Full text of Commercial and Financial Chronicle : May 14, 1942, Vol. 155, No. 4072, Section 1

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BUS, ADM

FiiWESih'on

Volume 155

*%&■$?*

^

In 2 Sections

Number 4072

New York, N.

-

Section 1

Price 60 Cents

Y., Thursday, May 14, 1942

Copy

a

Sees Stock Market As A Whole In

Our Reporter On "Governments"

Buying Zone;
Compares Action Of Foreign Markets With Ours

REPORTER'S

Roger

Babson, writing in tne Christian Science Monitor, de¬
that, without commenting upon individual issues, "it appears
that the stock market as a whole is in a buying zone.
Natur¬

clares

P

REPORT
There's just

story in the U. S. Government bond mart today
and that's the progress of the ''tap issue."
.
.
It's true, of course,
that we can only guess at what is going on at this stage of the sale,
but we have some indications of the record, some clues to the event¬
ual result.... It's true too that commercial banks are prohibited from
participating in this offering so their interest in the way the flotation
is going must be entirely objective;
*y.
But the success of the tap issue is of utmost importance to
i
every investor and institutional buyer of Government bonds in

I.

to

fome months with the

.

.

■fv the Nation.

.

The success of the issue is of particular signifi-

.

to commercial banks despite their inability to buy the

cance

■

.

|

of 1967/62 this time.

1

in

.

is that if the issue does go over, banks may expect to be

special buying category from

a

now on;

,

.

.

2^s

placed

i

If it doesn't yield

V; much money and does suggest the trbfible is too -great to warrant
the effort, then banks are going to be called upon to contribute
and more funds*

•

more

by

"real"

reason—not

published one, which was that
Secretary Morgenthau was attempting this device to make sure that
the millions borrowed wouldn't go to swell the potentially inflation¬
total of commercial bank deposits. r<v
But why did Morgen¬
thau become so particular at this particular moment?
v . Why start
off the "tap issue" with a major, if not overwhelming, handicap?
Was it because he doesn't like the tap method of financing to start
with and he figured that this test would settle the problem of tap
issues once and for all?

.

.

.

.

V

more

.

lent bond, by the way.

.

-

He has asked for only $2,000,000,000

this month, so

tap issue.

(only!) in the

...

open

market

that leaves only $350,000,000 to be obtained from the

Judging from comments of dealers and brokers helping in the
distribution of the 2^s, the sale is going "fairly." r . y To date, the
reaction of insurance companies, trust funds, corporations, estates
and other institutional buyers hasn't been

..

anything better than that.

The interest may pick up as the time for closing of the books

.

.

nears,

admittedly.

.

.

The Nation's investment bankers and brokers

.

just getting into high gear with their program of all-out selling
and they should be able to place millions of the bonds, for if any
are

(Continued

v'''7

all
that
Great
through and par¬

ticularly

with

the

Germans

wording

sit¬

with

an

on

eye

France, Holland, and Ger¬
stocks have

war

started,

advanced in

on

1864)

page

been communicated to
As
at

our people.
result, safe deposit boxes are

a

premium in most banks.

a

t

"All of these nations

number of ten¬

a

ders will be received.

more

drastic than

lations

The

SEC's

in'

said

decision

exceptions

lightly

from

it

granted;

would

and

The regu¬
restrictions
under
ours.

therefore, cannot act
sumption
•

that

made

be

be

the

comply

advanced

Stating that the Indiana-Com¬
pany

necessary

was

re¬

mission

:•?

"Certain

War

an

exception, the Com¬

asserted:

the

while

bulk

of

estate

-

QUICK ACTION ON

and after the last

the

war

shows that

ultimately comes when
people prefer to own real prop¬
erty and good stocks rather than

We

tioned.
in

;

see

in

our

men¬

own

realizing that cash is

group

no

estate

commitments

INVESTMENT SECURITIES

SURVEYS AND REPORTS

Head

.

Commercial

In connection with

Office

Cairo

Register No.

1

64 Wall Street

real

no

has

estate

ability

of

Bonds

the

RESERVE

FINANCING and VALUATIONS

CAPITAL

FUND

:

good

Sanderson & Porter

BOSTON

ENGINEERS and CONSTRUCTORS

NEW YORK

Chicago

Troy

Albany

New England

.

INDEX
Bank

and

Bond

Selector

Insurance

and

San Francisco

,

Actual

7

Security Flotations

Trusts

1856

Our

1849

Reporter's

Report

Our Reporter on Governments.....

1849

Personnel Items

1852

Railroad Securities

v„\ ♦1853

Securities Salesman's Corner
Tomorrow's
,

Says;;...

1852

CHASE

THE

wide range

of

Bankers

Kenya
Head

C.
"

the

correspondent

31

INCORPORATED

Y.

Security

Dealers

In

India,

REctor 2-3600

New York

Teletype N. Y.

and

Subscribed

Paid-Up
Ass'n

Members

N. Y. Phone CAnal




Philadelphia
Boston

6-2610

Member Federal

Telephone:

Telephone:

Deposit Insurance

'

Boston

Phone—Hubbard

8360

■

\'

Corporation

•;

1-576

The

Bank

Reorganization Bonds

Uganda

Ceylon, Kenya

and

banking:

and

every

exchange

description

Enterprise

6015

Enterprise

1250

Trusteeships, and
also

of

Members
New

Executorships

York Security

52 WILLIAM

business

undertaken

invited

HART SMITH & CO.

Capital.,. .£4,000,000

conducts

Inquiries
'

Zanzibar

Capital
£2,000,000
Fund*....... ,£2,200,000

Reserve

Railroad Bonds

in

Bishopsgate,
E. C.

Burma,

Aden

Underlying'Mortgage
.

<

&

Exchanges

facilities

Boston

Milk Street

in

SUDAN

and

26,

London,

Kobbe, Gearhart & Co.
45 Nassau Street

Stock

E.

Government

Colony

Office:

Colony

N.

the

to

Securities

Tel.

■$ service with Chase

of INDIA, LIMITED

Members

BANK

Broaden your customer

NATIONAL BANK

a

INVESTMENTS

Boston

all

the

j

1853

Uptown Ater 3...

Teletype BS 568-569 y

Branches

Chicago

Towns

and

1855

Market—Walter Whyte

MAY & GANNON

Trading Markets, always

PROVIDENCE, RHODE ISLAND

York,

in

principal

Over 'The - Counter

BANKERS

HIGH-GRADE

Street,

Branches

EGYPT

—-~m

■

.

William

1862
1855

Municipal News and Notes.........

£3,000,000

.

in

F. H. PRINCE

New

King

Watertown

Wilkes-Barre

i

U

6

1854

-..A1854

Calendar of New
Investment

Stocks........

£3,000,000

.

LONDON AGENCY

Williamsport

Pittsburgh

WILLIAM STREET

32

PHILADELPHIA

stocks.

common

approaching an alltime high and, except in instances
of certain discount issues, should
(Continued on page 1858)
y

Cairo

New York
:

market¬

are

Securities

FULLY PAID

ex¬

OF THE CITY OF NEW YORK

'

MANAGEMENT PROBLEMS

the

are

ception rather than the rule and

All

of EGYPT

Established 1927

-.

K.

Page

time

NATIONAL BANK

also

O.

and Stamps
every investment

portfolio. However, successful real

our

longer
sion would be compelled to grant the form in
which to protect one's
its application for an exception or
capital. Not so here as witnessed
else face the onus of delaying the
by the large amount of money
issue. We cannot permit ourselves now in
circulation.
Its total far
to be jockeyed into such a posi- exceeds
any that this country has
(Continued on page 1858)
previously known. Much of this

R. H. JOHNSON & CO.

DESIGN and CONSTRUCTION

is

Bonds
in

moved downward.

previously

of its securities that the commis¬

'must'

securities, have;, consistently

own

bonds
and
cash.
Inflationary
unwarrantably assumed that forces are steadily at work here,
it could disregard the competitive but
they are further advanced in
bidding rule and make such full the
countries

arrangements for the private sale

real

Savings
a

are

no

the event that the' commission

quired for

on

our

effort to assemble \ "Any historical study of infla¬
financial information in tion such as occurred both
during

made

of our pre-war'
dollar bill today,
the basis of wholesale prices,
a

country, foreign stocks have

own

*

,

than

worse

which have yet touched

any

its

;

and food
controls
like child's play. Yet in the

face of conditions far

as¬

with

general requirements."

rules,

«

seem

attempt need

no

to

on

which their people work, eat, and
live make our price ceilings, pri¬

ority

issuer,

an

1939,

Don't Follow the Crowd

have pro¬

'

part: "In promulgating the rule
we obviously did not intend that

In terms

dollar of

U. S. Vastly Better Off

portionately larger debts than the
United
States.
They have suf¬
on next Monday and despite the fered
great amounts of property
small size of the issue, there are damage. Their tax laws are far
indications that

derived.

NATIONAL
#

As I

have said

is worth 76 cents.

the countries most affected.

,

.

from the

away

Ever since the

common

ab«
the

was

ting only 20 miles

pany

IIOW IS IT GOING?
«

"Considering
Britain has been

many.

"It appears to us that the com¬

...

sensitive for

uncertainty of the tax and profits<£situation, and bad news from the' money is held by foreigners who
war areas.
fled
Europe.
Their fears have

true in

unable to make the findings

.

through additional sales of discount bills this month.

"v

very

emphasis of movement on the downside. This
mainly by domestic industrial upheavals, the

The bonds in question, will be
in competition for bids

.

the sale of the 2s of 1951/49—an excel;
He will raise another $400,000,000

occasioned

offered

investors other

.

raised $1,250,000,000 from

the competitive

future.

.

Morgenthau isn't expecting to get
than $350,000,000 from the 2M>s anyway.
.
v He has just
.

its

sorded

.

than banks and didn't want to obscure the basic demand by letting
commercial banks come in and subscribe? 7
One thing is clear.

re¬

rule,. would

of

port

Was it because he doesn't count much

.

Public

a

siasm that might otherwise have
been the case, but the full im¬

tap method anyway and figures that whatever he gets from
the issue is just that much additional?
/
Or was it really because
he wanted to raise these few hundred millions from

denying

Company of Indiana

been

before, hoarding serves
doubtless
British Isles, one would naturally no useful purpose.
have been cause for much jubila¬
expect a badly acting
London ■}[. "If the American investor is to
tion in underwriting circles.
market. Stocks on the London Ex¬ combat successfully rising prices
With the new issue market
change have, however, steadily and rising taxes, he must have
pretty much in the doldrums
advanced in the face of falling more
income
and
increase
his
currently, due to the war and
New York prices. This is likewise capital from which his income is
its

the

on

Exchange

quest that its $4,000,000 bond sale

.

.

and

unsettling influence, the rul¬
arouse the enthu¬

the

ary

the ruling

ing did not

system for the first time and the normal procedure would be to make
conditions as favorable as possible. ♦ * » To repeat, the puzzlement
the

Securities

be* exempt from

proceeding with this analysis, it might be said that most professionals
still puzzled as to the real explanation for the Treasury's restric¬
tion on commercial bank purchases—especially when it's trying a

over

circum¬

normal

more

Commission,

are

is

the

Service

Arid before

These are obvious implications of the sale,

:

Under

stances the wording of

.

.

.

has

bidding

And the reason for that last statement 1

,

.

me

ally, in view of conditions, the market has been

one

New

Bell

York

Dealers Assn.

ST., N. Y.

Teletype NY

IIAnover 2-0980

1-395

Montreal

CUARANTEED

Toronto

RAILROAD STOCKS-BONDS
\s~XS

Telephone
BO.

Gr.

9-6400

52

Broadway

NEW YORK

Teletype
N.Y.

1-1063

1

Y Thursday/ May 14; 1942

FINANCIAL -CHRONICLE

THE COMMERCIAL &

1850

cj

•a

Washington Bond Glufc Reelect R. L Stott

Dearth Oommissioned

!

vV,

Boston &

Albany 4 y4s

Old Colony

Lt.-Commander in Navy To Hold Annual Qiiling |i||(SliairniaB;Of NYSE

;

R. R. Bonds

;

•

D

Assn.

to

•

Available

Circulars now

1

•

of Texas

Houston Oil Co.
6%

Cum. Pfd. V.

T.C.

years

tiv

Coal & Iron Co.
5s/1973 C/Ds
6s/1949
Both have Retail

has been

office

INO.

MArble 7-8500
1-2361

2-7634
'
Teletype

REctor

NY

Bell

The

Moines

Des

will

Murdoch,
Dearth
&
be managed by Rob¬
McCrary, Vice-President,

H.

ert

BROADWAY
YONKERS. N Y.

20 8.

NEW YORK, N.Y.

Dearth

D.

of

White

during Mr. Dearth's absence and
other changes in personnel in

no
,

^

a

Chet Ailes

Fund

five

and

of" the

members

tion of these officers

the organization

urged-to*: place

are

orders' early..

will be effected.

son,

in New York May 22-24
The

'

..

* ^,"/

.

v

heads

are:

Nominating,

change, Bill Coe, Mackall & Coe;

metropolitan:-; area of the City of
Y

New .York:
""V

».■'

£

V; v

*v.V*

'v-

>-'•*,'4 ••• ^ r*J' v.-v-

.•••«;

of

of

will be

America

of

governors

the

Association

Bankers

Investment

HODSON& COMPANY,

held

allied members

Three

or

five

days,

done

ANGELES, : CALIF.—The

LOS

general

Angeles

spring

Coronado

>

Beach,

a

as

For N. Y, Bond Club
The
New

of

Club

Bond

Municipal

will hold its eleventh

York

include the

can

meeting

as a

,of one of their regular periodical

trips to the financial center, it
day
on
Friday,
was
explained.
It
is
further
June 5, at the Westchester County
stated by the Association that in
Club, Rye,' N. Y. This represents
order to cover a large amount of
a
change in location, as it was
business in the abbreviated ses¬
originally planned to hold the
sion, one full day is to be devoted
field
day
at
the
Hempstead
to
committee meetings and
the
.Country Club.
other two days will be given over
The day's activities will feature
completely
to
board
meetings,
golf and tennis tournaments and a
which will be open to all those
baseball game will be played in
attending.
In addition to the 48
annual

the

field

afternoon.

War,
Sayings
awarded during

Stamps will be
dinner.

of the board,

members

who rep¬
section of the United
States and Canada, all members

resent every

will

Cost

and

room

time.;

$7.50, covering
meals, and the

be

three

asks that res¬
made by .May 18.

committee

outing

ervations

be

Members

of

committee

the

/

'./A1

V

Members New York Stock Exchange

Maritime Bldg.* Brown-Marx Bldg.
New Orleans,

La. Birmingham, Ala.

Direct* Wire

-

BH 198

,

25 Broad St.

>

-

I

-

Yi

New YorkrN. Y/ /;

I Murray

D:

An open forum will be

held by
Municipal Forum of New
York, following luncheon on May
15 at Block Hall, New York, for
r

The

*.

mem¬

the Ex¬

savings

banks

and: trust funds;

Charles

F.

Committee

The

of

mittee

side

at

area

of

the City/of New .York, who are
general or limited partners in
member firms engaged in a busi¬
ness involving direct contact with
the public, of whom not less than
one is a member of the Exchange:

are:

For the Term of Three Years:

Lynch,
Percy W. Brown, Hornblower
Pierce, Fenner & Beane, Chair¬
& Weeks, Cleveland, Ohio; Wil¬
man; Sam Green, Pledger &. Co.,
liam -W. Cabell, Branch)^ CabeH:&
and Joe Gallegos, Pacific Co. of
Co.,
Richmond, ' Va.; James J.
California.
M'not, Jackson & Curtis, Boston,
Mass.

Gordon Graves Co. In Fla.

Two

Members

CORAL

GABLES, FLA--Gordon Graves & Co. has opened a

of

Gratuity

the

Fund

Revenue

on

Forum
the

study

to

possibilities, of revenue bonds as
trustee

metropolitan

preside over

Municipal

the

undertook

1940

in

Bank

Jr., Savings

Aufderhar,

change residing and having their
the

as

for

principal.?places of business out¬
of

bonds

revenue

investments

Bonds
of

of

legal

Shearson,

Safanie,

non-members

or

Subject
Of Municipal Forum

Trust Company, will
the forum.

of Three Years:

Three members or allied
bers

Revenue Bonds

discussion

.

Hammill & Co.

Merrill

Summerell,

Don

y;

investments and the com¬

be submitted
luncheon.
Mem¬
bers of the committee are: Cush•

will

report

the- Forum

McGee,

man

Elmo P.

Acting

Chairman;

Brown, Walter L. Crop-

ley, John B. Dawson, A. Baisjey
Sheridan and Byron W, Shimp.

Wieseuberger Opens
New
Arthur

Advisory Dept.

Wiesenberger

Com¬

&

56 Beaver Street, New York
City, members of the New York
pany,

Exchange,

Stock

announce,

an

expansion- of activities with the
formation of a "Department of

;;For the Term of Three Years: [
Special Negotiations." The func¬
./.John Rutherfurd, at Reynolds,
direction of
tion of this department will be
Fish & Co.; John K. Starkweather,
executive
committees
of /- the'
Herbert T. MeNichol, formerly of
to act in an advisory capacity o^
'Starkweather & Co.
Association's
18
geographical J.
as an intermediary in thq sale or
3- Bache & Co. Budd G.. Mpore
groups have also been asked to also previously with J, 3.;Bache & Five Members of the Nominating
purchase <oL going- business ■ conj
attend, as weir as many former Co., will be assistant manager: Thb
/
Committee
*
>
cerhs, sale or purchase of con4
board members.
Coral Gables office; will, do a gen/
trolling or minority interests, ill
For the Term' of On6 Year: :
eral retail business in bonds; and
/Three Members of • the Ex* closed, corporations, / the liquida4
general market securities.,/..
>
■k Marino To Be Partiier ;
change: Robert W. Keelips, Ware tion of ; unprofitable - units anqi
new ; desirable
& Keelips; Coleman B. McGovern, acquisition - of
} Joseph C. Marino will shortly
products and processes, especially
be
admitted
to " partnership
S. R, Melven Enlists p Gude, Winmill & Co.; Charles A.
in
Spe4
Sulzbacher, L. F. Rothschild & those in the proven stage.
Doolittle, Roth &
Schoellkopf,
cial advisory assistance will also
Sydney R. Melven, proprietor
of national committees and of the

Gatch Bros.-Oragc Go.

between now and parly

part

of One Year:

Term

C.

For the Term

war¬

from other sections of the country

the

Maxwell,Tucker,
Anthony & Co.; Radcliffe Swinnerton, R. Swinnerton & Co.

-

Announce Field Day

.V;/::-';//,-/-

Steiner, Rouse & Co

are

partners in
busi¬

involving direct contact with

'John

/

will hold their annual
outing at the, Hotel% Del

Coronado/at

limited

or

of Los

Traders Association

Bond

Calif,, on May 23 and 24.
Golf,
time economy of man-hours, the swimming,
badminton,
.tennis,
announcement stated.
Making it pitch and putt course will be fea¬
a
strictly business meeting near tured, with a limited amount of
New York City was for the same free
liquid
refreshments, /the
reason.
Many of those attending amount depending on the market
was

theVCity of New York, who

the public:

Outing; For May 23-24

Ii'-r*

■'i'">/

non-

member firms engaged in a

/For

of

York

horseshoes, MonkJEllis;^ t -

L. A. Bond Traders

24, at Rye, N. Y., it was an¬
nounced May 13 by John S. Fleek

165 Broad way 5 New

Debardelaben 4s, 1957
;v»*•.-<•

"'

May 22

Hayden, Miller and Co., Cleve¬
land, President of the Associa¬
tion.
Condensing into a ■ three-j
day week-end a meeting which
in more normal years runs for

Birmingham El. 7% Pfd.

shlag,*

ness

to

Inc.

Winder, Henderson Winder

& Co.;

HA 2-2772

Alabama Mills

■.

Gobd'members. residing
andhaving
wyn & Olds; prizes, Berney'Nees,
.their principal places of business
Johnston, Lemon & Co.; golf, John
within / the metropolitan area of
Hoffman, McKnew & Co.} putting,

regular Spring meeting of

board

Exchange PL, N.Y.

Borg' & 'Co.; George R.
George Ferris, Ferris, Exnicios .& "Kantzler; E;. F. Hutton & Co.; Ray¬
Co., Inc.;' tickets, Newt: Brewef mond Sprague, Raymond Spragiie
Robt. C. Jones & -Co;; Stofck:Ex¬

Dick

.

paLplaces of business withjn. the

•

IBA Governors To Meel

1920

Security Dealers Ass'n

BEIiXI TELETiPE NY 1-423

B.

mittee

York

referred

was

Rohrbaugh, of \ Robing ';*Tdr the Term of .Three Years: 1
Rohrbaugh & Lukens.i Com¬
YHbhert"^^ J^HamerOWagv ^aiiher-

Austin

New

-

dinner, Chet Ailes, Brown,*

the

40

Nomina¬

Nominating Committee.

Established

-

4

Chairman of the 1942 .Outirig is

Commander.

Scloonover, deWillers & Co.
120 BROADWAY

Michael

a

as

KATZ BROS.
Members

Stock

members

so

com¬

missioned

and Bank Stocks

Mortgage Certijicates

one-

to

Governors'
'
Yandaboyepar/
ticipatioris /ordered. rT&efce/yms/a: /Three members of the Exchange
heavy oversubscription last: year, £estdidg/ahd haying their; princi-

Lieut enant-

Mortgages,

addition

and

will be made over

ac-

duty

e

In

page -1531., Following
are
the
;
- y»>- -U
,
Exchange* -will Lbq names of the new Exchange offi¬
open for trading..
Orders will..be cers:
received by Newt Brewer, Robert
/ Nine Members of the Board of
C. Jones/& Co., and -allotments

with the Navy,

appeal

Westchester County

on

A

Class

Dinner will be

The

An¬

spent

.

—

$3 for guests.

and
several

napolis

Philadelphia & Reading

All

-the

of

.

prizes), putting coptest;, and

special, and the club, announces!
prices have been frozen at pre-i
ceding levels—$2.50 for members-

Dearth,
grad¬

uate

term,.

year

-

who is a

:

for/ another

beer.

other

Navy.

S.

Of" Governors

the

join

•

U.
Mr.

golf turnament (AcaciaCup and

horseshoes

order

in

war

1-°4W

Y.

N.

Teletype,

System

of the day will include

Events

a

• -

|i:l

Stocks

Chairman of the Board

as

«

/

Listed Preferred

•

the
election; of a Chairman, the Ex¬
B,; in change 'elected nine Governors,
addition to swimming, tennis.,and twomembers
of- the
Gratuity

of

ration

HAnover 2-4660
Bell

elected

du¬

the

for

New York, N. Y.

50 Broad St.,

at the Manor

his firm

from

WASHINGTON,
D. '/ ^C. % The V-"At/ the ./annual -;election of the
Washington Bond Club announces New York Stock Exchange, held
that the annual outing of the club on .'May 11, Robert L. Stott, of
will be held on Friday, June 12, /Wagner,
Stott & Co., was re¬

i'

%

Non-callable

;

^

/

absence

of

//////'//v

Dealers

Security

York

Incorporated, of

Moines,

e s

Iowa, and St.
Louis, Mo., is
taking a leave

F.Reilly&Co.

New

Dearth/ President of Murdoch,

Dearth & White,

Indiana Limestone 6s

Members

MOINES, IOWA—Michael

DES

D.

Wisconsin Central 4s

J.

-

vY-.V -%'y

^

Offerings Wanted:

.

branch office here at 204 Alham-

bra Circle under the

,

[ To Be NYSE Members
f ST.

MO.—With

LOUIS,

the

acquisition by Nelson B. Gatch of
the

New

York

Stock

Exchange,
membership of Vernon C. Badham, the; firm of Gatch Bros.,
Jordan & McKinney-Crago, Smith
& Canavan, 418 Olive Street, will
become

York

members

of

the

New

Stock

which

was

merger

Exchange. The firm,
recently formed by the

of Gatch Bros., Jordan &

McKinney, and Crago, Smith &
Canavan, already holds member¬
ships

on

the St. Louis Stock Ex¬

v

-

Stock

members of the New York

Exchange.
his

Mr. Marino will make

headquarters

the. firm's

at

New York City office, 120
way,

and will act

Prentice

Strong

Broad¬

alternate for

as

floor

the

on

the Exchange.

change.

*

*

•

•

of

S.

& Co.,>2 Rector

Melven

R.

New
York
City, £ who
served in World War I, has en¬
Street,

the United States Army.

listed in

has announced
that the firm is retiring from the
securities business for the dura¬
S. R. Melven & Co.

i tion.

/

-

of

'<

•

•

//.

jCo.:/;Y •///^

.v/;

,Twb Allied Members of the Ex¬
change; Charles S. Garland, Alex.
Brown & Sons, Baltimore. Md.;
>

H. .Macdonald,,

Ranald

Dominick

& Dominick.
'■{'cA.u*1

"——WW<w

'

//

5s, 1943
Our

Arkansas Power &
$6

&

$7

Light

Policy

of

First

Baltimore

& $7 Preferreds

Always

&

N.

a

and

Buy

a

Firm

Pi ice

6%

Y.

Natl.

Ohio

Teletype NY

1-609




Fire

Bank

Bank

York

Insurance

West

4/44 /

Pwr.

Indies

/

Stocks

Many

filiated

Sugar

activities

store

with

Time

the

of

bers

4-4970

J

quincy cass associates
Members:

KsfThipley
Jack

O'Donnel!

S&

Los

530

Angeles

West

Stock

Sixth

Exchange

Street

530 West Sixth Street

LOS ANGELES, CALIFORNIA

who

has

served

and prominent private

es/

tates.'/;/*;/://;// ///.;

Chronicle)

ANGELES,/

CALIF."

—

Quincy Cass

Asso¬

Los

Angeles

i

Albert Van Court To

i

Conduct Own Firm

;

Mr.; Catton

Exchange.

was

for¬

/

/"Y
Phone TUcker 5151

In

the

past he was President of

Thomas
and

was

& Co.

R..- Catton
a

&

partner in

Co.,-" Inc.,

Chapman

to The Financial Chronicle)

(Special

Stock

merly with Hurry, Hilgers & Co.

1

of

expert negotiator for lead-

an

ciates, 530 West Sixth St., mem¬

Others)

Front\7 A.M. to 4:30 P.M. Pacific War

The Financial

to

direction

Fieldman, a well known
consultant and specialist in chain
Irving

Thomas R. Catton has become af¬

r-v

Spencer Steel
Vertientes-Camaguey Sugar

Trust Shares

LOS

under: the

ingvfiriancial /institutions,^^chaifi

Quincy Cass Firm

(Special

—

■/

Stocks

Wickwire

6/50

Trading Department Open

Preferreds

WHitehall

Market ... A Price at
at Which You Can Sell
New

(And

'.A.Saxton&Co., Inc.
ST.,

-

Preferreds

Kentucky Utilities

70 PINE

&

Elect.

Investment

Empire Gas & Fuel

Jr.

-

Can

America

Security
Portland

7%

-

Preferreds

Birmingham Electric

All

You

Which
Bank

$6

With

TRADING MARKETS

and

,

will .be

stores

Chiids Co.

mergers,

reorganizations. / Man¬
agement of the new department
financial '

as

T. Cation Associated

for

furnished

be

■;

'

ANGELES, CALIF.—Al¬
E.. Van Court has opened

LOS
bert

offices at 639 South Spring Street,
to

engage

business."

in

a

general securities

Mr; Van Court for the

past 11 years has been a vicepresident of William R. Staats
Co.

YYY'/r

Volume 155

Number 4072

"

THE COMMERCIAL & FINANCIAL CHRONICLE

COMMERCIAL and J

v-

'

MARKETS FOR

FINANCIAL CHRONICLE
Rcg-

v-.a:'
:

Si

Patent

Office

Willlam B. Dana Company
-

■

.

i

•+

•.

,

Publishers

Spruce Street, New York

:;;|j

,\v

Herbert D. Selbert,

N.

twice

with

1942

40 Wall

offices:

Chicago—In charge of
Gray,'; Western Representative,
Building (Telephone State 0613).
•London—Edwards & Smith, 1 Drapers'
.Gardens, London, E.C.
t
Copyright

1942

by

William

B.

-

Walter

Africa,

$31.00

of

the

per

year.

fluctuations

upon

This

-

inc.

40

-

'

•

_;

^.. -t.(ff

,y:./1.

L-.; V,,

•

'I•

-

.

*

Angeles Stock Exchange

WALL STREET

An

the

than

now

fact

that

-/

Prbdiicts Corp. 7-year 3 ¥4% sink-4

evef

ingfund "debentures, priced at
100, Vplus accrued interest.
Of

is based

.

modern

NationalDistillers

victory.

purposes.
of

this

is

and

givem

An

;

of

the

corpora¬

to

prop-i

Thus far, there has
ertyY " p 1 a li t'. and ' equipment
offered
for; amounted to
$1,403,775. Cash on
petroleum products in supplying hand :
at
Dec.
31,
1941,
was
these three ^qualities.
Petroleum
furnishes a fuel and a source of $2,680;il9.
power.

Edward G;0!i$ Joins

no

■

STREET, NEW YORK
WHitehall

4-6551

more

W. L. Maxson Corp.
|

-

Common

for

the

third

'

'

Aldred Investment Trust
4Vis, 1967

.

..

consecutive

month

:;//;;/!

to

register 164 <1937 equals 100).
The
percentage of current factorycapacity utilized fell from
115

at mid-March to

114

Joseph McManus & Co.

at midn

Members

April, the downward trend oc¬
curring mainly in the heavy iron
and steel industries
owing to fur¬
ther

plant
ganization.
Our.

-

expansion

York Curb Exchange
Chicago Stock Exchange

39

reor¬

over

were

a

We

j

manu¬

one

Jn

trades),

Inquiries

Invited

In.

/ ;

Mtge.

Co.

Title

Co.

Ctfs.

Co.

|

Ctfs.

Title

;

Co.'s

Ctfs.

"

Lawyers
Bond
and

&
all

Bank

February was that in trade pay¬
rolls
(comprising wholesale, re-!
service

;

Lawyers

of

for transportation and minor
decreases for the other categories.
The most striking increase over

and

Specialists

REAL ESTATESECURITIES

As

17%

tail

Are

the in¬

year ago

28% for both

facturing and trade, with

27%;v-

Tele. NY 1-1610-11

February

March, 1941.

compared with

Broadway, New York

DIgby 4-2290

190

increase of 7%
arid of 23% over
an

creases

New

,

payroll index for
(1937 equals 100);

wage
was

and

'

Mtge.
other

Trust

;■!:

Participations

Complete Statistical Information

namely:

L.J.GOLDWATER&CCL

s

substitute

which is

WALL

Telephone:

The activity of the food group
slightly upwards, chiefly in
flour and cereal products.
In the
clothing
group
there
was
a

INC.
Members New York Security Dealers
Assn.

was

39

Broadway, New York, N. Y.

HAnover

i A .•sinking fund is provided for
nearly per-1
the new debentures sufficient to marked rise' in
the
output of
feet than anything else which
Hisf;
retire,! semi r annually
partly seasonal
$375,000 men's clothing
yet been discovered."';^!
i
principal amount/ beginning Mari and partly on Government order),
In addition, the oil
industry; is
redemption prices withJminor rises in footwear,
expected to play a big role in the .1, !§43r, at
ranging* from 101 to 100 on.; or men's furnishings,- cottons
and
United
States' synthetic
rubber
after Mar. 1, 1948. Other than for woolens. - Less activity is shown
program and a phenomenal ex-i
the sinking fund, debentures are in the pulp and newsprint sec¬
pansion is predicted, as a petrol-:
power

'

Obsolete Securities Dept.

-

activity in
Canada remains unchanged at a
high level, our index continuing

March

indication

Russell

been

New York

and

buy "TAP"<—

General /industrial

-

the meU

war-i

-

Telephone Whitehall 4-0650

Treasury's 2^'a.

i.

B. ,'Brown, General; tion's financial
requirements is
Counsel of the Independent Pe¬
giveniri" the prospectus ■ which
troleum Association of America,'
shows that during the year '1941
who said in an article recently
consolidated notes and
accounts
appearing in the Tulsa, Oklahoma,
receivable, less reserves, increased
"World," that: "Modern warfare
$5,496,537 to $28,049,482; consoli¬
is based upori the use of
petroleUhij dated -inventories increased $4,-»
products.
It ranks as an absolute
539,381 to a total of $40,817,616;
necessity. Almost all strategy to¬ and cash disbursements in con¬
day depends upon mobility, speed!
nection wUh additions

SECURITIES V

Los

;

proceeds, $11,000,000 will
dependent upori be applied to the repayment of
oil,t and a tremendously large
(presently outstanding bank loans
supply is and will increasingly be of the corporation and the balance
needed by the United Nations to will be
placed in its general funds
fight the war successfully tQvUlti-j and : used!! for general corporate

by

PACIFIC COAST

Member

&

actually

are

bids

our

the proceeds to

ohat

"un¬

as

•

gasoline $15,000,000

statement

Confirmation

Wyetii &Co.

of

Cet

siphon

bonds

over

use

Teletype NY 1-5

l...

and

sigfhed

ihiy

Members New York Stock Exchange

<

fare is primarily

mate

TRADING MARKETS

.spite

attractive

more

.foreign

DIRECT PRIVATE WIRE TO LOS
ANGELES

in

rationing,! royalties
before.

and-. advertise¬
ments must be made in New York
funds.

