The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
l/IAR 2 7 194?
jtfw'
Final Edition
>i£;
■*
In 2 Sections
THURSDAY
V;
Section 1
-
■
[Volume 155
Number 4058
New
>■-[
York,-N.Y.y Thursday* March 26, 1942
Price 60 Cents
Copy
a
'
—.
i-.-
■
t
~r
"*
Gapilal Gains Tax Defeats Own Purpose
Says Schrant Of NYSE, Urging Lowering Tax
OUR
Our Reporter On ^Governments'*
REPORTER'S
Viewing the present capital gains tax as defeating "its own pur¬
as a revenue-raising measure" Emil Schram, President of the
New York Stock Exchange, told the House Ways and Means Com¬
mittee on March 20 that he is convinced that the lowering of the
capital gains tax will free equity capital and, by so doing, will not
only help to shift a portion of the financing of the defense effort
pose
REPORT
baiik
with more
seriousness than you've studied any other in recent months, .v.;
Study it because it was the first report issued by the Federal Reserve;
The market is hungry for new
from Government to private cap-^4
—
■ v"
"r
v'~———*System after the income tax date, j
It indicates,, therefore, how! material in the opinion of observ¬ ital but also to increase the rev¬
you
why I think the present
the Treasury made out' on March 15, that crucial day in fiscal; ers who are in a
position of con¬ enue derived from the capital
capital gains tax has defeated its
;affairs.
It tells you how its spending is. going..:'v J . It suggests; stantly. watching [ the
situation. gains tax itself."
own purpose as a revenue-rais¬
clearly and unmistakably the magnitude of the borrowing task Their observation is limited, of
Study the
statement that came out last Friday
.
.
...
.ahead of Secretary.; MtfrgeiaQiatfc;^^
The most important figures in the statement, of course, were
I those revealing the Treasury's balance with the Federal Reserve
I Banks and those showing the totals of excess reserves of the member;
\ banks.
|
,
.
Here's what the statement tells you;
.
.
taxes in tax-anticipation notess than had beeit generally
[
is
the
?
total
in
history.
.
tion, they
ticularly
J: <2) We
such
their
cite
ponten-
ing
utility
issues,
correspondingly
may
w:
.
of
:
•
[10%
thereon.
Mr.
Schram
stated that "I think it is demon¬
ing
discouraging people from mak¬
ing capital investments. In addi¬
the
the
cuss
capital
the
gains
That
discussion,
in
my
judgment, can be left to a more
appropriate time. At the mo¬
ment, all of us are concerned,
above everything else, with the
problem
of financing the war.
to say bears di¬
rectly upon that problem.
I
What
It
,
have
to
seems
but two
vest
profits from realizing
the
of
tax.
those
with
of
unsoundness
principle
tion," he said, "it has discouraged
A
imperative emergency
need of revenue, I will not dis¬
in
yields
Because I recog¬
measure.
nize
strable that the high capital gains
tax has been an important factor
which continue to prevail for
such paper.
before
presented
the bill of
proposing
change in the capital gains tax,
eliminating the existing distinc¬
tion between short- and long-term
capital gains and fixing a flat rate
notwith¬
lo
was
a hearing on
Representative Boland
the top-rank¬
among
statement
a
sustained
the
Schram's
Committee
during
circles
standing the low-coupons and
expect this trend to intensify rather than to become
less important, for more and more institutions and individuals will
:be buying tax-anticipation notes as this year goes by and familiarity
V
in
demand for high-grades, par-
.
.
conviction
Well-rated issue, if it could
a
To [ support
[
column..That fact
balance with the
Reserve Banks off $1,408,000 to $58,859,000, the lowest
years in the week of the heaviest tax collections in
pated—a forecast made several times in this
*""■ is shown in the statistic indicating the Treasury's
Federal
the
market, and It
be brought out now, would be as¬
sured of a ready reception.
.
amount of ^ itsantici- |
(1) [The Treasury collected a much [ greater
;
"v
of the investment
that
Mr.
to the high-grade section
course,
that there
me
are
why people in¬
capital. Either they
reasons
their
True
this
accumulation
still them." In full Mr. Schram's state¬
.'
'
';
invest to obtain an income by ,
Within a short time, the Treasury must make calls on its takes the form of orders for small ment follows:
way of rents, dividends or in¬
war loan depositaries.
Despite the fact that there won't be any lots, relatively speaking, running
You have heard a great deal
terest or they invest with the
bill maturities for another two weeks and some income tax'funds; from 25 to 50 bonds, but the de¬
of opinion and testimony of a
hope that they may sell the
mand has been persistent recently
will be coming in over the remainder of this month. . v *
technical nature relating to the
investment at a profit. Unless
and it has been noted, that bonds
(4) A huge cash borrowing must be "undertaken in • April,
capital gains tax in the course
taxpayers are willing to buy and
so purchased are
going out of the
; * ■possibly early in the month. ; I . In the six days ended March * •
[of these hearings. I want to
(Continued on Page 1230)
Street.
.".'V
'
17, the Treasury spent $722,500,000/ at a rate of more than [.take a few minutes to discuss
That suck demand has been
$120,400,000 a day..;. These are primarily war expenditures. *,. *
with you the general philosophy
cutting ' into already modest
: No
longer are
we
just "appropriating." . . . We're feally
.of this tax, as I see it. Having
offerings is evident from the
INDEX
"spending" the money....
t '
but recently left the Government
thinness of the "order" mar¬
This contrast may be enlightening. ... Last year, over the income
service, I think I can look at [;[[[ [■'; [:\-:[':;[[v'- [;:[rS;[:::\[[': ['■■ Page v
ket in many such issues.
As
this problem in a somewhat de- Our Reporter's Report
'tax date, the Treasury's balance with the Reserve Banks rose $491,1225
an
:with the attractiveness of these notes broadens.
;
.
.
(3)
.
,
.
.
.
'
*
*
.
Income tax collections were smaller, of course. ... ^
down $1,408,000. . . . And income tax
'collections were at the record high of $1,085,000,000 in the six days
[ ended' March 17.?;
^
«
000,000.
.
.
example of this condition
.
they cite the performance
'
This year the balance went
American
•
tached
The Market
the
you
and
manner
whose
and Insurance Stocks [,..... 1230
Bank
Calendar
vide
full
point
tionSv
on
few
a
1
:
transac-
.
war.
Security
;
•»..,:.;.
.
»
.".
Trusts
/
.■
j.
.
.
1233
1231
\
»
i
Municipal News and Notes.........
;
Considering the overwhelm¬
ing burden imposed upon the
'
'
';
'•
Bids Due Monday
.
of the
i
New
v i,
revenue
.
day at 106% and moved up
the
following day almost a
Meanwhile, the Government market does nothing and. may be
expected to do nothing during this, waiting period before announcefment of the next borrowing.' . .[. In the* last 30 days, tax-exempt
'bonds have risen about 2 points—a tremendous rise and much more
of
responsibility it is to pro¬
Flotations
in
increasingly
Investment
large amounts for the conduct
graph Company 3Ms [of 1961.
That issue closed on Mon¬
•
from
point of view of -those of
of
Telephone & Tele-
[[Treasury and the Federal credit
Personnel
Railroad
1232
....1228
Items
Securities
;
[.........;, [ 1220
Securities Salesman's Corner (The)
1231
'
advance in taxable securities. .
The rise
was due to the fact that these bonds were under-priced or, maybe,
"the word is "over-sold".. . And clarification of the position, of
; partially tax-exempt bonds by Treasury experts has been a great
:aid to the market.
;
[
•
,
Tax-exempts and taxables now are just.about m line.
. . At
least, they're enough in line to permit the market to rest at this
impressive than
any
'
.
.
.
,
*
.
'P°inFor
cannot help but be aware
possibility that the April borrowing may be closer to the
$2,000,000,000 figure than the $1,000,000,000 figure, v* . There's no
(Continued on Page 1234)
•of
another thing, the market now
.The
setting is 7 viewed' as de-;
cidedly fayorably,[ provided noth-|
ing unforeseen happens in the in¬
terval, for the sale of the $10,-^
OOOjOOO additional of 3%% bonds,
Series of 1971, which the Union
Electric
Company ■ of Missouri^
will dispose of on Monday, ;; ' • f
,
by the necessities of war financing, it would be utterly foolish
1
for
at this
capital
gains tax which; did not promise
greater revenue to the Govern-
anyone to propose
time any change in the
Tomorrow's
Market—Walter
big
North
American; |
Company subsidiary will
(Continued
Bond
FINCH, WILSON & CO.
Selector
(The)..............1234
Our Reporter
Governments...,
on
Uptown After 3.
.................
York Stock
Established
;
on
the
the
open
Page 1233)
j
of
opponents
the
capital
purpose' is
paramount
raise
revenue.
to
THE
CHASE
I want to show
BANK
investment securities
f Executed
64 Wall Street
Head.; Office
Commercial
RESERVE FUND
New York
-
Troy
120 BROADWAY, NEW YORK
-
.
Albany'; [
...
Williamsport
;
i -K Watertown ;;.C..
y
Broaden your customer
;
[
1
PROVIDENCE, RHODE ISLAND
service with Chase
HIGH-GRADE
correspondent
;
Cairo
£3,000,000
.
£3,000,000
..
INVESTMENTS
'r
/
and
7
Philadelphia
Pittsburgh
,v, -
v
:■
v;
\
:':-y.
.•.-.••
BANKERS.
r
■
6
boston
F.H. PRINCE
Cairo"' :
Register No.
:V/-
FULLY PAID CAPITAL
-V1'-.5■
for Institutions
an(j individuals
•♦..,
"
>•;
Commission Orders Carefully
OF THE CITY OF NEW YORK
v^.r"• :r-I..-
f
1236
gains .tax provisions agree that
of EGYPT
1927
txchange'
1225
Both the proponents and
Tment.
NATIONAL BANK
■
MembersNew
,
....1229
Says:
NATIONAL
R. H. JOHNSON & CO.
Whyte
.
The
^
the
-
LONDON AGENCY
,
:
b
•
facilities ■■[tv':i^-'-
.King William Street-, E. C.
Members
•;;v. Branches in all the
principal Towns in
V
and
EGYPT
the
New
p
York,
Boston
SUDAN
Chicago
Stock
Si
Member Federal Deposit Insuranet
•
4
Exchanges
Corporation
Wilkes-Barre
NATIONAL BANK
CarlM.Loeb,Rhoades&Co,
Over-the-Counter I
Bankers
Kenya
Securities
61 broadway
to
Colony
'
'
"
■
1
'•"v
'
Y. Security Dealers
London
Buenos Aires
-
and
RAILROAD STOCKS
Burma, Ceylon, Kenya
Aden
and
Zanzibar
HARtSMITH & CO.
Subscribed Capital.
000,000
Paid-Up Capital .:;. .^2,000,000
.
Reserve
INCORPORATED
45 Nassau Street
GUARANTEED
;'
\
Kobbe, Gearhart & Co.
Member» N.
in
Uganda
and
Office:
Branches In India,
'»
Government
the
Colony
26, Bishopsgate,
London, E. C.
Head
new york
-
Specialists in
of INDIA. LIMITED
Ass'n\
New York
Tel. Rector 3-3600Teletype M. T. 1-676
The
.
Fund
conducts
Bank
banking
......
.also
every
and
»
description
New
York
Assn.
Dealers
Security
nil
GUARANTEED RAILROAD
of
53
business
WILLIAM
•
Executorships
undertaken
W:,
*•
Members
.£2,200,000
and .exchange
Trusteeships
—.
;
Bell
Miv York
-
St., N. Y.
Teletype
NY
—
—
STOCKS-BONDS
\
HAnover I-MN
1-395
Montreal
-
Toronto
Telephone
BO.
Or. 9-0400
12 Broadway
Teletype
NEW YORK
N.Y. 1-1913
1226
MARKETS FOR
i -if
''h*
Actual
MORTGAGE
-
LATIN AMERICAN
CERTIFICATES
issued
BOND
v
CO.
.'BONDS|i|||
LAWYERS MORTGAGE CO.
E
LAWYERS TITLE & GUAR. CO.
N.
Y.
TITLE
STATE
MORTGAGE
&
TITLE
&
MORTGAGE
other local
Bell
KEIPER and ZIMM
STRAUSS BROS.
'
NY
1-2033
City
Atlantic
Eastern
"
West Indies
'
B611
'•
'
New York
-
•
Telephone:
»;<;
'
Dlgfcy •4-86404
^
30 Broad Street" /
:
-Member's-New York.-SecUrit^pealets
--
32 Broadway, N. Yv
1
;
<
,
f.
NY 1-636
"; 1
By Walter Dyckman
Sugar
-
J.F.Reilly&Co.
Members -.r:v-■•<.
Alabama Mills
/
•
-:4.'4^44'4:;4'
50 Broad
American/Securities
>4
-E
•
;
*
Bell
Teletype,
Sy»tem
South America.
N.
1-248#
Y.
Government has
hot even,
compose
States has recently made
tions.
five-
a
is
It
:
far
from
remote;
a
contract with Bolivia culling possibility, therefore, that' many1
$25,000,000 of tin annually; of these countries will begin, to;
This tin will be smelted at a large prosper. to such /an extent; that
smelting plant recently erected they will not only be able to bal-'
by our Government :in Texas City, ance their budgets, as Bolivia has'
Texas.:
Practically every Ounce already done, but. will be able to;
of tin used by the United States purchase their own bonds or pos-:
refund them with lower
will have to be purchased from sibly
Bolivia..
'
.5
4 coupons. : Most of these bonds;
were
issued when 7% ;and 8%,
4
This is only one illustration
1
of how many of the Latin: coupons were in vogue and, as
many of them have been in de-;
American countries will benj fault since 1931, due to lack
ofj
efit from our large war in¬
export
business and our. own;
duction.
year
4 Stevens
Thompson Paper 3 lA%, 1958
&
Houston Oil Co. Preferred
Eastern
...
for
Thompson Paper Common
•
Corp. Common
All Westchester County Mortgage
•
Certificates and Bank Stocks
,
Schoonover, deWillers & Co.
INC.
12#
BROADWAY "
YONKERS.
N.Y.
MArble 7-8500
BROADWAY
2# 8.
NEW YORK, N.Y.
REctor
2-7634
Bell
Teletype
NY
1-2361
's|
Since about 1931 many of
Allan Eusftis,
their
bonds,
recently
but
have begun to pay small
Captain In Air Corps
r
these
countries have been in default.
Birminghamr Ala.;
..BH 198
t
,/'/
;
St/^4-:s^;-'-
/'New York, N* Y.;
"'C:4 t-4'/
,/ '/
NY 1-1557.::
Aetna Life Combines
/ Wall Sh Ridsrs To 4
Hold Cliarily Show
Advertising & Publicity
•:Pres.
Morgan
Brainard
B.
of
the Aetna Life Group, announced
the
Burton Wander, J. S. Bache &
Co., President of the Wall Street
Riding Club, has announced that
and
,
for
bonds,
during
two
years,
have been;
a gradual appreciationi
Eustis, Jr., of Spencer the
last
jTrask & Co., 25 Broad Street,,
showing
;New .York. City, has received a
in
1-1397
Y.
"
25 Broad
HAnover 2-8780
N.
Direct Wire
.
amounts;
The ; markets
interest.
of
on|
some
Latin-American
Allan
Teletype
:r.
combining of the advertising
publicity departments of the the
Seventh
Annual
Charity
Aetna
Life
Insurance
Company Horse Show and Dance will take
and its affiliated companies, the
place on the afternoon and eve¬
Aetna Casualty and Surety Com¬
ning of Saturday, April 11, at tne
pany,, the Automobile Insurance club's
ride
headquarters,
AylCompany, and the Standard Fire tvard's Academy, 32 West 67th
Insurance Company, effective imStreet, New York City.
V
m'ediately.:- The consolidated de¬
Patrons of f the
show
include
partment ■will • be* headed
by members of the club's
board, of
Stanley F. Withe, until now man¬
advisors,' Harvey D. Gibson, Manbusiness /depression, - there ; has ager of the publicity division of
ufacturers Trust, Co.; John; M.
been, of course, no way to dis-j the casualty, surety, fire and ma¬
Schiff, Kuhn, Loeb & Co.; Chase
pose of these high interest rates.! rine- departments.
4:4-4 44 Donaldson, Distributors Group,
Just; how
important are jj 4 Under Mr. Withe's general di¬ Inc.;4 Jansen
Noyes, /Hemphill,
these countries to
our ..war..:;!
rection, the announcement stated, Noyes & Co.; E. Roland Harri../'.production needs?:4'-4*4j':/444'f C. V. Pickering will have general manj Brown Bros./ Harriman < &
The chief exports of these 4! charge and oversight of the ad¬
Co., and B. A. Tompkins, Bankers
countries are as follows:
vertising of' the life insurance Trust Co.'.
V*
activities
of the
group,
R. E.
Argentina: ; Wheat, 44wool.
...
,
:..
K.Y.
New Orleans, La.
Ass'h
Members N. Y. Security Dealers
begun to buy the immense amounts
of
products
needed
from ;> the:
about 98% of the
exports* Bolivia is now the largrt| Latin-American
countries and;
est tfn producing country in tne' our future trade withfthem will|
Western Hemisphere.
The United undoubtedly be of huge propor-
Phiia. & Read. C. & Us 1943
Stevens &
m.s.wien & co.
Bolivian!
25 Broad St.,
■Our
Members New York Stock Exchange
...
trade and accounts for 71% of the<^
erals
lila. & Read. C. & 1.5s, 1973 C/Ds
Steiner, Rouse & Co.
!
Maritime Bldg. Brown-Marx Bldg.
V4 /t\7
;
4 •
1
*
t"~'
';•/
practice, tin production is the governing factor in-
*
exports.
Mining is the chief in¬
dustry of the country and min¬
HAnover 2-4660
•
~
■Hi."';-
Malaya, Java and Singapore, which were large, producers: of/tin,}
important products, attention has now beeh fccused:
In
St., New York, N. Y. "
Debardelaben 4s, 1957
.
rubber and other
on
■
Birming ham El. 7% Pffl.
Central & South'
Long-delayed buying of raw materials by the United States 'ha&
products. With; the-f aH;;
v
Dealers' Assn.]
Security
Au'i
Exchange PL, N.Y.,. HA 2-2772
BEEB TBLBT1PE HY 1-423
Latin-American Bonds
Alegre Sugar
v-;
40
*
/4'V'4
Teletypes NY 1-832 & 834 -
Mexican
of
York
Members Now York Security; Dealers
Bell Teletype:''
i.
WHitehall
caused sudden demands for-Latin-American
Neio
KATZ BROS.
-
-'
The Possibilities Of
Sugar '
Vertientes Camaguey
<4
1
Lebanon
.
Sugar Associates
Punta
'
WHitehall 4-6300
Teletype
Philadelphia
Script due' 1941-1947
;
-X
"
Stock Exchange
N.Y.
('/'4 /
M*;
'
CO,
companies
York
New
Members
:
| ASSOC. GAS & ELECT.:
'* J4-.^
4/44'
V'';r.
Newburger, Loeb & Co.
40 Wall St.;
HOBOKEN FERRY
-lii..
CO.
TITLE GUARANTEE & TRUST CO.
All
Trading Marketsin:»
:r
LATIN AMERICAN
CO.
INSURANCE
TITLE
V'-1 % -''
by
MORTGAGE GUAR.
&
HOME
Specialists 4;44':
7-
,
.
Mr. Gibson several years ago ■
>[
price. Below is a table show-!
^commission as Captain in the
beef, linseed, cattle hidesand/; Brown, Jr., of the casualty den
ing the prices of a few of these'
placedin /competition a trophy
Army Air Corps. Mr. Eustis, who
partment, and H. C. Puller of the titled 'r "The
bonds and their price appreda-! 4 corn.444f4444-4j
Gibson 4 Perpetualf
"
•
.
'
has long been active in aviation,
the Amateur
Flying Derby,"
New York City to Cleveland, in
;won
*■
Charles F. Bryan has been ap¬
pointed manager, of the Bond De¬
partment of Spencer Trask & Co.,
*. to succeed
Captain Eustis.
Mr.
Bryan has been with the firm for
■
many years.
v,./v',;:
■
R. Sims Reeves Joins1
tion since 1940:
:/;f
Trading Dept.
Greene and Company, members
1941
Argentine 4s, 1972„
Argentine 4 Vis,1971
54 V2
58 Ms
6872
frazil
1941
10 %
17%
1957
8V4
15%
8s,
Brazil 6Vis.
1979
•
#
76
.
manager of
the
trading department of Sutro Bros.
& Co., New York.
Mr. Reeves
has
been
in
the
Street
for
the
cotton?-pre-"1?/)
Coffee;
357/8
22 Va
4
2V2
Bolivia 7s,
25/B
3%
2%
3%
v
and cattle hides;
nanas
11%
.
llVa
preserved
Funding
"
20 V4-
of
Cali
14%
.36
.
1947
15
7
7s,
14
.
Dept. of Cauca Val¬
,.4-
''
■
*.'
%
6
5
•
■
7s,
1957—
coun-j
: one ' of
these
agreement totals
$11,000,000.
;2'"44!
-i
;
C. ~F.
of
past
20
years;
he
was
972
1941 to
tant
largest.- appreciation
in
place from
1942 and largely since the
United States entered the war.
materials
(Continued
now
on
v
so
own
name.
Ferry
LATIN AMERICAN SOLIDARITY
i
5s, 1938
.■»
In Collin, Norton Go.
4 TOLEDO, OHIO—Oliver Goshia,
for -many
years
of
manager
5b, 1946
...
.
This Booklet And Our
i
.
:■
■
-
department
'
;
G. A. Sax ton & Co., Inc.
7» PINE
ST.,
N.
Y.
WHitehall
Teletype NY 1-609
4-497#
committee to manage
Chairman, Gerhard H.
Struckmann, Bank of Manhattan;
show:
Treasurer, William Salisbury, and
Secretary, Miss Marie R. Cam¬
bridge.
4-4' 4 V4/4 .'44 '■:/■'
-
•
-
<.
of
•
'
Collin,
of
which also was the re¬
cipient of
a
last
year's
show
.The
many
cial
sizable donation from
show!
-
not
;'
Special Bulletins On Bolivia
Request 4
as
df
■••'•
i<
gram.
.
can
but
MEMBERS CHtCAGO STOCK EXCHANGE
St., Chicago
.
'■;••
follow
the
at
,.-
and furnish■
Trading Markets in v
Petroleum Conversion Corp.
,
Virginia Iron Coal & Coke Co.
'
BONDS
v
.
8- Go.
State 9868
many
the ring's pro-
We invite inquiries
FOREIGN DOLLAR
...
Parkfr, Strauss & Co. Inc.
4,
>
i
CG 95
Telephone Bowling Green 9-1453
Mining
S. Joseph Florentine
60 Wall Street.
New York
'
208 South La Salle
also
will
Dancing
/ Oklahoma Interstate
Brailslord, Rodger
attracts
be found among
the conclusion of
partnership in the firm
;
;
:
spectators from the finan¬
community,
to
/
/
only
:
*•
entries.
■■■
be
FresV
Tribune
Air Fund,
brokers
April 1.-
will
show
the
The
to
members of the New York
~4
1
And Brazil Are Available On
,
following
the
thje
58,1934
•
44I" 4-f ■4 ; - /
4 Mr. Wander has appointed the
donated
Minneapolis & St. Louis
New York & Hoboken Ferry
each year.
4 4
t
AMERICAN INVESTOR
v
Iowa Central
Company, in¬
,
trophy'is pTesdrited to the winner '
Stock Exchange, will be admitted
,
5s,1946
&
hands and general management of
the - tiorse." ' A
replica of the
Proceeds
nue,
WHAT IT MEANS TO THE
Hoboken
; F.
vice-presi¬
Norton & Co., 508 Madison Avei
4 with Robert C. Mayer & Co., Inc.,
under his
Childs
::-sorely trading
Page 1240)
formerly
/ and prior thereto was in business
a
Gesbia To Be Partner
••
;
-
vestment house of Chicago.
our
these bonds has taken
The
become
-
mutually beneficial terms in stijhulating the production of impoi;-
;
has
of
the
Commerce
Union
and ff dent
'* ' { Bank, 400 Union Street, Mr. Nor¬
ris was formerly a vice-president
already been agreed be¬
country and Brazil that
both countries will cooperate on
tween
';/:*•■ "
TENN.—W.
NASHVILLE,
It has
13%
Republic of El Sal¬
vador.
Of Commerce Union
;
Challenge Trophy," Which is open
for competition to members of the
club' only and is awarded on "seat,
4
is
countries whose
about
)■
7
^
Latin-American
Bolivia
try.
1472
4 "V:
7
4
-
already received lendle^se agreements from our coun¬
1
•
7
(Colombia),
ley
Norris Named V.-P.
j Norris
tries have
1872
;■
.'/■•■
linseed
meat,
cattle hides.
Some
j
47
(Co-
Dept. of Caldas (Co¬
lombia), 7Vis, '46
lombia),
/4
5s,
1951
!
7%
4
...j
Uruguay: Wool, chilled.beef,
•
City of Sao Paulo
(Brazil), 6s, 1943
Brazil
skins. ;>,}
Copper,;nitrate^ ^oldv
oresr; petroleum, ba- - ^
silver,
12 v2
Bolivia 8s,
19.47.
1969----.,
Bolivia 7s, due 1958
j
55
lines.
^-4v4-4
served meats, hides and
257/«
and marine and allied
fire
lead, {
silver,-
and tungsten.
Brazil:
W
30 Vi
;■
association with them of R. Sims
I Reeves, previously
:
.
copper
Chile:
-
ers
:
65
Vb
3%s-4s-
Uruguay
4 Vis,
61
Bolivia: " Tin;
%
1942
of the
New York Security Deal¬
Association, 37 Wall Street,
;New York
City, announce the
4i4'44'//'444-l
;
1940
City
Greece's
4
Established
11
1937
BROADWAY, NEW YORK
Telephone WHitehall 4-0386
-
J-.Volume.-l55
Number 4058
THE COMMERCIAL & FINANCIAL CHRONICLE
We
We take
pleasure in announcing that
v.;v- ¥.? ■'-■'"''':i' ♦
:
•';
■'<%
>;.
$0^
become
associated
Manager of
>
'
Member
Los
with
as
us
-
•
"•
<•
'
'
j
LOS
PASADENA
road
-i
25 Broad
NEW YORK
ANGELES
Telephone HAnover
BEVERLY
IS THE CATS!
'Stoug-h to £fet
Spencer Trask & Co. Il|
Street
WHiiehalt. 4-0650.
Telephone
-
THIS BLOWOUT
HILLS
SAN
DIEGO
Street, NeW York
2-4300 t i
'
-
sending
your strong-box!
On the pro¬
ceeds you can g-o to the
dog's in a
blowout that will be the "cat's"!
..
Members New York Stock Exchange
Obsolete Securities Dept.
99
'
WALL
'
-
-
Recommends Changes Customers Brokers
Twelve Stales Adopt
Uniform Bke Sky Form
InDtfenseBonds
Seek Gnrh On SEC
FINANCIAL CHRONICLE
Reg.
UT 8,
-
Patent
Office-
""
'ji.'lP,-'fr
:/,r
•
William B. Dana Company
Publishers //
;
|
i
.
25 Spruce Street, New York
i
Securities
States
r,
BEekman 5-3341
Editor and Publisher:
Frederick
W.
adopted>
"blue
..
Jones, Managing Editor
sky"
laws
in
line
with
letter
regarding
^ /The' Association
Brokers
serve
that the legislation will prescribe
the' exact powers which it con¬
by |
a
program worked out
by. the com^.
uniformity of the "Na¬
System/Washington, D. C.,
Graham,
Bankers
Thomas
to
has
amend
petitioned
William Dana Seibert, President
William D.
i
Riggs, Business Manager
mittee
on
tional
!
Association, of
the
securities
laws
S3
Bond
**
Securities
.
/
v-:
Aldred
Z/:/*
offices:
Bankers
Chicago—In charge o!
Western Representative,
Field
(Telephone State 0613).
London—Edwards & Smith, 1 Diapers'
Gardens, London, EjO„. :
y iFred
H.
Gray,
Building
Copyright
1942
as
of
America
major underwriters of new
securities, urging their fullest co¬
by William* B» * Dana
sioners by using the forms in all
cases where they are applicable.
/
second-class matter Feb¬
8.
compilation
the
1879.
Subscriptions In United States and
Possessions $26.00 per year; In Dominion
of Canada, $27.50 per year; South and
.
braska,. New
islandj^TennesseevvTexas,
Central
Rhode
Cuba,
Virginia
America,
Spain, Mexico
and
$29.50 per year; Great Britain,
Europe (except Spain)-, Asia,
Australia
and
Africa, - $31.00 per year.
Continental
of
account of th& fluctuations
In the rate of exchange, remittances for
subscriptions
and
■
y
+ * «v
Y;
Increased
■)
,
*
>h.
.,f
have
Earnings
magazine,
published
income
by
We
on
i
listed
on
of
common
with
end
industries,
the
largest
gains in earnings last year were
made by: Rails, an increase of
112.3%;
business
and
office
V equipment,
73.2%; petroleum,
67.2%; textile, 53.8%, and aviation, 51.5%.
Meanwhile,
the
financial,
public utility and tobacco companies, fell behind their 1940
By
-
"
:
rail
of
'
•
;
.
to
this
of
use
of the
Committee
association.
two
the
It
major
is
the
con¬
present and future
security
increases,
members
of the
deterent
"(4) The bonds should be reset
,
forms
new
that
for
(1) The obvious savings to
issuers and underwriters in pre¬
.
paring facts and figures
lieu
of
when
set
of
the
each
formation
on one
statements
variety
on
its
the
/
.
.(2)
will,
special set of
to
-
the
a
benefiting from
At the end of the
great
therefore,
many
have
a
people
financial
in their Government which
will be helpful
States
the
to
Members
39
We
ofmillions, of
Tele. NY 1-1610-11
Are
Specialists
In
Inquiries
Invited
In
(
Lawyers
Mtge.
Co.
Ctf*.
Lawyers
Title
Co.
Ctfs.
Co.
Ctfs.
Title
Co.'s
Bond
and
&
and
Mtge.
all
Bank
fortunes
investors
'v
■
real estatesecurities
indirectly
or
'
Broadway, New York
DIgby 4-2290
commission
financial
.
other
-.c
1
Trust. Participations
Complete Statistical Information
hundreds of institutions handl¬
ing billions of savings and. ih-r
capital/ is, in many; in¬
stances/ detrimental to the, pub-
vested
This
by
1}/'.//
Members New York Security Dealers Assn.
-
constitutes
39
government
rather than by jaw. We
feel that under clearly defined
Broadway,
HAnover
New
2-8970
York,
N.
Teletype NY
Y.
1-1203
men
laws
>
L J. GOLDWATER & CO
the
which
more
securities
business, of
part, can render
competent and more ef¬
we
are
Nat'l Quotation Staff
a
100% For Defense Says.
Employees
of National Quota¬
Bureau,
Inc.,
New; YorkChicago and San .Francisco, are
/The"Association also asks that participating 100% in a voluntary
provisions of the Acts that now weekly payroll subscription plan
delegate discretionary powers to in buying United States defense
!the Securities and Exchange Com¬
savings bonds and stamps.
fective advice and service to the
tion
investing public.
mission be amended
deleted.
or
B. & M.
| Bond Club Of Denver
Bowling League Returns
,Odd-Lots
16
Municipals
Preferreds
^.667
^12
12
.500
___'"11
—
Over-the-Counters
investment
8
-
13
.458
14
issues
of
the
Boston.
