The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
i
(.Re*.
Volume 155
{/„
THURSDAY
Final Edition
New
Number 4052
-j—
In 2 Sections
Section 1
-
Office)
U. S. Pat.
Price 60 Cents
York, N. Y., Thursday, March 5, 1942
Copy
a
Increase Of 25% On Commissions
Approved
By Governing Board Of Stock Exchange
REPORTER'S
The Board of
REPORT
still
are
excellent
some
.
of
switching
new
.
.
tors.
77-:. 7
^
fect
banks and
among
{
j
investors in Governments
maintained and that the
in the surtax rate.
V; That is a point
other institutional
that the normal tax rate is going to be
increases will
occur
.
for months, j
Now it is conceded by most holders of Governments. . v ;.v j
And translated into terms of market movements, it has dis;
couraged many investors from switching from tax-exempts into
taxables—because they figure the tax-exempts are fairly safe
j
which
.
.
has
been
stressed
repeatedly
in
{ to
with
clear
to
for
a
while.
'
...
-
,
~
,
;
previous
| been
-
deals
a ready
market greeted the securities
rates
new
letter points out that the proposed
changes in the commission rates
follows:
as
are
Generally,
lc
brought out yesterday.
share
a
flat increase
a
is
non-member
proposed
of
the
in
commissions
For another thing, the feeling is that the tax-exempts are won-;
Offering of the $32,500,000 of
derful securities to hold now—and they won't be around for a much Pennsylvania
Electric - Company
3%% < first
mortgage
Every one knows the supply of tax-exempts is 30-year
rapidly as possible. ... Even if the Government bonds and 34,000 shares of 5.10%
doesn't succeed in its obvious aim to eliminate tax-exempt privileges preferred
stock
encountered
a
on outstanding as well as all future issues of securities (an aim that
lively demand which permitted a
is not expressed, but implied as far as Governments are concerned) quick cleaning up of the bonds
there's no denying the fact that the number of tax-exempts will be and a highly satisfactory move¬
cut steadily by refunding deals, engineered either on time or ahead ment of the preferred stock.
of time*
So the psychology is "let's hold them as long as pos¬
Bought in by bankers on
sible and get the best out of them while we may." . . .
Monday under the "competi¬
The tax-exempt market, in short, is enjoying a special tender¬
$10 and $90, the proposed
on
stocks
longer time.
being cut as
.
.
.
.
»
just now. ... Translate that into terms of your own
and act accordingly. ...
.
'
j
ness
portfolio
tive
bidding" rule of the Se¬
curities
and
Exchange
mission
through
"package" bid at
Specific Switches
Leaving the field of major switches from section to section of
the question of specific arbitrages avail¬
able within the taxable list, the figures indicate that there are sev¬
the market and going into
Com¬
102.3177
to
of 35c
return
an
where the amount
$100
3.19%
.
.
par) have needed the
There had been more than a
.
Because they are
modicum of doubt last week-end
closest to par, of course. * . - Because the policy of the Federal
that the deal would be carried
Reserve System Is to maintain in the par level on its bonds if at
1
through, due to prevailing condi¬
all possible without too great a cost. . . .
j
tions.
But
presumably bankers
!
That means the 2s are rather over-priced in relation to other
were moved to undertake the un¬
comparable issues. . . . Or putting it another way, that issues such derwriting
upon scrutinizing the
as the 2V4s of 1955/52, are under-priced in relation to the 2s.
.
.
.
behavior of public utility bonds
So sell the 2s of 1955/51 at around par and buy the 2%s of
over the period of recent weeks.
1955/52 at around 100%. ... The maturity of the 2V4s is June 15, As a
group good utility issues had
1955.
Of the 2s, Dec. 15, 1955. . . . The call date of the 2Y4s
ably withstood the effect of dis¬
is only six months away from that of the 2s. . . . Yet, the coupon
quieting events in the interval.
being written
most official
(or at a 32nd or so above
support in recent weeks. ,
.
...
(Continued
on
Page
934)
(Continued
Page 935)
on
other
stocks
on
ttia
be
not
changed.
Non-Member
and
FINCH, WILSON & CO.
Member!
New
York
Stock
Established
Provisions have been made to
increase
the
member
commissions
in
the
sions
of
case
Head
INVESTMENT SECURITIES
Commission
Executed
■
■
\
Commercial
FULLY PAID
64 Wall Street
Orders Carefully
for
Office
orders
RESERVE
CAPITAL
FUND
,
.
1
and Individuals
orders for
5
bonds
and
7
King
to
both
would
100-share
stocks.
new
On
100-
Our
and
Calendar
New
of
941
936
Personnel
932
Items
Securities
Salesman's
Tomorrow's
while
rate
5.3c.
the
old
varied
In
are
100-share-unit
between
the
share-unit
4.1c
of
case
Market—Walter
on
120 BROADWAY, NEW YORK
Albany
"Pittsburgh
in
principal
Towns
Williamsport
Watertown
EGYPT
all
the
and
935
Whyte
933
Selector
938
(The).....,.
929
Governments
Uptown After 3
940
and
the
10-
stocks in the
THE
com¬
CHASE
$5 to
BANK
OF THE CITY OF NEW YORK
F. H. PRINCE
Broaden your customer
BANKERS
Cairo
Street,
Branches
Troy
(The)
reductions
stocks,
proposed in clearance
missions
6c,
Corner
Says
Our Reporter on
be
933
Securities
the
would
935
Municipal News and Notes...
Bond
rate
Security
Trusts
stocks selling at $50 and above,
new
934
Flotations
Railroad
On
929
Insurance Stocks
Investment
the
3.9c.
Report
Reporter's
$10
share'
rate would be 5V2C a
while the old rate is
be
and
share-unit stocks selling at
and above but below $50,
PROVIDENCE, RHODE ISLAND
service with Chase
HIGH-GRADE
correspondent
INVESTMENTS
E.
facilities
C.
PHILADELPHIA
BOSTON
more
Page
commis¬
Bank
These rates
10-share-unit
£3,000,000
.
William
or
INDEX
stocks
on
applied
AGENCY
LONDON
6
less
£3,000,000
.
.
for
Such commissions
would be unchanged.
■
clearance
new
creased.
Institutions
New York
bonds
involved
or more. ■;
Cairo
Register No.
on
on
selling at $1 and
above have generally been in¬
of EGYPT
Exchange
and
non-member
than 5 bonds.
NATIONAL BANK
1927
Member
Member Rates—Stocks
The
re¬
stocks would
Give-up commissions
10-share-unit
NATIONAL
R. H. JOHNSON & CO.
would
unchanged or would be
slightly decreased.
Such giveup
rates would generally
amount to $2.75 or $3.00 per 100
shares, which compares with
$2.60 or $2.70 at present.
on
The minimum commission
The switch mentioned in
.
the
on
transaction has been raised to
•a
is
profitable moves to be made just now. . . .
this space last week still is an excel¬
The preferred stock, part of the
lent one.
Deserving attention from all holders of the 2s of package, for which bankers bid
1955/51, who are not bound by theories of diversification and thus 100.3789 as a 5.1% dividend issue,
unable to take advantage of a technical market situation. . . .
was priced at 100% to yield about
The fact is that the 2s of 1955/51, selling at par as this is
4.91%.
selling at $5 and above
would be in¬
creased, while such commissions
but less than $125
commission
100-share-unit
to
com¬
stocks
a
10-share-unit stocks and to
yield.
eral
both
give-up
100-share-unit
on
round-lot and odd-lot orders.
$5
indicated
minimum
proposed
Rates
above
and
a
apply
and
publicly
to
share
a
share would be charged.
The above non-member rates
offered
IO314
$90
uniform
the company, the bonds were
at
The
missions
of the selling price.
At
so-called
a
com¬
missions would be progressively
increased at the rate of y4 of
.
•
and such commis¬
sions would be unchanged in
stocks in other price groups.
$50 groups,
selling between 50c and
On stocks selling between
$10.
1%
on
main
.
Non-Member Rates—Stocks
1
:
Exchange
if approved, will go into ef¬
fair
are
-
had
which
the shelves,
on
the
all
concerned, in terms of ser¬
vices rendered to the public and
to
one
another. ' 'Mr. ^Schram's
of
loose-ends
away
.
President of the Ex¬
that the Governors
says
that
feel
'
opportunity
an
new
letter to the members, Emil
a
Stock
York
the membership for balloting
Constitution increasing commis¬
on stock transactions by slightly
commission rates will be voted upon by the
w
SchrUm,
change,
«And
with \ the
period of
lethargy in new issues quite :
evidently
having- provided
I dealers
this space
New
to
the next two weeks, and
March 16. ;
<♦>—
on
In
.
r
the
members in
pal] offerings available to inves¬
.
The
25%.
over
.
thoughts in the market.
For one thing, the tax consciousness of investors of all kinds
never has been at so high
a pitch.
.
.
The feeling is general
some
of
approved and submitted
amendments
to
the
Exchange's
sions which the public will pay
opportunities in the
Government market, despite the fact that the primary switching;
activities—from
taxables
to
tax-exempts
and back
again—are
j T)ie corporate securities market
diminishing in volume.
*
Before going into details,* though, that came to life this week, afterK a
second point—the falling off of activity in shifting from section to
period of hibernation which saw
section—deserves special mention, for it indicates the development little beyond a handful of munici¬
There
Governors
26
Feb.
Members
the
Member
in
New
York.
Boston
SUDAN
Chicago
Stock
A
Federal Deposit Insurance
Corporation
Exchanges
Wilkes-Barre
NATIONAL BANK
CarlM.Loeb,Rhoades&Co
of INDIA, LIMITED
Over-the-Counter
Bankers
to
Securities
Head
Government
the
and
Colony
Kenya
61 BROADWAY
Office:
..
v.
Kobbe, Gearhart & Co.
INCORPORATED
Members N. Y. Security Dealert Ats'n
45 Nassau Street
London
Buenos Aires
Tel Rector 2-3600
New York
Teletype ■. T. 1-976
in
India,
Colony
and
Subscribed
Capital.
Capital
Reserve
Fund
The
Bank
conducts
banking
and
Trusteeships
.rtTTTTT
..
underlying, inactive
railroad bonds.
Ceylon, Kenya
Inquiries
Zanzibar
.£4,000,000
£2,000,000
£2,200,000
every
exchange
and
equipped to liquidate
are
blocks of
C.
and
Paid-Up
also
u:. <
E.
Burma,
Aden
We
in
Uganda
Bishopsgate,
26,
London,
Branches
NEW YORK
To The Institutional Seller:
description
of
Members
New
53
Executorships
York
WILLIAM
business
undertaken
invited
HART SMITH & CO.
Bell
New
York
Security
Dealert
ST., N. Y.
Teletype
NY
Assn.
HAnover
GUARANTEED RAILROAD STOCKS-BONDS
2-09M
TTC
1-391
Montreal
Toronto
Telephone
I
BO.
Or.
9-6400
13 Broadway
Teletype
NEW. YORK
N.Y. 1-1991
!
930
THE COMMERCIAL & FINANCIAL. CHRONICLE
MARKETS FOR
SEC Starts Trek To
MORTGAGE
Actual
Philadelphia Today
CERTIFICATES
issued
BOND
&
HOME
by
GUAR.
INSURANCE
CO.
ANNOUNCING
Y.
TITLE
&
MORTGAGE
THE
FORMATION
TITLE & MORTGAGE CO.
TITLE GUARANTEE & TRUST CO.
"
other
local
Vewburger, Loeb & Co.
Members
40 Wall
Neio
York
Stock
St., N. Y.
Bell
i'.
NY
Atlantic
Lebanon
TO
\-v;'•
TELEPHONE FRANKLIN 8844
CONTINUE THE
FORMERLY
INVESTMENT
BUSINESS
CONDUCTED
be made
will
to
KATZ
of the work of
the Commission during the mov¬
ing period and to assure the ex¬
peditious handling of all official
business.
'As a guide for those
1-2033
City
effort
avoid interruption
231 SOUTH LA SALLE STREET, CHICAGO
Exchange
WHEEL
Common & V.T.C,
eighteen days,
Every
y.
WHitehall 4-6300
Teletype
Philadelphia
J,
.
& Co.
^
4
today
about
Kebbon, McCormick
companies
Exchange
Philadelphia be-<
to
>
and
Securities
and the Commission
expects to complete the move in
gins
OF
CO.
STATE
All
the
Commission
LAWYERS MORTGAGE CO.
LAWYERS TITLE & GUAR. CO.
N.
cf
;
CO.
Trading Markets in
DIFFERENTIAL
The removal of the main offices
MORTGAGE
TITLE
Thursday, March 5, 1942
BROS.
Established
Members
40
New York
1920
Security Dealers Ass'n
Exchange PI., N.Y.
HA 2-2772
<
BELL TELETYPE NY 1-423
having business before the Com¬
mission, the moving schedule of
BY
units
the various
is
follows:
as
~
Autocar
March
Corp.
STERN, WAMPLER
8c
CO.
INC.
Liberty Aircraft
L. RAYMOND BILLETT
y
UAMES
Spencer Steel
JOHN C. MARSHALL
.
R. CONNELL
RICHARD
i
D.
KEBBON
A.
6—Trading
and
Ex¬
change Division. *
March 6, 7, and 8—Public Util¬
DEAN
;
•
.
Division.
;
V
.
Steiner, Rouse & Co.
March 9—Commissioners.
J. F.Reilly&Co.
NEW
Members
New
York
Security
Bell
System
OFFICE:
YORK
Teletype,
N.
Y.
1942
'
■
Bankers
15-17,
West
N.Y.
Bell
BROADWAY
YONKERS.
2-7634
MArble
Teletype
NY
to
Hotel
sponsor
in
for
be
held
the
at
Chicago, April
bankers in the Midit is announced by
,
area,
Henry W. Koeneke, A. B. A. Pres¬
ident, who is President of the
Security
Bank of
Ponca
City,
INC.
REctor
clinic
Stevens
Mortgage
8.
Association will
credit
a
Corp. Common
20
Morgan Of Sperry Is
Ponca
N.Y.
1-8500
The
1-2361
V
City, Okla.
credit
for
program
clinic
sions of
the
Chicago
will
feature
three
the
(
basic
discus¬
fields
of
bank
Council
been
of
National
In Boston
Go,
Blyth & Co., Inc., announces
that Charles M. Abbe has become
elected
director
a
of
ton
office, 75 Federal St., where
be in charge of develop¬
ing their retail sales department
^throughout New England.
will
In
making this
Mr.
Abbe
connection,
a
general
new
retires
as
partner
of
Abbe &
Co., of which he
the
firm
of
of the founders in 1931.
ly
he
Newton,
was
one
Previous¬
had
been
many
years
with
& Co.
He is Chairman of the New
England
the
Educational
Investment
tion
of
associated
Harris,
for
Forbes
Group
Bankers
of
Associa¬
lending,
full
Mr.. Koeneke
said.
A
day will be devoted to each
Banks
to
conference
be
included
in
those in the States
are
Colorado,
Illinois,
Indiana,
Iowa, Kansas, Kentucky, Mich*
igan, Minnesota, Missouri, Ne¬
braska,
North
Dakota,
Ohio,
South
Dakota
Banks
in
and
these
Wisconsin.
States
will
soon
receive invitations to send repre¬
sentatives to the clinic.
Informality
the
the
object
will
program,
working
Mr.
being
characterize
Koeneke
to
have
conference
says,
real
a
which
will
treat credit problems under war¬
time conditions by the clinical
Ogden Si. Freeman To
Open Own Dealer Firm
G. C, Brownson Joins
(Special
Ogden H. Freeman has opened
Charles
to
LOS
formerly
was
thur B.
of
the
their
partner
a
Treman
&
Syndicate
New
past he
York
was
Mr. Freeman
Co.
in
Ar¬
in
charge
Department in
office.
In
the
partner in Plymp-
a
C.
filiated
The
Financial
Brownson
with
Fewel,
is
Davis, I. J. Harvey, Jr.,
continue
Herbert
South Spring
directors
as
bers
the
of
Exchange.
Los
in
in
addition
Brothers
Lehman
or
officers
Mr.
St.,
mem¬
Stock
Brownson
was
formerly Vice-President of Bing¬
ham-Walter
&
Co.
as
Washington
Philadelphia.
the
of
All
the
Corporation.
&
Co.
of
New
York.
with
and after
Siegel and Krumholz i
maintain
f'rm
Sidney
A.
A.
Siegel
Associated Gas & Electric
Krumholz have formed
System
&
Co.
way,
with
investment
firm
offices
at
New York City,
including
will
39
Broad¬
(Special
securities.
The
specialize in title
new
C.
com¬
firm
of
Cornwall
G. A. Saxton & Co., Inc.
70
FINE
ST.,
N.
Y.
Teletype NY
WHitehall 4-491#
1-609
to
The
Financial
Edward
D.
Jones
&
Co.,
men's Bank Building, members of
the
New
York, St. Louis, and
Chicago
Blood
Stock
was
Exchanges.
formerly
for
Mr.
many
at
Secretary of the Treasury Morgenthau announced on Mar. 2
that
the tenders for $150,000,000
thereabouts, of 91-day Treas¬
ury bills, to be dated Mar. 4 and
to
Judge Go.
mature
Chronicle)
has
become
opened
was
,
F.
Co., Inc. In the past
manager of the municipal
trading department for F. B. Eyre
& Co. and Van Alstyne, Noel &
Co. in New York City.
Henry D. Talbot will become a
in Byfield
&
Co., -31
Broadway, New York City, mem¬
of the New York
bers
It
change.
Talbot
is
act
floor
of
IX
Stock Ex¬
proposed
that Mr.
alternate
as
on
the
the
Exchange for Alan
H. Kempner under Section 15, Ar¬
of
a
the
Mr.
Exchange's
Talbot
issue
are
revealed:
approximately 0.233%.
Average Price—99.944. Equiv¬
alent rate approximately 0.222%.
(46% of the amount bid at
&
partner
were
Reserve
The following
applied for—.$510,228,000
Total accepted
150,477,000
Range for accepted bids:
High—99.962. Equivalent rate
approximately 0.150%. •
'
Low—99.941. Equivalent rate
asso¬
of
which
27,
Federal
2.
Mar.
1942,
Feb.
Total
Boston,
formerly
Vice-President
W. Home
he
was
the
at
on
3,
on
details of this
Street,
Mr. Cornwall
Executive
June
offered
Banks
CONN. —Samuel
Devonshire
68
Mass.
merly
the
low
There
issue
amount
price
was
a
of
of
was
accepted.)
maturity of
bills
simi¬
a
Mar.
on
4
in
$200,156,000.
Witter Admitting Foley
Bertrand J.
a
Foley will become
partner in Dean Witter & Co.,
members
of the New
Exchange,
and
ternate
the
York
will
floor
on
act
of
Stock
al¬
as
the
Ex¬
change for Harold W. Scott.
Mr.
Foley will make his headquarters
in the firm's New York
Wall
office, 14
Street.
con¬
for¬
was
partner in Bendix, Luit-
for many
We invite
years.
inquiries and furnish
Trading Markets in
;
Lawrence Portland Cement
Norman
Lewellyn Gels
Order Of Purple Heart
Ohio Match
'
Frederic H. Hatch & Co.
Incorporated
Security Dealers Association
Bell Teletype NY 1-897
Petroleum Conversion
Corp.
Virginia Iron Coal & Coke Co.
Oklahoma Interstate
Mining
Norman Lewellyn. formerly as¬
sociated
Co.
with
the
Bankers
Bond
of
Louisville, Ky., and now
serving as a major in the United
States
rated
St., New York, N. Y.
at
on
weiler & Co. and its predecessors
Plywood Preferred
Teletype NY 1-1102
Treasury
Offering
Bill
Bond, Judge & Co..
Inc., whose main office is located
Fitz*
Boat¬
Place, New York, N. Y.
Derails Of
Chronicle)
Central Paper Common
63 Wall
made
offices
Edward D. Jones & Go. Henry Talbot To Be
Partner In Byfiald
ST. LOUIS, MO.—Charles Sul¬
American Maize Products
York
5s
Stores Pfd.
WHitehall 4-8565
lar
Atlas
Members New
w. s.
Theatre
Harry Parker Co.
74 Trinity
with
ciated
certificates, Prudence Com¬
pany bonds, and all real estate is¬
sues.
Mr. Siegel was formerly a
partner in Stryker & Brown; Mr.
Krumholz was a partner in the
pany
Employees
Securities Co.
be
The Financial
to
HARTFORD,
:
Utilities
should
With Bond,
to deal in
Trading Markets in
Insurance Stocks
England
U. S.
were
Siegel
Inc.
Bank Stocks
New
or
Nathan
and
markets
in the securities of
Com.
&
5s
Pfd. & Com.
Industrial Real Est. Tr. 3s,
in
as
March 9.
stitution.
We
well
Form Own Dealer Firm Samuel Cornwall Now
head-: years President of Slayton & Co.,
quarters in Pasadena.
Fireproofing
Poa
-
Philadelphia
new
ticle
Gardiner
ton,
Camp Milk Pfd. & Com.
filings, customarily made at
Washington
offices of the
Commission
the
livan has become associated with
Angeles
Com.
w. s.
maintain offices
partners, in Leh¬
are
Charles S. Biood With
&
&
5s
Fulton Ir. Wks. 6s,
Commission's
the
Commission will
-
man
—
Marache
Co., 453
Van
Nat'l
,
af¬
now
moving
all hearings
scheduled to be held
.
(Special
CALIF.
above
Radiator
Monon Coal 5s,
-
Chronicle)
ANGELES,
should
Parties to
heretofore
in
individual
the
to
Mail ad¬
schedule.
an
Washington
Leo T.
offices will be notified sufficiently
Federal Deposit Insurance
Corpo-j in advance of any change in the
ration and of the Standard Gas
place of hearing.
and Electric Corporation, who
xe-j
A liaison office, which will be
signed from the Lehman Corpo-.
a
clearing house for work with
ration board when he also
became; other government departments,
Alien Property Custodian.
'
t
will be maintained in Washing¬
J.
Herbert
Case,
Dwight
Fj ton, DC. The Chairman of the
Fewel, Marache A Go.
offices at 20 Exchange
Place, New
York City, to engage in a
general
conform
Corporation, succeeding
Crowley, Chairman of the
recently dissolved
Levy & Co.
of that organization.
National
to
schedule.
the
of
Philadelphia, Penn¬
Philadelphia Dairy Com. & Pfd.
dressed
these phases of credit.
of
mail
18th and
—
above moving
Lehman
to those who
credit, including defense
official
9,
offices
new
Locust Street,
P. Howell and Wendell L. Willkie
America, and a member
Municipal Council method.
of the National
securities business.
York, N. Y.
sylvania—in accordance with the
the
credit, namely, agricultural
credit, consumer credit and com¬
associated with them in their Bos¬
he
mission's
Defense, has
mercial
Charles M. Abbe Joins
Birth &
BH 198
25 Broad St.
addressed to the Com¬
should be
Expanding further its series of
Thomas A. Morgan, President
banking
clinics
on
war-time of the Sperry Corporation and a
credit
problems,
the
American member of the New York State
Thompson Paper Conrni
BROADWAY
La. Birmingham, Ala.
Direct Wire
New
March
After
Mid-West Bankers Named Lehman Director
Schoonover, deWillers & Co.
NEW YORK,
New Orleans,
:
'
NY 1-1557
Certificates and Bank Stocks
120
Maritime Bldg. Brown-Marx Bldg.
Division.
Thompson Paper VM, 1958
Westchester County
^
Members New York Stock Exchange
Accountant's
March 13—Oil and Gas Unit.
2,
1-248#
Houston Oil Co. Preferred
All
13—Chief
Division.
.•March 14—Investment Company
Phila. & Read. C. & 1.6s 1949
Eastern
March
STREET
V
Phila. & Read. C. & 1.5sf 1973 €/Ds
Stevens &
WALL
12—Legal
Office.
MARCH
ABA Credit Clinic For
Stevens &
40
Dealers Assn.
St., New York, N. Y.
HAnover 2-4660
March
-•
Debardeiaben 4s, 1957
and;. 9—Registration
March8
■
Birmingham El. 7% Pfd.
Division.
ities
McCORMICK
HARRY N. PRITCHARD
PARTNERS
50 Broad
Alabama Mills
sion.
^ March.
Federal Machine & Welder
Wiclwire
5—Reorganization Divi¬
ple
Air
Force
has
been
deco¬
with the Order of the Pur¬
Heart
for
fighting in Java.
gallantry
in
the
S. Joseph Florentine
Established
11
BROADWAY,
1937
NEW YORK
Telephone WHitehall 4-0386
Volume 155
TS'HB COMMERCIAL & FINANCIAL CHRONICLE
Number 4052
.
COMMERCIAL and
FINANCIAL CHRONICLE
Reg.
U.
Patent
8.
Committees
Appointed
By Phila. Bond Club
Office
'
William'B. Dana Company
j
Publishers
"
(Connecticut
Light
2.20%
PHILADELPHIA,
PA. — The
25 Spruce Street, New York
Bond Club of Philadelphia
an¬
'. :
;
' BEekman 3-3341^ nounces the appointment of the
!
Herbert D. Seibert,
•
following committees for 1942: •
1 J v
Elective—John C. Bogan,
Editor and Publisher
Jr.,
1 Frederick W. Jones, Managing Editor
Sheridan, Bogan & Co., Chairman;
Richard E. Norton; C. Newbold
f
William Dana Seibert, President
William D. Riggs, Business Manager
Taylor; Bertram M. Wilde, and
George F. Taylor, Bankers Trust
]
- Thursday, March 5, 1942
.■
931
;
licHTtnsifin
-
Power Co.
AND COMPANY
Preferred Stock
-L-''1.': and
•
SHY?
.•
"'A-
Preferred Stock
2.40%
.
Published
twice
day (general
week
a
(every Thurs¬
advertising issue)
news and
)
with a statistical issue "oh Monday) y
!
Other
offices:
Chicago—In charge of
Gray, Western Representative,
Field Building (Telephone State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, E.C.
Fred
H.
■
Copyright
1942
William
by
B.
Dana
Company.
Reentered
as
second-class matter Feb¬
ruary 25,
1942, at the post office at
New. York, N. Y., under the Act of Mar.
3,
1879.
;
Subscriptions in United States and
Possessions $26.00 per year; in Dominion
of Canada, $27.50 per year; South and
Central
America,
Spain, Mexico and
Cuba, $29.50 per year; Great Britain,
Continental Europe (except Spain), Asia,
Australia and
Africa, $31.00 per year.
NOTE—On
account
in the rate of exchange,
foreign
fluctuations
of the
subscriptions
remittances for
and
advertise¬
ments must be made in New York funds.
DIRECT PRIVATE WIRE TO LOS ANGELES
TRADING
MARKETS
Arrangements—Henry D. Boenning, Boenning & Co., Chairman;
H. V. B. Gallager, Yarnall & Co.;
Edw. Boyd, Jr., Harriman Ripley
& Co.; Wallace M. McCurdy, Wel¬
lington Fund; Samuel K. Phillips,
Samuel K. Phillips & Co,; Spen¬
cer
D. Wright, Wright, Wood &
Co.; Alfred R. Hunter; Theo¬
dore
S.
Mead,
First
Boston
Corp.; Raymond L. Talcott, and
Leo D. Tyrrell, Biddle, Whelen
& Co.
x
Publicity—Clifford C. Collings,
C. C. Collings & Co., Chairman;
Howard E. Duryea, Starkweather'
& Co.; Eugene T. Arnold, Harri-'
man
Ripley & Co.; William H.
Hobson, Jr., Blair & Co., Inc.;
Alfred Rauch, Philadelphia
Na¬
tional Co.; Osborne R. Roberts,
Schmidt, Poole & Co.; Charles P.
Shaw; W. Albert Smith,'Jr.; Roy
Stewart, Brown Bros. Harriman
&
Co., and K. Victor1 Mosley,
&
Co.
•
Wyeth
40
Pittsburgh Bond Club
Hold Election
Inc.
officers and Board of Directors on!
WALL STREET
Thursday evening March 26, it is
announced
by
L. ' Wainwright
Telephone Whitehall 4-0650
New York
Voigt, Secretary of the club.
The
Aldrich & Personnel
roster
officers
for
during
presented by
the recently appointed Nominat¬
ing Committee are:
/ "
•
r
President
L.
Wainwright
Voigt, Hemphill, Noyes & Co.
Vice-President, Charles A. Pain¬
ter, Jr., Kay Richards & Co.
Secretary, Alan G. Clifford, J. M.
Scott & Co.
Treasurer, S. Lee
Bear, S. Lee Bear & Co.
Board of Governors, one year
term
Francis
J.
McGuinness,
Chaplin & Co.; two year term,
Stephen W. Steinecke, S. K. Cun¬
ningham & Co., and PauU Tunnell, H. M. Byllesby & Co.
Nominating Committee — Nor¬
man C. Ray,
Kay, Richards & Co.,'
Chairman; John E. Friday, Harri-!
man Ripley & Co.; Harry F. Car-son, S. K. Cunningham & Co.,'
Inc.; Francis J. McGuinness, re¬
tiring President, and S. Davidson
Herron, Mellon Securities Corp. Jj
the
;
.
(Special to The Financial Chronicle)
CONN. — Subse¬
liquidation
of
Aldrich & Company, C. Morgan
Aldrich and Warren S. Whitney,
HARTFORD,
quent
the
to
dissolved
the
in
partners
associated
have a become
*
firm,
with
Goodbody & Co., 75 Pearl Street.
will be manager of
the Hartford office of Goodbody
& Co. Edward L. Bartlett III, for-
.Mr.. Aldrich
.merly in charge of the trading de¬
L.
Roland
Co.,
Aldrich&
of
partment
Alfred
Burnett,
H.
Bowman, and Ellsworth D. Wood
are also joining Goodbody & Co.
Charles Klein Is Now
—
—
-i
iWMBIII
With
Holsapple & Co.
Holsapple & Co., 30 Pine Street,
City, members of the
New York Stock Exchange, an¬
New York
nounce that Charles E. Klein has
become associated with the firm.
•Mr. Klein
was
with Co wen & Co.
for 20 years, at one
ner.
He
will
be
time
as a
the
in
part¬
trading
Interested In
,
•
•'
•
\
^Quoted
and
•
the undersigned
25 Broad
Trask & Co.
We
kind
Equalization !
99
f
WALL
shie
away
of junk!
STREET, NEW YORK
Telephone:
WHitehall
4-6551
■
fartisiJudge Jr. Mow
'
*
Horublcwer-Weeks and
With Hill Richards Go. G. M.-P.