HAnover 2-4300.

•

-

and

now

stocks

have

marketable."

Industry

F.' Tellier,* of Tellier

that

;ln the rate of exchange, remittances for

subscriptions

.

underwriting group headed
Company,
42
Broadway, & New by Glore, Forgan & Co. and HarYork City, specialists in old
roy-j riman;Ripley & Co/, Inc., offered
alties, reminds brokers and deal4 to the public May 13 an issue of
ers

stronrbox

you

99

1-

Vietory!

T A P

1 .25 Broad Street, New York

SIS;Telephone

';

Nearer

Utility and Industrial
your

^Lebanon

City

Week

PREFERRED STOCKS

J \

;T-

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,account

;;

AND COMPANY

-

Canadian Industrial
Glore, Forgan Offers
Has Bright Outlook Nafional Dislillers Debi Activity Remains
High

,

and

Atlantic

1-2033

LicHTinsTtm

>

■

llftS Spencer Trask & Go.

WHitehall 4-6300
NY

■>

out those

Exchange'"'.''

Stock

:

Teletype

Petroleum

Dana

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.

Australia

Sill

-:.

CO.

companies

York

fteto

Philadelphia

/..

NOTE—On

local

St., N. Y.

Bell

; v;

'

.

GUAR. CO.

&

MORTGAGE

&

other

Members

H.

Company.

&

TITLE

Public

;

Newburger, Loeb & Co.

news and

Field

,

TITLE

X-

CO.

CO.

*

[every Thurs¬
advertising issue)
statistical issue on
Monday)

a

Other

.Fred

INSURANCE

MORTGAGE

MORTGAGE'CO.
TITLE GUARANTEE & TRUST CO.

week

a

Y.

All

Thursday, May 14,
Published

TITLE

offerings of

One

CO.;.

GUAR.

interested in

are

|High Grade

■

MORTGAGE

LAWYERS

STATE

William D. Riggs, Business Manager

day (general

&

by

I LAWYERS TITLE

Editor and Publisher

William Dana Seibert, President

,

issued

,

HOME
-

•

;

,

BOND

//l/w'J:fi' vBEekman 3-3341

rWe

CERTIFICATES ;' ;
:

25

j

;

MORTGAGE

*

1851

2-8970

Teletype NY

1-1203

_

Staff Of

:

Wyeth & Go.

(Special to The Financial Chronicle)

Appeal

Ma
Interprets
|! Unemployment Law

.

LOS

•

ward

ciated

ANGELES, CALIF. —Ed¬
G.

Otis

has

become

asso¬

with

Wyeth & Co., 647
South Spring St., members of the
Los Angeles Stock
Exchange. Mr.
Otis was formerly Vice-President
of Floyd A. Allen &
Co., Inc., and
prior thereto conducted his own

firm, E.
Angeles.

G.

Otis

&

Co.,

in

Los

eum

base

Is used

in-

this

be

to

work.

redeemable

time,

as

a

whole

at

in

part from.time to
royalty owners receive the
time. inamounts not less thanl
equivalent of one-eighth of
$100,000,: prices
ranging
from
the- crude oil produced, payable
102Y* prior .to Mar. 1, 1943, to 100:
and
these
monthly,
any

Oil

or

cash

come

payments
oh or after Mar. i, 1943. Deben¬
ahead of dividends or bond
tures
retired:
otherwise
than

interest of operating companies.'.;

James T>

Mayall With J. G. Wrighf Becomes
Harris, Upham & Go.
Keane & Go. Partner

through the sinking fund may be
credited against sinking fund re-

.quireihents;

•:•

.

Corporation

I

in

The

:

■

is

,,

;v

chiefly

-distillation

A

in

engaged

and

sale

of

cause
for
leaving
employment
voluntarily within meaning of the
New York State
Unemployment
Insurance Law, according
to a

moderate decline is recorded

the

automotive

trades,

some

units
the

not having yet
completed
retooling necessary for full

recent

conversion to Government
but the present level of
as

a

orders,
activity
whole is considerably
higher

than in the autumn of 1941.
are

.

Undertaking a national defense
training course constitutes good

tions;

an¬

at

Albany under date of
May 1, by Milton O. Loysen, Ex¬
ecutive

Gains

reported iri every branch

Appeal Board decision

nounced

Director

of Placement

of

of

and

the

Division

Unemployment

Insurance of the State Department
of Labor.

the

other iron and steel
trades,
notably in* the heavy section.

"Should

.Americah

a

worker leave his

em¬
Cwhiskies, operating di¬
Planting in the Prairie Prov¬
voluntarily,
'without
rectly or through subsidiaries 12 inces has been delayed by wet ployment
i good
cause,' he is subjected to
Wright has been admitted to gen-! whiskey distilleries in the United; weather,
with
rainfall ( late
in
Mayall
has
become
associated
certain
penalties as far as coleral partnership in Keane &
States with a combined distilling April of very heavy
proportions
With Harris, Upham & Cot, Pio¬
Co.,:
Iecting his unemployment insurPenobscot Building, members of capacity for a 24-hour period of in Sasketchewan.
Seeding, how¬ i
neer
Building. Mr. Mayall for¬
ance benefits is
concerned," said
the Detroit Stock
The cor¬ ever, is quite well advanced in
Exchange. Mr. 159,439 proof gallons.
merly for many years conducted
Mr. Loysen.
"That's why this
poration .is also engaged in other the driest areas, southern Alberta
'his own investment firm in St. Wright's association with Keane
Appeal Board decision and others
branches of the alcoholic bever¬ and southwestern Saskatchewan.
& Co.-was formerly
reported in
Paul. In the past he represented
included
in
this
announcement
the
"Financial; Chronicle^*
of age industry'and in the manufac¬ The spring moisture is well above
the Northern Trust Company of
are important to New York State
ture "and distribution of certain normal in
April 2.
'
Saskatchewan, a most
Chicago in the Twin Cities.
workers."
Other

(Special

;

V

ST.

to The Financial Chronicle)

PAUL, MINN.— James T.

DETROIT,

MICH!

—

John

:

Ci

,

.

.

.

Also connected with the firm-is
G. E. Wilson.
^ I
v '

Twin Oily Bond Club
A. S» Mills Bond Mgr.
Announce 4une Outing
MINNEAPOLIS, ? MINN. —The For Newhard, Cook Go.
Twin

City Bond Club will hold
cits twenty-first annual picnic, on
.Thursday, June 11, at the Midland
Hills Country Club. There will be
; all-day
golf,. lunch and dinner.
•The

club

invitation

is
to

extending-a
all

bond

cordial

v men

V to
outing. ^Reservations

attend the
should be made with H. H.
Wylie,
'

Wells-Dickey
apolis.

^

i
i

Company,

■V-Ur-

;

-

-

Minnev;/- '
!

John Hammitt Dies

r

[Co., 1 Philadelphia,
.

brief illness.

of Hammitt &

died

after

lieutenant

a

Mr. Hammitt served

during the first World War
in... the .318th

as

a

Infantry

Regiment, receiving the silver
for

LOUIS,

MO.—Andrew

Mills has become associated with

star

i

members

welcome condition in view of the

*

of

the

under¬

writing;! group are: Blyth & Co.,
Inc.; Hayden, Stone & Co.; The
First Boston Corp.; Lehman Bros.;
Goldman, Sachs & Co.; Kidder,
Peabody & Co.; W. C. Langley &
Co.; Stone & Webster and Blodget,

!i;v;:!

years.

DAVENPORT,

Interest Possibilities
!

IOWA

—

A^

t{
R:

sub-normal in Manitoba and
Alberta
where, however, there
was

are

good

reserves.

Securities

of

the

New

York

crop

Large Exchange
Firms To Amalgamate
George F. Hackl, Jr., members of
New.York

Stock

Exchange,

formerly

a
partner in
Gilbert
Co., will become a partner
offer; in
Laird, Bissell & Meeds, New;
attractive interest possibilities at
York .Stock
Exchange firm, on
the. present time,
according^ to a June 1st.;-

circularbeing .-distributed

St., Chicago, members of the New

Pflugfelder, Bampton & Rust, 61

|

-

by

The
of

majority of the personnel
Gilbert Eliott & Co., which will

Stock

Exchange and other Broadway, New York City, mem¬ discontinue business as of June
leading exchanges, as representa¬ bers of the New York
1st, will likewise become associ¬
Stock Ex¬
tive
in
ated with Laird, Bissell & Meeds.
Davenport.: Mr. Bailie,
change. V. Copies 1 of the circular
who was formerly with McGuire;
It is also rumored that an amal¬
may

at
,

be had from the firm upon

request. :::

Denial
motion

4-1

of

did

a

says

voluntarily
request for

not

constitute

for

cause

season,

Two

employment

in¬

cluded:

Taking all
the new

Eliott &

New Haven & Hartford RR.

decisions,

the announcement, based on leav¬

ing

these factors into account,

the

Bailie has become associated witli
Sincere & Co., 231 South La Salle

York

less-than-average pre-season re¬
serves, while the recent - rainfall

though
late, has
Inc.;VBlair & Co.,Tnc.; H. M. Byl^ begun more satisfactorily than
was in. prospect a month ago..
.lesby & .Co., Inc.; Emanuel & Co.;
Wertheim & Co.; Alex. Brown. &
Sons;
Eastman,
Dillon
&
Co.;
.Laird, Bissell & Meeds; Horn-

he had been associated for
many

gallantry in action and the Welch & Co., will have offices
military order of the purple heart. 912 East
High St.




! Other

Newhard, Cook & Co., Fourth and
Olive
Streets,' members' of the.
New York and St. Louis Stocki
Exchanges, as P manager of the! blower & Weeks; G. H. Walker
municipal bond department.'! Mrj & Co., and
Kuhn, Loeb & Co.
Mills was formerly a partner in
Francis, Bro. & Co., with which

Bailie With Sincere Co.

John K.
Hammitt,1 member of
,the Philadelphia Stock Exchange,
and senior partner

ST.

food specialties,

voluntarily
employment.

pro¬

good

leaving

Anticipation of seasonal lay¬
off

was not good cause for vol¬
untarily leaving employment, r

Dislike of
-

new

assignment at

which claimant worked

period

was

not

good
leaving

.,.!, voluntarily

a

short

cause

for

employ¬

ment.

Denial of
vacation

a request to
change
plans was not good

cause
for voluntarily
leaving
employment.
•
The desire for higher wages
and better promotional oppor¬
,.

tunities does not constitute good
cause
for leaving a job unless
a

benefit claimant has

able

^;i:;.!'|

Voluntarily
ment

a reason¬

prospect of other employ¬

ment.

rather

-w'-;y

;:

<

leaving

employ¬

than

continue

working under conditions which

gamation of Reynolds & Co. and

were

Goodbody & Co. is in the offing.

without good cause.

acceptable for six

years

is

■

FINANCIAL CHRONICLE

THE COMMERCIAL &

1852

Thursday, May 14, 1942

Chicago North Shore
issues

& Milwaukee Ry.

Deep Rock Oil Corp., 6's due 1952

Ry. Co., 5's due 1955

Des Moines

Howard Aircraft Corp., Common
National Licorice Co. Com. & Pfd.
/ if J

$■'

'

■

135

SOUTH

vv,.^ .•

1

lication in this column.

has
appointed Assistant Cashier

been

CHICAGO

'

of their firm.

r//M >

r.!,

•

..Teletypes: CG 1234-5^6

.

;

.<•

;

,

,

.

„

*. \

w

BOSTON,' MASS.
Morris

Municipal Club Hears

staff

A.

Charles

Inc., Sears Building.

E*

"This Above All"

Co.*

&

'

v)

-

-

■

(Special

to

The

Financial

has

been

added

Second Ave. Mr. Brazier
w

the

to

Lewis, Inc., 1006

i t h

was

Merrill

;

pre¬

Lynch;
:'*•

Pierce, Fenner & Beane.

Chronicle)

j

ILL.—Dr. Gerhard
CHICAGO, ILL.—Frederick N.
Schacher -was the' guest;' speaker Shannon is now with David A.
at the luncheon meeting of the Noyes & Co., 208 South La Salle
Municipal Bond Club of Chicago st."
13.

May

Schacher's sub¬

Dr.

Robert H. Watson Now

With F. S,
(Special

to

to The Financial Chronicle)

(Special

Watson

ILL. —Robert

has

become

its

on

according

program,

to

George L. Martin, Martin, Burns
& Corbett, Inc., President.
>
New committee chairmen ap¬

Mr.
of

Gatti

the

Bond

Fresno
Co.

formerly Manager

was

of

Witter

Dean

thereto he

Prior

the

of

Department

office

&

Fresno

was

Manager for Conrad, Bruce & Co.

Richardson,
(Special to The Financial Chronicle)
yD. T. Richardson & Co., Pro¬
gram; A. G, Pickard, C. F. Childs
LOS ANGELES, CALIF.—Dan
& Co., Inc., Finance; Lloyd JamH.
McKellar,
formerly
with
;mer, R. S. Dickson & Co., Pub¬ Franklin Wulff &
Co., Inc., has
licity; Woodward Burgert, Harris joined the staff of Revel Miller &
pointed

Trust

are:

&

ance.

T.

D.

Savings

Attend¬

Bank,

V;yy,:

y

H.

associated

4,

i'.y.

Booklet, Tyson To Be
h Partners In Gammack Co.
I Charles J. Bocklet and H. Blair

LOS

to The

thereto

he

was

with

Chase

ert C. Davidson and Hays Matson

with Pacific Company of

now

California,

623

South

Hope

St.

Ind.

'

>

•

-

Goldschmid Now Assoc.

♦Mgr. of Haupt NY Branch
:,r

Arthur

Goldschmid,
formerly
Leopold Spingarn & Co., has
been appointed
Associate Man¬

with

of the 501 Seventh Avenue
office of Ira Haupt & Co., mem¬

ager

bers of the New

change.

York

According

nouncement

made

Stock

Ex¬

to
an
anr
by the firm,

Lynch, Pierce, Fenner &
Beano/ has become connected with
Sutro & Co., Van Nuys Building.
(Special

to The

Financial

Chronicle)

ONTARIO, CALIF.—Harvey O.
Chapman
with

has

Pacific

fornia,

become

affiliated

Company

of

.

Cali¬

South

Hope

St., Los

E.

Dunn, co-Managers of the of¬

fice will continue in that

capacity.

(Special

The Financial

PORTLAND,
Gibbons

DETROIT

to

is

ME.

now

Chronicle)

Albert

—

associated

E.

to

The Financial

CHICAGO,
Bloom

is

ILL.

now

Chronicle)

associated

Mitchell,

with

Hutchins

South

M.

Ralph

—

with Harriman Ripley &
Co., Inc.,
and its predecessor firm for many

SECURITIES

years.•

James Hunt To Manage

Trading For Hood Co.

(8pecial

SAN

Financial

Chronicle)

FRANCISCO,

Albert

B.

Hartley
Pettit

to The

r

Dewing,

Hutchings

have

joined

CALIF.—

W.

W.

and

the

Gay,

C.

staff

R.

of

Charles A. Parcells Gr Co.

Sutro & Co., 407 Montgomery St.
All
were
previously connected

Members

with Revel Miller & Co.

of

Detroit

PENOBSCOT
,

<y.

..

I

Stock

Exchange

BUILDING.
...

DETROIT, MICH.

(Special

to

The

SANTA
Frank

J.

Financial

Chronicle)

MONICA,
Townsend

CALIF.—
has

become

associated with Pacific Co. of Cal¬

ifornia, 623 South Hope St., Los
Angeles. Mr. Townsend was for-

ST. LOUIS

DETROIT,

MICH.—James

H.

RAILROAD

Stik

^

Co.

SAINT LOUIS

PUBLIC UTILITY
AND

509 OLIVE ST.

prior thereto

was

with

Pal¬

Everham & Co. and Alison &

mer,
Co.

Securities Co.
Louis

Stock

Exchange




Incorporated

CHICAGO

Broadway

bowling

.

.

determine the All American Dance Band. This
result. As an answer to a jitterbug's prayer it has
everything—top bands and hot music, some of it really excellent.
entertainment with

adult

as

a

sustained story to support it, it

It's about how music
South comes to Chicago and, after trying times sweeps
"The Mayor of 44th St." (RKO), George Murphy, Anne
Shirley. This one also takes music and musicians as its central theme.
It has to do with bands, how they're booked and how racketeers
muscle in. At best it's a dull story though it has the music of Freddy
considerably short

of

mediocrity.

even

from the deep
the country.

Martin and his orchestra to sustain it.

'

ABOUT-THE-TOWN
Julio's

Don

claims

'

'

to

the

be

:

(40 W.

ALBANY,

N.

Y.—Gardner

Parks, for a number of

F.

in
indi¬

years

in Albany as an
dealer, has become

with

business

asso¬

Goldman, Sachs &
Pine Street, New York
♦

Co., 30
City, members of the New York
Stock Exchange.

In the past Mr.

New York State repre¬
sentative for Gertler & Co., Inc.,

Parks

and

was

was

Albany

Bankamerica-Blair

manager

for

-

A down

only Mexican night club in New York.

place, dts entertainment and music is of the Latin variety.
Some of it is pleasant and some just noisy. Don Julio (a dead ringer
for Paul Whiteman) acts as m. c., comes on with a revolver .^hooting
blanks
.

the

on

The

.

Ice

theory that no sleeping while the show is going on.
Terrace of the Hotel New Yorker has a new show,

"ICETOPPERS," that is about everything its enthusiastic press agent
claim for it. Starring Johnny Long and his orchestra, a sweet

can

outfit; Bob Russell, m. c., who has one of the pleasantest singing
voices we have heard in some time; the show is fast, interesting and
eye and ear provoking.
It's presented in a series of scenes, starting
with a romance interrupted by the draft.
Then there is a dream
Bob

followed by a Hawaiian setting that is something to see.
Russell singing effectively in the background the girl

The final scene is gay
in the costumes of the period. The whole
thing adds up to what is probably the best ice show the New Yorker
has had in some time.
Hotel Woodstock (127 W. 43rd), a side
skaters go softly through South Sea dances.
90's with the girls dressed

...

cuisine that puts some of our grander
done in Old English, overlooks
beehive of activity. Next time you go
the theatre suggest you try the Woodstock for dinner. Not only
the food worthwhile but its location leaves you within easy walk¬

street hotel with a

shame.

hotels to

dining

room

The dining

room,

An

interesting list of
offerings of oil royalties
has^ been

Co.—ask

for

waiting for the Army to call me I went to Maggi McNellis'

huge success. Maggi, sporting a green veil and a forest
orchids, sang "Twiddling My Thumbs."
And can she sing it!
Eleanor (Rainbow Room) French sang, Ted Straeter (Kate Smith's
of

intent

on

drinking Armando's place dry to pay much attention.

prepared

Schedule

J. F. Reilly To Move

party and no one asked him
play." No one asked him to
sing.
Peter Arno looked like he
wanted to do something but he,
a

too, wasn't asked/ It was all very
Even Danton Walker tried to

Co., members of
Security Dealers
Association,
announce
that
on
May
16 their offices will be
50

Broad

Street

Telephone

to

and

teletype numbers will remain un¬

changed;

"

* A

The Penthouse Club
30 CENTRAL PARK SOUTH

sad.

look self effacing as

Adjoining The Plaza

Peggy (Keep

Laughing) French made him
the subject of her song, "How I
Subscribed to Liberty Magazine."
'Em

vOh,

holding

I tried

van

a

de Rovaart

Harry van de Rovaart has be¬
come

a

partner in Combs, Max¬

25 Broadway, New
York City, members of the New
York Stock Exchange.
Mr. van
well & Potter,

de
on

Rovaart

the

will

floor

act

of' the

as

A

hands
.

To Admit

York

from

Poor

in a position of the guy "who brought his harp

Morton Downey was

with Maggi.

Broadway.

cocktail

ever, was a

Me?

moved

Our West Coast correspondent

to

"A."

New

.

party at Armando's last week. . Party was arranged to unveil Maggi's
portrait, painted by Natalie Faber. While I don't know a thing about
art I do know that Maggi is an attractive wench. But the portrait
looks like a surrealist's impression of a Dali dream.
The party, how¬

filed

New York City, members of
the Eastern Oil Royalty Dealers
Association.
Copies of the list
may be had upon request from
&

.

Rover's Paris Inn (210 E. Market St., Los

Angeles, Calif.). Says Fred Germano, headwaiter, "is a swell guy"
and sums it up with
.
.
good show and lots of fun here." While

current
as

by Tellier & Company, 42 Broad¬

Tellier

of the theatre.;.

distance

ing

writes recommending Bert

to

with the Securities and Exchange

Commission

is

program) sang and played. Even Jimmy Bryant, turned song plugger,
tried to impress with his latest brain child.
But everybody was top

Corp.

Oil Royalties Interesting

71

!

'

.

St.), a typical Village night spot that

8th

cellar

to

J. F. Reilly &

St.

a

the lobby which seems to be a

Parks At Goldman Sachs

the

Memberi

around

popularity poll to

sequence

INDUSTRIAL

Thompson Ross

poking

fights. It's an interesting picture and keeps your attention
v
"Syncopation" (RKO), Adolphe Menjou, Jackie
Bonita Granville.
Some time ago the SEP ran a music

the way.

With

SECURITIES

•

the

L. T. Hood &

way,

MUNICIPAL

While

York.

the site of a night club where he got his start, he runs
watchman and both begin reminiscing. In a flashback the

Hunt has become associated with

ciated

vy>

all

.

vidual

LISTED AND UNLISTED

New

Salle

La

with

H. M. Payson & Co., 93 Exchange
St.
Mr. Gibbons was previously

in

once

story takes you back to the prohibition days of bootleg gin, hijackers

falls

9

v

and

Samuel E. Sweedler and Emanuel

into

But

Ralph Bloom Now

Co., Buhl Building,
Angeles.. Mr. Chapman was for¬ as manager of their trading de¬
merly
Ontario, Calif., Manager partment.. Mr. Hunt was formerly
for Davies & Co., and prior there¬ manager of the trading depart¬
ment of S. R. Livingstone & Co.
to for White, Wyeth & Co.
623

alley,

picture is the

Merrill

1^:'^">

Co.

arrives

Cooper,

Wayne,

,

j&

is effective if not convincing.
Joan Fontaine as the
is charming. -.- . .. "Broadway" (Universal), George Raft,
Pat O'Brien, Brod Crawford, Janet Blair, Anne Gwynne, Marjorie
Rambeau.
An intriguing story with a biographic slant supposedly
based on the life of George Raft himself.
Raft, now a movie star,
boy

for the Dime Bank of Ft.

&
Co.,
231
St., members of
Both were previously connected the New York and Chicago Stock
Tyson will become partners in
Gammack & Co., 40 Wall St., New with Merrill Lynch, Pierce, Fen- Exchanges and other leading ex¬
York City, members of the New ner & Beane.
•
< 4
changes. Mr. Bloom was formerly
with Langill & Co., specializing in
York Stock and Curb Exchanges,
(Special to The Financial Chronicle)
as of June 1.
Mr. Bocklet, a mem¬
real
estate
bonds
and
stocks.
ber of the Curb. Exchange, was f. LOS ANGELES, CALIF.—Rod¬ Prior thereto he was with Kir1: :
/
>
0
"
: ■
previously a partner in Howe ney Charles Crist, formerly with steiri & Co.
are

fused

WAAF girl

and gang

(Special

ANGELES, CALIF.—Rob¬

softening influence of love causes the boy to change his mind
go back to the army.
All throughout the picture the hero is

and

Forbes
Corp., and was
Manager of the Bond Department

Harris

Chronicle)

Financial

was

Manager of their St. Louis office.
Prior

•y,-,

(Special

West, and

Mitchell, Hutchins Co.

Co., 650 South Spring St.

■

3

them in the Middle

the

a

story structure is weak the acting is not.

Chronicle)

FRESNO, CALIF.—Alexander with F. S. Moseley & Co.; Field
The Municipal Bond Club has P. Gatti has
become
associated Building. Mr. Watson for the past
decided to dispense with its usual with Blyth
&
Co.,
Inc.,
Russ 10 years has been associated with
Spring party, substituting lunch- Building, San
Francisco, Calif. Blyth & Co.,4 Inc., representing

meetings and similar affairs

.

daughter of the ruling classes he despises. At this point
Hays' office takes over. A week-end in the country becomes
of those highly improbable, but perfectly proper things. Finally

WAAF,

guided by Hamlet's "y:
to thine ownself be true." The sudden
abandoning of his belief is never satisfactorily explained. But if the
Tyrone Power as the con¬

bloseley

The Financial

CHICAGO,

ject was "He Wanted to Sleep in
the Kremlin.",

4 eon

Dunkirk, disgruntled and disappointed with the status quo, he de¬
But from here on the original story and the picture take dif¬
ferent roads.
He meets a girl on a blind1" date, a member of the

•?/■• •

The Financial

to

(Special

A member of the lower

serted.

the

CHICAGO,

on

fought to change the England he knew.

middle classes he had suffered from the mistakes of the upper classes
who he felt had brought his country to the brink of ruin.
After

one

jr Schacher M Meeting
,

The Eric Knight best seller from which this picture was taken con¬
cerned itself with a philosophy of a disillusioned veteran of Dunkirk
who

M.

(20th Century-Fox), Tyrone Power and Joan

Fontaine; with Thomas Mitchell, Henry Stephenson, Gladys Cooper,
Nigel Bruce and Philip Merivale.
Directed by Anatole Litvak.

Chronicle)

SEATTLE,; WASH. —John

the viously?

to

Day

■

*

staff of John R.

Percy

—

added

been

has

of

Chronicle)

to The Financial

(Special

y

*

,

NEW MOVIES

,

"

Brazier

York

private wire to New

Direct

-

.

formerly with Cassatt & Co.;

SALLE STREET

LA

additions to your personnel, please
of the Financial Chronicle for pub¬

BROOKLYN, N. Y. —Security merly Local Managed for Merrill
Adjustment Corporation, 16 Court Lynch, Pierce, Fenner & Beane,
and for Banks, Huntley & Co. I!
St., announces that Daniel Ohl,

HICKEY & CO.
.V;

If you contemplate making
send in particulars to the Editor

alternate

Stock

change for Richard P. Combs.

Ex¬

most

unique restaurant in

beautiful location,

overlooking

Central Park to the north.

Serving

best

food,

skilfully

prepared.

Telephone FLaza 3-6910

*

...»

,

'MUHKKMMH

Volume 155

Number 4072

Vf»».f r*

^

»

p

■

'

j,

*•

<.

tr

„

w.

.

''

■■

Interest Possibili

v

.

Tomorrow's Markets

Railroad

N.

Y., New Haven & Hartford

Stocks-

R. R. Securities
m-;;
Mjmktrt New Ytrk Sink
V1*/ fi
■ a

Broadway

t.Cs

feeling offerings) Re¬

.?)C.

action

indicated.

now

■

expect any "testing of bases."

Royal Bank of Canada

PFLUGFELDER, BAMPTON & RUST

Tel. REctor

STOCKS

"61

Broadway V
Telep/ione—DIgby 4-4933
,

the

and instead of the market
go¬

Bell

RAILROAD

,

long

REOROANTZATTON

RAILROAD
The

and I don't

railroad

bond

SECURITIES

periods

market

I don't like

care.

of

ance

and

terstate

job.

of

forward

Missouri Pacific

have been

only too famil¬ dominate: slow

reaction

-

Missouri

should

(When

stocks

able to go

were even

funds

rate

The

.

question

:

the

from, here on?

three possibilities.

are

boughtj or at least that
holdings remain-undisturbed;
;
IhereZ;jfe
/outside;

be

mortgages

and

that, Instead; bf eitheror:bptk
of >the above
happening, Vthe
There riiarketrimriy^^ continue; going

It

can

-If this

up.

occurs,-

the tech¬

-j4

pub¬

Van Tuyl & Abbe

;

72 WALL STREET

NEW YORK

Issued)

For Contact Work

Membert

New

Net*

York

Stock

York

Bxchangt

Advertiser with 14 years'

perience in calling

Chicago

and

bes necessary
notes

new-

sell at

seeks
We maintain

markets

in

net

all

trading

issues

in

Chicago, Rock Island
& Pacific R. R. Co.

Please

address

,

Box

Financial. Chronicle,

Spruce St., N. Y. C.

•'

25
/

;

:

direct

Mounting evidence of the
of Section 77

lien of the bankrupt road.
Bankruptcy Act denies mort¬

The

that operation

gage holders the right of fore¬
closure.;. In contrast, non-payment

.

uated -mortgages -as
had
been
feared in the beginning, has also
brought-about a regeneration of

contact

or

of

P 1,

is-,

of the Bankruptcy Act will not
jeopardize the status of well sit¬

connection. 8 Interested

wholesaling

v'

work.

make
on

the

major portion of the country

In its

to

par

ex¬

dealers

on

brokers, throughout

v

4s

the -notes to be offered in

on

fact

.EROY A. STRASBUR6ER & CO
^V^V-^Uli. WALL ST., NEW ¥OBK

.

i

'

■

.

Information upon request

cash with

in the treasury.

now

suance.

mar¬

i

A

'

the

-

3rd Extended

paid off in

would

as

the

now- upperT

most; is? Whatt will

ket do

be

'

t*

'

Bear, Stearns & Co.

iar, stood its ground' And, as dullness. On this reaction and exchange- for the old underlying
liens should carry interest at the
previously •• mentioned/; some dullness,-1-suggest that stocks rate of 3%%> or such other rate

through their offerings;

'

•

-Available

plan, the Commission had effec¬
tively-proposed the same treat¬
ment in providing that the coupon

and

•'

•

/."A-

Underlying Mortgage Bonds

Securities

CommerceCommission

few

It managed
L believe that the market
against
what seemed like
heavy offer¬ will; go up within the next
ings and: insteadof/ being two weeks to a month. In the
scared-to
death'-on--meeting meantime, I look for a com¬
them, a condition with which bination of the two actions to
we

-Toronto

Reorganization

proposed that the Pacific Railroad

lumber

■

■.

The impregnable position of such
liens
has
been
amply
demon¬
strated by the attitude of the In¬

long

,

to

•

X

:

.

Railroad

•

nice

1-395

Montreal

''

widely

properties covered and
well substantiated earning power.

-

a

HAnover 2-0980

NY

RAILWAY COMPANY

a

as

(apparently

day's not give a hang about what and the courts in reorganizations
rally to change it over? from will happen say a year from now under ^consideration, high¬
lighted last week by the action of
the dull listless
draggy affair today. It's what will.be seen underlying liens of Missouri Pa¬
to a rip snorter of a bull mar¬ a week or a month from now
cific;
\T
'
'■ '
"
ket is not only
The Alleghany interests, in out¬
silly; it's dan¬ that counts. '
lining an alternative plan of re¬
gerous. Yet, during the last
organization for Missouri Pacific,
two weeks, the market has
So to get back on the track.
done

Y.

Teletype

SEABOARD AIR LINE

import¬

term market: predictions
hemming and hawing
But to lull oneself into a feel¬ about the short term ones.
ing of confidence that all this Most stock minded people do
a

Bell

New York

ing down, it managed not only mously optimstic.
to hold most of the
sistent buying interest.
previous
The favored, although not
week's gains,
but in some j I don't know what such a licized, group is that list of under--^-—7..,/
:/
lying liens still selling at substan¬
stocks add to them.
:
survey would uncover today, tial discounts
despite the

market needs'is

52 WILLIAM ST., N.

Teletype-NY 1-310

SECURITIES

whole has turned
laggard in
dating from the return of Laval ..to
power in France and
aggravated by a resumption of interest in
industrial and utility equities since the tax bill has
begun, to take
form), but there is one small section that continues to attract con¬
-

recent

term outlook, the
was
almost unani¬

opinion

Now, rib one likes fan ad¬
vancing market more than I.

HART SMITH & CO.

'

,

New York

lower

a

Suggest? coming set-} figure)—85-90, with the lower:
back be used to buy stocks.v figure attracting the majority.
It is interesting 'to note that
|
By WALTER WHYTE f x-; these were for short term. For
Another week has gone by

^

.

':

-A

survey

still

out-

loiver.

r

Member* New York Stock Exchange d

Hr'X

2-6600

April another

brought

go

Canadian Bank of Commerce

-•

i

i

end of

If any reaction carries
prices
back to recent lows, it will

Bank of Montreal

on request

Sun Life Insurance Co.

Bell Teletype NY-1-1158

Don't

5r B

r

*

GUARANTEED

NEW YORK

.i

Extkaut*

Dealers la

Market

Circular

^

120

1853

uw*.