&
Maine
Railroad, with particular empha¬
sis
the
on
has
been
tion by
Liberty
from
first preferred stocks,
prepared for distribu¬
Clark, Kohl & Eyman, 55
Street, New York City,
whom
copies
be
may
ob¬
1417
14
,417
15
.375
10
_____
Trusts—10
Corporates
Highlights
"Hignlights on Boston & Maine
for, 1942," a descriptive booklet
discussing the current situation in
!
'
9
tained
upon
request.
PUBLIC UTILITY
INDUSTRIAL
m
RAILROAD
in the interest of
MUNICIPAL
h
BONDS
A.C.ALLYNa™COMPANY
INCORPORATED
Smith.
CHICAGO
High team series is held by the
Odd-Lots; high team game by the
Municipals; high individual series
by Ernie Stone with a score of
New York
Boston
Detroit
Milwaukee
,,
Philadelphia
Omaha
587;
high
individual
game
by
Chan Lilly with a score of 237.
,
good government.
elimination
of
form's.
in
effort.
period
stake
Savings
themselves
war
war
for in¬
forms; and
from
basis of 20
a
to the individuals
in
involved
State asked
the
••V-'/.-a
.
;*C,
are:
directly
'■
Trust
Chicago Stock Exchange
/ '
—
Paul
cited
appointed
^
' 4%s. 1967
•
mv'
1
25-year non- Dividends
:
8
16
.333
negotiable 2 V2% bonds.
In other
The Roystones are captained by
words,
when
money
is
cheap Leon
Macart, Municipals by Nor¬
every effort ought to be made to
man Godbe of Geo. W. Vallery &
sell as long-term bonds as pos¬
Co., Odd-Lots, by Jerry Ryan
sible to the individual investor.
Peters,
Writer
&
Christensen;
There are plenty of other Gov¬
Preferreds by Hal Myers, Cor¬
ernment bond issues available for
porates
by
Bernard
Kennedy,
banks, insurance companies and
Bosworth,, Chanute, Loughridge
other agencies to invest in.
& Co., Over-the-Counters by Er¬
"(5) That every effort should nest Schlenzig, Investment Trusts
be made to sell this type security
by Chan Lilly, and Dividends by
on
that
indicated
advantages
sets
follows:
as
and
other agency
The economies and
make
Acts
v
the
eliminated by an¬
;
DENVER, COLO.—The Bowling
handling the sale of
League of the Bond Club of Den¬
the bonds.
Also, a great many
ver announces the scores for the
small buyers who do not really
eighth week of the meets:
understand
such
matters, have
Won
Lost
Pet.
gotten the impression that the •Roystones
20
,4
.833
several
Selby, Ohio Securities Com¬
missioner, ; is President of the
$268,000,000 to $306,995,000; and
13 petroleum companies, from
-
wrong¬
only by good faith of the country
itself, it would be better to have
L.
$225,300,000 to $478,378,000; 32
steel companies,
a gain
from
•
incident
the
prepared the uniform form.
62 companies
industry, a gain in
income
with
securities
Chairman
were:
net
burdens
over
for
Treasury. Department are not act¬
ing in entire good faith, and as
; Government
bonds
are
backed
reducing to the mini¬
the
uniform
combined
:
of
rightfully-or
sion that certain
labor
forms thus provided.
Vern G. Zeller, Securities Com¬
missioner
of
Wisconsin,
was
tries, for the companies report¬
the
and
reason
taxing municipals, etc., the public
seems to have gotten the
impres¬
tremendous
a
The
ize, however, unless the indus¬
try, including issuefs, .'under¬ paying of taxes and the purchas¬
writers, and those 1 primarily ing of Defense Bonds will in the
responsible for the registration end be one and the same
thing.
largest dollar increases
among
the
individual - indus-
in
for
research
that
troversies
of its
of
is
an
controls
.
xl"
these
lie interest.
Se*/ taxes/?, social
advantages to be derived from
The
ing to date,
the
these efforts will not material¬
record.
;
and
/:/'/;//
1946
...
f/;/1 New York Curb Exchange
our
which
musket.
fully, due to past and recent
1
and the members
State laws.
<
-
this
Asso¬
compliance
tion states, "the increase does not,
The article goes on to state:
outmoded
an
method of sales.
legitimate business to the
mum
were 21.9% larger, in the
Aggregate,
than
in
1940,
with
profits
totaling
$2,882,021,000,
against $2,363,800,000 in the year
before.
However, the publica¬
dividends."
indebted -to
to
defense 'now.'.
in this matter and for their very
conscientious effort to cooperate
change
or
i
-
committee
the New York Stock Ex¬
higher taxes, wages
1933
:
opinion, thd granting
broad discretionary powers
of
in¬
Commissioners'
amount
stock
for the most part, represent addi¬
tional
cash
available
for
still
to
economy
are
curities
ciation
for
issues
their
It said:
ers.
taxes, still net earn¬
ings, after taxes, were more sub¬
stantial than in any other recent
year.
Earnings of 534 companies
With
/ they
soon "as
as
opportunity
and timesaving to issuers - and underwrite
Exchange, in
"Corporate Income
in 1941," points out that while,
for the first time in history, many
Companies in 1941 paid out more
than one-half of their total net
article
use
an
forms, the IBA empha¬
new
sized
the New York Stock
an
of
its'position
l^ Tn;
That people want offense and not
-
the
The March issue of "The Ex¬
change"
had
with
man
Stated ;wiiL/ap^
-
be
! "(3) That the sale of Defense
vestigate its adaptability under Bonds should be handled in the
the provisions of their particular future
by Federal Reserve Banks
statutes, the letter stated. •
and that, they have full supervi¬
In urging members to utilize sion
and direction of sales and
k
1 For NYSE Listed Cos.
I
its!
prove*
funds.
y(
additional
should
modern warfare and the Amer¬
ican Eagle; and not by a Minute-
April 1 and *ft> is-* anticipated
that
advertiser
ments must be made in New York
Act
of
purposes
forth
*
name
tanks, battleships, implements of
andr Wisconsin/
North
Carolina will adopt the fpTm * as
NOTE—On
conclusions
changed to "lWar Savings Bonds'
or 'Victory
Savings Bonds.'
"(2) That all advertising should
be;-characterized
by
airplanes,
-Ohio,
Hampshire,
their
"(1) That the
s;
projaased form- are Alabama,
Arkansas, sIowaY Minnesota/ Ne^
*
of
is ,as"follows:^
According to the IBA announce¬
ment, States which have approved
foreign
Securities
Securities Exchange Act of 1934,
individuals, / business / men
and the/Assdciation. says that it^ is in
operation with the State commis¬ bankers in
Kentucky, and the^full accord with the underlying
ruary 25, 1942, at the post office
at
New York, N. Y., under the Act of Mar.
'
for their reactions to
my letter.
I
have* heard from a great
many
to all
Company..
Reentered
Association
5s«
.
Investment
Joseph McManus&Co!
.
Other
Reynolds Realization
Congress
siders necessary for the protection
Co., Louisville, Ky.:
:
/
"I .wrote / to
Mr/ Harold
N. of investors and in the public in^
Graves,-Assistant Secretary of the terest. In a letter to Representa¬
Commissioners.
This
was: ■ dis¬
Thursday, March 26, 1942
- < f
Treasury, ion Feb. 28 regarding tive Lea, Chairman of the House
closed in' a communication sent Defense
Published twice a week [every Thurs¬
Bonds, a copy' of which Interstate Commerce Committee,
day (general news and advertising issueji on Mar. 23 by the State. Legisla¬ letter is attached, and I also sent and
head • of the
subcommittee
tion Committee of the Investment
| with a statistical issue on Monday!
copies to various people asking now drafting amendments to the
*
!';
1
r
of Customers
U. S. Defense bonds has been sent
to Mr/ M.' S. Eccles, Federal Re¬
4-6551
Brockway Motors Co. Inc.
v
12 / >The following
of
■,
uniform
a
form for the qualification of hew
securities under their respective
Herbert D. Seibert,
v
commissions
have
;
STREET, NEW YORK
Telephone:.; WHitehall.
COMMERCIAL aiuf
the
on
But you'll love the
that
you
can
£ret, by
us those
cats and dogi
in
Teletype NY 1-5
;
fclowout
a
today.
blowout
'
"
AND COMPANY
-.
Angeles Stock Exchange
40 Wall
§§|
BONDS
Co.
LicHTtnsTEir
"
High Grade
■;}:.'»•I.I"'"/I-l;"\ly 'Ifev I::
&
offerinqs of
|| Public 'Utility and Industrial
New York office*
our
'II};:
Wyeth
1
interested in
§§§
MR
has
are
1227
"I am respectfully, submitting
printing and other costs in !
the preparation of theft present
! these suggestions to you, as under
-
-
''
! present conditions it
seems
to
me
$49,800,000 to $83,275,000.
i it is up to everybody to do every¬
Herczel Dies
Although
aggregate
profits
thing they can from a construc¬
gained substantially over 1940— v Richard E. Herczel, Manager
with the increase even sharper of the Municipal Bond Depart¬ tive standpoint to back up the
than
the gain recorded from ment of Shillinglaw, Crowder-& President in this terrific emer¬
1939 to 1940—improvement of Co., Chicago, 111., died on Mar. 13.
gency.
It
simply means that
income was by no means uni.certain policies of various depart¬
versal.
One
hundred
and
nancial,
tobacco
and
public ments have to be revamped in the
twenty-one,
or
almost
oneutility groups, but there also
J same way the President has re¬
fourth, of uthe companies had
was
a
sprinkling of companies
less favorable results in 1941.
I whose, profits
so
ably
revamped
the
receded in the cently
These were mainly in the fiJ other groups.
leadership of the armed forces."
...
;
.
CAIRO BRIDGE CO.
Groch Goes To Detroit
As J. S* Bache
J.' S.
New
nounce
erly
Bache
York
Co.,
charge
York
of
their
office,. has
i(
He
will
the
take
Albany,
been
ap¬
•
•
^
^
immediately.
Penobscot Building.
R.E.Swart & Co.
INCORPORATED
40
TeL:
up
due 1958
Bought—Sold—Quoted
an¬
pointed manager of their Detroit
in
s>
Groch, form¬
,
office
2
members
Exchange,
that Louis J.
in
New
&
Stock
6*
Manager
his
new
es
duties
EXCHANGE
PLACE. NEW YORK
HAnover 2-0510
Tele.: NY 1-1073
t
THE COMMERCIAL S FINANCIAL CHRONICLE
1228
DIVIDEND NOTICES
Canadian
-'n.j.'v \r
Bought
"■vT '
Securities
INCORPORATEDt
''
''
Ave.,New York,N.Y.
—
/
■
'
,,
:
dividend
•
the Preferred Stock
on
of $2.00
,
share
a
on
HAnover
beguiled.-»
1
-
* New, York /
Broadway,
March
stock
Preferred
by
owned
y
19. 1942
the
Company,
holders, (other than
Preferred Capital stock
[of record on the books of the Company at the
:close of business on March 26, 1942.
Checks
payable April 1, 1942,
ithe Company), of the
'will
DALLAS,
be
to
mailed.
-•
O.
-
P.
GUNTHER,
DETROIT
Straus Securities Co.
Secretary
of
Harper, Wegusen & YonkIf you contemplate making additions to your personnel, please
Inc.,v is now associated with send in particulars to tha: Editor
of the Financial Chronicle for pub¬
newly opened branch office lication in this■ column.-** -/,
i/.- • ?
vfry?*■ \1
cer
'
the
of
Straus
Federal
Securities
Co.
Building.
Grand
(Special, to-Thfe Financial>Chronicle)-
Also
connected with the Straus
Square
$6
The
.
STOCK
PREFERRED
regular
share
the
on
Power
&
quarterly
$6
Rapids branch is William Ci Har¬
formerly with Harper, We¬
gusen & Yonkman, Inc.
per,
:
BOSTON,
of
Stock
$1.50
of
per
National
Light
Company, has been declared
for payment May 1, 1942, to holders of record
the
at
close
of
business
ALEXANDER
April
15,
Mackubin, Legg & Company, 22
Light Street, Baltimore, Mary¬
land have just
bulletin
1942.
SIMPSON, Treasurer.
issued
descriptive
Casualty
a
American
on
Company, indicating attractive in¬
comepossibilities
at
current
levels. The bulletin discusses cap¬
PACIFIC GAS AND ELECTRIC CO.
:
yl'
DIVIDEND NOTICE
.
rj'j
,
If
yy
upon
.
at
the
Bank
Stocks
Insurance
and
from
request
upon
Co.
(Special
Financial
to The
MASS.
SPRINGFIELD,
v '•
V.
—
Blake Allison has become associ¬
with Tifft
ated
STATES
A REFINING
SMELTING
Bros., 1387 Main
quarterly divi¬
dend of l£t% (875-a cents per share) on the
Preferred Capital Stock, and a dividend of
One Dollar ($1.00) per share on the Common
Capital Stock, both payable on' April 15,
a
A 942 to stockholders of record at the close of
business March 28, 1942.
V
"
" '■
:
GEORGE
March 19, 1942.
and Boston Stock
Exchanges.
Mr.
COMPANY
AND MINING
The Directors have declared
■
"y.
Allison
formerly manager of
was
E. M. Dickinson & Co. of Holyoke,
Mass. and
prior thereto
was
Buchanan & Co. and B. F. White
&
Co., Inc.
McGregor, Irvine Go.
Merges With Parrish
-
McGregor, Irvine & Co., 1219
Chapline Street, Wheeling, West
Virginia, will be merged with
Parrish & Co., 40 Wall St., New
York-City, members of the New
York Stock Exchange and other
leading stock exchanges.
V
Russell D. Irvine and Edgar R.
McGregor, both members of the
Wheeling Stock Exchange, will
in Par¬
rish & Co. in charge of the newly
opened
will
be
vine
&
Wheeling
located in
Co.'s
office, which
McGregor, Ir¬
former
1219 Chapline Street.
quarters at
Thomas A.
be associated with Parrish &
Pye
ahd Ray¬
mond J. Maher have become
I'AfW*
con¬
to The
Flnanolal
,'
Chronicle)
;
/
to The
'' (Special
.x
Financial
Chronicle)
*
LA.—Harry
CHICAGO,
partner in Thomas Jordan & Co.,
Place, members of
the New York Stock Exchange, as
of April 1.
"Fipanciar.
(Special Ito The
the
of
o'clock
Visiting"in N. Y.
The
Financial
to The
Chronicle)
*
.
SPRINGS, GOLO.
successive
meeting.
Gorrill,
President
Investment
-
Murphy,
to
the
Jr.,
of
staff
of
the
at
day of
All
the fourteenth
Tuesday,
The Preference Stock Books will
the same time.
at
London
in
books
be
and
York
New
Toronto,
on
will
Books
Transfer
Stock
p.m.
April.
closed
be
3
will be re-opened on Thursday,
&
term
at
their
nected with Wm. C. Reney & Co.,
Union
the
Guardian Building.
,
to Tfie
(Special
Chronicle) .'
Financial
...
T.
F.
March
Montreal,
the
Wegusen
LOS
—
were
Secretary.
BRAMLEY,
-
"
MArkct 3-3430
New
-
York
!!
'
■
Phone-REctor
"*'
'
2-4381
I
ST. LOUIS
«r.a r
<*r
.
Building.
*
:
x5r/x
With Carsiairs Co.
& Yonkman,
affiliated with
Ca
SAINT LOUIS
509 OLIVE ST.
PHILADELPHIA, PA.—Chester
M. Grooms has become associated
to The
with Carstairs &
Chronicle)
Financial
to The
Financial
Chronicle)
&Co.
with Bogardus,
associated
Frost & Banning,
629 South
was
Spring St. Mr. Faerber
previously with Klehmet &
Co., Dean Witter & Co. and Wm.
/
Cavalier & Co.
Meeting
Annual
The
NEW
YORK
ROSARIO
Stockholders
the
of
become
HONDURAS ROSARIO
will be held at the office
AND
COMPANY
to
The
Chronicle)
the
Company,
at
Rooms
1855-1859, No.
120 Broadway, New York, N. Y., on Wednesday,
April
1st,
1942,
at
two o'clock
P.
M.,
to
consider and act upon the following matters:
1. The
election
of
ten
Directors
for
the
connected ' with
ensuing
until
qualified;
their
or
year,
elected
are
and
successors
2. Continuing
the employment of Ernst
Ernst as the Company's auditors;
action
&
Nelson
Douglass & Co., 510 South Spring
st.
-;
■
v ■
: ■
and
Section
take
7
of
with
its
directors
forth
set
as
upon
to
respect
in
the
certain
in
said
of
transaction
The
as
may
or
such
other
proxy
business
properly come before the meet¬
any adjournment or adjournments
fer
the
books
April
purpose of the
of the Company
March
21st,
2nd, 1942.
1942,
March. 18,
meeting,
the trans¬
will be closed from
until
ten
A.
D.
Hague,
Bankamerica
OF
THE
PERLMAN,
.
Company,
Franklin Wulff
Bank of America
(Special
to The
Cumulative
debentures of 1952, according to a
detailed memorandum issued by
Chairman
H.
Sills
of
was
the
Board.
formerly
William
a
Vice-
President of the firm.
sociated with
&
with
is
has
now
Co., Inc.,
Davies
—
i
Railroad Bonds
Machine Tool Stocks
&
viously with Dean Witter & Co.
and
a
loss
summary
statement
and
balance
sheet and
gives a brief history of
company
and its products.
request from Colonial
Bond & Share Corp.
Tax
Proposals & Railroads
Shields
&
Chronicle)
ORE. —Leonard
M. Baldwin has been added to the
Company,
Thompson Ross
Securities Co.
chicago
44
Wall
Street, New York City, members
have
issued
Treasury's
posals
tained
as
from
request.
a
most
securities.
Financial
The memorandum
of the profit
Baltimore, Md.
contains
Corp.,
Building,
Share
Bank
of the New York Stock
as¬
Co., 1404
Mr. Berger was pre¬
to n*e
Underlying
Arthur
become
and
Bond
National
Copies of the memo may be ob¬
Chronicle)
CALIF.
Berger
PORTLAND,
Secretary.
Colonial
First
Income
Convertible
tained upon
Building.
Financial
OAKLAND,
Garfield
(Special
BOARD
DIRECTORS
1942.
formerly
Exchange
Wm. Sills Named President
Chronicle)
M.,
«
ORDER
OF
Dated
ence
Financial
Stock
many
ANGELES, CALIF.—Clar¬
Franklin St.
thereof
For
LOS
to The
Louis
was
the
(Special
St.
years;
prior
Debentures Interesting
trading manager
The annual report for 1941 of
of the Philadelphia office of Van
the National Fireproofing Corpo¬
Alstyne, Noel & Co. and was with
ration of Pittsburgh contains sev¬
Fitch, Crossman & Co.
eral facts of particular interest to
holders of the corporation's 5%
he
..
with
the
proposed
amendment
of
Article III
of
the By-laws of the Company, by adding
consider
3. To
Members
CHICAGO,
ILL.—William
H.
Hills has* been elected President of
•
Financial
for
thereto
ANGELES,
CALIF. — Sills, Troxell & Minton, Inc.; 209
South La Salle Street, succeeding
Frank
Dorsey,
previously with
Clarence W. Sills, who was named
Griffith-Wagenseller & Durst, has
MEETING
ANNUAL
•t
; '
Chester Grooms Now;
LOS
OF
NOTICE
STOCKHOLDERS'
visitors in
New York this week.
,V
18 Clinton St., Newark,'
nominating committee.. !
;
ANGELES, CALIF.—Fred
(Special
1942,
16,
YORK AND HONDURAS
MINING
COMPANY
NEW
BY
Portland, Maine,
Rippel & Co.
Established 1891
;
-
re-elected chairman of
was
Jarvis, formerly with
'
noon,
of
;
•
By order of the Board,
.
A.
State
J. S.
annual
.
seventh day of May.
statement;
both
of Newark
man,
nicht
J. Faerber has become
Montreal,
in
London
4.
Virgil C. Mc-
Company,
American Insurance
Fred A. Arnstein, Stix
was named
Vice-Chair¬
Co.,
succeeding I. A. Long; Willis
Boettcher & Co., Exchange Na¬ Marshall, Trust Department of the
Boatmen's National Bank, Treas¬
tional Bank Building. ;'
urer,
to succeed E. W. Darm(Special to The Financial Chronicle)
■
statter; George-Reis, Bond De¬
DETROIT, MICH.
James M. partment of the Mississippi Valley
Butler,
previously!- . * with - Rr ' G. Trust Co., - to ; is succeed' -Joseph
O'Donnell & Co., has become con¬ Glynn as Secretary; Carl TrauerEmmett
been- added
(Special
at twelve
at Montreal,
Company,
Ordinary
closed
ing,
Rounds & Co., and
k
Fireman's Insurance Co.
I:
Dealers Elect White
Chronicle)
has become
King, Wulf & Co., Michigan Na¬
noon.
Instances
Karry
Exchange
.
OHIO —Homer
! > * ST. LOUIS, MO,—The St, Louis
L.
Grossman ;is now with
McDonaldrCoolidge. & < Co., Union Municipal Dealers' Group elected
Kelton E. White, G. H. Walker
Commerce Building.1 ^1 *; " r'
& \ Co., Chairman for; the;tenth
Inc.,
SHAREHOLDERS
TO
indemnification
Rounds,
Stock
NEWARK
was
formerly 'with
Ziegler & Company.; .;
St. Louis Municipal
CLEVELAND,
(Special
office
thereto
A.
Detroit
Hoffman
B. C.
Co., 1421 Chest¬
Street, members of the New
York
and
Philadelphia
Stock
JACKSON, MICH. —Arthur
The Sixty-first Annual
General Meeting of
Exchanges, where he will be in
Graver has joined the
staff of
the
Shareholders
of
this
Company,
for the
charge of the over-the-counter
H. II. Butterfield & Co., Jackson
election of Directors to take the places of the
trading department. ; Mr. Grooms
City Bank & Trust Co. Building.
retiring Directors and for the transaction of
was
formerly manager of the
business generally, will be held on Wednesday,
trading department of C. S. Wurts
the sixth day of May
next, at the principal
limited
615 Commerce
Harry
of
f ^ DETROIT, MICH. >
SHEBOYGAN, WISC—Rudolph
of
Jordan To Be Partner
a
Charles A* Parcel Is 6* Co.
Members
nut
NOTICE
MINING
B, Jordan will become
'■
7
i.}
PENOBSCOT BUlLDINa
Mr.
ILL—Bernard R.
Keegan has become affiliated with
;
tional Bank
of
ORLEANS,
'-V;
.'/'Vf,<7■.v- ■'^
'f
Security National Bank Building.
(Special
CanadianPacific Railway Company
Co.
' "
NEW
1'V
7
^
nected; With Trlist FundSr ltoc.^89: R. Hoffman is now, associated with
Broad- SL:tv; "f
•« Heronymus, Ballschmider- &
Co!,
Harper,
Griffith, formerly a partner in
McGregor, Irvine & Co., will also
*'• 4'
Allen, William A.
Remson
Treasurer.
general partners
*
Chronicle)
K.
GRANDRAPIDS," MICH:'
:■
MEETING NOTICES
become
Financial
with
MtXTER,
'
Building.
to The
has ^become
affiliated
with Wyeth & Co.; 530 Broadway.
MASS.—iferman
BOSTON,-
has
Street, members of the New York
UNITED
(Special
£7
to The Financial Chronicle)
—Edward
Chronicle)
•
X'
r
Co./ 80 Federal
'jSAN DIEGO; CALIF.—rRoger K,
COLORADO
Allison With Tifft
.
'-"y
X
tional Bank
,;.v'
of Alcock; Hill &
(Special
-
L.
-,
on
San Francisco, California..
r,
had
be
Department of Mackubin, Legg &
D. H. Foote, Secretary-Treasurer
^
Copies of this interesting bulletin
the
March 31, 1942.
The Transfer Books will not be closed.
-
the- company.
of
assets
April 15,
on
,1942, to shareholders of record
close of business
of
may
the Common Capital Stock of
this Company by check
»
;
/;
A cash dividend declared by the Board*
of Directors on March 18, 1942, for
quarter ending March 31, 1942, equal y
to 2% of its par value, will be paid
;
MASS.—Edward
Hentzi has been added to the staff
italization, earnings and liquidat¬
Hickey & Co., Inc., 135 South La
ing values ~ and
dividends, net
Salle
premium volume and diversifica¬
tion
} Common Stock Dividend No. 105
staff of Sloan & Wilcox, U. S. Na¬
.
Williams
DIVIDEND
dividend
Preferred
; 7 SECURITIES
the
in
National Power & Light Company Insurance Stocks Attractive
.
t;.
man,
(Special
i
' ;
TEXAS
GRAND RAPIDS, MICH.—Russel A/ Swaney ^formerly an offi¬
The Board of Directors has this day declared,
out
of
surplus earnings of the Company, a
i dividend for the three months ending March
i 31,
1942, of one and three quarters (1%%)
iper centum upon the issued and outstanding
Preferred Capital stock of the Company, other
than
York
>V'K-;'New
,
!;
1
Southwestern Securities
on
Russel Swaney Is
CONNETT,
In CITY INVESTING COMPANY
55 ;
J
Utility Preferred Stocks
Ft. Worth-Houston-San Antonio
iiW1 Cv-.;.?#'•)
F. S.
.
V
-
RAUSCHER, PIERCE & CO.
1
v
.
,
1-1619
-
V-i-•••:." .''Treasurer '
March 18, 1942.y,. -y V/:.
:■
NY
Tele.
books will not close. Checks will
y,
?.■
\'
us
St., New York, N. Y.
2-7673
Toronto
.
:
.
Chech
41 Broad
account of
:'iAv arrearsf was declared,, payable
„April 15, 1942 to stockholders of
record April 1, 1942. Transfer
-y
,
Ry. & Ter. 6% 1951
All Texas
Stock Exchange
Toronto
Members
Woolen Company held today, a*
,
Southwestern Life Ins. Co.
Dallas
F.W.Macdonald&Co.
ATDirectors ofof the American
'a meeting
the Board of
Pepper
Great Southern Life Ins. Co.
■''
—'■
Quoted
—
New Mexico Gas! Co. Com. & Pfd.
Fundi
V. S.
Traded in
Sold
—
' Dr.
Republic ^Insurance
-
-COMPANY
225 Fourth
,
DALLAS
American W oolen
V
V
Thursday, March 26, 1942
Exchange,
survey
of
the
recent tax pro¬
applied
to
Copies
may
Shields
railroad
be
& Co.
ob¬
upon
*
THE COMMERCIAL & FINANCIAL
Number 4058
'Volume 155"
..)
Guaranteed
Tomorrow's Markets
■
•
Railroad
y
„*«t • f
.
'*
f^»i
|■
Circular
3oscpb Walker s Sons
i"l IS®'
Mtmktn }Jcw7*rk Sink Extking*
j
mmim
NEW YORK
tion of last four days
;
Taxes
-
not
con¬
the
major retarding
factor. War and basic changes
jbrought
on
•.
i
•
Bell
V
Teletype NY 1-1158
| '
^
New York
■
52
Bell Teletype—NY 1-310
REORGANIZATION
RAILROAD
11
v
~v
i;
by it are the real
would fall flat
on
its
y:.T
J Of
for
RAILROAD SECURITIES
yvy^' 'S:
v" *9 r *
course,
there
down, in the beginning of the
would:solve
month, the market has been only
little but stir oc¬
casionally, -yawn, roll over,
get up languidly on one el¬
bow, yawn again and then go
the
arms
of
could
arouse
:
nomics
if
everything,
of
their * theories
eco¬
to become law.
were:
I sometimes think that some
of
our
headline hunting
cials "have y decided
Mor¬ phrase the
pheus.: And no amount of
prodding, -'whether ? in the
form of good news or fancy
rumors
,
*
V
1-395
Toronto
SEABOARD AIR LINE
this yarm-
and holds prom¬
results this
year,
into
NY
Teletype
V Montreal
are reasons
headlines, is busily; engaged
Since last week, or for that in
screaming "its panaceas
matter since the last- break that, y i according, y to
them,
back
Bell
>
HAnover 2-0980
Y.
chubby
ZS"
little face:
2
RAILWAY COMPANY
.
do
ST., N.
New York
stretching and
yawning.. There always ,are. -y - The Chicago, Rock Island & Pacific general 4s, 1988, have re¬
bounded approximately 80% from the Pearl Harbor low of 15 V2, and
By WALTER WHYTeZZZ.
The most popular ones are
have been attracting considerable speculative attention recently at
i The action of what in these taxes, the war, the New Deal,
the highest prices witnessed since the 1937 boom.
The background
days is laughingly referred taxes, the SEC,- and taxes. for the sharp price recovery is not, hard to discover. First, there has
been: the wide earnings improvement, instituted by war activity,
to as the stock market, has Meanwhile, our light hearted
which enabled the company to<e>
v;.: ..yfcy .A'I 'yV.....
everybody in a state of semi¬ Congress; with one eye on re¬
cover
its old fixed charges 1.341
coma. r,
election: and the other: for
| S.
/
times last
to
WILLIAM
-
SECURITIES
®:C
able
C0i
HART SHITB &
.Members New York Stock Exchange
■
5^S, 1946-50
Common and Preferred
indicates
nearby turn. Bear factors Still
sidered
PFLUGFELDER, BAMPTON & RUST
y yy 61 Broadway ^4:.v
Telephone—DIgby 4-4933
Market, still in doldrums. Ac¬
1959 &
5s,
,
2-6600
-
'-v
..
Tel. REctor
Broadway
-
BROWN
request
on
■<
5'«»Y#5!
v
>
120
dominate.
s.
-try.
Ry. Co.
SecuritiesSV'
-
Walter Whyte
Says
St. Louis Southwestern
i
Stocks
.
'1229
CHRONICLE
to Sitz.-H
y
,
*
.
*
:!s;
- •
-
inanimate
-
object
whatever it's faults
inanimate and
|any feet left td get-up-on:
any
still
un¬
Still,
it is not
if, it doesn't do
independent thinking,it
of the best informed
thinking
are those who are even
ofy the country,» if not; the
pnkindfen6Ugh to say that it world.-iltis obvious, that it is
is a good thing the market
worried by something. - What
doesn't-get up* from- it's-re¬
this; something fSf time alone
cumbent
position.; The imwill tell.; I don't believe that
plibatfoh being, that if it were
I (Continued on page 1236) ®
unwise enough to do so, it
There
Jj'.
t",
■
'/j-
•'
f-'f
*
■'Z'
Secondly, there has been
rapid rehabilitation of fi¬
the
000
with-
$9,311,000
of
year
a
y earlier,
be necessary, to
support the pres¬
ent price of 27 Vz for the generals,
for tne new 1st mortgage bonds to
(When leaned)
Finally, there has been the
move-.by speculators
investors alike from indus¬
arbitrage spread it would
such an
interest
some
With
curities they are to receive.
Securities
it the potentiality
payments this
carrying with
year....
at
sell
concerted
at
and
trial
and
mounting
Bear, Stearns & Co.
by
threatened
into-
taxes,
the
y
still- look
bonds
The
Members
tax-
Chicago
We
can
securities, it
optimistic to an¬
ticipate such prices for the new
securities - at,
or
shortly after,
trading first starts.
