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BUS. ADM
LIBRARY
k
hh
JUL 3C 1942
Section
.
Final Edition
Volume
156
ions
In 2 Sections
THURSDAY
New
Number 4086
Price 60 Cents
York, N. Y., Thursday, July 2, 1942
This Man Be
Should
OUR
REPORTER'S
By
5u
REPORT
JOSEPH HAYNEJS-
.
true story. We believe that it
statement of the case, why the
capital
proposal now before the members of the NASD
overwhelmingly rejected.)—Ed. Note.
(The following
clearly
than
any
is
a
other
tells more
mintmiim
should be
back,
that John Bowman (which is not his name) sat at his trading
desk trying to figure out what he was going to do in order
that he might continue to meet his bills. His third job, in
less than three years, had just gone out from under him. Be¬
cause the firm he was with and another had merged, through
no fault of his own, he was once again out of work.
Now he was nearing the forty mark. His large family
was growing up.
As they looked forward to high school and
college the demands of his children were constantly increas¬
ing. The depression, sickness, care of aged parents and the
past lean years of earning power as a Wall Street employee
had left very little as a reserve fund that could be relied
upon to tide his family over until another job could be found.
It
■if-i
;■
f-V
r-.-
was
late in the afternoon, not so many years
As John Bowman sat at
%."
his desk, trying to decide where
he could see about another job, his mind be¬
to look into the future.
Where would it all lead? Would it be another job, and
gan
another, and another—until he was too old even to try to
get on his feet? After these past twenty years in "the
street" should he try some other field? If so, where could he
Who wanted a man with his Wall Street experience?
They were a drug on the market; He knew, because other
friends had tried to get jobs in other fields and the result
was the same everywhere—no "Wall Street men" seemed to
be wanted! The more he sat there and tried to think the
whole thing out the more he became convinced that there
was something wrong with the entire picture. After all these
years of working in the investment field there was just one
thing that he had accomplished, HE KNEW HIS BUSINESS;
HE HAD EXPERIENCE HrHAH ALSO ESTABLISHED A
REPUTATION AMONG HIS FRIENDS—HIS WORD AND
HIS NAME WERE AS GOOD AS GOLD.
... 1
go?
'■
f
'"7
"i
;
:•• •
A;
The
more
he
he looked into the future the more
tioned the wisdom of trying to
ques¬
provide bread and butter for
bond
Government
dealers
these
aren't
days
in
much better
a
position—as far as forecasting news on new financings is concerned—
than any country or small city banker. . . . The Treasury is consult¬
ing many sources on its plans, is talking terms with hundreds of
Subscription books were opened
yesterday on the offering of $35,-
investors and
experts, is then going ahead with its old pre-war pro¬
silence until the last minute. . . . So, the
considered trustworthy—not even as trust¬
worthy as in days gone by when a clear analysis of "what the traffic
could bear" was a near-reliable barometer.
And now with this
000,000
gram of maintaining its
market's guess can't be
tures of the Celanese
apology and preface, it's possible to go on wtih a summary of what
the market anticipates for the next two months. ...
In the first place, the action of the market recently suggests
The
.
.
dustrial
.
nonetheless.
sue,
the
,
.
spread
dealers.
among
...
As
.
It
.
matter of
a
.
predictions here is nat¬
buying, maturity of bond
issue would be restricted to the 1950-55 range, .
.
That would mean
ural.
exact
.
.
terms,
of
variety
the
Persistent story is that for bank
.
.
priced right, at 99 Yi,
institutional as
well as individuals, a trifle slow
on
the
trigger at the moment,
early demand might be said to
have been a trifle disappointing.
Reports indicated, h o w e v e r,
that buying was brisk on the part
August, when insurance companies are expected to have additional
is expected to be reacting favorably to change in
funds and market
reserve
requirement setup.
.
.
important action on reserve requirements. ... Feeling is when gen¬
eral cut in requirements comes, it will be minor—not so large as to
cause a major rise in prices in a hurry. .
.
.
And reclassification of
in Chicago
banks
and New York
(predicted here months ago and
repeated time and again) is hspw,thoroughly discounted,;. .
"
Finally, in the third place, market action tells confidence
,
who
were
Primarily
story
over
it
It
to rush things.
served
in
some
insurance
once
the
was
.
.
rather than selling.
.
.
J;-,-/
♦
,
would
--v.'
(Continued
on
'
INDEX
Page
Bank and Insurance Stocks,,,....'.6
Selector
also
Calendar of New Security Flotations,
Trusts
The allotments on the certificate issue—at
in April—were as expected.
48%
that Treasury decided to
allot
on
50%, compared with
Larger allotment due to fact
round-figure basis so that $1,-
...
a
587,000,000 of the June certificates were alloted against $1,057,000,000
...
And types of purchases this time were different too,
for the significant conclusion to be drawn from a study of certificate
awards is that insurance companies played a much smaller part in
in April.
.
N
bonds
REPORTS
.
Municipal News and Notes......,..,
Our Reporter on Governments,..,.
Personnel
Securities
.
5
,.
Our Reporter's Report.
Salesman's
Securities
Tomorrow's
on
page
v-
16)
.
Market
—
..........
Corner..;,....
Walter
.
NEW YORK
Chicago
We have
Commercial
Register
1
No.
INVESTMENT
THE
CHASE
BANK
64 Wall
FULLY PAID CAPITAL
FUND
RESERVE
Street, New York
OF THE CITY OF NEW YORK
active
of
Broaden your customer
service with Chase
and
7
correspondent
MAY & GANNON
William Street, E.
King
"
£3,000,000
AGENCY
LONDON
6
New & Old
£3,000,000
,
.
.
.
C.
31
facilities
Boston
Milk Street
PHILADELPHIA
BOSTON
Albany
Troy
Williamsport
Pittsburgh
San Francisco
in
principal
Towns
'
the
and
EGYPT
Barre
N. Y. Phone CAnal 6-2610
all the
Branches
Watertown
Wilkes
Actual
an
securities
Bonds, Preferred & Common
1
SECURITIES
in
Boston
SUDAN
Phone—Hubbard
Member
F. H. PRINCE
BANKERS
Over 'The - Counter
Teletype BS 568-569
Underlying Mortgage
of INDIA, LIMITED
Railroad Bonds
Bankers
rV,
to
the
Government
Office:
26,
Reorganization Bonds
Bishopsgate,
E.
London,
in
Uganda
and
Colony
Kenya
Head
C.
Branches in India, Burma, Ceylon, Kenya
H
<
'
■
I
Kobbe', Gearhart & Co.
INCORPORATED
York,
Chicago
Boston Stock
&
Exchanges
Tel.
.•
Y.
Security
REctor 2-3600
Philadelphia
Boston
N.
45 Nassau Street
Members
New
and
Colony
Members
Deposit Insurance
Corporation
NATIONAL BANK
PROVIDENCE, RHODE ISLAND
INVESTMENTS
Federal
8360
1
Trading Markets, always
in manifold grades of
HIGH-GRADE
Whyte
Says
Uptown After 3......
Cairo
Established 1927
'
in
BROWN CO.
Cairo
Office
1
7
—
of EGYPT
Head
8
1
4
Items
Railroad
7
.
interest
,
R. H. Johnson & Co.
FINANCING and VALUATIONS
52 WILLIAM STREET
guar-
against depreciation
in value prior to maturity)
In connection with
ENGINEERSand CONSTRUCTORS
world
anteed
MANAGEMENT PROBLEMS
Sanderson&Porter
the
in
14
.
NATIONAL BANK
(Series E and F are the only
SURVEYS AND
3
..........
........
NATIONAL
BUY UNITED STATES
7)
page
Investment
(Continued
WAR SAVINGS BONDS
ob¬
out with increased
move
vigor.-
of
INSURANCE COMPANIES
13)
AND CONSTRUCTION
was
quarters that
firms began to
look the situation over the deal
Bond
.
•
same
again, larger invest¬
showing a reti¬
outlets
cence
.
QUICK ACTION ON DESIGN
ex¬
good call'Tor the de¬
a
bentures.
authorities to con¬
price level.
Even on worst war news of recent months,
prices slipped only slightly and that reflected marking down of bids
trol
.
(Continued on page
firms
periencing
major investors and professionals in ability of fiscal
family in some other field when every one he knew with
experience like his own in the securities business had failed.
It just wouldn't work; it would lead up a blind alley. After this offering than in the April flotation.
In April, the insurance companies had hoards of idle cash, re¬
all, he had handled millions of dollars worth of securities
sponded on a broad scale to requests from investment bankers and
over
the trading desks of some of the leading investment
dealers for big subscriptions.
In May, they used up more money
firms in the country during the past twenty years and here to buy tap issue.
By time June certificate offering came along,
his
Ohio
of
ment
.
place, market action forecasts near-term but not
the second
In
.
was
but with investors,
longer issue but chances are this will be delayed until
may see
.
general
conceded widely that the
was
offering
prTt^s pjLdther bonds due in this maturity range would be depressed,
i
to
marxet conditions.
rumors
...
for
As
-
due
work
of
require
would
debentures
bit
a
fact, the market came close to being 100% perfect on its predictions
concerning a certificate of indebtedness offering in June. ... It
seems logical that current reports of a bond issue in July will be also
accurate.
initial
fair
a
quick to realize that
were
ness
...
.
the
are
met
despite its appeal the placing of
.
of the
So
weeks.
some
issue
reception, but those in the busi¬
Sluggish market movements of the long 2V&S of 1972/67 and
various issues in the '60 bracket are indicative.
k
marking the first in¬
to reach the
financing
market in
.
forecast that in July, the banks
will receive a bond issue.
Maybe not as long-term as the tap
offering; ip fact, probably not as long-term. . . . But a bond is¬
.
20-year 3 Vz % deben¬
Corporation
of
of America,
the justification for this column's
-
could go, whom
T
Copy
a
//
u
■•; ?
f
-
Dealers
Ass'n
New York
Paid-Up
Capital... .£4,000,000
Capital
£2,000,000
Reserve
Fund.
The
-
Enterprise
6015
Enterprise
1250
conducts
banking
and
Trusteeships
'
Telephone:
Bank
......
also
HART SMITH & CO.
Members
.£2,200,000
every
exchange
and
Inquiries invited
Zanzibar
and
Subscribed
Teletype N. Y. 1-576
Telephone;
Aden
description
New
of
52
undertaken
Dealers Assn.
HAnover 2-0980
GUARANTEED RAILROAD
STOCKS-BONDS
.
ty-T-j,
business
Executorahipa
York Security
WILLIAM ST., N. Y.
Bell Teletype NY
New
York
1-395
Montreal
I!
Toronto
I
Telephone
BO.
Gr.
9-6400
52
Broadway
NEW YORK
.Teletype
N.Y.
1-1063
j|
THE COMMERCIAL &
Phfla. &
FINANCIAL CHRONICLE
Cleveland Bond Club
Heading Coal & Iron
5/1973 C/Ds—6/1949
Houston Oil Preferred
"
Ang^
Members i-o»
Colortype Pfd.
Westchester
Mortgage
County
Certificates
530
6th
West
Menlb
Street
Exchange LOS ANGELES,
Stock
,„e
'
All
Alabama Mills
Discusses Outlook
'
American
Thursday, July 2, 1942
CM;
25*26
A
CLEVELAND, OHIO—The
•
Mortgages,
and Bank Stocks
Birmingham El. 7% Pfd.
an¬
nual spring meeting of the Cleve¬
land Bond Club became a forum
at which members discussed the
Debardeiaben 4s, 1957
general outlook for the securities
business and its place in the war
Steiner,Rouse&Co!
Members New York Stock Exchange
-economy.
Although reports
Schoonover, deWillers & Co.
'Status of the business from
INC.
BROADWAY
120
20
NEW YORK, N.Y.
REctor
MArble
Teletype
NY
bers'were
BROADWAY
YONKERS.
2-7G34
Bell
S.
N.Y.
to.
tie
business
>
mem¬
Direct Wire
gloomy and the effort
the
investment
into
the
fund
war
BH 198
New York, N. Y.
pro¬
roundly criticized, R. V.
Mitchell, Vice-President of Mcponald-Coolidge & Co., and: a
-
25 Broad St.
banking
7-850#
1-2361
Maritime Bldg. Brown-Marx
Bldg.
New Orleans, La. Birmingham, Ala.
the current
on
:
,
NY 1-1557
'
-
gram was
of the Investment Bank¬
governor
Specialists
in '•
j
ers
'
ism
Association, expressed optim¬
•
country. "
market
New York
-
Bell
WHitehall A-U950
y John S-
continue
we
Tucker, Anthony & Go,
of
Burr, Gan¬
—
Boston
June
Jr.,
30, 1942.
becomes a
resident
of
as
the
firm's
contact
personnel have also become asso¬
ciated
with
the
Boston
office
of
Tucker, Anthony & Co., 74 State
Street.
;•
Tucker,
Anthony
founded in
became
1892.
The
identified
utility
and
&
Co.
firm
' with
industrial
*
•
■
was
earjy
public
financing
and entered the investment bank¬
ing field. For many years, Tucker,
Anthony & Co. has been promi¬
nent in the
underwriting and dis¬
public utility, indus¬
trial and municipal bonds while
maintaining
and
enlarging its
original business as commission
tribution
of
brokers.
In
' ■ a
. j :
addition to Boston and New
York, Tucker, Anthony & Co. has
offices
in
New
Bedford,
Rochester, N. Y,
'
and
—
•
Mass.,
1
1"
•
Some of the
OHIO—Lucas
Green
East
was
the
local
Co.
and
Broad
Street.
Mr.
formerly in charge of
office
of
Orvis
Bros.
&
prior thereto was in
charge of the Columbus office of
Merrill
Beane
Lynch, Pierce, Fenner &
with
which
predecessors
nected for
he
firm
had
local dealer
a
June
and
v
its
18th
Ernest
in
No.
issue
of
the
particularly
Article
"Chronicle."
1,. Section
1,
.//A;-'("Ar
attended
meeting
of
our
all very much against
was
concerning
the
minimum
capital
requirements.
I may be entirely wrong in my analysis of this
situation but it certainly looks as if a few of the
larger firms, en¬
couraged by the SEC, are endeavoring to drive all of the small
dealers
out
;
confining
todian
to
Funds
belong
of
and
It so happens in my case that I am
entirely to the sale of Keystone Cus¬
be
:
course
NASD.
that
seems
must
section,
the;1 business.
efforts almost
the
to
certainly
who
of
my
to,do business With this firm I have
I
the
don't
great
majority of
a
know
of
.against
remains
to
are
efforts
be seeh.
.
be
can
total
but whether their combined
cient to defeat this
hat
w
majority
the
decent
are
'
doiie; but it
small
dealers
particularly
going to
be
this
been
for
continue to he in sympathy with the small dealers.—(From
may
Utica, New York,
.A,.A;
Dealer)
A
"
We
war.
Tnalmamv
that
it
is
definite
a
restraint
the last amendment,
feel
we
financial
limitation
proposed to
of trade
that
a
and
initiative
and
policeman should
be
regarding
his
pay
way*
.
.
'!T
,
tion but
we
necessary
own
aa
under the category of the limita¬
certainly would not be in business today if it had been
Fortunately,
for
us
do not
we
to have
We
come
very
much capital to start.
harder
not
Thalmann
because
the
very
ago,
years
small
have
we
were,
little backlog of finances.
&
,
Co.;; Emile
'Stiver & Co.
Bond
A.
Legros,
First
'A-AA'A.'/'V A A\':
.
The dinner was preceded by a
golf tournament in the afternoon-
Eaton & Howard,
Inc., 24 Federal Street and three
of the former partners of that firm
became officers of Eaton & How¬
Henry
DeCourcy
Ward
;A
on
10)
page
;v'
:
Low
score
who
son,"
winner
as
a
awarded
was
sion; of
three-time winner
permanent
trophy
a
A1 Atkin¬
was
Park, Jr., became Vice
and
Stuart
Osgood,
Treasurer,—the latter succeeding
W. Elliott Pratt, Jr., who has vol¬
Presidents
unteered
for
service
Army Air .Corps.
..
with
Scribner & Loehr.
by
Norman Cole,
Robert Wood, Oren Koeser, Wil¬
liam
F.
were
also, golf prize winners.
Kurtz
and
C.
B.
Merrill
ment counsel business for
ber
of years as partners
;
A
firm
puts us
Eaton & Howard, Inc., with of¬
fices in Boston and San Francisco,
founded in 1924 by Charles
Eaton, Jr., and John G. Howard,
was
F.
who
continue
dent
and
tively.
to
Vice
Other
serve
officers
Francisco), Vice
Presidents,
Houghton Carr, Secretary, * and
Hellis R. Johnson, Assistant Treas¬
urer.;,..,,,
-''AA/
•
V T: *
Eaton & Howard counsels indi¬
vidual
ment
and
institutional
accounts
Eaton &
and
Howard Balanced
Hold EleclicD Meeting
It
is
announced, by
Joseph W.
Mackubin, Legg & Co.,
BOSTON, MASS. — Lewis D.
McDowell, who has been in the
Sener
securities business since 1915, has
Co., 10 Post Office Square.
Mr.
McDowell
was
formerly
stock
trader for Paul D. Sheeline & Co..
meeting of the officers, governors,
and national
committeemen, to be
held on Aug. 28 and 29 in Chicago,
for the purpose of transacting the
regular annual election of officers.
which
This
become associated with Weston &
for
has
the
discontinued
duration
since
business
Mr.
Shee¬
of
Baltimore,- that
celled
In
National
the
past
Mr.
McDowell
was
connected with A. C. Allyn & Co.
and
Blyth & Co.
He served
during the first world
over¬
he
meeting
convention
line has been called to the service*
in
has
will
which
replace
has
been
cooperation
Defense
,
by Mr1. Sener
Own Securities Firm
DALLAS,
TEX.
—
Robert
metal
a
listed
position
in
to
our
stencil
for
publication,
offer
you
every
more
the
;
which
are
meetings.
as
Chairman of these
! S.
.
-
are
A ' " *
v
All members of the
[ :
Associatipn
invited to attend the meeting.
The / Association
is planning ; a
complete program for both days,
for which
there
will
be
charge
a
of about $10 or whatever the cost
Association.
to the
A A A
i
.-
and
new
firm,
President
of
was
G. F. HulseLosch To
Trade For Hunter Go.
formerly Vice-
Beckett,
Gilbert
&
Co., Inc., which has become inac¬
Gerard
Hulsebosch
F.
associated
with
has
be¬
Hunter
Messrs. Beckett and Gilbert being
Co., 42 Broadway, New York City,
on
are
approximately 7,500
States
Addressing
and
names
in
charge
$3-50
per
active
of
"Security Dealers
—
—
New York City
duty.
in their trading
Hulsebosch
■-
John Huegel To Be
Partner Jn Belden Co.
thousand.
of North America"
BEekman 3-1767
war
the
700 in Canada, all arranged
Herbert D. Seibert & Co., Inc.
Spruce Street
and
to-the-minute list than you can obtain elsewhere.
a
alphabetically by States and Cities.
25
the
Mr.
j
Edward H. Welch of Sincere &
arrangements, A
A
the
Co., Chicago, has been appointed
R. S, Hudson Forms
:
a
can¬
with
effort,
welcome to attend these
war.
called
Sener made it clear that any
all ' members
of the
NSTA
-
John
WHitehall 4-4070
the
Fund,
and Eaton & Howard Stock Fund,
come
1981
Publishers
invest¬
manages
tive for the duration of the war,
There
G.A.Saxton&Co., Inc.
John
are
up-
United
Securities Co.
respec¬
MacDuffie, II, S. Whitney Brad¬
ley, and Robert P. Bullard (San
Weston & Go,, Boston
in Texas municipal
corporation securities.
Mr. Hudson, who is President of
"Security Uealers of North >
we 'have
a
Presi¬
as
President
NSTSOfficers Will
specializing
bank
in
num¬
ity and railroad stocks and bonds,
publishers of
and
a
in other
*' / A *
■
Lewis McDowell With
bonds
As
the
A..'A1A; A;v
Preceding
the = formation
of
Ward, Osgood & Park in 1936, the
above partners were in the invest¬
posses¬
presented
& Co., Inc., First National Bank
Building, to" act as dealers 'in
municipal, industrial, public util¬
Addressing Service
and
Francis E.
.
A:v.AAA'A
had
Employees
Cleveland
Surge, Ball, Coons
Hudson has formed R. S. Hudson
4Y2s & 5s
1-fiO#
were
Cleveland > Corp.; Herman• (J.
Sheedy, A.McDohald-Coolidge
&
Co:; and A. J. Stiver, Saunders,
larger houses today started with
"
>/._
(Continued
America,",
Teletype NY
the
for.
Club: John D.
seas
houses, in which category
very
true that many of the
Associated Electric
70 PINE ST.. N. Y,
Ward, Osgood & Park
with
organizations.
!
governors
are good for
the big houses be?
feed them business, but likewise work a little
only
>
I
of
combined
'
new
feel that the small houses
we
a
but had recently
been partially retired.
j
«
?r '.-A
•
A Four
A
-\vaa' *.*
We sent in our ballot yesterday, and disapproved all of Article 1
amendments and the last one, which would make it necessary for in¬
vestigated houses to pay part of the expenses.
We firmly, believe
relatively nothing?
investment circles
6s,
■the
a
most interested in your editorial in the June 18th issue of
are
publication regarding the
Isn't it
30 years,
Utilities
by the War Bond
year,
Treasury Department in financing
*\
vDEALER No. 14
.
r
active in
over
em¬
1^'
Again as a local-dealer, 1 want to thank the "Chronicle" for
publishing this article and.I. trust that the efforts of yotir paper
City, died at his
in Beverly Hills,
Mr.
district
-
Ladenburg, Thalmann
home
California.
the
sales and urged the cooperation of
the securities industry with the
suffi-:
0 A/a^aaa^V
,
& Co., New York
summer
a
elected
13
involuntary member of the NASD I
an
evening we had a very poorly
local dealers and naturally the sentiment
cause
con¬
Thalmann Dead
Edward
partner
i j
Last
prior to five
E. E.
and
those
-
naturally delighted to isee the article by Joseph Haynes in the
was
dollars
BOSTON,; MASS. — Effective
July 1, 1942, the investment coun¬
sel firm
'
been
many years.
in addition to
for
\
ard.
bracing Cleveland, described the
task of raising up to
fifty billion
;;Au A:.":A^A
contained in
/
placed oh dealers by the NASD.
E.
Green is manager of the
recently
opened office of J. S. Bache & Co.
16
letters received,
DEALER
As
your
**
Manages Bache Branch
at
World
Fleek, Hayden, Miller
Committee
day.. Nor is this
ease to comply with the suggested
equally opposed to establishing suchia
are
issue of June 25, are given below:
our
*
COLUMBUS,
volume each
dangerous precedent in the securities field.
;
-
first
Co., President of the I. B. A,,
Hugh
McBain,
executive
manager
of the
Victory
Fund
matter of extreme
a
1. Tucker Burr,
general partner,
Boston, in the firm
of Tucker, Anthony
& Co.
G.
Storer Baldwin and eight other
of
in increasing
minimum capitalizations
in
members
to receive
would find it
announce
the dissolution of their firm
bond
and
opposition confined exclusively to the so-called "smaller^Cfirnts.
Actually, it is strikingly evident that a great many houses which
Absorbs Burr-Gannett
Co.
sim¬
the
&
Additional factual evidence of widespread dealer opposition to
proposed NASD minimum capital requirement <Articlejl,iSec¬
tion 1) is clearly apparent in the correspondence on the
subject which
the
&
the
were
condition.
porary
Opposition To Minimum Capital Proposal
j
Teletype:
NY 1-656
BOSTON, MASS.
during
declared
(
_
nett
Mitchell
War and urged the opinion that
the present slump is only a tem¬
Evidence Accumulates 01 Widespread
30 Broad Street
Telephone:
Mr.
that present conditions
ilar to the slump
in
A.
KEIPER and ZIMM
■,,r
essential to the growth of the
.was
BONDS
With Eaton & Howard
to a rapid recovery of the
business which he declared
as
bond
LATIN AMERICAN
Ward, Osgood & Park 1
partner
P.
Huegel will become a
in
Belden
&
Co.,
61
department.
was
formerly
&
Mr.
pro¬
prietor of Dimpel, Hulsebosch &
Co.
Prior thereto he
tion
manager
and
was
a
was
produc¬
for Gruntal &
Co.
partner in F. L. Salo¬
.Broadway, New York City, as of
July 9th. Mr. Huegel will be a
member of the New York Stock
mon
&
with
Dimpel, Hulsebosch & Co., is
Exchange^ acquiring the Exchange
membership of W. Wallace Lyon.
also
joining
staff.
Co.
Abe
the
Smith, formerly
Hunter
&
Co.
„
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4086
Volume 156
3
'
COMMERCIAL and
i
.
Mackay Co. Combines
FINANCIAL CHRONICLE
S.
U.
Reg.
Officer
Patent
We
William B. Dana Company,.
Publishers
Wall
old
Two
25 Spruce Street, New York
Street
dred
Herbert D. Selbert,
Editor and Publisher
,,
/William, D. Riggs, Business Manager
.
Thursday, July 2,-1942
'•
week
Tevery Thurs¬
day (general news and advertising issue)
with a statistical issue, on Monday]
twice
a
..
Other offices:
Chicago—In. charged
Gray, Western Representative,
Field Building (Telephone State 0613).
London—Edwards &. Smith* 1 Drapers'
Gardens, London, E.C.
/
;
Fred
{
their businesses July 1, whem
William Dana Seibert, President
Published
more,
or
H.
the:
Under
while
Co.
in
:
One Week Nearer Victory!
PREFERRED STOCKS
When better markets
Spencer Trask & Co.
Captain Malcolm S*. Mackay, sen¬
ior partner of Mackay & Co. who
is on active flying duty with the
United; States, Marine ; Corps, be¬
comes' a special partner of.Laid?:
law &
AND COMPANY
made in "Cats and
arrangement,
new
B. S.
Public Utility and Industrial'
V-
combined
the
organization of Mackay & ' Co.
joined: forces with Laidlaw & Co.,
26 Broadway, New York City,'!.
years,
offerings of
High Grade
.
,
interested in
firms,;
whose histories trace back a hun¬
BEekman 3-3341
'';
are
With Laidlaw & Co ■h
s
25 Broad
-
Street, New Ydrk
Telephone HAnover 5.4300
•
\
,
,
"
'
make
will
them.
*
Obsolete Securities Dept.
Teletype. NY 1-5
; Members' New York Stock Exchange
^
Liechtenstein
;»
are
Dogs"
.
r
STREET^ NEW YORic
99 WALL
,
'
Telephone!
WHitehall
•
4-6551
service.
the
.
Copyright
Company. :
v<
1942" by
Willjam
B,
Dana
Reentered as second-class matter Feb¬
25,
ruary
1942,
the
at
Office
post
at
New York, N. Y., under the Act of Mar.
3,1879.
y;"/;
United/ States
Subscriptions' in
,
Spain,
America,
and
Mexico
Cuba, $29.50 per year; Great Britain,
Continental -Europe {except Spain), Asia,
Australia and Africa, $31.00 per
year.
NOTE—On account of the fluctuations
In the rate of exchange, remittances for
foreign
subscriptions
and
*
advertise¬
ments must be made in New York
funds.
BOND
&
LAWYERS
LAWYERS
N
TITLE
TITLE
GUAR.
MORTGAGE
&
TITLE
Y. TITLE &
STATE
;.;■
MORTGAGE
CO.
from the old firm of
firm
back
have
been
to
TRUST
40 Wall
St., N Y.
Stock
—
Exchange., ^
:
y
,
.
52 WILLIAM STREET
"New York/'*
Mackay & Co. while: serving a
'
v;
Ctfe.
Title
Co.'s
all
Montreal
:
'
,
,
,
other
Trust
Ctfe.
-
Participations
Cobiplete Statistical information
J. GOLDWATER & CO
.
Bell Teletype NY 1-395
-v".:7-
Ctfs.
Co;
NEW YORK
\ Telephone HAnover 2-0980
E
Co.
&
Bank
Pfd.
HART SMITH & CO.
firm?
the. New
of
Title
Mtge.
arid
BROWN COMPANY
Vermilye &
Both
1830,
members
Lawyers
Bond
5s, 1959—J946.-50— Common
Co.; traces its history through that
Toronto
only in New York. Laidlaw & Co.,
with headquarters at 26 Broad¬
'
^
1
INC.
;
Members New York Security Dealers Assn.
39
Broadway; New York, N, Y.
Il4nover
'
2-8974 *
Teletype NT
I-12M
Attention
tained.
wire
a
system
.
with
at Montreal and Toronto.
/
5s
BROWN
,
Edward
Gilbert
U;
Elliot C. R. Laidlaw,
Noel, Edward Roesler,
Lorraine F. .Pitman, Daniel
Burdett,
Louis
WHitehall 4-0300
Roesler,
f;"
W.
due
1959
Selling at 70
COMPANY
Reorganization Plan of This Large Pulp and Paper
^ Manufacturer Discussed; Revenues in 1941
Partners of Laidlaw &. Co., now
Exchange
Distributors
BROWN COMPANY
at
CO.
are
Retail
have for many years main¬
way,
CO.
locah companies
York
c 5 •'
*
Co., whose original partners came
Washington, D. C.;
Boston,
Mass.,
Oil
City, ; Pa.,
Bloomfield, N. J., and . in Canada
Newburger, Loeb & Co
Members New
In
Co.
■i.
}-:■■■ We maintain active markets in
banking firms in New.
business having been
established in 1842.
Mackay. &
York, : its
branches
CO.
MORTGAGE
GUARANTEE &
All. other
CO.
GUAR.
MORTGAGE CO.
&
Invited
Lawyers Mtge.
eign accounts have had an office
TITLE INSURANCE CO."
HOME
Inquiries
est private
;
CERTIFICATES
.
Specialists in
national clientele and many for¬
MORTGAGE
>v-"\li"issued by
Arc
.