Guaranteed

>

M

•

THE COMMERCIAL & FINANCIAL CHRONICLE

'•

-

.liirtuf

■

WHttehall

3-1450

Teletype:

NT

%<■

of rents may still
bring exclusion
of the lessee from utilization of
.

the

1-2050

leased

point

property.
A case ^in
the "Terre Haute" line

is

„

V continue nical position of; the market investment confidence in the un¬
of Chicago,
Milwaukee, St. Paul &
the \ system
and ; many analysts
go down. may be so impaired that sell-; derlying mortgages of the solvent consider it an
where full interest has
element of strength Pacific,
marginal roads.- v,:.
been paid on the leased line ob¬
news will con¬ ing would be advisable;*--that, in relation to other parts of
*
*
Many rail men are now urging
*
*
s *
ligations throughout the reorgan¬
tinue toplaya nirijbri partiir V
the system, it is not so
V.
heavily
*#•»'.' '
r'*"4
*'o
their clients to concentrate their
ization proceedings even
though
whatever does happen.
dependent on coal. The basic de¬
Of the .various:
buying on liens, of this type,
the plan submitted
stand'i still.:It

going) up.:- It
Obviously the

can

can

-

,

>

*

;r\'

v"

.

«

'

-

-

..

•

♦

w'#*. #

,

:;f'•&.

l\ -ft, %

n

*■,:'
'!

-

>

' '

.

*

*
} >'*

'y,J-W

\

groups

make-

the

up

market,

that

the pointing:
stances

that

out

they

in

in¬

many

selling substan¬
similarly
situated

are

Up to this writing the news steels, airplanes and coppers,
for a change, good. act
badly. On the other hand,
The apparent victory of our the specialties and manufac¬
navy in the Coral Sea and the turing, some rails and utili¬

mortgages of roads actually in re¬
organization, and that bankruptcy

Malta

prove,

has been,

defeat

of

the

Axis

planes were both encourag¬
ing. But the continued sink¬
ings of our ships off the At¬
lantic shore is
certainly not
good news. It is bad news.
Our ships are sunk at a faster
rate than they come off the
ways.: Still, it seems to me,
that

the

market

has

full

knowledge of this news/ be¬
in

cause

spite

of its mixed

nature, it has not acted
market
sume

that

is

ready to
down swing."

any

•'*
V'

~»''4

Some

*
'

,

"sjc

-J-".

time

financial

as

house

,k

a

*

\
*

-

Among these you theoretic¬
ally hold the following: At¬
:;

chison (now about 36%) was

bought at■•■35 Vfc ^36^.During the
setback it
managed to stay
above

its

critical; 34

level.

Hold;

International Harvester

(now

about

there. U Its
never

43)

bought
411/&r was

was

stop,

broken.' Hold.

Carbide

(now'

about

Union

Union (now about 26)

on

their

bought

never,Jived up to its threat.
Hold. \

—

the market trend.

beginning of April

survey

showed

that the

majority believed the market

obligor would likely im¬
rather than detract from,

.

marginal

a

recom¬
this basis is the Penn¬

on

sylvania

&

Railroad

Consolidated

New

York

Canal

&

Mortgage.
This mortgage is) outstanding in
three

series

amount

of

in

'

the

aggregate

.

ley's major difficulties.
Indicated earning power of the
mileage is high and it is generally

$8,500,000, all matur¬

by the Com¬

mission and approved by the Dis¬
Court contemplates that a

trict

portion

coupon series to

the

5s.

of

.

approximately 73

The road is

Lehigh

a

leased

Valley: and

in

not be called on to, make
sacrifice (except perhaps an¬
other maturity extension) even in

was

drastic

reorganisation.

po¬

sition of the bonds is further

hanced
leased

by

the

fact

line rather

that

than

Lehigh Valley lien.

it

to Invest in Oil

en¬

is

The

a

direct

a

Under

war has made
OIL, the indus¬
that Serves ALL Industries. It

try
is

pres¬

ent

bankruptcy laws, and judging
by past procedure, a sound leased

of the

one

most

to suffer even a temporary inter¬
ruption of interest in reorganiza¬
tion than is a similarly situated

brokers

As

on

invite inquiries
odd lots of

we

blocks

monthly

pay

or

for

returns and are at¬
both large and small

tractive

miles

of line

and

of

highest grade rails

is

123

some

right at the

•

tracked

'

V-

'

'

-

ALL FLORIDA

-

1. h. rothchild &

With the

is

the heaviest

it

11 wall street

■

.

42

HAnover 2-9175

i

A

•

1 n«tii

filed

Eastern

r.

'4

'/

4'

T

to

,r'.1

,

1

oil

'

with

S.E.C.

on

offerings.

Oil

Tele. ITT 1-1293

-

•"

; 1

Established

Broadway;

n.y«c.

density section; of
,(»»

VY

%

Royalty

Dealers

Association

co.

-

v

->

TELLIER & COMPANY

-

specialists in rails

ex¬

ception of terminal properties

as

current

:

Members

portion of the main line from Buf¬
falo to New York.

.

■

specialize in offering Oil Royalties
registered dealers. Send for Sched¬

to

6s/35 Bonds & Ctfs.

central

mailed direct

arc

oil

..

ule "A"

:

Wilkes-Barre to

forms, the

■

We

SEABOARD

the New York State line at Sayre
^
is
completely
double
and

the

companies
royalty owners.'
' ' ,"8"

which

than

from

We also maintain net markets in

heart of the system? It is essen¬
tial to operation of Lehigh Valley.
The .main
segment
consists of
96.56 miles from

war¬

PRODUCING

investors. Checks

consists

Con¬

OIL ROYALTIES

extended for ten years

road

com¬

ships, and all kinds of mechanized
equipment is growing at an un¬
precedented rate.

unchanged.
The

necefssary

modities in the world today.
sumption by planes, tanks,

from, 1939 with the interest rates
; :'■?;

Haute''

1858)

page

for Your Customers

In this

respect it is believed that the

.

•

"Terre

on

NOW Is the Time

any

the Chandler Act readjustment of
the latter the maturity of these
bonds

the

believed that holders of the bonds

ing in, 1949 and with coupons of
line mortgage with well demon¬
4%,. 41/2% and 5%.: Prices range
strated earning power is less apt
from, around 62 for the lowest
for

of

(Continued

would

a

One of the issues being

mended

Of the other stocks,, I think
the following deserve more
:

-passing attention. Air
would react to ' about 90-95, Reduction, now about
32, can
using Dow averages,^ with 95 be expected to sell off to
qs the favorite choice.. At the ■,
(Continued on page J857):,




the

line

61V2)

ago
a; large at 25^, threatened the 24
conducted a critical figure a few times, but

determine

of

below

the market position of
road's best mortgages.

*

|•
-V

opinion
the

t.

bought at 59, kept above the
57 stop point. Hold. Western

among'market tech¬

As of the

•.

,

re¬

survey
nicians

to

ties act well.

tially

terioration in anthracite coal traf¬
has been one of Lehigh Val¬

fic

--

1931

New York. N. Y.

BOwling Green 9-7947
Teletype NY 1-1171

THE COMMERCIAL & FINANCIAL CHRONICLE

1854

Active trading

:

V

marketsJrt

j

Consolidated

'

Alabama, Tennessee
Prior

r

;C;HEAD

c

1948

De Bardeleben Coal
/z;/ / ./ r; ■: ■'

.

-

4&,

^

Corp.

1957

//. .■ v.v."; '/

.

*

■

Member Philadelphia

/

WALL

72

STREET
Bell

System

HARRISBURG,
Our

—

Own

Stock Exchange

1

;

Telephone:

>

,,

-

noc<iio1itr

operatirig J'experience of insurance / companies un-;
statisticany,/oheri of: the •• bright spots is the favorable'av\awvi'rf 'A«Ui-

underwriting

practices and suc-%77:
obtaining heavier vvbluhid ~
adequate rates,
enterddithe
period of actual U. S.;:;partidipa-V
cess

'Wire System \ '

War

at

loss

the previous

>;

Income 5s, Due 1953, Considered An Interesting
Speculation
:

/

Central-Penn National Bank

and

v.

■

Girard Tnist Co.

1941, whichvequalled
record-breaking yeaf

4penna. Co. for Ins.
V

climated:

and

j'-. " Consolidated" Textile; Co.,„ Inc.,/manufactures a wide variety
of cotton goods, including napped flannels, percales, printed napped
flannels,

3-^s, 2039

the$-

,

r

;

Gly'n Mills & Co,

|

Pfd.

Common »•.;/

&

Aushr^Ha and New Zealand

1421

Chestnut

Street,

BANK OF

Philadelphia

t:: v/ i/"//'/ New York Phone
,7/ ' HAnover 2-2280 ?
/Teletype .PH-/257//.v* zz /y?'/

phtta. TKone
Locust

NEW SOUTH WALES

1477

crepes, fine brown sheetings, drills, print, cloths, twills,
and, a number of printed and dyed fancy cotton fabrics.
Its prod-'
(lets are sold under established trade marks in both domestic and ratios indicating an
underwriting bf i39.8% ?!
foreign markets.: The company recently stated, "The present pro- margin of nearly eight :pqih^ts:/dur4-

is

Associated Banks:

/

SH^zCO.:

•h'Om;:i08:!2%;;
in 1932 to-91:8% in 19393; In fact;
-the last six years have1 bedn/the
best- underwriting
years |ih'Sthe
history of the-casualty^cbmpanies}:
the combined loss and / ekpehse

'gs^e;iiESMU
/
.•

and^statutory<c loss v of

averaging/about J By contrast, the: "big three" vol¬
ume/lines all were well in the
i
This progress is
particularly^in^ •bMck^a'utO;liability (25% of voldicated by the
/loss^tio^alGmef iume) fj,. with. loss of 57.%, expense
36.6% and profit of 4.2%^
poses.
About 55% of the fabrics for the 6 months ended Feb. 28, which declined frontJ;66.3^vgiii- ratio
manufactured by this Corpora- 1942:
•
" " " *
1932, successively to 5d.7,%/irt/!939,- workmen's compensation (21% of
and
and has 4 sinrp y rispn^^nnlv ;^twp *yolume);:with lbss ratio of-:84.1%,
has / since' rise'n ^tpnly
fion's Southern Division is' for the Net sales. _:_i.
t $4,228,078
war effort; while all of the'pfo,-- ioperating income
- " 717,990,
pointsptp./52;7;%b; despil^^geiilTal 'expense ratio of 29.5% and profit
•34.741
Auction
of
thej Windsor; Print
683,249 icbnditioiis/^eondi^iyie ^tbj^higfeer ;of rg.3%;. and accident and health
The; expensei ratibr'^so t(l8% of volume)", with loss ratio
forks'. Division.* IS - for*; ClVUian;7Debenture interestfe/L/j_./r^- S ••31,314 losses.
purposes."
; ■v ! j { Fed. income & excess profits^
dropped,, from high3bfi;4h9.%f in /ofr 54.6%,; expense ratio of 39%
43d,000
1932 to 38.1% in 1936^ri^ngthem ?and'profit 01 5%.// Liability other
[ s Under terms of a reorganization j Ne?inco"me~II—~—L—r
221,935
21.88 | to
plan as amended Feb. 24, 1938, Times debenture interest earned
41.1% in 1939,; but'lrbsumirig ithdb auto, the other fairly large
idecline with 40.8% / inf194h fiahd dine (9% " of volume) was /also
ing that period,
92%,; /-

XargeSt in history. It is conserva- May 15 to holders Of record May 5.
tively estimated that at least 50 %{ i The following shows the income
is for various government; pur- account of Consolidated Textile

—

^,Williams' Deacon's - Rank, Ltd;

;i P^iIaivTran$^rtatIoivX^

expense/ratib'

declined successively

,

Lives etc.

on

*

'

"

^' Philadelphia National BaiA

.

loss

'

expense/ratio

eight successive years *df stbddy
improvement, during'-yvhichf. the
combined

£98,263,226

fio.4;

Fidelity-Phila. jrust
V ■;-i-v."..

TOTAL ASSETS

Nat'i Bk. & Trl Co.

Corn Exchange

a

That year in turn

1939.

■;

Charing Cross, S. W. I

/Burlington^,Gardens, W? I//•• *
64 New Borid'Stred^ lfcCj:'/

\

Best's

combined

I. ' CONSOLIDATED TEXTILE DEBENTURES

-

in

at

of 91.8% for

textiles
i—

[3>bisbQpsgal6rE/,C,, 2 &'■ <

/'f8:West 'Smfihfieldz&'Cj'ji,//
49

good fpfpfitabld
compilation/indicate^
underwriting profit,/ based^ortfa

of
"

4'

.1-

/

level.

production

1^:

^

Y.

tion in

|

u

LONDON OFFICES:

;

1941

nr»mr\ontr

/

OFFICE—Edinburgh

'/ Branches-throughout Scotland.
..

;

PITTSBURGH —.SYRACUSE
Private

This' iifeek^—:!

' •' ''

.

YORK, N.
•*

NEW
■

itself

folds

WHitiehall 3-0553 *'
Teletype NY 1-2178

:

the

As

■////■.. %

BLAIR F. CI.AYBAUGH CO.
V

Incorporated ' by! Roy^ GhArter -17^7A

Northern R. R.

Lien 6s,

■■

//:/;. /';.:::-

Royal Bank of Scotland

Bank and j. Insurance Stocks

Textile Co,, Inc.

Ss,/1953 & Common -Stock

'

.

Thursday,-May 14, 1942

^

Capital
£6,780,000
Reserye^ Fund "'V—r6,150,000

"Reserve Liability of Prop.
'(jo--?y

'.

;

Sept.,

-

8^780,000 v /

•"f•'':

■•v*.••

^Agirregate /'«Assets51"''

>//

"

'' /-•' 11"*^?

1

'*•

v

i-'/-/
.£150,939,354

1941

v.

"

SIR ALFRED

DAVIDSON, K.B.E.,1

-V/General/Head

Office:

Manager,*

George

*

r'/s i-

^

Street, SYDNEY

.

.

The Bank of New .South Wales is the Oldest

wn

_

••and/largest bank in,Australasia. With/ over *;
870 branches in all 8tates of Australia, in
New Zealand,/FJJi, Papua and New -Guinea, >
'

and

,

condi-

Toxtile

Corporation,

which

had

&e^Vod^«h

well in*'the

39.2% in 194L4-

being .the recbrd;:pf | jhb of ; 40.3%, expense, ratio of 44.4%
past, what of the future?? ^and/prqfft 'of.

in 1941,

; In

addition, each of the

bondholders

of

shares

stock

common

hew company per

amount held;
*

received

100

of

the'

$1,000 principal

At Feb.

28, 1942, at the end of
the company's semi-annual fiscal
were $1,258,225 of.
income debentures,/ due

there

period,
the

5%

,

Renting the accrued debenture
^erest payable May 15.
-

Although

-

shares of
face

by

lien

a

the

on

com¬

Cotton Mill,

Lynchburg:

pany's

of

amount

the Windsor Print Works,

and

Bank Stocks Attractive

is secured by a lien on all

ness

property except the Ella Cotton
Mill.

The company's net prop¬

erty
was
.

ing

account

copper

value
.

Feb.

at

28,

1942,

carried at $885,545 (includof

rolls at
$58,776).

an

estimated
Since the

states that the "cor¬

company

poration's three plants are
old and

very

much obsolete

contain

equipment—the security be¬
hind the 5s, 1953, should not be
i

given too much weight; rather
should they be evaluated on the

basis of earning power.
In

the

1941

fiscal

ended

year,

Aug. 30, Consolidated Textile re¬

the

New

York

Baltimore

and

Exchanges,

included

be
and

in

have

bank

stock ; department

pared

account.

and

has

interesting

an

dum

insurance

on

a

investment

every

semi-investment

The firm's

issued'

:

insurance

also

pre¬

memoran¬

' companies

which

wrijke a substantial per¬
centage of ocean marine business,
summarizing the current situa¬
tion in these issues, and compar¬
ing distribution of 1940 and 1941
net

premium

centage
and

for

ocean

volume

fire,
marine

by per¬
motor vehicle,
insurance

for

Interest

earned 4.2 times.

is

payable

and cumulative.

the various companies.

crued to May
to

$145.81

principal

on

op

the

be

had

of

both

circulars

/

will

be




paid

v

•; -

LONDON /OFFICES s, /*

(

z

vv;./29,,Threadneedle,Street, E.,C.
Agency arrangements
,

^

?

with Banks

U. S.

throughout the

A

>\

<

.'"//"47 Berkeley Square, W,' 1 v! *

^

A.

.

^

-

dicate

on : investment

! ever,, to. begin with,

basbalty/ cont^

consist
;

reduction

expense ratio. The

of

market

3 that
assets

cash,; agents'/ balances

Govern¬

ment bonds alone are about two-

With

thirds

companies in 1941, and has shown
ah/increase in'each; ofz/ the' hast
three' years,

largely/ because of
larger volume of invested/funds, f
j There is no such thing as any
security
immune from wartime,

/ ninetydays due,- and
Of the bonds, which total influences, of

about half of the assets,

the help of adequate rates and de¬

clining

;

Casualty

not 77oyer

bonds.

underwriting'" margin - is
good and is large enough to ' ab¬
reasonable

and

t

i panies'
sorb

income

/
c<^cedbdl^;iij4 jdompariies^ / ' reports of show
about three-fourths
their

likely continuation of the
creeping rise in loss ratios. I Howa

.

fluctuation standpoints.

of

total

bonds

and

one-

~

dex

of

Pflugfelder, Bampton

61

Broadway,

New

40%, low—14%, last 37%;

that

seem

well

aware

ance

stocks

course, but it would
dealers and investors

of the merits of insur¬

superior equity in¬

as

As the inflow

vestments would find the casualty

; expanded / premium / volume
continues, these ratios of cash and

companies in a particularly strong
position to face the future.

third of total assets.

casualty

of

practices, when volume >onds will probably increase, be¬
cause most, companies prefer not
Correction
sole consideration,
and
In the May 7th issue of the
increased attention to effi¬ to add to stock holdings at this
ciency means that there is a good time of uncertainties, even over "Financial Chronicle," it was re¬
above
their
policyholders' ported that Thomas A. Akin had
chance that underwriting will re- and
funds, ;
become first vice-president of the
jmain in the black. - *
concentration in liquid National Security Traders Asso¬
If so, then stockholders and in¬ v This
assets. would not normally afford ciation, - when the new officers
vestors in insurance stocks should
much prospect of capital appre¬ were appointed after the resigna¬
find casualty stocks of increased
to growth in tion of Captain Herbert H. Bliz¬
investment interest, for if their ciation as an aid
surplus, but under wartime con- zard, formerly president of the
underwriting remains profitable,
the

,

-

their

growth

factor would -con¬
relatively high, and/they
would be coming out of this War
with stronger investment values;
Already, it should be noted that
the casualty business, once 3 the
"ugly duckling," enjoys superior
underwriting margin and at least
equal volume importance:;, com¬
pared to the fire companies/. >
tinue

-

•ditions

highlighted by economic
and
high
taxes

Association. The Executive Coun¬

regimentation

cil

which eliminate much of the ap¬

William Perry Brown of Newman,
Brown & Co., Inc., New Orleans/

;

The

current

soundness

of

the

&

York

of

the

Association

appointed

peal of equities, it appears to be
the most feasible under the cir¬ La.
first
vice-president
cumstances.:-/ Bond interest, for Association,
««
•

-

example, will not

be^ffected by

a

the

.

Council

of
;

the
,

*

Ins. Dividend Outlook

after taxes.

two minor volume lines were un¬

.

member of

,

(1) Investment income mainly
profitable (on combined loss and
derived from bond interest will
expense ratios) in 1941. : These
be stable in volume;
were auto property damage
(7%
t(2) Additional investment of
of total premium volume);/ with
loss ratio of 75.8%, expense ratio new funds will add to gross in¬
vestment income;
of 37.6% and statutory underwrit¬
ing loss of 15.7%; and auto colli¬
•<3) There currently exists a
sion (2% of total volume), with fair cushion over and above pres¬
loss ratio of 66.5 %, expense ratio ent dividends, in the nature of a

of

-

Thomas A. Akin is

higher taxes at tht^g)aying end, the Executive
although of course sW|ie receiv¬ Association.
ing dnd, insurance companies will
be subject to lower net return

may

15, 1942, amounting City, shows the following range
each $906.60 unpaid for Jan. 1, 1939, to date: High—

amount,

;
/.

theas

satisfactory margins,

casualty companies' underwriting 3 Most 'casualty • company: divid¬
is especially indicated by Best's,
ends, however, appear to have a
from the firm upon re¬
analysis that' Put of seventeen good degree of protection, prin¬
///7.Z7v; lines of casualty coverage,/only
cipally on three counts:

Copies

earned, Rust,

as

All interest ac-:

in.

'/countries^*

,

ported sales of $5,794,000, a gain quest.
pf 48% over 1940. Income avail¬
able for fixed charges was $294,jDefaulted RR Bond Index
145, so that income bond interest
j The defaulted railroad bond in?
requirements
of
$70,351
were
debentures

»

Investors,

expense

circular stating why they believe
that selected bank stocks should

This certificate of indebted¬

'All these factors

I

was

ject to the prior lien of $105,ness.

of / newly
more'1- inf

are

to

interested

;

Mackubin, Legg & Co., 22 Light
this
St., Baltimore, Md., members of
Stock

3% certificate of indebted¬

/

cause •

Thesb

service

capable of absorbing- substantial primary /reserve,for^protection of
/
,,
*
deterioration before becoming un¬ dividends. 1
/Current dividends, both regular;
satisfactory,; *•-/;* ;l
and ,extr?t; ;of a. group: of thirteen*
% As the second broad reason for
•deeming the casualty companies leading .casualty companies were;
well' equipped for wartime oper¬ 89.8%/of 1941 investment income,
of" these > companies, /.»a * 10.2 %
ation,;;; the; investment; prptfolios cushion'.
True, the high degree of
of Casualty - companies, consisting

- appears
definitely.: past
the boom years' slipshod rate and

the company's copper rolls? sub¬

652

number

workers /

sells around 11/16, ! business

"deben¬

termed

tures," the 5s, 1953 actually are
securedl

for every $1,000
old bonds.
The

common

new- commop

$906.60 rather than $1,000.

larger

trained

par value of $990,60. These bonds damage losses as well as-those
*re believed to have speculative j surety bonds: will-rise:

outstanding... On ; Sept,. 4j 1 possibilities for those who are preConsolidated
Textile
re¬ paredto .entertain/ the ; obvious
deemed 9.34% of the original face risks inherent in a situation of
Those holders of the
amount of the bonds, so that each this nature.
holder of an original - principal old 8s, 1941 should turn in their
amount of $1,000 should have his bonds, for which they will receive
bonds
stamped, evidencing
tne $500 in hew 5s, 1953 and 100

of $93.40 and showing
that his principal holding now is

and

•/

it offers the most complete

and• travellers

dustrial accidents.: As ldbor", and in largest part of cash and high liquidity means low yields on \nin-^
quoted 50 V2-52 which quotation material costs edge up further/, /grade bonds, afford better than vestmehtsr^-yet' t investrnerrt
represents percentage, of, unpaid also, auto collision and property average stability from both the come / increased * 5 %/^ for/; casualty;

1953,
1941,

payment

compensation claims has/risen as
sustained high level of production

$962,406 included $188,906, r^p-

4 ;; At this writing/ the bonds are

1

*

$1,664,000. Total current liabilities

of

traders

Such /

net wort-

recent
bpen organized in 1919. The reor¬
ing capital of $701,605., equivalent
Under wartime conditions, abr- ifi¬
ganization plan provided for the to
$514 per $1,000 of debt out¬
issuance of $500 in new ,5% ipler eased exposure to losses^ seemsstanding.; Cash stood at $494,386,
come
debentures, due 1953, for
inevitable; - for
example,:; auto¬
receivables C$403,689, 'inventories
mobile accident frequen'cy/has/ihbach $1,000- principal amount of
$765,996, And total current assets
the old 8% convertible bonds duie
creased; and nulhber qf:Wdrkme^'s
old

/J^lack, (with'loss fatiO

London,.

and-efficient^ banking

.

.

& Co. of

Butler-Huff

Califor¬

nia, 210 West Seventh Street, Los
Angeles, Calif, have just issued
an
interesting circular discussing
in detail the dividend outlook for
insurance

stocks, which the firm
Copies
of this circular and the April In¬
considers very optimistic.

surance

Bank

and

Stock

Eval-.

uator, which contains a compar¬
ative analysis
of 85 insurance

companies and 36 banks, may be
had from Butler-Huff & Co. upon
request.

.

*'; /

v

Volume 155

Number 4072

•

BANK

and

THE COMMERCIAL & FINANCIAL CHRONICLE

I

INSURANCE

Curb Govs. Approve

STOCKS

INVESTMENT TRUST

;

■

jNew Commission Rates

ISSUES

New

RAILROAD BONDS and STOCKS

||

voted

7

|

Albany j;

Buffalo

Utica

.

Watertown

Allentown

Newark

Wellesley

Jersey City

Pittsfield

tee

•

,)

..

...

•.

..

/

•

'7

V1'/T

■'

j.

:

•

*

'

'

■

>

that//'the

I,'

'i

-

a

have

members

"»V •** '

six

In

the

Or do

read them?

No

known,

to

items, and using
the maximum of promotion ma¬
terial at their command, do they
proceed to tell the public their

as

pick

most

the

out

best

popular

of

during

in

for

or

involve

commission
stocks

4/.;.///•,/

chandising

investment

If

an

find

we

issue

securities

that we wish to bring before our
clients, the first thing we do in
these days of SEC supervision of
the investment business, is to tell

and

included

be

dividends

leave

When

tinuously

thing
well go

This

too

case

to

advertising

that

investment

appeal

see a

in

convenient.

United

until

the

tion

of

jacket,
under
into

the

of

the

that

advertising
-

don't

know

would

our

clients

the

to

drawn-out analyses that could be
written on the subject:

.Would

like

you

-;;44744;;47

to

keep

of

approximately
In addition, you could have

5%.

!your
the

return

invested

money

largest

banks

in

in
the

of

one

United

States. The National City Bank of
New York.

This is possible. - The only thing
you have to do in order to in¬

low

levels

of

over

1V2%
from

to
a

your

funds

to

5%

is

deposit
the

account of the National

*

.

is

pro¬

enable

the

of

security

them

if,

use

over

bit

a

you

your

of

have

/These special offerings

A

ex¬

of

the

if

reported in Calvin Bullock's
Bulletin.
As of April 27, 1942,
the

dollar

Shares

volume

purchased

April, 1942,
in the

an

7 It

was

in

March

1

and

59% greater than
two months in 1941!

• also

that

NEW YORK

reported in the
during the three

capital

■:•';//.

of

transactions

Stock

on

Exchange

at its lowest

level in any three months' period
for many years—the management

PROSPECTUS

HUGH

Batt

resignation

A. I.

William

Director of the

as

Division
Board

of

of

the

and

War

Materials

the;; appointment

634 SO. SPRING ST.

respect to 16 different securities.

JERSEY CITY

IOS ANGELES

After/ giving /effect
to
these
changes, the portfolio on March
31, 1942, expressed in terms of
$10,000 of net assets, was diversi¬

issue
ice

fied

among 99 stocks of 97 cor¬
porations in 20 industrial groups.
*

4 No- bonds

eliminated

added

were

from

the

to

Securities

viewed

or

Manhattan

made

in

the

relative
some

out

of

current

satisfaction

Henderson, Deputy Director,

successor, was announced
May 12 by Donald M; Nelson,

WPB Chairman.

.

'.

•

Mr. Batt will continue to
head

of

Division,
tative

on

as

serve

Requirements
American represen¬

the

British-American

Raw

Materials

Board,

as

Coordinating Committee,

President

coordinator of the .Russian

aid program.

7

- -

f.

/

'

of

business/

'4'

,tli .ii 4

to

war

advertising division of the
Public

With

the

George
Johns

"

Batten
became

served in that

-

>//r-' 4 r.

;

*

Relations
merger

of

.7 A

breakdown

of

the

portfolio
Inc.,

of Selected American Shares,
as

of April

of

the

30, 1942, shows 11.3%
invested in railroad

assets

securities and 11.2%
next
ments

are

in oils.

much

///:.

expressed.

more

complete than ours,
seasonal
vegetables,
and direct sales by farmers
excepted.
Wage
rises
as
such
with

only

have been stopped, but a 'cost of
living' bonus is given to equalize
earnings.
However, no increased
bonus has been necessary since
December, and since the first of
that month, when price ceilings
were
imposed, the cost of living

has scarcely risen.

Subsidies have

also been adopted.

"Stock
tries

prices

have

in

both

behaved

coun¬

better

than

here; in England, they have actu¬
ally
risen while
earnings
and
dividends

fell.

This

partly

attributedv to

excess

purchasing

securities."
*

has

the

:4„

;

*

*

'

•

been

of

use

to

power

'

-

Z

buy

•

/////'.-V

/'•;.•

"It is quite true that a rise to
4%
for
primary interest rates
;

could

cause

losses

of

20

25

or

points in highest grade moderately
long-term bonds, but why should
such

an
occurrence
depress or
impede the further rise of
junior issues earning their inter¬
est by an adequate and increasing
margin and selling to yield nearly

even

double

or

more

than

4% figure?
"Don't

tiveness

double

the

/

forget the great attrac¬
such

of

income-conscious

bonds

for

investor

the
who

the
inroads
of
taxes
chemicals.
Of the total fears
87.1%
was
invested in dividends.
(Continued on page 1858)
common stocks, 2.4% in preferred

Company,

Mr.

8.6%

President

and

on

in

assets,

capacity until 1936.

■

J

been

furs

The

percentage invest¬
9.5%
in metals and

highest

has

bonds.

*

*

more

widelyapplied, has been only 1% since. /■
"Canada's
price
ceilings
are

The former,

that

Barton-Durstine-Osborn with the

'/J?*'

Wvc;
^:7v/Z?/ZZZ/Z/ •//, 7//:"v

the

Committee.

fith has opened offices at 53 State
Street to engage in a general se¬

r \ x

of

agency.

Government's

/

BOSTON, MASS.—Ira F. Grif-=

curities

President

During the
first World War he was appointed
by President Wilson as Chairman

4 4/

/; (Special to The Financial Chronicle)

and

advertising'

Ira Griffith In Boston 4
..

be directed

.

Chairman of the United States-

Canada

should

representing his capi¬
luncheon in the Hotel Roosevelt tal, should be invested in cor¬
celebrating his 50 years in the ad¬ porate securities according to his
best judgment. This program, and
vertising profession.
Mr. Johns became associated in this alone, squares with the na¬
18921 with
the
.
.
from Lord,
George
Batten tional purpose."
Company, later serving as Vice- Abbett's Abstracts.

.

WPB's

as

Combined

dent, and one of its three found¬
ers, will be honored today at a

price

a

we

when price standards were

income.

division
between
his
Johns, Chairman of Written,
the Board of Batten,
Barton, Dur- capital and his income accounts.
stine & Osborn, Inc., its first Presi¬ The latter, as much as possible,

than

living, which was 28% from the
opening of the war to April, 1941,

the

procedure for the

about

gone

manner

But the rise in the British cost of

is to 'soak

proper

discussions

have,"
is stated in regard to the ex¬
perience of others, "and much dis¬

"The basic purpose of war bonds

"The

to

it

existed

individual is to keep a mental, or

has

piecemeal

during the life of the Fund.

made

addition

regulation, if anything, in

On average,

twice;

in

"Britain

per¬

of the

interest requirements were earned

has

Corpora¬

manufacturing
wholesaling and operations of
price ceilings.

companies represented in the port¬
folio have, by now, issued their

slightly 7 more
than
highest ratio which

Research

&

National

and

•

statements for 1941.

serv¬

the

of the problems of

portfolio during the
month of April, although changes
centage weightings of

Timing

by

The economic experience of
other
countries
is
briefly
re¬

Fund

were

of Investment

published

)

tion.

*

/ William H.

of

COMPANY

and

15 EXCHANGE PlACE

aggregate

Wm. Johns To Be Feted

Production

his

as
on

as

L.

REQUEST

ON

LONG

iNCairoiAim

'

The

W.

undertook portfolio revision with

$25,000, which¬

Board

STOCKS, INC.

the New York

was

! the same

Hendersoh Materials Diri

:;■/ i.




The

•

You figure it out—-it's too much
for us.

SERIES

ended March 31, 1942—a
period during which the volume

up' excess current in¬
of Governors at
come—not to transfer holdings of
meeting voted to sub¬
private securities from individuals
mit to the
membership another
to
banks
(which is what must
/constitutional amendment furlther
clarifying the status of happen if people in general sell
corporate securities in order to
/temporary.member firms.
buy war bonds).

number three million and ten."

