Full text of Commercial and Financial Chronicle : March 4, 1943, Vol. 157, No. 4156, Section 1

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...

WAR 5
Final

In

ESTABLISHED OVER 100 YEARS

Edition

1943

2 Sections-Section

1

L and.

ommeicial

S.

Reg. U.

Volume

4156

Number

157

OUR

REPORT
of

Success

of recent

stock

offerings, including a run
secondary marketing
opera¬

tions, this week provided evidence

'

.

<

The House Ways and Means sub-committee

By DR. WALTER E. SPAHR

■

Professor of Economics, New York University; Executive Secretary,
Economists' National Committee

l

on

Monetary Policy

i

a

the

there

that

fact

is

equities.v'I
Although

of events makes it reasonably

certain that

money

•"'

small

relatively

a

bankers
involved, the marketing of Bur¬
lington Mills Corporation's 65,lor

undertaking

*

*

preferred
value,

the

of 5% cumulative
stock
of
$100
par
noted as a straw in

shares

; 000

was

the wind.

|

this issue,
fixed by amendment of its regis¬
tration
statement, at $104.50 a
share dealers reported a demand
price

the

With

for

which foreshadowed heavy over¬

subscription and the likelihood of
allotment.
4

v

:

"

Street

the

Meanwhile

re-

other sizeable
blocks placed via the secondary
several

ported

*

offering route. A block of 3,000
Merck

of

shares

was

common

Company

&

snapped up within

*

Efforts to

it

And

.J hours
; group
75,000

but

required

a

.

to dispose of a block of
f shares of Commercial

Solvents

Corporation.

Another sizeable secondary,

in¬

volving 40,000 shares of Standard
Oil

Company of
New Jersey,
though it did not move as rapidly
those

as

previously

(Continued

mentioned,

on page

836)

of this

war.

weekly, semi-monthly or monthly, would be accumulated

to be made

applied against taxes to be<$>computed at the year-end. Under
and

the plan, all

taxpayers would pay

their first two installments of 1942
income

taxes, due March 15 and

»y-"..'-/..-

June 15.

announcing the withholding

In

decision, Representative Cooper
(Dem., Tenn.), Chairman of the
sub-committee, issued this state¬
ment:

■.

"It has been tentatively

The alternatives to this four-point program are things

r

to be feared and

fought.

•

:

One of these alternatives is
dollar.

It

'

"

beginning July 1, 1943, a with¬
holding tax of 20%—3% on wages
and salaries above exemptions of
like

$624

Victory tax, plus
and salaries above

the

17%

on

a

radical devaluation of

our

reasonably clear that a drive will be made
for such a devaluation, and it is possible that such a program
may be slipped over on the American people so quickly that
they will not be able to understand its terrible implications
before it is too late.
A very large proportion of the Ameri¬
can people has not
yet learned the nature and significance
of the devaluation of

1934, and

they would not be able to

we

can

be almost certain

how the effects of this
devaluation " would differ from those following a radical
(Continued

wages

regular income tax exemptions of
$500 for single and $1,200 for mar¬
ried

persons

see

on

page

836)

tplus $350 for each
10% to

dependent, increased by

This would

allow for deductions.

apply to wages and salaries."
Mr.

put

ARMY, NAVY and
MARINES

■.

As

mise

;1.

the

to

posals,

y"-:y;'y;

pay-as-you-go

pro¬

sub-committee

the

laid

consideration of

a

compro¬

27,. after a
effort to dis¬
of the withholding phase.
plan

Feb.

on

Regarding the withholding tax
the Associated
ported the following:

Press

plan,

re¬

various

withholding system would
have the effect of cancelling fur¬
ther collection after July 1 of the
40%

of

which
the

the

Victory

present
amounts

now

to

and

Government

is

a

Bankers

,

:

'

INVESTMENT

and

Colony

64 Wall

each

employee owes under the
withholding levy, weekly, semi¬
monthly or monthly.
<
Mr.
Cooper
emphasized that
taxpayers under the withholding

plan would have to make out their

Actual

'

Members
York

p

Stock

^—INCORPORATED

t

PHILADELPHIA

Syracuse

15 EXCHANGE PL.

Office:

Paid-Up
Reserve
The

York

New

Curb

JERSEY CITY

Dallas

Chicago''
And

N.

Cotton

Orleans

New

Y.

of

INDEX

other

NEW

26,

Bishopsgate,

DETROIT

MEXICO,

GENEVA,

D.

F.,

SWITZERLAND




.................831

Municipal News and Notes..........832
Reporter On Governments... , .840
Reporter's Report.............. 825
.

Items

INCORPORATED

45

JV.

Y,

Tel.

Nassau

Security

Railroad
Real

Securities

Estate

Securities

Says
Uptown

REctor 2-3600

Philadelphia

_

Bank

Capital

Salesman's

Corner. .'..... .831

Markets—Walter

Whyte
829

After

3

*..837

CHASE

THE

Capital—

£2,000,000

Fund_^_—>.__£2,200,000
conducts

every'description

and

Trusteeships

LOS ANGELES

BANK

correspondent

£4,000,000

facilities
r

of
Member

Federal

Y

Executorships Y

Deposit Insurance

Corporation

also undertaken

f

Exchanges

:

Open to 5:30 P. M.(e.w.t.)
and

dealers

executions for brokers,

institutions

securities,

on

Pacific

including those which

also have'eastern markets.

HART SMITH & CO.

Dealers

REYNOLDS & CO.

f

Ass'n

New York

.

Members New York Stock Exchange

Broadway
Telephone:

Teletype N.'Y: 1-576

Telephone:

,828

...,.,,.,......,.829

Securities.........828.

Direct wires

120

Street

.

...........,....

service with Chase

Welder Co.

Kobbe', Gearhart & Co,

.PITTSBURGH

MEXICO,'

.....834

.............,.827

Trusts

Our

Coast

Members
CHICAGO

Briefs

Investment

,

Federal Machine and

Securities
Bldg.

Securities

Canadian
Dealer

Stocks..........-830

Security Flotations.838

Y;,

Exchange

YORK

Insurance

Calendar of New

Quotations and

Exchanges

Cotton Exchange

Page
and

Bank

Broaden your customer

in

Products, Inc.

O ver-The * Counter

Trade

837

Pacific Coast Stock

for Brokers & Dealers in

Inc.

Exchange,

Board

page

.

Trading Markets, always

Exchange

Commodity'

on

the

at

had been held

OF THE CITY OF NEW YORK

Purolator

Exchange

Cotton

returns

more

*'

re¬

banking and exchange business

634 SO. SPRING ST.
^

Exchange

York

New

tax

If

Continued

H. Hentz & Co.
;

income

usual

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

HUGH W/LONG and-COMPANY

Street, New York

Albany
Buffalo
Pittsburgh
Williamsport

Troy

charity,

tions and tables whereby employ¬
ers
at a glance may tell what

Uganda

London, E. C.

ON REQUEST

Subscribed

SECURITIES

to

payments, etc., for the
simplicity.
1
The Treasury will draft instruc¬

tax

later

Government

the

to

Kenya

Established 1927

.

:

BOSTON

New

contributions

of

Branches

;

a

loan to

NATIONAL BANK

R. H. Johnson & Co.

San Francisco

The

substitutes

interest
sake

Tomorrow's

The

Head

52 WILLIAM STREET

"'

levy

blanket percentage exemption in¬
stead of the usual deductions for

Personnel

•

PROSPECTUS

and

under

exemptions in the law.

withholding

pose

of INDIA. LIMITED

ENGINEERSand CONSTRUCTORS

1856

normal
surtax

fundable to the taxpayer.

Sanderson&Porter

Established

6%

bracket

Our

FUND

Buy War Bonds

y

the

as

first

week's study, in an

MANHATTAN

'

FINANCING and VALUATIONS

v

the

44,000,000 Federal income
taxpayers on a current collection

Enlist Your Funds in the

In connection with

NEW YORK

13%

NATIONAL

REPORTS

MANAGEMENT PROBLEMS

Chicago

amount

nation's

,

exemptions

the 17%
is calculated to
approximately
the
same

ment,
yield

year-end.

j.LAL. also

V-

On the basis of the

set forth in the Committee state¬

Cooper estimated this would
approximately 70% of the

aside

seems

agreed

by the sub-committee to provide,

system.'

■

,

AND CONSTRUCTION

SURVEYS AND

charged with draft¬

a plan to withhold 20% of taxable income from pay envelopes, be¬
ginning July 1.
This would not be a new or additional tax but the withholdings,

■

that
QUICK ACTION ON DESIGN

.

Copy

ing pay-as-you-go tax legislation tentatively approved on March 1

r

few

banking

another

for

prevent unnecessary fiscal and

monetary evils and to provide the proper
'way out in the end can be made successful
if all of us,: to the best of our ability, will
pursue the following four-point program:
;
1. -Give all possible aid to those who are
trying to reduce and eliminate ;non-essential governmental expenditures.
2.: -Fight all those sponsors of bigger and
better programs of t government expendi¬
tures, deficit's, and debts; as we have seen
them during the last decade, and all those
Dr. waiter e. Spahr
who argue the virtues of such policies.
3/
Fight greenbackism and currency depreciation in
all its forms.
' V:; j;
y
'
Y
: %. 4.
Urge a "permanent- national debt as *?the ultimate
solution to the debt problem which we shall face at the close

matter of minutes.

a

a

•

The trend

V

by the time we reach the end of this war our fiscal and mone¬
around awaiting investment op¬
tary affairs will be sad to contemplate.
portunities.
v •'
The important things to do \ are (1) to
Doubtless the sustained dearth
.minimize the evils and dangers we shall
in new corporate' bond issues is
turning
individuals and others
face, and (2) to adopt the best possible
with
available V funds v toward
solutions to the problems we cannot escape.
of

Price 60 Cents

York, N. Y., Thursday, March 4, 1943

20% Withholding Tax On Wages
And Monetazy Solvency Favored As Part Of Pay-Go Plan

#

|
f-y)

number

a

Office

Pzogzam To Salvage Fiscal
s

of

New

■

Pat.

Enterprise 6015

Bell

New York, N. Y.
REctor 2-7400

Teletype

NY

1-635

New

York

Dean Witter
Members

Members

Security Dealers Assn.

SAN

NEW YORK STOCK

FRANCISCO

and other security

52 WILLIAM ST.,

N. Y.

Bell Teletype NY

Co.

and commodity exchanges

HAnover 2-0980

1-395

14 WALL STREET
NEW YORK

New York

r

EXCHANGE

STOCK EXCHANGE

Montreal

Toronto

LOS ANGELES

BArcloy 7-4300
SAN FRANCISCO

HONOLULU

THE,COMMERCIAL & FINANCIAL .CHRONICLE

826

TrnAing Markets

"

•vo

We Maintain

CANADIAN INDUSTRIALS

Pfd. & "A"

CANADIAN MINES

Triumph Explosives

•

king & KING
Established 1920

Members

40

New

York

HA 2-2772

Exchange PI., N.Y.
BEXiZi TELETYPE

r

.BROADWAY

115

7-0100

BArclay

Telephone

NY 1-423

"f".'" VV'A

v,

41/2>s, '67

Prop. 4's, '58
'72, Pfd & Com.

Cuml. Pfd.

7%

Dividend $13.50

..

''i

<

<

7;j"

\

Broadway, N. Y.

admission
-of Harral S. Tenney, Jr.,,as a gen¬
eral partner in the firm.^A;V,;A;; A:. t
/ Van' Alfftyne, Noel was formed
in, July, 1932 and has been en¬
gaged in a general underwriting

\h/t

business.-.

Boren Excoriates Bureaucrats As

Burlesquing a
War Effort In Address At N. Y. Municipal Club
Speaking before the Municipal Bond Club of New York repre¬
of Oklahoma) declared that some

Sugar & Coal

sentative Lyle H. Boren (Democrat

governmental bureaus, such as the WPB are "making a burlesque
out of the war effort" and the government itself has gone"bureau7

also

crazy." ;
'•The

all "Inactive"

have
he

'V;

•

1 ■

X.V

are

-:/.v:

"

The firm has also been

Is Formed In Detroit;?
McDonald

.

bureaucrats" today, than

declared

curities'

Referring to the Securi¬

ties' and Exchange

Trader Available

will

;7

v

ters
-

Order Clerk & Statistical
of

C.

25,

Chronicle, 25 Spruce St., New

XtV/'■

York, N. Y.

The

Et At
With Milwaukee Go

ST. PAUL, MINN.—Clarence

L.
Finger, Karl D. Arnold and Theo¬
W.

dore

Pelton

sociated

with

office

of

pany,

in

the

Mr.

ager

have

the

The

become

newly

Endicott

there

"deliberate

a

was

people." "

with

Company
was
•

of

the

Griffith.

Mr.

That Van

•

would

for
Merrill-Lynch, Pierce, Fenner &

at¬

Beane

r A

many

and

its

manager

predecessors

years'. ""

.

tor

7/"^:-'/:

*~v

HOLLISTER-

PYNE, KENDALL &
•'{/•••

a limited-partnership'.

:!■,

ANNOUNCE

CHANGE

THE

OF

MARCH

OF

1,

A
a

/ ■; A-;; A' ;

LIMITED

A

7'7-V

PARTNERSHIP

i

exchange

New

Curb

■

.

,

:.

.

Co. and has, also

Vice-President
the

MALLORY,

H.

C.-ORGE

Board

and

a

PAUL

Railroad

F.

W.

MALCOLM

HAVENER,

MINOR,

GENERAL
-

Public Utility

BI.ANCH1,

STANLEY

i
BURKE.

W,

ROBERT

Industrial

E.

L.

LIMITED

JONES,

L., STRONG,

'

JR.

'

HENRY

''

....

.

E.

STRAWBRIDGE,

COE,

JR.,

A

-

"

JR.

PARTNERS

Governors

of

522

FIFTH

AVE..

NEW

YORK

Salary secondary consideration.

The Financial Chron¬

B-l,

New

Street,

Spruce

25

::7;

John B. Carroll Go.

7

Active In Business
It

reported in error in the

was

February,

Edition

1943,

of "Se¬

Co.; 24 Commerce Street; Newark,
N. J., was discontinuing Uusines^
the; for the duration of the war. Such

of

is not the

Asso

as

case

the firm is still

Newark, although the
New York office has been closed
for the duration.

'{.//:,■■//; '/j'

;;v;7.Toll- Bridge Earnings
>

An^ interesting

earnings

gross;

of

tabulation 1 of.
various toll

bridges 'for 1941; and 1942,

Adams

upon

St.,

com¬

111.

Chicago,

request' from

Stifel,
i

Of Interest To Dealers

Chesapeake & Ohio Ry.
Outlook Interesting cX- X
research

The

department

NEW JERSEY

|f

of

Pierce, Fenner &

Merrill Lynch,

Beane, 70 Pine Street, New York

•City, members of the New York
Stock Exchange' and other-leading
exchanges, has

just completed a,

study of Chesapeake & Ohio Rail¬

Co. embracing type and voir

of traffic,;; competition, oper-r
ating efficiency, earnings and div¬
ume

7

v

idend record, taxes,

capitalization
reduction, and post-war
outlook. Copies of this interesting
study may be "had from Merrill

four-page circular on a number
securities
which
they
feel

Lynch,'.'"Pierce,; Fenner' & Beari^

and debt

request.

upori

Ask for Bulletin C.

Spokane Int'l Ry. Esc. Recpts.

-

pertaining to the following

Federal Water & Gas Corp.

companies appear in the circular:
Long Bell Lumber Co., H. H. Rob¬
ertson Co.,- Trico Products Corp.,
Marathon Paper Mills, Associated
Electric
5s
of
1961, Associated
Gas & Electric Corp. incofsae de¬
bentures of 1978 and convertible
circular

OFFICES

MONTCLAIR.

in

active from

debentures, of 1973.

'
BRANCH

longer

-

PARTNERS

•'

•

ERNEST

WILLIAM

no

business. Seeks position of trust.

served as

particular interest to
dealers seeking meritorious situa¬
tions for distribution. - A sketch
and reference to current develop¬

HOLLISTER,

W.

Firm

securities.

should be of

f

2-1828

BUELL

ALBERT

ADEE,

T.

of Wall St., and

know how

the

leading N. Y.

a

cashier, and has

as

member of

New York Security Dealers

ments




V

ciation.

a

120 BROADWAY, NEW YORK

CHARLES

Trading Markets in

house

;.7;

:

partner in the firm of J. K. Rice,

Jr. &

of

RECTOR

with

years

E.

S.

young

curity Dealers of North America"

for

Wertheim

18.
TELEPHONE:

EXCELLENCE

that the firm of John B. Carroll &

Exchange

_

■

1-2480

tradjng
department
of
&
Co., in charge of
John D7 Rocamora,"has prepared

::

V

.

new york stock
York

38

way

1

members
members

Whitehall 4-4970

■'// .a///-

:

was

The

the Milwaukee Company was pre¬

NY

some years

Mr. Cannon

Meritorious Situations

NAME

FIRM

MALLORY, HOLLISTER & Co.

viously reported in the "Financial

Assn.

York, N. Y.

p For Byte & Company

Nicolaus & Co.

TO

1943

Dealers

Teletype,

60 years

icle,

'7'•••-•

•<<

THEIR

System

PAR

Box

•

Gannon Trading Mgr7

had

REYNOLDS; FISH & CO.

AS

NY J-609

Stock

York

New

Copies nf this tabulation may be

Opening of the St. Paul office of

Teletype
II| 70 PINE ST., N. Y.

Alstyne, Noel & Co.

become

West

forr

G.A.Saxton&Co., Inc.

7

pared with Engineer's Estimates,
for distribution

Vice-President.

STOCKS & BONDS

and

Kinnard,

tby Stifel, Nicolaus & Co., Inc., 105

man¬

Finger

Richard

ihas been prepared

Building.
were

Jr., J. J. Hindon

Tenney,

Griffith

Mr.

local

Wells-Dickey

which

Chronicle" of Feb.

Union !TniSt

as¬

..

merly

G.

formerly

was

tempt" afoot to "separate Congress j
from the

in the

office

new

of Leo

intimated

and

S.

Hyde,. L.

Building, under the management

enough

know

people

Congress"

Pittsburgh

PITTSBURGH, PA.—Str.oud &
Co., InCy announce the opening of
a

Security

HAnover 2-4660
Bell

4 David Van Alstyne, Jr., Richard
C. Noel, Edward L. Elliott, Har¬

-

that

York

Broadway, New York, N. Y.

partriers of the firm
//Tt:r/v"$yy w^'/"/:-/'JA-'::.i

^

Branch In

^//

declared

?A'7.:7',f,AA';

Member a

^

Nero

71

.

Com

Finger will be resident

All

that

also

Penobscot

the

in

in

opened

Milwaukee

of the office.

few

about

G. L. Finger,

Boren

the

Griffith Heads Btroiid /

It

prisoner.

cheated and plundered."

"too

:

agencies.,

"

ment.

been -oppressed,

has

farmer

Mr.

i

Government

has made every farmer a

Financial

The

.our

Boren

good example

a

Offices'"of

>

J.F.Rcilly&Co.
;7-:;-Av

General
are:

Frank Y. Cannon is now asso¬
Detroit and ' in the
Michigan National Bank Building ciated with Syle and Company, 19
in Grand Rapids..
v/^//;//^ Rector Street, New York City in
charge of ;? their trading; depart¬

of Agriculture

attacked by Mr.

who asserted "It is

Background
Box

also

located

be

Building

concerning that agency.

The Department

was

business.

p

■Co////'/-/'/:/::

se¬

new
firm, ..which is successor; to
McDonald,"Moore;& Hayes,'IhC7

Commission^ he

that Congress would do

something about a number of mat¬

Wilh

general

a

Federal Water & Gas

with T. L.
Watson & Co. and Hoppin Bros. &

of ; Mc-.- Chronicle" of Feb. 11.
co-part¬

Co., a

nership, to conduct

by elected legislators, Mr. Boren

charged.;

&

Donald-Moore

Spencer

tensen in the past was

—

formation

the-

nounce

7

<

Farnsworth Television

has

Harry; "At. Exchange members was previous¬
and William Moore an¬
ly,: reported
in- the ! "Financial
MICH.

DETROIT,

"More laws and rules are being
made by

Christensen

W.

Harold K. Young.

thus are re¬

Wickwire

joined the firm as head of the
statistical department. Mr. Chris¬

ral

McDonald-Moore & Go.

sponsible to no one. We've got to
make it unpopular to be a bureau¬

|

T Charles

term of scorn and the bureaucrats

a

Botany Worsted

7

mining properties and Industrials,

rv',

7'VA:-'A

a

themselves tvrants,"#-

said, adding that; "the bureaus
full of men who never had to

crat."

Jersey City, N. J.

| New York, N.Y.

■/.: '//,

'bureaucrat' is

term

proven

stand for election, and

George A. Rogers & Co., Inc.

•

■

Struthers-Wells

member of the New York Stock

active in the private financing of

X;a-;.

branch offices

our

Auto Ordnance
;

Exchange through the

Teletype Nf Y. 1-1227

;AH

Direct wires to

•

has become

that the firm

nounce

/ '

Teletype ISTY 1-924

HAnover 2-4870

Tel. jREctor 2-7815

r-

N (1-1557

New Orleans, La.-Birmingham, Ala.

^

Alstyne, Noel & Co., 52
Wall Street^ New York City, an¬

■f-A:

••7; New York

60 Broad St.

BROADWAY, NEW YORK

St., New York, N. Y.

-I

•

..

Van

/■ /

j.-

7■

York Curb Exchange

Admitted To Firm ^

Request

on

J. L. SCHIFFMAN & CO.

Exchange

WOrth 2-4230
Bell

.

'

25 Broad

Van Alslyne, Noel Are
NYSE Members; Tenney

share,^..< '/':'
$35 pet-share V.;

.

-120

r

a

Currently available around 70

Mitchell & Company
120

-

$100

substantially higher earnings in 1943.

indicate

Circular

Stock

A'

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

production

increased

Seiberling Rubber 5% Pfd.

Baltimore

—

Accrued ^Dividends now over

—-

Higher prices for lead, zinc
piUS

Pittsburg Hotel 5's, '62 & '67

Members

■

U

YORK ;

New

■

for Dealers

Dividends paid last 8 years total $73.50 per

V,

,

1942

Merchant Refrig. 5's,

?/'[/

Members
j;; ' I.' .<
'Stock'Exchange*-' ' ,"';A",

■

New York

■

•

TOWNE SECURITIES CORP.

Trading Markets in:-~Aldred Investing

Members New York Stock Exchange

'•'//

''

Teletype. NY .1-672

•

,

Interesting

Merchants Natl.

'NEW

Af

,r:

,

s.

Steiner, Rouse & Co.

McDonnell &fo.

f

and Other Principal Exchanges

Members A'. Y. Stock Exchange

w.

CANADIAN BANKS

Goodbody & Co.

Ass'n

Saltex Looms 6s, 1954

Walworth Pfd.

...

Dealers

Security

Debardelaben 4s, 1957

V Remington Arms
v
Warren Bros. Class A, B & C

A

:

A' ;

Alabama Mills

.

;

v

CANADIAN HAILS

Tennessee Products

.

A

.

Cyanamid Pfd.;

Botany Pfd, & Common

7j

'"S"

'

'

CANADIAN UTILITIES

Farnsworth Television

American

Actpve Markets for

Botany Worsted

Thursday, March 4, 1943

may

be

Copies of the

had

by dealers
by

interested in securing the same

writing to Wertheim & Co., 120
Broadway, New York City, mem¬
bers of the New York Stock Ex¬

change.

Deep Rock Oil

X*

Ohio Match

Universal Match

Robert C. Mayer&Co., Inc.
.

'

.

.

30

•

Established

Pine

Street,

1915:

.

•

7v„7

New York

Telephone DIgby 4-7900
ABell System Teletype NY 1-1790

Volume 157

;

Number

COMMERCIAL and

;

{

i

We

Reg. U. S. Patent Q£flcar0

'" William B. Dana Company

v"

■

Publishers '

■.<

interested in

are

Cramp Shipbuilding

fV ^

'

25

v

i

V.

Spruce Street, New York

>.<

BEekman 3-3341 *; ■

J.

•

••

;

Herbert
-

Seibert,-^..

D.

•

Ralston Steel Car

■

.

William Dana .Seibert,.
William D.

//

Thursday, March 4, 1943

}

L E.

.

Other

Field

.

Own

Spencer Trask & Co.

Kellogg Company ]

Chicago—In charge of

Telephone HAnover 2-4300

;

don't

bid

junk!

heads

our

off

for

Try us.

Obsolete Securities Dept.
99 WALL

Exchange

STREET, NEW YORE

Telephone;

WHitehall

4-6551

Building

Copyright
Company. •
Reentered

1943
■
as

B.

William

by

•

STRAUSS BROS.

Dana

Members

York

New

We

32

REAL

second-class matter Feb¬

Board of Trade Bldg.

Broadway

"

NEW YORK

25, 1942, at the post ofiice at New
N. Y., under the Act of March
3, 1879.
'.'r-

*7 CHICAGO

V ?■/<'•

We

DIgby 4-8(340 •'.* • .-r Harrison 2075
Teletype NY 1-8,52, 834 " Teletype CG 129;

York,

•

...

Subscriptions in United States arid
Posesslons, $26.00 per year; in Dominion
of Canada, $27.50 per year;
South and
Central
America,
Spain,
Mexico
and
tCuba, $29.50 per year; Great Britain,
Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year.

are

DEALER

"

•uK'-'i*'v .'«•

The

,r '•■•'7*/

,

as

I •rr *

elections

later

and

,./?r

There is

that

'

1

'.

v"

Inquiries

•-\

remain

:'"N

tax

will not be

is

ers

New

Members

40 Wall

Stock

York

St., N. Y.

Exchange

""

'

C. Mosser*

and
I find buy¬

'

-

In

the

ST. PAUL
5's

t

1500

Alstyne, Jr.

J. J. Hindon Hyde

PHILADELPHIA
.

MISSOURI PACIFIC

*Harral S. Tenney, Jr.

WALNUT ST.

4's—5's

,

-T. Richard Kinnakd

SEABOARD AIRLINE

Harold K. Young

/

4's—5's—6's

March 1, 1943

*

Member New York Stock Exchange

thirty days we have
largest public de¬

past
in

for

years

vestment

It

has

issues*

trust

also

been

Members

Schram Asks NYSE Jembers For Views On

V

^

■

J.F.Reilly&Co.

mod¬

unlisted

priced industrial, utility and
real estate securities^ .arid for.:in¬
erate

name

of Pyne, Kendall

Security

Dealers

Assn.

Broadway, New York, N. Y.
HAnover 2-4660

Admitting Corporations To Exch. Membership

quite

York

New

71

noticeable
-*
to us during the last month of con¬
•'
Emil Schram, President of the New York Stock Exchange, sent
Hollister-Reynolds, Fish & Co.
-effective March 1 has been stantly rising markets that inves¬ a letter last week to members setting forth the principal arguments
tors
have been selling very few that have been advanced on the
questions relating to the advisability
changed to Mallory, Hollister &
of
their
unlisted > securities.
j'So of admitting to Exchange membership corporations engaged mainly
Co., the business having been origfar, this has worked out advan¬ in the securities business, as brokers, dealers or underwriters.
/
1
'inally established in 1909.However, if •;->This matter has been under consideration by the Board of Gov¬
On May 1, 1942 the business of tageously for them.
The firm

Y.

1-120S

Edward L. Elliott

President S. C. Mosser

Company, Inc.

mand

Mallory, Hollister

<]

N.

SY

Richard C. Noel

NEW YORK

attentive to the prospects

more

,

experienced the

Firm Name Is Now

Teletype

FRISCO

Exchange

David Van

STREET

52 WALL

municipal

of

prices

Members New York Stock

As

inflation with many looking for
sound equities as a hedge.—-Stacy
&

^

2-897E

per¬

WHitehal! 4-6330

Wt Bell Teletype NY 1-2033

Broadway, New York,

4's—41/2's—5's

of

Newburger, Loeb & Co.