York Stock
MARKETS FOR
We
REAL ESTATESECURITIES
Laidlaw & Co. is one of the .old¬
and
Possessions $26.00 per year; in .Dominion
of Canada, $27.50 per year; South and
Central
Practically : the entire- staff : of
Mackay & Co., including -J three
former; partners and other key
men,
have associated >with the
Laidlaw organization. :
' '
Interest
charges
earned
times
1541
Amount
in
—-
7/5,
of
behind each $1,000 par
value >— each bond carrying
accumulated Interest of $125.
$3,263
i;/• At New High Level
;
CIRCULAR ON REQUEST
the-reorganization plan of Brown Company
1, 1941, effected an exchange of some $21,000,000 of 5H%
CHARLES KING & CO.
Deventer, as general partners, and first mortgage bonds due in 1946 and 1950 into $12,849,000 new first
61 Broadway, N. Y.
/
' WH. 4-8980
Isabella W. Laidlaw, Henry Mc- mortgage 5s due 1959, new preferred and new common. At the same
Teletype N. Y. 1-142
Sweeney and Malcolm S. Mackay, time the company received a $4,500,000 serial loan from Reconstruc¬
tion Finance Corporation, which ranks senior to the first mortgage
as special partners.
bonds.
/;;, yfyyy® 1
:
- '-1:
■
i1.. -v
the will of F. Ward Paine, all of
:
Former members of the Mackay
.Brown Company, with plants.in
Boston. Policies of the successor
organization - who will; be asso¬
New
Hampshire, makes highly
Browrilee O, Currey, President ciated with Laidlaw & Co. are
firm will be directed by a man¬
Alpha
cellulose
fibre
pf Equitable Securities Corpora¬ Marshall W. Pask,. Hugh Peters, purified
agement committee, of ten, con¬
tion of Nashville, Tenn., an¬ David C. Thomas, Henri Dardier, pulp, paper towels, kraft wrap¬
sisting of five senior partners
paper, . purified
cellulose
nounces that his company has pur¬
from each of the merging firms.
Robert A. Gilbert, Lucius Maltby. ping
Jackson & Curtis and Paine,
!
fibres
lor
high gradq paper, rayon
chased all of the stock of "South- Elmer E.
Bigoney, Wm. B. Smith
Paine, Webber, Jackson & Cur-,
Webber &
Co.
announce
their
and
,nitro
cellulose.
Other
items
rn
Agriculturist," a Nashville 2nd, Brantley E. Tuttle, Joseph
tis will maintain offices in Bos¬
consolidation as of June 29,. 1942
onthly agricultural paper with a Docter, Harvey V.. Shultis - and 'include "Inco" products for inner
ton, at 24 Federal Street, New
soles " and
counter
for .' shoes; to form the firm of Paine, Webber,
circulation of 977,000. Mr. Currey
George Jaeger.
York City at 25 Broad
Street,
said that the purchase was made
| "Cellate" and "Duracel" super- Jackson & Curtis. The new firm
Chicago,
Akron, Cleveland, Con¬
holds memberships in the New
;
strength
pulps
J
and
papers
for
ps an investment and no securities
York Stock Exchange, the New cord, N. H., Detroit, Duluth, Elwill be offered to the public. The
; sandpapers, tags,: bags, etc. Pulp
mira,
Grand 1 Rapids,
Hartford,'
sales represent slightly more than York Curb Exchange, the Boston
$tock was purchased /from mem¬
Bell
Teletype
NY
1-2033
Jr.,
Consummation of
E. MacLean and William F. Van
V
Equitable Securities
Purchases Farm Paper
Dec.
on
„
Paine, Webber Co, And
.
Jackson-Curtis Merged
:
'
Toronto Stock Exch.
bers
of the
Rankin
bave owned the
family, who
paper
since 1904.
Mr. Currey likewise says:
In
| "Operations will be carried
With the present personnel
headquarters of the firm will
tinue to be located
Efforts of the
directed
sible."
hf"every
way
the
pos¬
yy
[•
Officers under the
con¬
will be
improving
new
his
address
to
members
of
on the Toronto Stock
and
Nashville.
new owners
toward
publication
at
Trading Down Sharply
owner¬
ship will be as follows: Mr. Cur¬
rey, President; A.-B. Le Strange,
Vice-President, advertising man¬
ager and manager of the New
York office;* W. M. Springer, man¬
ager of .the Chicago, office; H. G.
Exchange at
their annual meeting on June 23,
T. A. Richardson, President of the
institution, reported that the num¬
ber
of
shares
which
changed
hands on the floor during the 12
months ended May 31 was 48,000,000, a drop of .15% from the pre¬
vious year and less than half of
the
volume
of
two
years
ago.
Chicago Ithaca, - Lynn, Mass., Milwaukee,
Chicago Minneapolis, New Haven, Phila¬
Board of
Trade, and 12 other delphia, Providence, Springfield,
Mass., St. Paul and Worcester. All
high grade pulp used in manufac¬ leading stock and commodity ex¬
offices
are
inter-connected
by
In addition to its bro¬
ture o£ high quality papers, cello- changes.
means of a private wire system.
'phane, rayon, and. many other kerage business, it will carry on
This consolidation carrying out
similar products, the remainder of the general investment banking
■the pulp output being standard business developed by the pre¬ plans announced on May 23, com¬
decessor firms during more than bines the business of two long,
grades of sulphate and sulphite.
established
firms
with
similar
!Brown
Company's
properties 60 years of service to investors.
include
two
bleached- sulphite
All partners of Paine, Webber backgrounds of financial strength,
and positions of leadership in the,
pulp mills with combined capa¬ & Co. and Jackson & Curtis will
sales.
Stock
Of the pulp, more than 50% con¬
sists of company's own lines of
Stock
.two-thirds/.of consolidated
Exchange,
Exchange,
the
the
1
city of approximately 165,000 tons become partners of Paine, Web¬
'per year of regular/and superior ber, Jackson & Curtis. General
'grades; two paper mills with com¬ partners are: Charles F. Adams,
bined
capacity : of about 60,000 Jr.,
Archibald
Blanchard
and
tons per year of specialty kraft Stanwood G. Bradlee, all of Bos¬
papers
and towels; a chemical ton; Clarence J. Bridgen, of Chi¬
plant
for the manufacture
of cago; Frank H. Brown, of Bos¬
However, he added/ the Exchange
an
operating profit of
$3,300 before depreciation.
Mr.
Richardson further reported that
the -liquid • position of the Ex¬
"JValter, manager of the Detroit change is $52,043 and, in view of
chlorine and caustid used in pulp ton; Dan Byrne, of Detroit; Albert
pffice, and Kenneth Stansfield, the heavy mortgage payments
P. Eyerts," of Boston;
John W.
manager of the southern adver¬ provided under a new amorti¬ 'mills; mills for the manufacture
of "Onco" products, etc, Timber Foster, of New York; Edmond E.
tising-department,
The editorial zation
agreement,
which : will
Hammond and Roscoe A. Hayes,
personnel will continue as at amount to $24,295 a year for 15 iproperty includes. 500,000 acres of
.freehold ■ timber land
in
New of Boston; Frank R. Hope, of New
years, assessments: will have to be
present.:
made from time to time.
Assess¬ Hampshire, Maine and Vermont, York; Morris F. LaCroix, of Bos¬
estimated to be sufficient for 50 ton; V; Russell Leavitt, of Hart¬
ments
during
the ; past : year
ford ; Herbert Levy, of Chicago;
Hayden, Stone Branch
amounted to $400, a reduction of years of capacity production.
Brown Corporation, a wholly- David J. Lewis and Lloyd W. Ma¬
Hayderi, Stone & Co. announce $100 from the previous year.
the opening of a seasonal office at President Richardson also stated owned subsidiary, owns a sulphate son, of New York; R. C. Mees, of
the Westchester Country Club, that the operating costs of the Ex¬ milj at La Tuque in Quebec, hav¬ Minneapolis; Edwin A. Merrill,
showed
.
Rye, N. Y. The new office is under change have been kept to a mini¬ ing an annual capacity of 120,000
the management of Dr. L. Berger, mum and that the annual payroll tons of bleached and unbleached
v/ith Frank E. Gernon as resident has been reduced to $56,755 from sulphate pulps. It own? approxi¬
partner.
• ■ *
$61,051 in the previous fiscal year. mately 1,000,000 acres freehold
The Exchange received $11,570 timberland and holds, under. li¬
from listings during the past year, cense some 2,260,000, acres.- Brown
Hugh Knowlton With Govt. an increase of $1,000 over the pre¬ Corp; and Shawinigan Water &
Kuhn, Loeb & Co. announce vious years but a considerable Power each own 50% of the com¬
that Hugh Knowlton has resigned decline from former years, Mr. mon stock of St. Maurice Power
as a member of that firm, effec¬
Richardson stated;
Corp., whose powerhouse at La
tive as of June 30, to enter Gov¬
His reelection as President of Tuque is constructed to accommo¬
date six units capable of gener¬
ernment service as Vice-President
the Exchange for another term
of U. S. Commercial Company, a
ating,44,500 HP. each. Four units
was
reported in these columns with aggregate capacity of 178,000
subsidiary of Reconstruction Fi¬
nance
Corporation.
June 25, page 2382.
v
V
-11
.
(Continued on page 13)
investment field/Founded in Bos¬
ton in 1879 and
1880, respectively,
Jackson & Curtis and Paine, Web-,
her & Co. developed into large
national
in the
tion of
ing
as
organizations prominent
underwriting and distribu¬
securities, as well as serv¬
brokers for transactions in"
listed securities and commodities.
St. Louis Ry. Interesting
The
current
situation
in
the
securities of St. Louis Southwest¬
Railway Co. offers interesting
possibilities, according to a cir¬
cular just issued by Pflugfelder,
Bampton & Rust, members of the
New York Stock Exchange, 61
James J. Minot and James NoBroadway, New York City. Copies
well, of Boston; M. J. O'Brien, of of the circular may be obtained
Chicago';
William
A.
Pidgeon, from Pflugfelder, Bampton & Rust
Alexander R. Piper j Jr.. and Stu¬
upon request.
art R. Reed, of New York; Edward
J.
Samson, of Boston; Charles
Schudt and Frank R.
of New
Schumann,
York; Reuben Thorson, of
Chicago; A. Winsor Weld, of Bos¬
ton; and Maurice M. Wheeler, Of
New York. Limited partners com^
ern
Paul Revere Rides Again
Paul Revere, a direct
descend¬
Revere of Revolution-.
fame,, and formerly with the
ant of Paul
ary
Underwriters Trust Company, 50
prise William A. Coolidge, Ran¬
Broadway, New York City, is now
dolph C, Grew, Lawrence Hemenserving
as
a
captain, in the
way, Walter Hunriewell and Al¬
bert P. Everts as trustee tinder United States Army.
„
THE COMMERCIAL & FINANCIAL CHRONICLE
4
PERSONNEL ITEMS
WE MAINTAIN A POSITION
PUBLIC UTILITY
IN ISSUES OF
INDUSTRIAL
Chicago North Shore & Milwaukee
RAILROAD
MUNICIPAL
If
E. H. Rollins & Sons
'.v
■
231 SO. LA SALLE
CHICAGO
New York
Boston
Detroit
Milwaukee
Philadelphia
Page has become associated with
Bond &
Incorporated
,
INCORPORATED
St.
STREET, CHICAGO
Telephone Central 7540
;
First Mortgage 5s, 1936
First & Refunding
announced
Mortgage and Refunding
—
So. La Salle
QUOTED
Street,
Tele.
Andover 1811
CG 1268
capacity is 46,000.
under
now
.
ALL ISSUES
The amount
WMxne
J.
partner
Exchange
Hummer & Co.,
the - formation of John
O'Briep.
Co. to conduct a
general brokerage and investment
The
•..
■>
firm, with member¬
ships in the Chicago Stock Ex¬
change and Chicago Board of
Trade, is located in suite 700, Con¬
new
tinental
Illinois
National
Bank
Building. Accounts will be cleared
through the New York Stock Ex¬
change firm of Thomson & McKinnon.
Mr. O'Brien has been connected
with
the
brokerage
business since 1926.
and banking
He is
a
past
President of the Stock Brokerage
Associates in Chicago and is well
known in investment circles.
'
Rail Situation Attractive
An analysis of Chicago, North
&
Milwaukee
Railroad
Shore
Company, which offers an inter¬
esting situation at the present
time, has been prepared for dis¬
tribution by Fuller, Cruftenden &
Company, 209 South La Salle
Street, Chicago, 111., members^ of
the"
Chicago
Stock
Exchange.
Copies of the analysis may be ob¬
tained from Fuller, Cruttenden &
Co. upon request.
^ ;
Elmer Hassman Joins
:
Staff Of A. G. Becker
CHICAGO, ILL. — Elmer G,
Hassman, formerly manager of the
municipal department of the Chi¬
cago office of Lazard Freres & Co.,
is now in the municipal
bon^ de¬
partment of A. G. Becker & Co.,
Incorporated, 120 South La Salle
Street.
use
en¬
will be of in¬
serves
to The Financial
Chronicle)
II. Morgan has become connected
with Merrill
&
nel*
ing.
Lynch, Pierce, Fen¬
Beane, Union Trust Build¬
Mr.
Morgan
was
Heaton
is
on
leave
of
absence
Shore
&
& Co.
14
Mr.
electric
owns
Wall
St., New York City.
was
formerly... local
for Smith, Barney & Co.
manager
DALLAS
Bought
—,
Sold
Quoted
—
Pepper
■
Republic Insurance
(Special to The Financial
Chronicle)
Kline, Inc.
New Mexico Gas Co. Com. & Pfd.
Great Southern Life Ins. Co.
Southwestern Life Ins. Co.
Dallas
All Texas
Cheek
us
MORRISON, ILL
RyJ & Ter. 6%
1951
Utility Preferred Stocks
on
Southwestern Securities
RAUSCHER, PIERCE & CO.
DALLAS, TEXAS
(Special to The Financial Chronicle)
v,
—Wilson'M.
the past was in business for him¬
Chicago.
self. -A-1/:"
Ft. WortK-Hou.ton-San Antonio
DETROIT
cently with H. J. Randall and in
LISTED AND UNLISTED
of Dominick &
SECURITIES
and
Richard
Morey, Jr., who has
charge of the municipal
trading department of Gatch &
cars, 64 freight cars, 7 electric lo¬ Co., 418 Olive Street, St. Louis,
comotives, 21. work cars, 9 motor Mo., has been appointed a lieuten¬
trucks and trailers and 22 motor ant in the U. S. Navy and is
coaches.
During 1941, two new reporting for active duty at the
Naval Training
articulated "Electroliners"
were
School, Cornell
purchased, fully paid for, and University, Ithaca, N. Y.
Rolling
stock
consists
of
188
in
operation.
About
been in
50
steel
Stock
six
Sutro Bros. &
Paul
Southeastern Group of the Invest¬
Bankers Association, being
were
pur¬
of
Detroit
PENOBSCOT
Stock Exchaof*
BUILDING.
DETROIT, MICH.
NEWARK
Firemen's
of
Insurance
Co.
Newark
American Insurance Co.
(Newark)
succeeded in his I, «B. A. post by
C. .Anderson,
Scott &
Edward
Stringfellow, Richmond, Va.
J. S.
Rippel & Co.
Established 1891
Future of Canadian Oil
An
tive
Exchange floor partner of
prepared for. distribution by the
Co., 120 Broadway, Associate
companies of Clifton C.
chased for operation in Waukegan. New York City, has been com¬
Cross. The booklet contains a de¬
missioned
a captain in the United
Passenger traffic is by far the
tailed description of the oil fields
largest
revenue
classification. States Army Air Corps and or¬ in the Province of
Alberta, pres¬
From a peak of 17,405,000 revenue dered to report to the Interceptor
ent and past history of the drill¬
He is a
passengers and 1,423,000 tons of School at Orlando, Fla.
ing, development of processes to
freight in 1927, traffic declined to veteran of the last war.
obtain
the
oil, conservation of
9,640,000, passengers and 1,005,000
petroleum deposits, oil industry
tons of freight in 1933. Attendant
Sidney A. Siegel, partner in financing, and
royalty features ot
operating losses resulted in the Siegel & Co., 39 Broadway, New the fields. Illustrated with inter¬
company being unable to meet its York City, entered the armed ser¬
esting charts and diagrams, the
obligations, and receivers were vices on June 30, 1942. The firm book contains
production figures
appointed Sept. 30, 1932. Traffic will continue under the guidance from Turner
Valley crude wells,
increases
were
reported
from of Nathan A. Krumholz, Mr. Sie- and an
analysis of the oil itself.
1933 thrdugh 1937, but a strike gel's partner.
'
Copies of the brochure may be
of seven weeks' duration in 1938
had upon request from Clifton C.
reduced
traffic
to
1933 levels.
Andrew Varick Stout, Jr., Gard¬ Cros§ & Co. (Quebec), Limited,
Revenue passengers in 1941 of 13,- ner Dominick
Stout, Sheldon E. 507 Place d'Armes, Montreal, Que¬
Prentice and Bayard Dominick III bec, Canada.
(Continued on page 16)
motor coaches
Charles A. Parcelts & Co.
Members
ment
interesting and .most attrac¬
brochure, entitled "Your Fu¬
ture in Oil," describing the petro¬
Vincent Hall, New York
leum industry in Canada, has been
passenger coaches were re¬
conditioned and modernized^ and
new
C.—
become
railroad
steel passenger cars, 52 merchan¬
dise dispatch cars, 5 refrigerator
placed
N.
has
Hanes
Dr.
Dominick, 14 Wall
In The Armed Forces
operates an
Street, New York City, are in ac¬
connecting Chi¬
David G. Skall, proprietor of tive service with the armed
forces.
cago with Milwaukee, and serving David G. Skall & Co., Union Com¬
numerous intermediate points in¬
merce Building, Cleveland, Ohio,
W.
Carroll Mead, partner in
cluding Racine, Kenosha, Wau- is discontinuing his' investment
kegan and Evanston.
The right business for the duration and is Mead, Irvine & Co., First National
Bank Building,
Baltimore, Md.,
of way embraces 113.59 miles of
entering the U. S. Army air force.
expects to enter the armed ser¬
road and 264.62 miles single track
vices shortly, and has appointed
equivalent.
The
company
also
Howard W. Feight, formerly of Preston A.
Taylor, recently admit¬
serves Waukegan with local street
Greene & Brock, Dayton, Ohio, is ted to
partnership in the firm, to
car and motor coach service, and
entering the armed service.
act as his alternate on the Balti¬
operates a city line in Milwaukee
more Stock Exchange during his
from the city limits to the center
Lamartine V. Lamar, partner in absence, John B. Ramsay, Jr., also
of the city, over which the main
Kingston & Labouisse, a partner in the firm, is now serv¬
line
trains
enter
Milwaukee. Lamar,
Canal Building, New Orleans, La., ing as a lieutenant in the United
Through leases with the Chicago
is on leave of absence from the States Navy. J. Elliott Irvine, who
Rapid Transit Company and Chi¬
firm for the duration and is on has retired from partnership in
cago, Milwaukee & St. Paul RR.,
active duty as Lieutenant-Com¬ the firm, has been commissioned
the company has access to the
a major in the
mander in the U. S. Navy.
army; he has also
Loop District of Chicago over the
resigned his chairmanship of the
elevated structure.
waukee
Hanes
Co., whose main office is located
>
nine years, to enter the office of
the Alien Property Custodian in
Mil¬
Chronicle)
SALEM,
S,
formerly
Co., W, L.
Lyons
&
Co., First Cleveland
Corporation, and W. E. Hutton
Heaton In Govt. Post
E.
-
with W. D. Gradison &
P. E.
William
Alexander
at
CINCINNATI, OHIO —Edward
Stearns.
—
to The Financial
associated with Harris, Upham &
area.
Chicago/ North
J.
business.
prior thereto
with David A. Noyes & Co.
(Special
CHICAGO, ILL.
(Special
WINSTON
and
This expansion, with three naval
the
serves
benefit to the company
a
fairly densely
it
populated
John
Curtis
facilities, resulting from
Sills, Troxell & Miriton, Inc., McKim has become affiliated with
military and civilian 209 South La Salle
Street, with Wayne Hummer & Co., 105 West
In addition, curtailment
which he has been associated for Adams St.
Mr. McKim was re¬
creasing
in the NevCYork Stock
of
more
their
traffic.
Own Firm En Chicago
firm
which
of automobile
John O'Brien Forms
announces
department. Mr.
in increased
since
a
RR.
larging
,
—
Incorporated
CHICAGO
associated with them
be spent is not yet
Both these centers have been
SALLE STREET
ILL.
&
construction^
Great Lakes Naval Training Sta¬
tion as well as
Fort Sheridan.
-7'' ' \ CHICAGO
'.Teletype's:' CG 1234-5-6
Direct'privaW 'wire to New York
CHICAGO^
Securities Co.
Sargent
nor can
waukee
Quoted
HICKEY & CO.
O'Brien, III," formerly
W.
CLEVELAND, OHIO — William
Sam B. Ullman, also formerly a
E. Baker, Perry T. Blaine, Frank
it be stated when partner in Stein, Brennan & Co. L.
Walker, and Russell L. Zimmer
and with Bear, Stearns & Co. since
work will start."
have become associated with Borthe
merger,
will
replace
Mr.
—Chicago Tribune, June 17, 1942.
ton & Borton, Inc., Union Com¬
Sperry as co-manager with L.
This means additional business
merce
Building. All were pre¬
Montefiore Stein.
for Chicago, North Shore and Mil¬
viously with the local office of
known,
& Milwaukee R.R. Co.
v
20,000
Deposit, Md.; Lake Pend
Sperry With OPA
Oreille, Idaho, and Lake Seneca,
CHICAGO, ILL. — Leonard M.
N. Y., will complete the navy's
Sperry has been appointed a price
program for recruit training fa¬
specialist
with
the
OPA.
Mr.
cilities.
"Aides of Capt. R. D. Spalding, Sperry was formerly co-manager
of the local office of Bear, Stearng
public works officer at Great
& Co., 9 South La Salle Street,
Lakes, said the expansion will
and prior thereto was a partner
mean
the employment of 10,000
additional civilian workers, and in Stein, Brennan & Co., which
was
consolidated
with
Bear,
the acquisition of additional land
of money to
Chicago, North Shore
135 SOUTH LA
John
in their statistical
son
west of the station.
Bought~-S6fd—
that
has become
-
Present
stations
CHICAGO
Tel.
5%$, 1956
at Port
WEBBER SIMPSON & CO
208
announce
"He said facilities will be increased to accommodate
men.
Mortgage and Refunding
SOLD
Thompson Ross
expanded approximately 50%, it was Sargent was previously associated
yesterday in Washington, D. C., by Secretary of the Navy with the Chicago office of Jack¬
Frank Knox.
5]^ V 1956 Series "B"
--
SECURITIES
BOSTON, MASS. —Ellison G.
Day, Jr., has joined the staff of
Draper, Sears & Co., 53 State St,
of its kind in the world, is to be
6's, 1955 Series "A"
BOUGHT
(Special to The Financial Chronicle)
'
ple & Co., 135 South La Salle St.,
"The Great Lakes Naval Training Station, already the largest
Mortgage 5's, 1936
RAILROAD
PUBLIC UTILITY
,
CHICAGO, ILL.— Bacon, Whip¬
First & Refunding 6s, 1955
& MILW. RAILROAD CO.
MUNICIPAL
Goodwin, Inc., 30 Federal
Page was formerly a
AND INDUSTRIAL
Teletype CG 530
Omaha
CHICAGO NORTH SHORE
Mr.
Statistician for Furst & Co.
Chicago, North Shore & Milwaukee RR.
First
personnel, please
BOSTON, MASS. —Edward F.
A-CALiyNAwCOMEANY
First
your
(Special to The Financial Chronicle)
BONDS
First
contemplate making additions to
you
send in particulars to the Editor
of the Financial Chronicle for pub¬
lication in this column.
Railroad Company
«
Thursday^July 2, i942
18 Clinton St., Newark, N. J.
MArket
New
York
3-3430
Phone—REctor
2-4383
ST. LOUIS
%S77X
A
SAINT Lams
009 OLIVE ST.
Bell
System
Teletype—SL 80
Members St. Louis Stock Exchange
Volume
156
•
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4086
5
Guaranteed
Tomorrow's Markets
St. Louis Southwestern
Railroad
Ry. Co.
CANADIAN
Securities
Stocks
Walter Whyte
Circular
on
^SECURITIES
Bulolo
Request
Gold
Canadian
Says
Halifax
Dctloraia
120 Broadway
STOCKS
NEW YORK
PFLUGFELDER, BAMPTON & RUST
Tel. REctor
GUARANTEED
Membert
2-6600
61
Sine* 1833
of market
Refusal
nize Middle East
Technical
■apply..
Bell
tention
before the
I have
It would
back.
still
British Naval base in the Med¬
over they would be
higher."
This was the
more gratifying if for no other
the
news
sickening collapse in
the Middle East.
It demonstrated
cold
again that
no
Malta
"rumor"
This
profit.
for
This
gives rise to another
thought. With the market ad¬
vancing in the face of the bad
news
the theory that " it has
reached a thoroughly sold out
position is daily gaining new
on
would
be
learned
I've
If
adherents.
another
never
thing about
route to Russia
far refused
so
to look at it in such
a
light is
guaranty of it continuing
no
to do
so.
The real and basic improve¬
our market will
only
ment in
(Continued
12). 5.
page
on
"•
thing: Never trust
majority opinion. It's nice to
see a market stand up and be
lambasted with one piece of
bad
news
after another with¬
out
falling
not
even
it's face.
on
markets,
no
But
matter
how strong
their technical po¬
sition, can stand up forever in
the barrage of bad news.
»•:
■
*
*
Obviously the big
war,
not only
Middle East but all
is
the
worry
in
the
over
globe. We Americans-are cer¬
tain
we
But if
will win.
want to be cold blooded
.
:
Result Of Treasury H
Bill Offering
j
Secretary of the Treasury Morannounced on June 29
genthau
that
tenders
the
we
real¬
for
$300,000,000,
or thereabouts, of 91-day Treasury
bills to be dated July 1 and to
mature Sept. 30, which were of¬
fered on June 26, were opened on
June
29
at
the
banks.
the
The
Federal
Reserve
BB"-'
details
of this issue
follows:
;
•
are
as
'■
;
Total
applied for—$671,366,000.
Total accepted-—$301,758,000. B
Range of accepted bids (except¬
ing one tender of $1,000,000):
High, 99.940;
equivalent
approximately 0.237%.
rate
•
ists we must face the cerLow, 99.907; equivalent rate.ap¬
\
tainty that it won't be easy or proximately 0.368%.
-
that
we
may even
139% of the amount bid for at
/Last
tic
week
we
statements
reached
a
read optimis¬
that
we
monthly plane
the
low
price
accepted.]
was
r
have
duction
Telephone Order Clerk
or
position
on
New York Stock
Thoroughly
exempt.
Commercial
Chronicle,
is almost certain that some of
increased
now
at the bottom of the sea.
production
floor
in
be
long
a
one,
of
'in
result
treatment
of
Exchange.
Box
&
Finan¬
St., New York, N.
Y.
is
in
/
in
most
tered
bonds
substantial
rent
for
sure
more
than
a
This
year.
the
turn
1
was
,
able
to
these
of
ofler
regis¬
roads
at
concessions from
bond
coupon
dividend.
After
of this sort there is a
WALL
WHItehall
cur¬
market.
GO.'
NEW YORK
ST.,
1-3451
Teletype!
1-205*
NY
move
a
feeling that
period
is
inevitable. Tn
an
at¬
anything can happen. This feel¬ tempt to anticipate these difficul¬
ing was supplemented by the pubf ties railroad management in gen¬
licity given late in the week t<\ eral has been engaged in a pro¬
the
improvement
earnings
wide
being experienced by New York
accompanied
Central,
by
resur¬
rection of the statement made by
Mr. Williamson at the
that
fect
company's
meeting in May to the ef¬
annual
consideration
would
be
given during the coming year to
requests for dividend action. Also,
the usual quarterly rumors as to
possible dividend action on Chi¬
Great Western preferred at
the July meeting began to circu¬
late.
Of such things are markets
cago
made.
BB'B
of the margin
becoming
nal carriers is naturally
management under
from stockhold¬
acute,1
with
severe
pressure
been
have
who
starved
for
It is hard to sit by and see
and,
years.
business at an all time high
instances,
many
record
of
in¬
dividend
not there
period
Whether
will be
break in the dam is dif¬
a
ficult to say at
due
or
this time, but with
to the rights of
respect
but
that
the
wisest
policy
would be to continue the conserv¬
practices, of
the
few
is fully
difficulties to be
management
Railroad
of
past
'
;
years.
aware
Lhe
post-war years, with
non-rail competition
intensified,
industries dislocated by the war¬
.
1
1 1
ed as almost a foregone conclu¬
sion that the post-war years will
witness
c
if
another
of
wave
reor¬
Certainly any move
on the part of railroads in a mar¬
ginal earnings
position to pay
dividends will be frowned on by
This confi¬
for
used
be
to
than
for
dividends
debt
retirement,
the spectre of eventual reorgani¬
zation will again be raised, spur¬
ring
institutional
holders
to
greater efforts to clean their port¬
folios of questionable rails at the
earliest p o s s i b 1 e opportunity.
Speculators and investors in sec¬
ond grade rail bonds are there¬
fore cautioned to watch carefully
for any signs of change in man¬
agement f i n a n c i a 1 philosophy.
