Full text of Commercial and Financial Chronicle : March 11, 1943, Vol. 157, No. 4158, Section 1

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mlMAu
LlltAKY

IDS

mar 12
1943

Final

Edition

ESTABLISHED OVER 100 YEARS

In

2

Sections-Section 1

Land.

ommetcial an

Beg.

Volume 157

Number 4158

New

OUR

S.

U.

Tat.

Office

York, N. Y., Thursday, March 11, 1943

Program To Salvage Fiscal

REPORTER'S
; REPORT

And

v
In

Security Dealers Association
Urges Ceiling On Dealer Profits

Monetary Solvency

an

The market for defaulted rail¬
road bonds has blown alternately
hot and cold with the approach

Acting

on
Monetary Policy, condemned various
into serious inflation and expressed faith in our
ability to carry our post-war national debt without back-breaking

mists'

National Committee

leading

the recommendations of

on

a special committee
consisting
(Dunne & Co.), Meyer Willett (Bristol & Willett)
and Tracy R. Engel (Engel, Abbott &
Co.) appointed sometime back
by the Board of Governors, the New York Security Dealers Associ¬

of

nomics, New York University, and Executive Secretary of the Econo¬
moves

Copy

a

N.Y.

enlightening article appearing in the "Chronicle" of March
4, bearing the above caption, Dr. Walter E. Spahr, Professor of Eco¬
/

Price 60 Cents

us

Frank

Dunne

ation at a general meeting held on March
2nd, went on record as
passing of each Monday and
holding that where dealers purchased securities for their own -ac¬
the absence of a Supreme Court taxation or resorting to currency^
count they should put a ceiling on$>—
—"
decision on the pleas of the Chi¬ dilution in any form.
tance of this subject, which will the resale
price equivalent to 10%'nation of quotations on unlisted
In his concluding remarks, Dr.
cago, Milwaukee, St. Paul & Pa¬
obviously constitute the foremost of the price paid by them for such .securities...
cific RR. Co. and a somewhat sim¬ Spahr observed that "the mone- of
our
post-war
problems, the securities, with special consider- j
It was agreed that the Associ¬
tization: of much of the Federal "Chronicle" invited comments re¬
ation being accorded in the
ilar case of the Chicago & North
casejation's views should be conveyed
debt must of necessity continue garding the views and beliefs ex¬
Western Ry.
/ •
:" *■
of low priced issues.
The Associ- to the Securities and Exchange
until the. end of the war and per¬ pressed by Dr.
Spahr in his ar¬ ation also went on record as ad-1 Commission and the
Both roads are seeking modi¬
National Ashaps for a time thereafter. There ticle.
a considerable number of
fication of reorganization plans
vocating that the N.A.S.D. make
jsociation of Securities Dealers,
is no wise or defensible tax pro¬ letters have
already been received provision for the wider dissemi- line., and this has been done.
drawn
up
by
the
Interstate
gram
which
can
be
devised but because of space limitations,
Commerce
Commission
under
that can prevent this monetiza- we give below
only those that
which their stocks are accorded
tion of a large portion of the nar first came to hand.
The others
no value.
tional debt, despite the -current will be published in next Thurs¬
The High Court accepted the St.
popularity
of
that
untenable, day's issue.
:
'•
Paul case for review early last
over-simplied concept of 'the in¬
June, while the North Western's flation
george v. Mclaughlin
gap' and the related con¬
! plea for review, was put before tention that taxes should be made
President, Brooklyn Trust Co.
the court in May,
to take all 'this inflation gap.'
I
agree
with Dr. Spahr that
Emil Schram, President of the New York Stock
Bond
"The best that can be done now there should be no dollar devalu¬
m?n
consider.■ that a
Exchange, urged
last Thursday that those
is
to
using the Exchange's facilities avail them¬
ruling in either instance would
eliminate ' all unnecessary ation after the war for the
and

1

Schrcun Says Vitality Of Market

.

Augurs Well But Urges Caution

pur¬

settle pretty definitely the pro¬
cedure to be followed in setting
j

up revision plans for other de¬
faulted carriers.
In the

of St.

Paul, the Cir^.uit Court at Chicago ordered the
case

; case turned back to

sion

the

on

the Commis¬

ground that the lat-

ter's
i

findings were not sufficiently
specific to permit the court to pass

\ upon, the reasonableness of allo¬
cation of

securities involved.

new

Government
debt

into

The

i

5

>

use

to

North

Western

seeks

to

its

off

pay

Corp.

Reconstruction

indebtedness

of

j

some $48,000,000,, instead, of, as

i

reorganization plan, allotting the

provided

in

the

(Continued

on

Commission's

911)

page

AND CONSTRUCTION

huge

.

at

one

With

den

a

of

an

in¬

oublic

or

4%

E

x

of

the

the

V

debt.

In

"who

perience

statement

a

sic

values,
guided by

per year,

we

nation, to
ent

on

year,

recover from

our

a

good

manner

pres¬

with¬

back-breaking tax burden
people.

our

.

'j

..

"This, solution

is

simple

and

prudent, and it

can

if

no

to make the pub¬

we

begin

lic ; aware

now

of

time

warn

and

ruinous

it

and

be employed
at

the

to

same

alternatives

being

and

other

every

variety of currency expansionist,
dilutionist, 'managers,' and what
-

not."

V.

our

vital

con¬

of

currency

McLaughlin

into gold coin,

financial markets are very
obviously reflecting the country's
satisfaction over our progress and
that

of

on

in

are

page

an

These markets
the

healthy

and

915

impor-

OBTAINED

or

SECURITIES

r
Actual

Exchange

Cotton

York

Commodity

Exchange,

Chicago
New

Board

Orleans
And,

of

Cotton

other

BE

have

a

the

of

stable order under

ditional system of

Branches

Reporter On Governments,.
Reporter's Report.........

Personnel

Items

our

.920

905
..

.'.908

Securities

Salesman's Corner...
911
Tomorrow's Markets—Walter Whyte
V

Says
■;....
Uptown After 3..

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

a;....

.909
916

tra¬

enterprise and

THE

<

CHASE
BANK

OF THE CITY OF NEW YORK

to

and

Broaden your customer

in

Uganda

Office:

26, Bishopsgate,,
London, E. C.
1 ;!

,

The

LOS ANGELES

description
banking and exchange business

Bank

conducts

Trusteeships

every

and

facilities
Member

Federal

Executorships

Deposit Insurance

Corporation

also undertaken

Pacific Coast Stock
•

Exchanges

Products, Inc.

Inc.

Exchange

correspondent

of

Purolator

Over-The* Counter

service with Chase

in

Capital
£4,000,000
Paid-Up Capital——£2,000,000
Reserve Fund,
—£2,200,000

634 SO. SPRING ST,

JERSEY CITY

Government

the

Colony

Trading Markets, always

Open to 5:30 P. M.
Quotations

Federal Machine and

dealers
Coast

Exchanges

.

..

Subscribed

from

IS EXCHANGE PLACE

in active and inactive

Trade

.

Railroad Securities ..;,,.'.,
v:»V. ,1... 909
Real Estate Securities.............. ,908

India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar

DEALERS

IHCOirOftATID

Exchange

New

reflecting

conditions

|

'

Exchange

MAY

HUGH W. LONG and COMPANY

Street, New York

PHILADELPHIA
Albany
Buffalo
Syracuse
Pittsburgh
Williamsport
Dallas

Curb

war.

.

Our

Our

has been won, we are to

war

FROM

AUTHORIZED

Troy

York

.914

.....906

Trusts

....

Head

PROSPECTUS

BOSTON

New

Securities

........911
Municipal News and Notes..;,....
.912

equal opportunity. This system is

Established 1927

64 Wall

-

Canadian

Stocks...910

Security Flotations. 918

of INDIA, LIMITED

R. H. Johnson & Co.

■

also

are

this

NATIONAL BANK

Stamps

k INVESTMENT

\

in

civilian economy and the increas¬

Kenya

San Francisco

Stock

Calendar of New

era

MARINES

52 WILLIAM STREET

Members

PageInsurance

NATIONAL

ENGINEERS and CONSTRUCTORS

York

"

and

Enlist Your Funds in the

Sanderson&Porter

New

allies

our

the

We

INDEX
*

Bank

Dealer Briefs

best insurance against future tink¬

ering, but, I am afraid, this will

of production. It is meeting a suContinued on page 910

Investment

ingly bright prospects that, after

not take Place.

-

insuring its survival by miracles

"The

which, I think, would provide the

Continued

the

resto¬

see

vertibility
G.

■

Recognizing

gains.

ration of

them against the evil

prepared for them by the currency
manipulators
the greenbackers,

one

I would like

.

Bankers

H. Hentz & Co.

are

Mr; Schram's statement follows!

and in the end

ARMY, NAVY and

1856

unwilling to be
these values, should

or

,

FINANCING and VALUATIONS

Established

Chicago, Mr. Schram said that those

preciation

a rea¬

and

de¬

currency

7 billion dollars
should be able, as a

distressing condition in

sonably

REPORTS

NEWYOHK

in

judge intrin-^

stay out" of the
market.
He
by added
that the securities "which
any major
are
cheapest in price may, in
country mere¬
reality, be the most expensive,
ly provokes
measured by consideration of true
retaliatory ac¬
worth."
' '.vj yi: >V
tion, by others;

MANAGEMENT PROBLEMS

\

issued

unable to

are

approximately

In connection with

Chicago

factual

information available on listed
companies,
advising investors "not to be intrigued by the fact that particular
securities may be selling at very low prices."

ening the bur¬

valso
SURVEYS AND

selves

of light¬

pose

has shown that

per

devaluationists,
QUICKACTION ON DESIGN

our

permanent

dollars

then

and a
Federal budget of other items of

its cash, of some $60,000,000,

Finance

a

fund

charge of perhaps 4

billion

out

!

and

low rate of interest.
terest

and

expenses

consolidate

Welder Co.

Securities

(e.w.t.)

and executions for brokers,

and

institutions

on

Pacific

securities, including those which

also have eastern markets.
Direct wires

N.

Y.

Cotton

Exchange Bldg.

NEW

YORK

REYNOLDS & CO.

INCORPORATED

CHICAGO

DETROIT

MEXICO,
GENEVA,

D.

F.,

PITTSBURGH

MEXICO,

SWITZERLAND




HART SMITH & CO.

Kobbe, Gearhart & Co.
Members

45
Tel.

N.

Y.

Security Dealers

Nassau Street
REctor 2-3600

New

Teletype N. Y.

Philadelphia Telephone:

.

Ass'n

York
1-576

Enterprise 6015

Members
120

New

York

Broadway
Telephone:
Bell

Stock

Members
New

Exchange

New York, N. Y.
REctor 2-7400

Teletype NY 1-635

52

York

Security Dealers Assn.

WILLIAM ST.,
Bell

N,

Y.

Dean Witter
Members NEW YORK

HAnover 2-0980

Teletype NY 1-395

SAN

Montreal

Toronto

&

Co,,

EXCHANGE

FRANCISCO STOCK EXCHANGE

and other security and commodity exchanges

14 WALL STREET
NEW YORK

New York

STOCK

LOS ANGELES

BArclay 7-4300
SAN FRANCISCO

HONOLULU,

'

Thursday, March 11, 1943

& FINANCIAL, CHRONICLE.

THE COMMERCIAL

906

-~r

-TrnJtng Markets in;;'"", ","I

American

,

Active(Markets in U. S. FUNDS for '

We Maintain

Botany Worsted
Pfd. & "A"

-

Differential Wheel

5s-'53*—Pfd. & Com. \
Com.
Consolidated Paper 5l/zs»*6I—Com.
:
Donnacona Paper 4%s-*5:6"—Com.

KING

&

Established

40

York

New

Exchange

Telephone

NY 1-423

Exchange and Other Principal
NEW

BROADWAY

115

HA 2-2772

PL, N.Y.

BELL TELETYPE

Members N. Y; Stock

Dealers Ass'n

Security

7%

Elk Horn Coal, 1st Pfd.
Aldred Inv.
Fort Dodge,

,

'

Dividend's paid

-

Dividends

1942

Des Moines & Sou, 5's

Accrued Dividends

.

increased

plus

-*•

YORK

Tel.

-

REctor

production

NY 1-1557

New Orleans,

; •

2-7815

y;-

i.

Mitchell & Company

V.

Stock Exchange

Baltimore

Dec. 21

Sept. 30 1

$5.00

$3.50

$2.50

(as of April 1) $33.75 per

Struthers-Wells
.

;:7'

share.

•

Botany Worsted

IIODSON& COMPANY

•

IllC.

partially reflected in 1942),
through operation of a new, modern mill,
and silver (only

I/';; Vi-

Wickwire Spencer

V

Farnsworth Television

around 68.

WOrtK 2-4230
Bell

Teletype

165 Broadway, New

York

J.F.Reilly&Co.

Teletype NY 1-924

IIAnover 2-4870

1-1227

Y.

N.

60 Broad St, N. Y.

Federal Water & Gas

Request

on

J. L. Schiffman & Co.

Broadway, N. Y.

120

Circular

also

something for nothing."
perform a service, j it's not only important that
should make a profit—it's even more important to your client,
that's "doing

chandise,

all ^Inactive'*

or

you

that

^

^Chicago, 111.

Basically, the
ence

of

business

the

New

Investment

service

is

and to industry.

the

to
.

Company

MOP COMV. 5V2S,

The' investor needs sound advice
should do so. Unless you are paid well it's an odds-on certainty
based on careful study and vision
that your'interest in your customer's welfare will suffer accordingly.
now, more than ever before.
This
That's just human nature at work. "
;
;;
7; is
truly an opportunity to serve not
It does seem strange that so many times during these last few
only the investor but also to again
years of securities regulation that.so many individuals (both.within;
prove * the
essential usef ulness of
as well as outside the securities business)
have time and .again ex¬ Investment
Banking to the general
pressed the opinion that profit margins should be made, smaller— public and to benefit of both client
especially in the over-the-counter securities business. Some of these 'and; dealer.'- /-:'v
"...'v-"'"''':
i';
spokesmen almost inferred that there was something fundamentally In line', with this thought we are
wrong about any amount of profit—that profit m jtself was-wrong—-:
expanding.{ our ;• research
depart-*
oi* that the smaller the profit that'should be allowed the better it
ment to facilitate the selection and
would be for all concerned.
L • •' continue
study of securities of all
But the over-the-counter securities business, apart from any
types.—Lesfon B. Nay, Ryan-Nich-

OIL ROCK ISLAND PAC.

other segment of

offer good specula¬
possibilities.'
•
'

since

reorganization

1938.

You can't

Cash and U, S. Government

obligations

hand,

on

end

present

value of
public.

market

bonds in hands of

Comprehensive Study

A

,

of this situation will be sent
upon receipt of $1.00
:

PRICE, McNEAL & CO.
ESTABLISHED 1921

Investment Securities
165 Broadway

New York

.funda-'

>,

properly supervise an investment

HOUSTON

'if:•

offers

Securities Corp.

Towne

interesting possibilities at
levels
according
to A a

current

circular issued by J. L.

Co., 60 Broad St., New York
City.
Copies of the circular may
be

had

from

the

firm

upon

quest.

a y.*,. •

..

Mills To Be Manager,

v. t

Associated

Gas

|
Memorandum

ieK;

NY




--

Quoted

Request

on

.

is

a

limit to the number of accounts

(which

was

the salesman made an appointment

pending) that he should make

not any profit at

all;

.

much profit or. possibly
the husband this;

He thought he ought to tell

phia.

"5

Hughes & Treat
York

f\ 40 Wall St., New
.

.

BOwling Green 9-4613

.

Opens j

J. J. LeDone Go.

and

J. LeDone

Joseph

i

Sidney

J. LeDone

I. Davis have formed J.

'■

&

with

Co.

House Sub-Gommitlee

Aveilue,

Named To Consider

LeDone

in

gage

ness

Securities

Legislation

and

*

as

Davis

500

at

offices

New

Fifth

York City, to en¬

securities business. Mr.

a

the1 past) was in

in

busi¬

individual dealer. Mr.

an

oil

of -the

manager

nvas

royalty ' and. oil trust

shares de-'

by bringing out the point that

break" that he would sooner or'later also

The Boren

Bill will be

Moersdorf To Become

Vilas-Hickey Partner

Laufman With ■>.; J; \
Bankamerica
1
.

(Special

to

The

.

j j

Spokane Inl'lRy. Esc. Recpts.

Financial Chronicle),'

are:
Clarence

today.

Mr.

Moersdorf

was

in the securities business un¬

t

r-T

F.

Lea,

California,

Ohio Match

ANGELES,

New

Water^&JGas Corp.

Deep Rock Oil

group

Chairman;
Robert Crosser
(D.,
CALIF. — C.
Ohio); Lyle H. Boren (D. Okla¬
H.
Gerard Moersdorf will ,be
Harry Laufman has become asso¬
admitted to partnership in Vilas ciated
with
Bankamerica Com- homa).; J. Percy Priest (D., Ten¬
nessee); Oren Harris (D., Arkan¬
& Hickey, 49 Wall Street, New
| pany, 650 South Spring Street, sas); John P. Newsome (D., Ala¬
York City, members of the New members
of
the
Los
Angeles
bama); Chas. A. Wolverton (R.,
York Stock and Curb Exchanges, Stock
Exchange.
Mr. Laufman
LOS

Federal

Membersofthis ...Umportant

Carroll Reese
(R.;
Tennessee);.. Clarence
J..
will act as alternate on the floor
der the firm name of Harry, C.
Brown
(R., Ohio);, ■ Leonard W.
"i
of the Exchange for Aloysius R.
Laufman & Co. and in the past Hall (R,, New York);. Thomas D.
tS?9tehan 4"4970j| Thumser, a partner in Vilas &
Winter (R., Kansas).
was with Wulff, Hansen & Co.
y Hickey,

G. A. Saxton I Co., Inc.
—

Sold

Bought-

Wil¬

—

many

! effective

I

■

NY

Teletype

Hooker Electrochemical

Graham-Parsons Dept.

matters.

ST

v

Broadwayv,New York

120

RJKclor A-im t

referred to this sub-committee.

70 PINE

'

The House- Interstate and For-;
he would be giving him-"a good
partment -of John H. Valentine
obtain the wife's' business) eign Commerce * Committee has'
appointed
a 2 sub-committee
to Co.; in the past he was with SteelThe sales manager, wise old bird that he was, immediately turned"
re¬
consider proposed legislation af¬ man & Birkins.:
thumbs down on the proposal.
He pointed out that no customer..that
*
fecting,, the securities business, ac-j
was worth while having would desire anyone to do businessvwithout tivities
of the Securities and Ex¬
(Continued on page 911)
r
r change ' Commission and similar

Schiffman

&

,.

portfolio unless you A
PHILADELPHIA, PA.

with the hus¬
band, whose account was much the smaller of the two, and for this
Towne Securities Offers "
particular call he prevailed upon his sales manager to go along and
help him open up the husband's account.
On the, way to the in¬
Interesting Situation
v
t vestor's home the salesman said to the sales manager something to
The 7%
cumulative preferred the effect that he didn't think that on this particular transaction;
of

OIL Pfd.

C. E. de Willers & Co,

4

.

well paid for

After repeated calls

stock

ois .& Company.

it. It takes time to develop accounts. It requires
liam; F. Mills has become assor;
calls, tactfulness, efforts of persuasion and dissuasion, .and there;
ciated with Graham, Parsons,.&
that a good salesman can-handle.'
Co.^ 1421 Chestnut Street, mem-i
Each account differs from every other account..
One account might
bers of the New York Stock Ex-f
take, weeks and days to sell on the idea of a thorough revision, and
change, as Manager of the Mu¬
rehabilitation of his portfolio, where another might take months or
nicipal Bond Department. .V ML
years.
Both accounts need someone to put them in a condition where Mills
was-formerly with E. W. &
the investor that held them would find his position strengthened and
Ry C.. Miller & .Co., as Manager
improved. But neither account would ever obtain the services of aj of "the
Municipal' Trading Depart-*
competent securities man unless he was paid enough to make it worthi ment and
prior thereto- was - Man¬
his while to do a good job.
- •
ager of the Municipal Department
Some years-ago there was a salesman who was calling upon a for Francis I. du Pont & Co. and
husband and wife who both owned securities in their own right. E. W. Clark & Co. in Philadel¬

are

1942, equal to nearly 3 times
.

real

investing American than
is any other part of the securities business.
When a man goes out
and, sells an investor a stock or a bond, on a long-term inv^stmeitt
basis, he's doing a much more involved and highly specialized task
than just selling an investor a securitiy—and if costs money tp do thi$;

Earnings increasing rapidly.

.

the financial industry, is closer to the

mental investment technique of the average

.

Company -in

4V2S, 1960

4s, 1934

•'

this

company

••

1949

MOP SERIAL 534 s ;;

;

#

'

We believe the bonds of

tive

GEN. 4s,'1975

investor
;

L

,

Pittsburgh Railways

.

.

1-2480

NY

Teletype,

System

MOP

for the exist¬
Banking

reason

you

George A. Rogers & Co., Inc.
York, N. Y,
Jersey City,
1L1

Attn.

New York, N. Y,

IIAnover 2-466H

BRIEFS

v

for nothing"—
Whenever you sell some mer-:;

than "to get something

Dealers

Security

71 Broadway,
llell

-

Sugar & Coal
There is something worse

DEALER

AJ'-: A

Whys and Wherefores

All

.

Members

,

York

New

Some

branch offices

York Ice v';

'

Members

our

Auto Ordnance

15-—$3.00 per share

Currently available

La.-Birmingham, Ala.

Direct wires to

'

substantially higher earnings in 1943.

indicate

j-

St., New York, N. Y.

■

....

BROADWAY, NEW YORK

120

1-672

25 broad

Exchange

$76.50; per share.

June 9

Dividends to March

Higher prices for lead, zinc

Pfd. & Bonds

$2.50

$.13.50.-,'~

1943

Chicago, Milw. & St. Paul, old Pfd.
Merchant Refrig.

payable in last 8 years total

or

York-Slock

•»

New York Curb Exchange ;

.

Members New York Slock Exchange

1

Members

Cuml. Pfd. —$100 Par
March 30

4%'s, '67

'

New

CORP.

TOWNE SECURITIES

Trading Markets in:—

f,

■

•

Dealers

for

Interesting
•

Coal Pfd.

Steiner, Rouse & Co

McDonnell &(b
r

NY

franklin County

C

Walworth Pfd.

Exchanges ;

Teletype

BArclay 7-0100

;

Debardelaben 4s, 1957

Warren Bros. Class A, B &

GOODBODY' & Co.

1920

Alabama Mills

:

Remington Arms

5s-'59—Pfd.

Brown Co.

Tennessee Products

Members

Canadian- Securities

•

Abitibi Pow. & Paper

Nu-Enamel

KING

■:

•

Cyanamid Pfd.

Botany Pfd, & Common

Jersey);

Universal Match

Robert C.Mayer&Co.,Inc.
Established

"

-

B.

Pine

30

■

.

.

,

Street,

1915

,

...

'/

•:

.

New York

:•

Telephone Dlghy 4-7900

Bell System, Teletype

NY 1-1790,.

.

,

Volume 157

'-Number 4158

•

1

v

^

THEXOMMERGIAL & FINANCIAL CHRONICLE

-

-

•

907

COMMERCIAL.and

CHRONICLE

FINANCIAL

We

u: S.'Patent 'Office'

Reg.

William B. 'Dana

Company

'

Mfg.. j

Nashua

:

"

>
■

*

'

i

'•

Publishers \

BEekman

Herbert

3-3341

D.

"

,.

25 Spruce'Street," New York

•

.

•>-»

-v

-■J;-"-

t f

,

Berkshire Fine Spin;

'

•-,>

interested in

are

offerings of

.

'

-

•

B. S.

High Grade
Public

And company

One Week

Dana Seibert,

Published

twice«

Ralston Steel Car:

1943

Kellogg Company

Chicago—In charge of
Fred H. Gray, Western Representative,
Field Building (Telephone State 0613).'
London—Edwards
Smith, 1 Drapers'
Gardens, London, E.C.
v:,:,/'/

Copyright

1943

■

'■■■*

Spencer Trask & Co.

William

by

B.

STRAUSSBROS.

Dana

Members

as

32

-second-class matter' Feb¬

New

York

Security

Dealers

Galvin

Race For Comptroller

NEW YORK

CHICAGO

DIgby 4-8640

Harrison 2075

Teletype NY 1-832, 834

-William

Teletype CG 129

-

Subscriptions in United States and
Posessions; $26.00 per year; in Dominion
of'Canada, $27.50 per year; South and
Central
America,
Spain," Mexico1 and
-Cuba, $29.50 per- year; Great Britain,
"Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year, 1
NOTE—On account of the fluctuations
In the rate of exchange, remittances for

subscriptions

and

advertise¬

ments must be made in New York funds.

interview with

Col. Pope To Direct

!

Apr.

M. i Pope, President
Bostori Corporation;

Allan

the

First

has taken

leave of absence from

a

We specialize in

his

in

concern

order :; to

'di¬
rect' the work
of

a

Mortgage Co,
''

V

:i

•■,>

'

••

men*

act

j,

instruc¬

as

in

per¬

fecting
Inquiries

the

'sales

Invited

organi¬
for-the

zation

April war • fi¬
nancing drive.

Newburger, Loeb & Co,

It Members New York Stock Exchange 1
I

St., N. Y.

Bell

WHitehall 4-6330

Teletype

NY

1-2033

s

w a s

announced

We

E

lit i

x e c

v e

the New York

[ New Minneapolis Firm
western Bank

investment

Building, to act

advisers

brokers

in securities.

bers of the firm

as

dealers

and
.

Mem¬

Wadsworth A.

are

Allan

M.

which

Victory: Fund

Pope

Committee",
War
Savings

the

with

at

of

tirer;-and Mrs. Kathryn Walker
"Koch, .secretary. All were? form¬
erly members of Wells-Dickey Co.
Williams

Mr.

10,

block of 40,000

a

common^.stock

radios and

of

having

been

Baltimore. Mr.

manufactured

D

Prior

p o

the

on

atic

view

dio

with

himself

f

1

o

Childs,

of City
optimistic

candidate for

Comptroller,
over

'

thing is certain," he said,

"a candidate finds out how many

"

has.""

-friends

.

had

been

associ¬

b

i

.

.

dates,'" -opined
a

can

c

32 years,

St. Paul

office in 1911; he was a

March

e

g

he

reallv

t^e

•

all

to

candi¬

interviewer,

candidate hope to win

vice-president and director of the

and
cashier
for ;r:-WellsDickey for 15 years; prior thereto

tive

the

-

Windom

s

who.

were
-

ac¬

in

the

December

Na¬

Perry E. Hall

tional Bank of Windom, Minn.

drive

.

/

x

who

of

ham, who
friends

Urged

Joseph D. Goodman, 1500 Wal¬
Street, Philadelphia, a mem¬
the New York

change, in

Stock

Ex¬

memorandum to the
governors Of the Exchange and to
the governors of the Association
of Stock Exchange Firms, urged
support for changes in the secur¬
ities laws and regulations, it has
a

firm

in

whether

;not,
man.

of every
securities business,

Exchange

members

this will

me a n

.

relief

those

doing,

should

who

Mr.

Mr.

be

know

restricted

what

Goodman

they

feels,

to
are

and the thousands of
city employees- arid schoolteachers

newspapers

of ;the> Certified

Municipal Em¬
ployees Association, as well as the
rank - and file

of voters, and with
absence of competition

ob¬

Reserve

been

Railroad,

a lawyer,, as deputy comptrol¬
ler, headmaster of McDonogh

as

Reserve

' had

would

eral

District

such

that

I

would

be

a

asked

they

to
specify; .whether worthy successor of Mr. Graham.
prefer that instruc¬
"To follow in his footsteps, : I
tion meetings be held at the Fed¬
respectfully submit,- is a laudable

at

or

In

"It

by

;

Bank

of

New

place in their

some

::

York

own re¬

ambition.

New

it

was

York

was

always

conducted

of

of

you

statedv ■"/'

pointed

members

out

the

New

York

Committee

that

Fund

many of

the large sales of Gov¬

ernment securities to corporations
in the December drive could not

repeated

in

"Read your political

history and
will learn that from the days
Rasin, and through
yesterday the long reigns of John Mahon and

"Times"

Victory

the

drive

that

of I."Freeman

"Frank" Kelly, when George Koenig, George Lewis and Martin
Iiealy were powers and Billy Cur-

on

vestments

April
were

12;

made

accumulated funds.!

explained,

as

the

'.such
with

now

drive

2-8970

Daily

Teletype

NY

1-120S

FRISCO
4's—4 V2 's—5's

ST. PAUL

and the

5's

almost

engaged

work for the Gov¬

war

Net sales of

Net

$30,918,014 in 1942

earnings,

all charges,.,
taxes and tentative renegotiation
iri 1942

share,

as

$2.38

or

per

and

SEABOARD AIRLINE
4's—5's—6's

■

Out¬
consists

capitalization
of 358,875 shares

stock.

and

Glore,

an

offered

9

which

interest,
of

•

--Net

sale

at

$62
of

shares

and

of

will be

preferred

170

of

payment

bank

loans and the balance will be ap¬

the

'w.

company..

Broadway
COrtlandt 7-6190
System Teletype NY 1-84
•

Bell

ap¬

plied to, the general working cap¬
of

Alfred Buff Partner

;•

the prospectus,
requirements have increased

lit Arrowsmiih-Post

According >to
cash

rights

105,176

holders dated Feb. 23,

ital

and

Segal Lock & Hardware

under warrants to common stock¬

to' the

{

1-24SO

offered

by the same underwriting group

plied

'

Y.

the;

from

stock

share

a

coirimon

X.

Bartgis Brothers

from the sale of

debentures

Teletype,

common

issue of $6,000,000'
3% -debentures
of

proceeds

System

Federal Screw Works

accrued

Philip Morris & Co. Ltd., Inc. due;
March 1, 1963.
T
these

and in the period
31, 1942, to Dec. 31
of the same year the company's
inventories rose from $53,080,487

Alfred J. Duff becomes

substantially,

from

to

Assn.

Stromberg-Carlson

a new

20-year

Dealers

HAnover 2-4660

March

on

103 %%> and

at

Security

Broadway, New York,*N. Y.

Bell

under¬

Forgan~& Co. headed
writing : group

York

V".1

Philip Morris Financing
Brothers

71'

of com¬

■'/.

-V-'s.'-::■■

Lehman

Members

common

standing
mon

J.F.Reilly&Co.
New

per

share in the preceding year.

solely

J

"4's—5's

compared with

$2.32

or

j

MISSOURI PACIFIC

after

$858,456,

were

$833,794,

March

$66,406,270; its net accounts re¬
rose
from- $6,209,719 to

ceivable

ner

as

Post &
York

of

today

in

a

part¬

Arrowsmith,

Welch, 115 Broadway, New

City, members of the New

York Stock and Curb Exchanges.
Mr. Duff has

been with the firm

$9,011,058; and its net investments
in property/ plant and equipment for some time as manager of the
rose from $3,650,663 to $3,815,235.
trading department.
During these nine months the
company financed in part its cash
requirements by bank loans which
at the year end amounted to $8,500,000 and since that date have
Eastern
increased to $12,000,000.
Upon completion of the finan¬
Bonds
Preferred
cing, capitalization of the. com¬
Common
Warrants
pany Will consist of $6,000,000 of

Corporation

debentures of May,

3%

20-year

1962; $6,000,000 of 20-year
bentures

Continued

would call for

on

page

914

of

shares
stock

shares
a

of

May,

1963;

new

^

cumulative

4J/4%'
of

series

3% de¬

Bought

'—

Sold

—

Quoted

147,491

preferred

and

cumulative

investment prospects.

