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NOV 2 71942
In 2 Sections
TH U RSDAY
Edition
Final
-
Section I
Beg. 17. 8. Pat. Office
Volume
New
Niimber 4128
156
Price 60 Cents
York, N. Y., Thursday, November 26, 1942
a
Copy
HOW DID WE GET THIS WAY?
OUR
Our Reporter On "Governments"
THE ANATOMY OF CAPITALISM
REPORTER'S
JOHN B. KNOX
By H. B. LOOMIS and
REPORT
of John B. Knox & Company
Editor's Note:
New Deal program
now wear¬
li¬
Evidently rather persistent
ing postwar planning labels, continue as in the past
over their blue prints with their backs to the world
Their products are every whit as dangerous
bond portfolios is not ities.
sufficient to satisfy the ever were—perhaps more so since the war appears
dealers who have special¬
lent them additional psychological support.
quidation by certain institutional
holders of portions of their mu¬
nicipal
proving
needs of
in that particular
type of security.
ized
for
largely
been complaining
of comparatively light
have
basis,
end
no
merchandising
a
on
do business
who
latter,
The
,
hand, a direct re¬
flection, of course, of the virtual
supplies
issues
new
over
period of months.
But according to those
vestment quarters who get
a
in in¬
going over their portfolios
and weeding out municipals in
rather steady fashion.
been
The
behind
reason
such
is not definitely
.
Largely, however, it is
considered as intended to put
plain it.
such
investors in funds to par¬
extent in
ticipate to the fullest
government war financing.
rates should
Treasury
Moreover, if money
tend to stiffen a bit on
offerings, it is possible to
stand why holders would
to combat such seductive proposals as
hope of doing its part in combating this
that the "Chronicle" is
presenting
high
rently somewhat under their
levels of a few months ago.
to
contention of
will
'
AND
CONSTRUCTION
.
.
The dates
.
wrapped
up
the
.
.
Payment is well ar¬
competition for the heavy spender in
In short:
"Goodwork, Mr. Secre¬
....
Here
may interest you prior to the
Monday morning, Nov. 30. . . .
sidelight points that
some
are
of the
1. The coupon feature
penalties.; They are one of the
nothing to any man. What
we can and do do is divert them from those who have in¬
curred them to those who have not.
The greater part of
laws and not the laws the
inevitabilities of life, which owes
fuzzy-minded reform consists in just this operation.
Individualistic man cannot live in a socialistic econ¬
by the
self to facts in the pursuit of an
the
New
selling.
.
,
.
Thursday night
214s of 1972/67 were reported, presum¬
the longest-term taxable
ably from investors liquidating the 72s in order to get cash to buy
the 68s.
There
3.
*
...
were
indications that
no
the Federal Reserve System
supporting the 72s and dealers suggested support was unneces¬
sary for this non-competitive issue.
...
4. The market is expected "to do whatever the Fed tells it to
do betweeh now and the day the books are closed on the last open
was
offering."
5.
.
.
.
Were it not for the
general expectation that there will be more
offerings of the new "on sale" 2*/2S next spring, the 68/63 issue prob¬
ably would be worth a decent premium in a few weeks. . u , It's a
good issue. .6, .
6. Feeling is the "on sales" will get up to a Va to *4 premium over
the
weeks; the l%s will get up to a Va premium; and
certificates, of course^ will become more attractive as their ma¬
turity date nears. ...
7. The general forecast is Morgenthau will get
(Continued
on page
his $9,000,000,000
1877)
Securities Salesman's Corner..,.....1879
Tomorrow's
Page
Stocks..,.
1878
Calendar of New Security Flotations. 1887
Bank and Insurance
and Loan League
Woi Conference Proceedings
felt the Treasury "was
market following the
York
INDEX
United States Savings
.
announcement of the financing terms, several fair-sized sales of
the next several
upon
.
One of the objections
character of them, for the
(up to $1,000,000 or so)
tioned pressure against
Svery
experiment has proven that the result is always different
from the one envisaged.
Their failure bears testimony to
.
their shoulder at all times" and resented the unmen-
over
2. In
"on sale" 214s of 1968/63
new
old "taps" was the registered
the
looking
III
by penalty as well as by reward; penal¬
which cannot be eliminated by fiat as they prove the
Included in Special
.
.
.
actual selling campaign, due to start
Life teaches
folly of blinding one's
.
and done with by Christmas and the Govern¬
period.
pre-holiday
tary!"
smaller holders
ties
staggered.
are
.
is considered particularly attractive.
Part
that
DESIGN
be
to
(Continued on page 1888)
QUICK ACTION ON
.
.
ment's borrowing will be stiff
ephemeral ideal.
railroads by and large
many
seem
.
reader's at¬
pointedly to certain fundamentals often overlooked
day and time. It can think of no better contribution
War
Considering the
as
can.
.
from
contradicts
the
he
$9,000,000,000 borrowing is beautifully worked
to please everybody from the salesman out
securities as he can to the investor out to buy as many
There's an issue for every source and an issue that is
This
.
.
Its terms
ranged.
The preliminary period is long enough to permit wide¬
spread selling preparations.
.
Even the time for announcing the
deal was well chosen because the implication is the entire operation
postwar planning.
the
Seen
the
.
...
attractive.
cles, of which this is the third, which call the
tention
The theory of socialism and collectivism is based
Production
Board in making available suffi¬ inaccurately
presented and ill-digested information
cient materials for the construc¬
which unjustifiable imputations are drawn.
It
tion of some 400 locomotives and
(Continued on page 1888)
20,000 freight cars in the initial
eight months of 1943, is expected
to
lend a fillip to the dormant
railroad equipment market.
of
Action
cut.
series of arti¬
a
under¬ omy like an ant in a formicary, a parallel used*
wish to muddy-minded who attempt to reason by analogy.
lighten up a bit on municipals
even
though the latter are cur¬
Rail Equipments
way
with
is
menace
ac¬
it is assumed that one
of several conditions could ex¬
sources.
to sell
now
It
known,
though
best
appearing almost daily, perhaps the only ef¬
fective way, is to turn the flood light of fundamental
truths upon them.
those
around, in this
banks,'have
large holders, chiefly
again, it is a pleasure to report that the Treasury has done
and is doing a superb job with the latest financing deal—the largest
in the history of the world and the major test of Secretary Morgenthau's ability to raise as much money as possible from non-banking
And
as
on
of
dearth
tivity
to pore
of real¬
as they
to have
years
The
1
By S. F. PORTER
makers,
Markets—Walter
Says
Whyte
,.1876
Uptown After 3.....................1887
1879
Investment Trusts
Municipal News and Notes—......1880
Our Reporter on Governments...... 1873
Our Reporter's Report.,....,
1873
1876
1877
1876
Personnel Items
Section Starting with page 1881
Railroad Securities
Real Estate Securities
-
THE
CHASE
NATIONAL
BANK
also
:
REPORTS
SURVEYS AND
\
In connection
with
-
VALUATIONS
Sanderson & Porter
Constructors
ENGiNEERSand
52 W11X1 AM
STREET
NEW YORK
Chicago
RAILROAD SERIES
day
,
San Francisco
1-20
INDUSTRY
Montana-California
Broaden your customer
Securities
service with Chase
SERIES
V
Comprising
R. H. Johnson & Co.
NEW YORKSTOCKS, INC.
Prospectus
Established 1927
SECURITIES
HUGH
New York
PHILADELPHIA
Troy
Albany
Buffalo
Syracuse
Pittsburgh
Williamsport
Dallas
W.
on
J. A. HOGLE & CO.
correspondent
facilities
Established 1915
Request
and
LONG
Members New York Stock Exchange
COMPANY
INCORPORATED
64 Wall Street,
BOSTON
Established 1850
OF THE CITY OF NEW YORK
Specialists in
MAJOR
Buy War Bonds
and Stamps
INVESTMENT
.
Utah-Colorado
the way
VICTORY
to
MANAGEMENT PROBLEMS
FINANCING and
each
Invest
and pave
Salt Lake
15 EXCHANGE PLACE
634 SO. SPRING ST.
JERSEY CITY
LOS ANGELES
City
•
Denver • Los Angeles
and 7 other Western
Member Federal Deposit
Cities
Insurance
Corporation
H. Hentz & Co.
Actual Trading
Members
York
New
Stock
Exchange
Exchange
New
York
Cotton Exchange
Commodity
Exchange,
Inc..
Chicago Board of Trade
New Orleans Cotton Exchange
York
New
And
Curb
other
Year-end
We
are
Markets, always
SELLERS
Bankers
BUYERS.
Kenya
Head
—Net Prices—
NEW
YORK
DETROIT
Kobbe, Gearhart & Go.
INCORPORATED
MEXICO,
GbiWEVA,
D.
F..
PITTSBURGH
MEXICO
SWITZERLAND
the
and
26,
N.
Y.
Security Dealers
45 Nassau Street
Tel. REctor 2-3600
Ass'n
New York
Teletype N. Y. 1-576
.
Philadelphia
Telephone:
Enterprise 6015
and
Aden
GUARANTEED
Uganda
Bishopsg&te,
E. C.
Branches In India, Burma, Ceylon,
Colony
in
Government
Colony
London,
Members
CHICAGO
to
Office:
Exchanges
Cotton Exchange Bldg.
Specialists in
of INDIA, LIMITED
Over-The-Counter Securities
N. Y.
NATIONAL BANK
and
RAILROAD STOCKS
Kenya
Zanzibar
Paid-Up
Capital. .. .£4,000,000
Capital .... .£2,000,000
Reserve
Fund
Subscribed
The
Bank
banking
description
exchange business
conducts
and
Trusteeships
also
HART SMITH & CO.
Members
,.£2,200,000
every
and
Executorship*
undertaken
Neva
e(
52
Bell
New
Assn.
York Security Dealers
WILLIAM ST., N. Y.
York
Teletype NY
HAnover 2-0980
1-395
Montreal
Toronto
GUARANTEED
RAILROAD STOCKS-BONDS
BO. Gr. 9-6400
NEW YORK
Telephone
52 Broadway
N.Y. 1-1083
Teletype
THE COMMERCIAL & FINANCIA'LiCHRONIGLE
1874
Thursday, Nov«mberv2^, 1942
:Trading Markets in::
We Maintain Active Markets for.
Tennessee Products
Triumph Explosives
:
/-///;|;
1-423
- can
Active Trading Issues
On
Telegraph
Pollak Mfg.
Co.
A fr*
Auto-Ordnance
request
following such/a^ change
of status.
The Board of Directors
may,
however,
waive this
viewed
of
tors-
in; its
.d^sbr^t.ioh
provision/ or/ reinstate'
tomorrow.
Sherman
-—
fCxteaspn, Sherman Gleason & Co. /
Softness
both
in
and
peace
Exchange
will
York
New
REctor
Club.
Luncheon
.The; therefor
..
to the
of.the
Secretary.; Except-
that in the event of
a
comes
Member en-
evident.
Frederick M.
Company
-
—-
,
Since 1923,; in -addition to
nicipal
Bond
Announce CanifldaSBs :/
business,
try.
At
.
that
time
well selected- textile
possibilities
committee
Chester
Henry G. Riter, III, Riter & Co,,
been nominated to succeed
Laurence M. Marks, Laurence M.
the: meeting,
after
and
p.m.
a
buffet supper will be served.
!
Candidates for president of the
Julius A. Rippel, Inc.;
Association are B. Winthrop FhzWright Duryea, Glore, Forgan &
zini, B. W. Pizzini • & Co., and
Co.; Tracy R. Engle, Engle, Abbot
Chester E. de Willers, Schoonover
& Co., Inc.; and George N. Lind¬
cfe Willers & Co.
"
say, S.wi£s American Corporation,
The following unopposed candi¬
have been nominated to succeed
dates are unanimously elected:
on
the
district
A. Rippel,
Mr.
First
Vice-President:
James
F.
■
j
.
Wheeler Exec.
a
partner
Arkansas Power &
$6
of
the
Association
Light
$6 Preferred
are
following proposed revisions
to the By-Laws, to be revised and
rewritten
as
follows:
,
;
England! Public Service
All
Preferreds
Pennsylvania Power & Light
$5, $6 & $7 Preferreds
$2.75 & $3 Preferreds
G.A.Saxton&Co.,lnc.
|0 PINE ST., N. Y.
WHilehaU 4-49701
Teletype NY 1-60#
with
less
timidity
the
on
part
of
present holders and potential buy¬
ers
of .Pacific 'Coast
municipals,
the
v over
the
into
come
market
high priced and have
readily bought for this
weeks' have
Because
of
issues
the
the
in
cur¬
fev/
next
siderably below the demand.
Iso¬
lated lots of bonds' which have
been
small
past
extremely
been
not
reason,
amount
/
:
of
be
sold, which con¬
principally of refunding, we
anticipate a steadily declining vol¬
ume in the municipal business un¬
less • something
happens
which
might again cause the more timid
present holders to liquidate. As a
result, municipal dealers on the
new
to
sist
stood
at.
share
bid
and
it
$110.00 bid.
at
is
now
per
quoted
William D. Buzby, Jr. has been
given leave of absence from But¬
Orr Cotton Mills
cher & Sherrerd, Philadelphia, of
quoted
January
1941
at which firm he is a
general part¬
$ 18.00 bid, against a bid of $59.00
ner, to assume the position of Re¬
at the present time.
gional Manager of the; Victory
The remarkable thing about the Fund
Committee
in
the
Third
was.-
,
-
whole
matter
is
that the
averages
have still, not reached
1937 levels
when
$74.00
they
stood
at
per
share although earnings, according
to
1941
statements,
have more
doubled
than
shown
;
and
dividends
substantial
a
have
increase.
Looking at the industry from a
long-pull 1 standpoint, we believe
there
still
is
made
in
good
money-
selected
shares
to be
since
higher prices in textile stocks
more
than
are
likely to be reached
after the
a
is over.
willing to
purchase the higher grade textile
stocks not merely from the stand¬
year
We
so
or
find
.our
war
for
some
is
for
.
time yet.
.belief
our
textile
been
elected
'Service
but
Members'
not
as
including
defined in
The membership may
temporarily exceed the limit be¬
cause
of
the re-instatement
of
'Service
no. new
Members' in which case,
members may be admitted
the
number
again declines
hundred."
.
to
of
less
Members
than
four
,
Article I, Section 5
"The membership of any Mem¬
ber who
ceases
employed
as a
to be engaged or
trader shall auto-
of the
Victory Fund Committee of
the Sixth Federal Reserve District,
Atlanta, Ga. Mr. Wheeler will
de¬
vote full time to the work of this
committee and will maintain of¬
fices in the Federal Reserve Bank
during
the
Federal
Reserve
embraces
Southern
District,
New
which
Pennsylvania,
Eastern.
Jersey and Dela¬
Mr. Buzby will devote his
ware,
entire time to
organization and dir
rection of the Committee's ,activr
ities in Philadelphia,. with headr
quarters in the Philadelphia Fedr
eral-Reserve Bank. *
'
.
Edward C, Bendere, also / on
leave of absence from the firm of
Merrill
Lynch, Pierce, Fenner &
Beane, is the. Executive Manager
for that District.
U
t
customers
point of enhancement, hut for in¬
come, which income (is more than
likely, to he well above the average
ORLEANS, LA.-—-Macrer-y it
Wheeler of Wheeler & Wool'/■/■■ folk, Inc., has been appointed
Executive Manager of the New
that. time at $84.00
Buzby Regional Mgr.
For Victory Fund Cm
■1
that
shares
the demand
will increase
Kramer Elected
V^P. Of [
Chicago Clearing Corp.
Harold
L
has
Kramer
beeen
elected Vice-President of the Chi¬
cago
it
is
Stock. Clearing Corporation,
announced by Kenneth L.
Smith,
President..
The
Chicago
months Stock Clearing Corporation is la
"The membership of the corpo¬
and the averages, will more than subsidiary of The
Chicago Stock
Orleans Region of the
ration shall be
Victory likely reach the 1937 level or Exchange. Mr.
limited
to four
Kramer, who also
hundred (400) Members plus such Fund Committee, it is announced above, -r H. L. McAllister, Vice* serves as
Manager and Assistant
Honorary Members as may have by W. S. McLarin, Jr., Chairman President, R. S. Dickson cfe Com¬ Treasurer of the Clearing Corpo¬
until
United Public Utilities
NEW
B,
Section 6,
New
Rflgr. Of
Victory Fund Group
the
Article I, Section 4
Mississippi Rower <& Light
i
members
in
& $7 Preferreds
tax-
average now stands at $68,42, or
tering the; military or mayal*. ser-; an increase Of $17.27 on the aver-:
vice, said Member shall, retain his
membership in good standing for
Some of the stock included in this
the period of the current calendar
Pacific Coast will have more time
average has shown remarkable en¬
year.
At the expiration of. that
hancement in value. For instance, to help the Treasury Departmeht
time he-may, upon application in
do the war financing job.——Wm. W.
: Textile»» v Incorporated,
' common
writing; -forithef Secretary, become'
stock was quoted on the bid side Fordyce, Fordyce & Co.
a Service Member and may con¬
at
$1.25 per share, where it is
tinue as such upon, payment .of
now bid $3.75 per share and is
pay-,
that
part
of " the annual dues,
namely two dollars ($2.00), ap¬ ing dividends at the rate of $.40:
per annum.
American Yarn and
plicable to the Gratuity Fund and
all
assessments
made
by such Processing Company common stock
Riter, Russell V. Adams, Adams
Musson, B. J. Van Ingen & Co./
.& Mueller; Harry W. Beebe, HarInc. : ..j'.-Vvv,;
riman Ripley & Co., Inc.;
and
Treasurer:- George
V, Leone,
Richard C. Rice, J. K. Rice, Jr., &
fund.
The Service Member shall
Frank C. Masterson & Co.
Co, David S. Rutty, Sage, Rutty
Directorst L. A. Gibbs, Laird, not be entitled to vote but; shall
.& Co., Inc., has been nominated to
Bissell & Meeds; Allan F. Moore, continue to enjoy all the other
fill
the/ unexpired term (run¬ H. Hentz .&
Co.; Joseph Nye, Free¬ privileges of a ; Member in good
ning to 1945) of Robert C. Com¬
man & Co..,//./>////:;;■'.> j standing."
mon, Vietor, Common & Co., who
National Committee Alternates:
Article J, Section 6
resigned as a committee member.
Charles King, Charles King & Co.;
"A Member who is in the armed
Members
of
the
Nominating George Kranz, Amott, Baker &
forces of the United States shall
Committee are: William J. Minsch,
Co.; Harold B. Smith, Sweetser &
be known as a Service Member.
Minsch, Monell & Co., Chairman; Co.
"V-,.Vv
/■
;...-■Vi-'t'
Service Members will be limited
Joseph W. Dixon, Graham, Par¬
Second Vice-President: William
to not more than one hundred
sons
& Co.; Pierpont V. Davis,
K. Porter, Hemphill, Noyes;& Co.
Harriman
(100) Members. A Service Mem¬
Ripley & Co.,
Inc.;
Secretary:
John
S.
French,
A.
C.
ber upon notification of his dis¬
Frederick C. Kraehling, Frederic
Alivn & Co.
•
/"
H. Hatch & Co., Inc.; J. Winner
charge from the armed forces,: in
National Committee. Wellington writing to the
Parker, Parker & Weissenborn,
Secretary within a
Hunter,
Hunter
&
Co.;
Thomas
A.
Inc.
period of three months after such
Larkin, Goodbody 85 Co."; Cyril M, discharge shall become a Member
Murphy, Mackubin, Legg & Co.; of the "Association providing he
To Form E. & M. Klauber; Wm.
Henry Pflugf elder, 'Pflug- qualified as -specified in Article 1,1
Edward
Klauber and Murray felder, Bampton & Rust,
Section I and in Aritcle III, Sec¬
Klauber, both members of the
'
Gratuity Fund Directors: Charles tion 3 of the By-Laws."
New York Stock Exchange, wiH H.
Jann, Lazard Freres & Co.;
form the firm of E. & M. Klauber,
Walter Kennedy, A. M. Kidder &
with offices at 120 Broadway, New Co.
•;"/;
</;o/'/;/;/
York City, as of Dec. 1.
Mr. Mur¬ !
Also to be voted upon by' the
ray Klauber was formerly in busi¬
individual floor broker,
shares, at
textile stocks stood at $51,15; this
Pizzini
deWillers
E.
-Marks & Co., as Governor.; Julius
Mr. Edward Klauber has recently
been active as a floor broker and
The recent indication that the
exempt feature on municipal bonds
Would not be changed, combined
few
years/,>1 At the time of this article
the average of our 25 southern
has
prior thereto was
Spero & Klauber.
a
insurance stocks together with se¬
ries G bonds.
We have had '"a
that
prices, which : are well below
1937levels,- offer
appreciation
ing on Jan. 15, 1943.
ness as an
appears
rent
members whose terms are expir¬
committee
Dickson
Mr.
pointed out that "It
Inc.
members a slate of successors for
•
our
department
an/ active
,
and
Mu-
.
of the National Asso¬
Governors
to
have
dent,- wrote ;an ; article concerning
outlook for the textile indus¬
(New York, New Jersey, - and
Connecticut), has presented to the
:
our
we
the
of
committee
ciation of Securities Dealers;
the
ing
and. fair
in its war efforts is offer¬
combination of bank and
•
For NASD District 13
District 13
ourselves
to
particularly those in the western
portions of Oregon and Washing¬
trading in local securities^, special-, ton; has onc.e! again caused a notice¬
izing in textile-shhres. In January able decrease in the supply of
1941 our Mr. R. S. Dickson, Presi¬ available bonds r to a point con¬
maintained
nominating
fair
country
war
Charlotte, N. C. v:■;0; ■r';:
Established 192?
:
The
branch offices
our
for such action be¬
-reason
,
Svyan, F. M. Swan
Teletype NY 1-1288
$-8700
.
-—
Dealers Assn.,
N. Y.
Direct wires to
hold
Ward & Co.
120 Broadway,
(
'
with
—"those purchasers of War Savings
Bonds will be the security inves¬
Security Traders Associa-; any
of
polls will be open from 4:30 to 6:00
Members N., Y. Security
NY 1-1557
alone
reason
one
i;
1
York, N. Y.
former Membbri who again
-great deal of; success in this enV
ftocjks in face of decidedly better
its; becomes engaged/ on employed /as
deavor.
Carl K. Ross, Pres., &
annual meeting arid election of; a trader.,
Any former Member war/news indicates to us that cau¬ Treas. Carl K. Ross & Co., Inc.
tion in making commitments should
officers on Friday, Dec. f4at 5;00| requesting
such • reinstatement
be observed until a clearer picture
/ Portland, Ore. //j.; $.
p.m. at the New York
Produce; shall. make written' application
tion
PR. Mallory
Information upon
year
one
By-Law
The
Wick wire Spencer
Connecticut Lt.
matically terminate, at the end of
STANY To Elect, Vote
be
„
confidence if for
YorfiStocif Exchange
Now Orleans, La.-Birmingham, Alari
However, the long-term' outlook for
Teletype NY 1-672
r f
Members Newt
25 Broad St., New
little interest in invesimerit
securities under existing'conditions.
very
.
Telephone BArclay 7-0100
frank to #lata the public has
am
vtbe: business
Postal
Steiner,Rouse&Co
'
I
Members N. Y. Stock Exchange, and Other Principal Exchanges
115. BROADWAY
' -'
7
NEW YORK
V
Dealers Ass'n
TELETYPE NY
BELL
-
CANADIAN BANK Stocks
Goodbody & Co.
;//;
1920
Exchange PI.. N.Y. -HA 3-2772
40
;
Debardelaben 4s, 1957
BRIEFS
/Boston, Mass/
BROS.
Members New YorH Security
;;
O'Gara Coal Co., 5s, 1955
CANADIAN MINING Stocks-
-
SYts, Serial
Established
i r
CANADIAN UTILITY Bonds & Stocks
Missouri Pacific
Alabama Mills
TYFZST PR
CANADIAN INDUSTRIAL Bonds & Stocks
!
Chas. Pfizer & Co.
KATZ
/
./
CANADIAN RAIL Bonds & Stocks
next
several
pany,! nc.
ration,
has
been
in
its
employ
since 1929.
Portland, Maine
Although Portland is a very busy
city at the present time due to
Building, New Orleans.
the shipyards located here, we, as
Other members of the New Or¬ dealers, have not yet seen any
leans
Regional Committee arc: of this money; however, two of
Geo, H. Nusloch, Chairman; Keehn our largest commercial banks have
W.
Berry; John Dane; Gilbert recently ceased paying interest on
Hattier, Jr.; R. S. Hecht; Walter D. sayings. deposits, and we are be¬
Kingston, Oliver G. Lucasi /Daniel ginning to' get some of this cash
L. Scharff; John B. Shober, and for investment. One way that we
P, H. Sitges.
are
operating; which, we; think j is .
E. S. Lee With Navy
-
Eugene S.
of
the
Lee,
Valley National
Phoenix, Arizona, is
tenant
.
Navy.
napolis
Bank
noW
Commander
in
Commander
Lee,
graduate,
Tucson, Arizona
!
Vice-President
.
a
the
U.
an
Street), where he is
an
East
S.
An¬
is. stationed
(545
of
Lieu¬
in
Third
instructor.
mpwtiHFfwM m
Volume
1875
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4128
156
if"
COMMERCIAL and
!
FINANCIAL CHRONICLE
\
Company
William B. Dana
Publisher
William
D.
Riggs,
twice
Published
Business Manager
Bought
Sold
•
Prospectus
Quoted
*
with
"statistical
a
"
H.
charge of;
Representative,
Chicago—In
offices:
Other
■Fred
Western
Gray,
White, Weld a Co.
,
.40
(Telephone State 0613),!
London—Edwards & Smith, 1 Drapers',
Gardens, London, E.C.
-Field
Buildlpg
25 Broad
1942
Copyright
William
by
Reentered as second-class matter
1942,
25,
ruary
at
War
-
New Orleans Bond Club
1879.
in the rate of exchange, remittances
of
|
NEW
the year 1942-1943:
Vice-President:
nold, Weil & Arnold.
MARKETS FOR
CERTIFICATES
issued
,
NEW
v
TITLE
:
YORK
CITY
MORTGAGE
&
PRUDENCE
i
COMPANIES
COMPANY
Members of the Bond Club 'who
40 Wall
[I
NY
Teletype
Bell
Samuel T.
1-2033
Alcus.
the' armed
...y.-
:r,
^.
A luncheon was given
Ladd
.Ford
T...Hardy, Merrill Lynch,
Pierce, Fenner & Beane.
C. H.
Willett, senior partner
of Bristol & Willett, by the Board
of Governors of the New York
of
Sav-i
ings Bank & Trust Co. •>i
in honor
Meyer
&
&
Security Dealers Association . at
the Bankers Club Tuesday, Nov. 24.
Hyams, 3rd, Hyams, Glas
Carothers.-
L.
V.
;
-
Lamar, Lamar, Kingston;
Labouisse.
;
.
Fred J. McCormac.
E.
Leon
...
•
Brown & Co.
Erwin
A. Palmer
I
V-v-'..
rB.ySi
■".■'•1'
.-
Smith, Jr.
Walter H. Weil,
Inc.
'
•
-
Scranton..
;
Newman,
Schweickhardt,
D'Antoni & Co.
L. B.
\
Kohlmeyer,;
Newman,
Newburger & Co. j ;
Morris W. Newman,
-
•»;''!
•
Jr., Weil & Co.,
and
Bank
;
The
been
«
number of "The
Stock Guide" has just
October
Preferred
issued
by
Saxton
G. A.
&
Co., Inc., 70 Pine Street, New York
City. The "Guide" which contains
Meyer
Offices of the
quotations, price range, dividendinteresting
Willett
will
ner
Association
The
DEALERS ASSOCIATION
in
presenting this tray
'
to
-
MEYER WILLETT
record their affection and esteem
;for him, and
tion
their deep apprecia¬
of:his constant and untiring
'
efforts to further the
Street, New York City, have just
a memorandum on the lat¬
issued
est
developments in Seaboard Air
Line Railway
work of the
'Association and the securities in¬
dustry.
which may be
upon
request.