Second grade rails are unduly de¬
pressed, there
are many
ing
available,
and
come
tentialities
is
every
outstand¬
and
in¬
price enhancement
po¬
bargains
attractive.
are
reason
this
but
sharp
could
declines
where
resumed.
be
well
give
that
movement
toward
dividends
by
would
almost
signal
for
higher
wages.
in prices,
to
way
is¬
payments
Another factor to
is
considered
con¬
a
individual
in
dividend
sues
were
There
to expect
tinuation of the uptrend
ganizations.
the
Conditions
,
broad
any
payment
marginal
certainly
renewed
of
roads
be
the
for
pressure
:
;
ICG and may well affect the
if
such
the
V
Activity and strength in second
grade rail bonds may obviously
war
be
are
necessary
boom.
the
unfavorable
and
the
consequent
of
the
premature
attributed
war
news
after
;
evaporation
to
Defaulted RR Bond
Index
The defaulted railroad bond in¬
dex
Rust,
of
Pflugfelder, Bampton 8c
61 Broadway, New York
City, shows the following range
for Jan. 1, 1939, to date:
High—
40%; low—14%; last 341/fe.
; •
earn¬
drought.
ative
it may be accept¬
now
B '» ' B B ability of such roads to obtain
question of possible divi¬ temporary credit accommodations
The
in
debt
abandoned
level impervi¬
a
-
dend action by some
ers
reduction with a
view
towards
bringing
fixed
charges down to a level commen¬
surate
with \ non-boom
earnings
potentialities. If this program is
of
gram
a
their
reduce
to
depression
that
dence, however, is not compatible
with any drastic change in the fi¬
nancial programs followed in re¬
cent years.
If the boom earnings
are
EROY A. STRASBUR6ER &
set off by
phenomenon of Erie paying a
speculative
to
rather
have been under continuous pres¬
construction, and many quar¬
ters-convinced that a deflationary
u-')
generally
are
grade equities which
low
time
k
trading markets
Southern Pacific/ etc.
We
The most notable feature of the
CTO,
Spruce
net
Lackawanna
substantial cash pay¬
able
debt structures to
other two years or S6C;
Lehigh Valley
ments.
be
the--fact
present earnings continue for an¬
Chicago
Illinois Central
;
should
ous
Bonds,
particularly obligations of
reorganization
faced in the
25
Exchange
the medium-priced Rail
and buying is con¬
better
or
Stock
New York Central
to those sections of
where a long war may
list
York
York
fined largely
the
Ntit
maintain
We
fore, is largely predicated on the
renewed feeling that the war will
tion
experienced.
The
our
New
bonds, there¬
the stockholders there is no ques¬
wishes
cial
disturbing, rate.
defaulted
in
In¬
at the earliest.
late fall
terest
clerk
It
a
until
all
hing sinking of ships is contin¬
uing at
reor¬
Competent telephone order
Draft
Membert
This will not be
Court is settled.
definite
office
Bear, Stearns & Co.
ganization progress will be held
in abeyance until one or more of
the cases now before the Supreme
ings, and still face a further
pro¬
figure of 4,000 and a
monthly tank output of 1,500.
This is good.
But how much
of this added production is
reaching the fighting fronts?
Every day we read that more
ships have been sunk by en¬
emy submarines. At this writ¬
indications,
of
recognition
up
•
Average price, 99.909; equiva¬
lent rate approximately 0.360%.
lose.
large number of marginal carriers
still
common
one
psychology that had been
the market. The re¬
interest in the group is in
peace
Iesued)
depressing
recent market has been the inter¬
what makes markets tick I've
learned
Securities
(When
is
est
,
NEW YORK
Reorganization
newed
basis of present
com¬
WALL STREET
72
disbursements. Tax relief
with respect to allowable capital¬
ization bases after reorganization
in the air, and appar¬
ently will not be acted on until
the late suihmer. Finally, on the
fields '.could
the market has
Railroad
organization picture. Major inter¬
est payments are presumably out
of the way until around the end
of the year, and even then will
not be so widespread as the mid¬
as
Information upon request
Van Tuyl & Abbe
change in attitude may be
traced to the stalemate in the re¬
buying and pletely^ isolated.
securities
selling
were apparently
indiscriminate and
the
in evidence earlier in the year.
Our supply
through Iran
For if news was to be eval¬ by way of the Indian Ocean
uated at its face value then would be in serious danger.
the market was certainly en¬
titled to a decline of - more
Obviously
none
of this
lends itself to optimistic in¬
than minor proportions.
terpretations and the fact that
in this business of
Toronto
Underlying Mortgage Bonds
Purchasers
by values, abandoning
buying that had been<S>-
attracted
being
into South Russia toward the
start.
selective than has been its wont.
more
year
drives
oil
1-395
RAILWAY COMPANY
strengthening of quotations
equities and second grade rail bonds. The reorganization section,
which had featured all previous rail markets for some time past, was
Iraq,
and Palestine, from
a
flanking movement
Caucasian
NY
Montreal
notable quickening of interest in all
a
for
give the
of Alexandria
use
for
which
matter how well
reasoned out, has little place
logic,
base
a
Syria
sjc
:|<
*
It would
iterranean.
was
sections of the rail list, high lighted by
Alexandria, the only large
Axis the
Teletype
IIAnover 2-0980
SEABOARD AIR LINE
Late last week there
the loss
mean
week is
of
WILLIAM ST„ N. Y.
in¬
no
of
of
than the doleful
52
important
more
realize.
we
CO/
HART SMITH &
Teletype—NY 1-310
SECURITIES
New York
'rehashing any¬
| y ■;,By WALTER WHYTE;j/ i body's faults." God knows I
Bin the week just past, the know too little of military
one
that ended last night, strategy to pose as an expert.
Wednesday July 1; the mar¬ Still we in a market that re¬
world
ket not only managed to stop flects
changes must
its decline but actually re¬ recognize what these changes
versed its trend to advance a may
mean.
The threat to
couple of points.
This bore Egypt has more : importance
out the forecast made here than just another minor set¬
reason
Bell
REORGANIZATION
Middle
battle for the
The
than
....
New York
RAILROAD
Teletype NY 1-1158
Mines
Exchange
Bell
de¬
still
;
last week that
Stock
Insurance
Noranda
no
signs
East is much
Stops still
unfavorable.
not
is
York
Broadway
Telephone—DIgby 4-4933
recog¬
^new
against
guaranty
clines.
to
menace
New
Dredging
Industries "A" & "B"
As
brokers
on
we
blocks
Invite inquiries
or
odd lots of
CANADIAN
HIGHEST GRADE RAILS
We also maintain net markets in
OIL ROYALTIES
SOLD—QUOTED
SEABOARD
ALL FLORIDA
Full
information
on
supplied
request.
6s/35 Bonds & Ctfs.
THE FLORIDA ROAD
Also Underlying Liens
1. h. rothchild &
co.
specialists in rails
11 wall street
HAnover 2-9175
Tele. NY 1-1293
..ic.u.. >,
(Quebec) Limited.
Suite 1700 Aldred Bldg., Montreal
Associate
n.y.c.
i-
CLIFTON C. CROSS
& Co.
Companies in Ten Principal
Cities
Across
Canada
THE COMMERCIAL & FINANCIAL CHRONICLE
6
-
Thursday, July 2, 1942
>
xtially becoming part of the cor¬
poration's general funds. It is ex¬
pected that an amount in excess
of such balance will. be applied
directly or through subsidiaries to
the construction and completion
of plant additions and improve¬
ments and to other capital ex¬
penditures.
NOTICES
DIVIDEND
AMERICAN
COMPANY
CAN
COMMON STOCK
June
15th
Incorporated by Royal Charter 1727
•
30th, 1942 a quarterly dividend of
seventy-five cents per share was' declared on the
Common Stock of this Company, payable August
On
Royal Bank of Scotland
date, which will begin apt
pearing the first, week in Julywill' not show much
change in indi¬
cated earnings
coverage of dividends/ but Wl^tever net improvement
I The corporation has carried out
during recent years an extensive
plant expansion program. During
the
five-year ' period, 1937-1941,
Secretary.
expenditures of the corporation
and its wholly owned subsidiaries
for
plant additions, machinery,
equipment
and
improvements
were
approximately $32,500,000,
During the same five-year period
similar expenditures of Celluloid
July 23rd, 1942. Transfer books will
remain open. Checks will be mailed,
i
R. A. BURGER,
higher taxes.
Since
quarter
fected by
Company
A
The
normal
dividends
regular, quarterly
shave
$'»
the
en
Preferred
Stock
of
$1.50
per
and
$1.25
per
cn
the $5 Preferred Stock of the Com¬
have been declared for payment August 1,
1942, to the stockholders of record at tne close
cf business July 6,
1942.
L. B. WIEGERS, Treasurer,
of the issue before maturity.
debentures
for
the
be
to
The
declared
of
of
Board
5
dividend
share
per
stock,
2l/z
the
on
The
sinking fund at 100, and
rates for
July 10, 1942.
G.
30, 1942
H.
•.
*
KANN,
•*'
As
corporation
and
.and
sale
other related
by-products.
and
its
ment
of
all
of
obtain
their
North
America.
-
,
■
.
consists
entirely of
items
of
N-8B-1,1
investment
management
Net
and accrued interest.
proceeds
The
'Yj
19
financial
statements
quired by the form are-the
those
N-8B-2.
redemption of the outstanding
$24,700,000 of 3% debentures due
.Aug. 1, 1955, and to the discharge
outstanding
$3,000,000
the
and
required
by
Article 6-A
Act.
pany
of
1940
of
This
1943 to
registration
1945; with the balance in-;
FINANCIAL
form
is
the
form
third
detailed
be
adopted
to
Twenty Year (»%
1
Thirty-Year 5M%
Thirty-Four
Year
External
External
4,,fe%
Gold
Loan
Bonds,
Gold
Due
Year
Twenty-Five
5%
Gold
Year 41,4%
Bonds,
Bonds,
Due
Regular
|
1,
April
Due
15,
t'
■
5%
External
Gold
Bonds,
(Kongeriget
Danmarks
June
May
1,
1952
1,
1953
tration of securities of such
:
*
Due
February
1,
■
.
Due
...
December
..v
Hypotekbank)
1,
1972
'
"
Loan will
annum on
period
Mail
insured,
(less
on
June
at
account
30,
makes-the following state¬
above-described issues:
i'
whereby, until further notice, interest for the six
the
of
1942.
owner's
interest
on
Thereupon
risk
and
the
the
principal
bonds
expense,
shipping-expenses).
amount
will
together
I
,
Bonds presented
be
for
the
six
a
In .connection
by Registered
with remittance. for interest
7
,
•
.
The interest payment referred to will be
subject to such licences as may be granted
the Fiscal Agent by the Un'ted States
In
conformity
sequent
with
announcements
developments relating
to
my
Treasury.
announcement of May 22,
with
the
•.
1942.
I
a
view
to
keeping bondholders
above-described loans.
purpose
to
informed
make
of
■
sub¬
further
HENRIK KALTFFMANN
Envoy
..
of
Form
with
,
Washington, D. C., June 30, 1942.
Extraordinary
of His
in
been
amended
;
1942,
of
$53,-
of
1941.
in
increased
a
new
filing under
the
Rule
and
Minister
;
>
ob-|
?
adop-j
N78B -2
Rule
provides
the Invest¬
statutes administered by the Com¬
in
lieu
of
a
Plenipotentiary
Majesty the King of Denmark
registration
Form N-8B-3.
on
;
r
merly
Edward
an
New
York
head
of
in
New
active
jpis
York
home after
age of 55.
retired
a
a
the
and
j^rokerage firm
City,
died
at
his
long illness, at the
Mr. Higgins, who had
from
fortune
tions.
own
on
Exchange
trader
in
X
business, had made
radio
stock, opera¬
\
■
all
in
States
of
With
over
Australia,
in
New
Zealand, Fiji, Papua and New Guinea,
and
London,
and
efficient
traders
and
it
offers
the
banking
most
service
travellers
LONDON
short
complete
to
investors,
interested
in
-
thesa
Threadneedle
29
"
47
i
.
arrangements
throughout
$422,000,000
;
Street, E. C. /
Y;
'
Berkeley Square, W. 1
Agtacy
i
OFFICES:
the
with
Banks
U, 8.
A.
-"Y
'
,
■
vp
the second
and
method, whereby the Government
is credited in its
$260,000,000: expansion -in
holdings of bonds. Holdings of
loan account
war
-
certificates
have
guaranteed
view
of
issues
have
declined
v./'/yY './• "Y! "YY
-;Y; '"''.V.
This expansion in Governments
"other"
securities.
Commer-
ci ah loans have
deposit for the
a
of'
amount
the
subscription.
Subsequently,
however, as the Treasury needs
the
ties.-
and
with
undoubtedly
further expanded in
latest $1,500,000,000
the
total
over
to
the highest
decade.
a
commercial
loan
levels in
Nevertheless,
volume
still
is
$356,000,000 (16%) 'above that of
a year ago, and this is
being re¬
flected in better interest and dis¬
count
.earnings from loans.
Holdings of "other" securities;
mainly municipals, have also de¬
»
.
clined YTecently,
and
are
now
$171,000,000 lower compared with
April 1,, 1942 .volume.
Howeverf
whatever
volume
is
lost
through
maturities
the
funds
draws
of it is
eral
for
expenditures,
it
balances, and most
these
on
being spent in other Fed¬
Reserve
districts
and
returning to New York
Balances
New
of
York
banks
is
not
banks.
carried
-
with
institutions have been
quite steady recently and actually
show small gains for the second
quarter ($18,000,000 in domestic
bank- deposits and $23,000,000 in
foreign bank balances). With ex¬
cess
of
reserves
New
York
member banks down to
balances for
the
purpose
assets,
create
a
serves
at
of
serious
In
S.
Government
,
i
to
this
correct
excess
ever,
maldistribution
Thus
reserves.
bankers
far,
as
June
24, 1942, deposit volume
running - $529,000,000 lower
(3%) for the second quarter and
$625,000,000 lower (4%) for the
12 months.
The chief pull on de¬
York
reserves
has, been
the
mainly
to
about
and
would
of -their
mean
excess
higher,
have
stiffened
to
%%
notes, to over 1%, com¬
pared with 1 /20th of 1% and .7%
a
year
ago
when
excess
reserves
aooroximated
$3,500,000,000.
further important rise
in rates is anticipated in view of
the importance of financing < the
While
no
at
horizontally low level,
improvement in yields which
a
has
occurred
has
earnings
of
in
been clear
gain
the
banks, and
further factor which
conjunction with heavier vol¬
constitutes
currently subscrib¬
ing for their Government securi¬
ume
ties
showing
largely by the "book credit"
half,
on
for
are
for
rates, and in fact, Treasury
rates
de¬
Banks
of
.
posit accounts. U..S. Government
deposits
showing a
decline
of
$553,000,000 for the second quar¬
ter.
responsible
31, 1941 total.
Ordinarily, shrinkage in
this
loan
not
New
on
process
Dec.
war
war,
the
as
have
drain
shrinkage in New York'excess
reserves
been withdrawals by the Treasury
Government
a
of
how--
Treasury borrowing in New York
and
spending elsewhere, which
posits for the second quarter has
from
balances
been as much of
" bill
as
re¬
one
primary reasons for the
empowering changes in re¬
requirements unilaterally is
bili
money
U.
fact,
serve
holdings
of
would
deficiency in
New York.
the
reserves
obligations..
Y.
Deposits are usually swelled
of June 30 "by large float, but
City
$485,000,-
.expanding
earning
(largely
Governments)
or
sales
of
"other"
investments is being substantially
more than offset
by expansion in
was *
Higgins, -for¬
Stock
branches
countries.
quarter, compared
with $195,000,000 increase in the
same period
in holdings of notes
of
Joseph Higgins Dead
Joseph
the oldest
largest bank la Australasia.
870
of
already filed under other
statement
and
ities and
Company Act of copies of
mission
The Bank of New South Wales is
larg^ inventories because of prior¬
'Y
rule,
N-8C-3
Y
)
t
George Street, SYDNEY
000, the lowest since 1938, it has
beep feared that withdrawals oL
the Com-
Rule
Office:
.
the
N-8B-3,
Head
expansion in
been
/
.
bankers
be
"
-
for
months'
payment/ must be accompanied by an
supply of which may be obtained at
the.bfflce of
,
Governments/ has
W
_£150,939,354
Act
Additional
may
;
returned,
to the Fiscal Agent for this
appropriate Letter of Transmittal,
the Fiscal Agent.
to
form
be
payable
ended
the
atfd-adopted
York, Coupon-Paying
Department, 20 Exchange Place, New York, N. Y. Each
of.the bonds will be stamped
the notation that the holder thereof
acknowledges receipt in full of all moneys
or
of
N-8C-3.
with
due
recent
,
30th
DAVIDSON, K.B.E.,
General Manager
com-*
Securities
Y.7'"v ,V. Y^;:V:yt
material
on bonds of the above-named
Kingdom of Denmark
paid to holders, other than residents of
Denmark, at the rate of 6%
the principal amount. In the absence of
coupons covering this payment,
bonds should be transmitted at the owner's risk
and expense direct (or through a local
bank)
to the Fiscal Agent, The National
City Bank of New
6%
half
•<
8,780,000.
dropped $206,000,000 -(7%) since April 1, reflecting
liquidation of inventory loans and
the
difficulty,, of
replenishing
,
,
per
the
1933.
ment
lVp
'
The undersigned Minister of Denmark in
Washington
ment for the information of bondholders of the
Arrangements have been made
months' period ended June 30,1942,
under
mi|sron
Y
1953
*
1
of
it may be used with certain
additional information for regis-*
r
Forty-five Year 5% Sinking Fund External Gold Bonds
Series IX, of
,
Act
tained from the Publications Unit
Mortgage Bank pf the Kingdom of Denmark
,
as
1940, but it is also contemplated
copies
19G2
Danish Consolidated Municipal Loan
Year
so
that
which it is applicable.
1955
Thirty-Y«ar 5JA% External Sinking Fund Gold Bonds, Due November 1, 1955
Twenty-five
plan
Investment Company
tion
i
same
."Form;
of
of the Commission.
Due
the
decline
last
6,150,000
.
£23,710,000
YY.Y,
term
of
.•
Gold Bonds,
re¬
agement investment companies to
1, 1942
August
City of Copenhagen
Twenty-Five
of
net
the
Liability of Prop.
SIR ALFRED
securities
delivery problems. This
deflation has wiped out nearly all
"Copies of the form, which isr
of the first quarter bulge in com¬
known as Form N-8B-3, are being
sent
to. all unincorporated man¬ mercial-loans, which had carried
Gold Bonds, Due January
Loan
External
!
registration
form
will
only be available for registra¬
the
NOTICE
Kingdom of Denmark
j
payment
panies
the Holders of:
to
Most
and
in
Reserve
,
000,000, compared with only $109,000,000 gain > in the first quarter
1942
£8,780,000
Fund
Aggregate
Assets
Sept., 1941
have nevertheless increased
$524,-,
of
1817)
Capital
Reserve
I
ij
ment
°f
Notice
For the second quarter of
\
unincorporated- manage-1
companies issuing periodic however, has been offset to some
payment plan certificates under extent by the decline in loans
Com-;
porated management investment
companies currently issuing pe¬
riodic payment plan certificates*
bank loans maturing serially from
>
certificates] $353,000,000 in the second quarter
of 1942, reflecting large maturi¬
not
unincor-t
for
-y ,V
issuing, pe¬
tion
(ESTABLISHED
Paid-Up
.a^Y vY-Y(' YY. ■;.:•••■
-•.#'■".
riodic
"The
June
on
registration
a-
.
.
vestment; companies
Exchange
announced
adoption "of
':■■■■ r
,
offering, as
the maturity definitely appeals to
to make that article
applicable to
New ; York
banks, YHoldings. of
unincorporated management in-*
Companies
form under the Investment
the
the
Securities
Commisison
from the sale of
the debentures will be applied to
of
com¬
Y-Yf^vYv/'''--
"The
SEC Adopts New Form
For Inv.
C
have
as
baniTof
new south wales
earn¬
the policy items of Form
the general form for
tion S-X has been amended
Corp. of America 3Vz% deben¬
tures, due July 1, 1962, af a price
ago,
issues, in Treasury bills and
certificate&.of indebtedness, which
,
of 99 lk
V; Form
the
panies.
...
year
form for 'registrar
tion of unit investment
Trusts, and
of
ma¬
a
holdings of Government
000,000
•
registration
terials, conduct all of their manu¬
facturing
activities,
and. make
substantially all of their sales, in
Dillon, E^id & Co. and Glore,
Forgan & Co. headed an under¬
writing group which offered July
,1 an issue of $35,00,0,000 Celanese
form
N-8B-2,
sub¬
raw
■
appropriate
plastics
It is
The corporation
,
states:.
•••-.•»
Ltd.
Australia and New Zealand
stand
:"Yk
•
'
Bank,
Y"
now
July.
■
of Guaranty Trust,
the
"The
:
products..
subsidiaries
stantially.
$35,000,008 Celanese
in
Deacon's
Glyn Mills & Co.
brings the total gain since
31, 1941 to $379,000,000, and
Dec.
YY7;'
Associated Banks:
Williams
$726,000,000
higher, or 6% expansion without
lower:probable the large scale Government war
the second quarter. Thus,
financing that is coming beginning
case
I
ASSETS
£98,263,226
at the
the.
under
also engaged to an increasing ex¬
tent in. the production of chemicals
*
•
in
as
includes the
now
TOTAL
but that
affected
result of the
a
64 New Bond Street, W.
second
Bank practice as to pro¬
for taxes
apparently has
ing assets
these tax accruals sharply
indicated earnings, such
Smithfield, E. C. /
Charing Cross, S. W. 1
quarter.
over-provision.
7:-,;.■■■ ,YY/Y!
taxes*!
accrued
also manufactures fabrics contain¬
manufacture
President
1941.
Investments Company
Act.- The Commission's announce¬
yarns,
for, the
strong
somewhat better indicated profits'
and
*
is
now.,
Corporation
is
the
largest producer of cellulose ace¬
tate yarn in the United States and
me
,
where
,
1,
for
surtax
which
accruing
ing such
rec-
af¬
the expectation of 55% combined
rates would now be
justified in
^Celluloid merger, the business of
common
to
on
'
were >
should be ishown
therefore, in the first quarter ip<
compared with
Celanese
cents
payable
August
stockholders of
1942,
June
of
and
.,<•
;.
Banks
are redeemable at prices
ranging from 102 through July 1,
1944, to .100 after July 1, 1958.,
.•
has
quarterly dividend
per share and an
a
cents
extra
ord
Directors
that
,
Burlington Gardens, W. /
Aprilf
a
year.
otherwise
TRIUMPH EXPLOSIVES, Inc.
tax
redeemable
are
8 West
Continued expansion in
earning
16% surtax will be enacted^
assets should also assist
earnings'
which would be far less serious
to make a better
showing. Since
to the banks than a 31%
rate, al¬ April 1,
1942, earning assets of
though
still
quite ' an -increase New
York-City member banks
compared with the 7 % rate last
have increased only
$136,000,000J
$4,250,000 of the issue 'by July 1,
1952, and an additional $22,000,000
pany
earnings
probability
that
bentures is scheduled to retire
share
.
The
de¬
new
the
OFFICES:
Bishopsgate, E. C. 2
49
.
anticipatory provision' vision
taxes, the House Ways varied widely, some charging cur-'
and Means Committee has
recom¬ rent earnings and others
debiting
mended a 1-3% surtax, or com¬
existing reserves or general con¬
bined normal and surtax of 40%.
tingency
reserves
normally
as
compared' with
the
original; charged
against
earnings.
All
Treasury proposal of a 31% sur-; leading banks,
however, are un¬
tax, or 55% combined rates,
derstood
to have made
both;
adequate
comparing with 31%
combined provision
for
taxes, and some,
y:,YY' :-//Y'YV
sinking fund for the
of
indicated
for higher
Upon completion of the financirig, the corporation's funded debt
will be consolidated into a single
debenture
issue
of
$35,000,000,
with the maturity extended to 20
$6 an! $5 Preferred Sto:K Uivideuu*
publication
first
which was merged into
Corporation' last year,
were
approximately
$2,300,000.
Substantial further expansion of
plant
facilities, • including
con¬
struction
of
new
plants, is in
progress and under consideration.-
Electric Bond and Share
3
.
./v: /Y-Y'vYvYv;'■■■;'.•
statements, which
Celanese
/:,Y,
throughout Scotland
LONDON
is shown will add to the increased
confidence generated by mainte¬
nance of dividends
by leading banks for the second quarter despite
Corp.,
years,
OFFICE—Edinburgh i
Bank statements for the June 30 call
the close
1942, to Stockholders of record at
©f business
HEAD
Branches
of
a
earning assets, will assist
banks to
make
a
better
despite heavier
earnings
taxes.
THE COMMERCIAL 8c FINANCIAL CHRONICLE
Number 4086
Volume 156
growing interest in good Canadian
The Secnrities Salesman's Comer
securities.
'
They
Chatfie7 Passes Along Some More Of His Logic
About
v
column will remember
.
his employer were spending two and there are some of j us
time together in a social who think that even > two hours
manner and' the employer asked work a day is a burden.:
Charlie
Chat-lie the reason why he had didn't, he said, "I like talka- to ida
sold a successful shoe shine par¬ people, 's-fun." We think he had
lor, ; that was netting him about something there, k 1;
the bond
answer
business.
a
was
t.
Our
in
logic—in fact, it seems to us that
this story could be retold to any
recalcitrant client who might be
securities - that had
highs"
(and as
many people do) refuse to take
a profit.
But to go'on with our
story, Charlie turned to. his boss
and said, "I solium because busi¬
ness, she good. When business no
good, no time to sellum. You no
gitta da price. Now she good, I
getta good price. Sellum!" That
Charlie
was
eternally : right is
again revealed by the fact that
there is no longer any shoe shine
parlor on the once flourishing
corner in this upstate city where
holding
some
"new
reached
Charlie
be
lived.
He
knew
how
to
good seller which is just as
a
important
buyer.
as
how to be
a
good
/v,a;■<; "'-Vc (■'
v
■>
Probably another factor in his
major
private
•!
firm,
One
-
was
his
was
mental
attitude
FIRST MUTUAL TRUST FUND
a
re¬
have a block of 100
sale, but found that the
block was priced a point above
ported rto
COMMODITY CORPORATION- CAPITAL
Prospectuses upon request
the, market.
[•j
was a
little farther
than the firm was ready
away
But' anote
topay.
and
made
4.
NATIONAL SECURITIES & RESEARCH CORPORATION
That
when,
was
120 Broadway, New
duly
banker went back.
there
200
were
bonds
which
he
proceeded* to take
Reporter's
over;
up and turned
the s^me d# at a profit.
(Continued from First Page j" '■/»
provide f funds for
;
the retirement of $24,700,000 ( of
j
The; following applications for
outstanding 3s, and thereby con^ registration as brokers and dealers
siderably lengthen the maturity were made orr the dates indicated:
of that part of the debt, the. pro¬ i' June
1,? 1942—Investors Fund,
ceeds of the issue will permit also
Inc.w 1016 Baltimore Ave., Kan¬
the clearing up of $3,000,000 * of sas
City, Mo., Simpson Yeomans,
bank loans.
J .. Alvin C. Ferris, Edward J. StonV A
sinking fund (sufficient . to ner; W; Lloyd Garrett, Gus D.
take up about $20,000,000 of the Welch and Delos C.
Johns, of¬
total before maturity was one!,of ficers;
::(-My ■
;
! '
the features lending attraction*.to
] June >2; 1942—C. F. Cassell &
'the "issue, ;(•;(;:. /■"•, /(; ,(■
Co., 112 Second St., N. E., Char¬
Marketed to
Broker-Dealer Registry
<
J
diversification where the
principal of the trust is moderate.
quate
\; There
-
for re¬
of
than
more
few
a
i
c o m p a n
e s
whose shares would seem to af¬
ford the
(
-
over
are
good investment
lottesville, Va., Clair F. Cassell,
proprietor, Alexander J. von
Theieru having withdrawn as partsale a block of American Tele¬
ner; (Ea'stnan, Kronen & Co., 1503
phone & Telegraph Company 2 % s;
dud in 1970, part of a large issue $tate Tower Building, Syracuse,
N. 'Y., Drew G. Eastman & Hubert
sold last September to a group
Bankers who took
Generally
Second is that of providing ade-(
j"///,/ |:■;
A Little More Sugar.
7
speaking, investment (company shares have not found
(he wide acceptance among institutional and fiduciary investors that
would be natural to expect. As pointed out by the Keystone Cor¬
poration of Boston iii its June 26, (1942, issue of "Keynotes," many
professional trustees have two problems in common. The first is that
of providing adequate-supervision where compensation is not suf¬
ficient to cover tfte cost of com-^
; 7 —•—
plete supervisory facilities.
The i
,
mains
And yet the fact
that
would
re¬
been
include such shares
where
trusts
have
trustees
hesitant to
in
to both of those
answer
problems.
sole
have
such
been
inclusion
entirely
ap¬
propriate.
insurance
Again quoting from the afore¬
issue of "Keynotes,"
the question as to the propriety
mentioned
pf their investing in the shares
of investment companies is fre¬
quently raised by trustees—first;
panies have • recently published
reports showing institutional and
constitutes a delegation of duties, fiduciary acceptance of their of¬
4nd, second, the question of added ferings, and the figures have like¬
expense to the trust.Characterr wise borne out this; encouraging
izing these questions as "secon¬ trend..' 1
dary" and a matter of "common
as
to whether such an investment
and degree," in an address
before the Trust Division of the
sense
American
Bankers
Association,
,
^
f/
would many times sit down
(new
firm
Jackson
&
of
Webber,;
by/
Paine,
Curtis,
formed
( consolidation of the two- prede-;
•
cessor
(which
t
-
In its initial undertaking the
.
firms,
headed
offered
Scott; Paper
a
"gfoup^
16,229 shares of '
Company common"
5
sole
Mayo A. Shattuck, authority on
trust law, stated:
istoek,
$amuel, Jr.,.general partners, Ba¬
•the
•
memorandum
comparing the
performance of 53 indus¬
groups
since the fall of
France (June 5, 1940, to June 3,
1942) shows that Commonwealth
the
performance
!of
bank
a
or
stoek
or
of
even
a
insurance
;
Dividend Shares, Inc.:
stock like
*'Calvin
DuPont^ yi/hose earnings are deipendent, in part at least, upon
another great
It can also
the management
company;:
said; that
Ibe
charge is
open
no more
to ob-
ijeetlon than the salary account
lof
a
.
great public utility holding
! company,
which
or
the
trustee
a
compensation
often
/
to
pays
another of
the fields of human enterprise—
an
expert in
•such
fields,
one
for
■law. accounting,
medicine.
or
example,
Hare's Ltd.:
as
engineering or
/.>
j Fortunately,
-•
Bullock's "Bulletin" Qf
1942, points out that "if
you owned
100 securities . , .
