanced to equal 100%, so that they represent the total

their freedom will be redeemed

,

\

unexpired portion of 3-year term

are

.

Members in 55 of 57 principal regional associations
covering the
reporting the survey ex¬
operations of representative hard¬
pect increased prices for single- wood and softwood mills.
Ship¬
family houses and the increase ments were 20% above
produc¬
in 48 of these cities averages
tion; new orders 96% above pro¬
around 22%.
■
'
duction.
Compared with the cor¬
MBA members in 44 of 53
responding week of 1940 produc¬
principal cities report that price tion was 13%
less, shipments 15%

The members of this Association represent 83%

cates

re¬

the

From

business 37 % great¬

industry stood at 119%

the

never

cities

Weekly Statistics of Paperboard Industry

figures

will

ZV?;.

City, (Denver) J. B. Grant of
Denver, Colo.; (Denver) *M.- E.
Noonen of Kermmling, Colo, for

a

America

of

completed.

Association's

sas

member of the orders and

may

new

The

er.

people

production during the
likely be double that of the lat¬
holiday week ended Dec. 27; 1941,
ter,
according to a survey of was
41% less than the previous
members of tne Mortgage Bank¬
week; shipments were 25% less;

Minneapolis, (Helena) H. D. Myrick of Square Butte, Mont. Kan¬

-

the former

less, and

the United
average of production in
forget what the corresponding week of 1935-39
of the Philippine and 110% of average 1935-39 ship¬
Islands are doing this day and ments in the same week.
will do in the days to come. I
Year-to-Date Comparisons
give to tl^e people of the Philip¬
Reported production for the 52
pines my solemn pledge that weeks of 1941 to date was
10%
States

the

Philippine

the

i

States stand behind that pledge.
It is not for me or for the

Bellingham, Wash.

asterisk were filled by reap¬
pointment of the present incum¬
bents.?"'.;
::

(Louisville) *E. J. O'Brien, Jr., of
Louisville,
Ky.;
(Memphis)
J.
Holmes Sherard of Sherard, Miss.

of the total in¬
statement each week from each

F.

an

Chicago, (Detroit) L.
Watkins of Manchester,
Mich.
St.
Louis,
(Little Rock)
*S. M. Brooks of Little Rock, Ark.;

.

Charles

.

of

and

Utah;

they
,

City,

burg, Miss..

^

fight

Herbert S. Auerbach of Salt Lake

investment

paperboard industry.

The

lished and protected.
The entire resources,

future to be

dustry, and its program includes

the

making.
people of

now

and

Whitney

We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the

admiration, for
are

land)

Ala.;
(Jacksonville) "Walter J.
Matherly
of
Gainesville,
Fla.;

Greeneville, Tenn.; (New Orleans)
Alexander
Fitz-Hugh of Vicks-

of Los

man

Birmingham,

of

Austin, Tex. San Fran¬
(Los Angeles) C. V. New¬

cisco,

(Birmingham)

Atlanta,

Donald

ending Dec. 31, 1943; (Oklahoma
City) Neil R. Johnson of Norman,
Okla.; (Omaha) *L. E. Hurtz of
Omaha, Neb.
Dallas, (El Paso)
F. M. Hayner of Las Cruces, N. M.;
(Houston) H. Renfert of Galves¬
ton, Tex.; (San Antonio) J. M.

117

john d. peabody

Henry w. bull

stanley A. sweet

John a. Larkin

Bernon S. Prentice

O'Donnell Iselin

Franklin b. Lord

e. Townsend IrVin

Russell e. Burke

Stephen C. Clark

Committer

118

THE COMMERCIAL & FINANCIAL CHRONICLE

Continental

SEC Issues Two

Oil

the end

Co.

Cosden Petroleum

Corp.

Crown Central Petroleum

Corp.
The Derby Oil & Refining Corp.
Empire Gas and Fuel Co.
Exeter Oil Co., Ltd.

Industry Reports
The

Securities

and

Exchange
Commission has made public the
seventh and eighth of a new ser¬
ies of industry reports of the Sur¬
vey of American Listed Corpora¬
tions.

These

refining

and

industries

The

which

reports
the

covered

Pan-Am Petroleum & Transport

generally
1934-1939.

period

Co.

Producing & Refin¬

ing Co.

Balance sheets and profit and loss

,

statements, expressed both in dol¬

Phillips Petroleum Co.

lars

The Pure

/

,

Qil Co.

\
Quaker State Oil Refining Corp.
Richfield Oil Corp.

and

percentages, as well as
surplus statements and financial
'ratios are presented for individual
companies and for the industry
group as a whole in uniform tab¬
ular
form
which
permits easy
reference and comparisons.
As to the petroleum report the

Root Petroleum Co.

The Shamrock Oil & Gas

Corp.

Shell Union Oil Corp.

Skelly

Oil

Co.

Standard Oil Co.

(Indiana)
Standard Oil Co. (New Jersey)

the 37 com¬
panies classified in this indus^
try, all of which had securities
registered under the Securities
Exchange Act of 1934 at Dec.
31, 1940, are primarily of the
integrated
or
semi-integrated
type. The integrated companies
operate in all the important
branches of the petroleum in¬
dustry, that is, crude oil pro¬
duction, transportation, refining,
and marketing. The semi-inte¬
grated companies do not engage

The Standard Oil Co.

(Ohio)

Waverly Oil Works Co.

•

:

l

H. F. Wilcox Oil & Gas Co.
combined

sales

reported

gage in more than one of which

refining is the

7.6% of sales

these

all

operations but

en¬

charac¬

common

teristic.

of

The 37 companies included in
this group are:

Total

Ashland Oil
The Atlantic

,

The Canfield Oil Co.

Consolidated

Oil

at

dividends

bined

Corp.

worth

net

6.3% and 5.4%
book

paid

value.

out

by
these
enterprises were $196,000,000 in 1940 compared with
$191,000,000 in 1939. The com¬

&

Refining Co.
Refining Co.

were

or

-/•'■'■+

these 37

of

assets

prises

totaled

the
1934

31, 1940, have been classi¬

fied into two groups on the basis
of their principal activity.

following

classified

are

including

enter¬

$7,947,000,000

California Statewide Branch Bank

smelting,

The American

Metal Co., Ltd.
Smelting & Refining

American
Co.

American

Zinc, Lead & Smelt-

Co.

Exceeds Two Billions in Resources
of

statement

condition

that in 1941 the

stitution

reveals

growth of the in¬
greatest in its

the

seen

a

from

result

the

war

;:'//.,./

•/

of

of

rectors

the

:

Economics

Chairman.
Class

a

He

"C"

W.

1944.

or

postwar

States outside of New York

City.

of December 31, 1941, total
resources stood at
$2,095,635,000,
As

of $278,100,000

increase

an

ing the

dur¬

,..

The aggregate

of loans and dis¬
outstanding was $914,569,-

000, which is $136,274,000
than
ties
an

year ago.

amounted

to

the previous year end.
After payments
and

for

taxes

and other

assessments
,

more

Cash and securi¬
$1,122,179,000
increase of $145,148,000 over
a

of

ings for the

Government

$8,227,000,

earn-

year

were

premiums and $5,119,000 was set
up in reserves and applied to. the
absorption of losses or the revalu¬
ation of assets. After payment

in

dividends

annual rate of $2.40 per
common
stock and

the

share

of,
the

at

share
$2

on

per

the

preferred stock, and
after $1,322,000 in .profit-sharing
bonus to employees, capital funds
were increased from
earnings for
the year by $7,040,000, before re¬
on

tirement

of

have been transferred to
account, which* now

new

ag¬
.

?;/

President Giannini further
nounced that

an¬

January 2, 1942,
stock retirement
fund wilFhe increased to $4,302,000 by a transfer from undivided
profits account, -and $3,500,000 of

the

this

on

preferred

fund

be

will

used

for

the

purchase and retirement of 70,000
shares of the bank's four per cent

$3,000,000

of

pre¬

ferred stock from this amount

This, with the
previous retirement of preferred
stock

January 2, 1941, will
bring the total retirement of pre¬
on

ferred

stock

having

a

to

130,000

is

deep satisfac¬
tion," Giannini concluded, "that
the bank is in
than

stronger position
before to pursue its

ever

a

policy of all-out aid to our war
effort, and to continue its assis¬
tance

to

all

lines

California which

of

are

activity in

increasingly

important to the general welfare
of the nation

at

DEPOSITS

.

.

.

this time."

.

.

.

<

$2,095,635,618.82

$1,908,383,921.23

:

$

that

the

cided
the

at

board

this

of

time

building of

a

directors
to

commence

substantial




de¬

re¬

were

also

ending

Dec.

31,
Editor,

Waymack,

a

at

Manchester, - Mich.,
was reappointed
by the Board
for a three-year term, ending
Dec. 31, 1944.

full

a

Watkins,

The

directors

Reserve

Bank

the Federal

of
of

managing

director

Harold

L.

Diehl,

"C" Directors.

!

President

Detroit, Mich.

as

chosen

are

the

De¬
,

assistant

*

.

are

appointed by the Board of Gov¬
ernors
are
designated as Class
They

of

1942.

cashier, was appointed Cashier.
Joseph
M.
Dodge
was
re¬
appointed to a three-year term

Chicago adds:. /.

These three directors who

;

,

....

director.

-

of

Mr.
the
.

is
Bank,
/*

Dodge

Detroit

/

/•'-

at

Labor Bureau's Wholesale Price Index
Recedes
The

The International Nickel Co. of

markets

Canada, Ltd.
Copper Corp.
Magma Copper Co.
Molybdenum Corp. of America

of

Kennecott

nearly 900

17.4%

and

Joseph Lead Co.

Commission's

by the group
1940

in

also

combined

an¬

modities

all

000,000
000,000

$1,186,000,000

of

in

sales

both

paid

160,378,646.46

(As of December 31, 1941)

Bank of America N. T. & S. A., a member
Deposit Insurance Corpora¬
tion, has 495 branches in 307 California

of the Federal

communities. Main Offices: San Francisco
and Los Angeles.

of Labor,
commodity

series

.

to recede slightly—by 0.2%—from the
the preceding week.
The all-commodity
1926 average, is 1.6% above a month ago

year

ago.

announcement
to

a

further stated:

decline

of

slightly.

rose

'

1' '

:

<

products group index.
Higher prices
for barley, rye, cotton, hops, seeds, potatoes and
Although the farm products group index dropped
0.5% during the week, it was 4.8% above the level of last month
reported

were

fruits.

citrus

and

years.

out

Department
agricultural

caused the Bureau's index

year

for the decrease in the farm

in
1939.
Net
profit
charges totaled $185,in 1940 against $162,in 1939, equivalent to

dividends

a

S.
in

Sharp declines in prices for livestock, including 7% for lambs,
about1 4 % for hogs and steers and 3% for cattle, together with,lower prices for wheat, corn and oats, were mainly responsible

reported

compared with $l,038,r

000,000

Total

<

quote:

sales

were

above

U.

reaction

a

0.5% for farm products, foods
dropped 0.4% and miscellaneous commodities fell 0.1%.
Aver¬
age wholesale prices for building materials rose 0.6% and hides
and leather products and textile products were up 0.1%. Whole¬
sale prices for raw materials
declined 0.9% during the week
largely because of weakening prices for farm products, while
prices for partially manufactured and fully manufactured com¬

States Smelting, Refin¬
ing and Mining Co.

we

price

addition

In

United

the

Statistics,

that

peak

The Bureau's

Vanadium Corp. of America
The Vulcan Detinning Co.

1

reached
index, at 93.8% of the

Phelps Dodge Corp.
Reynolds Metals Co.

From

Jan.

on

Slightly In Last Week Of Year

Labor

during the last week of the

12-year

National Lead Co.

St.

of

Bureau

announced

36.6%
Food

by

above last year.

prices

wholesale

in

markets

declined

slightly

the

week.

bined assets of the group totaled

during
products, for
butter, fresh pork, lamb and mutton, .for eggs and pepper, and for
coffee and cocoa beans under the revised ceiling prices established
by the Office of Price Administration.
Quotations were higher
most

these

enterprises were $133,000,000 in 1940 compared with

$117,000,000 in 1939.

end

of

increased

The

com¬

Lower

1939, while surplus

$786,000,000 to
during1 the same

reported

were

for cereal

fruits,- for cured

cocoa,

canned

salmon

Prices for most cotton yarns

and textiles advanced about 1%
the week and quotations for goatskins, artificial leather
and cordage were higher.
- :■ /
;
during

period.
The

dried

prices

pork, dressed poultry, and for
and, peanut, butter, t Average
prices for cattle feed dropped 2.1 % A
A
' ;'•■■■
U'V: ;/ ■:

from

$820,000,000

,

following 16 corporations
as engaged in the pro¬

classified
duction

arid

v/i-;

fabrication

of

Prices for metals and metal products were steady except for
increase of 1% to $212 a flask for quicksilver.
Higher prices

an

metal

non-

for

products (exclud¬
ing those having smelting, refin¬
ing or other related metallurgical
processes):

lumber,
for

index

prepared

building

roofing,

rosin and turpentine
rise to the highest
;•/

•

Quotations for creosote oil

rose

level

:

Inedible tallow,

the other hand, declined nearly 8%.-

on

The

since

'

14%.

over

the

caused

materials to

July 1923.

Akron Brass Mfg. Co., Inc.
Anaconda Wire and Cable Co.

;

following tables show

Manufacturing Co.
Bridgeport Brass Co.
Callite Tungsten Corp.

(1) index numbers for the prin¬
cipal groups of commodities for the past 3 weeks, for Nov. 29,
1941 arid Dec. 28, 1940 and the percentage changes from a week
ago, a month ago, and a year ago (2) percentage changes in sub¬

Driver-Harris Co.

group

Belden

General

indexes from Dec. 20 to Dec. 27, 1941.

Cable

Corp.
The Hoskins Manufacturing Co.

(1926

=

100)
«

Percentage changes to

International Silver Co.
Mueller

Brass

Dec.

12-27

Revere
Rome
The

Udylite Corp.

in

charges
1940

sales

were

reported

$254,000,000

totaled

$13,000,000
$7,700,000 in

against

sales.

by

Total

these

$5,000,000
combined

of

dividends

1940

and

in

1940

assets

1940

in
of

products™

leather

+ 1.0

+ 17.4

94.0

93.1

92.3

79.9

—0.2

92.8

91.1

69.9

—0.5

+ 4.8

+ 36.6

90.4

89.2

73.1

—0.4

+ 2.2

+ 24.8

115.6

115.5

115.4

115.4

102.7

+ 0.1

+ 0.2

+ 12.6

91.5

91.4

-91.0

90.6

74.2

+ 0.1

+ 1.0

79.0

79.0

79.0

79.4

72.9

0.0

—0.5

103.4

103.4

103.4

103.3

97.8

0.0

+ 0.1

+

5.7

—

108.1

107.5

107..8

107.4

99.6

+ 0.6

+ 0.7

+

8.5

products

91.7

91.7

91.5

89.7

77.8

0.0

+ 2.2

+ 17.9

102.3

102.3

102.3

101.9

90.2

0.0

+ 0.4

+ 13.4

87.4

87.5

87.5

87.1

77.1

—0.1

+ 0.3

92.5

93.3

91.4

90.2

73.5

—0.9

+ 2.5

+ 25.9

90.2

90.0

90.1

89.6

80.8

+ 0.2

+ 0.7

+ 11.6

95.2

95.1

94.6

93.9

83.2

+ 0.1

+ 1.4

+

93.4

paid

allied

and

Chemicals

Housefurnishing

93.5

93.2

92.6

82.1

—0.1

+0.9

+13.8

93.9

93.9

93.8

93.7

84.5

0.0

+0.2

+11.1

INDEXES

FROM

goods

commodities-

Miscellaneous

materials

Raw

——

Semi-manufactured

Manufactured
All

All

products

commodities

farm

articles—

products

commodities

other

—

other

compared

compared

CHANGES IN
DEC.

20

The

1939.

with

group

$151,-

the

DEC.

27,

+ 13.4

14.4

1941

1.6

—

—

——

—_

Hid^s

Fertilizer

0.7

..

Cotton goods

Meats

Other

and

skins

and

and

fats

Cattle feed

Grains

—

poultry
-

:

L.

0.3

materials

—_

textile

products
Paint and paint materials
;
Other building materials—.—.'—

0.6
0.4

—

Decreases

Livestock

during

TO

SUBGROUP

1.2

Lumber

Chemicals

Oils

—•

8.4

Increases

surplus increased from $28,000,-

$35,000,000

+ 23,3

+

than

products and foods
PERCENTAGE

this

;

*

than

-

Other farm products.

■-

1940

were

$174,000,000 at the end

period.

12-28

1941

91.6

—-

—

000
same

11-29

96.0

000,000 at the end of 1939, while
to

27, 1941 from—

12-20

1941

*

93.8

——

products
lighting materialsMetals and metal products—
Building materials

farm

enterprises

$2,400,000

12-28

1941

95.5

.

—

products

Fuel and

1939, equivalent to 5.3 arid 4.2%

out

Commodities

Textile

in
1940 compared with $183,000,000 in 1939. Net profit after

all

All

Farm

Hides

Wolverine Tube Co.

by the group

11-29

1941

91.2

Copper and Birass Inc.

combined

12-13

1941

Commodity Groups

Cable Corp.

The

12-20

1941

Co.

National Bearing Metals ,Corp.
Ontario Manufacturing Co.

totaled

Commenting on the statement,
president L. M. Giannini stated

for

Whitney

troit branch for

Illinois Zinc Co.

with
.

farmer

appointed

aiso

L.

made.

appointed to fill an unex¬
pired term ending Dec. 31, 1942.
In announcing this the Federal

ing Co. Ltd.

of
RESOURCES

Capital Funds

NEW WAR RESERVE

of

matter

a

on

January 2, 1941.

shares,

total issue price of $6,500,000, or 21.7 per cent of the
entire outstanding issue.
"It

Federal Reserve Bank

Uni¬

been

Fansteel Metallurgical Corp.
p
Hudson Bay Mining and Smelt¬

ferrous

STOCK RETIRED

preferred stock.
accruals

$28,665,000. From this total, $4,502,000
was reserved for
depreciation of
bank
premises and other real
estate, and amortization of bond

$10,680,000

operations,

PREFERRED

Deposits reached the total of
$1,908,383,000, a gain of $276,155,000 over last year.
counts

from the year's
and the unallocated

account

reserve,

the

undivided

gregates $11,284,000.

year.

DEPOSITS AT NEW HIGH

,

profits

appointments for the
of the Chicago

branch

appointed

the

increase in

net

Several

ex¬

Chicago re¬
Harlan J. Chalfont

of

,

the

Class "B"

one

year.

Moines, "Register-Tribune,''
of Des Moines,/Iowa, will be the
third Class "C" Director, having

lion

United

"A,"

by

term

'me

Class "C" director

one

Detroit

Des

powdered

the

was

W..

for

in

the

at

Director

three-year term

$2,259,000,000 at the end of 1940

bank

Reserve

elected

are

banks,

Class

one

pires each

versity of Chicago, will be Deputy

Reserve Ban* of

Copper Corp.
Copper Co*

directors

,

of

ment

compared with $2,170,000,000 at

dollar

Federal

in

member

and

Di¬

of

Leland, Chairman of the Depart¬

history.
Early in December, Bank of
Amefica/heeatne, the first two bil,

Boaru

Chicago and Federal Re¬
Agent for 1942.
Simeon E.

serve

readjustments and other contin¬
gencies. For the nucleus of such a
reserve,' designated
"reserve for
war contingencies, etc.," one half

was

the

of

Bank of

;

Cerro De Pasco

the

public and must
nor may they
any bank.
Six

bankers

stock

other

Manufacturing Co. of
has
been
reappointed

Chicago,

be

own

Lewis, Chairman of the

Chairman

Copper Co.

15.6%
cushion

against unfore¬
contingencies which
may

as

Frank J.

Calumet and Hecla Consolidated

after

serve

corporations

refining p£
other related metallurgical pro¬
cess, according to the SEC.

The

end Bank of America

25

engaged in the
production of non-ferrous metals

nouncement

The year

not

F. J. Lewis

as

Copper Range Co.

$3,830,000,000
in 1940 compared with $3,938,000,000 in 1939. Net profit after
all charges totaled $349,000,000
in 1940 against $300,000,000 in
1939, equivalent to 9.1% and

in

registeredk under

/The Eagle-Picher Lead Co.

Union Oil Co. of California

by the group

to represent the

Reappointed Chairman Of
Chicago Reserve Bank

Climax Molybdenum Co.

Corp.

Tide Water Associated Oil Co.

The

non-ferrous

Exchange Act of

Chile

Sun Oil Co.

The Texas

the

on

Anaconda Copper Mining Co.
Andes Copper Mining Co.

Standard Oil Co. of California

The majority of

increased

Securities

ing

'•+

Socony-Vacuum Oil Co., Inc.

Commission said:

of

industry, all of which had

The

V'": '

Panhandle

report

at Dec.

Co.

1

.

earlier

Corp.

Refining Co.

Oil

Ohio

surplus

with

end

securities

Refining Co.

The National

of 1939 and 1940 and extend

years

the

Mid-Continent Petroleum

calendar

while

the

one million from $2,197,000,000 at the end of 1939.
The 41 companies included in

metals

Lion Oil

at

less than

The Hancock Oil Co. of Calif."

on

the

cover

1939,

Indian Refining Co.

the oil
non-ferrous metals

reports

of 1940 compared

$7,865,000,000

Thursday, January 8,1942

0.3

0.2
0.2

0.1

-

2.5

Cereal products

2.3

Other foods

2.1

Fruits and vegetables

0.8

Dairy products

0.2

2.0

-

1
1

10
0.9

.

THE COMMERCIAL

N timber 4030

Volume 15 5.

make,

•

Says War Finds U. S.
:

Well On Road To
Full

of- its

issue

29

monthly

review, "The Guaranty
Survey," the Guaranty Trust Co.
York

New

of

discusses

advent

The

the

tween

r

Axis

the

of total

United

and

States

common

finds this Na¬

powers

tion well advanced
*

be-

war

■! mary

the

the road.

on

'

its

emergency

ized and

productive
strength
-greatly increased and still ex¬

panding swiftly in the
"

'

warfare

of

are

during 'the

dustry
cient

v

and

in

decline

sections

will

and have forced industry,

r/closer conformity

U.

Division,

adjusted

are

week,; 2,650,000

calendar

the

tons,

the estimated

NET

V

-

•

.

' i

Daily

average

bCrude petroleum:
Coal

equivalent
Includes

:

for

purposes

10,750

7,956

499,657

449.484

532.591

1,792

1,591

1,652

1,476

of

most

that

6,910

5,423

319,324

305,596

228,684

and

comparison

statistical

•

1939, page 702).
c Sum of 52 full weeks ended Dec. 27
52 weeks of 1940 and 1929.
d Subject to current adjustment.

AND

(IN NET TONS)
/

COKE

BEEHIVE

WeekEnded-rPenn.. Anthracite—
b Total,
'

Dec. 27,

Including

Dec. 20,

-

Beehive Coke—

29,340

average

'

'

1941

•

v

or

51,053,000

48,008,000

67,709,000

2,988,100

6,429,500

9,702

20,875

22,660

j

20,391

-.

•

COAL, BY STATES
(In Thousands of Net Tons)

returns from the operators.

v-'vv:

£

Dec. 20,

Dec.

1941 -

•'

•

;

Colorado

'

82

Arkansas and Oklahoma—

Georgia and North

170

1

Carolina

i

1,258

Illinois-—

•

Western

Maryland———

:

New Mexico..