S.
Conning,
of
Co.
Ctfs.
Co.
Ctfs.
Title
Co.'s
other
Trust
Participations
39
Broadway,
HAnover
New
2-8970
York,
N.
Y.
J-120S
NY
Teletype
Offerings Wanted
Canadian
27
Nov.
3:45
at
Institute
York.
p.m.
of
Securities
on
at the New
Finance,
20
New York
City
District No.'4: James M. Dain, J.
(room 902)
to discuss practical
M. Dain & Company, Minneapolis,
and William Mannheimer, .Mann- .suggestions for tax adjustment in
investment
accounts
under
the
heimer, Caldwell, jlnc., St. Paul,
Revenue Act of 1942.
resigned,
to * be
succeeded
by
H. ,L. Federman, head of the
Charles-. A.
Fuller,
Charles A.
Statistical
Department
of
Ira
Fuller- Company, Minneapolis, and
Haupt & Co., and Frank Saline
Sidney H. Henderson, Hendersonassociated with Myles H. Vernon,
Weidenborner Company, St. Paul.
member of the New York Stock
District No.
5s (Kansas, ..Okla¬
Exchange, will point out the prac¬
homa, Western Missouri): .Walter
tical implications of the Revenue
I. Cole, Beecroft, Cole & Company,
Act of 1942 as affecting security
Topeka, and A. E. Weltner, A. E.
portfolios. Time has been allotted
Weltner \ &
Co;,
Kansas ; City,
for questions.
elected to vacancies on the Com-'
Municipal and
Corporation Issues
Street,
Bids
Firm
in
Made
American Funds
mittee.
V'':
.
.^District No. 6 (Texas): Lewis. Curb To Decide Disposition
Pollok,; George
V. Rotan Co.,
Of Delinquent Memberships
Houston, and John D. Williamson,!
Mahan, Dittmar & Company, San;
The Board of Governors of the
Antonio, elected to Committee; J. New York Curb Exchange at its
L.Mosle, Mosle and Moreland,, meeting held on Nov. 18 trans¬
Ditt¬
mar,'of Mahari, Dittmar & Com¬
pany, San Antonio, resigned:
Inc., Galveston, and Elmer A.
7
Louis-,
St.
East
J. MountSecurities
elected to
(Arkansas,
Committee to succeed John D. Mc-
Cutcheon,
D.
John
McCutcheon
Co., Inc., St Louis; James R.
Vinson, of J. R. Vinson and Com¬
and
pany,
Incorporated, Little Rock,
Company, copies of
had from the firm
chairman,
ferred to its
Bonds
Canadian
In
&
Stocks
Opportunity
For Salesmen
high grade salesmen, pref¬
Four
erably with investment trust ex¬
perience, wanted for Miami and
Orlando, Florida, territory.
cellent
Ex¬
Write giv¬
opportunity.
ing full particulars to advertiser,
Box
change said, on acquisition of such
25
H 21,
Financial Chronicle,
Spruce St., New York.
seats, the trustee offers them for
However, because the three
seats transferred
to the trustee
sale.
were
held by members now serv¬
ing in the armed forces, no such
disposition of them will be made,
and final decision will be a matter
future
consideration
for
Board of Governors.
,
WH. 4-8980
Teletype N. Y. 1-142
Specializing
berships, the seats of three regu¬
lar members.
Ordinarily, the Ex¬
annual election.
v
trustee
disposition of delinquent mem¬
for
resigned; vacancy to be filled by
•
as
CHARLES KING & CO.
61 Broadway, N. Y.
by
the
Available
Man
long experience in
with
securities business
desires to
v
"News & Views"
The
latest
Views,"
District
Robert J. Mc-
10:
No.
&
Co.
Seventh
issue
of
"News
by Butler-Huff
California, 210 West
released
of
Street,
Los
Angeles,
Calif., contains a discussion of re¬
cent events affecting Home Insur¬
Company and other insur¬
companies. Copies of this in¬
teresting
bulletin may be had
ance
become
high
associated with
grade firm in trading or order
been
At present con¬
firm and has
doing so for many years.
Box
M
department.
ducting
own
25,
Chronicle,
The
Financial
25 Spruce Street,,
New York,
N. Y.
ance
C. Willson & Co.,
Bryde, Jame£
resigned
Louisville,
Committee.
District
J
-
No.. 12
from
the
from Butler-Huff & Co; upon re¬
quest..
.
(Pennsylvania,
■Delaware):' Nathan
K.
Parker,
Presidency of the Association, and Chairman,, of Kay, Richards &
Clarence E. Unterberg also re-)
Company,.
Pittsburgh,
resigned.
ferred to the large contribution of
William
K.
Barclay, Jr.,
Stein
time and effort Mr. Willett has.
given over a long period of years,, Bros. & Boyce, Philadelphia, suc¬
Lamm, Guthy Co. To
Be Formed In New York
Exchange
firm of Lamm, Guthy & Co. will
be formed in New York City as of
Dec. 1.
Partners in the firm will
be: Harold J. Lamm and William
Federal Water
and Gas Corporation
The New York Stock
Common Stock
Bought
—
Sold
—
Quoted
CRA1GMYLE, PINNEY & CO.
Members' New
York
Stock Exchange
•
COl
INC.
Members New York Security Dealers Ajsn.
Customers'
Philip L. Carret, James Currie, Frank Dunne, and made particular mention of ceeds. Mr. Parker as Chairman.
Tracy
R.
Engle, Frederick C. the service he rendered the indus¬
Joseph Buffington,- Jr., Young & H. Guthy, both Exchange mem¬
Kraehling, John J. O'Kane, Jr., try in connection with the estab¬
Co., Inc., Pittsburgh, succeeds Mr. bers, general partners, and Cath¬
Fred J. Rabe, John F. Sammon, lishment and development of an
Barclay as Vice-Chairman.
Wil- erine Lamm, a limited partner.
.Robert Strauss, Clarence E. Unter- accurate quotation system,
a
Mr. Lamm was formerly active as
Mr. Willett in responding re¬ lard S. Boothby, E. H. Rollins &
berg."
an
individual floor broker.
Mr.
Frank Dunne, who presided, ex¬ called some of his experiences Sons, Inc., Philadelphia, elected to
Guthy was an. individual floor
while serving on various commit¬
pressed his gratitude to Mr." Wil¬
succeed John C. Bogan, Jr., Sheri¬ broker and prior thereto was a
tees and assured the Governors of
lett for the cooperation he had re¬
partner in D. H. Silberberg & Co.
his 'continued cooperation.*
dan, Bogan Co., Philadelphia.
ceived since he had assumed the
"Harry R. Amott,
Title
Mtge.
L. 1. GOLDWATER &
Part¬
Brokers of New York will meet
.
;
William
be
all
In
Ctfs.
Co.
Complete Statistical Information
Customers Brokers To Meet
Broad
Qistrict No. 8: William W. .Mil¬
\
AT silvei salver bearing, the fol¬ comparative figures, arranged in ler,; Gavin L. Payne & Company,
lowing-inscription and facsimile tabular form, -may be had; upon Int^ Indianapolis, elected to the
'signatures of the Governors was request by writing to G. A. Saxton Committee to succeed G. William
& Co.
Raffensperger, of Raffensperger,
■ ■;•. ;•
•presented to Mr Willett:
Hughes & Co., Inc., Indianapolis,
J "THE BOARD OF GOVERNORS
resigned; Eugene McGuire, McLatest On Seaboard Ry. i Guire, "Welch & Company, re¬
of the
NEW YORK SECURITY
Van
Tuyl & " Abbe, 75' Wall signed from the Committee.
information and other
firm will be
new
&
Invited
Mtge.
of Conning
Company.
located at 50 Lewis Street.
•
Missouri,: Kentucky):.
ford
Aull,
Bankers
Jr.
] Preferred Stock Guide
,
&
In
the Committee,
on
'
Company,
.
Bond
ley will form the new Exchange
firm of Conning & Company and
Ballard with partners
Specialists
Lawyers
Stock
Exchange, and W. Thurston Row¬
'; District No.
:
L. M. Williams,
York
New
.
r,
r
Louisiana
Dinkins,
.
D'An¬
Blaise S. D'Antoni, B. S.
toni & Co.
„
Meyer Willett Honored
By N. Y. Dealers Ass'n
4-6551
-
Alcus, Jr., Waters &
■
the
Lawyers
in various. Districts fol¬
;£:"
$C: y ■':• \
forces are:"•" '■
WHiteball 4-630)
St., N. Y.
in
serving
now
are
Exchange
Stock
York
of
member
i District
No. 2 (California, Ne¬
Newman, Brown & Co.; Stanley SJ,
vada): Willis H. Durst, O'Melveny,
Carothers, B. S. D'Antoni & Co.;
Durst,. Inc., Los
John P. Labouisse, Lamar, Kings-I Wagenseller &
ton & Labouisse; and James E! Angeles, elected to "fill unexpired
term of Donald O'Melveny, de¬
Roddy, Scharff & Jones, Inc.
!
'
Newburger, toeb & Co
New
Associa¬
Dealers,
Aro
Inquiries
the dissolution of Ballard &
on
Dec. 3, Eugene Ballard,
Co.
Spokane.
ceased.
Members
National
CONN.—Follow¬
HARTFORD,
ing
Inc.
the vacancies
Directors: William Perry Brown^
COMPANIES
WHitehall
REAL ESTATESECURITIES
Frank A. Bosch, William C.
Goeben, John D. BritWarren Bosch & Floan, Portland,;
ton,
Eugene
Ballard,
and
W.¬
also resigned.
Fred M. Blanken- Thurston
Rowley.
All partners
ship, -Blankenship & Gould, Inc., will make their headquarters in,
Portland, and June S. Jones, At¬ Hartford.
kinson, Jones & Co., Portland, fill
-
*
:
merce.
by
& TRUST
BANK
& Co.,
Ar¬
Secretary-Treasurer: B. Frank
Williams, National Bank of Com-4
ALL MORTGAGE
,
;
Wilson
H.
the
Securities
District No. 1 (Idaho, Oregon,
Washington): Richard H. Martin,
Chairman, of Ferris & Hardgrove,
resigned.
He was succeeded by
George R. Yancey, Murphy Favre
■
Woolfolk, Huggins & Shober.
war duties of
brought a number
the District Com¬
low:
President: G. Shelby Friedrichs,
Real Estate Bonds
of
of
Changes
the Bond Club of New Orleans for
In New York fundi.
changes An
tion
ORLEANS, LA.—The fol-j
officers were elected by;
lowing
■,
mittees
Members In Service
advertise¬
and
subscriptions
'foreign
ments must be made
Elects New Officers;
for
STREET, NEW YORK
We
And Ballard To Join
Military and other
members have
'
Subscriptions in United States and'
•Possessions $26.00 per year: in Dominion
of Canada,. $27.50 per year; South and
Central
America,
Spain,
Mexico and
Cuba, $29.50 per year; Great Britain,'
Continental Europe (except Spain), Asia,
.Australia and Africa, $31.00 per year.
NOTE—On account of the fluctuations
99 WALL
Exchange
Changes In NASD Conning & Company
District Committees
Feb¬
office at
of Mar.:
post
the
Members New York Stock
*
Telephone:
Teletype NY 1-1584
New York, N. Y„, under the Act
3,
Liberty 7767
WHitehall 4-4900„
Dana
B.
'
Boston, Mass.' 1
York, N. Y.
Company.
MILLION
Street, New York
Teletype NY 1-5
Telephone HAnover 2-4300
111 Devonshire St.
Wall Street
New
A
Spencer Trask & Co.
request
on
•
advertising issue)!
issue on. Monday]
j
day (general news and
*
Victory!
THANKS
PREFERRED STOCKS
Thurs¬
Eevery
week
a
t
1942
26,
November
Thursday,
Nearer
INDUSTRIAL
Common Stock
President
William Dana Seibert,
*
AMD COMPANY
Week
Preferred Stock
Herbert D. Seibert.
Editor and
licmtnsifiti
-
High Grade
6% Convertible
3-3341
BEekman
offerings of
One
Spruce Street, New York
25
interested in
are
■J
CORPORATION
Publishers
j
We
Elastic Stop Nut
S. Patent Office
U.
Reg,
r
ONE
WALE
ST.,
NEW
YORK
Telephone WHitehall 4-5290
THE COMMERCIAL & FINANCIAL CHRONICLE
Bought
—
Sold
Dr.
—
Quoted
PERSONNEL ITEMS
Forty Wall Street Building
Pepper
New York
Republic Insurance
City
If you contemplate making additions to your personnel, please
send in particulars to the Editor
of the Financial
New Mexico Gas Co. Com. & Pfd.
Illustrated
Great Southern Life Ins. Co.
Thursday, November 26, 1942
Analysis
request
on
Chronicle for pub¬
lication in this column.
Southwestern Life Ins. Co.
(Special
Dallas Ry. & Ter.
All Texas
6% 1951
Seligman, Lubetkin & Co.
Utility Preferred Stocks
chese
Incorporated
Check
us
Southwestern Securities
on
Members New
RAUSCHER, PIERCE & CO.
DALLAS,
TEXAS
York Security
to
The
Financial
Chronicle)
is
with
Ilarriman
Dealers Association
&
Brown
Co.,
10
New York
Telephone HAnover 2-2100
Teletype NY 1-592
Post
Office
to The
Financial
Chron'cle)
has
become
associated
with
Dempsey-Detmer & Co., 135 South
REAL ESTATE SECURITIES
Salle St.
REAL ESTATE BOND SINKING FUNDS
Co.
<$■
Bell
System
Teletype—-SL 80
Wright
has
Rawson
Lizars
the Trustee operating the sinking fund.
Two outstanding sinking funds that
La Salle St.
have already taken place this
over $182,000 face
amount of bonds and the Hotel St.^
which
accepted
over
$370,000 worth of bonds.
One issue, namely the Roxy
Theatre, operates a sinking fund
Louis Stock Exchange
A
the middle
able
Mor¬
have
___
50's,
amount
that
so
of
should
be
AA
May
___
4
May
—
6
Apr
««
(1
44
Walter Whyte
it
Says
tt
it
it
44
44
tax
selling is
wholly responsible for present
market action. Deeper reasons
involving international poli¬
tics probably at fault.
Con¬
sider market low within
By
sight.
WALTER WHYTE
It's
comforting
week
after
market
write
to
week
is
the
Feb
that
9
Mar
11
Aug
12
Mar
.'t
it
believe
May
8
4t
ti
Don't
7
13
Jun
14
Apr
15
Mar
16
Apr
17
Feb
18
Apr
—
—
—
___
___
— ___
Oct
71,000
100,000
Oct
—
___
*
July
115,000
Oct
360,000
Apr
122,000
May
—
85,000
114,000
Aug
—
83,000
..
*
Over the years
hammered into
ciation:
Butler
Hall, Garment Center,
Graybar Building, Harcou Estates,
Herald
Square Building, Lewis
Morris
Apartments,
Pierrepont
Hotel, Realty Associates, 2 Park
108,000
50,000
_—
Aug
107,000
I've had it
that to in¬
me
January
Eton
Oct
262,000
vJuly
•_'?
Alden,.. Carnegie
Lodge, m ' /;
■
quick¬
est way to red ink. Time and
again I found this to be true.
But the times I refer to
in
the
light of present day
developments, normal ones.
May
London
Corp.,
Nivelle Corp., 61 West 39th St.
Terrace, Macrid
Today's markets are faced
conditions they never
had to cope with before. Prec¬
with
edents
Wars
almost
are
not
are
useless.
Markets
new.
have gone through them be¬
fore. But the underlying con¬
ditions that
on
are
so
brought this
different
ordinary yardstick
plied.
♦
Last
*
summer
one
that
no
be
ap¬
can
Hotel Taft.
with the out¬
look a-deep
indigo, averages
hovering
around the
100
(Dow) figure, this column
recommended
buying.
Through all the succeeding
months it kept repeating that
stocks be held, though within
certain
limits.
Well,
you
v
,,
:
;
'
*
But if the
the
help.
but
inside
were
Bank
to
Building.
The
Financial
Chronicle)
and
John
F.
R.
Lane
D.
associated with Ed¬
Jones & Co., Boatmen's
Jordan
8c
McKinney;
past he conducted his
in
own
the
invest¬
ment counsel business.
.:
2nd
September
REAL ESTATE
*
Bell
PL.,N.Y.
D.
Com.
John
C.
Expansion of
operations, com! fortable financial condition, and
satisfactory profits are reported on
Pollak Manufacturing Co., accord¬
ing to Ward
Co., 120 Broadway,
New York City, which states that
this company has been a produc¬
tion leader in the Metropolitan
district in getting the "Double E"
.
;
with
Inc.'
an
City,
Prior
thereto
he
Campbell, Phelps & Co.,
Milton F. Lewis,
formerly with
Co.,- Incl, and Dis¬
Group, Inc., has become
G. A. Saxton &
tributors
their
public utility department.
Test For Good Fire Stock
Buckley Brothers, 1529 Walnut
St., Philadelphia, Pa., members of
Philadelphia Stock Exchange,
just issued an. interesting
memorandum
a
on
the ten tests for
good
fire stock and
Standard Fire Insurance
of New
how
the
Company
Jersey meets these tests.
are
comparative figures
growth, earnings, and divi¬
Included
on
dends of the company for the
past
ten
of
years
as
well
Standard's
folio.
as an
analysis
investment port¬
duction
uled deliveries.
sibilities at this
time, may be had
from the firm upon
request.
Ward &
issue
Co.
and
pos¬
specialize in this
their
files
contain
timely information which may be
| had upon request for Memoran¬
Teletype NY 1-953
as
Y.
Copies of this memorandum
on Standard
Fire of New
Jersey,
which Buckley Brothers
consider
offers particularly attractive
because of
quality and quantity of pro¬
and the six plants now
operating keeping ahead of sched¬
DIGBY 4-4950
N.
Mr.
recently been in
individual dealer
Wright,
the
Exchange
business
was
department.
has
have
award from the Navy
SHASKAN & CO.
bond
Doehling
the
*
Members New York Stock
David
Pollak Mfg. Looks Good
SECURITIES
*
Schollen-
(J. G.) Arthur J. Zuber,
Goodbody & Co.
;'r.-'.
MARKETS IN
Exchange,
beginning Nov. 30, in their mu¬
nicipal
Lieut.
D;
November
of the New York
Stock
associated with the firm in
Lieut.
Lieut.
Berkly Carteret, Nivelle Corp.
TRADING
Herbert
Haupt Go.
Doehling will be asso¬
ciated with Ira
Haupt & Co., Ill
Broadway, N. Y. City, members
Keane & Co.
National Tower Building, Hote
St. George,
'../•• ■ .v'
.
Lieut.
Williams,
Campbell McCarty 8c Co.
1
Hall, Coney Island Thea
tre, Film Center Building.
;:-.v
With Ira
John P.
dum No. 263.
Mexican Newsmen
Eight
at
NYSE
Mexican
newspapermen,
guests of the United States Gov¬
were
York
welcomed to the
Stock Exchange by
The changing. Having reached the SEC Revokes Registrations Emil Schram, President, and by
Robert DeF. Boomer, Chairman of
up to across 117. 114-116 range, the objective
The broker-dealer registrations
the
Exchange's
Inter-American
forecast here on Sept. 24th, I of Wight & Co., Asbury Park,
*
*
Hospitality Committee. The news¬
N. J., and Seybolt & Seybolt, Inc.,
began to advise cashing in.
papermen, representing Mexico's
market went
up
was
Stalingrad.
the
cock
of
The
were
being
Oddly enough the
chased
news
be¬
gan to improve..-The United
Nations
were
the in Egypt.
walk in the Pacific. And the
British
Chronicle)
become
happened.
hardly any
The Germans were all
news
Financial
its
New
market went
The
LOUIS, MO. —Thomas
ernment,
know what's
Pacific
Building. Mr. Ferrenbach
formerly with Gatch & Co.
predecessor, Gatch Bros.,
was
and
in
berger, Jr., Campbell McCarty 8c
Butler
Corp..
Gramott
Herald Square Bldg.
Japs
*
Hall,
.
Co.
dorp., Hotel Lexington,
40 EXCHANGE
June
Butler
.,
Co.
2nd
April
were
ST.
Grant & Co.
Eton
Hall, Ten Broeck Apart¬
Kramon Development, 48th St.
Realization, Master Printers.
Northern
Doehling and Lewis
Major Kenneth H. Owens, Van
•
Plaza,
ments.
the
to
(Soecial
of
Co.
March
was
members
are
Major Fred O. Guider, Keane 8c
100,000
—— —
.
,
terpret the news, or antici¬
New Weston Hotel, 6th and 4th
pate it, without regard to
Street, Tyler Building.
market action
RAPIDS, MICH.—Wil¬
Harry B. Buckle, Allman
ton 8c
90,000
October
Bevoc
For many
associ¬
was
Bank
Major Thomas S. Clayton, Clay¬
70,000
Avenue.
:
Chronicle)
Security Traders Asso¬
.
Pvt.
August
February
Financial
following
National
$68,000
*
*
"
Detroit
Securities
Traders
Association who are now serving
in the armed forces. The Detroit
Association is an affiliate of the
129,000
Bretona
Corp., Courtlo Operating,
Eton Lodge, Locust Arms, Prince
and the end of
& Lafayette, Rhebem Theatres,
that matters .to the world of
Stuart Court, 320 East 57th St.,
finance.
34 South Goodman.
.
July
102,000
122,000
ow:
December
the
of
Everham & Co.
July
July
Aug
May
July
81,000
134,000
(Special
South
135
Simonton
ORLANDO, FLA.—Leo
the
100,000
137,000
___
The
$102,000
mmm
129,000
80,000
101,000
156,000
___
k
Co.,
Mr.
with
Florida
NSTA Service Flag
issues this year are very interest¬
$46,000
A partial list of possible sink¬
ing, fund operations listed accord¬
ing to month are enumerated be-
the
beginning
everything
___
,
Chronicle)
ing funds in the Prudence group
The amounts available. for
$70,000 with which to pur-, ing.
chase bonds.
The securities are sinking fund were as follows:
Series
Financial
Railway.
E.
Curtis, Peoples National Bank
Building. Mr. Ewing was formerly
over
Tomorrow's Markets
&
Frank
the • staff
—
&
following exceptional sink¬
The
Ferrenbach
to The
GRAND
consider¬
a
bonds
to
J. Sheehan has been added to the staff
of
United
Securities
Corporation.
liam L. Ewing has become affili¬
ated with Paine, Webber, Jackson
accepted.
The
good sinking fund operation
—
V
Marquette Avenue.
ated
ward
(Special
currently quoted in the market in
month!
every
will take place in the Lewis
ris issue on Dec. 1.
They
1
——
pre¬
807
years
have
have been the Hotel Taft, which accepted
George,
Members St.
ILL.
joined
tages enjoy an annual, or semi-annual, sinking fund. Usually a bet¬
price can be obtained by making a tender to
year
was
with Stein, Brennan & Co.
CHICAGO,
ter than current market
6O9 OLIVE ST.
Mr. Cahill
(Special to The Financial Chronicle)
Some New.York real estate bonds in addition to their other advan¬
SAINT LOUIS
(Special
viously with Bear, Stearns 8c Co.
and prior thereto for a number of
years
Cray, Mc-
,
MINNEAPOLIS, MINN,—James
(Special
La
-
C. Simonton has become connect¬
ed with J. W.
Goldsbury & Co.,
CHICAGO, ILL.—John E. Cahill
or/x
Fawn & Co.
Brothers
Square.
41 Broad Street
Ft. Worth-Houston-San Antonio
ST. LOUIS
local representative for
BOSTON, MASS.—Edward Mar-
making
We
a
were
stand
finally
licking the tar out of the Japs
Springfield, Mass., have been
voked
re¬
the Securities & Ex¬
change Commission. The Wight
firm had already been enjoined by
the Chancery Court of the State of
New Jersey, and the Seybolt com¬
pany
by
the
Federal
District
by
most
important newspapers, Ex¬
celsior, El Popular, Novedades, La
Prensa and El
Nacional, have been
in this
country for the past week
and are
commencing a month's
tour of America's
war
industries.
Court of Massachusetts.
and the Red army was
giving
Frank Meyer With Beer Co.
(Special to The Financial Chronicle!
plenty of grief. The
To Be Mabon Partner
So I kept ad¬
NEW ORLEANS, LA.— Frank
vising holding, but kept my market, meanwhile, instead
Mabon &
Co., 50 Broadway, Meyer has rejoined the staff of
fingers crossed by giving you of reacting, sagged, slightly New York City, members of the Beer & Co., 817 Gravier St., mem¬
New York Stock Exchange, will bers of the New York
and New
stops.
then went up again. Forecasts
shortly admit Peter F. Dunigan to Orleans Stock Exchanges.
*
*
*
Mr.
of big markets ahead became partnership in their firm.
Mr. Meyer was formerly New Orleans
Dunigan
will
act
as
alternate
on
A few weeks ago the mar¬
representative for First Investors
the accepted thing.
the floor of
the Exchange
for Shares Corporation and in the
ket
picture I saw began
(Continued on page 1887)
back almost to Cairo. Still the
market went up.
the Nazis
Rudolph Nadel.
past
was
with Beer & Co.
Volume
156
Number 4128
•
Our Reporter
1
THE COMMERCIAL & FINANCIAL CHRONICLE
'
1877
On "Governments"
(Continued from first page)
the
and
bang.
biggest financing
in
world history will go
..."
:
i
%
over
-
with a
Seaboard AH Florida "A" & "B" Bonds
.
ISSUES
TIIE
all the facts and
You have
figures
on
Bralorne Mines
the various offerings by
naturally, and it is to be taken for granted that you have made
up your mind on what you're going to buy and in what amounts. . . .
To recapitulate, however, adding some of the insider comments,
here's the setup for the December-January transaction:
Kerr Addison Mines
now,
There
Noranda Mines
PFLUGFELDER, BAMPTON & RUST
15, 1968, callable 1963, to
registered form, to be available to all buyers
Members
the "on sale" 2V2S of Dec.
are
be issued in coupon or
Sleep Rock Iron Mines
61
except commercial banks. Books will be opened Nov. 30, will re¬
several weeks, possibly until a few days before Christmas.
York
New
Stock
New York
TelephoneDIgby 4-4933'
main open
Sun Life Assurance
Exchange
Broadway
Bell
RAILROAD
REORGANIZATION
Teletype—,NY 1-310
HART SMITH & GO.
52
SECURITIES
WILLIAM ST., N. Y.
Bell
Committees will concentrate on sales of these and
the entire market will be gone over with a fine-tooth comb. Esti¬
The Victory Fund
Teletype
New York
' HAnover 2-0980
NY
1-395
Montreal
Toronto
mate is that in the New York district alone, insurance
companies will
take $750,000,000 of the bonds and non-bank buyers other than insur¬
ance companies will boost the total of purchases in this district' to
$3,000,000,000. Total purchases ' may hit $3,000,000,000 and maybe
more
but this last is
a
RAILROAD
completely in-the-dark guess.
the %% certificates of indebtedness, due one year
from date of issuance.
For commercial banks, books on these
V/
v
"There
will
be
hood that there will be
are
The
Subscriptions from
opened Dec. 16, will close Dec. 18.
banks will be restricted to $2,000,000,000
with subscriptions over
$100,000 to be allotted on a percentage basis. There is no limit on
purchases by non-bank sources and allotments to these buyers
will be in full. Corporations are expected to buy large amounts
;
of these.
