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LMrj
Edition
Final
ESI ABL1SHED
OVER
100
nISRA2 Sections —Section
EY
1
Reg. U, S. Pat. Office
Number 4394
161
Volume
New
Senators View
Bretton Woods
Plan
Holds
Taft
"an
Automatic
York, N. Y., Thursday, June 14, 194S
Price 60 Cents
a
Copy
The New York Stock Exchange- San Francisco Conference
World's Greatest Auction Market
Completing Its Agenda
By WILLIAM T. CIIILDS*
By A. WILFRED MAY
Member of
Stein Bros. & Boyce, Baltimore
Special Correspondent of the Commercial and Financial Chronicle
Money."
Millikin of Colorado and Murdock Mr. Chiids, After Tracing the History of the New York Stock Exchange, Battles Between Big and Little Powers Continue.
Big
Points Out the Value of Its Functions in
of Utah Want Silver Provision.
Promoting Economic Progress. Five Win Strong Veto Weapon.
Senate Action on Trade
Calls Attention to Fact That the
Exchange Is More Thoroughly Super¬
The Senate Banking and Cur¬
Agreements Upsetting; Economic Council's Charter.
vised and Regulated in the Interest of the Public Than
rency Committee on June 12 be¬
Any Other Insti¬
Plans for Post-Conference Cooperation Progressing.
tution.
gan
hearings
Says Stock Exchange Does Not Encourage Gambling or Specu¬
on
the BrefcSAN FRANCISCO, June 13—Now that the smoke has cleared
lation, but That Speculation Is An Essential Element in Progress, Since
t o n
Woods
Without the Willingness and Incentive to Take Risks, There Would Be from the Battle of the Veto, "The Little 45" Powers are making a
bill,
recently
last stand for respectability on the line of the right to amend the
No Progress.
Says Unfair Practices Are Strictly Prohibited.
passed,
with
Charter.
The bitter veto
of
Handout
American
pill
endments,
a m
I remained at home
by the House
of
Represen¬
tatives.
the
on
hear¬
when
before
ings
to
commit¬
the
repre-
Eugene
D.
Millikin
express¬
measure
Wagner,
through Senator
who is Chairman of
the Senate
Banking and Currency
Committee
who
and
introduction
the
would make
In
no
in
sponsored
the
Senate,
"The
to
Chron¬
the* bill, Senator
Eugene D. Millikin (R.) of Colo¬
rado,
a
"The
sumes
member
of
the
Senate
can
Commit¬
Woods
Fund
achieve
as¬
relative
stability
of
currencies
in
the
(Continued on page 2632)
Index
of
f
r
i
e n
d,
asked
make
dress
ad¬
his
at
church
eral subject of
layman co-op¬
the
William T. Chiids
with
ministry.
Features
Regular
on
page 2636.
see,
of putting you on
titioner
to
as
preacher friend that I was sketch¬
ing something on the merits of the
by Mr. Chiids be¬
of Baltimore,
fore the Lions Club
May 22, 1945.
Buy MORE Bonds
(Continued on page 2626)
argument are being employed in support
peacetime compulsory military training. One posits dire
need of a large trained soldiery always under arms or in
reserve.
The other is concerned chiefly with alleged ben¬
be as good a prac¬
preacher. I told my
*An address
youth would derive from a period
efits that
,
Mighty Seventh
Buy War Bonds
War Loan!
many
gram.
both.
"takes the curse
The "Chronicle"
&
other
London
-
modifications
Rep.
25 Broad St., New York 4, N.
HAnover 2-OGOO
Chicago
Teletype NY 1-210
Cleveland
o
Established
STOCKS, INC.
HUGH
W.
and COMPANY
LONG
Ud
634 SO. SPRING
WALL STREET
ST.
LOS ANGELES 14
their
own
position,
(Continued
2630)
page
Municipal
Bond Brokerage
Bonds
Bond Department
THE
Stock Exchange
Members New York Curb Exchange
'
Common
NATIONAL BANK
New York 4
& Preferred
Y. Security
45 Nassau
Street
Tel.
REctor 2-3600
on
request
Reynolds & Co.
Members New York Stock
Dealers Ass'n
New York 5
Teletype N. Y.
Philadelphia Telephone:
.
Public Service Co.
$6 Preferred
Analysis
upon
request
Preferred
INCORPORATED
Members N.
CITY OF NEW YORK
Central Illinois
Corporation
Kobbe', Gearh art & Co.
MEMBERS NEW YORK STOCK EXCHANGE
THE
OP
Tele. NY 1-733
Tel. DIgby 4-7800
Aireon Manufacturing
INDUSTRIALS
CHASE
Members New York
30 Broad St.
1-576
Enterprise 6015
120
Broadway,
Telephone:
Bell
Exchange
New York 5, N. Y.
HART SMITH & CO.
Members
Neva
York
52 WILLIAM ST., N.
Bell
REctor 2-7400
Teletype
NY
1-G35
Security
New York
L A
:
V. 5
Teletype NY
HAnover 2-0980
1-395
Montreal
Toronto
IRA HAUPT & CO.
Members of Principal Exchanges
..
Dealers Assn.
.
palatable
more
on
State and
Alloys, Inc.
ELECTRONICS
Prospectus
.
of making the entire Charter and
INCORPORATED
NEW YORK 5
Springfield
Baltimore
BROKERS
St., New York 5.N.Y.
May
the
great measure for the purpose
Hardy& Co.
Prospectus on Request
RAILS
TELEPHONE-RECTOR 2-6300
Wilfred
.
In
and Dealers
1927
New York 5
BOSTON
PHILADELPHIA
Troy
Albany
Buffalo
Syracuse
Pittsburgh
Dallas
Wilkes Barre
BOND
u wall
A.
big and small pow¬
ers, the Big Five will remain ada¬
mant in retaining their right of
veto-amendment, the threatened
alternative being withdrawal and
break-up of the Conference.
Acme Aluminum
Bull., Holden & C°
ntinuing
Service
64 Wall Street,
Y.
C
the
appear
(Continued on page 2628)
may
as
NEW YORK
INVESTMENT SECURITIES
Exchanges
Geneva
the
purpose.
for Banks, Brokers
Members New York Stock Exchange
and
b 1 ies
for
law, with such
desirable, should be merely
R. H. Johnson & Co.
CO.
held
It
will stand calm analysis.
Hirsch & Co.
LILIENTHAL
s s e m
strongly of the opinion that the present
is
VICTORY
HIRSCH,
A
finds'' itself in disagreement with
It believes that neither
for
to
of compulsory
It is this plea which for
off" an otherwise unacceptable pro¬
national training and service.
in the
Successors
constituent
between
of
in the pulpit and say
you think a layman should
church activity, you will be
expected
to
their
large and
growing rift
Two lines of
the spot.
If you get up
what
freeze
Discipline and Obnoxious Regimentation. Military Necessity Appears
Less Urgent Than Formerly, Since the Aggressor Nations Are to be
Disarmed, So Peacetime Military Conscription Would Simply Mean
Arming for Conflict With Our Allies. Best Protection Is Promotion of
Science and Invention, and Not by Arousing the Suspicions of the Rest
preachers have a nice
You
do in
are
s
seeking
of the World.
gen¬
eration
amending pro¬
The Big
cess.
Power
of
on
Layman's Day,
the
sub-
sequent
pre¬
for Compulsory Military Training, viz: (1) the Need for present
ferred position *
Large Trained Soldiery and (2) the Health Benefit of Military Training
by
making'
Are Both Refuted.
Physical and Mental Defects of Youth Are Largely amending dif¬
Congenital and Camp Training Will Not Be More Remedial Than That ficult, through
Afforded by Family, Religious, Educational and Other Existing Xnstitu* both the Veto
and the timing
tions and Will Not Offset the Mischievous Effects of Enforced Camp
to
me
to
a
a
an
about
are
The Arguments
my
n,
way
Currency
Bretton
you
o
.
icle" concerning
Banking and
tee, said:
After
the intru-
i
on
comment.
statement
a
de¬
of
preacher,
regarding
the
Compulsory Peacetime
Military Training
ologizing
s
opinions have
ed
p
for
sentative,
been
tries
away
tails.
a
icle"
get
drum
with
"Chron¬
the
from the
from the hum¬
tee and in in¬
terviews
one
delegates
removed
<$,were
does
ways
the
which
swallow, and which they will soon be asking their governments to
stomach, could be greatly sweetened if the corresponding veto right
al-
rang, as it
Both
at
Saturday morning to sketch an address
the merits of the New York Stock Exchange.
My telephone bell
one
111
Broadway
New
York 6
REctor
2-3100
10 Post Office
Boston 9
Tele. NY 1-1920
Direct
Private
Sq.
Hancock 3750
Wire
to
Boston
>
v
«.,k
Trading Marketa ins
STEEP ROCK IRON MINES
Com.
&
Com.
U. S. Sugar,
Ass'n
BROADWAY
115
HA 2-2772
New
NEW YORK 6, N. Y,
.
,
.
Members New York Stock
25 Broad
TELETYPE NY 1-423
BE LI
HAnover 2-0700
Coal, Com. & Pfd.
Elk Horn
Opinions oi House Committee Members
Boren Bill Exempting Municipals From SEC
Des Moines & Sou.
&
4's
v.
t. c.
International Elevating
Kendall Company
Common
Rocky Mt. & Pacific
St. Louis,
Proposal Differs Markedly From Original Boren Bill in Limiting
Transactions in StatQ and Municipal Bonds. Full Text of Revised
Common
WASHINGTON, D. C.—June
ill
its
Baltimore Stock Exchange
120 Broadway, W. Y. 5
Members
the
Fallacy of Taxes
On Capital Gains
promulgation
of
a
"bid and
disclo-
asked
sure"
Savoy Plaza
1-4070
NY 1-1548
industry from
Lyle H. Boren
control.
sentatives by Mr.
Boren on May 4
last, and is now before the Com¬
mittee on Interstate and Foreign
Common
Campbell
Common
This proposal
Commerce.
Building
Punta Alegre Sugar
Capital Stock
& CO.
H. G.
20 Pine Street,
New York 5
Telephone: WHitehaU 3-1223
Bell
Teletype
NY
Committee members
of
Plain
of the
President
New York Stock
members
Aliens Residing Here on
to
Tax and Holds Uncontrolled
the
The
0
•
f
final
the
;
United Piece Dye Works
&
Preferred
i
arid.
Members
N.
Y.
Security Dealers. Assn.
37 Wall
St., N. Y. 5
Teletypes—NY
in
task
Hanover 2-4850
& 1127
New
York
2629)
York
Pacific.
W
Stock
and
1
$6 Preferred
for
some
in the
Kings County Lighting
reform
e
a
mined
■
New
in
Broadway,
Exchange
and
Exchanges.
Mr.
time. Mr. Friedman
was
past with Eisele & King.
England Gas & Electric
effort
,
the part
witnessed
war
At
broad
a
movement
of its
great deal to
a
stacles
of
civilized
do with the
Members New York Curb Exchange
WALL ST.
NEW
Teletype NY 1-1140
YORK 5
HAnover
2-9470
to
new
ventures.
'';;V4y;W
..
Trading Markets
Cross Company*
Liquidometer Corp.*
Delaware Rayon "A"*
New Bedford Rayon "A"* ; S
Great American Industries*
Hartman Tobacco*
v
Indiana Limestone, 6s, '52
*
Analysis
on
request A
.
F. H. Holler & Co., inc.
Members N.
111
Y.
Security Dealers
Ass'n
Broadway, New York 6, N. Y.
BArclay 7-0570
NY 1-1026
,
In about 1942 it also became ap¬
parent that the combined military
to
Emil Schram
strength and productive capacity
of the United Nations would ulti¬
which must rest the
Kingan Company*
mately bring order out of chaos
Common
and it
confidence in ultimate
victory and
the
of
will be forged de¬
spite the -difficulties.
Back of the day-to-day head¬
lines there is emerging one of
was
upon
this premise that
re-establishment
international
We
relations
Sterling Engine*
peaceful
was
built.
Macfadden Pub. Inc.*
in 1942
those great changes in
significant trends
both houses of Congress. That
body began again to assert its in¬
dependence and to resume its tra-
1942, industrial enterprise in this
fore
country endeavored to progress in
phia,
the temper
of our people which is only dis¬
cernible in retrospect. We all re¬
call that in the decade prior* to
the face of two
A
$5.50 Preferred
New England
$2.00 &
Power Assoc.
6%
FASHION
handicaps.
severe
saw
Pfd.
&
Com.
in
An address by Mr. Schram be¬
the Bond Club of Philadel¬
Philadelphia,
Pa.,
June
6
1945.
*Circular
upon
(Continued
on
request
C.LdeWillers&Co.
Members New York Security Dealers
120 Broadway, N. Y.
REctor 2-7654
Assn.
5, N.
Teletype NY
Y.
1-2361
page 2633)
New York Market
I
PARK, Inc.
for
Pfds.
Debenture
5's
I
1963
Pacific Power & Light
$6.00 & 7%
Pids.
N
$3.50 Cumulative Preferred
$2.75 & $3.00 Pfds.
70 PINE ST., N.
Y. fl
WHitehaU 4-4970
Teletype NY 1-609
Utilities Corp.
Preferred
Simons, Linbnrn & Co.
Members New York Stock Exchange
25 Broad
St., New York 4, N. Y.
HAnover 2-0600
Tel*. NY 1-210
Common
&
WM. J. MERICKA 6- Co
Bought—Sold—Quoted
INCORPORATED
Troster,Curries Summers
(S.A.Saxion&Co.,Inc.
American States
M-
Ohio Securities
E
United Public Utilities
1
had
of
outbreak
stifling of initiative and appeared
to' present almost insuperable ob¬
deter¬
ly,
s.
S% & 7% Pfds.
V
1
we
the
for world peace
Jacques
Kermisch has been with the firm
Central Illinois Public Service
quarters of the world.
less
wit¬
also
are
peace, .upon
City, members of the
leading
international
complete
security of mankind with the end
.of war. I think that a framework
1-1126
other
had
and
all
home
the
nations
Kermisch will become partners
New
Bell
nor¬
-had
Friedman, Kermisch
Sutro Bros. & Co., 120
to
of
and
what nervous¬
To Be Sutro Partners
emu
dislocation
shaos
construct t h e l'
Friedman
a
in
ac¬
complishment
of their grim
on
Harold
in
international trade
led
toward
forces
w.
Frank C. Maslerson & Co,
mounting tension abroad had
resulted
mal
armed
our
1958
overwhelming
our
Committee
on page
4s,
^
Europe
and
further
the
progress
from
springs
in.
victory
the
(Continued
which
satisfaction
abiding
and
(Va.)
Stock
Reiter Foster Oil
64
respect to the bill, text of
which is given in this issue, the
"Chronicle's"
representative
in
Service
Visas Being Exempted From Capital Gains
Speculation May Be Engendered Thereby.
in thfe minds of all of us these days is the deep
Foremost
nessing, hopeof
Common
Action Be Taken to
fully if some¬
all types
Preferreds
Common
WHitehaU 4-8120
System Teletype NY 1-1919
Exchange
tion Be
Washington has requested a state-
;
3's, '47
Alegre Sugar
Broadway
Bell
Mr. Schram Reviews the History
foundations of
Punta
Exchange
Members New York Curb Exchange
65
views
over
with
Boston & Maine R.R.
New "England Public
SEC
In order to ascertain the
Stamped Preferreds
Members New York stock
which, regard¬
political merits or de¬
merits, was deeply disturbing, if
not bewildering, to industrial and
financial leadership.
It is a fair
appraisal to say that these forces
drastical¬
as
ly curbing the controls now exer¬
cised by the
of securities.
1-1843
Boston Terminal,
differs
markedly from the earlier meas¬
ure
sponsored by Mr. Boren in
that its application is limited ex¬
clusively to dealings in municipal
bonds, whereas its
predecessor
was interpreted by a majority of
Common
and
to
designed
.bill
amended
iccomplish this obj ective -was in¬
troduced in the House of Repre¬
Byrndun Corporation
SYtS
the
inve stment
such
Lincoln
Pfds.
Beacon Hotel
of
phase
An
A. S.
Plain
Applied to Causes and Not Symptoms, and That No Legislative
Impede the Flow of Investment Capital. Holds
Real Estate and Stock Values Have Not Advanced Unduly and That
Farm Values Increased in a Lower Ratio Than Farm Income.
Objects
munity of this
New York 5
System Teletype
Bell
7%
Central States Elec.
Ok-
of
doubt the im¬
Curb Exchange
Telephone COrtlandt
England P. S.
&
6
of Capital Gains Taxation to Prove
lahoma, to
That It Provides Little Revenue, While Retarding Business Activity.
sponsor legis¬
lation
which Expresses Opposition to Change in Present Law and Points Out That
would
estab¬ Additional Taxes on
Capital Gains Will Tend to Increase Rather Than
lish
beyond
Decrease Prices of Capital Goods.. Urges That Remedies Against Infla¬
Boren
Vanderhoef & Robinson
31 Nassau Street,
New
By EMIL SCHRAM*
prompted
R e p r. Lyle
3-6s, 1956
Members New York
rule,
Com.
Edward A. Pureed & Co.
mams
&
The
proposed
&
Maxson
"
__
sion discussed
1-1227
branch offices
our
Pfd.
13.—Contention of the Securities and Exchange Commission that
in State and municipal bonds, a point that was particularly
Commis-
the
WOrth 2-4230
Bell Teletype N. Y.
to
United Public UtiPs
Scope Solely to
Bill Presented.
powers extended to dealings
stressed when^—
regulatory
*"
Osgood B
In¬
Preferred
&
Control
Y
NY M557
La.-Birmingham, Ala,
Direct wires
Expressions Made Available to "Chronicle" by Various Members of Committee on
terstate and Foreign Commerce Reveal Divergent Views Regarding Measure. Current
Mississippi Glass
Exchange
St., New York 4, N.
New Orleans.
Ft. Dodge,
Request
on
SteineMouse&Co''
BROADWAY, NEW YORK
Tel. REctor 2-7815
120
•
Teletype NY 1-672
Telephone BArclay 7-0100
Quoted
Members
York Stock Exchange
York Curb Exchange
New
PL, N.Y. 5
40 Exchange
Sold
Analysis
Other Principal Exchanges
Y. Stock Exchange and
Memberi N.
—
ffipONNELL&fO.
Goodbody & Co.
Members
Security Dealers Ass'n
of Securities Dealers, Inc.
Bought
Securities Dep't.
Canadian
Established. 1920-
Nat'l
Bought—Sold—Quoted
NORANDA MINES
KING & KING
York
& CO., INC.
Pfd.
414% Conv.
BULOLO GOLD DREDGING
Mid-Continent Airlines
New
P. R. MALLORY
McQuay-Norris
KERR ADDISON MINES
Missouri Pacific
Pfd.
U. S. FUNDS for
We
Maintain Active Markets in
Lukens Steel
Members
74
N.
Y.
Detroit
-
to
Buffalo
Pittsburgh
-
Commerce
-
Cleveland
St. Louis
Bldg.,
Telephone MAin
HA 2-2400
Teletype NY 1-376-377
Wires
Union
Security Dealers Ass'n
Trinity Place. N. Y. 6
Private
Members Cleveland Stock
*
29
BOUGHT
—
SOLD
—
QUOTED
Exchange
Cleveland
14
8500
Broadway, New York
8
WHitehaU 4-3640
Direct Private Wire to
Cleveland
^o/iu
MEMBERS NEW
One
Wall
YORK
Street.
STOCK
Now
EXCHANGE
York *•
*•
■
fl
Number 4394
161
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
The
Antilla Sugar Est.
Punta Alegre
COMMERCIAL
FINANCIAL
Reg.
S.
We
are
Patent Office
Haytian Corp.
"
REctor 2-9570
to
Public Utility and Industrial
Thursday, June 14,
I
!
New York Security Dealers Asa'n
,
' Teletype CG 129
Other
Chicago—St. Louis—Kansas City
Real
Our
Offices:
Copyright
Specializes in
S.
La
Salle
York Stock
99
Exchange
by William B. Dana
Assistant Professor of Economics, Duke
University
Is
thorities Should Be Concerned With the Source of Stock Market
Funds,
per
Great
year;
Britain,
year.
for quotation*
Securities Dept.
NEW
YORK
CERTIFICATES
BOUGHT
Subscriptions In United States and
Possessions,. $26.00 per year; in Dominion
of Canada,. $27.50
per year; South and
Central
America,
Spain, Mexico and
$29.50
as
grab bag.
a
By WILFORD J. EITEMAN *
Activity, Viz^ (1) Keeping Prices in Line With Economic Reality, and
(2) Minimizing Price Fluctuations, Are Ineffective When Ample Credit
Continental Europe (except Spain), Asia.
Australia and Africa, $31.00
per
acts
TITLE COMPANY
Economist Holds That the Two
Purposes of Regulating Stock Market
Cuba,
bought it in
sack
te
that
WALL, STREET,
A Bull Market
3, 1879.
PRUDENCE BONDS
time
Telephone WHitehall 4-6551
The Economics of
St.,
good
'a
Obsolete
Teletype NY 1-5
Reentered as second-class matter Feb¬
ruary 25, 1942, at the post office at New
York, N. Y., under the Act of March
v
CERTIFICATES
us
'
"
Company
TITLE COMPANY
Call
Members .Now
■
Monday 7
135
1945
Securities Department
J
'
.
Chicago 3, 111. (Telephone: State 0613):
1 Drapers'
Gardens, London, E. C„ Eng¬
land, c/o Edwards & Smith.
Estate-
if you
advertising issue)
and every
Wire Service"
Direct
Thursday'
news and
& Co.
25 Broad Street, New York
Telephone HAnover 2-4300
week
is
that obsolete bond
Spencer Trask
1945
a
(complete statistical issue—market quo¬
tation
records,
corporation,
banking,
clearings, state and city news, etc.)
Harrison 2075
,/
<
1-832. 834
Teletype NY
every
{general
Board oi Trade Bldg.
CHICAGO 4
Dlgby 4-8640
This
William Dana Seibert. President
STRAUSS BROS.
1
•
William D. Riggs, Business
Manager
Published twice
Broadway
IT'S IN THE BAG!
PREFERRED STOCKS
Editor and Publisher
Cuba R. R.
32
'
r
Herbert D. Seibert,
Vicana Sugar
NEW YORK 4
9576
offerings of
High Grade
Publishers
25 Park Place, New York
8
Members
interested in
William B. Dana Cpmpany
»
Sugar
U.
and
CHRONICLE
Available for Dealings.
Though Asserting That Regulatory Au¬
^
QUOTED
■
Complete Statistical Information
L J. GOLDWATER & CO
Members New York Security Dealers Assn.
39
He
Contends,1 Nevertheless, That Restrictions on Margin Buying Will
Not Prevent a Bull Market When Corporations
Earnings Are Rising and
When Investors and Speculators Do Not Entertain Doubts of the Sound¬
ness of an
Existing Price Level.
SOLD
•
New
Broadway
York
6, N. Y.
HAnover 2-8970
Teletype NY 1-1203
Other Publications
*■
Bank
and Quotation
Record—-Mth.$25 yr.
Monthly Earnings Record—Mth.. .$25 yr.
Newburger, Loeb & Co
Neto
Members
40 Wall St.,
Bell
York
Stock
N.Y. 5
NOTE—On account of the fluctuations
Exchange
In the
WHitehall 4-6330
rate of
exchange, remittances foi
foreign subscriptions and advertisements
Teletype NY 1-2033
i
I
"
line with
must be made in New York funds
nomic
recent
eco¬
reality.
position
imposes upon
NASD Activities Discussed
regulators
Phillips of the Association Tells Members of New York Dis¬
trict, Organization Should Enlarge Its Operations Beyond Field of SelfRegulation. Defends Questionnaires as Means of Obtaining Informa¬
ing
Chairman
of
counter securities.
Board
of
police
Governors
of
the
tion
National
function"
essential,
as
the
activities
the
but
urged
and
that
Securities
securities dealers the dignity of a
the
aim
should
be
to
give
Dealers traced
"high professional standing."
the conditions
reviewed the activities of the As¬
which
sociation
led
to
the creation of
Board
but
Amendment
data
Ex¬
and
of
body
ated
The
was cre¬
for
the
have
of
the
on
the
lack
of
statistical
capital market.
Mem¬
and in this way bring about
men
Ralph
E.
changes
Phillips
which
ostensible
n
of
basis
When Will
the
in
are
SEC
by
definite
calling
attention to the
statements
on page
I
my
which
in
-
I
2620)
will
collapse
the
planting
sea¬
son
opens
the
spring
will
hold
out
long
so
within
*
was
given the right to
lated "just and
equitable princi¬
Roger
W.
ples of trade" and
lenance
during
as
the
price-maincontinuation
*7 a syndicate agreement
'common
'ts
was
the
practice, it was within
to levy, the fines for
powers
departure from the practice.
:a
majority opinion of three to
By
one
tHie Commission held that what¬
ever
of
may be the general
*term
meaning
^'just and -equitable
(Continued
on page
cannot
the
NASD's
argument that the rule does not
(Continued on page 2613}7''
York Security Dealers Assn.
\
HAnover
2-4785
analyst
and
is
TRADING MARKETS
Bartgis Bros.
2622)
Billings & Spencer
Hooker; Electrochemical
J
Laclede-Christy Clay Prod.
•
continues, he will be the
world's
most
powerful man in
1945 and may dictate the peace
terms, especially for the Pacific."
Bought
—
Sold
,
,
Hiri'oo
Members
New
I
six
or
proud
especially
am
Bell System
of
7
lo.m
COrtlandt 7-6190
Teletype NY 1-84
the
above forecast in view of the con¬
under which it
ditions
last Summer the
writ¬
was
remember that
Readers will
ten.
public
was very
hopeful and looked for the
in
1944.
started
mans
middle
the
Washington
paper
of
was
In fact, a
turbed.
Then
their
the Ger¬
famous
December
and
was
temperament.
I have been in Japan since Ger(Continued on page 2627)
DIVIDENDS:
•
»
much dis¬
study of news¬
very
almost
who
SECURITIES
bulge
clippings will 'Show that I
the only columnist
optimistic at the close
year. But I knew the Ger¬
was
SUGAR
col¬
lapse of Germany at any time; but
I said- that there would be no
man
Stalin's
&
York Security Dealers Ass'n.
—
DUNNE & CO.
Members New York Securhy Dealers Assn.
25
Broad St., New York U, N. Y.
WHitehall 3-0272—Teletype NY 1-956
Private Wire to Boston
Public National Bank
$.50
& Trust Co.
I
National Radiator Co.
,
'
1945
•
(to date) $1.25
—
1944 $2.75
—
1943 $4.50
Industrial Finance
Approximate selling price—28
Preferred
New Analysis on request
HoixRsseSTrsster
74
Trinity Place, New York 6, N. Y.
Telephone: BOwIing Green 9-7400
,.,v«
C. E. Unterberg & Co.
Members N.
Y. Security Dealers Ays'n
61 Broadway,
Established 1914
added further,
accept
Quoted
health
Quarterly dividend paid April 16, 1945
■
The Commission
"We
an
activity
panama coca-cola
of prices' or
'any schedule * * * of commis¬
sions,
allowances, discounts, ; or
charges'."
—
Bell System Teletype, NY 1-2480
with
Charles
A.
Dice of "The Stock Market," pub¬
lished by McGraw-Hill Book Co.
of last
"If
impose 'any schedule
other
Japan
collapse
collapses..
Babson
that
applied so as to add 'impediments
to * * * a free and open market,'
or to 'fix minimum profits,' or to
Sold
40 Exch. PL, New York 5, N. Y.
author
joint
after Germany
contended that under the Maloney^
discipline members," who had vio¬
market
stock
twelve months
The Securities and Exchange
principles of trade, -it is clear
as used in the NASD rules,
the term cannot be interpreted or
as
people
think. '
its
Acts, the
*Professor Eiteman is
of
collapse in
"Japan
not
Public Service of Indiana Issue
Commission on June 12 rendered
long awaited decision in the strongly contested case against the
disciplinary measures taken by the National Association of Secur¬
ities Dealers against 70 members, who, as participants in the Public
Service of Indiana Bonds Syndicate of 1939 and 1940, violated the
Price-maintenance provision clause of the contract. The NASD has
in
of
1945.
will
to the SEC
New
170 Broadway
lating Syndicate
Unsettled.
—
J.F.Reilly&Co.
Looking at the Record
greater
part of Ger¬
many's
army
most
Set Aside. Question of Violation of Anti-Trust Law Left
Spencer
Private Wires to Chicago $ Los Angeles
"The
Holds Violation of Agreements Do Not Violate "Just and Equitable
Principles of Trade." Fines levied Against Seventy Members for Vio¬
Amendment
Bought
tions upon legitimate business ac-
said:
re-
a
in
made
Annual Forecast of Dec. 28, 1944,
SEC Denies NASD Right to Enforce
Price Maintenance Contracts
association
Wickwire
BABSON PARK, Mass.—May 1<&
start
hampering the capital
(Continued
Finishing
Members
fluctua¬
market
Alegre
Mid-Coiitinent Airlines
at
repercussionary
stock
U. S.
Roger W. Babson's Forecast On Germany Was Correct
regulations
"The NASD had assumed
on
of
aims
Japan Surrender ?
before
Price Provisions
of
objective
regulation
the
Punta
General Tin Inv.
markets.
purpose of permitting "self-regu¬
lation" to
dealers in
over-the-
O
ulators.
Eiteman
the
under
bers of the Association could help
by getting in touch with Congress¬
Act
1934.
Governors
a publicity program,
handicapped in its efforts
because
to the Securi¬
J.
market
'
-
in
of
was
that
the expressions of alarm over the
consideration
Maloney
ties
W.
promoting standard¬
ized practices. He stated that the
ithe organiza¬
tion under the
change
He
effect
deviations
from
that
Association of
minimizing
"proper" level
squarely and
inescap ably
upon the reg¬
Associa¬
broadened
be
alternative
for
He upheld "the
of
An
stock
responsibility
meeting in the Great Hall of the Chamber of Commerce in
City on June 8, Ralph E. Phillips of Dean Witter & Co.,
Angeles.
the
prices become "too low."
circumstances,
and it places
•
share
of
be considered responsible for
preventing prices from becoming
"too
high," then logically they
should accept responsibility when
prices
is
under existing
a
advance
to
the
level
proper
New York
Los
what
of
Regarding Membership.
At
a
duty of decid¬
Chairman
rapid
prices, it is apparent that those
charged with the administration
of Regulation T hold to this con¬
cept. If regulatory authorities are
This
tion
TACA
Regulation of stock market activity is usually defended on one
of two
grounds. Regulation, say some, prevents security prices from
getting out of 7
Teletype: NY 1-375.,
Now York 6, N. Y.9-3560
Telephone BOwling Green
Teletype NY 1-1666
*4]
•
#
*
.
f
*
Thursday, June 14, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
2608
BOSTON
"
Wickwire
American Hardware
Mag. Repeating Razor
Art Metals Construction
Oxford Paper
Crowell Collier Pub.
Philip Carey Mtg.
M. A. Hanna
Boston
West Va. Water Ser.
Pfd. & Com.
Wharf Company
-
Sold
of
One
Quoted
-
New England's
real
Members N. Y. Stock Exchange
115
Aetna Standard Eng.
Am. Bantam
105 West Adams St., Chicago
Car, Com. & Pfd.
Bendix Home
Syndicate, Inc.
*Prospectus
on
request
J.K.Rice,Jr.&Co!
Established 1908
Members N.
REctor
Y.
Security Dealers Assn.
2-4500——120
Bell System
Broadway
Teletype N. Y. 1-714
Currently
PHILADELPHIA
on
$2.00 dividend basis
Glass, Com. & Pfd.*
Priced about $39.00 per
Appliances
Marmon Herrington
*
share
Bird & Son
ON REQUEST
CIRCULAR
Bowser, Inc.*
Brockway Motors
Venezuela
unbroken dividend record
American Hardware*
Am. Win.
Ekco Products Common
largest
Sixty year
Teletype NY 1-672
Telephone BArclay 7-0100
Spencer Steel Co.
Finishing 7% Pfd. & Com.
companies
60,000 shares capital stock
($100 par value)
and Other Principal Exchanges
Broadway, New York
estate
Capitalization
$450,000 mortgage note
Goodbody & Co.
INDUSTRIALS
:
ORGANIZED 1836
industrial
Bought
U. S.
Eastern
Inquiries invited
Brown Co.
Buckeye Steel Castings
du
Bought—Sold—Quoted
Pont, Homsey Co.
Buda Co.*
Shawmut
Douglas Shoe, Com. & Pfd.
FIRST COLONY CORPORATION
Ekco Products t
Memos
Teletype BS 424
Capitol 4330
Members New
Los Angeles
Pittsburgh, Pa.
TRADING
MARKETS
N.
General Tin
Great Amer. Industries
Y.
and
Stock Exchanges
Street, Philadelphia 2
New York
Teletype NY 1-2425
Hanover 2-7793
York, Philadelphia
Los Angeles
1529 Walnut
New York 5
70 Pine Street
General Machinery
Request
BUCKLEY BROTHERS
MASS.
9,
Underwriters and Distributors of Investment Securities
Foundation Co.
on
Bank Building
BOSTON
Du Mont Lab. "A"
Corporation
Empire District Electric
Hagerstown, Md.
Telephone—WHitehall
3-7253
Private Wire System between
Philadelphia, New York and Los Angeles
Giant Portland Cement
Hoover Co.
*Kingan & Co.
Jessop Steel
American Arch
Lawrence Port. Cement*
Liberty Aircraft Products
^Riverside Cement
Buy 7th
»
Company
War Loan Bonds
Electrolux*
Missouri
^Central Iron & Steel
Public Service
Bought—Sold—Quoted
Maguire Industries
Central, $5 Pfd.
Majestic Radio & Tel.
P. R. Mallory
10
Tel.
Banigan & Co.
Successors
CHAS. H.
Medusa Port. Cement
50
CO.
&
Pine
30
York 5, N.
Street, New
Tel. Digby 4-7900
HAnover 2-8380
j
'
Y.
Gov't Must Not Dominate World
Porter, Com.
Punta
Alegre Sugar
Sayre & Fisher Brick Co.
Sheraton Corp.
Standard Stoker
and
W arner-Swasey^91^
-
Spenctf01"
i,
<
j
,
Reports furnished
Woods Agree¬
Alabama Mills*
ments,
Aspinook Corp.
the
44
essential¬
was
•
plan
prepared
b y
h i s
depart¬
ment as early
ly
^New Jersey Worsted
\Textron Warrants
I,
».
o f
nations
delegates
Consolidated Textile*,
*
by the
set up
Spinning
Darlington Mfg.
that
program
UTILITIES
the
He
1941.
as
the
urged
American Gas & Power
adoption
Central El. & Gas Com.
the
Conn. Lt. & Pr. Com.
as
f
a
of pro
means
moting
Cons. Elec. & Gas Pfd.
o
plan
inter¬
national trade
Southeastern
Corp.*
Special Part,
Sec.
Morgenthau
*
and
freeing it
from
govern¬
ment dominations and restrictions
Interstate Power, Pfd.*
|
lowai Southern Util.
J
Nassau Suffolk Ltg., Pfd.
Northwestern Util., 7% Pfd.
"When I appeared before the
House Committee on Banking and
I
I;
Portland EI. Pow., Prior Pfd.
*
|"
Bulletin
or
Circular upon
request
""^Prospectus Upon Request
Currency to discuss this legisla¬
tion," Mr. Morgenthau stated, "I
the
told
committee
that
in
my
opinion
'the
Bretton
Woods
Agreements are good for every
American citizen' and that 'the
program
we
are
advocating is
definitely
the
business for
good
United States,'
"In
tinued,
that
"I
statement,"
discussed
he
the
con¬
impor¬
tance of Bretton Woods to world
Members N.
Y- Security Dealers Assn. \
lZO; BROADWAY, NEW YORK S
REctor 2-8700
;
NY
}:»g
Bfriect Wires to Chicago and Phila.
:
ENTERPRISE 'PHONES
Hartf'd 6111
Buff. 6024
request
Odd
Mercier, McDowell
Bos. 2100
trade.
Before
the
we
war
were
the
largest-exporting nation
the
world.
WASHINGTON, June 13—Sec¬
in
Morgenthau
retary
d'Affaires
Baron
years
of
today
and
Cuba
Jose
Dr.
extended
for
the
which
under
be
within
made
of
the
120
days
after
provided
that
the unpaid-for amount of
gold shall not at any time exceed
$5,000,000.
since
proved
to
has been in
July, 1942, and has
effective, Mr.
general
unlisted
New
.1
ing
as
a
captain
Preferreds
•
WHITE, NOBLE & CO.
Members Detroit Stock
Exchange
GRAND RAPIDS 2, MICH.
Pbone 94336
Detroit
Tele. GR
184
EDWARD L. BURTON
Office, Buhl Bldg.
& COMPANY
ESTABLISHED 1899
LOS ANGELES
Trading Market
t
,
York
City
in
the
160 s. Main Street
Salt
in:
BELL
Lake City
SYSTEM
1,
Utah
TELETYPE SU
Oldest Investment House in
464
Utah
UTICA. N. Y.
American Investors
Utica & Mohawk
-
se¬
"Makers of Utica
&
*
Sheets''
Members of Los Angeles Stock
Exchange
639
INQUIRIES INVITED
SOUTH
LOS
SPRING STREET
ANGELES 14, CALIF.
BELL
as
armed
Cotton Mills
Mohawk Percale
Incorporated
curities which he previously con¬
in
IN
Utah Power & Light
Crampton
Pledger & Company
the
output of American factories
2632)
Winters &
Common
Investment Business
in
SPECIALIZE
Michigan Steel
Mercer Hicks Resumes
ducted
SALT LAKE CITY
1962
WE
Morgenthau states.
business
Teletype PH 73
Pacific
Mr. Hicks has recently been serv¬
on page
of
op¬
be very
Mercer Hicks has resumed
OFFICE
Central Steel & Wire
West
rate.
Inc., with offices at 120 Broadway.
(Continued
3s-5s
designed to
stabilize the peso-dollar exchange
President of Mercer Hicks & Co.,
needed
International Rys. of Buffalo
out operations
The agreement
corn.
Byllesby & Company
Phone Rittenhouse 3717
The agreement extended today
will enable the Cuban Treasury to
eration
pfd. &
Simplex Paper Corp. Com.
United
gold,
Issues
PHILADELPHIA
to
delivery
com.
Wawaset Securities
Tele. DE 507
four
the Government of
the Republic of Cuba.
The agree¬
ment provides that payment may
gold
Fractions
Stock Exchange Bldg. Phila. 2
T.
exports
We
All
H. M.
States Government undertakes to
sell
&
Warner Co.
Buhl Bldg., Detroit 26
Cadillac 5752
beyond June 30 the agree¬
ment
Lots
Pittsburgh Railways Co.
Members Detroit Stock Exchange "
Charge
jobs, to absorb part of
to maintain
I the
Treasury Extends Cuba
Gold Agreement
Inquiries Invited
Empire Steel Corp.
& Dolphyn
GRAND RAPIDS
carry
throughout the world.
Dealer
Botany Worsted Mills pfd. & A
siderati orv^
Berkshire Fine
on
the Senate Committee
Bretton
C.
American Box Board Co.
v
Secretary of the Treasury Henry Morgenthau Jr. on June 12 told
on Banking and Currency, having under con-
N. Y.
to
COrtlandt 7-1202
National Stamping Co.
Says U. S. Will Suffer Most
Currency Practices.
Warfare.
From Currency
PH 30
Private Phone
Trade and Investment: Morgenthau
Treasury Secretary, in Statement to Senate Banking Com¬
mittee, Urged Bretton Woods as a Barrier to Unfair Trade
Sterling Engine
Stromberg Carlson
Taca Airways*
Triumph Explosives
St., Philadelphia 3
Pennypacker 8200
Tele. NY 1-1790
General Industries Co.
H. I*.
Wickwire
BOENNING & CO.
1606 Walnut
1 Philip Carey
pfd.
$7
Teletype BS 69
DETROIT
Mohawk Rubber*
I
Utilities
SQUARE
MASS.
9,
1990
Members New York Security Dealers Assn.
1904
Broadway, N. Y. 4
HUB
BERWALD & CO.
to
JONES
Established
Michigan Chemical*
•
OFFICE
POST
BOSTON
Maine
W. J.
Central & Southwest
LERNER & CO.
for Victory
Magnavox
Corp.
Common
*Circular Available
TELETYPE
LA
MOHAWK VALLEY
382
'
forces.
In
the
past
he
INVESTING COMPANY
INC.
was
President of Mercer Hicks & Co '
Inc., and was a partner in Hicks i
& Byrd.
238 Genesee
Tel. 4-3195-6
I
St., Utica 2,
N. V.
16
Tele. UT
Number 4394
161
Volume
THE COMMERCIAL
& FINANCIAL CHRONICLE
2609
AMERICAN BANTAM CAR
6% CUMULATIVE CONV. PREFERRED
(Arrears $3.75)
$10
Shillinglaw, Bolger
(callable at 14 plus arrears)
par
Selling Price—15
New Circular
'•
underwriters
Request
on
and
Co.
&
L
•■"*'
-
..
Abitibi Pwr. & Paper
V
5s, 1953
distributors
Aldred Investment
INVESTMENT
HOIIRQSE SIFTER
4y2s, 1967
SECURITIES
Associated Tel. & Tel.
Established 1914
74
5
Trinity Place, New York 6, N. Y.
Telephone: BOwling Green 9-7400
Brown
admittance
announces
Teletype: NY 1-375
to
membership in
I
Vis, 1955
Company
5s,
1959
InternatT Hydro Elec.
6s, 1944
CHICAGO
Pacific Coast Stock
Curb and Unlisted
STOCK
EXCHANGE
Power Corp. of Canada
4Vis & 5s
Exchanges
Securities
Open lo 5:30 P. M.
Steep Rock Iron Mines
(e.w.t.)
5
120
Quotations and executions for brokers,
dealers
and
Coast
institutions
securities,
So. LaSali.e
Street, Chicago
3,
including
which also have eastern markets.
WALTER KANE, Asst. Mgr.
Direct wires
Telephone State 5850
52
WILLIAM
York Curb Exchange
Members New
Members
San
Francisco
&
Stock
Stock
14 WALL STREET
New York 6
New
Teletype NY 1-1610
Digby 4-3122
York
New York
Co.
HAnover
Teletype NY
2-W80
1-395
Montreal
Toronto
Exchange
Exchange
and other security and commodity exchanges
Chicago Stock Exchange
39 Broadway
New
1957
St., N. Y. 5
Bell
Dean Witter
»,
HART SMITH & CO,
those
MICHAEL HEANEY, Mgr.
Joseph McManus & Co.
Vi
III.
Pacific
on
Los
Two Down & One to Go
BArclay 7-4300
York
San
Franclsi-o
Angeles
We
Honolulu
are
pleased to
that
announce
let's finish the
job
MR. BERNARD J. CONLON
BUY 7th
Elec. Steam Sterilizing
North American Cement
General Tin
Fonda, Johnstown.
All
is
All
associated with
P. F. FOX & CO.
Triumph Explosives
Frederic H. Hatch & Co.
Issues
investment
Toledo
us.
WAR LOAN BONDS
& Gloversville
Taca Airways
now
Issues
Shipbuilding Co.
securities
Incorporated
Members N.
120
Common
Broadway
New York 5, N. Y.
;
Members N. Y.
60 Wall Street
INC.
Established
Telephone
-
William
52
Whitehall 3-7830
New York 5
REctor 2-7760
George R. Cooley & Co.
Security Dealers Ass'n
June
Teletype
Y,
Security Dealers Ass'n
Street
Bell
Telephone
S. Weinberg & Co.
63 Wall
New York 5, N. Y.
Teletype NY
11, 1945
1924
LET'S
FINISH
WAR
r
By HENRY IIAZEN
CROSS COMPANY
A low
with
opportunity
ambitious
Write
giving
Box
26,
N.
pay¬
the Statute.
Taken to Supreme
details of
issue
The
F.H. Holier & Co., inc.
Members N.
Trinity Station,
111
Y. C.
Y.
Court of the United States granted certiorari in a
1 Wall St., New York 5, N, Y.
petition entitled "Securities and
again Samuel Okin."
Market
Security Dealers Ass'n
Broadway, New York 6, N. Y.
NY 1-1026
BArclay 7-0570
Act, and more particularly
of the phrase, "person
pany
scope
aggrieved"
party
or
as
contained
refinancing
The
000,000
loan
Bond &
NSTA Notes
of
ties
became
The Cleveland Security
meeting
summer
at
Traders Association will hold their an¬
Manakiki Country Club on Friday,
the
the subject
mitted for
a
15,
June
1945—Securities Traders Association
summer
outing at Western Golf
19,
June 22,
1945—Investment
V-
June
Traders
Manufacturers
Association of Philadelphia Spring Outing at
Country
Traders
Country Club.
23,
1945—Bond
Club
Club.
of
Chicago
28,
29
&
1945—National
30,
business
meeting
annual
outing
Lincolnshire
at
and
Association annual summer meeting
Inc. annual
Security Traders Association,
of officers.
election
Rosenbaum Adds Davidson
Wm. M. Rosenbaum
Nu-Enamel Corporation has
clared an extra dividend of
on
July 10
to
stock,
June 25.
York City,
New
members
de¬
20
payable
stockholders of record
common
& Co., 285
Madison Avenue, New
Extra Dividend
change,
•
York
announce
Davidson,
sentative.
Stock
that
Ex¬
Maxwell
is now associated
Jr.,
with thei?i as
a
lower
dismiss Okin's
petition, the Commission contend¬
ed
that
he
was
States Supreme
As
registered repre¬
a
tacked
on
Nu-Enamel Votes
Okin
to the United
transaction made
by
with its subsidiary,
ground that it was both il¬
company
the
legal and fraudulent.
.
In affirming
the decision of the
United States Su¬
court below, the
Court held that he was a
aggrieved under the sta¬
tute, and inasmuch as he charged
illegality and fraud that any ap¬
plication for redress to the Board
of Directors
would have been
preme
person
part
f Eastern Sugar
Associates, Common
The
that
further
court
pointed
Utility Holding Company Act
a person who was
lic
provided that
party had the right to obtain a
of an order of the Com¬
a
Ohio Match Co.
out
originally drawn the Pub¬
as
Frederic H. Hatch & Co.
;Incorporated
review
mission;
this
however,
provision
Members N.
was
decision
this
has
Bell
The
entering
its orders,
a
Associates
practice in
to
Common
the
stress
public interest.
have
We
the
from
attention
called
statute
to
under
Teletype NY 1-897
Eastern Sugar
upon
Commission makes it
time
to
fact
Quotations Upon Request
time
the
that
which
it
At any rate, it is
difficult to
120 WALL
served by
We
cases
v: ;
readily visualize many
where members of the pub¬
can
lic who
an
are
ST., NEW YORK
un¬
how the public interest
provision of the statute,
•
'
Stock
TEL. HANOVER 2-9612
compelling a stock¬
holder lo go all the way to the
United States Supreme Court with
the
incident large expense and
time involved, in view of the plain
was
York
Exchange,
New York CoJlee <6 Sapor Exchange
defense mechanism.
derstand
CO.
Members
New
that stressing it in particular or¬
is surplusage and something
a
&
FA It It
was
required the Commission
to protect the public interest, and
created
of
Dealers Ass'n
New York 5, N. Y.
come
its importance.
Securities and
Exchange
placed
Y. Security
63 Wall Street
ders
Court.
stockholder, Okin had at¬
the
dismissal of
lack of stand¬
of Okin to in¬
a
itiate it."
not a person or
party aggrieved within the mean¬
ing of Section 24-a of the Public
Utility Holding Company Act.
This motion having been denied
his
cents
to
motion
the matter then went
August 24, 1945—Cleveland Security Traders
at Manakiki Country Club.
August
of Detroit and Michigan annual
and Country Club.
a
the
on
Since
thereupon petitioned
the
to review this order.
On
denying
down, considerable stress has been
court
Los Angeles annual
Arrowhead.
in
made an order
The Commission
& 17, 1945—Security Traders Association of
spring party at the North Shore Tavern, Lake
16,
••
right
,
Products Co.
the proceedings for
method of refinancing
participated in this
approving the proposal and
June
American Maize
view therefore
own
Circuit Court of Appeals was
the
this loan.
Aug. 24, 1945.
Calendar of Coming Events
Commission's
subsequently altered so as to
provide that such relief could be
obtained "by a person or party
aggrieved."
proceeding, and opposed a propo¬
sition which both companies sub¬
ASSOCIATION
Exchange
Teletype NY 1-955
DIgby 4-7060
It further said ''under the
futile.
Electric
a
Bond & Share,
nual
$35,000,-
minority stockholder of
common
shares of Electric
the
TRADERS
the
proceeding before the Securi¬
& Exchange Commission.
a
Okin,
SECURITY
of a
which
Share Company made to
subsidiary,
a
Exchange Commission, petitioner
ing
in that statute.
CLEVELAND
Members New York Stock
concerned^
involved
application of Section 24-a of
the Public Utility Holding Com¬
the
the
t
GUDE, WlNMILL & CO.
Court by Commission.
30th, payable
Trading
BONDS
Stockholder
sidiary by Electric Bond and Share Company, Is Opposed.
holders
to
LOAN
Holds Minority Stockholder Is "Person Aggrieved" Under
SEC Order Approving Refinancing of Loan Made to Sub¬
The Supreme
Active
Desk 18
O.
Act.
July 20.
experience, etc.
P.
dividend
cent
of record June
toward an ex¬
Good salary to
aspirations
ecutive position.
start.
for
man
young
priced, dividend
ing, attractive speculation.
10
steady,
Supreme Court Defines Section 24A of Public Utility Holding Com¬
pany
Wanted
Excellent
U. S.
Common Stock
f
JOB
Teletype NY 1-2419
In the Public Interest
CAGE CLERK
THE
St., New York 5, N. Y.
WHitehall 4-3990
Experienced
1-897
NY 1-944 & 945
adversely affected by
order of the Commission would
find
such
an
expense
prohibitive.,
| Here is still another instance of
the SEC fighting with a njember
of the very public which
tute creating it
mission to
the sta¬
directed- the Com¬
serve.
Instances such
as
this brihg
h$o
prominent relief a need which we
have consistently advocated, the
need of
circumscribing the powers
of the Commission.
:
I
.
Thursday, June 14, 1945
CHRONICLE
FINANCIAL
THE COMMERCIAL &
2610
""N
Tpryra
We suggest
FINISH
yield
Pacific Coast
WAR
Securities
FIGHT
BONDS
STOCK
COMMON
To
BUY
THE
Thermatomic Carbon Co.
8^2 %
over
Circular on request
Hon.RSSE8TR6SIER
'
Established 1914
New York Stock
Teletype: NY 1-375
Telephone: BOwling Green 9-7400
New
York
Exchange
Curb Exchange
Chicago Board of
14 Wall Street
Securities
Public Utility
^
Private
Stix & Co.
SECURITIES
INVESTMENT
HODSON & COMPANY,
STREET
OLIVE
309
Inc.
St.LouisI.Mo.
share
Members St.
Louis Stock
Exchange
earnings:
Consolidated
This gain
.
Says There'll Be No More "Strong Medicine" as After 1932, and That
Government Will Limit Interference With Business.
Predicts President
Truman Will Look for Advice From Business Men and for Participation
in Government to Extent Consistent With National Interest Such as Was
Case Under President Roosevelt's War Administration.
Looks for Re¬
vision of Taxes and a Fiscal Policy Based on the Maintenance of Mass
Robert
With Profits.
Chairman of the National Democratic Com¬
appointed Postmaster General, in a Jefferson Day
ad-^-
Dinner
dress
to
changed
atti¬
tude
the
of
with
Party
t
reference
o
regulation and
regimentation
o
business.
f
Follow i
n
g
along the lines
fr of his address
before the Ad¬
gain
and
expenses
reduction
slight
a
.(taxes, however,
$3,000,000 of these
in fixed charges
absorbed
over
gains).
It
would' appear
the
that
results
these
.
from
company
have lost money on the huge
of
current sold to
the
may
amount
(Queens)
Maspeth
last year—at least the
in
plant
profits must have been very
small.
i
'
•
net
Consolidated Edison
Staley Elected Dir.
member of the firm
&
F.
Thomas
of
Election
a
D emo cratic
The
resulted from an in¬
crease
about $5,250,000 in gross,
a
reduction of over $1,000,000 in
latter
sorbed
in
practice to amortize
write-offs.
They represent
such
.
actually invested by the
security-holders, and for that rea¬
son the' stockholders are entitled
to
full
consideration
of
their
money
rights. Unfortunately, a number
o'f regulatory commissions, Fed¬
eral and State, have adopted
the
policy of exacting concessions of
this character from utilities in re¬
turn for
refunding,
has
of Reynolds
Co., of New York, investment
bankers and members of the New
Stock
York
Exchange,
a
as
of
director
Stokely
and
growers
but
-
tain
(it owns all
amount of the
stocks). This would have
common
saving in
overhead, and would facilitate a
general refunding program for
system bonds and Parent Co. pre¬
modest
a
Commission
the
a
*
this
after
business
for
in
war,"
(published
difficulty
advice
and
heard
in
in
Democratic
are
such
Staley
has
jusf been
as
American
be
looked
on page
for
to
assistance
and
Air
that
merger
a
an
management
which is
one
the
with Brooklyn Edison Co.
Queens Electric
taking in the suburban companies,
Yonkers Electric Light & Power
Mr. Stokely said
Co. and Westchester Lighting
a
as
director
active part in
of
the
They
also
merging
Corp.
business,
The
of the largest of its
idated
the
kind in the world.
2618)
that
Lt. Col. T. F. Staley
Staley
take
held
met; but they felt that the public
interest would not be served by
Forces
would
*
Light & Power Co. is feasible,
providing certain conditions are
three years.
Mr.
-
Commission
pletely
no
saw
with
in
Steam
advantage
New York
■
Co.
•
On
June
Nov.
on
1943,
I
Edison
to
clear
up
com¬
item of $53,000,000 in
account, said to rep¬
the
excess
of
purchase
an
the property
resent
SAN CARLOS MILLING CO.
price over original cost. The com¬
pany had agreed to eliminate a
25,
1942,
and
you
an
in
your
excellent
higher levels.
standpoint
manuals.
dividend
This company, prior to the war,
payer
and
sold
capital
gains
Market approximately liy2.
and
future
Members N.
dividend
ing market
any
good, though
decline
immediate
no
indi¬
cated.
:|;
j
s-s
When I sat down to write
this
column I
week's
forward
looked
to
advising a more
aggressive buying policy. The
price action, however, hasn't
been particularly encourag¬
ing. As a matter of fact the ac¬
of
tion
weeks
two
ago
on
which last week's column
was
based
this
better
was
than
It isn't the presence
one.
of
negative factors so much as
the absence of positive ones
which
the
makes
ment of sold out
reinstate¬
positions un¬
i
NASD.