39

Van Alstynk, Nofx & Go.
"

floor

firmer

a

corporation securities.

Invited

general partner in our firm.

a

HAnover

that

and

exempt

there

result

a

'!

\

as

more

mitted to become confiscatory.

under

»"•"

CO!

INC.

bonds

municipal

corporation taxes

■r.'Vy '-.iV't

Participations

Members New York Security Dealers Asm.

•

will

Certificates

Co.'e

Trust

re¬

-

greatly.

confidence

Mortgage Co.

Ctfe.

Mtge.
other

Congress, has influenced

investors

&

Co.
Title

&

all

J. GOLDWATE!) &

.

JR.

S?• Gj."

*jj-,

flected in

New York Title

Ctfs.

Bank

v

in trend of ■ public
revealed in the No¬

change

vember

specialise in

Ctfs.

Co.

Complete Statistical Information

MR. HARRAL S. TENNEY,

^Chicago, 111.
opinion,

We

Co.

Title

and

NOTE—On account of the fluctuations

exchange, remittances for
subscriptions
and
advertise¬

In

Mtge.

Lawyers

witli the admission of

BRIEFS

Invited

Lawyers

NEW YORK STOCK EXCHANGE

in the rate of

ments must be made in New York funds.

In

ESTATE_SECURITIES

Bond

•

Specialists

Inquiries

pleased to announce that

have become members of the

we

,

foreign

Are

Dealers Ass'n

Security

•

ruary

•

"can"
we

that

by
the
public
alike?
We
anything1!
Some¬

and

times
such

Teletype NY 1-5

]

\

Members New York Stock

(Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, E.C.

any stocks
or
Bonds
been
"canned"

Street

y25 Broad Street, New York

j Fred H.' Gray, Western Representative,
'

Victory!

STOCKS

PREFERRED STOCKS

••

with a statistical issue on Monday)

i

Nearer

"CANNED"

•

clay (general news and advertising issue)

j

Week

and Industrial
have

Mfg.|

Staley

Published twice a week {every Thurs-

Offices;

One

"

J,
•

AND COMPANY

.

..

Riggs, Business Manager
,

:§|;'

■

H. H. Robertsons

......

,

President

Public Utility

•

liCHTtnsTfin

-

>

>

<

v

i Editor and Publisher '

|.

offerings of

High Grade

,
■

821

Q

*

CHRONICLE

FINANCIAL
I'

THE COMMERCIAL & FINANCIAL CHRONICLE

4156

Bell

System

Teletype,

N.

1-2480

Y.

,

corrective reaction

a

-Pyne, Kendall & Hollister was
merged with Reynolds, Fish & Co. market,
'

with the main offices of the firm
'at 120 Broadway,

cation.
tained

their present lo¬

Branch offices

are

main¬

522 Fifth Avenue, New

at

in the

occurs

.York and in

Montclair, N. J.
Many such people have been wait¬
partners are: Charles ing for years for a rise such as this
Mallory; Buell Hollister; in which to dispose of holdings,

General

-

•II.

•George T. Adee; Albert W. Bian-

ichi; Paul W. Havener; Ernest L.
Jones; F. Malcolm Minor and WilJiam L. Strong, Jr., George C.

but

will
their

on

take

not
own

positive * action

Astarita having retired.

4

^ Limited

partners

We

feel that suggestions

ers

along

be

are:

Stanley

'

these

lines

by deal¬

might

amiss, and would also

stimulate

transactions.

Curb Exchange.

V?

Arthur

to

Lowell

Henry E. Coe, Jr.; and
Niebuhr,
President,^ Lowell
Robert E. Strawbridge, Jr.
buhr & Co., Inc.
The firm has two memberships
on the New York Stock Exchange
and membership on the New York

not

serve

—

W. Burke;

•

Nie-

1

.

Interesting Situations

!

Hill, Thompson & Co., Inc., 120
Broadway, New York City, have

Arthur

Wiesenberger'
Wolfgang

Wiesenberger-& Co.,-56

>

'prepared for distribution interest¬
memoranda
on
American
eBusiness Credit Corporation and
ing

and will

is

Beaver

Street, New York City,
that

nounce
now

Mr.

Quaker City Cold Storage Co. 5s

Ernst

associated

Wolfgang

Wolfgang

with

an¬

is

their .firm.

formerly,

was

man¬

1953, copies of which may be ager of the investment.-depart¬
ment of F. M. Mayer.
had from the firm upon request.
'
.

7.

Schoonover, <le Willers & Co., Inc.
.

announces

the formation of

-

general
is whether the ad¬

of

a

qualifying corporation would

be the stockholders and

members

qualifications would

en¬

of

ors

capital;
or

they

contribut¬

would

120

and, at the same time, improve the
over-all position of our business.

Exchange. They would, in effect,
correspond to the general partners
of
a
member
firm.
Preferred

We must keep

stockholders would correspond to

able

us

better to

progressive
of

serve

the Exchange in

trend,

such

the public

but

measures

as

a

by

only

are

feoiind and meritorious,
t "Under the member

corporation
plan*most, widely advocated, an
applicant" corporation would, of
course, have to conform
to the
Exchange's
present
philosophy

the limited partners

of a member

firm.

"Companies
thus
organized
would be subjected to the same
rules as are imposed upon mem¬
ber firms.
Member corporations
would be

required to observe the
on page 834
j ;

Continued

vLong Bell Lumber Co.




'

HtRZO&&[o.m
170 Broadway
Bell

System

|

COrtlandt 7-6190
Teletype NY 1-84
i

Situation Looks Good
For California Issues
Kaiser

&

Co.

attractive

an

have

just issued

memorandum

dis¬

amortization
of
bond
premiums in the State of Cali¬
fornia, the financial situation of
the State, and the current situa¬
tion in Imperial Irrigation Dis¬
trict, the electric system of which
has developed rapidly since its be¬
ginning in 1938.
Copies of this
cussing

interesting memorandum

may

be

obtained from Kaiser & Co., Russ

Building, San Francisco, or from
their New York office at 25 Broad
Street.

Trico Products Corp'n.

.

.

American States

Utilities Corporation

^ Associated Gas & Electric Corp'n.—All Issues
;

for copy of our current circular
giving particulars on the above companies

;/u-Send

Teletype ny 1-2361

Telephone

REctor 2-2300

Members Neu)

York Stock Exchange

120 Broadway, New York

Bought

—

Sold

—

Quoted

CRAIGMYLE, PINNEY&C0.

Wertheim & Co.
'*

5V2% Preferred Stock

:

"

~

*

preferred

H. H. Robertson Co.

^Marathon Paper Mills

.7

Broadway, New York

2-7634

be

allied members of the

\

Segal Lock & Hardware

-

the

L"

'•

Bartgis Brothers

4

To engage in a general securities business
with offices at

REctor

of

minds

and rights
*V\. J *

r :

•

C. E. de Willers & Co.
;

themselves to our
policies
and
supervision could
quality for admission. Banks, in¬
adapted

or

'•'.'lis.I

t

^

formerly Vice President of

,

y

capital structure and business con¬
duct.
Only such companies as met

membership,
mission of corporations that meet

;

CHESTER E. de WILLERS

policies with respect to mem¬
ber firms, particularly as they re¬
late
to
supervision,
ownership,

Schram's

Mr.

the

in

".

common

and

trusts
and : insurance
■ •
J- ••; Vi: vestment
letter, we companies obviously would be in¬
eligible because their business is
quote: -v
"May I point out that the ques¬ not mainly that of brokers, deal¬
:.
tion uppermost in the minds of ers or underwriters.
"Directors and principal officers
your Governors, as I am sure it

if

-

Federal Screw Works

Mr.^

be of definite assistance

to -the ■ Boardi"'

means

of
,

but

definite

*

Adds Ernst
V

time

some

opinion,", adding that their views
"will be given careful attention

From

initiative.

•

'

for

ernors

will have Schram said no conclusions have
missed their opportunity to dispose been reached and the
question is
of holdings at the most attractive still
open for full discussion.
He
levels in several years, unless such called on members for their "fulL
action is take- in the meantime, v. est and freest expression of
investors

many

Stromberg-Carlson

Members

Teletype
NY

1-1693

ONE
^

-

New

WALL

Telephone

York

Stock

STREET,

Exchange

XEW YORK

WHitehall

4-5290

Specializing in Water Works Securities

'

'

1

FINANCIAL CHRONICLE.
&

THE COMMERCIAL

;

828

Thursday, March 4. 1943

S"v

chicago

.

Harry A. McDonald 6* William Moore

,

real estate

securities

Hearst-Brisbane Properties 6S;

77

the formation of

announce

7-

conduct

to

HICKEY & CO.
SOUTH

Detroit, Michigan

CHICAGO

!•>>-

Sold

Dr.

Members

Dallas

Check

us

Life Ins.

Co.

particulars to the Editor of the

(Special

Preferred Stocks i

Chronicle)

Financial

The

to

Financial Chronicle for pub;

MacLaughlin

i Williams & Co.

f ?

i.

-

>

(Special

Chronicle)

Financial

to The

CHICAGO, ILL.—Frank S. Pul¬

KANSAS CITY

has

with

associated

become

Salle

Mr.

St.

Puller

54

Co.

South

to

NEW YORK

1

with

-

Alfred

O'Gara

is

Callahan

Lynch,

CHICAGO

216

(Strauss Bros.)

Pierce,

Merrill

with

now

Fenner ;&

Beane,

Mr. Cal¬
previously with Otis &

Superior Ave., N. E.

lahan

was

Co. for many years.

ST. LOUIS

(Special

(Murdoch, Dearth & White, Inc.)

BAUM, BERNHEIMER CO.
1016 Baltimore Avenue

"

Chronicle)

Financial

The Financial

to

Both

Building.
connected

were

Co.)

Rand

Minneapolis,

Tower,

Minn.

Tel.:, Harrison 6432

Teletype: KC 472

(Special

U.

ST. LOUIS

BEACH, FLA.—Robert

Alexander

ated

with

has

Blair

become

F.

Hughes & Treat Is

[
Formed In New York

affili¬

Claybaugh &
Mr. Alex¬

Co., 420 Lincoln Road.

i

Following the dissolution of the

partnership of Baker,

Hughies!

&

Treat, Andrew John Hughes and
Amos

Sherman

Treat *

announce

S

...V

.r.

7l7';-

'

i

-fx <

i

was
formerly with CorriMiller & Co.

gan,

(Special

&

man

Chronicle)

Financial

Tower.

McClure

for many years.
(Special

4;

to

The

was

7-/7'>

;

Chronicle)

Financial

MINNEAPOLIS,

MINN.,-

Charles R. Bennett and
Members St. Louis Stock Exchange

W.

Rue

with

,

J.

have
?

Tower.
with

H. A. Tremaine To Be
Hicks & Price Partner

M.

Both

&

were

Maynard
connected

become

Dain

Co.,

Rand

previously

Wells-Dickey Co.

(Special

to

The

Financial

PASADENA,
B. Mercier is

Chronicle)

CALIF. —Marion
with the Leo G.

now

resigned his post

current

,

,

.

Old Ben Goal Blears 3

All Arrears Gn 1st Os
CORRECTION

7W.

been

of

the

prepared

6s

news

the

over

previous

PRESS

OP

N.

removed

restrictions
against
company's purchase of their
Debentures.
In
checking
the
mortgage indenture it develops
that as long as any First Mortgage
6s remain outstanding the com¬
pany is prohibited from using its
current assets, its earnings or it£
surplus for the purchase of its
the

Debentures.

period

AS

MANAGER

7

-

>.7

expenses

were

(after deduction of ac¬
expenses) was over four

crued
times

the

than

greater

:

year.

previous

An

pany,

even

at

annual rental of $55,-

did

000

an

&

are

Co.

request.




avail¬
upon 1

tion.
The owner,

dated

Dec.

TO

in

18,

of the

a

communication

1942,

that

stated

bondholders

had

ap¬

1, 1942.
did

not

which

ment,
months

We

THAT

OP

THE

FINANCIAL

there is

covered

only

this. particular

of

also advised by a repre¬

were

of

expects

McClnre And Shaw ls

large reduction in "re-

a

Interest

the

owner;

that he

on,

bonds

these

the

on

for

the

bonds

at

three

the

years

rate

from

1, 1934 to Nov. 1, 1937 and
4% from Nov. 1, 1937 to Nov. 1,
1940.
Beginning on this latter
date and until the maturity of
bonds
at

in

5%.

Because

the

interest

1958,
■

7

.

■

/

HARTFORD, CONN.—The firm

of

McClure

formed

WITH
THE

OUR

PUBLISHER,

7

of

the

1941, asked the bondholders for
an adjustment
in interest rate.

Briefly, their plan is as follows:

The Commercial

and

Financial Chronicle

an

will

inducement

for the bond¬

give them half of the own¬

ership of the property.
Retroactive to Nov.
terest

shall be fixed

-

,

.

1, 1940, in¬
with

at 3%

Shaw

offices

deal in

ment

securities.

new

has

at

15

been

Lewis

general invest¬

organization

Partners
are

of

the

Alfred

James McClure and John H. Shaw.
Both

formerly

were

associated

with Bodell & 'Co., Inc„ of which
Mr. McClure was First Vice-Presi¬
dent.

Vomer &

Schlenzig
With Merrill Lynch

were not sufficient to
pay this higher rate of interest,
the owners, in the early part of

ORGANIZATION

&

with
to

Street

was

7;

earnings

Formed In Hartford

*

was

Nov.

fixed

bondholders' committee

nine
lease:

sentative

3%

a

until Feb.

commence

holders to accept their plan, they

Allen

January of 1943 proceed¬
ings „/\vere
commenced
in
the

opposing the ownership plan, who
claims to represent $1,475,000, or
Full benefit of this lease
show in the last state¬ approximataely 22% of the bonds.

not

Co., 30 Broad St., New York City.

from

DIGBY 4-4950

better

As

Copies of this circular

PL.,N. Y.

Bell

In

63%

>

Municipal Department of Allen &

able

4

and Supreme Court of the State of
New York to effect a reorganiza¬
lower.

1936, under which the owner was
operating, the company paid in¬

Y., PUBLISHERS OP

IDENTIFIED

ASSISTANT

,

.

improved

pair expense" this coming year.

"The Investor's Pocket Manual"
BECOME

7<

•

Members New York Stock Exchange
40 EXCHANGE

jouilding

HAS

%

SHASKAN & CO.

450,000

same

year.

income

operating

the
EXECUTIVE

a memo¬

Southern

the

about

>•

are

provement

item carried in the

the

city which has

by

property

terest

{FORMERLY

it

*

showing might proved the above plan of reor¬
"Chronicle" of Feb. 25 on Old Ben be anticipated for the current ganization. With such a large as¬
Coal
Corp., the statement was year, inasmuch as a six-year lease sent to the plan, it would seem
made that the payment of back for the corner store and second as if reorganization proceedings
interest
on, the
first
However,
mortgage floor to the National Silver Com¬ should be accelerated.
In the

summarizing the financial

statement

of

area '

Net profit

Mr. Alexander Wilson

possibilities according to

Street.

•The first mortgage bonds of this

-

of

Petersburg, Fla.,; offers interesting

randum

area

feet.

Gross

Fla.
in

rental

square

the

WE TAKE PLEASURE IN ANNOUNCING

situation

31st

is about

36,000
feet-and the building has

square
a

East

on

securities

.

private.

time.

refunding bonds of the City of St.

feet

ground

real estate

30th

Fifth Avenue

as

Announcement

Issues Attractive
The

The

East

on

on

originally fixed at 6%. Under a
plan of reorganization, approved
in
the Federal Courts June
9,

Mr. Tremaine has been

St. Petersburg,

and 200

7

ship in Hicks & Price, 231 South
La Salle Street, members of the
New York and Chicago Stock Ex¬
some

feet

164

Street, 197 feet

Major Mar¬ sued by the company, dated Feb. 1942 they were paid 1% inter¬
President 10, 1943, earnings of this property est; the total of both years aver¬
of the New York Stock Exchange for the fiscal year ended Oct. 31, aging 3% in conformity with the
in 1941, entering the Army as a 1942, showed
7
a
substantial im¬ above plan.
tin

CHICAGO, ILL.—Harry A. Tre¬

changes.

fronts

TRADING MARKETS IN

McChesney

*

maine will be admitted to partner¬

with the firm for

to

Street, New York City. It is
improved with a 16-story store,
loft and office building. The land

Martin, First mortgage bonds outstanding one-half of net earnings so ap¬
plied until outstanding principal
are $6,852,500, compared with $9,Stock Exchange, has been pro¬ 750,000 first and second mortgage reduced to $5,000,000/
y-\ '
moted to major.
During 1941 the bondholders
He is assigned bonds originally issued. - to Services of Supply, American
According to a statement is¬ were paid 5% interest and in
William

V

previously with Wells-Dickey Co.

Teletype—-SL 80

30th

31st

former President of the New York

MINN.—Nor¬

Mr.

from

Avenue

;

./.

A. McClure has become asso¬

Rand

SO9 OUVE ST.

,

-

ciated with Central Republic Co.,

SAINT LOUIS
System

The

MINNEAPOLIS,

x5r/x
Bell

to

.7V', '7.7 7/77

.

,

Teletype NY 1-953
currently selling at
to conduct a general investment approximately
27%,
placing
a
''jsecurities business from offices at value on the entire mortgage of
2% additional if earned. All ad¬
40 Wall Street, New York City:
only $1,850,175, while the City of
ditional net earnings to be ap¬
mm—MM——-*—"
>
vi i'- New York places a value on the
property of $4,900,000, according plied toward - reduction of out¬
Now Major William Martin to their assessment for 1942. standing bonds to $6,000,000, then

the formation of Hughes & Treat

ander
:V

■/

Fifth

very

Group Headquarters.

Chronicle)

Financial

to The

MIAMI

showroom.

of

previously

com¬

,

An

Chronicle)

with Wells-Dickey Co.

>

the rental of his apartment because of an

on

7:-; '7_/■' 77'
[7-777777
outstanding
commercial^——»
ST. PAUL, MINN.—Joseph P. property on which first mortgage
O'Grady and Mortimer H. Stan¬ bonds are publicly held, is the
ford are associated with Caldwell, Textile Building.
This property
Phillips Co., First National Bank occupies the entire block front
(Special

■»

affiliated with J. M. Dain &

come

MO.

to The

DULUTH, MINN.—Alonzo W.
Wilson, formerly local manager
for the Wells-Dickey Co., has be¬

■»;

However, if he
business, he must continue to maintain his office

wishes to remain in
or

Chronicle) * v

to The Financial

(Special

CLEVELAND, OHIO—David G.

(Strauss Bros.)

Building Bond

increase in his personal taxes, or for other reasons.

Los

was

&
Co., and prior thereto with MacFarlane & Holley.
C
formerly

Through Wire Service

•

'

York Security Dealers Association 7

Teletype NY 1-592

well have to economize

Robles Ave.

Holley, Dayton & Gernon, 208 So.
La

KANSAS CITY,

•

Many Tacticians in real estate securities prefer bonds of a
mercial property.
Their theory is very simple. A tenant might

7-,

past Mr. Lyons was with Draper,

ler

.

•

With Good Possibilities

contemplate making additions to your personnel, pleast

you

BOSTON,' MASS.—Thomas II.
Lyons has joined the staff of Trust
Funds, Inc., 89 Broad St.
In the

Worth-Houston-San Antonio

7.

'

REAL ESTATE SECURITIES

lication in this column.

Southwestern Securities

DALLAS, TEXAS

;•

If

send in

RAUSCHER, PIERCE & CO.
Ft.

''

New York

PERSONNEL ITEMS

Ry. & Ter. 6% 1951

on

7 s/.

y
;

'

Incorporated
New

An Outstanding Commercial

'

Life Ins; Co.

All Texas Utility

7
«

Quoted

—

Republic Insurance

Southwestern

.

McDONALD, MOORE 6- HAYES, INC.

Pepper

Southern

>

;

Telephone HAnover 2-2100

York

New Mexico Gas Co. Com. & Pfd.
Great

request

on

' ..;

..

*''7 7'

.

Rapids, Michigan

Effective March 1, 1943

—

c

,

:

,

Seligman, Lubetkin & Co.

v

Successor to

DALLAS

Bought

4

1942

41 Broad Street

1234-5-G

private wire to New

Direct

Grand

:: 1.
•

,

'

'

.

Michigan Nat'l Bk. Bldg.

810

1566 Penobscot Bldg.

SALLE STREET

LA

Teletypes: CG
r

general securities, business."

a

■>>

•

•

liquidating situation

Information

7

,

co-partnership)

.(A

Bought—Sold—Quoted

135

A potential

•1

McDONALD-MOORE & CO.
.........

•

(Special

to

DENVER,
Verner

and

The Financial

COLO.

—

Ernest

G.

Chronicle)

Ogden

E.

Schlenzig

have become associated with Mer¬
rill

Lynch,
Pierce,
Fenner
&
Beane, First National Bank Build¬
ing. Mr. Verner was formerly an
officer
of
Brown,
Schlessman,
Owen
Mr.

& Company, with which
Schlenzig was also connected.

Volume 157

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4156

829

Tomorrow's Markets
Mclaughlin, Baird & Reuss

Walter Whyte

Members New York. Stock Exchange.

.

Defaulted Railroad Bonds

Y\

BOND

Says—

BROKERAGE
CANADIAN

SERVICE

Volume plus advancing mar¬
kets
no
longer significant.

WESTERN

"

•

CANADIAN

PFLUGFELDER, BAMPTON & RUST

Cash markets' do jupt remove

Members New

York

ONE WALL ST;

NEW YORK

61

Bell Teletype—NY 1-310
REORGANIZATION

RAILROAD

Teletype NY 1-1310

Aldred Investment 4V2S, 1967
Algoma Cent. Hud. Bay 5s, 1959

New York

Broadway

Telephone—-Dlgby 4-4933

Telephone HAnover 2-1355 Y

BONDS

Abitibi Power & Paper 5s, 1953

Stock Exchange

reaction

dangers; they inten¬
sify them. News may crack
prices badly. Raise 'stops'
again.;■.
/

MUNICIPALS

Specializing in
Railroad Securities

Brown Company 5s, 1959

SECURITIES

Calgary Power 5s, 1960

,

.

: Reasons

WALTER WHYTE
X

.■

Canada NortH'n Power 5s,

"

'

' \

;

seldom

It

him.

results

was

RAILROAD

that

As .a market o b s e r y e r
counted. ;Then chart readers
watching markets go a n d
tY ;l
come for the past 17 years I sprang up.
Y
the
I

;•

have been trained to look at
market action
to

the

as

everything that

% YY;-Y Y,,

*

■

,

run

of the

the boom years

In

sharply over-priced (both of - which appear as reasonable
•contentions) then it is obvious that Chicago, Milwaukee, St. Paul &
Pacific Adjustment 5s, 2000 are far behind the market.
This issue
represents the new common stocky
of the St. Paul under the plan
which is now (at least at the time
of
We recommend dealers' consideration,
this,
writing)
before
the
at this time, of all issues of
Supreme Court.
It is proposed
J,v. y,

Every chart
sort of Alpha to Omega. became legion.
Let any news, good or bad; reader had a * theory of his
occur anywhere in the world own. Talk of double tops and
it;

a

and

the

market

its

in

double bottoms, line cuts

owxi

be held that earnings conditions and prospects warrant

can

and

1949

Ry. (var. issues)

Pac.

6s,

Canadian Utilities 5s, 1955.

present prices for stocks of solvent carriers, and that the general
of reorganization bonds representing new common stocks are

not

number

late; twentiestheir

affect

may

;.;Y,

•:

answer

If it,

Paper

Canadian

SECURITIES

1953

Canadian Intl

concerned

Consol. Paper Co. 5l/zs, 1961
Dominion Gas & Elec. 6V2*» '45
Gatineau Power
Gatineau

very

3%s, 1969-B

Power

5s,

1949

Internat'l Hydro Elec. 6s,

1944

Internat'l Pow. & P., N.F. 5s, '68
Minn. & Ontario Paper 5s, 1960
Mont. Lt. Ht, & Pr.

3y2s, '56-73

Quebec Power 4s, 1962

Sbawinigan Wtr. & Pow. 4s, '61

.,

would anticipate and in¬ breakaway gaps became as that the bonds be allocated 9.78
terpret it before the news it- common in brokerage offices shares of the new common with
Self became public property\ as ticker tape thrown out of jrespeGt to each $1,000 bond, with
;over 80% of the entire common
In the old days this belief was windows at visiting celebri¬
stock issue allocated to holders of
ties.
Of course the statisti¬ •the bonds.
not far fetched.
People with
& Pacific R. R. Co.
money having access to world cians were always around. 1 The recent price of the bonds
Indicates a value of less than $7.00
money and security markets Some called themselves an¬
did know more in the aggre¬ alysts, others assumed the a share for the new common.
Such a price for the equity of a
gate than an isolated indi¬ grandiose title of economists, reorganized company would ap¬ LEROY A. STRASBUR6ER & CO.
1
WALL STREET, NEW YORK
vidual in a New York sky¬ But whatever their titles they pear-ridiculously low at a time,
-scraper poring over a tape or had two things in common— sand in" a market, when such WHitehall 3-3150 Teletype: NY 1-3050
stocks as Baltimore & Ohio pre¬
huddled over complicated sta¬ their interest in the market,
ferred
and
Missouri
Kansasmore specifically,
tistics.
its. future, Texas preferred sell around 9 Vz*
;4; ■ ._>■ Y'
Y'-'
*
* ■
- *
plus a wholehearted contempt and 7% respectively, with no
MINNEAPOLIS & :
But if a tape reader didn't for each other's methods; in prospect ,of dividends under vir¬
ST. LOUIS RAILROADtually any visualizable circum¬
know what has happening forecasting it.
The real tape stances and where post-war sol¬
(in reorganization)
reader believed only the tape
Minn. & St. Louis New Com., W.I.
say in Burma he could read
vency is, to say the least, still a
Minn. & St. Louis New 2nd .4s, W.I.
tell the -story.
in the tape what people who could
The moot question.
Minneapolis & St. Louis 6s 1932,
way

Chicago, Rock Island

,

CANADIAN STOCKS
Abitibi Pwr. & Pap. com. Sc. pfd,

Algoma Steel Corp.
Andian Nat'l

Asbestos

,

& pfd.

com.

Corp. Ltd.

Corp. Ltd.

Bell Tel. Co. of
Brown Company

Canada

& pfd.

com.

Bulolo Gold Dredging
Canadian Bank

Stocks

Canadian Indus. A. B. &

pfd.

,

Canadian Investment Fund

Canadian Pacific Railway
Distillers

Fanny .Farmer Ltd.

.

If he chart

doing.

were

chose to follow what he

lie

made

sometimes

saw

lines

money,

reader; insisted
"on

chart

a

only

had

any

Continued on page 837

Y

:

Y

.

^ More

striking

ities whose

-

CHICAGO

the

MILWAUKEE, ST. PAUL & PACIFIC RAILROAD
CHICAGO, ROCK ISLAND 8E PACIFIC RAILWAY C/D •
'

CHICAGO,
k

MISSOURI

>

PACIFIC

WESTERN

CHICAGO,

ST.

PACIFIC

RAILROAD CORP.

Sold

—

—

&

OMAHA

Quoted

York

I
DI

WALL

Stock

Tele.

4-7060

-

y

'

NY

1-955

|W

Stock

Co.
^

Orielle

Ltd.

Mines

Steel Co. of Canada Ltd.

Y.

Sun Life Assurance

Winnipeg Elec.

new

of

lated, for the reduction of various
senior
claims, will allow more
liberal participation
of the re¬
maining, junior, securities.

& pfd,

com.

balances that have since accumu¬

stocks" do

common

allocations

plan is.

fc Ohio Railway
Common

of

Stor. Ltd.

&

Corporation,, Ltd.