28

76

—

2,522

-

Total bituminous coal

JPennsyivania anthracite—

72

55

49

V,"

56

572

599

2,818

118

10

16

119

t' 72

115

303

296

274

35

60

57

1,750

2,947

1,132

38

2,078

1,746

..

799
154

47,

*

100

'.

193

666

138

173

1

"

9,274

/9

/5

11,360

9,900

832

1,187

1,249

1,795

1,806

11,732

1,051

:r

a

on

Includes operations on the N. & W.;

11,121

10,523

13,155

11,706

the

& O.

B.

in Kanawha, Mason, and Clay Counties.

Panhandle District and Grant, Mineral,

fornia, Idaho, Nevada, and Oregon,
records

^Georgia,

•'^Less

of

the

C. & O.; Virginian;

Bureau

of Mines,

North Carolina^ and

than 1,000 tons.^-r

e

K. & M.;

and
bRest of State, including the

and Tucker Counties,

Dakota

included

& G.;

Includes Arizona,

Cali¬

with-Mother. Western States;"

Revised;-v-




c

B. C.

d Data for Pennsylvania anthracite from published
Average weekly rate for entire month.
/ Alaska

Soutn

of

business, December 31, 1941

Cash and Due from Banks
U. S. Government

$77,275,924.03

Obligations

.

44,690,147.75

.

.

State, Municipal and Corporate Bonds.

10,999,561.85

Loans and Discounts

72,361,738.45

Customers'

.

.

.

»

Liability under Acceptances

are

.

.

•

•

120,143.66

Federal Reserve Bank Stock

.

.

•

.

420,000.00

Accrued Interest Receivable

the

,

,

.

.

324,691.27

to

eager

<

1,075,288.35

2,186,486.15

Banking Houses
.

Other Assets

61.688.42

TOTAL

wholesale

outlets

industries

$209,515,669.93

LIABILITIES

of

may

Capital

patriotic

voluntary,

combat any trend

!

•

•

•

.

.

$7,000,000.00

...

•

.

.

Undivided Profits

.

Dividend

.

7,000,000.00

.

w

4,059,987.81

.

$18,059,987.81

....

150,000.00

views of those

problem..

.

Less: Own in Portfolio

Other Liabilities

,

One of the aims of the Com¬

mittee is to cooperate with

Government
curb

a

belief

its

in

efforts

.

Acceptances Outstanding

and who
solution to the

a

.

.

.Deposits

.

.

:

,

Reserved for Interest, Taxes,

in-

rising scale of prices

seeking

Payable Jan, 2, 1942

Unearned Discount

The program also ties

with the

are
/

*

Surplus.

to¬

dustrialists, financiers and econ¬
omists who are opposed to a

.

•

•

343,980.64

.
,

1,802,881.27

Contingencies
,

$2,367,729.17

•

1,605,673.85

762,055.32

•

••••••

«.

.

•

'

•

253,849.27

...

•

•

187,299,297.09

<

the
TOTAL

to

rise in prices. It is the
of the Committee
that

v

effort should be made by
public at large to
sup¬

••••••«.

$209,515,669.93

•.

■

■

>'.

<•

the

plement

legislation

statement are

The

immediate

Committee is to
and

obtain

7

a

pledged to

and

for other

purposes

results.

the desired

uals

to

book value of $ 13*917*913.75 in the above

Securities with

every

,

11,801

Total, all coal

close

692

113

1

9,934

21

16

640

162

*

,,

J

'

660
•

10,900

•

j

'

STATE ME N T

RESOURCES

in with the public's antagonism
toward
unnecessarily ^h i g h

103

8

NEW YORK

The Committee's program ties

in

/2 7

/69
2,756

•

368

10,750

higher

CONDITION

Other Real Estate Owned

finds,

a

prices.

64

121

758

...

26

the

at

'

21

436

152

Western States—

cOther

29

-

37

12

•

■

60

83

i

"i 93, :

2,097.

^Northern.

13

64

2,339

9

Wyoming——-

38

77

"

-

130

34
_

■

204

2,413

395

Virginia—uSouthern

: j

9
\

584

338

j

136

.

.

Washington
West

35

r

959

216

/V

159

469

96

—

Virginia—'

684

514
121

155

r2,697

146
.

Utah—

732

,

;74

Tennessee

Texas

<:

y.

1,535

110

.

OF

Dr.

generally,

men

higher prices.

ward

(/)

•

S.

420

85

164

223

-/•

r664

Ohio-—--

Pennsylvania bituminous

'414

:

79
192

•

Research;

nation's

effort to

253

(/)

and

in

join

83

268

1,511

CONDENSED

•

the

all

349

.

138

1,167

498
•

..

145
;

1,269

,

28

650

and South Dakota—

North

:

r

,.

I
•

7

:

i 91

-

even

Bureau

National

this universal desire for
prices so that the

retail

(/)

(/)
417

64

200.

! 37

6

83

317

105

259

38

—

Michigan———
Montana—_————

3

349

.

.K ;:>r

.

775

"

251

—

during

sugar

37 Broad St.

Office

reasonable

el923

/

165

,

786

Kentucky—Eastern—,
f

57

173

Missouri.

of

were

therefore, is to unify and crys-

•

average

1929

506

56

Kansas and

Dec. 21.

.1939

1

1,239

,

513

Indana——

Iowa-:

Dec. 23,

183

164

;

$100,433,000.

Main

possible and to stabilize it at a
point fair to the buying public.
r;The
Committee's
objective,

Dec.

4

370

:

vember

35

keep the price level as low as

//./--.A/;. Stalize

/V

>

1940

3

373

:—

deliveries

of

Dec.

on

national Chairman of

Committee

r

Dec. 21,

13,

1941

3

:

Alaska
Alabama-——

of

is above normal. However,

sugar

AND TRUST COMPANY OF

Goldman,

Business

,■

Week Ended-—

state—

level

purchasing power, the
actual
consumption
of

a

ing statement was issued by Mr.

•

!

of

rate

that be¬

;

Goldman:
6,280,500

■

.

consumer

states

increased

The Public National Bank

a

In connection with the organiza¬
tion of the Committee, the follow¬

72,962,000

113,300-

-

;

50.535,000

f'

of final annual

rate

the

ing the month.

Committee.

the

{The current weekly estimates are based on railroad carloadlngs and river shipments
are subject to revision on receipt of monthly tonnage reports from district and
sources

be

the

of

/ York, is

53,735,000

and

State

Dyer firm
of

.

al929

u.1940

ESTIMATED WEEKLY PRODUCTION OF
.

The
cause

,

amount of

President of
the Goldman Stores Corp., New

,

•

1940 figure of 125.

Wesley C. Mitchell, Pro¬

a

-

100, but a decline of
from
the November

the low price was accepted.)
There was a maturity of a sim¬
ilar issue of bills on Jan. 7
in

the economic struc¬
nation.". Serving on

to

V Julian

dredge

,

points

No¬
than
the rate of consumption.
Thus
invisibles (trade and consumer in¬
ventories) increased slightly dur¬

v'/York University, and Dr. Ray
B. Westerfield, Professor of Economics ; at
Yale
University.

Adjusted to- comparable periods in the ,:three -years,
b Includes washery and
coal, and coal shipped by truck from authorized operations.
c Revised, d Ex¬
cludes colliery fuel.
'
j- .....
.
1
.
r

figure is

sity; Dr. Willford I. King, Pro¬
fessor
of
Economics
at
New

,

'

•i 846,000

24,883

10

(12% < of the amount bid for at

Graham, Professor of
Economics
at
Princeton
Uni-

-

•

Equivalent

ber level of

approximately 0.335%.
.Average Price—99.940. Equiva¬
lent rate approximately 0.304%.

mo¬

into

organization

Economic

of

'

A 890,000

149,300, i-.i

146,700

total™-.

S.

Daily
'

;

V

;

1941

Frank D.

Calendar year to date-

11940

1941

1941

fuel -—• 840,000 el,055,000
dComm'l production,.
798,000 cl,002,000

U.

%

i

Dec. 28,

colliery

'

>

the

convenience

PRODUCTION'OF PENNSYLVANIA ANTHRACITE

ESTIMATED

Low—99.934.

-University and Director of Re¬

m

("Minerals Yearbook,"

•

approximately 0.243%.

Advisory Council of the Com¬

Dr.

1,738

b Total barrels produced during the week converted into equiva¬
barrel of oil and 13,100 B.t.u. per pound of coal.
the supply of petroleum products is not directly competitive with

1941, and corresponding

applied for __$351,600,000
Total accepted
150,230,000
Range for accepted bids except¬
ing two tenders totaling $640,000):
High—99.952.
Equivalent rate

November

rise of 15 points from the Octo¬

a

Total

Committee To Keep

announced

the

search

lent coal assuming 6,000,000 B.t.u. per
Note

Their

revealed:

are

mittee, which is a non-profit orr

1929

production of lignite,

coal

the

•

1940

historical

brokers.

The following

5.

issue

rising
launched by

prevent

will

was

of

ture

date c-

dl941

of

Jan.

fessor of Economics at Columbia

•'

—Calendar year to

1940

6,537

to

Down,

/disaster

OF

1941

:
.

of this

Committee's
executive
It is the opin¬
ion of tne Advisory Council, con¬
sisting of some of the country's
outstanding
economists,
that
a
skyrocketing of prices will bring

weekly

of

output
a

THOUSANDS

8,100

including mine fuel—

Total,

(IN

1941

•

on

the.

by

pro¬

1,620

oBitumlnous coal:

;•(

COAL

Dec. 28,

Dec. 20,

Dec. 27,

'

campaign to

consumers

ganization, are:
SOFT

OP

-Week Ended

—

V

more

Banks

details

Advisory Council.

TONS), WITH COMPARABLE DATA ON PRODUCTION OF
CRUDE PETROLEUM V:
A.
-v',

\

and

level

which

was

j

*

PRODUCTION

STATES

UNITED

considerably

of

as

reported by
tenders
for
$150,000,000
or
thereabouts, of 71-day Treasury proximately
November distribution, according
bills, to be dated Jan. 7 and to
to the Index of Sugar Distribution
mature
March
19,
1942, which
prepared by B. W, Dyer and Co.,
were
offered
on
Jan.
2, were
New York, sugar economists and
opened at the Federal Reserve

manufacturers, wholesalers,

the National

Pennsylvania

890,000 tons.

needs

in the next few months.

nationwide

Prices

anthracite for - the week ended Dec. 27
was
840,000 tons,- a decrease of 215,000 tons from the preceding
week.
Output in the corresponding week of 1940 amounted tc
ESTIMATED

conse¬

emergency

become

price

the In¬

52 full weeks ended
This indicates that
year, 1941 production

slightly-above 500,000,000 tons.
The U, S. Bureau of Mines reported that
of

unfavorable

of

movement

be

duction

indicate

distribution

preliminarily
the AAA was ap¬
115%
of a normal

the

To Prevent Rising Prices
A

'

of

Department

S.

preceding

to

continued

November

524,174 short tons

'

with the. rap-

idly developing national effort,

/

,

figures

suffi-

The

Secretary of the Treasury Morgenthau announced cn Jan. 5 that

^

Advances

Campaign Is Launched

ever

largely to the Christmas holiday.
total production of soft coal in the
Dec.
27 amounted to
499,657,000 net tons.

•

the

industry

these

severe

com-

into

finance

and

merce

The

will

of

part

nearly

trade

of

quences

due

when

Distribution

aggression have
without interruption

increased

the

the

from

it

output of defense ma¬
and surveys of broad

terials;

terior,'in "its latest coal report stated that the total production of
soft coal in the week ended Dec. 27 is estimated at 8,100,000 net
The

early

offset

to

rise

govern-

Weekly Coal And Coke Production
tons.

than

year, reflecting declines in
non-essential
branches
of
in¬

retailers

Coal

slower

much

the

,

bilize

Bituminous

Dyer Index Of Sugar

Treasury

ments resisting

j: Nation/ That task'is, .to-a.great
extent, an ^economic.; one: to

The

con¬

recent

however, the advance
general business level

been

was

has cli¬

foreign

to

In

been

of

types

goods.

the

and the scope

program

aid

our

have

that
some

•

that

defense
of

secondary

confronts

now

of
has

?

Results Of

'

importance beside the supreme

that

sumers'

to one of. open bellig¬
The momentum of our

erency.

•

task ;

'

\

con¬

than in any
since 1929, despite

on

months,

record;

on

larger

year

placed

year

a

gency

f gether in meeting and ;overcoming the common danger, y*-;.;Any
dislocations
or
hard¬
ships that may be_ occasioned
by the enormous cost' of mod¬
ern

:v:;

levels

restrictions

witnessed the transition from a
state of limited national emer¬

-

'

r

retail trade has been

other

steadily broader and more pow¬
erful. The last 12 months have

neces¬

directions, and its people
exhibiting a new spirit of unity
and determination to work.to-

sary

and

,

highest

siderably

in which the in¬
fluence of military activities on
economic
life
has 1 become

maxed

functioning, its incom-

parable

:

year

have risen to

the

"

The outbreak of war

-1

organ¬

powers

income payments

business in
that is now about to
of

f concern

begin. ,*•

complete preparedness, with

to

data, industrial production,
employment, payrolls and total

into

-strength
tangible

of

able

of
the
maximum
contribution
to
the
cause will be the pri-

translate;

War,"

effect

net

reverse.
As nearly as
judged from the avail¬

be

can

To

their heads.
these
elements

keeping

are

in part:

says

united

a

are

Year

"A

of Transition from Peace to
and

•

the

far,

119

than the

fighting for; they
people, and they

what they are

Thus

.

the emergency on our economy
has a been
stimulating, rather

^

•strength and that of our Allies.
In facing this task, the Ameri¬
can
people have -three enor¬
mous -advantages:
they know

Preparedness

the Dec.

In

;

and,; finance,

industry,

producer - and> consumer; ■ em-I, ployer and employe, contribute
their
utmost
to \ our
military

FINANCIAL CHRONICLE

&

plan

of

the

enlist individ¬

companies, represent¬

ing all lines of business where
goods are sold, each member
striving to keep prices down in
his own field of operation.

j.
i

;

public and

required

or

trust

FEDERAL DEPOSIT INSURANCE CORPORATION
«

»

'

*

...

\

deposits

permitted by law.

MEMBER: N. Y. CLEARING HOUSE ASSOCIATION • FEDERAL RESERVE SYSTEM
--

/

30 Offices Located Throughout Greater JSew York

-*

v-

secure

L*.'-

*" »"iTt

*"»

»"V.

—V*"

s

►

.

.

f

•

*
•

•

•

•

•

•

THE COMMERCIAL & FINANCIAL CHRONICLE

120

little

A

Motor

Freight Volume
In Nov. Drops 14%

The volume

of

revenue

freight

than

more

6%

the

of

Hobbs

commodities,

laneous

Stock Investment

including

Insurance

transported by motor truck in No¬

this

October, but held 12.1% over No¬

mon

vember, 1940.

Dec.

under

sharp drop of 14%
record-breaking 'ton¬

the

transported

nage

increased

1940,

7.6%

in
over

according

October but
November,

reports

to

reduction

in Tine

ufacture of armaments.

ceived

reports

ATA

by

were

205

from

carriers in 38 States.

re¬

motor

The report¬

ing carriers transported an aggre¬
gate of 1,202,991 tons in Novem¬
ber, as against 1,398,321 tons in
October, and 1,118,496 tons in No¬
vember, 1940. •
The
ATA index figure,
com¬

for November.

in

Hawkes

and

trucks

I have

reported.
showed
under

20%

a

October, and

a

reported

total

tonnage.

these

22.5%

almost

Thy

your

unanimous

the

this

membership.

the
one

country
man

of

life

its

in

life

sound

You

or
no

insurance

men

such

with

who

funds

are

the

United

States

insur¬

sioner

the

insur¬

declared.

forces.

under November of last year.

of

our

the

of

of

Associa¬

National

Insurance

Commis¬

-

is

"Ob¬

Life insurance

States

has

pinnacle
£

as a

its

meet

the

as

great

a

of

needs

New Yorkers

a

year,

credit

to

figures,

v

r

Burgess said:
Of course

v

of the banks and

we

trust section

are proud of what
accomplished this year, but

we

what

particularly pleases

that it is

an

creased

in

omen

support

the

democratic Amer-

is

greatly in¬
for the Fund

support of home welfare

and health is

present

us

of

1942.
The

in the United

reached

that

million

regarded

Mr.

each separate part of this great
nation, have successfully met
every crisis that has arisen.
In conclusion the speaker said:

America.

vital part of

now a

defense

and

war

effort

of

York,

New

with

its

ican institution—supervised but

vast wealth is the financial

not

ter of the

life insur¬

Through all this it has gained in
experience and strength.

a

The Chair¬

the banking and trust field.
In announcing the latest

sioners, tempered by the per¬
sonal knowledge of the needs of

ance company

fighting

agencies

two

regimented.
That is the
heritage that was passed on to
you men by your predecessors.
It has survived war, depression,

financial structure of

gives a guarantee of solidarity on the home front and a
unity of effort 'hat will ensure
success

entail.

during a period of
inflation," he continued.
Assert¬
ing that some other measure of
values must be employed if life

this

the

would

supervision has had
faults,
nevertheless, from
standpoint of supervision,

tion

life insurance must take

practically some steps to prepare itself to
other great organization meet the problems which inflation
The great farm will bring," he said.
"Market
groups, religious organizations, values,
or
values based princi¬
labor units and, in fact, all of pally upon market values, if they
America, are cooperating loy¬ include an element of speculation,
ally in a united front.
All of cannot be a safe measure of the

5.6%

control

While State

tions

Hobbs

$242,014 in 1940.

am

tralized

ance.

viously,

organization is an¬
by W. Randolph Burgess,

man

Histor¬

life

sec¬

that

broke down these figures as
opposed
to - Federal follows:
Firms this year contrib¬
supervision as I do not believe uted
$245,320,
and
employee
that the institution of life insur¬
groups $33,364.
ance should be subjected to the
This recognition of the
obliga¬
influence of the partisan poli¬
tion of business to
help support
cies of government which cen¬
I

the decisions and recommenda¬

American

of

with

He added:

vision.

every

decreased

tion

lution

iden¬

and

by the bank and trusts

once.

Mr.
speaker declared that any serious tion.
Burgess recently an¬
threat to the financial security of nounced that banks and trusts con¬
life insurance, would afford an tributed
$278,684
to
the
1941
opening wedge for Federal super¬ campaign of the Fund, compared

in the country.

:

at

Asserting that life insurance "is
trial by those who desire com¬ Vice Chairman of the Board of
plete
centralization of all
po¬ the National City Bank of New
litical and economic control," the York, who is Chairman of the" sec¬

tical with that from

1940.
prod¬
of the

so

its

of

Of Greater New York Fund

my

ically, this principle is one of
important steps in the evo¬

through¬
is

In

on

the

as

in

us

good stead in this present crisis

nounced

The possibility of inflation is
efforts, shirk no re¬
sponsibilities
and
to
assume one of the serious problems facing
the
every sacrifice necessary to the both
companies
and
the
successful outcome.
supervisors of insurance during
The response from the U. S. the national emergency, Commis¬
out

values.

should do

upon

State

based.

are

Americans have in

we

abundance—stands

opinion,
More than a 14% increase to date
companies which have not al¬ in
gifts to the Greater New York
ready
taken
this
precaution Fund

and

principles
of the

most

laws

ance

determination

Chamber of Commerce

volume : of

profits

protec¬

basis which does not reflect in¬

flated

to spare no

5%

October

place

which

that

stands together

in

of

fundamental

times to have the volun¬
tary assurances that are pouring
walks

insur¬

thing that
such

are

This

J

some¬

.

properly discharge your obliga¬
tions to your policyholders and
the public.
This is one of the

personal gratification
genuine and
spon¬

all

life

solely upon the
conservative
long-

investments,

late

pledge of all-out sup¬
It is heartening in these

from

Since

policy

charged with the duty of in¬
vesting the funds of life insur¬
ance companies can not
specu¬

grave

in

its

meet

based

investments.

taneous

port.

to

intangible

well
and will be the rock upon which
; as a depressed market.
The
our democratic
way of life can
necessity for the absorption of
continue to rest.
"
heavy depreciation losses dur¬
ing
critical
times
may
be
greatly reduced by a valuation Banks Increase Support

Hobbs

losses from speculation have

country represented by
organization
but,

my

is

term

great

your

is

Americans.

morale-—this

tion against an inflated as

v

•

•

theory

fine

support of the business interests
of

of

Kansas,
in
ad¬
35th Annual Con¬

obligations.

whole-hearted

and

Commissioner

millions"1 of

.'-'v:,.:-.

Amortized values

primary objective of life

ance

13 with the tele¬
your

Asso¬

Commis¬

Commissioner

insurance

May I express to you not only
my official appreciation of the

decrease of

commodities

under

from

grams

Haulers of iron and steel

ucts

just received

Hobbs,

National

He continued:

on

of

the

The

v

Tonnage in this class
slight decline of 0.3%

under November,

and

said:

Mr.

to

F.

Insurance

session.

States

letter

his

letter of Dec.

little

a

In

national morale, Life insurance
is a symbol of security to many

return

Insurance Presidents at its Dec. 11

W.

Hawkes, President Roosevelt said:

automobiles

constituted

United

the

effort.

war

than 6% of the total tonnage

more

Albert

the

of

of

com¬

opposed

vention of the Association of Life

15

operation from the Chamber and
other organizations in the national

November of last year.
new

Dec.

on

Pres.

to

of

over

of

Charles

by

Insurance

expressed
appreciation for the pledge of co¬

also,

Movement

11

sioners

Chamber of Commerce,

index

over

Roosevelt

letter

a

figure for October was 172.37.
Almost
75%
of
all
tonnage
transported in the month was re¬
ported
by
carriers
of' general
freight. The volume in this cate¬
gory decreased 15% under Octo¬
ber, and increased 10.9%
over
November of the previous year.
Transporters of petroleum prod¬
ucts, accounting for a little more
than 8% of the total tonnage re¬
ported, showed a decrease of 5.2%
under
October, but held 11.8%

The

were

For Its Assurances dressing
President

puted on the basis of the average
monthly tonnage of the reporting
carriers for the 3-year period of
1938-1940 as representing 100, was
147.78

companies invest in

stocks

ciation

Chamber of Commerce

of

trends

years,

Comparable

surance

com¬

it was believed to
be due in part to shifting of peace¬
time production facilities for man¬
previous

under

President

under October was

seasonal

with

15.6%

President Thanks U. S.

piled and released by the Ameri¬
can Trucking Associations.
While
the

decreased

class

By

Companies

Security, that age-old desire
man, is one great source of

of

said, experience has proven that
amortized values, based upon the
a long-time investment is
Recent suggestions that life in¬ purchased
to yield, are sound.

tobacco, milk,
textile products,
bricks, building materials, cement
and household goods. Tonnage in

vember took

a

insurance is to discharge properly
its trust to its policyholders, he

Opposes Common

total tonnage reported was miscel¬

Thursday, January 8,1942

take

has

of the needs at

care

home,

while they are also
contributing
generously in an all-out effort
to care for the war needs of the

every other crisis
faced
this
nation.

inflation, and
that

cen¬

world, and I know that
this great city will not fail to

nation

as

whole. The banking

a

and trust field will do its share

in

the

future,

it has in the

as

V past.

Netherlands Pledges

IRVING

Cooperation With U. S.

•

Queen Wilhelmina of the Neth¬
erlands
has
pledged
the
co¬
operation of her country's armed
forces

TRUST COMPANY

the

with

made

the

United

States

against Japan.

war

This

in

was

known

on
Dec. 13 by the
Department, which made
public her telegram to President

State

NEW YORK

Roosevelt

reply

^

Statement

*

,noitidnoC
December
of

is

Reserve Bank and Other Banks..