In
view
in
ice
want
to
I
referred
tion
Benj. S. Lichtenstefn
DO WE HAVE
of
action
tion
B.
13,
gains at the close.
that the industrial
S. LICHTENSTEIN.
1945.
saw
its
a
Northern New England common
Midland Utilities
common
almost
Midland Realization
common
Tuesday
leader resurgence,
was
major
found,
nificance
j
V
why
reasons
or
but
nil.
J:?
*
there is little of
can
duplica¬
a
Saturday.'
importance
to be
Monday's
anything.
was
of
AN NASD?"
June
event
able to
were
another
to
"WHY
any
Saturday's market was
one
of those
things/ it gave little indica¬
letters
above:
was
limited
was
sired.
asked
the
industrials
just
ques¬
tion
strength
picture left much to be de¬
I
re¬
peat the
high
new
special issues. In
Result
Indi¬
case,
another
hold their
the
Serv¬
of
ana
only
to live up
seem
their
previous week's
promise. Last Friday they es¬
few
handed
down
Public
about the
are
which
to
to
SEC
just
The rails
but the
of
decision
the
of
/
:-c
crossing the 60 figure,
During the same day, the in¬
dustrials were fairly strong
general
subject of the
the
•
tablished
returns.
significance
rather its sig¬
seems
to be
bearish,
be discovered in what
happening
in
is
Washington,
Ordinarily what happens in
CO., Inc.
Y. Security Dealers Assbi
BROADWAY, NEW YORK 6, N. Y.
BArclay 7-0570
near termination
Congress isn't do-
a
s's
Congress,*
Gilbert J. Postley & Co.
29
111
of advance.
points to
by
on
Inquiries Invited
F. H. KOLLER &
Strength in low priced stocks
at considerably
We consider it especially attractive from the
of
By WALTER WHYTE
The
We suggest that you take a serious look at the stock of this
company
again
letters
COMMON STOCK
was
Says
group
18,
pub¬
wrote
in
Commission asked Consol¬
Walter Whyte
:!;
Chronicle:
and New York &
the U.S.Armyv
where
.he
served
plan./
The
from*
released
steady jobs
said, "I can
considered in the national in-
(Continued
Mi\
Lieuten ant
for
advice
Jr., President.
Colonel in the
to
participation
in government to the full extent
that
Stokely,
main¬
he
that
will
men
2631)
the
15
resolve
predict
safely
conces¬
Editor, Commercial and Financial
the
May
on
to
by
Tomorrow's Markets
Why An NASD?
,
Commission's
and asked the company
submit details of plant account
on page
Barbara
Sacramento
—
Fresno
f
wise.
Maltbie
recently
44-page report of
carry
or
considerable
(Continued
findings,
in
which he questioned part of the
the
to
programs,
since
case,
Chairman
stock.
order
sions have already been made, the
W. B.
no
Americans
management
to
lished
making
yourselves
Washington.
In the
administration's
The
out
whether
fight the issue through the
courts." Presumably in the present
beneficial
to ■; merge
negligible
permitted
in
demands
subsidiaries
its
a
time
plan with the Public
handed down
of
canners
with
of
Camp,
Indianapolis,
a
Commission
Service
ferred
Van :
Inc.,
-
.
filed
ago
Staley,
some
adjustments and rate reductions
before approving the balance of
icle" of May 17th) Mr. Hannegan
his
audience that
business
have
etc.
problem
of
deciding
whether.it is to the best interest
announced
told
"will
out
the
program
inthe:"Chron-
men
carry
constructive programs of mergers,
ton
Robert E. Hannegan
permission to
Santa
—
Oakland
—
to
usual
the
of Washing¬
•
amounted
$158,824,113 for the Consolidated
system and $109,836,868 for the
Parent Co. alone.
However, it is
vegetables and
fruits,
was-
vertising Club
,
1944
of
end
the
at
could
of stockholders to accede to these
eigh, N. C. on
June 2, again
referred
40%.
net of
consolidated
in
adjustment
-
Ral¬
at
after charges) (for
and an increase
the first quarter,
aluminum
E. Hannegan,
mittee and lately
resulted from an in¬
(balance
ings
$1.50
1.40
of <63% in Parent Co. earn¬
crease
Haiuiegan Repeats Change of
Dem. Party's Attitude to Business
$2.00
2.02
report
report
Co.
Parent
Purchasing Power and the Reward of Risk
1944
1945
The entire
easily be ab¬
earned surplus, which
mplete elimination.
•.</
....
Broadway, New York
165
Monterey
Edison has been selling
Teletype NY 1-925
to Principal Offices
Wires
Fraircisco
San
somewhat
out of "line with Other leading utility issues of similar high grade
calibre.
As shown in the accompanying table, Edison's yield is
higher apd its price-earnings ratio lower than the similar ratios
for nine-other companies.
A few weeks ago the yield comparison
would have been more striking, but the price margin between Edison
and other leaders was narrowed®";——
*v"
r
"
when the Company made a re-,^ considerable part of this amount
markable
March
statement
of hjut the commission held out for
time Consolidated
some
(Associate)
Trade
New York 5, N.
Y.
COrtlandt 7-4150
Consolidated Edison
For
on
Exchanges
Members
•
1879
ESTABLISHED
Executed
Coast
Schwabacher & Co,
Curtis
Paine, Webber, Jackson &
Trinity Place, New York 6, N. Y.
74
Orders
Pacific
NY 1-1026
BROADWAY, NEW YORK 6, N. Y.
Direct
Wire
to
Chicago
happen,
is
or
is
expected to
in
reflected
price action far enough in
vance
for
traders
(Continued
on
to
page
the
ad¬
profit.
2628)
'
>
Number 4394
161
Volume
Let your
THE COMMERCIAL & FINANCIAL CHRONICLE
dollars
SEABOARD AIR LINE
join the fight
>
2611
in the
RAILWAY COMPANY
mighty seventh
TRADING MARKETS
war loan
Old and Neu)
Chic., Milwaukee
7 th War Loan Bonds
St. Paul &
Pacific R. R;
NOW
Securities
Common & Preferred
(When Issued)
rea
Van Tuyl & Abbe
gmcow
72
i
WALL STREET
NEW
YORK
pflugfelder, bamptqn & rust
5
Chicago
L. F. Rothschild to
Railroad Securities
Railways Co.
Illinois Central
Cons. "A" 5s, 1927
9pen Chicago Office:
N
CHICAGO,
ILL. —L. F.
Roth¬
schild & Co., members of the New
York
Stock
Exchange
other
office in
Chicago at 231 So. La Salle Street
about July 1.
Arch Richards, for¬
merly with Shields & Co. for
many
years,
will be in charge,
and R. F. Parcells, previously with
Halsey, Stuart & Co., Inc., will be
exchanges, will
SUTRO BROS. & CO.
Member* New York
Stock ixchange
Broadway, New York
120
Telephone REctor 2-7340
open
associated with the
and
an
new
branch.
Prior to the
depression of the 1930s Illinois Central had
almost second to
none
far to
date
has^not as yet been resumed.
the
dividends
of
latter
1946
of
part
time
some
fundamental:
Four
ing
early
or
weaknesses
ft
?
Governor Dewey Stresses
the Importance of World Economic Stability
Accomplish This Aim, if Trade Barriers Exchange Controls and
Devices Continue.
He Approves the Reciprocal
Not
Other Authoritarian
Bill. Favors Cancellation
Early Settlement of Lend-
Trade Pacts and the Amended Bretton Woods
of World War I Inter-Allied Debts
and
an
Obligations That Will Not Burden Any Nation. Points Out
Britain's Difficult Position and Calls for Stabilization of the Pound Ster¬
Lease
Says U. S. Must Take Leadership in Preventing Economic
ling Rate.
Warfare.
!
tonight and to extend to all of
behalf of the State of New York, warm appreciation and
It is
you,
a
on
great pleasure to be here
encourage¬
ias
the
for
ment
work
doing.
great
you are
As far
know
as
to
those
have
so
seven
sive
Nearly
any
loan
will achieve it.
I
you
medals
to sustain your
e n
t h
u s
a
of
*
An address by
Gov. Dewey at
Seventh War Loan Organization
dinner, Roosevelt Hotel, New York
iasm
and energy..
None
importance of the work you
The
think
of
more than
total national
the
has been assigned to the
quota of our State.
That is a
staggering sum. Yet I know you
■
need
of
goal,
the
But
called
$4,000,000,000,
one-fourth
succes¬
not
you
to play a major part in this
in previous war loan drives.
as
who
war
drives.
do
war
on
re¬
upon
worked
hard
for
engaged in float¬
New York State has been
med¬
als in this
desire
or
are
Seventh War Loan be¬
know how tremendously
important that job is.
cause
they
any
You
this
ing
,
I
have not given
out
hope
any
ward.
Thomas
E.
Dewey
you
coal
City, June 7, 1945.
(Continued on page 2624)
(1) the gradual
coal
traffic, Poca¬
definite in¬
making
roads in the
Essential to Lasting Peace and Says San Francisco Conference Will
as
its
of
hontas
earn¬
Chicago area, (2) de¬
cline of export business to
South
with Mobile increasing
America,
its share of the declining business
and
practically .displacing
Orleans
number
Mississippi
which
nies"
reduction
in
resulted
in
gulf
of the
compa¬
a
the
to
rates
New
one
the competition
River barge
(3)
port
the
as
sharp
point
where the ton mile rate of-Illinois
Central
the lowest of practi¬
was
cally all the Class I carriers whose
traffic is diversified and (4) de¬
the agricultural re¬
gions served by Illinois Central
as a
result of AAA policies. An
in
pression
of scarcity could not help
adversely those agri¬
cultural areas which formerly had
economy
affect
but
been
substantial source of traf¬
a
fic to this road.
the
During
the
and
30s
of
all
cally
weaknesses
covered
in
fundamental
these
have been
mines
coal
New
latter part of the
period, practi¬
been
southern
dis¬
Illinois and
particularly in western Kentucky,
where, in conjunction with the
Louisville
&
Nashville,
substan¬
been origi¬
nated. Such has been the import¬
ance
of this traffic that it can
tial
tonnages
120
231
have
Holders?
Thirdly,
Talk by
Arthur C. Knies
policy
scarcity
an
with
to
Vilas & Hickey
Members New
has re¬
the number
gulf port. Additionally, mea¬
sures
have been taken to insure
the financing and the proper allo¬
cation of an even flow of manu¬
group
New York 5, N. Y.
49 Wall Street
Telephone: HAnover 2-7900
•
Teletype;
goods on
of
to
post-war.
mid-west
make
the development on
basis of South
NY 1-911
the part of a
important
manufacturers
traffic
resultant
benefits
important
agricultural
carrier. Fourthly, prior to the war
traffic
density
a
possible
permanent
American business
Should these plans ma¬
other
Broadway, New York 5, N. Y,
So.
LaSaJia
St., Chicago 4, HI.
the
on
Chicago-
condition of the road
lent
shape
with
amount of
certain
fic
routed
was
Division.
As
pers
now
are
clusively
mile.
track
ship¬
consequence
conscious that the
is no longer ex¬
but
an
carrier
east-west car¬
important
rier
as
well.
Those
close
the
to
that a sub¬
percentage of this traffic
retained at the expense of
stantial
will be
the better known Overland route.
competitive conditions
to the Mississippi
companies may improve
Lastly,
with
regard
barge
We
somewhat.
are
none
too san¬
guine relative to this and we be¬
lieve that this competition, unfair
in that it
is subsidized by the
government, may continue to re¬
tors
to
substantial pressure upon
in
sult
However, these other fac¬
to offset the adverse
seem
of
this
unfair competition
substantial degree.
a
beneficiary in that earnings
available for charges
which aver¬
17 million throughout
30s have risen to $35 million
the
some
peak,
during the war period (1942
million). Working capital
has paralleled this rise in earning
power. In 1936 net current assets
totaled $16.13 million whereas at
February 28, 1945 they amounted
period
that in the same
of
funded debt of $88
lion
was
of the best of all
one
debt
has
Class
the verge
on
major
a
well
duced to
below
the
At
completion
financing credit of
doubtless
will
restored
be
interest
overall
$10 million. I
of this re- \
this carrier^
and]
for the-'
entire debt will probably be ZVi%
J
or
less
as
compared to almost
4M>% currently.
*
charges
Post-war prospects appear very
and
excellent
if the
road is able
$150 million or more and
to
attain
operating
efficiency
making possible an operating ratio
of 70%, earnings oarfo ETA SII
to gross
better
or
should
on
the
common
stock
easily realizable. With
be
standing being restored,,
a strong financial posi¬
its credit
and with
tion, it would appear that Illinois*
Central could in such a period
support a dividend of $4 per share
or
better.
Notwithstanding the
sharp advance of the stock there¬
fore from levels of the low 20s
levels
in
months ago to current
the
high
30s,
Illinois
Central appears unusually attrac¬
tive for the
await
can
ments
over
patient investor who
refinancing
which
should
develop¬
materialize
the next six to nine months.
notwithstanding
$37.49 million,
the fact
time
of
system
Illinois Central is
$40.»3
to
record
this
million
equated
I carriers.
of several
The Illinois Central has been a
war
been
The
for
per
the end of 1944 bid fair to be re¬
Omaha
the
north-south
a
$404.7
a
that
result
Central
Illinois
of
equivalent to $46,191
auxiliary traf¬
over
a
retired.
That
Maine Central
mil¬
physical
Railroad
KEYES FIBRE
Hasten V-J
Day!
Secured 6s, 1959
Class A and Common
!
EXPRESO AEREO
BUY WAR BONDS
XI
SEABOARD ALL FLORIDA
C's
Mclaughlin, baird & reuss
Members New York
ONE WALL STREET
TEL.
HANOVER
2-1355
Stock Exchange
NEW YORK 5
TELETYPE NY
1-2155
'35
Adams & Peck
1. h. rothchild & co.
Member of
National Association
*of Securities Dealers, Inc.
specialists in rails
52
wall
street
HAnover 2-9072
r
$9,644
refunding program.
Fixed charges which have been
reduced from a peak of $17.3 mil¬
lion as of 1934 to $12.8 million at
Pacific—Central
the
period
equated track mile and total,
per
of
Pacific)
eight year
equivalent to
maintenance
practically overloaded the Over¬
land
system (Chicago & North
Western—Union
is in excel¬
indicated
the
in
1937—1944
reduction
Division
is
by gross
capital expenditures of $84.5 mil¬
lion
was' relatively
light. However, war, with its em¬
phasis on traffic going westward
through
the
Chicago
gateway
Omaha
aged
Secondly, New Orleans
factured
York Stock Exchange
be substituted by
of full production
will
this
factor
gained its position as
and Dealers
years
economy
position 'of dominance of the coal
traffic
into
the
Chicago
area,
one
Copies Available to Banks
there
seems
every
anticipate that for a
at least the AAA
with
its
economity
of
to
reason
period of
rates.
carriers.
and
Exchange
1920s.
truly be said that Illinois Central
has virtually regained its former
freight differential in their favor
as
compared to the Pocahontas
for
Railroad Security
even
Stock
leading Security and Commodity Excha
with that of the
compared
especially as they have a 25-30#
What Hopes
anticipated, the traffic
through the New Orleans gateway
should increase substantially
as
overcome.
have
MEMBERS
York
New
as
management believe
war
Ernst&Co.
Developments, however,
terialize
of the Illinois Central
power
decline
Governor of New York
in
1947.
during the 1930s:
By THOMAS E. DEWEY*
record
suggest the possibility of inaugu-^ration
accounted for the decline in
Economic Problems oi Peace
a
the Class I carriers.
In fact, this road
paid dividends uninterruptedly between 1900 and 1931, at rates
varying from $5 to $7 per share throughout most of the period and
$3.75 per share in 1931.
The dividend was omitted in 1932 and thus
among
n. y. c.
€3 Wall Street,
5
tele. NY 1-1293
New York 5
Tele. NY 1-724 *
BOwling Green 9-8120
Boston
Philadelphia
T
Hartford
Thursday, June 14, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
2612
__l
Dealer-Broker Investment
SPECIALISTS
a
Recommendations and Literature
•
in
'■/
Since
1929
INVESTMENT
Seligman, Lubetkin & Co.
Members
>
York
New
and
ment
Security Dealers Association
a
funds.
WWlliM.J&jBSm
I'.WilWilil
Members New York Sfock
Members New York Curb
40 EXCHANGE PL.,
t
several real estate bond sinking
Exchange
Exchange
and
contingent
accumulated
3%
interest; and in addition had $61,—
for sinking fund operation.
882
3%
The
interest
buy and Sell:
cleared up all
payment
and amounted to
arrears
Assuming earning con¬
$161,275.
Ve
ditions remain the same,
next year
have $223,097 for a
sinking fund, or enough to retire
over $300,000
par value of bonds
they should
Certificates
juul
TITLE CO.
>
Mortgages
buildings should benefit
in
week
REAL ESTATE BONDS
SIEGEL & CO.
DIgby 4-2S70
Teletype NY 1-1942
that maintenance workers
who are engaged in local work
are
beyond the reach of wage
hour law.
Briefly, that means
that elevator men, porters, etc.,
who
work
for office buildings
will not be able to recover back
.
.
in accordance with the
wage hour law where the tenancy
in their buildings are not engaged
wages
in
physical process of goods,
be classifed as inter¬
the
which
Hotel bonds should continue to
—
benefit
Ambassador Hotel
5/50 W.S.
of
B'dway Motors Bldg. 4-6/48
Midtown
Enterprises 5/64 W.S,
N. Y. Majestic Corp. 4/56
165
B'dway Bldg.
sylvania and the Waldorf Astoria
York, have stated that the
demand for rooms this month is
in New
200%
Bell
St.,
San
above
uted the scarcity
Francisco
Teletype SF 61 & 62
St.
Savoy Plaza
5s
'52—New
Everett
Devon
Corp.
Detroit
St.
Hotel
Units V
Louis
Co.
&
135 So. La Salle St.
CHICAGO
CG-81
:
,
»
Central 4402
them
than
coming into New
ever in history."
who formerly
to
for
town
a
two
or
one
day stay once a month, now come
every
week and occupy rooms
or five days while they trans¬
act their business.
Frank A.
.
,
.
Corporation
Astoria
the
called
heaviest for hotel bookings in
New
of
history
and
week
SPECIALISTS
CHICAGO and
IN
—
MIDWEST
REAL ESTATE
last,
in
history,
the
in All Issues
Govern¬
vian
ment with the
decoration
(Or¬
of
the
Sun)
!
a
held
York
Association
attributes the
business to
the
European
war
New
of
rush of hotel
return of
300,000
each
veterans
month.
,
is interesting to
'
all
this current activity in New York
hotel business with our prediction
of. Dec. 21, 1944 in this column:
"Regarding the future of hotel
securities, it is our thought that
compare
post-war this type of real estate
will continue to enjoy good busi¬
ness
for at least two or
three
as a
post-war.
New York City
shipping center and consumer
manufacturing center will
be the necessary
to
locate
in
place for buyers
to replenish
order
depleted stocks.
Lack of
housing facilities and returning
CG 660
will
necessitate
tempo¬
residence in hotels until more
housing is constructed."
Change in hotel security prices
&
Co.,
99
Trust
Delinquency,
Tax
Hopes
for
Railroad Se¬
of talk
Holders?—Reprint
by Arthur C. Knies, available to
faires
b
e r
t
wanted
Insurance
Co.,
Reinsur¬
Corp. of New York, Repub¬
Co. and Reliance
ance
Insurance
lic
Co.
Insurance
American
Inc.
—
Woman's
Memorandum
Realty Co.,
Lapham,
—
Philips & Co., 40 Exchange Place,
New York 5, N. Y.
Chicago 4, 111.
is
available
Also
report
a
on
Oil
Ashland
pany
—
Refining
Com¬
discussing
possibilities
of the
investment
4 V4%
&
Memorandum
cumulative convertible pre¬
Inc., 120 South
Chicago 3, 111.
La
Salle
Co.,
Street,
Bird & Son—Descriptive mem¬
orandum—Buckley Brothers, 1529
Walnut Street, Philadelphia 2, Pa.
A
that his
government
reward Mr.
to
recognition
his
of
del
Rio in
services
ren¬
of
countries.
both
Order
created
of
the
Sun
Peru
in
by the Argentine Lib¬
erator; Gem Jose de San Martin
he
entered
Lima
with
his
1821.
troops in
.
group
vestment
of
mid-Western
in¬
a campaign for competitive
bidding on security issues, ac¬
cording to an Associated Press
dispatch from Cleveland, Ohio, on
June 12, which added:
Cyrus
Eaton,
of
Otis
&
Halsey, Stuart & Co., Chicago,
was
Eaton
learned
and
Mr.
on
Stuart
are
members of the New York Stock
Exchange.
licity
Street,
Mr. A'Hearn has been
identified
with
various
Wall
Street houses for the past several
years.
'
.
to
to
sell
force
them
Central
company officials
the securities.
Pitted
against them and any
change in the present practice of
private negotiations between
Also
available
Kingan
bitrage
&
DENVER,
Hannon
COLO.—Howard
has
become
J.
associated
Dealers, chief foes of competition
Moore & Co., U. S.
National
Bank
Building.
Mr.
Hannon has recently been serv¬
in the past.
lions in
in the U. S. Navy.
In the
past he was with Earl M. Scanlan
drive,
Stone,
ing
& Co. and
was
President of How¬
ard J. Hannon & Co.
At stake will be mil¬
-vv'
Riversid*
v/.y/v:/\
Railroad—Complete
ar¬
proposition—Sutro Bros*.
Co., 120 Broadway, New
York
City of Montreal, Financial Re¬
organization, including
40
banking houses, the Invest¬
ment Bankers Association and the
National Association of Securities
circulars 01
and
5, N. Y.
ment
Chronicle)
are
Co.
Chicago/ Milwaukee, St. Paul &
Pacific
Of Stone, Moore & Co.
Financial
&
Cement.
randum
The
Steel—Bulletii
&
developments—Lernei
Co., 10 Post Office Square, Bos¬
9, Mass.
banker and company will be some
of the major New York invest¬
to
Iron
recent
Howard Hannon Joins Staff
(Special
Service
Public
ton
June 12.
campaign for
such bidding in other
financingoffering substantially higher bids
than
those privately
negotiated
and relying on the attendant
pub¬
Wall
Central Illinois
&
to those used in the
asso¬
Co.
Homsey
Building, Bostor
Co.—Analysis—Ira Haupt & Co.,
Ill Broadway, New York
6, N. Y.
on
competitive bidding on high
grade industrial issues in the near
Willi Bull, Hoiden Go.
now
Co.—Descriptive
Pont,
9, Mass.
ity, railroad and telephone
financing, will begin a campaign
Mr.
Hoiden & Co.,
New York City,
Wharf
Sha'wmut Bank
for
expected to follow tactics similar
Bull,
Boston
circular—du
proponents of competition in util¬
Frank B. A'Hearn
with
and
Electric
Street, New York 5, N. Y.
Co.,
Cleveland, and Harold L. Stuart,
future, it
Frank B. A'Hearn is
memoranda
are
District
banking houses plan to
begin
of
available
Empire
Boston Terminal 3 V2 s of 1947—
Analytical report describing reor¬
ganization stafus and
proposed
plan—Greene
&
Co.,
37
Wall
Investment Bankers
Daniel A. Del Rio
dered for the mutual understand¬
with
&
National
Eastern Corp.
Competitive Bidding
Drive Opened by
o
Davila, said
14
Fire
Co.,
Also
Fernandez
ciated
Gibraltar
Co.,
of
Fire
Insurance
on
the
of
Hum
when
Co.
Phenix
Marine
making
The
Fidelity
Atlanta & West Point Railroad
What
i g n
-
America,
Insurance
Insurance
Insurance
—Descriptive circular—Adams &
Peck, 63 Wall Street, New York
5, N. Y.
curity
tion of the in-
was
Continental
Excess
Co.,
by Dun & Bradstreet,
presenta¬
ing
Insurance
Expansion,
obtained.
ton.
s
memoranda
Inc., 290 Broadway, New York 8,
N. Y., from whom details may be
Embassy
In
are
Reserve
ferred stock—A. G. Becker &
of
Published
Washing¬
the
available
American
Peru¬
the
in
of
Threshold
Trend
Sol"
at
Also
on
1930-1944, by Frederick L. Bird—
der
at
Company-^
position—Mackubin, Legg & Co., 22 Light Street
Baltimore, Md.
York 5, N. Y,
of
del
vian
Lichtenstein
S.
June, 1945.
the "Orden
ceremony
Casualty
current
on
Ampco Metals, Inc. — Current
Serfdom—Reprints of
Minton
&
Digest condensation bulletin—Sills,
Co.,
by Friedrich A. Hayek Inc., 209 South La Salle Street,
by John Kalb, partner in Adolph
Lewisohn & Sons, 61 Broadway,
New York City, reprinted from
Trusts and Estates Magazine for
Com mander
of
to
Read
Rio,
Hanover
period of the World's
Hotel
the
rary
A., del
Central
American
Data
Maryland Casualty Co.
Vice-Presi¬
Bank &
Trust Co.; New York City, was
honored yesterday by the Peru¬
Daniel
dent,
Corporation—Study
of 5 %% A preferred
McLaughlin,
Baird
&
Reuss,
One Wall Street, New
York 5, N. Y.
/
—
the Headers'
Wall Street, New
transmitted by short-wave to all
of Latin America.
•!'
in¬
that
.appearing to indicate a continu¬
ing high level of operations—
Thomson & McKinnon, 231 South
La Salle Street, Chicago 4, 111.
of the book
pop¬
floating
and
Mr. Sweeney, President of
soldiers
Tele.
reduction
debt
The ceremony was recorded and
the
\1 So. La Salle St., Chicago 3, 111.
Tel. Central 4424
flush
with
that
said,
much
FIRST LA SALLE CO.
79
York
cludes
goods
Accurate Quotations
61'/2
66
and
years
SECURITIES
48
56
New
York,
has had the greatest
It
—
ferred
del Rio Honored
of
Fair."
Valiquet
72
Companies—Current study
with the large de¬
demand in this industry
situation
—B.
now
He said that buyers
ulation
Myles Standish Co. Boston
66
making
York
"This
Coronado
of
possible, that it is probable that
these types of bonds will further
more
first two weeks of this month the
York
VTC—Chicago
78
feel
still
earnings
Ready, President of the Waldorf-
5555
98%
66
Embassy, Hon.
buyers.
always been a tremendous
month for buyers, and there are
four
Prince & Lafayette Streets
ment
92
60
Alleghany
Liberty
Equip¬
Railroad
for
Outlook
9.
10
4W
__
Sherry Netherland
Waldorf Astoria-.
on
ciation,
Utility
Equities—Detailed analytical bro¬
chure—Baker/Weeks & Harden,
52 Wall Street, New York 5, N. Y.
42
—
Monthly Com¬
Transportation Statistics,
Co., Camden Fire Insurance Asso¬
Public
for
Outlook
52
George
We
York, N. Y.
24
i a,
the
Charge d'Af¬
came
Real Estate Securities
23
75
Central
Park
nor¬
of rooms to com¬
"June," he said,
bound issues—a
Current
59
Lexington
"has
J. S. Strauss & Co.
Montgomery
300%
to
mal. Mr. James H. McCabe attrib¬
mercial
>UiOW,lG',
155
occa¬
peak capacity. Managers
'such large hotels as the Penn¬
from
4^/58
earnings
good
by
sioned by
and
paper
special free trial
offer is available—National Quo¬
tation Bureau, 46 Front Street,
volumes
bound
Dec.
1944
Governor Clinton.
may
state commerce.
TRADING MARKETS
FIRM
Dec.
1942
Street
East 40th
10
the
1944, and prices this week follow:
cloth
two
ten
includes
which
ice
New
case,
.
—
Corporation and Rhebem Theatre
this appreciate in price.
ruling
Court
Supreme
by
PRUDENCE AND
price.
current market
at
Office
39 Broadway, N.Y. 6
and London
Lyon Build¬
Incidentally, London Terrace first mortgage bonds appear to
be
among
the more attractive
real estate bonds. On June 1 they when first recommended in this
paid 5%%'.—X%'% being regular column December, 1942 and again
here
December,
interest, 1 %
additional interest recommended
DIgby 4-4950
N .Y.
Broadway Barclay on June 20 with $24,355.41
June 26 with $61,882.23; and next month, J. B.
ing, Midtown Enterprises, Grarnmot
undetermined amounts.
Bell Teletype NY 1-953
^
.
on
Bond Sum¬
maries-—May be had at a cost of
$72 each per year, or a total of
$144 a year for the complete serv¬
in
SHASKAN & CO.
;
.
.
Terrace
ment
W
available
Also
stock
Real Estate Securities
dealers—Vilas
&
Street, New
of prospects
Monthly Stock and
This month and next should see
several
are
and
send
Hickey,
49 "Wall
York 5, N. Y.
of " Research
Com¬
Review of Niagara
Hudson Power Corp,
HAnover2-2100
Broad Street, New York 4
41
available
Also
memoranda
Incorporated
,i?G3S
banks
Stocks
Comparative
memorandum — H.
Hentz & Co., 60 Beaver Street,
New York 4, N. Y.
i
IN THE WORLD
Common
Sound
Five
THE BEST
/w
understood that the firms mentioned will be pleased to
interested parties the following literature:
is
It
Real Estate Securities
i
on
Dominion
the
current
memo¬
budget-
a
Securities
Corporation,
Exchange Place, New York 5,
'
•
'
N.Y.
.
Also
on
available, a memorandum
the debt reorganization plan
of the Province
of Alberta.
underwriting fees.
As
clined
a
prelude
Otis
&
to
Co.
the
coming
recently
de¬
participation
in
Wall
Street-sponsored offerings of pri¬
vately negotiated industrials.
Consolidated Edison Co. of >i
Fork—Analytical
Peabody
&
Co.,
study—Kidc
17
Wall
Str<
Yew York 5, N. Y.
(Continued
on
page
2633)
Number 4394
161
Volume
THE COMMERCIAL
& FINANCIAL
CHRONICLE
2613
ADVERTISEMENT
Sevenfh
NOTE—From time to time. in this space,
there will appear an article which we hope
will be of interest to our fellow .A mericans.
War Loan Bonds
This is number
Kaiser s.
ninety of
a
series.
SCHENLEY DISTILLERS CORP., NEW
and HOLD them
...
YORK
In Frankfort-on-Main
Co.
MEMBERS
NEW YORK STOCK
NEW YORK CURB
EXCHANGE
The recent capture
EXCHANGE
SAN FRANCISCO STOCK EXCHANGE
STREET
NEW YDRK 5
15DO
RUSS
SAN
PINE
Za
FRANCISCO
on-Main
BUILDING
4
of Frankfort-
brings back
a
lot of mem¬
ories. It reminds us, too, that there
lived in Frankfort, in the sixteenth
century,
SEC Denies NASD Right to Enforce
Price Maintenance Contracts
(Continued from
•.
'impose' the schedule of prices
and
discounts oil the member.
True, the schedule has been ac¬
cented by the member tor the
nurposes of his contract, but asso¬
ciation
meil
duties to the
rules impose
Association
<5
which arise out
Thlis
rtlViorc
S
his dealings with others. Thus,
the duty of a member to deal
honestly
With a customer has
made a multiple
been
properly
obligation, for which the member
may be called to account not only
by the customer, in civil litiga¬
tion
but also by the association,
proceedings under
its rules, as well as by other lawenforcement authorities. So here,
disciplinary
in
impose on par¬
ticipating members an obl]ga^n
to itself, enforceable through dis
the
NASD seeks to
ciplinary proceedings, to
to a schedule of discounts
otherwise
would
be
adl.^e
which
enforceable
the parties to the con¬
tract through private litigation or
such practical economic sanctions
as they might have at their com¬
by
only
by the im¬
plicit threat of again using
disciolinary powers, it seeks pro¬
spectively to impose on partici¬
And .clearly,
mand.
pating members any
discounts that may
in any
by contract
established
future undei-
be
question whethei
price maintenance clauses in syn¬
dicate agreements were a viola¬
Regarding the
Anti-Trust
Law, (as contended by the De¬
partment of Justice which partici¬
pated in the proceedings) the ma¬
jority opinion stated that
it is
Sherman
the
of
cs
the
size
nnmhinofirm
r>f
of
combination
those
who
reserved
dominate
the
dis¬
tribution, the length of time
pro¬
vided in the contract for keeping
the
combination
together,
the
type and quality of the security,
and
the
size
and
the
of
nature
class of investors to whom the dis¬
"We
do
not
factors
to
be, by
intend
this
list
haustive. Particular
of
cases
unique problems.
ex¬
may in¬
When it
is remembered that the aim of the
Sherman
Act
petition,
it
is
foster
to
will
be
com¬
that
seen
a
significant focus of consideration
the
is
extent
to
fixed
the
which
maintained
and
price,
for
the
particular issue, affects the prices
of other issues or is permitted,
by artificial means, to exceed the
competitive
limits set by free
market
forces
affecting similar
types of securities."
The
sion
maintenance
conclusion of the Commis¬
was
that "in the light of
.
.
.
clause
was
act
an
contrary to "just and equitable
principles of trade", and there¬
fore
of
within
came
the jurisdiction
"I
realize," Commissioner
Healey stated, "that the Govern¬
should
not
take
action
against those who breach
ordin¬
commercial contracts between
private individuals. But the func¬
tion
of
association
an
to
protect
its members against unfair treat¬
ment
by their associate members
to
seems
quite
me
different
a
That has long been recog¬
matter.
nized
as a
legitimate and appro¬
priate function of stock exchanges
It
is
that
true
members
the
NASD
the
of
dealings
with
of
the
"impediments to
market
Section 15 A
(b) (7). This is not to say, how¬
ever, that such contracts are per
se unlawful.
Whether the partic¬
ular agreements before us were
reasonable
or
unreasonable re¬
straints under the Sherman Act
is another question,
to be dis¬
cussed later in this opinion.
Wnat
.
.
free
a
.
and
open
within the meaning of
we
do
is that an
say
association
designed to promote mini¬
mum
prices and discounts runs
directly counter to the statutory
requirement that the association s
rules be designed to remove "im¬
pediments to
a free and_open
rule
...
considerations
the courts to read a
market." The
which
led
of
stabilization
regulation, the
dealing with price-fix¬
and
price-maintenance
in
and
committing
to
our
ing
commodities
other
Act
Sherman
must
be
obviously
caution.
with
read
Though
we
decide the
inclined to the view
the price-maintenance agree¬
the
reasons
the benefit
arbitrations, of rulings of vari¬
ous
kinds
relating to dealings
among themselves, and of the en¬
fair
of
forcement
member by
one
the
under
that
ments
we are
before
now
us
not
were
illegal under the Sherman Act..
Our views
on
the
field
laws
antitrust
ties
may
The
follows:
a
fixed
maintenance
not
and
stabilization
is
like
But,
other contracts, these may
into
and performed
entered
be
under
to
be summarized as
mere
making of
unlawful.
se
per
many
the securi¬
to
containing provisions
offering price, price-
agreements
for
the application of
an
circumstances
unlawful
competition.
that amount
suppression
of
have already
which the
We
noted certain factors by
lawfulness
of
the
syndicate may
Among these are: the
size of the group in relation to
the size of the issue, the suppres¬
be
judged.
of competition in bidding or
negotiating for the business, and
the duration of a -syndicate dic¬
sion
by the manager and
underwriters."
tated
major
And
treatment
of
the
under
case
consideration, he said that "under
the
Commission's
rules
under¬
majority oninion w£s con¬
curred
in
by
Ganson
Purcell,
Chairman
T. Pike and
Robert K. McConnaughey. Com¬
missioner C. Healy dissenting in
not
have
the
same
force in
struing Section 15A (b) (7)
the purpose of determining
legitimate limits
association's
upon a
cision,
this
it
rule-making
"Whether
and
SEC, and
part, wrote an extended
opinion in which he
that the syndicate
received
Com¬
Sumner
full
separate
pointed out
agreements
publicity
and
ha|f
ap¬
de- proval under the provisions of the
specifically stated: Securities and Exchange Acts and
underwriting
and that the violations of the price
point, later in the
is
for
the
registered
disciplinary powers."
On
con¬
of the
missioners
permitted to stabilize,
are
period of distribution, not merely
to
observe
an
offering
price.
this
Here
that
during
an
appropriate period
underwriters and sellers will
the
violate
not
swallow
the
of
terms
their
camel like stabilization
a
market price and strain at a
a
gnat
like
a
uniform
offering
price not to be broken during a
period of primary distribution?
The
one
excuse
for stabilizing,
Well,
dent:
iS.
Charles
Garland
Toledo;
Co.,
Julien
H.
Chi¬
Hal H. Dewar, Dewar, Rob¬
Pancoast, San Antonio;
Jr., Drexel &
everyone
is
IBA,
the
in
the
on
ticket
Garland
who
those
combined
have
capital and efforts in a
common undertaking cannot aeree
not to cut their own public offer¬
their
which
annual
been
a
vice-
the
in
committee posts
organization. He has been
securities business since
important
many
in the
by
against
stabilizing
all
price be breached by those on
who
the
inside
the
security?
writers
ing
and
Are
from
New York
1924
to
He
1928.
entered
made
partner of
a
1934,
distributors
stabiliz¬
price cut¬
their violations of their own con¬
\
Brown Bros.,
Harriman & Co., and on June 16,
dent and
under¬
For I seek
no
other reward from
and while you practice my
, I entreat you,
O pupils,
.
.
remember me!"
FREE — Send a postcard or letter to
Schenley Distillers Corp., 350Fifth Ave.,
Y., and you will receive
a booklet containing reprints of earlier
articles on various subjects in this series.
N. Y. 1, N.
riman
he
was
elected
vice presi¬
director of Brown Har¬
&
Co..
Incorporated,
re¬
signing from that position in Jan¬
uary
in
1939
to
his present
While
was
in
champion
take
a
partnership
firm.
Mr. Garland
national intercollegiate tennis
college.
in
He
doubles.
that
member of the
a
Cup team and in
R. Norris Will¬
with
year,
iams,
and
singles
both
was
1920 U. S. Davis
the doubles champion¬
won
ship of the world at Wimbledon.
In 1927 he acted
Davis
Cup
chairman
as
the
of
of
captain of the
he is now
and
team,
Committee
Amateur
the
U.
Tennis Association and
of
the
International
S.
a
Rule
Lawn
member
Play
Com¬
mittee.
district manager
house,
banking
the
Are they stabilizing against
tracts?"
their
distributing
are
against their own
ting?
Williams & Co., Pittsburgh
steel brokers, and was
and
5ron
for
whom
he
opened a Chicago office in May
1929. On January 1, 1933, he was
adverse outside influences and yet
the
man,
with Hick¬
Is that price to be pro¬
process!
tected
Mr. Garland went first
banking in May 1928 with Brown
Brothers & Co., New York private
a
.
.
. The game has an
Give wine to the teacher.
.
president of the association since
November
1944
and
has
held
period reason¬
the distribution
during
ably needed for
.
.
MARK MERIT
the
at
has
reason
by hos¬
of Schenley Distillers Corp.
meeting, scheduled for November
26 to 28 in Chicago at the Edgewater Beach Hotel.
Mr.
battles of
to
will
tantamount
considered
and
Bacchus,
the jesting
association,
the
of
governors
lawful
a
judges.
end.
art.
Nominations, made by the board
a
permit that and yet insist
it is to
that
agrees
tile
no
tell.
to
not to bo condemned
am
York.
1928 with one or another of the
form banking
organizations
which
of
manuipulation
of
market 'Wang originally from Alex.
prices, is to protect a public offer¬ Brown & Sons, said to be the
ing price during a period of pub¬ oldest investment concern in the
lic distribution, in order to facili¬
United States.
tate that distribution.
How futile
Graduated from Yale in 1920,
which
I
you,
election
Muso has
my
a
permissible wine. For that
Co., Philadelphia; and Lee M.
Limbert, Blyth & Co., Inc., New
act
of
feasts
sometimes
Edward Hopkinson,
of
.
I
pointed out the temperate
have
Collins, Julien Collins & Co.,
are
«
shocking wicked deed
Bos-
&
good
a
moderation—and
Vincentius Obsopoeus
Book ,3:
Arnold
cago;
a
close this column, as he closes his
for
&
have
we
on
But, let
Hazen
worth
"My spirit
says:
we're all for it.
no¬
p r e s
there
preachment
the
were
vice
Why
undertaking.
common
of
merely
is
agreement
f
asso-
with Mr. Gar¬
ertson
another."
regarding
ing price
The
o
then, he
wickedly
squander your riches night and
day. I sing of the lawful banquet
and permissible drinking."
Named
S.
purposes of regulating
the actual conduct of business, do
for
the
tion.
Braun,
"rule of reason" into the Sherman
Act,
president
un¬
as
crowd of gluttons, who
1-
N o 1 a n,
Incorporated,
Washington,
of
practices
o
is
see
doesn't burn at all to write of
ger,
land
as
tho worshipper will
the god angered. For he is as
proper,
And
b y
F
Folger,
of
wor¬
worthily."
Clifford
for joining it is to get
and
se
nounced
John
crudely,
shipped with particular skill,
was an¬
zing fixed-price distributions with
allowances and discounts,
of
one
obviously in combination, to pre¬
serve
a
market price during a
negotiation between the
investors. We cannot
doubt that price-maintenance and
fixed discount contracts are de¬
signed to restrict the free move¬
ment of price during distribution,
tion of Amer¬
ica, it
drink the pleasant wine
he is naturally peace¬
ful, when he is approached un¬
Associa¬
ers
minees
and
wisely for this
more
at feasts. Unless Bacchus is
appeasable
Bank¬
following
as¬
next President
as
of the Invest¬
ment
the members with each other are
It is their
ig¬
are
drinking, read
Bacchus with skill in order not to
Garland, partner of
been nominated
sociation
decisions
S.
the Baltimore investment banking
firm of Alex. Brown & Sons, has
public is the most important sub¬
ject of regulation. The same thing
may be said of
the dealings of
members of stock exchanges with
the public.
But the dealings of
important to them.
in this city
you
to
with these lines:
starts
of
and drink
me,
Be President of IBA
Congressional policies of recogni¬
fixed
1
temptation
garnered skill... .We must cultivate
Charles
writers
by
Garland Nominated to
we
few brief excerpts.
a
the
norant of the art of
NASD.
the
Obsopoeus. But
quote
Book
ary
means,
any
good sample from
a
rusist
"If any
ment
tribution must be made.
volve
of
one
had sufficient space
we
you
cannot
voooviro,-)
nnurnnc
powers
give
Vincentius
Phone LD-159
•
the distripu-
of
think it unnecessary to
per
to
groups in relation to the
size of the issue, the particular
to
journal sponsored by
a
wish that
COMMODITIES
Home Office Atlanta
•
point,
that a market is not
open' with respect to
a security whose price is fixed by
unilateral action
of the selleis,
and
are
DISTRIBUTORS OF
BROKERS OF BONDS, STOCKS,
Private Wires
'free
and
in
the apparently inspired pen of
axiomatic
sellers
English translation which appeared
INVESTMENT SECURITIES
depends, we believe, on the
facts of the particular case. Among
these the important considerations
_
not
Exchange and
Exchanges
UNDERWRITERS AND
regarded
valid
schedule of
writing."
tion
Other Leading
above the tion
and
over
duties
Members New York Stock
America's leading Universities. We
syndicates,
be
on 'The Art of Drinking."
have, here at Schenley, an
We
combinations to fix prices, are in¬
may
in Latin
BANKERS
INVESTMENT
page 2607)
selling
named Vincentius
a man
Obsopoeus. He wrote three books
From October 1940 to June 1941
Mr.
Garland
nancial
chief of the fi¬
was
section
of
the
Office
of
Production Management.
He is at
present chairman of the Maryland
War Finance Committee. ' Among
business activities outside banking
he
is
a
director
and
member
of
the executive committee of Sharp
& Dohme, the Empire Trust Co.,
New
York:
Canton Co.
of Balti¬
Canton Railroad Co., and a
director of the Minnesota & On¬
more;
tario
and
Paper Co., the Cottman Co.,
the
Baltimore
Commerce.
Association of
For
Trading Markets In
Thursday, June 14,
ig45
FINANCIAL CHRONICLE
THE COMMERCIAL &
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1922
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SILLS, MINTON & COMPANY, Inc.
C. L. Schmidt & Co.
3
Telephone Dearborn 1421
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•.
..
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specialized in trading the securities of;
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years
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We maintain an active interest
AND
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Tele. CG 271
Tel. Randolph 6960
| SINCE 19081
L
Fred.W. FairmanCo
1
Members
Stock
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Board of
Trade
•
Garrett
end of
Letters at far
Corporation
KEY
line indicate securities individual trades in
name
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& Eng. Com.
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the Country
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&
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Company Securities
(n)
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l
(3)
Tel. Franklin 8622
Teletype CG 405
Indianapolis, Ind.
Rockford, 111.
«
;
S.
La
Salle St.
S.
11
La
Central
CO
Allen, Swift &
of Securities Dealers
S.
La
200
'
,
—
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For
UNDERWRITERS
Inc.
(3)
Co.,
BLANEY,
'
St.
J.
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MARKET
State 6502
650 S.
CG 99
;
-
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Trinity 3908
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v
660
(n)
State
135
La
S.
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St. (3)
CG
3000
A
First
•
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j
&
St.
(4)
CG
537
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Co.
Mississippi Glass Co.
"
Brothers
231
S.
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(4)
-
P
;
<n)
120 S.
BARNHART, Horace
First La Salle Co.
11
Central
S.
La
S.
La
E
'
X P
CG
(n)
I
H.
<
(3)
(n)
9600
on
request
120 South La Salle Street
.
P
R
CHICAGO 3,
ILL.;
Teletype CG 1122 Phone Central 5690
Bernard J. Conlon Is
With P. F. Fox & Co.
Salle
■
associated
St.
has become
Conlon
with
P.
F.
Fox & Co.,
120
Broadway, New York City.
Mr. Conlon has had many years
(3)
inJ
experience
1200
CG
J.
Bernard
1200
CG
investment
the
:
William
(n)
,
M
Salle
St.
CXI
S. La
CG
■
I P R
.
146
period he traded railroad,
&
0722
CG
(4)
552
'
W.
2OS
S.
Fairnmn
&
La
St.
Salle
Randolph 4068
(3)
I M
CG
Co.
CG
Co;
(n)135 S. La Salle St.
Randolph
650
S. La Salle St.
1400
&
(209 S. La Salle St. (4)
(3)
P R
S.
La
X-
A
(4)
Randolph 7260,
m
,
St.
trial, and utility bonds. He
joined
193-3
the
railroad
as
an
B-17 both here and
a
he
2615)
head
bond
with the Air Force
on
page
During
1937.
to
department,
leaving in 1942 to enter the armed
forces. After serving three years
of
was
(3)
CG 304
on
this
indus¬
from
J. Arthur Warner in 1937 as
;
CG 537
Salle
(Continued
^
Co.
CLEAVE, Walter C.
Blyth & Co., Inc.
135
.
40S
CHICHESTER, Harry B.
Brothers
231
Andover
Fuller
Fahnestock
(3)
Salle St.
5700
A.
CHAPIN, Ralph
•
1300
business, > being
connected with
Hickey, Doyle & Co. from 1929 to
1936 and
with
Doyle, O'Connor
CAVANAUGH, Audran J.
Dearborn 9200
<
•
P
Blosser
135
Lehman
St.
Copies
CASWELL & CO.
(3)
1089
-'T'" ,'
J.
(n) 185 S. La
Dearborn 9600
Company of
BOWEN, John H.
660
St.
CG
CASSERLY, Thomas D. •
Doyle, O'Connor & Co., Inc.
.(3)
.
1520
Andover
G.
Salle
4424
.
Incorporated
La Salle
6100
Dearborn
Co.
Securities
Straus &
.
552
Doyle, O'Connor & Co., Inc.
(n) 135 S. La Salle St. (3)
-
115
BOURBEAU, Edward J.
'
CG
,
Andover
I
analyses of
recent
a
The Pfaudler Co.
j>
:
Fail-man
La. Salle
CASEY, Pred
,
,
Harold
Swift, Hen-Re & Co.
in) 135 S. La Salle St. (3)
Dearborn OS 11
- CG
900
1210
.
156
•
Chicago
(3)
CG
(3)
S.
Lehman
b'red
BARCLAY, Harold
Caswell & Co.
(li)
We have
St.
■.
BLUMNTHAL,
120 S. La Salle St. (3)
Central 5600
CG 1122
Certificates
Salle
CARLTON, .Frank A^"-':;;'*V
.' F. A. Carlton & Co.--:''
<n) 135 S. La Salle St. (3)
Ccntrali-2610 : -: CG 165- •
(4) "r
1030
State
(n)
Federally Insured
P,
BOTHEN, Arthur
Salle St.
CG
8770
James
(n) .135 S. La Salle St.
405Q
'CG 573
■
; A
>
(4)
327 S. La Salle St.
Kitchen &
A.
730
St.
CG 35
BLOOM, Ralph M.
.
William A.
IMPS
Hickey & Co., Inc.
«
•
(n) 135 S. La Salle St. (3). " '
Randolph 8800
CG 1234
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St,
Tele.
(3)
CANON, Robert A.
;I M
Graham, Parsons & Co.
r.~~- (n)
135 S. La Salle St. (3)
Randolph 5700
CG 148.
Co.
Salle
0500
Andover
ANDERSON,
0400
Salle
1430
Andover
917
A. G. Becker & Co.
(3)
Glore, Forgan ^ Co.'
(n) 135 S. La Salle
Inc.
John
Noyes & Co.
208 S. La Salle St. 4 4)
Exchange
CHICAGO 4
Phone
M
BLOHM, Milton R.
-
State
Spring St.
j
-
E I P
BACHAR, Stephan A.
Hirseh & Co.
LOS ANGELES 14
135 La Salle St.
730
Stock
So. La
208
IP
W.
(n)
Blaney & Co.
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(4)
"*
ARTHUR,
DISTRIBUTION
CHICAGO 3
CG
8467
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(n)
SECONDARY
0400
P.
(n)
John A.
Anderson, Plotz <Sr Company,
(n) 39 S. La Salle St. (3)
David
La
Andover 1400
CG
S/La
Dearborn
B E I P S
Salle
York
New
and other Principal Exchanges
;»
(4)
CANN, M. J.
Salle- St.
4424
Cruttenden &
(3)
103
ANDERSON,
Wholesale Distributors
Middle West
State
St.
3730
CANN, Jllles F.
BLAKE, Fred D.
Walter C.
David A. Noyes & Co.
(n) 208 S. La Salle St.
Member, National Association
S.
Franklin
ALM,
CARTER H.CORBREY&CO.
FAROLL & COMPANY
Member
95
CG
.Randolph 4068
V.•
■
Ha mm ill & Co.
(n) 208 S. La Salle St. (4)
Randolph 7120
CG 161
u
ALLEN, Alexander
120
(4)
Busbey & Co.
10
208
•
10 So. La Salle St., Chicago 3
CG
Prank
Fred
BISSELL, John W.
First La Salle Co.
State 6706
Corp.
Stock
Common
I
La Salle
9868
E.
CAHN;
•
8770
.
ABELE, Harold W.
Blair Securities Corp.
13,1
E
Edward M.
4151
•Fred
bhearson,
Chicago
1916
Members Principal
Standard Silica
840
.
/
Stock
Co.
208 S.
(n)
BINZ, A. A.
National Bank Bldg.
Aurora
4271 >
Established
A
.
Aurora, 111.
a
(S>
135 S. La Salle St.:
CG .1210
(n)
State
WORTMAN, Glen R.
U. R. Wort man & Co.
*Prospectus Available on Request.
State
DistillingCorp.
Common
BUSBEY, PRED E.
3730
BERG, Rodney Mx.
Hirseh & Co.
Aurora
Co., Com.
&
Dearborn
Co., Com.
Mfg. Co., Com.
*Wells-Gardner &
(3)
E.
Dearborn
Z—Mining Stocks
Tube* Co., Com.
Steel
Globe
CG
Request
on
(4)
BURKE, Herbert J.
Rogers
Tracy, Inc.
(11) 120 S. La Salle St.
CG 000
Robert O.
B us bey & Co.
(11) 10 S. La Salle St.
Warrants
^Wire, Com.
*Gibson Refrigerator
(n)
State
;
flenke & Co.
135 S. La Salle St.
1399
BERG,
Fred
Scrip
X—Pinance
*Burton-Dixie
(n)
Securities
W—Rights,
8c
Merchants
Brailsford A- Co.
573
CG
9020
Analyses
I M U
(n) 141 W. Jackson Blvd.
Wabash 8686
CG 640
P
(3)
St.
Dearborn 0811
Securities
Government
Recent
'
^
Hutzler
Salle St.
La
S.
Kneeland
-
U—U.
1249-v(-v<
&
Bros.
231
BURKE,
Salle
CG
(4) .V
BENSON, George B.
Stocks
Fund
-CG
Harry-
Central
(4)
Co.
La
St.
BURCH, Prank G.
CG 1276
4050
State
Stocks
and
Bonds
S—Insurance
T—Investment
Throughout
Cities
Principal
In
S.
135
Q—Equipment Trust Certificates
Offices
Our
To
Wires
Direct
&
Kitchen
0860
(n)
I
3
1520/
Monroe St.
La Salle
Salomon
BELT, Robert K.
Securities
Public Utilities)
as
S.
BROWN,
M
Webster 4200
(classed
Central 7540
CG 530
'209
Bldg.
Salle St.
•
»
Trade
of
|
La
CHICAGO
Andover
BRADLEY, Mahlon O.
Paine, Webber, Jackson & Curtis !
Utility Securities
P—Water Company
CHICAGO 3
M
(3)
1146
South
105
>A
"
Chicago
Chicago Stock Exchange
(3)
Randolph 5422' "r CG 854
(h> 111 W.
>
Daniel F. Rice and Company
O—Oil Stocks
135 South La Salle Street,
CG
(3)
CG 1146
Harris, .Hall .& Company
-Incorporated<•
.
Ernest E.
BELL,
M—Housing Authority Bonds
(classed as Municipals)
P—Public
I
Member
Salle St.
La
BOWKER, Herbert H.
State
M—Municipal Bonds
E. H. Rollins & Sons
:
(3)
Glore, Forgan
Co.
(n) 135*8. La Salle St..(3)
Andover 3000
.CG 115
Municipals)
as
Salle. St.
La
BECKER, Wm. J.
(classed
Bonds
Revenue
S.
Centraf 8858
Secur.
Securities
Bank
Land
L—Federal
Howard Aircraft Common
135
Bank
Land
Stock
J- -Joint
Uphani Sr Co.
R
BEARDSLEY, George E.
Mason, Moran & Co.
Securities
I- -Industrial
F
Securities
Railroad
(classed as Industrials)
I- •Textiles
I
(n) 135 S. La Salle St.
Randolph 8560
* CG '621
•
S.