(Special to The Financial
SAN
Martin
FRANCISCO,
CALIF.—;
Judge, Jr. has become as¬
sociated with Hill Richards & Co.,
79
Post
Street, where he will
continue to specialize in unlisted
and inactive securities. Mr. Judge
Mnrphy Merge
Consolidation
Chronicle)
of
the
activities
,
_
.
Investment
Trust
4»/2s, 1967
.
.
Pennsylvania Wtr. & Pr.
'
Common
of the firms of G. M;-P.
Murpliy
& Co., and Hornblower & Weeks,
to become effective March 16, is
being announced today in a joint
statement by the two firms. Otis
A. Glazebrook, Jr., and Charles S.
Sargent, general partners of "G.
M.-P. Murphy & Co., will be gen¬
eral
partners, while Walter R.
formerly • manager >■ of the
trading
department
for
Shaw,
Hooker & Co. and prior thereto
Herrick and Edward O. McDon¬
was
in. business under his own
nell will be limited partners in
name for. 18 years.
the
enlarged, firm, which, will
was
Aldred
Reynolds Realization
5s, 1946
Co.'
Joseph McManus &
Members
New
York Curb Exchange
Chicago Stock Exchange
c
.
39
Broadway, New York
Dlgby 4-2290
Tele. NY 1-1610-11
continue under the Hornblower - &
J. G. La Puma With
The
Financial Chronicle)
Weeks
Trowbridge Calla¬
name.
We
way and Willard S. Simpkins will
.be associated with the firm and
will
the
make
New
their
Y6rk
REAL
headquarters at
office.
Alfonso
ANGELES, CALIF.—Jo¬ Villa, a general partner of G. M.seph G. La Puma, formerly assist¬ P. Murphy & Co., will retire and
ant manager of the trading de¬ Robert
Grant, 3rd, is now on ac¬
partment of the local office of tive duty in the United States
Mitchum, Tully & Co., has become Navy. P. Erskine Wood and Gray¬
associated with Barbour, Smith & son M.-P.
Murphy, Jr., limited
Company,; 210
West
Seventh partners, will withdraw. Messrs.
Street, members of the Los An¬ Wood and Villa will make their
geles Stock Exchange.
headquarters at Hornblower &
and
hitler, Kenower Co.
I DETROIT,
MICH.— Jones B.
Shannon has become : associated
with
In
Co.
Ctfs.
Title
all
Co.
Ctfs.
Mtge.
&
Bank
Invited
Mtge.
Lawyers
Bond
Co;
Ctfs.
Title
Co.'s
other
Trust
Participations
Complete Statistical Information
,
J. GOLDWATER & CO.
INC.
Members New York Security Dealers Assn.
39
.Ralph Hornblower, senior part¬
and the other present part¬
Broadway, New York, N. Y.
HAnover
2-8970
ner,
ners
In
ESTATE_SECURITIES
Lawyers
Weeks.
Jones Shannon With
Are Specialists
Inquiries
P.
Teletype NY
1-mS
of Hornblower & Weeks will
continue
as
such. The New York
office personnel of G. M.-P. Mur¬
phy & Co. will be moved to the
Hornblower
&
Weeks
offices
James River Bridge 2-6s, 1967
':,'r
at
Miller, Kenower & Co;, Inc.,
40
Wall
Street
and
similar
Building, • as
VicePresident. Mr. Shannon was for¬ changes will be made in Boston
and Philadelphia. Hornblower &
merly manager of the municipal
Weeks also have fully, equipped
department
of
Campbell,
Mcoffices
in
Chicago,
Cleveland,
Carty
&. Co.,
Inc., • and prior
Providence, R. t, and
thereto was an officer of Shan¬ Detroit,
Portland and Bangor, Maine, with
non, Kenower & Co.
.; ;
resident partners in all except
Providence and Bangor..
Hyman Co. Reorganized •„ The enlarged firm will continue
the business, in which both firms
Coincident with the dissolution
have been engaged, of underwrit¬
of the present partnership of Hy¬
man
& Co. as of today, a new ing security issues and rendering
investment
and
brokerage ser¬
partnership will be formed, to
vices.
It will hold memberships
conduct business under the same
"on the New York, Boston, Chi¬
name from 40 Wall St., New York
cago, Cleveland, Philadelphia and
City.
Partners of the new or¬
Detroit Stock Exchanges and on
ganization are William deYoung
the New York Curb Exchange. Kay, member, of the New Y<prk
5 to c k
Exchange, f Edward . L,
Aaron, and Jack B. Byck'.
Mr.
100 Dividend-Payers
Kay was previously an individual
R. H. Johnson & Co., 64 Wall
floor broker in New York, and
prior thereto was a partner in Street, New York City, has pre¬
Penobscot
•'
•
3
Lincoln Fire
Van
Camp Milk Com. & Pfd.
Steiner, Rouse & Co.
Members New York Stock Exchange
Maritime Bldg. Brown-Marx Bldg.
New Orleans, La. Birmingham, Ala.
Direct
Wire
BH 198
25 Broad St. New York, N. Y.
NY 1-804
WHitehall 4-6830
SECURITY SALESMEN
.
Paul Dysart & Associates, Ken¬
tucky Home Life Building, Louis-*
ville, Ky., have prepared a de¬
Mr. Byck pared a list of 100 common
scriptive booklet on "equaliza¬ Kay, Byfield & ;Co.
tion," an improved theory of mar¬ was office manager of Hyman stocks which have paid dividends
ket trends, spotting basic
trends,; 6 Co.
in each year from 1929 to 1941,
Bernard E. Hyman, it is under¬
secondary trends and distribution,
copies of which may be had from stood, will do business as an in¬ inclusive, copies of which may be
had upon request.
them upon request.
>/
•
; dividual floor broker.
I
c. 11 •.'
'■ '
••
: '
Nat. Fire Proofing Co. Ss, 1952
Saltex Looms Co. 6s, 1954
We have
in
men
openings for security sales¬
adjacent to many of our
or
offices.
We
concentrate
on
retail
sales,
as our experience shows this
brings best results for our salesmen,
some
of
whose, earnings run into
five figures. Leads, daily sales letters
and other help furnished.
Earnings
base is 50% of gross profits with no
deductions for trading or other .ex¬
penses.
We
would
also) consider
opening further branch offices. Write,
phone or «ee Mr. Pett, New York
.
office..
'
..
,
..
,
R. H. Johnson & Co.
.and
Established 1927
64 Wall St.
securities.
New York
Telephone: HAnover 2-0800
Boston
Albany
Public
Ralph Clark Co. Opens
Direct Phone lo N. Y.
BOSTON,
MASS. — Ralph F.
Carr & Company, 10 Post Office
•Square, which heretofore has had
•a direct private telephone to the
T,
1
don't
us
Obsolete Securities Dept.
Street, New York
Teletype NY l-5
bids.,
•
If
shy ahont asking
from Ar.y
,
department of Holsapple & Co.
will specialize in railroad
bonds and railroad reorganization
dog's in your strongbox?
so, don't he
for
If Spencer
coming "year
-
Joining Goodbody Go.
Are you shy money on the cats
LOS
PITTSBURGH, PA.—The Bond
Club of Pittsburgh will hold its
annual meeting and election of
Member Los Angeles Stock Exchange
♦.
Prospectus obtainable from
(Special to
Co.
&
•
Barbour, Smith & Go.
■
PACIFIC COAST
§
■*•***■Sold
*
Co.
Stroud
SECURITIES
Bought
BONDS
Philadelphia
Williamsport
Watertown
Utility
Troy
Pittsburgh
Wilkes-Barre
.
Industrial
Railroad
•
Municipal
New York office of Williams and
Eastern
Corporation
Bonds, Preferred
Common &
Warrants
'
Southgate, has now a direct tele¬
phone connection to Smith, Barj ,ney & Company, New York City,
Bought—Sold—Q uoted
Complete statiscal report
sent
'
REctor 2-1288.
on
All subscribers to
request
^'Security Dealers of North Amer¬
ica"
should
add
this new
phone number to
tele¬
.♦Wf
,
\
R.E.Swart & Co.
K. '
Incorporated
the listing of
incorporated
*
Ralph
,
F.
Carr
&
Company
in
'Boston so that they will have the
latest' information.*"
CHICAGO
NEW YORK
40 EXCHANGE PLACE,
Tel.: HAnover 2-0510
NEW TOHK
Tele.: NY 1-1073
'HE COMMERCIAL & FINANCIAL CHRONICLE
932
V
Thursday} March 5, 1942
DIVIDEND NOTICES
DETROIT
American
Canadian
Bank Note
Securities
LISTED AND UNLISTED
UTILITY PREFERREDS
Company
Traded
;}
F.W.Macdonald&Co.
y-A quarterly dividend., off54 fer sHctfa |
(lV2%) on the Preferred Stock for the '
"it; quarter ending March 31, 1942, and a V:.
v'r
..
^
Members
\dividend of 10 $ -per share on the Common
Stock
have
Doth
declared.
been
>dends*are
divi-
stock
Stock
Charles A. Parcells Cr Co.
Exchango
St., New York, N. Y.
2-7673
Tele; NY/l-1619
HAnover
April 1,: 1942,pto
payable
Toronto
41 Broad
Jackson
Members
Curtis
.&
Toronto
7
New
.
of
Detroit
Stock
Exchange
'
PENOBSCOT
.
holders of record March 11, 1942. The
£
0 SECURITIES
,
''
'
UK S. Funds
Pre]erred Dividend No. 144
'P-'Xommon- Dividend No. 128
''
,
i
in
BUILDING
-
U;
York*
DETROIT, MICH.' '
transfer books will remain open.
-
■
J. P. Treadwell, Jr.
February 18, 1942
i-.
.^Secretary
-
American Locomotive
•
Company
Church Street
30
.;
The.
Tfordett
;, ,:
ST. LOUIS
PERSONNEL ITEMS
rAnnual Meeting
annual meeting of
The
'
new york,
a
.
n. y.
.1
stockholders will be held
-
<»
dividend
Stock
of
share
on
this
Capital
Preferred
the
on
Company of $1.75
dends has been declared
stock at
said
payable March
of business
close
the
Only stockholders of record at the
of business on Wednesday,
March
.
ing
Checks will be mailed by the Bankers
..
Trust
i
Company
February 26, 1942
Secretary
;
Borden Company
has
Jackman
25
.
26,
February
DIVIDEND
;
DIVIDEND
Broadway, New York, N. Y.
V
■
NO.
with Chace,
The Board
of
Directors
of
the
Anaconda
Copper Mining Company has declared a divi¬
dend of Fifty Cents
(50c.) per share upon its
j Capital
Stock
payable
share,
shares
■such
par value of
$50 per
23, 1942, to holders of
March
of
record
the
at
of
close
business
o'clock
3
at
the
of
J AS.
CENTRAL
JERSEY
NOTICES
and
P.
M., on March 10, 1942.
DICKSON, Secretary & Treasurer
PREFERRED
The
Board
STOCK
Directors
of
&
LIGHT
connected
Whiteside & Co., Inc.,
Mr. Jackman
declared
the
at
of
close
R.
R.
business
March
(Special
the
to
:Vi;
24
cent
has
Richardson
rest
K.
At
(Special
&
held
dollar
one
($11
per
share
was
declared
; on the Cumulative Preferred Stock
Convertible 4% Series A, of the Com¬
payable May 1, 1942,
pany,
stockholders of record
business
April 6,
be mailed.
to
the close of
at
1942.
Checks
will
$4- 25 Series of 1935,
>
Secretary
Beneficial
v
Board
of
Dividend
quarterly dividend of $ 1-.0614 on the Con¬
$4.25 Series of 1935,
of COMMERCIAL INVESTMENT TRUST
CORPORATION has been declared payable
1942.
March 4,
declared
has
a
April 1, 1942, to stockholders of record at the
10, 1942. The transfer
books will not close. Checks will be mailed.
close of business March
to The
'•
.1.
dividend
A
outstanding
has
been
holders
March
Stock, Dividend
E.
Co.,
&
of
$1.75
Preferred
of
12,
share
per
Stock
3,
upon
of
this
payable
April
close
of
the
1942.
the
Company
1,
at
record
V *
March
Wis.,
1942, to
business
Carew
E.
and
OIL
Board
of
Directors
CORPORATION
dividend
•
to
!
1
has
the MARGAY
this
day
declared
of
of
certificate
of
incorporation
of
payable April 10, 1942, to stock¬
the
1926,
of
25,
Tulsa,
record
at
the
of
close
I.
Oklahoma,
Treasurer.
TAYLOR,
March
1942.
2,
E. I. du Pont de Nemours
follows:
THE ELECTRIC STORAGE BATTERY CO.
The Directors have declared
from the Accumulated Suv-
plus of the Company a dividend of Fifty Cents
($.50)
share on the Common
Stock, payable March 31, 1942, to stockhold¬
per
(for quarterly period ending March 31,1942)
of
ers
COMMON STOCK
,
40c per
Both dividends
share
the
at
March 10, 1942.
close of
business
on
Checks will be mailed.
H. C. Allan,
V
Secretaiij and Treasurer.
L.
E.A.Bailey/
TOBACCO
Treasurer
meeting of Directors
a
February
24,
decided
Was
Interim
each
for
pay on
One
of
Pound
Stock free of tax.
be
must
All
;
at
used
will
be
on
in
dividend
to
March 31st
Five
of
time
Ordinary
Dividend.
received
or
Pence
Coupon No. 189
for
transfers
London
held
in London it
1942
to
Dividend
in
order
before March 2nd
for
payment
of
transferees.
BRITISH-AMERICAN
February 24,
COMPANY, LIMITED
TO
NOTICE
that
after
payable
STOCKHOLDERS.
IS
HEREBY
GIVEN
the
on
interim
31st
i
A
one
AND
OHIO
RY.
for the first quarter of
1942 of
per
share
on
Preference
Stock,
and of seventy-five cents per share
dollar
A,
$25 par common stock will be paid April 1,
1942,
to
stockholders
of
record
at
close
of
March 6, 1942.
Transfer booVs will not close.
on
business
'
H.
F.
Zimmer
Walker
dividend
LOHMEYER,
Secretary.
Established
have
160 S. Main St.
and
Bell
joined
to The
Financial
Worthington
b.
j.
"J
■
.
Teletype SU 464
Investment
In'Utah
House
'
;
Van Ingen
has
Co., Inc., Al¬
&
du Pont Building.
become
as¬
(Special
7
to The Financial
Chronicle)
MIDDLETOWN, OHIO—Walter
has
j.
ingtori-was. formerly with Otis &
Tobitt
Co, for
of the bond department of L. D.
Roberts & Co., New York City.
number of years.
a
(Special
to The
Financial
with
&
become
Greene
American
&
Bank
in
the
First
Brock,
Building.
past
was
Mr.
manager
Chronicle)
DETROIT, MICH.—Clarence S.
Dorst,
formerly
with- Wright,
Co., is
Tobitt
associated
with
Merrill
Lynch,
Pierce, Fenner & Beane, 216 Su¬
perior Avenue,' N. E. Mr. Worth-
now
Co.
and Goodbody &
affiliated with Keane
Co., Penobscot Building.
(Special
to The
Financial
Chronicle)
*
PASADENA, CALIF.—Bruce T.
Work has become connected with
Lester
&
Co.,
Mr. Work
St.
234 East
was
Colorado
formerly local
manager
for
Merrill
Lynch,
Chronicle) "
Pierce, Fenner & Beane, and prior
CALIF. — Ar¬ thereto for the Morrison Bond Co.
chie F. Patterson, previously with
Crowell, Weedon & Co. and Bar¬
(Special to The Financial Chronicle)
/
bour, Smith & Co., has joined the
PROVIDENCE, R. I.—Lewis D.
staff of Bayly Brothers, 132 Pine
(Special
to The
LONG
Avenue.
(Special
Financial
.
BEACH,
■■■:
.
to The
Financial
Tyler has been added to the staff
Preston
uel
Franklin
b.
Chronicle)
ANGELES,
Frank
Seventh
St.
is
now
&
He
CALIF.
with
Sam¬
ST.
formerly
The
Financial
Daniel Pomeroy
Howard
Chronicle)
MIAMI, FLA.—D. Kirk Gunby
with
connected
come
to
Torrey,
became
connected
with
FLA.
—
has be¬
Cohu
Walgreen Building.
&
Ed¬
Cummings also joined
ward
Earl
their
recently
Chronicle)
Financial
PETERSBURG,
to
(Special
to The
(Special
Co., 215 West
was
Paine, Webber & Co., 15 West¬
minster St.
—
with G. Brashears & Co.
RUTHERFORD
Treasurer
1899
Salt Lake City, Utah
Chronicle)
OHIO—Edward
sociated
1942.
February 26, 1942
System
Oldest
fred I.
March, 1942, the
staff recently.
Board will discontinue the
practice
of
declaring quarterly interim divi¬
on
the Ordinary stock of
The intention is
company.
declare
interim
yearly, payable
and
30th
dividends
on
to
and
Nelmes Personnel Service
half-
the 31st March
September,
to
pay
dividend which may have been de¬
clared in respect of the
BY
ORDER
Rusham
Egham,
March
OF
THE
House,
Whitehall Lane,
1942.
MO.—Charles
Brenton is now with
laus & Co.,
for
Chronicle)
Financial
LOUIS,
E.
Stifel, Nico-
way.
discrimihating clients
carefully-selected, outstanding office per¬
sonnel, both men and women, in the ^pmmercial, professional, and advertising fields.
(Special
SAN
Inc., 314 North Broad¬
to The
Financial
efficient
unusually
qualified
personnel to
supply experienced and
investment bankers and brokers.
to
17 John
St., New.York
Tel. COrtlandt 7-7455
Chronicle)
ANTONIO, TEX.—Marvin
A. Thomasma is
are
OPPENHEIM, Secretary.
Surrey, England.
2,
BOARD.
ST.
offer their facilities to
We
D. M.
to The
(Special
dends
the
CO.
dividend
Series
;
;
stock
GEORGE H.
L.
preceding
1942
CHESAPEAKE
& COMPANY
Chronicle)
of
PRODUCTS
request
on
EDWARD L. BURTON
OHIO—William
Jackson & Curtis.
Secretary
A dividend of 20^ per share on the Common
has been declared, payable April 1, 1942,
holders of record March 7,
Financial
>
•
CORPORATION
year.
THE
>
DAIRY
NATIONAL
with the first interim dividend
pay¬
able on the 31st March any final
; TOBACCO COMPANY, Limited
*
February 24, 1942.
The
Building.
All .' were
formerly with the local office of
LOS
BRITISH-AMERICAN
NOTICE
At
on
FINANCIAL NOTICE
31, 1942 to stockholders of record
close of business March 16,1942.
March 2, 1942
April 10, 1942; also $1.25 a share, as the first
"interim" dividend for 1942, on the outstand¬
ing Common Stock, payable March 14, 1942,
to stockholders of record at the close of business
W. F. RASKOB,
at
,/■
y2 a share on the outstanding
Preferred Stock, payable April 25, 1942, to stock¬
holders of record at the close of business on
dividend of $1.12
Philadelphia, February 20,1042.
payable March
are
record
Wilmington, Delaware : February 16, 1942
this day a
The Board of Directors has declared
SUGAR
Commerce
&
& Company
;
share
per
McDonald-Coolidge
Frank
Martin
62'/2c
Analysis
Cul¬
Mr.
the staff of P. E. Kline, Inc., Union
business
1942.
by
STOCK
Tower.
CLEVELAND,
twenty-five cents a share on
the
outstanding stock of the corporation
of
the issue of 160,000 shares provided by amend¬
a
to
Baker,
(Special
,
SUGAR
AMALGAMATED
previously with Hill
was
(Special
L.
DIVIDEND NO.-.47^w
.
The
April 27,
NOTICE
PREFERENCE
UTAH-IDAHO
Benja¬
become
with Nelson, Browning
CLEVELAND,
THEO." JOHNSON,, Secretary.
J.
PRIOR
—
has
Co.
':v
1942.
MARGAY OIL CORPORATION
ment
February 26, 1942.
$2.50 Dividend Series of 1938
Chronicle)
OHIO
Culbertson
Co.
&
"
N'
,
declared
.
quarterly dividend of 75 cents per share in cash
has been declared on the Common Stock of
COMMERCIAL
INVESTMENT
TRUST
CORPORATION, payable April 1, 1942, to
stockholders of record at the close of business
March 10, 1942. The transfer books will not
close. Checks will be mailed.
Incorporated V V
Racine,
;
March
Dividends have been declared
Financial
CINCINNATI,
A
Corporation
the Board of Directors, as
SALT LAKE CITY
Victor
Co., 135 South La Salle St.
Russell
T
Exchange
Stock
with Dempsey-Det-
quar¬
J. I.'Case Company
holders
DIVIDEND
York,
Directors
Louis
Chronicle)
.
JOHN 1. SNYDER, Treasurer.
Industrial Loan
New
The
St.
Specializing in
&
GUARANTY TRUST COMPANY OF NEW YORK
A
Common
Financial
ILL.—Sven
now
connected
vertible Preference Stock,
W. M. O'CONNOR
March 2,1942
Members
& Co.,
.
min
dividend
of
Three
Per - Cent.
on
the
terly
Capital Stock of this Company for the quarter
ending March
31,
1942, payable on April
1,
1942, to stockholders of record March 11. 1942.
MATTHEW T. MURRAY, JR., Secretary.
Preference Stock,
Convertible
Tha
to
(Special
to the staff of Lee Higginson Cor¬
poration, 50 Federal St.
DIVIDEND NOTICES
meeting of the Board of Directors
March 2, 1942, a dividend of
a
Chronicle)
CONN. —Vin¬
has joined the
Garland
-
CHICAGO,
added
been
BOLLINGER, Treasurer.
CORPOR/OION
509 OUVE ST.
..
Inc., 137 John St.
mer
-10.
(OMMERCIAL |WESIMENrpJSr
,
,
BOSTON, MASS.—Charles For¬
CO.
number
DIVIDEND
F.
St.
was
Financial Chronicle)
The
Financial
staff of Gaynor, Clemence
bertson
PREFERRED
to The
Platin is
DIVIDENDS
has
SAINT LOUIS
with
affiliated
now
Co.
7
MASS.—Thomas
is
BRIDGEPORT,
CO.
following
regular
quarterly
dividends:
the
68th
qtly. div. of $1.75 on the 1% Preferred
Stock;
the
59th
qtly.
div. of
$1.50
on
the
6% Preferred Stock; and the 43rd qtly. div.
of
$1,371,2
on
the
5V2 %
Preferred
Stock.
Payable
on
April 1,
1942 to stockholders of
record
THE ATLANTIC REFINING
POWER
Chronicle)
Financial
v^;V.
Chronicle)
become
The
-BOSTON,
Hurley
with Baldwin & Co.
the Sears Corporation.
>
1942
135
to
Trust Funds, Inc., 89 Broad
previously
CO.
MINING
COPPER
-
Financial
24 Federal St.
ANACONDA
!■' :>•/
i:
Sti%
.
(Special
(Special
to The
(Special
WALTER H. REBMAN. Secrejary ;
—
them.
sociated with
BOSTON, MASS.—P. Raymond
be closed.
John D. Finn
', '
N.: Y.—Gamwell
Co., 40 Wall St., announce that
The stock transfer books will not
March 23, 1942.
on
any
YORK,;
Herbert D. Smith has become as¬
said meeting, notwithstand'
subsequent transfers of stock.
closed.
be
not
&
-
18, 1942, will be entitled to
at
vote
will
books
NEW
close
oa
March 10, J942.
Transfer
■
.
tered
Jersey City, N. J.
1942, to the holders of record of
24,
If you contemplate making additions to your personnel, please
send in particulars to the Editor of the Financial Chronicle for pub¬
lication in this column.
ov •,
*
*; "
'' V — >
o
1942, at ten o'clock a.m.
(Eastern War Time) at our regis'
office, 15 Exchange Place,
per
accumulated divi¬
of
account
Wednesday, April 1?,
on
Preferred Dividend No. 135
;
A
Company,
now
Frost
with Russ &
National
Bank
Building. Mr. Thomasma was pre¬
viously with Mclntyre-McRoberts
&
Co.,
with
Inc.,
-
Newman
and
prior
& Co.
-
thereto
...,.
taK. |<W*
Volume 155
Number 4052
SJ.1
r-
w* wwtrm.-*i via>fr<^aia«aaiL.
..«•«.,«•
•
THE COMMERCIAL & FINANCIAL CHRONICLE
933
Guaranteed
Tomorrow's Markets
Chicago, North Western Railway Company
Railroad
Stocks
Walter Whyte
^
3oscpb Walkers Sons
MmWn \ra Ytrk Sink
—
J
NEW YORK
tics.
Stops
stocks
ysis
WALTER
all
well
REORGANIZATION
Teletype—NY 1-310
52
and,
good
and
Columbia
Baking Company.
which states that 1941
earnings of the company are 23%
higher
than
in * 1940
despite
heavier taxes, discusses capitali¬
zation and compares income fig¬
ures for 1941, 1940 and 1939, gives
dividend
figures
and
a
brief
to
_
discussion, anal¬
forecast.
But
are
so
the
many
statement
other
imponderables to con¬
today that to ignore
them would be stupid.
financial
of
condition.
The
company,
it is stated,
is
prominent in the southern terri¬
sider
tory and offers particular advan¬
tages
a smaller baking com¬
enjoying close control of
production and costs and goodwill
built up i by knowledge of local
as
pany
and
foremost
is
WILLIAM
SECURITIES
the
The
Interstate
Commerce
take
now
im-.
an
upon request
and
its
success.
send
in
market.
Yet
stock market
no
along without some en¬
couragement from the events
that today control it. I am not
thinking of the SEC. For even
if
S E C ' regulations were
changed, the market would
,
go
,'Stillyreflectw(or
U.
other
and
treatment for agricultural interests, and iron
element
in
the
defense
effort
that
this commodity.
Briefly,
to
be
flat
a
little
<S>
commodities
most
raised
Wall
There
is
rates
to
be
iron
on
estimated
increase
been
to
I
have had it drummed into my
■v.*'.
■:.? :\V.
head,
that
matter
no
happens in
what
U.
S.
tion,
It
elaborated
Smith
true when
Peter
J.
gotten days did change, the
(Continued,
same.
Page 940)
on
Reorganization
we
know,
no
;
make
Companies.
An
attractive
booklet
entitled
on ....Parade" — The
Civilization" has been
of
compiled by Tellier & Company,
42
Broadway, New York City,
members,
that
THE THEORY OF
scribes
EQUALIZATION
improved theory of Stock Mar¬
Spots turning points
ofB the
Eastern
Oil
what oil
Copies
Tellier &
may
royalties are. B
obtained 'from
be
Company
on
request.
they
Write
occur.
.
paul
dysart
& associates
Ky. Home Life Bldg.
-
Defaulted RR Bond Index
'
for descriptive booklet
Louisville, Ky.
-
The defaulted railroad bond in¬
dex
of Pflugfelder, Bampton &
Rust, 61 Broadway, New York
City, shows the following range
for Jam; 1, 1939, to date: 'High—
36%, low—14%, last—36%,,..B
i'i
.L
r.Stf
to
this
one
be
uncertainty
,
greater weight
the
may be given
less; neubulous factors of
traffic
actual
Nets
York
Stock
volume
and
dem¬
onstrated
conditions
Spruce St., New York.
wide
dealer
to
ac¬
make
Exchange
York
Chicago
change.
ail
Active in past in
classes
of
securities
particularly railroad bonds.
Very
markets
in
all
issues
successful
with
We maintain net trading
of
working
salesmen.
Financial
Box
S
Chronicle,
5,
25
Spruce Street, New York
Chicago, Rock Island
three
times
high
as
as
a
& Pacific R. R. Co.
The western group
months
to
portant
LEROY A. STRASBURGER & CO
V
1
n
WALL
WHltehall
ST.,
3-3450
NEW
YORK
Teletype:
NY
will almost
certainly continue in the
some
1-2050
factor
greater
balance
from
been
of traffic
and
14.2%
in
the
week), and the poorer-than-
trend
is
considered
There have
important dislocations aris¬
ing from the cessation of civilian
manufactures in many lines, and
conversion of these plants to war
purposes has not been completed.
a
temporary factor.
been
In
a
that
few
.the
months
it
is
automobile
indicated
Whereas
is
normally
movement
predominantly eastward there has
been
a
sharp
expansion
in
westbound
freight,
particularly
marked since the outbreak of the
traffic
Pacific
picture
couraging.
is
distinctly
en¬
This
war.
improved bal?
works towards greater
oper¬
ance
In
of the western
all
which
will
be called
on
deficits
months
of
the
was
more
roads,
a group
normally operates at sub¬
stantial
the
leader
than
increase
50%
in
in
the
Atchison
year.
with
in
early
rise
gross
of
and
a
an
net
operating income
from
$1,814,350
to
$4,262,226.
Northern Pacific operated profit¬
ably in January for virtually, if
not actually, the first time in its
history, Great Northern did al¬
most
well and Southern Pacific
as
reached
and
new
net
for
highs for both gross
any
opening month.
Southern Pacific's net
almost
was
industries
SEABOARD & FLORIDA
A's
to
1st
handle
increasing volume of petrole¬
um v products
because
of
sub¬
marine sinkings, and shortage of
oil is expected' to stimulate coal
loadings; -" With all of these con¬
siderations, .1 the - seasonal
trend
should- be sharply reversed over
the intermediate future, with the
i possibility that last year's peak.1
&
B's.
Bds..
CtfS.
GEORGIA & ALABAMA
possible to . move the anticipated
record- tonnage of iron ore, the
rails
the
arising
ating efficiency and accounts for
the relatively large
proportion of
increased
revenues
?
these
roads
>
21
im¬
conditions.
war
freight
has
for
van
An
come.
traffic may be topped midway in
the second quarter.
Thus, the
:
Feb.
year
earlier.
5S/45.
Bds.,
Ctfs.
have
been
able
■,
■
In
Great
Lakes
consistent in
earnings
the
to
translate into
V, v.;--';.
;,L,
contrast, the eastern and
net..
carriers were fairly
reporting declines in
for
the
first
month
of
They have not the
favorable operating factors which
year.
have allowed the western carriers
to
offset
they
increases,
and
adversely
wage
have
been
more
affected by the industrial disloca¬
tions.
The operating factors will
in all likelihood continue to make
for
relatively less favorable net
results, but the traffic considera¬
tions
are
within
the
a
expected to be reversed
few months.
eastern
Moreover,
will
group
greater
beneficiaries
rate increases.
of
be
the
freight
We specialize in
\
Wholesaling to Dealers
Oil Royalties
Send for
Bought—Sold—Quoted
our new
booklet
"PETROLEUM ON PARADE"
an
ket Trends.
when
Members
New
been
Royalty Dealers Association. The will be operating at a higher rate
booklet,- attractively
illustrated, on war; "materials than ever in
discusses the place of oil in the their
history on civilian products,
world of today, shows interesting and this will have an
important
diagrams of oil wells, gives tables influence on traffic. ; The Great
of crude oil production and de¬ Lakes will "be
opened as soon as
statement.