RAILROAD BONDS
;
•
wr* In Registered
:
Form::
*> '
•
T
1
V;
substantial concessions below
at
prevailing levels for coupon bonds
of
S;
issues.
same
Invited
Inquiries
LEROY A. STRASBURGER & GO
improvement for many months to
come, v On this basis,: students of
railroad^reorganization procedure
have been recommending the ac¬
The
at
~
recent
y'"Zl
•
1
WALL
WHltehall
new
overly
Aside from the momentum gen¬
present broad public
.section of the list
indiscriminate
buying without Te'gard for funda¬
mentals, there would seem an ex¬
cellent possibility for lower prices
for the generals in the next six
months to bring them in line with
ST., NEW YORK
and the consequent
1-205®
for
values
initial
probable
The
securities.
new
"
Teletype: NY
3-345*
interest in this
the
only factor
might change this -picture
disapproval of the plan,
and more liberal treatment in a
that
would be
would the full interest have been
earned
come
on
the
bonds.
proposed new in¬
large measure
In
final ."Rock. Island"
has been before the
the
on
erated by the
,
profits,
back accumulations of in¬
no
seems
supply several lots of
f'Rock Island"
y
element, and in view of the
fact that the effective date of the
come
delivered is also a - factor.Meas¬
of
prices for other reorganiza¬
securities, considering the
with
are
The-length of time to elapse be¬
fore.', the. new-securities may - be
these -standards, ■ - the
generals appear to
have little room for further price
income 4i£s
plan is Jan. 1, 1942, so that there
plan, and the prospective value of
the new securities to be received.
by..
new
tion
Exchange
under-
proposition and that price poten¬
tialities .Nmust <. be~ measured by
treatment in the -reorganization
/
Stock
York
Nets
York
New
priced, viewed solely on the basis
of- present and early- prospective
earning power of the properties.
It is being pointed out,'however,
that: this
is : a
reorganization
ured
the
80,
40, the new preferred at 19 and
the new common at 3.
Compared
time
stocks, " where
utility
dividendsare
levels.-
llllllSffOR|SALE
NEW YORK
Reorganization
,
with cash up to $16,849,at; the end of 1941 compared
nances,
ceptance
V-.i;
SIXTY WALL STREET
year, y
-
represents a cross section
Van Tuyl & Abbe
Raikoad
better,
sheltered defaulted bond group,
able to think for itself.
Z:- This ha® star ted; a : lot. of
people to y wondering — out
loud,-too—if the market had
v
-
•,
v
The. market is supposed to
it from beian
its slumbers.
-
para¬
blitz v They intend
4
■
,
to
offi¬
of .even,
ise
Underlying Mortgage Bonds
plan this may be traced to extraordi¬
District Court nary expenses incident to com¬
subsequent
appear
-
5
'
plan:
likely. ;;
:•
This does not
: v
'
———*■■■■■*—
•'
vV
%
Latin-American v Solidarity
prehensive
property rehabilita¬
tion, and this should not prove a .Brailsford, Rodger & Co.,A 208
beyjforthcominguntil ,; Supreme permanent market handicap. Ac¬ South La Salle Street, Chicago,
Court action has been taken on tually, with properties--; now; in
111.,
members
of the
Chicago
one on more, of the railroad re¬
excellent physical shape, the com¬ Stock Exchange, have just pub^
organizations ;on which appeals pany should be able to earn the lished a- booklet entitled "Latin
for review are now pending.
This interest on its income bonds con¬ American Solidarity and What It
Scarsdale, N. Y., Fox Meadow
since last
August, but it is gener¬
ally expected that no decision will
•
not "be"before next sistently in all but the most se¬ Means
vere depression periods.
Earning Copies
will 'piobably
At best,, then, and assum¬
ing that: the plan--is, upheld by
power
promulgated by the ICC to date,
issued"
Fall. |i
Investor."
to the American
of
this
timely
booklet,
stocks will nat¬ which ;shqqld be of particular in¬
the courts, delivery of new se¬ urally .depend/'largely on
final terest in the present world situa¬
curities eould not :• be/ .expected determination of the tax liability.
tion, and also special bulletins on
Based on past experience, but Bolivia and Brazil may be ob4,
until'late i943r and-"-when issued"
trading • in : the - new - - securities allowing for the fact %that the tained from; Brailsford, Rodger
does not appear in prospect for at whole reorganization picture will &
Cq. upon request./ .. /• '-ZZzZZ
least eight to li) months, y}
probably be considerably clearer
r-r
?
—emenrnm.,
Thei V'Rbck Island" reorganiza¬ by the time "Rock- Island?- new
tion, fis" about" the most drastic securities are traded on a "when
of the
new
basis, it seems likely that
Chicago Times Ups Price
:
fixed,;; charges'.reduced to the old bonds will sell at a dis¬ J : The Chicago . "Daily Times" an¬
below: $2,500,000 compared with count of at least 20% from the nounced that, effective March 18,'
it would increase' its newsstand
old" Tequirements i of nearly $14,- equivalent value of the new seprice from 2 to 3 cents, because of
000,000.
-Obviously; then,
the
increased production costs and re¬
treatment accorded the individual
with
This fine
English Colonial stone house with tile
old
roof, oil heat, two-car attached garage, metal casemerit windows.
Four bedrooms with; master suite,
two
baths, double maid's room
..
^
with bath, paneled
library.' Best location, half mile from station and two
blocks from school; Low upkeep and heating cost,
insulation, brass plumb¬
ing and copper screens. A real bargain which can
be purchased for small equity over $21,000 savings
bank mortgage.- ;
:
:
;
;
! ~
taxes
y
-
;
Owner, 30 Cohawney
,
i
Road, Scarsdale, N. Y.
Telephones Scarsdale 3379
.
-y
ifi-iii .ii
:
;
been
of
Holders
-
duced advertising revenue,
particularly
the general
the
with-$454.14 of income 4y2s,
$445.98
-
of
and,
5%:: preferred
roundly; 3.5 shares of new. com¬
mon.
The new 1st mortgage will
one
of
the
strongest,
•
if
of the
created
in the present crop of- reorgani¬
zations. > Position
of the junior
.year
clouded by the
record; not in any
from 1932. to .1939, inclusive,
past- earnings
,
Bought-Sold-rQuoted
-
not
actually the • strongest,
blanket mortgages being
securities will be
tional
RAILROAD ISSUES
.
war.
The
SEABOARD
$83.51 in new 1st mortgage bonds,
with the balance of the claim set¬
be
-
•
mortgage-4s are to receive- only
tled
only $517. Rock-wool
•
liens^ has
severe.
■
^ '
-
/v'";
recent action of some
price was referred to in these coir
umns of March 12, page 1041.
* *
Defaulted RR Bond Index
11 wall street
HAnover 2-9175
;
of
dex
co.
specialists in rails
na7
magazines in raising their
The defaulted railroad
1. h. roihchild &
due to
-,V.'
Rust,
City,
Pflugfelder,
61'Broadway,
bond in^
Bamptom &
York
New
shows the following range
n.y.c.
Tele. NY 1-1293
for
Jan.
40 V\,
1, 1939, to date:
High—
low.—1434, ..last—39%.
,,
,
f
Commercial & financial chronicle
the
,1230
a
.1.
Thursday, March 26, 1942
lack of much-needed venture
n
capital.
This lack of venture
capital has, I believe, increased
r the financial burden which
th^
:: defense effort has placed upori
Bank and
<
This Week j—
Inquiries invited in all <<.
Detailed data just released covering income and operating ratios
City banks indicate their 1941 experience as well as
furnish a guide to possible effect of higher taxes proposed for 1942.
j:
Unlisted Issues
of New York
The 17 member banks in Greater New York with
i
Members
1 profits
only
increased,
slightly
to 5.6%, as net recov¬
profits on securities sold
iwere slightly smaller and chargetoffs
on
loans were somewhat
larger. " Net recoveries were 0.7 %
of gross earnings in 1941, com¬
pared to i.8% in 1940.
:
This
modest
improvement in
■
Bell
i
Penna. Co. for Ins.
American
on
Lives etc.
3-6s, 2039 &
from
H.N.NASH&CO.
Chestnut Street,
142!
Phila. Phone
Locust
HAnover
-
for the purpose.
31.2% of gross,
compared to 30.2% in 1940. Oper¬ ^ Assuming that New York City
banks do take 50% of the esti¬
ating ratio consequently dropped
mated
financing
through
the
to 68.8%, compared to 69.8% in
were
banks—which
because that
is
taxes.
increased
costs
except
This is shown by the fact
that the expense ratios
'a decline relative to
all showed
cated
for
the
1943
than
turn
on:
fiscal
the
at
year,
at
least
it:
•
a
company
^
;
i
The next year he sells his land
at a loss of $3,000.
no
average re¬
investments
for
1941,
normal
net
profits
tax
for
esti¬
however, rose from 4.1% to 6.7% of
mated $90,000,000 for weekly re¬
gross, indicating that increase in
taxes outran the increase in gross porting New York City member
banks.
Figuring roughly, there¬
earnings.I The improved gross
did, nevertheless, hold down the fore, before combined 1941 nor¬
mal tax and surtax, the net be¬
effect of increased taxes, which
fore taxes
was
$130,000,000, on
in 1941 were largely represented
which the proposed increase of 24
by 7% surtax.
percentage points in surtax would
U In trying, therefore, to judge
mean $31,200,000 higher taxes for
the effect on earnings of the pro¬
1942.
,v
' :
•*
posed increase in surtax to 31%,
% This is hypothetical figuring, of
the -1941 experience suggests that
course, because of the many rami¬
offset to the higher
an
important
taxpayer would have shared a
large portion of his capital gains
t
with the Goverrimbrit, but wbiiTd
have borne all of the* loss "him¬
self.
This
payer's
»
means "
that
successful
and
vestments.,
V
Gbyerhment's
own
1941,
earning
assets
have
further
expanded
$344,000,000.
.reaching, on March 11, 1942, a new
high of $12,505,000,000, compared
to 1941 high of. $12,326,000,000 on
Oct. 22.
In this 1942 expansion,
banks
member
in
Greater
New
£; as to the relation of speculation
Cto the proposed modification of
f the : present capital gains tax.
1: The
statement
that the
has
been
made
bill proposed by Con-
Boland "would place
premium on speculation." It
gressman
-•a
to me that such an effort
i to' discredit the proposed im;
r
:
seems
provement in the tax law is not
that ^ it
but
■
■
commercial
loans
have
made
a
Secretary of the Treasury Mor-
strong
showing, accounting - for
genthau announced on March 23
37% of the expansion, or as much
that the tenders for $150,000,000
as the expansion in Government
or thereabouts, of 91-day Treasury
securities for the period.
bills, to be dated March 25 and
:
Although, therefore, the outlook to mature June 16, 1942, which
for ; further expansion of
bank were offered on March 20, were
credit in 1942 appears to depend
opened at the Federal Reserve
chiefly on the volume of Treasury Banks on March 23. The follow¬
financing done through the banks,
ing details of this issue are re¬
commercial loans may continue to
be an important contributor to
volume.
•
,\';Vr
.
.
17
u
vealed:
i f Total
-5.6:
applied for___$512,778,000
;
«
'4.2-9
Total'earnings
Total expenses
Net current earnings.
Net
profits
;
•
v
loans
—
ever,
source
will
of
securities,
constitute
the
earning asset
volume, 000):. .
-■->
$20,000,000,000 of the
High—99.981.
Equivalent
$33,000,000,000 deficit estimated approximately 0.082%.
rate
for the 1943 fiscal year
be financed
rate
with about
likely to
Low—99.949.
Equivalent
through commercial approximately 0.221 %.
banks.
In the first five months of
1941, New York Citv banks
counted for
crease
ac¬
Average
Price
99.953.
J*
j-
en
-securities
on
34.132,7.;<,
•All other
Interest
on
3.6
100.0%
—
33.5
wages—
time deposits
than
teal
estate.——,-^
All
other
Total
34:7
1.7 31
1.4
;
•*.
/:
;
.
expenses-'—--
expenses
m
,
.
Net current earnings-
6.7.
27.2
-..4.1
.
,
:C29.3
68.8
:j;;; 6|.8
..
30.2
tOJ.
——;
Net profits _L——
in-
tl.8,-
' "3l.9%r 32.0%
far
beyond
the securi-
on
Exchange.
}
,
•
I
earnestly believe that the
1 good which will come to the
.
country as a whole from aJowering of the present capital
i
gains tax will far exceed any
benefit
which
our
securities
•Trust department earn¬
in
"all
included
other
earnings"
; " f
tNet credit.
—
countries.'
:
most
to
complete
:i
investors,. #
in
thest
V■; ■ V-■ 9- s:
■:
LONDON
;
the
interested
OFFICES:
Threadneedle Street,
E.
C.
47 Berkeley Square, W. 1
,,
Agency arrangements with Banks
ly destroy "the cooperative basis
of the Federal land bank system
and
for
substitute
socialized
credit
co-operative
credit,"e accord¬
ing to William I. Myers, former
Governor
Bank
of
v
the
Federal- Land
System.
j
Mr.
Myers, now a professor of
Farm Finance, at Cornell Univer¬
sity, Ithaca, N. Y., testified on
Mar. 10, before the Senate Bank¬
ing Committee in opposition to a
farm bloc-sponsored bill gener¬
ally reorganizing the Land-Bank
system
and
other v Government
farm financing processes and re¬
adjusting elements of the Federal
Farm Mortgage Corporation.
!V
Commenting on a provision in¬
creasing. Treasury contribution to
the; land bank system by^ $100,000,000, :Mr. .Myers said he kneW;
no justification for this and that
15.2%
^!
Edward
,D. Jones & Co., mem(bers of tlie New York, St. Louis
and Chicago
issued
a
16.4%
*
;
Stock Exchanges^ 705
Olive -Street, St.
Louis, Mo., haye
memorandum containing
list
as it is on securities
the New York Stock
":
ings
offers
it
banking service
travellers
j real estate
': listed
'
31^v
Equiva¬
lent rate approximately 0.203 %.
:
i
comparative figures on a selected
of utility operating company
(i a: capital - investment of any preferred stocks, which offer, the
firm believes, attractive yield.pos4
: i
^ind. The chilling effect of the
sibilities.
Copies of the memo; capital gains tax is as
great on
randum may be had from Edward
i the price of farmlands and other
D. Jones & Co. upon request
' v
charge-offs or re¬
coveries
an
of*the
i tax hits every land owner and
every businessman who makes
100.0,%
•
'<
the future
[i ties markets. The capital gains
26.1" -28.4 •>.'
other
Taxes
in
me point out that the ef-
ki extend
.r
3-5
:
earnings—"
and
often, in reality;
J|:fectsx of this capital gains tax
J"*.
•
de.2'
on
—
in
...
4;" Let
t—
1
charges
posit accounts
and
?
^dividends
Service
-
Net of
nearly 75% of the in¬
(39% of the amount bid at the
in holdings of Government low
price was accepted.)
vestment
p ducing the -materials with which
| we are going to win .the war.
——
and
London,
efficient
traders
;>
tage of Totai Earriings):
Interest
over
Corporation, the Chrysler Cor- operation," according to the As¬
,•;
poration, United States • Steel sociated Press.
;
Corporation and other great enf terprises. which are today proUtilities Look Good
0.5
015
Interest: and discount
With
Australia,
f
0.5
—
— ~
Sources and Disposition
of Earnings, (percen-
Salaries
Total accepted
150,262,000
how¬ '!■; Range for; accepted bids (ex¬
largest cepting two tenders totaling $135;-
5.5
'471
of
Without tiiat kind of instead' the Land Banks should
J ; speCulation, this country , would repay to, the Treasury any capital ~
f not have witnessed the develop- "that can be spared without detri¬
| , ment of . the, , CurtissTWright ment to their safety fapd effective
% of Total Assets:
Total, earnings
'
V
mm
States
f country.
5.3%
.-..-
Government
tion is
r
profits.
and
and
v:
all
in
Zealand, Fiji, Papua and New Guinea, &
'
easy
Cash dividends declared.
bank in Australasia.
branches
870
New
throughout the C. >8. A,
to see why business #only^ deplorable,
investments no longer attract -f misses the point.
Net
'
George Street, SYDNEY p
*
.
£ResuHs Of Treasury
\ Bill Offering 3
s
;
gains provisions, as now
written, are disappointing from
the standpoint of revenue produced. Not only is there a large Oppose More Government
loss^ of potential revenue to the
Capital For Land Banks
Government, but- we also have a
Increasing Government owner¬
'paralyzing condition of inertia,
ship
in
Federal
Land' Banks
ipsofar as; the use of venture
would reduce farmer ownership;
"'"capital is: concerned^ ; v;
■'
and would weaken and ultimate¬
•; The question has been raised
i "j"-
Summary Ratios < % of
Total Capital, Accts.):
Net current earnings-—3
v
.
DAVIDSON, K.B.E.,
General Manager ■
and largest
tal
unsuccessful in¬
Number of banks—
--
——£150,939,354
The Bank of New South Wales Is the oldest
rec-
fications
31,
30th
SIR ALFRED
29
•
Government securities. Since Dec.
Assets
Read Office:
de¬
private - capital to the extent vj: This country has benefited
of actual tax computa¬
that they should in a healthy
;; greatly from speculation of a
tion; but it does serve3 to illus¬
economy and why there is such
trate^ concretely the ' probability
j constructive character. One type
sion in earning assets.
v_.
f-of speculation which contributes
that wartime expansion in earn¬
Total earning assets of weekly
i to the general economic welfare,
ing assets will help provide for York with deposits of over $100,reporting
New, York
member higher taxes and thus- preserve 000,000, as reported in; each year {v and which is thus socially debanks
increased
$1,861,000,000 good operating margins. by the Federal Reserve Bank of ;; sirable, is that engaged in by
i. informed people who can afford
<18%) for 1941, of which 60%
•• &>•
The following" table compares New York:
was
^ 1941l^1940s ^ to< assume risks.
expansion in
Such speculaholdings of the average operating ratios«of
taxes will be the increased gross
derived from continued
expan¬
£23,710,000
* ' "
"
'
.
v
:
; Under existing circumstances
it is
Fund
Liability of Prop.
Aggregate
Sept.;
private capital but
revenue
£8,780,000
6,150,000
8,780,000
-
Reserve
;
even
#
to
1817)
Reserve
*
ords demonstrate that the capi¬
going to be
though he
enough to balance his
away
is skillful
(ESTABLISHED
Paid-Up Capital
of
rived from the capital gains tax
capital, is
frittered
banFof
convinced that the low¬
.fitself."
i:T' The:
tax-
af
Deacon** Bank, Ltd.
new south wales
the
also to increase the
-
1941';
an
were
'
Australia and New Zealand
realizing, them.
ernment
-
.
24%
when
V
Glyn, Mills & Co.
.
of the defense effort from Gov¬
•
and
mmmmmmmmrnmrnm
Associated Banks:
\
.
Williams
the capital gains tax
equity capital and, by
so doing, will not only help to
shift a portion of the financing
you would ; think that
taxpayer,
having ; made
this
that
am
ering
Now
1.6%
will
will free
prospers
the taxpayer .sellsvthis investment at a profit of $3,000.
and
ii
£98,263,226
,
I
manufacturing company." Over
a period of
years, the local man¬
ufacturing
ii
TOTAL ASSETS
cannot derive revenue from
capital gains tax unless you
from
local
a
I
succeeds,
high capital
gains tax has been an important
factor in
discouraging people
from
making
capital
invest1; merits. In addition, it has dis¬
couraged
those ) with
profits
:\
$5,000 in
I
•
to me that those who
seems
strable
illustrate, take the case of
a
taxpayer: who has ' accumu¬
lated $10,000 capital: He invests
$5,000 of it in a piece of land
and the other
,-v
have purchases and sales of capital assets. I think it is demonv
gross7~ex$3,000 in one venture and hav¬
would yield $160,000,000 in gross
cepting taxes. Salaries and wages
ing lost $3,000 in another, would
darnings;" *
~
* •
still have his $10,000 in capital
dropped from 34.7% to 33.5% of
On the other hand, the proposed
gross; interest on time deposits,
P intact. But under the ? present
31% surtax and 24% normal tax
from 1.7% to 1.4%; and all other
; capital gains tax, this might not
would compare with 7% surtax
be the case. The chances are dhe
expenses, from 29.3 %
to 27>2 % -.
Taxes other than real estate taxes,
a
To
-•
Burlington Gardenst W, /
64 New Bond Street, W. 1
•you
.
t
impossible.'
Smithfield, E. C. /
Charing Cross, S. W. 1
equity
higher capital gains tax
lose sight of the very important
and very fundamental fact that
; subsequent
venture*
Today
the capital gains: tax has. made
this .extremely difficult,/if, not
v
t
into it
go
urge a
in
,
it
.
lossfes myself."
a
expansion in Governments
more
had
8 West
49
Government, while if it
fails, I will have to bear all the
-
capital
needs
V'
-
Bishopsgate, E. C 2
to the
•
right mind is
his
if
because
chance of recouping his loss in
,
the actual ratio
was
operating experience in
for the fiscal year ending June
1941, therefore, was featured by a
rise in gross earnings which fully * 30, 1941—the $10,000,000,000 indi¬
venture
one
far-fetched
not
lost
almen
•
have3 to give' most of my, gain
for the loss of
In earlier years an in¬
who
it
but I won't
money,
riot compensate
vestor
that
know
accruing by - way of
rents, dividends or interest cancapital.
3
to
Time and tirrie again, I have
income
{
Phone
2-2280
Teletype PH 257
excess reserves
in his
efforts,
war
those " business
LONDON OFFICES
of
heard people" say-~VI know that
this is a sound venture and; I
going to expose his hard-earned
capital to needless risks.; The
Philadelphia
new York
•
1477
pansion in volume of earning
iassets, the ratio of capital funds
securities by all reporting banks.
to loans, securities and real estate
Of course, the actual ratio of tak¬
'declined from 17.5% in 1940 td
ing of war financing by New York
15.4% in 1941.
By contrast, ratio
City banks will depend on their
of
capital
funds
to
deposits,
supply of excess reserves, but it
dropped
only
from
11.0%
to
seems
likely that the Treasury
10.1%. Return on loans improved
will call upon them for a large
from 2.6% to 2.7%, compared to
share of support of war financing,
drop in return on investments
and will see to it that these large
from 1.7%
to 1.6%.
Thus, net
banks are amply supplied with
current earnings, after operating
offset
j',
Gams Tax
man
order
themselves through the raising
5y of equity ^capital,
v
Department)!
capital gains tax.
a
their
in
| V would have preferred to finance
sell
Pfd.
Government
banks
OFFICE—Edinburgh
Branches ■ throughout Scotland
;
'
(Continued from First Page)
capital assets, there is no
possibility of deriving revenue
:
No
.
/
finance
Defeats Objective
Dredging Co.
the
the
H though
:
Phila. Transportation Co.
:
approximately main¬
tained rates of return,
which
enabled operating margin to show
slight improvement despite rise in
taxes.
As the result of rapid ex¬
The
from
|
Exchange ' !
Teletype—NY 1-1248-49,i
Capital
Philadelphia National Bank
at
1940.
Stock
(L. A. Gibbs, Manager Trading
■
expenses,
'
v
Girard Trust Co.
earnings and profits is traceable
to
heavier
volume
of earning
'assets
York
from
row
:
f
ly...
HEAD
have been forced either to bor-
I
•
-
.
Incorporated toy Royal Charter 1727
no
doubt that all of you know business men in your districts who
Fidelity-Phila. Trust Co.
eries and
.
-
-
i. 180 BROADWAY, NEW YORK CITY I
Telephone: BArclay7-3500
I Corn Exchange Natl Bk. & Tr. Co.
from 5.5%
New
have
r
Laird, BissellA Meeds
deposits of over
$100,000,000, according to study prepared by the Federal Reserve Bank
of New York, had higher ratios of net current earnings to capital
funds—5.7% for 1941, compared^
'to 5.3% in 1940.
However, net'
I
j
Stocks
Bank Stocks
Government.
our
1
*
RoyalBank ofScotlandy
»
Bank and Insurance Stocks
markets
much
may
more
realized in
a
lower tax than frorii the pres¬
ent one whose
as
derive, and that
will be
revenue
the aggregate from
I
tive.'
see
principal effect,
it, is to destroy incen¬
'
;
Volume!-155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4058
As
;
the
to
questions
4 capital,incorporated
To Securities Salesmen
.
•
V
almost daily about their holdings.
offer to
we
We
circularizing
are
of
lists
qualified' leads
Steady flow of
automatically.
gratis, performs this,function almost
ours
^'
you
"
Observed.
*
•
of
stock.
Members
asked
X:-
whether
v
contributions
Arthur Warner &, Co.
J.
120
NEW
Albany
.. .
...
:
PHILADELPHIA
BOSTON
YORK
Buffalo ;< XJtica
wilkes-Barre
of partners
4
Tel. COrtlandt 7-9400
Broadway, New York
Watertown >. Newark,. Jersey City
Scranton • Sunbury
' Wellesley •; Pittsfieid'
Springfield
Portland •
P ital \ *
Allentown
?• '•
X''
:r-i
•;
" ■*? %
■
■
V. V.i
' X- y
;
:
V
■
: ;.yVC
"
;•
I_.
.is*
C
Bond Series
,
first mutual trust fund
capital
commodity corporation - CAPITAL
represent
assets
whether they are
or
v
One Cedar St., New York
i
lent, failures to deliver or re¬
ceive ".securities," the
to t a 1
;4;un)0tiht]; ovmci: by members to
C customers in whose accounts the
.
4 market value
of
securities
the
spots'1 have lasted from a few weeks to-as-long as several months.
Their blighting effect upon sales volume is well known to most; in¬
vestment firms—especially since overhead continues^ regardless;^
<*
When the future is beset by un¬ "switch.". Pick out theweak;spbls;
them in
a
pre-mail
certainties and when trading dries Dramatize
up to a mere trickle it is only hu¬ campaign and follow with pert
sonal call. Suggest sale.
: .;
man for the public to look for a
{
j^owed, to . all customers in whose
4!accounts. the
of
value
market
^, -securities isless than the debit
|^^^)^ance4'fhe^to^viun4s^:d^pos^
ited with members by customers
|
,to,, secure,. when * issued'
,
.tracts,
total
free
con*
bal-
credit
.
skies
prices. Under the] heading firm
| .4 accents, < members are - ques?.
3. Trade out small unimportant
cellar." Usually this con¬
! Qtibned ' about. net
balances in
into
a. 4big-w name
doing nothing at all until "unlisted".
partners'
investment
"listed." Although no commission ] 1 general
difficult to
it
finds
organization
i;
Under such
clear again.
are
conditions the most efficient sales
is earned
the General
on
of
Standard
Indiana
4 and trading, accounts and drawing; accounts and net balances
Motors,
"what
or
in firm
have
you" (unless you are a
sell securities.
Though there are many disad¬ member firm, of course) but-the
vantages attached to the business suggestion of a reinvestment into
of dealing in securities there are a major situation is helpful in
the sale.
Confi¬
certain peculiar advantages which consummating
this business enjoys over many dence is created and the investor
others.
Not the least, is that it can visualize the.maintenance of
is
possible
"Sell"
"Buy"
to
and
well
as
either
in
as
realize
case
profit. This advantageous op¬
portunity
of
turning
from
a
"seller", into a "buyer" can be
Very helpful in keeping business
going ahead during these periods
a
when fear is in the saddle and the
;j Russ Bldg., San Francisco.
Investment Trusts
a sound discussion of war-time investment nothing can be
highly recommended than the March issue of "Perspective,
the monthly economic letter issued by the Investment Management
Department of Calvin Bullock.
The full text should be read and
For
more
During the past few- years there1 have been periods when marr
have become stagnant and public interest in the purchase ( of j4is:'jequaU to or greater than! the
i
amount
studied.
securities has been at a very low point. / Sometimes these: "blank
i
kets
sists of
:
.
.
"storm
•
,
I v TdealeYs,~ money, "borrowed,. se!/eUrities
borrowed,'
securities
Is On The Sidelines
in or not.
request
upon
>;«bout . members' bank balances,
j^^Mahce^Iri. a^
other
Something To Do When The Investing Public
come
Prospectuses
...
NATIONAL SECURITIES & RESEARCH CORPORATION
"contributions,
.including
subordination agreements, etc.,
," Information is sought also:
,
whether orders
STOCK
'
I
The Securities Salesman's Comei
k
Income Series
-
Low-priced Common Slock Series
do
who
'their
Low-priced Bond Series
Preferred Slock Series
; .the; Jresult of
borrowing by
i partners. ■ >. These,, members are]
r asked jto; give the details of
cap-;
;
>.:v
NATIONAL SECURITIES SERIES
theirj
^.business
as
individual > prog prietorships or partnerships are
confidence will be
*'■
Warner. -, Strictest
*
''X
Mr.
of
j corporation investment and trad-!
ing accounts and classifications)
.•
investors constantly, with the fesult that a
is coming in, and because, of the Vigilance.
interested,- write to
are
about
members
amount
,
Service,-more lists of holdings are being submitted to Usnthan, evet ) before*^
If
the
capital, surplus and corporation
i' investments; the net balances in
clients; and prospects
The Vigilance Service, which
Today's confusing events make it important that your
be informed
asked
rare
;Jk-
1231
investment and trading
Unfortunately
permits
space
reprinting
conclusions:
of the
only
portion,
a
•<-.
"While corporate earnings
declinev somewhat further
1942, ,we shall be approaching
point of stabilization
after
>
ma><£:after
a
taxes
reach their practicable maximum.
We
should not disregard the
portant
taxes
fact
place
that
only
not
im¬
profits
ceiling
excess
a
above
earnings, for those com¬
panies that have reached the up¬
tax brackets, but also
per
floor
a
below the earnings of these com¬
panies.
After the current period
of readjustment, therefore, excess
profits taxes will tend to lend an
counts.
element of stability to corporate
In, the
matter. of
commit¬
earnings during the war period.
ments, members are requested
"We believe that with a more
to'list separately in a schedule
any contingent assets, liabilities sanguine view of the future, the
his regular income.
urge for income will tend to nar¬
; and accountabilities which are
earning power. Many war stocks
row
the present wide spread in
not
included"{in a ledger acthat are currehly selling1 at
only]
;V 'qounts. The items, of this nature yield between high-grade bonds hbout three times earnings must*
and common stocks.
To the ques¬
are described as lawsuits pendnevertheless be
regarded as •' a
4 ing iagainst members, accommo- tion, 'Can common stock prices hazardous
speculation since they
rise against an earnings decline?',
are selling at thirty or forty times
;i dation indorsements, rediscountit
is
submitted that
ed : notes j
they have normal
guarantees
of
ac¬
earning capacity."
The National Association of Se-?
counts of others, participations fallen steadily for the past two
curities Dealers, Inc., has sent ah L
and a half years in the face of a
r Investment Company Briefs ,
in
joint accounts carried by
extensive
questionnaire
to
its
pronounced earnings rise.
During the month of February,
others! etc.
members
inquiring
into .their
radical
portfolio' changes
were
As for ways of doing business,
"We must also set up as major
capital accounts, methods of han¬
completed in the National Pre¬
the questionnaire seeks .infor- premises
of
policy
conclusions
dling customers' pash and secuHr
ferred Stock Series, according to
vmation about the books of ac- with respect to the
shape of things
ties, ways of ' Confirming transi
accounts
,
:
well
as
about
.as
distributed profit and
un-
loss ac¬
.
NASD Surveys Members
,
On Business Methods
average
investor is thinking of
everything else except assuming
additional capital riskSj.
' :
If we analyze the reasons for
the public's lack of interest in
buying
securities
during these
recent notice from the sponsors.
r;:wunt
jahd;records areMTrently to come after the war as well as These changes have put this Se¬
stagnant periods, we can readily actions, total business transacted
kept, whether members segre- the extreme economic dislocations
and
information regarding
per¬
see
that the answer is simply—
ries on a war footing while retain¬
custo¬ that will be caused by war con¬
sonnel.
