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2194a
3ul
Final
Edition
ESTABLISHED OVER 100 YEARS
In
2 Sections-Section
1
ommetciaL an
S. Pat. Office
Reg. U.
15&
Volume
Number 4190
New
Peacetime Prospects Oi
The Chemical Industry
i
By CHARLES A. HIGGINS
President, Hercules Powder Co.,
Wilmington, Del.
T, Many
the
to
period variously as the
plastics, the age of the
electronics, the age of synthetics
V
—actually, the
-
future will be
essentially
an
of change.
In
period
sweeping
changes,,
the
chemical ^in¬
o
dustry is par¬
f equipped
t o
survive and to
for
the very word
;"chem istry?
prosper,
connotes
change.:*v Industry/: in
'general should
on
such
older
witness
the
o
p
ments
laboratories
Broadcasting Company's Univer¬
sity of the Air
"we must also have
its
weekly
synthetic
"For
character-.
We
of
Lamont
can
"
i
industry
on page
—
of
upon
17)
section
devoted
clusively to Pennsylvania
ex¬
cor¬
porate and municipal securities
on
6.
page
a
rationed
which
commodity
be
others
to
again
"
blunders"
trade
promotive
He added that "this job
Mr.
Roos
address¬
were
ed to the Con¬
trollers
Con¬
of
gress
the
National
i
n
have
after
shall
that
victory
Thomas W. Lamont
number
00
,
obligation is to
see that justice is done to all the
peoples and countries which have
one
on
we
Re¬
"This
war
trading policies that are
fair
to
all people."
He added
that the policy of reciprocal trade
agreements "can lay a solid foun¬
are
for
the
four
freedoms
we
fighting for."
Mr. Johnston declared that if
AND CONSTRUCTION
we
£
has
peradventure
we
establish
dealing
to
P 1
Powerful
as
our
shown
that
contribute
cannot
freedom* unless
it.
At home
freedom only because
for
pay
beyond
we
to
the
as
we
enjoy
we
citizen^
support
of
the state, to its power to maintain
order and justice. In precisely the
same
way
among
as
citizen
a
other nations
undertake
we
nation
have to
certain
responsibilities
that go with freedom.
"What, then, is our responsi¬
bility in matters of world trade,
(Continued on page 19)
a
the
were
o
7
the
in circulation,
and anti-inflation methods, as to
which latter he said, "there are
probably nearly as many methods
proposed for controlling inflation
there
economists
are
busi¬
or
political leaders who have
studied
the
problems."
"Many
ness
STEEL
Buy
"have
on
inflation,"
he
urged forced savings
cure
for inflation, but,"
"if it
were
tion
would
entire
noted,
war
as
a
demand,
supply."
in
address
far
that "nothing offered
by Government that is po¬
litically feasible will prevent the
price-level from rising," and he
"many of the problems
facing retailers after the war will
noted that
be associated with
levels."
•,
changing price
'
■
•
The address of Mr. Roos follows
in full:
<
.
•
(Continued
•"
\
„
on page
.
,
12)
INDEX
Bank
and
Insurance
Broker-Dealer
Calendar
of
Stocks.'....../. 17
Personnel
New
Items......
Investment
Trusts
Our Reporter On
Governments...... 16
.3.
Securities
Estate
Securities
5
.
Securities,........ 21
Salesman's
Corner........
14
Tomorrow's Markets •—Walter Whyte
Says
14
he said,
be to pay for the
out of current income."
"This," he went
on
to say, "would
CHASE
THE
SERIES
Bond
Brokerage
ENGINEERSand CONSTRUCTORS
OF THE CITY OF NEW YORK
1-20
§
individual aeries of
R.H. Johnson &Co.
52 WILLIAM STREET
Established
INVESTMENT
San Francisco
64 Wall
*
1927
NEW
YORKSJOCKS, INC,
Prospectus
SECURITIES
HUGH
W.
PHILADELPHIA
Albany
Buffalo
Pittsburgh
Williamsport
Troy
Syracuse
;
,v]
\v
'i-1
Service
Broaden your customer
for Banks, Brokers
service with Chase
and Dealers
-
Street, New York 5
BOSTON
"
on
LONG
Request
and
COMPANY
correspondent
Hardy&Co.
Members New
York Stock Exchange
Members New
York Curb Exchange
INCORPORATED
15 EXCHANGE PLACE
634 SO. SPRING ST.
JERSEY CITY
LOS ANGELES
Dallas
30 Broad St.
New York 4
Tel. DIgby 4-8400
facilities
Member
Federal
Tele. NY 1-733
Deposit Insurance
Corporation
v
1856
H. Hentz & Co.
Actual Trading Markets, always
Members
New
York
Stock
Exchange
New
York
Curb
j Exchange
New
York
Commodity
Chicago
New
Orleans
And
Cotton
Cotton
other
a
wide range
Illinois Iowa
Stokely Bros. & Co.
of
Power Company
Exchange
Exchange,
Board
in
of
5% PREFERRED
Over-The' Counter
Inc.
Trade
Preferred
Exchange
Securities
Exchanges
Dividend
Bought—Sold—Quoted
v
Arrears
Common
N.
Y.
Cotton
NEW
CHICAGO
Exchange Bldg.
YORK
DETROIT
GENEVA.
4, N. Y.
PITTSBURGH
REYNOLDS & CO.
INCORPORATED
Members
45
Tel.
SWITZERLAND
HART SMITH & CO.
Kobbe', Gearhart & Co.
N.
Y.
Nassau
REctor
Security
Street
2-3600
Dealers
Ass'n
New York
Teletype N. Y. 1-576
Philadelphia Telephone:
Enterprise 6015
Members
120
New
York
Stock
Exchange
Broadway, New York 5, N. Y
Members
New
Bell Teletype
Telephone: REctor 2-7400
Bell
Teletype
NY
1-635
York Security Dealers Assn.
52 WILLIAM ST., N. Y. 5
New York
i
HAnovcr 2-0980
NY 1-395
Montreal
Toronto
ira haupt & co.
Members
New
111 Broadway
t
8
21
Our Reporter's Report
Real
:
9
......
Municipal NewS and Notes..
Railroad
4
Security Flotations 23
Securities
Canadian
r'<i
WAR BONDS
Sanderson & Porter
Established
hence
civilian
feasible, the ideal solu¬
MANAGEMENT PROBLEMS
FINANCING and VALUATIONS
NEW YORK
so
or
writers
solu¬
Mr. Roos made the statement in
/:
his
dis¬
the rapid in¬
of currency
crease
a
purchas¬
to bring disposable
as
and
with
Such
NATIONAL BANK
REPORTS
In connection with
Chicago
power
line
f
also 0.
SURVEYS AND
ing
equal
nning
matters
cussed therein
as
"The
Govern¬
decrease
so
Retailer."
Among
Dr. Charles F. Roos
total
with
Problems
be
the
to
would
"Postwar
post-war world is de¬
the increase.
Never
dare
address
an
in
may be, she can never,
by her own force alone, insure
herself against war.
trade
Watson stated
that this country "should help to
series
here
of responsibility
.'.'Americans
Wartime
tion
Conference, in
America
maintain
Mr.
this
that
isolationists: again.
and experienced such untold suf¬
fering and misery." Praising Sec¬
retary of State Hull's reciprocal
policy,
in
clear
a sense
the
cidedly
achieved
s
"our
broadcasts
made
to
as
Watson
7
*
America
the
asserted
1
"The
.
war.
Mr.
giving the remarks of
are
r
taxes
pay-as-you-go
amount
income,
of
should be the
in
rationed."
The remarks
jagged rocks and
logs is not merely the job
mean
scarce,
and
therefore
likely to be
are,
pro¬
Mr» Lamont's Remarks
policies
following
last
We
7
lossal
o
c
and
:•
.
ment expenditures..
growing
are
job of Government in the closest
cooperative
relationship
with
business and industry."
country
never
dation
QUICK ACTION ON DESIGN
<
lasting inter¬
trade
of Government.: It
olationist"
s
over
keeping the channels of world
sunken
that
stated
this
is
war
demand from the
trade cleared of
Fight."
i
products
Pennsylvania
Corporates-Municipals
starts
and
This
Mr.
the
national trade relations of
ductive
received such inhuman treatment
Special
when
relations
series
industries—
of
resins—all
(Continued
?
lasting peaceful world
are
■•■■■
effect," he went
"is to shift the
its
effect
chemical
to have
participated in a sym¬
posium produced by the National
in
first
*-——
vOy'':\
■
(the ration coupon) for the excessive ordinary money."
on to say/*>———
money
business ♦>—-
with:
1
fibers, high octane gasoline, and
synthetic
of
leaders
against the
established
the
three
closely the de-
revolutionary effect
a
The
and finance
tail Dry Goods
Association, at
because the products of the chem¬
ical industry have had in many
cases
of the United States.
merce
the several speakers in full, here¬
chemical
our
Inc.; Thomas J. Watson, President of the International Business Ma¬
chines Co., and Eric. Johnston, President of the Chamber of Com¬
■
"price fixing discourages production and so brings about
the need for its corollary—rationing," was the observation made last
month by Charles F. Roos, President of the Econometric Institute,
Inc., of New York City, who further stated that "in its utmost sim¬
plicity rationing represents an attempt to substitute a scarce super-
warned
v e
from
the preservation of peaceful relations was advocated on June 26 by
Thomas W. Lamont, Chairman of the Board of J. P. Morgan & Co.,
■
That
very
follow
Charles A. Higgins
;.:.r-7/- ■'/'•v
The development of world trade as of paramount importance for
.
a
f
ticularly well-
:
Copy
Controlling Inflation
Participate In NBC Symposium
of
age
a
"Peace Through World Trade"... Price Fixing Curbs Production And
Removal oi Trade Barriers Urged Leads To Rationing Says Dr. Roos
postwar
age
Price 60 Cents
Thomas Lamont^ Eric Johnston and Thomas J. Watson Paying for War Out of Income Called Ideal Method of
refer
observers
York, N. Y., Thursday, July 1, 1943
York Stock
Exchange
REctor 2-3100
Teletype NY 1-1920
<
.
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, July 1, 1943 '
m
■Trading Markets in::
Z
,
We Maintain Active Markets
Peoples Light & Power
■/
\
Great Amer. Industries
Residual Certificates
Bought
Members N. Y. Stock Exchange
Ass'n
'
Teletype'
*
'
1
New
,"| V/A' '>,v »/•'
Quoted
—
' '
K
Members
"V !
*
*\n r,',J
)'
Members New York Stock' Exchange
'
1
,
25 Broad
York 'Stock Exchange
St., New York 4, N. Y.
NY 1-1557
New York Curb Exchange
NEW YORK 6, N. Y.:
Telephone BArclay 7-01OO f
BELL TELETYPE NY 1-423
"
and Other Principal Exchanges
115 BROADWAY
HA 2-2772
PI., N.Y.
Sold
—
tyC PONNELL & fo. Steiner, Rouse & Co.
Goodbody & Co.
j
Dealers
Security
York
New
40 Exchange
1971
3s,
,
CANADIAN BANKS
KING & KING
1920
WyomingVy. Pub. Senr.
■**when issued'*
CANADIAN RAILS
:
,
Birmingham Gas.
New Common
CANADIAN MINES
United Gas Improvement
Members
Philadelphia Electric
CANADIAN UTILITIES
Chic. & South'n Airlines
Established
Alabama Mills
for
CANADIAN INDUSTRIALS
Common
'
120 BROADWAY, NEW
l^JY' ,1-072^
YORK
REctor 2-781S
Tel.
a
New Orleans,ta.-Birmingham, Ala.
v
Direct wirer to
Firm Name Is Now
Banking Industry Will Have Vast
Financing Responsibilities After The War Allman, Moreland Go.
our
branch offices
Investment
Cons. Machine Tool, units
White Rock, 1st
Pfd.
Four
Internat'l Textbook
lic
Spokane Internat'l
on
escrow
mated at
the
Mitchell & Company
a
basis
created
Stock Exchange
Baltimore
Members
These
June 27.
by
Bell
by
war
Teletype N. Y. 1-1227
pres¬
"u
n
p r e c e-
All "Inactive"
new
Bonds & Stocks
■ debt, and
•
Asso¬
The
ciation
Value
out
points
that
of
fuller report
a
clearer
when
estimates
possible,
George A. Rogers & Co., Inc.
'
jJNIewY^^
W. L. Douglas
Common
f
Percy M. Stewart
&
Inc.
Shoe
,
,
Study
offered
few
J'*■
L,
-
Ltg.
Street, New York 5
Telephone: WHitehall 3-1223
Teletype NY 1-1843
Assoc. Gas & Elec.
BONDS
Cities Service Co.
Sugar
the
6's, 1955
members
both
of
houses
of
Congress, follows:
York Cora.
"Securities and Exchange Com¬
and the Acts re: under
WHEN ISSUED
mission
wjiich it operates, i.e., Securities
SreeueaaComporu^
Dealers Assn.
Street, New York 5, N. Y.
Tel.
Bell
HAnover
Teletypes—NY
2-4850
1-1126
&
<
•'
I
^
-
* V\.
*
tion;':.
1127
Act of 1933 and the Securities Ex¬
change Act of 1934.
"You
no
doubt
are
familiar with
the matters pertaining to the sub-
j ect Commission
now
"In
pending be-
fore the House Committee
on
For-
deceived.
other
words,
the
only
securities which may be traded in
eign and Interstate Commerce and
(Continued
on page
8)
as
continue
Ph. & Read. C. & I. 5s & 6s
Chicago & N. W. 444s, 1949
D. L de Wiliers & Coj
120
We
executive
of
months
which posi¬
offer, subject to prior sale
5s, 1968 at 92 Vz
Moreland
Mr.
been with the firm
sales
as
$10,000 Peoples Gas of N. J.
several
Everham
Mr.
ago.
man¬
$10,000 Johnstown Traction
4s, 1962, Ser. A, at 61
since 1938, at which time his
former company of Wm. M. Lee &
Co.
consolidated
with Allman,
Moreland is the
Everham & Co.
Robert C. Mayer&Co., Inc.
firm member of the Detroit Stock
Established 1915
Exchange and has served on sev¬
eral Exchange Committees.
30 Pine Street, New York 5
He is
Telephone DIgby 4-7900
past President of Detroit Chapter,
Institute
of
Banking
and has been 'active in public ed¬
Bell Systeni
American
ucation work with this organiza¬
and
Bankers
Investment
the
also
Mr.
Association.
Detroit
and
Michigan
elected
Commissioner
a
Vice-
as
He
also recently
was
of
the
Village of Grosse Pointe Park.
Garlmsn AndWilson
Secretary
continue
as
will
and
Treasurer
and
Josephthal
the
also
Office
Manager.
branch offices
are
120 Broad¬
New
and other
and
leading Exchanges,
James
S.
Wilson,
who have
admitted
years, have been
general partners.
many
office,
maintained
in
Now Blickensderfer Co.
■
Battle Creek and Lansing and the
firm
has
a
representative
in
Muskegon.
(Special to The Financial Chronicle)
LOS
old V.
of
ghronicle" of June 24.
L S. Kerr Boa Will
H.
offices
Blickensderfer
V.
is
Blickensderfer
at 523
do-11
now
name
Co.
with!
West Sixth Street.!
Harry Press In New
Admit Lewis Kerr ilh
,
ANGELES, CALIF.—Har¬
Change of the firm's name was
ing business under the firm
previously- reported in the "Fi¬
nancial
an¬
that Mortimer J. Gartman
been associated with their firm for
as
In addition to its Detroit
& Co.,
New York City, members of
York Stock
Exchange
way,
nounce
Edmund F. Kristensen has been
elected
Teletype NY 1-1790
Josephthaf Go. Admits
More-
currently serving the Se¬
Traders
Association of
President.
.
51/2S, 1960 at 96
has
ager
tion
I
Teletype NY 1-2361
$10,000 Peoples Gas of N. J.
tion he has held since the resig¬
nation
I
Broadway; New ' York
REctor 2-7634
Vice-Presi¬
as
head of the company,
place,
a-large
percentage of the securities pur¬
chased by the public every day
are barfed' from being traded on
the supervised stock exchanges?These exchanges are the natural
markets of record, have a definite
commission schedule, and are so
regulated that the public cannot
be
IGN 1st 6s, 1952
-■
-
Moreland,
dent, will
the Baltimore Stock Exchange,
in any public or private
while by congressional Act
'.
v'
Paul I.
curities
appealed to members of Congress to correct the situation which
permits the over-the-counter market to trade in all listed and un¬
listed securities while the supervised stock exchanges are restricted
in their trading privileges.
Mr. Taylor said that "unless appropriate
action is taken permitting all regional exchanges to trade in any and
all securities, whether listed or
Unlisted,
on
these
exchanges also before the Senate Committee
which afford the only market of on
Banking
and
Currency—in
record with proper supervision for particular, the Proxy Rules, but,
the protection of the public, it is are you familiar with all of the
quite apparent that these small facts which vitally affect the
securities
exchanges
exchanges will be forced to dis¬ national
continue operations and the entire (stock exchanges)
all over the
securities business of the country country?
will become concentrated in the
"Do you know that any and'all
securities may be bought and sold
large financial centers."
The
letter addressed
by Mr.
Taylor, under date of June 26, to
BONDS
Y. Security
St. Louis;
Peter Ball, Ball, Coons & Co.,
Cleveland; Louis J. Cross, Paul
H. Davis & Co., Chicago;. Henry
H. Egly, Dillon, Read & Co., New
York; Charles S. Garland, Alex.
Brown
& Sons,
Baltimore; W.
Sydnor Gilbreath, Jr., First of
Michigan Corp., Detroit; I. A.
Long, Mercantile-Commerce Bank
(Continued on page 7)
politan St. Louis Co.,
has
H. G. BRUNS & CO.
N.
Walter W. Ainsworth, Metro¬
are:
Howard R. Taylor, President of
SYzS, 1949
Wall
& Co., New York City, Chairman
of the Committee. Other members
Exchange Head Urges Elimination Of
Restrictions On Exchange Trading Privileges
Common & Preferred
Members
report was submitted > by
Percy M. Stewart of Kqhn, Loeb
Baltimore
Struthers Wells
37
The
;
-vw- /', -
' -,
i
"
-
*
t
7% Preferred
Yicana
dustry operating, at a high rate
to
provide jobs for returning
land is
,
1952
6s,
Nassau & Suf.
Bell
the
present
Preferred
Indiana Limestone
20 Pine
are
figures on prospective volume of
new financing in the
conversion
period
following
the
war.
It
•'W
7
and
forecasts
"Missing Coupon" Bonds
a
as
"synopsis"
and
'
management to keep in¬
on
servicemen.
for
capital.
industry
of any
sure
j,
^
buyers
Meeting
4.
4s, 1975
MOP Ref. 5s, 1977
an¬
stated, however, that "new capital d; Russell V. Allman remains as
continue to
demands for the first three years President, but will
spend the greater portion of his
financing.
following the war's end should be
time as President of Saylor, Beall
3.
Helping not less than $5,000,066,Q00| foL
Manufacturing Co. of Detroit and
the
Govern¬ each year."
It added Vthat- this
:the Triangle Engineering Co. of
ment
handle "staggering figure" might /'easily
St. Johns, Mich.; which firms are
its enormous be reached and possibly exceed¬
heavily, engaged in war produc¬
ed" in consideration of the
bond
new
WOrth 2-4230
.
contracted
is
of Allman,
name
Everham & Co., is being changed
to Allman, Moreland & Co. The
industries firm, which is located in the
Penobscot Building;; is a meipber
of the Detroit Stock Exchange.
1
; ■
debts
jMICH.—It
DETROIT,
nounced that the
potential 75,000,000 on
of
Broadway, N. Y. 5, N. Y.
120
pointed out in a special report made-pub¬
are:
1. Refinancing the short-term
during the war.
;
1 •
2. Serving new investors—esti-<^
Bonds & Common
».
Association of America
ers
Dodge, Des Moines & Sou.
.
investment
on
banking, the Industrial Securities Committee of the Investment Bank¬
Du Mont Labor., new
Ft.
wiil fall
post-war responsibilities
heavy
:
MOP Gen.
York]
Harry H. Press has opened of-1
fices at
120 Wall Street, New!
York City, to act as dealer in U. S.
Kerr, Jr., member of government securities, state and
Curb Exchange, municipal
bonds
and
general
will acquire the New York Stock market securities.
'
Exchange membership of the late
Lewis S. Kerr and beconje a part¬
Lewis
*
the
ner
S.
New
York
in L, S. Kerr
& Co., 14 Wall
Street, New York City, on July 8
Mr. Lewis Kerr has recently
active
as an
been
individual Curb floor
he was
partner in Rockwell & Kerr.
broker, and prior thereto
a
Aircraftf& Diesel Equipment
Chefford Master
Mfg.
Columbia Baking, Pfd.
& Com.
Galveston-Houston Co.
Jefferson Lake Sulphur, Pfd. & Com.
W
Trading Markets in
e
FASHION
Specialise in
Utility
Accumulations $17.50 per share
as
buying
or
selling
while to check us before
of these securities.
any
STERLING INVESTING CORPORATION
5
WHitehaU
Teletype NY 1-609
April 1,
4-4970
42
BROADWAY
•
NEW YORK
4
excess
1943.
on
Members New York Stock Exchange
HAnover
2-0600
Tele.
U. S. Radiator,
Request
SIMONS, UNBURN & CO.
25 Broad St., New York
BOwling Green 9-0480
Susquehanna Mills
Earnings
of $9.00 per share
Descriptive Circular
>
G. A. Saxton & Co., Inc.
ST., N. Y.
of
1942 in
It will be worth your
STOCKS & BONDS
11
Nu-Enamel
Pierce-Butler Radiator
WHOLE MORTGAGES
Industrial
1170 PINE
England Industries
bank loans.
No funded debt or
TRUST COMPANY PARTICIPATIONS
Public
New
$3.50 Cumulative Preferred
TITLE COMPANY CERTIFICATES
Railroad
PARK,inc.
4, N. Y.
NY 1-210
York
Pfd.
Corrugating
T. J. FEIBLEMAN & CO.
Members
New
41 Broad
Orleans Stock Exchange
Street
BOwling Green
9-4433
New York 4
Tele. NY 1-493
3
COMMERCIAL and
The
CHRONICLE
FINANCIAL
lReg.-U; S.\Patent Offtci
:■
We have
Consol. Textile-
*.%
,p
William B. Dana Company
•
Spruce Street', New'York
3-3341
BEekman
Herbert
Flour Mills of Amer.
••
D.
trading interest in
|
™AND COMPANY
West Penn Power Co. Common
%'v'•',?•*•/•**...u■ '.i<•
Puget Sound Power & Light Co. 5% Preferred
William Dana Seibert, President
—They're
Vicana
Thursday, July 1, 1943
Published twice
week
a
Punta
(general news and ad¬
vertising issue) with a statistical
Other
Alegre Sugar
'
Copyright
Company.
STRAUSS BROS.
Members
32
New
York
Dealers
Security
IBA
Ass'n
Harrison 2075
Teletype CO 129
Act of
under the
subscriptions
and
Committee
OUR
REPORTER'S
Another
railroad
bond
issue,
$28,483,000\ of first and
refunding 3%s of the Pennsyl¬
advertise¬
this
has
time
its
•
prices
for
WHitehall
,
some
4-6551
in
his
the
Exchange,
will
admit
David
letter
of
application
Commission
partnership as of July 8.
H.Lyman Jr. To Be
Partner En Hovey Go.
BOSTON* MASS. — George H.
Lyman, Jr., will become a partner
•in
Chandler Hovey &. Co., 82
Street,
members
of
ithe New York and Boston Stock
and
of
f
markets
'
for
$400,000,000
some
'
INC.
^ : ■:
Members New York Security Dealers
Assn.
39
Broadway, New York, N. Y.
HAnover
Public
of fair regulation under the law,.
this
matter
and
confidence
said to
was
cial
d
:the
health
other
of
the
railroads,
making
cept for the lack of credit.
;
Botany Worsted Mills
the roads to pile lip
large amounts of cash which they
John
Commit¬
S.
Loomis
• ••
expenditures
of
for ten
•
$1,000,- the market.
years
J.F.Reilly&Co.
using to reduce their. debts
through the purchase of bonds in
are
•
••
fol-
Members.
New
Ill
An amount close to
(Continued
on page
result
which
materially
"2.
ad¬
<
en-
,
trusted to the Commission."
Hearing
the road's applica¬
tion has been set for July 8, in the
wake o'f
on
demand for such hear¬
a
|§:^;
An anti-trust
objectives
or¬
ganizations to lawful labor objec¬
tives,
which
lawful-- objectives
,
would be defined by Congress.
"3. Outlaw
contributions' by
tives.
strike
fine
c
"4.
constitute
contempt
by a heavy
imprisonment, or both.
Reaffirm the
of
every
to
woman
his
Commission
refused
ap¬
with
the
over-all
or
for
program
''
and
every
her
living
Memoranda
m '
I .•
the
matter
ding.;
did
of
Jf
In fact the
not
commit
Commission
itself
at the time.
score
.
:
v
v
Exchanges, effective July 8.
(Continued
that
on
;
20)
on page
1
request
"(if
n
I .'
'V\" J,
^
f
COrtlandt 7-6190
Teletype NY 1-84
Jacksonville Gas Corp.
Common & 5s, 1967
Central States Elec.
Corp. (Va.)
Common & Preferreds
Tybor Stores, Common
Great American Industries
Tudor
City Units
Frank C. Masterson & Co.
for the purpose of
7
on
I.
Est. 1926
170 Broadway
Bell System
'
competitive bid¬
rights
nmioa&lo.M
effi¬
more
Secretary of Labor, all statements cient prosecution of the war and
to 'be open to public inspection more intelligent
post-war plan¬
at any time,
ning is directed toward solution
5. Require
labor unions to of one of the major basic problems
give 15 to 30 days' notice of inten¬ today. In his comment, Mr. Emery
tion to strike, during which time said:
the courts would have jurisdiction
"For 10 years organized labor
involving
and
f'",';v
'
_
other than those
sons
i
Bartgis Brothers
without
statements
merce
1-2480
constitutional
man
earn
7,
•
Y?
N.
Miller Tool & Mfg. Col
the strike would be
not, then calling the
would
Teletype,
common
.
so,
If
or
"6.
organizations to any politi¬
party or candidate for public right
office;
strike
objec¬
of, court punishable
labor
cal
If
called.
REctor 2-$288
System
f
of the
constituted' lawful "labor
Limit activities of labor
>
Assn.
'
■
the
not
'
.
Dealers
Stromberg-Carlson
.
Prohibit labor combination!
Security
Federal Screw Works
Require local unions to file
being required to pay
ing by Senator Shipstead, (Minn.)
detailed financial
statements at tribute to any organization for
because
of
lack of
competitive'
least once a year with the state: the right to work."
bidding.
Part of Mr. Emery's suggested
auditor, and national unions to
Although the Interstate Com¬
file similar
proval of the Erie issue in ques¬
tion last Spring, it was for rea¬
York
Broadway, New York, N. Y.
8)/
'
to defeat the accomplishment of
VvV
Consolidated Textile
The
"Current abnormal earnings are
lawl for lafeor organizations.
prof its, should not be permitted
i
>-.1
-
ex¬
enabling
intenance,
"1.
Preferred
on
report also said:
for
in restraint of trade.
bankers'
-
Amer. Utilities Service
hand, is considered by
the Committee to be restored
cash
Preferred
v
be
Bell
concerned
with prospective
1-12M
Atlas Plywood
returning to the carrier securities,
j "slowly and surely."
Th6 finan¬
ade¬
lation
to see to it that purely private
interests without responsibility
Teletype NY
capital, the Committee said.
sary
a .year
2-8970
a
railroads., is essential if they are
to have ready access to the neces¬
roads
000,000
Co/s
Participations
year.
similar
a n
Ctfs.
Ctfa.
J. COLOWATER & CO.
I
indicating that the roads
the
public capital
Restoration of the credit of the
-
Co.
Co.
enter
and
main¬
e w
Trust
Ctfa.
Title
Mtge.
other
In
Co.
Title
&
all
Bank
authorities, it said. Of this
$600,000,000 is expected- to come
from earnings and depreciation
reserves,
In
Complete Statistical Information
Regulation of labor organizations through anti-trust type legis¬
is advocated in a six-point
progra^n ■ for labor released by
DeWitt Emery, President of the National Small Business Men's Asso¬
ciation, in a statement to the association's members. The program,
which Mr. Emery says would solve the present and future labor
problems, contains the following recommendations:
to,
•
Devonshire
Bond
some
would
e
.
capital
of its history "
railroads whose welfare is
W.
,
Mtge.
Lawyers
has
Regulating Labor Unions Through Laws
Of Anti-Trust Type Urged By Emery
vantages the credit of two of the
Lovell and Winfield H. Perdun to
,
tee said. Total
urged/the Tat?;
ter, "in the light
a
members of the New York Stock
systems,
War .; condi¬
tions are pre¬
the
western banking group's action,
a
& Co., 49
York
City,
America
.
m a
The head of the issuing road,
taking cognizance of the mid-
in
Marks
control
deferred
authority.
sary
only
New
other
proper
sold/ however,
were
of
Specialists
ESTATE_SECURITIES
Lawyers
modern-; lowing the : war are predicted by
properties,
and
curves
provisions
operation,
>
sociated with them.
Admit Two Partners
.t h
grades
are
course
Association
Are
Inquiries Invited
;r -
and the company has since applied
to the Commission, for the neces¬
Reynolds & Co., 120 Broadway,
York City, members of the
;New York Stock Exchange and
other leading national exchanges,
announce that Birger L. Johnson,
formerly President of the Mem¬
phis Natural Gas Co., is now as¬
Laurence Marks Co. To
Railroad
The bonds
New
M.
similar
a
road, lessee of the issuing, road'
and the latter itself of willing¬
ness to bid tot the bonds;
/
Street,
group;
Bankers
new
elimination
tenance
of the bonds
petitioned the Commission and
advised • the Pennsylvania Rail¬
•
i. • •'<
Birger L Johnson
Joins Reynolds & Co.
Laurence
negotia¬
midwestern
Erie
an
f>'•' -v;V•'
k
shops,
quate
back in March in the instance of
quotations
'■> '.r
the
which followed
It Members New York Stock Exchange
?:'f'" •'■
through
tion, for the sale
St., N.Y. 5
WHitebaU4-6330
Belt Teletype NY 1-2033
•■
bankers,
when
140 Wall
v:..v-.V4-
facilities,
venting
The company had closed with
Newburger, Loeb & Co.
v
the sale
open
competitive bidding.
Investment
terminal
new
ments.
to
the
central
state
City Banks
for
group of midurged the Inter¬
Commerce Commission to
issuer to
REAL
a
of the railroad
new
improve¬
Issued by
us
in the 'balance
a
of
western bankers
Mortgage Participations
Call
when
force the
Prudence Co. Issues
New York
hanging
this week
Title Co. Certificates
,
left
was
specialized
for the past twelve years in:
G.
for
STREET, NEW YORK
We
to provide dor new equipment anc <►
for the rehabilitation and
ization
Securities
Estate
Department
-Wall
99 WALL
inaugurated research into the nature and extent of these require¬
ments.
In a preliminary report issued on June
25, outlining the pro»jected: study, the Committee said that billions may have to be raised
for
vania; Ohio & Detroit Railroad,
though offered publicly and sold,
x
looking
•
big demand for capital from railroads, airlines and
other transportation services after the war, the Railroad Securities
March
ments must be made in New York funds.
Real
.Anticipating
.
,
in the rate of exchange, remittances for
I
Teletype NY 1-5
Transportation Expansion And Financing
CHICAGO 4
DIgby 4,-8640
Teletype NY 1-832. 834
NOTE—On account of the fluctuations
'K:'
unexpected
of it!
Group To Study Post-War Prospects For
Board ofTrade Bldg.v
Broadway
NEW YORK 4
second-class matter Feb¬
Subscriptions In United States and
Posessions, $26.00 per year; in Dominion
of Canada, $27.50 per year; South and
Central
America,
Spain,
Mexico
and
Cuba, $29.50 -per year; Great Britain,
Continental Europe (.except Spain), Asia,
Australia and Africa, $31.00 per year.
4
actually
That's why I can afford
to
Telephone:
William5 B, Dana
1943? by
as
York, N» Y„
8,1879.
Our
pay
25 Broad Street. New York
■
Telephone HAnover 2-4300:
ruary 25, 1942, at the post office at New
foreign
■
■v
box.
Offices:
Reentered
■
v
that obsolete junk in
your strong¬
Spencer Trask & Co.
Monday]
on
Chicago—In charge of
Fred H. Gray, Western Representative,
Field Building (Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens,; London, E.G.
•
Sugar
[ every
Thursday
issue
.//
SCREWIEST PEOPLE
(When Issued)
'
:
•
'^• '-V^
WE KNOW THE
Rockwood & Go.
,
William D. Biggs, Business Manager
.
K:
HllCHim
Selbert,
Editor <ind Publisher
3
A -f
Rochester Gas & Electric Co. B%? Preferred
Public Service of Oklahoma
5% Preferred
Publishers
25
active
an
determining in has been given the green light
a summary
proceeding, at the re-i with very little hindrance. The
quest of the employer, whether or.
(Continued on page 8)
Members
New
64
ST.
WALL
York
Curb
Teletype NY 1-1140
Exchangs
NEW
■
YORY
5
HAnover 2-9470
,.
-..■v.--
~
v.
y.
.
.
:
■
Trading Markets in:
Kellett Aircraft
l
Coca-Cola
of
on
■
Panama Coca-Cola Bottling Co.
v '; Red Rock
Bottlers, Inc. >
A'
•
•••.
•*
r
.
:
,
v.,
REctor 2-0166
1921
115
New York 6,
"j_
New
74
Broadway
.
Bought
>
..{•...
N. Y.
—
Sold
.iV;;
Ai
'*.
'V:>•••
',:P:K'-A'A
'• *
Federal Water
.
and Gas
Corporation
Common Stock
—
Quoted
Bought—Sold—Quoted
Established
R. F. GLADWIN & CO.
Telephone
"
HOERgSESTRgSTER
request
Established
specialty of dealing in
Dun & Bradstreet, Inc.
Coca-Cola Bot. Co. "A" of Cinn.
the
''Helicopter and Giro"
Rotary Wing Aircraft
Circular
a
Coca-Cola Bot. Co. of Los
Corporation
Manufacturers
We make
Bottling Co. of N. Y.
York
1914
y
^
Bristol & Willett
:
Members
■
Security Dealers Association
■
Established
,
Trinity Place, New York 6, N. Y.
Telephone:
BOwling Green 9-7400
Teletype:
NY 1-375
Members
115
..
New
York
Broadway, New York 6
J.
i
1920
Security
7
Dealers
.Y
Association
'
~
CRAIGMYLE, PINNEY & CO.
Members
;
r
Y
Tek BArclay 7-0700
Bell System Teletype NY 1-1493
;
>
ONE
„
„
New
WALL
York
Stock
Exchange
STREET, NEW YORK 5
Telephone
WHitehall
4-5290
,
THE COMMERCIAL & FINANCIAL CHRONICLE
Special Circulars Available
Troster, Currie & Summers
1-376-377
Trinity Place, N. Y. 6—HA*2-2400—Teletype NY
74
St. Paul Adjust. 5s
Mop 5 V*s
Wires
Buffalo
to
Cleveland
-
Detroit
-
Pittsburgh
-
Chicago South'n Airlines
Mohawk Rubber
Continental Airlines
National Airlines
MUNICIPAL
BONDS
CAILYN«®COMPANY
A. E. Staley Mfg. Co.
INCORPORATED
Copies gladly furnished
St. Lottie;
-
RAILROAD
j Ohio Seamless Tube
Elastic Stop Nut
Ref, 4s, 1934
5s, 1938
Metal & Thermit
CHICAGO
request,
on
New York
"WJJT
m
H AH If & MP.
'hrT%
®Ect°rvz,iI?»
Teletype NY 1-128 8
Bell
-
1926
Direct
Milwaukee
NEWARK
Members New York Security Dealers Association
Wires
Boston
120 BroadwaYi Now York
-
Established
We take
UTILITY
INDUSTRIAL
insulation
Formica
|
PUBLIC
the Following:
on
Braniff Airways
DuMont Laboratories
Rock Island
Iowa Central
Private
Bendix Home Appliance
Association
Members New York Security Dealers
Thursday, July 1, 1943
to BOSTON
—
pleasure in announcing that
HARTFORD
t-
PHILADELPHIA
Firemen's Insurance Co.
of Newark
Mortimer J. Gartman
Rationing and Price-Fixing
'
and
James S. Wilson
Are
who have been associated with our firm
for many years,
When
have been admitted as
Josephthal & Co.
Government
one's
first
get the best of everything. What
Members New
1
%j
H
£''
i
•,
19
•
,
i
,
•
?
i
*
'
.
'
~
'•
.
*1
~
granted
up
what
in
fore
■
,
.,
/*'-
'
N ')
<
he
even
•-
V
>.'
y:"
,'f,
:
•r v
-
.
• *v
,
*;
July 1, 1943
announce
our
change in
who would first
vide all
standings
of fairness and need has been de¬
t
-
4
OO9 OLIVE ST.
are
Rationing Is
and explain the need
rationing 8nd pri£e-fixing. •
the basis
on
This is rationing.
vised.
evident;
items
scarce
Members St. Louis Stock Exchange
Sharing
Rationing distributes
,
.
market
Primary Markets In
MICHIGAN UNLISTED STOCKS and BONDS
Broker-Dealer Personnel Iiems
Keif
BLDG., DETROIT 26, MICH.
Telephone Randolph 3855
BOSTON,
Teletype DE 75
BRANCH OFFICERS—BATTLE CREEK. LANSING
Mass.
—
A.
George
Brooks has been added to the
staff
of The First Boston Corp., 1
Fed¬
LOS
South
bell
(Special to The Financial Chronicle)
Detroit Traders To
Hold Semmer Outing
Seaboard Reorganization
Possibilities Interesting
L.
H.
Rothchild
&
Co., 120
0 DETROIT, MICH. —Pine Lake Broadway, New York City, have
prepared an interesting study of
Country Club and Rotunda Inn
will
the
be
of the Annual
Outing of the Securities
Association
of Detroit
Summer
Traders'
and
scene
Michigan
according
on
to
an
cials.
Golf, Softball, tennis and swim¬
ming will be available to mem¬
bers and their guests. A War Bond
in
be made in
of
the
Special
nardi, Cray, McFawn
also planned.
& Co.,
Copies
study
may
traders
of this interesting
be had upon request
gress
Street-
\
'
(Special
to The
Financial
•
',
current
situation
in
Allen
cor¬
To Act As Alternate
New Washington Branch
WASHINGTON,
&
branch
office
Building,
of E. S.
Co.
in
D.
have
the
C.—R.
opened
H.
a
Woodward
under the management
Warren.
>
LOS
G.
F.
with
(Special
ANGELES, Calif.—Joseph
staff
of
has
Van
added to
been
Denburgh
and
to The Financial Chronicle)
(Special
Calif.—Harold
OAKLAND,
has
Hacker
KANSAS CITY,
———
.
McDaniel Lewis
&
E.
consider
today the proposal
Building, Greensboro, N. C.
with
has been
Wall
40
Street, New York City, to engage
a
general securities business.
Partners
of the
new
firm will be
Norton Adams and M. N. Adams.
was
formerly manager
the bond department of
Clark
& Co.
EXCEPTIONAL
Financial Chronicle)
OPPORTUNITY
,
percent)
to The Financial Chronicle)
(Special
SAINT
Mo.—M.
LOUIS,
Lambert is
now
A.
with Barrett Iler-
rick & Co., Inc., 418 Locust
(Special
to The
Financial
Street.