An
pre¬
Now
■
latest
•
other Stock
can
throughout the
or
handed down the market will
from
and
cotton
quaintance desires
point of earnings, the open¬
earning power under
ing month of the year witnessed
as they exist today.
a
wide
divergence which may
On
the
whole, traffic trends
well be carried through at least
have not been too encouraging.
the next few months.
The most
consistently
Hospital Volume t has, been
striking feature was the excellent
downward since the year's high
reports coming from practically
was established in the week ended
"Petroleum On Parade"
OWN ADVICE"
Service
that
or
Depart¬
very
With
Bear, Stearns & Co.
the
decision
four weeks.
the ^decision
has
seasonal
"WE TAKE OUR
as
ceding- three
particular
Is
icle, 25
news.
imminent
an
with
manage
Commercial & Financial Chron¬
apparently be¬
by- the
recurring
almost daily
and
'/Petroleum
Market
of
to
Security Trader
proposals, and
Finally,
war
tired;
v
rumors
with
on
Taylor Foster is well known
March
So far
come
connection
optimistic con¬
cerning the future.
Box L 449,
had
market
ended
?
;;
the
Fleet of Insurance
c o n c e p ts
on
stock market was
based remained the
tax
new
with adverse
try and is President of The Home
fundamental
our
drastic
discussions
-
ex¬
produc¬
past
firm
the
In four weeks Standard
security field; he is a part¬ Jan. 24.
ner in
Spencer, Trask & Co., New & Poor's index of loadings has
York City, and is President of the declined from 89.9 to 83,7.
How¬
Bond Club of New York.-'Har¬ ever,
comparisons with -a year
old V. Smith is one of the fore¬ ago. continue
highly ' favorable
most insurance men in the coun¬
(up 11.4% for the eight weeks
if
even
Beekman
of
of
com¬
an
Commodity
in
grain.
a
B coincided
announcement
opening
Street
ment,
Railroad
war) while
increases they were de¬
the wage
with
(When teeueil
passenger
after
expert
a
in the
Hamilton
For
it.
the
to
board of- directors.
the world of those almost for¬
which
of
out
Co., Chairman of Beekman
Hospital, announces the election
of J. Taylor Foster and Harold V.
this
1937,
was
on
financed
&
expounded his now
famous theory and remained
when
expansion have
Elishal Walker, of Kuhn, Loeb
,
Dow first
true
Finan¬
Of Beekman Hospital
characteristic has been dem¬
onstrated.
:
months
an
and
record
organize
granted last year.
six
with good
well known the
as
man
desires
Wall
in
fares.
These will go a long way towards
offsetting
the
wage
increases
free
buy-any-old-thing days of '29
to
higher
Broker
very
over
cellent
Securities
has
increasingly signed to offset were made per¬
has greatly manent.
For another thing, the
Foster, Smith Directors
anticipate it. During the
hectic twenties, through the
up
is
other
entirely
or
even
self-luminous
part of the
any
world, the market will reflect
and
detailed
situation
earnings.. The common stock, ac¬
cording to Hoit, Rose & Troster,
is
particularly
attractive
from
an
income and earnings stands
point and offers substantial possi¬
bilities for appreciation' #;;
B
more years
remember)
Toronto
—
10%
in¬
1941 levels
with
Street
modities
important
hoped for on
an
been
It
ore.
that
had
6%, agricul¬
general mine
no
is such
ore
-
Corporation, a
in the luminous
instruments
chases and
Ever since I've been in the
care
request
a
the current
condition,
been
than I
Montreal
following,
are
tural,, animal .and
products 3%, and coal an aver¬
age of somewhat better than 4%.
from
strong; the company
expanded its organization, the re¬
port states, and this expansion is
continuing, but equipment pur¬
world conditions.
<
of
Sr Radium
fluorescent material.
cial
anticipate)
Street (and that's
2-098)
1-395
ties Man is Available
finally came out with
decision on freight rate increases late
Monday afternoon.
Tne
increases were fairly generally in line with earlier
expectations, as
the financial community had become resigned to more favorable
Granting of the freight rate in¬
leading company
creases, while unquestionably of
and fluorescent field.
Demands favorable
import, received little
of
the
Defense
Program have recognition marketwise.
For one
stimulated the business of the
thing there was some disappoint¬
company which manufactures and ment over the fact that the new
applies to dials for aircraft and rates are temporary (to expire
space
concerned with the stock
can
% upon
analysis
The¬
oretically readers of this
are
from the. firm.
Hoit, Rose & Troster will also
place in newspaper
headlines, hinge on the war
portant
effort
HAnover
NY
Commission
its
-
will
Y.
N.
Teletype
Prominent Commodi¬
All other factors, when
crease in traffic" over
needs and efficient satisfaction of the new rates will
bring in some
compared to it, pale into in¬ those
needs.
Copies of this in¬ $225,000,000 per annum in addi¬
significance.
Even
taxes, teresting report may be obtained tion to the
$50,000,000 expected
war.
which
ST.,
Bell
The report,
WHYTE
fact is that there
First
Bell
Hoit, Rose & Troster, 74 Trinity
Place, New York City, have pre-:
pared a revised statistical report
remain
on
market
a
HART SMITH & CO.
New York
"
RAILROAD
~
U. S. Radium Looks Good
limit the scope of this column
to
.'-
New York
in force.
By
I'
Baking Co. Attractive;
previously
on
recommended
It's
Broadway
relief of tax know¬
on
still playing party poli¬
gress
V:; Members New York Stock Exchange
V 61
Telephone—DIgby 4-4933
Bell Teletype NY 1-1158
ledge, not to be trusted. Con-
v
li Since 1855J
vB';v''"1'-:
"
2-6600
Moore Corp. Common
B PFLUGFELDER, BAMPTON & RUST
Tel. REctor
|
and
taxes; dominating
market factors., Market rally,
;
STOCKS
Stores
-
Extkxuf*
Broadway | GUARANTEED |
120
Dredging
Fanny Farmer Candy
T Deilcr* In 1
based
New and Old Securities
Bulolo Gold
Says
War
'
We
are
interested in
Seaboard
Railroad
all
1. h. rothchild &
,
;
It
co.
11 wall street
help
you
sell Royalties
tellier & company
Members
Eastern
specialists in rails
HAnover 3-9175
will
issues.
n.y.c.
Tele. NY 1-1293
42
Oil
Royalty De-ilers Ass'n.
Broadway
BOwlint
Gmit
9-1941
New York City
Teletype NY
.1
/
I
iJ
1-1111
Thursday, March 5, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE
934
Our
Conn. Ry.
Bank and
& Ltg.
PREFERRED
/
"buy:
•
'
,
.
Royal Bank of Scotland
.
;
relation to
issues, although for different reasons. ... By making this
switch, you cut your cost considerably—in one instance, by more
than 2 points, in the other, by slightly less than 2 points. . . ". The
taxable feature is the same, except that you-pay less on a 214%
coupon than on a 214% coupon; naturally. >.
;
.
Laird, Bissell & Meeds
Members
and
120
York
New
Stock
Exchange
NEW YORK CITY
BROADWAY,
exchanges
leading
other
Exchange
Stock
York
New
Telephone: BArclay 7-3500
1
NEW YORK
WALL ST,
Bell
Teletype—NY
1-1248-49
The call date
.
4-2525
DIgby
Telephone
(L.
A.
Gibbs, Manager Trading Department)
about the
the 2V2S of 1954/52 and the 2V2S
on
HEAD
On switching from
...
William
Total number
V':/, ■'■■
would be supported just as the 2s are now
event of
point down.
.
however, 1 was
which,
$889.87,
much lower than the 15%
for
Fidelity-Phila. Trust Co.
Bishopsgate, London, England
3
is that the WAs
being supported, in the
general stock market as
imeasured
by the 65-stock Dow
Girard Trust Co.
Penna. Co. for Ins.
Jones average.
despite the de¬
other words,
In
insurance
company
values
quidating
did
stocks
holdings, li¬
of
insurance
the
than
better
Phila. Transportation
3-6s,
gen¬
...
Phila.
substantial
the
1941.
This
in
which carried
volume,
in
expansion
companies
some
1477
HAnover
Teletype
PH
2-2280
257
underwriting
profit
margin of better than 5%. How¬
ever, although a loss ratio of 50%
would
justify more than 40%
credit
an
for
in
rise
unearned
_
tne
rise
in
such
as
un¬
premiums on term policies
funds,
fiduciary
earned
and
in
reflected
is
pre¬
for
reserves
and
losses
Profit
creased
experience
the in¬
volume shows great vari¬
on
ation, even if "statutory" (earned)
underwriting profts are adjusted
for
Even
expansion in unearned
allowing C 40%
premiums, however, the 13 active
stocks
showed
tabulated
a
increase in
credit for the
earned
premiums.
As
>
un¬
shown
share underwriting
from $19.74 to $14.07, or
There were some notable
gains
29 %„
exceptions to this trend toward
lower underwriting profits, four
leading New England companies
reporting
better
underwriting
gains for 1941.
:
^'/<;
casualty com¬
20% better adjusted ? Nevertheless, the general ten¬
underwriting gains, but the 13 dency toward lower underwriting
fire
companies
showed a 29% profits and the likelihood of a
drop
in adjusted underwriting high loss period under war-time
conditions poses the problem of
gains.
v''
Perhaps the flat 40% adjust¬ how to improve underwriting re¬
ment for credit for increased un¬ sults, so assure a continued fair
earned premiums does not do full "growth,
factor" — the
amount
justice to the fire companies, as ploughed- back to" surplus—and
current loss and
expense
ratios strengthen surplus at this time of
could
underwritten
risks.
justify a- larger credit in mounting
below, the
panies had
seven
<
cases.
some
Thus,
56
fire
com¬
panies which have filed show ac¬
cording to Best's figures an in¬
curred loss ratio
of 50.4%, but
expense
ume
on
of business
in
and,
the
ratio
loss
offset
fact,
ratio
the
the Jarger vol¬
was
only 44.0%;
3-point rise in
almost fully
was
by the 2-point drop in the
expense
ratio, and combined they
cover
.
1941.
.:.
to a record high
rose
insurance companies held about
' ;:4/: r'*■ ;i^£4///V
22%,
28%.
information out
No further
"revived" to
see
support.
action may—and probably
White House.
And
.
.
the
in
complete
most
service
banking
to
investors,
interested
travellers
and
traders
these
in
OFFICES:
LONDON
Threadneedle
29
C.
E.
Street,
Berkeley Square, W. 1
47
Agency arrangements with
throughuut
S.
U.
the
Reserve Board
Banks
A.
Changes
Stock List Publication
about
Board of Governors
The
of the
Reserve
Federal
nounced
just drift around until
*
System
an¬
Feb. 25 the following
on
change in publication of its "List
of Stocks Registered on National
Securities Exchanges":
...
several
For
Governors
BoarcJ
the
years
list,
by
controls
economic
designed to
hold down rise in
ing costs.
prices and liv¬
fact, this low ex¬
In
responsible for
underwriting
profits
during
World War I, as loss ratios aver¬
aged over 56% for the six years
ratio
pense
was
1914-1919.
v.///
/
investment
On
income,
how-
applies to loans by banks
purpose of purchasing
carrying such stocks.
The
American
12-31-'41
5%
more
income
ment
rose
for "the
listed
is adopting
below, compared to 7% for
Calculated
1941
on
a
stocks
and
13
share basis,
seven
fire
•
casualty
stocks
are
Casualty
Fidelity
10.5
—__
?,
S.
Fid.
&
Fire:
_—
Guar
■
■
(Fire)
3.15
1.98
1.70
*2.90
1.73
*1.73
1.50
6.00
4.70
5.07
1.19
1.83.
1.64
1.54
7.56
5.44
2.14' tl.26
2.50
;
27.05
23.68
4.79
3.25
1.61
1.47
1.00
I
53.58
55.91
0.66
0.83
1.92
1.95
; i.8o
4.57
3.99
•
12.19
■
0.87%
_r
—
__!i
17.3
—;
13.0
-
19.4
Ins.
1.49
1.75
1.61
6.35
5.88
109.31
22.12
0.20
0.53
1.26
1.30
37.28
39.55
0.59
0.88
2.35
2.23
38.60
41.10
0.81
0.94
2.61
3.11
.
;.r
Jan.
of
Bank
J
2.38
2.00
.<•
2.98
2.50
76.87
3.12
54.94
58.20
0.19
0.56
2.80
2.59
2.00
99.30
107,28
0.93
1.95
5.11
5.08
31, 1942.
the
district
8.1
127.54
7.23
6.50
situated,
they
are
branch of
in
which
6.00
the
to
or
a
Federal Reserve
5.00
26.0
Haven)—
-
♦Adjusted to present
16.0',
79.17
43:71
capitalization."."".
share figures * gener¬
not uniformly available
and
since
the
1.44
3.47
44.89
1.98
0.74
1.83
1.73
3.61
2.62
5.44
5.21
4.75
compu¬
amortized,
tAfter. preferred
dividends.
cial New York statements will
be
helpful in connection with insur¬
ance
stock
business, and addi¬
in some cases, as for ex¬ tional data of this type will be
tabulated from time to time as
ample casualty stocks, is tech¬
additional official figures become
nical, it is hoped that these ner
compiled from offir
j Bank.
1.40
129.37
133.89
-
125.59
per
share figures
Those who
this or subset
quent lists should address their
requests to the Federal Reserve
and
1.00
5.4
13.1-
Fire
dealers
made between Jan. 31, 1940, the
date of the last complete list,
■/: require copies of
2.00
—'11.3'
Insurance
(N.
•
5.00
2.37
Fire
Insurance
]
1.40 1
1.49
-1.70
20.83
• ■
-14.0
Phenix
1.87'
2.17
89.80
"
99.34
Shippers— —0.9
12.4
3.25
0.07
>38.33
V. 80.75"
t39.24
19.3
The next issue, a sup¬
plementary .list to be released
today,
will
indicate changes
21.01 '
13.16'
the Federal
and only upon
by
Banks
request.
$5.00
1.90
•:
Springfield F. &
to
140.88
$5.01
64.27
Fire
ally are
'3.89
,"-2.32
Reserve
henceforth
will
distributed
1940Divs.
1941
$5.97
22.05
14.2
-
Ins.
&
45.12
*37.97
1940
$8.17.
68.77
*
U.
1941
$11.35
Annual
8.9
4.6
Cas._'
Accident
Standard
Income
lists
These
be
Investment
Gain
20.3
Deposit-—
&
Amsterdam
New
available
lists
supplementary
as
from time to time.
145.49
29.8
Re-Ins
*
Cont'l.
12-3l-'40
general; it has been decided
to republish any complete
during 1942, but to make
not
list
follows:
$114.68
$122.59
war-time economies
respect to its publications
with
in
per
results of the
condi¬
present
under
Since,
average
casualty
System and to all non-
tions, there is little demand for
these lists and since the board
of
companies
an
the fire companies.
37.67
>
Federal
the
of
member banks.
j they hold
46.85
19.5%
Surety-
&
to all
distributed
banks
Reserve
Und'g.
Gain
Casualty:
been
well, considering that as a group
Operating Earnings
Aetna. Cas.
has
member
Casualty companies fared rather
Liquidating Value
Volume
Board's Regulation
the
the
list
in cash and bonds
despite the absence at that time that the fire companies.
Investof
List
which
,
(
a
issued in connection
U
being
with
example, | ever, both the casualty and fire
companies did well for 1941.
for
has issued
Stocks
of
-
„
tation
"others"
and
20%
„
fire
companies
below 40% of premiums written,
kept
were
Since
1-563
With over
Australia,
of
countries.
or
1899
NY
States
offers
it
efficient
and
.
-
...
ratios,
Expense
Security
288
all
in
Zealand, Fiji, Papua and New Guinea,
New
.
decrease in reserve require¬
would—follow.
during the year immediately before
and
during World War I
Pacific
Teletype—HA
branches
B70
for
Hartford
.
largest bank in Australasia.
and
'
...
defense bonds.
Tersey
WHitehall 3-9630
Wales is the oldest
The Bank of New South
new
Northern
Telephone—Plaza 9269
.
Manager
George Street, SYDNEY
Office:
Head
financing anticipated now for at least six weeks. . . .
attention will be centered bn intensified drive to distribute
No
fidelity
YORK
General
,
Registered on Na¬
tional Securities Exchanges, the
Camden
Members New York Stock Exchange
.
£150,939,354
ALFRED DAVIDSON, K.B.E.,
:
pected to fail before war powers bill finally is passed and sent to
Bankers
NEW
Sept.,
SIR
of
Continental
;
£23,7 1 0,000
30th
Assets
1941
Attempts being made in Congress to curb authority of Reserve
Banks to buy Government bonds direct from the Treasury are ex¬
Automobile
Mackubin, Legg & Company
8,780,000
Aggregate
apparently bought
If it does, report will be
effect of story alone and if that is not sufficient,
needs
again
on
banks and story may
of member
ments
market
Agricultural
STOCKS
Liability of Prop.
...
'
Prem.
Established
Reserve
.
6,150,000
.
.
dividends to stock¬
holders, most of the ploughedback earnings must come from
underwriting.
Maintenance
of
adequate fire rates is essential,
but in addition, it appears that
companies could voluntarily do a
iob of trimming expenses, despite
higher operating costs.
INSURANCE
Fund
and. London,
of $12,470,000,000.
£8,780,000
Capital
Reserve
.
York City banks
New
.
'
1817)
(ESTABLISHED
Paid-Up
.
Aetna
BALTIMORE
.
large amounts of the securities originally bought, they remained
major investors in the issues. . , . The survey covered three flota¬
tions of taxable bonds—the 2x4s of 1954/52, the 2!4s of 1958/56 and
the 2%s of 1972/67—and indicated clearly that at the end of a period
of redistribution of the securities
(four months) the commercial
banks held 30% of the entire amount issued, savings banks held
Since most of investment income
is used to
baniTof
extremely dull these days, indicating utter lack of inter¬
est for the time being;
...
Odds favor continued dullness until
middle or latter part of this month/ due to attention now on tax pay¬
decline in per
claims.
V
shown.
'
new south wales
Market
.
1
Bank, Ltd.
Deacon's
Australia and New Zealand
'
on.
profit and getting an opportunity to reverse your¬
original position in a month or so. . . .
Inside The Market
..
credit for
fire
goes
Follow them and you've a fine chance
'.
.
self and regain your
.
indicate
.
question of purchases of bonds by various types of insti¬
tutions, a study by First Boston Corporation recently is of special
interest.
The concern's survey showed that although four
months after a financing date, commercial banks had disposed of
,
ume
of making some
time
as
ones.
On this
Phone
levels ever written
miums,. it is considered more con¬
'and in others to the highest levels
servative
in figuring such credit
since the boom years, had the ef¬
to
allow
a
margin for fluctua¬
fect of bringing in a large amount
tions.
'i:- ;
\
of new money, causing aggregate
Unearned premiums for the 56
assets to rise despite the security
market depreciation on existing company group rose nearly 11%
for
1941, so that only a small
security holdings.
On the liabili¬
ties side, this expansion in vol¬ "statutory" underwriting profit is
to the highest
;.
York
good
are
Philadelphia
New
popular
more
These
.
.i
;
f
On the other hand, if the market rallies,
.
.
Williams
$188,000,000 of the bonds, since their holdings were up that much.
And total loans and investments of the banks in the New York
ex¬
pansion in premium volume for
i;
Street,
Phone
Locust
ing values is represented by hold¬
ings of securities; but is readily
to
Chestnut
1421
the greater
traceable
become
November,
Pfd.
&
__-__£69,921,933
Associated Bank
distributed and will gain attention as the months go on.
In addition, the switch from the 2s to the 214s is bound to
/ being
district
paradoxical,
considering
part of liquidat¬
seem
that
Co.
j,
/
.
—
/■
000,000, off $580,000,000 in the week. ... In New York, excess re¬
serves fell to $885,000,000, off $165,000,000 to the lowest level since
H. N. NASH & CO.
This might
eral market for 1941.
2039
.
an
.
Philadelphia National Bank
values of
portfolio
in
preciation
Lives etc.
on
£3,780,192
£4,125,963
fund
Deposits
v
V|. And you might find you gained
issue which has a bottom only % of/
ments, foreign developments,./etc. . -. .
Traders wearied by last
financing, taking a rest for the next few weeks. . . .
Payments for the last issue of $1,500,000,000 of 214s caused sub¬
stantial changes in banking figures.
For instance, excess re¬
serves
sank to the lowest level since September, 1938, at $2,800,-
First National Bank
decline
the
t
258
■
214s will be favored because they're still in the process of
the
As the 1941 insurance company statements come in, one of their
features is the maintenance of "liquidating" values
(stockholders' estimated equity) in the face of generally lower secur¬
ity markets.
For example, seven active casualty stocks on which complete
official reports are available show a 5% gain in liquidating values
per share, from $447.61 Dec. 31,<$—
1940, to $470.47
Dec. 31, 1941;
while 13 active fire stocks show a
Corn Exchange Natl Bk. & Tr. Co.
6%
decline,
from
$946.62
to
■
DEPARTMENT
Capital (fully paid)
declining market. :
a
tremendously by holding
outstanding
v
FOREIGN
'
offices,
'
Reserve
a
{
.
„.i
Whyte
of
.
CHIEF
;
Manager
.
The most important fact, though, probably
I
1727
OFFICE—Edinburgh
General
of 1955/52 is
the 214 s of the 1958/56 into
1955/52, the call date is shortened.
same.
the 214s of
Bank and Insurance Stocks
Charter
Royal
yield of 2.18%.
./I. Here again, the 2V4S appear especially attractive in
other
Members
by
Incorporated
*■
-
-.
The 2%s of 1955/52 at around 100.21 and
Unlisted Issues
.—
'.v
point
The cost increase, only % of a
one is to sell:;
L
;
/ \
.
The 2V2S of 1954/52 at around .103.6 and yield of 2.14%.
The 2V2S of 1958/56 at around 102.15 and yield of 2.29%.
And to
invited in all
Inquiries
(Continued from First Page).
higher.
Another good
Stocks
Vinco Corp.
Reporter On "Governments"
••
is %%
Insurance
Marion Steam Shovel
\
•
.
available.
.
Become
j
Principals
& Co., 60 East 42nd
McKinsey
Street; New York Gity, manage-i
consultants, announce that
ment
Howard
C.
Harrison
Adams,
A.
Roddick and Alf E. Werolin have
become
All
of
ciated
principals
the
with
men
the
ber of years.
in
have
firm
the
been
for
a
firm;
asso/
num¬
Volume *155
Number 4052
r
r
,v
liiE COMMfiRGlAL. & FINANCIAL CHRONICLE
•
935K
as
The Securities Salesman's Corner
tantamount to giving the deal¬
ers
Who
took
dicate, and
of
lots
down
issue full participation in
the
'AFFILIATED
the
syn¬
assuring the ulti¬
as
mate in breadth of potential mar¬
ket./,-/; /'■;
WE PRESENT SOME PROBLEMS
A Long
During the past few months, this column has had as its primary
purpose, the presentation of ideas to help securities salesmen increase
their business.
With your kind permission, during "the next few
weeks, we are going to digress from the usual pattern of our ways
and take up some of the problems of present day - security selling
as
them.
we see
An
•
'MC.
■.■//'.'
Time Since
problem
Jit vi z
sidelight devel¬
in
connection
with
the
Pennsylvania
Electric
offering,
interesting
one
that carried
Prospectus
timers
the
in
of the old-
some
Street
back
INCORPORATED
,
the
type
wish
to
In
of
sell
to
,;i-i/
/
them
be
they
in
that
securities
buy.
flexible
as
a
as
in
tornado,
Constant
willow
a
regard
and
notions
:/. conceived
•
to
reed
pre¬
g-Bankers/Trust
place
such
Building
63 Wall Street, New York
orders
by
The result
/
was
changes must be made line
portfolio, if it is to be
quite
a
lengthy
Investment Trusts
years.
/
more
likely
Since
profitable.
very
we
to have made him drink.
Wall
'
Street
in
some
*
other
securities,
to make
or
way
a
Municipals' Rally Extended
Street
some
way
>
///■:
educate rently outstanding, subject to tax¬
to
of
himself, who is not the
tainly
find some
living, we
income.
some portions of the rampant New Deal Labor Movement
political demagogues have been busy painting a black pic¬
and business men generally for the past
decade,
far too little has been said by business in its own behalf—and a
good deal of what has been said has been directed to the business
some
ture
business
Business
Municipal bonds extended the
If there is such a thing as rein¬ •recovery that has been in progress
carnation, and should we kneel from the low levels reached in
are
forced to make concessions again
at our crib to (.say our (the wake of the Treasury's an¬
to the ego of such a person, or
orayers. probably we'd say some¬ nouncement,
several weeks ago,
else forego the commissions upon
thing like this, "and please, God, iof Jts " determination to seek to
which we are dependent for our show those fellows down in Wall make such
issues, future and cur¬
must sell
While
and
man
in
nessed
up against. To make in leading the horse to the water
complicated such an of common sense, but usually, we
individual's business is more than must admit, we have been unable
can run
things
and
business
one
men
that really needs the convincing.
cer-f——
have
when
times
been
people
know
to
and
understand ation.
a
little
Our
their
about
more
,
;o'X;;; had
" /■
-
its
faith
in
PROS P
de¬
business
invest¬
Reporter's
]
JJ// Report :X/J§
-
.
.
.
jljJ/Weekly Firm Changes
•
.
-
,
-4
spirited, but
they advertise their prod¬
ucts they
neglect/to advertise
their good works.
~
'
/
This may seem a far cry from
investment companies. But it is
inot. i One of J the chief troubles
iwith Wall Street today is that the
public,; or a large part of it, has
while
stroyed., That faith having been
Mounting opposition to the pro¬
we could do to smile, and say yes,
the
public will not
ments, their way of life, and the posal. :has been noted ever since destroyed,
and agree,
an^nrdd in assent, and country in which they live. >And •Secretary Morgenthau raised the Ifight for the cause of business,
sand will not entrust its savings
more
smile
thing,: God—when I
again —while
inside
we one
Question of the status of outstand¬
were
bursting to say, "No, you grow up this time, please don't ing issues. Congressmen and Sen¬ to business—at least not directly.
Thus it falls to those interested
make
me
a
bond
salesman
all ators have been
confounded jackass; even a 10hearing from the
in fostering investment to spread
'
year old kid ought to know bet¬ over again."
folks
back
home,- chiefly from
ter than to put a bond like that
;the gospel of business/ The more
'Governors
and
Mayors
whose
into your portfolio.
said, the better, if it is written
But we kept
budget stability. appeared threatfor the general public to under¬
quiet.
We took the order. ■ We
^ehed/g/i/X;;;5/:7 * /■stand and not just for those who
left with good will behind us. But
X Now. the report is current that already hold the same views.
we
didn't do a good job.
There
the Treasury, presumably taking
Most of the investment com¬
was; sornething missing.
Instead
its cue- from indicated sentiment
(Continued from first page),
panies have recognized this need
of doing a constructive, creative
iih 'Congress, where there is evi¬ for
sound public relations.
Dur¬
piece of work by helping to build Sanguine On Treasuries
v
dence / of - strong
opposition
to
ing the hearings on the Invest¬
a'; sound
investment structure—
There is little or no misgiving •changing/the, status of outstand¬
ment Company Act they present¬
we were just an order taker.
in
investment
over
circles
the ing, issues/is about ready to drop
ed their own case forcefully and
//We -think-there are a great ability of United States Govern^ that part of its plan.. ;
clearly. ' But
even
before that
many investors that fit in some¬ ment securities to withstand such
time, and to a greater extent
where in this particular group. adverse
developments as may be
since, they have been pushing the
Stock Exchange
What can be done about them? ahead before the fortunes of war
cause
of general industry.
We
have; thought
about it for turn for the better for the Allied
Recent issues of Lord, Abbett
many years but there still seems Nations.
.'
Co.'s
monthly
Background
x The New York
Stock Exchange ,&
to be no general solution that can
C. J. Devine & Co., who' *
has > announced
the
following have been devoted almost exclu¬
be applied to such cases. First, it
specialize
in
governments,
sively to this cause. One "para¬
weekly firm changes:
is undoubtedly a question of indi¬
cite
the
resistance
of
the //•
graph"
from
the
latest
issue
vidual
treatment.
How do you
; group
to unfavorable events i ;< Transfer of the Exchange mem¬ should be
particularly helpful.
bership ; of Rawson G. Lizars to
get a supremely egotistical per¬
thus far.
The firm points out
We quote:
"In analyzing the
Herman Lowitz will be consid¬
son
to see anything but his own
that
the
Treasury, and its'
ered on Mar. 12th.
It is under¬ responsibility placed upon Amer¬
shining brilliance? What do you
kindred government agencies,
ican industry, it is well to review
stood that Mr. Lowitz will act as
do with the fellow who says, "I
by reason of the vast* refund-'/,
briefly the contribution that in¬
an individual floor broker.
.•
was smart enough to make it my¬
ing and new borrowing which
dustry has already made toward
self and I am smart enough to in¬
the former must accomplish,; ■ J Transfer of the Exchange mem¬
victory.
,
vest it myself."
Such a person
hold the key to the situation
bership iof George J. Stockly, a
little realizes what
a
vast gulf
"When
Germany invaded Po¬
through
control
of
partner in Pell, Peake & Co., to
money /
divides capital accumulation and
Frank Lewisohn will be consid¬ land, in 1939, American industry
rates.
*
-1
'
;
V
successful investing.
was just emerging from the
1938
Mr. Lewisohn
"The ability of the market to ered on Mar. 9th.
reaction.
Then,
came
will engage in business as an in¬ business
Then again, here is the type of
withstand adverse developments,"
Hitler's blow, and history was on
person,
who usually needs the says the firm, "is an indication dividual floor broker.
the move.
help of a thoroughly competent of the
efficacy of modern methods J Transfer of the Exchange mem¬
advisor in the supervision of his of
"Nevertheless* war orders from
bership of Henry B. Day, de¬
monetary control in keeping
Great Britain and France did not
portfolio. He is the very one who interest rates at a low level."
ceased, to Frank A. Day, partner
ends up his career with a bank
If the Government is deter- V; m R. L. Day & Co., in which Mr. arrive in particularly great vol¬
box full of worthless paper and
mined to protect. its borrowHenry Day had been a partner, ume; on the contrary, it is inter¬
more
than likely then yells the ?
esting to recall, .Franco-Hritish
Will be considered on Mar. 9th.
ing position by keeping rates
loudest about the sins and pitfalls
buyers!seemed more interested in
low, it is argued in the trade,
L J.