Regarding: the survey* 4- gate : intosafekeeping
'fear. Since people are human be¬
ing the important earnings criteria
mers' fully paid securities and trols. The
the New York "Herald Tribune"
period immediately fol¬
ings they act emotionally and
to make it attractive to the income
V how r any; such
segregation is lowing the war is likely to be one
of Mar.: 18 said:
;
t
the most fundamental reaction to
buyer. Twelve new issues recently
The
study
of
the
capital 4, handled. The same question. is of painful readjustment involving added to the
uncertainties is of course, inac¬
Eligible List have
K asked about segregation of free the
/
liquidation of heavy inventory
strength,of the 3,000 members
tion. Now, when such a condition
been bought for the portfolio, re-j
positions and, of course, the dis/and the way they do business ^ricredit ^balances -of: customers: i:
exists, the public is phychologi4. Members are asked whether employment incident, to a transit placing a like number that have;
,4s:, being - undertaken ; by
the.
cally conditioned for "selling" the
been eliminated. / •
;
Business Conduct Committee of '; theyv act as agent or as principal tion back from a war -to a peace
securities they already own rather
the Association on a nation¬ r in "transactions with; customers economy.
Some of our present ; The Sponsors believe that, the
than for "buying" more;
Again,
selection of these particular is¬
wide basis.
Charged with, the •; in securities which they buy or war industries will then undoubt¬
as
every competent manager of
with:, an sues, plus the characteristics of
responsibility- for policing in¬ -7 sell' on a registered exchange>of edly ifind themselves
•
.
,
.
>
-
r
already
Investment" accounts
..
uations
it
as
first
him to
for
is
chase :sound
place.
'
k
pur¬
in
investments
the
'
.
vestment.
knows, it is just as important for
!an investor to sell out weak-sit¬
brokers,
•1
V
enormous
preferred stocks,
commissions are
charged in such transactions, a
may
ple tax shelter to shareholders of
schedule. of the 'commissions vis
capacity.
which
bankers, dealers and
the Association' will
they
not
are
members.
If ".over-riding
excess of capacity and
suffer the profitless competi¬
an
assures
am¬
..
created by over¬ National Preferred Stock Series.
The generous yield from current
believe, however,
plus extras ex¬
whether a field investigation of 4-soughtplExact copies ;are sought that the post-war period, while it dividend ! rates,
of confirmations sent
out by may
members
"was
be marked initially by a pected from arrearage on many
desirable - or
: members ron actual transactions sharp decline in industrial active issues-,
should make this Series;
necessary in individual cases]"
attractive to many investors both
Beyond that immediate pur¬ ; in which" members buy or sell ity, will thereafter be one of un¬
securities
from
customers
as
precedented prosperity, as we shall from--the ^standpoint of income
pose, the
the information gained by
the questionnaire to determine
use
tive
conditions
We
.
Why not then, when "fear"
-
"
Is in the saddle, take the line
r
of least resistance, and go out
'
questionnaire, it
and suggest the sale of weak
;
'
by
holdings
clients.
your
They will benefit from a con- 'in¬
and
structive ' suggestion
is
commission
-
.
bread
if
and
butter,
is
earned
the
"sell"
it
or
!
market.
•1
-'
"buy"
the
of
side
-
matter *.
no
on
'
a
for
good
still
/;
the
- -
:
;
-;-c. An alert organization will find
many variations of this "go out
and buy technique." Here are a
few old stand-bys that might-be
used
as
illustrations
of
what
could be done.
;
1.; Study Individual lists
of
holdings in the files. Cull out the
weak sisters. Find particular spots
where future troubles might pre¬
sent additional difficulties.
(Ex¬
A
ample)
company
Latin-American
its
trade
engaged
the
—
holders
of
attention
present
in
might lose
shipping facilities, etc.
security
case
Call to
of
this
—suggest
sale.
2.
then have
quested not later than Aoril 15.
dertake the major share of world¬
wide
economic rehabilitation, if
Procure
uation
that
a
list
is
a
bondholder's
or
covering a sit¬
good "sale" or
the
be
by the
said
Association might
to fall
into
three
large
the attention-of
or
routine
seem
members "minor
matters
which
asked
were
for.
data
on
capital and whence it
to
was
de¬
customers.
were
formation
doing
their
on
the
and
further
page
1131.
.
the
our
V
;
•
;
,
19
the
Members
<
the
connections
of
extent
in
the
the
say:
questioned
previous
business
were
of
and
:
salesmen,'
the
was
S.
Lynch
(Special to The Financial Chronicle)
SANTA: MONICA, CAL.—Hays
has4 become
associated
eventually
have
we
statesmanship equal to
opportunity.
; v
our
believe
that1 the
:
average
investor is
of
the
justified, on the basis
foregoing conclusions, in
on
common
In^the
stocks'
believe
should
consideration
those
we
selection
industries
be
which
of
that
.
en¬
method
and
by
compensated.
*
only they are assured of favorable
priorities treatment and as they
Merrill
Lynch, Pierce, FenBeane, Bay Cities Building.
Mr.
Matson was formerly local
manager
for O'Melveny-Wagen&
seller. & Durst.
was
with
Prior thereto he
Commonwealth
Invest¬
ment'Co. of Los Angeles and was
sales -manager
for
the
North
American
Francisco.
Securities
1
••
Co.
:v--.
of "San
l
.
in
war
marketwise,
production,
since
steadily increasing their earn¬
ings before taxes, they may suffer
comparatively small diminution in
1
•
,
the
At
i
;
we
after" taxes.
should
select
■
However,
only those
war
industries whose stocks are selling
in
a
reasonable relationship to
what
can
be
regarded
as
normal
the
to
portfolio
lows:
•
was
-r
Feb.
Business
H
'
,
,•.:
.
7;
as
fol-^
/*
I.
;
.
42.5
Industrials
8.2
Rails and rail equipment..
Utilities
28, 1942,
Shares
diversified
|
stocks—
Common
: •
of
close
'
*
%
3.2
—
53.9
Preferred
stocks
Bonds—
^
Industrials
v
Rails
,•
'
———
1.9
9.4
3.8
—
—'}■
—7—
4.7
^
Utilities
Government bonds *
20.5
35.6;
and
Cash
other
net assets—
are
earnings
and.
capitalized
according
;
*•
American
the
given
are
gaged
bonds;
be
sponsors.
l~
com¬ f'
stock investments at present
price levels.
a.
discount
in
Matson
ner
"extra" is
should
important economic
areas, and the opportunity to un¬
many
This ar¬
feature not
profit probability.
rearage
of
kinds
found
in
mon
:
all
■
placing major emphasis
•
Matson At Merrill
■
for
and
dammed-
enormous
tal
"We
issue,
an
demand
•
civilian goods, a shortage of capi¬
'
.
questionnaire
March
up
with
traders.
show
questionnaire the account in
"Herald Tribune" went on to
which each
appeared in
ways'* of
information" sought
traders
on
Second,
in¬
business.
salesmen
^
Comment
asked to supply
Third,
they
were asked to give information
about partners or officers and
To
not
State regulations and Association
their
rived, business volume and lia¬
bilities
do
to conform with Federal and
classifications.^ First, members [rules.".
about
stockholder's
to
The questions asked of mem¬
bers
they
/
ap¬
.'"principals or agents.
Street, would
yield the most comprehensive 4 According to the "Herald Trib¬
data yet obtained on the capital,
une"; the staff of the Association
strength of members.. Replies plans, from the information gained
to the questionnaire were - re¬ in the questionnaires, to call to
peared
5.8
IOO.O
"Portfolio
operation
during
showed itself in most
of the portfolio, but per¬
February
sections
haps
the
is first caught by
government, bond
(Continued on page 1232)
the
eye
increase in
:
J
1232:
r
the commercial ;&ieinancial;ghronicle
Lu
:
FLORIDA
^
5~ \
v'
'
•
.iut
:•••
Thursday, Marched,-1942*
i
•
fibnS for .old problems;- Without
31st
;c^ating ^uch:^expectatjpusrmPWy $16,758,000 Detroit. Mich.
;
it
c
not be too much tohope
may
!^hat. the;;old ,; dilemmas ;*may; be "Wheicity awafded "a iiugfe Issui l&st
to-;a; syndicate headed by'the Chase
FLORIDA
hrown before
^
-
'Tt
i:Approximately 37% of the $18,^
716,000,000 in State and local gov¬
ernment
Expanded employment and;
improved business conditions
securities
irig
outstanding as of
will be retired by
1950, according to. estimates by
the Commerce' Department, \ Bu¬
of the Census,
reau
J, Short
retired
within
most
ments.
one
of
year
ance—amounted to
desired,
local
be
issu¬
$1,144,000,000.
:
is
to
:
-
'/ With the addition of these loans,
most
governments
construct
report
them
at
.
them; ?: The problem is
pletely ' .intergoyernmeptel.
regarding
lit NAT
;
political
.and
recurrence :bf ;both
June, 1945.
,
Cumulative
amount
to
will
.maturities.
.
56%
by 1955, 70%
much
Considering the statements set
above, it would appear ii-:
forth
by
1970, and 99%
counted
their
powers,.,
hances
duties,
not
are
by
by
logical
that
interrelated.",.
j Bond Issue
Municipal Debts
on
„
;
The Census Bureau also reports
that
an
was
paid out in interest
estimated
$774,000,000
interest
for
costs
; increase
.
-
for
in
the
total
ended June
30,
uncollected taxes.
77%
public
debt
1941.
A. F. of L.
;
! period
nine-year
Opposes
Federal Tax
.
y
,
Proposal
-
■
•
j
.: . ^
.
-
The opposition to the proposal
Including the $1,111,000,000 in¬ to
subject outstanding, as well as
terest payments on the Federal
future,: issues of State and mu¬
public debt the aggregate interest
nicipal bonds to Federal income
payments
on
all
public
debt
taxes, as constituted by officials
amounted to $1,885,000,000, or an
of State and local political units,
equivalent to $14 for each citizen, has
been
augmented
by ; the
■
said.
Bureau
J4
»Sr
Municipal Economy
Deemed Essential
S
;
:
r
1
\
^
■
There
opinion
tion
in
just
the
proper
course
municipalities
matter
Mr.
now.
division of
a
of
taxa¬
Marriner
S.
Eccles, the Chairman of the Fed¬
eral
Reserve
Board,
heavy
taxation
since
insists that
drains off
American
ought not to reduce taxes.
Means
other
the
Federal
to
hand,
Government
it to find
war
is
put
States
and
municipalities
ought
to
smooth the Federal path by cut¬
ting their own levies wherever
revenues,
.
■
possible:""1 •''
'V
As between these two
points of
view,
we ; prefer
that
of
Mr.
Doughton.
It may be advisable
on general grounds for the States
and
localities to accumulate
pluses
their
in
now
:
own.
against
order
position
.
vicissitudes
the
of
the
But
readjustment.
post-war
the
Eccles'-idea that States and cities
should
Federal
their
tie
finances
juggernaut
extreme, to
say
and
cities
own
interests
had
to
seems
best
look
take
the
rather
the least.
and
Labor,
States
to
their
whatever
most
bond
crowd
in
attention
the
ApPLoyar,;
prudent consideration
a
those
interests
may
require.
of
Chicago,
the
was
issue
previous
syndicate
&
was
headed
by Harof New York.
the -Northern- Trust- Co. of
Inc.,
Co.,
and associates.;
.
.
April 9th /
$2,950,000 Minneapolis, Minn.
Phelps, Fenn & Co.: of New York headed
syndicate which obtained the award of
the
the
bonds
ous
other bids
offered
of
portions
date.:
last
December.
submitted
were
offered
bonds
Numer¬
the
for
the
on
,i 1;v'■
two
same
i-•
steel helmets, protective
j clothing and other, items deemed
immediately essential to
Investment Trusts
prepare,
the
was
?
"To
the
preserve
*
eignty
of
several
our
State
separate
sover-"
gress has been,
in January.
.
registered, by vari¬
civic bodies as definitely cur¬
tailing greatly needed State and
municipal .revenues. y
governments
and the home-rule of
our
cit¬
•
-
Senator
Raymond E. Willis, of
Indiana, remarked in part, as fol^
..
capacity of
*'
our
and political
should
their
subdivisions
only by
respective
labor
body held.
The
union
States,"
obvious %
endeavor of the Federal Gov-« a
t
•
ernmentifirst.to siphon away; %
State's legitimate 'income^
5
•
not look with- favor upon
can
potehtial: precedent which
threatens - Federal;.; interfer-;
any
with
ence
the;
rights
;
..
Of : *
States to levy their own taxes
for their
■v
own
Federal
out
purposes
direction.
>
;
the
University
of
the
the" last
26 'months
record
interest
is
income taxes.
-f
future
issues
of
subject to Federal
have
now
fort
to
Ranged—The-Nation
engaged
*
divert
available
-vv. iCj.
in-a mighty
its
resources
ef¬
and
power to-' defense.
starkly have these changes im¬
pressed--themselves upoh usrth'at
man-
So
States Face Gas
Revenues
,
rV-
■
,
Replacements
c
the
\
probability, of;' ^sensing t.the
shortcomings of-.the traditional
With gasoline rationing now ef¬
fective in
17
Eastern
arrangements between oUL Various
States
governments has
Sea|x>ard
States,
been
States
and, two
Pacific
Coast
the question again has
raised
will
of
how
meet
the
likely
various
curtail-
ments
taxes.
in
yields
Several
from
States
are
gasoline
said
to
issues
the
for
so-called
;
reduction,
in: common "
holdings is contemplated at
time under the conception of,
any
followed -publica¬
an
matters-
once
;
increased.; Some
vague
may - now
-
ilt
vThe
better
in0w
the situa-
governments
find themselves. Critical con-'
aitions
sometimes
market
eral accounts
came
Harris
Hartford
produce >solu-
y
County, Houston and
ac¬
!•:
-
sented ^ anew. - "departure ^
frankly,
Manhattan Bond Fund has been
in the
up
record: r,'
-
and. the ?runner-up
previous issue sold
pended.
"
.
for
,
.
are
•
^
March
.
$901,000 Cleveland, Ohio
.
.i—
.
"5
;.
'
syndicate headad by
tional
Bank, of
Chicago.-.
the
Bros,
a
bidding
Was. Lehman-
a
of
31,
31,
headed
bv
obtained
Stroud
,
the
/
-
"
*"
&
award
Co.* of
of
the
bonds
r offered
last November, beating out
Campbell, Phelps & Co. of New York, and
associates,
a^.d several other 'bidders.
757,312.18
1941
1,062.478
7.507.227.59
1942_„_
1,194,226
!
8.452,628.08
j; Latin-American Surveyi
foreign exchange and business
! in.
-
Latin-American
just been published
by the foreign-department of the
Chase National Bank of the City
of
New
new
30th
.
.4.056.631.38
for
York
its-customers.-
$1,275,000 Camden, N. J.
4.900 V
at Market
,$36,014.21
distribution to
New
York, ^nd associates.'^;...;
f'*\!; .March.
„
609,370
countries has
larger- issue
the First Na-;
Runneu-up in
to
:
Net Assets
-
A survey of timely, information
».«.i-, *;;*•*-
Last July -this city: awarded
„
I940_r: ! '-
on
26th^(Today) ^-y>
It's!
.-V
109.394 •'
31,
Jan.
ap-
•
Outstanding
,
3t,..1938_- i
I939_;_ -*
conditions
J,
,,
31,
last
also
:
' *'• '.•••;:
No. of Shares
i
Jan.
bidder
the
■:
• *•
Jan.
future. The
near
ofthe- successful
names-
since
growth is shown by the'following
Jan.
more
.
ever
its inception on April 26, 1938.
July
herewith» the
importantmunicipal
offerings
($500,000 r or over —. short term
issues excluded), which
are
to
come
and;
we
popular with investors
Date—
Major Sales Scheduled
-
book-4
didn't anticipate such
an*-overwhelming response but*'
we're very gratified."
.
*:
Reported
Metropolitan District
list
r
».
the /sponsor—"The
Says
.,
We-
-.The second edi4
let's size,'style and format; repre¬
gen¬
was -re¬
counts.-
..-
"An
tion'is-on,-the way.v?
cleared out by the week end were :
the
.
r
which' only recently
thei'market.
on
Bond Fund's booklet
two- weeks ago.
-
feeling in the
.municipal
ex-j
printing of Man-t
Answer > to
Today's / Problems'^ ;-n
which we reviewed in this column /•
Tiumpikfei^^yA^
Philadelphia
upon
some
hattan
Authority, the Triborough Bridge
Authority, and the Pennsylvania
Syndicate
which
Fjrqni;
have^ already
hausted the first
.
tion
in
ideals portfolio "
v^Early.-. orders
was
that
!ee."? obvious _to those who will
but
hastily .reflect;
.
reports emphasizing fac¬ American .Business Shares "News
likely to restrict- vehicular Letter.^-U:4ri:
v
bridge and tunnel income^^r ' •
*klu'-%v'r *:'■*
~U>'W1 <-
flected in the clearing out of sev¬
v;
make it necessary to examine the
them
all
-
extreme
investment,
stock
of
eral
with-
Interrelationship of;
Local Units,Stressed 'u<jr--9V:
Federal Government to make the
on
setbacks
►
full
nor
down.
emphasized; for; example,
tire :and gasoline rationing,
and then, later to pffer us pa-7b apparently foreshadowed reduced
ternal F e d e r a l;i assistance J revenues for
projects such, as those
when -we are in the; red. We y
operated by the Port of New York
the
■■
subject of :iritergovernmerttar fis¬
cal relationships in a new setting.
against the efforts to tax even The relationships -are; the-same
future issues of States and cities, relationships" as before "Jiutr; the
but recognized the right of the stage and the scenery surrounding
Federal bonds,
The
marked
were
em-*
it-; should" be 'recalled
that. neither
bridges*1 tunnels
toll
and-the like
tion
with: the
*
on*
went
While conservatism has been
hand, early this phasized,
obligations outstand¬
against
per-*'
ofcbm|iletion.
centage " points
tors
sympathy
i
'""Events: of
the
ing
portfolio "were within-a few
exemption late
on tax
those
J
current issues of
"State Government":
--^'''y'r':*'*"
taxable
be
.
•>
other
the
revenue
Chicago,.-in
several States
On
week
lows;on:the;prpposal;.:-;:
Economics; of
ies, the credit and borrowing
ury's attack
ous
Local government ^officials will
be interested in the following by
Simeon E; Leland,; Chairman of
and
;
.
r
to
taxes.
equity^ sebtion of- the portf6j,io; Jal4
though, of - course, the ultimate
disposition
of
these
particular
A broadening of activity and a
firming trend in. prices developed
f
\
::
since the Secretary of the Treas¬
opposition
the Treasury's at¬
tempt to reach State and munici¬
pal bonds in its search for new
expressed
.
and; joeaL taxes. Strenuous
opposition to its approval, by Con¬
State
municipal
....
steps
a
.
attracted
that
part
buttress
to
financial
-
sur¬
the
program,
and
hard
similar
The House; Ways and Means in
the r. municipal , market- last assets will not be Treasury bonds.
Committee: has -reported -favor¬ Week, contrasting with Jhe stale¬
■.,> ^Aithe^end of-Jebruatyi:trahs-:'';ably the rCophran, hilb to* exempt mate in both trading and prices
fers ?! fromthe
common
stock
defense ; contractors - from
many which i has
generally
prevailed equity to : the bond side of the
f
Committee
contends, on
that since the
1940,
to
Ripley
Runner-up
Firmer Trend
Cochran Bill Receives
Tentative
day before the Ways and Means
on
the
general tax
Chair¬
Doughton of the Ways
man
awarded
,
Committee
purchasing power- and
militates
against inflation,
States
and
municipalities
the
of
Federation
Interesting as was the A. F. of L.'s
comprehensive statement last Fri¬
consumer
thus
the - State
.
-
and
States
follow
to
the
to
as
the
for
to be
seems
South* Carolina' (State
.
-
the
-.Lehmanj
;I
'
—
responding
sub-
was *
•
.
was
sharply curtailed for the duration.
In the absence of adequate addi¬
and local government securities
tional sources of funds, we can
during the 1941 fiscal year.
expect
deficit-funding / through
y
Cited as due to "the low
rather
extended
borrowing and
interest
rates
prevailing
in 'V
refunding of heavy bond maturi¬
i recent years," the total govties.
The ever-present possibility
(1 ernmental interest payments
of
local
tax
delinquencies will
,*! —State
and
Federal
in¬
probably serve to bring about
creased only 30.6% above corconsiderable
borrowing
against
V 1932, in contrast with the
,
approve a
.
-
,
;
cities
State
on
riman
program, San Francisco expects to
ask its voters early next June to
': /
jbid-
best
$600,000 Austin, Tex.
..
j the cost | of i its civilian-defense
trol cars,
!
•
;
In. August,.
r
*
December
awarded
1
•
April 2nd
; Tired, of waiting for .the Fed¬
eral Government to chip in on
j
'
;
bonds4since- Septissue, goipg^,to the
Bank of New vYork; and
Second
fi-
Frisco Plans Defense
revenues.
Bonds in the War Years
bid
the iCity. ior-anticipated air at(Continued from page 1231) \! *'
Welsh, Davis & Co., .135 South itacks.
holdings to 20.5%. Obviously such
La Salle St., Chicago;. 111., have
That- $3,000,000 - to
$5,000,000 holdings are by their very nature
prepared a bulletin, analyzing .the : represents outlay for equipment
temporary in character; - Never¬
extent and effect of war. measures only;-.
addition,* the: city plans theless, careful -reasoning shows
on the revenues available for debt
to spend about $1,250,000 on the
why, in February of 1942, this in¬
service, the risk of damage to the operation of its civilian defense? crease was a
necessary part of
projects from bombing,, sabotage, system..
These operating costs maintaining an ideal
portfolio. Ir*
etc., and the. insurance protectipn ; alone will add 17 or 18 cents to a
part it * represented -preparation
provided against such Trisks, pash municipal tax rate - which - now
for the new tax bill, which, from
reserves, now, on i hand "and
the Stands -at -$4,396;
The entire bill the securities point of
view, will
outlook for continued bond serv¬
may add as much as 35 cents to mean new 'rules of the
game' for
ice during- the .war and after.. An the present rate. •
company
earnings.
It also re¬
As previously
mentioned, the interesting- and informative, cir¬
flected a policy- of increasing the
States and local units are going
Market Exhibits
cular, available upon request..
bond section and decreasing the
to find their sources of revenue
and
,
^
49.46 % of total
as
their
.
bond issue of $3,000,000
Ito $5,000,000 with which to buy
as ifire- engines, rescue, trucks, con¬
to
Highway and Bridge:.: V
financing by States
during the most of the
next few years will amount to
A"relatively small" amount of
anything sizable. However, there
debt is not scheduled to be re¬
is a segment of the municipal
tired until the five-year period
community which holds that it
ending on June 30, 1995.
;
may come to pass that many mil¬
The figures
do not make al¬ lions of dollars
in deficit-funding,
lowance for possible redemption
refunding of maturities and tax
of
optional
or • other
callable
anticipation borrowing will have
bonds prior to the regular ma¬
to be done by the policital sub-^
turity dates.v
'S;'■■■ divisions
before
peace
reigns
again.
."
'
' /
Estimated Interest Payments
1960, 89%
1980.
ioi/ from, 17«78%
,
Na¬
long-term, certificates to-a syndicate headed!
by Lehman Bros, of iNew. York.,, .Second!
highest bid was submitted by John Nuveen
& Co. of Chicago, and associates.
:f
•
fiscal- difficulties
r.
governments is the as¬
sumption that their affairs, their
.
Financing May Develop
May
whose
mitted..hy. a, group.-headedby.
Bros;'of New York.
;;;
'among
not
.
will be retired by
associates;
d
In
Reason .for.the
eANMlM\^*^S/CHICACO IUINOI&
.
$3,535,000,000
York/
that
Chase' National'
com¬
hierarchy
$3,000,000
only the predominant govof)
ernments-7-it affects thental!. Qne.
,
New
v
hasn't^sold
units Vinthei political
related to war and normal re860,000,000 gross volume of State
and
local
payments of outstanding debts
government interestbe; cbn^iderin^\;in^e^s^^:their>gasoline tax;, *
'-V-*v y ]% '■
bearing securities outstanding as
will reduce interest payments
The group of States now under
of June 30, 1941, including short
also.*
-v ~:
and long term obligations,
will
One of the dictates of prudence rationing impose.:gasoline taxes
amount to $8,147,000,000, or 41%,
just now is economy in all ordi¬ ranging from 3 cents a gallon to
by June 30, 1950, this latest study nary State and local expenditure. 7 cents, although the latter rate is
in Florida, only a part of which
of scheduled maturities showed.
Whatever one may think- about
Analysis of available maturity State and local taxes, no one ven¬ comes under rationing., The im¬
data pertaining to the $18,716,000,- tures to
portance. of the gasoline tax in
challenge the idea that
the revenues of these States is
000
State and -local government
expenditures should be reduced.
shown by the fact that in the 1940
long
term
bonds—all
interestfiscal year the gasoline, tax'•? ac¬
bearing term and serial obliga¬ Considerable Municipal
tions—indicates that
of
1936,-
nor
to
works
city
.tember,..
(Joes hot affect,.merely, the lesser,
obligation.
no
-This
Federal, unit
•
to ;
a
Inability
public
ernment and of the
and
steadily improving relation-.
ship between revenues and
expenditures.
scheduled retirements of the $19,-
State
any,-/.inquiry
answer
Bank
topped.that; ehtera^.by/the^BahkerS^Trust
is
Qf these units- to the Federal Gov.-
background of; familiarity with1 these
municipal bonds.- We will be gla^
usually far slower than might
be
to
Our long experience inhandling Flori¬
da" issues gives us' a comprehensive i
While the curtailment
of- non-essential,, outlays
r, j
debt—loans
term
State and local govern-
c
4
June 30,-1941,
V,
curtailing expenditures of I
are
tional*
-
impossible, ' moreover^ to trtf. of N6w Yofk; and assoblatesr
discuss; State-lQcal > fiscal V relation
ships apart/from" -the relationships $630,000 Mount Yernon, N. Y,
—-
long term interest-bear-
in bold relief.
us
•
,*
.''Central
Material
and--South
for
this
Amer-*
lean Financial and Economic Re¬
view""
was
assembled
by
the
Chase, with the assistance _ of its
correspondent .banks
in
South American cities, '*
leading
:
*
;
:
i Volume 15S-iNaftiber-4(>58 Ml
Our
■
THE COMMERCIAL & FINANCIAL CHRONICLE
N '■
Reporter's:§|f
:.i
ptll^fluparl^SMill
{Continued frolm first page),
ir
V
bids at
;
noon
:i:thisAssue
which: is
yuMM'
0r-
/ -',v*> -Mr';, *;:
it
3^:1:
;
V;-f
;;
the
as-
•
1m
$80,^00,1000 5 'marketed
•
a s
t
y.'
m
;t,
expected"- that --several•*> banking
groups will - be in- the -running.
Funds accruing to the company,
i will
be
i', y
Ml
Tv yT Fy~J- .< mm.
',w
iheVeiiteuita^^
.iytlndei??
'
>■
If:
c% 1'; c -' j;1
r T:
covered
,?by the same'covenants
<i
■;:?:/5 -*,y \
c.
Mondayi for
on:
.r.
1233
used
expansion;
to .finance
of : rfacilities
-
."
tremendously increased
in its territory.
in
to
.
yy y.
:;y. .r; J;;-' yuMlff:
fefyf
;
'
'0
\
.
part
meet
demands
yyiyy
Holding Company Issues '
Obligations of public utility
holding
companies
have
had
something of a breathing spell
Sustaining Citizen Morale
.
since
their
several
sharp
week
sistence
of
-declines
of
|
1
^
,
>
t
\\'
y
x '
v
»•
^
•»
r
j
t
ago.
But the in¬
the f - Securities
and
*»
t
!
»v
f
%
|
f'i
*1"
t
1
*
y
,
,
^
'
-c '
«
,
'
*
^
-
i
^
,
1
1
;
,
;
Is Our Business
Exchange 1 Commission,
as -1 set
forth by Chairman Ganson Purcell "last
week,* that 1 they go
with I capital
structure
simplification is not helping their
position.
through
It
.
had been .expected that.
these
•
the
companies,
view
in
abnormal ^market
holders and
tion prevailing, and moreover
;
ia
v
view
of 1 their ..close*
vveillance
under
might the •. given
v
least
1:
until
Every day last
of
situa-
in 4;
war
made normal life
monument to thrift and
It is widely
recognized that to-
«<**
-
,
senting control, working or other¬
wise, in many of their operating
properties,
would
involve.'; real
■
for
But
ers.
their
these
issues
with
in
time to time.
V
•
r
the
M
market
*.j
-
.-
t
,
t
v
.
^
sLt
our*
yv
country.*
-
'Ay "
.<
^
"
*
—
'»
Vi.
v-
*
«*
before.
ever
assures
f /<
With
over
financial
The morale of
1
^
,
more
•'
,
'
,
i
ru
r
^
L
ninety
<■-'»
^v i
1"j:--VvT,
;•»
'y,,v
"
' '
'
,
,
<s
{
v
of faithful service, Massachusetts
years
security 'for Its 'policyholders arid^-their "families.
a
•
picking
issuers
surance
"
-
iaids In
»
j
men
and
defense workers is sustained ;
our
were
For the
enabled to establish
same reason,
maintaining the strong citizen morale,
* 1 \
•. '
^
s
country's; complete victory
\
over
1-% 1
,
the
t; 1/
,
t
i
so
v
essential to
,
*'
r ■ •
n
:•»
t
life in-
'r.;
our
'
z
^
common enemy.
Cp.f -v |'Iyny.r'Mm0MM
1i■
prevailing
such issues,
up
fighting
backlog of security for the home folks.
'
-
our
demand,.< jaevertheless*. lias
helped to .bulwark, 4;he*«ecurities
against the scared- selling/.which
r>'M-
'
had. been rapidly whittling, away
values in-'several
;dastanee^^y^%:
1^
i
Jvtfri
dprpp^ation y^lijch
has.
yy ;
life insurance and annuities in force than
by the fdct that through life insurance, they
rIA
the
-
-
take ^advantage
levels for
?*..<
*;"«'
-r4
,
•,
.
continuing need for protecting home* solvency is* greater today
J
'
'
nj
I
'
1"
1
tihe in its
its
Perhaps not designed especially
I as support, hut rather intended to
•
"
••
■<
-
*•*..[
^
from
M
->
from
-
themselves,-
this
^
an-element
•
;
,y;Vj; r, '
Mutual
Such buying, thorgh ; not ?
readily traceable, is regarded as emanating in considerable
measure
-
-
i
.*
better
no
serving to provide certain
appearance
:
v.*r
There could be
remains^ ada¬
of support is reported making
1
f 'v | ' y
*
at any
fect of
of
'
-*
w
Pemand which- has had -the ef¬
;
)
y
'
Buying; Own Securities
.
z
forty-six
forethought, than the steady flow of these life
'p-'*^
than
mant
.
v
The
security hold-
the MSEC
»-1
'
over
.
daily necessities and, in general,
families.
many
insurance dollars to the homes of
force the sale of securities repre-
sacrifice
These payments, amounting to
possible for
;
which to comply .with Section
11 of the Holding Company
.
;
million dollars in 1941 alone, assured
law,
respite at
.a.
after athe.
beneficiaries.;
.
sur-
the
Massachusetts Mutual paid $127,000 to policy-
year,
■■'V ;!
had $7,522,000 orf .convertible
.?
:•
i
a:'.jr..
■.
?
v,:.
}
I jr.
•
3 Vz %.j debenturesinregistration
with the Securities apd. .Exchange
Commission has decided to with¬
hold
that
issue.^from market for
the time being.
v-Inl this particular instance,
;
-
however, it
:
V tion
M
of
not
was
market
a
ques-
conditions
bringing about the decision to I
MC '
delay the sale.
1
LIFE
.y./M;/;;
INSURANCE
COMPANY
'
:
Rather
the
company's
:
.
tion
:;
.
ac-
that | stockholdersmust
resulted : from
the
fact
SPRINGFIELD, MASSACHUSETTS
be
'
given
.
i
y
.
first
subscribing
opportunity
,
to.. protect
t
against arbitrary
:
•
their interest,
of
them T,
dilution
Bertrand
of
j. Perry, President
Organized 1851
yy:iy
„„British stockholders, due to pre-
vailing .governmental restrictions,
it is observed, would doubtless be
"unable viol exercise 'their subscription- -rights,
•
•
and - because of. the
conditions, would have diffi¬
same
.