(you, would have a long list of
problems too."
Some • of these
problems
are
discussed and a
method: by which they may be
largely eliminated through own¬
ership of Dividend Shares is out¬
lined.
';;V ■ '
V;"
June 25,
earnings" of
i industrial
.
Perhaps
:
no
other single group
of securities has
ijtiay be more accurately described
4s - a past condition rather than
4 present one. -There are growing
•
have
as-
second
ice. Company1..;,.
(.
y ( /•'
in for such
grade
signs
of interest
among
institu¬
interesting contribution
important controversy un¬
der the heading, "The Uncertain
(Continued on page 12)
•
tional investors, in, representative
open-end
investment
company
shares.
Send fir
,
he could take life easy
.
and^only
bankers should be( able to turn in drawn
from
a
good in another.
i
This
column
salesmen.
eight will
we
bring
do
about
feel
that
moire
success
.
in
the
ported
as
Number of
Holders
Seligmari Admits
Seligman
"344
Trustees'
Estates115
,
than investors
are
showing
a
real and
.
change,
Reed
to
( institutions
admitting Stayman L.
Churches
partnership in the firm
are
as°of today.
Other
r—
Republic
Investors
-
;■(•
46
28
16
leading investment com-
Fund, Inc.
Distributing Agent
BULL, WHEATON & CO. Inc.
40 Exchange
i
been handling a goodly portion of
the business report-that American
Prospectus
follows:
,;
& Co., 65
Brisk Demand For Canadians
—
Broadway/New York City, mem¬ Corporations
Investment interests who have bers of-the New York Stock Ex¬ Hospitals and charitable
r
is not advocating
16 hours a day for bond
But
a
partnership
real
thorough job of solicitation. firihv
paltry eight hours a day. -And it
figures to return them, ac¬
He was used to 16 hours work in
cording to. estimates, an" average
one business and he didn't see why
J. Sc W,
of 1 Vz points a share.
the same, principle shouldn't hold
*J. & W.
work
railroad
to (this
The Keystone Corpora¬
Sargeant becomes a partner in tion^ for
example, reports a total
With their vast establishment Sargeant, Malo 8c Co.; Equitable
df 586 institutional holders of the
—First Boston
Corporation has Building, /members of the New
financial' genius who thought that
12 branches, While Merrill«Lynch York' Stock Exchange, as of today. \|arious Keystone Custodian Funds
because he no longer had, -the,
as of May 15, 1942.. The five larg¬
has "only' a few short of 100--the Raymond. E. Sargeant has with¬
shoe-black stand on his. hands that
est groups of holders were re
t
come
varied comment in recent months
widespread
this
apathy on the part of institutional bonds; In a
two-page bulletin
ind fiduciary investors toward the
dated June 15, 1942, Hare's, Ltd.,
offerings o| investment companies makes 'an
,
.When he
of all
but 10 of the groups.
iehases, for. example, the shares
Amedeo Cacace withdrawn
^ DENVER,U COLO.—William P.
A
bettered
|han he delegates when he pur*
9, 1942—Lewis Klein, 545
City, a sole
proprietorship; Samuel Brothers,
2(Rector St., New York City,- J.
Ilrwin > Samuel and R. /Marden
Company:
trial
of his authority
more
no
Investment Company Briefs
,;
Commonwealth Investment
market
trustee dele¬
a
purchasing shares of these
i open-end investment companies
June
.
be argued with a good
iin
Fifth; Ave., New York
roness
*
can
gates
proprietorship.
thought he was the luckiest ;(stock.\ .'; v. ■'/ '" '
as * a/limited
partner;
Thomas
fellow
imaginable
because ; he / Priced at ll
,
with a discount Whittemore; ■, 72 Wall St, New
of
90
cents a share to dealers, ,the
could be out of doors all day talk¬
York4 City; a sole proprietorship.
ing to different people and mov¬ blocll was readily disposed, of and J, June* 13,
1942 — E.
Hirdler
books
closed
in
a short time.
;
ing; around the, country, instead
Greene,; 1434 S. Cincinnati Ave.,
of having to be closed up in a
Business Where You Find It
;
Tulsa, Okla., a sole proprietorship,
stuffy shoe shine parlor day in
;; June 15,1942—Devere W. Claus,
f;
The dearth of new issues is giv¬
and day out.
ing underwriters ample, time to Wpolworth Building, Watertown,
N. Y,, a sole proprietorship; B, J.
!
It's true that not everyone in the turn their talents toward
other,
securities business can put in such but
none-the-Iess similar; means jphnsoii & Co., Rapid City Nat'l
hours of work as these. Territories of
Bank Building, Rapid City; S. D.,
eking out an existence. :
;
Bernard: J. Johnson, sole propriediffer, individual clientes also re¬
Merrill Lynch; Pierce, Fenner
ior; - Mosle & Moreland,- Inc.," 824
quire that specific parts of a
& Beane, and the First Boston
American / National
salesman's day are devoted to cer¬
Insurance
Corporation; for example, have
tain interviews and less.. time is
Building, Galveston,
Texas,. J.
registered as ^underwriters to
Marvin
Moreland, J. Ludwig Mostherefore, available out of the
devote their efforts toward faliey, formerly partners,; and Esther
working day,, for other; customer
cilitating the exchange of seHock, difice^s.
contacts. But the important thing,
•j curities involved in the '* capital
we believe here, is shown by THE
revision plan put r forward by
ATTITUDE
TOWARD
WORK, •the Empire Gas & Fuel Com!
-Sargealnrtt, Malo Partner
THAT THIS. FELLOW. ASSUMED. ; pany.
subsidiary of Cities Serv-
It
*
ideal of force that
He
changed from his shoe
shine stand to the securities busi¬
ness he didn't become, a glorified
Russ Bldg.r San Francisco
Institutional And Fiduciary Investors*
i, upper New York State and. he
ward for their breakfast. His Ias£
call of the day was normally made
about nine o'clock in thO evening^
::
bonds/got withinr a fraction of
the potential seller's price, the
SEC Applications For
,
at the
same: table with his clients,; who
usually did their early morning
chores and then returned' after¬
York
recently, the
.
.
STOCK
bonds for
H. Kronen, partners.
/;
companies, are re¬
\ June 3, 1942—Diehl & Kahn/50
toward
work.
Having
known ported to have shaded (the offer-:
Pine St., New York City,' Ludnothing but long hours from the ing price on the bonds slightfyv
wig P. Kahn, sole proprietor, Geo.
The bonds were sold by the
day he landed in this Country as
H. Diehl having withdrawn..
ah immigrant, he applied the same
company to the insurance com- !
! June 5, 1942—Institutional In¬
principles to his bond selling ac¬
panies at a price of 101.842.
vestment- -Company,
108 South
tivities. He opened his shoe shine
Bankers making the secondary J.
Main St., Fond du Lac, Wis., Irene
parlor about seven in the morn¬
offering; some week ago, priced ;
S. Brenner, formerly a partner,
the issue at 100 with a 34 poiht
ing in order to catch the early
j Kenneth M, McLeod, Henry W ashcommission to dealers; J;
rooming trade that might be rush¬
bush,-officers (George N. Promen,
f
ing past his door to the railroad
Now, it is understood,
a
former partner, having with¬
bonds In the block are being
station, and he kept his stand godrawn):..,..'.;.'.
(
made available to dealers, at a
ing until 11 /fclock at night. Fif¬
j June 6, 1942—Harold Ginsberg,
teen to 16 hours work a day when
price of 99% with the dealers'
i731 J'Harrisbn Ave., Bronx, New
commission raised
he was in the shoe shine business
io/% of a. York, a sole proprietorship;. Ray¬
.was nothing unusual for him so
point.
v..
mond N. Parker, 628 Circle Tower
when he went into the bond busi¬
Successful Secondary
Building, Indianapolis, Ind., a sole
ness he got up early in the morn¬
proprietorship; Rufus -G. -Smith,
ing, and made his first call about ; One of the most successful of
secondary
offerings *; of; recent 1707/Milam Building, San Antos^x a.m. This he was able to do
r|ii6, Texasi -a sole proprietorship,
because his territory was located vintage was completed over-the8,. 1942^-Joseph Sibley
countef after the
close {• of the j June
in the dairy-farming; district of
Cover, 608 W. Fourth St., Roswell,
listed marketon Tuesday,; ; f
success
Income Series
Low-priced Common Stock Series
cor-
recently contacted
dealer in Canadians who
Low-priced Bond Series
Preferred Stock Series
/•' He found that, instead of 100,.
T
think his
We
masterpiece
and
inces
and i
week, in order to go into
NATIONAL SECURITIES SERIES
Bond Series
nadian
Government, the Prov:
some
per
sizeable
a
porations of the Dominion.
that last week we
told how "Charlie made a long story short."
There were several
anecdotes told us about this unusual salesman, who despite his lack
of mastery over the English language did not let this deter him from
being very successful as a producer of business. We believe they*, are
"Worth passing along for,the lessons they" teach.
j ; ;
;
On one occasion this salesman**1 j; ■"■/ ' "•
i-'..'v.'
i. .1
$100
that
is going
through daily
involving securities of the Ca¬
Business And Salesmanship
The readers of this
report
business
•
Place, New York
THE COMMERCIAL & FINANCIAL
CHRONICLE
Thursday, July 2, 1942
FLORIDA
FLORIDA
Reflecting the general improve- and would get
E&ent in the financial condition of
such
Our long experience In
naost
of
the
At present, Mr. Hare explained,
country's railroad
systems, rail securities with a par social security, maternal welfare,
y^lue of more than $2,400,000,000 crippled children, old age assist
tarn
been
added
the
to
Shanks
in
and
ofiance
list
securities considered legally elig¬
ible
for investment
by savings
similar
grants
Federal Government
by
to
Federal
Government
Security
payments,
State
could
match
it
for
up
foeen added to the list.
per
less
aaihnost
tfihat
the
list
his
capita
bill
not
(HR7298)
income
vidual State
been
called
as
Governors
by
be
of
the
the
municipalities
The
are Norfolk, Va„
$>40,618,000; Tulsa, Okla., $13,*100,000; Bt. Louis County, Mo.,
$8,376,000;: Englewood,
N.
J.,
$$,639,500 !iand Woburn, Mass.,
|
'
;
other expressed
posals
dustries
|
$tate
which
have
Tuesday ip "an analysis of collec¬
tion
figures from eight states.
Incept for taxes on food and ser¬
vices, ho\yeyer, declines may be
anticipated fin the near future
though tolal collections are not
ejected to fall below those of
'} '
"
-
./..v:-..
■.
ceilings, stricter controls
installment purchasing and
-the cut
ir£ production of civilian
commoditips combine to reduce
tthe
ttlws
reven|qk from
sales levies at
point| the Federation said.
Totals
jlitly
covering
1,
1941,
the period from
to
May
1, 1942,
12% in
showed
taxable sales up
•North Carolina and Colorado, 17%
jin Michigan and
Missouri, 22% in
Kansas
and
sin Arizona
3n
Oklahoma
April,
to
25%
and Illinois.
1942,
acates of increase
ened
and
3%
Kansas and
in
the
1941 slack¬
Michigan, 7%
16% in Illinois.
taxation, the
would
be
the
Municipal Officers Ask Post¬
poning of Nonessential Works
in
First
works which
compete
directly
or
or
power" with the national
man
week
by
was
the
requested
Municipal
last
Finance
Officers' Association of the United
States and Canada.
In another resolution
its
thirty-seventh
adopted at
annual
confer¬
ence, the Association urged
best
possible use"
of
all
and materials
power
der
"the
man
by Federal,
local governments in
or
to*
"improve
or¬
administrative
ttf>$% and in Colorado to
4%; and
iftat North Carolina collected 5%
favoring the preparation in detail
in
'M&l.
sales
mare
«ame
than
in
May,
among the States
maintained the highest
of
increase,
collecting 20%
April, 1942, than in the
in
month of 1941.
<0t$, there should be
^lump
in
tax
no
plus
the
on
receipts
sales,
heavy
it
was
ing and the imposition of price
States taxing services
continue
to
gain
revenue
source.
fSase "Call" On Poorer States
binder the terms of a^bill introdjueed in Congress last week
by
Carolina,
have
grants
to
on
of
South
poorer States would not
match^Federal
financial
a*dollar-for-dollar basis
a
pro¬
resolu¬
months
of
State
and
the
borrowing
study
of
in
the
Florida,
the
to
decade,
faster than
and
Florida's
exercise
of
opefating
economies so that "reserves or
surpluses may be created."
The Association
recommended
that where needed
legislation be
enacted
to
accomplish
the
reduction and
economy
debt
policy.
that
the
industrial
growth
and
La
Guardia
announced
of
of
the
United
Mayors
on
States
Conference
July 9 at City Hall
in New York to
study the subject
of assessments and other
financial
problems
cities.
He
plight
of
besetting
said that
cities
the
was
American
financial
Specialists
revenue
the
in
bonds
transportation
emphasize
relatively .strong
indicated for
of
.
The
tabulation
shows
Port
that
position
issues
under
existing restrictions derives
from the fact that truck traffic
accounts for
percentage
an
of
unusually large
total
gross
in¬
come.
municipal bonds
available today at prices to
tax
exempt income of
as
9%, and should prices
as
return to their highs prevailing
just before Pearl Harbor, capi¬
tal appreciation from 21 to
72%
possible.
Copies of the study and tabula¬
tion are available
upon
request
from Heinzelmann & Ripley, 40
Exchange Place, New York City,
N. Y.
v
"
'
;
N. Y. Port
.
Authority Earnings
Exceed Requirements
Earnings of Port of New York
Authority for May provided a
wide margin of safety for interest
requirements, notwithstanding ad¬
gasoline
rationing. Last
month's
operating revenues, at
$1,389,644, came within 14% of
$417,032
proportionate
require¬
on
interest
funded
debt
amounted
$1,059,486 for the month.
Net
for sinking
funds, re¬
available
serves
and
debt
retirement
was
as
compared with $796,970 in May, 1941. While the
per¬
centage decline for June may be
greater,
of
as
last year,
to continued
The
National Power
compared
with
June
all indications point
satisfactory coverage
becoming for interest requirements.
and
Company last week offered
to
of
refunding bonds, the flotation
of
which
city's
would
complete
the
huge
refunding program
that has been in progress for some
time. The committee is understood
to have set
July 14
the tenta¬
as
tive date for the sale of the
which
will
Late
mature
bonds,
serially from
Light
to sell
net
a
interest
cost
basis
of
2.7238%.
the
Paul B.
Sawyer, President of
National, announced the offer in
a
in
March, this year, the
city sold $16,758,000 of bonds as
part of its refunding program on
City of Birmingham, Ala.,
all the utility and
transportation
properties owned in that* city by
its subsidiary, Birmingham Elec¬
tric Company.
statement
issued
to
deny pub¬
lished
reports that the
already was negotiating
sale
of
the
ties
to
the
Power
&
company
for
the
Birmingham proper¬
city or to Alabama
Company,
wealth
a
Southern
Common¬
Corporation
Major Sales Scheduled
We
list
herewith
important
($500,000
issues
over
in the
up
of
names
and
or
excluded),
come
the
July
$1,279,500 Toledo,
On
successful bidder.
offer
to
buy
these prop¬
that this bid
erties, but asserted
"so inadequate that it did not
to
The
bidder
for
the
last
are
also
ap¬
July
$2,800,000
In
7
Ohio
Runner-up for the issue
Halsey, Stuart & Co., Inc. of Chicago,
was
an
future.
May 19 a syndicate headed by StranaHarris & Co., Inc. of Toledo, was
Mr. Sawyer admitted that Ala¬
bama Power recently had submit¬
ted
sold
term
are
pended.
that
.
short
successful
issue
more
offerings
which
near
the
han,
area.
—
runner-up
previous
the
municipal
subsidiary, which also operates in
March
was
syndicate
merit serious consideration."
Co.
of
8
Cleveland,
this
city
headed
Chicago,
Ohio
awarded
by
the
which
bonds
Northern
account
to
a
Trust
nosed
out
Blyth & Co., Inc., and associates.
Income after
expenses available for the
$642,453,
^
,
■
.
to
'
1944 to 1963.
Birmingham Utility
Acquisition Held Possible
that
Florida
of
Clearing House Association
Member Federal Deposit Insurance Corporation
agricul¬
trade, and putting the State on
all-year-round income produc¬
ing basis.
/
•
■
vent
$1,048,729,889.00
-
Member Federal Reserve System
ist
ments
Friday that he has called a
meeting of the Board of Directors
'
.
any other
an
those for May, 1941.
Mayors To Meet On
Municipal Problems
>-
interests, together with its
rapidly increasing war activities,
is offsetting the
diminishing tour¬
is
.
.K
Charter Member Neu> York
tural
yield
!
■
■
fi¬
State in the Union during the
past
high
V
958,507,086.20
•
the
local
power,"
239,765.78
Outstanding $10,228,089.63)
ago.
grown
are
3,799,532.69
Obligations and other securities carried at
$123,936,710.61 in the foregoing statement are deposited to
secure public funds and
for other purposes required by law.'
Among various other statistics,
study points out that Florida
some
,
u. s. Government
the
has
!
1,552,606.03
,,)
portfolio)
,7"*
a
of
-
government
debts
so
that
"credit will be available
through
Mayor
Hare
in
last
Congressional Bill Would
Representatives
covered
calling for the progressive
and
the
<Oohtrols.
Cfrom this
tion
was
for
tainted out, probably will offset
iinipart restrictions on purchas¬
wtill
construction
status
$5,352,138.72\}
acceptances
Other Liabilities
Checks
*
gram
improved
generally
food
peace-time
own
held in
municipali¬
ties
within
that State,
together
with a tabulation
showing pro¬
gressive current yields of 18 dif¬
ferent municipal refunding issues
from the present low prices to
the
highs prevailing about six
as
financing of the projected
general
iftext several months. Existence
«tff record merchandise invento¬
reliance
The
(less
alone,
900,000.00
5,621,009.94
etc.-
Deposits (including Official and Certified
relationship
their
9,662,494.39 $79,662,494-39
Payable July 1, 1942
Acceptances Outstanding
Louis-
Ripley, Special¬
Municipal Bonds,
Florida
$20,000,000.00
Reserves, Taxes, Interest,
&
prepared
nancial
of plans "for post-war
public
reduction
"JThe study said that while reitail sales will continue to level
ries,
now
record
on
improvements."
Oklahoma,
reporting,
acate
taxes
went
in
3,237,098.83
50,000,000.00
Dividend
there.
and
building at present, the
officers
St.
conditions
While suggesting the deferment
fiscal
;
Undivided Profits-
acres
area
economic
management so as to increase the
effectiveness of employes and to
decrease the costs of government."
of public
15%, in Missouri
the
1,503,000.42
v.™ 3,234,811.06
Acceptances-
Surplus.
Study Prepared
indirectly for materials
effort
war
on
Capital Stock-
Florida Municipal Bond
ists
T^^ports covering May collections
$huw the increase that month in
i&rizona fell to
Jess
$5,000,000
have
Roosevelt has signed
extending the Municipal
Bankruptcy Act to June 30, 1946.
public
in
Heinzelmann
bill
tial
covered
509,793.50
4,855,702.25
LIABILITIES
marooned, rail
disrupted,
Charles counties
142,604,360.23
1
$1,048,729,889.00
was
80,000
>99,960,002.59
__
Other Assets
com¬
President
the
Credits Granted
the hardest hit, and farm agents
forecast damage at upward of
Extension
State
however,
over
in¬
.Postponement of all "nonessen¬
IPrice
iouer
stated,
St.
Approves
Municipal bankruptcy
■
-.
local
war
were
traffic
estimated
were
con¬
President
jfeoen running at an all-time high,
•now are leveling
off, the Federa¬
lism of Tax Administrators said
Jswa.
remove
An
devoting themselves
heavily to the war effort.
most
taxes,
pro¬
munities
/;: v
sales
Any
gravest threat to States and
Leveling Off, Study
Jflbows
control.
from
resolution
The
opposition to
gressional act to
.
taxes.
Some
motor
29,347,695.09
Other Real Estate
eight flotillas of coast guard
vessels, aided by civilian patrol
planes, engaged in rescue work
and mail delivery.
unemployment
systems be placed
compensation
,
Mortgages-
Louis.
Loans ;
; 84,072,011.67
Loans and Discounts
drowned in floodwaters.
State
under Federal
jSitote Saleis Tax Collections
3&ew
that
local
rich
causing
Banking Houses
and
and
of
acres
damage estimated in the millions
of dollars, and three
persons were
any
State
oL
last^ wnday,
348,582,958.37
.
Municipal Bonds
Central Missouri to the confluence
with
the
Mississippi above St.
State
$330,822,454.99
Obligations,
Fully Guaranteed.
Other Bonds and Investments
Thousands evacuated with their
halt
to
,
Bankers' Acceptances and Call
State and
livestock, day and night, in the
area
extending from Boonville in
closed
on
thousands
over
bottomland
and
from
standing debt
resolutions
encroachment
; ■':
rapidly-rising Missouri
poured its muddy waters
River
30, 1942
U. s. Government
Direct and
Heavy Toll
One resolution condemned
future
national
legislation
might exempt war plants
that
added to the list and their out¬
$853,400.|
States
of business, June
Cash and Due from Banks
Missouri Floods Exact
indi¬
the
rights.
.
Among
39
At the close
assets
•■J.;;'''.'.;
■.
/
^
CONDENSED STATEMENT OF CONDITION
CHICAGO ILLINOIS
done.
"
Broadway, New York
and that something had to
grave
compared with the
of
adopting
Federal
iKatured.
Founded 1824
.
their annual conference last week
have
or
TRUST COMPANY
glad
so
Protect States' Rights
exclusively of obligations
have
be
regarding
-
national per capita income would
be the determining factor in com¬
consist
will
similar
a
State
a
SANKILDCWs
1ST MAI
*$2,000, total additions made to puting the amount of money the
ttlhe legal list amount to $3,180,- Federal Government and the State
$12,205. Against these, the Bank- would put up.
Department announced total
^Removals of securities with a par Governors
Adopt Plans To
from
We
inquiry
obligation.
any
it
and get less money.
money
Under
$2,<898,756,705.
bonds.
no
;
bank
comprehensive
a
R.E.Crummer & Company
Social
financially strong could only put
Municipal obligations of nearly
$74,000,000 and public utility obliISffitions of $204,000,000 also have
wsdue of only $281,755,500, leaving
met addition to the legal list of
at
us
familiarity with these
165
because
with
whereas
amount,
at
gives
answer
them
Thus, he said, one State may be
to
get $1,000,000 from the
able
Y<©rk
Including Banking Board au¬
thorizations of eight miscellaneous
issues with a par value of $445,-
issues
municipal
the
matched
are
smmced
Removals
da
background of
handling Flori¬
equally by individual States.
this
State, it was anTuesday by the New
Banking Department.
Tibe new list, effective yesterday,
w»s issued by William R. White,
Superintendent of Banks.
Chemical
MUNICIPAL BONDS
greater share of
a
funds.
The
utility
executive
pointed
that the company is
obliged
dispose of its Birmingham sub¬
sidiary under a Securities and
Exchange Commission order is¬
sued in August of 1941.
July 14
out
to
(tentative)
$17,143,000 Detroit, Mich.
On
March
issue
31, the city
awarded
a
previous
of
refunding bonds to a syndicate
by Bankers Trust Co. of New York.
Second best bid was entered
by the First
National Bank of New York, and associates.
headed
Detroit Bonds
July
Authorized
The
City
of
$2,976,000 Cuyahoga Co., Ohio
Detroit.
Mich.,
on
Tuesday
approved
through its finance committee the
issuance
of
a
17
-
Council
total
of
$17,143,000
In
March
syndicate
the
county
awarded
bonds
fo
a
headed by A. C. Allyn & Co. of
Second highest bid was submitted
by Prescott, Jones & Co., Inc;„ of
Cleve¬
land and associates.
Chicago.
Volume 156 '
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4086
•.
•
THE
•
•
PHILADELPHIA
BANK
NATIONAL
Organized 1803
June 30, 1942
,
:Illl|illll!l
Cash and due from Banks
.
.
.
...
.
.
.
.
U. S. Government Securities
•
State, County and Municipal Securities
Other Securities
•
.
•
.
.
.
.
$307,225,558.95
.
•
253,334,072.02
.
•
16,637,466.56
41,972,969.87
•
Loans and Discounts
.
Bank Buildings
.
.
.
;
.
.
5
Accrued Interest Receivable
:ih
91,187,776.38
.
.
.
...
.
i.
.
.
.
.
.
.
.
*>'•
.
.
.
••
.
.
.
•
i.
...,
.
.
.
.
.7
2,750,000.00
v
.
.:t;
"!
it
..
1,631,674.53
r.'
Liability Account of Acceptances
Customers
:
.
687,747.38
$715,427,265.69
LIABILITIES
v
r::Cl-r
"*'• ,;S
'fv•'••x •••.:.'<
'
Capital Stock.
Dividend
.
.
(Payable July 1,1942)
Reserved for Taxes
.
$14,000,000.00
.
.
.
32,789,008.57
.
.
3,079,394.59
.........
.
875,000.00
.
.
"
.
Unearned Discount and Accrued Interest
.......
2,235,752.58
......
270,525.56
2,088,243.22
Acceptances
Deposits
.
*''•'
.
.
•••••••••
Contingencies
''>•.'
...
......
Surplus and Net Profits
Reserve for
v;-:h.v.
'v v•'». r>y\'v-
.
.
•
•
.
.
......
V.
.
•
.
.
660,089,341.17
$715,427,265.69
'
Evan Randolph, president
charles p. blinn, jr., Executive
member
of
the federal
Vice-President
deposit insurance corporation
Philadelphia, Pa.
>
<■
■
■
.
■
10
THE COMMERCIAL & FINANCIAL CHRONICLE.
Thursday, July 2, 1942
Financial Librarians
Hold Annual Meeting
At its
J.P. MORGAN & CO.
cial
INCORPORATED
NEW
Cash
Hand and
on
■
State and
Stock
356,217,254.36
Fully Guaranteed..........,.,
Municipal Bonds and Notes.
1,200,000.00
...
.
(including Shares
of Morgan Grenfetl 4'"Co. Limited).......
Loans and Bills Purchased...
..............
Letters
on
were:
Pamela
C.
for
led
Eleanor
by
A
4,000,000.00
joint
Accounts
.,
tion
$681,825,785.40
$633,335,602.07
...
Payable and Miscellaneous
1,468,792.13
5,7,05,503.88
............
$20,000,000.00
Vf.
..
.'"20,000,000.00 S;
Surplu s.....
Undivided
' '/■■■■ 5
:■
Profits.....
1,315,887.32
V.-
.
Total Liabilities.
..,
M'fffff;;,
41,315,887.32
-
created
research
organi¬
and
during the war emer¬
Graham Hutton, Director,
Press
portance of protecting
are
pledged to qualify for fiduciary powers, to
•:
\
as
public monies
Mem ber Federal
.
-
'
'
.
'■;)?
'
.'
'
but
confidential,
to
be
Says Cessation Of Utility Advertising
Would Be Sabotage Of Investment
as
for
soon
as.
times.
paper
we
marks
as
From
quote
his
same
further
re-
which
cause
into its shell and
ceases
present and of the future."
to
interpret itself to the public
during a period of war is invit¬
ing the1 inevitable—serious im¬
pairment of prestige, political
'
companies passed out of exist>■' '■'7'
•
While
urging continued ad¬
vertising, Mr. DeBard warned,
however, that economical cov¬
erage is the first consideration.
"Any form of advertising which
cannot justify itself from this
point of view will tend to bring
on the utility criticism
of cus¬
tomers
who
will
claim
that
is being spent reckless¬
ly," he pointed out.
In answer to a question as to
which type of media, excluding
magazines, was the most essention for war-time advertising in
the utility industry, Mr. DeBard
money
said
and
newspapers
bill
en¬
hesitates, the
a
of its
most
essential
dium.
held in
The
as
advertising
utilities
session
conjunction with the
nual convention
the
me¬
was
an¬
of the Advertis¬
ing' Federation of America. An¬
speaker
at
the
utilities
other
a
out-of-State corpora¬
an
advertisers
*
have
courage, he contended,
;
lost
and be¬
"they can't see the possi¬
bility of selling a can of beans
tomorrow morning, are
simply
twiddling their thumbs instead
of continuing to tickle the
pub¬
lic's curiosity and desire."
securities business in New York
of the fact that the stock had been
Nuveen, Jr., Salvage Mgr.
CHICAGO, ILL.—John Nuveen,
Jr., partner in the municipal bond
house of John Nuveen &
South La Salle
Co., 135
Street, since 1919,
appointed
regional sal¬
for the Bureau of
Industrial Conservation.
He will
manager
charge of the activities
of
the four sections of the bureau—
general
salvage, industrial sal¬
vage, automobile graveyards, and
special projects.
Mr. Nuveen is
also
Chairman
of
the
Illinois
Board of Public Welfare Commit¬
tee.
leaders
to investment dealers.
reason
either the time
from the
have
dared
never
to
up
a
go
so
or
money
should
you
.
.