49,666

preferred

greater degree of

CRAiGMYLE, PiNREY & CO.
Members
ONE

Therefore, it salesmanship in order to discover stock,
April

HAnover

'"

in^
long

Gil

Harry Laib
were the most
promising political
tyros, the political bosses always
ran,

"

was

He

his office free from interference.
''

the

March 5

as a




the

the Baltimore and Ohio

been

starts

he believes.

indicated : that

;•{'

Federal

be

result of
Securities and Exchange Commis¬

y

School and investment banker has

belong in the stock market.
The markets have been made very
not

thin and dangerous

of my good
forty ; years,

comprise the Second (New York)

serving that the average man does

sion rules,

Hall

,;';;

chairmen of the 15 regions which

or

is advocated by Mr. Good¬
Buying and selling of se¬

curities

tion'division.1'

regulation

the

: over-

the
Gra¬

of the burden'of train¬ the same
special salesmen themselves. •that
public • opinion accords one
Banks and others participating in
Who registers for the judiciary.
i
the April drive will be accorded
"Many of my friends believe my
all the facilities of
this; instruc¬ long arid'varied' experience with

gions.

been announced.

Uniform

for

one

fill

to

Walter

,

nut

ber, of

was

R.

should be

ing

All Dealers

late

fice

from part

of

aspires

the

so equipped for the. of¬
by long experience. that he
would ; have the; unqualified sup¬
district'
port of all political factions, the

.

teller

with

the,

•

shoes

others .ip

arid
t'h i

was

anyone

on

banks, ✓ securi¬
ties ;,v
dealers

that time in the research depart¬
ment. Mrs. Koch had been coupon

,

"Yes, because we are all hu¬
man,"
the
candidate '.admitted,
h
"and. no/' - he countered, ."because

4, said:-

"For

'■ with
Wells-Dickey Go. 4n
serving continuously since

,,

' 15.

Mr.:: Hall,

firm. Mr. McNaghten became asso¬

she

h

Co.'s

Participations

Broadway, New York, N. Y.

compared with $17,631,500 in 1941.

.

common

will

V'' o

n

Mar

39

systems ; for

Of sales of $30,918,014
year,-$24,106,462 represented
Government production.

common

"That's

Title

other

Trust

last

the out¬

.

well-wishing

Ctfs.

INC.

|

ernment.
a

office

"One

Ctfs.

Co.

J.

company;

stopped

was

is

entirely in

asked "today
how it feels to be

very

Co.

Members New York Security Dealers
Assn.

May last year,
these
items
for

-of

use

company
William T. Childs

arid in¬

dividuals

all

Title

Ctfs.

In

work.

civilian

T.

when

the

In

Co.

e

production

!'

,

Invited

Mtge.

automobile

communication

r

banks

Bank

players and record-making
as well as two-way ra¬

police

-

.

William

"but

the

war

In

Mtge.

&

apparatus

/y His inter¬

lows:

the

to

rt a b 1

record

ticket.

without organization support?"
will undertake the April
"The law of averages is against
campaign for the United yStates
him," Mr. Childs replied, "but
Treasury War Finance Committee. some
elective offices, such as the
'/
;y,;:y; The
course
judiciary, and, I think, Comptrol¬
of instruction
ler, should be above organizations
on how to sell
and factions."
!
': /: '' ' '
'V
G q.'v ernment
; "Are
you
not expecting, too
"secur-itiesS^t o much?".-was the next question iri
c o rporations;
the quiz,'.
1

Wells-Dickey Co. for
having opened the firm's

1934,

Specialists

radios,
radios,
combination
radio-phonograph
sets,
wireless

run-

e m o c r

.

YORK

4-6551:

Complete Statistical Information

offering will
the block
purchased from an

estate.

ning

and

:

to the company,

candidacy for;
Comptroller of
Childs is

Bond

products,
None of the

per

you

ESTATE_SECURIT1ES

Lawyers

the

similar

share.
from this

$8.50

accrue

Staff,

with

ciated

Are

Inquiries

"

■"Williams, president; Robert S. McNaghten, vice-president arid treas-

ated

WHitehall

Lawyers

Manufacturing Corp. of
manufacturers of moto-:

proceeds

to

his

■

"

fered March

Chicago,

in¬

withdraw

come.

./■Manager^ of

formed with offices in the North¬

he

REAL

Hickey & Co.* Inc., Chicago, and
Co., Chicago, of¬

rala

rumors

tended

by

4

Perry E. Hall,

and

STREET, NEW

Telephone:

Paul H. Davis &

Galvin

m ore

denied

that

on

March

J

MINNEAPOLIS, MINN. — Wil.liams-McNaghten Go. has been

11 i

was,

T h i
40 Wall

u

all-'

sales¬

who will

tors

Certificates
.L

n"

of

group

bond

•

a

S

War Financing Drive |f
of

,.

,"B

:

-

•

If

you.

99 WALL

Slock Offered

shares

himself in the
■

Col.

'

Childs, partner win
Boyce, 6 South Cal¬
Street, Baltimore, Md., in an

vert

iond Salesmen 8n

T.-

Stein Bros. &

with

buyers.

stocks see how much
stuff we can give

Manufacturing

Ass'n

Board of Trade BWg.

Broadway

have

taste

Obsolete Securities
Dept.

Teletype NY 1-5

>

.

.

market

which

such

green

25 Broad Street, New York

Telephone HAnover 2-43G0

bonds

brown

orig-inal

own

Members New York Stock Exchange

ruary 25, 1942, at the post office at New
York, N. Y„ under the Act of March
3, 1879..., •'
■'

&

their

active

an

and

dark

a

..

Reentered

foreign

^

•

Offices:

Company.

conduct

stocks

left

[every Thurs¬
day (general news and advertising issue)
with a statistical issue on Monday]
Other

in

week

a

We

Manager,

11,

March

PREFERRED STOCKS

Cramp Shipbuilding

.

President,

William D. Riggs, Business

Thursday,

..

Victory!

BROWN MARKET

■

Editor and Publisher
William

Nearer

Utility and Industrial

Seibert,

4J/2%

series

and

shares of common stock.

999,174

New

WALL

Telephone

York

Stock

Exchange

STREET, NEW YORK
WHitehall

4-5290

is under no circumstances to be con¬
following securities Jot sale or as a
buy any of such securities. The
only by the Prospectus.
.. ,

not, and
offering of the
of an offer to
offering is made

This advertisement is
strued

PUBLIC UTILITY

an

as,

solicitation

INDUSTRIAL

Thursday; March 41, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL* &

908

ATTRACTIVE SITUATIONS IN
*

REAL ESTATE SECURITIES

RAILROAD
''

*

'

'

'

.

MUNICIPAL

'*'n

'

'

40,000 Shares
'•
'•
:

<

■' •'

>

■'

■

Illinois t Corporation)
<•;
■■
■-

(An
'

-

"J

ll

4

...

Statistics and complete information on request

Seligman, Lubetkin & Co.

/:.

',*•
;

,r-

t

<

.

'

•

(

Corporation

Galvin Manufacturing

BONDS

'

f

>#''r

'■

-

CHICAGO

•

Boston

Detroit

V-

'Common Stock■■

■

Share

Offering Price $8.50 Per

(Motorola)
Copies

Common stock

i

•

.

Approximately 3%% On Bonded Debt.

be obtained from such of the under¬
registered dealers in securities in this State.

The

V'

Hickey & Co..
Incorporated

LA SALLE STREET

Paul H. Davis & Co.

.

.

sued

of

purchase the bonds and notes, the
stock being retained by those who
tender bonds
and notes to the
sinking funds,;

If you contemplate making additions to your personnel, pleast
particulars to the Editor of the Financial Chronicle for pub¬
lication in this column.
,
?
«
>/
♦.. *
♦
\ •

American Insurance Co.

CHICAGO,
Crist has

(Newark)

Bros.

Jersey Insurance Co.

West

141

Co.,

&

Jackson Boulevard. Mr. Crist was

and
with

with. Otis <, & -Co.

formerly

N. Y.

H. C. Speer &

J. S. Ri

MArket

FRESNO,

N. J.

'•>

(Special

SAN

3-3430

."/■

^

J.

Peck

with

Hannaford

Building.

(Special

America
■v

'

'

Financial

to The

Chronicle}

Ehrlichman

,

Peterson
S. Norwood has been added to the was an officer of Patten, Eyman
staff of McDaniel Lewis & Co., & Co. and prior thereto was with
Drumheller, Ehrlichman Co. and
Jefferson Building.
Halsey, Stuart & Co.

Co.

LOS

V;

509 OUVE ST.
System

'

B.

r

Teletype—SL

(Special

ANGELES, CALIF.—Louis
is

Barnes

Bruce

80

&

Sixth

West

530

to The Financial

WALLA

Conrad,

with

now

Co.,

Street.

Erle

-

WALLA,

/ WASH.-rhas

the staff of C.

.

been

C. Dun¬

ning, First National Bank Build¬

to The Financial Chronicle)

CALIF.—William ing. V—V: //•>:'

PASADENA,

pneumonia

Morgan

in."

The

III In Florida

Russell 6. Sumner Is
The illness

of J.

P. Morgan

at

(Special to The Financial Chronicle)

CHICAGO, III.—Russell G. Sum¬
has

become

associated

with

Martin, Burns & Corbett, Inc., 135
So.

La

Salle

Street,

of

members

Fla., was made
known on March 9, at which time
the banking house of J. P. Mor¬
gan & Co. Inc., of which he is
Chairman, issued a statement as
follows:

'

Morgan is ill at Boca
Grande, Fla., where he had gone

president of William R. Stuart &
Co. Inc., with which he had been

for

associated for many years.

with

attractive

cording to
by
1

a

Street,

Baird
New

ac¬

City,

members of the New York Stock

Exchange.

Copies of this inter¬

esting circular may be had upon
request from the firm.

In The Armed Forces
Rad

Co.,

Stoll, of Craigmyle, Pinney

1 Wall Street, New York

City, is leaving on Friday, March
12, for service in the U. S. Army.,




He

(75)

we

has

heart

complications.

had

of

Because

are

a

trouble

anxious."

Boca

Grande,_where he has been
staying
in ~a
cottage
on
the
grounds of the Gasparilla Inn.

a

for

condition " for " several

heart

is in charge of the case. He
went to Boca Grande by rail after
weather conditions had grounded
the plane he was to have taken.
years,

physicians

tendance—Dr.

Tampa

and

William

A.

Dr.

are

in at¬

Blake

P.. Burns

Boca Grande."

of

Hear Reuss
Wendell Reuss,

Laughlin, Baird

partner
& Reuss,

Bell

PL.,N.Y.

' 1

*

Net

profit available for interest
sinking fund purposes (com¬
puted according to the respective
indentures)
actually earned in
1942 " was
$333,519.65,
against
$187,982.23 in 1941 and $159,717.65
in 1940.
/'V,•
and

property earned in the six months'
period a net profit of $212,230.15.
The directors declared $210,594.33
as an amount available for distri¬

which

of

the

of

sum

$136,272.33 was allocated to sink¬
ing funds; 80%, or $109,017.86, for
retirement of mortgage bonds, and

20%,

or

$27,254.45, for retirement
balance

debentures, and the
distributed in payment of
of

the rate

entire

of 4%

per

outstanding

r

interest

annum on

funded

March 1, 1943. The state¬
ment issued to bondholders by the
debt

on

27,

corporation under date of Feb.

1943, shows jthat the major portion
of the sinking fund moneys has

expended in the purchase

been

debentures

bonds' and

of

($150,400

holds

stock
and

promise of dividends

increased

value, due

to the

fact that when outstanding mort¬
are reduced to $2,(originally $3,120,000 and
now
reduced to $2,943,600)
the
amount of the sinking fund then

bonds

gage

400,000

applicable is limited to 1% of the
amount outstanding at the end of
each six-month period, or $20,000,
whichever shall be greater. When
this point has been reached it is
evident that the top sinking fund
could be no more than $24,000 for
a six-month period.
At the earn¬
ing rate for the last six-month
period, when $109,000 was applic¬
able as a sinking fund, the annual
amount available would be about

debentures), $218,000, and at this rate reduc¬
tion to $2,400,000 is not too far
having until June
1, 1943, to
At that time dividends
exhaust
any
remaining funds. away.
may be declared on the capital
With these purchases funded debt
and ' $39,500

bonds

,

has been reduced to

It

is

a

well

$3,677,600.

known

fact

stock.

that

Is

of present hotel occupancy in New
York is higher than it has been in

evidence of this
Lexington itself, with

years;

is the

fact

an

81%
1941.
Occupancy should hold at present
in Mc¬ or better
levels, and when this

Kebbon, McGormick
(Special

October, 1942, occupancy of
compared to 72% in October,

men-fi¬

DIGBY 4-4950

Teletype NY 1-953

An interesting part of this reor¬
the ganization is the 67% of the equity
stock issued in the unit.
This

accommodations,

hotel

for

many

N. Y. Analysts To

$3,867,500.

Members New York Stock Exchange
40 EXCHANGE

to The

Financial

Chronicle)

"

CHICAGO, 111.—Wyllys K. Mor¬
ris

has

become

associated

with

& Co., 231
South La Salle Street, members
of the New York and
Chicago

Kebbon,

McCormick

consideration
and earn¬
change*! will address the Railroad
Mr. Morgan,
ing figures shown in the schedule Stock Exchanges. Mr. Morris was
who had suffered
group /pf the New York Society
below the future for holders of formerly vice-president of Wellstwo previous heart attacks in re¬
of Security Analysts, Inc. on the
Hotel
Lexington
securities
is Dickey Company of Minneapolis.
cent years, the first ift June, 1936,
Missouri-Kansas-Texas
Railroad
favorable.
>'
and another a year later in Eng¬
at the regular luncheon meeting
land
during the coronation of
The following schedule shows Hooker Electrochemical
to be held March 12, at 12:30 p.m.
King
George
VI, -suffered
his at 56 Broad
Street, New York City. average occupancy figures and the Situation Attractive
present attack on March 2. In the
ratio of earnings after elimination
New

it

York

was

"Times"

of

March

has

been

'marked

im¬

week, and

said last

expected

a

close associate

night that his colleagues

him

to

recover

unless

ment

adviser and

eral securities.
member

of

Exchange.

the

broker in gen¬

Mr.
New

Shepard is
York

a

Stock

taken

into

non-recurring

expenses

and

capital items.

Saul J.

Shepard has opened of¬
de¬ fices at 522 Fifth Avenue, New
York City and will act as invest¬

spite 'ups and downs' during the

is

fact

with average occupancy

of

Shepard Opens in N. Y. C.

provement' in his condition,

last

bers of the New York Stock Ex¬

10

stated:

"There

&

<

old

Morgan left New York on
Feb. 23 for a, Winter vacation at

& Reuss,

York

his

of

Mr.

circular just issued

McLaughlin,
Wall

possibilities

rest,

brief

a

return

his age

offer

has been treating Mr. Morgan

"Two other

"Mr. J. P.

Chicago Stock Exchange. Mr.
Sumner
was
previously
vice-

Offers Possibilities

Henry l Stuart Patterson,
York heart specialist, who

,

.

the

Chicago & North Western first
and refunding 4*/2S and 5s, 2037,

same

"Dr.
New

Boca"; Grande,

infection should set
Y<■
advices said:

or

SHASKAN& CO.

Starting, however, in July, 1942,
with a clean slate and a demand

the

J. P.

ner

sinking fund, sufficient to re¬

duce funded debt to

at

Members St.. Louis Stock Exchange

;

$3,900,000 and to leave a bal¬
of about $16,000 available as

bution,

Chronicle)

Churchman

T.

added to

(Special

Mr.

past

Financial Chronicle)

to The

(Special

SAINT LOUIS

Bell

Co., Exchange Build¬

the

In

$165,000, of which

ance

,■'>

Drumheller,

with

now

and

improve¬

good source of income since com¬
pleted.
The period up to June,
1942, produced income sufficient,
however, to defray the above costs
and to pay in full all 4% cumu¬
lative interest on the funded debt
of

to The Financial Chronicle)

$144,000
and

$127,000 was the cost of the "Re¬
vere
Room," which has been a

a

is

GREENSBORO, N. C.—Charles ing.

V

formerly

SEATTLE, "WASH.-^E. D. Pet-'

■

erson

(Special

Russ

Co.,

&

Bankamerica

the

Bank / of

Company,

^

Grant

CALIF. — Ellis O.
Both were
previously
'with Building.
& Talbot, is now con¬ with H. R. Baker & Co.

with

nected

ST. LOUIS

x5r/x

associated

become

H.

Geo.

.

and

Downing

have

.

CALIF.—
Edward

FRANCISCO,
R.

-

Chronicle)

Financial

to The

*

Thorwaldson,

Phone—REctor 2-4383

York

with H. R. Baker & Co.

ments of about

SECURITIES

reorganization

about

of

alterations

of

cost

with

start

the

at

expenses

Mr.

affiliated

recently

was

54

Co.,

Avenue.

Robles

Los

Lawson

Sons Co.

to The Financial Chronicle)

(Special

Established 1891

MacLaughlin

G.

Leo

James

18 Clinton St., Newark,
New

of

rejoined the staff

has

Lawson

associated with South

prior thereto for many years

•

II.

Liston

ILL;-—

become

Lamson

* 1 • E.

REAL ESTATE

property is impressive in spite of
the fact that it was-handicapped

/
(Special t<r The Financial Chronicle)

TRADING MARKETS IN

v

reorganization record of the

The

send in

Co.

Insurance

of Newark

of

issued repre¬

the sinking funds

indentures

the

,

;

so

'

New York

NEWARK

-

The stock

Capital Stock for each old $1,000 bond.

sents about 67% of the equity in<£
i the
property. Under the terms of

Teletypes: CG 1234-5-6

Firemen's

Lexington /containing /approximately 750
Lexington Avenue and

Hotel

Mortgage Income Bond, a $200 Income Debenture Note and 15 shares

"

March 9, 1943

CHICAGO

private wire to

28-story

and located on the southeast corner of

Street, New York City, was reorganized in 1935. V Securities is¬
in the reorganization consisted of a unit comprising an $800

48th

HICKEY & CO.

Cash Sinking Fund Of $136,272.33 For
Equal To

Six Months Ended Dec. 31, 1942

^

rooms

Direct

'

Teletype NY 1-592

Prospectus may

the

of

signed only as are

Bought—Sold—Quoted

SOUTH

New York

,.-/>>

REAL ESTATE SECURITIES

"''7.*'# #///:
*

Hotel Lexington

Galvin Mfg. Corp.

135

«

Omaha

($1 Par Value)

"

'

-•

Security Dealers Association

Telephone HAnover 2-2100

V

.

Incorporated

York

>41 Broad Street

Milwaukee

j

New

•

Philadelphia

New York

i

•

,

Members

INCORPORATED

/

- •

:

A.C.ALLYNA™COMPANY

Ratio Earned on Annual
Occupancy
Basis on "Units"
Average

Year

1936—

74.73 #

1937

71.92#

1938—

67.06#

1939—

66.32#

1940__

60.94#

1941

60.62#

—

1942—

64.52#

The current situation in Hooker
Electrochemical

•

6.31#
4.78#
5.07#
5.50#
4.36#
4.80#
8.55#

tractive

Co.

offers

at¬

possibilities, according to

a

memorandum issued by Hughes

&

Treat, 40 Wall Street, New York

City.

Copies

memorandum

of this
may

be

the firm upon request.

interesting
had from

Volume

THE COMMERCIAL & FINANCIAL

Number 4i58

157

Tomorrow's Markets-

Defaulted Railroad Bonds

Chicago & North Western
Cist

Says-—

& Ref. 4Y2s & 5s,

Circular

decline

2037
/CANADIAN STOCKS

request

upon

Brown

under¬

now

PFLUGFELDER, BAMPTON & RUST

McLaughlin, Baird & Reuss

Members

York Stock Exchange

Members New

61! Broadway

k

indicated.~; }*.;

NEW YORK

ONE WALL ST.

: /;

■

:-

i

a,

*•»

'

T

~

n

»

'

i-

"«•

vj. «4

^

r

/

rif

have

Bell Teletype—NY 1-310

seen

decreasing.

Being human I should like to

flies.

Noranda

thick

as

RAILROAD SECURITIES

;;,

the

was

The

financial

warn¬

•■without my
■:i,

and

/'

❖

.

can

ar-

have tomorrow.

■v". When

other

American

—V *

r.: #

The

]

help.,;-;/;;.:;:!;"

/'

flashing
news

I across

day,

;

Standley,
to

American aid from the Rus¬

the frozen

steppes. ;We
Now, the Ad¬
had just licked the be jabbers sian people.
\ out of the Japs in the Bis- miral knew he was starting
imarck Sea. We were turning something;
What the pur¬
accusation
the tables against Rommel's pose behind;; his
,

Afrika

is not clear to the naked

was

Korps in Tunisia.

with

lack

of

materials

were

verge

the

of

seriously

newspaper

on

the world of tomorrow

about whether or not
hear
guns above the Capitol
of

wood
~

and
-

'•

much

so

^■■^v,V•

!
•

we

about. '

* -:;>v *

*

The market may not be

to

understand

the

able

implica¬

tions, but it does understand

On the

diplomatic front Po¬
enough "not to like what lit
"inquiring" about
sees/: But diplomatic
fencing
Russia's intentions about re¬
has only begun.
-It will be
storing Poland's old frontiers
intensified in the near future.
and
people in high places
And as it increases ?o will
were
wondering if the Red
market swings increase.
Army would stop at the Rus¬
*
land

was

,

sian borders

or

'-C

chase the Ger¬

Toronto

-C

*

;

j Hays, American Ambassa¬

the

markets

that

reflect

it

-

•

>•

•

,

RAILWAY COMPANY

»■

Class I

carriers

were

able

to

1

WALL

STREET,

WHitehall 3-3450

NEW

YORK

nies

(in reorganization)

thusiasm

for

the

buying

has

that

Minneapolis
Minneapolis
Minneapolis
Minneapolis

Central 5s
Central

of Erie and

Des

Moines

&

Fort

Dodge 4s 1935

Wall Street
'

Bell

New

j/Recent
.Price

gen¬

Baltimore

&

Ohio

registered phenomenal price gains
despite the virtual certainty that

Baltimore

&

Ohio

43
Low

cofflmon..! ' 7%'

preferred-/ 11%

Central Railroad of New Jersey
Colorado & Southern common-

the

Colorado

&

Southern

of pres¬
ent earnings levels, and where the
question of post-war solvency is

Colorado

&

Southern

2%

A%

8

question

even

be

with

of

out

years

still far from settled.

This grow¬

ing interest in stocks of little in¬
trinsic worth is

being hailed

weakness

of

in

the

as

a

whole

Delaware

a

note of

9

1

Hudson

12%

„i_

2%

514
8%

Hartford preferred
Seaboard- Air Line preferred—

It

7

&

pfd.__
New Haven- &-

is

obvious

type

would

vulnerable

!;

warning.

pfd.

-——5% ^

York,

this

sound

1

1st

!

;! r

%

814

Lehigh Valley
New

1%

,,

pfd.

Missouri-Kansas-Texas

underlying market structure,: and
advisable at this time to

8

2nd

Lackawanna

Western

it

seems

&

Delaware,

to

that

the current issue

to

Securities

Railroad

55

have

would

of

Quotations

published by B. W. Pizzini & Co.,

1942'

admirable sub¬

Interesting R. R. Situations
According

York, N. Y.

Teletype NY 1-807

as

stitutes for those listed above.

Incorporated
63

considered

are

Frederic H. Hatch & Co.

run

.Sti,

Gulf, Mobile & Ohio

1951

4s

been

dividends

'

1938

Iowa

dangerous.

compa¬
with the cur¬

faced

1962

& St. Louis 4s
& St. Louis 5s

Iowa

inherently
hot

are

1949

& St. Louis 6s 1932
& St. Louis 5s 1934

weakest stocks

The

conceivable

any

marginal properties so that the
prospects are much brighter for
some dividend return during the
war period of high earnings. With
this in mind, the common stocks

been the indiscriminate nature of

erated.

to

rent financial worries of the weak

'

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

de¬

of
securities of the marginal roads
(reorganization railroads had had
a
large following all along) has
general

not

Moreover, the reorganized

MINNEAPOLIS &

re¬

and

request

post-war conditions, so the stocks

ST. LOUIS RAILROAD

accruals

impervious
are

ings gains (some of very sizable
proportions) in the face of a sharp
tax

Quoted

—

upon

been set up on a basis considered

Teletype: NY 1-2050

port continuing year-to-year earn¬

in

Sold

—

NEW YORK

Practically all of the major

try.

the

Bought

Van Tuyl & Abbe

Eublic the in the railroad indus¬
appening import of what was

factor

you would understand
into Berlin.
today's economic changes and
';".C * C>

••

LEROY A. STRASBURGER & GO.

than any previous earnings factors
in finally bringing home to the

If

all the way

mans

Montreal

72 WALL STREET

purpose

space

by dummies.

IIAnover 2-0980

consideration,

& Pacific R. R. Co.

on

t

made

(AT., N. Y.

•. Bell Teletype NY 1-395

Information

C But that there was a ductions for depreciation of road
-you
can
bet your and structures, instituted this year.
bottom dollar.
Appeasing a More and more it becomes evident
remained in statu quo.
The
that the real answer to railroad
potential enemy on one hand
Congress Cup to its usual
earnings lies in traffic volume and
and
irritating C a powerful not in cost factors.
standard was kicking big time
the other;must of
matters around and getting a ally on
I ..The, unfortunate part of the
necessity have a repercussion iinal awakening of speculative en¬
lot
of
valuable

manned

.

Specializing in

time, of all issues of

••

eye,

were

;

affecting

increase

i-On the home, front matters

the

WILLIAM
.

New Yorfc

Chicago, Rock Island

c

bring a dispro¬
portionate rise in operating costs,
or that the sustained load
coupled

Ambassador

this

.•

would inevitably

:

;

the
cused the Russians of withwas
good. The Russians
holding
information « of
chasing the Germans

were

;

SEABOARD AIR LINE
We recommend dealers'
at

operations. /;/■>,, .••
,.■
column; began Moscow/ also made a speech.
In a press conference he ac¬ j The January earnings results
red light the
ivere apparently more effective

this

Mines, Ltd.

.

at.: market ^ conclusions

rive

■.

me

52

community is'apparently finally

,

heard of

even

"

HART SMITH & CO.

..

speeches made by diplo¬ year and a half that ended on
ings of - this column th a t mats in Washington or repre¬ Dec: 31, -1942, No more do we
Washington abroad. hear that taxes are finally catch¬
caused the reversal in pub¬ senting
ing- up with: the ./relatively shel¬
lic opinion; ' Being realistic I It depends On what is7 behind
tered railroad industry,1 that the
these speeches;* It points to
know
there 1 are
hundreds,
peak of efficiency has been passed
the kind pf a world we will $nd thatfurther traffic gains
maybe thousands/ who never
believe that it

Electrolux Corp.
Fanny Farmer Ltd.

SECURITIES

awaking to the
fact that a high level of railroad earnings is not such a temporary
this has to do with the mar-,
phenomenon after all, and that it will be maintained for the duration
ket.- The answer is in last of the war at least.
', One hears very little* these days from those
who contended that railroad earnings had definitely,'reached their
jweek's column. The future of
markets no longer depends peak and were bound to decline from herd on, which had become
almost a monthly cry during the®*on

day decline the number

optimists' is:

/

.

Halifax Insurance Co.

"tips" - began- to be
•

we

Dredging

Canadian Bank Stocks

New York

;

REORGANIZATION

u

& pfd.

com.

Canadian Indus. A. B. & pfd.
Crow's Nest Pass Coal Co., Ltd.

Exchange

.

,

RAILROAD

r-■'•■v I;,.-- against followingmark e t { •
4s
4«
4«
"
'■1
'■
strength it was practically-a 1
"voice crying in the wilder¬ ;> You may wonder what all
two

Stock

.Teletype NY 1-1310

:

as

a

York

ti

/,.*■ Two weeks ago wheii; this
column began
warning

ness." Now that

New

5

Telephone—DIgby 4-4933

Telephone IIAnover 2-1355

By WALTER WHYTE

Company

Bulolo Gold

Diplomatic maneuverings responsible, not taxes or
earnings.
Reaction of -5%
way.

;

909

Possibilities for

Walter Whyte;

Market

CHRONICLE

4%

2%
1%
%

.

4

stocks

of

New

Broadway,

Seaboard

&

City,

York

Roahoke

first: mort¬

gagees of 1931, Boston & Maine
first preferred stock, and Lehigh
Valley Railway of New York first;
mortgage 5^s of 1950 offer attrac¬
tive possibilities
at the present
time. Copies of the "Quotations"
discussing these situations and
giving quotations on guaranteed
stocks, underlying railroad bonds,'
reorganization railroad bonds,
minority stocks and guaranteed
telegraph stocks may be had upon'
request from B. W. Pizzini & Co.

be

any

particularly
slight change

Paul

in sentiment towards the railroad

Loughridge Dead

Paul Loughridge,

dor to Madrid, made a

you

and boasted of

i'To get back to »the market

vice-presidentpicture, • which in turn might be of Bosworth, Chanute, Loughridge
ing the exchange /from such poorly brought about by development of & Co., Denver," Colo., died Jn
situated stocks vinto stocks that a peace psychology, or an unfa¬ Philadelphia after a long illness.^

and

have

speech
praising Franco's fascist rule
our

efforts to

must understand history.
*

its

'

"

...0'

*

action:

recent

Cur¬

keep Franco supplied with oil.
This speech caused a furore rent opinion; has it that the
but as our State Department approach of tax payment date
is apparently sold on appease¬ and bad earnings are respon¬
sible for the decline.
I don't
ment, the furore died aborn¬
Anybody who has to
ing. • The market continued agree.
to

go

and forecasts and

up,

make out

an

income tax

port knew that March 15

LAMBORN & CO.
99

WALL STREET

NEW YORK CITY

and its future

'

can

be found in

the

and

war

national

'

was

men are

interim

and

where

recommend-,

dividend

sufficient

prospects
basic

im¬

cleavages

lines

now

of

being

drawn.
s|:

$

decision-: in

the rate

or

either

the

Certainly

it may be assumed
questionable securities

DIgby 4-2727




first
......

to

decline

Continued

on

about
page

915

5

% j

been, asso-*
Chanute &

that these

first World War and

instance,

president of the Rocky Mountain;
Investment Bankers Association.

insolvency. ( The outstanding

war

examples of rail equities with lit¬
tle

or

turn

no

prospect of dividend

even

mean

in

a

long,

re¬

cheap)

are

the stocks of railroads
that have already gone through
reorganization.
In
these
latter
cases

the

capitalizations have

new

listed below.

It

some

stocks
which

of
are

reorganization
actually

sched¬

Bristol & Willett, 115 Broadway,
As

brokers

we

'>

in

invite

inquiries

all

the plans

are

Even if

liberalized it is not

likely that these stocks will

re¬

ceive any more than warrants to

buy

new

stocks.

New

York

current

City, have
of

volume

issued

their

the-Counter-Review."
this. interesting

SEABOARD

had

from

Copies

Review

Bristol

&

the

"Over-

may

of

be;

Willett upon

request.

AIR LINE
Issues

Defaulted RR. Bond Index
The defaulted railroad bond in¬

elimination under pend¬

ing reorganization plans.

former-

was a

Over-Counter Review

drawn-out

is notable that the group includes

uled for

Reducing the action of the
market to averages and indi¬
vidual stocks, I expect the!

had

Loughridge

Loughridge since its formation in
1916. He served as a Major in the'

have less intrinsic worth than, for

danger of post¬

dex

*>

Exports—Imports—Futures

Mr.

ciated with Bosworth,

case.

least minimize the

roads
4«

vorable
wage

provement has taken place to at

coming.
And poor earnings war, which have advanced sharply
are
nothing new. No; which¬ for no apparent reason other than
ever
way you turn the crux their low price (and low price
of the problem of the market
certainly does not necessarily
the

SUGAR

re¬

Many rail

1. h. roihchild &

co.

