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library
Final
Volume
156
THURSDAY
Edition
New
Number 4112
Price 60 Cents
York, N. Y.\ Thursday, October 1, 1942
Copy
a
Roger Babson Says Outlook For
OUR
a
9
REPORTER'S
In the "Christian Science Monitor" of last
son
had the
Ration:
REPORT
Saturday, Roger Bab¬
the subject of bank earnings and in-,
■
,7
/
money fee paid by those who have less than
following to say
•
...
on
"
,.
,
.
"An interest rate is a
$4,000,000,000 borrowing this month—the largest
they need of money, to those who have more than they can use.. The:
in a group of ever-increasingly lai'ge financings.
. And
if the rate at which
money will be lent during the coming inflation will de¬
Treasury continues its policy of "rotating" its offerings, October's will
pend upon the relative status oi%
—-•—
be a bond flotation.
Maybe a reopening of the "taps." v.... Or two
elements: (1) the eagerness of will tend to consider the Govern¬
maybe a new medium-maturity bond, carrying a 214% coupon. .
those who have insufficient money ment bond portfolio of such banks
Or maybe a mixture of longs and shorts. ...
to have or do things which re¬ as a non-risk element in the bank's
Considering the fact that September's $3,000,000,000 deal was
quire money; (2) the eagerness of earning assets. On this basis, banks
in the form of short terms, October's should be in the form of
those who have ample funds to may be permitted to continue the:
longs.
And yet, even this partially enunciated policy of ro¬
loan money for 'an interest reve- purchase of Government bonds re¬
tating offerings is not sufficient.
.
.
What we need is a definite,
nue.
1
gardless of their financial state¬
understood, established over-all war financing program. . . .
"Inflation means that there is ment.
Consequently, banks are
What we heed is an end to this month-to-month, haphazard borr
plenty of: money of a kind. : In engaged in the wholesale purchas¬
rowing policy;
Perhaps/October's issue will be the last of
some cases, inflation takes on the
ing of Government bonds.
*
the issues under the old program.
It is about time. ...
characteristics
of
an
apparent
"During the war, we should con¬
Anyway, we'll have the issue the second week of October, accord¬
shortage of purchasing power. In tinue to witness low interest rates.;
ing to reports. . ,. . And between now and then, the market should
Germany in the 20's since the huge
Deposits, however, will so increase
be stable and uninteresting, for it's in the "waiting phase" again. . . .
increase in the supply of money
that, notwithstanding low rates,
ANOTHER BILL TOTAL RISE?
was
placed to the benefit of a banks should be able
to
earn
Weekly discount bill total now, at $400,000,000 and going well. . . . small clique, the rest of the nation
dividends during the war.
If al¬
Subscriptions are satisfactory,' well distributed," indicate nation-wide suffered
a
severe
shortage
of lowed to
make
higher
service
familiarity with issue, v.
Last issue of bills was sold at average money. Prices would go up faster
charges, they may even accept a
rate of 0.370%, an increase of 0.00,1% from previous week.*; ; . Bill than this flood of money would
lower rate of interest
on
their
rate definitely is stabilizing although at much higher level than was reach the public and most busi¬
Government bonds.
The deposits
normal a year ago.
Rate around this time in 1941 was 0.071%, nessmen. This advance was caused
of the average bank increase to
reflecting
a
rise in
this
shortest-term
Government
credit of both by a decreasing desire to hold
;
So it will be a
.
^
Those who follow the bond mar¬
ket suspect
just
dasn of "wishful
a
thinking" in some of the reports
now
going
with re¬
the rounds
gard to prospective new financing
utility compa¬
by.several public
...
.
nies.
They
of the
sion
current discus-,
the
take
& Light
Power
Utah
Company's plans, which set a fig¬
ure
as
high as $45,000,000 for a
new issue as a case in point.
^
f
Considering
the position of <
| the
outstanding
company's
due in 1944, they are
5s,
j
still mov¬
ing somewhat under par, market *
observers contend' that such fi¬
nancing
immi¬
be
hardly
can
admitted, however, that
the behavior of the bonds recently
was
does
is doubt¬
suggest that work
under
less
shaping
way
the matter of
on
refinancing program,
up a
since the issue has suddenly. come
market
the
some
formality
.
0.297%.
'J
into
regis-
to cover
Exchange Commission
•...
,
new
issue.
;
-
financings when it comes,
Such
is expected to provide for refund¬
ing of certain outstanding obli¬
gations of subsidiaries including
those of Utah Light & Traction
and Western Colorado Power.
Florida Power & Light
1-Florida
Power
Light
&
Com¬
is considered likely to be in
market
with
a
large-scale
in advance of Utah Power
& Light. 1 The southern utility al¬
ready has in registration with the
Securities and Exchange Commis¬
sion a program of refinancing in¬
volving almost $70,000,000. '
V
(Continued on Page 1169)
.
|
'
:,4 '
.
.,.
$500,000,000 is the
.
•;
•
objective.!
surplus cash which
the bills*
...
level, i. Incidentally, if you have
tjhis
on
from
an
informed. dealer.
.
use
.
,
.
cur¬
"In
sudden increase in the
will
there might be
assurance
that
interest
>
cause
also
v
..
have
fallen
,
,
INDEX
Rumor has it that the SEC will not sanction the minimum capital
rule recently voted by the National Association of Securities Dealers,
Inc., but instead will establish such standards for the whole over-thecounter field.
Because of the injustice that such a rule would impose
the little dealer, and in view of the strenuous efforts of the New
on
would
take
any
action
which would
privileges of those not
SEC
losophy of its creator.
variance
be at
with the phi¬
.
,
,,
matter
a
.
.
-
Our
of Govern¬
monetary funds, whether
or
currency,
ernment
depended
REPORTS
"Recent
from
cate
statements
Government
that
NEW YORK
v
the
in
world
on
the
emanating
quarters
Comptroller
indi¬
THE
of the
"*"
"
Members. New
'
,
•
Broaden your customer
Exchange
York
31
NEW YORK
u:
REctor 2,2300
N.
»
NY 1-1693
»
Boston
Milk Street
,
Teletype
Tclephone
York
Stock
Boston
Phoiie—Hubbard
Exchange
Exchange
York
Commodity
Chicago
,New
of
Trade
rv
'.
other
AVIATIONS
■ :
Orleans Cotton .Exchange
And.
Exchangee
'
■
■: \
RAILS
.
' Head
Colony
Office:
Cotton
NEW
Exchange BIdg.
YORK
Kobbe, Gearhart
Co.
INCORPORATED
Members
BOSTON
CHICAGO
PITTSBURGH
GENEVA,
Specialists in
In
Y.
Dealers
Security
Ass'n
.....
The
REctor
2-3600
Teletype N. Y.
Telephone:,
r
1-576'
Enterprise
6015
Zanzibar
Bank
conducts
*
-
and
*■
-
Trusteeships
also
every
exchange
•
'
HART SMITH & CO.
Members
.
Fund.
banking
.
Tel.
Philadelphia
Ceylon, Kenya
and
.
RAILROAD STOCKS
.
Capital.£4,000,000
Capital
.-. ,£2,000,000
£2,200,000
Paid-Up
New York
45 Nassau Street
C.
Subscribed
Reserve
DETROIT
SWITZERLAND
N.
Burma,
Aden
GUARANTEED
Bishopsgate,
26,
India,
and
in
Uganda
and
London^ E.
j
Colony
Y.
Government
the
to
Kenya
;
INDUSTRIALS
*
.
4—
of INDIA. LIMITED
Branches
N.
1
NATIONAL BANK
Bankers
;
Deposit Insurance
Corporation
Teletype BS 568-569
V.
Trading Markets, always
Inc.
Exchange,
Board
w
Federal
8360
Exchange
Curb
Member
Y. Phone CAnal 6-2610
'M
Actual
Cotton
facilities
MAY & GANNON
H. Hentz & Co.
Members
";V
;
correspondent
Williamsport
V
•
Stock
York
„120 BROADWAY
,
PHILADELPHIA
Pittsburgh
.,
service with Chase
■■
Buffalo " Syracuse
Wilkes-Barre
'Albany
%
Wertheim & Co.
\
-
York
BANK
Bought—Sold—Quoted
-
.INVESTMENT. SECURITIES
Troy..,
New
CHASE
1st Collateral 5s, 1951
:,
.prior to maturity)
BOSTON
1856
Corporation
DEPARTMENT
guar¬
R. H. Johnson & Co.
San Francisco
V
Public Service
against depreciationV
64 Wall Street, New
New
Market—Walter Whyte
Says
1165
Uptown After 3.................... 1170
NATIONAL
"
bonds
Established 1927
52 WILLIAM STREET
New
1167
Tomorrow's
"
UNLISTED TRADING
(Series E and F are the only
•,
ENGlNEERSanJ CONSTRUCTORS
Established
1165
1164
gold and silver.
BUY UNITED STATES
in value
Chicago
1164
Securities... ....,...,.;....,.
OF THE CITY OF NEW YORK
WAR SAVINGS BONDS
anteed
-
1161
.
Estate Securities..".;,...,...:,
Real
Gov¬
upon
legislation rather than
Report
Items.
Securities Salesman's Corner.......
Railroad
credit
as
Reporter's
Personnel
policy. One must not forget
that ever since the banking sys¬
tem was invented, the supply of
Currency, when examining banks,
1 7;
7
are
ment
Capital Rule And The SEC
In connection with
'
should
which
"
inflation
.
.
trade
renewed demand for funds
a
way
.
FINANCING and VALUATIONS
:
a
off: in last few weeks—indicating'''breathing Government Now Controls Rates
Page
spell" between Government financings?;'v .• Insurance companies
"Inasmuch as the Government Bank and Insurance Stocks........ 1166
liave placed 57% of their new investment funds in Governments in
Calendar of New Security Flotations 1174
now controls the Federal'Reserve
1942 to date;.,will up this percentage as months roll by. . . .
Investment Trusts.*.,......,......... 1167
Board/ the interest ■rates which Municipal News and Notes .1168
{
■
(Continued on Page 1176)
■
4;
are accompanying the present slow^^bur Reporter on Governments..... 1161
ties
MANAGEMENT PROBLEMS
•
period, there
resumption of in¬
post-war
"
AND
SURVEYS
.
.
'
-
the
develop
ternational
rates would go up
blessed with abundant riches, we are hesitant to believe that the
AND CONSTRUCTION
holdings. Y,
Money Rates After the War
of-currency,
greater
Inquire
the
,
Deal Administration to protect the rights and
!
bond
ernment
during inflation.
for the purpose of rehabilitating
best way to bid and best, rates.
:
\
~
In this country, however, inflation
devastated
regions
and
inven¬
In effect, a discount bill is an interest-bearing reserve, account is
taking the form of slow bank
tories.
This will come just at the
for you.
Easily marketable and maturing in 91 days and still deposit inflation.!
So many peo¬
time when individuals ,and busibearing a return.
.
.
If you aren't in the bilF market now, consider ple use checks to spend their •bank
(Continued on Page 1169)
this step seriously^•. \\j\. "a7,\G.'
deposits that we are not immedi¬
ately threatened with radical cur¬
INSIDE THE MARKET
j
Insurance company purchases of Governments and other securi¬ rency inflation.
program
QUICK ACTION ON DESIGN
and by an increasing
money
rency, or a,
know you'll need in a few months, buy
you
of its increase of Gov¬
about 75%
onto
according demand for tangible goods.;? "If
{
inflation
should
take
And when that is reached,
shape of a huge expansion of
£oojn,„
You must bid competitively; of course, but you can
...
information
find
'
again—and
up
•
.
,
,
look for holding around that
.
proposed
.
informed sources.
completes the
going
of
'
the
.
.
Probability is bill totals will go
_
weeks will elapse be¬
} tratlon with the Securities and
pany
.
.
satisfied
are
fore the company
any
.
.
who take their cue
But those
from
that
'•
to
to life in the last few days.
.
.
.
nent.
It
.
.
description
of
New
York
52 WILLIAM
business
Bell
-
and
Teletype NY
9L
Assn.
Security Dealers
ST., N. Y.
HAnover 2-0980
GUARANTEED
BO.
Executorships
undertaken
r*
New
York
RAILROAD STOCKS-BONDS
1-395
Montreal
Toronto
Or.
9-6400
Telephone
NEW YORK
52
Broadway
N.Y. 1-1063
Teletype
f
THE COMMERCIAL & FINANCIAL: CHRONICLE
1152
Thursday-, October 1, 1942
,
;Trading Markets in:
American
i
Barge Line
!
Alabama Mills
GOODBODY &_ Co.,/
Liberty Aircraft
Members N. Y.[Stock
*">■
BROADWAY
115
Lukens Steel
Telephone BArclay 7'0100
NEW YORK
.
^
O'Cara Coal Co., 5s, 1955
Teletype NY 1-672
\
,
/
Debardelaben 4s, 1957
Exchange and Other Principal Exchanges
Missouri Pacific
Established
Members
40
New
■.•■i.r■ r-":wire
BROS.
KATZ
York
Steiner, Rouse & Co.
to
^
Montreal-
MILNER, ROSS & CO.
Toronto
v
Investors
;
NY
confused.
We solicit
inquiries in Canadian Securities vx;
ment
We
CUSTOMERS' tutu
MR
pleased to
are
bonds,
of
The
connection
permanent
RANSOM R. EDWARDS
io
is
associated with
now
:/;■/
us.
Can
Thoroughly experienced.
bring, in
NEWBORG 6- CO.
stock busi¬
some
Financial
St.,
Chronicle,
and
other
'principal
30 Broad Street
I\
•
'
NEW
Teletype; NY
lingshury Pres. |
meeting
of
the. New
Traders
Security
Or¬
Associa¬
tion, J.
Wallace
Kingsbury " of
Kingsbury & Alvis,- was-: elected
1938.
Charles
and
R. Gay,
Edward
P.
senior partner,
Field
and
Wixted,; partners
F.
Joseph
the New
of
1-29721:
to
of
the
incident
with
Winthrop,
These
the
firm
additions
!amily
dissolution
Whitehouse
of
the
to
represent
lyn -office
of
of
That
of
&
branch
of
which
maintain
White^
Fred
ris,
Oct.
term
1,
1942, through Sept. 30, 1943.
Joseph
Minetree,
of
Merrill
Lynch, Pierce, Fenner & Beane,
was
named
Vice-President, and
James Roddy, of
The
New
of
the
National
general
Winmill
is
the firm.
bers
Robert
of
Winmill,
Gude,
porations.
cor many
Exchanges,
Klein
a
the
Edward
now
Bonds
today is not only
win the war; but is
new
army
of potential
and
building up a re¬
purchasing
power
which
ously reported
&
of
Field
P.
Pearl
&
Co.
Co. in 1935.
in
the
was
of
that
associated
the
Mr. Gay has been a member of
the New
York Stock Exchange
1911,
governor from
a
1923
Penington,; Colket Co.
The
firm
name
of
Penington,
Philadelphia Stock
was
Wy
with
Lanahan
W.
Stein
Bros.
and
prior thereto for
was
with Alex. Brown
&
&
incident with the retirement from
the firm of Herbert L. Wisner.
'
Penington, Colket & Co. main¬
i
14
6%, 7%
$6, $7
the
TO
GENERAL
(Del.)
ST., N.
Y.
Teletype
WHitehall 4-4970
NY 1-609
X
the
fact
are,
find
this
little
customer
method
objection
in view of
the
Group
CLEVELAND, O. —The north-,
Ohio group of the Investment
Bankers
Leslie
Association, has
»J.
elected.
Fahey,
President
o£
Fahey, Clark & Co., Chairman for
19£2-1943.
Durwood
Du
Bois,
Stranahan, Harris & Co., Toledo,
was
named
Vice-Chairman, and
Herman ■ Sheedy, McDonald-Coolidge & Co., Secretary-Treasurer.
// John S. Fleek/ Hayden, Miller
& Co., Maynard H. Murch,
Maynard
H. Murch & Co., and Yost
Fulton, of,- Maynard h. Murch &
Co., the retiring Chairman of the
northern Ohio group, become new
ex-officio members of the Board
Members
'
the
.
'
\
r,
of
were
YORK
STOCK
ENGAGE
IN
BROKERAGE
W. BULL
J.
Curtiss, House & Co.,
M.
Cox,
Chairman;
Co., Maynard H. Murch, MayB. McDonald, McDonald-Coo-,
lidge & Co.; and Harold L. Emer¬
son, H. L. Emerson & Co., Inc.
*
Frank
Brothers
pal
and
has
been
over-the-counter
volume
fairly
of
E. H. Rollins & Sons
City, Iowa
/'Frank
munici¬
our
business
satisfactory.
The
has
been
listed
items
subnormal, but with the passing of
bill and the
tax
fate
upside.
Mulligan With
of Stalin¬
E.
associated
Sons,
York
Mulligan has become;':
with; E.
bartment.
prior thereto
Group, /Inc.,
Rose & Troster. '
"«*■ 1
■,
what
happen
might
in
grain
this
war
matur¬
together with
shipments, should
large amount of cash for
purchase
available
now
section,
livestock
a
crops
of
securities
merchandise
bonds.—*-0.
Britton
&
W.
in
and
addition
Britton,
Co.