Chronicle^
FRANCISCO, Calif.—Fred
with Bank¬
C. Blumberg, formerly
america Company,
Roosevelt
Building.
has become as¬
with Davies &
-
Co., Russ
„
:
in
establiphed
a
(approximately 60
highly reputable old-
with plant and
Pittsburgh, Pa., manu¬
known line of trade¬
mark
products,
having
wide
post¬
war
market
prospect,
can
be
ac¬
quired at substantially less than re¬
placement worth of tangible assets.
Plant capacity permits doubling the
present yearly sales approaching one
million dollars.
Real opportunity for
anyone
prepared to invest approxi¬
mately $300,000.
Owner desires to
retire
from
all
business
activities.
office
facturing
<
shares
Controlling
head
San Francisco.
change for John J. Robinson.
Building.
at
Mr. Hacker was
SACRAMENTO,
Calif.—Jacob
Isenhour,
previously with
Bankamerica
Company, is now
with Davies & Co., Russ Building,
sociated
Calif.—Harry
Co.
G.
A. Wiberg is with Bayly Brothers,
ANGELES,
&
offices
BUSINESS
to The
(Special
that Joseph V. Shields act as al¬
ternate on the floor of the Ex¬
LOS
V
associated
become
Building.
SAN
(Special to The Financial Chronicle)
-
in
of
Co., Jefferson
The New York Stock Exchange
will
Adams
Norton
pany.
Mo.—Harry H.
Heuler has become associated with
for
or un¬
with Geo. II. Grant & Co., Central
Bank
to The Financial Chronicle)
show
Norton Adams Co. Formed
formed
tQ The Financial Chronicle)
Donaldson
,
B. DuMont Laboratories, Inc., and
invited. H. Russell .Hast¬ National Airlines, Inc., offer in¬ Prescott, Wright, Snider Company,
ings, H. Russell Hastings Co., is teresting possibilities, according to 916 Baltimore Avenue. Mr. Heuler
was previously with Alexander &
President of the Association and memoranda
being
"distributed
Co. and prior thereto was with
Don Miller, McDonald, Moore &
by Ward & Co., 120 Broadway,
John J. Seerley & Co.
Co., Secretary. Ray E. Davis, E. New York City.
Copies of these
H. Rollins & Sons, Inc., is Chair¬ interesting memoranda are avail¬
(Special to The Financial Chronicle)
man
of the Entertainment Com¬ able from the firm
upon request.
KINGSTON, N. C.—Richard T.
mittee. >
•••',•
Hood
has
joined
the
staff
of
Johnson
—
now
Co., Van Nuys Building.
(Special
KANSAS
,;
to
Publications, : 537 South
Dearborn Street, Chicago, 111,
Mr. Adams
dially
t:
Calif.
ANGELES,
Davidson-Schmieder is
to The Financial Chronicle)
Building.
projec¬
trend
Economic
,
formerly with Bankamerica Com¬
Attractive Possibilies
These
intended
are
weekly and monthly charts. The
July 3rd and 10th issues may be
had
for
$1.00
from
American
Chronicle)
to The Financial
(Special
LOS
Bruce, Inc., 523 West Sixth Street.
Goffe &
a
position, valid and invalid
signs of reversal and safe
stops by means of detailed daily,
Spring Street.
Mr. Camp¬
recently with Houchin
Broad Street.
Lyman
of
means
moves,
Chronicled
CITY, Mo.—Lewis G.
has joined the staff of
Carkener, Inc., Board of
by
developed technical trend
safe
was
the
(Special
the Amer¬
two weeks in advance safe
BOSTON, Mass.—Peter R. Fournier, Coleman H. Grant, Jr., Fred
E. Kroker, and John J. Sweet are
now
with Trust Funds, Inc., 89
I
in
Appraisal Sheets
averages
projection.
ANGELES, Calif.—Harley
Sutro &
Trade
The
are
securi¬
from L. H. Rothchild & Co.
is
.
the Seaboard
ties.
charge of Ray P. Ber-
Out-of-town
significance
Master's plan for the reorganiza¬
tion of Seaboard Air Line, point¬
ing out various exchanges which
July 21, 1943,
the firm believes might profitably
announcement
just released by Association offi¬
Raffle
the
BOSTON, Mass. —Edward W.
Morse, Jr. has become associated
with Josephthal & Co., 19 Con¬
Economics
tions
and Bradford.
.
ican
newly
Campbell has rejoined the staff of
E. F. Button
&
Company, 623
eral Street.
REPRESENTATIVE—MUSKEGON
indicated
are
road
to The Financial Chronicle)
(Special
Chronicle)
position of industrials and
rails
of Dow-Jones Industrial and Rail¬
If you contemplate making additions to your personnel
please send in'particulars to the Editor of The Financial
Chronicle for publication in this column.
(Special to The Financial
1051 PENOBSCOT
1!
System Teletype—«SL 80
available
supplies tti all, not just to those
War Comes First
who
can
pay
high prices - for
Charts Would Appraise
We can never lose sight of the scarce goods. An .example pf this
fact that >we are engaged in a is the shoe situation. Heavy sup- D. J. Ind. & RR. Averages
The
(Continued on page 8)
war.
Our first concern is to win.
present
technical
static
FORMERLY ALLMAN, EVERHAM & CO.
TRADING DEPT.-
H
SAItiTLDUIS
Bell
-
defend
for
ALLMAN, MORELAND & CO.
Member Detroit Stock Exchange
■St/k* Co::.\
that they got
see
and misunder-
u
Today I wish
to
in¬
left to the
complai nts
still
.
Babson
Roger W.
to
name
If
commodities.
were
everything they could ' possibly
need.
Consequently a plan to di¬
B
'
We wish to
vital
selfish
almost
seem
of
.
dividual there would be too many
:and ' thoughtless /people;
stamps "a n d
natural.
^
ST. LOUIS
There¬
manpower.
war
this division
pointsj
today,
.
the
share
imagine, and
'
...
3-343*
York Phone—REctor 2-4383
home
price r ceilings
July 1, 1943
MArket
New
enough, but its
Workers ori the
front, end those with less
important- Jobs j • must have their
nor¬
times
could not
^
189 Montague Street
Brooklyn
Congress Street
Boston
r%*
fighting
for:
mal
■
Exchange
Stock
York
,,
is
1891
18 Clinton St., Newark 2, N. J.
the civilian popu¬
There
Rippel & Co.
Established
how-; fair distribution cannot be left to
makes a chance.
Civilian manpower must back
person, t ake
other1 exchanges
and
•
f
•j.
left goes to
lation.
our
ever,
Telephone REctor 2-5000
i7:-'-v;V■■
is
was
himself.!
o r
that
J. S.
The
soldiers
every¬
sees
of N. Y.
War,
New York 5
n
Jersey Insurance Co.
peak
Our
first
almost
thought
t
Necessary
and price-fix¬
rationing
f
Broadway
(Newark)
Keeping our manpower at
is
necessary.
ing were introduced, they were efficiency
the primary topics of discussion^ fighting
men
must
have
of
all
necessities.
Human nature being what it is, choice
General Partners
120
American Insurance Co.
Roger W. Babson Tells Why These Policies
Box
25
company
at
well
E.B.O., The Financial Chronicle,
Spruce St., New York 8, N. Y.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4190
158
Chicago North Western
REORGANIZATION
CANADIAN
SECURITIES
h New "When Issued" Securities
RAILS
Trading Markets
5s, 1953
Inquiries Invited
Aldred Investment Trust
PFLUGFELDER, BAMPTON & RUST
NEWBORG <r CO
Members
New
York
Stock
Exchange
Exchange
Baltimore Stock Exchange
Boston Stock Exchange
Chicago Stock Exchange
Philadelphia Stock Exchange
New York Cocoa Exchange
New York Coffee & Sugar Exch.
New York Cotton Exchange
New York Mercantile Exchange
New York Produce Exchange
A Chicago Board of Trade
r
Pittsburgh Stock Exchange
Chicago Mercantile Exchange
St. Louis Stock Exch.
(Assoc.) < Commodity Exchange, Inc.
Salt Lake City Stock Exchange
Winnipeg Grain Exchange
New
Curb
York
61
V
New York Stock
'
;j
Exchange
MEMBERS
New York 6.
Broadway
Bell
Telephone—DIgby 4-4933
Teletype—NY
4y2s, 1967
Canadian Pacific
Railway
3i/2s-4s
1-310
Shawinigan Water & Power
4s, 1961
.
Winnipeg Electric
5s, 1965
HAnover 2-6540
30 BROAD ST.. NEW YORK 4
Tele. NY 1-2972
52
WILLIAM
St., N. Y. 5
Bell
HAnover
Teletype NY
New York
2-0980
1-395
Montreal
Toronto
Specializing in
In Registered!
at
Form
substantial concessions below
prevailing levels for coupon bonds
of
same
issues.
Bought
Descriptive circular available
on
—
Sold
—
Quoted
request
Information upon request
72
WALL STREET
NEW YORK
MINNEAPOLIS &
ST. LOUIS RAILROAD
(in reorganization)
_
Minneapolis & St. Louis 6s 1932
Minneapolis & St. Louis Ss 1934
Minneapolis & St. Louis 4s 1949
Minneapolis & St. Louis 5s 1962
Iowa Central 5s
1938
Iowa Central 4s
1951
Des
Moines
&
Fort
Dodge 4s
1935
Descriptive circular
request
on
Incorporated
New York, N. Y.
Teletype NY 1-897
Wall Street
63
Bell
,148 State St., Boston, Mass.
Tel. CAP. 0425
: :
Teletype BS 259
N. Y. Telephone HAnover 2-7914
i
Florida East Coast
Railway
First and Refunding 5s
due 1974
New York, New
Inquiries invited
Haven & Hartford
Hill, Thompson & Co., Inc.
Markets
A
new
study of an old problem
120
and
Situations
for
Dealers
Broadway, New York 5
Tel. Rector 2-2020
Tele. NY 1-2660
Vilas & Hickey
Members
New
York
Stock
Exchange
Spokane
Telephone: HAnover 2-7900
International
We
ST. PAULS"
vs
believe
our
study
on,
Master's
"MOPS
4he
Railroad
significance of the Special
Plan
re
the
Escro w
SEABOARD AIR LINE
Circular
upon
request
Reorganization points out various exchanges which
might
profitably be made in the afore-mentioned securities. We will
Mclaughlin, baird & reuss
•
-
Members New York Stock
ONE WALL STREET
TEL..HANOVER 2-1355
> >
.V
!;■
Exchange
•
be
pleased to-furnish
you
with such
copied as
Receipts for
Common Stock
you may
Inquiries Invited
need.
y
1. h. rothchild
NEWATORK
TELETYPE NY 1-1310
co.
specialists in rails
120
broadway
COrtlandt 7-0136
<
n. y. c.
Adams & Peck
63
5
Tele. NY 1-1293
Wall Street, New York 5
BOwling Green 9-8120
Boston
Philadelphia
Tele. NY 1-724
Hartford
Thursday, July 1, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
PHILADELPHIA ELECTRIC COMPANY
York Ice Machinery
/l|.|
of UNITED
obtain three (3)
share
now
may
w. i.
holding
company
version
privilege
the
an
Philadelphia Stock Exchange
York Stock, Exchange t
PH 265
N. Y. PI 4-1527
Bell Teletype
—
RIT 4488
Phila.
Corporation and is taking
immediate
steps
to
effect the
of York
Locust
Philadelphia
*
1477
„tt
PH
Teletype
HAnover 2-2280
257
•>| Another interesting sale of recent date was the $1,000,000 City
of
one
to twenty-^
serial bonds bought by the
Union
Trust
of
Company
Pitts¬
and
interesting
of
offerings
other1 Pennsylvania
credits.'.
burgh. There has been, up to the
Current;; discussion
centers
present at least, no re-offering of around the anticipated Delaware
these bonds and it might readily River
Bridge Commission (Cam-;
and stockholders.
fied by directors
Pittsburgh IV4S,
> ear
The initial distributions on U.G.I,
frac¬ have been a purchase entirely for den-Philadelphia; Bridge), Re-I
At •funding, Iwhich
business
may
Philadelphia y Electric ."trust account consumption."
any rate, this transaction, in ad¬ come
along in the near future.
Corp. 7% cumulative preferred, on Company common and Public .Ser¬
dition
to the Allegheny County The contemplated
set-up will be
which arrearages of $105.75, per vice Corp. of New Jersey, | The
more
obvious the a 30-year term bond, issued in
distribution per share were clear¬ sale,| makes
share existed, is to be eliminated
fact that a decided scarcity pre¬ the amount of approximately $37,through
an
exchange
into
15 ly stated and it was perfectly
vails in the local markets.
000,000 and the bonds will have a'
shares of York Corp. common for
logical that "when issued'lmar^The for¬
exchange of securities.
New York Phone
1
BOwling Green 9-8184
j this offering afforded Allegheny County bonds.
subject matter of the court action, in which an objector ques¬
of a merger which would eliminate a preferred
stock and its arrearages, is not of a nature which the U. S. Supreme
Court would consider.
Company^
therefore, in accordance with the which was approved by the SEC
plan, has adopted the new name in March and subsequently rati¬
Common
Street,
Chestnut
PH 70
Pennsylvania Municipals
the
H.N.NASII&CO.
Phon«
New York
Rittenhouse 2580
2-0790
REctor
tioned the validity
Lives etc.
Philadelphia National Bank
Phila. Transportation Co.
Penna. Co. for Ins. on
1421
Teletype
|| The public acceptance of the current offering of $1,500,000
Ice Jam Broken
Allegheny County 1V4S, due serially 1944 to 1973, is indicative of the
15, the Third District Circuit Court of Appeals unan¬
;continued^ strength of the Pennsylvania Municipal market.
This
imously upheld the Plan of Recapitalization and Merger of the
(■account has fared exceedingly well; in view of the new price level
York Ice Machinery Corp.
In the opinion of company^ counsel';
Girard Trust Co.
"
PHILADELPHIA
:
Philadelphia
On June
Northern Trust Co.
Phila.
STREET
1421 CHESTNUT STREET
y
Pennsylvania Brevities
Fidelity-Phila. Trust Co.
2039, Pfd. &
WALNUT
1528
Municipalities
Municipal Bonds
til
New York Phone
Pertnypacker 0300
Philadelphia
Bank
Stocks
3-6s
2
PHILADELPHIA
Philadelphia Phone
And its
A. Webster Dougherty &. Co.
active market in this stock and
inquiries.
YAUNALL «& CO.
Philadelphia 2, Pa.
NEW JERSEY
I
And its Municipalities
solicit your
Members New
Walnut St.,
special attention to obligations of
PENNSYLVANIA
common.
We maintain
1529
We devote
Philadelphia Electric Company
completely transferred from a
to an important operating utility company.
The con¬
will provide an interesting hedge against any rise in
BUCKLEY BROTHERS
Members
GAS
By using this cash to purchase additional
$100 Preference Common, funds may be
v
Common
■
MUNICIPAL BONDS
IMPROVEMENT $5.00 PRE¬
shares of the above stock plus the
cash payment provided by the recently approved plan.
FERRED
$40.00
•-
Dealers Exclusively in
into
each
of
Holders
Preferred
Corporation
S
,
Common ,share for share for first three years and at
reducing bases during each of the three succeeding three year periods.)
(Convertible
York
PREFERENCE COMMON STOCK
$1.00 DIVIDEND
TRADING MARKETS
issue of York Ice Machinery
mer
•
i
common'were to consist-of
of
tions
.
Oklahoma City Shawnee
•;
I' *I
common
« ''
share
Corp.
com¬
for
share
for
Fixed & Inc. 6s, 1954
1st
is to be exchanged
Philadelphia issues continue
developed not only for the
and Public];to show strength and there are
Service "when received,"; but also
several sizeable blocks of 3^s
share
;V
obligation of
which is currently
over ■ 8 times.
mortgage
first
The
railroad
steam
a
yield
Market about 56 to
a
request.
on
Members
of
Akron, Canton & Youngstown
Issued
&
orders,
war
civilian
limited to permissible
service and replacements; Recon¬
version after the war presents no
serious problem to York since the
"Company is engaged in manufac¬
turing its own product and the
post-war demand for refrigeration
and air-conditioning adaptations
6s
is considered almost limitless.
York Ice Pfd. & York Corp.
Com. W.I.
Nimble arbitrageurs have
field
a
•
CO.
ERSTLEY, SUNSTEIN &
213 so. Broad
New
St. Philadelphia 7, Pa.
Bell System Tel.
PHLA 591
York Phone
4-2300
WHitchall
\
I
j
11
day
buying
night,
inery preferred and selling York
Corporation common "when is¬
sued"
against
ments.
has
York
have
a
continuing interest in
per
MISSOURI
INTER. GREAT
NORTHERN
If
E.VC. & R. C. MILLER &
N.
Y„.
Philadelphia 9
Bell System.Tel.
Phone
C.
IIAnover
CO.
Philadelphia Stock Exchange
Broad St.
PHLA 84
2-7900
•
between 20
and 30
Corp.
common
possesses
under $10
substantial
the
Board
of
of
Directors
Qas Improvement Com¬
pany and the Committee on Rules
of the New York Stock Exchange
deliberately
collaborated
in
effort to obfuscate stockholders
and
a
Governments both ways.
June 15,^
shortage of personnel the phys¬
the
three
Other:
so-termed
gen¬
might not be accomplished before the middle
The
Yarnall Offers Philadelphia Elec.
■
Stock
Philadelphia
Ex¬
$1 Preference
Less-complicated, however, and
change, seeing nothing unusual more in the normal course of bus¬
in the situation, ruled that, start¬ iness
was
a
recent offering by
ing Monday June 14, U.G.I, would Yarnall & Co. of a block of the
be traded "ex distributions."
For new Philadelphia Electric Co. $1
obscure
some
Stock
York
the
reason,
New
Exchange decided to
both ways, i.e.,
volume
in
closes
"market"
promptly at 10 p. m.
Contracts
oral and, for the most part,
genuine.
A few moments' "re¬
negotiation" by telephone the fol¬
lowing morning clears up any un¬
certainties.
Seen at the "Board"
W. H. Bell
were
representatives of
&"Co., Boenning & Co.,
Buckley Brothers, II. M. Byllesby
3.88%.
& Co., Dolphin & Co., F. J. Moraround tion to
2lA) and "with due bills" (selling Gas Improvement $5 preferred. rissey, H. N. Nash, Rambo, Keen,
around 9).
Thus U.G.I. sommon, Earnings for 1942 applicable to Close & Kerner, Reynolds & Co.,
properly
designated
of course, the 2,369,076 shares of $1 dividend E. H; Rollins & Sons and Suplee,
sold at two prices on the New
preference common were $6.05 per Yeatman & Co.
York Stock Exchange.
Then fol¬ share.
This issue is entitled to a
lowed
a
brain-twisting
ukase preferential dividend of $1 over the
Philco in Radar
stipulating that a seller of U.G.L, common and may be converted
indications are that
Present
with a due bill, be paid only the into common on a share for share
Thilco Corp.'s production of war
"ex distribution" price, the bal¬ basis
for three years and at a
materials will increase further
ance to be held back pending de¬
gradually reduced basis during
in coming months as engineer¬
livery of the distributions. More¬ each three-year period thereafter
ing work is completed on addi¬
over, the seller was to be held
privilege
"ex
distributions"(selling
subject to margin calls should the
market change adversely
before
final
Confusion
settlement.
confounded
worse
larly out of luck
seller
of
U.G.I.,
cash
or
in
his
and
was a
was
particu¬
own
,
offering received
investment demand.
The
..
nam^e,
re¬
shares for
for reinvestment in other
Many stock Exchange
members merely
5
O'clock
who | Frazzled by
excellent
heat
traders
are
the
looked sheepish
Trading
a
a
well-known
equipment, Larry E.
chairman
of
board,
the
informed stockholders in
facilities
for
offered
Philadelphia
been
first time to
of
the
radar
has
"Philco
given
closing the day's business
by
new
Gubb,
checks.
Post
two-weeks' un¬
air-co0ndition
tional
a
let¬
ter accompanying June dividend
spell, Walnut Street
availing themselves of
broken
was
securities.
ex¬
pires 12 years after issuance. The
stock is tax free in Pennsylvania.
bona fide
with stock
wished to dispose of his
Maintaining Active
J. MORRISSEY & CO.
Philadelphia
279
Phone—WHitehall 4-1234
continues
trading
two first
recently
for
the
it is
one
permission
annonuce
few leading
equipment,
(Continued
suppliers of
great
on page
secret
7)1
Pennsylvania
1
and
TRANSPORTATION CO.
SECURITIES
New York
any
are
last week
preference
common
per share to yield
Source was from distribu¬
former holders of United
Railroad, Public Utility and Municipal
PH
and
the
until
dividend
at $25.75
After-hour
briskly with
stock
stock
the
couldn't have
PHILADELPHIA
8500
provide
added in¬
Pennsylvania market.
restaurateur.
arrivals
{
of August.
STROUD & COMPANY
and
Rittenhouse
should
activity and
terest in the
starts
Specialists in
Chestnut Street,
around
of
reserves
issue
new
sufficient
off with a re¬
BANK STOCKS
1510
current
This
Pittsburgh
ceipt.
phia Electric and Public Service
j,
INCORPORATED
.
the
$6,000;000 will not be disturbed.
market names, i. e., Phila¬
eral
and offered to pay
ical distribution of the Philadel¬
finished piece
PHILADELPHIA
of issue.
about
are
mechanical
they
nothing particularly
involved or complex in U.G.I.'s
Plan
for Divestment
of Assets,
There
and Alle¬
gheny County, the market has
not been able to show sizeable
Plan, stating that owing to
difficu 11 i e s and
the
than
delphia,
by
covered
were
more
of work.
There
which
gistered
brokers,
turned out
few years from the date
$31,000,000 or
and
3*48 currently offered at: $32,000,000 of the 4V4S outstanding
which are callable at 105, hence-1
prices a little in advance of
the expected increase of $5,000,those of a week or ten days ago.
^Activity in Phillies has been: 000 to $6,000,000 of new bonds.
This will be done in order that
confined chiefly to switches for
until the conversion
United
had
S.
"spread"
Confusion in U.G.I.
an
Members
the
Many dealers feel that
share
4s
Adj 6s
123
commit¬
their
times
speculative appeal.
PACIFIC
General
At
ranged
points.
We
Mach¬
Ice
York
had
or
the record date for the distri¬
trade
last fort-
the
over
"Residuals'-
U.G.I.
Friday, June 11, the Board
bution
work being
5y2s & 6s and When
5s
at
substantially
York's sales
early date
extensively
been
have
as
the following Tuesday,
as
will be refunded
issue
distribu¬
of Directors of U.G.I, designated ;
at a
rate.
and backlog of unfilled orders are
at all time high levels. Production
is devoted almost entirely to ful¬
Philadelphia Reading Coal & Iron
in
O11
Corp. has assumed the out¬
lower c<?upon
5/45
latter
"Stubs."
fillment
Northern Ohio Ry.
the
"ex
common
For the last three months,
capitalization of 962,046
shares of common stock, par $1.00.
an
Philadelphia 2, Pa.
U.G.L
dealt
which
Philadelphia Stock Exchange
Bldg.
its
begins
company
a
■
standing first mortgage 6 % bonds
of
York
Ice
Machinery
Corp.
LILLEY & CO.
Packard
Philadelphia Electric
corporate existence with a simpli¬
York
analysis
Descriptive
new
premium call feature exercisable
kets
tions."
;
fied stock
current
10% %.
of
return
'The
charges
fixed
earning
Machinery Corp.
York
into
mon.
preferred.
old
the
of
Former York Ice
Interurban Ry.
■,
•
each
Guaranteed
General Market Municipal Bonds
Trading Positions in
& Leased Line Stocks
Public Utility Pfd. Stocks
Public Utility Bonds,
Pennsylvania and General Market Municipal Bonds
Equipment Trust Obligations
Underlying Railroad Bonds
PHILADELPHIA 9, PA.
*
NEW YORK
Teletypes—PH 296 & PH 297
'
"Semi-Annual Valuation
and "The
Bond
of the
of Railrcad
Certificates"
railroad bonds.
& Industrial Equipment
Week"-—a series of articles on
5, N. Y.
Charles Clark & Co.
Members
123
S.
New
York Stock
Exchange
PHILADELPHIA
BROAD ST.
Kingsley
\
2400
NEW
BfiH System Teletype PH 577
YORK—72 Wall Street
Volume
158
Number 4190
THE COMMERCIAL
& FINANCIAL CHRONICLE
7
Investment
Golfer Trading Mgr.
Banking Industry Witt Have Vast
Financing Responsibilities AlerTheWar /For Ms Waples Go.
w
PHILADELPHIA,
(Continued from page 2)
Co., St/Louis; Donald I/j Government
is furnishing the
McLeod, McLeod, Young, Weir &! huge sums of money needed by
Co., Toronto; Maynard H. Murch, industry during the war, the re¬
Maynard H. Murch & Co., Cleve¬ port stated that /the RFC sub¬
land; Leonard D. Newborg, Hall- sidiary/the Defense Plant/ Cor¬
garten & Ctf., New York; George poration, now owns 1,479 plants,
T.
Purves, Graham, Parsons & costing $7,000,000,000 to build and
Co., New York; Walter A. Schmidt, equip, and that other plants built
Schmidt, Poole & Co., Philadel¬ by the War and Navy Depart¬
phia; Wickliffe Shreve, Lehman ments and the Maritime Commis¬
Brothers, New York; Robert M. sion amounted to several addi¬
Williams, Murphey, Favre & Co., tional billions.
This was /con¬
Spokane.
trasted with
an
To illustrate the types of cor¬
porate activities that will require
depreciated
book-value
much
new
listed the
of
part
the
plant
facilities
by the Government;
[ "2.
Retooling
and
\:
.worn-out
machinery
with
.up-to-date machines;
new
manufacturing of new
perfected during the war and for
plant
prospective
additions
handle
to
enormous
consumer
demands for standard products;
"4.
Building
up
inventories
which will either be very low or
in some cases
non-existent;
hi "5. Development work
ating
in
markets both
new
cre¬
balance
sheet
positions of industrial
porations which in many
have
been
cor¬
cases
of
the
high
taxation
made
impossible the building
rate
which
of
care
version
the
after-the-war
period"
in
corporations will be
highly favorable position to
a
raise
war
as
favorable
a
strong factor
side.
on
the
/ Industry needs
aid, however, in
the Government's
order to
tion
plan for the reconstruc¬
period, the Committee added.
Government
riod
shorten
can
the
pe¬
"1. It
;
itself
should
not
to
promptly
operate
its
pledge
Defense
/Plant Corporation in competition
with
v
'
\
business;
"2. It should agree to
sell its
or
plants to private com¬
under
such
reasonable
war
panies
terms
lease
,
and
conditions
as
may
feasible at the time;
"3. It should adopt such
be
pol-
a
.
connection
in
with
cancellations
war
that
con-
industry
will not be thrown into disorder."
Taxes
,
vital
given
were
another
as
factor in the ability of cor-
gnations
to
tiously.
reconvert
The
Committee
stated
companies in 93 different
industries reported for 1942 a to¬
tal net income of
$2,245,000,000,
a
15%
ure
decline from the
of
$2,624,000,000.
1941
fig¬
This result
reflected
ning, if
serious
a
economic
our
dislocation
structure
avoided.
It expressed
however,
that
"the
is
to
on
the
same
account. The
Committee added:
"
needed
•
"Probably in the after-the-war
period taxes will still prevent cor¬
porations
money
from
on
making
much
the terrific volume of
business
they will have, but suf¬
ficient tax leeway may be given
industries to permit them to sup¬
port
the new securities which
must
be
sold
to
finance
the
new
capital required."
•
.
Investment
have
•.how
.
a
banking
clear-cut
much
must
indication
Government
also
of
is
going
to
intrude
in the post-war financing of industry before it can
make
definite
plans for the rais¬
Kirkland
&
Co.,
Bell
123 So. Broad
PG 482
HAnover 2-2823
NY 1-1420
the
(Continued from page 5)
be
and
war,
market value
Decrease in
.1.30%.' •/,'/
was
All
Leo:/T./Crowley,
president
of
'
-
-,
Standard Gas & Electric Co., which
has a recapitalization plan under¬
assets", which
of
stockholder
a
said
owned by Pittsburgh Rail¬
Company. It was pointed out
were
be
ways
re¬
rect,
real.
The
cash, in the
mentioned, is held by the
was
amount
Yet
the
gives
plan
of Standard
consideration to the net
recap
no
asset
value, if any, of Pittsburgh
Railways. True enough, the trac¬
below
cut
leveLof
half of
a
the
recent
little
sion
over
Debt
for
cause
retirement
also
that
from
emerge
phase
Southern
the
would
istered by the
would
able;
naturally
Inflation
reading:
Inflation
in
Philadelphia Real Estate
"Fiat
France,"
by
Bonds & Stocks
Dr. Andrew Dickson White.
First
edition prepared in 1876.
Subse¬
and
would
itseif
would be
reasonably
conser-
without
consideration
of
the substantial annual
non-operat¬
ing income.
It is indicated that
non-operating income
be sta¬
may
around
$8,000,000,
which would cover more than
a
third of prospective fixed
charges.
The final consideration in the
Southern
secular
Pacific
situation
expansion
in
us
the
the
common
if
even
$10,000,000
an
avail¬
were
,/ /
craft
Corp.,
pany
which
name
was
formed
the
in
the
com¬
1929.
held
in
Philadelphia
A
approved
/the change. The helicopter
'
the
autogiro
but
not
are
twins,
first
and
and
cousins,
it
be
may
trialization
of
the
service
particularly the coastal
before
the
war
dustrialization
period.
has
"
area,
area, even
This
been
in¬
rious
levels
of
records what is
est
of all
value.
It
York
also
$1
perhaps the great¬
governmental
enact and enforce
Jacobs
Aircraft
Pottstown, Pa.,
Engine
Co.,
announces its pro¬
duction
of aircraft engines
and
parts in May exceeded any
previous month in the company's
spare
.
.
Corp.
efforts to
There
.
when issued
are
limitations to the powers of gov¬
ernments and of peoples that in¬
here in the constitution of
things,
and that neither
despotisms nor
democracies
can
overcome.
.
.
BOENNING & CO.
1606 Walnut
Pennypacker 8200
The story is full of instruction for
all men who think
upon the prob¬
lems of
our own
St., Philadelphia 3
,
Private
/ .'•/'/
time."
Phone
1790
Bushel
of
Bushel
of
flour___
oats
i_ ■
10
stocks
comprising H. N. Nash
index
was
yielded " 4.89%
$176,880,000
and
$174,585,000 and
Cartload of wood—___
Bushel
of
coal
1__
10.00
$4
100.00
70
2.00
Pound
of
sugar
180
12.50
Pound
of
soap
180
8.00
Pound
of
candles——180
cabbage
80
8.00
of
shoes.
40.00
240
______
Pennsylvania
and New
/ 5.50
$1
—.
Within the
Pound
of
Bushel
following
yield
of
with
4.82%
Jersey
Municipal Bonds
5.00
year:
bread
$9.00
of potatoes—
Pound
40.00
of candles.
Dolphin & Co., Inc.
40.00
Cartload of wood—.
300.00
—
Fidelity Philadelphia Trust Building
PHILADELPHIA
Clothing Stock Looks Good
An
Telephones:
Philadelphia—Pennypacker
interesting
cular
on
descriptive cir¬
Fashion Park, Inc., which
New
Bell
York—HAnover
4646
2-9369
System Teletype—PH 299
the firm believes offers attractive
has
distribution
been
by
prepared
Simons,
Lin-
burn & Co., 25 Broad
Street, New
York City, members of the New
York Stock Exchange.
this
circular
Trading Markets In
Copies of
had from
be
may
Simons, Linburn & Co.
upon
Insurance
Company of North America
re¬
Camden Fire Insurance Association
quest.
BOSTON,
Cornell
have
MASS.—Richard
and
Charles
formed
R.
W.
S.
Jeffrey
Cornell
Street
to
.conduct
a
Established
&
with
(Geo. if.
securities
business. Partners in the
Philadelphia
W.
Company with offices at 79 Milk
were
compared
Y. C.
$45.00
/
Fire Association of
aggregate market value of
N.
7-1202
1795
400
180
____
__
R. Cornell Co. In Boston
& Co.
PH 30
to
COrtlandt
Highlight:
history.
when
2-0040
par common
legal limit of
a
commodity prices.
for
"
i
terri¬
indus¬
inconvertible paper currency and
maintain its circulation at va¬
to
ments./
'
N. Y. Phone
REctor
It records the most
men.
possibilities,
- -
Philadelphia 2
375
gigantic attempt ever made in his¬
tory by a government to create an
presumed that Kellett is getting
step with later develop¬
into
-
the
PH
special meeting of stockholders
served, and the consequent
Philadelphia bank stocks turned
opening up of new traffic sources. downward in
week ended June 25,
in
Packard Bldg.,
Teletype
of
one
great
interest to legislators, to economic
students and to all business and
25 eggs
was
when
is
re-
Kellett Air¬
name
tory
and
flation in France'
Phillips & Co.
Members Philadelphia Stock
Exchange
Excerpt from foreword:
"The story of 'Fiat
Money In¬
One
original
compare
vative
valueless
assumed the
boom
with charges
of $31,688,000
supported in the depression of the 30s.
This ratio in
admin¬
be
Kellett Autogiro Corp. has
will
average
con¬
the reasonable
normal)
law
Samuel K.
Co.
thinking
Issues
Ahead?
Recommended
,
Money
Pair
(1938-1940
as
be
additional
charges reduced to
around $22,500,000.
This would
absorb only about 10 % of normal
sidered
require that it
the
a
stock is "so far under water" that
it
with
gross
existence,
Standard 'Ghs & Electric
now.
Pacific
the
Railways Company
trustees. Moreover, Crowley
said,
annual
present
in
may
brings with it a reduction in fixed
charges and it is reasonable to ex¬
pect
is
reserve
apprehen¬
these maturities
of
Crowley asserted that if such
$90,000,000 net
after charges and
taxes, there ap¬
pears
Fauntleroy
family;
than
more
Lord
"
;■//
high
though they
even
9555
Philadelphia
Transportation Co.
in the previous week.
to both
Army and Navy," Gubb stated.
Railroad Securities
year
Co.
St., Philadelphia 2
Telephone Rittenhouse
(Continued from page 6)
Little
a
&
Teletype PH 188
ing industry. We have the proper tion lines were a
liability and a
machinery geared and ready for headache for
many years, but un¬
all demands which
may be made der war-time
transportation de¬
upon us," it said.
mands, have developed into the
earnings,
TRYDER
Philadelphia Stock Exchange
Teletypes:
New York 5
Henry, Inc., and Mc¬
of
weapon
doubt
year to
W.
H.T. Greenwood
52 William St.
Fitch,
the trustees of the Railways
Company;
armed forces will serve as an ob¬
the Railways Company is owned
ject lesson for the future preserva¬
by the/Philadelphia Company, a
tion of our free economic
system. direct subsidiary of Standard Gas.
new
Members
firm
N.
both
formerly
associated
Pearson, Erhard & Co., Inc.
Y.
Bell
1895
J>ut)<lcv & (Co.
Philadelphia Stock Exchange
Tel.
BOwling Green
9-5860
System Teletype—PH 220
for many years.
further
stimulated by war needs and it is
generally
the
accepted
that
many
of
We Maintain Markets in
craft
plants, particularly air¬
and steel,
will/ remain as
permanent accretions to the
transportation.
With
ground, many rail
adopting a much
and
attitude
this
men
more
towards
junior bonds
of
Wolverine Power
PENNSYLVANIA
All Issues
Common
MUNICIPAL
back¬
Jacobs Aircraft &
:
:
Engine
the
prospects to
have the road's
AND
Established
stock
system.
AUTHORITY ISSUES
KENNEDY
construc¬
the
W. H. Bell &
1500 Walnut St.
Teletype
PH
And
Offering Wanted
Autocar—Com. & Pfd.
have been
These securities have not reflected
the improvement and
as
Philadelphia Trans. Co.
econ¬
omy of the area and of Southern
Pacific which occupies a dominant
position
in
California
railroad
tive
WE ARE ACTIVELY INTERESTED IN
new
ing of the large amounts of new
as great extent
capital, the Committee said.
Indicating the extent to which senior bonds.
ALFRED
with
was
by
.
f
prior thereto
Wire to Our
New York Office
&
Pennsylvania Brevities
by industry in pro¬
weapons
served
1943
Johnson
optimism, that/the: ownership, though indi¬
splendid
-
in
H.
Mgr. Municipal Dept.
[
will call for the most
expert plan¬
higher taxes and costs
larger gross earnings in This trend was
evident in the con¬
most cases, according to the Com¬
siderably
better
than
average
mittee, which said that net earn¬
population trends in most of the
ings will probably be even lower states
despite
R.
Municipals
Direct Private
Government-guaranteed./obli¬ going hearings before the SEC in
gations, such as the so-called "V"
Philadelphia, denied knowledge quently revised and edited. Now
loans, will be a "terrific task"-and last week of
$10,000,000 "hidden published by D. Appleton-Century
expedi- bilized normally
that 817
General Market
Millan, Rapp & Co. /
of
.
icy
tract
of
Crossman &
private basis, and the refinancing
of
readjustment, it said, by
establishing the following def¬
inite principles:
19
Members
new
capital, the Committee
stated, referring to the extent to
which they reduced indebtedness
during the last ten years prior to
the
and
Jenks,
a
handled by the investment bank¬
con¬
office
Co.
the
on
up
/ Industrial
•
that
has
of sufficient cash reserves to take
phia
out
a system there is no
that ?the enormous afterthe-war financing effort could be
the
and
war
pointed
noted
BUILDING
PITTSBURGH
Waples & Co.,
Street, as manager
of the trading department.
Mr.
Colfer was formerly in the trad¬
ing department of the Philadel¬
Under such
seriously disturbed by
effects
Committee
ducing
particularly abroad;
"6.
Building up of
the
The
GRANT
asso¬
$34,-
refinancing of these plants
sults achieved
home
at
and
also
was
Lau¬
—
Pittsburgh 'Stock Exchange
Rufus
equipped. :///%/ A? $10,000,000 Needle
.
the
products
It
Members
1510 Chestnut
that its properties are considered
to
be .the very latest in
design
and the most
modernly
..
■
ft "3. New 'construction-'for
new
value.
built
replacing
with
that the Government owns more
than one-quarter of all plants in
in
or
of
ciated
500,000,000 for the nation's entire
manufacturing facilities, showing
capital, the Committee
following:
-"1. The purchase in whole
estimated present
PA.
J. Colfer has become
rence
& Trust
City of Philadelphia and
Pennsylvania Issues
REED, LEAR & CO.
16
Co., Inc.
Philadelphia 2
N. Y. Phone
CAnal
6-4265
CO.
E. H. Rollins & Sons
1923
Members Philadelphia Stock Exchange
Land
Title
PHILADELPHIA
Telephone
10,
Rittenhouse
Bell System
Incorporated
Building
Pennypacker 0100
PA.
3940
Teletype PH 380
1528
.
New
Walnut St.,
York
San
Philadelphia
Boston
Francisco
Chicago
Los
Angeles
THE COMMERCIAL & FINANCIAL CHRONICLE
8
Baltimore
i
BOND
SERIES
INCOME
■ -
:
:
;
Thursday, July 1, 1943
Exchange Head Urges Elimination Of
Trading :Priviliges
Restrictions On Exchange
SERIES
'
(Continued from page 2)
■
:
PREFERRED
LOW-PRICED
on
^RiT^SKivns
BOND SERIES
STOCK
SERIES
national securities exchange
a
INTERNATIONAL
STOCK SERIES
SERIES
these exchanges, all
up only a small
percentage of the securities mar¬
keted today. •
T
. ■.