Averell
Clark, member of
of Wall Street.
He's the fellow
Its issues, which are the key-/i the Exchange, retired from part- price than speed, and the two na¬
who helped-to bring on the SEC
:
stone of the investment mar- -r hershio in Bendix, Luitweiler. & tions. were leisurely planning to
and
its; over regulation
of; the
develop "productive facilities with¬
ket may he expected to set the ::i
Co.,, New York City, as of Feb. in
securities business. He represents
their dominions and colonies. ;
pace' - for • corporate:' f issues
;;::1X.":' ■, -X ' J:
§ome of .the victims of those flymuch as
"However,
a
few •• American
they have in ;the
>L; Freeman retired from
by-night, interlopers, who invited
companies foresaw the possibility
past.
•/
•
V". /••'
"partnership in i Charles Clark &
themselves
into / the
securities
of a long war, and began prepar¬
jC6., NeW York City, as of Feb.
*
business during the 'twenties, and Spreading Them Out
ing for greater production re¬
who contributed to past abuses,
Public offering of the Scbenley
sponsibilities. An example is sup¬
by going out into the highways Distillers Corporation's $15,000,- -; Raymond / de
Clairville,
Ex¬ plied in the action of the Ameri¬
and by-ways seeking for just such 000 of ten-year 4%
change member, withdrew from can Car & Foundry Company. One
sinking fund
people, because they could easily debentures,
broughtsomething partnership in Gwynne Brothers., afternoon^ its President, Charles
play upon their vanity and their new in the way of underwriting l^ew/York City, as of Mar. 2nd, J\ Hardy, said to r the Board of
greed.
The "know it alls" pre and distribution procedure.. nV t to become a partner in the firm Directors: 'Gentlemen, this war is
present in every walk of life. No
more serious than
it appears. It
■
Adopting an entirely new// of Tuller, Crary & Co.
will admit that it has been all
we
-.•/■■/',
1
public
are:
*
There
LOS ANGELES
JERSEY CITY
hand.
ideas.
set
*
CHICAGO
to
experience this common
of
potentialityers in the
type
of
recalcitrant
securities in every
vicinity' of the branch office, a
buyer presents one of the most kept healthy. Sometimes we think condition which
has not been wit¬
difficult accounts that any sales¬ we have made a little headway
our
man
on request
Lord, Abbett & Co.
rather
have
salesman
..
INVESTMENT COMPANY
,
securities
& ^
oped
1
we
is
'
;
LEVERAGE
A
:vA :%%*.;
a long way..
•
chosen^
for this week is an old one. Yet, before such people.
If there is r: The; main offices of the Mellon
we believe it illustrates one of the
anything that is particularly obvi¬ Securities/ Corporation, managing
most serious flaws in our whole ous to any competent investment the. syndicate, are in Pittsburgh
set up of securities distribution.
man today
it is that to be suc¬ but the firm has a large office at
14 Wall Street, New York City.
*: What are we going to do with cessful in handling an investment
the people who do not know the account under present conditions, rV'';. Dealers with orders for the
fundamental principles necessary it's not alone essential to have
bonds found it necessary in
for successful investing and mean¬ had years of specialized experi¬
instances to put on their hats :
while insist
ence
behind you, but "one must ! 'and wend their
upon
compelling a
way to
the
The
-
.
'
.
„
EQUEST
Wholes
tors
MPANY
HUGH
SO. SPRING ST.
IS EXCH
LOS ANGELES
JERSEY CITY
tanks
its great productive capac-,
ity will permit.
,,
"By
1940,
when
President
Roosevelt decreed
tense
national
a
emergency,
many
de-,
com-;
panies immediately laid plans for
converting a large part of their!
plants to war work. At the order
of A.
W. Robertson,
Chairman*
Westinghouse Electric completed
a
top-to-bottom engineering an¬
alysis
of
its
varied
facilities,
and skilled
personnel; determined
what specific types of war equip¬
the / company
ment
best
and
submitted this detailed report to
the Government, stating that the'
equipped
to
would
company
responsibilities
should
ment
was
manufacture,
undertake
that
want
the
it
any
Govern¬
to
assume.
General Electric launched
a $60,plant expansion and im¬
000,000
provement program
to take care
requirements. The?
also instructed its engi¬
of Government
company
to
neers
concentrate
on
develop¬
equipment
that
ing J electrical
could
best
service.
this
the
military
product of
research is the
serve
One
notable
specialized
turbo-generator, which gives an
airplane the lift that is necessary
to
carry
it
into
the
rarefied
stratosphere. Without the turbo¬
generator
the
Flying
Fortress
would
not
be
effective
as
a
war
-
,
»•••
weapon.
"During 1941, when the Unite#
was
training an army of
1,800,000 men, laying the keels
for a two-ocean navy and enlarg-r
ing its air forces, industry con¬
.
States
'
.
verted 30% of its total
manufac-i
.capacity
to
war
work,
(Continued on Page 939)
!!
turing
,
amount of the SEC
regulation
or
protect them
own follies.
They nick
own.
they make up their
will
prospectuses
from their
their
minds,
own
they
all
know
the
answers.
try
ever
to
be-
with such
try
to
to
put
been
tactful
do.
to
we
i« >0
possible
account. Then slowly
as
an
?^i«
educate—at
a
the
which
underwrote
dealers
as
least"
common sense
we
trv
viewpoint
holding
the
grdup>
th^s issiie^ V
Chicago, 111.,
•
membership
National
the
on
Dealers
full
concession
the issue.
This
was
X
,
V/2%
-
'■
of
JixeJ
the
from
Ristine: &
on
Coleman
retired will last
Hutchins" & Co., months.
Stock
Jr.,
Co.,
mem¬
Exchange,
oartnership
in
:
George
ner
In
much
It
may
longer. than six
even- spread to
this country.
Mar. 1st.
F.
Philadelphia,
re-
P.
on
Feb. 28thv
allowed
of
*
William E. Tobias,
ber
Association
were
Dduglas
R.
Mitchell,
irdni •:
■
of Securities Dealers,. Inc., on ;v
a
"first come first served;" '
b»sis.
*
hanking
announced that it stood, ready
to accept subscriptions from
in
As" to the solution—the best
have
tack,
Send for
Prospectus
W. MacFarland. part¬
Wurts,
Dulles
&
Co.,
viewed in bond circles ■Philadelphia, died Feb. 21st.
Consequently some¬
body around here had better get
busy
making
armor
plate for
armor
tanks.
It
will
With the Board'sable
a
sum
was
be
needed.'
approval,
set
aside
to
a
siz¬
build
costly armor plate mill and to¬
day the
mor
well
company
Republic
Investors
is producing
ar¬
plate for the Government
as
manufacturing all the
Fund, Inc.
Distributing Agent
BULL, WHEATON & CO. Inc.
40 Exchange
Place, New York
Thursday, March 5, 1942-
THE COMMERCIAL & FINANCIAL CHRONICLE
936
anything that has happened since.
Jan. 1, 1942, it was added.
FLORIDA
NEW ORLEANS
an(|'' ;/
higher interest rate to offset
the federal tax and make the
Morgenthau contin¬
dwell upon what he is
Secretary
ues
to
„
that per¬
he revived the old saw
sons
ability
^with large taxpaying
in such exempt secur¬
take refuge
ities.
despite the fact that Mr.
This
deluged
been
has
Morgenthau
by indignant re¬
actions to his Cleveland speech in
sides
all
from
which he added outstanding mu¬
nicipal securities as well as future
issues, thereby going the Presi¬
dent one better.
The recognition
the part of municipal officials
of their moral obligations to pro¬
on
of their city's bonds
holders
tect
income
Federal
retroactive
from
bitter com¬
ments as to the proposed violation
by simple legislative action of
fundamental legitimate contracts.
It
the
is
opinion
a
to
might
pushed through under duress,
so
to speak.
In a recent poll of
Congressional
opinion
on
this
tender matter, one Senator, who
did not want to
be quoted by
made this interesting point:
"It is easy to cast
about and hit
taxation of securities as an
easy way
to make money for the
government. But it is nearly al¬
ways
overlooked that by doing
this
you
not just taxing the
the
people
with
are
bondholders,
money.
_
"Actually
the
;
„
you
public, the
taxing
are
ultimate tax-
payer.
For if state and
nicipal
securities
by
R.ECrummerX, Company
BANMLOO
passenger;, cars
'CHICAGO IUINOIS
IST HAT
'V- :•*
>.. : s
listed
a
shrinkage in value can be set
and
(which
their
opposition
posal? to
the
of
states
their
pro¬
representatives
in
and pointed out
of other States throughout the
their
next
Has Been
Last
these
fully
,
states
expect
finance
for the
to
expenditures
war
Registered
the
Autumn
Dow-Jones
municipal bond average showed a
return of about 1.90% for 20-year
two without
or
the
At
of
end
emergency
last
sions,
state income tax
was
Canadian
provinces,
the
rates.
in the
nor of a drastic change
general level of interest
It has not been paralleled
In
treasury
were
cited
as pos¬
sibilities for meeting the war out¬
lay.
Dominion
the
addition
require
Income
tion from
the Dominion treasury
equal' to the revenue they and
their municipalities had collected
from personal income and corpo¬
I
-
,
ration
in
taxes
fiscal
the
plan
was
This
adopted
bia, Manitoba,
'A'
the prov¬
by
Alberta, British Colum¬
of
inces
Ontario and Que¬
v.•
')
-1-
•;
alternative
The
,r;:
proposal
Dominion
forthe
1943 to 1962, inclusive
to
was
pay
an
amount equal to the net debt ser¬
counselXl;-
the
legally binding obligations of Harris County, of which
They
are
payable from ad valorem taxes levied
-
v
•
of
year
ending nearest Dec. 31, 1940,
less
the
when,
as
to
yield 0.60%
and if issued and received
us
and
revenue
inheritance
V '-/
to 2.20%
by
HALSEY, STUART&CO. INC.
period.
New
approval
upon
of
delivery,
legality
,
This plan
.Brunswick,
Edward
N. Y. Port
'
KIDDER, PEABODY &CO.
EQUITABLE SECURITIES CORPORATION
THE FORT WORTH NATIONAL BANK
MAHAN, DITTMAR & COMPANY
York
City
herein
as
March
5,
ANTONIO
FORT
1942,
or
to
1942.
been
carefully compiled
completeness or accuracy,
from
we
.
WORTH
Principal and semi-annual
Houston, Texas,
Coupon bonds
has
interest, March 10 and September 10, payable in
in the denomination of $1,000.
The' information
sources considered reliable, and while not guaranteed-
believe it to be correct
as
obtained
that
in
from
fiscal
was
adopted by
Nova
Island
Scotia,
and
Sas¬
decision
least;
at
:
,
revive
to
J,
:
the;
was
arrived .at, after
officials; concluded; fljat
nicipal market might remain un¬
refunding
settled for
time and that the
some
benefit to the city would?
more
than
compensate
for ba*
slightly higher yield on the new;
bonds. Rearrangement of the ma¬
turities
through refunding will
out
debt service
level
require-,
long
run
;;
Expected
of this
date
Authority's
the
°
Port
1941
revenue
of New York
and
previous
of
polit¬
American
life, the local city adminis¬
tration, seems to be a more com¬
petent body than it is usually
given credit for.
At least that is
the logical conclusion to be drawn
from
confidential
a
of 56
survey
American cities by the
Mortgage Bankers Association of
leading
America
announced
recently.
bankers
in these
whether,
Mortgage
*
;
cities
were
their opinion,
tration is
their "city adminis¬
sincerely thinking about
and
trying to solve municipal
problems such as providing better
parking facilities,.. better trans-*
portation and, further, whether
members
have
of
Authority
years,
the
of
administration
vision and imagination
regarding modern city planning
problems."
•
r
.
j
any
,,
Mortgage bankers in 43 of these
cities declared that as far as their
own
city administrations are con¬
ified their
records
asked
.
56
in
cerned, the answer was decidedly
yes.
Mortgage bankers .in the
other 13 said no, but several qual¬
1941 Income Gains
■*
in
HEMPHILL, NOYES &, CO.
taxes
during the
katchewan.
subject to
UNION SECURITIES CORPORATION
province
.
Favorable
contained
in advance.
year
bec..;-/,'
Jby Messrs, Dillon, Vandewater & Mooref whose opinion will be furnished
New
issue
the
award
to
days
Present
ical
One plan, adopted by five of the
Prince
io,
v
That much discussed—and often
before
.
provinces, gives them compensa¬
Taxation
County, Texas
county seat.
Prices
March
tion
30
cussed—part
formal
approval
will
which
legislative
against all the taxable property therein, within the limits prescribed by Jaw.
D°ted
Mich., are-,
said
to
haveagain '{decided to;
proceed with plans to enter themarket with approximately $28,900,000 of refunding bonds.- The;
sale probably will be held early,
in April, as it is required • by law;
that the city announce its inten¬
gov¬
arrangements
the
under
;
v
opinion of counsel, from all present
in the
will constitute valid and
SAN
Officials of Detroit,
Cleveland Flotation
f
under ar¬
vice
offered
;
...
rangements tentatively approved,
will
receive $81,000,000
a
year
resort
funds
Bonds, to be issued for road and bridge purposes, in the opinion of
are
j\
\
are
*,
,
Sale Revived
by special ses¬
legislation last week paving the
ernment, in taking over these two
way for the bond issue. /Stock¬
California,
Illinois,
week this yield has risen to about Maine, Massachusetts and Michi¬ types of taxes, will pay fiscal need holders of the company approved
subsidies
totaling
$3,200,000 to the sale to the
2.60%. For a bond bearing a 3% gan. Appropriations were desig¬
city last November
five of the provinces, and will
at a special meeting. Sale of the
coupon
this means a drop of nated mainly for expansion of
make up to all the provinces any
roughly 12 points in price.
As state guard units, additional po¬
bonds,
it is
believed, will be
decrease, using 1940 collections as scheduled for March 30, which is
those in the trade know, such a lice,
state
defense councils
or
a basis, in the year's gasoline tax
decline in the average price of other "war" requirements.
the expiration of a 30-day refer¬
V S
collections.
The Dominion gov¬
endum period, in which objections
municipals is most unusual.
Although reduced revenues ark ernment this year for the first
to the purchase may be filed.
This
wide
swing
was
not anticipated from certain taxes by time is imposing a gasoline tax, of
brought about through a change all five states, increased yields three cents a gallon.
: •
Survey Finds Municipal Of¬
in the security behind such bonds, from other taxes, savings on re¬
Two
reimbursement plans
ficials Generally Competent
not the result of a panic induced lief expenditures,
were
offered
the
and surpluses
provinces
maturities.
Due March 10,
'
-
V;
The City.of Cleveland is ex¬
pected
to
advertise
for
bids
taxes, if state emer¬ from the Dominion government within the next few
days on a
gency authorizations already ap¬ for the duration of the war as re¬
$17,500,000 issue of mortgage rev¬
for
proved by five legislatures are an imbursement
vacating
the enue bonds
proceeds from which
indication, the Federation of Tax personal
income and corporate will be used to purchase Cleve¬
Administrators reports.
'
tax fields, the Federation of Tax
_,
land Railway Company stock at
Administrators states.
These
$45 a share. The council approved
states,
which
set
up
year
2.20% Bonds
.These bonds
i
to additional
action.
similar
Harris
.-•T
Refunding
Over Tax Collection Field ;
The
yields/ it
ending nearest Dec. 31, 1940.
<
Detroit
Financing War Expenditures
un¬
Governors
Midwest and West have taken
exempt,
the
available
States To Avoid New Taxes In
exempt
taxable.
:
making
securities
by
raised
be
tax
Congress,
that it is
the
that
derstood
the
$2,000,000
is
from,
combined. The!
for sinking funds,
pointed out, as will
the
fact .that tax payments? by
persons drafted into military ser¬
vice may be delayed if their abil¬
ments, a factor which would help
ity to pay is impaired.
the new budget which is now un¬
, •
' : •
;
Canadian Government Takes der preparation.
communicated
to
deduction,; of Federal taxes
;;The
a
•
power.-:;
will affect some
possible
200,000,000 of taxes that could
ten
already
j will tap this improved buying;
y;.
seriously
has ; been
questioned) V of
Attorneys-General who
have
-
Treasury'sestimate
the
14
State
Federal
Houston
28%
? and
and - trucks
buses
becoming effective.
These
Building shared in the
Commerce
it was asserted, with
63% of the revenue derived from?
.
Interest
:
advance,
000,000,000. A g a i n s t th i s f?
j
^
Governors
State
in
the issuers will have to pay a
!.????■"
obligation.
no
S
etc., amounted to $8,740,131.
by war,
mu-
taxed,
are
at
.
operating revenue and in¬
come in
1941 was $18,711,641, an
increase of 10%. All bridges and
tunnels and the Port Authority
a
net
Princeton, Large Price Decline
of
Lutz
L.
be
upon
will
imposts
conference
The
,
under the stress of wartime
conditions, it is felt that this "red,
white and blue herring," as Dr.
name,
additional
these
creased real estate taxes.
would
called the recommendation,
w
•
180.
Teletype—NO
Bell
strenuously opposed, since they
will have to be reflected in in¬
ever,
Harley
them
:
NEW ORLEANS shreLvaep0rt
JmT
be
radical
Secretary's
t*cQ**>Q*+.T*o
•
Whitney- Bldg.
said.
Authority
Port
in¬
operating charges,
and
.
proposal as the
constitute
a
breach of contract and faith and
would be found
invalid.
How¬
of such
"
':/;.??
us
-
Congres¬
in
Vt'/?,,!
•
gives
-
that the enactment
sional circles
Scliarff L Jones
'
issues
after
Total
comprehensive
background of familiarity with these
municipal bonds.
We will be ■ glad
to
answer.
any
inquiry
regarding
da
comparable decline in high
The revenue picture of these
grade corporate bonds, and is very five
states, as for most states, is
much smaller than the decline in
a
changing one,jjhe Federation
long-term United States Govern¬ said. Decreased
yields from gas¬
ment issues. In fact; it can fairly
Proposal Opens
oline ,taxes and yautomoBie tegis^
be stated that the major portion
Dr.
Lutz's
characterization of
{ration,* fees
are
bound to be
of this decline is the result of the
Mr.
common.
Safes t tax yields from
Morgenthau's proposal was
above unethical tax
threat.jr?.^ r
such articles as automobiles, tires
quoted above.
This well versed
and tubes, washing machines, ra¬
It is estimated that there
professor of public finance has
estimated that a Federal tax on
dios and typewriters, will decline.
are outstanding approximate;;
the other hand,
local
curborrowing would increase f. 1 ly $19,500,000,000 state, iand ,;
charges by as much as $175,000,municipal bonds. It is not im? v v rent
wage
and salary in000 a year.
creases
can
bring in more
The Conference on | probable C. that
the" v market > i
State i Defense,
an
organization i; value of these seeurities is
j /revenue- to. states with. ineome ;
Z and general sales taxes.
familiar to all municipal men, has
To- *
today Jess than it was last
stated that determined opposition
Autumn by very close to $l,r\v y: bacco a nd u t i I it ies taxes also
evoked
has
taxation
the
experience in handling Flori¬
Our long
MUNICIPALS
to
sinking
for
funds,
reserve
terest
s
securities saleable.
describe as "special
"This
simply means that the
privileges," and
"loopholes" in
the current American system of local governments have
to pay
taxation.
Naturally, one of the more for the money they borrow,
most prominent of these "privi¬ and the public are the persons
leges" in the eyes of the Admin¬ who are paying that money in
istration
is the continuation of the long run.
;
the
time-honored exemption of
"It may be necessary to obtain
municipal securities. He still in¬ this additional revenue - in this
sists that taxing the interest of
way, but it should not be passed
future and outstanding issues .of off as a
luxury tax or something
Statue and
municipal
securities that will not affect all of
us, for
would yield $200,000,000 a year to
it will."
the Federal coffers.
In his tax
message to Congress on Tuesday Resistance to Tax
pleased
and
36%
available
enue
MUNICIPAL BONDS
MISSISSIPPI
of
increase
FLORIDA
re-
showed an
in net rev¬
1941
for
ported
LOUISIANA
result
financial
The
.
to¬
gether with the financial policies
followed, put the agency in the
position in 1942 to meet almost
any conceivable war-time falling
off in traffic, the Port Authority
announced Monday. A drop could
be borne in gross operating rev¬
enues of as much as 40%, some¬
thing which is believed improba¬
ble and has not been forecast by
the
view
city hall are
The
series
gage
Typical was
opinions.
that
in
the
trying."
survey
being
boys
"the
was
another
in
a
made by the Mort¬
Bankers Association to col¬
bearing on met¬
lect data with a
ropolitan
real estate problems,
urban decentralization, city plan¬
and related subjects.
question was studied, said
ning
erick
P.
Champ,
This
Fred¬
Association
President, merely to get some in¬
dication as to how mortgage men
feel about
THE COMMERCIAL & FINANCIAL CHRONICLE
-Number 4052
Volume 155
problem, which will
a
be among the most important for
real estate in the post war period.
Security Factors Behind
Municipal Obligations
■,
UNITED
In their bulletin
Bonds
the
and
on "Municipal
Developments,"
War
conclusions
are
drawn by Barcus, Kindred & Co.,
231 South La Salle St., Chicago,
and GUARANTY COMPANY
111.:
As
to
basic
security, General
Obligation Municipal Bonds dif¬
fer
STATES FIDELITY
following
from
a
BALTIMORE. MARYLAND
of corporation
group
securities where earnings may be
seriously affected by priorities,
loss of markets, or impairment of
paying ability.
We do not see anything in pres¬
ent war developments that should
affect the certainty of payment of
the average Municipal Bond.
,
: * Farmers
and individual prop¬
erty owners should be able to
pay their taxes .under conditions
that may
have,
develop,
during
as
Forty-Sixth Financial Statement, December 31,1941
well as they
depression
.recent
years.
It
is
even1
possible
that
farm
Cash
and labor conditions Will improve
because
the
of
war
demand
Premiums in
Reinsurance
Interest
an
increase
of
collection, not
Taxes
47,450,833.61
_____
Securities*!
—
$ 2,000,000.00
Surplus
as
Systems Of Local
Profits
7,294,391.12
regards Policyholders
J—
g '
'
g:|
$68,786,885.86
/
valued on amortized basis, and all other securities at convention valuations (December 1, 1941 market
prescribed by the Committee on Valuations, National Association of Insurance Commissioners.
The
$480,692.63 represents difference between December 1, 1941 and December 31, 1941 market valuations.
If bonds and stocks, were valued at December 31, 1941 market prices, Undivided Profits would be increased
$1,107,425.30.
Securities In the amount of $2,593,500 (par value) in the statement are deposited as required by law.
prices),
Reporting Need
Improvement
reserve
gathered
statistics
19,294,391.12
?
*Bonds
Finance
states
»
10,000,000.00
——
Undivided
Surplus
800,000.00
....
.
48
500,000.00
-
Capital.
they fall
480,692.63
—
January 15, 1942
,
financial
1,373,826.94
17,555,189.70
Voluntary Contingent Reserve
in present war conditions
that woud affect the certainty of
all
♦_____
premiums—.
Reserve for dividends payable
thing
If
260,968.50
4,482,726.36
_
.
Total
there does not appear to be any¬
form
^$,
$24,039,090.61
—
_
_
expenses
Reserve for depreciation of
yet
as
_
and
Unearned
The holder of Municipal Bonds
does not have the opportunity of
State
i
—
Commissions
available.
,
$68,786,885.86
——————
Legal Reserves:
continue, and the moderate por¬
tion
necessary
to
pay
debt
charges ; should > continue to be
as
176,227.86
——
Admitted Assets
ac¬
operate schools and
other municipal activities should
getting his payments
; 147,820.02
——
and accrued-
Claims
doubling his income, but
.7,034,459.29
LIABILITIES
to
Taxes
1,226,933.80
—
90 days due.—
over
Funds held under reinsurance treaties
tivity.
due.
due
an
show
to
Of
42,137,686.08
:•
due, secured claims, and advances—
Total
inadequate return
on
c their
'property; investment,
would ordinarily: find it necessary
to pay their taxes. And the aver¬
age cross section is almost cer¬
tain
course
1
_
—1
—
.,
increase of activity—but
those which suffer in earn¬
and
by pledge of collateral
—$14,153,393.63 i.
—wr<
:
Company's office buildings—less depreciation reserve-.-.^—3,491,908.84
Other real estate—less depreciation reserve
L
!—84,834.42
•
ings,
J
_
Deposits, Workmen's Compensation Reinsurance, Ui S. Aviation Underwriters—• 333,621.90
an
even
hand and in banks—
and Stocks*
Loans secured
products, but in any event, pay¬
ment of Municipal bonds is from
taxes,;- and not from earnings
which may fluctuate widely.
Industries in Municipalities are
usuially diversified—a few con¬
cerns
may
"suffer—others may
have
on
Bonds
for
on
uni¬
as
of
.
-
local
and state
government, as they do
statistics, the allocation of
vital
revenues
.Federal,
and
ments could
s
activities
among
state and local govern¬
be made
on
a
more
supervision
is
scattered
among
agencies
ranging from the State Tax
Although state
of local financial reporting
simple and proper basis. Though
all but eight states receive some
reports on the finances of local
Commission to the Depart¬
government,
municipal
finance
ment of Revenue, some of the
authority
Dr.
Kilpatrick i said, i States are beginning to modthe wide diversity of practice in i ernize their reporting forms
reporting and the limited statistics h in accordance
with
recent
assembled "result in virtually no
changes
suggested - by
the
reporting system in a number of
U. S. Bureau of the Census.
states."
Under the
Financial
Census Bureau sys¬
Walter Rooney Joins
Scheduled
We
list
herewith
the
more
important
municipal
offerings
($500,000 or over — short term
issues
excluded), which are to
come up in the near future.
The
the
of
names
and
the
successful
runner-up
previous issue
sold
for
are
bidder
the
last
also ap¬
pended,
one
A
.Development of state reporting outlays and current supplies are
to physical
local finances has been slow, classified according
according to the study. The aver¬ quantities of materials.
age
To gain
person
is best acquainted
adequate reports of
with reports of tax levies and local
finances, the study said state
collections.
Fairly comprehen¬
governments should
employ a
on
sive fiscal information
now
is col¬
trained statistician whose time is
by 34 states for counties,
22 states for municipalities, devoted to this purpose, coordinate
lected
by
and
by
19 states for other local
units.
statistics gathered by
various de¬
partments, and designate local re¬
Only 10 states annually issue a
porting officers.
comprehensive report on
both
The study suggested also that
county
and
municipal finance.
They
are:
California,
Indiana, financial reports of local govern¬
small
June to
issue
of
bonds
was
awarded
last
Braun, Bosworth & Co., and Ryan,
Southerland & Co., both of Toledo,
Second
high
bid was entered by
han, Harris & Co., Inc., of Toledo.
jointly.
Strana-
$1,925,000 Houston, Texas
In
(Special
to The
Financial
The annual field day of the
ORLEANS, LA.—Walter Bond Club of New York and pub¬
J. Rooney has become associated lication
of
"The
Bawl
Street
with Steiner, Rouse & Co., 205 Journal" will be
suspended this
Carondelet St.
Mr. Rooney was year, it was
unanimously voted
formerly
Vice - President
and by the governors of the club,
manager of the municipal depart¬ who stated that they felt neither
ment1 of Levy &
Rooney, Inc.; the field day nor the satirical
prior thereto he was with.Lachlan "Journal" was in keeping with
NEW
M.
Vass
&
Co., St. Denis J. VilWhitney Na¬
lere & Co., and the
tional Bank.
1940, the city awarded bonds
Central Republic Co. of Chicago.
highest bid was submitted by City
National Bank & Trust Co., Kansas City.
Frank
B.
Millspaugh With
C. Christopher & Co.
(Special
to The
Financial
Chronicle)
JOPLIN, MO.—Frank C. Mills¬
paugh has become associated with
present
war
decision
breaks
consecutive
conditions.
DALLAS,
TEX. — George
L.
Simpson has become associated
with The Dunne-Israel Company,
Gulf States Building, it is an¬
nounced.
Mr. Simpson was for¬
formerly for many years
head of his own firm, Geo. L.
Simpson & Company, Inc.
merly
Putnam King, Represents
Union Securities Corp.
^
record
This
of
21
Files In
r
Bankruptcy
Noyes D. Robinson has filed a
voluntary petition in bankruptcy
in
the
Federal
District
Court for
New York City, listing liabilities
of $499,490, plus interest, and no
assets except
insurance and prop¬
erty in the hands of a receiver,
consisting of a seat on the New
York Stock Exchange from which
Mr. Robinson was suspended for
non-payment of dues.
To Admit
Garvey
BOSTON, MASS.—Union Se¬
John F. Garvey will become a
Corporation
announce
that Putnam King will
act as partrier in LaBranche & Co., 50
their
representative
in
Boston Broadway, New York City, mem¬
curities
with offices at 75 Federal
Mr.
King
Street.
bers of the New York Stock Ex¬
formerly with the
Mr. Garvey will act as
local office of Goldman, Sachs & change.
on
the
floor
of
the
Co. and prior thereto was man¬ alternate
ager of the municipal department Exchange for George M. L. La¬
was
Iowa, Massachusetts, New Hamp¬ ment, to be most effective, should B. C. Christopher & Co., 118 West
shire, ,New Jersey, New Mexico, be issued often and in an easily Fourth St.
Mr. Millspaugh was
New York, Ohio and Oklahoma.
read form, perhaps as newspaper formerly with Wise & Smoot, Inc., for Ballou, Adams & Whittemore, Branche, Jr.,
These states all supervise local
Inc.
and the Cragin Investment Co.
Article IX.
accounts, audits and budgets also. releases or as news letters.
a
outings of the Bond
Club.
Geo. L. Simpson Is Now
With Dunne-Israel Co,
the
Second
Omit Field Day This Year
Chronicle)
August,
to
New York Bond Club Will
Steiner, Rouse Staff
of tem of reporting, expenditures are
March 9th
five chief functions in connec¬ analyzed by activities instead of
$650,000 Tarrant Co., Tex.
tion with municipal purse strings
solely by general functions so Last
April, the county awarded an issue to
which the states oversee. Besides that more scientific comparisons
a syndicate headed by the Harris Trust &
being an important factor in state may be made between costs of Savings Bank of Chicago, whose bid topped
supervision of accounting, audit¬ services in various communities. that entered by Rauscher, Pierce & Co. of
Dallas, and associates.
ing, budgeting and debt, financial Personnel, likewise, is reported (Bids will also be received for only $150,000
reporting is a means of inform¬ not only in terms of salary pay- of the offering.)
ing citizens how their town com¬ merits but according to the num¬
March 10th
pares
with
its neighbors,
the ber of fulltime and part-time em¬
$1,112,000 Lucas Co., Ohio
study said.
ployes in each activity.