C.
was
tributors
The action of the market
of
for¬
was
with
Dis¬
Hoit,i
and
' •
?
:,
—
■
.
GEORGE F. BRENNAN
NEW
YORK
STOCK
OCTOBER
t, 1942
Sidney
Mendelson
has
York
Stock
Exchange, and will be in charge
of the mortgage
certificate and
title department.
Mr. Mendelson
formerly was with Leroy A. Strasburger & Co.
general Over-the-Counter
605 BROAD STREET
NEWARK N.
Mitchell
Building)
RUDOLPH
1,' 1942 h
HENRY
J.
2-4144
V. KLEIN, Proprietor
N. FOBTNOY, Sales M«rr.
-ROSENFELD^ Cashier > i/. ^
WILLIAM
October
I '
become
securities business with offices al
RECTOR 2-6300
:'
Exchange Place, New York City]
members of the New
EXCHANGE
TEL:
" /•
associated with Shaskan & Co., 40
R. V. Klein Co.
a
•
I
Mendelson To Staff
BUSINESS
W. HOLDEN
/
■
Shaskan & Co. Adds
Announcing the formation of
A
&
G/AZSaxton & Co.j
during the last few days has shown
symptoms
Rollins
Mr. Mulligan
merly with
and
H.
Inc.;, 44 Wall Street, New
City, in;'their trading de-j
EXCHANGE
MILTON
/
■
Nominating
M.
sta¬
advisory service in¬
volved.—J. Gentry Daggy, Buckley
to
'J
C.
we
-
Ohio 1EA
ern
wherever
listed,
to conduct
HENRY
Preferreds
A.Saxton&Co., Inc.
of
In view of
(Griffith
50 FIXE
threat
tistical f and
the
f
OF,
;
,
8c
Preferreds
MEMBER
I.
the/ premise
enjoys im¬
desirable of such is¬
more
are
Wall Street, New York
Preferreds
Pennsylvania Power & Light
Pa.
offices, at
ANNOUNCE
FORMATION
NEW
England Public ^erdce
All
V
with the settlement of the two fac¬
70- Pine
Street,
City, 123 South Broad tors just mentioned, as well as the
Street, Philadelphia, and in Read¬ wage and farm measures now pend¬
ing, Pa,, -v.*
'
;
■■//:'//!' ing. /,;/;■ "
//
tains
UNDERSIGNED
MEMBERS
Preferreds
Northern States Power
J. Kiser,
Inc.
;
adding a flat charge to
regular exchange commission.
We
Phone
2-2280
.
Bull, Holden &
Jersey Central Power & I ;^ht
New
and local
possible,
W.
1944
5l/z%, 6%, 7%
Indianap¬
■vjf
appreciation.7
sues
the
York
257
PH
Fahey Chosen Head
Committee
oroduce
THE
on
classification
from
that the.
Philadelphia
New
:
Teletype
.
of Governors.
heavy
THE
-
New York
Sons.
Light
this
;•
HAnover
high
taxes, and
yet provides opportuni¬
ties for liberal yield and
further
ing
i
un¬
with
earning
Exchanges and New York Curb
Exchange was-changed to.Peningi grad determined, we look for an
torn, Colket & Cor on Sept. 30, "co¬ improved volume, probably on the
Co-
years
apparently
find active interest in
bised
customers
ihat
«
1477
Com¬
connection
prospective
We
Enormous
Boyce,
many
Central States Power &
5s,
&
&
ganization railroad bonds with their
the
of the municipal depart¬
of
are
in
and
Sioux
municipal department. Mr. Klein was formerly
ment
der-valued
present
i
Phone
Locust
Insurance
Mansfield
For the last six months
New York and
di¬
a
Commodity Exchange
Metal Clearing Association.
since
local
Chestnut Street,
1421
/
Phila.
date
"Financial
with them in their
manager
previ¬
Colket & Wisner, members of the
be¬
rector
of
the
Commodity Ex¬
change Hide Clearing Association
and
Now
was
and
He is
H. N. NASI! & CO.
;
attractive
to
3-6s 2039, Pfd. & Common
their low yields.— W.
securities which
Chronicle" of Sept. 3.
Co.
senior partner of
years
the
W./ Mansfield,
to
senior
Winmill
Liberty
Admission of Messrs. Gay, Field
and
Wixted
to
partnership
in
general partner in White-
house &
Baltimore
announce
is
War
Gude, Winmill & Co.
-
Stock
of
r.
and
s
BALTIMORE, MD.—Mackubin,
Legg & Co., 22 Light St., members
Gustav
sale
time," Mr. Gay said in comment¬
ing on the market outlook.
mem¬
stock
the
must make itself felt at the proper
New York and Washington and
a director of a number of cor¬
Security Traders
York -and
C.
been
array
serve;
of
n
Mackubin, Legg & Co.
New
The firm will be
:'V
Connecticut
appear
although the best buys
us
lower.
as
investors
T.
partner
leading
commodity exchanges.
partner
Viola
and
limited
of 'the
came
the
a
a
He expressed the bel'ef
helping to
creating a
other
affiliate
an
of
in
Tremaine,
are
through
well known in financial circles
Gustav Klein Is With
of
G.
McGovern
partners
the firm
•
B.
Stocks
Lives etc.
on
Philadelphia National Bank
; / ^ Phila. Transportation Co.
Connecticut.
in
connections.
of investors, the sale of
the many times greater amounts munity
Winmill,
s
Association.
i
C.
Exchange
Loan bonds in the last war' created
an
Co.,
Security
Orleans
Traders Association is
James
Coleman
Scharff & Jones,
Inc., was chosen for the office of
Secretary-Treasurer.
Girard Trust Co.
Perna. Co. for Ins.
are
adverse
"Just
F. Alexandre, John A. Mor¬
Paul L. Hughes, Sherburne
?rescott,>
the
&
offices'
two
Robert
quiet
Stocks
Fidelity-Phila. Trust Co.
/
no
Exchange under the able leader r
ship of President Schram is pro¬ Local, dealers report good success
gressive and doing a fine job." Vw :n .placing second-grade and reor¬
opened in
Winmill
Gude,
Manhattan.
for
Philadelphia
Bank
Herbert R.
—
'Philadelphia,
Co.
1920s by the former firm of White-
President
,
.
house & Co. will be operated as a
///;/■/■
practically
exchanges, even/under
Stokely Bros, preferred,
conditions
of 'the
olis Railways, Inc. bonds
present day, continue to be the na<real estate securities.—J.
tion's market-places for
securi¬
Kiser, Cohn & Shumaker,
ties," and that,'"the present: man¬
agement of the New York-Stock
The Brook¬
was
trustee of Dickinson
"the
the
official
Winthrop,
house & Co. which
a
of' education and public
relations/
enlargement of that
an
firm and its facilities.
the
program
Co.
&
Gude,; Winmill
president from 1935 to
He is
"sell"
York
Stock
Exchange
firm
of
Winthrop, Whitehouse & Cot, will
members
is
industrial
aggressively" to
Winmill &
Co.,
1
Wall
Street, New York City, today co¬
.
pre¬
-i'/1//-':
pany
Gude,
■■//'/■■ J. W. Kingsbury
or
College, Drew University, Packer
Institute
of
Brooklyn
and .'The &\ Indianapolis, Ind.
V; \
Dime Savings Bank of Brooklyri;
We find that the principal interest
He was the first Exchange' presi¬
of our.;'clientele today is in local
dent to endeavor
Join fade, Winmill
become
.v....
bonds,
there- is
Stocks with
to 1935 and
Gay, Field & Wixted
|ORLEANS, LA. —At the
annual
leans
are
absorbing
resulting from
Hartford, Conn.
;
Broker
New York-
•
)
have
Name
NY 1-1557
Govern¬
hedge theory seems
secondary to the other fac¬
and
BH 198
■
V3VNew York, N. Y.
working in De¬
fense Factories while still keeping
exchanges
Telephone: IIAnover 2-6540
;
called
Many salesmen
New York.
New Orleans Traders
or
Business
Exchange
'
Spruce
25
York Stock
Members New
,
Please address Box H-15,
ness.
Direct Wire
inflation
be
i
f
■
25 Broad St.
Block, Benj. D. Bartlett & Co. •■/'
Exchange firm doing order-desk
work.
which
funds
speculative interest.
medium size Stock
or
other than
ferred stocks.
tors
wishes
:
as
preserve
the
maturing
that
announce
prime motive,
be, is to
investments
most
ORDER OlERX—
and
cautious
very
Their
Exchange
Maritime Bldg. Brown-Marx Bldg.
New Orleans, La. Birmingham, Ala.
capital,
although facing the growing neces¬
sity of bolstering declining income
on
with small
are
If should
1-423
Members New York Stock
;Cincinnati, O.
V
Dealers Ass'n
HA 2-2772
TELETYPE
connections
GREENSHIELDS & CO.
1920
Security
Exchange PI., N.Y.
BELL
direct, x/
maintain
We
5% s, Serial
'
COMMERCIAL and
Bull, Holden & Co,
FINANCIAL CHRONICLE
We
>
1163
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 4112
156
Volume
tlCHTEOSTEIR
-
interested in offerings of
are
*
jReg.
15
,
Patent
S.
U.
Office
Williatn B, Daha Company
: '
'
•.
.
Publishers.
The'
Spruce Street, New York
25
3-3341
BEekman
"
business today,
D.
William
.
October
Thursday,
twice
Published
[every, Thurs¬
week
a
.•
1942
1,
with offices at 14
day (general news and advertising issue)
with a statistical issue on Monday)
throp, Whitehouse & Co.;' which is
being dissolved, and werefor £
of
merly with Winthrop, Mitchell &
Co;'Y\-Y,
Chicago—In
offices:
Other
charge
Gray, Western Representative,
Field Building (Telephone State 0013).
London—Edwards & Smith, 1 Drapers'
Fred
H.
by William
1942
Copyright
.Company.
Reentered
/?
•
.
•
Dana
B.
&
troubles.
.
post office at
the Act of Mar.
That firm was headed
Co.
&
1889-90.
99 WALL
WE
WISH
TO ANNOUNCE THE
PARTNERSHIP IN
GENERAL
Mr. Charles
yy'y;''
Bond
and
Edward
MR. joseph
P. Field
formerly
MORTGAGE
&
COMPANIES
Mr.
J"
COMPANY
PRUDENCE
yyvyy.y-y',:'
'M
Co.
17
f "Y
'
•
EAST
42ND
Loeb&Co]
Newburger,
Stock
Ybrk
New
Members
Bell
1-2033
NY
Teletype
on
Exchange. He has been a member
of the Exchange since 1926Y ; Y
Formation of Bull, Holden &
Exchange
WHitehall 4-6300
Wal!St., N.Y.
firm,
Co.
previously
was
Sept. 10Y'\V v-
of
Chronicle"
"Financial
the
in
reported
Y y
;-v'Y : Y
Result Of Treasury
Name New Officers
Wall
the
M.
Frances
Miss
Riding Club,
Weller
was
Street
•Secretary of the Treasury Mor-
genthau
the coming
President for
elected
bills
elected
were
of
Six
Secretary.
Doyle,
two
to
serve
v;
Charles
Interest
■
of
several
of the Wall Street
now
with
Club
the
looks
the
armed
are
competition and social
events.
Recently, a sizeable sum
of money was contributed to the
Tribune Fresh Air Fund by the
Y
/
accompanied by the best volume of the year.
Sept. 30 and to
which were of¬
30,
25, were opened oh
that the long period
spent in a narrow range since the
July high
was - made,
together
with the greatly increased volume
on which the penetration was ac-'
complished, justify the assump¬
tion that the past thpep months
of
Now Jas. B.
With
John
G.
the
viewed
and
J.
a
indicated,
YV'Y'^y'yY^
election
$301,758,000.
Did for at
Exchange,
&
Wertheim
Study
Company,
$100.
REQUEST
CHARLES KING & CO.
WH. 4-8980
61 Broadway, N. Y.
Teletype N. Y. 1-142
Specializing:
ration
Copies
System.
had upon
—
Boston
Stock
Poor
was
Mark
RY Giroux
president.
chosen
vice-president
R.; Hodges,
&
Co.,
Stearns
was
Schirmer,
re-elected
treasurer for the sevehth term.
may
Canadian
In
Bonds
&
Stocks
BALTIMORE, MD.—Stein Bros,
&
Boyce, 6 South Calvert Street,
members of
the New York
Stock
Exchange and other leading ex¬
changes, announce that Robert S,
Belknap has become associated
with
them.
Mr.
Belknap was
formerly with W. W. Lanahan &
Co., was at on^ time sales man¬
ager for Alex. Brown & Sons, and
prior to that was in charge of the
Baltimore
office
of The National
City Company.
at
Oct.
2,
i
/■ I
/.
'
on
of
Utilities
the
,
;•
■
are now
office today at 50
on
of
the
Commis¬
"Problems Fac¬
ing the SEC in the Enforcement of
the Public Utilities Holding Com¬
pany
Act."
On
Wednesday, Oct. 7, T. L.
Shaffer, Vice-President of Congoleum-Nairn, Inc., will speak on
"Floor-Covering Industry."
will
luncheoh
be
meetings
Street, New York
City; lunch at 12:30 p.m., with the
Pine Street, New
York, to act as a financial consul¬
tant to estates and corporations.
Mr. Stemler has been associated
with Blair & Co.,
Inc. for the past
and since 1932 has
served at treasurer and assistant
thirty years,
secretary of that
corporation.
be
addresses scheduled for 1 p.m.
<
Inv.
Fairplay League
Appoints Leonard figr.
B.
C.
Forbes, head of the In¬
Fairplay League, an¬
the appointment of Luke
C. Leonard, business man and or¬
ganizer,. as manager of the
League's Michigan branch, with
vestors
nounces
„
headquarters in Detroit.
Senator
Arthur H. Vandenberg, one of Mr.
Leonard's early employers on the
Grand Rapids "Herald," has ex¬
pressed cordial endorsement of
the appointment.
Chicago
(A
new
WATER WORKS
National Securities Series)
SECURITIES
Bonds
Preferred Stocks
•
Prospectus
several railroad bond
group
ready for distribution.
Copies available
Division
sion will speak on
all Middle Western
Our Bulletins No*. 38 and. 39, reviewing
suggestions,
Benjamin
Securities and Exchange
and Real Estate Issues
■
Friday,
Graham will
speak on "Stockholders and the
Managerial Revolution."
On Monday, Oct. 5, Karl Shaver
ST. LOUIS
Securities
announces
on
Arthur L. Stemler is opening an
Announcing
Office has been extended to
Inquiries irivited
Inc.,
meeting
held at 56 Broad
As Investment Counsel
INTERNATIONAL SERIES
our
their
that
All
Opens
York' Society of Se¬
Analysts,
curity
the
Arthur Stemler
Analysts To Meet
New
The
Stein Bros. A Boyce
request.
Our Direct Private Wire to
NY
Belknap is Now With
120
Broadway, New York City, has
just prepared a new bulletin com¬
menting on certain phases of the
Associated Gas & Electric Corpo¬
Bates, Jr., from partnership in
Taylor, Bates & Co., 48 Wall
Street, New. York City, the firm
name will be changed to James B.
the
Archibald
elected
was
and
V
Assoc. Gas & Elec.
of
of
j
amount
price was accepted.
There was a maturity of a simi¬
lar issue of bills on Sept. 30 of
Grenville
Taylor & Co.
of
be
previous advance, with a further
al
Y
the
of
the low
YY
today
consolidation
a
as
to
are
Y Accordingly, we consider pur-,
chases around current levels war¬
Taylor Co.
retirement
Bates
movement
narrow
Atherton
y
ap¬
interest
ON
CIRCULAR
While, it is true that the. penetration of this July high was not
large in extent and there has since'$
' :
'
1
Y r
1
1
—-—
been some slight recession,, it is
advance now
48%
Show, which was given for
this benefit.
Dec.
ly 0.373%.
Club; proceeds of its Sixth Annual
Horse
During the past week the market advanced out of the narrow
which it had been backing and filling for a period of almost
three months since its recession from the high point of the recovery
reached early in July, ; Moreover, the break-out on the upside was
•range in
A. Giroux President
forces, the
an active
to
of
season
1941—Assets
f'y
Boston S. E. Elects
members
Riding Club
forward
7.5
earned
charges
Accumulated
iMSfiY Stock Market Looks Higher YYyiS
'"-Y';:"^:Y '.YYYs; ^ Y\'^:5'rY; ranted, in anticipation of higher
Total applied for, $725,763,000. L
prices.—Lober Brothers & Co.
Total accepted, $401,288,000.
Range of accepted bids:
High, 99.925, equivalent rate of
discount approximately 0.297%.
Low, 99,905, equivalent rate of
discount approximately 0.376%.
Average price, 99.906, equiva¬
BOSTON, MASS.—At the annu¬
lent rate of discount approximate¬
-y'Y
While
Sept. 28
$400,000,000,
on
The details of this issue are as
Frances
M.
Weller,*
Helen M. Doyle and Eugenie Dittmann.
1959
proximately $3,263 per bond—
folldws:
Salisbury)
'
due
in
Times
banks.