HAnover 2-9175

61

Pflugfelder

for

Jan.

Bampton

Broadway,

City; shows

specialists in rails
11 wall street

of

Rust,

1,

New

&

York

the following range
1939, to date: high—

n.y.c.

Tele. NY 1-1293

49,

low—14%;

48 V2;

March

10

price—

DIVIDEND NOTICES

Schrarn Says
Bank and

Bank of

Market
Vitality Augers Well

.

New York.
Sold

—-

Quoted.

—

enemies but

other

and

Members

Dlgby

Telephone

(L.

4-2525

HEAD

as

which
the

of

"Free

and,

LONDON

.

v..'

Bank and Insurance Stocks
This Week

>

49

%

are

access;

reported

This column

few weeks ago that 1942 net operating

a

in most instances
of 15 totaled $96,020,000 in. 1942'compared with $90-,741,000 in 1941, an increase of
5.83%.
It was also reported that their deposits were up from $17,351,833,000 to $20,856,613,000, an increase of 20.2%, and their U. S.
profits of leading New York City banks were
higher than in 1941.
The aggregate for a group

(government securities up from <£-—
$6,987,486,000to $11,620,178,000,

:::+
'

"

~

1903

their. earnings
The

to

as

information

selling

be

may

the

be

most

the

its

First National Bank ofN. Y.

;•

■£■■■

•

.

fiffa

%■'
Ye-},. -''

Home Insurance Co.

Angeles:

,/

Cleveland:

v

1942

2;12,

First National

—_

Northern Trust—30.79

+

.first National
Philadelphia:
J^irst National

29.08
4.08

New

fa fa.

representative

form

3.2

4.7

—

+ 19.5

•

fairly

a

clined!;.:

liet

earnings as averaging
better in 1942 than in 1941,

them as aver¬

change

the per,,,. cent
while' Dec. 31, 1941: •
and

10%

from

,

Discounts

U. S. Gove rnments

Deposits*.
i$oooi

-v.

Bank of Am. N..T.

•

Los
'

Angeles:

-.

;V

:

& S.

%;

20.8

111.

& T/_

2,052 007

+

Trust

Louis:

■

Philadelphia:

459,247

...

Corn

+

9.0

+

328,477

T.iV — 191.446

1,061.370

—

Second National

Total

traders

3,612,449'.!;!.

countries..-

.

and destined to

so.

the

most

service

122,227-

•

investors

to

interested In
•'.;

LONDON" OFFICES:
'

•

.

*

;

"

*

,

Threadneedle

29

47; Berkeley

continue

the reqdrdy so+fai:;:
managed .commerciaj,

well
in

•

these
"

^

1943,

y

'

•

stockholders

y -

+

,j-

£!i:
6

Gov¬

L;,

£3,000,000

.

..

King' William Street,' E.

7

+ 120.8

80.587

38,827

-29.5

69.6

81,462

-11.1

+

452,782

+ 172.7

in

principal

Toions

EGYPT

,

AND

PROFITS

i.'f

all

C.

62,408

299,470;

-

The

to

Dealers

Trading: daily 7 a.

Inquiries

to 5 p.

m.

Orders

from'

i

$2,642,-

035,000 to $2,345,186,000, a drop of

$296,849,000, or 11.1%.
It is of significance that whereas
.

Dec.

on

31, 1941, their total loans

and discounts exceeded their total

210

York

-

Chicago

L.

A.

the

by

financing needs of the Gov¬

.-still

-

7.1
1.4

_

1,1,132,018

7.0

1,189,686

1.237,585

,4.0

of these banks
approximately

assets

increased

since

the

outbreak

in

of-

San

379

-




L.

..'

of

•

'+j'Vl

1943.

15,

.

j

28,
ta '

meeting- a

same

KNOUREK. Treasurer,

W.

UNITED FRUIT COMPANY
•A

14'>

*

| DIVIDEND NO 175

16^;

-■

:

*

undoubtedly be¬

more;

war

pronounced

progresses,

and

In the

case

as

specifi¬

.

of the 15 New York

banks referred to in the first para¬

years

we

have

in order

to

go

to find

Francisco

A.

289

discounts in

excess

-

holdings,.,
shows:

as

the

clarcd
of

back

five

loans

and

of Government

following

fifty

of

payable

record

15

181<

*

dividend. of

capital :stcck

',

,

12'-> iV.y

'

this

April

ds-^

of

with

expansion, due to greater ex¬
and the changed character
assets.
There has been a large

decline

in

"advances

to

custom^

ers," or commercial loans,which
formerly ; constituted
"the f most
profitable source of revenue/-an.d
in, their stead the banks', port¬
folios

hold

now

Continuous^Dividend

a

THE YALE &

large volume of

On-

ers-

profits, however,

banks

{An interesting list of companies

listed

-

on

the New York Stock Ex¬

change which have paid dividends

as

financing of this war,
they have other wars. In play¬

for 30 to 94 years
compiled by DempseyTegcler
Co., 407 North Eighth
Street," St. Louis, Mo., members
of; the New York and St. Louis
has

Stock' Exchanges.

Copies of this

interesting, list,

table

;; i. i

Stelmack Convicted

>

William ' J;: Stelmack, head of
ing .this part, however, they have
jeopardize their the;' former over-the-counter firm
-

earning

ability;

stockholders

been

,

neither

required

9,

a

dividend

of

211

No.

cents

fl5,c,) - per-share "was declared by
Beard' of -Directors out/cf rpast>i.earhings,+

.tlic

payable April
at

CO.4

TOWNE MFG.

1943,

\

close

the

1,

of

to stockholders of, record
March 19; 1943.
:
_' j

1943,

business

yF. DONNING, Secretary,

been

not been asked to

normaL

13,

March

Treasurer.

consecutively

playing, an ;■ important

are

March

fifteen
.

stockholders,

to

of business

close

at. the

1943;

the.

has 'been

Company

15,

on

share

cents .par

1943.

-

war.

Corpora¬

J. Stelmack

of William

Ins. Stock Trend

Upward

;

The

Mackubin, Legg Insurance
Stock Index as of Jan, 30, 1943,
the

and

marked
to

a

Index

Fire

showed

a

trend according
bulletin just issued by Mack¬
upward

ubin, Legg & Company, 22' Light:

Md., members,

Baltimore,

Street,

of the New York Stock Exchange.

Copies of the bulletin, containing
interesting >comparative figures,
togethen with memoranda on

Fidelity & Guaranty Fire Corpor¬
of

pany

Deposit

&

ation,, Fidelity

Maryland,

may

Com-,

be

ob¬

contrary; earnings have tended-to
increase.
Governments recognize

tion,Fine Street, New York
City, was convicted of grand lar¬ tained from the Insurance Stock
Department of Mackubin, Legg &
ceny.+• in
General : • Sessions v on

the

charges of inducing customers

to-

dividends.

sacrifice

vital

importance

of

On

a

the

sound

banking system durihg the period
of war-destruction

as

well-asidur¬

ing the period of post-war recon¬

WIRES
-

•'

*

ELECTRIC COMPANY

fa-^.iILLINOIS

•

dividend of twentyfive cents- (25c) per share was declared cn the
Class B! Common». Stcck ~of
the* Company, for the,: quarter, ending, February 28, 1943, payable '
by check- March 25,
1943.
to stockholders of
record as of the close off business'.; March.To, '
1943.
'
i

'

Dividends

13.0

1,057,783

____;_A.

increase

have

graph,

Seattle

TELETYPE

the

about

brought

April financing program.

St., Los Angeles

PRIVATE
New

March

,

1,997,132

role in the

been

(P. C. T.)

solicited.

CALIFORNIA

West 7th

to
of

,

31,

cally after the- completion- of the

Butler-Huff & Co.
OF

1943,
close

in

Increase

1942

1,364.082

penses

Service

Brokers.

&

m.

invited.

Compared

-

Booklet

and

;

'At -the

'biviDENDS

£1,^,744

has not been commensurate

7.1

-25.4

38,557,

210.0

+

declined

counts

war

Quoted

Reviewed

-

on

27th,

OFFICE OF

.

.:;V4

the

the SUDAN

*nd

1,969.281

-

this

come

Bulletin

record

G.

Branches

1,274,199,

.

Earning

-25.6

ernment and will

BANK STOCKS

Special

share

at -' the

March

on

of

LIONEL W.- UDELL,

have

Government securities, on Dec.

INSURANCE &

Analyzed

*'

*

busuress

LONDON AGENCY

-

and

£1,353,303

_

National Provincial

tive proportions of earning assets

-

of

quarter

a

Company,; fbr- thav quartcif ending- February
.19431 *• payable, by
check
March 25,t„ 1943,
stccklrolders- / <cf
record-i as
of » the#- close

.;! £3,000,000

FULLY PAID CAPITAL

longer period of time

Westminster

31,267.

68.0

+

375,230

.has

Sold

first

($.50)-

cf^tliirty-seven-' and^crie-haif cents i37t/2.c) per
;gharfe cnl the Class-' A Commcnv Stock ..or the

* Head- 'Office -Cairo. :%V:"
-No.- 1 Cairo

.

"Si'±p$fc™er$ai%Z'Regislp^

which gives the
Treasury bills, 2%% national war dividends paid during 1942 and
from
1942; their Government holdings bonds, etc., on which the net re¬ the ^ approximate-yields, may be
S'2,594,385,000 to $5,156,322,000, an
2.2
times
loans and
dis¬ turn is relatively- low.
had from Dempsey-Tegeler & Co.
increase of approximately $2,562,-1 were
This change in the rela¬ 'Both
American
and
British upon request.
000,000, or 98.8%. Loans and dis- counts.

year, or 25.1%.
Holdings of
ernment securities expanded

-

the

capital stock of this Com¬

uThe; Bcard-of Directors of Louisville* Oas.and

as reported by Britain's
leading banks, the "Big Five,"

55%

13.7

12 banks
aggregated $10,404,200,000 Dec. 31,
1942, compared with $8,313,696,000
on Dec. 31, 1941, a growth in ex¬
cess
of $2,000,000,000 during the
deposits of the

Bought

-

,

Electric Company..(Delaware)/.*t a-hnecti'ng heldnn-.March 5, 1943, declared-a-quarterly "dividend

-

REPORTED

for

Cents

CHICAGO

EGYPT
of

reserve FUND

War a much

NO.

LOUISVILLE GAS AND

.

•j-; Since Britain has been in ;.the

Fifty

payable

pany,

'

dividend

of

the outstanding

Street^

Square, W. 1

Y.

10, 1943.
362
' V"-%

The Board 'oi Directors of this'Company*
at a
meeting held this day; declared an

rNATIONAU 1 BANK;

assets,
•

March

interim

+

'

New York, N.

'■/:

.";.1^. business on March 17th, 1943.
throiiKhout Jbe D. S.. A.V+y .V-.'vvWILLIAM -C., LANGLEY, Treasurer..

..;!^

earnings, despite highdii expenses
taxes,- and a lower rate bf:re+;

British Banks

!

k

>.

and:

on

of
'

Agency; arrangements with Banks, t

leading cities will be able to giva
a good account of themselvesjand
maintain* a- satisfacto^YJ^V^iVo^

turn

?V

•

•

Honduras Rosario

&

DIVIDEND

York;.?!iihd?. other

New

close

15,". 1943.

Federal St., Boston

V

•

complete

from

seems

banks

offers

travellers

and

;'ji• *

\

at the

record

March

.

120 Broadway;
;

+

-10.7

Al:'
National

3,140l35!7,>-

3.421,679

Lloyds

74,992

+117.2

55.812

.+ 29.4

&,

3,702,334

,V1941

I'f;

B.

banking

-19.6

!

46,622

58.3

+

165,256

8.9

+.23.3
+ 7.7

N.

efficient

-5.3

269,093

112.8

5.9..

+

'

;

78 8

+

216;219

139,968

Boston:
First

—20.3

+

■

339,581

National—678,428

Ex.

Phila.

58,039

930,879

29.1

■

National —-—-

First

and

10.4

'

y,.'—:
National L

First

' 237.310

+

1,295.007

+ 27.0,

1,676,774

Northern

•

3.113,887

Midland

National,-——J-

St.

72.4

+ 151.9

155,778

+

Cont.

B.

4,623,278 +:: V

8.114

—

1

I

it

Barclays

fifahb
290,437

City; Bank—;
Nat.

London,

:*

of

a

shara

per

1943, to share¬

1941 and 1942

; 323,132

First

,

840.470

.4 111.31;

1,043,062

35.5i;

+ 21.0

806,484

'

'

and

...

"

-^v

cents,

20

24

New York

Australia,--l» -,s

all States of

3.170,023 ;v

5,848,352

t

1,

declared

Mining Company

Fiji, Papua and New Guinea

five
+

holders

1943.

With over

New Zealand,

,

of

business

g
March 5,

bank In Australasia.

[fafa

'

Cleveland:

Chicago:

($000i

.(SOOQt

•

•

■

,2,556.141

Security First Nat.;.-—V

National

;

•

3.806.908

dividends

'

San Francisco:

April

Treasurer.

have

Trustees

.

payable March 25,

Wales is the oldest

The Bank of New South

-,3,835,654.'

of

purpose

until

BROWN,

George Street, SYDNEY

Office:

than has the United States, it is of
interest to review the profits:and

Loans &
.

the

for,

March' 8

dividend

Manager

870;branches in

below

tabulation

The

shows dollars as of Dec. 31, 1942,

their

noted that six of them report

closed

on

BALANCED FUND

^

—

■

■■■■■■'

.

,

it

and New Haven

ings
of
Government
securities
higher on Dec. 31, 1942, than on
Dee. 31, 1941; on the other hand,
their loans and discounts have de¬

' It will be

group.

Telephone to Hartford

Private

aging 11.7% lower.
All of them,
however, show deposits and hold¬

7.2

—19.0

3.05

General

and, largest

during the period of war/'financ-!!
ing, and probably
during " the
period of post-war financing' also,

Phone, 2-0121

the other six report

5.58

banks

12

These

3.20

6.93

______

Second National

be

will

stock

£23,710,000-

,

■

pace,

»

,

2-1035-1044

HAnovcr

7

+

American '

•

SIR ALFRED DAVIDSON, K.B.E., ;i

i

earning; assets^ihereasing;
in the banking system at a. rapid

Street,

York, N. Y.

Hartford

Boston*

First National

Phone

.

7

•+

of

30th
...
„_£150,939,354

.

Discounts

6.987,486

•.

—19.1

6.50

.....

Aggregate
Assets
Sept., 1941
J

With

Security Dealers Assn.

Broad

30

s

4.1

4.21

8.02

B.

...J,,-,,'

4.,

($000i.;.

11,620; 178:

1

that

31.18

& T.J

Phila., National fafa

Corn iEx.lN.

I

1.9

+

32.05

fa •%.: "fafafap
2.25
1.82

Louis:

St;

Members New, York

+33.1

7.72
21.74 22.16
5.80

B.&T.

8,780,000

19381——-

.

,

of Prop.

Liability

Reserve

i

1937—

T. C. CORWIN & CO.

5.68 — 4.5
fa.-:"fa
2.35
+10.8
:V""

.

Bank

Nat. City

Chicago: ' \ .1 Cont. - 111. Nat.

the

EATON & HOWARD

1817)

(ESTABLISHED

Loans and

;

{$0001

.

1941.,

;■

;•.

.

NEW SOUTH WALES

;

-

1939^J.^i—2

1941

Nat.__ "5.95,

Security First

of

ROBERT B.

•

1940.-^__

1942 Change
San Francisco:
,
-v. ■.:1
3.5
Bank of Am. N.T.&S. $4,16 $4.01
Los

of

1943.-.

are

of" true

Governments
:

published

■'

r:

1

York

the Common Stock of the Com¬
payable April
1,
1943; to stock¬
record
March
8,
1943.
The stock

books

record

transfer

-/v.

fafall, Sfafafa

Per Share
•

holders

Australia and New Zealand

expensive,-measured

„

Dec. 31—

Net, Operating Earnings

.

Both

pany.

;:Head

fyy Moody's Investors Service.

■"

Streets

New

Directors

of

COMPANY

per ,share on

in- reality,

may;-

consideration-

worth.

cipal commercial banks of cities
than New York, according

(

West

.Brooklyn,
Board

low | Paid-Up Capital ;——™ £8,780,000 .)
Reserve Fund
6,150,000"

very

Treasurer

•

:

Manufacturing Company has declared the reg¬
ular; quarterly dividend of $1.25
per share on
Preferred- Stock and
a
dividend
of 50c

Ex¬

The. securities which

.

'the

intrigued

at

' :

-

and

Noble
,

ciyn Mills & Co;

by the fact that particular securi-'

by

other

.

'

Ltd.

Bank,

Deacon's

themselves..of this

and: not be

cheapest in price

shall review the

figures compiled and

V " Ai"

Associated Bahka:

.

The

experience of some of the prin¬

to

; ; "

Williams

and

condition.

facilities avail

prices.

WE HAVE FOR SALE

$3,835,654,000
to
$3,806,908,000, a decrease of 0.76%.
we

:

f

MANUFACTURING

AMERICAN

!

'

.

-v.-c

——_

The

from

week

February 17, 1943,.-

£98,263,226

::4Y;

*

<

Lindeman

'fa'.. v

—

Specialist Since

discounts,
which
include
com¬
mercial loans, however,, declined

This

—

ASSETS

TOTAL

:

!;

to

change urges that all who use its,

ties

Loans and

increase of 66.3%.

an

1

——

mation

Company has been' de-.
day, payable on April I, 1943, i
as shown by the

stockholders of record

books of the company at the dose of busi¬
ness on March 5, 1943. The stock transfer

W. I

list make available factual infor-,

financial:'

share or two per
value of the shares

par

on

Texas

clared this
to

com¬
on

(2% )

The

books will remain open.

to all,

open

Exchange requires that the
panies whose securities are

.

of

-

unwilling to .be
these values, should
The New York Stock

out.,

stay

,

predecessor,:

'

cent

Burlington Gardens, W, I

or - are

by

:

l

Charing Cross, S. W. I

64 New Bond Street,

unable to judge intrinsic

are

" ;

,

8 West Smithfield, E. C.

"

confi¬

with

should be, but

values,
guided

Stocks.;;:^.;;:;,^^

By E. A. VAN DEUSEN

.

.

,

Bank

—

who

162nd Consecutive Dividend paid
by The Texas Company and its

OFFICES:

Bishopsgale, E. C. 2

them should not be abused. Those
'

I

I

"

■-

A dividend of 50^ per

3

Treasury may; set for

markets

they

T\
)

/Y

throughout Scotland

V

a

the

COMPANY

our

April financing.

as

OFFICE—Edinburgh

Branches

well—

as

base, we should, have
difficulty in attaining .any goal

no

7-3500
Bell
Teletype—NY 1-1248-49
A. Oibbs, Manager Trading Department)

vitality

confidence

dence

Telephone: BArclay

NEW YORK

,1 WALL. ST.

of

CITY

BROADWAY, NEW YORK

120

exchanges

leading

all

Exchange

Stock

York

New

allies

our

THE TEXAS

1727

■

markets
augurs well for the success; of the
forthcoming War Bond campaign.
These markets are telling a story

Laird, Bissell & Meeds

Exchange

Stock

York

New

Members

"The

Inquiries invited in
Unlisted Issues

Acaeti

Incorporated by Royal Charter

test, amazing not only our

preme

Stocks
Bought

Royal Bank of Scotland

(Continued from first page)

Insurance

Thursday, March-11, 1943;

FINANCIAL;J3HRONICLE

THE COMMERCIAL &

910,

struction.

An

soundness is
level.

an

essential

of "-such

brokerage
been
less

,

house

where

he

-

of a
had

Co.

•

,

Also available is a bulletin giv¬

employed to invest -in worth¬ ing, earnings>andj liquidating val¬
ues of 27: fire and-, casualty insur¬

stock + at

counter

firm.

adequate earning ;fenced :on
npnaltv nf
.

-

-

his

He

own

will

.over-the-

bet",sen-.

March. 22 and - faces a.

ance

be

company.-,

had

from

stocks, which may

the

firm

upon

re¬

.

17 to -35 vears

in orison.

quest.

•

Volume 157

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4158

The Securities Salesman's Cornet ///Our Reporter's
Some Whys

;RFC
of

:

•

-1

v

;;:'

Continued from page 906

t-i

/ •

•■■/'.'■// /

■:

securities with

new

Repayment of the RFC in cash,
it

interest in selecting the proper

A

STOCK

LOW-PRICED

COMMON

a

will

—we

doubt

no

This week's
000

regulator: "Reduce your profit margins; regulate your mark¬
ups; put ceilings on your profits"—and all the rest of that kind of
This column believes that sort of thing is strictly the bunk.
common sense and a reliapce upon fundamental prin¬

j ~ It
f>:

the basis upon' which each and every registered

as

securities dealer should conduct his

business.

own

fraud—nor does anyone else approve

it that believes in the principle

that the majority of American business men rely upon the confidence:
and the good faith of their clients,to keep them in business. . We do
one is paid well for doing a job that.ordinarily he
job/than when he is underpaid.- And whether:it's
generally appreciated-or not the successful management/of/an .'in¬
vestor's portfolio (and that is what proper securities salesmanship
really amounts to) 4s worth a substantial recompense in commissions
and profits.
It costs considerable money to sell securities—especially

believe that when
will

do

days that the
destined to

were

tS'fBut

that

decidedly'heartening. It re«*

Quired buV

on

a

1 ing: of the. books.

,;/(;

?

bid of 104 % late on

a

Wednesday.

77'

When certain people talk about 10% profit,

whatever

or

•7 Some

per¬

among

too little—they are not talking

or

profit-margins—they should be

Lord knows it's 1about time

had

we

the

of
the

more

investment

Feeling

of both.
;

FINANCIAL

that

the

optimistic
banking

to

that

column,

current forecast are

The

INVITATION FOR TENDERS

v

such

in

circles

was

could be

company

?

Fixed

price trend

day, March 6.
2.

No

cator.

the

longer-term

The

last

similar

isted

and

last

only

time

both

was

index

November.
that

member

sig¬

You

i/Z-rRate1;/

TO THE HOLDERS OF

7/7

/,

112) Ohio j and
.;/>//; Railroad

-

-

\

■•-

r

The Baltimore and Ohio Railroad ..
Company:- /" ../Tv/
.77// 7/7

;

(1)

First

Mortgage

5s—1948..„_

4'm

'/'•'/
413)

Buffalo,

■

burgh

Mortgage 4s—1948,.l*l".' 4'$/
Southwestern Division 5s—1950 'ZVx'/S-

*4)

45)

Toledo-Cincinnati

(14)

Buffalo

and

/.Mortgage

the*

57

no

cornpany

-

re¬

registration

Commission
the

of

amount

-

000,000 to $20,500,000.

V5'V

Interestihg, Case*
7A

4'k-

4s—'

to reduce
314 %
first

"r

'

"

..

•

7

r -

swing

.

.-/-//■ - i77",>v
Refunding and General Mort-

■

7;

gagei

'

,.

-

a

-

Series

5s—1995

"C"

6s—1995—1,

Series

18)

"A"

Series

(C)

"D" 5s—r2000

71'.»

<10) Secured 4% Notes—1944„
411)

Park

Lincoln

and

4%

7

ChaHotte

Railroad

Mortgage

7777-:

?

5s—1949_«-—.

The

hereby

7.:>

Baltimore

invites

to
at

its

in

tenders

or

issue

tenders

March
will

1943.

£0,

mailed

be

addresses
before

March

if

All

the

25,

amount.

Fixed

bexore

the

in

New

Street,

the

issues

highly

prove

Significant in that quarter of the

limiting

should

each

417. 7 ment's suit

Company)

fill -out

N.

Y.,

tender

to

heard

in

or

part

later

not

March

will

29,

obligations,

will be paid, as part-of the purchase
thereafter..
,7 .•//
,:.;7 iV';
•
;vy:.
'
All secured obligations, delivered pursuant to
acceptances,

to

of the

•///• 7:,/

tenders'

1943,

a

t--the'

end the tax exemption

Congress

be

published on , or
which each issue and

delivered

price,

Tax Court

// A victory in this case could, it
was recognized, start the Treasury
off ori another campaign to have

up to and including
v./ .'7.: 77/: vy///:
•-777-'7;77; '.y-/•/•v/v
be tendered at a price per $100 principal

secured

the

single

a

of rejection of

or

than

Notice

in

United States.

must be received by the Company
o'ciock p. m., Eastern War: Time,

tenders.

tax the

to

/of New York Authority, to be

and

tender

a

seeking

/income from bonds of the Port

and .series

I/// *' '

York,

prices

obligations' shall
all

3

whole

tenders

respective

the
been accepted.
on

called

several

obligations,

Company,

or

on

of

their

interest

Wall

2

•

•' ' 7,. t

„

obligations

secured

1943, stating

have

secured

the

of

secured

No.

at

4s—1998

(hereinafter

J

such

of acceptance

makers

may

.

Company

by- the

address

in

andYal-;/7'/./'

ong price per. $100 principal amount.

of said

Notice

to

any,

such

ttnd to

any

appearing

series,
•

of

supplied

mentioned

above

the

form

if any.

series.

or

All
at

the

"

obligations
,

any

office

which

.

,7 ;

tender

day

a

4

ley-Railroad

•

5%/ ; ////y gage

secured

•' 7

•>

t:'

^

7/7

.

as

//'
Compariy^First^//7 securities business.
Mortgage 4^1995-'4Lt7i—
'(18) Allegheny and Western Rail-/
*7' /./Tor/that is the date set for
trial of the Treasury Departway
Company First
Mort-7/77/:

.

Railroad

the

'

Company

the

to

Ohio

of

'/

-

-

First

desiring

Persons,

mail

and

tenders
'

listed.

above

Company

Cleveland' Tprtninal

(17)

,"
7 7

I'i,

„

marked" off oil most -calendars

.

/ Mortgage 4s-1990.*

y

V'o

719)7!'Series "F" 5s—1996

,

(16) .West Virginia and Pittsburgh
Railroad
Company
First

to

pursuant

April

15,

1943,

but

now/accruing to municipals.

not

.

deficiency notices to a.small

number

•''"-••7.7
', "j. .'v
the acceptance,
in whole or-in
tender, must be delivered in negotiable form and must be so. delivered
period April 5-15, inclusive, 4943, at the office of the Company7No7 2

Back

in March, 1941, the Treasury sent
tax

tender,

holders

of

of

the

Port

.

:

part, ; of a
the

during
Wall

in

in

Street,

All

<

whole

and

the City of New

secured

obligations -in

in

or

part,

of

York, N. Y.,

tender,

a

contingent interest coupons,

where

be

must

therefor

payment

delivered

form,

.coupon

Authority's bonds who had not in¬

.

accompanied

maturing < after April

will

pursuant- to

J,

ail -appurtenant

by

1943.

cluded,5 in their tax returns, the

made.'"

be

the' acceptance,

All "registered

interest from its bonds.
•

bonds, primarily

ipal
ance

marked

Jenkins/'Treasurer,"

"Attention:'J," J.

If; not^available at your ibank^
Company upon request. 7

7*/7

broker's, off ice, tender forms
•..« - 777.y7 'J

will

7- If the principal amount of the secured obligations tendered by

any

by

or

the

Companies,, apparently have

programs

bank,

a

of

,

the

tender

i'or.-secured
or

„'in

$2.50

The
any-or

the
f

The

bank,
the

in

of.

tender

a

$1,000

trust

company,

provided

space

-

of .another

in

party

principal amount, thereof,

Company

reserves

the

right,

exchange

therefor,

-

accordance
or * person,
y

v.

>;.....

its'-absolute

in

or

THE

"

Baltimore. Maryland
February
^
-

25;

1943.

with

will
._,r

up

sharply.

index

term
turned

up

that

who

.

7

'

' ."

■




.

discretion,

investment company shares they
should be of small concern. In-

second

vestment

understand

clearly

•

all

forecasting devices are
fallible, and simply measures of
probabilities rather than absolute
indicators,/will. be interested in
the' interpretation which is given
of the present situation. To begin
with, the first "leg" of a primary
bull market usually runs a lot
in point of time, or dis¬

to

accept

•

.

R. L. SNODGRASS,

.* 77

/'
'

"•

or

COMPANY

/
-

of

sizable

are

a

reaction

indicated might not

far

enough

to

the

as

even

go

compensate

additional

loading

incurred.

.

for

,

charge

.//'

i.

/,./ :

However, for the consideration
of those whose job it is to watch,

farther

market
movements
closely,
it
might be helpful to call attention:

tance, or both, than the great mass

to the

of

investors

and speculators an¬
"A bull market feeds on
itself." Conversely, the first reac¬
tion in such a market is usually

ticipate.

shorter and less

probability that the coming-

reaction will be somewhat greater
in extent than the one which oc¬
curred

in

1942.

-

the

;

closing months of
7/://--../,r:;7;'

than what

severe

be termed the "normal ex¬
pectancy" of reactions. Both of
these
generalizations have been
rather strikingly demonstrated by
the bull market which got under
may

last spring.

way
-

In the

by

the

ferred

above

have

nearly al¬

preceded the turn by a few
days.
This was true even in the

ways

case

It

of

the

seems

Pearl

that

the

Harbor

break.

market

fre¬

quently gives the "double cross"
—a short, final thrust in the direc¬
tion of the current trend—before
making

a

turn.

The

current

Views
&

Co.

Thus,

(Monday,

by

Street,
contains

Calif.,

of

//•'■

News

&

Butler-Huff

of/California,

summary

in

issue

published

Seventh

past the "signals"1 given
short-term indicator re¬

to

;//// News & Views

Los
an

210 West
Angeles,
interesting

of the current situation
Insurance

Home

Also

given

ures

for; 1942

Company.

comparative

are

on

fig¬

insurance

17

companies. Copies of this interest¬
ing bulletin

may

be had

upon re¬

quest from Butler-Huff & Co.

/

this is

as

March

8)

the

probabilities are that a rally will
take

place in the next day or so

before
sets in.

the

anticipated

reaction

-//7 "" '

"

Keystone

7

";

Custodian Funds=

a

investing their capital

!■

.//

the companies are
moment to await

that

<

follows:

j.
«

/'/ "|

Series

t|

'

K-I, 2 in Preferred Stocks

f

trrent

dealer

or

Series

from the distributor

:

S-I, 2, 3, 4 in Common Stocks 1

W. L. MORGAN & CO.

'

•

'

appears

as

B-l, 2, 3 and 4 in bonds

FUND
Prospectus of this Mutual Investment
Fund available through your invest-

but it

,!

Series

WELLINGTON

tendency

known to be bid¬

Participation in

Trust Funds

,

ding for blocks,
■

•

Such

are

one

blocks

^.Dealers, who generally are not

-/v»

Vice-President. -*v«-:v>I

-

trading.

the

-

not

Certificates of

Middle West.

Overstocked,

i reject

companies

mediums for in-and-out

proper

spread/to smaller life firms in

the

to* accept 'any portion or
the balance/?-' " '+*";■■ > -'<i
■

.

to5;

.'/..vy*

...

;

instance

in the

re¬

and'the trend revealed

acceptance, 7n whole
paid "by .' the Company

,7

them-

probabilities

outlined here, to the holders of

week of December. 7

/•Those

fund

concern

the

short-

The

in/ that

again

investment

with

on

an

be
,

BALTIMORE-AND OHIO RAILROAD
,

*•

lightening

were--negotiated by such interests,

association .member,' signing
and accepting settlement

of-'any; of,, said secured- obligations or
obligations; covered by, any fender-and reject

1

for

current; sales

delivering

all-tenders

secured

off

selves

.