Central 8858
.
Harris,
"
135
(3)
of
M
Moran & Co.
Mason,
.
BARTHELL, Gary
Securities
G- -Guaranteed
Interstate Aircraft
Stocks
Company
Securities
Estate
E—Real
CG 5S7
System
Trust
&
C—Canadian
4068
Randolph
Telephone
Bell
B—Bank
ST.
4, ILLINOIS
Securities
of
classes
Stock
First Securities Co.
BOWLIN, Seaton A.
BARNHART, Williaui S.
First LaSalle Co.
r
(n) It S. La Sa-lle St.
Central 4424
CO 660
to letters at end. of name line:
A—All
208 SOUTH LA SALLE
Common
where known.
Midland Utilities 6/38
CHICAGO
Membership in Association
j
j
advised us they were; not traders.
designated by (n) before street address..
they
Market$
Firm Trading
Appliance Co.
Security Traders Association, Inc. unless
Includes all members of National
Exchange
Chicago
Parker
Illinois Traders
engineer
overseas
honorably discharged.
has been decorated four times
He
for
valor.
To Yield.
..
AGGREGATING $25,000,000j)0
Have
Trust
been
One-page Analysis of
—We Maintain Active Markets In—
purchased
thru
us
by
Companies, Trust Departments,
DEEP ROCK OIL CORP. Common
Estates, Pensions.
SELECT FROM OUR LISTS AND PLACE
TOUR FUNDS DIRECT —NO FEES
Federally Insured Savings
&
Loan
Associations about 400 Represented—
located
in
section
every
of
the
INTERSTATE
BAKERIES
CORP.
Preferred
MOUNTAIN STATES POWER CO. Common
oi.i
*
.
freedom from
FINANCIAL^
HOI INC
Coun¬
.
mar-
'
f<0/yevelopment Co.
105 SO. LA SAILS ST.. CHICAGO 3
Byllesby and Company
Incorporated
/"*
& Southern
JOHN J. O'BRIEN
& CO.
Railway
Members
Company
Now available
H. M.
losses—
lit
Dodge, Des Moines
_■
,
135 So. La Salle Street, Chicago 3
Telephone State 8711
New York
Philadelphia
•
—
•
...
...
request
New
Minneapolis
York
Stock Exchange
York
Curb (Associate)
York Coffee
& Sugar
Exch., Inc.
Chicago Stock Exchange
»■/.
comstock & co.
CHICAGO 4
Teletype CG 273
Pittsburgh
on
New
New
try, offer Liquidity, Insured safety of
Principal, complete
Fort
231 So. La Salle St.
Dearborn 1501
Teletype CG 257..
Chicago Board of Trade
231
v
S.
La
Salle
Street
CHICAGO 4
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
2615
trading markets
The More We Lend The
Quicker The End
chicago
PUBLIC UTILITY COMMON STOCKS
American
Back The
traction
Mighfy 7lh
Central Illinois Electric and Gas
Company
Empire District Electric Company
,
Ibonds
Railways Corporation
Light Company
Black Hills Power and
J
Iowa Public
DOYLE, O'CONNOR & CO.
kitchen & co.
'
1
'
INCORPORATED
135 South La Salle Street
-
Service Company
Superior District Power Company
Michigan Public Service Company
Lake
Missouri Utilities
Company
Company of Colorado
Public Service Company of Indiana
Sioux City Gas and Electric Company
1
135 SOUTH LA SALLE STREET
Chicago 3, III. k
Tel. STAte
Telephone:
Tele. CG 573
4950
Dearborn
9600
Public Service
Teletype:
CG 1200
Southwestern
new york
,
markets
Lehman
;
for the
R
Andover 1400
'■
■
straussbros.
141 W. Jackson Blvd. (4)
8686
CG
*
Central
640
8377
CG
,
231
B
S
Glen A.
DARFLER,
Kneeland &
La Salle St.
S.
! Franklin 7535
Teletype CG 129
1
N.
La
Salle
Wabash
EI K
,
COCHRAN,
W.
Jackson Blvd.
8686
CG
640
(«)
I
20S
S.
COLLINS, Tim
(4)
(11) 135 S. La
Andover 5700
company ' for
Trustees' Report
CHICAGO
Tel.
State
Street
Salle
La
S.
208
Finder's Fees Gladly Paid
blocks
and
issues
of
Nationwide wholesale distri¬
bution. C'
have a good potential
suggest you get in
touch with us promptly.
If you
State
Members
Underwriters
120
S.
—
of
Board
Chicago
(n)
State
231
B S
(3)
I P R
C. Allyn and company,
est
will
in
the
send
an
active
(11) 100 W. Monroe St.
Franklin 8400
CG 940
following
circulars
STOCKS
and
(3)
Leece
.
,
(v
4
Steel
CU1VIMXNGS,
Eng.
Tel. ANDover 5700
<
3, 111.
Patrick J.
(n) 231 S. La
Randolph 5686
Tele. CG 650-651
HICKS 6- PRICE
CHICAGO
Randolph 56fl6
I
-
CG 1070
I P
Co.
A
Adolph C.
Shearson, Hammill & Co.
(n) 208 S. La Salle St.
*
(3)
208
State
2400
.^x
* ■'.
•' ' v
•'*
Howell Elec. Motors
9161
B S
Robert K.
Blyth, k Co., Inc..
(n) 135 S. La Salle St. (3)
Randolph 7260
CG 304
Interstate Aircraft &
Engineering Corp.
M
James H.
Securities Company
La Salle St. (2)
33
N.
State
Mohawk Liqueur
■"Cireiilar
S.
M
M
Chapman
La
& Co.
CG
Andover
I P It
(3)
France Foamite
2424
B I P
Inc.,
—
(3)
/
P. O.
I P R
Halsey, Stuart & Co., Inc.
(») 123 S. La Salle St. (90)
State 3900
Street
(3)
120
CO
S.
La
-
Guenther Law
131 Cedar Street
(3)
S.
M
,
■
■
t
Y»
New York 6,
Telephone COrtlandt 7-5060j
Boston
Chicago Philadelphia San Francisco
II
(3)
405
2616)
on page
Brown Co.
r
RAILROAD EQUIPMENT
5/59
—
Pfd.
.
Com.
—
\
COMPANIES
Mini^. & Ontario Paper Col
deferred demand in this
to indicate a con¬
tinuing high level of operations,
Our
current study of this industry is avail¬
5/60 & Common
large
industry
on
i
appears
Triumph Explosives, Inc.'
request-
Bought.— Sold
—
Quoted
THOMSON & McKINNON
Members
•
New
and
Stock Exchange
Stock
Exchange
principal
exchanges
York
all
231 South LaSalle
Street * Chicago 4
Street
York
Indianapolis
ZIPPIN & COMPANY
Securities
Street
Chicago 4, Illinois
Specialists
208
in Foreign
S. La Salle
t
CHICAGO 4
New
■■
Advertising in all its branches
M
The Outlook for
t
Tele. CG 146
Albert Frank
*-
La Salle St.
Franklin 8622
CG
advertisements.
such
liicorportUat
8833
S.
\ 10
for
Consultation invited
'
Davis & Co.
H.
Paul
William A.FuIler&Co.
Dearborn
Salle St.
personnel and office location change*
care in
preparation. We wilt
glad to suggest appropriate forma
suitable
St. (90)
>
deserve
be
St. (3)
1166
GAVIN, Charles P.
W. L. Walton & Co.
—
Common
Tel.
231 S. La Salle
9000
CG 77
fn)
(Continued
^Corning Glass Works
209 S. La Salle
IP
GARVIN, Thomas J.
A
Continental Illinois National Bank,
& Trust Co. of Chicago
able
i^lchZngei99
CG
2100
Randolph
«.
Announcements'
of
Dempsey & Company
(n) 135 S. La Salle
Common
Members of Chicago
Phone State 0101
.
The
Light & Power
Salle Street
La
Teletype CG 301
La Salle St. (4)
CG 146
GERULDSEN, Nils
IT
TRADING MARKETS
South
Chicago 4, Illinois
William A.
William A. Fuller & Co.
(n) 209 S. La, Salle St. (4)
Dearborn 9200
CG 146
Dearborn
CG 965
ERZBERGER, Elmer W.
Smith, Burr is & Co.
(n) 120 S. La Salle St.
Andover 1200
CG 878
231
9200
Dearborn
State
(4)
1240
Salle St.
9600'
l>'1
request
ADAMS & CO.
Fuller & Co.
S.
on
I P R
135 S. La Salle St. (3)
State 2373
CG 468
(h)
209
Corp.
Common
0155
(n)
Common
S.
I
GALLAGHER, James P.
(4)
CG 161
ENYART, Charles E. /
Enyart, Van Camp & Co.,
i
(n) 100 W. Monroe St.
J.
CHICAGO 4
State
'
Preferred
&
Common
(3)
GALE,
(3)
EGNER,
Far we II,
Salle St. (4)
CG 972
South La Salle
YORK
A
Preferred
&
v-
Franklin County Coal Corp.
PULLER,
EMIG, Howard A.
Sincere and Company
231
Common
573
Apgar, Daniels & Co.
(11)
120 S. La. Salle St.
William A.
I P R
EGBERT, Gilbert E.
Preferreds
MeandbtTer
CG
4950,
FULLER, Joseph T.
*Prospectus available
4
BOwling Green 9-1432
M
Common
Iowa Electric
National Terminals Corp.
(3)
FRIEDMAN, Leonard
Boetteller and Company
(90)
77
'
Flour Mills America
CG 972
WALL STREET, NEW
St.
CG
Common
■
■v
231 S. La Salle St.
Salle
DUNNE, Finley P.
MIDDLE WESTERN
SECURITIES
La
9000
*Bell & Howell Co.
Members
New York Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Chicago Board of Trade
•
1234-5
York
ACTIVE TRADING MARKETS
I Are wen tha 1
Board of Trade Building (4)
Webster 4200
CG 1276
,
■
/
(3)
FREUDENTHAL,
(n)
CUNNINGHAM, James W.
Fahn.est.ock & Co.
x (n)
135 S. La Salle St.
Randolph 0722
CG 40S
American La
S.
Randolpjj 7120
(3)
327
CUNNINGHAM, Bernard
Hicks & Price
STRAUS & BLOSSER
135 South La Salle St., Chicago
IP
ELLIS, Kenneth A.
Daniel F. Rice and Company
Bear, Stearns & Co.
(ri) 135 S. La Salle-St.
State 0933
CG 1279
Corp.
Products
CG
8377.
Central
Line
Foote Bros. Gear & Machine
CG
'
'
FISCHER, Lydia
Kitchen & Co.
135 S. La Salle St.
Randolph
CG 1200
(n) 105 S. La Salle St.
! State 0/577
CG 414
M
CG 1200
Laftgill & Co.
134 S. La Salle St.
.
New
to
Rollins .& Sons Incorporated
H.
FOSTER,
*
CULLEN, Charles J.
Neville
American Barge
9600
Dearborn
Detrola
International
M U
McMaster Hutchinson &
DoYle, O'Connor & Co., Inc.
135 S. La Salle St. (3)
Marmon Ilerrington
,
wire
(4)
PITZSIMONS, George A.
77
Thomas E.
A. C. Allyn and Company, Inc.
(if) 100 VV. Monroe St. (3)
Fra 1 lk li 11.8 4 0 0
CG 9 4 0
state 5850
F 7l
CULBERTSON, John C.
request—
upon
CG
DUNK,
■
Walter W.
Cruttenden & Co.
(n) 209 S. La Salle St (4)
Dearborn 0500
CG 35
inter¬
trading
Direct
r.
Shillingiaw, Bolger & Co., Inc.
(n) 120 S. La Salle St. (3)
inc.
CRUTTENDEN,
We maintain
8800
I P R
/
(90)
Robert S.
U
Illinois Na 1 io 11 a 1 Bank
State
1194
CO
K.
State
La Salle St.
Contine 11 ta 1
(3)
Co.
135 S, La Salle St.
3100'
Field Bldg., Chicago 3
& Trust Co.
CRONIN, Dominic C.
A.
HICKEY & CO.
.
(3)
135 S. La Salle St.
Central 7540
CG 530
CG 503
Dearborn 9000
DREW,
A
Bacon, Whipple &
3, Illinois
Chicago
,
CORNELIUS, Howard W.
Trade
Street
(4)
La Salle St.
CG 99
135 S.
.
(h)
DOYLE, Leo J.
Dovle, O'Conner & Co., Inc.
(11) 135 S. La Salle St, (3)
La Salle St.
CG 1286
6502
A
FEIL, Peter V.
Langill & Co.
(n) 134 S. La Salle St.
"^Central 8377
CG 327
FENTON, Arthur
M
*
(n)
Wholesale Exclusively
LaSalle
(3)
1166
National Boulevard Bank of
Chicago
400 Michigan Blvd., N. (11)
Superior 232:1
Corbrey & Co.
H.
Carter
(3)
*
CORBREY, Carter H.
State
FLOYD D. €F.RF CO.
P
COOLEY, Wm. H.
Alfred O'Gara & Co.
134 S.
8760
CG
DONOVAN, James A.
(3)
134 S. La Salle St.
Randolph 6800
CG 214
(n)
(n)
offering
(3)
,
1
Co.
State 9000
COOK, Frederick J.
Clement, Curtis & Co.
■
S.
Co.
120 S. La Salle St.
Randolph 6240
PELLEGI, Jules
Harwell, Chapman & Co.
(n) 208 S. La Salle St.
State 9600
CG 1240
Mpseley & Co.
23!
:
counter securities wanted.
over
S.
&.
Hentz
(n)
Randolph
La Salle St.
&. Trust
7500
Stock
Common
666
DeSWARTE, Bruce H.
M
Continental Illinois National Bank
I P R
(li) 39 S; La Salle St.
Franklin
CG
-
Field Bldg. (3)
Randolph 5900
M U'
CONLAN, Peter J.
Hornblower & Weeks
New
F.
Ingen & Co. Inc.
(n) 135 S. La Salle St. (3)
Randolph 2737
CG 1030
;
6640
Randolph 2100 '
CG 95
B. J. Van
CG 95
9868,
M
DeSTAEBLER, Eugene L.
208 S. La Salle St. (4)
GARVIN MFG. CORP.
.
Boston
1.35 S.
(n)
CONDON, Raymond V.
4
(3)
Dempsey, & Company
P
Brailsford & Co.
■
,
DEMPSEY, Jack R.
209 S. La Salle St. (4)
9200
CG 146
(n)
Co.
Corp.
Si La Salle St. (4)
Franklin
H.
U
&
Devine
231
Dearborn
State 986S
J.
The First
CONDIT, Cecil O.
Brailsford & Co.
(3)
DELAPIELD, Richard M.
COMBITHS, Wallace T.
i William
A. Fuller & Co.
,(n)
R
IP
Central 9744
the
M U
Chicago (
.
.
Dearborn, .Monroe & Clark
StS. (90)'
Franklin 6800
CG 987
1
(4)
208 S. La Salle St.
(3)
,
650
(n) 135 S. 1m Salle St.
i Centra 17300,
CG 255
1276
CG
INVITED
FEIL, Charles J.
C.
Ha f met & Co.
,(n)
P
DAY, James W.
COLNITIS, John J.
j A. A.
I
I P R
Webster 4200
Milwaukee Railroad
Salle St.
CG
CG 273
PEELEY, James P.
'
The First National Bank of
CG 451
E
AND
INQUIRIES
I P
■»
Incorporated
(n) 135 S. La Salle St.
1
Straus & Blosser
Daniel F. Rice and Company
Board of Trade Bldg. (4)
(4)
35
CG
Arthur E.
State 8711
La Sall« St.
Randolph 4696
Blair ,& Company
(n) 135 S. La Salle St. (3)
Franklin 4151
CG 546
1
Z
R
P
DAWSON-SMITH, S. Edward
Loren A.
•
Chicago North Shore
Minneapolis
H. M. Byllesby and Company,
.
(2)
La Salle St.
0500
FARRELL,
(4)
y
William
write
comprehensive
209 S.
Dearborn
IP
'Zippin & Company, Inc.
State 7323
Wire to New York Office
Milwaukee
Co.
DAVIDSON, Howard L.
'
St.
141
:(n)
(4)
105
CG
Dawson
John A.
*
EUSTICE, John W.
Cruttenden & Co.
(3)
327
'
(n)
Boston
New York
Chicago
Randolph 2331
CLUTTON, Wade W.
Owners of securities invited to
Incorporated
(11)
Board of Trade Bldg., Chicago 4
Specialists in
M
(3)
■
j Huff, Geyer & Heeht
<
,
'
OLOYES, Fred O.
Security Dealers Ass'n
Telephone:. Harrison 2075
E
DAHLIN, George E.
Laligill & Co.
(n) 134 S. La Salle.St.
Kneeland & Co.
(n)
CUSTIN, Earl I.
Karl 1. Cyst in
Co.
i
(n) 30 S. La Salle St.
CG 552
CLINE, Tlioinas J.
Wabash
Direct
IP
(n) 231 S. La Salle St. (4)
I,
New York
E.
Brothers
Company
A.CAIXYN«®COMEANY
(Continued from page 2614)
■
.
CLEAVER, George
midwest
Members
Public Service
Illinois Traders
Toronto
Randolph 4696
CG 451
:
Martin^ L.
,
J
Byllesby and Company,. ...
Incorporated
(n) 135 S. La Salle St. (3)
State 8711
CG 273
H.
Wayne Hummer & Co.
i 105 W. Adams St. (90)
.
Ac
Weinress
231
AMERICAN
GLOBE
CORPORATION....
C.
L.
Vincent T.
Schmidt Ac Co., Inc.
KANT,
Oven
Ranges
Common Stock: 100,000 Shares
This is
a
believe
to
...
B
I
Inc.
(n) 120 S. La Salle St. (3)
State 4151
CG 917
products ...
It is paying a Dividend
120 S. La Salle St.
5970
(n)
4
Chicago
Telephone
Wabash
640-41
A
Jackson Blvd. (4)
141 W.
8686
(n)
(n)
A
State
Whipple Ac Co.
135 S. La Salle St.
3100
CG 1194
Illinois Traders
David A. Noyes At Co.
(n) 208 S. La Salle St.
v
'<•
0400
State
V.
(4)
Continental Illinois National Bank
231
'
135
Trust Co.
&
,r
CG 77
State 9000
B.
'
;
J.
Van
Ingen At Co. Inc.
231
(n)
(4)
William D.
Freehling At Co.
120
(n)
La Salle
S.
(3)
GOODWIN, James E.
208
(n)
"'Randolph 4008
GbTT,
(4)
St.
La Salle
S.
'
Earle C.
209
La
S.
Dearborn
B S
Co.
At
'Crutteiuien
St.
Salle
0500
(4)
CG 709
S.
St.
Salle
La
.Union
,(n)
Security Co.
P
Dearborn
Randolph 2977
.
Randolph
,
i'
Swift, Henke At Co.
(n)
135
■
Bank
6800
CG
'
Central
3484
S.
La
Salle St.
Central 3484
M
M
•
CG
First
'
/
E.
A
CG 302
*
(ni
120
Central
S.
E
La Salle
5090
CG
"
"
'
St.
v "
135 S.
Central
La Salle St.
9300
CG
M
1
&
917
EI
..
(3)
1399
L,a Salle St.
7540
CG
530
(3)
f.
•
*-\
CG
(3)
Straus &
Andover
vj
945
*
* *
414
a
5700
Co.
(n) 231 S. La Salle Sts (4)
Dearborn 1501.
CG 257'
CG
(3)
650
,
"
HARMET, Alfred A.
M
Dempsey & Company
135 S. La Salle St.
Otis
Al- Co.
(n) 208 S. La Salle St. X4)
(n). Field Bldg. (3)
Centhal 7400
CG 417
Central 9744
HARTWIG, Carl A.
.
X^irik Gorman Ac Co., incorporated
(n) 208 S. La Salle St. (4)
,
State 7844
CG
U
Anderson, Plotz & Company, Inc.
39 o. La Salle St. (3)
Franklin
1213
M
C.
100
John J.
HAYS, Edde
K.
134
State
I P R
Central
(n)
Alfred
Republic Company
209 S. La Salle St. (90)
Franklin
5010
CG
43
O'Gara
S.
M
At
Co.
La Salle St.
8760
CG
(4)
CG 940
141
JOHNSON, Toge V.
The First
I P R
Boston Corp.
S. La Salle St.
(n) 231
Franklin GG40
CG
LYNCH, Philip A.
A
606
W. -Jackson Blvd.
Wabash
•
LYONS,
(4)
141
(4)
W.
A?'-
86S6
Blvd.
CG
IP
A
1501
CG 257
At
Co.
1421
135
S.
S.
840
CG
La
A
Salle St.
(3)
CG 1234
Q R
Hutchinson
La
Salle
0577
CG
St.
&
Co.
(3)
414
U
S.
La Salle St.
T
T
CG
(90)
77
Bros.
231
Hutzler
At
(4)
La Salle St.
S.
9020
CG
840
M
ROWLES, Duncan M. i
Harris, Hall & Company,
III W. Monroe St. (3)
Randolph 5422
' CG 854
X
(3)
982
Inc.
I P R
RUGGLES, M. C.
The Northern
H.
I
F
R
S
Bank
Co.
9000
Salomon
E
Illinois National
Trust
Central
(4)
Franklin
7070
CG
(90) S
368
I P B
SACCO, Arthur C.
CG 989
First Securities
Company of
Chic^^o
(n) 105 S. La Salle St. (3)
C
Andover
CG 883
Kenneth
640
(4)
M
1520
CG
1399
I p
SACHNOPP, Morey D.
-
Straus &
♦
(n)
Blosser
135
Andover
(4)
252
(3)
La Salle St.
5700
CG 650
S.
M V
SACHNOPP, Samuel
The First National Bank of
a
(n) Dearborn, Monroe &
Sts. (90)
Franklin 6800
(4)
Chicago
Clark
CG 987
John
5610
CG
Nuveen & Co.
(3)
135 S. La Salle St.
Central 9300
CG 945
(n)
M
•
135 S. La Salle St.
Central
'
A
B
SCHEUER, Charles G.
Valiquet At Co.
(n)
43
'
Blyth Ac Co., Inc.
(n) 135 S. La Salle St. (3)
Randolph 7260
CG 304
"
SAYRE, Byron J.
S.
OLDERSHAW, Hal B.
^
Trust Co.
(n) 50 S. La Salle St.
Inc.
(n) 135 S. La Salle St. (3)
Dearborn 9600
CG 1200
OGDEN,
E
ROOB, Edward A.
O'Brien Ac Co.
Franklin
Co.
Jackson
State
Central Republic Company
209 S. La Salle St.
(90)
-
*
George L.,
Wabash
,
2740
Kneeland
231
(4)
O'CONNOR, James J.
Doyle, O'Connor Ac Co.,
James E. Bennett Ac Co.
1286
1146
M
Allyn and Company, Inc.
W. Monroe St. (3)
Franklin 8400
JOHNSON, S. N.
A
(3)
Co.
Davis
McMaster
&
CG 92
CG
&.
Continental
IP
327
<n) 231 S. La Salle St.
Central 5775
CG 1660
917
■
HAWLEY, P. P.
'Troy, Graham & Co., Inc.
rr-Harris Trust Bidg. (3)
Randolph 4430
2400
(4)
252
CG
Randolph 8800
State
O'BRIEN, John J., 3rd
LYKLEMA, Walter C.
A.
8467
State
CG
RONNING, Magnus I.
Sincere and Company
(n) 231 S. La Salle St.
(3)
CG 414
CG
.'
(3)
NOU'RSE, Clifton L.
Illinois
(The) Company
231 S. La Salle St. (4)
State 2630
La Salle St.
ROGERS, Sampson, Jr.
-
(n)
Randolph 3736
Company ;•
S.
8858
Ii.
105
O'BRIEN, Edwin P.
Ac Co.
Ralph S.
Rogers Ac Tracy, Inc.
(n) 120 S. La Salle St. (3)
4151
;
(3)
1279
CG
321
1
Remer, Mitchell Ac lteitzel, inc.
(n) 208 S. La Salle St. (4)
(4-)
LONGSTAFF,
State
JAREMA, Alexander L.
St.
39
CG
ROGERS, John C.
Hickey At Co., Inc.
P R
B
C
Salle
La
State 0577
BIMPRS
_
S.
St.
Co., Inc.
S. La Salle St.
State 6001
ipB
(3)
231 S. La Salle-St. (4)
(n)
NORTON, Lawrence
IP
Paine, Webber, Jackson Ac Curtis
(n) 209.S. La Salle St. (4)
State 0860
CG 1247
105
'
4
CG
4
McMaster Hutchinson
JANSHOFF, Robert W.
E
tA.'Al Harmet & Co.
(n)
(4) r /
161 r'
«
208 S. La Salle St.
LERITZ, Albert
"
Sincere and Company
(n) 231 S. La Salle St.
State 2400
CG 252
231
Dearborn
(3)
NIEBUHR, Lowell
&
:
:
ROBERTSON, Clarke J.
I M P R
Sills, Minton At Company, Inc.
(n) 209 S. La Salle St. (4)
115
(n) Board of Trade Bldg.
Leason
;
v
A
(4)
CG 304
8950
~
(4)
RICHARDS, Charles A.
For man Securities Corp,>. '
39 S. La Salle St. (3) 4'
Randolph 4728
Beane
Wabash
A
Co.
M
I P R
CG
(3)
378
(n) 10 S. La Salle St. (3)
Franklin 8622
CG 405
1
640
La Salle
8377
At
8900
2400
(n)
Paul
Inc.
CG
St.
CG
4245
Dearborn
NEWPART, Chris J..
Merrill Lynch, Pierce, Fenner
Ac
LONG, Harold A.
;
(3)
CG 1166
Randolph 2100
I P R
A
7120
.....
(4)
135 S. La Salle St.
Central
(3)
LEE, Joseph M.
Randolph
Co.
35
CG
0933
Company
Salle
105 W. Adams St.
Central
(3)
NEWELL, Edward P.
Langill & Co.
(n) 134 S. La Salle St.
LINDER, Evar L.
La Salle St.
JACKLEY, Winfield C.
I
State
:
(4)
(n) 208 S. La Salle St. (4)
Randolph 9200
CG 1185
(n)
Blosser
135 S.
(n)
39 S. La Salle St.
State 6001
CG 993
V.
C
^McMastpr Hutchinson &Oo.
(n) 105 S. La Salle St. (3)
0577
P
Martin
Shearson, Hammill & Co.
Herbert A.
S.
At
La
RENIER, Edward P.
NELSON, Will.
Bear, Stearns Ac Co.
Brails ford Ac Co.
St.
135
A
(3)
RANDALL, Ralph G.
Mason, Moran & Co.
(n) 135 S. La Salle St.
,
Randolph 7260
(4)
S.
1733
O'Rourke
P.
(n)
State
IP
CG
(4)
i7
CG
REYNOLDS, T. Leo
CG
3000
105
Sincere and
A
Co.
Blyth & Co.,
(n)
W. Jackson Blvd.
2400
(n)
X
NELSON, Harry L.
A
208 S. La Salle
State 9868
CG 95
Ac
La Salle St.
8686
Company
3319
Comstock
Jackson Blvd.
W.
Andover
(4)
LEE, Arthur D.
:1 X
Goldman, Sachs & Co.
'
.
CG
W. Jackson Blvd.
8686
CG 640
(n)
&
and
Jackson Blvd.
La Salle St.
Central
(3)
NELSON, Harold C.
Glore, Forgan Ac Co.
(n) 135 S. La Salle St.
LEASON, Harvey G.
Leason Ac Co., Inc.
La Salle St.
1520
Cn>< 135 S.
(n)
HANSEN, Erling J.
Comstock
M
(3)
ISAACS, Milton J.
HAMMOND, William H.
>
;
C
S.
IP
Rollins Ac Sons Incorporated
H.
State
(3)
1122
John Nuveen & Co.
St.
CG
HUTCHINSON,
HAMMELL, Elmer W.
■
Salle
105 S.
Ceiitrtil
(n) 231 S. La Salle St. (4)
'
LAZAR,
(4)
^
141
Wabash
HUNTER, W.
'HAAS, Ray T.
Caswell & Co.
(n)
A
141
Wabash
LaROCCO, Lawrence C.
Lam son Bros. Ac Co.
;-.V
361
141
Wabash
Securities Company of 14
Andover
and Company, Inc.
State 0101
La
Chicago
(n)
E
(n) 100 W. Monroe St. (3)
Franklin 8400
CG 940
!
CG
4151
Slate
.
A. C, Allyn
A
HUMMEL, George P.
175
v
*
S.
120
Higginson Corporation
231 S. La Salle St. (4)
4500
0101
State
P
(3)
Kneeland Ac Co.
(n)
Kneeland
(4)
PURCELL, Thomas J.
MURPHY, Richard
LANNAN, J. Patrick
(3)
HOYNE, Thomas Maclay
Rogers & Tracy, Inc.
Lee
Franklin
::Xv--v>;
:■
S. La Salle St.
231
(n)
>dV;
(3)
430
S.
(n)
414
0500'
*
PULVER, Henri P.
Goodbody At Co.
Ac Co.
209 S.
Dearborn
Langill Ac Co.
(n) 134 S. La Salle St.
Central 8377
CG 327
J;,
Ac Co.
Adams
CG 1358
GUILD, Donald J.
Co.
HOSHOR, Jefferson K.
(3)
GRUNER, George J.
-
•;
Camp Ac Co., Inc.
(n) 100 W. Monore St. (3)
Andover 2424
CG 965
CG 1358
GRIMM, W. T.
Kidder, Peabody At Co.
135
M
!m
'
"'v:'
I L P R
Enyart, Van
i
Kidder, Peabody & Co.
135 S. La Salle St. (3)
&
CG
8400
Central
Cruttenden
Inr
V"
5410
Harrison
MURPHY, James H.
(n)
LANGILL, Banford B.
(4)
HORACEK, Jean A.
987
GRIMM, E. P.
La Salle St.
(n) 134 S. La Salle St.
Franklin 0600
CG 426
of
Chicago
a
(n) Dearborn, Monroe & Clark
Sts. (90)
Franklin
S.
Incorporated
135 S. La Salle St.
CG
J
(n) Board of Trade Bldg.
.
-
Lester H.
HOLT,
Riter
National
First
;
7667
Franklin
i
GRIER, John H.
The
231
(n)
n
La Salle St.
CG 900
S.
0811
V'. '
'
& Co.
Ernst
M
W.
(n)
J.
(3)
115
Hutchinson
(4)
B.
PROSSER, Walter W.
Clark
S. La Salle St.
(n)105
State 0577
LANG, Walter E.
Harriman Ripley & Co.,
(4)
CG'240
1400
HOPER, Raymond
GREGORY, Gordon D.
Dearborn
M
Barcus, Kindred Ac Co.
(n) 231 S. La Salle St.
,
M
Russell P.
McMaster
Ac Co.
208 S. La Salle St. (4)
Andover 1811
CG 1268
St.
,
La Salle St.
Franklin
•
CG 9S7
CG
Co.
FODESTA, Robert A.
MORTON, Howard C.
(n)
HOBBS, William G., Jr.
GREENBERG, Morris H.
I P R
Hallgarten & Co.
•
•
-i, , i('n) 231 S. La Salle St, (4)
State 8033
V CG 523
\V .\ 0 :.r;;
'
(4)
CG 35
0500
A
LANDIS, O. D.
Webber-Simpson
Co.
209 S. La Salle St.
(n)
(3)
29 S. La Salle St.
Ac
Cruttenden
&
La Salle
9190"
Franklin
Shearson, Ham mill & Co.
(n) 208 S. La Salle St. (4)
Randolph 7120
CG 161
(n) 231 S. La Salle St. (4)
Randolph 5686
CG 972
1368
HITCHCOCK, James E.
A
GREEN, Arthur A.
MOON,
S.
Childs
II
M
3000
225
PLOTZ, Paul
poven, Eddins & Co.
(90)
Glore, Forgan Ac Co.
(n) 135 S. La Salle St.
Andover
F.
141
MONTGOMERY, Thomas R.
Whipple & Co.
135 S. La Salle St. (3)
3100
CG 1194 >
LAIDLEY, Forrest
Hicks Ac Price
Co.
(3)
CG
5360
(n)
State
E
Investment
Randolph
35
r
Greenebaum
A
KRELL, Robert B.
Bacon,
C.
77
(90>
6800
Franklin
S.
Wabash
.
Sts.
St. (3)
(n) 135 S. La Salle
Dearborn 0^04
(3)
National Bank of
First
Gibson
Julien Collins
Chicago
Dearborn, Monroe &
A
KOONTZ, Harvey R.
Brown Brothers Harriman Ac Co.
HIRSCHBERG, E. A.
39
(4)
CG
9760
State
CG 537
The
CG
(3)
PICKARD, A. G.
Lewis
MILLER,
(4)
St.
3161
231
-Central
I
CG
"
'
Salle
1790
208
Co.
9000
C.
State
A
(n) 135 S. La Salle St.
Franklin 4151
CG 546
B I
Mitchell, Hutchins & Co.
(n) 231 S. La Salle St.
State 1700
CG 1094
640
(3)
A.
La Salle St.
S.
La
PETERSON, Alfred G.
Baker, Fentress At-Co.
MIEHLS, Don G.
William Blair Ac Company
208 S. La Sallv St. (4)
Randolph 4068
CG 537
(n)
HIGGINS, Larry A.
Hulburd, Warren Ac Chandler
(n) 20S S. La Salle St. (4)
A
,
W. Fairman At Co.
Fred
CG
231
State
S.
(4)
92
Behel, Johnsen & Company
29 S. La Salle St.
(3)
Randolph 5921
MEYER, Herbert O.
U
Continental Illinois National Bank
I
KOEHLER, Thomas S.
Fred W. Fairman Ac Co.
I
(3)
McHUGH, John D.
Trust
CG
PENNINGTON, Robert
McFARLANE, Lawrence B.
McMaster Hutchinson Ac Co.,
Ac
135
(n)
Emerich Ac Co., Inc.
(n) 105 S. La Salle St. (3)
State 5300
CG 1183
M
8950
Franklin
W.
Ames,
KOERNER, Star C.
Jackson Blvd.
141 W.
(n)
Wabash 8686
4950
Iff
864
PECK, Edgar A.
(3)
(n) 135 S. La Salle St.
Randolph 7200
CG 458
u
F
CG
"p
'
Beane
(n)
A
McGREEVEY, John
Bache & Co.
1421
•
MAYER, Ernest A.
(3)
La Salle.St.
CG 573
Blyth At Co., Inc.
(n) 135 S. La Salle St. (3)
Randolph 7260
CG 304
Bank of
Kneeland & Co.
St.
A
KNIGHT, Edward J.
HICKEY, Richard J.
8520
Franklin
900
Hickey Ac Co., inc.
(n) 135 S. La Salle St. (3)
Randolph 8800
CG 1234
GOODMAN,
Norman
State
(3)
CG
-
HICKEY, Matthew J., Jr.
La Salle St.
CG 1660
S.
5775
Central
0811
Chicago
(n) .Dearborn, Monroe Ac Clark
Sts.
(90)
Franklin 6800
' CG 987
GLOSSER, Earl
Thomson At McKinnon
'
St.
Salle
La
S.
135
(n)
'•
v
T 135 S. La Salle St. (3)
'.Randolph 2737
CG 1030
•
S.
(4).
KITCHEN, W. T.
Kitchen At Co.
I
HERMAN, Prank
The First National
M V
GLEASON, Thomas P.
(3)
7500
Dearborn
(90)
La Salle St.
S.
La Salle St.
S.
I
Inc
(4
(n) Board of Trade Bldg.
M U
105 S. La Salle St.
CG 414
A
1
Company,
PARTRIDGE, John P.
Welsh, Davis At Co.
MAYER, Chester J.
C. J. Devi lie Ac Co.
(n)
,
Lynch, Pierce, Fenner '
Wabash
State 0577
I P
(it) 231 S. La Salle St.
Randolph 5686
CG 972
HENKE, Louis C. •
Swift, Henke Ac Co.
U
GLANVILLE, Merle iG.
!>•
39
Franklin
730
CG
Dearborn
& Co.,
135 S. La Salle St.
7300
CG 255
(3)
917
(n) 209 S. La Salle St
Merrill
(n) 105 S. La Salle St.
Central 0780
CG 262
KING, Thomas E.
Hicks Ac Price
M
HEIGHWAY, O. H.
Hornblower & Weeks
GJESEN, Elmer J.
CG
PARKER, Lester J.
(4)
Holley, Dayton Ac Gernon
(3)
484
CG
3123
Franklin
(Continued from page 2615)
.
^
I P R
MATZ, Charles T.
Harriman Ripley
(3)
M
KIMBALL, J. Austin
Weeden & Co.
135 S. La Salle St.
La Salle St.
4151
PARISE, George D.
Fred W. Fairman Ac Co.
208 S. La Salle St. (4)
Randolph 4068
CG 537
•Central
KERR, William D.
Bacon,
120 S.
E
C.
Cruttenden Ac Co.
(n) 209 S. La Salle St.
Dearborn 0500
CG 35
(n)
CG 640
Wabash
8686
'
PARKER, Arthur
Sills, Minton Ac
Incorporated
(n) 135 S. La Salle St. (3)
Central 8400
CG 430
KENT, Edward L.
Kneeland Ac Co.
Teletype
CG
\
...
(4)
(4\
PADDOCK, George A.
Rogers & Tracy, Inc.
At
I P R
Smith, Barney & Co.
(n) 105 W. Adams St. (3)
Randolph 6400
CG 315
of Trade Bldg.
Board
(3)
KELLY, John A.
•
Co.
4245
'
Andover
Kneelandi& Co.
P
141 W. Jackson Blvd.
8686
CG 640
(n)
O'Rourke At
P.
(n) Board of Trade Bldg
State
Wabash
MATHEWS, Murray
I M P R
KELLY, Prank S.
Incorporated
(3)
v
MATHEWS, Henry T.
Kneeland & Co.
Rogers Ac Tracy,
Co.
Jackson Blvd. (41
8686
: CG 640
Harrison
135 S. La Salle St.
Central 7540
CG 530
(n)
KE6LEY, William C.
outstanding postwar prospects and
J.
r
1 ,P
MARR, Lawrence N.
E. H. Rollins Ac Sons
Hickey Ac Co., Inc.
.»
(n) 135 S. La Salle St. (3)
Randolph 8800.
CG 1234
Report on a Seasoned Company that we
have Outstanding Management . .
.
It is Over-the-Counter
Investment Co.
W.
141
O'ROURKE, John P.
Salle St. (4)
CG 146
(n) 209 S. La
Dearborn 9200
KEEGAN, Bernard R.
Seldom Trades
1944 Dividend—$0.50
(3)
(n) 39 S. La Salle St. (3)
Randolph 5360
CG 1368
Pfd. Stock: 2,523 Shares
O.
Ac
Kneeland
Wabash
MARQUARDT, Jerome P.
William A. Fuller & Co.
Herbert H.
Greenebaum
Dutch
W.
OLSEN,
Ac Co.
208 S. La Salle St. (4)
Andover 1811
CG 1268
120 S. La Salle St.
Randolph 6960
CG 271
Manufacturers of
"■
Webber-Simpson
(4)
CG 706
(n)
H.
"
Salle St.
8321
Carl
Kebbon, McCormick At Co
231 S.. La Salle St. (4V '
Franklin 8844
CG 1
v
MP
MANGAN, Maurice D.
Co.
La
S.
Central
KANE,
A
George R.
JOSLYN,
OILMAN,
M.
_
1252
CG
1700
Andover
p
MAGEE,
S
JORDAN, Thomas R.
Report Available—
Thursday, June 14, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
2616
4402
(3)
CG 81
SCHOENEBSRGER, Charles A.
Shields
135
At
S.
Dearborn
Company
La
Salle
0560
(3)
CG 9
St.
,
/
14
Volume
Number 4394
161
THE COMMERCIAL & FINANCIAL CHRONICLE
SCHOETTLER, P. Girard
r Wayne Hummer & Co. ,
(n) 105 W. Adams St. (90)...
Andover 1700
CG 1251
A
SCHROEDER, Paul A.
.
Cornell-Schroeder & Co.
120 S. La Salle St. (3)
Franklin 14 00
R
Frank S.
Gorman & Co.,
208
B I P S
(4)
S. Clark St.
TUERK, Pred
M.
SEMBACH, Harold J.
IP
Remer, Mitchell & Reitzel, Inc.
'
(n) 208 S. La Salle St. (4) C .
Randolph 3736
CG 989
i
SENNOTT, William J., Jr.
Clement, Curtis & Co.
(n) 134 S. La Salle St. (3)
Randolph 6800
CG 214
p
5^4% Notes
(4)
GIVAN COMPANY
St. (3)
(3)
Tel.: Daly 3237
UNGEHER, Fred E.
E
Milwaukee Bond Club
VACHA, James C.
MILWAUKEE, WISC.
J.
VALLELY, Edward
been completed for the an¬
June meeting and outing of
Milwaukee Bond Club, to be held
at Ozaukee Country Club on Fri¬
Co.
(3)
VAN
,
Andover
I R
SIMMONS, Richard W.
(n) 231 S. La
Franklin 4500
CG
209
175
State
P
M
105 S. La Salle St. (3)
Andover 1520
CG 1399
M
Hobart E.
Stifel, Nicolaus & Co., Inc.
105 W. Adams St. (3)
697
Salle
La
S.
M
I P
SPANIER, Joseph J.
CG
4274
St.
(3)
*
U
8400
' CG
R
E
1040
SPANIER, William A.
.
Bennett, Spanier & Co., Inc.
105 S. La Salle St. (3)
Central 427-4
CG 1040
F.
A.
Carlton
(n)
135
Central
K.
,
H;
S.
165
CG
Central
Incorporated
(3)
St.
Salle
7540
M
>
CG
530
A
SPINK, Paul W.
Faroll & Company
(n) 208 S. La SaUe St. (4)
Andover 1430
"CG 156
w:
s
Central
,
A.
(n)
State
6693
•;
(4)
(n) 231 S. La Salle St.
Franklin 8844
CG 1
I P R
(n) 105 S. La Salle St. (3)
Andover 1520
CG 1399
S.
La
Salle
STIRLING, Louis J.
Hirsch, & Co.
St,
...
(3)
A
'Special
Central
SUNDELL, Roy B.
Rollins
.
~
S- La Salle St.
CG
A : I P R
:
-
E
.
t
*
;
Inc.
La
850
classes
Bank
Company, 209
member of
Exchange. /Mr.
formerly with E. H.
Sons, Inc., for many
was
&
I
,
& Co.,* Inc.
St. (3)
j
R
joint
V
:
M
565
1st Nat'I Bank Bldg. (3)
Randolph 6317
CG'163
„
Stocks
o
Securities
Railroad Securities
Securities
Securities
Bonds (classed
"
.
M
Municipals)
M—Municipal Bonds
M
Housing
Authority Bonds
(classed as
have
—
been
Exchange.
Municipals)
Room
in
at 3:45
902
p.
20
of
Broad
Street,
m.
.
com¬
are
follows:
as
Chairman,
Lester
Francis
I.
Robbins,
duPont
.
admitted
to
•
P—Public Utility
Securities
Securities
Public Utilities)
P—Water Company
as
John W. Gordohn, Steiner, Rouse
& Co.; Alexander T. Hayes, Smith,
&
Barney
Co.;
Fahnestock
&
John
Tucker,
Co., and Oliver D.
Wells, Goodbody & Co.
The
selections
that
they are
submitting to the meeting are Jas
follows: Paul Anderson, Cyrus J.
Lawrence & Co.; Kenneth Ward,
Delafield
&
Delafield;
William
Smith, 2nd, Laidlaw & Co.; Fred
Sanford, Bendix, Lutweiler & Co.;
Mallory Adee &
Joseph
Cp.;
Dubreuil,
^
•>
&
Webber
Gray/E^F.
Harold,' Shea,
Co.; Fred
totaled 11,compared with
9,956,000 kwh. for the correspond¬
ing week last year, an increase of
Francis I. duPont & Co.;
Roggenburg, Newburger,
Loeb & Co.; Ellwood Ellis, Kidder
J. S. Bache & Co.; Thomas Dow-
ended
June
1945,
2,
kwh.,
129,000
as
Wisconsin
Public
Service
Corp. has called for redemption
on July 1, 1945, for account of the
sinking
fund,
$250,000 of first
mortgage 3 Vi% bonds due 1971,
at 105 V2 and interest.
Payments
will be made at the First Wiscon¬
trustee, Milwaukee,
National Bank, New
sin Trust Co.,
at Chase
York,
at Harris Trust & Sav¬
or
&
Co.;
Fahnestock
&
Co.; Charles Hem¬
ming,
Milton
Peabody & Co.; Howard De Van,
Stillman Maynard & Coi;
Finkelstein, Steiner, Rouse
&
Co.; Frank
Walker, Merrill,
Lynch & Co.; Jack Lowther, East¬
man, Dillon & Co.ling,
Louis
According
additional
by
constitution,
the
to
names
to be voted upon
be placed before the meeting
may
a
petition signed by 20 mem¬
bers, which must be in the hands
of
ings Bank, Chicago.
the
five
Adler, Coleman & Co.,
15 Broad
Street, New York City, members
of the New York Stock Exchange,
will admit Walter
J. Mahoney,
member, and Murray
partnership in the firm
Mr. Mahoney.has been
in business as an individual floor
broker.
Mr. Lerner has been with
the firm for some time as man¬
Exchange
July 1.
ager
of the trading department.
Stocks
Government Securities
Warrants
W—Rights,
Scrip
X—Finance
Company Securities
Z—Mining Stocks
&
;
ttztt
Secretary,
Archie
(Special
to Thk
Financial Chronicle)*
CHICAGO, ILL. —Manford M.
Haskell
has
become
affiliated
►
with
La
Hallgarten
Salle Street.
&
Co.,
231
ing
ent
So.
Mr. Haskell was
previously with M. B. Vick & Co.
a
a
In
nom¬
discussion of effects of pres¬
and
tions
proposed margin regula¬
capital gains taxes ,on
and
capital.
the flow of investment
Joseph Harris With
i
Schroder Rockefeller ;i
Joseph C. Harris has joined the
bond department of
Government
Cd.^Jpc.,
York, City,
Assistant Vice-President.
Mr.
Rockefeller &
Schroder
as
,
Harris,,
days before the meeting.
inating committee a number of
other
important
matters , will
come before the meeting, Includ¬
48
Haskell Joins Hallgarten
.
Securities
T—Mutual Pund Securities
■
.
Bonds and Stocks
T—Investment Trust
S.
Baker,
Button
Q—Equipment Trust Certificates
jt—Railroad
&
O'Brien, Pyne, Kendall & Hpjlister; James McCabe, E. W. Clucas
& Co.; Walter Matthews, Paine,
Lerner to
O—oil Stocks
.
Members of the 1944 committee
output of Wisconsin
Public Service Corp. for the week
on
U—U.
quarterly business meeting of
the Association to be held June 20
Weeks & Harden; J. R. O'Rourke,
Ira
Haupt
&
Co.;
Charles J.
Electric
Shillinglaw,
;
S—Insurance
Land Bank Secur.
Land Bank
ILL.
(classed
(classed as Industrials)
public Revenue
as
w
The Crummer Company, Inc.
;
the
&
share, on
Adler, Coleman & Co.
To Admit Two Partners
membership in the Chicago Stock
Securities
Stock
L—Federal
'•
Securities •;
Securities
I—Industrial
I M P
Salle
CG
Textiles
of
line:
chosen,
addition to the election of
Bolger & Co., 120 South La Salle
Street,
Trust Company
c—Canadian
p—Foreign
CG 503
Harry A.
&
•
at end of name
G—Guaranteed
W.r
Franklin 3794
TAYLOR,
G.
Street,
CHICAGO,
y
E—Real Estate
(4) 1
I. J.
Moselev & Co.
S.
295
to letters
a—All
'
(n) Field Bldg. (3)
Randolph 5900
SI
KEY
-
•
Bank
Nat'I
4613
SWEENEY,
Dickson
Harry
Chicago Exch. Member '
Bldg.,
Springfield, 111.
1st
(3)
Knute G.
Carter H. Harrison & Co.
S.
Chronicli)
Shillinglaw, Bolger Co.
Bretscher Noonan,
Dixon
SWANSON,
135
Republic
Salle
been
Ralph Runyon,
years.
Springfield
B
11.
La
M
NEGLEY, Don L. 1
Negley, Jens & Rowe
Jefferson Bldg.
Peoria (2), III.
DIKON, Noah M.
Co.
(n) 105 W.'Adams St.
Central 8900
CG 321
Carl
—
the Chicago Stock
White
Chicago
(n) Dearborn, Monroe & Clark
Sts. (90)
Franklin 6800
CG 987
TABKE,
ILL.
White has become associated with
•
F, S.
Financial
The
has
Co.; Paul Gehring, Gude, Winmill
»!<
*
Brokers
Co.
,
*
tomers
has been picked by the 1944 com¬
mittee. Voting will take place at
re¬
pared with $552,192 or $8.76 a
on net sales of $10,037,-
589 for 1943.
mittee of the Association of Cus¬
1944
$11,266,572,
of
com¬
Paper
year
common
from
nominating
1945
the
11.8%.
arrangements can
4-7126
O. H.
The First National Bank of
State 0311
to
CHICAGO,
Edwards
per
sales
net
*
share
meals.
White With E. H. Rollins
F
*
net profit of $494,371
a
$7,85
The
(4)
STRONG,
209
proper
E
Peoria
A
(n) Board of Trade Bldg.
Harrison 2075
CG 129
(n)
made for
charges, including
calendar
the
ported
or
Strauss -Bros.
<fe
that
5-.'"vs'•
equal to $3,58 per
outstanding
common
Nekoosa
for
are:
is expected many will at¬
However, it is hoped guests
so
So.
STRAUSS, Robert
Good bod v
it
and
*
provision for income taxes for the
32 week period ending May 12.
Net profit for the same period in
1944 was $636,237 or $5,30 a share.
Toen-
Club
the
■"
*
reports a net profit
*
of
be
(3)
v
(n) 135 S. La Salle St.
State 8770
CG 1219
A.
on
Co.
will send reservations in advance
A
Zippin & Company, Inc.
(n) 208 S. La Salle St. (4)
Randolph 4696
CG 451
1358
CG
3484
John
*
after all
stock
F. Pa-
William A. John¬
of Mason, Moran & Co.
tend.
ZIFPIN, Israel
STILEWELL, John D.
Kidder, Peabody & Co.
135
E P
"Remer, Mitchell & Reitzel, Inc.
(n) 203 S. La Salle St. (4)
Randolph 3736
CG 989
of
Arthur
$429,636,
share
of
tary-treasurer,
(4)
YOUNG, Raymond W.
Company
Levy,
Out of town guests are welcome
Clement, Curtis & Co.
(n) 134 S. La Salle St. (3)
Randolph 6800
CG 214
(4)
.
Le Roi Co,
President Joseph Carson, of Loewi
10S9
YARROW, Paul
Chicago
(n)
CG
6100
D.
Group %
members,
W. Earle, Tucker, Anthony & Co.;
bushel^
;.
21
of
McDermott & Co.; Harry J. Corbett, Gude, Winmill & Co.; Russell
capacity of over 10 million
Stock Exchange: Lester B. Mc
Elhiney, of the Milwaukee Co.;
Leroy F. Richter, of James E.
son,
Kneeland & Co.
STEPHENS, Donald B.
Central
(n)
(n) 141 W. Jackson Blvd.
Wabash 8686
CO 640
STEPHAN, Edwin A.
Kebbon, McCormick & Co.
Securities
Incorporated
120 S. La Salle St. (3)
WOOLARD, Francis C.
I R U
*
(n) 135 S. La Salle St. (3)
Dearborn 0811
CG 900
First
y
^
Becker & Co.
Franklin
1124
CG
STEPPES, James W.
Swift, Henke & Co.
G.
commercial malting
firm in the World, total storage
Co.,
Norn.
on
slate
Co.; William Atkinson, E. W. Clucas & Co.; Merritt F. Beal, P. P.
largest
of
Blosser;
&
*
give Froedert, reputed to be the
& Co.; vice president, Iver Skaar,
of Harris, Upham & Co.; secre¬
945
CG
WOLF, Leonard J.
F
Marks <5i Co.,
Inc.
208 S. La Salle St.
9300
A
&
or
M
Vote
*
The acquisition, it is said, will
Co.
Officers
135 S. La Salle St. (3)
(n)
erty.
of
N.
Bennett & Co.
(3)
*
has
tek, of Paine, Webber, Jackson &
327
CG
WINGADER, Lawrence A.
John Nuveen & Co.
"
SPRINGER, William P.
Carl
8377
Central
,
I
*
■
Refreshments:
B
to
spe¬
which
Pitching and Tug of
E. Speer, of The
Edward
&
nessen,
WILLIAMS, George P.
Langill & Co.
(n) 134 S. La Salle St
will be added
—
———
Customers Brokers lo
According to Kurtis F. Froedert, President of Froedert Grain
& Malting Co., Inc., the company
I
(3)
Pro¬
allocation.
•
Curtis.
B
<S>
head
funds pending
general
cific
Arthur
Straus
(3)
group.
of
Co.; Matthew
H. Pahle, of A. C. Allyn &
Inc.
.
'
•;
Prizes:
I P R
W.
Gerlach &
Milwaukee
Rogers & Tracy, Inc.
(n) 120 S. La Salle St.
State 4151
CG 917
(3)
St.
S. La Salle
2610
La
R
P
& Co.
Rollins & Sons
135
'f
Charles
Horseshoe
WILLIAMS, Andrew R.
L
,
SPINK, Harold H.
E.
IP R
y\;'
,
Norman
Schuster,
Thomson
&
McKinnon;
M.
Basing, of Gardener F. Dalton
Co.; v Charles
W.
Gerlach,
(4)
WILKIN, John N.
Baker, Walsh & Co.
(n) 29 S. La Salle St.
Randolph 4553
will
Co.
acquired from Brooks Ele¬
vator
Co., a grain elevator in
of Harris, Upham & Co,
Minneapolis, Minn., having a total
Baseball: Leroy W. 'Grossman,
grain capacity of
3Vfe
million
of
Marine
National
Exchange bushels. The purchase and opera¬
Bank.
tion will become effective Aug. 1,
Bridge: Adolph G. Thorsen, of 1945.
Cash
of
an
undisclosed
Adolph G. Thorsen; Paul Binzel. amount was paid for the prop-
War:
WELCH, Edward H.
Sincere and Company
(li) 231 S. La Salle St.
State 2400
CG 252
financing
its
are:
General Chairman: Iver Skaar,
Golf:
940
,
SPARKS, Allen
R
Francoeur & Company
Bennett, Spanier & Co., Inc.
105 S. La Salle St. (3)
Central
P
(n) 39 S. La Salle St. (3)
Randolph 3950
CG 993
CG 11 S3
Randolph 9200
I
WALLACE, William M.