Wander,
William H.
and
Brunner
Distributors
Retail
5s
iy
Sept. 28 at the Federal Reserve
term
a
for
dated
be
fered on Sept.
directors
for
Burton
years:
to
mature
Regina Hankinsoh, Vice-President
and Treasurer and Miss Helen M.
tenders
thereabouts, of 91-day Treasury
or
Secretary and Director of the Club.
Other officers elected were: Miss
announced
the
that
Miss Weller was formerly
season.
f-1203
NY
BROWN COMPANY
BROOKLYN, N. Y.
''-./yY.' former Brand) of
V-
6uT opinion
Y;y; Bill Offering
At the Seventh Annual meeting
of
Teletype
(
Wall Street Riders
f
Co.'s
Participations
2-8970
Attention
-
new
Title
other
Trust
October 1.1912
Brennan, who has been, as¬
the
Ctfs.
16 COURT STREET
y,:.„
represent
Ctfs.
Co.
Broadway, New York, N. Y.
IIAnover
Y
BRANCH OFFICES
STREET
'•
Y
the first
the floor of the New York Stock
all
Co.
YOftK
NEW
NEW YORK, N. Y.
■
sociated with Mr. Bull since 1914,
will
Title
Ctft.
members new york stock exchange
ONE WALL STREET
YYv-'Y-YY Y:-',i;''
served
He
the French Army during
COMPANIES
World War.
TITLE
a
the Lafayette Flying Corps. Of
in
CITY
Philadelphia.
of
Co.,
by
In
Co.
INC.
39
Co.,
witH^West &
was
Invited
Members New York Security Dealers ASsn,
partner
in the firms of Harris, Winthrop
and
■'•.-»•>
U.G0LDWATER&C0
F. Wixted
GUDE, WlNMILL & CO.
& Co., Winthrop, Mitchell &
and Winthrop, Whitehquse &
In
Complete Statistical Information
(formerly Partners ojf \Vmthrojj, Whitehouse & Co.)
was
Mr. Holden has been
Specialists
Mtge.
&
Bank
the Fulton Trust Company. yyy
CERTIFICATES
TRUST
4-6551
Mtge.
Lawyers
^
r. Gay
member new york stock exchange
Mr.
and formerly for;
Club
years
Are
Lawyers
President of the
National Steeplechase and Hunt
Association. He is a Director of
many
ALL MORTGAGE
BANK &
in.
it
ADMISSION TO
OUR FIRM OF
h V
#
Mr/Bull
For many years
Field
and
New York funds.
MARKETS FOR
YORK
WHitehall
Inquiries
by
partner of Harriman
& Co. and also Harriman, Keech
& Co. He is President of the Turf
Real Estate Bonds
issued
metal
Get
now.
STREET, NEW YORK
Telephone:
.
NEW
needed
W*
senior
was
advertise¬
and
subscriptions
Sam's
REAL ESTATESECURITIES
father, the late William LiBull, who was Pr esiden t J of the.
New
York
Stock
Exchange y ip:
Subscriptions in United States and
Possessions $20.00 per year; in Dominion
of Canada, $27.50 per year; South and
Central
America,
Spain,
Mexico
and
Cuba, $29.50 per year;
Great Britain,
Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year;
NOTE—On account of the fluctuations
In the rate of exchange, remittances for
foreign
Uncle
obsolete
get your obsolete securities
his
ments must be made in
out
Your
in to us!
Lyy- Teletype NY 1-5
Members New York Stock Exchange
\ - .
'vi;Telephone HAnover 2-4300
the senior partner. He started his
career in 1895 With Edward Sweet
1879.
40
is
scrap
Yp25 Broad Street, New York
,
iron
and
And
;Y;'YY<,Tv..4Y
Victory!
METAL
—
encer
Nearer
SHOW YOUR
PREFERRED STOCKS
opening of the new firm
marks the completion of 47 years'
in Wall Street for Henry W. Bull;
second-class matter Feb¬
as
ruary
25, 1942,. at the
New York, N. Y., under
B,
-
Week
The
Gardens, London, E.GV
.•
AND COMPANY
One
YY-t Public Utility and Industrial
Street, New York": City; The
general partners YoL the firm—
Henry W. Bull, Milton W. Holden
and George F. Brennah-Y-together
with other members of its staff
have been with the firm of Win-
Business Manager
Riggs,
Exchange firm'
V/all
Editor and
William Dana Seibert, President
v
Stock
new
High Grade
Y
Bull, Holden & Co. opens, for
of
-
Herbert D. Seitaert,
Publisher
V
-
Opens Business Today
'■
■•■
>
f? pfl
and, dealer selling
Complete Statistical Information
agreement upon request
Inquiries Invited
request
STRAUSS BROS.
Members New
32
York Security Dealers Ass'm
Board of Trade Bldg.
Broadway
NEW YORK
CHICAGO
DIgby 4-8640
2075
Teletype CG 129
Teletype
A*
U
M
IU ** 4
National Securities & Research Corporation
NY
1-832,
Harrison
834
.
120
Broadway
New York,
N.Y.
CRAIGMYLE, PINNEY & CO.
Members
ONE
New
WALE
York
ST.,
Stock
NEW
Exchange
YORK
Telephone WHitehall 4-5290
1164
THE COMMERCIAL & FINANCIAL
CHRONICLE
Thursday, October 1, 1942
ST. LOUIS
Real Estate Securities
ST/X
or
'
v
CO.
&
509 OLIVE ST.
bell System
i
Analysis
If
request
on
,
contemplate making additions to your
personnel, please
particulars to the Editor of the Financial Chronicle
for pub¬
you
send in
lication
SAINT LOUIS
;
in
NEW
,
Teletype—SL 80
■/•.,/-•
<. *
Members
New
Incorporated.
York
/. '
.
Security Dealers Association
Broad Street
41
;
New York
150
'
t
Inc., and prior thereto with Jack-?
&
Louis Stock
St.
Telephone HAnover 2-2100
Exchange
Broadway.
/
NEW
/
•;
Tv7
Whitehouse
REAL ESTATE SECURITIES
CHICAGO, ILL.—Barcus, Kin¬
Co., municipal bond deal-
be
will
cern
continued
(Special
INTELLIGENT ANALYSIS BY INVESTORS
:.
have
moved
been
con¬
for: the
Kindred's
to
Co,'s
in
tion,
and
with
continue
the
organiza¬
Harry J. Wilson
Stanley W. Lang, Vice-Presi¬
and
Treasurer.
President,
dled
in
Indiana
Illinois and
As
example,
an
old
Such
earnings,
,
,ln
becomes
.
at
the
current
promise
are
In The Armed Forces
r
-
{
Gordon K. Colin, Vice-President
of
'
some
instances'
ciated
with
John
Nuveen
&
Co.
interest
charges/the high in 1942
60, present level approxi¬
mately >50 with earnings: showing
earned
about
2.31
times.
Present
bonds
above the
they
.
i
.
Bell
present
possibilities
current
level at which
Lieutenant
Reserve
duty.
and
in
the
has
His firm
U.
feeen
will
S.
Naval
called
for
provide about $175,000 as a sink¬
ing fund for retirement of bonds,
a
i
<
v
stabilizing feature which
1938
or
any year
since then up to the
present time.
Broadway Barclay 1st 2s selling
discontinue
business for the duration.
market
did not exist in
at
25
level
in
1938
now
around
19-20
'while
Kiser, Cohn
Indianapolis,
earning
conditions
have improved, is an
example in
the lower price
group.
who enlisted in the U. S. Army as
Lexington "Units" selling
Julian A. Kiser, of
&
a
Shumaker,
Inc.,
private in February/is
Second
Lieutenant
in
now
the
a
Air
Corps, stationed at Hunter Field,
Savannah, Ga.
Kenneth V. Leibert, of the trad¬
ing department of Mitchell & Co.,
/
120
Broadway, New York City, is
now
serving in the U. S. Navy.
/ Albert W. Lind, a general
part¬
ner
of
Sterling, Grace & Co., 50
Street, New York City,
Broad
members of the
New York Stock
Exchange, has just been commis¬
sioned a Lieutenant, Junior
Grade,
in the U. S. Naval Reserve and is
taking
a
duration.
main
a
leave of absence for the
He
will, however,
general
partner
firm.
in
Hotel
at 55 in 1938 at which time
inter¬
est
accumulations
were
unpaid
and
the
outlook
for reduction
of
the
mortgage1 far remote are to¬
day about 48-50 with all interest
accumulations paid, with
earnings
showing indication of full interest
coverage and sufficient to provide
$50,000 or more each six months
for retirement of bonds.
Consideration
is
also
being
given to the present purchase
price in its relation to
equity
value.
to
A
formula
discount
40%
value
to
as
being used
assessed
is
valuations
50%
a
using the resultant
base, and to multiply
the amount of
outstanding bonds
by the current market price.
re¬
difference
the
value
between
of; the
to
The
Financial
Walker
-is
Chronicle)
the
property
M. B.
counselor.1
to
The
*
•
Financial
Chronicle)
TOLEDO,
OHIO — George E.
has joined the staff of
Sutherland
&
Co.,
Ohio
Building. Mr. Chapin was for¬
merly with Vercoe, & Co. .and
Chronicle)
connected
now
investment
(Special
Chapin
L.
Ryan>
with
Merrill
B. J. Van
Ingen & Co. Prior there-
he had been with
ris & Co. for 10
Borton, Inc., P. E. Kline,
Stranahan, Har¬
years.
Edward Grone To Head
L. M. Marks Hun.
bers
Pl.,N.Y.
The
adjusted
and
this
figure.wo,ulci be.,equity, giving,
a
of
j. New
'
/
Stock
J>
Crone
with
Co.,
has
become
Laurence
49
Wall
M.
Street,
Members of the New York Stock
Exchange and other'leading Ex¬
York changes, as manager of the firm's
Ex-
firrn's unlisted
.
'
the
A.
municipal department.
change,, in the has been
continuously
*
Mr. Crone
engaged in
the
municipal bond business 'for
Trading De¬ 20 years.
Starting with White^
partment, Weld &
Co. in,v 1922, he later
DIGBY 4-4950
Teletype NY 1-953
Dept.
R.
//////': \:v
/
continue
Stewart &
King To Be
s e-
curities.
Mr;
New
York
Exchanges,
has
of
Messrs. Stewart and King
formerly partners in Hixon,
Ransom
R.
Stewart & King.
in
cities
many
by
all
brokers
association
Edwards
NEWARK, N. J.—R..: V. Klein
Co., with offices in the Griffith
with
was
Katz
dealers
Prior to his
Bros.,
connected
Mr.
with
Kobbe, Gearhart & Co., Inc., D. J.
McMillen & Co. and Hammonds &
Co.
In
his
present
position
with
Newborg & Co., Mr. Edwards can
Street, has
offer", his
clients. exceptionally
been formed as of
today by Ru¬
comprehensive
brokerage
and
dolph V. Klein, sole proprietor, to
conduct a general over-the-count¬ trading facilities, as Newborg &
Co., founded in 1900, with offices
er securities
business. Associated at'30 Broad
Street,.New York,
with him are William N.
Portnoy,
holds^piemberships in 16 security
sales manager, and
Henry Rosen- and
commodity exchanges./These
feld, cashier.: ■>■. v/
Building,
605
Broad
memberships
Both Mr. Klein and Mr:
years he has been
manager
municipal
include:
the
Riter
Hartley Rogers is forming Hart¬
ley Rogers & Co. with offices at
120
Broadway, New York City, to
engage in the securities
Mr. Rogers has been a
business.
partner ip
Crafgmyle, Rogers & Co., Rogers,
Torrey & Cohu, and Hartley Rog¬
ers, Lyon & Co.
Prior thereto for
many years
he
was
head of Hart¬
ley Rogers & Co., Inc., New York
and
Pacific
house.
Coast
investment
*, "•
•
' /"
///
Richardson Rejoins
Vasconcells, Hicks
(Soeclal
to
The
DENVER,
Financial
COLO.
Chronicle)
—
Allan
■,
S,
Richardson has rejoined the staff
of
Vasconcells, Hicks .& Co., Se¬
curity Building.
Mr. Richardson
was
recently with Sullivan and
Company.
Prior thereto he
Vice-President
of
Hicks & Co.
was
Vasconceils,
Chicago Board of Trade.
Mr.
Edwards'
new
telephone
study of the Home Insur¬ number is HAnover 2-6540, and
Company compiled by But-. the teletype number is NY 1-2972.
The
ance
of the
of
Form Investment Go.
New York
Portnoy Stock
Exchange, New York Curb
Exchange, Baltimore, Boston, Chi¬
Broadway,
cago, Philadelphia, Pittsburgh and
New York; the
former, who is a
Salt Lake Stock Exchanges, New
brother of M. F.
Klein, as general
York Cocoa, New York Coffee &
ipanager, ,and the latter as sales
Sugar, New York Cotton, New
manager.;,:::.//„•/:;/,v; //.
York Mercantile, New York Pro¬
The new firm's telephone num¬
Mercantile
and
ber in Newark is-Mitchell 2-4144./ duce, ;* Chicago
Commodity Exchanges, as well as
Study
department
Hartley Rogers
connected with the
M,. F. Klein Co. of 170
Home Insurance
officer of the
an
bond
department of the J: Chase
National Bank.
For the past four
formerly
were
as
in
the
over
and
with whom he trades.
Formed in Newark
officer
an
Corp.,and
subsequently
New York but
also
country
R. V. Klein Go. is
t
Street
for 14 years, is
widely known
not
only
in
Edwards
today.
were
been
Wall
and
as
Ed¬
,
served for five years,,as
of
Chase Securities'
wards, £ who
Price, 231 South La Salle Street,
ol. the
n-
and
railroad
art, member of the Chicago Stock
Exchange, and Thomas, E. King
will become partners in Hicks &
Stock
i
dustrial
CHICAGO, ILL.—John C. Stew¬
members
in
aviation,
/ Hicks-Price Partners
Chicago
to
specialize
be purchased.
can
Hotel St. George 1st 4s in 1938
Chicago office, 135 South'
Street, and
in
their were selling at 50 with earnings
Miami office, has joined the U. S. equal to only 3.70%, today at 40
Army. .:':/>/. ~i the earnings are equal to 8% on
the outstanding
bonds, sufficient
James M. Johnston, President of to cover the. 4% fixed interest and
a
Financinl
.
Salle
Johnston, Barr & Co., Chattanooga^
Bank
Building, Chattanooga,;
Tenn., has been commissioned as:
The
Ter¬
where he-will
in their
La
to
has become associated with
Edward D. Jones & Co., 705 Olive
Street, Mr. Tidd was formerly an
///'///•
CLEVELAND, OHIO—Frank
Jo
was
these
asso¬
40 EXCHANGE
!
more
showing'earnings 2.05 times
interest
Chronicle)
;
specific
;
,
'
Grigsby, long
Street,
&
Edwards, formerly
Edward
with Katz Bros, as Manager of the
associated
Trading Department, is now asso¬
Marks
&
ciated with Newborg &
Co., mem-
I
Members New York Stock Exchange
■/•//
,
that
outstanding, bonds total
of Kiser, Cohn & Shumaker, Inc.;
approximately $3,644,500 as com¬
Indianapolis, who enlisted as a pared to -$4,244,500 outstanding -in'
private in the Army in February, 1938. "Sinking funds are running
1942, is now in Officers' Candidate heavier than they were at that
School, Financial Department of time and are applicable to a
the
Army, at Duke University, smaller outstanding amount.
It
seems
reasonable to assume that
Durham, N. C.
William A.
Salle.
Tidd
Financial
Tower.
SHASKAN & CO.
hold
considerable-increase
believe
The
un-
has branch offices in
> ;
Securities Com¬
La
-•:.//,
(Special
Corp.,
minal
Ransom
*/*■>;*
level land
in market value.
We
MARKETS JN
REAL ESTATE
derpriced, present attractive yields
1938
la.
,r
SECURITIES
quite
writing and/ distribution of« mu¬
nicipal securities since 1932, and
Des Moines,
Chronicle)
Newborg Trading Dept.
TRADING
cases
clearly^illustrate
the point Broadway Mofbrs Build¬
ing Corp. (General iMotors; Build¬
ing) 4-6s, due-1948, sold at 69 in
and
the
.
it
./
Ransom Edwards Willi
an
many
f
Austin, Tex.,
Chicago.
/
Borton &
analysis is
after
varying. ; conditions
into
and.
,
customers
evident that many issues
in
South
few years :go.;
a
consideration,
including Vincennes,
Greencastle, Princeton ; and Mt.
•Vernon, Ind.; and Mattoon, Litch¬
field,'
Beht'on,; Jerseyville- and
Westmont, 111.
'.■>/'%_/./,•
/•" Barcus, Kindted & Co. has been
specializing in the analysis, under¬
Kidder
/
down- equity value.
toda^
various'offerings
not
or
new
taking
The company has han¬
acquisitions consum¬
recent years,
purchasers
sound
many
mated
to
and
issues, particularly in fi¬
M.
:
security is
underpriced in relation to knock¬
whether
r
nancing the acquisition of utilities
by cities.
to
asked
are
period of years, its relation to ask¬
ing price and earning power of
the security five years ago in com¬
parison to present asking price
in the municipal bond field.
Lewis, Pickett & Co. has been
active in underwriting municipal
A.
