The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
r'UPOwreiKwaaifey
B(JS. AD8».
New
Number 4012
'Volume 154
Of Industrial Companies
REPORTER'S
stated
convention, which will
meet in New York Dec. 1-5. The
Finance
Committee
document
industrial
for
a
'*
Federal
the
household
budget.
states:
report
Waste
This reduction in unnecessary
spending would be felt in every
two billion dollar re¬
of
duction
The
taxpayer, and said:
family
non-defense spend-
in
their
ing, which must sooner or later
paid for in the form of taxes,
can interfere seriously with the
1
1
i
the defense this country re¬
quires,
There is serious question that
we can
be
would
The
in addition to untold billions for
advocates
immediate
national defense.'
the'
Chairman
Committee, who directed the prep¬
aration of the report, compared
the
saving
$2,000,000,000
with
In real
on
delegation
Bankers
attention
to
problem:
'The gigantic size of present gov¬
ernment finances," it says, "in¬
dicates
the great threat of na¬
tional disaster if careless policies
of
spending, taxation and borrow¬
ing are followed." ;
^
the
Association
annual
con¬
trial
than
Board's
desks and getting ready
to take off for
Hollywood, Florida
Saturday morning.
on
Aside
blocks
from
of
offerings
stocks
of
!
being
in
securities,
good-sized
ferings, namely
t
Philadelphia
■•i
and
pany
Electric
The
>
bulk
by
BROOKLYN TRUST
COMPANY
Page
Bank
and
Calendar
Insurance
New
of
Stocks......
utility
of-
those
of the
Com¬
Pacific
Gas
Chartered 1866
Personnel
Items
Railroad
President
BROOKLYN
YORK
-r
>
(The)
Corporation
Board
Conference
Industrial
Last
THE CANADIAN BANK
Call
Higher
Convention
IBA
Use
About
Funds
OF COMMERCE
Earnings
to
.
President
of
TORONTO
OFFICE:
Established
Bidders
Some
1867
to
thoroughly
months,
aired
in
by
investmentt
the
industry
more
-
convention
it
the
of
undertaking.
was
was
made
of
some
the
1201
tee
1202
ties
1210
1210
Counsel..
1215
1215
Tax
Considerations
1215
Paid-Up Capital.—$30,000,000
1
amendments to the Securi¬
not
be
hearings
will
are
one
expectation that
realized.
But
since
still open, debate on
the proposed changes should be
the more interesting at the Flor¬
for
Federal
income
of
(Continued
year.
The
nine
pay-
taxes
earnings
compared
these
of
91
higher, but
$291,000,000
that net income after
$348,000,000
were
accruals
tax
higher
so
were
Federal taxes
000
was
only $57,000,-
higher.
The balance
dustrial
sheets
of 47
in¬
companies for Sept. 30
showed sharp gains in inventor¬
ies and accounts receivable, In-
(Continued
on
Page 1209)
CHASE
THE
BANK
NATIONAL
OF THE CITY OF NEW YORK
Broaden your customer
service with Chase
correspondent
i
facilities
before
compared with
percentage for
months
Federal
Member
;■
Deposit
Insurance
Corporation
the
52.9,
was
as
compared with 31.6 for the first
nine months of 1940.
The net income after Federal
taxes
nies
of
industrial
91
8.3%
was
nine
compa¬
Canadian
of total sales in
months,
as
com¬
Securities
DIRECT
20,000,000
Reserve
as
sales
companies were $1,313,000,000
higher this year than last. Net
earnings before Federal taxes
the third quarter last
in
10.3%,
last year.
total
the
56.1% in the second quarter and
39.1%
compared
as
last year; but Fed¬
tax
accruals
amounted to
pared with 10.1% in the corre¬
Page 1211)
on
net
were
income
eral
accruals amounted to
tax
the first
ida sessions.
the
reserves
of
first
Acts, would be closed.
But that is
in
as
55.5%
:
with 85.1%
Cost
year.
expenses
81.4% of total sales
about the same in the third
Federal taxes, as
the hear¬
ings
on
than
ment
come
weeks
the hope of officials
association that
months
quarter as in the second, al¬
though it was much higher than
in
the third
quarter of 1940.
For 217 industrial companies in¬
banking
announcement
25.7% higher in the
was
nine
and
com¬
aside
was
nation's all-
the
defense
When
ago,
in
385
corresponding period of 1940.
The percentage
of earnings
which leading corporations set
important the part to be taken
sales
more
be
recent
doubtless
and
these
of
income
panies
earned
first
....
Signs Road Bill, Urges
Year-End
matters
goods
on
....
Customers'
Designate
of
roster
high
loom
before the House Interstate
and Foreign Commerce Commit¬
„.
May
topics
1201
Non-Defense Items be Eliminated
HEAD
period in which it falls."
Two
out
N.A.S.D, Announces Nominations..,
Warns
crucial
1207
Finds
The producers
net
....................
Urge $2,000,000,000 Budget Cut..
earnings
automobile and parts manu¬
durable
retiring President, as
important in the his¬
the IBA because of the
bidding which has been quite
Congress of American Industry to
sea¬
of
discussed, namely competitive
1203
Bond Selector (The)
............
1211
Whisperings
..................... ..1210
Our Reporter on Governments...,
1216
Uptown After 3 .................
1212
a
most
Markets—Walter
Says
the
in
decline
to
"the
Corner
..........................
Tomorrow's
Whyte
Member Federal Depoett Inturanoe
Salesman's
attributable
is
tory
1205
Securities
Securities
$478,000,-
was
Earnings of pro¬
declined
the second quarter to the
facturers.
way on
of
with 4.8%
/
of non¬
in
the third quarter than in the
second, largely because of im¬
provement
in the petroleum,
paper, and drug industries. The
the
1204
companies
sonal
convention,
sponding period last
The
crease
of
1213
...
further
:
third, although part of the de¬
&
1207
,..,..........
Conference
announcement
from
which really
Monday, after
formal opening the preceding day,
has been termed by Emmet F.
1206
1203
1208
1201
Jottings
Municipal News & Notes
Our Reporters Report *....
George V. McLaughlin
NEW
Trusts
The
1929.
higher
ducers of durable goods
Company.
gets under
Security Flota¬
tions
Investment
lower
1940, quarter.
two
Electric
the
since <♦>
14%
000, equal to 2.5% higher in the
September quarter than in the
June quarter, and
was 38.9%
higher than in the September,
cor-
the
in
trial
so-
of
for
public
highest
was
The net income of 385 indus¬
V
-
of
the
$50,000,000
accounted
index
says:
j called
"sundown
market,"
I underwriters took care of up¬
ward
the
was
production was 40%
clearing
Connelly,
INDEX
it
The
1929.
New York than its 1929 high, although the
Investment Federal Reserve index of indus¬
the
to
when
vention spent the last day or two
strongly
financial
national
week,
porate
report
taxation
and
Houston,
income
savings
this
ket
y:•
association's
spending
Livingston
pay
turnover
from such
accrue
and local non-defense activities
of the NAM Government Finance
to
in
taxpayers. >
afford to carry
V';-4
The
dollars, it would mean almost
$60 per year to lower bracket
:
$18,000,000,000 of Federal, State
v":
able
slash in the budget.
a
,
nation.
newly
imposed
entirety with
:
which
ability of the nation to pay for
:
would
taxes
be
the
in
middle class and small
average
slightly higher
according to an announcement made on Nov. 25
by the Division of Industrial Economics of The Conference Board,
The Board's seasonally adjusted index for 113 companies
(19351939 equals 100) was 160 for the third quarter, as compared with
157 for the second quarter and 163 for the fourth quarter of 1940,
Cheered by a fairly substantial
in the new issue mar¬
-
—;
heavy tax levies on the small
new
Slightly Higher
The net income of 113 industrial companies was
REPORT
26. ; This position is predicated upon
on Government Finance,
Nov.
on
report of the association's Committee
which will be considered by the ♦
the
Copy
in the third quarter,
expenditures will be recommended as a major plank for the 1942
platform of the Congress of American Industry, Charles E. Wilson,
Chairman of the National Association of Manufacturers' Resolutions
;Committee,
a
Conference Board Finds Third Quarter Net
OUR
local non-defense
curtailment of Federal, State and
Section 1
-
Price 60 Cents
York, N. Y., Thursday, November 27, 1941
Congress Of American Industry Will Ask
$2,000,000,000 Gul In Federal Outlays
Immediate
In 2 Sections
THURSDAY
Final Edition
calls
1341
NOV 2 7
LIBRARY
PRIVATE
WIRE TO
TORONTO
touch with
This Bank is in close
financial life
Canada and is well equipped to
of
and
commercial
the
serve
corporations, firms and in¬
interested in Canadian
R. H. JOHNSON & CO.
dividuals
INVESTMENT SECURITIES
business.
in
Branches
important
every
New¬
foundland, also in Portland, Oregon;
city and town in Canada and
Los
Seattle;
Francisco:
San
^
64 Wall Street
Q
An¬
New York
London, England; Havana;
Jamaica;
Bridgetown,
Barbados,
and
Port
of
Spain,
Trinidad.
\
-z':
geles;
New York Trust
•;.
The
Company
Capital Funds
,
OTIS & CO.
#37,500,000
YORK
Exchange PI.
&
•'
t;V\
IOO BROADWAY
' "
•
.
'
•
Over-the-Counter
v.'
;
61 BROADWAY
SAN FRANCISCO
PHILADELPHIA
AND OTHER PRINCIPAL CITIES
Chicago
New York
AVENUE
Securities
STREET
FINCH, WILSON A CO.
Members
TEN
New
HART SMITH & CO.
Kobbe, Gearhart & Co.
INCORPORATED
Members N.
Y.
Security Dealers Ass'n
45 Nassau Street
Buenos Aires
/
Tel. Rector 2-3600 '
New York
Exchange
Executed
,
Orders
Carefully
for Institutions
and Individuals
Members
Member
New
of the
Federal Deposit
Insurance
Teletype N. Y. 1-576
Stock
PLAZA
Commission
-
York
ROCKEFELLER
NEW YORK
London
CHICAGO
Hanover St.
CarlM.Loeb,Rhoades&Co,
.
CLEVELAND
PHILADELPHIA
AND 40TH
•...
BOSTON
'
;
MADISON
'
CORPORATION
Established 1899
NEW YORK
BOSTON
AGENCY
FIRST BOSTON
(Incorporated)
.
Kingston,
NEW
<
Corporation
52
York
WILLIAM
Bell
New
York
Dealers
Security
ST.,
N. Y.
Teletype
NY
Assn.
HAnover 2-0980
1-395
Montreal
Toronto
120 BROADWAY, NEW YORK
THE COMMERCIAL & FINANCIAL CHRONICLE
1202
Thursday, November 27, 1941
markets for
mortgage
We
pleased to
are
certificates
issued
BOND
:
by
TRADING
...
40
*
HOME
INSURANCE
TITLE
LAWYERS
CO.
CO.
MORTGAGE
STATE
TITLE
Telephone HAnover 2-5432
,
CO.
MORTGAGE
&
local
other
"Municipal
companies
Newburger, Loeb & Co.
Members
40 Wall
York
New
Stock
St., N.Y.
Bell
Corporate
f
Ripley
Members New York Slock
40 EXCHANGE
Mr. Frank I. Loomis
is associated
r,'
'.
.
with
in
us
" '"<t
our
"■
.
:.V
Heinzelmann & Ripley
November
21,
Bell
PL,N.Y.
Exchange
W
'j
DIGBY 4-4950
&
<"/•.
.
Teletype NY 1-953
•
,
Established
Members
40
New
Bxchangfe PL, N.Y.
BEIiII
■
Treasury
Bill Offering ^
"
'
1941
York
New
or
are
pleased to
MR.
Assn.
•
...
mature Feb. 25,
1942, which were
offered on' Nov. 21, were "opened
at the Federal Reserve Banks on
V;]^
,
RUFUS
LEE
CARTER
-
Nov. 24.:
■
West Coast
as
*
Y.
N.
Teletype,
System
Bell
the association
firm of., '',
our
New York,,N. Y.
HAnover 2-4660
<
announce
with
v
Dealers
Security
50 Broad St.,
this
v
332
:t
,
Van
Polrero
Nuys Bldg., Los Angeles
JOSEPH McMANUS & CO.
Preferred
•
■:
Sugar Pfd.
Members:
American Service
>;
39
No. 1 Park Ave,
2nd
'Range for accepted bids:
High—99.977.
Equivalent
Detroit International
Bonds
}:■
Bridge
Stock
&
Members
64
WALL
York
New
NEW
*
firm
YORK
HAnover 2-9470
member
Tudor
in
Westchester
all
County Securities including Mortgage
Certijicates
and
Sclioonover, deWillers & Co.
'
INC.
BROADWAY
REctor
Bell
BROADWAY
S.
YONKERS.
2-7634
MArble
Teletype
NY
N.Y., 1
7-8500
1-2361
i'Errol P. Nelson Now
With E. H. Rollins
&'(Special to The Financial Chronicle) >
?
LOS ANGELES, CALIF.—Errol
j.
vdent
and
associated
&
Co.,
with
E.
Bank
has
,
become
Rollins
H.
&
California
Incorporated,
Building.
to The
SANTA
Financial
MONICA,
Bertram N. Snow, for
Curb
ships
have
•
of
..!
Barclay, Moore &
Chronicle)
CALIF.—
the past ten
local manager for E. F. Hut-
Co., has become affiliated
with Merrill
$100,799,000.
As
Lynch, Pierce, Fen-
Beane, Bay Cities Building.
the
to
business
long been
ton
adelphia.
the
Memberships
include
Stock Exchange,
the Philadelphia Stock Exchange
and associate membership in the
New York Curb Exchange. '
'
1
New
William ' K.
James A.
Barclay] Jr: and!
Williamson, partners of
clay will be in charge of the office
in Philadelphia and Mr. William¬
will be in charge of the stock
department in 'that office.
:
'
K.
Barclay, Sr. and
Clark Moore, Jr. will main¬
tain their offices with the firm in
Philadelphia.
The remaining
members of the present organiza-;
tion will also become associated
Both
general
&
Boyce will
retire
as:
firms
;
have
conducted
investment
in addition to their
1943
business
and
ac¬
tivities incidental to the member¬
At Hot
the
spring
will
be
meeting
Council
Executive
American
Bankers
held
at
of
20
Trading Department
warrants
j;
13
DURYEA & CO.
v
Members
65
by Secre¬
York
New
Stock
Exchange
BROADWAY, NEW YORK, N. Y.
Teletype NY 1-1702
Tel."
WHitehall
4-0488-89-90-91
-
Preferred
G:A.Saxton&Co.,lnc.
BOSTON
prepared
The
Homestead
Koeneke
Ponca
The
City at-Ponca City];Okla.
Council 'is'
Executive
The
ciation
30th
New
by
the
the
48
Bankers
of
one
E.
C.
recently
W.- Axe "&
of the founders
of that investment counsel
convention
of
the
Investment
of
particular interest to
bankers in these days of chaotic world conditions.
a
program
the
and
economic
will
be
by
and
social
Bankers
the
Asso¬
investment
trends
explored and interpreted
practical experts., This year
the convention innovates
forum
a
Associations
Columbia.
v*
,
of ways of managing an investment
of
i
Central Paper Common
~
-
,
•
.
*
.
Pan American Match ;
?
<:
>
"
v
,
Pump
business
;i steer
in
a panel of men
the business will
discussion
it will
all
a
be
in
an
members
forum
discussion
are
urged
representative attend.
convention
dressed
this
open
will
be
to
;
ad¬
Sunday night, Nov.
30th, by William Green, President
the
of
on/
American
Federation
of
Labor, qn "Preservation of Free
Enterprise—the Common Objec¬
tive of Labor and Capital."
This
be
broadcast
by the
Mutual Broadcasting System on a
nationwide
hook-up (WOR in the
York area).
:
In
^
offers
addition,; Hollywood, Fla.,
outstanding recreational fa¬
cilities
mix
so
that all attending
pleasure with business.
may
of
has
New
known
New
Bell Teletype NY 1-897
firm
? at
banking business;
,
Security Dealers Association'"
The
Ripley
offices
well
*iave
American Maize Product#
;
Heinzelmann & Ripley
Is Formed In New York
the
and the District
States
»Tokheim Oil Tank &
York
annual
offers
on
"How to Meet the Overhead,"
Associa¬ suggested
by thd1 necessity of find¬
tion, consisting of bankers chosen ing better and more economical
body
I
St., New York, N. Y]
Co., Inc., and
until
of
is
President of the Security Bank of
Frederic H. Hatch & Co.
Members
Vice-President
Last Gall For IBA Convention In Florida;
]
Nationwide Broadcast Of Green's Address
address will
63 Wall
appointment of
Rauch,
>
Devoted to "meeting changing times" the
program will offer a
Springs, Virginia, April
searching analysis and discussion of the broad trends affecting the
19-22, 1942,-it is announced by
industry and will consider as well the immediate internal problems
Henry W. Koeneke, President of
affecting the business.
Politics^the Association.
Mr.
| Ohio Match
Insurance Stocks
Herbert
Railroad
The
Bank Stocks
analysis of the
an
the
announce
organi¬
Company; and its zation in 1932, to be manager of
new. securities,
copies of which the firm's Investment. Advisory
may be had upon request.- ,<
•,/, Department,
v/..i
of
the
Association
Trading Markets in
i
Nov.
our
2nd
Hot
at
Incorporated
YORK
Triumph Explosives
-
have
Springs In April
annual
The
Common
NEW
in
a
Nov.
on
warrants
Nov. .26
Morgenthau,' who indicated
the
Treasury would offer
$200,000,000 in the weekly bill
that
ABA Council To Meet
Virginia Public Service
7%
1st
tary
and
Preferred
Federal Water & Gas
&
Triumph Explosives
.
a
brokerage
Empire District Electric
6%
in
1116,
page
announced
of Erie
of the year.
first
governing
the firm.
Preferred
6%
noted
was
on
5
"
i
.
•
York
Childs Company
5s,
Common,;.
$50,000,000
(or
from $150,000,000
to $200,000,000) in the
weekly of¬
fering
of:' Treasury
bills
was
Kidd,
Bros.
Central Illinois Public Service
Debenture
*
increase
but
$6
bills
Robert S.
active in financial circles in Phil¬
with
&
firm
William
[■ Snow With Merrill Lynch
&
of
Exchange]
of
issue, "
6
Stocks
member
ilar. issue
amount of
Moore & Co.). E. R. Jones of Stein
James
years
York
succeeded
■
.
(Special
Triumph Explosives
•
originally founded in 1900 by its
son
Sons
Baltimore
Boyce,
effective
formerly vice-presH Barclay, Moore & Co., will become
Mr. Bar¬
secretary of Hugh R. members of the firm.
Murchison
approximately 0.267%.
senior partner and
the
Nelson,
WU,/
t Erie R.R* Interesting
Fitzhugh J. Dodson*
Joseph- Walker &
Lansburgh, and William
Sons,, v 120
K.
Barclay, Jr., and James A. Broadway, New York City, Mem¬
Williamson (formerly of Barclay, bers. New York Stock
Exchange,
Co.
v'i
.
20
the
v,'v-;?
The
NEW YORK, N.Y.
of
New
d. c.
Stocks
Bank
&
DirectWlre];
rate
.
City Units
specialize
Bros.
>■
?■.;
Advisory Mgr.
Corp. Common
Houston Oil Co. Preferred
also
Stein
"BH 198
on £ the various exchanges,: issues until further notice/
Shields Appoints Rauch • t
'
participated extensively in
On Nov.-24
Secretary Morgen¬
Investment
member of the Chicago Stock Ex¬ the underwriting of new issues: (:• j
thau; announced that the Treasury
«The firm will consist of the fol~j is
change, the Chicago
Board ; of
preparing to seek "new money'/ Shields & ' Corppany/i44 Wall
Trade, and Commodity Exchange] lowing partners: C. Prevost Boyce] in the market
early in December. Street, New York City, members
Inc. Branch offices are maintained Col. Henry C. Evans (at present
Details will be announced before of the New York Stock Exchange
in New York City, Louisville, Ky., commanding officer of the 110th Dec.
and other- leading exchanges, in
15.
York, Pa., Hagerstown, Md., Cum¬ Field - Artillery),' : William ;T.
line with their extensive develop¬
berland,
ment
of securities research work,
Md.,
and
Washington, Childs, Milton S. Trost, C. New¬
the
Houston Natural Gas Common
We
of
Exchange, ; associate
So. Cities Utilities 5s, 1958
Eastern
t,.
,
the low prices was accepted;)
There was a maturity of a sim¬
South Calvert Street:
Baltimore, has announced that
as of '■>Jan.
1, 1942; their
organization and the firm of Barclay, Moore & Company, Fidelity-'
Philadelphia Trust Building, Philadelphia, will be consolidated.
•]
Stein Bros. & Boyce was originally founded in 1853. In addition
to the membership in the New York Stock Exchange, the firm is a
Exchange
Curb
ST.
Teletype NY 1-1140
ner
Teletype: NY 1-1610-1
^
Fiank C. Masterson & Co.
ton
lent rate
Barclay, Moore & Go.
Will Consolidate At The First Of The Year M
--The
>
^
Equivalent rate
approximately 0.293%.
Average Price—99.932. Equiva¬
Stein Bros. & Boyce And
-
1 '
Maritime Bldg.;
New Orleans, La.
Low—99.926.
^V
-
:
^
Birmingham, Ala.
}
NY 1-1557
;
?
approximately. 0.091 %.
Exchange
Pfd.
Common
&
6s
i
.
revealed:
are
Exchange-
Brown-Marx Bldg.
New York, N.Y.
The.following details of
issue
(30% of the amount bid for at
Commonwealth Gas
P.
BROADWAY, NEW YORK
Telephone: DIgby 4-2290
6s-51
Common &
■
Stock
Terminals & Transportation
?
120
Exchange, Chicago
Curb
1
Common
&
York
New
Members New York Stock
25 Broad St.
for_._$466,603,000
i'; Total accepted
200,026,000
•
~
Steiner, Rouse & Co.
Total "applied
representative
1-2480
V
r
1-423
Louisiana
the tenders for $200,000,000,
thereabouts, of 91-day Treasury
bills, to be dated Nov. 26 and to
•
Members
*
HA 2-2772
TELETYPE NY
that
'
We
'
'
'
Securities
Secretary, of the Treasury Morgenthau announced on Nov. 24
J.F.Reilly&Co.
;
'
Results Of
Struthers Wells-Titusville
'
'
ft'.
■'
.
.'
'COMMON & PREFERRED
1920
York Security Dealers'Ass'n
''A
Municipal'Bond Department
Auto Ordnance
products
VrCV.-,*.":'*
*•
"
V
k
Lebanon
City
liberty aircraft
shaskan & co;
Paul Heinzelmann
•
,Wickwire Spencer Steel
_
>
1-2033
NY
Atlantic
;.
&
Securities,:
H. B. H.
IN ,v>
SECURITIES
Exchange
WHitekall 4-6301
Teletype
Philadelphia
and
MARKETS
REAL ESTATE
'v'
A partnership to transact a business in
TITLE GUARANTEE & TRUST CO.
All
Exchange Place, New York, Ni Y.
v
LAWYERS TITLE & GUAR. CO.
N. Y. TITLE & MORTGAGE CO.
\
autocar
Heinzelmann & Ripley
CO.
GUAR.
MORTGAGE
&
Worthwhile Checking:
the formation of
announce
Heinzelmann
been
formed
,
&
with
40
York
in
Exchange
Place,
City, to conduct a
municipal and cor¬
porate securities.
Partners of the
new
firm
and
Henry B. H. Ripley, who
previously
associated
as
were
officers
&
are
of
Co., Inc.
recently
Heinzelmann
Heinzelmann, - Ripley
Mr. Heinzelmann has
been
individual
Paul
in
business
dealer.
-
as
an
,»
.
Associated with the firm in the
municipal department is Frank I.
Loomis.
viously
Loomis
Mr.
a
Loomis
partner
was
pre¬
in
Ripley,
municipal
&
Co., Inc.,
specialists, and more re¬
cently was with Burr & Co., Inc.,
and F. T; Sutton & Co., as Man¬
bond
ager.1] of ,]the"~ municipal
ment.
depart¬
>'.vL
COMMERCIAL and
u
"r"
Reg/ Uv -Sj Patent Office
1
:
;w-
'•'\
interested in offerings of
are
I;.,
yy
: V]"'; < ]
'Y'
J -i1 fi-t'y'I '1
.
j '**
Columbus & Southern Ohio Electric Co.
^::y.S
William B. Dana Company
Publishers
.:i
•,
1
We
FINANCIAL CHRONICLE
!
1203
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4012 <
Volume 154
:
..
yf'frVV
'
k
'
25 Spruce Street, New York "
|
■
•
Herbert D. Seibert,
.
.
:
-y' L
-..i
i'U-'?■■>"; S BEekman 3-3341
:
6% Cumulative First Preferred Stock"'
•
6V2 % Cumulative Preferred Stock, Series
•/;
Walter Whyte
.
Connecticut
Editor and Publisher
,
"
■
Frederick- W.
*
William
•
D.
Riggs, Business Manager
Thursday,
27,
November
Says-— :||i
f
]
three
times
v
The market
persists in making a noise like a warmedover affair;
just seems to be
dawdling along; but com¬
Smith, 1 Drapers'
'
Gardens, London, E.C.*
f Reentered
second-class matter Sep¬
12, T941-, at the post office at
tember
as
New York, N. Y., under the Act of Mar.
8, 1879.'
'
.
Subscriptions in United States and
possessions $26.00 per year, $15.00 for 6
'By WALTER WHYTE
year, $15.75 for 6 months.
South
p,nd Central America, Spain, Mexico and
per
jCuba, $29.50 per year, $16.75 for 6
months; Great Britain, Continental Eur¬
Australia and
(except Spain), Asia,
ope
Africa,
$31.00
per
NOTE:
months.
fluctuations
year.
$17.50 for 6
On
account
of the
for?- foreign
remittances
advertisements
and
New York
<'
T:-'
m
of
the. rate
in
exchange,
subscriptions
made
be
must
funds.
/. *■»
r'
in
i,
li/iuli
-
im iinr.'iii) ' m
iVi
a
over
to live up to past
promises and by j the same
manages
ini
To The Institutional Seller:
equippedliquidate
just dawdles along getting no¬
yy
.Rl/.tyinhu
'I
-1
::
r
ll
|
,
9/
GUARANTEED
RAILROAD STOCKS-BONDS
'---1—*•—■*
"r"
*
.*"/;
—
Teletype
52 Broadway
Telephone
N.Y. 1-1068
NEW YORK
BO. Or. B-04OO
< ■
'j
Suggestions For i
NY$I Nominating Gem.
|
The 1941 Nominating Commit¬
the
of
tee
New
Stock
York
Ex¬
'vl The
coming out of
••
G
1
'■
Treasury
inconsistent in that:
seems
WI
my ears.
f
the
:
.
be
names
about
50%
But
our
tionary" effect. ;
our
exports
.
; &
Booker;
George
H.
Hogle, J. A. Hogle & Col, (Salt
Lake City); Frank R. Schumann,
Winthrop, Mitchell &. Co.;. i and
A;; Norman S. Walker, Wood, Walker
& Co. The names of Abner Bregman and Homer A. Vilas of Cyrus
particularly
stock
common
their earnings guarantees.
•If
*
of
the. mutuals? have
raise
to
..
stockholders
could
Of
—
the
owners
—
split nice juicy melons.
Sons
&
have
been
withdrawn at their request..
course
retical
all
theo¬
is
this
actually/few
because
(self-insurance
on
its
rising
pro¬
portion of the country's inventory
land plant.-» •
-
companies managed to come
through
'
Douglass
Debevoise,
has
been;
dock, Tucker, Anthony & Co.
A
the moment,
exporters and
pro
]
■
the
1942 Nominating
;
We
are
i The
A
tee
1942
will
on
Committee
Jan. 12.
slate for the
offices of the..Exchange,, and a
successor Nominating
Committee,
to be voted upon at the general
election on May 11.
<
;
; ^;
CENTRAL POWER
/IOWA
P
;
Allen
&
Co.,
-
\
1
-j
r
-
r,''r
<
E.
'
inc.
39
N. Y.
Broadway, New York,
HAnover
2-8970
Teletype
NY
1-1203
BOND
BARGAIN
$■ Operating Utility
and other
help explain ' the
strength in London stock prices.
But a more likely explanation is
T r
Mtg—Yield IO% +
-i
,
'
'S-
v
i
y' '•
Circular
on
Request|
.
A. 0. VAN SUETENDAEL & CO.
might
That«
1st
>
"
20
N.
B'WAY
S.
Y.
City
Bell
-
YONKERS,
Telephone
MArble
N. Y.
>
7-9667
Teletype Yonkers 2318
simply the pressure of uninvested
funds, which drove Berlin stock
and
drove
the
Paris
bourse
up
Carter
Representing
sharply in 1940 after the Battle of
France. In an economic totalitar¬
system/ (and, Britaih^^ has beY
Joseph
McManus
&
Co., 39
since Dunkirk) there is Broadway, New York City, mem?
very little to put your money into bers of the New York Curb Ex¬
except government bonds or cor¬ change and Chicago Stock Ex¬
porate equities.
Retail sales in change, announce that Rufus Lee;
Britain, for instance, are shrink¬ Carter has become associated with
ing. And the supply of corporate their firm as West Coast repre¬
}■;.
(Continued on Page 1205)
sentative.
Mr. Carter will have
come one
.
CO. 3%s, 1969
& LIGHT CO, 3>%s,
<
Broad
| " '
\
:
v
PUBLIC
-
x
,
I
^
^1
,
"
CO. 4s,! 1966
:
J
-
Corporation.
& Electric Company
\
,3%«, 1971 4
NORTHWESTERN PUBLIC SERVICE CO. 4s,
PIEDMONT & NORTHERN
Sales
Washington Gas
POWER & LIGHT CO. 3%s, 1971'f O C t
SERVICE CO. OF OKLAHOMA
Street
1
^
C
form¬
.
UTILITIES CO. 4%s, 1950 j
SIOUX CITY GAS & ELECTRIC
was
prior thereto was Pacific Coast
Wholesale Representative for the
'
,
: ;
1969
He
for
!/
.
Calif.
erly Los Angeles representative
Keystone Custodian Funds and
;
RAILWAY CO. 3%s,
CENTRAL ILLINOIS ELECTRIC & GAS
5s, due 1955
1970
Ave- > ;•
5^2s> ^ue 1953
5V2®» due 1947,
6s, due 1960
1966
CORP. 3%
Bought—Sold—Quoted
1964
J.
R.E.SWART & Co.
,r-i
*
.R.
Squibb & Sons common stock,
copies of which may be obtained
from them upon request.
Co.'s
Participations
J. GOLDWATER & CO;
ning out, we'll finance her meat
'
<
SOUTHERN UTILITIES CO. 4s, 1970
' WISCONSIN
s
30 Broad Street,
of
Title
Trust
credits in South America are run¬
New York City, have prepared an
interesting ; analysis
Ctfs.
Members New York Security Dealers Assn.
'
a
Write For Circular
1964
■-
CO. 4s, 1970
IOWA SOUTHERN
r
fr :
CO. 4s,
IOWA PUBLIC SERVICE
a-
Nominating Commit¬
propose
interested in the followingt
KENTUCKY UTILITIES
the retiring
Nominating Committee on Dec. 15
and will be voted upon by the
membership
Ctfs.
Co.
offices in the Van Nuys Building,.
will be announced by
■
Co.
other
all
Bank
Los Angeles,
KANSAS POWER
panel, of five nominees for
and
&
Complete Statistical Information
country was in sight she got leaselend here. Now that her quick
.
;
Title
Mtge.
Lawyers
Bond
■
a
Struthers &
Dean; J. Taylor Foster, Spencer
Trask & Co.; Penn Harvey, W. E.
Burnet & Co.; and Robert Hay-
V:
In
Ctfs.
Co.
ian
At
wringer v. un¬
the
scathed.
the
.
;
..
ing.
This
rates or Congres¬ prices up from an index figure of
for government 1 175 in March to 223 in September
pressure for cut
sional- pressure
For the stockholder importers, seem to be the hardest
hit by the growth of government
bT em was still-a I operations. Exports go by lease.For Two Allied Members of the
greater one.? If he managed lend, imports- come by RFC sub¬
Exchange: James F. Burns, Jr., to
get out in time, then infla- sidiary, and export-import firms
Harris, Upham & Co.;; George
are
feeling
the same kind of
\ r (Continued on Page 1212)^Lawrence
J.
.
Invited
Mtge.
Lawyers
■
.
Brooks & Co.; W. Wilson Holden,
Corlies
In
Specialists
Inquiries
s
with lend-lease and stockpil¬
Prudential '.and
Are
Wo
v;
REAL ESTATESECUR1TIES
while
pretty good
Mutual. It's a good advance move month for Britain's import prob¬
against the day when the Treas¬ lem. Her shipping losses are down
francs for a buck then go out
to round
250,000 tons a month,
ury decides to sell special issues
to "mop up", the insurance com¬ and the second chapter of leaseand buy up the town.
lend
is
"
extending to her the means
*|s
i«: :|s
yy^yyy-fy; panies' growing influx of invest¬
ment funds.
The companies will of financing purchases not only
The same thing was true of then be in a better position to ask here but in South America. When
at least some common stocks, a' coupon high enough to cover the end of her credits in this
.
Tele. NY 1-1610-H
But give us time, what
fast.
Other, life insurance companies
will/probably follow Metropoli¬
tan's move in 'raising- premiums:
probably,
;,
the war
export sur¬
doubled
Exchange
Broadway, New York
DIgby 4-2290
imports didn't increase so
our
First,
39
since
plus hasn't increased as fast
—yet—as it did during World
War I, because at that time
from
The
.
Curb
York
Chicago Stock Exchange
Incidentaly, both our ex- -
started.
year
asked that
withdrawn.