Pend

The list below shows

allocation

;

com

Shawinigan Water & Power Co.

:
Incorporated
- .
Wall Street
New York, N.
v
Bell Teletype NY 1-897
;

63

St.

number

a

those

are

pro¬

If it is
a

HART SMITH & C(h
N, Y.

WILLIAM ST.,

52

Bell

HAnover 2-0980

Teletype NY

1-395

Montreal

New York

Toronto

possible to bring about

revision of the Missouri Pacific

and

673

basis of altered circumstances and

The North Western plan

has been approved

Industrially, onethe
of

hesapeake

smaller

the

on

Rock Island
plans on the
by the Circuit
Court of Appeals, the Missouri mounting
cash
resources,
it
Pacific plan, including the Inter¬ should be just as feasible to effect
national-Great Northern, has been a change for the better in the St.
approved by thfc District Court, Paul plan. Of course, if the Cir¬
and District Court action on the cuit Court of Appeals is upheld
Rock Island plan has been post¬ by the Supreme Court, remanding
poned pending the Supreme Court the St. Paul plan back to the
decision on. the St. Paul case. Commission, such a liberalization
Both
the; North Western and could almost be taken for granted.
Missouri " Pacific
plans are on St, Paul as well as the other car¬
appeal. .
:v
Y^'' -r V; riers has now reached a strong
New
* Present Price
financial
position by virtue of
Com. Stks.
of Bonds
which it would be possible to re¬
Chicago & North
J.\v
duce the claims against the trust
-v/V..,;Western convert.

Exchange

Moore

Noranda Mines

posed in plans now before the va¬
rious courts, just as the St. Paul

STREET, NEW YORK

^

is

for

proposed

proposed

These

Gude> Winmill & Co.
Members New

Montreal. Refrig,

Dodge 4s 1935

Frederic H. Hatch & Co.

RAILROAD

PAUL, MINNEAPOLIS

Bought

the

& Fort

Moines

'

Minnesota & Ontario Pap.

representative f junior < bonds ).*cd
bankruptcy roads, and the j cur¬
rent selling price of the bonds.

.

-

that

Lake Shore Mines

,Loblaw Groceterias, Inc.

,

1951 :

Des

Imperial Oil Ltd.

•

Kerr Addison Gold Mines, Ltd.

proposed participation

allocation

stock

-

Halifax Insurance Co,

1938

Iowa Central 4s

stocks. In most instances

Paul issue.

NORTHWESTERN RAILWAY

8B

Iowa Central 5s

reorganization is through new

than
-

Minneapolis & St. Louis 5s 1934
Minneapolis & St. Louis 4s 1949
Minneapolis & St. Louis 5s 1962

ship between St. Paul Adjustment
other reorganization secur¬

common

Common & Preferred Stocks

this

5s and

in

Old

than

/even,

disparity with the stocks of sol¬
vent roads is the price relation-,

Seagrams Ltd,

Electrolux Corp.

v

did know

-

Crow's Nest Pass Coal Co., Ltd.

-

,

that

It is not likely
Adjustments

31, 194L

the

will

than double those

more

were

Dec.

St.

Paul

permanently ignore the po4

tentialities
when such

of

revision^

plan

a

potentialities

being

are

liberally discounted by

so

tically

all

similarly

prac+

situated

re^

organization issues.

Defaulted RR. Bond Index

,

•

findings on

i

•

.

.

#
'

type

....

.

^

earnings

•
'

post-war

,

record
„

of Ms

Jit cost

16

2.42

In large measure, the present
prices for the Missouri Pacific, In¬

Northern

Pierce, Fenner

Rock Island issues

As

Undermiiters Distributors
and
Brokers in 'Securities

and Commodities

■>

.

pine Street
Uptown




Obficb:

745 Fifth Avbnub

^

end

of

brokers

we

invite

inquiries

are

and"

more

tiated. Iir

predicated
the present

.

&

York

Jan.

high—

1, 1939, to date:

47%; low—14%; March 3 price—'
Y

47%.

-

«i ■*•»

nr

large cash

-r■■ mr-m«•»»*-

more

thkn

ever

before OIL is

a

facts

today so you can explain the
unique advantages of Oil Royalties
to your

Issues

clients.

TELLIER & COMPANY

I. h. roihchild

promise reorganization plans. The
main point is. that conditions have
changed;/materially
since
the
plans were first promulgated, and
of the

Now

necessity "and offers opportunities for
investors of real value.
Get the

your

AIR LINE

favorable plans nego¬
fact, it is believed that

utilization

INVESTinone of AMERICA'S

Producing Oil Royaliies

SEABOARD

considerable progress has already
been made by various bond hold¬
ers5 groups' in working.out com¬

that

New

shows the following range

City,
for

Broadway,

61

Most Vital Natural Resources

in all

on
the theory that
plans will be turned back to the

& Beane

the

Bampton

and

Interstate Commerce Commission

Ierrill Lynch,

of

Pflugfelder

9Va

ternational-Great

interesting study, with
korgilbo
sA.jor
noita

of

conv.

5yas, 1949

debt reductions

13

7.49

as

practically $60,000,000, up
more
than $20,000,000
from a year earlier, in addition
to which receivables of $12,495,-

gen.

4s, 1975
Missouri Pac.

outlook

Send tor copy

5.18

items

1942 stood at

8'/a

bonH in¬

The defaulted railroad

dex

Rust,

Cash
3.00

^

adj.1 6s, 1952—^

rY':i' capitalization and

estate.

conv.

1960

Missouri Pac.

operating

•

Pacific

4&s,

7

Inter'l-Great North.

(

efficiency
and dividend

•
-

'

&

and volume ot trattic

competition

6.34 Shrs.

43/4S, 1949
Chic., Rock Island

•

&co.

Members

specialists in rails.
II wall street.

"

_

Tele, NY 1-1293

j
« «.*'

Oil

Established

42 Broadway

n.y.c.
.

HAnover 2-9175

Eastern

Royaltv

Dealers

Association
.

_

-

.

1931

.

,,

>■

New York. N. Y.

BOwling Green. 9-7949

Teletype NY 1-I17I

THE COMMERCIAL 8c FINANCIAL; CHRONICLE*

830-

Thursday, March 4, 1943"

DIVIDEND

North American

Insurance

Bought

HEAD
Branches

throughout Scotland

Inquiries invited in all

3

Unlisted Issues

Laird, Bissell & Meeds

Bishopsgate, E. C. 2

York

New

other

Stock

leading

Exchange

DIgby

Telephone

49

Telephone: BArcIay. 7-3500
Bell

THE Board of Directors has this day
declared the following dividends:

quarterly dividend of 75$ per share.
(1K* % ) on the Preferred^ Stock for the
quarter cudinq March 51'. 1945. and a

t' r

dividend of 15$ fcr share on the Common
Stock have been declared.
Boih divi¬

;

dends

5% CUMULATIVE SERIES PRIOR
PREFERRED STOCK '
" •
The

regular quarterly dividend for
the current quarter of $1.25 per share,
payable April 1, 1943 to holders of

fayable April 1. 1943. to
.of rccofd March 11. 1948. The
stock 'transfer books will remain open.

1-1248-49

Teletype—NY

are.

•

holders

Department)

tli. A, Gibbs, Manager Trading

4-2525

1 ■

64 New Bond Street, W. I M

ASSETS

TOTAL

'p

Bank and Insurance Stocks

'February 15/1948

-

16,1943.

Secretary

*.

-

March

record at the close of business

J. P. Treadwfxl, Jr.

£98,263,226

NEW YORK, N.Y.

•

*

A

Charing. Cross, S. W. I

Burlington Gardens, W. I

BROADWAY, NEW YORK CITY

120

exchanges

NEW YORK

1 WALL ST.

A

AMERICA

CORPORATION OF
180 MADISON AVE.

Common Dividend'A'0. 132

-

Smithfield, E. C. 1 (r

Exchange

Stock

York

New

Members

and

Company
Preferred Dhudend No. 118

8 West

Members

mr/m

Bank Note

OFFICE—Edinburgh 7

LONDON OFFICES:

Quoted

Sold

—

American

Incorporated by Royal Charter 1727

Stocks

(All Issues)

DIVIDEND NOTICES

Royal Bank of Scotland

Bank and

Cement Corp.

NOTICES

7% CUMULATIVE SERIES PRIOR

|

V

Associated Banks:

PREFERRED STOCK

•

The

This Week

Williams

Insurance Stocks

—

Deacon's

30 Church Street-r

Annual reports

share

NEW SOUTH WALES

.

(ESTABLISHED

we have for sale

than 5%

Reserve

;

and total assets

were

point to 52.7% and

one

penses

Aggregate

First National Bank of N; Y.
Home Insurance Co.

'

■

'/v-

Office:

and
'

T. C. CORWIN & CO.

ex¬

•

New

Members New York Security Dealers As3ii.

to

HAnover

•

London,

it

efficient

banking

offers

'■

47

to Hartford
and New Haven

Telephone

$46,885

$24,688

10,523

10,733

12,144

6.733

V

7.044

a meeting of the Board of Directors
held February 24, 1943, a dividend of
one dollar ($1) per share was declared

At

5

the

Banks

with

U.

S.

Aetna Casualty
Fidelity & -Deposit™
Steam Boiler_^.__

$11.35

' °

12.08

1.19

'

"• $5.97

$9.60

13.72

0.02

Hartford

on

•

4.69

.

Office

Head

Cairo

Commercial Register

5.03

No.

-V,f; '*■ h

FULLY PAID

7.7% lower in the
of Aetna Casualty.
.
the fire group, operating re¬

net
underwriting profits,
adjustments for stockhold¬
ers' equity in premium reserves,

sults

Were lower than in

panies whose stocks

cases

case

hfter

1941, while net
income was slightly

investment
in

two

instances

but

ap-

In

quoted and

4

are

-

:

-

i

y. The
Beard
of
Directors
of the
Manufacturing Company has declared

com¬

more

and

7

'

AGENCY

[

Street, E.

William

King

in

principal

Towns

and

all

the

ti'anSfer

1941

1942

1941

1942

$29,865

$53.58

$53.31

$0.66

-$0.48

$1.92

$1.91

17.020

18,551

39,24

39.77

2.17

1.27

,1.75

in '

6.65

4.81

4,051

127.54

134.65

1.79

18,046

125.59

128.41

3.49

omitted.

but

BROWN,

comparatively high
percentage
of ocean
marine
and/or
motor
vehicle,
which
serves to explain their disappoint¬
ing experience. Three of the com¬
a

1,

Treasurer.

pont de Nemours
-February, 15, 1943

marine

ocean

business,

As

little

but

a

regards

from

year-end

higher

than average percentage
of fire, which was profitable. All
the other companies wrote a rela¬
tively low percentage of fire busi-

important

balance- sheets,

leading fire insurance
is

April 9, "1943: also $1.00

a

■

share, as tho first

as

follows:

'

Bankers &

Shippers,..,,-,

Fire

1-..

5.727

Marine,-.,.™,

Security
Springfield F. & M
States

Total

a

The

dend

2,823

4

000,

equivalent

$9,500,000.l,

to

v

;

31.5%
>

-

of

"

show

an

Continued

on

•; >;7;.

aggregate
page

de^

5,494

5,744

4,703

-5,033

14,768

16.182

18,726

17,936

11.955

of

POWER

STOCK
Directors

8,630

^

.....

_______

7,845

6,747

6,908

$384,004

$400,741

$288,855

$283,191

omitted.

■

in

.

'

.

18 companies I most instances-this decline is at-

surplus,




In I tributable

to

an

expansion

in

tb

LIGHT

CO

declared

to.

MATTHEW

T.

stockholders -oiv record
.

MURRAY,

annuel?meeting • of •'

Wednesday, April 21>'
afr eleven o'clock

Only, stockholders! of record at the

close

the

fnHE; Board of Directors on February 26, •'•Tl 1943 declared a dividend at tli'c r'attf of*-

,

York, March^.i 1943,^^

1943.

Com/tanrf

of

business jOn

Wednesday,'1,.

March 24, 1943, will he'entitled
to*|vote at said mcetirlg, notwithstand-!
any- subsequent transfers of stock.f
The.stock transfer books,.will, not,

ing,
;(■

;^e-clci-se-'.
i'MM■->

-•

d'I

The Borden Company
-

-

•

i

Sccrchry

WALTER H. REBMAN,
....

^

»

]
^

'

of Directors has
,declared .a
dividend of Three'Per1 Cent, on:
the Capital Stock of this Cbnipany foh: the
quarter ending March 31, 1943; payable .on

1943,

business

!' b PTHEATRES EVERYWHERE'»

Board

1,

of

1943,

.

t

;.-50cfper share on the outstanding; Common
•'
Stock of this Company, payable on thc.31st

quarterly

April

of $50. per
to holders of

close

(Eastern Wartime) at 43 Park j
Avenue,
Flemington,
Hunterdon 1::
County, New Jersey!

>f ARGaY OIL
'

-

March 12.

1943,

A^M.

March 2,1943

The

vahie

par

28,

at. the

stockholders wilf be held 1

836

GUARANTY TRUST COMPANY OF NEW YORK
New

Anaconda

the

of

M. cn March 9. 1043.
i
DICKSON, Secretary & Treasurer. ', '

on

feijed Stock; and the 47th qtly. div. of .$1.37>A
ou,the 5'2'/ Preferred Stock.
Payable on April
i, 4943;. to stockholders of "record at the closeof business -March :10th;'-•M v."
:
R. R« - BOLLINGER,. Treasurer. '

DIVIDEND NOTICE

12,476

record

The

DIVIDENDS
has

j

1

""

"

139

Annual-Meeting

following /regular .quarterly, dividends: - The 72nd
qtlji. div. of $1.75 on the Tib Preferred BtpckJ
tho 63rd qtly. div. of $1.50 on the -6% Pre-

5.412

14,636

Beard

•

-

P.

Necreia.ru.mui Treasurer.

LiOEW'S INCORPORATED

11,575

4.728

CENTRAL

PREFERRED

The.

t

CO.

'

-

y-J,

3,907

11.524

26,922

JERSEY
■

gregate

of

;

o'clock

rheMSctdeti

■

the

NO.

Directors

Cents ,(§.50)

Philadelphia, February 10,1043.

For the entire group of 18 com¬

18.123

4,414

3

MINING

Broadway

Capital Stock of the
-share, payable Maroh

increased

49.708

17.821

Allan,

drop of approxi¬
$9,500,000; .while surplus
approximately $3,000,-

mately

of

Conrpany. te'divi-:

Fifty

of

Stock.;
cents per shara
paid Ap.il l.«

Mining Company, has declared a divi¬
Fifty Cents (50c) per share upon its

qh-=-the.-Conuiwti.;
1943, to stock¬
of business on
Checks -will: bo mailed.

10,' 1943.

Marcli

insurance,

reserves

59,241
>v

of

$tocki :,pavahle March 31,

premium re¬

39,277

38,232

39,304

5,572

,

Board

Copper

holders of record at ihe close

a

panies, surplus funds show an agr
growth of $16,737,000 or
4.36%, while unearned premium

14.210

...

decline

automobile

9,677

18.270

___

Six of the above

{»how

in

show

of

j

1943

LOHMEYER, Secretary.

DIVIDEND

" "per "Share

,.,

16,350

r

(lend

•outstanding example is H6me IiiT
surance, which was' exceptionally

heavy

ttIus of the

CO.

cf

York, N., Y.t- February* 25, i943.

:

JAS.

risks;; ' An

of

11,213

17.227

69,895

'

classes

15,199

'

________

Fire

Westchester-

*(000i

23,667

26,016

;

24,279

Providence-Washington

United

23,408

50,371

2,336

____

&

3;399

9,107

25,530

_

Pacific

Fire

'3,894

22.619

36,290

Paul

12.403

64,254

67.712

...

Home

St.

12,220

8.091

Hartford

__

7,066

21.996

American

.National

$23,047

6,970

1,887

',.

47.260

Association

$23,495

9,922

60,205

Fidelity-Phoenix
Great

1942

3,664

1,416

Continental

1941

$23,265

3,847
9,733

...

Reserves

1942

$23,288
-

.

two

serves

"'Unearned Premium

,

^Surplus

Agricultural'

companies
:

A

:

at

.

ItY.

Preference

on

COPPER
25

New

,

these

H. F.

suclv shares

sharp curtailment of business in

first

r.I

ANACONDA

outstanding
Common Stock, payable March 13. 1943. to
stockholders of record at the close of business on
Febrtiary 23, 1943.
'
f\~ "f\.
\V., F. RASKOB. Secretary

&

s,-::
>

"interim"' dividend for 1943, on the

cept in the

and whose unearned

possible,

1941

Aetna

a

considerably .greater coverage of

-3V'/

Automobile

items

close,

•net

the, close of business on

record-at

of

OHIO

quarter

AND

the
share

A.
and. of seventy-five
$^5 par common stock will
1943,
to
stockholders
of
record
at
cloic
ofbusiness March 8, 19'43.
Transfer books will

dividend of .S1.12J4 a share on the outstanding
Preferred Stock, payable April 24, 1943. to stock¬
holders

for
per

on

r

very

dollar

The Board of Directors has declared this day a

Unearned premium reserves
show substantial expansion, ex¬
case of Aetna, Bankers
Shippers, Fire Association,
Home and Pacific, J; which show
declines. These five
companies,however,
formerly
had
large
premium reserves in either the

CHESAPEAKE

dividend

Bevies

the case of Bankers & Shippers, panies show an increase in pre¬
ocean
marine
or
motor
vehicle THE ELECTRIC STORAGE BATTERY CO.
however, the betterment consists mium volume and three a decrease.
merely of a lower underwriting The increases, presumably, were categories, or both, and the drop
The Directors have declared
in; these
reserves
reflects
the
loss. Springfield Fire and Marine, in fire
.from -the Accumulated Surwritings.

despite its name, wrote

JOHN"!. SNYDER, Treasurer,

of

one

Wilmington, Delaware:

from

7.23

5,017
16,009

ness,

funds

"5.44

-1.75

the exception of Bankers
Shippers and Springfield Fire
& Marine, these companies show
underwriting results for 1942 sub^
stantially below those of 1941. In

of

3.57

-0.74

With

necessi¬

which

volume
transfer

a

0.20

74.89

"

THE

serves.

72,88

&

premium
tated

4.09

11,876

i

the purpose
until April

8

A

4.06

-0.58

B.

E. l. pu

5.90

-1.61

for

March

'i

6.35

106.18

Pacific

Springfield

on

*

'

February 25, 1943.

SUDAN

the

surplus to unearned premium re^

99.34

closed

b?

ROBERT

1.61

3,666

"

& Company

1942

4,450
Association13.012

will
stock

Income

1941

Shippers-,,

of

•

.

Net Investment

Net

American

quarterly

fecordbooks

C.

^

1943.

Branches
,.

1942

Automobile

(000)

LONDON
6

EGYPT

$28,452

______

"

generally
or less ac¬

1941

v
—

£3,000,000

.

.

'

^

N,

quarterly'dividend of 7.5 cents per share in cash
has been declared on the Common Stock of
COMMERCIAL
INVESTMENT
TRUST
CORPORATION, payable April 1, 19.43? to
•stockholders of redord at the close of business!
March
10,
1943. The transfer books will
not close. Checks .will be mailed. >>.<„
■ >
f
A

the reg¬
dividend <>f $1.25 -per share on
4he Preferred - Stock and
a
dividend of
50c
per.share, on the Common Stock of the Com-r
pany.
Beth payable April, 1,
1943, to stock¬
holders of record March 8.
1943.
The steer
ular

are

Underwritirxgs

Liquici Value

FUND

;

Stock, Dividend

Common

York

New

will be mailed.

fer books will hot close. Checks

COMPANY

siiects "

ana

IhyBrooklyn,

£3,000,000

.

MANUFACTURING

Aobit

.

April 1, 1943, to stockholders of record at the
close of business March 10, 1943. The trans¬

O'CONNOR

w»M

v

,

quarterly dividend of $1.06on the Con¬
Series 'ofl935.
of COMMERCIAL INVESTMENT 1 RUST.
CORPORATION lias beem 'declared payable
A

Secretary

Earnings Per Share

v

Net

Written.

six

tively traded, as follows:
'"•■'•

Premiums

for

available

are

RESERVE

CAPITAL

AMERICAN

>

Cairo

1

2.60

proximately

.-

February 24,1943
-

$5.51

-

2.57

•;

vertible Preference Stork, $4.25

the; Cumulative

be-mailed.--

omitted.

It will be noted that in all three

/

Preferred Stock
of the Com¬
pany,
payable May 1, 1943, to
stockholders of'record at the close of
business April 5, 1943. Checks will

A.

of EGYPT
'

'

OFFICES:

arrangements

'

Preference Stock,
$4.25 Series of 1935, Qiviflend
Convertible

NATIONAL BANK

12,947

Net Investment Income
1941
1942

1942

corporation

'

$24,020
..

Net Earnings per Share

Underwriting!;

1941

*

these

Berkeley Square, W. 1

Agency

7.098

;

7.621

Net

Fire

interested" In

28

1942

1941

5,909

11,296

-

Commercial {nvesineotPiist:

NUMBER

,■ 1

"Surplus

1942

$42,955

$49,631

&

complete

most

.

Convertible 4% Series A

1941

$44,525

Aetna

the

-Unearned

*Net Premiums

Fidelity & Deposit
10,778
Hartfol'd Steam Boiler...7,729

Bankers

..-

;:v -v -' v-'.

throughout

Premiums

better

THE ATLANTIC REFINING CO.

With over

Australia, in

Threadneedle Street; E.G. "7

29

-

.

Secy.

Is the oldest

of

:: ■;

-

LONDON

2-1035-1044

Phone, 2-0121 "!

Vice-Prcs. &

So ere tary

service, to; .investors,

travellers

and

countries.

"

'

March 2,1943

Zealand, Fiji, Papua and New Guinea,-

-"traders
;

'

'

JOHN A.LARKIN,

,

John D. Finn

'

Hartford
Private

1942

"lOOOi

States

and

Street,
New York, N. Y.

Phone

all

and

Broad

30

'

'

1943.

March 22, 1943.

25,194 5

March 16,

the close of business

at

.the Bankers

'

Fcbrua ry

v^'

A dividend of 5lH per share, payable
March 31, 1943 to holders of record

8

Trust Company on

Manager-hTtMNMlf-

largest bank in Australasia.

branches "in

870

'
COMMON STOCK

George Street, SYDNEY'*'

The Bank of New South Wales

1941

Casualty

Head

at

of business March

16, 1943.

holders of record of
the close of business oo

Checks' will be mailed by

DAVIDSON; K.B.E.,

General

record at the close

payable March

^Transfer books will4 not be closed.'

£23,710,000

1

1

;

Aetna

1941

'

'8,780,000

the current quarter o-f $1.75 per share,
payable April 1, 1943 to holders of

i

March 9, 1943.

30th
'.
__£150,939,354

Assets

ALFRED

;
-

compared with 91.4%
in 1941.
Figures of important units of the
group whose stocks
are
quoted
in
leading
newspapers
are
as
;

Sept.,
SIR

40.6 %,. resulting in a combined
loss and expense ratio of 93.3%

follows:

'

up

fractionally

up

were

Liability of Prop.

Central Hanover Bank & Trust

stock

said

6,150,000

regular quarterly dividend for

1943, to the

23,

£8,780,000

-

—

per

6f accumulated divi¬

dends has been declared

1817)

Capital
Fund

Reserve

6%. Incurred loss ratio moved up
about

Paid-Up

of #1.75

Company

account

on

STOCK

7% SECOND PREFERRED

The

Preferred Capital

the

on

of'this

Stock

BANK OF

dicate the general pattern

According to 1 tabulations com.piled by the Alfred M. Best or¬
ganization, the first 21 casualty
companies to file their annual
statements showed a gain of 12%
in premium income, while policy¬
holders' surplus increased more

dividend

A

March

16, 1943,

Preferred Dividend No. 139

<

Australia and New Zealand

current

record at tne close of business

new york, n. y.

,

^

of fire and casualty insurance companies are now
being filed with state insurance departments and year-end balance
sheets are appearing in the press. ——
———
So far figures available are not)
adequate to be wholly representa¬
Specialist Since 1903
tive, but they are sufficient to in¬

later in the month.

the

Company

American Locomotive

Glyn Mills & Co.

By E. A. VAN DEUSEN

of last
year's operating results. A more
complete picture can be presented

regular quarterly dividend for
quarterof $1.75 per share,
payable April 1, 1943 to holders of

Ltd.

Bank,

JR.,•• Secretary,'3

'

day oi' March 1943 to stockholders of record"
at-the close of .-business' on- the 19th day >■
of March 1943.' Cheeks will he mailed.
-

david

bernstein,,.

Vice President & Treasurer

-DIVIDEND"NO.

.The
OIL
a

-

'-.dividend

the

has

'

this

the

'

.

the

■

MARGAY

day

of' twenty-Jive ;cents

^outstanding: stock v of

the issue of
ment

April

51

Board-of-.Directors'of
CORPORATION

|l

CORPORATION

declarea

share

ort

corporation

of

a

160,000 shares'provided bv ftmendcertificate;*of
incorporation
of

to.;the
,

27,

sbocklvolders
March

1926,
of

payable,,-April
record

at

the

10,

close" of

1943,

t<i

business

24,. 1943.
E.

D.

OLDENBURG, Treasurer,
Tulsa, Oklahoma,"March 1, 1943.

^

Volume

THE COMMERCIAL' & FINANCIAL

Number 4156

157

Lehman Bros. Offers

banking

Lehman

$104.50

a

dividends

March

from

1,

over

Mills

new

a

used

5%

redeem

to

standing

all

any more than you can kid the public and get away with it for any
length of time.. Selling is a hard task-master.
It's so easy to alibi
for yourself, when you know you are at fault.
It's the kind of a job
where you are your own boss—so if you don't want to work it's easy
to make excuses for not doing so; Ht's-the kind of a job that demands
that you give it your study and your gOod health and it's' so easy not
to do this.
Selling means, being cheerful and alert—it means winning

preferred stock, and to reimburse
the

corporation for the redemp¬
tion price of 20,548 shares of such
Stock redeemed on March 1. Any
balance remaining is to be added
to

working funds.
Following
the
operation
but
without giving effect to possible
conversions, capitalization x-w i 11
general

consist of

out

of

5%

cumulative

■

about the future is "pulling the wool over
eyes"—he's putting. something oyer on himself. No man can
impress another man; with :coiifid'ehce:M.:^is^ffering or himself, if he
is thinking of his own affairs first instead of his customer's welfare.
It takes a heap of man to do a selling job week in and' week out—
but one thing more than anything else is necessary for success in the
field of salesmanship—that is "self; mastery.".'- If you are a good
his

pre¬

setting aside $1,000,000 for contmgeneies was $3,372,387 in the
fiscal year ended Sept. 26, 1942
as compared with $3,137,654 after
a
$300,000 contingency allotment
in the

preceding fiscal

.

hand in hand;;

direct

indirect

cution of the

held

total

this

production.

of total

the

unfilled

corporation's

;

books

by

The

become

two

and

more,efficient

better

invest¬

hand, in hand despite the opinion
There is. no more reason why some

can

go

to the contrary.

many

.

because of the fine

man

to them.

far too hazardous

are

investment portfolio

offerings,

I

'

,

or

un-

he has sold

•

it-means that

But; all of; this takes work.r

must study our

we

business,', our' prospects top, arid- do it so thoroughly
prevail/over all the obstacles that stand in our pathway.
This is just the opposite from "putting something over on someone"—•
that

in

our

we can

it's

the

our

on

own

that

road

leads

integrity ahd

confidence

to

the

on

part of

clients in

our

ability-f-it's the road that leads to

our

—there is no other way;;

of

as

job

investors—second

securities

about

to

orders

double

a

we

.as

eventually wind up both poorer and
wiser, than there is that other: investors are able to swear by their

or

Orders

category amounted

50 %

'

■

suited to their requirements and

sales have advanced to about 35%
of

.

improvejour*scored As securities salesmen
to, do-~rfirstj help-our clients to be more suc¬

investors should be sold securities that

in prose¬

use

,l

1

two go

try to

can.

salesmen.

ment

Currently these

war.

have

cessful

,

or

along,;v We

we

The company states that about
9% of its sales in the 1942 fiscal
to

*;1

'

Ketter man.—the-

he

success

';

sufficient

redeem

to

3%

of

in V manufacturing -woven

of

number

shares

is¬

and,

cotton

sued, plus 10% of consolidated
net earnings in excess of $2,000,000 after certain deductions, the
maximum
annual
sinking fund
requirement,
however,
being
limited

5%

to

Associated

fabrics ditions of such

•

some extent, from
throwing and dye¬

ing rayon and cotton yarns.and
dyeing and finishing cloth. Among
finished
products are draperies,"
bed spreads, women's full fash-*
ioned hosiery, men's hose.?
The
of the maximum
business
is
integrated from: the.

number, of shares
"•

to

yarns,

in

issued.

v;

purchase and throwing, of yarns
to the finishing of -manufactured

the public

offer¬
ing are the following: Merrill
Lynch, Pierce, Fenner & Beane;
R. S. Dickson & Co., Inc.; Wertheim & Co.; A. G. Becker & Co.;
Inc.; Hallgarten & Co.; Union Se¬
curities Corp.; Dean Witter & Co.;
Alex. Brown & Sons; Laurence M.
Marks & Co.; Mitchum, Tully &
Co.; Scott & Stringfellow; Folger,
Nolan & Co., Inc.; G. H. Walker
& Co.; The Wisconsin Company,
The corporation is engaged directly and through subsidiaries,

products and their
consuming trades.-

sale

order.

poration estates

time

present
iaries

have

to

and

its

subsid¬

it

and

•

materials

cor¬

up

able

been

machinery

The

that

the

obtain

to

equipment

other

than

and

of World
In

for

War

I

Under

.*

.

rThe

;•

levels of; operar.
r-

subsid¬

corporation y and

iaries ..nbw: operate 44 plants hav¬

ing-an-aggregate floor area of ap¬
the. proximately 3,410,535 square feet.
Production.- machinery
includes

to

a

Salesmen" the Long

sents

for

Co. pre¬
convincing arguments

some

Manhattan

last

Bond

45

that:

"composite rating of

bond

higher.

or

having
and

its subsidiaries/iii

| poration and

with certain other producers of textile products/;were

an AA-2X" preference
rating to obtain deliveries ' of
maintenance,--repair; and operating supplies, subject to the. con-

An,

jassigned

.