Capital
reporting
is
Major Sales
...
under
.
Section
15,
;
Thursday, March 5, 1942
& FINANCIAL CHRONICLE
THE COMMERCIAL
938
•
■
r.
.
1
r
'
S
-
•
-
.
Again in 1941
To Make Your Start
1iw bkimd mihi tl.
Under present
helped thousands of
American
particularly
are
win ranoh
They
carry
lower
fear and want
from
nations
fight
a
world
war
v
<
for freedom from
*
r
l/
,
'
■Derails
families must continue to wage their
aggression,
attractive.
substantially
a
few
our
policies
for
premium
first
"While
conditions
"modified"
popular
families
Easy
the
years.
'
'
-v
on
* '1
'
1
j'-
'
: '/
obligation.
request-no
6truggle for the personal independence which is so
vital
a
part
of
—
our way
of life.
England Mutual helps win both victories
And New
by protecting the home and assuring
children's
and
educations—by investing in Government Bonds
^Bruilraiial
essential industries.
steadfast life insur¬
protection through the wars and depressions of
century — has steadily gained in strength in spite
of many critical economic periods.
Company has provided
This
'
growth still
That this consistent
statement
goes on, even
days, is evidenced by the 1941
these difficult
Heme
$3,000,000 on the old funded debt.
Since .1932, "even these reduced
due 1949.
In addition, there are requirements
would
have been
in";; onlv ^ three
years.
$90,000 of miscellaneous » barvis. covered,
which need not concern us here. However, • as
stated before, the
There are 1,400,000 shares of com¬ company is now a more efficient
mon stock of the corporation out¬
operating unit, anthracite prices
standing; the corporation owns are at a higher level and cur¬
the entire common stock of the rently r the... company's % earnings
company—160,000 shares of $50 are the best in 10 years.?. If we
gage 5s due 1973 and $29,148,000
of
convertible
6%
debentures
98th ANNUAL STATEMENT
DECEMBER 3T,
,
$1,658,971,000
51 millions more than ever
38% more than at the
New
1941
Force
In
clared
$
127,631,000
are
listed
has
de¬
been
The
value.
refund¬
the New York Stock
on
with
535,967,000
Includes f8,850,000
vide for
516,962,000
657 shares of
for 1942 dividends
Special Contingency Fund
19,005,000
the new bonds of
the company's earn¬
ings statements for the 12 months
on.
Sept.
' /: '
■
•">
Net
of
etc.
forma
Pro
forma
1,565
chgs.ri1,
r 2,773
charges
fixed
..*
613
com.,..
2,160
chgs. :X earn.
• 4.5
$2.10
avail,
Pro
4,373
;
Deple._L
&
fix.
for
forma
Bal.
32,796
income
Depreciation
Pro
.
to
be
income
stock.
mon
will differ a?
placed upon
naturally,
values
new
and
bonds
is
It
com¬
believed
tnat
the valuations
presented here are
conservative and that purchase of
the old bonds at present levels is
justified on the assumption that!
the latest plan is accepted.
The
SEC appears to be looking to the
interests of the junior bondhold¬
ers,
so i
that the 6s, 1949, under
plan acceptable to the
almost any
SEC,
appear
value
bf
to
the
two
not the latest
final
the
be
better
whether '
issues
plan becomes the
plan,
;
•
>
1940.
$30,549
28,308
..' 2,241
1,433
'-r" 744
613
•
131
1.2
$0.13
$37,169
sales,
Operating
Avail,
,
the
the
(000 omitted) ;
'
sales,
Cost
/.! 1941
\
Ideas,
>
to
or
12 Mos. Sept. 30
"
,
'
.
*
1940,
30, 1941 and
have the following:
we
stock.
common
$29,148,000 of 6% debentures—or
a
total principal amount of over
$53,000,000 of funded debt—there
will be only 20% as much debt
REPORT GLADLY SENT UPON REQUEST
for
earn,
sh.
per
,
Reduce Div.
Arrearages
clearing
in
Progress
their
up
,
dividend accumulations was made
during the past year by 21 com¬
preferred
with
panies
listed
stock
on
the
issues
of
York
New
Stock Exchange, according to the
Assuming that the plan is ac¬
February
issue
of
"The, Ex¬
cepted in its present form and change," monthly publication of
and the interest thereon will be
that-operations-for the duration the Stock Exchange. - Total ar¬
payable only as earned.
of the war continue on a plane
rearages among
98 listed issued
Here are what the holders of a
comparable
with
those
shown now ' amount
to
$970.312,000i
$1,000 refunding mortgage 5% above,
the new income bonds which compares with 116 issues
bond and a $1,000 6% debenture
should be worth between 50 and
with back dividends of ,$1,099,will receive under the new plan:
60, so we will set them down at
830,000 at the beginning of 1941,
-f
New 6%'
New
55;
which' is the
approximate the magazine says.
" /
NEW ENGLAND METEAL
LIFE INSURANCE COMPANY
new
Thus, in place of $24,411,867 of
old refunding
mortgage 5s and
$
Unassigned Surplus
should be filed
forma interest re¬
pro
quirements
$613,000 to
by the time this
It will pro¬
$10,216,569 general mort¬
gage 6% income bonds and 1,021,-
last year
double the total at the end of 1929
Includes f3,000,000
Court
reaches the printer.
Increase of f34,261,000 over
.,...,.«•»»»•»•••••»••«$
the
apply the
ending
latest plan
The
$
COPY OF ANNUAL
stock
no
Exchange.
Assets
More than
of
ing mortgage 5s and debenture 6s
Including Additions and Revivals
12% more than in 1940
Liabilities
This
par.
before
end of 1929
Insurance
Life
Office, NEWARK, N. J.
in
financial
below:
Insurance
V (Emttjumg of Amrrtra
Jitaimmr?
ance
a
of BOSTON
1
'•
President
George Willard Smith,
FIRST
MUTUAL
LIFE
Cities Coast to Coast
• Agencies in Principal
Cash
INSURANCE COMPANY CHARTERED IN AMERICA—1835
fief.
This
Com. Stk.
Inc. Bonds
5s_
$135
15
shs.
12,/jj:shs.
$270
6s__
125
Mtge,
Debenture
27
expected to have
three of the four
bondholders' committees, the ap¬
plan
is
the approval of
of
proval
the
the
of
examiner
and its proponents hope
it also will have the approval of
company,
the SEC.
/.V,;;
evaluate
the
new'
will be
recessary to look back into the
company's
operating record in
Before
PHILADELPHIA & READING COAL & IRON
REORGANIZATION
i
Expectation Is That Latest Plan Proposed Will Satisfy
All Contending Groups; New Securities Evaluated
After
several
latest
numerous
years
reorganization plans have failed over the past
to satisfy the bondholders'
groups
and the SEC, the
plan, it is believed, should meet the approval of all parties
concerned.
Philadelphia &'<$■
Since that date
Iron Company. its junior bonds.
In 1937, the latter company filed various plans have been promul¬
a petition in Federal Court seek¬
gated by the management and
ing
organization,
Reading Coal &
permission
under
section
77B
to
of
ruptcy
act.
Princioal
at
time
was
the
the
reorganize
the
bank¬
difficulty
company's
inability to meet the interest
on
several
bondholders' groups.
Funded
debt of
Philadelphia &
Reading Coal & Iron Company,
the subsidiary, consists mainly of
$24,411,887
of
refunding
mort-
to
it
might
the
new income bonds.'
Since appli¬
cation was made in 1937 for per¬
order
have
to
see
covered
mission
to
how earnings
the interest
reorganize,
on
the
com¬
has done a great deal in the
of disposing of several un-
pany
way
orofitable
Philadelphia & Reading Coal & Iron Corporation is merely the
holding company which owns the common stock of the operat¬
ing
attempting
securities,
properties and
now
believed to be a much more
is
effi¬
organization.
At best, of
course, the anthracite coal indus¬
try is in a downhill trend and it
cient
price structure and
good level of business activity
show any profits from opera¬
takes
a
fo
a
firm
tions.
Interest
^ew
this
requirements
on
the
$613,000,
comparing with over
other
bonds Sof
comparable speculative- character
sell
at
present.
The common
stock will certainly not • be en¬
,
(•.Omitting
back
considering
.v
dividends
preferred issues
regular
322
the
alone,
and
payments,
,
titled to sell much over two times
earnings, and in a hard coal com¬
particularly a reorganized
probably sell for -not
more than its earnings.
An
pany,,
will
one,,
much
estimated fair value for the com¬
Based
new
1941
on
bonds
income
new
the
common,
which sell
on
and 3 for the
old
in
selling to yield an aver¬
of 5.9%, • The average return
dividend - paying i common
stocks at the end
of 1941 was.
on
9,3%;-;
The
.
<v;
magazine article continues:
industries,
the largest
in preferred V dividends
(including payments
against arrearages) were made
By
gains
last
1973,
5s,
the New York Stock
were
age
price of 55 for the yf.
a
dividends
distributed
which
therefore,-is $3 per share. ;T
mon,;
k
year
..28%^ would
be ! .by shipbuilding and operating,
worth $364.50. or about 36^ in¬ v'a gain of 125%; leather.'105%;
e'ectrical equipment,- 94%, and
cluding the $135 of cash to be
Exchange
:
at
.
.
'
The
received.
ing
on
obi
see¬
6s,- 1949,
wouM
worth
be
roughly
$121.25,
Consequently,
12V8,
new
on
securities, the
5S, 1973, sell at a discount
and the 6s.
1949, sell at
of 2*%
dis¬
count of 46%. • If bought "in a
oarkaee." the old* bonds would
new
above
;
$371.25
comnared
value
securities,
of
$487
based
oaner
Thirteen
a
.
off
their
"
-
arrearages
;
;
preferred issues paid
entire
accumulations
during the past year.
were
and pubr
manufacturing
dishing, 67%.
or
vac¬
these assumed or estimated
ations for the
cost
M
the Stock Exchange at 8%
estimated
6% income bonds is
figure
at; which
level
of
six
Dividend
other
issues
eliminated either through
reorganizations or by exchange
offers of stock.
with
for
the
10
on
the
ments
And there were
an
stipulated valuations.
companies which made pay¬
their
substantially
accumulations.
reducing
Volume 155:
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4052;.
to shareholders during the
totaled $.51 per share.
Bond interest earned during the
paid
investment Trusts
f
Kihbon, McCormick Co.
Opens In Chicago
year
(Continued, from Page 935)
Smaller
companies
participated year amounted to $574,971.35 and
as well
as
large.
Manufacturers represented payment of full inter¬
est
on
each
bond
owned.
Net
Within
a
community:' mobilized
expenses
were : $80,their plant capacities and bid, as operating
495.79. Total net credits to the
a
group, for large war contracts.
"ordinary
distribution
account"
Conspicuous
among
these
cowere $512,066.57.
operative efforts was the plan doIn the accompanying letter to
vised
by : William V S. Shipley,
Hugh
W.
Long,
Chairman cf the York Ice Ma¬ stockholders,
chinery Co., cf York, Pa. His co¬ President, said:
"It may well be that prices of
operative
plan,
known
as
the
equities at their present
York Plan, has been copied and many
levels largely or fully discount
used in many cities.
.
"A great amount of the
work
for
necessary
ground¬
all-out
war
production had been done before
Japan attacked Pearl Harbor. The
present task is to convert still
more
productive
labor
to
the
war
and
capacity
cause."
'
The
story
and
romance
of
American
industry is as aweinspiring today as it ever was.
Let
"Earning assets of the 15 lead¬
ing
New
which
York
City banks, in
Group Shares pro¬
Bank
ler
and
taxes
taxes are
increases
securities.
to
Dean
in taxes.
.
*
\
..
long
ences
in
*
inflationary influ¬
not affect stock prices
As
be¬
of risk
defense
an
excellent
the
same
nity
of the
time afford
and
war.
an
late-comers
suitable proportion of well select¬
ed common stocks offers a meas¬
to
event, sound common stocks cur¬
rently afford attractive yields and
One
are
selling
at
relatively
low
prices as judged by past stand¬
each
The
Broad
Street
that during
reports
Janu¬
from
the
stock
were
invested
Consolidated
sale
Pro¬
of the
in
latter
shares
of
the
A portion of the commitrhent in Sears, Roebuck was sold
because of the uncertainty
"hard
lines"
which
represent
roughly
one-half
of
that company's normal sales vol-:
ume,
and
which
include
such
items
as
refrigerators, washing
*
Bond
listed
of
putstanding
as
of that date repre¬
status
sent
larger figures than any pre¬
viously reported to shareholders;
Net assets
oer
share
were
*7.08
Jan, 31, 1942 compared
31,
1941.
on
with *7.07
Distributions
the
31
the
of
States
which
in
permit such exemption.
,
1939
1,
Curb's
announcement
Pred J. Young,
Bondholders
Missouri
The
.
after
each
$500
stamped
added:
action
careful
was
tion both in New York
City and
elsewhere by Russell Maloney,
^
*
istration
•
■■:
Dwight
and
unlawful
to
each
Securities
the
of
the
securities
are
sioner
{
State
,'<r,
•
vj
York
r
i
,
representing
Deposit,
of
bond3
the
except
coupons,
due
coupon
February
*
,
$500
Certificate
representing
Deposit,
of
bonds
i
"*
.
(
' ' •'
(,n
>_
T
v
it
*
ij
1937
for eacJl $1000 bond and $457.70 for each $500 bond,
915.53
$
stamped pursuant to the Readjustment Plan, of 1934,
Ex¬
Curb
,'v.
BONDS DUE NOVEMBER 15,
granted to securities fully listec
New
1934,
coupons,
Certificate
maturing coupons.
y>r, * '
* i
or
exemption which has now been
the
bonds
coupons,
(unstamped) with August 1, 1938 and all subsequently
unless
the transaction is exempt.
The
on
subsequent
*'
1, 1937'
each
*
.
the
unless
representing
Readjustment Plan of
1937. and
for each $1000 Certificate of Deposit find $420.86 for
841.72
$
Commis¬
exempt
$500
maturing
H.
which have not been registered
with
Deposit,
of
1,
(unstamped) with August 1, 1932, and all subsequently
securities
sell
/
for each $1000 Certificate of Deposit and $542.92 for
$1085.84
Brown, Secretary of State.
is
DEPOSIT
to. the
t-
of
Commissioner
and
1938 coupons.
depositary
Certificate
pursuant
i
<
August
February
Committee,
with August
v
Supervisor of Corporation Reg¬
.
and February 1,
1, 1938 and subsequent
~
pursuant to
representing
except the
February 1, 1938 and subsequent coupons, or August
or
investiga¬
•
1934),
for each $1000 Certificate of f)eposit and $449.38 for
898.76
$
either
taken
of
coupons,
Chairman; The Continental Bank & Trust Company
of New York,
the
not stamped
(but
Plan
and subsequent
of
The
with
May 15,
1936,
subsequent coupons
and
attached.
change has the effect of making
it unnecessary
to register such
securities senior
them, prior to their sale in
securities,
to
■
each $1000 bond and $517.58 for each $500 bond
$1035.16
(unstamped) with May 15, 1933 and subsequent cou¬
or
pons
attached.
'
.
Missouri.
The differences in the above
The annual report to
ers
the
front
arise
Eastern Corp. Reports
of
account
on
the. respective
stockhold¬
of Eastern Corporation shows
net
profit to
the
company
of
$195,453 for 1940, equal to
$4.02 each on the common stock
after deduction of preferred divi¬
dend requirements. The long-term
debt of the company was reduced
by $286,800 during the year;
before March 31, 1942, the
on
given
or
sugar
the company is re¬
quired to make a further pay¬
ment of $125,000 on the Five-Year
4% Notes and to deposit $178,892
inven¬
Hoarders,
"
July
Readjustment
25.
laws
Re¬
and $529.68 for each
bond
registered
CERTIFICATES OF
Exchange announced on
The ruling became ef¬
fective Feb. 25. It is pointed out
that
Curb
Exchange
securities
now have Blue Sky exemption in
Feb.
the
to
pursuant
Funds
prices
ited
payments
received
by
of
purchase
is
haye-already
in
after
the
York
New
of
offer
holders.
offer
above
The
different
interest
March
31,
required
been
to
purchase,
depos¬
satisfy
and
if
1942,
and
of
amount
this
promptly
when
securities
the
..
registrar.
of
ment
with
:
"
provisions will
be
made to provide householders
with sugar for home preserving
and
canning land for certain
Special
stamped
coupons,
$1000
for each
the Curb
states,
port
for
re¬
the
at
retirement
Stock.
the
Net
close
of
of
Prior
Pre¬
working capi¬
1941
was
$2,-
949,377.
who
have
to
have
for medicinal reasons.
persons
sugar
Sugar
refiners,
importers
subject
certification
to
canners
checks
they
the
any
the
offer
by F.
J.
to
Young
expires March 31,
ever,
depositors
to
amounts
which
entitled.
are
Inc.
of
acceptance
of New York will
forward
in
This
issues.
amount
in
The Continental Bank
Trust Company
promptly
distributions
made
available
to
the holders of
the
above
securities
on
account
thereof,
except
distributions per¬
taining to collections up to and in¬
cluding January 31, 1942, will be
deducted from the Flat prices listed
The
securLies
any
&
1942.
Co.
How¬
deposited
with
The Continental Bank & Trust Com¬
of
pany
the
York
New
herewith,
be
may
in
until
May
event
aforesaid
accordance
held
right of purchase
that
subject
that they
to
at the prices
31,
1942.
above.
above
the
30
York,
Broad
unable
Inc.
the
purchase
fore
Corporate
St.,
is
Co.
Trust Dept.,
York, Agent for
the undersigned with respect to this
offer,
together with a Letter
of
Transmittal, copies of which may be
obtained from the undersigned.
New
the
In
securities
who wish to accept this offer should
forward their securities to The Con¬
tinental Bank & Trust Company of
of
Holders
all
New
will
of
31,
May
securities
be
thereof
Trust
F.
to
the
1942,
J.
Young &
arrange
for
securities
be¬
as
aforesaid,
deposited
hereunder
returned
to
the
depositors
by The Continental Bank &
Company of New York, with¬
out any charge
for
expenses.
F. J.YOUNG & CO. Inc.
52
only upon
will begin
_
&
judgments, without distinction as
between
deposited
this offer,
of
Readjustment Plans of 1934) of
Bonds, Certificates of Deposit and/
or
been
have
F.
and
using the sugar in their canning
operations within 45 days of the
date of delivery.
The purpose of
the action, it is said, is to prevent
sugar
needed now from being
stored up for future n@ed.
the
bond,
July 1, 1939, representing August 1, 1938 and
1937, August 1, 1937,
the
liver sugar to
from
registered
$500 registered bond, stamped pursuant to the Settle¬
distributors have been ordered by
the War Production Board to de¬
to
1942 and 1,194.226 shares
$1059.3*
the
on
books before they receive them
•
as
that it has been author¬
for each $1000 registered bond and $436.13 for each
$500
Exchange have
at
1942
Net asset* of $8.4*2 628.08
Jan.
fully
Curb
will be penalized
by not getting a book
all or by having from one
eight stamps torn from their
course,
behalf
BONDS DUE AUGUST 1, 1957
872.27
1,
tal
accumulated.
$
exempt securities under the Blue
Sky laws of the State of Missouri,'
ferred
of
thereof
respect
hereinafter set forth:
a
not yet
determined, will
represent a fair supply that the
average
family might be ex¬
pected to have on hand, but will
be less than a hoarder might
31;
conditions
3
Kebbon, McCor¬
previously re¬
the
"Chronicle"
of
was
accorded
been defnitely
have
Fund—Jan.
due
adjustment Plan of 1934 and pursuant to the Settle¬
York
tory figure, which has
Reports
'
on
normal
in
of Cordoba on
Court
announces
$835,033 after providing for Fed¬
eral income taxes* as .compared
"normal inventory" re¬
The
judgments
or
Federal
who
a
possesses
1927,
of
of
manager
as
either
Manhattan
Jan. 31,
a
book.
tion
agricultural imple¬
ments, tools, tires and tubes, etc.
Annual
who
1937,
may
roof.
anyone
above
machines,
:
same
7%
Ten-Year
Bonds
bondholders.
J. Young & Co. Inc.
being able to purchase an aggregate
of not less than $4,141,200 principal
amount (not including unpaid inter¬
est or additional claims arising from
quiring removal of more than
eight stamps from the war ra-
of the
supply f of
■
of
15,
by the
of
member
No ration book will be
to
the firm
with
Under the laws of Missouri it
Oil
folio.
-
members
Gold
purchase the above issues, at the following net FLAT
of
Co.
in
been
the
by blood or marriage and, liv¬
ing and eating together under
Corporation, a
issue in Broad Street's port¬
new
be
Servants,
and others who
household, but
Fund
1932
were
family
unit, must register individually.
Generally speaking, a family
unit consists of a group, related
Broad Street Investing Cor¬
poration
further
reduced
its
holdings of Deere & Company, du
ceeds
each
unit.
(Argentine)
Cordoba
1,
their
a
not
are
ary,
Pont, and Kalamazoo Stove.
in
live
for
ized to
Chicago
may
family
a
lodgers,
Sales Corpo¬
1942,
Securities
register for
unit, although a
war ration book will
issued
of;
of
individual
Ex¬
an
family
separate
be
9,
&
New
...
—The Broad Street Letter
ration
adult
of
subsequent
the local boards will not
accept any applications for a
two-week period following the
close of registration.
of protection against possible
inflationary
influences.
In
any
rendered
Curb Securities Exempt
From Mo. Blue Sky Law
ever,
ure
ards."
a
November
ment of
registration,
obtain
may
Municipality
External. Sinking
Feb. 12.
ration books by application
local rationing board. How¬
war
associated
ported
forces, inmates of insti¬
After the initial
the
966,000
Exchange
of
of
Cordoba on behalf of individual bondholders.
F. J. YOUNG & CO. INC.
Formation
mick
permanently
in hospitals,
convalescent homes; etc.
opportu¬
prosecution
On the other hand, a
in
acquisition
in
Court
'
>
the municipal department.
States
of
Stock
Federal
the
by
1957, or
and
or
at
the
Securities,'
United
the
Chicago
Mar.
on
woman
members
$
' 1
,
rendered
1,
judgments
or
prices to the respective holders thereof, subject to the terms
tutions, and persons temporarily
offer
bonds
investment
assist
to
armed
always important.
of securing a sound
means
in
Up-
-y
therefor,
Deposit
thereof
respect
1927, due August
Bonds of
of
become
The
will
man,
every
excepting
is
foundation,
child
and
diversifica¬
for
Harry N.
«
■^ *" :< ,''
,V,
iy
*\.
>,
Gold
Certificates
( („y
office of Alex. Brown & Sons will
,
book
registration
issued
experiences of
nations.
Because
warring
a
A
the
of
'' ;
"•
*
and
'.
►,1 - ■•
Carl H. Oilman of the
experienced by the
great majority of the companies
whose
bonds
are
held
by the
trator:
Raymond Bil-
!:
■
be certain that in given out by the: Price Adminis¬
of these uncertainties
tion
.
ing Fund
y
change membership, by D* Dean
taxes
gating about 23,000 persons.
ilfts following additional facts
run
may
view
other
.
,
"
#
McCormick.
1941
*
"One cahhQt
the
.
the
with
March
crease
"
-y t, „*
Municipality of Cordoba (Argentine) 7% External Sink-'
The firm will become members
these Registration for Sugar
earning assets increased by $1,880,601,000,
or ,17.6%, : deposits | Rationing Books in
increased
With regard to the forthcoming
only 0.5%.
In
other
words, a much greater proportion nation-wide registration for sugar
of deposits currently is being put rationing books, Price Adminis¬
to profitable use than was the trator Leon Henderson announced
case a year ago.
As of Dec. 31. that registration will be accom¬
1940, earning assets represented plished over a four-day period,
only 61.8% of deposits, while as probably during the last week in
of Dec. 31, 1941, they represented March.
Mr.
Henderson
also
72.5%'. V. V As a result of this ex¬ stated that there will be approxi¬
pansion in earning, assets, particu¬ mately 1,400,000 registrars and
larly in the category of commer¬ the facilities of 245,000 elemen¬
cial loans, the banks were able tary schools will
be employed.
to show improvement in aggre¬ In addition, work of the regis¬
gate earnings in 1941 as compared trars will be supplemented by
with 1940, despite higher operat¬ more than 7,500 local rationing
ing costs and a substantial in¬ boards with a membership aggre¬
during
L.
McCormick
.
of
Fund, the average interest cover¬
an
ownership, are at the
age
on
these
bonds
in
1941
highest level in their history, ac¬
reached the highest figure that
cording to the bank statements of
has existed
during the life of
Dec. 31, 1941," reports a new bul¬
letin from Hare's, Ltd., national your Corporation."
distributor of Bank Group Shares.
"Whereas
-
are
Pritchar d..
yv e''
vides
■
~ y':
..nnn
$4,210,500
lett, James R. Connell, Richard A.
Kebbon,
John C. Marshall,
D.
excess
earnings
'
Partners
computed. Due
in
IMPORTANT NOTICE — to the holders of the outstanding
will
dis¬
Inc.
The firm
as
underwriters,
municipal and U. S. Government
propriate for us to point out that
bond interest, being in effect an
operating expense, is deducted
income
the business for¬
Co.,
function
(Argentine Republic)
tributors and dealers in corporate,
Once more the rising
before
&
City of Cordoba
New York City, as a
merly conducted by Stern, Wamp-
tide of income taxes makes it ap¬
fore
;
Wall Street,
continuation of
investor in stocks rather than.the
to; the
Investment Company Briefs
Salle
•
bondholder.
La
40
business at 231 South
Street,
Chicago,
and
begun
This, however, is a ques¬
tion which primarily affects the
come.
profits
hesitate to tell it.
not
us
still
taxes
heavier
of
burden
CHICAGO, ILL.—The recently
organized partnership of Kebbon,
McCormick & Co. has formally
uncertainties and the
both future
939
WALL STREET,
Telephone
-
HAnover
Philadelphia
Albany
New
York, N.
Y., March
2-3840
1616 Walnut Street
90 State Street
Dated
NEW YORK
4,
1942.
,
'
THE COMMERCIAL & FINANCIAL CHRONICLE
940
L
'
.
Established 1858
t
.
H. Hentz & Co.
Member$
New
York
Stock
Exchange
New
•
York
Curb
Exchange
Cotton
Exchange
York
New
Inc.
Chicago Board of Trade
New Orleans Cotton Exchange
Exchange,
Commodity
ing us. We want to do some¬ Factors Affecting Future
thing about it. But aside; from
Real Estate Values
buying defense bonds or being : Two sets of war-born forces,
active in some voluntary de¬ pulling
in - ■ opposite
directions,
fense work, we have little to may decidedly affect future val¬
ues
of real estate in American
do.
Yet Congress, which is
cities, according to the current
supposed to be doing some¬ issue of the Federal Home Loan
"Four factors
thing, is still busy playing Bank "Review."
are generally increasing the value
politics.
'
-
••
•
>
£
■y.y ,J.
of
%
Arid other Exchange*
The
average elected
resentative seems much
N. Y. Cotton Exchange Bldg.
NEW YORK
V
with
concerned
local
than he is in the
DETROIT
CHICAGO
BOSTON
PITTSBURGH
can
other
when
rep¬
more
issues
How
war.
the common people,
than complacent
we,
act
,
what passes for
in Congress
we* see
"deliberations"
break
down
into
petty local
tion
in ma¬
hesitancy
proceed with con¬
struction plans; (2) the increas¬
ing demand for housing in many
areas; (3)
high rent levels; (4)
the rising cost of new construc¬
of
if
But
NEW YORK CITY
tion."
•;
.
Exports—Imports—Futures
*
\
of the real
one
■h:-
isn't its
DIgby 4-2727
is
inactivity, but that it
managing to stay up as it
does.
Tomorrow's Markets
Walter
Whyte
Says
(Continued from Page 933)
Ih
like
At times it
-
looks
even
wringer,
but; the fundamental systems
through
which
on-
the
market
our
was
I'll say this: the
current action is still good, or
not
answer.
And
the
averages,
But the cataclysms of past
ripples when com¬
pared to the forces at large
today. For today's market no
longer reflects isolated tides.
It is trying to evaluate basic
changes such as it never in its
history has had to face.
years are
*
«
:'fi
.
cannot leave
This
un¬
early strength
Applying
all this to the stocks, you have
the advice of last week, which
cannot be trusted.
still goes.
sis
,•
•/ ;/
At
,
two
The
the market
So
touched.
*
V
..•*«••
•
••
>.,.vvu;'V^;f
'
this
writing you hold
stocks, American Car &
mighty British
Foundry, at about 32, and
Empire is breaking up. Eyen
American Steel Founders, at
if Malaya and Burma are won
about 20. Last week I advised
back, the changes wrought
hat your stops in these should
will never be undone. Even
be raised. There's nothing in
India, which has been the key¬
their action to change it. For
stone of British power all
if the two issues are to do
these generations, is undergo¬
anything on the up side, they
ing a political change. No
must stay above their critical
market, no matter how sen¬
points. These are American
sitive,
can'; evaluate
such
Car
&
Foundry 29V2 and
forces and r e fleet them
once
Amer.
I
speedily.
;
Steel
of
operate,
on
estate of the war
states:
real
program to date,
effects
Founders
19M>.
<
on
^
the volume of sales was larger
in 1941 than in 1940,
there was
disparity between con-
wide
a
editions in individual communi¬
ques."
the article says.
"Cities
of
from
flowing
lation
or
'boom
town'
other
group
rienced
a
in
one
The prosperity
increased popu¬
establishment
the
camps
army
affected
were
three ways.
of
often
reached
proportions.
An¬
of
cities
expe¬
normal
-
*
.
learn
from
.*
v:; *
: v-.;:
the
'daily press.
Yet, between the Treasury's
proposals and the final enacts
ment into law, the difference
will be
large;
*
Meanwhile
$
we
*
are
themselves in the future.
More
{The views
expressed
article do not necessarily
time coincide with those
Chronicle.
still be¬
Thursday.
—Walter Whyte.
They
are
in
this
at any
of
presented
the
a.«
ing warned against complac¬
ency, But it isn't you and I RR. Earnings To Stay Up
who
are
complacent; It is
our
Strauss
Congressional windbags, who
New
guilty. From just reading
the official communiques we
are aware of the
danger fao
a
are
York
circular
Bros.,
City,
32
Broadway,
have prepared
entitled
"Railroads
to
Maintain'High Earnings." copies
of which may be had from the
firm upon request.