Members
New
ports and imports are now up
them for .defense con¬
struction until it is finished.- Next
companies had large bonded 'pretty picture of fire and casualty
debts so much the better. For business lurk (a) rising industrial
following names were "suggested:
j accidents ; (b) increased losses in
11 for Three Members of the Ex- they could call them in, pay use and occupancy, due to prior¬
change: John H. Brooks, Jr., J. H. them off with peanuts and the ities, etc.;.; (c) and government:
their
Joseph McManus & Co
(through government financ¬
ing) i and/ conmaodRy ^
(through government; operations
in "ever-normal granary," stock¬
piling, price-stabilizing, and cut¬
ting of trading limits).
Fire Ins.
Common
Michigan Chemical
ers
not paying
4-6551
1967 A AO?
pressure felt by investment bank¬
purchases there as well.
Sugar,'too, from Cuba, probably.
v 1942
Nominating Committee. A sources of raw material and heohf iablei in, recent
British
sugar
and fat rations' were
lower their dividends.
s total
***,«'•<j
of sixty-seven pames. have
fixed the prices tof their fin¬
been submitted at the two meet¬
There's business enough for all, upped 50% this month.
ings, which excludes names of ished products, j And if such at the moment.' But behind the;
two members who have
WHiteliall
-
/.
'V
STREET, NEW YORK
Aldred Investment Trust
,
_
gentle* enough to go slow on its defense-bond sales program.
(3 >" It doesn't want inflation^ but-clings-to financing via
commercial
banks
and I so
fai^
passes • up such opportunities as,
for * instance," sales to life insur-
1
r_
(1)
It doesn't want "forced savings" but it does want higher
payroll taxes,
t
' y~.!
is tough .enough to want a 15% withholding tax;'but
companies which had their policy rates,think; what
final open meeting ten additional enough fat stored away to live must be the position of the stock
suggestions for nominees for the on,
controlled their own life .companies, which have not
change received at its second and
' •*
/
others, will have to- borrow
the
banks; to pay. taxes,
them which will have the same "infla¬
In
post-war Germany it was the
guy
with gold v dollars,,■; or
pounds -sterling, who got all
|| the gravy. In post-war France
one
could buy af barrel of
Final
v.
I have, looked
attended
that
horrors
are
WALL
99
/
.
_
the histories of past infla*^
tions until_ all
the exiting
invited
Inquiries
MiOT Til
companies, which'the TNEC
once'
damned
(before
defense
*
made.Thrift respectable again) as
{.
*
.i«
the country's leading institutional
For months/ past we have
gatherers of savings.
\
heard and read reams of stuff /
(4) 'It forces some corporations
about the dangers of immi¬ to do its borrowing indirectly; by
up
railroad bonds.
i
ance
particular.
nent inflation.
blocks of underlying, inactive
It
token refuses to end it all.
.
We aro
persists in mak¬
noise like a warmed
affair.? It never quite
where in
•.:
i
ing
y
i
C Obsolete Securities Dept.
.
■"
..
;
,
of
secnr-
our-V'.V-
via
now,
sour
Globe & Rutgers
'
The market
$27.50
ities
rid
Get
and
....
,
-j
y
.
months; in Dominion of Canada,
ill;
good an; inflation Hedge
as
anything; but remember
the stops; more below- ;
.
*:
':ii
strong-box.
inactive
Telephone.'
be
to
seem
Telephone
;u
-
-
»•*,,,
as
■/■V-'-'M *■''%
/''!
a
stocks still
mon
by William B. Dana,
,cy'f'y'yyy yyr.^y', /v/;
1941
Copyright
Company,
J
/
advertise, yonr mistakes
your
those
25 Broad Street, New York
HAnover 2-4300
Teletype NY 1-5
~
If'fyyy-y-];
Other offices: Chicago—In charge ot
Fred H. Gray, Western Representative;
Field Building (Telephone State 0613),
&
Spencer Trask
& Go.
j
■f<r:yyy
-t
London—Edwards
in
week
a
HEAVEN
.
Stock
—don't
1941
[every
Thursday..(general news and advertise
Dig issue)
with (statistical issues on
I
Tuesday and Saturday],
Published
When you go to ?
Light & Power Co.
Cumulative Preferred
Syt%
Managing Editor-
Jones,
William Dana Seibert, President
B
•"
•
40
INCORPORATED
EXCHANGE PLACE,
INCORPORATED
u-
CHICAGO
NEW YORK
A
.
■-*•'
4
rWSt
i'.v
Tel.:
HAnover
2-0510
'
NEW YORK
Tele.: NY 1-1073
-
1204
THE COMMERCIAL & FINANCIAL CHRONICLE
DIVIDEND
Canadian
Dividends
Mining
$6
Preferred
At
a
Complete statistical
all
on
data
Canadian
Stock
January
the
of
Member*
Toronto
41 Broad
HAnover
the
H.
$7
for
of
December
UTILITY PREFERREDS
MARX & CO.
Preferred
$6
on
Pre¬
BIRMINGHAM,
payment
record
6,
at
ALABAMA
.!iV
■-u-.it
1941.
DIXON,
Treasurer.
Bunting
Stock
Exchange
THE ELECTRIC STORAGE
St., New York, N. Y.
Tele.
2-7673
the
on
share
stockholders
E.
Stock
Preferred
Corporation
to
business
:
w
;
a
per
the
1942,
2,
close
of
■
Macdonald &
BIRMINGHAM
1
•
of Directors of
Corporation held on
dividend of 30 Cents
declared
Cents
35
•
Board
Light
1941,
was
and
ferred
mines
25,
share
Stock
&
on
$7
&
the
of
Power
November
per
Stock
meeting
Electric
Traded in U. S. Funda
available
NOTICES
Electric Power & Light Corporation
Securities
Thursday, November 27/1941
NY
BATTERY CO.
8c
The Directors have declared
from
1-1619
Accumulated
the
ESTABLISHED
Sur¬
SOUTHERN MUNICIPALS
1879
an<^
,
Toronto
New
plus of the Company
York
final
a
CORPORATION BONDS
dividend for the year 1941 of
One Dollar ($1.00) pershnre
the Common Stock,
on
DIVIDEND NOTICES
business
of
and
December
on
3,
-1
DALLAS
H. C. Allan, Secretary and Treasurer
;
Company
'
1
.
Philadelphia, November 21,1941,
Foundry
Checks
1941.
will be mailed,
CLC€
American Car
payable December 23,
1941, to Stockholders of record at the close
w
'
:
Bought
-
Church Street
30
New
A. HOLLANDER &
York, N. Y.
If
contemplate making additions to your personnel, please
send in particulars to the Editor
Of the Financial Chronicle for pub¬
SON, INC,
Dividend
Common
p[here has been declared, out of the earnings
lication in this column.
and three-quarters per cent
(1)4%)
the
on
been
on
declared,
business
will
be
record of said stock at the close of business
jDecember 19, 1941.
ijTransfer books will not be closed.
New
York.,;
KANSAS
December
Broadway, New York
November 25, 1941
All
ber
requested
15,
1941,
are
entitled
the
at
close of business December 5, 1941.
KING, Secretary
THE ATLANTIC REFINING CO.
to
H.
receive
C.
DAVIS,
LOUISVILLE
DIVIDEND
23
meeting of the Board of Directors
held November 24,1941, a dividend of
of
Board
Electric
dollar
($1)
share
per
declared
was
on
the Cumulative Preferred Stock
Convertible 4% Series A, of the Com¬
payable February 2, 1942, to
at the close of
business January 5, 1942. Checks will
pany,
stockholders of record
be mailed.
w
.
M
November 24,1941
record
29
the
of
as
No.
The final dividend for the
year
of fifty cents
December
of record
at
share has
per
the
outstanding com'
this Company, payable
20,
1941,
stockholders
to
the close of business Dc
Borden
E. L.
outstanding
ILLINOIS
has
been
"and
Gas
Class
for
the
Common
B
by
holders
of
has
to
been
holders
AND
'
COPPER
of
the
A.
19,
W.
Knourek,
record
at
1941.
December
the
close
.:
r:
24.
of
1941,
business
:
.
JOHNSON,
\
Secretary.
GEORGE H.
Hutton
Street.
&
to The
Financial
LISTED AND UNLISTED
Henry Stember is
Chronicle)
Corporation
^
Bros. & Co., 16 East Broad Street.
Mr. Stember was previously with
Granberry
Co.
&
and
Vercoe
&
■
come
I An
has
with
356
Members
staff
dividend
extra
T.
_
South
close of business December 5, 1941.
ROBERT W. WHITE, Vice-Pres. & Trcas.
paid
December
19,
1941,
to
of
December
2,
record
shown
as
to The
UNITED
dividend
Preference
dends
the
on
of
books
stock
in
STATES
$1.75
of
to
arrears
apply
Beach
DIVIDEND
holders
of
record
York,
its
on
Directors
Financial
CAMERON,
26, 1941.
November
Yale
&
November
Towne
&
Co.,
to The
Buhl
The directors of Philco
on
this
stock¬
Financial
26,
1941,
to
has
joined
The
Financial
the
&
Co.,
Wulff
&
CALIF.
Clarke
and
Gunnell
associated
Co.,
Spring
Street.
record
Corporation
28th,
This
1941.
is the fourth dividend of
($.25) declared this
twenty-five
at
merly
with
the
close
The
On
of
Inc.,
Towne
Secretary.
650
South
Mfg. Co.
Com-
record
at
the
close
F.
of
business
yean
DUNNING,
December
CAN
Ford
8,
the
Preferred Stock of
Company,
the
close
of
business December
Transfer Books will remain open.
with
to The
R< A<
&
5530
Co.
Financial
H.
pay¬
18th, 1941.
Johnson
is
&
to The
staff
of
has
—
-
Leon
representing
31
State
•
_
Financial
MANSFIELD,
Riley
H.
Co.,
Street, Boston, Mass.
(Special
Chronicle)
N.
Biscornet
Chronicle)
OHIO—Richard
been
added
Livingston,
to
Williams
the
&
Co., Inc., whose main office is in
the
Hanna
Building,
Ohio.
Cleveland,
./■'
Checks will
(Special
be mailed.
Secretary.
,
..
1
Randolph
Laswell
(Special
;
E.
able January 2nd, 1942, to Stockholders of record
at
^
■<
in the past Mr. Clarke
and
pany
was
Joseph
STOCK
this
1
.
s
Building
Telephone:
COMPANY
BURGER, Secretary.
to The
Financial
Chronicle)
MIAMI, FLA.—Clifford Walter
Snyder
has. joined the staff of
Guaranty Underwriters, Inc., 310
& Company
PHILCO
Wilmington, Delaware: November 17, 1941
Exchange
Associate
Exchange
MANCHESTER,
Page 1209)
on
AMERICAN
on
November
1941.
Stock
for¬
were
On November 25th, 1941 a quarterly dividend of
one
and three-quarters per cent was declared
26, 1941, a dividend No. 205
of fifteen
cents
(15c) per share was declared
by the Board of Directors out of past earn¬
ings, payable January 2, 1942, to stockholders
of
Detroit
be¬
Franklin
Bankamerica
PREFERRED
&
Curb
'
Chicago Stock Exchange'
of
1941.
Yale
York
}
R.
a
dunning,
Stock
New
'
—
Mfg. Co.
stockholders
of
York
Har¬
have
with
Both
(Continued
to
business
8,
' Members
■:
.
New
Chronicle)
ANGELES,
Hinman
come
■
forty cents
by the Board of Directors
out
earnings, payable December 19, 1941,
December
i
,
Chronicle).
Treasurer.
declared
dividend of twenty-
Nov.
Watling,Lerchen&Co.
South
old
Prior
special
dividend
(40c) per share was
ON
cents
($.25) per share, payable
Dec. 12th, 1941, to stockholders
of record
'
J.
Building.
Bingham-Walter
(SDeclal
of
204
.
cents
'V. v-.f-feU
Chronicle)"**
MICH.—Norman
:ANGELES, .CALIF. —II.
LOS
CO.
of
2,
1942,
to
December 10,
1941.
C.
No.
COMMON STOCK
E. I. du Pont de Nemours
MICH.
;
:'v
DETROIT
account, of divi¬
date has
been
de¬
by
the
Board
of
Company, payable January
past
five
Exchange
BUILDING
DETROIT,
the
on
this
on
LEATHER
share
per
clared
On
on
Co.
Stock
connected with C. G.
Christopher H.
THE
A
New
Secretary.
; :
Spring
Street.
Mr.
Bleckner was formerly with Mor¬
ton v Seidel
&
Co., Norman B
Courteney 8c Co., and Edgerton,
Riley & Walter.
Company.
V..Y;
Ottumwa, Iowa. Geo. A. Morrell, Treas.
1,
January
be
1941
the outstanding
payable
a
Detroit
PENOBSCOT
be¬
Nelson
:
now
of
621
of
Cents
($0.75) ~per share on
capital
stock
of
John
Morrell
&
Co.,
stockholders
.v;
;■
1942, to stockholders of record at the
have declared
of
FLA.—
Hensley
Gordon" Bleckner
'Seventy-five
capital stock of this Corporation has
declared,
Lee
McDonald
DIVIDEND NO. 49 "
Seventy-five cents
on
Chronicle)
BEACH,
DETROIT,
Frost is
LOS
CARBON-
share
Financial
connected
(Special
CARBIDE
; oral/.
per
•
-(Special
.
(JOHN MORRELL & CO.
(75tf)
to The
O'Rourke,
street.
Treasurer
A cash dividend of
(Special
William
■'J. L. PICHETTO, Assistant Treasurer
,
CONSOLIDATED
Nicholas,
SECURITIES
with Orvis
now
RUTHERFORD
November 19, 1941
1941.
DETROIT
Mr.
formerly with
Co., Granberry
was
DAYTONA
1, 1942, to holders of record on
December 17, 1941, and a dividend of 75c
per share on the Common
Stock, payable
December 24, 1941 to holders of record on
December 10,1941,
'
;
^ "
7V:. v>'
1941.'
TEXAS
Worth-Houston-San Antonio
January
per
holders ot record Dexember 1,
38
Ft.
Co., and Greene & Brock.
.l
Directors declared a regular
quarterly dividend of $1.75 per share on the
Cumulative 7% Preferred Stock,
payable
share on the Common stock
declared, payable December 15, 1941, to
20<#
Southwestern Securities
on
DALLAS,
Chronicle)
COLUMBUS, OHIO—Lawrence
the
Company
DIVIDEND
Treasurer.
Company
No.
D.
Fourth
(Special
1942,
upon
this
The Board of
CORPORATION
A dividend of
A dividend
of twenty-five cents ($0.25)
per
will be
paid on December 13, 1941, to
holders of
the
outstanding Capital Stock of
the
Calumet
and
Hecla
Consolidated
Copper
Company of record at the close of business
November
29,
1941.
Checks
will
be
mailed
from the Old Colony Trust
Company, Boston,
Mass.
Nov.
payable
1st,
share
of
E.
Company
Johns-Manville
ml
Company,
30,
1941,"
November
us
Charles A. Parcells
DAIRY: PRODUCTS
NATIONAL
share
Boston,
Financial
K
Utility Preferred Stocks
RAUSCHER, PIERCE & CO.
Co.
1941.
G.
COMPANY
Dividend
of
12,
this
November
•
i
to The
Check
J.-
NOETZEL, Treasurer
IIECLA
All Texas
&
-
the
upon
January
per
Stock
THEO.
The
CALUMET
$7.00
declared
December
of
payable
of
&
1941.
18,
share
per
Stock
Common
January 27, 1942, to' stock¬
as
of the close of business
record
29,
: ;
Stock
ending
quarter
check
payable
been
Pierce
Street.
East
W.
.
November
$1.75
declared
dividend
a
Wis.,
of
Preferred
outstanding
meeting a dividend of twenty(25c.)
per
share was declared on
cents
the
cember8, 1941. Checks will be mailed.
The
Incorporated
dividend
CORPORATION
1941
A. >
Southwestern Life Ins. Co.;
Dallas Ry; & Ter. 6% 1951
;
&
Joseph & Co.,
18
same
V(\vViv.;-
127
Salle
(Special
J. I. Case Company
COMPANY
business
E.
Regensburg
the
Dividend
and
Fenner
'
the
has been
135
Mr. Jones
& Co.-'
Secretary.
Louisville
La
who
Racine,
of
Pierce,
Mer¬
,
OF
of
Lynch,
'
Great Southern. Life Ins. Co.
Parnell
with
years
CINCINNATI,
OHIO—Thomas
previously with Sills, Troxell A.
Regensburg has become affil¬
& Minton, Inc., and
Case, Bosch iated with John E.
will
Common
stock of
the persons
dividends.
1941.
AND
mon
or
Miller
Co.,
Chronicle)
ILL. —J.
:
many
'
New Mexico Gas Co. Com. &
Pfd.
Co.r has become associated with
Hemphill, Noyes & Co., 231 South
Chronicle)
&
Financial
..
Republic Insurance
was
the company
before Decem¬
ELECTRIC
close
Egan, for
become associated with
Dempsey-Detmer
business
of
Financial
ILL.—Lee
South La Salle Street.
Secretary
V
(50tf)
1941.
(Delaware), at a meet¬
ing
held
November- 18,
1941,
declared
a
quarterly
dividend
of
thirty-seven
and
onehalf
cents. (37y2c.)
per share on
the Class A
Common Stock of the Company, for the quar¬
ter
ending
November
30,
1941,
payable
by
check December 23,
1941, J to stockholders of
l3onlm6
on
close
of
Assistant
Directors
UNION
been declared
19.
to The
Jones has
O'CONNOR
.
W*
(Special
Company
a
one
AND
CHICAGO,
The
and
November
At
GAS
CHICAGO,
Beane
CHICAGO,
to The
Quoted
—
Dr. Pepper
.
Wil¬
rill ^
A
five
NUMBER
the
OFFICE
At
f
the
at
MASS. —Earl
(Special
Sold
--*
;
;
Chronicle) ' V"
Funds, Inc., 89 Broad Street.
COMPANY
November
record
Financial
liam Lane and Raymond C. Shaw
have joined
the staff of Trust
Dividend No. 60
1941.
holding stock
to transfer on
such stock to
has declared quarterly
of One Dollar and
LIGHT
&
Series B.
of
15,
persons
Allied Chemical &
I)ye Corporation
dividend No. 83
Fifty Cents ($1.50)
per share on the Common Stock of the
Company, payable December 20, 1941,
POWER
The
"■
quarterly dividend of $1.50 per
Preferred, Series "B," Stock
City Power & Light Company
declared payable January 1, 1942, to
been
are
PREFERRED
/
T
Kansas
stockholders
Dye Corporation
W. C.
FELDMAN. Sec.
the First
on
the
has
stockholders of record
:
to
BOSTON,
of
regular
share
of
November 21, 1941
to common
J.
City, Missouri.
The
Wick, Secretary
CITY
Preferred,
Kansas
Charles J. Hardy, President
61
close
1941.
Checks
First
Allied Chemical &
the
at
5,
ALBERT
\
Howard C.
(Special
mailed.
N. J.
November 24,
1941.
Yvill be mailed by Guaranty Trust Company
of
has
December *15.- 1941,
record
"r
share
per
Stock
Newark,
'■'■■■'.'Vv-
\
of
December
on
Checks
50c
Common
payable
stockholders
to
;jthe preferred capital stock of this Company,
-payable December 31, 1941 to the holders of
of
dividend
A
of the fiscal year now current, a dividend of
one
you
West Adams Street.
The Board of Directors has declared this day a
CORPORATION
dividend of $1.12 y2
Preferred Stock,
a share on the outstanding
payable January 24, 1942, to
stockholders of record at
the close of business
radios
on
auto
January 9, 1942; also $1.75 a share, as the
"year-end" dividend for 1941, on the outstand¬
ing Common Stock, payable December 13, 1941,
to stockholders of record at the close of business
cn November 24, 1941.
W. F. RASKOB,
*
air
A
dividend
CENTS
share
a
capital
stock
cember
15,
the
The
will
close
ONE
has
N.
and
declared
At
FIFTY
on
the
of
this
Company, payable De¬
1941, to stockholders of record at
business on
December
1,
1941.
transfer
be
books
of
the
Company
closed.
HERVEY
Lexington
held
per
15,
a
meeting
today
share
1941,
was
OSBORN,
Secretary.
York,
P.
will
mailed.
be
Board
of
declared
stockholders
o'clock
M.,
December
P.
J.
New
the
dividend
a
to
of
—
J.
N.
18,
of
payable
of
1,
•
•
1941.
GIBBONS,
QUOTED
—
furnished
Chronicle)
Ken¬
^
request
-
(Special
3:00
Checks
Members
Secretary.
TELETYPE
LA 500—LA 501
Los
210 W.
Angeles
Burke
Ogden
with
Angeles Stock Exchange
7th St., Los
Biscayne
,
to The
Financial
PASADENA,
A.
cents
at
Corporation,
Building.
upon
BARBOUR* SMITH & COMPANY
December
record
Financial
FLA.—William
Securities
Y.
1941.
Directors
seventy-five
SOLD
.Information
AMERICA
Avenue,
to The
neth Hartung is now with United
••
OF
(Special
MIAMI,
$1 Par Common Stock
batteries
•
November
Y.
AERCO CORPORATION
tilivision
•
refrigerators
•
BOUGHT
COMPANY
York,
DOLLAR
been
tures
conditioners
Secretary
of
stock
not
of
SALT
New
•
VANADIUM CORPORATION
420
INTERNATIONAL
475 Fifth Avenue,
:
i
fmonoorarms
.
radios
Franklin
TELEPHONE
234
VAndike 2377
were
East
CALIF.—Russell
and
have
Chronicle)
Thomas
become
Wulff
Colorado
Albert
associated
&
Co., Inc.,
Street.
Both
formerly with Bankamerica
Company, for which Mr. Ogden
(Continued on Page 1209)
Volume 154
^Number.4012•
'■
1205
V?;V■:THE COMMERCIAL & FINANCIAL CHRONICLE
ST. LOUIS
•,;i'
■..i
Offerings Wanted
Guaranteed
St. Louis Listed and
New York & Stamford
Railroad
y
Unlisted Securities
1st 4s,
,
Stocks
Danbury & Norwalk
1st
Edward D. Jones & Co.
Established
f- Vv
1922
Bank Building,
Boatmen's
:1
;4
ST. LOUIS
Stock
Louis
....-St.
•
•
V'j
Members
' K
New York Stock Exchange ;
y
120
Chicago Bd.>of Trade
Assoc. Member Chicago Mercantile Exch.'
New York Curb Exchange Associate
Broadway
Chicago Stk. Exch.
t
STOCKS
Phone
7600
CEntral
Northampton
Cons.
4s,
5^8,
;
61
2-6600
I
I
Broadway '/>.
I'HI*
i
^r'.k
Telephone—DIgby 4-4933
52
SECURITIES
Bell
will
have to
soon
But
v ,i*;
SAINT LOUIS
1 '
that
higher
means
some'of their refineries; they
been importing products in
clean tankers.
Now they'll take
up
had
crude in place
products.
;
Stock
Louis
St.
Members
is the
tion,
so
can
for
sale
or
And then, there's the capital
-
looks
and
Since it
gains tax here.
must
it
a
such
as
not
does
seem
the British very
terest
will* be
line
Saturday,
if
you
importer,
porter,
"
are an
ex¬
insurance
"
colossal
likely to turn up
considerable Axis-owned raw ma¬
least
gets his closed shop.
Lewis
if
.
Anent
the
to
this
months of freedom after We were
hold out
in the war, to
1'
1
essentials.
1
in
The
f
.
oft-repeated refer¬
country as having
11
Oct.
seasonal
Members
Churchill
for
to
once
a
he
have
not
S.
Offering,,;,;.
&i Co.,
Dickson
Inc.,
Stock
be
of
or
less
local
in
and
more
application.
results
the, carriers
of
distortions
year-end
of
due
to
etc.,
taxes,
*
which also makes necessary a
Chicago
Many investment
individual
of
es-
timates.
potential
expanding
1941 calendar
We
are
the
on a
to
submit firm
net
basis —?
to
dealers
only — on most railroad
bonds, in large or small amounts.
Inquiries
Invited
LEROY A, STRASBUR6ER & CO.
1 WALL
WHitehall
ST., NEW YORK
3-3459
Teletype:
is
that
has
taken
1-2950
Board.
There;; was, naturally, a
partially compensating tax credit.
"Nickel
stantial
Plate"
dlso
took
sub¬
a
tax
credit, presumably
reflecting the
loss
on
sale
of
Wheeling & Lake Erie prior lien
stock and the premium on re¬
demption of its own 4s, 1946. It
that
stated
similar
credits
The credit amounted
December.,
efficiency
the
wage
would -be taken in November and
thjis year, and
greater
of
account
increases.
Erie charged roundly $800,000 to
October operations reflecting the
estimated increase from Sept. 1,
the date set by the Fact Finding
was
NY
early roads to report
results, the reorganizing
apparently the only one
Erie
recommended
are
year.
prepared
bids and offers
the
that
accounts
finding it expedient to register losses
or profits before
the close of the
sistently
of
operations will
duration
short
adjustments
Exchange
TAX SELLING
ity of any betterment in the
Bank Stock
26, Financial Chronicle,
Spruce Street, New York.
Of
of business last
winter precluded the possibil¬
final months of
Apply
giving references to
letter
October
the
of
held
been
native Southerner.
a
revamping
level
high
in.
Sheep?
R.
York
York
New
4:4: /■:>;
had
It
majority
was
Nets
the
At
curves.
stimulus
underwriting
Preference will be given
a
.
changing
to
Bear, Stearns & Co.
that railroad securities from here
would
securities
a
firm.
Net
wide year-to-year
on
to
have begun to show the usual
time, the recent trend would
to assure a continuation oi
pointing out that British opinion
polls
showed
a.
majority, for market
Chamberlain
till
he
was
out, net.
quickly
in
ment of steel mill
earnings gains
throughout the balance of this
this month in San Francisco and year and the first quarter of 1942.
Louisville; and the majority skep¬ In some quarters it had been helc
on a
12 months'
ticism among investors as to the that earnings,
benefit of SEC protection. But basis, had reached their peak and
the current "Atlantic" has a piece
The
30
of age; must be thor¬
oughly
trained
Accountant,
experienced in cashier's work
more con¬
stant factor and tend to iron out
usual
home
our
between
40 years
25
( Whw Issued)
hopes of many railroad students
that the pressure of rearmamen
would be
at
Charlotte, N. C.
is
a
Ac¬
Securities
every
for
and
in
desired
man
for
experienced
Box G
Reorganization
ol
peak
a
advanced
.
since
program
terials,
equipment,
etc., which
might' eke out defense.
During
World War I German firms had
already
Toronto
opening
an
countant-Cashier
office
by
Railroad
the
week ended Nov. 15 reached 86.4
;/
the highest level attained since
their present system of indexes
was originated.
The traffic performance in re¬
cent weeks bears out the earlier
seem
'
appears
At
has
week
same
Among other things this
census
such.
lines
picket
of silver-shirts
freight
of
84.1 established late in July.
jority opposed to Lewis and his
strike; the popular allergy to util¬
ity public ownership evidenced
canceled
or
company.
than
from
declining
index
"majority rule," contrast the ma¬
TFR-300 dead¬
Don't forget the
would
index
Poor's
&
loadings reached a recent low ol
74.1 in the week ended Oct. 11
much. ^
next year.
i
they
railroad securities have been getting renewed:/sup¬
port from the highly favorable trend of car loadings. Just as traffic
in the early fall was falling short of normal seasonal expectations,
it is now going consistently against' the usual trend.
Now, how¬
ever, the divergence is on the up side; volume is not falling off
as
it
generally, does once thi^
October peak is passed.
Stand¬
ence
selling than
buying — particularly now,
when people seem to feel that
the
liberalization of
a
few
ago
arm
in this country
though
Despite the continued uncertainty as to the outcome of the wage
controversy,
to in¬
It produces more
years
strong
have
thoroughly
after
Murray
consid¬
be
social reform measure
ered
and
over-size
and
;«
who gets the ova¬
appear
as
( rather
reduces rather than increases
revenues
all.
consist of labor's goon squads
lease-lend.
vj
1-395
Wanted
We
ard
to
in Germany and Russia, it
as
were
•'
seem
Incidentally, if pri¬
armies
squads
shrunk when Ameri¬
shipped over here
hypothecation before
was
issues
r.-
well at the CIO
after
man
^vv
vate
(Continued from Page 1203)
(
•
convention
JOTTINGS
of some of those
John Lewis doesn't
Exchange
have done
equities
HAnover 2-0989
NY
Montreal
Cashier-Accountant
crude
the British to start
has led
there
5C>9 OLIVE 1ST.
.
Ffd.
-
; '
,
fields.
mean new
prices.. Also higher priorities for
drilling equipment; And new re¬
fineries. The refinery bottleneck
y
Teletype
New York
down, but Washington people are
beginning to talk about stock¬
piling of crude. That adds up to
increased crude production, which,
'
ST., N.Y.
WILLIAM
New York
Bell Teletype—NY 1-310
REORGANIZATION
RAILROAD
50
-
HART SMITH & CO.
yJ.
.w"V:
/.■.■■'.■..-/i.1';
1946
and when, as, and if issued securities
1956
Postal Long Distance
Bell Teletype—ST L
693
'
:
'
BROWN
1955
York Stock Exchange
Members New
.
.
Since 1855
>1
4s,
PFLUGFELDER, BAMPTON & RUST
Tel. REctor
GUARANTOR)
NEW YORK
Ref.
Ytrk Sink Exfktnft
Dealer* in
V,
Exchange
&
Ref.
/•
-
&
New Haven &
■
.
Mwtw Alf\0
'i
:
1958
ii
to
$525,000 and if carried through
The
Corporation: and Investment loading, life important factors in in the last two months will ag¬
Charlotte,
N.
C.,
offered
on News Department, in the current
earnings results. Miscellaneous gregate more than 22% of annual
Nov. 22 a block of 28,154 shares
Tuseday and Saturday issues of the freight has made by far the bes
charges.
1
of $10 par value common capital
"Financial Chronicle*' carried 461
.
people don't yet realize
that TFR-300 applies not only to
frozen or Axis funds but to the
Some
accounts, ;: or
properties,
beneficial
interests
other
of Canadians,
British, South Americans, Rus¬
sians, Chinese—-i.e. to all foreign¬
friendly or otherwise. Theoretically at least if you owe an
English friend $5.00 you are sup¬
posed to tell Mr. .Morgenthau
ers,
about it.
of f the
(Speaking
Treasury
again, the back-office boys down
there in the planning and budget
department have made this 1941
book sensation,, "The Managerial
stock of South Carolina National
items
of importance to security
Charleston, S. C., at $25
dealers, brokers, bankers, investors
share.' The offering does not —-to
everyone interested in the se¬
represent new financing for the curities markets. I
Sixty of these
bank, and the bank will not re¬ news items covered railroadsceive any proceeds from the sale
earnings, car loadings, reorgan¬
thereof. The offering includes 26,izations, listing of bonds, tenders
742 shares to be sold by Socarnat
sought, bank loan reduced, fore¬
Bank Corporation, subject to cer¬
closure sale, trustees purchase of
tain
subscription rights granted bonds
upheld,
loan ; extension,
existing- stockholders,
officers bonds retired, ordered to sell ship
and employees, and also includes
holdings, interest, route to be con¬
1,412 shares presently owned by
sidered, acquisition of air line con¬
the underwriters.
trol, separate trustee sought by
stockholders, bonds called, stabili,
Bank,
per
N. Y. Stock Exchange
Revolution," their Bible. They say
means them (the "new ruling
Weekly Firm Changes
it
The New York. Stock Exchange
exploiting class" to replace
announced
the
the
following
capitalists). If /you haven't has
read it, by all means', do. Very weekly firm changes:" ; :
^
Charles J.: Bellamy withdrew
interesting—and depressing.)
from partnership, in Tifft Broth¬
i
ik;' ' i
This seems to be the day of ers^ Springfield, Mass.,, on Nov.
censuses.
There's
TFR-300.-All 17th.
and
,
.
.
.
trucks, are
being compiled. OPM is making
a
census of all the metal inven¬
( C. Adrian Rubel, special part¬
ner in
F. L. Dabney & Co., Bos¬
going to
card catalog all the little busi¬
nesses.
And so on, these are only
as
beginnings. "Economic planning,"
which the inept New Dealers de¬
scribed so brilliantly and bungled
15th.
the
country's
tories.
Floyd
motor
Odium is
badly, is now really coming in
duration, and special cen¬
suses are essential to it.
■-
so
for the
.
i::
Something will have to bust in
the oil industry
Demand
is
in'a few months.
above
supply;
and
Crude inventories arc being pulled
City,
&
Lohrke/, New
as of Nov.
gains
/ to
sult
of
business.
a
actual
volume
August
were
Car
loadings
ir
approximately 20%
above
1940
but
creased
ber;
;
revenues
in¬
almost
the
rowed
car
to
enues were
30%, in Septem¬
loading gain nar¬
of
of
Erie
Illinois
for
the
more
losses
and
established
Chicago
&
as
Eastern
securities/ The full
quarter
than
half
will
of
a re¬
by sale
credit
amount
annual
to
fixed
about
up
13%
27.8%.
sharply
hound
entirely.
On the
the
of
pace
MIL. NOR. 4 Vis/39 (Brown)
dis-<
or
INT. GT. NOR.
*
improvement has been
bringing with it
necessary
a
v
reappraisal
MOP
1. h. rothchild &
a
the; improvement,
and
the
con¬
V
■.
:
our new
booklet
"PETROLEUM ON PARADE"
It
will
help
sell Royalties
you
5V2S/49
of
earnings estimates. :
Aside from the trend of traffic
whole, the type of traffic
making the largest contribution to
as
Send for
ADJ. 6s/52'
CHGO. MIL. & ST. P. 5s / 2000
accelerated,
The defaulted railroad bond in¬
Oil Royalties
SEABOARD ALL FLA. 6s/35
con¬
year-to-
Wholesaling to Dealers
We also maintain net markets in
loading
car
therefore
were
narrow
year
Defaulted RR Bond Index
Pflugfelder, Bampton &
Rust, 61 -Broadway, New York
City, shows the following range
for Jan. If 1939, to date: High—
34 5/6, low—14%, last—33%. : "
November and December
pronounced ' than
As
York City.
year-to-year
appear
of•
Similarly, Chesapeake & Ohio,
took a tax credit of $1,375,700 in;
October, and will do the same in
of the highest
result, the rise
in revenues, has been event more
tariff items.
highest grade rails
trary,
dex
many
classification
of
Street, New
that
dissolved
includes
this
"
15th.