•
•
"These smafl exchanges,1 prior
to the inception of the SEC, sup¬
ported the securities of small local
companies and fyelped innumer¬
able, such companies .to develop
and become well established in
privileges
request
upon
which
of
210 W. 7 St., Los Angeles
Ar
Broadway, New York
120
/y
210 So. La Salle St., Chicago
10 Post Office Square, Boston
Investment Trusts
the;
Someday we're going to tabulate, analyze and report the results
of our observations regarding the relationship of sales literature to
field. Preliminary work in this
direction reveals nothing startling—but it does underscore certain
broad fundamentals which sponsors on occasion seem to forget.
;
the
in
sales
investment
Incidentally, those "fundamentals" which apply to the individual
sales piece are
in
company
a new
expertly embodied 3>
requirements of the SEC.'
"I
in
am
STEEL
mail¬
rea¬
desirable,
but cannot understand a condition
that
permits the above situation
\
over-the-counter
market
mitted
in
trade
to
is
of
subject
interesting discussion in the
an
latest
Calvin
the
on
stock
GROUP# Incorporated
prices
that
has
existed
since
63 wall street—new york
April 1942, many stocks which
may have been classified in the
mind of the public as 'Cats and the low-grade, field forthwith and
Dogs'
have : happily
surprised re-invest with a view to consoli¬
their
owners
by
recording
some
terested
in
conserving their cap¬
ital that they take their profits in
gains, remaining in
market, and enjoying the in¬
come which well-invested capital
dating their
the
Keystone's
Keynotes
asks,
"Is
the stock market high?" and an¬
swers
the question with a longchart of the
term
clusion:
,
v.
per¬
all / unlisted
on
to
of the ;ipiast' 45
stocks
buy
bottom
range—about
of
their
at or
buying
in five
once
op¬
years.
Each time the average
has reached
this bottom band, a major advance
carrying it well into the top band,
or selling range, has ensued.
"45 years of precedent indicate
that selected
reached
(Continued from page 3)
exclusive-
of-
.
reductions
any
through reorgariizatidhs, arid a
substantially greater amount will
be retired this year.
Many of
down
cut
charges to
been
their
common
stocks have
only the top edge of the
interest
cent: 'depreciation ;years,."
re¬
supervision for the
protection of the public, it is quite
apparent that these
small -ex¬
proper
changes will be forced to discon¬
tinue operations and the entire
will
become
concentrated
the
in
large financial centers.
"I ask
that you acquaint your¬
self with this situation in the in¬
through the enforce¬
ment of the provisions of these
Acts is our own situation, i.e.:
"On Jan. 1, 1933; there were
..
listed
the Baltimore Stock Ex¬
on
change 1-34 issues of stocks and 116
issues of bonds, while at this time
there are 49 issues of stocks and 24
issues of bonds."
;
the
roads to
in
sound
a
the
money
it cannot be attracted unless
there
Rationing And
Fixing
of.
littie/remMns: /fat; -civilians.
pany
,
.
Large public financing is antici¬
a great
expansion in aviation after the
pated in connection with
war.
There is
is given the same
ity to obtain shoes.
This is the
one
democratic way;
question in the
no
"
\
Some
vestment bankers'
people, however, refuse
to abide by the rules. Others take
advantage of this fact to operate
all the
black markets. These make scarci¬
wise said:
ties
"Present
literature dropped off
what this week.
some¬
time of the year, the recent hesi¬
tancy in the market, or the heat
wave
along the Atlantic Seaboard?
mind
about
:
,
market
the
in¬
1
prices
ties
worse
where
and create
none:
An example is
of the
new
existed
scarci¬
before.
the meat situation.
investors' ing soldiers and honest civilians.
is¬ Livestock, often slaughtered un¬
der unsanitary conditions, may be
sues of securities, particularly of
Our soldiers are de¬
equities, can probably be quickly unhealthy.
attitude
their
Bond Fund, Inc.
of
future.
New
prived of such medical supplies
as surgical sutures, adrenalin and
insulin; also gelatin,' hides and
fats. If everyone would cooperate,,
sold, but the big question is how
much new capital will be needed
during the first years following
the
war
and how much will Gov¬
ernment want to
Dividends
Manhattan
optimistic
toward
Could it be the
supply."
As to the amounts
—
none
would lose out.
distribution
No.
20,
secondary to military needs. JWany
lines are cut out altogether. / For
instance, automobiles, radios and
refrigerators have not been man¬
ufactured since
Payrolls, however, are much
larger and, there is more money
than
previously explained, when
money increases, prices, then pro¬
duction, should rise, followed by
fall in prices
a
ital, it
Economics and Prices in
was
.
mated that
>
.
.
Custodian Funds
Certificates of Participation in
Trust Funds
'
follows:
qpdiitc
B-l, 2, 3 and 4 in BONDS
ised
J
Series
Republic
Series
Investors Fund, Inc.
S-l, 2, 3,4 in Common Stocks
Prospectus may be obtained from
local investment dealer or
your
The Keystone Corp. of Boston
to
go
more
thoroughly, into
the prospects for aviation expan¬
sion and financing in a further
K-l, 2 in Preferred Stocks
>
today civilian production is
strictly regulated as to quantity
and type and cannot be allowed to
rise with prices. Therefore people
bid for what products there are,
prices go
STREET, BOSTON, MASS.
and inflation sets in,
up,
notwithstanding rationing.
:
Price-Fixing Is the Answer
....
Inflation
those
discriminates
whose
incomes
against
have
not
kept
pace with rising pricesIt
is a major cause of the post-war
crashes.
During the last war the
then administration let prices take
their course.
Sugar
prices,
for
fell, and sugar holders had to take
losses.
in
This
was
instances
especially bad
where
sugar
was
borrowed money.
The loans could not be repaid and
purchased
banks
; on
weakened and many
were
failed.
even
:
*
■
:
By fixing prices the evils of ini
flatibn may: be avoided and the
inevitable
delayed
Both
post-war crash
and
made
less
price-fixing /and
fair
and
be
can
harmful.
necessary
rationing
for the
is
important that
everyone co¬
in
operate
obeying the rules of
rationing and price^fixing.
.:
.
Urges Regulation
Of Labor
Unions
public reaction may set in at any
time.
Such reaction,
character¬
ized by severe
regulatory legis*-
lation, would be as bad for the
long-term program of labor as is
the present unbridled
opportun¬
ism practiced by unions and union
organizers.
.,
"
"Surely, Congress and the Adminstration
will
not
temporize
longer. Today it is absolutely
essential that nothing—not
labor,
or
capital, or anything else—be
any
permitted to interrupt the increas¬
ing flow of war materials, food
and
all
supplies to
over
will
be
labor
,
our
the globe.
equally
fighting men
Tomorrow, it
essential
of
all
that
unsolved
problems—be permitted to
the rapid conversion of
restrict
our
ities
industrial and business facil¬
to
a
prosperous
peace-time
economy under the American sys¬
tem of free
Distributing Agent
'
W. R. BULL MANAGEMENT CO. Inc.
40.
Exchange Place, New York
wages
or
there will
greater
be
more
"The
enterprise."
may
labor
look
program
extreme
J outlined
and. severe,"
Mr. Emery
averred, but in defense
of it he said:
.
"It actually takes
labor
organizations
rightfully
,
.
nothing from
Which
belon.gs
to
now
them.
Neither does the
program
impose
any < restrictions
or; limitations
than which might be detrimental to the
employment
money
products. / People will bid for best interests of the country as a
submitted at the these products and this will cause whole. In the long run; what¬
Association's annual meeting to prices to rise.
If this continues, ever is best for the country at
be held in November.
there is inflation.
large will be found to be best for
;
, "
In normal times, however, these organized labor, too.
Chairman of the Committee is
/;;.r;
report
to
be
.
-
S.» Loomis, of. fhe Illinois higher prices will cause increased
"This, in the final analysis, is
Company of Chicago. Other mem¬ production because of the greater the
test upon which all matters
bers are; Ewirig T.
Boles, The opportunity for profits. As more
of
national
policy
should
Ohio Company, Columbus; F. J. products appear, on the. market,
be
Production and founded."
Campbell, Wells, Fargo Bank & prices decline.
John
.
50 CONGRESS
back to normal.
But
,
Keystone
as
in circulation..
ever
As
>
investing their capital
entry into the
our
war.
nothing—least
of new cap¬
"conservatively" esti¬
Peace-Time *
$300,000,000 would be
amounting to lie per share, and needed within three years after
Before defending fprice-fixing,
an .' extraordinary
distribution the- close of the war for equip¬ I wish to discuss some economic
ment on existing domestic lines rules connected with prices, pro¬
amounting to 7c per share payable
without any allowance for expan¬ duction /;■ and i inflation.
I
say
July 15 to stock of record July
sions or
extension, into foreign "rules," but " there are so many
6, 1943.
,
•
fields.
Other estimates cited in¬ modifying.factors that they do not
dicate
a
total
of
$1,500,000,000 always work out. Under normal
conditions J production
for new equipment for domestic economic
airlines during the first ten-year and the amount of money in cir¬
are : kept
in
balance
period following the war. * The culation
Committee, giving these estimates through prices. If there is an in¬
out as indicative forecasts, prom¬ crease in money because of higher
Ordinary
normal, and
modified. Pro¬
duction for civilian consumers is
are
(Continued from page 3)
result today is that there is a
opportun¬
distinct danger that a very severe
stocks of the airlines indicated the: Supplies are cut down, thus hurt¬
com¬
not
are
economic rules
it
Price
sufficient
is
ability to raise
capital aviation wilt need,
however.
The Committee like¬
The volume of investment
Wartimes
/
years of war and, can help to
avert the depressions which have
always followed war.
Therefore
earnings for Without rationing, the well-to-do
dividends and then only after a would rush to buy more than
they
record of dividend payments has needed, leaving little for others.
been established.",
*
Under rationing, however, every¬
April, 1942."
rise with prices.
are
according to J*
(Continued from page 4)
which
said: plies are needed for the armed
must be attracted fprces. When, they are ..taken care
Committee's
is still in the
the rise since
-
manner,
buying range.
In other words, in
swing from indicated
buying range to indicated selling
It
Committee,/
"Equity
and
off
rose to some five times
above normal. Peace
came, prices
York.-*
raise capital
to
that one way to head
inflation is to let production
seen
example,
Jphiion / Trust "Co^ San Francisco;
Pierpont V. Davis, Harriman, Bipley & Co., New York; Fairman R.
Dick, Dick & Merle^Smith, New
York; Allen N. Jones, Morgan,
Stanley & Co., 'New York; Rob¬
ert G. Rowe, Stroud & Co., Phil¬
adelphia; ■*:' Percy
M.; Stewart,
Kuhn, Loeb & Co., "New. York,
and Henry S. Sturgis, First Na¬
tional Bank/of vfheCity^oi New
^This^resulfo^
the over-all
range, the Average
bottom 20%, despite
with
level that would have
a
covered in most of the
,
there have been eight
the
decision, when these mat-
$400,000,000: was retired last year,
enable
1
portunities
near
Con¬
averages.
"In fthe coufse
years,
afford the ONLY market of record
happening
Study Post-War
Transport'n Prospects
have
' #
»
.
the
the so-called borderline railroads
produces?"
*
kept for all
are
available to anyone.
terest of your public,
v "The best illustration of what is
To
period of rising
astonishing, and perhaps unjus¬
tifiable, increases in market value.
Who owns these stocks, and what
are they going
to do about the
available profits?
"To be sure, many of the stocks
referred to are among those most¬
ly favored, by so-called specula¬
tors, but it is not likely that a
large number of investors across
the country have also been enjoy¬
ing the rise in these stocks? >.
I
"With an eye to the best in¬
terests of such investors, — and
it is to be hoped there are many
of them,—let us take a look at the
market
from
the
standpoint of
recognized investment and market
analysts. The consensus of their
opinion is that while, under exist¬
ing
conditions,
the
long-term
trend of the market is definitely
upward, the bull market of the
past year has particularly featured
the spectacular rise of low priced
and in many instances intrinsic¬
ally worthless stocks, and also
that the character of trading in
the past few weeks seems to indi¬
cate that the honeymoon of the
'Cat and the Dog' is nearly over.
"Overstaying the market is one
of the most distressing errors of
judgment: a profit is never a
profit until it is realized. Is it not
prudent,
then,
to
recommend
earnestly to all those who are in¬
pur¬
Request
¥ DISTRIBUTORS
Bullock's
We quote:
Bulletin.
"In
of
issue
Prospectus
all
ex¬
market—we merely ask that such
"Your
"Cats and Dogs" are the
are
of
mar¬
changes to trade in any and all
securities, whether listed or un¬
listed/on these exchanges which
-
.
should the * stock
be penalized while
rank discrimination be eliminated.
f
records
be
can
War and Inflation
securities business of the country
the exchanges?
We have no argu¬
ment with/ the over-the-counter
A Class of Group Securities, Inc,
maximum results.
is
securities and also those listed
SHARES
ing and follow-up campaign with
simple,
sales-tested instructions
designed to help the dealer get
that
agreement
regulation
"Why
changes
by Hugh W. Long & Co.
material includes a complete
cannot afford to
involved in the burden¬
■
"2. Unless appropriate action is
taken permitting all regional ex¬
„
companies
sonable
where
chases and sales
financial] world, while today
some
kets
time and
,
•
something occtirs
them. .out. Qf balance.,
throw
will result
changes—the only securities
on
to exist.
folder addressed to deal¬
"To
Help You Sell Fundamental In¬
vestors, Inc." is the title and the
ers
such
become
one
make
..
NATIONAL SECURITIES & RESEARCH CORPORATION1
(: ;•;?
*
before you;
of two things:
come
"1. The closing of all small ex¬
a
mutual trust fund
Prospectuses
in
(stock exchange) are those which
fully registered with the SEC,
few
exempted securities and
those
having
unlisted
trading
are
LOW-PRICED COMMON
FIr£t
ters
until
level
Volume 158
Number 4190
THE COMMERCIAL & FINANCIAL CHRONICLE
'
Basis For Permanent Peace And Methods Oi
9
We olfer, subject:
$100,000
Preventing Aggression Subject Of Forum
Dr.
Canadian Pacific
Shotwell, Senator Taft and J. F. Dulles Discuss Plans^
;;5% Bonds, due December 1, 1954
responsibility for its maintenance
For International Collaboration
and enforcement;
Price 104 and interest
'
The view that "there is
enjoy
lasting
peace
without
tenance and enforcement"
a
a
was
to effect
a
month " devoted to
permanent peace which was
work of the National Broadcasting Company.
(Republican) of Ohio,"^who was&
of
one
those
presenting
the discussion of
broadcast on a. net¬
Senator Robert A. Taft
'
also
cannot
we
assuming responsibility for its main¬
expressed by Dr. James T. Shotwell at
,forum in; Washington last
measures
growing recognition that
tween them to
his
join in preventing
views, stated it as his belief that international aggression."
"I be¬
•"we should devote our immediate lieve," he continued,
"that our
attention to the terribly compli- people must commit themselves to
'cated problem of the immediate use military force under certain
post-war period," and he noted conditions where aggression has
that "the question of a permanent been found by an international
organization of the world to pre¬ body to exist."
vent aggression in the future is
John Foster Dulles, of Sullivan
already producing wide differ¬ & Cromwell, and Chairman of the
of opinion in this country."
ences
Commission to Study the Basis of
He styled "an international super¬
a
state with
Federal
an
international police
Just and Durable
Council
Peace of the
of
"There could be
festation
of
the
finer mani¬
no
of
processes
de¬
going
"the
as
"The Commission believes that
beginning must be made in
organization
is
war
of
conference
a
a
Nations be created
quickly
possible, to consult
together
for
the ways
on
and
is
men
will
too
much
to
expect that
everywhere in the world
suddenly
kind of
the
renounce
old method of resort to
to
means
bringing it about.
"It
all
as
age-
under
war
religious conversion
a
Canadian Business
High
does not
speed recorded in the first four
and
months when the volume
then there is
sub¬
was
spiritual; life of
a
its people,
threat to the moral
foundation of peace." Among
other
things, Mr. Dulles said, "we would
organize a new way of dealing
review
stantially larger than in the cor¬
responding period of last year.
fer
mean
that
trans¬
we
allegiance from the United
to
a
world. government.
Any such step is unthinkable. It
our
States
does mean,
however, that our gov¬
The
bank's
monthly
ernment must strengthen its place
with important economic and fi¬
added:
'
in the- world by securing a less
r{ nancial
matters," "we propose to
"The national income, moving
haphazard, way of dealing with
have an international organization
other nations.
upward
almost
uninterruptedly to deal
{with
, the | colonial
prob¬
"First ojL, all we must make pro¬
since 1938, was close to $736,000,lem," "we would have an interna¬
vision.
000 in April, indicating an annual
agaipst-militaristic nations
tional
organization' 'to
Control
rate of approximately $8,800,000,by
adequate defense and. this
armament," etc.
means
continued
000.
A tentative estimate of $2,cooperation with
Dr. Shotwell, 'who is' Chairman
peace-loving nations. It will also
850,000,000
for
the
first
four of the Commission to
Study the mean' that
we
must
months of the year represented a
keep- our
Organization of PeaCe, stated that
gain of 24% over the first four "the Commission believes that a powder dry for some time to come.
"But that is only a beginning.
months of 1942, reflecting greater
beginning must be made in the or¬
The basis of permanent security
economic activity and somewhat
ganization of peace while the war
will:have to.be found in disarma¬
higher
commodity
prices.
The is
being waged", and the recom¬
gain in the cost of living in this mendation was made that a con¬ ment, with inspection to make
period was only 1.3% but there ference or Council of the United sure that it is carried out, and
1 was a further .fractional, gain in
provision for policing to prevent
Nations be created to consult,on
the -outbreak .of war; rather than
May in consequence of higher food ways and means for
bringing it to
suppress it after it has begun.
prices,, rents and miscellaneous about.
t
J
*'•
J- '
Like your town and mine, the
items.
Wholesale prices also' ad¬
.
.
"
.
u'v
,
vanced in May and Canadian farm
;(products
prices
reached
peak in that month at
new
a
official
an
index figure of 94.5, closing at 94.4
compared with the previous
thirteen-year maximum of 92.5 in
July, 1937.
as
"Industrial
employment
whole suffered
ment
•
at
a
as
In
full
Dr.
fined largely to
and
was
"On
an
to
a
weather
general crop
conditions
been
These
in
in
areas,
the
fields
Ontario
and Quebec
and, to a
lesser extent, in the Maritime Pro¬
vinces, while the western pro¬
vinces have
suffered from
sufficiency
of
warm
an
in¬
weather.
Growth is very backward as com¬
United
Nations repre¬
sent
80%
-
were
their
benefits
of
international
life
to any gangster nation.
"But
such
any
need
to
gangsters
are
to
But after the
from
provision
may
if
the
disarmed. Universal
the
sure
that
enemies
war
at
come
once.
we
of
are
today.
is over, and the
resulting, anarchy suppressed, we
can go on where the Geneva Dis¬
Gonference
left
ity of sacrifice
armament
They had practically agreed to a
victory
V; to
-
be
in
-70%
off.
reduction in 1933, and even
Germany
of
was
then for the aboli¬
the peace and
tion
if
Hitler attacked the organization of
this
were
implemented by a world organi¬
zation, there would be no more
wars.
to
submarines.
when it
peace
was
No
wonder
just planning
be effective!
"The Commission to'Study the
of
squarely for
one
Peace
stands
great-principle,
enough to control
the machinery of war. The World
Depression taught us that our
prosperity depends upon a pros¬
namely, that there must be inter¬
national organization instead of
anarchy if civilization is to en¬
perous world.
dure.
We must therefore
organize for social and economic
welfare.
It
was
in this field that
pared with other years, although
in most parts of the Prairie Pro¬
In recent months this prin¬
ciple has been given nation-wide
acceptance.
There is a growing
the League of Nations justified it¬
self more than in any other.
vinces
recognition that
cesses
crops
are
described
as
all
well rooted." •>'.^
lasting
peace
we
cannot enjoy
without
assuming
industry
celebrated
initial
suc¬
Already
we
"We must make its
permanent.
(Continued
the
completion of its 500,000th unit of motorized
on page
15)
army
equipment.
The
Government-sponsored Polymer Corporation, it was an¬
nounced recently in- the House of
Commons, will commence in the
fall to produce an estimated an-^
nual
production
tons
of
Buna
of
34,000 long
7,000 long tons
and
of
Butyl rubber, which will sat¬
isfy all Canada's wartime require¬
ments.
A
almost
hitherto
limitless
mercial
ignored
of
source
and
com¬
still
if
has
just com¬
tapped by the Thor-
2% to call date.
over
by
remote
some
bonds
Since,
chance
the
not
are
called, they will be¬
immediately more valuable,
come
it is expected that this issue will
become a center of interest.
soon
Renewed active demand for in¬
alcohol
menced to be
ternal
Dominions
caused
the
ap¬
old mill of the Ontario Paper Co.
It is produced from the ordinarily
preciation of the Canadian dollar
waste
9%
discount.
ing
to
sulphite
liquor, a by-pro¬
duct of the pulp and paper indus¬
try,
and is potentially a vast
of
source
synthetic
rubber
and
Under-Secretary of War Patter¬
disclosed
son
in
the
will
the
last
week
that
a
military project in the Canadian
continue
dian
Board
first
at
West Territories had just
completed, and had resulted
the development of the Fort
Norman
demand
point
where
oil
fields
and
the
con¬
to supply the market
selling price of 9.09.
That Canada leads the world
in
organizing
supply the needs of the Army and
Navy in; Alaska and along the
Alaska Military Highway.
in
the
increasingly
continue
her
evident
will
war
dynamic
expan¬
sion and it is natural that the
capital requirements of the Do¬
minion will largely be financed
in this country. Our financial
interests
therefore
should
ly the significant developments
fight against
confirmation
of
survey
the
Brookings Institution of Wash¬
ington, D. C.
After a study of
it
anti-inflation measures,
stated that there was no
was
body in Great Britain
able
to
compar¬
the'Canadian Wartime
Prices and Trade
Board, and it
further suggested that this
was
organization
this
might
country
fol¬
low closely and study attentive¬
the
receives
recent
British
is
Canada after the
that
the
a
time
its
inflation
the
to
to
interest¬
exhausted, and the Cana¬
Foreign Exchange Control
will- be
obliged for the
struction of pipe lines which will
It
It will be
whether
see
market
will be
been
that
exchange
supply of exchange resulting
the July
dividend checks
North
in
free
from
plastics.
in
use
as
fighting
well
serve
pattern
a
the
for
of
menace
inflation.
taking place north of
are
border.
Paraguay Head Honored
During the past week, the Ca¬
nadian securities market has
increased
seen
President
Paraguay
Higinio
Morinigo
given
was
of
official
an
further
welcome of the City of New York
advances in many sections. Brit¬
ish Columbia bonds, were in keen
at
City Hall on June 21 with
Mayor F. H. LaGuardia and a re¬
ception committee of distinguished
activity
with
demand; market supplies and a
few offerings from Canada were citizens
greeting him.
In
readily absorbed. The 5s of 1954
extending* the welcome the
changed hands at 111% and all Mayor said that "today we pre¬
maturities brought higher prices. sent to the whole world a full and
City of Toronto issues were active complete understanding of our
and reached
the
through
Dominions
recovery
unity, embracing every country of
breaking North, Central and South Amer¬
bonds
yield of 3%.
a
Direct
high levels with
new
10-year
firm
ica."
made
some
after their recent
reces¬
with little
There
was
an
available
were
supply.
increased turnover
in
The Mayor addled:
that unity I am
"With
sure
pretty
that the enemies of the de¬
mocracies, the dictators who had
their greedy and brutal
eyes
exploitation of our continent,
on
on
Manitobas, but following their our hemisphere, have understood
rapid advance, there is a ten¬ by this time that we will not only
dency now to mark time price- establish order in Europe and the
wise.
Likewise,
Ontarios
and
Quebecs remain stationary around
2.90% yield basis for the longer
a
maturities.
Far
East, not only destroy those
dictatorships, not only help
people of Europe and the Far East
in gaining perpetual and
perman¬
cruel
An
extraordinary volume of ent peace and security, but that
long-term New Brunswicks, the no nations of the world will ever
residue of a large offering from even dream of setting foot or ac¬
Canada, traded during the week. quiring any territory or will have
It is now likely that a long over¬ the hope of expoitation of any
due appreciation in these securi¬ part of North, Central and South
ties will
cent
"But it is not
Organization
By BRUCE WILLIAMS
sion and Canadian Nationals
invoked
be
We must first be
safe
that
continued
world
the
they should deny
their trade and
for
-were
Shotwell
needed for war;
their resources,
If
fratern¬
as
The
United Nations control about 90%
of
the
resources, of
the world
disarmament cannot
declare
T.
did before Pearl Harbor.
and the
they
war
preparing to attack,
never
source s;
James
nations
we
of
major
-part of its re¬
will
we
again supply the munitions of
to
the population
of
the world
a
have held back work
and the growth of
plants already seeded.
Seeding
>
operations are far from complete
some
had
been achieved.
con¬
disturbing factor.
Heavy rains,
coupled with Jo w temperatures in
until
victory
situation
have
agreement
f i g h t to¬
gether
facturing, transportation and trade
showing the greatest gains.a
the
United Nations will need organi¬
zation for safety and welfare.
'
"It is unthinkable that
January first, 1942, twentyNations, now 32, signed
struction, the numbers released by
the reporting firms in these indus¬
tries being 12,700 and 4,900 re¬
spectively. There was less activity
in mining but more in the remain¬
ing industrial groups, with manu¬
"In
>
six United
con¬
logging and
i/
•
moderate curtail¬
average
,
Shotwell's remarks
follow:
the
than
w
Dr. Shotwell's Views
beginning of April,
following a trend established in
18 of the 22 previously recorded
years.
The decline, however, «was
less
m
;
The Canadian economy continues to expand at an
amazing rate.
Last week at Oshawa, Ontario, the Canadian automotive
-
.
s
System Teletype NY 1-920
Canadian Securities
council
or
of the United
as
Bell
;
Street, New York 5
while the
We recom¬
peace
being waged.
mend that
14 Wall
the
state
Volume Still
Incorporated
the people of this
country and in Congress itself.
on among
higher moral code.
But we
"fantastic," adding that Christ in America, observed that
have a right to expect that nations
would fall .apart in a his Commission has outlined "a
which have established the ipstifew years, and legive more chaos .future of international collabora¬
tions of peace within their own
"than if it had never begun." "I be¬ tion in six vital areas," styled the
borders will be-able 'to^find a way
lieve myself," said Senator Taft, "Six Pillars of Peace." Mr. Dulles
to establish it in their relations
"that any plan must be based on offered an
explanation as to "how with their
neighbors.
the retention of sovereignity by these
proposals would operate"
"The task is not easy.
It was
and stated that "finally we want
every nation, with covenants benot
easy
to
achieve
domestic
an international bill of rights to
peace, and it is sometimes Violated,
assure people every where, without
Yet we have all come to see that
regard to race or class, the basic
law and order and the administra¬
intellectual
and
spiritual free¬
tion of justice are. a basis of the
doms " "Here again,''he'said, "we
state.,
are dealing with something which
"Now the same kind of political
In its June 23 "Business Sum¬ used to be considered of purely
evolution which has safeguarded
mary," the Bank of Montreal re¬ domestic concern, which we now
our liberty at home must be ap¬
ports that with the end of the first see is really of; universal concern.
plied to the problems of world
half year close at hand, Canadian For whenever anywhere a govern¬
affairs and our relation to them.
.business is running at the high ment regiments the
intellectual
This
force"
Wood, Gundy & Co.
mocracy than the discussion of
these vital issues which is now
some
Churches
of
Railway Co.
soon
take place.
announcement
of
The
an
re¬
offer¬
in Canada by this province
$2,500,000 12-year 3s, or al¬
ternatively 15-year 3V4S, will un¬
doubtedly assist this movement.
ing
of
In
in
comparison, the current yield
our
market of
over
4% for the
U. S. dollar bonds is remarkable.
This
tional
week
the
Canadian
Railway July,
Na¬
1969, bonds
have their call date falling within
one
year.
At 1077/s
the yield,
based
on
the
call
America."
•
•
_
President Morinigo, who is visit¬
ing the United States at the in¬
vitation
arrived
after
of
President
in New
a
centers.
tour
An
York
Roosevplt,
on
June
17
of
war-production
honorary degree of
Doctor of Laws
was
conferred
on
the
Paraguayan chief executive
by Fordham University on June
19.
His
noted
visit
in
in
these
price of 105, is page 2299.
Washington
columns
June
was
17,
{
THE COMMERCIAL/^ FINANCIAL CHRONICLE
ceived
Large Part Of Nation's Population
With Disaster From RisingTide Of Inflation
:/V/A
country
meeting
Organization in the New School for Social Research, shows
large section of the nation's population is faced with "actual
report, of a survey of consumers' in all parts of the
and at different income levels,'made public on June 26 at a
of the
that
a
disaster" from the rising
"Times";
follows:
tide of inflation, said the New York
further details of the report as
The survey, based on an analysis<^of 10,000 questionnaires, disclosed break of the war.
of June 27, which gave
that 50%
income
of the middle and upper
families
questionnaire
creased
families,
received
since
the
in¬
out¬
"A
majority
of
buying less, 68% are cutting down
this
level
that
a
on
a
replies indicate that
arhusements/ trips," etc/
did
rising tide of inflation.
"To meet the
-
tnat
a
these,
costs
carefully
more
^ber;%$/^oodhart,Kchief
formerly//In mdSt-
combination
of
means
are
of
several
the nutrition In industry division
of the Food Distribution Admin-
ing the
skyrocketing prices
higher
of the families below
more
$1,500 state
being used."
are
istration, told, the meeting that
present ration allowances of
meat,- cheese and fats and proc¬
-
essed
answer*
questionnaire who have
incomes,
careful
67%
are.
amusements, 44.6 %
are
sufficient
were
to
sired.
buying less food and clothing,
naires," the report said, "were re¬ ing less than '■ they did, 55 % / are 42.2%
foods
dietary .requirements. ; ;: He
a
predicted that there would, be
enough of the foods needed by
citizens here, although there might
not be enough of all the foods de¬
doing
buying,-65 %: are cut¬
on
;
v:
the
meet
ting down
savings, 35 % are sav¬
of
meeting .higher
Of the 50.4%; of those
j
of food and other .necessities, 5 %\
on
drawing oh savings and, 2.8% are
and borrowing to pay their larger
questionnaires indicate
lation is faced with actual disaster
from the
buying
are
many
give striking evidence
large section of the popu¬
question¬ drawing
the
families, having ,in
$2,000
over
that they are borrowing, 15 % are
answering-;the 28%had obtained rises.
had
incomes
income
Among lowhowever, only
from
year;.and the'
of- these
families are having serious finan¬
cial difficulties/";/But the returns
from families with incomes under
comes
Thursday, July 1, 1943
The meeting adopted a resolu¬
saving -less, 11.4% are
tion
advocating an excise tax upon *'
advertising of consumer goods.
all
It elected the
following directors:
Wendt, Paul Kern, Made¬
line Ross, Leland Gordon, Edward
Gerald
Reich and
Mrs.v Sherwood Ander¬
son/
////
evening- session,-repre¬
In., the
.
sentatives of the OPA and educators
discussed
the
of
work
>
the"
Government agency. Dr; Hartley
W. Cross, Professor of Economics
at
Springfield College, Mass., urged
over-all
control
for
a
.
successful
price control operation and. the
granting of subsidies to strengthen
such a policy-.', JDr. Leland F; Gori
.dor/ .Prbfessor /of. Economics at
£>epison University, Ohio, also ad¬
the
vocated
use
of
subsidies
and
charged that "the imminent break¬
down of price, control"! is .the"re¬
sponsibility of Congress/'
•
Two'OPA
bee
W:
,
v ^
/;>,
\
representatives; Orms-
Robinson,L;; Educational
;
Services' Of ficer ^and Dickon Reck
~b| 1 the Standards - Division;;:com?
.,
;
f
1
;.miented..upoh-'ag€ne^aetivi^
Kaiser Unveils Model;
0f$4C0 Posl-War Car
"Liberty,
or
.Henry J. Kaiser,' according. to
Detroit dispatches:, of June 25,
plans a $400 post-war/aidompbile;
and -announced- that - he /would
death";... with no compromise.. . and
America became
a
nation of free
men
in
a
market it in
free country.
man
According to the dispatches, Mf.
a prototype of the
car and predicted that 10,000,000
people in this country." could pay
cash for
In man's struggle for security — economic security
for himself arid his
family• earnest
and
men
women
for free
As
men
in
a
are
836
gasoline filling stations in this
country/(1939 census), he stated
defending home solvency
that, "every gasoline .station can
and they can sell it
free country.
sell this car,
for
long
as
the Star-Spangled Banner shall
always—. these
men:
and
women
keeping faith with freedom
on
—
cash, eliminating the financing
charges and much merchandising
on
overhead.
We'll
'
turn-ins."
/' *;;
wave
.will keep right
the home front.
•
,
Recalling that there were 241,-
without the hardships and physical
America,
and announced
car,
merchandise it through
gas stations instead * of through
dealer organizations.
suffering of warfare, these men and women,,-the life
underwriters of
$400
a
his plan to
guard the home front of freedom. Without uniforms
and martial music,
*
Kaiser unveiled
the battlefronts of freedom ,and a new
victory will be oufs; y.t
:
gaspline-station
every
in the: country.
Again today, brave Americans, with gnm determi¬
nation,
;
it
sell
,
GI
without
:
,
;
"That will free millions of dol¬
lars
the
for
purchase
of
luxury
items," he added, predicting that
his plans
LIFE
INSURANCE COMPANY
lus
'*/
Bertrand J. Perry, President
would provide a stimu¬
enterprise and im¬
new
provement throughout the auto¬
motive industry.
Springfield, Massachusetts
;■
for
.
/
"I hate to have anyone feeT that
I
out to hurt the
am
existing in-
dustry," Mr.y Kais^ said// -fT'm
aiming .for a' market- thht present
reach
cars.
hand.
third
only
' When
or
fourth
VHe'nry/Ford built
Model T for $375 it provided the
greatest stimulus the country had
seen in the sale of higher priced
cars."
The engine,he has; in; mind; he
is
Kaiser
a
^tWo}cycle,'
f'adial
-that
;
type
is
development,
16-cyiinder;
a
opposed
air-cooled / engine,
projected to. develop' 80
horses-power,; He said the engine
was
Ti
it
running
was
on
test now, but that
too early to estimate what
gasoline
could
.economy
pected of.it.
be
ex¬
\
..
//Asked where he would produce
his.new car, Kaiser
said:;;/
/.. "Production facilities will be
problem.: We already have 52
perienced /automotive
suppliers
building
of the
in and
new
car.
Detroit
prototype
The facilities
here
«•••
...
i~
....
I
ex-
industry
around
parts for the
umi/ui::
4
|
no
are
*1
Volume
158
-
Number 4190
THE COMMERCIAL & FINANCIAL CHRONICLE
.
11
is neipmg win the war.,.
^;r.•>■-;;7-;/^'7(7(v" '3* r.' *
industry must help build
(. 77
Fighting
now
|'#§ Thinking
j
>
a
peacetime world
7:7§. ''7;)7>7;7^
:?S*~
is winning the
now can
^
war...
winthe:peace §*
j
^
Today millions of service men are lighting for "a better
1.> > world to liye:irt." Other millions of individuals are perform-
!vf'} irtg- miracles
1:
•
.
of production through the; united efforts of j / l::i
management
and
wage
earners—all of
f.Unconditional surrender/V
:
*
one
-
L
mind—for "an
;
/
i
•
S?rH-^^?Mtwj^^siiits provided, they'&• alt'.pjf.jb^eynMidU^"
sound peace terms
If the world is
to
calling for sustained prosperity.
prosper,
there
must
be the same, cohesion
amon
X
thereafter
as
now
exists
during the world-wide, conflict.
r
Internal
stability here and in other nations
and maintained
11
trCMS
be;gained
*
\
people of this
country,
in
|
,
by ec0nomic interdependence.
man Hit
The
tfcittS
can
only by sustained industrial production and
.
common
with the people of
ot^er lands, will prosper material y and spiritually when
1
THE COMMERCIAL & FINANCIAL CHRONICLE
12
C
None of you will have price a shirt, you should also price
bathing suits -or each sleeve, the collar, front, back,
birthday clothes.
There will be tail, and buttons. .Then when you
get squeezed under price freezing,
enough clothing.
"So far during the war the sup¬ you can sell shifts 'a la carte.'
mignon.
Price Fixing Discourages Production And
Leads To Rationing, Dr. Roos Declares
(Continued from first page)
"When
con¬
When will the European war
would indeed not be unreasonable
ese?
end?
the
will
What
•
of civilian
the
be
pattern
supply if we conclude
European
war
,
the
before
Japanese war?
will, of- course be important. But
even if one
knew all the Lendlease plans and Was sure that they
would be carried out, he would
only a partial answer.
have
still
and that further struggle is, there¬
He must also know how much war
will be likely to
production we
need to defeat
come
to
before
expected German offensive this
summer.
"If
unable
be
to
answer
important questions
upon
Russia
and
helping
to
us
defeat
Japan, our war production could
be tapered off considerably.
We
would have large stocks of muni¬
all
tions
both
will
could then count
we
England, France, Holland, China,
exist.
further
particularly if
Christmas,
the Russians are able to break up
trained
"We
European armistice
an
assume
Unless we
are willing to answer adequately
such questions, we have no way
to compute how
much deferred
demand for durable goods, such as
furniture
and
home appliances,
and semi-durable goods, such as
clothing and house wares, will
such
Japan.
useless, an armistice may
with startling swiftness.
It
fore,
an
"Lend-lease trade with Europe
•
Axis becomes
the
vinced that it cannot overtake us
and
need
arms
and
world
navies vastly
of Japan.
We
produce chiefly
those
exceeding
would
small
the
over
armies
to
We
munitions.
and
could, therefore, fight Japan ag¬
gressively and at the same time
convert many of our war plants
back
civilian
to
and
production.
"Under
these
conditions
for
Stimulated Demand
"If the production of war goods
is
considerably greater than the
savings of the public, ex¬
usual
claims to goods or. exces¬
cessive
been
"All during the first quarter of
of the 1943
consumer
purchases
have
usual consumer demand.
There been,.
greater than they should
have
been
shortages here
and have been on the basis of the de¬
sive
there, but with the exception, of mand-income relationships of the
gasoline and fuel oil no great dis- past twenty years. Now that in¬
coniforts have resulted.
come greatly exceeds the supply
"Shortages of both gasoline and of goods, absenteeism has in¬
fuel oil have affected the East
creased substantially.
amounted to
of
civilian
goods
take
than the West.
more
■
care
When
we are
"The
worker, unable to buy
pressing the war against Japan,
what he wants—usually a durable
shortage of gasoline will affect the
good or better quality consumer
West more than the East. If what
good—even though he has the in¬
one of my old college mates, Col.
come, decides ot invest in leisure.
Jack Major,
writes from New He
prefers
leisure
to
income
Guinea is correct, there may be
which he cannot
One landed on an air¬
vultures.
recently and the mechanics
field
put 100 gallons of gasoline in it
before they discovered that it was
not a P-38.'
week-end orgy
her
or
unfit
form
the
of
a
which makes him
to
work
Monday
Sometimes
the
leisure
is
is
out
excessive
purchasing power
something like 16 qr
17 billion dollars.
"About
$6,700,000,000 of this ex¬
purchasing power became
in the form
cessive
'adventitious' savings
of increased demand deposits. An¬
other
$4,000,000,000
represented
increase in currency in circu¬
an
lation and the rest
self
in
expressed it¬
increases and war
price
bond purchases.
"During 1943 excessive purchas¬
power will amount to 25 or 30
ing
dollars.
billion
the
This
making
spent
building
or
that
means
public will receive 25 to 30
excess
of what it would
spent
.
inflation could be controlled with¬
and
billion dollars in income in
morning.
looking through the shops for ny¬
lon hosiery or other merchandise
1942
inventories
of
which is becoming ■ ■ scarcer and
goods were large; there were still
Soinetimes the leisure
several million unemployed and scarcer.