The
There
c.
the
are
>
i. market is in excellent shape.
1%%
bonds due June 15,
1948.
For commercial
banks, books will be opened Nov. 30, will close Dec. 2. Subscriptions
from banks will be limited to $2,000,000,000 with subscriptions over
$100,000 to be allotted on a percentage basis.
There is no limit on
subscriptions by non-bank sources and allotments to these buyers
will be in full. The l%s may be compared with the 2s of March 15,
1950/48, currently selling at 101% to yield 1.74% to call date. These
are attractive bonds, to corporations and estates as well as banks and
should be bought in large quantities by non-bank investors.
Books
purchases of these
on
other than commercial banks open
l%s and the 7/s% certificates by
Nov. 30, probably will remain open
during most of December.
Then, in addition to these three new special issues, there will be
campaign covering the war bonds, tax savings
notes and discount bills.
Particular emphasis will be laid on the
;
the intensified sales
series F and G
war
bonds.
THE MARKET
year.
ings
should
the list.
least
won't
There
market
one
boom that culminated in 1937.
after
financing
until
February,
giving
the
of the longest breathing spells it has had since the war
In the face of the
all intents and purposes
are
no
than
more
To
the bonds
Reading
Company, as the
pledged collateral (common stock
of
Central
Railroad of New Jer¬
.
,
.
issues
of"
nated
of
in
that
eventual
road
reorganization
Chicago, Rock Island
unless
is
there
a
has
ance
obviously, lies in
question of maturity which
assumed such great import¬
answer,
of
all
the
but
level in five weeks.
1
WALL
WHitehall
STREET,
3-3450
NEW
YORK
Teletype: NY
-
off in cash..
.
Banks in New York,
basis it is
a
In the meantime, com¬
buying would be calculated
to afford strong market support
even in periods of general weak¬
pany
New Curb Governors
The
and
MINNEAPOLIS &
that Herbert
(in reorganization)
Minn.
&
Minn.
& St, Louis New 2nd 4s, W.l.
Louis
Minneapolis
Minneapolis
Minneapolis
Minneapolis
& St. Louis
1934
5s
& St. Louis 4s 1949 "
& St. Louis 5s 1962
Central
Iowa
Central 4s
Moines
Com., W.I.
& St. Louis 6s 1932
Iowa
Des
New
5s
&
1938
Dodge 4s
1935
Frederic H. Hatch & Co.
Wall
Street
Bell
New
Class "A"
Governor;
Wilson
S.
of
Mont¬
Scott &
Co., Paul L.i
Hughes of Gude, Winmill & Co:
and
Caspar C. de Gersdorff of
Harris, Upham & Co. were elected
Class "B" Governors.
They will
serve the unexpired terms, respect
of '
tively,
Alpheus
who
York, N. Y.
Teletype NY l-8!>7
Charles
C.
N.
Beane,
and
Herbert
resigned
creased
activity in the
"A"
Governors
the
Board
of
regular
Exchange,
Class UB" Governors
in¬
effort.
war
are
W.
Wisner
L.
because
year
of
Jess
the
from
the
members
Phelps,
Jr;,
during
Class
Incorporated
63
vantage point
William
Sweetser
1951
Fort
a
gomery,
ST. LOUIS RAILROAD
St.
Curb Exchange
G. Tully
New York
elected
was
.
From the present
On such
announces
,
.
net
appropriations
for out of earnings over the next
1-2050
though, do not expect easy position to con¬
it
seems
that
there
should
be
tinue for long.
77: It has been due to lack of Treasury borrowing
Between now and 1951
recently and some inflow of funds from the interior. . . . New bor¬ ample confidence in the full pay¬ to run.
ment of the principal of the Read¬ there are five divisional liens fall¬
rowing will change situation. . . 7 7 77;7'7 7;7
7777/7/7
ing Jersey Central Collateral 4s, ing due but the aggregate amount
Morgenthau complimented widely on timing of deal and
1951. For a number of years the outstanding amounts to only $11,fact that announcement came several days before date set for
company has followed a policy of 398,000. There is only one sizable
actual sale.
Beginning Nov. 20, salesmen, banks, dealers in
open market purchase of this is¬
maturity in the group and that is
> all parts of the United States were lining up their customers. . . .
sue and the purchase program has
the $9,169,000 of Philadelphia &
Even by now, sales figures are pretty well worked out. . . . By
been, accelerated..consistently
as Reading Improvement 4s due in
time books open, the deal will be well set-r-an excellent situation
the
earnings -improvement has 1947. This is a very strong non] considering the urgency of success and the comparative unimgained momentum,. By the end of callable lien selling at a premium
| portance of the surprise technique these days. ...
.
last
year
the company has ac¬ so that .diversion of any open
f
Old tap 2VzS holding up well. f, 7 V Selling at 100%.-7/. . Proba¬
quired $3,878,000 ■ face value of market buying by the company to
bility is issue wouldn't be so steady were it not for the registered fea¬ the bonds, reducing the amount anticipating the principal is not
ture of the loan, which militates against sales. . y .
outstanding to $19,122,000. In the feasible. The quality of this divi¬
Treasury tax note sales totaled $200,000,000 in first 17 days of current year the company divert¬ sional is such that
refunding, per¬
November against total sales for October of $921,000,000. . . . Great ed a portion of its excess cash
haps at a saving in interest, should
sales effort will be made to put these over, but adverse factors are funds to retirement' of other
not prove difficult in any event. *
sys¬
(1) Christmas spending and (2) doming tax payment. . ». V Even so, tem debt ($3,514,000 called for re¬
It is currently estimated that
sales for first 17 days are mighty; close to monthly totals chalked up demption or
paid off at maturity)
Reading's 1942 earnings will run
earlier in the year.
\
; •
.■,
but, nevertheless, has apparently between
$13,500,000 and $14,000,f
War bond sales for same period were $330,500,000. . . . Decem¬ bought in roundly an additional
000, leaving a balance of from
ber sales of these will be held down by same influences but good
$2,500,000 of the Jersey Central
$9,300,000 to $9,800,000 after divi¬
record is expected.
And January .sales will.be heavy due to Collateral 4s.
It seems entirely
dends at the current rate. Out of
early-year investment by those buying up to the/maximum allowed possible that by the end of the
these earnings it is believed that
of the Series E issue.!.
•
i •
current year the obligation may
at least $6,000,000 of debt, in ad¬
be reduced to approximately $16,dition to regular serial payments
000,000....
7
•
on equipments and one note issue
foreign service officer of the State
C. K. Morris In Service *
From a maturity standpoint the
Department.
He later became a
Lieutenant Charles K. Morris, foreign service officer of the De¬ Reading Company is particularly
;
entire
the
be available for debt
now
of Collateral 4s could be provided
LEROY A. STRASBURGER & CO.
strongest
.
that
dividend
to
fixed
ness.
in investment feeling towards
bonds
annual
two years.
& Pacific R. R. Co.
drastic
change in the reorganiza¬
tion philosophy of the ICC and
the courts. Nevertheless, the bonds
have pushed 10 points ahead of
the obligor's mortgage bonds.
(equivalent
twice
so
of
quite possible that the entire issue
.
.
,
all
charges)
at
balance
been built up to
now
than
more
the
levels
retirement.
financings
new
in
sey) will unquestionably be elimi¬
this deal is completed and before the next one comes,
no
markets
debenture of
a
has
high
should
the
Feeling is prices will fluctuate more normally after
credits
in
the
past few years.
for there'll be
More and more the general run
on the immediate calendar and lots of portfolios
of investors has come to ignore
will be readjusted.
the question of mortgage protec-l
From now on, financings will be on a bi-monthly basis, an inno¬
tion in the case of the so-called
vation long urged and devoutly to be desired. . . .
marginal properties, and, • more
The Treasury began November with $3,500,000,000 in cash, will
strangely, appears to ignore the
feet $9,000,000,000 from this deal/another $2,580,000,000 from income
implications of the favorable in¬
tax payments and other revenues in December.
.
.
.
Feeling is the fluence on
good mortgage bonds
total will be ample to carry the Treasury through until February. . . .
of the general strengthening of
Excess reserves position of New York banks considerably easier
credit that must follow if, as the
now.
Last report showed surplus funds in this recently hardmarket apparently
believes, the
pressed district up $150,000,000 in week to $515,000,000. . . . Excess shorter maturities are to be
paid
reserves for country as a whole at $2,490,000,000 now, the highest
Started.
We maintain net trading
Cash
very
maintained
be
throughout
the war period.
.
another
be
among
development of at least a modest peace
psychology, augmented by the apparent incidence of the usual yearend tax selling, this issue has been selling at successive new 1942
highs. In fact the bonds are selling about 10 points higher than in
any
year
since the speculative
the
••
ma¬
consist¬
ently higher in recent weeks of general uncertainty in this section of
The
INSIDE
any
terial contraction in
earnings next
On the contrary, high earn¬
Reading Jersey Central Collateral 4s, 1951, have been
the few spots in the marginal railroad group able to move
*
,
maturing at the rate of $350,000 a
year, has been or will be retired.
There is nothing now in the pic¬
ture that would suggest the likeli-
SECURITIES
and
associate
are
.
,
«
.
«
members
of
or
regular
non-member partners
associate
or
member
firms doing business for the pub¬
lic.
'
'.'7'
"7.
;
"
'■
.
.
Defaulted RR. Bond Index
The defaulted railroad bond in¬
dex
of
Rust,
City,
for
44;
Bampton
Pflugfelder,
61
Broadway,
shows
Jan.
1,
the following
low—14%;
Nov.
price—
25
'7
range
high—
1939, to date:
40%;. 7
&
York
New
'77/7:- 7/:
Multz In New York
...
...
.
Harry Multz is engaging in an
Investment business from offices
at 208 West 56th
St., N. Y. City. 7
.
A Timely
Suggestion
t
v
•
for DEALERS
•
States Naval Reserve,
United
has
reported at Dartmouth College for
indoctrination.
The Chicago
Charles
K.
investment firm of
Morris
&
Company,
Inc., which Lt. Morris established
the first of the year 1938, has sus¬
pended business for the duration
inasmuch as all other principals of
the firm left previously to join the
armed forces or to enter govern¬
ment service in a war capacity.
•
Lieutenant
Morris,
upon
his
partment of Commerce and served
welL
in this
the further
capacity in Constantinople,
Paris, London and in British West
Africa. He returned in
September;
1929, to enter the securities busi¬
ness.
He is secretary of the. Bond
Club of Chicago.
situated
to
concentrate
on
reduction, and event¬
ual payment
,of the Collateral 4s.
Of
total
direct
non-equipment
debt of $108,000,000
(taking the
Collateral
standing
4s
at
the
of the
amount
end
out¬
of
1941);
$74,404,000 is represented by the
as
General 4V2S which have 55 years
N. Y. Stock Exchange
Weekly Firm Changes
The New York Stock Exchange
C.
after
which
he became
a
proved-as alternate on the-floor
brokers
on
we
blocks
Invite inquiries
or
PRODUCING
odd lots of
HIGHEST GRADE RAILS
We also maintain net markets in
OIL ROYALTIES
SEABOARD AIR LINE
1st
4s,
We
1950
will
SEABOARD AIR LINE
ConsoL 6s/45. Bonds
& Ctfs.
as
specialize in
gladly
ma;l
filed with
Exchange for William
L. Strong, Jr.
Frederick W. Allen, partner in
ceased.
>
"•
M..J
I ,'
/
5s/31. Actuals & Ctfs.
co.
specialists in rails
11 wall street
HAnover 2-9175
Royalties and
schedules
you
our
on
current
Inquiries invited
TELLIER& COMPANY
Members
1. h. rolhchild &
SEC
offerings.
SEABOARD AIR LINE
of the Stock
graduation from the University of has announced the following Wood, Struthers & Co., New York
City-, died on Nov. 14, 1942 on
Minnesota^ in 1926,- entered , the \veekly firm changes:
Albert W. Bianchi has been ap¬ which date his interest in the firm
Diplomatic School in Washington,
D.
As
Eastern
42 Broadway
n.y.c.
Tele. NY 1-1293
OQ
Royalty
Dealers
Association
Established
1931
New York, N. Y.
BOwling Green 9-7949
Teletype NY 1-1171
THE COMMERCIAL & FINANCIAL CHRONICLE
1878
country, and in part to the grow¬
ing impatience of the public with
Agricultural Ins,
business
Bank and
Preferred
in the midst of
out"
Marion Steam Shove!
Insurance
>
Members
and.
York
Netu
other
Stock
leading
1 WALL ST.
120
BROADWAY,
exchanges
DIgby
Bell
'L. A.
4-2525
ferred
CITY
YORK
ities.
1-1248-49
Teletype—NY
of
Stock
of
Few
industries
close
of
business
matter
much less
peared
the
was
A:
ELECTRIC
33
5,
V
61
and
Secretary,,
November
ap¬
1942
stockholders
the close of
of
record
surance
Insurance Stocks
companies
rially.
■7,
Most
of the
business
bad
occurred
77,;:7; vf'/
By H. A. LEGGETT
v;A
in
news
the
during the
fire-marine end of
first few
months
insurance
the
the
of
As a
starter, January fire losses were the largest (with one exception) for
any single month in many years.'
Several large conflagrations, of
a
nature to arouse strong suspicions of sabotage, took place and
gave rise to the fear that this was but the beginning of a long series
of
such
this
disturbances.
not to be. One of the most
was
surprising,
of
opments
has
and
fortunate, devel¬
war preparation
relatively i; small
our
been
the
amount of
sabotage and fifth col¬
umn activity
which has come to
light. This is more than anything,
perhaps,
a
foresight
tribute to the skill and
of the Federal Bureau
of
Investigation which is rapidly
attaining recognition as the most
efficient department
of Govern¬
ment.
V.
*:"•%
<,
Ocean
cisco fire
It is
effort.
While the
As a
matter of fact,
was
yet in .its in¬
FBI
fancy, much of the work which it
is
now
doing was handled by
Operatives of the Insurance Indus¬
try for its
own
protection and that
of its
policyholders. Thus, it may
well be that a good deal of the in¬
vestigation
and
policing
work
heretofore
done
by
insurance
companies (at very considerable
them)
to
expense
be carried
will
in, future
by the FBI and re¬
lated Government agencies. If this
develops, the cost will become a
charge against society as a whole
(as seems proper) instead of sim¬
ply against the insurance busi¬
ness..''
::W'7 -«■ ■;; > y ■; ;:
-
Be
on
that
it
as
may,
fire losses
since
February have
tremely favorable—in
fact,
have
normal
well
been
below
been
ex¬
they
in
Comparison with the premium in¬
which is
come
highest
now
in
level
running at the
history.
(Fire
losses in the United
States, as es¬
timated by the National Board of
Fire Underwriters, were as fol¬
first
lows
for
the
1941
and
1942:.
10
months
of
third of
a
century ago.
a
striking commentary on the
financial position of this indus¬
a
try, and
share
into
pass
ciable
history with
impairment to
'
panies and
it,
alarm
no
no
•
com¬
stockholders, -of course,
considerably perturbed and
the issues of most companies that
specialized in
After
and
Ocean
suffered
the
definite
the
severe
realization
limitation
to
that
losses
a
and
risks
h a d • been
reached, some shrewd insurance
stock buyers had the courage to
step in and pick up a few bar¬
gains. ;:These
particular
come-back
provided
another
and
illustration
•'
The situation in the Ocean Ma¬
page.
...
rine field
for
.
the
is
now
one
of little risk
companies.
continue to
They
Risk
25,637,000
'August
September
October
.
Total
22,410,000
21,000,000
24,122,000
19,680,000
24,668,000
20,443,000
30,833,000
22,621,000
$267,274,000
Based
on
23,233,000
24,943,000
$254,236,000
of individual
reports
companies and certain group com¬
pilations, premium writings in the
Tire-marine
'apparently
above
field
be
on
some
The
1941.
perience both
urnd
this
on
to
year's
will
20%
ex¬
straight fire lines
fire and theft
should be
factory.
15%
full
automobile
(Coverage
year
Of course,
highly satis¬
the over-all
results will reflect the Ocean Ma¬
rine losses of last
liaye
an
spring and will
unfamiliar reddish tinge
to them.
It is not
side
of
generally realized out¬
the
insurance
field
that
for
find
them
a; quarterly
,
dividend
of
declared
was
;
by
A. HOLLANDER & SON, INC/V
Xmf&r
the
'
'•
the
Company
at
the
close
of
•
business
:V■••..;
u
LALUMIER,
De¬
•■-
v
•
been
■'••'
to
Secretary
declared,
v:,.
it is diffi¬
atchison,
topeka
fk. railway
New '.York, N.
and
record
■
-'
- • •
\
,.
Zimmer With M. A. Cayne
,
(Special
;
Chronicle)
The Financial
to
Dividend
•„-,
.
of
CLEVELAND,
O.
Russell; U
—
checks
Y.; November
Preferred
will
be
has
:
become
'
2Q,
mailed
with M. A. Cayne &
! •::
N.
ALBERT,
J:
■
,
'23.
Co., Fidelity
f
Stock
Exchange. -. Mr.I Zim¬
of
partment
Borton
;
:
investment
department
Cleveland
office
of
-
of
topeka
y..-1
dividend:.
1, 1*43. to holders of record on
December 17.1942, and a dividend of 50c per
share on the Common S'tock payable Decern-!
ber
and
24.1942
to
10.1942. ;
railway company
14. V.,*" November 21.' 1942,"
lioldprs of record
'
1
December
on
:
''Sd;ROGER HACKNEY. Treasurer
;
ness
the
'CORPORATION■
:Jajm?J'y 29, 1913
checks : .will' be
{> Dividend
mailed to"• holders
off Cemmon
Capital
Stock
who
have
filed
suitable orders therefor • at this office.
DAIRY: PRODUCTS
NATIONAL
Company,
payable March 2, 1913. to holders
ef/said .-Common-* Capital Stock registered
cn
the
books cf the Company
at clcse of busi¬
Jackson: &
>
:
January
Bcarcf of Directors, cn November
19.
declared a dividend of One'Dollar and
Fifty Cents ($1.50) per share,, being Dividend
No.'120, on the-Common Capital Stock of this-
in the
was
Sec.-
'.'The'
&Borton)
Inc., 'and prior thereto
York,
FELDMAN,
('A?t
■
The Board of Directors declared a regular
quarterly dividend of $1.75 per share on the \
Cumulative 1% Pre! erred Block payable :
Assistant Treasurer, -:
Broadway, New York, N. Y.
atchison,
-
1942,
formerly-in the bond de¬
mer was
the
New.
J.
of
-Manville
holders
have
filed
Stock
who
therefor at this office.'
y. -santa fe
•
■
.
1942.
-
:
Corporation
WILSON,
"120
Building, members of the Cleve¬
land
C.
; D.
close
1942.
to
Capital
suitable' orders
associated
the
at
,
November
■
Zimmer
.■
company
The Beard cf Directcrs, on October 27, 1942,
declared' a dividend of Two Dollars and Fifty
($2.50) per share, being Dividend No. 88,
on "the
Preferred ;Capital Stock of
this Com¬
pany,
payable February 1,
1943,
Cut of
undividend net profits for the year ended June 30,
1942, to holders of said Preferred Capital Stock
registered on
the books
cf .the Company at
close cf business December 31, 1942.
\
unprepared for
contingency."
%. 'j
-
share
per
.
December 5, 1942. ■■•.
y..;
will -be ••mailed;''< '■ ,S
Newark,
the
santa
-
25c
Common
on
Checks
<?■
<
the assump¬
of
.Stock
has,
payable- December 15, 1942, '
stockholders i-of
business
-
the
Cents
almost any
Dividend.
Common
dividend
on
1942.
io,
v;:E.
A
those, like
that they will be,
cult to
corporation;
•
cember
companies,*; -who*
on
6,
Directors,, payable January 1, 1943.
To' s tockholdei-s 'of ' record on the books of
sel¬
.
•
■
>.*/"?-9 ii't# ,f "• •■>'•.*.:.
;■>
v
DIVIDEND
*%;<*,.•».4.*•>*',%
A
V
NOTICES
&A- WILSON,
D.
'■A;.:;
•'.
:
120
calumet
■r.-.yV
Treasurer,'
Assistant
York,
Broadway;. New
.
and
hecla
.
N.; Y.
consolidated
.g:*;;1.; ;;'georce h; rutherford
Movcmber 19,' 1942
A
OFFICE
-yvA copper'..company
POWER
;
Dividend No'.' 42.''C-.
'•
V-;"'"'■
-
NORTHERN
OF
'h
7rcasuret
STATES
(WISCONSIN)
COMPANY
■
anaconda
copper
mining
co., f'
"
v
twenty-five cents ($0;25) per
share
whl be paid on December
14, 1942, to
holders of-the outstanding
Capital Swek oi
A
Brcadway,
•
,■A
York, N. Y., November 25. 1942.
:-2S.
New
DIVIDEND
••
The
Board
NO.
of Directors of
Mining
Company
of One Dollar ($1.00)
has
ital
Stock
value
payable
shares
of
the
December
of
21.
record
share
of
1942, to
the
at
.
$50.
of
the
from
share,
of such
'
.
business, at
December 8, 1942.
rfv'-j.-qV
DICKSON, Secretary & Treasurer.
JAS.
a; d. NICHOLAS,
November J.9h 1942.-
Boston,
o'clOfc'K P,M., on
3
secretary
-«•
A-'.'Chicago
The
board
Power
on
one
directors
Illinois,
of
Northern " States
Company
the
on
Preferred
Stock
the
of
by check December 1,
of
record es
20,
I..'' '
v.;
of
-
(Wisconsin), at a meeting held
November
17, 1942, declared a dividend of
and one-quarter per cent (1V4%) per share
able
of
Mass, vv:•' :•.':•-.''
per
holders
close
November
its Cap¬
upon
and
Hecia ' Consolidated
Copper
of record at the close of business
30,
1942. - Checks will be mailed
Old Colony .Trust Company, Boston,
Company
"Cop-
dividend
a
of
Calumet
the
Mr
:J\
declared
per
par
138
the, Anaconda
per
dividend
1942,
the
for- the
N
H
pay¬
business
November
November 30,
:Av-v:
BUCKSTAFF, Treasurer.
quarter
1942.
'-:Vi-i
Ccmpanv,
1942, to stockholders
close of
ending
/
.
and ohio ry, co.
exf fifty cents: per sharb
the chesapeake
•
cxtn
An
dividend
$25 par ccmmon stock will be paid Decem¬
26, 1942, to stockholders of record at close
December 4, 1942. „
A
dividend for
the fourth quarter of 1942
of
one
dollar per share,on Preference Stock.
Series A,
and of seventy-five cents per share
on
$25 par "coinmen stock will be paid Janu¬
ary, 1,
1943, to stockholders of record at close
of business December 4,. 1942.
••;(rV
Transfer bocks will not close.
: :
H. F. LOHMEYER, Secretary.
Cm
ber
of
Divielenel Notice
business
:
age
will
be covered
by the War
Administration for the
Shipping
duration.
COMMON DIVIDEND
;
The
business, however,
through the duly
licensed marine companies acting
as
underwriting agents ; for the
No. 131
will be handled
War
S h i p p
i
n g
expenses
tages.
has
been declared
mon
of
December
19,
at
-•
AMERICAN
fire, insurance executives early in
the year were (1) the severe drop
in general market security prices
and (2) the citing of the Fire In¬
surance
Industry, under the Sher¬
man Act, for alleged monopolistic
practices. As to the former situa¬
tion, most securities have recov¬
substantially
in
recent
ered
months.
Stocks,
and
which
Industrial
Public
Railroad
are
held
4n November
Bonds
Preferred
—
groups
rather widely
by
all enjoyed
noteworthy improvement. -
and
one
the
on
able
ord
24lb, 1942,
three-quarters
quarterly dividend of
.
of
January 2nd, 1943, to Stockholder?.of ;fec;
the close of business December: 17th,
1942. Transfer Books will remain open.
be mailed.
Checks
BURG£R; Secretary
THE YALE & TOWNE MFG. CO.:
November
On
No,
earnings,
the
Gf
record
cember
4,
1942.
the
at
F.
of
clcse
business
De¬
DUNNING,... Secretary, -t
of
of
TOWNE MFG.
CO.;
1942. -a ? dividend .No.-'. 210
fifteen cents'(15c)
per share was .declared
the Beard of. Directors out: of. past-'earn-,
by
ings,
payable
record
1942.
24.
'
January
2,
close
of
the
at
LI^U* I
Ii;
€ o ik i* on at i ox
COMPANY
The
Directors
of
International
Company declared a final dividend
Harvester
cn
the' com¬
stock of the Company ,for the fiscal year
ended October 31, 1942, of fifty cents (50c) per
share, payable December 15, 1942 to stockhold¬
ers, of
record on November 30, 1942.
At the
same -time,
the Directors declared a quarterly
dividend of fifty cents (50c) per share on the
common stock
payable January 15, 1943. to all
holders of record at the close of business cn
December. 19, • 1942,
,.
•'
■ •'•!,".• ' •.•
mon
SANFCRD
B.
WHITE,
UNION
AND
CARBIDE
CARBON
CORPORATION
Secretary.
DS3
kansas
..
F. •
1943,
.
to
business
stockholders'
December
;4,'
rA-V -•'"•
DUNNING;-' Secretary.: •
city
power
&
light
company
Dividend No. 61
Kansas
City.
Missouri
November 18. 1942
The
regular quarterly: dividend of $1.50 pershare mn the First Preferred, Series "B." Stock
First
Preferred/ Series
B
-
of
THE YALE &
Ncvember
HARVESTER
Board
holders
On
.
W. F. RASKOB, Secretary
,
cf Directors out of past
payable December 18, 1942, to stock¬
by
-
SUE
24,
1942,
a
special dividend
forty cents
(40c). per, share
was
209-of
declared
-
.
at
R; A
•;
INTERNATIONAL
cent was declared
lids Company,-pay¬
per
Preferred Stock
fire companies—have
Regarding the anti-trust pro¬
ceedings, there is also less appre¬
hension now than originally ex¬
isted due in part to the election,
which largely restored the even
balance of political power in the
a
;,
,
will
Common
Utility
STOCK
PREFERRED
.
January 8, 1943; also $1.00 a share, as the
"year-endl! dividend ,for 1942. on the outstand-.1
ing Common Stock, payable December 14, 1942, '
t0;stockholders; of record at the close of business
on* November 23, 1942',. •''
;•
V;
developments which
brought furrows to the brows of
duhig;
Vice-Pres; and Treas,
company
can
s. w.
...
November 24, 1942
on
,
Two other
1942. Checks will be mailed.
this day a
$1.12y3- a share on the outstanding
Preferred, Stock, .payable January: 25,. 1943, Mo i
stockholders of record at the close of business"'
dividend of
Company*
v.;,v 'E; L. NOF.TZEL, Trc'dsurcr;
iy
holders of record December 4,
The Board of Directors has declared
'
per¬
the Common "
on
Stock of this Corporation, pay-
able December 15,1942 to stock¬
i Wilmington, Delaware: November 16, 1942
Checks will be mailed.Borden
•
& Company
•
1942, to stockholders:
The
-
share
per
E. I. du Pont de Nemours
the close of busi ness .Der:
sonnel
personnel relatively intact.
•
on
cember 5, 1942.
existing
experienced
of Directors today
,;; ■■
Vj declared a dividend of 60£
the outstanding conp.
stock of this
-Company, .payable:
of record
advan¬
It enables the Government
to utilize the services
The Board
•
...
Administration
several
-•
.
in connection therewith.
method
.
•
•"
•
The final dividend for the. year 1.942.,
of fifty cents (50 $) per share has:
which, in turn, will reimburse the
companies and agents for their
This
■
'
A, dividend of 204 per share, 6n the .Common stock
Keen 'declared-; payahlc Tieccniher1; 1942s
to holders of record November' 30, 1942.