135
pany,
Co., have become
Lynch, Pierce, Fenner &
Beane, 216 Superior Ave., N. E.
Mr. Walker ; was
formerly with
prospects today,bring up
the subject of price range over a
years
revenue
Questions
relation
and
Norman S. Wilson,
Mr.
Pickett, former
is' .retiring after 30
&
ated with Straus
Sweeny,
Winthrop,
CLEVELAND, OHIO—Eben S.
Martin has been added to the staff
of Dodge Securities
•:
reports have^
educational yard stick by which to determine
which n£ver would have occurred,
including
dents;
these
as?
tremendous
a
value.
personnel except John D. Pickett
will
effort
and
had
Pickett
Lewis,
of
T.
with
with
to
(Special
plete analyses and comparisons before offering the securities to their
that they have been; more than repaid for their cost
South La Salle Street.
./All
;;
Dealers who specialize in
customers find
Barcus,
at. .231
headquarters
fl
the sale of real estate bonds record an
increasing interest in r this type of security from a public who pre¬
viously had shown, little .interest.,, Those firms who .have made, a
practice of making extensive investigations and have prepared com¬
purpose of completing the com¬
pany's unfinished business.. Offi¬
ces
Financial
•"/ST. LOUIS, MO.—Robert
uk, have acquired the firm of
Lewis, Pickett & Co., it is an¬
Lewi's, Pickett
Harold
Co., 1 Wall Street.
dred &
The
and
formerly
associated
Over Lewis, Pickett
nounced.
John
Raffo
all
/
The
ISLAND, ILL.—Nat E.
Geismar, previously with Morris
Geismar & Co., has become affili¬
YORK, N. Y. — John J;
E. Haase, Anthony
Fagan,
G.
|
.
to
ROCK
Teletype NY 1-592
tro*
Barons Kindred Takes
Merrill, Turben
Co.
(Special
tii-
Members
& Curtis and
son
Amott, Baker & Co. Incorporated,
r
•
■■
CITY—Eugene II.
de Bronkart,
formerly with John
Nickerson' &
Co:, is now'with
Seligmaiv Lubetkin & Go.
&.v. %
ilvi
this column.
YORK
R. J. Powelson With
ler-Huff &
Company of California,
210 West Seventh
Street, Los An¬
geles, Calif., which discussed its
history, position and outlook, pre¬
pared from the viewpoint of the
investor
proved
in
so
its capital
stock, Has
popular that a second
edition is
next
planned for distribution
spring after the corppany's
1942 statement is
released.
A few copies of the
first
Smith, Barney & Go.
Glen A. Darfler Now
Smith,
With Kneeland & Go.
(Special
to
The Financial
Chronicle)
has
become
Kneeland
&
associated
with
Co.,
Inc., Board of
Mr.* Darfler was
are still available
and may be had formerly an officer and
manager
without charge from Butler-Huff of the
trading department of Alex¬
&
Company.
/
edition
*
Trade Building.
ander &
Co., Inq, ...J.
1——
of the New York Stock
and
other
Exchange
leading exchanges,
an¬
"that Ralph J. Powelson is
associated with them in their
nounce
CHICAGO, ILL.—Glen A. Dar¬
fler
Barney & Co., 14 Wall
Street, New York City, members
-
now
municipal bpnd department.
Powelson wias
formerly
Mr.
an officer
of
Tripp & Co/ Inc. In the past he
in charge of the
trading de¬
partment of the New York office
was
oLKqlley," Richardson
Co;
Volume
THE
Number 4112
156
COMMERCIAL & FINANCIAL CHRONICLE
1165
We Maintain Active Markets in
Old Colony Bonds
Minneapolis, St. Paul
Tomorrow's Markets
6c Sault Ste. Marie
4s & 5s, 1938
.
>(
,,
Bought—Sold
Chicago, Rock Island
AbitibijP. & P. 5s, 1953 /
Algoma Cent. & Hud. Bay Ry. 5s, '59
Brown Company 5s, 1959
International Hydro Elec. 6s, 1944
& Pacific R. R.
4«/2s,
1934 &
4s,
1952'
Says
PFLUGFELDER, BAMPTON & RUST
Roggenburg & co.
29
61
Tel. WHi. 3-3840
Broadway, N.Y.
advance
inability to
Market
Members
Dealers Assn.
Members N. Y. Security
Stock
HART SMITH & CO.
Exchange
New York
Telephone—-Dlgby 4-4933
11
RAILROAD
1-1928
Teletype: NY
mentioned above,
given impetus to
new hopes.
But hopes are one
vise profits acceptance.
v
thing. Realizations, unfortu¬
\
By WALTER WHYTE
y nately, ale another..* For if
there is any medium which
i So another week has gone
looks; realistically at - present
over the dam.
The market in
and
possible future events
its
inimitable
to
crawl
Volume
Ad¬
nearby top.
-Vindicates
a
up
even
managed
little more.
way
increased,
REORGANIZATION
ST., N. Y,
Bell
SECURITIES
I
Teletype
New York
For without
in the business.
the
volume
broker
average
as well stay home and
read the funnies as expect to
might
make
and
IIAnover 2-0980
NY
1-395
Montreal
Toronto
*
;
it
■
again. :
*
vT'-'T
ket action
the best in
was
But if the market went up
still
believed
•
a
startling news develop¬ signs
On- the contrary V we which
any
are now
make
ments.
to be in
seem
the midst of a
period of flowery oratory
to
from
what
-
makers
call
ency"
lull
some
or
;
speech-
"complac¬
to sleep again
our
us
"assurances" that
with their
110
(DJ)
marks
level
indicated
indus¬
dapan for/ one cannot start a
up like
strictor.'' .'?V
gorged
•'
next '
the
offensive ". .v. she's all
be
would
important
stop
112.
This
across
boa con¬ opinion -was advanced in the
a
'''4V
;" belief that by this writing the
:
110
figure would have been
>
Back; on the home front,
ipenetrated.;. Well, it has; not.
Specifically; Washington, the The best figure to date was
city of ;the Big Wind, Com
gress
place during the year.
fashioned kaffee-klatch. Glit¬
Inability to penetrate at
tering generalities fly about this time would not be an in¬
Capitol Hill like; shuttlecocks dication of a turnaboUlrifTt
No
Congress, would take orders
in fast badminton games.
weren't for the fact that
and
individual
more
more
stocks
immediate
who know what's what.; able; 4 :
:
And what if the farm lobby
outlook; comfort¬
men
:'v
1
$
:
.
.
J
«
*« rt-
wage
increase
of
1, 1941, levels to compensate
for the rise in, the cost of living; p.
following figures,
* T
Vt v?:
j, .J;J1
5s
1938
4s
;
Des
Moines '&
Fort
-
Dodge 4s
j The defaulted railroad bond in¬
1935
4'
i.
-H'-1'
Incorporated
4
New York,
T
.
Street
Wall
Bell Teletype NY
1-897
for
pub¬
as
new
to Government admonitions
necessity, for
minimized..
tion
;
.
$0,696
V
.
0.698
: 0.729
and
—
,;
0.635
,
than
or
with
formal little notes
we
stating
'presumably not
certifi¬ !consideration
stock
have
•even
though
for final
come up
until
the
after
unions
election
and risk:
v v
"
:"• r>
Inflation Hedge
;
32.7
o.843
*.
WALL STREET
|You- still hoM; positions in
the following:' Air Reduction
bought at
Half uprofits
:
CITY
I,
■' "
'
:
■
advised at 35
were
or
a
now
gives
SUGAR
gross
about
3514.
-
That
you
about 5 points
profit. Take it arid stop
;
:(
ti
v•
i:
Chalmers, bought,7 at;
23.: Half profits advised at 27
.
,
.
c"
notable
stiffening
in
-
(Continued
on page.
As
1166,
4
the
brokers
on
invite inquiries
we
blocks or odd lots of
HIGHEST GRADE RAILS
Wo also maintain net markets in (
!elections- are out" of the way. Also,
iit appears doubtful, if -the Admin¬
SEABOARD ALL FLORIDA
istration will be able to get very
6s/35 Bonds
on
its
plan
to
:prices
farm
action is
control
unless similar
taken with respect to wages.
!
•
:
'It may .be
taken for granted that
regardless of the outcome of con¬
be
rail
labor at this time would
substantially below the original
request;-Furthermore; there would
be
no-
question
as
to the
ability..
&
Ctfs.
for *yattr* client*- i*- obtainable
through the purchase of :,r
Producing Oil Royalties
SEABOARD AIR LINE
1st
4s,
'50,
Bonds
Coupon
&
8c
Registered
6s/45
Bonds
Ctfs.
8c
1. h. roihehild &
HAnover 2-9175
have
small
many
investors,
and
unique features with
be
should
you
before jrou can
familiar
talk intelligently
about them to your customers.
Our
Royalty Offerings
are
filed
with the 5. E. C. and the dealers'
spread is
furnish
we
have
We can
with all details, as
attractive.
you
specialized in oil royal¬
ties for many years*
and
we
phone
will
or
in and see us
explain why you
come
gladly
should
sell
suggest
clients NOW!
royalties
to
TELLIER & COMPANY
Members
Eastern
Oil
Royalty
Dealers
Association
co.
Established
42 Broadway
specialists in rails11 wall street
and
which
attractive for both
are
large
y:ur
Certificates
SEABOARD AIR LINE
Consol.
Royalties
Write,
'
-
ed
4-2727
The increase
boom lasts.
war
quar¬
trol programs any increase grant¬
rAllis
Dlgby
the
j\i;hriie" attitfide of the Government
better.
the Test at 33.
Exports—Imports—F utures
quested wage increase, so long as
towards pressure groups once the
tar-
It's:
under the burden of the re¬
even
ters it is believed that there will
-
NEW YORK
'»
request.'
■
this jtempting to: short circuit the cum- [would, however, carry highly un¬
Ibersome machinery set up in the favorable implications over- the
be
LAMBORN & CO-
af-
are
rday bought for your account 'Railway Labor Act. In most
ac
99
City, from whom copies may
be had upon
,
An
more.
Charles
by
Broadway, New
61
14.0
14.8
7
34:.2
rather
little:
York
Co.,
12.6^:'
-0.796
equipment
&
15.4
0.635
and structures____„____
way
of
;
Rise
stores_^__-_l-;-ii'---
Maintenance of
1959, offer:
■'
1942
0.606
■
due
5s,
/
■
$0,784, V
'
Co.
circular'; issued
a
King
lower
/a
June
January
general
and
to
and the dangers of infla¬
won
range:
high—•
low—14 %; Sept. - 30 price—
standard of living if the war is to
be
the following
interesting possibilities, according
that the entire Nation must recog¬
nize: the
&
York
Interesting Situation/ }S;.
railroad labor considers itself im¬
mune
New
1939, to date:
1,
Brown
increase it is obvious that
*HourIy Earnings
r
yard-stick
modestly
In asking for
0.745
1; 1.000
ning to show top signs;; That Transportation -(train & enghie service)^iLi__;^__r
'■. *
'being the case it would be- J y H^Straight time paid for.'-.•Y" •' . ■''
of the roads as a whole, or the
ipolitic for the trader to once j; iThe most favorable corisidera- individual roads
separately,
to
Itioh in the present request for an
again become reacquainted 'increase is that the matter will .continue
profitable
operations
Meanwhile the market has cates,
a
Jan.
43 Vr ;
-rv
:•
Bampton
Broadway,
shows
City,
N. Y.
Pflugfelder,
61
the
than
that figure.
below
the
less
0.525
colorful
advanced
Rust,
Frederic H. Hatch & Co.
.
money*.
of
dex
up in a few fTransportation (other than train, engine and yard)
the market is begin¬ {Transportation ■ (yardmasters, ; switcn\ tenders &
iwords:
Defaulted RR Bond Index
1951/..
1941 i
•Maintenance
•
above
15%
'Jan.
{^Summing Tt
Certainly better than such a
silly idea that a little word
like "parity" should stand in
the
way - of
a Tittle . more
Central
Central
63
payments expected during
period. Ear rungs levels
war
increase of 15% are very
%
ml
Iowa
1932
5s 1934
4s 1949
5s' 1962
6s
ceiving
formula, allowing
group is based on
reorganization, the
to
so high and cash accounts
thoroughly rehabilitated that
even a sharp wage increase wouLd
not be calculated to interrupt the
trend of large interest payments.;
;
ON
Louis
Louis
Lbuis
Louis
the Little Steel,
{Professional,; clerical
••
St.
St.
St.
St.
Board in the principles set* out. in
beginning to back away lished by Standard & Poor's, are
from their highs. Not only do
Significant, showing: the increase
they back away but violate in hourly * earnings" of various
iclasses of rail labor from January,
previous day's lows in too
,1941,; to June, 1942. ; Classes remany instances to. make the
show him who' is a
rubber stariip. Of course the
gentlemen of the farm, bloc
are
entirely different. They
are solid, respectable
States¬
&
&
&
&
Iowa
even'
are
They'd
*
MARKETS
Minneapolis
Minneapolis
Minneapolis
Minneapolis
higher; This attitude
hardly -seem"" compatible
with the action of the War Labor
'a
even
so
compensate for the increase
now
granted,
are now
(in reorganization)
apparently claimed that the higher
The
from the President. No Siree!
the
"
finally, agreed ■ on
(inci*
dentally they wer£ better than the
'original award recommended by
the Fact Finding Board) did; not
ready occurred,; and it is pointed
out that general price levels are
this
approach
st. louis railroad
It is now
iin the cost of living that had al¬
in
terest
YOR&
NEW
Teletype: NY 1-2050
minneapolis &
;wages,
even
increase
wage
war rather than post-wan
earnings, and the substantial in¬
would
4s-having itself an old
STREET,
terest
any,-
that
liquidation
be expected to accompany
level of
by- labor
the
possibility
>; a
WALL
obvious that this most recent step
'
new
1
Whitehall 3-3450
would carry little, if
threat. Last fall when the
begin¬
previous- increase in wages was
ning of a resistance zone. Last : granted it wafe based on the rise
week I said the market action iin living costs that had taken
knows
trial
Active
no
hit
On the other hand, it seems
possible that the general run of
reorganization liens would not be
subject to any heavy selling.
A
lqrge part of the speculative in¬
EROY A. STRASBURGER & CO.
•
outlined -by the Administra¬
may be taken seriously, it is
tion
has
wave
.
an
25%.
liquidating
with¬
or
though
even
sign that the
might actually be
in part.
& Pacific R. R. Co.
gram
Anybody who follows stock
t h r o u g h . averages
the
over-
shading
a
bids
any
70
involve
would
well
of
market.
would
Chicago, Rock Island
This has already been
in
drawing
issues of
the
If the recent* anti-inflation pro¬
hesitant.
all prices
either wake us up
aimed
minimum
cent
all
full 12 months oper¬
a
increase pf
in
sizable
Southern
ation at current wage rates, ya
cropping up
me
the
of
some
on
apparent
were
last year
■not include
little
But
it.
minimum
markets
amounted to less
than 45 cents. Even allowing for
The fact that the 1941 average did
long lime. Up to last night I
get its impetus from
vent roads.
■
mar¬
'
it didn't
cent
roads
Last week I wrote the
impact would, be on the
speculative bonds of the still sol¬
We maintain net trading
if the
individual groups
of
expected
market
much
mean
increase in the
applied.
For example, it is estimated that
the average hourly pay of section
dropped off
*
would
than a-25%
pay
j70
ally
to the carriers' pay-S>;
proposal
more
Therefore,, it is gener¬
that the greatest
programs,
In actual practice, however,
hands
'?'!
*
to 18%
ithe
'
-
--V
have available for debt retirement
raise of 25% in the pay of non-operating personnel and add
a
rolls.
this
Monday of
year. : Beginning
this week volume
,
establishing a minimum wage of 70 cents an hour. On an over-all
ubasis it has been estimated that the increase of 20 cents an hour would
imean
seen
to normal.
Also,
imposition of additional ex¬
penses at this time would reduce
by
an
equivalent
amount
the
funds
the
marginal roads now
The Administration's revived anti-inflation drive got off to an
inauspicious start last week when the non-operating railroad unions
filed notice ot'fa demand for a wage increase of 20 cents an hour and
;16%
of the best
one
SECURITIES
the
Up to last Saturday volume
the week—day by day—
was
seri-i
a
to the ability of
as
most of the marginal roads to con-'
tinue carrying ' the burden once
traffic returned
.for
*
*
,
thpm
RAILROAD
There would be
question
ous
*
*
*
by coming to the office.
••
intnrnrpt
trib* to
is the stock market.-
important money
any
long term.
as
has
a con¬
optimism from those
bursts of
which
rise to new
dition which gave
t
52 WILLIAM
Bell Teletype—NY 1-310
-
Bell
news advance,
good
sluggishness-—no
*
York
sustained Volume—leader
on
<
New
Broadway
n.Y.c.
Tele. NY l-129a
1931
New York, N. Y.
BOwling Greea 9-7949
Teletype NY 1-1171
•
A
CHRONICLE
THE COMMERCIAL & FINANCIAL
1166
list of bonds
Thursday, October 1,
andvstocks represent¬
DIVIDEND NOTICES
ing hundreds of different locali¬
ties and industries.