Gas & Electric
Corporation. The
plan has also been filed with the
culty in disposing of their, "rights."
SEC
-
Plan Of Reorganization
;
•
r
a
For Assoc. Gas & Electric
The
first
plan
-
of
reorganiza¬
tion of 'Associated Gas & Electric
Company
and
Associated
Gas
&
Electric
Corporation, prepared by
Henry A. Stix, former Vice-Pres¬
ident
two-
and
companies,- has
mitted
to
ciated
Gas
and
Comptroller -of
the
-
the
-
&
-
trustee
Electric
trustees
of
been
of
.
the
sub¬
Company
|
Philadelphia.
Associated
for
and the
employees)
respective trustees.
<
;
Mk
y
ployees
tions.
.
Securities-
-
Co.
obliga¬
MM -M<"
:/■;>
.Common stock of the
new
corj
a
.
management.
.**
""It
of
also
'
'
;
X
Company
a
V
.
*
4
•
company
.
;*
compromise
litigation
Employees
(an
j..
m
'•*
proposes
imminent
Utilities
'
'
the
for
presently,
outstanding
trustees' certificates of Associated
between
Securities
investment
com¬
&
Gas
due
..
Electric
194$
.
Corp.
8% bonds,
and the Utilities
Em¬
provides
for
compromise,
to
debentures.
the
of
It
issuance,
1/10
of
a
also
as
ligations
and
convertible
ture certificates.
The plan provides for the issu¬
compromise of
poration will be issued for the
litigation now in process for sev^ ance of various series of cer¬ debentures of
Associated Gas and
eral months testing the validity tificates of indebtedness of the
Electric Company and
Corpora^
of a' plan of rearrangement of
new", corporation with varying tion at the rate of
debt capitalization announced on
11/10 shares
priorities, provisions in the prin¬ for each
May 15, 1933, and vigorously car¬
$100 corporation deben¬
cipal amount of $24,500,000.
The tures and
ried : through
by the previous
1 share for each $100
certificates are to be exchanged
of
It* proposes
Asso¬
Associated
in
pany
a
share
of
new
common
deben¬
The total shares
stock to be pres¬
ently held by the public will be
2,549,550 shares. -AM;
The plan deplores the
for
the
formation
poration,
the
instead
assets
held
raising
quickly
each
$100 Associated Gas and
conditions
Company convertible ob¬
of
a
necessity
new
and
cor¬
distributing
the
trustees,
impracticability
$24,500,000
under
Electric
of
by
but points out the
of
of
of
present
depressed
utility securities.
cash
market
values
\THE COMMERCIAL &
1234
.
:
•
-v.
.
FINANCIAL CHRONICLE
r-
.
<•
:
<*«
i
...
.
•
.
Our
"
Reporter On "Governments" J-Q
(Continued from First Page)
why investors should rush to buy bonds in the open market,
therefore,
.
The wiser move is to remain on the sidelines for a
few weeks and wait for the Treasury to disclose the terms on its
reason
.
.
next deal.
Tii.o Roofing Company, Inc.
)
'
.
.
.•
;
the member banks have more than
$2,000,000,000 of Treasury funds, any call on the banks' deposits
Finally,
bound
is
CONNECTICUT
STRATFORD,
.'•w
.
•t
exercise
to
inclinations.
v
though
even
dampening
a
influence
their
on
buying
.7. Even though the banks don't sell, it's unlikely
.
that they'll want to buy many bonds while they're anticipating
large drains on their Treasury deposits. . . . Call it psycho7* logical—but it's a factor, anyway.'>*':
''; ;
f
Tilo
larger organizations
Roofing Company, Inc. is one of the
in others.
.
improvement of existing structures. Its business also includes
asphaltic and asbestos products used for those 7
and
the manufacture of
.
.
.
nothing important,: say the experts.
here and there, but
As of December 31,f 1941, the company's consolidated
as audited and presented in the company's annual
purposes;
■
71
•
rowing.
.
.
The Next Financing7
*•
...
.■'
-• -
.
billions
borrowing
report to stockholders, shows total assets of $4,285,461.73; total
assets of $3,665,907.64;
total current liabilities of
§ v,
r-~''
There are two . angles to. any discussion for .the coming bor-'
f' J**' 7 ''
i
(l)^The fact that Morgenthau has had no difficulty, so far ini
^,
balance sheet,
v
V
.
.
*
v
,
So, the odds are we'll see a dull, quiet market for a while! . . /
pre-financing market in some ways.
.
Just a resting marketBut any strong move on the upside seems improbable.;
As for the downside, perhaps we'll see a decline .of a few 32nd&
A
engaged in the sale and application of roofing and sidewall mate¬
rials Its business largely involves the renovation, modernization
V
of the market has been
control
his
that
and
"regular",
special^ special
superb indicates that the choice of the Treasury will be a
current
market borrowing—in long-term bonds with no
open
$1,484,167.49, and earned surplus of $1,270,003.27..
features attached.
.
7777
7: 7:
(2) The fact that the market has had* to absorb . so many
^ordinary" issues indicates the time has arrived for a change, espe¬
Condensed Consolidated Statement of Income
Calendar Year 1941
Sales, including
gross
income from service fees
cially in view of? the probability
on
provisions in this next borrowing.'*; . .'They are looking fori a
long-term issue, -though, which may be of some importance in
deciding switches over the next few weeks. . . .
And they expect allotments this time will be a lot higher
Cost of sales, including branch office, selling, general
financing charges on account? assigned
provision for doubtful accounts. *..........
expenses,
3,689,784.58
r......
7
-•
than
35%. V.
They even may go to 50%, some say—and they
prediction.;.. On the contrary,
.
figure this is not too depressing a
■
754,428.82
of borrowings going up and the timing of bor¬
total
the
with
•
so clear, it's encouraging to see forecasts of two-times'
oversubscriptions, they insist. . . ,
50,965.57
Other income,
...
7
*
$4,444,213.40
operations of subsidiary finance company.»
and
that this borrowing is going to be;
Morgenthau's advisers, then,, may bein favor of a:
""change before one is necessary"—to use the words of one of the
major dealers. ...
The inclination of experts at the moment is to expect no unusual
tremendous.
f
rowings
,
805,394.39
Anyway, these predictions might
17,991.09
Other deductions,
tions.
.
guide you in your subscrip¬
.
.
7 Inside The Market
787,403.30
Provision for federal taxes
on
weeks;
540,403.30
Depreciation and amortization
was
Ov^Qnly praise for activities of Reserve Banks is heard these days.
that Reserve Banks sold bonds on rise of last few weeks
is considered another indication of system's increasing ability to
% if Fact
provided during the year 1941
which $23,670.71 was charged to
charged to other profit and loss accounts.
in the amount of $52,033.76 of
costs and
$28,363.05
was
,;7
.:.777::;;< ' '
:
4
in circulation last week, sharpest
January, reflects some payments of taxes with hoarded cash,
Contrasts with $15,000,000 rise in currency in circulation on
date a year ago.
May indicate hoarding of currency is
handle -market. :
;
since
.v.
i
.
same
.
mostly over.
Net Earned
after
Net Sales
Federal Taxes
$3,985,788
$528,702.00
$1.21
543,693.29
1.25
.
Share, Adjusted
1937
.
...
Per Common
Year
1938
4,050,931
1939
•
3,775,524
529,612.11
4,018,167
526,225.91
4,444,213
6%
1.10
are
secured by a first lien
all the
company's property now
hereafter acquired. Net
1955,
on
owned
A copy
Urges End of Double
Taxing of Odd-Lots
chase
1.08
540,403.30
notes and lease, pur¬
contracts, 61,912 shares of
preferred stock ($10 par),
arid *1,358,948 shares ; of common
stock.
The
First Mortgage 4s,
000 mortgage
1.19
1940
1941
or
Legislation which will eliminate
tion.
The
WALWORTH COMPANY 1st MORTGAGE 4s, 1955
following table shows
company's
since
the
notice.
account
income
reorganization
of
year
at
sition
1936:
sell at their high
of the year, whereas the low point was only
83 V4.
The price range in 1941 was 87 to TJV2.
For liberal income
and some possibility of price appreciation the bonds
ar^ recom¬
mended to those who desire a medium grade obligation of one of
principal
of industrial fittings and
1941
of
end
the
i.
Walworth Company is the
ond
of
largest
manufacturer
valves and fittings.
It also
pro¬
duces
pipe
tools,
complete
a
and
of
line
is
engaged in jobbing
and pipe fitting lines.
company's products include
of plimtbing
The
iron, steel and bronze valves, lu¬
plug valves, cast iron,
malleable iron, steel and brass fit¬
bricated
tings,
chrome-nickel-iron , cast
pipe,
Stillson and Walco pipe
wrenches and
related specialty
products.
Walworth's
Chief
the
of
industrial
consumers
present
is
At
sec¬
naturally
pany
manufacturer
tial to the
to
war
and
the
effort.
business from the State
vast
quantities
"fittings
to
the
Navy
and Maritime Commission for
in
the
construction
and
of
use
mainte¬
of naval and cargo vessels,
Walworth has received substantial
nance
contracts
for
the
manufacture
of
ammunition components.
the
filed
company
bankruptcy
in
a
May,
petition
1935,
in
which
plants, oil and gas and power in¬
tion
effected
January of 1936.
dustries, railroads, the mining and
By the terms of this reorganiza¬
smelting industries,
users
of
ma¬
equipment and the building
trades.
„
......
..
14,274
10,469
438
16,615,
13,766
tion,
fixed
in
a
charges
reorganiza¬
were
scaled
399
1.61
67 Vz-56
3.06d
71
352
7,4.85
90
356
2.46
87
7
-70
-
875
V
•
-55%
be
d Deficit.
tion afforded
7 and
i
War
-
stimula¬
by the Defense
Wal84% in 1941
programs,
worth's sales
to
rose
$31,485,000
the
highest
in the
company's his¬
level
available for
fixed
charges
in
1941 was
equivalent
to
15%
of sales
compared to a ratio of slightly
tory.
Income
v
than
charges
10% in 1940. Fixed
earned
17.85
were
and
times
overall
charges,
including preferred dividends,
covered 6.42 times; com¬
were
parable
5.42
and
regretted that this program
was
Due chiefly to the
ratios in 1940 were
3.89, respectively.
Capitalization
*
consists- of
$5,-
time
earnings
$579:500 Debenture 6s, 1955, $265,-
First
Mortgage
4s,
1955,
Two
,
Association
-66
971,000
suffi¬
-56
340
years also the
presented
to the
Legislature a carefully worked
out
program for revising
the
stock transfer tax laws. It is to
directions.
-77'/a
21
348
considerably and since that
been
87
5.42
.
1,706
77
down
have
17.85
.
562
404
1937
Price Range
Earned
$326
7
l,040d
438
1938—t
more
Originally incorporated in 1872,
by
rine
1939
1,835
much
of New
being reflected also in losses in
real estate values and in other
; 338
$5,814
several years
York, the .reduction in "trading,
Fixed Charges
Charges
-77
441
essen¬
terminated
are
$502
17,128
com¬
In addition
Depreciation
$31,485
important
an
of materials
supplying
valves
time
was
output
Sales
1941
1940
for
was
Times
for Fixed
1936
suppliers^
valves,
odd-lot
had the effect of driving
-[000 omittedl-
Selling at 86, Walworth Company 1st 4s, 1955, yield 5.55% to
maturity.
The range in 1942 has been narrow since the bonds
has
transfers
capital po¬
Walworth's working
Available
country's
of
trading on the New York Stock
Exchanges was urged in a letter
sent March 21 by the Commerce
property account. A sinking fund The
letter, which was signed by
"equivalent to 20% of consolidated Laurence Arnold Tanzer, Chair¬
cient to cover interest; require¬ net earnings is provided for re¬ man of
the Association's Commit¬
of the First Mortgage
ments by a good margin, with the tirement
tee on Taxation, said: 7
They are callable at par ■:r 7 The. evidence is convincing,
exception of 1938 when sales and bonds.
profits suffered a severe contract on any interest date on 60 days'
that the heavy taxation of stock
the
the
taxation
double
the
depreciated v property 7 account
stands rati
$7,121,000, - so
that and
Industry Association of New
bonded.-debt represents 9.6% of
York, Inc., to the legislative lead¬
such
figure and- 37%:. of gross ers of the Senate and Assembly.
of the Annual Report, which includes the financial statements
of the Company, may be obtained upon request.
THE BOND SELECTOR
now
■
Drop of $46,0Q0,000 in currency
Record of Dollar Volume of Net Sales and Earnings
Net Profit
.
.
.
borrowing is out. . . .
7»
No anticipations of any major break in the market. . . . Federal
Reserve System and Treasury have it too well under control. . . .
247,000.00
$48,000.00 for subsidiary companies...........
Net income
switching activities expected to slow down in coming
Arbitraging and switching will pick up again when the:
Even
income, including
not enacted.
convinced it will be
good,-net current assets at that
time totaling $6,329,000. Cash stood
at $854,000, ; receivables
at $4,-
~r
222,000 and inventories at $6,812,000; total current assets were $11,888,000.; Total current liabilities
7 would be offset to
$5,559,000 included as its prin¬
cipal item $3,395,000 for tax re¬
serves.:
Net working capital was
of
,
equivalent to just about $1,000 for
each $1,000 of funded debt outr
standing.
.7
The outlook for 1942 is for an
.
.
....
-
even
a
greater volume of sales and
increase in earn¬
7
We
a eonsider7
perhaps entirely,
vby the additional business which
: would be returned to the State.
*
We believe that the Legisla¬
ture should keep constantly in
mind the need for still further
revisions of the stock transfer
7 able
,
,
J
are
possible to enact a law this year
ending the double taxation of
odd-lot trading. The loss of rev¬
enue
would not be large and
degree,
tax.
,
7'
■
/.
,
t
1
concomitant
ings
protection
the
for
Mortgage bonds. For those
ors
concerned
tax situation
about
the
First
invest¬
serious
affecting equities can
turn to these bonds for
liberal in-
possibility of an
principal value at
least for the duration of the war!
Since the obligor is engaged iii
come
and
increase
some
in
heavy industry,
the^onds are not
suggested for post-war retention-.
Volume 155
Number 4058
I
UNION
THE COMMERCIAL & FINANCIAL CHRONICLE
CARBIDE
and
•' v(
;
^
v
^
f
t
'
t-»
excluding
'< l-.f
t
*'
those
AND
wholly
v
T,<
,'v
>*
t,
operating
CARBON
owned
V'
•'
.
/,
,
1
?
CORPORATION
subsidiaries
«0'
«,
•
••
outside the
CONSOLIDATED
1235
,
•
,
J
,
,
)
united
•-»
r
,
l,
»,
7,\
v
states
BALANCE
<-•
>1
and
'
v*
••
canada
SHEET
December 31,1941
ASSETS
LIABILITIES
CURRENT ASSETS
Cash
Marketable)Securities .(Cost
lower)'
«.
.or;
..
CURRENT LIABILITIES
$ 55,469,516.32
,
United States Treasury Tax Notes and Accrued Interest
:
10,020,050.40
Accounts Payable
Market, whichever
•■!
.................
■
Dividend
2,565,058.41
-
Installments due within
Receivables (After Reserve for Doubtful)
•
3,546,031.03
Work in Process
Finished Coods
Taxes
12,326,593.62
Deferred
....
$314,548,644.11
PeJucf—Reserves for Depreciation and Amortization
111,425,405.51
..........
Union Carbide
less)
21,593,292.81
.
*
Surplus for Wholly Owned
-
Capital Stock
$
Outside United States and Canada
.
;
,
:
230,566.17
,y
3,392,994.42
V.
992,824.07
4,616,384.66
w
'
........y.y..........................
26,400,000.00
\)
-is
Ja
',
>,
i
*,
p
INCOME
i
j
no
value
par
not
in¬
^
\.'i
if*
y
•'
„
included in
i'
\
\
y
J
/
elimination
s
f'
of
Consolidated
'
,
•
$7,677,310.65
Earned
Surplus
dated in 1941 ............J.....;........,.....
300,539.149.97
293.418,992.40
$397.761023.86
•
CONSOLIDATED
Carbon Cor¬
and
for Wholly Owned Foreign Subsidiaries not consoli¬
1.00
TOTAL ASSETS
'
1,800,000.00
$104,343,031.46
Union Carbide
of
Surplus-After
heretofore
2,759,836.07
_
PATENTS, TRADE-MARKS, AND GOODWILL
(
year
..........
4
"
j
>
one
cluding 136,649 shares held by the Corporation
Earned
etc.
$ 28,200,000.00
poration—9,277,788 shares of
DEFERRED CHARGES
Prepaid Insurance, Taxes,
Carbon Corporation Due Sep¬
less)
In United Slates and Canada.
Other Securities
and
TOTAL LIABILITIES
or
Wholly Owned—
not
1,094,889.22
of
1,1953
(provided for above)
'--fy
Foreign Subsidiaries)
Affiliated Companies
Con-
;;
Less—Sinking Fund Installments due within
(After eliminating the amount heretofore included
y-
Government
.;...
tember
OTHER INVESTMENTS (Cost
Under
Fifteen-Year, 2^4% Sinkinc Fund Debentures
Foreign Subsidiaries Excluded from
in Consolidated Earned
Liabilities
51,606.670.59
$ 76,848,142.24
.....
203,123,238.60
'
or
235,000.00
2,200,330.08
tracts
INVESTMENTS in ¥holly Owned
Consolidation (Cost
$ 49,171,340.51
.
Total Current Liabilities
$165,669,270.72
less)
or
(Including Income and Excess Profits Taxes)....
Other Accrued Liabilities
61.487.170.81
_
....
Land, Buildings, Machinery, arid Equipment
1,800,000.00
Interest
14,876,258.72
FIXED ASSETS (Cost
Sinking Fund
Accrued Liabilities
$ 34,284,327.47
....................
Total Current Assets
6,958,341.00
year on
36,127,465.78
Market, whichever lower)
or
$ 16,483,130.65
..
.
Debentures
$ 32,581,433.85
Other Notes and Accounts
Raw Materials
one
"
Trade Notes and Accounts
INVENTORIES (Cost
.V.
Payable January 1, 1942
t
r
A /» •'
r
rJK
$397,762,023.86
AND
ft
'
SURPLUS
»' i"' '<•'
\
STATEMENTS
^
| ■>» f'
,
(
-
^
>
1
,v-'
■*
Year Ended December 319 1941
INCOME
SURPLUS
Income
$106,759,419.67
Deduct—
at
January 1,1941
$ 95,648,684.98
Add—
,
.
Depreciation and Depletion
Earned Surplus
$ 13,637,195.86
Amortisation
Net Income for year..
6,667,578.20
Interest;,
771,136.26
Income and Excess Profits Taxes
43.641.884.66
Net Income
$ 42,041,624.69
Cancellation of -Valuation Reserve applicable to Marketable Securities sold in 1941
*
64.717,794.98
$ 42.041.624.69
1,284,447.50
fSflilliS
f Deduct—
Elimination of
,
to
Financial Statements
the assets and liabilities of wholly owned foreign subsidiaries operating outside the United States
and Canada. The investment in such subsidiaries, including advances, is.stated in the Consolidated
Balance Sheet at cost or less. Only that part of the income of such subsidiaries received
during the
in dividends is included in Consolidated Income. Unaudited reports covering less than a full
year indicate that the income of companies paying such dividends will exceed the amount of divi¬
year
^
-
dends
$ 27,833^64.00
amount
paid.
eign Subsidiaries
not
consolidated in 1941................
materials
the "average cost"
were
now
which
are
charged into production
on
the "last in—first out" method rather than
(or date of acquisition, whichever is later) and date of latest reports,
unauditcdr.thc equity in the-net worth of
certain affiliated
companies carried in Other
Investments at $2,627,87Tv73-increased
$066,014.29, of which $332,230.50 is applicable to the current'
>•••<£> period*-No reports are available-for-1941 on the remaining affiliated companies carried in Other
:
Investments at $903,682.86.
f
* •
"
"*
'
■
' "
/
!;
The Consolidated Net Income docs not include^ ahy pati of the uridistributecl net inconw of
'
'
affiliated companies.
3—The Trustee of the
>
-
-
Debentures of Carbide and Carbon
to $11,071,121.42
and the unpaid balance of amount borrowed by the Trustee in connection with the
was $4,600,000.00. Union Carbide and Carbon Corporation lias agreed to
purchase of debentures
maintain the assets in the Trust Estate at
,
,
2,893,633.73
Decrease in Market Value of Marketable Securities at.
^December 31, 1941
Earned Surplus
at
£y
31,298.82
December 31,1941
amount sufficient to
repay the indebtedness and permit
the distribution of the Trust Estate to the persons entitled thereto.
>
an
6—Additional payments (in the maximum amounts acceptable to the Insurance
Companies) relating to
years prior to July 1, 1937, were made to Metropolitan Life Insurance
Company, The Prudential
Insurance Company of America, and other insurance
companies to apply toward the purchase of
Past-Service Annuities under the Employees' Retirement Plan. These
payments were charged to
surplus. Payments for the purchase of Futurc-Scrvice Annuities
auditors'
38,435,607.20
$100.539,149.97
Union Carbide
and
were
charged against income.
Carbont
Corporation
report
:
We have examined the
balance sheet of Union Carbide and Carbon
Corporation and its
wholly owned subsidiaries, excluding those operating outside the United States and Canada, as
of December 31, 1941, and the statements of income
and surplus for the year then ended, have
reviewed the system of iidernal control and
accounting procedures of the companies (except as
noted below) 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 circumstances and included all procedures which we con¬
sidered necessary.
Sayings Plan for Employees holds Collateral
Management Corporation secured by 180,023 shares of stock of Union Carbide and Carbon Corpora¬
tion under plans for employees. As of December 81, 1941, the assets held
by the Trustee amounted
'•
;
eliminated.
method previously employed; The effect of this change has not-been material.
4—Between January.!, 1938,
y.;«w
.
Subsidiaries heretofore consolidated, the amount of
$7,077,310.63 previously included in Consolidated Earned Surplus is
raw
7,677,310.65
Payments ron Past-Service Annuities relating to prior
years under- Employees' Retirement Plan
2—Current assets, liabilities, and earnings of Canadian subsidiaries consolidated have been converted
at the official rate of exchange. ;
'
'
3—Certain
.
•
With respect to Wholly Owned Foreign
-
heretofore included in Con-
solidated Earned Surplus for Wholly Owned For?
I—In previous years all wholly owned subsidiaries were consolidated. However, owing to inability to
•:-i
obtain audited accounting statements, it has been necessary to exclude from consolidation in 1941*
;
$138,974,757.17
'
Dividends Declared
Notes Relating
43,326,072.19
• >7 • *•
■
:■'
->
■
v,.
;.
We have reviewed the statements of
one subsidiary audited by ofher independent account¬
accepted these statements for the purpose of consolidation.
In our opinion, the
accompanying balance sheet and related statements of income and sur¬
plus present fairly the position of Union Carbide and Carbon Corporation and its subsidiaries
ants and have
consolidated at December 81, 1941, and the results of consolidated
operations for the year, in
conformity with generally accepted accounting principles applied on a basis consistent
of the preceding year except as to the
change in the basis of consolidation as explained
as to the method of
charging certain raw materials into production as explained in
notes relating to financial statements. In our
opinion, these changes are in accordance
erally accepted accounting principles.
and
with that
in Note l
Note 3 of
with
gen¬
HURDMAN AND CRANSTOUN
New York, N. Y., March 21,1942
Certified Public Accountants
iHE COMMERCIAL & FINANCIAL CHRONICLE
1236
Established
1
1856
///•/////
a
Exchange
Exchange'
dicated.
Cotton
York
Exchange
more,
v
which
is
headed
Charles
by
E.
Treloar, has presented the follow¬
ing slate of officers and directors
MOVIES-
"Bedtime Story" (Columbia), Loretta Young, Frederic March,
ensuing year: President, Robert
Benchley, Eve Arden, Allyn Josleyn, arid others.' Directed by
Stocks have now gotten Sidney D. Harnden; Vice-Presi¬ Alexander Hull.
A lightweight yarn about arT 'actress (Loretta
dent, Max Hesslein, ,apd Secretary,
Young), Who Tired of It All, wants to give up the; stage and retire
themselves into a corner and
CMtles S.; &odhick. The annual to -a life Of bucolic,
contentment, say on a Connecticut farm. Play¬
any
external stimuli may meeting of the association will
wright husband (Frederic March) has other ideas. He is busy writ¬
be held on April 21.
knock therti'.outv of their rut.
In addition
ing the Great American Play in which he wants her to star. So she
to the pbove "directors, Paul A;
How far and how long such
ups and leaves him, tells her troubles to a Reno judge and then re¬
Karp and Alexander Feder will
marries.. The> rest of the picture concerns itself with the not too
a rally can last, is beyond my
serve as carryovers on the board.
original efforts^ of ex-husband to win her back. If you know your
ken. If I were badgered into
movies you know she is finally won over. One scene, the last, is
answering, I would say that a
Bond Clerks of NYSE Firms actually hilarious. The rest are just run of the mill. By the way,
move, joL say. 2 to 3 "points, is
titley-'Bedtime Story;" has nothing to do with; the plot. It's like they
Join Independent Union
not improbable; - that would
say in the movies, ''Any resemblance is purely coincidental."-.
for, the
Inc.
Exchange,
of Trade
Cotton Exchange
Board
Orleans
.
other Exchange*
And
Put &f Call Brokers & Deal¬
Association, Inc., New York,
Curb
York,
New
the
ers
Stock
York
Chicago
saying
let me hasten to
add, that such a turn is in¬
Commodity
-
point.
nearby turn. 'Before
any
Member*
New
New
New
,
portant thing is
H. Hentz & Co.
--4:
Thursday, March 26," 1942
But the im¬ Put & Call Brokers
iAnnounce Nominees
whether or
rictttherecent aetiphindieate^
The "Nominating committee of
this
on
.
r
.
.
,
N. Y. Cotton Exchange Bldg.
v
NEW YORK
DETROIT
CHICAGO
BOSTON
•PITTSBURGH
GENEVA, SWITZERLAND
.
Bond clerks
On
be the most I could see.
employed by New
York
Stock * Exchange
member
firms have selected the indepen¬
dent* association
of
Telephone
the other hand",Mown markets
are all- too often fed not by
LAMBORN & CO.
good, but by bad 1 news. So
off like just
a
temporary reaction [ <jan
easily develop into something
Bond |
else.
Board,
Clerks as their sole bar¬
gaining representative in an elec¬
tion held by the National Labor
what may start
99 WALL STREET
NEW YORK CITY
SUGAR
leaves
I know that all this
you
Exports—Imports—Futures
at sea. Still it is.better to
after
consent ' vote
a
employes will work on the floor
of the "Exchange,"
"idea"
an
Tomorrow's Markets
Walter Whyte
the
Says-—
ammunition.
I'may have better things to
say next week.
same
(Continued from page 1229)
I
More
next
It is all well and
good to
crowing headlines about
minor victories against the
I Japs. The fact is that the marjket is not trying to gauge
r
; read
vieios
{The
expressed
time
coincide
with
was
in
those of the'author
at
firm
new
will
be
120
a
partner in John P. Lein &
Co*; and Harrison & Lein.
.
Foy,
Directed by Joseph Santley.
.
.
H.
whose only qualification
man
is> his world record
picks the niece of the executive producer, a choice which makes
every ranking star leave the set.
So Joe (that's the idea man, played
by Eddie Foy, Jr.), is chosen a committee of one to go to Chicago
and hire a notorious gangster, Buggsy Malone, to come to Holly¬
wood and
play the title role.. From, {here on the pace increases and
at times becomes
really funny. Naturally slapstick is the order of
that can be amusing if it isn't painted on with too
brush.
thick
a
stand
on
its
In any case, "Yokel Boy" is almost good enough
merits without depending on a double feature.
to
own
RESTAURANT
"
Like Abou Ben Adhem the Colony Restaurant' (61st & Madison)
When you eat there you eat at the finest restau¬
rant in New York. Because of mundane
Automat
an
But
man.
tell
things like
expense
I'm really
cashier, checker or busboy ever stepped
no
her
(or his) momma done tol' her that
a guy.
Here at the Colony it's different, I'm
about town but everybody knows my name.
And
if you don't think that makes one feel six feet tail—brother think
again!
Even Barbara Boston, she's the lifted pinky scribe for the
"Daily News " stopped doing wacky things with her fingers long
enough to wave to me.
And Ray Bolger, he's that tall lanky chap
who does impossible things with his legs, turned around and waved
at. the
Automat
Smith
was
not
only
to
me
hell of
a
man
a
(By the way, Ray, how's about a cduple downJ front in your
Or ain't ya workin*?:. And if ybu ain't what are.you'doing
at the Colony?)
Of course, all this attention may have come my way
because of Mile. Piccard of the stratosphere Piecards. - But I refuse
show?
Interisstrng Situation
at any
those of
Eddie
too,
this
The current situation in securi¬
the
ties of the St. Louis Southwestern
They are presented as
Chronicle,
the
of
Broadway, New
York City. Mr. Lein has recently
been doing business as an individ¬
ual floor broker; prior thereto he
Whyte.
article da not necessarily
>
more
Offices
Thursday.
—Walter
Lein, member of the
York Stock Exchange, and
J. Berkowitz are forming
P. Lein & Co., as of April 2.
located
*
war.
lininbr armed skirmishes.
Jonn
So hold your
10.
[taxes is it's major worry.
stock expensive at
P.
Davis,
for movie; attendance.; The "idea" man's first task is to choose the
feminine lead in a forthcoming gangster super-super production. He
leads all the rest.
John
Joan
It all begins when the studio's dynamic press agent
produced,
are
hires
anyway. I have often found New
a stock cheap, at say
50^ arid Jay •
j//
your
Dekker,
amusing satire of life and
business at the mythical Mammoth Film Studios and how pictures
speculative
cash Until clearer signals are
given than dive in now, just J. Lein & J. Berkowitz
because they "look" cheap.
To Form J. P. Lein Co.
Cheapness is a relative term
DIgby 4-2727
is interested in the
certifica¬
Albert
the home of B pictures comes this
From
the day but even
conserve
think it's
After
Board.
the organization• by
the
is
taken, the bond employes will be
recognized union men. This is the
first time in history that union
*
*
*
Relations
(Republic),
Jr., Alan Mowbray,.and others.
.
tion lot
Boy"
"Yokel
Co.
offers
attractive
possibilities, according to a cir¬
cular just issued by Pflugfelder,
Railway
only,I
It
basic
Bampton
,
Rust,; 61
&
Broadway,
New York Stock Exchange New York City, members of the
^underlying factors that make
New York Stock Exchange. Cop¬
Weekly- Firm Changes
tup the framework of our
ies of this circular may be had
The New; Ydrk Stock Exchange
fsocial and economic structure
upon
request from ; Pilugfelder,
the
following
and by the same token indir basf; announcea
bampton & Rust:
weekly firm changes:;;.."
: cate the continuance, the good
Transfer of the Exchange mem¬
and poor action, of our stpck
bership of Rawson G. Lizars to Thomson & McKinnon
A. A. Mol, formerly a partner in
'market.
'
in
anyone's reflected light.
Even a blonde's. - Of course,
complete without its owner; Gene Caval-
to
shine
no
mention of the Colony is
striped pants and cutaway shielding an ebonpoint
hallmark of a genial boniface. But don't
let Mr. Cavallero's impressive demeanor scare you./ For despite his
J. P. Morgan appearance Gene is an easy chap to get along with;
I never knew anybody who knows so many grand dishes.