The small dealers do not
.
to give to your work, but
backward to look at matters
necessary
lean
over
point of view of the smaller dealers and
their share of the
breaks.—(From
Investment Fund) ■
see that they get
Boston, Mass., Underwriter of an
5:. f
a
7:'
DEALER
NO.
16
77";-7:777
77777. ;777:7-
DEALER NO. 17
I wish to congratulate you on the vigor of
your editorials against
the NASD minimum capital
proposals.
involved in this request
well portrayed by your editorials.
was
The anti-American principle
is defeated, your publication should receive the
Milwaukee, Wise., Dealer)
;
^
/
a
DEALER
I would
read
in
I
like
the
Proposal.
to addl my
"Chronicle"
believe
that
NO.
77: 77 7\
18
to the
comments
relative
"V
■'
-
the
to
letters
NASD
-.7'V/77'7"Chronicle"
the
deserves
which
Minimum
I have
Capital
:' *"•
■
deal
great
a
of credit
for the stand it has taken and agree entirely with you. It so
happens
that I am expecting to be called for war work so I withdrew a sizable
^amount of money from
and family leaving
requirement. 7 7 7; 7,After
having been
firm to provide
my
Vife
ruling.
The
their clients'accounts.
below
me
the
7" .V 777
in
home for
our own
for
.
•./■V"" /;.v
would seem
■
many
it
years
Dealer)
is
extremely
an
simple jmatter,,
.f5
.
f
\
C. A.
Carmi
Thompson Dead
A.
Thompson, Treasurer
old.
years
cessively
United
States
Mr.
Pres--
Thompson
suc¬
Assistant
named
was
States
Interior,
under
of the
the Pres¬
Secretary
Secretary
to
ident and United States Treasurer
under
At the time of his death he
in
partner
'
777;-.
good job
a
an
with
*
.i H
•
'\V.
•
Reference is made to your recent article of comment
..
rent proposal of the
great
lack
,
r
the
on
cur¬
NASD.-Having been the security business for
a
wish to commend most earnestly both your cour¬
many years I
for saying what
age
.■
v!: dealer NO. 19 ; '7 if;
you
did, and the clarity with which you show the
for the purpose. Nothing, it seems to
*
of any rational support
could have less support in actual
observed fact than the moth
that bigness per se, or
itself is the solvent for business illness.
.
,
"adequate" capital in and of
.
.
.
.
This whole subject
so
ably treated by Dewing in his well known book that it
be
a
matter of debate among informed people.
Personal observation
and
ance
stupidity
over
have
many
caused
years
ceases
;
is
to
.
.
is persuasive that ignor¬
loss
more
dishonesty or'mere smallness of capital.
by
far
than
deliberate
Surely it could hardly be
contended
the
that the capacity to evaluate securities and understand
procedure for maintaining integrity and honesty are automati¬
cally
inherent
in
the
brain
of
a
man
having
a
hundred
dollars in the bank, and equally lacking in the brain of
has one thousand. If this were so, obviously a
thousand
who
man
a
big business couldn't
fail and
small
a
couldn't grow.
one
The facts belie such
a
thesis.
This
very well demonstrated here in Baltimore in 1933 when two of
four largest banks remained closed and
perhaps two of all the
others got into trouble.
«
-
the
law
was
firm
of
the
Board
of
the
Midland
our
Again I wish to contribute
by the facts. (From
a
Potter
Now
With
Metropolitan St. Louis Co.
<8npcial
to
The
CHICAGO,
Financial. Chronicle)
ILL.
—
Homer
want to
commend
deserve
you
upon
the members to vote upon.
H.
First,
it
of his rights as an American citizen.
liquidation
pany, whose main office is located
at
718' Locust
country.
Mo.
writer.
Street,
St.
Louis,
Mr. Potter in the past was an
officer
of the
Mercantile-Com¬
and
of St. Louis with
the
June
18)
-
unconstitutional
seems
force
Metropolitan St. Louis Com¬
the stand taken in
25 issues regarding the proposed NASD financial require-}
ments for its members and other restrictions that they have asked f
the
Chicago.
points
and June
Potter has become associated with
Bank
your
Baltimore Dealfer)
DEALER NO. 20
I
Homer
that
assurance
most earnest consideration and that the criticism is
amply supported
Steamship Co.
merce
done
was
appointments by President
Taft.
of
have
<
I"-,-"
eaten thesis
State
dealers
.
me,
York
smaller
my
minimum NASD
proposed
7v77
business
,
Ilis livelihood depends upon the strength of his clients® ac-;
counts—not upon a big moneyreputation.
(From a New, York City
.
New
Thompson & Smith and Chairman
in
the same
properly registered with the SEC.
To qualify a security for sale in
>
a
been
union
to arbitrarily legislate against the
poor man.
It has always been said that character and not the
balance sheet
determine the character of the loan.
I believe the same applies for
doing
State without qualifying the stock
with State authorities, regardless
resumption
cause
be
newspapers
of its kind
case
the very thing it fears."
to dhe
regard
*v
ident Taft, died on June 22 at his
home in Cleveland.
He was, 71
Many
of
as
-
;
of the United
has
.
This is the first
curtailed
advertising, the
precarious
becomes
its
position—the
more
it
invites
vage
ties
intended to sell securities
more
England and the United
States, said Mr. DeBard, according
"Times," utili¬
it
operating enterprise.
longer it puts off
closures headed the list.
York
free
And the longer it
In both
New
and
in New York State.
as
last point of contact with the
American consuming public," he
continued. It's the last means it
has for preserving its. franchise
known
ence.4-v-''■*. '■■■;
advertising to the public
a
radical
arbitrary
As to
the only way to maintain good
will.
"Advertising is business's
as
far
most
ities
that
the
Mr. Weir urged a continuance
of
the
even
built
shop that must be the admiration of all union leaders, but
absurd to be compelled to resign from the association because of
in which
I, he said, "suffered
severely" in the post-war period
nationally
of
Secretary
notifying the Secur¬
Exchange Commission
tion has been enjoined from
'
closed
of State after
his remarks the "Herald Tribune"
World War
some
fear
the
on
reported:
'attack, and all the other ills as¬
sociated with a policy
of si¬
lence," Mr. DeBard declared. •
Recently published data indi¬
cate
that
companies which
dropped advertising during
and
much
no
character of the dealer and not of his financial
resources.
The National Association of Securities Dealers has
lars with the New York
doing- at present "be¬
company
the State of New York
grounds that the company - had
neglected to file required particu¬
W." J.
too
we
inventory, he needs very little capital
to do business and do it
honestly. The question of whether the cus¬
tomers are being jeopardized is
entirely a matter to do with the
,
,
in
public utility adver¬
Weir, Vicecharge of copy of
Thomas, who charged that
advertising is not doing the job
of
Street has
small dealer in, shall
a
If this question
registered Securities in
Lord &
it should be
carries
man
Enjoined From Selling Un¬
war »>
follows:
"Any utility
crawls
the
a
credit.-(From
.
nojmal
Where
war.
'The necessity of the continuance of advertising by public utilities
New York State
during the war was stressed by Davis M. DeBard, Vice-President
of Stone & Webster Service Corp. in an address on June 23 at a
The Banner Oil Corporation of
meeting of the Public Utilities Advertising Association at the Hotel Shreveport, La., has been en¬
Commodore in New York.
Mr. DeBard was reported as
stating in joined from selling its securities
meeting was
President in
Stock Exchange doing business in Wall
connection with what is necessary for
say, Minnesota or Vermont.
are
released
consumption
practicable after the
would be a "deliberate sabotage"
of Ian investment built up during
member of the
no
kept either secret,
restricted or unre¬
public
tising for the duration of the
adequate capital for
a
indicated, the series are effecitvely scrambled; in the case of
compiled
<
•
-7/
stricted—all
the New York "Herald Tribune that cessation of
••
im¬
the United States the statistics
>
I have just received a letter from
the National Association of
Securities Dealers together with a ballot
suggesting some changes in
the by-laws,
I am disapproving the entire lot.
'
•!
V'
I do this not because I think
they are all had, I do it because
I think they are all interwoven with
a principle
that is bad.
The
idea of legislating a minimum
capital requirement for all dealers all
over the United States seems to
me to lack appreciation of the con¬
ditions in this great country of ours.
What is
could never have entered the law business if he had to
show net
financial worth of any consequence.
Contracts are what we deal in
and if we can deliver the goods that's all that should
count.—(From
a New York City
Dealer)
our
i
15
tical information from enemy use.
r.n the case of Great
Britain, it is
7'^ -77.77'
/ '"• ;*
this
f'iif
Deposit Insurance Corporation
"
;
i
•-
in
Henry Ford did not have $5 to start with and Abraham Lincoln
required by law. and for other purposes*
Member Federal Reserve System
v
July 2,1942.
secure
,
,
„
efforts
statis¬
United Slates Government securities, carried at $38,474,992,36 in the above statement
,
the
,T
Below we reprint a letter written
by an underwriter of an Investment Fund located in
Boston, Mass., to the NASD's Philadelphia
Office:
"L
\
lining the plan of ours, which has
just begun. Both men, it is stated,
stressed
"
your
,
because of that
and
'
appreciate
regard, because the membership of the NASD would be
better kept
intact, rather than to have a wholesale resignation of small
firms
they could not meet the financial
requirement.—(From a
San Antonio,
Texas, Dealer)
have
liom only,
should
because
af Great Britain and Dr. Rice out¬
encouraged the feeling that the
dislocation would be for the dura-
$681,825,785.40
,
problems
Service, Chicago,
and Dr. Stuart A.
Rice, Assistant
Director in Charge of Statistical
Standards, U. S. Bureau of the
Budget, Washington, D. C., pre¬
sented papers on this subject, Mr,
Hutton
detailing the experience
:
v.
the
was
sources
British
Acceptances Outstanding and Letters of Credit
Capital.
to
Com¬
the
Groups
zations by the discontinuance and
alteration of statistical informa¬
5,697,764.93
Liabilities.
Issued..
whole
a
DEALER No.
librarians,
Cavanaugh,
of
Financial
libraries
gency.
LIABILITIES
S.
meeting
and
devoted
in
..........
financial
Special Libraries Association,
7,738.95
Prepaymen ts........
Deposits...............,
-
as
Williams,
methods
1,732,911.62
'•
-
v......
Vice
(Continued from page 2)
The Industry
its
as
66,749,553.77
of Credit and Acceptances.. .$5,705,503.88
Total Assets........
elected
Librarian,
Standard
&
Poors
Corp., and President-elect of the
....;................
.....
Liability of Customers
Less
elected
merce
.
Association
Li¬
20,227,842.87
Interest/Accounts Receivable, etc...
Banking House.
Opposition To Minimum Capital Proposal
meeting
Special
■
23,863,894.45
.....
of the Federal Reserve Bank......
Accrued.
the
Chairman,
Librarian,
Reserve Brink, Minneap¬
olis, and Secretary-Treasury, Mar¬
garet Siegmund, Librarian, Bank¬
ers Trust
Co., New York.
On June
19, there was an infor¬
mal discussion of
problems and
$202,136,563.40
Deposit in Banks,.,..
Other Bonds and Securities
of
Federal
United States Government Securities,
Direct and
business
Detroit, the Finan¬
Chairman, Mary P. McLean, Li¬
brarian, American Bankers Asso¬
ciation, New York. Other officers
YORK
ASSETS
on
Group
braries
Condensed Statement of Condition June 30,1942
■;
annual
June 20 in
on
The position
(From
a
of
you
all
small
people
are
and
May
we
express
our
full
the
houses
dealer»
small
.
.
toi
throughout (the f
taking is highly appreciated by the !
Louisville, Ky., Dealer)
DEALER NO.
Trust Company
headquarters in
deprives
The purpose is obvious
investment
'
»
21
apprbval of
your
stand against the fi-?
nancial exactions proposed by the NASD.
,
,
j..:
,
.u jj;■■
,
.
»■
..
rv"..
'
r
;
t
:\
If
•
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4086
Volume 156
11
expressed to'^u'w&at'we^reallyTall the regula¬
we
tions, restraints, restrictions, interference, meddling, snooping, poach¬
ing and policing upon the rights of the people and the rights of busi¬
ness, we
would be prosecuted for indecent exposure of the American
language.
Surely the high standard of ethics amongst broker-dealers and
•
Corn Exchange Bank
the specific performance of contracts, are the es¬
and the security
their integrity for
sential bulwarks for the conduct of this business,
of
$5,000 in capital would offer scant and inadequate assur¬
mere
a
of added protection.
ance
"
V
Should the rule pass, then the precedent would be established,
and the possibility of raising and
;
be
re-raising the ante would always
We object to this purge—the purge of
We are opposed to the elimination of any
threatening likelihood.
a
the small broker-dealer.
honest
honest
is already
who
in, and
who desires to come in.
man
man
ESTABLISHED 1853
object to keeping out any
we
A Bank Statement that any
.
We believe that no American who is morally and
mentally quali¬
fied should be denied the right of making a living in the vocations
or
Understand
can
Has the: modern Uncle1 Sam raped the
the world's greatest.
among
Woman
The freedom of individual enterprise has made America
;his choice.
Man
Goddess ot Liberty and debauched the virtues of freedom?
Surely broker-dealers should be restrained from all unfair prac¬
tises and properly
because he is too
punished if guilty, but
big or too small.
no one
should be disciplined
Condensed Statement
of close of business June 30,1942
as
Please tell us,
just what is the NASD anyway? Is it a brokerdealer organization, operated for their benefit, or is it a quasi-gov¬
ernmental bureau for the persecution of the broker-dealer?
The
Our
broker-dealers pay the tariff to keep the
To
should
We advocate more freedom
We vote No.
.
organization going,
(From
why
in
business—less restraint.
Washington, D. C., Dealer)
a
•"/.
dealer no. 22
■
Words
are
futile in expressing one's sincere appreciation for the
work you are doing in behalf of the little
.
so
vote to kill off the legitimate feeders of our own business?
we
This is unquestionably
with insufficient capital to meet the
or
: Vdeath for the dealer
*
1
a
v
*
•
»
•
*
•
U. S. Government
.
.
.
♦
secure
be
First
sec
•
Discounts, less Reserve...
.«
Liability on Acceptances
Mortgages, less Reserve
*
,
.
»
a
•
*
«
*
«
•».»•«•
«
.
»
.
.
»
•
,
t
■
I
the elimination from the Investment business of
these
men
spent their 20, 30, and 40
years
though the. past 10
years
even
Other Assets.
Total
which the
NASD CIRCULAR
forecasts
are
we
is
close
.
Meet Indebtedness.
to
;
.
,
Chairman
of the so-called small dealers, with insufficient capital
cAAiiriti''J&
iyF
r
\
'
RALPH
so
Chairman, Nichols Engineer¬
ROTTEN
Chairman,
doubt the response by the majority of the dealers to finance such
of
the
'
'
PETERS, JR.
President
.■'
WILLIAM G. HOLLO WAY
Vice President,
V
;
W. R. Grace
& Company
HERBERT J. STUSSBERG
Vice President, United States
Treasurer, Livingstan Worsted
Mills, Inc.
'
ERNEST M. BULL
JOHN R. McWILLIAM '
President, A. II. Bull & Co.,
Chairman, Home Life Insur'ance
Inc.
!'•
Company 1;,
p
V-
% First Vice President
'
a
Member Federal
The Corn
Deposit Insurance Corporation,
Exchange Safe Deposit Company operates. vaults in 56 of
conveniently located throughout the City of New York.
the 74 branches
Personally I
that, this
United States War Savings Bonds
and Stamps
are on
sale at all offices.
someone
It would not be
can
EDMUND Q.TROWBRIDGE
Fire Insurance Company
ETHELBERT IDE LOW
,
■:.
Un-American plan was planned and
in the. NASD; and the SEC has had very little
if anything-at all to do with it.
sentation
205,816.78
$456,895,341.39
#•
DAVID G. WAKEMAN
|
Ingersoll Rand
be
opinion
plotted by
•
,
'
tremendous, and I also believe, that your Editor,
after showing his very sincere interest in the welfare and future of
-the small dealer, would undoubtedly be the one man to organize and
: get this fight started.
am
r
JOHN H. PHIPPS
Company
without capital get together, and fight this injustice to a finish. To
do this, it undoubtedly will require financial assistance, I have no
Something should be done and done immediately.
*
ing & Research Corporation
with hidden objectives along with those rules made public, that it
smells to the high heavens, and demands that all dealers with and
fight would
a
•
C. WALTER NICHOLS
•
submitted by the NASD is
as
1
■
GEORGE DOUBLEDAY
proposed plan
1,290,006.24
>'
•
»
BRUNSON S. McCUTCHEN
...
to meet the $5,000 requirement, my books will show I handle $25,000
^transactions and very frequently $10,000 trades. What protection is
this $5,000 to the Investor who turns ovrar to my firm $25,000 for the
haa
1,185,945.14
■
Vice President
DUNHAM B. SIIERER
The
11,573,599.63
11
»
.
;-"r
HENRY A. PATTEN
Drysdale & Company ''
'•
>
a
M
BOARD OF DIRECTORS
ROBERT A. DRYSDALE
receiving almost daily, literature, circulars,;- etc., from Govern¬
one
*
.
*
v
15,449,754.41
$ 35,675,749.23
at
small dealers
public?
nil
.
//*...
451,843.46
»
Capital, $15,000,000.00; Surplus and Undivided Profits, $20,675,749.23
ment agencies requesting our assistance in selling Securities to the
As
.
28,714,618.43
Many of
has taken practically all
LETTER
.
.
42,838,413.01
This Leaves.
who have, in
men
Estate, less Reserve
Accrued Interest Receivable
.
in this business.
hand. If the little dealer is so undesirable^ why is it,
a
bad idea if the small dealer had some repre¬
at the counting
of the votes, otherwise you small dealers
expect' to be advised by this underhanded group who will super-
] vise the voting results that Article ONE
.
«
,
ness,
•
*
1
.
their capital, are still able to at least make a living in the Investment
business and benefit from the expected eventual upturn in this busi¬
...
1
•
.
many cases
,
«'/
\
Other Real
criterion, will show the small dealer was in the "majority in forming
the original organization (now known as the NASDjiV
Some
dealers are under the false impression that their businessSwill benefit
by eliminating the little fellow. It is high time all deam*^ got to¬
gether to prevent this attempt to put across such a diabolical plan as
v
.
,
,
Banking Houses, less Reserve
up
.
29,502,610.36
214,745,115.02
,
,
built
the latter organization to such a strength that they were
actually forced to sign up. The small dealers, if my own city is any
.
*
.
the firms, who today are howling for the elimination of
the small dealer, ignored the NASD until these same small "dealers
.
$110,937,618.91
required by law.)
purposes as
Customers'
how many of
;
Securities, less Reserve
deposits and for other
Loans and
good idea if the NASD would check back their records and
have:
Cash Items in Process of Collection
(NASD), originally organized (as the small dealer
was lead to believe) and financed principally by small dealers, for
protection of not only the investor, but the dealer as well. It might
a
we
Cash in Vaults and Due from Banks
Other Securities, less Reserve
demands made, upon them by
.the Organization
•
this indebtedness
meet
$421,219,592,16
are
(Direct and fully guaranteed, including $27,338,071.54 pledged to
Security dealer.
matter of life
a
Deposits and Other Liabilities
was approved by
large
majority of the NASD members. My ballot will show disapproval
of all amendments.
...v
■
!;./•.
■■
a
still
more
his derision for the cooperative efforts of the Investment
Banking Business to instill self discipline among its members.
a
-
Columbia Summer Session
(From
Offers Special Courses
Danbury, Conn., Dealer)
An
extensive
six
weeks'
.
in¬
.
You have, my permission to publish any part of this letter in your
(next' issue, however, I would ask that
my^name be omitted, the
v
struction
''/.DEALER:NO^.24:r:';js
■
financial regu¬
lations by National Association of Securities Dealers on its members
.reasons are obvious.
•.
;4
VWith sincere appreciation of the good job your doing. (From a has been read with much interest by the members of our organiza¬
:Buffalo, n; Y.; Dealer)
■ V';:- vJ1 tion. Before seeing your article we had already decided to vote
•
DEALER NO. 23
"
against these changes because the majority of these were certainly
Your article
on
June 18 regarding the proposed
t
program
economic
administration and economics will
be given in the 1942 Summer Ses¬
University/ it is
by Robert D. Calkins,
sion of Columbia
•
v
As
.one
of
the
smallest
NASD, I wish to
investment
congratulate
dealers, who is
you
on
your
member
article in the
a
1 June 25 issue entitled:
\
f
i
"NASD Minimum Capital Proposal AsksFor
To Rule Members—Would' Hurt All, Help None." I
have also read every one of the reactions of Security Firms to this
'Blank Check'
proposal in this
I subscribe
same
their
rule
that
a
no
•*.
issue.
heartily to all
Dealer No. 1 has
i
announced
■
of the
your
opinions, l
ean
readily
see
that
decided difference of respect for the NASD and
can deal with non-members
except at
member
not *for the benefit of security dealers.
prescribed by the
National Association of Securities Dealers will be the beginning.of
the elimination of small dealers who are. rendering a distinct service
convinced that the adoption of the rules
I
to their communities.
I
heartily commend you for/ the /stand which
in this matter.
N.
B.
I
you
have taken
■.
do
letter which may
not
wish my
or may
name
of
the
used in connection with this
not be published at your discretion. (From a
School
of
Business.
It is
pointed out that many of the
classes, which are designed to
meet
the
have
current
persons
been
courses to
in
planned
assist
dergraduate
and
Charlottesville, Va., Dealer)
prices that would be applied to the general public customer.
Dean
trained
;
in accounting,
personnel
geography,
women,
shortage
these
refresher
as
graduate and
students,
?of
fields,
both
un¬
men
to qualify for more
'
I joined
the NASD because of this rule
undoubtedly Dealer
; No. 8 did. I have, however, not regretted my decision and wish very
as
responsible
DEALER NO. 25
participation
in
the
war effort. "It is felt," Dean
palpublica¬
strongly to continue as a member.
tion regarding the proposed NASD minimum capital requirements kins states, "that current and ^an¬
J
One point that has not been mentioned as yet is the following with great interest. We are 100% against the amendment.
ticipated shortages of professional
i which I, make:
Have you heard of any organized opposition? We would like to and technically trained
personnel
i
I wonder if it has ever occurred to those advocating this rule join in a good cause. If this amendment is passed it should be taken
can
in
some
measure
be
met
ifor Minimum Requirements for Membership that it would be far to court. We would be glad to contribute a year's dues to help with
• better for
the general investing public to allow the smaller firms the legal expenses of anyone who wants to test what is so obviously promptly by retraining those "who
t that, might have-to drop out of the association to stay on as members
illegal. We would save money in the long run as with the certain are engaged in less critical occu¬
We have read the parts of the last two issues of your
;
sand continue to have the
t
supervision of the business conduct
com-
decline
in membership the NASD dues are sure to go up a
present obligations to abide by these rules than
to force them out of the association, some of them giving up as Dealer
No. 8 would or continue in business as Dealer No, 1 would, subject
of hundred dollars per year.
only to the very far removed supervision of the SEC and incurring
Dealer)
mittees and the
ever
couple
Why have this expensive association anyway?
Yours for
a
free country. An American.
pations."
for
(From a New York City
on
The sessions, scheduled
day and evening, will begin
July 7 and
August 14.
continue
through
12
THE COMMERCIAL & FINANCIAL CHRONICLE
fjomorrow's Markets
Commercial Bonds & War
What
tures
•lis
the
mean
banks
their
develop when
we
second front.
For it will be
ers
establish
productive
our
a
distribution
powers
our
•
30
'the
from
felt in the field of battle.
to
subject of
cial
bonds
released
firm
booklet
in
form
President
1941,
sidetracked into
was
sion of the
discus¬
a
But
war.
if
even
it seemed
incongruous it has
its place in a business where
market
interpretations
de¬
pend on so many outside fac¬
tors.
But to get back to the
today.
market
as
market
a
and
its
,
.
cal
and
So
long
the
as
averages
the danger of immedi¬
sharp reactions is nega¬
range
ate
tive.
if
But
this
average
breaks
through, then subse¬
quent rallies, unless fed by
really good news, will be
merely technical.
;
: r
y,.,(•
you
still
are
long of four stocks, Air Re¬
duction,
Allis
ternational
Chalmers,^ In¬
Harvester
Union Carbide.
and
All four
are
still above their critical levels
and
I
long
so
see
no
they stay there
as
sell them.
to
reason
For those unfamiliar with the
Critical
points
under
whicfy
Sherepeat:
stocksAir
shouM
not be 273/4
held
Reduction
(now about 30); Allis Chal¬
mers 21 (now about 24); Inter¬
effort,
says In part:
that
the
banks
cooperation
of
the
Reserve
Federal
the
with
the
Treasury
and
System will
be able to absorb the large amount
of additional government securi¬
bonds
arid
level
on
'Ill[The/ views
article do
expressed• in
this
not
necessarily at any
time coincide with those
of the
Chronicle. They are presented as
those of the author only.]
ent
or
the
interest
intermediate
and
the pres¬
on
fractionally higher basis.
a
long-term
later
be
on
Membert
New
York
Stock
Exchange
New
York
Curb
Exchange
Cotton
Commodity
Chicago
New
Orleans
And
N. Y. Cotton
of
Cotton
other
/
Exchange
Exchange,
Board
shortened to from 15
They feel that it will
to maintain interest
rates at
a
fairly steady level since
Inc.
Trade
Exchange
Exchanget
:
cause
the
and
concern
of
maintenance
active
market.
necessary
as
a
interfere with
NEW
broad
a
The
and
latter
is
for effect¬
means
ing adjustments between individ¬
ual
banks
and
and
taking
funds
other
of
care
through
of the
period.
war
will
have
a
of
inci¬
transactions
...
government
course,
flow
market
enormous
new
institutions
the
the
dent to the
All of the
securities
of
be
taxable, which
five-year issue will
yield of only around
that
a
net
on
YORK
1
DETROIT
•
PITTSBURGH
GENEVA, SWITZERLAND
STREET
NEW YORK CITY
4U
the
income
past
been
£*
call
or
from
fully
Since Dec.
of
which
dates,
has
in
31, 1941, total loans
about
$526,000,000, the
adding
says,
that
most
of
"The
Trusteed
Funds
Stand,"
the
standing'
On that
of
hands
than
every
50,000 shareholders in
State in the Union and in
foreign countries."
This column
well-wishes
to
>
lower
inventories
in
branches,
repayments of
regular commercial loans through
companies
—
higher than the
means
$3,605,000,-
"Daddy" in the field!.
& Research
higher gross earnings
a year
ago, and the balance
sheet position of most of the
large
banks is described as
probably
sounder
today than at
history.
any
timp
ization's
Corp.:
;
'
;
widely-known
weekly
1941, is furnished. The record is
set forth clearly and unequivo¬
New York.
Interesting
ting
an
few
the
out
interesting circular
on the
situation in Brown Com¬
pany 5%. bonds, due Dec.
1, 1959.
Copies df the circular may be had
from the firm upon
request.
to
years
of
past
the
over
have pointed
per¬
Investors
Republic
But during
shares.
common
weeks the perform¬
We
seven
has been below average.
wish to point
to discuss the
begins
a
this out
as
reasons
well and
for it."
So
letter from the sponsor.
Bull, Wheaton & Co., to affiliated
dealers under
date of June
19,
This frank statement is fol¬
1942.
lowed
by
an
equally frank discus¬
policy with
re¬
Stock
Exchange, are
bulletin on Triumph
which
upon
re¬
16,
Ordinary Distribution No.
amounting
payable
to
11
July
f
;
.?
I
;/
1
i
!
A
•*
1
t
,i
t
-mu
cents
15,
:
,
The
fields
one
night
is Benito
up
is this
spot that
Collada's
El
today
The food
and
the
.
.
Night Club News.
the site of the Beachcomber
opens this weekend.
war bonds at a
$1,000 per musical note this
...
Mother Kelly's
.
on
Danny Kaye will sell
.
Sunday evening, July 5, at the Lido Beach Club on
Long Island.
\
Bobby Parks and orchestra opens in the Glass Hat
tonight, Thursday]
July 2.
Notes From and About
People You
.
.
.
.
The three Charlies,
See and Hear.
Ruggles, Winninger and Martin, took
night trip to the Catskills
to
work
an
.
.
over¬
radio adaption of
"Friendly
They got into sparsely inhabited
territory and Ruggles
said, "I'll bet they haven't even heard of the tire
shortage here."
"That's a bet," agreed Martin. So
they stopped at a
on
a
Enemies."
store
combination gen¬
and
gas station to settle it.
"Listen, buddy," whispered
Winninger to the attendant, "have you got
anything- in the shape of
tires to sell?"
"Yes, sir," was the answer, "nice fresh
doughnuts'"
Maxene Andrews, of the sister
team, tells the one about the girl
.
.
,
who
visited
fortune teller.
a
you want to know
ture
husband?"
"I
answer.
the
past
"No,"
want
of
my
"Do
about your fu¬
to
the
was
know
about
husband
present
The Penthouse Club
30 CBNTBAZ. PARK
SOUTH
for future use."
Adjoining The Plaza
holders
of record
of business
as
of
the
close
July 6.
A
Massachusetts Investors Trust:
The
Trustees
have
a
declared
record
June
30.
unique
a
quarterly distribution of 24 cents
a
share," payable July 20, 1942, to
of
most
Central Park
Serving
This
restaurant
beautiful location,
to
best
in
overlooking
the north,
food,
skilfully
Entertainment after
11 P. M,
prepared.
dividends and
The Board of Directors has de¬
clared
will."
new
thinking
upon
For Collada has been doing that
matter of fact almost
every Spanish or
has reached fame got his or her first
ending June 30 from
interest, on securi¬
ties owned, and
compares with 18
Dividends
share,
!
a
the quarter
Manhattan Bond Fund, Inc.:
y
1
who
;
Village.
payment represents net income for
&
be had from them
entertainer
holders
spect to the fund.