St. Post of

at

Wall

The

Street

of

5%

a

BBB

Kingdom of Denmark
Thirty-Four

Memorial

Hall

appear

points by pur¬
chasing through the Fund.
"Is
income from 45 bonds likely to be
more

stable?"

/

serves '

External

Gold

Loan

Bonds,

Gold

Among the speakers will be
Wenzell Brown, author of "Mur¬
der Stalks Hong Kong" and "I

Bonds,

1942

August

Due

Due

19 5 5

1>

April

1902

15,

Was

City of Copenhagen
Twenty-Five Year 5%

Gold

Twenty-Five Year -IVa' i>

Bonds,

Due

Gold Bonds, Due May

I,

a

relate

;
June .1,

Jap
the

Prisoner,"

horrors

Pacific

of

1958

and

formerly & assistant

'

External Sinking Fund Gold Bonds, Duo November 1,;.1955
External Gold Bonds, Due February 1, 1958. "

Twenty-five Year 5%

Vi'vA

■

the

who

Facts

Abbett's

UBC"

About

Union

1942

are

issue of

Lord,
Among

Dealer.

25.7%
gain, including dividends paid;
1943 performance
(through Feb.
performance

17)*—10.6% gain.

■

He

was

of

professor

English at Lingnan University in
Hong Kong. " Other well known
men. will also be present.
u
;
Clement Asbury of Thomson &
McKinnon is in charge of the din-

—

'

Mortgage Bank of the Kingdom of Denmark

%

v

'

'

,

;

(Kongeriget Danmarks Hypotekbank)

'

-

Forty-five Year 5%

Sinking

;i

Fund External Gold, Bonds: Series IX,

Due

December

1,. 1978

>„•

•••

.-

of 1927
>--<• -•

v>

'

" T/

S-

Minister of Denmark, in-Washington makes the following-state-';
of bondholders of the above-described Loans:..* Ki'.JU'skeep'ng bondholders informed, I have since December 24,. 194T.,
Xmost-recently under date of January 27,«>1943) published announcements:"regularly. '"

rnent for

the

With-a

information

view

jln connection

to

with

each• approach'ng coupon

Hereafter I intend

Loans.

or

.interest

payment

to discontinue the publication of

on

bonds of the'

announcements/and'until,/

(and interest on the
Bonds) on.'a basis -similar to
1942, that-is-to say, by putting paying-agents in .funds
so far as it is estimated to be necessary
to make coupon and interest payments.,to
holders, other than residents of Denmark.
Should I ba unable to continue such/payments, due notice will be given in the Press, ■.
V"?r
Referring
to
my
announcement dated January 21,
1942) and the • conditions
'described therein, it remains impossible to meet sinking-fund or other .principalnotice

further

that

to

pay

coupons

adopted since January 1,

v

'

V

'

y

"Six-Point

attractive

an

Selector"

aid

to

investors in deciding how to allo¬
cate funds among UBA, UBB and
The

points

(2)

Protection,
Average Price,

Yield,

(1)

are:

Action,
(4)
(5) Ratings, (6)
Diversification.
Comparisons 011
each point are made between the
(3)

three Union Bond Funds by means
of charts for easy

checking.

Securities

&

published

has

recent

figures

series

in

referred
-

All

to.
future

States

will be

subject

to

such

licences

as

Notes.

\

Research

March 3, 1943.




:

of His Majesty'the King of; Denmark
"
'
,

.

income

per¬

jective

is

of
are

the

investor.

provided

year

desired.

are

indicate

to

needed

in

each

available

of

monthly

schedule

can

any

con-\

distribution

be met.
*

v

new

the

vari¬

Keystone

almost

ceivable

the

of

From the

combinations

A

i;t

folder

...

bank

on

stocks,

giving certain data and ratios for
1942, has been published by Hare's,
Ltd.
"Bank
stocks," says the
folder,
"while
primarily
peace
stocks, are again, as in World

I, demonstrating their ability
earnings during the

increase

'

-

1

Z'

r/t

Change

war

time."

-

.

12/31/42

Under the

heading "Cycle," Cal¬

through

vin Bullock's Bulletin has this to

2/15/43

say:'

:
bond. series___..____.__

+

6.53'/

low-priced bond series.
National preferred stock series

+

8.05

National income series....

+

9.82

+

7.71

National
National

....

industrial average.^.

Dow-Jones

4 11.11

price
on

conclusions reached

most

issue

recent

of

in the

Investment

Timing with regard to the effects
the

of
are

48-hour

in

line

work-week

with

better-known

on

this

subject. * The service concludes:

"Although it will probably aid
the

situation,
and
announced as among

manpower

-

was

16, 1943, the offering
Dividend Shares, based

market

close^

at the

share.

offering

Sept.

value of its assets

on

Feb.

This

price

1,

15

was

was

$1.21

the

same

prevailed

as

1939, when

the

banker

„

"During this period of approx¬
imately 3V2 years, stockholders of
Dividend

Shares

have

received

quarterly dividends totalling 22.6
cents per share, of which 5.1 cents

(Continued

on

page

836)

of New York,

died/ at- his- home in
Bays; Lf.T.;--N. Y., after
ness, at the age of 78. •

a

Hampton
long ill¬

Send fir

Prospectus
was

San, "investment

one

v-x

banking

house,
..

which in 1915 became Robinson &
Co. '" He retired in
a

1929.

He had

o c

Republic

,

Fund, Inc.

member of the New York
.

S t

.

Investors

k "" Exchange,

Investment

Bankers Association, and the

York " State

Bankers

New
Association,

arid President of the New Nether¬

.

lands Securities

Corporation.

Distributing Agent

BULL, WHEATON & CO. Inc.
40 Exchange

on

German

armies invaded Poland.'"

order

opinions of the

economists

of

the

per

The

"

,

"On Feb.

G.vJH; Robinson Dies
investment

to

as

per

Schedule of Distributions

amounts

ous

A

Ob¬

up an

months

distributions
a

Funds

concrete

determined

of

months selected.

to

results

of

be

to

number

War

The

needs

a

pro¬

the particular

on

simple work-sheet sets
the

now

expanded and refined to

approach based

its four "in¬
issue

re¬

i,GeorgevHenry Robinson, retired

been

may>be granted by the..,

y-.-"
*-•
:
HF.VRIK KAUFFMANN
;
•Envoy ..Extraordinary and .Minister Plenipotentiary
Washington, D. C.,

your

securities

of the few

summarized below.

though it

Robinson jrn 1899

C--

•V

listed

one

of.the founders of Fisk & Robinf.

'

payments
Treasury.

to be

vide the salesman with

last

on

the

~

payment retiuirements.
However, I reserve the right to purchase in-the market' bonds >
of any of the Loans, should it later on be my opinion that sufficient dollar funds'a-re-y
available for the purpose, -after providing for-current interest-service on the basis

United

-

"Com¬

f'JV

The. undersigned

•t

.V-v.

<

pier, reservations.

buy,

can

that

.

t

buy?"

Keystone

'

Then

Lord, Abbett has

UB'C.

of

It adds:

maining bargains."
Keystone's • check-each-monththroughout-the-year
program
been

*!>«!(

%

them:

issue

mentioned here last week has

Clincher.

will

atrocities

warfare.

1952

Danish Consolidated Municipal Loan
Thirt.v-Year 5¥i%

the

as

dollar

your

pared with other things that
dollar

16

saves

Club

p. m.

January 1,

Gold Bonds, Due

External Loan

Year

is

bond

investor

Legion, No. 1217, will
stag dinner at the 77th

House, 28 East 39th St., Manhat¬
tan, on" Monday, March 8, at 7:30

Notice to the Holders of i

External

price
now
95,

market

average

recent

a

the conclusion is reached that the

American
a

will

Corp.'s Keynotes.

the

National

the

"What

Since

y

Year <»%

Bond
asks

come"

of

Post

direc¬

same

tion, it should increase the diffi¬
of
holding the rises in
prices and the cost of living to
a practicable minimum.,"
culties

an

formance

Division

Twenty

are

come,

average price of 79
including the distribution charge.

Corp.

Legion Dinner

order

consumer

'

Fund

National

Wafl

common

higher

ready tending in the

of 5%

coupon

price of 72,

average

available through Manhattan

escapable that the 48-hour
will lead to

to

The 45 BB bonds,

average

an

an

designed to be antiinflationary, the conclusion is in¬
in¬
and pressure for higher
prices. Added to other factors al¬

single BBB

a

measures

of

list

entitled

is

BB

a

the pre¬

on

diversified

a

rated

of

form

page

bonds

The

Fund.

is in the
"figure sheet" based

a

aftermath.

"Memorandumft.-

.

hold '

Thirty-Year 5¥»%

its

and

four-page

a'

new

tain; satisfiactory
tion.

?

Prospects" are discussed in the latest issue of Hugh
W. Long & Co.'s New York Letter.
Taking the recent Bfookings
Institution study of this subject as its text, the bulletin
presents
much that is encouraging in the outlook.- The
hope is expressed
that our longer-range problems will benefit
greatly from the lessons

silk,

raw

I.OS ANGELES

"Post-War

sufficient to enable them to main¬

8,006 looms, 355,448 spindles and
general preference- oiv
309, knitting machines, comprising
der; issued by the War, Prbduetion
Board on Feb. 2, 1943, the cor- 3,597* knitting sections in total,
*

JERSEY CITY

'

from rayon yarns and rayon mix¬

the

'

I#' Iit^esSmenf Trusts

"Ten

tures

maximum

{

CHICAGO

listed in the latest

The corporation is required to
set aside annually a sinking fund

FUND "IP

INCORPORATED

Feb. 15.
%

STOCK

FUND SPECIAL

63 Wall Street,;Ncw York

mise

year.

went to the armed forces

ypii've

better
go

v# :•

year

own

salesman it's' because

Net
saleshave ' increased
rapidly,
amounting to $83,096,802 in the
fiscal year ended last September,
a. gain
of almost $20,000,000 for
the year.

himself to worry

allows

ferred and 665,419 shares of 1,200,000 authorized common shares.
i ; Consolidated net ; profit after
*

you are

ness.

$6,000,000 of 3% promis¬

notes payable serially, 65,000
shares of the authorized 75,000

sory

shares

discouragements—it calls for confidence in yourself and the
selling—and all this must be backed up by unselfish¬
The salesman who thinks of his commission check first—or who

over

things

STOCK FUND "A"

COMMON
UNION

Lord, Abbett & Co.

business that way.

a

COMMON

UNION

Prospectus covering all classes
o) stock on request

Now, what we are leading up to is this—there is something about
:elling that brings out the best m you.
You can't kid yourself—

convertible

cumulative

can't build

You

the* out¬

of

else's eyes."

his
profession unless he followed exactly the opposite course.
Sleight-of-hand, "putting things over", on other people, is one thing
that any successful securities salesman will tell you—just won't work.

cumulative
preferred stock, $100 par.
The
$6,563,877 to be received by the
corporation upon the sale will be
Corp.

,

FUND "C"

UNION

,n io:n

a

someone

this is it.

issue of 65,000 shares of Burling¬
ton

reason many people cling to the idea that
good salesman you have to be able to "pull the wool
If there ever was a complete fallacy—
On the contrary, no salesman ever made a real success of

in order to be

March 3 offered
share plus accrued
on

BOND

UNION PREFERRED STOCK FUND

unknowable

some

BOND FUND "IT

UNION

*-

r-

For

UNION

ism

SELLING IS A CHALLENGE!

Kidder,

and

Brothers

Peabody & Co.
at

IINION BOND FUND "A"

ifeifrc-y

by

headed

group

831

The Securities Salesman's Corner

Burlington Mills Stock
A

CHRONICLE

Place, New York

Prospectus
from

The

may

authorized

be obtained
dealers,

or

PARKER CORPORATION

ONE

COURT

ST., BOSTON

1

THE COMMERCIAL & FINANCIAL CHRONICLE

832

of

Recent operations in the

munic¬
ipal field, particularly in regards
to
new
issue
awards, seem to
have demonstrated beyond ques¬
tion the extent of the heavy de¬
mand that continues to prevail for
tax-exempt instruments. Of strik¬
ing interest in this connection was
the apparent absence of any less¬
ening in such demand in the face
of the partial withdrawal from the
market of

activity in

principal

whose

ers,

recent months has been the

liqui¬

Feb.

The Chase Bank group
reoffered the 1944 to 1953 bonds

the

strong

►

group

for

attractive the largest group of municipal
prices) of a rather substantial housing bonds ever awarded, with
amount of their old holdings.
De¬ the exception of the recent New
spite this selling which, except for York City Housing Authority of¬
itSK unusual circumstances, could
fering. The Shields account ac¬
not be interpreted as being other
quired an aggregate of $19,712,000

duced

its

dation

(and

at

very

development, the
market has remained exception¬
than

bearish

a

ally strong. This selling, however,
is of wholly different, character
impetus rests solely in- the
desire of the institutions involved
its

as

in"

"cash

to

peak prices

the

on

now
prevailing for high-grade
municipals and to employ the pro¬
ceeds
by
investing in higher-

yielding Treasury obligations.
While these latter are taxable, in
contrast with State and municipal
nominal

of

but

to

the

Boston

thority,
series

fcvent, it would appear

series

cost

1.989%;

Louisville

pressed by the

factor here, of course,

is the fact

dentally, it is
that
be

higher

even

D.

of prices would

.

were

it possible

The

sale

block

syndicate headed by

gations in

quarters that

of

such

further evidence of the
accorded ' " such

legislation

which would

nullify, directly or
indirectly, the value of the taxfeature

exempt

on

municipal

Administration

has thus far been unsuccessful in
its efforts

pa^s

a

have

to

the

Congress
bill subjecting such securi¬

ties to Federal

taxation, recent re¬
Secretary of the Treas-

marks by

\\

Despite the constant existence of
this threat, however, the market's
performance, particularly in the
recent past, has been extremely
gratifying, with new issues in gen¬
eral having been well received.
than

more

this connection

competition

Treasury

sum

a

reposed in the
at close of the

last September, all but $8,587,654 of the total was
ear¬

the

various

V>/V

■

outstanding example
York

issue

of

$12,000,000

grade crossing elimination bonds.

Carrying

an

marking

the

that character

optional
first

feature,
offering of

ever

made by the

State, proved no handicap, as
Comptroller Frank
C.
Moore
was

at

able to dispose of the bonds

a

record

new

low

interest

cost to the State.

The bonds

were

The

sold to

a

syndi¬

by the Chase National
New York, which outbid

cash surplus was held in a

special

educational

a

rate

of interest of 1.20% and the close¬

various

Feb.

refinance

offers

gave

itself.

The

purchased the

net interest cost to the

State of only 1.141%, which com¬
pares with the net rate of 1.192%

required in the lowest of the other
four tenders submitted at the sale.
The

bonds

are

from 1944 to 1963,

$420,000.

,

,

,

written

report

The

Hazelton

his

24

under which it is

purchase

of

Co.,

due

serially

inclusive, and




;

•

a

Water

of

which

is held by the Northeastern Water

committing

Corp.

itself

to

a

Prior to
definite

agreement, the Authority has sub¬
mitted the proposal for approval
by the City Council, although the

Authority

is empowered

its

on

own

program

by law

initiative.

^

involve

would

the issuance by the Authority of

an¬

$3,300,000

to

will

total of

not

revenue

in

any

City of Hazelton

bonds, which

way
or

bind

the

the Author¬

ity (except as to the property
acquired) but will be restricted
in their lien to the income only
of the water company.
In no

months notice.

event

shall

any

Cuyahoga County To Refund

owned property

Special Assessment Bonds

ity

be

of the

bonds be

present

of the Author¬

responsible

should

County, Ohio, plans
to refund $1,398,000 of its special
assessment bonds this year, the
municipal research bureau of the
Cleveland Chamber of Commerce

debt

in
making public re¬
detailed analysis of the

a

situation

of

Cleveland

gov¬

The

would

in

$2,-

by the North¬
Water & Electric Service
Corp., which is to operate the
water company.
V
-.
escrow

eastern

the

31,

period

same

Port

any

general

To Reserves In 1942

the

present

obligation bonds in
In 1942, the
refunded
$1,580,000
of
year.

special assessment bonds.
The
for

bureau

the first

also

$10,862,863

Motor

time

in

a

number

of years there would be

funding

of

City

bonds, despite
tion

in

its

tax

a

of

that

no

re¬

sources

in

1942

amounted

the

$13,-

license

in

period,

January

$16,200,000, or a decrease of about
$2,500,000 under the 1941 aggre¬
gate, the Authority nevertheless
bolstered its general reserve fund

by about $4,700,000, retired about
$2,400,000 bonds during the year
and credited its insurance and de¬

•

the}

on

that

with

sentence

the

revert

have

the

po¬

repeal

question

of1
the:

offenses

the

Congress where :

Mr. Wood also ob¬

that the legislator might
gone

that

in

to

it belongs."
served

the

define

to

power

"will

"mani¬

was

taking

further

Congress had

tional

and

right to attempt

fer this power

as

of

to

con- •

the SEC.

the

Boren

bill

aftermath of the pro¬

an

last

upon

stated

constitu¬

no

year

SEC of

by the

a

in

each

prices

of

bid

and

was

phase :of

SEC

the

asked

Municipal

securities.

felt that it

the

transaction

independent

the

law,
to

power

basis

the

on

giving
define

col¬

drop of 45.1%.

a

and

10.2%

rose

10.3%

in

the

seven-month period.

Levy Eliminated

:

Repeal of the State's eight-yearold

income

tax

law

effected

was

January rerecently, as each branch of the
$1,524,687 against $1,Legislature voted to override Gov¬
383,085 and' seven-month receipts
ernor Neely's veto of the measure.
were $3,727,474 against $7,912,981.
The - House
originally approved
the repealer on Jan. 27 and the
Chicago Park District
Senate followed suit on Feb. 3.
!
cepits

were

Debt Reduction Reported

financial Major Sales
Baker, Di¬ Scheduled
rector of Accounts, showed that
The successful award on Tues-r
the park district reduced its total
debt structure to the extent of day of approximately $24,000,000
of Housing Authority issues now
$6,559,000 in 1942. Total debt on
The

recent

quarterly

statement of Harold L.

Dec, 31,
last, was reported as
$81,585,250 T as • compared
with
$88,144,809 a year earlier.
In¬
debtedness has been reduced

$45,$127,on
May 1, 1934, when
consolidation of the various park
districts into the present single
553,056
138,307

unit

from

the

total

effected.

was

'

31

Dec.

on

of

'

■

amounted

against

$81,709,700,
has

issued

tion
of

its

1

$87,902,700

for

call

a

March

on

for

redemp¬

$4,920,000

This will

bonds.

to

The district

at the end of 1941.

reduce

leaves

the

of

March

1

to

bonded
year

debt

debt

assets,

net

end

the

at

the

of

to $71,724,267, a
$6,398,286 compared

amounted

reduction
with

funded

fund

sinking

of

$78,122,553

on

Dec. 31, 1941.

debt increased $572,804. in the year to $2,023,782 from

Floating

$1,450,978.
was

of

This

scheduled

prospective deals of $500,000
more.
As a matter of fact, the
largest of the issues currently up
or

for

award

consists

of

item of

an

$195,000 by Wayne, Mich.
are,

There

however, several large offer¬

ings

scheduled

within

to

be

the next few

reoffered

days,

repre¬

senting recent acquisitions by in¬
vestment

the

bankers.

$21,635,000

River

These include

Lower

Authority,

Colorado

Texas,

bonds

which will be placed on the marr

$76,783,700.

on

interest

of

any

into consideration

taking

calendar

business for the present month (at
least at this writing)
barren of

the gross bonded debt figure as

and

0.5-mill reduc¬

Considering the debt situation

sition

the
tax

'

opinion

festly right" in

of ? the

reported.

was

vehicle

1941

After

to

recent

Congressman Boren

best

collections

against

Sales tax collections

accrued

Cleveland

rate.

his

manipulative,
deceptive, ; a n d
lections fell to $2,095,287 last Jan¬ fraudulent, that the application of
uary from $3,893,409 a year ear¬ the rule was proposed to be ex¬
lier, a drop of 46.2%, and to tended to municipal transactions.
$2,515,325 in the seven months
ended Jan. 31 from $4,584,230 in West Virginia Income Tax

■

Although gross revenues of the
Port of New York Authority from
all

noted

Wood & Hoffman.

subject, Mr. Wood asserted that

ket

Authority Added

fradulent;"

endorsed

by David M.
Wood, noted New York attorney,

tomers

January receipts

ernmental

units.
The county, it
said, does not plan to refund

"manipulative, de¬

apparently abandoned,
which would have required overthe-counter " dealers,
' including
municipal men, to submit to cus-*

Gross bonded debt of the dis¬

include

been

posal

the

800,000 series A first lien 3s and
$500,000 series B 5s, the latter to
be held

in
Jan.

ended

seven-month

were

defaulted.

bonds

or

rule, now

$903,428 against $1,920,372 i

trict
r

16.8%

and

earlier.

year

053,268, it

Authority

stock

otherwise

men

Hazelton

& Electric Service

during

months

and
.

-

considering the

capital

the

the

52.9%

1942,

were

resolution ap¬

a

excise

compared with the
a

proving an outline of conditions

The

intention

City

adopted recently

are

ceptive

Introduction
fuels

decreased

uary,

.

Hazelton, Pa., Authority

predicted.

and

seven

and the library debt was
to

clothed

was

authority to define, for
the purposes of the act, the trans¬

announced.

debt

net

has

tax

taxes

Plans Water Plant Purchase

$4,447,500 4%
bridge bonds in order to reduce
the interest charge to a level of
no more than 2%.
The bonds, it
was
said,
are
callable
on
six

county

market
group

this

and

State Finance Director

nounced

municipal
a

Education's

business, greatly in¬

on

collections in January
$6,220,976, or 32.2%
less
than the $9,174,273 in the first
month ; of 1942, the . Commission

The

years.

to repeal
of the act under which

the

re¬

the month, compared with Jan¬

$5,835,747, lowest in at least 22
years,

to act

and the excellent character of the
bank

of

18

:.

were

and

at the beginning of the year was

To Refinance Bridge Bonds

was

on

fund

trust

Director's

striking testimony to the high
credit rating enjoyed by the State

issue

of

charges, debt service or for fur¬
ther support of schools, the Fi¬

declared

Chase

bulk

surplus, if it is to be diverted, is
technically available for interest

cently

the

re¬

actual

bids, incidentally, specified
of

committee

the

four other groups which
competed
for the loan.
Each of the five

ness

at- least

result of wartime

a

Commission

Total

$97,592*622, the low¬

was

in

Problem

declining oil production, the State
Tax

$36,921,-

notes

and

securities" and

Commission

In

creased Federal taxes and rapidly

Cleveland's

anticipation

as

strictions

lowest total

Cuyahoga

cate headed

Bank of

cently.,

The
was

afforded by the recent State of
New

taxation

nance

degree of nance
prevailed said.

which

1, the

Securities

Commission the power
regulate transactions in ex¬

came

of

State
fiscal

years

Gasoline

year

the

bidders for
:
*'"V

among
loans.
An

passing interest in
was

est

$8,500,000

Despite the fact that

Oklahoma Facing
Serious Financial

Jan. 1, also inclusive

on

tax

scrip,

'

marked
for
specific
purposes,
Morgenthau emphasize that State
Finance
Director
Hayse
the. project has not been aban¬
Tucker advised the
interim fi¬

Of

of

Board

uary

doned.

net debt

down

$24,486,160

Jan.

on

since the late 1920's.

in

Alabama's Unencumbered
Cash Balance Over

the

and scrip, amounted to

banking and investment circles.

issues.

Although

Net bonded debt of the county,

high favor

instruments

21.9%; the city,
5.6% k the schools,

over
the.,five-year
$21,858,000, or 13.4%.

was

it

not

and member of the firm of Thorn-:

including tax anticipation notes

day reflected still

one

or
or

does

statute

the

upon

Ex¬

make

has

cial problem within the next two

,

of

-

the

and

to

actions that

V; The State of Oklahoma will be
confronted with a serious finan-,

reduction

tal

period

substantial

a

-

from

debt

net

1934

Exchange

son,

6.1%.

its

that

of

773.)

$5,101,000, or 46.6%, and the li¬
brary, $640,000, or 60.4%. The to¬

of Housing Authority obli¬

swcceed

enacting

reduced

the

Lyle

(H. R. 1502)

Securities

with

address appeared in the
"Chronicle" of March 1, on page

Li¬

period

the

that part

additional*

an

Oklahoma

the

1943 carry to our

reserve

in

Congressman

cahy's

Education
Public

five-year

end of

general

.introduced

Act

change

empted

(A detailed account of Mr. Mul¬

respectively.

or

actual

$750,000, Mr. Mulcahy declared.

1, 1938, to Jan. 1, 1943, the

197

the Federal administration will

in

were pur¬

C., and $89,000 Orlando, Fla.,

rent fear in

many

the

$5,749,000,

Housing Authority.

to dispel with finality the cur-

of

$84,000,

$9,122,000,

In

Phelps,Fenn & Co.,Inc.,New York,
and consisted of $3,744,000 Alley
Dwelling Authority, Washington,

than possible

more

trend

the

at the

In addition, the

Board

for

Cleveland

Five-Year Debt Reduction ^

Sales

Tuesday

of

re-1

The total reduction for the year
was

remaining two housing is¬
on

of

City

Cleveland

and

000

interest

county

offered

period

a

brary reduced their debt $997,-

is¬

Jan.

chased by a

Inci¬

influences.

the

1.940%, and $850,000 Housing Authority of Jersey

The

over

4.8%.

or

and

interest cost

sues

of new business
has been greatly restricted due
wartime

The

$10,368,000,

An important

the govern-i

Last year the county

Cleveland

City of
Municipal

Additional

that the supply

to

000,

Sheppard Issue) series A bonds,

liquidation that

has been effected.

units

by

of

amend

to

amortization

Housing Commission (Parkway-

been aided, instead of being de¬

will

continued,

charges of $2,500,000, "we could

7.8%.