"obligations pursuant to and

part,
per

j

form

New York

must

managers

such"'investments.

associations to „surrender

associations,

or

Although

including

one .person

trust

or

the> secured obligations .tendered>in.y case- -of
acceptance, in -whole or in part, of the tender. Banks, trust companies' arid insurance
companies may make arrangements for ^delivery of the secured obligations tendered
by7hem through another bank, trust company or member of one of such'exchanges
exchanges

'

for the time being the

7 For several weeks recently

supplied-

company/ insurance company or member of V national
association);-, does; «not ,;exceed : $100,000:- principal
amount,
arrangements must -be -made -with-? a-, bank, trust company: or member ' of 'one of - sddh
by

exchange

insur¬

groups,

77-;'-;":i'V
be

<:

,

than

(other

securities

the

of

number

written

/

/:• Institutional holders of munic¬

.^Attention: W. R. Bixler, Assistant. Treasurer.>7 All other inquiries, and -correspondence
regarding this invitation should be addressed 4o. the, Company at its office,. Baltimore;; ^terminated
Maryland,

/

Lull; in Municipals

obligations, must be accompanied by duly ( executed bond powers,' with V si&n'atures
guaranteed. 7 7?y.:7; '7,,■■•'+'.'7/7;c1./':r7'7;7 V;7.;\:( •'•y'.y.;•■/••:
Requests for tender forms may be
addressed to .the Company at its office
Baltimore, Maryland, and marked "Attention: J. J. Jenkins, Treasurer," or* to " the
Company at its New York /office, No;-2 Wall Street/New York,- N. Y.j and:marked

i,

/7-;v'//;::'/

fixed

secured

63 Wall Street

re¬

gen¬

the rails, aircrafts and steels, did
sell

its

amended

'

«

mortgage 30-year bonds from $22,-

Company////

Susquehajlna7;

-

- -

*

As /expected, the

Exchange

Pitts-.///

and

/;. *; -1 <

a

the

of

week

around the offices of
(15) Cincinnati,
Indianapolis and •/''//
the; many municipal bond houses
.//77/ Western Railroad -Company ; "
would * probably reveal April 19
First Mortgage 5s—1965-f^ 7,,3%:
-

.

%

4

5 s—"1950.-/_//77/-

Railway

final

to-

statement with the Securities and

-1

-

along

bonds

the

month:4

cently 7

?.

7^^i7^9fo^d;C:Corpwatiph'>;iFirst^.77s7

4S/'/;//

Division

.7/A:-:'-;'

7... —1959

•

Kanawha;/
Company
First
:

Rochester
x

Rate

•

Consolidated Mortgage. 4!^s 7 7...;

u

,

Pittsburgh Lake Erie and West
Virginia System 4s—1951__,4/6...

Interest

i

Little

Mortgage

/<2) First
<3)

V"

"

""'

/■'TCK.'

Incorporated

down

will

although

Request

Distributors Group

on

the

when

turned

on

ex¬

indicators

1942,

28,

Group Securities, Inc.

./;// Prospectus

that

have

major bull market

a

A Class of

'>•■". ',' /

circumstances

since

nalled

oc¬

indi¬

77y

short-term

ex-

'

change of trend has
in

curred

Railroad Shares

Satur¬

on

7

eral setback of significant pro¬

7

Fixed

7'//'"

Interest

//'•'7;7 '•/;

here

:

portions occurred at that time,

of

-wardt the

/*'

V

recall"

may

mentioned

follows:

as

short-term

fering

THE BALTIMORE AND OHIO RAILROAD COMPANY

You

last

which

in time to permit the public of¬
:-.v-

cash.

were

contains d review of the complete
record. * The circumstances of the

April

7 pected to call for competitive
; bids in the near future, perhaps

NOTICE

"indicator"

7;

a

indicator turned down

more

more

31, 1942, in

his

"

friend

anonymous

column entitled "The Index Is Still Up!"
Readers who are not acquainted with the record of
this man
it has developed on the basis of his forecasts
reported here are

71.

specific—they really mean fraternity were hopeful that the
overall gross profits. There is a vast difference between such an over¬ ice would be broken in the public
all percentage and a true net profit. Net profits are the only true utility field by early marketing of
profits. A. true profit is what you are allowed to keep for yourself. In the Public Service Co. of New
most cases it's far too small rather than too large. - Let's have less talk
Hampshire bonds under its modi¬
fied plan.
about profit margins and more business in the months to come—the
about

and

7
our

■

,

been in the securities business,- and who therefore hold some veryerroneous ideas op this subject.
Optimistic?
'
-'

centage they think is too much

Dec.

gentleman

referred

aecrded

commanded

the

I

.

as

'/v

•

Offered at a price of 103% and
; interest,
the * debentures

:.

CORPORATION^

SQUALL AHEAD

;•
By the time this column goes to print
with the Market Trend Indicator will be in

brief time to obItain fpll subscription upon open-

properly so that the welfare of your clients is improved- and
safeguarded. This is something someone should clearly bring to the
attention of a number of people who for the most part have never

-'7;/:'

but rap-

/bankers who made the offering

y

to do it

SECURITIES & RESEARCH

l:g Iiwestment Trusts

debentures

move

actual experience of

the

request

upon

SZS120 Broadway/New York

|1dly;7;/7/;;'7;:y:'':i'.;■ ..7/ ■/-/''/ /'. "'/Z:'/
r was

better

a

Prospectuses

issue market.

new

was evident from the run
over the last week

10

We don't condone

-

SERIES

'

offering of $6,000,-

of inquiry
or

*

,

INTERNATIONAL

STOCK SERIES

both

of

temper of the

We believe in

ciples of fair play

permit

for

20-year 3% debentures, of
the Philip Morris & Co., Ltd., Inc.,
provided a fair insight into the

and the

thing.

would

treatment

Quick Operation

>

again hear the familiar cry of the reformer

soon

maintained,

FIRST MUTUAL TRUST FUND

is once again beginning- to revive

Investor interest in securities

is

substantial

investments for this customer would
So instead of having the proper interest
good foundation for the future both the

salesman and thd customer would be the losers in the end.

,

SERIES

classes of- stockholders.

accordingly be diminished.
in this account and laying

'PREFERRED

BOND SERIES

$135,833,808.

making a profit." " Besides this most important consideration, he also
pointed out to the salesman that if he didn't make a profit that his

SERIES

Securities SkrIes

LOW-PRICED

value

a

INCOME

NATIO

SERIES

'/•/ /■ /. (Continued from first
page)

Regarding Dealer Profits

////

BOND

7717/ Report

and Wherefores ,/////

911

•Real Estate Trust

■

Prospectus may be obtainrd from
local investment dealer or

your

Bldg., Philadelphia

inclined at the

The Keystone Corp. of Boston
50 CONGRESS

improved -condi¬

STREET, BOSTON, MASS.

'

~1

-

tions'mafketwise.

;

i

THE COMMERCIAL

912

'

f

& FINANCIAL CHRONICLE
tiated the purchase by that city

Announcing—

Gasoline

Composite Ratings for
Supplement No. 1 to

gasoline before nation-wide ra¬
tioning became effective in De¬
cember, according to a survey by
the Federation of Tax Adminis¬

Analysis of Municipal Bonds

White's

the U. S. and
population: the relative im¬
portance to such county or city of farming, mining, manufac¬
turing, railroad shops or resort business; how well or how
poorly diversified is the manufacturing; how important the
foreign element is; from where such foreign element comes.
itself shows, for every county in

The Analysis
for every

The

Gas

buying,

Burden and Other Factors to

the

Supplement alone

^

Lower
Colorado
River
of the Reconstruc¬ 635,000
Corporation as a Authority, Texas, revenue bonds,
which were acquired by Stranasource of activity in the munici¬
The repal field is seen in the recent han, Harris & Co., Inc.
offering of the
bonds will be
sales by the agency of over $30,€00,000 of its holdings to invest¬ sponsored by an account headed
ment interests.
The bureau, it by the First Boston Corp. and the
Resurgence

tion^ Finance

However* the agency ulti¬

dence.

Nashville

of

Bank

and

the

general de¬
vlv."

and

defaults

spread

pression conditions,

remain

It continued to

business,

the

in

factor

potent
however,
a

outlet for a con-siderable number of revenue is¬
sues
which the
private market

as

the primary

unable

was

which such debt

of

case

incurred. In

was

other issues, still

some

appeared

considerations

other

for

projects

the

of

feasability
the

economic

undemonstrated

the

to

owing

finance

to

to

Institutional
A

possible

sellers

which

of

Co.

Insurance

of

munici¬

pected to result in an additional
decline in these States in Feb¬

its

v,

the Metropolitan
definite ideas as to-

very

to

prices and is not likely

ac¬

cept offers that do not conform
to

its

views.

own

sense,

being dis¬ cupy
channels. a position to weigh offers very
Whatever the reasons, the fact re¬ carefully in view of the circum¬
mains that the Federal agency is stances currently obtaining with
now able and willing to liquidate regard to the small floating sup¬
some of its present holdings.
The ply of new municipals and the
word
"willing," incidentally, is continuing ,desire of dealers to
used advisedly as the RFC was ''tap" new sources of supply.
militate

against their
tributed
in
private

t

loathe

never

hard

resist

to

driving

of

include

the

origin

recent

Seattle,

$9,000,000

31/2% municipal trans¬
portation system refunding rev¬
enue bonds, which were under¬
written by a syndicate headed

Wash.,

by Blyth & Co., Inc., and Blair
&

Co., Inc. Priced to yield from

€.75%
from

to

1.50%

1944

to

fering, reports
ceptional

maturities

for

incl., the of¬

1961

was

say,

Actually, it
which

success.

said,

the

demand

-developed

for

the

was

For Ohio

Composite Ratings

Municipal Bonds

J. A. White & Co., Cincinnati
municipal bond dealers, publish¬
ers
of White's Analysis of Mu¬

nicipal

the is¬
to the

Bonds, announces
of Supplement 1

suance

Analysis,
containing
composite
ratings for 145 Ohio municipali¬
ties.

;

The

Analysis

ex¬

an

and

itself

for

shows,

county in the United States

every

for

city

every

of

10,000

or

population, a wealth of in¬
concerning the relative
importance to the economic struc¬
ture
of
each
municipality
of

more

.

of

was

syndicate
formal

days

originally
"Still

HFC

to

make

to

intended.

from

the

that

the
issue

the

of

prior

another

resulting
tween

decided

offering

several

obligations

nature

such

the

date

•

deal

negotiations
an

issue

of

be¬
the

$21,-

formation

Heavy

lean

simply

bonds

collections
down
November buying

them

by

the

with

bonds

to

bill

sub¬

a

refunding^

issue

exchanging

holders

the

of

refunded, whether

be

light

v

.

1943, in 1953

or

1963.

or

in

The re¬

funding bonds that could be is-„

the

only requirement as to the in¬

^

i&i

40

States

27

unrationed

13

rationed

_

\

rationed

—

States

Dec.

44

States

—10

29

States

—

States—

—25

•

?*A11

rationed

1.

Dec.

17

—11
"

3

.

V<

>,■

—32

States.

a

•

>i

-Union

Securities

Corp.,

new

of

of
the

In other

bonds, hut only

provided

subdivision

a

to

assure

that bonds issued

taxpayer

by

not be sur-*
the
safeguards

will

with

ordinarily

El

Paso, Texas, Considers
Utility Plant Purchase

amount

refunded.

procedure

rounded

tNewly-rationed
••

50%

by

exchange. Of necessity, such

an

$15 States—_v —36

JOriginally-rationed States.

in

holders

issued

be

to

accepted

sale of the

—34

States—!.

not

words, there would be no actual

Jan.

*39 States.--

t24

must

it

that

bonds

be

bonds being

—32

—34

Vvv ,.i:v•

±15

the

21

—

rationed

13

must

—15

'

is

rate

new

—39
Nov.

Oct.

27 unrationed

the

—17
;

not

bond
being refunded.
Otherwise, the
only requirement is simply that

—26

>•.

8

v.—24-;

■

would

be higher than that on the

Sept.

.

—14

States

unrationed

16

terest

—18
—15
—24

'

Aug.

bill

private sale. The

at competitive

--i5 July

,

—16
—11
—22

i
;

:•.

•

this

under

be sold at public sale, nor even

previous year:
June

40

sued

are

issued at

the lowest interest rate possible'

:

and

New

the

on

most

advantageous

terms possible.

has been appointed fiscal
"Senate Bill No. 87, introduced
agent of the City of El Paso,
Texas, through the award to it of by Senator Corlett of Cuyahoga
an
agency contract unde£. which County, deals with much the same
it will advise the city as to en¬ subject,
of
issuing
refunding
gineering, financial and legal mat¬ bonds simply by exchange and
ters in connection with the pro¬ without benefit of public or com¬
York,

'

posed purchase by the city of the petitive sale, but it obviously has
been drawn with greater finesse
by someone familiar with refund¬

properties of El Paso Electric Co.
The Electric Co. operates gener¬

Briefly, this bill pro¬
ating,. transmission and distribu¬ ing deals.
that
tion facilities in the City of El vides
'notwithstanding the
Paso and nearby communities in provisions of the Uniform Bond
the States of Texas and New Mex¬ Act
any
subdivision
shall
ico. It also operates a coordinated have power under this act to re¬
street railway and bus transpor¬ fund any or all general obligation
.

Bonds

evaluating

This

debt

tors,

burden

has

credit

true

community.
albpg

with

and other fac¬

combined

been

in

compiling, in Supplement No. 1,
composite

Ohio
J.

that

Newark, N. i.

the

each

information,

the

John B. Carroll & Co.

of

rent

for

White

the

is

price
$5,

Co.

&

for

the

including

supplement,

sidiary of Engineers Public Ser¬

attempt to re-enact a law pro¬

vice

viding

Co.j< which is under an order

from the Securities and Exchange

while

plement alone costs $1.

interest

offered at

advertised sale.

by

rates

public,

Bids submitted

public sale often

vary

a

full 1% in coupon rate between
the

highest and the lowest bid

submitted

by dealers.

even

"In addition to

;

providing

tunities for the abuses

oppor¬

of

private
sales or exchanges, these bills rep¬
resent a philosophy of public fi¬
nance which is likely to redound
the

to

detriment

sions of

of

the

subdivi¬

Ohio; rather than to their

advantage."

:

;

•.

i

,

Commission to divest itself of cori-

lic

trol of the El Paso company.

does

though negotiations have not yet
commenced between the city and

also
or

ticipated that the ultimate tran¬

include

saction
around

cur¬

the

sup¬

will

involve

something

San Antonio,

rates.

but

$16,500,000.

fiscal agent for the

.

.

things, (p,) to test any per¬
seeks
to
qualify for
County " Tax Commissioner
(as¬
sessor) by means of examination,
who

son

w'hich

questions
mulated

so

"shall, be

to

as

fairly

for¬
the

test

ability of the applicants to serve
County Tax 'Commissioner";

as

and

(b)

order

to

reassessment

a

of all the

property or of any class
property in a? county if the

of

assessment

in

"not

was

substan¬

tial compliance with the
if

"the

both

standards

there

sufficient

that

—

delegation of legis¬

no

£

authority.

The State Department
is

nue

In

prescribed by the Leg¬
were

was

lative

reassessment."

a

the court held that the

cases

islature

law" and
the
public

of

interest

necessitates

of Reve¬

experimenting with a plan
overuse
of equalization

avoid

to

the

1870's

Since the

orders.

equalization

1880's

or

has

agency

usually entered

orders regarding
valuations in a majority of

local

the

counties.'

the

"equalization"

almost

Until recent

the

on

For

years,

performed

was

exclusively

hunches.

of

basis

last

the

few

considerable data have been
collected and analyzed; but the
results -of the process have not
been satisfactory*
This year, at

years

the

of the

beginning

assessment

period, the Department of Reve¬
nue
announced it was not going
enter

to

The

equalization orders.

any

had

announcement

no

bear¬

that

City* of

87

the

one

is forced to

sinn

on

data

but preliminary
that the assessors

completed,
suggest

done

have

their

than

usual.

better
total

wdrk

may

little

a

Possibly

performance

the

be

in¬

may

ferior; that will not be clear till
the local review results have been
tabulated.

be

Major Sales

hv

assuring

it

the

most

:

:

!

:

-

iv-i;-'<<

Scheduled
In
sues

the

following

of

$500,000

we

or

list the is¬
which,
the cal-.

more

at this writing, make up
endar of further sales.
include

We do not

note

offerings as these,
generally speaking, are usually
acquired by institutions for their
own

account.

;

March

/

■-:

16

$2,000,000 Providence, R. I.'
Last

Stuart

previous
&

Co..

issue
awarded
New York,

Inc.,

ates,

with

made

by Lehman Bros,

the

•

$550,000

second

high

to

Halsey,

and

associ¬

offer

being

syndicate.

" •

March 23

Calhoun County, Iowa.
March 25

able,

subdivi-

!

.

ask if the

assuming
it makes the effort, to safe¬
will

guard taxpayers of the
»

review proceedings.
As¬
sessments have not been entirely
ing

in

aid

Board

Texas, and nego¬

Bill

preventing
the
grossest abuse of private sales,

In 1942 Union Securities Corp.
was

Senate

a

interest rate
.' This requirement

approve

may

Analysis

This

sale.

Engineers Public Service, it is an¬

announce

private exchange of
benefit of pub¬

for

provision that
'The Board of Tax Appeals shall

Al¬

the

the

other

without

bonds

;

subdivisions.

A.

proper

ratings

witnessed

in

issues

at such

dis¬

is

difference
011

in

.

.

tation system in El Paso and en¬ bonds or notes of such subdivi¬
origin of the foreign element
sion y. . whether matured or un¬
in the local population* virons and owns and operates the
American
halves
of
two
toll matured.'
The subdivision desir¬
Accordingly, the book should
bridges across the Rio Grande be¬ ing to refund under this bill shall
prove
of the greatest impor¬
tween El Paso and Juarez, Mexico. file an application with the Board
tance to dealers and investors
It conducts street railway opera¬ of Tax Appeals of the Depart¬
in municipal bonds as it shows
tions in Juarez.
ment of Taxation in Columbus.
;;
at a glance many factors that
El Paso Electric Co. is a sub¬
"Here again, then, is another
must necessarily be considered

standing

as

such

even

often

.

included

the




is the character

Also shown

etc."

manufacturing,

mining,

farming,

in

State & Municipal

24 Commerce Street,

January

Legislature,

the

'

this

if

words,

and

substantial

investment houses and
concerns

and

10%

down

were

the

Announces

other

division

a

bargain for its offerings.

Placements

nation-wide basis, Decem¬

a

collections

ber

45

such institutions oc¬
the "driver's seat," being in

a

:!=*'• ■V.'''

"In
passes

On

29

In

herein.'

collections.

ruary

predecessors,
has

Act, before exchanging them
bonds as provided

refunded

figures showing
monthly decreases in State gas tax
collections in comparison to col¬
lections for the same months of

offers

Like

of bonds.

blocks

for

Following are

from investment houses on sev¬

eral

States, however, is ex¬

Federation said.

Life
York,

New

accepted

recently

Bond

eastern

and

Metropolitan

the

is

pals

pleasure driving in the

December buying are
such
bonds
have matured
entry among "i reflected in these figures, also, the
; not, whether they are due

new

institutional

on

34%.

Selling

The

the previous months.

ing
ban

mately

nicipal credit in general hit an
all-time low, due to rather wide¬

in¬

nue and
H. Clyde Reeves consti¬
charge of the sinking or bond re¬
tirement fund of the subdivision, tutional a recently. enacted sta¬
authorizing
the
Kentucky.
nor
offered for public or private tute
among
sale as provided by the Uniform Department of Revenue,

which correspond to simi¬
lar decreases experienced dur¬

First

The
succeeded in liquidating National Bank of Memphis.
it
was
said, still
practically all of the desirable corporation,
holdings which it had accumu¬ holds $10,000,000 of the State's
lated during the period when mu¬ obligations.

December and Janu¬

for

36%

the

in

of

and

are

bid

be

cerpts from the article follow:

ary,

played a promi¬ previously-mentioned firm.
In addition, the RFC has also
municipal mar¬
ket in the early depression years disposed
of $4,140,000 State of
and, as a matter of fact, furnished Arkansas refunding highway
much of the action then in evi¬ bonds to the American National
role

municipal
proper

184, introduced Kentucky Taxation
Consequently, December buying
by Senator Walcutt of Franklin
was unnaturally low, as reflected
Developments Reported
County authorizes any subdivi¬
by the 32% decline in January
James W. Martin, of the Uni¬
sion simply with the consent of
collections
from
January,
1942.
'50%, in amount, of holders of versity of Kentucky, calls atten¬
Further collections for these States
two
Kentucky develop¬
bonds of any issue outstanding,' tion to
are not expected to reflect reduc¬
to issue to such holders new re¬ ments in taxation likely to be of
tions of this magnitude, the Fed¬
more than local interest, to wit:
funding bonds in exchange for
eration said.
The Court of Appeals, the Su¬
bonds
already • outstanding,
Fifteen of the originally-ra¬
Court of the State, on
'whether matured or unmatured,' preme
tioned eastern States reported
'And such refunding bonds need February 16 held in Thomas F.
vs.
gas
tax reductions of 25 and
Department of Reve¬
riot be offered to the officers in Burke

be recalled,

nent

the

the

carry,

the

"which

Senate

require

"Senate Bill No.

Municipal News & Notes

will

State

obtain¬

to

Ohio

agreement,

introduced

been

credence, and which is in
being revised before a
day of reckoning is brought upon
us
by another depression."
Ex¬

further the stocking up.

Cincinnati

Union Central Bldg.,

$i.oo.

Ohio

the

need

months of 1941, emphasize

same

v

Price SPECIALISTS IN OHIO MUNICIPAL BONDS

^Supplement.

lor the

is

J. A. White & Co.

$5.00, including

proper is

for

collections

from

have

measures

in

know

specialists

White, President of J. A.
White & Co., Cincinnati, in an
article carrying the above-men¬
tioned caption, observes that two

much

States for October and Novem¬

11%
Analysis

the

for

Price

should

A.

municipal bonds.''
"Both
bills," Mr. White says, "represent
a
philosophy of public finance
which
has
already
gained
too

ber, showing declines of 15 and

Ohio subdivisions.

vs.

to

rate

seem

terest rate that any such bonds

Ohio

collections.
for
these

figures

Collection

J.

Private;
Refunding

interest

It would

specialist

a

vs.

brought clearly to the
attention of holders and buyers of

November
down only 3%

were

Sale

Payment

should

De¬

reflecting

from November, 1941,

information with the Debt
give Composite Ratings for 145

for

then-unrationed

29

in

States,

San

the

bonds

in

'

11.

collections

tax

cember

this

combines

Supplement

March

issued

trators

city of 10,000 or more

of

Antonio Public Service Co.

motorists stocked up on

to which

properties

Public

States

for

January

having their first taste of motor
fuel rationing indicate the extent

OHIO MUNICIPAL BONDS

able.

the

collections of De¬

tax

and

cember

January

favorable

of

State's Gas Tax Collections
In December and

Thursday, March 11, 1943

$600,000

Buena

Vista

County,

Iowa.

$500,000

Cherokee

County, Iowa.

m

r

.Volume 157

*.,

<4

i

*.'..,1.'■

.V < r

.

4«>

ir

,v .m <H

in

»ma wu

a

iV»;

<

V-V r,V!**Y *■vIm '. 'i'f*.

,

Number 4158

'*} .V vl

•

»

\\

.

wm,../

"r

'T

vV-77v7- vT

it>

.

THE COMMERCIAL & FINANCIAL

UNION

CARBIDE

AND

AND
v, operating

in

q

t

i-iV.v

,i.'

-fr<

iw'"-i

<

nl

tiie

united

913

states

and

canada

SHEET

1942

31,

ASSETS

LIABILITIES
Current Liabilities

Cash

$ 55.472.658.57

United States Treasury Tax Notes
Marketable Securities (Cost

."Accounts Payable
Dividend Payable January 1, 1943...

3,495,354.99

Installments

within

due

one

17.260.557.30

6,958,341.00

...

year

Sinking Fund

on

Debentures

1,800,000.00

$ 45.670.865.29

Other Notes and Accounts
or

'

•10,000.000.00

:

Market, whichever lower).

or

Receivables (After Reserve for Doubtful)
Traill Notes and Accounts

Inventories (Cost
Note 2)

.'W "v

j

CHRONICLE

BALANCE

Current Assets

;

«i4<

SUBSIDIARIES

December

v

.f

j

CARBON CORPORATION

CONSOLIDATED
v

■>

7,188,300.21

.....

Market, whichever lower)

Accrued Liabilities

g 52,859,165.50

Taxes

(See

(Including Income and Excess Profits Taxes)....
$ 67.583.502.57
'......(i'.;.......;.-,..:,.....':,.U..220.000.00

Interest

69,969,770.36

Other Accrued

Liabilities

;...

' 2.058.987.38

,

Total Current Assets

Fixed Assets

(Cost

or

$191,796,949.42

.

less)

Land, Buildings, Machinery, and Equipment
Deduct—Reserves for Depreciation and Amortization

Investments

(Cost

Deferred Liabilities Under Government

$342,695,703.28

Companies in United Stales and Canada
Affiliated Companies outside United States and Canada

.......

$

1,717,436.60

202,061,727.94
Union Carbide

576.976.38

tember

3.392,994.42

Foreign Subsidiaries
Other

Contracts

140.633.975.34

less)

or

$ 95,881,388.25

Fifteen-Year, 2(4% Sinking Fund Debentures

Affiliated

69,862.489.95

Total Current, Liabilities

Carbon Corporation Due Sep¬

1953, After Deductinc Sinking Fund

1,

Installments Due Within One Year (as above)

20.931,322.33

Securities

and

of

802.140,52

25,703,433.65

24.600.000.00

Total' Liabilities

$122,198,824.83

.

Deferred Charges

Prepaid Insurance, Taxes,
Postwar Refund

of

etc.

Reserve

3,282,831.75

Excess

Capital Stock

Profits Tax (See Note 6)

Patents, Trade-Marks, and
Goodwill.....................

Postwar Contingencies (See Note 6)

for

3,780,687.87

:.

Union Carbide

of

and

10,000,000.00

Carbon

corporation—9,277,788 shares of

no par value
including 136,649 shares held by the Corporation.

not

$192,879,842.43

........

1.00

Earned Surplus.......
Total Assets

101.546.964.35

CONSOLIDATED

INCOME

$426,625,631.63

AND

surplus

STATEMENTS

•Ended December 31, 1942 'K' 'L'''r--■■■■,:,7
>r

>

'i-f

w

.*:■

income

;

:•'

:

^

.

$138,359,793.18

Eakned Surplus

•. j

Depiwiittloii and Depletion,,

£i..;.,.i......'..:.'.........

;.
..i

......

..

Net Income

-

$ 16.726,350.63

,

■;7,.77';7':7
4

'A

:77:;;v7-

:'

•'

...

:

r. •

r_66.4ll.220.19

1942............................................J......

•,!

„

$ 38,088,722.71

.v,mr

$ 31.369.410.58
at

December 31, 1942..;..,......

100,271,075.77

^

100.334.59

Reduction of Valuation Reserve-Securities sold dur- "'
"

1118

,

llle

$100,539,149.97

:■

Increase in Market: Value of Marketable Securities

„

include Postwar

not

/

■■■■

Amount Transferred from Net Income

.

811,844.11

l.......:..'........*..............

(Net Income does

-

16,210,661.84.

;
■

...

Income and Excess Profits laxes (See Note 6)

,

A '■.

January 1,

at

Deduct-

Amortization

r

77li&m0 :77urplus

Income

interest

294.426,806.78

$426,625,631.63

5C:,r

.

.

_

31.972.292.46

2";'"17'29

:

1

-

$132,511,442.43

.

;, i

ia

-

Refund of Excess Profits Tax in, the
of $3,780,687.87)

Deducts

-

amount
*

■

'

.

'

■

rx.

'

r

Amount Transferred

to

Reserve

for

"

Post-

,

■

to

Notes Relating
1—The principles used in
as

follows: v.\

■

Canada,

are

to

•*..
one

year

1912,

Past-Service

Annuities
3.131.114.08

;

December 31, 1942

at

have not been determined

are

departments

v

hundred per cent owned, and operate in the United States and

consolidated.

,

6—Income and

.......

30.964.478.08

-

$101,546,964.35

.....

prevailing rate at time of acquisition or
assumption.
—;
-.;"r; :
:.T'
Foreign subsidiaries, all one hundred per cent owned, are shown as investments. Only that part
of the income of foreign subsidiaries that was received
during the year as dividends is included

or

agencies

Excess

provision made therefor. The volume of direct sales to Government
small in relation to the total sales of the companies consolidated.

nor

was

Profits

Taxes

are

charged against 'income after reducing such taxes by tbe

amount of $1,111,000.00 which represents the Debt Retirement Credit
permitted under the Revenue
Act of 1942. No deduction has been made from such taxes for the Postwar Refund of
Excess Profits

...

Current assets, deferred charges, current liabilities, and
earnings of Canadian subsidiaries con¬
solidated have been converted at the official rate of
exchange. Other assets and liabilities of Cana¬
dian subsidiaries consolidated were converted at the

i

Earned Surplus

..

$ 2 4,833,364.00

Employees'

on

Financial Statements

\
are

;

,

Under Retirement Plan

r

$ 31,869,410.58

preparing the accompanying consolidated statements for the

All subsidiaries that
;

6,219,312.13

Surplus

.

.

_

Payments

,

Contingencies (See Note 6)..,

war

.

.,

Dividends Declared

-

-

Amount Transferred

y

■

,

'

Tax in the amount of $3,780,087.87 and consequently this amount is not included in net income.
The
Postwar Refund and $0,219,312.13 transferred from net income have been used to

>

for postwar

provide

contingencies.

:

;.

..

.•

a reserve

'y/W-v/

1..

in income. Unaudited reports

covering less than a full year indicate that the income of companies
paying such dividends will exceed the amount of dividends paid.
"

''

.

|

■.

.

Affiliated companies, less than

one

hundred per cent but more than fifty per cent owned, are

also shown under investments. The equity in the net worth of some of these affiliated
companies
carried in investments at $2,974,287.94 increased $1,104,905.93 between
January 1, 1938 (or date of
acquisition, whichever is later) and the date of latest unaudited reports received. Of this increase,
$438,921.04 is applicable to the current period. No reports are available for 1942 for the

3—The Trustee of the

Savings Plan for Employees holds Collateral Debentures of Carbide and Carbon
Management Corporation secured by 178,275 shares of stock of Union Carbide and Carbon Corpora¬
tion under plans for employees. As of December 31, 19 42, the assets held
by the Trustee amounted
to $11,185,902.81 and the unpaid balance of amount
borrowed by the Trustee in connection with
the purchase of debentures was $1,300,000.00. Union Carbide and Carbon
Corporation has agreed

to maintain the assets in the Trust Estate at

an

amount sufficient to

repay

the indebtedness and

permit the distribution of the Trust Estate to the persons entitled thereto.

'4—Payments

v

relating to years prior to July 1, 1937,

were

made to insurance companies in the maximum

v

1

11

Union Carbide

.

/

.

-'f.y

the

purchase of Future-Service Annuities

were

charged against income.

5—The applicability of the War Profits Control Act and the effect, if any, on the financial statements




•

••

'

'•

.;

;

.