"During
purchasing power is neces¬
sarily created. During 1942 total
savings were about $28,000,000,000
Sometimes
use.
unexpected difficulty.
this leisure takes
"He says, The mosquitoes are
at
.My ,old of¬ home the things which can no
domestic fice-mate, Leon Henderson, could longer be purchased in the shops.
'control' prices by talking them
Changing Armaments
down in his inimitable way, freez¬
production
Lend-lease
has
*
#
your
about adequate to
We must be willing to
determine or postulate answers to
such questions as: Will the Euro¬
pean war end before the Japan¬
sumptions.
wear
ply
Early End of European War
begin
"Post-war planning must
by making assumptions, many as¬
to
Thursday, July 1, 1943
;
great difficulty;
busi¬
normally spend
for the goods and services avail¬
able and save on the basis of past
relationships between incomes and
demand and incomes and savings.
These 25 to 30 billions of dollars
of
purchasing power, plus
savings of last year
excess
the uninvested
of about
$10,700,000,000 represent
the inflationary force at work in
1943.
ing them at arbitrary levels which
"There is hope that the bazooka
"So long as a price advance
speculatively high or rocket gun will make the tank calls forth increased total produc¬
and threatening retailers with in¬ and much of
our modern
arma¬
be needed to
tion, it performs a useful social
carry on present up huge backlogs of demand. We
keon had an¬ ment obsolete so that pressure of function.
But when total pro¬
business volume?
What will be might even' be able to produce ventory control.
other advantage in 1942. He could the war on
the distribution of wealth at the enough, civilian goods after five
the durable goods in¬ duction cannot be
increased, a
look the other way as quality dustries willbe lessened and so price advance merely redistributes
end of the war?
What effect will or six months of such warfare as
this distribution, whatever it is to to use up some of the backlog ac¬ changed.
prevent this home industry 'trend', wealth and income.
"In general, when everyone can
"Income.increased steadily dur¬ if we may dignify it by that name,
be, have upori consumer buying cumulated during .the
past 18
habits? What cities will offer the months.
Of one thing we can be ing 1942 and the supply of civilian from
developing
to
the
point earn sufficient incomes to provide
best opportunities for retail trade?
The problem of where it will threaten retailers' for the necessities of life and some
reasonably
certain. If we can goods. shrank.
Will the city in which your store bring the European phase of the price control became progressive¬ markets.
savings, the majority do not wish
to
is located grow north, east, south,
war
to a close before the Japan¬
change
the distribution
of
ly more difficult.
Threats were
"Seriously, it is conceivable that
or west and what will growth in
longer
effective. / Quality the changes in the character of wealth by inflation. Nonetheless,
ese, there will be no serious prob¬ no
either direction do to your trade?
lems
of post-war transition for changes
were
already
obvious warfare may be sufficiently start¬ individual groups always want to
even
to the poor ignorant con¬
Should you make a short or long- manufacturing industry.
Everyone
ling so that a few durable con¬ improve their status.
is opposed to inflation except in¬
Farm prices which had
term lease?
"Much of
the transition will sumer.
sumers' goods can be made avail¬
sofar
as
his own income or prod¬
"Allied strategy has called for take place while we are still fight¬ not been placed under Mr, Hend¬ able even before we take Hitler's
uct is concerned.
concentration of forces against the ing a war and thus still receiving erson's control had risen sharply measure.
This, however, would
and labor wanted higher wages.
"A common argument is that to
have only slight effect in arresting
stimulus
to
European part of the Axis first, the
manufacturing
change the income distribution for
with enough strength diverted to that- this provides. • If tbe - re¬ Mr. Henderson did the only thing, the trend towards inflation.
this or that group would have
"•
the Pacific to contain the Japan¬
tailed- keeps informed as to the possible. He resigned.
"This
as:
Where will the
How
price level be?
working capital, will
much
continue
would
ness
would
we
no
good, but
longer be building
.
were
usually
...
.
_■
problem of inflation is
and
ese
at
a
possibly force them back
few strategic points.
this has worked well.
So far
Can it
con¬
tinue?
"The
war
is not
now
of
outcome
in doubt.
with
conclude
the
We
reasonable
can
cer¬
that we will have over¬
whelming superiority at the lines
tainty
of
have
battle
in
1944
and
possibly
This
announcement is
neither
an
made only by the prospectus,
any
State
to any person to
need
important that
*
'Fixing' Prices
/
spending a little time
Adminiltratbr
"The; Tiew
de¬
cided to fix food prices.
One of
his earliest efforts was to freeze
am
the prices of
level and inflation.
Congress.
There should also be
enough food to hold another din¬
ner.
In fact, I would not be sur¬
prised to learn later that you had
tels.
that I expect
sirloin
offer to sell,,
nor a
steak
solicitation of
which does not constitute
an
an
offer
or
to
filet
Within
restaurants and ho¬
or
or
few
a
weeks
table
a
meals
from
lesson
any
that.
When
The offering is
dealer to sell these securities in /.
such dealer to make such offer in such State. -:
NEW ISSUE
200,000 Shares
you
share
of the Company
American
economy
29,
1943.
of
a
a
big
one.
inflation
economists
or
cal leaders who have
problems.
Small
upon
price advances
themselves' and bring
large price advances or in¬
are
politi¬
or
studied
the
But the methods whi(ih
receive
most
one
more
or
there
as
business
attention
of
the
tion;
embrace
following:
destruc¬
or
Forced
savings;
brief
discussion
Taxation;
Price-fixing; and Rationing.
j, ,
"A
method
be
of
each
and its effectiveness will
helpful to
an
understanding of
the. whole problem.
"In 1920,1931 and again in 1937
of,
bank
deposits
destruction
the New York
flation.
an assurance
that the price
But it
"During wartime a substantial ing inflationary trends.
should be recognized that each of
part of•< the working force is en-?
those inflationary situations was
gaged in the production of goods
which are not to be consumed in characterized by speculative de¬
discontinued
at any
be obtained only from such of the
the
(money)
usual
sense
who
workers
them or the
producing: the
by
are.
of
Hallgarten 8C Co.
McDonald-Coolidgc 8C Co.
trade.
"Yet the workers who produce
war goods
get paid in the same
kind of money as those who pro¬
duce consumers' goods.
The war-
;:
worker
thus
receives
consumers' goods
June
accumulation
Monetary sterilization
channels
Alstyne, Noel 8C Co.
price
ad¬
an
advance
an
lot of little advances makes
that
goods that do go through the usual
Van
Yet
on
registered dealers in securities in this State.
Allyn and Company, Inc.
the
and
the
on
tizing the public debt, is
demand.
of the above security will be stabilised or that the stabilizing, if commenced, may not be
A. C.
there
trolling
the
potential, i,e., that which can be
created by bank loans or by mone¬
#1.00)
Stock Exchange, on the over-the'counter market orotherwise,^ This statement is not
Emanuel 8C Co.
effect
no
be lectur¬
operating at capacity purchas¬
power both in being and in
'feed
may
or
level of the economy.
vance
here leads to
"If we increase farm income, we
necessarily increase the cost of
living and so deprive the worker
of purchasing power.
If we in¬
crease wages, we necessarily must
"Whenever
demand
exceeds increase
prices (at least after the
supply, an increase in price is in¬ advantages of the lower costs due
dicated.
The price increase de¬ to increased
production have been
creases
the demand and usually
absorbed)
and so
deprive
the
increases the supply until demand salaried
worker, the fixed income
and supply again come into bal¬
recipient and the farmer, of pur¬
ance. When the national economy chasing power.
iy operating near capacity, as it is
Anti-Inflation Methods
today, there is little likelihood of
increasing supply so that price in¬
"There are probably nearly as
crease
operates only upon de¬ many methods proposed for con¬
about
as are
little
Therefore, at
the risk of seeming to
so large
price increases have to be
large to shut off demand. Indeed,
small price advances have the ef¬
fect of inducing speculation by
consumers and
so
increasing the
To facilitate the offering, it is intended to stabilize the price of the Common Stock
Copies of the Prospectus
with the price
ing
Common Stock
per
I
quite confident that most of
serious post-war problems
will be concerned
is
$5,875
it.
mand.
Gar Wood Industries, Inc.
Price
upon
your
"When
(Par Value
so
justified in
disappeared from ing to you, I want to spend a little
the menus.
Everything was a la time portraying the underlying
carte.
You retailers should take causes of price inflation.
d'hote
huy, the securities herein mentioned.
offer by the undersigned
whom it is unlawful for the undersigned
undersigned
we are
just said you
that enough
of you will be in business next
year to hold another Controllers'
see
served
sooner.
he
conversion,
serious problems.
no
"From what I have
will
ultimate
of
progress
Johnston, Lemon 3C Co.
are
the
on
a
par
claims
for
(money) which
with the claims of
producers of consumers' goods.
The total claims for
crease
substantially.
goods Thus in¬
was
effective in
revers¬
mand and
excessively high stocks
goods.
Deflation of deposits,
therefore, served merely to break
the speculation and thereby
bring
of
about corrections? in .demand
and
price.
"At
the
present
time
when
stocks of goods are dwindling
fast,
deflation
of
deposits
probably
would
not
materially
inflationary, trend.
affect
the
In fact, with
the
government
financing
the
huge expenditures of the war de¬
flation of deposits could not safe¬
ly be tried.
It necessarily would
Volume
mean
158
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4190
and this
^
OPA
"The
sharp rise in interest rates
a
Administrator
rising. Retailers, therefore, should better trading centers than others.
count upon
increases in prices. A good many of these population
Their post-war planning
should shifts will be permanent, since
assume higher price levels.
Many many war plants have been lo¬
was
would not encourage sw¬ replaced. Supplies have continued
to
ings by the public.
shrink
and
new
13
Adminis¬
„
trator
Currency Increase
is
rection,
7 r"
"Currency; * in ■ < Vcirculation 1 is
rapidly increasing., This is part¬
ly because higher payrolls ac¬
.
,
under
fire
every
di¬
of
"Price-fixing
duction
in
•
.
and
discourages pro¬
brings about the
so
'
the
after
problems
the
war
facing
will
be
retailers cated
associated
near
power
materials.
raw
with
and
resources
"777,77 77777/77
changing price levels.
"This, of course, means that as
corollary—rationing.
they are faced with in¬ national income
again lines up
companying full employment re¬
"In its utmost simplicity ration¬ ventory control and cannot hedge
with the supply of civilian goods
quire more currency in circula¬ ing represents an
attempt to sub¬ against price increases by hold¬ in the post-war
days, either (1)
tion.
But this is not the whole
stitute a scarce super-money (the ing large stocks of merchandise,
by national income dropping as
story.
A substantial part of the ration coupon) for the excessive and since price 'control' and the
armament work falls off faster
increase in currency in circulation
ordinary money.
The first effect Excess Profits Tax law prevent than civilian work can
be re¬
can
be traced to its desirability
is to shift the demand from the them from keeping any signifi¬
sumed, or (2) by prices rising be¬
as a medium for savings. Although
cant
rationed
part
of
profits
that
could
be
commodity
to
others
cause consumers
quickly exercise
it bears no interest, it is negoti¬ which are
growing scarce and are, obtained from rising price levels, their
war-originated
claims
to
able at any time and so is pre¬
retailers by and large should as¬
therefore, likely to be rationed.
goods, some areas are going to do
ferred to low coupon bonds by
sume
that
they
will
need
new
"When
shoes
were
rationed
smaller unit volumes of business
many.
early in the year, the demand for financing in the post-war world. and some larger.
Each retailer
"This very negotiability feature,
In the immediate months after the
almost
all
here would be well-advised to be¬
types of department
however, is what makes the in¬
war their receivables will be low.
and variety store merchandise in¬
come a
gadfly to the industrialists
crease
in currency in circulation
As these increase, they will need
creased sharply.
of his city.
This increase in
dangerous. It is likely to be used
more and more
working capital.
consumer spending intensifies the
"If he can force them to make
at any time as a claim for goods.
shortages
of
merchandise
and
post-war plans more ambitious
On the one hand, it would be
Distribution of Wealth
thereby
increases
the
inflationary
than the mere
desirable to decrease the volume
shutting down of
pressures. It hastens the day when
"The economic pressures of the factories or
of currency in circulation; on the
parts of them, he will
other goods must be rationed.war
will
other hand, this would mean a
unquestionably bring render them, his community and
about further changes in the dis¬ himself a service.
substantial increase in the desire
By assuming
Stimulants to Evasions
tribution
of
wealth.
The former such a role, each of you can know
to possess .the liquid asset, money;
'have-nots'
will
what
by the end of 1943
and
hence
Problems
of
enforcement
purchasing power is likely
adversely affect in¬
are
need
for
its
"Since
short, you will be able to plan in¬
telligently for the future of your
business."
G. B, & Q. Subsidiary
Asks Permit To
Enter Aviation
Possible railroad entry into the
,
.
terest rates.
;
■
,
"Many writers
on
inflation have
urged forced savings
inflation.
for
as a cure
We- actually
have a
small withholding tax which is to
be
is
refunded
the
after
form of forced
a
This
war.
savings.
•; "This small tax, however, is none
too popular and it is doubtful that
the
tax
be
can
creased.
Yet
especially
grievous
because
for
the American public
has been taught that it is smart to
many
avoid
years
or
even
evade the law.
The
old Prohibition Law. sired this at¬
titude.
The
contradictory
and
often unnecessary orders of OPA
have nurtured it.
"Nothing offered so far by gov¬
in¬ ernment that is
politically feasible
dras¬ will
prevent the price level from
substantially
it
must
be
possess
claims
to
billion
dollars
worth
whereas
the
country
will
ceed
Excessive
"If the public
reasonable
to
little
that
is forced to
efect
assume
that
this
sumers.
"The
tion.
"You
tion
Some
is relocating popula¬
cities
are
becoming
will
to
what
also
have
informa¬
judge
in
a
position to determine whether
you
should have
lease
and
a
short
or
whether
you
to
This announcement appears as a matter of record
only and is under
no
or
a
better
location.
In
a
save
on
the
asked
the
Civil
Aeronautics
service in the
The
that it
area
Burlington's bus
erates
"The
contemplated
would
afford
$18,000,000,000
in
and $5,000,000,000
bidding up prices of the avail¬
able goods.
The government en¬
acts a plan of forced savings.
currency,
bank
,
deposits,
in
The
"John
the
Public
is
forced
in
the
territory
we
serve
air trans¬
portation
communi¬
ties
in
between
which
airports
served
well
as
live
as
with
motor
services,"
Due
for
currency, etc..
He
cut the $12,000,000,000.
The
7 "If
it
This
even
would
Guaranteed
be
to
for the
pay
would
to
principal, interest and sinking fund
.The Series "D" 3}%% Bonds will be redeemable
pany, upon sixty days' previous notice,
ton
mean
pay-as-you-go
said
the
to have
a
expenditures.
Such
so decrease pur¬
solution would
chasing
bus
company
service.
circumstances to he construed
as an
offering of
July 1, 1968
by endorsement by the Pennsylvania Railroad Company
as a
on any
.
Sinking Fund of $285,000
per annum to be applied to the purchase or redemption of Series "D" Bonds. Bonds will be redeemable
for the Sinking Fund on July 1, 1944 and on any July 1 thereafter to and
including July 1, 1956,
at 103% and accrued interest and thereafter on a
graduated scale downward.
bring dispos¬
able income and, hence, demand
in line with civilian supply.
power as to
"There would then be
no
prob¬
lem oLinflation.7 But such a so¬
The
issue and guarantee of the above Bonds and their sale to the undersigned are
subject to the
approval of the Interstate Commerce Commission, and all legal proceedings in connection with the
issue, guarantee and sale thereof are subject to the approval of counsel for the undersigned.
lution, while ideal, has never been
politically feasible. Even the 50%
taxes
of
garded
They
Great
by
Britain
Britons
probably
as
are
excessive.
could not
acted in this country,
be
en¬
and if they
there would still be
were,
re¬
an
In the
in¬
flation problem here.
"Just
the primitive
as
treated
the
patient
by
packs,;/'etc.,
physician
temperature
of
opinion of counsel, these Bonds will he legal investments for savings hanks under the laws of
California, Neiv York, New Jersey and other states arid also for savings hanks
organized under the general laws of Pennsylvania*
his
blood-letting,
ice¬
so
the
primitive
economist has offered to treat in¬
Copies of the Offering Circular dated June 24, 1943, describing these Bonds and
giving information regarding the
Company may be obtained in any State from only such dealers participating in this issue as
may legally
offer these Bonds under the securities law of such State.
flation
by fixing prices.
In cases
where the price advances were
caused by speculation, immediate
OFFERING PRICE 1013M AND ACCRUED INTEREST
results seemed to develop; by fix¬
ing prices below the market the
speculator was confronted with a
loss.
mand
As
a
TO YIELD 3.64% TO MATURITY
result, speculative de¬
collapsed.;
"The OPA tried this remedy
ef¬
early
in
f^42 when
markets were highly speculative
fectively
Temporary Bonds, exchangeable for definitive Bonds, when prepared, may be delivered in the first instance. The Company will
\
make application in due course for the listing of these Bonds on the New York Stock
Exchange
and for tli^ir registration'under the Securities Exchange Act .of
1934.,
■
»
and
when supply was more than
adequate to meet normal demand.
But
as
manufactured
supplies
shrunk, this method became less
and less effective.
Kuhn, Loeb & Co.
Merchants and
manufacturers refused to do.busi¬
ness
unless
their
costs
were
covered.
wages
Labor demanded higher
to offset price increases.
New York. June 25, 1943.
B.
proposed
6,380 route miles of air
taxes equal in amount to the total
government
and
Transportation Co.
by the Offering Circular.
payments
I.
The application to the C. A. A.
whole only, except for the Sinking Fund, at the office or agency of the Com¬
interest date to and including January 1, 1959 at 105% and accrued
7
interest and thereafter on any interest date at a premium equal to
JA% for each twelve
.months or part thereof between the redemption date and the date of maturity.
out of current income.
war
as
the
James, President of the Burling¬
Solution
feasible,-the ideal
were
solution
entire
'Ideal'
may
bus
said
government
$10,000,000,000.
thereupon
rearranges
his
budget to read $12,000,000,000 for
government bonds, $5,000,000,000
and
by
transconti¬
transoceanic airliners,
or
railroad
the
they
Refunding Mortgage 3%% Bonds, Series "D"
He
the
benefits of coordinated
-k'a:
First and
lend
to
service
of people
residing in towns and small cities
Pennsylvania, Ohio and Detroit Railroad Company
•
13
millions
$28,483,000
$22,000,-
serves.
8,500 highway miles in
infla¬
000,000 of his purchasing power in
government bonds, $5,000,000,000
Ad¬
Middle Western States.
tionary problem will be achieved.
let us say that John
Public intended to invest
the
company op¬
these Bonds for sale or as a solicitation of an offer to
buy any of such Bonds.
The offering is made only
when
ministration for permission to
opT'
erate helicopter or similar aircraft
For example,
in
large scale
26
Transportation Co., a
wholly owned subsidiary of the
Chicago, Burlington & Quincy RR.,
long-
should enlarge your present plant
on
June
Burlington
nental
the direction in
which population in your city is
likely to move. You will then be
term
war
so
level of trade you can expect.
the
great shift in the claims to goods
will change the demand of con¬
likely to adjust its other savings
so
of
community and
your
move
part of this amount, it is
a
wealth
goods,
for
indicated
is
likely for 1<?43.
only
of
more
was
-purchasing
of about $50,000,000,000
power
or
probably not ex¬
$600,000,000,000.
It
seems
tically increased if it is to be ef¬
fective.
total
fifty
aviation business
14
believe the common sense Oft
Tomorrow's Markets
Walter Whyte
requirements is available,
Theseads have produced unusu¬
Trial
*by. actual tests,
be
can
.
Available to
arranged—the cost is moderate.
dealer in
one
lina.
RR7,
IT'S
Industrials, which J
Thursday/
,
ments
PEOPLE t
so
were
believe
to
For months,
these argu¬ high in the industrials though
naive led me not a "new high for the rails.
fact that most of
By WALTER WHYTE
Salesman's
ALL IN KNOWING
The Dow
closed^ ^142v88; at. the^ndpt'
in the week.": The rails, that were
*
*
s|:
..
.
before next week.
The Securities
stood at; 140,86 last
however; indicate another re¬ them. I listened to their argtH are respectively 142.4i "and*
action.
Confirmation of im¬ ments.
I knew what they 36.02;.; This,'- as anybody; can
1
esents.
portant trend-should appear were thinking of.
a|iiewj
But the
New York City 7.
25 Spruce St.,.
and avarice.
,
Caro¬
a
Financial Chronicle,
The
and notice.
Congressional acceptance of
That certain elements
inflationary measures points Government and in the busi¬ at 35.421 on: Thursday closed
to higher prices. Lack of vol¬ ness
world wanted inflation Saturday at ,35.96* As .this i^
ume
anH slowness of rails, I was aware of. I spoke with being: written £these|a\rerage&
;
state, but| not in North and South
First come—first served.
Fo)r, details, write Box
qnly
Says—
individual
adaptable to
ally successful .results
upheaval that might end
Apparently I didn't
reckon with personal: pique
in chaos.
Desiring Successful Advertising Campaign
A series of. advertiseinents.
•
;
an,
Opportunity For; Investment Dealers
your own
iplace^
permit pessimists;; started to dt up'
lawmakers would
our
that
a.
deliberate
if not for years, inflationary, program
the
would
spectre of inflation has be avoided. I know now how
appeared on the horizon. But mistaken I was.
' Only people who have-had- actual "selling experience can realize
P*
*
♦ * .•
what a small part;a "good argument" plays:in makingjthe average eachtime its threat, seemed
sale
Most laymen think salesmen; just have to be good at winning imminent and it acquired a
For the kind of inflation
arguments. Good salesmen know that just the reverse is true. There considerable stock market fol¬
that spells ultimate danger is
is an old adage that goes, "He won the argument but lost the sale.
lowing, something occurred
It's more truth than poetry.
happening here. It is happen¬
the thing some; people
Of course, there are times when you have to give other people and
ing because powerful minor¬
good reasons for doing the thing that you: suggest. People do like to feared and others hoped for
ities
which control certain
feel that they have the power of making their own decisions—even did not materialize.
legislators
have been working
if most of us would privately admit that we are far;too lazy to
i
H
* t
*
r
accumulate the necessary facts in order to do so.
Since our ego
day and night to bring it
That some sort of inflation
must be satisfied, the experienced salesman makes us think we are
about.
^
*
$
*
coming to our own decisions AND THEN HE MAKES IT EASY was inevitable was taken for
FOR US TO ACT IN ACCORDANCE WITH HIS SUGGESTIONS.
granted,
But
in
whatever
The
Most people actually iike being sold something—though most of us
slogan from now on
But; if the market didVgo upf
its; advance'
did- not
attract;
^ny' unusual.volume!
i
.
-
If ybu' will read last week's,
..
...
.
.
.
won't
,
form it would come I did not
:
'
admit it.
the truth of what the psychologists have
been telling us for years—that we are creatures of habit.
All of us
have developed certain behavior patterns from childhood.
We have
various likes and dislikes, we hold prejudices and opinions, we be¬
come angry, happy, petulant, discouraged, serious, lighthearted, etc.,
at different times and for various- reasons., The successful salesman
AH of this leads up; to
.
.
making a study of people. Hisi first business .is that , of., a
psychologist. Though he may not have' a medical degree; itt; the
science of reading human nature, if he is a real salesman, he will
know much more about "what makes his fellowman tick" than he
is always
will ever admit he
kndws,
short, the major portion of psychology which is of any prac¬
tical benefit to the average man, whether he be a professional sales¬
all have
ox just one who has to go through life doing what we
to do occasionally (making others agree with us) is- what
man
is tech¬
This law goes: ANY
nically called the principle of partial identity.
PART OF A SITUATION WHICH CAUSES A DEFINITE ACT MAY
LATER CALL FORTH THE SAME
RESPONSE, EITHER IN WHOLE
OR IN PART.
That is why when someone puts a pen in our hand WE FEEL
Or when a pencil draws a line on a paper
THE URGE TO WRITE.
WE
Or
INCLINED TO
ARE
if
one
man
looks
FOLLOW
THE
POINT WITH
at the sky on
up
THERE IS SOON A CROWD AROUND
crowded
a
HIM ALSO
OUR
street
EYE.
corner
LOOKING UP.
That is why PRESTIGE is
connected
.JUDGE,
with
habit.
ESPECIALLY
ADMIRAL OR
CLERGY,
IF
GENERAL
RENOWNED
A
so valuable in salesmanship.
It is
PRESIDENT, A SUPERIOR COURT
HE IS WEARING HIS ROBES, AN
THE
IN
UNIFORM, A MEMBER OF THE
SCHOLAR, IMPOSING IN APPEAR¬
ANCE AND THE TRAPPINGS OF
OFFICE, ARE FACTORS WHICH
ENFORCE THE HABIT OF SUGGESTIBILITY.
Prestige, furthermore, is enhanced by
;
FOLLOWED
BECAUSE
PHYSIOLOGY
SELLING
OR
OF
-THE
MEDICINE.
SECURITIES
IF
PATIENT'S
THE
SAME
YOU FIRST
IGNORANCE
CAN
KNOW
BE
HOW
SAID
TO
SHOULD
NOT
Confidence
the
that
United
States would weather the post-war
profiting by
lessons learned by both private
enterprise and Government, was
expressed on June 23 by Dr. Har¬
old G. MoUlton,' President of the
Brookings Institution,
Washing¬
ton, D. C., in an address before the
Special Libraries Association con¬
vention in New York City.
successfully,
AND
SAY
THAT
WILL
"with
summer
1943
on
both sides,, which
excesses
than
"gives
us some
controls against inflation, Dr.
Mouiton warned that a
private en¬
terprise1 system, "if we're to pin
our
faith to it," must be
permitted
TAGONISTIC TO THEM.
Sounds simple, doesn't
it—well, it isn't to operate in a general climate of
although we try all our lives to learn more and more, we all can
opinion which gives it confidence.
say together: "We're all just beginners in the
great game of under¬
Asserting that "great wars are
standing mankind and human nature."
and
not
Predicted By Fleming
;
which went
*
•
on
to say:
'
a,re no^
,
come down immediately to
pre-war
levels, he told the Governing and3>-;:r■■■■■
Advisory Board of the Associated tain to be a.major national head¬
General Contractors of America.
!
;"We should expect to see ra¬
tioning of many things continued
tor several months
"There
will
be
or
even years.
ache for years."
General
not
the
veterans will
millions
come
of
war
home to well-
immediate paying jobs in
private industry.
"Unless some provision is made
automobiles,
washing machines, radios and air in advance, I think it rather more
conditioning systems simply be¬ than possible that a good
many
!
;
lush
to
cause
exist.
buy
these
commodities will not
have
will
take
to
time.
do
The
with
them
be without jobs for
time," he* said.
"To their
may
to ; be long
and that number
problem of millions
brought into existence,
what
lize the Army; during
would
to demobi¬
the
gigantic
must. be
now
-added
wording
some
on
goods who somehow must be
war
re¬
manufacturing
facilities
now absorbed into industries produc¬
owned by the government is cer¬ ing for
peace.-"~
hear
phrase.
of it in
more
this so-called controlled infla? the
becomes
tion
powerful
was
lack of volume,: plus
comparative immobility
wheti of ;jlie rails* that point;to at
which the
bloc
farm
licked
on one score
to lift
ceilings on
agricultural products
is again in the saddle and
getting practically everything
tried
it
various
it wanted.
*
*
eertdmptfe
The in the
fact.:
a
production and absorb the labor
:
least^;h^ther;shakebut;iefoi;(S
the real trend of the market
assert itself.
can
buy f stock now, while ap¬
pearing as an ideal program;
does
*
Therefore
to
not
seem
the
sensible
available for those
who cannot find work in private
enterprise^ he added.; ■'
evolved to
nomic
the
them;
them.
All
thing^
you just follow
this means
one
industrial
proper
between
satisfac¬
profits;' that
balance be 'maintained
tion, with a broader and more ef¬
ficient distribution of income; that
stability be
"decision..
-,
;
,
; *..
s&x
^
one
.
v-; i
•
-
.
'
'
•
.
...
#
'
'
♦
■'rl'r
'
Last week's
closing market
the-House
started
cue
from
shenanigans ,and
As " this week
up.:
opened prices kept improving,;
Bullishness
'next-ThlirsdayVA*:r
:
-
^I. ^WalterWhyte
; expr esse
• this
article do riot; ne&essqrity at any
time coincide with - tho$e' -of the
Chrojiicle.| They are presented a*
this ijjiose cfctnea^hpri only,}j
took
again
.*•
:
More
American Economics
^:
T^>,
maintained
Appraisal Sheets
of D. J. Ind. & R. R. Averages
—Indicate clearly
nical
'
market
static
—rCofitain*
for two
tech-'
j
developed:
:;MMBQRN^CO.
99
■
WALi, STREET
"
NE\Y YOltK 5, N. Y.
trend" projections
weeks in advance,
—Show
valid
the-- newly'
technical
dynamic
the present
position.
.
safe
invalid
and
versal,
or
unsafe
moves,
monthly,
position,
re-!
Charted
full ex¬
signs of
safe
stops.
weekly, daily with
and
SUGAR
planations.
-—$1.00
for two issues
July 3rd and 10th.
through establishment of an inter¬
national monetary system
and that
American Economic Publications i
•
channels of international trade be
reopened.
:
-
.
capital must be
production and consump¬
financial
•
From; what I can see of the
thing means
higher prices.
Whether or technical performance I be¬
not these higher prices will lieve '; that " by
next week
compensate you for the in¬ enough; t^hgible clues will
creased cost of everything have appeared to make a bet-'
else you buy is something you ter decision: possible.
So un¬
will have to discover for your¬ til then I suggest. just sitting
self.
~
by^ arid watching; .. ;
that
And
relations
replace the present eco¬
warfare 'for
a
t
He urged that a more
tory state of
no
have to accept things as you there will be at least another
find'them. You can't change week or two in which to make
A large amount of public
supply.
work would be
...
There's
which time sessions took their
no
new
They, will
by. depres¬
take at, least two years
between labor and
Fleming said
believe
always followed
sions," he predicted that it
industry would convert to peace
A postrwar period of -large scale'
unemployment, With "continuing
high taxes, pnorities and rationing was predicted on June 28
bv
Major General Philip B. Fleming, Federal .Works
Agency Adminis¬
trator, according to a United Press dispatch from
Chicago on June 28
>
will
I have
of
Declaring that the Government
Post-War Period Of Large Seals
Unsmploymshl
.
You looks; like a "news" market;
the Some - people who think they
next few months.
You will know what fs about to hap j
read all sorts of pedantic
aijt pen r have bought certain
So; far; it looks as if
tides to prove that the counf stocks.
Put: there
try will go to the dogs unlesis they; wiefc r
that
member
in
confidence
more
should continue temporarily to set
AN¬
up
increase
point in moral¬ thing to do.
♦
*
#
done for many years in the past."
izing about the road we are
His remarks as reported in the
It's possible that instead of
on.
From a stock market
New York "Times" of June 24 fol¬
viewpoint moralizing is not another reaction the market
low:
Private enterprise, as a result of only foolish but at times everi may go into a period of dull*
past shortcomings, and Govern¬ dangerous. In order to make ness, of which the current ac¬
ment, in attempts to regulate busi¬ money in the. business of buy¬ tion is a phase, and then go
ness, had learned from mistakes
But even in that case
ing and selling stocks you Up,
the
BUILD
BE
but volume did not
proportionately the
significance of the rise would
be negligible.
This is just
what you saw happen. *; But
even a volumeless
rising marl
ket has;significance, even- if
this sigpificiancelis not;What
will
be
something called inostl pedpld: like it to bei
"controlled" inflation;
R& From what I can'-see'of it, it
said he views the
Dr. Mouiton
future
up
DO
went
,
OF
;
After a salesman knows his people then he must know two
things more—what he should do and say to make them act, and
HE
Expansion
Voiced By Dr. Mouiton
OF
UP YOUR OWN PRESTIGE.
WHAT
Business
hope that progress
PHYSICIAN'S SUGGESTIONS ARE MORE CLOSELY will be made," he said.
THE
ance.
Confidence In Post-War
and
acknowledged ignor¬
an
you will jiotc that
I warned that if the market
.
period
In
column:
T7T...
..
--537 So. Dearborn Street
'
CHICAGO, ILL.
/
i
.1
,r
Dighy,
4^2727'|-
f
Volume
158Number 4190
■>
THE COMMERCIAL & FINANCIAL CHRONICLE
^
"The Commission of which I
Basis For Permanent Peace
Chairman
has
outlined
am
future
a
of internation¬
al:
■,':
,_v';
-f
//,/•>
have begun to do so.
The recent
tions
9)
/,/■;'
achieve
a
self-supporting
j
collabora¬
"Six
mental
of
it,
con¬
out
,
through
of
efforts
this
differences
of
opinion
in
have
nor
sat
we
down with
yet make
good the wistful hope
that 'all the
in all the lands
men
live out their lives in freedom
them
I will
in
out
the
United
all
the
a
States
world
a
power
which
over
cannot
be
the
opportunity to start
an
world
new
on
sound
a
basis.
"Then, finally, the whole struc¬
It / is an opportunity: which must
life.must'be!
ture of international
not be lost in a dispute over fu¬
■safeguarded by the World Court
ture forms of organization.
;and other tribunals; A later broad-;
"The question of a permanent
cast will deal with this great field
of justice and human rights in organization/of the world to pre¬
international
and
sume-new
will
law
as¬
import¬
greater
"All this program
is but the
ex¬
of
fulfillment
and
the
.promise of American life.' I have:
doubt that
no
shall make that
we
; promise good."
:
Remarks of
v1
Y:
i
Senator ;Taft,spoke as
victory of ruthless aggression
in
rthe- world, and. to. punish /the ag !
gressors.' r: To \ ; :
accom
t h a
p
1 i
h •;
s
de-
must
of
body
the
world
do not wish to
assume
reasonable
some
tical
obligations
which gives
assuring
prac¬
world
We do not wish to
peace.
look
chance of
in
success
will
We certainly
war.
assume
changes.
become
strong moral
nations that tend
obstructionists
on
"Fourthly,
first
the
maintaining
deal
a n
In
political
bring
some
to¬
other
power
trator.
on
colonial
cases
matters
collaborating
to
Mr. Davis added:
international
an
may
obligations unless ithe terri¬
any
torial
and
settlements
economic
ing together. /But ultimately we
universality.
At the same
time, universality must be prac¬
ticed with regard for basic reali¬
What
One of these is that nations
which
the
have
control
to
doubt
first
a
the
marily with
...
view is that an inter¬
superstate with an in¬
own
areas
like Europe
Another reality is
that nations with far-reaching in¬
control.
organiza¬
will
be
one
can
life¬
between people of common ances¬
'
try and
that
it
ption <}
might ^
speech.
common
that
proposed
But here
combine
we
with
people
different languages
and methods of writing, with dif¬
make
can
is
and nations cannot go on dealing
with these matters as though they
Also,
with
practical to organize world trade
war,
first
do
is;//
utterly divergent ideals. Nor
I
believe
willing
pur¬
of the war. Secondly we fight
establish a world in which war
the
to
now
nations
disarm,
are
which
pose
would be essential if the interna¬
to
tional police force is to accomplish
recur.
The war has de- anything except keeping order in
v1
stroyed all economic relationships "the Balkans
and we hope may destroy many
"On the other
will not
.
.
,
hand,
have
we
prejudices. We have a clean slate Walter Lippmann insisting on a
upon which to write. _f)ur second world of
alliances, and military
purpose has two divisions, first to
force, in which the British and
accord to all nations a place from ourselves will
organize an order
v which "they
'may go forward ytoj i'in which other
>
ous
peoples find that
progress, />a n d their liberties are recognized by
second to determine how national laws that the
great powers respect
aggression in the future may be and that all peoples are
compelled
best prevented.
Many say that to
observe.'
This idea is abso¬
we must now establish a plan to
contrary to the Stassen
abolish war.
We can all sympa¬ lutely
but many
wise leaders and warsick peoples
ideal
this
with
thize
have had that ideal before
and
no
the solution.
Americans;
today do not relate to the idealsof insuring future peace. ;.I believe all of us are willing to make,
one
has
yet found
The differences among
;
so
that it will rest
on
agreements
between the nations which fairly
take into account their different
have
a
want
we
food
rights
to
assure
people
plan international
state
and
nations
contribute
to
,
rather
peace
But it is impossible
than to war.
to
people
our
exaggerate the difficulty of the
selves to
certain
must
use
on
commit
conditions; where
and
'
program on
nutrition
as
problem-by the use of national body to exist.
catch phrases. Even the union of
Certainly we are not
the thirteen
colonies led 75 years
'
later to the most
destructive civil
j war this country has ever seen.
\ "I believe we should devote our
immediate
attention
to
the
ter¬
ribly complicated problem of
•
•
shall the boundaries of the
be the
project circu-
lated
behalf
last week
on
our
kind
of
we
decision
China, proposing
to
the 'immediate
meet
emergency problems
of
reconstruction
of relief and
following the
to
the
nations
which
is
the
and
method
not
This advertisement
is under
no
circumstances to be construed
buy,
NEW
any
as
an
which
the
For whenever
all its victories before
won
Nations
became
now
unconditional
united,
or as an
ojJtflo buy,
oj these Shares. The offering is made only by the Prospectus.
or as a
.
.
solicitation oj
Beatrice
fed
.
.
.
Creamery Company
:
(A Delaware Corporation)
I
.
$4.25 Cumulative Preferred Stock !
(without
par
value)
*OI this amount, 74,724 Shares
were
subscribed for by_ holders of the Company's $5 Cumulative Preferred
Stock pursuant to the exchange offer, since
expired, communicated
dated June 16, 1943. As
to such
to Shares so subscribed for, this advertisement
folders in the Company's letter.
appears
as
a
matter
of record only.
to the
Price $102.50 per share
Plus accrued dividend from July 1, 1943 to date of delivery
'
Copies oj the Prospectus
•
cooperation
.
with: all
ore
obtainable in
any stale in which this announcement is circulated Jrom only such oj
as arc registered dealers and arc
offering these securities
\
compliance with the securities lava insuchstate.
the several Underwriters
goal,
l
in
other nations in the most
practical
war."
Comments by IVD*. Dulles
Mr.
shall the various na- Pillars
,
immensely im¬
.
try a reasonable standard of liv-
•
0
Dulles
of
explained the "Six
Peace"
as
follows:
offtr to
JUNE 29, 1943
91,317 Shares*
5^
on
,
ISSUE
Glore, Forgan & Co.
and
alternative but
np
surrender
United Nations.
spiritual life
offer ingoj these Shares Jor sale,
only
is the most simple, the most pow¬
erful answer to the Axis coalition
government regiments
the intellectual
the
ready to
ultimate
be¬
a
coming
portant problem of the immediate
of
war.
Thus the United Nations is
every¬
anywhere
organization
,:What shall plan to prevent future
general structure of inter¬
How
United Nations
a
relief and rehabilitation adminis¬
we call for a standing
international body to look out for
"Thirdly,
should have. We should devote
ourselves
the
which has
;
now as
permanent
of
United States, Britain, Russia and
aggres-i
inter¬
to
The
concern.
them¬
an
step
want.
second step was the
the
the post-war period, not losing sight,
national trade to give every coun¬
ing.
make'
How however,
How shall the people
,of Europe be
i
period.
immediate post war
"be drawn.
world food
first
a
from
freedom
secure
in¬
solve that
on
universal
military force under;
task, and global plans for interna-;
-tional states or alliances cannot sion has been found by
1
Conference,
-
nations to Virginia to work out a
long-range
,
I believe myself that
plan must be based
any
cor¬
recent
money.
retention of sovereignty by every
'
"
the
of
winning the war but of safeguard¬
ing the victory. This combination
nation, with covenants between
commitments; to r usemoney /and
'men in foreign fields if we can them to join in preventing inter¬
be sure that those commitments national aggression. I believe that
"will
the vari¬
where/without regard to race or
class, the basic intellectual and
needs, both for trade and for pro¬ spiritual, freedoms.