$2,653,000

(Ky.)

the

trimmed its net debt by $4,905,-

(Mich.)

bonds,

A

speaker

After allow¬

made

Boren
to

confer

the

duced its net debt $3,136,000, or

bonds, interest cost 1.889%; $3,-

sue)

out

brought

by

clear

leave about $3,200,000 from the

SEC

bill

House

of

.The

$5,300,000 for interest charges,"

J

,

income

revenue

ing

mental

issue)

(first

-

(

total

year's operations.

been

years.

$5,703,000 Baltimore
(Md.)
City
Housing
Authority
series
A

Commission

v

1941,"

under

I believe this will be less), also

similar reduction

a

^

-

review

The

bonds, awarded on an

Housing

1943."

Power To

40%

$12,500,000. "Deducting operat¬
ing expenses of $4,000,000 (and

re¬

as Correcting
Delegation Of

that

falls

steady reduction in net debt that

interest-cost basis of 1.91%;

006,000 City of Detroit

county

Boren Bill Seen

Unlawful

say

has

municipal market has

the

in

-

(first

$7,500,000

A

The

anticipation warrants out¬
at the end of the year
to $7,837,201, a reduc¬
tion of $734,076 compared
with
$8,571,278 outstanding as of Dec.
.31, 1941.
amounted

"as¬

to

on

this will bring the Port Author¬

net

probably make

Housing Au¬

(Mass.)

traffic

a

Tax

standing

(just for instance)

suming

ity

declined $317,274 to $205,621'
$522,895.

that

cahy went

special assessment
debt in 1942 by $914,000 and;will

City (N. J.) interest cost 1.974%.

/ V

■

_

In any

that

value

indulging in such switch¬

sources

ing;

tax-exempt feature is

the

loans,

bonds, divided as follows:

1943.

seems

undesirable to at*

formal forecast of what

a

happen in 1943, Mr. Mul¬

may

cate," the review said. "This levy
$921,000 jn 1942, and
approximately $880,OOO has been
levied

be highly

tempt

amounted to

Mardh 2 for

on

to

bonds

headed by
Co., New York, Was the

Shields &

Although saying that it

principal.

levy to pay special assessment
against the general dupli¬

a

successful bidder

week.

small

a

necessary

Syndicate
Buys Housing Issues
banking

only

reduced each year, it is
for the county to make

be

may

Shields

A

and

"In order that this indebtedness

reoffering.

the bonds upon the

sufficient to pay

were

interest

amount of

at
101.50
to
100.
A
demand developed for

priced

continue

ment taxes

yield from 0.30% to 1%, and
those due from 1954 to 1963 were
to

institutional hold¬

some

ever,
from

ficiency funds with about $70,000,
it was stated by John J.
Mulcahy,
refunding
its Comptroller of the Port Authority,
in an address before the
special assessment obligations, be¬
Municipal
cause receipts from special assess¬
Bond Club of Philadelphia
last

26, 1953.

,

County, the bureau

to

unit

redeemable starting on

are

Cuyahoga

said it had been necessary for the

& Notes

Municipal N ews

Thursday, March 4, 1943

increase largely

accounted for by an increase

$681,702 in contractual obli¬
gations. Accounts payable, how¬

by

an

account headed by the

First Boston

Harris &
group

and
&

Corp. and Stranahan,

Co., Inc.

In addition,

managed by Blyth &

including,

among

a

Co.,

others, Blair

Co., Inc., and Dean

Witter

&

Co., is expected to undertake the
distribution

of

a

new

$9,000,000

Seattle,

municipal

transportation

revenue

issue

Wash.,

refunding bonds.

of

3V2%
system

.Volume 157

-

Number 4156

THE COMMERCIAL & FINANCIAL CHRONICLE

833

New Issue

SI 2,000,000

State of New York
l *:■

1.20% Bonds
Dated.

-

,

i

February 26, 1943

Due $600,000 each
year,

Redeemable

of par

and accrued interest
all bonds of

or
........

February 26, 1953,

on
a

....

.......

.

_

Principal and semi-annual'interest, August 26 and February 26, payable in New York
City at the Bank of
each, registerable

Interest

In
t

-

1

j

our

-

-;

.

\k

'

V'/.1 "v
v

:

to

as

principal and interest in denominations

Exempt from all

of

the Manhattan Company.

i

•

A;'f v

v/:

,•>.

Coupon bonds in denomination of $1,000

$1,000, $5,000, $10,000 and $50,000.

present Federal and New York State Income Taxes

V

p f;

V

v

»

'

opinion, Legal Investment for Savings Banks and Trust Funds in New York, Connecticut and
■'"
.'4 •• certain other States and for Savings. Banks in Massachusetts "
'
,]
<f
*
' r
1
' t f
i
y
-1 *'1
{
>' "
•

*

4.

v

.

,

'

;

^

i,

^

1

w-

f Acceptable to the State of New York

*.

as

.1

,

f

)

"i T

'

,

;

.

<:

'

'

"

'

•

-,

*

*

*

<,

't?

•

'

security for State deposits, to the Superintendent of Insurance

to secure policy holders; and to the Superintendent of Banks in trust for banks and

;

February 26, 1944-63 inch

interest payment date thereafter, oil bonds then outstanding,
softer, all
single maturity beginning in the inverse order of their maturity.^
aturity.^: 7 v •
or on any

trust

companies

These

Bonds, issued for; Elimination of Grade Crossings,
constitute, in the opinion of the Attorney General of the State of New York, valid and
binding
obligations of. the State^ and the full faith, credit and taxing power of the State of New York are
pledged for the payment of principal and interest.
•Y**

l!

MATURITIES AND PRICES

(Accrued interest
Due

Yield

'

Feb. 26

:to

1944"

Maturity

*1946

.'.0

■S:

to

1949

.50

V;

19.51
'1952

.75

1961

1953

are

Too

1962

100

MOO

1958

-

1.00

ym

A 1959

I00%;:
1001/2
100%

'

:I960

1.20

I':.-,

to

'

: 1.12
1-15

1.17 /

Yielding 1.20% after Optional Date

offered when,

as and if issued and received by vs and
subject to approval of legality by the Attorney General of the State of New Yorlc.
expected that interim Certificates will be delivered in the first
instanceypending preparation1 of Definitive Bonds.

It is

.

The Chase National Bank

'

IL:-..

,/.1

.

.u.-,..-.--

^a^!ga^fen & Co.

'W

'

1

Barr Brothers & Co.

^'l

R. W.

1"

'•

'

r'

4

'«,

,*

A

'r

'.v.-,

•

>*.-

*.

:

'

/Nv»^

4

Pressprich & Co.

it:

•

.• y,

'-A;*'• Vkf•'

/ \\,

:(y

Salomon Bros. & Hutzler S

INC.

The Marine Trust

Jlyth & Co., Inc.

Manufacturers Trust

Company

of Buffalo

;

Cidder, Peabody & Co. - Estabrook & Co.
■':

S.

Moseley & Co.
.

"r

:

a-..

t;/'T.

;
:

'

'.

■

quitable Securities Corporation A
aurence

Roosevelt &
y:.-"V

•*d:.y;;V'T

M. Marks & Co.

.TT:'-T'-'-

L.V

■

^

*

..

v: '

•.=

Y

Chicago

^Y

Michigan Corporation

j

...

■

White, Weld & Co.

R. L.

Reynolds & Co.,
••
.

.

.

C.

Allyn and Company, Inc.

G. Becker & Co.

York, February 26,




■

-•/

Green, Ellis & Anderson

Philadelphia
1943

■

■

Schmidt, Poole & Co.

Incorporated

New

;

«■'

.

t

v

.

A %" •!. '

1

*..,7*1 •*«

•'*'

f

'

*

.

Organized

a»

-h.

.

.

?'

'

-

'*■

)■

j

'■

Blair & Co., Be.

Harris Trust and

.!

Savings Bank

N.W. Harris&Co. 1882. lncorp©r«i»l19€7

Kean, Taylor & Co., Swiss American Corp.

YyA

y

.

'

-yY'.V.-'

;

Y.Y;

Mercantile-Commerce Bank and Trust

Day & Go.

Lee Higginson Corporation

of

^
.....

.**.

>r\-

:

The National Commercial Bank and Trust

of New York

annahs, Baltin & Lee

,

/.

Company

•;\/'V:;'-

'' |

Company

t

Stone & Webster and Blodget

,y;7y,;;

/

•

Schoellkopf, Hutton & Pomeroy
Incorporated

Edward Lowber Stokes & Co.

Otis & Co.
(Incorporated)

The Commercial National Bank & Trust

/

'

C. F. Childs and Company

<
1-';

Company

of New York

/

Schwabacher & Co.

■'•

State Bank of Albany

Incorporated

.r'

Company

Albany

W. E. Hutton & Co.

y

Geo. Bi Gibbons & Co<
.

he Public National Bank & Trust

.-f!''-y;1

Chemical Bank & Trust Company

HornbIower&Weeks

Weigold
"

y-:

fj

v:

The Northern Trust Company

' >

Incorporated

lncorporat#d

Hemphill, Noyes & Co.

First of

Company

YY/7

Buffalo

•

L. F. Rothschild & Co,
•

;VY:' :,7 Y

Manufacturers and Traders Trust Company

-i•.

,

T'T

Maturity

1.20%

,

,,r<w.

,

1.20

1963

101

.95

'

Price

1011/2 y 1.04%
1011/4 /; 1.07

;v

Yield

Feb.26

~

'

The above Bonds

Due

Feb. 26, 1953

:

.To;:

•;

Price"

t,

A 1954-55

i U 1956

,

.;:

.V:'h to Opt. Date

Feb. 26

.80% d
.85
%

Approx. Yield

It

(.90

•

1948

added)

Due

Maturity

J 950

.60 K

;I947

Yield

,

Feb. 26

~.30% '

£ 1945
Kl<£:■'<{( '•'>»

y Due

to be
0

-

.

•'

-

V■

'

Incorporated

Francis I. du Pont & Co.

Ernst & Co.

•

A;

v
'•/

...

Riter & Co.
-

Arnhold and S. Bleichroeder, !nc.

Craigmyle, Pinney &Co.

THE

834

Thursday, March 4, 1943

COMMERCIAL & FINANCIAL CHRONICLE

changes include provisions in their

Schram Asks NYSE Members For Views On
Continued from

Descriptive Circular

New

practices of
The effect of the

business

established

member firms.

Copy on Request.

has been most often
would be to make it

plan which

suggested

requirement than member firms,
and, furthermore, that additional
protection to customers of such
corporations could be provided by
ber corporations would
have to a requirement that officers, as
meet more exacting requirements well as employees of a member
than
those
laid
upon
member corporation, be covered by a brok¬
firms.
In addition to the provi¬ er's blanket bond.
sion for initial minimum paid-in
"(2)
Could our controls and

Incorporated

Bell System

liability is un¬

probably only theoret¬
ical,
that member
corporations
would have stiffer initial capital

certain and

possible for a member house to
operate either as a partnership or
as a corporation.
i
"In one important respect mem¬

Wood, Gundy & Co.
14 Wall Street,

827

page

value of unlimited

New York

Teletype NY 1-920

the

by-laws for

or

admission of member corporations

Admitting Corporations To Exch. Membership

Columbia

Province of British

constitutions

and, .since many New York Stock
Exchange securities are dealt in
on other
exchanges, non-member
houses

able already- to transact

are

business

in

stocks

our

of

"Fourteen

total of

a

securities

istered

public

on

He added:

markets."

19 reg¬

exchanges

mit corporations to

per¬

hold member¬

They are:

ships,.

Chicago,
Cincinnati,
Detroit, Los Angeles,
Salt Lake City, San

"Boston,

Cleveland,

New Orleans,

Louis,

St.

Francisco,

Standard,

Washington, Board of Trade (Chi¬

cago), San Francisco Mining Ex¬

capital/which would be identical scrutiny be adequately applied to change."

CANADIAN SECURITIES
By BRUCE

WILLIAMS

"mutual aid" will

This new plan is the outgrowth of Canada's expe¬
providing Great Britain with a "billion-dollar gift" of war

begin to- operate.
rience in

old

the

Under

setup

Canada sent to Great Britain a billion
and raw materials as an outright gift.

worth of munitions

Britain, in turn, redistrib-v
a
large part of these war i

Great

be

corporations?

that supervi¬

fear

"Opponents

corporations
paid-in
(capital) surplus.
The would be difficult and that regula¬
member
corporation
would >; be tion of an increased number of
subject to the same capital main¬ houses.-{-and; •>. tneir >" stockholders
tenance requirements as member,
would be expensive.
sion

member

of

Broad

General Questions

Jf.

purposes

handled directly.
The

new

plan

calls

billion-dollar gift.

other

for an¬
How¬

Canada will al¬
directly
and on her own terms.
It is a
significant step, not only for
Canada but for the whole Brit¬
ish Empire.
In the words of
one
Canadian editor, "It is at
this time

ever,

the

locate

once

materials

of the re¬

acceptance

an

of
/ >
political aspects of the
amounting as it does to a

sponsibilities, and a claiming
the rights, of nationhood."

{

The

move,

"declaration

mild

indepen¬

of

this

and the administrative
policies of the program.
Briefly,
a
five-man board will be set up

distribute
$1,000,000,000 of war. equip¬
raw materials
and food¬

given authority to
to

ment,
stuffs

basis of "strategic
All United Nations will
the

on

need."
be

In

of our loans that be¬

spite

gifts,

came

nomic

immediate

our

industrial

and

eco¬

"Contrariwise, the opinion is ex¬
pressed that'no unusual increase
in personnel would be needed for

gains from
tremendous.

eligible to

receive these war

supplies, with "effective

primary

consideration

use" the
in their

distribution.

securities corpora¬
tions conform to our requirements
and
submit to our supervisory
controls in order to become mem¬
bers? The contentions which have

able number of

war

is

Canada

were

the

in

process

,

measure.

She

that

way

is making

will

-

it in a

strengthen

her

friendships and enlarge her mar¬
in

kets

post-war world.

the

permitted to do so.
be

an

"Manufacturing activity in. Can¬
high level, with

ada continues at a

contracts

providing its chief

basis, and the latest Government
return shows a continuance of the

upward movement in employment
which has been in progress
out

with¬

interruption since last March,"

There would
number of

advocating

invest¬

ment in listed securities for

the

markets.

over-the-counter

in

rebuttal

corporated houses now

listed stocks

siderable business in

would

over-the-counter

Ad¬

that in¬
doing con¬

say

im¬

be

pelled, if admitted to membership,

available

about

more

which

a

ready

information

for

evaluating securities than is usu¬
ally the case with unlisted secur¬
ities.
Thus it is contended that
the admission

of incorporated se¬

curities houses would bring to

the

volume

of

Exchange

increased

business, resulting in more active
and

also

to

change,

business

generated

would4 be

by

the admission of member corpora¬

further made
houses, if ad¬

tions.: The point is
that

incorporated

{ membership,
would
which there is merely dilute the existing volume

provides

Exchange

market and

war

>..

additional

organizations

Activity Remains High

change Floor but would continue
to deal in listed securities in the

place their business on the Ex¬
where the best markets
usually exist. .'•
: :y ' f
of non-member securities corpora¬
v"It is contended .that no- new
tions would become members if
thus

Canada Manufacturing

corporations, if admitted to
membership, would not send much
additional
business
to
the Ex¬

that

vocates

better markets.

Emphasis is

placed upon the desirability

mitted

to

of transactions. ' ^It is

held, on the

hand, that the superior at-r
tractiveness
and
marketability,
other

generally,

of

/

securities

member

,

tions to recommend them to

their

customers.

"Another contention is that ad¬

would not
corporation to

mission to membership
cause

a

securities

the Bank of Montreal in its
of encouraging investors to
use give up the comparatively, larger
Summary" made availthe facilities of our markets and profits from -trading in. unlisted
able Feb. 23. The bank also has\
issues for the: smaller commissions
thereby derive the benefit of in¬
the following to say, in part:
In
stantaneous
and
constant
price charged on listed securities.
"For the month prior to Dec. 1,
if
permitted
to
publicity.
Advocates of member otherwords,
there was a gain of 31,527 workers
acquire- Exchange ; membership,
corporations cite
the
customer
on the payrolls of reporting firms.
made without any strings at¬
the company would continue to>
protection which the Exchange
To this advance; which was con¬
tached. There are no "hangover"
provides in the form of close scru¬ discourage its customers from in¬
tra-seasonal
in
character, -,the
clauses or stipulations requir¬
One
tiny and supervision of, member vesting in listed securities.
greatest contributors were manu¬
answer to this contention is that,
ing negotiation and settlement
houses,
capital requirements
facturing, which absorbed an ad¬
at some future time.
which the Exchange imposes and since listed issues are generally
ditional 16,116 persons, and log¬
more attractive, it is easier to pro¬
Obviously, Canada understands
many other safeguards which,have
ging which absorbed 13,600. The
the
principle that "it isn't so iron and steel industries alone ab¬ been set up in the public interest. duce business in them, with the
"Those j opposing the admission result that, while the commission
much what you give as how you
sorbed about 12,000 and on Dec, 1
of member corporations say that profit on each transaction may be
give it."
Her "mutual aid" plan
employment in the heavy indus¬
the' total net profit from
embodies this principle in a. com¬
there would- be no material in¬ less,
tries accounted for. one-third of
mon-sense,
workable
program the total number of workers on crease in' the volume of listed listed business-compares favorably
that will enable her to put forth
business flowing to the Exchange with the total net profit obtained
the payrolls of reporting firms, as
from corporations if admitted to from dealing in unlisted securities.
her maximum effort in a cause
compared with little more than
"(4) Would securities corpora¬
•which, after all, is one of common one-fifth
This question • of
at
the
corresponding membership.
volume
is discussed
at
Survival.
-vv
greater tions which can conform to our
-'^yv date in 1939?.
.V'-.
standards of character and finan¬
"At intervals winter weather of length under Question (3) below.
{ When one recalls the American
In addition, opponents also point cial responsibility be interested in
experience of "lending" war ma¬ unusual severity has resulted in
becoming members ' of the 'Ex¬
terials and foodstuffs tor bur Al¬ some dislocation of communica¬ out that non-member corporations
change?
/
lies during and after the First tions and other activities and has would not wish >to subject them¬
"Although, opinions have been
(World
War,
the soundness
of hampered the distribution
of selves to the rigid. rules of the
Canada's new plan becomes all goods, but the physical volume of Exchange. Those in opposition as¬ expressed that few,: if any, corpo¬
rations would become.' members,
the more apparent. Our "contribu¬ business, as a whole has been at sert, moreover, that limited liabil-.
the advocates of the proposal take
tion to the Allied cause in 1914- a record high.
Coincident with ity i n h e r e n t in incorporation
of: a a contrary view.They point out
18-and in-the years immediately the increase in war activities, cur¬ would-deprive .the public
that a number of securities corpo¬
thereafter was substantial.
Yet tailment of the production of measure of protection afforded by
the unlimited liability of partner¬ rations have made inquiry on this
,we got little thanks for it, where¬ civilian goods is proceeding stead¬
On this point advocates of subject during, the last several
as
our
"loans" might have done ily and wholesale and retail mer¬ ships,
the
inclined, to
proposal contend
that the years .and; seemed
much to create an atmosphere of chants now experience great dif¬
make application if the Exchange
international cooperation if they ficulty in procuring adequate sup¬
should make it possible for them
had been outright gifts in the first plies
for
the
replacement
of data are available, it was 30%
larger than in- November, owing to become members and retain
place. As it is, they have become stocks of certain articles. Never¬
to
the
special Christmas trade, their incorporated status.'-'
"gifts" by default and as such are theless, retail trade continues in
In. his letter Mr. Schram also
and 6% larger than in Decem¬
even
today a source of irritation great volume and during Decem¬
pointed out that "many stock ex¬
ber, the latest month for which ber,, 1941."
gnd misunderstanding.
Although

<

Canada

may

re¬

benefits" from
other United Nations in a, posi¬
tion to give them in return for
these supplies, all arrangements
are final.
Outright gifts will be

quire "reciprocal

says

scheduled
for
the
annual conference of the

Speakers

eighth
Central

Group of the In¬

States

Bankers

vestment

America

March

in

Chicago,

S.

Marriner

include

11,

of

Association

held

be'

to

Eccles, Chairman of the Board of
Governors of the Federal Reserve
System,

v

Joseph

McGoldrick,

D,

City of New

Comptroller of the

James M. Macdonnell,

York,

President and General Manager of
the National Trust Company, Ltd.,
of

The

of

Baird,
Co.,

W.

Robert

Toronto,

President

Wisconsin

Milwaukee, and Arthur C. Knies,

partner of Vilas & Hickey,

New

York, it was announced on March
1 by D. Dean McCormick of Kebbon, McCormick & Co., Chairman
of the Group.

Mr. Eccles is to discuss the war

problems of the U. S.

financing

government at a dinner meeting
at the Palmer House, climaxing a
one-day program devoted to vari¬

wartime

of

phases

ous

Other speakers

finance.

wilf.deal with war

financing problems of states and
cities and of Canada. The wartime
and

prospects of the rail¬

future

roads and of the investment busi¬

itself

ness

other

are

subjects

on

the program,

which, according to
Mr. McCormick, was arranged by
determining the issues uppermost
in investment banking at the mo¬
ment and then finding the best
to discuss them.

men

corpora¬

listed

the

on

exchanges."

"Business

address the

McGoldrick
will
Municipal Forum, at

which

induce

would

uncommon

Central States ISA

?

be

been
advanced,
both
for
and
of against, with respect to these
achieving similar gains from the questions may be briefly summar¬
■ »
present conflict. That she intends ized as follows; - - to make them secure and lasting
"(1) Would the admission of
is clear from the manner in which
member
corporations enable us
she is contributing to the war ef¬
better to serve the public?
fort.
Her contribution is a full
"It is contented that a number

last

the

are

aspects

up

of Allied animosity.

of less significance to
observer than its economic

dence,"

and

Shylock" again the target

"Uncle

not

"are

Eccles Will Address

became known

it

\
corporations" he also

"Member

American commodity

of emphasis, : it
well to repeat;,that.:the adequate supervision of member
considerations which must enter corporations and that it would be
"For

may

supplies to other

When

-

said

What many Americans failed to
United Nations, realize during the last war is that into our decision have to do, prim-' no more ; difficult to. supervise
that the {when nations band together in a
corporations than it is to supervise
British
were
selling
some
of fight for a common cause it cipally, with four major questions:
(1) Would the admission of mem-! partnerships. Moreover, the prac¬
these "free" supplies to Australia, should not be a question of one
tical objections to the admission of
ber corporations enable us better
objections were voiced through- profiteering at the expense of the
to serve the public? (2) Could we corporations."whose ownership is
out the Empire.
Canada wisely' others, but of each contributing
widely diffused appear to be gen¬
decided that as soon as her obli- a full measure.
In fact, when the effectively apply our system of erally recognized. >• ■
controls and scrutiny to such cor¬
gations under the original gift vague and ill-defined obligations
porations? (3). Would the result
"(3) Would the result be a net
had been met, such "mutual aid" j which
are being created under
be a net increase in the total busi¬ increase 'in the total business on
as
she could give to the United our Lend-Lease program come up
ness on the New York Stock Ex¬
the New York Stock Exchange?
Nations over and above her own for settlement,, a new era of mischange? (4) Would any consider¬
v, "The
argument has been made
war
needs should henceforth be understanding may arise —with
uted

r

*

member

firms.

supplies.
dollars'

would

corporation

member

obliged to have substantial initial

Canada's new program of

April 1, 1943,

On

firm, ; the

with that for a member

Lewis

Comptroller
also

National

First

will also be
is

a

Miller,
of

Bank

speaker.
of

Chairman

;

the

the

of

Chicago,

Mr. Miller
Municipal

Securities Committee of the Cen-.
tral States

be

a

Group. There will also

Railroad Securities Forum,

which

Mr.

Winfield

R.

Higginson

at
Ellis, Lee

will

Chicago,

Corp.,

preside; the speaker will

be Mr.

Knies.
Previous reference to the meet-.

ing appeared in

our

page 650.

Feb. 18 issue,

'

.

4

.

Frank Becker Is With

Guaranty Trust Co.

.

Frank Becker has become asso¬

ciated

with

the

Guaranty

Trust

Company, 140
Broadway, New
York City, in the United'States
Government
Bond. Department.
Mr. Becker, was formerly for many
years an officer of H. M. Ryllesby
and

Company, Incorporated.

.

.

*<*■!




James Evans Is With

Stanley Gales & Go.
(Special

ST.

to

The Financial

Chronicle)

MINN.—James H.
Evans has become associated with
PAUL,

Stanley

Gates

&

Co.,

tional Bank Building.
was

formerly

R.1 E.

local. manager

for

Co.

the

Crummer

Brown-Crummer
years.

First Na¬
Mr. Evans

&

Co.

and

for

many

Volume

157 *

Number 4156

THE COMMERCIAL & FINANCIAL CHRONICLE

834

NYSE Annual Shows

Drop In Secur. Business
V

Member

York
last

firms

Stock

from

year

1942,

557

537

to

of

decreased
of Jan. 1,

branch offices

as

Jan.

on

This advertisement appears as a matter
of record only and is under no circumstances to he construed as an

New

the

Exchange

offering of these securities for sale,
The

1943;

1,

solicitation of

or as a

an

offer to buy

any

of such securities.

offering is made only by the Prospectus.

reduced from

were

868 to

745, and non-member cor¬
respondent firms, which maintain
direct

wire

with

connections

Burlington Mills Corporation

members, declined from 2,606 to
2,139, according to the Stock Ex¬
change "Year Book," just pub¬
lished.

Branch offices of member

firms

as

cated

in

two

of Jan.

1, 1943,

cities

320

territories

and

countries.

-

in

v

were

45

five

foreign

'.:;

?:stock

issues

5% Cumulative Preferred Stock

y;-'

During 1942, 648 of the 834
mon

65,000 Shares

lo¬

States,

listed

com¬

(par value, $100

the

on

share)

per

Exchange paid cash dividends ag¬
gregating $1,997,461,000 and 336 of
the 404 listed preferred stock is¬
paid

sues

dividends

$349,105,000—a

aggregating

total

Price

of

$2,346,issues, 627
stocks paid dividends in

566,000. Of these
common

same

1941

322

Share

per

1, 1943, to date of

delivery)

amounting to $2,280,654,000,

and

$104.50

(plus accrued dividends from March

preferred

issues

paid

$360,367,000—a total of $2,641,021,000, according to the "Year
Book."

As

result

a

of

Copies of the Prospectus

dis¬

1942

bursements, says the "Year Book,"
dividend paying common and pre¬
ferred

yield

stocks

of

showed

7.8%

tively, based

and

a%■

5.8%

The "Year Book" shows
stocks

common

change

listed

as may

State from such of the several Underwriters, including the

any

lawfully offer the securities in such State.

Lehman Brothers

list of

a

K

i

the Ex¬

on

which

have
paid cash
consecutively for 25 to
years. Heading this list is the
Pennsylvania ..'.Railroad,.- w h i c h

i'

Merrill

,l"

''

,

-

'

>

„

-

t

,'

«

4

/

*

Kidder, Peabody

,

1

<

,

>. v

/*

,

t ',.*

s

„

its

surance

Lynch, Pierce, Fenner £/ Beane

R. S. Dickson &

5

Wertheim ^Co.

first

payment in 1848,
the Continental In¬
Co. (N. Y.> and the Corn

•

Scott &

•

>

,

During 1942, the "Year Book"
further reveals,
70
applications
to list 47 stock and 31

"

Alex. Brown 8^ Sons

Stringfellow

Union Securities Corporation

Laurence M. Marks & Co.