Satterfield;
York
and
charges and will add more than
but rev¬ 10%
to
previously
estimated
While ful" earnings on the common stock.
figures for October are not yet Southern Pacific apparently made
available, it is notable that earl: no important adjustments but it
reports show gross more than is likely that in the final months
25%
above
October,
1940,
al¬ somewhat heavier tax accruals
z atio n
operations
terminated, though car loadings were up less may be necessary as retirements
larger dividend, trustees object to than 12%.
The traffic gain wid¬ will probably not be sufficient
ICC
examiners'
plan, etc.,
etc. ened to more than 15%
in the for the full year.
Other adjust¬
Theseiwdirei but a few of the im¬ first
two
weeks * of
November ments are likely by a
majority of
portant news items such as appear and the acceleration in gross re¬
roads, particularly in wages and
in each Tuesday and Saturday is- sults was
apparently continued. taxes, but many will undoubtedly
sue
of the "Financial Chronicle
The interruption from the coa* be
postponed
until
the " final
If you are not now: getting these strike
and
consequent
curtail- month of the year.
issues, complimentary copies will
be sent upon request.
Address the
As brokers we invite inquiries
We specialize in
"Financial Chronicle," 2S Spruce
on blocks or odd lots
ton,1' Mass., retired from the firm
of Nov.
showing
co.
teluer & company
Members
specialists in rails
11 wall street
HAnover 2-9175
Eastern
n.y-c.
Tele. NY 1-1293
42
Oil
Royalty
Broadway
*Owl'lhr
Green
9-7947
Dealers
Ass'n.
New York City
Teletype
NY
1-L171
THE COMMERCIAL & FINANCIAL CHRONICLE-
1206
minimize
■
Bank and
Primary Markets
INSURANCE STOCKS
'
'
M
"
r
'
•
\
Unlisted Issues
/■/
•
Laird, Bissell & Meeds
Members
Members
and
York
New
other
Exchange
Stock
120 BROADWAY,
leading exchanges
:
NEW YORK
plgby
Telephone
of -decline -in
Bell
NEW YORK CITY
(average- j.
in 1940 and
NATIONAL BANK
of EGYPT
(
i CHICAGO, Nov. 24—Thomas E.
Murchisoh, partner of Paul H.
•ever, f the * higher
trend of U Davis 6? Cp., was nominated forlosses carries its own correc- j; the; Chairmanship of the Chicago!
Association
of Stock
tive against falling rates and !
Exchange
Firms by the Nominating Comcompetition, and steady ex- j
mittee
of the Association.
{
penses ratios on higher vol- /
1-1248-49
Teletype—NY
have
helped, lou keep
loss
1
Head
Office
Commercial
Cairo,'
Register No.
and
j
Cairo
1
*
!
>
and
6
7
King
>
/
/
AGENCY
•
William Street,
Branches
in
principal
Towns
/ EGYPT and
.
£3,000,000
.
/ £3,000,000
,
LONDON
1 Other nominees were:; Reuben
Thorson of; Jackson
Curtis,-
.
j:
expense
FULLY PAID CAPITAL
RESERVE FUND
Leonard
M.
-// /!//'///;. Vice. -. Chairman;
Stearns
&
Co.,
Thus, for 1940, loss ratio rose to Sperry, / Bear,
49.8% from 4-3.8%. in ;1939, ;-bnt Treasurer. //;/''; "/*
;
"Members of the Board of Gov¬
expense
ratio
declined
from
ratios in line.1
(L. A. Oibbs, Manager Trading Department)
4-2525 Z- '■
Chicago S. E, Ass'n
TNominates Riuroliison
rates
$0.67
was
combined
;
..Telephone: BArclay 7-3500
.
'
WALL ST.
1
f
\
ume
Stock .Exchange,.
York
New
in j
s,
-
Inquiries Invited in all
;
fi t
pecially in view of the factor
p r o
1939, compared to $0.71 in j'
/ 1935 and$0.97 in 1925). How- !
Blocks;;
|
downtrend
es-
rate
Insurance
HARTFORD
1
«
the
underwriting
all
the
the
...
E.
C.
/
bt
■
'
/
.
.
/
SUDAN
i
47.6%
to
44.6%, thereby holding
the combined loss and expense ra¬
even at. 94.4%.
;
;
tios
Bank and Insurance Stocks
This Week
j
•
sary
Insurance Stocks
—-
Dealers in. fire insurance stocks frequently will find it neces¬
to adjust investors' impressions of what "normal'' underwrit¬
ing profits should be, in view of the abnormally high underwriting
profits for the three years ended 1935.
:/■
|is"indicative of at least two signs
jof quality: (1) Efficiency, of i management. The underwriting
rplant" produces the steady flowjs/—/
//,/.
■
,./,.
A good underwriting record
\
.
premiums, received at no in- j
cost, fwhich are invested ?l
of
terest
with proper safeguards for both*
policyholders and stockholders to
produce investment income and
market appreciation. While, theo¬
iums,
a
Central-Penn National Bank
:
j Penna. Co. lor Ins,
writing
cates
a
on
Lives etc.
2%,
-
Phila. Transportation Co.
-1421
-
Chestnut
Street,- Philadelphia
.BhUa. Phone
y
Locust
*
1477
HAnover
2-2280
257
;'|V,
practices and organization result¬ 1927-1929 and 46.1% for 1936ing in normal losses and con¬ 11938. In
fact, -throughout the de¬
trolled expenses, and assuring ex¬
"
development.
to
stockholders
■>
.
(2)' Growtn ♦ factor.
pression
Since
.
-\-
in¬
of
90%
to about
underwriting
earnings are all "ploughed back"
and tuinisn tne largest source of
internal growtn from
operating
earnings. '
^ //.
'■
<■
Consequently, , a premium
investment income,
possessing
good underwriting records appears Justified. There
'!
is
a danger,
abnormally
'
ing profits of 1933-1935 post-
depression
high
era
;
;
to
f
tended
to
difficult
run
experience
has
in cycles,, at times
to
explain.
Thus, the
1930-1932 depression ratios, con¬
trary to all previous experience
for
depressions, remained low and
underwriting stayed in the
"black?/ generally credited to re¬
hazard"
"moral
losses de¬
deflation
^
Since 1935, however, loss ratios
have risen to more usual levels
underwrit-
\(47.0%),
have
may
for" 1920-1922).
spite the most severe
In the country's history.
however, that the
j
59.5%
!, compared
average;
I; Underwriting
duced
\ for insurance slacks
'
years 1930-1932, loss ra¬
remained *; unusuallylow
tios
•(53.4%
limit dividends
surance companies
compared
to
expenses
(46.9%), traceable primarily not
"spoiled" investors into ex¬
pecting
large
underwriting
'to increased moral hazard
;
profits as a matter of course,
and to regard present actually
ated by expanded production and
■*
normal
the
increased
but to
loss exposure cre¬
trade, and the gradual decline in
profits
underwriting
average rates,
////f <//
%/!
■
; as too low.
'.m.:-/!"■:// ■"
"As
result, we find underwrit¬
Stock fire companies for the ing profits: averaging 4.3% • for
3
years
ended
1935
averaged 1938-1940, ; but with the trend
nearly 11% per year underwriting •downward (weighting latest years
profit on earned premiums. These most,
the
1938-1940
weighted
£re believed to be the largest un¬ average was 3.7%).'Yet under¬
derwriting profits for such
a writing profits of stock fire com¬
'
a
period in the history of the busi¬ panies for 1910-1940 averaged
ness, comparing with 4.9% under- 2.6%,
including
the
abnormal
writing profit averaged for 1927- 1933-1935
period, compared to
1929, and 5.0%; for 1936-1938. 2.3% profit for 19401 which was a
Loss ratio dipped to
44.0%
in better showing than in 14 of the
31
years
covered.
Indeed, for
1933, 43.7% in 1934 and 40.4% in
most
"top" years, the average
1935, or well below 47% expense
underwriting profits had been 6%
ratio, compared to normally larger until 1933-1935.
<
:
? ;
.
,
ratios
loss
averaging
This
for
50.6%
Bankers
.Head
,
is
not
intended
to
held
Branches.In
;
.
'
DALLAS,
/ / banking:
Nov.
for
Association
cials
Dec.
of
25
R.
that funds
are
-
will', take
who
office
R.;> Underwood.
Underwood
•
1963, in the amount of $7.64 per
$25 coupon and $3.'82 per $12.50
coupon.
The payment is being
made
at
the
bank's'
offices,
William Street, New York.:
■
22
V'
Milton
Peoples-Pittsburgh Trust .Co,
1809
,
!
,
/
r
r
Union Trust Company
'
;v
Inquiries invited
-
,
v' ^
•
1727
OFFICE—Edinburgh
General
•*
•'
'
Manager
William
.
Whyte
'
*
'
,
&
/:/
/
?
',/•
CHIEF FOREIGN DEPARTMENT
//
Total
:
3
■!
number
of
258
offices,
Bishopsgate, London,
England
Capital (fully paid)__^
£3,780,192
Reserve
£4,125,965
Securities
Commission
has
Deposits.
The
Williams
District
United. States
Court
of
Springfield,
ther
violating
Mass.,
the
'
Bank
Deacon's
V-
Bank, Ltd.
,
'
Australia and New Zealand
NEW SOUTH WALES
(ESTABLISHED
1817)
Paid-Up Capital
.
=
^
,
£8,780,000
Reserve
Fund
Reserve
Liability of Prop.
'
:
:
6,150,000
r
8,780,000
'
£23,710,000
•
Aggregate
Assets
30th
Sept., 1940 -i—_„__£143,903,000 '
ALFRED
SIR
Office:
Head
;
•.«».
.
George Street, SYDNEY
'
The Bank of New South Wales is the oldest
C
largest bank in Australasia.; With over
and
branches
in
all
States
of
Australia,
•
in
Zealand, Fiji, Papua and New Guinea, >
and
London,
and
efficient
traders
•
DAVIDSON, K.B.E.,
Manager • .••'
: v General
)f:y
and
and
offers
it
banking
most
the
service
travellers
to
complete
investors,
interested
In
.
these
'
countries.
OFFICES:
LONDON
at
Boston,'/Massachusetts, entered a
final, judgment enjoining Seybolt
& Seybolt, Inc., investment firm
.—£(>9,921,033
——
Associatecd
New
Exchange
reported
that
Judge Francis J. W. Ford of the
,f
fund...
;
Seybolt Co. Enjoined
;
Threadneedle
29
47
Street,
C.
E.
;
Berkeley Square, W. 1
Agency "arrangements
.;
throughout
with Banks
the tl.
S.
>
:■
'
A,
from fur¬
broker-dealer
fraud provisions of the Securities
that
represented
pany
checks
issued
to
certain
customers
were
Exchange Act of 1934. The de¬ dividends on securities held in
fendants. consented to i the entry
safekeeping for such customers,
of the judgment.
//!./■;; when- in fact the securities were
The complaint charged that.- the not held in safekeeping and thet
customers
First National Bank at Pittsburgh
Established
:
"
had been fraudulently
market
over-
checks
pany
that
the
through representations
securities
were
payments from
com¬
funds..
by soliciting
orders for the rsale of securities to
Fidelity Trust Company
r
HEAD
•
870
the-counter
Mackubin, Legg & Company
on
Chairman for the 1941-1942 year.
available
the Nov.
15, 1939 coupons on
Republic of Panama 35-year 5%
external
secured
sinking - fund
gold bonds,,series A, due May 15,
■/
,
./
additional payment, on ac¬
count of interest represented by
>
,
;5f//;////•;, _.'!
Milton
of New
stated on
an
'
Executorships
undertaken
also
/ Incorporated by Royal Charter
.
agent
and
o!
business /
Royal Bank of Scotland;
The National City Bank
fiscal
description
exchange
;announced the new slate of offi¬
.
as
.
.
.
every
Texas
Bank¬
America has
effecting transactions in the
insurangevstogrs
Trusteeships
11
.
£4,000,000
£2,000,000
£2,200,000
/ ! ;':
Co., Houston.
Chairman; E. J. Roe, E. J. ,Roe
,& Co., San Antonio, Texas, First
Vice-Chairman; Charles J. Eubank, Elliott > & Eubank, Waco,
: Second \ Vice-Chairrrian;
B.
F.
Houston, Dallas Union Trust Co.,
Secretary-Treasurer; Joe M. Callihan, Callihan & Jackson, Inc.,
Dallas, Three-Year - Committee¬
man;
Lawrence
Davis,
A.
W.
Therefore, current' underwrit¬
Snyder & Co., Houston, Twoing profits, measured- against the
Year Committeeman; and William
long-term average, are not out of
P. Smallwood, State Investment
line, and they should nbt be com¬
pared with the abnormal 1933-; ;Co;v Ft. Worth/ Texas, One-Year
[Committeeman.
Mr. Davis is a
1935 experience.
The downward
trend since 1935! shows signs of. carry-over on the present Execu¬
tive Committee from Three-Year
stabilizing into normal«channels:
! Committeeman!
to
Two - Year
Increases in aggregate losses are
Committeeman.
Mr; Eubank was
to be expected with production at
elected by the present Executive
high levels, but with the trend of
Committee to fill the term • of
premium volume sharply up and
Donald D. James, who had been
being handled without propor¬
selecteid as Second Vice-Chair¬
tionate increase in expenses,; the
rrian
at the annual
meeting : of
lower expense ratio will help to
the Group in April.
Mr. James
keep down combined loss.and ex¬
is
now
with
the
investment
pense ratios within, a profitable
banking firm of E. J. Roe & Co..
range of normal proportions.
and has resigned as Second Vice^
Chairman,
since
Mr.
Roe
is
Panama Bond Interest
and
.
.
.
.
conducts
.
TEX; —The
the Investment
Group, of
ers
r
Fund.....
Bank
Zanzibar
and
Capital i:
Capital *.
Reserve
The
Aden
and
Paid-Up
:;
,
India,' Burma, Ceylon, Kenya
Colony
Subscribed
Names '42 Officials
!/
26, Bishopsgate,1
London, E. C.
'■
..
[Texas Groii)i Of ISA '0
jumped 'from;
$307,000,000 in 1914 to $500,0.00,000;
in 1919, and - not .only held this
gain but added to. it in the post-war period, when volume - aver¬
aged $585,000,000 for, 1920r1924./
Although, in certain material re¬
spects, such as competition - and;
rate
str ucture, insurance, condir
tions- are different at this, time, it
appears "reasonable to Say that if
ithe companies keep loss and ex¬
pense ratios in line, the expected
expansion in volume, might well:
lead to at least as good an; under¬
writing showing for World War.II/
York
Office:
Fri¬
on
/
the Government' in
Colony and Uganda,
to
Kenya
•.
.
t
for
the:
loss ratios at that time pf
and expense ratios of >39%;
volume
will be
Association
and; day, Dec. 5, 1941.
and
defendant
J
of INDIA. LIMITED
'
.
-
.v."'/' Teletype YH
-
-
New York Phone
the business—sound underwriting
nomic
NATIONAL BANK
v.
.
and after nominal /!%/
Premium
Y
& Pfd.
3-6s; 2039
■
4%
on
56%
H.N.NASH&CO.
pansion in aesirabie types of vol¬
ume
in step with general eco¬
for
post-war inflation year of 1919/
companies averaged/"about
Provident Trust €o.
>
i.
.
record
underwriting profits in 1916
1917, reached 2.3% in: 1918:
peak of .7.2% ih ;1919.,c Thus;
the 1914-1916 war years add
the
] I
its "keep.'-' Good under¬
record, therefore, indi¬
healthy production end of
I
serve;
erately favorable.; With outbreak
of war in' 1914,: fire companies'
reported aggregate /underwriting: land " Jay > N. Whipple of Bacon,
/«/!:.;>/I
losses ,of 3.6%/of earned pre-, Whipple & Co.
The * annual j meeting ofthe
miums, but the following year they-
Philadelphia National Bank
-
profit should be shown in order
that the underwriting plant may
justify
World ! War
made
Corn .Exchange Nat'l Bk. & Tr. Co.
.
i
moderate .underwriting
The
fire company underwriting profits
under wartime inflation was inod-
;
.
Fidelity-Phila. Trust Co.
retically/therefore, a company
with no underwriting profit or
even a
small underwriting loss
would be coming out ahead, be¬
cause of the, "free" use of prem¬
Furthermore, the "burning ra-j
(losses paid to total risks'
underwritten), has r e m a in e d
.steady at 0J28% forv1940:and
1939, which while comparing with
0.24% in 1935, shows up well with
0.34% in 1933 and 0.31%, in 1934,
tio"
to
three
years:
Patrick/ F. Buckley of Harris,
Up^am & Co.; Fred W. Fairman,
Jr., of Fred W. Fairman & CO;;
Leonard M. Sperry; and Edwin
S. Stanley of Mitchell, Hutchins
/:-• v.•;
Meipher?
of the
Nominating
iCommittee, - to serve one "year:
Harry B. Chichester' of Fred W.
iFairman & Co.; Henry Grote of
'David A. Noyes & Co.; Kellogg
iLogsdon of Farwellv Chapman &
Co. ; ; Sarripson . Rogers, : Jr„
ol
.McMaster,; Hutchinson .& Co.;
ernors,
when
/
Cement Interesting
An' interesting circular
on the
chased by it, would be held in Current .situation in common stoclc
safekeeping. To the contrary, the
of the Longhorii Portland. Cement
complaint Charged, the defendant
did
nob hold - the ; securities
in Company, has- been prepared by
pur¬
-
Members New York Stock Exchange
BALTIMORE
,
|
!
,
x.
NEW YORK
»
A, E. MASTEN' & CO:
Est.
.
.
Yalephone—Plaxa »260
•
•Teletype—BA 288
-
WHItelmll 3-6630
'
•
■
'
j
Member's
f
KY 1-B68
,
1891
PITTSBURGH, PA.
N.
'
Y, Stock Exchange
/
'
safekeeping- but either sold 4 them Miltom R. Underwood & Co., Bulf
and converted the. proceeds to its
Building, Houston, Texas. Copies
own ..use and .benefit
or pledged
of the. pirculaV may be;, obtaineci
the securities
their.
as
collateral to
se¬
company/loans." ?It
was: further charged that the comcure
own
from Milton R. Underwood > & Co.
upon
request;„
/.
•
.
THE COMMERCIAL & FINANCIAL
' Number 4012^
Volume 154
Gains
The Securities Salesman's Corner
'
Reported By
The
The
It is
this column into
desire to develop
our
clearing house for
a
would
annual
71st
Dominion
suggestions
you
ended
or
PRESENTATION
>
f IS USUALLY MOST EFFECTIVE.
Toronto,!
made public
strong liquid
position/substantially higher de¬
posits, and an increase in invest¬
indicates
and
ments
A SHORT SALES
of
statement
Bank,
Oct." 31, 1941,
Nov;; 24,
criticisms and any
;///'?'■''/ :"-y
?y;■ ' '
appreciate ' your comments
might wish to send along.
.
showing the ; results of j
the bank's operations for the year
we
sincerely
..l.
Canada,
could pass along some things that the other fellow, is
doing which is helping to meet present-day conditions it no doubt
would be of some interest to all concerned.
In this connection; we
If
1207
Dominion Bank, Toronto
I
'
ideas.
CHRONICLE
were
loans.
increase
Prospectus
in
ago,
years
on
"■•-
i
request
in
After provid¬
Lord, Abbett & Co.
all
H.'.
INCORPORATED
;
New England city, there lived one of was transferred to officers pen¬
the most successful securities salesmen that ever walked; in ..shoe sion
fund, $150,000 written * off:
leather." Probably it would be better to say "That ever sat at ;a bank premises, and dividends oil
per
annum,
amounting to
degk.''
This unusual fellow rarely left his office.He«took; .the 10%
attitude .that his clients should come to see hiim-and, they * did. ; $700,000, were paid. Total deposits;
Here was a fellow who said little.
His manner, however, was of $143,151,000 increased over $12,Some
.'
INC.
,
taxation;, net profits
$939,322 from which $85,000;
for
ing
further
a
commercial
;
a
a
63 Wall
Street, New York
,
,
.
.
He; acted the?
:000,000 and Dominion and ProGovernment ; bonds
and
was the foun- spleen appears to be ' backfiring Iviricial
He. doesn't other high grade securities, totainhead of all available invest¬ into your epoglatus.
ment knowledge. There he would try jto prove to you that he- is taling $42,648,000, increased a fur¬
expressive.
part of one who
very
sit,
a
.'.with
<
.
rather elderly looking man
well trimmed grey beard,
a
rtght about your conditionhe ther
$4,000,000
represented by
gives you.his decision and lets-it 'purchase of additional Dominion
and the wisest, most solemn, ex¬
pression imaginable written upon
go
his face. Clients would be ushered
y
into his inner office where he sat
y
huge desk. The clients would
questions about their se¬
curities or they would ask him
whether a stock they particularly
favored was a good buy. For in¬
at
[?y they wouldn't understand his
.
do
tion would
sit there
would
-
awaiting the profound deseri¬
pense
;
,
cision at which Mr. X was so
to arrive; Then alstart he would sit
ously trying
1
most
with
*
a
' inspiration
gleam; of
a
the
X
ipf
successful
assets
exceed
now
$33,-
salesmanship^ to ;
of
times,.. talk
of >us,y at
All
much.
winded. There are times
lengthy - dissertation
bringing out the merits of a se¬
a
paid
how
there
to
iPierson To
|
!
s
lent
;of
of
Speak At 11
;
Bankers Forum Dinner
<
Lee; pierson^ president
the; Export-Import Bank: of
Washington, will be the principal
last Jam 31.
increased to
were
net total
a
$724,517, amounting to 10.9%
Fund.
By industries, oil
the
group
followed
by
t
"The
•
of
<
,
of
held,
stocks
chemicals,
Federal
Index
utilities,
PROSPECTUS ON REQUEST
Industrial
'
■
INCO*fO»A«IO
V<
15 EXCHANGE PLACE
stocks.
Reserve
-
HUGH W.LONG and COMPANY
634 SO. SPRING st.
*
JERSEY CITY
LOS ANGELES
Board
Production,
around
160, may be expected
to
perhaps
175
in
1942," the quarterly report 1 ob- net assets of $522,964 applicable
to 75,255 3/10 shares of common
serves. "Whether corporate earn¬
stock outstanding. Marketable se¬
ings will register a correspond
ing improvement depends very curities at current market quo¬
;
largely oh the ability of corpora¬ tations were valued at $399,678/
tion managements to.. meet
the /./•*. Income from
cash dividends
problems of taxation, labor costs and interest for; the nine months
advance
to
New York
of
Chapter,?/American
dividual
now
Annual Bank¬
Institute of
Bankingy/tp be held on Monday
evening, Dec.
1, ."at / theHotel
Roosevelt in New York. W, Ran¬
dolph Burgess, Vice-Chairman of
City
the time, to hold back, to jthe, Board,. The | National
curiosityinrieiad; bf turn-* Bank of New York, will preside at
arouse
year
automotive and store
^Warden
of
talk/cab be eliminated.
That is
^
31, holdings of cash and equiva¬
'g "
But ;speaker at the 28th
excessive, ers .Forum Dinner
times- when
; are
y
During the quarter ended Oct.
capital, remain unwith undivided . profits
this.
do
[the Fund's fiscal
100%
;stocks represented the largest in-
.
and
or
up
;at $ht>5,000:'*~' "
curity offering are advisable. A
good salesman, however, knows
when
fund $7,000,000,
Ichanged,
too long
when
»
y
y
Sovereign Investors, Inc.,
498,270 shares at the close of
previous quarter on July 31,
and $13.16 per share on ,477,545
shares outstanding at the close of
too
are-also
talks
sales
.Our
*
'
net
the
published in the history of
Capital $7,000,000 and
reserve
of
this I;
applied;
total
reports
of
on
the bank.
1 • Our bearded
just
:
"!•*
'.
Fund
Boston
assets
$168,000*000, the highest
oyer
pyer
.
the securities business/
y;.
just
wasn't anymore. Who could argue
with a no? Then he would begin
Cash
-.
'
There* are.
would come into his countenance ! times-when you can make your
ask
questions.;? / That's
and he would say just one word prospect
when the good salesman knows he.
-NO".
has the client really interested.
v
That's all there was—there
erect;
■;
in awesome sus¬
to
method
;
his face, he
over
come
;? would 1 squint his eyes, ;;,then he
would close them, he'd lean back
in
his
chair—thinking.
Silence
would fill the room.;; His client
necessary
Mr.,
would
a
can
commendation.
Slowly he
begin to stroke his beard,
determined look of concentra¬
he
approximately 15% of their ag*;
gregate market values."
4
•
practice of medicine is to use i
5 the method of dogmatic re- /
•
change his expression.
obligations.
Com¬
and discounts in
aggregate $78,817,000
mercial! loans
889*000, ' immediately
available
create the k assets
$80,131,000, with total assets
; faith of his patients which is
^
way
only
;
you
Government ?•
Reports
31, 1941
$6,686,590 as of Oct. 31,
Canada now
Sept. 30, 1941 y.<; y'(y jvl-bb-biV
1941, equal to $12.94 per share
i representing an increase of-'$4,/ The
report of Sovereign In-'
;on the 516,854 shares then out¬
i; 600,000 for the year and a record
standing. This compares with net vestors, Inc.; for the nine months
>y total for the bank.
asset value of $13.84 per share ended Sept. 30, 1941, showed total
important he knows that the
/
would say,.; "Mr. X,
think of Consoli-;;
dated. Hairpin?"
; "
He'd never bat an eyelid nor
what
explanation and what is more
-
they
stance,
;
patient is rarely interested in
the j finer
points of medical
lore, he knows if he tried that
v
a
ask him
at that. ;'•/// ?>y—y-l/bbby;
Your Doctor knows that his ;?
,
Investment Company
Boston Fund, Oct.
■
etc.
So far, the record in this ended
Sept.
30,
1941, / totaled
of honor
| respect has been satisfactory, as $20,684. ■ ; Expenses amounted to
W, hoeneke, Pres- evidenced
by the fact that a com¬ $5,744.
Net profits from security
someining like this.- /"You ought,
iden,t,; American' Hankers Assor* posite:,{ index of quarterly, net transactions amounted to
sume
$2,773,
to buy Consolidated Sewing Ma¬
ciatiori; Eugene C.-Donovan, Pres? earnings i averaged,, according to and the total of .net income and
buy
- and
ask
for
the
order.
A
chine." Then-he would stop.
If
close is the easiest part. of a sale ident, New York State Bankers preliminary figures, 109.4 for the
the silence became oppressive he
profits
for
the
period
was
Association, and Henry Bruere, first six months of 1941 as com¬
would just stroke his beard. Then providing the prospect's mind has
$17,713? ■:•'■'•:■" 1
President, Savings Banks Associa¬
been conditioned for taking action
pared to an average of 92 for
he'd drop his voice, he would lean
—the trouble with most "closes"; tion of the State of New York.
1940." \
'
" :" '
over
toward the .client ever so
?; Investment Company Briefs
!
«
—:—
♦
t
-,
is that they come to soon—or not
slightly and in they most confi¬
'? There is no turkey shortage for
at all• -:y* y* v i: ^
-i;
dential whisper you have; ever
Ben j. Lewis
Republic Investors Fund, Inc.,
\
security
salesmen
in
the ; Na-,
Today.,J we can't.Nonbusiness "riSpecial'tb The Financial Chi-onfcle) •
heard *in, lour life he'd, say, yVI
Sept. 39, 1941
tional Securities & Research Cor¬
like the hero of this little story;
: CHICAGO, ILL.—Albert James
know the right people are buying
L
Republic
c Investors I Fund
re¬
poration's "Turkey Money" Con¬
We can disclose full information
it." Then he'd regain his original
Hunter, Robert A. Copeland, and ported gross assets of $2,173,031 test. Checks for "Turkey Money"
as is i required
by i the Securities William K. Braden have become
pose
of deep concentration andon, Sept., 30, 4941,
with
.market¬
equal
to
of 1% on all orders
Acts .and the law but we can also
associated with Benjamin Lewis
he'd sit looking at tney-ceiling.
able securities owned. valued at received from entrants and paid
Then'came the Close,; "I'll put you talkTesS about balance sheets 1% & Co;> 135' South La Salle Street; cost of
$2,016,832.
The current for between Nov. 1 and Nov. 2^
come
accounts, statistical reasons
down. for .two hundred snares—
•"Mri. Hunter was previously in "the market, .value of the portfolio wUI .be
mailed
shortly.
Two
for- purchase or sale of an indi¬
that will be
satisfactory?" The
municipal department of Brdils- was $1,288,083. Net assets avail¬ other settlement dates remain—•
vidual security and all / they dry
last part of this remark was half
fofd &4Co. and prior thereto wai able for the Convertible Bonds, Dec. 22 and Jan, 5.
/
; ? /
I
as dust reason which most inves¬
with" -Nohn' Nuveen & Co., Har¬ Preferred Stock and the Common ^.yy yy y y y"
question and naif assurance, that,
*
*
' *
'J;
tors are positively uninterested in
of- course it would be satisfactory.
rison, -O'Gara & Co., and Roger Stock
outstanding
totaled
$ 1 ,"In discussing corporate earn¬
Did he do
business—he was-' a knowing y about;;;.. Anyone;; that Ky Ballard
Co. f - Mr. Braden 407,811, ' with portfolio holdings
thinks that the American investor
ings these days it has apparently
was formerly with Barney John¬
one-man riot.1,;*y bbbb '/•
valued "at market.
Collateral Se¬
It would always be
his sales talk.
ing
the full floodgates of ora¬
Then just for a change as¬
that you know, he should
on
tory.
the dinner and the guests
will
be Henry
.
,
*
-—
<
»
,
.
.
•
Adas Three
,
,
.
>
•
>
Of
he
course
one"
was
of
the
greatest actors off "the stage—the
whole 'thing
was
an
act.; Tnis
stunt would
to
lesson
Some
of
be
•
1
7
be
to
the
learned"' and
samel principles
applied
under
even
can
present
tbrtditionsg
nearly all controVersialsubjects and the; • clients
objections by the simple process
of assuming, that he was so right
in his judgment that he didn't
need
make
to
cons
question
to
as
the
a
sales
in
answer
what he
client's
sion. ..V":
risit
to
:heck
•
x:4.
i-—a
.start
Meed
or,
a
They
the con¬
to
says, "you'll* be all
"take this." He doesn't
sales
talk
vitamin
B
why you
why ~ your
upon
or,
(Special
allow
to
Ibyb:?
maybe
in this
up
.
biy
salesman
we
manner
-should
the attitude that he is
advise 1 h
to
i
to The
In¬
y
H.
Emery has become associated with
Prescott
New
Mr.;
members
Co.,
York
of the
Cleveland
and
If Exchanges,:
|
j
Chronicle)
OHIO—Fred
Financial
/CLEVELAND,
>.
Guardian
Emery nn -the
Stock
Building.
change
the
of
past
was
and.
Cleveland
a
was
a
Ex¬
in
partner
syf
doll Pulliam,-. Emery & Co. He has re¬
sales
cently been connected with the
this
.
without
If
talk.
.
this
is
v
5
; s
•
-
a
securities
}• k
First Clevelandi
Corp;;;
i
of iI
busi-jf
and tear
|4V
I His
job
is
to
boil
the
saves
wear
been established,
tical
department
r
ished
should
results
present
of
the
their
fin- j;
work,
i
Income
ended
801,
the
for
nine
terest
and
discount
debt
$42,921.
to
/
l
can
less
remember—"More
business—less talk, more
business."
a
check
once
talk,
We can all stand
up
in
in awhile.'
this
respect
v
industrial
25.7%
and
After provisions
net
(Continued
profits
for
page
1211)
on
expense
amortization
debt
expanse lamounted
increased
concerns
over
Bond, in¬
and
f-to; r $12N30.
for taxes Of $945
to $29,447.
amounted
income
Net profits realized from security
provisions for
after
taxes, amounted to $18,197.
and
"Earnings
plicable
,
stress
the
creases—which in many cases are
Expenses other than interest
amounted
net
months
Sept. 30, 1941, totaled $61,-
'by
,
The statis- ii I
should, do |
the brain work and the sales-!?
man
;
to
also
substantial—in
net
profits
Series A, convertible $10 after taxes. / Yet, from the in¬
par value outstanding, and 11,780 vestor's
standpoint the latter is
shares of 6% preferred, Series B. of much
greater importance.
/;?
par
value.
Common stock
$10
i
"It is worthy of note, for ex¬
outstanding ? t o t a 1 e df 283,976
ample, / that in • the first- nine
shares. ^
months of 1940 net profits of 350
transactions,
facts
down" into their simplest most
on the vocal chords, the ear ]/ I understandable essentials aiid
drums and the nervous system
^ to present them with the least
and there is more profit in 4 ; amount of talk; that is possuch a clientele after it has i ;
sible.- At any rate maybe we
t ness.
;
handled
the -best/method
conducting
It
much
too
properly,
fashionable
large increases in their taxes and
pay less, attention to the in¬
to
stock,
and
member
clients and then he-should-
as our
After your
he
it
>good
competent
principle
Doctor.
jFiiH. Emery With Prescott
become
4,707 shares of 6% preferred
were
bothered
desire
conclusion
assume
to the
thought
.1
In
can sum
;
Consolidated
yyV' /,?/";t;
:■
same
the
up
tight,"
years
& Co., Shields & Co., L. A. cured
1Vz% Convertible Bonds,
Andrew, Jr., & Co., and Hemphill, Series A, due Feb. 1, 1940, out¬
Noyes & Co. *
;
' standing totaled $332.000.1 There
son
else to do their thinking
Investment Dealer.
talk.
volved himself in endless discus¬
It is the
they/.still
one
secur¬
for them. This of .course, is usu¬
ally y. their
Broker, / ^Securities
Salesman/ Investment Counsel or;
Hairpin he would have only in¬
;
with' such
-
to. be
despite all talk
trary
other hand if he had gone into the
jpros * and
don't, want
some
Here is simplicity of presentation
carried to an extreme. - On; the
•about
bothered
.....