J
has
.
— - y-
Curtis.
cover¬
them to retain their facilities and
23,698,000
and
are
lines, and to issue special policies,
but the bulk of War
27,960,000
.
November
;y:;,
Board of
write normal marine
30,819,000
.
tion
will
30,505,000
June
insurance
Philadelphia?November.. 20,1943:
;•
■
ohe and three-fourths per cent
{!%%) per
share;.<m: the- Preferred Capital Stock' of the
back.; As usual
generally proceed
'
the questionable wisdom of selling
when adverse news hits the front
29,330,000
May
the
of
April
July
realized
have
$35,565,000
$26,470,000
On
...
of Delaware
;•
^ C. Allan; Secret a ry and Treasur er,
H
;'
"
excellent,
26,102,000
,
.
dom
an
31,471,000
j
close
com¬
happens, the worst fears
issues
have, for the most part, staged
March
1942
"the
■;!:(
composed' than : it
few months
a
outstanding
February
January
1941
was
Marine .in¬
drop.
shock, :« however,
a
initial
with
the
more
or
Some
machinery and
•••';• ' v;
"
much
and
■:
dividend
above
appre¬
the
hysteria
the part of policyholders.
were
position ■ of
toward
is
year
fortable
incident of this kind could
an
and, from the insurance
companies'
standpoint,
enables
■
companies
the
) Checks will he mailed.
ARMOUR AND COMPANY
the
Stockl.olders of record
December 2, 1)42,
close of business on
at tlie
'.i:
.
all,
Common-Stock, payable. Dtn
the
on'
cemher. 22, 1942, to
the confidence which
on
the public has come to have in
that
surance
action, might seriously cripple the
this
disaster
Industry since the San Fran¬
ance
cessive
industrial
Marine
greatest single catas¬
trophe suffered by the Fire insur¬
on
interruptions
and
other ; catastrophes
which,
through
carelessness
or
enemy
,
the
fire
of
in
year was the
Incidentally, the Insurance im
clustry has contributed many of its
most capable investigators to the
FBI and, in addition,: has played
no small part;in preventing ex¬
v
war
year,
Howeverw
'
' :
All
plus of the Company a final
dividend for the' year 194^
of Fifty Cents:($0.50) per,
•
\V\ C. KING, Secretary
f mate¬
very
BATTERY CO.
declared
Accumulated Sure
from' the
at
lightened the tax burden for in¬
—
!::i
The Directors have
business December.4, 1942,
Tax
v\.V,
ELECTRIC STORAGE
THE
share oil the Common Stock of-the
Company, payable December 19, 1942,
common
v.-..
Treasurer
TAYLOR,
13, ,1942.'
of One Dollar and Fifty Cents ($1.50)
to
Bankers ..Trust Co.,
/
G.
A.
November 24, 1942
Law. Eleventh hour modifications.'
This Week
be mailed .by
will
H.
Allied Chemical & Dye Corporation
has declared quarterly dividend No. 87
proved
.
Y„ Transfer Agent.
N.
Dye Corporation
1'!
fifty
Capital Stock of
.Y
■>
York, N. Y.
has this day, declared
cents per share
on
the
the Company, payable DecernJ
ber
10, 1942, to stockholders • of record at the
close cf business November 25,
1942.
1942.
Broadway, New York
'•*
^
Street
of Directors
of
dividend
a
•:."•
Pine
New
Board
The
■f.
Checks
Allied Chemical &
BOAT
COMPANY
Pre¬
Great-Southern
McCARTHY.
Vice-President
:,•
.
December
NOTICES
1942,
the
on
per,
which
rigorous than first
likely
Alabama
c; E.
■'
stability, efficiency and public
esteem possessed by this particu-'
lar industry.
;.
•
Another
The
shave
;-::
.
24,
November
per
Company has been declared payable
24,
1942, to; stockholders of record
at the close of business December 5, 1942.
■■■'<■<
■A'dividend of £4.50 per share On the Ordi¬
nary Stock has been declared payable Decem¬
ber 24, .1942, to stockholders of record at the
matcfi
can
company
y.,
December
the
Gibbs, Manager Trading Department)
n.
$4.50
'
,
•'Railroad
(which have
perfectly open' and above
board) and in defending the
cusjtoms and regulations which have
been largely developed in com
junction with supervisory author¬
Exchange
Stock
NEW
York,
DIVIDEND
southern
great
Railroad
'
dividend
been
Telephone: BArclay 7-3500
NEW YORK
Telephone
York
New
alabama
New
i
A
.
of their methods
ness
Laird, Bissell & Meeds
Exchange
the
'
worst,
at
opinion of many impartial
the
fire
companies
should
have
little
dififculty in
demonstrating the worth and fair¬
Unlisted Issues
Members
Even
in the
invited in all
Inquiries
<et
reform
>,
supposedly "all-
a
effort.
war
and
DIVIDEND NOTICES
'
observers,
Stocks
Northern Insurance
persecution
Thursday, November 26, 1942'
the
City Power & Light Company
declared payable January 1, 1943. to
Kansas
has- been
•stockholders ;of. record at the-close of
December. 14;- 1942.
;
All.' persons
holding stock of the
-
are
14
business
company
requested to transfer on or before December
1942, such stock to the persons who are.
entitled
to
h.
receive/the dividends.
C.
DAVIS, Assistant
•*',■•
Secretary.
"
A
cash dividehJ of
(75$)
per
share'
Seventy-five
on
the
cents
outstanding
capital stock of this Corporation has
been
declared, payable January ls
1913, to stockholders of record at the
Hose of business Deceuiher 4, 1942. fROBERT W, WHITE, Vice-President
THE: COMMERCIAL & FINANCIAL CHRONICLE
Number 4128 /?
.Volume. 156.
The Securities Salesman's Corner
1879
Royal Bank of Scotland
"f Incorporated by Royal Charter 1727
/
HEAD
-
a few hints for contacting
r
UNION PREFERRED STOCK
OFFICE—Edinburgh
LONDON
Following are some suggestions that we have found to be'helpful in cultivating the business of executives of industrial enter¬
prises.: In every community there are more or less of these rsubstantial citizens who are in the "ten thousand per year" and up,
UBIfflN
UNION COMMON STOCK FUND "B"
UNION FUND SPECIAL
class.
(trends
the finest
make
They
salesman
have
can
of the
and
times
-
They
the
.
of the day, they are
news
in the welfare Of their families
are
5 West Smithfield, E. C. I
-
v
JLord,
/-TV;';'
:yf49}Charing Cross, S. W. I
ifBurlington Gardens, W. I
that any security:
usually' alert to the
type«of customers
clients.
his
for
?
Prospectus covering all classes
of stock on request
j Bishopsgalt, E. C, 2
;i : U
•
64 Neu) Bond Street, W. I
& Co.
vrr
INC O R PORATED
'
^
interested
FUND
STOCK FUND "A"
OFFICES:
t
r
BOND FUND "B"
UNION COMMON
business executives
;
BONO FUND "A"
UNION BOND FUND "C"
;
Branches throughout Scotland
t
:i
UNION
UNION
Vi; 63 Wall J Street, New York
and their community, they are in-;
CHICAGO
I.OS ANCELES
JERSEY CITY
TOTAL ASSETS
class are far and above the average of almost
it comes to knowing about investments; and
•' £98,263,226
'stocks and bonds in particular;t\ -.■»k>.r
i
K
i i:
ALWAYS TRY AND ' MAKE-- AN APPOINTMENT BEFORE
Associated Ba nks:;"
v.YOU' GALL.
These -men are busy—especially now, when defense
?>•'</':/
work is taking up much of- their time.
Williams Deacon's Bank, Ltd.
Either write, or (use the-.
'
Glyn Mills & Co.
telephone.- Show that you understand that, their time is valuable.> and state frankly that you are purposely asking, for an
appointment
because you appreciate the value of your prospect's time. A%r!;%'?.i!more about taxes
v"
YOU WILL FIND THAT MOST EXECUTIVES IN ANY LINE Australia and New Zealand
OF--BUSINESS KNOW THE OTHERS IN THE SAME OR KIN:
The general excellence and profusion of investment companyDRED LINES. If you can start doing business with a steel man, or
bank of
[literature coming to hand this week bear eloquent witness to the,
a lumber man, stick to lumber or steel and RADIATE FROM THIS
vitality of the industry.
•
|
new south wales
CONTACT." Jim Jones with the X steel company probably knows
Significantly, the principal subject of analysis and discussion is
Pete Jackson with the Y steel company. ; Ask Jackson if he knows
(ESTABLISHED 1817)
'-U'
again taxes.
The limitations of this column do not permit adequate"
Jones—the chances are that he does.
It will help you.
V Paid-Up Capital
£8,780,000
coverage of the abundant material! on this subject.
Suffice it to say,'
Reserve Fund ______—6,150,000
/ BUILD
UP A SALES CAMPAIGN ESPECIALLY. DESIGNED
tnat
any
dealer
receiving
ancL?>—
:
Reserve Liability of Prop.: 8,780,000
TO INTEREST BUSINESS EXECUTIVES,/ For instance, this would
studying all of it would certainly 1942 increases in rates over the
£23,710,000
be an excellent time to write to every executive in your community
qualify to give accurate, helpful 1941 rates. When such an analysis,
and explain to them that you' could help them sell certain securi¬
Aggregate
Assets
30th
counsel to his clients on major is carried through, it shows that
Sept., 1941
_i_£l 50,939,354
ties for "tax loss" purposes that could undoubtedly effect substam
the rise in rates takes a largertax questions.
SIR ALFRED DAVIDSON, K.B.E.,
tial savings in their next year's taxes.
Here is the type of mind
of
the
rich
man's
:
The Nov. 16 issue of Hugh W. percentage
\VGeneral Manager ' ./'• >:
that is alert to such an approach—much more so than many another
'residual' income than it does of
Head Office: George Street, SYDNEY
dLong & Co.'s "New York Letter"
less well informed investor.
.'■■ccH'''
dustrious, and
;
/
a
as
any other group when
'
Investment Trusts
,vi
'
-
.
.
OFFER A SECURITY OF
/ /
THAT
NESS
THE
OF
IS
contains "More About Taxes" sup¬
A COMPANY IN A LINE OF BUSI¬
OR ALLIED WITH, THE; BUSINESS
UPON WHOM YOU
ARE CALLING.
CLOSE TO,
EXECUTIVES
ago,
years
and
largest bank iii Australasia.
branches in
-and
and
Wd&tl,
Several of these key men gave us
U.
the
E. C.'
is one of the most democratic, fair-minded
tions of individuals you will find anywhere.
/
YOU CAN AFFORD THE TIME JOIN UP IN YOUR
group
/>-?IF
-L
NATIONAL BANK
collec¬
•*."
No.
GOING TO MEET THE
Private Hands
Rep. Lanham Deciares At Savs-Loan Conference
:
vuuu.w
Cairo
1
£3,000,000
RESERVE
£3,000,000
FUND
.
.
.
business," Mr. Lam<♦>
in
very
can't
find.
continued,
except
are
instances.
You
.' •:
uv
•;
•
.
••• •
..
all
%■. \
■
..
C.
E.
William Street,
King
7
? ;v.'. -,y.'
V\.A
"
(
in
principal
Townf in
I
EGYPT
and
the
SUDAN
fects
is
hope
there
^nce;
to
over
this time,- and-1
will
be strict .adher-.
the
Numerates,
Will
policy the
that private
statute
capital
be allowed to have its proper
plgce."'
•
the
DIVIDEND NOTICE
is
Association of Pasadena, 38
for the
citizens.
Lbs
emphasis in the Bill of Rights
the American
home and
and
keeping it
free
Government or
otherwise.
The real estate bUsik
ness
naturally and properly be-1
longs to the real estate men," he
said, and added "we must not
overlook the fact that the Gov¬
ernment operates any business it
undertakes, much more, expend
I?
JnvestmeotJSist
CORPOROION
Preference Stock,
$4.25 Series of 1955, Dividend
Convertible
quarterly dividend of $1.06)^ on the
Con-
on
iock holders' of r&ord at the 'close of biisiness
'ecember -10,' 1942; The - transfer -.books will
,t close. Checks will be mailed.
JOHN, I. SNYDER, Treasurer.
ovember 25, 1942
•
v
local
-
Governments
on
and outlining "the history,
,and operation of the
ments
Mutual" Building and Loan
Asso¬
ciation^ with emphasis on dividend
rejeord,
progress
earnings,
growth
of the Association.
and
; -
Insured Investment
;
i
With Liberal Return
,
-The
Danielson Federal Savings
arid '- Loan
Street,
.
to
^
■Savings
paid
send
&
which* offer,
the
properties built for war workers.
clares,
84 Main
Association,
Danielsoh, Conn.; will be
a
particulars [ on
"Pro¬
vision is made for taxes to be
to
of their free booklet, "Profits
?Prophecy," describing the
structure
legislation
groups," Mr. .Lanham said.
a
Federal Savings and Loan invest¬
written1 absolutely
by the Committee which got it
quarterly dividend 6f;75 cents per share-in cash enacted.
"There is nothing,in it
w been
declared on the.-Common .Stock of
OMMERCIAL
INVESTMENT
TRUST* to do with slum clearance or low
CORPORATION; .payable January J, 1943, to cost
housing : for
low/-- income
of
Dividend
fiduciaries.
advantages of investing in insured
•r'tiUle'f*fefeYeqfce-StOekf$4.25 Series-of>1935,'
sively
than
private
enterprise
COMMERCIAL INVESTMENT TRUST
DRPORAlTON. has been declared payable operates the same thing.'? lA/Au*/
iniiary 1,1943, to stockholdets of record at the
Speaking of the Lanham Act,
ose of business December 10, 1942. The transhe said that this was one piece
r books will not close. Checks will be mailed.
Common Stock,
other
Copy
from interference,
Smer(m.
and
trustees
on
especially
South
Robles
Ave., Pasadena, Cal.,
will; be?glad to send investors,
Much of
booklet
insured
Loan
the
and
full
Federal
investments,
association de¬
unusual opportunities for
It is
planned that, temporary com
.safety and liberal return on inshall be- salvaged: after'
•the war.
I. am hoping we won't vestment.Current dividend rate
struction
V
have
-.any-
'
deserted; villages -jwheh
.-of 3per -annum*--—
--------
three-page
memo¬
En¬
The, Ef¬
Group, Inc., is recommended.
T A
"How
titled,
war
the
prepared -by Distributors
Of
To
The
Apply
Law
Tax
New
To
Accounts," it re¬
views step by step the things to
look for and suggests the order
Your.. Clients'
in
which
the
analysis should be
There is something about
made.
this
memorandum
the*
rather
which
complicated
,
to determine
position -. seem
simple.
of
a
?
National
makes
job
client's
relatively
analysis
tax
.
The
effectively
article
de-
"Individual Income'Tax Increases
—Where Are
iest?"
The
bunks the
poor
of
man
the
They Really Heav¬
der
article .effectively
popular notion that the
is bearing the burden
new
tax
The
increases;
Manhattan
to
in
Bond;
memoran-
a
entitled, "The Important Tax
Advantages of Manhattan Bond
Fund, Inc., to Corporation Invest¬
ors."
this
In
the
memorandum
Hugh
Long & Co.,
points out that a corporation in.
the excess profits tax bracket can
sponsor,
W.
save $7,500 in taxes on $10,000 of
>k°:ncl income if the income is received
through
Manhattan
Bond
Fund instead of through
direct
ownership of the individual bonds.
Calvin
Bullock's
Nov.
16
issue
of
"Perspective" gives an excel-;
lent summary of the tax situation,;
with special emphasis on the ef¬
new
rates
on
the
earn-'
ings of various industry groups.!
Twenty-four stock groups are in¬
cluded in the survey. By means of;
charts, the percentage of income
before taxes in each group which
will be absorbed by
is shown
in
the
new
taxes
comparison with the
percentage of income before taxes
which
was
(Ed.
taken by the 1941
Note:
rates.!
copies of the
literature, it is
For
above-mentioned
suggested
named
that
or
'
''
the
to
your;
sponsors
to the Investment Trust;
Editor of the
-
address
you
either
requests
| ?
"Chronicle.")
J'/*
:'t
■'
Investment Company Briefs
One sponsor
Corporation's
test?"
in
,dum
Securities & Research
"Investment Tim¬
ing" issue of Nov; 19 supplements
its two previous discussions of the
in¬
special adaptation of the tax
Fund is contained
investor
an
of the clearest and most
one
randum
-1*..
that
the Government has to build
houses
whether
investors,
the
Branches
-
—
anything in the Constitution
says
it affects investors'
complete-summaries of. the new
tax law as it applies to individual
AGENCY
LONDON
C
-
housing
as
A
fects of the
f
6-and
feel like a real
am
law
of
For
'
.
+he
new
should/ take long-term gains and
or long-term losses now are
answered
briefly.
Six
specific
steps to save taxes are listed.
American in a home which is kep't
up in whole or in part by his fellow man,
Representative Fritz G.
Lanham- (Dem., Tex.), author of the Lanham Act for war housing, /'Profits & Prophecy"
and Chairman of the House Public Buildings and Grounds Commit¬
f ! For Investors & Trustees
tee told the War Conference of the United States Savings and Loan
League.
"The Federal Government doesn't belong permanently ,iu ? The Mutual Building and Loan
"No-man can
current issue of Keystone
The
tions
FULLY PAID CAPITAL
die
Housing Business Belongs in
inquire,
to
on
individual
of
increases is included
tax
discussion
capital gains and losses, the ques¬
;
•
the
Constructive
a
go
incidence
support of these conclusions.
short
COM¬
BETTERMENT,
CLUBS' FOR 'CIVIC
'WHERE YOU ARE
j
Register
Commercial
>: t
.
the
Cairo
Office
Head
Bill
and
;on
listing four important changes in
EGYPT
'•'J:
comment
Corporation's
"Keynotes"
takes
for its theme, "What To Do About
The New 1942 Tax Law." After
VT-'
/..
George
special letter
a
"What About 1943 Taxes?"
A.
S.
of V the
in
beneficiaries
Measure"
J
ETC. ' • THIS;-IS
BEST CROSS-SECTION
OF THE ^SUBSTANTIAL CITIZENRY OF . YOUR
COMMUNITY,
Here is one type of unselfish public service that: any securities
"dealer can render his community-and at the same time do*more
to broaden his circle of contacts ; than through-almost any# other
type of efforts This is where you are going to meet the better busn
ness executives of your community—it will pay you dividends that
you will find to be very worth while.
- . - MUNITY
Fund
v.NeWTax
-
.
rfule this
trustees
to
???
arrangements with Banks
throughout
The
Putnam
man's 'residual' income."
comprehensive table showing!
A
the
are
a .-.V'1'
these
Berkeley Square, W. 1
47
.
in
the poor
come
suggestions
listed..
investors
OFFICES:
LONDON
™Agency
in which we were interested. ' They
later became customers for other securities.
' ...
>-%,?
vv
IF YOU CAN GET INTRODUCTIONS, USE THEM, BUT IT
IS ALWAYS BETTER IF THE INTRODUCTION * COMES FROM
SOME "HIGHER UP"- TO ONE "LOWER DOWN" IN THE MAN¬
AGEMENT SCALE. " In other words, • better from a vice-president
to a purchasing official than vice-versa—but if you get a chance
to say Bill Jones sent me over to see you—use it.; As a geheral
substantial orders for the stock
complete
to
29. Thr'eadneedle Street,
-
Seven '" specific
:
"
•
.
most
interested
travellers
and
the
service
banking
efficient
.
traders
countries.
Id
Papua and New Guinea,
offers
Lohdon'," it
plementing and enlarging on the
discussion in the jssue of Nov. 2.
With over
of Australia,
States
all
New-Zealand, Fiji,
we
this steel company.
cials of
Bank of New South Wales Is the oldest
870
became interested in the stock of a company
that bought a great deal of steel from one of the nation's largest
steel
companies. The convenient offices of this steel •. company
contained a large group of key executives whom we thought would
make good prospective' clients.
We found that the company we
were interested in had a very fine reputation with the higher offi¬
Some
The
cuss
taxes
tion
to
in
the
reach
Company
Los
i
who does not dis¬
latest
is
us
publica¬
Investment
Distributors,
Inc.,
of
-Instead, the per-:
Angeles.
formance
ment
record
of
the
Invests
Company of America and a
"Comparison With 24 Open-End
Companies" are pre¬
Investment
sented in
simple folder.
a
Over
reasoning is the eight and three-quarter year
period from Dec. 31, 1933, through
pointed out as follows: • '
; %
"If the poor .man's tax had been Sept. 30, 1942, the. average gain
raised, not from 10% to 19%, but of the 24 companies, including
from
10%" to
50%,
and
the cash dividends, is shown at 40.6%.
rich man's tax had been raised, Ih this same period- the Invests
not
.from
80%
to
88%,
but ment Company of America's total
,vfrom 80% to. 100%, the poor map gain is shown at 152.6%.
would be left with half his (tax¬
fallacy
popular
in
.
.
The
able)-income and the rich man
with 'absolutely' nothing/ And yet
the
man's increase was 40
against the rich man's
'points' and the poor man's
poor
'points'
20
as
'percentage'
increase
and the rich man's
"Only
a
was
400%
only 25%.
little quiet considera¬
to
real
anyone that
consideration is
.
.
what
.
the
They
to
performance
the'course
of
the
Dow-Jones
Stock
Average.
Over
this period the Dow-Jones Aver¬
per¬
recorded a net gain of 4.5%
as-compared with an average net
age
left after
paying taxes at the
-' 1941 rates is taken away by the
Calvin
cover
Industrial
centage of the income that would
be
of
issue
19
comparisons.
the period from June
10, 1940, through Nov. 7, 1942, and
show the average performance of
the five largest and "best-known'f
investment companies in relation
some
tion of the matter is necessary
convince
Nov,
Bullock's "Bulletin" also contains
-
(Continued
on page
1880)
.
j
THE COMMERCIAL & FINANCIAL CHRONICLE
1880
FLORIDA
VIRGINIA
sening in demand for this type of
security when
Section
126
of
forma, Colorado, Idaho, Kansas,
Michigan, Missouri, Minnesota,
Nevada, New Hampshire, North
Dakota, and South Dakota had
.
the
Wire Bids
FLORIDA
gives
of
background
municipal
to
familiarity
no
with
will
We
inquiry
any
obligation.
V
:
these
be
in
the
vantage
have
glad
held
tions.
F. W.
taxable
over
Tax-exempt
holders
no
capital
loss
obliga¬
take
may
a
,
difference
CRAIGIE&CO.
Bell
System Teletype:
Telephone
RH 83
84
&
between
of
the
the
Capital
3-9137
only
losses
hereafter
allowed
be
a
curity is sold below its
tized-value.
Bond
-
will
/"C'"V'
Roads
given
from
Action of the National Associa¬
.
tion of Insurance
at
Commissioners,
their1 most recent
vention,
in
annual
removing
v
general
classification
with
in
panies,
Dec.
value,
municipal
bonds from their previous
revenue
carried
the
insurance
31*
com-
annual
1942,
,
statement at the "amortization"
con¬
eral
state
and general obligation municipals
is considered by specialists as a
is
as
in
permitted
the-
of all state bonds and gen¬
case
of
the
from
reports
States
V
indicate
'
all
that
obligation municipals and,
until
this year, special revenue
Commissioner
*
issues.
threat to marketability of such is¬
to
enue
the
of
from
Internal
Rev¬
change the election.
of
case
the
In
partially tax-exempt
The
] majority for these amendments.
I In each of the three States large
] bond:, issues
and
the
cerned.
valuations
in the
cooperating with insurance com¬
clients with a view to bring¬
mu¬
pany
cate¬
same
corporate bonds in so far
applicability
of
Association
rules relating to valuation is con¬
cerned, is directed not only at
bonds supported by gasoline tax
out of
rather than taxes.
revenues
Impact of the revised attitude
has been felt by
dealers where
their insurance company clients
in filling out
sought assistance
questionnaires
on
calling
small issues of
not
tical
for
data
described
or
the unfavorable
cials
likewise
has
been
explained
failure to furnish
issues
are
other form of attack
on
the
ability
of states and cities to finance their
improvements without the
vision of
in
some
national
Affected
The
that
to
be
Oregon,
and
West Vir¬
reveal that in all three
States the voters piled up over¬
whelming -majorities in favor of
proposed
constitutional
amend-,
ments prohibiting the diversion of
highway funds.
Iowa,
ginia
super¬
Ratification
of
amendments at the Nov. 3 elec¬
tion
brought
which
line
for
Internal
to
require
taxes and
the
States
of all
gaso¬
14
use
registration fees
maintenance
construc¬
and
at
way
premium
may
occasion
tion
les¬
a
three
the
principal and interest
a
in
was
each
the
ap¬
State
-
roads
of
and
payment
on
of
high¬
The people of Cali-
bonds.
tion projects as a cushion against
post-war unemployment.
The Detroit
Award
■"
.
Space limitations preclude
detailed
discussion
any
these
in
col¬
of the circumstances of last
umns
week's
award
$4,258,000
by Detroit of
the
disposal system
refunding
bonds.
It
obvious, however, that the
action taken by city officials in
rejecting the high bid at the
original offering was rather dic¬
sewage
revenue
seems
tatorial, to say the least.
Moreever, the city, at least in this in¬
stance, would appear to have side¬
stepped in some degree the ac¬
competitive
playing in
our
To
Americans:
*
bid
tion cannot be
Sanitary District of Chicago
Refunding Bonds of 1943, Series F
easily defended
in light of all of the facts.
so
"There
Optional serially, at
interest payment
par
and accrued, interest
on
date thereafter, $125,000 each
000
year 1944.
over—short term issues
or
cluded),
t or on any
-.
•
in the
the
through 1962. r'
which
near
issue sold
These Bonds,
•
be issued for refunding purposes, in the. opinion of counsel will
to
constitute valid and
legally binding obligations of The Sanitary District of
Chicago, payable from ad valorem
property
therein without limitation
names
t
be levied against all the taxable
future.
local
as to rate or amount.-
of
previous
Prices
These bonds
Messrs.
may
are
to
optional date and
offered when,
as
yield 0.80%
coupon rate
for
award
With
in
the
near
expenditures
for
improvements held to bare
by the demands - of
policies, the prospect
naturally is that for some time to
to
2.00%
and ifissued and received by
us
.
licensed and offering these securities in such
:
Most of the activity in the mar¬
state.
the original holders* such as cer¬
tain insurance companies and mu¬
OTIS A CO.
•'
?•
INC.
funds.
Several
of this char¬
sinking
include
bonds
by
Fund and
ers
STRANAHAN, HARRIS 6. CO., INC.
offering of $2,157,000
the New Jersey State
Pension
and
Annuity
$4,390,000 by the Bank¬
Life Co. of Des Moines.
November 26,
.
1942.
■
as
past.
conjec¬
it always
Some ob¬
believe that the
servers
pave the way
war
may,
to industrial social¬
ization. However* their arguments;
not
are
entirely convincing. In the^
place, Washington itself has
first
given
initiative
prise
will
second
has
that indi¬
many assurances
vidual
be
and
enter-'
free
preserved.!
In
the.
place, the American public
clung tenaciously; to
always
its traditions of equal opportunity!
and individualism.! Perhaps a
par¬
allel may be drawn from
dent in World War I.
inci¬
an
!;i.,'"
""!.
;
.
"On
Angel Island, San Francisco
Bay, a group of youthful soldiers
were
eagerly trying on the new
khaki uniforms that had just been
handed out to them.
A Spanish
War
veteran
who
had
rejoined the Service for the
new
war
dryly commented: 'You are
happy to put on the uniforms now,
but you'll be much happier to take
them
In
off
the
when
this
of
case
job is done.'
an
overwhelming
majority of American soldiers, the
veteran's prediction was doubtless
true.