Co., 65 Broadway,
New York City, members of
the
York
time
we
better-than-average
formance
ance
current
time
"From
past
V"
entertainment is still in keep¬
ing with Collada's policy. Everything about it is
authentic Spanish
or
Pan-American, though the menu also includes American dishes.
>
If Latin entertainment isn't what you want
try Cafe Society
Downtown (it's right around the corner
from El Chico). Its
policy
of
boogie-woogie, barrel house and jitterburg type of music
keeps
the place filled.
Right now its entertainment is headed
by Eddie
Mayhoff, a satirist and impressionist, whose
caricatures of familiar
types will have you limp with laughter.
eral
Republic Investors Fund, Inc.:
Fund
Charles King &
Co., 61 Broad¬
way, New York City, are distribu¬
good
start plowing up
to
Chico down in Greenwich
for nigh onto 15 years. As
Latin
With the June 25, 1942, issue of
"Investment Timing," this organ¬
are
^ \/::vVY?
"Pan-American
start at El Chico's.
National Securities
appeasement
agree
of
doesn't have
...
before.
year
business
virtual
a
of
consequences
Almost every night club in New York is
busy today
ways to increase business.
One method that all
in¬
long-term funding operations such cally. For those who wish to study
the past performance of this tim¬
as those carried out
by the Amer¬
ican Tobacco Co., etc.
However, it ing service, a copy of the sum¬
is pointed out that on June
mary would provide the answer.
10,
In case you are interested, it is
1942,
total
loans
of
reporting
suggested that you write direct to
member banks were still
$606,sponsor
at
120
Broadway,
000,000 higher and the total of the
000
AROUND THE TOWN
joins in extending
MIT, one of the
best-known of the
the
Century-Fox).
ations draws near, over 6,000,000
shares of the Trust are owned by
many
Freedoms" and
doesn't
editorialize it is all right. But this is
supposed to be more than a job
of reporting. It is a
retrospective picture of events that brought on
this war and as
such, particularly with the facts now
available, it
could have explained how it was
possible for a Hitler or a Mussolini
to come into power
(20th
and today, as the end of
18th year of continuous oper¬
more
"Four
on.
Instead it goes in for either
straight military
German re-armament, Maginot fortifications or for funpoking of a Mussolini or a Hitler. As a straight newsreel that
in¬
has
investors
the
scenes;
creased
the
Much of
scarcely touched
of shares out¬
the
6,000,000
ma~k. Every year since 1924 the
number of shares outstanding in
the
.
.
up
histories; it describes events rather than gives basic causes. The un¬
derlying factors that brought this war on; its objectives on the basis
of
number
passed
day
be—•
(20th Century).
"United We
of clips of newsreels taken over
.
documentary film made
a
So
imagina¬
your
It's just what it is supposed to
on.
grade school
letter day in the history of Massa¬
chusetts Investors Trust.
Fonda falls
know what the war is
about, or if they do, have ignored it.
the dialogue sounds like the kind of
pap we read in our
red-
a
round of New
cropper.
the past 20 years or so. As a
newsreel it has its points. As a docu¬
mentary film it falls considerably short of its
objective. The narra¬
tor, Lowell Thomas, or rather the people who wrote the
commen¬
taries for him to
read, either are lacking in political acumen, don't
Trust:
was
a
prove
hot weather fare for the
escapist
headings:
Current
Information,
Objectives, Portfolio, Price, Divi¬
dends, Yield.
Massachusetts Investors
But here the plan comes
not
tion; nothing to think back
Lord, Abbett sponsorship has
prepared including data for
June, 1942, under the following
12,
But all he
pupil (who has since become a national
figure) won't drop out.
there's the plot. You can see there is
nothing to strain
un¬
der
June
boat keeper
a
knowing she is engaged to Ameche, but in order
worthy of her, remains in the Big City. There are some
amusing sequences. Fonda confiding in Ameche about how he
feels
about Miss Bari, a confidence that
Ameche encourages so his star
to
been
"Friday,
Henry Fonda,
a
night clubs.
for Miss Bari
face of such
Union
success.
finance the home town fire
department, not
Obviously,. that won't do. Without a central figure,
course.
York
In the
pearing in the service since April,
certain
may
■
Econqmics of
Thrift in Our War Effort."
seven
a
philosopher, of Vermont, is the winner.
is the
money to
whom to build all the
expectant publicity, the contest will
a
dud. So the blonde
secretary goes to work on the reluctant
Fonda to make him stay. She is instructed
to show him the town.
"Everything from the aquarium to the zoo" are her instructions. She
is a smart girl and has
evidently been around. She knows where the
queer fish and the wolves are.
So she takes him on
The July, 1942, issue of "Back¬
ground," the monthly publication
of this sponsor, contains a timely
discussion
.
be
lower volume of instalment credit
quest:
.r
the
financing,
distributing a
Explosives, Inc., copies of
DIgby 4-2727
wants
:
service, an eight-page summary
of intermediate trend advices ap¬
New
-J
V-«
that will make him
and small town
,
,
Triumph Bulletin
Exports—Imports—Futures
school
^
Rail
Grade
.
Lynn Bari, suggests a Nation-wide contest for the laziest man in
the
country. The winner to get $500 and a free course in Mr. Ameche's
partially .tax
or
reporting member banks have
SUGAR
i
'
^
exempt."
Sweetser
'
;
around
sion of investment
h
was
Lord, Abbett & Co., Inc.:
the
WALL
;
vestment
maturities
Brown 5s
99
Purcell
Second
Bonds."
nearby
in
LAMBORN & CO.
of
oldest and
This
CHICAGO
Mr.
January.
of 4Q%. This has additional
signif¬
icance
for
banks
with
large
than
BOSTON
con¬
(Continued from page 7)
normal and surtaxes
loans and investments
Exchange Bldg.
2208.
page
Position
serious fluctuations in rates would
tinue
H. Hentz & Co.
York
securities might
bankers expect this trend to con¬
for some time due to the
1858
on
on
be' necessary
study
New
2 xfc%
to 17 years.1
decreased
Established
Senate
.
re¬
be issued
2V2%
a
short-term maturities
1% based
'<' —Walter Whyte.
The
Don
huge expenditures for
war, the great devourer of mate¬
during the war. They think that rials, the old proverb, "Waste not,
by and large the Treasury will be want not," is re-emphasized.
successful in 'financing its longA
composite summary: of the
term
ties which will have to
62 (now about
if|f'
"The Magnificent Dope," starring
Henry Fonda, Lynn Bari and
Ameche; with Edward Everett Horton, and others.
An
amusing bit of nonsense of the boy-meets-girl
variety with a dash of
"Mr. Deeds Goes to Town" thrown
in. There's nothing in the story to
give you any trouble to understand or
give you any doubts as to its
outcome. You know that the
boy will make good and the girl will
understand and go for him. What little
misunderstandings arise are
just the small obstacles to prove the course of love doesn't run
smooth
or
something.
It's that kind of a plot.
It all begins when Don
Ameche, who runs a Dale Carnegie-ish kind of success
school, finds
himself with a
sumptuous establishment, a staff of luscious female
clerks, but no enrollment to sustain it.
So his eye-filling secretary,
11,
unexpired term
Investment trusts
*
"All of the commercial bankers
means
II More next Thursday.
1947.
sion last
Schwarzenbach
Mr.
war
national Harvester AIV2 (now
about 46) and Union Carbide
65V2).
11,
that
If necessary, the maturities of the
Meanwhile
5,
NEW MOVIES
by
June
on
elected Chairman of the Commis¬
deposits may
increase nearly 35% in the coming
fiscal year as a direct result of the
year;
believe
(Times) stay above the 69-70
Commission
the
reappointment on June
4; referred to in our issue of June
Treasury's 1942-43 fiscal
another $30,000,000,000 to
$35,000,000,000 in the 1943-44 fis¬
„
*
>
firmed the
the
signals the follow¬ with whom we have had an op¬
ing still applies.
y
\
portunity to discuss the outlook,
*
been
year;
technical
*
June
appointed
was
Roosevelt
fill the
to
June
Pointing out that probably $25,000,000,000 to $30,000,000,000 of
Treasury obligations will have to
be taken up by the member banks
in
on
has
the fiscal
Frank, and was
appointed by the President
May 25 for a term expiring
Ml
(fit seems that instead of
Writing about the market I
Purcell
of Jerome N.
the
by
of
member
a
Exchange
Chairman for
Chairman Purcell
•„
completed by Ernest Schwarzenbach of Smith, Barney & Co., 14
Wall Street, New York City, and
and
announced
Ganson
ending June 30, 1943.
year
is
study, "Commer¬
the War," just
a
and
Bonds
that
reelected
loss and
absorb1 a record
Government
of
Securities
Commission
commercial
1 nation
the
Again SEC Chairman
The
expendi¬
war
the
to
(
ability
volume
the
pow¬
of
keep step) will be
(assuming
of
S.
standpoint of profit and
(Continued from page 5)
then that
U.
Thursday, July 2, 1942
per
1942,
to
.'.io'OA
b?
cents
per
quarter
the
year.
share
and
21
for
cents
corresponding
.
IrvnJii*
the
a
,
previous
share
period
for
last
Telephone FLaza 3-6910
•
-m
id ')U
i:'
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4086
Volume 156
13
SHQUU THIS MAN BE BARRED FROM NASD? Boston Traders Party;
(Continued from First Page)
Service Honor Boll
he was again—in the same old spot he had been in several
;
.times'before.
v
-
.'7W....
.,
.......
,
from his chain, put on his hat and
started for home. All the way to the subway his mind was
working on an idea. He hardly noticed the people around
him and as he finally arrived at his door his mind was made
up. As he looked at his wife he was more certain than ever
that he could make good. She had helped him all these years
and he knew she wouldn't fail him now. That night these
Finally he got
two courageous
up
people decided to borrow the last penny they
together on John Bowman's sorely
could rake and scrape
BOSTON, MASS —The annual
.
summer
outing of the Boston
Securities Traders Association, in
of
spite
the
nounced
of 85-18-67.
of
&
Co.,
we
attest to the fact that this
can
sum was a
great deal less
than the
proposed minimum amount to be required under
Article 1, Section 1, for membership in the NASD.
Three years have now passed. Today John Bowman can
readily qualify for the minimum requirements of this NASD
proposal. The little twenty-five dollar a month office with
its borrowed desks and furniture, that kind friends were
good enough to lend him, has grown to four times its original
He is
size*
dren
now
a
member of the NASD.
Most of his chil¬
Three of his boys are with Uncle Sam's
Marines, and, remember, this was only made possible be¬
cause their dad could earn enough to continue to give them
are
grown up.
the
physical and mental start in life that fitted them for this
been repaid and
there is money in the bank. But even now, everything is not
roses, for his good wife has contracted an illness that needs
somewhat prolonged care. But today she is receiving the
best of care in a private institution instead of becoming a
public charge—and all this is possible because this American
family was granted their Constitutional heritage that has
great privilege. The life insurance loan has
been handed down to them through all these years
of Ameri¬
OF
The softball
Main
game between
the
Uptown Office: 1002 MADISON AVE. (Bet. 77th & 78th Sts.)
Co., and
"Spunkers," under Edward
Opper of Elwell & Co., was won
by the "Spankers" with a score
CONDENSED STATEMENT* JUNE 30,1942
■:U
.in
of 16 to 11.
Peckham
of
H.
Cash
C.
Other Securit
are
&
(Continued from page 3)
are now
in operation. Brown
with a com¬
capacity of about
Co. and Brown Corp.,
annual
bined
285,000 tons constitute one of the
largest producers of high grade
wood pulps on this continent.
Under the terms of the reorgan¬
effected
ization
late
last
year,
$21,000,000 of old
5!&s, due in 1946 and 1950, re¬
ceived for each $1,000 bond, $600
in new general mortgage 5s, 1959,
and voting trust certificates for
6 V2 shares of new preferred and
28 shares of new common stock.
In settlement of unpaid interest
on the old bonds, holders of the
Series A (1946) bonds received
$1.-37 in cash and a vtc for 1/20
share of new preferred; holders
of the Series B (,1950) bonds re¬
ceived $1.25
in 'cash and 1/10
share of new preferred. Capitali¬
zation now consists of the follow¬
holders of the
ing:
R. F. C, 4%
collateral note
1942.,;.
Retired as of March 31,
V.t.c.
The RFC
loan is secured by a
cum.„conv,
Common
all as¬
sets of the company and its sub¬
sidiaries
except current assets,
and is repayable serially in pre¬
scribed monthly instalments bear¬
ing interest at the rate of 5%. By
agreement with the RFC, how¬
ever, interest for the period end¬
ing Mar. 31, 1942, was paid at
loan,
by Collateral.............
Riceivable.,..,.....,...........
Overdrafts—Sect re i.... *;......$
8,592.30
Unsecured.....
,\*.
492.77
:
....
Real Estate Bonds
an
1
Mortgages...
♦,..........
Real Estate (Branch OJice), , . ..,> ..; ,..
Other Real Estate............;..
Accrued
Interest and Other Resources
.
,
.
.
the
in
Ala.
9,085.07
300,065.29
"
100,000.00
11V
.
$32,175,119.49
service
of
the
f
LIABILITIES
Due
country.
Depositors..
..........
.
.
$26,966,691.69
............... ,*
Dividend No. 151, $2 payable
Reserved for Taxes, Expenses
July 1,1942... ....
and Contingencies ..
...*....$2,000,000.00
Capital
Surplus.......
i......,.....,.
2,000,000.00
Unuivided Profits....,............
945,519.71
...
.
40,000.00 V't
222,908.09
'rt1-.
i
4,945,519.71
>0 k
$32,175,119.49
Battalion,
(F.
1
125,950.00
110,823.49
*..
.
'
David
I
?
Brittain
if€
BOARD
OP
DIRECTORS:
,
i
LEWIS SPENCER MORRIS, Chairman of,the Board
EDMUND P. ROGERS, Chairman of the. Executive
Hi
Cotnmitteef\,
ARTHUR J. MORRIS, President
n.
i
>
h
john D. peabody
henry W. butt
charles scribner')
stanley a. sweet
john a. larkin
charles s.
Bernon s. Prentice
O'Donnell Iselin
Russell v. Cruikshank
Franklin B. Lord
E. Townsend Irvin
De Coursey fales
Russell e. Burke
Stephen c. Clark
Charles j. nourse
brown it;<
Member Federal Reserve System and Federal
Deposit Insurance Corporation
A.
Haley,
Fort
senior position over the general
Michie, New York, Via New Lon¬
mortgage, provide that interest on don;
the general mortgage bonds may
Lt. Frederick L. Harson, U. S.
be paid only out of consolidated
N. R., Quonset Point, R. I. (Macnet earnings -for the preceding fis¬
Coll, Fraser & Co.);
594, Flight 263, Kessler Field, Edwards, Mass. (Arthur W. Wood
cal year over and above amortiz¬
Lt.
Edward
Herlihy,
Spence Miss. (R. H. Johnson & Co;);
Co.);
ation payment on the RFC loan
Field, Moultrie,
Pvt. William Lundy, A-5, A. F.
Pvt. Joseph M. Rinaldi, Com¬
Ga.
(Edward
plus $1,000,000—except that inter¬ Herlihy & Co.);
,R. T. C., Fort Knox, Kentucky pany
C, 167 Infantry, 31st Di*
est may be paid for one year even
Capt. Samuel G. Jarvis, Army
though earnings are insufficient Air
vision; Camp Bowie, Texas (H. D.
Base, Columbia, S. C. (Bond, (Draper, Sears & Co.);
therefor. No interest may be paid
Corp. J. Russell Potter, Head¬ Knox & Co.);
Judge & Co.);
until 1944, if after such payment
Pvt. Carl A. Levine, Squadron quarters Co. C. A. S. U., Camp
i
Lt. Joseph F. Robbins, A. V, (S).
the
next
cpnsolidated
working
capital is less than $8,500,000, or
after
1944
if it is
less
than $7,-
500,000.
The
U. S. N. R.
has
been paid on these bonds.
Interest
having
accrued
from
Dec. 1, 1939, the accumulations
general
authorized
are
$25,000,000,
of
mortgage
in
bonds
the amount
of
now
amount to
10%,
or
$100
per
$1,000 bond.
erage
on
the basis of annual
requirements on the debt out¬
standing as a result of the re¬
organization —; $867,000 •— was
therefore 7.25 times. Since, how¬
On Furlough..
Eugene J.
Ryall, U. S. N.
R.,
Quonset Point, R. I. (C. J. Devine
&
Co.);
Lt. John L.
which' $12,849,300
Shea, Jr., U. S. N. R.,
have been issued.
interest dates permitted by the
Standby Provisions. Any unpaid
interest
Provisions of this
in addition to stating its
Standby
shall
become
payable at maturity.
due
and
are
the prior lien of" the RFC loan,
on all of the property
securing
of
the
After the retirement
RFC
mortgage
loan
bonds
the
will
general
have
a
non - cumulative
sinking fund
amounting to 33&% of net in¬
come, but not to exceed $1,000,-
000 in any one year.
—J—
773,000
J.——— .—6,298,000
867,000
867,000
depreciation-^
24,957,000
.-ULi.
—
No interest
Times
1,716,000
--Z—
Operating profit
Other
$24,958,000
20,615,000
1,663,000
2,680,000
625,000
3,304,000
$32,198,000
—
include
income
—1
-k.
™
interest
earned—pro-forma__-—_
♦Depreciation: 1941, $1,542,000; 1940, $1,546,000.
Net working capital at the end
of the 1941 fiscal year stood at
$12,887,000
283,000
and
a
compared
year
amounted to
with
previously.
government
5,525,000
——
—
charges
Interest—-pro-forma
general mortgage bonds
secured by a lien, subject to
the latter.
♦Costs
Other "expenses.
Available for fixed
-
The
first lien on substantially
4%.
120,000.00
2,259,612.35
992,524.65
40,373.74
Loans and Bills
The Association has made pub¬
lic the honor roll of its members
Net, sales
General mortgage
(V;l>
1,982,025.55
Net sales of Brown Co. and sub¬ ever, the reorganization did not
Point,
Rhode
Island
They are dated sidiaries for the year ended Nov. become effective until Dec. 1, the Quonset
Dec. 1, 1939 and mature Dec. 1,
(Sears Corp.);' ■;
29, 1941, totaled $32,198,000 com¬ company's income account at Nov.
1959. Interest at the rate of 5%
Major Paul D. Sheeline, Of¬
pared with $24,^58,000 in 1940, an 29 did not reflect the new interest
per annum is payable June 1 and increase of
29%, representing the charges. Applying pro-forma in¬ ficers' Training School, Glades
Dec. 1 of e?tch year, but is subject
largest volume of business on terest charges of $867,000, includ¬ Hotel, Miami Beach, Fla. (Paul Df
to
the
Standby Provisions re¬ record.
Income
available
for ing annual interest on the RFC
Sheeline & Co.);
ferred to above. Any interest, the
loan and on the general mortgage
fixed charges amounted to $6,Pvt. Wm. T. Skinner, Jr., Co^A
payment of which shall be de¬
bonds, the earnings statement for
ferred pursuant to the Standby 298,000 compared with $3,304,000 1941
compared
with
1940
as 25th
Battalion, Fort McClellan*
Provisions, shall accumulate and in 1940. Pro-forma interest cov- follows:
o v
Ala. (Walter J. Connolly & Co.);
$4,500,000 shall be paid after "ihe
Year Ended
Year Ended
payment
1,750,000
Nov. 29, 1941 Nov. 30,1940
Capt. Perry j. Smith, Jr., Camp
of current interest at the earliest
————$2,750,000
5s, 1959™— 12,849,300
pfd, v.t.d.,shares
144,483
shares———.
1,999,659
Balance
(
Hutton & Co.
Pvt.
H.P.
863,935.55
,....,
Bank of New York*Stockt..,..,.
Co->.;;:-'V-::::V
The Bond Selector
...
,
es..............
Time Loans Secured
Son, Chairman;
William Prescott, Carver & Co.,
Inc.; Frank Lynch, Hunnewell &
Co.;
Paul Scribner, Philip M.
Tucker
Co.;
Charles
Stevens,
Arthur Perry & Co., Inc.; Herbert
E. Hurley, Hornblower & Weeks,
and Gilbert M. Lothrop, W. E.
25th
numberous "John Bowmans" in the securities
i
,
$26,134,659.35
380,450.34
17,169,896.59
.,....
.
by Collateral
Mulicipal Bonds.
Federal Rest rv
Fort McClellan,
Kennedy Co.);
Lt. Francis R. Cogghill, Head¬
'business, also in other lines of American enterprise. It was quarters Co.* War Service Group,
their initiative, fortitude and perseverance that has made 2115 C Street, Washington, D. C.
;
this^great nation of ours a shining symbol of - equality of (F. L. Dabney & Co.);
Lt. Russell Dean, c/o Bauschopportunity for all those willing to make the necessary sac¬ Lomb
Optical Factory, Rochester,
rifices in the endeavor to make their "place in the sun." New York
(Sears Corp.);
Are we going to abolish this priceless privilege in the securi¬
Pvt. Alvin A. Dykes, Army Air
ties field by establishing an arbitrary financial barrier such Base, Medical Corp., Houlton, Me.
as that proposed
by the NASD? There can be but one (Elwell & Co., Inc.);
Capt. James H. Goddard, Of¬
answer.
A resounding NO! If you have already voted yes
ficers'
Training School, Miami
on Article I, Section 1, recall your ballot and vote NO.
Beach, Fla. (J. H. Goddard &
There
v,rn
7,441,187.89
Deposit in other Banks,....
State and
1:
-
•/im
Federal Reserve
U..S. Government Securities.
THE RIGHT OF AN AMERICAN CITIZEN TO (Their former connections in Bos¬
GO INTO BUSINESS FOR HIMSELF, WITHOUT MEET¬ ton are given in parenthesis.)
Ensign
Edward
S.
Amazeen,
ING ANY ARBITRARY FINANCIAL REQUIREMENTS,
U. S. N. R., Portsmouth, Rhode
AND WHERE THE ONLY REQUISITE FOR SUCCESS ARE Island
(Coffin & Burr, Inc.);
THE SAME AS THEY HAVE ALWAYS BEEN—CHARAC¬
Pvt. Albert W. Baker, Co. B.
TER—BRAINS—ABILITY AND WORK!
on
Demand Loins Secured
history.
can
Deposit in
on
279,188.981
Bank of New York...;
Cash
Wainwright & Co., appeared at
the outing in a gasless gig motors
by an elegant hay burner.
Committee in charge of the out¬
ing consisted of Francis P. Walsh,
Walsh
•UtYf
tl
Cash in Vault........,. .V..
.
Howard
RESOURCES
-
.
Special prizes were won by
May of May and Gannon,
and Henry Larson of the First
Boston Corporation.
William
AG.
Office: 149 BROADWAY (Singer Building)
Lewis
the
N.
YORK
NEW
won
the grass
depleted life insurance SO THAT HE COULD GO INTO
"Spankers," captained by
For the benefit of the record, McDowell of Weston &
BUSINESS FOR HIMSELF.
BANKING
HILTON TRUST COMPANY
R. M. Murray
Tucker, Anthony
with an 81.
&
TRUSTS
PERSONAL
attending.
The Thornton Cup in the golf
tournament was won by Sumner
Wolley of Coffin & Burr with a
score
IN
SPECIALIZING
weather, was pro¬
by the members
a success
bonds
$4,471,000 and
$4,Cash
alone
a spe¬
tailed
.
.
7.25
:.
•
$3,975,000
mortgage
company
tive
appear
and
speculative
*did not
of $1,285,-
bonds of this
to have attrac¬
possibilities
cial deposit (subsequently applied
largely toward RFC
loan)
to
reduction of the RFC loan
$1,790,000.
result in higher
Current liabilities to-
current
levels
Niantic, Conn.
and
any
prices.
at
further
should
P.j
(Brooks-Smith &
Co.);
Sgt. Paul Sughrue. On Furlough
(W. A. Thorndike & Co.);
Sgt.
include unpaid interest
000.
..
The
3,80
Niantic, Co. B. 707 B. N. M.
Frank E.
quarters
ment,
Voysey,
i
:
Head-J
Co., 40 Armored Regi^
Camp Polk, La.
(Kidder^
"• g
Peabody & Co.);
Capt. Charles H. Wilkins, Army
Air
1736,
Force, Annex No.
1, Room
Gravelly Point, Va.
Emery & Co.).
(F.
_s!
14
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, July 2,1942
Calendar of New Security Flotations;
L.
OFFERINGS
Rothschild
F.
Salomon
CELANESE
CORPORATION
Celanese
Corporation
registration
of
statement
$35,000,000
3%%
OF
AMERICA
filed
America
the
with
debentures,
July
due
Schoellkopf,
a
1,
Shields
Stein
Business—The
principal
business
of
the
Union
wholesale
G.
fabrics
of
cellulose
containing
registered
trade
tion.
The
ducer
marks
acetate
The
says
Co.—125,000
Weeks & Stubbs,
of
statement
but
rapidly.
be
cannot
is believed
addition,
In
estimated
for
the
non-defense
to have
reduced
increased
imports
corporation's
in
share.
in¬
estimated
ex¬
Pa.
$24,974,000
30th
day
debentures,
principal
Aug.
1,
of
issue
redeem
the
$24,700,-
of
3%
of the
$100,000
face
become
funds
be
such
in
amount
an
of
as
the
to
plant
be
It
is
of
such
excess
applied directly
additions
to
will
completion
In
to
its
registration
covering $35,000,000 3%%: de¬
due July 1, 1962, filed with the
bentures,
Securities
and
Celanese
and
ers
Exchange
Commission,
the
Corp. of America lists underwrit¬
the
purchase
amounts
$4,740,000
&
Co.,
Brown
Central
300,000
125,000
S.
Co., Inc
Inc
&
&
350,000
1,400,000
-
-
Sons
Republic
Coffin
R.
500,000
Co.
(Inc.)*—
350,000
Burr; Inc.—--
Dickson
—100,000
Co., Inc.——
200,000
&
Equitable Securities Corp
Estabrook' &
Co
First Boston Corp
200,000
——
250,000
—-——
2,100,000
Goldman, Sachs & Co.—~ 900,000
Graham, Parsons & Co
250,000
Harriman Ripley & Co., Inc.—
1,400,000
Harris, Hall & Co. (Inc.)—
350,000
Hawley, Shepard & Co.—;—150,000
,
Hayden,
Miller
Hayden,
Stone
&
&
Co
250,000
—
Co
350,000
Hemphill, Noyes & Co.——
700,000
Hornblower
500,000
W.
E.
&
Weeks———;
Hutton
Illinois
Co.
Kebbon,
&
of
Co.—
350,000
Chicago*
McCormick
Kidder,
Peabody
125,000
&
Co.—
200,000
W.
Lee
Brothers-—,
Laurence
M.
1,650,QOO
*_
Marks & Co.—-
McDonald-Coolidge & Co
Mellon Securities Corp,
Merrill
Lynch, Pierce, Fenner
&
Beane
Merrill,
F.
S.
Turban
Otis &
H.
&
&
Co.—
Murch
Reinholdt
&
&
E.
Rollins
H.
&
—_
Co
.
Gardner,,-
*_.
Co
The
and
Sons, Inc.—
preferred
Murphy
the
on
June
all
classes
Co.
Exchange
the
Place,
1000/915ths
of
share
net
Proceeds—For
stock
$100
states
that
to be
Name
Lynch,
Pierce,
Fenner
&
Beane
Lazard
12 t'
Freres &
Co.
*
;_**————
6
A. G. Becker & Co., Inc.—*——
Goldman, Sachs & Co
Harriman
Ripley &
BREWSTER
Stone
Hemphill,
Noyes
Hornblower
Moore,
&
&
&
——,
Corp.
the
&
&
Co._—***.—*—,'
$1
Trask
Riter
Co.
&
&
Co.
New
Tucker, Anthony & Co,
Baker, Watts & Co
—_**:,_*_—
3
2
——
Cahn &
Emanuel
E.
A.
Co
&
Masten
Scott
&
Merrill
Co.
&
Co
——*
Company
offered
to
sell
to
the
p.m.
on
shares
stock.
July
Such
The
1.
of
the
derwriters
will
not subscribed
125,000
stockholders
125,000
redemp¬
un¬
26,
or
a
of
stock
1942.
list of issues whose registration state¬
less than twenty days ago.
These issues
grouped according to the dates on which the registra¬
tion statements will in normal course become
effective, that
is twenty days after
filing except in the case of the secur¬
ities of certain foreign public authorities which
normally
become effective in seven days.
These dates, unless otherwise
specified, are as of 4:30
of
owner of
of
as
rule 930(b).
per
Offerings will rarely be made before the day follow¬
ing.
of
of
owner
James
voting
Pa.,
'
'
and
is
Registration* Statement No. 2-5013. Form
(6-15-42)
S-3.
CANADIAN
MINING
CORP.,
103RD ST.
LTD.
Camilla
Canadian
Mining
Corp., Ltd.
filed a registration statement with the SEC
covering 500,000 shares of capital stock, par
value
$1
per
share
with
the
filed
SEC
the
(Series of 1937)
for
Underwriting—Enyart
for
Van Camp
of
& Co.,
Chicago, underwriter
Offering—Offering price is 25 cents
voting
per
Purpose—For
development,
exploration,
milling
plant
and
working
capital
of
trust
capital
103rd St.
certificates
stock
& West
par
$1
for
per
10,748
the
;
.
Ave., Inc.
Address—Address of voting trustees care
McMeekan, 18 East 48th Street,
York
City
Business—Apartment building
Offering — Voting
trustees
recommend
that the voting trust
agreement dated June
20, 1932, and expiring June 19, 1942. be
extended for five years to June 19, 1947.
New
supplied
filed
S-2
ad¬
of
Series.
National
•
and
Its
the
(6-27-42).
Central
is sponsor
;..