^
Here we observe that the seller
has eliminated
even
be
to
things has never sold many
ities
during the pastV 20
especially ; to individuals.
impossible
just
Still there is i; and
be almost
perform today.
sales
wants
the
the
to
dividends
stocks
ap¬
estimated, to
^by approxi¬
mately 30%," it was-stated- in the
.comDany
exceed "1940
reoori- and
plicable
are
rates
the 1941
td' the
earnings ap¬
"stocks
~
owned,
after all taxes and substantial res^tves,
;"afe
estimated
PROSPECTU
held ^ by
to
equal
/ON
REQUEST
Distributors
Wholes
IMPANY
HUGH W,
IMCORPOIATC1
15
EXCHAfiiH PL.
JERSEY CITY
634 SO. SPRING ST.
LOS ANGELES
„
by
the
y
:,f
THE COMMERCIAL & FINANCIAL CHRONICLE
FLORIDA
the
on
•• •
Thursday, November 27,1941
-
■This
matter, Woll said, and deci¬
sions in the lower courts conflict.
The fourth
has
peals
claims
FLORIDA
supplying
now
NEW ORLEANS
V".4,:.
power.
the
Francisco
San
city
voters
failed
Our long experience in
to
da
proposal to authorize a
$66,500,000 revenue bond issue for
purchase of the distribution lines
and
of
the private
power
company
now
MISSISSIPPI
transporting electric power
from
the ; city-operated
Hetch
MUNICIPALS
Hetchy Dam in Yosemite National
Park.
The city has been selling
Hetch Hetchy power to the utility
L Jones
company for distribution under an
"agency contract" for 17 years, but
Whitney Bldg.
the U. S. Supreme Court found it
Shreveport
to be violating the
Raker Act,
JmS°° NEW ORLEANS""!™!
which permits sale only to munici¬
B;ll
Teletype—NO 180
palities or public irrigation dis¬
tricts, and after June 30, 1942,
will place an injunction on this
Salary raises for police and fire¬ activity.
:
men, municipal ownership of util¬
Chief of the reform measures
approve a
LOUISIANA
issues
gives
to
answer
them
at
us
bonds.
municipal
will
inquiry
any
be glad
regarding
obligation.
no
,
ities
and
among
were
"reform"
two
or
one
proposals
was
amendment
an
to
,
,
the
.
New
the
officials.
January.
raises, submitted
to voters in 31 New Jersey munic¬
ipalities, were approved in only
eight, while firemen's salary in¬
creases,
up
in 17 cities of this
state, were approved in only one
or two. Elizabeth, N. J„ was one
of the cities voting the increase.
In
salary
Other
issues
state-wide
a
in
chines
adopted;
counties, which was
charter amendment in
a
Cleveland to eliminate sewer ren¬
tal
charges and replace operating
from
funds
Paducah, Ky., proposed ordi¬ tions, which
nances
increase
to
police and
salaries
of
firemen and establish
acted
upon
in¬
enabling act
Kentucky to permit voting ma¬
cluded
in
general
instatement
defeated;
was
ter amendment
of
fund alloca¬
a
char¬
in Detroit for
civil
service
Canada, Dr. Wylie Kilpatrick
has
presented
"State
in
most
of
the
Finance,"' publica¬
Cheyenne,
Wyo.,
on 4 the
hand, voters approved an
ordinance raising the salaries of
the mayor and commissioners. In
three Pennsylvania towns—Merchantville, Brooklawh and Pennsauken Township—pay increases
were voted for police.
San
Francisco
and
Cincinnati
to
buy
the
private
was
announced.
,
plant said.
The Comptroller of the State of New York
will sell at his office at
Albany, New York
December 2, 1941 at 12 o'clock noon
much less expand, capital out-
well
as a
Elimination of Grade
detailed picture of the
of
local
finances.:
The
most
Dated December 3, 1941 and
Crossings
Friday
the
im¬
at the
the
demands.
The
supervisory
agencies,
and
will
valuable to State super¬
prove
maturing
as
follows:
of the United States of America
44:444:,-,:/
Company, 40 Wall Street,
""-.v.
officials
The
who
desire
upon
to
contrast
cases
municipal utility rev¬
up to this time, by
legal : > technicalities.
done
nicipal
bond
in
their
State
the
to
came
court
on
with
for
students
of
and
men
public
mu¬
other
finance.
No
matter what may be one's position
in the controversy over how far
State supervision should
go, it is
gage revenue bonds had been au¬
thorized by ordinance.
4 In the syllabus of the opinion it
is stated that Sec. 12, Article 18 of
Ohio
Constitution
is
self-
the
Federal
Government
took from
last
Federal
-
Works
Code).
week
the State of Oklahoma
Administrator
to
Boston Offered
Financial
The
Plan
Boston
Bureau, in
Municipal Research
bulletin issued last
Saturday, offers a four-point pro¬
gram for city finances during the
a
national
emergency, ; especially
prepared in view of; J a - jepuntry-"
wide movement to gear local gov¬
Mr.
tainties of the present.
from
municipal
employes - for Department
and
the i Federal
In pursuing its current program
to meet the rising costs Power Commission.44.-,
•
>
of debt reduction, Boston will con*
of living. The net upshot is bound
form with a general agreement
New Mexico
to be reduced
higher
pay
,
control
measures
to
Yet
Price
which
for
the
ap¬
them.
prove
that the
near
future
should
be
and
prompt discharge of munici¬
pal
obligations,"
Bureau.
contends
the
44
N. Y. State
*
Schedules Sale
An
issue
of
$15,000,000
long-
term serial bonds for grade cross¬
last
further
boosting farm prices,
that
expects to continue to
this important
long time to come.
on
a
Precede State's
JOSEPH V. O'LEARY, State Comptroller, Albany, N. Y.
"
4^e
and
2
.4.4*4;. 44.,,
4
to
tax liens of the
ment.
r'4
4 You
Woll,
attorney,
United
attached
significance to the
he said, it
puting
for
States
set
Governments
cases
>;
first
claims
on
involve
millions
of
The Supreme Court has not ruled
may
.^easily
Illustrating
issues
Send
the
the
dollars.;
yqu4#re
find
pur*
you
thatf. they
•
not
Financial
already
on
state
getting
complimentary copies/
suggest
.
4
profit-making 4
hroad. coverage, of: essential/municipals
of
the
Financial Chronicle contained
items, covering
a
more
than
250
broad range of municipal news—
elections, approvals, offerings, sales, public reofferings,
legality, eligibility as investments and other related data;
dis¬
The
If
the
news
bond
a prece¬
are
,
.
will be pleased to send
we
4 individual
considerable
decision be¬
may
Saturday issues, of
information is/the/fact 4ha< the-; November-1 Str and 18th • 4
in which the Federal
cases
State
4
superior
State govern*
v';4/444V.<'44
Albert
cause,
are
municipal; issues,
these,
Federal Judge William R. Holly
of the Chicago district, indicated
in a ruling that tax .liens of, the
Federal Government
Tuesday and
Chronicle supply .a great deal of additional
property of tax delinquents.
4"-4
More MUNICIPAL
question
for the
current issues
ifTy6u
are
Tuesday and Saturday Chronicle.
entirely without jcost
■
a
"time of rigorous debt curtailment
ing elimination will be offered for
Control
introduced
was
in¬
and all the evidence suggests
and
'
Utility
municipal services
higher budgets with accom¬ Bond Ruling
panying higher taxes.
This
is
The New Mexico Public Service
scarcely a cheerful prospect for Commission has
announced
that
the
ordinary
citizen, .already all municipalities in that State
pinched between a higher cost of must submit to the
State Comp¬
living and rising Federal taxes. troller
proposals to buy, sell or
The effect of higher prices on mu¬
lease public utilities or to issue
nicipal costs is simply one more or refund
municipal utility bonds
evidence of the urgent need for
before the Commission will
or
dent in
'"■4/4; application to
j
appeal from the Court of Appeals
of Butler County and involved a
practices in other States. In addi¬
tion, this publication will furnish municipal electric light and power
a
useful and somewhat compre¬ project in Middletown, Ohio, for
which an issue of $1,800,000 mort¬
hensive reference source
what is
control of the $25,000,000 Grand
Budget Director River Dam, "to prevent financial
Dayton in directing all and management difficulties of the
far-reaching the effects of
constantly rising prices can be.
J.
Circulars descriptive of these bonds will be mailed
Dated November 25,. 1941.
bonds
enue
clarifying
of
Federal Tax Liens
Exempt from all Federal and New York State Income Taxes.
;
issuance of
visors of local finance and to local
The comments- follow:
action
Kenneth
on
of "all-out" defense
pressure
Congress
December 3, 1942 to 1981 inclusive
Bank of the Manhattan
4;;
4
¥'
New
materials and services advance
stall
Principal and semi-annual interest June 3rd and December 3rd
New York City,
,4
Municipal Revenue
Bond Ruling
'
Aug. 1 is still bogged down, hav¬
ing been distorted into a scheme
State of New York
-
orders
-
for
money
these
Ohio
present status of State supervision
t
regulation
will accomplish." ".4,;
.
helpful to have at hand an inven¬ executing and self-sufficient and
York tory of the situation as it is today. utility mortgage bonds created and
issued strictly within its terms are
"Times" in its editorial columns
Oklahoma1 Dam Taken
not affected by other parts of the
took
cognizance of the serious
Constitution or by the Uniform
problem that will confront local Over by U. S.
Bond Act (Section 2298-1 et seq.
units of government as prices of
In an unprecedented
action, the General
Last
Bill
Serial Bonds of the
payable in lawful
...
an over-all
The Supreme Court of Ohio re¬
portant parts of this study are the
If local governments could keep basic
comprehensive tables. They cently handed down a decision
which
is expected
their outlays for durable goods at constitute checks lists of the
to clear the
many
the pre-depression level during phases of the work of the State hurdles which have blocked the
effective
$15,000,000.00
!
■
Comp-
lays during such periods.
flation.
:
State
•
*
$375t000.00^Anniiaiiy
the
-
defeated
bonds
of
manage and operate the project
ernment into the national defense
Dayton calculates that each which was financed by loans and
effort. 44
department will have to trim its grants through the Public Works
4
Proposing
a; broad
pro*
budget for materials by about one- Administration 4 to * the 4 State4 gram dealing with: (1) debtv 4
An examination by the Depart¬ fifth
to allow for the rising costs. created
authority. 444444^-4.-/
ment of Commerce of fluctuations
retirement; (2) outlays and y
As the advance .in prices goes
Possession was taken,- the FWA
improvements; 4 <3)4 budget >
in capital outlays of municipali¬
on, this is a situation: that will announced,
under 4 the
Federal
policy,
and (4) post-war re- '
ties disclosed
that in the < past confront
municipalities through¬ Water Power Act of 1935. It was
/
adjustment,
the bureau asks :
these
expenditures for durable out the country with increasing the first time the
President ever
taxpayers and public officials 4
goods
have
expanded
during severity.
Reduced
relief
costs had
exercised
the- emergency
to work toward a policy equal
periods of industrial prosperity may be an offset for a time; but authority. The action
was recom¬
to the demands and uncer1
and declined during recession, it against that there will be demands mended
by the FWA, the War
This is a factor of fundamental
proposals on mu¬
nicipal utilities. Under the Cin¬ economic significance which has
cinnati proposal, the city would sometimes been overlooked in at¬
have constructed
a
new
power tempts to utilize public works as
plant or issued $100,000,000
in an "antidote to depression" it was
both
those
fiscal
diction
and
This pamphlet gives
|
as
how*1
In
advised
a
,
other
be
regarding
matters which
under the specific juris-
are
.
will
times
all
purely
111.
by
during 4
depression, these bodies have
not been able
to
maintain,
other
ating levy for the administration dack forest preserve, adopted.
poor relief, which would have
given welfare employes pay raises Municipal Capital Outlay
already voted by the city council. Expenditure Fluctuations
Commission
at
65-page pamphlet sells at 4 troller. .44/4444444444,44444
4 4 "We believe that the public
copy, procurable through
interest will best be served : '
the above named service, located
by the type of co-operation
at 1313 East 60th
Street, Chicago,
financial
encountered
municipalities
service system
of
Commission will be that the 4
;
Super¬
for certain ployes absent in the armed forces,
city departments to cease* • pur¬ Graiid River Dam Authority from
was
approved;
and
an
city
employes were de¬ which
chases of supplies and equipment
interfering with full use of the
feated. Cleveland, O., voters also amendment authorizing construc¬
until a program of economies can power" for national
defense.
defeated police
and fire salary tion by New York state of 20 be worked out was a reminder of
President Roosevelt directed the
increases, along vtfith a 2.73 oper¬ miles of ski trails in the Adiron¬
civil
a
■
.
view
In
difficulties
re¬
em¬
Comptrol¬
Sebastian, which said: •
effect of the general
R.
This
Rising Municipal
..
C.
"The
and
$1.25
■
Police
ler
Service, the results of
years,of research by the author.:
CHICAGO IUINOI4
.
!
G. S. Carter and State
444M,4444r*4'
tration
RECrummerL Company
com¬ York City
charter, approved by
the depression, however, then an
paratively small number of local voters, abolishing the elective of¬
expanded
program
of Federal
issues on the Nov. 4 ballots, which fices of
county sheriff and city
works would be more effective in
drew a light vote generally in this
register. Appointments to these
taking
up
the
slack
in private"off year," information from the offices will be made
by the mayor
American
Municipal Association on the basis of a civil service ex¬ capital expenditures, the Depart¬
ment reported.
shows. ' '
4;44\ -4. ; 4' 4-' ■ •4'
.44 amination. To clarify the situa¬
A planned and stabilized pro¬
State-wide elections were sched¬ tion, a lawsuit is expected on the
uled
only
in
Kentucky,
New question of whether those elected gram of municipal public works
would be an important factor in
Jersey, New York, Virginia, Penn¬ to the posts of sheriffs and city
the future in ironing out cyclical
sylvania and Mississippi. Local register in the five counties the
fluctuations according to the De¬
elections in other states were for same day the offices were abol¬
partment of Commerce; • v / '4
choice of councilmen, mayor and ished
can
take
office
next
other local
issued
was
Ap¬
accompanied by a joint state¬
State's ment from Commission Chairman
the
tion No. 79 of the Public Adminis¬
1ST NAT BANK HOC
announcement
general order number four and
was
and
vision of Local
Schartff
,
of
4; j instructions
issued
by
the
partly financed 4. State Comptroller and the
general order adopted by the
by the Municipal Finance Officers
Association of the United States
Ne\f Mexico Public Service
comprehensive
a
We
that
first,
Sponsored
handling Flori¬
familiarity with these
background of
ruled
come
Court
State Supervision
1
Of Local
Finance.;-/4>44/4:
MUNICIPAL BONDS I
with
4v;444'4;:44'4444444
Circuit
as
or
not already getting
:
;
4
They will be mailed
obligation—merely to acquaint
with the wealth of information they contain.
you * 4
sale
York
New
by
State
FINANCIAL CHRONICLE
&
-THE COMMERCIAL
viVdlume 154 * Number 4012 :dd'4
120»
next
Tuesday, its third major financial
the past fortnight,
transaction in
.
It
will
••'i
.
twelfth
the
be
of record only and is under no circumstances to be construed as an offering of these
offer to buy, or as a solicitation of an offer to buy, any of such Bonds. The offering is made
only by the Prospectus. This advertisement is published on behalf of only such of the undersigned
''If das are registered or licensed dealers or brokers in this State,, \ydf-fdf\fd'-
This advertisement appears as a matter
involving the borrowing of nearly
$117,000,000.
:
■vi.-.'-b:
Bondsfor
of
sale
crossing-elimination bonds since
1925, when the voters authorized
a $300,000,000
bond issue for this
purpose.
It will bring the total
issue to $152,500,000.
>
,
<
sale,
or as an
New Issue
(
;i,.,v
v,
d'-'dddd ■ (ff
;.:d:d/
■■
^d'dd'dd.-: <yddddd d-'f'dd ' dd't-'d;
dddhif d d'/dy ■■'did
■=■':
■
d*'d.
'
The first issue for crossing
elimination
sold
was
Dec.
lililifl|IlllilSlp25,ooo,ooo ;:iiliillll||®
1,
4%
interest rate.
The
last, sold Dec. 4, 1940,
went
at
a
coupon
rate
of
V
1926,
at
a
X iVs%.
Pacific Gas and Electric Company
'
Since, at the last election, the
voters approved a State constitu¬
tional amendment making $60,-
First and
000,000 of the original authoriza¬
tion
available for highway and
U*V
parkway construction, the amount
remaining
for
future
crossing
eliminations is $87,500,000.
' '
.
'
1
'si
£
e
"
'fd&
Refunding Mortgage Bonds
* v
*
Y
1
\
Series
■'■;<«■':d-ydd-drddd)d-;yy^%^eyi'dd^d'd'vdl^dddc%:'d:d'dd''d':'':," 7
To be dated
N. Y. State Sells
\
'
'
1
•
''
'
*
r.'
,
1
*
1
'
,
K, 3%, due June 1, 1971
June
7 '
.
'7 7:'■'■■ "77- ■ d'-
;V
•
^:'y'yytd':'ddd:dd'd::dd)-'ydd: r:d;d'
d-d)
■?
":7)
....■
■"
and to be due June 1,1971
1,1941
Sinking Fund Bonds '
State
Comptroller Joseph V.
O'Leary -awarded on Tuesday in
competitive bidding Various blocks
of
New
York
State
municipal
aggregating $1,818,000, in
portfolio of the State Sinking
bonds,
the
be
applied
debt
canal
Price 105% and accrued interest
Proceeds from the sale will
Fund.
paying the State's
6, due on Jan. 1,
to
No.
amounting-to $5,100,000.
Eight different banks or invest¬
award of
ment firms received the
of the 33 blocks of bonds.
certain
Of
the
of
various
York
New
Copies of the Prospectus may be obtained only from such of the undersigned
are
registered or licensed dealers or brokers in securities in this State.
$1,037,000 consisted
registered
bonds of
total,
City,
maturing
as
from
1944 to 1956 and carrying coupons
ranging from
to 4x/4%.
Nine ;Housing Units
Schedule Bond Sales
Blyth & Co., Inc.
'
,,
<}
1'A
Officials of nine different local
..
housing authorities will be in the
market on Dec. 10 with long-term
serial bonds, series :A, in the
gregate amount of $7,672,000.
The
'
'•
*
,
'(»
■/
7'dd.ldidid
offer
Will
the
X'"-"1''
*1 ""*
'
'
I*
'1
'
'
' '
y
*
•
'
'
'.'\v>Vlv
f v
'
)
t
1
i
'
4
1
'
" ?,
„
V'
'
'
f«
r~-
rf
r>'1 ' V
'
1
.
'
:
'
The First Boston Corporation
'
"
,
*'* '
's-
Smith, Barney & Co.
Ripley & Co.
r"
1 > * )' »f
'
'
,
Dean Witter & Co.
Lazard Fr&res & Co.
largest
llWlpi
single issue, consisting of $3,742,000 of serials, dated Jan. 1, 1942,
and maturing from July 1, 1942 to
1971.
/ *' * '
Incorporated
Philadelphia Housing Au¬
thority
v'r
1
1'
„
Harriman
ag¬
*
>
Incorporated '
E. H. Rollins & Sons
H. M. Byllesby and Company
Bonbright & Company
yf>dddd:df% if,
'
"
-
Incorporated
—
Incorporated
;
'
f,
■/
The
remaining eight issues are
all dated Jan. 1, 1942, and ma¬
ture serially from July 1, 1942
to 5 1961.
They consist of the
November 25,1941
housing authorities of the follow¬
ing cities: Newark, N. J., $1,920,000; Jacksonville, Fla., $675,000; ard and Poor's^ in its Bond Out¬
Gary, Ind.,. $466,000; Cambridge, look of Nov. 22, says:
scale
from
ran
.30% to .65%
men
,
.
terest
requirements,
to
made
,
list herewith the
We
commercial
to
district awarded bonds last December
to a group
Cincinnati.
&
(Continued from Page 1204)
7
headed by Fox, Reusch & Co. of was
Division Manager with head¬
Runner-up was E. H. Rollins
commanded
to so-called
come
the
by
United
States
;
compar¬
with high-grade
general
municipal
credits.
obligation
Trend
The
prices
Of
r:d'-ff:fdffdy^
Market
^
•
Because it
points out with com¬
mendable brevity the direction in
which the wind is
banks,
so
permanent investors."
'
Theoretically the funds of com¬
mercial banks, savings banks, and
insurance companies are the prop¬
erty of citizens, but it becomes
ncreasingly difficult for the offi¬
cers
cise
of those institutions to
any
blowing, insofar judgment
($500,000
issues
—short
over
which
the
of
issue
for
sold are
above. """
last
also
ap¬
'^fiddd Dec. 1st d:ffd:'l:fyd:^'
On Feb.
the
joined
the
San
Co.,
Mr. Leppert was
previously with
Fox,
Co.,
Castera
(Special
&
and
R.
C.
SAN
to The
Financial
Ferdinand) Ward
Slightly Higher
Chronicle)
FRANCISCO,
CALIF.—
Strong
is
now
affiliated with Davies & Co., Russ
Building.
Mr. Strong was for¬
(Continued from First Page) 7
&
ventories were 35% higher than merly with Frank Knowlton
on
Sept. 30, 1940, and half of Co., and prior thereto with E. F,
.7 this
increase
occurred
in
the
Hutton & Co.,
September quarter. The inven¬
tories of companies producing
durable goods showed a much
1940, this city sold an issue to
27,
has
Searl-Merrick
Wade & Co.
Finds Third Quarter
)
CALIF.—Ernest
Diego Trust & Savings Building.
awarded
Net
Chronicle)
Financial
Leppert
of
staff
by the district last
April to a syndicate headed by R. W.
Pressprich & Co. of New York.
pended.
in
Willson
29th
La.
were
to The
DIEGO,
,
$3,944,000 Orleans Levee District,
The
the
$4,440,000 Cincinnati, Ohio
J
'
SAN
given under separate item
Dec.
bidder
important
(Special
$7,672,000 USHA Local Units
Refer to remarks
to
are
successful
runner-up
previous
exer¬
degree
of
use
of
such
term
in the near future.
the
and
or
excluded),
up
names
offerings
municipal
quarters in Pasadena.
Dec. 10th
,
im-
more
associates.
Inc., and
Sons,
Bonds
Housing Authority, these Se"A" bonds have so far
able
)
attractive
more
portant
author¬
ries
.
.
issuing
be
that these institutions
will not be important bidders for
the long-term issues which the
Treasury hopes to sell primarily
ities
-
the
to
Personnel Items
$519,000 Scranton, Pa. (Sch. Dist.)
This
,
.
8th
Dec.
and
said it represented
an average betterment in yield of
Mass., $266,000; Pawtucket, R. I.,
"The recent rise in short-term
about 20 basis points over what
$193,000; Lawrence, Mass., $220,-r rates has all the' appearance of
the
issue probably could have
000; Danville, 111., $136,000, and having been engineered
.
.
.
been sold for a few weeks ago.
Henry Co., 111., $54,000.
first, the Treasury's change of
At that time, in their opinion, the
attitude toward rights values; then
;
Secured by a .pledge of revState could have sold .50% bonds
the raising of reserve require¬
ly: enues to be derived from)
at a slightly lower premium.
operation of the projects and
ments, and finally, enlargement
of the supply of bills. ; The inten¬
■■f by
annual
contributions,
Major Sales
tion apparently has been to ren¬
equal to or greater than the
Scheduled
der
this section of the market
) maximum principal and in¬
municipal
&
CO.
t
and Wm. Cavalier
7;.7-)" fvdff^dd
'
' ! a syndicate headed by the National City
are
concerned, funds.
■■'ri
Bank of New York, and associates.
(Special to The Financial Chronicle)
The
liberty of quoting
Last week, short-term Govern¬ First Boston Corporation headed the second
SAN
FRANCISCO,. CALIF.—
sharper increase than those of
best group.*
from Monday's municipal news ments were
'J l<' V' T '
off^the week's Dl-day
companies producing nondura¬ Albert G. Boutes, previously witl>
bulletin,) put out by Hemphill, Treasury discount bills were sold
ble goods,
$2,000,000 Corpus Christi, Texas
Burney & Co., is now connected
Noyes & Co. of New York:
at .258% compared with .20% the
The receivables of these com¬
as
tax-exempts
?
•
the
take
we
.
In
The most discussed,
and pos¬
sibly the most * portentous^' de¬
velopment in the municipal mar¬
week before.
ket
Months'
last
week
was
short-term rates.
the
rise. in
Early maturities of
municipals felt the pressure, to¬
day, . the New York -State - Six
Notes-were
v;
a warded
•or
of
not ,the divergence is the result
official
manipulation.,...Stand--
less than 7 cents
for
a
a
bond,
.75% coupon.
ates,
at
was
100.34
The reoffering
awarded bonds to
'
entered the second best bid.
.
"
with
panies, >hich had shown com¬
ities
paratively
:
change up
little
Sutro
to ery Street.
the end of the September, 1940,
(Special
&
Co., 407 Montgom¬
) vfd f'ff. ■■'ddddf-ff,
to The
Financial
Chronicle)
■
■.y-'Tid'f -d- Dec. 2nd
As
long ago as .30% and resold) at .25%, com¬
Aug. 4 we noted the tendency and pared with the block of Seven
expressed the opinion that "the Months' Notes last August allotted
easing of /short- maturities could at .20%, resold at .15%, and in
continue
without
affecting the some cases as high as .10%. The
price level of long-term munici¬ bids and reoffering scale for the
pals.'-V We still hold the same $1,500,000 Massachusetts Airport
/opinion, but that aspect of the Bonds, Oct. 1, 1943-47, sold at noon
matter > is
completely., overshad¬ today, conformed to the new pat¬
owed by the question of whether tern.
The high bid, successful by
this city
1940,
Oct.,
syndicate headed by the Equitable Secur¬
Corp.
of
Nashville.
The RansonDavidson Co. of San Antonio, and associ¬
a
■' ::V)
$15,000,000 State of New York
A
similar
last
June, to
Chase
beat
amount
a
National
the
out
bonds
of
syndicate
was
1941,
headed by the
York,- which
City
Bank of
York, and associates,,.
Dec.
.
-
;:'t
than
New
\.
----,
)
3rd
they
on
were
65%
Sept. 30, 1940.
with
higher
The
Fifth
re-
ceivables of companies produc¬
ing
"durable
W.
;
FLA.
—
H.
Heagerty
&
Co.,
IB
Street, South.
fSpeclal
ST.
increased
goods
PETERSBURG,
Harry S. Cook is now connected
idly thereafter and on Sept. 30,
awarded
Bank of New
National
ST.
quarter, began to increase rap¬
to The
Financial
Chronicle)
FLA.—
PETERSBURG,
'
$1,522,000 Tennessee,
69%,
State of
Co. of New York headed
that was awarded an issue
offered last April.
Runner-up in the bid¬
Phelps,
the
ding
Fenn
&
syndicate
was
Chicago
Farwell,
and
Chapman
associates.
&
Co.
as
compared
increase of 42%
bles
of
with
William
an
companies
,
Norman
been added to the staff
in the receiva¬
producing .Lynch, Pierce, Fenner
of
nondurable goods.
George
7
.
I
Florida
National
Bank
has
of Merrill
&
Beane,
Building.
THE COMMERCIAL & FINANCIAL CHRONICLE
1210
Thursday, November 27, 1941
labor-saving
NASD Announces Nominations For
^
i
political'
bloc.
Board And Members @f District Committees
Oct.
31,
industries
new
National
The
Grabenstatter of TruCo., Buffalo, N. Y.;
Eugene
bee,
Collins
,
at
was
one
the
the guest of
called upon to
night when
evening was
say
He rambled on and
few words.
a
dinner
convention
a
A
who
dealer
wants
to
remain
bit
this
forwards
nameless
oi
politician is one
who \ shakes
your
hand before
election—and
your
faith
after
election.
(Vi1;■
irony:
A
true
everybody was clearly
becoming
bored.
Finally
the
guest concluded his oration and
on
the road and
smattering of
he
sent
sat
amidst
down
a
But no sooner vdid the
applause.
"turned
speaker sit down than he
the
Chairman
and
accused him of trying
to ; break
up
his
speech.
The
Chairman denied it.
"All right,'1
irately
to
heatedly
the
said
when
mind
you
watch,
your
of
idea
guest, "I didn't
kept looking at
angry
what
but
it
shaking
the
was
time
the
all
and i
A
salesman went ou
the-'only reports
security
to
his
home
office
were
for additional expense
money.
One day his employer
was
in his office wondering i
the salesman would get enough
requests
business
:
to
cover
when
expenses,
the phone rang,.
It was the sales¬
explaining how he had run
man
into
situation
unusual
an
needed
more
and he
can'1
boss,* "it
"I
money.
hear
you,".-shouted the
must
be
connection."
holding it to your ear as
though you thought it had stopped
then
running!"
said, "there's nothing wrong with
the
If
drive
a
car
you
after Jan.
insurance
have
New York and
don't have tc
live in
you
if you get into
But
1.
accident you'll
have to prove financial respon¬
sibility. Insurance rates are about
the :same in all companies
de¬
the
here's
But—and
so
or
a
rub—if
the
gets into a jam you as a
company
be slapped with
stockholder may
dividend.
Irish
an
10%
of
dividends
which would cut your rates.
year
.
saidi
I
.
Well, good-by,"
see.
Merrill,
of
Croll
Leslie
Lynch, P. F. & B., as he hung up
the
turning
Then
phone.
asked if
knew who
we
to
us
the
was on
phone.
No, wej answered,
We
didn't.
"Well," replied Les, "that
was
one
of my lady customers
,
trip
a successful
And from what
just back from
from
Reno.
said I gather
man."
bad
the operator
connection.
perfectly."
Deane and
she feels like
she
a new
1
the
of
Governors
Just
plugged in and
I
hear
can
him
The employer 'shouted
to<S>-
C.
Donald
succeed
Association
Bromfield,
Co.,
Inc.,
Denver; Arthur S. Burgess, Biddie, Whelen & Co., Philadelphia;
George W. Davis, Davis, Skaggs
&
Co.,
San, Francisco;
Frank
Dunne, Dunne & Co. and Perry
E. Hall, Morgan, Stanley & Co.,
The following
nated
have been nomi¬
arising on
to fill vacancies
the District Committees:
District No. 1—Waldo
Hemphill,
Waldo
worth, Bosworth, Chanute, Lough-
Bonds Oversubscribed
Roberts, Sidlo, Simons, Roberts &
•
District
Co.,
Inc.,
as
group
$25,000,000 of Pacific Gas & Elec¬
tric Co. 3% bonds, due in 1971,
announces
that the subscription
been
have
3—Arthur
No.
H.
Bos-
ridge &: Co., Denver, Malcolm F.;
Denver, and Paul E. Youmans, Sullivan & Co., Denver, to
of
succeed
Gerald
L.
Schlessman,
head
which on
Nov. 25 made public* offering ot
&
The
closed.
Co.,
S.
will
Rubber
show
about
against $3.58 for
Company's sales
year though
defense business is only 10% to
15% of total operations.
,.U. S.
Freight has paid $1 but will de¬
clare
another
divvy
sometime
next month
to be 750 to $1.
f. Anaconda expected to show
earnings of $5.25 to $5.50,
And
specialist
in
Commercial
for
1941,
last; year.
40%;
.
.
ahead
,
of
last
.
.
.
.
.
,
.
.
Credit thinks stock has hit a low.
If you get any presents—or are
City
Bonds
Bank Farmers Trust Co.,
City, announced on
Nov. 25 that it has received funds
to
apply to payment of the Nov. 1,
1939 coupons of City of Sao Paulo,
United
of
States
Brazil, external
30-year 8% secured sinking fund
bonds of 1922, due Mar, 1,
1952, at the rate of 13.325% of the
gold
dollar face amount of the coupons.
.
Business Conduct Comm.
publicist
informs
of
us'
for
that
liquor
a
the
of
firm
Mr.
Bigs
the
world, Winston Churchill
drinks
anything
but
water;
Joseph Stalin is a cherry brandy
fan; Chiang Kai Shek and the
Japanese Emperor
never
touch
alcohol; Hitler occasionally im¬
bibes
some
kind
of
which most of the
brew
from
kick has
been
a
removed, and F. D. R. allows
nothing stronger than 5% beer at
his
table.
moral
,
in
.
There
.
this
all
think of it.
•
,
must
but
-
we
be
a
.can't
,,
.
For NASD In
,
,
CHICAGO,
Committee
curities
B.
(E. Lowitz
&
Co.)
woke
in
Pincus
District
No.
has
conduct
of
8
of
Se¬
appointed
committee
a
for
in
A drunk
the
bandages
Why
didn't
friend.
you
stop
scale
of
a
year
New York City Comp¬
.
tically
in
non-defense
no
1942. * ( ". "
makers
•
What
.
prac¬
building
the
soap
faced with—tallow up
are
75%, grease up. 86% and cocoanut
up 145%—the three main in¬
gredients—90% of cocoanut oil
oil
Philippines.!
the
from
; comes
j.....
Dividend payment in pros-;
pect
Mengel
on
Pre-Christmas
common.
sales
;
.
.
priced
high
luxuries reported poor.
.
Fur¬
ther inflationary rise in eommod-;
Holstein De Haven Fox, ity
pricesr freely predicted
by
1. Ex¬
Wood, Jr. & Co., Philadel¬ Washington economists.
phia, Philip - D. Laird, Laird & pecting public will feel first big
Co;,* Wilmington; Del., and Milton civilian shortage impact January,
G. Hulme, Glover & MacGregor, February, March.
' ?
*
Revising Bethlehem Steel's net
Inc., Pittsburgh.:
■
!r
?
District No.. 14—Roger B. Ray, this year downv/ard to around
Portland, Maine and Thomas A. $9.50 and U. S. Steel's estimated,
.
A; C;
.
.