Folger, Nolan & Co.

G. H.Walker & Co.

.

:'stock and
sented

not
the

on

The

bond issues

2

companies

were

previously

by

repre¬

Exchange's list.

-

-

Mitchum,Tully U'Co.

-

_

reported

stock

volume

1941, while the
reported bond volume (par value)
was $2,311,479,250, as
against $2,For

the

fourth

J"4

'

successive

year

,the solvency record of New York
Stock

Exchange

100%,
and

against

99.56

for

members

99.94%

was

for

commercial

banks
houses.

During 1942 the high price paid
for a Stock Exchange membership
was $30,000 in November and De¬
•

cember, and the low price) was
$17,000 in April and May.
This
compares with a high of $35,000 in
C1941 and a low of $19,000.,.
Regarding the new method of
trading by special offerings, which

Henrik Kauffman,- Danish Min¬
ister in Washington, on March 3
made the following statement for
the information of bondholders of

issues:.

these

Kingdom of Den¬
20-year 6% external gold

mark

bonds,

1,

due Jan.

30-year

1942;

the

instituted
"Year

in

February, 1942,

Book"

reports

of Jan. 1,1943, 73 special

involving
market

808,938

value

that

as

offerings

shares

with

a

been approved.
bracing - 707,019 1 shares : with

market value of
distributed
drawn.-Of

$18,891,611,

and

these

11

were

with¬

were

latter

a

offerings,

72,757 shares, valued at $3,233,234
distributed.

were

The

"Year

total

Stock-

ing

of

:

3,029

the

"

reports
members of the

Exchange community

in

.'

Book"•- also

armed* forces

serv¬

of

the

external loan gold bonds,
Aug. 1, 1955; 34-year 4V2%
bonds due April 15,
1962; City of Copenhagen 25-year
;5%- gold bonds, due June. 1; 1952;
25-year 41-2%
gold bonds, due
May 1, 1953;' Danish Consolidated
Municipal Loan 30-year 5 V2 % ex¬
ternal sinking fund gold bonds,
due Nov. 1, 1955; 25-year 5% ex¬
ternal

gold

bonds,

Feb.

due

1,

1953; Mortgage Bank of the King¬
dom
of
Denmark "(Kongeriget
Danmarks Hypotekbank) 45-year
5%
sinking fund external vgold
bonds, series
1, 1972. *
"With

holders

employees

of

the

bonds

the

of

Commission

has

^

postponed

,

from

funds

after

purpose,

current

are

interest

The

The

to

CHICAGO,

Financial

Onronicie)

ILL. —William

M.

Wadden, Jr. has become associated
with Cruttenden & Co., 209 South
La Salle Street, members of the
New York and Chicago Stock Ex¬

merly

Mr.

Wadden

for¬

was

officer of Thompson,
Phipps, Inc. and Medway,

an

Davis &

have

since

.

Wadden & Williams.

approaching-

,

payment

loans.

on

Hereafter

I

notice,

(and interest
basis

to

pay

coupons

the 6% bonds)

on

similar

that

to

on

adopted

Jan.

1,- 1942, that is to say,
by putting paying agents in funds
so

far

it

as

is

estimated

to

Earl Ei

payments to holders, other
of;

residents
I

be

unable

to

■

press.

v

"Referring to

-

(Special

The

to

Financial

Chronicle)

offices

in

the

Building

Union

to

engage

general securities business.

in

a

In the

past Mr. Finley was with Jackson

Curtis, and was a partner
Finley, Smith & Gentsch.

in

Geo. C.

Morgan Joins

Straus Securities Go.
(Special

to

The

Financial

Chronicie>

*

DETROIT, MICH. —George C.
Morgan is now with Straus Se¬

In

a

struction, - is
unconstitutional."
Special advices from South Bend,
Ind., Feb. 26 to the Chicago "Daily
Tribune," reporting this, said:
"The
opinion, which may be
far reaching, was handed down in
a

decision

suit

dismissing

against

a

South

tenant's

a

Bend

land¬

lord.

Edward Roach, had
judgment of $120, triple
damages
as
provided
by
law,
against
his
landlord,
Dick
M.
sought

a

for

The triple damages

four month

period.
"The suit, filed Sept. 8, named
a

administrator

for

against failure to provide stand¬
ards," the Judge said in his writ¬
ten opinion.
,
<
"The

defendant

contends

administrator cannot

use

his

the
own

provide, otherwise the
delegation of authority is contrary
to constitutional




formerly

and

Administrator

is

make studies and

authorized
to
investigations to

obtain information he
or

proper

prescribing

any

to

sees

neces¬

him

assist

regulation

or

in
or¬

der under this act."

Recommends
Hartford Fire Stock
The status of the Hartford Fire

Insurance

Company

interest of

investors

justifies
in

the

the

stock

upon
request
Geyer & Hecht, Inc.

N. Y.

from

Huff,
,

v

Analysts To Hear

.

!

Grimes On Electronics
The

luncheon

meeting of the
Society of Security

Analysts, to be held on March 5
at 12:30 p. m., at 56 Broad St.,

Campbell, McCarty & Co., Inc.

as a broker-dealer should
suspended or revoked^ ,•

Mont.,

was

bank

Control

ings in any area without a hear¬
The defendant further con¬

fails

the

Griswold

Price

New

ards

of

600

the

discretion to fix rental price ceil¬

insur¬

Mr. Morgan

of

had

powers, has author¬
ity to regulate prices, limited only
by the
constitutional inhibition

department of Smith, Hague
& Co. and prior thereto was with

other

Company,
.

202

Act, where it is provided that the

ating results for the leading fire
and casualty companies, may be

war

manager

sinking
principal payrnent
requirements. However, I reserve
the right to purchase in the mar¬
or

curities

Street.

section

under its

ance

re¬

hints at the necessity for de¬
termination of facts is found in

"The defendant, Johnson, spe¬
cifically affirms that the Congress,

mains impossible to meet

con-,

price control act that

emergency
even

the

fund

Trapp, Rialto Block, Butte,

it

opinion, Judge Slick said:

of this company, according to an
interesting memorandum issued by
South Bend area, as co-defend¬
Huff, Geyer & Hecht, Inc., 67
ants.
A hearing was held several Wall
Street,
New
York
City.
months ago and Judge Slick took Copies of the circular discussing
the
the situation in detail, together
matter
under
consideration
with a compilation of 1942 oper¬
until today.

rent

rick A.

therein,

main¬

Leon Henderson and Carl L. Hib-

ditions

21, 1942, and the

written

sary

"The tenant,

dated

described

powers

was

my

hearing

Jan.

unconstitutional

Judge Thomas W. Slick in the Federal District

March 4,

1943, to April 7, 1943, the
ordered
to
determine
whether the registration-of Pat¬

is

opinion, Congress never intended to delegate this om¬
nipotent power (the right arbitrarily to fix rents at certain levels)
to the OPA, and, if it was so in- '•at¬
tended, the act, under such con¬
"The
only
provision
in
the

berd,

Com¬

&

continue

my announcement

delegation of arbitrary rent-control

Court of Northern Indiana.

covered

CLEVELAND, OHIO — Earl E.
Finley has formed Finley & Co.

Denmark.

V

Feb. 26 by

on

the premises.

Firm in Cleveland

such payments, due notice will be

given in the

Finley Forms

be

to make coupon and in¬

the

ceiling which the OPA fixed

merce

and, until

that

of Price Administration

Johnson, for charging him rent of
$10 more a month than the $35

1943),

each

tained

"In

Cruttenden Go. Staff

changes.

view

the Office

to

W. M, Wadden Jr. With
(Special

Constitutionality Of Rent Control Act
Questioned By Federal Judge In Indiana

the basis referred to.

on

Treasury." '

with

Should

Exchange

1

of announcements

than

and

the*

for

loans,

opinion

payments will be
subject to such licenses as may be
granted
by
the
United
States

tion

further

terest

Securities

the
my

"All, future

intend to discontinue the publica¬

partners and employees.

Hearing Postponed

be

dollar

keeping bond¬

interest

or.

coupon

necessary

\ The

due

(most recently under

with

nection

Exchange and 2,633 member firm

yVv.:

for

f

providing
service

published
announcements regularly in con¬

made the supreme sacrifice.
and

1927,

of

informed,

of Jan. .27,

date

since

members

IX,

view to

a

Dec. 24, 1941

a

total of 3,029 is comprised of 396

on

Dec.

United States, five of whom have

The

available

of

any

5W%

ext'l loan gold

of

$23,471,515 had
Of these- 62, em¬

of

it later

sufficient

due

,

was

bond's

should

that

on

•603,671 .shares in

111,805,000 in 1941.

ket

Interest Payments

On Danish Bonds

the Exchange in 1942 was 125,685,298 shares, compared with
170,-

be

F

FfyFj

.

March 3, 1943

bond issues

f.

The Wisconsin Company

INC.
F' F.-/-;

.V

Exchange, were approved.
these, 10 applications for 19

Of

a

Hallgarten fer'Co.

,

■

the

on

,

Incorporated

>

DeanWitter£/Co..

'

•

A. G. Becker &1 Co.
<

Exchange Bank Trust Co. of New
York, both of which made their
:

Company

Incorporated

by

first distribution in 1854.

Co.

j,v

«.

,

95

followed

.

typical

dividends

made

'

respec¬

year-end profits.

on

be obtained in

may

undersigned,

ing.

tends

there must
to

be

some

stand¬

guide him which the Act

to

provisions.

York

New York

City, will be addressed

by David Grimes of the research
laboratories of the Philco

"Facts and Ideas

on

Corp.

on

Electronics.'*

I."

r

Solvency

And Monetary

(Continued from first page)
devaluation of the dollar such as
be

the

•

that probably will

one

urged upon us at the end of this war.
Although a radical devaluation of the

y

dollar could be
Urged upon the American people only through ignorance of
the economic destruction that such a program would bring,
;

capitalize-the
public's lack of understanding of the nature of this device
and the consequences that would follow its use unless public

it

will

be

for the devaluationists to

easy

them

1942, the Reserve Board and Treasury endorsed a program
to
convert
silver
certificates
into inconvertible paper

ToSalvageFiscal

Program

Thursday, March 4, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

336

(8) On Dec. 13, 1942, we got our $660,000,000 of
greenback "National Currency."/ (9) As a consistent gov¬
ernment policy since 1933, we have had a fairly constant
monetization of the Federal debt by the Reserve and com¬
mercial banks of this country—first under the "socially

There

on

and debts, and to liquidate our;

obligations.
In

address,

radio

a

Nov. .15,

-•

/

;

:

national

1942, Senator Thomas

drive.

■

discussion

Such

/s ;/ Since neither the Treasury nor the Reserve authorities

to

weeks ago that too much of the

burden

!

falling

was

on

the

banks

and

shoulders

of

financial

institutions

larger

in

the

major cities.
circumstances

the

Under

some

people are inclined to anticipate
something new.in the way of an
issue which will

appeal especially

to interior banks and

smaller

some

of the

insurance companies.

Investment Trusts

But

now

that

in this war, the monetization of

are

we

much of the Federal debt; must of

and

necessity continue until

time thereafter.
repeated this prediction.
There is no wise or defensible tax program which can be
On Feb. 21, 1943, the "New York Herald Tribune/'
devised that can prevent this monetization of a large por¬
carried a column with a headline which read: ."Need to
tion of the national debt,* despite the, current popularity
Revalue Dollar Seen by Some Experts."
It would not be
of that untenable, over-simplified concept of "the - infla¬
monetary experts in this country—quite the contrary—
tion gap" and the related contention that taxes should be
that would advance the views set forth in that heading
made to take all "this inflation gap."
and column.
If there are any monetary experts involved,,
The best that can be done now is to eliminate all un¬
it would have to be those of foreign countries who are
necessary government expenses and then consolidate and
willing to aid us in fleecing ourselves so that their countries fund our
huge debt into a permanent one at a low rate of
might profit at our expense. Both the heading and column interest.
/ With an interest charge of perhaps 4 or 4V& billion
of that article may well be taken as a sample of the type of
dollars per year, and a Federal budget of other items of
dangerous alternative to which the public is already being
approximately 7 billion -dollars per year, - we- should be
subjected and which needs to be analyzed and exposed in
able, as a nation, to recover from our present distressing
terms that the American
people can understand. That
condition in a reasonably good manner and without a backjob needs to be done immediately and repeated over and
breaking tax burden on our people.
over until the average citizen knows what the quick and
This solution is simple and prudent, and it can be
J sharp answer is to this ruinous program.
employed if we begin now to make the public aware of it
Other very objectionable alternatives to the suggested
and at the same time warn them against the evil and ruinous
four-point program are the recommendations for irredeem¬ alternatives being prepared for them by the currency
able paper money and currency dilution in various forms.
manipulators—the greenbackers, devaluationists, and every
Since early 1933, this nation has been subjected to pro¬
other variety of currency expansionist, dilutionist, "man¬
grams of this sort, supported by various groups with dif¬
agers," and what not.
;
fering excuses, and, up to date, neither the Treasury nor
Now is the time for responsible leaders to pitch in.
the Reserve authorities has made one important move to
The currency manipulators have been on the job for 10
arrest this unhealthy trend of events.
As greater fiscal
years.
They have their tools ready, and they have learned
pressures develop, it may be expected that the advocates new
tricks.
The
unprepared and largely; unprotected
of these unwise alternatives to an honest and sound method
public simply cannot be aided too soon.
of meeting our debt problems will become more active
Editor's Note—We would appreciate hearing from
because they
probably will claim that necessity now
of

the end

the

war

for

perhaps

a

f

(Continued from page 831)

decade.

A

represented distribu-from net profits realized oiv

share

per

tions
sales

The

securities.

of

annual

return provided by these
dividends on Sept. 1, 1939, offer¬

average

ing price

5.34%."

was

Feb.

"On

15,

the Dow-Jones Indus¬
4.32% lower than

1943

.

„

recalls

mind the idea put forward some

of silver Senators, headed by Senator Elmer Thomas of For a change, the majority of Congress seems inclined to
Oklahoma, issued a statement in which they said that if our
stop, look, listen, and investigate.
Some wholesome repeal
national debt should reach the sum then prophesied by
measures have already been introduced.The signs in these
some of our citizens the size and weight of our dollar mayrespects are more encouraging than they have been for a
have to be reduced to enable our people to meet their
interest,

considerable

part of the impending

as a

loan

war

group

taxes,

■;

plenty of thought to a new type

yr'/I.

this serious matter begins now.

hold

-

■

about suggesting that
Morgenthau is giving

Secretary
of bond

anything of importance to arrest this trend of events dur¬
ing the past 10 years, and are not now showing any marked
improvement in thinking or attitude where fiscal and
Moves to put over such a ruinous program on the
monetary matters are concerned, the hope of the public
American people have already begun.
On July 14, 1941, a would seem to lie chiefly in the newly-constituted Congress.
education

over

1

has "been

conjecture

pump-priming-and-large-government-deficit pro¬
gram in peace time, and now under the necessities of war
financing. ■, % ,'••/
/.
% V.,7; policy makers of this Administration have done

look

might

Something New? '

beneficial"

other

-which

promise in that direction."

money.

nor

too busy to

never

situation

a

trial stock average closed

Aug. 31, 1939.-

on

*

-

•

.,

.

"" ❖

ff

,

'•

Distributors Group's new folder
the Aviation Shares of Group

on

Securities contains

some

interest¬

ing comparisons between aviation
stock

prices, dividends and yields
Example: Boe¬

for 1937 and 1942.

ing's ratio.of price to earnings five
ago—65.8; today—3.0.

years

Dividends-

Keystone Custodian Funds, Inc.
—Series "S-l" semi-annual dis¬
tribution

of

65

cents

per

share;

Series "S-3" semi-annual distribu¬
tion

of

30

cents

per

share—both

payable March 15 to shareholders
of record Feb. 27, 1943.
Maryland Fund—A distribution
of 7 cents per
15

to

share payable March

stockholders of record Feb.

27, 1943.i, s.;''j).y7.»:f

,

demands the

use

of their "solution."-

of

any

,

-

•

.

-

;

Stocks
Continued from page

cline

readers who agree with or have views con¬

our

to

trary

Bank & Insurance

the

Since

Reporter's
Report

'/National Currency" into circulation.
in

nature

as

They do not/ understand this transaction; they
would have understood the significance of a
straightforward issuance of unsecured United States notes
or greenbacks.
.
. ,
,
people.

/ probably

Lot

us

be

May 12, 1933,

specific about this 10-year record:

(1) On

got the Thomas greenback law.
(2; On
Dec. 21, 1933, the President launched us on a silver pur¬
chase and silver subsidy program.
(3) On Jan. 31, 1934,
,

our

dollar

notorious

was

devalued 41%.

Silver Purchase

Act

(4) On June 19, 1934, the
was

passed.

(5)

On July

1939, the domestic silver subsidy and silver purchase
act became law.
(6) On Feb. 5, 1942, Chairman Eccles of
the Reserve Board recommended that the Federal Reserve
6,

from

road

dollars of




were

authorized.

(7) On Oct. 14,
-c

stock

involved

value per share, viz:

came

late Ed¬

Palmer, who was president

gar

companies report moderate
in year-end liquidating
Aetna, Agri¬
cultural, Home; Providence-Wash¬
declines

of the company for many years.
It is understood that there re¬

ington, United States Fire and
Westchester, averaging 1.9%. The
other " 12
companies report in¬
creases averaging around 5%.

ing circles, it was the belief that
a
similar deal would be nego¬

an

Interstate Commerce Commis¬
Examiner

into

v

The

Examiner,

finance

O.

director

for

tiated with another company.

the

general
field of competitive bidding were
quickly checked.
Com-,

quickly

sustained

jections

to
in

that

of going into regis¬

expense

would

as

the stock

were

be

necessary

if

sold to bankers for

questioning
direction and

and

marine
on

automobile

reduced

sharply

a

scale in

1943, it seems likely that
those companies which have been,
active in building up business inthese
two
fields,
and suffered
therefor

in

attention

portion

of

premium
fire

insurable
year,

1942, will turn their
increasing their pro¬

to

risks

should reach

writings in
which, this

a new

high in

certain

leading

and

distribution to the public.

ob¬

mission,

By this method, it was pointed
out, the estate is saved the detail
tration

Sweet,

E.
the

com¬

Six

v.;

from the estate of the

r

sion

1.96%,
distort

increase of 1.70%.

an

hearings on the Erie Railroad
bond issue, now in progress before

restricted

to

the

Erie

case

.

was

but natural

marketing of the bonds in
question despite their high invest¬
ment rating should lag, pending a
ruling by the Commission, which
has before it the issuer's applica¬
tion for approval of the bonds. But
was

the

indicated

bonds

that, approval of
would see the unsold

balance of the

offering cleaned

up

New Jersey

Company,
"t

i

nancing due April 12.
Insurance companies, it

is in¬

dicated, are holding down their
new

and

investments

ex¬

are

that course
pending the Treasury's drive.
pected

to .pursue

This does not mean, however,
that

such

companies

are

Zinc
of the sale of

a

confirmed
t

reports

t{ v •• ><■'

re-

}'■*.(.>

ondary railroad bond
Here

insurance

market.

portfolio

men

busy working out "swaps"
iwhich will improve the quality of
are

their

holdings

J-'W £

{':■!

and

dealers

■! U.vVV'-V' V

Towne Securities Offers

Interesting Situation /
The
stock

7%
of

cumulative

Towne

preferred

Securities

Corp..

offers

interesting possibilities at
current
levels
according
to
a
circular issued by J. L. Schiffman
&

Co.,

City/
be

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

had

quest.

from

the

firm

upon

re¬

•

com¬

idle. Quite to the con¬
trary, they are the source of
.considerable activity in the sec¬
pletely

quickly.

..i jrr

going

are

quietly at the mo¬
presumably making prepar¬
ations for their participation
in
the next huge Treasury war fi¬
rather

ment

Meanwhile it

it

Institutional investors

along

as

such.

/

volume.

Prepare For Treasury Offer

ruled that the hearing would be

Announcement

such-purchases

.

for

With

permitted to purchase government securities direct total of
195,000 shares of the cap¬
the Treasury in unlimited amounts—the German ital stock of the New
Jersey Zine
to disastrous inflation in the 1920's—and 5/billion Company to the St. Joseph -Lead

banks be
f

private sale.
The

destined

was

insurance

turning

that

we

stock

the

of

change hands and in underwrit¬

tion is

dilution that mankind has ever seen.

cently current that a large block

/

toward

830 >

surplus of the 1*7 other

'the

The

employment of this piece of currency manipula¬
symptomatic of the thinking and attitude in Admin¬
istration circles with respect to the handling of the people's
fiscal and monetary affairs.
It comes while this nation is
barely getting into this war and after 10 years of recom¬
mending and of writing into our monetary statute^ provi¬
sion for about every species of currency expansion and

figures, however,

of the issue likewise destined to

Tendency

or

panies show an increase of 4.13%,
and unearned premium reserves

mains another substantial block

Erie Bond Hearing

unsecured

greenbacks; the differences
effect probably lie in the psychological reactions of the

same

in

These notes are the

$5,664,000

the totals. With Home eliminated,

by Dr. Spahr in hisV.'''

the sentiments expressed

outright greenbackism is apparently best under¬ /7fSyarticle: 'above./':/^.'/':/'-"--®
stood by the mass of people, it is probable that more subtle
devices will be the ones urged or utilized.
Devaluation is
Our
a slick, though devastating, sleight-of-hand method of debt
payment. Recently we have been treated to a new brand
of manipulation in the issuance of $660,000,000 of Federal
Reserve bank notes, called "National Currency."
By a
(Continued from first page)
maneuver, in which a so-called "retirement" preceded issu¬ was reported encountering satis¬
ance, the Treasury and Reserve authorities pumped this factory demand.

of

Home's

find [
'• V-U-i

.*

Fifty Dividend Payers
R.

H. Johnson & Co., 64 Wall
St., New York City, have prepared
a list of 50 dividend paying com-mon
stocks selling under $10 a
share.
Copies of this interesting
list may be obtained from the firm
upon

request.

.

•'

Volume

157

Number

4156

i

THE COMMERCIAL & FINANCIAL CHRONICLE

-

Hottse Group Favors 20%

Withholding Tax
Wages As Part Of Pay-As-You-Go Plan

On
-

■

■

*

-

"

(Continued from first page)

•from

their income by the 20%
levy than the total amount of thdir
taxes they would receive rebates;
if the

withholdings

actual

•

lows:

?

Victory

.-.j

'

\ried

k

would

first

division

levy,

••

of

the

a

week

on

the

Tax

—

The

has not hit is the stock
ket.

$700,000,000 of 91-

day

Treasury

March

3

bills

and

1943, which

26,-1943,

to

to

be

mature

were

dated

June

offered

2,

Feb.

on

eral Reserve banks

on

weekly de¬

Total

applied for, $1,394,541,000.
Total accepted, $701,274,000.
Range of accepted bids:

person with

per

$13 for

a

married

employed spouse, $26
married person with spouse

a

hot

employed, and $8 for each ad¬
ditional dependent. Thus a mar¬
ried man making $50
weekly, with
no

would

deduct

from

$26

the

$50, and multiply the remaining
by 17%, making his weekly

■deduction
of the

the

on

second

division

withholding levy $4.08.
a
married man making

Hence

$50 weekly with no children and
wife not working would
pay $1.14
plus $4.08, a total of $5.22. « «
The
sub-committee -was v ap¬

.

pointed on Feb. 19, after the full
Ways and Means Committee had
down

voted

;

all

major

proposals

^before it for current tax collec•tions.

-The

sub-group

structed to draft

was'

in¬

bill that would

a

place income taxes

on

a

current

basis, with collections to be with¬
held at the

source.

,:;

After two weeks of public hear¬

ings and

one

week

of

ly 0.369%
(12%

mittee
cision

was

unable to reach

a

de-*

There

equiva¬

per annum.

was

was

issue

a

of

accepted.)

maturity of

bills

to hold

with clenched teeth

on

and let systems go
*

*

hang.

*

have sizable profits
protect them with stops.
If
you have
losses better cut
and

awhile.

sit

back

and

3

rest

holding of a loss; may
heavier losses than you

bring
origi¬

basis—the

Rejected by the full committee
(1) a modified version of

the

Ruml plan to provide that a
taxpayer would be obligated for
the

one of the two
years, 1942 or
1943, in which his taxable income

highest; (2) the Doughton
plan to forgive one-half of 1943 or
was

1942

tax

which

payments, according to
might be chosen; (3) the

Alternative Doughton plan to ap¬
ply 1941 tax rates to 1942 income;

(4) the Robertson plan to forgive
to 19% of the 1942 tax pay¬

up

ments.

".rvv

p

act as

an

John

individual floor broker.

G.

Stewart

retired

:

from

Stewart, Vose & Co., New York
City, effective Feb. 20.
Walter

S<

Robertson

partnership

in

withdrew

Scott

&

Richmond, Va.,

Stringfellow,

The plan

originally proposed by
Beardsley Ruml, Chairman of the
Federal

Reserve

Bank

of

New

York, to forgive one-year's tax
liability was not actually consid¬
ered by the House Committee but

compromise plan, sponsored by

a

Representative

C a r 1 s o n (Rep.,
•Kan:), Was rejected instead. Un¬

♦

This Whiskey is 6 Years Old

■

Stagg-Finch Distillers Corp., N. Y. C.

By BILL SMITH '

.k;'-:k;kv:'

In

-

~

one

will

follow

for

it,

few

people sell on rallies.
They
sell on declines.; And on re¬
actions
you
just can't go

ef¬

short.

has left

years,

life

and

its

to

hensible.

the

other

side

of

the

heritage of kindly understanding and fond memories
Macauley, a gracious, hard-working woman, knows

problems and

explain it in simple, almost lyrical,
youngest, a five-year-old boy, Ulysses,
sees life with the
wide-open eyes of childhood to whom every ex¬
perience is a thrilling adventure. To Ulysses the future is
incompre¬
terms

her

who

children.

can

Her

The past is dim.

With a child's curiosity his life is all in
The next to the oldest boy is Homer, a high school lad

the present.

On

a

behind him.. Mrs.

works

nights

as

a

messenger

boy in the local telegraph office.

of large Barely out of his childhood, he yearns to win the 220-yard low
hurdles at school, while at the same time he is
New York City as of Feb. 28.
brought face to face
cash position detracts from
with life's tragedies.
The oldest boy, Marcus,. is in the Army.
A
the dangers of a sudden colwholesome youth, he yearns for
home, his girl, and the town he
Tomorrow's Markets
lapse.. At least, that is the knows so well.
But because
popular belief.
V, ': In the telegraph office where Homer works after school there is
Walter Whyte
people sell today
because old Willie Grogan, the telegrapher whom life has passed by. Once
Says
they want to rather than have the record holder of sending and receiving laurels, he is now a bro¬
ken, lonesome old man afraid of losing his job and drinks to forget
Continued from page 829
to makes the "dangers
of a his fears. The
manager of the office is an ambitious, unpredictable
value.
And the statistician break based on surprise news
young man with a contempt for conventions. He is Homer's

was

convinced that

ures

picture, the

presence

hero.

that much

acute.

could tell the secret.

only fig¬
My

considered opinion is that all
contributed to the art

three

,:'y V:...

100 Proof

SCREEN

£ Last

,

plans involving full cancellation,
Alexander Berliner retired from
deferment, or doubling up.
partnership in Wasserman & Co.,
were

•

They voted

UP'TOWN AFTER THREE ;

in

fective Feb. 28.

current

Straight Bourbon Whiskey

over.

Bond, Old Schenley.

h

be

a

meeting is

for America's Best-liked

For at this stage
any

warned

from

on

The directors'

If you

simi¬

a

k

nally bargained for.