Maine
and
(3-30-42)
into
&
.-
4f,
7::-'
be
Power
Series B
in
three
■
7
first
filed
July
a
water
of
business,
will
be
sold
rule
of
the
under
the
the
competitive
which
the
sale
main
all
and
of
and
all
of
holders
vice
Co.
take
all
to
to
common
notes
purchase
warrants
stock
(Series
comes
effective
share
of
par
the
of
Public
the
Ser¬
by
at
$10
per
merger
be¬
the
that
paid
period of
of
common
come
payable
the offer.
or
Securities
a
registration statement
with
49,800 shares of
an
aggregate
offering
price of $250,494
Address—120 Broadway,
Investment
management
;
New
trust
type.
v
t
York City
fund,
re¬
Present
-
:
i.
trust
(
t
thereupon
of
rights,
After
acquire,
the
merger,
etc., of
powers,
the
merger
has be¬
business of the com¬
the
also
the
properties
proceeds
cordance
filed
of
business,
fran¬
Cumberland,
whiclf
of
from
with
with
will
the
have
the
the
the
financing
plan
merger
commission
will
be
in
ac¬
recently
used
as
follows:
Net
be
_
proceeds of the series M bonds
used
to
principal
pay
the redemption at
i of
$1,494,000
4%
Power,
Research Corpora¬
all the
existence
face
series,
105%
and
I960,
to
pay
the redemption
will
premium
Oct.
on
amount
due
$1,538,060;
premium in
&
to
registered,
Light Co.; a
&
agreement
include
and
Net
stock
RESEARCH
will
an
effective,
separate
gage,
&
prior
now
ceased
'
SECURITIES
to
will
chises
each
CORPORATION
Maine
Cumberland.
pany
shares of the
24,000
that
says
Power
of
1,
in
1942,
first'mort-
of Cumberland
principal and
at 105 V2 % on
date, in 1942 to be announced of $9,275,000
face
amount
first
mortgage bonds,,
3Ve%
series,
due
1966
of
Cumberland
County $9,784,348 and to pay' bank loans
made by the company which were incurred
for
the
purchase
and
construction
of
a
facilities
1
.)
•
$2,650,000.
1.
'
.
.
r •.
at
p.m., ESWT
on
:
ELECTRIC
Gas
&
Electric
serial
CORP.
Corp.
regis-;
debentures,
Broadway,
Issues
to
due
of
of
1
C.
will
be
by
publicly
amendment.
$50,000,000 Deb 6sf
5s,
due
April
15,
6s,
1961;
to pur¬
4%
and
Y.
holding 'com¬
filed
redeem
1942-46
notes
N.
utility
prices
due
to
make
guaranteed
Ohio
Fuel
$3,750,000
United
serial
Gas
Co.,.
guaranteed
Fuel
Gas
Co.,
a
to
Cinn.,
from the holders thereof: and
$3,402,090 capital contribution
Newport & Covington Ry Co. to
a
enable that Company to redeem its
out¬
standing $3,303,000 1st Si Ret. 6s. 1947
Registration Statement No. 2-4736. Form
A-2.
(4-10-41)
Amendment filed
effective
June
11, 1942,
to defer
date
>
EASTERN
•
7
stockholders,
cash
proposed
securities
1
,
r.
agreed to
any
shares
'
the
;
and
less
for
in
the
County
business and
company's
stock, in
of
Central
value, for each
common
issue
pursuant
of
(6-25-42)
i
shares,
therefor
provided
for
to
.
A
subsidiary,
serial
the
utility incorporated in. Maine in
1909, will be merged into the company and
for
Registration Statement No. 2-5019. Form
—
holders
-
subsidiary,
of
public
solely in satisfaction of the warrants
Business
price
England
subscribed
pay
share
the
registered will not be sepa¬
offered, but are reserved for issu¬
stricted
261,910
be
may
New
subscribed
Cumberland
stock
.
the
Proceeds—Statement
all
irrespec¬
of
dividends
during
for
to
a
offering price to
offering
offered
has
the
and
cumulative*, pre¬
with
B,
common
Escanaba
filed
be
emptive rights.
outstanding
stock,
$5.50
Series
stock, without
tion
and
/ 7-
additions
GAS
$3,750,000
notes
per
groups,
offers
company
preferred
l/10th
NATIONAL
amounts
for
price
a
'
/
$4,750,700
Deb.
$50,000,000 Deb.
chase
under¬
company's outstanding common stock and
6% preferred stock for subscription at $10
share in accordance with their pre¬
engaged
are
and
and
V
registered,
at
7
used
>.
Proceeds—To
1952;
the
notes
bidding
of
Names
stock
public
'
be
$28,000,000
1952;
Commission.
of
..
; >
the
surplus
Offering—Both
Maine
and
forms
,,
Business—Public
gas
within
entirely
4
for
SEC
other
common
to
will
Address—61
1
the electric,
bonds
the
a
1951. and $92,000,000 sinking fund
debentures due 1961
;
operating pub-
an
in
engages
and
share
and
Columbia
regis¬
offered
utility and
with
CO.
filed
stock, $10 par value
Francisco, Calif.
in the underwriting
6, .1942.
Business—Company is
first' to
Paper Co.
company's
stock,
purchase
SEC
7
Co.
common
offered
COLUMBIA
-
series,
National
7.V7
to defer
7.
INSURANCE
Insurance
Registration- effective
June
•
bonds and notes will be
supplied by amend¬
ment.
The 261,910 shares of common are
"\r
■
attached,
and 4%
shares of
the
company's
common
stock,
without
par
value, for each share of Escanaba preferred
A-2.
UNION
Union
statement
$22 per
Proceeds
pany
as
acquire
Escanaba
of
the
•.
Registration Statement No. 2-4992. Form.
A-l
(4-30-42 San Francisco) *■ '
mortgage bonds," Series
1, 1972; $5,000,000 ten-
Offering—Public
without
1937)
for
'7.
1942,
S
CO.
Co.
con-i
underwriter
an
be
capital
,v...
,.v;
-
•:
Underwriting—The
stock of Escanaba Paper Co. one-half share
ance
in
7
June 13,
,'.7''
Offering—The
stock, par value $10 per share.
Address—9 Green Street, Augusta, Maine
State
tanning
Offering—The
thereon
registration
Underwriting—Paul H. Watson is named
principal underwriter; Doii B. Wentworth
from
and
of
stock
'' >/'
underwritten
crfmmon
to
---...vv
date
fire, automobile
Insurance. •. i >• -
of
v
,,
57,412
Further
par.
presumably
of
serial notes, maturing serially on July
1943 to 1952, and 261,910 shares of
year
die
Underwriting—This offering Is not being
Statement
for
Business—Engaged
common
paperboards, and wood and bark
for
of
amendment
Address—San
;
POWER
general
M,.maturing
8,000 war¬
stock,
subsidiaries
falling
with
$1
registra-1
a
SEC
SEC withheld much of material
company,
registration
Registration Statement No. 2-5022. Form
CENTRAL MAINE
common
stock,
common
manufacture
Proceeds —To
stock,
-
filed
.
Securities
Offering—At market
~
common
1"
of
the
by
by
California
City
Proceeds-*For investment
/"
•.
shares
attached;
Business—Present business
the
;/
the
to
CALIFORNIA
i;
trust
SATURDAY, JULY 18
stock, Series B,
preferred
shares
value
ferred
us.
CORP.
the
stock,
Amendment filed
will
for
registration
8,000
filed
deter¬
formity with military censorship policy
Registration Statement No. 2-4975. Form1
may
C-L
Address—Chillicothe, Ohio
of
to
Corp.
with
common
effective
York
public will be supplied by amendment
of
AIRCRAFT
as
Securities
vot¬
,
purchase of
purchase
cumulative
97,200
tive
Issues
whose
been
not
unknown
statement
statement.
aggregate
$5.50
share
End
Walter
New
share, U. S. funds
equipment,
SEC
Broadway,
an
writers
holders
of
were
but
financing, including de-tails
of
distribution, application of pro¬
ceeds, underwriters, if any, etc., are to be
RESEARCH
(Series of 1937) attached to certificates for
of
J
ago,
have
are
29,659 shares
Research Corporation
the 20th
on
a
preferred
rants
stock
or
shares
fund, openend, diversified management type
Underwriting—Name of trust is National
CORPORATION
stock
rately
WEST END AVE., INC.
Edward J. Crawford et al,
voting trustees
filed a registration statement with the
shares
Address—Toronto, Ont.
Business—Mining and milling
&
&
.
Granting
depository
SECURITIES
Business—Investment
their
terms, the
express
'
warrants for
extracts
more
dates
details
:
■
,
cumulative
other
or
Bellanca. Aircraft
tion
facil¬
;
'
Pennsylvania
Lives
Corporation
common
SATURDAY, JULY 4
building
(6-27-42)
Address—120
about 27%
or
deposited
trust.
on
Phila.,
MEAD
case
;
mined
;■ v.
for 1,211,500 shares of
offering price of $7,827,380
shares,
TUESDAY, JULY 14
company
days
offering
-
garaging
SEC
G.
Certain
16,666
of
the com-;'
.
.
CORPORATION
in
consists
construction
carrying out of
We present below a list
whose registration statements
twenty
tion
16,667 shares and
150,000 shares
(6-24-42)
par
1,
of
and'
OF OFFERING
UNDETERMINED
1942,to
and
Oct.
shares
DATES
tered
with
of
company
•
first
share
CAMILLA
will
National Securities & Research
Corpora¬
filed
a
registration statement with
20,
Voting trus¬
16,667 shares, Igna-
owner of
•
staement
and
stock
share
business.
and
>'7:-"'Vi;:*,
improvements and
NATIONAL
May
Dusen.
outstanding, have
under
Mead
the
(6-29-42)
tration statement with SEC for
$14,500,000
THE
before
or
number
of
M
series
per
,
tained
are
P.M. Eastern Standard Time
;
.
S-2.
stock, including James
100,000 shares, Alfred J.
Zelcer,
total
products
ments were filed
(6-26-42)
ities
be¬
namely, white papers, chestnut corrugating
a
r,
$120
Registration Statement No. 2-5024. FormA-2.
■
ditions,
airplanes
agreement
as
Van
for Insurances
and
Following is
1942
the
the
common
at
on
stock
purchase
for
of
and
de-r
day of November, 1944.
Due to censorship
probably no specific information is con¬
;
Offered—June 29, 1942 at $105 per share
Registration Effective 5:15 p.m. EWT on
June
trust
Ballantine,
A.
Miranda,
William
for by the present preferred
1
the
on
Registration Statement No. 2-5023. Form
of
the
public
principal amount
interest
offered at $100 per share
;
Proceeds—For trucks, land,
Brewster
F.
$5.50
50,000 shares of
preferred plus the shares
;
or
Offering—Issued prior to registration for
and property 2,007 shares at
$100 per
share, and 2,993 shares are to be
publicly
1
purchase
the proposed new
300,000
A.
C.
owner
J.
f-l.
4%%
The
value
the
retire
for
facilities
cash
with
5
preferred and holders of latter
150,000
at. face
to
proceeds
notes
redeem
unspecified
an
preferred
pany's
Business—Short term financing etc.
Underwriting—No underwriter named
registration statement '
Registration Statement No. 2-5018. Form
expired, 3
company is calling
300,000
Co., Spartanburg,
$250,000
price
net
to
7%
BELLANCA
v
ing trust agreement terminates
rights
may use the proceeds from such
tion to purchase the new shares.
and
holders
new
■
executed
Offering—By its
outstanding 5% cumulative preferred
stock, on a share for share basis, at the
public offering price of $105 per share, a
40,000
&
of
used
otherwise
1942,
FINANCE CORPORATION
Equipment Finance Corporation has filed
a
registration statement with the SEC for
5,000 shares of common stock, no par value
13
statement
expiring Nov. 20, 1944,
trustees
of its
of
or
$290,000 Is outstanding—callable
101% :v
Registration Statement No. 2-5021. Form
stockholders of Brewster and
Arthur
2
Inc.*—_———
are
be
■
Voting
—
Annuities,
2
,
Stringfellow
Lynch & Co.,
Balance
will
which
CORPORA¬
Manufacturer
trustees
tees:
—2
——
Law
debentures
THURSDAY, JULY 16
parts
Co.
2
———
M.
for
%'
of 5 %
capital stock of New England
Treating Co. $110,000.
&
bonds, the serial
EQUIPMENT
v.-'-:
■
—
tween certain
3
Frank B.
Pole
under¬
underwritten
shares
and
sold
Ballantine, 31 Nassau Street,
'
Proceeds
stock
4
•
A.
York
and
3
—_.—,*—**
amounts
the
the proceeds $670,820
used.for additional
working capital
investment
registration
a
share »•
a
4
i
;
_*—_
be
be
A-2.
for voting trust certificates for
shares of capital stock, par value
Arthur
cio
4
Rothschild & Co
each
V
AERONAUTICAL
Miranda, Jr.,
Co.—4
Spencer
F.
5
4
***,.
and A.
C.,
at
Address—Address of voting trustees care
of
4
Lynch
C.,
of
SEC
Work,
4
Singer, Deane & Schribner—_
L.
filed
holders of
4
,
Weeks.
Leonard
Shields
Co.—
Co.
is
per
Voting trustees of Brewster Aeronautical
Blaine
5
Co.————
S.
TION
1942,
f-
5
Co.—***——5
Kidder, Peabody &
Eastman, Dillon &
Hadyen,
,
to
of
of
of
Nepsco Appliance Finance Corp.
$9>100 and
to acquire all of the 650
outstanding shares
manu¬
Proceeds—Of
Registration Statement No. 2-5017, Form
(6-23-42)
voting
6 ■'
Blyth & Co., Inc.——-
the
S.
be
A-i.
Business
chased
..
the
6%
number
stock
par
date
a
of the no par
$294,350 for retirement of
outstanding 5%
cumulative preferred stock of
registrant—^
class
value
MONDAY, JULY
the
H.
will
capital
Special)1'
asset
in
as
names
thereof, plus accrued
bentures from July 1,
appertaining to the class in ques-.
adjusted to the nearer one cent, ex¬
single
orders
from
one
customer
cept
well
as
pay
on
unspecifed num¬
preferred stock and
0f;5%
Crawford Co., Inc.,
Columbia, S. C.;
Dickson & Co,,; Inc.,
Charlotte, N. C.;
McAllister, Smith & Pate, Inc., Greenvile,
Jersey
the
:
iit
and
to
an
Aug. 1, 1936, due Aug. 1, 1956, of Nepsco
Services. Inc., and 10 shares of common of
R. S.
per
stock
of
Fund
the
products,
.and-tubes
Offering—Offering
exception
Union
cones
of
of
of
-
Address—Chicago, 111.
its
amendment; lists the underwriters
percentages of the unsubscribed
be purchased by each as follows:
Merrill
G.
125,000
$5.61
$701,250
designated
90,000
preferred will be
new
for
at
:? :
other
writers and
regis¬
a
of. the* corporation's
(with
"
V
to
25
covering
to
total
450,000
"C"
July
on
tissue
Offering—Maximum public offering price
of
stock
the
stock
700,000
&
Fund
for its shares of capital
566,551
preferred
150,000
Co.—
Riter
C.
G.
the old 5%
Co
Putnam
statement
,
cumulative
value,
150,000
1,250,000
*—
Moseley & Co—
Maynard
of
300,000
1,650,000
of
4.25%*
manufacture and sale of
paperboard,
Underwriting—The
Funds, Inc., filed
Bond
total
to
paper,
paper
shares
used
the-redemption
1942
and the
Additional net proceeds from the sale of
serial notes and common stock
will be used
to acquire 300 shares of the
common stock
and $6,000 face amount
facture and sale of impregnated and
special
tubes for the electrical and allied
trades
12
N. J.
Form
:v
filed
amendment
an
dividend rate
&
Co—900,000
C. Langley & Co
1,000,000
Higginson Corp.——
700,000
Lehman
company
4%%,.
2,560,000
-
Becker
Alex.
inven¬
(6-9-42)
par
'■
Glofe, Forgan & Co.—!—i
C. Allyn & Co., Inc.:_i"
Baker, Watts & Co
&
increase
to
working capital of the
shares
Amount
Dillon, Read & Co
G.
working capital of the com¬
applied approximately
win be
Union
or
and' amounting
1967, maturity
.'<v
Address—Hartsville, S. C.;
;
Business—Company is engaged
INC.
amounting to $25,000 or more
at 1000/950ths of asset value
In
I,
Underwriting—The issuer appoints Lord,
&
Co., Inc., the exclusive selling
Pur-
A.
A.
used
they have agreed to
Name
Blyth
the
be
JULY
FUNDS,
ment, and the remainder of such addition
the
turities
Business—Investment trust
will
and
follows:
as
per
which
$4,250,000
proceeds will
$2,000,000
registration
-..
a
1,
tion,
A-2.
\
.
$105
Registration Statement No. 2-5008.
of
amendment
an
statement
which
follows:
for
tories, approximately $400,000 for additions
improvements to property and equip¬
improvements and to
expenditures.
(6-23-42)
increase the
at
TRUSTED
Address —One
to
used
substantially concurrently with the issue of
the'new preferred stock
that
balance
be
will
to
increase cash.
The redemption of the 5%
cumulative preferred will be accomplished
Registration Statement -No. 2-5016. Form
A-2.
of
to
any
expected
and
and
approximately
net
1942,
until June
tration statement with the SEC
City,
dividends
require
balance
through subsidiaries
or
construction
other capital
applied
may
wide variety
a
company
accrued
10,
that is,
the
Extension
an
.
Union Trustee
agent
such
June
ten years,
SUNDAY,
UNION
Abbett
plus
by
to
paper
ferred
the
dated
has
and
(6-22-42)
i;..
and
proceeds is initially to
the corporation's general
purposes.
proceeds
of
1932
parties
Registration Statement No. 2-5015. Form
F-l,
provide for redemption as of Oct. 2, 1942,
all the outstanding 5% cumulative pre¬
as
net
part
and
corporate
per
shares
pany,
of the
outstanding $3,000,000 face amount of
1%% bank loans maturing serially 1943 to
1945, inclusive, of trie* cwrpur«,i-i-a.
*>«-such
r.'
Columbia, selling
stock
1,
be
notes
merger and converted under the agreement
of merger into an
obligation of the com¬
pany to deposit the redemption price there¬
of in trust for the holders
of such shares.
The amount to' be utilized in- such
redemp-f
tion will be supplied
by amendment.
maturing serially, in amounts of
on July
1,-1943, and on first day
July thereafter until and including
July 1,, 1966; the remaining $280,000 ma¬
turing July 1, 1967. ^Debentures of
July
1, 1943, will bear interest of 1.5% and of
July 1, 1944,. 1.75%, with interest rate in¬
creasing fractionally on
succeeding ma¬
voting trust certificate
become
agreement,
period of
supplied
a
$30,000
Avenue, McKeesport,
'■
.;
.
Sept.
to
as
shall
will
in
in
unspecified
130%
Company filed
the serial
Cumberland County at
110%, respectively, all of which
shares are to be called for
redemption by
Cumberland County prior to ,the
proposed'
COMPANY
regis¬
tration statement with the SEC
for
$1,000.000 serial debentures, $1,000 denomina¬
York
'j-952
share
to
the
of
,
share
(ex¬
deposited
amount
the paying agent for account
sinking fund), and $3.000 000 to
be
of
debentures,
corporation
with
ance
Fifth
Proceeds—Net
of
the outstanding
amount
$100
par
will
sold at prices in excess of $5
or
principal
rate
of
as
agreement
of
ranging principally from 5 cents to $5, al¬
though a limited number of articles are
in
the
1955,
of
on
issuance
stock,
dividend
j
.
shares
of merchandise for cash and at unit prices
will be applied
to
after
101%
at
thereof,
000
due
clusive
preferred
The
District of
principal
dated
extended
holders ,who
registration
a
90,000
Business—The company operates a chain
207 retail stores in 12 states and the
of
ueuenuureo
not issued)
were
the
amount
proposed
for
New
Products
fixed
of
of
stock
premium
be
an
tions,
ment
int. '
and
Sonoco
value.
par
Place,
Offering—The voting trust was origin¬
ally established under a voting trust agree¬
„
filed
Co.
SEC
Address—531
sale of
accrued
$7,522,000
conventible
follows:
the
the
of
1942,
of
debentures
about
of
deducting
with
connection
March,
with
shares
200,000
by amendment
including certain expenses incurred
amount
as
exclusive
after
and
penses,
Murphy
cumulative
of
products for
proceeds from the
debentures,
terest
C.
without
Exchange
9,202
15
of each
extension
purposes
Proceeds—Net
the
99 '/a
for
and
to
preferred
SONOCO PRODUCTS
Business—Owning and operating business
200,000
at
1942
C. MURPHY CO.
G.
ac¬
wool and other fibres and large use oi sucn
fibres in the war effort may increase the
demand
1,
stock,
SEC
building
of
materials
curately,
.
Co.—**
the
proceeds
common
WEDNESDAY, JULY
Voting
registration
a
600,000
been
G.
war
common
Address—40
450,000
&
Offered—July
the' corporation's sales of
chemical, textile and plastic products for
use directly or indirectly
in the production
percentage
Inc.
Co.
Witter
with
filed
investment
ber
CORPORATION
Corporation
as
Net
Registration Statement No; 2-5020. Form
(6-25-42)
City
125,000
Co.L——*
&
of
700,000
CO.—————*
Weld
Wisconsin
the
the
in
yarns
statement
100,000
statement
Corp.——-
Whiting,
Dean
Trust,
350,000
.
Place-Dodge
extended,
125,000
Securities
&
Proceeds—For
PLACE-DODGE
Park
1,400,000
—
Walker
White,
and
by the corpora¬
the largest pro¬
is
H.
Wells-Dickey
the
under
"Celanese"
owned
cellulose
States.
and
yarns
yarns
mark
corporation
of
United
such
trade
other
acetate
PARK
1,400,000
—,—
& Co.—
First Mutual Trust Fund
as
Crl.
SATURDAY, JULY 11
125,000
*
Bros. &
corporation is the manufacture and sale at
(6-15-42)
100,000
—
Boyce_„,
Swiss American Corp.————
Tucker, Anthony & Co.-
City
known
Pom- "*>>•,
Co,—,—
Barney
Slv>
Registration Statement No. 2-5014. Form
F-l.
250,000
&
Co._
&
Smith,
Address—180 Madison Avenue, New York
&
150,000
—
Hutzler
Hutton
Schwabacher
1962
Co
&
&
Inc.———**.—.
eroy,
for
SEC
Bros.
•
.7
<
>
COOPERATIVE
INC."'
*
WHOLESALE,
'
Eastern Cooperative
Wholesale, Inc., filed
registration statement with the SEC for'
$150,000 4%' registered debenture' bondsmaturing July 1 of each year from 1944
to 1956, inclusive (exclusive of
1950). No
a
than
more
said
bonds
$30,000
shall
Address—135
'
principal
mature
Kent
Business—Wholesale
allied
in
Ave.,
amount
any
one
of
year
Brooklyn, N. Y.,
dealer
in
groceries
products,
related
including, among 'other
activities,, warehousing and pack¬
aging
by
Underwriting—No underwriter named
Offering—The securities are being sold
the Cooperative directly to its stock¬
holders
and
friends
cooperative-movement
interested
in
without' the
the
inter¬
position of any underwriter, dealer, broker'
or
salesman, at 100.
No commission will
be paid
to anyone
in conjunction with'
such
sale
Proceeds—Wflf-be used to
repay
certain
private loans
and also to reduce certain
accounts payable now
outstanding for cur-,
rent merchandise, the balance
to be used
for working capital
Registration Statement No. 2-5002. Form
S-2.
(5-27-42)
Amendment filed June 29,
1942,
to defer
effective date
FLORIDA
Florida
With
SEC
POWER
Power
A
LIGHT
CO.
& Light
Co.
$45,000,000
First
registered
Mortgage
bonds, due Oct. 1, 1971; $10,000,000 Pink¬
ing Fund Debentures, due Oct.
1, 1950;
■■
Volume
$100
Bonds
and
rate
Interest
Par.
the
on
dividend
be sup¬
will
preferred stock,
plied by amendment
Address—25
8.
Second
E.
Fla
Y;'Y.
This
Miami
Ave.,
&
Power
of
Bond
Americat
& Sharf
subsidiary
Light
(Electric
buy
"
.
'■
'
circumstances to be construed
'
»
offer of these securities for sale or as a solicitation of an offer to
of such.securities. The offering is made only by the offering prospectus which, however, does not constitute an offer by any
any person to whom it is unlawful for such underwriter to make such offer in such stale.
any
no
as an
underwriter lo sell securities in any stale to
Is an operating public utility en¬
System!
Y
announcement is under
r
Business—This
15
Preferred
rates
apd'the
Debentures,
the
on
Cumulative
Bhares
140.000
and
Stock,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4086
156
principally In generating, transmit¬
distributing and selling electric en¬
ergy *also manufacture and sale of gas),
serving most of the territory along the
east coast of
Florida
(with exception ol
gaged
ting,
Jacksonville
the
New Issue
July 1, 1942
and other portion*
area),
Florida
of
Onenng—The securi¬
Underwriting and
ties
the
the
of
$35,000,000
are to be sold by companjY
-competitive bidding -Rule U-5C
SEC\s Public Utility Holding Com¬
registered
under
of underwriters ano
be supplied by post-
Names
Act.
pany
to public, will
price
amendment
effective
Corporation of America
registration state¬
to
ment
follows
$53,170,000 to redeem at 102V4, the $52,000,000 of company's First Mortgage 5s ol
1954; $15,693,370 to redeem at $110 pei
•hare,
the
142.667
shares of
company'*
$7 preferred stock, no par.
Further de¬
tails
to
be
supplied
by
post-effectlv*
will
Proceeds
applied
be
.
as
3Vz% Debentures, due July 1,1962
amendment
Form
Registration Statement No. 2-4845.
<9-17-41*
A2.
1942, to defer
June 26,
filed
Amendment
date
effective
Price
WATCH CO.
11A Mil.TON
Watch
Hamilton
plus accrued interest from July 1, 1S42 to the date of delivery
shares 4Vi$
$100 par
stock,
preferred
cumulative
Pa.
Address—Lancaster.
Business
fot
watches
wrist
watches for
wrist
and
men
manufactures anc
(17 W
and
pocket
Jewel)
of high grade
models
various
sells
23
Company
—
Copies
women
stock
and
6%
the
and
price
Blyth & Co., Inc.
expires Jan. 22, 1942.
Any shares o)
4'/a%
preferred not issued under the ex
change offer, plus the 6,328 shares no>
reserved, for such exchange offer, will b<
the
to
public,
at
price
a
the under¬
arc among
Glore, Forgan & Co.
•
t
The First Boston Corporation
offer
ofrcred
the undersigned (who
of
legally offer these securities under applicable securities laws.
as may
Lehman Brothers
ot
preferred), for. each share of out
6 7*
preferred stock.
Exchang*
standing
be obtained from such
may
Dillon, Read & Co.
preferrec
redemption
the
$105,
4»/2%
share
price of one
fering
the offering prosperity
of
writers named in such prospectus)
Offering—Company It
making a conditional offer to holders of it*
32,054 shares of outsanding 67# preferred
stock of the privilege oi exchanging sucb
stock
for 33,054 of
the 39,382 shares- oi
4l/2% preferred stock on basis of one share
or 4V2 % preferred stock, plus $1.50 <equa.
to
current
quarterly
dividend
payable
March
1, 1942, on one share outstanding
67*
preferred
stock), plus an unstatec
amount
(difference between the public of¬
Underwriting
99V2%
registration
filed
Co.
statement with SEC for 39,382
/';*
■•••
V.v
.
•
•'
Harriman Ripley & Co.
V
Incorporated
\
■.
Merrill Lynch, Pierce, Fenner & Beane
.
b<
to
Smith, Barney & Co.
;'-Y
••••,,,
supplied by amendment.
Harriman Riplej
& Co., Inc.,
Philadelphia, is named prin¬
wll
cipal underwriter; other underwriters
be supplied by amendment.
will
Proceeds
March
be
used
redeem,
to
or
1942, at $105 per share, all out¬
1,
stock; balance for
expenditures in connection with construe-,
jtlon and. equipment of plant additions
Registration Statement No. 2-4926. Form
standing
preferred
6To
Amendment
June
1942
17.
SEC
$2
C
;"/Y. ,Y;'>'...
shares
140,400
■
and
Mich.
troit,
Offering—23,100 shares are unissued and
are
to
be offered
to the public, for the
account of the company; remaining 117,300
shares are outstanding and are to be sold
to
public for account of certain selling
stockholders
shares
certain
as
by
company,
stockholders
off ering
Public
Proceeds
' v.
.
amended: 23,100
105,756
shares by
offering
Proposed
to
general corporate purposes,-including pur¬
chase of new equipment and for working
capital
Y
*■,*l
■
.
Offering—The
■
per
issued
and
Amendment filed
June
effective date
HONOLULU
•
reserved
issuance
for
conversion.
on
-
Honolulu, Ha-
a
;;
Underwriting—None
6hare, on the basis" of three shares of
preferred stock for each five shares of
common
stock, to be evidenced' by trans¬
subscribed
not
or
will
of
to
sold
the
on
on
retained
be
Issue
to
which
warrants
Such
and
before
or
May
29,
stock
not
expire
preferred
May
29,
1942,
June 30. 1942,
the company,.:subject
either at private or
before
or
by
sale,
at not less than $10 per share
be applied to reduction of
outstanding bank loans, aggregating $1,public sale,
will
Proceeds
.
;
.
Hunter Manufacturing
statement
shares
of
with
common
shares
class
shares
common
the
1
.
Business—During
of
A
to
loan
par;
and 25,232
units,
there
unit
shares
is
.
4
be
&
Sons,
Inc.„___
of
included
common'
600,000
&
Co.,
reserves, the
company
Co
&
each
unit
of
class
right
A
& Co
:
Proceeds will be used for
1
working capital
Registration Statement No. 2-4968. Form
A-l.