.
net upward to around
$11.50; alsoMotors' 1941 net
West, Perrin, West & Winslow,
Inc., Boston to succeed Donald O.
Smith, (Smith, White & Stanley,
Inc.V Waterville, Maine and! B.
Earle Appleton, Pearson, Erhard
Aircraft to around $5.50-$6; Good¬
&
rich
revising
upward
Truck
•
Co., Inc., Boston.
( Nominees for District
White
to
to
$4.75,
Mack
$6-$6.50, United
around
around
to
around
$7;
Douglas
Air-:
craft
$25, Boeing $4.50-$5; Eaton
Manufacturing $5.50, Spicer $9->
No.: 8
in ! the
Owen,
Write For Circular
Snyder,
Estes,
Sweepings
,
.
and
J.
Union
L.
about one-third
reveals
shop; ;
.-
Dallas,
Mosle, Mosle & More-
Galveston, Tex., to succeed
Thomas Beckett, Beckett, Gilbert
land,
Textile Co.; Inc., and the 6% convertible; iucome oebentures due,
1953
( Farm implement manA
looking for high sus¬
tained,
v
based
upon
demand
and
emphasis
Administration
the
placed
Alabama
Mills, iac., ,uas
prenared by Blair F. Clayr
baugh Co., 72 Wall Street, New
production
York
by
Copies of the circular,
an V; interesting
City.
which
feeding
on
of
been,
presents
continuing
shift of situation, may be obtained from
from agricultural areas Blair F. ;Claybaugh Co. upon re¬
necessitating
increased
use.
of quest.
Allies,
the
labor away
.
N. Y.
.
Co.,
their
ufacturers
Snyder & Co.,
Trust
of
work .( underv closed
employees
:
Dallas
;
A statistical
analysis comparing
; y
;! Twentieth Century Fund survey the 5% convertible income deben-f
of 10 leading American industries tures due ^1953
of Consolidated
,
!
The
ruled
Attorney General Warns Dealers Funds ;
For When Issued Deals Must Be So Used
New
that
York
brokers
State
Attorney
Bennett,, has
General, John J.
using for their own account,
temporarily;
even
deposited with them by customers for the purchase of "when,and-if^ issued^ -securities are acting illegally;-, and has directed
funds
as
Ambrose V. McCall, Assistant Attorney :General,, as .Ch^ef of the
Dallas, and Milton R..,lJn- State Securities
Bureau,:- to begin immediate enforcement of tliis
derwood, M. R. Underwood & Co.,
opkdbn;-;;;.:^:;^
^
L
'
1
1
Houston, Tex. ■
i.'1 ■„
fi.
& Co.,
District No. 7—Firmin D. Fusz,
Mr. Bennett declared that when
St. Louis. •'
No.
9—Porter; v King,
Mohr &
Co.* Mobile, Ala.*
District
King,
-v•
B. Wheeler, Wheeler &
Woolfolk, Inc., New Orleans, La.,
Jo Gibson, Jr., Webster & Gibson,
Macrery
SEC Amends Rule
tw
Securities
.The
a dealer accepts cash from a cus¬
Fusz-Schmelzle & Co., John tomer to
buy for the latter securi¬
D. McCutcheon, John. D. McCutties not (yet issued,(.he actually
cheon & Co., Inc., A. B. Tilghman,
acts as a broker "thereby creat¬
A. G. Edwards & Sons, to succeed
ing a -fidueiary relationship, bey
Walter W. Ainsworth, Metropoli¬
tween himself and his customer;";
tan St. Louis Co., Albert Theis,
He* stated
that it had § become
Jr., Albert Theis & Sons, Inc., and "almost a
regular;;practice" for
Charles H. Stix, Stix & Co., all of
dealers and brokers to use such
Jr.,
and
Commission announced
the
adoption
.
.of
;
Exchange
on
Nov. 21
technical
a
amendment to Rule N-5B-1 under
the! Investment. Company
(amendment
1940. ,; The
that Rule
N-5B-1
shall
Act of
provides
inap¬
company
which
method of valua¬
tion permitted by Rule N-2A-1.
plicable
has
to
any
adopted
a
deposits'to-finance their own busi¬
ness on stock market speculations;
The( Commission's
explanation
and while the practice is not- for¬ follows: (
bidden specifically in the*.State
r As( was
pointed out at the
business :1aw,' it • was "obviously
time ; of
its ! adoption;
Rule
contrary •; to the plain [ rules; Of ( N-5B-1
was
promulgated
in
common-honesty." The case of a
order to simplify the computa••'tions
which
a
Syracuse broker who is being
management investment company must make
prosecuted by the State for using
•
.
;
,
-
-
-1
,
me!
,
.
.
nothing,'' replied the
"I was betting on you!"
you,
connected
&
Co.
Inc.
and
,
& Co.,
Cleveland, to succeed Fred
Almsted Bros., Louis¬
L. Almsted,
and
its
commitments in
tions of this kind,
transac¬
.
ent
from
method.
and to enforce
ville, Ky., Ewing T. Boles, Banc- strictly -segregation of such funds
Ohio
Securities
Co., Columbus,
for the specific purpose for which
R. Niehoff, Weil, Roth &
Morgan Stanley
the broker or dealer received the
Day & Zimmerman, Irving Co., Cincinnati, and Corwin
L.
•
Liston, Ledogar-Horner' same."
with
-
be
■
.
"Stop
.
metropolitan Chicago.
Members Nashville, Tenn., and Henry v J.
A. • M. • Law & Co.,
of the new committee are: How¬ Blackford,
C. . to succeed
ard F. Allen; Central Republic Spartanburg,, S.
in order to determine whether
Company, Chairman; A. S. Wilt- Rucker Agee, Ward, Sterne, Agee customers' funds to lend to other
& Leach, Birmingham, Ala., Geo.
it is properly classified as "di^
customers, was cited by Mr, Ben¬
berger, Blyth & Co., Inc.; Richard
A. Kebbon, Stern, Wampler & Co., H. Nusloch, Nusloch, Beaudean & nett who added that "few,-if any, ^ versified" or:^non-diversified."
The (rule; represents an extenInc.; Donald B. Nichols, Ryan- Smith, New Orleans, Francis D. of the customers realized that
Bullington-Schas & Co., their money would be jeopardized ) sion of the principles of comi
Nichols & Co.; and Rue' Link, Schas,
Memphis,
Tenn.,
and
W.
W.
Pate,
by the risk of the dealer's own
Link, Gorman & Co.
putation 'V for
these - purposes
McAlister, Smith & Pate, Inc., business and speculations." : swhich are set out in Section 2
Greenville, S. C.
Mr. Bennett instructed all as¬ ;r.,(a) (39) (A) of the Investment
Kirchofer & Arnold Add
District No. 10—Arthur S. Sed- sistant
Company Act.h Certain compa¬
attorneys general through¬
Carmichael & Mattox ley, The Bankers Bond Co., Louis¬ out the State "to be on the look¬
nies, however, in order to ad¬
(Special to The Financial Chronicle)
ville, George T. .Lennon, George out for practices of this nature;
just their operations more readily to tax laws and to the reRALEIGH, N. C.—Asa Barth- T. Lennon & Co., Columbus, Ohio, and 'to scrutinize all -'when, as
alow ; Carmichael
and
William Neil Ransick, Charles A. Hinsch & and if issued!: positions; to use
quirements- of, certain
State
•'*
Reuben Mattox have become asso¬ Co.,
regulatory - laws,.; employ
a
Inc., Cincinnati, Ohio, and care in ascertaining a true picture
method of computation differT
ciated with Kirchofer & Arnold, Roderick A. Gillis, Gillis, Russell of
the firm's financial
position
all
hospital
to see his
pal standing near his bed. "What
happened?"
he
asked
weakly.
"Don't you remember?" asked the
pal. "We were at a party inj a
penthouse and you bet you could Inc., Capital Club Building.
Mr.
was
fly around the building like a Carmichael
formerly
New
York
bird."
The i
City manager for
patient
shouted,
Scott,
"you're supposed to be my- pal. Horner & Mason, Inc., and was
up
swathed
.
troller McGoldrick predicts
.
Max
forwards the following:
buying neavily although not
succeed
Topeka^r^:^
District
Association
Dealers
business
Chicago
ILL.—The
for
National
the
♦
next
Sears
..
Owen & Co., and
York
New
for
.:.
summer.
tremendous
on
ago.
terson,
policy
buying
and
previously reported
O'Donnellf
Chronicle of Nov. 13 and .Of Dis¬ $9.50.—G. Y. Billard, J. R; Willis-»
William F. Nich¬
!;
trict No. 13 in the Chronicle of ton & Co.
olson, Harris, Upham & Co., all of
Nov; 20.
Denver.
;• v-:-'';':
R.
William
.
thinking of giving any—made of Accordingly, payment of $5.33 per
transparent plastics (Lucite, Plex- $40 coupon and $2,665 per $20
oglas,! etc.), keep in mind that coupon is now being made at the
they burn.
So ashtrays, cigarette offices of the bank, 22. William
cases
and
other
such
gadgets Street, New York.
should, be
kept
} away ;■ from
lighted matches.■'
A
its
spring
■(•'(:;!'•'/'i-p
were
District No. 4—Dewey F. Gruenthat the issue was
hagen, Thrall West Co., Minne¬
substantially oversubscribed. The.
bonds were priced at 105 and in¬ apolis, William Mannheimer;
Mannheimer-Caldwell,
Inc.,
St.,
terest
and the
borrowing com¬
Paul, Joseph L. Seybold, Kaiman
prises
new
money.
Associated
&
Co., Minneapolis, to succeed
with
Blyth r&o Co.,
Inc.,
are:
James MacRae, Blyth & Co., Inc.,
Harriman
Ripley ", &
Co.,
Inc.,
Minneapolis, G. M. Phillips,: Cald¬
Smith, Barney & Co., the First
well-Phillips Co., St. Paul,";.and
Boston
Corp., Lazard Freres &
Robert J. Stallman, Wells-Dickey
Co., Dean Witter & Co., BonCo., Minneapolis;:" "
bright & Co., Inc., H. M. Byllesby
District No. 5—George K. Baum,
& Co., Inc., E. H. Rollins & Sons,
Baum, Bernheimer Co.,
Kansas
Inc., Bankamerica Co., Mitchum,
City, Mo. and Harry A. Beecroft,
Tully & Co., El worthy >& Co.,
Beecroft,
Cole & Co.,v Topeka,
Brush, Slocumb & Co., Schwato succeed Frederick H.
bacher & Co., and Weeden & Co. Kans.,
MacDonald, Callender, Burke &
MacDonald, Kansas City, and J.
Sao Paulo Pays On
&
.
bankers report
.
.
.
in
District No. 11—Harold C. Pat¬
Brown, Schlessman, Owen & Co;,
,
U.
$4.75
Baltimore
on
subsidiary lines as 1 in best'
year during the past two decades,
accoraing to Pres. R. B. White.1
.' Montgomery Ward cautious
.
Pacific Gas & Electric
Blyth
,
the
and
Ohio
still
Auchincloss,
Parker I &
Redpath, Washington, D. C. and
Harry R. Piet, Jr., John D. How¬
ard & Co., Baltimore, Md» to suc¬
ceed Y. E. Booker, Y. E. Booker
&
Co., Washington, D. C. and
Herbert W. Schaefer, Herbert W.
Inc., both of j^ew York; John R
Schaefer & Co.; Baltimore.; . I' -"i
Longmire, I. M. Simon & Co., St.
District No. 12—David S. SoliLouis; and Henry B. Tompkins,
The Robinson-Humphrey Co., At¬ day, Hopper, Soliday & Co., Phil¬
lanta; Ga. Elected candidates will adelphia, William K. Barclay, 'Jr.,
take office on Jan. 16, 1942 when Barclay, Moore & Co., Philadel¬
phia, S. Davidson Herron, Mellon
a chairman and vice-chairman of
Securities
Corp.,;. Pittsburgh
to
the Board will.be chosen.
Hemphill, Inc., Seattle, to
succeed
Edmund
F..
Maxwell,
Blyth & Cd, Inc.
the underwriting
Cleveland.
Co.,
&
back, "O. K. then, you send him
the
money!"
books
.
Clarke, Johnson, Lane, Space & Co., Inc., Atlanta; Albert Theis, Jr.,
Inc., St. Louis; and Joseph M. Scribner, Singer,
Scribner, Pittsburgh, have been! named for the Board of
Albert Theis & Sons,
an
pending on where you live.
Mu¬
tual
companies
may,
however,
return
a
of
Securities Dealers, Inc. announces
that James Coggeshall, Jr., The First Boston Corporation and Clar¬
ence
E. Unterberg, C. E. Hunterberg & Co., New York; Hagood
Garrett-Bromfield
and
on
Association
devices
strength of the
farm!
; *
12 months ended.
1941, produced as many!
;.
.
of
the
basic
statutory
As to this latter group
companies, which operate unr
N-2A-1, the provisions
der Rule
of. Rule
Harry
N-5B-1,
are
inappropriate. The
:
becomes
effective
believed
amendment
immediately,.
'
?rr?w-»
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4012
Volume 154
1211
Investment Trusts
7/Continued from
period
same
crease
was
heavier
1207)
page
Addressing Service
of
1940*.
This in¬
made despite the much
1941 tax burdens.
Under
normal circumstances, such
large rise in profits in the
period of one year would have
been
greeted as art impressive
evidence
of
prosperous
condi¬
more
HIRAM WALKER-GOODERHAM & WORTS
ft
New Serial Debentures for Short to Medium Term
•
77
ftrftft-' Investmentft3ft:;|';",;fti-;
Walker-Gooderham
Hiram
&
Worts, Ltd.,
a
tions,
Canadian corpora¬
tion, is a holding company which owns directly or indirectly various
corporations engaged in the 'production7of numerous/ alcoholic
beverages. The principal subsidiaries include Hiram Walker & Sons,
stock
"There
mize
is
the
no
to
mini¬
of
taxes
reason
importance
Ltd., which owns and operates a<3>distillery at ' Walkersville,' On- behtures
k
net income, they affect
companies
to varying
degree. Taxes emphasize the im¬
portance of careful security se¬
lection. y Some corporations can
,
.
,
a
Scotch grain whiskey
show
distillery. The latter, built in 1937
at Dumbarton, is the most modern
and
one
of the largest whiskey
J
uninterrupted
an
growth.
In
.ended
1934, sales were
-•
August
withstand them
and
25
"Others will find the
heavy as to impair
earning power.
It is one more
factor
like
priorities, alloca¬
tions, material and labor costs—
peculiar to these times which re¬
quires exhaustive /analysis art re¬
lation to its effect upon specific
companies. But, by and of them¬
so
selves, the amount of income and
excess
profits taxes a corpora-1
tion pays are still of less im¬
portance than the net results in
profits available for the common
estimated breakdown
the
to U. S.
gallons).^ Thus, the ratio
pf United States distillery capac¬
ity to Canadian-Scottish
is
about 65-35.-
capacity
of
(no par) and 724,004 shares
stock
common
ihe bank loans
in
addition
to
previously referred
What the total interest saving
to.
;
These $15,000,000 serial deben¬
-1
,
to
of
the company may be by
bank loans
should not exceed
to 3.20%; each
series being offered at par.
Prin¬ $78,000, which together with $3177
000 for the Hiram Walker (Scot¬
cipal and interest are payable in
ing
from
0.50%
U. S. funds.
the
issue
The net proceeds of
land) 4%s, 1953, brings the total
to about' $737,000.
By the end of
being
applied toward (1) redemption of 1948, interest requirements on the
serial debentures will be reduced
$3,822,000 4*4% convertible de¬
bentures of Hiram Walker & Sons, by $105,500.
$14,737,500)
are
Industrial Production
of
Index
Board
Reserve
Federal
as
the
of
between
production of armaments and re¬
lated capital goods and produc¬
tion of non-defense goods:
r"
<
.
calling
the 4 V4%-: convertible debentures
;
tures, offered on Nov. 12, 1941, and. retiring a substantial amount
of bank loans is impossible to de¬
range in maturity from Nov. 1,
1942 to Nov. 1, 1956, with $1,000,- termine precisely. However, max¬
000
principal amount maturing imum inter estf equirements-on the
each year. ■ Each series—that is, $15,000,000 serial debentures will
each of the 15-year maturities- be $341,700 in 1942, interest on the
carries a different coupon, rang-; outstanding balance of $2,600,000
;
of
Spruce Street
"Security
amount
of
a
sub¬
outstanding
Assuming
$13 (,000
—
,
.
950
States
And
Our
Reporter's
ftl|7 Report ;§:|:77|
all
the
in
arranged
'y7-77 ,,!7
thousand.
per
Co., Inc.
America"
New York City
—
•'
'
"
-
V
•
June, '40 Jan., '41
S°pt„ '41
Pts. Tot. Pts. Tot. Pts. Tot.
8%
18
92
121
etc... 10
.........Ill
Armaments,
civilian
.
13%
87
40
120
25%
75
"
7m
Total
"A
100% 139 100% 180 100';
continuation
toward
armament
of the trend
production at
Pacific Gas Fast Mover
One
vere
tions
in
of
a
thirty-year
the Treasury on its forth¬
coming December financing.
is
It
terest,
K
Series
proved
ject in
time./•
some
■
the
too
venturea
guess
Secretary Morgen-
thau will take this time.
the
pro-
should
boys
it next week.
,;•/
.
X
•.
yet 7
7
early
most
hazard
to
what tack
first
the
"right-out-the-window"
/
little
a
even
some
3%
105 and in¬
priced at
pencils for the in-}
of seeking to out¬
its
game
guess
offering of $25,000,000
bonds,
But
be hard
T ;;/■ ',7
j
at
y
1 For the moment about the only
snapped up
conjecture around suggests that
quickly and moved to a premium he will
again point up his offer-?
coincident with news of closing
ing for the consideration of what
of subscription books. Funds were
is referred to in the trade as
The
bonds
slated
were
the.'
reimburse the company
to
for
"big reserves," namely the banks
and insurance companies.
7
Philadelphia Electric Offering
/
expenditures already made
and to defray in part the cost of
further expansion under way in
the system.
Aerco Shows Advance—
Statistical Study
7
Available
In
keeping with the views ex¬
For the first quarter of its fis-»
pressed' by officials of several of cal year Aerco Corporation re¬
the major life insurance compa¬
ported
earnings
of
$54,812.49
nies, relative to competitive bid¬ before provision for Federal and
ding, no tenders from that source State taxes.
After a reserve for
upon
opening of bids sucn taxes of $28,950,00 net earn¬
$20,000,000
of 30-year ings amounted to $25,862.49, equal
Philadelphia
Electric
Company to 14 cents a share on the 180,000
2%s on Monday.
7. 7y
shares of stock oustanding.
appeared
for
the
Considering
of
quality
the
the bonds and, moreover,
have
the
had
a
life
$11,559.67 after provision for
all taxes, equal to b cents per share
on tne
capital stock for that month.
October shipments exceeded those
of
September by approximately
more
or
of
companies submitted
bid for the issue, since even
those
sold
readjustments
one
who
on
not altogether
are
participation in
peting
sales,
"right"
to
reserved
enter
the
indicates
which
27%
com¬
that
per
share earnings again rose to a new
their
field
peak
new
and
investment
surprised
hankers
earnings reached a
of $;s7,109.67 before,
September
the
size of the issue, it would not
curtailment in their opera¬
their
on
The government bond group is
evitable
for
That
program
difficult
plan the
basis.
sharping
777/'
ing field.
operations
or
its
out
borrow $10,000,-1
companies presumably
ance
serial
r
from the investment bank¬
away
and whose nor¬
will be ham¬
pered by a lack of. sufficient ma¬
terials.
Such companies face se¬
mal
round
would
Treasury Guessing Soon
a
pany's offering of Tuesday would
go far. toward keeping the blues
expense
defense
underwriting
7
day like
the Pacific Gas & Electric Com¬
of civilian. require¬
ments
will bring serious prob¬
lems to those Companies that arc
not readily equipped to assist the
the
to
(Continued from First Page)
high.
on
-:;
Directors
such occasions.
business.
sfpek
The
—
•-
v
r^_
up-
000 from six banks and two insur-:
-
:
more
a
Cities.
and
50
company
a
•
every
which
names
Canada,
North
of
7.7•
recently
:
■
7;r 77.'•
placed
the
regular quarterly divi¬
dend basis of 6y4 cents per share
and
on a
declared
two
dividends; the
payable
first dividend of 6^1 cents
Dec.
20th
to
stock
of record Dec.
12th and the second payable Feb!.
20th to stock of record Feb. 11th.
The
is working on a
of
approxi¬
company
backlog
of
orders
mately
$1,000,000
for
Douglas
Co.,
North
American,
Ryan, Vego, Vultee and other
major aircraft manufacturers.
Aircraft
A
'
-
you
8.500
in
BEekman 3-1767
for " overall
.
and
Dealers
successful banking group,
"Investors
are
likewise faced
maximum figure of
with the necessity of readjusting which bid 103.4544 for the issue,
interest re¬
and
reoffered
it on a 2.55% yield
portfolios to meet the many seri¬
bank loans incurred by both the quirements
(which is probably ous
problems presented in the basis, found the market in a dis¬
not
parent company and by Hiram
strictly accurate, but is at transition from peace to war. tinctly receptive mood. Only a
Walker & Sons, Inc. •: These bank least the maximum, figure), cov¬
This requires a detailed knowl¬ small part of the total remained
loans on Nov. 7, 1941,. amounted erage of fixed charges over the
edge not only of securities but unsold at the end of the first day's
to $13,500,000.
Consequently, if past seven years would have been
of the particular problems facing offering and conditions pointed to
all funds available after redemp- as follows on a consolidated basis
different businesses
and indus¬ a quick clean-up of the balance.
lion of the 4%% convertible de- (years ended Aug. 31st):
tries."—The Broad Street Letter
Playing The Field
-Three Ciphers Omittedof the Broad Street Sales Cor¬
The Public Service Company of
:
Operating
1 Available for
poration.
Sales
Profit >'•
♦X-earned
Depreciation
Interest
Indiana, in setting up its refund¬
;
1941
$102,156
$12,506
-.115.1
$841
$11,665
ing and consolidation project in¬
: 78,679
•/y 11.8 '
1940
811
9,558
8,747
H. S. Hale Opens
v
volving $65,000,000 of new securi¬
68,326
1939
8,034
838
9.7 "
7,196
'•v.
67,201-11-.6
1938
9,253
651
OYSTER BAY, L. I., N. Y.— ties, presumably seeks to
8,602
keep
1937 i
;.K 9,264
601
63.969...
X 8.663
yc7n.77 Herbert S. Hale is now engaging everybody happy under, the new
54,729
1936
8.4
518
'•i
6.198
6,715 <
order
of
in
a securities
business
from
of¬
things in the field of
1935
.<
5.5
45,353
493
4,598
4,104
fices on Adams Street.
Mr. Hale public utility financing.
"Based on $737,000 maximum interest.
is currently interested in stock of 7 The company filed on Monday
According to the last published and adding back $1,000,000 of the Ore Reductions, Inc.
7
with the Securities and Exchange
balance sheet as of Aug. 31,, 1941, serial debentures due in 1942, net
Commission registration covering
in Canadian funds, -net /current current assets. should register an United States and $11,500,000 is a
proposed issue of the foregoing
assets totaled $35,275,000.
Total appreciable increase.
Net asset the value of spirits in Canada and proportions.
current .assets of $54,367,000 in¬ coverage of each $1,000 of funded Scotland.
/:// '■
: 7:y!' > y..y.y
It proposes that $42,000,000
debt
cluded
From the points of view of a
$5,571,000
of cash
and
outstanding should be better
Canadian Government bonds, $14,- than 4 tb 1.
~ '
' •< <
wide margin of interest coverage, 7/of new 3%% new first mort¬
gage bonds of Series D, with :
As
can
be
well'
and
net working capital position,
041,000 of receivables and $34,understood, a
a/ thirty-year
maturity,
be
755,000 of inventories;
Current substantial/inventory during the these bonds appear amply pro¬
7 sold to the general public,
Liabilities of $17,426,000 included present period is a necessity. Of tected;The war element ob¬
via the investment
banking
total
inventory ' figure
of viously enters the picture as to
$9,479,000 of bank loans, $5,023,000 the
7 route. ;77<
"/.'7 •' 777
of tax reserves and $1,643,000 of $34,755,000,
$27,302,000 - repre¬ he possibilities of damage to Scot¬
At the same time $13,200,availability
of
payables.
Current ratio was 3.1 sented "spirits including bottling tish distilleries,
to 1.
Giving effect to the issu¬ materials in cased goods." A fur¬ supplies and more particularly the 7 000 of 3%s, same maturity,
Inc., and (2) retirement of
stantial
offer
to
approximately
are
States
—-
.
stock
publication,
our
earnings.
burdens
•
itransposed from imperial
position
a
North
for
yet increase
"
gallons
Iri
V Addressing charge $3
;
Publishers
„
Canadian
30,000,000 gallons and in in
dollars), . 560,818
Canada and
Scotland 17,000,000 shares of $1 cumulative preferred
listed
of
stencil
metal
a
Herbert D. Seibert &
.
mately
In
"Security Dealers
or
also blends Scotch whiskeys
City Bank of New
which are sold principally in the
7 Walker's sales increased
York compilation.
United States. ' Canadian" Indus-35%). After depreciation, in¬
7 From Calvin Bullock's Bulletin.
trial Alcohol Co., Ltd., is a noncome
available
for interest ;
;
4
-y
V• *
*
*
consolidated subsidiary operating
amounted to $11,665,000, an |
;
"Until recently, the increases
two ; plants
in
Ontario ' which
increase of 33%
over
1940,
in defense production have been
manufactures and sells alcoholic ./•thus showing a good control
accomplished largely through a
beverages
principally ; in ,6 the
of costs. Fixed charge cover¬
greater utilization of industrial
United States markets.
age on the then interest re¬
capacity. Further increases, how¬
The
company's
best : known
quirements was 19 times.
ever, at least until increased ca¬
brands
are
"Canadian 7 Club"
Giving effect to the issuance of
pacity is created, will be accom¬
Scotch
whiskey,
"London
Dry these serial debentures, the com¬
panied by a decrease in the pro¬
Gin," "G. & W. Five Star" blended bined capitalization will also in¬ duction
of
certain
consumers
whiskey, and
"Ballantine's" $10 clude $7,063,000 4V2% debentures
goods.
This trend is discernible
and 17-year-old Scotch. Capacity of Hiram Walker & Sons (Scot¬
in the following table which gives
in the United States is approxi¬ land) Ltd., due 1953. (expressed
pany
us
of
have
we
bank
alphabetically by
i
different
In the fiscal year
31, 1941, sales
were $102,156,000, an increase I
stock."
of 31%
over
1940.
(Hiram
*
National
$21,000,000.
;
puts
There
corporations.
Like
other charges against
.
This com-'
distilleries in Europe.
n
and
United
and
many
gross
-
leries and
so
firm
to-the-minute list than you can obtain elsewhere.
the earnings of various in¬
upon
dustries
applied to
tario,
across
• the
river
from loans, those should be reduced to
Detroit. The principal product of about $2,600,000.
;
;; 7V"
this company is "Canadian Club"
Approximately 90.% of total
whiskey.
Gooderham & Worts,
( consolidated net sales in the
Ltd.," located in Toronto, is en¬
fiscal
year
ended' Aug. 31,
gaged chiefly in the production ; 1941, were made in the United ;
of industrial alcohol and is the
7 States.
Over the past five
largest Canadian producer of this 7 years, sales
in the United
product. 'r
'* ' ' ' 1J 7 / t y "" i States ; have ranged between y
Another important subsidiary is
85% and 90% of total.
Since
Hiram Walker & Sons (Scotland), ;> the repeal of the Prohibition
Ltd., which operates in Scotland
Amendment
in
the
United
three Scotch malt whiskey distil¬
States, consolidated sales have
publishers
America,"
with salutary effect upon
prices and investor activity.
Inc.; the American company ^ which owns and operates the largest
whiskey distillery in the world at Peoria, 111.; Hiram Walker: & Sons,
are
As
a
complete statistical report
on
the
company
may
be obtained
from Barbour, Smith & Company,
210 West Seventh Street, Los An¬
geles.
'
%'
■
*
,
Darby Now Partnership
,
■
The investment securities
ness
of Dai by & Co.. Inc.,
Street,
New
York
City,
being conducted
as
under the
of Darby
name
a
busi¬
1 Wall
is
now
partnership
& Co.,
,7
it has been announced.
•
debentures, ther breakdown reveals that of
the current position will look even this latter amount, $10,150,000 is
ance
of
these
better inasmuch
serial
as
bank loans will
be reduced to less than
$3,030,000>
known
as
same
gallons
(principally spirits in bond), in the
short to medium-term investment
companies. 7
value
of' 49,580 000
for
mortgage
sale
Philip Megna will become
to
are
eight
and Chisholm &
Chapman, 1 Wall
Street, New York City, members
projected
of the New York Stock
insurance
/
a
partner in Francis I. duPont & Co.
Series C under the
shipping problem.
Giving due
weight to these factors, the serial
debentures appear attractive as a
the
Megna Joining duPont
A.
'
and
other
Exchange
leading exchanges."
7
THE COMMERCIAL & FINANCIAL CHRONICLE
1212
of
number
then H. Vaughan Clarke Indicted
things,
brother, you got inflation!
The
(
PROVIDENCE, RHODE ISLAND
HIGH-GRADE
ity of Southern California at
Los Angeles and says, "The
&
Chicago
present situation is far more
Exchanges
inflationary
than
situation
the
in
That last
t
Established
1856
of
'
Members
New
York
Stock
Exchange
New
York
Curb
Exchange
Cotton
Exchange
York
Cotton Exchange
Orleans
And other Exchanges
'
^
National
con¬
•' •'
*
NEW YORK
■
Bank
be done.
Exchange Bldg.
N. Y. Cotton
of
Department
reported the
in¬
H.
Mark
and
new plays
ities
Act
with
the
of
1933
sale
in
.
Company * of
erage
shares
of
stock
connection
American
to
Bev¬
80,000
some
of
C.
H.
Graves
Vy
of
indictment,
the
which
•
violation of
S.
U.
also
Section
as
215
Code, was
special
Federal
Brooklyn which
indictment
defendants
alleged
in
Graves
the
and
and
sale
Sons
that
to
certain
com¬
Prendergast
Ltd.,
assets
Davies
-
H.
"Ring Around
Distillers, Inc.,
other
William
by Feinberg,
exchange for the assumption
by American Beverage Company
the
all
liabilities
of
-
Pittsburgh
geneva,
•
switzerland
LAMBORN & CO.
So I
WALL STREET-
99
which
got myself a farm, but all Ltd.,
after
I
get is bills, blisters, week¬
end
NEW YORK CITY
guests and Japanese bee¬
tles.
I don't like bacon; it
me indigestion. I there¬
fore concluded that the only
gives
SUGAR:
Exports—Imports—-Futures
•
thing to do was to buy com¬
mon stocks and hope I picked
the right ones.
what
But
have
Tomorrow's Markets
5
Whyte
joy ride; if not he
a
went down the sewer with the
All
rest."
if I don't
is
this
history and
put it as elegantly
stock
%, goes
up
that
pays,
ahead of the
a
mar¬
nice inflation
more
than I
years
to tell about and I have
still to find the ideal. The best
I
do is to
buy (or advise
buy) such securities
history books the conclu¬
sions are the same.
that by their action appear to
be heading higher.
If they
I have always heard it said pay anything,; fine, but that
a
"There's nothing new under isn't
requirement. All I
the sun," or to coin another want of them is that they act
cliche,
"history repeats it¬ as well, if not better, than the
can
market.
Once
it
do¬
Somebody else said it first. ing it I'm no longer interested
So
what?
I'm
not
look¬ in its romantic possibilities.
ing for
an
argument. In Somebody else can have the
romance.
I'll take the cash.'
any
case
I went through
It may not be so good for the
all
the
musty relics of a
bygone
day
to see
if I ego but it's a lot healthier on
So I didn't make it up.
find
could
any
clues
as
to
the bankroll.
stops
\
-
-
hard
us
as
the Germans and the French.
Well,
after I
knew
what
got through I
other
countries
I'll be drawn and
faced but
So after all is said and writ¬
about
ten
to
inflation and how
buy
*
*
The most I could
;■/•; -/
•
get
In
was a
kind of definition of inflation.
It
goes something like this:
When it cost you more money
what
appeals to me is
stocks and
common
quartered if I could get any hold them
ideas of what to expect in this acting sour.
country.
*
until
they begin
case
you
sour or
make, and
every
is outdistanced
you
have
to
go
so
that
without
Graves
Distillers, Inc., and false
statements
the
defendants
a
of
of
to
stock action
automatic
is, I refer
signals
you
to
time
to
—
time
reports
with
the
The
SEC
and
Exchange.
Commission has
at its office
family.
1
Jy-yy.
' '
Directed by Arthur Lubin.
1
completely amusing farce in which the team of Abbott and
Costello
true to form.
The only times the picture drags is when
It's about the air corp; a wise guy stunt avia¬
tor; a weak brother; a night club singer who joins the USO 'and
their life at the flying field.
Miss Bruce is excellent when she1
singg but not when she acts.
Martha Raye has a grand role and
the
run
.
plot is stressed.
up to the hilt.
However, that zany pair, Bud Abbott and
Costello, are still the funniest pair on the screen. It's a picture
see, not because of it's message but for it's belly laughs.
>
to
"Two
Woman" (MGM).
Greta Garbo, Melvyn Douglas,
Bennett, Roland Young and Ruth Gordon.
Directed: by
George Cukor.
"/
')•'
.y/;-' -
in
Faced
Constance
The
first
part of the story is dull; the second is fast and at
Miss Garbo, a ski instructor meets Melvyn Douglas;
publisher and they get married.
But he goes off to
times amusing.
magazine
a
New York to attend to his business and she refuses and remains be-
hind.