(4)
St.
(4)
1245
WAKELEY, Thompson M.
I P R
A. C. Allyn and Company, Inc.
(n) 100 W. Monre St. (3)
Franklin
"
SONG, Elmore'
Goldman, Sachs & Co.
208
St.
CG
The Northern Trust Company
(n) 50 S. La Salle St. (90)
Franklin 7070
CG 368
(n)
CG
Salle
<VOJTA, George J.
Securities Company of
Chicago
5770
La
0860
(n) 39 S. La Salle
Franklin 7500
SMITH, George W.
State
Committees
Hornblower & Weeks
(n)
SMITH,
Inc.
VOGEL, Denes D.
Tracy, Inc.
120 S. La Salle St. (3)
State 4151
CG 917
Rogers &
First
S.
the
during the fore-noon and lunch
may be obtained at the club.
965
CG
M
WINKLE, P. K.
Paine, Webber, Jackson & Curtis
Salle St. (4)
SKEFNEK, Paul J., Jr.
M
VAN
Higginson Corporation
Lee
2424
Wisconsin
underwriting
arrangements have been made so
that golfers may tee off any' time
(3)
CAMP, Owen V.
Enyart, Van Camp & Co.
100 W. Monroe St. (3)
only
a
ceeds of the Company's share of
Although the "field
officially is scheduled for
the afternoon and evening,
day"
M
.
A
The
the
day, June 29.
V.
(n) 135 S. La Salle St.
Central 9300
• CG
945
SHERWOOD, Donald B.
Stifel Nicolaus & Co., Inc.
L:"
(«) 105 W. Adams St. (3)
State 5770
CG 697
Co., Inc., of Milwaukee, Wis. on June 11 filed
registration statement covering 18,504 shares of 4*4%
cumulative preferred stock (par $100).
Of the shares registered 13,679 are to be sold by the company and 4,825
by certain stockholders.
with the SEC
Plans
—
nual
John Nuveen & Co.
St. (4)
CG 666
The Ed Schuster &
have
(3)
St.
(2), WIS.
Teletype Ml 488
Wisconsin Brevities
Annual June Meeting
S.
(n) 10 S. La Salle
Franklin 2811
U
MILWAUKEE
Chicago: State 0933
I
Rogers & Tracy, Inc.
(n) 120 S. La Salle St. (3)
State 4151
CG 917
VALLEAU, Harry O.
Harry O. Valleau &
PHONES—Daly 5392
|
Teletype: MI 592
V*
225 EAST MASON ST.
|
MILWAUKEE 2
Randolph 6607
900
\j\r u
735 N. WATER STREET
Barnes & Turley
120 S. La Salle St.
'Xn) 135 S. La Salle St.
Central 4402
CG SI
H. ■
Corp.
Wis. Pwr. & Lt. Co. 6 & 7% Pfd.
P
La Salle St. (4)
State 0101
CG 361
M
Compo Shoe Mchy. Com.
|
I
VALIQUET, Albert
Valiquet & Co.
Nekoosa-Edwards Paper Com. Central Elec. & Gas Co. Pfd.
Central Telephone Co. Pfd.
Rochester Telephone Co. Com. Hamilt'n Mfg. Co.Part.Pref.&Com,
j
CG 669
R.
Adams & Co.
SHALES, Glenn
Carter H. Harrison & Co.
(n) 209 S. La Salle St. (4)
State 0311
CG 850
;
North'n Pap. Mills Co. Com. & Pfd.
j
TURLEY, George R.
231
Standard Silica Co. Com.
j Koehring Co. Com.
j
(3)
Cruttenden & Co.
(n) 209 S. La Salle St.
Dearborn 0500
CG 35
4421
Henry C. Lytton & Company Com.
| Le Roi Co. Com.
.
1213
Incorporated
M
CONTINUOUS INTEREST IN:
The Hub,
Missouri Pacific R.R.
Incorporated
St.
CG
Randolph 2700
SHAW, Bradford W.
Swift, Henke & Co.
(n) 135 S. La Salle
Dearborn 0S11
CG
I
Stone & Webster and
Blodget,
33
SELLERS, Paul A.
B I P R
The Illinois Co.
(n) 231 S. La Salle St. (4)
State 2630
CG 883
SHERMAN, George
The First Boston
231 S. La Salle
Franklin 6640
La Salle
TRITSCHLER, Alexander
(3)
SCOTT, Mortimer W.
Scott & Wyandt, Incorporated
(n) 135 S. La Salle St. (3)
Andover
S.
2617
S
TORGERSON,
CG 90
6502
B
(n) 135 S. La Salle St.
(3)
Andover 3000
CG 115
State 7844
SCHUETZ, George W.
Carter H. Corbrey & Co.
(n) 135 S. La Salle St.
State
THORSEN, Lester J.
Glore, Forgan & Co.
Wall
Street,
New
major
Harris recently served as a
in" the
forces
he
United
in
was an
over
States
Army
Air
the
past
officer of Central
.Han-
England.
In
Bank & Trust Co.
/
/
Bought
ANALYZED
Sold
—
—
Quoted
REVIEWED
-
Bought
•
..
,
7
PRIVATE
New York
Chicago
-
TELETYPE
L.
279
A.
;7 '
'
LONDON
"
•.*
FRANCISCO
050 South Spring
7
/
7
s,
7
.
280
'*•
.
:
.'7V7
...
\
,
•:■•/, •
•
OFFICES:
Smithfield, E. C. /
Charing Cross, S. W.
/
Burlington Gardens, W. I
64 New Bond
77
-'7
TOTAL
CITIES
CALIFORNIA
PRINCIPAL
IN
OFFICES
8 West
Street
LOS ANGELES
Teletype LA533
;
Scotland
Bishopsgate, E. C. 2
49
SECURITIES
Teletype SF209-SF431
Seattle
• -«
A.
•/:'
,
INCORPORATED
>
L.
-
'
v
throughout
Quoted
•
•
Montgomery Street
300
SAN
WIRES
San Francisco
-
'•
'
INVESTMENT
CALIFORNIA
West 7th St., Los Angeles
210
Sold
•
7- ■■■•.'•_ •...
California,Company
First
butler-huff & co.
7
'V•'
*.
,
3
Orders solicited.
OFFICE—Edinburgh
Branches
(P. C. T.)
Trading daily 7 a. m. to 5 p. m.
OF
HEAD
COMPARED
-
■«
Inquiries invited.
Incorporated by Royal Charter
1727
SHARES
Service to Dealers & Brokers
Special Bulletin and Booklet
Royal Bank of Scotland
AMERICA
OF
BANK
Stocks
Insurance & Bank
Thursday, June 14, 1945
CHRONICLE
FINANCIAL
THE COMMERCIAL &
2618
Street, W. /
ASSETS
'
£115,681,681
Bank and Insurance Stocks
1942
This Week
-—
j
Bank Stocks
'
By E. A. VAN DEUSEN
New York Trust
Co. has just announced an increase
in its divi¬
87V20 quarterly to $1.00; as a result, the bid price of
its stock moved from 106 Mi to 110M>.
It will be recalled that the
Hannegan Repeats Change of
Dem. Party's Attitude to Business
dividend
was
annual
reduced in the last quarter of 1941 from a $5
it is now back to $4.
Net operating earnings in
exclusive of security profits, amounted to $7.03 per share.
7
of
column
June
total
the
7,
for the 176 mutual
insurance companies incor¬
assets
fire
figure
rectly appeared as $21,000,000.
The
In view of
is $521,000,000.—
actual aggregate
stock
E. A. V.
increased
dividends
baqk
other
that
banks
soe
may
fit to pass on to their stockholders
a somewhat larger share of their
which
during
of earnings,
the
following tabulation of aggregate
earnings and their disposition, for
level
present
the past nine months are: Bank of
JVTanhattan, Bankers Trust, Irving
Trust, National City, and Public
National. In the case of Bankers
a
of 15 leading New York
group
offered.
is
years,
TABLE
1
-Disposition-
Earnings-^
Net
Profits
Recoveries
1938
$82,474
83,328
86,154
$22,078
1940.
1943—
1944-.,
$673,346'
8,515
$36,739
44,138
125,472
65,850
25,620
36,256
29,969
[
139,719
61,412
52,650
25.657
3,032
' $890,036-
observed that total
dividends declined from $66,450,will
It
be
$61,150,000 in 1942,
rose
to $62,930,000 In
000 in 1938 to
then
fend
Strangely, though, total net
bperating profits increased ye^r
by year over the whole period,
1944.
result
the
with
show
that
dividends
steady decline in the per¬
a
they bear to net
Operating profits, as follows: 1938,
01%; 1939, 79%; 1940, 76.5%; 1941,
tl2%; 1942, 64.5%; 1943, 55.5,% arid
.1944, 51%.'y •
'
'•71^'f J', j '
centage
which
whole
period aggre¬
gate dividends represented 66.6%
of aggregate net operating profits
and 54.3% of net operating plus
Over
the
73,523
It is
banks
now
of interest to examine
over
record of individual
the past few years,
in
including extras. Earnings are ad¬
justed retroactively to the basis
of present
capitalization, after
re¬
cent
capital increases.
Except in the case of First Na¬
tional Bank, the earnings used are
exclusive
of
security
profits
and
recoveries.
earnings
average
is
1.61
times, and by 1944 earnings, 2.07
times.
'
.,■■■!
above
insurance
average
Bank
are:
coverage
by both
ratio
is
measures
of
Manhattan, Bank of
York, Bankers Trust, Chem¬
ical, Continental, Manufacturers
Trust, and Public National. Banks
with
below-average ratios are:
Central
Hanover, Chase, Corn,
First National, Guaranty, Irving,
New
Bought-—Sold—Quoted
New York
New
WALL ST.
Telephone
But the
The
emphasis sometimes shifts.
the
of
nature
responsibility
shifts with the times, with the cir¬
cumstances
of
national
our
econ¬
and of world economy.
"For this reason, I believe the
omy
government's
war
role in our post¬
will be different
part that government
economy
the
from
when
played
ministration
Democratic
a
took
over
in
ad¬
1932.
"The whole picture, all the cir¬
of our economy, are
cumstances
different
In
now.
fact,
between
the task that faced the late Presi¬
dent Franklin D. Roosevelt in his
whose
Banks
York Stock Exchange
and other leading exchanges
,
man
today has added a third duty.
Of his own accord, and in his own
relation to current dividend rates,
year
Members
business
American
"The
$208,966
the earnings
.!
NEW YORK 5
DIgby 4-2525
National
above
ratio
Trust and
City's five-year ratio is
average,
is
U. S. Trust.
while
fractionally
its
below
1944
aver¬
President
Truman
his
in
first
term, there is exactly the differ¬
between
ences
and
an
pound of cure
of prevention.
a
ounce
"After Roosevelt took
had
our.,
needed
of
were
called
pound
We
it.
then.
nation
of :cure.
were
Our
a
We
sick
very
economic
virulent
a
over, we
nature.
ills
They
for
strong medicine. And
they got it. The cure was admin¬
and
it
worked.
NEW JERSEY
Bank
of
Manhattan.-..
Bank
of
New
Bankers
Trust Co.
BANK STOCKS
Central
York
Chemical
Bk.
I. S. Rippel & Co.
Exchange
YORK 5, N. Y.
7-3500
Established
i
circumstances,
I
as
Manufacturers' Trust"
York
New
when this
war
RESERVE
"F hope
shift
and
of
beneficiaries
both
include
will
such
,
N.
MArket 3-3430
Y. Phone—REctor 2-4383
U.
Trust-——.
S.
...
_
"Includes
1
AGENCY
all
the
in
Towns
)
in
the SUDAN
EGYPT and
.7
able
national bank
our
government to draw a
limiting its own activities,
line
and say
'Beyond this line we will not go!'
"I hope' that when wartime tax
schedules
can
be
revised
to .'a
peacetime
basis,
will offer the
ance
of india, limited
to business management,
in
our
the
matter
policy based
of
on
_
;/•;
the
reward
Capital
Paid-Up Capital—
Reserve
ment
\
I
And
achieve
them
that the
social
believe
in
such
the
a
way
administration
through the past dozen
and
years
better
American
will
secured
people.
conducts
banking
I
be-
lieve wisely
5 Year
No.
Divi-
of
^
,
conceived changes .in
fit the. cir¬
government policy to.
cumstances
work
to
creased
pf
■
coiuQ
times
these
and in¬
security of labor, of ni?
the
advantage
and 01
business
dustry, of small
the farmer."
II
Current
description
business
every
and exchange
can
gains made under
Democratic
enhanced
we
Bank
Trusteeships and Executorships
also undertaken
changes of govern¬
I believe we can
policy
achieve.
Fund
with
risk
The
these
£4,000,000
£2,000,000
£2,200,000 ;
Subscribed
the main¬
:
India, Burma,. Ceylon, Keni%
and Aden and Zanzibar *
in
Colony
profits.
"All
Government in
the
Office: 26, Bishopsgate,"
London, E. C.
"
•
taxes—a
of
to
Kenya Colony and Uganda >
Head
Branches
tenance of mass purchasing pow¬
and
Bankers
w.
-
government
kind of assist¬
same
•
.
Tim^s
Earned
,
Aver.
dend
Aver.
$1.00
1.75
17.61
20.05
20.70
28.59
30.45
23.48
14.00
1.68
2.^8
2.80
2.66
j 2.83
3.16
3.65
3.02
1.40
2.16
2.61
5.76
6.54
7.43
6.36
4.00
1.59
1.81
2.33
2.54
2.09
1.40
1.49
1.81
2.68
3.42
3.82
2.90
1.80
1.61
2.12
631
!
1.83 7 1.96
.
)
^
2.00
2.60
0.91 7 0.95
1
* 1944
2.40
1.86
1.14
1.55
2.-01
1.31
0.80
1.64
2.51
1.44
2.58
3.30
3.56
|
3.96
2.97
2.40
1.24
1.65
100.58
97.66
106.16
124.27
106.22
1.33
1.55
20.35
16.47
12.00
1.37
1.70
:1.17
0.87
\ 0.70
1.24
1.67
6,33
4.69
2.00
2.35
3.17
1.72
2.05
0.62
3.91
16.28 7 17.38
0.70
3.'92
.
1.98
4.94
0.84
1
4.03...
5.28
•
1.00
2.18
,
,
2.44
80.00
-
*
Ackermann
Rejoins
Read, Lear & Co.
PA.—William
the tradms
Lear & Co., Gra
PITTSBURGH,
Ackermann is back at
desk with Read,
Building, members of thevPmr
burgh r Stock
Exchange.
Mm
Ackermann
for
tni
in the a
past
the
2.66
2.24
1.30
4.47
i 5.01
6.51
7.03
5.46
4.00
1.37
1.76
years
2.81
2.99
12.59
3.00
4.06
3.09
1.50
2.06
2.71
71.64
72.10
78,83
87.07
94.31
80.79
70.00
1.15
1.35
1.61
"
"*
2.07
S. Army Air Corps in the Pr
flight Cadet Training of the Cei
tral and Eastern Flying Train
4.26
-
.
.
£3,000,000
.
principal
$1.75
...
<
Average
£3,000,000
.
.
hope that a national econ¬
free of depression will en¬
omy
be
.
labor, both farmer and con¬
7 "I
a
,
Branches
(
1944
.
Trust..
National
T
King William Street, E. C.
a
industry
sumer.
er
FUND
LONDON
and 7
6
trol in the merely negative sense.
And>, the
CAPITAL
FULLY PAID
(is over.
and believe the em¬
phasis will' shift, in this role of
government, toward cooperation
and support and away from con¬
.
$2.40
J. 7
City
Public
;
them, will call for such achange
Per Share
-.14.11 -14.25
-
Cairo
Commercial Register No. 4 Cairo
see
1943
.
-l-.-L.___.
Office
Head
-102.41
Trust
Trust
A.
of EGYPT
changes
$2.01
7
National
IrVing
S.
NATIONAL BANK
1942
.
Exchange
"National
1891
18 Clinton St., Newark 2, N. J,
Bell Teletype—NY 1-1248-49
(L. A. Gibbs, Manager Trading Department)
„
Tr.
/
with Bank*
the U.
-
.
$1.81
5:77
Continental
Guaranty
BArclay
throughout
1941
.
&
First
New York Stock
the
Berkeley Square, W. 1
47
circumstances.
nation's
with) the
And
Threadneedle Street, E. C.
Agency arrangements
part
economy,
our
>
LONDON OFFICES:
29
$1.37-
Hanover
Corn
Telephone:
the Pacific Islands, and London,
offers the most complete and efficient
banking service to investors, traders and
travellers interested in these countries.
Zealand,
without
•
;
in
is the oldest
in Australasia.
With
States of Australia, in New
all
in
it
of govern¬
ment, then, the emphasis in the
role that government should as¬
sume
,
downward
any
proper
Manager
George Street, SYDNEY
bank
largest
branches
$1.14
.
.
Trust
National-
Chase
7 I
Bulletin On Request
Members
into
Operating Earnings
—
120 BROADWAY, NEW
and
1940
Guaranty
Office:
The Bank of New South Wales
I have met
administra¬
reconversion
of
DAVIDSON, K.B.E.,
General
Head
agriculture in
objective, by
I believe we
the difficult prob¬
over
7 "The
TABLE
Laird, Bissell & Meeds
get
can
for
Net
an
£208,627,091
1944
Sept.,
SIR ALFRED
going after
this
working together
first term and the task that faces; fiscal
istered
age.
£23,710,000
30th
Assets
Aggregate
and
labor
ness,
slipping
spiral.
28,742
$232,178
Reserve
prepared to give every con¬
structive encouragement to busi¬
lems
sec¬
of
Average coverage of
the present dividend rate by five-
federal
and
service;
some
.self-interest, he has taken on this
third responsibility—the respon¬
sibility to do. his part in keeping
net security profits.
Disposition men employed.:
of total net earnings from operat¬
"Your
government
also
is
ing profits, security profits and aware of that responsibility on
recoveries, was as follows: divi¬ its part. Government, business, la¬
dends, 50.5%; surplus and undi¬ bor and agriculture must share in
vided
profits,
26.0%; • reserves the job of keeping our people em¬
and write-downs, 23.5%. viO.vu
ployed. They must work together.
62,930
-$448,892
165,195
10,185,
$46,111
$170,579
perform
15,555
25,733
two,responsibilities:
of
ond, to make a profit.
24,133
61,150
was
man
First, to produce something or to
34,002
65,250
106,674
business
American
.8,280
125,639
with
Capital
£8,780,000
Fund
6,150,000
Liability of Prop— 8,780,000
Reserve
tion
$5,880
'
be wherever
them to
them—and
65,850
118,268
(ESTABLISHED 1817)
Paid-Up
without letting our
economy slip into low gear. That
won't be easy, but with men from
every
walk of life ready and
eager to cooperate with the new
administration in every way they
can—as
I have certainly found
culture
$66,450
$109,069
>
2,139 1
,
31,335
123,675
,7 Totals
'
cooperation with • labor, agri¬
and
government, make
in
conscious
11,880,
22,465
1
96,020
110,954
only to victory and lasting peace,
the objective that is closest to his
heart is to see American business,
Downs
12,433 !
27,438
90,741
.
-
1,925
33,015 :
am
that, second
tion in saying to you
Reserves
(000 omitted)
national pol¬
our
to peace
war
unacquainted with President
Truman.
And I have no hesita¬
& Write-
"
$4,517 1
integrate
icies, we face the prospect of an
excellent market for the product
not
Profits
Dividends
Total
I
cratic National Committee.
& Und.
.7
■
BANK OF
not
/
Co.
NEW SOUTH WALES
organize our resources
we
yet - been sworn in as ;of our civilian industries.
"The job that we have imme¬
Postmaster General.
I do speak
diately at hand is to convert from
to you as Chairman of the Demo¬
have
the
Net
Security
Profits
1939----
ber
If
and
<
;
not
am
Surplus
Net
Operating
Year—
it.
good in its endeavor to keep our
people prosperous and employed;
"Time was, you
know, when
City banks during the past seven
Trust, and : Public • National, no
change was made in the rate per
-Sources of
the. interest in
dividends, and of the possi¬
bility
Other Wall Street banks
have
1
case
speaking as a mem¬
of the President's Cabinet. I
"I
&
Australia and New Zealand
big job
of work to do, but we are not
getting out of a sick bed to do
peacetime administra¬
the
tion of President Truman. *
the
;
the
be
will
Such
istration.
Mills
Today we have a very
the case under
was
President Roosevelt's war admin¬
under
share, but the number of shares
held
by
stockholders
was
in¬
creased
by
stock dividends
of
20% and 10%, respectively.
■
in
Owing to a mechanical error
...
1944,
Such
terest.
Deacon's Bank, Ltd.
Glyn
(Continued from page 2610)
dend rate from
rate to $3.50;
Associated Banks:
Williams
i
.
——
City Bank Farmers
Trust".
has been serving
Command.
■
( I
t *%.»■%*■)
|
t n.
V
*
*■*
*
4
?
Volume 161
Number 4394
THE COMMERCIAL & FINANCIAL CHRONICLE
TH
2619
WAR THAN
vvrllV JLiv/Illi
our
Forces
in
to
I
We will back our Armed
Forces in
by
M O RE
War Bonds.
l
THE COMMERCIAL & FINANCIAL
2620
NASD Activities
MIGHTY
FINISH
FINISH
THE
THE
FIGHT
FIGHT
CANADIAN BONDS
GOVERNMENT
Discussed
Wood, Gundy & Co.
minimum of performance.
beginning the Board of
Governors took the attitude that
the NASD was a members' co¬
very
Street, New York 5
held
elections
freest
taken
right.
the po¬
litical will of the Canadian elec¬
No
torate.
publicity in this country
Constantly conveyed. This
*as
has
from casual
inquiry in biased quarters, and
those publicizing this view fell
victim to the propaganda of the
opponents of the C.F.F. who
endeavored to create a political
opinion
CANADIAN
STOCKS
resulted
of this socialistic
bogey
move¬
ment in order to scare the elec¬
Bought'—Sold—Quoted
torate.
Likewise
the
erroneous
belief
that the Province of Quebec would
secede from the Liberal camp
91 Broadway, New York 6, N. X.
WHitehall 4-8980
Metal Mining
Minister Howe of the removal of
min¬
on
ing of gold and other metals or
minerals imposed by Canada on
June 22, 1942, to conserve man¬
power and machinery for the war.
The original order, it is stated,
prohibited all expansion of exist¬
neW
its customary solid sup¬
port to the Mackenzie King ad¬
strength dis¬
played throughout the Dominion,
with every possibility at the mo¬
ment
of writing
of an overall
government majority, a healthy
official opposition constituted by
the Progressive Conservatives,
and the decisive rout of the C.C.F.
and other extremist
ada
can
now
control
parties, Can¬
face the future with
development
and
the comfort¬
tried
a
ad¬
Press, ministration has received a defi¬
advices from Ottawa June 7 said. nite popular mandate for the next
"Today's action means that all five years.
restrictions on the sinking of mine
Furthermore, in view of the
shafts, the expansion of under¬ Dominion's
steadily
increasing
ground, work and the opening of stature as a world power, this
new mines have been lifted. Min¬
Liberal triumph and C.C.F. deba¬
ing operators willl be able to lay cle can have important repercus¬
plans to begin new developments." sions elsewhere. In conjunction
permit, Associated
However, Mr. Howe said;
"Mining labor is still subject to
strict control by national selective
service
and
it
may
be many
months before machinery becomes
available. The removal of the
re¬
strictions is in line with the policy
of the Government in rescinding
all limitations
as
quickly
necessary
for
to
base
pros¬
of the C.C.F. the Ca¬
political
indicator
has
nadian
shafts and Other
mine
It will be
mining,
Quebec.'
a
expansion.
definite boost to gold
especially
irf
Western
it
the
\
restrictions
were
clamped
bn
in
as
continue
and
metals and minerals.
is
the expense
production was $474,602,059
in
1939, and rose steadily until the
explained that
ing had not been restricted,
"It
at
"The value of Canada's mineral
pecting and surface diamond drill¬
search
successes
civilian industry
Mr. Howe
was
Conservative
with
as conditions warrant."
on
the economic problems of the
post-war world can best be
solved by a political system that
gives
free
rein
individual
to
In
his
last
campaign speech,
prior to the election, Prime Min¬
ister Mackenzie King stated clear¬
ly that he believed that it should
left
be
to
private enterprise to
provide the bulk of employment
in
the
strategic
1942, when it reached $556,768,672.
The
following year
off to
,
$524,426,850."'
saw
a
falling
and the
post-war period,
Canadian
Press
advices
provide
nouncement
the
saw
in the
'green
light
an¬
for
mining companies to go ahead
with projects for the shoeing of
our
'a
glowing example for the rest of
the world, and remind those who
forgotten, that the great
eras
consider
not
Board,
as
or
the district committees
with
Internals
section.
how¬
continued to
display anima¬
tion with attention centered again
on
the mining issues, following
the removal of the mining ban on
new developments. Labrador Min¬
ing & Exploration stock made
further progress and touched a
new high level while Steep Rock
Iron staged a strong recovery in
view of optimistic
estimates of
deliveries.
stimulated
On
prospects
of
activity
in the gold
camps,
several new highs were
registered in this section of the
list.
Yellowknife issues
active
the
were
less
late
Spring break¬
up has delayed operations in the
far north, but it is expected that
this
as
will
area
newed
soon
come
into
re¬
prominence.
business practice, this
one of the purposes
good
represents but
of the Association.
likely to be
an
interim
period
of
considerable
activity
but
with little price change, before
the favorable outcome of the
elections
higher
phasis
leads
level
on
to
with
a
generally
special em¬
internals.
We
likely
are
forget that this Association is
conducted
for
interests
benefit
the
of
protection of the
of
vital
a
important
as
the
The
business is
the
securities
The
Board of Governors has from
the
of
attacks
Federal
and
State
agencies
might
make
continued
operation of our business difficult
which
impossible."
or
business, and yet no one
our
authorized to speak
"for
long time the Association
has been handicapped by lack of
information concerning some of
the workings of our business.
We
a
can't very well make an
adequate
case for ourselves if we don't have
these vital statistics.
some
of
the
I think that
efforts of the Board
gather information
derstood
hear
by
the
membership.
rumblings
that
recent
sales¬
compensation
ered to be
an
I
the
concerning
questionnaire
men's
misun¬
are
was
attempt to
members' affairs.
consid¬
pry
into
It does pry into
members'
for the indus¬
try is participating in these dis¬
cussions."
.
S chef fey,
L.
Frank
Executive
Secretary of District 13 Commit¬
tee, reviewed the "results of the
received
from
1944 and the cur¬
rent year. Thus far only one mem¬
had
concern
complaint di¬
a
against it. There have been
only two complaints of a member
against another member, and only
three complaints
against
•
Referring to the complaints re¬
garding the questionnaires sent to
members, Mr. Phillips states that
from the public
members,
of
all
which
dismissed.
were
During
number
question
the
of
questions
period, a
asked
were
members, relating mainly to
the questionnaires.
One member
by
wanted
the
know
to
the questionnaire
purpose
Mr. Phillips, in reply
men,
that it
ercise
was
a
stated
felt that salesmen ex¬
predominant influence on
price policies and "mark-ups"
the
and,
it
was
employ
get such information for the
the
Association
was
to
get the
SEC,
handicapped
by lack of information.
deavored
of
them,
required that they
that
concerns
as
of
relating to sales¬
They en¬
information
through questionnaires.
affairs, so does any
other questionnaire, but the in¬
formation sought is held
strictly
In replying to a question re¬
garding the Association's attitude
confidential and is being
compiled
the use of the Board in
pro¬
was
for
tecting the interests of the busi¬
on
are
toward
"riskless
stated
that
transactions," it
the Association
"does not go along with the
on
the
SEC"
proposition that such trans¬
actions should be conducted on an
if
cessive
can
defend
we
our
Government
a
root
of
posi¬
agency
the
ex¬
mark-up problem is based
the demands of salesmen
who
receiving the major portion
gross profit involved.
We
of the
"agency basis."
There
were
several
questions
relating to the "5% mark-up phil¬
osophy."
It was stated that, ac¬
cording to "the clarification of the
SEC," there are circumstances un¬
philosophy" could
It was also in¬
dicated that the main object to be
action is ever taken
by the Board
kept in view, was that mark-ups
until the
advantages and disad¬
should be reasonably related to
vantages
of
the
proposal
are
current market prices and that
weighed as carefully as we know
quotations are not out of line with
how to weigh them."
these prices.
An interesting de"The time has
come," Mr. Phil¬ velobme^t was brought, out. when
lips concluded, "when the mem¬
it was disclosed that the sales of
must be in
facts.
WHitehall 3-1874
troduced
affect
Washington; legislative
being proposed and in¬
every day which vitally
are
ber
business from
charges that the
Company
bills
rected
the
How
&
in
cussed
defend
'
64 WALL STREET, NEW YORK 5
Dozens of matters
beginning used its best efforts to
tion
Taylor, Deale
at the present time.
are being dis¬
represented
questionnaires
interest.
ness.
Support The 7th War Loan
possibilities and is demanding that
the NASD enlarge its field be¬
yond that of self-regulation. Any¬
one who is at all realistic knows,
that our business is largely un¬
members during
common
NY 1-702-3
Bell System Teletype
have
a
New York 5, N. Y.
40 Exchange Place,
function, equally
the protection of
as
>
investors. We, all of us, make our
living in this business and we all
to
With regard to possible future
prospects, in view of the hold¬
ing
up
of profit-taking
and
post-loan operations during the
pre-election
period,
there
is
While great
measures.
has been made in main¬
satisfactory
compliance
taining
best
Turning to the market for the
past week, there was a state of
almost complete inactivity in the
Association, the
police force limited only to
a
members.
private ini¬
the
Doxi?no?i Securities
Corporation
com¬
plaints of investors.
"But," he continued, "we must
efforts
of
direct
the
from
unfettered
ore
and
Most of these have
the examination
programs, some have been refer¬
red by the SEC, and some have
prosperity
ever
timely
complaints.
resulted
Toronto and Montreal
great many in¬
tees have handled over 300 formal
to
external
a
such
the district commit¬
years
development
and
were
created by the
economic
from
"Quebec's Deputy Mines Minis¬
ter, O. Dufresne,
past six
Direct Private Wires to Buffalo,
welfare.
own
friendly advice has been of great
value to the member.
During the
more
once
gold
Ottawa June 7 had the following
to say in part:
where
stances
ada
number of
properties have
been discovered and partially de¬
veloped by surface dillling,
The
lifting of this order will allow
further
development
of
these
properties."
There have been
progress
Can¬
way
gratifying to note
important
discoveries
of
tungsten, molybdenum and conoer
have been made," he said, "Also,
promising
member's
the
In this
of
of dis¬
public protection
of
interest
and
public interest.
have
request^
tices which should be corrected in
the
restrictive
very
a
call
state would intervene only where
it was absolutely necessary in the
can
on
he added, "to
to members' attention prac¬
Originated from
enterprise. f
that
in the last few years
en¬
tiative.
Thus with Liberal
of confidence based on
properties except by hMiW-l ing knowledge that
mines
ing
gives
it also
country,
couragement to the belief that
■
on
Munitions
metals control restrictions
has given
ministration.
made
Canadian
this
-
Canadian Restrictions
by
first" groups, has also
been rudely shattered. Following
the conservative pattern of the
recent
provincial elections, the
French-speaking province has
once more ignored the appeals of
the small extremist minority and
"Quebec
Members Toronto Stock Exchange
7
and
would break up into a number of
CHARLES KING & CO.
June
the com¬
on
ing into account incipient indi¬
cations of a similar tendency in
left
was
influence
ing election in Britain, but' tak¬
can
available
committees,"
trict
an
Up-to-date Summary
disciplinary
in
board
appeal
"It has been the practice
the
to
thought that the Dominion has
suffered a violent swing to the
NY-1-1045
it
swing
be
longer
provide guidance and' leadership
•
Not only is this fact likely to
have
3.60% to 3.85%
Board's function is to
actions."
■■
strates in clear fashion
N. Y.
Currency
Prices to Yield
to the Association and to serve as
an
Canadian
or
the district commit¬
to
The
tees.
definite
a
demon¬
under
conditions
democratic
TWO WALL STREET
Announcement
Payable in United States
been
always
has
and
is
entrusted
BRUCE WILLIAMS
that have been justified by the eventual outcome.
The result of the Canadian
—-
INCORPORATED
on
Practice
Unswerving confidence in the good sense of the Canadian people
unbiased factual analysis have once more led to* conclusions
and
A. E. AMES & CO.
Off
1859 to 1975
the
From the
Canadian Securities
By
2-7231
Maturities from
operative organization.
The en¬
forcement of the Rules of Fair
CANADIAN STOCKS
RECTOR
principles and practices be
of
Incorporated
NEW YORK 5,
MONTREAL
2607)
(Continued from page
MUNICIPAL
14 Wall
City of
sponsibility of large proportions,"
Mr. Phillips pointed out.
"It was
mandatory," he said, "that the en¬
forcement of the Rules of Fair
Practice and the standardization
PROVINCIAL
CORPORATION
Thursday, June 14, 1945
CHRONICLE
And
a
position to state the
let
me
say
bership has become alive
here,
der which "the
be
departed from.
no
to these
"open-end" investment trusts were
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
SE3 Adopts New
Simplified Form
continuance of a program of
In
simplification, the Securities
Exchange Commission on
June 12 announced th adoption of
a new simplified form, Form S-12,
for the registration under the Se¬
curities Act of 1933 of shares of
corporations not more advanced
than the development stage. The
form may be used by such cor¬
porations (other than those in the
insurance, investment and mining
business) if they do not have and
do not intend to acquire subsidi¬
aries of importance, if they have
not been involved in a recent suc¬
cession, and if there is no longterm debt.
These limitations on
the use of the form have permit¬
ted
considerable
simplification
over previous forms.
At the same
time, it is believed that the form
will find wide use, particularly
among new small corporations al¬
ready
organized and those to
foe organized
in anticipation of
ameliorated
wartime conditions
and the post-war period.
form
and
'•C
SSr3-
various items of the form
The
instructions have been
reduced in number and simplified
in
comparison
with
previous
forms. A balance sheet is not re¬
the
and
A sup¬
quired but may be filed.
plement to the form has been pre¬
pared to facilitate the preparation
of thb registration statement.
It
contains the parts of the Securi¬
ties Act and the rules thereunder
that are
generally pertinent to
registration.
with the Commis¬
copies of the
keeping
In
"4
sion's practice, draft
SUMMARY OF 1944 OPERATIONS
circulated to attorneys,
form were
accountants, and others interested
In
public financing. Their com¬
and
suggestions
proved
in
helpful in preparing the final
most
few
of
areas
the
country has the
population and industry been
ments
by
more
of
course
vitally affected
conditions than the territory served by this
war
mission and distribution system,
In
1944 the
Company delivered to its custom¬
draft of the form.
Company.
Copies of the form and the sup¬
3
service
tomers
3, Pennsylvania.
text*of the
Sections 7, 10 and
and
completion
in
it
the
Electric
Form
Water
Supplement
supplied through
GROSS
OF
not
to
the
it
floor
sug¬
was
that copies
questionnaires should be
members
of
Congress
judging whether they
with
the
gas
sales
and
of
of electricity in¬
gas
79%,
declined—electricity 19% and
OF STOCK
gas
while
are
It
was
in
posted
Congressmen
the matters of securities regu¬
lations,
and that the NASD should
have
Committee to appear be¬
SEC
the
20%.
OWNERSHIP
''
31,194
Men Stockholders
36,043
52,080
Trust Estates
Corporations, Partnerships, Insurance Companies,
5,460
...
Federal
Taxes
on
Income)
in
protest
objectionable rulings.
ips stated, in answer
Association,
be
$138,981,356
87.441.842
52,186,518
Provision for Federal Taxes on
Net Income to
per
on
22,645,080
22,037,339
22,347,004
8,409,820
8,409,851
12,523,898
$
Dividends Paid per Share
44,992.084
*30.149,179
Surplus
Share of Common Stock
of Common Stock
the.basis of current operations, without giving
Company recognizes that efficient
operation requires for*
We have that ever in
mind, and expect to aid in the con¬
tinued development of Northern and
Central California
by encouraging
and successful
new
industries to locate in the terri¬
served, by cooperating with ex¬
isting enterprises, and by aiding mer¬
chants and manufacturers in the solu¬
Income
Balance
Earnings
10,810.407
Federal Taxes
Income
on
Post War
The
tory
32,462,932
Net Income before Provision for
dent to
55,802,491
Discount and Other Income Deduc-'
Hons
•Stated
83,178,865
64,649,450
1,103,590
12.523.808
$
1,413,376
$2.18
problems. Com¬
prehensive studies are already under
way to determine the character and
extent
of future markets for
our serv¬
ices, the physical changes in our prop¬
erties which will he required, and the
opportunities for further improving
our service to the public.
$2.23
2.00
tion of reconversion
2.00
effect to non-recurring lax savings inci¬
PNKSlDliNT
refunding operations.
Phil¬
Copies of the Company's 1944
annual report may be secured on application to E. J. Beckett, Treasurer, 245
to this, that
is in
no
represented,
though
it has appeared at hearings
before
the SEC.
-
121,075
against
Mr.
yet,
as
thus
1943
and Provisions for
Gross Income
Bond Interest,
.
3,118
ward building.
Common Stock
to
13,326 customers.
past five years sales
Maintenance, Operating Expenses, Taxes (except
-
on
Position
steam service to
24,374
$152,091,292
Gross Revenue
Dividends
fhe
or
the
$152,091,292
ther urged that members, particu¬
larly in the New York District,
a
In
Joint Tenants
Preferred Stock
the
to
318,056
on
fore
being supplied
342,805
Department
Dividends
on
1,818,250
522,742
fur¬
their
water
1944
so
Amend¬
Maloney
ment to the SEC Acts.
keep
electricity
service,
were
Women Stockholders.
43,304,999
Depreciation and Other Reserves
questionnaires,
line
$107,602,690
Department
Department
that they would have the means
of
gas.
there
1,039,427 customers, gas to 765,497 customers and
SUMMARY OF CONSOLIDATED EARNINGS STATEMENT
about
Returning again to the obnoxi¬
to
year
DECEMBER
Total Gross Revenue
investment
that
business.
sent
in
meters
the
of
DISTRIBUTION
REVENUE
philosophy." It
one-tenth of the over-the-counter
of these
close
Banks and Other Institutions
into con¬
come
constituted
now
from
kilo-
hundred
t
At the
Tolal Stockholders
estimated
trust sales
gested
extensive trans-
to
increasing, due largely to efforts
ous
an
Miscellaneous Income
Securities
the
under
flict with the "5%
was
billion
one
unit selling price of both electricity and
1933.
of dealers
and
average
Steam Sales
Ad¬
Development
the
(b)
S-12
Act of
one-half
energy
71%
a
Gas Department
1933
More
Not
and
and
and
seven
electric
twenty-five billion cubic feet of
19 4 4
hereby
Act,
Than
Stage,
of
creased
SOURCES
Corporations Without
Subsidiaries
vanced
watt-hours
total in¬
Gas service is
of
than
more
necessary
(a)
Under the Securities Act of
of Shares of
Pit
ers
capacity exceeding 2,300,000 horsepower.
stalled
adopts
Form S-12, For Registration
by
of
year
capacity of 214,000 horsepower,
for the
execution of the functions vested
and
the
plants—52 hydro and 13 steam—with
19 (a) thereof,
interest and for the protection
during
the Company now operates 65 electric generating
deeming such action neces¬
and appropriate in the public
investors
the
Plant No. 5, with a
Exchange
and
Securities
Commission, acting pursuant to
authority conferred upon it by the
Securities Act of 1933, particularly
sary
also supplied without reservation.
were
With
Commission's
action follows:
The
permissible under governmental regula¬
tions. All requirements of regular or firm gas cus¬
change Commission, Philadelphia
The
continued to meet all demands for electric
pany
plement- thereto may be obtained
by sending a request to the Pub¬
lications Unit, Securities and Ex¬
Throughout 1944, however, the Com¬
including almost
9,500 miles of mains.
>
rm
mmm
Market Street, San Francisco 6, Calif,
accounts
2.. Trust
—
and
large
small.
3.
and
profit-sharing
Corporate
NATIONAL
A
WELLINGTON
Angle
A Bull Market
'
in the
dramatizes
current issue of Items
«3MUND
Prospectuses upon request
performance of Broad Street
Investing Corp. and National In¬
the
A MUTUAL INVESTMENT FUND
Prospectus from your investment dealer or
National Securities &
Building
220 Real Estate Trust
*
Phila. 7, Pa.
Research Corporation
1, 1930.
"Dow-Jones Industrial Average
since January
Street
equalled National
31,
Investors' record since March
1937.
Average was
the
"Actually
168.30."
Mutual Funds
"The money
i
$1,000 or $100,000.
.
"How to protect it, how to make it grow
in a current
reports on the
Corp.,
Keystone
issue of Keynotes,
whether you have
don't spend is your estate,
you
Appreciation Common Stocks
You Don't Spend!"
"The Money
and give you regular
assets and earnings
preciation"
of the 40 "ap¬
stocks cur¬
The
to these
common
rently held in Keystone S-3.
net
available
equity
problem."
President of Wellington Fund in a stocks as last reported was $4,of which is to explain "how Mutual Invest¬ 655,500,000, as compared with their
dividends has never been an easy
,
Thus writes Walter L. Morgan,
booklet, the purpose
new
ment
/
In other words there was
$1.81 of assets for every dollar of
700,000.
to the point, in
high school boy
Short ;and
language
any
market value.
Railroad Stock
understand, and generously
can
yet produced on behalf
motion
Investment Funds.
of Mutual
New High for Keystone
A Clas* of Group
'Prospectus
Funds
Securities, Inc.
on
Request
•
Combined assets of the'ten Key¬
Funds
stone
DISTRIBUTORS
$130,-
exceed
now
000,000, a new high total repre¬
senting an increase of approxi¬
mately $25,000,000 since the first
,
GROUP, Incorporated
63 wall st. • new york 5, n. y.'
of this year.
*
Speculative
Stock Fund Series S-3,
Common
ended
1945.
April 30,
monthsyfrom
for the six
T "
$10,078,378 to $13,309,093.
common
Low-Priced Stocks—Now
Securities
a
Buy?
Research
&
Corp., in the current issue of
tional
writes
Notes,
Na¬
follows:
as
stocks are
percentagewise.
If
bought and sold at the right time,
they pay big profits."
"Low-priced
fast
common
movers
.
The
memorandum
that
points
then
its, Vance, Sanders has
Boston
Letter."
"The
introduced
Whereas
.
covers
matters of general
A
program" is sug¬
March 5 of this year.
on
"well
rounded
gested which includes four of the
Securities
Series
and
National
provides
program
proximately
ment
the
Low-Priced Com¬
in
Series is included
Stocks
with
return
approximate
an
of 5%. National
this
Knickerbocker
$10,000,"
Distributors shows how
Bund
$10,000
a
Knickerbocker
in
investment
entitled
folder
little
neat
a
showing the record of the invest¬
ment
management of this fund
since
1937 including all of the
dealers
of the Vance,
bers
ing
who
group.
this
issue,
make
a
are
mem¬
Sanders' sell¬
Judging by the first
will
publication
new
substantial contribution to
advancement of sound, intel¬
the
forecasts
market
general
charts
includes
Fund,
bocker
made
during this period. In the words
of the investment manager, "the
record
is
a
good one."
in
balance
divided
amount ap¬
of the total,
an
16%
up
of
the
23%
invest¬
in bonds,
Administered Shares is
the 'Balanced Fund' of Group Se¬
"Fully
classes," writes Dis¬
tributors Group in a covering let¬
ter
on
its
up-to-date,
revised
folder
and
portfolio describing
this
It
22
reported
ness"
that dealers are
"a wide field of useful¬
Fully
Administered
finding
for
Shares, particularly among—
1.
Small investors whose volume
of
can
business
does
not
be sure just how
much, if any, stock market reac¬
tion will occur during the transi¬
period but it is certain that
securities will be af¬
tion
individual
fected
warrant
frequent personal attention.
Many bargains
differently.
and investment
opportunities
be
Other stocks may
presented.
serious
encounter
fund.
is
one
difficulties.
individual
stocks
dustries to prevent loss
individual
to
capitalize
tunities,
list
a
such
as
which
ties
and
in¬
the best
the
owns
protection.
Investment Fund
Mutual
Wellington
100
dividend
or
not
Fund,
more
securi¬
only
among
be
should
Custodian
Prospectus
on
Stock Series.
Co.
ments
"These
Seemed
Distributors
.
.
.
Abbett
Lord,
.
sponsored
Corp.
folder
on
.
.
KARL D. PETTIT & CO.
PUTNAM
20
Exchange Place
of
New York
City 5
ignated investors sell shares, they
Institutional
tations
as
press
the
a
shares
case
general
of Boston
Street, Boston 9, Masj.
Fund
50 State
Distributors,
as a
Since
sizable
a
shares
whole
stock
affected.
of
fluctuation
of
security prices is required to in¬
duce investors to enter or to leave
in any number,
the market
their
customary market behavior has a
influence the limits
prices
fluctuate
tendency, to
which
within
rather
than
particular
fix the
to
prices existing at the mo¬
Thus it follows that such
lie between the
investors represent
quarterly
by
dividends
pay¬
set
the
floating
supply of stocks is being
bartered
the
Group Securities, Inc.—The fol¬
lowing
as may
limits
terms
back
and
able June 30, 1945 to shareholders
lators.
of record June 15:
swaps
Class—*
Regular Extra
Total
Agricultural
.08
.04
.12
Automobile
.045
.055
.10
.13
a
at
can
high
as
at
low
these
a
.04
.17
.045
.10
sellers
when
.07
certain
levels
.07
.13
,07
"K" .03
.10
market
as
prices
and
.14
cline below certain levels.1
this
is
run
the
.15
.25
.06
.06
.12
.09
.04
.13
Investing Company
.03
.17
.20
__
Priced
.065
.06
.04
.10
.045
„
.06
.155
speculators cannot
of prices above or
the limits set by the non-
.20
This raises two questions
(1)
.05
.03
.08
,075
.025
.10
sible
.05
.03
.08
.05
To what heights is
prices
.02
,05
.05
'03
American
of
1945
190
to
Shares
—
for
if
A
share payable
shareholders of
of
Fund—A
200
trading
high?
participate in
prices got
when
a
St., Boston
Wellington
too
it pos¬
speculators
to boost
investors are assumed
to be disinclined to
record June 20.
dividend
of im¬
portance:
Equipment—
-
level
participating attitude of investors.
Stock
.
de¬
While
true,
.12
.03
below
.10
.075
.03
j.—___
.035
.045
above
the
buyers when prices
.085
.10
30,
rise
to\ enter
.055
Bond Shares-
Selected
price level.
Normally, however, investors are
incined to enter the market as
.03
Industrial MachineryInstitutional Bond
specu¬
occur
.06
__
Bond
between
speculative
just as easily at
.04
Equipment-
which
forth
And*
.055
__2_.
Petroleum
Inc.
that
average
quotations
Dividends
dividend
Putnam
the
on
so
prices is not materially
Shares.
June
Keystone Corporation
demand.
behavior
depressing tendency on the
which
they
sell and a
buoyant
effect
which they buy
the.
the
their
.increasing
latter
the
In
has
some
prices, -since it augments
floating
supply
of
shares
without
ment.
Merchandising
Mining
or
else
other issue to
the one which they hold. In the
former case they sell their hold¬
ings for cash; and their market
behavior has a tendency to de¬
prefer
level of
Low
Prospectus upon request
reasons.
line with economic reality or
market
be obtained
of two
one
consider current quo¬
a whole to be out of
Either they
Railroad
map
activity.
sell them for
Railroad
local investment dealer
50 Congress
ulative
Securities' Stock and Bond Group
Railroad
Prospectus
The
.
Hare's Ltd.—
.
Utilities
your
.
Data
timing of invest¬
on
behalf
in
ments
Current
quota¬
ficient to create considerable spec¬
Composite
Keystone Custodian
folder
New
—
.
—
Funds for June.
Tobacco
from
—
on
funds
Keystone
General
Inc.
Teletype NY-1-2439
Import¬
Group
Lord, Abbett
for June.
Summary folder
Fully Administered
General Distributors
MANAGEMENT OF
of
issue
Current
Things
.
Common
Special month-end price compari¬
son card on Group Securities, Inc.
Steel
Knickerbocker Shares,
& Research
Selected Invest¬
.
.
.
—
in
to induce investors to
minor rise or fall is suf¬
a
they
memorandum - of portfolio
changes
during
May;
revised
Food
F
Request
to 'recon¬
Low-Priced
indifferent
are
When those whom we have des¬
June;
Electrical
FUND
of Investments
sell;
Corp.—Current Information folder
on
National Securities Series for
on
market trading;
easily persuaded
are
required
Mutual Fund Literature
Building
Supervision and Safe-keeping
them.
W. L. Morgan & Co.
folder
mar¬
speculators
profit
from
A major rise in prices is
tions;
jitters' and the problems
of
these
reconversion days." —
From a current memorandum by
Securities
necessity
attitude
not inclined to
fluctuations
minor
to
the
.
toward the
Investors
to do so.
Of
to
are
in
participate
speculators
version
National
Investors
ket.
long
management,
answer
one
allude
terms
shareholders
of
carefully selected bonds and pre¬
experienced
distinct.
and
clear
the
ferreds, and further enjoys a
Aviation
for the Diversification,
Other
being equal, the level of
prices varies directly with
the quantity of cash or credit in
the possession of speculators.
The purpose of this paper is
the source and
used by market
over
amount of funds
Chemical
Keystone
formally
stock
to what
industries
the profit oppor¬
on
be
follows:
as
things
Doe
and which
diversified investment
a
seems
"In
and
stocks
In
selecting
view of the difficulty of
which
may
might
,
.
Fully Administered Shares
curities'
"No
notion
This
summarized
any
ever
ant."
Reconversion Jitters
notion of security prices
money
direct relation whatso¬
is sometimes called
"legitimate"
business
activity.
Certainly the effect of a simple
to question the ability of regula¬
exchange of stock is not infla¬
tory authorities to stop a runawaytionary since the mere transfer
stock market under certain cir¬
of the purchaser's ability to pur¬
chase
consumers' goods to the cumstances and to describe the
seller of the
stock neither in¬ forces which can give rise to the
creases
nor
decreases aggregate circumstances which can send se¬
command over consumers' goods. curity prices soaring quite with¬
out reference to the quantity of
In only one situation can such an
exchange of stock be inflationary: purchasing power possessed by
,v y'
if the buyer borrows funds from a traders.:
In the analysis that follows it
bank with which to pay for his
stock purchase.
In such a case is necessary to divide stock mar¬
ket participants into two groups:
aggregate purchasing power is
speculators and investors. Admit¬
augmented.
tedly the difference between a
Thus it would seem that the
speculator and an investor is not
concern of regulatory authorities
has
Co.,
Pettit &
D.
Karl
from
ing
formation and sales ideas for in¬
vestment
these methods are postulated up¬
on
a
sort of quantity theory of
diversified as of April
was
investment counselors to Knicker¬
Letter
to
to John
Motors
General
of
1945l*f An, accompanying mail¬
30,
investors, The Boston
will confine itself to in¬
interest
balances to a stated proportion of
the value of collateral.
Both of
are
Smith sells his share
at which Joe
should be
$10,000"
"Your
a
stocks
of
prices
term
low-priced
effect
mon
is won."
"Your
stocks/Lave, ligent sales practices in the dis¬
lagged behind the market since tribution of Mutual Fund Shares.
tlie new margin rules went irito
out
position of leadership when the
in
50%
stocks.
companion piece to the
well-liked and widely-read BrevAs
expected to maintain
that may be
In
Brevits
National
and
preferreds
in
Boston Letter
:
Series
Fund
increase
' :
Medium-Grade
B-2 show an
Net assets of the
Bond
11%
other
average
paid
war
months
six
the
during
573,179
*
$4,523,892 to $7,-
from
increased
limiting the size of traders' debit
if it exists,
fact that
the
from
arise
could
participants and not the level of
prices at which shares happen to
be exchanging at the moment.
Attempts to attain the stated
ings.
objectives usually take the form
This
group
of stocks, writes of (1) setting limits to the quan¬
Keynotes, "includes a large pro¬ tity of credit that shall be made
portion of the basic industries— available to speculators or (2)
great corporations that are now
leaders
in war production—and
common
stocks, but also among
a
the
of
assets
Net
these
companies
$4.60 per share
year
on
dividends of $1.89 per
share—that is, they paid out only
40%
of
their
earnings
and
strengthened their position by re¬
taining the major portion of earn¬
and
Shares
sales pro¬
pieces of
finest
the
Last
earned
illustrated—this attractive, twocolor booklet is certainly one of
'
value of $2,565,-
market
current
Fupjds supply a new answer f
difficult problem."
to this old and
<
(Continued from page 2607)
effect,
This
tivity.
high or it
vestors as follows:
could arise from the use of bank
"Dow-Jones Industrial Average credit by the market. It is diffi¬
at 319. This is where it would be,
cult, if not impossible, to conclu¬
if it had kept pace with Broad
sively demonstrate that the price
at 225. If it had
(5)
120 BROADWAY, NEW YORK,
New
Broad Street Sales Corp.,
Securities Series
V
i.
Economics of
The
pension plans.
m
.'
Thursday, June 14, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
2622
per
(2) To what extent are we
jus¬
assuming that investors
will not enter the market on the
tified
in
quarterly
share
1
pay¬
able June 30, 1945 to stockholders
of record June 15.
at
ket
It
is
which
is
earnings.
generally believed
that the
investors enter or
leave the
related
to
current
or
P01"'
mar¬
probable
Number 439.4
161
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
lower
prices.
change
It
is
not
ex-'
the
that raises'
per se
or
low¬
Obviously
share of stock
every
purchased must be paid for
some¬
The paying ability of specu¬
is
derived
from
three
sources. These are:
(1) Cash received from per¬
sonal income, i.e., wages, salary,
rents, interest and dividends.
time.
lators
Credit
(2)
borrowed
from
banks, brokers, or from those who
allow credit balances to
sell and
stand in their brokerage accounts.
compensation
for
the
shares
sold.
require explanation. It
obvious also that the purchas¬
not to
as
is
of speculators will be
ing ability
if they
to some extent
curtailed
►
prevented by stringent
are
his
upon
offer
is
made
holdings.
gates himself to
motive
behind
profit.2
is
swaps
When
■
regulations from
gin
mar-
borrowing
of
are
'•
•
•
to
mand
than
requirements can not
this
last • objective.
Margin
have a tem¬
porary psychological effect upon
speculative activity, but if the
requirements
fewer
they
materialize,
higher bid
shareholder will
a
a
•
.