Do you
want ambrosia and nectar?—whatever that is—visit the Colony and
lero, he of the
that has always been the
ask Gene to whip up a mess;
"I'll bet he knows;
-
-1*
>
!j
.
.
!-•
❖
•
❖
#
Granberry & Co., New York
■
Moving To New Office
City,
April 2.
;
CHICAGO, ILL.—Thomson &
Don't misunderstand me, I
Transfer of the Stock Exchange McKinnon, who have been in the
•don't say that taxes are un¬ membership; of Howard Crosby Board of s Trade. Building -since
important (I haven't gotten Foster, deceased, to William B. 1930,. will move to new quarters
Anderson will; be considered on at 231 South La Salle Street; on
will be considered on
"
(oyer the shock of paying the
last
yet) but alongside the
bigger problems brought on
by the war, taxes pale into
insignificance. Sure, I know,
I
one
April 2..: • '
';V" * ' / ■ or about May 1. The new offices,
Frederick W. Pelzer, New York which will be on the seventh floor,
City, died.on March 18.
are
now
being made ready and
Lawfente' Howe,- partner
in will occupy over 7,500 square feet
Sheafson, Harhmill <&t Co.? New of floor space.
died on March 17.
Frances O'Connor, a partner in
In Armed Forces
around, and when and if you Winsolw, Douglas & McEvoy, New
;
[ make a little money; the gov-^ York City, died'on March 17.
Ralph de Pasqiiale- of Clark,
Interest of Samuel N. Goldberg,
j ernment ; comes along and deceased, in Sutro Bros. & Co., Kohl & Eyman, 55 Liberty Street,
New York City, is entering the
says:: "Kick in with 60 %," ceased as of March 11.
' \
armed service.
' * .V..
you don't-think it is unimthat
when
tax t time ;
.
.
York City,
comes
.
iportani—not
by a long shot,
Yet, this is a personal applica¬
tion and whether we like it
Treasury To Offer Ctfs.
i
jorL not,- all personal feelings
will have to be
the
more
win this
submerged in
important effort to
war.
i',i
if.
1
>,/;:
thisV is
written, action is practically
i non-existent.
the
is
this
first
time
since
1934
jFerebee;. of Chicago,
f in La Salle Street
that
to
If
one-year
in cash at maturity and will carry
exchange privileges. The first
offering is expected to be made
a
cation in this
column.
-
Morgenthau said that these
short-term
securities
would
Hirshon Admitting
William J.^ Crowley
be
Crowley
will shortly
partnership in
vide a
greater- fluidity to- the Hirshon & Co., 61 Broadway, New
money market and would also sat-, .York City, members of the New
I lows
stock market technical isfy the demands of those business York Stock Exchange..It is pro¬
firms which prefer a short-term posed that Mr. Crowley act as
[indications,' knows the trend marketable security with an in¬ alternate for Walter Hirshon, the
is down.
I don't think you terest
coupon to.discount securi¬ Exchange member of the firm, on
.will find much disagreement
ties such
as
pro¬
Treasury bills^
i
visit
war
a
admitted
have a quiet conversation. However,
the entertainment makes up for it;
Famous movie and stage namejs
of another day are flanked by pretty show girls of: today in a presen¬
tation that receives lots of applause.
The place is decorated in the
and the tunes the band plays and
garish motif of the gay nineties
heard are mostly of the period, a condition that brings
nostalgic tears to many a celebrant's eyes. . . . Another spot that
seems to be doing well is Cafe Society .Uptown _(E. 58th).
Originally
the home of boogie-woogie and intended to satirize cafe society it
has become its favorite./ The show" here is always good.:/Right now
the
songs
Spencer, of whom Lawrence Tibbett said, "He has one
voices I have ever heard.'-'; Spencer looks like
it has Kenneth
of the most beautiful
Robeson; even sings like him.
Then of course,, there is Hazel Scott,
who does things:, to the classics you'd never believe possible, and
piano-composer, who js something
•
'
''
Joe Sullivan,
musicians.
.
-
-
of a legend among
•
.
V
~1
.
Chicago Club Welcomes
/
Seven-To Membership
-
"/
CHICAGO, ILL.—At a luncheon
meeting of the Bond Club of Chi-;
C. George,
Edward
cago,
.
Presi¬
The Penthouse Club
// 30 CENTS All PARK SOUTH
>•./Adjoining The Plaza /
introduced seven
John William Al¬
members:
new
len, A. C. Allyn & Co., Inc.; Wil¬
A
Lawlor, Hickey & Co., Inc.;
liam
Lee
Gruner,
George
&
Dickson
Hargrave,
Inc.;
Co.,
Higginson
a
unique restaurant in
most
beautiful locationt overlooking
Central Park to the north,
]
!
-
P.
Homer
Merrill Lynch, Pierce,
Robert
M.
Sproat, Smith, Barney & Co.;
-
Serving ' best' food,
skilfully
and
'&
Fenner
to
the floor of the Exchange.
terrific.
(fifth, I think) and as. usual the noise was
its anniversary
It's hardly the place to go to
Corporation; Lloyd Jammer, R. S.
no
Mr.
some of the New Ydrk night spot^ you'd'never thinh
going on,, They are that jammed; Billy Rose's Dia¬
mond Horseshoe (W. 46th) is one of them.;: Last week it celebrated
If you
there's
dent of the Club,
type of security—limited by
Still most of the during the week of April 7.
couple of
points above their recent
lows., Now anybody who folare
Smith
well-known
you are entering the armed
maturity—has
V.'.v.
will you kindly send
been offered. It was explained by services,
particulars to the Editor /of the
my Secretary Morgenthau that the
"Financial Chronicle" for publi¬
new certificates will be redeemed
Having gotten this off
| chest, I'll now go back to the
;stpcktmarket.V- As
J.
Treasury plans to offer in
circles, has reported for; active
April two issues of certificates of
duty as a Lieutenant with the Chi¬
indebtedness, Secretary Morgencago Naval Aviation,-cadet selec¬
thau announced on March 22. This
tion board. I
V i..; •.
* •v
law
*
[averages
The
NIGHT CLUBS
Burt
Beane;
prepared,
t
'/ //.
.v"/- :.
Dickens, Jr., McGraw &
J.
Telephone PLaza 3-6910
c°.
.
:/
Guest
was
■
speaker
•
at
•;;
the
Frank Smothers,
_
meeting
foreign
cor¬
.-..v
respondent. ;•
"
^
A
; ->-•
/
-
yolume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
"Number 4058
i
G ENER AL?FO 01)S s CO R PO R AT 10 N AN I) WHOLLY OWNEI) SUBSIDIARY COMPANIES IN THE UNITED STATES AND CANADA
'
CONSOLIDATED
COM PA RATI V E
BALANCE
IpV
^0\
,
Dec. 31,1910
*» ' ' .' 1 • -i'./l i.'J'V^' • ',' »*
..
.
L^:Accounts
andnotesteceiyable:
l*"*
'*• •♦•••• V
„'• I
311941 -'A ND
DECEMBER
3
17
1940
vf':'
.
:.V,
-
."
'
■
'
,."
,
.-.;
'.-V'
*■■/*
current liabilities:
'
4.-^
Dec. 31, 1941
.••'IV'.'iA-\H*r'+
vV"-r^;.i .''5/
~
•
V
Dec. 31, 1940
"ihr
"
%
(Note i)
■*''i
-v*'';.*
; >«■■:,■■■<
»»».
Notes payable to banks.
'Sj;vvt#vil*•$$*%
"■-"
*
■
; .••■
\,
.
(Nete.i)
191 972
* '
DECEMBER
^
Dec. 81,1941
current 'assets
„
SHEET
'.
•
'
'
.
I,'
:;|-
Acceptances and drafts payable.• ?.•
?•;v-.^.v. •;-t.*.*• "127,995 n .r
$ * 82,98T
.v:s,Preferred'dividehd:payable^:.:t'...!% S,-i'f!T'?y»j,V:^.--:*i|i58i750/1168,750
.
ffj '/*& f;1 U j
*yi>^vCwi^W\«^Wt8V:;
-.
<'
Miscellaneous,'induding deposits and working futids
Notes, draftsj and acceptances receivable, i
Foreign drafts discounted.
;,..
\.,
.
.}..
v......«
^
36,561
A-
.Vit9^060,630
payablfer.7.
Accounts
Accrued expenses
.z-fiy J
65,311 ,'a T
i-
."
■
a
'■*"
.4,637,458
■
*
'
.7!,., ^fv.464,484
*
Salaries, wages', etU, payabVa'ndaccrbe'd. ..A.L^'
and notes..
,; ,v.%
•
Inventories, at cost
Raw
.......;...
.
<■.
market, whichever is lower:
or
$18,571,596
materials..,.
Finished and semifinished stock.
.'
Supplies.
,
other 'assets
.
-
t
■
i
$59,340,294
.,
,
net tangible
'
'
1940)..;.....^
•
Great Britain
Loans to
J
reserve
'* "■• ■.,'v
'
»
»<v:
•
••
"•'•■"/
;
,\.
.
i
K
^
t
^
*ty' ffiri
^
,v **'
a
value
share).........
'V^'v M 'i,
;
Authorized—6,000,000 shares without
»i»
;
Issuedrr-5,359,751 shares
-
.528,'933-
■'
31,318
of $144,000........
par
"• ,,V1' «•'
C'
.
.
»
V*v*r
'Common stock::
3,149,776
VfV
Balances in suspended banks, less
reserye
'
■
..!....!...........87,446
Other stocks and bonds, at cost, less reserve oL $450,000
($402,000 in 1940)......,,
-
untary liquidation preference $100
and'Philippine Islands companies......894,980
employes;P.......
vav<.-■•
'. . w
Issued—150,000 shares $4.50 cumulative preferred (invpl-
65s;ii4 v -
.....
»>»'
Authorized—350,000 shares without
"
of.$168,106 (158,317 in
Investment in The-Best Foods, Inc. (29% of capital stock)
;
^*<471,2121
Preferred stock:
•
aBseis:
4
^
i,971,212
capital stock and surplus:
„
.
5,325,828
*
Domestic companies, Jess
'
975,635^
,
.
taxes
reserve for contingencies
•
...
^
Total current liabilities.
^consolidated) at; proportionate amount of book value of
;
;
'
:
'In vestments in " and iadvances to subsidiary companies (not
■'
1,261,193
......
• f
32,864,164
886,133
»..TotAl.current,assets.;. ;>.vY .LY %-"*-V. ..■(: t.'
;.
:
13,406,435 '
.
*" " '*l,24T,93r ^
1,271,624
Accrued ta^es^, V..... v.
and foreign income
Less—Reserve for -discounts 'and for doubtful accounts
par
value
.
(Including 85,778 shares.held by
a
subsidiary company for
conversion of its Class A stock in hands of
.
public.)
Long-term 'notes rand accounts. receivable,! less-reserve of
■
!.......V.
$136,000...;.;
v
ity'p.
' 1 ' i'
" | ' 1
*+
-)» \
^
V
-,y
"
/
^
j: j
^
H '•
«
i
•
♦956,173-
'
"l
5,942,84^'
"
Eafned¥urplust,-statementvattaChed
....;........
Less—Amount allocated in respect of
,V
'
;
;
stock
reac¬
.
.
common
.
.
quired and held in treasury (108,311 shares at cost)
j
property accounts:
Land, factory sites, etc....., l.\
•v:--
-5,918,152
567,585
?/.
$ 3,700,011
Buildings; docks,etc.
Machinery, equipment; motor trucks;1-vessels, etc..........
Total
capital stock and surplus
83,833,594
16,673,51938,158,374
■
.
! Less—Reserves for
(Properties
$58,531,904
-
$54,710,536
25,863,944
(
■
32,667,960 -24,227,764
depreciation .si.. f. j-
'
•;
;
30,482,772
stated at cost, excepting cerbain properties
are
appraised at sound values in' 1916 and 1926; the balance
7
at Dec.
'
'i
31,1941, of the appraised values in
not yet
-
covered by depreciation
' in 1940.)
pyp-y*.
'
7 '
7-v
'
was
excess
of cost,
$840,583—$882,564
*
'
•
-x'.
v
•
*$:?£), 'T'-?;.)
v
"
1
^ " /" •* *
'- •»
,
v
;
trade-marks, patents, and good will...
>
f-
'
1
deferred charges to operations:
y,
Prepaid advertising expense and supplies.....;
$
$
554,028-
477,345:
'
Prepaid Insurance premiums and other expenses
654,826
•'i, Purchase contract rights—balance unamortized!'............
v.
.
>
1,439,589
230,735 ■
.
709,450
.
,
255,238
1,442,033
$118,765,363
fy
.
r-—
—v.*
comparative consolidated statement of profit and loss
for the tears ended december 31,1941 and december 31, 1940
,
•
—
u
J",
1
••
\
■
comparative
:
Years ended
V
Dec. 31, 1941
,
Dec. 31, 1940
•
-
(Note!)
Cost of
Years ended
$152,188,335
Net
.$117,086,934
freight charges,
expenses,
and other charges
$99,547,590
.
36,258,114
Provision for Profit Incentive Plan
•
,
beginning of
vV.
Dec. 31, 1941
Dividends
on
stock in hands of
14,153,400
Common—$2.00
per
share.
Preferred—$4.50
per
share.......
Other dividends and
456,750
interest.
share of profits (or losses)
147,576
675,000
f
$
Less—Interest expense,...;
11,177,880
$25,562,250
year
48,903
325,004
I..
.
10,607)
134,704
929,214
$
36,969
.
950,861
892,245
Provision for Federal income tax (including surtax)
$
Provision for Federal excess profits tax .
936,540
14,321
Profit before provision for taxes and contingencies.....,...... $ 27,906,100
notes to financial statements
$20,184,058
6,477,000
1. The accounts of 4
515,700
provision for contingencies.
subsidiary'companies and the results of their
com¬
tions have been reflected in the
of the year; property accounts have been reflected
subsidiary companies, have been excluded from the
$15,244,077
cial statements at official rates of
the accounts of the parent corporation and the other
4,939,981
214,326
the basis of
consolidation
in
1941.
For
*■ 1,500,000
purpose
previously reported figures for the
carried to surplus.............,......,.>,..,,... .$ 14,153,400
$15,244,077
reclassified to reflect such
year
of comparison,
3.
1940 have been
exchange at the close
after preferred dividends, per share "of common
stock outstanding at end
of
Depreciation provided for 1941 aggregated
$2,654,071 ($2,698,943 in 1940), of which $1,795,789
change.
2. Net current assets and deferred expenses of
ACCOUNTANTS'
To the Board of Directors of
-...
T
v*.'
counts
General Foods Corporation
February 18, 1942
examination of the consolidated balance sheet of General
of
a
Corporation and wholly owned subsidiary companies in the United
States and Canada as at
ment in such
December 31,1941, and of the related statements of
earned surplus for the year 1941. In connection therewith,
by methods and to the extent we
of accounting
deemed appropriate,
we
reviewed the system
control and procedures and, without making
a
examined
or
subsidiary companies for the
such excluded
detailed audit
tested accounting records and other support¬
wholly owned subsidiary companies, which hereto¬
purpose
corporation and
of annual reports, have been
goods
accounts.
companies
tangible assets
as
are
procedures which we considered necessary. We have not examined the ac-
year
ing principles applied
1941, in conformity with generally accepted account--
on a
basis consistent with that of the preceding
except for the change in consolidation approved by
preceding paragraph.
our
year,
and referred to in the
PftlCE, Waterhouse & Co.
56 Pine
Street, New York, N. Y,
of the most recent dates for which reports have been
The Consolidated Balance Sheet for General Foods Corporation at Dec.
31,
1941, and related financial statements have been prepared under
vision and, in my
In
us
•
stated in the balance sheet at the amount of the
ac¬
cepted auditing standards applicable in the circumstances and included all
companies consolidated at December 31, 1941, and the results of their
ex¬
received.
ing evidence. Our examination was made in accordance with generally
the
operations for the
cluded from the consolidation in 1941. The investments in and advances to
net
of the transactions,
Philippine Islands; the aggregate invest¬
companies represents less than 1% of the consolidated assets.
fore have been consolidated with the accounts of the parent
other
profit and loss and
cost of
$858,282 (876,070 in 1940) in other
OPINION
partially owned and four wholly owned subsidiary companies
located in Great Britain and in the
The accounts of these four
Foods
sold and
foreign
year.........
•
We have made an
on
approximate cost of exchange.
($1,822,873 in 1940) has been included in
Net profit,
opera¬
accompanying finan¬
Islands, which heretofore have been consolidated with
12,252,700
$ 15,653,400
.Provisiontor contingencies
wholly owned subsidiary
panies located in Great Britain and in the Philippine
$ 4,725,655
5,260,000
Provision for foreign income and profits taxes
Net profit,
'D.177,880
$ 28,537,770
.■
surplus at end of
of subsidiary
companies not consolidated
Profit before
Earned
442,250
335,495
Royalties and miscellaneous income
Proportionate
$
15,244,077
$10,502,880
\
$
$21,496,053
public:
$19,247,518
Other income:
Dividends received from The Best Foods, Inc
'
,Dec. 31, 1940
.
$ 25,562,250
year
profit, from consolidated statement of profit and loss...,
132,940,817
409,300
$ 27,013,855
-
.
$ 39,715,650
32,983,927
153,345,048
Profit from operations.
;
Balance at
goods sold, including provision for depreciation and
Selling,administrative, and general
surplus
'
_
.
$183,358,903
Net sales.
consolidated statement of earned
for the years ended december 31,1941 and december 31, 1940
opinion,
are correct.
my super¬
I
opinion, the accompanying consolidated balance sheet and related
statements of
profit and loss and earned surplus present fairly the position of
Feb. 18,1942
MARVIN W. KIMBRO, Controller
\
THE COMMERCIAL & FINANCIAL CHRONICLE
1238
Thursday, March
;
26. 1942
Calendar of New Security Flotations
exploring of properties
company
Following is
list of issues whose registration state¬
ments were filed less than twenty days ago.
These issues
are grouped according to the dates on which the registra¬
tion statements will in normal course become effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in seven days♦
These dates, unless otherwise specified, are as of 4:30
P.M. Eastern Standard Time as per rule 930(b).
registration
750,000
DODGE
COX FUND
&
Dodge ft Cox Fund (formerly Investors
Management Trust)
filed a registration
statement
with
The
to
of
number
due
for
an
beneficial
of
is
shares
net
fluctuating
indeter¬
shares, with
of
net asset, value
aggregate
an
SEC
the
number
minable
$500,000.
indeterminate
asset
will
series
value
cisco,
San
Tower,
per
Fran¬
is
Business—Company
of
Purpose
available
the
to
the date of
of
amounts
Dodge
&
Cox,
managers..,
i
.
shares will
the market
beneficial
Offering—The
offered
of
supervision
investment
investment
is to make
an
company
moderate-sized
for
the
capital
offered
public,
at
.
■
be
on
subscription.
Proceeds
be
will
for
used
investment
77:7
purposes.
.
Registration Statement No. 2-4961. Form
(3-9-42)
'
A-2.
.
,
to
each
183
record
on
for
of
shares
the
of
stock
cisable
on
as
6,
3
Names
of
maximum
the
a
and
of
the
the Debentures to
by each,
be
G. Becker ,& Co., Inc., Chicago
Blyth & Co., Inc., New York——.
75,000
300,000
Brown
& Sons, Baltimore-Republic, Ino:, Chicago—
125,000
*5,000
Charlotte, N. C
SUNDAY, MARCH 29
Equitable Securities Corp., New
York.
CO.
Link-Belt
filed
Co.
with the SEC
ment
registration
a
state¬
for 33,604 shares com¬
value
Address—307 N. Michigan Ave., Chicago,
stock,
mon
111.
*
par
no
"
Business—Company is engaged, normally,
in the design, manufacture, sale
tion
of
elevating,
conveying,
preparation
machinery
of
and erec¬
material
and
power
transmission
and the manufacture and sale
castings
\■./•...■J'
-Underwriting and Offering—The shares
:
registered are held by the company in its
and are to be offered only to a
selected group of officers and employees
of the company at $26.48 per share
Proceeds of $888,600 will be used to re¬
imburse the treasury of the company for
the moneys expended by it in the acquisi¬
tion of such shares, and to provide funds
for additional working capital
treasury,
Registration Statement No. 2-4960. Form
A-2
(3-10-42)
Union
CO. OF MISSOURI
Electric Co. of Missouri filed
a
registration statement with the SEC for
$10,000,000 first mortgage and collateral
trust 3%% bonds due 1071
Address—315
N.
Twelfth
Blvd.,
St.
Bouis,. Mo.
'r, Business—This
subsidiary "' of
The
North
American
Co.
is
engaged pri¬
marily in the transmission, distribution
and
sale
of electric energy,
which it
generates and purchases from its sub¬
sidiaries, serving the city of St. Louis.
Mo., and portion of 5 adjacent; Missouri
counties
of 3
and
counties
in
Missouri
adjacent to the company's Osage hydro¬
electric plant
Proceeds—Proceeds
the bonds would
from
the
sale
company's
construction
program,
in¬
cluding the Venice No. 2 plant of its
subsidiary, the Union Electric Co. of
Company
proposed
to
buy
from the subsidiary as much as $10,000,Illinois.
000
of
additional
stock
common
of
bonds
to
are
be
issued.
The
Venice
No. 2 plant would add 240,000 kilowatts
of additional
generating capacity to the
company's
system late in 1943.
The
first section consists of two 40,000 kilo¬
watt units, of which the first recently
was placed in operation and the second
is scheduled for completion next month.
A
second section of 80.000 kilowatts
under construction is scheduled for
com-
pletion in the Fall and a third of the
same
capacity is to be completed late
next
to
year
Underwriting
and
Offering—Subject
the SEC's approval the company ex¬
to offer the issue at comparative
pects
bidding about March 23, with bids to be
submitted
writers
be
•
by March 30.
and
Names
of under¬
the
public offering
by amendment
supplied
price
will
E.
Hutton
by SEC March
approved
V,
& Co.,
^
300,000
75,000
75,000
75,000
200,000
125,000
New York—
Chicago
50,000
Marks & Co.,
New .York.
75,000
Mellon Securities Corp., Pittsburgh
Merrill Lynch, Pierce, Fenner &
350,000
Beane, New York
250,000
Moseley & Co., Boston
Co„ Cleveland————
Rollins
&
75,000
150,000
—
Sons, Inc., N. Y.
Salomon Bros. & Hutzler, N. Y
Shields & Co., New York—
125,000
71 125,000
300,000
Smith, Barney & Co., New YorkTucker, Anthony & Co., Boston—
300,000
Union Securities Corp., New
200,000
75,000
York
White, Weld & Co., New York—
150,000
The
Wisconsin
Milwaukee—
125,000
Co., San Francisco
Co.,
50,000
Proceeds—Purpose
the
50,000
—————
Dean Witter &
proceeds
will
or
which
to be
,v
to
purposes
be
applied, are
supplied by amendment
?■..£>
Registration Statement No. 2-4962. Form
(2-11-42)
Offering
March
time
Deferred—Company
that
25
being
stock
mon
it
had
offering
of
announced
for
postponed
to
25.
Asked—Proposals for purchase of
the $10,000,000 bonds will be received by
company
at
Room
1905,
60
Broadway,
12 noon, EWT, March 30
5%
holders
of
the
com¬
issue, due to
problem arising in connection with British
proposed bond
and
of
CORPORATION
Celanese
registration
statement
$7,522,000 of 3 Va %
due March
number of
OF
AMERICA
1,
with
the
SEC
a
for
Convertible Debentures,
1962, and
shares of
no
an
par
indeterminable
common
stock
(including scrip certificates for fractions of
shares), latter to be reserved for issue upon
conversion
,
of
the
Debentures
Address—180 Madison Ave., New York
Business—Principal business of company
is
the
of
cellulose acetate yarns
taining
manufacture
such
trademark
yarns
and
sale
under
"Celanese"
at
wholesale
and fabrics
and
the
con¬
registered
under
other
trademarks owned by the company
Underwriting and
Offering—The deben¬
registration
deposit
to
issued
notes
Milk
Pet
has
filed
registration
statement With the SEC for 30,000 shares
of Cumulative Preferred Stock,
$100 par
value.
The dividend rate will be supplied
by amendment
Address—1401
Mo.
Arcade
■'.■■V-V
Bldg,,
Louis,
St.
.
Business—Company
and
subsidiaries
its
engaged primarily in the manufacture
sale of
evaporated milk; they also
are
and
manufacture
products,
mix,
sell
and
including
certain
ice
powdered milk
other
ice
cream,
cream
:// '/v 7: /
and butter.
Underwriting—Details
dairy
of
underwriting
arrangements will be supplied by amend¬
ment.
However, the Prospectus shows that
Kidder, Peabody & Co. and G. H. Walker
& Co., will participate in the
underwriting
the
of
stock
offered
the
to
by
preferred
public,
at
stock
will
price
a
located
in
Georgia,
the
and
out¬
under
retail
from
of
the
cities
in
Illinois,
Missouri, Pennsyl¬
selling merchandise of
generally
stores
in
sold
in
small
the
registration
statement
•
5%' notes!
new
-
Joliet, 111.,
not
'
,
'
'
Illinois
—
filed
and
March
their
24
participation
issued
under
Proceeds
will
G. H. Walker &
Co., St. Louis
Harris, Hall ft Co., Chicago—
14,000 shs.
2,000 shs.
■
GILLHAM MINING
Gillham
tration
shares
common
Address—30
with
stock,
No.
the
no
La
SEC
regis¬
5,000
used
of
to
'
retire
all
St.,
Chicago,
INTERIM
FINANCE
Interim
tion
Finance
statement
2-4966
(D-
shares
class
filed
and
common
the
public
ing
Offering—The
stock
will
be
5,000
sold
to
involved.v
at
$5
per
sharer
Proceeds will be used for
poses,
including
further
no
underwrit¬
corporate pur¬
developing
and
whose
ferred
'
regis¬
par.
in
the
and
brands
various
v*
•
manufacture
Spud,
of
Twenty
smoking
stock
will
be
issued
new
under
pre¬
plan
a
$25
registra¬
for 39,912
SEC
stock,
A
par;
and
25,232
shares common stock, $1 par ;
Address—33 N. La Salle St., Chicago, 111.
Business—Primary
is
function
of
company
to enterprises-whose debt
structures are being ad¬
justed or reorganized by its wholly-owned
subsidiary, H. M. Preston 4c Co. A second¬
ary function is to loan money, with funds
not
to
capital
used
vide
in
its
primary function, to pro¬
intermediate
financing
"interim"
or
enterprises until the financial positions
of
the
term
borrower
or
markets
change
a
open
in
general
longer-
for
avenues
borrowing from customary
sources
Underwriter—H. M. Preston &> Co., Chi¬
111., is the sole underwriter.
The
underwriting commission is $8 per unit ^
Offering—The class A stock is to be
cago,
sold
in.
$110
per
units
unit.
there
units,
of
4
at-a
price
of
With at least the first 900
will
unit 4 shares of
company
shares,
be
included
the
reserves
with
each
stock; thereafter
common
right
to
reduce
the
number of common shares to be included in
unit
each
of
class
stock
A
:y;:%
Proceeds will be used for working capital
Registration Statement No. 2-4968. Form
(3-18-42)
.
'
tion
statement
with
the
registra¬
for 166,667
shares
common
stock, $2.50 par
Address—Milwaukee, Wis.
Business—Company
is engaged princi¬
pally in the production and sale of alumi¬
bronze;
also
produces and sells a
companion line of other bronzes, and fur¬
num
nishes
other
certain
specifications
non-ferrous
alloys
meeting
V
.w-
Underwriting—Van Grant & Co., Detroit,
Mich., is the principal underwriter; names
of
the
by
is
other underwriters
amendment.
$1.50
per
be
$7.50
be
supplied
commission
share
Offering—The
will
will
Underwriting
offered
stock
registered
the public at a price of
common
to
share
per
Proceeds
\
will
be
applied
tion
of
purchase
U. S.
of
$500,000 principal
tax
Government
anticipa¬
notes, and balance for working capital
Registration Statement No. 2-4969. Form
S-2.
(3-18-42)
National
registration
PRODUCTS
OIL
Oil
Products
statement
Address—Essex
First
&
SEC
2l/\%
a
for
The
cessed,
of
more
trial
a
important
manufactured
and
Underwriters
tures
used
products
purposes
which
and
and
each
(2)
Bakeries
Class
B
to
and
at
price
to
will
/
us.
are
for
vitamin
it
be
(1)
indus¬
products
agreed
the
to
deben¬
purchase
from company, are: Jackson &
Curtis, Bos¬
$500,000; Schwabacher & Co., San
Francisco, $400,000; Kebbon, McCormick &
Co., Chicago, $100,000
ton,
Offering—The debentures will be offered
AND
Mining
shares
cash
a
amount
in
offer
is
necessary
above ex¬
the
Address
and
of
513
,
'•./
MILLNG
Milling
by
COMPANY
Majestic
Bldg.,- Denver,
//■
;
7;
to
be
Underwriter—None Zi...//ri,
Offering—Stock will be ^offered publle-
ty
' >
Proposed
1941,
offering
shares
9,000
Amendments
Dec.
26,
1941,
,
,
Nov.
Dec.
10,
21, Dec. 8, and
effective date
defer
to
filed
Nov.
21, Dec.
Dec.
8,
20, 1941, Jan. 12, Jan. 20, Feb. 7, Feb. 10
and March 5, 1942 to defer effective date
t
ATLANTIC CITY ELECTRIC CO.
Atlantic
tration
City Electric
statement with
filed
Co.
the SEC
"
%
a
regis¬
for
62,000
shares of Cumulative Preferred Stock, $100
par/ dividend
rate will
be furnished
by
amendment
7
7;7.''j-y-"-;.;;.
City, N. J.
7
1.
subsidiary of American
4
Address—Atlantic
>
Business—This
Gas
&
of
energy in the southern part of
Jersey, including Atlantic City, and Is
in furnishing hot water heat¬
Electric Co. is engaged in the gen¬
eration, transmission, distribution and sale
electric
New
also engaged
ing
service
City
and
at
mers
99%
its
-of
electric
in
limited
a
steam
for
in
area
Atlantic
heating to two custo¬
City plant.
About
Atlantic
gross
revenues
derived
are
ment
from
* A■'
service
after
the
■;
soon
as
state¬
registration
v
becomes
effective, company proposes
publicly to invite proposals for purchase pf
49,000 shares of the new preferred stock,
31,
12,
defer
1
1941,
1942,
to
effective date
CALIFORNIA DE-TINNING CORP.
California De-Tinning Corp. filed
.
a
.
reg¬
istration- statement with the SEC for
234,00O shares of $1 par common stock
t,
...
share
per
,
(U-12-40)-
Amendments filed Dec. 3, Dec.
Jan. 19, Feb. 25 and March
stock
,
amended
as
at $54.25
filed
Amendments
,
•/„'■./
■
v
V
V
.'
-
commission.
.
A-l.
recelvee
:
•
selling
,/■: 7v.
For
—
,
Registration Statement No. 2-4714. Forn
v
A-2.. •; (3-28-41)
milling
development equipment
and
operation
mining, ( property
near
Breckenridge, Colo,
■
-7
Registration Statement No. 2-4571. Form
pub
the
and
share,
per
Proceed*
Jr., chairman of boart
account
$1
at
,15*%
:
amendment
will
7;-,1,7'
Address—Los Angeles, Cal.
■
Business—Company
is
engaged: in
reclaiming and processing of tin
Underwriters—Quincy Cass
the
Associates
Offering—The common stock will be of¬
fered to the public at $1
per share
Proceeds will be used to
pay for organi¬
zation expenses, a
detinning plant and for
working capital
7/
Registration
Statement
"
r
v
r
No.
"
,
2-4956.
<
Form A1 (3-2-42—San Francisco)
COLUMBIA
Columbia
v.*
GAS
A
ELECTRIC
&
7 Gas
Electric
CORP.