-
hasn't
season
had
many
good plays
)or,
mouth butter wouldn't melt.
But appearances are deceiving for the
looking cousin turns out to be a demon in disguise.
First,
manages to drive Doug Proctor's model (he's a home-working
commercial artist) out of the house; she turns the healthy Proctor
child into a hypochondriac; drives Doug to drink; the servants leave
in a boiling rage and Ann is brought to the verge of a nervous col¬
lapse.
Through all these machinations the house guest presents.an
angelic appearance.
Apparently no one suspects that she is at the
bottom of the whole thing. V: How the play develops and what the
ethereal
she
outcome is would not be fair to disclose but rest assured that from
the time the curtain goes up for the first act until it comes down on
the last you will be engrossed.
The play is. shrewdly written and
the acting is more than capable.
Mary Anderson as Evelyn Heath,
the house
wrecking hussy, is completely hateful, brilliantly so.
fact the audience takes her hatefulness
of
so
much to heart that
In
some
them
even
hissed at the last curtain.
Louise Campbell as the
hostess,-Ann Proctor, is completely charming*
Leon Ames
Pert Kelton as Miriam
Blake, the model, handles her comedy lines well. In fact there isn't
harried
the befuddled Doug Proctor is believable.
as
actor
an
or
actress
in
"Guest
in
the
House"
who
doesn't
in
come
for kudos.
"Of V We
development
Sing," presented by the American Youth Theatre in
association with Alexander II. Cohen.
Staged and directed by Perry
Bruskin.
About
two
three
the garment industry presented
year the Pacific Coast sent us
This season we have "Of V We Sing." But there
the comparison stops.
In the first two revues the cast actually
seemed to be enjoying its roles.
Anyway they gave that impression.
In this one there is no spark of spontaneity, or if there is it doesn't
across the footlights.
But even at that it is almost as good as some of
the more expensive revues that are playing on Broadway this season.
Most of the skits are
based on subjects of social significance.
The
handling of such material can be vastly amusing.
They can also
be dull, and only in a few instances does "Of V We Sing" come close
to the amusing mark.
•
a
revue,
or
years
"Pins and Needles."
ago
Last
"Meet the People."
MOVIES
"This Time For
Keeps," an MGM picture on which little money
spent, but actually is good (if not better) than some of the
highly publicised films.
It's an amusing story of the Sort the SEP
goes in for.
You know the kind I mean.
Where the young man
steps into a job and makes a go of it when everything seems to be
was
property values, a logical against him.
In this case the young man is Robert Stirling, a used
outgrowth of improved business car salesman, happily married to Ann Rutherford, whose father-is a
conditions
throughout
their real estate and insurance tycoon of the small town in which they
surrounding
areas.
A
third all live. After persuasion the young man enters his new father-intype of community discovered law's (Guy Kibbee) business and right away sees he can't make good.
that
the
gigantic
production For father-in-law trying to be helpful only succeeds in stifling the
program could bring about at
young man's enthusiasm.
The pay-off comes when the up and
least temporary dislocations in
coming ex-used car salesman cooks up a scheme to sell a big prop¬
local real
estate markets,
as
erty and pop, with his interfering, boloxes up the deal.
Everything,
factories ceased the production
however, works out well in the end for it's that kind of a picture.
of
non-essentials
and
labor
.
forces
migrated to the scene of
opportunities for employ¬
new
CAFE SOCIETY
One
night last week Fefe's Monte Carlo opened its new show.
of the perennial Bill Robinson whose dancing feet
seem to go on forever.
Here is a man in his sixties who can still do
the same things with his feet he was able to do in his twenties.
But
as remarkable as Bill Robinson is my interest was in Katherine Hep¬
burn, Spencer Tracy and Gene Tierney, who occupied ringside tables;
Unfortunately I looked away for a minute and during the minute the
stars of "Woman of the Year" departed.
However; the gorgeous Miss
Tierney remained
and I now gave her my undivided atten¬
tion.
Bill (WorldrTelegram) Hawkins remarked "What a figure!"
Malcolm (N. Y. Sun) merely ob¬
served "Wow!" S. Jacobs, whose
birthday it was and at whose table
we all were, asked me, "Well, Bill
The Penthouse Club
Smith, you like?"
Uh-huh, I
30 CENTRAL PARK SOUTH
liked, but what with her husband
Adjoining The Plaza
draped around her neck what
could a guy do?
For the morfr
prying ones I wish to say that
Miss Tierney wore a white dress
ment."
This
Curb
The
Operating Loss
consolidated
report of the
and its
New York Curb Exchange
affiliates, the New York Curb
Exchange Realty Associates, Inc.,
and
New York Curb Exchange
Securities
Corporation,
Clearing
The report for
the pre¬
L
'
cut down to here and
said:
Ted
Cash
in
banks and
to $747,832
on
Straeter's
music
danced to
and
7A
Bob
a
hand
as
consisted
V
of ex¬
penses over income of $121,939.15
after depreciation and amortiza¬
tion
of
$127,452.70.
The Ex¬
change's
announcement further
vious year showed excess
amounted
those of the author only.]
theatrical
matter, even interesting ones.
But in the "Guest in the
House," the Ames brothers, who hail from Wall Street, have a play
that has most of the 'elements that go into the making of a hit.
The
plot of "Guest in the House" isn't world shaking but it has suspense,
horror, anger, comedy and some first rate acting, which is more than
may be said of most of the current offerings.
The Proctors, a young
suburban couple, with a healthy ten-year old daughter, feel sorry
for Ann Proctor's cousin and invite her to stay at their home.
She
arrives and turns out to be a cardiac, but a lovely girl in whose
of
Feb. 25.
next
1941-42
that
con¬
communities into three classes, in
commenting
The
for
particularly
prices are for the year ended Dec. 31, 1941,
broken, my advice is to get shows a net operating loss of $55,Coming back to domestic
out and hold your, cash for 871.31 after deduction of $113,affairs, we are now faced with
183.17 for depreciation and amor¬
what
opportunities present tization, it was announced on
a tax bill.
What it is you can
■
"Guest in the House," by Hagar Wilde and Dale Eunson, from astory by Katherine Albert.
Presented by Stephen and Paul Ames,
at the Plymouth Theatre, New York.
Directed by Reginald Denham^
Settings by Raymond Sovey.
The cast includes Mary Anderson,
Louise Campbell, Leon Ames, Pert Kelton, Joan Spencer, Katherine
Emmett and others. :77
■7/'
Vv'^.e.;7
depre¬
case
of these
If either
process
obsolescence
"Although prices for real es¬
tate were generally higher and
annual national income.
!
the
and
to
of older properties."
The "Review" groups American
in the
:1s
market,
same
to
but
.
i'fi
$
re¬
Of course, much of Tues¬
went on
day's rally was due to relief
saying its little piece. To those over the removal of uncer¬
who, could read what it said, tainties from the proposed
the fates were kind, to others
new taxes, which aim at even¬
it was not.
tually siphoning off half of
duced
;
ciation
tinues
and
rather not bad.
built, continued to function.
at
offset
makes necessary the
cheaper land available
only in outlying districts.
■"New
construction methods,
emphasizing prefabrication and
demountability, are being tried
out in the defense housing program.
If these become a. perr
manent part of our construction
technique, they may reduce the
level of future building costs
and
existing property values.
Finally,
fundamental
and
the
post-war years of changes must have an effect
War No. 1, changes in govern¬ on
prices in the long run.
ment
occurred;
countries When these will come, I can
went
...
organized effort is
made to keep prices at even
keel and prevent them from
breaking.
Obviously
such
some
basic
are
of
use
for
The wonder
current dullness.
several
costs,
on
That
reasons
time,
same
temporary
factors.
New industrial plants,
being erected on the rim of
urban and metropolitan areas
as well
as rural
districts, may
tend to re-locate
industry in
many communities.
The prior¬
ity system, with its limitation
foreign
view of current events.
is
"Review" goes on to
favorable
these
changes it does, whatever its
shortcomings, take a realistic
SUGAR
:
and
domestic
the
-The
7V7''■ 7 "At the
permanent forces
work
threatening
to
market
stock
the
to
more
finds it difficult to reflect all
it
S *
builders
say:
WALL STREET
99
because of shortages
PLAYS
terials and the resultant
with running a war.
to do
existing properties," the "Re¬
view" says, "(1) the current de¬
cline of new residential construc¬
squabbles that have nothing
fXAMBORN & GO.
Thursday; March 5, 1942
com¬
Knight's tunes as if she really en¬
joyed it.
Bet I can dance better
than her husband, H-m-m-m-m.
with $788,911.67 as of
31, 1940. During the year
$60,000 was paid off on the
principal amount of the mort¬
gage, leaving a balance due of
pared
most
unique restaurant in
beautiful location,
overlooking
Central Park to the north*
Dec.
against $141,709.14 for the pre¬
vious year.
estate
Federal,
amounted
best
food, skilfully
As of Dec.
31, 1941, the total
$4,697,370.78.;
This represented a net
equity for each of the 529 reg¬
ular-memberships of $8,879.72.
net assets amounted to
$760,000.
Real
Serving
prepared
and
State
to
miscellaneous
j
taxes L
$130,505.51
as .»
and
ci*v
Telephone PLaza 3-6910
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4052
Volume 155
Calendar of New Security Flotations
MINNEAPOLIS-HONEYWELL REGULATOR
''CO.
v.''
.Minneapolis-Honeywell
Regulator
Co.
a registration statement with the SEC
for 25,000 shares of cumulative preferred
stock, series C, $100 par value; the divi¬
dend rate will be furnished by amendment
Address-—2747 Fourth Ave. South, Min¬
neapolis, Minn. 88'88*S:8.8
;
Business—Engaged in the manufacture
.and sale, of various types' of .temperature
controlling and heat regulating devices. At
present time, company states it has con¬
tracts, signed or awarded, for in excess of
$40,000,000 of army and navy material,
for delivery during'1942.and 1943
i
'8- Underwriters—Union-: Securities
Corp.,
New York, 21,500 shares; Piper, Jaffray &
Hopwood,
Minneapolis, V.2,500 j shares;
Burns, Potter & Co., Inc., Omaha, Ne:b.,
1,000 shares
;
Offering—The preferred stock will be
offered to the public, at a price per share
to be supplied by amendment
Proceeds will be added to working cap¬
J
filed
OFFERING
'
/'•
8
I
„■
5
..
8.:
•
x.•
i:;:-8.
* '•
•'
-88
'■
.'8
t
?'
s-
=
8
BY THE PROSPECTUS.
XV\
.*
.
'
'
VI
8
*8 V-s
'v
•••
Tf-jv
88.-x
8
1
<
8.-r
-r
'
,* •- :
^
$15,000,000 881::|
f
.
r.
■-
-
'.•••'
.
5
*
*
--
1
_•
•
......
t<
iS8i;fi.88l 1
:8i:8BcHENLEViDlSTlLliERS:CORPORffiriON:8s8-!
:
'
v
:-Z-V '
■;, V
h;
V:
,
■S**-:' - 'V
S
.
v
; v.."'-.'r'v". Vv
■'!. V
V."
rt.'-.i1::-W
•.
^
'
:'-v-
»
•
88:■888-V8',-^'88^8v:-
8
4% Sinking Fund Debentures—Due March 1,1952
Ten-Year
^
i-f"
:88r88888888-888'^8—;v:88;8-;'":-s8^8:;'v8':8i8V:'88"'";iX8':'.'v8V^888'::*^r8:8888::t.A'^
.
ital
TO BUY, ANY OF SUCH SECURITIES. THE OFFERING IS MADE ONLY
V:.-'-t
88 -.A- v ;y"c, %.?•':'■'-'■TV-V.TT.
I- Jt*-"---"»---
•••
.v :8"-'8<8;X.-8
-A-.8
v.".-
OFFER TO BUY, OR AS A SOLICITATION OF AN OFFER
OF THESE SECURITIES FOR SALE, OR AS AN
'
fvV
'
CIRCUMSTANCES TO BE CONSTRUED AS
AS A MATTER OF RECORD ONLY AND IS UNDER..NO
THIS ADVERTISEMENT APPEARS
'
i
■
j
<
8888:8
Registration Statement No. 2-4951. Form
(2-25-42) /..a:.-;.: r;88
- - >: .88 Offered
share
March
and
4,
at
1942,
dividend
$104.50
100%
Price
A-2.
and accrued Interest
per
-
MONSANTO CHEMICAL CO.'
v
Monsanto Chemical Co.
tion
with
statement
shares
of
$4
Series C, no
filed
a
SEC
for
the
cumulative
PROSPECTUS MAY
THE
•
value
par
registra¬
35,000
stock,
preferred
FROM
:
.
SUCH
Address—1700 S. Second St., St. Louis,
Mo.
V ..v - 88 ,v,'/88'' ;8-\.
888X8.
BE OBTAINED
THE
OF
THESE
IN
ANY
UNDERSIGNED
SECURITIES IN
STATE
AND
IN
WHICH
OTHER
THIS ANNOUNCEMENT
DEALERS
COMPLIANCE WITH
AS
ARE
REGISTERED
SECURITIES LAW
THE
IN
IS CIRCULATED
ONLY
OFFERING-
AND
'
'
SUCH STATE.
Business—Company and
are
of
engaged
its subsidiaries
manufacture and sale
in the
widely
products
diversified
a
line
of
chemical
Underwriting—Smith, Barney & Co., New
>
Mellon Securities Corporation
York, is the sole underwriter
Offering—The 35,000 shares of preferred
will be offered to the public, at a
price to be supplied by later amendment
stock
Proceeds will be
V
added to cash funds of
company, to be used for
and expansion purposes
A2
The First Boston Corporation
blyth & Co.. inc
working capital
~
Registration Statement No. 2-4949.
Form
(2-24-42)
Offered March 4,
share and dividend
1942,
i
at
$105.50
E. H. Rollins & Sons Incorporated
Lazard Freres & Co.
per
PENNSYLVANIA ELECTRIC CO.
;
Pennsylvania Electric Co. registered with
J3EC $32,500,000 first mortgage bonds, due
Jan. 1, 1972, and 34,000 shares Series A
cumulative preferred stock, $100 par. The
interest rate
rate
on
the
on
plied
Stone & Webster and Blodget, Incorporated
the bonds and the dividend
preferred stock, will be sup¬
to the registration
Tucker, Anthony & Co.
amendment
by
statement
•
Address—222
Levergood
Pa.
St.,
PITTSBURGH, MARCH
t
Business—This
Trustees
company,
controlled by
Associated
Gas
&
Electric
of
Corp., is engaged chiefly in the production,
purchase, "transmission, distribution
and
sale of electricity for lighting, heating, in¬
dustrial and general utility purposes, serv¬
ing a territory in Western Pennsylvania
(extending- from Hhe Md.-Pa. State line
due
The
under competitive
SEC's Public Utility
bidding rule U-50
Holding Company
Act.
Names
of underwriters
and public
offering prices will be supplied by amend¬
ment to registration statement.
The In¬
to. bid
the
for
securities
■
(1-9-42)
Registration
Statement
fully
p.m.
E. S, War Time on
888;.:
v
4:45
effective
Feb.
18,
.1942.:
Offered March
103'/a
103.75
Issues
per
(a)
interest, and
share
plus
and
1942
awarded
were
syndicate
headed
Corp.,
the bonds
5.10%
the bonds
March
by
2,
1942,
Mellon
Schenley
tration
to
DISTILLERS
Distillers
the
filed
SEC
a
for
regis¬
$10,-
000,000 10-year sinking fund debentures,
Jan. 1, 1952, and $17,500,000 15-year
sinking fund debentures, due Jan. 1, 1957.
Interest rates will be supplied by amend¬
ment to registration statement
Address—350 Fifth Ave., New York City
due
Business—Company
and
its
200,000
Co., Inc._
Blyth & Co., Inc.—
Bonbright &
Co.—
Central
&
Estabrook
225,000
250,000
—
—_
225,000
„„8 1,100,000
—
Co.—
&
200,000
225,000
Co.———.
First
Boston
Corp
Hallgarten & Co.—
Harris, Hall & Co., Inc
Hayden, Miller & Co
—
J.
W.
B.
E.
Hilliard
Hutton
&
& Co
825,000
225,000
400,000
—
Hemphill, Noyes & Co.J.
825,000
400,000
Republic Co
Read & Co.-
Emanuel
150,000
350,000
Son
125,000
Higginson
Carl
M.
Loeb,
Laurence
Merrill
350,000
Rhoades & Co
Lynch,
Parrish
Deane
250,000
the sole underwriter
Lynch
&
125,000
—
Brothers
Stein
Stroud
&
&
Boyce—
Anthony
Tucker,
Union
225,000
-
to
150,000
Co
Corp
400,000
400,000
350,000
250,000
—
—
March
at
1942,
4,
100
and
int.
subsidiaries
engaged generally in the distilling,
blending, rectifying, producing, warehous¬
ing, bottling, buying, selling, exporting and
importing alcoholic products for beverage
purposes, principal business being produc¬
are
tion and sale of
United
a
list of issues whose registration state¬
filed less than twenty days ago.
become effective in
seven days.
dates, unless otherwise specified, are as of 4:30
P.M. Eastern Standard Time as per rule 930(b).
Offerings will rarely be made before the day follow¬
ing.
These
rye, bourbon and blended
Whiskies
were
in
the
stated
be
to
amount
short-term
of
bank
loans
prior to or
concurrently with the issue of the deben¬
tures, will be applied to payment of all
the
present
bank
loans
of
company.
Amount of such bank loans outstanding
on Aug. 31,
1941, was $24,000,000
:
Registration Statement No. 2-4925. Form
A2.
procured
by
company
(12-30-41)
The Schenley
filed
an
Distillers Corp. on Feb, 13
amendment, disclosing that it now
proposes to issue only $15,000,000 of de¬
bentures instead of an aggregate of $27,-
500,000 contemplated in the original regis¬
tration
statement
filed
on
Dec. 30.
,
According to the amendment, the com¬
pany
will offer
$15,000,000 of 10-year
sinking
fund
debentures
due
on
.Feb. 1, 1952, in lieu of the $10,000,000
4%
r
,,
of 10-year 3 V* %
.
TUESDAY, MARCH 10
LOUISVILLE
TRANSMISSION
CORP.
mission
pany's
lines to be constructed by com¬
wholly-owned subsidiary, Louisville
Corp. (Indiana), will com¬
Transmission
plete
<KY.)
Electric's
Ky.
&
Corp.
Kentucky on
Dec. 2, 1941, as a subsidiary of Louisville
Gas &
Electric Co.
Company will con¬
struct and own a 154,000 volt double circuit
transmission line from a point on the site
of the Paddy's Run generating station "of
the parent company, near Loouisville, Ky.,
to a point known as Green River Crossing
in
Hart
County, Ky. (approximately 67
miles) where it will connect with a trans¬
mission
line which
the Tennessee Valley
Authority will construct to such point from
Business—Incorporated
its
South
Nashville
in
substation near Nash¬
ville, Tenn. (about 105 miles).
Company
will also construct and own terminal facili¬
ties
at
the
parent
tem
tie-in
the
(Ky.) has
filed
a
registration statement with the
SEC for $3,850,000 of First Mortgage Sink¬
ing Fund bonds, due Mar. 1, 1967. Interest
rate will he supplied by amendment.
Address—311 W. Chestnut St. Louisville,
Louisville Transmission
company's generating
stations, together with transmission lines
■which, together with 10 miles of trans¬
sinking fund debentures
offered
to
of
pre¬
the public
warrants, above mentioned, are
to the underwriter as addi¬
compensation.
If the underwriter
exercises the warrants, the shares of co
mon
stock covered by such warrants ft£y
be offered to the public; details of such
Public
Purpose
with
system
of
of
and
Louisville
Service
such
Co.
of
construction
available to the TVA
Gas
transmission
a
&
sys¬
Indiana.
is
to
make
1,400,000,000 kilowatt
hours of electrical energy per annum from
the interconnected system of Louisville Gas
Electric
affiliated
electric
Underwriting
will be
the
Co.,
TVA
and
four
non¬
companies.
and
Offering—The
bonds
sold under "the competitive bidding
rule
of the Holding Company Act; public
offering price, names of underwriters, will
be supplied by amendment.
Proceeds will be used to pay for the cost
of the above construction program.
r
Registration Statement No. 2-4948. Form
A1
(2-17-42)
Corporation
thorized
to
by
Feb.
on
Kentucky
seek bids
on
18, 1942, was au¬
P. S. Commission
the bond
issue
Republic
DRILL
Drill
&
&
TOOL
Tool
registration statement
Co.
has
will
with the SEC
a
for:
payments
for
company
is an invest¬
independence fund dec¬
An
of
trust
presents
a
means
by
individual, upon the. payment of
fees; can establish a trust account
providing, for investment of $1,000 to $100,an
certain
000
in
a
commingled fund of
bonds, with certain protective
requirements end subject to certain risks
as
ordinarily are incident to the owner¬
ship of the type of securities comprising
more
or
stocks
and
the investment fund
The company is the sponsor
Proceeds
will
be
used
for
purchase ma¬
Form CI
investment
88-,8:
'
Registration Statements: 2-4957; 2-4958.
be
used
to
(3-2-42)
8
„
CORP.
California De-Tinning Corp. filed a reg¬
istration statement with the SEC for 234,000 shares of $1 par common stock
Address—Los Angeles, Cal.
Business—Company is engaged
in the
reclaiming and processing of tin
Underwriters—Quincy Cass Associates
Offering—The common stock will be of¬
fered to the public at $1 per share
Proceeds will be used to pay for organi¬
zation expenses, a detinning plant and for
working capital
Registration
Statement
No.
(3-2-42—San Francisco)
KEYSTONE CUSTODIAN
FUNDS, INC.
series
shares series B-3 full cer¬
participation; 70,000
shares
full certificates of participa¬
300,000
of
K-2
shares series S-4 full
participation
Congress St., Boston, Mass.
Business—Company is a distributive type
of investment trust
8''8.;;8' ;8'8
tion,
500,000
and
certificates
of
Address—50
■
Underwriting
Offering—The
and
above
shares, representing the above certificates,
will be offered to the public, at the market
Proceeds will be used for investment pur--
8
8..■/'--8;8r'-.:".
Registration
Statements
Nos.
2-4952,
2-4953, 2-4954, 2-4955. Form C-l (2-2-42)
poses
NATIONAL
,
SECURITIES
&
RESEARCH
twenty
days
offering
mined
list
a
of
not
BAKERIES
Bakeries
Class
B
Address—No.
but
been
Issues
whose
ago,
to
unknown
are
American
Atlanta,
more
have
dates
or
AMERICAN
shares
or
deter¬
us.
CO.
Co.
registered
16,000
par common stock
Ten Pryor St. Bldg^
no
520
Ga.
*
*
Business—Manufacturing and distribut¬
ing bakery products in souther states
named
Offering—Stock will be offered to pub¬
at price to be filed by amendment
Proceeds—All proceeds will be received
by L. A. Cushman, Jr., chairman of board
of
company,
will be sold
for whose account the stock
Registration Statement No. 2-4714. Form
A-2.
(3-28-41)
Proposed offering as amended Dec. 10,
9,000 shares at $54.25 per share
Amendments filed Nov. 21, Dec. 8, and
1941,
Dec.
26,
1941,
Amendments
to
defer
filed
Nov.
effective
Dec.
21,
date
8.
Dec.
26, 1941, Jan. 12, Jan. 29, Feb. 7 and Feb.
16, 1942 to defer effective datf
ATLANTIC CITY ELECTRIC CO.
Atlantic
City Electric Co.
filed a regis-
|ration statement with the SEC for 62,000
shares of Cumulative Preferred Stock, $100
par:
dividend
amendment
rate
Address—Atlantic
Business—This
will
be
furnished
by
City, N. J.
subsidiary
of
American
Gas & Electric Co. is engaged
CORP.
Securities
two
&
Research
Corp.
the SEC
separate registration statements
for (1) a maximum of 210
independence fund declarations of trust
and agreement (of which 105 are without
insurance
below
present
whose registration statements were filed
lic
Keystone Custodian Funds, Inc., filed
separate registration statements with
the SEC covering following: 25,000 shares
series B-l
full certificates of
participa¬
tificates
OF OFFERING
UNDETERMINED
Underwriter—None
2-4956.
four
tion;
DATES
We
SATURDAY, MARCH 21
CALIFORNIA DE-TINNING
with
filed
calling
,
filed
CO,
trust.
which
chinery and equipment, and for working
capita
Registration Statement No. 2-4950. Form
AX (2-24-42)
National
SUNDAY, MARCH IS
REPUBLIC
Business—This
ment
supplied by
public offering, if any, will be
amendment
type),
aggregating
not
in
excess
of
$252,000
($126,000 without insurance and $126,000
with insurance) ; and (2) 2504independence
fund
declarations of trust
(income type,
capital type and distributive type), aggre¬
gating $268,750, of which $18,750 repre¬
sents a maximum creation fee payable to
the sponsor and is not part of the trust
Address—1 Cedar St., New York, N. Y.
purposes
Form A1
States
Underwriting—Mellon
Securities Corp.,
Pittsburgh,
is
named
principal
under¬
writer; names of others will be supplied
by amendment
Offering—The debentures will be offered
to the public, at a price to be supplied by
amendment
Proceeds
from sale of the debentures,
together with the net proceeds of un¬
shares
125,000
issued
Proceeds
These issues
are grouped according to the dates on which the registra¬
tion statements will in normal course become effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
ments
be
accumulative
laration
tional
Whiting, Weeks & Stubbs, Inc.—
Offered
.
in
share; provision is made, how¬
the initial offering price may
to not less than $4 per share.
The option
400,000
Co
&
per
that
reduced
—
&
Securities
Wertheim
$5
ever,
be
Blodget, Inc.
Inc
Co.,
at
400,000
warrants
111.
will be
stock
125,000
—
Scribner
Stone & Webster and
Offering—The
ferred
common
par
option
Business—Engaged
125,000
Co
&
stock, and
stock re¬
the manufacture
and sale of a variety of twist drills
Underwriter—Craigmyle, Rogers & Co. is
the
Address—Chicago,
——
&
preferred
250,000
Fenner &
Co.————L——225,000
Schwabacher & Co._
200,000
Singer,
the
$1
shares
for
&
Shields
of
62,500
—
Co
&
conversion
served
250,000
Pierce,
Webber & Co._
Riter
preferred stock, $1 par; option
to purchase 62.50Q shares of $1
par common stock;
125,000 shares $1 par
common
stock, reserved for issuance upon
125,000
Moseley & Co
Paine,
125,000 shares of 55-cent cumulative con
vertible
warrants
250,000
Co
&
—:
Leonard
Moore,
S.
Corp.____
Marks
M.
Beane
F.
1,100,000
400,000
Freres & Co._:
Lee
300,000
—
Following is
as
CORP.
Corp.
with
Sons
&
Dillon,
pur¬
«
-
____$2,000,000
Allyn & Co., Inc.__
&
be
,
the
Amount
„
CurtiS-8—l-' $225,000
L
400,000
&
Kidder,' Peabody & Co.—4—.
Kuhn, Loeb & Co
a
...
statement
Corp._^
of
Amount
t
-
Securities
Brown
C.
Securities
3%s and the stock
as
at
the stock at
dividends.
Both
series
SCHENLEY
^
(b)
4,
underwriters
Alex.
erty additions
Registration Statement No. 2-4929. Form
A2
the
A.
Blair
Underwriter
Jackson
Lazard,
of
Underwriter
specify
,
Will be
price to be supplied by later
a
names
Mellon
company is to receive not less
103 for the bonds and not less than
'than
The debentures
debentures, and the amounts to
chased by each, are as follows:
the
.$100 .per share for the preferred stock : v
i
Proceeds, will be used to redeem all of
the outstanding funded' debt of the com¬
pany and Erie Lighting Co. and for prop¬
at
1942
amendment
pany
that
1957.
1,
4,
1, 1952, and $17,500,000 of
sinking fund debentures due
4%
Jan.
offered
,
,
vitations
Jan.
on
lb-year
on
northerly to Lake Erie v"
?
?
Underwriting and Offering—The bonds
and preferred stock will be sold by com¬
of
Union Securities Corporation
Johnstown,
and-105
with
insurance
of
the
in the gen¬
eration, transmission, distribution and sale
of electric energy in the southern part of
New
Jersey, including Atlantic City, and Is
hot water heat¬
ing service in a limited area in Atlantic
City and steam for. heating to two custo-
also engaged in furnishing
THE COMMERCIAL & FINANCIAL CHRONICLE
942
Thursday, March 5, 1942
Calendar of New Security Flotations;
99 %
of
Atlantic
gross
electric
•'
its
at
mers
plant.
About
derived from
City
revenues
are
Offering—As
and
soon
as
after the registration state¬
effective, company proposes
becomes
publicly to invite proposals for purchase of
49,000 shares of the new preferred stock,
•under competitive bidding rule of Holding
Provision is made that the
Company Act.
preferred
registered will be offered under an
Exchange Offer, as follows: holders of the
26,283 shares of $6 preferred stock held by
the public will be entitled to receive one
share of new preferred stock for each share
remaining
shares of. new
13,000
stock
of
$6
preferred
amount
plus
an
cash per share equal to the
in
of
ex¬
the
stock
exchange,
$120 per
share of the $6 preferred stock, plus ac¬
crued dividends to the date of redemption,
over the initial public offering price of the
new preferred
stock.
The exchange offer
cess
will
redemption
expire
not
such
offer
after
later
is
of
price
than
fifth
the
made.
day
holders
Should
of the $6 preferred stock held by the public
take more than 13,000 shares of new pre¬
ferred
then
stock
the
ferred
bidding
and
under
number
stock
if
to
will
the
of
be
be
Exchange
shares
of
Offer,
new
pre¬
price per share
the other shares
same
for
they
as
have
will
by
supplied
be
amendment
from
Proceeds
preferred
tribution
to
sale of
stock,
in cash of
by
company
the
plus
62,000 shares
capital
a
con¬
$2,500,000 to be made
American
Electric
&
Gas
the parent company,
Co.,
will be used for
to purchase
Co. 30,592
shares of $6 preferred stock/fat its cost);
following
from
$3,059,200
purposes:
American
to
$3,153,960
Gas
be
Electric
&
the
with
deposited
re¬
demption agent, for the redemption of 26,shares
283
of
$6
stock
preferred
(to
to
$2,500,000
discharge
account
open
debtedness to American Gas & Electric
the
balance
in¬
Co.;
for
corporate purposes
Registration Statement No, 2-4941. Form
(2-2-42)
A2
Registration Effective 12:30 p.m. E. War
on Feb.