He
takes
with
up
incidentally steals
every
playwright (Constance Bennett)—who
she is in—and Miss Garbo' follows
a
scene
him but husband doesn't know it.
ordered
a
Philadel¬
tends
she is
back to
tions
wife to
are
sister of
twin
divorce.
seek
different,
She finally meets him and pre¬
He falls for "twin" and goes
his wife.
but
The dialogue is amusing; the situa¬
don't share the general admiration for
V "y;'.y; '■* ■
V';. a
I
Miss Garbo.
•
suspension
of the registration of
Vaughan Clarke as a dealer
H.
and
suspension
the
National
expulsion from
or
Association
curities
Dealers, y: Inc.,
nection
with
fraudulent
certain
and
transactions
in
of
Se¬
in con¬
allegedly
manipulative
securities
of Kin-
Distilling Company.
sey
y^y "They Died With Their Boots
Olivia de Havilland and
a
On"
(Warner).
who played the colored mammy in "Gone With the Wind."
A preposterous story of how Custer won
v
;
War all by
Leaving West Point with the worst marks in the annals
himself.
of the
Flynn,
Errol
host of others, including Hattie McDanieb
Academy he
out
comes
a
the Civil
lieutenant and through some
is elevated to the rank of brigadier general.
Custer finds himself in Dakota where he
error
According to the movie
organizes a crack regi¬
but
ment
due to political influence is almost cashiered out of the
However, being the indomitable soldier that he is he tri¬
umphs over his enemies even though he loses his life in the attempt.
Army.
"Petroleum
An
"Petroleum
March
of
Parade"
on
attractive
booklet
entitled
Parade
on
Civilization"
—
has
The
been
compiled by Tellier & Company,
42
Broadway, New York City,
members
of
the
Eastern
Oil
Royalty Dealers Association.
The
ABOUT-T1IE-TOWN
attractively
illustrated,
discusses the place of oil in the
world of today, shows interesting
diagrams of oil wells, gives tables
oil
crude
production and de¬
royalties are.
may be obtained' from
what
Copies
Tellier &
oil
Company
on
request.
So
long
as you
some
an
field
won't
inflation
you
know
about.
.
like
barn
next
Thursday.
—Walter
IThe
article
time
views
do
not
coincide
shall Chronicle.
expressed
in
necessarily at
with
They
.
.
Another
Columbian Securities
DALLAS,
TEX. —Wilmer
L.
Moore has become associated with
Securities
Columbian
poration,
Cor¬
Building,
Milam
Antonio,
Texas,
their
as
San
are
those
in
Dallas
as
a recommend additional stocks. those of the author only.]
and
individual
the
of
was
of the bond department
Dallas
and
Union
&
cago.
Mr. Moore
was
Trust
with
pany
at
thereto
Savings
the
Bank
may
Com¬
ordnance.
•'
for
$6,687,360,the War De¬
At the
same
requested
time
the
$308,050,000
Navy and $15,000,000 for
housing.
The Navy
$120,000,000
defense installations
vessels.
on
re¬
for
merchant
Other large, items in the
Army estimate were: $779,064,000
for
Chi¬
for
be reached
for
17
included
quest
the
Air
Corps;
$388,000,000
expediting production of de¬
fense
present .at P. O. Box 1021r DalV the
las.
Nov.
on
partment, of which the largest
single item is $3,719,883,246 for
Harris
of
$7,000,000,000 I
additional
Dallas President
Moore
an
prior
Trust
at
Q46
defense
any
of the
gress
for the
Mr.
.
President Roosevelt asked Coni
was
representative.
this
presented
-v
formerly in the investment busi¬
manager
Whyte
place to
room,
,
dealers
More
a
It has
with waitresses, opened last week with a zany
orchestra from the Middle West, which does about everything.
It's
a place to have fun if you are in
the mood.;, The entertainment is
wacky but really funny.
,.r:
""...;_s
; V ::
a
si-
❖
(120 B'way).
.
.
ness
*
Savarin
W. Moore To Represent
and fore¬
money
suggest the Cafe
everything
up-town restaurants boast of; cocktail rooms; pine paneled
dining rooms; even a cafeteria where prices are quite reasonable.
For dining on Italian food that has no peer I suggest Leone's
(239 W. 48th).
From its antipasto to its dessert, its food is every¬
thing you ever hoped for.
48th St. Music Hall (124 W. 48th),
You may even the
you'll have
a
I
buy them and
remember the stops you
be hurt much.
If you're entertaining guests in your office and want
/
lunch
that
.
booklet,
stop.
I
A
in¬
directors
Beverage
Com¬
pany
who
accepted
the
deal,
the indictment alleged, they filed
the New York Curb
with
comedy
new
a
She goes back 20 years and as a girl makes a
daughter's young man and also avails herself of the
tha Raye, Carol Bruce and others.
American
of
in
Presented by Allen Boretz,
Prender¬
able
were
board
new
know
applied to hedge in
From
you
H.
gast-Davies Company, Ltd., were
used in effectuating the transac¬
tion, the indictment alleged. After
don't
sweet
and candlestick maker
than
C.
financial
most
increase in your income
by the prices
you pay the butcher, baker
live
of
Cowl
"Keep 'em Flying" (Universal), with Abbott and Costello; Mar¬
plays it
stock
Jane
Alfred
chance to tell off certain members of her
Lou
of
and Sons
make
I
have advised
buying certain
stocks at certain prices.
Ac¬
companying this I have also
given stops beyond which
they should not be carried.
to
made
protect against it the con¬
clusion that
to
Company.
were
Elizabeth."
and
her realities.
from
shares
scribes
it did
Beverage
by
Schorr
play for her
concerning the worth of the 81,421
of
what to look for in the event
inflation hit
pafd
Dec. 10th at 10.00 a.m., on
question of revocation and
Street for
care
there¬
were
and
representations
say false
others to
as
self."
False
hedge. That would be ideal. hearing
phia on
Well, I have been in the the
(Continued from Page 1203)
was
a
were
ket and makes
Says
tion
the
right
Naturally it's nice to
ones?
Walter
American
stall
4-2727
DIgby
credits
assumed
marriage to
her grand¬
to
an antique collecting mother; a fire
fighting father-in-law; a domi¬
neering cook and other people all running after a legacy that Eliza-!
beth (Jane Cowl) has received.
So Elizabeth gets amnesia to escape
Prender¬
Company, Ltd.
Years ago everybody said
According td the indictment,
that if you did'nt want to buy the defendants were able to
pur¬
common stocks then the way chase the controlling stock inter¬
est in American Beverage Com¬
to
protect yourself against
pany for $250,000 by getting two
inflation was to buy yourself
large
distilling corporations
to
a
farm, warehouses full of extend credit on liquor sold to
Prendergast
r
Davies
bacon, or bushels of diamonds.
Company,
detroit
chicago
boston
starts
self centered people who rub everybody raw.
The husband is dull;
one of the daughters is in love; another is too wise for her years;
in
gast-Davies
of her
help
approve
Carter
Bloomingdale,. at the Playhouse, New
York.;"\v■ iv v '^y^' V ■
A long winded heavy handed comedy of a household full of
Company,
sale house controlled
of
Mrs.
McKay Morris, Herbert Yost and others.
of
New York liquor whole¬
a
until
a radio writer, that the memoirs of the general
to use.
A new radio program dramatizing the life of the
general, goes on the air, a situation that brings Hollywood into the
picture.
They want the screen rights.
It is these negotiations that
bring on Joseph Buloff, the movie tycoon who wants to buy them.
Unfortunately Mr. Buloff is on for only a few moments but during
his brief appearance he sets the audience into gales of laughter. ,
American
of worthless stock of C.
pany
who didn't
tyrant
isn't
come
Beverage Company and its stock¬
holders
handed
It
son.
daughter's husband,
that .the
defrauded
of
iron
an
his
Criminal
neard evidence for several weeks.
The
;
-
amusing story of the Carter family who live under the
the departed General Carter, who according to his son
(C. Aubry Smith), won the war ^single handed,: an opinion not
shared by Nell Carter (Grace George), who remembers the general
Distillers, Inc., a Boston
liquor rectifying concern.
;
The
'
An
;
shadow
and Sons
charged
/.
"
.
"Spring Again," with Grace George and C. Aubry Smith, sup¬
ported by Joseph Buloff, Ann Andrews, Robert Keith and John
Craven.
Presented by Guthrie McClintic at Henry Miller's Thea¬
tre, New York.
\.v v...
of the fraud section of the Secur¬
scared hell out returned by a
grand, jury in
one
cludes ".V. there is no perfect
hedge against inflation." So
there I was, anxious to do
something to get in out of the
rain, or at least find an um¬
brella, and the experts dole¬
fully agree there is little to
'
Trade
of
Board
Chicago
New
;
war."
last
So to make the picture
me,
Chase
Inc.
Exchange,
Commodity
-
the
was
perfect, Dr. Beckhart of the
H. Hentz & Co.
New
along comes
Dr. Anderson of the Divers¬
Members
Stock
of least
line
resistance." Then
INVESTMENTS
York.
began reading
the
is
inflation
New
dictment
the
and
have
Vaughan -Clarke
Godfrey, of Philadel-'
some of our own economists.
phia; Irving Feinberg, Woodmere,
Professor
Kemmerer
of L. I., ' and Prendergast-Davies
Princeton writes, "Politically, Company,
Ltd., .1 for
violation
After that I
BANKERS
Boston
SEC
Justice
of
F. H. PRINCE
Thursday,- November "27;1-941
equipment; $269,000,000 for
Philippine Army,
and $256,-;
709,000 for the Signal Corps.
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154 -Number 4012
1213
Calendar of New Security
Effective—4:45
OFFERINGS
CORP.
Offered—Warrants
SUPPLI
Si
•
'
Airplane Manufacturing & Supply Corp.,
registered with SEC
mon
stock, $1 par
shares
com¬
Terminal,
Bur-
69,000
Address—Lockheed
Air
with
Brashears
86,233
shares
are
b<
the
by
aggregate
(7-31-41)
Effective—3
1941
Sept.
17
as
FIELD
Field
Marshall
SEC
shares
230,000
stock.
'
ol
of
with
registered
common
par
no
offered
was
re¬
122,000 shares
Marshall Field III
from the holding of
duced to 135,000, comprising
the
from
and
holdings
Field
Barbara
Bliss.
Address—222
Illinois.
of
shares
13,000
Bank
N.
Drive,
Chicago,
•.
Business—Consists of ownership and
eration
(a)
whos
merchandise,
quality
and
textile
various
distrib¬
(b)
of
stores
department
of
high
uting
floor
op¬
mills
covering
products are distributed in bulk, and
The Merchandise Mart and other
of
(c)
real
in
estate
Chicago.
underwritten
are
follows:
as
Glore,
and Lee Higginson Corp.
caoh; Shields & Co., 33,750
Co.
&
Forgan
50,625 shares
shftfcs' '*'•' 1
''''
•
,*•'
/'
?■
Y
Offering—The 135,000 shares are already
issued
and
outstanding, and
are
to be
offered to the public for the account of
certain selling stockholders
Registration Statement No. 2-4883. Form
A-2
(11-12-41),
Offered
MUTUAL
CO.
and
of
the
each,
the
public utility
of
number
stock
preferred
are
of
telephone service
Hawaii, Maui,
Oahu,
Territory of Hawaii,
adio telephone service between said Islands
and certain ships at sea, and also wireless
and
Kauai,
Malokai,
telegraph service between .Oahu; -Lanai,
Hawaii, Maul and Malokai.
Underwriters—There is no underwriting
-
In
with
connection
this
offering.
Offering—Company is offering the 100,shares
for
subscription at $10 per
000
share
15.
its
to
stockholders
of
Oct.
record
1941, by offering one share for each 4
then held.
Subscription offer ex¬
& Torrey, New York
Auchincloss, Parker & Redpath, N.Y.
O'Brian,
Mitchell Si Co., Buffalo
7,000
Kay, Richards & Co., Pittsburgh
6,500
Stern, Wampler & Co., Inc., Chicago
4,300
Stroud
4,000
&
Phila—
Inc.,
Co:,
will
offered
be
the
to
public
at
per
distributed
Interests
are
unexercised
Proceeds
term
bank
pro
15,
rata
Registration Statement No. 2-4888.
A-2
4:45
p.
E.S.T.
m.
A
Nov.
Offered
8EC
ity
A2.
at $25
1941,
25,
ELECTRIC
CO.
of
$20,000,000
First
and
Business—This
subsidiary
of
of
sale
the
will
treasury
for
plants
additions,
A2.
7,
E.S.T.,
m.f
received
were
Edison
Bldg.,
900
1
to
up
to
Awarded
by
the
ap¬
1941,
shares
at
/are
list of issues whose registration state¬
on
as
per
Public
&
Hague
&
De¬
Corp.,
remaining 117,300
certain
of
account
selling
/'
price
offering
to
company
is $9.50 per share
will be used for
general corporate purposes, including pur¬
chase of new equipment and for working
capital
Registration Statement No. 2-4890. Form
Cleveland)
(11-19-41
Railroad
SEC
stock,
conversion
the
of
for
reserved
E.
Address—155
issuance
Business—Through
the
and
St.,
N.
Y.
City
subsidiaries,
engaged
business in New York
"small loans"
New
Jersey
AIR
'/Y\'/'..Y/'':
be
to
is principal underwriter; others
named by amendment
York,
New
will be offered to
public, at price to be supplied by amend¬
Offering—Debentures
'•
ment
used
and
FLINTKOTE
CO.
Flintkote
35,000 shares
be
(THE)
Co.'
common
SEC
Y.
Business—Directly or through subsidi¬
engaged in manufacture and sale of
asphalt and asbestos-cement roof¬
aries,
decorative
products,
insulation
structural and
board products,
as¬
phalt emulsions, chipboards and boxboards,
solid and corrugated containers, set-up and
folding boxes, dry and saturated felts, rub¬
ber compounds and allied products.
Underwriters—None.
for
ex¬
con¬
common
Midwest
istered
Tool
&
stock, $1 par.
Address—Detroit,
shares
stock,
-
v
shares
offered
SEC
fied
&
Co.
and
the
for
the
registered
Corp.
with
Shares,
Address—608
Sunshine
Bldg.,
N. M.
Business—Investment trust.
Underwriter—To be offered by company.
27,125
account
shares
of
the
issued and outstanding)
1,000 certificates are to
at not exceeding an aggregate
be
be
offered
company,
of
$2,000,000.
are
to
shares (already
will be offered for
two selling stockholders.
Proceeds
1 vvvvUo
i
for
iui
investment
yvuvw
purposes
Registration Statement No. 2-4892. Form
(11-21-41)
CI.
be
be
will
for
reserved
sold
Atlas
by
and)
the com"
received by
Registration Statement No. 2-4748. Forna
(4-30-41)
TELEPHONE
CAROLINA
us.
INC.
reserved
for
issuance
upon
TELEGRAPH
&
1
be
named
by
commission
Underwriting
amendment.
is $2.25
share.
stock to
be
offered
outstand¬
loans; $200,000 for purchase oi
machinery; balance for plant
additional
prepay
additions
and working capital.
Registration Statement No. 2-4851. Form
A-2.
(9-27-41).
'Y-Y
Y-
has
company
filed
an
amendment
its
registration
statement
with
Securities and Exchange Commission
the
dis¬
closing that its 50,000 shares of $1.37%
cumulative convertible preferred stock will
be offered to the public by the following
v'/'.
White, Weld
Jackson
&
Z'/ZY':'/
'/
/,'■ iY:.
■:-.J
v
Pierce, Fenner &
E.
Wampler
Rollins
H.
Sons——,
Tully
Mitchum,
&
Co._—^— 5,000
4,000
&
&
&
Co.——
&
AMERICAN
Bakeries
Class
B
no
(a subsidiary of AT&T)
Underwriters—There
Nov.
26,
520
Address—No.
for
stock,
at
4
price
be
to
/
sold
than
Automatic
gistered
no
DIALER,
TELEPHONE
Telephone
common
Grand
Street,
Effective
1941
4:45
m,: E.S.T.
p.
YY'-'
CHAMPION
Champion
with
SEC
FIBRE
&
shares
40,000
no
preferred stock,
indeterminable
number
par
stock,
re¬
stock
Eliza¬
devices
,
will
Stock
be
' '
sold
share
expenses
engineering
working
and
and develop¬
capital
Registration Statement No. 2-4752. Form
re¬
the
white
papers and book papers,
and is
the largest domestic manufacturers
of
W.
are
Sachs
E.
&
Hutton
Co.,
but
E.S.T.,
deficient
apparently
May
24,
4:4t
Proceeds will be used to redeem the out¬
principal
102%),
amount
of
requiring
the
1938
$8,947,663.
will
proceeds
be
to
ASSOCIATES,
Associates,
Debentures,
A2.
to
to
due
6%%
amendment
Address—216
July
per
filed
Turks
1,
according
annum,
with
changed
1971,
SEC
Head
July
Bldg.,
21,
Provi¬
istration
bonds
would
3%%
with
the
statement
SEC
interest
bear
to
disclosing
The
at
that
the
in
Rhode
in
the,
Island
small
and
loan
Mass¬
Offering—The Debentures will be offered
the
Co.,.
" " • j
public at
Inc.,
—- — -»
100 by
Boston;
— — — - — -- ?
F.
L.
Putnam
underwriting
— - - —• — — ■ ■ — - ~ —o
I sion is 15%, leaving net price to
of 85
&
commis
companj
the
of
rate
public
offering
price of the bonds and the preferred stock
will be supplied by later amendment
per
Also
names
annum.
disclosed
of
the
the
in
amendment
underwriters
preferred
stock,
each, as follows (all
for
of
W.
E.
New
S.
of bonds
"
Hutton &
Co.
York
Dickson
&
No. of shs.
of
pref. stk.
8,000
1,700,000
8,000
127,000
600
425,000
2,000
85,000
425,000
2,000
425,000
2,000
Co._
Field, Richards & Co.,
Cincinnati
Boston
Corp
Harriman
Ripley
Hemphill,
Noyes
Hornblower
&
Co.
Co._
255,000
340,000
C.
Langley & Co.„
Higginson Corp._Piper, Jaffray & Hop-
Lee
400
1,200
1,600
■
85,000
.
40O
,
765,000
3,600
850,000
4,000
*
1,600
1
340,000
511,000
'
2,400
Minneapolis-
127,000
600
White, Weld & Co.—
340,000
1,600
wood,
;
.1
Weeks
Lane, Space
& Co., Savannah_-_
Kidder, Peabody Co.«
Kuhn, Loeb & Co..^.
W.
the
City,
$1,700,000
Drexel & Co., Phila
First
the
bonds
with
otherwise indicated):
Goldman, Sachs & Co.
R.
is
the
together
Johnson,
achusetts
,
of
has jfiled
its' reg¬
Filed—Company
amendment
an
-,
I.
Business—Engaged
business
at
working
(10-25-41)
Amendment
INC.
Inc.
1941
dence, R.
Issue
Balance
added
capital
unless
1941
$500,000 Participating Sinking Fund Series
6%
Co.
New
of
standing aggregate of $8,660,000 of 4%%
sinking fund debentures ($4,125,000 prin¬
cipal amount due 1950, at 104%; $4,535,000
Prln. amt.
from
&
both
Offering—The bonds and preferred stock
be offered to the public, at prices to
supplied by amendment
and
(5-5-41)
registered SEC
$500,000 6%
Participating Sinking
Fund
Debentures, due July 1, 1971
Beacon Associates, Inc. interest rate od
A
of
to be
Address—Hamilton, O.
Business—Largest domestic manufacturer
the types of paper known in the trade
/ /
brokers and
registered
BEACON
no
upon conversion of
common
issuance
$3
shares
convertible
an
of
i
registered
mortgage
(interest rate to
Nov.-1, 1956
by amendment);
and
par;
19,
CO.
Paper & Fibre Co.
$8,500,000
of
first
bonds, due
filed
Nov.
on
YYYY'V''
■'
PAPER
Registration Statement No. 2-4867. Form
Proceeds—For
P.M.,
payment of $830,000 of bank
for plant
and equipment
betterments, and for work¬
and
1
,
dealers
Offering—Public offering price, $3 pei
share, underwriting commission 75 centi
A-l.
to
balance
ing capital
'•
Registration Statement No. 2-4875. Form
(11-4-41)
Y..-,;
V
be
automatU
of
Development
—
dialing
Underwriter—None.
through
sub¬
not
are
A2
J.
N.
Business
telephone
per
Proceeds
loans,
additions
net
East
as
by stockholders in the exercise
will
INC
Inc.
Dialer,
of
stock
common
Underwriters
par
beth,
for
Goldman,
York, N. Y.
.s.,;Y/V''
shares
of
and
,
75,000
each
the warrants
of
one
by
(3-28-41)
AUTOMATIC
per
common
for
then
shares
as
Registration Statement No. 2-4714. Fora
A-2.
$100
of
share
one
of coated papers
be
filed
of
for
scribed
*:
named
will
be
rate
at
shares
1941.
offer
of
offered to pub¬
amendment
Proceeds—All proceeds
will be received
by L. A. Cushman. Jr., chairman of board
of company, for whose account the stoci
at
granted transfer¬
subscribe
10,625
preferred stock
Business—Manufacturing and distribut'
bakery products in souther states
Offering—Stock
to
the
served for
ing
lic
being
are
the
cumulative
Ga.
Underwriter—None
underwriting
no
held.
Warrants expire Dec^
Company reserves right to resale, at a price in no event less
$100 per share, such of the 10.6251
shares
29,
common
Ten
1941,
warrants
share
be
registered 16,00(
stock
Pryor St. Bldg.
Co.
is
in connection with this financing
Offering—Common stockholders of record
1,000
1,000
M00
—
par
Tarboro,
Involved
1,500
CO...
BAKERIES
American
Atlanta,
Co.—
Co.—
Vietor Common &
shares
-
Torrey—_—
Cruttenden
Fuller,
St.,
,
of California—4,000
Pacific Co.
Cohu
Y
:
Shares
/
—10,000
Y-Y—£
Beane
Stern,
"
Y/ yYY-
& Co..
12,500
Curtis_——;—10,000
Merrill, Lynch,
James
operating company is en¬
gaged in
the telephone business in thd
eastern
part of North Carolina.
About
31.67
of
its common
stock is owned
bySouthern Bell Telephone & Telegraph Co.-
,
The
to
St.
C.
able
to
Proceeds—$300,000
bank
Address—122
N.
per
Offering—Preferred
ing
Telephone & Telegraph Co. reg¬
istered
with SEC
10,625 shares common
stock, $100 par, and subscription warrants
evidencing
rights to
subscribe for such
10,625 .shares common stock
Business—This
preferred.
Airport, Bendix, N. J.
Business—Company is manufacturer and
of airplane
parts, equipment,
material, supplies and accessories.
Underwriter—White; Weld & Co., New
York, is principal underwriter; others to
to
hit vgiiuvuu
com¬
preferred
will be
proceeds
A-2.
whose
Address—Bendix
Albuquer¬
Offering—The
Of the
remaining .22,875
the account of
Fund
CORP.
will
shares
of
deter¬
distributor
Beacon
Income Shares and In¬
stallment
Shares,
aggregate
amount of
which is not to exceed $2,000,000
-
filed
were
Inc., registered with SEC
Cumulative
Con¬
of the
Effective
1,000 certificates representing Diversi¬
Fund
Trust
Shares,
dividend into
Capital
100,000 shares will be of¬
registered,
loans
que,
.
fered to the public at $2 per share.
to certain officers and employees of
company and its subsidiaries from time to
time, at not less than the then prevailing
market price for company's common stock.
bank
and
Preferred
—
publicly offered at prices Uy
amendment, except that 108,-'
pany
v
paper
FUND
DIVERSIFIED
Diversified
Mich.
Underwriter—Keane
reduce
be
by
common
no
$1.37%
latter
conversion
■'
Registration Statement No. 2-4891. Form
A2. (11-19-41)
;■/ ;Y . /YvY;/
Business—Manufacturer of precision cut¬
ting tools, etc.
to
filed
Proceeds—Stock
issues
been
to
store
specialty
Corp. and the American Co., parents,
of
but
ago,
not
unknown
are
or
Air Associates,
to general funds,
THURSDAY, DEC. 11
Form
Manufacturing Co. reg¬
50,000 shares common
with. SEC
added
felt
MIDWEST TOOL & MANUFACTURING CO.
stock will be .reserved for issuance by com¬
pany
company
made
or
Offering—The
«
Offering—The 35,000 shares of
applied toward, or will
Registration Statement No. 2-4885.
A-2.
(11-13-41)
various
siding
be
reimburse
in connection with,
acquisition of additional
facilities in Vernon, Cal.
struction
mill
York,
will
to
penditures
registered with
stock, no par.
Address—30 Rockefeller Plaza, New
and
used
part
commercial
and
Proceeds
DEC. 2
in
more
have
ASSOCIATES,
ment
will be
Terms
will
mon
vertible Preferred Stock, no par; and maxi¬
mum
of
100,000 shares $1 par common
Underwriters—E. H, Rollins & Sons, Inc.,
Proceeds
TUESDAY,
or
dates
Address—1201
in
Offering
/
be
list
a
of
City
CO.
on
debentures
44th
York
New
Carolina
Employess Corp. registered with
$750,000 5%
common
days
mined
will
CORP.
EMPLOYEES
convertible sinking fund
debentures, due Dec. 1, 1956; and undeter¬
mined number of
shares $1 par class A
ing.
ing
Higbie
M.
'
underwriters.
Smith,
are
-
outstanding and are to be sold
for
public
Proceeds
'
filed less than twenty days
sells piston
and
principal
Carlton
are
below
underwriters:
■%*,:£
CO.
Co.
stockholders
and
...
DEC. 9
account of the company;
to
at 104.176%
>
troit, Mich.
Offering—23,100 shares are unissued and
are
to
be offered
to the public
for the
Sansom St., Philadel¬
E.S.T., on Nov. 24,
26,
Co.
Manufacturing
$50
par,
and
131,203
stock, $1 par
Avenue, New York;
Fifth
Underwriters—To be filed by amendment
;
registration statements
twenty
be
payment,
to
underwriters
and
in
OF OFFERING
present
offering
sup¬
will
notes
MANUFACTURING
Inc.,
Co,
syndicate headed by Mellon
Nov.
be
stock,
common
City
<
.<
"•
Business—Operation
provisions of
•
of
f
Inc.
registered
38,33*
cumulative
convertible!
Address—721
amendment.
and
bonds
Business—Manufactures
Other
Corp.
Offered
will
underwriters
(11-18-41)
Co.,
m.,
p.
underwriter;
rings and expanders
..■"•Y'Y,'Y
Underwriters—Schroder,
Rockefeller
Nov.
company
Co.,
registered
with
SEC
140,400 shares common stock,
$2 par value
:
vYYYYV
Yv'
Address—Hastings, Mich. Y Yo:
exten¬
on
partially of
served comprises
principal
TUESDAY,
1941
Bids
Form
p.
gas
and
the south
Republic
on
Chemical
&
shares
be
'1...,
(11-22-41)
50,000
for heat, light,
sold consists
gas
gas
Territory
applied
Hastings
'
YY'Y
(10-17-41)
Effective—4.45
of
purposes;
named
HASTINGS
pro¬
be
is
Registration Statement No. 2-4889. Form
A2.
Utility Hold¬
will
111.
the
to
will
indenture
whose
amendment
be
Coke
,//
property
and
by
with, the
and
'
'
Teller,
5%%
conversion
at 100 and
accrued interest, of the $4,604,000 of joint
first
mortgage 4%
Series A bonds, due
Jan. 1, 1942, of company and North Shore
1%% promissory notes
Remainder of net pro¬
used to reimburse, in part,
be
company's
sale
other
of
names
,
ceeds
is
indenture
accordance
DATES
1942-
utility company
public
water
gas.
Chicago,
D
Denver*
INC.
TELLER,
of
preferred
of
bonds,
202
amendment
by
supplied
Winnetka, HI.,
will
in the United
bonds
series
Bldg.,
/' •'
milling
and
(11-12-40)
Bonwit
Registration Statement No. 2-4893. Form
A2.
public, at prices to be sup¬
plied by amendment.
vY,■ -".Y
Proceeds, plus other funds of company,
Refunding
rule 930(b).
Offerings will rarely be made before the day follow¬
N.
the
-i
miles, including all of the communi¬
along
the
shore
of Lake
offered
purchase,
transmission,
distribution
and
of electricity and gas in southeastern
grouped according to the dates
The
in
used
situated
plied
sale
from
in
Madison St., Waukegan,
Offering—The
net
the
under
Majestic
Offering—Stock will be offered public¬
at $1 per share, selling commission,
shares
Sept. 1, 1969, at 106 % and accrued
interest; and $4,000,000 of the net pro¬
ceeds
will
be deposited
with the trustee
^
Underwriters—Central
Pennsylvania, including Philadelphia and
vicinity
Underwriting and Offering—The bonds
will be sold under the competitive bidding
ceeds
be
and
of
of Public Service Co.
513
—
BON WIT
company
mortgage series A 4%
COMPANT,
,
due
Michigan from the Illinois-Wisconsin State
line on the north to the south boundary
,
the
first
MILLNG
AND
M
A-l.
Interest rates and matur¬
will
oven
sq.
ties
Co.
holding company
system, is engaged primarily in production,
Securities
P.M. Eastern Standard Time
Indiana
with
registered
semi-annually
$50,000
inclusive.
coke
270
Philadelphia,
rule U-50 of the SEC's Public
due
tribution
24,
ago.
These issues
which the registra¬
tion statements will in normal course become effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in seven days.
These dates, unless otherwise specified, are as of 4:30
are
the $38,000,000
of
23,
August
—
.•"/
of
E.S.T.,
Proceeds
For development equipment
operation
mining
near
property
Breckenridge, Colo.
Registration Statement No. 2-4571. Form
necessary
first mortgage series
and $700,000 serial
1961,
funds
bo
pro¬
subsidiaries
Underwriter—None
UNDETERMINED
«
Co.
other
to
Mining and Milling Co. registered
shares of common stock, $1 par
Address
will be applied to redemption,
within 40 days after issuance of the bonds,
con¬
a
plus
P.M.
Business—Mining
ly
/
if
advances
Colo..
and
Proceeds,
by
subsld-'
will
on
1941
MINING
Bear
and
under
for
17,
July
153,145
water.
sold
Co., Inu*
to
(6-27-41)
BEAR
Rule U-50 of the SEC's Public Utility Hold¬
We
CO.
Gas
due
partially
Improvement
ing Company Oct of 1935
Proceeds—$20,000,000 of
Shore
RAILROAD
a
ef¬
and
provide
GAS
power and other
Pa.
Gas
SHORE
dates
A2.
Following is
establish
to
used
Business—This
.
share
per
interest
ments were
become
Power
Company Act.
Names of underwriters,
and public offering price, will be supplied
by post-effective amendment to registra¬
tion
statement
\
,
\
.
the reg¬
supplied
be
Indiana
funds
of
35%
be
&
advanced
their working capital or
payment of debt Incurred
Effective—3:00
as
ing
engaged principally in the production, dis¬
'Y'
Address—1000 Chestnut St.,
1941
(10-6-41)
will
on
Offering—The bonds
the competitive bidding
will
Company
underwriters
the
to
Address—211
Mortgage 2%% bonds, due Dec. 1, 1971
phia,
loans,
be
fund
bonds,
1948,
Philadelphia Electric Co. registered with
warrants.
equipment, working capital.
Registration Statement No. 2-4855.
have
shall
of
prices
sale of
(11-15-41).
notes
Form
Nov.
on
Y.::Y'Y''Y
to
outstanding
short
additions to plant and
bonds
by
bidding
/,
will
North
(11-15-41).
Effective
1941,
prepay
Names
the SEC $3,700,000 of
r'v-/;
capital.
will
to stockholders of
whose
fractional
disposed of and to holders of
Oct.
record
Holding
Indiana
Haute Electric Co. and Dresser
Company is a public utility
SUNDAY, DEC. 7
share.
Registration Statement No. 2-4863. Form
auction)
statement
offering
NORTH
Proceeds—$1,429,571 will be applied to
pay off company's outstanding bank loans,
including premium and interest; balance
of
$247,946
will
be
added
to
working
sions, batterments and improvements to its
deduction expenses of
SEC's
Northern
Co.,
Putnam
be
Registration Statement No. 2-4790. Form
A-2.
Underwriting
sold
practicable after
fective.
A-2
share; underwriting commission is $2.25
per
be sold at public auction in
highest bidder therefor not
(after
be
and
.
for acquisition
or construction of additional property.
Registration Statement No. 2-4887. Form
$25
later than Dec. 27, 1941, and proceeds from
the auction sale in excess of $10 per share
be
the
as
istration
struction
Mackubin, Legg & Co., Baltimore—
3,600
Offering—The 75,000 shares of preferred
ing $20,000,000 of
payable to banks.
to
soon
$75,000
8,000
7,000
.
plied to pay company's presently outstand¬
will
of
will
competitive
for
Indian¬
St.,
in
Corp.
by
pires Dec. 20, 1941;
Full shares of such
stock, representing fractional interests and
also shares called for by
warrant to be
issued to stockholders, which are not exer¬
Honolulu
U-50
as
F
shares
cised,
Offering—The
and
under*.the
'
•
for
used
ply distribution and sale of electric energy
and gas, and in
the supply, distribution
com¬
service at retail
preferred 'stock
Illinois
N.
lary
viding
operating in State of Indiana and is en¬
gaged principally in production,* generation,
manufacture, purchase, transmission, sup¬
Proceeds will be applied as follows: To
redemption, at 100 and accrued in¬
terest, of the outstanding $876,700 of first
mortgage 5% bonds of 1956, the outstand¬
ing
$637,750
of
first
mortgage... income
bonds series A (9%) of 1956, and the out¬
standing $236,950 of first mortgage income
bonds series B
(7%) of 1956; balance of
shares
underwritten
'
follows:
as
Cohu
Co.
furnishing
islands
the
the
Co.,
Inc., reg¬
first mort¬
$42,000,000
L.
Proceeds—Will
3%% bonds, due Dec. 1, 1971
Power
Terre
Power
the
-
on
Gas
amendment.
White, Weld & Co., New York
17,300
Carl M. Loeb. Rhoades & Co., N. Y. 17.300
PHILADELPHIA
registered with
SEC 100,000 shares capital stock, $10 par.