Deposits
Official Checks....

.$357,696,816.39

that

Loans and Discounts

United

Stock in Federal Reserve Bank

State, County and Municipal

Portfolio

3>33°>I0449

Reserve for Taxes, Claims, etc.

3,699,050.00
5,118,031.70

Other Securities

Unearned and Deferred Income.%...

Dividend
First

Mortgages on Real Estate.....
Headquarters Building
Other Real Estate

....

1,490,438.24

2,554,423.16

payable January 2,1942..

750,000.00

13,351,371.37
Other Liabilities.

17,258,400.00

States,

and

:

good

the

the

cause

naval

>•.

curities

air

361,063.47

and

Liability of Customers for Acceptances
Income, Accounts Receiv¬
able, etc

2,582,690.45

$50,000,000.00

with you

Government and people in this
our common trial from

which,
shall

with

arise

God's

pledged to

secure

54,193,574.70

Roosevelt

we

replied

at

amortized

cost.

Of

these, $49,956,8 89.9 3

purposes

required by law.

Dec.

Majesty Queen
mina, London:

My

most

sincere
It

message.

that

the

11, 1941

Wilhel¬

thanks
is

for

indeed

American

people will have beside them in
the

trials

your
heroic
have shpwn such
and determination. The

strength
sword
cannot

ahead

who

people
courage

Deposit Insurance Corporation

as

follows:

104,193,574.70

$907,956,i96.26

deposits of public monies and for other

Member Federal

help,

victorious.

gratifying

are

the

of

My thoughts are
and with the American

hour of

your

stated

military,

forces

Your

$907,956,196.26

are

the

United States.

President
■»

Undivided Profits

United State's Government Securities

and

of

WILHELMINA

Capital Stock
Surplus and

2,474,689.47
T

army

force

the

as

air

1,181,270.40

Accrued




4,1031,725.43

has

as a

Netherlands will fight as com¬
rades in arms and in the same

Less Amount in*

3,088,100.00

Se-

$7,432,829.92

conflict

result of Japan's
attack
against
the

wanton

navy

211,697,743.56

.

armed

an

broken out

$791,675,006.81
3,601,585.39 $795,276,592.2°

United States Government Securities 289,808,032.92

Acceptances

gratifying thought to
President, that now

a

Mr.

me,

LIABILITIES

Hand, and Due from Federal

latter's

Queen's

London, Dec. 8, 1941

31, 194

ASSETS
on

the

The

The President:
It

Cash

thanks.
follows:

message
•

also

and

of

of freedom

is

a

sure,

which, with God's help,
fail.

FRANKLIN D. ROOSEVELT

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

■Volume 155

all standard indices showed

define, within relatively narrow
limits, what is meant.
"Revenue bonds are those
,

Mrniicipai llewi

-

And Motes
(Continued from
markets

the

levels

104)

page

to

rose

their terms, are
from the earnings
derived from operation of the
revenue-producing enterprise
created or purchased by the
funds received from sale of

\

higher

even

previously recorded,
prior to Pearl Harbor, reports
Samuel
W.
Parke, partner in
Schmidt, Poole & Co.,
123 S;
Broad St., Philadelphia, Pa.
It is of interest that municipal
bond
prices reached their alltime high in 1941.
The reasons
for this are many, but the three
primary motivating forces have
been the recognized investment
merit
of municipal
bonds, the
plethora of surplus money arid
the present high level of Federal
1941

viduals

in

<

the

Act,

the

medium

estate

years,

the

ord, was
of

a

years

known?
ment

many
be found.

In the early 18th

Is

It

securities

of

that

interesting

are

instances

that

under

is

default

issues

quirer."

(

c'V.;,;-::

of

revenue

So did
defense-

of

thousand kinds.

a

All

things brought millions of

Mayors

will

hold

its

of the

Xk.;

vey

In

discussing revenue bonds,"
he said, "it is necessary, first, to

two dizzyingly swift years
political reform, Kansas City
has proved that honest, efficient
local government is not only bet¬
ter than haphazard, corrupt, outof-the-hat political machine rule,
but also cheaper, writes Gladwin

Although it

Hill

for

"Wide

.

series

cent

occur un¬

$29,000,000, and would represent

World," in a re¬
big Missouri

city.

not

municipal market is in a
highly receptive condition, the
prospective refunding being con-;
sidered by the City of Detroit is
arousing attention in bond circles.
This financing would aggregate

the

on

may

til the

of the most important flota¬

one

tions in several months.

.

The object of this refunding
City's budget for this
would be to level off the city's
$1,500,000 less than the
debt service charges to approxi¬
last year of Tom Pendergast ma-*
mately $17,000,000, from $19,000,chine rule.
:
000 ahnually, by cutting rates to
For
less
money,
the 400,000
2^4% from 4^%, Assuming that
people of Kansas City have been
market conditions are right, such
getting immeasurably more
in an
offering would attract at least
municipal services, have purged
one or two important syndicates
graft, and have halted maladmin¬
into bidding.
istration that Was heading the
city toward bankruptcy,
Milwaukee
Kansas

year

was

The

virtues

of

honest,

ficient government

discovery.

new

is

to

It's

keep

so

them

easy

not

are

But

in

ef¬

the

,

-

a
*

The

job

issuance

bonds

practice.

to slip into

County
Proposed

Issue

arid

notes

of

$11,000,000

by

Milwaukee

County, Wis
has
(Continued on

easy

been

,

going political favoritism.

recom-

122)

page

the

Manufacture r s
TRUST COMPANY
Condensed Statement

of Condition as at close of business
December 31,1941

Defense and the Cities" will fea¬

that

in

totaled

over

year

revenue

20%

of

new

New

Jersey's

.

Debt Reduced

RESOURCES
Cash and Due from Banks

gross

-

Jersey's

bonded debt from $148,615,-

000 to $107,000,000

since Dec. 30.
reported last Friday by

1940, was

William

Treasurer

State

H.

sinking fund placed the net debt

"Mid-South Business Sur¬

at

Section."'•
-: H
Memphis, business capital of
Mid-South, he reports that

The gross debt is

$63,000,000.

the

since

lowest

stood

at

1930,

when

$98,000,000.

.

.

.

.

$ 365,609,706.20

.

it

340,928,747.80

......

Mortgages
State and

,

2,525,294.29

.

Municipal Bonds

30,085,722.18

.......

Stock of Federal Reserve Bank

2,246,750.00

.....

Other Securities.

39,067,015.89

Loans, Bills Purchased and

Bankers'Acceptances
Mortgages ... .....
Banking Houses

.......

.

.

......

-

.

.

.

260,309,534.41
16,224,925.78

;

......

r

12,549,000.00

2,949,876.40

...........

Other Real Estate Equities.
Customers'Liability for Acceptances

.

Accrued Interest and Other Resources

r

5,597,842.60

.

2,411,451.24

.

Al¬

held by the State

in investments

.

U. S. Government Insured F. H. A.

$1,080,505,866.79

He said about $44,000,000

bright.

.

U. S. Government Securities

..

New

of

Reduction

Throughout the Mid-South area
year
1941 was not merely
best
year
since the 1929
boom," it was also the best busi¬
ness year in that region's history
according to Robert Talley, editor

"In

In

of

annual

Washington, D. C.,
beginning next Monday and run¬
ning through Wednesday.
Em¬
phasis on the subject of "National

"he

"In¬

Detroit Considers

Refunding

area.

conference in

"the

re¬

City Finds

Good Government Pays

Spokane

Business Year In History

default," according to C. Carroll
Seward, of John Nuveen & Co..
135 S. La Salle St., Chicago, writ¬
Philadelphia

States, the

Mid-South Has Best

the

the

of

dollars into the

offerings in the municipal field."

a

of

the

dairying

crops.

these

have

the

moreover,

comparatively
rigid definition that any delay in
payment of interest or principal
beyond the due date constituted

view

the

financing, ture the discussion, with out¬
revenue obligations
were issued standing and distinguished Fed¬
at a constantly accelerating rate eral officials
participating.
until in 1937 this type of security
;
Leaders from practically every
occupied over 7% of the total
important city in the Nation are
autstanding municipal debt and
expected to attend this confer¬
constituted 12% of the municipal
ence,
which attains added im¬
offerings made in the year. Based
portance
because
of
current
on preliminary
figures for 1940, troublous
developments.

and

ing for the annual financial

to

"After

,

of

did

So

diversification

beef cattle,

as

revival

orders

water works revenues.

years

known

United

purely

appear

of revenue
bonds in the United States, ex¬
cepting loans made through Fed¬
eral agencies, there are only li
40

part.

farm

spurred lumber industry. So did
the
extra
payrolls of factories
turning
out
national
defense

out of

that

of

and food and feed

bonds
been ^issued
by Spokane in 1895.
These
bonds
carried
a ^pledge
of

first

Bonds Discussed
"During

note

to

the

"In

definitely established
that the tax exempt feature is
always reflected in the market
price of bonds and the investor
pays for it.

Public Revenue

na¬

But the real answer can be
Authority which
was
patterned after the Port of given in one word—Cotton.
London Authority.
On Dec. 31,
Conference Of
1939, the Port of New York Au¬
thority had over $102,000,000 of Mayors To Meet
revenue bonds outstanding.
The United States Conference

is

It

new;

Kansas

New- York

of

invested in State and local securi¬

ties.

for

the

evolved our own Port

the latter

expenditures

of income

unit

wealthy
reducing* their share
of the burden of taxation through
their purchases of these bonds.
However, a report prepared by
the Secretary of the Treasury in
January, 1941, clearly shows that
wealthy
individuals
have
not
been
the
main
purchasers
of
municipal bonds.
The estate tax records prepared
by the Treasury Department in¬
dicate that only 5.63%
of the
capital in large estates has been
viduals

ever

and the rise of such new sources

of followed by toll bridges and,
about 1815, by the first of a long
indi¬ line of harbor commissions. It is

local

.has

Well, the huge Govern¬

progress

argued by proponents
taxation

the best business

Mid-South

.

rec¬

of prosperity

wave

1941

important

an

brackets, who heretofore have
purchased only corporate bonds turnpike trusts, the first of which
were created by statute in 1706.
and stocks, will find it profitable
"The toll roads were quickly
to purchase tax exempt securities.
Federal

the

year

century, in England, toll road
mortgage, revenue loans appeared.
These were made by the public

income

the

During the ensuing tional defense plants, air bases,
other similar issues etc., in this area naturally played

seigniorage.
can

that

was

couldn't

brought about this

that made

a

from

income

simply

What

pledge
salt
and

carried

ex¬

get cars
from the war-pressed factories.

type, of rec¬
Venetian loan, made

which

1187

for that

reason

dealers

earliest issues of this
in

only

was

One of the ord-breaking

device.

The

the sale of new au¬
tomobiles which slumped greatly;

bonds.

a new

transfers.

ception

pledging of specific rev¬
enues to
the repayment of par¬
ticular
loans is not,
by many

indi¬

many

consumption, building per¬
mits, department store sales, real

"The

On the basis of the

Revenue

trical

payable

than

income taxes.

by

which,

soar¬

ing increases over the 'previous
year—bank clearings; bank debits,
postal receipts, industrial elec¬

121

,

LIABILITIES
Preferred Stock ...,.$ 8,892,780.00
Common Stock
32,998,440.00
.

.

.

Surplus and •' ■v ::V,

; v /.,A:;.•

Undivided Profits

.

.

42,233,744.36

Reserves

.

.

.

.

.

84,124,964.36 V ]
4,717,942.69

.

;

11

Common Stock Dividend

(Payable January 2,1942)

824,959.50

.......

Preferred Stock Dividend

(Payable January 15,1942)
Outstanding Acceptances
Liability as Endorser on Acceptances
and Foreign Bills

......

Mellon

National Bank

Deposits

222,319.50

<

6,255,708.11

........

355,254.15
.

.

PITTSBURGH

984,004,718.48
$1,080,505,866.79

DIRECTORS
STATEMENT OF CONDITION AT THE CLOSE OF

BUSINESS

EDWIN M. ALLEN

Chairman, Lincoln

Alkali Works, Inc.

DECEMBER 31, NINETEEN HUNDRED FORTY-ONE

Savings Bank

EDWIN J. BEINECKE

LOANS

AND

DISCOUNTS

.

.

$

Capital

37,656,747.33

7,500,000.00

$

...

"

.overdrafts.

States

United

3.21

.

.

.

obligations

.

surplus

.

.

30,000,000.00

.

223,606,454.11
2,701,694.15

undivided profits
OTHER BONDS AND INVESTMENTS
Banking

house,

10,922,739.03

:

reserves

furniture

fixtures

and

.

.

AND

DUE

FROM

"i

■

■■

11,005,529.08

<

%

3,490,703.70

.

BANKS

.

.

•

•

419,870,186.15

<

195,400.762 00

EDGAR S. BLOOM

President, Atlantic, Gulf

Steamship Lines

$471,077,409.38

President,
Lambert

President, George A,

Company

President, Spicer.

RICHARD

V.

ARTHUR

CHILDS

ROY

A.

CROFT

CHARLES

DAVIS

ALLEN

J.

B. "GIVEN,

JR.

HEINZ It

HUNT




F.

WILLIAM

A.

III

McELDOWNEY
K.
L.

LAWRENCE
HENRY

JONES

LOCKHART

W.

RICHARD

FRICK

WILLIAM
HENRY

G.

BENJAMIN

Atkinson

MELLON
MELLON

N.

MURRAY

PHILLIPS

WILLIAM
ALAN

M.

WILLIAM
HARRY

CURTIS

P.

S.
M.

HENRY C. VON ELM

New York

Vice-Chairman

City

JOHN P. MAGUIRE
President, John P. Maguire
&

Company

of the Board

ALBERT S. WILLIAMS

President, Western Union

Telegraph Company

Co., Inc.

-

ROBINSON

SNYDER,

WHERRETT

Principal Office: 55 Broad Street, New York City
67

SCAIFE

M.

Corporation

Corporation

ROBINSON

C.

WILLIAM

;

President, Curtiss- Wright

SAMUEL McROBERTS

,

President, United Stales
REED

DAVID A.

Chairman, Trust Committee
GUY W. VAUGHAN

President, The Jones-

JOHN M. FRANKLIN
Lines

BLACK MORE

Insurance Co.

ERNEST STAUFFEN

Bartlell

HORACE C. FLANIGAN

A.

Company

CHARLES L. JONES

Mines Co.

GEORGE

President, Home

Simpson Thacher &

ELLIS P. EARLE

Vice-President

Corporation
HAROLD V. SMITH

^

OSWALD L. JOHNSTON

President, N'ipissing

DI RECTORS

Chairman, General Bronze

President

JOHN L. JOHNSTON

LOU R. CRANDALL
Fuller

HAROLD C. RICHARD

HARVEY D. GIBSON

and West Indies

Manufacturing Corp.
$471,077,409.38

President, Scranton &

Lehigh Coal Co.

E. Gerli & Co., Inc.

CHARLES A. DANA
Deposits

CASH

'.

GEORGE j. PATTERSON

President,

Hutchinson Co.

PALMER

President, Cluelt, Peabody
& Co., Inc.

PAOLINO GERLI

Chairman, Sperry &

LIABILITIES

RESOURCES

C. R.

CHARLES FROEB

President, Mathieson

JR.

BANKING

OFFICES

IN

GREATER NEW YORK

European Representative Office: 1, Cornhill, London, £. C. 3
Member Federal Reserve

YOHE

System

Member New York Clearing House Association
Member Federal

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Deposit Insurance Corporation

Both Common and

The

Preferred shares have a par value of $20 each.
Preferred is convertible into and has a preference over the

Common

tar

the

extent

of $50

per

share and accrued dividends.

/"

fe FINANCIAL;CHRONieUfe

THE: COMMERCIAL'

122

it

Municipal News
find
(Continued from page 121)
mended to the

County

Boaru

Bittner, County Auditor.
offering would consist of

able

(Continued from page 103)
;U;
Page)
?' -;; ■
:
at the rate of approximately 8.7%
coJiective;volume through unHycahdiin€elUgeht^e6ncerted :effort; we
of the Nov. 30 offering price?'-the Sre:fighting among ourselves. «/>
v
;current report states.r ; j 5:
hre Jhe only;ihd^istry; in; the^<nc0:#h|eh;^dehiie^W^Wght)
to sensibly advertise its n^erchandise through the- mediurhs of inter-;
Incorporated Investors; reports state • commerce. What, are. we doing about it? We are, the "only /

payments over a consider¬
period of possibly lower traf¬

fic.

;

The

Vv:-'

■

year-end found municipal

that

$7,200,000 relief bonds and $3,- prices approximating their levels
800,000 corporate purpose notes, of March, 1941, having lost the
to offset delinquent taxes accu¬
ground gained in October and No¬
mulated since 1929. The Auditor's vember.
'Vrv'
report urged that these obliga¬
:
The Standard & Poor's index
tions be dated as of Feb. 20. If
of the yield of 15 representative
approved, this offering would be
municipal bonds was 2.32% in
the largest single financing oper¬
the final week of December, com¬
ation undertaken by the county.
pared with an average of 1.90% in
November and 1.92% in October.
^Albany;'County '
_

Over-The-Counler DeaSers ^usl Unite

Investment Trusts

jy

terest
Dy

Frank

The

Author-

The Port of New York

bonds, on the other hand, were
more resistant as this Authority
has accumulated excess cash be¬
lieved to be sufficient to carry in¬
.

cash

1941 approxi¬ IhdU^try;^yvhicli; is: -iipt,:^ihShlg:vjnew{ salesmen or developing' a sales'
;force; " We tell^ burseiyes itVis too Mostly,' but eqch 6he bf;us knows;

of/Dec. 31,

as

of its assets

mately 6%
and

ments,

United

approximately

in

were

States

ity

and

from

war-

that

the

tion of

Scheduled

■

■

,

per

distribution

a

of 40

on;

anything
"marketability plus, merit"; and not just "listing," which is no assur- •
of either marketability or merit.
v
->A f'}
*
1
: I
could .continue to enumerate our handicaps through many
more pages; but I believe you see my point. Yes, we.heed to organize;
and; we ;needs young leaders who- believe our capitalistic, corporate-4
structure will survive. We need to Contribute part of our capital or,

companies

ance

,

on

from^ carrying

margin fOr customers. ; But are we doihg •
tb. make" the : FRB realize that the formula should be!

This index was around 2.32 and have been included in
both classi¬
Halsey, 2.31 ^ in the last two weeks of fications).'
February and the first two weeks
& Co.,
in March last year.
Brevits reports:, "The declara¬
Inc., and Hemphill, Noyes & Co.,

successful, bid

-

only industry where Federal regulations divide-our

U of the Federal Reserve Board, which prohibits us

benefit

.

profits, not to mention the. benefit; to" the

merchandise into bastard end legitimate classes. I refer to Regulation;

,

-

group composed of
Stuart & Co., Inc.", Blair

submitted the

his

and

as

or

actiyf

A

Tuesday for $1,021,000 refunding
bonds 'of Albany County, *N. Y.,

volume

3^%-; In. unlisted; securities

should

(Certain

peace.

dn' his

in industry

75%

approximately

companies

have;

Govern¬

companies that should directly
indirectly benefit from

:,

Sells Bonds

Thursday, January 8^ 1942-

cents

:annual income to the revival of
of ;respect for our .merchandise.

share by the Trustees of Massv

our

business and to ' the recapture

When

we

•

start thinking and acting i

We
list herewith the more achusetts Investors Trust'to share¬ along: these lines, the .lesser things like' newspaper quotations and
split' commissions will, takd care of themselves.—Iru?in R. Harris,:
important
municipal
offerings holders of record as of Dec.
31, (St. Louis).
1
'
^
dated Dec. 1, 1941, and maturing ($500,000 or over .— short term
issues excluded),: which are to 1941, brings to $1.02 per share the
serially on Dec, 1 in 1942 to 1961,
of
come up in the near future.
all
distributions
de¬ Jr Here's one for the book. In the. newspapers, Eagle Fire Insurance •
The total
were reoffered for investment at
names
of the successful bidder clared
is.quoted % ..bid, 1 asked. Suppose I had some stock for sale on an'
during 1941. Recent yearly
prices to yield from 0.50 to 2.00%,
order which I worked on and I ;found 65c bid in inside dealers ^
and the runner-up for the last
according to maturity.
declarations, all from investment market.. If I paid the account 50c I would be
taking 13%. Then the'
previous issue sold are also ap¬
income—excluding capital gains- Government and state tax fellows share in my profit of 15c per shareTrend Of
pended.
''
are shown
below, together with by taking slightly more than 3c per share or about 20% of my
'Jan. I5th
»
•"
--The Markat
Dow-Joiies Industrial Averages, at pyofit and they do no work before, at time or after: trade. ..Who is *
;
j Although municipal bond prices S4,250,000 Birmingham, Ala.
making the exorbitant profit? Or should we all be taken to task.;
Last March this city awarded bonds, to a
have made some progress toward
the end of each year*
If it's going to be done let's do it right and set the whole works
syndicate headed by Blyth & Co., Inc., of
stabilization in the past several New York. Second highest bid was entered
Year
;
Declarations r,D-J Ind. Avg.
straight if something is really wrohg with this percentage of profit:
by Blair & Co., Inc., of New York, and
days, continuing the adjustments
11)41
&
1.02 •
•
,111.81' ■
angle.
associates.
...
j'
104(1........
that have been in process since
.04
'
131.13
•••
Now then,, suppose I did not feel I should sell the stock to a
1030
' .85
•
'
150.24
v
.;Vr'-'"I;: ■
■: Feb. 2nd
.
the Japanese attack, the lack of
1038.
dealer for him to peddle out through his shop at perhaps the news-'
,71
i
154.70
4
i
any business volume makes it dif\ $920,000 Baltimore Co., Md.
.037
1.10 :
120.83
-vpaper quote on asked side of 1 and I found a man who would buy
This twelfth issue of Metropolitan District
ficult to
establish any definite
1030
1.07
7170.00
V it from me at 1.
bonds follows the preceding issue awarded
; I sure would be in one hell of a spot according •
trend, according to dealers in tax- in April, 1941, to a syndicate headed by
"In spite of sharply increased to the percentage arguments for the buying at 50c. and the
selling
Shields & Co. of New York.
Runner-up in
exempts.
at $1 would constitute 100% profit before taxes. It looks like hell
the bidding was the Harris Trust & Sav¬
corporate tax rates, dividend pay¬
They aver that" no signs of ings Bank of Chicago, and associates.
doesn't it, to you and to me, too, but after all they are trying to
get
ments received by the Trustees
us to work according to
particular
weakness
have
de¬
published quotations and this would have
thus are seen to be the highest been
veloped aside from a decline in
.according to their intimated wishes. Or are we only-supposedFeight With Greene-Brock since the boom years 193-3-37. The to work according to quotations On the higher priced stuff and if
certain revenue bonds which are
(Special to The Financial Chronicle)
i
dependent on motor travel. Con¬
stock
market is at the
lowest only a non-profitable differential remains we Should just take it and
DAYTON, OHIO — Howard W.
cern over the possible curtailment
like it. We have just as much expense in
solicitation, etc. o^e way
Feight - has joined the staff of year-end level during the^period, as the
other. Rather than subject myself to too much criticism I
of motor travel because of tire
-Greene & Brock, Third National thus
emphasizing
emphatically would have handled the Eagle trade
just on the one side by selling,
shortages, the ban on sale of new Building, members of the New
the relatively favorable situation it and not trying to find an individual investor
buyer for that would •
York Stock Exchange. Mr. Feight
cars and other factors brought de¬
hqve entailed extra trying and expense, and no "one will give jt
was
previously
a
partner
of existing in the equity market."
clines of 3 to 4 points for the
back to me if the individual turned me down so I take no chances;
Howard W. Feight & Co. and prior
week in such authority. obliga¬
,0ndJet the dealer who buys it from me try that angle. Chances are
thereto was an officer of Feightreceiving the award on a tender
of 100.16 for 1.90s,
The bonds,

j

.