We have examined the balance sheet of Union Carbide and Carbon Corporation and its one
.hundred per cent owned subsidiarlesUiperating in the United States and Canada, as of Deceniher 31, 1942, and the statements of jppome and
surplus for the year then ended, have reviewed

detailed audit of the transactions','have examined or tested
accounting records of the comother supporting evidence by methods and to the, extent we deemed
appropriate.
was not practicable to confirm receivables from United .States Government
agencieies, as to which we have .satisfied ourselves by means of other auditing procedures, our exam¬
a:

tyhnies and

;

//Except that it

"

ination

was made in accordance with generally accepted auditing standards applicable in the
circumstances and includecPall procedures which we considered necessary.
Subject to the omission from income of postwar refund of excess profits tax, which, we be¬
lieve, constitutes a proper addition thereto, in our opinion, the

accompanying balance sheet and

related statements of income and surplus present
fairly the position of Union Carbide and
Carbon Corporation and its subsidiaries consolidated at December
31, 1942, and the results of
consolidated operations for the year, in conformity with generally

accepted accounting prin¬
ciples applied 011 a basis consistent with that of the preceding year, except as to the method of
valuing inventories and determining cost of sales as explained in Note 2 of notes relating to
financial statements. In our opinion, the methods adopted for
valuing inventories and deter¬
mining cost of sales are in accordance with generally accepted accounting principles.

amounts

acceptable to such companies to apply toward the purchase of Past-Service Annuities
under the Retirement Plan for Employees. These payments were charged to
surplus, Payments for

report

a\d Carbon Corporation :

i(the system of internal control and accounting procedures of the companies and, without making

2—The Corporation has elected to change its method of valuing inventories and
sales by the adoption of the "last in—first out" method with
respect to all

;:

"

.

:

remaining

t

.

•7

affiliated companies carried in investments at $995,082.80. The consolidated income does not include
any part of the undistributed net income of affiliated companies.

determining cost of
inventories, other than
supplies, of United States subsidiaries. Inventories, other than supplies, of Canadian subsidiaries
have been valued on the "average-cost" method heretofore used. The effect of the
change has been
to decrease inventories and increase cost of goods sold by
approximately $2,270,000. As in previous
years the value of all inventory items has been adjusted to .cost or market, whichever lower. The
amount of such adjustments was negligible.

auditors'

_

i

.
.

New York, N. Y., March 6, 1943.

,

HURDMAN AND CRANSTOUN

'

Certified Public Accountants

& FINANCIAL CHRONICLE

THE COMMERCIAL

914

We

Savings And Loan Associations Repaying
*
Govt. Loans Far Beyond Requirements

offer, subject:

$250,000

CHICAGO, 111.—Savings,

Province of Ontario

which have been invested in their share accounts

move

tions

3.

113.25 and interest, yielding

have
the

of

As

Wood, Gundy & Co.

ment

invest¬
$273,000,000 is still
in use by these

r

•

ment of

Teletype NY 1-920

"

thrift

and home fin¬

CANADIAN SECURITIES

tutions.
Morton Bod-

fish, executive
;-.y.ice president
of the .League;

learned the "bad news" for their fiscal
At the start of the new fiscal year on April 1 they
to a monthly pay-as-you-earn basis.
Individual in¬
for the new year have not been raised but the shift

Canadian taxpayers have
will shift over
tax rates

come

to

the taxpayer's total bill.

current basis will increase

a

explained that

.

beginnin

The increase

with

months' of last year's taxes which were not forgiven,
"telescoping" of

months'

fourteen

the

into

taxes

In the lower and
this will
increase
of
approxi¬

fiscal year.

new

income

middle

an

mean

groups

jump
conclusion that Canadians

1

are

doubtedly be
rowing

of

tak¬

highlights of their
the means they
are
applying to meet it.
Since
September,
1939, the Canadian
Government has spent $9 billion

figures.

Canada

estimated

million,

or

This

Corpor¬

The statute authorizing the
investment

ernment

principal
retired

the

should

until

be

after

associations

The record is

npt more than 10%

total

amount
one

of

should

whatever

the

funds

available

asked in

be

as

■'

'•

BY

COVERED

-V,.

:

OF CANADA'S

•

REVENUE

Percent

Years Ended March 31

86.9',*

1939

by 10th

from 1st.

earn

interest
With

STANDARD

ftiade

be

time,

the

asso¬

invest

funds

the shares

in

ciations have

stepped- up their re¬
payments, far beyond the rfequire-

AND LOAN

./

ployment

in

the

to

of the

em¬

building

He predicted that the bal¬

trades.

of these

ance

home

investments

Childs Will Not

held

the

would

tions retired

voluntarily $35,000,direct. investments of

000

of

the

Treasury in their shares.

the

that time

by

a

At
had been sent

message

Roosevelt

President

of

the

funds -in

strumentalities,
and

loan

The

the

gested

ernment

no

in

which

an

even

more

rapid

forthcoming if the Gov¬
agencies in question fa¬

cilitated such payments in months
other' than the two immediately

re¬

that suggestion;

had

that

would be

in¬

in

bulletin

retirement of such investments by
the savings and loan institutions

savings

was

League

the total January repayment was
announced to the members sug¬

the

to

Government

and

retirement

sponse; to

course,

Quit

Street

Ml-2331,

•

Buy War Bonds'tjiete

theV assObia'-;

of 1940

Spring

Angeles

following dividend periods.

relation to politics.

J

:,

.

j

An editorial entitled "Salute to
Fighting Men" says the sup-,

"Now you're asking me to look

Our

into the crystal glass

Comptroller

from

Comptroller."

inviolate

Olive

South

Los

Mn .Bodfish pointed out that in

Senate outlining the possibilities
community home lending institu¬
of $700,000,000 additional cash in
tions in order to expand home
the Treasury by reducing some
lending facilities rapidly in the'

mid-1930's and thus increase

ASSOCIATION

735

the

page

office

L

907
of

City

answered;
run

position,
judges

t...

,

far too soon," plement is issued' "as a small
besides, I've token of gratitude to - the men
the fel¬ whose
guns
are
blazing from
lows just elected me without op¬ Africa to the South Seas and who
he

never

as

on

"and

for that office;

the

our

voters

elect

the undoubtedly

bench without

in

the

not

too

smashing at Hit-'

ler's citadel and the stronghold
the Sons of the
'"For

amid

forts of

our

the

Home Insurance Co.

Issues

will

distant future be

op¬

we

Newspaper For

the

moment

one

the

are

—

loved

ize

ones,

forget
sailors and

defenders

our

homes,

ofj
our

freedom—wher-i
And we fully real-;

our

you are.

that

the!

restrictions;

soldiers,

—

America, guarding

| ever

com¬

under

"even

rationing

you

marines

countless

fortunate land," says

do not for

that

of

Rising Sun."

editorial,

necessary

Our Forces Overseas

EXPENDITURES

Funds received

of month

Treasury
can

this

at

protect you. Liberal income
too.

of. the

the

In

year,

supplying

each account to $5,000,

and

years,

then

•

follows:'.

sound

been in

it had

five

of

have been met

costs

ample reserves,
underlying security,
plus federal insurance for
agement,

asso¬

of the
asked. to be

51.0

of all her

than 60%

revenue.

1940.

Gov¬

the

in

ciations provided that none

were

authorized

Race For

Municipal Bonds

standard of
safety for your savings,
Strong, time-tested man¬

twelve

next

66.4

more

budget

PART

Experience (particularly

the

"So you do not expect to with¬ position, and as I think the voters
Co., Union Cen¬ draw?" was the next
inquiry. WW-# should elect a man to succeed the
Building, Cincinnati, Ohio,
"No, indeed," the candidate an¬ late R. Walter Graham."
specialists
in
Ohio
municipal swered. "When I was
appointed
bonds, announce the publication
deputy comptroller by Comptrol¬
of "Composite -Ratings for Ohio
ler Thrift in 1910 I used to liter¬
Municipal
Bonds,"
supplement
ally sleep with the city charter
No. 1 to White's Analysis of Mu¬
under my pillow.
I am now re¬
nicipal Bonds.
viewing
that
most
interesting
The Analysis itself shows, for document and also
the book of
every county in the United States
appropriations for 1943, which, as
and for every city of 10,000 or
Dedicated to the armed forces
you know, was first issued in its
more population the relative
im¬ present form when I was deputy of the United States and the 35%
of ; its
men
portance to such county or city comptroller of the city."
employees who are

splendid record of war financing.
war

securities

in

J. A. White &

budget will force
in Canada's

record

out of

Government

in

off

tral

relaxation

To date

investors

t he

ation

Morton Bodfish.

Ohio

46%

have to be met through borrowing.

some

tax rates for

and

-

Loan

Continued

The balance will

of this amount.

our

gets

paid

meets every

g

Home Owners'

Composite Ratings For

Taxes will raise an

$2,527

Congress

of both.

spend

to

proposes

overall

experience during the
Thirties) supports the copy book
maxim that "willingness to pay"
is just as important as "ability to
pay."
Canada's record of war
financing bears striking evidence

penditure, 87% has been for direct
war
costs.
In the coming fiscal
$5.5 billion.

present

American

and

—roughly equivalent to $100 bil¬
lion for this country. Of this ex¬

year

un¬

the

be

the

lat er-

nar¬

there is vital significance in these

review the

budget

will

American

For

Canadian

to

there

considerable

a

,1934

Treasury

and

1943.

ing the "easy road" in financing
their war effort it would be well
new

$119

when
setting

around to

the

to

Americans

Lest

by

However,

$219.

"spread"

mately 10% to 15% in their effec¬
tive tax rates for 1943-44.
■

Americans

parable.

Standard federal

of

•

•

represents two
resulting in
a

55%

coffers

war

any

insti¬

ancing

By BRUCE WILLIAMS

1943-1944.

Sam's

months.

Govern-

-•*w

•"

peak

the

local

year

Uncle

month

the

of

.

7 -a

Street, New York

into

-

of

first

$121,000,000

only

Incorporated

Bell System

retired

now

investments.

sucn

ail

14 Wall

the past nine

over

The United States Savings and Loan League, announcing this
in a bulletin just received by members, said that the. associa¬

years.

Price

building and loan associations returned
in January some $43,000,000 of the funds

to the Federal government

Bonds—due April 1, 1952

5%

Thursday, March 11, 1943

however

much

we

may

contribute
here
on
the
home'
services, the
front, our tasks and sacrifices are,
1942
51.2
Home
Insurance
Company
has
Mr. Childs continued.
"I have the
1943—49.4
insignificant in comparison with
how well or how poorly diversi¬
1944 (est.) 1——
utmost confidence that I shall not published an eight-column stand¬ those
45.9
you are making on every
fied is the manufacturing; how
ard-size
newspaper,
"Overseas continent and on
lose in the primary by reason of a
every sea.
By contrast, it is estimated that important the foreign element is;
Edition—News From Home," con¬
majority of the registered Demo¬
"All
over
the
world
people
United States Government expen¬
from where such foreign element
a
general
roundup
of have faith in
cratic voters voting against me. taining
you—faith that you
ditures in the 1943^44 fiscal year
comes.
The Supplement combines The
news
and
events
here. in; the will win
only way I can lose is by a
as
win you will—faith
will not be met by more than 30%
this
information with the
debt
United States so'that the men in
majority of the registered Demo¬
'that at the war's end you will
out of current revenue.
burden and other factors to give
cratic voters not going to the polls our fighting forces overseas can lead in
building a livable world
After living through ten years
composite ratings for 145 Ohio at the primary election and not keep in touch with what is taking
of peace and safety and freedom;
t-.40f New Deal financing, Americans subdivisions.
'
'
place at home.
' ' "
voting at all on April 6."
We at home will do our small
could be pardoned for assuming
Feeling that no single publica¬
Price for the Analysis proper is
"Are you against the organiza¬
part in keeping that faith alive
that some kind of "fancy book¬
tion?" The questioner now frankly tion in the United States quite and
$5.00, including the Supplement.
shining." !
11
keeping" was involved in Canada's Price for the Supplement alone is thought he had Mr. Childs out on does the job of presenting the
record.
However, that is not the $1.00.
over-all picture so that boys who
a limb.
Copies may be obtained
case.
Canadians have simply fol¬
from J. A. White & Co.
"No, indeed," he quickly an¬ may not see an American news¬ Hill Thompson Offers • :
lowed
the
prosaic but proven
for weeks or months on
swered.
"How could I be?
In the paper
Dealers News Service
method
of
notching their belts
end will know what is happening,
first place,, my middle name
is
tighter and tighter in an honest R. H. Goodwin & Co.
Hill, Thompson & Co., Ind, 129
Talbott, for old Fred Talbott, 'Just Harold V. Smith, President of the
effort to meet a rapidly increas¬
Home Insurance
Company, con¬ Broadway, New York City,, be-j
for Congress'
Talbott, perennial
Formed In Houston
cause
ot
the shortage" of man¬
ing vital need.
Congressman
from
Baltimore ceived of the the overseas edition
__

1941—

'

farming, mining, manufacturing
railroad shops or resort business;

.

"Let

give

me

you

paradox,"

a

now

in

the

armed

.

■

•

how

Just

seen

from

this

far

has

process

a

notching

up

been carried can be
comparison of United

States and Canadian individual in¬

The following il¬

tax rates.

come

lustrations
effect for

based

are

on

rates

1942:

in

MAN

WITH

WHO EARNED
,

Income

Taxes

Compulsory
Total

NO

DEPENDENTS

$3,000 IN 1942

United States

•

—1;

pavings-

'—j—

V

$324

Canada
$584

•

300

—

'

$324

$S84

;j." !■/'.<■

&

offices
to act

Co. has
307

at
as

been

formed with

Esperson

Building,

dealers in municipal and

corporate bonds, investment trusts,
and over-the-counter stocks. R. H.

county.
"In
was

as

*

the

place, in 1911 I
appointed deputy comptroller

when

the

a

,

second

ofganiaztion,

Fashioned

'Old

the

Adminis¬

Democratic

unique

morale

of

contribution

power

the

to

in

the

securities

industry

have at the request of many deal¬

fighting forces.
It
produced under the direction
of Kenneth H. Dunshee, the com¬
pany's public relations director.
Headings such as these suggest
the type of news in the publica¬
tion,,- which
is - illustrated-. with
our

ers

was

instituted

ers

only.

interested

a

new-idea

They

will

dealers

a

for'deal¬

furnish

to
of

supply

memorandums on special Situa-;
tions
without
their
imprint
SO
Mayor,
by a
that the
dealer : may
affix „ his;
firm. Mr. Goodwin was
none-to-comfortable m a j o r i t y.
"Ra¬ own name for distribution to hisi
associated with Geo. V. Rotan Co. These were the days when the drawings and photographs:
customers.
Currently they have
for seven years.
'Roya 1 F a m i 1 y,' John Mahon, tioning Comes to the U. S.: A^"
a v ail able
memorandums* on;
'Frank' (The) Kelly, 'Paving' Bob "The Great Dim
Way,'U."U.; S.
Quaker City Cold Storage; first
Padgett, and: Dan Loden were at Farmers Ready to Feed 'Em for
their zenith, immortalized by Mc- Freedom," "Nation Clicks Ahead mortgage 5s of 1953 and Amer-4
N. Y. Stock Exchange
r
—But. Many - Changes in the Old ican Business Credit Corp. class
Kee Barclay's famous, cartoon J'.
Goodwin

_

'

1

MARRIED

HOUSTON, TEX.—R. H. Good¬
win

is-sole proprietor of

the
formerly

Weekly Firm Changes

tration,' elected James H. Preston,

'Dashing

Harry,'

"A"

stock.
Others are in prepara¬
Town," "There's ' A Good
''' '
T
Coming,"
"Some
Letters tion.
',
' '
*
i
WHO EARNED $5,000 IN 1942
from the Boys," "The World of
/
v
UnitedStat.es Canada
quired.
'
i
•*'- Sports,'' and "This Is America." ; S. S. Lewis Co. in N. Y.
Income Taxes
$592
$1,062
j
i n c 1 u d e'
Frank
James
C. Ward retired from
"If the office runs for me," Mr. Contributors
Compulsory Savings,,
600
Sydney S. Lewis is conducting ai
Graham of the New York "Sun";
"I'll' slow
partnership in G. H. Walker & Childs insisted.
up
Total
$502
$1,662
Co., St. Louis, Mo., on Feb. 28.
enough for it to catch up with me, Willard Mullin,.cartoonist of the general securities business from
York
"World-Telegram"; offices at 250 West 57th Street,;
Privilege of Albert B. Tompane and, using Mr. Dickens' immortal New
\
The Canadians in the above il¬
to act as alternate on the floor words, 'Barkis is willin'."
Win.
T. Cobb,
•
farmer editorial New York- City under the firm
lustrations will have maximum
"Will you run for a fifth, term writer on the "Wall Street Jour¬ name of S. S. Lewis Company. - Ih
^"additional tax burdens this year of the Exchange for Harry I.
former the past' Mr." Lewis was in busi¬
of $110 and $239, respectively. The Nicholas, Jr., was withdrawn as as president, of the1 Advertising nal"; - Stirling:. Bowen,

•;

MARRIED MAN WITH TWO

•

•

•

f

DEPENDENTS

■

The New York Stock

Exchange
has announced the following
weekly firm changes:

"Why

should

a

man

of

your

many interests and activities run
for public pffice?" the reporter in¬

Home

Time

•

*

^

-

_

-

5% Victory tax has increased

the

maximum 1943 taxes of the com¬




of

March

Benton &

4. Both

are

Nicholas.

partners, in

Club?"
Childs

was
was

the last question Mr,

asked,

which,

of

dramatic

critic,

and

Camp, feature writer,

Dave
.

;

;

De
;

ness

firm

in New York under the
name,

\

'

'

•

,

same
,

•

Volume-157

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4158

Program To

•''*

'I'

This advertisement appears as a matter of record

And Monetary

offering of these securities for sale,
-

The

;

both here
DAVID E. WILLIAMS
and in Britain, and the most we
President, Corn Exchange National
can do is to get, the best possible
Bank & Trust Co., Philadelphia
managers..
;/•;■ •///,';/$
Dr. Spahr's views coincide with
iThe real danger, in my opinion,, mine in that the
huge national
lies in the huge volume of cur¬
debt'should be paid off in terms
rency and bank deposits already
of present dol¬
in the hands of the public, and
lars.
managed

the end of the

It

the

is

there

of.

"debt
at

kind

strictest

control

would

have

partially

government

be

to

honestly,

ble

im¬

►

the

not

is

dollar

of

amount

to

■':* f

-.4-

Price

be; sold to

the

covery

help
from

re¬
our

present"/ situaT

de¬

Copies of the Prospectus

-

valued.

'

David

FRANK. F. BROOKS
/ v/! President,
:Vv"-::

of

There

g'oing.
sions

the

>

so

this

about

post

war

-

and

economy

where

we

are

totals.

?.

That

increase

be

may

*

LEHMAN BROTHERS

self

the relative

any
man¬

to

permit

ear

1 y

read¬

actual reduction in

an

"////HENRY
Chairman

the thresh*

H. SANGER

of

the

■

;/

•

^

Bank

of

article by developing that line of
thought. ':/// /'■//.//;;/.

Board, The

Manufacturers

tiers) for instance, post-War po¬
tentialities. in the field of housing;

National

1

Detroit

justment*-;

pe¬

riod will be left

largely to the
bank¬
ing system
private

-Prank

P.

Brooks..

-

and

al-

t

n o

lowed

-

to drift

..

,

terfcst

practical

way

problem

that-presents

.

;v * B:

public-,

J

RAY MORRIS;.

a big job on its /-A"
I}, personally believe

■

■■"■'V;

;>

am

that it will be up to us all to keep

kind of continuous employ¬
ment for the thousands working

Dr.

zii

industrial

today
the

well

as

armed
of

tion

their

service,

.

whom

millions

good

a

in

nancial

shortly

is

tion

! "a

the

,

;///'.//. //j/v ///./:

,//

We must not think of

the

value

this

of

our

...

louis- sieber

:

Vice-President,

John

Wittbolcl

&

Co., Chicago /
-In

issue-

your

of. March.

14,

1943, Dr.- Walter :Ei Spahr, in his
headed -'Program to Sal¬
Fiscal

vency"

and

in

clear

inter-/

the; lan"-'
seems

"imp 1

debt

y

.

a

.>

without

'maturity/ But
because of the

Ray Morris

;SW

issuance

of

WITT

BARLOW

D.

Dr.

/Not being
should

^ I
opinion

on

posal" to convert all

"

an econ¬

not

it.

be

me

as

(I

never

like - the

Consols) strikes

studying.

existence

Treasury

un¬

other.

I

can

see,

to

have

in

large amount of short

a

to

British

one

worth

paper

of

one

Perhaps

Dr.

sort

or

Spahr

an¬

be.,,:if each taxpayer pwned the
e.xa£t .proportion of the total bonds
that

his

debt

service/ it is obvious that the

bear

to

the

total

.in¬

transaction would wash. He would

developed thoughts I have enter¬

cludes this* in his program/T can¬

tained

not

get back ire-interest and principal
exactly what he paid in taxes.

on

this;

time, -:\.v '
.

,1

and

••

.

believe
be

support
program

a

as.

some
;

for

the

concerted

made

a

for

•/! /

grateful

am

should

subject

fiscal

to

article
effort

promote

and

and

monetary

outlined by. Dr. Spahr.




the

quite-tell from the language.

Without

a

large volume -of -short

prime bills1 of
available for
should

think

depreciation

sort:

one
use

or

another

by the banks/1

problems
of-the

would affect them

of

does not prevail.

"Consols"1

profoundly.

So it

seems

to

plan.? would

depend

I have
on

the

no

on

the

dis¬

ownership.

doubt that he has data

subject

and

I

should

be

glad if he would-supplement his

in

this

necessarily at

of

coincide

not /a

with

Of

ex¬

to

"urge

solution

to

debt
the

those

any

of

the

Treasury

that

the debt is to

and

never

will

be

have

off, it is likely to be

permanent

to

be

paid

much
larger than if it is assumed that

some

fg;/ Bill Offering
Secretary of the Treasury Morgenthau announced on March 8

that
tenders for
$700,000,000 otL
is altogether too
91-day Treasury bills to be dated
If the idea gets abroad March 10 and to
mature June 9,

very

1943, which were offered March
1943, were opened at Federal

5,

Reserve

Walter

Whyte

of

approximately

//^

highs (130) to
the stocks you

have to go under the stop
prices given here last week.

approximately

Average
lent

price,
of

rate

discount

mately 0.371%
(9%
the

99.905;

per

price
was

a

Whitehead

whether

on

March

a

10

$504,821,000.

Franklin

Fischer, partner in

& Fischer,

New

York

firm, died
at
Orange General Hospital.

East

investment

*

they look lower.
something
may
happen that may change the
picture. As I have no way of
knowing what this change
and

of

at

H. F. Fischer Dies
H.

Today

be

amount

for

accepted.)
maturity
of

was

certain about markets.

will

approxi¬

of the amount bid

low

There

in

equiva¬

annum.

similar issue of bills

Tomorrow

0.376%

per-annum.

Feeling this way, you may
wonder why I advise holding
for the/Stops instead of get¬
ting out here and now. The
answer-' is:
there is nothing
*

0.277%

annum.

Low, 99.905; equivalent rate of

Continued from page 909

sj:

follow:

Range of accepted bids;,
High, 99.930; equivalent rate of

discount

about 124, and

5.

issue

$1,382,297,000.
accepted, $705,256,000.

discount
per

Says
from its recent

March

this

Total applied for,
Total

Tomorrow's Markets

banks

Details

day it will have to be paid

Naturally, this ideal distribution
me/Lhat the effect of Dr. Spahr's

expressed

not

problem"

inviting.

'

tribution of bond

price

ultimate

-

taxes

do

They are presented as
those of the author only.]

as¬

.

as <

views

article

national

our

that/means bonds

redeemed,

ex¬

His pro¬

debt; into permanent bonds
sume

e

peimanent

a

r.'Banner

'^ari

debt

Spahr's article

omist perhaps
an

[The

in
t

program.
am

national

Co., New York City

press

a

Thursday.

—Walter Whyte,

/

Chronicle.

that

/

with interest.

More next

//://:/.;;/

pert, but I feel

or

/ ":T have read

d i

/ monetary
Henry H. Sanger

President/Atlantic, Gulf & Pacific
•:

say

am

paragraph

uncontrolled

DE

stop 59; Superheater, stop 15,
Steel, stop at 51.

and U. S.

time

1

The effect would be, of
characteristic
fact that the American acceptance! course, to ease the tax load enor¬
But how much difference
market has never been developed mously.
The debt is all
to a point where it provided ade¬ does that make?
owned - domestically, and looking
quate-flexibility, for the changing
at the/nation
as
a
whole, debt
daily positions of the banks, as the
service is only taking money out
English bill market used to do, I
of the right-hand trouser pocket
Should think that, mechanically,
and/putting--it into the left one.
it1 ;would - be/ necessary,
as • -far' If the' debt were ideally owned,

and

language the

low

a

consolidated

ahead:

Monetary .. Sol¬

expressed

understandable

(iand

I

m me

-his

,

article
vage

of

I very

'dollar

the I

into

est." As I read

to

move

construction, period.

of

guage

and

should only be made
last and desperate result to
correct
a
situation
that I hope
will not prevail during our re¬

at-

this,

•.

a$ a

t

"•

deflating

currency

a

b"t

e

permanent

>,

rate

called infla¬
several ■years
of high

prices.

d

e

the

can't

Air Re¬

duction, stop 42; Bethlehem
Steel, stop 59; Goodyear, stop
28; International Harvester,

with the fourth

be

end

to

repeat then below.

agreement

devaluation of

one

commonly

or

i

much fear the

/funded

necessarily have to be done at the
expense of a certain amount of
what

I

fi¬

will

war.

facts

that

con¬

the

the

to

thepublic'sat-

t

by

d

e

/solidated

• por¬

after

dition

bringing

tention.

as

Of course, this will

over.

0 u

greenbacks."
7 should be con-!

will; be receiving

discharge
is

war

the

as

h

b

ernment's

at

thought t h

ft

establishments

a

Spahr
doing
a
service

these

the

Spahr's

-

great
in

to

what the Gov¬

a) l i t t l e

p uz
*

some

our

are
-

who

„

be¬

and Dr.

under stand

little,

But I

/ ageable.

the wheels turning over and find

in

-

there is only one thing,
do—keep positions so long
as
stocks- keep their heads
above specific levels.
If you
come,

don't know what these are, I

thought

"Chronicle"

am

is

educate

itself/;.///

has

and

and

and

Boston

the

-

every

man-

■

with

agree

Hide

hind the article and feel that the

.sides to the question/ but I thoroughly in
agree
with Dr. Spahr- that /'the; accord 7;. wi t h
public
should
beinformed,ihv his" views.! The

i ;■
' j.. i 1
Partner,- av
"
ing agencies that are already set Brown Brothers Harriman> &VCo.
up and slowly but surely making
./ Perhaps I can best summarize
decided inroads on the capitalistic
my comments; by saying that/I
system as a whole.
am sure the debt so far is

Industry

I

Co.,

many

into the many governmental; loan¬

hands

American

Leather

;

i

Bi/y/

CARL F. DANNER

President,

I have read

with much in- '

The. whole question presents a
tremendous problem and there are

.-

GLORE, FORGAN & CO.

„

March 9, 1943

Dr/Spahr's article,
other than Of consumer
demand,and dn- fof--: "Program" to-! Salvage Fiscal and
to .say that; I
eign trade, would seem to present M o n e t ar y
"
/■
hope the' refi¬ great economic
opportunities,
'pff l v e 11 cy" <
nancing of the
ner

.

debt-burden; but-also;

old: of v important economic, ftoii-i"

in

State from such of the several Underwriters,

of

.sufficient; magnitude- not only to
effect; a substantial reduction irk

be

definite

any

lawfully offer the securities in such State.

the channels of international

led that .the amount of debt.
I
hesitate - to
Certainly, we are on
commit my¬
to

as may

released

are

agreements program,; na-r.
tional income should experience a
substantial increase over pre-war

time

present

he obtained in

may

including the undersigned,

forces

trade

of

way

if the dynamic

trade reopened under a reciprocal

much
discus¬
country at: the

the

across

,

;

.

in

be

to

appears

on

My further be¬

private enterprise

and

First National Bank of Pittsburgh
-

Williams

E.

lief is that

B|§1

103%% and accrued interest

investor,; it

would

frailties, but unless we get it,
will be inflation of prices,
or

Dated March 1, 1943

tt.-.r".*

there

whether

•/

possi¬

obligations
in a long-term
negotiable form

order, taking due account of hu¬
man

y+'Z'Ki w',.

/,

j

-i ts

This is admittedly a large

istered.

in¬

-

rate,:, the

greatest

admin-,

efficiently

and

-

////Twenty Year 3% Debentures, due March 1,1963

"issue,

low

terest

fiscal
policy,
banking. and
monetary
policy, "and the distribution of
goods and services.
Such control
of-

$6,000,000

the

could

and

a

Vftr-mf'

r.

consolidate this

inflation,

This will' mean

if

"Treasury
•

produce,' perhaps for- several

unless

as art

of such securities.'

any

~r:~:
f"s -V-

to

seems

that

me

The

public will
be able to. buy far more than we

can

circumstances to he construed

Philip Morris & Co. Ltd., Incorporated
W

and for some

war

thereafter.

years.

no

offer to buy

an

currency,

which will continue to grow until
time

only and is tmder

solicitation of

offering is made only hy the Prospectus.

(Continued from first page)
of

or as a

It is understood that plans now
for the investment business

call
of

Whitehead

&

Fischer

continued at 44

under the firm

name

to

be

Wall

Street, New
York City by Louis H. Whitehead

it. will Whitehead Co.

of Louis H;
:

'

-

Thursday, March 11, 1943

FINANCIAL-CHRONICLE

THE COMMERCIAL &

916

time

N. Y. Chamber Of Commerce Recommends

Prices

Trade

and

-

Board

Dominion of Canada.

the

'

of

1

7

agencies of the two gov- '
ernments have agreed on a $4 in¬
crease at this time.' However, on
"The

Steps For Solving Nation's Manpower Shortage

of Commerce of the State of. New York made the strong representations of the
March 1 a report from its Special Committee on Man¬ Canadian
Government
officials
power Legislation, of which Gilbert H. Montague is Chairman, out¬ that
$4 does not fully reflect the
lining recommendations to help solve the nation's manpower short¬ increased costs of the Canadian'
age.
The report which»was approved by the members of the
industry, it was further agreed by <
Chamber at the monthly meeting on March 4 summarized "present
the two «agencies that •• the
in- \
•conclusions" of the-Committee and $
crease,
which
is
substantiallyThe. Chamber

,

public

on

stated

"it is not to be

that

con¬

respect as final." V
ultimate solution of the

strued in
The

any

Telegraph Merger Bill
I
Signed By President

smaller

has

than

been

requested

Government,*
would not prejudice further re-.
view
of
the
price situation as
between the two agencies on a
by

the

Canadian

throughout the country
will be a composite 7 The bill to permit the merger
varied plans, the re¬ of the Postal Telegraph Co. and
subsequent date.
port ;'said, adding that it is the the Western Union Telegraph Co.
"According;; to 7Prentiss
Committee's present thought that was reported signed by President
problem

undoubtedly

of many and

*

a

solution

cannot lie in any

now

legislative plan.
Emphasizing the importance of
the manpower shortage in rela¬
tion
to
agriculture, the report

one

BLENDED

,

M.
Administrator, the
advance is necessary because the)
gressional approval came on Feb. newsprint industry can no longer
;
22 when the Senate, by a vote of absorb the
increased costs which
Roosevelt

42

Final Con¬

March 8.

on

Brown,

Price

to

17/ adopted the conference war conditions
have 7 brought *
report,
which the House had about.
Wopds /. operations'. and ^
made five recommendations which
agreed to on Feb. 19.
7;./-;77 ? costs of transportation hav.e risen, •
would not require legislation:
Under the legislation, a consol¬
find water-borne shipments, have »
"IS Stop drafting men from the idation of • the two companies, is
decreased, with the result that'
farms into the army and into war permitted if they reach an agree¬
the newsprint, industry's position
ment to which the Federal Com¬ has deteriorated further.
plants..'
?
Nine of
"2. In the peak seasons of plant¬ munications Commission assents.
the thirteen United States news.