(3-18-42)
effective
LONE
*
STEEL
Steel
Star
with
statement
debentures,
purchase
no
par
due
to
*"
of company consisted
"the manufacture and sale of Rex rail¬
lights and the manufacture and
i...
;•
&
Tool &
SEC
in
of
for
1,000 warrents to
stock; and 75,000 shares
stock
!
.
Texas
pig
—
is
engaged
iron
No
in
steel
and
underwriters
the
•; i,
are
■Offering—The debentures will be offered
the public at 100; each $500 principal
the
debentures
will
warrant
entitling
25
shares
at
$10
of
per
the
common
shares Of
holder
stock
the
common
stock
reserved
for issuance upon
to
of
carry
one
purchase
company,
75,000
shares
registered, 25,000 shares
exercise of
are-
the
public at
33,586
and
$251,895
writer
has
proceeds
at
company
«.
...
change
Form
and
its
,
in
ex¬
($7.50'par)
shares
40
maturing
debentures
be
may
100.
R.
N.
cipal
to sell through underwriter the
debentures he has agreed to ex¬
for
his
shares of
preferred
Co. is named prin¬
25,405
Brashears &
G.
underwriter.
R.
N.
be
Webster may
of $48,105
Proceeds
used
for
(1943 maturity)
will
working capital
Registration Statement No. 2-4988. Form
A-l. (Filed in San Francisco 4-20-42)
Standard
filed
Aircraft
amendment
an
which
statement
terms
of
The
1943
the
sub-'
offered
to
modifies
has
registration
the
offering
originally filed.
will
be
public at 100.50.
The other
maturity
the
its
to
statement
.
Inc.,
Products,
engaged principally in the
maturities will be offered in exchange for
transmission, distribution and
sale
of
electricity, serving
certain com-: 33,586 shares of $7.50 par 40 cents cumula¬
tive preferred stock on a par for par basis,
munities in Texas, New Mexico, Oklahoma,'
and may be resold through underwriters as
Louisiana, Arkansas and Arizona.
Under
follows: 1944 maturity at 100; 1945 matur¬
a
plan of integration and simplification
ity at 99.50, 1946 maturity at 99.00 and
proposed to be consummated under section
are
the
Holding
Company
Act
simul¬
taneously with the consummation of the
present proposed financing, the company
proposes to effectuate the following trans¬
actions:
Merger of Community Power &
Light Co. and General Public Utilities, Inc.:
(the two present parent companies of the'
company)
into the company; liquidation
of
Texas-New
Mexico
Utilities Co,;
re¬
1947
maturity at 98.00
Amendment
effective
filed
June
9, 1942, to
defer
UNION ELECTRIC CO. OF MISSOURI
Union
Electric
of
Missouri
filed
a
the SEC for
stock, no par
Address—315 N. Twelfth Blvd., St, Louis,
registration
2,695,000
.
Co.
Mo.
statement
shares
with
common
stock
will
•
be
,
■
of
com¬
outstanding and
are
the
from
sale
the
to
public of such
Registration Statement No. 2-4940.
\2
(2-2-42)
),
filed
1942
of
ill
of
Co.
of
Form
Y
•
Missouri,
Feb.
on
amendment to its regis¬
statement, naming the underwrit¬
an
in all, who will
141
ers,
'
•
Electric
Union
shares
which
publicly offer the
par) common stock,
by its parent com¬
(no
owned
are
The North American Co. The names
underwriters, and the maximum
the
number
which
shares
of
each
!
effective
date
UNITED
GAS
United
first
stock
common
June
18,
to defer
1942,
CORPORATION
Gas
due
\
filed
$75,000,000
3Va%
registered
Corp.
and
mortgage
bonds
such
of
agreed to purchase were listed
of Feb. 26, 1942, page
"Chronicle"
the
in
trust
collateral
1958
Address—2 Rector
Street, New York City
Business—Production and sale of natural
part of Electric Bond and Share Sys¬
gas;
tem
■
■
/.
.
■
-
,
Un derwriters—None
Offering
Terms—Bonds
institutional
be
investors,
supplied
Gas
Public
1953;
Service
Electric
$2,000,000
whose
to
will
names
at 99.347«
$28,850,000 United
6%
Debentures
due
demand note of $25,925,-
Bond
open
sold
be
redeem
to pay 6%
to
000
will
by amendment,
Proceeds—To
and
Share;
to repay
account debt to E. B. & S.;
and to purchase from United Gas Pipe Line
$6,000,000
bonds
due
of
1961.
its
1st
Balance
&
will
Coll.
be
47*
used
in
part- to reimburse treasury for capital ex¬
penditures and possibly to pay accumulated
dividends of $9,502,490
preferred stock
on
companys
$7
Registration Statement No. 2-4760, Form
A-2 (5-15-41)
*-,i>
-
United
SEC
been
Gas
Feb.
on
unable
chase
Corp.
21,
to
with
the
amendment with
stating
further
covering
extend
14
it had
that
the,
insurance
proposed
pur¬
com¬
private
sale
companies of $75,000,000
to such insurance
of
filed
1942,
agreements
panies
the
company's first mortgage and col¬
lateral trust 314% bonds, due 1959.
This
amendment
ments
the
states:
expired
poration
to
date
-
shares
hares
as
($48,105)
generation,
of
ceeds
Co.,
underwriter
an
be
aggregat¬
sold through under¬
Webster, President,
■<;
parent, The North Amerwho will receive the entire;pro¬
Co.,
can
1947,
agreed
$190,537
PUBUC, SERVICE CO.
Service Co. filed a
Texas
($48,105)
100. The
offered
be
Underwriting—The debentures
Public
Business—This
sidiaries
the
will
underwriters
2,695,000
...
New
Co.,
owned by its
ire
Amendment
and
;
.
principal
other
846
$65,895
ing
the
pany's common
cumulative
$62,000;
statement with the SEC for:
$18,500,000 of first mortgage and collateral
trust bonds, due Feb., 1, 1972; $5,500,000
serial notes, due in equal annual amounts
from Nov.. 1,
1943, to Nov. 1, 1953, in¬
clusive; and 85,000 shares of 6% cumula¬
tive preferred stock, $100 par value
Address—Dallas,
a
preferred stock on a par
basis as follows: debentures matur¬
ing
1944,
$62,000;
debentures
maturing
1945.
$62,000;
debentures maturing 1946.
registration
11
registration statement
of
Southwestern
1943
the
Offering—The
for par
stock.
SOUTHWESTERN
INC.
Inc., filed
etc.
maturity
to
offered
for
of
.vames
pany,
PRODUCTS,
products,
,
..
■
,
Products,
statement with the SEC cov¬
convertible serial and
aircraft
change
from sale of stock for working capital
-
'
.
AIRCRAFT
Aircraft
maturities
cents
;
Registration Statement No. 2-5007.
be
other
Offering—Of total 52,238 shares will be
the company and 145,775 shares
certain stockholders.
Offering price to
the public will be $2 per share
registration
$500,000
5 ft
1948;
date
Offering—The
will
a
in
12, 1942, to defer
Address—Davton, Ohio
Business—Company
manufactures
by
S-2.' (6-8-42)
filed June
adjacent to the company's
is named
tration
sinking fund debentures, due 1943-1947
CO.
Missouri
2,695,000
40,000
service tools
use
involved
transactions
ering $300,000 5V2 7o
MANUFACTURING
will
securities
new
company's general
to effectuate the
50,000
Manufacturing Co. filed
Proceeds—Company
the
of
the
(3-31-42)
registration
—
sale
to
St.
mpplied by amendment
;
,.
.
Registration Statement No. 2-4981. Form
A-2.
offered by
filed
common
common
amount
two years ended Sept.
•
•■*.
CO.
Co.
Business—.Company
named
1942, to defer
10,
date
STAR
Lone
June
i "
•,
.
.
Amendment filed
:,
funded debt
standing
100,000
Underwriting—Baker Slmonds & Co.
the
r-
,
plan of integration and simplification,
the refinancing of the company's out¬
Standard
■
Inc
the
STANDARD
—
each
reduce
to
stock
will
underwriters
other
financial
various
100,000
statement with the SEC for
198,013 shares of common stock, par. value
$r
" 7
Address—Detroit, Mich.
Business
Manufacturing and sale of
auto
from
added
effective
150,000
100,000
,
be
will
Amendment
registration
stock; thereafter
number of common shares to be included Ir
the
of
names
supplied by amendment ;/;
funds and will be applied
186,000
Inc
& Goodwin,
Miller
to
with-
underwriter,
$874,000
&
MILLER TOOL
4 shares, at a
With at least the first 900
will
&
fork,
and
v:
pur¬
in
parent
no
jcvelops
be
price of
stock
of
unit.
f
ad¬
being
are
borrowing, from customary sources
Underwriter—H. M. Preston & Co., Chi¬
cago,' 111.,
is the sole underwriter*
The
underwriting commission is $8 per unit !.
units
> 1
and
generates
ties
of
serial notes ana
6%
preferred stock, will be sold to the
public, at prices to be supplied by amend¬
ment
Y'/
;,vY
pur¬
it
from
Osage hydroelectric plant
Underwriting—Dillon, Read
Offering price to the public will be 100
plus accrued interest from June 1, 1942.
to enterprises whose debt
.
Bond
company
term
per
follows:
be
which
energy,
its subsidiaries,
serving the
Louis, Mo., and portion of 5
■adjacent Missouri counties and of 3 coun¬
Offering—The- bonds,
"Y-:'-;-,Amount
H.. Rollins
Vallance
.
in
as
to
amounts
tric
chases
have
tion
the
Lukens
Biddle, Whelen &
"interim" or intermediate financing
enterprises until the financial positions
of the
borrower or a change in general
capital markets open avenues for longer-
Underwriting
1940, -operations
road signal
of
vide
sold
the
and
Graham, Parsons & Co.
to
$110
the
North
going, it is expected that the company will
Proceeds
by
subsidiary of The
Co, is engaged primarily in the
transmission, distribution- and sale of elec¬
of
be
V
filed
Name
Allen
Chicago, 111
function
funded
outstanding
entire
Business—This
American
city
.
given
are
Boenning
N. La Salle St.,
class: A
registration
Pa.
the
Underwriting—Dillon, Read & Co.,
of
New
York, is tne principal underwriter;
Co.
chased
stock, $1 par
Offering—The
'.••
manufacturer
amendment
an
underwriters
registra¬
39,912
a
stock, $25
structures
a
covering the registration of $2,
200,000 4% 7c sinking fund debentures the
function is to loan money, with fundt
not used In its primary function, to pro¬
>
(5-29-42)
Stroud
filed
for
capital
'
filed
Co.
Pistell, Wright & Co., Ltd.____
SEC
money
manufacture
'
for 109,560
25 cents par
Address—Croydon, Pa.
In
ary.
SEC
of
A-2.
,
the
-
of
tbe company itself.
Upon comple¬
the transactions involved in fore¬
.
CORP.
Corp;
with
Business—Primary
Form
Co. filed registra¬
stock,
value
30,
FINANCE
statement
' f
CO.
Steel
5:30
Proceeds—Payment of bank loan
'
j.
Registration Statement No. 2-5003. Form
w/Y
.
Interim'Finance
tion
HUNTER MANUFACTURING €<L
tion
date-
effective
Address—Dallas,
Registration StatementNo. 2-4973.
(3-30-42)
)
.
STEEL
effective
1942
17,
Address—Coatesville,
E.
(4-23-42)
Statement
June
Business—Steel
'.Amendment filed June 22, 1942, to defer
650.000
S-2
"
.
S-2.
.
per
1942.
public
funding
,
Offering—The preferred'stock is offered
to company's common stockholders.of rec¬
ord April 30, 1942, for subscription at $10
ferable
un¬
are
the
to
justed or reorganized by its wholly-owned
subsidiary, H. M. Preston & Co. A second*
LTD.
CO.,
public utility
engaged in providing urban transportation
service to the city of Honolulu,' rendered
by trolley coaches and gasoline buses
Is
X Business—Company.
shares
;.
statement
with
the
SEC
for
$2,200,000
4% 7e sinking fund debentures due 1952
is 80
commission
be offered
.
debt of
on
Lukens
per
'"'j!
; v
the preferred atock -•
•
Address—1140 Alspai;St.,
$4
and/or
Transit. Co., Ltd., has
filed
a
registration
statement with
the
6EC for 75,000 shares of 67*
cumulative
convertible preferred, stock, $10 par; and
75,000
shares common
stock, $10 par,
Df
to
are
at
public
share... 93,000
Address—33
Honolulu, Rapid
latter
the
EWT
LUKENS
registered
1942, to defer
TRANSIT
RAPID
p.m.
Steel
is
19,
to
■
(5-8-42)
Registration
common
the account of the company; the re¬
16,560 shares registered are ito
purchased by the underwriters, under
purchase option, from certain-stockholders,
and will be publicly offered
Proceeds will'be used to purchase or re¬
deem all the outstanding 36,000 shares of
6%.
cumulative preferred
stock, $5
par
-value, and for other corporate purposes
Registration Statement No. 2-4990. Form
'
Cleveland)
(11-19-41
the
shares
the -underwriting
cents
Registration Statement No. 2:4890. Form
A2.
.109,560
offered
be
INTERIM
,
.
..
price Is $9.50 per shars
will be used for
.company
of
be
underwriters
and
Co.
shares
46,500
.
Registration Statement No. 2-4997. Form
S-2.
partial liquidation
of
Co.; purchase of Pan¬
and
Service
handle Power & Light Co., Cimarron Utili¬
ties
Co.
and Guymon Gas Co.;
and re¬
will be used for working capital
"
purposes
Co.,
&
Cal., and Barrett Herrick >&
New York, each have agreed to
maining
are'
.
Proceeds
Public
Gulf
the public at $10 per share
to
for
principal % underwritersare
Smith, Hague A
Carlton
M. :HIgbie
Corp., De¬
Inc.,-
Douglass
capitalization
warrants, and 50,000 shares will be offered
munitions
'■
the
registered, or a total of 93,000 shares
share;
g*'\
sells pistol
expanders
■
;•*
Underwriters—Schroder, '.Rockefeller'/ A
Co.,
Inc.,
will
rings and
Other
Co.,
v
stock.
par
'Business—Manufactures
Angeles,
stock
registered
common
value
Address—Hastings, Mich.
in
engaged
:•
Los
underwrite
CO.
Co.
Manufacturing
Hastings
with
date filed
MANUFACTURING
HASTINGS
experimental basis, of muni¬
that date, the company has
an
Since
primarily
Underwriters—Nelson
defer effective
td
on
business
(12-30-41»
62
-,
sale,
tions.
been
end
that
sold
privately,
said
agreements
to
its
continue
bonds
negotiations
shall
renewll
by
of
be
the
either
.
afore¬
or
otherwise, or 'offered
circumstances shall dictate
to the public as
in order to obtain
Amendment filed
effective date
"These purchase agree¬
16, 1942.
The cor¬
Feb.
on
intends
the pest possible
June 29,
1942^
price."
to defer
,
16
THE COMMERCIAL & FINANCIAL CHRONICLE
WE WISH TO
Stillman, Mapard
& Co.
man
&
of
and
Lawrence
The New York Stock
Maynard, Oakley
under
the
Stillman, Maynard & Co., became
effective
of
general partners of
both firms will continue as part¬
of
ners
KINGDOM
consolidated
the
Firm
William
and
Howard
A.
W.
have
to
*
40
Members
New
Exchange PL, N. Y.
his
York
Security
& Milwaukee RR.
in 1940.
of
the
combined
61
Broadway, New York City.
years
&
Funded
at
the
Co., estab¬
on July
1,
ago,
1912, have acted as stock and bond
brokers, participating distributors
debt
and
underwriters,
and
retailers
also
acts
as
the
hands
railroad
agents
The
in New
York for several
totals $22,512,000, of
$17,385,000 represents First
Mortgage and First and Refund¬
ing bonds outstanding.
Funded
debt is summarized
follows:
as
loans
held
by
and sharebrokers.
Real
Unsecured debentures and notes
absence
a
Governor
Stock
for
the
of
duration,
the
New
Exchange, and President of
the Association of Stock
Exchange
;-7 7- ;.7:; :7 y,;-
Firms last year.
Maynard, Oakley & Lawrence,
formed
Jan. 1,
on
1925, have con¬
type of business
Evans, Stillman & Co., with
the exception of railroad
equip¬
ducted the
same
as
ment
trust
Taube,
obligations.
a
Captain
now
Army
Aviation
Arvid
in
Service,
the
is
on
leave of absence for the duration.
R. Lawrence Oakley was
formerly
Governor
a
Stock
of
the
New
Exchange and
Association
Firms.
of
r
also
Stock
York
of
the
estate
Beebe, Manager of the Bond De¬
partment; Philip J. Dwight, who
will
be
Office
Manager;
and
Lake
Line,
laterally
on
conclusion
June 25 of
a
in
Quebec
three-day
conven¬
tion of the National Editorial As¬
sociation,
counts
Associated
stated
that
Press
ac¬
resolution
a
noted
reports that the Ways and
Means Committee of the United
States
House
of
Representatives
had adopted a resolution authoriz¬
ing an increase in postage charged
on
publications entered
class mail matter.
as
seteond-
The resolution
Income
1941
$1,000
sam^ advices
Association
reported
at
the
that
the
time
same
ment
war
in
to
the
final
prosecution
and
of
complete
by deposit of
First Mortgage
for
to
of
517,000
19%
J.
the
on
Bros., New
The
released
in
for
1941
of
Chapter
not
it
first
with
in the
sources
current
the.
bulk
of
the
new
securities,
including new
First
Mortgage bonds issued.
At cur¬
prices, the First Mortgage
and First and Refunding
Mort¬
gage bonds, in toto, represent only
rent
5%
of
the
balance
drastic
reduction
of
in
proposed
recapitalization.
any
funded
debt
The
Board
New
of
Directors
of
Traders Association
York
Luncheon
p.m.
Club, start¬
In view of the fact
treasury is in good shape,
directors
decided
that
the
Association
entering
requests
the
that
armed
&
The recent rate increase of 10%
in passenger fares means far more
to this property than to most rail¬
all
derived
are
traffic.
fares
Feb.
from
10,
except
An
75%
of
pas¬
This increase be¬
effective
tickets.
than
1942,
on
commutation
application
is
now
a
for many years
was
partner in Belden & Co.
*
:
Frank J. Warne
today becomes
partner in the New York Stock
Exchange firm of Hewitt, Lauder¬
& Co., 39
Broadway, New
dale
7';'.7: 7:,;7
Whaley & Potter, New York
City, dissolved on June 30, 1942.
York City.
alternate
Mr. Warne will act
the
on
as
floor of the Ex¬
change for J. Robert Hewitt.
Reporter On "Governments"
(Continued from First Page)
they had purchased—in 1942 alone—more than
$1,060,000,000 Govern¬
obligations against purchases of
$353,000,000 in same 1941
period.
To put it simply and
succinctly, they didn't have the
funds on hand to buy
huge amounts of the June issue.
ment
...
...
So
.
the commercial
And this
.
isn't
banks
just
a
The
is
in
and made
up
.
come.
.
.
.
.
.
:
.
;
.
the
insurance companies already have invested
$2,000,000,000 in various types'of securities in 1942.
.
.They get so much money, build up so much
reserve, then
invest it.
Their power to buy can't be
expanded at will by
the authorities as can that of
the banks.
So, the odds are
banks will gain in importance as
supporters of the
than
.more
4.
fact
came
the difference.
recording of past happenings.
It's an
indication of movements to
.
.
.
.
...
program
the
as
financing
calendar
year
rolls
panies will dwindle in importance.
Translated into specific
and
on
the insurance
com¬
.-r
...
predictions, informed sources expect the
tap issue to be opened up in August or
September, when the insur¬
companies will have more cash accumulated for
buying. ,
And other bond issues will be
designed for purchase by the really
important open market buyers—the banks.
That means interme¬
diate
maturities
plus
repeated
offerings of various
types
of
shorts.
7«\: ■ ■ 7
v.7;777 :777, "777' :7',"V;'- 777
;
ance
.
.
.
.
,
.
NO
SERIALS YET
,^777
;7 7
'77'
•Secretary Morgenthau's assertion that he had "no tricks
up my
sleeve" has killed rumors that the
Treasury was going to imitate
the financing tactics of
municipalities and try distributing a one to
ten-year serial issue to banks.-.
Decision to issue a serial
obliga¬
tion with special sale
privileges has not been made as yet,
according
to informed sources.
Move still is a
possibility, maybe a prob¬
ability for fall.
Sentiment favors it, but if we are to
accept Mor¬
genthau's statement at its face value, there will be no
attempt at
unorthodox borrowing until September.
And that means con¬
....
.
.
count bills.
.
.
.
.
.
.
.
.
.
certificates, notes, bonds and, of course, dis¬
7„\:
>
.
•,
Here's the way the timing
shapes up at this writing:
(1) The July borrowing, probably due
shortly after the 4th,
in the form of bonds.
...
(2)
policy.
Harry L. Hammond, member of
the Nev York Stock Exchange,
will become a partner in W. Wal¬
lace Lyon & Co., 120 Broadway,
New York City, on July 9.
Mr.
Hammond
on
for
F. J. Warne To Be Partner
Exchange,
.
Harry Hammond Joins
W, Wallace Lyon Go.
alternate
Exchange
•
tive June 24, 1942.
Our
as
the
floor
of the
Amos M. Kidder.
Clark, Jr., member
tinuation of the sale of
the company'smortgage debt
will be close ttfoeing covered.
better
Lawrence will act
partner in Corlies
&
has
service may be had.
011
since
a general
Charles M.
of
are
roads,
Booker, member of
Exchange, for¬
York
Booker, New York City, became
a
limited partner effective
July
1, 1942.
: "
the
plete Honor Roll of those in the
earnings
New
&
.
Stany Buffet Supper to
Replace Summer Outing
partnership in
A.
M.
Kidder
&
Co.,
1
Wall
Street, New York City, members
of the New York Stock
Exchange
and other
leading exchanges. Mr.
as
Exchange member.
J. Marshall
sheet
carrying value of $40,570,000 for
gross property.
There is ample
margin, consequently, for price
appreciation even under the most
Milton E. Lawrence will
shortly
be
admitted
to
on
continues
receive
Co., Inc., Secretary of the
Association, in order that a com¬
maintained
throughout
1942, full interest requirements
firm
general partner in Charles Clark
Co., New York City, became a
limited partner in the firm effec¬
lers
esti¬
The
of the New York Stock
plan, it is obvious that the
First Mortgage and First and Re¬
funding mortgage holders would
forces of the country notify Ches¬
ter deWillers, Schoonover, deWil-
loss
a
1
30.
tion
members
fixed
Stock
Exchange,
partnership in Fran¬
.
Under any ultimate reorganiza¬
A. M. Kidder Partner
York
Chapman, New York City,
merly
corpora¬
reorganizations,
or
under
Section 77 governing railroad re¬
The
period of
same
same
if
governing
bank¬
sociation out of the treasury.
months,
realized
some
compared
These
been
four
charges,
that
the
party would be for members only
and would be paid for by the As¬
sources
for
mate
of
tion
the
in¬
been
has
available
1941.
10
New
June
two
the
that the
of
gain
a
have
1942,
company
filed
petitions which proposed that re¬
organization be carried out under
ing at 6
$4,-
Although
$270,000
of $4,000
per
Total oper¬
in
by unofficial
the
petitioners
New York
was
&
either
about
M. E. Lawrence To Be
cis I. du Pont & Co. and
Chisholm
com¬
real
the
the
bankruptcy
out¬
1940.
earnings
Federal
laws
Wright,
on
retired from
an
ruptcy
B.
,
777'"
1
asking reorganization of the
laws.
Albert
June 22, in
Goodbody
as of that date.
H. Herbert
Oltman, member of
7, 1942, a petition was
Court, Chicago,
under
of
& Co. ceased
for
Some
.
.
move
Market
.
long that
so
unlikely.
on
excess
reserves, minor but significant of
step and has looked forward to it
marked price fluctuation would be
highly
expects
any
,7.
A steady, quiet market following the
financing and ef¬
(3)
.
.
.
forts at another build-up.
a
.
.
.
I
'(4) The August borrowing, this one designed to
appeal more to
insurance companies and corporations.
(5) Then, maybe plans for unorthodox
financing systems may
...
take
shape. T
vic¬
CHICAGO, NORTH SHORE
& MILWAUKEE RAILROAD COMPANY
.
.
INSIDE THE MARKET
Prices lower in recent sessions but
trading has been exceedingly
"Dull as I can .remember" was one trader's
comment.
"Never been as quiet as this" was another's.
Failure of prices to respond to certificate
offering was due to
fact that issue had been
completely discounted.-.
Dealers held
bonds in anticipation of price rise on issue of shorts.
They sold
on sale.
And so market didn't
go up although the expert and
natural opinion was in that direction.
Latest report on banks' responsibility this
quiet.
R. Hoe & Co.
William
alternate
Exchange for Wil¬
D. Scholle, will be consid¬
by the Exchange today. Both
who died
increase
debt
represented
over
the
interest
$12.50
mortgage
revenues
Commerce
10%
a
including
about
(not
Illinois
for
tory."
>
that
as
on
7
■
the
partners in Scholle
York City.
the
Eagle Lock Co.
proposal
of
Exchange
are
v
1-423
voted, due to the
shortage of gasoline, to replace
the regular summer outing of the
Association with a Buffet Supper
Party to be held July 15 at the
estate mortgages).
came
pledged its "continued support to,
and cooperation
with, the govern¬
The
$219,416 was
since
1931
and
standing
senger
The
Mundelein.
available
equivalent
tee
the proposal.
to
from
of
largest
instructed the legislative commit¬
oppose
-
NY
Federal
Security
revenue
to
extending
secured
estimated
With the
are
the
on
loans.
that
Rates For Publications
lien
$5,500,000 of the
5s, 1936.
There are $3,388,000 of
the First
and
Refunding bonds
pledged
under
the
collateral
terim
Opposes Increased Postal
422,795
4,166,613
First and Refunding 6s,' 1955, and
5%s, 1956, are a first lien on the
Skokie Valley Route, extending
from Chicago to North
Chicago
Junction, and in addition are col¬
Minshall, Harold C. Strohm, Piero
Throop M. Wilder.
first
a
Bluff
ating
and
1,666,900
.
mortgage 5s, 1936,
by
Branch
Messrs. William McK.
Barber, G.
Wyman Carroll, Everett Dominick, Thomas M. Dowling, Robert
G. Trevis
2,295,980
Shore Line, extending from Wilmette to Milwaukee, and on the
in
Associated with Stillman,
May¬
nard & Co. will be William
N.
2,162,500
-l—„
mortgage
secured
Exchange
77"
•
7,946,300
others
The first
was
York
$3,887,800
RFC
Remick of that
and
in
pany
In Hands
mortgage 5s, 1936
First and refunding 6s, 1955__^
First and refunding 5V2S, 1956_
Collateral
the
On April
Of Public
First
Equipment trusts
of
Association
TELETYPE
organizations.
FUNDED DEBT
Australian, New
Zealand, and South African stock
Major J. Gould
firm, now on leave
of
public
whole¬
of
equipment trust obligations.
firm
in
which
and dealers in general market is¬
sues,
salers
liam
in these rates.
filed
(Continued from page 4)
300,000 compared with 11,686,000
Stillman
Dealers
BELL
Commission
both firms serve a
clientele, neither have
offices, and the only office
30
floor
ered
before
Chicago, North Shore
Although
be
the.
.\7777 7
..
.■■■■'■•''7 7.v 7.7777-
branch
Evans,
The
Interest
office
will
by
July 9.
1920
HA 2-2772
national
lished
sidered
IRELAND
BROS.
Established.
with the enlarged firm.
firm
NORTH
URUGUAY
Request
on
KATZ
has
limited partner of Evans,
Stillman & Co., is retiring but
a
continue
Transfer of the
Exchange mem¬
Erickson Per¬
kins to Edgar Widin will be con¬
Dean.
who
Plummer,
Bids
Exchange
following
the
bership of the late
Doyle, Jr., act
Maynard, R. Lawrence
Oakley, Charles C. LaWrence, J.
Gould Remick, James McMillen,
Robert W. Morgan, Arvid Eaton
will
AND
BRAZIL
V
firm.
Richard S.
been
BRITAIN
ARGENTINA
They include Walter N. Stillman,
Taube
GREAT
the
announced
weekly firm changes:
All Sterling Issues
July 1.
UNITED
All
has
(Listed and Unlisted)
of
name
Exchange
Weekly Firm Changes
and
European Dollar Bonds
Still-
Evans,
Thursday, July 2, 1942'
New York Stock
All South American
Merger Is Effective
Consolidation
BUY:
.
.
.
.
.
.
.
COMMON
We Have An Active Interest In All Issues
,
.
.
.
...
...
United Piece
Dye, pfd.
...
-
ANALYSIS UPON REQUEST
...
Fuller, Cruttenden & Company
HAY, FALES & CO.
Members New York Stock Exchange
71 Broadway, N. Y. BOwling Green 9-7030
Bell
Teletype KY
1-61
year places
buying "
$28,000,000,000, buying of individuals through war bond
purchases, at $12,000,000,000.
Cut in deposit requirements for bank
subscriptions to certificates,
fact that books were kept over two days indicated
more realistic'
war-time attitude on part of Treasury.
Free
of banks at
Boston & Maine, 1st pfd.
t
T'
Members
'
Chicago
/•
209 South La Salle St., Chicago
Stock
term
issues is
an
,
•
Telephone Dea 0500
mmmmmmmmmmmmmmmmmmmmmmmmmamm
riding on shortimpossibility, for there just isn't enough
profit in
subscription.
Making buying as
for real investors, therefore, is
only a sensible
...
Exchange
♦
Teletype CG-35
icwmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
shorts to warrant taking time for
easy
mnet
as
possible
.,.7-<
.
,
.
.7
.
7
.
v.
..
@FedFRASER