(

-

.

,

.

;

■.

.

„

.

„

:

tions

the Triboroughs .and the

as

Nominating Group Names
Curb Exchange Slate' p:

Yager & Co., Inc. and was with
Harriman & Co.

Brown Brothers

Pennsylvania Turnpike.

;

The

Nominating

the New York Curb
which

of

man

177

©

Montague Street

Brooklyn, N- V.

OFFICE:

26 Broad Street
New York, N.

Y.

Summary of Statement at the Close of Business, Dec. 31,1941

I

stay

could

away

whether I sell it to

Committee of
Exchange, of

same

often

is

McCormack

so

an

sell

the

stock

to

an

individual

but

I

fear

from the other side of the transaction.

individual

But:

another dealer does, it makes the;
This' situation would not happen too •
or

difference at the end.
but it could happen and it is only fair to dealers- that they

j know where they stand before they have the matter in hand rather.

on

nominees for the

:

NEW YORK

MAIN OFFICE:

J.

tried

criticism

Jan. 5 designated its :than after that
being subject to driticism. " Of course I; would givei
annual election la break in
between to my buyer afid seller but that is not the point,'
of the Exchange to be held oh
I the point is, what is a fair prof it. aind tell ine now and don't wait toj
Feb. 9. - Fred C. Moffatt, Chair¬
I arbitrarily criticize me later. I think that the subject is too .cumber*'

Chairman,

BROOKLYN TRUST
COMl'ANY

Frank

that if I

the

President

of

Board

during the past
'

of

Governors

some

and former
Exchange, was

year

the

for decision
.

limit should be set

to a fair prpfit and that therefore either no;
(for I don't believe in arbitrary rulings) or else

as

a

percentage should definitely be set beyond which a dealer canndt
a go and then We would all know whence we are
going and havle
i:, v ^ : A;-?r^ peace' of mind.
"
j
Other nominees, term and of¬
fices for which they have been
^ ; ■ Please excuse the anonymous request I make of the usage of
this but I am a firm believer in, the fact that
when you: rub anybody
nominated follow:'
fyp fhe wrong way he
gets angry at you and will try to take it out op
MEMBERS OF THE BOARD OF you some time and even
though you run an honest shop nevertheless
there is always
GOVERNORS (CLASS "A")
something which could arbitrarily be ruled against
you- Particularly,. in this day and
Three-Year Term
*
age when they only pick on ah
item and don't give a man a
chance to show his whole shoD anil
Thomas W. Bartsch, W. R. ,K.
Taylor & Co.; William H, Has- jyhat a pittance he make? on the averageI am a firm believer in
singer,
Garvin,
Bantel * &
Co.; ^yerqges,All business should be considered on the average basis.
Mortimer Landsberg,
Brickman, We don t only have customers whom we make money on we also
have some who give us a swell
Landsberg & Co.; William S, Mul-t
kicking arcind and frankly we
;er;
Frederick J. Roth, H. L: always hope for the next time when we might • be able to make
up somq lot, our past expenses on them.
Buchanan & Co;
»
There is. no rule or. law
;
against, this type customer who takes all he can get from you, etc.

renominated
one-year

as

Chairman; for

term.

.

RESOURCES
Cash

•

Hand and due from Federal Reserve

on

Bank and Other Banks_____—$

49,461,430.70
53,211,270.00
State and Municipal Bonds
7,571,930.98
Other Securities
5,676,262.86
Call Loans and Bankers Acceptances
5,454,342.36
Demand Loans Secured by Collateral-—
8,137,312.81
Time Loans Secured by Collateral—
1,131,735.61
Bills Purchased
17,251,844.55
Loans on Bonds and Mortgages
1,707,411.41
Bank Buildings
———————4,897,373.43

U. S. Government Securities—....-..-

—

—

—

—

—

—

-

-

TRUSTEE OF THE GRATUITY

—

—-

Other Real Estate—

339.633.85

Customers Liability on Acceptances
Other Resources

66,062.73
599.414.59

——

$155,506,025.88

One-Year Term

;

he will find

George Herrel, Wagner, Stott &
cq.

I

FUND

•/

:

E.

•

I.

8.200,000.00
4,600,000.00

E.j M.

1,418,676.74
746,436.94

MEMBERS OF THE BOARD OF right

Reserves

Deposits

————

-

—L_
———

—

-

139,874.550.71

Dividend payable Jan. 2, 1942—
—164,000.00
Outstanding Acceptances—-—————
66.062.73

Other Liabilities, reserve for taxes, etc

measly commission.

no

work

I very definitely say

New .York Stock Exchange member
has, run as such, but4that there
;
should., be a NYSE and other exchanges only that they should be
& Co.; more publicly run and no
group should be• members, thereof. "The
Williamson, Thomas Mar-r whole recognized dealers/brokers world
(in the USA I Wan) should

Undivided Profits

-

a

Connor, -Wilcox

Capital ■——Jf>
Surplus
————————

Neiy York Stock Exchange house who did

that there should either be a segregation of members and unlisted
orders for, handling by those houses and that neither should be able
to execute both or there should not be a
private club tdch as ;a

OF THE" GRATUITY

TRUSTEES

a

and. will execute it for

Three-Year Term

7~

LIABILITIES

in way. of service and originations of
thought. from us and then
shops around for the cheapest place to do the business and invariably

fund;..:;';-

—

-

436.298 76
$155.506 825 «8

saiis & Co.

GOVERNORS

I

have

...

.

(CLASS

should

;

'

B.

' McAlpin;

on

J r.,

'

"
Two-Year Term
t

deduct

shojUld have tlje
executions

and

a

percentage of their coihmission for maintenance
of the Exchanges just as the registration fee is- now deducted
except

"B")

One-Year "Term

Ben j amin

Laird & Co.

the right, to execute their orders there and
to charge a specified commission on those

a.

course.

In this way we so-called, uo until tMt

tation of orders to ourselves'and
extra

Charles E. Judson, C. E.. Judson

larger scale of

.time* unlisted dealers/brokers, would have
profits

on

we

our

results of

would not have to

our

solici¬

stretch for

unlisteds to help defray the expense.

I wanted to tackle this from the most unbiased and honest
angie
and I hope you will print it as food for thoueht for everybody In
*

& Co.
As

required

bv

law, United States Government and
and Municipal bonds carried at $7,326,805.13 are
pledged to secure public deposits and for other purposes.

Three-Year Term

State
•

'

One

of the Oldest Trust Companies in the United States

Member Federal Reserve System




and Federal Deposit Insurance Corporation

•"

;W.

Palmer Dixon, C..M.
Phoad^s
&
Co.; Allen J.

Loeb,
NiXj
Riter & Co.; James G, Tremaine,
Gjide, Winmill & Co.; Herbert. L.;
Wisner, Penington, Colket & Wis•ner,

.

this^security field to stop the animosity and selfishness and gunning
for.

one

another and shaking hands at the

same

time.

Let's try

to

be friendly, all of us, the SECi NASD and
a|l defers
brokers
and I. bet we. will, if you adopt the latter paragraph last idea,
haye
little or no further-—percentage of nrofit taken—troub1^^ We .small
.dealers work hard and can't compete^with .the large fellows

(mem-

THE .COMMERCIAL & FINANCIAL CHRONICLE

in all of the lines * *;*butwecancompete if we are
footing with them where every order we get counts

'bers) if they
on

an

fjust

are

even

percentage basis as it counts for them, for proporwill have approximately the same expense of solicitation

the

on

same

123

that action will be necessary by
spring, as a matter of fact. .-. . For
the defense bond sale is to
get up to $1,000,000,000 a month in the
near future (and it
may be pushed up higher), v.
And the Treas¬

Arlhar Zutar El Al

.

ury's
Itionately we
jfrom whence it becomes a case of personal ability as an investment shift

Join

program of consolidating the indirect and direct debt means a
of $7,000,000,000 from the "hidden"

market

to

the

direct

debt

guaranteed section of the
And Secretary Morgenthau

(Special

figures.
will be back to market with
large borrowings, such as the two
This letter is a protest * * * concerning the recent tightening up already managed —$1,300,000,000 last
October, $1,500,000,000 last
December.
/.■ f
••,'
■'/
,of markets in insurance and bank stocks.
:
<
v;,TM'vi'rri;;
I am not interested in trading; that is, transactions/between
;f,
Consider that picture in light of the fact that the gross debt
dealers. I have no colleges or other institutions as clients that buy
/today is nearing the $58,000,000,000 mark, and you'll realize fully
500 or 1,pOO shares of some insurance stock.
how narrow the margin between the total
I have no wealthy
outstanding debt and
customers that buy 25 shares of First National.- Long before the
the $65,000,000,000 legal maximum is
becoming.
'•IBA gave its first wail of infancy—there was no SEC there to give
Incidentally, in case the statistics may impress yu, the debt has
•it a real smack on the behind—I was following its recent pompous
climbed nearly $9,000,000,000 since the start of the fiscal
;
year, July 1.
pronouncement that more attention should be given to the small
It has risen $13,000,000,000 in the last 12 months.
Statisticians
•investor. Why, that's all I have been doing for more years than they
figure the debt is going up at the rate of about $300 a second.
have existed, but before any of you suckers start doing the same,
And the peak debt in the first World War was
considerably less
'incline your ear to some good advice—don't bother with insurance
than half the'debt now.
It was $26,596,701,648.
yy>y
-and bank stocks.
man.—Anonymous; (New

City).

!

York

"

■■

/*'

.1

.

.

.

Goodbodyi Co.
to The

Financial

chroniclej

DETROIT,
MICH.—Arthur
J.
Zuber,
Raymond
L.
Templin,
Edward O.
Dinan

.

.

Patterson, and John T.

have

become

associated

■

with

New
Mr. Zuber
previously manager of the
trading department of the local

Penobscot

...

office of W. E. Hutton &

.

So, figure

I have been

boosting insurance stocks—not so much bank stocks
than 95% of you have been in business, because my
'business was with small investors and I. believed then, as I believe:
'now, that insurance stocks are probably the best all round invests
more years

•ment for •ttie: small

%tifeas. distinguished

guyv/I/teie#

to

•

be

may

sure

.

Mr.

.

.

;N.

&

ner

.

.

that

//: //

one

no

pays

any

(Special

/ /

have.

we now

with

Post

.

/he receives the check! He has driven perhaps fifty miles through
•winter weather, he has made a dozen

calls, he has pleaded, cajoled^

wept, and finally persuaded his customer to loosen up on

purpose—$2.48!/ -"*/•

-*—to' what

is

What

$400

some

.

.

Chairman of the National Assn. of

we

Of course, we can.

...

.,.

.

of

bers

.

be here to give a damn?

we

of

what

But

r.

the

-

,

change.

Mr. Rudd

investor

small

whom

I

have

been

The

FIRST

NATIONAL BANK

care

of

i wing
*■<
:
t

•

...

offered at 57, one at 57%.

;<54%-56%.:;T//
)
i

I

BOSTON

I

Shall

I bought at 57.

bill

The

newspaper

at

1942

quote was

.'V•'<:?..•/•/; ;'/

:

1784

/

;

a

56%, take $2.50-loss plus taxes and assess the
salesman for his half?~Or should I damn the torpedoes and go ahead
with a billing at 58y4. You guess which I am going to do!

•

j/v

•

'

23 BANKING OFFICES IN BOSTON

'fc.'-v s —- hhAv*'" «il,'. „

.

'i.'" • • '

•'•

•

1

,

I

K

**'

"

'u

•'»•

'

J ■

1

1• •

•
•

.

.r.

f

'

^

_

It' .1

I'

'

.

(J

•

'

k :

■

,

VA

Foreign Branches

Argentina

in.

and

STATEMENT of

CONDENSED

Cuba

CONDITION

Covering all Offices and Foreign Branches •:/:.;//

of December 31, 1941

as

RESOURCES
Cash and Due from Banks...

United States Government

•

Stale and Municipal

V........

.

Obligations

mary

and

.

.

.

Banking Houses

6,505,154.83

12,955,363,21

....

Other Real Estate

.....

Other Assets

V

If any

declines do occur;
they will be temporary, not of great importance, well controlled.

,

/

/

<.

3,004,066.43

Total

.,/.
■

721,901.59

,

........

.

stable around current levels.

remain

322,292,153.02

.

Customers' Liability for Acceptances.

extent, no matter what the course of the war. If present conditions
are to be the gauge, the level will remain around where it is today-^
2i/2% for long-term money.
(2) The prices of Government bonds
will

2,010,000.00

......

17,265,444.99

Loans and Discounts

.

.

166.022,918.06
20,806,869.84

Other Securities.

forecasts, two points of pri¬

interest to holders of U. S. Government obligations stand out
(1) Interest rates will not harden/to any appreciable

clearly.

$375,609,404.94

Securities

Stock of Federal Reserve Bank

Out. of all the annual reviews

V

•.

....

$927,193,276.91

.7....

LIABILITIES

.

other

While

nations

have

been

at

war,

their

money

Deposits

markets
-

actually have become "easier."

In France, for instance, interest
rates today are at the lowest marks in history.
In England, inter¬
est rates have dropped-steadily in recent months.
Perhaps the
„•.

...

.

hide

different—for

here, the desire for capital to
so pressing and business demands may alter the
existing.-.
But a major reversal in the trend of
rates at so crucial a time?
not be

may

conditions
money

will be

here

situation

now

.

.

.

.

The

is "no."

answer;* according
'

.

to|

.

authorities

from;

r

.

j

;

The Debt Limit
And

detail

in

now

the

v5- ;

•

;

"

•

; -

•

;

Reserve for

7...... .$11,854,869.60
t.... .4,688 6 6.49

.s

other points, not taken

annual reviews.:, v

*

.

.

on

7,16.6,193.11

.

Foreign Branches.

1,306,511.62

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

Interest, Taxes, Dividend and Unearned
3,901,236.'6

Discount
Other Liabilities
Reserve for

7.

3,333,025.06

'

.X

Contingencies

Capital

.

-

•.

9,510,770.81

$27,812,500.00
39,187,500.00

L.

Surplus

16,353,884.19

Undivided Profits.

The

are

to get on to

war

,,,

83.353,884.19
$927,193,276.91

figures of Old Colony Trust Company, which is beneficially

not

by the stockholders of The First National Bank of Boston,
included in the above

statement.

.

,

,

,

up

•/>

in. exhaustive
/

-

•

;

,

-

I

is the near-term action necessary to raise the public
debt limit to a new, all. time high.
.
v:
/.y- :.;
the

Items in Transit with

owned

-

One angle

With

$818,621,655.96

.

y.

To the~ bank or institutional investor, these are the points of
significance..
All other financial considerations may be considered
secondary after that one conclusion—"the money market is under

control."-,

,

Less: Held for Investment

Total

quarters,

many

.

Acceptances Executed

and

the Treasury

of the Federal Deposit Insurance Corporation

selling defense bonds and

borrowing in'the open market on a large scale, there isn't any ques¬
tion about the need for boosting the debt limit soon...
It may be




Member

•

...

.

.

'

»

v

■

*

*

was

Minton & Co.

trying to

of and who is supposed to be the special chick under the
of the SEC? He will be left to the mercy of the jackals and
the jackasses unless the protest of the laborer in Wall Street receives
the attention so promptly given to the laborer in the vineyard and
the coal mine.—Anonymous.
% ,,»•
1
P. S.—This morning I received an order for 10 shares Massachu-*
setts Bonding & Insurance. Two houses in New York and Boston

.take

mem¬

Stock

Ex¬

formerly

partner in the dissolved firm of

a

D. M.

England's Oldest and Largest Banking Institution

[>

for

proprie¬

as

St., New York City,

of the New York

.

shall

has

limited partner in the

a

•

■

recently

Boston

Bernard, Winkler & Co.,

•

New

in

Bernard, Winkler & Co.

11 Wall

America is one of

going to do? Protest? He has protested, and what the few nations that still has a national income f^r in excess of its
? can
I do? Is he quitting? Not yet, but believe
national debt.
.//ml///■•'■• L/LM C
'
me, if he can get a
/ job selling clothpins he is
going to take it. f in the meantime is he ;:•,///• And while a debt increase here of 45% since September, 1939,
is enough to chill the blood of an orthodox economist, the fact is
/trying to sell insurance and bank stocks? Not he! (That Harvard
; / ;
/touch).
He is,merely trying to
(Continued on page 124)
sell/, everybody—men, women,

children, orphans, widows, lame, halt, and, blind, a stock retailing
at $4.25 and carrying a commission of 45 cents a share—all with the
blessing of the SEC, and a brand new prospectus hot off the press.
The investment business is glad to see the rats
exterminated,
/but the collapse of the building is more apt to kill the workers than
the rodents. We protest—industry, as shown by the recent
hearings
in Washington, recognizes the' dangers in the situation and the
reasons—eventually perhaps even the investors will begin to realize
r the
reasons for what has happened/and will happen to them.
But

McGreenery

business

becomes

he

.

Exchange
national ex¬

Irving G. Rudd, effective today,

.

stand it?

Stock

leading

Rudd Becomes Partner

firm

.

10
of

McGreenery & Co.

since then). V.

over.

Curtis,

years,

In

is

war

J.

affili¬

members

tor of

(H. W. Prentis, Jr., former
Manufacturers, expects a debt of
$150,000,000,000; Federal Loan Administrator Jones forecast a $90,000,000,000 debt early in 1941, undoubtedly has raised his estimate

billion mark before the

York

Mr.

in

&

many

It's taken for granted by most that the debt will cross the hundred-

Can

.•

been

.

.

Chronicle)

become

Square,

other

changes.

.

.

has

Jackson

New

and

•

Financial

MASS.—Edmund

Office

the

The only concern is over its will-

...

The

to

ated

*

making the net $4.96Vf:, I send my-salesman $2.48^,
being a generous employer, /////'•;:1"if/. J;Ldi
Imagine the joy that floods the household of that salesman when

&

Mcfireenery Is

McGreenery

meanwhile breaking eleven separate SEC regulations, he persuades
// irigness to honor that debt eventually—in money worth what
'him to buy 15 shares of Home according to quote in morning,paper
it's worth today.
! But that's another point, far away from
,26-27. He struggles home driving perhaps fifty miles through snow
// statistics and into the realm of ethics and national honesty.
/and ice, and sends in his order. 1 get it, call a broker and am quoted
To. dwell on the figures alone for the moment, predictions of
26%-26%. I buy the 15 shares ait 26%/ go through the ;you-khow'what for which I pay rent, salaries, insurance, mailing costs,: etc., authorities concerning the ultimate total of the American public
debt vary all the way from $90,000,000,000 to $200,000,000,000. ...
'get my stock, and bill it out at 27. My profit is $5.62%, my taxes
cents,

of

Livingstone

Beane.

BOSTON,

•

.

Y.y which isn't the place, starts out on his ten. to fifteen calls
//:•/There doesn't appear to be any worry in the minds of econoday, and'about one o'clock finds a dentist who exhibits^some
| mists today about the Government's ability to carry a debt much
i interest
in insurance stock. -After struggling with him for. an hour,

66

number

a

R.

With Jackson & Curtis

:"a

are

S.

Edmund

.

Big?// j

larger than

for

was

Co., and prior thereto with Fen-

.

.

How

also

with

years

$125,000,000,000).
.
Or perhaps the solution chosen will be a
suspension of the debt ceiling for the duration.
That might be
the most sensible course, for no one is going to
argue with the Treas-*
ury's justification for building the debt rapidly now-... j
And there's

or

.

in Fulton,

connected.

Patterson

...

figure 4% to 5% gross, split half and half with my salesmen;
little point in fixing statistical maximums
just' about paid overhead,' but T liked the feeling of giving
attention to or has any respect for.
people something substantial, and maintaining my. self respect.///./
Let's assume my man up

Mr.

were

Templin

.

on a big debt limit' rise this time.
To a total we
won't be reached for a while.
(Say, $100,000,000,000

This

What is the situation now?

and

Dinan

...

/—for

Mr.

.

.

.

Co., with

Which

..

.

Co.,

was

■

.

'&
Building.

Goodbody

'

THE COMMERCIAL & FINANCIAL CHRONICLE

.124

Our
7-

Thursday; J anuary 8,1942

Reporter On Governments

.(Continued from page 123)
:l
..
r
Germany!? public .debt has gone up 146% since the outbreak of
;

F.H. PRINCE

.

.

.

,

\"'n'

war.;*;

BANKERS

;/■_

:

•'

V

The Territorials

PROVIDENCE, RHODE ISLAND

-

,

-7

And now to

forecasts.

...

.

in

investors

HIGH-GRADE

7'

•

territorials.

.

another angle that wasn't touched in the annual
NEW MOVIES
'
Another story of interest to thousands of institutional
"Lady For a Night" (Republic), starring Joan Blondell and John
every
section of the country' — the fate of the
Wayne; supported by such luminaries as Philip Merivale, Ray Mid-

..

,

.

.

.

happening at Manila;
You know dleton, Blanche Yurka, Montague Love and Carmel Myers. Directed
7"-;
/•
' 7;
happened at Pearl Harbor. ... You are aware of the delicacy by Leigh Jason.
of .the situation in the Pacific.
And if you own any of the securi¬
Last week, being one of those weeks, I didn't manage to see
ties of the Philippines, Hawaii or Puerto Rico, you know what has many new pictures, with the exception of "Lady For a Night." In
been happening to the territorial section of the market, too. . . .
this one Republic put in a name cast, but unfortunately it neglected
Since Dec. 7, Philippine bonds have gone down as much as 16 to give, it a story; or a plot that even smacks of originality. It tells
points (the Philippine Government 4%s,'of' 1956 are off from 114 an involved yarn about a Jenny Blake who xdns a combination dance
to 98).
Hawaiian bonds have gone down as much as 15 points hall and gambling place but who has hidden desires to marry into
(the Territory of Hawaii 4y2S of 1956 are down from 130 to 115). local society. After some maneuvering she manages to do just that,
Puerto Rican bonds have dropped as much as 10 points (the but finds that life on the other side of the tracks isn't what it's

INVESTMENTS

You know what has been

.

.

.

what

.

..

Members

&

Chicago

York;

New

Stock

Boston

Exchanges

.

~

.

Established

.

1856

.

.

.

.

.

Government

H. Hentz & Co.
■'

Members

■

York

Stock

New

York

Curb

Exchange

Cotton

Exchange

York

New

Board

Chicago

of

And

,

other Exchanges

N. Y. Cotton Exchange

up

a

*■'

■■

Bldg.

•

7,

PITTSBURGH

GENEVA, SWITZERLAND

LAMBORN & CO.
99

from

.

to be,, i First, there is a murdering sister-in-law, then
husband, and to top it all off the friends
of the family will have nothing to do with her. Of course, you know
how it all works out. The snooty friends arid relations get their
weak drunken

the weak sodden husband gets conveniently killed

come-uppance;

and the little lady finds happiness with the man she loved all along.
There is some excellent singing by the Hall Johnson Choir, but it

.

by that time, investors had regained their confidence somewhat.
But selling in Hawaiians was heavy in the first week of war.
It came in from all sections of the country. y". .
Let's put it bluntly at the start:
There is not a single possibility

and insular securities

DETROIT

CHICAGO

.

doesn't appear often enough to make anything of the picture. It's
Philippine issues hasn't been as heavy as in Hawaiian bonds either, just another one of, these things you'll come across in your local
because the trouble at the Philippines followed Pearl Harbor and theatre as part of a double feature.
V
V

NEW YORK
BOSTON

down

there is

are

.