During the war emergency
they wore the uniform with high
spirit and readily shouldered the
restrictions
new
that
life
army
and,
discipline
entails,
but once
had been restored they were
only too glad to get back to the
peace
freedom
"It
that
is
of
their
seems
the
former
altogether
life.
•
probable
American
public, which
willingly accepting restric¬
now
tions
its former liberties and is
on
enthusiastically
ready for
more to come, will be even
h
still
more
enthusiastic after victory has been
gained to return to the old order."
caster who discusses the interme¬
diate trend of stock prices in the
National
ice had this to say
the
cessful
indecisive.
previous sale
bidder
was
a
in February, the
syndicate
bidder
Stuart
was
an
&
Co.,
account
.Bros, of New Yprk,^.,.,
Inc.
suc¬
headed
Second
headed
The
serv¬
in the issue of
was
entire
only 0.16 points.
dull
and
of
range
The volume
only 503,000 shares.
were
was
While there
visible indications of
no
an
immediate down move, there were
visible
no
indications
of
im¬
an
mediate rally. We must,
therefore,
continue
which
to
the
hold
action
the
past
-
especially
the
of
position,
the
six
market
during
finished has
so
weeks
-
the
by
seen
just
strongly suggested*
before any sustained upward
movement occurs."
"
•'
i
•
.
•
'
*/".'
i.
\
■
i
* V I*
Distributions
Keystone
ries
Custodian
"S 2"—The
period
holders
of
record
The distribution
of which
and
for
ending
paid Nov.
was
Fund
Se¬
regular semi-an¬
distribution
high
by Lehman
and
week
namely, that lower prices will be
come
wit
Research
the hourly Industrial
Average was
1942,
*
Halsey,
&
Thursday, Nov. 19:
months'
$2,600,000 Rochester, N. Y.
At
Securities
Corp.'s "Investment Timing"
nual
December 1
Dated January 4, 1943. Interest payable January 1, 3944 and semi-annually, January 1 and July 1, thereafter.
Principal and interest payable in Chicago, Illinois. Coupon bonds in the denomination of $1,000, registerable
as
to
principal only. The information contained herein has been carefully compiled from sources considered
reliable, and while not guaranteed as to completeness or accuracy, we believe it to be correct as of this-date.
free
as
the
J.
an
Teachers'
MILLER, KENOWER & CO., INC.
considerable
in
been
over"
acter are scheduled for Dec. 1 and
PHELPS, FENN A CO.
are
We quote: ;
oc¬
the placement of large
blocks of old issues acquired from
nicipal
.
•S.
has
sizeable operations
1
MULLANEY, ROSS A COMPANY
issues
casioned by
HALSEY, STUART & CO. INC.
CENTRAL REPUBLIC COMPANY
new
ket in recent weeks has been
be obtained in any state in which this announcement is circulated onlyfrom such of the
as are
of
amount
coming to market will be small.)
and subject to approval oflegality by
Chapman & Cutler, whose opinion will befurnished upon delivery. The offering circular
undersigned and other dealers
the
come
of 2 % thereafter until redeemed
is
"Today's market
war-time
to
the'
to whether business of the
as
future will be
also appended.
necessities
.
satisfying.
the
and
last
up
(Ed. Note—Very few municipal
bond issues of major size are
scheduled
taxes to
bidder
the
for
ex¬
come
The
future.
are
to
are
successful
runner-up
,
economy.
"cherish
Sticking to his guns, the fore¬
im¬
more
portant municipal offerings ($500,-
January
ture
Scheduled
January 1,1963
war
who
Major Sales
We list herewith the
Due
Lord,
discusses
ism, the conclusions reached
the
principle.
The
city, of course, had every legal
right to reject the high bid sub¬
mitted in
the
original instance,
although the propriety of the ac¬
$2,500,000
of
industries
consumer
are
American
f:[■■• • ■
cepted standards inherent in
The
to
availability for highway construc¬
Unofficial election returns from
authority."
the
desire
Highway Bond Protection
Revenue Act requiring amortiza¬
tion of tax-exempt .bonds bought!
this informa¬
ineligible
of
parent
taxes
Three More States Vote
By Tax Provision
provision
j,':'! The second factor
■
.
increasing
7TS':'.?V
Iprotect road funds against dissi¬
pation in order; to insure their
High Premium Bonds Seen
tion may make the affected mu¬
nicipal
effects result¬
expected.
The
Mayor of one Illinois city is said
to have already advised Governor
Dwight Green that "this is an¬
financial manuals.
It
its
analysis
an
bonds
revenue
previously rated by statis¬
agencies
and
Association
committee
ing from application of the June,
1942, resolution.
Protests
from municipal
offi¬
and automobile
tolls, but
also
embraces water, light and
power and other issues payable
revenues
of
National
insure
to
payment of highway bond service and maintenance during the
>.
gory as
revenues
outstanding
were
provision
some
as
revision, which places
issue
"Background"
sound and
ing before the next convention of
The
nicipal
November
reduced
gasoline
con¬
sumption in the three States from
issues, amortization will be man¬ ;
datory for corporate holders but
war
without
it will be optional so far as indi¬
i; was essential.
vidual security owners are con¬
Some dealers of late have been
sues.
determining
American tradition of individual¬
starting after Dec. 31, 1941,
16%
to
35%
below
the
same
said to be mandatory for
months a year ago, were impor¬
tax-exempt securities held both
tant factors in the size of the vote
by corporations and individuals. cast in
favor of this method of
Fully taxable security holders can
^protecting road revenues.
elect the amortization method, but
|
Two other factors also are
once
taken* it will apply to all
j credited with piling up a record
taxable
obligations held unless
obtained
in.
rationing and other wartime
restrictions, which in recent
is
permission is
made
performance figures. This is
altogether a creditable showing
for the investment companies dur-;
ing a most difficult period.
year
and
no
was
the
the role that
v
*
premium
amortization months
effective for any taxable'
be
period,
dends
com¬
during this
adjustment for divi¬
show
tire
.;/:
dividend
generous
Abbett's
three
amor¬
re¬
were
about 8 to 1.
Post-election
se¬
Incomplete
Iowa
panies
169,271
votes for the amendment and
20,183 votes against
it, a ratio of
will
when
was
ratio of 1V2 to 1.
turns
pur¬
chase price and the redemption
or sale price, the report added.
RICHMOND, VIRGINIA
»LDO\^S_^S/CHICACO ILUNOIS
deductions
"Good
218,652
votes for and 38,196 votes against
it, a majority of nearly 6 to 1. In
Oregon the vote was 125,364 for
and 87,411 against the
amendment,
security
longer
Virginia's
Amendment"
tax-exempts
Although
payments by the investment
West
law, it is
with an ad¬
away
companies.
ments.
new
which
Investment Trusts
(Continued from page 1879)
gain of 18.4% for the investment
previously ratified such amend¬
recent issue of the New York
said, is to do
>
:
MUNICIPAL BONDS
R.ECrummer X. Company
1ST NAT SANK
thoroughly publicized,
it
suggested in a report carried
a
Effect of
CAROLINA
regarding
been
"Journal of Commerce."
NORTH and SOUTH
comprehensive
a
bonds.
answer
them at
us
;
was
long experience in handling Flori¬
issues
da
has
law
revenue
more
VIRGINIA—WEST VIRGINIA
MUNICIPAL BONDS
Our
on
new
Thursday, November 26, 1942"
the
six
Nov.
30,
15 to
Oct.
31,
stock¬
1942.
amounted to 450
430 represented net in¬
20 capital surplus.
Volume
156'
Number 4128
U. S.
THE COMMERCIAL &
FINANCIAL
CHRONICLE
Savings and Loan League War Conference
50th Annual Meeting Studies War
Loaning Task Of Savings Associations Changed
By War But New Horizons Are Opening
The
$161,670,000 which savings, building and loan associations^
con-'
have supplied during the first nine months of 1942 to finance
struction has contributed 49,000 new units of
shelter, almost
tirely
in
industry
•..war
This
areas.
was
one
institutions to-further
League's^
Chicago war-conference on hous-' ing existing housing units.
'
;
:
ing and savings; on Nov.
Our
loaning task is changed somewhat
in character, but it is still
possible
16.
Mr.
to devise ways and means to assist
non
said
-i
i:
the
Can¬
that
"knotty
questions
in¬
cident to
rent
.
control"
have
placed added
responsibility
in
the
in¬
scale.
guidance
these mat¬
given
and
rier
members
o
f
home
associations
"We have before
:
tunity to
the oppor¬
us
remodel-
in
cooperate
some
when
meet
housing
permitted
Even
to
on
under
such
is
once
peacetime
a
the
be
placed
current
loans
incomes
outstanding developments
of
the
half
work.
war
been
swollen
repayment
safety
valve
is
better statutes in the
various state's to insure the
safety
of
the
the
associations.
evolution
the
by
Federal
"nation of home
a
velt sent
own
message to members of the War Conference
and Savings of the United
States
business
the conference by Fermor S. Can¬
President of the League:
homes
"The special War Conference of
district and state
:
your
this year in place
of your
Then
came
realization
Home
Loan
of
Bank
services to
.
Home
reserve
has
Loan
greatly ' fortified
our
apparent,
savings
experience in the
vice of their
only to
country.
Very sincerely
I refer not
upon
of homes for
workers and in
have
war
thousands
supported
to
measures
protect
The First
Federal Savings
Savings
in which
the
and Loan Association
Vital
national
our
of
Charleston, South Carolina
fully
reached $6,053,345,616,
its highest point in
seven
"After
Nov. 16.
of Dec. 31,
the associations as
in
3941.
now
persons
were
the
from
ment
are
the Association states
that these full statistics as
close of last year
of the
made available
for the first time on Nov. 16 show
that 1941 was the best year
of the
past 11 for these institutions.
In
42 States, the District of Colum¬
close
of combined assets at
of
the
in
these
year
Established
greatest
this century, the
yc|if
of
War II.
loan
uncertainty
total
nation's first
involvement
in
was
funds
The fact
economy.
more
Assets
our
it
will
show
had
assets
in
the
growth
and
number
of
Financial and operative
'
sent
on
statements
request
re¬
out¬
Franklin
Fede
1
r a
y\:
SAVINGS' AND
was
'J
LOAN
*
ASSOCIATION
been
There is, thus,
another
$1,500,000
,
associa¬
of 1942 it
than
over
inspiring the
war
definite
a
from
summer
greater
crease
World
they
of
year
an
of Richmond
rite,
good reason for belief that
by the close of 1942, savings and
entered
The fact that
war
1934
desire to aid in
every possible way
some
the situation
was
possible.
months
there
of
the previous year.
associations
of
first
when
even
1941."
"Such, briefly,
when
the
been
to the involvement in
and in the
Mr. Cellarius further said:
7,207 institutions
in operation. The announce¬
There
7.9%
a
makes all the
tions, the net gain in savers' and
investors'
capital,
month
by
month, has been re-established
and
membership of 6,978,057
have
action
flow
He reported a gain of 219,703 persons as investors
borrowers ; from, these fthrift
and
home
financing ^in¬ estate as of the close of last year,
stitutions,
giving them a total Mr. Cellarius said, and reserves
cago on
assurance ;
years,
reflecting an upward sweep of $258,815,766 last year, H. F. Cellarius,
Secretary-Treasurer of the United States Savings and Loan League,
told the League's War Conference on housing and savings at Chi¬
in,
tion to
of sound business in
otherwise
yours,
Franklin D. Roosevelt'*
•;
addressed
1941, has un¬
to me by
doubtedly paved 1'the* "way for your president that your institu¬
tions
smoother
'are
united
and firm in their
running
than
would
Reach Highest Point In Seven Years
your
your contributions in pro¬
relatively strong position,
having done an unusual volume
a
from
ser¬
viding thousands
"I
land, is unconquerable.
country will benefit
determinations.
and
loan associations and other
thrift
institutions have used their re¬
sources and
financing
"Please accept my best wishes
for the success of your
conference.
The realistic basis on which it
is
being called makes me believe the
economy.
country."
our
own
"Since the nation's
danger first
became
of
period of
a
mably to your country's strength.
A nation of home
owners, of peo¬
ple who own a real share in their
leaders,
called
over
one hun¬
dred years has contributed
inesti¬
non,
you
of
said.
The total of savings, building and loan association assets for the
nation has
Housing
program,
system
Banks
Savings, Building & Loan Ass'ns
h
on
Savings and Loan League in Chi¬
He told the savings and loan executives that
they had the
unique satisfaction of knowing that their institutions'
business "of
financing homes over a period7
■■■'?
'
of one hundred
years has contrib-t *he
all-important war
United States League, which great
in
"
own
cago.
appreciate the effect
upon your business of the transi¬
Assets Of
of people who
owners,
land, is unconquerable," President Roose¬
a
aiding the sale of War
Bonds, but to the manner
controlling the
spending of available funds," he
7
and
system, through the efforts of the
for
.
forward step in our
was
the
attempt to
gradually
added
an
Declaring that
real share in their
a
.!
next
operations
"This program of more
rapid
league.
"The
by borrowers whose
have
Savings & Loan Ass'ns
Country's Strength
As Contributors To
■
the
tional
prepayment of
on
Roosevelt Praises
ing the well-developed formula of annual
convention, is new evi¬
the locally operating associations. dence
of the awareness of the
Cooperation in the effort to con¬ savings and loan
industry of the
trol this situation was obtained
necessity of concentrating only on
through the formation of a na¬ our one great task.
causing nationwide concern."
Mr. Cannon urged that no bar¬
f
loan
fact
a
still
o
throughout the country. He added:
type,
specifications governing
war housing
we should find op¬
portunity to provide funds for
housing which is one war activity
: t o
savings,
meet¬
of
reduced
thousands
the
ability
our
problems
and
ters have been
building
to
as
stitutions
and
housing'
which should encourage all of us
financing
on
Fermor S. Cannon
production
more
counsel
conference of the
at
the end of the
1880's," he
under and within the framework pointed out.
He went on to say,
of the current regulations.
Some ;"The problem of their day in¬
of the war housing we have fi¬ volved the
attempt to nationalize
nanced
has
been
of the
'mass the operations of associations us¬
of these home
that
-
hands
war
Housing and Saving
century of this na¬ Uted inestimably to your
country's regardless of the sacrifices .' in¬
tional organization of the
The following is the volved.'
savings, strength."
building and loan associations. text of President Roosevelt's let¬
'"You have the unique satisfac¬
"The
pioneers of our business ter addressed to the board of di¬
tion of knowing that
your insti¬
were facing a crisis in our affairs
rectors of the League and read to
tutions'
in his address before the
\
Since the
League was its 50th annual
ing, Mr. Cannon reviewed
en¬
major
activity of
the war program cited by Fermor S.
Cannon, President of the United States Savings and Loan League,
these
1881
Assets
in*
"-III l
of
We
Ksrfr
in¬
$3,700,000.00
over
Invite Your Inquiry On
Investment
Of
Trust
Funds
persons
using the associations for saving
or
were
borrowing purposes."
Alaska
and Hawaii
they
gained in total assets./ In 14 of
bia,
the
States
these
than
gain
was
more
$10,000,000. The advices also
state:;
7'/
.',7.;
v.'-'
.*
"Ohio continued as the nation's
leading
with its
savings and loan State,
aggregate assets at $909,-
,502,772. It also made the largest
gain of any State last year. Other
States whose assets are now more
than $250,000,000:
Massachusetts,
with $527,459,102 in cooperative
banks and savings and loan as¬
sociations; New York, with $476,058,935; Pennsylvania, with $457,-
045,291; Illinois, with $414,953,828; New Jersey, with $350,409,346; and California, with $342,323,997.
:
"A
of 8.5%
gain
loan investments for
was
for
reported
associations
by
in mortgage
the
the
Mr.
Grow th of the I
„■
7
; ■
*erpetual
/.
.
vi
year
1941
1st
year
11th
■"it
■
31st
a
a
41st
50th
51st
52nd
53rd
54th
55th
56th
57th
58th
59th
60th
n
it
1912
it
it
'
7,
1933
ASSETSv'
Total
35,989,219.58
39,834,747.90
1938
v
■
■
"-'"'7'
War
the fifth
the
percentage of total assets in¬
vested in mortgage loans had in¬
creased.
The
associations
had
only 5.7%' of total assets in real
Hand
on
to
June
916.80
1
——
100,000 00
74,968.75
1
"G"—
June
30,
<.
30/ 1942
.—
100,000.00
—
1942———
-
———
51,792,313.18
it
•
54,216,152.33
-
'
'
56,850.89
340,541.61
——
.
'
$11,216,323.44
tt
LIABILITIES
56,734,244.06
Total
Shares
Reserved
PERPETUAL
——
on
Shares
on
Loan
Loans
Notes
Dividends
in
(Investing)-—————
—
159,854.23
Shares—
4,500.00
—I
—_
Process
$9,561,844.17
^
—
Dividends
Unpaid
.
for
Reserved for Dividends
—_—
-—■>.—
Payable
25,378.36
—
190.500.00
_
250,000.00
—
Accrued
Building Association
Social
Net
Interest Notes Payable
Security Taxes Not Paid
1,253.43
for
1,000,000.00
Contingencies
22,901.66
America's
Largest"
WASHINGTON, D. C.
91.59
—
Surplus
Reserve
"
■:
61,317.13
—
Bonds—
Bonds—Series
Cash'
Cellarius,
successive year in which
Government
Interest Accrued
50,253,515.75
making their mortgage loans out¬
standing, $4,798,753,183, as of Dec.
31.
The figure constitutes 79.2%
of all savings, building and loan
assets. He said that last year was
Stock—Federal Home Loan Bank-,
U. S.
48,413,076.24
«
^ 7'/
$10,481,728.26
———
—
43,399,131.66
it
1939
Outstanding Loans——2
Office Bldg. and Fixtures and
Equipment
Insurance Premiums Advanced
46,784,020.67
it
Statement of Condition June 30, 1942
7
26,749,387.06*
30,596,813.40
32,046,298.20
it
u
1942
/
it'
n
1941
7/7
I.
it
1936
combined
/
it
1937
1940
Washington, D. C.
;;
.
8,447,613.08
u
1934
II
a
7 7
7
it
1935
it
'
a
1932
it
it
:•
3,428,144.88
it
1922
-
1931
tt.
2,353,359.39
'
■
1942
900,822.64
a1
u
1902
SIXTY-ONE YEARS
$27,843.28
.777'-
1892
u
21st
61st
1882 Resources
1881
$11,216,323.44
CARL
J.
BERGMANN
President
'
HERMANN H. BERGMANN
Vice-President
JULIUS A.
MAEDEL
Secretary
■
Thursday, November 26, 1942"
CHRONICLE
THE COMMERCIAL & FINANCIAL
1882
tecting the future of their borrow¬
ing members who; have entered
U. S. Savings & Loan League Takes Stand
In Interest Of Private Enterprise In Building
war conference
delegates in at¬
the country.
Discussing the problems facing savings and loan associations
during the war and post war years, the League adopted certain
II reduced to
World War
which
League,
a
housing and savings, was held in Chicago, with
tendance sent from State Leagues in all parts of
on
resolutions determining its policy t
civilian
the
of
factor
portant
for the future.
--—
_
—
front."
"There
evidence
abundant
is
resolution
Another
commended
public housing officials are the Boykin subcommittee of the
using the war housing program as CongreSs which recently caused
a vehicle to broaden the scope of,
the rev0cati0n of a WPB order
that
credit
independent
ration.
permit the construction and remodeling of housing for war
privilege and preference
accorded
public
housing
over
*
"The
olution also said:
existing
" ;
home
credit.
sidy for farm
discontinue the
To
3.
and
not
should
tard
be
progress
permitted
to
service and degratitude and commen¬
serve the
dation of
vate
who
all
interested
are
of
enterprise system."
the
in
preservation
pri¬
our
of rent control,
the conference by resolution peti¬
tioned the Congress "to keep on
On
INSTITUTIONAL
the subject
the
parity
a
property
FUNDS INVITED
of
incomes
pursuant to the pol¬
deal¬
and farm¬
icy of equity established in
ing with wage earners
ers." It added:
"In
and
ask that any rent
ceilings heretofore established for
homes, apartments or residential
property at any date prior to Sept.
fair
First Federal
SAVINGS & LOAN ASS'N
of
of justice
interest
the
play,
we
15, 1942, shall be adjusted so that
the 15,000,000 small property own¬
ers may be treated as equitably as
.
DURHAM, N.C.
resolutions
Other
cluded
earners."
and' wage
farmers
passed
in¬
against regi¬
mentation attempts on the part of
government agencies which have
ernment,
AN INSTITUTION
WITH CONSERVATIVE
MANAGEMENT
no
protest
a
clear relation to the
mobiliza¬
an appeal for early
of
the
government
capital in the Federal Home Loan
Bank System and the restoration
of
the
System to
the original
tion for
Current Dividend
war;
repayment
3H %
it
poses,
"There
on
are
nation's
the
of
for
the
war.
en7
the
pre¬
croachment by them upon
living
for which we are
Definite distinction ex¬
life
not created
"We
responsibilities
whose
by the war.
:
-
vigorously, wher¬
ever it exists, the use of the pow¬
ers
which
an
independent citi¬
zenry
has
temporarily
surren¬
dered to its government in order
to win
protest
war
a
as
an
excuse
for the
permanent establishment of a regr
imental economic system."
The
League
"Declaration
of
adopted
also
War
a
by the Un¬
the
to
a
definite program
duration
of
the
poverty and depression
the
war;
after the
war, and on delay in everything
important to victory. Among the
WINSTON-SALEM, N. C.
"In
the
Member
Heart
Federal
Member Federal
Member
United
of the
Home
Savings &
States
Tobacco Belt"
Bank System
Loan
Loan Insurance Corp.
Savings
Loan
&
League
Savings
means
a
contained
gram, were selling
the
fullest
extent,
the pro¬
war bonds to
and having
their institutions buy them in un¬
limited
amounts;
encouraging
people to save and not to spend
to prevent inflation; keeping their
institutions functioning, and pro¬
promises
in
He
emotional
impluse.
pointed ; out that the national
will be approxi¬
1943
in
income
mately $125,000,000,000, goods and
savings worth only $70,000,000,000
produced, and State, Fed¬
will be
taxation will take
local
and
eral
$40,000,000,000
of
gap
saved
squandered.
or
"We
win
can
a
'
;;
..
be
to
,
;
smart
;;
.
man's
peace
by starting now to win the
battle
against inflation," he said.
"It will be
slow down
tendencies irr our
economy by theK savers',
having spent it for consumer
has
loan
not
It has also contributed to
goods.
holding down the general price
level
by
providing' additional
capital from which a part
could be financed so
much more of the cost
savers'
the
of
of
war
this
that
victory
it
now."
just as large a job to
--
carrying
for
;
as
the war
v..-.;, ;•
appeared at the con¬
Mr. Coyne
ference
on
...
,
,
Treasury's
the
repre¬
sentative, replacing Ted R.
Mr.. Morgenthau
genthau,
conference in
the
a
forced him "to forego
told
message
that
work
had
urgent
Gamble's
Mr.
of
Gam¬
Assistant to Secretary Mor¬
ble,
inherent in
them."
the pleasure"
attending the meeting.
S. R. Gaynes & Co.
HERE
SAVE
&,
LOAN
Praise for the
savings and loan
their "splendid
the Treasury's war.
for
savings program was
by
Secretary
of
the
SPECIALISTS
savings accounts here
current
dividends
safe
investment
your
money.
—
are
that
3%.
will
are
insured
up
We know of
pay
you
as
to $5000.00 and
no
Investment
other equally
good
a
return
Mortgages
on
In
his
START
YOUR
ACCOUNT
NOW
Danielson Federal Savings and Loan Ass'n.
84 Main Street
Phone 377
Danielson, Conn.
Bought and Sold
Managers
Are
Invited
Problems.
Inquiries Treated
message,
Their
"Since the inception of the WaT
Savings Program the savings and,
loan
associations
have
given
splendid service to the Treasury;
am grateful to all of your insti¬
Broadway
V
/
Confidentially.
.New York City
Telephone: WOrth 2-2078
tutions
have
who
amounts
their
been
in
Bonds
Government
consider¬
whose" repre-A
and
time
buying1
given unsparingly
promoting the
in
sole of War Bonds to the individ¬
ual.
May I encourage you to keep
this good work until the war
up
and our job at home has
accomplished."
Secretary Morgenthau indicatedf
won
*
•
he had
asked
Robert Coyne;
Field Director of the War
Staff
Who
uled
tend
to
had
to
who
Saving^
Ted
Gamble,
originally been sched¬
address the
conference,
represent
had
been unable to
the
at-,
meeting because of the
urgency of the task on which'he
wag-
•!-
-
I
but
277
Mr. Morgenthai^
said:
that
-
to ..Present
Association
message
a
been
Funds
Liquidations and Mergers
Send card for free booklet and information
expressed
Treasury
to the
United States Savings and Loan
League convention
in Chicago.
Morgenthau in
is
All
;
For Aid To Treasury
of
SAVINGS
"/
Morgenthau Praises
;
Savings & Loan Ass'ns
sentatives have
and Liberal Return—
be
bank
with the seeds of inflation
loans
able
For Insured Safety
to
of commercial
prosperity after the war associations
is to produce the materials service"
to
needed
not .have
did
out
financed
maintain
as
helped
national
This leaves
only $15,000,000,000.
a
to
This
savings
in
investment
the inflationary
on
an
on
put
association.
the
by
been
has
investors
and
Mr. Coyne said that purchase of
bonds must become
shows
1
the part of the savers
on
increased
soldier1
prerogatives of govern¬
ment agencies now in operation
for defeating the Axis and those
as-usual,
on
partisanship,
on
special privilege, on inflation, on
Forty Years of Uninterrupted Dividend Payments
War
and
work
Treasury Department.
of" fighting
League declared war on business-
PIEDMONT FEDERAL SAVINGS & LOAN ASS'N
Field
and loan
where much of this increased in¬
tween the
themselves
$4,250,000
Coyne,
than
more
by the savings
since July
G,
vestment
the
Loan
of
purchase
institutions
ists and must continue to exist be¬
for
Assets Over
Staff of the
of
"The
and
and
and
Savings
the
for
Director
war
Savings and Loan Men and
Women
of
America"
pledging
Institutional and Trust Funds
•
stressed be¬
was
Robert
by
League
income
conference
war
States
United
;
national
expenses,
the
fore
armed
We Invite
the
,
$80,000,000 in government bonds,
including War Bonds, Series
$40,000,000,000 gap be¬
a
up
for emergencies
now
costs for the average
Mr. Bodfish also said:
"the home front
rather than of playing at being a
are
available
'
importance of practicing
thrift in. the present situation to
rogatives of free enterprise and
independent management at this
time is a step toward losing the
fighting.
that
living
citizen."
The
re¬
Any
another, reflection of the
more
current earnings
summer,
fact
holdings."
Is Home Front Battle
use
build¬
and loan funds were off 5%
from their volume the previous
ing
pur¬
Purchase Of War Bonds
tween
withdraw-,
other hand
the
"On
als of accumulated savings,
and
peacetime. Their executive or¬
ders, exercise of authority, and
are not in the nature
of things concerned with the mo¬
bilization
of
associations.
regi¬
government
many
the, mounting payroll^
production and in-i
war
employment, and the re-j
intensified anti-inflatiop
advertising campaigns by thesq
are
resolution
Bodfish
creased
suits
chasing and locally servicing a
large proportion of the corpora¬
tion's present mortgage
in
of
corporation's affairs by
to
due
capital is in a position to assist in
and
expedite the liquidation of
the
!
flowed in at a rate
faster,than last summer,
10%
reflecting
country, we feel that the time
now' arrived
when
private
has
;
the
into
Mr.
increase,
follows: ;
as
<
entered
"New money
of
responsibility. With the stead¬
ily
increasing
improvement
in
economic
conditions
throughout
agencies whose functions in war¬
time are essentially the same as
way
said,
achieved..
factors
Two
marked
its
said:
was
sources
1
1%.
the
to
,
was
money
general efficiency of its operation
and high quality of service that it
has rendered in the discharge of
the
large as in the summer
as
1941, when the previous post-!
depression
record
in net new
of
League commends the offi¬
cials of the corporation upon the
mentation for other; than war purT,
agencies
plea for economy in gov¬
a
As
again
country.