-
:
-
;
■
such situations arises from the fact
J
that such regulations
;
the "third
«.
do not limit
type of trading listed
above: i.e., the practice of buying
and
stocks
paying
the
for
pur-
?
chase with stocks. .This last prac-
?
tice
'■
for
•
is
novel
to
call
extended discussion,
more
illustrate
To
?
sufficiently
Jhowi stocks
j
are
asking.
Except
therefore
in
as
prevent
with
purchased
Smith to
;
;
1
,
;
are
assumed
was
to
oc¬
simultaneously. This does nbt
happen. In actual practice
trader
United
who
wants
States
to
Steel
to
and
pay
next
after he sells his motor
If
i.
;
-
he
chooses the former, he
obligated during the inter¬
val between the purchase and the
will be
later
in
sale
the
to
transaction
value
in
amount
an
Can
minum
stocks,
assume
100 shares
sell
of Alu-
on
the
market* for
$67. As . a result he receives a
right to withdraw $6,700., This
right is ordinarily assumed to be
a right to -withdraw cash whereas
right to.withdraw
value/ The seller may at his op¬
in reahty it is
equal
order
margin
a
too low.
The dis¬
preceding
speculators
investors fail to
up
or
demon¬
to
the
aid
of
spite
of
the
able,
are
perform
properly,
down
com¬
conditions
to
run
level
any
purchase,
Steel
such
visualize
to
assume
be
to
quoted
United
at 64
effect
prices back in line with
of
out
were
earnings
have
line
unprofitable because
the continually
increasing earn¬
ings later justify the prices which
they considered to-be too high.
Seeing the shares which
called
term
might
be
"experience of lost prof¬
an
'
/v:;.;,-:/' ■/
a
long drawn-out period
of business
improvement,
who
vestor
follows the
any
;
in¬
conserva¬
is
predes¬
tined by events to receive
series
of
profits."
As
that
result
a
later he will
sion
whole
lost
sooner
remain
out
of
the
Once
error.
must choose between two courses
Now
sell
One
only
all
of
and
to sell when
is to
anticipate
pur¬
other
if
to
imme¬
issue
investors
refuse
prices get out of line
earnings,
force remains to hold prices to
traditionally
a
never
other
with current and future
no
proper
relationship
earnings. At such times invest¬
have become speculators and
ors
by
doing
so
only
have
effective
to
analysis
restrictions
that
now
trader who
a
shares
200
of
ticipating
a
common.
He
motor
restrictions
different
when
lators
level,
those
shift to
places
is
of
the
an
debited for
is
General Motors and
U.
Steel
S.
but it will be
to
occur
that
speculators
do
to
as
of
with
traders
to
The
existing price
level, such regulatory measures*
*re apt to prove futile.
r
McKee Adds Huddell;
the form
of cash
choose to
most
he feels '.to
profitable.
vinced
the form
in
.he
will
withdraw it in which¬
medium
ever
'
or
Naturally
shares.
removed
brake
on
PITTSBURGH, PA.—George W.
Huddell has been appointed man¬
the
soaring
of the investment fund de¬
partment of C. S. McKee & Co.,
Union Trust Building, members
of the
Pittsburgh Stock Exchange.
Mr. Huddell
sentative
of
Corporation
was
tri-state repre¬
&
Poor's
Standard
for
the
that
If
he
the- future
be the
is .cortof
course
this
cles.
debit
From the
to settle im¬
that
.
.■■■'
to
wisest
ment of a
draw
is to be upward, the
policy would, be to withthe value in shares.
Arid
vice versa, if he suspects that
future
be
.
,
the
to
of stock prices is
course
downward, common sense.di<?-
tates that the withdrawal be made
In other words,, the me¬
dium withdrawn in each case d$-
in cash.
withdrawer's nO;• tion as to future trend of prices.
}
If we ,view a stock exchange
-
pends upon the'
,
are
stock prices
•
$6,400 debt.
By delay¬
ing his settlement, he is gambling
on
the continued willingness of
creditors to take General Motors
at
.
current
its
quotation.
to
accept less than 200 shares in
Perhaps they will
full settlement.
transaction from the viewpoint of
<
.
•
offer to take
the
would
buyer, we discover at onee
that his ability to purchase stock
is not limited by his ability to pay
cash but by his ability to pay whit
sellers want. As long as
of
prices
sellers
cash,
will
so
to
easy
is
upward,
want
the course
speculative
and not
shares
that buyers will find it
buy stocks and pay for
them with stocks.
a
quantity of that stock.
Although it
must
be .admitted
that swapping among traders can
be., achieved.as easily at a 10%
lower as.at a 10% higherfprice
level,
apt
to
150 shares.
If so, it
that they are bidding
mean
42% for it as compared
with their
previous bid of 32. On the other
hand, if business should fall off,
creditors may not want to take
the stock at any price. They may
If so, our
margin trader must either offer
such terms as will persuade cred¬
itors -to take stock
rather than
cash or else he must deliver the
actually demand cash.
"post-graduate" radio
with
the
brilliant future
who know what they are talking about in
business, Hallicrafters has been quietly elected
the radio line "most likly to succeed" in the postwar era.
There are many elements that go into this confident bal¬
• By many
the radio
loting. Hallicrafters will
sets
to
in the country.
not try to
But they will
make the most radio
certainly continue
most
make the best—for radio amateurs, whose ranks will
be
tripled by communications-trained veterans; for glo¬
bal-minded, discriminating short wave listeners who
want
nothing but the best; and for the
new
pioneers of
the universe who need the finest communications systems
for land, sea and air commerce. Hallicrafters has staked
out a
claim
to a
particular segment of the radio market
clarity of its purpose, the character
and because of the
,
Hence, speculative trading in a
bull market is largely a matter of
stock swapping; and quoted prices
at such times represent the quan¬
tity of this stock which specu¬
lators consider to be equivalent in
value to
The
the
proving, his creditors may become
so
anxious for settlement of the
debt in stock that they will offer
,
-
If
of industrial activity is im¬
course
actual swapping
lead to higher
is
more
than
to
cash.
He
begin by offering
the basis of 250 shares
will
to settle on
equal
being
another
way
to $6,400, which is
of offering General
25%. If this
not prove
toftbe enough, he will be forced
Motors
for
sale
at
concession in price does
to^suggest even better terms, say
each "swapper" intends to
redeem his stock in cash at some unde¬
termined future date when the values re¬
sulting from the swapping process get very
2
Of
high.
course
of its management
and the inventiveness of its engineers
confidently be expected to live up to its
being "most likely to succeed"
radio markets.
the company can
selected reputation as
in postwar
hallicrafters
THE
HALLICRAFTERS
WORLD'S
SHORT
LARGEST
WAVE
radio
CHICAGO
EXCLUSIVE
RADIO
COPYRIGHT
CO.,
COMMUNICATIONS
1945 THE
16,
U. S. A.
MANUFACTURERS
HAUICRAFTERS CO.
OF
EQUIPMENT
/
charged from the U. S. Army, has
been made manager of the trading
department.
Mr. Miller is well
known in Pittsburgh trading cir¬
traders with credit
willing and .anxious
take 200 shares of it in settle¬
dence
balances
twelve
Michael N. Miller, recently dis¬
200 shares of General
since current quotations
stock offer positive evi¬
livering
for
past
years.
mediately, he could do so by de¬
Motors,
;
Miller Trading Mgr.
'
of
fundamental
the
.
Should he choose
and
an
assumption we know that he antic¬
ipates paying this value in the
form of General Motors stock. ;
tion* withdraw his value either in
any
entertain
not
.
balances
credit
6,400 dollars in value.
slated
in
investors
100 shares of
common.
was
later
or
when
But
case.
one
sooner
that he is obligated to pay
means
the
price
change in margin require¬
precipitate a reaction,
SUCCEED"
TO
specu¬
abbut.
ments may
"MOST LIKELY
His debit bal¬
secured by 200 shares of
$6,400.
expect.
and
existing
an¬
buy 100 shares of steel, the order
is executed
and his account is
radically
authorities
investors
S. Steel
order to
U.
It
which' the
uncertain
are
a
often
are
than
possesses
stock
market
without effect.
are
saying
to
that
not
is, rather, that the effects of such
that two
shares of G.M. are equal in value
to one of U. S. Steel.
Suppose
equivalent
drawn
be
are
stock
on
speculation
ager
is
these
the
they
if
reaction,
length of time is
and costly
at
run
or
the conclu¬
to
come
to
market for any
serious
a
"experiences
diately.
earnings.
When this
those who take the in¬
conclusions
soundness
earnings
some
outrun
violent
a
this
doubts
with
chasing
justifies higher
.The
from
of
line
get
to
occurs.
IV
policy of selling his holdings
whenever current prices get out
This is
and General Motors at 32.
/-:
:
tive
the
early stages of an indus¬
trial revival, the per share earn¬
ings of most corporations increase,
precipitate
soundness
better
a
continue
When this comes, a refusal of the
banks to supply the cash will
only
lack
of
uncon¬
may
selling for cash
Thus
investors and speculators become
convinced that this is true, they
line with economic
reality.
and
way
wild until
an
market
promulgating
strin¬
get out of
under
bull
thought the price
high quoted at still higher
prices later is unpleasant, and for
credit
described
In such event
trollable
too
action.
to
has
one
prices.
sold because he
sell
occurs,
current
been
to
turn
with
find their action to
soon
of
in
bringing
earnings.
However, if the improvement in
business continues, those who dis¬
posed of their holdings because
they thought current quotations
extent to which investors may ac¬
this
of
most
prices.
At such times a
tendency seems to exist for prices
a
the
tually refrain from selling when
quotations set by speculators in
and
stocks
a
margin requirements.
Our
problem is to discover the
manner
toward
bank
share
quires it.
In
is to
from
In the
to his creditors
pay
or
just
in
holdings of General
or
earlier,
prices
economic
functions
prices
Motors purchases the steel either
stocks.
investment
how
without
purchase
and
their
gent
for it with his
stated
too high
when
often
a
to
cussion
strated
trader
of
security
parison
buying and selling activity of
cur
'with
moving to levels which by
illustrations used above,
each
buyers
pay for
have
During
function
trading,
technical
In the
the
fall
or
speculative
as
to
Ill
situations, ex¬
changes will occur only at succes¬
sive higher prices.
ance
'
•
demanding.
attitude
encouraged to liquidate. This
selling by investors is supposed
its."
The
States
restrictions to control
future
stocks.
exceedingly reluctant to sell at
lower figure. Under these cir¬
cumstances to acquire shares a
buyer must bid as much as sellers
they are predestined by the situation to reach. The ineffectiveness
of margin
the
now
quotations will rise
a
to the price of the
steel stock at the moment he ac¬
a
shares in
are
according
bull market
are
already marshalled, margin
restrictions can neither stop the
movement
nor
prevent
prices
from soaring- to the levels that
make
that
forces
.
may
they
His
Thus when investment
participa¬
tion in market
activity is absent,
a
purchases
be
before
accomplish
than
find it easy or difficult to
the stocks which
they buy
unusual
Pronouncements of higher margin
may
demanding.
possibility exists for
are
duly high.
shares
more
currently
stock
debatable poinj relates to what is
"
creditors
compensation consists in the pos¬
sibility that creditors will de¬
'
/
shares
whatever
sales, profits can result
only if prices rise. As long as a
funds from banks or brokers* The
accomplished by such regulations.
If the object of a more stringent
margin regulation is to protect
legitimate business from the pos¬
sible harmful repercussionary effects of a future stock market decline; then the regulatory measure
can
perhaps be justified. How¬
ever,
more often the announced
object of such a regulations is to
prevent prices from becoming un¬
with
doing this is that creditors will
demand
'
•
his debt at
gay
date
then demand. The risk he assumes
in
lower value than that set
by the
holder, the shares are not avail¬
able for exchange and no
quota¬
tion results.
The
future
number
a
paper
are
a
some
and an exchange
bidding trader sets
If the
occurs.
vestment
share./
a
holdings, he obli¬
the shares, an
upon
being equal to $6,-
as
trader buys stock before he
sells his present
value so set is
usually not
lower than the price
paid for the
shares.
If another trader sets a
higher value
shares,
If
precede
The first of these is so obvious
?
value
a
The
Stocks delivered to sellers
(3)
as
prices, it is the attitude of the
exchangers. One who holds stock
sets
400
400, i.e., $16
ers
Buy A War Bond Today!
'//v
;
of Cleveland issued
$17,500,000 transit
bonds
in connection
The City
revenue
Back
result of excellent
a
results, the debt has since
been reduced to less than $10,-
1944, when an issue
Co.
TRIPP & CO. INC.
telephone WHitehall 3-6742
Street, New York
40, Wall
bonds, due semi-annually
to 1952 incl., and op¬
These
1945
from
tional,
governments is graphically illus¬
trated in the data in the report
just issued by the Municipal Serv¬
ice^ department of Dun & Brad-
document,
(This
reader
the
the
glance
at
collection
tax
In
ary
that
for
closure
that of
177 cities of over
way
nicipal tax collection survey, there
are
tables showing for each of
50,000 'population from which re¬
158 revealed
Improvement over 1943, three re¬
ported to change and 16 indi¬
cated slightly less favorable rec¬
cities
ords.
Total
ports were received,
.'''With
perity
on
>
the ability of the na¬
collect their tax
cities to
tion's
Thus, while the med¬
revenues.
percentage of year-end de¬
ial!
linquency
on
current tax levies
for 150 communities of over 50,000
population was no more
in 1944, as compared
than 3.9%
with
•
4.73%; in 1943, the com-
parable figure as recently as in
1939 was 9.25%.
For farther
contrast between boom and de¬
pression, it is recalled thdtKt!ie
median
delinquency
forV) 1933
was
'^ne
aspect of the analysis that
particularly interesting is that
is!
pertaining to the rapid strides
made by the cities "in clearing up
the abnormal accumulation of ar¬
rears
which marked the acutepe¬
riod of the 1930s
though
in
progress
this
respect
depression."
30s,.^the trend was markedly ac¬
with
co-incident
celerated
the
changeover in 1939 to a war econ-
o^; accumulated
delinquency
tax
to the levy
years
for that
only 18.7%. For similar,
bqt not entirely identical, groups
of,; cities, the median ratio was
21.p;% in 1943 and 48.4% in 1935.
year>was
Commenting
these figures,
on
point that
the survey makes the
while
the
average
city has ap¬
proached completion of the task
;in clearing up accumulated de¬
linquencies, "It has taken
cade
cause
many
to
job,
the
a
partly
de¬
be¬
enforcement measures in
areas
hearted
i
do
and
were
rather half*
ineffectual."
Although the expanded national
income during the war
afforded
cities
a
period has
wonderful
op-
~portunity to clear up chronic de¬
linquency situations, the survey
notes, many have passed up the
chance and, failing to do so in
amount of tax
as
liens; (4) Accumulated De¬
linquency, i.e., ratio of delinquent
taxes at close of 1944 fiscal year
to the
year's levy.
City
Cleveland is subject
the ground that the
of
taxes
on
private en¬
city is "engaged in a
terprise for profit," and therefore
property could not come with¬
constitutional exemption
the
the
in
of
property used for public pur¬
poses.
■
.'V".*: /
Cleveland
the
of
Officials
of the
decision, estimated that it would
system,
cost
the
city
annually
properties were
$250,000
The
taxes.
in
learning
upon
West
•'
sions.
tems
ago
from
serves
Cleveland
the
Cleveland and
sur-
to
as
principle
tended
created
decision
The
the
of
specula¬
possibility
of the
being
taxation
ex¬
other types
to include all
operated
by municipal subdivisions in the
of
property owned and
of
Recognition
State.
this"
was
by
Governor
Frank
J.
Lausche, former Mayor of Cleve¬
land, who described the decision
as
"far-reaching and requiring
made
very
the
.careful study and survey of
effect it will have not only
municipally
owned; but on all other munici¬
pally
owned
utilities such
as
light, water, steam, etc." Mention
on
transit companies
also
was
that"
might
Ohio
and
made
of the
municipally
be
made
corporation
to the State's
cise tax.
possibility
utilities
subject to the
owned
franchise
3%
*
utility
battle
of economic warfare. It was
nation; for
we
cannot
$50,000.
less than
struck
the lengthy
regarding delinquent
taxes owed to the State of New
Jersey by the railroads operating
within its borders was written on
11, with the ruling by State
A. Dayton
Oliphant that any payments made
by the carriers must be applied
Supreme Court Justice
the interest due on taxes
specified year and then
the principal.
any
the
also held
the rail¬
roads from 1932 to 1941 must be
that all interest owed by
which carried
high the banner of
while the totalitarian
aggressors grew bold and strong.
freedom,
We all know it is
dynamite
ex¬
the
Port
by
in
traced
"as
system
end
His
substantial finan¬
a
the matter and,
in particular, Jersey
City, whose
stake is approximately $16,000,-
for Similar
Model
of
have
the
Among
literature
that
attention
of
have
this
come
to the
department
in
the
past few days is a reprint of
the
extrepiely interesting address
made
by Austin J. Tobin, Execu¬
Director of the Port of New
tive
York
Authority, before the Union
League Club of Chicago, early in
recent
ownership
operation
and
Whiles this
"on
the*
time,
for
action
the
ments,
project
fire"
electorate
when
in
has
quite
of
condition
the
for
Chicago.
talk
Port
-
was
Postwar
to
The
been
The
city's
will
Authority,
in
1921
by
which
was
ter
develop¬
the
recom¬
Commission,
New
and
ex¬
of the similar
to
show the
is
not
too
far
would be
to
off.
her
the
as
the program.
Province
last
its
way
fronting Chicago.
of
with
a
025.61, it
June
9.
tures
the
$2,216,-
C. M. Fines
and
period
re¬
stability
revenues,
Mr.
of
traditionally
forced
war,
turn
to
to a
and
protection
India, Egypt and the
Do¬
The urge
a
tightly
knit
the creation
sterling bloc
couraged to the exclusion of non-
Fines
sterling nations.
Almost everywhere we look—to
the
British
Empire,
the LOW
Countries, the Scandinavian na¬
*
$2,250,000 4H% bonds due
July 2, 1945, and payable in
New York funds. This will be
on
tions— the
ahead
We
disclosed
sinking funds increased
,
now
,
(
!
emerge
being $31,-
in
the
and
power
*
We
:
United
—
,
States,
win
with over¬
financial ana
have ^ 5V*
internal debt.
shall
gantic, burdensome
.
nations
from the war
industrial.
the -years
<
other
whelming
>
in
U. S. Policy
France
by $7,081,136.17 in the recent fis-
oiooll'io as comPared with $23,yIvjO41»Q2»
great.
are
:
years.
The Treasurer also
warfare
renewed
of
dangers
economic
the first debenture
maturity to
be redeemed in full in cash
by
the province in many
,
the
within which trade would be en¬
continued
to solution
to
ish opinion has urged
of
the
u
essential
is
toward Empire
preference is stronger than ever
and an influential section of Brit¬
declared, will result in the redemption,.without refunding, of
.
Britain
minions.
expendi¬
were
British, because res¬
a
strong and pros¬
recovery;
owed to
on
900,544.35, respectively.
The
of
system of Empire preference. Now
billions
in
blocked sterling are
ported at $34,116,569.96 and $31,-
cre¬
con¬
to
April 30
by Pro¬
Revenues
for
the
free trade Britain had been
that
of
vincial Treasurer
for
world
announced
Much of her indus¬
shipping partly destroyed. At
same
time she is in need of
Before
on
surplus
was
an
perous
Saskatchewan
fiscal year
a
investments and
enormous
short-term
foreign
toration
$2,216,025 Indicated
ended
She
weak¬
large part
war
large imports of food and raw ma¬
terials. The problem of Britain is
serious. It is serious for us as well
obliged to issue in order
finance
Britain
try will need rebuilding; her for¬
eign trade has been disrupted and
interest in possibly competing for
securities that the authority
a
problems now
trade.
significant.
by the loss of
her
debt abroad.
suggests
the
New Jersey,
tax
export
to
Great
of
from the
emerge
ened
viously advised the city of their
the
has largely corrected
York's
terminal
problems
of
position
owing
compact be¬
tween the States of New York and
ated
is
is_ particularly
of
of his
how
little
Britain's Position
that definite action in the mat¬
Projects
purpose
illustrate
The
Inevitably such a
likely to encourage
self-protection
to
limit and control foreign
some
the
other
and
including
merce
Committee and its
on
have
measures
ownership by the Illinois Com¬
under the auspices of the
Committee
they
exchange.
mendation in favor of municipal
Tobin appeared before the
Public Affairs
impoverished.
perate need of imports at a time
provincial
group
been
"
April.
Mr.
authoritarian
local transit system.
the
of
other
dustrial plants leaves them in des¬
Preliminary figures show
pieces
various
and
which
wholesale destruction of their in¬
the purpose of acquiring for pub¬
Bodies
In Other Cities
will
nations
we
many
we
go from here?
Most of the countries of Europe
Saskatchewan Surplus of
Authority
words,
with
do
000.
Port of New York
,
appeared at the
very
end of the last period of
peace. The vital question is, where
Prominent banking houses pre¬
interest in
war
controls
approval by
the voters of Chicago of the cre¬
ation of a Transit Authority for
lic
con¬
and recommenda¬
the
of
new
and
additionally pertinent in
are
light
trade
whole
a
restrictions
other
this
devices
*
^
analysis
tions
Authority
terminal
and
port
international
-
using the implements of exchange
restrictions, export and import
what Chicago may expect from a
its own."
of
trols.; In
of
examples
on
the establishment of
the operations of the
Port Authority and set forth the
work and accomplishments of the
body
errors
impelled by dire necessity toward
of
bi-State
these
in effect and with many countries
the
detail
playing with
repeat
the
restraints
out, the agency
an
aggregate
of
Tobin
to
past;
Yet that dynamite
already exists. We must recognize
that
we.:'will emerge from the
present war with many wartime
the construction of new port
on
terest alone.
have
crush
expended over $240,000,000
has
act.
The five
roads which were parties to the
suit owe about $12,000,000 in in¬
State
progressive descent into author¬
Here was a grim game which
weakened and divided the nations
Tobin's formula
enjoyed
issued
has
compromise
Various municipalities in the
barriers, fail,
over every
aspect
of international commerce.
$466,000,000 bonds for new pro¬
jects or refunding purposes and
at the rate of 12% a
year and that none of it could be
figured on the 3% annual basis
as set forth in the 1941-1942 rail¬
cial
tariff
the problems of
war
and reparations, a
struggle
self-sufficiency, led on to cur¬
rency
breakdowns,
competitive
devaluations, quotas, exchange re¬
strictions, clearing agreements and
pointed
he
as
computed
road
to settle
at
debts
the
quarter-century
perience
opinion
the
and
it
will
the
history
Another chapter in
greater
The blind
blows
for
facilities.
controversy
take
economic
a
were
Prohibitive
Authority during which period,
~
Jersey Wins
Rail Tax Suit
everv
aimed unwittingly
friend and foe alike.
ure
a
royal
devil
that
played
role than malice.
the battlefield
be won alone
on
won
of Mr.
Back
and
New
first to
In
stupidity
war,
of
Mr.
June
be
Nor
alone.
5^4%
and,
in - the
majority of in¬
stances, the amount involved is
5%
not be enough to
will
It
of the bonds in¬
offering bear in¬
of
rates
terest
itself, and
hindmost.
the
world.
was
sounding territory.
tion
if
of the State
invest proceeds of the sale
bonds of the Seventh * War
Bulk
form —the
itarian controls
It is the intention
cluded in the
War continued in
peace.
different
Japan militarily, as Germany has
been
crushed.
Enduring
peace
the
by
acquired by the city about three
Railway Company and the sys¬
bring
a
State's Work¬
men's Compensation Fund.
The
offering includes 125 individual
lots, with the bonds in each in¬
stance being general obligations
of the respective political divi¬
held
now
State
Court ruled
on
June 7 that the municipally
owned street railway system of
The Ohio Supreme
the
of
State
the
The action was instituted by
Property Ruled Taxable
But
the end of armed conflict did
not
of the
stability and lasting peace in
for
Cleveland Street Railway
In the last World War we
were
victorious in the field
appropriate, I think, to
briefly about some
things that need to be done
are
to achieve economic
Virginia, which is asking for bids
until June 20 on $4,769,000 bonds
of its local subdivisions which are
to
for 139 cities at close of their last
fispaf
(current
title
years
According to the Dun & Bradstreet ^statistics, the median ratio
v,
such
comment
Al¬
had been made
during the late
of
and
delinquent) to the Year's Levy,
1935-1944; (3) Percentages of Re¬
cent Levies Uncollected, End of
Last
Fiscal
Year, with special
to
26.35%.
Ratio
(2)
1930-1944;
Collections
is
sales
folio
the field of port¬
Francisco
also
talk with you
population
50,000
(1) The Trend of Year-End
Delinquency in each of the
years
respect to last year's re¬
sults, the survey calls attention
t'o the effect of war-boom pros¬
the
in
group
Tax
A newcomer to
San
respect and confidence.
So it is
$4,769,000 Local Municipals
in
out
Real peace will only be
achieved
the nations of the world
can
live and work together in
mutual
if
stability can we realize the
nomic
Virginia Asks Bids on
Loan,
of emphasizing the
scope and contents of this latest
edition of Dun & Bradstreet mu¬
By
" '
The national goal is to
raise
one-half of this great war loan
out of the savings of individuals.
Thus you are working not only
to win the war but to lay the
foundation for economic stability
after the war.
Only with eco¬
:
hammered
Conditions of Lasting Peace
in
•"
'
r
by the establishment of the world
organization which is now bein»
promise of a lasting peace.
•
4
,
West
to
linquent taxes.
property taxes.
debt,
payments of de¬
sioned by heavy
Illustrat¬
ing this development is the dis¬
current
•
callable
higher-coupon
standing
income from taxes occa¬
of large
bettered
collection of
the
in
case
which, in managing their fiscal
affairs, fail to give proper weight
to the transitory nature of much
cities
American
record
.
particularly pertinent in
of
those communities
This is
.1944, the survey states that , this
marked the 11th consecutive year
their
occasion budget¬
difficulties under normal
conditions.
the
of
elimination
the
possibly
may
the sub-
record
the
-discussing
necessarily bear in
potential source of income
this
ex¬
sequent recovery period and in
light of the substantial contri¬
bution made by war conditions
in the local financial picture.
^
that
mind
a
of
virtue
by
years
taxes should
perience of cities in the 50,000
or
over population group dur¬
ing the depression 30s,
in
their
ability to collect long-overdue
past
possible for
determine
to
incomes
swollen
greatly
been
have
initiated
series of ta¬
1932, includes a
in
it should
economy,
ber of cities whose tax
compilation which was
bles which make it
with this phase
also be said that the great num¬
annual
an
local
of the
Tax
street,-Inc., on the "Trend of
Delinquency, 1930-1944." •
.Cleveland Transit System,
the City Sinking Fund and the
City Treasury.
Purpose of the
entire issue was to provide for
the redemption of previously out¬
by the
pogt-war
In connection
dize the peace,
gravely jeopar¬
time, but it would
issue of
part of a total auth¬
$9,310,000, and it
was
announced that the balance
of the bonds were to be absorbed
adjust¬
ment period, "may find that it is
too late to salvage assets which
now
have potential value."
favorable impact of the war
ecQr&my on the finances of local
the
of
advance
The
were
orized
Municipal News & Notes
easily.
manufactured by a mere
stroke of the pen. But to finance
the war that way would be un¬
adulterated
inflation.
It might
serve
to finance the war for a
It can be
Bosworth &
Merrill, Turben & Co.
and
less
and it
important than machines,
can be manufactured more
Co., Braun,
&
more
total war money is
fighting
of $2,000,000
1*4% refundings were awarded
to a group composed of McDon¬
ald
Even
raised.
the way that money
in November,
occurred
eration
the
debt op¬
000,000 and the latest
alone in
that is
important is
is raised. In
does not lie
amount
of money
doing
are
ing
War Loan
7th
(Continued from page 2611)
of the system.
operat¬
with the purchase
As
Economic Problems of Peace
of
total
a
Thursday, June 14, 1945
CHRONICLE
& FINANCIAL
THE COMMERCIAL
2624
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
nevertheless, we shall have
great power. Inevitably the rest
But,
only one way. This must be a
two-way street and serve the pri¬
mary interest of our own
people
the management of the Fund
upon
and the Bank.
The various
mem¬
world wonders how we will
ber nations will need to
appoint
use that power.
We, beyond all or it will not work and will not as their
representatives men of
other nations, have the capacity continue to be supported at home.
ability and sound judgment. We
to produce quickly the machinery There are other serious barriers would not
be justified in abstain¬
and goods which virtually every to world-wide economic recovery, ing from the
proposals for lack of
nation
will
desperately
need. including problems of exchange faith in the
willingness of our¬
There is no question of the huge and of uneconomic debt, some of selves and
other nations to
of the
demand for our exports that will
great
question
is
exist.
The
whether we
prepared to
are
inevitably, we shall
present allies seeking to
doubt, then,
our
see
not one of those who be¬
am
in this
"mature economy"
a
coun¬
The
Debts
25-year-old
foreign gov¬
debts
to
the
United
States arising from World War I
will never be paid because
they
cannot be paid.
We should be
ernment
honest
and
intelligent enough to
and cancel them.
Stabilization
of
an economy
do think
But I
prise.
have
we
mature country, capable
become a
playing a wise and mature role
of nations.
in the community
I take it we are
agreed that we
do not intend to see the world fall
stabilization of the all-important,
dollar-sterling rate. We must be¬
gin now to pick up at least part
derance of world trade is carried
out in these two
default
from
nations
these debts
on
World
War
in
now
remaining
I.
Efforts should begin at once to¬
ward
settlement
of
the
Lend-
the
pieces
London
1933.
from
Economic
An
the
wrecked
Conference
overwhelming
exchanges—the
dollar and the pound
sterling. If
the relative
value
of
the
once
pound
Lease
obligations arising out of
Every action to this end
should, in accordance with Article
that
VII
world-wide
of
the
Mutual
Aid
Agree¬
ultimate
establishment
of
•
expan¬
operation between the British and
exchange and consump¬
goods; to the elimination
the
tion
the
possibly be taken toward
employment
ourselves must be a corner-stone
in
any
program
of world eco¬
nomic revival.
v;
of
and
can
currency
stability
will have been
accomplished. Co¬
ments, be directed to the
sion
of
production,
-
These
which
measures
to
merely
are
of the
some
should
be
taken
lay the foundation for economic
'
it very clear
that I stood for no
such proposition. Equally clearly,
the Democratic party stands for
no such
proposition. The Amer¬
ican people have made clear their
determination to join with other
nations in a world organization
to maintain peace. But real peace
cannot be achieved merely in the
political field. The causes of in¬
ternational strife go deeper than
mere
unprovoked
military ag¬
gression. All the work being done
Lend-Lease
that
agreement
the
of the difficult economic
left
tlement
wars
be
not
such
as
to
burden commerce, but to promote
mutually
advantageous
economic
carrying out this
program it may well be that we
shall have to cancel a major part
of the financial obligations under
relations.
In
Lend-Lease.
ask
in
shall
We
return
that
live
fully
entitled
are
partners
our
the
to
up
to
other
in
months.
when
the
is to divide the nations.
world-wide
economic
Our
primary objective is to se¬
peace and prosperity for the
cure
United States.
But
know that
we
Certainly
healthy,
vigorous
if
seek
the
obtain
cannot
we
of
rest
we
world is
the
of
which this
the-individual,
war
part of this whole program
the United States should join in
opportunity
for
employment
and
a
rising
standard of living. A broad, flour¬
ishing trade among nations is es¬
the
establishment
with
abundance
sential
full
world.
economy
of
establishment
the
and
peace
our
to
an
the
in
prosperity
This in turn is essential to
goal of high level em¬
ployment and a rising standard of
living under a system of competi¬
own
tive free enterprise.
U.S. Must Lead
In
the
achievement
these
Our
preponderant eco¬
makes us the nation
nomic power
which
tive
can
the
make
contribution
peace and
.
How shall
most effec¬
we
an
Y •' Y-Y
do it?
Certainly
no
Fund/ and Inter¬
and
I > recognize
imperfections of the
Development.
the
fully
Woods
Bretton
of
brains
our
plan. The ablest
country were ex¬
respects, it was a clumsy
job. The greatest danger is that
this plan may be considered a fi¬
nal solution to the problems of
many
credit and trade. It should
that it provides no
method
and
an
organization
through
which men can work toward solu¬
obvious
be
final solution but merely a
tions.
If
look
United
the
upon
States
a
method
or
if
other nations
the
were
longed debate and the
there
ourselves
we
as
much
is
tariffs
can
can
we
have done in recent years
we
the
and
shall continue to do under
renewed
Agreement
gress
do.
barrier we
lead in reducing, as
one
are
Trade
Reciprocal
Act
when
completes
the
action
Con¬
upon
it.
Beyond that, our country should
initiate a world conference for
general tariff reductions.
conference
Such
a
develop a
Program for the speedy removal
ought
to
method
goods,
to con¬
Fund merely an easy
of obtaining
American
States has never, in peace times,
taken to government controlled
But
to
Bretton Woods simply
stimulating exports
as
sider
cartels, exchange controls and re¬
strictions, the widespread use of
quotas or dumping. These are the
handicaps to trade which other
countries must lead in removing.
were
but
nothing
ment would follow.
disillusion¬
But the pro¬
important
amendments procured at the in¬
sistence of the minority in the
House
Banking
and
Currency
lessened
The interpretations
war-time trade controls and
other barriers to the exchange of
few
a
before, that
over
shall
we
with
all
the
of
does
leading part
of
the
lasting
leading
a
political
so
it
part in the
peace,
economic
not
lie
to
the United
as
problems.
wholly
make
active
trade,
and
But
to
power
ment if
does
block
lie
the
of
such
I
in
our
develop¬
a
strength
In
our
should
and
own
the
take
promoting the trade which
our
of
system
individual freedom.
think
of
group
any
equipped to take leadership
problems than the men
these
and
who
women
leaders
are
this
danger.
which the American delegates are
greatly clarify the
Fund and the
Bank.
They will mean that the
Fund is to be confined to strictly
monetary stabilization and may
not be used for relief, reconstruc¬
to
obtain will
of
functions
tion
or
the
other
long-term
capital
requirements,
while the Bank
will be equipped to make general
stabilization loans.
These inter¬
is to be
A
a
war
financing work.
As
in
you
push forward in the drive for in¬
dividual
war
bond subscriptions,
thinking not only of the
weapons
that money will buy,
you are thinking of the billions
of savings securely invested for
the
future,
of
the
safeguards
against inflation and the founda¬
tions of economic stability thus
erected. You are helping the fight
for victory over Japan.'You are
also
helping the fight for an
you
are
American
future
broader
of
op¬
portunity, greater individual
freedom, higher standards of liv¬
ing and greater security. We want
that kind of America and we want
that kind of
a
world.
further
The
Securities
Commission
has
over-the-counter
and
Exchange
the
revoked
The
most
other
day
capable
accounts
a
had
we
women
with
chance to question
a
the
on
minimum
subject
of
of
how
headaches
and
one
of the street's
women's
handle
to
maximum
a
of. effi¬
ciency.
This little lady has the honor of founding a women's de¬
partment that handles about $60,000,000 of active accounts and her
opinions on the subject should have some value.
ifs
First point —don't think you can take hold of the
average
woman's account and start to
the
of
case
time
experienced
an
education.
on
her about what you
When a woman sees
chances
your
of
do business the
male
over-all
an
running
into
minimized.
Point
same
You
as
would in
you
must
picture
and
understands her. g'pal
misunderstandings
'
number
investor.
spend sorpe
Build up the fundamentals of investment—tell,
are trying to help achieve with her investments.
'
'
substantially
are
•
.
j,',t
v
two—women
really like to gamble, even, more
When they take a flyer they often shoot the works.
The important point here is to impress the fundamental truth ypon
their minds that they are going to be a lot better off in the long
than
so
men.
through taking smaller profits and not try to take the top eighth
a market swing.
Let them know that you are going to play
investment game on a more careful and cautious basis./,'Then
if something you have sold out of her account moves up after you
have disposed of it—you can allways remind her that "it's better
to be safe than sorry".
run
out
of
Point number three—Do
A
woman
who
believes in
the little things that build
her
broker
or
dealer
is
confidence.
loyal
more
even
than the average man.
her
That's the way she has selected her doctor or
Once you have her confidence your opportunity for
far greater with the average woman's account than
lawyer.
radiation
with
is
She
men.
sionally and
out
that
fiiends.
in
before
is
proud
her connections
of
long
you
you
doing
are
-
,
both socially, profes¬
good job you'll* find
will havef,$pme telephone calls from, her
business—if
9b
ht
a
*
■
Point number four—don't talk about her
""
"'
'•)»>»*-
>
■
.
affairs to others.
It's
good rule at all times but when it comes to the women—keep
mum !
The things the average man wouldn't think important .can
be of great significance to
some
women.
Her hair-dresser, her
a
.
parties or her friends may all be your business when
she tells you about them—but brother, forget that you hpard it
as
soon
as
she leaves your office.
i
Y.;;
tailor, her
sense—sell good securities that are
fitted to
meet
her requirements—have patience and
be a good
listener and our little lady who told us these things ain't foolin',
The
she's
rest
proved
of the
is
just
common
that "there is
gold
company's conduct "is
one
of carlessness and misunderstand¬
in them there frills".
NASD during the
of the
.
effective period
revocation.
ing/rather than of evasion,"
the
The Commission stated that Mr.
ordered
ef¬
Page's activities acted as a fratad
upon certain customers and It held
the firm responsible for coritihuing to execute his orders fof cus¬
tomers' accounts without disclos¬
revocation
fective
has
been
fifteen
in
days
without
prejudicing the firm's right to re¬
apply for registration thirty days
thereafter.
The Commission did
not
suspend
the
the facts to the customers.
Page was not a member or
employe of the firm, but; had
office space with it in exchange
for taking his clients' accounts to
the
it.
the firm's member¬
ship in the New York Stock and
Curb Exchanges or the National
Association of Securities Dealers,
registration of Hay. Fales & Co.,
New York, for violations of - the
Securities Exchange Act in con¬
nection
with
the
execution
of
brokerage
transactions
tomers
on
orders
placed in their
behalf
by
R.
M.
C.
used registered
for
ing
Mr.
'»«♦
.
Page.
Mr.
Because
houses in effecting
for
the
Fruit
Growers
>
Arcfen Farms Co.,
Inc., Com.
Pfd. & Com.
Yi
;
_
Fullerton
Oil Co., Com.
r.
-
t. J
van.
},n
cus¬
accounts."
the "major patter" of
transactions
American
broker-dealer
important safeguard
is
-
they had any predjudices
against the ladies—the Lord forbid—they just felt as if it was too
much trouble and they didn't want this business.
Possibly it does
mean
that women talk about different
things than do your men
customers—maybe they are difficult at times—but there is:>plenty
of business to be had
among the fair sex and the results achieved
by several leading firms who have opened a women's department
proves it to be so.
pj ,, Y *
Revoke Registration
thority over a number of invest¬
ment
accounts
and
customarily
the Fund and the
-Mi-iPY ;
Inc., although it disqualified
firm
from
membership in
Page was not a registered brokerdealer but "held discretionary au¬
success.
rule.
We have often heard securities salesmen remark that
they didn't
care to handle women's accounts. Not that
■
our
the plan
pretations are essential if
the
to
standard
our
enterprise
our
cannot
better
we
life-blood
living,
and
within
U.»:
Today the greater portion of our invest¬
ment wealth is held
by the feminine brigade.
If you do not have
a sizable
proportion of women clients today—you are the exception
com¬
fail to assert the lead¬
we
self-interest
is
that
world
a
expanding
ership which our
prestige demands.
lead in
within
certain
broadening opportun¬
it
By JOHN DUTTON
How about the ladies?
the
Committee have already
provided in the proposal to give
Bank a common
goods and services among nations. board of governors. The success
None of these measures can work or failure of this plan will depend
of
of
power
ity.
and, in
its preparation
cluded in
single step or action will do
it. Many, if not most, of the con¬
trolling factors are in the hands
of
other
nations.
The
United
High
Interna¬
national Bank for Reconstruction
economic
to
best afford to take
can
the lead.
tional Monetary
of
money,
of
ends the United States must take
the lead.
proposals for
Woods
Bretton
seek
It
our
merce
a
the
We
solution
take
solution
of
As
world
in
the world of the future is
is being fought.
of
sick.
for
Favors Bretton Woods
the
economy
the
problems
relations, as well as the cause of
freedom
cannot live alone in the world.
we
social
and
is
peace
launch upon it. Just
States has taken a
promoting
of
said
war
wage
problems
two
vigor and energy with which we
have waged war. We are
learning
at San Francisco
just how hard
we
must
wage
peace
even
to
gically little if economic conflict
betterment
of
solved
have
the
must
tra¬
mean
wake
be
I
have to
part of their obligations by elim¬
inating barriers to commerce and
will
the
will
in
Francisco
We cannot expect that all
peace.
terms and conditions of final set¬
shall
STREET, NEW YORK 5, N. Y.
The Securities Salesman's Corner
prepon¬
this
war.
55 LIBERTY
of
sterling and of the dollar
is settled, the most
important step
conflicts and an¬ of all forms of discriminatory
of
ultra-nationalism. treatment in international com¬
Certainly, speaking for the Re¬ merce and to the elimination of
publican party-last year, and con¬ other trade barriers.
It is an essential part of the
sistent with its platform, I made
San
request
long-term
tagonisms
at
on
Herrick,Waddell & Co., Inc.
why
reason
effort should not
immediately
be made by the United States and
Great Britain for the
an
of
the
into
back
Prospectus
Dollar-Sterling
YY:-XYY^;:Y Rate
Moreover, I see no
should go an im¬
mediate repeal of the Johnson Act
which
forbids private
loans
to
in the
that has lost
the capacity to grow and expand
under a system of private enter¬
of
sense
of
point such men and it is essential
that we go forward with it.
governments and
war.
try
legacy of
a
Remove Inter-Government
and Trade Barriers
by
import say so officially
blocs, blocked Along with this
quotas, currency
currencies, and all the freedom
menacing machinery of economic
I
Common Stock
ap¬
which still remain as
the First World War.
themselves
lieve that we have
Hytron Radio & Electronics Corp.
ac¬
cept payment for these goods in
the only sound way that payment
can be made — by taking in ex¬
change the goods and services of
other nations.
If that question is left long in
protect
2625
>1! I L
Inc. £
Wagenseller
Members Los Angeles Stock Exchange
626
SO. SPRING ST.
TRINITY 5761
LOS ANGELES
14
Teletype: LA 68
Market Quotation* and
Information
on
all California Securities
2626
THE COMMERCIAL & FINANCIAL
■
■
.
"
plastics, new gadgets, new medi¬
cines, and many other new inven¬
tions.
It has been revealed that
The New York Slock Exchange—
the Army
Woild's Greatest Auction Market
Exchange,
Stock
York
New
and
jestingly answered, "I suppose
the
New York Stock Exchange
has some merit."
the
that's
And
who has any¬
thing to do with the New York
Stock Exchange.
In
gatherings
some
These
crat
brated its 150th
place
the
among
for
na¬
tions of the world.
1942 when the
cele¬
■
growing demand for
market for these
and other securities, a market in
which the buyer and the seller
could both enjoy the advantages
To fill the
free and
a
open
auction basis, 24
merchants organized
themselves
into a group by subscribing in
1792 to the famous "Buttonwood
of
New York Stock Exchange
founders,
America's
Street stockbroker, a pluto¬
of( Wall Street, has not been
In the spring of
when
Franklin laid the foundations
FDR Praise
4
dealing
on an
birthday, the fol¬
Agreement." This agreement call¬
by the sign¬
"Since the original group of ers to certain simple rules in the
24 brokers joined
together in handling of orders' entrusted to
1792, to improve the market in them. Thus, New York had its
securities, the role of the Ex¬ first organized stock market un¬
change and its responsibilities der a buttonwood tree, on the
site now occupied by. the building
in 'the financial affairs of the
lowing letter was read: •
'
ed for the adherence
nation 'have steadily increased.
i
Just as the Exchange was then
L
important
service to the public and to the
nation, so today it has the op¬
portunity of performing valued
services in the present struggle
render
able; to
an
The
for human freedom.
tinuation of
con¬
orderly market
an
dur¬
will be of vital importance
ing the war and during the pe¬
riod of readjustment that will
follow. You have an opportunity
service and I am con¬
fident that in this you will not
for greht
fail."
Here
was established a market that was
destined to become the center of
securities transactions for the na¬
known
Trading was done under the fa¬
buttonwood tree until the
mous
the
of
President
Rdosevelt,
That
and
marked has
orderly
an
in
quarters
in 1817.
their first indoor
the
House at Wall
Tontine
Coffee
and Water Streets,
Here they
adopted
a con¬
stitution, and the title "New York
Stock and Exchange Board" was
later contracted to
"New York
Stock
Several
Exchange."
years
later, when the first Merchants
Building was built, the Stock Ex¬
change moved to this
'
,
Railroads
were
location.
first
added to
trading list when "Mohawk
and Hudson" was admitted.
This
the
during the war
maintained
been
rented
brokers
v
United States.
world fi¬
to influence
nances.
none
D.
Street.
Wall
68
as
and
tion,
Now, this letter was written by
other than the late Franklin
V
will be continued during the
period of readjustment cannot be
gainsaid/
1830, when Morris
stock was a market leader.
Canal
New
York
in
was
Tragedy
struck
at
streets
of the
ed
from Europe and the
ports for pub¬
cargoes
Seas at our
Seven
foreign
auction, and sailed to
lic
ports throughout the world to re¬
peat the operation abroad, just
as our bay and river craft today
the flow of money to new
bring produce and fruits and fish
to the city docks for public auc¬
courage
ventures.
New inventions were
also speed¬
tion.
get
farmers
day,
up
long before daybreak and take
progressive busi¬ their produce to the nearby towns
and cities wherever population is
ness was the development of the
stock ticker which made possible crowded, generally in manufac¬
the
immediate
publication
of turing centers, and await the sun¬
transactions.
Prior to the ticker's rise for the housekeepers to reach
installation in
1867, messengers the marketplace where they make
contributions to
started
purchases for money.
Once
purchases
were <. through
barter, that is, exchange of goods
for produce and other foods.
It
has always been the custom for
development as a group of
chairs
around
which
specified
stocks were
traded.
The posts
of persons to
buy from and/or sell to another
person or group of persons.
That
raced through
their
trict to announce the latest
these
the Wall Street dis¬
prices.
The annunciator board for pag¬
members
ing
introduced in
was
post
trading
The
1881.
its
in
used
the
building,
present
opened in 1903, originally had
space for approximately 30 stocks.
Today the posts have been im¬
proved and enlarged, each accom¬
modating between 60 and 70 stock
issues, and space is available also
one
person or group
is what makes
In some
business.
places it is called commerce.
It
is that thing which makes jobs;
only through jobs for every¬
able and willing to
work,
and
one
it is
whether
60,000,000 more or
less, can we avoid inflation and
depression, and can modern civ¬
Buyers and sellers, unknown to ilization be contented and happy
each other, are brought together —perhaps the greatest contributor
through the agency of their brok¬ to indefinite prolongation of the
ers
on
the Exchange floor, and post-war peace era.
And so, since 1792, the method
both have the advantage of a free
and open auction market. For the of buying and selling ownership
convenience of customers, vari¬ in railroad, steamship, steel, man¬
ous
services, such as financial ufacturing, insurance, bank and
news
enterprises and
tickers, statistical manuals, other business
records
of
companies' earnings, corporations, evidenced by stock
for clerks within their enclosures.
has
certificates,
bond
been
dividends, etc., etc., are available
and
In the offices of member firms.
"I bid so and so,"
says the man or his representa¬
tive, his broker, who wants to
buy. "I offer at so, and so," says
in
is not necessary to be
a
It
brok¬
er's office to enter an order; many
orders
are
received by telephone.
In
on
destroyed by the great fire
of
1835.
The Exchange moved
several times
in the next few
side New York City.
fact, 85% of the business done
the floor of the New York
Stock Exchange comes
from out¬
auction.
by
the
Of
The
his representative, his
or
man
broker, who wants to sell.
there is
When
meeting of the minds,
a
showed
convinced
Since the
campaigns'
bond
war
'began in 1941, about $55,000,000,.000 of War Bonds have been listed
were
The volume of
simply says "Sold" and that's
all there is to it, excepting the
clerical handling of the
multi¬
one
business fluctu¬
sometimes
wildly,
when some buyers think values
have no upward limit, and also
when frightened sellers look into
the bottomless pit of a threatened
ates
daily,
of
the
-
40%"
that
that if they lost
Exchange made it.
What do you think?: Well, it does
not.
Also, 24% believed that the
money
the
*
Stock
Exchange
What
do
wheat.
Again,
Another
not.
does
in
dealt
think?
you
small
it
per¬
associated
the
word
with the Chicago stock¬
centage ;
"stock"
Ci„> 'Fy;
YY'y
yards.
Some believe the certificates for
securities
handled by the New
are
Stock
York
not true.
Exchange.
heard
have
to the New York
the
asked
who
the
of
visitor
guide:
"Where's
Where
do
they
bulls
the
and bears,
lambs,.and cats and dogs?"
keep
Let
and
.
repeat, the New York
me
Stock
is
Stock Exchange,
menagerie?
the
That
r
Exchange
the
is
world's
greatest auction market, a market
place, nothing more, nothing less.
It
is
a
market
place/, wherein
through authorized agents who are
known
stock brokers, and who
as
collect
a
their
commission,
money,
in
<
securities
or
free
a
and
auction market where the
regulated simply by
supply and demand.
execution
the
is
order
licity
customer's
by the pub¬
guaranteed
given ;
agent in
or
his
of
open
price is
the law of
The faith¬
the broker
of
fulness
for
exchange
may
one
for securities,
money
for
small
services,
the
transaction
through the medium of the Stock
Exchange ticker; and the only in¬
the
the
that
terest
price
reflect the
Exchange
that
is
it
has
shall
in
fairly
composite judgment of
the buyers and sellers at the time.
There
is
guarded
is
the
carefully'.safe¬
so
regulated
or
in
business
no
that
world
the stock
as
exchange business.
There is
other business.in the
no
world
in which
lions
of
traded by word
by
millions and
of
dollars
written
bil¬
values
are
of mouth and not
contract,
to
except
confirm verbal transactions.
The rules and regulations of
New
York
Stock
Exchange
'
.
American
.
section
this
also
poll
were
You
this
To
ing up the services of the Ex¬
change.
One of Edison's many
normal
cross
5,000, 40% be¬
lieved
that the Exchange itself
dealt in securities.
Perhaps some
of you think so.
Well, it does not.
vessels land¬
provided the liquidity, the
market place for the purchase and
sale of securities, needed to en¬
buildings, among them
Building, the home
of the New York Stock Exchange,
Campaigns
early sailing
The
5,000
citizens—a
in
use
that
the Merchants
Bond
market, the
the
of
closing
the
evening papers are on the
of New York with records
Thursday, June 14, 1945
——
i
sented
public.
of
Within half an hour
papers.
brought an ever-increasing demand for new capital,"
and it was the auction market of
the New York Stock
Exchange
when 650
War
w—
and summaries
initiative,
*
highly regarded.
so
days
,
Washington,
Jefferson, Hamilton, Madison, and
proudly that you are a member of
the New York Stock Exchange,
but there have been times when a
Wall
the
were
America's
say
you
doubt be
no
public
for
•
of these available securities.
folks size up anyone
;
will
which
of
most
civilians,
__
published with totals
in the daily news¬
of which are
and Navy are using 100
inventions made by
—^
the day's transactions.
The New York Stock Exchange
post-war period, all of which will
also found favor as investments,
is
the
world's greatest auction
require new capital investment.
and soon various merchants were
^_ .1;
In its early years, the rapid ex¬ market.
accepting orders from friends and
Auction markets have existed
pansion of the nation's productive
relatives for the purchase and sale
since the dawn of civilization.
capacity through invention and
many
so
way
new
available
(Continued from first page)
he
CHRONICLE
most
rigid; and the slightest irreg¬
ularities
by
the
are
constantly
are
the
Securities
and
checked
Exchange
tudinous
details, until payment Commission.
until eventually the second
purchase and sale on the New
The
old
law; of
for
securities
and
York Stock Exchange; and today iMerchants Building was occupied.
delivery of "caveat
emptor," "let the buyer
same.
And all of this makes jobs
some
55,000,000
persons
h a y,e Here the "call" system of trading
buyer beware," has been changed
in
addition
to
advancing the to "let the seller beware."
.bought;United States War Bonds. was introduced.
wheels of free competitive enter¬
Under
the "call" system, the depression.
Whenever a new war bond cam¬
The Stock Exchange is a mar¬
In January, 1945, the daily av¬ prise.
paign! is launched, you will find President of the Exchange would
ket place wherein are purchased
call out the names of* the stocks erage number of shares traded on
Why the New York Stock
that those entrusted with the re¬
and sold what we may well call
in alphabetical order, pausing to the Exchange was 1,500,000, while
Exchange
sponsibility of its success and
partnerships in America.
allow trading in each issue. The in January, 1944, the daily aver¬
I have heard uninformed peo¬
those ^entitled
to
the
greatest
The Number of Holders of
year
1882 saw the last of this age number of shares was 712,000. ple say there is no need for the
measure of praise for its success
type of trading in stocks and the
The
* Securities
are Among the leading financiers
money value of both stocks existence of the New York Stock
substitution oF continuous trad¬ and bonds traded on the Exchange Exchange.
of the country.
You seldom she
It is thought by some folks that
There is just as much reason
their tiames in print, but you do ing in all listed stocks at the same in January, 1945, was $1,461,563,the existence of such a market
time. This was accomplished with¬
000, and in January, 1944, it was why the New York Stock Ex¬ place as the New York Stock Ex¬
see in the newspapers and you do
for
years,
*
^
.
'
hear
the radio many of Holly-
over
wood'sS
the
them-^Who sell
bonds.for
some
such
God bless
glamours—and
a
E, F, and G
kiss or
a
dance or
Now, all
monkeybusiness.
sales
for
millions,
chases
are
and
total
individual
pur¬
needed,
the
woefully under quota,
are
but at the
time, without
same
os¬
profit, the
commercial
banker, the invest¬
ment
banker,
the
broker
and
tentation,
praise
or
.
of the New York Stock
members
Exchange
God
are
them,, God
they
selling
billions—
bless them, too—for without
the nation!
save
And
doing it without reward,
are
financial
or
otherwise.
out the benefit of a
presiding of¬
ficer, but the principles devel¬
oped under the "call" system are
still employed.
the mem¬
bers were the original "seats" on
the Exchange and that term is
still used to denote a membership.
The choice seats near the Presi¬
dent's rostrum were valued high¬
The
chairs
used
by
pression.
first
George"
term
as
As
Washington's
President
United
States,
States
Congress
of
the
first United
at Federal
Hall, the scene of his inaugura¬
tion.
When this Congress voted
an
$80,000,000
bond
issue, the
Revolutionary War debts of all
the states
were
the
met
consolidated.