*

March

on

$503,206,000.

lem of what to do about 1942 taxes
if taxes 'on *1943 income are to

put

;.f

It

reading the ads about the new MGM picture, "The Human
week
this
column
Comedy," adapted from William Saroyan's book, you
get the idea
against a < potential the plot is pixyish. Nothing could be further from
the truth.
For
reaction.
In the old days I while it shows a small
N. Y. Stock Exchange
boy's viewpoint of a world and its gradually
would never have given such unfolding mysteries there is nothing pixyish about it. "The Human
Weekly Firm Changes
Comedy" is really a fine adult movie with a universal appeal.
It
I
would
have deals
The New York Stock Exchange warnings. with life and death, its comedies and
tragedies, with a tender,
announces
the following weekly flatly told people to get out soft touch.
Its humanity is as American and as world-wide
as the
firm changes:.. \ S
•'."/! .1" of long stocks and take short Bible. Its combination of simplicity, almost childish
naivete, mixed
Transfer of the Exchange mem¬
with the hard economic and social realities of an
positions.
American people
Today the SEC
bership of M. Hubert Hilder to
at war is at once
ban on short selling at
heart-warming and heart-wringing.
any
Louis J. Singer will be considered
Set in the small California town of
but advancing prices makes
Ithica, "The Human Comedy"
by the Exchange on March 11. It
deals with a poor family, the
is understood that Mr. Singer will such i: advice
Macauleys.
Mr. Macauley, dead two
pointless.
No
amount of

the controversial prob¬

on

99.907,

of the amount bid for at

the low rate
lar

by it.

may do it yet but if it'does it
will do few of us much
good.

them

Average'price,

lent rate of discount approximate¬

executive

session, the Ways and Means Com¬

'

per annum.

$24

r

annum.

Low, 99.905, equivalent rate of
discount
approximately
0.376%

children and his wife not work¬

ing

mar¬

days the stock

It seems to me that the only
policy for traders to follow is

March 1.

Details of the issue follow;

for

person,

In the old

were opened at the Fed¬

High, 99.930, equivalent rate of
discount
approximately
0.277%

single

It has al¬

market would have been the

ductions would amount to $11 for
a

t

first to be affected

:

;t '

Income

well presented can
clue to what the future
holds.',.• !■
"..v;Vvv-:: .;.k ;
■
a

Secretary of the Treasury Morgenthau announced on March 1

withholding

'

how

ready appeared in your gro¬
cery bills. The only place it

Treasury
Bill Offering =

•

Tax—Deduct

single, making $50
pay $1.14 weekly;

or

ter

-.

that tenders for

$12 from
earnings and multiply the remainder by 3%.
Thus a person, mar-

-

re¬

.837

•'

Result Of

Federal, taxa¬

explained that each wage and
salary earner could compute his
weekly withholding levy as fol¬

•

,were

v.

against it the statisticians^
equally ineffectual.
No
of figures today no mat¬

Inflation is here.

tion

'

set

short of

were

difference. /
rColin F, Stam, head of the Con¬
on

legislation

page 490.

taxes, then the taxpayers

gressional staff

are

give

ferred to in these columns Feb.
4,

-would make up the
r

tax

you-go

up

-

of

more

Then there is little

£ Some
me

readers

to task for

market

have

taken

shillyshallying

forecasting.
Yet, in the past few weeks and for
whatever they contributed to
my refusal to take a definite
past markets no longer ap¬ stand. The answer is in the
plies today. Or if it does its figures.
; Stock s;' recom¬
influence - is
-comparatively mended months ' ago have
,

small.

*

;

_

in

gone up
much as

some

cases

Lionel, who everybody calls stupid. He can't
read but goes to the library just to admire the books.
Or he stands
in line in front of the movie
house, not that he wants to go in but
because he is lonesome and joins the crowd for
company.

There is
Tobey George, Marcus' Army buddy, an orphan nostalgic for the
things Marcus describes, never having had them himself.
The story is full of human touches.

laughter; others will make
self-acclaimed

Some excite wholehearted

unashamed.

f
William Saroyan's
genius and Clarence Brown's production and direc¬
Comedy" brings a superb story to the screen.

you

cry

tion of "The Human

The cast is headed

as

by Mickey Rooney with Frank Morgan, Fay

points.
I have Bainter, Van Johnson, Tom Spangler and others. ' But the one you
der the Carlson
will hear most about is little Jack
Your tape reader nurtured
plan, persons with
Jenkins, who plays Ulysses. His
persistently kept readers long performance will win
gross incomes of $5,000 or less
your heart.
on
markets
; \
*
dominated"'; by but have
would be required to pay their
£ always tempered
Put "The Human Comedy" at the top of
shoe string
your list.
No similar
margin participa¬ the optimism with warnings
tax on 1943
income, while all the
picture in recent years can compare with it.
V
rest would pay on the basis of tion is up against new condi¬ in the
shape of "stops."
As
their income in whichever of the tions.
Margin requirements prices
advanced
I
moved
two years, 1942 and
1943, their and
SEC
regulations have these "stops" up. Any reader with the bit in its teeth is time coincide with those of th(
receipts were the highest.
Chronicle.
They are presented a,
unpredictable.
The those
Representative Doughton (Dem., changed the picture. His abil¬ who followed this column has wholly
of the author only.]
market
N. C.), Chairman of the
no
ity to read of coming events profits to show
longer
shouts
Ways and
today.
And
Means Committee, first
suggested as pictured in the clackety- if
a
It implies. I can
reaction
should
have warnings.
20

•

that the pay-as-you-go transition

clack

be facilitated by
applying the 1941
rates and exemptions against 1942

dwindled.

income, with the remaining 1942
obligations to be amortized over
limited number of years, while
the taxpayers also were
a

remitting

on

current

years' taxes.

After

plan,

Treasury criticism of this
Mr. Doughton offered his

second possible

compromise,

sug¬

gesting the abatement of half the
1943
1942

in
v

tax

obligation, with

and half of

1943

to

all

be

of

paid

full.

The Treasury's views on pay-as-




of

the

ticker has

World

have been shut
The

flow

of

also

markets

by the war.
capital from

country, to country is

come

and

his

"stops" taken
prof¬

do

no

more

than

he still would have had

with

"stops."

its.

Air

follow

it

Reduction

•

*

*

stop

*

42.

Here they

LAMBORN & CO.

are:

(bought 30)
BS (bought 58)
Goodyear (bought

99

59.
stop
28.
Harvester
all that.
ket.
I think it's in for a (bought 43) stop 59.
Super¬
sf:
&
s}c
heater (bought 13!^) stop 15.
major break, but the only
The chart reader is faced concession I
Steel (bought 50) stop 51.
make
to
this
er

free. The

war

has

The
no .long¬
changed today.

same

condition

I don't like this

exists

mar¬

stop

22)

SUGAR

i

with the

same

patterns

as a

problems. Old opinion is to stop buying—
guide to future and to raise stops.
A State
action are
meaningless. But if Department Shangra-La for¬
the tape and chart readers are
eign policy and a Congress

WALL STREET

NEW YORK CITY

More next

Exports—Imports—Futures

Thursday.
—Walter

Whyte

expressed

in

.

[The

views

article do not necessarily

this

at any

/

DIgby 4-2727

Thursday, March 4, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

1

'f

Flotations;

Calendar of New Security
STEEL

Central

Steel

WIRE

&

CO.

filed

has

Co.

Wire

&

a

registration statement with the SEC cover¬
125,000

ing

value

$5

issued

per

shares of common stock, par
share.
The stock is already

Chicago.

51st St.;

West

Address—3000

and

company

and the representation of

metals,

mills on

commission basis.

Offering—Offering
be

will

supplied
oy
to offer the

expected

public
It is
soon alter

price" to the
amendment.

stoctc as
effective date of the registration state¬

tire

ment

at

are

offered
outstanding and are to be
The shares to be

possible.

as

present

accounts: H. R.
Cur ran 108,743 shares and Mandel Lowenstine
16,257 shares.
Mr.' Curran is at
present president and director of the com¬
pany.
He has delivered to the company
liis resignation
as a director and presi¬
dent to be effective upon the sale to the
underwriters of the common stock offered
hereunder. Statement says that it is anti¬
offered

following

the

for

that immediately upon the com¬
pletion of such sale, Mr. Lowenstine who
is
at
present
executive
vice-president,
treasurer and director, will become presi¬
dent and director of the company.
\
Underwriting — The
underwriters are
Paul H. Davis & Co. and Bacon, Whipple
&, Co., both of Chicago, each with a total
of 62,500 shares:
Subject to certain terms
and conditions
the underwriters agree to
cipated

$7 per share
stockholders.
selling stockholders.

purchase the common stock at
the selling

«lrom

the

Proceeds—To

Registration Statement No.
(2-8-43).'Vh'-e'V

A-2

22, 1943.

Feb.

(EWT)

effective 4:30 p.m.

"Registration
on

2-5091. Form

■

at $8.50 petshare by Paul
H. Davis & Co., Bacon,
Whipple & Co., A. C. Allyn & Co., Inc.,
Central Republic Co., Inc., Lee Higginson
Corp.,
Kebbon, McCormick & Co., Ames,
Emerich
& Co., Inc.,
and Dempsey-Detmer & Co.
'
' '
1943,

25,

Feb.

Offered

filed

&

Beane,

Fenner

Walker

1,000. "
/. Offered Match
3,
share, plus dividend.
Company,

filed a regis¬
tration statement for 65,000 shares of 5%
cumulative preferred stock, par value $100
share.

per

boro, N. C.

Eugene St.,

North

Address—301

t-1

-

1

-

i

i

Greens¬

registration statement for 40,000 shares of
common
stock,
par value $1
per share.
outstanding and

The shares are issued and

stockholders.

exercise of
conversion rights with respect to the de¬
bentures, and the remaining 11,500 shares
will be offered for sale.
Company states
that it is possible that due to future ad¬
justments in
the conversion price, not
now anticipated,
more than 35,715 shares

more

issuance

for

the

capacity

present statement shall
additional shares, of any, as

for issuance

quired

be re¬

rights.
Address—Bridgeton, N. J.
Business—Company is engaged primarily

conversion

in

per

is quick-frozen by the Birdseye
but the company has developed
other processes for quick-freez¬

per

process,
and

major

The

uses

ing for customers who require
ages of frozen vegetables or

.

the

extent

April

about

shares of cumu¬
stock,
$2.75

all

1943,

5,

A-2.

Feb.

redeem

on

preferred

lative

convertible

series,

and
cumulative convertible pre¬
stock, $2.50 series, not theretofore

ferred

converted into common stock,
purchased by the corporation, and any
balance
will be applied to reimburse the
corporation for the redemption price of
redeemed,

or

(EWT) on
(EWT) on

Registration effective 5 p.m.
26, 1943, as of 5:30 p.m.

Jan.

17, 1943.
March

Investors

However,
the aggregate principal amount of certifi¬
cates covered by this registration statement
cipal

is

$500,000.

;

.

a

grouped according to the dates on which the registra¬
tion statements will in normal course become effective,'that

are

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

is twenty

ities of

Kansas

Investors

by

Underwriting—Sponsored

Fund, Inc.
•
Offering—Upon the effective date of the

become effective in seven days,

follow-

Offerings will rarely be made before the day

' |

Thiokol

has

Corporation

shares

of common

stock,

per

regis¬

a

102,000

value $1 per

share.

North

Address—780

Business—Company

Clinton

Ave.,

Tren¬

in

research

of

the

qualities
the

to

and

looking

additional

of

discovery

is actively engaged
to the improvement
its existing products
and development of

"Thiokol" synthetic
rubbber.
■
■/'; ■ ■//'//Offering—The 102,000 shares registered
will be
offered pro
rata to stockholders
the

after
a

of

types

date

effective

of

registration

at

/

price to be fixed by amendment.

Underwriting—On Feb. 3, iy43, the com¬
pany
ment

an underwriting agree¬
White & Co., Inc., which

entered

into

with

G.

J.

among other things that it will
its certificate of incorporation so

provides
amend
that its
of

capitalization will be 500,000 shares
stock, par $1 per share, of
204,000
shares will be issued to

common

which

basis
of three
shares of $1 par common for each of the
68,000 outstanding shares of common with¬
out par value.
The company will sell to
present

the
are

stockholders

underwriters

on

such

common

stock

present common stockholders at $5 per
Offering will be on the basis of
share of new stock, $1 par, for each

price to be filed by amendment.
Proceeds—Net
shares

will

be

proceeds from sale of the

used

to

Increase

the

S-l

(2-13-43).
In
an
amendment

company




corporation

of

shares

three

par

common,

$1, for each of the 68,000 shares of com¬
mon
without par value then outstanding.
The company has agreed to sell to J. G.
White & Co., Inc., as underwriter, at a
price of $5 per share, all of the 102,000
shares

of

scribed

of 25

to

are

of

taken
cents

stockholders.

be

cents

75

and

up

sub¬

not

are

present

the

by

share

fee

a

for

commission

each

which

common

underwriters

The
or

paid

fee
for

a

share

per

paid

for,

and

share as a "standby

per

each share that is
taken up by the stockholders.
• ,
Certain
stockholders,
including
Case,
Pomeroy
&
Co.,
Inc.,
have
agreed to
waive their preemptive rights to subscribe
to
a
total of 42,558
shares, so that at
least
42,558 shares will be available to
the underwriters for offering to the pub¬
underwriting

lic.

The

Dow

the

fee"

As

of

Feb.

31%

1,

any

Net

proceeds

used

to

that

informed
it

exercise

does
its

shares of stock.
- Dow
Chemical
common

Co.,

Inc.,

stock,
New

by
not

rights

1943,
the

Case,
Pomeroy &
owned 22% of the
be

Co.

will

it

of

been

has

Chemical

subscribe for

to

owned

on

company

whether

know

Co.
and

York,

common.

from

increase

sale of stock will
company's working

870

SEVENTH AVENUE
Seventh Ave.

CORP.

Corp. has filed a regis¬

tration statement with SEC for certificates

at

V

Registration Statement" No." 2-5101. Form
(2-26-43).
*
(1 ids' iiiv Is, incomplete' this • week)

S-l.
:

...

.

company's preferred stock, originally issued in the
$250,000, has been reacquired and is now held in the
Treasury.- The retirement of this stock was commenced in 1941
and half of it was acquired during that year.
The rest was pur¬
chased in 1942.
The average cost for the whole amount/ including
accrued dividends to dates of acquisition, was 107.057, or slightly
less than the redemption price "of 107.50 and accrued dividend.
<
of: the

"All

of

amount

"In 1941

purchased in the market 1,000 shares of our common

we

stock at about $ 10 a share; and

In 1942

i this amount was cancelled.

purchases of common stock were made in the amount of
2,060 shares at an average cost of, $11.21 a share. A few mpre shares
have been purchased since the end of the year and the directors
consider -it; desirable to make further purchases as opportunities
further

arise, because our present capital seems adequate for the needs

of

business."

the

A.

C.

Balch,

Waggenei*.

YEARS ENDED DEC.

FOR

-

31
1942

1941

1940

$173,987

$216,333

$578,914

27,497

<143,386

32,861

$201,484

$359,719

$611,775

128.954

profits

165,636

10,544

Protective

shares

of

stock,

common

of

share,

27,884

—

Of

Purpose—The
itation

the

vote

is

them

in

called

plan

tion

.

powers

vote

and

held

it.

by

Dividends

F-l.

earned surplus.

89,420

..

$211,887

$84,805

363,301

$422,489
13,438

265,297

337,684

$376,756:

'

with

said

the

y—

stock———

common

Life

such

stock

sold

is

or

securities owned to the

/

*$374,155

$363,301

tAfter deducting losses realized and

canceled.

adjustment

lower of cost or' market.

»

BALANCE SHEET, DEC.

31

ASSETS

Insur¬

1942

;

,

122.000

$337,684
restricted to the extent of, the cost of treasury stock ($290,739)

mutualization

; (2-19-43).

"

so-

and

reinsurance

$477,184
17,500

• -

45,750 ^

•—~

surplus at Dec, 31..—————-

/"Earned surplus is

until
of

earned

of rehabilita¬

the Pacific Mutual
California*

2,601

1

1

stock.—

preferred

on
on

Balance

However,

of

Co,

$311,307

•

.4,608

$13,455

Total —

lim¬
of the committee

agreement

and

$89,413

/

v

no

objectives of the com¬
the securities held by

connection

400

surplus at close of previous year—

earned

Dividends

agreement places

shares

to

78,958

income taxes-,,

Net' income carried to

,

South
Executive

insurance.

main

the

of

one

mittee

12,225

72,322

$13,855/

operations-...

from

25,332

4,463

47,423

miseell. expenses

and other

legal

183,953

'

708

trust fund

employees'

income

Net

Provision for

Balance

the

upon

to

traveling,

!

626

issuer,

Business—Life

.

per

Spring
St.,
Los
Angeles, Cal.
office,
523 West. Sixth Stli Los Angeles, Cal.
Address

(net)

taxes

income

than

Contributions

Insurance

Life

Mutual

Pacific

$1

par

California.

of

Co.

with the SEC
certificates for 508,200

trust

voting

earned

income.'

other

Office,

statement

registration

for

sales and commissions earnetl:._-_

on

dividends

and

Salaries
Taxes

E.
Rand and Leslie
Pacific Mutual Share¬
Committee have filed

F.

the

as

EARNED SURPLUS

SUMMARIES OF INCOME AND EXPENSES AND

Total

.

■/

in banks

Cash

and

hand——.—

on

1941

$267,802

$435,810

6,014

—

1940-

8,383

,

/

$246,887

'

accrued

Interest

,+Securities

receivable.

dividends

and

owned:

"

"

*

"

•

I

6,579

,

Bonds—

THURSDAY, MARCH 11

ENGINEERING

WELSBACII

MANAGEMENT
Welsbach

Corp.

has

*

tU.

CORP.

Engineering
&
Management
filed a registration statement

the SEC for $493,000 collateral trust
ten-year sinking fund bonds.,:. /
Address—1500 Walnut St., Phila., Pa. '•*

accounts:
ft Bonds, ' at

is
which

Business—Registrant
and

company

manages

subsidiaries,

in

installation

and

a

holding and
,all the

are
maintenance

—

U 1,451,082
4,564

;

——

18,000 >:;V/'

19,500

under security underwriting commitments
Miscellaneous receivables,. prepaid expenses, etc.—

•

-LIABILITIES

;

..

$1,280,000

Bank loan.:.i._4_———

-payable
;
Customers' payments on securities not delivered—
Accrued taxes other than Federal income taxes——

systems,

underwriter.

gas

of

or

'/■'/ :/\/■" '■■■.

plus accrued Interest from
Jan. 1, 1943, to date of delivery.
/1
Proceeds—The estimated
proceeds from
the

at

83%

sale of the bonds,

Capital
-

commissions and

expenses,

applied to the exercise of this option.

for

income taxes

Federal

dividends

stock:

payable_l
.

stock/par

*$5~272

.

7,107

4,038

•___i__^_—_
." I (par $100) ——

•V

600,000

.

4,27-8

2.973

99,375

.,3,125
//

250,000

250,000

$10)—^——

1

610,000

266,937

267,000

:;/< -374,155

•♦•Capital surplus--—
surplus
Less treasury stock at cost——

31,584

V '

.

1,563

445

'___.

Earned

11,702

.

23,448

1,417

.

5%- cumulative preferred stock
Common

§§290,739

_

$1,211,959

/

250,000

610,000
267,00.0

363,301

Total

after deducting un¬

will
$345,100.
At present the corporation
has outstanding $493,000 face amount of.
6%
collateral trust sinking fund bonds,'
all of which are held by the United Gas
Improvement Co.
The UGI has granted
Welsbach an option to purchase all of said
outstanding bonds exercisable on or be¬
fore May 15, 1943, for the sum of $3,45,100
with Interest from Jan. 1, 1943.
The esti¬
mated net proceeds resulting from the sale
of the bonds now being registered will be
derwriting

Preferred

:.V

$2,637

—

Provision

z-rr

Offering—Bonds are to be offered tk> the
public

Accounts

-6,768

'

street

electric, in ap¬
proximately 37 cities and communities in
New
England, Middle Atlantic and MidWestern
States, and
in general electric
construction work.
//*•'/■' '///> '
j
Underwriting—Barrett Herrick •/&
Co.,
Inc., New York City, is named principal

lighting

'

v:

$2,894,749

$1,383,000

$1,211,959

:*

J

7,171

5,707

Total

its subsidiaries.

part,

:

:

....

222,623

60,573

^t-";

Deposits

owns.

These
engaged in the

cost—

Advances

,956,248

853,069

••108,384

Joint

with

stock

§274,420)
11530.131J

Government

Stocks

5%

managing

S.

Other

&

be

capital.

870

filed

of

issuance

was

public

investment.

good throughout the year, as indicated by the fact that/prices
issues gradually advanced. It was the limited
supply that restricted the business.
Total income exceeded ex¬
penses and losses by only a nominal amount.
"Expenses were about 30 % less than in the previous year.

tGross

CALIFORNIA

CQ. OF

two shares outstanding as

com¬

pany's working capital.
Some portion of
working capital may be devoted to addi¬
tional research and development.
Registration Statement No. 2-5093. Form

of Feb. 13, 1943,
recapitalized by the

/

the

to

prices."

Proceeds—For

was

Interest

offered

be

to

are

Offered

series.

other

market

for many long-term

,

(2-18-43).

share.

as

not subscribed for by stockholders at a

stock

common

one

when

ton, N. J.

'

new

to

filed

tration statement with the SEC for

which the 102,000 shares

the price at

fixes
of

or

arranged during the year, but as might be expected in war

•

Registration Statement No. 2-5098. Form

CORPORATION

business. Government bonds series
Is not
presently offered for sale to the
public, but is available for issue only qn
conversion of outstanding special stock of
try

Registration Statement No. 2-5097. Form
C-l

affecting

THURSDAY, MARCH 4

each representing a separate indus¬

stock,

time, new financing by issuers other than the Government came
on
the market in-relatively small volume.
The demand for con¬
servative investments of the type in which, we have specialized

investment.

Proceeds—For

ance

TIIIOKOL

series of special

authorized for issuance 21

large percentage of the principal corporate bond underwritings that

a

.

ing.

'

(Inc.), of Chicago, for the calendar year 1942; President Edward B.
on Feb.
18, 1943, said in part:
"Our company participated in

registration statement.

to

dates, unless otherwise specified, are as of 4:30
PM, Eastern War Time as per rule 930(b),
These

>

.

,

a

were

.

Address—1016 Baltimore Avenue,

holders

ments

or more.

City, Mo.
Business—Investment trust.

stock at

list of issues whose registration state¬
filed less than twenty days ago.
These issues

Following is

of $100

amounts

PACIFIC MUTUAL LIFE INSURANCE

$28.50 per share.

—

Hall

WEDNESDAY, MARCH 10

by

the common

and

int.

and

100

filed

has

Incorporated,

Fund,

registration statement with the SEC for
an
indeterminable number
of full paid
certificates which will be issued in prin¬

a

H. Rollins & Sons;
Inc., the debentures

public Co. (Inc.), E.
Inc., and A. C. Allyn
at

Form

Central Re¬

1943,

1,

Offered

stockholders.

FUND, INCORPORATED

INVESTORS

(12-29-42)

or

to

necessary,

1

'

-

selling

TUESDAY, MARCH 9

public

the

is

Jersey

trust,

to the stockholders of Harris, Hall & Co.

In the annual, report

were

-

Registration Statement No. 2-5095.
A-2 (2-15-43).

,

to

share.

Proceeds—To

.

to

price

Offering—Offering

•

Offering—Public offering, price is $8.50

large pack¬
loose frozen

commodities.

receiving sets for civilian use was

share.

of quick-frozen vege¬
portion of its frozen

manufacture

the

tables.

the manufacture

to

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

such

cover,
may

devoted

stopped entirely.

exercise of the

upon

share.

Place,
,

f

1942

year

production

for various arms of the U. S.
In May, 1942, the production

Government.

conversion

that

the

company's

of

more

was

of radio

filed regis¬
shares of 4

per

.

with

Beginning

of equipment

required for issuance upon exercise
rights, and it is intended

will be
of

sets.
and

;

•

Underwriting

..

5 Vst %

convertible

mortgage

normal business is
and sale of radio receiv¬

manufacture

ing

upon

first

has

Chi¬

Boulevard,

Augusta

Illinois.
Business—Company's

cago,

mon

pany's

J.

N.

.

»

\

Address—4545

5% sinking fund debentures due
1954, and 47,215 shares of com¬
stock,
without par value.
Of the
registered,
35,715 shares will be

,

Corporation

—

the account of certain

being sold for

are

engaged, of the debentures and shares of common
stock will- be furnished by amendment.
directly and through subsidiaries, in manu¬
Underwriting—E. H. Rollins & Sons, Inc.,
facturing woven fabrics from rayon yarns
is
principal underwriter for the deben¬
and rayon mixtures, and, to some extent,
tures with others to be named by amend¬
from cotton yards;
throwing and dyeing
ment.
E.
H.
Rollins & Sons, Inc., is
rayon yarns and, to some extent, cotton
named underwriter for the common stock.
yarns;
dyeing and finishing cloth, and
Proceeds—About $487,000 of the net pro¬
selling the manufactured goods.
ceeds from the sale of the debentures and
Offering—Price to the public will be
common stock are to be used to discharge
supplied by amendment.
Underwriting — Lehman
Brothers and the balance of $480,000 due on a bank
loan in the amount of $600,000, together
Kidder, Peabody & Co., both of New York,
head the group of underwriters.
Price to with accrued interest and premium there¬
on. .Balance are to be added to the com¬
be paid by the underwriters will be filed
pany's general funds.
by amendment.
Registration Statement No. 2-5078. Form
Proceeds—Net proceeds will be utilized,
Business

has filed

Manufacturing Corp.

'

+

Hugh W. Long & Co.,
Inc., is underwriter.
'
'
•
v; Offering—The corporation has ^presently

Proceeds—Approximately $275,228 of the
net
proceeds will be devoted to the re¬
demption of the entire issue of the com¬

'

company's

INC.••;]//

■

Inc.,

Business—Investmen t

.

1,

reserved

City,

products ^derived/'from

and

to

for. 1,000,000

par value $1
Address —15
Exchange

of

milk

Stocks,

statement

special stock,

j.

busif.

the general

in

York

tration

buying and selling milk and it$
derivatives;
processing
and
marketing

:

CORP.

MANUFACTURING

Galvin

250,000

stock

;

a

of

SATURDAY, MARCH 6

with the SEC for $1,-

statement

iness

1943, nor thereafter if the hold¬
80%
in
face amount
of general

GALVIN

PACKING CORP.
Deerfield Packing Corp. has filed a reg¬

Dec.

-.V-/

Business—Engaged

/

May 2,

ers

DEERFIELD
istration

/' New

Address—1974

added

be

STOCKS,

YORK

NEW

to March 1,

Cal/..

mortgage bonds shall have assented to the
plan- prior to said date.
■■
• " V
Registration Statement No. 2-5094. Form
D-l A (2-13-43).
:

;

,

bonds, : bearing in¬
maturing-serially from
1955. .- //•//4
Santee St., Los Angeles,

and

•1.

will

WEDNESDAY, MARCH 17

milk;
manufacturing, buying and selling butter,
cheese, cream, buttermilk, cottage cheese,
curds, whey/ etc, 1 '
"
: ■ , /
!
Offering—As soon as practicable after
the
effective
date
of
the
registration
statement.
Price to
public will be filed
by amendment.
• •
" '
*
/
Underwriting—Dean, Witter & Co., Los
Angeles,. Cab, is named as. the principal
Underwriter;' /;////;'■/■

to

Stringfellow, 1,200;
Inc., 1,000; G. H.
and the Wisconsin
> '
■
1943, at $104.50 a

1,600; Scott &
Nolan & Co.,
& Co.,
1,000,

Co.,

Creamery Co. of California has

1944,

1,

are
to
1, 1943,
Balance of

May

./•Registration Statement' No," 2-5100,'"Form
A-2/ (2-23-431,' ] /
' / /' V' / ' /

/!>*»..,/ 'JAv*

,/■

bonds

on

working capital; // 'i}:-. yy

registration statement for $500,000

a

redemption

for

plus accrued interest.'

proceeds

net
'

^

terest of 414%

the, holders of 80% in face amount
general
mortgage
bonds . shall have
assented
thereto; that no right of with;
drawal of bonds deposited shall exist prior

G. "Becker & Co., Inc., 3,800;
Hallgarten & Co., 3,800; Union Securities
Corp., 3,800; Dean Witter & Co., 3,800;
Alex.
Brown & Sons,
1,600; Laurence M.
Marks & Co., 1,600;
Mitchum,'- Tulley &
Folger,

any

OFI

Such

bonds.

fund

102%

at

March

1943,

Wertheim & Co.,

7,800;

at

'."'/•

first'.: mortgage .serial

of

A.