Great American
nor
Insurance
Rochester American
lapse of our economic system and
sfiow,. nor gloom of night-L
nothing short of a complete col¬
damage
permanent and
the
Members
and
1
Stock
York
other
leading
WALL ST.
Exchange
120
exchanges
Telephone; BArclay 7-3500
DIgby
Bell
(L.
4-2525
A.
do
favorable
1-1248-49
Teletype—NY
mo-re
of
run
times
LONDON
DIVIDEND NOTICE
enter¬
7.
»
49
1942, equal to 2% of its
Charing Cross, S. W. /
record
will
antee
watching will guar¬
satisfactory outcome. In¬
a
at
,
7
•
,
be closed.
■
investors, however,
enjoy relative peace
least
mind,
•/
in the knowledge
secure
v
Y
;
%
•;
,
that their investment is neither
Associated Banks:
7':'7
Williams: Deacon's
a
Bank,
AMERICAN
Ltd.
-
Glyn Mills & Co.
casualty nor a "war; baby."
Furthermore, through the widest
possible diversification, they have
CAN
COMPANY
war
This Week—Insurance Stocks
about
Diversification is
of the oldest and
one
most generally accepted
However, it is not always practised as re¬
scientifically as it should be. In fact, every so often
ligiously and
as
there arises
the
all
protection
expect to
can
principles of investment.
of economic
anyone
tears.
it
However,
usually
grief
as
ance
to
comes
occurs—and
uation
soon
is
the present sit¬
outstanding illustra¬
an
tion of that fact.
Y
The
major disturb¬
a
as
distribution
wide
which
risks
International Series,
lar
conflagrations.
risks
of
48
;■ Today
leading
most
spread
are
National
in
Securities
&
economy
is
of different towns.
daily
less
hand
a
on
Normal
mouth
to
planning is being
basis.
super-r
seded by the exigencies of the war
effort.
■
.
From
-
investment standpoint,
these conditions mean that no one
an
foresee
can
where
strike
may
the
•'
Y;
alytical procedure is of little avail.
The only refuge is diversification
and fortunate indeed is the busi¬
which is in
ness
cation.
which
able
most
industries
such
occupy
of
and,
business
per¬
of diversifi¬
the
are
position
insurance
position to
measure
Few
still
a
is
envi¬
an
those,
the
of
the
one
singularly blessed.
applies
diversification.
both
coverage
icy.
in
its
to
and
one
thousands
This
underwriting
its investment pol¬
section
any
of
the
knows when
and
Pacific
sometimes
area,
on
be
repealed. The most successful
insurance
companies
are
those
that have conducted .their affairs,
in and year out, in accord¬
year
with
ance
that
principle. They
recognized the fallibility of
have
human judgment and have sought
to eliminate it, as much as possi¬
ble, from their operations.
In the underwriting end, for ex¬
ample, it is possible to gamble .in
a big way on certain lines or
types
of
business
available
recent
Ocean
any
situation
constantly
company.
The
are
in
regard
Marine
coverage is
illustration of the
cellent
mal
to
which
profits which
an
to
ex¬
abnor¬
Acts
of
efficient
and
traders
shown
by
the
maximum
tion.
long
of
periods,
companies
territorial
It also follows
fication
29
classes of people is im¬
which they have.
shipbuilder
can
much
-
For example, a
build ships and
else.
manufacturer
or
An
a
airplane
-
machine
tool
company or a bis¬
cuit
company
any
limited
or the supplier of
type of service or
commodity does not enjoy a great
deal of diversification under pres¬
ent conditions. ■<
Not
the
so
because
it
-
insurance
serves
all
business
industries
and all classes of people. If some
of its customers are being injured
by the
having
war
a
economy,
period
of
others
are
prosperity.
have of converting back to peacelime pursuits again or of
going
of
business
entirely.
It does
not—and will not—have the
prob¬
which
will
verse,
when
part of wisdom to limit the
lUnderwriting "exposure" so that
no catastrophe or
unexpected turn
in the
of
tion
will
result
in
serious
damage.
—
Similarly,
pany enjoys
of
be
repeated,
in re^
again.
insurance com¬
peace comes
an
unusual advantages
flexibility and diversifica¬
its-assets.
casualty companies
:
.
—'
thess
U.
S.
.
'V-Y/Y
regular
Banks
oil
on
;
the
have
pany
A.
NATIONAL BANK
2,
close
Commercial
•
RESERVE
,
12-year;
declared
the
to
of
CAPITAL
FUND
.
.
A
and
6
7
LONDON
King
Cairo
14,
close
'-'Y.
Street*
YV'vr •
E.
C.
/J)
'./ -..V.
•'■•'Y' Branches in all the
re-
"•
principal
YY
EGYPT
;
and
October
the
of
Novem¬
afe
record
1942,
6,
v-,.v
PIPE
COMPANY
LINE
Thirty
of
.
'/
1942.
declared
(30), Cents per shara
Capital 8tock ($7.50(
the
on.
of this Company,
payable Novem-"
1942 to stockholders ot record at tha
business October 23, 1942.
*
of
R.
J.
Secretary^
FAST,
SOUTHERN
77
"
RAILWAY
»
New York,
-.
dividend
of
COMPANY
;
*
'
SUDAN
-
and
Twenty-five
cents per share ($1.25)
on the preferred stock
of Sbutiiera Railway Company has todaybeei\
declared, payable November 2, 1942,' to stock¬
holders of record at the close of business Octo¬
ber 15, 1942,
:>
',/•
Cheques in payment of this dividend will bo
mailed
YY
Y
;
1942;-Y.
September 22,
Dollar
One
,
in Y
Towns
per
Com¬
value)
£3,000,000
.
AGENCY
William
per
$1.25
payment
stockholders
business
dividend
been
A
Y YY; Y>
for
$1.50
the
of
77/Yv: L. B. WIEOERS, TreamrerJ Z
has
Y
•'•TV'-y i "
of
and
Stock
£3,000,000
.
.
Stock
Preferred
-Y.-7*:~' WYY'Y:
FULLY PAID
YY"Y
A-;,;.." 1.74
of)
been
1942;
par
1
Preferred
$5
INDIANA
Cairo
Register No.
$fi
7
/ 26 Broadway, New York 'Y/tY ;Y-;-t//;7;': 7
September 19,
|
Y/jfof EGYPT
"J;-/}. V
.
Secretary.1
*
dividends
quarterly
the
share
7
Office
Gl'NTHER,
F.
,
The
share
ber
Head
G.
•
Electric Bond and Share Company
$6 and $5 Preferred Stock'Dividend*
C.
r-
1947_^-_C>..__.__i2J__/:iY.;, 4.98
gold 5'/2S,
;
to
addresses
all
.
stockholders
of
record
at
their'
they appear on the books of thq.
Company unless otherwise instructed in writing.
Yv
as
."7.
■
C.
A,
E,
McCAR'lHY,. secretary,
r.
-
(Province of), Canada,
^4.97
1946—1:
Insured Investment For
17
and
r
4s,
Most
own
fire
a
and
broad
of
Great
Britain
(Kingdom
extl."
ofl
Y YY
s.
4.75
(Kingdom
f.
4.V2S,
Brazil
f,
s.
cxtl'Ys.rf.' 1
s.
f.
:■
A
7s,
extl.'
s.
f .73s,
Y. >
Uruguay
4 '/a
8,7
& s.
ser.
f.
5'/2s,
19694'
&
benture
Consolidated
A
Y/YYv AY
Ry.
perpetual
Electric
&
Gas Co,
■
coll."I
Manufacturing
Walter
Motors
s
Holland
Inland
'
Pan
'
2.95
^Furnace Co,A4__4JAA---Y
1-99
AAAYY-YA'' 2.47
American
(L. C.)
Airways
&
United. Fruit
or
better.; Stock can't
seem
to
Current price
get across 25.
1
y
'
'V 7
-7
*
'• ''Y^.Y'Y/ y~:
//■
i////Y/Y-''
r
.,>
/•
our
were/'advised
-c
to Hake
betters:
a
stop
70,
Stock : crossed
backed off
at
list is
bought at 59.;
to
68
and is
now,
7244V; With market condi-
suggest holding, tions being what I think they;
are I now advise
disposing of
keep stop at 23.
#
•
v
the rest of Union Carbide at-,
v
;
Crane bought at 12 is still
Hold, but stop at 11.
there.*
*',Y
*
*
•
"
/International Harvester
bought at 43 with
a
half profit
4834.
I'm
make
the
'
Jersey)hLAY 1.57'
Co.__._Y4_,_4Y-"--'Y-44'i_'--' 2.15
WoolworthV(F. W.') Co.-.___„_lY-l-i-
V
the market.
2.23
move
so
afraid
50
it
price
will
not
on
this
suggest taking half
profits at market (about 33/4
All these trades>
show you
of
about
actual gross profits
23
points, which,;
considering everything isn't
so
bad.
More next
price of 50 advised is now at
2,04
(New
•
profits; at 70
66.
at
1.48
Corp;AYY-Y
Inc.
Standard Oil Co.
'5
Y
:
half
1.92
Corona Typewriters,
bought at l3/4
up to 2% but
now back to 2 lA.
On next;
rally to across 2%, I advise
taking / profit.
Though / for
long pull holders/the funda-/
You
1.51
International Harvester
Smith
YY'-'Y/v;.;;
is
Union Carbide-
(Continued from page 1165)
3.69
Corp..__Y':iLA___
Steel
7:5
-'f
mentals have merit.
.v
4.87
,
Corp.____I;4i-.Y___l_
Hershey Chocolate
managed to get
v-y
Whyte
.
General
rate
YZ
or
and hold the rest with
4.95
Y/'""// ;. 4
Co.
dividend
Says-
but
>
1962__._>._^___'__-4.;__-
Common Stocks—:
•
if
The last stock in
1.44
International Telephone & Telegraph
Corp. debenture 5s, 1955
Briggs
Current
••
•
Pittston Co.
about 24j/2. I
de¬
-
6s,
,
per annum/
Fomorrow's Markets
2.20
Foreign Power Co., Inc., Y .4.
5s, .2030
4.35
Pacific
Sav¬
7.
f-
3.62
sYL";4-'Yv//
4s
Federal
3.68
T-l/YY
Corporate Bonds—
debenture
of 4%
2.83
■
extl;
about insured
more
in learning
interested
ings & Loan investments full par¬
',.7: Y
(City oft, Brazil, extl.
(Republic of)
77,7.77777
*
2.59
1946
1979 .L-—
-.
4
extd.'-YcustomsYr Y:'Y
Republic
Rio de Janeiro
trust
4.92
(Republic of) 7s, 1951____
admin, 2nd
be glad to
investors, trustees, and other
ticulars.
1960_>:_
-.
8s,
•
Municipal Loan
assented
Dominican
f.
1.24
(Republic of)
Costa Rica
Fort Smith, Ark., will
send
—3.29
Consolidated
extl.
Loan
-
fiduciaries
extl.
of)
States
Chilean
s.
/•
1957—
Colombia
1970
extl,
of)
6'/2S,
8s, .1941
&
Building
4.78
States
(United
Brazil
20-yr.
1956
(United
(19261
of)
United
Association, 519 Garrison Avenue,
gold 4*6$, ■•
Norway
at 45.
I? The
4.89
f.
s.
Investors And Trustees points) and stopping the rest
;
Northern Ireland 4s, 1990, rei.
1960-1990
Denmark
i
Y -Y
1955____li___^.4.96
f. 5MtS,
s.
Kingdom
Canadian
sition.
events
6s,
not be faced with the predicament
which so
many
businesses will
maladjustments which are now
being aggravated by the war and
ter
gold
American
happens. Ordinarily, most of the
top flight companies try to avoid
placing themselves in such a po¬
It has proved to be the bet¬
'
1945____
Saskatchewan
Likewise, when the war boom
ends, the insurance business will
out
throughout the
"
lu
Street, E.
with
of
Directors
has
this
day
daof surplus eamingi of the Com¬
pany, a dividend for the thres months endingSeptember 30, 1942, of one and three-quarters
(13,4) per centum upon the issued and out¬
standing Preferred Capital stock of the Corn-,
pany,
other than
Preferred
stock
owned
by
the Company, payable October 1, 1942, to hold¬
ers
(other than the Company), of. the Preferred
Capital stock of record on the books of the
Company at the close of business on September
29, 1942.
Checks will be mailed." <
-
out
investors,
OFFICES:
arrangements
1942
Board
dared,
the
i 4.95
(Dominion
United
equipment,
of
obsolescence,
of
technological changes, of shifts in
population
and
other
kindred
reverse
Agency
Y
to
interested
Berkeley Square, W. 1
corpora¬
5s.
Many businesses cannot
/ external,
this because of the limitations
not
ovex
'The
:
Sydney, New South Wales, Australia,
portant.
qo
the oldest
With
:■
Threadneedle
47
Queensland, Australia (Statb of);-si f.
that diversi¬
indus¬
f.
funding 4s,
a
sometimes
be suffered when the
domestic
'
Canada
distribu¬
different
among
Js
with
is
of
service
travellers
Y
LONDON
•
s.
55 BROADWAY, NEW YOItK
Y/Y. Septembsr 24.
.
Securities comprising the initial
expe¬
be secured, if all goes well, and
the very serious losses which also
may
of
-
over
Wales
States
banking
and
countries.
provided against by the portfolio of International Series
include:
'
* / " • ' *:
mind of
man
except through a
Foreign Government and
Y/YYY % of
policy of diversification. Thus, it
Municipal Bonds—•//■'./ Portfolio
has been proved again and again
Australia
(Commonwealth
of > /extl. Y{.>-•that the best
rience,
all
In
Australia, is
Zealand, Fiji, Papua and New Guinea,
London, it offers the most complet*
and
cannot be
underwriting
;
.
ber
tions.
God
lems of over-expanded plant and
can
the
(
so-called
of New South
largest bank in Australasia.
New
tions of foreign governments, ap¬
Coast.
theft company, etc., may. make
only one
the line or general
type of product
scientific discrimination which go
and perhaps today has only one
into the operation of an insurance
customer,
namely
Uncle
Sam.
company.
The foundation of in¬ Even a tobacco
is the Law of Averages—
one law that can never
of
DAVIDSON, K.B.E.,
General Manager
branches
870
YY
-4-
30th
___£150,939,354
_
invest approximately
assets in the obliga¬
stocks
Lakes
Great
the
R. A. BURGER, Secretary.
CITY INVESTING COMPANY
*23,710,000
Office: George Street, SYDNEY
The Bank
proximately. 15% in bonds of for¬
board, sometimes the Gulf Coast,,
eign and • domestic corporations,
sometimes
inland / through
the and the
Remaining 25% in com¬
Middle
West, sometimes in the
mon
people appreciate
inathematical precision and
and that is
60%
where Y Some¬
or
Few
surance
intention to
no
times it will be the Atlantic Sea¬
tries and
; A well run insurance company,
particularly in the fire and cas¬
ualty fields, is pretty close to the
last word
almost
6,150,000
8,780,000
ALFRED
'
v.
.
Head
Not only
Assets
Sept., 1941
SIR
the ties Series, which includes "Bond
Series," "Low-Priced Bond Series,"
the "Preferred Stock Series," "Income
country at various times—but
lightning
Y These
Orthodox an¬
next,
mit of some
strike
'
fv7:
Y
.
words, every business and every
individual must proceed more or
'
,! Aggregate
Research
of National Securi¬
sponsors
Liability of Prop.
'
Series," and "Low-Priced - Com¬
is it mon
Stock
becoming a more integral
Series,"
announces
the practice "to restrict the ex¬
that it is offering today shares of
part of American life is one of
the most far reaching upheavals posure in any one city or locality, International Series, a new series
but many companies go so far as in this
in modern history. Countless bus¬
group.
International Series,
inesses are being torn up by the to seek the widest possible geo¬ is an open-end divestment, trust.
The wis¬ The ^initial - offering price is $12
roots and either drafted for war graphical distribution.
dom of such a course has been
service or put out of commission
per share.
' Y-.
demonstrated many times in re¬
entirely. For most citizens, it is
Henry J. Simonson, President
cent years. Adverse weather con¬
impossible to anticipate what the
of National Securities & Research
ditions (such as hurricanes) may
morrow will bring forth. In other
Corp., says that it is the current
war
'
£8,780,000
__
Fund
Reserve
New Trust, Offered
Corp.,
Capital
Checks will be mailed.
'
1817)
Reserve
com¬
all
over
States Y and
-
Paid-Up
Company; payable No¬
fer books will remain
open.
r,
(ESTABLISHED
.
the
in
this
'
San Francisco fire and other simi¬
panies
•
of
of
1942, to Stockholders of record at
the close of business October 27th, 1942. Trans¬
NEW SOUTH WALES
immature—which endeavors
to demonstrate that diversification is obsolete, unnecessary or simply
sheer laziness. This kind of philosophy may hold water during cer¬
tain periods, when skies are clears
Fire underwriters, for example,
and the direction of the prevail¬
ing winds is clearly discernible. learned; the valuable lesson of
Stock
vember 16th,
Y BANK OF
school of thought—usually
a
On September 20th, 1942 a
quarterly dividend of
seventy-five*ceilIs per share was declared on the
Common
in this vale
secure
;Y/./YYY'/i
COMMON STOCK
Australia and New Zealand
Thursday.