.

60% GRAIN NEUTRAL SPIRITS.
WHISKEY, 86 PROOF.SCHENLEY DISTILLERS CORP., N.Y.C.
RESERVE,

ROYAL

SCHENLEY

,

.

.

j

ing and harvesting/furlough men As approved, the bill carries job
print manufacturers are operating
who have been drafted from farms security provisions for employees
at a loss.
7/ ;
so that they may return and com¬
affected by the merger. j -" 'Newsprint- is/one of the few *
The Senate first approved the
plete the farm work of the season.
major commodities that has not:
This would apply, of course, only bill on Jan. 25, by a 70 to 10 vote,
increased,, in price since the war
tb men still in th$, United States.
and the House passed an amended broke out in
1939,' Administrator"
"3. Import
farm' labor where measure on Feb. 10, by a stand¬ Brown
stated.. 'Ever since that
possible.
/-■ -777777 v:-./ ing vote of 201 to 56.
Rme, and even m,ore in the past:;
"4l Recognize - that while to a L In
Associated r; Press: accounts
year,.newsprint transportation and
great extent- farming is now a from Washington Feb. 22, it was
production costs have risen sharp-.
mechanized undertaking requir¬ stated://;-':7■'? - ■:"7 7i:47::'777
77 ly with the result that a large.
ing men, nevertheless much farm ; Senator McFarland (Dem.) of
Segment of the industry is losing
work, particularly harvesting, can Arizona told his colleagues that
money on every ton of newsprint
be done by boys under military the .Reconstruction Finance Cor¬
delivered, while the profits of'
age and
also by girls of high poration
had
advanced - about those companies which still are
school age. '
7/,: >7. t;/
.»-7 v/ 7 $9,000,000 to keep/the Postal go¬
operating in the black are shrink¬
"5. Enlist in solving the prob¬
ing, and asserted that the com¬ ing rapidly.
*
'/
.

Sgi 7

"

THRU

WM

T
:

7/7, i-A 7

7... 7:77 By-BILL SMITH

..

7A;7

.•

-

7,/;.7,.

/')r7//;/7\,./;:/7/77 /■ 7"77- />'v
Of the pictures to open in New York this week the British film
""The Young Mr. Pitt," a 20th Century-Fox production, is by far the
best.
With Robert Donat as the-star and Robert Morley,r Phyllis
Calvert and John Mills in the- supporting roles it tells a vivid and
moving story of England in the days when William Pitt was its
prime Minister.
Though the period (1768-1804) and the problems of
that day seem far distant from those of today, the conditions are not
so wide apart as they seem.
For England, tired after its wars with
the Colonies, was blind to the dangers of Napoleon who, under the
guise of friendship, was preparing an invasion, against her.
Com¬ lem such
organizations as the Boy pany's current monthly, loss is
-"'The increase; in so far as the"
placency and appeasement dominated Parliament as well as the
Scouts and the Girl Scouts, and around $400,000;:
American industry is concerned,
populace.
It was William Pitt, the Churchill of his day, who saw
other youth organizations."
"The nation* cannot -afford
to is
the dangers and prepared against them.
The story is factual and
clearly one which is in strict
Turning to industry, the report lose the telegraph service capac¬
the film itself is authentic.
The acting, is superb. . . . "The Hard
conformity with the Emergency;
suggested a three-fold course of ity represented by the facilities of Price Control
Way" (Warner Bros.) deals with backstage vaudeville life and the
Act, as amended.
part a domineering sister had on the lives of three people.
In a voluntary action involving man¬ that system," Senator White of Cost changes since 1938 have ren¬
agement, labor and government. 7 Maine declared, r
/■
77/7:7 dered
flashback sequence, Ida Lupino, fished out of the bay, thinks back
prices established five years
Senator Langer r (Rep., N. D.)
over the mess she made of things.
Disillusioned by her own mar¬ "..-Among the suggestions to indus¬
ago no longer fair and equitable.'
try were: Greater employment of argued that approval of a merger The OPA must
riage, she determines her young sister (Joan Leslie) will make a
apply its stand-,
successful match.
A vaudeville team (Jack Carson and Dennis women, stop retiring employees, would "place the public at the ards, both impartially and rigor-,1
recalling retired employees, and mercy of a monopoly."
Morgan) play the squalid mining town in which the girls live. Carously.; ' It ■ must
act f on
those/
Senator
Aiken
(Rep.,
Vt.) standards whether, as in the vast
son meets Joan and is hoodwinked into marrying her.
The original suspending rules ■„ against * hiring
married women.
:;t.7,7/,'%*.•.
termed it "unsound, unwise, spe¬
team breaks up and Joan and Carson form their own act.
Hitting
majority of cases, it involves the
The report said that organized cial
New York, Joan makes a hit while her husband is shunted aside.
privilege legislation/' while denying of prjce increases or, as
arid unorganized labor could do Senator Hawkes (Rep., N. J.), at¬
in the much rarer instances,
Tragedy enters. ; How it all : comes out makes an interesting melo¬
it
much to help the manpower situ¬ tacked conditions of the merger
drama.
involves granting a price increase,
Bring your hanky.
The latest war picture is MGM's
ation
by reducing absenteeism, in a statement read in his absence where cost
yarn of the American Navy, "Stand By for Action."
Jammed with
changes have ren¬
such stars as Robert Taylor, Brian Donlevy, Charles Laughton and eliminating featherbed and make- by Senator Taft (Rep., Ohio).
dered the situation of an indus¬
work rules, reducing extortionate
The same advices stated:
Walter Brennan, the story is a good audience vehicle.
True, the plot
try genuinely intolerable.
/
union fees, and by not using the
"The principal point of differ¬
is gossamer thin, heroics rather* than heroism is the rule, but it does
7:" 'The decision to permit a price
war emergency for slipping over
ence between the House and Sen¬ rise of $4 a ton has been reached
pack action.1 There is the bluff old sea, dog who comes out from

vSCREEN

■

,

•

.

,

..

-

.

•

1

-

.

.

.

,

•

,

.

behind his desk.

There's the retired CPO who dyes his hair so he

-

There is the smart Aleck drawing-room
officer who looks down on his up-from-the-ranks senior officer, but
at heart is really a fine man.
And, of course, there is the senior
officer-himself, who is one tough hombre. You'll find them all on an
old destroyer (class of '18) rescuing mothers and babies, and acting
as
obstetricians.
And then you'll see this converted pea-shooter
can

get back into harness.

charging in to take on a huge Jap battleship and sending it to the
It's all- quite exciting.
Nobody gets hurt except the Japs,

bottom.

and who

cares

about them?

The kids will yell and well.

As

to

the

try,

ate versions involved

things

some

Government

can

report

consultation

which the

do to help indus¬

suggested

with,

more

industry

and

less

high-sounding speeches, re¬
stricting unnecessary governmen¬
tal activities, minimizing the num¬
ber of questionnaires and staying

Under the

job security.

compromise, senior em¬

(those employed before
1, 1941) may not be dis¬
charged, except for cause, for four
years
after the merger.
Junior
employees hired since March 1,
1941, may. either be retained the
same
length of time after the
ployees
March

within the law.

only after the most careful study
discussion

extensive

after

and

with

producers
and
with particularly close considera¬
tion
of
the
problems
of
all
branches of the publishing indus¬
try.
In the light of all evidence, '
however, no other eourse is .pos-:
sible without seriously impairing
newsprint

7::;7'7- \7v/ 7--.:
merger
as
they had been em¬ the operations of an important in¬
signed by " Mr. ployed before, or they may be
dustry and jeopardizing the sup-/
Montague, the Chairman, and the dismissed with one month's sever¬
ply of newsprint.' " 7 /' .7" -: '' 7;,
following other members of the ance
pay
for
each year em¬
Special Committee on Manpower ployed."'
'/'77;
Legislation:
Leon O. Head, H.
Rural Banks Could Aid
The

AROUND NEW YORK TOWN

-

social reforms.

report

was

,

The

Casbah

satin hideaways
breath away.

is

(112 Central Park South)
you

in the movies.

see

one

of those silk and

Elegance here takes your

Max Cassvan, short, dark, heavily-bespectacled French

Boardman

Spalding,

James Tan-

blacklist) ham and
Treasury Financing If,
7
George E. Warren.
V
dreamed
up.
Arranged to look like a desert tent,
Free Of Govt. Competition
draped silk ceiling tucked up here and there by odd Oriental lamps,
Incident to the Treasury's Vic-/
tent poles (hand-turned, we were breathlessly informed), and luxuri¬ Harris, Upham To Admit i
V Richard S. Perkins will be ad¬
ous carpets you sink into up to your ankles, makes the Casbah (obvi¬
tory Loan Drive in April, Secre¬
Joint announcement of an in¬
tary Morgenthau on Feb. 16 at
ously no relation to its North African counterpart) sybarritic in its mitted to partnership in Harris, crease of
$4 a ton in the price
splendor. 1 Even Joseph Moscatelli, major domo of the Rockefeller Upham & Co., 14 Wall Street, which American and Canadian his press conferepce expressed the '
belief that rural banks could be,
Rainbow Room, and his suave assistant, Francois, are here bowing the New York City, members of the
producers may charge and Amer¬
carriage trade in. In the back there is the Blue Room, where you're New York Stock Exchange and ican and Canadian consumers may "more helpful"* in the Treasury's
financing operations if they were '
supposed to imagine yourself in the desert outside your cozy tent. other leading national exchanges,
pay for standard newsprint paper
as

movie

(his last
the whole thing

producer

picture put

him

on

Nazi

the

Price Of

Newsprint

Increased $4 A Ton

Ceiling is blue with pin-point lights (sky and stars), with one wall
a tent entrance.
Entertainment consists of a new

draped to look like

of

today.

past was

a

Mr. Perkins.in the

partner in the firm.

Paul Taubman

(looks like a slicked-up cricket, with his tail coat),
who plays the piano and acts as the M.C., all very properly and with
complete decorum.
Then there is a dark-haired gal, Riva Rayes, a
Max Cassvan discovery, who fondles the microphone lovingly as she
gives out with ".

was eet Madreed or in Paree zat I kees you-u-u."
nostalgic yearning for her past love life drives the carriage trade,
overflowing the Casbah, wild with applause.' Then, of course, there
is the orchestra (can't remember its name—lost my notes) which
.

.

.

Her

plays rhumbas well enough to make us sigh for our wasted days when
we should have gone to dancing school instead of frittering our time
away working for a living.
During our visit the Casbah was .full of
what is referred to
haired

Joe

as

Kennedy

celebrities.

of

the

At

one

Boston

table there

and

the

was

Court

of

baldish,- redSt.

James's

Postpone Rollins Hearing
The

hearing ordered by the Se¬

curities
sion

Exchange Commis¬
determine
whether the

and

to

admirals

and two-starred

generals, probably getting a preview of
like in North Africa..
Signs of the Times—A




,.

.

Trade

and

became

brings

first in five years,
effective March 1
and

the

of

them, should be revoked or sus¬
pended, has been postponed by

new

"port"

ceiling

at
E.

Inc."

now

"The

up

accounts

from

'Associated

press room

and asked the

-

Washington

"He said that

representatives of
rural banks
had
complained of competition
from a Department of Agriculture
credit agency, and added that he
6,000

some

to

7,000

believed their demands

were

'rea-

•

*

.

sonable.'

"They
money,

given

are

in business to make 4

and I think they should be
first crack at these farm

>

loans," Mr., Morgenthau said.
The Secretary added that he be¬
lieved
in

a

the

rural

banks would

be ;

"happier frame of mind" and

better

able

to

cooperate with the
sign-painter to put the proper sign
the door.
It was only after considerable persuasion that he gave Treasury's financing campaigns if
their request were granted.
the idea of painting "Reporter's Work Room" on the door.

new

on

Press

price increase of $4 a ton

authorized by

60s, used to call itself "Hamburger And—
Spur." . . . Pan-American installed

calls itself "Whip and

subjected to government com¬

said:

OPA has been the
the request of the counsel for subject of extended conversations
between that agency and the WarH. Rollins & Sons, Inc.

the Commission to March 22, 1943

not

petition in farm loans.

reporting this added:

Board.

The increase,

_

a

what things are

Administration and

registration of E. H. price to $54 per ton, with zone
Rollins
and
Sons,
Incorporated prices adjusted accordingly.
The OPA announcement further
and Walter Cecil Rawls, or either

Everything from apprentice

and buck privates to gold ribbon

Feb. 27 by the Of¬

on

Price

broker-dealer

small restaurant in the East

seamen

made

of

the Canadian Wartime Prices

Kennedys,, telling all and sundry how the war should be fought. At
was Conrad Nagel (remember him?) dressed informally.
He
wasn't wearing a wig.
Of course uniforms were in abundance.

another

was

fice

1

.Volume 157

THE COMMERCIAL & FINANCIAL CHRONICLE

Number- 4158

•

917,

Manual On

Organizing
Financial Library

; TV,The first manual ever to be is¬
sued describing the organization
of a financial library is currently
being prepared by the Financial
Group of the Special Libraries As¬
sociation

under

mmsE mrmtm
oumtu

chairmanship

the

of Roberta Herriott,

<

York

library in the

institution

which

Goods and Supplies)—at cost

the

off

Investments—at

713,972.13

Federal,

and

less

amount

setting

2,761,291.07

amortized.

kinds
and

of

dried

and

(including §12,257,234.14- Federal
812,010,000.0Q U. S. Treasury
-v:--''7-K7Tax Notes), ..V.7,,*>,;,7v.:,.. <7.
■7 Dividends Payable January 1, 1943... ....7,7...7.,7
'

had

been

^

these

Capital Stock:

7

•'rc;'.-"i''Authorized:

that the
post-war era

amount out-

to
,

Office

the

of

.

w

.

7"■>7»-7-"';"',7
1

Issued and

,

1

Outstanding0

•'

<

-

1% Cumulative. Series Prior Prfef
'■

ferred—164,818 shares.

i,7;:7i„7,

7

■

,
.

7.77A-. Surplus:
Capital,

36,447,251.00

.7

15,166,542.28

24,158,993.41

JV 7

7. Net Sales..

Operating Profit . ..,..... 77.7,7'.
■V-,7 Selling. General and Administrative Expenses.. .
Net

and

22

Federal

v

than

canned

half

and

of

the

Net
7- ;.:/

;

sumed last year.

The .number

.. ...-.. .

on

77';

1 ncome and.

7,

■::

of

]'

]

c7v;:7

beginning

f

48, with each purchase "costing"
specified number of points. The

i-

.1

.'Earned

.

.

7. 77...

.

....

•

increasing demand is being
fabrics, for many

important

new

wear,

years

and

development is

of Celanese yarn, now being manufactured under'

name?.; Celanese,Fortisan,* the strongest /
known, is certain to be extensively used in post-;

yarn

fabrics where great
strength and lightness are re¬
quired, while Celanese staple fibre is just beginning to

War

into its

come

in such

own

applications

as

blankets,

7.

/

com-

v

,

777/777'7

forts and

; ; 7''77.
-"7-7-l7,}7-:;

tiles,

Already

.

'r^i\

„

will

7.7.7.7...5.132.631.00

Surplus at end of Year..............

sleeping bags.
proven

well

as

'

in value, Celanese plastics and

tex-Y ;

the other products of Celanese research,1

as

increasingly fill the needs of

peace

time industry. 7

815.166.542.28
'

1

point values

differ according to
the relative scarcity of the vari¬
ous
foods and also,, according to
the
size
of
the
container, ■ but
every item has
the same point
value
in
every
store
in
the
country.
-•V;*
i'>
In announcing the point values,

The

77
7
r'

*Vr 7
"

v, -i

foregoing balance sheet and statements are taken from the annual report;
February 25,1943 to stockholders ofCelanese Corporation of America, and
should be redd in conjunction with such report which contains the certificate
of

7*'7'
>iv

Currently published,

dated

Messrs. Peat, Marteick, Mitchell & Co., Auditors, attached
statements.

,

to

booklet, "Celanese* in the Post-war
Celanese

of the report to stockholders may be had upon application
to the Corporation. The said balance sheet, statements, and
report are not in■ .7
tended to constitute an offer, solicitation of offer, representation, hotice, adveror any form of
Corporation of America.

a prospectus

■/.

f

r

World," descriptive of the-role of '

such financial

A copy

tisement,

/

illustrated

an

war

in respect of any security of Celanese
7
.
»' -

plastics and textiles in post
living, will be sent on request.

Under

.7 7

a

ruling of the Federal Trade Com¬

mission,celanese yarn isclassiiied as hayon,

M.
Executive and Main Sales

the scant ration

Offices! 180 MADISON AVENUE, New York, N. Y.

due to heavy demands of the

was

armed

for

and

forces

and the desire to

lend-lease

spread the pres¬

mg list, fixing the highest price goods'
rationing was mentioned
ent supply and all of next year's
charged between Feb. 20-24 as the in these columns Feb.
11, page
supply from March, 1943, through
ceiling.
1
584.
September, 1944.
The temporary
The eight-day "freeze" period
price-ceilings' in
fresh vegetables will be
on sales of rationed foods was or¬
replaced
later
by permanent ones after
dered
by the
OPA to permit

replenish their
stocks and to acquaint themselves
with the official' table of point
storekeepers

to

In

consultation with the trade.
this action, the OPA

to

out

that

white

and dried beans

values.
an

effort

price advances
bles, the OPA

to

stop the

in

on
nounced emergency
on

■

•

safe from

>.leading brand

-

§2,753,102.00

,

;

"-..-'iV;
13,200,662.57

share.1.037,253.00

<7Y7!fTotal Dividends..

; hosiery

20,299,173.28
Vir,-; v:7 7. ... v..
::7 i
•

share

consumer

widely used in women's apparel, in men's

~7,098,510.71

,

:p: ;

'

8,098.510,71

. .

1

"

Common Stock—§2.00 per

•

already being sold in Lumarith plastic tubes.

117 7

7

7,7% Cumulative Scries Prior Pre- '
77ferred—87.00 per share...,.. . 7,
1,153,726.00
-7,7 5% Cumulative Scries Prior Pre- r- 7 :
- ,. -,7
: 7 .'' 7 ferred—85.00 per share......... 7 7 188,350.00
7% Second Preferred—87.00 per 7
^77 7:'. 1'

con¬

7

-

1.000,000.00

:'-'7777'i77.77:';:.

7,-.Cash Dividends!
-.-

alloted

Prentiss

■

,11.650,000.00

,

7.........

!

,

Lumarith, will reach the

home decoration. An
,

v.. .

7

of Celanese plastics

time automotive and aviation industries is

shown for the favorite Celanese

(including §9,100,000.00 Excess
- -... - -.

use

.

19,7-18,510.71

.,

Income before Contingencies....,,

peace

wider

ever

In the field of textiles,

1.204,194.26

.

points

Administrator

20,952,704,97

.7 -7;.

.

of year.
n

Deduct:

a

Brown said that

.

used large quantities of Celanese plastic

mold, grease and germs. Toothpaste and other products
arc

28.271.022.94
7,318.317.97

proyisionfprContingencies.

-

to each individual in March totals

Price

income

.

7,7.7, NET INCOME

.

,

of

7. ;7, ..7 ,7.

. .

Earned Surplus (since December 31,1931) at

,

processed foods

taxes on

.

000.00)... ..-«•>,*«,,7

v;

;

indicated

amount

.

'

in.1

Many leading automobile manufacturers

parts'. After the war,

parent

$8<>,145,992.36
57.874.969,42

..

.

Profits Tax Gross and less Post War. Refund §910,-

i/)!'■ ■:/•

that civilians will have to do with
less

Contingencies.

,

many food items covered by the
regulation were disclosed by the

Feb.

Operating Profit;-,',,

Net Income before Federal Taxes

about 125,000,000 ratioii
were
issued
during the

on

.

7.
.,77.

.. .

Income Deductions(includinginterestof §990,9I0.36)rnct

Administra¬

The official point values for the

OPA

.

7

.-7-7

(including Depreciation §3,841,888.14)

Gross

by an official of

week.,1'=■

...».77,., i 7i- 77.;.,. ,7.

Cost of Goods Sold

all the
'-'/'.-i- '"';'-*7;

insulation for homes, and in articles for
every room

1

tion that
books

ond Earned Surplus for Year 1942

,

7

important application is packaging.
Foods, medical supplies, cosmetics, protected by trans-

JJV

Condensed Consolidated Statement of Income

' 17

;

indicated. Another

8103,891.350.80

777C77:'-,

v-

insulation for

by the

8,992,451.13

Earned....

;

greater .demand in

even

time living. ->'•

have for years

1.376,551.00

,

7

immensely important part in industry, Now
masks and other, vital war needs, it

an

the house.

3,771,000.00

-

.'7

,.7t

planning for the many products

many applications such
wiring, for telephone instruments, for
parts in radio and television sets. Its wide use is forecast
as

14,817,900.0(1

Common—1,376,551 shares,.,

time, actively engaged

In.electricity^ Lumarith has

,

816,481,800.00

shares, .7

foods

same

will demand. For example, Luma-

ill/in the future, be in

as

7

;

;

........

5% Cumulative Scries Prior Preferred-37,710 shares.,,.,.,...
7% Second Preferred — 148,179

play

.fields of peace

',-7:-

-

•

at

Price

year.

used in aircraft, gas

■

34,289,000.00

.

It was estimated

income for,-;

taxes on

rith,* best-known of the Celanese plastics, is destined *777

,.-v7''i;'"v.
Prior Preferred—250,000 shares; par value $100.00
7 ' per share. 1% Second Preferred—148,179 shares,-v
Par va'uc SI 00.00 per share.,
7,;.7:7
-7,.j
Common—1,750,000 shares witliout par value- 1

"

'»

forces, is, at the

594,882.25

3,197,792.34
,j" 7"7'

midnight
on Feb. 20 and the registration of
the entire civilian population for
War- Ration Book Two took place
during the week of Feb. 22-27.
These books are required for the
purchase of rationed'foods under
the new point, rationing system.
suspended

made for Federal

in intensive research and

2,618.956.13
5,298,311.05

need not commence until
January 1, 1916 because of
anticipation of sinking fund requirements)., J

•;

throughout

of

was

;

the armed

„.

standing at December 31,1942,825,539,000.00 is to be
retired by January 1,1962 in increasing amounts and at
six month intervals, which at -the company's option

v.

.

processed

lifted.

sales

retail

per common

against $6,866,597 in the preceding

as

:7,"

peak of

against $8,394,279 in 1941. Provision of

as

taxes on income, less

:

canned, bottled, frozen
fruits, vegetable juices

soups was

All

.

new

Gelanese corporation of america,textile needs of /v"
supplying many of the plastic and which is now

$ 2,081,475.67

:

Accrued Liabilities

;7-

.

1 and the
sales of more than 200

on

a

out-;

7' 7

CELANESE* IN THE POST-WAR WORLD

1.00

.

:-.7;7-1 Trade and Other Accounts Payable.777,.. .7,

country on March

"freeze"

reached

taxes

shares
?

-

4,287,837.25

^

Current Liabilities:

Of Processed Foods
was/instituted

and local

7.^

J.I ABILITIES

Begin Point Rationing

the

1942

336,830.58

3Vi% Debentures, due July 1, 1962 (of the

foods

'

-

1,186,712.60

Total Current Liabilities

of

1

was

gl 03.391,350.80

with Miss Herriott.

rationing

for

as a reserve

income for 1912

net

Insurance Premiums, Taxes and Other

Patents and Trade-marks—at nominal amount-.,..-.

library is requested to get in touch

Point'

state

$11,650,000

Ex¬

Prepayments.;.

a

up

share,

-

pense, less amount amortized
Research and Experimental Expenses,
'

58,702,661,35

22,777.171.79
. .

.

profits V*.

excess

$13,310,517 for 1912, amounting to $9.66

anil

Amortization

Discount, Premium

and after providing $1,000,000

standing at the close of 1912.

Factory Site
being amount

Prepaid Expenses and Deferred Chnrges;.
Debt

-

providing for Federal income and

$3.42 per common share on the basis of

§81,180,139.14

established in 1922).
Less Reserves for Depreciation

taxes like¬

'

$7,098,511 compared with $7,105,085 in 1941, equal to

'nery and Equip¬

(at cost except as to
stated at §200,000.00

in

was set

operations of Celanese

peak.

a new

contingencies, consolidated

480,933.53

*

c<

ment.....

>

in

T8,550,9-12.54
625,000.00

press

involved

taxes,

-10,209,120.85

Land, Buildings, N1«.

for another
year, anyone interested in obtain¬
ing information regarding the pro¬
cedure

After

of

7.....

v...

-

department but is desirous

be

not in excess

Post War Refund of Federal Excess Profits Tax, less
8285,0(10.00 deductibk- irom currenl tax liability
Notes and Accounts Receivable—Deferred, less reserve.-.

of improving its operation.
Al¬
though the manual is not expected
to

less,

or

Total Current Assets.

has

now

wise reached

309,043.67

market.

library which contem¬
plates installing such a service and
a

1,913,736.19
8,510.288.15

Inventories (Raw .Materials, Work in Process, Finished
v

volume of business

Corporation of America. Net income before

(quoted market value

81.923,536.19)

no

the

§17,608,803.60

.,

U. S. Government Obligations

ports, and personnel.
The manual is expected to prove
useful both to
the
organization

to

Hand

011

Trade Accounts Receivable,-less reserves.'.
Other Accounts and Advances and Interest Receivable.

•

Summary of 1942 Operations

.1942 for the consolidated

Cas-h willi Banks anil

or¬

'

New high record in

Current Awets:

ganization, suggested physical lay¬
out and equipment, the collection
and handling of the various types
of material, service.to the organ¬
ization, budget and financial re¬

such

!

December 31,1942

let will include information as to

with

:}

COMPANIES

Condensed Consolidated Balance Sheet

Designed to apply to
all types of financial institutions
both large and small—banks, bro¬
kerage firms, investment houses,
accounting firms, etc.—this book¬
City.

the role of the

S U B S 1 D 1A R Y

Librarian of

Chase National Bank in New

the

A N D

fresh

sharp curbs,

potatoes,
were

Prior

pointed
onions
price

as were citrus fruits.

In another move
fresh vegeta¬
designed to
Feb. 22 an¬ stop heavy consumer "hoarder!'
price ceilings buying, the OPA on Feb. 17 sus¬
snap

beans,

carrots,

War Production Board
to

18

and

22.

launch

a

production
forest

The OPA

on

Feb. 24 added let¬

spinach to the price ceil-




these

items

to

dangerously

low

levels.
Previous

to

canned

on

program to

of

lumber

products for

Feb. 26

stimulate
and

war

other

and

es¬

sential civilian needs.

Washington

ad¬

wartime difficulties and

up "lagging production
to the fullest possible extent."
.

.

,

and

the

expe¬

the

an¬

in

and

similar

favor

of

a

-

organiza¬

program

are '

inevitable

to which

are

be

in

total

and

war

disheartening to. many

inaugurated by WPB in co¬
small operators."
tr
'
operation with the Department of
The White House made public
Agriculture's Forest Service "to
the

same

result

more

simply and economically."
Under the adopted plan, it
field expeditors will advise

letters

Mr.

Roosevelt

addressed

to WPB Chairman Donald

said,

son

and

Agriculture

Nel¬

Secretary

pro¬

Claude R. Wickard explaining his
of the
specific types of forest products rejection of the "Forest Products
most urgently needed, and
will Service" plan.
ducers

"on

the

ground"

the White House assist in obtaining contracts for
said, is designed to aid producers, the
production of logs and lum¬
especially small Operators, to
overcome

sources," it said,

ditors will aid in overcoming

The program,

step
reference

Service"

attain

President Roosevelt directed the

pended sales of canned meats and

cabbage and peas.
The
for these commodities, rationing, expected to begin in
Feb.
23
for 60
days, 60 days. The order was necessary,
limit all dealers, except growers, it was
said, because sales had
to the highest price charged be¬ threatened to reduce supplies of
Feb.

Program For

»i

canned fish until the start of meat

tomatoes,

ceilings

tuce and

To Launch

Press

"somewhat complicated procure¬
nounced, has shelved proposals
for
a
special (/ "Forest Products ment and other procedures which
tions

under

effective

tween

President Directs WPB

United

vices reported the following:
Mr. Roosevelt, it was

ber.
to

Producers

secure

primarily

will

"adequate
through

be

enabled

His letters cautioned that
should

structive

financing, would
private

steps,

b,e taken "to prevent
forest

waste

resources

the

practices"
nation's

de¬
that

forest

needed for the future.

THE: COMMERCIAL & FINANCIAL CHRONICLE

9l8

Thursday, March 11,1943

authorized

will be

Underwriting—Underwriting group which
headed by Lehman Brothers and Glore,
Forgan & Co., includes:. r.Bear, Stearns &
GALVIN MANUFACTURING CORP.
Co.; A, G. Becker & Co., Inc.; Branch,
Galvin Manufacturing Corp.. has filed a
registration statement for 40,000 shares of Cabell «te Co.; Alex. Brown & Sons;. Frank
common
stock; par value $1 per share. B. Cahn & Co.; Davenport & Co.; R. S.
Dickson & Co., Inc.; Dillon, Read' Sc Co.;
The shares are issued and outstanding and
Dominick <fe Dominick; Emanuel & Co.;.
are being sold for the account of certain
Goldman, Sachs &, Co.; Granbery, Marastockholders.
che & Lord; Hallgarten & Co.; Harriman
Address—4545 Augusta Boulevard, Chi¬
Ripley & Co., Inc.; Ira Haupt & Co.;
cago, Illinois.
Business—Company's normal business is Hayden, Stone At Co.; Hemphill, NOyes &
Co.; Hirsch, Lilienthal & Co.; Hornblower
the manufacture and sale of radio receiv¬
ing sets.
Beginning with the year 1942 & Weeks; Kuhn, Loeb & Co.; Ladenburg,
Thalmann & Co.; Lazard Freres & Co.;
more
and more of company's production
capacity was devoted to the' manufacture W. L. Lyons & Co.; Mackubin, Legg &
Co.; Laurence M. Marks & Co.; Masonof equipment for various arms of the U, S.
Hagan, Inc.; Merrill Lynch, Pierce, Fen¬
Government.
In May, 1942, the production
nel-& Beane; Paine, Webber, Jackson &
of radio receiving sets for civilian use was
Curtis; Reinholdt & Gardner; Riter & Co.;
stopped entirely.
; •

OFFERINGS

securities:

&

I.

Stein Bros. &

Simon «&■ Co.;

M.

Brothers

Stifel,

Co.;

&

of

American.

each

class

filed

000

a

•%•

■

■

Fifth

Address—119

y

debentures, due March

20-year 3%

1963.

.

i,

'AA^r'A'-%
Avenue,

N.

Y.

City,

of

of

mortgage 6 %
Universal will be

of

loans.

Net

will

,

1

Offering—Public

offering

will

price

be

terest
&

supplied by amendment.

Glore,

Co.

statement

for

1952.

/'

'

issue by Sept, 1,
1
I
,
.
/
Ave., Dayton, Ohio.