20

•

INDUSTRY

months

is greater.

ever

of

MAJOR

Dividend

was

same

Bulletin

of

•

market value of

discussion

sense

new

materially
April, 1941, it

recent

that, it's not allowed under
section X, paragraph 3 of rule

common

'M'Z /;./.'-

price ceiling regulations
is presented in the May 7, 1942,

ruling of the Securities 4
Speaking of the purchase of
/ and Exchange Commission on war bonds in his
message of April
special offerings1 and, except in
27, President Roosevelt said:
special circumstances, are limIf these purchases are to have
/ ited also to offerings involving
,\ a material effect in restraining
at least 1,000
shares; of stock
price increases they must be
or
shares having

look
see

lim¬
by the

are

ited to securities covered
.

you

to

permit special ofspecial commis-

a

4 sion to. the purchaser's broker.

practical

shoulder to

to

so as

feringswith

on/a

time

every

.The .-Board of .Governors also
adopted >: amendments 7to the

rules

narrow-minded, young law¬
book with pants on, isn't running
after you arid yelling, "you can't

to
ac¬

City Bank

of New York.-

'.W

amendment

which would

letter—and

a

with selling people

salesmanship,

count in the bank where you now

keep

sell

back

income from present

your

change

-

and

!

crease

exceeded/that

issues held,

some

your

money in the bank and receive an

income

such

sort

try. and

SEC

this and we are not
suggesting to any of our readers
that they try it.
Nevertheless,
we think
it's got more real "sell
appeal" in it than all the long

Dear Mr. So and So:

leading securities

on

*

was

we

Committee to determine and fix

5% basis should be sold to people.
But how in Hades are you going

pass

whether

posed

say

f

.

we'd

way

letter to

actions

re¬

in cash.
*

changes,. the/ dollar volume of
Dividend Shares purchased
by in¬
vestors in ; April 1942

Bond

Another

7

over.

announcement

mainder 5.8%

bfferihg/47 y ^Special/commissions for; rights
Manhattan Bond Fund, Inc., re¬
anci warrants and for whertZ
SEC, what's
ports that practically all of the
issued/securities.

ica/ this

like to
right
now.
Here's the way we think
the advertising department of a
great chain store might do it. We
a

on

selling at 8/32 of $1 and

to the

our

strait-

wastebasket

forced to go into.

Here's

mem¬

rates

stocks, 4.7% in bonds, and the

tinual low level of stock trans¬

stocks

,

country is going to remain Amer¬

'

write

adds

in regular and associate

•/From? the
also quote:

is

the

administra¬

security

»;

be pro¬

stocks like National City Bank or
any other sound security. If this

America

restrictive,

same
our

no

or

with

wrong

from

that we now labor
in this business, is tossed

of

now

SEC

what's wrong

just

you

laws

the

most

The P. S.

proposed

are

ber! clearance

/:

short

card, reply

over

the declining
price trend for stocks and the con¬

..

never

half-baked

The

and

Notwithstanding

-

emanates

States

time

over

Tt / of 10%

the bargain
since the de¬

conservatism of the

going to
real securities business again

the

(first
today.

or

minimum

is proposed for stocks selling at
/ 8/32 of $1 and over.
Increases

i:

It shows how
can

present

approximately
existing regular and
/associate member give-up rates

pression : lows/ etc.)It asks! for

Arid

then

are

point.

the

An increase of

10%

•

City

is

On

/

stock that is known

It

.100

commission of $3 is to be raised
to $5,

,

think, follows

coast.

uniform

a

$35

$90

shares/would be charged.

/

It brings out

action

sends it

goes
into
wastebaskets of America.
In
you

the

to

cured.

there.

firms

opinion,

coast

of

».

per

more

con¬

/ /

increase in income

an

don't know how much direct mail

is

a

and

think this is putting the
strongly,

paid

National

we

from

those who receive it.
If you

.

letter,

talks about

comes

anyone—either(he who

the

the lines of correct procedure.

back, it
might as
into the waste
basket for all the good it will do
or

by

been

Bank for 128 years.

invest--

add

here and

out

the

have

share. /At

share and above

/comrnission
.

truly/*"--*-'
& CO.,
4

very

per-

./transactions involving- $100

-

ments, begins to tell us what else
to

per.

4

Investment Securities.
P. S.—As you doubtless; know,

what

about

tinder/$90Z

>/

BLANK

over at the SEC, we take the now
thoroughly emasculated monstros¬
ity over to their offices, and some
young
lawyer who never sold
anything in his life, and who

less

/.

purchased to yield such

attractive return.,

Yours

should be left out.- Then, if any¬
in the firm knows someone

even

of

lows

today for further information/" !'

one

knows

the

progressively at the rate
_,of.y4 of.1% of the selling price
r
on' stocks^ selling over $10 and

Please return the enclosed-card

v

department to get
up a report.
Then the partners
look it over.
Then the legal de¬
partment has its say about what

could

since

time

be

may
an

statistical

our

proposed commissions in/
/crease

the depression that the shares of
this
great
financial!, institution

securities.

of

a flat
increase
./•of $1 per 100 shares is proposed.

opportunities' ;* when
they present themselves.
This is

Investment Company Briefs

selling under

4 $J0/per/share

investment
first

LOS ANGELES

no

for

rates

v.'i

National' City: Barik/- but
investment dealers in this com¬

the

V

JERSEY CITY

also

proposed for stocks selling at
8/32 of ;$1 and under 500. For
.siocks selling at 500, and. up* to

introduction

the

tion to call attention to attractive

We do just the opposite in mer¬

CHICAGO

the

1941'and

8/32 of $1 per share.

munity,-we-feel it is our obliga¬

story?
.

needs any

one

63 Wall Street, New York

increase

modern

trouble to

"'

■

.

rates

new
an

merchandising methods in the chain store or 4With respect to the proposed
variety field?
Do they hide all their most attractive items behind increases, the Curb's announcethe counter where no one can see them?
Do they run advertisements riienL says;* 4
in the papers that are so involved and filled with technical explana¬ •,/ For non-member rates an in4crease .of 500 per 1Q0 shares is
tions that no one takes the time<^

they

INCORPORATED

May 6
Exchange stated

recommendations

bonds

do the leading grocery chains do when they want to put on
sale and increase their business?
Or any of the other leading ex¬

or

request

Lord, Abbett & Co.

of

its

revenue

months

changes

'4' What

of

on

during two. recent days, according
to studies made by the Committee
of the actual trading volume for
those periods."
It is added that

Some Observations About Security Merchandising
And Promotion Under Today's Handicaps.

ponents

Prospectus

T

in total non-member

commission
last

schedule

new

proposed
effecteu

of 20 to 21%

The Securities Salesman's Corner

a

for

announcement the

Portland f ;

.

JSUMMM zfyared,

the

to

commission/rates.

Sunbury

Scranton

Springfield

the

to

6

INVESTMENT

COMPANY

AMERICAN

ri

Communications and Com¬

on

would
1

submit

missions

I Bell Teletype NY 1-1950-1-2
YORK 4.4:47/:
BOSTON/'///'• 4 PHILADELPHIA ;|f§-

Wilkes-Barre

to

MUTUAL

recommendations of the Commit¬

Tel. COrtlandt 7-9400
NEW

Exchange at
held on May

Exchange
Constitution giving effect to the

120 Broadway, New York

'

Curb

meeting

amendments

J. Arthur Warner & Co.

7/.///V- /

York

regular

REAL ESTATE ISSUES

7

A

4 The Board of Governors of the

INDUSTRIAL SECURITIES

;

1855

.»•

./

•

V

.<

.

v

■

>

\

:

THE COMMERCIAL & FINANCIAL CHRONICLE

1856

FLORIDA

"utterly

insignificant"
is

revenue

R.

Municipal News & Notes

coupled with
sharp criticism of certain current
requirements,

war

proposals in the Federal tax field,
has been expressed by the Na¬

;

tional Council of Real Estate Tax¬

House

the

to

payers

and

ways

committee.

means

/.:// The- taxpayers''
would

warns
which

group
proposals

current

against

increase

the

present

con¬

flict, competition and overlap be¬
tween Federal Government and

da

improvements.

Property Tax Assessments

which suggest that the
the

two years as a result of changes
brought on by the war, a report
Department be by the National Association; fof
general sales tax Assessing Officers showed last

net income tax as outlined by

Treasury

S.

softened and a

imposed.

week.

add

proposals would

"These

:

Full

gives

to

of

them

us

We

with

concerned

glad

there

the expense
Fairchild; told a.
at

annual

the

Chamber

no- point
in
of government
of another, Dr.
taxation session

of

meeting

Commerce

of

CARBON COMPANY

is

level

one

,at

regarding

aa;obligation.

at

As far as the total economy is

aiding

these

be

will

inquiry

any

pal functions, he added.

comprehensive

a

familiarity

bonds.

answer

*

the

Company have declared

•

1ST NAT

ernment, he said,would/gaih
some $200,000,000 in revenues by
the Treasury proposal, but the

CHICAGO ILLINOIS

•ANkllDt\£s

States

nual increase
Some

this form of

erase

an¬

in assessment rolls.

types of real estate, such

private residences,/amusement
places, warehouses and parcels
near
public/transportation sys¬
tems may possibly rise in value,
according to the report.; / ;
as

State

Income, Sales Tax /

Because

of

interest

rates

per

share,

record May 22, 1942 at. 3 P. M..

*-V of

<

.

GEORGE L. BUBB

*''

•

77

;

Treasurer

limits

legal
*

which

the

on

they ; can

THE BUCKEYE PIPE

:

;some

r

LINE

COMPANY
7

t? ■ Broadway;;;;7

-•

•*/•;

-

A

dividend

of

7;77;7;"

-New York,-April -25, 1942. 7

One

<$1.00) Dollar per- share
has been declared on the Capital Stock of this
Company, payable June 15, 1942 to stockholders
of

record

governments *
might have - to' cut -off ' com*:
pletely pertain of fheir usual
7/7
functions;* according - to - Pro- * .7, /

;• pay,

X,

; /;

regular

a

quarterly dividend of $1.00

payable June 10,1942, to stockholders

have

would;

cities

*

.,

Collections Up; Motor FuelRevenues Decrease
/

and

$175,000,000 added to their future
borrowing costs..
; The
State and city govern¬
ments; Jie noted, would have .to- raise their tax rates or cur¬
tail municipal functions in order
to. meet /this added cost factor.

77:

Directors of Columbian Carbon

The

''

RLCrummer S. Company

Quarterly Dividend

/"Z

the

of

Eighty-Second Consecutive

*

v

The Federal Gov¬

United States.

practically

government.
Typical May Decline, Tax Rates
of such proposals/the "statement Rise by 1943
.
;
says, is that advanced by the Na¬
Real and personal property as¬
tional Association
of Manufac¬ sessments probably will decline
turers
and
some
chambers of and tax rates rise within the next
commerce,

issues

municipal

during
this
war," Mr. Smith said, "should
have three central objectives:
to strengthen the war effort, to
preserve the quality and vital¬
ity of the State and local gov¬
ernments, and to prepare for
the post-war world."
policy

State-local

U.

]

background

NOTICES

COLUMBIAN

pletely eliminate certain munici¬

long experience in handling Flori¬

Our

DIVIDEND

as

MUNICIPAL BONDS

present levels.
Accumulating
surpluses, he said, should be used
to pay off debts or to build up
balances
to
finance
post-war
at

"State

as;, far

concerned, Prof. Fred
of Yale University

Fairchild

declared in Chicago recently.
At
the same time, such a move might
curtail and in some cases com¬

FLORIDA
Suggestions
for
constructive
nationalrState-local tax action in
view of necessary and increasing

Thursday, May 14,1942

the close of business

at

>

local

j

r

May 29,

PAST,

1942.

Secretary.

.

HOMESTAKE MINING COMPANY

V'
V';
'?••'.*' i-'V.v-V
*'
changes; on
',7 7, Dividend' No.85$.*
State income and sales tax col¬
fessor Fairchild. ,"'
""Thd" BbaUj qt'Dlrectdrs; has.' declared' dividend
property assessments will not ap¬
No:
853
of
lections are bearing ;out predic¬
•/ out materially improving the/
thirty-seven
and
one-half
cento
pear until 1943 or 1944 for two
per,share of $12.50 par;value Capital
tions of increase made earlier this StatpsAllqwed..
"revenue structure of the Fed-;;
reasons, according to the report,
Stock,
payable May 25, 1942 to stockholders
eral Government./ If adopted,
i
>*•;* of record 3:00 o'clock P; M. May 20, 1942. r '"
which was based on information year, while State motor fuel tax More-Tax PowerChecks will be mailed vby. Irving. -Trust Comthey would tend to weaken the
from
assessors
throughout
the receipts show symptoms of. de¬
panyf>,Dividend ypl6bui^lnjg--Ageht. • 5
/
local and State financial struccountry.
The reasonsr
' - ; cline, according tovthe Federatipri sion, the* United States Supreme
H. A. CLARK, Secretary!
of Tax Administrators./ />//////;'
■ - --- w ..
, ..
Most of the large amount of
Court held recently that a State May 9, 1942; *'
|| ture," the council holds.
At least .six States-r-Wisconsin,
where a company;is incorporated
"Historically, the Federal Gov*- building construction * completed
ernment has / had primary rights in 1941—of which $5,200,000,000 Oklahoma, North and South Caro¬ may tax a transfer of the cor¬ g>pencet Mellow &dbn^ Jnc.
*-A quarterly dividend of $0.50 par share has
in the net income tax field, and in private construction is nearly lina, Kentucky and Tennessee— poration's /*st(x:k^r whett< af nohf
been declared on the stcck,
payable June 10,
will be assesed for report substantial increases in in¬ resident stockholder dies.
7
; { 1942 to Stockholders of record as of the close
by implication the States have all taxable
of business May. 23,-1942.
come > tax / collections,
,.-v ^
-;-y,$*
and four
had the sales tax as their field. the first time this year.
-Led
And the
by* Justice Douglas, the
;
JAMES U.; WICKSTEAD, Treasurey
If the income tax is to be the field high value of merchandise inven¬ States—Michigan, Missouri, North Court majority upset an opinion
Carolina
and
Oklahoma
show
of the Federal Government, then tories, built up by buying at the
by; the Utah Supreme Court re¬ / TEXAS GULF SULPHUR COMPANY
;
/any action by the Federal Gov¬ end of 1941 in anticipation of mounting - sales tax revenues./ In fusing the State' power to tax
The Board of Directors has declared a divi¬
addition to the 19 eastern and Union Pacific Railroad
ernment
further
invading
the shortage, should result in in¬
Company dend of 50 cents per share on the Company's
States' field of revenue is basi¬ creased property assessments in northwestern States where gaso¬ shares owned by the late Edward capital stock, payable June 15, 1942, to stock¬
holders
of
record
at
the
close
of
business
line deliveries have been reduced S. Harkness
of New York City. June 1, 1942.
cally unsound," the council de¬ 1942 at least.
H. P. J. KNOBLOCH, "Treasurer.
33%, such non-rationed States as Justices Jackson and Roberts dis¬
clares.
'■
In two years or so, however,
Arizona, Illinois, Michigan, Okla¬ sented.
local tax rates in many locali¬
\ "Federal taxation for war pur¬
homa and Kentucky report gas tax
Mr. Douglas declared that Utah,
ties may be increased sharply.
The current quarterly dividend
poses must .be greatly increased.
revenue decreases.
f '
where the Union Pacific is incor¬
Of $1.25 a share on $5 Dividend
if the property tax is to con¬
But in the meantime local and
Preferred Stock and
dividend of
State sales tax collections have porated, • was trying to do what
tinue supplying 80%
of total
State government finances, which
10 cents o share on Common
continued to go up since the first Maine endeavored to achieve but
revenue,
as
it has in recent
feel also the impact of increased
Stock have been declared, pay¬
of the year despite increased war¬
able June 30,1942, to respective
was prevented from doing by the
years.
Almost all ordinary ex¬
demands, find many tax sources
holders of record May 29,1942.
time curtailment of durable con¬ Supreme Court in First National
penses of government are in¬
drying up.
Decreased use of au¬
sumers' goodsf the Federation said. Bank vs. Maine on Jan. 4, 1932.
creasing
because
of
salary
THE UNITED GAS IMPROVEMENT CO.
tomobiles, reduced stocks of local
1. W, MORRIS Treasurer
Arizona reported; sales tax re¬
He added, however, that "the
raises and increased costs of
merchandise, etc., already have
April 28, 1942
Fhilade'phia. Pa.
rule of immunity against double
materials and supplies, it was
ceipts for the first three months
been reflected in reduced State

impact of

JM

war

»'•*.

•

«•

to the existing confusion with-

.

-

.

**

.

-

—

•

...

-

.

—

.

.

.

•

.

a

.

The

revenues.

property tax for
has been at the point

many years

of

diminishing

In

returns.

this

situation serious further incursion
of the Federal taxing power into

local

sales

fields,
taxes,

through Federal
would weaken the
financial stability of our corner¬
stone

local

ments, and

as

State

and

govern¬

In addition, new

pointed out.

and expensive defense activities

Factors contributing to the re¬
revenue from the prop¬

duction of

erty tax, according to the report,
appears
in the current

which

issue of "Municipal Finance," are
as follows:
1.

tend to weaken the

Land taken

over

13% above the pre¬

were

ceding
sales

being added.

are

of 1942

quarter.

and

In

-

taxes

use

taxation

Michigan,
brought in

against

in
February
$5,500,000 a year ago.
$6,100,000

eral Government for

in

and

increasing

revenues

were

services,

decreasing.

situation, he declared,
ing serious.
John

F.

instances

many

was

their
The

becom¬

Sly, Professor of Pub¬

lic

Affairs, Princeton University,
spoke on "Can State and Local

Government

tailed

to

Services

•

Aid

the'

Be

He declared that with decreasing
revenues from taxes, many serv.

would

ices

have

to

be

curtailed.

Such curtailment, he said, would
to be done intelligently.
/

have

Fiscal Unity

Urged/
for U. S., States

/

| gf.

-.<*>

removed

ties

lines,
clubs
4.

from

car

and

home sites,
and resort properties,
suburban

materials, goods
in process, and finished products.
This applies especially to "dur¬
able" commodities, such as auto¬
mobiles, furniture and fixtures.
Occupants

of properties

ence,

housing other types of businesses,
such
as
hardware and building

of

supply

President Roosevelt's war-time in¬

Mr. Smith contended that this
not

was

State
the

a

and

proper

local

States to

costs

time to reduce

taxes.

cut down

He

urged

operating
while maintaining tax rates




creases

stores,

will

suffer

de¬

in sales because of prior¬

ities and will seek reduced rents,

in

which
lords

flation control program.
v

Baa,

turn

demand

will

make

reductions

sessed, valuations

land¬
in as¬

in hope of re¬

ducing their taxes.
Stoppage of private building
construction except in areas im¬
6.

portant

to

the

war

effort

will

Baa

general

to

Baa,

to

Ba;

North

Dakota

Dakota

credit

Baa.
*

to

rural

credit

refundings
*

/

;.v.

The

Gasoline taxes

provide

the

from

A

are

1.
one

out

10,000 population, the Association
While 20 of. the 92 cities

said.

population are city
cities, the highest ratio
found in the group between

100,000

over

manager

is

or

27.4%.
international

of

city

to

basis, the
manager cities :is
by addition of 17

544

Irish

five

Rican

statutory nor con¬
provisions for adoption
of the plan may adopt it only
with specific legislative consent,
or
make the plan effective
by
ordinance pending passage of en¬

N. J. Modified Rail

Tax Bill

Approved

Governor Edison of New

into

signed

law

railroad

new

ing

Jersey

Friday

franchise

The

bill.

last

tax

measure

the
ceil¬

fixes

a

minimum franchise tax of $4,000
on
all railroads and imposes a

maximum

equal /to 3.6% of ; as-?
property valuation.
Com¬

sessed

•

bing with the present flat 3%
property tax, the new law means
that

railroad

no

than

more

can

.6.6%

of

be

its

taxed

assessed

property valuation, regardless of
how hi.fh its earnings may go.
The

an
-

neither

stitutional

-

includes

cities of more than

;

cities.

United States the

and

one

;/ In 7 the

largest council

bill was designed to aid
railroads, such as the Hud¬
son
&
Manhattan, -New York,
Susquehanna
&
Western
and
small

others from what it

was

declared

amounted to

confiscatory taxation
tax laws passed last

the

under

city is Cincinnati, popu¬
lation 455,000; the smallest, Ben-

July. " The new law will cost the
State about $725,000 in 1941 and

40. / Under the city
plan,
known
more
formally as the council manager

this

manager

to

dix,

■

relied upon

Federal

total

541

of every five

Puerto

rural

r;/'/

operate under

now

ciation reported May

Canadian,,

estate

and

the

government, the In¬
City Managers' Asso¬

ternational

raised

Mexico

real

in

and

this form of

total

obligations

New

bonds from A to Baa, and South

rolls manufacturers' inventories of
raw

A

from

counties

six

United States

cities

521

year,

and

towns

On

issues

highway debentures from A to

/ v /

this

cities

from

golf

plan by 19 cities in 1941 and

eight

with

abling or home-rule legislation.

7

of the. city man¬

50,000 and 100,000 population—29

were:

general

ager

obliga¬

Mississippi

bus

of / production of
will result
from the assessment

machinery,

Virginia

kansas

Stoppage

wiping

changes

With adoption

tions from Aa to A; several Ar¬

various kinds of goods
in

specific

West

will reduce the value of
properties dependent on this form
of transportation—urban proper¬

5.

Speaking at the same confer¬
Harold D. Smith, director
the Federal budget, outlined
a broad program for harmonizing
State
financial
policies
with

The

usage

Cur¬

Effort?"

War

•

Operate

of Government

The outlook for State revenues,

automobile

of

Curtailment

3.

decisions.

Loss Presents Problem

by the Fed¬
military and

will decline.

jected" in other Supreme Court

Under City Manager Form

•

were

(the

by

has long been re¬

Gasoline Ta?c Reyenue

naval

tinuing

espoused

case)

52r Cities in U, S.

particularly in regard to the gaso¬
line- tax, was brought to the fore
establishments
and
other
recently, when a leading - invest¬
Municipalities Seen Facing
tax exempt uses is increasing* in ment advisory organization low¬
amount.
1 '
Eevenue Problems
/ -, '}
ered its ratings on obligations of
2. Curtailment
of
automobile six
different; States.
T hep e
Carl H. Chatters, executive di¬
use will destroy or greatly reduce
changes, of particular interest to
rector, Municipal Finance Offi¬
utility of the large number of bank investors in such bonds,
cers Association, speaking before
real estate parcels used for deal¬
pointed out the expected lower
the
Regional
Conference
on
ers' salesrooms, service stations,
gasoline- tax * yields,
declining
Emergency Fiscal Problems, at its
public garages, parking lots, tire trends
from
other
State
tax
meeting in New York last Friday,
stores, gasoline stations, etc.; con¬ sources and rising costs as con¬
said the war has aggravated mu¬
rents,
then
market tributing to an uncertain fiscal
nicipal problems. He pointed out sequently,
that while the cities were con¬ values and finally, assessments, picture in certain situations./
so

entire national fnincial structure."

Maine

Govern¬

ment with upward of

$300,000,000
a
year
and among the States
gasoline and other motor vehicle
taxes sometimes account for more

N.

J.,

manager

plan; the

is

manager

1942 taxes,

ture.

*'

.

-

but its sponsors claim
up in the fu¬

be made

will

■

•

;

"

appointed Louisiana
Highway Bonds— '
Additional Security Sought ;

and his tenure of office controlled

by the city council;-

7/

/:

/ Seven States do not have laws

Additional

security to enhance

permitting adoption of the coun¬
cil manager form of government,
according - to
the
Association.

the sale value of

knows- just how
seriously these revenues will be

Cities.* in

will

be

dwindling gasoline taxt
proposed to the Legisla¬

adopt

the

ture

in

a

curtailed.

tional

home

of

than

half

Until

rationing is tried out, how¬

ever,

no

Value of

all

State .revenues.

one

;•';£.// '• //.;/ •/ ////Vf:

Exemption /f
Removal Deemed Slight /

the

other

plan

provisions; of

States

may

under constitu¬
provisions, by
optional charter

$10,000,000 State
highway bonds, secured primarily
by

the

rule
an

None

-

law/

or by ordinance under per¬
missive. legislation.
Adoption of
,

,

sold,
1940

bill

being prepared by

Treasurer

State

A.

P.

Tugwell.

of. the said bonds has-been

though, authorized by. the
Legislature and-subsequently
r

The net result of removing tax the plan in a .number of these approved by constitutional amend¬
exemption; from L State ; and States, however, is restricted to ment. The bijl would pledge fu¬
municipal securities, as proposed cities within certain population ture surplus, in the/Confederate
Cities of the seven States veteran's pension fund as addiby -the-~ Treasury;-* would • be limits.
,

.

Volume 155

■> tional

sion

^

security.

The

,

'Number 4072

*

Confederate

■

•

veteran

is- financed

system

THE COMMERCIAL & FINAN<

Statewide

ad

••*,,

through

valorem

a

This advertisement is neither

tax

and, though there are outstanding
pension bonds, enough will be re¬
tired

and

veterans
such

•

the

will

mortality
have

point

a

abouts, that

by

of

rate

an

offer to sell,

The

.

nor a

solicitation of

offer to buy

an

offering is made only by the Prospectus,

of these Debentures,

any

h K;

v

•

NEW ISSUE

progressed to

1945

1857

pen¬

proceeds from three-quarters of
mill

CHRONICLE

MAY 13, 1942

there¬

or

surplus is forecast

a;

in the Confederate fund.

*

f,

// /"
Though the highway depart-

.

"*.!

basis

pay-as-you-go

sale

from

may

be the only

ating

the

in

1940,

$10,000,000

funds

during

issue

National Distillers Products Corporation

of oper¬

source

the

war

emergency.

Seven-Year 3V*% Sinking Fund Debentures

With the additional security-lit-

:>

tie trouble is anticipated in sell'••ing the bonds should they be

-I

u

)■

$15,000,000

ment has been reluctant to issue
any
further bonds, adopting a

/■/

V

.

placed

on the block as first matu¬
rities would be timed in 1946 and

Dated March 1,1942

Due March 1, 1949

thereafter, and, anticipating end
i of the

before them and

war

a

re¬

turn to normal of the gasoline tax

yield, the initial gasoline tax se¬
curity would in itself be suffi■;?: cient. Vr&y*.I\. ■ rv •
^

Price 100% plus accrued interest to date of

Arizona Supreme Court
|
Rules on County Road Bonds
r

delivery

>•

The Arizona Supreme Court re¬

■ -

cently

directed

-

Commission

$5,000,000
h road

State

was

Loan

■

*•'*" '£•

* *r"'*r

'

'v

"

!-

*.

.

-•

,v'!■ '•

be obtained from

may

•/''".Vf".

Maricopa County.
distinct, disagreeable

ft.

act

^

'J

t*> V.

.fix

of the several Underwriters, in¬

any

cluding the undersigned, only in States in which such Underwriters

of

a

V\

■

Copies of the Prospectus

nearly
6%- serial

5lk%'!;< and

bonds

This

the

to ^- refund

are

Uh

qualified to

dealers in securities and in which the Prospectus may legally be distributed.

as

surprise ' to U bondholders
since
these obligations had been con¬
.

,

sidered

J is

non-callable.

said

have

to

The

court

the

State

ruled

Glore, Forgan & Co.

?

Harriman

Loan

Commission, is obligated to
refund the bonds
if the county
? believes

lower interest rate

a

3

BIyth & Co., Inc.

can

be secured by such move.

It is felt that should this de-

f

^

cision be construed

it

well

may

: bonds

as

Lehman Brothers

Arizona,

be

issued

that

by

all

the

subdivi¬
:

are subject to call at any
time,-whether floated as call¬

non-callable

or

vtions.'jar
4

'r

r-,a

Pa.

obliga-

i""

Department

Affairs,

/'v

of

Harrisburg,

reported in part

The

as

Bureau

of

ternal Affairs is

be of increased
fulness

Internal

in

Pa.,

the

bulletin,

follows:

_

Municipal

Af-

the

to

making plans to
service

local

and

use¬

governments

Pennsylvania.

>

it, is to act primarily as a clear¬
ing house of municipal endeavor.
One

of

collect

its

and

tistical
that

chief
make

and

will

is

available

other

be

to

sta¬

practical use to
of this Common¬

V

*

The Bureau of Municipal Afis divided into a Division

fairs

Information,

Landscape
Division
Each

Bond

these

endeavors

Division

of

Architecture, and

of

of

a

to

three
assist

a

Approvals.
Divisions
local

gov-

ernments of the Commonwealth

the

New

performance

of

their

I duties in their various fields of

Local

urged

government officials

are

write/the Bureau- of
Municipal Affairs not only for

information

and

may

be

service

able

that

to

the

render

directly, but also to request aid in
any

local

that may
reau

of

interest

may

government

problems

arise in which the Bu¬
be able to be of general

assistance;'

In

making

such

in¬

to

even

to the end of 1940.

The summary

country by country at least gives
idea

some

of

where

relations

have to be resumed when
and

over

of

the

at

least

factors

which

when

have

first

concluded for

are

war

constitutes

is

one

to

be

measures

feeding, trans¬

porting the transplanted
employing Europeans.

and

re¬

The prospects are promising to
date
for
Latin-American
coun¬
tries

being able to

have

not

record

resume

because

payments

been

shows

more

these

yet

as

invaded,
Canada's

the

but
698

Do¬

(and
est

on

is

iced

which contractual inter¬

$83.5 millions)
in

full

or

-

to be

part

one-half of 1%.

serv¬

for

except

The bond issues

making

partial
payment
were
only 4.6% of the total (based on
last coupon .paid ini 1940).
In
s

Latin

America

Alberta
bonds
ince

70.71%

made

bonds} and

guaranteed

and

burn

St.

bonds

Frozen

States

~J J

funds
were

municipal

by that

Boniface

continued
in

being

no

Prov¬

and

in

the

•

used

Wey-

default.
United

by Bel¬

gium, Denmark, France, Finland,
Hungary and Norway to meet full
debt service in 1940.

>

,

;

€00,000,000

in- bonds

than

of




>

of

months

has

been

after

repeated attacks
Government quarters

immunity
With

a num¬

will
a

year,

Dealers

$5,-

foreign

years.

the

last

The four months' total

smallest

1934.

the smallest

the

An

for

the

municipal
bonds.
indication now that

obligations
unchanged, at least
the price structure has
substantially of late.

and

purchasers

limited amount of
fered report a
ment

of

the

issues of¬

new

broadening invest¬

| demand

for

these

tax-

exempt securities/ Now, the sup¬
ply has come almost to a stand¬
While investor demand for

activity

the

at

was

new

lowest

level in recent, periods.
Although
there was no general tendency to

lower
was

prices, traders said that it

difficult to

out

shading
prices
and
some
slight concessions were noted on
shorter maturities.

list

herewith

($500,000
issues

or

over

excluded),
up

in the

of

the

municipal

the

—

near

more

offerings
short

which

term

are

future.

successful

and

the

was

important factor in the

runner-up

previous issue

pended.

--

sold

to

The

bidder

for

the

and

the

J.

Mullen

K.

Investment

what
b u y i n g
is
should be executed.

More

also

ap¬

next

planned

Thursday.

—Walter
IThe

$2,616,000 Cincinnati, Ohio
These

bonds

are

ment account

held

now

of

the

the

in

invest¬

city's sinking fund.

June

views

irticle

do

not

coincide

time

1

Chronicle.

$964,000 Akron, Ohio

Whyte.

expressed

in

thit

necessarily at
with

They

those

are

any

of

tht

presented at

In

Aug., 1941 this city awarded bonds to a
syndicate headed by the BancOhio Securi¬
ties

Co.

entered

of

Co.

Trust

those of the author only.]

Columbus.
Second highest bid
the Provident Savings Bank &

by

of

Cincinnati,

and

associates.

Established

Tomorrow's Markets

Members a j
New

York

Stock

New

Says—

York

Curb

New

(Continued form page 1853)

York

Chicago

this range, I suggest buying
it. Allis Chalmers, now about

New

Exchange
Exchange

Exchange,
Board

Orleans
And

j'

Exchange

Cotton

Commodity

If obtainable at

about 29-30.

1856.

H. Hentz & Co.

Walter Whyte

of

Cotton

other

Inc.

.

Trade

Exchange

Exchanges

24, also acts well.
able under

If obtain¬
23,1 suggest it.

\baa^xbj: 'a

Last week,

I

before,

and the week

mentioned

N.

Y.

Cotton

Exchange Bldg.

NEW YORK

a a
BOSTON

CHICAGO

DETROIT

PITTSBURGH

some¬

GENEVA, SWITZERLAND

thing about the market "test¬
ing

a

base."

market
any

Looking at the

today, I don't think

such "test" will be made.

On the

contrary, if the market

will go

lower.

little doubt.
So
that

99

/

after say,

resume
on

it

;

WALL

STREET

NEW YORK CITY

Of that I have

SUGAR

summing

slow sell

It is

LAMBORN & CO.

down far enough to test

the lows of two weeks ago

last

are
....