Here, again,
tection.
Also, world trade needs we are dealing with something
a world bank to help
people with which used to be considered of
one kind of money' to buy from
purely
domestic
concern;, but
people who use another kind of which we now see is
really of
league of independent
a
...
in
and'. agriculture
;
-
of
The first
• was
consistent with President Wilson's
ideals of
was
which
brought the representatives of 44
place, and finally,
bill
idea
Board
services
United / Nations
central
international
,
Information
activity
tration
an
Nations
governments.
porate
,//
"In the sixth
the
York, bringing together the
information
foresee what
agency to promote the; mobilizing
of power to support international
order.
that
collaboration
and
prosperity
;
concern.
the
"
:
purely domestic
I do not 'think that it is practical
now to have free
trade, but it is
the
•
of
ferent forms of government, with
different standards of living and
therefore,
v
were
right. V The • •
winning of/,
should
of
of
New
successfully defy the moral
judgment of the rest of mankind.
we
second,
sort
not
Nations
•
assum
and
up;
that springs not from theory
from practice, collaboration
necessity, not theory.
It
come
into
being full¬
blown but developed as the situa¬
tion requires. The first full-time,
continuous agency was the United
did
ace./.
may
to
war—bigger and
this one—by the time
of today are
useful
born
as¬
nation may become a future men¬
nancial matters.
Here the world
has
grown
very
interdependent
col¬
children
The^ United
No
to
under/ international
No
of
is likely
instrumentalities estab¬
lished to meet specific needs.
v
that because all armament should
or
the Americas..
kind
some
one
but
physically close usually sure that peoples who might be
problems than disposed to a war of revenge will
nations which are far apart. There¬ not have
weapons for that pur¬
fore, within the framework of a pose. But the task is broader than
brought
little
most
are
be
than
grown
is
more common
nations, so that we universal body, there may be re¬
councils
concerned
agree wholeheartedly to stand gional
pri¬
collaboration
the »world
be in for another
worse
.
fair to all.
are
without
laboration
would
we
armament.
task
that
through
place,
international
an
tion
fifth
form
take cannot yet be predicted.
Two things only can be said:
First,
may
of the subject peoples.
"In
to
preserve
the
which they have won."
peace
problem.
But, if so, it should be
responsible to some higher au¬
want
that they are united
that is that they will exer¬
their sovereign powers
by
the present colonial!
that
be the best adminis¬
cases,
representa¬
tives of the nations for consulta¬
tion and collaboration
the
organization
body might actually take over the
task of colonial administration. In
-John F. Dulles
This, as I see
it, ? would periodically
with
to have
propose
said
were
sense
now,
cise
we
international
an
We Fight."
Mr. Davis
"the United
Nations
counter-attack, and many of us
hope they will remain united in
by in¬
the status quo.
overall,
top,
political body.
have
threat
Remarks of Elmer Davis
that
create
upon
sisting too much
would operate.
ties.
a
united at first in resistance to
ag¬
gression. Now they are united in
.
-
nation
time will pro•ceed on the
a
Japan ahd Italy-:were, part
ternational police force is fantas¬ terests and influence must: assume of. the alliance
against Germany
a more; active, role
than; nations in the First World War, but they
tic; the state would fall apart in a
of
limited
interests.
few years/ and leave more chaos
were
the first thereafter to be¬
than if it' had never begun.
"In the second place, we would come aggressors.
The
No single na¬
United
States was
almost
de¬ organize a new way of dealing tion should ever have such a large
with
stroyed because of one difference
important economic and fi¬ military force that it feels that it
;a;su-r-/;
render so un-/:;
our
what
like after, the
national
cure
in
know
"My
condi t ional '
have
of
behind them
i navies, and se-. >
no
to
to
suggestions
will
pressure
.
stroy-. th eir ;
"armies and,-
that
That
these
the
need
we
timely
now
proposed
.V"
This
whose job it is to study and make
proposals
gether
100 years from
least
explain
"We
people, then there is
to the moral foundation of
peace.
peace
n o
seen
how
of
just as we today could not
Elmer Davis, Director of the Of¬
get along with the laws we had
fice of War
Information, was also
100 years ago. ; > We may not yet
a speaker at the
forum, acting as
be ready for a world legislative
Chairman of the
program, pre¬
body
with
power
to
impose
sented
under
the caption
"For
change on the nations.
But at
Statement.
try
conditions
you
,.
of its
be
may
.
of common concern and for super¬ thority,
charged
with
assuring
of
opinion in this country.. vision
technical,
functional that the administration actually is
We are being asked to commit agencies. We would start with the
working toward ultimate auton¬
ourselves to all kinds of fantastic United Nations, which have al¬ omy and that in the meantime
and inconsistent plans before we ready formed the habit of consult¬ there is no economic
exploitation
can
t. purpose;:
.we
agression in the future is
already producing wide differ¬
unless the plan is one
Senator Taft
follows; j
;r: ?We fight;.first,, to; prevent the!
.
vent
ences
ance.1;
to
permanent but which temporarily
give
of
doubt,
our
will
from fear and from want.'
Many
the
will be outmoded
Pillars
have
You
now,
Peace."
the other United Nations to work
cooperative way.
The military victories will im¬
peace is assured. There is no rea¬
son
to doubt that mankind will pose upon England and Russia and
kind that civilization advances and
tension
col¬
moment—there may not be funda¬
to follow
are
.social evils.
which
such
call
A whole series of other
this i country on these questions
borr trade and the suppression of but they have not been thought
may
We
laboration the
ferences dealing: with: money, la-
is
areas.
economic life at the very earliest
conferences
"It
tal
can
Food Conference shows how it
be done.
from page
(Continued
<.< ■
changes.
that the treaties which first
sure
establish
tion in six vi¬
"•1.v/:
needed
15
to
these
THE COMMERCIAL & FINANCIAL CHRONICLE
16
about
On Governments"
"Our Reporter
going to
By S. F. PORTER
The
1V2S of 1947
new
are
of most
to
that the market
be
never
is
.
..Were a bar¬
.
in
years."
.
.
.
forecast first made in
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
...
precedents,
now
we
may
look with confidence on the
market.
being established In the money
rate
rate
on
on
...
To wit:
.. .
pattern
A %%
due in 92 days. ... A V/j to 1%%
notes due in four to five years. ... A %% rate on one- l
short-term stuff,
... A
2% rate on 10-year bonds. ... . A
longest-term securities. ...
There it is—all laid out neatly in blocks and squares.
certificates.
year
For instance:
that
%Vi%
really makes it quite simple. ...
i
But now that the deal is over, these are the points to
.
.
It
.
emphasize:
There'll be a Vi to % point premium on the iy2s and then
the curve should level out. . . .
(2)
The market should settle down for a while now, for there s
nothing in the way to push it in either direction. . . .
(3)
Some excellent switching opportunities should be on the
calendar, due to the normal readjustment after a new financing.
(4)
Some large-scale operations by the Federal Reserve Sys¬
tem, which is actively handling the market these days.
But now to another point—one that has nothing to do with
(1)
today's news, but which has a lot to do
financing.
with events leading up to this
...
In
days, it was perfectly natural for the Treasury
announcing details on a financing deal until the last
As this observer has written several times recently,
the pre-war
Chief to delay
few hours.
.
.
.
(1) In informed circles recently, the rumor has been spreading
the Federal Reserve Open Market Committee would be much
policy was justified. . . . It prevented undue speculation. . . . It
out-of-town investors who have less chance to obtain inside
news, a fair chance to compete with the giant New York institutions.
It added an atmosphere of excitement to the ^market that rarely
the
gave
So it
.
accepted policy.... But then came the war....
was an
multi-billion dollar deals instead of multi-million dollar
.
notice became apparent and logical.
Until this June financing, Morgenthau
ful about notifying
.
.
ad¬
.
has-been especially care¬
of
utilization
toaster and sandwich
built
in.
meal-preparing
be done while
can
There is
seated.
grill are all
fourths of all
Three
,
a
timing device
which watches the
cooking while
the housewife
is, away.
*
equally revolutionary oven
to convenient working
height and it roasts, broils or bar¬
The
raised
It is covered with
becues.
hood
a
(2) Another report has been that the Federal Reserve's selling
of bonds has been for freezing of profits rather than for supply pur¬
jury. > A revolving, motor-driven
spit for barbecuing and a griddle
for pan-frying also are included.'
in a rising market. .
almost without interruption
Handsome
.
.
.
poses
We're liable to
(3)
/.The Federal has been selling bonds
for weeks.
.
move
into
situation later this Summer and
extremely low mark.
Talk of
(4)
at this time.
.
V
If
excess
reserves
.
has
.
.
.
.
.
.
.
prices would accomplish that, the authorities may decide to push
one along...
.
.
.
wife
searches
that
still
may
house¬
item
some
The heat of the
is utilizde to dry dish
compressor
towels.
for
back.
tucked in
for
Shelves
food.
that food doesn't have
be removed while: the
to
J
,
The kitchen
provides also for a
built-in concealed dishwasher;
has
sink
illuminated
an
be bought at in-reach premiums is good news.
Latest
information on the widely popular 2%s of 1965/60 is that'the bonds
.
.
.
investors and dealers in time about the terms of
the
splash
of white vitrolite;
foot
pedals operate the faticets so that
panel
at her tasks.
Other
.
issues like the 2%s and 2%s due in the late '50s and '60s
fact
through
room
the housewife may use both
Partially tax-exempt bonds still appear cheap in comparison with
For institutions in need of tax-exemption, the
the rest of the list.
a
.
And it would be fine for all concerned if the complacency
in the nation today were dissipated;
,
If a M or M point drop in
.
of
kinds
so
.
.
becomes
bar
compartments
separate
revolve
.
.
.
service
separating
the kitchen and dining alcove. Ac¬
„.
.
refrigerator
various
This is not to imply that any important reaction is in the of¬
fing.
On the contrary, it may be emphasized again and again that
a major decline during a period of large-scale borrowing is unthink¬
able.
It just can't be permitted to happen—and therefore, it
won't.
But it is possible, in fact probable, that we'll see some cor¬
rection in prices over the coming months.
Before the September
deal.
The
_
while providing full insulation, it
that the easing of the
so
glass which permits full visibility,
minimizing heat loss or risk of in¬
sliding thermopane doors permit¬
ting a full view of the contents
requirements is premature
reserve
heat-tempered
transparent
cessible from either
an
reduction is decided upon, it should come
a
situation will have a direct beneficial effect..
money
money
down to
«
reduction in
a
...
comparatively tight
a
see
.
,
just before the next prime financing
The
for preparation, for giving the experts some
And the necessity
vance
deals.
efficient
most
heat; they act as serving dishes,
too.
Food
mixer,
waffle
iron,
v/ay.
INSIDE THE MARKET
.,
are
of
...
did any harm.
study.: f;
or
the resulting
of
happier if this market were "at a more sensible level".:
.
The Fed¬
eral is the major control, of course.... If it really decides to help the
market find "a more Sensible level," it can do a lot to point the
.
CRITICISM FOR TREASURY
for
is
.
.
rate on
■
;
quarters'!,
innova¬
startling. "The cooking
unit has specially designed cook¬
ing vessels recessed'into the unit
tions
Just study those comments and then turn to your own investment
Despite the pre-issue rumors that a note would be offered
this column weeks ago—and despite the department or think about yourself.". .\ Are you One of the "com¬
stories that the Treasury would be generous in its offering, the fact, placent" investors to whom he is referring? Have you decided noth¬
that the TV2S were sold still came as a pleasant surprise to profes¬ ing can ever happen to hurt your profits?
Have you forgotten
sionals. i;
Immediately, oversubscriptions of several times were that no market continues indefinitely on a one-way street?
Without question,; the complacency to which this dealer is ob¬
; * Some sources believe a four-times oversubscription
predicted.
will be announced.
Allotments will be small, with the big buy¬ jecting is widespread.
.This commentator admits to an equal share
of blame on spreading the gospel that the authorities have so power¬
ers getting mighty few of the notes they ask for.
.
. And a pre¬
ful a grip on this market that they can do just about anything they
mium is certain—in fact already is being quoted on the issue. ...
want with it.
But there are points to be mentioned'and to be
It looks wonderful and the deal was a sparkling success.
remembered
at all times—paricularly now, after a prolonged rise in
No doubt about it, Secretary Morgenthau's advisers do knowS
the market ancl at the beginning of a summer lull:
how to handle these straight market operations. . . > And as for
gain.
—a
room
Some
,
attractive
an
living
for play
general
of
extra
an
becomes
room
part
They're looking for income rather than profits,
down.
go
seems
therefore, and they already have more income than they've had
excellent bond.
an
tire
reversal of sufficient size to be worth notice.
a
"The attitude
Thursday, July 1, 1943
V'
•
hands
.
include
features
glass
a
that
wall to
dining
table
swings
up
against the
form a dis,tinctive mural framed by its fold¬
ing legs, opening .up the dining
have plenty of room despite the recent important advance. . .
One dealer forecasts a price of 115 % for the issue before the move toom for recreation.
pending operation.... This time, though, he has been coy. .. . And
he has brought down upon his head the wrath of dealers and traders is over.
The bond is at 112.9 at this writing.
Another trader
MacNichol
reported that
the
throughout the financial district.
Right or wrong, the result of his figures more conservatively that the 114-115 level is a logical fore^ kitchen will be available for in¬
Either one would represent a terrific advance..
policy has been unfortunate. . . . One dealer called the idea "silly". cast.
spection by designers and manu¬
Another termed it "unfair".
A third used the characteriza¬
Other reported attractions are the 2%s of 1960/55, the 2%s of facturers
indefinitely.
tion of "ridiculous and valueless".
The terminology gives you the 1959/56, the 2%s of 1963/p8, . , . Maybe these bonds will take plenty
of time to get up Tbut witn the tax outlook being6 what it is, the attrac¬
psychology—and there's no reason why that should exist now.' ^ ;'
However, the waiting is over now. . . . And the reason for this tion is obvious to all.
report is to indicate the resentment of the financial community. . . .
Secretary Morgenthau's move to discontinue sale of the Series A
Assuming Morgenthau listens to the talk, which is a logical enough tax notes hailed throughout the financial district as wise and sen¬
sible.
assumption, we may expect less secrecy next time. . . .
Only $303,000,000 of the notes are outstanding arid in New
,
a
...
.
.
.
.
.
.
...
.
...
.
.
.
.
.
.
.
.
COMPLACENCY
The observation
of
one
.
.
trader about this' market is important
enough to warrant repetition and analysis. . . . Said he:
"This market is too complacent. Everybody I talk to seems
so sure that prices will stay up that they're not even thinking
.
FDR Hails iOlh Year
.
Of Public
.
York, total sales of the A notes from August, 1941, to date of elimina¬
tion reached only $85,000,000. . .
No point in cluttering up financ¬
.
ing picture with an issue of that kind,
vantages.
A notes.
.
...
no matter what its initial ad¬
And, of course, pay-as-you-go eliminated need for
...
Housing
President Roosevelt
hailed
public
in
of
United
the
notable
"a
as
June 16
on
anniversary
housing
States
and
tenth
the
milestone"
forecast
"challenging pos¬
developing broader
post-war projects.
In. a message to the National
Public
Housing
Conference / in
New York, the President said:
"The tenth anniversary of na¬
tional public housing is a notable
sibilities". of
Full-Scale Model Of "Tomorrow's Kitchen"
A
Complete Chronicle Subscription Includes
Shown
Section I
Monday Edition,
By Libbey-Cwens-Ford Glass Co.
•
Takes Post-War Planning
Thursday Edition, Sections I and II
Financial, Statistical, Editorial and News Information.
Daily high and low prices on all New York Stock
Exchange stocks for entire week appear in Mon¬
day's issue together with weekly high and low
price ranges in tabular form on other U. S. and
Canadian listed stocks and bonds—Monday's paper
104
The
•
Corporation and Municipal
dividend, redemption,
fund
calendars
and
Semi'Weekly issues
banking
milestone.
planning left the drawing board for the familiar world
of three dimensions here today as designers put finishing touches up¬
on
a
full-scale model of the "kitchen of tomorrw", developed by
Post-war
Libbey-Owns-Ford Glass Company and previewed over the last few
weeks by more than 100 architects and manufacturers.
News Sections in addition to
sinking
Off Drawing Board For
Industrial Preview
Approximately 5,000 Pages Yearly of Business, Banking and
also contains extensive
statistics.
for $26.00 Annually.
man
in the street and the queen of his culinary department
might marvel at a conception of^
kitchen
design that transforms vices in new ways, and although
the drudgery center of the home the result certainly does not rep¬
into a playroom most of the time. resent the ultimate, we will be
But industrial visitors, looking be¬ gratified if it proves stimulating.
"An unexpected, but very pleas¬
yond surface appeal, saw striking
proof that no visionary test-tube ant result is the interest shown by
The Chronicle is indispensable to every Business
materials
Man, Stock Broker, Investment Dealer and Banker
who wants to keep posted regarding the multitude
of changes occurring daily in the investment secur¬
ity markets, World Affairs, Government Relations,
the post-war home to
Congressional Legislation, Labor, Taxation ■ and
Transportation that are affecting their businesses.
are
to enable
attain new
necessary
standards of comfort and beauty.
G. P.
MacNichol, Jr., Vice Pres¬
ident of
how
Libbey-Owens-Ford, told
what
kitchen
had
started
out
as
a
other
industries
tatives
are as
whose
anxious
stantial form.
use
We welcome their
of all ideas
displayed in
Chronicle,
Please enter my subscription to the. "Chronicle" for one
of $26. I understand that I am also to receive
every three months without further charge.
year at a cost
your
Index
■Nameii-i i;
—-—
Company
Bill
me
□
-
Bill Company Q
,
kitchen
can
believe
complete, and perhaps revolu¬ medium cost homes
tionary, unit, because H. Creston duced in volume, he
Doner
began
its
Doner, L-O-F design chief, "threw
the
away the book" and started from eliminating
scratch.
stove, refrigerator
"Following wherever their im¬
agination led them,
our
designers
with what we hope may
prove to be a great many practical
ideas, many of which have noth¬
ing to do with glass," MacNichol
said.
"They attempted no mere
came
up
improvement of existing model
design. They did, however, make
use
of familiar materials and de¬
cabinets.
made
our
the
be built into low and
a
Spruce and William Streets, New York (8), N. Y.
to
post-war planning from the
blue print stage into more sub¬
planned to illustrate the kitchen.".
The
and
utilitarian
ad¬
designers
vantages of glass, had evolved as
represen¬
as we are
get
decorative
The Commercial & Financial
*
trial
Tremendous
been
have
strides
made
in
the
the National Indus¬
since
Recovery Act: of 1933 pro¬
vided
for
gram,
of
public
a
which
works
housing
pro¬
became
significant part.
a
"Great
social
fectuated
gains were ef¬
through
the
public
housing program before the war.
Publicly financed war housing
has made a large contribution to
entire
cur
effort.
war
I
see
challenging possibilities of
oping
even
grams
for
also
devel¬
broader housing pro¬
even
more
extended
segments of the population under
the
program
of
the
National
Housing Agency when the
over."
war
is
.
Lapham Resigns frain WLB
President Roosevelt accepted on
;
added.
design by
conventional
June 24 the
and
storage
Lapham submitted his resignation
a room
because he said he had agreed to
run for Mayor of San
Francisco in
Then he created
windows,
decade
if it is pro-
spacious and airy by large
picture
forward
with
colorful
D.
Lapham
resignation of Roger
employer mem¬
as an
ber of the War Labor Board.
a
Mr.
non-partisan election in Novem¬
by softly
glowing
panels
of
translucent
glass. He put the equipment back,
ber.
to
Steamship Co., has served as one
of the four employer members
of
vitrolite
walls
offset
be sure, but concealed it in
sleek
buffet
which
becomes-
single- unit/ arranged
order.
a
a
Mr.
in efficient the
Between mealtimes the
en¬
Lapham, Chairman of the
American-Hawaiian
Board of the
WLB since its creation in Jan¬
uary,
1942.
•
>
_
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
-Number 4190
158
Home Front Fails To Face Realities
U s
Dr. Clolhier Tells
"As
nation
a
still
we
fail
to
face
Peace-Time
in
the
present
Fire Ins.
(Continued from first page)
many businesses.
Unlike certain
for bank officers which the Amer- *>
ican Bankers Association conducts
at
Rutgers.
Its
course
completion of two
sion
study,
the
of
States
financial,
class
or
consisted
officers
bank
and
acceptable thesis
an
graduating
133
from
21
and the District of Colum¬
Of
bia.
of
banking,
subject.
some
The
at three
two 'weeks
the Rutgers campus,
on
economic
•
attendance
writing of
on
of exten¬
years
sessions
summer
each
requires the
the
total,-41
from
were
New York State and 23 from New
„
York
City.
This
their third
was
summer
session
wick.
all, 414 officers of banks
In
New
at
Bruns¬
from 34
States, Havana, Cuba, and
Mexico City were enrolled,in the
student body of the school.
A feature of the commencement
the conferring of
honorary degrees. The degree
ceremony
two
of Doctor
by Dr. Clothier
was
conferred
behalf of Rut¬
gers
University on- -O.;; Howard
Wolfe,
Vice-President
of
the
Philadelphia National Bank, who
is now serving as Chief Adminis¬
trator of the Philadelphia Ord¬
on
District.
nance
->
-
■
V
Wolfe
Mr.
if-'
is
n
e? ■■-Aw''.-i "•,■■■■
a
■■■'
.
of the
member
faculty of the Graduate School of
Banking' where he teaches the art
of bank management. A degree
Master
of Arts
Clothier
Dr.
on
of
conferred by
was
David
C.
duct that
First Fed. Savs.-Loan
In
tion
Ass'n Of Detroit
Opens
Safety Deposit Vaults
and
Loan
Association
in its
headquarters
Lafayette. At the
on
of
a
time, the
par¬
association
are
All facilities
of the
including deposit boxes
available during those hours.
Following removal to its Griswold-Lafayette building acquired
some
months ago, First Federal
opened
floor
cafeteria
a
for
the
employees
Luncheon
wthout
on
the fourth
accommodation
and
is
their
charge
to
guests.
served
now
of
employees
reported to have been highly
as
by
suc¬
part of First Federal's
continuing effort to maintain and
improve employee relations.
restaurants
in
The
busy, war-working
are
crowded and
expensive,
diversified
has
exceeded
time
badly
We
<by
one
iend
a
<
,
;
tion's
and
eons-to-employees
more
the
apreciated
case
of those boys may be
mine.. Yet can any one
lof us say that we as a nation have
sreally gone to work to win it?
Granting the outstanding achieve;ments of American industry and
;Any
cafeteria
make the associa¬
"free-lunch-
policy"
than
in normal
even
would
'times.
be
we are
chemical
its
peace¬
still working
chemical materials.
same
have
siderable
that
chemical
new
will
have
the
con¬
knowledge
immediate
an
ap¬
plication to postwar products.
Hercules
New
other
York
leading
WALL ST.
1
Slock
Stock
Exchange
NEW YORK 5, N. Y.
Bell
(L. A.
4-2S2S
Teletype—NY
1-1248-49
Oibbs, Manager Trading Department!
—
Bank Stocks
has
drawn
Early in July bank statements will be released showing the con¬
as of June
30, 1943. These "Statements of Condi¬
are the equivalent of the "balance sheets" of industrial
corpora¬
tions, and when properly scrutinized can be very revealing to the
dition of each bank
bank
stock analyst.
National banks, on call by the Comptroller of
Currency, must release statements at least three times a
year,
usually at the end of the firsts
the
second and fourth quarters. Mem¬
ber banks of the Federal Reserve
sur¬
dates
a
the
of any pre¬
year.
These plans will call
for a record number of employes.
expansion
war
Financially,
chemical
the
dustry will be prepared for
in¬
im¬
mediate
The
postwar expansion.
industry has always' been dis¬
tinguished by the relatively large
percenatge
of
gross
earnings
which it plows back into
improvement,-
research,
development.
and
industry also sets aside ade¬
System
care
of
obsolescence.
research
with
should
of
be. one
the
Bought
banks
tions
detail,; and
many
standard
form
to
recom¬
Association.
Thus, annual
net operating earnings are read¬
ily obtainable in most cases, but
interim earnings can only be cal¬
culated on an "indicated"
basis,
through
comparison
statements
tion
by quarter.
of
of
condition,
'
.
Dealers
Trading dally 7
Inquiries
and
a.
&
(P. C. T.)
m.
Orders
,
Service
Brokers.
to 5 p.
m.
invited.
Compared
-
Booklet
solicited.
Butler-Huff & Co.
OF
CALIFORNIA
210 West 7th
St., Los Angeles
PRIVATE
New
York
-
WIRES
Chicago
San
-
Francisco
•
Seattle
TELETYPE
L.
279
A.
-
L.
A.
280
of ithem
the American Bank¬
by
Bulletin
Quoted
-
Reviewed
-
Special
their
to
the
on
report annual opera¬
shareholders
in
now
Sold
-
Analyzed
end of each quarter..
Quarterly
earnings
reports,
however
are
rarely released, but most leading
strongest forces in the reconstruc¬
the postwar world.
BANK STOCKS
chartered banks,
generally ordered.
Most of the
leading banks and trust com¬
panies in the large cities regu¬
larly publish statements at the
ers'
policy, the American chemical in¬
INSURANCE &
same
the
requirements vary, but at
least two statements per year are
many
management
State
to
mended
accomplishments
sound
a
of the
as
the national banks. With
as
'
Equipped, therefore, with
also required to issue
are
regard
some
quate amounts out of earnings to
of
York
tion"
statements, usually
dustry
New
Telephone: BArclay 7-3600
This Week
the
take
Member*
Bank and Insurance Siocks
pro¬
The
Laird, Bissell & Meeds
120 BROADWAY,
exchanges
Dlgby
up
pass
<£) d).
Bxcnange
NEW YORK 5
Telephone
plant construction
gram after the war that will
plans for
new
prolongation of this war
day may well cost in the
thousand American lives.
and
con¬
uncovered, under
impetus of wartime research,
frequently overflow
so, serves to
volume,
with the
daily
the association,, and this policy is
cessful,
our
and
''The
Members
By E. A. VAN DEUSEN
While
into waiting lines of a half block
Clothier said:
tAxcjlL.)
go
business
or
j'
same condi¬
chemical in¬
ernment.
ty, in which he teaches consumer
Asking the question, "Are We.
a Nation Facing Realities?" DrJ
that the
into the manufacture of
military explosives for the gov¬
War
new
ticularly interesting to war-work¬
ers,
First Federal is remaining
open every Monday evening from
6:00 to 8:00.
that
credit.
As
Request
on
National Ins.
or
Griswold at
same
association announced
Co., Roches¬
Detroit
ter, N. Y. Mr. Barry is also a mem-,
[
changes.
wartime, this
meant
dustry had few problems of
Detroit
Bond safekeeping service.
As an additional
service
liance Bank & Trust
<ber of the Graduate School facul-:
^Available
Philadelphia
verting its plants to war work,
of retooling or redesigning. The
end-products in most cases have
Safe deposit vaults containing
changed drastically and output
3,800 deposit; boxes have been has
expanded in certain chemi¬
opened by First Federal Savings
cals, notably in those chemicals
Barry,. fact that downtown cafeterias and
fVice-President of the Lincoln-Al¬
Mid Year Figures
Insurance
intermediates.# It is the end-pro¬
was
of Laws
Bank Stock Analysis
>1...
Northwestern Nat'l
crisis," members of the graduating class of the Graduate School of
Banking were told on June 25 at their commencement exercises in other types of business, the chem¬
New Brunswick, N. J., by Dr. Robert C. Clothier, President of ical
industry does vnot run the
risk seeing its products made ob¬
Rutgers University, who was the commencement speaker.
i
The Graduate School of Banking is a school in advanced study solete, because its products are
•
.
National Union
Of Chemical
Banking School
realities
the
Prospects
Industry
17
av bank's
quarter
i
y
In
view
of
the
importance
these statements of
the
regularity
of
condition, and
with ' which
they
are
issued, it seems worth while
for this column to discuss briefly
their
analysis.
shall
confine
usual
.
condensed
lished
in
so
doing
form
on page
we
to
as
newspapers
(Continued
.
In
ourselves
18)
the
pub¬
and
.v*
one
or
•yours
This advertisement appears as a matter
large groups of workers, have any
of us made the sacrifice the Rus¬
did, say at Stalingrad? Have
;any of us shown the courage of
Hhe British during the battle of
London or evidenced anything ap¬
of record only and is under
offering of these securities for sale,
The
or as a
no
circumstances
to
be construed
as an
solicitation of an offer to buy any of such securities.
offering is made only by the Prospectus.
sians
proaching the great fighting heart
of the Chinese?
How
ex¬
we
can
United Merchants
plain the incredible phenomenon,
;under existing, circumstances, of
[strikes for increased wages in the
of
pence
5%
Cumulative Preferred Stock
(par value, $100
people in what may
our
Manufacturers, Inc.
60,000 Shares
;coal and manufacturing industries
Iresulting already in lessened pro^
Auction of the things on which the
>lives of our fighting men depend?.
<How can we explain the acquiesf,
to be the humiliating sur¬
render of the dignity and majesty
vof our government to group pres¬
sure
and political
expediency?
(Must war bring personal tragedy
ito us as it has brought personal
t
and
per
share)
prove
Price
tragedy to the people of-China
;and Russia, and the conquered
•countries before we are willing to
$104
per
Share
(plus accrued dividends from July 1, 1943, to date of delivery)
V-
face these realities?
/"Perhaps we have grown so soft
plenty and with the illusion
"of security that we have lost the
-
•with
Copies of the Prospectus
.'capacity'for selLdiscipline. If so,
•-we
can; look, to
the future with
.'grave
be obtained in
as may
any
State from such of the several Underwriters, including th&
laivfully offer the securities in such State,
apprehension, whatever the
•outcome
of
the
for history
war,
destiny of
Heaves no doubt of the
a
may
undersigned,
nation which has grown super¬
ior to the ancient virtues
Lehman Brothers
of sim¬
plicity and integrity &nd industry.
To many of us the most cheering
aspect of the present crisis
way
have
-
in
which
reacted
to
is the
young
our
Blyth & Co., Inc.
men
the challenge of
disaster with faith and
and complete self-forget.fulness. It still remains for us on
[national
June
courage
.the home front to prove
as
worthy
as
they."
,
-
ourselves
•
'
-
•
30, 1943
Eastman, Dillon
Co.
Hornblower
& & Weeks
Thursday, July 1, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
18
Chemical has
Salesman's
What Should Become Of A
,
TRADING
By WHITMAN
MARKETS
Engineering:
Cyanamid Pfd.
Argo Oil
Arlington Mills
treated as "house
accounts" or split up among other
salesmen in such a way that they
will be returned when the war is
over
in the event these service
men return to their firms.
There
are
circumstances,
of
Appliances
Berkshire Fine Spinning
Bendix Home
Hose
Pfd.
East. $1.60 Pfd.
surrounding this most im¬
course,
Buda Co.
If, for instance,
portant problem.
accounts
were
"house accounts" before the sales¬
man entered the service they nat¬
Collyer Insulated Wire
Cornell-Dubilier ,V."
Crowell Collier Pub.
urally revert back to the firm
if
Cuban Amer. Manganese
these
of
some
Cliffs Corp.
they
by
obtained
were
salesman's
efforts
own
but
the
brought to the firm by the sales¬
man when he
entered the firm's
Eastern Corp. Com.
turned
leav¬
third
(Continued from page 17)
mailed to shareholders, and shall
ignore the more detailed "legal"
form supplied to the Comptroller
of the Currency.
The condensed
permit
of
great
precision in analysis but the re¬
sults are entirely satisfactory for
most practical purposes.
An example of the "condensed"
form is the accompanying "Con¬
Pfd.
Eastern Util. Associates Com.
Farnsworth Radio & Tel.
Assets
(1) Cash
counts to be returned
these ac¬
and are tak¬
ing the right attitude
toward these
Foundation Co.
regretfully
there are a
and who
but
men
*
Gas&Elec. Com.
Giddings & Lewis
Gleaner Harvester
through
tained
Ilanna
his
own
belong to them and that
Haskelite
them
see
these men will
Surplus
back hoping to again cover
their accounts as they
Pfd.
Jefferson Lake Sulphur Com.
Jefferson Lake Sulphur
men,
building
Service Com.
Kansas City Pub.
tainly
men
was
the
perhaps, spent years
such accounts. It cer¬
not the fault of these
Taxes,
to relinquish
Deposits,
duration of
war.
Many lawyers, doctors,
P. R. Mallory
and
Power & Light Pfd.
Mass. Utilities Associates
Pfd.
Nashua Manufacturing Com.
Nashua Manufacturing
1st Pfd.
Nashua Manufacturing 2nd
New Eng. Pow.
Pfd.
Associates Pfd.
Nicholson File
Northeast Airlines
i
Nu-Enamel
.
entering the service, have given
their accounts to other profes¬
for the dura¬
professional ethics would
not allow these men to retain such
accounts when the other men re¬
turned from the war. Such should
be the case of the securities sales¬
man
who has gone to war, not
tion but
only to fight for his country but
his firm as well and it is to the
i
\
dentists
other professional men, upon
sional men to cover
Nashawena Mills
Oxford Paper Pfd.
credit
Peoples Lt. & Pwr. $3 Conv. Pfd.
houses
Charles Pfizer
fact.
the
of
that
majority of
recognize this
vast
they
Sees Present Pessimism
Remington Arms
Republic Natural Gas
Rockland Light & Power
Southwestern Public
Service
Springfield Gas Light Co.
Stromberg-Carlson
Struthers Wells Com.
Submarine Signal Co.
Taylor Wharton Iron
Tennessee Products
Timm Aircraft
Triumph Explosives
United Drill & Tool "A" & "B"
Sugar Com.
.
United Public Util. $2.75 Pfd.
United Stockyards Pfd.
Vertientes Camaguey Sugar
On
Assoc. Gas & Electric
Situation Not
about
pessimism
Present
Gas
Electric
and
is
the
not
situation in detail.
Ice Machinery Com.
&
Co.
The plan, G. A.
believes,
is
very
firm.
John
Broadway, New York 5, N. Y.
COrtlandt 7-9400
Teletype NY 1-1950
St., Boston 9, Mass.
Teletype BS 264
J.
La
O'Brien
Salle
&
This can then be
price of the
stock (around 46), which shows
the
stockholder that for
each
liquidity
and
solvency
of the $1.00 of market value of stock
bank, its investing policy and. its there are $9.4D of earning assets.
earning power.
Various funda¬
Book value per share of stock
mental and significant ratios are
is equivalent to capital funds per
used
but no single-ratio
alone
share
of
stock, when there is
can
be considered as conclusive.
only one class of stock, as in the
Each must be judged in conjunc¬
case of Chemical and most other
tion with other ratios and other
larae
banks.
Chemical's book
factors.
valS' as of March 31, 1943, was
Liquidity ratios are of particu¬
$2Q®)0,000 plus $55,000,000 plus
lar interest to the
depositor as
$5,805,606 equals $80,805,606 or
indicating the degree to which
$40.40 for each of the 2,000,000
$1,133,964,753.24
231
funds
are
and
are
amount of cash
divided by total de¬
is
category
protected
The first ratio in this
resources
the
is
the ratio of cash
ment
securities
to
plus Govern¬
deposits,
total
viz:
from
dition,
plus other
plus,
also,
form
necessarily
instance
which add
up
to $971,427,359, the
ratio of which to total deposits is
It will be noticed that .the
93.3%,.
Air, Inc. discussing the
interesting post-war prospects of
the company.
Copies of the cir¬
cular may be had from John J.
O'Brien & Co. upon request.
posits required by the Federal Re¬
serve System for New York
City
member banks.
The above three
cash
ratio
excess
is
25.2%,
of the 20%
on
which is in
demand de¬
74.0% and 93.3%
considered together indicate thai
ratios of 25.2%,
obtained
are
General
Office:
Head
by
undivided
and/or
;
the oldest
largest bank in Australasia. With over
in all States of Australia, in
and
branches
870
Zealand, Fiji, Papua and New
New
most
the
offers
and
London,
lt
and
efficient
banking service
interested
travellers
and
traders
Guinea,
complete r.
to investors,
theee
in
countries.
OFFICES:
LONDON
Threadneedle Street, E. C»
29
,
Berkeley Square, W. 1
47
A.
U. S.
throughout the
" /:
with Banks '
Agency arrangements
NATIONAL BANK
of INDIA. LIMITED
:
Bankers
to
Kenya
Office:
Head
in
Government
the
and Uganda
Colony
Bishopsgate,
26,
London, E. C.
in
Branches
Ceylon, Kenya
Burma,
India,
and Zanzibar
Colony and Aden
£4,000,000
Subscribed Capital'
Paid-Up
Reserve
Capital
£2,000,000
Fund
£2,200,000
conducts every description
banking and exchange business
Bank
The
Executorships
and
Trusteeships
of
also undertaken
NATIONAL BANK
of EGYPT
Commercial
Cairo
Office
Head
Register No, J Cairo
\
noting
profits
accrued.
Briefly, the increase
decrease
in
FULLY PAID
RESERVE
CAPITAL
FUND
V
.
book
value,
LONDON
and
8
.
.
£3,000,000
£3,000,000
plus
will give the ''indi¬
earnings" before reserves,
Unfortunately
"Indicated
AGENCY
William Street, E.
King
7
dividends,
etc.
\
SYDNEY
period in
the
cated
Manager
George Street,
of New South Wales is
The Bank
question and
adding to this dividends disbursed
or
DAVIDSON, K.B.E.,
ALFRED
SIR
as
(or decrease) in sur¬
the increase
or
t
30th
£150,939,354
Aggregate
Assets
Sept., 1941
calcu¬
the statements of con¬
"Indicated Earnings,"
lated
6,150,000
8,780,000
£23,710,000
shares.
byv$l,plus
041,405,430 equals 25.2%.
Next
over
111., members of the .Chicago Stock
Exchange, have prepared a recent
analysis
of Transcontinental
&
Western
Liability of Prop.
related to the market
approximate.
In
quick assets can be
considered as comprising items 1
to 5 inclusive on the statement,
Chicago,
Fund
Reserve
equals $432.51.
general purpose of state¬
ment analysis is to determine the
this
Co.,
is that of "earning
share, viz: $865,025,divided by 2,000,000 shares
per
The
are
Street,
2 to 9),
(items
viz:
$865,025,748 to $80,805,606 equals
10.70
to
1.0.
Another * helpful
748
: :
"earning assets" to cap¬
funds,
assets"
1,041,405,429.89
—„
.
£8,780,000
Capital
Reserve
earning ratio
Offi-
Including
Certified Checks
&
Outstanding
culated from the condensed
iiiii i
Of Airline Good
South
J. ARTHUR WARMER & Oo
304,824.75
marketable securities,
bankers acceptances,
realistic, perhaps to the extent of commercial paper and loans eli¬
being overly
conservative, and gible for- rediscount.
Unfortu¬
there are several important as¬
nately,
the condensed form of
pects which have received em¬ statement does not give all this
phasis in the papers or in the plan information, neither does it dif¬
itself. Copies of the memorandum
ferentiate between ■ demand and
may be had upon request from the
time deposits, hence, ratios cal¬
Saxton
Post-War Prospects
Wickwire Spencer Steel
Lafayette 3300
cial
v
$771,470,973 to $1,041,405,430
Saxton & equals 74.0%; and, thirdly, the
Co., Inc., 70 Wall Street, New ratio of quick assets to total de¬
York City, declares in an interest¬
posits, or cash plus Governments,
ing memorandum discussing the plus State and Municipal bonds,
Wamsutta Mills
89 Devonshire
Other Liabilities
fully warranted, G. A.