J

' ^

*

V.s //'«

'

Davis

products, including motors and gen¬

industrial equip¬
the use of elec¬

various types of
generally involving

ment

tric

motors.,

Underwriting—McDonald-Coolidge & Co.,
Cleveland,
Ohio, is named as
principal
'■A'-i:'-

underwriter. \>

Offering—Offering price to public will
filed by amendment. AvA;>'■
Proceeds—Of the proceeds $500,000 will
be used to
reimburse partially the com¬
pany's treasury for payment of the first
quarter of 1942 Federal income and excess
profits taxes, which payment amounted to
approximately $872,000, and the balance
for the purchase of
U. S. Treasury tax

(2-23-43).

anticipation notes.

Registration Statement No, 2-5106. Form

1

.

1

other

proceeds

from

series.

market

Offered

prices.

to

the

public

mined

,

■

us.

PALESTINE

AW TRADING CORP.
Ampal-American Palestine Trading Corp.
has filed a registration
statement with
the SEC for 182,000 shares 4% preferred,
cumulative
non-voting stock, par value
$5

share

per

York City
Business—The corporation was organized
for the purpose of developing trade-rela¬
tions between the United States and Pales¬
tine and
its
surrounding - territories; ? to
assist in the development of the •economic
resources

of Palestine and to afford finan-

bial aid to commercial, banking, credit, in*
dustrial and agricultural enterprises, co¬

operative
to

and relating

In

otherwise,

and

Palestine.

Company was organized Feb.

6, 1942, in New York.
Underwriting—There
The

ers.

of

securities

;
are no underwrit¬
will be sold through

efforts of the directors and employees

the
.

the

Offering—The offering price to the pub¬
be '$5.50 per-share, for a total- of
Date of proposed, public offer¬
ing is Dec. 1, 1942
Proceeds—A number of schehies for in¬

$1,001,000.

vestment

by

ceeds

this

of

the

of the pro*
been considered

corporation

issue

have

by its directors. No final decisions have
reached, and no commitments have
been made,
except that, in a general way,,
and subject to re-examinatien, the direc¬
tors
believe that
the
corporation- could
With profit to itself and'with substantial
oenefit to
the economic organization- of
Palestine, make Investments for the pur¬
poses indicated in its organization
Registration" Statement No, '2-5061, Form
been

filed

Business—Engaged in the general busiof buying and selling milk and its
derivatives;
processing
and
marketing
-milk
and
products derived from milk;
manufacturing, buying and selling butter,
cheese, cream, buttermilk, cottage cheese,
curds, whey, etc.
Offering—As soon as practicable after
the
effective
date
of
the
registration
statement.
Price to public will be filed
by amendment.
Underwriting—Dean, Witter & Co., Los
Angeles, Cal., is named as the principal

tion

Underwriting—S. K. Cunningham & Co.,
Inc.,
Pittsburgh,
has been retained by

P.

underwriter.

American

tion

iness

Proceeds—Approximately $275,228 of the

demption

will

be

devoted

to

of the entire issue of

the

re¬

the com¬
pany's first
mortgage convertible 5 % %
sinking fund bonds. Such bonds are to
be called for redemption on May 1, 1943,
at 102% plus accrued interest.
Balance of
net proceeds will be added to company's
working capital.




statement

covering

the

registra¬
5% sink¬

of $857,500 first mortgage
ing fund bonds of Universal-American Cor¬

poration, the continuing
proposed merger,
Address—1500

ing,

Union

in

company

Commerce

a

Build¬

A-l.

Cleveland, Ohio.

(11-19-42)
filed

Amendment

Business—Manufacture and sale of sewer

pipe, segment forms, flue lining, wall

cop¬

ing, hot top brick, drain tile, joint com¬
pound, chemical stoneware and other clay
and cement products.

that Abraham

Jan.

28,

1943,

states

Dickenstein may be an un¬

derwriter

Amendment filed Feb.
effective

20,

1943, to defer

date.

securities

in

assist
the

in

the

"solicitation

of

Offering—Plan proposes merger of Uni¬
Sewer
Pipe Corp;
into American
Vitrified Products Co., with the continuing
versal

company

ican

shares
mon

the

to

Corp.
of

American

shares

bonds

be known as Universal-Amer¬
Universal owns 70,000
out

outstanding.

registered,

of

In

common

177,029

com¬

addition

to

Universal-American

SEC

United

the

consideration

credited

covering

L.

CORP.

ANDREWS

P.-L; Andrews Corp.; has filed a
statement With the SEC for

convertible
maturing serially

mortgage

series

A,

registra¬
$360,000

5V2% bonds
from. 1943 to

1957.

Address—7800
New

Cooper

Ave.,

GlendalO.

York, N. Y.

to capital account.

shall

.

Registration effective 5:30 p.m.
Feb. 25. 1943, as of 5:30 p.m.

includes

"untrue

done by the

corporation is the design,
development, manufacture and sale of paper

packaging

and

wrapping

materials

in

a

17,

of

C.

Waggener

for

shares

it

Power

LIGHT

Light

CO.

140.000

Stock,

$100

Bonds -and

shares

Pacific

*

West

Sixth

rate on
the preferred
plied by amendment

Address—25

X.

S.

stock,

Becond

will

be

to

the

vote

is

mittee

A

in

plan

'

'

:

•

<

•

Registration Statement No. 2-4846.
Form
<9-17-411
*' 'A'.
A-A'AAVA.,"'.
Amendment filed Feb. 26, 1943, to defer

!

effective date

and

FINANCE"
Finance

statement

Corp.

with

the

filed

a

SEC

capital markets open; avenues for longerborrowing from customary sources
Underwriter—H. M.; Preston •& Co.," Chi¬

term

underwriter. Tht
underwriting commission is $8 per unit
Offering—The class -A Stock is to bt
sold in units of 4 shares, at a price of
$110 per unit. With at least the first 900
units, there will be included "with each
III.,

cago,

is

the

Cal.

.

•

-

•

places

lim¬

no

held by it.
objectives of
the

with

com¬

held

sole

by

the

and

>-

of

agreement

Pacific

However,
the

securities

•

rehabilita¬

said

so-

mutualization

Mutual

Life

;

*:•. a*)«•* •<••-■*...; y:;;
;

registration A":AAA
$250,000 first AfA
mortgage 5% bonds, due May 1, 1953. Address—Pinehurst, N. C.
Business—Operation of a winter resort.
has

Inc.,

filed

the SEC

a

for

"Offering—Pinehurst,

Inc., is offering to
AAy.
first' "mortgage gold
1943, "the opportunity ;A
to .exchange
their bonds,. < plus accrued
'
Interest; ior; first mortgage 5 % bonds now
registered:
Exchange basis is for a like
principal amount of the bonds to be of¬
fered,- With adjustment in cash A for ac- A;; ■•
crued, interest. The plan will become oper¬
atives when and: if; prior "to'May" 1, 1943,
holders of substantially all of the bonds
of the company due May 1,
1943, shall''A"
the

holders of its 6 %

bonds

due

May' 1,

have: filed
the:

clare

but

agreements,

reserves'the right

the

company

its%iiscretion to-

in

de-

serves* the

not

right" to Offer for sale for'Cash

less

than

plus accrued

100 %

interest,

'of

face

amount,

such portion

of the
registration
A.
statement as may not be accepted by the ; A • AA
holders of
the -old
bonds, i At
May 31,
1942, there were $236,000 of old bonds
■outstanding." y-.\:'A.A,•"."L?'.-'-.v.'";1
bonds

to

be

offered

under

Underwriting—Company has not- enterfed
into any -agreement-providing a first com¬
mitment
for
the purchase of
the
first
mortgage
5%
bonds.
It 'will,
however,
'enter. Into,

Legg

&

an
agreement' with Mackubin,
Baltimore, who may' be un¬
-whereby the- underwriters who

Co.,

fer, and

in

in

preparing the exchange of¬
Will use their-best efforts

plan

obtaining agreements of 'exchange, in¬

cluding the obtaining of services of other
dealers,' for Which they will be compen¬
sated,. /
A;,..'
• A :v
; ■
Procceds—To redeem ^o]d

6%

first mort¬

bonds and for general funds.
A A.
Registration Statement No, 2-5079. Form

gage

A-2.

(12*29-42)

Amendment

AAA,' A•'"A:

;'

filed

effective-, -date.

Feb. 20,

A. V,. A A- -A-'

PUBLIC SERVICE

CO.

1943, to defer
A ,/:..v
A> : „■ : A;:

r.

OF

y..y:

NEW

\ A 'iA"

HAMPSHIRE

Ptiblic
•has

Service

filed

the

a

*

Co.

of

New

registration

SEC for $22,000,000

Hampshire

statement

first

with

and general

mortgage

bonds; series A 3y4%
to be
dated Jan. 1, 1943, maturing Jam 1, 1973.
•Address—1087
N.

Elm

St.",

H.

'Business—Company
and

is

the generation

pally in

stock; thereafter

Manchester,
-A .

engaged ' princi¬
of electric energy

sale

shares of common

reserves

^

(3-18-42)

;

its

transmission,

distribution

and

to about 78,300 domestic,
'commercial,
industrial, agricultural and municipal cus¬
tomers in New Hampshire and Vermont.

It

Registration Statement No, 2-4968; Form
4-1.

also manufactures

Underwriting—To
effective

and

be

distributes «as.

supplied

by

post-

amendment.

.

Registration Statement effective 11 a.m.
(EWT) on Dec. 22, 1942, as of 5:30-p.m..
(EWT) on Dec. 8, 1942.

Offering-r-Oompany proposes to sell the
bonds at competitive bidding pursuant to

INC.
Northwest Publications, Inc., has filed a
registration statement with SEC for $382,-

bonds,

the

rules

poraneously
NORTHWEST PUBLICATIONS,

AA A

plan

operative prior to May il,
1943, upon receipt of agreements- which it
may deem acceptable to It.
Company Re¬

the right to reduce the
be Included ir
each unit of class A- stock
Proceeds will be used for working capital

unit 4

■

Insur¬

California.

(2-19-43)..

have, aided

registra¬
for 39,912
shares class A stock, $25 par; and 25,232
shares common stock; $1 par
Address—33 N. La Salle St., .Chlcago, AIll
Business—Primary function of company
Is to loan money to enterprises whose debt
and/or capital structures are being ad¬
justed or reorganized -by its wholly-owned
subsidiary, H. M. Preston & Co. A secondary function Is, to loan money, with fundi
not used in Its primary function, to pro¬
vide "interim" or intermediate; financing,
to enterprises 4intll-the financial position*
of the borrower or a change In; general
Interim

»

,

Registration Statement No. 2-5098. Form

derwriters

INTERIM

insurance.

reinsurance

the
of

•(»

at

42

A A

'

t

agreement

and

statement with

be

.

Life

St., Los Angeles,

vote

Pinehurst,

sup¬

•

$1
per
Insurance

PINEHURST, INC.

Ave.,

amendment

508,200

par

1

connection

Co.

F-l.

applied
as
follows
$53,170,000 to redeem at 102y4. the $52,•
000,000. of company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110 per
share, the
142,867 A shares of company's
$7 preferred stock, ' no par. .* Further de¬
tails
to
be
supplied
by
post-effeotlyt
will

stock,

Mutual

main

to

them

•

Is an operating public utility en¬

Proceeds

SEC

for

shares

the

of

one

ance

gaged principally in generating, transmit¬
and selling electric en*
4rgy (also manufacture and sale of gas)
serving: most of the territory along the
east coast of Florida
(with exception of
the Jacksonville area), and other portions
of,. Florida A-;.
A.
A',
A Underwriting ana ottering—The securi¬
ties registered are to be sold by company
under the competitive bidding Rule U-50
of the SEC's Public Utility Holding Com¬
pany Act. : Names of
underwriters and
price to public, will be supplied by posteffective amendment to registration state¬
ment

filed

the

•

the powers of the committee iy'AA/%

upon

affecting

Par.
Interest rates on tht
Debentures, and the dlvidenc

■'A.

Ay-

issuer, 626v South Spring
Angeles; Cal.
Executive A office,

Purpose—The

Preferrec

have

with

certificates

common

^Business-*-Life

reglsterei

Cumulative

y:A ;A'

.

Leslie

Share¬

Mutual

Committee

California.

St.,Los

\

<

Pacific

and

Address —"Of

material

Co.

A

"

523

#lth
SEC
$45,000,000
First
Mcrtgagi
oonds, due Oct. 1, 1971; $10,000,000 Bink
mg
Fund Debentures, due Oct, 1. .1056

■'.»

of

of

"

(EWT)

INSURANCE

Rand

E.

statement

trust

share,1 of

tion

POWER*

Florida

the

as

voting

Co.

LIFE

Protective

registration

a

called

FLORIDA

(EWT)

CALIFORNIA

Balch,, F.

holders

facts"

and

MUTUAL

CO. OF

A.

that statement

statements

V A,A>-A

'■

.

1943.

PACIFIC

itation

believe

to

'A:

A'A'vA

;

(12-29-42)

Jan.

suspension of registration
15, 1942, as SEC states it has

cause

vA,y

:

on

on

for Dec.

■,

Registration Statement No. 2-5080. Form

It is not pro¬

(11-4-42)v"'

Hearing

stock.

Proceeds—Plan of recapitalization.

properties

reasonable

entered Into

use

•

be

$200,000, and for addi¬
working capital: $75,700
%■•••■. A
Registration Statement No. 2-5059. Form

set

purchase of subhas

It

60

tional
A-2.

debentures,

to act as dealer-managers.
They are
their best efforts for a period -of :A
days following the effective date of
the
registration statement ' to effectuate
exchange of the securities registered for
the
corporation's outstanding first pre¬
to

to pay any commissions or under¬
writing fees with respect to the sale of
the stock.
Approximate date of proposed
public offering Nov; 25, 1942

farm

,

for the

commitment

Co.

States

received

\

agreement with Kalman & Co., Inc.,
Wells-Dickey Co. and Harold E. Wood &

Business—General character of the busi¬
ness

exchange agree¬
by the corporaupon
receipt of ex¬
covering
less
than

an

30,000

posed

company

first

proposed merger.

the

number of common shares to

'

to

with

in

the

tion

issuer

lic will

Cal.

a

,

_

Address—1440 Broadway, New

.

'

firm

Co. has filed registration

Candy

.

rf

,

to

first

their

option,

its

ordinated

participating nreferred stock, par
value $100
-A-; :;AA;:A:v,';>
;.!
Address—622 Diversey Parkway, Chicago
Business—Company is one of the largest
and leading candy and confection manu¬

System)

a

unknown,

are

or

below

AMPAL-AMERICAN

.

,

present

;A

A '
"'V-A'
A;'A;tA':AA%
Underwriting—The corporation has not
into any
agreement providing a
A:;

■.v;*

ting^ distributing

list cf luaes
whose registration statements were filed
twenty days or "more ago, hut whoso
offering dates have not been deter¬

Registration Statement No. 2-5101. Form
S-l.
(2-26-43).
r;'

•

;

UNDETERMINED
We

investment.

derwriting; commissions and expenses, will
SATURDAY, MARCH 20
be $345,100.
At present the corporation
has outstanding $493,000 face amount1 of SUNNY COURT BUILDING CORP.
Lucius Teter, Frank M. McKey and Ed¬
6%
collateral trust sinking fund bonds,
ward L. Vollers,'voting trustees, have filed
all of which are held by the United Gas
Improvement Co.
The UGI has granted a registration statement with the SEC for
\Welsbach an option to purchase all of said voting trust certificates for 1,430 shares
outstanding bonds exercisable on or - be¬ of-common stock of Sunny Court Building
fore May 15, 1943, for the sum of $345,100 Corp, ■..y
-A A■,,
•,;
-v.
Address—Of trustees, 135 -South LaSalle
with interest from Jan. 1, 1943.
The esti¬
mated net proceeds resulting from the sale Street, Chicago.
Of the bonds now being registered will be
Business—Apartment building.
Offering—As soon as practicable after
applied to the exercise of this option.
Registration Statement No,' 2-5099; Form registration • statement -becomes effective.
A-2 (2-20-43).
Purpose—The
securities
are
presently
subject to a -voting trust agreement which
expires April 18, 1943, It is proposed to
SUNDAY, MARCH 14
extend
the
agreement, as
amended,
to
KNUDSEN CREAMERY CO. OF
April 18, 1953.
:
A
CALIFORNIA
.vp,,
Registration Statement No. 2-5103. Form
Knudsen Creamery Co, of California has F-l
(3-1-43).
filed a registration statement for $500,000
first mortgage serial bonds, bearing
in¬
terest of 4%% and maturing
SUNDAY, MARCH 21
serially from
.March 1,. 1944, to March 1, 1955.
AMERICAN VITRIFIED PRODUCTS CO.
Address—1974 Santee St., Los Angeles,
American
Vitrified
Products
Co.
has

OF OFFERINO

DATES

at

A

.

Proceeds—For

Curtiss

statement

: f:'1

■

Miami
Fla.
'■• '
":•"'"A
.'A.;;', '
A-'V-t'ABusiness—1This subsidiary of Amerloar
Power
& Light
(Electrle Bond & 8har«

(3-8-43).

S-l

the sale of the-bonds, after deducting un¬

proceeds

AC

be

Registration Statement No. 2-5100. Form

t
Offering—Bonds are to be offered to the
'public at 83% ; plus accrued interest from
.Jan. 1, 1943, to date of delivery.

net

1,

$1,800,000 of

erators,

■

■

March

Business—Manufacture and sale of elec¬

trical

CORP.

estimated

of

Address—126
:

>

Proceeds—The

due

regis¬
10-year

Sinking fund provides for retirement

total

of

.

T

$3,000,000

debentures

fund

a

ment.

WEDNESDAY, MARCH 17
Engineering & Management
Corp. has filed a registration " statement NEW YORK STOCKS, INC.
faith the SEC for- $493,000 collateral trust
New York Stocks, Inc., has filed regis¬
5% ten-year sinking fund bonds.
tration statement for 1,000,000 shares of
Address—1500 Walnut St., Phila., Pa.
•special stock, par value $1 per share.
Address —15
Business—Registrant is a holding and
Exchange
Place,
Jersey
managing company which owns all the .City,.1 N. J.
'A Aa'Astock and manages its subsidiaries. These
Business—Investment trust.
'.AAA ■
subsidiaries, in; part, are engaged in the
Underwriting— Hugh W. Long & Co.,
installation
and
maintenance
of
street ■Inc.', is underwriter.' \ AA;:A,:AA-:
.lighting systems/ gas or electric, in ap¬
Offering—The corporation has presently
proximately 37 cities and communities in authorized for issuance 21 series of special
New England, ■ Middle Atlantic and - Midstock, each representing a separate indus¬
Western
States, < and in general' electric try .or-business, Government bonds series
construction work.
is not presently offered for sale to the
Underwriting—Barrett Herrick •& Co., "public, but is available for issue only on
Inc., New York City, is named principal conversion of outstanding special stock of
•

filed

has

Interest rate will be filed by amend¬

Welsbach

.

CO.A A A":V'

Electric

of

amount

<'■

•

entered
■

Underwriting—There is no commitment
any kind with respect to
the sale or
underwriting of the securities registered
Proceeds—Will
be
used
principally in
the acquisition of similar types of business
$700,000; additional farm lands $750,000;
trucks $100,000; raw commodities for pur¬
pose of stabilizing inventory $250,000; to
provide, funds for payments under pension
and profit-sharing plans for its employees
$900,000; in reduction of indebtedness on

1953.

v

underwriter.

CURTISS CANDY CO.

."K^ ^^ ■

A-2.

MASTER' ELECTRIC

seven

&

-■•?vk 1

of

(3-5-43).

face

A
/v,

declaration

agreements

ferred

SATURDAY, MARCH 27

Forgan

days.
These dates, unless otherwise specified, are as of 4:30
P.M. Eastern War Time as per rule 930(b).
Offerings will rarely be made before the day follow¬
ing.

ENGINEERING

A'A;;v r

1943, to defer

19,

of

days after filing except in the case of the secur¬
foreign public authorities which normally

MANAGEMENT

Feb.

-

or

at

Offering—Registrant proposes to offer
the participating preferred shares, regis¬
tered, at $100 per share. The entire amount

%,'A
' "A',:V
Distribution is to

of

80%

■'

such- 80%.

date

tion,

S-2

ities of certain

WELSBACII

of

change

by direct sales by the corporation
of its treasury slock.
A/"' A'"A'
Proceeds—Expansion of. plant facilities,
installation of additional
equipment and
for working capital.
-AAAA -A "AA.;V: :
Registration Statement No. 2-5105. Form

list of issues whose registration state'
These issues
are grouped according to the dates on which the registra'
tion statements will in normal course become effective, that

A-2.

holders

price per unit is $10.
Underwriting—None.

a

THURSDAY, MARCH 11

;

,

facturers

be made

ap¬

filed less than twenty days ago.

become effective in

brick.

face

of

offering
consists of
units, each unit consists of four
shares preferred and one share common,

sinking

is twenty

Fort

Street,

Fisher

Offering—Present

Master

Following is

.

2,000

tration

ments were

'

.

shares of

Address—2500-22

associates.

and

„

demand bank loan,
for machinery

proposed

a

Amendment filed

par.

no

Worth, Texas.
Business—Manufacture

'

by Lehman Brothers,

Co.

by

effective

15,000 shares of com¬

preferred stock and
mon,

Business-—Engaged in the business of
Registration Statement No. 2-5102. Form
manufacturing and selling cigarettes and A-2. (2-26-43).
.'••
smoking tobacco. .A
Offered March 9, 1943, at 103% and in¬
'rA^A-AA^A

■

deposit

ments,

:■■

.

Registration Statement No, 2-5058. Form
A-2 (10-28-42)
:-V
Request for withdrawal filed March 1,

tration statement for

ment of the unpaid balance of these loans,
and
balance
added
to
general
working

capital. '

!

Corporation has filed a regis¬
10,000 shares of 7%

Burtonite

for

shares

preferred

■■...■

CORPORATION

BURTONITE

$100

acquired and balance for such additional
production facilities as are needed.
A- A

,

WEDNESDAY, MARCH 24

the pay¬

to

(3-2*43).

of

amount

<

..

preferred

1943.

S-l

face

.

de¬

•

to reimburse the corporation

defined in the Securities Act of

as
.

discharge

.

.

the

in

first

of

securities will be offered
prices ranging from 99% to 102% de¬
pending upon maturity date
i
Proceeds—Net proceeds will be used to

cash.

for

sold

or

benture

5% %

a

each share of its 3,825 outstanding

at

».«v:
;
Purposes—For consolidation,
Registration Statement No. 2-5104. Form-

pro¬

be

offered

will be

the, 'corporation -offers

zation

Offering—The

None of the first mortgage bonds

merger.

due

■

stock together with all
rights tO 'dividends accruing thereon after
Dec. 1, 1942.
Under the plan of recapitali¬
zation; the holders of first preferred may
deposit their exchange agreements prior
to March 15, 1943,' or such later date as
may
be determined by the" corporation,
but not beyond May 15,
1943.
The plan
shall become effective automatically, when

writer,

mortgage 5% sinking fund bonds of Uni¬
versal-American
upon
completion of the

Boyce;

products of the •corporation

1933'

Universal. Holders
sinking fund bonds
asked to
exchange

their bonds for a like face amount of first

Nicolaus &

debentures

the extent required,

to

plied,

bank

these

from sale

ceeds

of

share

B

'debentures,
'

Fast

FourthSt,f' StA
Paul; Minn;'
■" '.A
•' ; 1
i
Business—Engaged in the publication'Of
newspapers' in the cities^'of1 St. Paul and
Duluth," Minn.
; ■ ' '•''
■'
"Offering—Under the plan of recapitali¬

Underwriting-—No firm commitment has
been made to take any of the securities
registered, but P. W.; Brooks & Co., Inc.,
New York City,
is the principal under¬

Universal-

of

subordinated

-

1, 1957.

Address*—55-63

'*

..

will be exchanged

first

of

Corp.;

reduction

<or

for each com¬
mon
share of American; and 1% shares
of Universal-American for each class A and

►

Morris & Co., Ltd., Inc., has
registration statement for $6,000,-

share

One

Dec,

products of the corporation, it
anticipated that the. war, or. conditions

Is

'5%%

500

plant. and

American

American

forms'of
envelopes,-folders,
folding boxes and containers.
because' of the nature :o£ "the

-

arising therefrom will - not alter- substan¬
tially the general character of the business

'

Universal-Amerexchanged for preferred shares
on
the
basis
of $50 face
•amount of bonds for each preferred share

American Corp.; Union
G. H. Walker & Co.;
Watling,
Lerchen & Co.;
Wertheim &
Co.; and White, Weld & Co.
Proceeds—During the nine months ended
Dec.
31, 1942, company's cash require¬
ments
have
substantially increased, due
per share.
in part to rise in inventories.
During the
Offering—Public offering price is $8,50
period company financed its needs for
per share.
cash
in
part
by bank loans which at
Proceeds—To selling stockholders.
Registration Statement No. 2-5095. Form Dec. 31, 1942, amounted to $8,500,000,
and since Dec. 31,
1942, have increased
A-2 (2-15*43).
Net
proceeds from the
Offered March 10,
1943, at $8.50 per to $12,000,000.
sale of
105,176 shares of common stock
share by Hickey & Co., Inc., and Paul H.
Davis & Co. •i./i
A..v ,'A.A: registered by company last month and
which
are
being offered to stockholders
at $62
PHILLIP MORRIS & CO., LTD., INC.
per share will be applied to the
Philip

'

-

Primarily

First mortgage bonds Of

Swiss

Co., Inc.;
Securities

'

of

wrappers,

ican will be

Schwabacher & Co.; Scott & Stringfellow;
Stern

'

•

of

.

Co., Inc., and
Chicago, are
named as underwriters of 20,000 shares
each.
By an agreement entered into be¬
tween
the underwriters, Paul V. Galvin
and Harris Trust & Savings Bank, exe-,
cutors of the estate of Lillian A. Galvin,
deceased, the underwriters have agreed to
purchase the shares being registered at $7
Underwriting—Hickey

Paul H. Davis &> Co,, both of

variety

issue 250,000 -shares

to

of
the par value of
$2 each.
Proposed
agreement of merger which has been: ap¬
proved by the boards of, both companies
provides for
the followingexchange,r of

is

t?„,7

>

Calendar of New Security Flotations

of

the

with

Commission.
the

issuance

Contem¬
of

company • will issue and; sell
shares of its common stock, nd par

to

New

the

3,284
value,

England Public Service Co., parent

-A,

Volume

■*ofh'lHe i,ttnffj)ahy;'-'at'"'aT'''pisice>'of
/share

flat

face

private

cured notes at
iinstitutions..'

$60v*'per>

its

of

amount

•(^Amendment .'filed-/Feb:

.-..V;

STOVALL PROPERTIES,

.'l

•;,

Committee'for

}' Proceeds—The aggregate net proceeds of
stock will
be used 10 pay principal, premium and 30
days' interest in the redemption of all
J Of
the
company's ' first mortgage
bonds
;aggregating $18,929,000 face amount, to
pay
off bank
loans totaling $1,000,000,
to purchase from Twin State Gas & Electrie Co.
the utility
properties and other
'assets nf its New/Hampshire division $4,-:
; 281,897,
to purchase certain assets from
•Tlew England Public Service Co. $197,080,
and
other
corporate purposes.
All com-'
ipanies arc subsidiaries of, NEPSCO and
{transactions ore the second step in the
{proposed .simplification of NEPSCO. First
.'Step was the recently consummated mer¬
ger of Cumberland County Power & Light
bonds,

said

and

notes

1943, to

919

defer1

unse¬

to financial,

sale

10,

FINANCIAL CHRONICLE

effective date.

issue and

will

and

$197,040,

or

$2,500,000

{sell

THE COMMERCIAL &

-Number 4158

157

INC.

Allied Chemical &

B- first'

Holders 'of Class

5%- gold bonds of Stovall Prop¬
Inc., has filed a registration state¬

mortgage

common

erties,

Dye Corporation

•

ment "with

the

Commission

for

,

Securities

and

certificates

of

deposit

$956,500 of such first mortgage
bonds.

Herewith

,

of

business-

Fla.

Tampa,

of

original

presented'the consolidated balance sheet of the Company at the close of busi¬
1942, and the consolidated income account for the year.

Net income for the year was

of committee;

Address

are

December 31,

ness

Address—Place

/

for

real estate

•-

.

Issuer,

To. the Stockholders:

Exchange.

$20,457,601.

:

with

Co.

Central

Maine

Co.

Power

'(.

Vermont

tral

(12-24-42)

Both

'</'/"

Amendment filed March 1,
effective
In

the

of

securities

proposed

also

its

revises

to the

financial

proposal of

information

lion." The committee is of

original

plan

.and

sale

of

and

the

stock

•Co.,.

also

of unsecured

$2,500,000

parent

of

3,284

New

to

bonds. The
for 'the issue

mortgage

provided

sale

imou

first

of

shares

the

be

at

sold

.applied

property

bidding", will
retire

and

mittee
el'it

mode of

be

purchasers

gate

The

bank

loans

aggregating

$1,000,000

provide funds for working

and

1942.

'•

't

capital,

deposit

any

•/

The

a'

SEC

for

$52,000,000

due

scries

Dec.

will

rates

be

first

1,

due Dec.

debentures

Stuart

Building,

&;/:v.'"/
speaking,

generally

/sist,

heat

{Steam

and

located

erties

in

central

and

shares

in

counties

•

the

bonds-- and

•the

The

bidding.

debentures

at

of

(}
■

Proceeds—Net

the

proceeds .from

together

series

-580,093;
1 series C,

of

redemption
in

in

A,

Ave.,

existing

"•

etc.,

products

J.

G.

underwriting

White

certificate

of

of

common

which

204,900

present
shares

shares

will

stockholders
of

$1

par

be

for

common

com¬

J.; /1

lvalue.

par

,The. companywill

the

underwriters,

are

not subscribed

such

common

/

Proceeds—Net
,

will, be

pany's

working

!':

Service

public

•

Securities

which

Puget

joined

as

a

* company—to

party,

for

the

.approval: of a. plan for;'recapitalization
of
Puget.
This plan, if approved, would
reduce the percentage of voting power of

at

sell «to

proceeds from

used

to

or /;; /

Puget owned by Engineers from „77s.4%.
t<ft 1.8%.
Engineers has been ordered, by;
Commission' to dispose* df its "entire
r-interest "in the company,ft Engineers has'
'advised Puget that it intends to comply

;'the

the

■{ with this order
'•

as

as soon

it can do. so;/

Registration Statement No. 2-5077. Forhf
(12-28-42)., ' :
^7.
■'

A-2.

f.. The company on; Feb. 16;

'

the SEC

)

the

amendments to

voting

its

positions, of

each of the

of

shares

'

*
•

per:,

by

plan, of

the

new

Goodwill,

stocks

then

share

providing for bank'loans as a part
.the;financing instead,--of; -short ..term,
debentures.
-ft'.//
ft-""ftftft../

taken

"S?;

X

up

by

which

75

taken;

the

Securities

securities

Air-Reduction
"Of

of

had

cents

up

and

'•' Further

accrued

the

two

The

,

■) to.

instead of

know

to

whether

subscribe

refinancing plan has been modified

substitute $6,500,000 of 3 V»ft;. five

As

year

J. G.

at

!

will

take

and nine Seattle barucs

the balance.




.

,

Notes with principal .value pf $24,000,000; other U. S.31,
1942 of $11,929,836.
Marketable Securities consisting
Steel Corporation and 270,000 shares ol capital stock of the

New York Stock Exchange, had a market value at December 31, 1942
187,189 shares of common stock carried at cost. Post-war U. S. and Cana¬

included

$71,996,083 earned

companies' prior

to

in Sundry Investments.
;
/ /
surplus accrued to the Company since its organization and $21,621,845
.

the

Company's organization,,

f:•;;..:

share

of

it

-

that

it

does

Chemical

not

officer of Neubeck &

;/'r

:

v/'///*''/////''

YEAR ENDED DECEMBER 31, 1942

(other than dividends and interest)

all

for depreciation,
capital stock taxes--$45,152,357.36

after provision

local and

state,

>

$41,152,357.36

4,000,000.00

:—

...