14, 1942.
Time
Invitation
Public
for
Proposals—No
bids
received Feb. 24 for the issue. Groups
were
formed
drew
to
compete
the
in
face
shares
the
for
the
of
general
with¬
market
uncertainty.
AXTGN
FISHER
Axton
tration
Fisher
TOBACCO
Tobacco
CO.
filed
Co.
statement with the SEC
regis¬
a
for
aggre¬
gate of 149,944 shares 5 % cumulative prior
preferred stock, $25 par.
<•'
,,;-V
Address—Louisville, Ky.
Business—Engaged in the
of cigarettes
(Clown, Spud,
Grand)
and
various
manufacture
and
brands
of
Twenty
smoking
and
chewing tobaccos.
Offering—The 149,944
ferred
stock
will
be
issued
new
under
pre¬
plan
a
recapitalization, as follows: (1) 56,544
shares in exchange for 14,136 shares out¬
standing 6% preferred stock on basis of
shares
cash
new
preferred
one
share
for
stock;
(2)
45,465
shares
ferred
A
shares
basis
plus
be
1
old
$16
parent
payments
A
for
to
for
com¬
new
38,852
stockholders
than
offering
also
in
represent
dends to Dec.
to
at $25
share,
be sold
per
be
and
unpaid
(2)
The
cumulative
divi¬
(3)
made
cash
above,
in
cash offer
a
amount
an
is
necessary
payments in the above
ex¬
(2-13-42—San
Amendment
effective
Francisco)
filed Feb.
1942, to defer
27,
v..
..
MINING
Bear
Mining
153,145
shares
Address
AND
of
common
513
—
MILLNG
COMPANT
Milling Co.
and
Majestic
registered
stock, $1 pai
Bldg., Denver.
Colo.
35®<Proceeds
and
—
For
operation
development equipment
property
near
mining
Breckenridge, Colo.
Registration Statement No. 2-4571. Form
A-l.
(11-12-40)
Amendments
Jan.
tive
19
filed
Feb.
and
Dec.
25,
Address—25
tered
1942
to
GAS
&
ELECTRIC
Gas
&
Electric
$28,000,000
1951, and
Address—61
1941,
E.
Second
the
on
the
be
serial
debentures,
due
$92,000,000 sinking fund
is
sup¬
Miami,
(Electric
of
&
Share
serving
east
most
of
of
coast
the
Jacksonville
the
territory
Florida
(with
along
the
exception
ol
area), and other portions
registered
under
the
the
of
Offering—The
to
are
be
competitive
sold by
bidding
securi¬
company
Rule
U-50
SEC's Public Utility Holding Com¬
Act.
Names of underwriters and
to public, will be supplied by post-
effective
amendment
registration state¬
r
v.--;
•.
be
applied
as
follows:
$53,170,000 to redeem at 102V4, the $52,000,000 of company's First Mortgage 5s oi
1954; $15,693,370 to redeem at $110 per
Proceeds
the
to
stock,
be
of
shares
142,667
supplied
-
company's
Further de
post-effective
par.
no
amendment
by
A2.
(9-17-41)
2, Jan.
effective
defer
to
Feb.
20,
and Feb.
6
Finance
statement
with
Offering—Both
Issues
at. prices
Proceeds—To
to
1952;
$4,750,700
$50,000,000
$3,750,000
due
subsidiary,
aerial
notes
4%
and
of
by
publicly
amendment
$50,000,000 Deb
for
shares
176,854
par
principally
ment
St., Chicago, 111.
discounting install¬
receivable secured by automo¬
notes
conditional
bile
tel
automobile
and
dealers
terest
bearing
biles.
contracts and
sales
mortgages,
Due to
notes
to
short-term in¬
their
on
chat¬
funds
advancing
secured
by
recent prohibition
automobiles
automo¬
of sale of
and
new tires,,
company
its charter so as to
broaden the scope of its authority to do
business
■MM'.
;
Underwriting—-None
'
Offering—The 176,854 shares of common
stock are reserved for issuance upon the
exercise
of
certain
outstanding Common
Stock Purchase Warrants, latter entitling
holders thereof to purchase 176,854 shares
of common stock of company at price of $4
per share, during period from Mar. 4. 1942
through March 4, 1947.
Such warrants as
filed and 176,854 shares of 5%
preferred
stock were issued to preferred and common
stockholders of Utility and Industrial Corp.
pursuant to merger agreement.
It is esti¬
new
to
proposes
that
mately
to
amend
total
be
the
right to
710
number of
ulti¬
warrants
will
outstanding
Proceeds
140,-
purchase approximately
will
be
ital
to
added
working cap¬
V-;;
Registration Statement No. 2-4936.
Form
(1-28-42)
15,
1961;
April
to
guaranteed
Ohio
Fuel
$3,750,000
United
Fuel
pur¬
serial
Gas
Co.,
Co.,
a
from the holders thereof: and
to make a $3,402,090 capital contribution
to Cinn., Newport Sc Covington
Ry Co. to
that
standing
Company to redeem its out¬
$3,303,000 1st & Ref. 6s. 1947
Registration Statement No. 2-4736. Form
(4-10-41)
'
Amendments filed
18, Dec. 6, Dec.
in
engaged
Genera)
providing,
telephone
service
tc
and
and
be
Shs. ol
pfd. stk
Bonbright & Co., Inc.,
Hamilton
Watch
/
filed
Co.
$2,875,000
—
Co.,
12,000
now
000 principal amount of the company's col¬
lateral trust 6%
notes, due Aug. 1, 1942,
has
to acquire an additional $1,principal
amount,
provided
the
will provide for payment at ma¬
turity
(Aug.i 1,
1942)
of the remaining
$1,000,000 principal amount of such notes
stock,
preferred
Address—Lancaster,
Business
sells
23
various
jewel)
pocket
and
men
wrist
par
(to which the company has agreed). Ogden
Corp.
further
1942,
the
and
for
watches
women
Underwriting and Offering—Company is
making
conditional offer to holders of its
a
32,054 shares of
stock
of
stock
6%
outsanding
preferred
privilege of exchanging
for
the
3,000
/MM/
bonds
the
and
together with $105,000 re¬
of 7,000 additional sharei
4%%
of
4%%
preferred stock, plus $1.50
(equal
payable
current
to
quarterly
dividend
1942, on one share outstanding
preferred
stock), plus an unstated
6%
1,
(difference
between
the
ing
one share 4%%
preferred
$105, the redemption price of
preferred), for each share of out¬
standing 6%
preferred stock.
Exchange
stock
the
Series
3%?.
A
$6
1, 1970, at 105 %; 17,09f
preferred stock,
at
$110
pe?
1,108 shares
$6
preferred
stock
owned
June
by parent company, at latter's co3t
of
net
proceeds will be used tc
purchase
from General Telephone Corp
the outstanding capital stocks of Central
Illinois
ard
Telephone
Co.
and
Illinois
Telephone Co., to make
betterments
Stand¬
offer expires Jan.
preferred
offer,
reserved
for
offered
to
22, 1942.
issued
Any shares of
not
plus
the
under
6,328
the
additions
anc
shares
15, 1941,
2, Jan. 21, Feb. 7, and Feb. 26, 1942,
defer
effective
Inter-Mountain
istration
expenditures
tion
in
connection
with
construc¬
and
equipment of plant additions
Registration Statement No. 2-4926. Form
shares
TELEPHONE
with
SEC
for
stock, voting, $10
common
reg¬
25,000
value
par
Tenn.
Business—Supplies telephone service
portions of Virginia and Tennessee
Underwriters—Alex.
Brown
& Sons,
is
Bal¬
timore; Mason-Hagan, Inc., Richmond, Va.;
Stern, Wampler & Co., Inc., Chicago; Equit¬
able
Securities
Corp.,
Nashville,
Tenn.;
Courts & Co., Atlanta, Ga.; R. S. Dickson
8s
Co., Inc., Charlotte, N. C.; Minnich,
Wright & Co., Inc., Bristol, Tenn.
Offering—The
stock
will
be
25,000 shares of
offered
the
to
common
public,
at
s
price to be supplied by amendment to reg¬
istration statement. The shares are to be
offered for the account of the underwriters,
who are to acquire such shares as follows:
Bell Telephone & Telegraph Co.
Chesapeake & Potomac Telephone Co
Virginia, have agreed to sell to above
underwriters, a total of 25,000 shares oi
6%
non-cumulative convertible
preferred
stock, $10 par, of company, at a price to
supplied
of
such
by
preferred
immediately following delivery to them
of 25,000
shares of
Jan.
29
and
Feb.
16,
Manufacturing
140,400 shares
Co.
registered
common
stock,
Inc.,
prefer: ed stock will be
public at a price to be
amendment;
the
proposed
maximum offering price, based on the SEC
filing fee, is $25 per share
Underwriting—E. H. Rollins & Sons, Inc.,
New York, is named principal underwriter;
and
Co.
troit,
are
Carlton
will
M.
Mich.
to
be
A2.
to
are
the
unissued and
public
for
the
22,
and
1941,
March
LACLEDE
The
for
Proceeds
GAS
of
certain
selling
Proposed
shares
Public
by
of
as
amended:
23,100
company,
105,756 shares
stockholders ! '
1 f
.)(».<>>
by
offering price is $9.50 per share
to
the
extent
of
added
to
capital ,; MM::
working
.:1
Registration Statement No. 2-4934.
A2
";M
(1-28-42)
Amendment
filed
Form
v'-' M^/M:,.
26, 1942, to defer
,■
Feb/
Gas
MCDONNELL
AIRCRAFT
of
Deposit for $10,000,000
(with the public) Refund¬
Extension
Mortgage
5%
bonds,
&
129,063%
within 40 days after issuance of the
the $38,000,000 of Public Service
bonds,
Co. of
mortgage series A 4% bonds,
due Sept. 1,
1969, at 106 % and accrued
Interest; and $4,000,000 of the net pro¬
ceeds
will be
deposited with the trustee
of
Indiana first
used
be
bonds
issued
in
said
ment
the
order
bonds
dated
to
holders
to
Apr.
1942,
the
1,
Deposit
the
and
for
No
1945.
said
underwriting
SOUTH
offered
to
Light
be
Feb.
issued
Co.
28,
for
under
filed
amendment
1942, to its registra¬
certificates
an
offer
to
of
deposit
extend
6,453%
shares
of its
outstanding $10,000,000
refunding and extension mortgage 5%
bonds, dated April 1, 1904, to April 1, 1945.
Changes to the plan, ' as outlined in the
amendment, are substantially as follows:
(1)
Ogden Corp.
certain
conditions,
$3,000,000
been
such
of
deposited
plan,
that
or
are
has
agreed, subject to
to
purchase
up
to
bonds that have not
otherwise
assented
for
available
to
purchase
up to June 1, 1942. Ogden Corp. is not re¬
quired to -pay more than 100 and acrrued
interest
for
maturity
by
the
from
approves
(2)
date
it.
to
The
the
bonds
Corp.
bonds
will
extend
so
pur¬
to
proposes
by
acquired
it,
time, at prices not less than
accrued
a
of
it
and
Ogden
extended.
time
and
bond;
any
lower
interest,
price
effective
unless
date
the
*
.
of
the
SEC
*
•'i
plan has
Carolina
SEC
Dec. 6,
on
purchase of
Dec. 16,
on
the
1941
bonds
1941
INSURANCE
Insurance
Co.
M
CO.
registered
12,500 shares common stock,
$8
value"'
par
Address—1400
Main St.,
Columbia, S. C.
principally
in
the
Business—Engaged
writing
of fire
insurance
Underwriting
first
be
<
present
stockholders, under their preemp¬
rights, at price of $16 per share. Un¬
portion of such shares will be
offered to public at $18 per share, within
tive
30 days
after effective date of registration
statement..
Underwriters will be named by
underwriting commission will
■■MM,'.--MM;
Proceeds will go directly to capital ($100,-
amendment;
$2
share
per
and the residue to surplus.
essential
it
York
State,
requiring
$100 par, and
$1 par
Offering—The shares
for subscription to
and
offered
subscribed
to
become
to
minimum
a
Company
with laws of
comply
soon
effective
of
$250,000
capital
and with the laws of Massachusetts requir¬
Louis
minimum capital of $300,000
:
Registration Statement No. 2-4898. Form
-
lic
shares
of
In
units
share
MM" ■
registered, th»
preferred and 64,531%
will be offered to pub¬
unit consisting of on:
of
common,
of
each
preferred
and
10
shares
of
Effective—4:45
of
as
MILLER
4:45
TOOL
Miller
Tool
MFG.
CO.
com¬
of
sale
retaining
;
$5
710,500
Natural
'v,v
♦.
-
.
shares
Address
—
:
and
to
the
each
TEXAMERICA
119,891
OIL
shares
Address
—.
price
be
to
by
and
by
Milam
interests
oil
Co.,
Power
United
North
and
Co.
amendment
of
shares
stock
lic
to
to
of
its
its
proposed
has
at
at
agreed
$1.75 per
$2.
from
$20
to
par
&
are
by
and
to
are
account
The
of
be
offered
American
to
Light
additional
public
&
shares
for
Power
and
were
subsequently
became effective.
tuted
the
stock
th<
Co
orginallj
1941,
from
registered
be
offered
remaining
shares
will be
outstand¬
pay
($200,000),
added
to
outstanding and owned by
and
work¬
"
.
No.
2-4824
Form
-
filed
Feb.
11
to
defer
MOUNTAIN
"
"
GOLD
<■'>'
ef¬
"•
'
MINING
-
Mining Co. filed
statement with the SEC for
stock, 25 cents par
common
*
.
Business—Company
to
develop
mines
•
on
County,
and
has
operate
Treasure
Colo.
■
;
been
gold
'»•
>•
organized
and
silver
Mountain, in San Juan
.
.,
Underwriting—None
f
\
Offering—Company will sell such shares
directly to the public, at a price of 50
cents
a
share
:
.
will be used for working capital
Registration Statement No. 2-4937. Forih
Proceeds
S3
(1-29-42)
Amendment
filed Feb.
tive date
11
to
defer effec¬
^
^
These shares consti¬
United Light & Railways Co.j a subsidiary
of United Light A Power Co. ■
is¬
divi¬
as
Address—Denver, Colo.
pub¬
share:
registered with the SEC on.April 21,
public offering, .and withdrawn
for
registration
to
Statement
(8-27-41)
value
the
710,500
to
company,
used
-•
150,000 shares
355,250
355,250
company.
by
be
$26,626
registration
a
an
According to the amendshares are those that
presently
owned,
and
outstanding
North American Light & Power Co.
such
purchase 44,share and 74,151
indebtedness
capital
CO.
common
to
An¬
to
shares
1941,
in
*
San
''
TREASURE
statemeni
value
be offered
from
filed
Co.„
interests
properties.
fective date.
Light
355,250 shares.
ment,
1,
July
and
mineral
York Co.,
Treasure Mountain Gold
registration
reduced
been
Gas
oil
has
Tex.,
Amendment
'
Natural
acquire
public
A-l.
(4-21-41)
Northern
production
producing or proven
Texas,
drilling of oil
developed
and
shares
ing
Registration Statement No. 2-4741. Form
A-2.
in
oil,
Underwriter—Willard
•
Light
;
Antonio,
in
properties in
thereon, acquire royalty
proven
ing mortgage
received
American
'
C
par.
dends.
publicly offered
be
$2
San
wells
Registration
will
stock,
Bldg.,
Business—Engaged
of crude
remaining
amendment
stockholders,
selling
Railways
filed
proceeds
/
CORP.
common
marketing
leasehold
sued
other:
and
Johh
!
at $2,375 per share;
984 shares registered constitute
—
&
will be
shares
price of
a
stock, by
Tex.
to
transmission
gas
of
Texamerica Oil Corp. registered with BBC
750
registereo
Co.,
to be named by amendment
at
public at
class
Martinsville, Va.
Proceeds—Will
natural
throat, and
Offering—The
.
shares
of common stock, $20 pa:
Aquila Court Bldg., Omaha
Underwriter—Blyth
demulcent-—
Registration effective 4:45 p.m., E. S. War
Time, on March 2, .1942
M',,':
/'M'
Nebraska
of
a
the
Registration Statement No; 2-4928. Form
(1-9-42)
:
■ •
CO.
Co.
and
is
A1
10, Jan. 26, Feb.
GAS
Business—Production
by
additions,
for purchase of additional equipment, and
for working capital
,
•
for
Yeaman,
tonio,
Gas
Process
Proceeds will be used for plant
1942, to defer effective date
NATURAL
Panax
Panax
Offering—118,907
NORTHERN
its
membranes of
offered
each
W.
Cleveland)
Jan.
agent.
the
Underwriting
Registration Statement No. 2-4920. Form
filed
ft
for
is tasteless and oderless
machinery and equipment and for work¬
(12-26-41
under
company
soothes
Is
S2.
;:
filed
SEC
Axton-Fisher Tobacco Co., Inc.
The Panax
acts as a hygroscopic or moistur#
for
tools
service
'
the
Process
will be
by the automotive industry
Underwriters—Baker,
Simonds
capital
with,
.
use
ing
statement
Business—Company markets Panax Pro¬
Pinehurst cigarettes, manufactured
for
&
and
to
1942,
CO., INC,
Co., Inc.,
Address—Danville, Va.
for
manufacture
27,
:
cessed
registration
a
dale
16, 1941, Jan. 3,
Feb.
shares Class A common stock, $1
par value, and 60,000 shares Class B com¬
mon stock, $1 par value
Manufacturing:-Co. has
statement with the
92,792 shares of common stock,
$1 par value
/.A
r/M'
Address—Detroit, Mich. '
/
; {
- ;
Business—Company Ms engaged in the
filed
SEC
Dec.
ancl
5,000
P.M., E.S.T., on Oct. 8.
P.M., E.S.T.,'Oct 6, 1941.
&
effective
registration
stock, at price of $140 per unit.
Re¬
maining 64,531% shares common reserved
for issuance on conversion of the preferred
Proceeds
for working capital, purchase
of tools, machinery and equipment.
Registration Statement No. 2-4844.
Font
A-l.
(9-17-41)
'
1941
10
R. L. SWAIN TOBACCO
R. L. Swain Tobacco
shares
the
-J
filed
Feb.
22,
defer
MM
company
.
Amendments
mon
the
maturities
99
by
Offering—Of
Proceeds—All
Gas
on
the
for
CAROLINA
South
with
New
to engage in business of manu¬
facturing, testing and selling aircraft
Underwriting—None, j- Securities
to
bt
(2-12-42)
statement
bids
received
were
presently
Offering—Stock
SEC
be
(11-22-41)
Jan.
involved.
A2
will
and
provisions of
(n-27-41)
Agree¬
providing
maturities' of
the
Effective—10 a.m. E.S.T.
No
A2.
above
deposit
the
Plan
a
15,
of
of
of
represent
under
Feb.
extension
bonds
Certificates
to
with
a
Northern
Offering—The
indenture
D
Registration Statement No. 2-4893. Fornt
A2.
ing
Mo.
will
series
accordance
Municipal
Airport, Robertson, Mo.
MMM-. 'M'--.
Business—Engaged in designing and deand
selling
parts
for
aircraft;
expect:
11 and Feb. 28,
Mo.
the
In
the indenture
deems
stock,
common
Lambert-St.
—
Amendments
Louis,
Business—Engaged
in
the
gas
utility
business within the city limits of St. Louis,
of
shares
Address
1, 1904.
Address—St.
■
other funds of company
will be applied to redemption,
plus
necessary
000)
CORP.
of
Light
statement
statement
Proceeds,
if
be
M-M/MMM'/" i;MM'MM'Mv.'-"\
'
SEC
14,
Company Act. Names of underwriters,
public offering price, will be supplied
post-effective amendment to registra¬
will
!
used
be
bonds
Rule U-50 of the SEC's Public Utility Hold¬
ing
be
will
$900,000 toward part payment of outstand¬
ing bank loans, and the balance will be
outstanding
sell
offering
underwriters
filed
Feb.
27,
LIGHT CO.
Laclede
chased
account
will
'
;
the competitive bidding
under
sold
be
distribution
supply,
Offering—The
and
-
other
the
Jan.
9,
2, 1942
Certificates
the
for
Jan.
registration
a
to
stockholders
the
has
Amendments to defer effective date filed
Dec.
the
offered
of
names
Co.
by the under¬
gas, and
in the
sale of water.
will
the
by
with
received
(12-6-41)
account of the company; remaining 117,300
shares are outstanding and are to be sold
public
be
Registration Statement No. 2-4908. Form
A
underwriters.
Smith, Hague A
Hlgbie Corp., De¬
are
Offering—23,100 shares
are
Rockefeller
principal
to
supplied by amendment;
of
underwriters
heavy-duty
&
Co.,
named the principal underwriter
v
Offering—24,875 shares of common stock
will be sold to the public for the account
of
the
company;
the
remaining
67,917
shares registered are already issued and
outstanding, and will be sold to the pub¬
lic for the account of certain selling stock-'
holders.
The public offering price is $4.20
per share
Proceeds will be used for the purchase1
W.
Proceeds
Laclede
value
Underwriters—Schroder,
Co.,
com¬
writers
tion
CO.
Business—Manufactures and sells piston
rings and expanders
Other
of
Registration Statement No. 2-4946. Form
filed
MANUFACTURING
SEC
par
stock
common
pany
with
$2
be
of such shares of preferred stock, each will
convert same, share for share, into a total
to defer effective date.
HASTINGS
sharee
sold by former,
Underwriters agree
to
4,335 shares by latter).
that
(20,665
amendment
Corp.
Underwriting
Co.,
in the manufac¬
is
Convertible Preferred Stock,
CO.
Co. filed
Address—Sixth and Crumley Sts., Bristol
(12-30-41)
1942
and
upon
outstand¬
Indiana
ply distribution and sale of electric energy
and
Autocar
McDonnell Aircraft Corp. registered with
6,453 %
shares 6%
Non-Cumulativt
Telephone
statement
dated Apr.
will
be
used
to
redeem, on
1942, at $105 per share, all out¬
6% preferred stock; balance for
1,
the
of
The
Offering—The
date
INTER-MOUNTAIN
not
Proceeds
March
of
SEC
ing
supplied by amendment.
Harriman Ripley
& Co., Inc., Philadelphia, is named
prin¬
cipal underwriter; other underwriters will
be supplied by amendment.
50%
stock
Central In¬
Power
Indiana,
Northern
Electric Co. and Dresser
Company is a public utility
operating in State of Indiana and Is enprincipally in production, generation,
manufacture, purchase, transmission, sup¬
under
and
specifications,
about
Power
tion
exercise of con¬
of
Co.
Co.,
tjHgeu
Amendments filed Nov. 26, Dec.
to
ex¬
exchange offer, will be
public, at a price to be
customers'
Owns
effective date
(10-24-41)
Jan.
such
the
issuance upon
on
Terre Haute
by
be
to
Power
\
Indiana
in
result of consolidation of
as
Service
diana
and
CORP.
latter
engaged chiefly
and sale of medium and
ture
Registration Statement No. 2-4866. Form
A2.
of
Public
1941,
motor trucks
to
company's plant and prop¬
erty, and for other corporate purposes
and
6%
to
supplied
share;
stock,
common
common
offered
public of¬
fering price of
for
order.
tire
Mortgage
1,
Aug.
processing of parts and equipment for air¬
stock, will be used in part to re¬
following securities of company: $5,First
to
rights of the preferred stock
Address—Farmingdale, N. Yw':/;/--Business—Engaged in manufacture
common
such
33,054 of the 39,382 shares of
preferred stock on basis of one share
value
par
statement
due
extend
principal amount
Ogden Corp.
be held by
Stock, no par (dividend rate to be sup¬
plied by amendment), and 120,000 shares
which
stock,
to
agrees
$2,000,000
the notes to
craft
be
manufactures and
high grade (17 to
wrist watches for
of
models
$100
Pa.
Company
—
4%%
agreed
402,000
company
INC.
Inc., reg¬
$42,000,000
apolis, Ind.
'
Business—Incorporated
Co.,
"VM•
holds $598,-
of Indiana,
Co.
SEC
first mort¬
gage series D 3%% bonds, due Dec; 1, 1971
v
Address—110
N.
Illinois
St.,
Indian¬
made; M-MMM
(3) Ogden Corp., which
Offering—Bonds and preferred stock t<
be offered to the public at a price to be
supplied by amendment to the registration
preferred
con¬
before
or
version
719,000
:/'>/,;>• t '
from
sale of
been
Such: declaration must
with
3ept. 6,
9,000
Mitchum, Tully & Co.,
Los Angeles
plan.
Service
Public
istered
INDIANA,
CO. OF
SERVICE
PUBLIC
May 1, 1942, unless
extended, and the plan becomes operative
15 days after such declaration has
been
on
reserved
;*
2,156,000
of
registration
statement with SEC for 39,382 shares
cumulative
>
made
$1
York
the
to
Liberty
Aircraft
Products
Corp.
filed
registration statement with SEC for 60,000
shares
Cumulative
Convertible
Preferred
Amt. of
York
of outstanding bonds have
deposited under or have otherwise
sented
fol¬
Bonds.
New
000,000
each,
y./:-;.No. of
New
of
board
LIBERTY AIRCRAFT PRODUCTS
low:
Paine, Webber &
follows:-., the
as
anc
hy
stock underwritten
preferred
changed
,
declare the
plan
operative when and if
holders
of
$7,000,000 principal amount of the $10,-
bonds
of
amount
been
directors of the company- shall
and
certain
Nov.
of
Southern
HAMILTON WATCH CO.
guaranteed
Gas
Springfield
surrounding terri¬
tories in Illinois, including Kewanee, Mon¬
mouth, Macomb, Lincoln, Belvldere, Harrisburg, Olney, Mendota and Mt. Carmel
represent
shares.
A2
is
communities
Balance
in
St.,
subsidiary
competition,
shares
liled registration
corp.
W. Lake
Address—184
5s,
due
5s,
Deb.
of
be
subsidiary,
enable
180
Co.
oonds,
,
Business—Company and subsidiaries en¬
gaged
with
com¬
5s,
Deb.
1942-46
will
filed
redeem
1952;
notes
without
750,000
SEC
stock, $1
common
24,
date
GENERAL FINANCE CORP.
General
1941,
1942,
Address—Hastings, Mich.
chase
Telephone
ceived from sale
Amendments filed Nov. 27, Dec. 15,
Adams
'■
Proceeds
Form
?;■:•
v
E.
stock
preferred
par
Business—This
i;
,
Registration Statement No. 2-4845.
Jan.
cumulative
Address—607
will
preferred
tails
$5
in.
to
ment
$7
of
Underwriters,
Underwriting and
ties
pany
offered
no
Florida
of
Commercial
Telephone Co. regis¬
$5,750,000 of first mortgage
bonds, due Oct. 1, 1971; and 24.00C
shares
American
Bond
COMMERCIAL TELEPHONE CO
Illinois
tered with SEC
an
Hastings
Broadway, N. Y. C.
utility
holding
for
pur¬
working
Registration Statement No. 2-4890. Form
3%%
Ave.,
subsidiary
Light
Amendment
regis¬
used
for
A2.
dividend
operating public utility en¬
gaged principally in generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
CORP.
Corp.
Business—Public
A-2.
rates
and
'
&
System)
debentures due 1961
a
S.
Business—This
Power
52
Columbia
Interest
Fla.
standing
3, Dec. 31,
1942, to defer effec¬
date
COLUMBIA
Par.
Debentures,
the
change
Underwriter—None
Offering—Stock will be offered publialy at $1 per share, selling commission.
and
capital
preferred stock, will
plied by amendment
-
4%%
Business—Mining and milling
be
including
purposes,
equipment
ILLINOIS
March
date
will
company
new
$100
on
amount
BEAR
CO.
•
Registration Statement No. 2-4947. Form
A2
LIGHT
A
to
corporate
of
and
exchange
31, 1941; in connection with
under
to
cover
(1)
change offers.
1'•
general
Bonds
rate
Transamerica
unsubscribed portion to
to Transamerica Corp. at same price.
offers
Proceeds
19,
Stock,
pre¬
share
one
(3)
the
cash
exchange
and
first
$17.25
preferred
Class
cash
company,
with
6%
in
stock;
sold
plus
1/5 shares
other
company
Corp.,
of
shares
common
will
stock
outstanding
on
stock
Class
of
54,558
stock
mon
Feb.
Power
mated
shares
of
4
and
(11-19-41 Cleveland)
Amendments filed Jan. 8, Jan. 24, Feb. 2,
and Feb. 25, 1942, to defer effective date
be
called, for redemption at $120 per share),
outstanding in the hands of the public;
and
31
&
Light Co. registered
$45,000,000
First
Mortgage
bonds, due Oct. 1, 1971; $10,000,000 Sink¬
ing Fund Debentures, due Oct. 1,
1956;
and
140,000 shares Cumulative Preferred
share,
and the names of
offering price,
underwriters,
new
Jan.
SEC
by
are
Public
the
12,
POWER
Florida
price
reduced
have the option to purchase the additional
shares
represented by such deficiency at
the
FLORIDA
with
pany
competitive
such excess;
than 13,000 shares of new pre¬
taken under the Exchange Offer,
then the successful competitive bidders Will
bid
Jan.
to defer effective date.
under
sold
less
ferred
1941,
1942,
chase
Underwriting
practicable
ment
24,
service
TUNG
GROVE DEVELOPMENT CO., INC.
Tung Grove Development'Co., Inc.. filed
registration
statement
with
the
SEC
for
■
CHRONICLE
THE COMMERCIAL & FINANCIAL
development
for sale of.land and
Contracts
of
thereon, aggregating $450,-
tung groves
000
1' Address—Ocala,
Fla.
Business—Engaged in the planting, culti¬
vation
and
others
of
tung
or
lands
on
groves
contract
under
such
from
of
care
orders
upon
and Citrus
Counties, Fla.
Business is now being ex¬
panded to include the purchase, sub-divi¬
Marion
in
owners,
This appears
*
and sale of lands in these counties fox
sion
development
in
tung
10
total
a
of
price
offer to buy,
all of this Preferred Stock has been sold. It is
as
in
ADDITIONAL ISSUE
$45 per
35,000 Shares
3
equal annual payments
-.:.kvK
Proceeds for working capital, as payment
ance
.
■yj for
land
and
sold
for
MONSANTO CHEMICAL COMPANY
and
materials
v.; v ■>:;
Registration Statement No,
82
(1-28-42)
if
•
ficient
at
4.45
16,
1942.
SEC
for
March
1942
A
;
3
to March
postponed
*
*
•'
$'1 ',U
»
'd
*' K
...
„
*
vi
t*
_*
v'-V
t
-
'
.