—Walter
[The
irticle
time
.
>,
Foote, Secretary-Treasurer
stock
surance
can
:
Sep-
on
30, 1942. The Transfer Books
not
SaiyFrancisco, California,
£98,263,226
7
'
shareholders of
to
the close of business
D. H.
ASSETS
amount of
no
of
TOTAL
15, 1942,
at
tember
V'Y 64 New Bond Street, W. I
one's eggs in one basket" because
value,
par
will be paid upon the Common
Capital
this Company by check on
history to attempt to put "all of
Gibbs, Manager Trading Department)
^Y/fY
Stock of
:
October
economic
'
Yt7
by the Board
September 16, 1942,
on
for the quarter ending September
30,
Burlington Gardens, IV,. I
.
.
.
A cash dividend declared
Bishopsgaie, E. C. 2
Y <9 West Smithfield, E. C. I
a very
vour
OFFICES:
of Directors
3
whose tenure of
in
■
Common Stock dividend No. 107
secure
of which have
many
OFFICE—Edinburgh-
Branches throughout Scotland
life hangs by a very slim thread,
This is certainly one of the least
Exchange
BROADWAY, NEW YORK CITY
NEW YORK
Telephone
Stock
York
New
general
limited scope and
PACIFIC GAS AND ELECTRIC CO.
by Royal Charter 1727
f
HEAD
companies
than
prises,
New
to
more
" t
Unlisted Issues
Laird, Bissell & Meeds
Members
incorporated
irrep¬
of
this kind. Their position is at least
arable
Inquiries invited in all
Bought—Sold—Quoted
itself—can
America
of
Stocks
Insurance Co.
Royal Bank of Scotland
Neither storm,
Bank and
Indemnity Co.
1942
views
do
not
coincide
Chronicle.
Whyte..
expressed
in
necessarily at
with
They
are
those
of
thin
any
the
presented
those of the author only.]
at
;
1167
FINANCIAL CHRONICLE
THE COMMERCIAL, &
Number 41
156
Volume
Colyer,; Robinson & Co.
The Securities Salesman's Cotnei
Discontinue For Duration
'AFFILIATED
//Colyer/ Robinson
& Co., Inc.,
1180
Raymond Boulevard, New¬
ark,- N.> J., announce that they
COMMUNISTS IN THE SEC???
Prospectus on request
have discontinued business for the
Committee again reported to the press that a
duration of the war, as of Sept. 30.
high up irr Government agencies were either
'communists or members of communist front organizations. /LISTED U/Capt. Robinson is stationed at
Army,: Air Base at Walla Walla,
;AMONG THIS GROUP WAS AN; EXECUTIVE OF THE SEC.
Last week the Dies
''''
■
•
.
•
number of employees
Wash.
,y
Although the name of the accused individual has already. ap-;.
"peared among those listed by .the Committee, we do not ?believeyt;lat
t
,
——' '''■
play", to give any fur-*>_ •
'ther
publicity
here
to
these
.charges :against this person.
No
lease against any one should be
"decided in the papers. ■ ■ (While on?
To .be "fair
4" ,4-L
He is
^
.'-fit
/A
V»VlA
'
spending
now
l3VT
rt
a
week
Lord, Abbett & Co.
aJI
mImi
JMlv
the firm's j^ewark officd.
L—
:
-i—?-
■—--—
INCORPORATED
63 Wall Street, New York
,.,
the SEC
"could profitably learn this lesson,
instead of issuing its press releases,
against individuals
andy finns,!
when these charges of law viola-,
tion
fact.)
.',?'
■.
•;
c
labor
of
unions,
In
free.
antagonism toward the things that
it
1941
of
collection
is
tax
estimated
the
course,
is
dues
totaled
$140,-
and this year, will ap¬
proach $145,000,000.v Three of the
000,000
CIO
United
Automobile
United
and
Mine
might hold that it doesn't
difference if we have
a communist- or two working for
The SEC.
In other words, why
/'make a tempest in a teapot"?
make much
all, the SEC is a regu¬
latory body.: It is the policeman
of our business.
It is our judge
the
SEC should certainly be above re¬
proach regarding the fairness, the
impartiality, and the absence of.
bias with which it reaches its de¬
cisions.
If those in the financial
field
should
ever
become con-,
winced that communists are con¬
nected with the SEC, they surely,
.could not be h'eld up to blame and,
.criticism if they were to lose conlidence in the actions and the de¬
Workers,
for
Wall
to
war
going to come out
exceedingly
"well
Commission
?;
Hanson & Hanson Enjoined
A
temporary
injunction has
issued
against Hanson &
Hanson,
New;, York ; brokerage
firm, Arnold R. Hanson, S. Welmer Hanson, partners in the firm
and John W. Hession, specialist
salesman,
discharge
expect
for
the
last
tion with
a
his
firm until
June,/in
connec¬
suit begun by the New
free from criticism in the
trust them either.-
,
r
Brazilian
charges must be
answered in court by the defend¬
ants on Oct. 9.
?'?'; ?/
cotton production
According to the Attorney Gen¬
eral's office the three defendants
in
price of defaulted
bonds of the Superior & Duluth
Division of the Wisconsin Central
according to advices to the
of Commerce made
available Sept. 22, which said:
--
ever,
"
\
.
..
United
States
the New York Stock
Exchange from 34 to 18 on June
30 when
,
crop
are
interior.
crop
at
least
40
investors
with
losses
might aggregate $70,000, the
Attorney
General's
office
de¬
importer has been
clared.
an
Max
,
:
,
.
Assistant
At¬
torney General, told the court that
Hession began circulating rumors
reaching pgrts from the
Regulations Tor the new
executive
that
is informed that the
have not yet'been issued.'!
Canadian Pacific Rail-;
a
denied the tips,
leaving two investment trusts and
way
import permit. Only
small amounts of coffee of the old.
granted
construction !
tion's
v
1
count
ance
declared he
even
Finance
Washington
Corpora¬
or
a savings ac¬
deposits, life insur¬
bank
an
annuity, real estate
or
tough
certainly emphasize
"possessor" just what a
problem he is up against
today.
/?r'://,T?v.,:?\'
'
that'
the
Furman,
Canadian
Pacific
Rail-
MANHATTAN
BONDFUND
*
The booklet goes on from this
point to describe the advantages of
Furman stated,; adding that the mutual funds in
meeting the prob¬
Hansons had made Mr, Hession lems of "possessors."
Although
write ,and sign that statement, but mutual funds as such are
gener¬
had ? used
bonds.
it
sell
to
of
more
the
^Session > afterward
ad¬
mitted, according to Mr. Furman,
Hession
fused to reveal.
awaiting
trial
now
for refusal to
this informant, it
pose
is
was
ex¬
stated.
How Much Are Aircraft
ously
included
•
•
.
:
.
record
of
during
the
record
of
chart
20
prominent mutuals
10
past
each
The
years.
The
by
a
"percentage increase" bar and the
companies are numbered from 1 to
20 in the order of their perform¬
ance
Application
application of Jack Lewis
of
Jacksonville, Fla., for
registration as an over-the-coun¬
broker-dealer
under
the
Se¬
curities Exchange Act of 1934 was
denied by the Securities and Ex¬
change Commission. According to
the
of the
Commission,
Mr/Baker had been
convicted of
findings
felony within the last ten years
involving the purchase and sale of
securities while acting as a sales¬
man
a
in,transactions which showed
"flagrant
lished
good
disregard i of
standards
estab¬
fairness
of
conduct."
with
and
Beaver
Street,
„
aren't
Street, Boston for a
Congress
copy.
•-
you
■
■
*!«
''
«
The
Fund's
ical
into
Sit
<S
,,
,,
September issue of Chem¬
,
the
Tube"
"Test
,
delves
surrounding
prospects
synthetic rubber.
'
that
time,"
rubber
about
made
this
"is that
the
the bulletin,
says
can
at
"The surest statement
be
matter how you stretch it,
no
United States and the United Na¬
have
tions
cover a
this
little on hand to
very
big demand. It is for
an entirely new
very
reason
that
gigantic size
chemical industry of
is
to produce syn¬
being created
thetic rubber."
discussing
After
various
the
companies active and a variety of
earnings and dividends increased.
In all groups the fluctuations in
dividends were not as great as the
processes
of
dividends
industrials
changes in earnings. The earnings
of Class I railroads in the first half
of
1942
were
70%
higher than
a
period in¬
dustrials showed a? 35% decline in
rose
In the
10%.
same
earnings and a 14% dividend de¬
cline. Earnings of electric utilities
were
down 25% and their divi¬
dends
were
9J/2% lower.
With respect to
cast of
its Sept. 10 fore¬
intermediate
a" downward
this service
"the action of the
of stock prices,
trend
states candidly,
at
has
week
this
market
strated that
our
demon¬
selling advice
definitely
worst,
for
After
premature."
bad;
.
involved, it is difficult
private
a
investor_ to partici¬
pate to a full extent in the syn¬
thetic/rubber industry;/ an in¬
formed and diversified selection
appears
important."
' #
tit
tjs
their dividends
before, and
year
was
\if.
?•■'
■
"How Much Inflation?" asks
the
Mid-September issue of Hugh W.
Long & Co.'s "New York
While
the
bulletin
does
Letter."
not
at¬
tempt to give the answer, it does
state the following conviction, y
;
"Securities
have
have
been
not
heard
ra¬
tioned
nor
serious
proposal that they should
of current prices of
be.
we
any-
Studies
many
relation to their
stocks in
(Continued
on page
1169)
;
at
further
analysis of the market's immediate
Be NYSE Member
of
50
identification of the
no
If
and
and
best,
;,f The firm
we
far this year.
so
Keystone's regular mailing list,
suggest that you write direct to
aspects of the problem, the bulle¬
tin concludes, "As there are many
.
Judson & Co. To
i; Y
on
utilities declined whereas railroad
,
Baker
ter
sales
in the
horizontal
company
shown
is
*34 SO. SPRING ST,
LOS ANGELES
PL
JERSEY CITY
paragraph describing a
showing the comparative
chart
EXCHANGE
IS
the
in
•
upon
,
SEC Denies
Wholesdt? Distributors
HUGH W.10NG and COMPANY
the discussion,
the real punch line is to be foOnd
i
may be had from the firm
request.' !
"
.
mf
PROSPECTuJpON REQUEST
in
individual
.
outstand¬
funds—i.e.,
or
the
to
Canadian Pacific officials offered
tp pay 65. for each bond held by
four leading life insurance com¬
panies,,The. largest investors, Mr.
in that sponsor's
ing record of over $11,500,000 in
tions and will
where
office,
contains
booklet
of the secrets which have re¬
sulted
questions
this
Boston,
some
mortgages, investments in stocks
or bonds.
They are tough ques¬
meeting at the Re¬
circulating fals.e
(on
broke
"Shipping space for coffee is
.very difficult to obtain, and can¬
not be contracted for until the
local exporter
in June by
tips—thereby bringing themselves
a profit* of ov$r $25,000. The bonds
has caused prices to continue
firm..
12%
of 35
of
how¬
influence
loan measures,
Government
in February to a high
from
Department
stabilizing
the market
ran
year,
"The
The
Railroad.
,1941-1942 is estimated at consider¬
ably less than in the previous crop
■
a
capital
other
even
quiz
war
of
Invest¬
a
y
Brazilian Cotton, Coffee
:
had attended
j..
be
to
Thirty
Published by the Keystone Corp.
directed at the "possessor" of
are
agreeable to pub¬
likewise- York State ..Attorney General iff
selection Supreme Court to put the concern
of its personnel. Those of us wha out of business on charges that it
are in the securities business don't1
had rigged the market in a bond
-.like communists — and we don't issue
of
the Wisconsin" Central
The
and
a
Fundamental
on
Company Briefs
the intri¬
little sales booklet
is
companies. ?„
:
%
' Stocks Worth?
v '
lishing
income
statements
and &
' >'
■
'
The punch line referred to is as
balance sheets since these will re-'
;; The "Fortnightly Market and follows: "Company No. 1 produced
fleet a prosperous condition.
For- Business Survey" issued by E. F. for its shareholders an overall gain
up to now
one
of the reasons Hutton & Company, 61 Broadway, of 104.1%—the increase in asset
unions
have
been -reluctant " tcr New York
City, members of the value per share plus dividends
publish balance sheets has been New York Stock Exchange, con¬ paid.
This leading 'Mutual' —
their desire to keep from employ¬ tains a most
interesting discussion Fundamental Investors, Inc., and
ers
any knowledge of a slim fi¬
pf The outlook, for post-war earn¬ its management, are described in
nancial condition.
Obviously if a1
ings in thp aircraft manufacturing the following
pages."
A nice
union has had a lean treasury, it
industry, including a tabulation of record and one that is well pre¬
was
not particularly desirous of
estimated liquidating values of the sented in "Possessor Quiz."
having the " fact publicized and common stock of nine leading
known
to
employer s groups;
manufacturers. Copies of this cir¬
National Securities & Research
RALPH E. SAMUELS & CO:
cular," together with a memoran¬ Corp. in the Sept. 24 issue of "In¬
dum containing some interesting vestment Timing" points out that
Investment portfolio suggestions, in the first half of 1942 earnings
of the in-; been
Street
are
unions will? be
This slur on
the personnel of the Commission
should be cleared up immediately.
•The
Commission
expects
Wall
Street to be blameless in its relaTions with the public. It is not too
much
customers
.y Hession^ had
thoroughly/equipped to
hold up their end should any im¬
portant strikes develop. Perhaps,
too, one of these days all of our
business.
.vestment
just out
trusts, indi¬
brokers, Mr.'' Furman stated.
heeled,"
Commission
confidence
the
vidual
are
Quiz"
guing title of
consequence
this
of
.speeches wherein he. attested to
the
spirit ; of
cooperationy and
friendship which now exists be¬
tween the Commission and the
securities industry.
In order for
this condition to continue, it is
retain
a
the unions
Recently, Mr. Purcell, Chairman
the Commission, made several
the
"'Possessor
wealth'is piling that this story was fictitious but
up as expenses are reduced. Vw that all his tips came from a high
It would appear, therefore, that
placed: informant, whom he re¬
as
f
.imperative .that
Investment
ors.
strikes a$ a weapon
maintain labor peace and
to
the New York Stock Ex¬
on
counter to investment
Workers
eliminate
to
'arid
First of
of
bonds
each reputed to
Others
?
Investment Trusts
Work--, change and selling them over-the-
United Steel
unions:
ers,
collect from their
make
up - 'capitalismand
the
American
way ■; of
life — or he membership from ; $5,000,000:. to
$6,000,000
annually. And
other,
doesn't.
If he does hold anti-,
unions, both CIO and AFL, are
American
and
anti - capitalistic
becoming financially strong;,,the
opinions,
he
should
befired "locals"
(which keep the larger
immediately from his present po¬
part of the dues collected) as well
sition with the SEC. If not, public
as
the parent state and national
retraction of this unfortunate ac-,
organizations. ■
f7
cusation should be made as soon
?'"* Union expenses on the other
as
possible.
r::
hand during the current-period
t ":; There may be some who will are
probably subnormal. For both
.disagree
with
these
opinions. the CIO and the AFL have agreed
cisions of the Commission.
build!
parent company of the
Central, would buy up
the defaulted bonds at prices that
rose,, as.his campaign progressed,
from. 25 to 65.
Meanwhile the
brokerage firm was buying the
to our
Income from dues going
party- harbors communist sympa¬
thies.--and gives evidence of his
jury.\ Accordingly,
LOS ANGELES
JERSEY CITY
way, the
Wisconsin
bor unions.
sympathies,
until he has had a chance to give
his side of the story?
Either this
our
-
.
national political life.
/that this war period has brought
great prosperity to American la-$-—
harbors communist
and
•
important Washington .weekly points out in the current'issue
An
However, it is interesting to note
J
that the
individual, under censure by the
Dies Committee, is a communist,:
or
CIIICAG^
symbolize any profound shift of power in our
After all, who can say
.
1
ing that used to house the Republican National Committee." This
removal, we take it, is pure coincidence and does not particularly
still a matter of unproven
are
Labor; Unions Are Prospering
that "the CIO has moved its Washington headquarters into the
subject, ? perhaps
This
/??
Judson
&
position, however, the service con¬
cludes not to "reverse our bearish
position."
60
A
City,
tual
Co.,
New. York
members of the New York Prod¬
new
Send fir
prospectus on First Mu¬
Fund (dated Aug. 1,
Prospectus
Trust
1942), together with a memoran¬
listing "15 High-Spots" of the
dum
uce
Exchange, will acquiTe
mem¬
Ne\V York
/stock
bership ,in
the
Exchange with the
Kenneth,.G.
aWiisition
Judson
change membership
R. Morris.
Transfer
of
the
by
Ex¬
of Jeremiah
of the
on
Oct. 8.
is currently being
distrib¬
uted to dealers.
f
„
"How
*
To
Investment
*
-
Republic
Investors
.
*•
booklet
Fund, Inc.
-S
Develop Constructive
Business" is an un¬
enough
tested sales ideas in it to make the
most discouraged merchandiser of
securities sit up and take notice.
adorned
mem¬
bership will be considered by the
Exchange
Fund,
with
Distributing Agent
BULL, WHEATON & CO. Inc.