Loan
small operations
earners
wage
owners,
and farmers,
by
1/ 12th of
public
standing
re-
im-
most
this
on
workers have performed an out-
housing
social
of
issue
the
in the thrift and home fi¬
nancing
institutions
was - half1
with Congressional mandate, the
corporation has been in process
of liquidation.
'
1
"The United States Savings and
expendi¬
construction
of workers by private industry. This ture of government money to
urgent need has ham- \ resolution set out:
house middle class people at gov¬
pered private enterprise which in
"We submit that the American ernment expense, except to the
the face of these obstacles has way of life requires that Governextent necessary for war produc¬
shown an excellent record in pro- mental
authority should accord tion.
viding war housing.
The United every preference to aid and en4.
To discontinue purchase by
States Savings and Loan League,1 courage private initiative in meetthe
government
of
mortgages
with a membership of nearly 4,000 ing the housing requirements for
through its agencies such as the
thrift and home-financing institu- our war workers, and that the
Federal National Mortgage Corpo¬
tions representing over 6,000,000 construction
of public housing ration and Reconstruction Finance
of our thrifty citizens, now takes should be resorted to only as supCorporation.
a positive stand in the interest of i plemental and emergency in char5.
To restrict cost to the gov¬
private enterprise and expresses acter. Those Congressmen, under ernment of information services
its determination to do the war the leadership, of Representative
and the cost of unnecessary use
housing job
to the extent that Frank
E. Boykin of Alabama, of government frank.
permanent
units are required, who realized the necessary role
6. To reduce the premium rate
Government policy should be di- of
private
enterprise
in
the charged savings and loan associa¬
rected toward getting the job done provision
of housing for
war tions and insurance accounts to
and
who
^ oiv
that this net gain ift-
said
1
Savings
Chicago,
League,
money
Since that time and in accordance
home
private
equally
this
in
Vice-President of
States
United
Nov.
of(
August.
reported by Morton Bod¬
is
Loan
of
end
fish, Executive
the
cap¬
beginning
the
,
the
and
This
country
owners
between
June
through its
program for refinancing the mort¬
gage
indebtedness : of
approxi¬
mately : one
million
distressed
the
of
ery
To discontinue Federal sub¬
2.
ital
investors'
and
savers'
their
: r
1936, the Home Owners Loan Cor¬
poration made a substantial con¬
tribution to the economic recov¬
Housing Administration cease in¬
upon
gain
pf approximately this amount in,
"During the period from 1933 to
,
this
during
economy
past summer, showing a net
•
resolution,
a
national
of its original
calling for de¬
creasing expenditures, asked,the
Congress specifically to:
1.
To require that the Federal
The
phoned off $146,468,000 from the
mounting inflationary tide of the
accomplish the purposes
creation." This res¬
thereby
speedy liquidation
of the Home Owners Loan Corpo¬
more
resolution terminating the issuance of neces- suring mortgages
adopted by the League declares. gaj*y priority orders that would houses.
housing,
social,
Owners
institutions of the country; and a
for
the country, tendered
"assistance
and
to facilitate a more
liquidation of the' Home
Loan
Corporation
and
League's
speedy
for the thrift and home financing
call
associations
cooperation
agency
savings, building and loan
of
the
nation
si¬
The
in
all parts of
concept of a privately owned and
fully
located
associations
loan
savings
member
4,000
nearly
and
the
Loan
Gain In Net New Money
The conference also, 6n behalf of
its
Savings and<?>
annual meeting of the United States
fiftieth
The
Savsu & Loan Ass'ns
the armed forces.
engaged.
*
-
-
,
$
v
Volume
Number 4128
156
THE COMMERCIAL & FINANCIAL
CHRONICLE
U. S. Savings & Loan
League Elects Cake
President At Wai Conference
Ralph H. Cake of Portland, Ore., was elected fiftieth Presidents
of the United States Savings and Loan League at the annual meet¬
ing in Chicago Nov. 16. Mr. Cake is President of the $16,000,000
Equitable Savings and Loan Association.
He succeeds Fermor S.
Meeting
:
Cannon, Indianapolis,
head of the League and has served
as
both
as
wtih
him
istration
wartime admin¬
savings
are
John
organization
-
•
F.
Scott,
Paul,
dent
&
St.
the
dent,
Salem
Association
dowrie
Association
ciation,
s s o
who
is
new
Vicer
the
President;
Meg
Brock,
ton,
W.
r
u
Day¬
Ohio,
President
the
of
Gem
City
and
Building
Asso¬
Loan
ciation,
•
e
■
w
will
be
ond
V i
h
o
Sec¬
c
Salem.
Federal
Rhode
Savings
of
Island:
South
Loan
&
Ralph
Carolina:
Matilda
Secretary, Home Building & Loan
Association
of Aberdeen. -.,7 7
tion, Knoxville.
dent,
Loan
G.
11
Jr.,
Stickel,
Com-
Street, Newark, N. J, was
of
the
-
McAllister, Presi¬
Sari-' Antonio Building &
New
M.
L.
Salt Lake City.
R. A. Cooke,
one
and
who
President
of
League
and
the
New
Director
and
Zebulon
and
E.
Clinton
Plains;
Norman
H.
Polhemus,
Presi- Poughkeepsie;
Fred W. Herendent, Burlington Federal Savings deen, Auburn; Ambrose P. Gardi¬
ner,
Whitestone; Axel Swenson
and
Harry L. Dayton, Bayside;
Emile Rathgeber, Flushing; Claude
B.
Gandy, Joseph Holzka and
Vermont:
Herbert G.
Winsch, Staten Island.
the
had
what
as
and blood."
of
more
going
be
resolute
to
do
in
its
something
about the manpower muddle.
can't have our boys
fighting
opening
the
challenge
of
"We
promise that we will sell
bonds to the fullest extent of
war
oqr
ability and energy, without
regard to cost and time involved,
that
as
difference
far
planes,
the
right
"We promise that
institutions will buy govern¬
bonds
in
unlimited
week and
are
of
a
amount
month
as
Cannon, President of
League,
promise
every
available."
Fermor S.
the
shortage
manpower
He added:
a
and
resolution said.
funds
because
make
tanks
right place at
the unanimous
time,"
every
at home."
dollars
as
the
guns will be at the
ment
our
the Treasury's
financing plan
"seeking most of its funds from
the general public."
any¬
on
the
of
30,000-mile battle
front with insufficient
equipment,
where
session
to answer in full
newly-announced
our
We
its
League resolved
so
the 48-
1," he said.
Congress meets
is
At
of
transferred
employ forcibly to an¬
similar implications of
to
determination
said
that
the
latter
,
ployees in Federal, State and local
particularly pertinent
Treasury's program. since
the savings and loan institutions'
Government than there
investment
"There
V.
Wolcott,
of
rights
is
it
Norden, imme¬
what
plans
seniority
employee
cluded: E. M. Van
7
,
those
"We will hear
State
Rochester; Selde'n W. Ostrom, New
Rochelle; Richard A. Greer, White
President,
As¬
Dye,
York
of
discussed, such
to
Mr
numer-3>
most
hour week after Jan.
"When the new
Association, San Antonio,;- kinder
Utah:
that
of
Carthage, Pres¬ rationing of "flesh
Woodard, New York; LeGrand W.
Pellett, • Newburgh;
W.
Gilbert
Livingston, Bronxville; Arthur P.
Bartholomew,
Willis
J.
Alme-
7.
subject
League of Savings and Loan Asso¬
ciations, and other delegates in¬
Nugent- Fallon
Texas: W. W.
sociation,
Fred
•
Tennessee: W. C. Walkup, VicePresident
and
Secretary, Home
Federal Savings & Loan Associa¬
sixth -time.;.
:
headed by Clar¬
was
League; Otto
Welk,
George
L.
Bliss,
Leon
Fleischmann, Harold C. Hahn, Al¬
bert T. Maurice, Dr. Herman L.
Reis, Jason Meth, Everett Smith,
Gage,
an
other
It
J. Roberts of
of the United States
Greenville.
of
Dakota:
State
been
sociations.
Association
<
York
Chicago
the
"rationing people" and
out
happens
from
State
First Federal Savings & Loan
merce
New
past
e-
\-7
the
diate
F.
■
of
not
League of Savings and Loan As¬
York
Cellarius,
Cincinnati, re-elected
Secretary-Treasurer for the forty-
•.'
M.
the
on
called
pointed
Hewell, Secretary-Treasurer, Fi¬
delity Federal Savings & Loan
South
delega¬
made
he
summarized
suggestions which have been
implications
ident
Cros¬
Colony
Marion
:
State
ous
tion to the United States
ence
H.
Old
York
A
authority will have to be created to get a
perspective
the manpower situation which is
becoming an increasing muddle
and increasingly
expensive to the nation in terms of men and ma¬
terials as well as
money, according to Representative Everett M.
Dirksen (Rep.,
111.), speaking before the final session of the United
States Savings and Loan
League war conference in
on
and Loan
dent
Lans-
Lansdowne.
by, Vice-President,
Bank, Providence..
President, and
Herman
of
Vice-President,
M i n,?n e s ota
Sav¬
Federal
New
Single Authority Declared Essential To
Solving Problem Of Manpower Situation
single
Dirksen
Savings
League War Conference
was
announced
by Zebulon V.
Woodard, Executive Vice-Presi¬
Presi¬
Savings &
Powell,
Pennsylvania: Fred A. Werner,
Executive
Federal
A
Ralph H. Cake;
Keith
Loan
Presi¬
of
Loan Association of Tulsa.
Oregon:
ings and Loan
*
The
served
to
national
the
;
,
the
in
of
loan
and
elected
officers
Delegates Attend
Savs.-Loan Conference
First and Second Vice-President.
Other
NY
1883
are
Army
and
Maybe we
manpower
more
Navy
to
em¬
in the
are
put
get
can
civilian
together.
some
from them.
of
has
I propose
if
the
on
people
be
done
if
in
as
have
I
to
see
it
transaction,
effect
purchase
on
by
the
the
a
and
econ¬
general
same
1933 with
are
going
honest-to-goodness
and
same
as
in
asked
re¬
Paying 3% Currently
"Something has to
we
the
funds
represents
willing to fight
are
as
savers'
bonds
public."
spoke
and
the sidelines and let the
thing happen
lief projects.
an
Dirksen
planning
of
government
omy
Representative
post-war
the
non-inflationary
our
to look into it."
of
was
the
develop
a
to
on
get
INSURED
program,
SAYINGS
Congress will
& INVESTMENTS
for
program
post-war activities."
Jersey Delegation At
Savs.-L.oan Conference Savs.
League Pledges
To Buy Govt. Bonds
Fourteen
delegates from the
New
Jersey
Building
& jLoan
League were present at the War
States
set
Edward J.
Fyfe, President, New
Jersey Building & Loan League;
W. M. Brock
F. Scott
John
F.
&
of
ton.
•
the
E.
and
League.
7
Rupert,
Vice-President
of the Broadview
J.
Secretary
Association
0
Virginia:
;•
.
of
Burling¬
C.
Building-Loan Association of San
tor
Stuart,
General
Loan
League;
Edwin
following national Councilwere chosen at the meeting
men
of the
7
League: :-7
V.
Montana:
:7
v
D.
Building and Loan
of Billings, Mont.
of the Security
Association
& Loan Association of Omaha.
New
Jersey:
7
Henry N. Stam,
Savings and
President of Totowa
New
York:
E.
First
President.
Carolina:
of Rochester.
N.
President,
&
H. H. Wooledge,
Northwestern Mutual
Loan Association of
.
Fargo.
Ohio: James V. Davidson, Pres¬
ident
of First Federal Savings &
Loan
Association of Toledo.
v
Oklahoma:
dent
of
L..W. Grant, Presi¬
Home
accept
'.\'5
sources
-
outside
Chicago
"
.
area
•
3% Current Dividend Rate
SECOND FEDERAL
SAVINGS and
LOAN
ASSOCIATION
OF CHICAGO
Resources
over
$5,000,000
City Savings & Loan Association;
tion of Milwaukee.
Wyoming:
Executive
.;77:«V 7\/.;'777
W.
I.;
Dinsmore,
and
Vice-President
Harold
T.
fred
Sav¬
ings & Loan Association of Raw¬
lins.
-
•
•
-•••
•
-
••
•••-■
Union
City
G.
Turner, Union City Sav¬
ings & Loan Association; Jerome
B.
McKenna,
sioner,
Secretary, Rawlins Federal
Curran,
Savings & Loan Association; Wil¬
and
Deputy
Department
Insurance,
Commis¬
of
and
Institutional
Funds
by
G.
the
Clarkson, Vice-President, Federal
Home Loan Bank of New York.
••
for
Banking
Robert
hundreds of investments
placed with
us
and
comparable associations by Corporate and Private
Trustees, Insurance Companies, Public Bodies, etc.
Get
an
Attractive Return
at
the
Mitchell,
Vice-President, Pied¬
Savings and Loan
Association of Winston-Salem.
Savings
to
Long-Term Investments
from
Savings & Loan As¬
Bergen
Time-Tried and Proved
Consider
.
Federal
North Dakota:
We continue
Savings
Federal
Executive
mont
ference.
sociation; Richard Loeffler, Union
Clinton Wolcott,
& Loan Association
North
CANAL 7130
CHICAGO, ILLINOIS
of Paterson.
Association
Loan
.
Cardinal,
Kinnickinni
Nebraska: Ford E. Hovey,
Pres¬
ident of the Occidental Building
'•*
Dean
Secretary-Treasurer,
Federal Savings & Loan Associa¬
7,
Clark, Execu¬
tive Vice-President and Secretary
7
F.
1904 W. Cermak Road
loan
associations
by
resolution
adopted by the United States Sav¬
ings and Loan League War Con¬
Con-
R.
Red Bank Building & Loan
Red
Association,
Bank;
Judge
Fred G. Stickel, Jr., of Newark,
United
States
League Director;
tral
tion, Fayetteville.
Wisconsin:
VIII.
District
for
The
Savings and Loan Ass'n
was
over,
Manager, Mutual Home
Savings
and
Loan
Company,
& Savings Association;- Newport Henry N. Stam of Paterson, United
Cleveland, Ohio, was chosen Di¬
States League Executive Council¬
News.
'";7 ,7; ■77' ''^77'';;' '■ 7
rector for District IV.
7-7
man; J. Alston Adams, Westfield
G. J. Casselberry, President of
Washington: F. S. McWilliams, Federal Savings & Loan Associa¬
the First
Federal Savings and President of Fidelity Savings &
tion; Arthur T. Dailey, Summit
Loan
Association
of
El
Paso,
Federal Savings & Loan Associa¬
Loan Association of Spokane.
Texas, was again named Director
West
Virginia: J. : D. Shultz, tion; Maurice K. M. Murphy,' Boil¬
for District VI, and
George B.
Fay ettville ing Springs Savings & Loan As¬
Campbell,
Vice - President
and Secretary-Treasurer,
Secretary
of
the
Independent Federal Savings & Loan Associa¬ sociation; Austin I. Mehrhof, Cen¬
Jose, Calif., was re-elected Direc¬
1043
building and
Gallman, Executive VicePresident, New Jersey Building
'/17777/ 7
William
bonds in
the savings,
Emil A.
Cellarius
&
Loan
re-elected Director for District II
by
RELIANCE FEDERAL
$300,000,000 investment
in government
meeting of the United
Savings & Loan League in
Chicago. .--, Members of the dele¬
gation were:
H.
A goal of
Conference
Federal
Savings
;
and its
52-year old
**
*
,
\
LOAN ASSOCIATION of CHICAGO
Assets
over
convenience,
3%
security
to
of principal
(in¬
$5,000 by F. S. L. I. CJ
current return.
Details
on
request.
•
ST. PAUL FEDERAL SAVINGS and
2116 West Cermak
the
dividual investment insured
Road, Chicago
$3,300,000.00
CHICAGO
FEDERAL
SAVINGS and LOAN ASSN.
211
S.
LaSalle
Street
'
Assets
over
$3,000,000.00
Chicago
THE
Thursday, November 26, 1942
CHRONICLE
COMMERCIAL & FINANCIAL
1884
be¬
intan¬
bone of the nation and never
Demand Predicted Alter War
Necessitating Changes In Building Industry
Great Housing
in
H. Ferguson, Federal Housing Comthe National Housing Agency, predicted that the post¬
will offer "immense opportunities in providing the
housing, Abner
war
missioner in
period
people
war
with
American
going to be
In
an
ference
there already
is over,
tions and controls
the
we
short period of tran¬
prosperity."
"unexcelled
of
is
"it
Saying
-
generally
ceded that post-war
be
for
for
even
less than we
con¬
America will
It is something
also quote:
a
self-contained.
them
make
to
new
bringing
regulations,
subdivision
stability into city growth and pro¬
architectural
of
homes
viding
developments
price range
type that properly fit
In post-war
merit.
the houses will be in a
However, there is a large seg¬
have ever
part
the
neighborhoods
will
conform to comprehensive zoning
ordinances
and
well
prepared
population, estimated
at from 40%- to 70%,
ment of our
variously
in
grouped in new neighborhoods
These
this human instinct and
it the cornerstone of your
lending policies.
we cannot forget.
address
Ferguson's
fighting for in this war.
associations have long rec¬
made
selling
houses
for
but
as
ognized
said Mr. Porter will not
"for
houses
in
the -higher
brackets,
so
as a
city planning,
houses will be
of
In many instances
security
and
areas
rehabilitation
scheme
larger
are
Your
peace,
houses,
of
the
suburban
urban
of
pride of possession—these are
some
of the precious traditions
period
demand
post-war
is the in¬
new
and
unexcelled
of
period
a
that
belonging,
of
sense
experienced before," adding; that
"to
serve
this
market,
certain
"A few weeks ago in Washing¬
fundamental changes will have to
ton, I attended a conference of be made in the building indus¬
builders.
I told them that every
try."' Mr. Ferguson continued:
time I heard a group of builders
"We cannot continue to build
talking about war-housing I was hobses
piece by piece,' as shoes
overwhelmed by a new amaze¬ were made a hundred or more
ment that they could continue to
years ago, if we expect to get the
struggle
with the problem, in price of houses down to a point
view of the many uncertainties where
they will appeal to the
and onerous restrictions which of mass market of the lower middle-
will be
war
to peace, the
would enter into a period
country
Mr,
From
predicted that,
limit," and he
except for a
sition
from
better serve fhe intetest
people as a whdle."
something
of a child reared in a
home owned by his parents—the
prosperity after the war."
in order that it
may
developed in America a need and
demand for houses almost with¬
out
into
ter
gible
The
heritance
should not en¬
the United States
^
before the con
of the United States Sav¬
for a short
from war to
possibly
transition
The
needed."
address
ings and Loan League in Chicago,
Mr. Ferguson said that "when, the
war
amount of housing that is
the enormous
1
of
revolutionists.
we
lenders for the job beingsing
and mortgage
the builders
Praising
done
come
of
and
a
-
into their section of the city.
for one reason or another,
can
not or will not assume the
burdens of home ownership.
We
must not overlook this field, al¬
who,
though I must admit we have not
met with perfect success in try¬
ing to interest investment capital
in rental housing projects.
I do
not
believe that rental housing
"I do not believe that the house
of
will
the. future
materials
design,
in
construction methods
or
the
of
regardless
drastically
be
either
revolutionary
new
materials
that will be available. Custom and
should
change
quickly.
these
factors
not
do
taste
all
Nevertheless
receiving your
be
of
because
consideration
careful
their
possible influence upon your ap¬
projects should be undertaken by
praisal policies in the future as
operative builders, but that they
well as today. For your appraisals
are
prime outlets for investment
today could be adversely affected
capital.
This is demonstrated by
two ventures in Washington; one by a more attractive and more
different America
economically," Mr. Ferguson said necessity have continued to ham¬ class citizen.
economical house of tomorrow.
of which has paid annual divid¬
per their efforts. I told them they
"In order to accomplish this, it
he was confident that "we are go¬
"In
estimating
the
potential
ends of 5% from 1897 to 1923 and
were
entitled to the unqualified
ing to emerge with our system
is, I believe, going to be neces¬
housing activity in the post-war
6%
from
1923
to
the
present
time,
of free
private enterprise still gratitude "of the nation.
sary for the building industry to
the heavy depression period, repairs and modernization
"I make this same statement to be transformed from its present including
operating, but that it will have to
should not be overlooked.
Such
The other has paid divi¬
be subjected to certain regulayou as among those who have pro¬
disorganized,
disintegrated and years,
dends of 5% continuously through repairs as are now being made
vided
the
funds
with
which inadequately financed condition
are the bare maintenance items.
the past 10 years."
these houses have been built, and into an efficient, adequately capi¬
a
',
■.
'<#■
*
-#•
:
■...;
be
a
largely
.
■.
Discussing the need for city
inconsequential. talized industry comparable to
In 1941 there were 619,487 units others, such as the automobile in¬ planning, Mr. Ferguson had the
following
to say:
of urban residential construction dustry, whose marvelous success
built in the United States with has been brought about by con¬
"This planning will have to be
private funds, and while it has stantly building better cars for based upon calculations of exist¬
dwindled
considerably
during less money. There should be con¬ ing and future population, the
with ade¬ number of families and their in¬
1942, the figures show that 259,- struction companies
751 units of private construction quate capital, which we do not come ranges. It will depend upon
were
started in the first nine have today to any considerable studies of proposed future distri¬
months
of
1942.
The National extent.
These
companies, with bution of different land uses and
Housing Agency has programmed ample credit facilities, could build occupancy,
evolving
gradually
270,000 units for the year begin¬ houses on a mass-production basis into an ever-adaptable and work¬
ning Oct. 1, 1942.
I would not just as the large automobile com¬ able master plan, indicating major
hazard a guess as to what addi¬ panies build cars, thus supersed¬ thoroughfares and transportation
tional amount of war housing, if ing the methods now used and systems, school and recreational
which
are
little different from facilities distribution, other util¬
any, is going to be built during
the number is not
★
★
★
*
■
★
Ml
Institutional Funds
Invited
rate—3 %
Current: dividend
•
Insured safety
•
over
Write
'
Assets now
dollars
18 million
}or?6ur financial statement
TW/lli CIIY
SAVINGS & LOAN
Minneapolis, Minn.
FEDERAL
ASSOCIATION
St. Paul, Minn.
the entire
period of the war.
used 50 to a 100 years ago.
those
operations
reduce
By reason of their mass
"When
already
Sewn, iht.
the
war
will
be
is over, there
developed
for
a
need
We will find a country
tional
We
Savings Cr Loan
find
a
with a
peace-time
country
Assn.
Marquette Ave.
Friendly Institution"
knowledge if we are to meet
the
post-war need and maintain a
sound mortgage structure, is that
will be more gener¬
this building
ally
spaces
of the
surrounding
areas
If,; as many predict, the
airplane does become.,a major
method of transportation after the
them.
WE HAVE ALWAYS
PAID
greatly
who
]]
St.
Paul, Minn.
OF ST.PAUL
Resources
over
or
people
seven
miles
more
miles
away."
live 50
by the war hous¬
dollar
one
has
been
"Home
owners
are
the
back-
FLETCHER
lost by any
AVENUE
SAVING AND LOAN ASS'N
Incorporated Aug. 29, 1890
of this institution in its
Assets
54 years
of existence.
$9,813,990
Current Dividend Rate
3%
UNION FEDERAL
SAVINGS AND LOAN ASS'N
INDIANAPOLIS, INDIANA
great change.
I
term amortized
mortgage—either insured or unin¬
sured—is too well established for
be
to
there
any
drastic revision.
circumstances, I feel
confident in predicting that no
matter how long the war may last,
the FHA and private mortgage
Under
any
with
operating
institutions
lending
will
it
be
ready
to
swing
fi¬
into action in whatever home
nancing
and
home
repair pro¬
of them
gram will be expected
at the war's end."
Chicago Home Loans
Increase 18% In Oct.
An 18% increase
vances
in October ad¬
by the Federal Home Loan
Bank of Chicago over those of
little September brought the October
can
be accomplished over night, disbursement to Illinois and Wis¬
but
such a master plan would consin savings,1 building andiloan
represent a goal toward which to associations to $380,001, A. R.
work and might offer a starting
Gardner, Prfesident of the bank,
point as to the specific steps ne¬ reported on Nov. 17. Despite the
cessary.
Among the first of these upturn from the previous month,
is perhaps the necessity for a low¬ he
said, this was the least active
er tax rate for the inlying areas.
October the bank has experienced
Possibly the Federal Government since 1938. Meanwhile, Mr. Gard¬
may have to subsidize the cities ner
said, repayments to the bank,
at the start and until municipal
which is their reserve institution,
conditions
favorable
most
,
income
and
reoriented,
equalized."
In
his
expenditures can be
by the savings, building and loan
reorganized and associations reached a new Octo¬
'
ber
high,. making a $2,452,842
concluding remarks Mr. contribution to the anti-inflation
,
,
,
Ferguson said in
part:
"Although it is hardly possible
to define at this time exactly the
technical and scientific develop¬
drive
on
the debt-payment
front.:
"Repayment of bank advances
in record volume, in addition to
their • investment in Government
ment
Current
State
per annum
Chartered
Not
Insured
Dividend
3%
of
the
war,
certain things that
will be supplementary funds for meeting
what it was be¬ home loan demand in their locali¬
fore
we
entered upon our de¬ ties are in the minority today."
Declaring himself "a perennial
fense program.
The development
In support of this ract, he cited
advocate of home ownership," Mr.
of plastics is making tremendous results of a recent
Ferguson said:
$3,400,000.00,
SAFETY SINCE 1887
investor in shares
long
be
trebled and in a few years
about seven times
150 East Market Street
Indianapolis, Indiana
survey made
and experience by the bank in the
Jilinois-Wis¬
time consin district; 282 savings, build¬
development.
Magnesium is an ing and loan associations reporting
almost new material, as aire other
had a
net
increase in private
fiew synthetic materials such as
capitaL of $11,900,819 during the
substitutes for rubber. These and first six months of 1942, with a
many more materials now being
corresponding net increase of only
developed
will most
certainly $3,559,006 in home mortgage loans.
have a marked effect upon house
It is stated that the small increase
construction and equipment. And
in loans was largely because of
the
very
fact that industry is
the fall-off in home construction
learning to produce them in tre¬
after its confinement to war in¬
mendous quantity surely portends
dustry areas last spring.
During
a
lower cost house when these
the like period of 1941, Mr. Gard¬
materials find their proper role
ner pointed out, when no restric¬
in peace time construction.
tions
were
on
home building,
"Side by side with the develop¬
these, institutions added $17,419,ment of the house itself, neigh¬
128 to their loans outstanding on
borhood planning will be intensi¬
strides.
with
Not
the
ar¬
anticipate
.
ing program will be of "inestim¬
able value" in post-war building.
-
:
there will be any
believe
not
do
Blighted areas will have
centers.
to
I
we do know bonds to the extent of $8,280,000
point the way. is not an unexpected step on the
As a result of the war effort the
part of the thrift and home fi¬
Mr., Ferguson pointed out that
country's production capacity has nancing institutions, in view of
the development of prefabricated
tremendously expanded. Alumi¬ their surplus funds," he explained.
or factory-built houses and of sub¬
num production, for instance, has
"Member institutions which need
stitute materials
or
350 Cedar Street
Federal Savings :
AND LOAN ASSOCIATION
and
extended
live five
now
from their work may then
3%
ST
movement may
the outward
war
be
FIR
employment
,
financing
future
to
rangements,
designated.