Address—1128
-Alakea
St., » Honolulu,
Oahu, Territory of Hawaii.
Business—Company
is an
Independent
Telephone
Co.,
INC.
Indiana,
6, 1941, as result of consolidation of
Service Co. of Indiana, Central In¬
-
1941, at $14.50 per sh.
Nov,, 26,
AIRLINES
Board.
Underwriters
&
INDIANA,
OF
of
Boston
Ind.
diana
.
105
shares
1941
TELEPHONE
Mutual
Underwriting
and
company
public
150,000
stock
amendment number of
Underwriters—By
shares
Public
Ala., and vicinity.
,
■".
at
1941,
25,
Electric
pany furnishes natural gas
in Mobile,
of - common stock, $1
par, latter to be reserved for issuance upon
exercise of the conversion privilege of the
convertible preferred stock.
Y.v
Address—Allegheny County Airport, Pitts¬
burgh, Pa.
■;
;..'{■
Business—Engaged in the air transpor¬
tation
of
passengers,-, mail
and express,
over certain routes authorized by the Civil
and
Sept.
Service Corp.
Consolidated
Nov. 24,
Rule
-V.
V';
Act,
and int.
on
v
Nov.
Aeronautics
shares
of
for
Pennsylvania-Central Airlines Corp. reg¬
istered with SEC 75,000 shares $1.25 cumu¬
lative convertible preferred stock, no par;
-v.
.
number
The
Co.
of
CORP.
CO.
&
&
:
.
Form
.
E.S.T.
m.
PENNSYLVANIA-CENTRAL
p.m.
MARSHALL
■
4:45 «p;
v
Offered
Francisco)
(San
E.S.T.
p.m.
expended
moneys
Francisco)
San
(11-12-41
Effective
Sept. 6. 1941
.Offered Nov. 10, 1941, at $1.25 per share
•
for
Registration Statement No. 2-4884.
A-2
underwriter
•
A-l.1 Filed
5
SEC
Address—110
registered with
SEC $1,400,000 first mortgage bonds, due
Dec. 1, 1961
(interest rate to be supplied
by
amendment),
and
6,000
shares
6%
capital purposes, such treasury funds to be
used for construction and working capital.
Registration Statement No. 2-4807. Form
4.45
'
CO.
Co.
Business—Incorporated
CORP.
SERVICE
Mobile Gas
is
Inc.,
GAS
with
apolis,
to
treasury
pany's
Proceeds will accrue to the selling stock¬
•
Co.,
&
MOBILE
electric
and
gas
,
,
Service
gage series D
at
Proceeds
oi
bid price during the day of sale
Underwriting
commission
on
the 86,231*
snares
of 25 cents per share
holders
Cal.
Francisco,
istered
THURSDAY, DEC. 4
'
SERVICE
Public
offered to j
cumulative preferred
stock, $100 par.
a
price to be supplied by
Address—162 St. Francis St., Mobile, Ala.
registration statement.
Business—An operating utility subsidiary
will be used to reimburse com¬
public
amendment
highest
,«
refunding
PUBLIC
Flotations
Underwriter—F.
FRIDAY, DEC. 12
company
due June 1,
principal underwriter. '
Offering—The bonds will be
arbitrary pricet
from
time to time with regard to existing cir¬
cumstances.
Such offering price will not
exceed 125%/ not be less than 110% of tht
determined
and
bonds,
named
to public at
offered
be
to v be
CO.
registered
to
from sale of the
27,125 shares will be used for payment of
outstanding bank loans, final installment
on
sales
contract, and
the balance for
working capital.
Registration Statement No. 2-4886. Form
S-2 (New form)
(11-13-41 Cleveland).
1941
5,
Co.
first
$25,000,000
series K 3%
utility company,
Underwriters—Blyth
Lo*
Co.,
&
selling shareholders
for account of certain
to
Electric
&
Business—Operating
already issued and out¬
to be offered to publh
are
standing and
Such
SEC.
the
ELECTRIC
&
Address—San
ol
shares currently registered with
and 16,433 shares previously regis¬
with
SEC
Nov.
1971.
the 69,800
•
Gas
!
•
-
tered
Pacific
sale o 1
and
service
Angeles, Cal.
' " -•'
Offering—The number of shares to
offered
by
the underwriter
consists
SEC,
GAS
mortgage
airplane equipment
Underwriters—G.
PACIFIC
marked
,
bank, Cal.
Business—Purchase,
Proceeds
17,
1941.
AIRPLANE MANUFACTURING
->
P.M., E.S.T., on Oct.
Flotations;
Calendar of New Security
Deferred—Company announced
that the offering of the securities
Nov:
17
COLUMBIA
Columbia
tered
GAS
&
Gas
&
Florida
ELECTRIC CORP.
Electric Corp. regis¬
N.
Broadway,
utility
Business—Public
Y. C.
holding
>
com¬
pany
make
to
Co.,
Gas
a
a
INC.
.t,
i
,
Wash., is underwriter an$ dis¬
purchasing said shares at the
net asset value then in effect for distri¬
bution to public at such net asset Value
Spokane,
tributor,
8%f#.!
- .
' * y: ■
v
Offering—To be offered to the public at
«
market
prevailing
then
used
be
Proceeds—Will
<
price.
amendment
•
Form
-a.
(8-28-41)
A-l.
Amusement Co., Ltdrr'regSEC 50,000 shares common
Consolidaaed
with
istered
stock, no par
Address—Honolulu,
Hawaii
»'• Business—Engaged
in
>
purposes to other exhibitors on the Islands
of? Oahu,
Hawaii, Maui, Lanai, Molokai
Kauai
and
Hawaii
of
the Territory
in
its
outstanding
has
which 499,987 shares
of
stock,
shares
500,000
held by
its parent National Power
Light Co., which latter company also
options to purchase the remaining
shares of
outstanding common stock
13
of
exhibition
motion pictures for
an
holds
company).
utility
Tex.
Houston,
Is an operating pub¬
Business—Company
lic
St.,
Fannin
Address—900
exhibiting motion
pictures in theatres owned or opera'ted by
it
on
the Islands of Oahu,
Hawaii and
Kauai in the Territory of Hawaii and-of
distributing
&
*
-
of
common
are
CO., LTD.
AMUSEMENT
CONSOLIDATED
SEC
(Company
of
& Power Co.
regis¬
indeterminate number
common stock,
no par.
Lighting
shares
of
r
j
CO.
POWER
&
LIGHTING
with
tered
Statement No. 2-4825 Form
Registration
engaged
principally
company
generating,
transmitting, distributing
and selling electricity at retail and whole¬
In
rural
tensive
area
Underwriter—None.
subscription at $10 per share pro rata to
holders of common stock of
record Oct.
15, 1941, on a one for three basis, through
warrants, exercisable up to and including
Offering
public offering contem¬
Company is advised by
& Light, that that com¬
No
—
Initially.
plated
Power
National
SEC
with
filed
has
pany
declaration
a
contem¬
com¬
Dec.
27,
1941.
Unsubscribed portion of
mon
stock
of
company
which National
such 50,000 shares will be sold at public
Power & Light owns, for the $6 preferred
auction in Honolulu.
There is no under¬
stock of National Power <fc Light Co. and
writing in connection with this offering.
also contemplating that If, upon termin¬
Of
the
50,000 shares so offered, 33,813
ation of such proposed exchange plan, Na¬
shares will upon their issuance be subject
tional Power & Light still holds as much
to the Voting Pool Agreement, as extended
as
5%
of common stock of company, it
to April 15, 1950
will dispose of such holdings as promptly
Proceeds
will
be
used to
redeem,
on
as
shall be practicable In light of then
Dec. 10,
1941, the outstanding 6% Series
Holding
the
under
Act
Company
initially,
plating,
preferred stock of company
Registration Statement No. 2-4880. Form
cumulative
4:45
Effective
.
p.
E.S.T,
m.
19,
Nov.
on
'
1941
Amusement
Consolidated
Co.,
also
Ltd.,
filed
registration
statement
with SEC
covering voting trust certificates to be
issued for
a
maximum of 33,813 shares
of
stock, no par, registered above
common
(2-4880)
.'<
-
.
Registration Statement No. 2-4881. Form
(11-7-41)
F1
'
4:45
Effective
'
1941
p.
E.S.T.
m.
19,
Nov.
on
The
Voting
Co.
certificates,
trust
a
of
1,684 shares
and
par,
that the
until
its
terminated
Unless
earlier.
the
terms,
until
no
according
trust
voting
will
located
are Elmer
C. Tucker,
Morrill, and Joseph K. Holmes.
Main St., Holyoke, Mass.
sale
and
of
in Holyoke,
with
paper,
its
mill
4:45
Effective
subsidiary
of
communities
180
tories
in Illinois,
Genera)
providing,
service to
Co.
is engaged in
competition, telephone
without
surrounding
and
terri¬
including Kewanee, Mon¬
Lincoln, Belvidere, HarMendota and Mt. Carmel
Underwriters, and amount of bonds and
preferred stock underwritten by each, fol¬
Macomb,
mouth,
Olney,
low;
-
No, of
Shs. of
Amt. of
15,
Nov.
on
pfd. stk.
Bonbright & Co., Inc.,
$2,875,000
York
New
Webber
Paine,
12,000
& Co.,
York
New
2,156,000
9,000
719,000
3,000
Mitchum, Tully & Co.,
Angeles
preferred stock t<>
the public at a price to be
Offering—Bonds
offered
be
E.S.T.,
p.m.,
to
and
supplied by amendment to the registration
statement
1941.
Proceeds
EATON
■' ■ y
'■ 1
Springfield,
■
Business—This
Los
Mass.
(10-11-41).
F-l.
■
St.,
Telephone
Registration Statement No. 2-4858. Form
HOWARD BALANCED FUND
&
Eaton
&
regis-
Fund
Balanced
Howard
SEC 500,000 Trust Shares
ered with
tire
Business—Investment Trust
shares will be offered to
Offering—The
public,
at the market
Underwriters—Eaton
&
Howard,
Inc.,
Boston
Investment
Proceeds—For
Registration Statement No. 2-4860. Form
(10-15-41)
Effective—4 p.
E.S.T.,
on Nov.
5, 1941
ELMORE OIL CORP.
Elmore
Oil
Corp.
registered
with
SEC
14,000 shares common stock, $5 par value
Address
—
Stevens-Harle
Durant,
Bldg.,
Okla.
in
the
oil
business,
buying, selling oil and/or gas leases; owns
and operates certain oil and gas leases and
equipment
in
Brown
and
Jack
Counties,
Tex.
Underwriters—None
Offering—The
public
shares will
direct
by
offered
be
company,
at
$5
to
pet
share
Proceeds
will
be
used
for
drilling
additional wells, the equipping of
lease, and for working capital
a
(
sale
of
bonds
the
and
stock, will be used in part to re¬
following securities of company: $5,-
Series A
3%%
bonds, due June 1, 1970, at 105 %; 17,098
shares
$6
preferred stock,
at $110 pershare;
1,108
shares
$6 preferred
stock,
owned by parent company, at latter's cost
Balance of net proceeds will be used to
750,000
of 5
certain
,
First
Mortgage
purchase
from General Telephone Corp
the outstanding capital stocks of Central
value
asset
net
then at
each,
$10
-:.y
City,
Mo.
Business—Investment
.■
.■
trust
Investment
for
'
'
'
Kensington
filed a reg¬
565,000
covering
(10-24-41)
INVESTORS
Investors
with
SEC
MUTUAL
Mutual
FUND,
Fund,
Investment
INC.
registered
Inc.,
certificates
repre¬
equitable Interest in the fol¬
lowing two classes of Special Stock of
company:
(I) Investors Diversified Fund:
(a)
60 units of $1,200 each of Monthly
Payment Certificates without life
insur¬
ance protection permitting aggregate pay¬
ments of $720,000;
(b) 400 units of $1,200
each of Monthly Payment Certificates with
life
insurance
protection permitting ag¬
senting
an
of
-
•
at
••..•'/.
no
Istock
Its
proposed
has
$20
an
statement
value
par
common
be offered
to
to the pub¬
710,500 sharet
from
reduced
been
filed
Co.
Gas
registration
Its
to
According to the amend¬
ment, such. 355,250 shares are. those thai
are
presently , owned,
and
outstanding
355,250 shares.
North
to
are
fr The
offered
be
Power
public
to
Light
American
of
.account
Light &
American
$1
6
par
Power
&
Co
,
^
COl
$100 par
Address—Rushville, Ind.
Business—A
( '
■
■ ,
POWER
Power Co. regis¬
shares 6% cumuf
.
2,000
lative preferred stock,
)
.
utility company en»
gaged in transmitting,
distributing
and
selling electricity in southeastern Indiana
Offering r— The preferred stock will be
offered to. public at a price to be sup¬
plied by amendment
;
Underwriter—Central Republic Co., Inc.,
.
.
.
:
INDIANA
Indiana
.
SEC
with
tered
orglnallj
additional, shares
355,250
7,
Southeastern
cent
per
(io-27-4i)
FI
SOUTHEASTERN
tht
cumulative
registered with the SEC on April 21, 1941
preferred stock and the same number ol
for public offering, and withdrawn from
shares of 1 cent par common 35,000 shares
registration
were
subsequently registered
of $1 par 6 per cent cumulative preferred
and became effective.
These shares constishares
previously sold to" promoters: at »tuted tile stock outstanding and owned by
$1 and 1,320,000 shares of 1 cent com¬ United Light & Railways Co., a subsidiary
mon
of United Light & Power Co.;.
previously sold to promoters at 2.6S
"
.
cents a share
•
*
* '
PACIFIC TELEPHONE & TELEGRAPH CO.
Address—Seattle,
Washington
Pacific Telephone' & Telegraph Co. reg¬
Business—Mining
and Milling
"V
istered
with
the SEC
656,250 shares of
Proceeds
For property,
construction,
common stock, $100 par value.,-,
' •
'
development and working capital - •
-v
Address—140 New Montgomery St.;'San
Underwriters—Kressly and Campbell
^
Francisco, Calif.
\ \ •
<,...
Registration Statement No. 2-4697. Form
-v
Business—Company and its subsidiaries
A-L
(3-21-41)
'YY.v- •
provide telephone service in about 650 ex¬
Effective—4:45
P.M.,
E.S.T.,
April 19
changes in / California,
Nevada,
Oregon,
1941
■
"r
■
Washington and northern Idaho, includ¬
kirkland
gold
rand, ltd
v
ing San Francisco, Oakland, Berkeley, Sac¬
;
Klrkland
Gold
Rand,
Ltd.,
registered ramento, Portland, Seattle, Spokane, Tawith
SEC, under refiling,
500,000 sham come* Los Angeles, San Diego and Pasadenar.
common
stock $1 par
Company is controlled by American
:
v*;
Address—360 St. James St., West, Mon¬
Telephone & Telegraph Co. , • •
— -w
of
St.;
corporation
-
Co.
for
LaSalle
S.
:
Business—The
■'
Natural
(
of
135
•'•>':'- ■'»,••• I
owns •- and
operates a commercial building consisting
of stores, offices, and apartments, located
at
the southeast corner of 79th st. and
Racine Ave., Chicago, 111.
'
Offering—The
voting trust certificates
are to be issued to holders of corporation's
common stock, under a proposal to extend
the existing voting trust agreement, which
terminates Nov. 23, 1941, to Nov. 23, 1951.
Registration Statement No. 2-4868. Fornq
Chicago
Registration Statement No. 2-4741. Font
shares
"■
■Y".'-1.--.".
par
Address—Trustees!
selling stockholders, United Light &
Railways Co., and North American Light
M
.
of
trustees
voting
al,
Seventy-Ninth
by
Co.
BUILD-
•
et
Teter,
and Racine Building Corp.;
registered with SEC voting trust certifi*
cates
for 2,961
shares of common stock,
otherr
Offering—Stock will be publicly offeree
price to be filed by amendment
Proceeds—All proceeds will be received
and-Power
Lucius
.
RACINE
CORP.
ING
> i
:
-
,
.
..
AND
SEVENTY-NINTH
transmissioc
and
gas
$73,700 for
:
Registration Statement No. 2-4871. Form
Al
(10-29-41—San Francisco)-'; ., 7 ;-.;'.
\
t
.-*• ■; Y".
•
'
Underwriter—Blyth & Co., and
to be named by amendment
,' .
of natural
inventories
of
Increase
stock, $20 par
Court Bldg.,- Omaha
Aquila
—
y
excess
ended July 31, 1941( and
year
Co. "registerec
company
unpaid portion of Federal in^profits taxes for fiscal
the
and
come
V
CO.
to
charge
1941,
*
from sale of the
will be used as follows:
for contemplated advance pay¬
sub-contractors; $262,500 to dis¬
to
shares
$125,000
8.
common
Business—Production
and
Inc. has
Mines,
statement
istration
3hares
public
of
,
2,000 shares
together with aggregate
received by company
stock,
be
to
$1,152,280
of the
sale
Proceeds—From
preferred
—
from sale of other securities
($650,000 44$
'
,
-
•
development,
ac¬
holding,
selling
and operating
silver
and
other
mineral' mines.
Company is still in the development stage
Underwriters—To be named by amend¬
in
■■;
i >
■;■>
:;*>■ Y
public
at
$1.25
commission
43%
is
underwriting
share;
per
cents
The
such
Proceeds—For development, purchase oi
equipment, and working capital
, v
•
less
not
details
Further
$100
than
to
as
the
Refiled
A-l.
is
TELEPHONE
CROSSE
LA
CORP.
;
Telephone
Crosse
.":■■■:•
Wis.
Corp.
'
Underwriter—Alex.
•'•
Co.
Central
to
sold
Telephone
&
A-2.
(3-29-41)
Co.,
Marmon-Herrington
with
$1
SEC
150,000
value
par
Address—1511
Inc.,
shares
registered
stock,
Washington
W.
In¬
dianapolis, Ind.
Business—An
partment
outgrowth of the truck de¬
former Marmon Motor
the
of
in the man¬
heavy duty
trucks, Ford conversion units, tracklaying
tractors,
military
combat
vehicles
and
other special military equipment.
Unfilled
orders of company totaled $23,712,126 on
Oct. 20, 1941, of which a large portion are
for
track-laying military combat vehicles
of various types, the production of which
Car
Co., company is engaged
ufacture,
assembly,
sale of
is
getting under
just
way
Underwriting—All of the 150,000 shares
registered
are
already
issued and out¬
standing, and are to be purchased from
stockholders
selling
by
Brown,
Schlessman, Owen & Co., Denver, Colo., at
$8
share.
Underwriter
underwriting group for the
per
Offering—The
the public
at
Proceeds
a
may
form
an
stock
will be offered
shares
to
price of $10 per snare.
will
received
be
by/the ■ three
stockholders
'
Registration Statement No. 2-4873. Form
A2.
(11-1-41)
y
v
selling
.
Effective
12:20
p.m.,
E.S.T., on Nov.
14,
1941.
corp.
aircraft
-
129,063 Vb
Airport,
Preferred
shares
—
Stock, $100 par, and
stock, $1, par
Lambert-St.
Louis
Municipal
selling
for
parts"
Underwriting—None.
offered
by
aircraft; expects
of manu¬
shares
shares
lic
,
of
of
.
,
the
of
common,
units
in
aircraft
Securities
company
Offering—Of
6,453%
share
Ossa,
each
to
Canal
registered.
unit
consisting
of
the
one
10 shares of com- t
'
CO.
Address
1
Tex.
750
stock;
Nichols
'
Y.
Ave.,
sale of heating
in
$2.50
A-l.
UNION
and
stock
preferred stock will be
for
subscription
to stockholders,
-Unsubscribed portion will be pur¬
by Max Kalter, director of com¬
pany,
on behalf of a syndicate which he
represents.
Subscription price is $2.50 per
Offering—The
share
•
of
cer¬
notes
Registration Statement No. 2-4865. Form
Al. (10-23-41)
par
200,000
value
shares
•
Corp.
■
'
'
;
'
& Electrio
Gas
•
■
■'
Offering—Stockholders will receive of¬
to subscribe to 25/94ths of one com¬
mon
share in units of 5/94ths of a share
for each 5/94ths of a share held at $5.32
for each unit.
On a share baslsj stock¬
fer
holders
subscribe
may
-
to
5
new
held at $100,016 per
share
each
for
$1
Gas
Columbia
by
-v..,
share.
&
repay
current
debt
first mortgage bonds held
parent and. associated companies, »uu
Registration Statement No.
A-2.
and
by
for
costs
construction
v
Cal.
shares
stock is held
Electric Corp.
*
Substantially all outstanding
-
Vista,
..
$2,835,000
capital stock,
of
Y,.
utility
electric
Operating
—
Underwriter—Columbia
Proceeds—;To
'J
.•
Address—Chula
Business
,
CORP.
"yy1
company
offered
AIRCRAFT
shares
■
Address—4th
Y,
and
and Power Co. re¬
$100 par common
' .>
■*"
,r ■ ■ v.
&
Main
St., ; Cincinnati,
V
"
Heat
Light,
25,000
tv
■
Ohio
\
outstanding bank loans
'
PANY
at par.
chased
SEC
''
Statement No. 2-4824 Form
LIGHT, HEAT AND POWER COM¬
Union;
boilers and radiators, steam
Proceeds will be used for payment
offered
(8-27-41)
gistered
manufacture
,
I
.
be
to
par
Syracuse.
thermometers
company.
shares
44,74,157
and
.
heating and high pressure boilers, Unaengines, radiator valves, boiler gauges
tain
from
$2,
An¬
purchase
to
share
public
flow
Underwriters—None
York Co., San
per
ing mortgage indebtedness ($200,000), and
remaining $26,626 will be added to work-}
'■
•.
Business—Engaged
and
at
$1.75
at $2,375 per share; remaining
984 shares registered censtltute shares is¬
sued July 1. 1941, by company,, as divi¬
dends.
y:
.y
*
Proceeds—Will be used to pay outstand¬
stock, latter reserved for conver¬
sion upon issuance of the preferred
Address—701
In
agreed
has
at
Offering—118,907
to
common
N.
■*" ;
Y
"
Tex.,
shares
shares
at
v/aluei and 120,000 shares of $1
par
'"•••
<
tonio,
York, is
'
preferred
registered with SEC
Underwriter—Willard
\\
convertible
CORP.
production
and
marketing of crude oil, acquire mineral
leasehold interests in producing or proven;
oil
properties in Texas, drilling of
oil
wells thereon, acquire royalty interests Id
proven and developed oil properties.
■'{
bot¬
of
"
—
with
lative
;
common stock, $2 par.
k
Milam Bldg., San Antonio,
BUTLER RADIATOR CORP.
V
Butler Radiator Corp.' has regis¬
ing capital \
SEC 120,000 shares 5% cumu¬
Registration
Pierce
9,
4
Business—Engaged
■
,
tered
...
OIL
'
shares will be offered to
$12.50 per share; under¬
per share:
Proceeds—Will be used to Increase the
company's working capital
Registration Statement No. 2-4870. Form
S-2 (New Form)
(10-29-41)
:
PIERCE
Dec.
'
shares
119,891
Francisco
Jose
de P.
in business
underwriter
public
to
ex¬
trust
voting
1941,
9,
to
;/'■
Texameriea Oil Corp.
regis¬
Co.
Panama, R.
Zone
plan
a
existing
Dec.
from
certificates
trust
under
the
of
life
t
•
.
voting
Registration Statement No. 2-4882. Form
Fl (11-7-41)
-
Offering—The
2-4379, Form
(3-30-40)
Business—Manufacture and sale of part*
for
aircraft pursuant
purchase
to subcontracts with
orders ? from
UNITED FUNDS, INC.
United
•
Consolidated
Aircraft
300,000
Corp.; parts manufactured are in following
Shares;
categories: cowling, power plant assem¬
blies, boom doors ancf bomb rack adapters
Underwriting—-Lester & Co., Los Angeles,
of
be
preferred and 64,531%
will be offered to pub¬
preferred and
BOTTLING
Bottling
Underwriters—Elder & Co., New
sole
of
reg¬
trust
?
tling Coca-Cola and other carbonated bev¬
and in manufacture of ice-cream
and
ice, all of which ate sold wholesale
in the Republic of • Panama
and in the
the
Corp.,
..
Corp.
and
Lockheed
,
Cala is the sole underwriter.;
-
shares
the
1951
-
,
,
tend
33,750 shares common
Avenue
CORP.
trustees
Building
voting
issued
be
to
agreement
erages
Aircraft
Business—Engaged In designing and developing aircraft and of manufacturing
and
la
and
Mo.
presently to engage in business
facturing,
testing
and selling
111.
'
Offering—The
are
l Rohr Aircraft Corp, registered with the
?
common
Robertson,
SEC
the
$1 par"
Address—19-A
ROHR
McDonnell
SEC
with
cago,
writing commission is $2.50
f
common
Y
St.,
will be
stock
de
the
^
inc. i
c<l,
.
BUILDING
voting
al,
Ave.
TEXAMERICA
with
Business—Engaged
is owned bj
parent
company,
Middle-' Western
Tele¬
phone Co., which will donate a portion
to La Crosse Telephone Corp. and latter
will
use
proceeds
to
retire outstanding
preferred stock
-*
,
Registration Statement No. 2-4717. Form
registered
marmon-herrington
Francisco)
Coca-Cola
Panama
tered
vy-
,?y
•;
Proceeds—Stock
of
*•
Pub¬
certificates
for
5,029 shares common stock, no par,
of the corporation
; Y
.Y
./ r
1 \'
Address—Chicago, HI. (
Y
; ;
Business—Corporation owns and oper¬
ates an apartment hotel building in Chi¬
> v:
•'.
to repay advances
••...
COCA-COLA
PANAMA
Sons yy:
registered
Electric
/
stock
-j.
-
;
AVE.
et
Teter,
.
will be
publicly offered at price to be filed b>
amendment, except that 2,406 shares will
stock
■:.
;
ROSEMONT
istered
Registration Statement No. 2-4879. Form
"
Offering—-All
capital.
capital
other corporate pur-r
;
Lucius
parent company,
A2., Ul-6-41-San
■
&
Brown
to
ing
of
indebtedness
1061" Rosemont
and any excess
be used for plant extensions, addi¬
and
improvements, and for work¬
tions
registered
32,080 shares of common stock, $10 par
Address—La
Crosse, Wisconsin '
Business—Telephone service to La Crosse,
La
the
be used
will
Proceeds
from
(6-16-41)
amendment.
by
supplied
Registration Statement No. 2-4727. Form
com¬
Hoosier
outstanding
the
(9-6-41)
1061
to
share.
per
all
Insurance
an
shares $10 par commoq
applied by company to
be
to
Registration Statement No. 2-4830. Form
the
to
and
12,500
funded
A-2
Dec.
on
offering
,
■
bank
a
are
poses
1941,
portion
offered
be
and
acquire
of $100 per
expire
will
later
1,
Dec.
price
a
to
pany,
common
company
unsubscribed
will
shares
at
at
warrants
The
1941.
by
record
of
warrants
through
share.
31,
offered
be
stockholders
its
public,
share
per
first
will
tures
Insurance com¬
Guaranteed Deben¬
Serial
lic Utility Co. and for
;■ Y-.Y-.
statement. 656,250 shares
registration
stock
$350,000
and
named
Offering—The
quiring,
Offering—Above shares to be offered, to
underwriters
Underwriters—No
-
.
pany,
stock)
.
gold,
ment
first mortgage bonds to an
,
.
Address
Registration Statement No. 2-4866. Form
Address
Nebraska
GAS
Gas
Natural
shares
710,500
Oct.
on
P.M., E.S.T,, Oct 6,
NATURAL
Northern
Form
.
ments
E.S.T.,
*
..-J;; '•
Proceeds
;
:
P.M.,
4:45
NORTHERN
inc.
mines,
kensington
of
as
by
Convertible
company's plant and prop¬
1941
lic
.
Registration Statement No. 2-4869. Form
(10-29-41)
(9-17-41)
Effective—4:45
to
purposes
betterments
to
A-l.
Northern
McDonnell Aircraft Corp. registered with
SEC
6,453 Ve
shares
6%
Noa-Cumulative
erty, and for other corporate purposes
135,000
tools, machinery and equipment.
Registration Statement No, 2-4844.
atLA-2. (4-21-41)
Underwriters—Investors Fund/ Inc.
A1
of
share
public at $4.40 per share;
commission, is 88 cents per
the
to
underwriting
Kansas ^amendment
Baltimore '• Ave.,
Address—1016
offered
stock, at price of $140 per unit..,-Re¬
mqn
maining 64,531% shares common reserved
(or issuance on conversion of the preferred
Proceeds for working capital, purchase
of Special Stock from time
The Shares will be first issued
Telephone Co. and Illinois Stand¬
ard Telephone Co., to make additions and
Illinois
A2.
Business—Engaged
time.
the purchase
applied to
be
will
such shares
to
three
from
preferred stock, together with $105,000 re¬
ceived from sale of 7,000 additional shares
common
Address—25 Federal St., Boston, Mass.
the
YY"
Bonds
Business—Company Is engaged In manu¬
A2
:
Adams
continue
Address—642
the
E.
to
trustees
Voting
Ralph H.
-
"■
;
par
Sept. 2, 1947.
facture
TELEPHONE
Telephone Co.
"
voting
trust
certificates provide
voting trust shall continue in ef¬
Sept. 2, 1944, unless terminated
The
2-4827 Form
CO
regis¬
tered with SEC $5,750,000 of first mortgage
3%% bonds, due Oct. 1, 1971; and 24,000
shares
of $5 cumulative preferred stock
rlsburg,
$100 par.
fect
be
necessary
are
requirements
investment
the
of
be
Commercial
Illinois
111.
of Crocker McElwith the SEC voting
to
be issued in
ex¬
&
Statement No.
Address—607
like number of shares of
1% preferred stock, $100
15,000 shares of common stock,
for
change
as
oi
Investors
whose Net Payments upon the
Certificates
covered
by this
registration
a
Power &
(8-29-41)
ILLINOIS- COMMERCIAL
Trustees
registered
Bond
Electric
or
Registration
A-2..
Y;-'
y
CROCKER MC ELWAIN CO.
wain
Co.
subsidiary
Light
Share Co.'
either
of National
affiliate
an
or
be
to
ceased
have
its security
disposition, company
such
After
mind.
will
of
Interests
best
the
with
holders
and
conditions
other
and
market
in
(11-7-41)
A2.
will
Stock
Special
amounts
such
in
meet
to
of
exchange
the
t
A
issued
- are
inde¬
However, shares
advance.
in
class i of
each
treal, Quebec, Canada
Business—Engaged
In
Galveston.
and
Houston
of
ies
and an ex¬
in Texas, including cit¬
150 communities
serving
sale,
Underwriters—None
Offering—The shares will be offered for
-
(9-17-41)
A2.
HOUSTON
y k;
.
purposes.
.
.•
Registration Statement No. 2-4845.
Houston
investment
for
of
respectively,
Fund,
terminable
as
at 102%,
.
the
Corporate
Investors
and
000,000 of company's First Mortgage
—
plus
follows:
the $52,5s of
1954; $15,693,370 to redeem at $110 per
share,
the 142,667 shares of company's
$7 preferred stock, no par. > Further de¬
tails
to
be • supplied
by
post-effective
applied
redeem
».
Fund
Diversified
vestors
Proceeds
be
will
to
$53,170,000
Open-end investment trpst,
limited to investments in bonds.
V
Underwriting—Murphey, Favre &
Co.,
Business
of
classes
*
Proceeds
Spokane,
Ave.,
Wftshi
.
Act.
Names of underwriters and
price to public, will be supplied by posteffective amendment to registration state¬
ment
/
-«■
statement
Underwriting -and Offering—The securi¬
registered are to be sold by company
under the competitive bidding Rule U-50
of the SEC's Public Utility Holding Com¬
pany
•
Riverside
and other portions
ties
Composite Bond. Fund, Tnc.,^ registered
SEC
32,500 shares $1 par common
Address—601
American
& Shar*
of
Bond
Is an operating public utility en¬
area),
payments > oi
• .L
:. ■ 1
issued of the
Special Stock designated as In¬
aggregate
requiring
$500,000.
The number of shares to be
subsidiary
(Electric
Light
Miami,
Ave.,
.
gregate
payments of $480,000;* and '(c)
2,000 units of $250 each Full Paid Certifi¬
-Y
Florida
of
with
stock.
&
Jacksonville
the
(4-10-41)
FUND,
:>
gaged principally In generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of the territory along the
east coast of Florida
(with exception ol
Newport & Covington Ry Co. to
Company to redeem its out¬
$3,303,000 1st & Ref. 6s, 1947
Registration Statement No. 2-4736. Form
BOND
requiring aggregate payment
of $500,000; (II) Investors Corporate Fund:
(a)
600 units of $1,200 each of Monthly
Payment Certificates
without life insur¬
ance
protection permitting aggregate pay¬
ments of $720,000;
(b) 400 units of $1,200
each of Monthly Payment Certificates with
life
insurance
protection permitting ag¬
cates
Second
E.
S.
,
3ystem)
that
COMPOSITE
by amendment
Business—This
standing
A-2.
will be sup¬
stock,
preferred
'■
Power
Cinn.,
enable
the
on
Pla.
from the holders thereof; and
$3,402,090 capital contribution
subsidiary,
to
Fuel
United
of
notes
due Oct.
Address—25
prices
Proceeds—To
serial
SEC
,
plied
issues will be publiclj
to filed by amendment
Redeem $50,000,000 Deb 5s,
1952;
$4,750,700 Deb.
5s, due April
15,
1952; $50,000,000 Deb. 5s, 1961; to pur¬
chase
$3,750,000
4%
guaranteed
serial
notes due 1942-46 of Ohio Fuel Gas Co.,
a
subsidiary,
and
$3,750,000
guaranteed
Offering—Both
at
Co.
Light
Fund
ing
rate
offered
CO.
registered
LIGHT
Si
&
Power
$45,000,000
First
Mortgage
1, 1971; $10,000,000 Sink¬
Debentures, due Oct. 1,
1956;
and
140,000 shares Cumulative Preferred
Stock, $100 Par.