—
Warner & Swasey
3,863,352.14
posits, viz: in the case of Chem¬
Associated
system
6,685,540.16
;•
1817)
(ESTABLISHED
Paid-Up
are
is that of
ital
ical, $261,910,314 divided
Warranted
reorganization plan for
Saco Lowell Shops
120
—
available.
Punta Alegre Sugar
York
%—
etc.
900,000.00
Interest,
Acceptances Outstanding-
his
Mfg.
Poor & Co. "A"
U. S.
Payable 4-1-43-
Reserves,
their accounts for the
Marlin Rockwell
Pollak
Dividend
they had
that
$80,805,606.30
Many of
.
Liberty-Aircraft Products
Loft Candy Corp,
Mass.
up
5,805,606.30
„
BANK OF
stockholder's interest
$13.00
of deposits
which, ignoring cash reserve re¬
quirements, can theoretically earn
for him.
A more realistic ratio
Undivided
Zealand
NEW SOUTH WALES
$1.00 of the
55,000,000.00
—_
particular sig¬
for the stockholder. The
in the bank.
there
did before
they entered the service.
these
4,295,815.52
$20,000,000.00
Profits
"leverage"
are
have
stockholder's in¬
With Chem¬
ical the ratio is $1,041,405,430 to
$80,805,60$ equals approximately
13 to 1, indicating that for each
Liabilities
Stock
for
fa¬
interest and the
terest
$1,133,964,753.24
fit.
Capital
International Mach. Tool
1,206,969.10
2,732,874.53
___
abnormal
an
generally considered lever¬
age ratio is that of deposits to
capital funds, and represents the
relation between the depositor's
on
Ltd.
Bank,
Deacon's
Australia and New
most
4,563,096.25
Estate—
Granted
Acceptances
Everyone knows that a salesman's
accounts are his "bread and but¬
come
464,793.50
(11) Other Assets
,use
ter" and many of
financing
war
of
ratios
and
ratios
96,442,377.47
Real
(8) Other
Associated Banks:
Williams
.
Earning
149,273,844.51
(9) Mortgages
(10) Credits
Hooker Electro-Chem.
Power
¬
for securi¬
ally low.
The ratio of 77%
earning assets is very
nificance
curities
Hearst Cons. Pub. "A"
Indian Motocycle
assets
total
66,041,910.37
(6) Loans & Discounts—
£98,263,226
condition, the ratio of 18.0% for
loans and discounts is exception¬
Se¬
&
Bonds
(7) Banking Houses
efforts,
they can
best
they
as
the
of
vorable.
37,472,098.70
ASSETS
TOTAL
cap¬
Glyn Mills & Co.
64.5%
evidence
ther
Municipal
&
(5) Other
which he ob¬
service his accounts,
of
/
abnormally high and is a
is
reflection
509,560,658.92
Bonds
and
firm
the
Burlington Gardens, IV. I
64 Neu) Bond Street, W,
earn¬
and aggre
to 9,
Smithfield, E, C. I
Charing Cross, S, W. I
49
available
$1,122,211,036."
The
ratio
The
ties
Acceptances
& Call Loans
(4) State
when a man
enters the
to believe that
leaves
3 Bishopsgate, E. C. 2
8 West
resulting ratio is 77%.
$261,910,314.37
__
(3) Bankers
few who are not doing so
seem
2
items
total
funds
-v
(2) U.
S.
Government
Obligations
Direct
& Fully Guaranteed
for
provisions
earning
Total
funds.
Scotland
throughout
LONDON OFFICES:
gate $865,025,748, while
from
Due
&
Banks
firms
made,
Federal Mach. & Weld.
Federal Water & Gas
plus
deposits
total
include
Company, New York, at the close
31, 1943:
gratifying to observe that
are making,
or have
It is
total
that of
is
OFFICE—Edinburgh
HEAD
Branches
viz:
deposits,
total
ratio
prising
ital
of business March
over.
most
Houston Lighting &
Incorporated by Royal Charter 1727
power.
policy of the Government super r
imposed on the "Deficit Financ¬
densed Statement of Condition" ing" of the New Deal since 1933.
of
Chemical
Bank
and
Trust On the other hand, and as fur¬
the war is
when
him
to
not
does
form
employ it is generally conceded in
the "Street" they should be re¬
Eastern Sugar
M. A.
earning
the
on
curities ' to
"
General Water,
Royal Bank of Scotland
.are
ing assets (including fixed assets)
to available funds, the latter com¬
were
or
Com.
Dewey & Almy Chem.
Dictograph Products
Dwight Manufacturing Co.
Deep Rock Oil
General Machinery
<■
ratios
The first ratio is that of total se¬
counts should be
Autocar Co. Com.
Buffalo Niag. &
bearing
Bank & Insurance
country, these ac¬
for their
lives
Auto Ordnance
Botany Worsted Mills
Braniff Airways
V'"" v
.
(items 2 4 and 5), $672,044,946 to
A
Will they be split up among other $1,041,405,429 equals 64.5%.
second ratio is that of loans and
salesmen or will they be treated as "house accounts" and returned
to the salesmen when they return to their respective firms?
In all discounts to total deposits, viz:
(items 3 and 6), $186,745,944 to
fairness to these merf, who have<f
$1,041,405,429 equals ; 18.0%.
A
offered, if necessary, to give their '
Alabama Mills
Boston Woven
Tolicy
taken care of?
these accounts be
American
C. IIAFF
ing, perhaps, thousands of customers' accounts formerly covered by
them to their firms to be taken care of and' serviced.
Just how will
STOCKS
Investment
especially interesting to the stock¬
holder, since they have important
have entered the Armed Forces
Many securities salesmen
Aetna Standard
The Armed
Accounts When He Enters
highly satisfactory
a
of liquidity.
measure
all
in
principal
Towns in
EGYPT
and
the
C.
the
Branches
SUDAN
at times be so mis¬
to be meaningless, un¬
is familiar with the pol¬
earnings"
can
points of bank statement analysis
can
be covered in a single brief
article.
Most of the significant
icy of the bank in relation to
ratios have been covered, how¬
hidden adjustments, reserves, etc.
ever, and for most practical pur¬
In the case of Chemical, cap¬
poses these should be sufficient
ital stock and surplus) were un¬
leading
as
less one
.
March 31, 1943, com¬
pared with Dec. 31, 1942.
Undi¬
changed
on
for
the
should
one
stock
bank
him
enable
student
to
and
compare
bank stock with another
or
a
profits, however, increased
group, and thus determine those
$5,456,273 to $5,805,606, or which
appear to be jn the most
by $349,333; dividends paid were favorable statistical
position.)
;
$900,000; the total of these two
items was $1,249,333, equal to $0.62
vided
from
share. » It
point out that
per
is of interest to Moors & Cabot Admit
Chemical's "indi¬ L. Clark & R. Smith
cated earnings" for
the. year 1942
$2.44 per share, but that to¬
net operating earnings were
were
tal
$2.68
and
security
profits $0.14,
giving total net earnings of $2.82
per
share, as reported to the
stockholders in the annual report.
Not
much more than
the main
BOSTON,
MASS.—Leon
D.
and Roy E. Smith will be
Clark
admitted
firm
of
vonshire
to
partnership
Moors
&
Street,
in
the
Cabot, 111 De¬
members of the
New York and Boston Stock Ex¬
changes,
effective
July 8th.
■
Volume
158
-Number 4190
THE COMMERCIAL &
the
"Peace
Through World Trade" Removal Of
SSllil:; Trade'Barriers Urged
ination, but
rallied
development of which means ours to join in with other likefor tlfe preservation of minded -peoples
in establishing
peace?
Following the last war, conditions that mean peace for us
all
made
of
colossal blunders
and
we
itself
Each nation
and
followed
itself
policies
was
tion
All
tunity
fre¬
were
to
quently destructive, leading to
an¬
tagonisms
re¬
prisals;
tion.
tariffs
I
bitter
trade
accusing
am
"No
than
worse
nation
one
no one nar
"The
out
to
be
All of them simply
realize that our only
way.
failed. to
hope for
industrial
great,
tions
sick
are
"In
the
our
serve
sea
even
na¬
Peaceful
world
certain
no
ought
in
trade
itself
of
of
ferocious
that
stop
can
Axis
and for all, then, as I have
said,
expanding international trade is
factor
great
making
manent tranquillity.
/ "When
this
gigantic
for
per¬
struggle
ends the world will be confronted
with
losses
vast
When
and
the
world's only hope of
good this great devasta¬
tion is to bring about an -economy
of abundance—in America and all
The
over.
of
height of our payrolls,
living standards, are all
our
related
both
to
volume
our
domestic
and
The United States is
ing
nation.
We
must
most
a
far
have
of
great trad¬
"It
is
to
not
expect
tainly
or
the
and
in.
role to guide the
is too much
our
world.
than
more
peaceful
a
prosperous world to trade
whole
trade,
international.
That
for.
ask
But
responsibility
cer¬
will
be
Win War And Peace
Urged By Szymczak
The country must be constantly
the alert to effect a "unison of
to win the
necessary
the
and
peace,
it
war
stated
was
June 24 by M. S. Szymczak,
-on
mem¬
ber of the Board of Governors of
the Federal Reserve System.
>
•
Speaking at the opening of
■/Liberty Center-Northwest Town"
.
exhibit in Chicago, Mr. Szym¬
czak warned that that unison of
war
action
is
threatened
"every day
moment" by several
and*. .every
dangers.
i
He
'
urged
war
bonds
and
to
,
people
to
buy
to
plaining
as
more
help win the
fight inflation,
follows:
help
war
ex¬
"Using additional income for
buying war bonds has the oppo¬
site
effect
to
using it for buying
civilian;, goods.
It is in effect
using money for war materials
which must be produced in enor¬
quantities now, -; and pre¬
venting it from exerting demand
for goods whose production might
interfere with the war effort. The
buy direct
away from
we
income
Where
it
will
do
our
additional
the
the
channels
most
harm
and toward the channels where it
will
do
the
most
good.";
and
and
finance
all
t e d
a
technical
Thomas
Watson
J.
men
so
is
relations
all human
Golden
the
of
the
International
Commerce
mark.
at
Chamber
culties
and
troubles
the
are
peoples
in
determined,
the
as we
that there shall be no more
that nations as well as in¬
whatever
to
If
ments.
can
to
means
enforce
we
the
do these
a
lasting
we
sources of the world accessible to
all nations, large and
instead
world
this
of
a
world.
That
fighting this
we
have—our
home
front
teach
the
armed
and
We
sources.
is; why
we
"These four freedoms
are
our
forces,
re¬
determined
are
aggressor
nations
to
force and violence against nations,
inhuman
treatment? of
in¬
"The
dividuals will not be tolerated in
depends
coun¬
human treatment and. experienced
such untold suffering and
misery.
will
difficulties.
is
help
us
the
of these peoples
beings, not as names
as
prevent
these
on
country
human
a
map.
people who live in the little
countries should
not have to
our
young
demand
after
Government
the
We have to think al¬ i propaganda
ways
The
formula
solve
will
and
busi¬
people, the
people one with another, employ¬
ers
and employees, labor leaders
and business leaders, our
country
with other countries,
economically
and culturally.
They are also go¬
ing to demand policies that will
tries which have received such in¬
relations
and
ness, business and the
Victory our number one
obligation is to see that justice is
I
or
spreading
from
from
of
evil
within
sources
our
outside
jobs for all those who
are
fear
son
to
be
proud
of the
tional policies for which
ernment
has
stood.
want to annex the
other people.
our
bors—in
over
interna¬
our
We
Gov¬
do
not
territory of
any
This cornerstone of
foreign policy has brought
the confidence of
our
Our
us
good neigh¬
the Americas—and
the world.
"Our young Americans
every rea¬
lifting its
all
neighbors to
Denv.&Rio Gr. W. R.R. 'B\ 5s/78
Denver & Rio Grande, 4s/36
own
prod uctivity
to the highest
possible level.
Georgia, Sou. & Florida, 5s/45
On
this score,believe
no
I
national
Lehigh Valley R. R., 4s/2003
eco¬
Eric
A.
are
will¬
ing and capable of assuring their
"Human
applied
these
mane
Mo.-Kans.-Tex. R.R., 4s/62
Mo.-Kans.-Tex. R.R., 4s/90
Mo.-Kan.-Tex. R.R., Adj. 5s/67
Johnston
nomic
system
promises as much
plishes
creative
that
much
as
and
accom-
Mo. Pacific R.R.
capitalism—a
as
competitive
brings out the enterprise of
in
the
production of the
men
Old Colony R.R., 1st
4*4s/78
Seab'd Air Line Ry. CDs, 5s/31
Seab'd Air Line Ry., 6s/45
constructed, economi¬
cally, with adequate resources to
in
us
single
any
nation.
PUBLIC UTILITY BONDS
fortunate to have
are
American Gas Power, 3-5s/53
American Gas Power, 3-6s/53
great many of the important in¬
a
dustrial
within
resources
boundaries.
Yet,
this
our
own
that
us
we
be
can
is
Associated Electric, 5s/61
Associated Gas & Elec., 3%s/78
Associated Gas & Elec., 4s/78
has
war
almost
Associated Gas & Elec., 5s/73
r
elations of
over,
Inland Power & Light, 6s
productive and trade
promotive character.
If instead,
a
build Chinese walls about
we
individual nations, we shall
soon
find g.uns
over
those
Republic Service, 5s/51
very
Southern Cities Utilities,
poking their noses
walls, for the very pur¬
into
On the other hand I know that
cannot level all walls without
we
Portland Elec. Power, 6s/50
our
of forcing certain commodi¬
circulation.
pose
ties
disastrous
to
consequences
many
industries.
,
Central Public Util., 5*/2s/52
Consol. Elec. & Gas 'A', 6s/62
if
we are to have
lasting peaceful
world
relations, we must also
have lasting
international trade
war
/
St. L.-San Fran. Ry. 'B\ 6s/36
Seab'd Air Line Ry. Act.,5s/31
stop there, we would
short of the mark.
The
we
found
5}/2s/44
St. Louis-San. Fran. Ry., 4s/50
St. L.-San Fran. Ry. «A\
world is not
Some of
51/4s/49
Old Colony R.R., 1st 5s/45
A pros¬
yards, in the first instance, for the
pot of gold,
fall very
Gen., 4s/75
Missouri Pacific R.R.,
perous world demands that na¬
tions must look to their own back¬
"But if
;
Missouri Pacific R.R., 5s/77
Missouri Pacific R.R.,5*4s
capitalism
necessities of the world.
relations
will enable
intelligently
us
to
solve
problems, because with hu¬
thoughts constantly in our
minds
we will give due consideration to the human element in
relations with others."
to me that the United
seems
States
past
Government
decade
question
view.
has
from
during
the
approached
the
the
point
sane
of
It has sat down around the
table with the officials of
5s/5$j
REAL ESTATE BONDS
Beacon Hotel, 2-4s/58
Circle Theatre, 6s
Embassy Theatre, 6s
Equitable Office Bldg.,
5s/52
50
Broadway, 3-6s/46
Street, 5s/66
Harriman Building, 6s/51
Hotel Gov. Clinton, 2-4s/52
Hotel Lexington Units
Hotel St. George, 4s/50
one
na¬
Madison & 52nd St., 4s
New York Postal,
5*4s/37
-
tion after another and endeavored
Poli New
to
Savoy Plaza Hotel, 3-6s/56
'
Sherneth Corp., 3-5%s/56
61 Broadway,
3*4-53/50 >v.,;?./
State Theatre, 5%s
identify those places where
liberalization
of
accomplished
trade
might
without
effect to the
a
be
disastrous
industries of
either
England, 5~s/83
*
country.
"I
believe
it
highly
essential
that this policy of constant exam¬
ination of the tariffs and controls
that
affect
international
New York & Boston
trade
Bank and
must go on as a continuous process
and that provision should be made
for such
"I
a
process.
believe
established
that
ization
of
through
down.
when
certain
mental broad
very
trade
interchange
world
can
be
set
Yet merely to set down
a
general
the
policy and not establish
machinery to make it effective
is
futile.
We
must
have
wishes into practical action.
me
closing.
of
is
say one
more
of
world
trade
jagged rocks and sunken logs,
merely the job of govern¬
should
government
in
be
the
the
job
closest
operative relationship with
ness
of
co¬
busi¬
and
industry.
If we are to
have peace through world
trade,
then the traders of the world must
be
definitely
Thus
there
ment, in
a
part of the picture.
falls
upon
govern¬
opinion, the highest
for calling into its deliberations the men who
daily
ourfnecessity
Broadway, New York 5, N. Y.
89 Devonshire
Teletype NY 1-1950
St., Boston 9, Wass.
Lafayette 3300
Teletype BS 264
cleared
not
It
120
COrtlandt 7-9400
word in
This job of keeping the
channels
J. Arthur Warner & Co.
the
machinery for transforming good
"Let
Insurance Stocks
is
peace
funda¬
principles of liberal¬
the
ment.
full share of this
responsibility.
?!
C.M. St. P. & Pac. R.R., <A' 5s/75
C.M. St.P.&Pac. R.R., 'A' 5s/2000
Colorado & South. Ry.,
4*4s/80
of
each nation in
of it—and sound plans which will
[provide
|1 able to work and good care for
the aggression of their
big neigh¬ those who are physically unable to
bors. ■•■■:,-}K ■
?? v';y;
.y?ft?; work, -if.>
"We Americans have
first
enterprise
Victory will call for fair relations
between
"After
which
kind of future
Americans
the future.
Human
men
dealings with others.
that
and
done .to all the peoples and
op¬
women of all countries who have
vision and courage and are
willing
to apply human relations in their
our
material
mean
portunity for the young
with everything
war
C hi. & Alton R. R.,
Ref., 3s/49
Chi., Milw. & Gary, 1st 5s/48
of all upon the
"It
im¬
means
And it just won't work.
"The Golden Rule is a rule of
make
Central R. R. of N. J., 5s/87
ma¬
welfare
40 Wall
God's
man's
to
Boston & Albany R. R.,
4«4s/78
Boston & Albany R.
R., 5s/63
peace.
"Freedom from want
Too
agree¬
things
proving the standards of living for
all
people, by making the re¬
have tried
many
n
•
"Global
are
look forward with confidence
from
come
this rule.
other
necessary
Den¬
I say again
international diffi¬
failure to observe
with
provide
Copenhagen,
our
we
are
shall win.
we
dividuals shall be subject to inter¬
national agreement, and we must
of
Baltimore & Ohio R. R., 4s/44
Bait. & Ohio R. R.
Conv„ 4V6S/60
"So, when the
be free from fear only
can
when
war,
I said then, and
today, that
fighting to
are
are,
as
Four
RAILROAD BONDS
£<■
disastrously upset when certain
key products are shut off from us.
world who
This rule applies to
relations, great
small.
It al¬
think his
have established lasting
peace in the world by cooperating
well
ago this
years
month I had the opportunity of
speaking to the Biennial Congress
as
to
us
is
i
ambitions.
be
also
of life.
way
of
one
will
MARKETS
will
speak his mind freely. These two
freedoms of speech and religion
"We
follow in all
"Whatsoever ye would that
them."
our
and
speech
fighting to win, and
should do to you, do ye even
to
of
people
of
Thus
shown
as¬
"The simple rule to
Rule:
our
preserve.
"The other two freedoms we
of themselves.
human
our
maximum
thoughts and express his own
opinions—to seek truth and to
we
pects of these questions will take
care
freedom
a
lows each
other
the
to
came
own
and
complic
is
essential to
basis,
statistics,
the
it
"Freedom
\a
on
fighting for. The
who
have always cherished
always fight for.
we
relations
we are
settlers
to
bloody
terial
country
a place where they
worship God in their own
way.They established freedom
of worship in these United States
in
d ;
our
and
thwarted
on
country sought
in-
If
based
could
proper
.
mous
bonds
first
,
,
made
freedoms
beings
v e
is
"If we follow this
policy of re¬
ciprocal trade agreements we can
lay a solid foundation for the four
we
treatment.
on
action"
1
v o
It
a
TRADING
in
;
times
dema¬
to
relations.
all
their selfish
produce and
competition on the
fair
at
dictator be
trading policies that
small, on
the same fair
basis, and assisting
justice between men and between
:
in
every
way
possible
the
less pro¬
nations.
There are times when
justice calls for the execution of gressive nations in making use of
these
privileges
to
their
ad¬
firm, and even severe, policies to¬
wards
those who
deserve
such vantage.
Unison Of Action To
v
in
strive
in
quali¬
world
would-be
also
side, not through
able
world
a
av
well-being.
gogue
the
on
do
With all countries.
men
them.
dislocations.
making
done
should
we
the great
and powerful country it is
today.
Secretary Hull's policy strives to
extend this principle of equal
op¬
portunity to our trading relations
re¬
are
all nations
the
the principle of fair
dealing—the
principle of equal trading oppor¬
tunity. This is the principle that
individual
who
is
once
be
human
build
women,
the
and
aggression
the
human
world
cruel
shall
we
always
and
liberty-loving peoples, acting to¬
gether,
and
them in terms
But assuming that strong,
peace.
trade
to think about
freedom!
guarantee
human
lations and
and in the air to pre¬
own
side
be
assure
two-way street.
have
must
material
world's markets.
They
questions
are
of
1920s
our
should
women.
Germany and Japan rush in to
Conquer the world. And so today
we
find ourselves struggling on
land and
basis
Johnston
has enduring
peace
it
Mr.
we
who
in the last analysis to the decisions
and actions of individual men and
great business depression
1930s.
Then in the 1940s
Of the
sound
a
of
to create
are
which
fair to all people.
The people
live in the little countries
are
"All of these great questions of
politics and economics come down
shortsighted
trade policies—world wide, I say
—were
in large part responsible
for
on
a
we
establish
has
well together.
or
the
it; is that:
and trading
so
to
Mr. Watson's Comments
cannot prosper if our farmers are
doldrums,
in the
the markets of others."
up
work
in the
markets
own
a prosperous world was
together.
Now we are
waking up. We are realizing that
the same principles hold true in¬
ternationally as in our own coun¬
try alone. Just as with us industry
to
war
human relations
free trade but by fair adjustment
of trade barriers. We should
help
freedom of trade
greater
this
ties,
Secretary Hull's
that we build for, the more at¬
policy of negotiating reciprocal
tractive do we make that
agreements
is
an application of the
policy
for other countries.
Open up our Golden Rule, a policy of sound
others.
some
set
and order
are
the economic
on
spread hope and oppor¬
the globe by helping
in
cause
our
Doctrine
political
over
maintain law
them
"What
as
world, by accepting imports more
freely than we have in the past,
always remembering that trade is
a•' two-way street.
America in all this spite of
and embargoes was pretty
bad, and
that
and
to
our
we
which
that, they consider the Mon¬
roe
our
powerful
out
alone.
that
for
and
neighbors.
Arqerica,
she is, can do more
perhaps than any other single na¬
We built up high
choked the channels
commerce.
for
in
policies.
tarriffs,
a
with
Remarks
"If
guaurantee against
The way they have
is proof that
much
we
to
Monroe
threat of dom¬
a
a
aggression.
the
trade
know that the
Doctrine is not
(Continued from first page)
so
south
FINANCIAL CHRONICLE
deal
in
the
commodities
consideration.
And
under
simi 1
a r
1 y
there falls upon business the para¬
mount duty of informing govern¬
ment, with patriotic honesty,
all
of the
facts
that
bear
particular modification of
rate
or
suspension of
a
as
upon
a
trade
to
a
tariff
con¬
trol."
The
remarks
of
the
my
were,
broadcast
WEAF and NBC.
over
speakers
Stations
Thursday, July 1, 1943
CHRONICLE
THE COMMERCIAL & FINANCIAL
20
•
-it ■
Our
STANY Will Present Seven Ambulances
,
Association of New York
Forces will enable
Association to purchase seven ambulances.
The presentation
take place on the Sub-Treasury steps on a date to be announced
Contributions to the Security Traders
for the United States Armed
ifund for ambulances
the
will
later.
Goldschmidt
Samuel
;
Charles
F.
and
Norton. Adams
Company
Van
Noel and
Alstyne,
F.
Leber
F.
William
H.
L.
Ritchie
A.
and
G.
Aal
Karl
Aal
Alfred
8
.i
i
J.
! W.
I
Stevenson & Co.
Bacon,
! Lanice
! A1
.
and
W.
B.
Harvey Fisk and Sons, Inc.
and
Gruntal
Company
*•
Dominion Securities Corp.
Treuhold
Eugene
,
and Goldschmidt
Dick and Merle-Smith
Clare, M. Torrey
John
Grimm
McLaughlin, Baird & Reuss
Hood
and
J. F. Reilly and Company
William
.8.
Junger
II.
j Employees—Ernst and
!a. David Schenker
Hall, Tattersall & Co
Ralph
| William T. Melliri
Bank
National
&
Fred
Eberlin
iewburger
William S.
Trust Company
i
and
Leroy
Harry
J. F. Guiton
W. C. Langley &
Hano
and
Maguire
J. Rankin O'Rourke
and
and
Mr. and Mrs. T. G.
Dealers who had
the
tion of
recent offering to hold¬
'
reported
the
offering.
Daniel F. Davison
Plnney
J. B. Hanauer & Co.
Meanwhile
Y- ■'
Joseph McManus & Co.
Campbell
:
a
ers,
•
a
The
cago,
1975
current
situation
in
Chi¬
Milwaukee & St. Paul 5s of
interesting possibili¬
offers
according
Mtge.'Ctfs.
N. Y. Title and
Series C-2 Interesting
prepared
an
analysis
situation
C-2
Co. upon
first mortgage
request.
/
-
hour of the
Terminal
&
Warehouse
Transfer first 5s of 1936 offers in¬
teresting possibilities, according to
from the firm upon request.
■
securities offer
an
old
and
of
was
according
N.
York,
New
Avenue,
Y.
1943.
June 28,
meeting of the Board of Directors held
today, a dividend of twenty-five cents per shara
was
declared, * payable July 15, 1943, to stock¬
holders of recovd at 3:00 o'clock p. m., July 8.
1943.
Checks will be mailed. '.
At
a
r
b; O. brand; Secretary.
NOTICE
REDEMPTION
extended
Mortgage
National
July
1943.
1,
due
3's
be
redeemed pt par
Bank of Erie, Erie,
to
issue
Marine
cease July
DARSIE
will
Interest
HUGH
>
Erie,
Pa.
First
January 1, 1960:at The
Pa. on
Covenant,
the
of
Church
1943.,
1,
S.
Officer
and Trust
Vice-President
•.
)
Boston S. E. Firms
iafion Elects
interesting sit¬
uation, according
to a circular
now
being distributed by Pflug¬
felder,
Bampton
&
Rust,
61
Broadway, New York City, mem¬
bers of the New York Stock Ex¬
Pea-
held at the office of Kidder,
body
Co/,: the following were
&
to
Governors
elected
for
serve
& Co.; Albert W. Tweedy, H. C.
Wainwright & rCo. To replace
three vacancies on the Board due
three years:
.
to
military service, the following
elected to serve until 1944:
James F.
Byrnes, Director of War Mobiliza¬
were
together Vice-Presi¬
dent
Wallace
and Secretary of
Commerce Jones to discuss their
Atherton &
called
stockpiling
over
according to the Asso¬
which stated:
that
said
asked
he
to his
White House office late this after¬
to talk over their case.
Byrnes
that
in
told
press
a
made
he had
dissolving
Mr.
conference
some
progress
number of inter¬
a
Russell
L. Day
man,
A.
-
.
Schirmer,
Ballou,
Co.; Frank A. Day, R.
& Co.; Charles C. Water¬
Draper, Sears & Co.
elected were:
Officers
war
/
y
John R.
Chapin, Kidder,' Peabody & Co.;
Chairman of the Board; Horace
Tucker, Anthony & Co.,
Vice-Chairman; Robert B. Almy,
W. Frost,
Dabney
Townsend,
Tyson,
&
Treasurer and Assistant Secretary*
and
Kittredge, Horn-
Edward H.
&
blower
Weeks,
Secretary and
Exec u t i v e
include' the
Assistant Treasurer.
elected
Committee
Vice-Chairman, Ralph
&
strong convictions are in the de¬ Weeks; A. R. Boynton, F. S. Mose->
partments, there will be differ¬ ley & Co. and Lester Watson, Hayden, Stone & Co.
ences of opinion."
YY
governmental differences, but that
he knew that "as long as men with
Tweedy, & Co. Resumes
Company,
&
52
Wall
is resum¬
investment
Street, New York City,
new
BOSTON, Mass.—At the 23rd
annual meeting of the Boston As¬
sociation of Stock Exchange Firms
tually have received and paid for
the two principals to come
j
Situation Of Interest
Pacific
it
foreign purchases have
Tweedy
Western
'
OF AMERICA
Lexington
Paine, Webber, Jackson & Curtis;
Horace W. Frost, Tucker^Anthony
noon
...
VANADIUM CORPORATION
$3,500,000,-
''
in Pitts¬
30
"The chief of the Office of War
Situation Looks Good
current
"Journal
June
approximately
materials
One
certifi¬
memorandum issued by Hill,
cates originally issued and guar¬ a
anteed
by New York Title & Thompson & Co., Inc., 120 Broad¬
Mortgage Co. •
.
way, New York City.
Copies of
Copies of this analysis may be
this memorandum may be had
had from Seligman, Lubetkin &
series
of¬
York City, have Forms Frank Russell & Co.
prepared an interesting descrip¬
TACOMA, WASH.—Frank Rustive circular on several lots of
sel has opened offices in the Rust
railroad bonds in registered form
Building to act as dealer and
which offer attractive possibilities,
broker
in
investment securities
the firm believes.
Copies of this
under the firm name of Frank
circular may be had from Leroy
Russell & Co.
Mr. Russell was
A. Strasburger & Co. upon re¬
formerly local representative for
quest. /■;
v';' ;Y ".'Yf
Wm. P. Harper & Sons & Co. ;;
The
of
an
York
to
Mr.
statement "RFC commit¬
differences
opening of subscription books,
Treasurer. Y
KNOBLOCH,
000, of which not more than 10%
was originated by BEW.
We ac¬
tion
Wall Street, New
Seligman, Lubetkin & Co., Inc., burgh
41 Broad Street, New York City,
•
have
Interesting
Leroy A. Strasburger & Co.,
to a descriptive
circular prepared by Raymond &
Co., 148 State Street, Boston, Mass.
Copies of this circular may be ob¬
tained from the firm upon request.
ties,
Situations
that
Mobilization
share
in this job of waging
of
disposed of the
a
obstructionist tac¬
New
ciated Press,
entire block within
Rail
the
fering 200,000 shares of common
stock of Gar Wood Industries, Inc.,
5.87V2
H. F. j.
great
Yesterday, (June 30)
por¬
group,
down
a
materials to the value of $1,600,-
:
another
to
business
1943.
Alvah R. Boynton, F,
S. Moseley & Co.; Albert P. Everts*
been
brisk interest in
y
thrown
out wartime assignments.
ments for
participa¬
covered
James F. FitzGerald
never
Board,
fully accept¬
000,000, of which less than 5% can
be credited to BEW initiative."
Ernest Horch
Paul & Co., Inc.
received
Production
war."
stated
dividend
unexchanged
directives
have
Commerce"
Creamery
tion in this undertaking, which
Co.
V
a
.
at
Situation Of Interest
In
Co., priced at $102.50 a share.
& Co.
Michael J. Heaney
Co., Inc.
Chic., Milw. & St. Paul
total
91,317 shares of cumu¬
Sam Englander
Fitzgerald & Company
Co.
Co.
Pitman
Inc.
of Eco¬
operates
of these
Jones'
$4.25
:
consequence
indicated for
Beatrice
1943,
15,
close of
the
at
rx:ord
of
1,
ing and some have been of major
placed on the
this week. The first
the
September
September
payable
stock,
capital
stockholders
have been minor and annoy¬
tics
Out
was
preferred
stock' of
Stephen McDonald
Baren
Employees—Craigmyle,
Carl K. Ross & Co., Inc.
Irving Maxfield
lative
Lcuis H. Whitehead Co.
,
Glantz
A.
Jesse Spier
W. S. Sagar
Co.
•
Klein
James
Co.
and
and
Schluter
Co.
'Reed, Lear and Company
Co.
involved
Brown, Bennett & Johnson,
Morgan and Co.
C.
Louis Winston
Simons, Linburn & Co.
Engle, Abbott and Co., Inc.
Hoppin-Bros,
to carry
issues
market early
/
David Goldstein
'YY:"
Bcnner and Gregory
Hunter and
stock
two
William L. Burton
Cruttenden and Co.
.Andrew Curry
Public
Charles H. Waldrcn-
Irving Gersten
and Robinson
Arthur Hatz
Barysh
Good demand
,
obstacles in the way of our
of the powers given us
Some
upon
Stock Issues Move
F. B. Whittenmore
Employees—Cohu and Torrey
Company
|H. E. Scott Company
;The
Benjamin Mallamud
50
exercise
provide funds for
outstanding
COMPANY
of Directors has declared a divi¬
cents prr share on the Company's
Board
of
Cor¬
Finance
Board
which
War
line
many
for
redemption of certain bonds
be
;
r
■,
prevent further
authority.
and
his personnel
"He
the
Arnold J. V/echsler
•
Williams
and
filed
has
Company
/,
TEXAS GULF SULPHUR
The
dend
entire
ed that
W. F. Moore & Co-
Chadwick
and
Vanderhoef
Barney Peck
;Max
'
Bryan Y
F.
Kearns
! Ernst and Company
:
Gas
E. J. Beckett, Treasurer :
the
Jones has
Mr.
equivalent amount of out¬
an
Y
"'
be closed.
not
San Francisco, California
420
broad
the
from
comple¬
tion of its merger with the Lex¬
ington Power Company effective
July 26 next.
John H. Valentine Co.
Ewing
W.
Carter
Co.
Holt, Rose and Troster
•.
Carey
G.
Charles
H.
Co.
.
be used to re¬
to
Jr. & Co.
to
Reconstruction
under
would
N. Y. Security Dealers Assn.
Gilbert J. Pastley & Co.
J
to
bonds
Proceeds
the
Harry D. Casper
Corp.
C
years.
H. D. Knox & Co.
John J. O'Kane,
Bianchi
A.
Locm-Tex
The
series
«*le he^e would
Peter P. McDermott & Co.
and Co
Mericka and Co., Inc.
Charles
Hanseatic Corp.
Sam Weinberg
:
J.
Seligman, Lubetkin & Co.
jTrader Post, Inc.
:
Smith
Wm.
Maples
Maurice Hart
New York
Hart
^he
$20,000,000 of first mortgage bonds
also of thirty years maturity. The
David R. Mitchell
Summers
Currie and
Troster,
j! A. E, Ames and Company
time
poration to the
nomic Warfare,
mort¬
thirty
&
S. K. Cohen & Co.
is
adding:
"Although,
And the South Carolina Electric
Catering Service
Terry's Chop House
and Co.
V/4%
of first
will
"Y- Y:..'
of this
nature," said the Vice-President,
standing series "C" bonds due in
1969 carrying an interest rate of
3%%v;
Peter P. McDermott & Co.
Inc.
Van Ingen and Co.,
J.
Tripp
and King
King
Reliable
Abbott? Proctor and Paine
"
"It
ahead with an is¬
go
in
tire
Employees of
:
of
'
Y" *•
upon
June 30, 1943. The Transfer Books
f
harmful misrepresentations
/
of .$45,000,000
mature
E. P. Andrews and Co,
the
before
testimony
imported strategic materials from
to
gage
'
Walter Murphy, Jr. Co..
and Co.
and Co.
Lebenthal
for
out for sub¬
go
Company,
and Co
Walter G. Furlong
Haupt and Co.
Ira
Club
Jacques Coe and Company
bids.
pared
«
May, Borg and Hess
and Hutzler
Masterson
'
/
James D. Cleland Co.
Bros,
C.
Frank
of
"false impres¬
the Midland
Walter C, Kruge
Stryker & Brown
j C. E. de Willers and Company
(i 120 Broadway Gym. & Health
i
YY; YY
Solomon
calls
Y
the Common Capital Stock
of this Company by check on July 15,
1943, to shareholders of record at 12:00
o'clock noon, Pacific War Time, on
paid
Va.)
well along and
be only a short time
the
in
a
Utilities Company group, is pre¬
vice
v
sue
Moore and Company
Employees—Hardy & Co.
Bureau, Inc.
Cowen and Company
issues
the Board Y Y-
A cash dividend declared by
timid, businessprocedure."
President, on
April 13, 1942, transferred full
control over the programming of
Gerard F. Hulsebosch
Lilley & Co.
*'
G.
concern
Northern Indiana Public Ser¬
Jr.
Luckhurst and Co.
&
John Witkowski & Co.
Company
Marsland,
i National Quotation
!
Curtis
mission
Peter Morgan
Paine, Webber, Jackson
Gundy and Company
Herbert E. Stern and Co.
Rcbsrt Mayer & Co., Inc.
P. F. Fox & Co.
Saunders
F.
Wood,
•
Sterling Investing Corp.
before
in Mr.
saw
Congressional Economy Commit¬
tee headed by Senator Byrd (D.,
utility
,
Common Stock Dividend No, 110
Senate
by se¬
of stra¬
stocks
Jones had created
are
where it may
Laurence M. Marks
Mitchell & Co.
McDonald
M.
plans
Roberts and Company
Robert W. Allison
Frank
& Co. Billings &
ICustomers Men—Abraham)
which
Secretary.'
CHALKER,
F.
DIVIDEND NOTICE
sharply
for the
Vice-President
sion"
immediate
other
two
are
Company
of
Mr. Wallace also stated that Mr.
Eastern
Prospects
more
1943.
6,
July
THOMAS
Warfare,
and
long
a
statement
as-usual
Corporation.
But of
W. Clifford Orton,
Security Adjustment Corp. '
Cage—Abraham ■& Co.
Power
of record as of the closo
holders
to
business
Jones's attitude "a
of 3V2S of
&
Niagara
Nearer Term
G. A. Saxton & Co., Inc.
Reitman
S.
B.
$17,000,000
and
1943,
15,
of
help shorten this war
The
Com¬
Electric
General
Buffalo
the
Frank W. Warner
Cafe Co., Inc.
The Hargus
of
Walter R. Johnson
Joyce, Kuehner & Co.
L.
pany
Rhcades & Co.
,
John J: Vogrin
YYV
Stamm & Co.
Employees—A. L. Stamm & Co.
Margin Dept.—Abraham & Co,
A.
»;
and Company
Lord, Abbett and Company
L. W. Schoon
■j. Arthur Bertch
A. M. Kidder
A. C. Allyn and
Kimmelman & Zanderer
Abelow
I.
Buffalo
Freedman and Slater, Inc.
J. W. Gould & Co.
Stolle
Carl
and Company
in
adequate
tegic materials."
Cor¬
Power
York
Inc., has declared Ordinary Distribution
No. 20 of 11 cents per^hare and Extraordinary
Distribution of 7 cents per share payable July
was
Chairman
as
curing
poration; $20,000,000 of 4V2s of the
L. A. Mathey
Rich and Clark
Clarence E. Unterberg
Inc.
Co.,
3%s
$48,000,000
New
INC.
Manhattan Bond-1
of
Directors
of
Board
The
Fund,
which supplies funds for
buying, had obstructed the
BEW in its "single-minded effort
to
Central
MANHATTAN BOND FUND,
tion,
000,000 and among the principal
prospects are $66,000,000 of 3%s
of the New York Power & Light
Corporation;
Treasurer.
WIEGERS,
L. B.
.
BEW
Aigeltinger and Company
1943.