Mex.

May 26

goes

Major Sales Scheduled

four

period since

Co.,

bonds with¬

move

;

Co,, both of Denver, jointly.

\

issues suggested basic strength in
the market, traders reported that
other

19

Albuquerque, N.

This city last sold bonds in February, 1940,
the award going to Sidlo, Simons, Roberts
&

still, at least temporarily.

names

was

in

the tax

on

May

$505,000

high

remain

come

month

from

the tax status of these

April financing
the

of

of

every

We

running

calendar

meagre schedule.
This condition
developed rapidly when the mar¬
ket for municipal bonds had just
about
regained
its
equilibrium

important

:

the

bond sales for the period
Monday through Saturday aggegated less than $1,000,000.
It has
been many years since the mu¬
nicipal fraternity faced such a

at the lowest level in recent years.

for

more

Ebb

Municipal financing for
ber

.In .its report to United. States

the

listed

for

Municipal Financing

investors holding

revealed ?■.' that

improved

At Low

^

is

terial

bond issues payable in New York
to the amount of $1,922 millions

Bureau to develop its program of
service so that it will be of utmost

.

issues

new

general wartime policies and ma¬

minion, Provincial and municipal

quests, local officers will aid the

Canada Debt Paying
Record Found Excellent

of

level

shortages.
This
downtrend
was
holding the same bonds
sharply
though the report goes only accented this week when it was

re¬

benefit to local administration.

low

postponement of capital expendi¬
tures by municipalities as part of

vestors

payment and in Europe 50%.

to

Bureau;

Council, Inc.,
gives
details

City,

will, be

work.
.

Protective

York

which

.information

of

municipalities

wealth.-*^

functions

countries, most of them sold since
Great War No. 1, Foreign Bond¬
holders

considered

The purpose of the Bureau, by
terms of the statutes establishing

a'

in

..

1

| fairs of the Department of In¬

■

Blodget

Incorporated

\

,

To the Municipal and Local Offi¬
cers of Pennsylvania:

>

Stone & Webster and

a££>aba

Pa'

latest issue of its monthly

of

W. C. Langley & Co.

.

Municipal Bureau

The

•

Kidder, Peabody & Co.
,i»

Service to Be Extended

of

Goldman, Sachs & Co.

such

sions

able

Hayden, Stone & Co.

The First Boston Corporation

*

applying

units in

to other local

Ripley & Co.

Incorporated

up,

2

or

I

think

3 points

Exports—Imports—Futures

off, the market will

its

upward advance.

this minor sell off that

DIgby

4-2727

::

i

.

SEC Adopts New

Investment Trusts
(Continued from page 1855)
course if prime credit inter-

Vr»

"Of

Form

H; R. Baker Absorbs

Exchange
Commission announced on May 6
Securities

.The

and

Franklin Wulff Staff

the adoption of a quarterly report
est rates were to go to the 7% form to be used, by management
SAN
FRANCISCO,
CALIF ~L
that
figure of the 1920 period all bond investment companies under both H. R. Baker & Co., Russ Building,
ing will prove the first of a series prjces would suffer but who exthe San Francisco
the Securities Exchange Act iof members *of
of undertakings which have been
pects such a development today
announce that
1934 and the Investment Company Stock Exchange,
percolating over a period.
or even in the discernible future?"
Act of
1940.
According to the they have taken over the sales
From the New York Letter, pub¬
Next in line after the Public
Commission,
"the. new
form, organization of Franklin Wulff &
Service Company of Indiana's
lished by Hugh W. Long & Co.,
known
as
Form N-30B-1, sup¬ Co., Inc. ; H. R. Baker & Co., as
small issue is taken care of, will
sponsors of Manhattan Bond Fund,
plants Form 8-K, the current re¬ a result of this enlargement of its
be $15,000,0000 of first mortgage
Inc.p;
;:-(V
port > form under the . Securities organization, - will extend its ac¬
p.;.:.*!'; Pvh' V «H
*
*
3s of the Public Service Elec¬
Southern
California
Exchange Act of 1934 insofar as it tivities -ito
The Union Dealer, published by
tric & Gas Company.
is applicable to management in¬ and will have offices in San Fran¬
That issue, incidentally, was
Lord, Abbett & Co., for the in- vestment.companies having secur¬ cisco, Los Angeles, San Diego,
another which was destined for
formation Of dealers distributing ities "listed
jand registered^ on1 a Oakland, Sacramento, Passadena,
the
shares: of
Union
Trusteed
private placement until the SEC
national securities exchange."
It Fresno," Long Beach, Stockton,
Funds, Inc., suggests that the gen¬
stepped in and ordered com¬
is the second periodic report form Beverly Hills, Eureka, San Jose,
eral public is apt to think of
petitive bidding on its conten¬
to be adopted under the Invest¬ Modesto and Santa Ana.
bonds - solely
as
top-grade ; or
tion that the company could ob¬
ment Company Act of 1940, says
Franklin Wulff & Co., Inc.,
"money bonds" on the one hand,
tain a better price than by di¬
the Commission, which adds:
<| ~ specializing in "bank and insur¬
and speculative, low-priced "credit
rect sale.
Form N-30B-1, is designed!to ance stocks,- simultaneously an¬
bonds" on the other hand.
elicit current information with nounced the discontinuance of its
Philip Morris & Co., Ltd., pref
sumably will move to market its overlook the in-betweens,
respect to sales and repurchases activities.
of
securities, restatements of
49,666 shares of preferred stock at
These "in-between" bonds ac-;
the first opportunity to be fol- cording to The Union Dealer are:
capital, status as to diversifi-

The

Page)
considered at this
time.
Thus, we are
left with
stocks as {offering now the best
opportunity for profit and income
with which to offset the declining
purchasing power of the dollar.
(Continued from First

perhaps not be

my
associates and
terribly bearish. They
talk as though the country was
going to the dogs. Conditions may
get worse before they start to im¬
prove—but what of it? > The re¬
cent Laval business struck a sour
note and off goes the Dow-Jones
averages. If the Germans get the
French fleet—wham!—they may

of

"Most

•

friends are

the

go! off some more! Perhaps
market has not as yet discounted

If not, so much
the better.
The lower stocks go,
the more attractive they are and
the higher their yields. Further¬
more, the worse the war gets, the
quicker it will be over.
"I never made a dime following
the crowd. When they sell I buy.
From the action of the market in
bad news.

all the

underwritingworld hopes
the ^National Distillers
of^r";

,

..

lowed probably

months some drastic liqui¬
dation has been going on.
This
is a 'buy' sign to me. Lack of vol¬
ume in trading is another favor¬
recent

*

,

.,...

Arid R. H. Mac? & Co.,

the

signposts are reliable,

something

financing.

money

returns at least twice that . of

folio turnover.
the

The

Railroad Securities

portfolio of Union Bond
is comprised of these

,

,

,.

,

in-between"

bonds,

The

v.

after

port-

Reporter's

which

covered

are

sion, 18th and Locust Streets,
Philadelphia, as well as from
the Commission's regional of¬
fices.
"

by

a

wide

compared wlth 513>546 "excluding
shares on
March 31
both totals

Report

substantial debt retirements.

saying that "coming

cast their shadow

events

before" appears
out once N. Y. Stock Exchange
of International
Weekly Firm Changes

borne

been

have

to

again in the case
Telephone & Telegraph

Corpora¬

The New York Stock

tion debentures.
Over

414s
evidence

debenture
!

shown

Exchange

following

weekly changes:

The

Transfer of the Exchange mem¬

ered by the

imminent"
of the bonds found
back to market.

has arranged a

pany

The

was

Will F.
Nicholson of Denver
Export-Import
from
partnership in
Bank, the funds to be applied to withdrew
acquisition of debentures at cer¬ Harris, Upham & Co., New York
tain prices in the open market, City, as of April 30, 1942.
and to its expansion work.
This
Francis M. Barker retired from
credit will be used only when, and partnership in Frank B. Cahn &
to the extent required by such Co., Baltimore, Md., April 30, 1942.
operations, but it could conceiv¬
Melzar M. Whittlesey and Ken¬
ably result in a sharp cut in
neth D. Hull, the latter a limited
carrying costs to the corporation.
partner, retired from partnership

National Distillers Corp.

was

Joseph

Walker

York City as

reported a fair recep¬

Dealers
tion

in

& Sons, New

pf April 30th.

Kirk & West, New York City,
granted the $15,000,000
debentures of the dissolved as of April 30.

Distillers

Municipal Club To Hear
The

fortnight this issue, by
its relatively short
maturity,
liberal
yield,
and
other factors, attracted wide in¬

New

ing in a

of

terest among

investors.

Municipal
York

luncheon

Bond
hold

will

meeting

on

!

will be Stephen O. Fuqua, Major

recognized as General, U. S. Army, ret., military
would re-! ff .
...
f <<Npwswppk „ Hi_
ouire
more
than the ordinary atlairs editor, of
amount of effort on the part of subject will be "Survey of the!
But

an

it had been

undertaking which

sponsoring

bankers.




Newsweek. His

In

with 424
In

the

was
on

other Battle Fronts of the World."

1934
X-13A-6 un¬

•Securities Exchange Act of
and amended Rule

Milton

R. Underwood,

proprie¬
&

Underwood

R,

Milton

of

tor

Co., Gulf Building, Houston, Tex.,
has

offices

armed services.

the

entered

The

Milton

of

R. Under¬

Triumph Explosives Report
Sweetser

der the latter Act.

New

Rule
*

•••••

^

The Securities and Exchange
Commission on April 28 announced the adoption of an
amendment to Regulation S-X
so as
make that regulation applicable to the form and content
°* financial statements filed by
unincorporated management in^

York

New

SEC Amends Inv. Co.

in

issues
was

re-

ity transactions. The amendment
also
includes certain clarifying

438,

compared
> ]

March 31, 1942.

following tabulation

is

shown the short interest existing
at

the

of the last business

close

last

York

&

Broadway,
of the

Co., 65

City, members
Stock

Exchange,

are

Circular cm Triumph
Explosives, Inc., giving comparaitve sales and profits, liabilities
distributing

a

and assets and book value of out-1-

standing stock, including figures
contained in the semi-annual re¬
port of the company. Continued
increase in the sales and earnings

May

31-—.—

June

28

—

Oct.

—-

—

31—„
29

Dec.

479,243
474,033
517,713

31

—

—

1941—

Jan.

plicable

28-

Mar.

31

30——

29

June

30—

Oct.

31

Nov.

28

Dec.

31

to

statements

1™!

of in¬ pedoes.

filed under

A ft nf

1cm

anrlL

;

,

,

J

■

questioned

"When

over

over tne

quesuuiieci

"«cu

.

the

L " i t.elePhon£- Mr- G. H. Kami, Presi-

1934.

530,442
515,548

that further amendments gretted the loss of life incurred,
general revision of the re¬ the company will suffer no finan¬
quirements as to the form and cial loss, since it is fully covered
content of financial statements by insurance."
*'■
,
*
of investment companies may
result from study of the finan¬
US Loan For Paraguay *
cial statements filed as part of
ever,
or

a

of
The
Paraguayan
Embassy in
under the Washington has informed the For-?
Investment
Company
Act of eign Office that the United States
1940.
will grant a loan of $4,000,000 for
510,969
public works, the Foreign Office
V 496,892
said
on
May
8,
according to
Ten Issues Interesting
478,859
United Press advices from Asun-i487,169
Newburger,
Loeb & Co., 40 cion. These advices added:
470,002 Wall St., New York City, mem¬
The funds will be spent with
486,912 bers of the New York Stock Ex¬
the advice of four public health
444,745 change and other leading Exexperts to be sent by the Office
453,2441 changes, announce that their sta-

—

—

-

—

-

498,427
487,151
537,613

349,154,

registration

statements

investment companies

tistical

department has prepared a

Jan.

31

Feb.

27

Mar.

31

.circular containing brief descrip460,577 tions of 10 interesting issues. Cop489,223 ies of this circular will be sent
"
513,546 *
by "•
Newburger, Loeb & Co. upon

Apr.

30

530,636 request.

1942—

Rail¬

f
Exchange Act of dent of Triumph Explosives, Inc.,
It is contemplated, how¬ stated that while he greatly re¬

thp
the Securities

the

31

Feb.

"Central

states:

—

July 31—
Aug. 30_
Sept. 30Nov.

428,132)
446,957

Co.

Signal Co. is a subsidiary of
Triumph
Explosives, • Inc., and
owns
and
operates five
plants
way

hroughout the country.
The
The amendment is designed
scene
of
the
explosion was
a
adapt the present requirebuilding of the Versailles plant*
ments
for' use by
companies
devoted exclusively to the manu¬
subject to the Investment Com¬
facture
of railroad
signal tor¬
pany Act of 1940, but also is ap¬

thp

1940—

&

ser

to

vestment companies

two years:

31
Club of July
29
its next Aug.
Tuesday, Sept. 30

May 26, at the Bankers Club in
Guest speaker
New York City.

Field, Rantoul, 111.

adopted Rules N-30B1-1
wood & Co. will be closed for the
and N-30B1-2 under the Invest¬
duration. '
- ■*
ment
Company
Aet,
Rules
X-13A-8 and X-15D-5 under the
mission

of April 30, 1942, ex- changes in Article 6 and Article
6A." The Commission also says:

May

Corporation,

carrying
a
3*4% coupon and
brought out at par.
The first corporate undertak¬
reason

as

Apr.

of seven-year

National

of

day for each month for the

the

with

credit

the Com¬

*

,

,

short interest

position,

proposed

May 21.

$25,000,000

connection with the adop¬

elusive of odd-lot dealers' short

Exchange on May 21.

transfer of the
Stock
Exchange membership of
since few
Robert H. Grant, 3rd to Herbert
their way
S. Whitman will be considered on
Now it develops that the com¬
"something

a

ported

to John L.

performance had been accepted
as indicating quite clearly that

number

which

bership of William V. B. Findley
Weeks will be consid¬

Their

marketwise.

sorption

the

announced

has

the
and 5s have
of quiet ab¬

period of weeks

a

the

of Triumph Explosives, according
to Sweetser & Co., should make
vestment companies which arc issuers
of periodic payment plan possible even larger payments of
dividends than heretofore as the
certificates. "The principal change
April 30 there were 33 issues effected lay the amendment," says working capital position of the
company improves.
in
which a short interest of
Commission, "causes the statemore than 5,000 shares existed,
With reference to the explosion
ment of inC0me and other distrior
in
which a change in the butable funds to show separately in the Versailles, Pa., plant of ths
short
position of more than ^e balance of income before gain Central Railway Signal Co., a
than 2,000 shares occurred dur- or joss from security transactions subsidiary of Triumph Explosives,
ing the month.
and the gain or loss! from secur- Inc., a memorandum from Sweet¬
.

The

In

tion of Form N-30B-1,

the
of the
April 30
compiled from

equipment
depre- short positions carried in ihe oddc i a t i o n, •
the' only * maturities lot accounts of'all add-lot dealers.
falling due ahead of the Penn¬ As of the
April 30 settlement date,
sylvania & New York Canal & the total short interest in all odd(Continued from First Page)
mortgage
consist
of lot dealers' accounts was 66,323
tion.
As long as the rule remains Railroad
in force it must be complied with $178,000 this year,
$2,000,000 in shares,
compared
with
71,578
In shares on March 31
in good faith by the companies 1945 and $5,000,000 in 1948.
subject to it and not circumvented comparison, cash and special de¬
fpho
PvnhnvWc
by dilatory and obstructive pro¬ posits stood at $10,758,000 at the further
g
end of February, a gain of $1,141,cedures."
' : : V-1:,
Of the 1,241 individual stock
000 over a year ago despite the
International Tel. & Tel.
issues listed on the Exchange on

Prosser, co-Manager
Chicago office of Fahnestock & Co., 135 South La Salle
Stuart A.

of

investment

£

by

margin

William C. Carlin, of the Day¬

300 managemen.
companies.
Copies St., has been commissioned a
Captain
in
the United
States
may be obtained from the Pub¬
Army and is on duty at Chanute
lications Unit of the Commis¬
proximately

members and

Our

...

•

-

quarter of each fiscal year.
The form is being sent to ap

;

oco \

,,?

information

companies within 30 days
the close of each fisca

ment

"B"

Quiet market days
■
:
folio is diversified among thirty
are
good ones in which to pick
(Continued from page 1853)
different issues with an average
up a few shares.
I'd no more buy rental shall be put on.a contingent. rating o{ better than B. The
in a boiling market than I would
basisage price of the portfolio bonds
sail out of Gloucester in a heavy
Aside
from
the
fundamental is 7-3.1 and the net calculated curstorm.
Considering the prospects .value of the lien, it is being rent yield at market is 5.64%.
for some real inflation" and the
pointed out that the position of
M
high surplus of cash awaiting in¬ the lessee has been improved ma- ivtvcI7 cl
*
I
«.
<.
vestment, a little encouragement terially under the stimulus of the ™
Snort interest
is all the market needs to show
war boom, and that if the war'ls
Higher On April 30
some real strength.; Investors who
a long one it is possible that' Lemu
at
ir
i
t
^
u
^
put cash now into common stocks high Valley may be able perNew
should profit in the end.
They manently to avoid necessitous re- announced on May 7 that
will also perform a real*service
organization.
The company has short interest existing as
in easing the ultimate effects of
already eliminated its RFC debt clbSf of busmess on the
a
post-war boom through their
entirely, and in -1941 bank loans settlement date as
being in a position to" get out were reduced from $6,924,900 to information obtained by the Stock
further than to get in!"$3,125,000.
Aside from the bank Exchange from its
loans
and equipment maturities niember firms, was 530,636 shares,
able indicator.

for

•

F?ney-bonds; bonds in the 75
Fund

In Armed Forces

Other items of

ton, Ohio, office of Westheimer &
regarding changes in managesubsidi-!
ment
personnel and
subsidi¬ Co., .Third National Bank Build-:
aries.
The form is required to ing, is on leave of absence from
thefirm,
having
entered the
be filed by management invest¬
armed services on May 1.

v

price range.

,

call

form

port¬

and

portfolio

of

cation

;-c-

on a

registration
shortly
on
in the way of new,

in

be

"bonds with a good reason to buy
hold-to-maturity basis; bonds
Inc., if with regular, well-covered coushould pon payments; bonds with interest

by $6,000,000 de-

bentures.-

of

the

Coordinator

American

revealed
lease

Affairs.
that

shipment

the United
here soon.

the

of

of

-

InterT

It also was

first

lend-*

arms

from

States would arrive

Volume 15S

Number 4072

THE COMMERCIAL & FINANCIAL CHRONICLE

•

America's Secret
ou

Y

won't find it

Rock Island

or

on

the

production lines at

Willow Run.

friends

can

go

for a few hours'

It isn't

guarded at the Brooklyn Navy Yard,

tested at Aberdeen.

cr

But it's the
are

toughest

looking at will

ever

stuff with which all

Hope

weapon

That's

these

laughter and music—when Bob
camp

with

Perhaps he can't give it

;

It's made, of his invitations to the homes of

pleasant strangers.
even

smile—at

a name.

<'

a

cup

of coffee and

a

Yankee

can

train stops at a

looking girls

are

junction point and fifty good-

appreciation he feels for

a

to

your

and creed has

race

government with

maintaining clubhouses

our men

a

feeling of kinship with this

a

at home and

armed forces

our

we

must have

hundred million generous people.
May¬

Send your
or

to

USO clubhouse where he and his

be

a

can—whether it's

in

Germany

(

or

Japan.

can never

Spring

contribution to

your

a

lot

or a

little.

local chairman

USO, Empire State Building, New York City.

we are one.

democratic army—a weapon that

er sat zed

enormously

themselves. This

$32,000,000.

Give all you

our

providing

abroad.

Name it if you can. But it's the secret
weapon
of

and

re¬

needs.

hundred thoughtful services

The needs of USO have grown as

just the understanding that this whole

bone; that he and

a




do to sharpen this weapon?

by

shows, with

as

country cares; that the soldier is bone of

at the station with cigarettes.

It's made of the
new

land of

t

when his troop

entrusted

With

lone outpost in Alaska or in the

Caribbean.

be it's

It's made of the thrill he
gets

bright

But he

been

camp

made of

some

Maybe it's just

what it's made of.

you

;,

American feels deep and warm inside.

tell you

can

organization that overrides
a

our wars are won.

cold potatoes word for something John

What

Give to the USO. This great national service

sponsibility for the service man's leisure

men you

take into battle. It's the

boy in the uniform doesn't call it morale.
a

rest and relaxation.

Lana Turner visits his

USO show.

It's
The

or

1859

-

.

Weapon

-"

It's made of

:y

USO

1

Continued
Strong In; April

i Engaged In War Work

.

The

of the Census

Bureau

;

10 that in order

ported op May
to meet wartime

needs for labor,

married women
upon to take the

millions of young

called

be

will

places
Census

of men in industry.
The
Bureau indicates that as

yet labor shortages were limited
to particular occupations and lo¬
calities., The Bureau continued:

at about

States
This

Eastern
$498,742,000.

amounted : to
a
23% increase

sell

mined

r

.! inadequate use of their training.
'
"In the future, however, as

has

talk

The

The

civilian

duction ' for

loans

.

the enlistment of

for

/.

silver

,

i-

coin

It has .on
480,000,000

to

up

year

''

there

growth,

usual

millions

and

hand

United
S: eluding
^

at

States

forces.

number would have to

"This

increased

be

by some 8,000,000

the

proportion of the

make

to

population employed or in the
esti'ihated level during World War

"t armed
r

the

reach

forces

increased 29%

1941, while the dollar
volume increased 7%; this reflects
a
decrease in average unit costs,
due to the elimination of nearly

Regarding the figures a Wash¬

ington dispatch of May 10 to
New York "Times" said:

the

'K' .Census figures indicate that
t'-J lpss than one-fourth of such an
•

could

.increase

drawing
■

v

•
•

be achieved

all of

because nearly

market,

by

the

into

men

more

^the
potentially
employable
^ males are already in the labor
./force. \'-y['/
//

census/only

the 1940

•'•p Under

about 2,000,000 men of 18 to 64

of age were able to work
{/and not confined to institutions

". years
•

of

months

-1/'
v.:

'but were not in the labor force.

of

all

if

Even

->>•'

this

category

Being Rationed

mercial

6,000,000

; employed

were

or

additional workers would

more

the

an

rationing of silver is
Handy & Harman,

New York bullion

that the shortage

necessary

the

dealers, report
of supply com¬

demand now makes
to limit metal sales

pared, with
to

com¬

users,

in effect.

now

it

of

industrial

and

informal

demands

the

Due. to

•

"

•

from

drawn

be

to

and crafts but indus¬

arts

-

*

1930

were

married.

but

were

mand

of

them

a

marked

ingness
older

77

of

.

.

•

/

be

from

Board,
banning

more

or

gold,

*;; T/./77.V,./.

American

the
a

as

than

articles,

civilian

use

of silver
at current

ounces
year,

prices—if they could get it. The
total supply for the year, how¬

principally from
ever, was figured at
100,000,young women in cities and com¬ >7 000 ounces.. v
■
This shortage of supply com¬
paratively few from rural areas
and small towns.
The 18 to 44
pared with demand has made
group
in 7940 comprised 13,necessary, trade reports said, an
4,300,000

on

urban

areas

and

informal rationing or doling out
of
silver
to
users
because
it

farms.

would

on

May 12 by

a

impossible to supply
at prevail¬

be

the metal they want

Senate Passes WAAC Bill
The Senate

farm

with the enforced

$20

making

a

that "dependence upon

voluntary
is as archaic-and inade¬
quate in total war as reliance
upon
voluntary enlistment into
money

He also criti¬

the armed forces.".
cized

the Treasury plan

"to ring
doorbells and persuade people to
make a perfectly good and profit¬
able

of

investment

their

money

,

in Government bonds."

Mr.

at the

Gore

ing prices.

'/

/

in

the
our

measure

troduced

bill" to
farm commodities
and
wages.
He said this was
necessary "to round-out the antiinflation program."
This latter

fix

"companion

a

ceilings

on

would

measure

amend

the

Price

Control Act of 1942.

;Smith Heads Says. Assn;

/

Smith, President of the
(Vt.) Savings Bank,

Burlington
was

House passage
referred to

issue of April 30, page ,1712,
-/

-




V-'.'-i.

no

at stake.

is

elected

Mutual

;

•

Domestic
law

passed

v

"

-

silver,

under

ings Banks at the conference held
in New York

of this program.

ance

joint

-

in banking practices

-

voluntary and independent war
saving is the mobilization of
earnings by some form of forced
saving.
Fortunately, we have
a record national income, which

cent

voluntary saving pos¬
and gives assurance that
whatever is put aside today will
sible,

provide

reaction,

consumer

City on May 8. The
represents deposits
$10,500,000,000 and 15,500,000

In

the

of

attention

section through

finance

con¬

the

: "

effect

the

tion's
'

facilities

N

The

- -

fullest

use

of

the

for

saving."

Association

adopted

na¬

.an¬

to

the volume

of

loans
to
in¬
non-productive

.for

presently outstanding.

purposes

The examiners for the respec¬

tive

agencies

structed

to

being *• in¬
particular at-

are

pay

in

tention

v

the

-

their 7

of

course

examinations,to individual debt

.

to determine whether it is

and

reduced

-

>

the

to

stances which may

being*

htircum--

be prevent-

ing its reduction or preventing

1

it

being put

on an

examiners

The

I777'7-'
likewise

are

instructed td include in>
reports
of ^examination

being
their
.

amortization'

7v•

basis.

comments

as

the

to

extent "to

:

which the bank has co-operated
in the program for reduction of

.

personal

indebtedness

-

incurred

the

forand

trict, and to the extent necessary
will participate in or guarantee
loans made by the bank."

of the volume of personal loans,

contractor's

banks

local

and

non-productive -

banks

,

ODT To Limit Use Of

purposes,

results

achieved.

will

time

be asked from

to

time

information
as
to the amounts of singlepayment personal loans on their
report

books in addition to information

Rubber-Borne Carriers
by execu¬

reported

being

now

President Roosevelt,

to the

as

In order to provide a measure

to

stallment

in¬

to

as

paper.;

May 4 delegated to
The amendment to the Board's
Eastman, Director of
Transportation, v.: the Regulation W relating to con¬

tive order, on

Joseph. B.
Defense

■

credit

sumer

given' in

was

our

May 7 issue, page 1780.

Cuba Withdraws US Notes
United States silver certificates
and Federal Reserve notes,

have

been

Cuba

as

basis

legal tender
Cuban

as

withdrawn 'from

replaced

which
throughout

accepted

by

Oscar Garcia

on

the

same

notes,
will
be
circulation and

Cuban
currency,
Montes, Minister of

the Treasury, announced on May 7.
United

Press

Havana

advices,

':<v~,/•'; 7; ...77
from 7 which: the
foregoing
is
/ The directive sets forth that the
learned,., explained that there has

Office

of

■

Defense

Transportation

been

shall: •' 77
"Formulate
serve

and

measures

assure

to

con¬

maximum util¬

existing supply of
civilian
transport • services
de¬
pendent upon rubber, including
the dimitatiorr. of the use of rub¬
ization

of

ber-borne

the

transportation facilities
activities,

a

rency

for

shortage
a year,

ment

has

peso

issue

printed

Cuban

cur¬

-

a

of; silver

10,000,000
certificates

immediately, half of

authorized
pesos-.,

of

but the Govern¬

ordered

v;

issue;;.of

Xn*;

in non-essential civilian

an

720,000,000

'

-

3

The new issue, it- is stated, will
regulation of the use or dis¬ be backed by
gold which will be
tribution of such transportation
purchased
immediatelyv Garcia
facilities
and

among

-

other

Federal Reserve Bank in his dis¬

rubber."

the

amor¬

to

provisions of Regulation W,

dividuals

laid down in the
(an order au¬
thorizing sueh finance transac¬
tions).
If this is the case, the
finance section will,
discuss
the means of financing with the

r

concluding session on
May 8 the Association, according

System

not subject

are

7 particularly to
/.single-payment

meets

.

its

Reserve
extended

be

which

loans

Executive: order

.

that the principle of

tization

chasing bureau which will deter¬

.

Federal

urge

tractor with the appropriate pur¬
mine whether the business

{of the

Governors of

the

then

the

of

their

of

Directors

Board of

the

and

the

will

section

business

the

of

Board

the

eral Reserve Bank of the district

"The

of bank loans.

exercise

;

Federal Deposit Insurance Corp.,

the Fed¬

in which the contractor is located.

discuss

the

supervisory responsibilities, the
Comptroller of the Currency,

Mr. Smith served as power to control and limit the use
rubber-borne / transportation
Vice-President of the organiza¬ of
facilities.
;
1Y7 "
*" ^ "" >*
tion during the last year* and has
been active in mutual savings,
h Mr. .Roosevelt placed within the
bank affairs for some time.
scope of Mr. Eastman's authority
"all rubber-borne transportation
George J. Bassett, President of
including
passengers,
Connecticut Savings Bank, of New facilities,
It
Haven, was elected Vice-President buses, taxicabs and trucks."
directs Mr. Eastman to "develop
of the
Association; Edmund P.
programs
to facilitate the. con¬
Livingston,
Vice - President • of
tinuous adjustment of the Nation
Union
Dime. Savings. Bank,
of
and its transport requirements to
New York, was chosen Treasurer,
the
available
supply of trans¬
and John W. Sandstedt, of New
York, Executive Secretary. /v///- portation services relying upon
At

certain types

,

-

to

debts.

System,, which related to
credit and applies to

serve
-

To Work With Banks

finance

of

v

of Governors of the Federal Re-

/

Navy Sets Up Section

come

during re¬
the wide

principle of
This;
principle is incorporated in Reg¬
ulation W, issued by the Board

sound cushion against

a

after-war

been

the

of

acceptance

makes
•'

has

years

amortization

-

.

%

of the greatest advances

One

The forbidding alternative to

depositors.

/. ;

July 6, ,1939Mmust

the

accordance

sav¬

'

President of the Na¬

.

ments.

taken/ in

was

hardship in view of

tional Association of Mutual Sav¬

vote

was

said

statement

The
action

the requirements

time in¬

same

.

vote of 37 to 26.

pur¬

Bonds!

Treasury

the

•

the

regulation,
particularly i single- *
payment loans to individuals for/,/
non-productive purposes. ! ,/77:.;

as

week

*

of

of

loans,' be extended

to other loans not covered by

sav¬

;/"W Paradoxically,the trade points
to the New York "Herald Trib¬
of.38 to 27 passed the bill to cre¬
out, the United States Treasury
ate r a Women's Auxiliary Army
une," adopted a resolution calling
owns
more
than
3,000,000,000
for appointment of a special com-^
Corps. ./The bill, which has al¬
ounces of silver., ;•
>
ready passed the House, would
mittee, representative of all sec¬
•v
The catch, silver men say, is tions of the nation where mutual
permit the WAAC to enroll up to
.* a
three-way price policy, ex¬
150.000 women between the ages
savings banks * operate, '/to pro¬
plained this way:
/
of 21 and 45 for non-combatant
mote the purchase of war savings
;; \ Foreign- silver brings 35 cents bonds - and mther - useful* savings
service anywhere .in the world.
an ounce- at the Treasury,
and practices, and to this end tender
Am attempt in the Senate to re¬
strict the corps' service to within J industry pays a fraction of a their services-to the Treasury of
z cent
more to obtain its require¬
the United States was defeated by
the United States with a view to
a

demand

the

to

Savings

what

in

pulsory weekly pay deductions
starting at 6% for single workers

of

factories, a large
estimated, could

drawn

900,000. from

and

introduced

substi¬ organization

dealer

140,000,000
profitably this

the additional workers will have
to

week

permitted

use

,

production centers

near

steel

silver,

bullion

,

To be

Production
last

and

tute.

change in the will¬
employers to hire

women.

order

common

of

labor
:

is

wages

was

The plan provides for com¬

ings.

Levi P.