Land use and
the cost of houses through the occupancy and .their relationship
purchase Y>f1 land and materials to public service will need to be
in volume, through prefabrication specified, including areas for pub¬
and
through ■ the possibility of licly financed slum clearance pro¬
furnishing constant' employment jects and those reserved for de¬
to their labor.
velopment by private capital.
"Another fact that we must ac¬
"Of
course,
even
under the
they
distributed throughout the
of houses country and not be confined to
the large metropolitan areas as
needing deferred repairs and with
was the case in the late '30's.
a backlog of new houses variously
"We all know that the wide use
estimated at from 900,000 to 2,of the automobile as a means of
000,000 a year for ten years. We
will find a country still with un^ transportation greatly decentral¬
matched
natural
resources
and ized housing and enabled people
the whole world as our market. to abandon the densely populated
I can see no reason why, except¬ centers of the cities for the wide
with thou¬
products of all kinds,
sands
and thousands
MINNEAPOLIS, MINN.
"A
will
welled-up demand for
Northwestern Federal
•
$100,-
amounts.
prospects in unheard of
Dividend Rate
Money received by the
10th earns from the 1st
823
with a na¬
income of probably
000,000,000 a year.
We will find
a
country with full employment.
We will find a country with trade
3%
Current
in
and a demand
houses almost without limit.
America
substantially
could
ities and services and
■
..
"As
New uses
plywood is another war
fied—both in the
development of
residential property;.
>
Volume
Number 4128
156
THE
COMMERCIAL & FINANCIAL CHRONICLE
van
National Housing Administrator Predicts
B.
Blandford,
Jr.,
Administrator of
the
is
ing Agency, declared that in the post-war years the people will be
eager for better living and predicted "a resurgence of the instinct
of home ownership, which will lead us into a
large and sustained
era
of building."
address
an
convention in
the
to
able to trace the trail of
relation¬
this
country
be¬
war
seriously
was
under-housed and that this pentup demand for homes will pro¬
vide ''better and more comfort¬
able
of
dwellings within the reach
a
new
States
Savings and Loan League
segment of
popula¬
our
"I
for
tional
to
another.
one
These
that
assets
will
ple
believe
the
Bonds,
War
nearly at the rate of
now
billion dollars
a
victory will be reflected in
heavy taxes in post-war years,
there are going to be millions of
our
Americans with funds in the form
of
savings accounts and bonds—
people who never before have
succeeded
in
will
doubled-up
in
or
getting out of debt.
be
weary
in
crowded
shelters
struction
Mr.
living."
the confer¬
be
similar
depended
better roof
a
for
crea¬
a new
America."
over
At the start of his
asso¬
institutions
on
leadership in building
and
con¬
com¬
"savings and loan
ciations—and
tive
districts
They will be
Blandford told
that
—will
living
of temporary
modern
forts and facilities.
ence
of
without
eager for better
Mr.
Blandford said "the shock of
war
has brought many new words into
vocabulary; for instance, the
word
'conversion'
and
new
which
definite
American."
every
has
meaning
He went
a
for
on
to
"the
say
savings and loan asso¬
the country can take
satisfaction in the knowl¬
ciations
deep
of
edge that they are converting
or
adjusting their operations for
service.
war
from
Records
the
of
Bank
Federal
Home
System financed the
construction or purchase of near¬
ly 350,000 homes in areas of war
industries—lending a total of $1,-
230,000,000
While
all
for
those
these
loans
scores
purposes.
were
not
'war
housing,'
to relieve shortages
of crowded war produc¬
specifically
they helped
for
tion centers."
of the NHA.
With re¬
spect to the war housing program,
the Housing Administrator esti¬
program
a
there
of
total
will be needed
1,320,000
tions of various types
accommoda¬
to house the
1,600,000 war workers expected to
fiscal
the
industrial
into
move
centers
in
ending June 30,
He further explained that
1943.
year
the
total, 650,000 living units
planned through greater use
of
existing
structures and the
balance of 670,000 units must be
of
to
advertise
construction.
called
on
the
its
recently
conversion
war
and loan
similar institu¬
an awful beating when
housing of the post-war
new
begins to be constructed" he
pointed out.
sights
our
pro¬
total
our
I believe
ladder
national
will better
we
from
soundness
and
on
and
prestige, to com¬
participation
the top to national
pride
"The long-term amortized home
loan has proved to be one of the
world's
best investments and we
have to work harder and be more
effective in holding the field than
in our previous
experience,"
he
vision and patriotism."
League's
tinued
rates
conference
war
inflow
equal
of
to
new
States
Savings and Loan
Although the con¬
housing and saving.
on
money
faster than
inflationary period, when controls
anticipated by the
majority of the panel, the philoso¬
phy prevailed that every $1 you
don't spend to keep your savings
will be off and inflation
permitted
to take its course.
% :
In a panel on
present
was
customers
will
now
cost
you
$5
$6 later.
or
of
the
panel were
Davidson, Toledo, O.;.
K.
M. Murphy,
Rutherford,
N. J.; Frederick W. Ruble, Den¬
ver,
Colo.;
G.
Vander
Ende,
Berkeley, Cal.; and Professor Ray
B. Westerfield, New Haven, Conn.
Members
V.
Carl
was
F.
Distel-
horst,
Assistant
Vice-President,
United States Savings and Loan
League.
%
Admitting that the savings flow
is
likely
to
become
difficult
more
bonds
as
outlet
an
somewhere
40%
of
could
mort¬
and
decided
between
in
to
30
association's
an
be
assets
government bonds
without
completely upsetting the
earnings structure.
:'
Professor Westerfield pointed to
the
for
need
the
associations
to
thrift by taking all
funds offered them, because "if
people spend money today they
are
diverting time and money
encourage
production."
war
The panel
the
kinds
of bonds
savings
and
loan
associations
buy. The bond portfolio
most generally favored placed em¬
phasis on the purchase of F and G
should
War
Bonds, but beyond the limit
in those securities, was made up
largely of short term and inter¬
securities
mediate
consensus
need
open
be
can
that
so
strongly held.
was
that there
the
The
was
no
to
buy governments in the
market because of the wide
variety
of
offerings
Treasury
available.
Professor
Westerfield
predict¬
ed that immediately after the war
there would be four to six months
of
hesitancy and then
a
year-and-
a-half to two years of a dangerous
new
methods and
doing
things to
portfolios
loan
new
keep
from
shrinking under the impact of war
restrictions and inflationary con¬
ditions
were discussed.
A major¬
ity of the five-man panel also re¬
ported
that
the
recent
Office
of
Price
Administration restriction
evictions had not yet had any
on real estate
sales, while
on
effect
a
minority of the panel traced to
it
definite
a
fall-off
in
the
pur¬
chase of older properties.
Members
Zuck.
of
the
structures
Savs. I Loan
of
the
third
suggested
Home Loan Bank
district.
that
Mr.
mortgage
are
still living in a "peacetime
hangover," and that today they
do not
even
made
loans
28%
a
program
for housing
workers.
Mfg.
with
amounted
year
to
Do You Have
Have
each
Bank
Paid
year
Consistent Dividends
since organized in 1923
Current Rate of Dividend 3%
Write For Details
AMERICAN SAVINGS &
LOAN ASSOCIATION
districts
Pennsylvania, West Virginia
17 Cast First South St.
and Delaware.
..*•
The Administration's
Money to Invest?
By Federal Savings and
and least in the districts compris¬
ing
same
Loan Insurance Corporation
est in the two western-most Fed¬
Loan
the
Our Accounts Are Insured
$814,222,000—
periods in 1941 and 1940,
Home
in
(Then Consider This)
We
ministration reported on Nov. 14.
The 1941-1942 decline was great¬
eral
years.
of 1941."
drop of 22% and 10% from the
similar
depression
$40,782,000
month
ing the first nine months of this
SALT LAKE CITY, UTAH
announce¬
ment added:
"However, the 1942 lending ac¬
tivity
of
America's
thrift
and
home
financing institutions re¬
mained
1939,
well
above
total
INSTITUTIONAL
AND TRUST FUNDS
for
WELCOME
to then the peak figure
up
since the
depression of the early
'thirties.
"The
the
32
.
construction,
uninterrupted dividend
less
never
than
3%
,
ATTRACTIVE
steady decline in loans for
home
of
years
Payments
1
which
DIVIDEND RATE
Investment accounts insured
up to $5,000 by
Federal
Savings and Loan Insurance
the
Corporation, Washington, D. C.
WE INVITE
against
$338,950,000." \ Loans
decreased;1, about
purposes
fourth
while the total
of
YOUR
PROSPECT
INQUIRY
FEDERAL
Savings and Loan Ass'n
for
OF CHICAGO
reconditioning and miscellaneous
1707
West
47th
Street
CHICAGO, ILLINOIS
one-
lending
dream of restrictions
and
regulations which will be
placed on activities six months
Mr. Cake
now.
ever,
that
lived
through
the
insisted, how¬
associations
times
had
before
HINSDALE
FEDERAL
SAVINGS & LOAN ASSOCIATION
as
OAK PARK FEDERAL
SAVINGS &
LOAN
ASSOCIATION
HINSDALE, ILLINOIS
dark as the present and that the
situation would merely put man¬
agers on
their mettle to keep up
their mortgage lending business.
The ease with which prospec¬
tive
of
owners
mulate
a
homes
can
88%
accu¬
down payment of suffi¬
cient amount to merit
a
loan,
us¬
their' swollen incomes from
war industries, was cited
by Mr.
Campbell, who said that by and
ing
portfolio insured by
Assets Over
F. H. A.
to be brisk.
repair
by Mr.
Harold who said that in his expe¬
rience people who buy a home
they like
are
not
up
"Fortunately
for
civilization,
all of the processes of wa*
not
represent waste. I have mentioned
the stimulus to the ingenuity of
1925 Mutual has
on
$l,600f000
today for booklet explaining
why Oak Park Federal is a most
desirable
Non-members
vited
gard
own
are
cordially
to
seek
to
membership
broker
information
or
from
place for
your
savings.
in¬
in
re¬
their
104 N. Marion St. Oak
banker.
the moving
Park, III.
Phone Village 8790
gether, is obviously the develop¬
ment of mutual cooperative ef¬
fort.
Private industry and gov¬
ernment and community interests
are working
together on a com¬
We are learning respect
and tolerance and understanding
job.
*As of Nov. 30, 1942
dividend. PAR—$100 on demand—has
Inquiries Invited.
are
TOTAL RESOURCES
RESOURCES OVER $4,800,000
OF
in Trust Funds
CURRENT DIVIDEND
invested in
our
Insured Investment Certificates
Over $3,600,000
& LOAN ASS'N
PASADENA
Calif.
by
more
than 50 Banks and
Trust
BUILDING
38 So. Los Robles Ave., Pasadena,
now
3% Per Annum
been maintained daily since 1925.
MUTUAL
More Than $1,950,000'
or more,
without loss to any investor in principal
or
building enterprise.
Another by¬
product of war, as we rally our
material and human forces to¬
paid 3%
to
of the Federal
Write
advocated
was
insured
accounts
an agency
Government.
Lending on
well-built
older
homes, which are in a good state
of
share
$5,000 by
of three million dollar
large the real estate market still
seems
Current Rate 3%
All
r INSTITUTIONAL INVESTORS
SlNCE
de¬
cline from September
1941, but a
Scott
lenders
practically
$94,055,000,
Home
were
Richards, Pittsburgh, President
to
existing
these periods.
over
associations
totalling
F.
of the Federal
of
"During September, savings and
loan
—
H.
that loans
remained
unchanged
category since
new
panel
fact
purchase
Construction loans for September
totalled $12,449,000, as
compared
Scott, St. Paul, Minn.; began in the summer of 1941,
Ralph H. Cake, Portland, Ore.; pushed the total of such loans for
George B. Campbell, San Jose, the first three
quarters of 1942
Cal.; Raymond P. Harold, Worces¬
down to less than one-half of the
ter, Mass.; and Fred Zuck, San¬
record
$162,119,000
as
dusky, O. Moderator was Ralph 1941
John
from
went into a lengthy
discussion of
bonds
of
mortgage
increasingly
invest in
to
loans, the executives turned
attention
to
government
that
Managers,"
ways
M.
Moderator
"Mortgage Lend¬
ing Problems of Savings and Loan
the
The ability "to come 2% rise over
August.
Loans for
nights and straighten things the
purchase of homes increased
out in order to help a real estate
5% from August, to an
broker" was pointed out as the
aggregate
of
secret of staying in the
$58,060,000, which is next to
mortgage
lending business today by Mr. the highest monthly total in this
the Federal Home Loan Bank Ad¬
at<s?
at
or
the
was
1i-(
down
a
United
areas
finance
continued
houses in many
contended.
and
up over
oT~ the
"Evidence
market for used
with the NHA
announced lease
He concluded:
mon
go¬
mortgages moved
downward by only one-seventh.
to cooperate
tions
in
Mr. Blandford
savings
and
associations
better
for
are
new
are
ing to take
the
to refinance old
obsolete val¬
on
and properties which
ues
to
way
Wartime," featured Nov. 17 at the
explained to the
savings and loan men the workings
of the National Housing Agency
and its operating units and out¬
lined
briefly the war housing
mated that
to
up
the
munity
pre¬
lending
best
mortgage financing by
savings and loan associations dur¬
from
Mr. Blandford
raise
the
personal
profit and security to institutional
will be better
we
on
climb
emo¬
wipes out
to
economy.
replaces
the
savings, with only a possible 20 to
25% reduction in the appropriation, was the advice
passed on to
the savings, building and loan associations and
cooperative banks
in the panel discussion on
"Savings Problems of Management in
gage
began, to July,
1942, savings and loan association
in
Continue
their
members
and
are
still
in
the time it
at
Savings Problems Of Management En War Time Financing Decreases
Studied At Savings And Loan League Gonferense As War Cuts Building
that
show
program
Loan
judice. I believe
July 1940, when the arma¬
ment
fact
logic substitutes for
James
address
our
where
able
will
we
month, savings
continue to flow steadily into your
institutions.
Although the cost of
They
environment
planning.
believe
gressively from the home budget
to the
community fiscal formula
peo¬
being laid for tackling the post¬
war
job in a wholesome mental
tion and tolerance
of
turned
foundations
victory.
sales
be
be
na¬
the wider horizons ahead.
on
"I
rumor,
Despite
are
the benefit of the whole
tion." Mr. Blandford further said:
"The people are now saving for
a
tional
Chicago, Mr. Bland-'*>
ford said that before the
gan,
United
is
"Care
years.
era
ship from home to site planning to
neighborhood development to city
plan and on to regional and na¬
-
In
made
prevent
Hous-3>-
National
few
every
analyzing the loan
Large, Sustained Post-War Era Of Building
John
1885
Informative
booklet sent
on
Companies
request
QUAKER CITY FEDERAL SAVINGS AND LOAN ASS'N
1427 Walnut
Street, Philadelphia
Thursday, November 26, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1886
ordered
Acceptance Of Maximum Rent Principle Held
Bodfish Says Financial Institutions
Essential To Preserve Economic Stability
Must Be Able To See Need For Changes
which
institutions
Financial
stabilized, smug and unable
to crashes in the financial
get
need for changes are precursors
to see the
United
system, Morton Bodfish, Executive Vice-President of the
States Savings and Loan League, told the war conference on
ing
and savings, of the League at its opening session on Nov. 16.
that financial institutions are now in one of those eras
He
said
in
which
and $-7—-—
character
their
opportunities will be de¬
termined by whether or not the
i
management is
their
do
to
willing
t
the audacious,
bold and ima¬
ginative thing.
Reviewing
the
position of
savings
the
and loan busi¬
11
after
ness
months of war,
M
r
Bodfish
.
that
said
money
is flow¬
the
into
ing
institutions
at
better than the
rate,
pre-war
they
that
lending,
reserves
around
now
are
of
volume
Morton Bodfish
that
8% of
and that they now
$200,000,000 in gov¬
bonds. Mr. Bodfish point¬
total liabilities,
about
hold
ernment
that:
out
have
"We
opportunity
our
to
to the
build our institutions back
$10,000,000,000 position they held
before the depression and to help
the tide of inflation by in¬
stem
vesting in government bonds those
which
funds
not
are
in
needed
——
the home mortgage
field. We will
probably add about $250,000,000
in government bonds to our port¬
folios in the next 12 months. Our
resources
are
at the disposal of
country."
our
the biggest
nation has ever taken on
history, and we are just be¬
ginning to do it," he said, com¬
menting on the war picture.
Mr. Bodfish emphasized the in¬
job
any
in
public law alone and
public officials alone to create the
management capacity which will
of
ability
take
institution
time of crisis. He said
financial
a
through a
that
regimentation and
control,
ment
hand of govern¬
heavy
tne
bureaucracy has
the
not yet captured
savings and loan
institutions
amendments
directed their policy
have
toward
substantially
also
Porter
Mr.
strengthen¬
stabilization
We Solicit The Investment
Individuals
Insured Safety
Trust Funds
Endowment Funds
Write for Our
Insurance Funds
Statement
Wilshire Federal
ASSETS OVER $5,000,000
Savings and
PRESERVES & SURPLUS $341,735.86
"The importance
Dividend 3%
Angeles, Calif.
FIRST FEDERAL
Savings
&
Loan Association
OF BEVERLY HILLS
9501
Savings
—
SANTA
BEVERLY
MONICA
far
needn't
the
search
of
history
a
eventual deflation.
far back in
guide,, means
You
experience is
historical
as
own
your
maintenance,
tion,
The
real
great project
expe¬
its attempt
in
To
of
simple mat¬
is not a
such circumstances."
Office, of Price
tion of the
Adminis¬
building material price
spiral in World War 1, and was
perhaps most successful in sta¬
bilizing the prices of steel and
cement," Mr. Porter said. "In the
case of steel, a savings
of $200,000,000 was effected in 1941, with
the prospect of $20,000,000,000 to
be saved in 194:2 and 1943—a con¬
siderable contribution toward the
reduction of the total war bill."
He likewise said:
prices
were
to
some¬
control.
Numerous and scattered lumber
producers responded quickly to
the increased pressure of demand
—they responded to the tune of a
40%
increase
over
September,
1939, when defense activities were
more
difficult
instituted."
"In general
the problems of the
material prices
control of building
decreasing as quickly as new
V
3% CURRENT RATE
up
to
This strong
by a direct instrumentality
United States Government.
of
an
$5000.
return
Safety and
agement.
May
we
interruption
out
send you our Statement of
and explain the simple ar¬
for opening your account
$4,000,000.
earn
FIRST FEDERAL SAVINGS
6763
£-
received by 10th of month
Funds
by mail?
☆
Association offers
combination of
founding 20
ISAM
AS J I C I A I I I
OF HOLLYWOOD
Hollywood Blvd.
-
irt full from
☆
1st of month
up
to
by
an
are
of
fairest
the
as
most
serious
critics.
self
be
to
It has proven it¬
administratively feasi¬
ble.
Moreover, our
that
the
of
use
rents in areas
has
was
no
resulted in a
inflexible
and
trol
records show
freeze date
the
not
has
principle
hard
question by
into
called
been
not
been
such
freezing
years
since
ago.
itk
Ac¬
$5,000 on each account
instrumentality of the
U. S. Government.
Write for
instituted.
There
intention.
We al¬
recognized that there were
of rent cases which
ways
certain types
required adjustment — units of
new construction,
units in which
there had been a change in ser¬
units
vices,
been
a
or
in which
there had
major capital improvements
conversion—and those ad¬
justments have been and are
ing made. Our records show
Los
Angeles • M1-2331
Buy War Bonds Here
be¬
that
of all dwell¬
ings under control had their rent
approximately 8%
with the
fixed not in accordance
by other provi¬
sions of the maximum rent regu¬
date
freeze
but
Some individual instances
lations.
yet be changed by adminis¬
trative determination, but in gen¬
may
eral
reports
our
show that
this
remain
percentage probably will
iairiy typical."
banks as the major pur¬
must still rely on the
offerings, according to Montfort Jones, Pro¬
fessor of Finance, University of Pittsburgh, in an address before
the United States
Savings and Loan League war conference at
Chicago.
The Treasury is not going to borrow blindly from the
banks, just because it is easier that way and the interest is prob¬
ably lower, but such borrowing is1®——
7-7——
7——■—■
a
practical necessity, Mr, Jones ur>til
a
part
excess reserves has been invested
pointed out. He said:
in government securities.
<
"It is now estimated that during:
"During the last war the banks
the current fiscal year the Treas-: borrowed heavily from the Fed¬
eral Reserve Banks and it is quite
ury will borrow some $60,000,000,
000 and that probably half of this generally expected that this prac¬
amount will, be obtained by sell¬ tice will again play an important
..
:
:
ing securities of various types to role in war finance."
the commercial banking system.'
He predicted that banks will be
A war of this magnitude can not offered
by the government the
be financed out of current or ac-. types
of
securities which are
cumulated savings. Such recourse: suited to their requirements. "De¬
to the banks for funds as has been posits and holdings of government
witnessed in recent weeks consti¬ securities will grow to tremendous
tutes an inflationary factor of ma¬ proportions but a high degree of
jor importance.
■ liquidity will be maintained in
t
"It is well known in advance the banking system."
of these
substantial
.
much
.
the
of
■
———
..
■
Savings Earn With Safety
In Insured Investment
be
banks to
"Quaker
nut
send
St.;
Philadelphia,
Pa.,' will
to
investors,
upon
request
that reserves for the trustees and other fiduciaries a
will be forthcoming.
copy of their informative booklet
"The interior banks still hold a explaining the desirability of in¬
considerable amount of excess re¬
vesting funds in, insured Federal
serves and a general reduction in
Savings and Loan investments. 1
reserve requirements is not likely
and
TRUSTEES, EXECUTORS, CORPORATIONS,
INDIVIDUALS
and OTHERS are invited to invest here.
*
FEDERAL INSURANCE UP TO $5000.00
♦'
HIGHER INCOME
SAN FRANCISCO
BERKELEY GUARANTEE
Building
&
Loan
2101 Shattuck Avenue,
Association
Berkeley, Calif.
{
City Federal Savings
and Loan Association, ,1427 Wal¬
■
increased to enable
participate fully in
the Treasury program. The banks
now
know what is expected of
to
'J
*•
the banks for so
credit will put a'
strain on our credit mechanism!
and ,exert an inflationary pres^
sure on prices. Bank reserves willi
that reliance on
latest financial statement.
Savour
ASSOCIATION
735 South Olive Street
AND LOAN
of
where Federal con¬
of its security
insured for safety
STANDARD
«
Hollywood, Calif.
HEmpstead 4141
method
date-
semi-annual
rangements
SRI
the freeze
and
equitable method for the adr
ministration of rent" control has
principle
the
but
safety and yield. It has paid
dividends with¬
here earns you the high¬
consistent
with
Insured
sound conservative man¬
Assets Over
rent datfe
principle. We may have differed
as to a particular
date chosen as
the freeze date for a given area,
attractive
counts
Condition,
Treasury
The
chasers
the
AND
est
the .maximum
of
ance
purpose
YOUR PROFIT
Your account
making
Banks As Major Buyers:
Of Its Offerings, Savings-Loan League Told
them
the
the
the longest way toward
the program workable,
(Congress) has been the accept¬
has gone
Treasury Musi Rely On
prevent a repeti¬
INVESTMENT
insured
like Boulder Dam.
insure the effectiveness of
machinery
to use busi¬
judgment. The determination
true appraisals and appropriate
FOR YOUR SAFETY
is
and
regulation is so broad as to ex¬
tend from the repair of a leak in
the roof to the construction of a
have
hara
service
estate
INSURED
account
,
construc¬
field covered by the
The
sales.
policies and an
which
up
ness
are
Your
in
materials
building
of such stabil¬
BOULEVARD
CALIFORNIA
HILLS,
Hollywood
of
association
under
specified
price
regulations. Only two weeks ago
a
particularly difficult problem
was solved we hope by the issu¬
ance
of a regulation specifically
directed to contractors, builders,
installers
and
erectors
using
ity is obvious to this group.
In¬
flation of real estate values, in so
what
Current
South Western Avenue
Los
the
brought
He went on to say:
values."
"Lumber
461
real estate
of
the softwoods and 90%
hardwoods
have
been
of
,
"The
Loan Association
con¬
struction, repair and maintenance
materials—has certainly affected
tration acted to
Financial
the
told
by the
Office of Price Administration—
in the fields of rents and con¬
loan ratios
Angeles
Solicited
price regulation of May, 1942, are
issued. In the case of lumber over
of
ference that "Action taken
some
out for each industry the
meaning of the general maximum
spell
95%
ter under
Accounts
rent
supported
price regulations which
maximum
set
promises to help achieve that goal.
Perhaps the single policy which
collapse regulations it was required that
and that they are more independ¬
of the early 30's and the subse¬
contractors furnish to their cus¬
ent and self-sufficient than most
quent hangover are not easily for¬ tomers statements which certify
other financial institutions today, gotten.
The acquisition of prop¬ their compliance."
erties through default of contrac¬
Mr. Porter further said:
preserving the attributes of pri¬
tual obligation, the slump in the
vate enterprise in a measure of
"In my own particular field—
value of assets and the long up¬
in rent control—the going has not
which they should be proud.
hill struggle for a partial recap¬
been easy. But not so rough as to
Speaking of the Federal Home ture of inflated book values are
events
which none of us wish prevent us from bringing rents
Loan Bank System, the reserve
under control when inflationary
institution of the savings and loan repeated.
increases warrant such action. As
"Yet the problem of avoiding
of Dec. 1, rent control will be inassociations, Mr. Bodfish said that
that post-war sequence is not easy
effect in more than 350 areas, cov-,
it is the most treasured common
of solution in a rising market.
ering a population of about 75,possession of these associations Increasing construction costs and
000,000 persons. The national in¬
today. He paid special tribute to skyrocketing rents of unpredict¬ dex of rents has been reduced and
able duration confounds manage¬
the particular Home Loan Banks
stabilized in general at the levels
ing their liquidity.
Institutional
plug
loopholes, they were really
protecting those landlords who
from
the
very
beginning have
wholeheartedly
"We've
administrative
specific^
to
made
up
ment
of Los
were
necessary
as
of the na¬
tional emergency.
of the Office of Price Ad¬
accepted regulations
"when
that
said
He
have
the duration
keeT for
for the war
emergency, and have gone out of their way not only to obey the
letter of the maximum rent regulations but the spirit as well."
landlords
of
rience.
which
Wilshire Federal
able to maintain rents on an even
ministration, told the United States Savings and Loan League war
conference that the OPA knows that "the overwhelming majority
control."
have taken on
"We
can
still do a good
ed
hous¬
Porter, Deputy Administrator
Paul
rent
maximum
the
in
regulations, and we hope < to bfe
FEDERAL SAVINGS
AND LOAN ASSOCIATION
SAN FRANCISCO, CALIFORNIA
Chartered and
supervised by the U. S. Government
Volume
Number 4128
156
THE COMMERCIAL & FINANCIAL CHRONICLE
Calendar of New
1887
Security Flotations
week end. when markets were
list of issues whose registration statemeats were filed less than twenty days
ago. > These issues
are grouped according to the dates on which the registrar
Hon statements will in normal course become effective, that
is twenty days after filing except in the case of the secur*
ities of certain foreign public authorities which normally
Following is
a
become effective
i
days.
seven
in
-
These dates, unless otherwise
P.M. Eastern War Time
as
specified,
directors
THURSDAY, DEC. 3
.
the
of
first
day
this
reason
of 4:30
that
the
nearing its end.
to
stocks
were now
be
its. sub¬
sidiaries,
It, is ' expected ' that
this com¬
mittee
will
be initially
composed of five
individuals, of whom a majority will be
employees of the Corpprations,
Participa¬
tion
in
the" plan
is optional
With" .each
eligible employee,
It
is
estimated
that
approximately 2,250 employees of the com¬
be
were
given
war
and
Man
a
.T4-i
•«
•
for her, and Old
as
afc:
Schenley,
was
America
in
peace
-^.; v;
that lie chooses flowers
...