Corp.
regifdebentures,
due
$92,000,000 sinking fund
debentures due 1961
^7
/I/'/'"/-;:*
Address—61 Broadway, N. Y. C.7
'
Business—Public
utility
holding
com¬
pany
■77t v 7;.:'
••/,.'
Offering—Both Issues will be publicly
tered
$28,000,000
1942 to 1951, and
serial
,
offered
at
prices to filed by amendment
Proceeds—To redeem $50,000,000 Deb
5s,
1952;
$4,750,700
Deb.
5s,
due April
15,
1952; $50,000,000 Deb. 6s, 1961; to pur¬
chase
$3,750,000
notes
a
due
serial
4%
1942-46
subsidiary,
notes
subsidiary,
of
guaranteed
of
and
Ohio
United
from
Fuel
$3,750,000
the
serial
Gas
Fuel
Gas
holders
Co.,
guaranteed
Co.,
«
and
thereof;
to
make
under competitive
bidding rule of Holding
Company Act.
Provision is made that the
to
Clnn.,
remaining 13,000 shares of new preferred
stock registered will be offered under an
Exchange Offer, as follows: holders of the
standing $3,303,000 1st & Ref. 6s. 1947
Registration Statement No. 2-4730. Form
26,283 shares of $6 preferred stock held by
the public will be entitled to receive one
share of
of
$6
new
preferred stock for each share
stock exchange, plus an
per share equal to the ex¬
redemption price of $120 per
share of the $6 preferred
stock, plus ac¬
crued dividends to the date of
redemption,
over the initial
public offering price of the
in
of
cess
cash
preferred
expire
not
such
offer
after
stock.
The
later
is
ferred
stock
the
ferred
the
under
(4-10-41)
Amendments
filed Nov. 18, Dec. fi. Deo.
Jan. 12, Jan. 31, Feb.
19 and
10, 1942, to defer effective date
1941,
March
shares
FLORIDA
will
to
be
be
sold
by
pre¬
by
such
excess;
deficiency
at
the
same, price
per share as
they have
for the other shares
Puthc offering price, and the names of
underwriters,
Proceeds
be
sale ot
the
"
from
preferred
tribution
will
•
stock,
in cash
of
and
supplied
by
'
62,000 shares
plus
a
capital con¬
$2,500,000 to be made
to
140,000
rate
*
registered
shares
the
on
Cumulative
Interest
Par.
Debentures,
Preferred
rates
and
preferred stock,
the
on
the
dividend
will
be
sup¬
plied by amendment
Address—25
Fla.
competitive
such
CO.
Mortgag*
bonds, due Oct. 1, 1971; $10,000,000 Sink¬
ing Fund Debentures, due Oct. 1,
1956;
Offer,
new
LIGHT
&
Light Co.
$45,000,000
First
$100
of
A
Power
SEC
and
under
reduced
represented
POWER
Florida
With
Bonds
Exchange
contribution
Newport & Covington Ry Co. to
Company to redeem Its out¬
Stock,
holders
capital
that
exchange offer
the. fifth day
number.of. shares,
stock
$3,402,090
a
Should
than
made.
of the $6 preferred stock held
by the public
take' more than' 13,000 shares of new
pre¬
new
A-2.
24,
the
will
then
enable
preferred
amount
•
■
••
•
8.
Power
&
E.
Second
7
■
•
Business—This
Light
Ave.,
;
(Electric
Miami,
~
subsidiary
of
-.7
*
American
Bond
ft
Share
System)
is an operating public utility en¬
gaged principally In generating, transmit¬
ting. distributing and selling electric en¬
(also
ergy
serving
east
the
of
manufacture
most
of
of
coast
sale
and
territory
the
Florida
(with
Jacksonville area),
of
along
gas),
the
of
exception
and other portion*
'
Florida
V '
and Offering—The securi¬
ties registered are to be sold by company
under the competitive bidding Rule U-50
Underwriting
of
the
pany
SEC's
Public
Utility Holding
Com¬
Act.
Names
of underwriters and
to public, will be supplied by post-
company by American Gas 4s Electric
Co.. the parent company, will be used for
effectivo amendment
following purposes:
ment
American
shares
of
$3,153,960
Gas
$3,059,200
&
to
Electric
purchase
Co.
30,592
$6 preferred stock (at its cost);
to be. deposited
with the re¬
price
Proceeds
000,000 of
share,
called
$7
redemption at $120 per share),
outstanding,, in the hands of the public;
$2,500,000 to discharge ,open aqcount, in¬
to
registration state¬
will
bg applied
$53,170,000 to redeem at 102
demption agent, for the redemption of 26,283
shares of $6" preferred stock (to be
for
•
Coy registered
stock, $1 par
common
Business—Mining
,
16,00<
stock
offered
proceeds
for whose
company,
will be sold
from
of
MINING
Bear
;
-
registered
common
filed
be
Proceeds—All
its
pro¬
an
"
153,145
whose
deter¬
CO./
Co.
-no. par
0y L. A. Cushman,
*he
products
sold
BEAR
filed
were
been
Address—No. 520 Ten Pryor St. Bldg
Atlanta;Ga.
/
r '
'
Business—Manufacturing and distribut
Ing bakery products In souther states
■i.: Underwriter—None named -
Harrison,
chemical busi¬
chiefly
amount
has
unknown
above,
in
payments
Registration Statement No. 2-4947. Form
<2-13-42—San Francisco)
j;'. - Amendments filed Feb. 27 and March 16,
1942, to defer effective date
>
bid
company
essentially
cash
lssuei
but
ago,
not
BAKERIES
American
amendment
is
have
are
or
AMERICAN
*
Sts.,
(3)
be made
i
deben¬
J.
Business—Business
subsidiaries
of
and if less than 13,000 shares of new
pre¬
are taken under the
Exchange Offer,
then the successful competitive bidders Will
have the option to purchase the additional
filed
has
the
$1,000,000 of sinking fund
tures, due April 1,-1957 - •
under
to
cover
A2
5
ferred
CO.
Co.
with
also
•
mined
bidding
THURSDAY, APRIL 9
NATIONAL
list
a
more
or
dates
new
follows:
as
to pay for certain equipment and
$50,000 to payment of outstanding
loan;
represent unpaid
cumulative divi¬
dends to Dec. 31, 1941; in connection with
offering
OF OFFERING
days
practicable
a
SEC
offers
•
?
Underwriting and Offering-r-As
>
Inc., has filed
Metal,
cash
to
registration statements
offering
to loan money
and/or
-
the unsubscribed
portion to be sold
Transamerica Corp. at same price. The
payments in (1) and (2).
exchange
to
be
present-below
-
twenty
a
the
chemical
of
a
of
by" the
-^DETERMINED T
We
?;
lie
CORP;
Corp.
will
Offering—Stock
and vitamin concentrates
Underwriting
filed
chewing tobaccos. / ;///
Offering—The 149,944 shares
(3-23-42)
shares
No.
with
111.
shares
COp'^V'
Co.
the SEC for aggre¬
(Clown,
change offers.
:
company
Statements
Business—Engaged
in
the
mining
of
antimony ore in Mineral Township, Sevier
County, Arkansas
■,
■
v.
market
and
many
DATES
out¬
MONDAY, APRIL 6
ness.
value
par
Salle
a
for
acquisition
the notes
covering certificates of deposit) and
2-4967 (A2, covering new notes). (3-16-42)
N.
CO., INC.
Mining Co., Inc., filed
statement
cigarettes
Grand)
and
Colo.
exchange plan
be
notes
Registration
as
14,000 shs.
Tobacco
Business—Engaged
of
Co.,
;
naming the
Fisher
preferred-stock, $25
Registration' Statement' No.. 2-4971. Form
-'1
•
Securities
is the underwriter of
standing 5%
(3-12-42)
Amendment
general
FISIIER TOBACCO
Axton
/:<
Syracuse,
will 'first
-
Registration Statement No. 2-4963. Form
A-2
:
de¬
,
.
public, at 100-and;accrued
Underwriting
be
'
.
St.,
additional working'capital
A-2.
■
interest
bank
the
will
issue/Groups
the ..shares, with-
the
with
::or ras
for
exchange for the outstanding 5% notes,
will be s61d to
be
which
shares
for
used
for
of
^/.vAddre$a^Xoii!s^ilIer Kjr.»-•.'
stock
Gedded
used in p&rt to acquire
shares as possible of -the
outstanding capital stock of Roliway Bear¬
ing/ Co., Inc., the balance "will be used
be offered, par for par, in
exchange for the
outstanding 5% notes due Dec. 31, 1943,
and May
1, 1944; latter noteholders, de¬
positing under the exchange plan, will re¬
ceive equal amount of certificates of de¬
posit. Such, of the new notes not issued
amount
to
purposes
sale
be
Proceeds
Iowa,
jOffering—The
tools;
amendment
Proceeds—The
•
ys
to
face
gate of 149,944 shares 5% cumulative prior
Share
all
department
;
character
partment
of
St.,' New Yoric.N.Y.
19
various
Ohio,
vania
be
to
S.
24 for the
compete
the
recapitalization, as follows: (1) 56,544
shares in. exchange for 14,136 shares'outcompany of all or at least a majority of
-the outstanding stock of. Rollway Bearing •standing €%
preferred stock on basis: of"
Ub/^IndV of Syracuse, N. Y. Business of 4 shares new preferred stock plus $17.25
cash for one share of old
the
company,
including that of Roliway
6%
preferred "
stock;/',(2> 54,558 shares in exchange for'
Bearing Co., Inc., includes the. manufacture
and sale of machine-tools/ reamers, .cutters,
45,465 shares outstanding Class- A ■com-4;
mon stock on basis 1
clutches; clutch parts,, bearings,-etc.;
1/5 shares hew pre¬
7 Underwriter—Barrett Herrick
ferred stock plus $16 cash for one share
4s Co., Inc.,
New York, is the sole underwriter
7-.• Class A common stock; and (3) 38,852
v Offering—The • preferred
shares will be sold first to stockholders
Stock will 'be
of
offered'.to the public at- $14 per share;
company
other
than
Transamerica '
the underwriting commission is $2.10 per
Corp., parent company, at $25 per share,
<„
$319,000
Offering—The
preferred
y.
tended
certificates
holders
AMPCO METAL, INC.
a
the
Form
,7.
tration statement with
stock,
Business—Incorporated in 1924 as w. C.
Inc., on March 16, 1942, the name
changed to Lipe-Rollway; Corp... Part
ofe the" .proceeds- .of jthis;;1 financing is in-
registration
for
to
,
Michigan,
Ampco
Co.
"
80,000 shared
preferred
and 160,000 shares class A. stock,
latter reserved for issue upon con¬
of
to
AXTON
registration
a
for
was,
$322,300 of
May 1, 1952,
of,/ company,
Business—Operates
stores
a
for
due
statement
be
5%
Address—132 W. 31st
PET MILK CO.
Kidder, Peabody & Co._
Corporation of America filed
filed
SEC
A-l.
TUESDAY, MARCH 31
filed
SEC
Lipfe,
COMPANY
Co,
the
plan of exchange
follows:
CELANESE
with
standing
stockholders
underwriters
MONDAY, MARCH 30
Brothers
sinking fund notes,
capital
Whiting, Weeks & Stubfas, Inc.,
Boston
BROTHERS
Kline
75,000
ft
Riter & Co., New York—
received Feb.
were
drew 'In
t
:
7
150,000
350,000
__
H.
KLINE
statement
150,000
Higginson Corp., New York—
Lehman Bros., New York—
E.
n.
,^7/
,
par,
corporate purposes
...
uncertainty. 7v;;V"Vv;"v'ri'7.7:.;/U'
convertible
Address—208
shares
200,000
Lee
F. S.
$1
version
of
1A,
Kidder, Peabody & Co., New York
W. C. Langley & Co., New York-
Laurence M.
$10; par,
to
the
for
^
75,000
applied, will be supplied by amendment to
Bids
N. Y. City, up to
50,000
Kebbon, McCormick & Co.,
proceeds
(3-10-42)
Issue
W.
supplied
Registration Statement No. 2-4959. Form
A2
450,000
Hornblower & Weeks, New York-
the
subsidiary as construction
funds are
required.
AIL the outstanding stock of
the
subsidiary is pledged
under the
company's mortgage under which the
75,000
;
Harris, Hall & Co., Inc., ChicagoHayden, Miller & Co., ClevelandHayden, Stone & Co., New YorkHemphill, Noyes & Co., New York
of
to finance the
Co., Boston—
First Boston Corp., New York—
Graham, Parsons & Co., Philadel.
Harriman Ripley & Co., Inc.,
New York
!
%
A-2
be used
50,000
:
ft
its
of
sponsor
,
balance
(2-2-421/
Registration Effective 12:30 p.m. E. War
•Time on
Feb.yl4,yl942/7^,;-':iv;';:.s':V^rt' ■;/.
Public Invitation for Proposals—No
bids
corp.
Corp.
with
cumulative
.
——
Estabrook
Otis
UNION ELECTRIC
50,000
A2
rftV
Lipe-Rollway
$1
poseS;
V.'
are:
R. S. Dickson & Co., Inc.,
LINK-BELT
Offering—The
SATURDAY, APRIL 4
price to be
'7" • 7i V
.: /■/•;
A.
Alex
•
statement
Registration Statement No. 2-4965. Form
(3-14-42) /
■
public
Dillon, Read & Co., New York___$l,222,000
Glore, Forgan & Co., New York__
700,000
A. C. Allyn & Co., Inc.,
Chicago50,000
Central
and
C-l
under
the
to
_
for
underwirters,
amount
underwritten
trust
the
Registration Statement No. 2-4941.
notes
the balance will be added to
lipe-rollway
Proceeds will be used for investment
pur-
Eastern War
Such of the De¬
subscribed
offer,
will
be
sold
through underwriters, at
supplied by amendment.
■'.V
of
Underwriting
p.m.
1942.
not
are
and
outstanding
formed
The
before
or
April
on
bentures
debtedness to American Gas 4s Electric
Cov;
be
SATURDAY, AF*RIL 11
/
will be offered to the public at the market.
held
will
of
The Depositor is the
the reg¬
date of
of
payment
$500,000
a
having the characteristics most
nearly fitting his individual requirements
subscription price
per share will be supplied by amendment.
The Subscription Warrants
will be exer¬
of
for
Cer¬
securities
;
to
extent
A-2., (3-21-42)
filed
SEC
"B-4".'-Full
funds, each employing
a designated class and type
securities, to enable the investor
choose the type or combination of types
company's
common
effective
istration statement.
J
listed
-
this
Cal.
trust.,
he
the
to
payable, and
working capital
Registration Statement No. 2-4970. Form
capital in
stockholders,
via
subscription
rights,
for subscription at the
rate
of
$1,000-principal amount of the Debentures
Time
Mills
Address—1708
first
applied
INC.
Inc.,
with
Series
Proceeds
,
Participation ,>£;£. ;y>%<
>.:*•* V>;
Address—50 Congress St.,
Boston, Mass.
Business—Company
is ! an
investment
trust; The "Keystone Plan1-' establishes a
•V
tures
of
FUNDS,
Funds,
statement
shares
tificates
.V:/■V^":;>■;■ vr;■/:'-:S
common
CUSTODIAN
Keystone Custodian
the public at a pxice to be supplied by
to the registration statement
amendment
THURSDAY, APRIL 2
KEYSTONE
Offerings will rarely be made before the day follow¬
SATURDAY, MARCH 28
to
by the
,
.
.
ing. '
owned
now
/;,//■■:
.
Registration Statement No. 2-4964. Form
S-3 (2-12-42)
'
V;*'" ;
a
1954;
as
follows:
the $62,company's First Mortgage 5s of
$15,693,370
to
142.667
the
redeem
tails
to
amendment
,
at
of
shares
Btock, .no par.
be
supplied
by
preferred
■
$110
per
company'*
Further
de¬
post-effectlv*
,
:■•>'■
.
Volume 155
Number^4058 %'k ^ ^ :L: &■
*
..':v,jv'i'-.,
THE COMMERCIAL & FINANCIAL CHRONICLE
'7v,V:.£' I"*
1239
Calendar of New Security Flotations
7 Registration Statement No. 2-4845.7 Form
•'A2.
<9-17-411
the 3Vis of -1972, and
the
principal
amount
which each
has'
agreed to- underwrite, are:-, Bonbright &
Co;," New York, $2,875,000; Paine, Webber'
&
Co.,' New York,
$2,156,000;/Mitchum,,
Tully & Co./Los Angeles, Cai., $719,00J /
•/-Underwriters of
7v777'vr:i
'•»'•' Amendments
filed Nov. 27, Dec. 15, 1941Jan. 2,, Jan. 20, Feb. 6, Feb. 24 and March
>;•'1'13, 1942, to defer 'effective date fl////'//'
*,
'
HAMILTON
WATCH CO.
Hamilton
J
Watch
77 "77 ■ 7
filed/registration
4Va%
Co.
cumulative
$100
istration
par.7'"?'-
Address—Sixth and Crumley Sts„ Bristol
St.,
Indian¬
Proceeds—Will
ing
ing
Indiana, Central In¬
Northern Indiana Power
A-l
Electric Co.
fective
Service
Power
of
Co.
Co.,
Corp.
Company is
State
in
of
pubnc
a
Indiana
$26,620
will
capital
/
Amendment
to
filed
/7
; 7
2-4824
Feb.
11
V}'-'"
ef¬
'.-//•/ 0;
:
,
utility
and
is
en¬
various
of
models
high
grade
(17
MOUNTAIN
CO.
MINING
GOLD
*'.;//•'./f'V.
7
33,054
the
of
one
'4Va% preferred stock on' basis of
'.of 4
current
March
/'
6%
1,
1942,
on
'preferred
»
/
'offer, expires Jan. 22. 1942.,
.
-Z
preferred
change
offer,
reserved
for
'offered
issued.under
not
plus
such
acquire such shares as follows
Southern Bell Telephone & Telegraph Co
who
the
ex¬
/
MANUFACTURING,"
•'/HASTINGS.'
Co.
Dec.
underwriters
troit,
to
shares
public
for
to
public
for
by
stockholders
Public
Proceeds
•!
105,756
company,
offering
to
/
77-
price
is
chase
of
company
equipment
new
/'capital .//•//
(11-19-41
/fectlvs date *
ILLINOIS
7.
.
bonds,
»shares
of- $5
Oct.
■
Telephone
/without, competition,
1
communities
added
••
//'"••/■:.,
/'/'/
••: ■-
.
New
York
Webber
to
• ■
the
ceived from
stock,
common
tire
following
will be used
securities
First"
.750 000
of
in
share
A
-■-/
less
not
than
$4
public
i
.
CO.
/
,
'J,
,
■
.
ha»;
Co,
with
statement
by
^
will
be
-
Feb.
engaged
In
service
used
to
purchase
INSURANCE
Insurance
12,500 shares
:
-
ma¬
CO.
Co.
Registration Statement No. 2-4866. Fornr
(10-24-41)
:••/'>
•-■/
Amendments fjied Nov, 26/Dec. 15. 1941/
2, Jan. 21, Feb. 7, Feb; 26 and March
to defer effective date * •"'
'
1
J. Illinois
19.
used
be
for
statement disclosing; that it
offer to the pub'ic $5,750,I 000 first mortgage
bonds, due March
| 1, 1972. Previously/in original registration
■
!
registration
now
proposes to
1 statement
( had
fPed
proposed
on
to
24.-1941.
Oct.
sell
company
$5,750,000
of
first
j mortgage 33s fit bonds, due 1971, and 24,000
! shares^ of
$5
cymulative preferred stock,
j no
.
par
'/,'••
value
Proceeds
from
sale
j first "mortgage 3 ¥2%
t
i
gether
are
to
of
the
$5,750,000
of
bonds, due 1972; to-
with other funds of the'company,
be
used
$5,750,000 ot
tos retire
the
Address
'
first
stock,
offered
be
for
tung
foi
SEC
in
or
Marion
the
land/
on
order?,
upon
being
S. C
thi
ih
share?
preemp¬
Underwriters will be named by
underwriting commission will
share
Proceeds will go directly to capital ($100,-
and
S2
New/York State, soon to become effective
requiring a minimum capital of $250,000
and with the laws of Massachusetts requir¬
ing a minimum capital of $300,000
Registration Statement No. 2-4898. Form
A2/ (11-27-41)
Form
(1-28-42)
1942.
Jan.
purchast
.
Jan.
10, Jan. 23,
and
10
effective dale
1941, Jan. 3.
Feb.
27,
1942,
to
>
;///,;//
SWAIN TOBACCO CO./ INC.
L.
R.
Feb.
22,
defer
16,
Swain Tobacco Co., Inc., filed »
statement with the SEC for
5,000 shares Class A common stock,
$1
par value, and 60,000 shares Class B com¬
mon stock, $1 par value
L.
,R.
registration
Address—Danville,
Feb
defer
NATURAL
Natural
of
GAS
Va.
for
common
stock,
Bldg.,
/•-'
$20
pa);
Omaha
/-;/
under
company
its
Panax
Process by
The Panax
Axton-Fisher Tobacco Co., Inc.
registereti
Aquila Court
~
acts
Process
the
Panax
-Underwriting
and
is
moisture
or
demulcentand
a
the throat,
A
March
3
each for each
Offering—The
shares
price of
class of stock.
John
W.
Yeaman, Martinsville, Va., who was named
underwriter,
as
withdrew
on
Jan.
31,
Natural
/Northern
amendment
Of
shires
stock
has
lie
to
r-
of
Its
its
proposed
been
such
ment.
for
purchase of additional equipment,
for working capital
.
North
and.
The
of
registration
and
were
the
stock
United Light &
PUBLIC
Public
istered
with
SEC
j
/. Union
CO.
of
OF
a
$42,000,000
INC,
Inc.,
first
reg¬
mort¬
/
-
stock, $2 par.
Bldg., San Antonio
common
Milam
—
Business—Engaged
of crude
in
thereon,
proven
and
in
Texas,
acquire
developed
shares
bores
nt
has
at
$2.
oil
from
proven
drilling of
oi)
interests lr
properties.
York Co.,
agreed
$1.75
or
rovaltv
Underwriter-ZWillard
Tex.,
production
aim
acquire mineral
oil.
per
to
registration
or.
Virginia
the
a
foi
SEC
is
tric
which
energy,
city
from
of
its
to
dends.
it
Missouri adjacent
74,15'
of
f;
coun-j
hydroelectric plant
Underwriting—Dillon, Reed & Co., Nev
York, is named the principal underwriters
Osage
Names
the
of
other
underwriters
Offering—The
owned
are
shares
2,695,000
pany's common stock
will
the
sale
the
to
Registration Statement No. 2-4940.
•
Union. Electric
9,
filed
1942
tration
an
\
of
Co.
shares
which
ginia
par)
(no
Feb
common
stock,
by its parent com¬
The North American Co. The names
of
the
underwriters,
and the maximum
number of shares of such common stock
pany,
which
in
each
agreed to purchase were listed
of Feb; 26, 1942, page
"Chronicle"
the
1,
$100 po-
common
S.
stock,
< ).<•
7
St./'Alex¬
Washington
//"-.■'!
//;
and
sale
of
eral
to
the
&
Gas
ties
registered
-
at
extent,
in
North
subsidiary of Gen¬
Corp., which is in 7
a
Electric
Associated
energy
Virginia^ West Vir- tr
minor
a
Company is
Gas
electric
Si
Electric
Corp. hold¬
7
/
.,
Offering—The securi¬
be sold through com¬
will
petitive bidding, under the SEC's competi¬
tive
bidding
Rule.,U-50
of- the
Public
Utility Holding Company Act.
Only ex¬
new
a
is
confined
to
such
preferred stock as
for7hare basis
shares
be
may
share
(with
take
to
holders of
cash
for
the
their
of
the '
issued
on
cash
a
ad¬
presently out¬
do
not
elect
stock, ' Name
of
underwriters, and public offering prices
for the securities, will be
supplied by posteffective
amendment
ment
will
7
from
■
.
to
,
The
common
General
Gas
exchange for the old
by General Gas
held
now
Corp.,
par
and
will
be
through/competitive
proceeds
/
v,
.
follows:
no
issued
in
/
...
as
new
be
Corp.
stock
Electric
used
of
first
Electric
sale,
be
shares
common
&
registration state-
...
628,333
&
to:
.
will
the
sale
offered
for
bidding.
of
the
The
securities
registered will be used to retire all of the
outstanding long-term
its
company,
companies,
Service
make
that
Generating
cash
ferred
indebtedness of
predecessor
and
-
Co.
payments
stockholders,
with funds
(a
the
constituent
Virginia
to
Public
subsidiary),
its
and
for
and
of
to
present
'
7//'
Z
construction
new
to
pre¬
provide 'com¬
Registration Statement No. 2-4913. Form
March
1942
0,
INDIES
West
,/■
SUGAR
Indies
Sugar
777/77////'/z.'"'/
CORP.
Corp.
77
filed
}
t.
6
regis¬
a
tration statement with the SEC for
453,691
shares of common stock, $1 par
Address—60
E.
42nd
Business—Company,
pursuant to
St.,
New
York
organized
in ' 1932
the plan
of reorganization of
Sugar Corp. and cer¬
tain of its subsidiaries, is
solely a hold¬
ing
company
owning
the
securities
of
everal operating subsidiaries
engaged prin¬
cipally in the production of raw cane
Cuban
•
Citv
^
Dominican
sugar and invert and blackstrap molasses
the Dominican Republic and Cuba
in
846
Amendment filed March 2,
effective
date
1942, to defer
'
>
.
.
"
HEAT AND POWER COM¬
>■:/:/./'/;/; //
/'/■
Heat and Power Co. re
UNION LIGHT,
Union
Light,
gistered
25,000
stock
$100
shares
.
Ohio
commot,
par
■
.
-
..■
.
Business
Main
&
—
company
Columbia
-
As Keotrl'
Gas
■•''//..
7 •••/ 77/7. /;////
Offering—Stockholders will receive of¬
Corp.
fer
25/94ths of one com-!
of 5/94ths of a shar«
each 5/94ths of a share held at $5.33
to
mon
for
subscribe
share
in
to
units
stocky
holders
may
subscribe to 5 new sharei
for each share held at $100,016 per share
Substantially all outstanding stock is held
for
each
by
unit.
Columbia
On
Gas
Proceeds—To
parent
&
repay
first
share
a
and associated
costs
7
31,
debt and
held by
companies, auu foi
7;//
•
Nov.
25, Dec. 13. Dec.
Feb.
1941, Jan. 19, Feb. 7, and
to defer effective date
CORPORATION
GAS
United
Gas
Corp.
mortgage
bonds
due
gas;
tern
aggregate
26,
and
»
registered $75,000,000
collateral trust*34£7*
1958
offered
of
to
of the
the
of
outstanding
Proceeds
be
will
and
company,
the
public, at
supplied by amendment
received
com¬
will
be
to
be
price
a
/*"!/. 7 7
by the selling
stockholders
.
Registration
Form
A2.
Statement
(12-29-41)
1
Amendment
filed
defer effective
No.
March ' 14,
date
/
•
2-4923.
1942,
to
/./77"-:-/:.'//-Z,;••
Kelly Re-Opens
Daniel S. Kelly is engaging in a
general securities
offices
at
2
business
Rector
from
Street,
New
\
City, under the firm name
Company. Mr.
Kelly was formerly in business as
Daniel S. Kelly Company.
'J
of Daniel S. Kelly
Tankin, Fitzgerald Named
York Cityy
?
To N. Y. Dealers Ass'n
and sale of natural
T.
Reid
Tankin, R. H. Johnson
„
&
Underwriters—None
Offering
stock
parent
is the holder of
shares registered.
the shares
registered
17,000
represents 47.7%
mon
of New York,
company,
The
part of Electric-Bond and Share Sys*
-
City "Bank
former
remaining
York
1942,
first
the
Corp.
(3-30-40)
UNITED
National
the
bonds
Registration Statement No. 2-4379. Forv
A-2.
will be named by amend¬
•'
■'
./•'•>'. '■
Offering—The
shares
registered
are
already outstanding, and are owned by
City Company of New York, Inc., In Dis¬
solution, to the extent of 436,691 shares;"
current
mortgage
construction
basis,
Electric
Underwriters
ment
of
St./ Cincinnati
;//: 7": •/•••'--/.'.a -.•••
Operating electric utility
7 ;/ "7" • v : ■
\
Address—4th
will
Terms—Bonds
institutional
be
shares
/.;
and,
Carolina.
WEST
amendment to its regis¬
naming the underwrit¬
owned
are
June
/:
retail and wholesale in
in all, who will publicly offer thf
2,695,000
semi-annually
"
Va.
distribution
and
Form
on
for:
2%-3^/2%
Business—Company
Is
principally ; an
operating
public utility engaged
in the production, purchase,
transmission,
1
Missouri,
reg¬
bonds,
(12-12-41)
7/777/v
Amendments to defer effective date filed
Dec. '2(1, 1841, Jan. 10, Jan. .31, Feb. 19
pro¬
1
a
SEC
3 ¥2 %
of
•
electric
statement,
141
ers,
f
'
•
,
}
filed
the
$5,700,000
.
CO.
Co.
mortgage
628,333
7/7/'
par
"...
A2 (2-2-42)
Service
.
,
A2.
public of such
shares
7
offered
1942/ to
v
,7
■
.
SERVICE
notes,,.due
andria,
com-;
by its parent, The North Amer¬
from
either
1944-Dec.
1/ 1951,
in
varying
amounts
(from $320)000 to $390,000); 70,000 shares
pany
of
outstanding -and
are
who will receive the entire
Co.,
be1
•//•;•,/7
supplied by amendment
Business—Production
-
the
to the company'?
Address—2 Rector Street, New
-
pur-:
St.
44,-
and
and
generates
subsidiaries/ serving
Louis, Mo., and portion
adjacent Missouri counties and of 3
Offering—118,907
984
primarily in
An-
shares to be offered
public at $2,375 per share; rcmaininx
shares registered constitute shares lsJuly l, 1941, by company, as divi¬
Louis.
subsidiary of The North
engaged
I.
Proceeds
the
transmission, distribution and sale of elec¬
«
Dec.
stock
Co.
Public
1971;
par
no
Address—315 N. Twelfth Blvd., St.
Business-^-This
10,
statement- with
first
serial
March
date
PUBLIC
istration
to
San
share
sale
afore-
or
standing preferred stock who
filed
be
the
otherwise,
31;
Mo.
American
of
justment)
stock,
common
shall
,
the
Missouri
with
statement
shares
2,695,000
of
Co.
bonds
March
to
purchase
company.
pur¬
com?-
private
before
set
postponed
Amendments filed
r
in- producing
interests
properties
•onio,
750
-
'
leasehold
by
suhsidiar*
INDIANA.
Indiana.
E. S. War
7
OIL CORP."
marketing
1941
owned
Time
War
hearing
Electric
$2,835,000
Tex.
veils
from
shares
Address
ill
registered
and
4 *
•
p.m.,
Texamerica Oil Corp. registered with SEC
119,891
Co,
These shares consti¬
Railways Co.,
Co.
,
th«;
orginalb
April 21,
withdrawn
outstanding
SERVICE
Service
shares
on
subsequently
became effective.
tuted
Co
Power
to ^public for
Light & Power
offering, 'and
PEXAMERICA
t.ha'
outstanding;
Light ,A
with the SEC
public
pub!
those
are
and
additional
355,250
registered
for
commoi.
the
offered
be
American
(1-9-42) -/
,7
Registration effective 4:45
A1
718.500 jshare».
shares
owned,
American
ta
are
account
from
Registration Statement No. 2-4928. Form
■t ■-
Time, on March 2, 1942
statemen !
to
and
a»!
filed
value
par
offered
j.