40 Exchange
Place, New York
1168
THE COMMERCIAL & FINANCIAL CHRONICLE
FLORIDA
before
:
filling
out
•
a
^
their
income
for the duration of the
this
and
war
FLORIDA
solved
MUNICIPAL BONDS
Our long experience in
da
issues
to
Company
$
INCORPORATED
gives
us
returns
and
State
The
State
no
at
any
inquiry
obligation.
no
municipalities increased $2,433,325 this year to a grand aggre¬
$109,056,446.
v
!" ; • ;
gate of
Federal Bill Would Shield
"This
condition
serves," the re.a danger sign that
municipal officials nor cit¬
port said, "as
Certain Local Bonds
Senator
Claude
Pepper
(D., izens could afford" to ignore in
Fla), recently introduced a bill to normal times and
certainly not
permit State and local. govern¬
during the emergency when war
ments
to
tax
private
property imposes' severe strain upon taxacquired by the Federal Governpaying resources.
It emphasizes
men where the taxes* are needed
the necessity for slashing deeply-
R.E.Crummer L Company
"
IITNM
V
Associa¬
sey
neither
1042
Taxpayer's
a recent report, asserted
that operating costs of New Jer¬
depriving the State of
corporation income taxes.
retarding
State
tion, in
a manufac
"horse trade" with
a
the boards
comprehensive
•
of familiarity with these
bonds.
We will
be glad
answer
them
NEWARK, N. J.¬
September 30,
the basis for
as
tax
turer to make
handling Flori¬
background
municipal
Colytiv Robinson
Jersey Municipal
Costs Expand ?
legislation permitting
of this date.
as
returns
income
1
New
tion, have been accepting, Federal
tax
corporation is being dis¬
'
/"
State tax boards, it is
charged,
being unfamiliar with renegotia¬
discontinuing business
are
1, 1942
legislatures would probably have
to take action first.
taxes.
We
^Thursday-October
CHICAGO ILLINOIS
,
Action
the
on
Phillips resolution to retire
should
restoring
the
tax
tax
rolls
must
considered! when
of V the
Commission were
$7,950,000 Bonds
abandoned
be
be
members
San Francisco To Sell
non-essential
Government Units Urged
all
in
.
Reduction of 90% in the number
School v Land
tant
governmental units for
the -sake
of ■; administrative .ef¬
ficiency and economy in local
Such
drastic
a
tures,
took
-
science, Univer¬
MacPhee was named Chairman
use,
slums -Urid
building codes, inade¬ of a committee, which i ^eludes
quate municipal services and cum¬ bonding house represent?
/es, to
bersome
legal
procedures
for work out details of the r.ie,.,jThe
clearing tax titles, ; ;y
1 committee is expected to select an
To solve these interlocked prob¬ "outside" engineer to chfeck on es¬
controlled
blight,
land
poor
lems] the study recommended that
cities set up corrective laws and
machinery now, so they will be
;
able," after the
best
use
ties
and
quency.
make
to
The
the
'
'
officers
bonds
marketable
'
"preventive" end finaince
reduce
can
adopting
into
ago,
that
account
delinquency,
would
outside
to
vigorous collection
firm
overcorne
definitely
to
under
tie
up
favorable
tions,
make
ting—:"the great evils undermin¬
ing the property tax system of our
establish
central cities"—measures must be
bonds.
taken
in
cooperation
steps
are
State
and
with
other
Among
agencies.
the
the following:
statutes
city
must
ordinances
age
By
a
be
passed
enacted
possible
ago
bond
October
the
asked
proposals
for
.13
with
the
'
of
selecting the best bid.
Bonding
bring into being modern city plan¬ firms claimed
that the city would
ning organizations; master plans not be able
to get a bonafide bid
harmonized with county, regional
at a fair price from
anyone except
and State plans; zoning ordinances
a
banking institution large enough
revamped and new building codes to take the bonds for
their
passed
in line with developments
in modern architecture.
Plans
be
must
drawn " for
the
complete rehabilitation of blighted
areas\within cities with the aid of
priva%
capital;
given the
cities
must
be
to build up; land
power
from the properties they
acquire by tax reversion; and mu¬
nicipal services must be improved
reserves
to
prevent decentralization.
Finally,
system
make
the
table
and
No
the
the
tax
easy
realtor, chief
quency
are
property
tax
to
equi¬
more
to
overcome,
the
fact
that
interested in land
groups
."talk different
is
languages."
causes
To the
of tax delin¬
exorbitant
Oklahoma Governor Urges
Debt Reduction
a
city
tax
rates
all
sums
appropriated
for
the
"escape" their share of the tax present fiscal year and provide
burden. The city planner,, irrturn, an additional surplus.
v
These groups "move and live in
different
worlds, and must be
brought together to promote the
J^n£r-rjm
forests
of
the
ately
books
in
January, !
The
average
about
State
376
available
place of
then
units
000,000
in¬
for1 the
-
nearly 3,500.
ih
contem-
in
a
single
for
layer
of
<
than
more
1
Three
three-fourths of the
a
he
lower
said,
"the
people and !
two-layer system for less than
fourth.
At
present
has
since:
$14,760,006."
was
age
rate
of interest
Though motor fuel tax;
of the States will suffer
because
and
State and Federal levels.
:
>
^
revenues
generally
of
South
some
:
.
Carolina—will
new
fuel
revenue
secure
through
1942
tax
legislation on out-ofState purchases, the Federation of
Tax Administrators
reports in a
outstand-'-
on
1
Motor Fuel Tax Laws
large
a
States Enact
gasoline;' rationing,
or five-layer
government, rang- f
three States—Virginia, Mississippi
ing
from
special
districts
to '
net
.
than ? it
now
es'-]]
on
,
only
government
a
$34,-1
Aug. 31 as $42,288!000, largest in its history^
Y
This reorganization would re-
suit
of
ago,] the State!
surplus officially
a
timated
deficit
a
year
a
has
now
part of the nation is under four
is
county and school districts, under survey just released.
"»
de-' the plan. In rural and semi-rural
Under Virginia's new statute all
areas,
the county, would be the motor carriers must
buy within
rent rate of 1.75%, the lowest rate
main unit for performing services
the State as much fuel as
they use
on
record. In the
pre-depression of State-wide importance, includ-; in the
State or pay to the State
years this rate was about 4.48%,
ing education and rural local ser¬ treasury an amount
equal to ta^es
and at one time in the 1920s it was
vices.
Many counties would be they would have
bonds, it was disclosed,
clined steadily to its present
6%
flat,
vv
•
'
-
'
—
.
.
' consolidated
to
enable
them
paid if their fuel
to
ascribing the:;"excellent; supply services more effectively.
condition" of the
county'? finances
Townships in most midwestern
in part to the good work of
county and several Middle Atlantic States
officials, the county auditor frank¬ would cease to exist as important
admitted
that
.
cur¬
was
While
the
i
.
bought' in
State-licensed
were
the
State.
Only
formerly
carriers
required to do this.
A
1942
amendment
■'
>
in
•
,
Missis¬
sippi
a
a
and directing
pkyment of the State fund¬
ing bonds now owned by the
commissioners of the land office
sum
of
$5,466,054.
^
Mr.
;
u-..
.
purposes,
and,
;•
Hawley, who had previously!
volunteered to
$25,000
reduce
a year,
his salary
said these funds
I
for
federations
of
counties
and
in
imposes a tax of six cents
gallon on all gasoline used with¬
in the State
on
which
the Missis¬
sippi tax has not been paid.
The
use tax,
applying to all commer¬
cial
carriers
porting
and
their
trans¬
persons
own
property
for
business purposes, is due when the
carrier enters the
the
Motor
and
-
State, though
Commissioner;
Vehicle
authorize
may
monthly
reports
payments.
Motor
such
user
as
fuel other than gasoline,
Diesel
under
a
oil, is taxed to the
new
South Carolina
ury;
bring;
um^
or
If such
similar services.
He stated that these boards the
Dakotas,- Nebraska,
Kansas
tremendous * pressure ! om and Missouri. V-New.
England; the
-
to
make
adjust
|South
ments and
giving funds
li^feuuation
^boards'"immediately though
to the r.e-f
and if a-dealer sells these
special fuels to a State resident
or
out-of-State operator without
a
and
the
far
West:
fuel
use
liable
for
permit,
the
Altogether,
changes., in
a
would
manufacturers
law,
maintaining expensive sanatori¬
reorganization of local
haye gone to the; governments were brought about,
State treasuries, are
being seized! the study said, principal changes
by the renegotiation boards and would be necessary only in States
given to the United'States Treas-i West from New York to Montana,
lation; authorizing
the
Senators
Congressmen.
which
The present State debt could
be reduced by
appropriate legis¬
city,"-the study said. *-■#. in the
join with" him
ipg
to
:
talks rehabilitation of slum
areas,
street patterns, and housing.;
to
'
hall
mew
re¬
reductions governing
units, ] though
they
large degree might continue to administer elec¬
the taxpayers' policy of
Governor Phillips recently pro¬
halting fi¬ tions, etc. New England townships,
posed that the commissioners of nancing of permanent county im¬ which are more like cities and vil¬
the land office
provements "in
the1, depression lages]'
request the next
would
be
consolidated
session of the State legislature to years.
11 where practical but would con¬
use
approximately $5,500,000 of
tinue present governmental
States Held Losing
func¬
,
the general fund surplus to retire
tions.
V
'
'
"
! •
By Renegotiation
V."
outstanding funding bonds,
v ;
School
districts
and
practi¬
Phillips pointed out that at the
cally all other special districts
Renegotiation of war contracts
beginning of the present fiscal is
Schools
costing State governments mil- [ also would disappear.
year, July 1, the State had a sur¬
lions of dollars in State
would be administered by coun¬
corpora-;
plus in the general revenue, fund tion
ties, cities and larger towns and *
taxes, it was charged recently
of more than
$6,000,000. 5 He said by John D.
villages, under State control and
Hawley, Jr., President
the State has a total bonded in¬
of the Northern
supervision.' Special
districts
Pump Co. of Min¬
debtedness of $36,736,835 by rea¬
might still be used in metropoli¬
neapolis, in telegrams sent to the
son of
funding bonds issued by the Governors "and
tan areas where larger units are
Treasurers of all
State in 1913, 1935, 1939 and 1941.
States
and to
needed for certain
all
to
best
the
on
also represented to
about how to catch those who seek
<
little
Johnson
declaring the $10,000,000 as "sur¬
plus money," to make it immedi¬
City-county types of unit would
Coincident with the
reduction; prevail in main urban centers,
in both types of
debts, the aver-; handling all functionsof city,
ly
From
present
indications,
he
unwilling to cut
assessments rapidly in depression said, revenues of the State will be
times.
The finance officer thinks ample to produce enough to pay
and
and
,
bearable.-
obstacle
said,
accounts.
be
G.
government
what the ideal
■
modernized
burden
more
study
various
real
be
must
own
;
1:1933.
1929, when it
than
stead of
:
debt i
been at the close of any year
the
purpose
to
special j
] ]: ;:]] %,j
today, he pointed out, is
$16,465,792,< or 31% under the i
record high of $23,810,943, which •
"Actually,"
Supervisors
later
•
have
of
debt
for submission
not
of
.collections.,
The county's net bonded
was
encour¬
bid
would
units.
condi¬
„
resolution,
week
of
harmony and
anticipation
assessment
as
said he was willing to
"concessions" in order to
every
in
sued
,
an
rate
in
agree on
would
bonded
debt
less.i;selfliquidating bonds and note is¬
bonding
a
interest
market
number
gross,
.
as
definite
a
decentralization
municipal
j
]
the; State,
MacPhee, who proposed
advance sale of the bonds so
and
blight,
^
more
■
!
expenses,
be
reduction
Treasury bonds.;;
Finance Director George Killion
requested State Treasurer Charles
,
ready submitted.
and uncontrolled subdivision plat¬
•
and
in United States
Also, he
said,
while
people believe there should
a
I::
government of Gali^
fornia, deep "in debt only a year
is planning to invest an ad¬
ditional $10,000,000 of Surplus cash
Mr.
whose] form is not easily
units, few
.
county slashed its total outstand¬ search has been done toward a
ing indebtedness to the lowest standard of population and size; 1 plateckinvestment.
;
The State has purchased $20,-'
level sincq January, 1928, when
The 17,800 units, according to
000,000 worth of Government se¬
the totat stood at $26,343,755.
the report, would be distributed
%■
curities since May 1 in line, Kil¬
as follows: 200
Zangerle, in releasing the specity-county units] lion
said, with a policy of putting
cial
survey
prepared
by
his
with a central city of at least 60,"every dollar in surplus funds"
deputies, said that "still better"
000 population; 2,100 rural and
into Treasury bonds as a reserve
was the picture of the county's
semi-rural counties; 15,000 incor¬
against future needs.
s
!
net
bonded debt—that; is, the
porated places; 500 miscellaneous
In
sions reached in the reports al¬
pol¬
streamlining available
tax-foreclosure measures.
But to
icies
revenue
,3according to the bondsmen, ,if a
nationally recognized engineer'
ing authority verifies cor-elu¬
the study said,;by creating a bu¬
reau of delinquent tax
collections,
(
of
under railway consolidation.
of tax^abandoned proper¬
check excessive delin¬
On the
-
war,
timates
be
for-debt
downward
a
the obligation is met. J]
as
The: State
changed.
many
those
as
follow
Treasury Bonds
government is a "human" organi¬
,
such
trend
.
zation
govern¬
increased it
1
his suggestion,
making
once
Calif. To Buy More
sity of Minnesota.
In
local
in
continuing burden upon tax-.
while
other
expendi-;.
service,
reorganization
..
Anderson
because,
payers
of government from
fessor of political
";
i
the report points out, represent
165,000
to 17,800, according to the report,
written by William Anderson, pro¬
.
factors
a
would reduce the number of local
units
•
home
is difficult to reduce! Such costs,
The Board of Supervisors'!
by municipal fiscal officers if they
Fir' Cuyahoga County Debt J w ?? •]
government was suggested recent¬
Hvish to prevent property tax de¬ nance Committee recently agreed At 14-Year, Low-'
-V;1afc;- j ly ink report published by Public
linquency—on the wane at pres¬ to\ sell $7,950,000 'Market Street
The above county's gross bonded;
Administrative Service.
ent—from getting the upper hand Railway purchase 5revenue
bonds; debt is now the
lowest in 14 years
again after the war, a study just after Nov. 3, providing the project and the net debt is lower than at
'■■■) issued by Public Administration is approved by the voters at „the
any time since *1929/ it: was ;diselection on that date.
In a meet-!
Service, said.
]
closed in >»a report recently re¬
In place of the "ostrich policy," ing with representatives of bond
leased, by County Auditor John-A.
which considers only the tax-pro¬ houses, the supervisors stipulated,
ducing possibilities of land, the fi- however, that firms interested in
Termed the best financial stand¬
:
the proposed issue furnish the
nance officers must follow a
city ing since the boom
pro¬
days of the
with
an
estimate ! of
interest
gram of collaboration on solving
pre-depression vera,: the county's
the problem with city planners, charges
on
the bonds and the current
gross bonded debt of $34,housing officials and other gov¬ probable unified railway, fare not 580,200,
according to the report,
'
ernmental departments, according later than Oct. 21.
is $11,445,050, or more than
25%;
"The people should know," said
t© the study by A. M, Hillhouse,
under the record high figure of
Supervisor MacPhee] "what the
municipal finance authority.
/ ;
$46,025,250 which was reached in
Tax delinquency, the study said, interest charges and fare will be
January, 1933.
•! ;I;;].
is bound up inextricably with un¬ in advance of the
election."^
Moreover, the report stated, the
in
-
duration."
Operating
expenditures
are
described as particularly impor¬
ment
of] local
attendance.
spending
government for the
Reduction In Local
Crable, State Superintendent,
who said he thought the proposal
policy"; of merely
delinquent land to
-
delayed after the request of
was
A. L.
The "ostrich
bond issues.
laws .this
survey.
!
tax
seven
their
year,
^
•:■.!
he
becomes
himself.
States
motor
fuel -tax
according
■
..
V
made
to
the
!:
Besides, the use tax laws these
included] mainly, refund -provi¬
sions.
Kentucky made eligible for
refund motor fuel used in aircraft
in, interstate
commerce, and Virf
would -gxnia granted refund of two cents
have much less pruning to do, algallon on gasoline purchased in
for most ''changes State the State and used by planes in
a
-
■*
:;V'xA\Me *i 56
f 1ights
JNtimber* 4112 fay>
M
-the1 State; with ■full; but individual corporate units will' amounting to 11c per share,and an
plane flights outside.! disappear and change." •?
*;
extraordinary
d i s t r i b u t i o n
•the-State*"
o
$
A
amounting to 2c per share payable
Rhode Island abolished-refunds:
Oct. 15, to stock of record Oct. 5.
In connection with a message to
of motor • fuel taxes except those
r,v.A..;A
shareholders of Affiliated Fund, 1942.over
refund
for
•
>;
,
•
.
interstate
the
Federal
sales
and
fi shermens
the
certain
commercial
Fund's
lumbermen, farmers!