.

//■'//{/;«./•;;.

.

/Federal

was

before

Income

for. Federal

provision

and

Excess

and Excess

Income

Profits

Taxes--

3,371,826.23

$44,524,183.59
24,066,582.79

—

Profits

Net /Income

$20,457,600.80

'i'.V:

SURPLUS ACCOUNT

'

.—$189,696,255.41

.Surplus at December 31, 1941
:«jNet. Income year 1942___/—
-Dividends

f

•••"".'Less';

declared

Dividends

on

20,457,600.80

Common

on

Treasury Stock, not included in Income

Surplus 'at December 31,

$210,153,856.21

$16,809,016.00

1942

15,498,693.00

1,310,323.00
^

j

$194,655,163.21/

Co.

to engage in a securities business;
Mr. Jackson in. the

past

:

:

exercise
its
rights
shares of stock.

.1943,, Dow

;"■-/.%/::

375,726.48

is

l

will

for, any

Feb. .4,

that

■

CONSOLIDATED INCOME ACCOUNT

Income:

/^^Gross Income

an

Jackson, Inc.

/

Amount of- Federal' Income, and

;

/

indebtedness

and

Allied Chemical &
/

/

/

*.

«.

'

Bank

the

on

are

States

$2,996,099.75

a""stanjby;

Opens in NYC

National

.A_$460,891,202.48

and

'

Chase

A/——

share'-foil

per

"$1,000,000 reduction on Sept. .1, this year;
'$1,000,000 on March I, 1944, and $562,50.0
semi-annually until March 1',' t948. ftft
Jackson Co.
•The changes in the,Voting powers of the
preferred and common stocks were made
Albert
Jackson
has
formed
'to meet objections pf| the SEC which felt
Jackson Company with
offices/at.
."under the original plan the preferred had,
52 William- Street, New York
beeh given excessive voting power." " ■
City,
The

Gross Income

Other

,

.

$3,000,000 of the proposed bank loans; the
Trust & Savings Bank $1,000,000

180,824,302.73
Total

December

at

United

the

obsolescence, repairs and renewals,
/'(*Provision for General Contingencies

a

owned

Harris

of

value

consists of

///A/:/;///:/;//

year

'

consists

subsidiary

par-

paid,, for,
as

25,837,300.48

com¬

31%.
of
the v. common " stock,
and
loans in place of 88,000,000/of -nine.Case,. Pomeroy. &
Co., Inc.,
New • York,
debentures: 'The plan "to sell $52,owned 22% of the common.,',000,000.of first mortgage bonds remains-,
Registration statement effective 3:30 p.
unchanged.
ft'/- -. A...
The
bank
loans
would be
eliminated m,.EWT on March 2, 1943.
March.
1948, under'a/plan calling for a
'-.(This list:is' incomplete this weekr),^-/

ibank

its

„$206,661,603.21
Stock-

Treasury

Savings

Treasury Tax
of

listed

Stock

1

is

to one vote a share,
granted originally.

stock

Inc.,

Treasury

Surplus
to

Deduct

not -'sub¬

are

stockholders/'

Co.

■4 returned

93,617,923.21

Capital Stock and

1-1

'

market

a

credits! totaling $669,353

tax

.•

include

common

Company,

$17,843,625.

dian:

,

-

101,037,235.00

$460,891,202.48
J/_ _$

;
r

150,500 shares

voting* change the .new com-;
least. 42,558
shares'»will;".bp availableto
to receive five votes a share
the underwriters, for •
offering to the pub-,
instead of the one previously alloted.
The lie. The
company has been informed by
voting power of the first preferred will be
the
DowChemical
stock

'■
"
$12,000,440.00'
i-v

—

Surplus

Further'Surplus

2,036,147.07

<'

Government

./Government

outstanding;

Stockholders,' <- including J Case,
Pomeroy.- & / Co.,, .Inc.,have,# agreed .' to
waive: theirJ preemptive -rights' to subscribe
to
a
total ,:of 42,558 shares,/.so-that at

Under the

:

mon

-vCapital

Marks,

Trade

„

the

.

>

'

Shares

'vv'yjf'

.v^s:

'•'/ Certain;/

and

£5,

2,401,233

21,305,942.61

;Vi./ w/

"

••

U.

.present ->stockholdejf>/

cents per share
underwriting fee" on each

of

basis

Share

Issued

.;

etc.

:{ Total

shareu;ali -bf;:.the ;iO2;0OO
the

commission,, of

each

recap-.,

value,

par

per

etc.

2,080,485.11

surplus

without

Surplus

1 Processes,

Patents,

1943,

68,000- shares of

value

par

-common

fov

r-: //•■/•■''• /:

Stock,

underwriters/aa-e^dh." be .paid--it;>f-ffee

.The
or

$5
of

scribed

2,455,329.90

243,461,189.83
Common

v--r(/r-:;-t'.
■

.•

17,413,115.67

j,

capital stock and

■//!'•'

Insurance,

■'

40,000,000.00

,

.Contingencies-/

.Sundry

.

■/.

26,803,857.95

T

Ai

1

•

..

is/':

$131,502,259.15
Securi-

Insurance

sly
i

'OTHER ASSETS

com¬

of Feb. 13,

1943, filed with' '(a,fee of. 25,

italization and refinancing making changes
in

as

The/company has agreed to sell to
White'•&'Co.,. Inc., aa/iuiiderwriter,
price

..

.

etc.

—

General

19,131,048.22

at
cost
whichever

market

ties

'

'

28,396,772.32

Investments 'and

■;

''r./'/v-

-

■

Qbso-

Total

..

outstanding

without

/..".;

/

707,163.92

650,042.80

Accrued

lescence,

Reserves

V•;Prepaid' ^Taxes',!

sale of the

increase

company was recapitalized by
of. three shares of common,

mon

/

for

issuance

$1, for

/.',

/

/

M-.

15,276,512.50
;'
•

^/deferred charges ;'./

research, and development,
v v?
Registration Statement No. 2-50.93, Form

when

$6,851,730.88
Con-

Advances

RESERVES

140,151^60.58

working capital., Some portion of,
capital may be devoted to- addi¬

two shares

•

Re-

Notes

1942

$36,605,709.92

32,261,604.51

241,635.66'
•/"

;

lower

and redemption
in face -amount

Co.—parent

Payable

Government

/' Depreciation,

•

;

S.

tract

35,648,906.25

and

Inventories

VC'.V

less_^__

or

of. the

tional

$8,850,000 at

U.

Taxes

ceivable—-Kms

y

of
In
an
of
.amendment
filed
corporation
'$13,995,000/at 102%, or $14,274,'900, of- fixes;the price "at which the 102,000 shaies/grand total of $59,881,993. There is pend-; of new common- stock are to be - offered
to present common stockholders at $5
ing before,, the SEC an application under
per
/Section ,U (e> of .the Public Utility Hold-', share.
Offering, will be on the .basis ioL
vlng Company Act of 1935, by; Engineers, otie 'share of new stock, $1 par,, for each
.

Marketable

Accounts

stock /as

-

1

'•

:<vcost:/__.

".

....

'

;./

liabilities

Accounts

v
$265,135,547.71;
:

•

ties at .cost

'■

.

by stockholders at a
price- to be filed by amendment- • S.
:">t

shares

"

so

68,000 outstanding shares of common withibut

/•'

U. S. Government Se'curi-

/

.of ,/three:

each

current

-

-

/•' CURRENT-ASSETS^'!'

Issued' .to

basis

on

;

liabilities

—

-c'ash"

/•;

will be 500,000 .shares
paf Sl per share</of

stock,

/,;.

■

.

GENERAL BALANCE SHEET—-DECEMBER 31,

Plants, Equipment, Mines,

cost

Sundry Investments at cost

agree¬

incorporation

'

account

at

investments

«te Co,, Inc., which
things that.it will!

other

among

ATHERTON, President.

Wages Accrued

pro

an

F.

.

assets

Real Estate,

'...-v;V'-: ■/■'•': iv/'.;
102,000 shares registered

into

.

CONSOLIDATED
/:/,/■'- ;i

Trenl

that its capitalization

face

old/bonds,

the

face amount of

ft 102%,' or' $9,027,000,
!©ld bonds/series D,

the,

entered

ment with

at. 1014/2%, or $36,-

•amount of $36,039,500

its

of

offered

provides

sale

general funds of the comused for: Redemption of

with

pauy, are to be
the
old
bonds,

Dated, March 4, 1943.

discovery and development of
types of
"Thiokol":. synthetic

amend5 its

/of the new bonds and the new debentures,
•

H.
■

value,: $1' per

Clinton

Underwriting-—On Feb; 3, 1943, the:

,

-

be

pany

a

Offering—The offering price tq the pub*
liewill
be /supplied/; by, post-effectivel
amendment. - /;;•; ■';>
///.
/ft
ft

of the

tv.-O-l■Respectfully submitted,

£;\/'-'sk£4

■

rata to stockholders
after the effective date of registration at
a-price to-be' fixed by ameifdmefi't/' -

////'''//ft/;' ftft-'l

company.,.

qualities
the

to

will

multiple, of' '.a% ) and the price to be,paid,
•to -the

readjustments and other uncertainties $4,000,000 w&s probe added to the Reserve for General Contingencies.

are

property

Offering—The

competitive

(which shall be

North

rubbber.

specify the coupon rate

specify tp« coupon rate
■

•.".//■(//; ■';./,,,■ /.'-v..

.•

post-war

:

r*

stock, per

common

additional

central:

(which shall;
be a multiple of. 14%
and the price to.
be paid to- the company for the tbonds;i,
and eachlbid covering the debentures shall

,

V:

■

inevitable

Company will continue its utmost efforts" to be of the greatest possible assistance
/toward the successful prosecution of the war and the supplying of essential civilian needs.

- -1

J.\

the

and

invitation for bids will pro*
bid
covering
the
bonds

that

$9,269,683.

of

The

-

Business-—Company is actively engaged
in;.; research looking to the improvement

each

vide
shall

during the year consisted largely of increased facilities for the Com-'
Gross additions to property account amounted to $14,659,878.
Retire¬

be determined.

now

■

i

•portions of the State of Washington, com¬
prising approximately 4,500 square miles;
Underwriting—Names
of
underwriters;
will be supplied by post-effective amend*
; ment.: The
company proposes to . sell bothj

;

of

ton, N.

prop¬

western!

and

western

were

were

-

1943, to defer

•

CORPORATION

Address—780

of the State of Washington.
It
is engaged principally in the business of;
.generating, transmitting/ distributing and
selling electric energy in all or parts of
19

the

share. ■""'//

gas,

portions

•

•'•'

30,

hourly wage rates

year

/

'•

25;
yet fixed-

Corporation has filed a regis¬
tration statement with the SEC for 102,000

Seattle,.

utility

telephone
the

Jan.

3,371,826

$247,835,549

Company's products, including nitrogen, alkalies, acids and organic combeing supplied in large volume directly to Government plants and to manufacengaged in war work.! Several' of the Company's operating divisions have received the
,,,Army-Navy "E" for excellence in performance. The Company is now operating a number of
/large plants constructed by it for the Government's account. Construction by the Company of
other plants for the Government is proceeding. Under
existing legislation Government contracts
: may be subject to renegotiation, the effect of
which, if any, on the Company's income cannot

Thiokol

electric;

of

;,;•; ftftft

.

.

filed

17,035,775

>.turers

ft/ft'-vftft/:/'

accepted.

Many

A/pounds,

until

which

to produce operating receipts

v

•

Nov.

as

labor

by

used

'

THIOKOL

I- ■•; )•/Vf%
properties
con-

Business—Applicant's

will be

not-

period within

effective" date./-//'1''!

supplied by amendment.

Address—860

.Wash./,,

the

Amendment

the

The interest

1951.

committee has

D-l..(1-18-43).

has

mortgage' bonds
and $8,000,000

1972,
1,

dated

48,289,591

v.
Research and development work was continued on a broad scale and included projects of
importance to the war program and to the post-war period.
'/■/;■// /%;'■'' •
;
/ : //

-:

Registration Statement No.,.2-5083; Form

,

Sound Power & Light Co.
registration
statement with

Puget
•filed

LIGHT CO.

/

mortgaged

to-negotiate

18,527,652
'

—

^vided out of 1942 income to

to

through foreclosure '

agreement: is

limit to

bonds

PUGET SOUND POWER

the

for

unwilling

are

Because

i

purchaser for the same,
The mem-'
.the
committee have found that,

title-has been obtained

contingencies

Receipts'

construction

ments: totaled

of

property

and

receipts

J pany's basic products.

the mortgage, obtain title to the
either in the /committee or in r:

prospective

company's

depletion.)

.

property., for the ben;
the depositing bond holders and tb

a

bers

Total

(assets)

tools

dividend

Total taxes

Plant

- -

.

that
is

$130,112,409

--j

—

The volume of business in dollars for the

reorganiza-'

procedure

$244,463,723
—

year 1942 was about 6% greater than in 1941. At
18% higher than in 1941 and 64% higher than in
equal to $13.75 per share of stock. In addition to regular dividends of
$6.00 per share, the Company paid a special dividend of $1.00 per share to the stockholders on
December 28, 1942.
/'. "
/.'V'

pre¬

the opinion

purchased

for

payment
and

';./.' /'/ ;'

1929.

/

<

to operate the

of

seek

bonds in the1, aggre-i
amount -of $18,929,000, .pay Its

face

of

plan

presently ' outstanding

-

to

services

the end of the

corporate or'personal nominee of the com-'

a

competitive

redeem

• to

feasible

only

foreclose

Public Serviceprice of. $00
/per share.
The unsecured notes were to
be sold privately:1 Proceeds - from the sale
'of the first mortgage, bonds which. are. to,
at

feasible

any

com-'

England

company,

of

notes

its

'•: >

prop-1,

there is little possi¬

bility

the

Vv.;/'

plan because from all

a

available,

•program so as to provide only for the issue
of

Wage
Interest

to the committee, no

by anyone

and

from others-.-.--...
Replacement of worn-out tools (depreciation and
/Wages and. salaries paid to labor

,

ftAft/

.

-and

sale

;

at

fore-,

to

pledged

set forth in the following short form:

— ______

30,448,290

According
the deposit

in .order

taken

been

Goods

..

pare a-'plan of--readjustment or reorgahft
zation. -Securities are to be called for prior

bonds at $20,500,000 in place of
'.$22,000,000 as originally filed. '/ Company.
amendment

desired

known

is

have

Steps

/mortgage
.in

is

mortgaged 'and/or

far as

So

the

issue of first

new

interest

bear

Company received from operations.
disposed of as follows:

was

■/

•h

;

statement

of. the bondholders.

V;'-v/r

of-the

amount

.

The

which

.

erty; and, if need be, to bid in the prop-!
crty at the foreclosure sale for the benefit,

1943, to defer

the company.fixes

-

■.

.

bonds

registration

the

close

■

date.
amendment

an

buildings,:

the

to

after maturity.

of 8%

to

-

.

of

classes

the rate

Service

■'

,

.

addition

l, 1941.

Sept.

•

A-2.

office

$956,500
mortgage bonds there-are out¬

5%

Class B

of

properties owned by it.,

standing $8,125 Class A 6%' first mortgage
gold bonds,
Both classes of bonds were
dated
Sept. I," 1931, with maturity date

the

Public

store

Purpose—In

acquisition by Cen¬
C.o., also a
subsidiary of NEPSCO, of the reinair.der
of
the
assets^ of Twin State located in,
Vermont by merger.
* :/:/,;/'"r■'
Registration Statement No. 2-5076. Form

-step; contemplates

Business-—Operation

and rental of

Third

;

Results of the year's operations are

Maritime Building,-New Orleans,, La.

711

.

Excess

after post-war

credit

Profits

of

Taxes

$645,072.

Dye Corporation,

is

after;/credit

-

■

of

$623,207

due5 to

reduction, of

intercompany

••

./.';•
'
/' .,//■>/

"

.

^^/New York, N. Y.
/ •'///•;■
iiWe have examined the consolidated general balance sheet of the Allied Chemical & Dye Corporation and its
•
subsidiary "companies as of December 31, 1942, and the statements of consolidated income and surplus for the calen¬
dar year then ended,
have reviewed the system of internal control and the accounting procedures of the company
and- its subsidiary companies
and, without making a detailed audit of the transactions, have examined or tested
accounting ^ records of the companies and other supporting evidence, by methods and to the extent we deemed appropriate.
Our examination was made in accordance with generally accepted auditing standards applicable In the cir-r:

jumstances
and
included
all
procedures "which' we considered necessary.
In-.-our opinion, the accompanying consolidated,
general balance sheet and related statements of income and surplus
presejnt fairly the position pf the Allied Chemical & Dye Corporation and its subsidiary companies at December 31,

1942,

and

the'results

principles

applied

March

1943

3i

on

of their
a

basis

operations
consistent

for

with

the
that

calendar
of

the

year,

in

preceding

conformity

with

generally

accepted

accounting

year.

WEST.

FLINT

&

CO.

Thursday, March 11, 1943

COMMERCIAL & FINANCIAL CHRONICLE

THE

920

Mercier, McDowell &
Teletype—N. Y. 1-971

HAnover 2-0050

.

Bought—Sold—Quoted

SPECIALISTS

FOREIGN SECURITIES

^

,

New York ///-:■

50 Broad Street,

& Co. Inc. Chicago,

4>/2/4l

40

C. William

Oit "Governments"

Our Reporter

1

:•

might

You

.

'

.

,'f

•,

•

'
;

4

,. ,

vengeance."

.

.

.

no

.

,

.

.

to

seems

hurts.

12, in the hope that Congress

delay until April

the

through the committee hearing stage on major
by then and we'll have some idea of how we stand—even
don't know the details of legislation. ...

have

,

Surely,

taxes.

)

THE

"...
'

<

;

t

•

placed under pressure by another selling drive. 7; .;
; !
One point that hasn't been brought out and which
cance to all of us is that the Treasury may run into
inter-market switching if it reopens the Victory Vizs.
the

of

may

.

.

and

at the same

thus

Holders

sell these at 100 and a fraction

time.

...

additional purchases. . . . Thus
making a good showing on pur-,

Fact that the 2V2S are coupon

be bought and sold

may

.

office

Pittsburgh Rail¬

of

Company offer good specu¬

possibilities, according to a
comprehensive study prepared by
Price, McNeal & Co., 165 Broad¬
way, New York City/Earnings of
Pittsburgh Railways, which has
been in reorganization since 1938,
have been increasing rapidly and
the current situation is most in¬

the

copies of which may

(3)

and

an

bonds

slight change in maturity. , .: , You still may judge your posi¬
tion and buying power by studying the outstanding 2V2s and de¬

whether you want

managers.

.

.

Then we

V iv

.

would have

easier for the

this, but selling will be
(1)

a

•

2s due in

variety of offerings will be cut

and that the

limit

due in
,

.

of the issue, story is still that we'll get

the sake of simplification.

1

...

report from informed sources in New

York is that in¬

switched out of close to $400,000,000 of taxexempt Governments last month and into a similar amount of tax-i
ables.//;, ;'C;y/:'
J!;;/
That's where the supply of tax-exempts is coming from in
companies

surance

large part.

WARREN BROS.
New Class "B" and "C"

'■

sellers, but not

Savings banks/ also now-and-then

.

.

.

nearly

Bought

—

Sold

—

Quoted

W.H Fuller To Be

Federal Reserve Open

break

in

.

.

Members New York Stock

Exchange

Broadway N. Y. BOwlin? Creen 9-7u27
BeU

Teletype NY 1-61




.

Regardless of result, that is the inter¬

First Na¬

Building,

members

of the New York Stock

Exchange,

Bank

other

leading

as

of

national

March

18.

emphasis these days is on organization of the bond
drive.
Little doing in the way of market interest or on specu¬
lative-investor end.
Unification of forces selling bonds hailed
.

.

.

all

sides

.

.

excellent move,

as

spread

be

to

ex¬

Mr.

latest

On

liked

and

involved

news

and one that had to be,

he

was

time. In the past

Cincinnati

manager

Dominick & Dominick.

for
■

.

that

Jane,"

daughter

to

stock

my

stockholder

the

ordered.

have«the

"I'll

new

in

little

certificate

than no
time," the clerk assured him. The

ready

a

stockholder took

less

the

certifi¬

new

i

without

others

contended,

it,"

knowing

but the

the

Penn¬

sylvania^ courts (in the Roberts
case, 85 Pa.: St; 84)
ruled that
against

Jane could hold the stock

all

;-L;

comers.

Pressprich Branch
Is Opened In Newark
NEWARK;; N. j;—R. W. Press¬
prich & Co;, members, of the:New
York Stock Exchange, announce

drive.

.

.

December.

man

country and

over

the

.

choice should have
.

.

.

.

,

level

of

Might be

Co./-"•"/;V/ v.;/
association
Pressprich / &
Co.

Mr.

R...

eliminate

sales of

of April
much confusion which arose in

a

100.6, indi¬
next 2% issue, according to informed bond dealers.
1955/53 bond or a straight 1953 maturity. . . . Either
of

with

the

"Fi¬

Pre.im's.

W.

Chronicle"

nancial

2s

be widely

of

in

reported

previously
10th.

;v

Genesee

of

was

December
/

;;

Valley Securities

New Rochester Dealer Firm
ROCHESTER, N. Y.—The Gene¬
Valley Securities Co. has been

see

formed to engage

in a general se¬

curities

from

the

naco.

erly

business

Powers
new

Building.

in

offices

Proprietor

firm is Ben Del Mo¬

Mr. Del Monaco was form¬
a

in

partner

Del

Monaco,

Hayes ■^Cov/vVv.^" ••?*]>,•

■

American Business Credit

1955/51,

currently selling at

bought, it is said.

....

"A"

Quaker City Cold
Storage Company
5s, 1953

.

...

cates dating
bne would

will

&

Stout

Libaire,

for

Manager

"decen¬

all

.
.
But because natural
specializing in securities sales.

Move

.

formerly partner of C. A. Preim
& Co.
Mr.. Condon was Newark

if April

Development also hailed as excellent is "merging" of
Series E war bonds with rest of the issues for duration

Price
some

•

of unification, there was

respected.

a

Fuller has been with W. E. Hutton

& Co. for

"Transfer

of the

.

Whole

tralized.''

E. Hutton & Co.,

changes,

HAY, FALES & CO.

.

.

general surprise over
W. E. Hulton Partner choice of W. M. Robbins, formerly President of General Foods Sales
Co., as head of U. S. Treasury War Finance Committee. . . . Not be¬
CINCINNATI, OHIO—W. Max¬ cause of/criticism of Robbins, who has a national reputation as
well Fuller will become a partner
a
specialist in mass sales and distribution methods. . . . He's well

and

71

.

.

guarantee.

a

pretation.

.

tional

shares, with the
signed and wit¬

:'/y/

so

of months

passing

.

"tap" 2V2 due ip 1967/62; (2) an

in W.

certifi¬

100

duly

nessed.

clerk's

the

large and impressive a scale. ... Excellent oppor¬ the
opening of a branch office at
tunity for investors who can use tax-exemption to pick up these out¬ 744 Broad
Street, under the man¬
standing securities and hold for taxation purposes and for appre¬
agement of Carl A.- Preim and
ciation as scarcity value becomes more and more obvious with the
Frank M. Condon.
Mr. Preim was
on

operation/ is

Old Common & Preferred

transfer

transfer

down

MARKET

THE

Latest

on

Steplienville N&S Tex.5s,'40

his

for

cate

the

laid

and

study, cate; after his death it was found
be obtained in his safe in an envelope with

"on sale" 2V2

.

10-year

down for

without difficulty indicates this

the

ciding

a

teresting, according to the

.

.

in

corporation

into

strolled

lative

.

.

.

,

stock¬

shares

100

had a
daughter
named
Jane.
fine morning the stockholder

One

.

:

Pennsylvania
held

who

favorite

(and maturities). . . .
'
Market Committee sprung a surprise
on
New York dealers a few days ago when it indicated to
'r; is a more than theoretical objection to reopening the books on
several applicants that it wasn't interested in taking over about
",:^gxactly that bond.
.
" •
-i-ar
v\
Another point is that already there are $2,831,000,000 of these >V $30,000,000 of discount bills the dealers had purchased on the
weekly sale date at the usual "fixed" rate of slightly over
'
outstanding, and that's a big enough maturity for any Treasury
to have to meet in any one month.
% of 1%.
Federal Open Market Committee's unconditional
Thus, best opinion now is that a bond almost similar to the
guarantee some months back was that it would take all bills
offered at that set rate, whenever sellers wished. . . . Purpose,
2%s but carrying a slightly longer maturity will be offered. . . .
of course/ was stabilization
of market with view to easing
Since the 2^4s of 1968/63 are due Dec. 15, and thus any
reserve
position of holders whenever essential. . . . This time,
lengthening of maturity! must necessitate placing a new year
as
the story goes, the Federal told dealers there was no need
011
the bond, the chances are we'll have a 1969/64 bond in
for transfer of bills to the Open Market Committee because
•
:i
April.
'
.v.,'-,//
banks are expected to enter the market in the next few weeks
Say, a 1969/64 bond due in March or April. . . .
as
fairly large buyers of bills. ...
Maturity would be lengthened only three to four months, coupon
That may be and probably will be. . . . But dealers were un¬
would be the same and features generally would be identical, so
the two loans would be different only in the most minor detail— pleasantly surprised and shocked at what seemed to them a definite
chases

«

instance,

into the issue with
profit in the 2%s and

freezing a

,

for

2%s,

and get back

7

is of significonsiderable

.

1968/63,

in

due

As for the rest

INSIDE

BONDS

SALE"

"ON

1969/64.

And, surely,

.

certain

holder

2Vz

sale"

"on

The Victory 2 J/2s are acting well, holding up beautifully. .
.
Latest quotation on the 1968/63 maturity is 100.9, to yield 2.48%
to call date, a nice, comfortable premium for an issue about to be

i

;;

'

will

issues
if we

we

.

.

A

holder

Rhoades & from Price, McNeal & Co. at a Jane's name on
it, < and
she
Co.;
Henry Smith,
of Merrill,,
promptly laid claim to it.
cost of $1 each.
Lynch, Pierce, Fenner & Beane;
"Did you
know or have any
Ralph Brent, of Eastman, Dillon
idea
that
the
stock
had
been
MacDonnell, president of the Na¬ transferred to
&
Co.; William Rex, of Clark,
you, or that such a
tional Trust Co., Ltd., of Toronto, certificate was in existence?" the
Dodge & Co.; Jan Hunt, of White,
Weld & Co.,- and a number of
and Joseph D. McGoldrick, Comp¬ other heirs queried.
others.
"Not the slightest."
Jane ad¬
troller of the City of New York,
Marriner S. Eccles, chairman of
mitted readily enough.
the Federal Reserve Board; James will address the meeting.
"Then you can't be
a -stock¬

must be given clear information on doubling-up
the House and Senate are aware that
success
of the April operation rests heavily on tax clarification
before the selling campaign gets under way. . . .
:

of

.:

gone

ways

;

STOCKHOLDER

M.

Carl

of

Gernon,

:

....

Thus

bonds

The

planning to be at
the Chicago meeting are: Walter
Wilson, of Morgan Stanley & Co.;
Percy Stewart, of Kuhn, Loeb &
Co.; Harry Egley, of Dillon, Read
& Co.; Irving Fish and Warren
Wilson,
of
Smith,
Barney
&
Co.; Walter Blaine and Kenneth
Stephenson, of Goldman, Sachs
&
Co.; Laurence M. Marks, of
Laurence M. Marks & Co.; Frank

THE ' UNCONSCIOUS

Pennsylvania

Offers Good Possibilities

Among those

have

Office—

Pittsburgh Railways Co.

eighth annual meeting of the Cen¬
tral States Group in Chicago.

caused some surprise around New Yorkf
but the explanation isn't hard to find. ... Main reason for
the postponement beyond the first of April was Secretary Morgenthau's wish to give Congress sufficient time to settle the
major details of the tax problem before the multi-billion dollar
borrowing was put on the market. . . . As long as big investors
and corporations are as in the dark as they are now about
pay-as-you-go and other prime tax puzzles, there's certain to
be a more-than-necessary reluctance to buy Government securi¬
ties on the biggest scale possible. . i . As long as we must watch
the headlines daily to know how we're going to fare on our
1942-1943 tax bills, we may hold back on buying until it
That

fifty local investment bankers
planning
to
attend
the

/

of

Analysis

group

were

.

.

York

New

and

a

12?

1-1397

Oddities

Graphic Pre-Price
Ad¬
Rent
Department,

chairman of ministration
of the In¬ Program and
vestment Bankers Association, an¬ paper.
nounced that between twenty-five
the

.

financing date delayed until April

HAnover 2-8780
Y.

N,

Teletype

Control—A

Rent

sentation—Office

Frank M. Stanton,

There's no mystery,
We

.

Why was the

Y. Security Dealers Ass'n

Members N.

25 Broad St., N.Y,

X. 1-1779

Teletype N.

DIgby 4-4832

Man\s Bookshelf

Chicago IBA Meeting

the
minimum, $15,000,000,000 to $16,000,000,000 will be the hoped-for
goal.
We know the deal is slated for April 12 with the inten¬
tion of closing of the books in three to four weeks.
We know
we'll have another "on sale" bond, a shorter-term security, and
all-out financing sales effort, a unified command, a supported mar¬
ket.
We know what's ahead, in short, and the plan is to make
sure we don't get any shocks in one form or another. . .
. So it's
pre-financing period "with a vengeance." ... And if anything
happens to the market between now and April 12, it will be in
the line of undesirable developments rather than otherwise. . . .
what

know

M.S. WIEN & CO.

.

speculative twist to this waiting spell, v . .
we're facing. ... We know $13,000,000,000 will be

surprise,

Bought—Sold—Quoted

..

The Business

.

i'i-i7 New Yorkers To Attend
.7,

now

pre-financing period "with a
no

-f

i

well resign yourself to a: dull,.; unrewarding
and the early part of April. ... This is a

as

between

market

'

PORTER

F.

S.

-By
"•

<.

G.

C.

with

connected

formerly

Valley
.

Exchange PI., New York

Phone

Gregory, Arthur O. Loeffler and
James W. Crawford.
; All were
McDonald & Co.

Mexican Interest Arrears Cfs.

S. H. JUNGER Co.

George Jl

Wass,

J.

Clarence

Elder, Harold C. Hern,

III. Phone State 6693

Utica & Mohawk

Associated with them will

phyn.
be

Direct Wire to C. M.

and Internal Loans

general brokerage and investment
business.
Principals of the new
firm are C. Edwin Mercier, George
A. McDowell and Roger G. Dol¬

CO- INC.

P.ARL MARKS &

50

Mexican External

Building

Buhl

the

Corp.

opening of offices in
to conduct a

the

nounce

of

6s

Preferred

Lionel

Exchange, an¬

Stock

Detroit

&

Sylvania Electric Products

Dowell

the

Bridge Works

Common

R. Hce & Co. Pfds.

DETROIT, Mich.—Mercier, Mc¬
& Dolphyn, members of

1939

CESPEDES SUGAR 7'/2%

Ft. Pitt

Bliss 5% & 6% Pfd.

Dolphyn Is Formed

V

.

.

/

Memorandum
upon

on

each available

request.

Hill, Thompson & Co., Inc.
Markets

120

and

Situations

Broadway,

Tel. Rector 2-2020

for

New

Dealers

York

Tele. NY 1-2660

r>