Trade

Orleans Cotton Exchange

New

1956

cracked

Puerto

,

Inc.

Exchange,

Commodity

of

;7;Fear that debt repudiation will follow the catastrophes in the
Philippines and in the Pacific generally is mainly responsible for
these crashes.
Lack of knowledge of the true situation lies be¬
hind the scare-selling.
,Liquidation in Puerto Rican bonds has
been extremely small because this island is not in the war area and
the declines have been mostly "sympathetic."
Liquidation in

of

118)....

...

Exchange"

New

RiCo 4V2S

128

to

...
.

.

.

^

of

a

default

on

the territorial

outstanding in this country.
.
Even if the
and the Governments themselves find
.

About a month ago I wrote a piece about the Penthouse Club,
atop 30 Central Park South, in which I hinted at the kind of a time
anybody who is an extrovert could have there. Of course if one
isn't constituted that way a little artificial stimulus goes a long way

.

breaking down an inferiority complex. With that in mind I visited
the place again last, week and George, the man who officiates at the
payment of interest or principal difficult, the U. S. Treasury cerbar, took me for a tour through the Penthouse Cellars.
tanly will step in and take over the pledges. . v. There is no "legal
I suppose other restaurants or night clubs can show equally
sponsibility" to justify this forecast. . . . But the U. S. Treasury
varied ingredients and potions, but as this Was the first "cellar" I
as an implied responsibility toward seeing that pledges on the ter¬
ritorials are honored that is as great as any explicit or legal respon¬ ever saw I can safely say I was awed. Stack upon stack of giggle
water, ranging from rare imported wines to domestic ryes rose
sibility could'be. .7 .
7
7 77y7v
■ ■-.'■VV-;;
-•-oIn the last 30 years, the Philippines, Hawaii, and Puerto Rico from the floor to the high ceiling, The whole thing gave me quite a
worst

comes

to

the

worst

to

authority of Acts of thirst. So much so that I drank four glasses of water—yes, that's
what I said, water—in quick succession.
7,, ■
7
At the moment, the outstanding securities total $140,Completely waterlogged, I returned to the Club proper just as
000,000, divided as follows:
7y7;7 7y
'777'77v7
Hawaii—$38,000,000; The Philippines—$47,000,000; Puerto Rico— Ilaleh Linda, the red-headed songstress, was giving our with sultry
$30,000,000; Honolulu—$10,000,000; various Puerto Rican municipali¬ lyrics. I later learned that Miss Linda is a Dane (a native, not a
ties—$15,000,000. . . •*,: .7"--^7;yyv/'
^
V"'
v-V 777y7; breed), who began life in show business as an actress. When starting
As these territories and insular possessions have at least $22,- her American career in Hollywood
(she was* in pictures), Billy
000,000 of cash and bonds in sinking funds, the net outstanding debt Rose saw her and signed her as a singer,for his Hollywood Casa
is only about $118,000,000. ...
Manana.. Apparently she succeeded, for today her voice has a pe¬
culiar tonal quality that gets attention.
7
Payment, v • 77^77' ■ y -,:\.;77;.y/7 7Y .777 y 7. y"' y': 77 /■ 7 '• VO'A-'y
•■■■'
:>7' While sitting there looking at the flames in the open fireplace
There's only a remote chance that the U. S. Treasury will be
your reporter looked up and there was Phil Baker. He stopped and
called upon to back up the pledges of these Governments, as a mat¬
introduced me to his companion, Louella Pakin, the English opera
ter of fact, for the issuers are in excellent financial shape. . . .
The Philippine Government alone has $175,000,000 in cash on singer. She didn't look like an opera singer any more than I resem¬
ble a Don Juan. Opera singers are usually on the robust side. Miss
deposit at the U. S. Treasury—free cash, represented by $100,000,000
Pakin is slim, blonde and as pretty as a picture. This guy Baker
of currency reserve, $60,000,000 of surplus and $15,000,000 of working
funds.
That's almost four times the total of its outstanding certainly knows how to pick 'em! In any case, Phil, who now runs
the Eversharp "Take It or Leave It" program, became reminiscent.
debt.
His first job, he explained, was office boy to film producer, Carl
The weakness in all these bonds recently has been mostly psy¬
Laemmle. Nights, he studied piano and accordian and began to win
chological.
It cannot be justified on the basis of facts concerning
the safety of the bonds. . . . Declines of 15 and 16 points in bonds prizes amateur nights. One day he failed to appear when the boss's
buzzer sounded. Baker was out getting ,a haircut. "What right have
as safe as these appear nonsensical. . . .
If you own any—or are intending to sell any—check up on the you to get a haircut on company time?" stormed Mr. Laemmle. "It
grew on company time, didn't it?" flipped Baker. After picking him¬
facts and the U. S. Government's
have issued millions of dollars of bonds—under

Congress.

WALL STREET

NEW YORK CITY

SUGAR
Exports—Imports—F utures

...

■

DIgby 4-2727
'

?

-

Tomorrow's Markets

.

Walter

Whyte
Says-—

.

react anywhere from 3 to
points. ^
^
■

can

positjon

decision.

As far

the

as

.

.

...

(Continued from page 101)

5;

.

.

•

news

war

Singapore
holds the market will rallystrongly. If it falls, the mar¬
even

then I

don't think the reaction will

under recent lows.

carry
J.

C.

P., Phila, Pa.

In recent

He teamed up with an obscure violinist, Ben Bernie, and they toured

I

markets

Bank Offers Plan For

1942 Income
Month By Month

Paying
Tax
A

means

by which

^

income tax

agree

,

Until another means of

position.

"insurance"

devised

is

traders

not enacted until late in the

were

citizens did not have an
on a figure be¬
opportunity to fully anticipate and
which losses must be cut. bpdget the amount required/for
E. L. D.} N. Y. C.—"Old
increases" says Qwilym A.
liners" of today are the dogs of Price,
President of the bank.
tomorrow just as the .dogs of to¬ "Many persons are in need of a
day may be the blue chips of means of catching up with pay¬
next year.
Just because a secur¬ ments, particularly those whose
ity has a favorable past record is incomes fall in the brackets where
no guaranty' of the future.
With tax increases are greatest. This
the world at war old rules apply¬ nlan has been created in anticipa¬
ing to purchase of staid, respect¬ tion of the needs of those who may
able stocks cannot apply.
find
themselves
without
easily
year,

determine

must

yond
.

.

.

available funds

More

Thursday.
Whyte.

next

—Walter
[The
article
time

views

expressed

in

this

do not necessarily at any

coincide with those of the

Chronicle.

They

are

presented

fhose of the author only.]




as

merchandising in of¬
fering a convenient package to
meet the specific requirements of
a customer," said Mr. Price, "and
it acts as an aid in promoting
thrift among borrowers."
As
an
example of how tne
method will operate, Mr. Price
consumer.

"stops" are payers can spread their 1942 pay¬
not the best things in the world. ments to the government over a
Personally
I
prefer
"mental" 12-month period and provide the
stops. That is to say, sell a stock money from their.current monthly
when it has broken a previously income, instead of being compelled
determined
support point, and to make quarterly or less fre¬
even
then certain actions may quent payments of much larger
cause me to change my mind. Un¬
amounts, is provided by a new
fortunately in advising readers plan just developed by The Peo¬
such a method is not practical. ples-Pittsburgh Trust Company,
Actual stops have to be given Pittsburgh, Pa.
,
.
even at the risk of losing a good
"Since 1941
income
tax laws
thin

self off the sidewalk he decided to devote his full time to the theatre.
the country as a

concerned I feel if

ket will react but

before you reach a

...

is

ment

time

as

draws

income tax pay¬

the

new

individual who will need

$1,000 for inpome tax payments in
1942:
The
bank
provides the
money as needed for each quarter¬
ly payment through a special ac¬
count so that the taxpayer has
only to issue his personal check
for each payment.
The individual
begins paying into the income tax
budget fund on April 15, and
makes 12 equal monthly payments,
a total of $1,020, which includes
$20 interest. Taxpayers who wish
to increase their budget to'include
the tax payment for the first quar¬
ter of 1943, can pay $1,265 into
the fund over a 12-month period,

services and to do

,

To

get back to the Penthouse Club:

one of the
dating back to the days when one Had to
knock on slotted doors and say, "Charlie serit me." On cold, snowy
nights its huge fireburning fireplace gives the place a coziness that
is all its own. The food, as might be expected in such surroundings,

is excellent.
Holland

.

SCENES-ABOUT-TOWN:

.

.

Tavern, making last minute revisions in his script
over a mug of beer.
Monte Wooley at the Cafe Francais signs
autograph book for youngster who asks for "your signature please,
.

Mr. Woolcott."

.

.

Eddie Cantor at Leone's letting hat-check girl re¬
spot of blackface makeup from behind his ear.
Joan
Crawford and Simone Simon at the English Grill eating alone and
at separate tables. Your reporter wondering how one goes about
joining either one and while planning campaign both walk out and
leave him with nothing but a set of swell ideas and nobody to prac^
move

.

.

.

a

tise them

.

on.

;7

E. S, Ladin

y\7yy:.

a con¬

■

Steiner, Reuse & Go.

Mr.

Ladin has been in the

past 17 years operating his
Ryan-Nichols whichfirm,, E. S. Ladin & Co.,
has just been dissolved. He
(Special to The Financial Chronic)"*
CHICAGO, ILL.—Raymond H. is an active member of the Na¬
has

Dart

services to the public," states Mr.
Price. "It follows the practice or

Ryan-Nichols

own

become

La Salle St.

&

affiliated

Co.,

105

with

tional

Security

,

.

-

,;

The Penthouse Club
30 CENTRAL PARK SOUTH

Traders Associa¬

South tion and the New York Security
Dealers Association.

,

A
a

Adjoining The Plaza

most

unique restaurant in

beautiful location,

Central Park

to

overlooking

the north.

se¬

the

structive job of presenting these

•

.

Joining

Steiner, Rouse & Co., members
for interest.
There is no interest Of the New York Stock Exchange
and other leading exchanges, an¬
charge on the additional $250.
The method can be employed for nounce the opening of >a depart¬
other amounts than $1,000 and is ment to deal in industrial and
suitable for corporations as well reorganization securities with Ed¬
as individuals, it is stated.
Life ward S. Ladin as manager, in
insurance is available on all such their main office, 25 Broad St.,
loans to pay off unpaid balances in New York City.

Dart With

II. V. Kaltenborn at the

House

including $1,250 for taxes and $15

the event of the borrower's death.

It actually is

finest restaurants in town

curities business for 25 years, for

development is in line
present-day policy of
banks to meet changing conditions
with

an

near.

"This

with

cited

vaudeville act. It was while Baker was in the Navy
(World War I) that he got the idea for the hecklers. Petty officers
in the audience gave him the idea.
7
7
-

Serving

best

food,

skilfully

prepared.

Telephone PLaza 3-6910

Volume 155

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

v

sells

(11-24-41>

A2.

,

KANSAS-NEBEASKA

NATURAL

GAS

*

Natural

Gas

Co., Inc.,
registered with SEC 48,468 shares common
stock, $5 par value

Address—Phillipsburg, Kan.
Business—Company is an operating pub¬
utility

chase
its

engaged

company

of

natural

transmission

distribution

in

in

gas

and

the

in

Kansas,

wholesale

States

of

<

pur¬

in

and

and

retail

Kansas

Nebraska

and

-

Underwriting—Names

and

the

number

of

of

shares

underwriters,
by

underwritten

United

Trust Co., Abilene, Kan., 5,552;
Cole & Co., Topeka, Kan., 6,664
Offering—The 48,468 shares are subject
to purchase, under certain options, by the
above underwriters, from the company, at
a
price of $5.4545 per share for a block
of 8,468 shares? and at a price of $5.50
per share for the remaining 40,000 shares.
Beecroft,
i-

The

underwriters, upon exercise of their
various
options, - propose to reoffer such
shares to the public at a price of $6.50
share

per

•' *■>!

Proceeds will be added to

working capital

Chicago,
the

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

reserved for issuance on
conversion of the debentures
Number of shares reserved for conversion
stock,

common

purposes, 107,142
Address—155 E.

in

New

and

Jersey

/

Underwriters—E. H. Rollins & Sons, Inc.,

York, is principal underwriter: others
& Burr Inc., Bioren & Co., and

Mew

Coffin

are

Goodwin Inc.

Bond &

;

v

be

will be offered to
be supplied by amend¬

at price to

the

by

to

the

and

'

1

Proceeds,

in

used

to

part

loans

will

Offered—Jan.

at

prices

the

to

be

to

bonds

funds

redeem

of

the

of

May

1, 1950, requiring
$15,854,700, exclusive of
bonds

to

accrued

be^ redeemed

Registration Statement
A2,

aggregate

an

(12-27-41)

No.

of

interest

yy' vV2-4921.

Form

y= \

-

filed less than twenty days ago.

ments were

These issues
are grouped
according to the dates on vyhich the registra¬
tion statements will in normal course become effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in seven days.
These dates, unless otherwise specified, are as of 4:30
P.M. Eastern Standard Time as per rule 930(b).
Offerings will rarely be made before the day follow¬
ing.
V

DOMESTIC

FINANCE

POWER

Alabama

Power

-

(12-24-41)

Corp," has"" filed

statement

61,484 shares

with

S.

the

stock,

common,

Address—231

filed

Co.

a

PANHANDLE

La

SEC

"C"

18th

N.

St., Birmingham,
Aia.".
*
■':■ ,v, v.v'/Business—A subsidiary of the Common¬
wealth & Southern Corp., this company is
engaged, in the State of Alabama, in the
generation and purchase of electricity and

Underwriting
registered

are

Merchants

Co.,

and

no

Salle

••

communities

wholesale

and

and

of

at

sale

rural

retail

in

sale

and

areas,

582

at

electricity to other companies

and

municipalities.

sells

natural

Also,

purchases

and

in Phenix City, provides
service in Tuscaloosa and

gas

transportation

Chicago,

vicinity.

30,742
turers

&

stock

of

bonds

will be sold under competitive bidding, pur¬
suant to Rule U-50 of the Public Utility

ment

City,

Mo.

major

gas,

fering

price,

effective

will

be

amendment

supplied
by
postto
the
registration

statement

■

•

/.

.

'

from

Proceeds

together

with

sale

the

the

of

proceeds

V

panies

for

bonds,

new

of

bank

loans

aggregating $12,000,000 and treasury funds
of

the

will

company to the extent necessary,
used for the redemption or pro¬

be

vision for payment of

stock

will

the

Registration Statement No. 2-4917. Form
A2.

(12-20-41)

Declarations

and

applications filed with
sale of $80,000,000
first mortgage bonds through competitive
bidding
permitted
to
become
effective
SEC

in

Dec.

regard

to

the

of

the

the

Offering

shares
such

shares

stock

who

preferred

stock;

LIGHT

Connecticut Light &

registration

a

for

POWER

of

of

have

CO.

with

the

and

for

the

of

company

Underwriters—Principal underwriters

Co.,

are

Co., Hartford, Conn.; Chas W.
New Haven; and Estabrook &

Boston;

of

names

the

other

Proceeds

A

of

136,088

Names

shares

the

of

a

pre¬

stock, bearing a dividend rate of
S2.25 per
share per annum, in exchange
for the outstanding shares of 5V2 % cumu¬
lative preferred stock,
$100 par, on the
basis

of

shares

2

share

of

of

5V2%

$2.25

preferred

preferred

stock

and

at

not

share

of

Corp.

from

Gas

Gas

SEC

$1

of

$2

share

per

additional

number

stock

per

of

equal

of

twice

the

shares

not

exchanged.
Public offering
supplied by amendment«

held

of

Proceeds

5V2 %

will

be

preferred

used

to

$2

&

gas

and

Ohio; and the
the cost of author¬

MFG.

&

for

use

92,792

the

shares

of

..

named

and

sale

of

automotive

stock

as

price

finance,

an

to

outstanding,

and

will

to

will

be

..

to

for

in

the

tools

&

for

Co.,

the

the

pub¬

purchase

machinery and equipment and for work¬
capital

of

two

45,000

payment

to. redeem

of

(12-26-41

Statement No. 2-4920. Form

Cleveland)

on

March

1,

UTILITIES

registration

$10,000,000

share, all of the 5 !4 %

preferred stock

exchanged for the

$2.25 preferred

Co.

OF

Del.

of

tain

Address—Centerville, la.
Business—Principal business

of this pub¬
utility operating company is that of
generating, distributing and selling elec¬
energy
in

for

light,

communities

the

southern

heat

and

at

retail

and

was

E.

filed

regis¬

a

the SEC for 453,691

stock, $1

its

bank

un¬

of

A-2.

A ."

::

par

is

solely

hold¬

a

compajpy
owning the securities- of
operating subsidiaries engaged prin¬

cipally
the

in

the

in

production

invert

and

sugar

Dominican

and

will

of

raw

Business
sells

various

be

named

amend¬

by

Offering—The
shares
registered
are
already outstanding,
and
are
owned by
City Company of New York, Inc., In Dis¬
solution, to the extent of 436,691 shares;
National City Bank of New York, parent
the

former

the
The

aggregate

is

company,

remaining

of

the

holder

shares

17,000

the

of

registered.
registered

shares

represents 47.7%

of the outstanding com¬
of the company, and will be
the public,
at a price to be

stock

mon

offered

to

amendment

supplied by
•

will

Proceeds

stockholders

be

-v

received

by

Statement
(12-29-41)

A2.

No.

2-4923.

32,054
stock

Cornell-Dubilier

Electric

CORP.

Corp.

filed

a

statement with the SEC cov¬
ering $1,500,000 convertible sinking fund
debentures; 30,000 shares of 5% cumula¬
registration

convertible

tive

preferred

stock,

$50

par;

$100

par

ii./'

high

watches

for

closing

shares

holders of its

of

outsanding 6% preferred
privilege of exchanging such

the

for 33,054 of the
39,382 shares of
preferred stock on basis of one share
>/2 % preferred stock, plus $1.50
(equal
to
current
quarterly
dividend
payable
March 1, 1942, on one share
outstanding

4^%
4

6%

preferred

amount

stock),

(difference

price

of

plus

unstated

an

between

the

public of¬

share

one

4'/2% preferred
$105, the redemption price of
preferred), for each share of out¬
standing 6% preferred stock.
Exchange
stock

and

6%

offer

expires Jan. 22, 1942.
4Va% preferred not issued

offer,
for

offered

to

plus

public,

at

price

a

&

Co., Inc., Philadelphia, is
cipal underwriter; other underwriters

by

Address—333

amendment.
Hamilton Blvd.,

S.

Plain-

N.

of

various

will

be

used

to

redeem, on
share, all out¬

March 1, 1942, at $105
per
standing 6% preferred stock;

expenditures

in

connection

balance

with

energy

between

surfaces separated

S2

(12-30-41)

\

,

OIL

CO.

OF

'•

Oil

/"■

Weld

Jackson

Business—Company

tion,
of

and

is

engaged

oil

the

in

oil

it

will

be

ad¬

more

proposed financing to be
offering of deben¬
or preferred stock.
It is not expected
both the types of securities will be

visable

for

the

effected by means of an
tures

that

registered, but that later either the deben¬
or the preferred stock, will be sold
the public, and the other type of secur¬
ity will be eliminated from registration.
Public offering price will be supplied by

E.

sub¬

development

of

natural

fining of crude oil;
and sale of natural

gasoline;

production,

re¬

treatment

and the manufac¬

gas;

ture, transportation and wholesale and
marketing of pertroleum products.

re¬

tail

bank

loans,

pay

$400,000

reimburse company's

treasury

,

,

SCIIENLEY

power,

in

24

southeastern

DISTILLERS

PnTYindnit

onH

ifc!

cuhcH i

q

ripe

4,000

4,000

Co.„

1,500

^

Torrey

Cruttenden

1,000

&

Co

1,000

"

Amendments
Dec.

30

filed

1941,

1,000

Nov.- 25

to

CHAMPION PAPER

defer

FIBRE

&

Dec.

and

effective

13.

date

CO.

Champion Paper
with

bonds,
be

& Fibre Co. registered
$8,500,000
of
first
mortgage
Nov. 1, 1956 (interest rate to

SEC

due

filed

by amendment); 40,000 shares $3
convertible preferred stock, no

cumulative

par;
and an indeterminable number of
shares of no par common stock, to be re¬
served for issuance upon conversion of the

preferred stock
Address—Hamilton, Q.
Business—Largest domestic manufacturer
of

the

types of paper known in the trade
papers and book papers, and ie
the largest domestic manufacturers

white

as

of

one

of coated papers
Underwriters are
and

W.

E.

Hutton

&

Co.

Goldman, Sachs & Co., both of New

York, N. Y.

;

Offering—The bonds and preferred stock
be offered to the public, at
prices to
supplied by amendment

will

be
<■

'; Proceeds will be used to redeem the

out¬

standing aggregate of $8,660,000 of 43/*%
sinking fund debentures ($4,125,000 prin¬
cipal amount due 1950, at 104V2; $4,535,000
principal amount of the 1938 Issue at
102y4), requiring $8,947,663.
Balance of
net
proceeds
will be* added to working
capital
Registration Statement No. 2-4867. Form
A2. (10-25-41) ■
v: v;
Amendment
Filed—Company
has
filed
■>

amendment

an

.

with

the

statement

would
per

bear

to

SEC

disclosing

interest

its

reg-:

that

the

at

The

the

rate

of

public

offering
price of the bonds and the preferred stock
will be supplied by later amendment
disclosed
of

names

and

annum.

the

in

amount

each,

of

unless

amendment

stock,

each

(all

otherwise

&

the

underwritten

of

New

York

Prin. amt.

by

City,

No. of shs.

of bonds
E. Hutton

the

bonds

with

indicated):
.

W.

is

the

for

together

issue

follows

as

the

underwriters

preferred

of pref.

stk.

Co.—$1,700,000

8,000

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

8,000

First

each,

-

600

'

2,000

Corp
Ripley Co.

425,000

2,000

425,000

2,000

Noyes

Co..

255,000

1,200

!

Weeks

340,000

1,600

/

Inc._

Kidder, Peabody Co._Kuhn, Loeb & Co

85,000
765,000

3,600

850,000

4,000

W.

340,000

1,600

511,000

2,400

—

Slocumb--&; jCxl,

100,000

—

Co.—

&

First

Boston

150,000

Corporation— 1,000,000

Goldman,

Sachs

Harriman

Ripley & Co., Inc.—-

&

Co

500,000

,

&

Riter

500,000

,

Brothers

Co

1,200,000
200,000

Durst-

—-

100,000
150,000
100,000

:

Co

250.000

Schwabacher & Co
Shields & Company——,—

Smith,

Barney

200,000

&

500,000

Co

1,000,000

William R. Staats Co

500,000

Stone & Webster and
Union Securities

Blodget, Inc.

500,000

Corporation,—

Dean

500,000

& Co

Witter

&

Co.,.

to

;

1,500,000

registration

Proceeds will

be

used

statement

for general

CHESAPEAKE

and

marine

ities

of

its

transportation (facil¬

:

(12-30-41)

9

600

1,600

and

Dec.

27,

CORPORATION OF

VIRGINIA

of

the

with

shares

of

SEC

reg¬
number

unstated

an

stock, $5

common

value.

par

Company
estimates that the number
shares to be involved is 135,000 shares
Address—West Point, Va.

Business—Company
manufacture

and

is

engaged

of

sale

Fourdrinier kraft board

in

of

the

sulphate

pulp,
special¬

kraft

and

ties

Underwriting
named

Va.,

York.