War stocks
sold
wants
to know about
backing and fill¬
ing began to be accepted
and
What
day just backing
filling. For some strange
and
indicative
company
the
able to reflect
of.the
rest
Offerings will rarely be made before the day follow-
:
was
latest
development, it
opened strong but spent the
T
are as
on
the market
this
rule 930(b).
per
closed, but
m
mildest bottled
s
bond, for his guests!
the babies to
home.
a
.
CURTISS
CANDY
CO.
Gurtiss. Candy Co, has. filed registration
„
statement,
with
the
SEC
shares of participating
covering
30,000
preferred stock,
$100
par
■,
Addrcss^-622 Diversey Patkway, Chicago
,
Business-—Company is one of the largest
and
leading
facturers
candy
confection
and
.United States
Offering—Registrant proposes
'the
ftered, at $100 per
the
consideration
'.credited
posed
to
to
..writing, .fees
the
respect
with
be
It is not pro¬
under-
or
the
to
stock.
Approximate date
offering Nov. 25, 1942
public
shall
commissions
any
of
sale. of
proposed
farm
in
reduction
tional
indebtedness
and
premiums
Pending
held
MUTUAL
filed
Foundation,
registration
200
fully
a
;
FOUNDATION,
Income
for
each,
/of beneficial
statement
paid
<
-
with
interests
has
the
certificates
issued
under
be
the
price,
Mich,,
troit,
.
ownership
ox
187,741 shares.
Aggregate
$1,218,158
Address—1308
Penobscot
i\'
■
Building,
De¬
trust.
Offering—Continuous public offering is
from
and
after
the
effective
proposed
of
registration
Regi«tr**»'-~
statement
Statement No. 2-5060. Form
days
offering
mined
more
or
dates
or
Form
v
to
AMPAL-AMERICAN
TRADING
CORP.
*
filed
deter¬
SEC
for
182,000
cumulative
preferred,1
4%
shares
stock,
non-voting,
with
statement
par
.
share
*
value
i
Address—1440 Broadway, New York City
Business—The corporation Was organized
/for the purpose of developing trade rela-'
per
'
Pales-
tions between the United States and
and
its
territories;
to
assist in the development of the economic
resources of Palestine and to afford finan-;
surrounding
mortgage
A,
Address—7800
York,
N.
the
SEC
convertible
maturing
Cooper
Y.
for
$360,000
5 Vt %
bonds,
from
serially
'
r'v'v /
1957.
New
to
1943
;'".v
■
done bv
wrappers,
folding
boxes
Primarily
because
of
plant
products
is
and
anticipated
that
and
the
the
of
containers.
nature
corporation,
made
to
New
York
take
but
P.
the
of
any
Brooks
W.
Co.,
securities
be
to
and
production
offered
10214
be
used
to
bank
for
as
such
loan,
(10-28-42)
t
of
withdrawal
Nov.
18,
1942
Amendment
filed
Nov.
12,
specified
1942, to defer
date
list
is
incompletely
this
the
•of
issuer
and
■
■■.
be
$5.50
.$1,001,000.
will
Date
Proceeds—A
b.y
ceeds
this
by
of
final
No
and
no
for
the
,
in¬
pro¬
considered
decisions
have
commitments
have
Whyte
general way,
re-examination, the direc-
and
subject to
tors believe
that
twith
profit
•benefit
to
•Palestine,
a
corporation
could
with substantial
,
and
economic
make
indicated
poses
the
itself
to
the
organization
investments
in. its
cheerfulness,
It
for
the
of
Lockheed
.
istration
vice.
income
-
Aircraft Corp.
plan.
certificates
filed
is
tions
during
date of
first
as
of
number
All
of
estimated
contributions during
Victory
Place,
Business—Participations
ment
Corp.
income
the
news
naval
South
close
of
on
the
of
a
to indicate
views
do
not
coincide
Burbank,
plan
of
in
the
Lockheed
retire-
the
news
be
in
necessarily at
with
They
are
those
of
by
a
retirement
appointed
by
the
plan
com¬
boards
of
thi.
tht
>
a>
Here is
schedule.
warranted
prising
came
new
sur¬
SUGAR
on
Coast.,
The
so
an
as
ence
dull.
never
make for clarity, certainly never permits of ennui.
George and
Margaret Antrobus, their two children and their maid, Sabina, live
in Excelsior, N. J., in a cottage full of
pre-iceage flora and fauna.
George comes home from the office full of new discoveries, the
wheel, the multiplication table and the alphabet, but has to stop as
the ice cap congeals everything. Five thousand years later the Antro¬
family is in Atlantic City to watch George's installation as Presi¬
bus
fraternal
a
order.
George/fed
up
This time Sabina is the beauty contest
with Margaret's henpecking, is only too
willing to forget his
vows
flood
Sodom
this
overtakes
and takes his wife and
—minus
shelter.
George, he's
and
run
and
off with Sabina.
family to the Ark.
Sabina arrives with the
news
that the
coming home but that their son, Henry,
clarify the story
"The
any
Antrobuses
a
war
is over,
a
bomb
George is
sadistic lad, is the
enemy.
He is Adolf Hitler.
further is beyond
have
We next find the family
fighting the war-^-cowering in
away
He is Cain who slew Abel.
Just then the
Gomarrah, George forgets Sabina
survived
ice age,
the double feature,
durable
as
wars
me,
He is the enemy. ToA program note explains
fire, flood
seven-year locusts,
and depressions.
They are as
.
.
.
.
.
.
radiators and look upon the future with
disarming opti¬
mism.
They are the true offsprings of Adam and Eve, victims of all
the ills flesh is heir to."' Through all the improbable scenes Tallu¬
lah Bankhead as Sabina flounces through giving notice one moment
ox stepping out of character the next, explaining to the audience her
mystification of what the whole thing is about, or refusing to play a
scene because of a friend out front whose feelings might be hurt.
As the eternal wanton, Miss Bankhead has a field day.
Her observa¬
tions on life in general and the play in particular keeps the audience
screaming with laughter. Frederic March, as Eternal Man, plays the
role as if it were made for him.
Florence Eldridge, as Woman who
fights to keep the home and its institutions, is perfect. You may not
like the play but you'll find plenty meat to chew and re-chew in it.
AROUND THE TOWN
More
(152
E.
details
about
Cafe
55th) :f
Owned
by
Schimerman,
are
plush,
to
Holland
covered
headed
seen
a
funny),
Leonard
own
music
a
most
unique restaurant in
beautiful location, overlooking
Central Park
to the
north.
guitar
:steel
virtuosos),
Una
Mae
Carlisle
(sings, plays the piano and writes
her
A
soft
end.
Enter¬
by comic Don
(grand
SOUTH
Adjoining: The Plaza
with
be
Looks like
on
(really
Trio
of
The Penthouse Club
white-painted ex¬
a
room,
walls
which must
standing
tainment
back
old
30 CENTRAL PARK
to be believed.
bed
dates
the
a
enter
you
which
grey
who
and
From
Life
Oscar
—
and
Serving
best
food,
skilfully
prepared.
•
5|;
landing
Di¬
stage manager rushing out pleading with Miss Bankhead to proceed
with her lines, it keeps the audience in an uproar
which, if it doesn't
much
news.
*
the
of forty.
The play may be con¬
For with people dashing from the audi¬
to the stage and from the stage to the audience and with the
Ware
Then
For it's
fusing but it's
its
buying.
cast
survived everything and has come up on top.
Tannen
action
a
Settings by Albert Johnson.
different from the conventional Broadway play
experiment. And experiments are things Broad¬
way producers don't want any part of.
"Skin of Our Teeth" is a
strange combination of Saroyan, Disney and
Olsen & Johnson,
through which gleams a philosophy that man through the ages has
of
NEW YORK CITY
Eldridge and
Tallulah Bank-
a
that it ranks
terior
STREET
Presented by
Theatre, N. Y.
different, though a good play which, if written by an
playwright, probably would never have seen a production
unknown
Rector's
WALL
Teeth,"'by Thornton Wilder,
Frederic March, Florence
House.
LAMBORN & CO.
Our
rected by Elia Kazan.
an\
presented
those of the author only.]
Rommel
The market went up
We had made
Underwriting—No underwriters
to
Whyte
expressed
head,
again. But again I didn't think
Aircraft
Offering—The effective date of the plan
twill be Dec. 31, 1942.
The plan, is to be
mittee,
mark
Thursday.
Exports—Imports—Futures
*
and subsidiaries
administered
current
renewal of
up¬
matter of fact I
—Walter
[The
Chronicle.
our
an
term low.
near
99
forces.
Certain
following
the heels of the
of
highs. I
victory in
Pacific
rout
now
a
More next
irticle
effective
offering price
being
CaUfornia
:
adT
state¬
participa¬
after
year
came
is
a
Skin of
Michael Meyerberg at the Plymouth
winner. "
plan
Address—1705
-
acceptance
reg¬
covering
retirement
says
Aggregate
a
SEC
registration
$174,000,
employee
year of
has filed
the
uncertain.
the first
the plan.
given
amount
which
is
the
employees'
Statement
for
ment
'-is
in
seems
As
off the
time
Then
is
'
"The
dent of
■
pres¬
would not be surprised if 112
news
V\
sensational
CORP.
statement with
participations
there
persistent;
more
profit
pur¬
WEDNESDAY, DEC. 9
;
its
which
column (instead of 110) would
organization
AIRCRAFT
deals
j trend.
general
disregarded the
even
in
(11-19-42)
LOCKHEED
the
this
and became
./■ -v/r/ '
,
early cessation of the
persisted in remaining aloof,
Registration Statement No. 2-5061. Form
A-l,
despite
-/'■
don't think its action (at
pres¬
ent) calls for a wide open
.
jbeen made, except that, in
,
of
issue 'have. been
reached,
.
schemes
corporation
directors,
its
been
.
.
of
number
the
Yet,
'
back to the
market,
self that
-(Continued from page 1876)
share, for a total of
of proposed public offer¬
ing is Dec. 1, 1942
vestment
❖
*
••
decline and
per
poor
'
■
Offering—The offering price to the pub-
t
"lie
ent
ical
-
course/ ac¬
of its
part
something in the market it¬
employees
.
But
break.
For despite the con¬
flicting tides involving polit¬
week)
Tomorrow's Markets
Walter
for
down from the recent
.
for
filed
(This
to
■*..,
selling, of
But to get
-
additional
needed.
are
;/!,
•
.
demand
balance
facilities
Request
effective
could
than it had.
news
counts
de¬
Registration Statement No. 2-5058. Form
A-2
en¬
reasonable
was
action.
date
proceeds will
proposed
a
will
99 Vs
reimburse the corporation for machinery
material
that
news
know it didn't.
Tax
acquired
based
City, is the principal under¬
defined in the Securities Act of
Proceeds—Net
to
It
such
we
Inc.,
■; •
discharge
to
suppose
that the ,m a r k e t
would act
much' 'better
on
securities
&
was
made
market action. Yet
on
PLAY
I could
was
ture.
it
thp war or conditions
will not alter substan¬
tially the general character of the business
products of the corporation
Underwriting—No firm commitment has
been
But I
an
easily change the whole pic¬
the
of
such
forecast
any
here
or
Underwriting—There are ho underwritThe securities 'will be sold
through,
directors
in
offensive in North Africa.
tirely
development, manufacture and sale of paper
and wrapping materials in a
,
of
forms
of
envelopes,
folders,
variety
'crs.
the
live
market action
is .the design,
packaging
,cial aid to commercial, banking, credit, in¬
dustrial and
agricultural, enterprises, co-,
operative and otherwise, in and relating
to Palestine.
Company was organized Feb.*
.6, 1942, in New. York.
of
carry
about
And
'.
the corporation
a
would
our
Ave.,Glendale.
,
Business—General character of the busi¬
ness
•
the efforts
which
'
,
.
ivory
disregard
all news.
Certainly I never
foresaw the naval
victory in
the Pacific or the
opening of
registra¬
a
'
'•»«
averages down to
110 was in the wind.
don't
us.
Andrews Corp. has filed
statement with
series
i
>
registration
a
L.
prices ranging from
pending upon maturity
PALESTINE
*
*
reaction
CORP.
Offering—The
Ampal-American Palestine Trading Corp.
filed
ANDREWS
Straight Bourbon Whiskey —100 Proof—This Whiskey is 6 Years Old.
Stagg-Finch Distillers Corporation, N.Y. C,
points
I know I had forecast that
tower that
L.
Milder!.. Older!.. Better!
being
the
whose
been
not
but actually be¬
"
^
were
was
(114) from the highs.
Issues
cf
but
ago,
have
unknown
are
at
'
,
list
a
mar¬
I
gan to sag.
As this is
written its off about 3
:
OFFERING
registration statements
twenty
1933
TUESDAY, DEC. 8
tine
/.
.
.
2-5062.
by
-V,/']
below
present
writer,
;C-1. (11-16-42)
r
issued
UNDETERMINED
We
whose
registered,
investment
Proceeds—For
the
other
r
OF
arising therefrom
■
Business—Investment
$5
No
fuse to go up
of
securities
its subsidiaries
.
be
.
.'■•■
$1,000
shares
issued under
to be
certificates
sold, total
offering
has
may
■
of
pay-
periodic
payment certifiers of
owner¬
ship now outstanding; 36,938 shares to be
■
in
Statement
DATES
first
INC.
Inc.,
certificates of ownership
at
total 350 certificates; 150,803
•merit
„
funds
securities
of
any
(11-20-42)
tion
'ownership at $500 each, 150 periodic
,
6r
etc.
contracts,
Government," in
not
Registration
•
CI.
P.
INCOME
Mutual
.
but
of
payment
or
invested
or
States
securities,
on
•
SATURDAY, DEC. 5
date
cash
United
of
application,
give the
attention.
by. the news as much
as
anybody, but I wondered
why the market took it so
coldly. For not only did it re¬
provides that funds
may
bg applied
annuity
upon
closer
thrilled
eligible
be
trustees
purchase
such
in
the
P.
to
the
will
>
to joiri the plan.
1942,
the
by
toward
addi¬
for
31,
directors,
13
/
Statement No. 2-5059. Form
(11-14-42)
SEC
Dec.
10
Proceeds—Indenture
received
including
subsidiaries,
But I did
me.
ket
working capital $75,700
Registration
A-2.-
of
$200,000,
properties
its,
arid
Lockheed
Underwriting—There is no commitment
any
kind with respect to the sale or
underwriting * of the securities* registered
Proceeds—Will
be
used
principally
in
.the acquisition of sipiilar types of business
'$700,000{' -additional farm lands, $750,000;
.'trucks $100,000V raw commodities for pur¬
pose of stabilizing inventory $250',000;. to
provide funds for payments under pension
and. profit-sharing plans.for, its employees
of
$900,000;
of
as
received
capital account.
pay
officers
offer
to
preferred .shares regis-'
share. The entire amount
participating
of
manu¬
the
in
and
pany
sje
All this talk meant little to
.
value
*
*
•••'
.
a
news
came
on
a
Food
is
capably served.
successful
the North African
good).
Dlffby
4-2727
excellent
It's
a
and
which stays open late.
But come
well
not
heeled.
pensive.
Place
is
Entertainment after
11
P. M.
smart spot
inex¬
Telephone PLaza 3-6910
THE COMMERCIAL &
1888
Our
HOW DID WE GET THIS WAY?
BIDS MADE ON
BONDS WITH
in the' rise of society from
(Continued from first page)
they
must
have
additional
equipment, if they are to sus¬
tain the heavy burden which
the war has thrust upon them,
it is only reasonable to expect
that the rush to get such rolling
family configuration and presupposes that an. ochloc¬
is the highest form of social life.
As a political move¬
ment it follows the common receipt of fusing lofty senti¬
racy
OR
ments and low
MUTILATED
Inquiriau Invited
propagation because human beings are never»consistent
in reconciling the motives that direct their ferment of im¬
pulses and because no belief has ever succeeded in mak¬
ing them different from what they are.
Philosophical socialists of the better grade, like Kro-
S. H. JUNGER CO.
PI., New York
Teletype N. Y. 1-1179
elements
greed and pleasure
the power of self-
passions; of blending the disparate
justice, mercy, envy, hate, fear,
which, being common to all, possess
of
DIgby 4-4832
Chi¬
two
Sanitary District 2% series
F refunding bonds of 1943.
The
bonds are dated Jan. 1, 1943, are
1963, and are optional
and accrued interest as
$125,000 on Jan. 1 of
each of the years 1944 to 1962,
or on any interest payment dates
thereafter.
The bonds are being
due Jan. 1,
at
par
follows:
ranging from
0.80% to 2%, according to the op¬
at
offered
prices
maturity date.
tional
In the
opinion of counsel, these
constitute valid and
ists in the
will
bonds
all the taxable prop¬
erty therein without limitation as
levied upon
rate
The
amount.
or
District includes
Sanitary
and 59 other
incorporated cities and towns in
the City of Chicago
442
of
It covers an area
County.
Cook
Associated
of
miles, or 47%
square
the area of Cook County.
in
.
offering
the
are
Phelps,
Fenn
&
Ross &
Co., Otis & Co., Inc., Miller, KenRepublic
Co.,
Co., Mullaney,
Central
ower
terns
and Stranahan,
Co., Inc.
& Co., Inc.,
Harris
&
Kansas City
a
rational,
are
without relevance to
They lack mental perseverance
their
not
Bond Men
officers
were
President,
Leonard
A.
White,
Wahler, White & Co.
Vice - President,
Edward
myself that I am
Socialism in its
not willing that anyone should
Meyer, Harris, Upham & Co.
Secretary, Eldridge Robinson,
_
Baum, Bernheimer Co.
Treasurer, Arthur I.
E. W. Price & Co.
Webster,
Urged To Cut Travel
Office
The
;
the ODT has
"practically
everything on wheels" to handle
the
country's holiday bus and
train travel, but the Government
does not intend to put priority respokesman
for
said that it will take
stjiptions on passenger space.
)T Director Joseph B. Easthas recommended that Fed¬
eral
and
departments
agencies
between Dec.
18 and Jan. 10 if the leave would
involve bus or rail travel.
■
■
'
cancel
all
leaves
,
R. Hoe
Vicana
common
Sugar
common
Spokane Int'l R. R.
Susquehanna Mills, Inc.
HAY, FALES & CO.
Members New York
71
Stock Exchange
Broadway N. Y. BOwling Green 9-703)
Bell Teletype NY
1-61
existence
the
common
entitles them
to
an
heritage, they; are in
imperfections of which are intentionally overstressed, are
not primarily the result of the exploitation of men by men.
Life is determined by more important factors.
The theory
is farfetched sophistry of the most specious kind; an effort
of Defense Trans¬
portation has requested the pub¬
lic at large not to travel over the
Christmas and New Year holiday
season unless it is war business.
A
societal
cal
of
its
with
the advantages to
ing
it notes
the
city and to the
ing
a
up
in
undertak¬
the
bondholder
making the undertak¬
in
success.
lays particular
tax-exempt feature
of the new bonds which may not
due to
attach to some future issues and
to buy in the issue on the basis
to the relative market position of
of $181 for each $100 face amount
equal participation in
the process of ruining
themselves through the destruction of the processes which
make their very existence possible.
They resemble chil¬
dren prattling their way to tragedy behind the Pied Piper of
Hamlin, pathetic in their credulity.
V^.;::f,
The evils which mar and deform our civilization, the
L.
Corporation
offer to holders of
Steel
Company
The
pur¬
stress
mortgage 6% bonds,
mature in 1998, offering
chase money
political argument. ";-..''..-v,c'.;.
'-/''Vy- 'V'>
When men are taught to assume that their mere physi¬
elected for
1942-1943:
1-1397
gotten
booklet
a
connection
Steel
an
Bethlehem
organization founded upon the belief that
the mistakes of any man should be shared jointly by his
Elect New Officers
fellows will produce only a catastrophe.
It is an illusion
KANSAS CITY, MO. —At the
attempting: to destroy reality; the capitulation of reason
annual meeting of the Bond Trad¬
to delusion; the metamorphosis of an abstraction * into a
ers Club of Kansas City, the fol¬
lowing
made
has
Capitalism says—"I ask nothing for
willing to see everybody else have."
A
In
of
alike
behavior.
popular, sense means—"I am
have more than I have."
balances
some
Bethlehem Steel 6s
Bethlehem
Y.
outstanding debt.
costly obligations.
more
N.
HAnover 2-8780
$162,296,000
refinance
to
relatively
to apply
cash
retirement
of
pected
St., N.Y.
Teletype
light they could reasonably be ex¬
toward
Dealers Ass'n
Members N. Y. Security
25 Broad
equipment
rowing on the basis of
trust
certificates
is
guise of pious pundits.
are two main types of mind; the scientific
of volition and
M.S. WIEN & CO.
and
could
which
is satisfied only with logically arranged facts and the in¬
formal which finds in socialism an
escape mechanism.
Possessors of the latter type, confident of the benign inten¬
tions of a dialectic world, neglect to consider that intelligence
is man's only weapon against a hostile nature and that their
starting point should be the removal of the pressure of
population on subsistence. Otherwise their changes will
oe etymological and not economic and their reforms only
reversions to tribal life-forms.
They indulge in mystic
sophistics and forget that there are widely differing pat¬
There
legally binding obligations of the
Sanitary Pistrict of Chicago pay¬
able from ad valorem taxes to be
to
make
unreasons
realities of life.
SECURITIES
perhaps elect to pay out¬
right for the equipment they may
obtain. But since the cost of bor¬
and
excel in monumental simplicity.
In them the critical fac¬
ulty has been anesthetized by the compulsion of proving
a
previously accepted conclusion. Their sincerity, which
is only equalled by their ingenuity, is dangerous because
of their unreasoning confidence in the accuracy of their
diagnosis of social ills. They are hobbledehoys playing
Robin Hood, with their own technique of befuddlement,
happy in their hallucinations.
They are not sociologists
but social reformers in the dilettante sense; moral imperial¬
the
INTERNAL
and EXTERNAL
of course, are quite
Railroads,
heavy in cash at the moment
Halsey, Stuart Group
Chicago Issue
cago
MEXICAN
stock will be heavy.
potkin, Thomas and Spargo, are mystics wandering in the
labyrinth of their inhibitions and fixations; tangled in their
incomprehensions; lost in the penumbra of the practical.
Offers
Halsey, Stuart & Co., Inc., is They love man so much in the abstract that they cannot
Their proposals, in which
heading a banking group which is understand him in the concrete.
currently offering $2,500,000
Specialists in
ALL
its primi¬
tive
COUPONS MISSING
Phone
Reporter's
(Continued from first page)
all evidence found
40 Exchange
Thursday, November 26, 1942
FINANCIAL CHRONICLE
the
outstanding.
Although not a huge transac¬
tion—there is only a total of $7,-
the
rated, is particularly
attractive at
present time, according to an
analysis issued by Seligman, Lubetkin
&
Co., Inc., 41
Broad
the
bid for close to the
price in trading on the
been
fixed
outlook for the
Building, Incorpo¬
earnings
40 Wall Street
issues in
market at the moment, hav¬
ing
and old loans.
new
The
premium
highest
the
on
Attractive Outlook
500,000 outstanding — the bonds
are non-callable and are among
the
group
New York Curb Exchange.
Copies
interesting Street, New York City.
underlying may be had from Seligman, Lu~
and date back to the days betkin & Co. upon request.
the "Titans" of steel, such
is
transaction
This
since the bonds are an
issue
when
as
Carnegie,
Andrew
were
in their
Good Return Plus Safety
The issue was created
given in exchange for
the capital stock of the Bethlehem
heyday.
From Insured Investment
in 1901 and
&
Like Idea of Competition
With Secretary
Savings
North
Oak Park, 111., will
The Oak Park Federal
Iron Co.
Loan
Association,
Marion Street,
Morgenthau get¬
be
ting ready to fire the starting gun
in the Treasury's biggest financ¬
a
104
pleased to send upon request
giving full details on
insured Federal
booklet
the desirability of
ing undertaking all signs point to
the most aggressive bond selling
Savings & Loan investments.
campaign which the country has
;
ever seen.
All hands
are
.
that is the
commercial
banks, investment
bankers and the special Victory
Loan
Committees around the
bankers,
including
And with $9,000,000,000 of securities as the nation's
country.
goal
they
are
Carrere Co. To Admit
.
ready to turn to,
destined
for
a
William F. Andrews will
short¬
ly be admitted to partnership in
Carrere & Co., 65 Broadway, New
York
City, members of the New
will act
oh' the floor of1 the
York Stock Exchange and
as
alternate
Exchange for William F. Andrews,
the firm's Exchange member.
1
busy time.
Banks
are
favor upon
said
to
look
with
G. A. Ellis Dies
the dash of real com¬
petition which looms through
medium of "team
the
line-ups" in the
George
A. Ellis, one of
of E. F. Hutton &
the
Co.,
firm,
died at his home following a heart
Philadelphia Refinancing
Mr.
Ellis retired from
The Bureau of Municipal Re¬ attack.
search, Philadelphia, has thrown partnership in E. F. Hutton & Co.
in February, 1941.
itself fully behind the city's drive
undertaking.
fusal to
use
founders
New
the
York City investment
facilities for improvement;
of insistence
pleasure at the expense of future comfort.
The forces that determine human action are always the same
to explain phenomena by the observation of a single and but the form that action takes varies with the personality.
insignificant cause, a method for which polygramatic re¬ Men demand and do the things which weaken them and
formers have a strange predilection.
It is an easy theory then resent their weakness. They get caught in traps of
to believe because it is what most of us want to believe.
It their own setting and blame society for their bruises.
relieves us from the responsibility of our failures.
It re¬
To what extent luck or accident contributes to a man's
moves from our shoulders the stigma of our defeat in the
destiny is an imponderable.
The stories concerning them
race of life and this is what constitutes its fascination.
are
apocryphal. The question can no more be answered
It is an easy theory to advance because it is politically
than can the question of the eternal "why" as asked by
expedient and expediency is the major requirement of politi¬ Adam via Milton in the query—-"how came I here, how
cal success.
The scape-goat is an ancient institution.
It thus?" One thing is certain. Luck might defeat intelli¬
is a psychological necessity for most of us because our ego
seems to need a protective coloration.
The doctrine of para¬ gence and diligence but it can never take their place. Suc¬
cess is not fortuitous, nor is it the result of reflex action.
sitism is readily accepted because it satisfies this neurosis.
Plausibility is attractive even though incompatible with the It is a personal equation and belongs to the domain of the
timeless ingredients of life.
Human minds will accept any will. It is not the unpredictable that wins but the constant
convenient notion that happens to be presented without exercise of judgment.
The servant of chance is never the
testing it by comparison with reality, particularly when it master of opportunity.
The certainties of life are few; the
supports subjective convictions already formed and is ex¬
probabilities many; the possibilities infinite in number.
pressed in word pictures stippled with lures. The faculty
One great handicap to economic and political clearfor self-deception is highly developed in most of us.
We are
nearly all experts at rationalization; so busy finding excuses thinking is the belief that because things "are" they always
for our short-comings that we have no time to eradicate
"were"; that progress has been the result of spontaneous
them. The characteristic has a biological basis.
generation rather than of the toil of men stimulated by the
Failure is the result of the abuse of the individual by
degree of the reward.
,
himself; of flaws in character and capacity; of stubborn reupon
present
@FedFRASER