War

its

specifically

force will be small unless there

■

non-

manufac¬

non-war

400

women

the

to

from

iron

in the 45 to 64 age group,

additions

war-needed

The
in

probably increased
to about 19,000,000.
9,500,000

and stamps

turers.;-

Since then their

number has

were

on

metals by civilian in¬
dustry also has skyrocketed de¬

able to work and not

.Although

ceiling

commodities

rusting

census 18,200,000
women were in this age group
and were not in the labor force
in institutions.

other

and

/ In the 1940

„

all

trial

companies, using silver in
:7 female population to provide an war Work, are being supplied.
With
increase of 8,000,000.
regard to the crisis in
silver
supplies,
an v Associated
The/chief reserve of labor
Press account of May 8 stated:
supply is among women 18 to
The substitution of silver for
44 years old, of whom 85% of
copper,
nickel, tin, aluminum
those not gainfully employed in
have

War

bank

certain

and at 7%
The
Navy : Department
an¬
all types of new housing outside for married persons making over
nounced on May 11 the establish¬
the war housing classification.
$30
a
week.
The percentage
ment of a finance section to work
In
addition to the large con¬ ranges upward for larger incomes
with banks in financing war pro¬
struction volume in the 37 East¬ until it requires the investment of
duction,
The- section is to be
all money in excess of $25,000
ern States, there has been a pro¬
headed
by Sidney A. Mitchell,
portionate amount in the 11 West¬ (after payment of taxes) in bonds.
formerly
of Bonbright & Co.,
ern
States, and a considerable, The war bonds would be issued
New York.
In its announcement
though unannounced, volume of by the Treasury at the year-end;
the Navy Department said:
work at various overseas sites.
they would be limited to 1% in¬
"When
a
contractor or
sub¬
terest and non-negotiable except
contractor is in need of financing
in stipulated cases.
7*
Silver Shortage—Metal
In a statement bearing on his to carry out his contract, the mat¬
plan, Representative- Gore said ter, will in the regular course,
Now

"

;

the first four

over

devoted

be

involves

dollars

cation were 140,394 family dwell¬ the House on May 11 by Repre¬
the
sentative
Gore/ (Dem.,
Tenn.L
in- ing units in new residential build¬
Representative Gore's bill calls
armed ings, at a total contract cost of for the
purchase of war bonds
$528,242,000. The number of units

the

in

men

classifi¬

residential

that

incorporated in Regulation W, re- *
lating/, to 'consumer credit - and

of individual in¬

10%

of

This

silver

of

of
present,

force

labor

the

in

in the

cluded

probably about 55,000,000 work-

v/lCefs

In¬

ties contracts increased 22%.

are

part of every

indispensable

as

chase

1

formal increase in addition to

is

comes

.

••"'the

It

much

in

Savings Bill
proaches a minimum, it will be
v necessary
to increase the total months of 1941; an increase of
Introduced In House
Non - residential: building
K labor supply to continue the ex- 27%
contracts increased 37%; residen¬
Legislation calling for enforced
pansion of war production.
tial building contracts increased savings through payroll deduc¬
''"With allowance for some abtions
and
proposing
an
over¬
20%, and public works and utili¬
1
•

a

envelope and salary check
must be the keynote of our new
national economy."
He added:
pay

deal of its silver,
without affecting
of

in

following his election as President of the Federal? Reserve System
of the Association, Mr. Smith said recommended to all banks that
that "greatly increased saving by the principle of amortizing debts,

"farm

could

v

In a joint statement issued on
and for its
meeting unpre¬ May 7 the Comptroller of the Cur¬
cedented demands with adequate rency, the Board of Directors of
and efficient service."
the
Federal
Deposit
Insurance
In a short talk t6 the conference Corp., and the Board of Governors

$1,compared with $1,in
the
first
four Forced

this

of

859,944,000,
462,156,000

ap¬

use

four

first

the

for

to

Treasury

dollars

brought the

figures

total

months

service and as pro¬

into military

turned

Agencies Urge

Amortization Of Debts

"with that part of the President's •:
special message ; to Congress of ;
ings banks of the country, as April 27 which urged the paying
more
in subsidiary coin, in its
•;/}the time-honored missionaries of debts as a restraint upon rising v
vaults.7V
V
of thrift, have done well to as¬ living
costs."
The text of the
sume leadership in the further¬
statement follows:

be started hereafter.

April

less

.

other. industrial purposes.

construction,

contract

and more men are drawn

more

for

US Bank

burdens

unusual

traffic

achievements

bars, through which electricity
passes on its way from genera¬
tors to power lines.
Now the

<

/ out" a good
by the way,
and at the
the amount
same
time a period of planning
:/ circulation.
for large war construction proj¬
more
than

ects to

war-time

.

"

civilian

of ;

domes¬

same

silver

the

assume

Thursday, May 14, 1942

"for its ability

industry

to

$1.29 an ounce.
/■
The Treasury agreed to loan
40,000 tons of silver to the
power industry for use in bus-

V/ "The main problem at present April, 1941. While the April total
is to utilize efficiently the ex- was 18% under the March figure,
the drop is not considered to sig¬
listing labor supply by reducing
unemployment to a minimum, nify a trend, since April was the
•increasing hours of work of the period of drastic curtailment of
under-employed
and
shifting
workers from non-essestial industries or from jobs that make

railroad

estimated

than

r

•

that

cannot

over

was

were;:

70,000,000 ounces.
law, the Treasury

tically

37

the

in

1941

other resolution commending the

Under this

during the
month of April, according to a
statement released- on April
16
by the F. W. Dodge Corporation.
The dollar total of building and
engineering
contracts
awarded
month

Such pur-

an ounce.

in

) chases

tinued in large volume

last

bought by the Treasury at

71.11 cents

contracts con¬

War construction

re¬

be

Building

Foresees 6 Million Women War

>

CHRONICLE

THE COMMERCIAL & FINANCIAL

1860

essential, activir

nv unfil¬

es

;'k;

•

Volume 155

'Number 4072

'

THE COMMERCIAL & FINANCIAL CHRONICLE

"

7

Banking School Adds Ten
■."? The

agreed

freeze

to

toms duties

existing

cus¬

15 other items.

on

lated

addition', of ten; new in¬
On May 1 Mr. Dasso was the
structors to the faculty of The
Graduate School of Banking to guest at a luncheon given by the
Pan
American
Society and the
teach the various
subjects, is an¬
Peru vian-American
Association
nounced by Dr^. Harold
Stonier,
held at the Bankers Club in New
director

'school, 7 for the
year. The Graduate School
Banking is conducted for bank

Association.; It offers

-

sessions

of

sided.

resident

two- weeks

each

tension work

resident

at home.

session

held June

hundred
The

in

Rutgers

officers;

the

school.

members

new

ulty
come
from
They include: $ •
Vice

E.

-

Donnelly,

Allen

the

Assistant

7 export

Bank

of

war

"

said,

was

by

seen

view
will

that

the

stimulate

also occasion

war

communications.

Air

Cleveland

Trust

Co.,

Boston.
Harold E. Reeve, General Coun¬
and

Secretary, Chicago Title
Trust Co., Chicago..

Albert

C.

Simmonds

Jr., ViceNew York,

President,

Bank of
New York City.
Harry
R.
Templeton,
VicePresident, Cleveland Trust Co.,
>

Edward

North

A.

Wayne,

Carolina

Bankers

Associa¬

The

ing has

School of Bank¬

faculty of 49 instructors,
divided between bank
executives,
college' professors, and govern¬
mental department executives.
a

:..The addition of three others to
the School's

these

faculty

columns

was

noted in

May

on

7,

page

1787.

A

reciprocal

between
Peru

the

trade

agreement

United

States

and

signed at the State De¬

was

partment

in
Washington
on
May 7 by Secretary of State Hull

and

David

ister

of

vides

Dasso, Peruvian Min¬

Finance.

.

concessions

The pact

covering

pro¬

most

of the trade between the two

tions,

which

1940.

This

dition

to

tended

Peru

is

lend-lease

the

na¬

$41,066,000

agreement

the

by

was

United

in

our

looked forward to
durable

in

Bank.

3C-i■ -'777

With regard to the trade
treaty,
the New York "Journal of Com¬

v

merce" in its

Washington advices
May 7 stated:
7'V 7";:, 7^7f:7 7 77*-;
; '7
The treaty, which was convS eluded in less than five months
after

the

announcement

in¬

of

tention, grants duty reductions
by the United States on Peruvian sugar, long staple cotton,

"

;

bismuth, cocoa leaves, and hair
of the alpaca, llama and vicuna.

At the

;■

same time the State Deannounced that, at

partment

^

~

Peru's request, the Tariff Com¬
mission has agreed to undertake
;

an

investigation

whether

:

solidate

it

is

all

quota. :ti...
,

United
f,

a

-v-..;

Included

determine

possible to
quotas
on

staple cotton into
;.

to

in

States

the

tinued service

for

ital, as a consequence
negotiations.

May

an

<

8

Costa

that

agreement

under

with

the

in

"•

In

reporting

"this,

The

the

United

Rubber

purchase
rubber
cents

at

States,
excess

basic

a

For

5,000

purchases
tons

cents

price

of

39

in

excess

of

that

addition, Brazil will sell to
United

States

all

products

agreement

to

March

12,

was

1064.

page

Volunteer War Saving
Called Imperative
Reviewing
the year as

developments
of
they affect the thrift

capital of the Nation, and empha¬
sizing the economic importance of
volunteer

having

to

dress said:

*

oats, fresh apples, pears and
plums.
In
addition,
Peru




Mr. Mills noted that "our insti¬

their

United

77.7

credit

his

ad¬

!

States

bonds, held by

in

our

Government

institutions,

appear

un¬

in war-time, and for

there

are

substitutes,

or

would

not

be

seri-

\ v

.

plied

to

cases

sidered

of

which

the

utmost

are

con¬

import¬

and urgency,"

ance

000

:

While

country

it

was

than

in

Federal

advancing
April since

more

1937,

Home Loan Bank of

spirit

McNutt

announced

May 2 the readiness of
office

of

the

with

all

United

Service
?

every

local

States

Em¬

to

citizens'

on

cooperate

organizations

in

standing

the

bank's

to

loans

member

out¬

savings,

building and loan associations in
Illinois and Wisconsin.

Security Administrator

V.

to

find

jobs

for

of

advances

100,833,

an

increase of 7.2%

totalled

$1,over

the like month of last year and a
seasonal
upturn
of
53%
from

March.

M

7; ;7-

7'

pounds

a

said, to work
closely with veterans' organiza¬
tions, civic and religious groups,
and representatives of labor and
business to attain the
objectives
of
National

in

San Francisco

his

family

40,' it is beginning to
that the search will have

be, not

members of his
President Quezon plans

Cabinet.
to

to

go

March and his voyage across

Pacific

so

Lieut.

came

Gen.

J.

as

L,

San

much for jobs as for

pared with 26.30 the

and for farm work."

skills

are

Francisco

quoted
I

as

year., as
The
thetic 7 rubber
plants
should
come
into
production
during

Syn¬

9u

Food Production Goals
.7

Attainment of food production
goals will require the full cooper¬
of

agricultural
of

advices from

President

Quezon

Agricultural

War

Relatibns,

Department of Agriculture,
declared on May 7.
Speaking be¬
fore the International Association
of

Public

Services, at Louisville,

Mr.

have

changed

Towns£nd

said,

of the

success

products will be directly depend¬
complete community .un¬

derstanding

and

cooperation,
directly depend¬
adequately the Em¬

which in turn js
ent upon how

ployment Service and the Depart¬
Agriculture can organize
community. Saying

ment of

to serve each

he

believes

situation

that

production

the

farm

labor

be adjusted to meet

can

goals,

stated that the

Mr.

Townsend

for alleviat¬

means

ing the farm labor situation

can

be

grouped into these three cate¬
gories:
(1)

Securing full utilization of

the labor force
normally employed
in

agriculture by operating labor

pools
more

exchanging
labor,
using
family workers, and similar

(2) Retention of workers on
farms by increasing the attractive¬
of farm work

earnings,

through higher

better 7 housing,

more

continuous

(3) Bringing
labor force

and

into

persons

the

farm

not normally

employed in agriculture.
7

"V

■

"

/

Hear

to

for the New York

Week
an

Foreign Trade
1942, and will deliver

for

address

luncheon
and

at

the

professional

ernment

World

gathering
officials

was

and

Chairman,

still

I
are

United States. I

i

Wayne C. Taylor," Undersecre¬
tary of Commerce, will be a par¬
ticipant in the program arranged

announced

the

proved

:

.'

.I..''-'

Trade Luncheon

the

way

fail¬

or

goals set for all farm

ent upon

Thank God

we

"we

problems, and we
all-—you, the farmer and I—
use our
ingenuity to discover new
ways of getting our job done."
must

of

Trade

business

men, and Gov¬
at
the
Hotel

Astor, New York City, oh May 18.

have

that

farm

Clifford

marks

that

•'

M.

areas,

U. S.

facts

goods, j

and

Toownsend, Director of the Office

the bitter end.

now

farmer

every

worker, and every man, woman,
boy,
and
girl
throughout our

repeated over and
Philippines will
stand by the United States to
over

urgently needed in the war
production plants/in those turn¬
consumer

Witt, head

saying:

so

ing out essential

De

Associated Press

was

of the

whose

a

of the Western Defense command.
In

to fill the

men

the

surprise. He
was, met at a San Francisco pier
by Oscar L. Chapman, Assistant
Secretary of the Interior1* and

jobs. Representa¬
Employment Service
will make a special effort to see
to it
that
employers are given
every opportunity to locate the
tives

a

and

over

appear

800,000,-jons

rubber

employment,
May 8 with similar methods.

on

(May 3-9) as announced in the the Commonwealth Government.
President's recent proclamation— He had reached Australia in late

Men

year ago;

synthetic

^against 25,000 tons.

ness

President Manuel Quezon of the

Philippine Commonwealth arrived

Washington, where he
will established headquarters for
Week

Employment

of magnesium .per
against
33,000*000

.7 cooperative
measures.;

Quezon Arrives In U. S.

men

over
40.
Instructions have been
sent to every State
representative
of the Service, he

pounds
as

of

The April

volume

and Governmental
agencies in the

campaign

production

to

He added that the

Repaymts. Outweigh Loans

Job Aid For Men Over 40
Paul

annual

as

year,

ure

denced

Federal

;

2,100,000,000
against 300,000*000
pounds two years ago, 600,000,pounds,

Ky.,

be Chicago last month received re¬
of payments greater than its dis¬
He concluded:
bursement, thus averting any net
the

older

be-

commodities, which,

spending

and

increased during the year 1941
by $398,000,000 to a total of $3,591,000,000, representing a per¬
centage of assets of 30.51, com¬
year

ar¬

im¬

war
saving,Andrew
referred to in our
April 23 issue,
Jr., President of the Dry
<*
Dock
Savings Institution, New page 1630.
York, and President of the Na¬
"Industry's extraordinary de¬
tional Association of Mutual Sav¬ mand for
men," said Mr. McNutt,
ings Banks, opened in New York "has somewhat shifted the em¬
City the conference of that or¬ phasis of this year's campaign. Al¬
ganization on May 6 for a three- though the slogan still is''Job for

on

fruits, canned vegetables
fruits, typewriters and calculating
machines,
prepared

*;

-

Mills

$10,500,000,000,"' and

and

the -whole

prevail.

ployment

rubber

on

pe¬

in Washington
early in
March; referred to in these col¬

35

which Peru granted duty reduc¬
tions are autmobiles and
trucks,

to

!

capacity sufficient to

our

aluminum

ation

non-essential

credit expansion, A. R.
Saving brings strength, the
Gardner,
strength required to attain vic¬ President of the Chicago Bank,
reported on May 11.
It is stated
tory,
and
victory
only
will
also that a net decrease was evi¬
bring lasting peace.

men

•

-

stressed the

unnecessary

thrift

excess

reached

umns

Mills also

-

dis¬

"Rating (AA)
is a special
rating held in reserve to be ap-

pound.

a

years, will be subject
riodic adjustments.
'

The

$400,000,000.

discouraged

pound will be paid and
for any purchases over
10,000
tons
the
premium will be 5
In

total

a

economic

desirable,

destination

than

portance

for

V ously harmed.

of this year

portance of educating an increas¬
ing number of people to the value

of

of

immediate

no

without which the economic and
civilian life of the country of

ties, and April Vsales should
bring the figure to considerably
Mr.

2 Vz

increase

the

'7

;

and

which

that

'.

institutions had sold

more

a

cents

is

cause

necessary

money

premium

a

ticles

while

accepted
in which it was

spirit
'.

of

not

licenses

the

pound, f.o.b. Belem, he
explained.

to

"Rating (D) will be assigned

through of saving out of current income,
Co., will saying that "it is of vital im¬

a

there

location.

was

to

Cooperation Needed for

which

,

the

771942 and '43."

Brazilian

Reserve

all

"7

Associated

Press advices from the Rio de Ja¬
neiro also said:

essential

added:

country of destination, but for

7 of $379,000,000 of these securi-

to

rapid expansion of Brazilian rub¬
ber production.

as¬

He

licenses
for
commodities
deemed important to the industrial
and civilian
life
of
the

York, called

furtherance

Up to March 31
our

•

a

;

be

to
7

7-.

1941, weeks prior

This offer

the

made.

of

United

States,' Brazili: would
apply
$5,000,000 United States credit

in the

effort.

some' of

manufacture .synthetic

vide plant

"Rating. (C) will be assigned

>,

that

"These expenditures will pro¬

articles

country of destination.

Savings Banks Association

try

terms

materials

said

to

yards.

or

maintenance of industria 1,
Economic and civilian life of the.

hearted cooperation of the mu¬
tual savings banks of the coun¬

positors,

-;

and

Secretary of the Treasury
Morgenthau to offer the whole¬

announced

plants

war

would

to

of

-.:

upon

the

Jones

$13,000,000,000 jyvere
$1,912,000,000
to
build (- aircraft
plants, $360,000,000 for magne¬
sium
plants,
$700,000,00.01' (1" for

,

for

rehabilitation

railroad,;, lUVS)

make up the

materials

will

rang-

entire

outstanding items which went

urgency, and the lack of which

tutions today serve 15,500,000 de¬

dried

„

Sousa

and

.'"The rating (B)
signed to licenses

..

of the State of New

Brazilian Finance Minister Ar¬
de

articles

effort,

of the

Addressing the U. S. Chamber
meeting in Chicago,

military defense.

Securities Corpo¬
in position to handle

bankers
representing i
National Association,
and

the

US-Brazil Rubber Deal

on

of

war

purchase

rubber, and $182,000,000 for ship¬

the

con¬

of

as

7,>7^

program of the United States
to hemispheric

Bonds,

invested cap¬

on

by

contributing directly to the

instrumentality, the

March,

of
7

*

savings

long
single global
■>',•

tion

New York,

efficiently.

defined

Exports

were

Office

"Rating (A) will be assigned
authorizing exporta¬

Massachusetts, its birthplace;

In

day discussion of national affairs.

•:•.;■

are

ratings

ac¬

of Commerce

Mr.

to licenses

York, and in Connecti¬
cut, which took up this activity
on Jan.
1, 1942.

con¬

list

their

goods, it is
7.,

.

BEW's

mort¬

the

.,'7

follows: V

in New

"firm and

a

foundation"

the

to

the

of

Jesse

an1

made

Cuban sugar crop to
of a Newfoundland

system, each export

"use"

These

Savings bank life insurance
has shown marked development

.

Council, Inc., he added. With¬
divulging the basis of the
discussion, Mr. Dasso said he

manufactured rubber goods.
The agreement, to last five

March 19

In

the

stated.

existing com¬
Savings bankers are

this business

out

ad¬

March,
estimated
to
$29,000,000 (as noted
issue, page 1160),
and a $25,000,000 credit
previously
extended by the Export-Import
amount

in

of

Institutional

Protective

ex¬

in

pos¬

into

war

the

a
shipping prior¬
ity rating which will govern ship¬
ping operation.
The ratings will
be assigned
entirely on the basis

to the start of the
campaign to
sell
Defense
Savings

Bondholders

in

to

two years in the

license will bear

housing should be
financed by private
capital, but
only where it can be absorbed

ration,

on

aid

States

as

eign

-

U. S.-Peru Trade Treaty

far

as

30

ing from

Under

demand.

Mr. Mills also said:

thur

Graduate

the

Peruvian dollar bonds is already
under discussion with the For¬

Secretary,

tion, Raleigh.

meet

Commerce

tion Finance
Corporation and its
subsidiaries had spent in the last

hemispheric
jointly announced on

was

of

April

on

counting of the more than $13,000,000,000 which the Reconstruc¬

program and

of Inter-American Affairs.

this

with

Cleveland.
i

workers

* housed—

housing to the
that private enterprise is
to

Jones

May 6 by the Board of Economic

especially, they, in cooperation

lines and

default

the

the

<

Administration.

augmented, he declared.
of

Secretary

shipping

Warfare, the State Department at
Washington and the Coordinator

type of housing,
insured by the Federal
Housing

especially must be

Settlement

for

war

defense,

housing

showing great interest in

and

process

the

ex-

gages upon this

Mr.

imprevment of

RFC Spent $13 Billion
In War Effort: Jones

l

Republics in the interests of

can

Government will have

after the

emergency

this

an

—

adequately

munities.

absorption by the United States
of Latin American products of
all
kinds.
He expressed the

-

motor roads

President,

and

sible

-

Harold Randall, Assistant Vice-

•

in¬

goods,; he

need

is to that

Defense

We believe that

Dasso for greater and continued

New

Gwilym A. Price, President,
Peoples - Pittsburgh
Trust
Co.,
Pittsburgh, Pa.

sel

own

upon

A

President,
.

York.

His

'

added, and
foodstuffs and other
essentials.
••••.' 'V* ■'
also

:

f0

Cashier, National Newark & Es¬
sex Banking
Co., Newark, N. J.
John S. Linen,
Vice-President,

the

extent

Peru.

.

Jr.,

be

unable

and

hjt

other Ameri¬

to provide such

by persua¬
sion rather than by mandatory
decrees.
Every ? emphasis- will
be placed upon the output of

|

Secretary,
Savings Bank,

Glenn

National

of goods

materials,, he

States.
„

limited.

and

the need

country will be asked to
crease
production of vital

fac¬

,v

tent

States^

now

The Peoples National
Bank, Norristown, Pa.
i
S.>■ Guernsey Jones,
Assistant

Chase

stressed

exchange

Dasso

greater

*

A system of

/ is as necessary to the war effort
7; as 7 the * ♦ factories
producing

-

of

,

County
Rochester, N. Y ^

gage investments
-

and services between the United

President > and

-

Monroe
T.

for

jk"

■

.

fense areas, our outlet for mort-

/;/v'7

i;' Mr.

:

war

housing, except in so-called de¬

must

Six:

are

seven

;

Frank

:,

"Herald

York

' #> ■

*

Latin-American Trade

into amazing

run

our

.

equipment

will

27.

New

effort, would

Tribune" of May 2, reporting this,

The 1942

15 to June

bank

enrolled

at

The

of,

to

said:

at

Rutgers University, >New Brunswick, N. J., and two years of ex¬

>

purchase

priorities,
figures.
•'
'•"/;;
designed to expedite the move¬
>7 Owing to the stoppage of all ment of
goods to the

American Society and of the Con¬
tinental Bank & Trust Co., pre¬

two-year

a

including,1 three

course,

be

the

equipment; vital

;

York, and at which Frederick E.
Hasler, President of the - Pan-

officers by the American Bankers
>

>

the '

coming
of

into

•

of

1861

fore,

-

right,

The subject of Mr. Taylor's
will be "Foreign Trade's

Place

Re¬

in

the

by

Trade

Week

am

Taylor

was

the Filipino soldiers have

conducted "themselves in battle.

to

the

uary.

Rio

Effort," it is
S. Carson,

James

New

standing by the
proud of the

War

York- Foreign

Committee.

one

of the

Conference

Mr.

delegates
in

Jan¬

1862

Flotations;

Calendar of New Security
purposes

PRODUCTS

DISTILLERS

NATIONAL
CORP.

>

supplied by amendment
New York City

engaged,

chiefly

is

Business—Company

,"■

of

and

Granbery, Marache & Lord, N. Y._^5

;/1.7

Hallgarten & Co., New York™.
Harriman Ripley & Co., Inc., N.

amendment

4.4
.1.7

'
V

Y.

York™__

•!.

;

Ira Haupt & Co., New

•

chewing

ferred
of

stock

'£

will

Standing

shares

value

par

no

Salle

La

,

Chicago,

St.,

v.;

;'v.' /
the

in

Business—Engaged

of

mining

in Mineral. Township, Sevier

County, Arkansas, ■■V;'";

the

of

Offering—The 5,000
will be sold to

and

Underwriting
shares

preferred stock on basis ol
preferred stock plus $17.25
share of old 6 %
preferred

6%

No.

y'YV" ;'■■■;

-

antimony ore

follows: (1) 56,544
14,136 shares out-

as

stock,

common

Address—30

111..

pre¬
plan

new
under a

issued

be

exchange for

in

-

;•

149,944

recapitalization,

shares

Hayden, Stone & Co,, New York—.uf '4.4
Hemphill, Noyes & Co., New York—
4.4

tobaccos.;

Offering—The

statement

tration

shares

and. Twenty
of smoking
1 4
.-vfS1 ■

brands

various

and

Mining Co., Inc., filed a regis- f
with the SEC for 5,000

Gillham
,

*v

in
Spud,

(Clown,

cigarettes

Grand)

GILMIAM MINING CO., INC

prior
-

•

>'.*•%;>•
the manufacture

Business—Engaged

,

1.0

New York_«4?4.4

Goldman, Sachs & Co.,

'■•

Distillers Products Corp. filed
with the SEC disclosing
that its $15,000,000 7-year 3^4%
sinking
fund debentures, due March 1,
1949, will
be offered
to the public at 100; under¬
National

an

Co., New York.™™—-

Emanuel &

2-4991. Form

(4-23-42)

A-2

registration statement with SEC for $15,000,000 7-year sinking fund debentures,
due March 1, 1949.
Interest rate will be
Address—120 Brodway,

.

Registration Statement No.

filed

Products Corp.

Distillers

National

Dillon, Read & Co., New York_-ii.__;?';4.9
Dominick & Dominick, New York__ ,2.3

■'*■-

preferred stock, $25 par.7•"
Address—Louisville, Ky.:,

1.0

& Co., Inc. New York

R. S. Dickson

corporate

of 149,944 shares 5% cumulative

Richmond_iu-i_i7;vA5 7 gate

Davenport & Co.,

the bal¬

ing bank loans of company, and
ance
will be used
for general

OFFERINGS

stock

common

public at $5 per share;

underwrit¬

no

writing
commission
is
1%%.
Twenty
ing- Involved.
v-- ••.
subsidiaries, in the underwriters, headed by Glore, Forgan & Hirsch, Lilienthal & Co., New York
.5
! 4 shares new
ii Proceeds will be used for corporate pur¬
sale of various Co. and Harriman Ripley & Co., Inc., will Hornblower & Weeks, New York
\ 3.1
! cash for one
poses,; including
further developing and
stock:
<2) 54,558 shares in exchange for
Jackson & Curtis, Boston^!—,-1.7
types of American whiskies, including "Old participate in the public offering of the
exploring of properties now owned by the
Grand-Dad,"
"Old Taylor," "Old Over- debentures
Kuhn, Loeb & Co., New York™
4.9 > 45,465 shares outstanding Class A comcompany;
•
mon stock on basis 1 1/5 shares new pre¬
holt," "Mount Vernon," "Crab Orchard,"
Ladenburg. Thalmann & Co., N. Y._4.4
Offered—May 13, by a syndicate headed
Registration Statement No. 2-4964. Form
ferred ;stock plus $16 cash for ;one share
etc.
'
■' v'
Lazard- Freres & Co., New York
3.1
8-3 (2-12-42)
V'
'
by Glore, Forgan & Co., Harriman Ripley &
Class A
common
stock;
and
(3) 38,852
Underwriting—Glore, Porgan & Co. and
W. L. Lyons & Co., Louisville.
.5
shares will be sold; first to stockholders
'Harriman
Ripley
&
Co.,
Inc., both of Co., Inc., and including Blyth & Co., Inc., Mackubin, Legg & Co., Baltimore
HAMILTON WATCH CO.
1.2
Hayden, Stone & Co., The First Boston
of
New
York
City;
are
named
principal
company
other
than
Transamerica T Hamilton Watch Co. filed registration
Laurence M. Marks & Co., N. Y._.
1.2
Corp., Lehman Brothers, Goldman, Sachs
Underwriters.
Names of the other under¬
Mason-Hagen, Inc., Richmond.
■ 1.0
; Corp., parent qompany, at $25 per sh,are„ statement with 8Ed for 39,382 shares 4Mi%:
&
Co.,
Kidder, Peabody & Co., W. C.
writers will be supplied by amendment.
witlx the unsubscribed portion to be sold
Merrill
Lynch, Pierce,
Fenner .&
.
cumulative; preferred stock, $100 par :
iS
Langley & Co., and Stone & Webster and
to Transamerica Corp. at same price.
Proceeds
to the
extent of $11,000,000
The
Beane, New. York.«._i.^i^i...—
'Address—Lancaster, Pa.
Blodget, Inc.
cash payments in
will be used to repay presently outstand¬
(1) and (2) exchange,
Reinholdt & Gardner, St. Louis
1.0
Business—Company manufactures and

directly

•

through

or

and

storage

distillation,

,

•

■■

,

.

,,

•

'

.

*

York

Riter & Co., New

Following is a list of issues whose registration
ments were Hied less than twenty days ago.
These

Scott & Stringfellow, Richmond

grouped according to the dates on which the registration statements will in normal course become effective, that
is twenty days after Hling except in the case of the secur'
ities of certain foreign public authorities which normally
become effective in seven days.

are

•s

to

}

A2

i

Louis...

1.2

1,7 .;

1.7

Public

tion

details

as

Francisco, Calif.
Business—Engaged in the underwriting
Address—San

forms of

other

and

automobile

fire,

of

insurance

Underwriting—Paul H. Watson- is

underwriter

be an

may

common stock registered
to the public at a price

Offering—The
of

offered

be

will

$22

share

per

additions to

will be used for

Proceeds

:

named

Don B. Went worth

principal underwriter;

and surplus
Registration Statement No.
A-l
(4-30-42 San Francisco)
capital

MINES, LTD.
Mines, Ltd., refiled
statement with the SEC

registration
•1,030,000 shares common stock, $1 par
Address—Montreal, Quebec, Canada
Business—Company
is engaged in
gold mining business

'<

.

Underwriting—Underwriter
•

;

be

for
the

■

•

7

Canadian

is

1,030,000 shares of com¬
to the public at

Offering—The
stock

mon

35

be offered

will

share; 1,000,000 shares will
offered for the account of the company,
cents

and

for the

filed,

Pjbeee^s

to

will be used for

company

vworking capital purposes
v

Rj/gistration Statement No. 2-4636, re-

filed

with SEC

4-30-42

20

WEDNESDAY, MAY

HUDSON CO.
Committee fftr first and refunding mort¬
gage 4%
bonds, due May 1, 1943, of the
company,
filed a registration statement
'•'with the SEC for certificates of deposit to
be
issued for first
and refunding mort¬
THE

DELAWARE

&

4s, due May 1, 1943, of the company
Address of Company—New York, N. Y.

gage

Composition of Committee—Members of
committee calling for deposit of the

the

bonds,

are:

Charles

True

Adams, Chair-

Howard Elliott, Jr.„ Vice-Chairman;
'■■Allen K. Brehm; James J. Minot; H. Dun¬
can
Wood.
Secretary
for
committee:

Wagner, 40 Exchange Place,
New
York City.
Depository: Continental
Bank & Trust Co., New York, N. j.Y.
G.

Douglas

Terms

of

certificates of de¬

Issue—The

Eliza¬

will

added

be

tered

1 11
bonds

1942

latter
of

issue

to be issued
subscription

serial

no

Underwriting

York,

New

N.

shares

at

$10

will

reduce

to

Public

Sale

of

its

that

authorize

posit are to be issued by the committee
for deposit of the outstanding
first and
'refunding mortgage 4% bonds, due May 1,
1943, of the company, under
a deposit
agreement dated April 15, 1942. There are
$49,890,000 principal amount of such bonds
•outstanding, of which $5,000,000 principal
\ amount are to be called initially by the
committtee.
Committe
states
that the

tures,

the bonds is desired in order
on the part of the
holders may be obtained,
in view of the
approaching maturity of the bonds, with
the view, if possible, of formulating a plan
for meeting the maturity of the bonds
Registration Statement No. 2-4993. Form

chase

due

to

intend to
3% deben¬

of

company,

75,000

under

shares

of

AVENUE

BUILDING

trustees

Building Corp.

for

voting

the

that

D-T

of

concerted action

(5-1-42)

-

»

ROEBUCK & CO.
■ •/'
and Profit Sharing Pen¬
Fund of Sears, Roebuck & Co. em¬

SEARS,
The
sion

Savings

ployees, and Sears, Roebuck & Co., jointly
filed' a
registration
statement with the

the Sav¬
Fund of
Roebuck & Co. Employees; and 175,-

,SEC for: 25,000 memberships in
ings and Profit Sharing Pension
Sears,
000

shares

of

stock,

capital

par,

no

of

Sears, Roebuck & Co.

;

Address—Fund: 3333 Arthington Street,
Chicago.
Company: 925 S. Holman Ave.,

i--

Chicago, III.
Business—The
since

its

1916,

fund

.>,&
has

purpose

..

in

been

being

to

effect
permit

employees to share in the profits of com¬

provide a plan through
each eligible
employee may accu¬
mulate his
own
savings,
the company's
contributions to the .fund, and the earn¬
ings on his accumulations in the fund, as
a
means of providing an income for him¬

pany;
which

self

at

career.