Names

be

Principal

—

Scott

are:

mond,

and

&

of

underwriters

Stringfellow.

Blyth

Rich¬

&

Co., Inc., New
underwriters will

other

supplied by amendment to the registra¬
statement

Offering—The
to

shares

ment
and

already

are

are

Public

of

common

stock

this registration

be offered under

account

Registration Statement No. 2-4927. Form

127,000
340,000

Dec.

'

Chesapeake Corporation of Virginia
istered

tion

purposes,
including expenditures
substantial
amounts
with
respect to

filed

400

1941, to defer effective date

corpo¬

rate

refining

Amendments

125,000
500,000

Offering—The Debentures will be offered
to the public, at a
price to be supplied by
amendment

Langley & Co._>
Higginson Corp..
Piper, Jaffray & Hopwood,
Minneapolis.
White, Weld 8z Co

125,000

.—

Company of California

&

C.

Lee

500,000

Mitchum, Tully & Co
O'Melveny-Wagenseller &
Pacific

)

300,000
1,500,000

Co., Inc.—_—___
Co.,

&

$3,000,000

Amounts

&

Hornblower

*

Johnson,

Lane, Space
& Co., Savannah___.

'

Lehman

A2

Boston

400

Harriman

Elworthy

Otis

85,000

Hemphill,

Brush,
The

'

Cincinnati

amount

Dillon, Read & Co

state¬

issued

and

outstanding,

to be offered to the public for the
of
certain
selling
stockholders.

offering

price

will

be

supplied

by

amendment
will

Proceeds

be

received

by the selling

stockholders

DATES

OF OFFERING

Registration Statement No. 2-4895.
A2.

present below a list of issues
whose registration statements were filed

Dec.

twenty

COLUMBIA

days

offering
mined

or

dates

or

more

have

agb,
not

unknown

are

but
been

to

whose

24,

tered

us.

to

$1.37 Va

Cumulative

stock,

Con¬

100,000 shares $1 par common
latter reserved for. issuance upon
of the

Address—Bendix

preferred.

Airport, Bendix, N. J.

Business—Company is manufacturer and
of
airplane parts, equipment,

distributor

material,

supplies

and

accessories.

Underwriter—White, Weld & Co., Nev
York, is principal underwriter: others to
be
named by
amendment.
Underwriting

date filed

GAS

&

Gas

&

1951,

Electric

CORP.

Corp.

regis¬

debentures,
du®
$92,000,000 sinking fund

and

due

ELECTRIC

serial

1961

Broadway, N. Y. C.
Business—Public
utility
holding

com¬

pany

Offering—Both

and maxi*-

of

conversion

effective

Address—61

ASSOCIATES. INC.
Associates, Inc., registered with SEC
shares

defer

$28,000,000

debentures
AIR

to

1941

Columbia

deter¬

Form

(11-24-41)

Amendment

We

mum

CORP.

Distillers Corp.. filed a regis¬
with the SEC for $10,000 000
10-year sinking fund debentures,
due Jan.
1, 1952, and $17,500,000 15-year
sinking fund debentures, due Jan. 1, 1957.
Interest rates will be supplied by amend¬
ment to registration statement
Address—350 Fifth Ave., New York City

&

&

severally to be purchased by
are as follows:
,

of Debentures

vertible Preferred Stock, no par;

statement

Tully

Field, Richards & Co.,

particularly California.
Underwriters, and the principal

50,000

Schenley

—5,000

Vietor Common & Co.

Air

SUNDAY, JAN. 18

Co

Sons_

Co. of California

Mitchum,

1942

Registration Statement No. 2-4924. Fprm
(12-29-41)
.
r-

&

&

Its
business is conducted chiefly on the Pacific

UNDETERMINED
to

,10,000
^.l 0,000

Rollins

H.

Coast,

amendment

used

—12,500
.

Pierce, Fenner &

oil lands; produc¬
transportation
and
sale

and

to

be

following

Co

Curtis,,

Wampler

Pacific

tures,

will

by the

Beane

Stern,

Also

business,

the

dis¬

$1.37 Va

preferred stock will

public

proved

purchase,

crude

Weeden

whether

&

&

Merrill, Lynch,

1967

Angeles,
■; .■' \

;

stantially all branches of
including, acquisition and
prospective

Los

.■•••

■

t

Bldg.,

White, Weld & Co

time

regis¬

a

Jan."!,

Debentures, due

Address—Union
••

the

of

Shares

White,

3Va%

SEC,for $15,-

000,000 3%
.■

shares

convertible

istration

CALIFORNIA

Union Oil Co. of California filed
tration statement with the

Cal.

50,000

to

offered

bonds
UNION

its

.

equipment of plant additions
Registration Statement No. 2-4926. Form

Underwriting—McDonald-Coolidge & Co.,
Cleveland, and Eastman. Dillon & Co., New
York, are named principal underwriters
Offering—Company states that because
of
the
present uncertainty of wordwide
conditions, it is impossible to determine at
this

for

construc¬

and

-

in manufacture and
types of capacitors, known
electrical
condensers, de¬

will

supplied by amendment.

Page, Hubbard & Asche

supplied

be

Ripley
named prin¬

be

the

par,

to

Harriman

••

Mellon Securities Corporation--

$1

ex¬

6,328 shares not
exchange offer, will be

such

the

the

the

supplied by amendment.

tion

that

be

Any shares of
under

amendment

an

underwriters:

to
for

women

to

common stock,
latter to
be
reserved
for
issuance
upon
conversion of the deben¬
tures or the preferred stock.
Interest rate
and maturity date of the debentures will

unstated amount of

and an

and

(17

watches

stock

of

filed

registration
statement
with
and Exchange Commission

-v

v.

grade

wrist

offered

Securities

and

'

manufactures

of

and

conditional offer

of

Blair &

ELECTRIC

CORNELL-DUBILIER

wrist

a

Name

Registration
Form

the selling

y y v;.-•)•;) '—y

stock,

Underwriting and Offering—Company is

and Cuba

ment

of

models

pocket

and

has

company

its

Fuller,

,

filed

Company

—

jewel)

men

cane

blackstrap molasses

Republic

preferred,

be

to

(9-27-41).

The

company,

outstanding
$24,000,000

Co.

share.

per

loans

loans

Address—Lancaster, Pa.

42nd

subsidiaries,

Watch

Proceeds

several

the

lic

counties

assisting

Securities

St., New York City
Business—Company, organized in
1932
pursuant to the plan of reorganization of
Cuban
Dominican
Sugar Corp. and cer¬

tration

134

in

3Vz%

1971

trical

1941,

reserved

has

with

mortgage

bonds, due Dec. 1, 1971, and $5,160,000 of
4V'2% sinking fund
debentures, due Dec. 1,

serving

Corp.

A2.

statement

first

of

capital

CO.
of

bank

cumulative

change

expenditures made and to be made for
plant, machinery and equipment during
past and current years, and for working

.

Utilities

a

not




Southern

for

generating
bank loans,
1942, at $112

'stock'"*-**"

SOUTHERN
DELAWARE

filed

per

new

IOWA

debentures,

Registration Statement No. 2-4925. Form
A2. (12-30-41)
'
:

exchange

for

THURSDAY, JAN* 15

SEC

kilowatt

$300,000

Address—60

Proceeds

Registration

loans

such

by a dielectric or non-conductor

stock,

common

sold

used

are

the

Sugar

storing electrical

share

Iowa

Indies

statement with

shares of common

fixed

lic for the. account of certain
selling stock¬
The public offering price is $4.20

Proceeds

for

cents

CORP.

for

industry

be

the

proceeds

short-term

31,

Aug.

on

be

SUGAR

as

holders.

of

INDIES

two or more conducting

the

will

about $10,000,000, the company's
construction program calling for installa¬

WEST

vices

public for the account
of
the
company;
the
remaining
67,917
shares registered are
already issued and

per

dealers

(12-29-41)

also

service

of

of

Domestic

services

the

Simonds

of

net

bank

present

of

Manufacturers

has

the

sold

the

Amount

such

in

Co.

principal underwriter
Offering—24,875 shares of common stock
be

for

50

stock

reserves

to

pay

exceed

common

&

adjustment

in consummating such exchanges
Registration Statement No. 2-4922. Form

sale

.

Underwriters—Baker,
is

to

with

statement

value

by

time
to

cash

J.
Business—Engaged

CO.

Manufacturing

registration

par

pre¬

number

extent of

and

purchase

natural

Address—Detroit, Mich.
Business—Company is engaged

for

plus

annum,

shares

to

of

units,

of

further

ferred

tion

Tool

a

proposed
to offer publicly
through the underwriters 200,000 shares
of the preferred stock, bearing a dividend

be

to

Co.;

Co.

Indiana

sale

the

amount

Blyth

Distribution

Fuel

in

TOOL

Miller

82.

rate

be

WEDNESDAY, JAN. 14

Maine, New Hampshire and California);
the exchange offer expires Jan. 16, 1942.
is

will

be applied to the redemp¬
company's outstanding class
stock; to the purchase from

to pay part of
construction work

filed

Fi¬

Co.,

underwriters

will

Ohio

lines

two

of

Domestic

company

delivered

compensation

field,

ing

It

price will

prices,

plus

Latter

any

others

each

all the

Indiana

Wisconsin,

holders in Minnesota,

(excludes

of

The remaining

of

offering

Manufac¬

basis

of

amendment

preferred

will

ferred

each

shares

.

Columbia Gas & Electric Corp. of all the
outstanding securities (stock and debt) of
Michigan
Gas
Transmission
Corp.
and

under¬

writers will be supplied by amendment
Offering—Company proposes to offer
maximum

5 Mi

each

subscription

1935.

public

by

manufacture

Scran ton,

their

stock not required for
offer, together with all of
will be sold by company under

the

supplied

St.,

necticut

&

waived

preferred

Act of

pany

SEC

Hartford, Conn.
consists
principally of production, purchase, trans¬
mission,
distribution
and
sale
of
elec¬
tricity and gas for residential, commercial,
industrial and municipal purposes in Con¬

Putnam

not

competitive bidding, pursuant to Rule U-50
the SEC's Public Utility
Holding Com¬

MILLER
Pearl

preferred

Registration Statement No. 2-4919. Form
A2.
(12-24-41)

par

no

Address—36

the

Power Co.; has filed

statement

Business—Business

com¬

of

shares of cumulative preferred

336,088

stock,

&

gas

exchange

bonds,

ized

CONNECTICUT

to

Approxi¬

—

&

the

on

stock

Securities,

Underwriters

and

Merchants

Co.,

common

right

Finance

resale

balance

TUESDAY, JAN. 13

sold

distribution

gas

supplied by amendment.

pipe

1941

30,

and

is

be offered for subscription to
63,566 shares of its outstanding

of

tion of

company

which

of

dividends.

ing

.

preemptive rights to subscribe for the new
preferred stock, at the rate of one share

the entire outstand¬

ing mortgage debt of

of

Underwriting
mately
14,000

the

■

part

transmission

be

public of¬

'

..

Business—Engaged
in
the
production,
purchase, transmission and sale of natural

common

the

and

the

on

■v'
Baltimore
Ave., Kansas

Address—1^21

Names

underwriters

1,
1962, and
preferred stock,
rate

from

with

procured by company prior to or
concurrently with the issue of the deben¬
tures, will be applied to payment of all

CO.

Jan.

Dividend

price to be supplied by

$2.25

Proceeds—$300,000 to prepay outstand¬
ing bank loans; $200,000 for purchase of
additional
machinery; balance for plant
additions and working capital.
Registration Statement No. 2-4851. Form

to

a

is

Offering—Preferred stock
amendment.

supplied

be

the

for

.

preferred stock will be supplied by amend¬

Holding Company Act of 1935, of the SEC.
of

value.

par

holders

Offering—The

due

to

facturers

West

cumulative

stated

fering

tration

bonds,

Corp.,
under¬

be

commission

cumulative

Proceeds

together

Corp. for one share participating
preferred
stock
of
Merchants
&y Manu¬

$10,-

with

Securities

nance

for

statement

Manufacturers

Securities

shares

SEC

common

and

LINE

and Offering—The shares
outstanding and owned by

of

preferred

filed

shares

About 99% of total gross operat¬
ing revenues is derived from electric oper¬
••.

PIPE

public, at

making

being offered solely for the
exchanging the same for the
outstahding shares of participating

first mortgage and first lien series

ations

Underwriting

,

Pipe

will

amendment

value

par

St.,

a

are

purpose

Co.

3%

$100

Eastern

the

for

offices in 9 states.

Line

registration
000,000

150,000

statement

distribution

•,

EASTERN

Panhandle

for

Securities

principal

others

Offering—The debentures will be offered

23

A2.

registration
$80,000,000 of
first mortgage bonds, due Jan. 1, 1972. The
interest
rate
will
be- supplied
by posteffective
amendment
to
the
registration
Address—600

.;

CO.

statement with the SEC

its

Registration Statement No. 2-4918. Form
A2.

States

registration
statement with SEC for 39,382 shares
AVt%

CORP.

Finance

registration

as

THURSDAY, JAN. 8

United

writer; names of
by amendment

Hamilton

Merchants

ALABAMA

bourbon and blended

rye,

HAMILTON WATCH CO.

SATURDAY, JAN. 17

111.

list of issues whose registration state-

a

of

the

...

Business—Engaged, through subsidiaries,
in
the small loans
business, operating 36

Following is

sale

in

Underwriting—Mellon
Pittsburgh,. is
named

the

com¬

and

whiskies

to

pany:, $10,000,000 first mortgage 4s, due
May 1, 1970; $2,660,000 general mortgage
sinking fund 41/2s, due May 1, 1950; and
$2,500,000 of 6% series A debentures, due

the

tion

registration

other

used

of

.

1942 at 98 and int.

7,

debentures will

with

be

issues

Domestic.

;

Registration Statement No. 2-4891. Form
.42. (11-19-41)
'■■■■•*

of company

the

are
engaged
generally in
the
distilling,
blending, rectifying, producing, warehous¬
ing, bottling, buying, selling, exporting and
importing alcoholic products for beverage
purposes, principal business being produc¬

Cohu

bank

reduce

will

to

y

together

company

following

will be added to general funds,,

commercial paper

and

and

public,

statement

supplied by amendment, $98

Price

underwriters

amendment

statement

ment

Proceeds

heat

principal underwriters;
other

later

supplied by amendment to

Offering—Debentures
public,

sold

on

,

and

communities

steam

as

Offering—The bonds

the

engaged
the "small loans" business in New York

of

furnished

registration

City

Y.

subsidiaries,

several

well

are named

names

be

,,

N.

St.,

44th

Business—Through

to

gas

as

manufactures

Underwriters—W. C. Langley & Co., New
and
Halsey; Stuart & Co., Inc.,

convertible sinking fund

5%

$750,000

area,

Also,

York,

CORP.

Employess Corp. registered with

Railroad
SEC

each,

are as follows: First Trust Co., Lin¬
coln, Neb., 11,108 shares; Harold E. Wood
&
Co.,
St. Paul,
Minn.,
15,132;
Estes,
Snyder & Co., Inc., Topeka, Kan., 10,012;

EMPLOYEES

RAILROAD

Iowa,

artificial

that

in

at $6.50 per share

Offered—Dec. 12, 1941

Calendar of New Security Flotations

of

„

E.S.T., on Dec. 11,

m.,

1941

Kansas-Nebraska

lic

Effective—4:45 p.

CO.,

INC.

parts

Registration Statement No. 2-4894. Form

OFFERINGS

125

offered

at

issues

prices

Proceeds—To

to

$4,750,700

1952;

$50,000,000

chase
notes
a

notes

subsidiary,
to

Deb.

make

a

and
of

from

of

by

publicly

amendment

guaranteed
Ohio

Fuel

$3,750,000

United

Fuel

the holders

$3,402,090

be

$50,000,000 Deb 5s,
5s, due April
15,
5s, 1961;
to pur¬

4%

1942-46

subsidiary,

serial

Deb.

$3,750,000
due

filed

redeem

1952;

will

serial

Gas

Co.,

guaranteed
Gas

Co.,

thereof:

a

and

capital contribution

s

•'

THE COMMERCIAL & FINANCIAL CHRONICLE

126

Thursday, January 8, 1942

Calendar of New Security Flotations;
to

Registration Statement No. 2-4866. Form leasehold interests in producing or proven
oil
properties
In Texas,
drilling of oh
(10-24-41)
wells thereon, acquire royalty interests in
Amendments filed Nov. 26, Dec. 15, 1941

Cinn., Newport <Ss Covington Ry Co. to
that Company to redeem its out¬

A2.

enable

$3,303,000 1st & Ref. 6s, 1947
Registration Statement No. 2-4736. Form

standing
A-2.

Dec.

Nov.

18,

Dec.

and

6

La

FUND,

Composite Bond Fund, Inc., registered
SEC
32,500 shares $1 pflr common
Riverside

Ave.,

limited

investments

to

in

•

Is owned by
Middle' Western Tele¬
will donate a portion
to La
Crosse Telephone Corp. and lattei
will
use
proceeds
to retire outstanding
preferred stock
Registration Statement No. 2-4717. Form

value

asset

net

button

to

then

public

effect

in

at

Proceeds—Will

be

value

Investment

for

used

parent

distrfc

for

asset

such net

plus 8 Va %.
.
•.
Offering—To be offered to the public at
the
then prevailing
market price.
purposes.

•

filed

Amendments
and

Jan.

"

•

Nov.

Dec.

8,

15, 1941

1942

2,

POWER

Florida
with

LIGHT

&

CO.

&

Power

SEC

Mortgage

due Oct. 1, 1971; $10,000,000 Sink
Fund Debentures,
due Oct. 1, 1956

jnds,

inlk

140,000
$100

Interest

Par.

Debentures,

and

fon

Cumulative

shares

Lddress—25

S.

5wer

'

&

Light

will

sup'

Miami,

Ave.,
•

^

subsidiary

"

of

&

Share

operating public utility en¬
gaged principally in generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas)
serving most of the territory along the
east coast of Florida
(with exception of
the Jacksonville area), and other portions
rstem)

of

Is

an

Florida

Underwriting and Offering—The securi¬
ties registered are to be sold by company
under
the competitive bidding Rule U-50
of the SEC's Public Utility Holding Com¬
Act.
Names of
to public, will be

pany

price

underwriters and
supplied by post
amendment .to registration state¬

effective

follows:
$53,170,000 to redeem at 102V4, the $52,000,000 of company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110 per
share,
the
142.667' shares of company's
will

be

preferred stock,

$7

tails

be

to

applied

Further de¬

par.
by

no

supplied

as

post-effective

amendment

Form

Registration Statement No. 2-4845.
<9-17-41)

A2.

Jan.

1941
1942 to defer effective date

2,

CO.
Manufacturing Co. registered
with
SEC
140,400 shares common stock,
$2 par value
Address—Hastings, Mich.
Business—Manufactures and sells piston
MANUFACTURING

HASTINGS
Hastings

rings and expanders
Underwriters—Schroder,

Rockefeller

St

;

,
are
principal
underwriters.
underwriters are Smith, Hague &

Co.,

Carlton

and

M.

Higbie

Mich.
Offering—23,100 shares are unissued and
are
to
be offered
to the public for the
account of the company;
to

of

for1 account

public

remaining 117,300

outstanding and are to be sold

are

selling

certain

stockholders

Proposed
shares

offering

Public

amended: 23,100
105,756
shares by

as

by
company,
stockholders

certain

price Is $9.50 per share
company will be used for

to

general-corporate purposes, including pur¬
chase of new equipment and for working
capital
Registration Statement No. 2-4890. Form
(11-19-41

Cleveland)

ILLINOIS COMMERCIAL TELEPHONE CO
Illinois Commercial

Telephone Co. regis¬
tered with SEC $5,*750,000 of first mortgage
3%% bonds, due Oct. 1, 1971; and 24,000
shares
no

of

$5

cumulative

preferred

stock

E.

Adams

St.,

Springfield,

HI.

communities

tories

and

surrounding

terri¬

in Illinois,

including Kewanee, Mon¬
mouth, Macomb, Lincoln, Belvidere, Harrisburg, Olney, Mendota and Mt. Carmel
Underwriters, and

amount of bonds

and

preferred stock underwritten by each,

fol¬

low:
Amt. of

Shs. of

Bonds

pfd. stk.

Bonbrlght & Co., Inc.,
York

New

$2,875,000

12,000

2,156,000

9,000

719,000

3,000

York

New

Mitchum, Tully & Co.,
Los

Angeles

Offering—Bonds

and preferred stock to
be offered to the public at a price to be
supplied by amendment to the registration
statement
Proceeds

from

sale

of

the

bonds

and

preferred stock, together with $105,000 re¬
from sale of 7,000 additional shares

ceived

stock,

will be used in part to re¬
following securities of company: $5,-

common

750,000 First Mortgage
Series
A
3 %%
bonds, due June 1, 1970, at 105M»; 17,098
shares
$6 preferred
stock, at $110 per
share;
1,108 shares $6
preferred stock,
owned by parent company, at latter's cost
Balance

of

purchase

net

from

outstanding

Illinois
ard

Co.

Power

A-2.

its

Its

proposed

has

lic

$20

to

filed

value

par

and

to

are

The

& Power Co.,
public for the

to

offered

be

American

of

account

Light

American

Light

Power

&

Co

additional shares orginallj
registered with the SEC on April 21, 1941,
for public offering,
and withdrawn from
registration were subsequently
registered
tuted

355,250

United

Light & Railways Co.,

United

of

proceeds
General

capital

Telephone

Telephone Co.,

Co.

shares

ing

remaining
ing

Light &

PANAMA

stock

$1

the

SEC

owned by

subsidiary

a

Co.

Bottling

CO.

Registration
A-l.

Co.

Underwriters—Elder & Co., New
the sole underwriter

York, Is

of

shares

increase

to

the

company's working capital

Registration Statement No. 2-4870. Form
(New

S-2

of

as

4:45

p.

p.

E.S.T. on Nov. 25, 1941

m.

m.,

E.S.T., Nov, 11,

warrants

entitling holders

of

mortgage series B 4Vz% bonds, due

1

1950

'

Grant

Address—1600

[ •'*,

Building,

* Pitts¬

burgh, Pa,—
—
Business—Engaged primarily In manu¬
facture - and
sale
of
semi-finished
steel
products, wire products and tubular prod¬
ucts

& Co., and
both of New
York, each have agreed to purchase $1,000,000 principal amount of the bonds
Offering—The bonds will be offered to
the public, at a price to be supplied by

Underwriting—Kuhn,
Becker

G.

&

Loeb

Inc.,

Co.,

amendment
to

Proceeds

and will be with¬
in the future

Trustee

time

$1,040,000. will be

of

extent

with

from

drawn

time

to

against property additions which are now
balance for working capital
Registration Statement No. 2-4905. Form
(12-2-41)

A2.

SOUTH
South
with

Carolina

SEC

Insurance

Co.

12,500 shares common

CO.
registered

registration

with the SEC for 265,669 shares

convertible

cumulative

of

stock,

preferred

$100 par value, and a maximum of 943,309
shares of common stock,
served for issuance

(latter re¬
conversion of the

$5 par

upon

Dividend

stock).

preferred

Underwriting
will

first

present

be

Offering—The

and

offered

for

stockholders,

shares

subscription

rate

>

the

on

Maine

S.