Not
long afterward, these bonds, or
"public stocks," as they were then
called, attained fairly wide dis¬
tribution
among
investing citi¬
zens.
The
stocks
of
three
banks
der
the
small
beginning
the famous buttonwood
un¬
tree,
in only a few securities
by 24 brokers, the business has
grown to the largest market place
for securities in the world, with a
the
nation
was
constantly
there
are:
commission
504
brokers; 170 floor brokers; 370
specialists (broker's broker); 105
representatives of Odd Lot house
dealers; 35 floor traders; 60 mem¬
bers who trade only in bonds in
pushing forward, transportation,
industry and communication all
required capital for progress, and
thrifty Americans supplied it by,I a separate trading room.
There
!
also
approximately
1,240
their purchase of new securities.! are
You
have seen this happen in brokerage offices spread through
„
day.
Money has been
publicly raised for such inven¬
tions or enterprises as the auto¬
mobile, radio, transportation, elec¬
tric refrigerators, air condition¬
ing,
mail order merchandising,
etc.
After the war, money will
your
be
own
publicly raised for television,
328
Market
are
often
daily
more
than
or
in
New
;
the
Lexington
Market
in
Baltimore;
or
Union
the
Stocks
Yards
in
Chicago;
or
the Leaf Tobacco Market
in
Wilson, N. C.;
or the fruit, vegetable and other
food markets and
where
kets
all
tion
markets,
commodity
kinds
and merchandise
of
mar¬
produce
sold at
are
both
auc¬
retail
wholesale, throughout the
and
coun¬
try.
change is of importance to rela¬
tively few people, but when we
realize that there are estimated
20,000,000 holders of stocks
some
and
bonds
and
that
the
New
Adam Smith said:
"A value of
security is adjusted finally not
by any actual measure but by the
higgling and bargaining of the
market."
Some
No
more
Surprising Statements
American
institution
in
American
transactions
one
million
economic
Here
are
institution
misunderstood.
Telephone
is
its
generalJv
so
a
rather
startling example of that in 1939:
when Elmer Roper conducted a
poll of 5,000 people on behalf cf
the
not
Stock
a
Telegraph
&
Exchange
picked
This
group—it
: 651,711
423,780
,
Motors
Pennsylvania Railroad
United
States
Standard
Packard
Oil
_______—
Steel Corp.,
Co.
of
New
com.—
Jersey-
211,116
165,013
147,300
114,256
Motors
_,r_
r
.73,538
whose
common stocks are listed on the
New York Stock Exchange and
Some of the corporations
the functions
We had
becomes
corporations
few
a
Co.
General
dividends
dollars in bonds, all
life
with their number of stockholders:
which
are
on
Exchange
Stock
apparent.
more
concept than the New York Stock
nor
listed
securities
York
Woolworth
basically democratic
any
in this country today,
the
alone are currently valued at ap¬
proximately $155,000,000,000, the
importance of this institution to
American
a
shares of stocks, and eight to fif¬
teen million
Grand Cen¬
York:
of
The World's Greatest Auction
of
as
Terminal
Exchange,
cities in 45 states.
Figures
Railroad
tral
dealing
floor
.
Historical
.»
From
membership of 1,375, and dealing
in the securities of 1,125 differ¬
ent companies, of which 1,242 are
ly by the members. "Seats" were stocks and 1,057 are bonds. There
voted saleable in 1868, three years* are
3,000 people on the floor to
after the Stock Exchange moved handle
an.average day's volume.
to its present location.
A seat on In a 1,800,000-share day, there
the New York Stock Exchange is would be
approximately 100,000
today worth $65,000.
They sold transactions, or about 50,000 in¬
as low as $20,000 during the de¬
vestors active in that day.
On the
Development
During
change should exist
$758,767,000.
have
Pennsylvania Railroad since
Continental
Insurance
Co.
—
since-—
American
Co.
Telephone
&
Jjjjj*
18b'
Pullman, Incorporated since
Telegraph
since
Standard
was
repre¬
paying cash
for more
been
continuously
than 50 years are:
Procter
Oil
and
Co.
of
Gamble
N.
J.
since
The Coca Cola Co. since
since—
—
\
J
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
the rules of
standing on the part of the public
of the purpose and functions of
security and commodity exchanges
maintained in New York and other
cities of the country. An effort
was made by the Better Business
Bureau to clear up the more com¬
mon misunderstandings.
Contrary to the belief of many—
1. The same
is given to
care
exchanges as to an order
exchange city itself.
2. The small buyer gets the same
the
in .the
consideration
the
as
buyer.
3. Government
bonds
bought and sold
can
changes.
>
•
for
purchased
well
5.
Security
trolled
exchanges
changes
and important ones
by the Com¬
supervised
modities
Exchange
Adminis¬
tration, a division of the U. S.
Department of Agriculture1
6. The 'Securities and .Exchange
Commission, which supervises
securities exchanges, does not
undertake ;
to pass upon the
securities, nor upon
Value of
the
character
ment of
an
7. Members
all
firms
so
sound,
safe in
as
that
doing busi¬
with them. &s
be hu¬
can
manly safeguarded.
primary market¬
place for securities, and the pub¬
lic has every right to be
proud
of it as an institution with a
long
of usefulness
facilities
for
development
Without it,
in providing
financing and
the
the
country.
surely would still
of
we
be
living in the "horse and buggy"
days. With it, we shall advance
shall
the
need
continued
leadership of the New York Stock
Exchange if we are to resume
maintain
sys¬
of
competitive free enter¬
prise in the post-war period.
I cannot conceive how chaotic
conditions
had
such
no
York
would
Stock
curities
from such losses.
under
become
place
if
the
as
we
New
Exchange where
se¬
be
bought and sold
supervision.
Our
may
strict
Exchanges do not buy or sell
stuffs
account.
10. Neither
exchanges,
members,- fix
or
.
their
nor
in
Street."
Prices
rived at after
are
ar¬
free and open
a
auction.
They are determined
by the public demand for cer¬
tain
securities
the
and
supply
for sale of these securities
the
11.
by
public.
Exchanges do not recommend
what to buy
The
of a
ex¬
of
revenue
ex¬
changes for their operating ex¬
penses comes from dues, $750
for a main office and $.700. for
each^ branch
:
be
say
know
that very many people
associate the New York Stock Ex¬
change
with * speculation,
and,
especially those. who have lest
money speculating, will not have
anything to do with the New York
Stock
Exchange
^•pffice^^nhbal-
membership;-assessments such
1 % of net commissions; and,
as
gamblers,
I
have
thieves.
den of
a
his
seldom
before
spoken
group of people on a subject
relating-to stocks and bonds that
any
has
someone
questions
or
as
"What's
a
asked
not
"How's the market?"
or
really do
"Won't
from me
or
more
and invest it for me?"
sons
such
me
good buy?"
take $1,000
you
not
Such per¬
in
New
a
other
13. In .all
transactions
change,
is not
an
ex¬
an
on
exchange member
principal dealing with
but an agent
working for his customer.
his
a
customer,
14. Under
normal; conditions, der
livery of purchased securities
is
made
the
brokers
between
business day
full
second
on
following the transaction day.
Such delivery usually is in
7 what
are
known
as
"street
certificates."
A delay of
sev¬
eral days may be necessary for
the broker to have the title on
such securities transferred into
the
by
designated
name
the
purchaser..
15. The
of
executing,
an
paid
to
exchange
an
a
for
order is fixed and
known in advance and is but a
small
fraction
Every
on
are
must
transaction
public.
17, Exchanges
not per¬
exchanges.
the
be
'
tolerate
manipulation of the market or
the making of artificial prices.
not
do
On the contrarv
ties have been
-
severe
nenal-
incorporated in
as
some
that would
read
I
asked
and
of
names
day,
to Door."
You
the
for
me
had
had
when my
business
goods at
The
on
sense
young
Army
to
late
do all that, and, in ad¬
have the cool nerves
and
the
have
Now,
a
a
gambler, the sixth
kind of clairvoyant,
courage
of
a
latter,
Or,
speculating
clear line of
between
investing,
is
and
a
gambling.
But
please bear in mind that you can
gamble in the world's safest se¬
curity, United States Government
Bonds, as easily as you can in the
so-called "cats and dogs." It all
depends upon the intent, the state
of mind. Let me illustrate: There's
quite a difference between
taking
F.
Bank
&
Co.,
Building.
&
Goodwin,
America
Building.
Mr.
formerly with First
was
California Co., H. R. Baker & Co.
Bankamerica
Company. >
Chronicle)
,
—
Inc.,
(Special to The Financial
LOS
Hippodrome
Miss Dore
with
was
Hoffman
of
Brown
Lorette C.
Dore is connected with Stranahan,
Harris
ANGELES, CAL.—Harold
has joined the staff of
Brown
Walston,
and
(Special to The Financial
CLEVELAND, O.
in
the past
ANGELES,
—
Mrs.
Florence A. Bertram is with Dean
Witter
Ledogar-Horner Co.
Chronicle)
CAL.
&
Co.,
634
South
Spring
Street.
to
or
your
catalogues
profit.
Isn't that
I'll say it is.
a
Hadley
In the former
it
case,
be
to
legitimate; in the
said to be illegit¬
is
(Special to The Financial
Chronicle)
(Special to The Financial
COLUMBUS, O.—Robert Ham¬
ilton
uel
is
&
affiliated with The
Engler Co.,
ORLANDO,
Sam¬
16 East Broad
Street.
Chronicle)
FLA.—Fred
Erbin
Young is affiliated with Thomson
&
McKinnon, 18 Wall Street.
(Special to The Financial Chronicle)
(Specia)
0
SAN
KANSAS CITY, MO.—Mark A.
Knox is with Herrick, Waddell &
bert
Co., Inc., 1012 Baltimore Avenue.
to the
Mr.
Knox
was
previously in mil¬
to The Financial
Chronicle)
FRANCISCO, CAL.—Her¬
A.
Krueger has
been added
staff of Hannaford & Tal¬
bot, 519 California Street.
He
was
previously with H. R. Baker & Co.
itary service.
in
(Special
leading bank president
Baltimore
said,
once
"If
you
to
LONG
The
Financial
Chronicle)
(Special to
BRANCH, CAL.—Harry
Stowell
with
as a
lose in the stock market, you are
has
Crowell,
Farmers
&
associated
become
Weedon
&
Co.,
SAN
The
W. Carne is with E.
Sons,
Chronicle)
Financial
FRANCISCO,
Inc.,
Russ
CAL. —A.
II. Rollins &
Building,
National
Merchants
Bank
Building.
Mr. Stowell was
previously with H. R. Baker &
(Special
to The
WEST
Financial
PALM
Chronicle)
gambler; if you win, you be¬
a capitalist."
speculators become mad
with profit, become wild specu¬
lators
O. Nelson is with G. Brashears &
Greensboro, N. C.,
Co., 510 South Spring Street.
der & Co.
Thomes A,
come
Some
and
deteriorate
into
gam¬
blers.
&
son
(Special
LOS
to The Financial
ANGELES,
Chronicle)
Street.
CAL,—Albert
with
'
BEACH, FLA.—
Co. and Franklin Wulff & Co.
Lysett is with Thom¬
McKinnon,
319
Clematis
Mr. Lysett in the past was
Oscar
Burnett
&
Co.
in
and with El¬
■■■
Without
speculation,
without
willingness and incentive to
take
risks, there would be no
the
When Will Japan Surrender?
progress.
Unfair
Practices
(Continued from page 2607)
be
expected
manipulations,
and other illegal
may
pools,
tips,
rigging
unfair
and
practices
designed to
public.
It
cannot be denied that operations
the
gullible
declared war upon us and
still have an agent in Shanghai.
many
that
so
been
many
devised
less subject
correctives have
that the public is
than
ever
to malprac¬
tices in securities bought and sold
the New York Stock Exchange.
on
terested in American missions
both
of' the alert
big policemen
It is true that certain
Japanese
old
who descended from a famous
Prince have the
"hari kiri" reli¬
cide
These few will commit sui¬
rather than surrender. They
serve as
gion.
human bombs. They,
up but a small
portion of the Japanese people
The
Securities and
Exchange who, as a whole, are human like
Commission
ourselves, actuated by the same
The
National
Association
of motives. A Japanese soldier will
Securities Dealers
live on very little food.
This he
The Better Business Bureau
can
carry on his back.
They are
The inherent common honesty tough physical specimens. Hence,
of the individual members ot it costs the Japanese only 20% to
however,
make
New
the
York
Ex¬
Stock
which, in the final
analysis, is the greatest guard
against dishonesty.
change,
I
I
without fear
of contradiction that today a per¬
think
can
say
business
is as safe, so far as
honesty and integrity and fair
dealing is concerned, in dealing
with members of the New York
in dealing
with any other businessmen.
Mr. Emil Schram, President of
the New York Stock Exchange,
recently said he was gratified to
Exchange,
Stock
note that
there
single
a
manipulation
the floor of the Exchange, and
that
no
one,
more
ulators
Commission,
bent upon keeping manip¬
out
than is the
don't
including the Secur¬
Exchange
and
ities
is
not
was
of stock
intimation
on
as
of
the
stock
market
Exchange. "We simply
want
people
trading
who look upon the 'Big
here
Board'
as
they would the pari-mutuel board
at
a
race
track," Mr. Schram
phatically declared,.
em¬
support
their
costs
to
us
of
army
what
it
support an American
But what of this? Japan
less than 20%
of our re¬
Army.
has
collapse will be
question of months.
a
What Docs This
in
Japanese temperament.
are:
The New York Stock Exchange
only
All
and
Japan
now
Some
certain that their
I, further, have always been In¬
China. I, how¬
ever, am basing my present fore¬
on the New York Stock
Exchange cast upon something else which
have often been conceived and
may seem very unimportant to
delivered in dishonesty and the
many readers. I refer to the fact
public has become aS a shorn that my personal house-servant is
lamb.
As much can be said of
Japanese, born near Tokyo.
He
other businesses and the profes¬
has lived with us day and night
sions. This will always be so to
for 20 years and was preceded by
some extent as
long as man is a cousin who was with us for
vile.
It. may be said, however, seven years. Hence, I know the
lion, you
Chinaman's chance."
there
door
whatever
men,
President
gambling.
it is said
son
you
of
Corp.,
LOS
agous to insurance and sometimes
playing
I wish I
companies whose stocks are on
the board as carefully as a med¬
ical student studies anatomy—if
great
buys
Door
of
Yale University said "Commercial
speculation
is
sometimes
anal-
market.
"If you are ready to give up
everything else—to study his¬
tory and
background of the
market and all the principal
a
sold
associated
Cleveland
National City Bank Building. Mr.
Cummer was previously with Otis
& Co.
of worth¬
one
become
First
(Special to The Financial Chronicle)
W.
bank, and send out
your
speculation?
to
friend spoke to me.
of
the
t§ your customers, hoping to sell
your
the
tell him how
paragraph
you can
Reminds
salesmen
your
should
he
market which
stock
pro¬
be your business, increase
inventory, borrow money on
may
your
just
following
the
farmer
Fertilizer Sold
Edwin
door.
smiled and tried to
talk to him in a "fatherly" way.
Sometime later I ran across the
I
Well,.
to
newspaper
less securities often
several
Army officer
was
leaving
books
labor
has
The
—
itself
make money in the stock
demarcation
involved.
36. Secret transactions
.
amount
the
of
of the money
mitted
me
church
dition,
commission
member
stopped
Jersey
"Worthless
invest;
mean
months ago a young
enjoy an exchange mar¬
ket; apd- from ;clearing house
charges, etc..
hard
own
with
O.
rain
and
good crqps. Qow often he
loses!
And sometimes, as I read
they mean speculate.
One Sunday
morning
_
f--
they
because,
den of speculators,
a
ities
*
and
deceive
speculation.
I
man
duce
market
few words about
a
farmer, the
his
Something
Speculation
me
the
nature's sunshine
about
Let
is
(Special to the Financial Chronicle)
CLEVELAND,
Cummer
picayune
reveniie from listing fees paid
by corporations whose secur¬
'
on
upon
comparison.
contend, it is
or-sell.
12. No part of the proceeds
transaction
goes
to -ah
change.
indeed
determine
security or commodity prices.
Stock prices
are
not set by
"Wall
would
as
field, spreads it
buys and plants
credit, and then depends
present "black markets" in food¬
for their
own
would
that would
fertilizer,
seed
If ycu contemplate making additions to your personnel
please send in particulars to .the Editor of The Financial *■>,
Chronicle for publication in this column.
■" *
offense,
you
a
American
our
first
imate."
to higher standards of living.
We
the
BrokerrDealer Personnel Items
.
plows
it from
•
The New York Stock
Exchange
is the Nation's
record
earth
with
the
market, exchanges do not profit
9.
imagine-
the
are
tem
■
that
financially
and
public loses in the
as you can
see
public is
of the manage¬
America."
the
to
conduct their business and
issuing company',
of
securities ; ex¬
changes do not control "prac¬
tically all the big business in
8. When
thorough
con¬
controlled by their
are
members,
are
regularly by the New York
Stock Exchange. These exam¬
inations
are
as
rigid, and
ness
the; Securities and Exchange
Commission.
Commodity, ex¬
or
in
business and insure themselves
against speculative losses.
;
19. Member firms are
examined
as
.
...
by which they can reduce
eliminate
"speculation"
for
Perhaps the greatest speculator
who
others in
a
be murder.
on
are
operate under supervision of
Vj.fij
pardoned
manslaughter,
but
hang for the latter,
chants,
manufacturers,
and
affording them means
accidentally and taking
life with premeditation and mal¬
ice aforethought.
You may be
for farmers,
cooperatives, mer¬
•
are
these
life
a
purpose
•
by their members and
of
pn
for speculation.
as
guilty
commodity exchanges primar¬
ily serves an economic
be
investment
one
18. Although also used
by specu¬
lators, the "futures" market
ex¬
4. Securities and commodities
any
foul practices.
larger
stock
on
for
■
an
order from a city distant from
exchanges and in
applying to exchanges
laws
There is considerable misunder¬
the
above
Mean?[
means-
that
the
global war will be over , before
people expect it. It will be
over
before all of the boys in
Europe have a chance to get to
the Pacific. Except in special de¬
partments, the casualties will be
light. Most of the boys may. be
most
home
before
The
above
version
Christmas.
means
that
recon¬
will
steadily
continue
throughout the year and some
time during next year we will be
going full-blast on consumer pro¬
duction. A few excellent years of
business with higher stock prices
should follow,
Furthermore, if
we play
fair with Russia, Joseph
should
Stalin
friends
be
one
of
our
best
long as he lives. Upon
his death, it is very possible that
Russia will be split up or suffer
civil revolution. Then she surely
so
need not be
ish
a
menace
to the Brit¬
Empire, to China
to
or
our¬
selves.
Hartford Bond Club
Elects New Officers
sources.
Japanese soldiers will fearlessly
obey orders and follow a blue¬
print; but when something which
they have not planned for hap¬
pens, they are lost. As a nation,
they are wonderful copyists, but
they lack originality. They had
movement
every
of this war
before Pearl
planned and charted
Harbor.
Everything went accord¬
ing to plan in connection with
Thailand, Indo-China, Burma, the
Dutch East Indies and the Philip¬
pines.
Then something happened
to their
blueprint!
,
During the past year
have
been of no use
•
their plans
and they
have suffered accordingly. In my
own household, I can give a won¬
derful banquet for 20 people if I
give my Jap a week to prepare it,
but if I bring home one person
to dinner for whom he has not
planned, he is completely upset.
They prosper on success; but can¬
not stand failure.
Hence, I feel
HARTFORD, CONN.—The fol¬
lowing
officers
and
governors
have
been
Club
of
elected
by
Hartford for
The Bond
coming
the
beginning July 1:
President, John H. Beardsley,
Conning & Company and Ballard;
Vice-President,
Charles
Gould,
First
Boston
Corp.;
Secretary,
Willard A. Snow, Jr., Lee Higginson Corp.; Treasurer, Edward F,
Dustin, Day, Stoddard & Wil¬
year
liamson, Inc.;
Governors; (three-,
terms), George Austin, G. L.
Austin & Co., and Marshall Wil¬
year
liams, Day, Stoddard & Williams;
(one-year terms), Arthur Smith,
L.
Day & Co., and Oliver
Church. Tifft Brothers; nob-resi¬
R.
dent, Victor Basche, Blyth & Co.,
Inc.
In addition to the above gover¬
nors.
H.
H.
Whaples,
Whaples,
Viering Co., is also on the board,
having previously been elected for
a
term which has not expired.
Thursday, June 14, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
2628
that this sort
Tomorrow's Markets
Walter
Compulsory Peacetime
Military Training
Whyte Says—
(Continued from page 2610)
Right now however there are
conflicting influences.
*
*
*
•
'• *.'■
■■
y
'
(Continued from first page)
extended to the end of the
war
and such emergency
period
follow immediately upon the conclusion of hostilities
For one thing the question —and nothing more be done in the matter either now or
of tightening up the capital at any later date save as a result of altered conditions which
gain taxes keeps popping up. clearly require action.
At present the profit made
Common
,
as
may
of regimentation
and discipline imposed
from
infrequently unfits rather than fits youth for
civilian life.
It appears to be assumed rather than demon¬
strated that improved morale, patriotism or unity would
flow from compulsory service.
It could as reasonably be
assumed, we suspect, that out. of it would flow the kind
of aggressive super-nationalism that has so often upset the
peace of the world.
V-yThe plea for compulsory military training on these
grounds appears to us to be a confession that the family^
without not
our
have
Misunderstandings
religious, educational and other cultural institutions
failed, and once again to, demonstrate too great a
willingness to pass our common problems over to a Federal
the desirability of compulsory service Government with a rather naive supposition that it can do
subject to a
for the sake of the benefit youth is likely to derive from for us what we have failed to do for ourselves.
Such
maximum income tax qf 25%.
it seem to us to be suffering from a misunderstanding of attitudes nourish Statism.
If you take your profit in less
than six months it comes un¬ facts, and to be possessed of a much greater faith in the
Military Necessity?
der regular income.
But un¬ efficacy of a year of camp life than we can summon.
We likewise find numerous weaknesses in the argu¬
President Roosevelt once spoke of the proportion of men
der the proposed regulation
rejected under the present law for medical reasons as "ap¬ ments which are being put forth in support of the theory
you may have to hold your
of military necessity.
We suspect that many people, under
stocks for a year or more be¬ palling.Some such term has been used repeatedly for sev¬
eral years to describe the health conditions found among the the spell of the horrors which have filled the news columns
fore you can figure on using
Now, what are the facts? Admit¬ during the past year or two, have not paused long enough
the capital gains tax rates. youth of the country.
to apply plain common sense to the question in hand.
We
That such a system would tedly, the number of youths found to have "neuro-psychiare told that we were caught by surprise when Germany and
hurt 'i the
businessman who atric tendencies" was greater than any one, including the
medical profession, had expected.
Otherwise there was Japan went on the rampage this time, and warned how much
seeks capital investment and
more damage might be done next time when many varieties
has to come to the market to nothing particularly outstanding or unexpected in the results
of the examinations as given.
Of course, against any stand¬ of new weapons will have been perfected and when the
get it is blithely ignored.
ard of perfection numerous physical ills were likewise found science of aviation probably will be much further advanced.
It is logical to assume that
to exist, but this was known to be true, was true in World
Well, can any one doubt that Germany, when she
saner minds will realize the
War I, and doubtless has been true since the world began, started out under Hitler to defy the rest of the world, could
ridiculousness of some of the not only in this country but everywhere on the globe.
have been brought quickly enough to heel by France and
from
a
sale of
a
stock held for
Those who argue
is
months
six
k
legislation proposed, if logic
by
attribute
an
were
our
possessed
legislators. That, how¬
remains to be
ever
Meanwhile hold
on
least
At
stocks.
seen.
to your
look
they
It is rather the nervous disorders, or the tendency to
,
them, found
so
prevalent which has caught the public eye.
As to these let it be observed
that
never
before have the
Great Britain had
what
arms
other than
they acted promptly and vigorously with
they then had?
It was something
and armies
lack of armament or
great rank and file of the youth of this country been sub¬
jected to such searching examination.
In 1917; no such
techniques had been developed. There is, therefore, no
standard except perfection by which to measure these re¬
sults.
There is no reason whatever for supposing that
armies,
trained
men
which per¬
mitted Hitler to
no
get his start. Trained men and standing
matter how large and powerful, cannot take the
place of the kind of statesmanship which could very easily
have nipped all this business in the bud.
Now we have
defeated and disarmed Germany and are resolved to disarm
record equally startling results would not have been found in Japan when that country has been thoroughly defeated.
It can scarcely take
straight advice is as follows: 1917, or that the situation found in this country did not Italy has long been rendered harmless.
exist in equal degree in such foreign countries as Germany, a
huge army to keep these countries disarmed.
That will
Jones & Laughlin bought at
the
keep
To
okay.
France,'
where universal military service has henceforth be done or not depending upon considerations
out of mind.
Assuming reason¬ which have little to do with the size of armies in the other
bought at 56 has a stop at 65 able effectiveness of the examinations as given, we appear countries of the world.
f
and U. S. Rubber bought at to have developed a technique by which we can often detect
Protection Against Whom?
in advance the individual i who will "crack" first when
56 has a stop at 57.
Where else in the world is there a power or group of
fearful pressure is brought to bear upon his nervous sys¬
It may be that we should be giving thanks for this powers which within any reasonable stretch of the imagi¬
No new stocks to be bought tem.
nation could become a sudden and serious threat to us?
scientific advance rather than deploring its findings.
To
•—yet. y".: y:'
be sure, no one has ever supposed that all men are equally Obviously, only among our present allies, and among them
resistant to such pressures.
Individual differences are only Russia appears to be within even reasonable possibility
More next Thursday.
of becoming such an antagonist.
France may well pres¬
perfectly normal. In many instances the disabilities caus¬
—Walter Whyte
ing rejection by army medical tests are significant only in ently regain her position as a great power, but she is hardly
[The views expressed in this relation to the peculiar strains of war.
likely to develop in a way or in a degree to constitute any
article do not necessarily at any
danger to us. It is not likely that Great Britain will main¬
time coincide with those of the
Just Human Beings, Perhaps!
tain any system of compulsory military service after the
Chronicle.
They are presented at
It may be that some of the "abnormalities" found are war, and if she did, it is not
easy to conceive of her as a
those of the author only.]
in fact deviations from ill-conceived norms.
Those whose likely or very effective antagonist of the United States—
adult memories extend back to World War I may not have certainly not one which would
develop into a threat over
forgotten what a sensation was caused at that time by the night in such a way that we should not have ample time
LAMBORN & CO.
results of "intelligence tests" given for the first time to to
prepare for any reasonable contingency.
a
full cross-section of the male population within certain
This leaves Russia.
99 WALL STREET
Ur
The Soviet State under Stalin has
29 has
a
stop at 30. U. S. Steel
*
*
or
Russia,
been the rule
since time
»
.
NEW YORK 5,
N. Y.
<
*
SUGAR
Many will recall the headlines which from
groups.
age
day to day informed us that a very large percentage of
the rank and file of the youth of the country had been
found to be moronic!
Of course, the matriculate knew, as
in
recent years shown a
noteworthy tendency to become
"imperialistic," it must be admitted. But it is hardly prob¬
able that Russia and the United
halfway mind
even
the
our
own
States—assuming that we
business—should collide in
public was later to learn, that the yardstick (constructed any such way as to cause armed conflict between the two
previous rather limited knowledge of homo sapiens) countries, and until Russian sea
might is infinitely greater
was
at fault.
It would not be surprising if we are now than
it is now, it would be about as difficult to understand
learning not so much how American youth deviates from how she could constitute a serious threat to us.
What is
on
Exports—Imports—F utures
"normal"
DIgby 4-2727
ever
Established
1858
H. Hentz & Co.
New
New
York
Stock
York
York
Curb
Chicago
New
Exchange
Exchange
Cotton
Commodity
Orleans
Exchange
Exchange,
Board
what the true "normal" is.
of
Cotton
Inc.
Trade
it
is,
can
be used to support proposals such
Cotton
NEW
CHICAGO
'
Exchange Bldg.
YORK
4,
DETROIT
GENEVA,
N. Y.
PITTSBURGH
SWITZERLAND
so
Would It "Do Them Good"?
'
-
Russia would have
so
much
to
do
before she
had
reached the point of
threatening us
have more than
ample time to
seriously that we should
prepare for whatever comes.
And, finally, whether or not we have compulsory training
and a large, trained
military reserve would make no dif¬
ference in the course of relations between Russia and the
United States,
k
This would
afflicted—if affliction it is—for the
of giving them treatment, that objective surely can
be reached very much more effectively and less
expensively
than by universal compulsory military training.
The vague,
N. Y.
as are now
purpose
Exchange
And other Exchanges
more,
being made for universal training, military or otherwise.
The conditions complained of are either congenital and
beyond remedy at birth or else an outgrowth of experiences
of early years.
Life in a military camp is not likely to be
of great benefit.
If what is desired is an opportunity to
seek out individuals
Members
New
as
;At any rate, it is difficult to see how the record, what¬
,
.
seem
to leave
no
rteason
whatever for
the
elaborate, expensive and un-American system of peacetime
compulsory military training and service that is being pro¬
posed.
With all countries which might otherwise under¬
take
and
another
kept
so
sneak
attack
easily without
upon
an
us
thoroughly
impotent
elaborate militarism in
this
if popular, idea that "a year of military country, and with no other country either with a motive
training would do the youth of the country good" is found or ability to perpetrate such a dastardly deed, there would
upon examination to be equally without solid foundation.
bq no place from which these Orson Wells instruments ot
Doubtless a certain percentage of the youth of the
country death of which we are being daily warned could be launched.
would benefit from such training or service, but there are
But upon closer
analysis, these accounts of flying death
a
great many who would not, and who, for that matter, from heaven knows where without
warning, even if they
would suffer from it.
Experience has shown all too often are taken seriously, do not themselves afford a valid argu-
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Comments oi House Committee
Members on the Boren Bill
sions now
exemptions.
great many other
That I would not
a
favor.
But I hope that the Com¬
mittee will soon vote to
KEP. LEONARD W. HALL
MS\
provide
the certainty of
exemption of mu¬
nicipals from the regulatory pro¬
visions.
New York
The Boren
Bill to exempt
mu¬
nicipals from SEC control is abso¬
Neither
are
bond purchas¬
and
ties.
of
also
dealers
these
that
am
sonable
existing statutory
confident that in
time
the
a rea¬
Interstate
and
House
will
ap¬
this Boren Bill.
I
to
palities in the
tee.
munici¬
of
ex¬
the
I
Boren
am
to
even
amendm
eliminated.
evidence
lessening
?'4
I
I
as
it
vestor
tected.
the
SEC,
,
thoughtless harassment and
protection of
industry.
LUTHER
belief
legislation should be
fashion.
It is my
the
bill
will koon
be
by Congressman Boren
HR.
3129, does not
jections.
ex¬
municipal
well
as
bond
I
by the SEC are any
who sat
on
for
the
fraud,
from
of
and
that
I
this
on
Tennessee
position.
matter,
items
that
along I have been in favor
exempting municipal securities
in accordance with the
purpose of
the
Boren
Bill.
However, the
There
has
ianguage of the bill left the
the
All
there
should
never
sion in the
was
again
some
are
be
clarified.
been
to
my
t
IIINSHAW
CARL
The Boren Bill
would
bill is amended
municipal
so as
not
would
EVAN
HOWELL
Illinois
is
a
SEC
intro¬
as
The power to define fraud
Congressional
and
power
should remain with
s
pro¬
posed
rule,
since
with¬
future is the progress of science
may
bear
abreast of in the
municipal
cost
and invention as they bear
t
the
hearings
rule, there seemed to be
troversy
an
no
con¬
be¬
and
the
it
securities
dealers
hand¬
curities
se¬
the
offer
That
principle
would
single
out
one
indus¬
try while leav¬
ing
sellers of
securi¬
other
ties
*
.
ob¬
very
vious
that
would
it
impose
such
hard¬
a
ship that the
industry
would
have
had great diff i c u 11 y
in
meeting
the
rule's require¬
ments.
At
Oren Harris
the
last
meeting of the House Committee
Interstate
on
when
and
the
power
as
passed.
opposed
away
to
any
I
to
from the
securities
considered, it
to
Foreign
Boren
Com¬
Bill
was
both
a
merchant
what he
selling.
tell
to
sidejfj and in the best in¬
n\tm$ipalities in the is¬
of
suance
their
securities.
Until
the results of those conversations
are
known,
comment
on
I
would
like to
BECKWORTO
7IK-Texas
•
•
not
the pending bill.
LINDLEY
REP.
his
was
terests of
alleged that to force a se¬
curity dealer to disclose cost and
other information is like forcing
customers
paid for the goods he is
That is a poor analogy.
labelling laws to protect the
buyer.
ers
and
of
(
.Jjf
REP. CLARENCE J. BROWN
Ohio
of
for sale.
Evan Howell
was
o
dealers
training large groups of youths in military; camps
but it is one which would afford us much more
protection.
With reasonably-sized military forces (such as
the
SEC proposed
this rule, it
It is
the
price
such
any
upon
each year,
sellmer¬
have been and again can be maintained chandise free to continue business
en a
completely voluntary system), armed with the best in the normal manner. I think in
of
equipment and with the country scientifically and in¬ that respect dealers in municipal
dustrially prepared to support its armed forces, we should bonds should not be discriminated
against. Without the Boren Bill,
be as safe as a country can be in this world.
or something like it, the flotation
The fact is, we suspect, that we should be much safer, of municipal securities would be
and the world much safer, if we followed such a course, unnecessarily interefered with.
the
taking
con¬
that
other than municipals.
disclose to
than
in
to
Even in the merchandise field we
dealers
securities
military prowess. This would include
not
only instruments of war as such, but such ordinary
industrial developments as could be employed as a dis¬
guised armament program or quickly converted into war
industries.
This is a much more hum-drum, prosaic job
or
According
the Boren Bill, up until the time
the SEC circulated its
proposed
have
in
careful to keep
been
have
customers
be
far, howI have
drawn, would
The Best Protection
must
it
Congress. The
S E C '
And,
up
the bill should
absolutely
be
bill
any
much to the
we
make
be
REP.
going
mind.
vinced
in
am
Benjamin T. Rabin
against attacks by them.
What
HARRIS
stated that dis¬
cussions were under way between
the SEC and the industry having
as their purpose
the finding of a
formula that would be satisfactory
not
am
So
to apply only
securities, I
point, large armies, unless deployed
abroad where such devices originate, would be no protec¬
tion
OREN
merce
fever,
When the
favor of it.
duced.
offensive instrument.
are
Arkansas
be
until
my
have
I favor the Boren Bill
an
discus¬
as
also all other securities.
to
g.
n
will
to
originally in¬
exempted
only municipal securities but
troduced
disposing of municipal bonds.
compulsory military service of the sort proposed.
as
I
California
section of the country in
Without support from large ground and sea forces weird
instruments of destruction of the sort now being described
"
it is concluded,
knowledge any instance of fraud
door
t i
There
sion and,
REP.
not
in-
very
r e s
e
ex¬
more
bill.
changed
However,
on
ecutive session
of
in my
closed
reported out, when we are through
In other words,
with amendments.
preventing
not
have
mu¬
it. The discus¬
the Committee
the SEC
purpose
ne-
Luther Patrick
which originally created
REP. J. PERCY PRIEST
as
to the
as
wisdom of passing the
Bill, even as amended to
the House passage of an amended
gress
contrivances
or
When
or
not
the
.
exempted securities, by
REP.
RABIN
nicipal bonds.
My
mind
is
impair the sell¬
when the Committee meets
what is
J.
testimony and
not convinced
am
essity
setup such selling is impaired. I
one of the members of Con¬
as
as
busi¬
York
I heard all of the
I
Boren
under
I
bonds.
New
the Committee will recommend to
that
'
.
ling municipal
BENJAMIN
The
was
whole.
would be of little value
with
•
REP.
SEC
Committee
themselves, the better for the
ment for
possible Gov¬
interference
ness.
the ob¬
cure
than
devices
tween
for the least
am
ernment
May 4,
on
»'
otherwise fraudulent."
or
criterion.
ing of bonds of States and munici¬
the States and municipali¬
a
Committee
se¬
palities,
and- representatives of
municipalities testified before the
over
market,
other
such
municipal bonds.
There has
very
little fraud in this
country with respect to the sale of
such securities if the examples
Illinois
I do not want to
The quicker we pass the Boren
Bill and remove the threat now
SEC
define
limit it to
price in the secondary
the
securities
been
REP* EDWARD A. KELLY
which, in turn, would have
a
directly unfortunate effect on
primary sales by municipalities.
by
of
case
regulations
in
bill introduced
market
being wielded
and
brought to the attention of the In¬
terstate
and
Foreign Commerce
con¬
curities.
Vito Marcantonio
•
Sec. 2. The second sentence of section 15 (c) (1) of the Securities
Exchange Act of 1934, as amended, is amended to read as follows:
"The Commission shall, for purposes of the application of this sub¬
rules
some
that
•
or negotiation of, or otherwise regulating transactions
in, exempted securities; except that this subsection shall not apply
with respect to section 8 (c) of this title."
manipulative, deceptive,
passed in
'
the Securities
section in the
PATRICK
Alabama
I think the
''
*
,
pothecation,
_
JosePh P. O Hara
to elim-
REP.
■
"(d) No provision of this title shall be held to confer upon the
Commission the power to prescribe rules or regulations
imposing any
restrictions or requirements with respect to the
purchase, sale, hy¬
encourage lawful
the
J
Be it enacted by the Senate and House
of Representatives of the
United States of America in Congress
assembled, That section 3 of the
Securities Exchange Act of 1934, as
amended, is amended by adding
at the end thereof the following new subsection:
pro¬
More¬
exercised
as
following bill; which was referred to the
Interstate and Foreign Commerce
on
'« r;
'
Exchange Act of 1934 so as to limit the
of the Securities and Exchange Commission to
regulate
transactions in exempted securities.
over,
I
feel
that
further
e
'
power
fraud,
is
'
,
To amend
ele¬
of
municipal
throughout the entire country. In
addition, we will be bound to get
sharply increased spread in the
as
the
that the in¬
so
»
f
'
A BILL
defin¬
in
May 4, 1945
nection with
a
country
from
\
REPRESENTATIVES
the
ex¬
de¬
field
fraud
inconsistent, singling out,
the
the
the
empt from SEC controls, We will
get a lowering market for munici¬
pal
bonds which
will
be
felt
ties
,
cepting there¬
ment of
"
♦
itive power in
primary and
it does the dealer class.;
sale
It is
would
of
There is little
Unless municipal bonds are
final
Committee
bond
prive the SEC
not eliminated.
and
their
fraud, because
secondary dealers would eventu¬
ally be put out of business. The
attempt by the SEC to exert con¬
trol is also, in and of itself, illogi¬
cal
nt
Commerce
doubt that the small
1
Mr. Boren introduced
going to open
up the door to
would be effected if SEC controls
are
e
points to the serious
of
competition
that
Committee
and
i p a 1
issues but
with the
offered.
before the In¬
Foreign
c
governments
of
it,
posed
isting issues if
The
ni
op¬
SEC rule is not
Leonard W. Hall
IN THE HOUSE OF
.
Bill. I opposed
it in commit¬
marketing
and
State
inate
opposed
and
terstate
by
m u
to
am
various States
and
II. R. 3129
with
the lawful sale
SO
New York
I
ple and to the
new
1st Session
by Congress
REP. VITO MARCANTONIO
peo¬
79th CONGRESS
the
SEC
over
the
investing
prohibits
control should
prove
in¬
to
Congress should de¬
policy which emphatically
b
the
jury would be
done
a
report
and
Text of Revised Boxen Bill
I feel that
clare
Foreign Commerce Committee will
There is
but
on
under
now
law. I
in
securi¬
question
no
nor
would insist
municipalities,
ers,
I
anybody else
doing away with
prosecutions for fraud, but I be¬
lieve that fraud is well taken care
essential legislation if we
to prevent grave injury to
lutely
P. O IIARA
Minnesota
the
wide open for
each member. Expres¬
available are as follows:
JOSEPH
interference of
(Continued from page 2606)
jnent from
REP.
past
I
think
Boren
the
B i U
should
be
passed,
as
to
take
so
away
from the SEC
control
any
whatsoever
the issu¬
over
ance
of
or
resale
municipal
and other gov¬
ernmental
or
fraudulent in¬
tent is shown.
This
bill,
W
J
se¬
curities, ex¬
cept where
fraud
Lindley Beckworth
4f
The bill
I have
/
SREP.
it
state of flux,
a
WILSON D. GILLETTE
Pennsylvania
Since
in
should be not¬
being in
comment at this time.
no
the
matter
state of flux,
a
of
way
knowing
is
at
present
and there is no
what form thes
,
than if
world
we
aroused the
with
our
suspicion and fear of the rest
militaristic
endeavors
compulsory training programs in peacetimes.
of the
through grandiose
I
am
confident, moreover, that
the existing statutes oil
fraud
are
quite adequate to protect investors
ed, would not
set
aside
section
Clarence J. Brown
the
of the
lating to fraud
Securities Act re-
bill
will
take, I cannot give any*,
intelligent
now.
'
comment
on
...
it
just
«
San Francisco Conference
i*
•
»
■
•
.
Limiting the members
to 18 makes it
much more efficient than if more
of the other 32 nations were in¬
cluded.
But as all 50 nations
cannot be bound by 18 on impor¬
ing.
„
.
.
.
fighting on. . . . Canada is trying
to bargain for the calling of an
amending conference on a major¬
the Assembly in five to
ten years , after ratification, with
an automatic call after ten years.
V
Realizing the practical diffi¬
culty of removing the Veto now.
ity vote of
.
.
this unspeci¬
the time of such a con¬
wants to leave
she
fied until
ference.
.
'
'
*
*
*
t
tightened rather than loos¬
ened, and the 45 smaller powers
pushed into greater impotence. ..
been
Cuba, New Zealand,
Colombia, Brazil and Chile are
particularly angry, with Canada
sophisticatedly annoyed. . . . They
vehemently claim that the Big
Power interpretation is wholly in¬
consistent, being very narrow in
some respects and correspondingly
wide
in
others;
and that the
under the leadership
aggressive Dr. Evatt, wants
the privilege of calling an amend¬
ing conference at any time, par¬
ticularly in view of the oft-re¬
Australia
statement about the
imper¬
Australia,
"Council
. . . The neces¬
trial-and-error of ac¬
tual practice, and the preponder¬
ance of amendments to the Amer¬
ican
Constitution in the early
years, makes the indignation of
legalistic vacuum.
i t
this
to
is
discussion
it
that
fact
whether
even
can
or
the
veto.
complains that his status is
that Of being compelled to give a
power of attorney to a friend for
anti-amend¬
ment policy will cause twin-delay,
first in the proceedings here, and
later at the time Charter ratifica¬
tion is being sought from the re¬
the veto.
event this
legislatures.
spective home
cussion
of
result
net
veto
the
be
to
seems
disparity
between
the
Big Five and the
and of the fact
the new League will be a
that
ganization. . . . But, particularly
as it obviously will be difficult to
keep. a6y nation from withdraw¬
economic
aff -the sponsoring countries
willing to permit future
ing,
are
no\y
resignations. . . . Even the USSR
has now shifted, and the regula¬
tion is now only a matter of lan¬
ment
obstacle.
Monday.
.
;
19 times.
.
.
.
.
.
consumption many, o^thfe
smaller
including/. the South
Americans,
want the!t right
of
withdrawal specified, particularly
if their suggested amendments are
to be vetoed....
countries,
.
General
the
Oaks.
.
.
Despite the tremendous
fanfare
gal
pious hope
as a
or
.
The rest of the new
ter is negative in
the right to
of
permit some measure
of a dispute, is a
which
no
even
one
tioned until the point was
ques¬
raised
fort¬
Previously, UnderGrew in Washington,
by the Russians themselves a
night
ago.
.
Secretary
and
Mr.
.
inserted
the words "observance for" them
settlements; including
discussion but up to the
.
to peaceful
sonal
included
being
not only
chain of measures to
and
investigation
recommendation.
...
So in
comparison with all the interpre¬
original'RooseveltYaltaTormula, the veto right has
the
and
ated
will
.
.
be
it
make
individual.
.
.
Commissions to
first
rights.
to
.
.
that
on
.
per¬
One of
be
cre¬
human
.
tations of the
The finally determined
lofty aims, it
immediate
Action
committee
represents just another in the long
list of impracticable objectives of¬
fered to the Conference. V.
is
conference at
a
This
the discussion
level, unable to take action on
specific
situations
pressing
for
prompt
league's char¬
the
with
dealing
working
.
gave
.
.
the
"run-around
Hence
the
proposition
treatment"
"associating itself with it."
by
personally am par¬
After the Conference
tralians
forts
...
not
exports
we
some
again
way to fi¬
through capital
some kind of
subsidy.
or
of
.
ex¬
...
immediate concern
to the Conference and to the
new
League is the Senate committee's
more
slap at international
cooperation,
and
its
encouragement
to
nomic warfare and isolation.
*
*
*
eco¬
.
.«
.
Neither raw materials nor trade
discrimination will be mentioned
in the San Francisco
Charter, ex¬
cepting in
general
trustee provisions.
terms
.
.
.
in
the
In the first
place, it is impossible to specify '
adequately.
In
the
second '
place, the cry about raw materials
is always a war-time
incident.... •
.
It. is pointed out here that most
cOmplained-of trade abuses only
range
around the periphery of
definable
discrimination,
dis¬
as
crimination against certain inter¬
national companies, and therefore
could not possibly come within
the purview of the
League; or else
it takes the form of
cartels.
.
Action
be
may
taken
«
.
through
subsequent general Conference
a
on
trade matters,
leaving it to the
League through the machinery of
the Economic Council to take ad¬
ministrative action
persuasion
and
particularly,
concerned,
far
as
to
by
of
and
powers
reporting;
as
cartels
the
cure
•
,
are
situation
by conventions agreed to in ad¬
vance.
The
.
.
.
'v.""''.'-".'
possibility has been raised
here
of
the
entire
immediate
United States imports
question be¬
ing quite academic, as in the com¬
ing
early
post-war
years
the
world-wide shortage of goods may
well preclude all
imports from
the United States.
In that case
.
.
tariff rates would be
quite un¬
important until later on when our
ical
.
.
their
ef¬
"which
came
first,
chicken
economists' argument,
countries, including Peru in
yesterday's
open
session,
have
been stressing international trade
as
the prerequisite for domestic
prosperity.
The Australian po¬
keeping the several nations
talking.
The most useful
weapon in the international eco¬
nomic field available to us is con¬
.
the Aus¬
relax
in
most
in
tinuity of conversation."
not
iota
egg?"
or
inestimably helpful in all fields,
.
one
.
sition,
.
.
which
cessful
.
prompted
Conference
its
battle
suc¬
for
a
strong employment pledge,-on the
other hand, holds that full em¬
ployment is the key.
In the
addition to the charter pro¬
...
visions for the Economic
Council
words of H. V.
other principles deemed in¬
appropriate,
therefore, were
in¬
delegations,
Evatt,' her Minister
for External Affairs: "The dismal
failure of post-great war planning
cluded in the record as "declara¬
tions" of individual
potential imports can rise to $7 to
$10 billions figures, which will
mark
the
attitude.
real
test
of
tariff
our
•
...
...
plished on health and cultural
ines, having
these conferences
and
continued interchanges are
.
will
pushing a full
employment program nationally
and internationally.
In a typ¬
field, including a prospective In¬
ternational Conference.
In ad¬
dition to the actual results accom¬
can
as
be
trajced to the undue
phasis placed
follows:
(1)
.
our
our
"Of course I
some
But
our
services
.
...
.
ticularly interested in the provi¬
sions we have made in the health
In
action.
Committee
representing le
for
.
culture have been
that
stated
had
here,
to be no veto
was
..
and
applicable
Eden and Sir Alexander
Cadogan
spect
as high objectives, for the
promotion of peace, the theory be¬
ing that wars are induced by
wrong education.
There is
great emphasis on human rights,
.
there
clearly, particularly in re¬
to labor, full employment,
and higher standards of living.
more
Education
great
pointed out that this call for
was
.
discussion
right
.
.
mechanics
trouble."
talkbody,
.
.
sympathy with the
an
.
expressed
countries
many
...
.
.
.
.
achieve
will
years
liv¬
of every country;
inetrnational
physical planning,
Although
present and future.
standard
ing
only portion of the Charter
that is affairmative and construc¬
tive rather than reventive
the Council
cal reaction in setting
.
.
the
In lieu of its former skepti¬
...
that
average
same
the
Klieg lights and newsaugust steering com¬ the public is now boosting it to
called for the the other extreme of crediting it
event; it did not take long for the with making the military powers
non-Big Powers to realize that, in of the Security Council unneces¬
the words of Autralia's Dr. Evatt, sary.
Sir A. Ramaswami Mudaliar of
they had been handed a "plugged
nickel."
Rendered helpless by India, Chairman of the Confer¬
ence
Committe, has pointed out
the chain of events which led to
the appearance, but not the fact, that relatively the provisions of
the old League relating to eco¬
of 'a gracious Soviet compromise,
the small nations are furious at nomic and social problems were
their present inability to "upset very inadequate because the- em¬
the apple-cart," though they know phasis there was on the military
that all the logic and justice are and political phases.
In comparison with Dumbarton
on
their side.
For what the
Russians have "conceded," namely Oaks, the purposes are specified
.
the
exception of the territorial trus¬
teeship arrangements, the work of
the Economic Council represents
meeting
.
on
Regarding the Economic Coun¬
relative
importance, Dean
Gildersleeve continued: "With the
reels at the
mittee
consultation
of Government
and Business, our Counci
provisions being spelled out, and
actually does most of the spell¬
ing out at this time.
.
. The great
effect has been on the public, with
the air of very helpful publicity.
down
the
ing
on
cil's
.
accompanying the
epochal an¬
nouncement of the "great Soviet
concession" on the Veto, includ¬
the United Nations
should
bring
about ^immediate
reconstruction through: distribu¬
much."
Oaks
the
distastrous
some
.
over
Dumbarton
of
assurance
.
Labor
Assembly could not
under
*•..
Committee's
the
of
Because
.
posed
level with organs
Affirmatively, it repre¬
.
the
sents
and
.
ordered
have
i
and
our
.
them
nance
of
experts tion of raw materials for build¬
through the process of consulta¬
ing purposes; distribution of tech¬
tion.
Just as the Commission
nical personnel; international co¬
so successfully relies on prestige,
ordination to fit the
.
,
.
body
advisory
an
A detailed analysis of the new
The objections to set¬
ting down the specifications in the provisions appeared in this column
Charter are: (1) It will mean an last week.
Generally, it may
additional change from the Dum¬ be concluded that the Council's
barton Oaks proposals, and (2) it new charter contains nothing that
may give a false
impression of was not implicit in the Dumbar¬
impermanence to the League. . « . ton Oaks proposals, nor any con¬
Chiefly for purposes of home flict with Oaks, cor anything that
guage.
;.
.
goods
ac¬
other
or
.
will have to find
countries, and
because of their inability, to help
themselves, separately, it was pro¬
connection
.
.....
.
take real payment for
by Greece
conditions in
ing no mandatory powers either,
it functions most successfully as
Council, the Committee had
times in full session, and
drafting subcommittee had
Social
the
In this
...
.
met 21
sat
insuperable
no
Anglo-Caribbean Commission
shows what can be done.
Hav¬
.
As¬
and endorsed
by Norway, is significant in show¬
ing the possibilities in that field
as: well as in
defining the frame
of reference of the Organization.
the
Charged with formulating
the new League's Economic and
.
present
*
$
sji
Conference
"problem of
a
materials,
.
.
.
vanced
.
teeth
of
been
disposition of proposals for recon¬
struction on a grand scale, as ad¬
sovereignty and absence
of
.
raw
imports, but purely one of
continuing export balances.
Bound up,
of course, with
tariff policy.
If we will
...
The
and the ele¬
must be abandoned,
Cooperation reported its re¬
sults in public session on
of
impossibility
that
the
nationalistic
policies of the 1930'
realizing
.
cial
and even
tions.
worry because,
I
■ ;.•?
legislatures of the world are
and
.
to
cess
Council, particularly regarding the
budgets of the special organiza¬
applying international compulsion
to back up our aims. ... But it
is now evident that the peoples
the disagreement
military
alliance
rather
changes in
the grand an idealistic international
than
League through changes in
its organization.
regulations, there is disagreement
about changes in the composition
Its
labors
completed with
of its members.
.
. Here the Big
and efficiency, the
Powers are also inclined toward promptness
Committee on Economic and So¬
freezing permanence of the or¬
.
to
obvious
the
of
about
.
inclined
was
of the
problem is not
bpdgets as it thinks proper. . . .
Presumably the Assembly will act
on
the advice of the Economic
Gildersleev*
Dean
nomic and social fields,
greater
precise
involved
ports
Governor Stassen, took
seriously our prospects in the eco¬
Little Forty-Five;
Along with
future
my
work of this
here that to the United States
the
of
cepting
the driving
home of the realization of everbattle
of
In
50%
...
Organization as a whole. . . . The
Assembly will make such arrange¬
ments for the examination of the
colleagues, ex¬
the
Conference, and to the success of
the! new League.
It is realized
to spe¬
powers have
to the General
on
provision, is
It was deemed more
ogical to vest them there, along
with the financial authority of the
sembly.
...
the
So
ransferred
are
practic ally
none
or
the problems
of
Budgetary
ence's opening
not is itself subject to
or
vAgg
vitally related to the
in this connection.
Confer¬
he
*
striking from the bill
maximum reduction
the re¬
Charter the
the
in
nature
because before
of the small powers
naire
powers
. . .
*
*
>i«
.
.
"
*
...
7 'V ;
to mention others;
cify
especially saisfying to me
defin¬
itely states that the decision as
to whether a point involves dis¬
.
gates
:
reply to the now famous question¬
■'
*
m
capital goods
It felt that
it would be misleading to mention
one
or two important fields
and
not
...
The Senate's adverse action
a^iion
A
the Trade Agreements Act.
of
should be made.
.
...
allotment of ;M\/;V:";
work
press
.
.
ment, it is assured that there will
at least be plenty of such
argu¬
ment in our new League."
The Commit¬
.
.
.
problems
lated
an
yesterday
by
the public and
stopped by a capricious
The big powers' formal
cannot be
that
argu¬
strongly
deal with this or
to
tion
corre¬
our
seen
Irrespective of the quality of the
economics involved in the
other
some
tee, however, ruled that no men¬
tion of any specialized organiza¬
spondent
to¬
day, she said:
"The great re¬
ception given
Fraser of New Zealand
the
In
It will be
v
with
...
materials.
raw
interview with
when
Mr.
developed
not known
meeting
and
of the fair
problem
the
United
the Conference
formula¬
s
tion.
great political prob¬
one
...
added."