743,835

to

and

the
On

close
Jan.

shares

company and

of

his

active

business

31, 1942, the fund held
of
capital
stock of
the

uninvested cash of $6,309,219




the

Net

of

sale

direct

are

the unpaid balance of the
loans,
and
the balance
added to working capital
Registration Statement No.
(5-5-42)

A-2.

Philip

for

We

company's

Inc.,

offering

be

mined

filed

chased, as follows:

Bear,

York
Stearns & Co., New York™-

A.

Becker & Co., Inc.,

Alex.

Frank

Brown

&

B. Cahn &
5

••

Sons,
v.

..

1
■

■'•

; 1.

..

us.

' -i

)..

Into

common

stock is
of seven

group

a

be

CO.'

BAKERIES
Bakeries
B

no

Co.

par

520

'

v

registered
Pryor

lB.OOt

stock

common

Ten

Ga.

Underwriter—None

Offering—Stock
lic

at

St.

""V:"\:vv "

Bide.

^{'V

■

its

for

used

per

the

of

&

Florida

with

Power

-

&

f.

Proceeds—All

named

be offered,to pub¬
filed by amendment

proceeds

by L. A. Cushman, Jr.,
of

company,

will

be

for

will

be

received

chairman of board

whose

account

LTD.

12:30 p.m. E.W.T.,

'

Co,,

;

has

Ltd.,

stock, $10 par; and
stock, $10
par,

preferred

common *

for

issuance

preferred stock

-

on

conversion

•

Alspai St.,

Honolulu, Haw

is

a

public

utility

by trolley coaches and gasoline buses
Underwriting—None
:
'
y

;

,

Offering—The preferred stock is offered

..

LIGHT

CO.

company's common stockholders of rec¬

ord

Light Co.
First

1942, for'subscription at $10

April 30,

the basis of three shares of
five-shares of
to be evidenced by trans¬
ferable
warrants
which
expire May 29,
1942.
Such
of the' preferred
stock not
subscribed to on or before May 29, 1943,
share,

per

on

preferred "stock-for reach

stock,

common

not

or

sold

on

•

retained

or

.before

June. 30,

1942,

subject
private5 or
public sale, at not less than $10 per share

will

be

issue

to

and

the company,

by

sale,

either

at

Fla.

subsidiary of American .■:$ Proceeds will be applied to reduction of
outstanding bank, loans, ' aggregating $1,(Electric Bond & Share
650,000
;r.
operating public utility en¬
Registration Statement No. 2-4973. Form
gaged principally in generating, transmit¬
S-2 (3-30-42)
ting, distributing and selling, electric en¬
ergy
(also manufacture and sale of gas),
HUNTER MANUFACTURING CO.
)
Hunter Manufacturing Co. filed registra¬
serving most of the. territory along the
east coast of Florida
(with exception of tion 'Statement with, the, SEC. far 109^560
the Jacksonville area)r, and other portions
shares of common stock, of 25 cents par
Business—This

Power

&

Light

is

an

',:'v

.•

offering

amended

as

Dec.

10,

1941, 9,000 shares at $54.25 per share
Amendment filed May 1, 1942, to defer

Axton
■

tration

■value

Offering—The securi¬
sold by company
under the competitive bidding Rule U-50
of the SEC's Public Utility Holding Com¬
pany
Act.
Names of underwriters and
price to public, will be supplied by posteffective amendment to registration state¬
,

ment

,v.v;

Proceeds

be

will

applied

as

follows:

redeem at 102 V*, the $52,000,000 of company's First Mortgage 5s ol
1954; $15,693,370 to redeem at $110 per
share,
the
142.667 shares of company's

date

preferred stock, no
to
be
supplied

$7

tails

amendment

•

>

par.
by

Further de¬
post-effective

•

Form

Fisher

TOBACCO CO.

Tobacco

statement

with

Co.

filed

A2.
a

regis¬

the SEC for aggre¬

(9-17-41)

Amendment
effective

date

>

filed

May

•

5,

1

•

1942, to defer

•.V'.:

;■

'' \

•;7.>!'

!'7 ]";;> K7;

'

Address—Croydon,

registered are to be

$53,170,000 to

Registration Statement No. 2-4714. Font
A-2.
(3-28-41)
: V:
V

effective

Florida

Underwriting and

ties

the stock

sold

AXTON FISHER

.-

CO.*

engaged in providing urban transportation
service to the city of Honolulu, rendered

Business—During
30,
of

Pa.
two years ended Sept.

1940, operations of company consisted
the; manufacture and sale of Rex rail¬

lights and the manufacture and
experimental basis, of muni¬
that'date,- the company has
been primarily engaged in the munitions
business
7
*" -'.T
Underwriters—Nelson Douglass & Co.,

road* signal

sale,

on

an

Since

tions.?

-..

Angeles, Cal., and Barrett Herrick &
Co., Inc.,. New York, each have agreed to
underwrite 46,500 shares of the common
Los

registered, or a total of 93,000

stock

shapes

Offering—The 109.560 shares registered
share;
cents

.

the

public

at

$4

per

underwriting commission is 80
93,000 shares are un¬
and are to be offered to the public
the

per-

issued

to

offered

be

will

t

; )

Transit

Business—Company

Form

Registration Statement No. 2-4845.

1

TRANSIT

waii
,

$43,000,000

SEC

defer

statement with the
shares of 6% cumulative

Address—1140

; 3.

POWER

Rapid

75,000

reserved

latter

working cap¬
(

to

1942,

i

shares

75,000

offi¬
share.

purposes.

(4-13-42)

2,

May

registration

a

for

convertible

com¬

to

of

will

to be

price

Proposed

1.2
1.0

filed
SEC

public

the

to

through

company,

will

Honolulu

»>',<■

Offering—The
offered

be

filed

RAPID

HONOLULU

streams.

.

and

corporate

System)

Business—Manufacturing and distribut¬
ing bakery products in southern states

.5

Richmond™
Baltimore

Co., Baltimore—

.

to

3.1

Chicago—

:

■

Issues

whose

deter¬

been

not

unknown

are

Class

Atlanta,

y

Branch, Cabell & Co.,

of

but

ago,

share

.

9.0%
9.0
1.2

New York

Glore, Forgan & Co., New
G.

or

Address—No.

preferred stock

Lehman Brothers,

have

dates

American

shares

will first be offered to
common
stockholders
for
subscription,
through warrants,
and the unsubscribed
portion of the preferred stock will then
be offered to the public.
The public offer¬
ing price per share will be furnished by
later amendment. Today's amendment also
lists the underwriters who will participate
in the public offering of the unsubscribed
portion of the preferred stock, with percent
of unsubscribed preferred stock to be pur¬
of

water

Registration Statement No. 2-4986.

f

list

a

more

per

Cleveland!

Amendment

below

or

by

•

effective date

John R. Fugard and

whose registration statements were filed

SEC on May 11,

amendment with

such

Registration effective
April 17, 1942

OF OFFERING

present

23,100

shares

price Is $9.50

offering

(11-19-41

42.

plied by amendment -A
•
'
*
Address—25 S. E. Second Ave., Miami,

days

105,756

company,

capital
Registration Statement No. 2-4890. Form

UNDETERMINED

1942,
disclosing that its 49,666 shares of cumu¬
lative
preferred stock, $100 par, would
bear a dividend rate of 4V2 %.
The shares
an

and

A-I

2-4994. Form

Ltd.,

Business

on

(5-11-42)

twenty

Belling

,

registered
Mortgage
bonds, due Oct. 1, 1971; $10,000,000 Sink¬
ing Fund Debentures, due Oct. 1, 1958;
and 140,000
shares Cumulative Preferred
Stock, $100 Par.
Interest rates on the
Bonds and Debentures,
and the dividend
rate on the preferred stock, will be sup¬

AMERICAN

Co.,

&

the

by

Proceeds

ital

SEC

Business—Apartment building

DATES

certain

amended:

as

Proceeds to company will be used To*
general corporate purposes, including pur¬
chase of new equipment and for working

Bank

Texas.

employees, at $100
There will be no underwriting.

Hinman

Registration Statement No. 2-4998. Form
F-l.

-jTrrt--5:^

Morris

of

will

FLORIDA

with

would

Public

20, 1942,

and

cers

the

National
on Jan.

of

State

outstanding
principally by

stock

mon

certificates

trust

Voting Trustees

proceeds
to
the
company
from
such debentures would be used to

bank

of

large oil companies.

others

expiration of the rights to pur¬
new
preferred stock, following

pay

'

fir

the

filing of a registration statement
the SEC covering such debentures
the

flow

owned

Address—Chicago, 111.

proposed to be sold by the company, The
company
states that this new issue of
debentures is proposed to be sold shortly
after

laws

the

stock filed

with

of

account

offering

stockholders

certain

company

of

CORP.

common

statement

for

public

Proposed
shares
by

will be the gathering, storing
impounding of water containing salt
and
other
substances
produced in
the
drilling and operation of oil wells in the
East Texas oil fields, and the prevention

!

1

A

stockholders

and

capital

'

deposit

•

DISPOSAL

Disposal Co. filed

Bldg., Tyler, Tex. :
Business—Incorporated

1,848 shares of common stock

and an amount equal
aggregate par value of the shares
preferred stock which presently are

the

of new

the

purchase

Company's

covering

$11,500,000

tween

"

stock

Of

Hague

-

defer

•

Citizens

Address—706

one

carry

to

will be used for working

registration

a

1, 1962, in an aggregate
exceed the difference be¬

May

not

amount

to

above,

will

holder

common

share.

voting

Avenue

statement
company
stated

the
board
of
directors
the sale of 20-year

summarized

also

Debentures

the

Underwriting

registration

to

Smith,

are

value

SATURDAY, MAY 30
The

3%

New

the

debentures

(5-8-42)

HINMAN

1942,

WATER

sells piston

Carlton
M.
Higbie
Corp., f De¬
Mich. ;;.
"
Offering—23,100 shares are unissued and
are
to
be offered
to
the public for the
account of the company; remaining 117,300
shares are outstanding and are to be sold

registration statement with the. SEC for
19,750
shares
common
stock,
$100
par

Registration Statement No. 2-4997. Form

out¬

5,

May

and

troit,

-

-

,

SALT

stock,

and

Co.

6s.

'

,

-

registered

common

Rockefeller
A
principal
underwriters.

are
underwriters

Other
>

a

purposes

S-2.

■<

Ref.

&

East Texas Salt Water

are

public at $10 per share

Proceeds

standing bank loans
Proposed—In

underwriters

warrants, and 50,000 shares will be offered
to' the

out-

CO.

.

stock registered, 25,000 shares are
reserved for issuance upon exercise of the

- *

Its

CO.

Co.

140,400

Inc.,

Co.,

Ry Co. tc

redeem

Manufacturing
shares

SEC

filed

date

' 'M

par value
Address—Hastings, Mich,

to

steel

and

common

Y.
The names of
will be furnished by

used

be

of

per

date-

TEXAS

EAST

the

in

engaged

is

iron
No

—

entitling

25

amendment
Proceeds

pig

the

of

warrant

will be sold to the public by under¬
writers,
at a
price to be
supplied by
amendment.
Principal
underwriters
are
Lehman Brothers and Glore, Forgan & Co.,
of

effective

-

;

filed

Amendment

Offering—The debentures will be offered
to the public at 100; each $500 principal
amount

1st

$3,303,000

(4-10-41)

A-2.

in registration statement

named

offer,

the other underwriters

of

to

effective

defer

rings and expanders
Underwriters—Schroder,

•

and

1947
Registration Statement No. 2-4736. Forir

to

to

i' Business—Manufactures

contrlbutior

Covington

Company

$2

Co.

Co.,

Gas

oh

redeem,

to

MANUFACTURING

Hastings
with

serial

Gas

used

1942;;:

HASTINGS

6s

Texas

Business—Company
manufacture

Underwriting—Such of the 49,666 shares
as
are
not issued under the subscription

both

warrents

1,000

Fuel

capital

$3,402,090

a

that

standing

stock

common

par

Address—Dallas,

"Philip Morris," "Paul Jones,"
and "English Ovals" cigarettes
Offering—The 49,666 shares of preferred
stock will be offered for subscription to
common
stockholders of company, on the
basis of one share of preferred stock for
each 18 shares of common stock held.
The
subscription price per share, the stock of
record
date, and
the expiration date of
subscription offer,
will be furnished by
-

registration

$500,000 >5%.

for

SEC

debentures, ; due- 1948;

principally

amendment

filed

Co.

make

Cinn., Newport &

enable

purchase common stock; and 75,000 shares

in manufacture and
and smoking tobaccos,

cigarrettes

with

statement

warrants evi¬
the 49,666

Steel

Star

;

April .'27,

guaranteed

from the holders thereof:

to

Business—Engaged
of

United

of

Fuel

Ohio

$3,750,000'

to

WEDNESDAY, MAY 27

dencing rights to subscribe for
shares of preferred stock
Address—New York, N. Y.
sale

notes

guaranteed

of

and

be

1,

112-30-41)

S2

due April
15
1981; to pur¬

5s,

4%

1942-46

subsidiary,

connection

in

Deb.

$3,750,000
due

subsidiary,

a

;

STAR STEEL CO.

com

$50,000,000 Deb

5s,

Deb.

$4,750,700
$50,000,000

Is

1942, at $105 per share, all out¬
6% preferred stock; balance for
expenditures In connection with construc¬
tion and equipment of plant additions
:
Registration Statement No. 2-4926. Form

•>

.

redeem

Proceeds—To

1952;

•

standing

Amendment

1952;

Philip Morris &

with

•.

Broadway, N. Y. C.
utility
holding

will

Proceeds

March

serial

Offering—Both issues will be publicly
offered at. prices to filed by amendment

notes

(5-5-42)

&

pany

t

.

ELECTRIC CORP;
Electric Corp.
regis¬

A

Business~-Publie

chase

Lone

'

-

debentures,
dut
1951, and $92,000,000 sinking fund

to

provements

LONE

-

■

Address—62

funds;

A-2.

1942 to defer

7,

May

debentures due 1961-

expenditures in the ordinary course of
business for property additions and im¬

& CO., LTD., INC.
Co., Ltd., Inc., filed a
registration statement with the SEC for
49,666
shares
of
cumulative
preferred
stock, $100 par value (dividend rate to be
furnished
by
amendment), and 893,988

•

filed

date

$28,000,000

,

company's

to

con¬

Form

(3-30-42)

Columbia' Gas

Perth,
.

offering

public

in

presumably

military censorship policy

COLUMBIA'GAS

for

SUNDAY, MAY 24

man;

.

the

including

Jersey

cash funds have been and
to be called upon, among other things,1

are

(5-1-42)

rights,

,

Further
de-'

par.

financing,

company,

Amendment

-Names

and

stock,, $1

the

with

effective

bidding

Proceeds

Form

S-2

State

the

price, will be furnished by amendment
cash

Registration Statement No. 2-4996.
A-2.

,.y
-

Registration Statement No. 2-4975.

the competitive

under

underwriters,

of

the company

stock of

of

in

Newark,

including

by

formity

Holding Company Act.

the

of

rule

said

during

sold

will be

period in
accordance with the rules of the fund
There will be no underwriting
Proceeds will be used to purchase shares
members

thereof

sale

and

Jersey,

New

City, Paterson, Trenton, Camden,
beth, Bayonne, Hoboken, Passaic,
Amboy and New Brunswick
Underwriting and Offering—The

fund

the

by

distribution
of

"Marlboro"

•account of a
-

purchased

be

may

its

for

per

remaining 30,000 shares
selling stockholder

the

ipated,

eligible

PHILIP MORRIS

a

Distributors

Securities

employees of the com¬
pany
during the 12 months' period fol¬
lowing the effective date of the registration
statement, upon their becoming eligible for
membership.
The 175,000 shares of capital
stock of the company represent the maxi¬
mum number of shares which,
it is antic¬
to

Y-;;

distribution, application', of pro-;
ceeds, underwriters, if any, etc., are to be
supplied
by
amendment
to
registration
statement.
SEC withheld much of material

Registration Statement No. 2-4995. Form

Gold

Despina

be

may

number

offered

2-4992. Form

GOLD

DESPINA

represent the
maximum
of
memberships which

fund

INSURANCE CO.
Co. filed a
registration statement with the SEC for
29,659 shares common stock, $10 par value

May

withdrawn

,

tails:.of

f
•
N. J.
operating public utility
company,
a
subsidiary of Public Service:
Corp. of New Jersey, is engaged primarily
in the production and purchase of electric
energy and manufactured gas and in the

the
estimated

to

women

6% preferred
stock of the privilege of exchanging such
stock for 33,054 of the 39,382 shares of
4'/2% preferred stock on basis of one share
of 4 y2% preferred stbek, plus $1.50 (equiil
to
current
quarterly
dividend
payable
March 1, 1942, on one share outstanding
6%
preferred
stock), plus an unstated
amount (difference between the public of¬
fering price of one share 4Va% preferred
stock and
$105, the redemption price of
the 6% preferred), for each share of out¬
standing 6% preferred stock.
Exchange
offer expires Jan. 22, 1942.
Any shares of
4Ya% preferred not Issued under ths ex¬
change offer, plus the 6,328 shares not
reserved for such exchange offer, will be
offered to the public, at & price to be
supplied by amendment.
Harriman Ripley
& Co., Inc., Philadelphia, is named prin¬
cipal underwriter; other underwriters will
be supplied by amendment.

Aircraft ;Corp. filed a registra¬
with
the SEC
fof 57.412'

& Gas Co.: filed-

Service;; Electric

registration statement ..with
the SEC:
for $15,000,000 first and refunding mort¬

grade (17 to
watches for

wrist

Offering—Company

Underwriting and

statement

common

and

making a- conditional offer to holders of its

Francisco)

u

shares

pocket

wrist watches for

and

32,054 shares of outsanding

Statement

GAS CO.-

a

Offering—The 25,000 memberships in

Insurance

necessary

of high

models

various

jewel)

men

v

(2-13-42—San

Bellanca

■

SERVICE ELECTRIC &

PUBLIC

gage 3% bonds, due May 1, 1972 t'Address—80 Park Place, Newark,

UNION

Union

amount

an

BELLANCA AIRCRAFT CORP.

t

Business—This

California

in

23

cash offer is.

a

payments, in the above ex¬

,

Registration
11, 1942

'

above,

Registration Statement No. 2-4947. Form

r

.5
1.0

White, Weld & Co., New York——

'AW',

CALIFORNIA

made

4.4

•

sells

1941; in connection with,

1.0"

-

TUESDAY, MAY 19

be

to

cover: cash

divi¬

cumulative

unpaid

(3)

* change offers.

Watling, Lerchen & Co., Detroit.—
Wertheim Se Co., New York

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.

also

V

.5
1.0

York.

New

Corp.,

G. H. Walker & Co., St.

unless otherwise

These dates,

Securities

Union

offering under

.5

Baltimore....
Stern Bros. & Co., Kansas City..*..
Stifel, Nicolaus & Co., St. Louis___i;
Swiss American Corp., New York....

Stein Bros. & Boyce,

represent

dends to Dec. 31,

1.7

& Co., St. Louis

I. M. Simon

offers

1.2

.,'1.7."'L

Schwabacher & Co., San Franciscol

state'
issues

1:

share.

.O

v

'«■

Volume 155* Number 4072b
■.*

-y*'i ?~,i;'J

.

V'V

(. >T*MM,

for

■•■■-.«..

the

> be

;

,M-

I,

I

of the company; the - re¬
shares'TTegistered ■ are ';tov
by the underwriters, ,under

tb
of

''purchase* option, from certain stockholders,',
-and' will be
publicly offered:"*^*',* :

-enterprises ,untii'the^financial; positions
v

deem

all

t ,Registration Statement
6-2. (4-23-42)

tion

e>ylvania

statement

2-4J90. Form

sold

Corp.

registra¬

stock,

no

the latter reserved

par,

for

i

i

Business—Engaged

sale

"v;

of

electric

in

manufacture

#

Whiting,
*

Weeks

&

Stubbs,

Co;,

& Sons,

inc.,

New

w»

1,000

and

500

>

preferred

500

b£

underwriting commission

is

$2

diana

Proceeds

;

will

be

used

for

of

additional

working capital

and

Amendment
effective

filed May

2,

A2

ILLINOIS COMMERCIAL TELEPHONE CO
Illinois Commercial Telephone Co.
regis¬

withdrawn

tered with SEC $5,750,000 of first mortgage
3%% bonds, due Oct. 1, 1971; and 24.00C
shares pt $5 cumulative preferred ?stocl

yy
r

po par.:.;

.Kline

Telephone
without
180

5%

v

,,

Co.

is

engaged

competition,

in

of

standing 5 %
notes
plan of exchange

providing

telephone

service

f

'

.

\

•

New York

9,000

3,000

preferred

stock,

stock tr

the

bonds

re

will be used In part to

re¬

following securities of company: 85,
First ' Mortgage
Series
A/ 3%A
bonds, due. June 1, 1970, at 105'/a; 17,091
$6

Share;

preferred

of

y* purchase
the

S;

.

net

proceeds

from

ard

$110

at

will

General

outstanding

Illinois

*

stock,

capital

Telephone

Co.

be

used

Telephone
stocks

and

'of

to

Illinois

Stock*,

<

Stand

plant and

company's

t<

Corp

Centra

Telephone Co., to make additions

betterments

plied
$1

am

for other, corporate purposes ;
Registration Statement No. 2-4866. Forn

•*

A2

(10-24-41)

Illinois

r,,

Telephone

Co.,-

V

lp, .1942, filed an amendment to its
registration statement disclosing that it

mortgage 3%% bonds, due 1971, and 24,000
shares

of

'

-

$5

value

Proceeds

first

from

with
be

to

preferred

v
of the
^

sale

mortgage-3'/a %

gether
are

cumulative

other

used

to

bonds, due

1970

Underwriters

,

the

principal

•agreed

the

■:

3 Vas

ot

has

to

underwrite, are: Bonbright &
Co., New York, $2,875,000; Paine, Webber
v;j & Co., New Yor'c, $2,156,000; Mitchum,
Co., Los

Angeles,

8,

■

,

withdrawn

1942

j'

-.

May

Interim

tion
r

.„

FINANCE

•r

;

to

rate

be

120,000

sup¬

shares

latter

to

exercise of

be

con¬

Finance

statement

Corp.

with

is
-

registra¬

a

SEC

for

39,912

.shares class A

stock, $25 par; and 25,232
shares common stock, $1
par
'
r )
Address—33 N. La Salle St.,
Chicago, 111,
.

.

Business—Primary
is to

■

loan

and/or

Justed

money

capital
or

function

structures

not

function is 'to
used

company

specifications,
50%

stock

of

of

the

The

upon
outstand¬

Autocar.

Co.,

"

.

preferied ;-stock
will
at ■ a price * to

the

by

'

-

in

its

loan

& Co.

A

public

amendment;

primary function,




funds

to

pro-

Paythe principal

to

of

preferred

1942

statement

withdrawn. April

:

-

statement

with

the

SEC

for:

$18,500,000 of first mortgage and collateral
trust- bonds, due Feb. 1, 1972;
$5,500,000
serial

notes, due in equal annual amounts
from Nov. 1; 1943, to Nov.
1, 1953, in¬
clusive; and 85,000 shares of 6% cumula¬
tive preferred stock, $100
par value

Address—Dallas, .Texas
•

Business—This company
sidiaries are engaged

its

and

sub¬

principally in the
transmission, distribution and
electricity, serving certain com¬

generation,
sale

of

munities

in

Louisiana,
plan

a

Texas, New Mexico, Oklahoma,
Arkansas

of

and

integration

Arizona.

and

Under

simplification

of

the

taneously

Holding
with the

Company

Act

simul¬

consummation

of

the

names

the

of

supplied

other

underwriters

by amendment.".'
will

be

the

financing, the company
the following trans¬
Community Power &
Light Co. and General Public Utilities, Inc.

(the

will

1942

-

Form

'?'

Statement

withdrawn

:

May

Texas-New

ties

funding

'

CO.

,:-r
:
;

Mich.
*
Business—Company /is engaged

manufacture
use

bv

the

and

sale

automotive

Underwriters—Baker,
is

named

the

of

service

industry
Simonds

will
of

be

the

sold

to

the

company;

the

In
tools

'

&

principal underwriter

Offering—24,875 shares of

•

common

\

for
7

Co.,

liquidation

of

Gas

Co.;

and

re¬

entire

company

the
be

York,

.

is-

the

Read

principal

&

Co.,

of

underwriter;

names
of the other underwriters
supplied by amendment •

stock.

cipal

:

-

-y.;''rv-'V■■ U:'--.-

Proceeds from sale of the
be

added

the

to

new

securities

company's

general

funds and will be applied to effectuate the
various financial
transactions involved in

plan of integration and

simplification,

the

refinancing of the company's out¬
standing funded debt
■■
.

Registration Statement No. 2-4981. Form
A-2.

(3-31-42)

Amendment

effective

date

filed

May 6,

1942,

to

defer

"

*;

"fe;

stock

public for the account
the remaining
67,917

VIRGINIA

STANDARD

AIRCRAFT

Standard Aircraft

registration

PRODUCTS,

INC.

Products, Inc., filed

statement

with

the

SEC

a

cov¬

of

be

either

the

otherwise,

afore¬

offered

or

filed

May 5,

1942,

defer]

to

V*

G.

Brashears & Co.

underwriter.

R.
■,

'

N.

is

named

Webster
'

'

'

,

Registration Statement
(Filed

in San

Amendment

effective date

bear

No. 2-4988. Form

May

6,

1942,

to

GOLD

MINING

2 Va %

Mining Co. filec

to

1951,

registration statement with the SEC foi
150,000 shares common stock, 25 cents pai

a

Business—Company
develop

mines

and

Treasure

on

County,

has

been

gold

andria,

tn

Underwriting—None
Offering—Company will sell such sharei
to the public, at a price of 50

no

and

the

Associated

ing

Form

company

Net

2,695,000

statement

shares

with

the

Gas

3%%

stock,

common

will
the

to

prepayment

a

erating

electric

at

energy

interest

Business—This subsidiary of The North
is engaged primarily in the
transmission, distribution and sale of elec¬
tric energy, which it generates and pur¬

tired:

chases

the

Corp. hold¬

sale

and

used

of

the

r

the

$26,-

$10,500,000

follows:

as

redemption,
all

$37,-

purchase

funded

debt

or.

of

the

Public Service Gen¬

$360,000

financing;

Mo.-

Electric

.

be

of

Co.;

present

Address—315 N. Twelfth Blvd., St. Louis,

Si

and Virginia

company

for

par

no

of

bonds

239,193

SEC

sale

system

debentures,
filed

Missouri

Alex¬

is

principally
an
public utility
engaged
purchase, transmission,

proceeds from

000,000

UNION ELECTRIC CO. OF MISSOURI
of

shares

St.,

Virginia, West Vir¬
and, to a minor extent, in North
Carolina. Company is a
subsidiary of Gen¬
eral
Gas
&
Electric
Corp., which is in

Amendment filed April 25, 1942, to defer
effective date

Co.

628,333

Washington

retail and wholesale in

L© tisedi for working capital

Electric

and

par.

S.

ginia

share

Union

notes, due Dec. I,
514% cumulative pre¬

par,

operating
production,

the

distribution

directly
a

be

Va.

electric

Mountain, in San Juar

Registration Statement No. 2-4937.
S3 (1-29-42)
"
\

per

to

original

Business—Company

silver

Colo.

Proceeds will

5%

rate

serial

shares

stock

common

organizec
and

exceeding

its

stock, $100

Address—117

operate

not

in

3 V4 %

70,000

ferred

value-

to

to

pay

of

expenses

payment

of

accrued

the

and

debt

the

securities

balance

the mortgage
property additions.
Public

offering

will

to

be

prices,

to
be

be

re¬

pledged

available

and

for

of

names

underwirters,
will
be
furnished ; by
post-effective amendment to the registra¬
tion statement*
/;■'
•
"y;';

from

its subsidiaries,
serving the
Louis, Mo., and portion of 5
adjacent Missouri counties and of 3 coun¬

of

the

on

under

American Co.

city

St.

Registration Statement No. 2-4913. Form
(12-12-41)

the company's

A2.

Underwriting—Dillon, Read & Co., New
York, is named the principal underwriter
-

the

of

Names

other

underwriters

supplied by amendment
Offering—The 2,695,000

pany's

who

Co.,

will

of

Electric

the

entire

Address—60

pro¬

Cuban

tain

141

in

all, who

Forn

of

shares

2,695,000

which

ill of

will

(no

publicly

par)

the

the

of

common

shares

of

such

maximum

Heat

shares

and

Power

$100

Co.

par

re

&

Main

Cincinnati

Operating

—

electriq

"

j.

-

■

1932

of

cer¬

,"

1

to

former

stock

Form

Ohio

Business

in
and

Invert and blackstrap molasses

of

the

Registration

St.,

Corp.

and

company,

will

be

stockholders

commo)

:

Address—4th

1

the

mon

Light,

Sugar

offered
to the public, at a price to be
supplied by amendment
\
'■
Proceeds will be received by the selling

PANY

25,000

New York City

organized

of reorganization

the extent of 436,691 shares:
City Bank of New York, parent
company, is
the holder of
the
remaining
17,000
shares registered.
The
aggregate of
the shares registered
represents 47.7% of the outstanding com¬
of

UNION LIGHT, HEAT AND POWER COM

:

42nd St.,

plan

National

846

Union

regis¬

its

solution;

stock

effective dat*

StOCk

a

Offering—The
shares
registered
are
already outstanding, and
are
owned by
City Company of New York, Inc., In Dis¬

which each agreed to purchase were listed
In the "Chronicle" of Feb. 26, 1942,
page

glstered

E.

the

to

(and

ment

owned

underwriters,, and

'number

filed
par

the Dominican Republic and Cuba
Underwriters will be named by amend?

;

stock

common

stock, $1

Dominican

of

sugar
in

offer th<

by its parent com
pany, The North American Co. The names
are

CORP.

Corp.

subsidiaries, is solely a hold¬
ing
company
owning
the
securities, of
everal operating subsidiaries engaged prin¬
cipally
in
the production
of
raw
cane

Missouri, on Feb
1942 filed an amendment to its regis'.ration statement, naming the underwrit¬
ers,

Sugar

Business—Company,
pursuant

to the public of such

Co.

SUGAR

Indies

com¬

outstanding and

Registration Statement No. 2-4940.
Union

INDIES

West

tration statement with the SEC for 453,691

The North Amer

receive

ceeds from the sale
shares

WEST

be

shares of common

shares

siock are

common

owned by its parent,

are

ican

will

A2.

Statement

No.

utility

2-4923.

(12-29-41)

Amendment filed April 21,
effective date

1942, to defer

company

Underwriter — Columbia

Gas

& Meet??-

Amends Prospectus Form ]

Corp.

Offering—Stockholders will receive ol
fer to subscribe to 25/94ths of one com
mon share in units of 5/94ths of
a shar«
for each 5/94ths of a share held at $5.31
for each unit.
On a share basis, stock
holders
may
subscribe to 5 new share
for each share held at $100,016 per share
Substantially all outstanding stock is helc

The

book

•

Amendment
effective date

bonds due 1958

'

.

11

.

investors,

will

whose

be

sold

'

names

vided

to
will

supplied by amendment, at 99.34%
redeem $28,850,000 United
Gas
Public
Service
6%
Debentures due

demand note of $25,925,-

to pay 6%

Bond

Electric

to

and

Share;

to repay

$2,000,000 open account debt to E. B. & S.;
and to purchase

$6,000,000

Co.,
bonds

due

from United Gas Pipe Line
of its
1st &
Coll. 4%

1961.

Balance

will

be

used

in

part to reimburse treasury for capital ex¬
penditures and possibly to pay accumulated
dividends of $9,502,490 on companys $7
preferred stock
Registration Statement No. 2-4760, Form
A-2 (5-15-41)
United
SEC

on

been

Gas

Feb.

unable

The amend¬

the

instructions

permits the omission from
prospectuses of certified
financial statements meeting the
Commission's requirements pro^

T

Terms—Bonds

Proceeds—To

1953;

to

It

part of Electric Bond and Share Sys¬

be

000

the

such

-

Street, New York City

Underwriters—None
institutional

is

states:

j*

Business—Production and sale of natural
'

which

'

.

Address—2 Rector

•

relates

ment

GAS CORPORATION
Gas Corp. registered $75,000,000
and collateral trust 314%

Offering

A-2

curities Act of 1933.

mortgage

gas;
tem

Form

an

regarding the short form pros¬
pectus
for
employees'
savings,
filed April 23, 1942, to defer
profit sharing or pension plans,
says the Commission, which also

(3-30-401

United

for

Exchange
known

instruction

the

generally speaking, for
registration of securities of sea¬
soned corporations under the Se¬

Columbia

first

to

and
made

form used,

Proceeds—To

UNITED

has

amendment

$2,835,000

A-2.