Street, Hartford,

Conn.

of

Business—Business
ried

five operating divisions
subsidiaries; three of the divi¬

divisions and each

sions are manufacturing

its

car¬

through

on

three

and

is

company

engineering, research, manu¬
and sales organizations.
Busi¬

own

air¬

includes manufacture and sale of

ness

craft

air¬

other

propellers, and
craft parts and accessories
engines,

Underwriting and Offering—The 265,669
of

offered

stock,

company's

of

holders

common

subscription at $100 per share,
at the rate of one share of pre¬

rata,

stock held
the

will be initially

stock

preferred

to

for

10 shares of common

for each

of

record

Jam

on

and

1942,

2,

basis to holders of certificates

same

for shares of common stock of United Air¬

their

of

Transport Corp. who, by exchange
certificates after such date and

to the expiration date of the sub¬
scription
warrants,
shall • have
become
stockholders of the corporation. The rights
to
subscribe shall be evidenced
by sub¬

prior

scription

will

which

warrants,

13,

expire

on

Any of such shares of pre¬
subscribed to under above

1942.

ferred stock not

public,

at

and offered to
be supplied by

the

the underwriters for

stock

unsubscribed
Harriman

share.

to

price

a

Price to

$100

be

will

per

Co., Inc., New

Ripley &

York, are named principal underwriters and
are committed
to the purchase of 18.15%
of all stock not subscribed for by common

will

be

used

Telephone
stocks

and

of

Illinois

Corp

Central
Stand¬

to make additions

betterments

to

and

to company's plant and
prop¬
erty, and for other corporate purposes




stockholders.

to

addition

In

Harriman

Ripley & Co., the Underwriters and their
participations
are:
Blyth
& Co.,
Inc.,
Kuhn, Loeb & Co. and Morgan Stanley &

Dominick

&

Dominick,

Sachs &

Goldman,

Co., Hornblower & Weeks, Lazard Freres &

each. W.
E. Hutton & Co., 2.75%.
The Blue Ridge
Corp., 2%.
Merrill Lynch, Pierce, Fenner
& Beane, 1.85%.
Baker, Weeks & Harden,
Co.

and

Putnam

White,Weld & Co., 3.65%

&

Co., 1.2%
and

Cassatt

Proceeds

tal

and

&

W.

Scranton

&

Merrill Lynch & Co., Inc.,

Co., 0.9%

will

will

Chas.

and

Co,

each.

each.
working capi¬

added to

be

be

used

for

corporate

directly to capital ($100,-

and the residue to surplus. Company
deems it essential to comply with laws of
000)
New

York

requiring

State,
a

to

soon

beeome effective

capital

minimum

of

$250,000

Registration Statement No. 2-4898. Form
A2.

(11-27-41)

3, 1942 to defer effective date
TEXAMERICA

OIL

United

EST on Jan. 2, 1941.
DRUGGISTS

WHOLESALE

OF

INC.

of

Druggists

Wholesale

Pitts¬

burgh, Inc., registered with the SEC 4,000
shares
no
oar
common
stock
Address—6543

Pittsburgh,

Ave.,

Penn

Pa.

Un derwri t in g—Non e

Offering—The
stock

*

Texamerica Oil Corp. registered

119,891

shares

Address

—

common
Milam

stock,

Bldg.,

with SEC

$2

San

par.

Antonio,

be

shares

4,000
by

sold

the

retail

of

common

company

druggists,

direct

at

$50

b£ used for purchase of
equipment, and for working capital
Registration Statement No. 2-4818 Form
A-2

1

(8-22-41)

Effective-Oct 7,
VIRGINIA

Business—Engaged
of

crude

in
oil,

production
and
acquire mineral

mortgage

bonds,
2%-3(4%

of

,

andria,

S.

Washington

Va.

•

the

distribution

and

principally

sale

of

retail

and,

transmission,

electric

energy

at

and wholesale in

ginia

an

engaged

utility

purchase,

to

Virginia, West Vir¬
minor extent, in North

a

Carolina.

Company is

eral

&

the

Gas

a

Electric

Associated

Gas

subsidiary of Gen¬

which

Corp.,

is in
hold¬

Electric Corp.

&

Proceeds

628,333
stock

of

Name

be

used

prices

Corp.,

and

the

will

sale

its

company,

companies,

that

Generating

for

The

securities

the

Co.

the

Virginia

subsidiary), to
present pre¬

(a

to

its

and

funds for

of

constituent
Public

and

of

payments

stockholders,

with

pany

offered

bidding.

indebtedness

predecessor

and

cash

ferred

be

of

will be used to retire all of the

registered

make

Gas

the old
General Gas

by

competitive

from

The

common

General

exchange- for

outstanding long-term

Service

par

to

held

now

through

no

issued

in

follows:

as

new

be

Corp.

Electric

&

sale

to

provide

com-;

construction

new

Registration Statement No. 2-4913. Form
A2.

Dec.

sold through com¬
petitive bidding, under the SEC's competi¬
be

offering

public

of

first

stock

common

ties

will

will

shares

will

Electric

&

ing company system ,:
"
: ;
'
■
Underwriting and Offering—The securi¬
registered

stock.

their

ment

proceeds

is

public

operating
production,

Alex¬

■

Business—Company
electric
in

St.,

for

and

the securities, wiil be supplied by posteffective amendment to registration state-,

due

semi-annually June
1,
1944-Dec.
1,
1951,
in
varying amounts
(from $320,000 to $390,000); 70,000 shares
5(4% cumulative preferred stock, $100 par
value; and 628,333 shares common stock,
no par ''
;
'■ 'v,..

We

(12-12-41)

Amendment

26,

"

:

to

defer

(This

List

date

effective

1941\

,

Is

Incomplete

filed

;

-

Today)

known

have

Lurie

Sid

for

We knew him
when he wrote those heavy, but

was
"sissy stuff." One day his
mother bought two tickets for the
Pirates of Penzance and asked the

meaty articles on economies, se¬
curities and kindred subjects for

The father objected.

a

number of years.

first, Redmond & Co., then Fuller
Rodney & Co., and today for Parrish

Yet

Co.

&

all

in

deal¬

our

another side to his

was

complishments.

composes

and

ac¬

imagine

our
discov¬

we

by chance,

ered,* quite
he

So
when

consternation

popular

writes

motif

of

influence

the

to

Billie

Lurie,

but

Billie

assure

us

both
that

Mrs,

and

Sid
the

Virginia
gas

Land

Co.

representing

registered warrant?
interests in oil and
Florida, about

lands in the Everglades,
miles west of Miami ^

Address—Theatre Building,
Dade

County,

Coral Gables

Florida

Underwriters—None

Offering—Interests will be sold to the
prices from $20 per acre up to

$150

per

Proceeds

acre
—

For

development

of lands,

boy's father to take him to

trying

to

sell

After

securities

it.

see

day

a

he'd

be

double switched if he'd go out of
the house to listen to what he
called

caterwauling, and anyway;
boy wouldn't go. "That's all
right,", assured the mother.
"I

the

told

him

that game."

too,

music, lyrics and everything. At
first
we
attributed
this
light

father

was

persuasion

off.

set

son

father and

do

night football

a

more

On

the

the boy suddenly turned to

way

his

it

So after
and

asked, "Dad, who;

want to

you

rates

bet

on—the

Pi¬

the Penzance?"

or

'

'

songs

written

years ago.
And as
In case of an air raid here's a
married—-let's See, eight recipe that we got out of some¬
one week, isn't it?-—
where:
An aged Scottish woman
the theory of the refining influ¬ was asked what she did
during
ence of marriage
had to be dis¬ an air raid. She replied, "When
carded.
In any case there are the air raid
warning sounds I
two songs in particular that we take the Bible from the shelf and
were,

they

are

months

and

considered humdingers.
relates the

The. first

of the plain, but

case

read the 23rd Psalm.

Then I put

o' whisky to steady
nice girl, who dreams of a career
my nerves. Then I get to bed and
where she could "sleep all day pull
up the covers.
And then I
and work all night." The second tell Hitler to
go to
."
describes a quaint custom "old
as
antiquity,"
The reason we
According to a newspaper story,
mention this accomplishment of
an
accused auto thief in Queens
Sid's is that reading his monthly
County, N. Y., confessed he had
articles full of long words and
stolen a car, but pleaded a good
ponderous ideas then seeing him
motive.
He hadn't wanted to be
play and sing his songs is some¬ late for a
up a wee drap

session in

court

thing like expecting the dignified
Queen Mother Mary to break out
into a hot rhumba.
:
V

Alphabets
agencies

are

letters

the

what

you

don't

think.

new

setup

at

full

the

sen¬

another
•

-

Air

to Aldous Huxley, British
novelist, he said, "This is a great
pleasure. I hear you are a very
clever genius." (2) And during a
story conference where the name
duced

Samson

came

supposed

did, don't stop me. Two boys
were in the loony hatch.
One was
you

"Who

Naval

up,

have

to

observed, "That Samson—he
a
regular Hercules!"

was

If

not have heard yet.

typing

agents drum - thumping
Goldwyn have "dis¬
covered" two new Goldwynisms.
We pass them along without fur¬
ther comment.
(1) When intro¬

was

Man¬

be

story going the rounds

a

may

said,

Quonset, R. I.

of the Biblical

Here's
you

busy

Samuel

Goldwyn

automobile.

for

Press

for

to

was

for... "borrowing"

name

stand

The

is Permanent Defense at Quonset,
a

tenced

where he

*

hand, something like ham
and eggs.
However, a new one
was sprung on us recently—PDQ.
But

hattan

Government
things that now go
and

hand in

a

letter.

are

you

The other
writing to,

anybody in 20
one
replied,
"I'm writing to
myself."
"And
what does it say?" asked the first.
"How should I know," was the
haven't
years."
The

you

seen

busy

retort, "I won't get the letter un¬
til tomorrow."

Now Estes,

Snyder & Co.

TOPEKA, KANS.—Estes, Sny¬
Co., Inc., has dissolved its
corporation, as of Dec. 23, 1941,
being succeeded by a partnership,
Estes, Snyder & Company, which

der &

will

Street.

Wayne

J.

at

offices

continue

-Tenth

Partners

Estes

and

103 East
will

be

Jack

B.

Snyder and the personnel of the
We

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

LAND

public at

Tex.

marketing

will

(exclusively)

per share
Proceeds—Will

50

CORP.

1971;- $5,700,000

1,

notes,

Station at

PITTSBURGH,

deeds

Amendments filed Dec. 16, 1941 and Jan.

3 (4%

first

Dec.

cash

take

the

for

(12-17-41)

Effective—4:45 p.m.

and with the laws of Massachusetts requir¬

ing a minimum capital of $300,000

ad¬

to

underwriters,

for:

SEC

Registration Statement No. 2-4916. Form
A2.

to.

Froeeeds will go

the

$22,800,000

pur¬

be

share

with

due

Co.,.11% each.
Hayden Stone & Co. and
Smith, Barney & Co., 5.5% each. G. M.-P.
Murphy & Co., 3.8%.
Clarke, Dodge & Co.,

Business—Incorporated In Delaware on
April 28, 1941, to engage in business of
selling drug store merchandise

per

statement

there

Address—400

rights, at price of $16 per share. Un¬
subscribed portion of such shares will be
offered to public at $18 per share, within
30 days after effective date of registration
statement. Underwriters will be named by
amendment; underwriting commission will
$2

on

cash

a

presently out¬
preferred stock who do -not elect

reg¬

a

ment

to

under their preemp¬

istration

CO.

filed

Co.

ings with him we never suspected

Main St.,

Business—Engaged
of fire insurance

Public Service

preferred. stock will be supplied by amend¬

Columbia, S. C.
principally
In
the

(with

standing
SERVICE

PUBLIC

Virginia

working capital

United Aircraft Corp. filed a

UNITED

Address—1400

basis

to holders of

ex¬

the

be.issued

may

25

AIRCRAFT CORP.

UNITED

statement

stock, $8

value

par

share

as

of

>

poses

INSURANCE

CAROLINA

for

stock

Public

Only

shares

such

before Dec.

or

Registration Statement No, 2-4901. Form
(12-1-41)

contemplated;

share

a

justment)

to

to

A2.

amendment.

Pittsburgh Steel Co. has filed, a registra¬

Dec.

purchase

to

on

offer, will be underwritten

1941

CO.

tion statement with the SEC for $2,000,000
of first

stock

common

1943, at $2.75 per share

1,

the
STEEL

PITTSBURGH

"

SEC

prior

or

on

deficiencj

the

of

U-50

Company^ ;Act>;

confined

each

of

Jan,

(10-29-41)

Form)

Effective 3

stock

common

of

Rule

Holding

preferred

new

■

notice

bidding

ception-is

1, 1943, at $2.75 per share; purchasers
$500 debenture will receive option

Dec,

craft &

will be offered to
the public
at $12.50 per share; under¬
writing commission is $2.50 per share
shares

used

with

Underwriting—Underwriters of the de¬
are
Piper, Jaffray & Hopwood,
Minneapolis, and Bankers Bond Co., Louis¬
ville, Ky. Underwriting commission is 6%
Offering—The debentures will be offered
to the public at 100.
Purchasers of each
$1,000 debenture will receive an option
warrant entitling holders , to purchase 50

on

Zone

be

'

.--V

registered

■

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

Address—117

bentures

pro

Proceeds—-Will

Form

v,'1

sinking fund deben¬
tures, due Dec. 1, 1951, and option war¬
rants for 20,000 shares common stock, $1
par value
Address—Louisville, Ky.
Business—Engaged in the "small loan"
personal loan business in Kentucky and
Minnesota ' '•
:
"

shares

-

all of which are sold wholesale
Republic of Panama and in the

Offering—The

work¬

to

2-4824

No.

'

CO.

ferred stock

Canal

and

10-year 5%

and

Ice,

added

;V

Finance

Time

Business—Engaged in business of bot¬
tling Coca-Cola and other carbonated bev¬
erages
and in manufacture of ice-cream
the

'

TIME FINANCE

$400,000

Francisco

Jose

Avenue

Panama, R. de P.

Ossa,

($200,000),

be

Statement

(8-27-41)

facturing

regis¬

Co.

33,750 shares common

par

Address—19-A

In

will

$26,626

outstand¬

pay

capital

has

BOTTLING

Coca-Cola

with

de la

Power

COCA-COLA

Panama

tered

to

indebtedness

mortgage

Effective—Under
4:45 P.M.,

serial

used

•

tive

Utility

■

o

....

(5-23-41)

VIRGINIA

,

be

and working cap¬

■f,.

74,157

registered constitute shares is¬
1, 1941, by company, as divi¬

July

Proceeds—Will

These shares consti¬

stock outstanding and

the

and

company.

common

shares. According to the amend¬
ment, such 355,250 shares are those that
are
presently
owned,
and
outstanding,

North

44,-

,x,

Registration Statement No. 2-4767. Font

An¬

share

per

from

dends.

an

statement

offered to the pub¬
from 710,500 share*

be

reduced

been

Co.

Gas

registration

to 355,250

by

$1.75

$2,

San

purchase

to

Proceeds will be added to

Natural
to

of

shares

stock

at

at

York Co.,

agreed

equipment,

ital <:■ ■,

8-10

properties.

Offering—118,907 shares
to
be offered
to
public at $2,375 per share; remaining

(4-21-41)

Northern

amendment
of

shares

shares

shares

Registration Statement No. 2-4741. Form

tive

Webber & Co.,

Paine,

the

and

writing
No. of

tire

gas

,

Business—This
subsidiary
of
General
Telephone Co. is engaged In providing,
without competition,
telephone service to
180

transmission

and

by selling stockholders, United Light A
Railways Co., and North American Light

deposited

par

Address—607

oil

_

offering

Proceeds

A2.

natural

Underwriter—Blyth & Co., and other*
by amendment
Offering—Stock will be publicly offered
at price to be filed by amendment
Proceeds—All proceeds will be received

De¬

Corp.,

troit,

shares

registered

Co.

Gas

to be named

Inc.,

Other
Co.

CO,

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

—

Business—Production
of

'

Amendments filed Nov. 27, Dec. 15,
and

Natural

shares

and became effective.

ment

Proceeds

and

*

'

American

Bond

(Electric

be
•

Second

E.

'

'•

business—This

the

on

dividend

the

preferred stock,
by amendment

Pd

Preferred

rates

and

the

8

Nebraska

registered

Light Co.
$45,000,000
First

Dec.

19,

GAS

NATURAL

Northern

710,50P

Nov.

to defer effective date

26, 1941

Address

FLORIDA

filed

Amendments

NORTHERN

...

750

has

Tex.,

which

Co.,

(3-29-41)

A-2.

Dec.

(8-28-41)

company,

phone

Registration Statement No. 2-4825 Form
A-l.

registered

Proceeds—Stock

.

tonio,

sued

Co.

Co

&

Favre

Sons

<fc

Brown

stock registered will bt
publicly offered at price to be filed bj
amendment, except that 2,406 shares will
be sold to Central Electric & Telephone

Wash., is underwriter and dis
purchasing said shares at the

Spokane,
tributor,

developed

and

proven

984

Underwriter—Alex.

trust,

bonds.

Underwriting—Murphey,

stock,

Offering—All

Spokane,

investment

Open-end

registered
$10 pax

Corp.

common

Crosse,

Wis.

Wash.
—

of

Wisconsin
Business—Telephone service to La Crosse

stock.

Business

shares

12,080

INC.

with

Address—601

Telephone

Crosse

Address—La

BOND

CORP.

TELEPHONE

CROSSE

LA

filed

1941, to defer effective date

24,

1942 to defer effective date

2,

Underwriter—Willard

(4-10-41)

Amendments

COMPOSITE

Jan.

and

purchase of

this by acci¬
dealer, married
and living
in Philadelphia, has
two children, a boy and a girl.
The girl was growing up a per¬
fect little lady but the boy,
a
typical
healthy
eight-year
old
youngster, refused to be affected
by what his mother considered
dent.

just learned

It

culture.

football,

seems

His

and

organization

will

be

in no way

a

only

interest

anything

was

which

didn't have to do with the game

changed.

Buckley To Be Partner
Daniel

mitted to
&

J.

Buckley will be ad¬

partnership in Bramley

Smith, 39 Broadway, New York

| City,

members of the New York

Stock Exchange,

on

Jan. 15.

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4030

Volume 155

ization

!$59 Billion Budget;
r
'•
.

(Continued From First Page) :
progcessive Since tne defease ef-j
lore'started.; /■. YY YY-yY*Y

suggest that collection of addiH tiohal contributions be. started

possible, to be folfowed one) year .later by the
operation of the new benefit

'ii-i:
I believe that

?•'.
•

additional

$7,000,000,000 in

taxes

should

be

'

col-

j

lected

'i

plans.

legislation
proposed later in this message)
social security trust funds will
increase by two billion dollars)'
Thus new means of financing

1

j
t

Un^er

new

curity trust funds would be in¬
creased through
the proposed

legislation by two billion dollars
during the fiscal year 1943:

Schram Stresses Need

*

muted
tnis

the

in

shall

I

message

recommendations

.

limit
of

a

*

-

free

Excessive

profits undermine
unity and should be recaptured.
The fact that a corporation had

.

Exchanges as

tial

■:

for
war

financing of
was
stressed by

successful
effort

Schram, President of the
York Stock Exchange in a

Emil

New

speech

schedule

new

Stock

of

commissions

-

•

J

x

r

-

'

I
•

August, had lowered the
New

rates

with those in effect

York

Stock

on

Exchange.

Except for the minimum charge,
under

the

newest

-

schedule

no

change was made in the low-price
shares, but the rates in the higner
brackets are slightly above tnose
which prevailed before Aug. 11.
the

are

schedule members

new

San

Francisco

ing

commission

in

effect

in.

Reference

change's

previous

the

to

Ex¬

schedule

of

rates, put into effect last August,
made in

was

our

issue of Aug. 2,

• *

the

over

minimum

commission

lation, however,
well adminis¬
charge hereafter is $5, instead
ditional funds which accrue to
tered, is no effective substitute in
of $3.*
business
from
increased-con- our: free
enterprise system for
In
explaining the Exchange's
sumer spending.
C&J- private regulation because it does
latest action, George N. Keyston,
A number
of tax measures not
provide the same responsi¬
President said:
;
■ *
*;j
have been suggested for that
bility and incentive for fostering
;.
; It is in the public interest to
purpose, such as income taxes growth and development.
..':f
maintain a soundly financed and
collected at the source, pay-roll
"Everyone must certainly real¬ Y
well operated stock exchange.
taxes, and excise taxes.
I urge ize that a globe-encircling war
;
It will be recalled that commis¬
the Congress to give all these

St.

Louis

the

.

i

j'

.

.

.

•

such

proposals careful consideration.
Any ta-x is better than an imcontrolled price rise, Y; Y ,■,/■Yv

f-

of

Taxes

*;

i

at

.

be

role

rates

.

•

rate of taxation.

\.Y;/Y

an

emergency

we

the

j

years

opposed

struggling to

proper

preserve

in

of battle has

"The

*

living

Ex¬

need

in

cleared.

normal

found
for

ability which
parts to

and

taxes

'•

vinced

I

I

am

of

essential to
of the

obvious

too

the

(Sneclal

■

The

to

BOSTON,

Financial

J. Arthur

Warner &

Office Square.

Exchange

are,

.

.

no

as

ever

that they have

permanent place in the Fed¬
eral tax system.
In the face of

;

skeletons of stock

mere

.

exchanges remain in those countries where freedom has disap¬
peared, both in England and the
United

States

these

markets

are

!
present financial and eco- maintained as strong and - useful
Y nomic situation, / however, we institutions.* : Not even furious
bombardment
in
the
Cityof
*may later be compelled to re-

'

the

•

the

consider

neces-

London

YY;ff

temporary

the

•

'

"

sity of such measures.'
; Selective excise taxes

are

fre¬

quently useful for curtailing the

1

demand

goods,

and

semi-

luxuries

especially

They should be util-

luxuries.

t

consumers'

for

when 7 manufacture

of the

;

ized

j-

products competes-with the war
effort:
.

<)

'

,

worker is given his full money's

increased

in

caused

London

doubt that

change
here

there

and

to

be

any

reason

display

any *

less

The

Stock
Exchange,
London, is a living

in

symbol of the system of free en¬
terprise which typifies- our de-i
mocracy. ; It is a symbol * of our

social

faith

in the

future."

-

;

' ~

.

<<i

Facts Versus;Fears

An

;

interesting; pamphlet

bank stocks :entitled "Facts

T
on

versus

se¬

Fears," has been prepared for dis¬
tribution by F. L. Putnam & Co.,
Inc.,77
Franklin /' St.,
Boston,

1935 it has been planned to

the

crease
:

covered

number

of

in-

persons

and to provide protec-

against hazards not initially
included.
By expanding the

tion

•

advance the
organic development of our so-

program
s

now,

cial security
same'

time

we

system and at the
contribute to the

Mass.

Written* by Major Willis S.
Fitch, .Vice-President of F. YL.
Putnam

&

Co.,

Secretary of the Treasury Mor-

.

became

rison,

L.

Bl

...

.

his

,

as

(Special

The

to

Financial

DETROIT, MICH.

blower

&

Building.
ously

'

local

Weeks,

active

&

Beane.

Mr.

Co.

Iwhen his

tions

permanent and temporary dis¬
ability payments and hospital¬

bad

fm

F.

Inc.,

upon

request.

and

best

known
Bank

held

by financial institu¬
throughout the country.

Copies of the pamphlet
L.

Putnam

may

&

be

Co.,

MICH. —Denis

skidded

car

here.

the

Fleet

&

to The

Francis

Financial

Jilbert

McCoy

The

ciated with
West

Stock

Exchange,

&

the

Chronicle)

become
Mr.

Harry

J. Rothman, President of
firm, was convicted on Oct. 14,
1941, on a plea of gmlty to charges
of
violating the Securities Ex¬
change Act of 1934.
; )

r.

asso¬

Now Moncreiff & Tittle

Jilbert

(Special

formerly President of Jilbert
Mr. McCoy

with

was

office of Merrill

local

registration

York

the

George
Joseph Wil¬

Street.