'
*
,
Cumulative Preferred
* *
i
'. r'
J
i
\
%
'
Stock, Series C
31,
;y;
,
UNION
'
E. S. War Time on
hearing set before the
p.m.
Feb.
•'
v1
at
Registration Effective but apparently de¬
t
of the Prospectus.
of such Preferred Stock. The offer is made only by means
any
under no circumstances
buy, or as a solicitation of an
offering of this Preferred Stock for sale, or as an offer to
an
as
payable one-fourth down and the bal¬
acre,
>
at
acres
of record
as a matter
groves
Underwriting—Details of underwriting or
distributing method to be employed, will be
supplied by amendment
Offering—Company will offer, through
the Contracts, land suitable for tung grove
development, together with its contract foi
the clearing, planting and development of
a
tung grove thereon, in units of not less
t
than
merely
be construed
to
(No Par Value)
ELECTRIC CO. OF MISSOURI
UnioiwEle6lrric
registration
of
Co.
filed
Missouri
a
$4 Dividend
with the SEC for
stock, no par
Twelfth Blvd., St. Louis,
statement
shares
2,695,000
common
*
Address—315 N.
Mo.
Business—This
.
American
North
in the
of The
subsidiary
is
Co.
engaged primarily
Price $105.50 per
transmission, distribution and sale of elec-„
trie
which it generates and pur¬
its
subsidiaries, serving the
energy,
chases
from
of St. Louis, Mo., and portion of 5
adjacent Missouri counties and of 3 coun¬
ties in Missouri adjacent to the company's
city
share
plus accrued dividends from date of issue
Osage hydroelectric plant
Reed & Co., New
the principal underwriter.
Underwriting—Dillon,
York, is named
•Names
of
the
other
will
underwriters
Copies of the Prospectus may be obtained from the undersigned only in such States as the undersigned may
legally offer this Preferred Stock in compliance with the securities laws thereof.
6e
supplied by amendment
Offering—The 2,695,000
shares of com¬
pany's common stock are outstanding and
are owned by its parent, The North Amer¬
ican Co., who will receive the entire pro¬
ceeds from the sale to the public of such
•
shares
Registration Statement No. 2-4940.
Form
SMITH, BARNEY & CO
(2-2-42)
A2
Electric
Union
of Missouri,
Co.
Feb.
on
amendment to its regis¬
tration statement, naming the underwrit¬
filed
1942
9,
an
ers, 141 in all, who will publicly offer the
2,695,000 shares (no par) common stock,
all of which are owned by its parent com¬
pany, The North American
of
the
underwriters, and
maximum
common stock
such
of
1942
the
agreed to purchase were listed
of Feb. 26, 1942, page
each
which
"Chronicle"
the
in
shares
of
number
March 4,
The names
Co.
846
1942, to defer
Amendment filed March 2,
date
effective
serial
POWER COM-
UNION LIGHT, HEAT AND
PANY
Union
Heat and Power Co. re¬
shares (100 par common
Light,
gistered
25,000
stock
Address—4th
Business
Electrir
ft
Gas
Underwriter— Columbia
Offering—Stockholders will receive of-;
to subscribe to 25/94ths of one com¬
mon share in
units of 5/94ths of a shart
for each 5/94ths of a share held at $5.33
for each unit.
On a 6hare basis, stock¬
holders may
subscribe to < 5 new sham
for each share held at $100,016 per share
Substantially all outstanding stock Is held
by Columbia Gas ft Electric Corp.
Proceeds—To
repay
current debt and
$2,835,000
first mortgage bonds held bj
parent and associated companies, auu /oi
fer
costs
construction
Registration Statement No.
3-4379. Form
(3-30-40)
A-2.
Nov. 25, Dec. 13. Dec.
Amendments filed
1941, Jan. 19, Feb. 7, and
to defer effective date
26,
Feb.
1942,
Gas Corp. registered $75,000,000
and collateral trust
United
v
first
1958
Street, New York City
Address—2 Rector
natural
Business—Production and sale of
and Share Sys¬
part of Electric Bond
gas;
,
tem
Underwriters—None
y
sold to
institutional investors, whose names will
be supplied bv amendment, at 99.34%
'
redeem
Proceeds—To
$28,850,000 United
Debentures
6%
Service
Public
Gas
will be
Terms—Bonds
Offering
due
1953; to pay 6% demand note of $25,925,to Electric Bond and Share; to repay
000
$2,000,000 open account debt to E. B. &
S.;
purchase from United Gas Pipe Line
$6,000,000 of its 1st & Coll. 4%
bonds due 1961.
Balance will be used in
and to
Co.,
capital ex-
part to reimburse treasury for
i
and,
Gas
eral
penditures and possibly to pay accumulated
of $9,502,490 on
companys
$7
ties
preferred
new
share
a
for
Feb.
on
been
chase
take
to
with 14 insurance com¬
the proposed private sale
covering
the
insurance companies of $75,000,000
first mortgage
company's
lateral trust 3j/4%
poration
to
the
sold
Feb. 16, 1942.
The cor¬
continue negotiations
on
intends
end
that
This
"These purchase agree¬
amendment states;
ments expired
col¬
and
bonds, due 1959.
to
its
bonds
shall
be
either
renewal of the afore¬
agreements or otherwise, or offered
to the public as circumstances shall dictate
In order to obtain the pest possible price."
privately,
by
said
.
VIRGINIA
PUBLIC
Virginia
istration
t22.800.000
due
i
?r.
j
Dec.
•
<-
-
SERVICE
Public Service Co.
statement
1,
first
1971;
V •',
i
with
CO.
filed
the
>'i
t.
cash
a
stock.
to
ad¬
Name
stock
of
follows:
as
par
no
Electric
issued
to
The
General
exchange
in
for
Gas
the
old
held
and
and
cash
payments
stockholders,
.
tration
to
provide
Jan.
com¬
31
and
Feb.
CORP.
E.
filed
Corp.
regis¬
a
Bowling League Returns
COLO.—The Bowl¬
ing League of the Bond Club of
DENVER,
Denver
Won
42nd
St., New York City
subsidiaries,
solely
is
a
the
production
will
Underwriters
be
ment
of
raw
named
by
•
.
cane
amend¬
the
City
the
remaining
aggregate
extent
Bank
of
17,000
of
436,691
of New
is
company,
.••ft/'
:
through
f
announcement
'
to
Investment Trusts
4
11
.267
Dividends
4
11
.267
man
captained by
Municipals by Nor¬
Godbe of Geo. W. Vallery &
Odd-Lots, by
Writer
&
Preferreds by Hal
Co.,
Peters,
Jerry Ryan,
Christensen,
Myers, Cor¬
porates
by
Bernard
Kennedy,
Bosworth, Chanute, Loughridge
License
No.
68, are now entitled to all the
.467
The Roystones are
to the pro¬
General
solidating into one general license
the freezing
control provisions
.467
8
'
China, who were
previously subject
of
Control
Reserve
visions
,333
.533
'
.
of
attention
respect to resident aliens by con¬
8
7
8
'
Nationals of
freezing control regulations with
10
,733
,
the
Banks.
the
simplified
the
Funds
Federal
Foreign
the Treasury
time
same
5
the
solely
business
benefits of General License No,
#42.
42
This
by amending General License No.
and at the same time revoking
General Licenses No. 42-A and
42
the
are
owned
individuals
accounts
or
controlled
concerns
or
located
outside the United States.
•
stated:
tionals
of
Na-
Japan are still sub¬
ject to the provisions of Gen¬
For
the
the
by foreign governments or by
explaining this new policy,
Treasury's
announcement
In
free
not
does
which
No. 68.
;
;
General License No.
who have been act¬
ing on behalf of Axis countries.
Likewise, it has no effect on the
great
bulk of frozen
assets,
done
was
new
of persons
of the interest of
because
^
The
blocked
concerns
individuals.
such
&
some
time the practice
Treasury
been
«
eral License No. 68A
of
not affected by
has
Department
and
were
today's action.
refugees
Municipals; high individual ser¬
ies
by Norman Godbe with a
score of 569; high individual game
by Chan Lilly with
a score
Funds
of 237.
22
„
►
shares
t
i
!
registered.
registered
!
*
relating
restrictions
fide
freezing
the
liberalize
to
control
High team series is held by the
immigrants
the
in
to
Interested In Sugar?
and
States
Control during the past
months and the
mass
copies of this analysis or an an¬
of in¬
alysis
gathered by it, par¬
ticularly on the TFR-300 census
formation
Reischman &
Kamprath
^
to The
Financial
Chronicle)
rence
;
P.
Reischman
and
ly to carry
whose
main
office
is
located
at
Montgomery St., San Francisco.
Reischman
was
formerly
Mr.
Bakersfield
for
many
for J. A. Hogle & Co., with
years
which
also
manager
firm
Mr.
connected.,
Kamprath
was
enabled the
effectiveout this policy.
j
Treasury officials stated
Gerald
Kamprath have become asso¬
ciated with Dean Witter & Co.,
Sugar
Treasury Department
BAKERSFIELD, CALIF.—Law¬
H.
Utah-Idaho
the
of
Company upon request.
have
reports,
With Dean Witter & Co.
(Special
shares;
York, parent
the holder of
the" shares
'
the
■
At the
7
45
Offering—The
shares
registeredare
outstanding,
and are owned by
City Company of New York. Inc., In Dis¬
to
extended to other refugees.
7
-
4
•
.
already
former
transactions to
the
1940,
Preferreds
——_
Corporates
hold¬
sugar and invert and blackstrap molasses
in the Dominican Republic and Cuba
National
.933
17,
that previously
as
Over-the-Counters—
Municipals
'
11
—
1932
in
company
owning
the securities of
everal operating subsidiaries engaged prin¬
in
Pet.
1
June
treatment
applicable to all individuals (ex¬
cept nationals of Japan) now re¬
siding in the United States, and
Odd-Lots
ing
cipally
for
scores
Lost
14
Roy stones
to the plan of reorganization of
Dominican Sugar Corp. and cer¬
its
the
announces
the fifth week of the meets:
pursuant
of
same
S
stock, $1 par
Business—Company,, organized
Cuban
by according
arriving in the United
after
States
the SEC for 453,691
statement with
shares of common
restrictions
control
on
freezing
An
analysis of the Amalga¬
United
mated Sugar Company prepared
and, at the same time, to tighten
the controls in their application by Edward L. Burton & Company,
to individual cases singled out 160 South Main Street, Salt Lake
for close supervision.
The ex¬ City, Utah, has just come off the
perience gained by the Foreign
press.
Burton Company will send
10,
Sugar
the
Smith.
SUGAR
Indies
Department
liberalized
bona
and
Jan.
Treasury
23
by Chan Lilly, and Dividends by
;>
Address—60
Feb.
Odd-Lots; high team game by the
INDIES
West
The<
}
2-4923
Public
Virginia
to defer effective date filed
1941,
26,
the
The
the selling
rj'.-.y
No.
Bond Club Of Denver#
with funds for new construction
Amendments
tain
by
.'
>-
No. 42 remain blocked, in
carrying out instructions of the
Treasury Department in cases
which are singled out for spe¬
cial treatment, and in bringing
unusual or otherwise suspicious
(a subsidiary), to
to its present pre¬
of
Co.
(12-12-41)
Dec.
received
Statement
privileges of General Li-
cense
*
Control Restrictions
to refugees
Registration Statement No. 2-4913. Form
A2.
be
to the
Liberalizes Freezing
be
to
Co.,
Over-the-Counter
by
Lewis Nance, Brown, Schlessman,
Owen & Co., Investment Trusts
that
Generating
ferred
pany
now
Corp.,
.-.ompanies,
Service
make
price
a
(12-29-41)
A2.
Form
at
*-
Registration
common
by General Gas
will be offered for
sale
through
competitive
bidding.
The
proceeds from the sale of the securities
registered will be used to retire all of the
outstanding long-term indebtedness of the
company,
its predecessor and constituent
common
ft
will
Proceeds
state¬
registration
new
be
Corp.
of
i
(with
used
of
first
Electric
for:
3%%
bonds,
$5,700,000 of 2%-3Va%
be issued on
may
their
be
shares
will
stock
ft
public,
amendment
supplied by
»
the
of
the
to
Leon Macart,
will
Proceeds
reg¬
mortgage
•-
for
amendment
solution.
a
SEC
as
share basis
cash
628,333
further
to
stock
ment
agreements
panies
to such
of
1942, stating that it had
extend the pur¬
21,
unable
sold
be
underwriters,
and public offering prices
for the securities, will be supplied by post-
WEST
SEC
will
justment) to holders of the presently out¬
standing preferred stock who do not elect
(5-15-41)
filed amendment with
securi¬
through com¬
Offering—The
petitive bidding, under the SEC's competi¬
tive
bidding
Rule
U-50. of
the Public
Utility Holding Company Act.
Only ex¬
ception is confined to such shares of the
Registration Statement No. 2-4760, Form
Corp.
Corp., - which is In
Electric Corp. hold¬
Gas &
registered
preferred stock
Gas
an
Vir¬
North
extent,^ in
minor
a
ing company system
Underwriting and
19, .1942.
United
principally
is
Electric
ft
dividends
A-2
to
Associated
the
offered
Company is a subsidiary of Gen¬
Carolina.
mortgage
bonds due
—■
.
retail and wholesale in Virginia, West
ginia
stock
mon
operating
effective
CORPORATION
GAS
UNITED
Alex¬
St.,
public utility engaged
in the production, purchase, transmission,
distribution and sale of electric energy at
electric
Corp.
Washington
Business—Company
utility
electric
Operating
—
company
31,
Va,
andria,
Ohio
S.
of the outstanding com¬
company,
and will be
represents 47.7%
stockholders
Address—117
Cincinnati,
St.,
Main
ft
1951,
1,
par
no
•"
.
semi-annually June 1,
in varying ~ amounts
(from $320,000 to $390,000); 70,000 shares
*
cumulative preferred stock, $100 p**"
value; and 628,333 shares common stock,
due
notes,
1944-Dec.
persons
of
the
assume
that
dealing with residents by the New York Curb Exchange
United States may now
residents
such
that
not blocked unless
firmatively
they
notice
on
ment will
vigilance
counts
rely
to
on
purchase and retire the mem¬
to
are
are
af¬
bership of Eugene J. Sweeney for
to
the
$1,000.
contrary. The Treasury Depart¬
tutions
Curb Seat Retirement
Arrangements have been made
When
the saLe were
banking insti¬
continued
the Exchange
exercise
in
which
seeing
are
that
"not
ac¬
and reduced
arrangements for
completed March 4,
had retired 31 seats
the number of reg¬
entitled ular memberships to 519.
t-1
/
y
p&ta-
>.
AY.
j"
.t,
,
THE COMMERCIAL & FINANCIAL
944
F. J.
Schenley Debentures
Offered At Par
i
Securities
Mellon
REMEMBER
Young To Buy
Cordoba City Bonds
.
F.
Corp.
and
on March
For
associated underwriters
$15,000,000 of
Schenley Distillers Corp. 10-year
4% sinking fund debentures at a
4
offered
publicly
a
from
subscriptions
Catl
dealers who
the
National
of Securities
on
first
served.
the 4%
debentures is
behalf
Kobbe, Gearhart & Company
INCORPORATED
V/2%.
borowed
under
a
10-
new
other
short
bank
term
philadelphia telephone
telephone
2-3G00
rector
loans not
Enterprise 6015
•
telephone
hartford
$500,000, will be used
to refund all the present borrow¬
exceeding
NEW
NASSAUr S TREET,
-
•
-
The
Union
Trust
Co.
Pitts¬
of
Security-First
National
Bank, Los Angeles; Mellon .Na¬
tional Bank of Pittsburgh; Farm¬
.Deposit National Bank of
Pittsburgh and Toledo Trust Co.
The agreement limits other cur¬
rent borrowings by the corpora¬
ers
to
tion
$10,000,000
at
one
any
•'.'•/.■vv-
"
Sinking fund provisions of the
require annual pay¬
debentures
ments
beginning in 1943 sufficient
100% of the 10-year de¬
to retire
bentures by maturity.
(:;.f1 Associated with Mellon Secur¬
ities Corp. in the offering of the
debentures
are:
A.
C. Allyn and
-
Sells Preferred Shares
>
offering of an additional
issue of 35,000 shares of cumula¬
A total of
preferred stock, series C, no
value, $4 dividend, of Mon¬
tive
par
santo ^Chemical
Co.
made
was
Smith, Barney & Co.
at a price of 105 Yz per share plus
accrued
dividend from date of
March 4 by
Since dividends will ac¬
issuance.
on
crue
the
new
of issuance only,
stock from date
whereas the out¬
standing series C stock carries the
regular
dividend from Dec. 1,
which was the last dividend date,
the new stock will have a differ¬
ent
market
from the
outstanding
ex-dividend date
for
the
June
1 dividend, after
which both issues of series C pre¬
until
stock
the
suggested
18
of
son
the defense program
&
States.
rill
Lynch,
Pierce,
Fenner
&
Beane, Merrill, Turben & Co.;
Moore, Leonard & Lynch; F. S.
Mosley & Co.; The Ohio Co.;
Paine, Webber & Co.; Parrish &
Co.; Reinholdt & Gardner; Riter
& Co.; E. H. Rollins & Sons Inc.;
Schwabacher
&
Co.;
Singer,
flat
interest
holders.
Nominating
the
including
preferred stocks to include noncallable,
high-grade
preferreds,
additional
or
While
the
can
high-grade and second-grade in¬
dustrial
preferreds
and
high-
no
The
grade
Shields
annual election
to be filled at the
Continental
May 11. The occasion was the
first of three meetings this month
on
members
which
were
invited to attend. The slate
will
nominees
of
be
posted
in New York to
Robert L.
Wagner, Stott & Co.
of
amount
Stott,
and
deposited
have
inacceptance
first
The
which is in
for
the
Bank
governors,
the Exchange
of
members
letter,
26
in¬
and
market
the
with a cisthe
and
relation; to
in
market factors and
yields.
According to the announcement,
the value of this new market let¬
any
securities
deposited
be held subject to the right
purchase at the prices stipu¬
lated until May 31, 1942.
If at
have
found in:, its novelty;
ter is to be
the
of
with
letters;
market
market letter fits in
new
the
generally
houses
eliminated
that the
Inc.
that
fact
of
methods
new
doing
is unable to arrange for the pur¬
chase of the securities, all securi¬
business in
ties deposited with the bank will
be returned without charge for
tical
expenses.
planned to distribute this
to a select group
of dealers throughout the •coun¬
try.
It is expected that these
dealers will list with the firm tne
the
prefererd stock financing.
is
It
Protecting Capita! And
Income In War Years
predictions
A
most
tractive
interesting
War Years and
of
record
After,"
a
nave
study of
insurance stocks
weekly
preferred
at¬
booklet, entitled "Pro¬
Capital and
Income in
tecting
the
and
the Street today; and
importance of having a prac¬
index as a guide to new
letter
non-members
or
thereof
may
who shall be al¬
Two governors
lied
of
issues
new
ever,
that time F. J. Young & Co.
Feb.
preferred stocks
pricing
Continental
of
review
a
the
of
issue
printed form, appears
date
under
cludes
been
of
stocks.
ferred
members oj Trust Co. will forward checks to
residing and having depositors
in
the
amounts
to
their principal places of business which
they are entitled.
The
within the Metropolitan area of offer
expires Mar. 31, 1942. How¬
The
also
and
markets
serving as a guide in determining
the pricing of new issues of pre¬
cussion
offer
listed
of the
trend
unlisted
&
Three
first
reflecting
available,
the
detail
and
satisfy this offer
securities
the
is
that a pre¬
believed,
made
been
in
de¬
purchase, and after March 31,
1912, if and when the required
George R. Kantzler, E. F. Hut-
Co.,
trust
of
Chairman:
&
corporate
This
market.
it is
ferred stock letter and index have
Trust Co. of
Funds have been deposited
offer.
on
April 13.
ton
York,
&
Co.,
stock
partment, 30 Broad Street, which
is acting as agent for F. J. Young
&
Co. Inc. with respect to the
Committee,
and
partners
Nominating
the
of
New
Bank
&
time,
Holders of these securities who
New
and
preferreds,
pur¬
at
wish to accept the offer are urged
to forward their securities to The
the
regarding residing and having their princi¬
future sales under the war pro¬ pal place of business within the
gram,
it believes however that Metropolitan area of the City of
the effect of war measures such New York, who shall be general
limited partners in member
as
Government restrictions, re¬ or
quirements, priorities and alloca¬ firms engaged in a business in¬
tions may be more to change the volving direct contact with the
relative importance of particular public: Oliver R. Grace, Sterling,
products and of consuming indus¬ Grace & Co.; Thomas J. Hickey,
tries than to curtail the total vol¬ Vilas & Hickey; Maynard C. Iviume of products at present man¬
son, Abbott, Proctor & Paine, and
ufactured and sold by the com¬ Murray
D.
Safanie,
Shearson,
pany.
The Company has under¬ Hammill & Co.
taken to construct or to furnish
Three governors who shall be
make
made
Stock Exchange for the positions
in the United
company
be
York
of
Committee
Co., Inc.; Blair & Co., Inc.; Blyth ferred should have one market.
& Co., Inc.; Alex. Brown & Sons;
With this additional series C pre¬ the
City of New York: Robert P.
Curtiss, House & Co.; Dillon, Read
ferred stock, the company will Boylan, at E. F. Hutton & Co.;
'& Co.; Emanuel & Co.; Estabrook
have outstanding a total of 110,- Robert D. Danks, Ernst & Co.;
& Co.; The First Boston Corp.;
000 shares of this series. ;;0vg
Robert J. Hamerschlag,
HamerHallgarten & Co.; Harris, Hall &
The net proceeds from the sale shlag, Borg
& Co.; George R.
Co., Inc.; Hawley, Shepard and
of the additional shares, after de¬ Kantzler,
E. F. Hutton & Co.;
Co.; Hayden, Miller & Co.; Hemp¬
Harold C. Mayer, Bear, Stearns
hill, Noyes & Co.; W. E. Hutton ducting the estimated expenses of
& Company; H. Van Brunt Mc& Co.; Jackson & Curtis; Johnson, the company, will be added to the
cash funds of the company.
Keever, Goodbody & Co.; John
Lane, Space & Co., Inc.; Kebbon,
McCormick & Co.; Kidder, PeaSales have materially increased Rutherford, at Reynolds, Fish &
body & Co.; Kuhn, Loeb & Co.; in the past two years largely as a Co., and Frederick C. Whaley,
Lazard Freres & Co.; Lee Higgin- result of the war in Europe and Whaley & Potter.
Corp.; -Carl M. Loeb, Rhoades
Co.; Laurence M. Marks & Co.;
McDonald-Coolidge & Co.; Mer¬
(not
Weekly Stock Letter
Inauguration of a weekly pre¬
ferred stock letter which features
for
the-first time an index of
second-grade utility
is
announced
by
44 Wall Street,
stipulated
New York City, members of the
prices giving effect to
payments on account of New York Stock Exchange, as the
received
by respective result of a long and careful study
of this important phase
of the
■
different
have been
names
to
1-1397
on
of
chase will
net
Public
HAnover 2-8780
hold¬
bond
the ' issues.
between
Gets Names For Slate
Monsanto Chemical
St., N.y.
••••■'••Teletype N.'-Y.
by
Ass'n
y. Security Dealers
Members N.
25 Broad
deposit
and/or
judgments, without distinction as
NYSE Nominating Com.
Ext'l Bonds
M.S.WIEN&CO.
arising from the Read¬
justment Plans of 1934) of-bonds,
Enterprise 1250
Zinc
Wallower
Evans
Shields Inaugurates
offer
certificates
burgh;
time.
individual
Cigar-Whelan
Mexican Internal &
claims
ings of the corporation.
As part of the financing, the
corporation has arranged a re¬
volving credit of $15,000,000 un¬
der -a 10-year bank credit agree¬
ment with the following banks:
Bankers
Trust Co., New York;
rendered
Court of Cordoba
Mfg. Co.
Merrimac
United
judgments
or
thereof,
principal amount
unpaid
interest'
new york 1-576
boston telephone
—
6425
Enterprise
bell teletype
,
1937,
\
Sharpe
World's Fair 4s, 1941
purchase is sub¬
ject to F. J. -Young & Co. Inc.
being able to purchase an aggre¬
gate of not less than $4,141,200
YORK
1
of
The
,
York Security Dealers Association
Members New
45
bank .credit agreement and
year
15,
preferred)
v/-k Brown &
New
ers.
*'
the debentures together
loans
Nov.
the Federal
Dealers' concession
Inc.j
due
in. respect
Dealers,
proceeds from the sale of
with bank
Net
due
•www
the basis of "first come
Inc.,
f
of
tmembers
are
Association
on
Over-The-Counier Securities
selected selling group,
are
accepting
Co.,
&
Young
v
Inc.
Co.,
&
(common
Aug. 1, 1957, or cer¬
tificates of deposit therefor, and
$966,000 Municipality of Cordoba
(Argentine) 10-year 7% external
sinking fund gold bonds of 1927,
1927,
underwriters
the
J.
Merck &
••
York, have been authorized to
purchase $4,210,500 Municipality
of Cordoba
(Argentine) 7% ex¬
ternal sinking fund gold bonds of
Actual Trading Markets in
price of 100% and accrued inter¬
est.
Departing from the usual
method
of
offering
securities
through
Thursday, March 5, 1942
CHRONICLE
stocks
in
which they
interest.
an
Security Loans Arranged
as
Exchange
during World War I,
By N. Y. Curb
has just been issued by Wyeth &
Since June 18, 1941, the De¬
Co., 647 South Spring Street, Los
partment
of
Transactions and
Angeles, Calif.
It is logical to Quotations of the New York Curb
Deane & Scribner; Stein Bros. &
assume, the study states, that in¬
Exchange has undertaken on re¬
Boyce; Stern Brothers : & Co.;
surance stocks
will again during
quest to borrow securities or to
Stone
&
Webster and
Blodget,
the present war provide investors
negotiate loans between firms to
Inc.; Stroud & Co.', Inc.; Spencer
the same degree of protection and
expedite delivery and to avoid
Trask & Co.; Tucker, Anthony &
profit as in the first World War
buy-ins. Until recently, however,
Co.; Union Securities Corp.; G. H. consultant service in connection members or allied members or when the major companies
in the Exchange says, this service
Walker & Co.; Wertheim & Co.; with
the
construction
for the non-members of the Exchange re¬ this
field
provided
superlative seems to have been little known.
and
Whiting, Weeks & Stubbs Government of a number of plants siding and having their principal protection for both the capital
The department is appealing to
Inc.
■'
to manufacture products required
places of business outside of the and income of their stockholders. the cashiers of member houses
for the war program and to oper¬ Metropolitan area of the City of
Comparative figures of premium to instruct their loan clerks to
ate the plants for account of the New
York, who shall be general income, earnings, cash dividends assist the Exchange when pos¬
To Be Lamson Partner
Government when completed.
or
limited partners in member and, liquidating value of the 10
sible.
Any houses
which are
CHICAGO, ILL. —Edward F.
The series C preferred stock is firms engaged in a business in¬ largest fire insurance companies
willing to loan securities through
1914-1922
are
Thompson, Jr., will shortly be¬ redeemable at $100 per share and volving direct contact with the for
graphically the Exchange are requested to
Copies of the book¬ communicate directly with the
come a
partner in Lamson Bros. accrued dividends plus a premium public, of whom not less than one illustrated.
of $7.50 per share if redeemed on shall be a member of the Ex¬ let may be had from Wyeth & Co.
& Co., 141 West Jackson Boule¬
department.
or prior to March 31, 1946 and a
change: Sydney P. Clark, E. W. upon request.
Often the request for the loan
vard, members of the New York
premium of $5 per share if re¬ Clark & Co., Philadelphia; R. W.
of a security is made because a
and Chicago Stock Exchanges.
deemed after that date.
Courts, Jr., Courts & Co., Atlan¬
Form May, Borg & Hess
stock is tied up in transfer await¬
BMBB—
ta; Edward H. Hilliard, J. J. B.
Franklin T. Birdsall and Mon¬ ing legal papers or because the
Hilliard & Son, Louisville; Wm.
sale has been made for a Cana¬
Heighway and White Now
roe F. Hess, partners
in the dis¬
Wallace Lanahan, W. W. Lanahan
dian account and delivery can be
investments
.
.
Eagle Lock Co.
With Hornblower & Weeks
(Special, to The Financial Chronicle)
R. Hoe & Co.
CHICAGO, ILL. — Oliver H.
Heighway and John Gerald White
American Hair & Felt
N.Am. Refrac. 6 V2 %Pfd,
HAY, FALES & CO.
71
t.
flew
York
Stock
Exchange
Broadway, N. Y. BOwling Green 9-7030
;•<
solved
&
Co., Baltimore; James
Jackson
COMMON
Members
..
1
*
'
have
become
Hornblower
associated
with
Curtis,
Scott,
Boston,
Scott &
and
Stringfel-
pal trading department for Knight,
Dickinson & Co.; in the past he
with the Harris Trust & Sav¬
tee
of
and
the Nominating Commit¬
Charles
Secretary.
Committee
Securities
Baker,
Cb.r/*and Mackubin; Legg' &^Cov
Jr. is Chair¬
S. Hirsch, Jr.
is
Other members of the
are
Austin
Newcombe
Brown
stein De Haven Fox.-
-
and
-
4
Birdsall
partners
&
in
Hess,
L.
S.
& Company and the firm's
name
has been changed to May,
May
way,
man
of
firm
become
tion will be
Walter W. Stokes,
Mr. White was pre¬
ings Bank.
viously with Otis & Co., Blair
Co., Stifel, Nicolaus &
have
The
Borg & Hess.
low, Richmond.
&
Weeks, 39 South
La Salle St.
Mr. Heighway was
formerly manager of the munici¬
was
Buford
&
J. Minot,
fices
&
new
organiza¬
located at 39 Broad¬
an
Again stock has
to
help
locating
L. Sylvester May,
both mem¬
bers of the New York Curb Ex¬
York
Franklin
T.
Birdsall,
C.
»Hess.
t
<
to speed
up
rowed
from
Coasti—
deal
borrowed
of the
in
New
it has also bor¬
Cincinnati, from St.
even
*••*«■■«»
successful
been
great
but
City,
change, Joseph E. Sylvester, Sol
Louis, and
Hol- Frank, John S. Borg and Monroe
*
a
be
to
stock
are
has
staff
The
in
Partners
been borrowed
specialists
odd-lot transactions.
New York City, in the of¬
formerly held by Birdsall
Hess.
only after the granting of
application
for
a
permit.
made
from the Pacific
'
i*
«.■«
,11
@FedFRASER