Securities

Commission

Gas & Electric Corp.
repay
current debt anr
first mortgage bonds held b)
parent and associated companies, aim foi
construction costs
Registration Statement No. 2-4379. Forn
by

Corp. filed
21,
to

amendment with

1942, stating
further

that it had

extend

the

pur-

-

registration
statement filed with SEC Dec.
13, 1941,
company then proposed to sell $22,800,000
first mortgage 3V2S, due
1971, $5,700,000

CO.
Treasure Mountain Gold

at

Previously,

defer

'

•

TREASURE' MOUNTAIN

interest

annum,
with specific interest
supplied by later amendment.

Francisco 4-20-42)

filed

^

CO.

Holding Company Act, $26,000,000 of first
mortgage 3^4% bonds, due Feb. 1,
1972,
and
$10,500,000 of
sinking fund deben¬
tures, due May 1,. 1957; debentures are to

be

'

Proceeds of $48,105 (1943
maturity) will
used for working capital

A-l.

SERVICE

disclosing that it now proposes to
sell, under the competitive bidding rule of-

prin¬

may

PUBLIC

ment,

,

bonds, serial notes and
6%
preferred stock, will be sold to the
public, at prices to be supplied by amend¬

or

negotiations

shall

price.'f

Amendment

.

underwriter'

an

will

Offering—The

bonds

renewal

Virginia Public Service Co. on April 29j
1942, filed amendment registration state-

-

•

at 100.
R. N. Webster,
President,
agreed to sell through underwriter the
$190,537 debentures he has agreed to ex¬
change for his 25,405 shares of preferred

,

Underwriting—Dillon,
New

will

^

Address—Detroit,

the

going, it is expected that the company will
have • no parent

and

-

of

outstanding funded
itself. Upon comple¬
transactions involved in fore¬

the

$1

:

partial

Guymon

the

the

of

the

value

of

of

tion

Manufacturing Co;: has
filed
a
registration
statement with .the
SEC for 92,792 shares of common stock.
par

and

debt

v

MFG.

&

&

Tool

Co.

ment

v

TOOL

companies

company;
liquidation
Mexico
Utilities
Co.;
re¬

capitalization; ^and

be

::>•

(1 -28-421

Registration

parent

the

,

Registration Statement No. 2-4934.

A2

into

Public Service Co.; purchase of Pan¬
handle Power & Light
Co., Cimarron Utili¬

extent; ol

.

8,

present

company)

its

by

writer

Gulf

$900,000 toward part payment of outstand¬
ing bank loans/ and the balance will be
added to working capital
)
v

two

of

be

rV
to

used

proposed

that

to the public as
circumstances shall dictate
obtain the pest possible

Amendment filed April 27, 1942, to defer

SOUTHWESTERN PUBLIC SERVICE CO.
Southwestern Public Service Co. filed a

end

purchase agree¬
1942.
The cor^

16,

continue

in order to

1946,

1947,

has

of

Registration

30,

maturing
maturing

A2 (2-2-42)

all

the

to

effective date

under¬

redeem

*

be
•

fethe

filing fee, is $2^ per share
'
Underwriting—E. H. Rollins & Sons, Inc.,
New York, is named principal underwriter;

second¬

money,' with

M.

provements

of

fe

are

being adreorganized by its wholly-owned

subsidiary, H. M. Preston
ary

of

to enterprises whose debt

ex¬

and

part of outstanding $236,000 of notes
payable of company, and to provide funds
for completion of plant additions and im¬

11

and

engaged chiefly in the manufac-.
sale of; medium- and heavy-duty

to

Miller

filed

the

pre¬

the

proposed to be consummated under section

;'i

JA-

CORP.

5%

or

registration

preferred stock

about

common

MILLER

INTERIM

H.

the outstanding unexchanged 6%

(4-3-42)

debentures

debentures

and

com

■I*:.: -'; -0
Underwriting—The debentures aggregat¬
ing $251,895 may be sold through under¬

all out¬

proposed
maximum offering price, based on the BEC

Cal;,T $719,000

Statement

will

to effectuate

*

Registration

one

to pay the cash adjustment called
for by the offer of exchange, to
pay whole

A-2.

$62,000;

ties in Missouri adjacent to

stock,

•

Tully &

for

under

100.

used

Merger

Proceeds

and

be

to

40

a

"These

Feb.

on

intends

agreements

on

Osage hydroelectric plant

of

supplied by amendment

will

par)

expired

poration

said

ex¬

exchange

Co.,

will be

ments

ex¬

basis as follows; debentures matur¬
1944,
$62,000;
debentures
maturing

6%

underwritten

at

actions:

-

1972,
each

-which

the

customers'

Owns

supplied

the company,
the outstanding

'v.

of

amount

public,

proposes

to

(Hfered

465,750,000 of first mortgage series A 33A %
.

rights of

Offering—The

of

retire

the

Proceeds

•

stock,

common

Dhotor trucks

.i M1;;
$5,750,000 oi

to¬

(dividend

for Issuance upon

turc: and

stock,

bonds, due 1972,

funds

&

pre¬

in

cash

shares of

be

present

which

Previously, in original registration
on Oct. 24,
1941, company
proposed to sell $5,750,000 of- first

no* par

retire

Address—Farmingdale, N. Y.'
Business—Engaged - in manufacture

ing

•statemeht filed
;

to

amendment), and
value

order.

.1, 1972.

stock.

share

one

in

issued

craft

March

had

to

($7.50

insurance

>

7,000

offered

such

the

of
not

are

processing of parts and equipment for air¬

on

how proposes to offer to the public $5,750,000 first mortgage 3 J/a% bonds, due March
■

by

par

regis¬

for

outstanding

$5.18

before

Such

as

writers

notes of company
Securities Co. is reorganization

no- par

version

■*v****

Commercial

.

be used

-

reserved

prop

erty, and
■

will

LIBERTY AIRCRAFT PRODUCTS CORP.
Liberty
Aircraft
Products
Corp;, filed
-egistration statement with SEC for 60,000
shares
Cumulative Convertible
Preferred

•

1941

filed

Portland, Me., is
underwriter; names of the other

pe>

1,108 shares $6 preferred stock
by parent company, at latter's cost

owned

Balance

be

the

basis of

on

plus

offer

made.

son

Registration Statements No. 2-4966 (D1A, covering certificates of deposit)
and
1-4967 (A2, covering new notes». 13-16-42*
Registration effective 4 p.m., EWT, on

750.000

issue

preferred. Holders of at least
of 6% preferred must accept

shares

sold

sold in small de¬

manager

additional share;

to

Registration Statement No. 2-4983. Form

I linois

tire

shares

of

shares

preferred stock

amendment states:

The

in

privately,

registration

preferred

first

change 'offer-will

stores

Proceeds

ant

together with $105,000

sale of 7,000

stock,

common

of

sale

stock,

preferred

ferred

Illinois,

standing 5%

from

from

in

Underwriting — Illinois Securities Co./
Jfoliet, 111.; is the underwriter of the notes
not Issued under exchange plan

statement

Proceeds

retail department

interest

.......

Offering—Bonds and preferred

ceived

will

100.

sold

1945,

new

CO,

SEC

cumulative

share of 6%

And May 1, 1944; latter noteholders, de¬
positing under the exchange plan, will re¬
ceive equal amount of certificates of de¬
posit, Such of the new notes not issued
in exchange for the outstanding 5% notes,
will be sold to public, at 100 and accrued

12,000

719,000

5%

under

Offering—The new 5% notes will first
offered, par for par, in exchange for the
outstanding 5% notes due Dec. 31, 1943,

Shs. of

2,156.000

Angeles

preferred

oe

be offered to the public at a price to bt
supplied by amendment to the registration
!

WATER

with

holders

at

offered

14

such

par

cents

finance

improvements

Valley Water Co.

stock

change to

Missouri, Pennsyl¬
selling merchandise of

and

partment

pfd. stl

12,875,000

19

bonds

Underwriting and Offering*—'The 5%
ferred

of

Iowa,

Georgia,
the character generally

Mltchum, Tully & Co.,
:
-*

to

used

statement
5%

be

Address—Denver, Colo,

Address—Sharon, Pa.
Business—-This subsidiary of Consumers
Water Co.
supplies water service
prin¬
cipally in the city of Sharon, Mercer
County, Pa.
■■■

3,686

in" various" cities

Ohio,

distribution

Offering—The

be

33,583

cumulative

$62,000;
365,895

-

$100 par

1952,

company,

electric energy

supply,
l"'

-•<

VALLEY

Shenango
tration
shares

be

located

vania

Bonbright & Co., Inc.,
York

of

utility

Peoples Gas Building, 122 So.
Ave., Chicago, before 12 noon,

.

Business—Operates
stores

Paine, Webber & Co.,

Los

830,

exchange

Michigan,

No. of

Amt. of
Bonds

i

New

1,

the

and

will

SIIENANGO

May

$322,300

May

in

water

for

public

will

Dresser

CWT, oh May 18, for the sale of the
Effective—10 a.m. EST, on Dec. 6,

registration

a

for

due

public

Bids-will be received by the
company at

Address—132 W. 31st St., New York, N.Y.

t<

in

'

■

SEC

and

Michigan

registration statement for certificates
deposit to be issued to holders of out¬

communities

'

filed

Co.

notes,

and

a

sale of

the

to

with

covering

the proposed private sala;
insurance companies of $75,000,000
of the company's first
mortgage and col-l
lateral trust 3J/<%
bonds, due 1959.
This

for par

on

Power

offered

maturities

agreements

panies

to

,

Co.

Company is

be

change

Indian¬

be sold under

Room

COMPANY

the

with

sinking fund

'

•-

Indiana

Co., Northern Indiana

of

Proceeds

and

and
surrounding terrf
Illinois, Including Kewanee, Mon
mouth, Macomb, Lincoln, Belvidere, Har
risburg, Olney, Mendota and Mt. Carmel
Underwriters, and amount of bonds ant
preferred stock underwritten by each, foi
low;
1
'
.:;v.

■:/M

Brothers

statement

Street,

,

Address—607 & Adams Bt., Springfield
:* in.
;v^yv-;V.;****
'/*;* Business—This
subsidiary
of
Genera)

tories

BROTHERS

'

the

for

•

in

construction and., other
fixed capital

-

KLINE

bids

tion .statement

.

Statement

it proposes

ing Company Act. Names of underwriters,
and public
offering price, will be supp'ied
by. post-effective amendment to registra¬

"

Registration
8, 1942

filed

the competitive bidding
Rule U-50 of the SEC'o Public
Utility Hold¬

bi

Registration Statement No. 2-4908. Form
(12-6-41)

1942, to defer

date

2-4893)

result of consolidation of
Co. of Indiana, Central In¬

.tlnaerwritinj..

writers

.

gas,
sale

will

25,000 shares of common stock of com¬
'
proceeds will be received by the under¬

;

Form

its

to

as

Power

and

pany

Registration Statement No. 2-4974.
A2 (3-30-42)

1941,

ply distribution and

•

*

7

operating in State of Indiana and is en¬
gaged principally in production, generation,
manufacture, purchase, transmission, sup¬

total

a

May

no

will

other

be

Power Corp.

shares us foliowar
& Telegraph Co

share for share, into

same,

on

Co., Terre Haute Electric

Chesapeake & Potomac Telephone Co

convert

SEC

Business—Incorporated

Pub ic Service

Bal¬

to

with

chase

'

Address—Dayton, Ohio
Business—Company
manufactures
and
develops aircrau-products,-etc.
>'•:
Offering—The 1943 maturity
($48,105)

ing

$4,000,000 first mortgage series D

Sept. 6,

Tenn.j

are

issue

:

-

500
-will

shares

defer

apolis, Ind.i

Virginia, have agreed to sell to abovt
underwriters, a-total of 25,000 shares oi
6%
non-cumulative convertible preferred
stock, $10 par, of company, at a price to
be supplied by amendment y(20;665 share.*
of such
preferred to be sold by former,
4,335 shares by latter). Underwriters agree
vhat immediately following delivery to them
of such shares of preferred stock, each will

500

stock

The

statement.

to

f

of

500

-

Corp., i Nashville,

who are to acquire such
Southern Bell'Telephone

share

.per

Brown

amendment

3%% bonds/ but received
issue- Dec;- 16, 1941
Address—110 N. Illinois

&

istration

offered to the public, at a price to be sup¬
plied by amendment to registration state¬
::

S

CO.

offered for the'account of the underwriters

-1,000

*

The

to

to defer

TELEPHONE

1942,

Novell, 1941, to the effect that

-

....

5,

3% % bonds*, due 1972, at the present time.
Originally company asked permission to
issue $42,000,000 first
mortgage series D

Co., Atlanta, Ga.; R. S. Dicksor
3s
Co., .Inc.', Charlotte, N. C.; Minntch
Wright & Co., Inc., Bristol, Tenn.
:*> Offering—The 25,000 shares of commoi
stock will be offered to the public, at t
price to be supplied by amendment, to- reg¬

■-?

-

Wj'eth & Co., Los Angeles.*—.—

ment.

1942,

8,

;

•

Securities

Courts

1,500

■

Offering-r-The

May

Underwriters—Alex.

1,600

Brush, Slocumb & Co;, San Fran.—
Herbert W. Schaefer & Co., Bait.
Stein Bros. Ss Boyce, Baltimore..
Van Alstyhe, Noel & Co., New York

j.

filed

May
•;

-

original 1 registration ;' (No.

Venn.
: r
V-- ,V>; 'S: }<*■>-'"
",r <"/'
Business—Supplies telephone service fell
portions ot Virginia^ and Tennessee v / f ^

7,400

Inc.,

an

'>

-

"

(

A

4*.'

.

filed

date

ering $300,000 5 *6% convertible serial and
sinking fund debentures, due 1943-1947

cents

v)-fe

•

.

PUBLIC SERVICE CO. OF INDIANA, INC.
Public Service Co; of Indiana, Inc.;' filed

the

^tock,
used for working capital

be

Cleveland)

Amendment

Address—Sixth and Crumley Sts., Bristol

;(1*500
&

reduce

(12-26-41

effective

Telephone Co, filed reg
istration
statement
with SEC for 25;00t
shares common stock, voting, $10 par valut

2.00Q'

York

«

to

The

Registration Statement No. 2-4920. Form

32.

Inter-Mountain

**£

Philadelphia—

Minsch,; Monell

price, of

a

able

■

Boston

Yarnall &Co„

.

right

the

INTER-MOUNTAIN

7,500
&

'

timore; Mason-Hagan, Inc., Richmond, Va;;
Btern, Wampler & Co., Inc.'; Chicago; Equit¬

Putnam & -Co., Hartford, Conn—
Hale, Waters & Co., Inc., Boston
Graham, Parsons & Co., New York

,

at

10,000

__

*

•

The,

14,000

Boston

Lee Higginson
Corp., Boston
,;•£ Estabrook <fc Co.,- Boston
Merrill Lynch, Pierce, Penner
Beane, New York—.

-

shares,

fefiective date

lamp
fluorescent

.

'

(3^18.-42)

Amendment

/

and

incandescent

Curtis.

underwriter.4;

pub¬

public offering price is $4.20
•.
'*•
.-'O ?'
;' ■■■<■. ■' J>-:
be used for the purchase
of machinery and equipment and for work¬
ing capital
'

Registration Statement No. 2-4968. Form
A-lv,

Underwriters of the preferred
stock, and
the
number
of
shares
which
each
has
agreed to underwrite, are as followsr ?^;^
&

4

class

Proceeds will

;

•

bulbs*
j: radio
receiving tubes,
lamps
and fixtures, and other
electronic products,
and certain chemical
products directly or
indirectly related to tiie foregoing.
Reg¬
ular and special products, to a large and
increasing extent, are being supplied to the
military services and for -other war uses

Jackson

units', of

unit of

each

I
i

sole

and

the

to

selling stock¬

Proceeds.;will

-

number of common shares to be included, ir

con-,

Mass.

the

company: reserves

bu,000 shares

yersion of the preferred stock
"}■ Address—60 Boston SW,
fcalgm,

is

issued

per-- share-"'*

unit. With at least the first 900
there will'be included with:?each
shares of common stock; 'thereafter

unit 4

filed

for

holders.

per

units,

cumulative
convertible
preferred
fitock,.$40 par; and J05.000 shares
contmoft

-

in

$110

with SEC

for .longer-

avenues

underwriting commission is $8 per unit
Offering—The class A stock is. to be

fi'V/e,

.

..

111.,

cago,

I1YGRADE SYLVANIA CORP.

,

-fc-rj Hygrade

i

No.

open

already

are

lic for the account of certain

borrowing from customary", sources-'
II nd e r w r 11 e r—11 .M. Preston & CO;? ChW

<

outstanding 36,000 shares Of
cumulative- preferred
stock,
$5
par
value, and for other corporate purposes *

•

markets

registered

outstanding, .and will be sold

in, general

change

term

the

6%
*'

the; borrower,- or• a'

capital

$.v CT»M«d» will .be ""'used^to/purchase^briTe^

.

1863

Calendar of New Security Flotations;

"interlrii'X'or intermediate, financing -shares

iVide

16,560

purchased

' r,

*>, V

,,r.ir

„,I

h'

*J

^ THE COMMERCIAL & FINANCIAL CHRONICLE

account

maining
'* '*

3*i>V

.V

ML-il-

'

■

\

the

prospectus includes
accompanied by finan-

is

or

cial

statements

which,

except
in sub¬
stantial
compliance' with the
Commission's requirements and

for

certification,

;] provided

further that certified

statements

quirements

iently
who
at

meeting
are

available

are

their

are

those

made
to

members

re¬

conven¬

employees
of the plan

places of employment

within 120 days after the end
the fiscal year.

of
*

r^Wtf^i^Vtf«iu(k

4

»it'fiJ^i NW'uifc. r^irA

i. i^,<flj«u

:

1864

•

■

BONDS WITH

BIDS MADE ON

can

source

force.

well

COUPONS MISSING

.

.

.

/

'"V-VV

v;:.

.

Government mart.

S. H. JUNGER CO.
New York

Exchange Pl.r

4-4832 Teletypo

phone Dlfjby

N.T. 1-1779

§ Wall Street To Hold

.

high-priced sales
Morgenthau may
.
That's a lot of

I

The Treasury on May 11 sold its

first series

of

''

''

.

.

aren't

2^s
.

patriotic rally since the days of
World War I will be held at the
corner - of
Nassau
and
Wall
Streets on Monday, May 18, be¬

**

of this issue

details

Brown

&

Sharpe"

World's Fair 4s, 1941

!

Merrimac

Evans
South

{■

Mfg. Co.
Zinc

Bonds

M. S. WIEN & CO.

revealed:

are

Wallower
American

Mexican Bonds

Members N.

an

.

.

High—99.938, equivalent rate
approximately 0.245%.
Low—99.905, equivalent rate
approximately 0.376%.
Average price—99.907, equiv¬
alent rate approximately0.368%.
15% of the amount bid for

.

INSURANCE COMPANY POWER
As far

concerned, their buying power

insurance companies are

as

is definitely

limited.'.

decreased at will.

or

-

$250,000,000 of 91-

•

district's greatest

Eastern Pipeline Co.
Preferred ;*'■

25 Broad

Y. Security Dealers Ass'n

St., N.Y.

HAnover 2-8780

•

;

^Teletype N.

Y. 1-1397

;.iv.

•

.

.

V

1

.

.

.

.

Panhandle

•;t ,%-h6.60

„.

.

especially attractive issue, as Government
Total applied for—$546,350,issues go.
Just compare it with the war bond series E, for in¬ ,;.000.
stance. ."
On one, there's a return of 2.9% for 10 years^ v'i . Oh
Total accepted—$250,692,000.
the other, there's a return of 2.5% for 25 years.
.
.
.
Why any in¬
Range of accepted bids: (Ex¬
dividual should buy the 2V2s is beyond the understanding of this
cepting
two
tenders
totaling
column.
Probably none but the wealthiest and most patriotic
$15,000).
The

will.

Patriotic Rally
The financial

.

S Bill Offering

'■?
day bills under the May financing
He probably will get the money, some experts predict. ... He program.
Secretary Morgenthau
may get more.
.
.
.
But whether he gets the cash this time or not invited tenders for these bills,
isn't nearly as important as the fact that Morgenthau is leaning en¬ dated May 13 and maturing Aug.
tirely upon non-commercial banking sources for the cash. . . . He's 12, 1942, on May 8, and they were
ignoring the institutions that make up the market itself, that are opened at the Federal Reserve
responsible for its price swings, that are the very meaning of the banks on May 11. The following

Inquiries Invited

40

$350,000,000.

pleased if he gets his

be

money.

OR

MUTILATED

V- (Continued from First Page)
sell these, it's the financial community's
But at the rate things are going today,

Thursday, May 14,1942

Result Of Treasury ;

On "Governments"

Our Reporter

rv♦

COMMERCIAL & FINANCIAL CHRONICLE

THE

.

.

.

for

whether it's at 2.5%

.

a

NYSE Inter-American

Hospitality Committee
Emil

Schram, President of the

,

Their excess reserves can't be increased
They have just so much cash to invest—
bond that has a bottom of par or whether

New

York

Stock

the

nounces

Exchange,

formation

of

an¬

In¬

an

ter-American

Hospitality
Com¬
mittee, composed of members of

it's at 3% for an obligation bf an Americsth Corporation;
at the low price was accepted.
To get an idea of insurance company purchases to date may be
the
Exchange and partners of
Theretf was
a
maturity of a
12
Noon.
Emil significant, therefore. . . . Up to the end of April, the leading life
Stock Exchange firms, which is
Schram, President of the New insurance companies of the United States bought about $500,000,000 similar issue of bills on May 13
prepared to welcome Latin Amer¬
in amount of $150,049,000.
i'.\T. icans to the
York Stock Exchange, which is Government
bonds, representing nearly 43%^ of their total invest¬
Exchange and to the
The increase in the offering of financial
observing its 150th anniversary, ments for 1942.
In the same 1941 period, they bought $215,district.
Mr. Schram, on
will preside.
The United States 000,000 Government obligations, representing nearly 19% of their Treasury bills from the regular behalf of the
Committee, has sent
Army Band from Fort Jay will total purchases for that time last year. ... So far this year, the $150,000,000 issue, to take care of invitations
to
Latin
American
give a concert, Miss Lucy Monroe insurance companies have bought about $1,200,000,000 of securities maturities, to $250,000,000 is part Consuls
General, the Presidents
will sing a solo and there will be
and mortgages, which is just about what they invested in 1941 dur¬ of the Treasury's three-point May of Latin American Chambers of
;

at

ginning

...

singing of patriotic

community

financing program. Secretary
Morgenthau had revealed on April
Downtown Glee Club, an
30 that the bill issue, beginning
year.
We should be able to figure it out just on the basis
zation of 200 voices and conducted
with those dated May 13, would
of the statistics at hand.
Being liberal, the answer is the
be $250,000,000 for the next sev¬
by George Meade, choirmaster of
insurance companies may be expected to purchase $1,500,000,000
Trinity Church.
eral weeks,
thus providing the
U. S. Government obligations* preferably carrying long-term ma¬
Frank C. Walker, Postmaster
Treasury
with
$100,000,000
in
turities, in the 1943 fiscal year. . . .
General of the United States, will
The other parts
That's all.
v
Less than the amount the Treasury is asking "new money."
give the keynote talk.
Newbold from the market this month.
of the financing program involved
Morris, President of the Council
the offering of $1,250,000,000 of
of the City of New York; Richard MUTUAL SAVINGS BANKS

,

service

and

songs

the
organi¬

led

by

ing the same months.

;

what they can buy during

Now let's see

■

.

.

.

.

.

.

.

.

.

,

.

,

the balance of the

.

Patterson, Chairman of the
York
State
War
Savings

C.

Staff, and Winthrop W. Aldrich,
-.

of

Chairman

,

Chase

community,

financial

participate.

,

.

.

.

National

deposits to draw down their accounts, the savings institutions, in fact,
general may be expected to dwindle in importance as Government bond
will also buyers.
...

The amount?

>

The vital necessity

for those at

support the men in serv¬

home to

Between the normal ceiling on their investments
and the fact that the banks are fighting a movement on the part of
days.

the

representing

Bank,

Government bond investors

These aren't of much importance as

these

.

.

.

Well, they bought $312,000,000 Government
They apparently are going to

fiscal year.

1941

in the

issues

...

$300,000,000 to their portfolios when this fiscal year ends.
Put the figure at the same mark and we can expect the savings
banks to contribute $300,000,000 during the 1943 fiscal year.
.
.
.

have added

investing in War Bonds
emphasized. The United
will have on display
OTHERS
a variety of military equipment so
In the 1941 fiscal year, sources other than commercial banks
that those attending the rally can
clearly visualize what their dol¬ actually sold Government bonds on balance, the figures show. . . .
lars are buying.
The total went down $300,000,000. ... In 1942, the American Bank¬
Special guests who will attend ers Association recently estimated that sources outside of commer¬
include Lt. William McC. Martin, cial banks may be considered responsible for $2,400,000,000 of the
Jr., United States Army, previous increase in the public debt.
President of the Stock Exchange,
Consider that figure for 1943, therefore. . .
.
It's probably as
ice

by

will

.

be

.

.

States Army

.

.

Harding,

Navy,

States

United

B.

previous

Charles

Lt.

and

Chairman of the Board of the Ex¬

close to accurate

and red, white and blue bunting.
Jeeps, tanks and artillery will
flank the speakers' stand, which
will
occupy
the
spot
where

commercial

tap

of office as first

United

a

definite point in presenting these figures,

banks, it may

from

money

expect to raise only minor amounts

of this method.

use

.

.

of

(2) include commercial banks next time or (3) make the
method of financing a minor part of its over-all financial

policy.

.

v

.

These

are

important conclusions, if they're correct and the statis¬
they are. . . .
v

ministration the New York Stock

tical evidence suggests

Exchange was organized.
Many downtown business

England has had a good experience with its use of the tap method
of financing.
But England has not excluded commercial banks
from the issues at any time. . . . In fact, England leans most heavily

or¬

ganizations are planning to allow
employees extra time for
lunch
so
they may attend the

their

rally.

A loud speaker system will

.

on

.these for response to its war-time

Before

and

There'll be

after the

rally the

In

selling War Stamps and War
Bonds
on
the fourth
floor, 20
for

the New
Philatelic
Society will hold its annual stamp
exhibit.;

Broad
York

Street, where
Exchange

Stock

more

member banks in New York and Chicago from

.

.

.

to

26

.

.

$750,000,000 in additional excess reserves and

.

.

be and is to be

in bond

well, but dealers believe that

.

.

was

The launching of war-time novelties

.

.

.

.

prices. ... All you need do is read the tax story head¬
lines and you' have the explanation for that suggestion. ...
their high

COMMON

Purchase

Segal Lock & Hardw. Pfd.

of intermediate-maturity bonds by commercial

banks

dealers now—as these are the only ones not
affected by the recent new issues. ...
recommended by shrewd

Chicago Rapid Transit 6s&6V^s
Emanuel to Admit Schubert
ad¬

Charles B. Schubert will be

HAY, FALES & CO.
Members New York Stock Exchange

71

Broadway. N. Y. B0 wling Green 9-7030
I

Bell

Teletype

BY




1-61

.

.

partnership in the New
Exchange firm of
Emanuel & Co., 50 Pine St., New
York City, on June 1,

mitted to
.

.

York

form

Stock

k i

ft I

At

.

y

.

Sagar Admitting Delaire
Alvin J. Delaire will be admit¬
ted

as

of

in W. S.

New

June 1 to partnership
Sagar & Co., 30 Pine St.,
City, members of the

York

New York Stock

Exchange,

Other

members

DeF.

Boomer,
of
Parker & Redpath;

un¬

side

a

serve

tains.

rated

of

and

to

for

needs

the

funds

The

$8

promoting a better distribution
of excess bank reserves, as the

purchases

by

these

of

added

and

obligations.
As
of assuring the

lend

a

musical

meetings.
rooms

:

touch

;

will cost the

girls

week.

The $500,000

with
•v

addi¬

tone end of the cor¬

funds

of

building, erected
the RFC, will

house only women war work¬
ers.
Already there are twice as

applications

many

as

there

are

The building
is at 22d and O Streets, N. W.,„!
available

rooms.

;

means

■

of

investments

in

bills, aside from the
short maturity and ready mar¬
ketability of the securities, the
Board of Governors of the Fed¬
Treasury

eral Reserve System

announced

30 that the Federal
Open Market Committee had
directed
the Federal Reserve

on

a

names

In

entrance.

a

to

the

to

rooms

electric organ has been

an

ridor

presence

whose

lovers

the

installed

relatively short periods.

points where additional re¬
are
needed would be

the

tion,

these

of

parlors will be deco¬
the style and period

in

adorn

keep in liquid
because of anticipated or

possible

Each

cur¬

romantic title.

a

These

useful

employ¬

are

parlors" with velvet

bears

these

Lane"

"Lovers'

of

"beau

of

providing

in

wish

within

sales

Tax-exempt securities seem more attractive all the time despite

R. Hoe & Co.

others

an

to

Robert

Auchincloss,
Jean Cattier,

more

ment for funds which banks

liquidity

expected.

them

offerings
will

securities

facilitated

.

peddling is bound to be disturbing—temporarily.

an

serves

Requirements against deposits would be cut from

Committee.

are:

believed, therefore, that

larger

purpose

to

ex¬

20% in these cities if that simple step were taken by the
.

is

the

made

and

shifting of reserves from places
where there are large surpluses

Central Reserve

panding their ability to buy Government bonds by about $3,750,000,000.

the

of a larger vol¬
ume
of Treasury bills in the
market should
be helpful in

City banks to Reserve City Banks and by so doing, giving these
banks about

It
-

The

.

about the tap method in the coming weeks.

Market hasn't been acting

f

.

Still

Reserve Board.

Eagle Lock Co.

.

meantime, here are some items around. . . .
much talk of changing the status of Federal Reserve

the

A. W. V. S. will maintain a booth
V

sales of tap issues.

INSIDE THE MARKET

installed.

be

.

.

affairs.

O.

Mayer, Jr., a mem¬
ber of the Exchange, with offices
at 120 Broadway, is Chairman of

investments.

attractive

or

1949-51

has

months

;'

.

bonds of

Therefore, either the Treasury is going to abandon (1) the system
entirely

ad¬

States, during whose

.

.

.

incidentally—a point which should be clear by now. . . . Obviously,
if the Treasury is to persist in (1) issuing tap issues and (2) excluding

George Washington took the oath
President of the

**

driven at

We have

Hall will be decorated with flags

find.

THE CONCLUSION

change.
The facade of Federal Memorial

as we can

.

Inter-American

Clinton

of White, Weld &
Co.; Edward L. Cohen, of Edward
L. Cohen & Co.; W. Palmer Dixon,
specified amount of 2l/>% bonds
of Carl M. Loeb, Rhoades & Co.;
of 1962-67 (see these columns of
Reginald V. Hiscoe, at Thomson &
May 7, page 1792, for details).
McKinnon; Ralph D. Kellogg of
In a circular calling attention to
W. R. K. Taylor & Co.; Jerome
the increased bill offering, Allan
Lewine, of H. Hentz & Co.; Robert
Sproul, President of the Federal A.
Magowan, of Merrill Lynch
Reserve Bank of New York, had
Pierce, Fenner & Beane; Cornelius
the following comment to make:
Shields, of Shields & Co., and
In recent years there has been Joseph E. Swan, of E. F. Hutton
a
scarcity of high grade short & Co.
term paper available for tem¬
porary investment of the funds
RFC Builds Hotel For
of
banks,
corporations
and
others, and a plethora of such
D. C. Girl War Workers
funds seeking investment.
In
A new 250-room hotel for girl
these
circumstances yields
on
war
workers in Washington will
Treasury bills declined to levels
be ready for occupancy in about
so low as
to be unattractive to
two weeks, it was announced on
many banks and other investors.
May 11 by Ralph S. Scott, builder.
With the increase in weekly of¬
In reporting this, a Washington
ferings now announced, how¬
dispatch to the New York "Her¬
ever,
Treasury bills will
be
ald Tribune" said in part:
more
generally available, and
The
hotel
has
a
corridor
the rise in yields that has oc¬
called "Lovers' Lane." On each
curred
during
the
past
six
2%

New

Commerce, and to others promi¬
nent in

April

banks to

purchase for the Sys¬

Open Market Account all
Treasury bills that may be of¬
fered
to them,
on a discount
basis at the rate of %% per an¬
num.
This arrangement gives
tem

assurance

to

purchasers

of

Treasury bills that, in case they
have a need for cash before the

; maturity of .the bills, they earn

Offer Retail
The

Appear

cumulative

6%

preferred

voting trust certificates of Hous¬
ton Oil Co. of Texas and the cer¬
tificate

of deposit 5s of 1973 and

6s of 1949 of

Philadelphia & Read¬

ing Coal & Iron Co. have particu¬
lar retail appeal, according to cir¬
cular issued by Schoonover, de
Inc., 120 Broadway,
City.
Copies of these

Willers & Co.,
New York

interesting circulars may be had
Schoonover, de Willers &

from

request.

Co. upon

obtain
bills

it
to

-

by selling Treasury
the Federal Reserve

Bank, if necessary.