Company.

he

of Harry J.
30 Broad Street,
City, , as a dealer and
broker in securities, was revoked
by the SEC on the ground that

King & Conrads, 317

State

tree

a

Rothman & Co.,

—

and

have

icy

an

Registration Revoked

also

was

'

(Special

on

W.

King & Gonrads Add
G. Jilberl & J. Mc6oy
ROCKFORD, ILL.

J.

Y*

injured

A former President of

Detroit

New

Y

Ex¬

'

formerly with W. E. Hutton & Co.

The

to

Financial

CHICAGO,

,

ILL.

Chromciej

Coincident

—

with the dissolution of Moncreiff,

Lynch,

Tittle &

Pierce, Fenner & Beane.

and

Co., W. Phillip Moncreiff

John

M.

have

Tittle

formed

Moncreiff & Tittle, a partnership,
with offices at 105 South La Salle

Knight Dickinson Retiring'

From Investment Field St.,
CHICAGO, ILL.-^Knight, Dick¬
inson & Co., 141. West Jackson
Boulevard, announce that after
22
years
of dealing in invest*ments in Chicago
it expects to
liquidate

its

few

next

business

months,

that
in

issues

The

funded

are as

which

will

be

Finance

Corp.,
Feb. 15,

Series R % % notes, dated

maturing Jan.
15, ,1942;
$236,476,200 Federal Farm Mort¬
gage Corp. 3% bonds, dated Jan.
15, 1935, maturing Jan. 15, 1947,
1939,

callable Jan.

15,

1942; $103,-

Federal Farm Mortgage
Corp. 2%% bonds, dated March 1,
1935, maturing March 1, 1947, but
callable March 1, 1942, and $426,-,
147,500

349,500 Treasury 1%% Series A
notes, dated June 15, 1937, and
maturing March 15, 1942.
The call for redemption of the
FFMC

two

bond

issues

reached

to

conduct
an
investment
business.
The firm

was

re¬

•

because

ably.

ness.
:.

their

L.

nounce

title

the

New

and

department

real

of

direction of Edward Veron.

partnership in Riter & Co.,
48 Wall St„ New York City, mem¬

that

bers of the New York

a

the

Stock

Ex¬

operate

plans, but it is

un¬

of them

will

some

INDEX

the investment busi¬

(Continued From First Page)

Y'Y'.
|';

y
■

Real Estate Securities

■

Miscellaneous

!

•->

/■■

:

•:

President's

To Yield

10% And Better

Seligman, Lubetkin & Co., Inc.,
41 Broad Street, New York City,
members

of

the

York

New

Se¬

I

Page

.

Budget Message.........

Over-the-Counter

Dealers

Unite

,..

Churchill
Insured

To

Congress
& Loan

Savings
in

tions

Small

have
interesting recommendations and
curity

Dealers

statistics
York
many

10%

available

current

Information

better.

recommendations

request

upon

Lubetkin

&

Co.

by
The

most complete files
real

sound New

on

City real estate securities,
of which are priced to yield
or

sent

Association,

Unit

in

Commerce

Priorities.............
Regulatory Legislation in Canada.,
Inventories, Unfilled Orders........
Cuban Bond Payment..............
'December

firm

Farm

Churchill

Loft

Prices.............

Ottawa..

at

has

3,000

estate issues.

bers

in

Chamber

S.

War

Service

Endorses

Aldrich
War

New

Powers

in

Stock

become

partner

York

Exchanges.

Mr. Burton has

been associated with
land

a

Kirkland & Co., 1421
St.,
members
of the
and
Philadelphia

Jenks,

New

has

&

Co.

thereto he

was

since

Jenks, Kirk¬
•

1940;

prior

sales manager for

Bioren & Co. and in the past was
with Blyth & Co., Inc.

.

114

Associations 114

Coffee

Auction

Burton

Report
113
.—.7777-113

Bill..

Saving® & Loan
Ceiling
Hungary Pays

Green

Jenks, Kirkland Partner

110

112
112

113

Byrd

Dead... .ttt.

Fewer

r

110
Ill

.....

Building
Service
Employes "
Wages, Hours Act
....113
Enlarges Privileges of Mem¬

NYSE

R.

Harvey Burton Becomes

109
110
110

Under

Seligman,

on over

109

Widens

and Report of Byrd Committee.....,.;.
.Rent Control in Washington

will be

97
103

Associa¬

1941.108

Business

OPM

97

Must

Dept.

PHILADELPHIA, PA.—Harvey

estate

under

felt

was

W. Feick will be admit¬

ted to

London

Stock

114
.114

Sales

Farm

Co.,
50
City, an¬

establishment

certificate

security

&

York

the

•

Y

For Sherman

Sherman

D.

sto

.

Chestnut

Broadway,

Riter To Admit Feick Y
Lewis

decision

a

brokers for clients.

as

profit-, change and other leading national
Officers of the firm did not exchanges.

continue

not

L.

New Dept.

it

within

will also act

under present conditions it could

re¬

follows: $310,090,000

Reconstruction

tabulation of

Boston

the
coverage
of old-age and
survivors' insurance, addition of

York

record

Stock

pavement and crashed into

I near

Fenner

and

Van

continue

•

and

New
stocks

a

the

of

previ¬
E.

was

for

manager

Hutton

Morganthau also said that the
Treasury does not plan any "new
money!' financing during January,
since the record sales of defense
bonds and stamps are building up
the Treasury's balance.

Edward Veron To Manage

current

Harrison served

Mr.

Governor

(was in the past an officer of Kean,
Higbie & Co., later forming Alison
Penobscot & Co. with N. Bradley Higbie, Jr.

Mr. Bennett

derstood

will

at

death.
a

Bennett and Charles L. Van Fleet

of Jan.

continue

with this firm
Henderson,
Co., up to the time Of

D. J. Alison Killed

Howard

—

he

successor,

DETROIT,

1

Chronicle)

have become affiliated with Horn-

Mr.

Treasury issues.

*

more

1912

change from 1906 to 1910.

iM

UpRllf&lt ** Wan Float
fh B&IS S BCCI
V-

into regular

1, 1942, page 29.

the

In

HornbBower-Weeks Add ^u®?ni,fiartner in.Yon
Buhl Bldg., was fatally

reveal

ferred to in these columns

lowp and contains

its

Harrison &

Co., 10 Post

Mr. Mills was for¬

offices.

a

continuing

and

with

burn & Middlebrook and Sweeney
Brainard & Co.

„

banking

Hoffman

von

partner in the Stock
Exchange firm of Halsted & Har¬

merly proprietor of Mills & Co.,
and prior thereto was with Co-

genthau announced on Jan. 5 that
week the Treasury plans to
refund four outstanding issues of
direct and guaranteed government
securities, totaling $1,076,063,200,
next

the booklet dis¬
cusses
the problem of whether
high-yielding bank stocks, fav¬
ored
by- institutional investors,

anti-inflationary program.
I recommend an increase in




/

but

curity.
From the inception of
the social security program in

-..

Over $1,000,000,000
'
Of Government Issues

;

r:

New York Ex¬

our

would

fortitude.

of

Exchange

•

is

nor

doors

the

,

•:*;•

Pay-roll Taxes and the Social
Security Program—I oppose the
use of pay-roll taxes as a meas¬
ure
of war finance unless the
worth

has

closed—
to

'

also

successful financing
effort.
* -Y
:
Y

York

L.

& Co.,
serving in the firm's London and

!

Chroniclej

MASS.—Arnold

Mills has become associated

adjustment in rates.

Treasury To Refund

the

present,

a

war

"While

.

con-

as

an

has been
advisable

international

of

management

repeating.) In the abnor¬

times

facilities of the

of the depression I
general ' excise
and

Exchange-im?

securities is

need

to

mal

the

and

necessary

to make

pro-

a

and

firm

commensurate

with value received, it

healthy securities market and
for x the
element
of
market¬

measure.

There-

fore, in order to render

a

con¬

substantial

a

revenues.

fessional service

.

'

sales

in

decrease
■

the

times

business,

first associated with the firm

was

New

was

increase

not

of

Exchange

was

J. Arthur Warner Go.

:

liam

sequently it meant

will

when

last

reduced

were

Stock

was

trage

did

*

■.

worth ;

•

smoke

help combat inflation; its
repeal in a post-war period may
help restore an increased flow
of consumers' purchasing power,
/
Excisev Taxes —All
through

t

its

assume

rates

Mr.

member

a

Born in Elk Hill, Va.,
graduated from the Uni¬
versity of Virginia and then came
to New York City.
Mr. Harrison

Arnold L. Mills With 1

August at a time when almost
everything else was rising in
cost.
* This reduction in rates

in

are

be

It may

v

prepared to

lutely certain that the democracy

Any such tax should be con¬
sidered

sion

bring about
changes.

;

economic

achieving, a-desirable re¬
adjustment and to.make abso¬

adoption of a variety of measures, each involving a moderate

•

will

are

we

;

anti-inflationary

hardship
in
individual
cases and may have undesirable
economic repercussions.
These
can
be
mitigated by
timely

.

which

American business therefore must

spell

.

engaged

now

in

one

inevitable

excessive

an

character

the

as

been

York

old.

years

,

.

i,

bti

had

New

Harrison &
29, in Tucsoii,

Dec.

since 1897.

he

,

>

was

formerly President of
Price, McCormick & Co. and
of D'Oench, Duhme & Co.
| " later became a
partner in the arbi¬

Exchange

rates

the

of

change,

on

He

Harrison

Exchanges, and other lead¬
exchanges.
Mr. Duhme,' a

member*

permitted to follow the mini¬

dealt

of the ad¬

some

associated

coniorm

the

j

Henderson,

Ariz.

&

to

Governmental regu¬

self-control.

and

consumers

become

of

C6., died

Stock

*

;

has

Reinholdt

firm

Cnroniciei

Herman

—

in

places the' rates slightly
higher than those existing prior
to Aug. -11, 1941.
The Exchange

■

)

.Financial

Gardner, 400
Locust St., members of the New
York,
St.
Louis
and
Chicago

.

i

Duhme
with

The

to

LOUIS, MO.

which

program

'-•*

ST.

a

page 623. ••
of. the "/Advertising
Club „on ; The following regarding the
started is no reason to tXcHX *7
'**
'r '
*■
'
'•v-vV'iV"\ &
rates which became effective on
exempt them now.
UnreasonIn
his* address 1 Mr.
Schram
Jan. 2 is from San Francisco ad¬
able profits are not necessary to
said:
"It should be the resolve
vices, mat day, to- the New York
obtain maximum production and
of every citizen to go on with his
economical management,* Under
['Times" of Jan. 3;
particular task;
The war will
Minimum
commission
rates
war conditions the country canbe won only if our economy func¬
not tolerate un „ue profits.
f ; on stocks selling at $1 to $2 a
tions efficiently. ^
:.
/
! s share are $5 a hundred, or 10
*'
*
*
/../:>./
Y "Governmental- controls in the
cents a share for odd lots.
Fees
A well-balanced tax program
past have resulted from the un¬
on
shares selling between $100
must include measures which
willingness or inability of various
and $110 are $36, or 41 cents a
combat inflation.
Such meas- segments of our national economy
share on odd lots.
On individu¬
ures should absorb some of the
to
exercise
self-discipline
and
al transactions involving $50 or
additional purchasing power of

large profits before the defense

;

Obituary

Bernard J. Harrison, partner in
the New York Stock
Excnange

Reinholdt & Gardner
(Spwtitti

Ex¬

Jan. 2 put into effect

on

meeting

luncheon

the

at

Francisco

of maintaining on another national securities ex¬
markets essen¬
change where the same security is

The importance

pro-

/-Y: }

*

change

mum

the

*

.

San

Under the

Y For Free Exchanges

my

"Y]'

gram.

•

The

of

In

finance

on war

outline

broad

tne

to

■

future..

near

Social Se¬

I estimate that the

would provide a total of $9,000,000,000 in the fiscal year 1943.
U
Specific proposals' to accomplish this ena will be trans¬

!

f

during the fiscal year

1943.

:

*.'■; "/j.-.-'YrYYy

*

Herman Duhme Joins

Ups Commission Rates
t

as

soon

as

San Francisco S. L

expansion of I

»unemployment compensation in
a
uniform • national system.;; I

-j'//'
..

|.

programs vand

liberalization and

i

I

payments; beyond .the

-present' benefit

.

127

114

Exchange...

Purchase

Loan

114

Repayments.

1942

Sugar Quotas
Chicago Loan Bank

116
116

October

Home

Financing
116
English Financial Market
116
Reserve Bank Appointments...
117
Higher Prices For Apartment Houses
Foreseen
Aid

".

117

to

The Philippines....
117
Industry Reports
118
Chicago Reserve Bank Chairman... 118
SEC

On

Road

to

Prenarednep.s

119

Treasury Bill Offering—Results
Campaign Against Higher Prices

119

Dyer Sugar Index

119

119

Thursday, January 8, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

128

Laird, Bissell & Meeds
WITH

BIDS MADE ON BONDS

REMEMBER

will

Actual Trading

OR

become

Markets in

other

MUTILATED

Over-The-Counter Securities

DIgby

Phone

Teletype N. Y.

4-4832

CaU

New York

40 Exchange PI.,

thereto

1-1779

V.-P. Of Hugh W. Long

INCORPORATED

-

Enterprise 60(15

2-3600

'

telephone

hartford

Enterprise

•

Of Harriman

.

BELL TELETYPE

PHILADELPHIA TELEPHONE

TELEPHONE

REctor

NEW-YORK

pont

Enterprise 1250

This

Tuesday, Jan. 6.
Mr. Ripley, who now becomes

Stocks, Inc.,
Fundamental

the

Investors, Inc.,

tion

Investors

Inc.,

C.,

have

1

A

the

company

The

INDUSTRIAL & REORGANIZATION

midwest-

er as
ern

vice

SECURITIES

presi¬

dent.
M

with
Stoner

r.

has been

in

ciated

tribution
the -issues

Bonis

Stoner

A.

in charge

now

of

one

manager

He

of the

25 BROAD

is

com¬

;

.

V.--

•

'

New York Stock
New York Curb

Mar.

Exchange

New York Cotton

-•

ViCe-President

r

Exchange

New Orleans Cotton

In

Mullaney, Ross & Company, 135
South La Salle Street, as a Vice-

NEW

Building

ORLEANS.

to that firm

with

F. W.

Announce Name Now
F. W. Macdonafd & Go.

been

ces

was

associated with the Chase

charged to F. W. Macdonald
The firm maintains offi¬

Co.

T. E. Joiner &

he

ALA.

nental

in

the

Royal Bank Building,

Toronto, and at 41 Broad
York City.

St., New

to

affiliated

The

Financial

Chronicle)

(Special

Financial

to The

Chronicle)

Schreiber, Jr., has

become

A.
asso¬

ciated with Edward D. Dail &

Olive St.

408

•

MO.—John

LOUIS,

Mr.

Schreiber

a

of the Dry

is

and

tion

Chairman

b

N.

Beebe

has

With Wheeler & Woolfolk

manager

folk,

with

Inc.,

members

of their bond depart¬

Stock

ment.

Wheeler

Whitney

of

the

New

as¬

Wool-

&

and

of

Oliver, Settle Manage
Beckett Gilbert Dept.

-

g

United

the

P.

Ripley

He

as

then

a

bert

of
Bank
for

n

Navy.

Mr.
Joseph

TEX.—Beckett, Gil¬
Inc., First National
Building, have announced
that their Corporate Trading De¬
partment will be under the man¬
agement of Allen L. Oliver, Jr.,
and Halsey M. Settle, Jr.
:
Mr. Oliver has been with the
firm for over two years. Mr. Set¬
tle
was
associated with Hornblower & Weeks, New York, for
DALLAS,

the

in

States

Ripley

was

graduated
Cornell

mechanical engineer.

became

with

associated

&

Co.,

of J. G.
White & Co., leaving that con¬ five years before joining
nection ten years later to go with Gilbert & Co., Inc., six
H
the investment banking house of ago.
the

ORLEANS, LA.—F. Wes¬

sociated

Stillman & Co., 14 Wall
Street, New York City, members
of the New York Stock Exchange,
Evans,

as

Chronicle)

ley Gleason, Jr., has become

joined

Vice-President

the Finance Com¬
mittee of the Beekman Hospital.

now

e n

warships

in 1912

William

is

i 1 d i

u

'from

Financial

Philadelphia

Corporation. He is a Trustee
Dock Savings Institu¬

ucts

the

of

| gaged

,

The

director of

Di¬

of

actively

Humphrey & Galbraith.

'Sn°clalto

and in charge
Department.
Mr.

Reading Coal & Iron Company,
and the National Distillers Prod¬

the

of

which

Company and prior thereto was
in charge of bank and insurance

NEW

Vice-President of

&

[this shipyard

with

stocks for

a

its Railroad

Davis is

field, Mr. Rip¬
ley is Chair-

Phila¬
' He
played an im¬
portant part in
the opening of

Holt, Robbins &
Company, Porter Building.
Mr.
Humphrey was previously Secre¬
tary of Hughes, Humphrey &

Evans, Stillman Dept.

ST.

of

pany,

PORTLAND, ORE. -— Frank
Warren
Humphrey has become

W. N. Beebe To Manage

John A. Schreiber, Jr.
With Edward Dail & Co.

was

resigned in

delphia.

Holt, Bobbins & Co.

Corporation and the
department of the Conti¬
National Bank.

he

1934

in the

rectors

Securities
bond

of the

from

and

Company

City

January, 1919 until he
The City Company

Board

Humphrey Joins

(Special

&

Co., Inc., for sev¬
and earlier in his career

tional

Cramp S h i p-

Shields & Company he was with
eral years

was

Ibuilding Com¬

Effective Jan. 2, upon the re¬
he has
been
tirement from the firm of Alfred
manager of the institutional advis¬
ory department.
Mr. Wells has W. Bunting, the name of Macbeen in the investment business donald & Bunting, members of
in Chicago since Nov. 11, 1918. the Toronto Stock Exchange, has

association

became

that

his work

investment banking

LA/PRIVATE WIRES BIRMINGHAM.

where

his

to

Brown-Marx Building

from the local office of Shields &

to

addition

C.

Wells has become associated with

Prior

to

he

nan

Maritime

Mullaney-Ross V.-P.

Company,

26, 1940.

charge

in

of

Stock Exchange
Early in 1917 he
associated with The Na¬
York

New

in 1914 and 1915.

Denartment.

Buying

Exchange

New York Produce Exchange

C. G. Wells Becomes

the

Co.; in

He was a member

1906.

June

the

&

Gardiner

Plympton,

time

Exchange

investment

tne

Prior

Pierpont V. Davis

Yale in 1905,
associated withbanking firm of

from

Mr. Davis became

company since

of

•••/K'Vr'v.:.'''■

Graduated

He

of

of

Director

a

pany.^

ior Vice-Pres¬

Chicago Board of Trade

comes

Ripley &

has been Sen¬
1-804

Commodity Exchange Inc.

ILL.—Charles

a

of

formation.

Bell Teletype NY

Members

Salle Street.

He

Mr. Ripley is
United Air
Direc¬ Lines Transport Corporation and
Harri¬ West Virginia Pulp & Paper Com¬

Co., Inc., since
the company's

gTEINER, pOUSE & QOMPANY

Colorado, Illinois,

quarters in Chicago, 208 South La

President.

also

ident

Kansas, Louisiana, Michigan, Min¬
nesota, Missouri, Nebraska, Okla¬
homa, Tennessee and Texas.He has been making his head¬

CHICAGO,

Co., Incorporated.

man

'

STREET, NEW YORK CITY

Telephone WHitehall 4-6830

pany's largest markets embracing
all or sections of the following
states: Arkansas,

>;

In Our Main Office

Com¬

1936.

the

has

tor

since

pany

of

been

formerly of E. S. Ladin & Co.

o f
of

,

an

company,

LADIN

EDWARD S.

MR.

the

wholesale dis¬

Long

changed cepted

Harriman

ident
asso¬

In the

1923.

company

was

to

election of

Louis A. Ston¬

Co., Inc., of
Secretary in

&

spring of 1925 he ac¬
offer from The National
City Company (later The City
Ripley & Co., Company of New York, Inc.), and
Inc., effective was Executive Vice-President of
Jan. 1, 1939.
that Company when he resigned in
/ Mr.
Davis, 1934 to head the Company which
the new Pres¬ later became Harriman Ripley' &

the

of

name

Harriman

A.

which he was elected

1934.

16,

June

on

\

Department To Deal In

of

Chairman, has been President

its organiza-^Harriman & Co., W.

since

Brown

as

Incorporated,

The Opening Of

We Are Pleased To Announce

an¬

nounced

Ripley & Co.,

Ripley has been advanced to

boston telephone

6425

Incorporated, announces that Joseph P.
the office of Chairman and that PierV. Davis has been promoted to be President of the company.
action was taken by the Board of Directors of the company on

Harriman

1-576

new york

York

Fund

1-1397

Y.

N.

Teletype

partner in Munds,

HAnover 2-8780

N.Y.

Ripley Named Chairman, P. V. Davis, Pres.
Ripley & Go., Incorporated

Jos.

Security Dealers Association

STREET,

NASSAU

45

Hugh W. Long and Company,
Incorporated, 15 Exchange Place,
Jersey City, national distributors
of
Manhattan Bond Fund, Inc.,

and

Dealers Ass'n

Members N. Y. Security
25 Broacl St.,

& Company

Kobbe, Gearhart
>

Members New York

New

M.S. WiEN & CO.

a

prior

and

years,
a

was

for

Winslow & Potter. *

Louis Stoner Elected
,

of

number

City

York

New

Broadway

120

at

Zinc

Ext'l Bonds

Mexican Internal &

connected

been

firm's

the

office

S. H. JUNGER CO.

has

Carmichael
with

Inquiries Invited

i

Cigar-Whelan
Wallower

Evans

Mr.

Exchanges.

leading

Mfg. Co.

Merrimac

United

and

Exchange

Stock

York

New

World's Fair 4s, 1941

members of the

Bissell & Meeds,

Airlines, Pfd.

American

partner in Laird,

a

preferred) ■'

&

(common

15, George Carmichael

Jan.

On

For

COUPONS MISSING

Merck & Co., Inc.

V

Will Admit Garmichael

..

engineering

firm

Beckett,
months

Building,
Orleans

Exchange.

"

\

This

is neither

announcement

Co.,

;.!/•

'

solicitation
is made

offer to sell, nor a

an

of such stock. The offering
! onh by the Prospectus.

of offers to buy,

any

was

All of these shares having

formerly in business as an indi¬

as

vidual dealer in securities.

Inquiries Invited
chicago traction securities

Eagle Lock Co.

been sold, this advertisement appears

matter

of record only.

60,000 Shares

R. Hoe & Co.
COMMON

a

chicago real estate securities

COLUMBIA AIRCRAFT
(A New Jersey

I'ROIH CTS, INC.

Corporation)

'

•

Common Slock
$1

Par Value

American Hair & Felt
Price

$1.05 per share

•

Fuller, Cruttenden & Company
Members Chicago

New

York

Stock

Exchange

be obtained from

FLOYD D. CERE

hay, fales & co.
Members

Copies of the Prospectus may

Stock Exchange

I20 South La Salle

St., Chicago

•

Telephone Dea 0500

•

Teletype CG-35

120 SOUTH LA SALLE

STREET

the undersigned.

COMPANY
CHICAGO
:

71

Broadway, N. Y. BOwling Green 9-7030
w

Bell

Teletype

HTY




1-61

i