July 6,
business
of
Appropriations
Committee
that
of Directors on June 16, 1943, for
Mr. Jones, as Chairman of the
;;
the quarter ending June 30, 1943,
f
Reconstruction Finance Corpora¬
YY 'equal to 2%"ol its par value, will be
panies involved run close to $170,-
Lester F. Gannon
it
29
June
Economic
of
Board
worded
Robert F. Donovan
Allen & Co.
&
re¬
of
Wallace,
declared
Kcbbs, Gearhart and Co.
Thomas Greenberg
Inc
Co.,
& Co.
Irving P. Grace
Terminal Barber Shops, Inc.
Marks
Carl
&
Saxtou
A.
J.
C.
Co.
Herzfeld and Stern
Edward Shensa
and Company
J. Feibleman
T.
Jr.
&
Faroll Brothers
Greene & Co.
Company
&
Rice,
Carl M. Loeb,
& Co,
Fleetwood Grill, Inc.
Company
Winkler
';
Gude, Winmtll & Co.
Pflugfelder, Bampton and Rust
Single
Huff, Geyer and Hecht, Inc.
Y
John P. Eberhart Co.
Company
Company
and
Gibb
H.
Bernard,
/:■
K.
the
Major bond issues of the com¬
Bank
Holsapple and Company
„
Co.
Bonbright
B.
D.
George
•
.
Richard W. Clarke &
and
Pizzini
W.
E.
G. H. Walker
Upham and Company
Harris,
Abraham
Jr.
Mitchell, Hutchins & Co
Inc.
Company,
•
Wallace & Co.
George B.
•
Company
Rieber
E.
George
B.
and
King
Charles
J
Company
and
Asiel
T. M. Brown,
and Company
Norton
Collin,
Baker & Co.\..
J. J. Nolan
'-<=vY>>' YYY
Miller
Elam
J.
un-
to
1943,
PACIFIC GAS AND ELECTRIC CO.
Mr.
of the properties involved.
Inc.
Birnbaum and Company
Samuel M. Benson
and Company
Lauer
Stern,
and Co.
and Abbe
National
Freeman
substantial
2,
$1.50 per
$1.25
and
Stock of the
been
for payment
to the stockholders of record
Preferred
declared
$5
Washing¬
Press
stated:
bankers
necessary
advices
ton
shaping the financing structure
Hotel,
Norman C.
very
derwritings
Pavis
Quincey
Tuyl
Grace
»
Shapiro & Co.
Amott,
and Company
Stearns
Gertler,
- --
Edward A. Purcell & Co.
Buell
A.
E.
of
bilities
and Co., Inc.
Traville Co., Inc.
Associated
In
visualize in the plan the possi¬
Colthup
the
statements."
some
necessary
consummated,
tions
Hardy and Co.
■
■
& Co.
Judson
E.
M. A.
Lultweiler & Co.
Bendix,
F.
Van
Charles E. Merrill
C.
F.
materials.. Secretary Jones coun¬
tered with the allegation that Mr.
Wallace was engaging in "mis¬
and preliminaries are
carried out and the consolida¬
Janarelli
Stanley
adequate stocks of strategic
secure
$6
on
close
the
Economic Warfare in its effort to
hearings
and
L Grady
the
before
months
Co.
be
at
of
Board
the
against
August
Stock
Preferred
the
have
Company
Commerce Jesse H.
had
used
"obstructionist
tactics"
S
will
it
Although
that Sec¬
on
dividends of
quarterly
regular
share
per
of
Jones
has iurned the
Company
Wal¬
A.
Henry
June 29 alleged
on
retary
Hudson
Niagara
the
of
,
cils;'
Ilsley and Co.
Roosevelt
Hay, Fales & Co.
and Company
Scott, Horner and Mason, Inc.
Dillon
Co.
and
Chas.
Rcggenburg & Co.
Co.
Lichtenstein &
S.
Eastman,
Steindler and
G.
Frank
Charles S. Hirsch, Jr.
Sheridan
B.
Cornelius
B.
J.
George De
North America
Trust Co. of
Jr,
Marks
W.
Arthur
F.
Treville & Co.
R. Sims Reeves
Hayes,
H.
William
Co.
James
Inc.
Co.,
Kahl &
A.
Morgan De
Stern
W.
Sherman and
Joseph
Harold M. MacDonald
Company
&
Scheffey
L.
Samuel
Charles
Harder
Schwamm
Frank
D.
Wolff
Chronicle
Company
and
Inc.
and Co.
Wien
lace
do not let any
grass grow under their feet, to
quote an old saying. And accord¬
ingly the filing of the proposed
recapitalization and simplification
bankers
experts to sharpening their pen¬
Co.
Goldwater and Co.,
S.
Vice-President
days when the under¬
are
Power
Thorne and
$6 and $5 Preferred Stock Dividends
The
share
Looking Far Ahead
plan
Margaret Pruden
Commercial & Financial
Company
and
Bros,
R.
Y
-t■
Herbert D. Seibert
Fodor
E.
Tellier
Strauss Bros.
and Company
Winter
H.
Andrew
J.
Ward
Cohon
Morris
Otten
P.
L.
P.
Krumholz
Nathan A.
Inc.
Co.,
&
Bernheimer
G.
F.
L
•
Sidney Siegel
Co.
Birkins
Edwin
F.
D.
Titolo
M.
Mackubin, Legg and Company
Franklin and
M.
Hemphill, Noyes & Co.
Rosshandler
A.
William
John J. Bell
Week
H.
Joaquin
Fred
& Co.
J. Arthur Warner
Weeks
and
Hornblower
Gibbs
Albert
Clark and Company
.
Schmidt
T.
William
John C. Blockley
Mrs.
and
Fenner
Pierce,
Trading Dept.
Beane,
Lou
Peter Barkin
Company
Egly
Taylor Root
F.
Lynch,
Mr.
and Company
J. B. Lang
Saunders Company
H.
H.
Merrill
&
Gottlieb
Murray L.
Company
and
Ashplant
B.
Gordon
E.
Electric Bond and Share Company
Y;
^Continued from page 3)
Y
writing
Stoltz
Charles
Mid-Continent Gas & Fuel Corp.
Goodeve
W.
Goodbody
Company
&
Lyon
M. W. Janis Company
Company
Pcet
F.
Edwin
and
Free
Frazier,
Wallace
W.
:•?£££ Report
These
Fund
Contributors to Ambulance
!
Reporter's
NOTICES
DIVIDEND
Vice-Pres. Wallace
ing
in
activity
The
business.
established
dealers and
counter
in
the
firm,
1920,
originally
will
act
as
brokers in over-the-
securities specializing
in
Chairman,
Hornblower, ' Hornblower
Mid-Year Bank Figures Y
;
Study Now Available
!
-
Laird,
Bissell
&
-
Meeds,
120
Broadway,- New York City? mem¬
bers of the New York Stock Ex¬
change, have
esting
revised
prepared
analysis
of
include
to
Copies
of
an
bank
the
inter¬
stocks
mid-year
this
analysis
Copies of this circular
bonds. Partners are F. B. Tweedy may be had from the firm upon
may., be
obtained upon request
and Joseph R. Reilly. v- request...t \i;
from the firm.. vY
inactive
industrial
stocks
and
figures.
change.
'
.
r
••
•
I*
i
■
.'.-f
t
ir
v
vi
«;
.•■•M
Volume
;
Number 4190
158
-i HI,
"
*
*
Municipal News & Notes
.
recently the un¬
willingness or inability-to initiate
new capital improvements.
Along
the
with these
Mid-Year
Review
selves, and
of
developments, tax
icies
The eight factors are: scarcity
v
of
<:•
bonds; Federal Control of inter¬
offerings
new
of
the
by
municipalities; more economy
in
municipal operations; and
the quest of many
security.
"State
for
c,
and
I
■'
>
■■.
of
the
Municipal
in
fact,
com¬
built
up
..
„
debt
Bond
in
years
as
of
the
Interstate
series A, due April 1, 1977,
The Delaware River Joint Bridge
j at .102% and interest.
on the recom¬
An
annual
sinking
fund
of
mendation of Joseph K. Costello,
$285,000 will be applied to the
Secretary and General Manager, purchase of the series D bonds
voted unanimously on June 25 to now offered.
For sinking fund
ing
indebtedness
first
amounts of the holdings of mu¬
nicipal
work out
The
details
its
to
Finance
on
June
30
purposes
the
deemable
at
and
Committee held
meeting
on
bonds
103
deemable
be
re¬
July 1, 1956,
graduated
a
scale thereafter.
to
will
to
downward
The bonds
otherwise
as
whole
a
of the proposed
.
'
Jundirig^M^
curities
Security Dealers Association
Broad Street, New York 4
HAnover 2-2100
PIERREPONT HOTEL
4% Fixed Interest—8.75%
mortgage
compared with
other hotels with bond issues.
parison illustrates this point:
The
per
con¬
room
following
as
com¬
j
v
Mortgage *>
.
per
Hotel
No. Rooms
Pierrepont
Mortgage
ened
Room
573
$928,200
$1,640
2,050
8,376.000
4,086
353
1,107,550
3,677,600
3,137
801
1,600
5,255,000
: 3,284
Taft,1,550
3,437,823
2,285
St.
George
Granada
_
Lexington
Park
-
-
>.
Central—
Gov.
Clinton__ 1,098
The
bonds
5,485,000
.
the
on
north
side
a
Bonds
originally
the
on
the fur¬
ho¬
and amortization has been
as fol¬
lows:
1942
of
8.75%
1940—
Street, approximately
50
feet
east
of
Hicks' Street,
Brooklyn, N. Y., together with the
16-story hotel standing thereon,
containing 573 * guest rooms, a
gymnasium, a swimming pool and
the usual public rooms.
in
$32,790 having been paid
October, 1938.
.»
;•
in
Pierrepont
•«
contained
Percentage
earned
on
out¬
standing bonds, before interest
4,995
by
include all furniture and
chattel mortgage
a
off
first mortgage on land
approximately 10,857 square feet in area,
situated
tel,
—
niture of
4,591
secured
are
to
equipment
_
5.81%
—
1939
6.71%
1938-
6.03%
: ;
issued
were
Exchanged
Jn :the were
$1,175,000 and bonds cur¬
1 the new series' of bonds would be opinion of counsel the bonds will
outstanding
amount
to
placed on sale by the latter part be legal investments for savings rently
9 secondary distributions at a fig$928,200.
The property is valued
of August.
v
%ure almost equal to the amount
banks under laws of California,
at $1,360,000 by the
City
of
New
of new offerings during the past
New York, New Jersey and other
York in its 1942-43 assessment,
Puerto Rican Income Tax
v
several months." <%■:;AxH--'--v;States, and also for savings banks
Under a plan of reorganization
Not Applicable to
organized under the general laws
"Interest rates in a free econ¬
under 77B, the
maturity of the
of Pennsylvania. ;
United States Bondholders
bonds was extended from 1940 to
omy," the Mid-Year Review of the
The properties of
Pennsylvania,
1951.
Fixed interest was reduced
Municipal Bond Market contin¬
Holders of Puerto Rican insular
r
1
Earned On Bonds
The feature of the first
mortgage bonds of this hotel is the
servative mortgage based on the amount of
are re¬
only at 105 from July 1,; 1944, to
refinancing.
Mr. Costello stated Jan. 1, 1959, and after the latter
that the $35,238,000 of 4*/4% bonds date at a
premium equal to
at the attractive prices available
maturing subsequent to Sept. 1 for each year or part thereof be¬
to them, placing the proceeds in { can be refunded at a rate of 3% tween
the redemption and
the
or
lower and the bonds sold at
some of the
maturity.
;
newly^ offered Fed- j
par
or
better.
The
Commission
The
l^er^l issues; The tax exemption
company, intends; tp apply,
[ their 'municipal bonds, in , voted to retain Thomson, Wood & fpr listing of the bonds on the
Hoffman of New; York City as New York Stock
; ;;other. ;words, has greater:value
j
Exchange and for
to the new purchasers than to
j special bond" counsel for the re- their registration under the; Se¬
the former institutional holders.
York
•
plan for refinancing of
its
New
Real Estate Securities
the proceeds
use
an equal par value of first
refunding
mortgage .4%%
land
Commission; acting
the
41
Com¬
Commission 1943, of
| bonds,
refer
Incorporated
Members
Commission.
The issuer will
Refunding of Debt
Seligman, Lubetkin & Co.
interest
and
sinking
Pennsyl¬
Issuance, guaranty and
the bonds are subject to
merce
sent upon request.
to
as
for redemption on or before Oct.
1,
River
MARKET: 38-39
principal,
at pres¬
December 31, 1942,
to
Complete descriptive circular will be
The
guaranteed
fund by indorsement by
financial
Committee.
institutional
months.
recent
are
vania RR.
that the
say
Liquidations
80% of Asset Cost
yield
bonds
Series C-2
-
Mortgage Liquidating Certificates
Ratio of
and
is
to
1st
3.64% to maturity.
comprises one of the
largest items of senior railroad fi¬
which
liquidation
substantial
first
must, of course, be considered in
evaluating the overall picture, it
fair
21
New York Title
investors yvho now find it prof¬
itable to dispose of such bonds
*
Xs
issue
nancing
Federal
the Bridge Commission's outstand¬
by
to
new
of
"The scarcity of new offerings
has been offset in some part by
bonds
est,
The
burden
Plans
$270,000,000 compared with over
$338,000,000 in the first six months
of 1942, which latter figure was,
in turn, the smallest volume for
any similar period since 1934..
of
'
,
refunding
mortgage 3%% bonds, series D,
dated July 1, 1943, and due July
1,
1968, at 101 % and accrued inter¬
public
and
RR.
of readjustment which is expected
to follow the war.
Except for the
Delaware
Market states, "totaled only about
;
ihave,
Detroit
ent."
municipal financing
year;;! to date," Halsey,
& Co.V annual Mid-Year
Stuart
States
satisfactory for
$?
the
Review
in response to
im¬
situation of States and municipal¬ ^sale of
ities generally has not been as approval
investors for
■*7.
shown
reserves, looking to¬
ward possible need in the period
increasing
reduction
have
Many
munities
better tax collections by munic¬
debt
.
Kuhn, Loeb & Co. offered for¬
mally, June 25, a new issue of
$28,483,000 Pennsylvania; Ohio &
substantial
value of tax immunity because
»of increasing Federal tax rates;
ipalities;;
costs
demand.
f munity of municipal bonds will
removed;
and
provement
municipal
est rates; the diminishing prob¬
ability that the existing tax imbe
l
,,
By Kuhn, Lceb & Co.
pay¬
Municipal Bond Market of ments, both current and
delin¬
■Halsey, Stuart & Co., Inc., Chicago,6 quent, have- been excellent arid
administrative and operating pol¬
just published., v,
~
m
.1,
Detroit Issue Offered
more
the
.
'■
,
Pennsylvania, Ohio &
Eight factors that explain pres¬
ent high prices and demand for
municipal bonds are presented in
annual
Ur
*
THE COMMERCIAL & FINANCIAL
CHRONICLE
-Estimates place the total of such
TRADING MARKETS IN
REAL ESTATE
SECURITIES
.
.
•
"are determined primarily by
supply of, and demand for, avail¬
ues,
able funds.
have,
We do not, of course,
a
completely free economy
at present, and though there is no
lack
of
demand
for
borrower
one
—
.
?
'
<
it
has
chosen
com¬
to
do
at
a
low
caused
some
buyers needful of
income to dip into issues
V of lesser
grade, thus stimulating
t
more
the
demand
for
the
latter
and
improving their price position.
secondary
classifications,
The
have
moreover,
shown
in many
wage
cases
improvement under the
full-employment
-
level
and
which
high-
have
been
-
try and population, has greatly
the
sections
9
many
situation
of
whole
"The
improvement in situation
outlook
of
certain
sections
and communities is
confined
not, however,
to ^secondary classifica¬
tions alone. The financial position
of municipal borrowers
generally
has shown improvement. For one
thing, municipal debt, instead of
trending upward, as had been the
general situation previously, has,
.during recent years, moved in the
opposite
from
direction.
several
guishment
of
This
factors:
old
the
its
A report on the entire subject
25.
received
Director
of the
ritories
and
W.
B.
Thoron,
Division of Ter¬
Island
Possessions,
from Governor R. G. Tugwell.
Re¬
garding rumors that United States
holders of bonds would be affected
The
Securities
Commission
25
re-elected
as
follows:
"You
that
and
may reassure the banking
bond-holding community that
Treasurer
withhold
terest
does not
part of
any
payments
of
nor
intend
future
to
nonresident
to
in¬
attempt
bond¬
holders."
staff
the
as
1934;
positions
and
the
year
of
an
served
the
on
staff,
Director
of
phases of the Imperial Ir¬
District,
California, has
Francisco
Embracing 60
in detail the
ing
effected
contains
matter
and
pages,
New
York.
member
June,
of
1941;
Chairman
the
and
by
the
numerous
district
and
extin¬
tremely timely in view of the
re¬
award
$13,815,000
to
a
ministrative
by
new
nationwide
the
district
of
refunding bonds
banking
group
headed by Blyth & Co., Inc., and
by the municipalities them¬ Kaiser & Co.
Active Markets
taxes and
applicable:
payments to a sinking
fund up to 2%% of the
original
amount of first mortgage bonds
issued in reorganization ($1,072
000); next to payment of 2% in¬
expenses,
interest
BK
are
interest
on
C2
HY.TitleJtge.
to
Fl
Prudence Collaterals a-?/
the second mort¬
and
.
Any then remaining bal¬
ance of net
earnings would be ap¬
plicable to further first mortgage
all
other v
gage.
TITLE CO. CERTIFICATES & MTGS.
retirements until reduction of the
issue to $600,000 and thereafter
to
general
corporation
SI EG EL &
purposes.
39 Broadway, N. Y. 6
The lien of the mortgage secur¬
ing
the
bonds
has
been
Bell
System
CO.
Dlgby 4-2370
Teletype
1-1942
broad-
of
Commission
in
charter in
as
a
the
served
$4.01
Mr. Purcell
on
to
June 23
serve
as
a
A block of
Bank
and
of
America
Savings
Stabilization, which is headed by
Francisco
fered
Mr. Purcell. said
the appointment will give the SEC
more
direct
contact
OES in problems
with
the
dealing with in¬
vestments and securities.
on
Vilas &
New York
Hickey, 49 Wall Street,
City, members of the
New York Stock
prepared
a
Exchange, have
is
expected that
for
of
study
new
York New Haven &
a
New
Hartford.
new
ICC
It
plan
reorganization will be forth¬
coming shortly, and such a reor¬
ganization is discussed in the light
of
the
recent
St.
Paul
Copies of this study
from the firm upon
decision.
be had
request.
may
common
stock
&
San
was
of¬
Sons, Inc., and thirty-
six other investment houses.
stock will be priced at
The
$42.50
:
/
in
a
-
The subscription books on the
offering were closed early in the
day.
The stock was formerly
owned by the Transamerica
Corp.
The Bank of America N.T.S.A.
a
1942
were
at
Earn¬
the rate of
share, against $4.16
a
share
1941.
Transamerica Corporation at the
Trust
of
June 24 by a nation-wide
share.
The Reorganization Plan
National
Association
banking group headed by East¬
man, Dillon & Co., and including
Kidder, Peabody & Co., Shields &
Co., Hayden, Stone & Co., E. H.
Rollins
New Haven Railroad and
100,000 shares of the
1904, the bank acquired
national charter in 1927.
ings for
Commission
Fred M. Vinson.
tables and text
illustrating the nature and
security underlying the unit's in¬
cent
mortgage of $83,832.
Sinking •£ Fund—Available
net
earnings after operating and ad¬
has
it sets forth
history of the financ¬
DIGBY 4-4950
a
tober, 1937, to June, 1941; became
a
named
just been issued by Kaiser & Co.,
San
is
Exchange Division from Oc¬
member of the Office of Economic
comprehensive study dealing
rigation
Trading
bonds
since January, 1942.
Imperial Irrigation District
Analysis Issued^
with all
second
the
to
PL.,N.Y.
Beil Telelype NY 1.953
,
Subordinate
including
the
Members New York Slock
Exchange
40 EXCHANGE
of the bonds.
the
ending
attorney in
in various
President Roosevelt
A
and
come
1944. : Chairman Purcell
appointed to the Commis¬
sion's
ported to have stated
June
June 30,
was
August,
re¬
on
Chairman of
as
Commission for
by the amendments to the Island
law, Governor Tugwell is
ancL, Exchange
announced
Ganson Purcell had been
that
tax
ex¬
which normally would have been
by
July, 1941,
4% thereafter until maturity
first,
Purcell Again SEC Head
SHASKAN & CO.
from 5 %% to 3% until
fixed
subdivisions, Harold L.
Ickes, Secretary of the Interior is
reported to have stated on " June
debtedness. The publication is
debt
Pennsylvania system into Detroit,
Toledo, Sandusky and Akron.,
local
results
through
; serial
maturities, the advancement
of Federal funds
during the de¬
pression years for undertakings
met
on
the bonds of the Government and
of the country and of
individual
States
and
9. communities in particular.
.and
Law, passed by the about 680 miles of track in Ohio
Puerto Rican Legislature on Dec. and
Michigan. Lines of the com¬
3, 1942, removing the exemption pany are vital 4 for
entry of the
econ-
©my. This factor, coupled with
9 widespread relocation of indus¬
leased to
are
Pennsylvania RR. for 999 years.
They form an integral part of the
Pennsylvania system and include
Tax
taxation
characteristic of war-time
altered
by amendments to the Insular In¬
come
was
yields to be
had from the highest grade issues (of municipal
bonds) have
very
not affected
merly accorded to the interest
low level.
"The
are
from the Island's income tax for¬
petitive demands forcing rates up¬
ward, the one large borrower is in
a position to establish its own
rate,
very
side of the Island
the Federal
.Government—that instead of
"which
municipal bonds residing out¬
funds, that
so largely
demand is concentrated
with
Ohio & Detroit RR.
and
end of 1942 held
the
492,529 shares of
stock
common
and
423,374
shares of preferred stock.
Now
Capt. Woolf, U. S. A.
Edward
B.
President of
Inc.,
105
South
Chicago,
been
Woolf,
formerly
Stokes, Woolf & Co.,
La
Illinois,
appointed
a
Salle
Street,
has
recently
Captain in the
Army of the United States.
f
is rated
in
the
as
the fourth
United
States
and
the
largest outside of New York, oper¬
ating
487
branches
throughout
California.
of
1942
450,000.
Resources
at the end
were
loans and
Hinsch Co. A
'Special
largest bank
$2,771,689,000 and
discounts totaled $840,-
Organized with
,
a
State
to
Partnership
Thi Financial
Chronicle)
CINCINNATI,
Ohio.—Charles
Hinsch
& Co., Union
Trust
Building, formerly a corporation,
A.
is
now
nership.
doing business
as a part¬
Partners in the firm are:
Charles A.
and
Hinsch, Neil Ransick,
Emery Eyler.
Thursday, July 1, 1943
CHRONICLE
THE COMMERCIAL 8c FINANCIAL
22
~
.
istrator, the Conference Commits
tee's version, Senator Robert A.
Result Of Treasury
Taft
Bill Offering
Secretary of the Treasury Mor-
announced
genthau
June 28
on
$1,000,000,000,
thereabouts, of 92-day Treasury
bills to be dated June 30 and to
mature Sept. 30, 1943, which were
offered on June
25, 1943, were
would
said,
Ohio)
(Rep.,
tor
production.
to encourage
essary
opened
subsidy pay¬
ments above the $150,000,000 could
be obtained without Congressional
assent.
The War Food Adminis¬
trator also would be empowered
Banks
June 28.
on
Reserve
Federal
*
details of this issue
The
are as
supervise what the conferees
a buying-selling procedure
that
would
allow a subsidizing
accepted
Total
termed
$1,005,718,000
—
(includes $58,294,000 entered on a
fixed-basis at 99.905 and accepted
in full).
to buy food at a loss from
the farmer or on the open market
agency
production.
to stimulate
bids:
High—99.910; equivalent rate of
discount
approximately 0.352%
mitted to continue incentive pay¬
per annum.
tomatoes,
Range of accepted
of
0.376%
Low—99.904; equivalent rate
approximately
discount
per annum.
price—99.904 +; equiva¬
lent
rate
of discount approxi¬
mately 0.374% per annum.
(84% of the amount bid for at
the low price was accepted.)
There was a maturity of a simi¬
lar issue of bills on June 30 in
Average
Morgenthau on June
30 invited tenders for a new $1,000,000,000 issue of 92-day bills,
Secretary
dated July 7 and to mature
to be
received
Tenders will be
7.
Oct.
Reserve Banks and
at the Federal
tomorrow
branches up to 2 p. m.
canning
on
such as
crops
beans and peas;
on
specialty crops such as peas
and beans and on potatoes, hemp
and sugar. The price-support pro¬
gram on domestic vegetable oils
$805,048,000.
of
amount
The Government would be per¬
ments
corn,
tinued
well
as
Sees Synthetic
public at $5,875 per share. Other
members
of
the
underwriting
include Hallgarten & Co.,
A. C. Allyn and Co., Inc., McDonald-Coolidge & Co., Van Alstyne, Noel & Co., Johnston, Lemon
& Co., Sills, Troxell & Minton,
Inc., Dempsey-Detmer & Co., Wm.
Cl Roney & Co., Sutro & Co.,
Carleton M. Higbie Corp., Pacific
Co.
of
California,
Shillinglaw,
Crowder & Co., Inc., Stein Bros.
& Boyce, Taussig, Day & Co., Inc.,
Ferris, Exnicios & Co., Inc., and
Albert McGann Securities Co., Inc.
most of
Influ¬
Rubber—Its
on
Rubber Securities" is the
title
of
a
York
&
Exchange,
their
In
Subsidy Payments
Broad
25
booklet, the
conferees
House
and
agreed on June 29 on the legis¬
subsidy-rollback
of the Office of Price
lation ending the
program
bill, extending the life of
Commodity Credit Corpora¬
for two more years and in¬
The
tion
creasing'its borrowing power by
$750,000,000, prohibits further
payments to processors to cut back
the retail prices of beef, butter
and coffee and bans further
sub¬
sidy payments unless Specifically
authorized by Congress. The sub¬
sidy programs for which previous
commitments had been made are
liquidated after the bill be¬
comes law.
Subsidies for the sole
to be
encouraging produc¬
of
purpose
tion
and
vitally needed crops
of
minerals, to finance higher war¬
time
transportation
costs,
and
payments
other
some
are
to be
continued.
The
voted
House
end
to
June 26.
.
conference
report
was
ex¬
to be approved by both
branches yesterday (June 30) and
measure
the White House,
as
an¬
investments and not as specula¬
tions
has
as
the
been
common
ment to
November 30,
000
points out that re¬
synthetic
of how much
gardless
in
rubber replaces natural rubber
manufacturing
as
serve
rubber prices.
need
clamp
on
Rubber companies
the
suffer
longer
no
will
it
processes,
effective
an
huge
inventory losses which have con¬
fronted them each time crude rub¬
ber
prices fluctuated sharply.
booklet may be
Copies of the
had
Hirsch,
from
request
upon
where it faces a
In Associated Press
Awards Essay Winners
—the
reported:
essay
200
school
children
State
of
Commerce
of
of
by
conducted
contest
Chamber
V
extension
than
prize winners in the annual
j
Washington
advices June 29 the following was
CCC
N.Y. State Comm. Chamber
More
York
New
in
the
the
conjunc¬
permit Government pay¬
ments up to $150,000,000 to retain
in
in 1922 under the
Hydraulic Hoist &
At present the manu¬
Michigan
of Wood
Body Co.
facturing capacity of the com¬
pany is almost 100%
devoted to
war production.
Among the war
products being manufactured are
included many of the company's
standard
peacetime products with
which
purposes
did not re¬
quire major changes in the char¬
acter of the company's operations.
The
peacetime business done
prior to 1942, and intended to be
resumed by the company after the
the manufac¬
distribution of a
of
consisted
sale and
war,
ture,
diversified line of products.
These
were
divided into six major divi¬
sions
as
Hoist and body
follows:
1934.
of
a
current
of
currence
of
the filing
Exchange
The rule requires
Act
report upon the oc¬
events specified
the
lowing
event
Such
reports
which the
in
the month
are re¬
occurs.
ures
ate
in
welding the two meas¬
together, the House and Sen¬
Conference
Committee
de¬
the
clared
bill
would
erase
the
rollback on retail prices
of meats and butter, which the
Office of Price Administration al¬
contest—"In
Contribute
ready has inaugurated.
It would permit payment, how¬
of commitments made by the
15 and
allow Government agencies until
ever,
Administration up to June
Aug. 1 to
payments.
liquidate
the accrued
While the Senate measure would
have
transferred
from the
-.
The hall
with
the
their
Ways
of the
'
fort?"
subsidy
What
Most
was
I
Ef¬
/I
and
competitors,;
friends
and
teachers.
Each prize winner was
applauded
as
of
the
pupils
istration to the War Food Admin¬
and
seeding
prizes,
the
and
to
The other 200 winners re¬
ranging from $25
ceived awards of from $2 to $15.
?/,
,,
stockpiles
coal
bituminous
The
hands, to which the
in consumers'
protection
for
looks
curtailed war production
homes caused by fuel
against
cold
and
shortages next winter, grew only
crops and de- 838,000 tons in May because of the
operations generally. Pas¬ loss of production due to strikes,turage and hay lands look prom¬ Solid Fuels Administrator Harold
damage to
layed
Orchards are in satisfac¬ L. Ickes announced
condition and small fruits
tory
is
urgently
"Since
Warm dry weather
needed in
piles
dis¬
most
if
In Ontario better weather
has
prevailed since the beginning
of
June
and
have
the
but
prospects
remains
later
all
than
prac¬
avoid
recent
and
growth has been good. Hay
crops
and pastures
clover
excellent progress. In
Maritime Provinces seeding
through the fall and
failure to increase
to the full extent of our
emergency
an
then will de¬
pend upon how much coal we can
and roots is well under way \
corn
summer
sufficient coal
capacity will multiply our diffi¬
culties next winter," Administra¬
tor Ickes said.
"Whether we <?an
about
normal.
Seeding of Spring grains is
our
now
have
to
us
carry
them
June 26..
the spring and
are
winter,
materially,
improved
season
weeks
for
on
must build up stock¬
we
in
we
to
gerihtovstorage between now and
fall.
•
>•••: ;
s
*3*
•.
v -V"'
: ;■
l\7- A ■■■■' "t V ■ "'W
»
v:
'
•
iW
Division
"The Bituminous Coal
have made
has
just completed an estimate
planting; are still uncom¬ which shows that there were 79,pleted, but hay lands are show¬ 505,000 tons of bituminous coal in
ing good growth, and in apple or¬ consumers' stockpiles on June L
chards there is evidence of a good This was a gain of only 838,000
set following heavy bloom.
In tons more than the amount in
British Columbia, all" crops are storage on May 1. We should have
late, and in general, below nor¬ increased stockpiles by more than
the
and
orchards 3,000,000 tons during May. We are
fairly; heavy still losing ground in June.
"It will be hard work to regain
drop and the outlook is for a crop
50% to 75% of average."
the ground we have lost, and we
may not be able to do it.
We
certainly cannot do it unless we
have
uninterrupted
production
Bloom
mal.
followed
was
in
apple
by
a
Beatrice Creamery Go.
Pfd. Slock Offered
from
now
on."
The, 79,505,000 tons of bitumin¬
coal in storage on
ous
Public offering
29,
by
companies
which
are
having
tional Defense
amended.
ment
contracts
to Section
Supplemental Na¬
pursuant
403 of the Sixth
a
war
to
subject to renegotiation
proceedings
requires
Appropriation Act,
amended
The
rule
report upon the settle¬
of4 any
renegotiation
proceedings. ' No report is re¬
quired, however, if effect was
given to the settlement in the most
such
an
Proceeds of the sale of new
shares
underwriters
to
will
far
less
than
demption on October 1, 1943 of all
$5 preferred stock then re¬
maining outstanding.
Beatrice Creamery Co. is the
a
business originally
established in 1891.
The company
national
plants/including a large number
of war industries, have less than
1
outgrowth of
the
number of days' supply of
bituminous coal in storage. In fact,
information indicates that
1,700
average
of the
10
.
days' supply on
hand.//'//;///
Preliminary information had in¬
that the coal tonnage in
dicated
engaged Storage on June 1 was less than
in the manufacture on May 1.
The receipt of com¬
and sale of butter, ice cream, con¬
plete
data
used in estimating
densed
milk, « buttermilk,
dried stockpiles, however, revealed the
milk and cheese, the distribution small
gain in total tonnage for the
of milk, eggs, frozen foods, oleo¬ Nation.
margarine
and
other specialty
food products, and operation of
"St. Paul's" vs. "MOPS"
cold storage plants, and in prac¬
A most interesting comparative
tically every branch of the dairy
its
subsidiaries
are
principally
Company operates. 77
manufacturing plants in 17 states
and the District of Columbia. Cold
industry.
storage
in
'
six
warehouses are operated
cities., Dairy
-important
In the latter
principal
tributed
are
items
frozen
those
of
the
dis¬
"Birds
Eye" line and are marketed under
statements
Total assets of Beatrice Cream¬
when
for the
had
be
applied by the company to the re¬
it is assumed, of course, that
effect will be given to the settle¬
case,
ment
resented
,
relates
amendment
"The
made June
was
The
awards
dividend charge on
Stockpiles
Expectations
Nation
and
period covered by the settlement
double
$388,097.
Below
com¬
both
won
is
Heavy rains have caused
serious
$1,664,994 after such taxes. ;
91,317 shares of $4.25 cumulative
preferred stock to be outstanding
is
award.
group
$40.
season
products are.' marketed for the
most part under the trade name
"Meadow Gold" or "Blue Valley."
subsidy powers
Office of Price Admin¬
explained:
have not been filed.
grade
pleted.
$4,760,935,
Al¬
recently filed financial statements
or if financial statements for the
he or she went to the
rostrum to recive a money
Eleven
The Commission's announcement
as
filled to .capacity
successful
parents
Can
War
normal
and
Federal
before
The annual
Pastures
In the
planting have not yet been
and
the
hours
and
still from two to four weeks later
than
income
net
year:
1943,
State income taxes was
'have
Insects
slight damage.
are
in
good condition.
Province of Quebec the
basis.
Securities
the
quired to be filed not later than
the tenth day of the month fol¬
in the Great Hall of the Chamber
of
28,
June 1 rep¬
an
average of 54 days'
underwriting group supply at the May rate of coi>headed by Glore, Forgan & Co., of
sumption, but would represent a
the unexchanged portion of 91,317
considerably
lower number
of
shares of new $4.25 cumulative
days' supply at the fall and winter
preferred stock of the Beatrice rate of use. Consumption in May
SEC Requires Report
Creamery Co. at $102.50 per share. was nearly 6% less than in April.
Holders of the company's present¬ The
On Renegotiation Data
78,667,000 tons in consumers
ly outstanding $5 preferred stock stockpiles on May 1 represented
The
Securities
and Exchange
had the privilege, since expired, an
average supply of 49 days at
Commission announced on June 24
of exchanging their shares for the the
April rate of consumption. A
the adoption of amendments to
new
stock on a share for share
large number of individual plants
Rule X-13A-6 and Form 8-K under
divisions, road machinery divi¬
sion, winch and crane division,
tank division, air conditioning and
heating division and boat division.
and the Catholic School Boards—
present program of subsidiz¬ at 65 Liberty Street.
Approxi¬
ing increased transportation costs
mately 250,000 students in the
and production of critical metals
and stimulating necessary output public and parochial schools in
of war-essential food products.
the five boroughs submitted es¬
After nearly seven consecutive
says on the subject of this year's
ended
the company
and its subsidiaries reported net
sales of $101,627,726. Consolidated
tically completed and planting of
incorporated
was
company
area
fiscal
the
In
February
prevalent in Gain In Coal
are
districts.
three
The
381,866 shares are presently: out¬
Saskatchewan,
urgently need¬
southeast
par
standing.
promoted
caused
crops
common
are
Weeds
/
some
1945; $75,-
tion with the Board of Education
received their awards on June 18
berta.
of
most
the
mortgage notes payable—due
from
1943-1945;
in the rule.
measure
would
reg¬
agree¬
installments
war
The brochure
bank
improvements and adaptations for
practice in the past.
will be sent to
possible Presidential veto,
The
consequence,
a
the
pected
then the
As
June 25
and the Senate took similar action
The
period for the rubber
a new
industry.
Lilienthal & Co.
food subsidy program on
on
ing in
synthetic rubber is usher¬
in
ising.
under
credit
"V"
company
alysts must view rubber securities
Administration.
the
tion of
1,
and
good rains
ed
notes payable
banks—renewable
name
Senate
but
follows:
and
1,000,000
shares
stock, par $1 per share.
the view" that the adop¬
expresses
toba
tricts.
in
Street, New York.
are
750,000 authorized shares of
common stock, of which
$25
stage.
Moisture
satisfactory/in Mani¬
financing, the outstanding capital¬
ization of the company will be as
ulation
and
shot-blade
rv
The
$2,682,973;
company's capital structure con¬
sists of 91,317 shares of authorized
andoutstanding preferred stock
development.
reserves
redemption.
$5,400,000
that', date: were
over
the Prairies, have stimu¬
show promise.
to
re¬
New
the
of
members
Stock
just
Lilienthal
Hirsch,
by
Company,
the
Current liabilities at
assets.
rent
Crops are
generally well stooled and healthy
and early-sown wheat is entering
Upon completion of the present
ence
leased
June
from
dividends
accrued
Rubber Securities
circular
lated
sale of these
augmented by other
funds, will be used to redeem all
of the company's 128>000 outstand¬
ing shares of 5% cumulative pre¬
ferred stock at $10 per share, plus
Rubber
weather
cool
than
which
of
temperatures/, prevailing
securities,
Opening New Era,For
new
"Early
from the
company
con¬
later
remains somewhat
son
Proceeds to be received by the
1943 to date of
"Synthetic
Prov¬
conditions are gener¬
sturdy growth, and recent higher
./
purposes.
crop
syndicate headed by Emanuel &
Co.
The stock was priced to the
payments per¬
as
inces
Cana¬
on
Prairie
the
normal." The bank's report adds:
mitting sale of wheat for feeding
(July 2).
Vole To End Food
would be
likewise
fats
and
value
group
to
applied for—$1,305,659,000.
200,000
"in
$1, of Gar Wood Industries, Inc.
was made June
29 by a banking
conferees declared that no
The
of
offering
that
report
the Bank of Montreal
crops,
states
24
ally favorable, although the sea¬
additional funds for
follows:
Total
Formal
June
its
dian
shares of common stock par
or
the
In
Emanuel & Go.
approval of the Administra¬
and when he believes it nec¬
Crops fire
Generally Favorable
^
with
that the tenders for
at
Stock Offered By
"emphasize and reassert" present
provisions of law requiring pay¬
ment of the limited subsidies only
28,s 1943. were $26,741,459,
$13,490,910 were cur-"
ruary,
Canadian
Gar Wood Industries
financial
period
are
filed."
that
ery
trade
name.
-
study
of
the
relative
merits
of
"St. Paul's" and "MOPS" has been
by W. Wendell Reuss,
partner in McLaughlin, Baird &
Reuss, One Wall St., New York
compiled
City, members of the New
Exchange.
Stock
Copies
York
of
the
study, giving the author's reasons
for
his
"MOP"
present
securities
preference
may
be
for
had
.
and its subsidiaries as of Feb¬
upon
request
Baird & Reuss.
from McLaughlin,
Volume
Number
158
FINANCIAL
THE COMMERCIAL &
4190
CHRONICLE
23
Calendar of New Security Flotations;
■!;offerings
UNITED
MERCHANTS
TURERS,
•'United
Merchants
delivery by the company of * the common
stock registered, will, upon 15 days' notice,
be called for redemption at the par value
Manufacturers,
and
registration statement for
shares of 5% cumulative preferred
60,000
a
of
Industrial
Address—314
/
Building,
Trust
:
•
$10
from
stock, par value $100 per share.