Interest rates on the
Bonds and Debentures, and the dividend
with
bonds,
due 1961
Address—61
POWER
FLORIDA
serial debentures,
due
1951, and $92,000,000 sinking fund
debentures
gregate payments of $480,000;
and. (c)
units of $250 each of Full
Paid
2,000
Certificates
$28,000,000
to
1942
A-l.
postponed for the present.
has been
Registration Statement No* 2-4864. Form
(10-21-41)
.
Offering
Thursday* November 27* 1941
CHRONICLE
THE COMMERCIAL & FINANCIAL
1214
Offering^1^!
the '200,000
.
shares
regis-
ered, ' 135,000 will be offered for the ac¬
counts of-the company and the remaining
65,000
shares
will
standing)
of
the
owner
(already issued and out¬
be offered for the account
thereof,
Consolidated Air-
craft Corp. s-* Such 200,000 shares will be
'
•
(.• )
.,
'« V
•
Funds,
registered with SEC
United Income Fund
Inc.,
of
shares
and $8,000,000 principal amount
Stock' Purchase Agreements
covering
of
periodic- payments toward
the purchase
United Accumulative Ftmd Shares pre-
..
"iously. registered.
Address—1420 Walnut
Pa.
office);
(executive
office)
•
Business—Investment
(home
-
.
St., Philadelphia)
Kansas City, Mo.
■ •'
...
trust.
Underwriter—United Funds Management
"
Corp.
1
'
Offering—The
t
,j
.i
r
(
»
300,000 shares of United
3.) ..YY-Yl
.f
Funds
Income
will
Shares,
cents par $74,375
to
offered
be
due
public a-t the prevailing market price
{
'1
(11-5-41);
UNITED
!"■
Wash,;.".'
DRUGGISTS, OF
WHOLESALE
PITTSBURGH/ 'INC':,
*
j
* r
>
'
-...
-
..
no
'
Wash.,
Effective—Oct 7,
>.
;
•« v.-.\ u
?
/
CO.
:
may
of
receive:
will
$160
Florida
1
prices
at
per
first
-
./M:
E-l.
of
1
,
;
wish,
it
to
roads
access
f
of
strips
flight
for
immediate
re¬
our
national
• •. •/.;■').
desirable.
defense.
/
..
notice
-
ment;
ment,
$5
price,
• pe
'' '
of
purchase of seagoing
and working capital
Apartment, "-Inc., .*registereo
shares common stock, 25
29
Effeetive-^May
5,950
equip J
;■;;< >- ,7 P
Roosevelt-disclosed
President
on
of' April
Bill, Urges
Nov.
had
signed
authorized
appro¬
that
21
because it
he
/
they
year
stantial
are
not
the
stock.
/"'a
;
Commission
that
the
sent
the
has
concluded
existing practice of
designation
by the issuer of
independent counsel to repre¬
they could
afford to take large security
you
taken short-term losses, or have a
be practicable.
On the basis of its analysis of
the replies to its questionnaire,
;
that
incomes
would
suer
are taxed at the full rate.
profits is not at all necessarily
have already established valid this
year.
Just as an ex¬
short-term
profits: and did not
ample, suppose an individual has
have a short-term loss last year
held 2,000 shares of United Air¬
(which may be carried over in
craft for several years, and has
full, but not in excess of your 1940 20
points or $40,000 profit. If he
net income), it might be wise to
sells now, his tax would be $6,000.
take ' some' offsetting
short-term
The latter is equivalent to a de¬
losses.
Likewise,
if you have
cline of only three points in the
months)
If
7"'..'
as
This
tax.
that
the
other
'
and
:/.:■/
(7-19-39)
your
position
take
counsel, but they go on to
that they do not believe any
selection than by the is¬
say
If your income before taxes is $5,000, a $1,000
.Short-term gains (profits taken
vessel; equip-f on
securit'es
fell less than
18
plant
Registration Statement No. 2-4133. Porn
A-1.
of reducing
than
com¬
own
especially
net tax
loss will save you the equivalent of as much as over. 10 days work
($136).- If your income is $50,000, a $10,000 tax loss will save you a
maximum of over 10 weeks of work ($5,805).
; ;7 '
pe
f1
commission,
■t.-. Proceeds—Purchase
f
INC.
underwriting
•
methods
worthwhile.
practice
Most of the other
they would prefer to select their
The Government provides, and expects you to use, certain legiti¬
;
the
of
strongly
more
present
others.
>
panies
mate
Com¬
y : yy;77
Offering—Public ' offering
jhare,
1941,;.; 77/7!
APARTMENT,
faartwell
the
to
two
or
,
Some Year-End Tax Considerations
■
therefor,'':*-1
Brown
—
7,7;
;'«aare/
deficiency
"of
-v
and manu¬
dredging
One
companies object
for
quirements
the
questionnaire are of the
opinion that the present method
of selecting independent counsel
to represent the bidders is not
\ I
not
as
majority of the life insur¬
companies which answered
the
which
to
of
The
ance
to-
them,
express
steps to insure designation
acceptable counsel.
enactment
this
have >directed attention
representing
military and naval reserva-
and
7!
from
authorizations
'.the
provides, for
the construction of
of " meeting
means
offering.
acceptable to prospective bid¬
ders, issuers would, as a matter
of
course,
take all necessary
nevertheless, to ex¬
press my earnest hope that the
Congress may find early oc¬
casion, in studying our national
j.Lpons and defense industry sites
Congress to Eliminate; Non-Defense Items
^
which
zations
:
registered- T,«
A: common
'" '7 */'* 7 '
Inc.
Cal.
equipment
President Roosevelt Signs Road
J
these
eliminate
par VClass
[ Address—Alameda,
pany
7.77'
,
P.M., E;S.T„ Sept. 21,
WHITWORTH
SEC
$5
i'.v Business—Deep-sea
facture
.'V~
(5-23-41)
Effective—Under
with
■
Statement-No. 2-4767, Forlt
7 Whitworth
Hydraulics,
shares
.
stock*-
and working tap '
i
4:45
Williams
0001000
development 'Pf lands
For
Registration
of
[./proval because of the authori-
- •/
.
ac-
delay
contains, I have felt
j; constrained to give it my ap-
Statement No. 2-4811;. Forlr
(San Francisco, Cal.)
"
v
Underwriters
—
y
any
further
proposed
underwriters
belief
that, since it is
in the interest of the
issuer to appoint counsel fully
HYDRAULICS.
WILLIAMS
will be sold to- the
$20 per acre up t*
from
purchase of equipment,
s-io
(8-8-41)
v''; * ..V
taking
accomplishment
I
bill"
Kthis
paf{ valu?
$12.50
■_ • :
i
Registration
j'*V'
* ''7
;/ '•
vital
t
capital
in
would
that
objectives.
rena-
defense.
tional
clearly
justified
tne
on
their
defense needs and the ways and,
valut
par
the
;: ,/ In spite, however, of the objectionable authorizations which
income bonds,
and
stock of the - new
mortgage
of
: $12.50
immediately
interest of
are
bid
and I do not think that I would
] the
]
l
25/148,750 fractional
(a)
bonds,
mortgage
company;.'
acre
Proceeds
Re¬
-Seattle,
Bank,
National
Owner of each
Wash,
share
interests
Offering—Interests
public
of
a*-Plan
;
by, Certificates qT Interest. Latter
be surrendered under-the plan through
Seattle-First•
V
-
under
they
quired in
7
sented
,
Underwriters—None
»
/./that
*'/■ H-
the, securities register.'
spective syndicates organized to
air-:
authoriza¬
two
Several
tion
:
for enactment upon; any ground
7
organization,
to holders of
148,750 urn
divided
fractional
shares, : latter - repre¬
registered warranty
in: oil and
gas lands In the Everglades, Florida, about
50-miles,west of Miami ^ >,v.
; i,
'Address—Theatre Building,- Coral Gables
County,
•'
'
-
of
take-off
represent immediate and
genuine national defense needs
be
>
operate
and
own
roads
to
and
These
Co.
Land
representing
Dade
r
-
<; Offering—All of;
ed will be offered
1941 at 11 A. M., E.S.T
LAND
Virginia
to
:Underwriters—None '>*•'. *
equipment, and for working capital
1 )• of
second
-Registration Statement No. 2-4818 Form
One
share
A-2.
(8-22-41 (
y
•>, •
■
:
deeds
-v;
on July 3, 1941
Whitworth Apartment:
and
,
apartment.'
said
shares of comrnca
(Stock will be sold by the ■ company, dired
to
(exclusively)
retail druggists,
at; .$50
per share
j .
it.'
♦ .*• >. '■
i Proceeds—Will be used for purchase ol
VIRGINIA
$7
*.»• •
craft.
tions
under certain
operating conditions, and surveys and plans, fail to find, I
I think, satisfactory justification
repairs
Seattle
Bldg.^,
«...
landing
for off-street
.
Underwriting—None
Offering—The 4,000
.
:
••
_
title to
acquire
Seattle,
1 Business—Incorporated in ' Delaware' i od
April 28, 1941, to engage lh business • ol
;selling
drug
store merchandise?
V1'.
!
6% Non-Curam
1,/I96t v<:V
;
The remaining authorizations
parking facilities,
/j reimbursement to
States
for
V
Second
7 Business—Incorporated
■
Wholesale Druggists of Pitts-:
burgh, Inc-V registered with the SEG 4,000
shares
no
par
common
stock V" ,» * .>! ■>
11 Address—6543
Penn
Ave.-: > Pittsburgh,
United'
Pa-
$74,375
and
Address—311- Securities
'
,/
-
*
First Mortgage 5% bonds,
1951;
Mortgage Income Bonds.
iative Interest, due Sept.
Registration Statement No. 2-4877. Form
Al.
1,
Sept.
.
investment,purposes
for
Proceeds
1215
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4012
Volume 1S4
mitted
will
bidders
to
continue,
be
per¬
but
that
adequate disclosure of such mat¬
ters
as
the identity of the inde¬
pendent
and
counsel
the
pro¬
posed fees of such counsel to be
paid
the
by
will
successful bidders
required
and • close
will be given to the
be
scrutiny
-'".i
reasonableness- of such fees and
priations for the construction of roads urgently needed for national
'defense/; In letters to Senator McKellar (Dem. of Tenn.) and Rep¬
resentative Cartwright (Dem. of Okla), the President pointed out
establishing a higher tax cost for
that
the
bill
contained
authorizations which
do not represent
ways::'.; /.V-F.F,'7^ V;,'7'-.7 7
your securities in computing fu¬
1. As an offset to completed
."immediate requirements for our#
ture profits or losses.
trades.
•; 777;77.7"" ••
struction of flight strips for the
national defense": and requested
2. As a reduction of ordinary
that
Long-term : capital
gains and 7
landing and take-off of 1 airCongress
eliminate
them.
7 to the relationship of the inde-
Federal
the
Aid
Road
Act
only
but
'
loss, these should be
In reviewing your tax position,
used by taking short-term profits.
long-term paper gains and losses
This has the added advantage of
should
be
considered
in
three
carry-over-
I
pendent counsel to the issuer.
-
Australian War Loan
.
-
Saying
access
indus¬
defense
and
reservations
sites and of flight'strips foraircraft "represent immediate and
genuine national defense needs,'
'Mr. Roosevelt' took exception - to
^the' authorizations
for the1 so-
propriations
-
.
-
'and
for
and plans. . The
signed
the
bill ton
surveys
'President.;
tions
'/
/
Final
I
the
House
•
:
adopted-. ^ The
bill, passed on
for $195,000,000
was
original Senate
Aug. 15, called
but
confer^
Nov. 6 when a
report
ence
.
•
on
Oct.
on
21
t : :;.;
This 4 is ;,+ the
?
Roosevelt
Aug.
ort
tion
I
,
V
to
follows:
the
signing
\
•"
'
of
have
signed' S-1840, the
of which, as described
,
construction
of
needed
the
for
roads
our
•
.
r.
V
While
fense.
that
is
a
correct
for
.
of
the
would
amount
of War
Navy
{
ably
as
all the States in
among
with
formula
the
of
Act,
national
distribu-;
to
for
the
in
the
interest
defense.
struction.
;The
military or
unquestipn-j
The
of
War
Federal
ing
75%
the
the
gency.
authorization
for
the
con-
taxes
liability.:
v
next year
,
30 days,
held
were
months.
24
a
though
similar/one
the
of
same-
you may
or
purchase
another security
company.—John
H.
Lewis, John H. Lewis & Co.
$325,000,000 (£100,000,000
Australian) cash and conversion
loan
oversubscribed
was
the
on
$110,500,000 cash portion by $20,-
000,000, it
announced in Can¬
was
berra, Australia, Nov. 18, states the
Australian News, & Information
Bureau, New York City. The. cash
was
mainly earmarked for
special war finance, the announce¬
loan
of
also
per¬
on
such
with
bridges
—
Government
the
heretofore
■f
pay¬
cost—of
or
any
hereafter
for the
Federal
amount'
advised,
000,000/
-
such
funds
being,
approximately
f- i ■
•' •
present
'
of
time
at
I am
$67,4
1
• ;
\-,7;;;77\;.';7.':77/i;
,\7<.7\ r''/v: :;:^i../77 >• 7
statement:
it is
pointed out, and further con¬
are expected.
The inter¬
saving amounts to
$1,625,000
annually.
7 .,7 7.
.«
.;
versions
est
SEC Renders
Opinion
t..
On Indenture Trustees
The
14
SEC
made public
Nov.
on
opinion of its General Coun¬
sel, Chester T. Lane, to the effect
an
that
a
trustee under
indenture
an
passing upon security issues
,
Gas
and
;'vr
.,
Commission made public on Nov. 7
compensated by the purchasers
In its opinion
in the New York State Electric
of
highway' system, including,: in
part, secondary or feeder roads,
and
Navy regard this authorization
of primary importance and ur^
the
,
and
the
funds
*
expenditure
highways
de-
The Secretary of War
also places in the same category
than
of the securities.
Corp,, case
{Holding
Company Act Release No. 2807),
the'Commission stated that it
not
was
should
followed
or
this
that
convinced
practice
generally
be
commended.
Ac¬
rected
the Commission' di¬
its staff to make a special
study
of
cordingly,
,
made available
Secretaries
higher
;
Is Oversubscribed
The
offered for competitive bids, to be qualified does not have a
pursuant to the provisions of Rule U-50, promulgated under the conflicting
interest
under
the
Public Utility Holding Company Act cf 1935. the Commission has
Trust Indenture Act of 1939 solely
observed that the respective issuers have designated counsel to
by reason of the fact that it acts
act for bidders/with the pro-#
cation of legal
aids.
Several as trustee under another inden¬
vision
that
such
counsel
be'
ture for securities of an affiliate
cost of such
authorization
the
mits
fense.
•
'
I
In
•
,
Secretary
national
'tax
Designale Counsel
;;
To Act For Bidders In Competitive Gases
the following
'the / Federal
formula
a
States 25%. of the
the
the Secretary of the
securities
more
or
The Securities and Exchange
ment to contribute 75% and the
an
authorization for the
construction of roads urgently
needed
,
the
their
naval necessity, is
.
;
or
of
7
be /appor-'
highways
and
bridges
as
construction of access roads to / against
the existing Highway
military and naval reservations ?•' Act
provisions
for an; equal
and defense industry sites upon
share of the cost of such coni
certification
reducing
of
means
a
With
almost
a
certainty^
and
with
the
continued relatively .favorable
treatment of long-term security
profits most uncertain, we .urge
you to consider the advisability
of taking profits this year at a
held
-
As
future
SEG Allows Issuers To
only does this authoriza¬
provide for the expendi¬
ture of $25,000,000 regardless of
immediate defense needs, but it
requires the Federal Govern-j
to which I do not think it may
be appropriately applied.
f
authorization
* an , jm-j
need. ^-Mdre-f
tion
description of certain of tho
authorizations, there are others
The
less
Not
de-
1
.
one-half
construction
urgently
national
$50,-
there is immediate need of such
in its title, is to authorize appropriations for, the immediate
.
of
that
disregards what should be the
sole objective of this legisla¬
tion, that of providing highway
construction in those areas, and
in
those
areas
only,
where
purpose
,
securities
from
report only a fraction of the actual
and amount—66%% if held less than
:.rc>ads,
access
defense
Highway
,
bill,
for--
accordance
4
,
the
*
tioned
in these columns Aug. 9,
.page 767).
;
..
<,
■'• :
The
text
of
the
President's
incident
tion
authorized
(noted
letter
those
000,000 for the so-called strate-" Thus, the argument formerly ad¬
gic network of highways and vanced by individuals with sub¬
over,,
highway measure to' be ,passed by
Congress;; the first one calling
for
$325,000,000 was vetoed by
President
and
whether your
authorization
The
mediate-
;
defense
second
3.
held
bridges does not represent, as
compared with the authoriza-
re-
Jduced the . total authorization to
.$170,000,000.
securities
on
-
months, but less than 24,
advised
am
Congressional action on
.the
$170,000,000 road bill - was
taken
by
the Senate !and the 7 defense.House
taken
18
:
ment said, pointing out that the
cost of as low as 15% or 20%.
months, and ■ 50%
if- over.
Navy that they • consider them 24
To establish
profit you may oversubscribed amount will be ac¬
of only secondary importance. Losses are treated the same way
Of the $237,000,000, ma¬
I concur in the view-that, in and are a deduction from ordinary sell and re-buy immediately at the cepted.
"Wash sales" for this turing 4% loan, all but $22,000,000
If your income is over same price.
the light of present conditions: income.
To es¬ was taken up at the 2%% shortthese
authorizations
cannot $20,000 a year, you are taxed, or purpose are quite legal.
term
and 3y4%
long-term rate.
properly- be regarded as ' ur-: credited, *20% > or
15%
of the tablish a loss, you may not re¬
depending F on purchase the same security for This represents a 90% conversion,
gently needed for the- national actual ; amount,
/-•
-r^.V
.
the*
in
by the Secretaries of War
k
19.
•Nov.
provided;
be
may
those
over
-
bridges,F for off-street
parking facilities, for reimburse¬
ment to States for road repairs
appropria
income.
divided into two classes,
such v amounts • i :and ; for over 24 months. If your net tax¬
projects in such areas as * will able income is under about $20,-:
best meet our defense needs.: ' 000, you are taxed at the regular
As
to dhe
other
authoriza-1 rate on long-term gains, but you
strategic network of high¬
and
of
are
in <•;
•
■
called
estimates
tions,
authori/a-' losses
these
'I tion may be submitted and ap^
try
ways
Under
craft/
the construction of
roads to military and naval
that
,
the
arrangement.
.questionnaire
vestment
was
bankers
members of
been
sent
to
who
A
in¬
have
bidding
syn¬
dicates and to several life insur¬
companies.
ance
preponderance of opin¬
which was almost unani¬
mous
in
the
case
of
the
large
underwriters, favors the desig¬
nation by the issuer of counsel
behalf of the bidders
to
act
as
the most practicable method
on
providing, what they all re^gard as an essential service, and
of
avoiding the expense and
of
confusion of unnecessary
dupli¬
an
that
it
improvement over of
In
the: obligor.
announcing
present method of appoint¬ this the Commission said:
ing independentcounsel, if a
The Act requires the Com¬
practicable means, could be de¬
mission to issue an order refus¬
vised for choosing counsel who
ing to permit the qualification
would
unassociated
be
in
any
with the issuer.
In view
the fact, however, that most
way
of
of the underwriters believe that
the independent
in
participate
preparation
tute for
selection
no
was
answers
indicate
forthcoming.
to
the question¬
that
the
present
practice has not led to a dupli¬
cation of. counsel: representing
the bidders.
With respect to
the
problem of assuring that
designated counsel would be ac¬
ceptable to bidders, several of
letters
stress
issuers. thus
the
fact
far have
that
followed
the
practice of conferring on
the subject of proposed counsel
with
the
managers
of
the
re¬
the
has
trustee
in Section 310 (b).
has
filing,
that
finds
conflicting interest
practicable substi¬
the present method of
to
the
a
indenture if the Commis¬
an
(b)
the
The
counsel should
the
of
sion
various documents prior
of
naire
The
ion,
admitted
firms
the
of
would be
the
as
defined
Section 310
(1)-provides that
a
trustee
conflicting interest if it is
a
trustee under another indenture
under
which
other securi¬
any
ties of the obligor are outstand¬
ing.
The opinion of the General
Counsel
is
"obligor"
as
section
the
that
in
used
does
not
clude persons
term
the
sub¬
ordinarily
in¬
affiliated with the
obligor, and there is therefor no
prohibition
under
against
indentures
obligor and
an
trusteeship
of
both
affiliate;
*
the
,7
Thursday, November 27, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1216
I
■
Water Service
Federal
CALL US...
WITH
BIDS MADE ON BONDS
Autocar
■
Corp.
<
AVIATIONS
OR
RAILS
Eastern
INDUSTRIALS
-
(a specialist in each
Sugar Pfd.
Merrimac
Punta
Alegre Sugar
Vertientes
1-1779
Teletype n. Y.
4-4832
DIgby
Phone
'V'''Y '"t
M. S. WIEN & CO.
;
telephone
hartford
.
,
Dealers
Security
interest
Assn.
Y. 1-2480
N.
Teletype,
Company, has accepted the post of
of the Finance Group
for
Bonds
and
nounced
Lewis
by
Chairman.
-
.
The
back
of the Fed¬
ganizing in the field of finance,
management and employee-com¬
mittees for the voluntary sale and
distribution of Defense Bonds and
Stamps by the use of the Payroll
Allotment
Plan
and
by
other
His groups cover insur¬
methods.
increasingly critical situation in the shortGovernment market objectively. ... Let's analyze its im¬
Let's
term
let's
employees
all
Plan,
from
the
of
Di¬
Board
the
of
Chairman
first
under
directors
in
him
to
as
serve
organizing approxi¬
mately 250,000 persons employed
field
finance
of
Metropolitan
in
the
area.
Opens
New Washington Office
opened
a new
office in the Wood¬
ward
Building, Washington, D. C.,
as a further step in its expansion
program which began with the
opening of an office in Columbus,
Ohio, on Oct. 20.
Charles B.
Quarles, previously resident man¬
ager in Washington for Mackubbin, Legg & Company, who are
simultaneously closing their Wash¬
ington office, will be manager of
the new Orvis Brothers branch,
„
which will conduct
a
T.
American
New
York
Casualty
and
on
of
Company
the
Company,
address
an
Wood, manager of
department of the
Surety
If
it
first
the
for
week,
pressure moved
Government bond list.
time, the selling
the
into
Long-terms slipped off, not
because
of special incidents af¬
.
.
section of the mar
ket but
because
of the adjust¬
ments in short-term yields and
the fears of investors that the
decline
in short-terms must be
this
felt in the bond market.
.
.
.
(3) At the moment, apprehen¬
widespread that a funda¬
sion is
in interest
rates is under way.
Profes¬
sional traders are discussing the
readjustment
mental
.
subject
at
any
with more interest than
time in recent years.- . .
.
1941,
or
y
the
unnecessary
to
go
Eccles
into
the Administration—as far as
their issues of contention and
control
money
.
.
or
is
concerned.
manipulating re¬
requirements
"down¬
through
heavy
open
market operations, or
through maneuvers with the
social
security
funds
or
ward,"
or
through changes in bank bor¬
rates,
rowing
etc., etc., the
the Federal
work profound
Treasury and/or
Reserve
can
And
(4)
will
the
now
question
is
New
will
"Frauds
York
deliver
and
Em¬
bezzlements" before the New Jer¬
Conference of Bank Auditors
Comptrollers at a
dinner
meeting to be held today at the
Downtown Club in Newark, N. J.
.
:
.
short-terms
in
trend
this
down.
.
.
.
.''/V.-'.
Government's Power
Before
going
Eccles'
•
into this discus¬
back.
;
the
of
1937
and
-
nicipals.
And
■*'-
...
that point
V
is:
v
eral
Eccles, Chairman of the Fed¬
Reserve
Board,
and
Henry
sey
dent.
MICHIGAN CHEMICAL CORPORATION
.
In
Eagle Lock Co.
American Hair & Felt
the
settlement, anyway.
reliably
is
New
York
Stock-
Exchange
Broadway, N. Y. BOwling Green 9-7030
interest
.
.
.
have
rates
them
of
fallen to
money
Tolotypo BY 1-61
way
policy,
raising
are
Telephone Dea 05OO
in interme¬
adding another
recent weakness in
bills
was
awarded
rates.
.
.
establish Treasury bill as a money
in them.
a
the
in
1%
level
of
big
is
.
.
.
encourage
slightly, they
investments
help avert inflation.
.
.
.
or
not
this
is
action
for you
...
in
.
more
premium
Teletype CG-35
rates
Government
worry.
A. O. Van
'
can
and
by
.
.
bonds
.
Suetendael
Member
To Be Exchange
YONKERS,
N.Y.—A, O. Van
acquire the New
Suetendael will
...
is
per¬
i.
they believe that by harden¬
rates
to
positions
One reason
boost was not opposed by Gov¬
ernment authorities, it is said. . . .
But
it's not major to the Govern-
ing
up
life insurance companies
permit these institutions to
without
in
losses to in¬
course.
and
instrument
leading
buy
rates
short-term
of dollar
Boost
will
whole."
Reserve
that
may
tions, for the holders of insurance
rise
.
establish
special
Treasury bill loan rate, to help
Banks
mit dealers to build
as
.
at decidedly
Highest since
market
A
.
Treasury
...
around
effec¬
to decide
This column, entirely on
its
Exchange membership
of Clarence H. Young as of Dec.
York Stock
4th.
Mr.. Van
Suetendael
is the
senior
partner
of A. O. Van
believes action affecting the
Suetendael & Co., 20 South Broad¬
money markets is not nearly as
important
as
action
affecting way; associated with him are
Innes Getty and Elizabeth P. Van
prices directly, influencing sales
of defense bonds, etc. . , . But Suetendael. '
own,
•
.
charitable and educational institu¬
omy
of
issue
recent
Most
serious,, long-term problems fothe
future
well being
of our
terms
Chicago Stock Exchange
*
to
Talk
requirements of an easy-
and
range,
shorts and intermediates.
well below the rea¬
are
may
diate
stiffer
un-
sonable
is not in need of immediate income.
Chicago
the
-V
fall
issue
angle
Some 1937, in fact.
levels.
low
precedentedly
sophisticated type of investor who
120 South La Salle St.,
And that
present
..
Boll
of
Y'-iK*. \
soon."".
only the following quotation, but
the sentences surrounding it:
to
FULLER, CRUTTENDEN & COMPANY
Members
...
out
be
will
factor
Day
System.
serve
Whether
71
substan¬
.
to Congress on New
by the Federal Re¬
And study no-
presented
Year's
tive
HAY, FALES & CO.
so
His feeling is said Inside The Market
low leve
Big financing due in December,
unjustified, too
difficult - tc
experts feel, despite fact that
control, dangerous in an infla¬
Morgenthau is raising $50,000,000
tionary period. . . .
■
net weekly through sales of dis¬
Get out the newspapers of last count bills.
Jan. 2.
Read the special report
Report is maturity of new
Should be of interest to
Members
dropped
.
ment's advisers—especially if
pull.
short-
the
that
now
have
...
the
that
be
outstanding growth stock for the
long
fact,
renewed tially, it would be logical to ex¬
No on* pect a steadier market on techni¬
cal considerations alone. ,.
Cer¬
of
Eccles
For
.
.
vestors,
An
and
anticipate,
they
demands
is
R. Hoe & Co.
j
Either
etc.).
reported to be in favor of jack¬
ing up interest rates—at least
Common Stock
,
♦
demands
cash
what
tution,
loan
policies and
savings bank ac¬
counts, and for the national econ¬
and
COMMON
of
care
schedule
"Because of the excess reserves,
end
sion, there is one point that must mid-1941, there were definite in¬
be
made
clear,
that must ; be dications of a wide split between
understood by all potential and the two top monetary authori¬
present
holders
of securities— ties of the Government—MarriGovernments, corporates or mu¬
ner
taken
be
of long-terms may
investing on the basis
considerations (i. e., how
.
.
But if they
tainly, the approach of the next
it's probable that the
financing is having something to
rjse in short-term Government
do with the market's current unyields is by design, not by acci¬
Attitude
Between
permanent after
.
The
weeks
.
adjustment
an
or
Either way, the ad¬
.
true,
are
to
The question, then, is not the
between the situa¬
of
the Government
to
1937 and now are ability
keep
short-term
money
rates
being made. ...
^
■
T
tend
thing:
.
knows, apparently.
moderately.
,
may
of the new issues they in¬
to
buy,
what
maturity
is best for their insti¬
many
resolved
one
stories
changes in the money market
.
;
now
.
true?
setup.
.
just
on
the
Are
.
friendship
seeing
can
of other
together.
they've
.
.
Herculean
/.Y-.
'
holders
terms
flation.
through
serve
That
intent
are
.
.
continue
financing defense without in-
Through the gold hoard,
.
prices
while.
way,
two
the
that
working
are
.
.
.
'
without much trouble.
for months, we've
stories
men
we're
justment
again.
heard
on
-
■
temporary decline in short-
term
so
together
come
Now,
.
.
.
a
■
that may become
inflation
the
became
these positive
statements, for all investors
know the power that lies in
great detail
be
this
of
'
What
on
importance of n
the successful
to
out
carrying
obvious
that
Morgenthau
could
no
longer ignore it, did he and
mar¬
market
...
until
Not
bugaboo
.,>■ v"' ■■
early
in
'
and
stable
a
rates.
money
adjust¬
long-term
,;oy".
■
.
Comparisons
tion
issue
the
.
.
this upward
.
.
of
divided
were
the
ahead
jOb.
vth(
of "power" and at odds on
question
of
the
level
oi
Eccles
and
and allow some
rates
in
ment
ket.
It's
Last
lows
lower.
keep
can
desires, it can permit
minor increase in
so
reflection of
are
it
and again, we receivec
reports from Washington during
the years of 1937, 1938, 1939 anc
Again
relatively
...
(2)
The
fidelity
i
by trends in
Government
affected
sensitive
the
result.
To Hear Richard T. Wood
Richard
their
at
make them go
has be¬
markets
other
these
vitally
desires,
so
in
list.
.
1940, indicating that Morgenthau
question revolves around
continue
and will investors be the willingness of the Govern¬
forced to make
drastic changes ment to keep the money markets
as s where they are—or were a few
business in in their portfolio policies
stocks, bonds and commodities.
the
them
mid-summer.
since
it
a
The New York Stock Exchange
firm of Orvis Brothers & Co. has
If
selling
obvious to all investors
fecting
Orvis Brothers
wants to do with interest rates.
notes—has
steady
System, can do anything i
serve
Governments but
corporates and municipals,
for
.
the
in
bills
short-term
step,
months and years. . . .
There's no justification for think¬
coming
supporters.
Government, through th
Treasury and the Federal
Re¬
The
not only in
said
Mr.
Douglas, will be to enlist
prominent leaders in each of the
divisions
mar¬
discount
weakness lately
come
opportunity voluntarily
to
part of their salaries each
pay period for the purchase of
Defense Savings securities.
Harrison's
under
pressure
allot
Mr.
short-term
The
Government
The
the
at th.<^
argument
'
been
given
rectors to the office boy are
.
.
'■
(1)
Allotment
Payroll
the
as
the
brief
and
Under
the
during
borrowing
of
dollars
iti
breaks in
severe
billions of
he's faced with
when
are
ket—including
vestment houses.
most
.
downtrend
weakness
start:
the
of
went
market
ment
.
market
1937; as i
the Govern
through ont
move,
.
expect
spring of
.
last week, vwe analyzed its causes. I •, . And history.
The reversal in tha
the possibilities for4 (1) a continuation of the policy came only after great pres¬ ing our Government's monetary
authorities
have
forgotten
the
in short-terms and (2) a slop-over of the sure had been brought to bear or
in short-terms into long-term Government obligations. . . . the Board by Morgenthau and hit magnitude of the financing task
what
see
present
To
this
survey
plications—just
companies, banking and in¬
ance
the
in
result of that
New York,
Mr. Harrison is in charge of or¬
.
wide-open
a
setup
awry.
requirements
reserve
be
goes
completely
There's no reason to
Morgenthau to let his
slip out from under him,
whole
with
started
.
'
•
in Governments unless the
break
.
.
doubling
Reserve Bank of
eral
.
tug-of-war
the Reserve Board's insistence or
v
.
President
Former
Treasury.
it was an¬
W, Douglas,
Stamps,
.
/
though.
this,
won't
There
Morgenthau, Jr., Secretary of tht
.
.
Remember
New York Com-'
the Sale of Defense
Greater
mittee
,
hiked and
be
Break
No
Chairman
the
V.'
that will be all
there will be to that.
HAnovcr 2-4660
System
Bell
will
rates
kept there—and
N. Y.
50 Broad St., New York,
George L, Harrison, President
the New York Life Insurance
of
1-1397
a
personal opinion. ... If
Morgenthau and Eccles agree on
hiking interest rates slightly, why
Members
York
New
Enterprise 1250
Enterprise 6425
Y.
N.
Liberty Aircraft >
J.F.Reilly&Co.
1-576
york
new
HAnover 2-8780
N.Y.
that's
boston telephone
...
Security Dealers Ass'n
Members N. Y.
YORK
Enterprise 6015
2-3600
REctor
N.Y. Defense Bond Sale
of
Sugar
Teletype
"
bell teletype
telephone
philadelphia
*
NEW
STREET,
NASSAU
45
telephone
v'/.C
V J:'
.
Zinc
Wallower
25 Broad St.,
Security Dealers Association
Members New York
@. L. Harrison Heads
'
INCORPORATED
Mfg. Co.
Camaguey Sugar
Kobbe, Gearhart & Company
Exchange PI., New York
'
Mfg. Co.-
Mexican Internal & Ext'l Bonds
West Indie i
*40
j-
Cigar-Whelan
Evans
Securities
Inquiries Invited
S, H. JungerCo.
Browne & Sharpe
United
division)
and for other Over-the-Counter
MUTILATED
-
-
'
ji
Airlines, Pfd.
American
•'
trading markets in
For actual
COUPONS MISSING
AH Issues
'
-
J
I
I
I
@FedFRASER