6,200;

if

>.\',

CO.

CREAMERY

Knudsen
filed

become automatically
time prior to May 2,

shall

plan

effective

Pierce,

Lynch,

Merrill

7,800;

the

that

,////. • ■ .// '

t. CALIFORNIA

/

a

'

names

Inc.,

Co.,.

products

CORP.

MILLS

Burlington Mills Corp. has

amendment

an

KNUDSEN

statement
registration statement filed concurrently on Form E-l.
Purpose—To modify bonds under a' plan
of modification.
The agreement provides
of

and

be' called

'

///yr-SUNDAY, MARCH 14

soon
as
date
of
registration

as

effective

registration statement
the underwriters for
its proposed issue of 65,000 shares of 5%
cumulative preferred stock, par $100 per
share.
The underwriters with the num¬
ber of shares to be purchased are as fol¬
lows:
Lehman
Brothers, 9,500; Kidder,
Peabody & Co./ 9,500; R. S. Dickson &
It

which

in

,

BURLINGTON

posits

sinking

(2-20-43).

City.

Y.

N.

*■/■"..

Offering—Date of proposed

its

to

Feb/27

on

is in the busi¬
of the warehousing, initial processing
distribution of steei and nonferrous

Business—The
ness

(2-18-43).
The
corporation

v//;

'///'■///■
call for de¬
practicable after.'the

Business—Hotel/,

A-2

stockholders.

certain

a

the account of

is being sold for

and

VRegistration Statement No. 2-5099. Form'
A-2

4%%/general

$4,055,200

for

mortgage (Income) bonds.
•
Address—870 Seventh Ave.,

stock, $2.75 series, of the cor¬
poration called for redemption on March 1,
1943.
Proceeds not utilized in the redemp¬
tion
of preferred stock will be added to
the working funds of the company.
Registration Statement No. 2-5096. Form
preferred

CENTRAL

deposit

of

convertible

of cumulative

the 21,725 shares

OFFERINGS

.

337,68,4

.144,589

$1,383,006

$2,894,749

$20,000 / in 1942 and $50,000 in 1941 in special account to cover
customers' payments on securities not delivered.tAt the lower of cost or quoted
market price.,,
tlncluding .bonds carried at $24,420 deposited as guarantee.
^Quoted
..

-/"Including

market

value,

$274,420.

fQuoted

market

value,

$532,187.

•♦Quoted market

value,

$109,071. 'ttPledged as collateral to bank loan.
ttQuoted market value, $1,457,250.
i§Represented by 2,500 shares of 5% preferred stock ($207,644) and 2,060 shares of
common stock
($23,095) at Dec, 31, 1942, arid by 1,250 shares of 5% preferred stock
($134,526) and 1,000 shares of common stock. ($10,063) at Dec. 31, 1941.
TI IT All In
treasury.
♦♦"Arising from excess of cash received over par value of common stock
issued

therefor,/'

NOTE—Security

$980,000, compared

'■/,•/.

'

■'.'/' /;.VV, / ,■"•/ I ]
1942/ were approximately

underwriting commitments/at Dee. 31,
with $1,090,000 at close

of 1941.

j

Volume 157-

Number 4156

/

THE COMMERCIAL &

Bfair&Bft ReportsNet Profit ef$213,782 In'42

FINANCIAL CHRONICLE

H. H. Robertson Common
Situation Interesting;

John R. Montgomery, President of Blair & Co., Inc. in releasing

flirey Heads NAM Group

1

bond branch of

other

leading

prepared

exchanges,

post-war
com¬

lems

stock of the H. H. Robertson

mon

by

transition

announced

was

the

period

prob¬

was

Feb.

of

on

v

he said.

course

j

.

'

The condensed consolidated balance sheet of the firm

*31, 1942,follows:
.

YY ; aY;

•

r^r-p

for

securities

sold, customers

Y etc.

accounts,

v?

syndicates,
-

Other

securities

S. Government

(no

Against, cash

borrowed:

(per

i

,

.

•

deposits_-^__^

meetings until

basis

a

for

"2.

Various d

f

e

d-buying

e r r e

plans.
"3. Demobilization of the armed
forces
"4.

on

gradual basis.

a

Status

of

when

tracts

,

government

con¬

ends,

with

the

war

special attention to policies which
would avoid

World
war
no

War

repetition of post-

a

I

contracts

uniform

exeperiences when
cancelled with

were

provision for prompt

adjustment."

*

,

;

2,040.00

less depreciation.:./charges—taxes, insurance, stationery,

Deferred
'

'

>
.

10.102.62
-

.

.

LIABILITIES

-

.

;

16,86.7.95

.

-$98,782,439.59

,

,

,

deposits

against

securities ,loaned

and

___

at

_________

in

syndicate

•»>

—_1_—%
customers-accounts,

for

contingencies

Capital Stock—$1
Authorized

par

Your Red Cross operates a vast

•

be

'

'

'

31,

1939_

:

r

1940

and

1942.

y_—___

t

,

'

/'

v

_

'n

,

-

^Securities purchased and sold on ay "-when Issued", basis / are., included In the
balance sheet; the profit arising from the isales has not been taken Into 1942 income
nor into, surplus.
^
i
',<-/- *
»
„v.
•
►
<
(

has

enterprise

been

made

by charges against profit and loss

or

tripled its staff since Pearl Harbor and has

had to enlist the aid of and train

over

6,000,000 volunteers in the

$98,782,139.59

*:

principles of First Aid, Water Safety, Accident Prevention,

NOTES

.

■(Provision

same

helping all who need help.

1,042,228.32
;

'

responsible for the smooth operation of 3,750

Your Red Cross has

-

;

•

,

213,781.61

Worth

.'

-

of Personnel

—

for

Africa*

or

813,201.97

$828,446.71
Add—Profit

anywhere—whether it

Americas, Europe, Australia, Asia,

Your Red Cross is

192.648.68

1941.

enable it to

program to

chapters and 6,000 branches, all engaged in the

$1,641,648.68
for

emergency

Organization

.,

,

,

of
Deduct—-Losses

or

'

J

-

of

—

157,124.40

>

Dec.

in the

comes

disaster

any

37,-487.99

and

Surplus—Balance

ready for

405,754.43

$1,449,000.00

HCapital

planning

/

.

//Y

y

___•

value:

-

.24,531,452.31

__Y

issued-.,-;.
I,—
.$1,471,012.00 ;
treasury22.012.00

Less—In

Planning

304,510.00

syn-

Securities sold but not purchased—at approximate: market
-priceYY-i.--Miscellaneous accounts payable and accrued expenses-.—..—(Reserve

of

—

$70,485,222,14

approximate •
J/l-iY.:---/ /' 1,818,360.00

participations

.y-:• accounts
i——:;-—::/.;
•Accounts payable—for, securities ;purqhased,
d:cate accounts, etc. /

'

.

tBank loans payable on demand—secured—
.liabilities 'for U. S. Government securities -borrowed
market walue of collateral—secured—///

like your own

"35,588.45

,

...

,

*

,.

_________________

Furniture and fixtures,

.

.

Home

v'

Nursing,

-

Motor

,

upon market prices, and (2) -excess
carrying value of other securities without quoted market prices over their estimated
value in the opinion of directors.
-:

war

Nutrition,

Nurse's

Aideing,

Mass

Mechanics, and other subjects allied to

surplus accounts

.for A)* unrealized depreciation in securities based
of

of its studies and plan fre¬

after the peace.

The Red Cross has Problems

259.684.-89

-

Net

war¬

< *
1,818.560.00

-

(.

contra)

ttrivestmewtin subsidiary—wholly.owncd-^nbt'consolidated—at indicated
equity value of net.assets.
u

Cash

which

to

N'rJ

J----1-'-/->38,852472.19

quoted market price), at estimated fair value/lY/Y

securities

Against securities
:

extent

-

-

-

following:

The

,

*fSecurities owned~<af -approximate market .price):
U. "S. Government
Municipal bonds and corporate.
U.

quent

the

"1.

$221,407.31

.

receivable

upon request.

which the group will devote itself
are

Y" '

/

_

♦Accounts
.

of Dec.

to

**.

-

ASSETS
Cash

as

problems

21

Association

National

the

among

time controls should be continued

particularly active and its operations
Co., copies of which may be had Manufacturers. The group, under
throughout 1942 were most successsful and profitable," he stated,
the Chairmanship of John
from the firm upon
Airey.
hits holdings at the end of the year consisted almost entirely of
request.
President of King-Seeley
Co., Ann
Treasury bills, certificates of indebtedness and other short and in¬
Arbor, Mich., and a director of the
termediate term United States Government obligations.
The other British Columbia
Offers
Association, will function ulti¬
factor contributing to the year's profitable operation was a further
mately as a sub-committee of the
substantial reduction in operating expenses."'
Interesting Features
v'-'/b*
much larger NAM Post-War Prob¬
v ':
•An
Commenting on the nation-wide decline in municipal and corpo¬
interesting descriptive cir¬
lems Committee.
rate underwritings during 1942 as compared with those in 1941. Mr.
cular on the Province of British
Pending complete organization
Montgomery stated'that such decline was to be expected with the
Columbia has just been issued
by of the latter committee, Mr.
country's attention directed toward the prosecution of the war.
Airey's
''During the last few months oiiir trading departments have been Wood, Gundy & Co.f Inc., 14 Wall group will hold its first meeting
particularly active and I am pleased to report that operations of all St., - New York City, copies of in
Chicago on March 3 to map the
departments so far in 1943 have shown exceptionally good results," which may be had from
the firm
business

our

j

reached.

Chief

Creation of a special group of
wellknown industrialists to make
an
intensive
study of domestic

have

analysis of the

an

specific recommendations has been

On Post-War Problems

lor the year ended Dec. 31, J942, stated that operations for- -Wertheim & Co., 12(X Broadway,
the year resulted in consolidated booked profits of $301,680 and after New York
City, members of the
adjustment of reserves for unrealized depreciation there was net
New York Stock Exchange and
profit of $213,782.
This net profit .increased the net worth of the

figures

firm by over 25% to a year-end valuation of $1,042,228.
Two main factors contributed to the satisfactory results reported
for the year, Mr. Montgomery said.
"The United States Government

839

effort.

Feeding,
country's

our

:|;g|vF

•

lair

tSccurity
.consisted
.in

of

syndicate

borrowed

to

loans

and

consisted

an ;approximatc
market value of $71,032,000)
owned;' borrowed;.? sold' but not delivered, or carried
deposits, to .secure
indebtedness
for
securities

of Production

—

Collateral

U.

of

(having

stocks

accounts.

(Contingent

.

bank

bonds

S.> Government

•

liabilities

include

bonds

owned

possible: liabilities

or

sold

under

but

not

Your

delivered./yyyi

various

.indemnity agreethe adequacy
•of the above reserve for contingencies) cannot now be determined..
During 1942 the
.reserve
was
reduced approximately $10,500 by charges to cover
legal fees, including
those paid by the subsidiary company not
consolidated, incidental, to the litigated

.

'mentSi claims and litigated matters,

the amount of which

''

^matters.

(and

,

■

\.i

-

J Represents:

balance

remaining

-

in': Capital

Surplus

account,

after

the United

ping them to practically

.

,

'

Your Red

appraisals

.of D.ec.,1, ,1942. and appreciation of
since

assets

that

time

enabled

them to increase their bid.

?

every

over

Last

year

20,000,000 homeless people in

millions,

expenses

the

must account to

it collects and puts to work.

penny

audited

,V.-v.'*

in what amounts the

Its

will

run

public for

accounts

are

annually by the U. S. War Department.

The Red Cross faces the

i

^

'

Superintend¬

ent of. Banks should
pay

the

'V-

ceeds.

-

-

pro*

*

With your support it
The Second

'r;, /.-w"-.
-

....

The approved sale price was $1,1300,000 more than enough to pay

in the world.

$60,000,000 worth of food, cloth¬

a-ction in Common Pleas Court in

'Donald,- President' of McDonald* •order to secure a-judgment-from
;Coolidge & Co., his firm's original: the Court as. to what persons.,and,
on

some

Cross; whose war-time and post-war

well into hundreds of

;.

-bid had been based

'

of Finance

—

Akron, Ohio, have been bought for $8,850,000 by McDonald-Coolidge
& Co., Cleveland investment firm, in a sale reported to be "one of
4he biggest transactions of its kind -ever handled in Ohio."/, •-

According to C. B. Mc-

pur-

foreign countries.

The remaining assets of the old First-Central Trust -Company of

•cinnati,

of the world's foremost

every country

Red Cross shipped

ing, and medical supplies to

McBonald-Goolldge Bull's Remaining Assels
Of First-Central Trust Company Of Akron

' The sale price was $831,000 higher than McDonald-Coolidge's
original bid, an increase resulting from re-bidding by McDonaldCoolidge, F. W. Dryb'ough & L. N.
Simpson of Louisville, and Cole¬ William J. Laub, Akron lawyer
and a
former
man, Harris & Associates of Cinmayor,, filed
an

one

States, assembling and storing them, and then ship-

''

your

•

only

supplies* but it has the immense distribution job of
collecting millions of items from 10,000 different communities in

/deducting

^operating deficits to Dec. 31, 1939.

Red Cross is not

chasers of

therefore

^

^

^

War

problems

same

as

are

in

your

business.

successfully meet them.

can

Fund is greater than the

First, but

no

greater

than the increased needs.

'»

D. O.Jain Ms

-

"s/J?W.

off claims of
bank in

ipositors

depositors of the old
entirety, it was said. De--

already

have

received

65%.
<

Listed among
'000

shares

of

First-Central

the assets

are

the

stock

in

Trust

Co.,

76,new,

which

jcarries

controlling- interest.
No
fchanges were planned in personinei and -management of the bank,
Mr. McDonald declared.

Following the

approval

sale by
Pleas

of the

Ira
Ira
New

York

other

Stock

Exchange-and

leading exchanges,

announce

i

••

.

*■',.-/V-V/r

./

Business
and

as

i

1

•

•

help with time and with

men can

organizations

money, as

individuals.
V

.

i,'

..

.

...

>'•». ^

;

'

■'

March is the Red Cross month

v

K

.

v

*

.

:•

V

Cooperate with

•'

1

your

t

'• \<\

'•

•'

,

'

'

•

;

•

•

-

•

J.

Red Cross

f,

/

j

Chapter.

Your Dollars

help

make possible the

Dudley D. Jaffin has become

associated with

their

firm

in' the

Bond Department. 'Mr. Jaffirfwas

formerly
Estate

Summit County Common
Judge Frank H. Harvey & Co.




Haupt & Co.", Ill Broadway,
York City, members of the

New

that

Haapl Bond Depl.

.-•

manager

of

the

Real

Department of M. S. Wien

AMERICAN"TRED CROSS

Thursday, March 4, 1943
>m

wwmwumi in i

Ft. Pitt
Teletype—N. Y. 1-971

IIAnovcr 2-0050

FOREIGN SECURITIES
CAHL MABKS 4

FRANK Y. CANNON

P.O. IMC.

50 Broad Street, New

York

& Co. Inc. Chicago,

Mexican Interest Arrears

in

Cfs.

Bought—Sold—Quoted

charge of their Trading Department

M. S. WIEN & CO.

j ;t

Telephone

19 Rector Street

Members N. Y. Security
25 Broad

WHitehall 4-0850

YORK

III. Phone State 6693

St., N.Y.

Teletype

However, if Secretary

;

can't go

Vhe

0a "Governments"

Oar Reporter

,

and Internal Loans

?

them

with

associated

now

NEW

Direct Wire to C. M.

SO

Mexican External

is
'

6s of

Preferred

that

announce

&

Sylvania Electric Products
1

Wish to

Bridge Works

Common

/

SYLE AND COMPANY

mmmMmmmmmmmmmmmmmmmmmmmmmrnammmmmmmmmmm**

Y maximum

Morgenthau is to issue a 2%

bond,

Dealers Ass'n

HAnover 2-8780
Y.

1-1397

The Business

v

beyond the 10-year date, for he has set that as a;Y
.
.
.
The 2s have acted remark- -

for bank purchases.

N.

ManY Bookshelf

1951/49 2s are holding up beautifully, / . . The ■
out-of-town* bank seems partial to the date and interest, ,
(authorities report.
Thus the expectation of this loan in
"<
American
Agriculture,
1899Vff.;., ":'i St
■/ ; ;
V * ,fc'c
'' ;/
/.-y
*•'! ^
•
April.
1
1
1939: A Study Of Output, Em¬
The pattern for the April financing now seems to be taking
And
Productivity—
; If the Treasury issues a straight 1953 bond, we'll have a taxable ployment
definte form.
We've still plenty of time to go and we still may
Barger
and " Hans
H.
have our best-laid plans upset by unexpected news from the do¬ 2 to compare with tax-exempts outstanding and due around that Harold
If it makes the bond a 1955/53 issue, we'll have a direct Landsberg — National Bureau of
mestic or foreign fronts, but the "feelers" are out, the "talk" is be¬ time.
Economic
Research,
Inc.,
1819
ginning to appear aimed at creating a pre-financing psychology. . . . comparison between the tax-exempt 1955/53 2s, selling at 103 V2 and
And remember, no longer is the Treasury intent on fooling the men
yielding 1.63 to call, 1.68 to maturity and the new bonds. . Y; The Broadway, New York City—Cloth
,<
,
.
who manage the Government market, buy the bonds and trade. . . . 3-point differential should not be taken too seriously, though. . . . In —$3.00. . ■ ,
It knows the value of preparation in a period when multi-billion fact, market experts believe the new 2s—taxable and bearing the
Banking System and War Fi¬
dollar deales are the rule. . . . It has learned the sad lesson of terms suggested—would be worth about Vz point premium in the
That's nice and comfortable and nance, The—Charles R. Whittle¬
springing unpleasant surprises on a market which is so important market after the books close. .
sey—No. 1 in a special group of
to the war effort. (Don't ever forget October, when these lessons were normal.
Y
*
reports on "Our Economy in War"
so pointedly brought out). .
And so, we now may take a chance

•i-'-By" s;

-

'•

-

ably well and the

,1

Fr .PORTER

average

\ >.

.

.

•

■

.

...

,

.

.

...

...

...

and forecast that:

■

,,

'

'

■

Kt

.

k

|

on

2s.

.

.

to

to place these

do away

pler all around to
'

fusion which exists, v

with the F and G war bond

series

MaskMacmillan

Japanese

got around the last financing and
purposes by putting funds into the certificates of indebtedness
the tax-anticipation notes, which really isn't what is wanted

City

Legal
Oddities

(3) Too many investors

.

or

the

Co., 60 Fifth Ave./ New York
—Cloth—$2.00.
/

it will be to sell the few

(2) The simpler the deal, the easier
issues available from coast to coast. ...

of .Economic

Steiner—The

F.

Y

.

.

its

Behind

Jesse

(1) There's still a tremendous amount of confusion around as
the meaning of these quarterly open market deals and the com¬

hasn't helped any, '.

less issues this time and be sim¬
with the still vast amount of con-..

,

.

petition of the victory long-terms

(4) The "basket" will carry
/

.

Bureau

Inc., 1819 Broadway,
New York City—Paper. , . .
Research,

in December, for these reasons:

than the financing

2Hs- of 1968/63 or
real drive will be |f
city, town and hamlet. . . . A

in every
new issue of 10-year 2s, either with a straight maturity date or
with a call date in 1953 and a maturity date in 1955, will be
floated.... Maybe a short-term lJ/2 due in 1947 will be tried. . . .

started

.

.

(3) The books will be reopened on the
a bond with a slightly longer date and a

—National

bond
issues or to attempt to create a
point
not yet decided upon,', . Y Both ■ sides : have good arguments. , . .
Both make sense.
The dominant idea of bond houses today,
however, seems to be that the next borrowing should be limited more
financing to a few major
loan for everyman's needs is a

Whether it's wiser to restrict the

the real aim
three weeks
with the goal closing of the books by the third week of April.,
.
(2) A terrific campaign will be carried on to get subscrip¬
tions from country investors—individuals with cash on hand,
corporations with reserves lying idle, small banks with consider¬
able excess funds not yet invested in short-term notes or 10The stated objective is $13,000,000,000 but
will be to raise $15,000,000,000 to $16,000,000,000 in

year

.

.

_

A NOTE?

(1)

^

.

THE

OFFICIOUS STOCKHOLDER
The directors of the

Ezzy Golf

Club., Inc., were in an

at all.

expansive

restricted deal and more stress of what mood.
(5) A definite attempt will be made to "merge" the activities bonds are (offered. . . . There will have to be. a short-term, of
"I
move
that ' we
buy the
of the Treasury's War Savings Staff and the regional Victory Fund
Course, to meet the special demands of some giant institutions but Idylwyd Market Garden for $50,Committees to eliminate the totally unnecessary confusion here. . . .
/
there doesn't have to be that variety of shorts, ... So maybe the 000," Director Doe suggested.
(6) The Treasury will try to fix up the admittedly unsatisfactory Treasury will solve it all by offering two bonds—the 2V2S and the 2s •--"Second the mptjon," Director
advertising situation by alloting so many dollars for advertising to and by tendering one short-term note or one certificate issue. . . . Roe concurred, the motion passed
without: a dissenting voice, and
each region and adopting policies of cooperating with the banks And that will be all.
the new estate was duly deeded
which want to do more.
f If it's to be a note, the longest maturity indicated at this market
to the Club.
"
:
(7) No commissions will be paid to volunteer salesmen working level would be a 1947 date. . . , Maybe September or so. . . . The
Then a "kicking"' shareholder
IV2S of December 15, 1946, are selling today at 100.10 to yield 1.40%
for the Victory Fund Committees. . . .
a
lawyer / and made i]
and the l%s of June 15, 1948, are iselling at 100.14; to yield 1,65%, so employed
r And
there are lots. more .details, of lesser importance....
himself heard. -.
'
;
the new IV2S could be placed in between. . . .
Surely, some of these predictions may be wrong! ... The terms of
"What's your objection?" the di¬
the issue may be different than forecast here because of last-minute
rectors demanded. "We. certainly
INSIDE THE MARKET
changes in opinion, or market level or because of personal consid¬
got that land at a big bargain." ,;
erations. Y.
But presented above is the best analysis possible at
No important price fluctuations on either side of the market
/ "Our charter authorizes us to
this stage of the game on what's ahead for us and the market. . . .
expected between now and April. . . . The supporting authorities are lease not more than 500 acres of
ready with aid, if needed. . . . And neither a rising market, disturb¬ land for not longer than 999 years
A 2% BOND?
ing term discussions for April, or a falling market, upsetting con¬ and solely for a golf course.
It
The issuance of a 10-year 2% bond last fall created one of the
fidence, is to be desired. . . ;
gives us no authority to buy real
most definite divisions of opinion in the market of recent years. . Y .
estate
outright, or anything as
The
are selling at 100.11 to yield 2,47 to call date in
The market wasn't ready for 10-year 2s at that time, .. Most in¬
foreign to the objects of our in¬
1963 today.
Any buyer of them at this level is paying about
vestors were taken by surprise because they had anticipated a 2x/4%
corporation as a market garden,"
3/32 premium over the indicated interest return between now
loan and the Treasury didn't bother to inform them of its revision
the "dissenter" > pointed outy:
and the April borrowing for the privilege of being invested
until the last second.
The market was hurt by that sale. . , .
"Yes, but we've got it, and what
during this coming month. ... It may be worth it for some in¬
Treasury representatives were forced to use pressure to inspire sub¬
are you going to do about it?" the
stitutions and obviously is, judging from the day-to-day demand.
directors demanded.
scriptions.
.
The Federal Reserve System was compelled to enter
All this is based on the assumption that the April operation
the market and buy millions of bonds to support the price level. . . .
"Go into a court of equity and f
will include another sale of the 2%s of 1968/63. ...
start suit to compel you to sell the /
But that's past history. ... Now the situation is different. . . .
Fact that 2V2S have slipped back from 100.21 to 100.11 confirms
land and divide the proceeds."
/
The point which has been disturbing market experts recently is the
belief that the books on these will be reopened. . . . Also action here
"No—nobody can compel us to
propriety of issuing a bond which may be too rich if it bears a 2%
sets an intriguing pattern of what happens to a bond issue that is
do
that
except the State that <
coupon and matures in 10 years! . . . Which just emphasizes again
We've
seen
this rise-and-fall
subject to repeated offerings.
granted our charter," the direc¬
how much the market has improved. . . .
'
action several times, now.
.
.
tors; retorted, and the New York
Since the tap 2Vzs first were sold
Court ruled that their point was
.

So the odds favor a more

*

.

.

.

.

.

.

,

.

.

.

.

.

.

.

.

.

.

.

.

last

To Be Heller Partner
Louis
mitted

to

—More

Indispensable Than Ever—

Pine Street, New

City, members of the New

York Curb Exchange.

Security Dealers of North America
66

The

and Bond Houses"

excess

Old Common & Preferred

PRICE EIGHT DOLLARS

New Class "B" and "C"

Plus

1%

Sales

Tax

in New

reserves.

—

Sold
•

''

—

'

Quoted
■

.—

Y-.

HAY, FALES & CO.
Members New

71

York Stock Exchange

Broadway N. Y. BOwIing Green 9-7027
Bell Teletype

NY 1-61




There's

.

American Business Credit

Federal

Reserve—which isn't

(

far away from direct sales of
bills by the Treasury to the Re¬
serve.

on

Request

5s, 1953
(Special

CO.

Incorporated

NEW YORK CITY

Telephone—BEekman 3-1767

Memorandum

Quaker City Cold
Storage Company

...

York City

HERBERT D. SEIBERT &
25 SPRUCE STREET

.

very

Now A
Bought

.

directly inflation¬

about this. . . . The Treas¬
sells the bills to the member
banks but the member banks in
turn
sell them immediately to

Off the Press

..

"The conveyance to

they

ury

SEMI-ANNUALLY

February 1943 Edition Just

well taken.

the corpo¬
ration was not void, but voidable /
buy every week to the Federal
only at the election of the State," v
Reserve
on
repurchase agree¬
was the reasoning of the court in
ments due to low level of their
a case reported in 40 N. Y. S. 499.

the

WARREN BROS.

still turning

amounts of bills

ary

.

common
PUBLISHED

Y .;;
banks

.

York

large

over

something too

Recognized Directory of Stock

;;

R. Hoe

spring.

New

ad¬

been

partnership in Stanley

Heller & Co., 30
York

has

Florsheim

to The

Partnership

Memorandum

MO.—Piersol &
Baltimore Ave., is now
co-partnership, with L. G. PierKANSAS CITY,

sol, Mary E. Piersol and T.
O'Brien,
formerly
officers,

partners.

; -

;

Request

Hill, Thompson & Co., Inc.

Co., 1012
a

on

Financial Chronicle)

v: y„.

( -4

7

A

^

Markets and Situations

120

F.
as

i

for Dealers

Broadway, New York

Tel. Rector 2-2020

Tele. NY 1-2660