Wilmington, Del.
•
128,000 out¬
shares of 5%
cumulative pre¬
stock, which, upon the issuance and
ferred
INC.
Inc.,-has filed
company's
standing
MANUFAC-
AND
the
of
all
redeem
/,■>
share plus accrued dividends
1943, to the date fixed fox-
per
June
1,
redemption.
.rfjpyy'
■■■■;
,
S-l.
.
1943 at $5,875 per share
by Emanuel & Co., A. C. Allyn & Co., Inc.,
McDonald-Coolidge & Co.,
Van
Alstyne,
finishing plants engaged in various aspects
textile
manufacturing located in the
United States, Canada and Argentina. The
Noel. &
of
Johnson,
Co.,
associates.; \
principle in accordance with
Which the corporation and its subsidiaries
Were organized and are operating is
that
they constitute principally a merchandis¬
ing and selling organization, •/. ......
Offering—Price to public will be sup¬
Lemon
t.,J
&
Co.
and
y.
•
'.v;
underlying
plied by amendment,
named
be
principal
Brothers
is
underwriter.Others
will
■*
supplied by amendment,
^
,
y
,
FILM
filed
.-.y
has
Century-Fox Film Corp.
registration statement for 100,000
a
shares of prior preferred cumulative stock,
without par value.
The dividend rate will
be
supplied by amendment.
Address—444
York
City;
West
56th
Street,
New
•;
panies and
all but
two
of
which
Beatrice
whol¬
are
Engaged principally in the pro¬
duction and distribution of ^notion pictures
of all kinds.
1
Creamery Company has iiled
statement
registration
>
of
10-year
5%
debentures,
It Is proposed to modify
July 1, 1950.
the
without, however, extending
maturity or changing the in¬
rate thereof,
changing the designa¬
date
terest
tion
of
to
5%
sinking fund debentures and
other covenants.
$252,000 face
debentures, as modified, are
to be retained by the holders.
providing
amount
of the
Proceeds—The
to
Business—Corporation-is both an operat¬
ing and holding company, having 36 active
subsidiaries, 21 of which are foreign com¬
ly-owned.
amount
the debentures
:"
■.
)
Underwriting—The underwriting group
a
will be headed by Lehman Brothers,
Blyth
covering
91,317
& Co., Inc. and
Hayden, Stone & Co., all
shares of $4.25 cumulative preferred- stock,
of New York.
;/•:>f /V/'/
without par value.
Offering—Price to public will be Supplied
Address—1526 South State St., Chicago,,;
by amendment.
;i
Company
expects to
move
its executive, y Proceeds—Net
proceeds,
together with
office to 120 South La Salle St., Chicago,
other cash funds of the corporation suffi¬
on or about July
1.
i' cient to aggregate $13,000,000, will be used
Business—Company and its subsidiaries to purchase
1,044 shares of the outstand¬
are
engaged principally In the manufac¬ ing capital stock of National Theatres
ture and sale"of* butter, ice cream, con¬
Corporation, representing 58% of the out¬
densed milk,
buttermilk, dried milk and
standing capital stock of that corporation,
BEATRICE CREAMERY COMPANY
:
y
\:L":ljnderwriting'.^;';Uehman
CENTURY-FOX
corp.
Twentieth
,
Offered June 29,
controlling companies operating tex¬
tile merchandising organizations, mills and
pany
face
11
due
TWENTIETH
Registration Statement No. 2-5156. Form
(6-18-43).
.•
.
Business—Corporation is a holding com¬
3
SUNDAY, JULY
receive
of
and
Amanda
the
to
apply
them, to
in
ment
the
E.
directly
from
extent,
have
to
each
be
to
respective
aggregating
agreed
received
neoessary,
their
the
Ruppert
by
repay*
debts
$766,229
to
face
plus
amount,
Interest from July 1,
1943,
principal and interest at March
($876,291
1943.)
the
Silleck
proceeds
the
of
not
proceeds
George E.
the
company,
31,
the
securities.
full
is
company
of
any
sale
The
proceeds
corporate
company
received
so
funds,
to
proposes
to
its
adi
be
poses
applied
sale'
puiv
-
be determined from time to
of directors, providing
all' of the subsidiaries of the cor¬
or
poration with additional funds; moderniza¬
and
improvement of manufacturing
foods, oleomargarine, operation of cold
plants, and in practically every
branch of the dairy business.
Offering — The $4.25 ' cumulative pre¬
termination of the war; providing for post¬
is
It
the'directors
000,000
exchange by the com¬
the holders of its outstanding $5
cumulative preferred stock on a share for
tion
of
apply approximately $2,share basis.
Holders of $5 cumulative pre¬
proceeds for the purchase ferred accepting the
offer
of exchange
of
subsidiaries
certain
from
corpora¬
will,
which
stock
preferred
the
will
be
the
improving
of
their
duce
them to re¬
indebtedness and substi¬
bank
therefor
the proceeds
own -securities,'. "" •
their
been
of the sales' of
(6-1-43).
Forgan
Stone
Registration Statement No. 2-;5154. Form
A-2
Co.,
*
&
Co.,
■
Lincoln,
consin
Gar
Wood
Industries,
has
Inc.,
filed
a
registration statment for 200,000 shares of
common stock, par $1 per share.
f
*
Address—7924
Riopelle Street, Detroit.
present time company is
'
Business—At
100% ' of
almost
devoting
combined
its
manufacturing capacity to war production.
The
sale
manufacture,
diversified
of the
distribution of a
consisted
business
peacetime
of
line
and
classified
products
into
ple
Mellon
E.
&
Co.,' Chi¬
Wis¬
Chapman
Farwell,
Walker
H.
&
Co.,
&
Co.,
Chi¬
Co.,;
&
St. Louis;
Bosworth, Cha-
Denver;
nute, Loughbridge & Co., Denver; Maynard
Murch
Pettis
&
Co.,
Co.,
Cleveland;
Omaha,
Omaha.
Co.,
and
Potter
Offering
price to
will be supplied by amendment.
Proceeds
Proceeds
—
from
the
&
of
sale
any
.
-
.
.
,
Following is a list of issues whose registration state•
Intents were filed less than twenty days ago. These issuet
are grouped according to the dates on which the registrar
Hon statements will in normal course become effective, thai
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 War Time as per rule 930(b).
Offerings will rarely be made before the day followI»iarv;>'V;^vv"I
it
prior
to
Fund
and
of
Sears,
Sears,
Roebuck
registration
ships and
without
Roebuck
&
&
Pension
Employes
Co.
Co.
filed
have
a
statement for 20,000 member¬
shares of capital stock,
160,000
value,
par
of
Roebuck
Sears,
&
on
;'of
pose
others
April
engaging;
in
27,
1943,
either
?
>
the
of
Proceeds—To
I Address—Sears,
Roebuck
&
Homan Street, Chicago.
Co,,
925
of.the
any
South
its
I
Statement
;
Business—Profit sharing pension fund.
Offering—The 20,000 memberships in the
fund
pension
estimated
maximum
memberships
the effective date
statement, upon their be¬
registration
coming eligible for membership.
shares
000
which
months following
12
of
of
be offered to eligible employees, during
may
the
the
represent
number
a
The
160,-
of
capital stock of Sears, Roe¬
buck & Co. represent the maximum num¬
ber of shares which, it is anticipated, may
be purchased by the fund for its members
during said period in accordance with the
rules
the
of
permit
employees to share
profits of the company; to encour¬
the
tion
opinion,
the
the habit of saving, and to provide a
plan through which each eligible employee
may
accumulate his own savings.
Com¬
each
certain
the
contributes to the fund
out of its net profits for
each member contributes a
year
moneys
year
and
certain
percentage of his salary or service
and
these
contributions,
with
other moneys
received by the fund, are,
if
invested,
invested
in
shares of
the
allowance
,
capital
stock
certain
of
the
of
funds
U.
S.
the
were
company.
Recently
invested in obligations
Government.
Registration Statement No. 2-5153. Form
A-2
,
(6-15-43).
OIL VENTURES
Oil
Ventures
has
par
value,
fully
paid
and
sessable.
and
opportunity
be
ob¬
free
at
condi¬
any
which, in its
for profit to
corporation.
Registration Statement No. 2-5155. Form
(6-18-43).
with¬
non-as¬
be
be
prior
management
exercise
the
of
received
used
to
bonds, 3%%
Address—408
Business
may
twenty
West
—
and
sale
financ¬
from
the
sale
such
repay
in¬
mined
series
due
Seventh
Fort
primarily
in
the
purchase,
distribution
electricity and ice, purchase,
will
be
sup¬
Address—200
ton,
will .he
company,
other
used .to
funds
redeem
of
the
its
out¬
standing first mortgage bonds which will
require, exclusive of accrued interest, $7,202,700.
This first mortgage bonds com¬
prise $6,454,000 face amount of 4% series
due
1964
interest
redeemable
from
.redemption,
4%
bonds,
deemable
at
March
105,
1,
plus
1943,
accrued
to
date
Business—Present
$400,000 face amount of
second series .due
1964, re¬
at
106Vs
plus
accrued
interest
?
FORTH
United
WORTH,
basis
of
each
full
pire
for
5,000
no
par
shares
of
of
common
filed
565,715
FILM
of
for
shares
of
preferred stock,
$1.50
cumulative, convertible, without
The
shares are already
issued
outstanding.
City... '
Business—Corporation
engaged
are
and
principally
distribution
and
its
of
subsidi-
the
in
the
pic¬
tures of all kinds, including
features, short
subjects and newsreels, in various parts
Df
the
world, but primarily in the United
States.
-
:'
'
.*
Underwriting—The shares of preferred
registered
are
outstanding
shares
owned by the Chase National Bank of the
City of New York. The names of the sev¬
stock
eral
underwriters
who
will
purchase
the
mington,
Tenth
Offering—Offering price to the
be supplied by amendment.
••
Forth
A-2.
Street, ' Wil¬
Del.
Business—Company
is
a
new
corpora¬
tion
organized March 25,
1943.
It will
in the business
of
selling drug
merchandise, other than that manu¬
factured by United Drug Co. to its stock¬
engage
store
holders
who
products
of
corporation
Drug
will
Co.,
be
will
be
United
is
no
the
exercised
over
its
by
of
stock
No
stock
will
operating
furnish
capital
to
and
will
per
be
>
the
sale
FLORIDA
RUPPERT
underwriters
the
are
both
security.
has
'
■
the
lxame
v
Avenue,
'p-
New
York
"-V.
,;r
of
"Ruppert."
Underwriting—First Boston Corp. of New
York
is
principal
underwriter.
underwriters
will
be
Names
named
of
to
supplied
by
are
now
outstanding
six
holders
the
amendment.
as
George
and
follows:
E.
public
The
will
has
S.
the
Government
its
of
now
Amendment
effective
filed
21,
1943
June
16,
1943,
to
de¬
date.
:•
y.
!*■.
:
/
:'v:.«
>;
•.
;i'
;
.
'.'.J-
METALES DE LA VICTORIA, S. A.
de
la
Victoria, S. A. has filed
a
statement
shares
for
1,000,000 com¬
production notes in the
and
of
sum
$500,000,
lawful
money
United States of America.
Valley
National
Building,
Ariz.
laws
of
purpose
engaging in the busines sof acquiring,
exploring, developing and operating min¬
ing properties in Mexico, and the
milling
and
marketing
of
and
ores
concentrates
therefrom.
Underwriting—Offering
direct
to
to
the
brokers
counts
public
and
or
as
will
by
the
dealers
for
selling
be
made
company, and
their own ac¬
agents
of
the
com¬
pany.
Offering—Offering
V
unit
a
note
in
the
of
consists
consisting
face
of
amount
of
production
a
of
50,000
$10
and
20
common
Proceeds—For
equipment,
development, purchase ol?
etc.
Registration Statement No. 2-5151. Form
S-3
(6-11-43)..
PACIFIC
MUTUAL
CO.
A.
OF
C.
Waggener
holders
F.
the
as
voting
shares
tc
of
as
common
share,
of
California.
Pacific
filed
the
SEC
for
stock,
Mutual
508,200
$1
par
Life
per
Insurance
."v ■•/;":
.
Leslie
Share¬
have
with
certificates
St.,
Los
523
West
';/v
issuer, 626 South Spring
Angeles, Cal.
Executive
office,
Sixth St., Los
Angeles, Cal.
Business—Life
tc
obli-
5:30
and
Mutual
Committee
statement
Co.
$25
and
Rand
Pacific
trust
of
of
INSURANCE
E.
Protective
registration
for
LIFE
CALIFORNIA
Balch,
Address-*Of
com¬
outstanding
itation
to
insurance.
p.im
the
of
is
in
called
plan
tion
and
and
the
of
However,
of
the
securities
com¬
held
the
agreement
lim¬
no
committee
it.
with
reinsurance
the
Co.
ance
vote
connection
affecting
the
held
by
objectives
main
to
them
places
of
powers
shares
the
mittee
agreement
the
upon
vote
one
1943.
by
said
of
so-
rehabilita¬
and
mutualizathwi
Mutual Life Insur¬
Pacific
California.
-
Registration Statement No. 2-5098. Form
(2-19-43).
1, 1971;
Debentures, due
140.000
shares
Amendment
register*
Oct.
1,
Cumulative
Interest
Par.
Debentures,
the
on
CO.
Mortgag'
$10,000,000 Sink
due Oct.
Fund
ng
LIGHT
&
&
Light Co.
$45,000,000
First
preferred
rates
the
and
-
thi
on
dlvideni
sup
Ave.,
Power
&
System)
Light
with
gage
4%%
rants
of
Miami
subsidiary
of
Americai
Bond
Shan
«fe
operating public utility en
laged principally in generating, transmit
-.ing, distributing and selling electric en
irgy
(also manufacture and sale of gas)
of
due
the
Offering—The securl
to be sold by companj
registered are
xnder the competitive bidding Rule U-5<
of the SEC's Public Utility Holding Com¬
pany
Act.
Names
of underwriters
anc
price to public, will be supplied by post
effective amendment to registration state
/<-
■■■
will
Proceeds
be
applied
as
first
mortgage
$15,693,370
1954;
the
to
142,667
redeem at
shares of company')
Further de¬
post-effectlvi
stock, no par.
be
supplied
by
preferred
to
due
and
war¬
bonds
and
war¬
1943.
Boatmen's
5%
Bank
Build¬
building.
deposit
tate
and
which
of
to
and
will
execution
the
first
plan
bond
of
certifi¬
of
the
bonds
and
and,
the
upon
of
extension
issue,
such
to
issue
certificates
mortgage 4%%
real
of
es¬
warrants
be
due July 1,
1955,
and issued by the
created
and
delivery
of
revision
said
first.mortgage 5%
real
and
warrants
1,
agreement,
due
July
legend,
the
and
sheets.
extension
an
and
coupon
issue
holders
estate
1943,
the
instead
said
bonds
1,
of
revision
lieu
real
July
consummation
and
appropriate
follows
$52,5s oi
$110 pel
$53,170,000 to redeem at 102V4, the
000,000 of company's First Mortgage
$7
estate
1,
Purpose—It is proposed
of
deposit to the
in
ment
real
July
Business—Apartment
of
Underwriting ana
bonds
cates
warrants
ties
estate
1, 1955, and certificates
representing $336,333 of first
ing, St. Louis, Mo.
territory along thi
east coast of Florida
(with exception o(
the Jacksonville area), and other portion*
Florida
Corp." has regis¬
$336,333 of first mort¬
July
deposit
rants
is an
most
real
duo-
CORP.
Apartments
the SEC
Address— 1630
(Electric
10, 1943, to defer
APARTMENTS
President
tered
mortgage 5%
Second
Vv/:
Business—This
PRESIDENT
195C
be
filed June
effective date.
Preferrei
stock, will
Registration Statement No. 2-4845.
A2.
stamping
estate
1943,
affixing
■
of
bonds
with
an
of
new
.
Registration Statement No. 2-5140. Form
S-l (5-18-43).
Registration
EWT.
p.m.
statement
June
on
EWT.
p.m.
Forn
effective
24,
June 6,
on
1943
3:30
of
as
5:30
1943.
sold
of
June
15, 1943, to defer
Iowa
Power
&
LIGHT
outstanding
Rup¬
The
$2,996,000
Heat
and
shares
Power
$100
Co.
par
re¬
common
&
Light
CO.
Address—4th
Co.
has
filed
$17,000,000
a
1,
Sixth Avenue,
Des Moines,
'■
Iowa.
public utility engaged in
furnishing electric service
in Polk County, outside
the City of Des
Moines and environs, and in 12 contiguous
counties in Central Iowa, and furnishing
gas service in the City of Des Moines and
environs, and in two municipalities in ad¬
joining counties.
Underwriting—Bonds are to be offered
for sale at competitive bidding under the
business
of
the
Commission.
Proceeds—Bonds
series
which
tinental
&
■
•<
St.,
Cincinnati,
v;.;
;:„t
electric
Underwriter
are to
of
Names
the
post effec¬
Columbia
■:
■
Gas
utility
&
Electric
■:
.
public
Offering—Stockholders
fer
to
mon
will
be
subscribe
share
for
each
for
each
holders
for
in
to
units
5/94ths of
unit.
each
On
25/94ths
of
share held
receive
'
of
one
5/94ths of
of¬
com¬
share
a
a
share held
a
share
basis,
stock¬
to
new
shares
subscribe
may
will
at
5
at
$5.32
$100,016 per share.
Substantially all outstanding stock is held
by Columbia Gas & Electric Corp.
Proceeds—To
$2,835,000
parent
first
and
repay
construction
current
mortgage
associated
debt
bonds
companies,
and
held
by
auu
for
costs
Registration Statement No. 2-4379. Form
be issued as
part
of
interdependent transactions
include
the
acquisition
by
Con¬
Gas
—
a
of
Offering—Price
to the
supplied by amendment.
a
Main
Operating
—
Corp.
Business—Is
of
■/■■
Business
company
Address—312
the
&
Ohio
first
series due June
be
E.
Union Light,
gistered *25,000
stock
POWER
rules
by
POWER COM-
PANY
filed
effective aate.
Jacob
Amanda
UNION LIGHT, HEAT AND
<9-17-41*
Amendment
underwriters will be supplied by
tive amendment.
securities
be
Estate
Ruppert,
will
Silleck, Manufacturers Trust Co., J.
pert Schalk and Anna C. A. Dunn.
company
of
shares
public at
by
amendment.
Ruppert,
date'
or
Power
SEC
>onds,
filed
Business—Engaged in- the business of
brewing and selling fermented malt liquors.
Its
principal product is lager beer sold
Offering—Price
common
company
Third
Address—1639
under
U.
-■:,,.?:;■>..
(5-12-43),
p
a
1973.
corporation,
a
registration statement for $2,744,000 5%
sinking fund debentures, due July 1, 1950.
city.
the
mortgage bonds, 3V4%
a
.
common
Initial
the
registration statement for
Ruppert,
of
be
POWER
Florida
vith
IOWA
JACOB
for
The
the
of
(6-25-43).
other
offered
share.
Registration Statement No. 2-5157. Form
(6-19-43).
A-2.
from
the
United
operations
that company.
by
druggists at $50
—
While
Co.
sponsored
Offering—Common
retail
distributors
Drug
being
control
The
stock
remaining
to
for
Light
for/ other
F-l.
public
to the selling
corporation will not re¬
proceeds
purposes.;
and
Registration Statement No. 2-5138. Form
the
common.
share,
a
$1,000,000
Light
payment
amendment
amendment.
will
any
corporate
more
on
applied to finance
operations under its con¬
EWT. June 16,
tails
stock.
or
preferred
the
sale
Will
June
on
price to be paid for the
by
Co.,
Purpose—The
with
EWT.
share,
OF
stock,
for
—
company's
shares
will
be
supplied
by
amendment,
together with the amounts to be purchased
by
each.
The purchase agreement
and
stock also will be
ten
stock
Registration Statement No. 2-5147. Form
s-2. (5-28-43)..
Registration statement effective 5:30 p.m.
pro¬
motion
Iowa-Nebraska
Power
S-J.
share.
a
xervlng
Address—444 West 56th Street, New York
Jacob
West
after
offer any
may
Fla.
statement
of
of
Electric
partial
of
America.
holders
general public at $25
pany
,
registration
a
value.
value.
Address—100
days
died by amendment
Address—25 S. E.
)/
Twentieth-Century-Fox Film Corporation
has
of
shares
Moines
to
Transport
common
which
Des
Air
Thereafter any remaining shares
preferred stock will be offered to the
$100
registration state¬
a
ten
and
WEDNESDAY, JULY 14
of
properties
conducted
offering.
Registration Statement No. 2-5160. Form
Druggists
ten
within
Power
is
stock may exercise
their rights to
sub¬
scribe to shares of preferred stock will ex¬
■ate
CENTURY-FOX
holders
share
one
Stock,
INC.
Wholesale
Worth, Inc.. has filed
ment
DRUGGISTS
to
company's
3onds
(6-24-43),
ceive
WHOLESALE
share
a
of
3-1.
CORPORATION
Wilming¬
supplied by amendment.
md
TWENTIETH
stock
and the
Manufacturing Division.
Underwriting—If any offering is made
through underwriters their names will be
from March
1, 1943, to date of redemption.
Registration Statement No. 2-5159. Form
&
Division
$25
Iowa
stock, price per unit
$10, lawful money of the United States of
business
divisions,
Illinois
$4,750,000;
shares
by its two major
of
end
debtedness
Co.,
units,
St.,
from
of
preferred
Ninth
from
Mexico
the conversion of
upon
West
tracts
with
purchase
Business—Organized under the
on
Oct. 23, 1942, for the
deter¬
us.
Del.
discharge certain
gations.
//
stockholder.
THURSDAY, JULY 8
for issuance
convertible non-cumulative
into common stock.
*
Chicago,
is named principal underwriter/
will be supplied by amendment.
Proceeds—Proceeds
from
sale
of
the
the
Iowa
whose
been
to
share, and 131,090 shares of
stock, par $1 per share, to be re¬
Others
together
but
ago,
not
received
of $1,750,000 face amount of
general
refunding mortgage bonds, Series A, due
1955, and $3,000,000 of open account in¬
Tucson,
per
common
served
Proceeds—Proceeds will go
UNITED
$25
par
Proceeds
Underwriting—Central Republic Co., Inc.;
bonds,
more
have
unknown
are
underwriters
public
to
Address—406
filed
were
be
Co.
of the
convertible non-cumulative preferred stock,
period
1973.
Street,
of
aggregate
AMERICAN AVIATION, INC.
All American Aviation,
Inc., has filed a
registration statement for 26,218 shares of
shares
production, distribution and sale of natural
production, distribution and sale
-
statements
to
redeem
pany's first mortgage bonds; to redeem on
Oct. 1, 1943, 10,133 shares
par $100 of the
company's 7% cumulative preferred stock;
Issues
Offering — The preferred stock will be
initially offered by the company for sale
Engaged
Offering—Price to
plied by amendment.
or
dates
or
of
ALL
at
and
of
days
offering
option
the
gas, and
of water.
covered
Proceeds—Proceeds from sale of
registered
3.000 shares of Class A capital stock,
out
to
advantage of
circumstances
as
.determine.
purpose
named.
CORPORATION
Corporation
purposes
may
v
the
management
take
of
Underwriting
JULY 7
is
S-2.
to
•*'. WEDNESDAY,
it
offers
age
pany
corporate
directors
the
to
set
or
fund.
Purpose—To
i*
of
times
all
of
says
the
Worth, Texas.
iries
for
to
of
Community Public Service Co. has filed
registration statement for $6,850,000 first
duction
used
the
or
to
may
mortgage
pur¬
and
delivery
con¬
COMMUNITY PUBLIC SERVICE CO.
with
applied
proper
board
jective
be
purchased
TUESDAY, JULY 13
oit
Offering—Price to the public is $100 per
'V.>.vv ;l
Underwriting—Tellier & Co., New York,
is principal underwriter.
.
the
and
Registration Statement No. 2-5158. Form
A-2 (6-22-43).
the
share.; ■;>'■ VQ
be
consummation
proceeds
for
»
Co.
It is expected
exercised
will
the
advisable
the
stock
alone
phase of the oil business.
any
be
debtedness.
>•
Address—19-21 Dover Green, Dover, Del.
Business—Organized under the laws of
Delaware
will
the corporation may borrow $10,000,000 from certain banks in New
York, and
and1
SUNDAYS JULY 4
whose registration
list
a
funds
aggregating $2,500,000, will be
on
Sept. 1, 1943, a total
$11,232,000 face amount of the com¬
mon
agreement with
ing,
dividend
SEARS, ROEBUCK & CO.
! Savings
and
Profit
Sharing
an
$13,000,000.
delayed
manufacture
and
,
of
option
be
deem
public
tank; air con¬ 'stock to underwriters, with other funds of
boat divisions. the company, will be used to effect the re¬
;
Underwriting—Emanuel & Co. is named demption on Oct. 1, 1943, of all of the
principal underwriter.
Others Will be then - outstanding $5 cumulative preferred
stock at $102.50 per share plus accrued
named by amendment.
-;
5 Offering—Price to the public will be dividends.
Registration Statement No. 2-5146. Form
supplied by amendment.
-- i
Proceeds—Net
■
proceeds
from
sale
of A-2 <5-27-43).
Registration
statement
effective
2:45
stock, augmented by funds currently al¬
located
to
the
company's
"Retirement p.m. EWT. on June 3.6, 1943,.
Public offering of unexchanged .portion
Fund for Preferred Stock,and by gen¬
made June 29, 1943 at 102.50 per share,
eral funds of the company to the extent
required for the purpose, will be used to by Glore, Forgan & Co. and associates.
and heating,
the
may
Kirkpatrick-
Burns,
and crane; road machinery;
ditioning
the sum
Company, Milwaukee; Bacon, Whip¬
Chicago; Blair, Bonner & Co.,
cago; / G.
Boettcher
H.
for
that
into
preferred stock to the underwriters.
The
statement says that in event this
financing
Corp,
Chicago;
Corp.,
entered
Century under which the latter
right to purchase such stock
the
their
Trust Co.
of
Lincoln,
Central Republic Co., Inc.,
Higginson
which has
acquired
below
present
York
with
Hutton
&
New
National
First
McCormick
of
currently
Hayden,.
Securities
Bank
shares of
underwriters are:
W.
National
Twentieth
Co.,
&
,Chicago;
major divisions: hoist and body; winch
six
to
Chicago;
York;
Kebbon,
Lee
cago;
WOOD INDUSTRIES, INC.
4
The
Co.,
New
Neb.;
Chicago;
&AR
respect
We
remaining 42% of which is already
by Twentieth Century.
The stock
proposed to be purchased is now owned by
Chase
OF
OFFERING
UNDETERMINED
owned
the
to
registration
DATES
the
pay¬
dividend,
,
&
York;
New
Pittsburgh;
j Offered June 30, 1943 at 104 a share and
div. by Lehman Brothers.
with
underwritten.
Glore,
'
*
-
quarterly
Underwriting—The shares of $4.25 cu¬
mulative
preferred
not
exchanged have
subsidiaries by enabling
these
tute
position
capital
the
receive
able July
1, 1943,
shares of stock.
authorized for issuance by the subsidiaries,
thereby
to
pany
to
the
of
is offered for
ferred
and possible post-war
the present intention of
contingencies
Expansion.
fro¬
eggs,
storage
and plant equipment for some
all of the subsidiaries prior to and after/
properties
war
of milk,
zen
tion
or
the distribution
cheese,
of
loans
used
Metales
'
the'board
by
some
derived /from
such net corporate
may
as
time
to
portion
bank
fer
.
Illinois Iowa Power Co.
Proceeds
the sale of the
bonds, together with
from
a
general
\
Registration Statement No. 2-5161. Form
A-2. (6-25-43).
T/o;.
.
^Proceeds — Proceeds
Will
Co. from
& Electric Co. of
Iowa
Power
Light Co. and Des Moines Electric Light
A-2.
(3-30-40)
Amendment filed
effective
(This
June
26, 1943, to defer
date.
list
is
incomplete this
week.)
For Dealers
Teletype—N. Y. 1-971
IIAnover 2-0050
Firm Trading
Markets
Bendix Home
FOREIGN
,-|'l■
1; "f
■
Appliances, Inc.
I
V".:'
•"
Majestic Radio & Television Corp.
Information
I
STATES AS A BRIT¬
BALTIC
IN THE PAST
AND FUTURE—Dr. V. Raud, for¬
mer
Commercial Counsellor and
Consul-General
for
Estonia in
MARKET
ISH
ings of the
National Cotton Con¬
Memphis, Tenn.,
ference-Forum in
Cotton
April 29, 1943—New York
Exchange—Paper.
mation of this
Jacob O.
Mass.—
Company, Boston,
Cloth—$2.00.
•:■* r
■'
ing
TAXING
;
TO
1
PREVENT
FLATION—Techniques
for
•.
IN¬
Esti¬
mating Revenue Requirements—
Carl Shoup, Milton Friedman and
Ruth P. Mack—Columbia Univer¬
sity
New
Press, Morningside Heights,
York—Cloth—$2.75.
United Merchants 5%
Pfdn Offered
Lehman Brothers headed
derwriting
June 30,
crued
group
an un¬
offered,
which
at $104 a share and ac¬
dividends,
a
60,000 shares of United Merchants
& Manufacturers, Inc., 5% cumu¬
lative preferred stock (par $100 a
share).
Associated with Lehman
Brothers in the offering are: Blvth
&
Co., Inc.; Eastman, Dillon & Co.;
& Weeks; Stone &
Hornblower
Webster
and
Becker
&
Blodget, Inc.; A. G.
Inc.; Hemphill,
Noyes & Co.; Wertheim & Co.;
J. S. Bache & Co.; Hallgarten &
Co.,
Co.; Merrill, Lynch, Pierce, Fenner
& Beane;
White, Weld & Co.;
Co.; R. S. Dickson
Dean Witter &
&
Co., Inc.; Mitchum, Tully & Co.;
Riter & Co.; Schwabacher & Co.;
Co., and Piper,
Jaffray & Hopwood.
The pro¬
ceeds of the financing will be used
by the corporation for such pur¬
poses as providing certain of its
Bear,
Stearns
&
subsidiaries with additional funds,
modernization and improvement
The
j
111.
ment of Shields
& Company, 135
is an¬
it
Mr. Schoeneberger came
nounced.
Chicago from New York
to
manager
as
partment of Lehman Bros, and in
1938 joined Alfred O'Gara & Co.
with whom he was associated un¬
He started in the
bond field with the
the Mercantile
Commerce Bank and Trust Com¬
recently.
municipal
—
Sold
—
Broadway N.Y. BOwling Green 9-7027
71
•
York Stock Exchange
■
Boll Teletype BY 1-61
and is
A
traditional and of the
even
more
Spring Street, Los Angeles, have
been using the radio to reach the
hitherto
untapped
reservoir of
&
Clucas
W.
E.
70
Co.,
Pine
Street, New York City, members
of the New York Stock Exchange
and other leading
issued
from little children.
teach others.
railroad
with
curities, and containing a survey
of five of the country's railroad
showing
systems
their
future
and
status
bonds.
present
the
of
this in¬
prospects
of
Copies
teresting booklet may be had from
the firm upon request.
Also
available
from
E.
W.
Clucas & Co. is a survey
pointing
post-war outlook for Fed¬
eral Machine and Welder Co.
out the
the
pledges of Polish co¬
with Soviet Russia in
on
Germany
and
of
war
restoration of
a
strong and inde¬
Poland were made on
an exchange of notes
between ' the
Union
of
Polish
17
in
in
Soviet
a
certain self-sufficient
alive to human
of "Busy Money," a copy-;
righted program of Mutual Broad¬
casting system, available to one
approved investment security
house in each city where Mutual
has
an
outlet, has brought them
Russia
program
is not
cares.
He suffers.
When
human
you
mentioned—but
ad¬
means
union's
to
the
LOFT
strong and independent
wish you success
in
of
Poland.
your
a
CANDY
He is keenly
He loves. He
CORP.
found a real
animals. All of the simple,
qualities of the normal soul shine in him, with no
strong
pettiness.
You feel that what you
have, such as your money or
only what you are; and that if
he likes you it will be not at all for anything you do, say or
pay, but for what your soul is within you.
He is not deceived by the two arrant humbugs of the
position, is nothing to him,
Currently
Below $3
Selling
per
share. Dividends of 20c
per
share
payable
so
paid
or
declared
far this year.
world, Success and Failure.
He
changes his opinion easily when he sees his error.
not for consistency, which is the fetich of little
cares
the sum of great souls.
man comes at last unto his own,
and is not
impatient.
and pessimism, which are tempers
of pettiness, he has not; but love, cheer, and hope abound in
him, for these are always the by-products of greatness.
When you love him, you yourself become great; for
there can be no greatness that is not the cause of greatness
Bitterness, cynicism,
in others.
LUCKHURST& CO.
Investment
60 Broad
St., New York 4, N. Y.
Telephone
Bell
NY
Securities
HAnover 2-0280
System Teletypes
1-1826
1-1825—NY
Pittsburgh Terminal
:
Warehouse & Transfer
Kellett Aircraft Offers
Okla. City
Ineresting Situation
Interurban Interesting
promise
restoration
indus¬
being among myriads of
The situation in Kellett Aircraft
of co¬
operation, declared: "You may Corp., pioneer manufacturer of the
rest assured that the Soviet Union "Helicopter and Giro" rotary-wing
offers attractive possi¬
will do everything possible to ex¬ aircraft,
pedite the routing of our common bilities at the present time, ac¬
cording
to
an interesting circular
enemy,
Hitlerite
Germany;
to
strengthen Polish-Soviet friend¬ issued by R. F. Gladwin & Co.,
ship and to contribute by every 115 Broadway, New York City.
the
being
ever
discusses
principles, and the broad question
of investment opportunities.
He laughs.
find him it is as if you had
stated:
Premier Stalin's note, an answer
to
not cold.
Joseph Stalin.
was
a
securities
individual
to reach him.
and
In Associated Press Moscow
The
tipster type—no
excellent results, they report.
aloofness, so that
relationships and influences.
He believes that every
Renewed
operation
in
minds, but for truth, which is
Pledge To Poles
con¬
tries, economic trends, investment
your praise, or blame does not seem
Yet his isolation is warm, and
He
Stalin Renews
have
Their, sponsor¬
ventional means.
rarely elected to anything.
works for the joy of it, not the wages.
cannot retaliate, for he cannot descend to the level
He lives
exchanges, have
dealing
reorganization se¬
who
more
'
"
He
32-page booklet
a
by
reached
been
He is
He
Survey Railroad Systems—
Present & Future Prospects
investors
prospective
not
ship
sect, cult or party, for he is
desirous of understanding than of opposing the other
party.
i
& Co., 510 South
Nelson Douglass
of them that love to do harm.
.
HAY, FALES & CO.
Members New
will learn
Dealers Now Use Radio
&
Savings Building, San Diego, and
He is not welcome in any
of St. Louis.
Premier
Quoted
He is not anxious to
BONDS
Hope & Co., San Diego Trust
V\:l %.
j-x
of the future, not
He is teachable and
New York office of
pany
matter
I *
other creature.
He impresses you much as the vast silences of nature
impress you, as the sky, the ocean, the desert.
He has no vanity.
Seeking no praise, he is never
offended.
He always has more than he thinks he deserves.
in 1936
of the municipal de¬
Teletype NY 1-2218
BUY WAR
not follow
speaks intelligently, he lives
,|.|r
;
are
New York
Street,
Telephone WHitehall 4-7970
past, nor conventional and of the present.
He always has time.
• :
, |:
'I
He despises no human being, nor any
A.
Charles
—
Street,
Salle
La
South
vices it
Bought
|
Pine
30
..
clearly, he
things
His ethics
Schoeneberger has become asso¬
ciated with the municipal depart¬
Patriots
Triumph Explosives
.
He
Schoeneberger With
Shields In Chicago
June
Common
L. D. Sherman & Co.
Bell System
great man feels with the people but does
simply.
CHICAGO,
Air Communications
1-578
By DR. FRANK CRANE
pendent
R. Hoe Co.
york
-
manufacturing properties and
plant equipment, and providing
for
post-war contingencies and
apply approximately $2,000,000 to
purchase preferred stock from
S. W. Pub. Service
111! The Great Man
of
possible post-war expansion. Spe¬
cifically the directors intend to
YORK
«,Bell Teletype
new
Sugar
Birmingham Gas
General Aviation Equipt.
issue of
new
-:
after cer¬
tain
deductions.
The aggregate them.
annual amount, however, is not to
He maintains his independence of thought, no
exceed a sum sufficient to redeem
what public opinion may be.
|
;
5%
of the greatest number of
He is quiet. He does not strive nor cry out.
shares theretofore issued.
The re¬
He knows and trusts the cosmic spiritual forces
demption price for the sinking
fund is fixed at $104 a share plus not
impatient.
til
Pnblicly
;>
(par $1 per
accrued dividends.
Kamm—Meador Publish¬
NEW
telephone
Enterprise 600.5
2-3600
RECTOR
STREET,
philadelphia
TELEPHONE
'V DECENTRALIZATION OF SE¬
CURITIES EXCHANGES, THE—
Loft Candy
Vicana
INCORPORATED
;
NASSAU
45
outstanding upon consum¬
financing will con¬
sist of this issue of preferred stock
and 574 shares of common stock
pany
.
.
COTTON IN THE POST WAR
WORLD—Transcript of proceed¬
1-1397
Y.
request
Members New York Security Dealers Association
;
the com¬
The capitalization of
'
V .-
-a.
solidated net earnings,
City—Paper.
N.
Teletype
-
share).
.
The preferred stock will have
London—Paper.
the benefit of a sinking fund com¬
mencing July 1, 1944, in an annual
CARE OF CHILDREN UNDER
amount sufficient to redeem 3%
FIVE IN WAR TIME
(England
of the greatest number of shares
and Wales)—British Information
theretofore issued plus 5% of con¬
Services—30
Rockefeller Plaza,
New York
HAnover 2-878Q
St., N.Y.
Kobbe, Gearhart & Company
indebtedness.
bank
Manxs Bookshelf
;i::
on
Y. Security Dealers Ass'n
Members N.
25 Broad
which will
thereby be. enabled to improve
their capital position by reducing
The Business I f
Inc.
subsidiaries
certain
;
M. S. WIEN & Co.
-IYvI'I
'
v-,.
New York 4, N. Y.
50 Broad Street
V
Bonds
Corp.
Allen B. DuMont Laboratories,
SECURITIES
SPECIALISTS
Sharpe Mfg.
Mexican
Aeronca Aircraft
*
I.
PA INC.
P.ARL MARKS &
Brown &
selling between 3 and 4%.
■
.
the small Aeroplane,
Laundry, Electronics and Television fields,
BOLIVIAN BONDS
•
United Cigar-Whelan
with post-war prospects in
4 stocks
Home
all issues
Thursday, July 1, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
24
Copies of this circular may be had
from R. F. Gladwin & Co. upon
I
affairs."- request.-
*
v
.
1
-
I
Shawnee
The'first fixed and income 6s,
1954, of Oklahoma City Shawnee
Interurban Railway offer an in¬
teresting situation, according to a
descriptive
circular
being dis¬
tributed by Lilley & Co., Packard
Building, Philadelphia, Pa., mem¬
bers of the Philadelphia Stock Ex¬
Copies of this circular
may be had upon request from
Lilley & Co.
,
change.
.
1st
5s, 1936
Current earnings,
of
ciation,
these bonds
before depre¬
properties
more
securing
than 27% of
market price.
present
Memorandum
on
request
Hill, Thompson & Co., Inc.
Markets
120
and Situations for Dealers
Broadway,
Tel. Rector 2-2020
New York
Tele. NY 1-2660
@FedFRASER