According to the amend/
355.250
are/presently
Co.
registration
be
reduced
to 355,250 shares.
by
Gas
$20
to
"
...
.
1942
Proceeds will be used for plant additions,
v
.
(4-21-41)
S.
UNION ELECTRIC CO. OF MISSOURI
Tin derwiiter
the public at a
be offered to
will
$5
hygroscopic
a
membranes of
and oderless
Is tasteless
;
as
agent.
retaining
soothes
Power Co.....,;/ ;, '/ /}
Registration Statement No. 2-4741. Forn?
A-2
E.
p.m.
1942.
PANY
Business—Company markets Panax Pro¬
cessed Pinehurst cigarettes, manufactured
./J
CO.', /
Co.
Gas
'
<
price."
ception
4.45
at
Hearing at Ocala, Fla.
all of
Dec.
the
renewal
or'
ing company system
Underwriting and
equal annual payments
Registration Effective but apparently de-:
ficient
its
Address—117
materials
ican
per
Amendments filed
$7
insurance
extend
14
proposed
filed
effective
value;.and
in
Registration Statement No. 2-4935.
ceeds
$2
in
ex¬
to the public as circumstances shall dictate
in order to obtain the pest possible
no
Proceeds for working capital, as payment
for land
sold and for development work
ties in
their
used
companys
cumulative preferred stock,
ex¬
sub-divi¬
acre, payable one-fourth down and the bal¬
3
that
agreements
Citru?
and
is now
purchase,
>
in
end
privately/by
$22,800,000
tung groves
Underwriting—Details of underwriting ol
distributing method to be employed, will bt
supplied by amendment.
/'-/
••
/
7
Offering—Company will offer, through
the Contracts, land suitable for tung grovt.
development, together with its contract foi
the clcaring/.planting and. development ol
a
tung grove thereon, in units of not lesi
than 10 acres at a total price of $45 pel
ance
the
sold
VIRGINIA
^
groves
Business
include
development
$t
subscription, t<
under
with
the
due
contract
owners,
Fla.-
to
chases
.
on
further
to
said
sion and sale of lands in these counties fo>
/
-
Offering—The
stockholders,
,
and the residue to surplus. Company
deems it essential to comply with laws of
Co.
&
March 16, 1942,; to
/, •
;; /"'//////;.}
and
•
outstanding
the
to
defer
Inc.,' fileo
v
of
care
under
such
panded
000)
foi;
equipment and for work
filed
shares
110,500
-
mortgage series A 3%%
bonds, due 1970
and
Counties,
amendment;
•/'
-
the
Nebraska/''.'■;//-/•
.
Commercial Telephone/Co.
on
1942, filed an amendment to1 its
'/: •/,/"■
others
from
registered
common
--
be
for capital
1942, stating that it had
covering
Amendment
INC.
Business—Engaged in the planting, cultl-1
vaticn
for
rights, at price of $16 per share. Un¬
subscribed portion of such shares will be
offered to public at $18 per share, within
30 days after effective date of registration
the
tools
and
28
Northern
"X-'
.betterments to company's plant and prop
ertv. and for other cornorate nurnoses :'•>
I March
" f •-";■
-
Address—Ocala, Fla.
SEC
statement.
•
1
with
statement
■;
may
tive
due June
1942.
'
-
'
j i
registration
be
,
i 16.
/f/ //' '/'• ;/•//
16,
'
T Jan.
11
Tung Grove Development Co.,
Feb.
such warrants
.
Carolina
SEC
value
will
stock j
common
covered
CAROLINA
present
th»
'
A2.
Feb.
/ ; 'J
to defer effec¬
GROVE DEVELOPMENT CO.,
com¬
the shares of
Business—Engaged
principally
writing of fire insurance
,
:
filed
date
1UNG
share.
per
underwriter
the
If.
warrants,
/.Underwriting and
Business—Production
and v transmissioi
1, 1970, air 105%: 17,09f
j
of natural gas •/' •
•. shares
4,. " '//5.,;;\/|
$6
preferred stock,
at $110 pei
/Underwriter—Blyth Se Co.,vand otheni
.share;
1,108
shares
$6 preferred
stock
co be named by amendment
/;
Z
owned by parent company, at latter's cost
."/./]
Offering—Stock will, be publicly offerer,
Balance of net proceeds will be' used tr
at
price to be filed by amendment „.//
purchase from General -Telephone Corp
the outstanding capital stocks of Centra' /'Proceeds—All proceeds will be receiver;
'Illinois Telephone Co. and Illinois Stands by selling stockholders, United Light A
Railways Co., and North American Ligh',
iv»rd Telephone Co., to make additions ant
•bonds,
the
to
Address—1400 Main St., Columbia,
Form
•.-/-
the
/South
be
will
and March 14,f
scares of
will
NORTHERN
$5,1
33^
tive
"f//-
•
sharee
-
pre¬
(2-24s-42>
with
/k//:;.J'■-////'i
■■
-.Amendments
11,
part to re-j
8eripe
Mortgae-e
offered
compensations
stock
par
the
named
anc
-.ompany:
Amendment
7
of,
capital.
'••'. / -■
' '/',/
'■ /
Registration Statement No. 2-4920. Forir
32.
(12-26-41 Cleveland) /
together with $105,000 re-;
sale of 7,000 additional
92,792
effective date -
bonds
the
be
of
option warrants, above mentioned, are
issued to the underwriter as addi¬
SOUTH
/// j
tng
i
;
of
sale
(1-29-421 7"
,
be
will
extent
Manufacturing
of machinery and
I
and preferred stock t<
public at a price to b<
■
from
Proceeds
•
preferred stock,
-
■
shares
125,000
will
to
Proceeds
value '/
Address—Detroit,
Proceeds
3,000
///■/
drills
chinery and equipment, and for working
capital • >
'
/ Registration Statement No. 2-4950. Form
principal underwriter
Offering—24,875 shares of common stock
will be sold to the public for the account
of
the company;
the
remaining
67,91r.
shares registered
are already
issued and
outstanding, and will be sold to the pub
lie "for the account of certain selling stock¬
holders.
The public offering price is $4.2(;
/.,!
;->w/
719.000
&
&
Tool
for
per
.
of. twist
share; provision is made, how-f
the initial offering .price may;
per
Lhat
mon
par
is
stk |
/r;
.
variety
a
;
manufacture
the
be offered
to' the public; details of such
public offering, if any, will be supplied by
M/.'/////:?/|
MFG.
TOOL
9.000
v
statement
"
:
of
exercises
be
/;.;/;
<
by the automotive- industry ;
Underwriters—Baker,
Simonds
supplied by amendment to the registratioc
:"
.-;;
use
Shs. of
2,156.000
-
Offering—Bonds
offered
:
Business—Company
is
manufacture and. sale of
& Co.,
York
/i- Los Angeles
I
'
preferred, stock,
and
common
stock re¬
warrants
C0117 47*
&
will
Colo.
will be used for-working capita-.
Registration Statement No. 2-4937. Fofn)!
be
De
to
balance
;
*
12,000
Mttchum, Tully & Co.,
'be
,
.
The
A1
the
to
loans, and the
working capital
to
registration
SEC
ant
$2,875,000
a
for;
con¬
par
option
amendment
will
price
a
underwriters
used
MILLER
$1
■/'
/ pfd.
Bonds
■
.Bonbright Si Co., Inc.,
"Palne.
be
; Miller
filed
a
by each, foi
//--'/•/••"
Amt. of
I
at
Amendments filed Feb. 26
r.
No. of
New
will
(1-28-42)
A2
'
■\ •• '*:•;//'/'./'
stock
prefened
public
1942/ to/defee effective .date
terri/
amount of bonds
-
■
-
Registration Statement No. 2-4934.
t#
service
surrounding
and
preferred stock underwritten
'
Autocar Uo.,
the manufac-*,
and heavy-duty
1 .
by amendment,///;,
bank
ing
providing
.
the
the
reduced
tional
$900,000 toward part payment of outstand¬
of'General
in
telephone
and
Underwriters,
'"low:
•
;.
the,other
of
Proceeds
ttorles in Illinois, Including. Kewanee, Mon*<
!mouth, 'Macomb, Lincoln,-, Belvldere,/Harrlsburg, Olney, Mendota and Mt. Carmel
1
v,
the
to
supplied
•
'180
trucks//
names
1,. 1971; and 24.00C
engaged
of
stock
$5
to
Underwriting—rE. H. Rollins & Sons, Inc.,;
York, is named principal underwriter;
TELEPHONE CO
subsidiary'
is
Co.
sale
ever,
be
cumulative
Business—This
.
filed
SEC
stock; 125,000 shares. $1 par
stock, reserved for issuance upon
Offering—The
at
//,/
New
preferred stock
no. par A \//■/
7V
7''• 7/7 7 777
Address—€07 E. Adams 8t., Springfield.
'm.r r. - ;7"7v-:"7, 7777,\
••""•/
»
lias
the
cumulative
stock, $1
par;
option
purchase 62,500 shares of $1
to
for
ferred
filing, fee, ;ia $25 pqr • share'';//;//'
U
V;
due
Co.
21,
agreements
panies
Proceeds
S3
of
^
/Underwriter—Craigmyle, Rogers & Co. is
by
amendment;
the
proposed
maximum offering price, based on the SEC
working
~
bona.4
the sole underwriter
/
the outstand¬
of
medium
Offering—The
7/7>7/7',;;7
COMMERCIAL
and
supplied
Illinois Commercial Telephone Co. regis¬
.
sale of
and
offered
tered with SEC $5,750,000 of fir6t mortgage
'3%%
507*
about
Owns
motor
Amendments filed Jan. 8, Jan< 24, Feb. 2,
Feb. 25 and March 14, 1942, to defer ef,
the
CO.-
with
f • Address—Chicago-, 111.
/ Business—Engaged in
sup¬
the preferred stock
common
stock of The
which is engaged chiefly in
ture
777.777*7 //
Cleveland)
be
Tool
55-cent
shares; $1
served
Preferred;
.
to
rate
ing
Registration Statement No. 2-4890. Form
A2.
■
Convertible
(dividend
par
rights of
order;
per
for
n,-...
Business—Engaged in manufacture and
processing of parts and equipment for air¬
to
customers' • specifications,
upon
by
■••//,7
shars
be used for
and
/•••/.„ //;
•
/'<».*;*.
TOOL
&
statement,
conversion
craft
the
will
general corporate purposes, including pur¬
<
14,
•' Address—Farmingdale, N. Y.';
shares
$9.50
4
11- •• >-v-
i<
.
certain
the provisions ol
of
$9,502,490
unable
chase
-
account
shares
-
no
version
.
of certain selling
%sfi?v*y% v///- ?//;'">/ \.fO
offering as amended; 23,100
Proposed
Feb.
27,
.
plied by amendment), and 120,000 shares
$1' par value common, stock, latter to be
.reserved for issuance upon exercise of con¬
account of the company; remaining 117,300
ahares are outstanding and are to be sold
'Stockholders //v
bt
common
common,
62,500
Cumulative
Stock,
unissued and
are
the
Jan.
9,
Aircraft/Products Corp; filed
••egistration stateihent-.with SEC for 60,000
are
to
par
Liberty
.
M.
offered
be
pro¬
trustei
will
preierred
warrants
LIBERTY AIRCRAFT PRODUCTS CORP:
'/•'/'
Offering—23,100 shares
are
the
and
Drill
125,0u0 shares; oi
defer effective date.filec;
Jan.
DRILL
Republic
the under-
1942
2,
le •■".4.#
t
stock,
Smith, Hague Si
Higble Corp./ De¬
Mich:- /'-'i.,:'''// /•■/ '''/'•/>//:/// 7.7
Carlton
received by
be
1941,
22,
March
and
expanders
and
price U
at a
company,
Amendments to
•
and sells piston
7'Z'777.7 7 7 '
;" 7; Underwriters—Schroder,
Rockefeller- A
Co.,
Inc.,
are
principal / underwriters/
.Other
net
with
indenture
D
bonds
accrued
the
of
deposited
series
and
/he Indenture
/ No bids for the" purchase
Registration Statement No. 2-4908. Foru
A2 'il2-6-41V"
/V /■ /
Business—Manufactures
and
1067a
accordance with
vertible
//.'
registered
Address—Hastings,
in
at
$4,000,000
be
:
regi-^ration
will
Proceeds
*
rings
the
pany;////
CO.? %/V7
Co/
common
will
mder
rsed
1969,
and
ceeds
REPUBLIC
'
♦''
1,
share for share, into A; Jota/
of 25,000 shares of common stock of, com- i
7 :£2':ri%30-4a^:/;//v.//;/' '
"7/7.7
''1 ' 'Amendment'filed Jrii. 29. Feb.-10"and
•'March O/^- to defer effective date /
,
Hastings/Manufacturing
//with SEC 140,400 shares
par value-' 7
Sept.
1st
treasury
to such insurance companies of $75,000,000 7/
of the company's first mortgage and col"/"/"■/ /// %../••/:^'//// v/'V*
'
v ■ Underwriting—None '///.'/y '■[ '•'
lateral trust 3¥\% bonds, due 1959.
This
Offering—Company will sell such sharet
amendment states: "These purchase
agree1directly to the public, at a price of 50
ments expired on Feb. 16,. 1942.
The cor¬
cents a share '
'
'./././;■■// '•
:• •* I /.jl poration intends to continuenegotiations
County,
of Public Service Co. ol
mortgage series A 47*
of
Feb.'
on
■been
000
with construc¬
equipment of plant additions
first
.merest;
convert same,
Registration Statement No. 2-4926. Form
;
,
and
Indiana
supplied by amendment-(20,665 sharei j were received on Dec.
16, 1941 ;
such preferred to be sold by former/
Registration Statement No. 2-4893. Form
i,335 shares by latter). Underwriters agret 1
V2,/ 11-4-22-41
■//;■'./;;;;/■:/• /."I-;;.'■
chat immediately following delivery to their, |
"/ Effective——10 a.m. E.S.T. on Dec. 6, 194)
of such shares of preferred stock, each wili;
/ will be used to . redeem,;";op
'/March 1, 1942, at $105 per share, all out¬
standing 6% preferred stock; balance for
tion
$38,000,000
its
Balance
-
company
will be applied to redemption
days after issuance of the bonds
40
the
of
1961.
reimburse
.
Contracts for sale of land and developmem
of tung groves thereon, aggregating $450./
stock, $10 par/of
/■*.: /Proceeds
connection
of
due
to
part
-SEC
be
at
'//be supplied by ;amehdment/7Z:7V777^/
in
funds
necessary
vithin
if
iue
Virginia;
:-/^ \./■:/■ v'.•-///rV
other
pius
$6,000,000
bonds
Registration Statement No. 2-4760, Form
A-2 (5-15-41). »
"■
."7
?
United Gas Corp. filed amendment with
of
a
price to. be
Harriman Hipley
\ v'& Co., Inc., Philadelphia, is named prinj
/cipai underwriter; other underwriters will
expenditures
to
have agreed to sell, to abov<
underwriters/a total ot 25,000 shares 0!
non-cumulative - convertible - preferret
supplied by amendment/
V
Chesapeake & Potomac" Telephone Co
of
the 6,328 shares not
exchange offer/will be
to/the/public,
are
and
Any shares of
.
statement /
Proceeds,
f
The shares,are.to b<,
offered for the account- of the underwriters
statement/
istration
the; public of-
"Tering price oi one share 4Va% preferred
vstock Tind $105, the redemption price vol
/ the-6% preferred), dor each share of out/'standing- 6%. preferred stock. 7 Exchange
.
»y
/
amendment to reg-;
price to be supplied by
^unstated
an
between
will
itock
public offering price, will be suppliec
post-effective amendment to registrar
ion
25,000 shares of commoi
be offered to the. public/', at »
Offering—^The
share outstanding
one
stock), -plus
"
C./ Minnich-,
N.
Inc./ Charlotte,
Co.,
ind
Wright & Co., Inci;-Bristol,' Tenp;
(equal
payable
dividend
quarterly
amount' < difference
•
&;
preferred stock/ plus $1.50
to
Co/ Atlanta, Ga.; R, S. Dicksot
&
Courts
of
share
due
preferred stock
to
shares
39,382
Debentures
/
.
for
Co.,
dividends
'/■
•
Treasure Mountain Gold Mining Co. filea
..
Stock
6%
demand note of $25,925,and Share; to repay
Bond
penditures and possibly to pay accumulated
TREASURE
gaged principally in production, generation
manufacture, purchase, transmission, sup¬
-r
Service
Electric
to
$2,000,000 open account debt to E. B. & S.;
and to purchase from United Gas Pipe Line
Form
defer
to
000
7
<'
•.
No.
Public"
1953; to pay 67*
and
work¬
//'/;,/■//.•"./'■>;■•.•"
.
Gas
paf/outstand¬
($206,088),
added
Statement
<8-27-41)
date.
to
be
.
Registration
an^/Dressei
used
be
indebtedness
mortgage
remaining
Public
operating
,
Illinois
Business—Incorporated
in
Indiana
on
Sept. 6,»1941, as-result of consolidation ol
Power
with SEC for 25,001
voting, $10 par valut
statement
N.
'.
Ind.
Co.," Terre Haute
shares common stock,
r..: <v7
';/77
manufactures and
Pa.
Company
—
CO/C/,
Telephone Co, filed, regv
Inter-Mountain
bonds, due Dec. 1, 1971
a
Tenn,'.//
V;/'/:- /'»/>
;.//■/■ ply distribution and sale of electric energy
registration statement with the SEC foi
f9
23 ; jewels
150,00Q shares common stock, 25 cents pai
pocket and wrist .watches, foj r> Business—Supplies /telephone service it^ and gas, and in the- supply, distributor
;men and wrist watches for women •7;7 7 portions of Virginia and Tennessee rrvalue
and sale of water. .;/./•/.•//
'"/'.:"-7.7- '■/■;;'•';.-/•/•• /v.'. *7
/ "//••■/
Undepwnters—Alex., Brown & Sons, Bal¬
f- ^Underwriting and
Offering-Company If
Address—Denver, Colo.
//I ,
.
/Underwriting and Offering,—The bondt
f
making a conditional offer to holders of its
timore; Mason-Hagan, Inc., Richmond, Va.-;
will be sold under the competitive bidding
Business—Company has been organizec
Stern, Wampler & Co., Itic., Chicago; Equitv; Rule U-50 of the SEC's Public
to
"732,054"shares of outsandirig. 6%' preferred
develop and operate gold and silver
Utility Hold-'
able
Securities -Corp.,/ Nashville, * Tenn.:.; .hg
mines on Treasure Mountain, in San Juat
/'/stock of. the privilege of exchanging sUch
Company Act. Names of underwriters
.sells
•;?
*
stock,
preferred
Address—Lancaster,
Business
*
•
Address—110
apolis,
diana
tNTER-MOUNTAIN ' TELEPHONE
statement with SEC for 39,382 shares
■
gage series D 3%%
investors,
whose
supplied bv amendment,
u
be
sold to
will
names
at 99.347*
^
Co., and Vincent Fitzgerajd,
Fitzgerald
&
Co.,
have
been
elected members of the New York
Proceeds—^o "redeem $28,85o"ooo^united Security Dealers Association.
■
'
THE COMMERCIAL & FINANCIAL CHRONICLE
1240
Thursdays March 26, 1942
STANY Revives Former NST4Y Convention To
REMEMBER...
RIDS MADE ON BONDS WITH
;
COUPONS MISSING
•
.p
sales department and
OR
y
..
r*\*
%
is important to you, that we have
IT
no
Emplopen!
.
retail Y.
no
.
houses
AND that
our entire personnel is yours, in yYY
making accurate and firm markets in
vise
(Actual Trading Markets, Always)
'
-
THE - COUNTER SECURITIES
■
,
Exchange PI., New York
Kobbe, Gearhart & Company
N.Y, 1-1779
Teletype
sociation, hosts to the National
Security Traders '.Association ;:at
the i
the
various
dealers
ad¬
will
Members New
Wilbur WiHich To So
:■•••'
:
exchanges and
of its existence
■• -
STREET,
NEW
Y
this
r
ft*
YORK
committee
will
also
held
include
the;< negotiation" for
mergers
of
small
firms.
All activities
are
i-
confidentialrAY|,^r;^'4.v;Y^;^:;;A'^:.^;:j:^
ment
convention. "Y
In
.
TELEPHONE
NT
Mgr. For Wyelh Co.
' Wilbur R.
r
Wittich has become
telephone
habtford
as¬
BELL
TELEPHONE
Enterprise 6015
2-3600
REotob
new
boston
TELETYPE
york
1-576
&
and
Bowditch To Be V.-P.
40 Wall Street.
Wittich
in
reer
with
&
Co.
1920.
In
in
CHICAGO, Y. ILL.—Harvey
will
Bowditch
become
R.
vice-
a
Bond & Good¬
president of the Empire Securities
Company,
164 ; West Y Jackson
Boulevard, on April 1, and will
win, Inc.
also
1926 he
joined
as
a
affiliated
become
branch
investment
trader, become
ing manager of
their trading
associated with Stone
held
for
11
past
Wilbur
<
Wyeth
1
Wittich
was
In
&
& Webster
.
.
.
.
the
Plan
Co.
&
4940
Mr.
President of the Se¬
Completed
The New York Curb
-
on
Exchange
March 24 arranged to purchase
Averell
of
the firm
it
Company,
an
$1,000 each four
memberships.
When
ar¬
had
Clarke
member
&
through
would
Dixon
Mr.
Chronicle)
Financial
Angeles
Stock
>
j
of the Los
Exchange,
has
associated
with
Adams-
Company,
650 4 South
Spring Street, Los Angeles Ex¬
change members.
Mr. Cook was
formerly President of Cook, Mil¬
ler & Co.
needed for the American war ef¬
At the
fort.
zilian
•
r
In Allentown, Pa.
ALLENTOWN,
PA. —As
of
April 1, the firm of "Roth and
Company will open offices at 818
Hamilton Street to engage in a
securities
the
•
business.
Partners
of
organization will be Syd-j
Roth and Laura M. Beers;
new
ney
jwho
.the
was
formerly
dissolved
'/Beers and
a
firm
of
partner in
Allen
which
be
undoubtedly
\
Satnick Is Ilsley Partner
tner
a
i
expand
raw
and iron
States
•
needed
rubber .production
the
certainly
for
prospects
the
Latin-
seems
almost
of
come-back
providing
for
;•
the, projects
COMMON
a
stock salesman,
has been indicted in General Ses¬
sions of New York
on
charges of
"As hosts, we naturally are dis¬
appointed that the war effort will
-
restrict
our
for your
earlier ambitious ideas
entertainment and
....
CHICAGO, ILL.-—Fuller, Crut¬
&
Co., ; members of the
Chicago. Stock
Exchange,
will
tenden
move
La
their offices from 120 South
(Salle
!
ceased
possi-
j
bilities for investors and alert
|
mendous
$100,000,000 for mob¬
-
offer
speculative
'
Brazil
which
a
.
;
the celling;
dealers will sense
can
continue
opportunities thus made avail-
;j
i
business when it
was
the Attorney General.'
be-:
1
and St. Paul.
,:;Y
;•
i.Deuell In Chicago
(Special,
Y;
Duryea Dissolving
;
to The
amount
of
time
able
to
Y
them.
•
iY }
.
As both William M. Duryea and
George F. Rothschild, partners in
the firm, are joining the armed
forces, •' Duryea & Company, 65
Broadway, New York City will be
Deuell
many years.
as
of March 31,
1942.
Financial
Chronicle)
Board
gage
ness.
with
has
of
Our
opened offices in the
Building, to en¬
in a general securities busi¬
Mr. Deuell was formerly
Clement,
Curtis &
,
Y
.
foreign bond trader has specialized in these
more
than
20 years.
with dealers concerning
We
are
actively
happy to consult
Bought, Sold, Quoted
the various issues.
6s, 1953
Fuller, Cruttenden 6- Company
-
HAY, FALES & CO.
Member*
71
,
Hew
York
Stock
Exchange
Broadway, N. Y. BOwling Green 9-7030
Ben Teletype
1-61,j,,
■
Members Chicago Stock Exchange
209 South La Salle St., Chicago
•
Telephone Dea 0500
.
•
^
Teletype CG-35
CARL MARKS & CO. Inc.
NEW YORK
*
Trade
LATIN AMERICA
securities for
J
CHICAGO, ILL.—Thomas L. G.
dissolved
considerable
maintain
to
ing investigated by the office of
has allotted
ilization of the varied productive
will
Benjamin Rubin, described as
wire services to New York, Buf¬
employe of the concern by the
Assistant District Attorney, had falo, Pittsburgh, Columbus, Dav¬
enport, Ohamaf Lincoln, Cleve¬
previously been arraigned on the
land, Los Angeles, Minneapolis
same
charges.
The
firm (had
an
;
the
therefore,
They,
of
firm
and
Chicago Rapid Transit
*
per-*
released Y in
tre-
ofY
addition, the Export-Import Bank
resources
j
was
j
interested marketwise and will be
American Hair & Felt
Nessel,
situation.
begun to
yet
realities
and,; in
in the firm of R. G. Ilsley &
R. Hoe & Co.
Louis
grand larceny and bucketing. He
have
bonds
part4
Eagle Lock Co.
Indicted For "Bucketing"
reflect the
not
capital
the
It is obvious that prices of
Latin-American
The United
production.
is |
Co., 64 Wall Street, New York
City, with Robert G. Ilsley.—
;
.
will be felt, but
American countries
Ei
Company. ;1
Sol Satnick has become
the
handed
conven¬
....
St.,
to
the
Rookery
Building, 209 South La Salle St.,
$2,500 bail to
on
or
about; April 1, Walter W.
after
pleading
not
assured for the duration of the await ; trial
Cruttenden
announced V today.
guilty. Edgar Kenny, who oper¬
tary installations along the Bra¬ war and
possibly for a long time
There will be no change in busi¬
ated ;Y a
zilian
northeastern
coast.
The
brokerage firm in New
after the war.f,'.r^':r -v
r:<: /Y.Yyi York City until the close of 1938,: ness activities or personnel. The
two countries will collaborate to
aid ;
help the Allied cause. " Of course
^
most
be
and
may
now
time..
Fuller, Cruttenden Moving
before the effect of
these agreements
receive
to
utilized for
the further development of mili¬
will
i
is
lend-lease
increased
>
time, the Bra¬
same
Government
elapse
tion
between
.
Latin-American Bonds
must
which,
down
.
The Possibilities Of
(Continued from Page 1226)
Minnesota
-
Fastnow
To Form Roth A Co.
V
111., members of the Chicago haps keep us from
putting our
Exchange. The recent de¬ very best foot forward in behalf
cline in the preferred stocks of of our
city and ourselves.
Y
the company in view of present
"But, one thing that war will
earnings figures and income ac¬ not change is Cleveland hospital¬
count is not justified, the memo¬
ity.
We
are
looking
forward
randum
states, and at present eagerly ; to
greeting >+ you
in
levels the preferred stocks should
August."/"'■'■■■■•
show definite appreciation possi¬
Early registrations will be of
bilities. Copies of the bulletin dis¬
great help to the committee. Reg¬
cussing the situation and giving istrations should be made with LY
comparative figures on earnings J. Schultz, L. J. Schultz & Co.,
per share, pro forma earnings and
736
Union
Commerce
Building,
taxes, income account, markets, Cleveland, Ohio.
Y•
Y
etc., may be had from Hixon,
Stewart & King upon request. ;
ward T. Cook, member
ibecome
stated:
"This
Stock
Adams-Fastnow Co.
to The
Associa-
tion
Jr.
cago,
T.
ANGELES,^ CALIF.—Ed¬
the
Light Company offer in¬
teresting possibilities at this time,
according to a memorandum just
issued by Hixon, Stewart & King,
120 South La Salle Street, Chi¬
a
Dixon
stated
was
that
error
become
of
of
Power &
act as under¬ rangements .for the retirement of make his headquarters
in the
these seats are pompleted at the
writers, participating distributors
firm's New York office. Mr. Dixon
on
and
dealers
in
railroad, public end of the posting period
March 31, the Exchange will have has always maintained, and is con¬
;
utility, industrial and municipal
issues, specializing in securities of retired 50 memberships in accord¬ tinuing to maintain, headquarters
ance with the amendments to its
the Pacific Coast.
H,
>
in
the
Philadelphia office. Mr.
Constitution adopted on July 29,
Clarke will be associated with the
1941.
The
present
market for
New York office. '
seats is no bid, offered at $7,500.
LOS
Parsons,
orders
Securities
& -Co.
(Special
E.
,
March 12 in reporting that James
more
•
Wyeth
Co.,
the
first
periodicals of interest to
Any suggestions should be war-time convention will be more
made to Mr; Abbe.
•v-Y streamlined than its eight prede¬
W. Thomas Hoyt, First Vice- cessors of comparatively opulent
Donald M. Lovejoy, member of President of the Association, has times.
tY'Y'^YY'YY
"We feel sure you will concur
the NeW York. Stock Exchange, gone to Washington to work with
will
become
a; partner
in the the OPM for the duration and has in our belief that in these days a
Stock Exchange firm of Foster, been replaced by Joseph Janareli, convention can be justified only
Marvin & Co., 120 Broadway, New of Freeman & Co., who was pre¬ if it earnestly, concerns itself with
York City, on April 1.
Committee
Second . Vice-President. business - problems.
Mr. Love- viously
joy was formerly a partner in Richard Goodman, Secretary, has meetings, ;f o r urn s, discussions,
McGregor, Irvine & Co., main¬ been called into the Army and therefore,- will be emphasized.
"There, also, will be entertain¬
taining his headquarters in the has been replaced from the Board
of Directors by Chester deWillers, ment, 1 of <; course,
firm's New York office.
although "our
of Schoonover, deWillers & Co.
plans to date are conservative and
flexible enough to conform to any
Correction Yy
Minn. Pr. & Lt. Looks Good conscription, rationing, or freezing
for retirement at
curity Traders Association of New
York.
;.Y:V
YUY---/Y V.-Y;
;
local
Ed.
;
In the "Financial Chronicle" of
Curb Seat Retirement
years
until' joining
Wittich
R.
Marsh
Mr.. Bowditch
years has been
McLennan, Inc.
for the past 14
1931, which and Blodget.i
post he has
the
with
of
department in
'
Me-
&
President,
going on in the Street
In Foster, Marvin Co.
ca¬
Bodell
J.
them.
Wall
Street
by YEd.
Parsons,
Y ricka
nancial
;
announce¬
Y Wm.
a
keep them supplied with fi¬
E.
■
committee to keep
in the service apprised
of what is
York office at
began his
Abbe,
members
change, as manager of their New
r.
Abbe, of Van Tuyl
has
been
appointed
chairman of
Angeles Stock Ex¬
M
F.
Richard
telephone
Enterprise 1250
Enterprise 6425
sociated with Wyeth & Co.; mem¬
bers of the Los
PHILADELPHIA
the
at
Hotel
Statler,
jYyCle vel and,''
Aug. 26, 27 and
v 28, ^
announce
that plans are
already under
way
for
the
-
seeking changes are
urged to register with Willis M.
Summers, of Hoit, Rose & Troster,
Chairman, Wilbur W. Wittich, or
the Secretary.
The activities of
v'Vv--\:;V.
York Security Dealers Association
NASSAU
45
•v
Y:
'
INCORPORATED
ninth
r
;annual con¬
tention to be
and members
S. H. JUNGER CO.
DIgrby 4-4832
Cleveland
Employment Com¬
committee
This
security
-
CLEVELAND,;; OHIO — T b e
Security Traders As¬
security
many
now, or
Traders Association of New York
mittee.
OVER
?
rhone
are
has revived its
Inquiries Invited
40
great
;a
will be in need
of traders to replace men going
into
the
service,
the
Security
retail business;
MUTILATED
,
-Since
{
.
CHICAGO
Co.
for
@FedFRASER