.;v\
.
French
specific mention of a special¬
ized organization to deal with the
Gildersleeve,
charged
time, is attested by
discussion at today's heated
committee
.,
The
committee
can
non-Big Powers understand¬
able. !;
.' One of the Chilean dele¬
the
any
ment.
delegations argued very
States delegate on
present
the
lem.
trade be¬
unemployment
...
Particularly enthused over the
Council's prospects is
Dean
the
was
followed by
on
.
.
Economic
.
the
bodies,
.
.
for
only discuss whether
can
dispute
and affiliated
ganization
;
.
.
.
the Or¬
flexibility is assured.
with the 18 Counci
preserving a good work¬
ing body.
obscurity existing as to the extent
of the tiny non-veto area even at
sity for the
In
must
members
be discussed, and
can
only investigate whether it
should be investigated."
.
.
The
a
in a
Charter written
fections in a
matters,
cisions
increased
cause
dealings between
In the
Assembly,
of the
peated
tant
.
.
.
smaller powers are
at home, the
increased restrictions
.
.
the
Agree¬ end we seek is not
increased
ments between the two, such as
trade, but higher standards of liv¬
with the Monetary Fund or the
ing.
Increased trade is one
International Bank, will not in but not the most
important fneans
any way deprive the affiliate of
to this end.
We should
rather
such important de¬ its responsibilities in its own field say "Seek you first
employment
defined in its basic instru¬ and the rest shall be
be passed by the as
Council
the
on
Completing Its Agend
(Continued from first page)
worth not¬
trade barriers and all
Mex¬
and
Brazil
by
advocated
arrangements between the Eco-fcj
ico.
nomic and Social Council and the
General Assembly are
Thursday, June 14, 1945
CHRONICLE
FINANCIAL
THE COMMERCIAL &
2630
on
em¬
tariff reduction
and
exchange stability as ends in
themselves, and to the absence of
By China and the United
States for a Commission to regu¬
consideration of domestic policies
of employment which, if
pursued,
late trafficking in opium;
would
(2) For reconstruction of devas¬
have
brought
about
in¬
And the effect of trade agree¬
ments legislation on the Bretton
Woods agencies is likewise being
watched
here.
.
;
.
experts maintain
The Treasury
that
the
mone¬
tary
funds should not be con¬
ceived of "depending on" trade
agreements, but that they both
actually make for the same end,
namely, foreign trade.
resent the
...
They
expression that inade¬
quate
imports
would, cause a
"breakdown" of the Fund, pre¬
ferring to state
the situation as
"an oversupply of
foreign curren¬
cies relative to dollars."
They
want it said, that then the Fund's
.
dealings in dollars
be in restricted
amounts;
from that point
be
.
.
and that
would
the Fund
on
useful, in these two
ways:
(1) In using the scarcity of curofficially to dramatize bad
—-viuUiy
tu urairiauze uau
tated countries, by Greece;
creased consumption in trade and I
rencies
A declaration by Panama
regarding migration;
(4) For intellectual cooperation,
by France;
(5) Representation for women
stability
(3)
,
rpu
Thf>
■
~
in
exchange rates.
traHo
—
*
•
-
histnrpolicy, which might lead to
fi0n in correcting such policies;
av and
l:-1-
olannW isbfnndw+*
Panning is bioadly the story of
(2)
resulto^^'re^ohir071^6+GnCe^' alH*n the
resulting
resolutions to reduce would
in
in
...
would merely
these
a'bsence of
have been
circumstances:
a
Fund there-
exchange con-
;
,
Number 4394
Volume 161
.
THE COMMERCIAL & FINANCIAL
CHRONICLE
trols, more rigid and unilaterally-
;
,
'
problem of scarce dollars is
not of immediate acuteness; for it
is calculated that the Latin Amer¬
ican nations have sufficient gold
reserves here for purchases to last
two years, and European countries
have enough reservesfor three
the
years.
:
;
;
'
But
..
of
•
coursethe
Fund's resources and foreigners'
remaining gold reserves, >are only
a
stay which does " not mitigate
the need for long-term Order,econsistent with the aims of the Conference and the Charter..
'
<
best
The
,
.
Fallacy of Taxes
On Capital Cains
event, it is felt here that
In any
.
1
~"
the
on
ditional role
balancing
Confer-
ence'S closing date and President
Truman's valedictory is June* 22.
Some further delay may be caused
necessity of translating the
;
by the
'•
finished Charter into the Confer-
;
ence's
;
languages,
.
'
'
as
having
delegates attending.
...
'
ference. are in. the cards.
is
being
now
*
'
One
American document that is
an
.
.
prepared in great de-
Mr, Truman will have it
.
.
ac¬
company the Charter when it is
submitted; tcr the Congress:
;
.
.
The other report will be compiled
by the Secretariat, will be some¬
what superficial, and be useful for
home
by the delegates.V.
use
«
*r
started
the
conduct
been
of
restored
*
.
our
and
be both transitional
of
redeploying
effort,
ties
our
interim
and
resumption
progress.
; • 1 v •
military arrangements.
The Interim Commission,
.
y
.
.
the
other hand, will consist of "a busi¬
ness body to organize the various
agenda and personnel of the Or¬
ganization for functioning after
ratification.
contemplated
on
.
.
.
It
this
that
hold
first
its
Francisco imme¬
diately after the end of the Con¬
ference, attended by
represen¬
a
tative from each of the attending
nations, and will set
ganization formally.
the Or¬
up
.
Subse¬
.
.
quent meetings will be held later
in London, when a staff
ably will be built
of
ice.
,
presum¬
the basi's
up on
Civil
International
an
Serv¬
,
,
Despite
and proposals to
rumors
the contrary, the Secretary Gen¬
eral of the Interim Organization
will be
different individual and
a
different type than the Secre¬
tary General of the new League
itself.
For the early stages, a
a
.
.
.
hard-working
on-the-job organ¬
wanted; while later
on, for the Permanent Organiza¬
tion,^a
'
prestige will be desired.
.
.
Al¬
ready General Eisenhower is be¬
ing nominated for the post.
.
izer
will
is
It
my purpose
attention
.
.
.
It is
thought that a Chechoslo¬
vakian. proposal will be followed
for creating a department for the
early exchange of information and
the development of better under¬
standing of the work of-the Con¬
ference, and of the Interim Or¬
"
.
:
.
• .4: "
,
'
'
.
Rudolph
Mabon
&
New
was
killed
He
was
Nadel,
Co.
the
York
a
and
a
partner
a
member
Stock
.j:
?
in
upon
•
-j.
today to focus
aspect of
one
re¬
subject of the deepest concerp
to all of
us—manufacturer, bank¬
business
er,
Europe on May
member of the U.
in
24.
S.
and worker.
man
;
Historically, the first attempt to
ly after the Civil War when
was
levied
and
income
"upon
gains,
derived
whatever."
source
from
The
against
does
sale
not
of
of
Hamburg,
many.
He became
the firm in 1931.
a
Ger¬
partner
in
to
tax
der the
delusion, apparently, that
by lengthening the holding period
or by
increasing the already steep
rate of taxation, they can
prevent
an
lower
United States
found
in
court
From
1918
were
1921
to
taxed
as
ductible
full.
in
began to
taxation
capital
ordinary in¬
but capital losses
come,
were
de¬
Nevertheless, it
be apparent
rise
in prices.
is, of course, alto¬
illogical.
It
has
been
gether
pointed out, time and again, that,
instead
of
dealing
with
root
causes,
they
with
students
whom
manifestations.
of
I
concerning them¬
are
this
have
question
talked
All
with
that,
instead of restraining
prices, the
proposed changes in the capital
gains tax would have the effect
agree
that
such
even
greater force today.
Various
been
of
changes
have
since
introduced into this feature
the
involving the
length of time property is held,
tax
law,
which
would
be taxed and the deductibility of
losses. The relative unimportance
the
rates
of
the
source
at
gains
gains tax as a
of revenue is demonstrate#
capital
by the fact that the peak amount
realized in 1928 amounted to only
$576 million. Since 1934 the high¬
est annual revenues to be collect¬
ed from this source was $202 mil¬
in
1943,
which
represented
of securities
scarcity
already.
As the law stands
is
a
today, there
clear line of demarcation be¬
a
tween
quick
trading profits and
The
fail
the
inception and early history
taxation of capital gains
to
show
any
clear intent on
of Congress to tax profits
casual sales of property. The
the part
aporaised,
therefore, from the
point of view of its social impli¬
cations.
grow
long
as
deficit
as
financing continues."
We might
go further and point out the huge
accumulations
ings,
which
of
individual
sav¬
today
are
said to
amount to about $150 billion.
At
the end of the current fiscal
year,
the Government debt will amount
around $240 billion.
All but
to
about
$16 billion
sents
this
of
repre¬
that has been bor¬
money
rowed
during the past 15 years.
might also be pointed out that
the war-created
scarcity of civil¬
ian goods in almost all lines
adds to the
inflationary
flowing from
of cash
the
merely
pressures
this
sales
base
which
upon
the
taxpayer
the
deduction
of
net
short
No
term
capital losses against ordinary in¬
Thus,
come.
today,
have an
upon the quick
property.
On the
effective
turnover
of
we
brake
other
hand,
have some slight
we
protection although inadequate,
for the long term investment of
venture capital which, by its very
nature, presupposes an ultimate
gain.
doubt whether those persons
I
who wish to
period and
a
what
ciate
see
a
longer holding
higher rate appre¬
the
consequences
As I have pointed out,
would be.
already have gone as far as
can go safely. Any more dras¬
we
we
equity and debt securities.
Vast
reserves
of
private funds are
awaiting an attractive outlet for
investment
there
and
will
be
a
great demand for venture capital.
You who are engaged in the fa¬
cilitation of the flow of capital
need not be told of the impor¬
of
tance
venture
capital to
our
post-war economy. To you it is
old story that venture capital
is on the front line of business
an
enterprise, that it takes the risks
and that casualties ai-e frequent.
Any barriers placed between the
investment of risk capital and the
potential profit which is normally
expected are an impediment to
post-war reconstruction.
The demand for a change
.
the
in
capital gains tax is based upon
chief premises: (1)
capital
values,
as
tors of the home
protected
such
as
by
front have been
direct
rationing,
measures,
allocations,
price and wage controls, no effec¬
tive controls have been applied
to
curb
rising' prices
of homes,
patience with
attitude
toward
and happiness of our peo¬
MO.— Stern
1009
Baltimore
an¬
the
nounce
return
of
Howard
H.
Fitch,
Vice-
President and
director,
has
who
been
lieved
re¬
from
three
years
active
duty as
Captain in the
Army of the
United States.
Mr.
Fitch,
prior
to
en-
tering the
Army, direct¬
his
ed
activi¬
in
field.
the
In
Pitch
H.
Howard
re¬
turning, his activities will be in
both municipal and corporate se¬
curities.
,
'f
v.
V
J. L. Gumbiner, who became as¬
sociated with the firm
in August,
elected Secretary
of the company in place of John
H. Barrett, who retired from the
firm as of June 1, 1945. Prior to
entering the company, he was
1944,
has
been
Vice-President of Harold E. Wood
&
Co., St. Paul, Minn.
We all realize that the seeds
inflation have
of
Avenue,
Co.,
municipal
question which invplves the
ple.
Net gains derived through
of property held for less
CITY,
&
power.
no
weak-kneed
KANSAS
Brothers
ties
Should Be Directed at
the Causes
I have
money,
a
To Desk at Stern Bros.
huge reservoir
purchasing
Remedies
ments.
reflected in current
prices of homes, farms, business
properties and stocks have in¬
creased sharply since this coun¬
try entered the war and are still
increasing; (2) while other sec¬
of
to
success
income and
;, ^
tinue
capital gains derived from invest¬
two
- ;
potential
prepared to act boldly and cour¬
ageously. As an exponent of sound
have
we
only 1.2% of total revenues from
profits taxes.
and that the "huge
years
the.fact that
retarding invest¬ tic interference with the transfer
ment in new business enterprises of capital assets would check the
and in its report on the Revenue flow of venture capital, would put
Bill of 1921, the Ways and Means a brake upon the operation of
Committee of the House made the job-creating processes and would,
following statement: "The sale of in my judgment, result eventu¬
farms,
mineral properties
and ally in a frozen economy.
other capital assets is now seri¬
In the course of readjustment
ously retarded by the fact that after the war, the transfer of per¬
gains and profits earned over a sonnel and equipment from vari¬
series of
years
are, under the ous types of production to other
present law, taxed as a lump sum types will necessitate long term
in the year in which the profit
capital which can best be pro¬
is realized. Many such sales, with cured
through the issuance of
possible profit-taking and
consequent increase of the tax
revenues, have been blocked by
this feature of the present law."
This statement is applicable with
war
(represented
by currency, demand deposits and
Government securities) will con¬
It
Howard Filch Returns
is
causing further advances and
creating a greater number of
unwilling
sellers
of
securities.
This is most important in view of
of
was
their
capital
Now, if the money factor, cou¬
pled with scarcity of goods, should
threaten to undermine the integ¬
rity of our currency., we must be
of
the midst
of
World War I, or on May 20, 1918.
gains
inflationary
Their reasoning
comparable provision is made for
against this
Upon appeal, the United
Supreme Court reversed
States
to
are un¬
the
The
gains to be taxable in a broad in¬
terpretation of the term "income."
the
indifference
aspects. They
calculates his surtax bracket.
Tax of 1909, the Commissioner of
Internal
Revenue
ruled
such
ruling.
revenue
the
on
advance."
a
conceal- their
the
for tax purposes as ordinary in¬
come and
must be added to the
history of the tax's effectiveness
would appear to rule it out as a
revenue producer.
It can only be
from
provisions of the tax law relating
to capital gains make no
attempt
than six months must be treated
question did not arise again un¬
til, under the Corporate Excise
court
those who
change in the
a
the
authorize
the
the
matter of fact,
that
Bombing Survey,
America
the
Anti-Inflationary Aspect
a
other
,
inflation
advocating
and
•
argued that there is an
inherent danger in the large accu¬
mulation of liquid funds
during
on
advanced in value
between the date of its acquisition
mission.
a civilian com¬
Mr. Nadel became asso¬
It
fact
mere
has
and
any
Supreme
.
property
tax
profits
Court at that time ruled
this
form
of
taxation
ground that "the
a
on
ciated with Mabon & Co. in 1926,
the year in which he arrived in
As
tax capital gains was made short¬
of
Exchange,
The
selves
Capital
on
the home front,
namely, the post-war treatment of
capital gains and losses which is
lion
Rudolph Nadel Dead
;
of
deployment
be
ganization;
activi¬
Gains and Losses
district
San
peace
capacity
peaceful
•
'
J
Post-War Treatment of
However, in 1915,
peace prior to the
consummation *of the permanent
meeting in
consti¬
civilian
productive
keeping the
will
difficult
a
our
for 'the
face
now
governmental
our
and
ton Oaks provisions, the Big Five
will furnish military forces for
Commission
we
lasting
and
imposition
arrangements.
Under the tran¬
sitional arrangements, as provided
for in Chapter 12 of the Dumbar¬
now
lacking in
affairs, has
.
After the Conference there will
is
three
some
with renewed
vigor the
problems of establishing
tutional basis for
amount
the Charter's
view
now
ago, continues. Confidence,
which for so long was
.
tail by the technical advisers for
the President* in explanation of
the Conference and the Charter.
.
we
a
Two major reports on the Cori-
!
Gov¬
years
.
'
three.
our
of
The trend, which
after
.
elements
the
are
'
completion of the Charter
there- must
be several plenary
sdfcsions for its approval by the
Conference as a whole, and it
must be signed by each of the
of
one
ernment.
namely English, Russian, French,
Spanish and Chinese. .
And also
official
five;
-
as
stocks
assets.
(Continued from page 2606)
.
"
sis
guess
farms,
The
created.
.
been
It
sown.
of course, inevitable that the
Government, in the prosecution of
global war, would have to con¬
was,
George R.Hollenbach;
a
to Be Inv. Dealer
tribute to the
inflationary poten¬
tial; but the Government can also
take steps to reduce the danger.
But the approach should be real¬
istic
and
should be
the
ward
directed
and
cause
to¬
not
the
symptom.
The
the
obvious.
are
return
between
For
to the investor
long
term
as
Government
obligations, high grade municipal
and corporate bonds on the one
side and good common stocks on
other
the
has
to
vestor
induced
purchase
ously of good
in¬
gener¬
more
stocks in
common
im¬
or
spendable income.
well recognizes, and
his net
prove
The investor
should
it
the
to maintain
endeavor
an
be
made
clear
to
all,
that the return from most
tions
business
securities
He
dealer.
ual
with
PA.—George
is engaging
as
previously
was
C. S. Wurts
in the
individ¬
an
Bro. and
&
in
the past was a partner
causes
example, partly as a result of the
monetary policy of our Govern¬
ment during the past decade, we
saw the
lowest cycle of interest
rates in our history.
The spread
in
PHILADELPHIA,
R. Hollenbach
obliga¬
is fully taxable and subject
in C. H. B.
Phillips & Co. At present he may
be reached at 439 Burmont Road,
Drexel Hill, Pa.
; >
Jas.
Oliphant to Admit
Bridgman, Crawford
I
Hugh Bridgman and George M.
Crawford will become partners in
Jas. H. Olinhant & Co., 61 Broad¬
New York City, members of
way,
New
the
Stock
York
Exchange
and other exchanges, as
Both
have
the firm for
of July 1.
associated
been
some
n:. ■'nv:r-
E. R.
with
time.
•*'
Davenport Admits
brackets
PROVIDENCE, R. I.—Allan G.
exceeding 90%.
The dual influ¬
ence# of
low interest rates and
Davenport has been admitted to
partnership with Edward R. Dav¬
enport in E. R. Davenport & Co.,
Hospital Trust Building.
in
surtax rates
to
surtaxes
high
in
has,
(Continued
Public
some
many
re-
2633)
on page
tric
Utility Securities
(Continued from page 2610)
company
will agree to the re¬
maining
write-offs
as
a
small
price to pay for the refunding
program.
•
The Commission also intimated
that
a
voluntary
rate
should be forthcoming
reduction
if the mer¬
is to be approved.
Evidently this is a bargaining
point, since Mr. Maltbie states
program
ger
has indicated
willingness to consider lower
that
its
the
company
after
rates
proves
commission
the
Edison's
Consolidated
rates
ap¬
the present program.
are
and
cheapest
bution
costs
electric
well above the national
the •( country.
the companyhas
perhaps not been as aggressive as
it might have been in pushing the
use
of electric appliances.
Nevertheless,
So
far
Commonwealth
Delaware
Pacific
of
Edison
N.
Edison
Consolidated
—
Edison
Gas
Power
Gas
&
to
—
Power
(Baltimore)—
&
&
Calif.
allowing for
original cost.
write¬
In 1944
a
net plant account would
have been about $1,048,000,000 for
the
and adding current
$133,000,000 makes
a total of $1,131,000,000.
Consol¬
idated operating income was a
little
over
$48,000,000 or. only
about 4.1% return on this invest¬
system,
account
This
low
in
of
rate
doubtless
be
return
taken
into
with
rate
connection
readjustments.
OPERATING COMPANY STOCKS
Yield
Share
Price-Earn.
Div. Rate
About
Earnings
Ratio
31
43
$1,60
2.00
2.00
1.40
5.2%
$2.00
;.
41
Light
Electric
Philadelphia Electric
Southern
Y.—
Ilium.
Light
are
average
Price
,>
Connecticut
earnings
About
HHM!-.
Elec.
current
after
even
down
ment.
Cleveland
as
concerned, they do not seem ex¬
cessive in relation to plant cost,
should
recently began formula¬
sales policies, and
the obligation was acknowledged
to sell "the best possible gas, elec¬
Boston
much
of
remainder
company
Consolidated
Distri¬
doubtless
are
higher in New York City than for
the
tion of postwar
ELECTRIC-OAS
price."
assets of about
average and customer usage is
below the national figure.
The
,
at 1 the
service
steam
possible
Edison...
31
53
77
23
40
.
i
2.40
3.60
100
2.00
16
4.7
2.19
20
4.9
1.99
21
'
4.5
1.80
17
4.5
2.77>
20
■
4.7
4.47
17
f
!
1.18
20
5.0
2.17
19
1.55
17
1.73
IT
•
4.4
'
26
120
4.6
30
1.50
5.0
J
•THE COMMERCIAL & FINANCIAL
2632
Thursday, June 14,
19.5
CHRONICLE
of
(Continued from first page)
stable
without
that
do
But you cannot
of today.
world
govern¬
European
country today is threatened with
revolutionary changes of govern¬
ment,,
Therefore I am opposed
tothe, Fund,
and I will vote
against the bill.
.
<
.."'If,, nonetheless, some bill is
enacted, I am hopeful that it will
be possible to include silver."
■r
Senator Robert Taft (R.)
of
Ohio,. qlso a member of the com¬
mittee,, t o 1 d Almost
ments.
<
every
;*'The
o n
.
is
handout
ahead and finance, say,
regardless of what
you thought it would do, and do
the same to any other country."
To this Secretary Morgenthau
replied: "You put me in an embarrasing -position,
but I will
mop
e
whether
y
.need
choked
this
promises
that
re-
Robert A. Taft
fictions
^within : any foreseeable
time
is
disproved by the testimony of
Lord, Keynes in a speech before
the ' House of Lords, as well as
by the actual provisions of the
Fund Agreement.
"tp-, spite of Secretary Dean
yesterday
testimony
nations do have an
automatic' right to borrow from
the' Fund,"
continued Senator
and, today, the
-
Agreement
"The Bretton Woods
devaluation
of
of discourag¬
encourage
instead
and he added:
ing |t, as claimed,"
"Although we are
asked
to put
than half of the inter¬
nationally valid resources of the
Fun#, the Fund's lending will be
up
ipore
what
We
be done by others.
only 27% of the votes
Fund
and
30%
in the
the
Bank.
to
Argentine,
Board
favorably im-,
pressed
with
—i
,
it
necessary
and
was
ties
;!.iar
• '' • '
Abfj Murdock
include
faces in-the
indicative
that
said
the Senate, at
the' request of the Federal Re¬
serve Board, reducing the reserve
in
are
better
no
con¬
and
reason
because
$th$. historic position silver has
held ^alongside
gold," he added,
"I
hope that the wisdom of taking
silver into the Bretton Woods pic¬
of
both
seen
leading
bankers
.silver should
picture,
they
that
when
the
bankers
-
come,{.
testify,
the
before
the
on
quqsfipn them
committee
bill,
on
I
intend
to
to
this point."
'the
1
*
Secretary of the Treasury Mortestimony .before the
Senate committee, on June 12, to
genthau's
the
effect
which inter¬
and
national* trade
investment
business
be carried
can
men
by
prin¬
on
business
on
ciples.
can't
business
do
in
an
man.,;
"As you know, during the 1930s
number of countries began to
a
their currency systems for the
use
financial
new
that
the
before
in
our
com¬
America,"
"The
of
return
securing unfair ad¬
vantages in international trade
Germany, in particular, developed
will
mean
new
ers
to
industries,
serve.
financial
mature»
Wall Street along
and
ness
custom¬
new
is
That
why
the
judgment
of
with the fresh¬
initiative
of
youth
are
both going to be needed in large
Bretton
5
Partners of the firm, including
partners admitted on June 1,
new
were
guests of the Quarter Cen¬
The
defense.
result
was
an
era
warfare that virtu¬
ally destroyed international trade
currency
w«t
way
rnt and prePared the
total war.
for
"American
business
demons rated that they are more
han willing to take their chances
fair
in
competition
business
with
the
of any
men
country. All
°PP°rtunity to sell
better product at a better price.
t they can t trade if the marks
is
a
the
an
they
pesetas
"
collect
for
and
their
arbitrarily changed in
;
•
dollars. °r Cann0t be SoId: fOT
That
s
what happened to many
companies when they
sold»goods to Germany.
Thev
could
or
either
some
take
blocked
commodity
marks
that
Ger-
t(? offer in P«»y-
ment
cial
American commer¬
Berlin
u
«.
attache
in
reported
comP^ny had to take
organs in pay-
2,005 mouth
Petroleum; another
for
large press
200 non
200,000
for
tury Club.
canaries
making
automobile
bodies,
and -a movie company was bam¬
boozled into taking a live hippo¬
potamus for its films.
Merritt :&
was
La
in New
Morte
York
Partners-will
be
as
will
sell1nveraetn HkmdS ?f marks' S01"e
at^ discounts up to 50%.
be
Henry
kus*ness on that
C.
I should add that this country
iTn/oil
unfan
princiPal practices. these
victim of Be¬
currency
1928 and 1938 the value of
tween
half, while
partner.
was
more than
selling
basisW°U
of June
Mr.
previously
a
William B. Potts, Jr.,
La
Morte,
partner in
& Co., will
mem-?
(
4
SoTeT"00.
exports fell
one-third.
cannot
•
by
world
We
nearly
trade
know
always keep the
oort
markets.
that
changes
But
in
will not
and
bombed
felled,
as
lands,
pillaged
they contemplate the difficulties
of reconstruction, there is
real
be tempted
continue and to extend these
danger that they may
to
practices.
"If
lish
<':•¥
;
.
help estab¬
to help
get ioreign capital
exchanges,
orderly
these countries
reconstruction, they will feel
compelled to revert to barter
deals, clearing agreements, com
petitive
exchange
depreciation
and
multiple
these
And
currencies.
used
will be
devices
wi.h
and
greater
ingenuity
greater
effectiveness
„
with
than
eve
a
one-
fell
by
country
same ex-
we
.trade.
believe
countries should result from pro-
is
it's
n
compromise
"One
aspect
on
funds
That is whew
of ..the
Agreements
Brett™,
'v"
!
dese
special emphasis, their relation £
peace.
Peace is more than a
on
litical problem.
It is a
only
structure
complt
that
the solid
upon
can
hi
be
<3
foundation
order and
prosperitv
countries.
Peace and
economic
all
£
pL"
perity are two sides of the
same
problem.
We can't neglect
one
without
war
endangering the other
all
mined
to
know
be, and
can
to
do
how
these
that
all deter
everything possible
prevent
horrors from
But you and
I
is to
happening again.
know
horrible
we are
if
peace
endure
there must be
jobs, there must be
hope
of
economic
betterment
Otherwise, men fall easy victim
to
the
rabble-rouser,
with
to the qyack
dangerous nostrum.
a
"It is much the
with
as
with naIn either
case
and
same
men.
scuffling,. pushing
lead
soon
blows
to
shoving
blows.
struck in
are
And whei
a
crowd, there
likely to be work for the police
is
riot squad.
"There
duty
to
;
was
riot
no
squad
on
World
prevent
War II
rules of the game
to prevent pushing and
shoving;
and the economic
scuffling of the
There
were
no
1930s
developed
the
gangsters
finally discarded their eco¬
nomic
blackjacks, v and
brass
who
"Rebuilding and restoring the
devastated countries, as I see it,
is
primarily
job for their do¬
a
industries.
mestic
Cefta1?1 bas!c
essentials, however, will have to
imported.
These
include
transportation equipment and in¬
dustrial and agricultural machin¬
be
If private
ery.
investors abroad
lend the necessary capi¬
will not
tal
on
will
reasonable terms, countries
forced
be
seek
to
help in
other
ways.
Foreign
loans
might then be arranged on a po¬
litical
basis.
This
could
only
the
mean
in
rule
of
international
politics
power
economic
rela¬
tions.
-
"I
repeat, the business men ot
this country do not want to do
business that way.. The extension
of these tactics must
the
end
tional
international
vestment
nomic
interna¬
by
has
This country
interest in seeing
greatest
that
of
trade
and
in¬
determined by eco¬
not by political con¬
are
and
siderations.
\
"We in the Treasury have been
of these
aware
dangers.
In 1941
began to work on post-war
currency
and investment prob¬
we
lems.
We
prepared a tentative
proposal for a World Fund to set
fair
currency
countries
rules
and
to
help
abide
by these rules.
We also prepared a tentative pro¬
posal for
World Bank to
private
age
sound
investors
encour¬
to
make
and
productive
foreign
the risks to be shared by
loans,
all
a
countries.
"Our
other
;
countries
showed
common
for
the
monetary
that
convinced
were
proposals offered
basis
a
prac¬
solution
and
problems.
That
plains
o<
financial
coooerative
the
the
Bretton
^
conviction
ex¬
spirit at
Conference.
Woods
All the 44 countries were deter¬
mined to protect their own inter¬
ests—the United States no less
than others—yet all were aware
that
theiri
nends
on
tion.
On
own
well-being
international
some
points
de-
coooera-
national
differences had to be reconciled;
I
may
add
that" Senator
Wagner and Senator Tobey, both
and
delegates to the Conference, ren¬
dered conspicuous service in this
delicate task. \...
\
'•
■
"Personally, I take pride in the
fact
that in
stacles and
spite of
pitfalls,
on
and
all
we
the
did get
ob¬
an
the basis of the
pro¬
in
favor
bombs
that
of
the
bathed
tanks
Europe,
and most of the
world, in blood. '
"International
monetary
and
financial problems have been a
of
source
tion.
for
conflict
We must
for
a
genera¬
that after this
they do not become the basis
war
see
conflicts.
new
,
That
will be
possible if international trade and
investment are put on a business
rather than
political basis. In
the Bretton Woods
a
opinion
my
proposals give
to
decide
trade
carried
or
the
investment
be
through governments
basis of
on
bilateral agreements.
"International
continuing
But
will
through private enter¬
the basis of fair currency
on
on
rules
the opportunity
international
us
whether
and
prise
cooperation is
and
difficult
a
task.
we are
making progress. The
job, of building a worji
organization
is
being
worked
out
at
San
Francisqo.
overall
security
Despite
the
obstacles
final
to
agreement, the Conference never¬
theless moves on.
It will succeed
because
the
people
of
all coun¬
tries insist that it must succeed.
"The fact that at Bretton Woods
we
able
were
tives
of
to get representa¬
nations to agree on
44
oroposals for
nancial
with
a
program
monetary and fi¬
is evidence that
patience
care,
standing,
under¬
and
get agreement
on all
international problems.
"The people of this country."
we
can
concluded
Mr.
Morgenthau's
statement, "have shown that they
are
.
discussions
our
tical
knuckles
in the
investment
and
governments.
the
mean
domination
trade
agreement
'among
; But
principles.
Woods
tions
u
do nothing to
we
did—that
way.
drew the line.
"We
thfs
But
necessarily happen. Many coun¬
tries had to adopt similar measures
in self-defense.
They still
have them.
And now, as these
countries look on tbeir
that
manv
1930s"C rlriCkS Wi?,ely used in ihe
our
limited
of the
one
if3"?:. Germany had
Merritt, Daniel La Morte, general
who
only
couldn"
To Be Formed in N. Y.
formed
"This
hpn
might suppose that when
is destroyed its strong-
"One
Nazism
a
ing agreements under which ex¬
ports to Germany were paid for
only if the country took German
imports
This country
Merritt & La Morte
international racket.
.
have
men
She had aoout 40 bilateral clear¬
bership of Lawrence Lewis.
on
competitors!
tricks
,
after the war."
solely
not
exploiting
by Ger¬
forced other countries to
similar measures in self-
adopt
of
for
and
these
of
R nnnnnn
and
devices
creditors
use
problems to solve,
acquire the Stock Exchange
economic. and
of
purpose
a
to
cated
politics, and they may become an
for
"You
l°nf erJ>e co
business lines, fm-y
matter of international
ducted along
international
are
Woods program will be operated
on
in
world
a
partners, and Cynthia W. Smith,
thau Disagree
A
lishing
movies
financial11
activities
peacetime
21.
Senator Fulbrisht and Morgeim:
f
American business—that of estab¬
automobiles
feel
be brought into the
and
Bretton
the
proposals are about.
"I want to emphasize another
aspect
of
the
Bretton
Woods
Agreements no less important to
their 1
by the Banking
Currency Committee. I have
word from some of the country's
•
what
is
Woods
Street,
and
*
And that—in sub¬
and removed.
stance
discriminations
and
opportuni¬
the
Bache.
measure
we are.
ture will be
of
never
has
Mr.
.
this
for
lay ahead, he said.
by
ratio, indicates that even with our
tremendous
supply of gold we
did not have enough; and other
"For
for
trade must be relaxed
that stifle
pur¬
expansion
to
business and industrial
recent paction
countries
to
opportunity to be of service to
an
itsop resent
:>i
price to
support the currency
and credit structure.
The
dition than
have
will
we
war
reason
strictions
many
munity been presented with such
t
a
the
investment can no
become
exporting
and
importing,
for .... expanding
trade.
To make this possible the
producing and trading power cf
many countries must be restored
and developed; the currency re¬
er
capital
expansion
recent
"Perhaps
ta ry
sufficient
imported products
everyday demands of
more
even
The
fraternity
new
firm
new
history
the
t
of
pu.n
"After
or
the
om e
of
The
Bache
old
gold
avail¬
able. ).is
not
.
banking
|
world,
were
consumers.
our
—.
senior
Bache,
poses.
cur¬
rency
and
b a,n k. credit
expansion all
m
—«
Co. at their annual dinner, Harold
L.
the
ditions of ter-
'
of
scores
to meet the
numerous
Quarter Century Club of Bache &
development and
con¬
over
right
Addressing the members of the
sition,
seemsj,to me
thatVu.f under
a m
the
Depends Upon New Capital
raise
if ic
think
you
their head?"
vestment
r
loan
a
Private Enterprise Future
the .propo¬
present
do
have
would
go over
f
Russia
Suppose
.
violently object to
the
to
.
.
should
partner of the
Stock
Exchange
firm, declared
"I am very the future of private enterprise in
America would
depend increas¬
ingly upon the ability of the in¬
f"The Chronicle:
but
and
...
may
other
mental
,
.
We
Ch^th 'esurchte°urrency
have
in
,
controlled by the borrowers."
Senator Abe Murdock of Utah
told
::
believe
that our
financial environment of disorderly curCarl Wynne, President
policy should be subservient to ™S.
the political policy as established
? U ?U ChT1Tca^° Exporters Club,
in the State Department."
^ told the House committee that
exchange
practices
Senator
Taft
thereupon said: arbitrary
"I should like to know how you make it difficult to import or ex¬
port without taking risks that are
can
say their requirements will
be taken
care
of. regardless
of •too big for the ordinary business
the
..
currencies,
the Fund will have
(Continued from page 2608)
also a large | ductive efficiency, not from exlmporter, the second largest in
practices
the world.
We needed imported
as these, international trade and
raw materials;for
our industries
'v
•
and farms.
;
we
thing to compromise on detail^!12
procedures; and it is quite
an*
we
but
St
will
.
means
partment.
ex¬
;'
on
relationship to the State De¬
I can not help
no
thf,F,(md will
Taft.
ideology."
"I
it, but I went through
political
.
the
Ach<
i^espn's
help to
being a
by saying:
that it
thai"
change
financial
requirements,
"It seems to me
going pretty far, and I do
not quite agree that that is sound
policy, i
It would seem to me
0 n y
rem'dVe
she
that is
clear from the
•
and
Fund,
it," he added.
Senator Fulbright countered to
is
fi'm
the
with
it
It
of
member
a
certain
her
If the Ar¬
.
.
the
and
,
t h e
not.
was
her
of
member coun¬
s
go
the Argentine,
member, her requirements are to
be taken care of independently
f
o
along
blunders
and
it did for the last 20 years, you
is
would
needed
Aper i.e. a n
t e
policy
eign
meet
a 11
automatic
or
Fulbright
"Then if
Bank
BretWoods
x
Fund
tries
observed:
this country has no for¬
Senator
gentine
icle'U
t
lines,
have to answer.
"Chron-
the
caused
Senator
fulbright of Arkansas to disclose
,ust the opposite recommendation.
)olitical
World
Trade and Investment: Morgenthau
Gov't Must Not Dominate
Senators View Bretton Woods
course
democratic
to
eager
have
ment take the
Govern¬
our
leadership in deal-
;ng
with
international
economic
and
political problems.
There is
no
difference
Americans,
in
of
no
Congress
this
the
Bretton
be
an
weary and
Ac¬
policy.
tion by this committee
will
division
partisan
on
among
opinion
Woods
approving
Agreements
inspiration
to
war-
hungry people every¬
where, to people who have faith
can and
that the United Nations
will
work
about
a
together
to
bring
better world."
Frederic R. Cox Opens
Own Office in New Haven
NEW HAVEN, CONN.
—
Fred¬
eric R. Cox is engaging
in the se¬
curities
offices
business
from
at
posals, submitted by this Govern-., 17 Shoreham Road. Mr. Cox was
ment.
We
had
to
compromise— previously with J. S. Bache
& Co.
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
2633
The
Fallacy of Taxes
Dealei-Bioker Investment
On Capital Gains lii Recommendations and Literature
I
(Continued from
higher
in order
to meet his increased
day-to-day living obligations.
in Farm Land Values
Increase
real are some of
How
our
con¬
to inflation? What
degree of inflation in
some
be the
quarters? Let us examine whether
what extent prices for
homes, farms and other capital
assets are inflated and what the
causes
are for such a develop¬
ment.
Farm
prices today are
to
and
than at any
higher
time during
decade. The index for the
value of farm land, published by
the last
United States Department of
the
quired
at
market
prices.
lower-
than
In urban real
tally the
dential
Higher
higher material
point higher
than the index for 1940. By 1943
time when there is
which
was
one
had advanced to 99
since then the advance has
index
the
and
of approximately
been at the rate
point
one
The index is
month.
a
estimated today at about 126.
In
figures, we observe a long
term recovery of farm values fol¬
these
be reflected
urban
real
especially
in
the
estate
true
residential
areas
wages and
will inevit¬
costs
for
85
and
the
at
market
a
this
is
present
scarcity of
facilities
in
many
throughout the country.
"
There
is
about this
tion
increase in the valua¬
farm
of
lands.
The
market
for farm property
is largely gov¬
the earning power of the
property and the return which it
brings to the owner. In 1934 farm
erned by
income
In
amounted
1944
it
to
$6.8 billion.
to approxi¬
amounted
$20.2 billion, a gain of
197%. Compare these figures with
mately
the 56% increase in valuation
just
referred to.
Srovement war farm the prices of
uMng the of and commodities
other
for
commodities
is
accounted
largely by the Government's
farm policy on the one hand and
its relatively satisfactory control
of
non
prices
Let
agricultural
-
give
figures
me
esting
commodity
the other hand.
on
point.
In 1934, 78 out of every
1,000
farms changed ownership. Of the
total sales 18 exchanges were vol¬
untary;
39
represented
forced
sales; 12 farms were transferred
the
as
gifts;
result
another
inheritance
of
and
The National Asso¬
Real
Estate Boards
re¬
because
of
rent
still
are
65 farms out of
every 1,000 farms changed owner¬
i
1943,
and
the result of inheritance
as
gifts
and
sales.
represented
eight
administrators'
executors'
and
Farm indebtedness dropped
from $7.9 billion on Jan. 1, 1934,
to $6.4 billion on Jan.
1, 1943.
This reduction has continued at an
accelerated
two
rate
during the last
years, and total debt is now
estimated at around $5 billion.
This is a total reduction of over
36% since 1934.
An over-all
happened
ties
since
closes
a
to
view
of
has
what
agricultural proper¬
1934,
dis¬
therefore,
reduction
of
more
than
pne-third
in mortgage debt; an
increase of almost 200% in income
and
the
of
Current Level
essen¬
of
Stock Prices
It is not my purpose to express
any
opinion, by implication or
otherwise, as to the current level
prices, much less to em¬
bark upon a forecast of market
of stock
It
movements.
to
of
results
a
is,
however,
comment
deals
with
the
by
which
source
the
ap¬
upon
prepared
survey
independent
an
which
have taken place in the relation¬
ship of earnings, dividends and
stock prices over the 15 years to
the
end
of
changes
This
1944.
veals that at the end
stock
survey
of
prices
re¬
1944, in¬
19%
higher than the average price for
the preceding 15 years. AS against
this,
average
earnings for the
same
group of companies were
33% higher than the average of
such earnings over the preceding
14 years, while dividend payments
were 2% higher.
In the
same
were
report, as a
meas¬
of speculative activity, it was
of
ume
common
1944 was only 68%
reported volume
years 1930-1943, inclusive.
I leave you to draw your conclu¬
sions as- to whether this compari¬
;bat the
long
holding period
term
60%
above
be reasoned
six
months
and maximum ef¬
fective capital
gains rate of 25%
year
average
indicative
is
son
excessive
of
speculation.
of
Railroad
of
the
Internal
I
While
am
on
this
subject
it
be well to point out that the
amount of credit used for the car¬
equipment
ens
not
engaged in business in the
United States from tax
capital
on
gains have worked well in prac¬
tice
in
should
and
far
so
not
be
disturbed
they apply to
residing outside
as
actually
dinary
conditions
which
prevailed during the war,
many
physically
reside in the
United States although they tech¬
nically are non-residents since
they
here
are
on
Also
Lawrence Portland Cement Co.—
Report
attractive
on
possibilities
for price
appreciation in these
two industrials—Morris Cohon &
Co., 42 Broadway, New York 4,
■,
-
Fort
Dodge,
Southern
-
Des
70 Pine
Moines
securities
or
less.
$10 a share
is
It would
to me that these require¬
are
entirely adequate un¬
borrow
can
at
selling
The most that a purchaser
on
any
security
50% of its market value.
seem
ments
present-day conditions.
The
Co.—Descriptive
circulars
are
available
Du
on
Kingdom,
avoid
international
and
designed
double
to
taxa¬
encourage the
foreign commerce
capital, are awaiting ratifica¬
free
thereby
of
flow
Sugar.
and statistical
information, avail¬
Co., 208 South La Salle Street,
Chicago 4, 111.
American
granted non¬
resident aliens while actually re¬
American
Report in detatil
on
Corporation-
siding in this country. This sub¬
ject seems to merit consideration
&
Interstate
of the
people from abroad
presently residing in this country
under visitors' visas; neither do I
know the length of time they
have been here.
Further, I have
knowledge
no
of
number
Co.,
231
South
personal knowledge of the
amount of capital which they have
to their account in this country.
no
common knowledge that they
operating in our markets on
wide scale.
There is no good
It is
\
reason
be
not
&
Co.,
170
on
post-^ar distribu¬
Also
comprehensive Trustees'
a
Report
Chicago North Shore &
on
Milwaukee RR* *'\
Company
—
Seaboard
—
Railway
''
Company-
Complete arbitr&ge proposition On
request—SutroyBros. # Co4 120
Broadway - New York 5, N. Y.
Ilcrzog
Broadway, New York
7, N. Y.
Co.,
New York
25
of
situation
Broad
in¬
cular on
—
mitments and imposes
Co.—Cir¬
Carbon
interesting possibilities^—
Hoit, Rose & Troster, 74 Trinity
Place, New York 6, N. Y.
Street,
4, N. Y.
Also available is
American
on
a
memorandum
Bantam
may occur.
/.
conclusion, may I say that
months provision of the
six
capital gains law adequately dis¬
tinguishes
between
the shortterm trader and the investor.
A
New York
Company—Brochure
,/v
.
information, avail¬
hindrance to the free flow
of nec¬
capital. A great
responsibility rests with Congress
venture
to accelerate
those necessary steps
which will pave
the
assured
in
success
way
toward
the
meeting
problems of the post-war period.
I have every confidence that this
can
sumption
,
P' >
)
U
».!,
.
Iron
Co., 208 South La Salle Street,
&
&
Co.,
detailed
Co., 120
York 5, N. Y.
i
&
■
•
Picturesj'Inc.
review 4~
Special
„
Mallory
Broadway,
la'*'
.
Inc.—
Winters
discussion — Steiner,
Co., 25 Broad Street,
New York 4,
T;
Brothers
Wechsler
New
R.
5, N. Y.
.
Warner
—
Chicago 4, 111.
Rouse
J
Dorn
a
CocaI
able to dealers—Fred W. Fairman
Analytical
■
and!
Car
Panama
Works—Report
—Hughes & Treat, 40 Wall Street,
Magnavox
P.
of
Cola.
Van
and statistical
<fe
analysis
new
5, N. Y.
heavy taxes
the Realization of short t^rm
profits.
The present provisions
present a strong deterrent against
this type of operation and it is
only where these exemptions ex¬
ist that uncontrolled speculation
i
iJ
.
Thermatomic
Fabrics—Discussion
Lea
■■
-
7.;.^— '
Inc., 55 Liberty Street, New York
capital
upon
Non-Residents country
condition which may
Scott Radio Laboratories,
Illinois.
U'
available
"■.. ■:" \
plans—Brailsford & Co.)' 208
South La Salle Street, Chicago 4,
t:
Christy
■
tion
and
gains
the
of
which
essary
II.
;
'
=. v
E.
Inc.
York! 'l,
n. y;
La
why these visitors should
similarly subject to the
distinguishes clearly
between short and long term com¬
In
Fifth Avenue, New
350
Lipe Rollway Corporation—Cir¬
cular—Ilerrick, Waddell & Co.,
provisions
law
-
Memorandum
are
a
i
files. teresting post-war
Dunne &
the Government's
of
part
Pub.
Sterling Engine.
information, I presume, is a
This
Macfadden
' V?
v
memorandum
a
,
and P. R.
Schcnley Distillers Corporation
—Brochure of articles they
been running in the Chronid'eLwrite to Mark Merit, in card of
Sclienley
Distillers Corporation,
Motors—Circular
Also available is
Laclede
Worsted';
TACA Air¬
Power Co.
Inc.—Letter
on
- Sessions;
Spinning, Bpvr:
Jersey
Mallory.
Salle Street, Chicago 4, 111.
'•
have
I
New
American Window Glass;
ways;
by Congress at a time of extreme
Kingan Company — Descriptive
sacrifice on the part of our own
circular—C, E. de Willers & Co.,
people in pursuit of the war ef¬ 120 Broadway, New York 5, N. Y.
fort.
Lamson
Inc.;
Mohawk Rubber Co.;
the post-war
on
Gleaner
Aircraft
Liberty
Building, Chicago
Elec.
—Adams
Welding;
Berkshire Fine
4, Illinois.
Ilowell
&
Products;
Na¬
prospects, which are considered
outstanding by Kneeland & Co.,
V
Piece- Dye
ton & Maine; Buda Co.; Federal
Machine
ser,
Board of Trade
United
Harvester;
a
report
tional Stamping Co.
status
Corp.;
ern
Works; Detroit Harvester; Bos¬
Mercier, McDowell &
Dolphyn, Buhl Building, Detroit
available
Douglas
IIortford-Empire; Maine
Central Pfd.; Moxie; Southeast¬
—
Globe
Hardware;
Shoe;
/
General Industries Co.—Recent
Also
$2
tytag-
Motors; Scovill Mfg.; Riley
Stoker;
Alabama
Mills,
inc.;
in
tax-free
Light
&
way
able to dealers—Fred W. Fairman
&
on:
Corp.; Electrolux; Brock-,
navox
the broad objectives
the
Power
preferred; Majestic Radio;
Corporation—Brochure
or
am
late memoranda
are
Mont
sachusetts
Garrett
rejection by the Senate.
Guaranty Trust' Co.—Bulletinhearty agreement with
Bissell
&
Meeds,
120
of these Con¬ Laird,
ventions,
but
I
question
the Broadway, New York 5, N. Y.
freezing, by the Convention, of
I
Co., 61
Laboratories, "A";
Great American Industries; Mas¬
Howell Electric and Punta
Alegre
between the United States and the
United
current
speculative possibility in the
preferred stock of a public utility
company—Ward & Co., 120 Broad¬
way,
New York 5, N. Y,' Also
Conventions
proposed tax
and
Trust
Puralator Products, Inc.—Study
26, Mich.
exemption should be continued.
&
Broadway, New York 6, N. Y.
F.
available
such persons are now exempted
from tax on capital gains and the
to whether such
Bank
notes—C. E. Unterberg &
Reilly & Co., Ill
Broadway, New York 6, N. Y.
visitors' visas.
look forward to a re¬
of peaceful progress,
be an important influence in our given the encouragement that can
come
only from a realistic and
markets and to which I would like
sound tax policy.
to draw your attention. The pro¬
Exemption of
There is a
2
National
Company—Analysis
&
&
tion—Memo
—
N. Y.
Crampton
Corpora-
current
situation
on
Corporation^'170
Street, New York 5, N. Y.p
First
Pine
Colony
Michigan Chemical Corporation
—
Report
on
interesting
growth
Business
is
securities
Street, New York 5, W Y.
of
Foundation
Also
;
v;'
relatively lengthening of the holding period possibilities and post-war outlook
small
today.
Moreover,
under or any increase in rates applic¬ —Kneeland & Co., 141 West Jack¬
able to long term gains would not son Boulevard, Chicago 4, 111.
margin requirements put into ef¬
fect by the Exchange itself a pur¬ serve any purpose as a brake on
National
Automotive
Fibres—
chaser is obliged to pay in full for inflation, but would be a serious
rying- of
'*•
-
Railway
circular—J.
analysis of Mississippi
an
Railways — Current
study—First Colony Corporation,
Chicago 4, III.
report
as
Co.,' 120
Pittsburgh
Company —
One-page analysis —Comstock &
Co., 231 South La Salle Street,
Under the Internal Revenue Code
question arises
&
Street, Chicago 3,
111.
the
have
Caswell
—
Glass Co.
persons
of
Street,
—
South La Salle
Elk Horn Coal Corporation and
Revenue
Code exempting non-resident ali¬
the
may
Tax
to
can
stock transactions
the New York Stock Exchange
on
approximately
50
visions
tion
of
and the ina¬
tial to this type of establishment.
der
It
issue
current
Securities Quotations—B. W. Piz-
the
because
upkeep
bility to obtain the service
aggregate value of farm
land may be estimated
today at
die 1934
level.
the
costs
production
element
ship.
Of the
65, 44 were ex¬ i>r the
changed voluntarily and only six |f the
were forced
sales; five changed for the
bands
in
and
pointed out that the reported vol¬
In
of first mortgage
May 1, 1993—Contained
Pine
Recent analysis
outlook for the com¬
which manufactures glass
pany
zini & Co., 25 Broad Street, New
York 4, N. Y.
Delaware Lackawanna & West¬
A 4s due
30
Y.
lined and stainless steel tanks and
N. Y.
ern—Discussion
re¬
ure
sold for other rea¬
-
Pfaudler Co.
'
Public
selling well below
mainder
were
interesting speculative situa¬
tion.
tion
trators and executors; and the re¬
sons.
a reprint of an article
prospects for those desiring
ceilings.
Good homes in the higher brack¬
sold by adminis¬
seven were
Ltd.,
aliens
dustrial
few inter¬
a
you
on
Milling Co.,
early 1930's.
ciation of
propriate
The contrast between price im-
;
Carlos
including
ets
gain
mysterious
nothing
San
on
memorandum
a
United States. Due to the extraor¬
costs
a
available
Only under the war economy
has the real estate market recov¬
ered from the
depression of the
ports that a survey of the urban
lowing the decade of the 1930's. 'real
estate market
reveals that
The Department
of Agriculture
most of the buying is for
perma¬
records
that in
1934 the total
nent holding and for investment.
value of farm land and buildings
In Chicago, several
large proper¬
in the United States amounted to
ties have recently been sold at a
$31.9 billion. By 1937 this had in¬
price which, reportedly, repre¬
creased to $34.8 billion. It dropped
sents amout 50 cents on the dollar
back slightly in 1940 and by 1943
of the present construction costs.
had advanced to a total of $40
Apartment houses are not selling
billion. The present index would
at figures that equal replacement
indicate a current value of about
$50 billion. This represents
of about 56% over 1934.
pros¬
based upon the cost of
are
reproduction.
ably
pro¬
general, resi¬
estate sells at prices
real
Also
on
war
post-war
h. Koller & Co., Inc.,
Broadway, New York 6, N. Y.
Ill
an
concentration of labor in
duction centers. In
Company—Analysis
and
& Co.,
York 5, N.
discussing
pects—F.
estate, fundamen¬
developed as a result of the hous¬
ing
shortages generated by the
Cross
condition
factors determine
same
the current market
price. During
the war, many
dislocations have
which
of
rising
prices is the increased
offering of
property for sale,
Agriculture, uses a base of 100
period from 1912 through
1914. In 1937 this index stood at
for the
current
on
The
re-
ac¬
Stern
New
(Continued from page 2612)
My point is that
the most effective brake
may
as
cerns
2631)
page
forced the investor into ] have acted as a barrier to the
income bearing securities | sale of many farm properties
spects,
E.
I
Market
comment
Bookshelf
Business in Two War
Trust
Palmer, 165 Broadway,
New York 6, N. Y.
Company,
—paper.
.
Co.—Anal¬
"
Cleveland
Cleveland, Ohio
.
i
Model Bilateral
Radiator
n
Periods-
Leonard P. Ayres—The
memorandum—
Bennett &
National
Man's1,;
Conventions for
International
Fiscal Eva¬
sion—Report of second regional,
tax conference in Mexico, D. F,t»
July 1943—League of Nations —
New York Curb Exchange Com¬ International Documents Service,
mon
Stocks With Long Dividend Columbia University Press, New
Records—Tabulated list—Herbert York City—paper—$1.00.
ysis, for dealers only—C. E. Unterberg & Co., 61 Broadway, New
York 6, N. Y.
*, '
the
Prevention
of
Double Taxation and
Calendar Of New Security Flotations
1945, of the out¬
each issue not pre¬
and the balance will
be added to working capital, to assist in
carrying increased inventories and receiv¬
ables, for the' construction of additional
manufacturing and warehousing facilities
dividends
OFFERINGS
on
for
April 30 filed a registration statement
122,500 shares ($5 par) common stock.
Details—See issue of May 10.
price to the public will
amendment.
Underwriters—Hornblower & Weeks and
Offering—The
be
by
filed
McCormick &
Co. are named
principal underwriters.
Offered May 31 at $14,375 per share.
Kebbon,
corporate
other
for
and
Underwriters
Ripley
the
Securities
Corp.
Co., Inc., head
&
of underwriters, with names of
filed by amendment.
group
be
to
others
Registration Statement No. 2-5756. Form
(6-5-45).
S-l.
bank loan and
other funds of the company will be applied
to the redemption on Oct. 1, 1945, of $39,565,000 first and refunding mortgage gold
bonds, 4%% series due 1960 at 102 plus
statements
days
ago,
which
on
Street,
York,
New
Y.
N.
Business—Manufacture and sale of phar¬
products.
maceutical
SEC.
will
public
the
to
Offering—Price
by amendment.
Proceeds—Net proceeds
be
filed
*
CO. on May 28
statement for 198,828
stock (par $5).'.
registration
a
of
shares
common
Details—See
June 7.
of
issue
to
Offering—The company is offering
stockholders the right to subscribe
one new share at $9 per share for each
to
six
its
shares owned
plant and equipment.
all
of
the
capital
stock.
■'
A-2.
*
•
registration statement for 125,000
shares of $3.50 preferred stock (no par).
Address—105 Hudson Street, Jersey City,
CREAMERY CO. on May 29
FAIRMONT
f
•
"Si
scares
and
par).
(no
.'•■■■.■
7.
of June
issue
Details—See
'
Business—Dairy industry.
Offering—The
40,-
is offering
company
the new preferred on a
share for share basis to the holders of a
%ke amount of outstanding convertible pre¬
ferred stock and is offering 42,773 shares
of new common to holders of common at
the rate of one share for each ten shares
held.
The subscription price will be filed
1000
of
shares
of
shares
and
preferred
new
20,000
remaining
The
amendment.
by
Series
unex¬
any
registra¬
a
shares of $1
preferred (par $15)
42,548
for
A
Offering—Company expects to offer hold¬
i
xh
i\
dv
offered
be
under¬
the
at
public
the
to
exchange such stock for
the
new
preferred on a share for share
basis plus a cash adjustment.
Cash pro¬
ceeds to be received from the sale of un¬
exchanged shares to underwriters, together
ment.
extent
'j
/}■
i
B
of
OIL
BANK
RED
of
issue
Details—See
31 filed
May
on
a
990,793 shares
for
and
tive
V;
*
parent
Inc.,
acquisition of 54%
of thei outstanding stock of Seatex Oil Co.,
In
Inc.
registered will be issued to stockholders of
Steel Prpducts Corp. in exchange
for all of Federal's stock.
Bennett & Co.,
Federal
Inc.,
ditional
iV{
tered.1
MV
sole underwriter as to an ad¬
shares of/brhpion regis¬
The balance ot 530,823 shares of
the
is
■jiff
»
100,000
acquire
to
part
Proceeds—Issuers
stockholders.
Underwriters—Bateman,
Eichler
and Nelson Douglass & Co.
to
ance
out¬
selling
company
&
Co.
obligations of the registrant.
—
Principal underwriter
Bennett & Co., Inc., Dallas, Texas.
for various
Underwriters
stock and
S-2.
has filed
CO.
FORGING
DROP
MOORE
of
registration statement for 30,000 shares
cumulative convertible preferred stock
The dividend rate on
will be sold for ac¬
of
the
will
company,
filed by
shares
be
to
be
will
registered
The
ment.
statement
stock
by
amend¬
is being offered
stockholders., The
number of
a
filed
be
stock
common
also
regis¬
20,000
covers
com¬
purchase warrants for the pur¬
shares of common issuable
chase
of 20,000
upon
the exercise of the
shares of common
warrants and
for conversion
120,000
of
the
preferred.
Street,
/■;
'
Walter
Address—38
Mass.
Business—Production
to
■Offering—Price
of
Springfield,
v
forgings.
drop
public
will
be
filed
Proceeds—Net
be received
from sale of preferred stock and warrants
together with $640,000 from the sale of
2 Va % serial notes and treasury funds will
proceeds
to
applied to Redemption on Aug. 1, 1945,
share of all of the 22,376 Class
shares
of
the
company
outstanding,
A
of
held
to be'retired.
exclusive
which
are
the
by
1,189
company
50-cent
stock,
series
111.
S-2.
con¬
(par $5).
Address—209 North La Salle Street, Chi¬
cago,
"small
State
Chartjvi'"
i
public is $10 per
will
company
$9
share
per
underwriting discounts and expenses,
after
and
receive
amount
an
equal
$4
to
Chicago,
named
is
&
Minton
principal
Co.,
Inc.,
underwriter,
amend¬
with names of others to be filed by
ments
'
-t
S-l, (6-4-45).
company.
R.
SQUIBB &
SONS has filed
a
reg¬
cumulative
preferred
will
izing
the
vote
of
issuance
stock
June
the
(no
25
par).
author¬
on
preferred
new
Fifth
Address—745
City.
v
*
New
Avenue,
■
York
■
...=■•
Business—Manufacturing chemist, etc.
Offering—Company
is
offering
to
the
holders., of
of
its
56,894
shares
and
preferred
preferred
42,012
right
shares of Series B
to
exchange
such
the
Series
A
a share for share basis, for
$4 preferred, with adjustment of
shares,^ on
the
new
dividends
Series
A
20
of
cents
on
each
share
of
5
cents
on
each
share
of
and
stock
Series
B
51,094
shares and
exchanged.
the
The remaining
unexchanged
shares
will be purchased by the underwriters and
to the public at a price to be filed
offered
preferred
Proceeds—A
,the
to
sale
the
of
part
the
of
the
preferred
proceeds from
will be applied
redemption at $107.50 and
accrued
of
excess
Atlas
to
be
which
of
cost
desires.
reduced
be
CO.
CREDIT
has
filed
a
statement for 250,000 shares
stock ($100 par).
Dividend
shares of 414%
for
cumula¬
stock to exchange
for the
share,
new
accrued
underwriters
dividends.
Proceeds—Net
than
taken
by
the number of
underwriting
agree¬
not
is
and
to
of
of
Atlas
by
the outstanding pre¬
working capital.
increase
Boston
Peabody
Corp:
&
named
are
Co.
future
of
underwriting
to
company
be
funds, for the
bank
loans,
the pur¬
chase of flight and ground equipment, and
additional working capital.
"
:
outstanding
expenditures,' including
capital
Corporation.
(6-8-451.
(6-11-45).
4%
Address
of
\
Columbia
—
Avenue,
high
TRAILMOBILE CO. has filed
$50.
convertible
ferred
a
by
the
business
share
the
manufacture
for
being
the holders of
to
the rate
at
each
11
shares
will
underwriters and
of
one
.'.
be
1975.
CO.
registration statement for $34.first mortgage bonds, due July 1,
a
Interest rate will be filed by amend¬
ment.
S.
Business—Public
W.
Alder
Street,
Port¬
by
utility;
to the
amendment.
Offering—Price
filed
the
-V";r AAAA,V
extent
of
shares
of
proceeds will
$395,325. in
presently
the
V-V•''
•
by
the
to
a
price
of
of
additional
facilities
,Vv.:'
capital.
redemp¬
Oct.
on
and
*
Dillon,
Co.,
Read
Inc.,
nolds &
—
&
Union
Co.,
Securities
Inc.,
Morgan Stanley
Harris,
& Co.
Corp.,
Hall &
and
Rey¬
at
&
Registration Statement No. 2-5766. Form
-
will
j
•
to,
be
i
of
preferred
stock
CORP.
for
(par
has filed
150,000
$10OV,
a
shares
The
divi¬
by amendment.
for
Business
—
Manufacture
of
woven
and
other synthetic
etc.
' •
Offering—Price to the public will be filed
a
3%
by
sold
proceeds
will
be
used
to
promissory note outstanding
TELEVISION
'
registration
of common
I
of
issue
Offering—Price
$5.50
The shares
stockholders.
certain
May
the
to
3.
public
will
Gearhart
principal
named
is
'
are
be
share.
per
Underwriters—Kobbe,
&
Co.,
underwriter.
12
filed
INC.,
CO.,
April
registration statement for 4,000
a
shares Series M 5%^ and 3,000 shares series
N
cumulative
6%
$100
Offering—The
sold
at
stocks
preferred
both
value.
par
Details—See issue
•
•
Idaho,
stock
is
will
be
*:
:
Wegener
—
1.9.
of April
preferred
par.
Underwriters
Daly,
&
the
for
underwriter
:v;;,'7 'i" 7y \
Inc.,
pre¬
.
W.
are
NU-ENAMEL CORP.
registration
60-'cent
preferred stock,
A;AY-
March 30 filed
on
for
statement
a
shares
50,000
convertible
dividend
cumulative
'
$5.
par
issue
Details—See
; A
: •
Co. Is
stock, one cent par value.
Stock. •'
of
April 5.
Offering—Company is initially offering
preferred to holders of its common
for subscription at $10 per share on
basis of one share of preferred for each
6V2
shares
of
common.
Unsubscribed
new
...
'
stock
shares
DATES
will
writer
OF OFFERING
at
UNDETERMINED
We
present
below
whose registration
twenty
days
offering
or
have
filed
were
but
ago,
unknown
are
or
to
27
filed
tures
5%
15-year
due
1960
132,000
shares
being
Of
are
sold
Details—See
by
CO.
for
fund
200,000
the
of
of
:
;
-
;
8.
of
Alstyne, Noel & Co"
underwriting group, with the
others
ment.
to
be
The
supplied by amend-
-
Dec.
filed
4
a
POWER * CORP
registration
statement
.Orow2,(!00'000 first mortgage bonds,
series
1974.
Details—See issue of Dec. 7, 1944
Offering—The bonds will be offered foi
jale
at
POTOMAC EDISON CO.
a
registration
OHIO
POWER CO
?n ?,e^'n«8Jiled a registration statement
for
L
be
11,972 shares of preferred stock,
i*l°° par)-
filed
amendment.
Details—See issue of Jan.
Offering—Company
it in
offer
for
cumu-
The dividend rate will
by
4,
1945.
>'■
to
invite
proposes
services
to
be
rendered
of
new
and
of
the
preferred
for
the
11,972
stock
for
purchase
shares
as
old
from
are
issue
34,602
shares
outstanding
of
ferred
pre¬
it
not
of
ex-
on
a
'
stock.
Details—See issue of April 26
Underwriters—None
PUblic ls 30 cents
stock
to
ager
the
pany proposes to market its
The
ELECTROMASTER,
C.
3%
own
on
!hnrp<fnfegistrati0n statement
shares of
stock,
common
Stock
IS
issued
par $1.
and
com¬
securities.
March
29
for 107,923
All of the
outstanding
share
in each
7%
basis
(
case
pr®"
exchanged.
it
aid
in
Jail.
1,
' V
^
'
WASHINGTON,
registration state¬
OF
CLUB
mortgage
$492,300 extension first
dated
1965,
Jan.
1,
replace
to
of
acceptances
obtaining
May 25 filed a
on
for
bonds
a
1945,
.like
to mature
amount ol
' which
matured Jan^ 1, -1945.
The
University Club of the City of Washington
(guarantor) joined in the application.
,
bonds
issue
of
June
7.
'
.
*
named.
Underwriters—None
1
,
RICHMOND
RADIATOR
and
il
CO.
on
filed a. registration statement for
shares of common stock (par $1).
t
11
May
333,333
^
17.'
is offering to
holders of uts common stock of recard.£'
the close of business May
31, 1945, trie
333,333 additional shares of common at
$3 per share, in the ratio of one share :tor
each
two
shares held.
Reynolds Metai
Co.,
which
of
issue
of
May
.
company
owns
61.47% of the common
will,
if necessa^ry,
Richmond,
the exteat re1uireiLan
provide shares for. 5VOCK.IIU1UC10 other tn
stockholders
waive
itself,
inc.
for
adjustment
exchange offer.
stock
named.
share
a
ex¬
stock now
Underwriters — The
company
has re¬
tained Alex. Brown. & Sons as dealer-man¬
Details—See
91CfHLF oTR^ P0;LD MINES' LTD' 0n April
21 filed
registration statement for 333 331
common
preferred
to
ihanged pursuant to the
exchange offer.
shares of
the
and
cash for each share of
in
v
1
of April 26.
6%
dividend
a
Details—See
obtaining acceptances of the exchange
ferred
April 19 filed
63,784 shares
Offering—The company
will offer
63,784 shares of preferred stock in
change for the 29.182 shares of 7%
D.
&
on
for
preferred stock (par $100).
Details—See
ment
LIGHT
statement
RACQUET
competitive bidding.
CENTRAL
share.
per
stifled."
with
ARKANSAS-MISSOURI
by
on May
23 refused to approve
stating that competition had "been
and $5
on
owned
SEC
the bid,
of 4y2%
Offering—The debentures will be offered
at 100 and the common stock at $7.50
p°r
the
R
stock
common
$36,76 7/10
outstanding
March
,
registered
stockholders.
issue
of
are
$3,-
deben¬
shares
stock
and
Feb
on
statement
issued
.
(par $25).
The
the North American
Co. which is offering them.
Details—See issue of May 10.
Awarded May 22 to Blyth & Co., Inc. at
shares
us.
sinking
and
stock.
common
and
registration
a
000,000
public by under¬
registration statement for 700,000
4 filed a
deter¬
shares
mined
to
share.
PACIFIC GAS & ELECTRIC CO. on May
whose
been
not
offered
per
Cerf Co. of Chi¬
is named principal underwriter.
cago,
issues
of
statements
more
dates
list
a
be
$10
Underwriters—Floyd D.
yarns,
Proceeds—Net
&
filed a
shares
24
for- 61,965
ferred
working
■A V
underwriters
pe?shareS~PriCe t0
Address—Greensboro, N. C.
Kauffman
RADIO
April
on
Offering—The
dend rate will be filed
prepay
i
CORP.
Boise,
(6-9-45).
statement
R.
principal underwriter.
the
Co,,. Paul H. Davis & Co. and
(6-11-45),
of April 26.
Underwriters—John
named
260,136 shares
and
(par 5 cents).
common
1945.
1,
Registration Statement No. 2-5771. Form
S-l.
such
Co.
5 cents)
acquisition
AA V
7
Underwriters—The
Hutton
262,314 shares class
(par $1), 250,000 shares class B
Details—See issue
3,765
preferred
$105
balance will be used in the
proposals
Underwriters
by amendment.
public
class C
be used
the
outstanding
7% .cumulative
redemption
The
net
of
the
of
registration statement
a
(par $25),
(par
common
,
The
public
price to be filed by amendment.
Purpose—Redemption on Sept. 1, 1945,
of all then outstanding 6% cumulative pre¬
ferred
at
$105
per
share
plus accrued
at
knitted fabrics from rayon,
Address—621
in
Offering—Price to the public will be filed
amendment.
.
Proceeds—The
Son
Avenue,
truck-trailers
United- States.
pre¬
purchased
filed
19
MORRISON-KNUDSEN
of
8c
17.702 shares first preferred stock, 6%
Inc.,
Robertson
and
shares
common
offered
BURLINGTON MILLS
ELECTRIC
April
for
reg¬
Business—Company is the second largest
to
Rupe
LAISTER-KAUFFMAN AIRCRAFT CORP.
on
Ohio.
manufacturer
are
price to be filed by amendment.
registration
000,000
a
shares $2.25
fi, 3Va%, due Dec. 1,
shares
company
shares
unsubscribed
S-l.
GENERAL
_
preferred stock, par
.
■■
watches.
grade
common
at
reg¬
Lancaster,
""/ /.'S '
'
■
Offering—Preferred
its
a
a
(nar
underwriter at $102.
being
•
istration statement for 40,000
heads
has filed
filed
shares of
stock
,
Underwriters—Dallas
Details—See
35,000 shares of
convertible preferred stock (par $100).
Penna.
..
MAJESTIC
the
for
statement
preferred
rata to t)he former holders of the 7%
preferred shares which shares have been
called for redemption on May ^ 1945. Any
balance will be offered to the public by
.
share
THURSDAY, JUNE 28
statement for 7,000
.cumulative
statement
AMERICAN ENGINEERING
proceeds will be placed in
of
repayment
(6-7-45).
has filed
/
heads
Co.
their commit¬
under
Registration Statement No. 2-5761. Form
PORTLAND
financing.
group.
Registration Statement No. 2-5770. Form
S-2.
200,000 shares.
general funds of the
used,
with other general
prin¬
cipal underwriters.
A-2.
$3,-
the exercise of warrants in
upon
dividends.
Underwriters—Kidder,
First
at
estimated
secondary offering of any shares
a
down
or
excess
be used for
will
proceeds
redemption
been
Underwriters—Wisconsin
by
in meeting its com¬
the
Business—Normal
Baltimore. Md.
have agreed
to purchase any of the 250,000 shares of
preferred not issued in exchange for out¬
standing preferred.
Company will call any
of
the
old
preferred at $105 per share
The
has
If
permitted to hold more
200,000 shares.
It will be necessary
offered
share
stock,
share of the pro¬
its general funds
to
the plan is undertaken the
company
would expect to provide a sub¬
stantial
portion of the additional funds
which may be required through the pro¬
warrants.
received
23
pro
It
names
the 121,938
preferred.
and
to
purchased
Under
Atlas
ment
be
to
are
units
mitment.
it
500,000
v
April
be
specific allocation. - The company
-in contemplation a tentative program
modernization
and
expansion
the
to $25,000,000 of the
up
receive
warrants
500,000
2-5760. Form
insurance.
ferred
will
Atlas
The
if
$25,000,000
stockholders take
on
share on the basis of one share
preferred for each share of common
shares not subscribed will be offered
Bacon, Whipple & Co.
units,
the offer¬
share.
Co.
at $100 per
■.:*'/'\,AAaA'-'A
added
be
E.
Registration Statement No. 2-5765. Form
Offering—Company is offering the hold¬
the
stock
an additional
Rights expire
share.
31, 1947.
The offering price will be
by
amendment.
Atlas
Corp.
has
guaranteed that stockholders will take up
to $25,000,000 of the units and in event the
subscriptions fall under that amount Atlas
will take up sufficient units to bring the
total to $25,000,000, with the right to take
Boston,
Corp.,
Business—Specialized forms of financing
of
one
unit
&
CO.
&
in
per
Dallas, Texas.
will
public
Underwriters—Van
Address—14 Light Street,
and
of
The
common
purchase
per
HARRIS
A.
the
the
filed
will be filed by amendment.
rate
to
held.
of
share
one
$18
Underwriters—Atlas
land, Ore.
amendment.
by
at
basis
the
HAMILTON WATCH CO.
COMMERCIAL
registration
of
of
warrant
a
istration
plus
stock.
will
tion
1,993,261
offer
will
on
shares
two
development
sold
cents
; Underwriter—Tellier
department
three
,
Milwauke..
in
Dec.
(6-7-45).
their
istration statement for 150,000 shares of $4
Stockholders
and
share
S-l.
Parker
tive convertible preferred
E.
Boston, Mass.
Registration Statement No.
ers
SUNDAY, JUNE 24
consist
will
-
Registration Statement No. 2-5755. Form
each
transporta¬
and
stock
common
ing at a price of 45
A common
underwriter.
named
A-l,
filed
1,300,000
share,
per
being the excess of such proceeds over the
par
value,
will be
credited
to
capital
surplus.,
Underwriters—Sills,
is
for
in
property and mail.
shareholders
to
unit
shares of
has
which
company
engaged
the
investment.
Proceeds—For
Underwriter—The
holding
passengers,
Offering—Company
units
market.V
Offering—At
.
has
for
A
—
subsidiaries
of
,
Business—Investment
laws."
loan
n-uceeds—For additional working capital.
The
INVESTORS
registration
statement
shares of capital stock.
Address—One Court Street,
of
Business
0
.
..
May 17.
wells.
oil
cumulative
by
tion
Mil¬
r
.Proceeds—Company's
has
CORP.
J.
owns
Street,
Third
North
Offering—Price
to
filed by amendment.
Exchange Place, Jersey City,
Address—15
N.
Proceeds—Net
V /'•'
■■■•■ ■■■■■■ v.';'Y
INCORPORATED
•.
Offering—Price to the
-
(6-7-45).-
AIRWAYS
AMERICAN
a
stockholders.
certain
by
Address—31st.
registration statement for 3,986,522
shares of common stock (par $2.50), :
to make
a
Business—Lending money under the proVisions
:
.
a
ment
of underwriters.
group
filed
in
by amendment.
65,000
preferred
cumulative
vertible
sold
Address—2153
(6-8-45),
PAN
Registration Statement No. 2-5759. Form
filed a reg¬
shares of
has
be
cumulative
Registration Statement No. 2-5764. Form
TUESDAY, JUNE 26
the
for
underwriter.
principal
ami
reserves
Offering—Price to the public is 60 cents
per share.
The underwriter will receive
purchase wararnts for the purchase 0f
2,000 shares of common for each 15000
of
THE
is
Co.
&
Maw
son
Any
working capital.
Eberstadt
of
warrant
common
Business—Exploration
cumulative
preferred stock'f $100
par).
The total, includes 13,679 shares'to
be sold by the company and 4,825 shares
4%%
such
common
Prior to the
on
par)
.
of
,
rn
Offering—The new preferred will be of¬
fered initially to the common stockholders
CO., INC., has filed
SCHUSTER &
Cincinnati,
SATURDAY, JUNE 23
CORP.
be
($1
purchase
,
issue
Details—See
$100).
SATURDAY, JUNE 30
for
?
offering of any common shares a
post-effective amendment will be filed.
Purpose —To
redemption
of preferred
originally filed in San Francisco.
Underwriters—Lee Higginson Corp. heads
LOAN
public
underwriter.
Underwriters—F.
at $100 per
statement
tur¬
etc.
will
share
common
200,000 shares of
for warrants.
v
'
registration statement for 18,504 shares of
public
named
be
registered have*h$rgtofore been
Bennett* & Co., Inc., in exchange
LIBERTY
steam
of
stock
common
and
of
&
Dolphyn, both
VENTURES,. LTD.,
of
pending
motors,
sell
to
OIL
M* *
Livingstone
registration statement for 1
a
shares
200,000
R.
Details—See issue of April 26.
ceeds
v;-;/
the
to
GASPE
filed
000
5%%
(6-9-45).
April 5
McDowell &
registration
S-l.
of
Underwriters—S.
.Underwriters—To be filed by amendment.
86,406
and
$50)
(par
generators,
the
>•
Corn
outstanding stock)
issue
.sTr'^Te0""1"8 Pr'Ce t0 the
'Registration Statement No. 2-5769. Form
stores
a
(par $10).
proposes
to
Registration Statement No. 2-5758. Form
S-l.
(6-5-45).
Registration
statement
stock being
istration
filed
Manufacture
—
■
total
and Mercier,
interest.
accrued
to
by amendment.
shares
standing stock of Doleshal Bros., Inc. Bal¬
issued
to
stock
common
Offering—Price
securities.
of
classification
shares
the
of
150,000
addition,
has
CO.
electric
\
will be applied
of presently out¬
standing $7,500,000 first mortgage bonds,
4%% series due Jan. !, 1965, at 104 pluf
proceeds
waukee, Wis. \ • r.(
Business —P Operates
Address—Jeannette, 'Pa.
V;
A/ 'AAV''' i
....
;
,
be filed
redemption
the
ceeds
the
with
connection
in
i j!
Co.,
& Co., Inc.
with names
group,
by amendment.
-
preferred
amendment.
preferred are not issued for such purpose,
mon
shares registered Ben¬
of Red Bank, will
receive 209,970 shares in return for a like
number of shares loaned to the registrant
&
filed
WEDNESDAY, JUNE 27
shares of
Albany,
-A,//.
Street,
Lyon
Proceeds—Net
toward
Statement No. 2-5763. Form
(6-7-45).
236
—-
Offering—Price to the public will
issuer, the balance by certain stockhold¬
ers.
The offering is to be made after re¬
tration
7.
business.
Offering—Of the
nett
underwriting
to be
Registration
S-l.
Address
Oregon. •
\, v
Business—Public .utility.
of
Details—See
with the successful bidder naming
interest rate.
•
W:
7
the
V.
Nash-Kelvinator
by
55.17%
bidding,
000,000.
by
June
gas
the
others
of
a
ED.
outstanding
preferred stock.
,4.
Underwriters—Dillon,- Read
head
The
owned
8
registration statement for $7,500,first mortgage bonds, due July 1, 1975.
bonds are to be sold at competitive
filed
shares.
unexchanged
Purpose—To retire presently
Business
amendment. The number of common
(par $1).
stock
common
Business—Oil
•
CO.
statement
registration
per
'
CO. /has
POWER
STATES
will be applied to
required,
$101
at
all
group,
(6-9-45).
MOUNTAN
Company proposes to
call its 5%%
cumulative convertible pre¬
ferred stock and, to the extent that comm6n
shares reserved
for reconversion of
count
TUESDAY, JUNE 19
A-2.
filed
and .common stock.
the preferred, which
V;
.i
the company to the
redeem
share plus accrued dividends
with treasury funds of
underwriting
the
to the public will be
filed by amendment.
Of the total regis¬
tered, 7,188 shares of preferred and 14,375
shares of
common
are
to be offered by
a
amend¬
Underwriters—To be supplied by
to
a
property.
additional
of
acquisition
preferred an
outstanding
$4.25
its
bines,
Offering—Price
price to be filed by amendment.
The re¬
maining 20,000 shares of common are to
be issued by the company solely for the
If
I )}.
will
by
purchased
shares
changed
writers
of
opportunity
...
It
& Co.
with names
of others to be filed by amendment.
Registration Statement Nq. 2-5767. Form
Peabody
Underwriters—Kidder,
by
J'"•;.w?
etc.
shares
85,095
Address—Pasadena,
par)
of preferred stock, 4% <$100
shares of common stock
62,773
has filed
BASKET
of common (par $1).
Cal.
Business—Operating chain food stores.
and
60,000
for
statement
registration
a
cleans¬
articles,
soap,
registration
statement for 40,000 shares of 5% cumula¬
statement
cumulative
of
Business—Manufacture
ing agents, dentifrices, other toilet
ELLIOTT
(6-5-45).
tion
17
SUNDAY, JUNE
a
J.
ers
all of the 58,602
general funds.
000
has
CO.
COLGATE-PALMOLIVE-PEET
filed
amendment.,
by
Form
(6-7-45)..
Registration Statement No. 2-5757. Form
MARKET
filed
filed
be
to
others
of
named.
Underwriters—None
I
Dillon
&
Co.
underwriters, with names
Underwriters—Eastman,
hn'der
the
Indiana,
Company now owns
stock
of Winthrop
under¬
Registration Statement No. 2-5762.
S-l.
Chemical.
the record uate.
on
heads the list of
of
Co.
the
of
acquisition
of
of Utah's outstanding common stock, will
subscribe xto 149,523% shares of the new
Oil
to
Class
B common
stock of Winthrop Chemical Co. from Gen¬
eral Aniline & Film Corp.,
and for addi¬
tional working capital, a substantial part
of which is to be used for expansion of
the
REFINING
OIL
UTAH
filed
used
will be
$9,500,000 of bank loans incurred in
retire
16
SATURDAY, JUNE
offered
competi¬
will be
bonds
Commission's
the
under
bidding rule and the names of
writers will be filed by amendment.
"y
,
Varick
Address—170
the
at the discretion of
less accelerated
/■;
par).
($100
stock
preferred
cumulative
3Vz%
become effective* un¬
normal course
in
filed a regis¬
125,000 shares of
for
statement
tration
registration
were filed less than twenty
grouped according to dates
registration statements will
whose
issues
interest.
sale
$8,000,000, and to re¬
shares of 5% cumu¬
lative preferred stock at $108.50 per share.
Balance of net proceeds will be added to
of
amount
the
in
deem
head
tive
STERLING DRUG CO. has
FILINGS
NEW
of
$4,000,000
a
Underwriters—The
for
N.
List
plus
accrued
purposes.
Union
—
Harriman
and
1,
of
exchange,
for
sented
Aug.
on
shares
standing
CO.
CLEANER
VACUUM
EUREKA
the
of
sale
from
Proceeds—Proceeds
bonds,
Thursday, June 14, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
2634
rights
since
to
on
acocKnoiaers,
stockholders,
entitled
each
will
to
two.
mathematical baS1®,
ixeynuiuo,
Reynolds, wou^la
a
including
about
shares.
subscribe
to
of a share
Otherwise Reyn
full share, and
97/100
its
hp
_
iw
..
.
Number 4394
161
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
purchase at $3 per share any stock
subscribed for by other stockholders.
rights to subscribe will expire July 5.
Underwriters—None named.
i
also
The
JOSEPH LIGHT
ST.
& POWER CO.
on
Feb. 28 filed a registration statement for
13 056 shares of Class A 5%
cumulative
others than Cities Service Power
& Light Co.
Underwriters—The company has retained
Estabrook & Co., G. H. Walker & Co. and
prescott, Wright, Snider Co. as exchange
agents to secure and procure consents oi
preferred shareholders to the conversion.
The company also proposes to refund the
by
$4
mortgage
first
806,000
4ya%
and to reduce the aggre¬
due 1947
series
bonds,
principal amount of its indebtedness
gate
the
common
and of the
preferred stock will be filed by
unsubscribed
any
bonds and
Underwriters—To be filed by amendment.
per
no
be
prospect,
of
on
$12.50
the
shares of common
issue
Details—See
of
CORP.
one
man
is
pad with
a
roster
a
of
52 separate issues which he
gards
rent
as
prospects
the
once
loan dirve is
war
On
"not all of
have been formed in each of the
potential issues. "Accordingly, he
concludes, "these are situations
that are alive and
likely to be
actively
the
discussed
the
as
month approaches,"
Topping the list, of course, is
the huge refinancing, involving
$175,000,000, projected by
American Telephone
&
Tele¬
graph,
followed
closely
March
29.
the
Of
share.
per
shares
133,000
is $5
being
20,000 are
offered to employees
at $4.25 per
Shares not subscribed for by em¬
A.
T.
&
But
by
good
over-all
railroad
substantial
several
as-
for
be
share.
through un¬
with the rest of the public
ployees will be sold to public
derwriters along
a
well
of /but-
stock
of common
purchasers, other than em-
bought,
structures into
line
With the
Dec.
ex¬
stop order proceedings were
held before the SEC on April 25.
„
\
on
field with
of
eye
to replacement
high-dividend preferred stocks.
.
Several
promise
.1
an
of
those
operations
comprise
to
f
market
during
period.
August
undertakings
large
a
alone
July-
the
Fou r
new
s
Uch
defi¬
now
nitely in the works, involve ap¬
proximately $160,000,000.
these is Reynolds
projected issue of
$49,000,000 of new preferred; fol¬
lowed by Commercial Credit Co.'s
$25,000,000 issue, Colgate-Palmolive-Peet's $12,500y000 and Bris¬
tol-Myers Co.'s $7,500,000 under¬
takings. These are offerings which
will be bandied by direct negoti¬
of
Largest
OPA Methods
Upheld i
Supreme Court, in an 8-1
decision delivered by Justice Mur¬
phy, Justice Roberts dissenting,
upheld the Office of Price Ad¬
Co.'s
,
of
basing ceiling prices on deliveries ation with bankers since
they are
actually
completed
during the not
subject to the competitive
March, 1942, base period rather
bidding rule of the SEC.
than on contracts made during
ministration
in
its
practice
that, time, according to an Asso¬
ciated Press report from Wash¬
ington, June 4.
OPA said the issue
the
presented to
affected forty-seven
tribunal
such items as
household appliances,
N.
There
debt
chemicals.
cisions
United
by
States'District Court
the Fifth Federal Circuit
a
case
stone
Court in
crushed
Seminole Rock and
involving sales of
by the
Miami, Fla., to
Seaboard Air Line Railway.
Sand
not
charge
cents
.
j
Seminole could
Seaboard more than
because that was
ton
a
the price
stone
the
of
Co.
OPA contended
60
and
which Seminole got
for
delivered to Sea¬
March, 1942—the base
actually
board
period
in
for
stone
determining prices.
delivered under an
October, 1941, contract. In later
contracts, signed in October and
December of 1942, the price to
Seaboard was raised to 85 cents
and then to
$1.
Electric
indications that New
required
& Gas Corp.,
by
Public
the
increase
to
from
set-aside
retirement
vote, the
same
rejected
an
amendment
trade
rather than
law
to
three.
amendments
were
two
Dividends
as
No. 54,
payable
follows:
Quarterly
($1.00)
Regular
of
One
record
Stock
Dividend
earnings for
and
improve¬
of
lier
its
as the price of approval
refinancing plan by the
order
of
the
Commission,
against $1,500,000 being
paid an¬
nually in dividends to NY
Utilities
Co., which holds
and is in turn
PA NJ
control
controlled by Asso¬
ciated Gas & Electric Corp.
on
quarterly, $1.25
Dollar
Also
Jiiiie|7, 1945
■>
Secretary
dividends are payable June
Both
30^:4945 to stockholders of record
at the close of business June 15(
1945.
The Electric Storage Battery
;
compahy
Checks will be mailed.
119th Consecutive
Robert P. Resch
Quarterly Dividend
Vice President and Treasurer
The Directors have declared from the
the
presented
by
Accumulated Surplus of the Company a
Mining and
dividend of fifty
Manufacturing
Phosphate
•
($.50)
cents
share
per
the Common Stock, payable June 30,
on
Fertilizer * Chemicals
Potash *
1945. to stockholders of record at the
Senator
of business
close
June
on
11, 194).
Checks will be mailed.
for it were:
Senators
(D.-Mass.), Gerry (D.-R.I.),
Johnson (D.-Col.), Taft (R.-Ohio),
Thomas
(R.-Idaho), Butler (R.Neb.), Millikin (R.-Col.), Brew¬
ster (R.-Me.), Bushfield (R.-S.D.),
and Hawkes R.-N. J.). Lined up
against it were Chairman George
and
Senators Barkley
(D.-Ky.),
Bailey (D.-N. C.), Byrd (D. Va.),
Guffey (D.-Pa.), Radcliffe
(D.Md,),. Lucas (D.-Ill.), McMahon
(D.-Conn.) and LaFollette.
reported the
of the tariff bill in
(The "Chronicle"
House passage
the June
7 issue, p.
H. C ALLAN.
There has been a
resumption of
Brussels Bourse,
its doors after
a nine months' suspension, accord¬
ing to a special dispatch from
there to "The Wall Street Jour¬
nal" on June 5, which continued,
trading
on
the
which has reopened
stating:
The first day
of the session was
Prices
Philadelphia 32, June 1, 1945
REFINING COMPANY
Dorado, Arkansas
EI
quarterly dividend of^
extra
A
25tf per share and an
dividend of 10<f per
EATON
s'hare^
declared on the Capital Stock of
this Company, both payable July 14,
945,
to stockholders of record June 30. 1945.
The stock transfer books will remain open.
E. W. ATKINSON, Treaiurer
have been
I line
11.
dividends.
declared
20
cents
a
payable June
25,
1945 to shareholders of rec¬
ord at the close of business
June
' ; \
16, 1945.
24 Federal Street, Boston
1945
June 12,
EVERYWHERE"
June
7,1945
THE Board of Directors on June 6th.
■t 1945 declared a quarterly dividend of
37Hc per share on the outstanding Common
Stock of the Company, payable on the 30th
day of June, 1945 to stockholders of rec¬
ord at the close of business on the !9tli
day of June, 1945. Checks will lie mailed.
DAVID BERNSTEIN,
Vice President &•
OFFICE
,
OF
■
ELECTRIC COMPANY
Louisville Gas and
at a meeting
declared a quarterly
Board of Directors of
The
Electric
held
AND
GAS
LOUISVILLE
(Delaware)
Company
June
8.
on
1946,
one-half cents
Class A Common
quarter ending
May 31, 1945, payable by check June 28. 1945.
to stockholders of
record as of the close of
(37VaC)
Stock
Treasurer
thirty-seven
of
dividend
share
per
on
Company
the
of
and
the
for the
1945.
>■
meeting a dividend of twentyper share was declared,on the
Class
B Common Stock
of the Company, for
the quarter ending May 31,
1945, payable bycheck June 26, 1945, to stockholders of record
as of
the close of busines June 18, 1945.
business
Universal Pictures
18,
June
the
At
five
same
cents
(25c)
G.
W.
KNOUREK. Tret surer.
Company, Inc.
New
were
in the' established leaders,
with colonials in demand in
expectation of good interim
of
dividend
a
share
York
Honduras
&
Rosario
Mining Company
below those quoted at
prices published. The trend, how¬
ever,
is reported to have been
fairly favorable, with small offer¬
FUND
The Trustees have
1945
•'THEATRES
HOWARD
&
BALANCED
LOEWS INCORPORATED
animated, though actual trading
was
confined
to
Government
funds.
Secretary and Treasurer
.
LION OIL
2535.)
Brussels Bourse Opens
ings
1945.
share
per
Voting
and
share
Dale Parker
rejected
freeze
to
Walsh
the
per
August 15, 1945, to holders of
close of business July 20,
at
$5.00 Par Value Common Stock
Fifty Cents (50c) per share
import duties on wool and corde
age.
The amendment eliminating
was
Serlq^
5% Cumulative Preference Stock
Cumulative Preferred
4%
ehare
Stork, 5%
No. 65, quarterly, $1.25 per share
declared by the
28,1945
were
6% Preferred Stock, Series A
Cumulative Preferred
Board of Directors on May
years
considerably
the end of
State body.
last
August when
the Bourse
5
closed.
For example, the 2Vz%
The company plans to seek
loan was quoted at 77.50, against
bids in July for $10,000,000 new
83.50 nine months ago, the 3%
bonds and $15,000,000 preferred
stock
to retire
$13,000,000 of; loan at 85, against 9£.65, and is¬
sues of Treasury bonds were down
outstanding 3%s, due 1964 and
three to
five points.
Numerous
$12,000,000 of 5.1% preferred
buying orders had been placed by
stock.
insurance companies, but private
At
present
the company is selling orders were relatively few.
charging off
$1,380,000 against
No effective prices were quoted
earnings for bond redemption and for
non-Government
bonds
or
property additions under an ear¬ stocks, nor were "bid and asked"
ments,
appealed from de¬
"the Southern Florida
agency
State
Commission
Service
furniture,
and
are
be
may
its
The
Y.
York State Electric
price regulations on
fuels
By exactly the
the
has
Committee—which
provided for Con¬
gressional review of all new trade
agreements and rate cuts. It lost
by a vote of nine to ten.
committee
Directors
of
Board
No. 75, quarterly, $1.50 pdr
Taft.
money market, with sub¬
.interest savings, and now
given to looking over the
Tobacco
The
the
have
also
31,
underwriter.
principal
Hearings
including
are
—
named
of
Cumulative
Chicago
*
down
stantial
issue
before
or
turned
isting
1948.
Em¬
ployees will receive such warrants for eac)
five shares- of common stock purchased. !.
Underwriters
Floyd
D.
Cerf Co. ; 1*
on
20 North Wacker Drive,
additional rate-cutting
Committee
would
The
General Offices
George
the additional tariff cutting power
segment of business in the
share,
Senator
(Dem.-Ga.), the Chairman, ex¬
pressed determination to try to
of
Corporations
generally. < have
pretty well accomplished the task
of * bringing
their funded debit
common
one
action
ELECTRIC
declared this day the following dividends:
would have limited the extension
floyees, share receive warrants to at $5 per
will of
subscribe
stock,
o
mittee's
&
CORPORATION
CORPORATION
by Senator Taft (R.-Ohio), which
Scanning New Fields..
For every ten shares
offering.
Press
reported
from
Washington June 8, and went on
say that in spite of the Com¬
industrial
replacement
MINERALS & CHEMICAL
sociated
sponsored by Senator Q'Mahoney (Dem.-Wyo.)—not a mem¬
of
as
favorably, the As¬
COLUMBIA
GAS
to
ber
projects
for
authority to cut tariff rates an ad¬
ditional 50%, and then reported
the
reciprocal trade agreement
bill
,
down
request
one
industry
generally and includes a host of
sizable
turned
Administration's
extension
'
H. F. LOHMEYER, Secretary
10-to-9, the Senate
Committee
five other amendments,
an
line-up is
cross-section
the
The
an
T. subsidiary.
the
Transfer books will not close.
v.
authority back into the measure
when it is called up in the Senate.
embracing refunding
$45,000,000 of its debt by
offered for account of company,
to
vote of
a
write the
operation
of
Chesapeake and Ohio Railway Company held will
paid July 2, 1945, to stockholders of record
likewise be
Power for Truman
cur¬
consum¬
will; necessarily
develop into actual business. But,"
he adds, "at least two accounts
of
The
re¬
Finance
turn
V(
special dividend payable in common stock of The
Pittston Company at the rate of one share of Pittston s'feVv.
common for each forty shares of $25 par common stock of
June 2, 1945.
mated.
As he says
himself,
these prospects
\
:
,
A
Rejects Tariff Gut
some
on
Offering—The initial offering price
June 2,1945.
other sizeable issue subject
call, the 4y2S of 1977, cannot be
replaced before July, 1947.
standing preferred stocks.
March
19 filed a registration statement for 663,500
shares
Class
A common
stock, par
value one cent a share, with Class A com¬
mon stock purchase warrants.
Of the total
530,500 are issued and outstanding and
are being sold by certain stockholders. : |
CAMERA
UNIVERSAL
July 2,1945, to stockholders of record at close of business
,
to
corner
of 1945 of seventy-five ,.i,
share on $25 par common stock will be paid
cents per
only
the
Railway Co. *
A dividend for the second quarter
in¬
on any
This operation would very like¬
ly wind up the road's refunding
history, plans for two years ago since the
industry.
in
away
desk blotter of
plans
named.
The Chesapeake and Ohio
ap¬
Southern Bell Telephone Co.,
share.
per
Underwriters—None
through
promises to be
summer
who keeps continuously in close
touch with the overall situation
a
authorized but unissued
at
go
nine weeks' notice
on
the underwriting
of the
15.
share lor share
basis for the $1 preferred stock.
Any pi
the $1 preferred
not issued in exchange
will be offered to the public at $20 per
share.
Corporation also is offering 11.822
stock
their
quite certain to
terest date.
Tucked
Offering—Holders of the $1.20 preferred
stock have been given the option to ex¬
change
swing.
of the busiest in the
one
preferred.
Details—See issue of March
the
materializes
proaching
share
annum, and 60,000 shares of common,
par.
Of the latter 20,000 shares is to
reserved to meet conversion require¬
ments of the
to
But if only a
portion of the potential new busi¬
ness, which some observers see in
with
no
par,
non-participating
cumulative dividend rights of $1 per
as
ing $50,000,000 of Series I 3%s,
due 1967, subject to call at 104
in full
now
SOUTHWESTERN INVESTMENT CO. on
March
12 filed a registration
statement
for
12,500
shares preferred
stock, con¬
vertible,
ed
Seventh War Loan Drive which is
more
amendment.
field
with refinancing of its outstand¬
CO.
of Southwestern Public Service.
subscription price will be filed by
amendment.
The public offering price of
Vv:''V
The company is now regard¬
walk
issue
new
issues to replace outstand¬
ing debts.
a
Railway which
sold $100,000,000
September
new
Treasury's
ding.
common
corporate
deference
83,750,000 by redeeming the outstanding
bonds and issuing $3,750,000 of new bonds.
The bonds will be sold at competitive bid¬
The
last
REPORT
to
SOUTHWESTERN ELECTRIC SERVICE
April 18 filed a registration statement
for $2,375,000 first mortgage bonds, 3%%
series due 1975; 8,500 shares 4%.% cumu¬
lative preferred stock (par $100) and 128,935 shares of common, (par $1).
,
Details—See issue of April 26.
Offering — Holders
of the outstanding
common
stock
of Southwestern
Public
Service Co. will be given the right to sub¬
scribe to the 128,935 shares of common at
the rate of one share of common of South¬
western Electric for each
five shares of
is Great Northern
of
Business has slowed to
5% 'cumulative preferred shares
standing
DIVIDEND NOTICES
Well up on the list of prospect¬
ive refunders in the railroad field
REPORTERS
preferred stock, par $100.
Details—See issue of March 8.
: > ■
Offering—The company is offering 13,056
shares of its Class A 5% preferred shares
In conversion share for share of the out¬
held
Railroad Prospects
OUR
not
2635
T
120 Broadway,
New York, N.
Y.
Jdne
DIVIDEND
The
declared
The Board of Directors has
a
quarterly dividend of 50c per share
the outstanding stock of the Com¬
July
The
on
brokerage
at 5 per
rate
close
mille, and for non-
7V2 per mille,
previously.
shares at
,
June 20, 1945,.
|
I^ANGLEY, Treasurer,
DIVIDEND NO.
A
dividend
of
capital stock of
one
at
the
close
(his Oompany has been
>. tW*
the
declared
record
1945 to stockholders of
at business June 21, 1945,
LIONEL W.
,
184
dollar per share on
payable July 14,
against 5 per mille
,
on
C.
UNITED FRUIT COMPANY
been fixed
Government bonds and
of business
w.
mille, against the former
of 3 per
/
this Company,
June
commission for
Government paper has
Of
($.70) a share on the outstand¬
capital stock of this Company, payable on
30, 1045, to stockholders of record at the
ing
31,
stockholders of record at
business
Directors
Seventy Cents
1945 to
the close of
July 16, 1945.
payable
of
Board
meeting held thts day, declared an Interim
dividend
for
the second quarter of
1945, of
at a
on
pany,
13, 1945.
DIVIDEND NO. 371
UDELL. Treasurer.
,;y
Foreign Securities
Thursday, June 14>
CHRONICLE
& FINANCIAL
THE COMMERCIAL
2636
BUY 7™
ELECTRONICS;
WAR LOAN
RAILS
MARKETS
:
^'^INDUSTRIALS
Teletype
BONDS
/%/'
.
1-971
NY
r.ARL MARKS & HO. INC.
i
OVER
-
-
THE
SECURITIES
COUNTER
-
M. S.Wien&CO.
FOREIGN SECURITIES
Members
SPECIALISTS
40
Telephone
50 Broad Street
New York 4, N.Y.
•
N.
CO. Inc. CHICAGO
AFFILIATE: CARL MARKS &
& Company
Kobbe, Gearhart
Governments"
be
into
.
tutions
1952/54
and
.
partially
will
it
that
vV'7;.'
'
',
~
Helped by the sharp demand for the longest unrestricted tax¬
able obligation, the entire
taxable list improved with the best
showing made by the 2s due 1951/53, the 2s due 1951/55 and the
2s due 1952/54.
r
as
on
.
..7,
.
7-
■>.
.
..v
at these levels.
It
was
.
.
exempts from these levels, the opinion is still
not be substantial and will be very temporary.
pointed out by certain purchasers
of these securities, that
obligations at present levels are pretty well
offering of the 5V2 year IV2S. . . .
they believe that these
adjusted to the new
viduals
.
.
the new
.
.
'.,7*
.
BOSTON
Although full details are not yet available, reports
the British issuance of 2lk% War Bonds will result in
crease
in the cost of carrying the debt
turities of these bonds.
.
.
it
2% rate.
•
be
who
can
buy the 2y2S due 6/15/67/72,
at 100, there seems to
available in the Seventh War Loan,
why
reason
no
opinion
that the pattern of
in rates elsewhere
nowlt
.
.
.
.
1956/59.was reported, but this issue
little of its recent advances. . . .
2y4s due
up very
recommendation
The
is
still being
held firm and gave
would have
effect
so
taken
drive.
on
.
by those who
-7.
^
in
are
a
the
Specialists in
They point out that our policy of financing meets the needs of
Treasury which is to finance as cheaply as possible. . . .
markets in .this country will be determined by the needs
and the government has the power to maintain rates
The money
present low levels. . . . The Treasury will continue to offer, long
2%% to insurance companies and savings banks, and this rate
long
2%% due
market, and went
as the 2%% due
1958/63, which also made a new alltime high, were bought because
of the favorable "tax free yield" that is available in these obliga¬
tions compared with similar issues of the taxable bonds. . . . The
234% due 1956/59, the 2%% due 1955/60, the 2*4% due 54/56 and
the 2% due 55/53 also showed substantial advances.
The short
and intermediate maturities of the partially exempts registered minor
.
POST-WAR
The
.
Established In
Tel. HANcock
are
considered
not
"tax
.
group.
yield"
free
.
than
liquidity of our
markets
money
the
in
.
.
.
.
will
.
.
securities.
.
.
While
admitted
with
will
Treasury
restricted
securities
outstanding
doubt
no
long term
continue
to
supply
Nye to partnership. Other part¬
are
Richard
S.
Nye and
Dorothy Seitz.
Mr.
Perry has
been with the firm in charge of
ners
can
the
office.
Miss Andress
been manager
New York branch.
of the uptown
Boston
has
the
which
commercial
banks
,
can
Arthur Zucker Dies
.
Arthur
buy
New
.
.
partnership
Vernon Brown to Admit
and
Gertrude
W.
Vernon
C.
&
Brown
Co.,
Brown
71
to
limited
partnership
Broadway, New York City, mem¬
June 22. Mr.
bers of the New York and Phila¬
merly
delphia Stock Exchanges, will ad¬
acquire the Stock Exchange
Brady, who
was
mit
Thomas
J.
Brady to general
City, died at his summer
the age of sixty-four.
INDEX
-
a
partner in the firm, will
mem¬
bership of Arthur J. McKenna.
Bank
Business
Investment
News
Reporter's
Reporter
•
■
,
BANK
—
•
Real
..
INSURANCE
•
;77';v-
Likewise
Notes.....
on
-
INDUSTRIAL
2610
•••••
2fi,f
Estate Securities
Securities
Salesman's
2tea
Corner
Markets—Walter Whyte
Tomorrow's
.2616
REAL ESTATE
_
Illinois
partially exempt
2wo
Governments
Securities
Says
PUBLIC UTILITY
...-2624
...............2609
Report.......■••."'2635
Utility Securities
Railroad
•
and
Funds
Our
-
Recom-
Literature........2612
and
Our
OPINION
Broker
-
Municipal
$■
opinion is held in certain quarters that the long
Man's
NSTA Notes
Securities
Stocks
Personnel
Calendar of New Security Flotations.2634
Canadian Securities
............. • • -2620
Mutual
Unlisted
2618
Items.—2627
Bookshelf-2633
Insurance
and
Page
7 v...' '
•
Broker-Dealer
Public
appreciation possibilities exist in these bonds as long
as the "tax free yield" on these obligations is larger than that avail¬
able in comparable maturities of the taxable securities. ... The
V-
mendations
Specializing in
York
hame at
on
for¬
.
• •
Zucker, member of the
York Stock Exchange with
offices at 39 Broadway, New
too attractive at
'
Perry,
E.
2^s, the decline in yield of
taxable obligations give
•
B.
.
the
is
-
Gardner
Mary Vail Andress and Florence
.
higher price and lower yields for the outstanding
mean
Georgeson & Co., 52 Wall Street,
has
.
shortage of long term high coupon bonds the commercial banks
buy
Georgeson C(k Admils
Several New Partners
period,
post-war
.
...
1922
Tele. BOston 21
8715
.
particularly once a substantial return flow of currency from circu¬
lation sets in, and gold returns, is bound to be great.
This in
turn will prevent any material increase in rates of interest on short
term Government obligations such as certificates and notes, which
will be taken by the banks.
Medium maturities of Governments
are
not expected to change much from present levels.
The
obtainable in the partially
exempt issues.
The last four maturities of the partially
exempts are still considered the most attractive obligations in
larger
24 FEDERAL STREET, BOSTON 10
Dealer
however
issues
these levels since in many instances the
this
.
.
.
.
These
a
investors.
institutional
to
.
.
'
satisfactory
outstanding issue in the partially exempts is the
.
.
is
funds
term
tends to pull down the general level of interest rates.
1960/65, which registered the largest gain in the
to another alltime high.
<
This bond as well
Nero England Unlisted Securities
of the Treasury,
market
77 .v"/
'■/;/',/vy-.,.77.
.
MARKET FAVORITE
gains.
TEXTILE SECURITIES
a New Eng. Market
,
those
The
Public Utility Stocks and Bondj
rates.
our
on
.
made that these bonds
position to do so, at these
levels, with the advice that larger amounts be purchased if
weakness should develop in them during the final phase of the
be
Industrial Issues
Investment Trust Issues
Frederick C. Adams & Co.
well set that changes
is
no
the
of
are
financing here
premium for the outstanding
they should pay a
The buying that is going on in the outstanding re¬
stricted issues is probably due in part to the fact that the older
bonds'will become eligible for bank investment several years ahead
of the new ones.
Some profit taking and switching out of the
.
.
We specialize in all
Insurance and Bank Stocks
Securities with
...
markets
money
for
For individuals and others
obligations.
BS 328
of
possible for the Treasury to finance with a 1V2 % rate instead
term
are
Hanover 2-7913
.
adoption by the English of a 13A% rate instead of a 2%% rate,
last year, was given as one of the important reasons for the sharp
rise in prices in our Government market. . . . This price rise made
at
...
WHY A PREMIUM?
that
Teletype
Hubbard 6442
-.
slight de¬
a
MASS.
New York
indicate that
burden in that country.
9,
Boston
7
-
.
•
*
RALPH F. CARR & CO.
.
Despite what happened in the past, informed students of the
ly2s due December 15, 1950 go to
as substantial a premium as is looked for, the shorter maturities of
the outstanding 2s will be very little effected by the new financ¬
ing.
V; >' • '7. ' "
;. 7
i
Improvement was registered in the restricted issues as the
21/2S due 1965/70 and 1966/71 moved ahead to bring them in line
with the price advance that has taken place in the shorter ma¬
It is indicated that if
■
A. S. Campbell Common
BRITISH POLICY
CAUSE AND EFFECT
.
any
Transportation
held
made that
price weakness the issues that meet the needs of indi¬
and institutions should be picked up in substantial
amounts.
a
.
the
and
is still being
recommendation
the
England Co.
Trading
Waltham Watch Common
The
7
.•
,
.
on1
■
A better tone was in evidence in the shorter maturities such
the 2s of 49/51, and the 2s of 50/52, as these issues were taken
by institutions who feel that they give an attractive return
Oceanic
despite
present high levels, unless there is a recession in the prices of
taxable issues.
.If there should be a sell off in the taxables
the
Accordingly
TAXABLES GAIN
1-576
york
new
downward price adjustments
will not be subjected to
issues
due 1956/58 are being advised to sell these
reinvest the proceeds in the 2Vzs due 1967/72. . . .
to
Enterprise 6015
HA. 2-8780
1-1397
Telecommunications
Northern New
bell teletype
telephone
philadelphia
.
Y.
Schoellkopf, Hutton & Pomeroy
5
YORK
NEW
STREET,
Worcester
Although this issue continues to move
is still considered the most attractive
2%s
the
and
Finch
V.7
Association
Dealers
Security
York
NASSAU
2-3000
REctor
obligation for the commercial banks, especially for those insti¬
that have savings deposits. . . . Holders of the 2V2S due
taxable
bonds
.
.
alltime high ground, it
new
New
telephone
bond that can
bought by .commercial banks, is still the bellweather of the
1967/72, the highest yielding taxable
Government bond market.
Members
45
CHIPPENDALE, JR.
By JOHN T.
The 2V2S due
7.
7
N.
'
INCORPORATED
-Our Reporter on
Security Dealers Ass'n
Teletype
HAnoverv
2-0050
Y.
Exchange PL, N. Y. 5
LUMBER & TIMBER
pages
page
Securities
2614 and 2615;
Section on
Wisconsin on
2617.
BONDS, PREFERRED AND COMMON STOCKS
BOUGHT
SOLD
—
Back The
QUOTED
REISER, MITCHELL & REITZEL, INC.
208
So.
La
Salle
7TH
St., Chicago 4
RANdolph 3736
WESTERN UNION
TELEPRINTER
"WUX'»
w
BELL
SYSTEM
TELETYPE
CG-989
Hill, Thompson & Co.,
Markets
120
and
Situations
for
Inc.
Dealers
Broadway, New
York 5
Tele.
NY 1-26
Tel. REctor 2-2020
@FedFRASER