- others.1
Mississippi
of
daily
issue
of
"Abstracts"
statement
of
the
working toward
position.
"The
pendulum
.machines
and
for
plants.
'
■
A \\
y
Among other motor fuel legisla-*
tion
act
of
1942
two
cents
sold up
gallon
a
A
*
New
York
to June 30,
1943.
is
funds.
'
Budget System Soon
ft
ft •''
ft
'
'■
' ft
issue
A}
i\>;f *
;• .*
.
of
Preferred Stock Series_„>__J_
mortgaged,
increases in
war
lc
Our
the
Reporter's
j|A||peport;|:)§||
-(Continued from first page),
Here again, however, the mar¬
ket
pre¬
does
not
indicate
any
York
arranged for
State,
Towns -.of
since
by over 10% ."
issue of "Per¬
Newr
a
The September
spective"
contains
con¬
ference of town and county clerks,
the
port—this time
boards of supervisors of the State
in Syracuse September 9.
A
the
law.
It
shows how to prepare the budgets,
duties of the officers, preparation
money
expenditures and ends with 28
questions ?nd answers on the chief
t)Ve towniaw. A A
ox
Major Sales
■
was
|^
or
over—short term issues
the
,
successful
for
.runner-up
;issue sold
*■
!
are
bidder vand
the
last
award
the
At
,,
,,
executive,
re¬
chosen
was
National
Commander succeeding Lynn
Stambaugh of Fargo; N. D. "
-Pledging
shpport
the
to
the
Legion's
V.
fullest
President
in
the
effort, National Commander
Waring at the same time called
much
will
be
of
for the protection of
personal lib¬
erties and "to the end
that the
Government continue to function
along,constitutional lines)'.
This year's convention
the
frozen.
.
small
was
compared with previous
meetings,
haying been attended by
will experience
a
rather
only
heavy demand for loans, thus per¬ about 1,500 delegates. Whether a
mitting, them to charge higher in¬ meeting will be - held next year
terest rates than can be
thought of was left for the. National Execu¬
today. Furthermore, from fear of tive Committee to decide. ^'AA,^
a
decreasing value of money due
to inflation, lenders ? will want a
higher interest rate due to the in¬ Banks Increase Gifts
creased
!rislf involved.
;
,;
"When
we
come
to
housing
loans, it is likely that the present
low interest rates
may be a per¬
manent feature; but for-loans to
merchants, we must visualize a
situation when the lend-lease
pol¬
To Greater N. Y/Fund
Commercial
banks
and
trust
companies in New York City have
contributed
campaign
York
$313,648
of
Fund,
the
it
the
to
1942
Greater
New
announced
was
the-appe^V to banks
and
a
banks
go
.»«
-A A
v
#
#
The Sept.
;
:■
better- than 2%.
AA
&
•
,A
dency is to sell out such holdings
and put the
resulting funds into
series G
fixed
gives considerable space to the re¬
cent re-affirmation by Standard &
Poor's
near
of
June
ment
With
expenditures
for
improvements held, to bare
that
in
would
their
the
prediction
next
equity
be upward.
major
last
move¬
security, • prices
Comments by
Treasury bonds, where
rate
/
interest
There
the
is
reason
tnat
Secretary of the
Morgenthau and members of
Federal
Reserve
more
hopeful. r\ow
been since 1926.
in:
interest
add to
bond
it
buyers
greatly
Hence, to
say—avoid long-
I
but'
buy
'corporation
bonds
maturing
Committee took into consideration
the status of member banks in
Falconer In New Post
A James
G.
of
of
Directors
of
the
Greater New York
Fund, has an¬
nounced that Douglas P.
Falconer,
who has been Executive
of the Fund since its
Director
inception in
1938, has resigned that post to be¬
Executive
United
American Legion Asks
Blaine, Chairman
the A Board
come
the
OpenMarket
came
should
ioW** yielding
bonds,
.ever
a
bank's profits.
a
term,
and
trust
companies,
$286,893
from firms and $26,750 from
has employee groups.
-vA,A;A;;A:- A-\
sqcli,
small increase
A
rates
on
within five to tep years
vy;hen they
probably then can be exchanged
for
a
better
security paying a
to doubt
higher rate of interest."
Treasury
Rulwarks
little
a
is; assured
maturity.
Building
-
of
"The outlook-for bgnks is
prob¬
ably
lon'g-terih view thap
A;')/', '!''
,
*'■
19 issue of "Brevits"
the^ yield;
In many such instances the_ ten¬
to
#
:
to maturity,' WbeT&
has been whittled down to little
equity securities.
the
.future.
-local
',
pur¬
previous
in
annual rate
an
,,
of
Government
bonds,
investors may seek to bal¬
ance
their Government
holdings
by the purchase of well selected
(Ed. Note—Very few municipal
issues
of
major size are
for
at
A
bulletin,
many
bond
scheduled
There is
of
chases
ex¬
also appended.
busi¬
or
Banks,
be applied to
year.
Roane'Waring,1 Memphis utMity
crops,;}? A- AA
A
points out that
while much of these funds will be
diverted
into
even
larger
A;i;A:A;;;
cluded )r which are-to come up
in the near future.? The names of
■
calculated
The
■;;;We list herewith the more im¬
portant municipal offerings ($500,000
interested
Bullock, 1
Street, New York, for copies
of $ 13.7 billion.
^
.
"Scheduled
..
to'replenish the
period,
supply
the
war
It is likely,
therefore,
despite the inflation of the
post-war-
reaching
trained in the
one
'
of individual officers' estimates of
changes
sufficient
forces for
■
.
in detail all of
requirements of
armed
the
get
before
^
booklet, ."The Town Budget Sys¬
the
that
suggested
to
male
every
age of 22 should^be
"WhenAcomnxercial loans shift trust; companies, made the an¬
tendency on the part
handling trust accounts from productive activity Ato -irl- nouncement in a report to Jarnes
of this report.
* .
* *
.
to put the latter juore substan¬
ventOry-holdipg it is usually about G. Blaine, Chairman of the Fund's
■A/AAA'*
a
$
*
A'A!A;;AAAA': tially into Government securities the .end ,,pf the business boom. Board of
Directors, pointing out
An interesting'
analysis of the in the absence of< more suitable Therefore, lend-lease is an instru¬ that the amount collected so far
"inflation gap" based on recent
ment which, in the post-war
this year compares with
opportunities
in
the
pe¬
corporate
$278,699,
Department of Commerce data is field.
riod, might cause a renewed in¬ the final total from the group in
contained in the September issue
dustrial boom at' High prices when last, year's
This is said to be especially
campaign.:' Mr. Hanes
of the "Broad Street Letter."
mostA firms find their
j In
true in the case of such accounts:
}.cash,t re¬ said that, of the amount so far
the second quarter of 1942 this
sources ' depleted.
gap
collected from commercial banks
(r' A
having bofods with'10 years' to
Wall
New York also put but a 90-page
covers
is
readers write to Calvin
sociation of Towns of the State of
tem," which
re¬
Industry Under War Conditions."
It
.
officials, the As¬
the
compulsory
military
training resolution after the war,
the Legiom took the
position that
them.
firms.
ness
completion,
early
banks
highest possible strength.
On
tirement of outstanding 5s requir¬ icy may have drained our huge Sept. 24 by John W„
Hanes, former
ing $53,170,000 and the 7% cum¬ surplus of most goods—not only Under-Secretary of the Treasury
foods. It is well to remember that and
ulative preferred stock,
General
Chairman
of
the
which, is
the
need
for) commercial loans drive, which still is in
callable at $110.
progress.
arises primarily, from the creation Mr.
Hanes, who personally con-,
Shifting Into Governments ^,
of goods and
ducted
"The Chemical
on
be
that
company's 5%
Proceeds would
usual
-
scholarly and thorough-going
county attorneys and clerks of the
To assist local
its
the
coffers of such individuals
ex¬
.
pectation .of
that- the
so
cashing in of Government
securities held by individuals will
not
.
to the
"This
.
of
from
money to pay
■
Association
bonds
Government may also have to bor¬
5c
bonds, :
already operating fiscal affairs un¬ ings of common stocks
which are involved, callable at
by endow-'
der a i budget system are slated
ments of 120 institutions amounted'
-102, continue to command a pre¬
this month to put into effect; un-i to
24.8% of the aggregate yalue!
mium'of 2 points or more.' If i
der provision of the town law as.
of the funds.
AAyAfA v'| the financing were considered
amended by the 1941 Legislature,
"More pronounced was the trend
in
immediate
prospect,
it
is j
a system
whereby each fiscal year toward equity investments
by en¬
argued,-this issue would soon
will be preceded by filing with
dowment funds,
exceeding $15,-;
adjust itself to a "money basis."
the town clerk an estimate of the
000,000.
The average of eight of
The company proposes to issue
needs for the year and estimated
these funds had lifted common
•revenues.
' S-;
1 r
'
.::
stock holdings from 17.4% in mid- $45,000,000 of first mortgage bonds,
due in 1971, along with
A ; Preparing town officials for the
1937 to 30.9% in mid-1941.
$10,000,000
From
budget plan, system,
Frank C. mid-1938 to mid-1941 bond hold¬ of debentures due in 1956 and
140,000 shares of new preferred.
Moore, Executive Secretary of the ings were decreased
-
savings
row
ferred stocks, common stocks and
All towns of New York State not;
real estate. At June
30, 1941 hold¬
.
they
Hence,1 nrjany must go to
banks to borrow. ' Individuals
will then want to cash in their
.
w:AAA;:C.AA
and
which
..
'
First Mutual Trust Fund__
college endowment
■
Another resolution
that every effort be made
bring the nation's air power
to
the
7c
Series
invest¬
on
taxes
Legion.
urged
tories.'
10c
Low-Priced Common Stock
"The general trend is toward a
decrease in holdings of bonds and
>
nesses
^avrte
Income Series J.
Calvin
quotes
"Exchange"
V/A
(Continued from first page)
will be subjected to most
,
on*Qct. 15, to stock of 2?ay ,n0?
Due to increased wholesaleto PaYSept. 30, 1942.
prices
much more capital
Bond Series
will be re¬
8c
quired to carry)adequate inven¬
Low-priced Bond Series-^
' 9c
the
nearing
"Bulletin"
ment trends in
A>:7:;Aa;:j
Operate
'
Sept.- 24
magazine
motor fuel
on
•"•'•'A''
'•
Bullock's
emergency taxes of
N. Y. Towns To
On
the
was
extending
*
The
•»
■
to be made
use
spraying fruit • trees
.
lie
record
of; end of its deflationary
arc, and We
refund gasoline!" Virginia relaxed
are
convinced.", that
the
period
.the 60-day limit on ordinary re¬
ahead will be more satisfactory
fund claims; and added a law per¬
and profitable for the .dealers in
mitting tax refunds on motor fuel as well as the" owners of
good
consumed
by vehides
carrying: American securities."
-,; ) '
A.AA
-
*< "
(
^
lully-in-
a
0
■
.
liminary estimate: of distributions severe income
well-advanced policy
now
■
1
National Securities Series—-Pre¬
vested
amended its refund law to demand:
'a
latest
Government, remov-' points out the significance of the
ing the privilege for
and;
sales: to
ican
Earnings Favorable
.
'
on
to become members of the Amer-i
Outlook For Bank
•
Director
Seamen's
Falconer
of
the
Service.
Mr.
the new post,
said, at the request of
Rear Admiral Emory S.
Land, War
Shipping Administrator and
accepted
Mr. Blaine
Capital-Labor Draft
New York
and
Chicago in the
the advisory service in re-affirm¬
course
of their discussion of the
ing its prediction are quoted at
The
American Legion
asked Chairman of the Maritime Com¬
forthcoming
$4,000,000,000
war
naturally is that for some time to
length.
1
Congress on Sept. 21 for imme¬ mission, who also is Chairman of
loan.
■come
;
^
the amount of new issues
Massachusetts Investors, Seconddiate legislation to conscript capi¬ the
Board
of
Directors
of
the
And likewise, it is almost &
coming to market will be small. Fund
reports an increase in net
tal, labor,Aindustry; and agricul¬ United Seamen's Service. Mr. Fal¬
(foregone
conclusion
that
the
asset value per share to
pctober 1
!
coner has taken
$7.30 on
ture, as well as the fighting man¬
up his new duties
Reserve Board Governors will
Aug. 31, 1942 compared with $6.85
$705,000 Muskingum Watershed);
power.
This action was taken at at the headquarters of the United
order another reduction in the
at
the
close
of
the
Conserv. Dist., Ohio
'
the Legion's; national convention Seamen's Service, 39 Broadway.
preceding
rate of reserve requirements for
"This district sold an issue in Sept.,
1940, •quarter. A Net
assets
based
on
held in Kansas City, Mo., Sept; The. organization will provide re¬
to Merrill, Turben & Co.,
banks in those cities in advance
and McDonald,
market
values
as
of
Aug.
31
19-21.
lief, recreation and repatriation of
.Coolidge & Co., both of Cincinnati, jointly.
of the Treasury's flotation.
amounted to $6,621,609, available,
Stranahan, Harris ,& CoM Inc., and as¬
Several other resolutions were United States merchant seamen in
Latest figures for the New York
for the 900,455 shares
sociates, came out'second best.
* / ;/v."";
all parts of the world.
outstanding;
adopted
necessities
by
war-time
the
demands
policies,/the
of
prospect
.
„
'
•
by the convention call¬
against $6,150,365 for the 897,932 area indicate that despite two rer?
ing for legislation on the following
ductions
in
such
outstanding on May - 31,
requirements, inatters;
*
•'
-'
excess reserves of
1942.
/
mejnber banks ; i Lowering of the draft age to
t
•v..-Vv.#
»
$
are again down around the
$200,- 18
shares
investment Trusts
:
■
.
A
:■
Affiliated Fund, Inc.—A quar¬
earnings and dividendssuggest strongly that they are bar-' terly dividend of 3c per share pay¬
gains
even
if
the
inflationary: able Oct. 15, to stockholders of
process were to
1.
-
stop dead
And it will not.
f
\
'
on
Oct.; record Sept. 30, 1942.,,
•
Hare's, Ltd. is out with
.v
a
-...
;
only begun to fly.
Investing Corp.—
ers
■
•
.
«:•
❖
Fundamental
•
v
■■
i:
Investors,
Quarterly dividend No. 35
Inc.—
amount¬
ing to 20c per share payable Oct.
15, to stockholders of record Sept.
29, 1942.
:
v
".•••"■
A "• "America has
Street
quarterly distribution of 25c per.
share payable Oct. 1, to stockhold-:
of record Sept. 18, 1942. rP v- -,.
and
lem.
Broad
A
new
"Aviation
Prospects."
Sales'
and
earnings"figures on leading
companies for the past three years
are
given.
The industry is be¬
lieved to present the investor with
both an opportunity and a prob¬
;
.
.
#
❖
*"A
.
The potential development, of the
General Investors Trust — A^
: aviation
industry over the next, quarterly dividend of 6c per share
,;few decades challenges the imag-; payable Oct. 29, to stock of record
■t-ination.
It
offers.opportunities for. Sept. 30, 1942.:
"the investor, though with pitfalls
V
that must he avoided.1.. The in-
v;
dustry will
•
expand • and' prosper^
take
the
The next cut would
rate
.
of
requirements
Conscripting
production.
manpower
;,
for
war
/
.
'
A
:
One year's compulsory military
training for young men after the
/ A'.; 'A.-A^ ^
Real Undertaking
'
war.
A;
;;■ :A;: ••..:.'
:?■;,;A
deferments
Fewer
;
; Sfnce the impending Treasury
able-bodied
financing will be the biggest sin¬
gle undertaking since Fourth Lib¬
erty Loan of $6,000,000,000 in 1918,
it may be expected that no stone
Secretary Morgenthau and his
may
be
counted
appeal
In
an
to
the
wisest
of institutional
upon
operation such
possible
cannot
-J
this the
employers'
substitute
be found.
em¬
,
outs,
"strikes, lock¬
cessation of work and dis¬
crimination
in
employment
as
sabotage."
At.. • :
A The convention also
approved
Senate passed
House
creasing
on
the
and
Sept. 21
sent
to
bill
a
potential
in¬
guayultf
rubber-growing acreage from 75,000 to 500,000 acres, in the discre¬
tion
of
the
Department of Agri¬
culture.
This action
of
one
contained
was
in
the
Baruch
report to the President
to
in
page
these
985.
in
line
the recommendations
columns
of
In calling
rubber
(referred
Sept. 17,
for passage
of the
-
leadership of President Roose¬
velt and denounced
investors.
as
unless
Another; resolution
war
to draw up a schedule that will
circle
ployees
of young,
in essential jobs;
deferments at
the
with
;A;::- A-
the
success.
advisers
no
requests
■ •
adopted by
Legionnaires expressed "com¬
plete confidence and faith" in the
will be left unturned to insure its
,
and
men
•;
The
'
'
down to 20% as contrasted with
A;Job security for all returning
the 26% level in force
prior to the from the armed services.A A
first cut put into force some weeks
ago.
v
and extensive report on
Progress
fV
:AAA:AA';;A'' i
$
000,000 level.
A
'
years.
Dividends,
probable
...
Guayule Acreage Raised
■
(Continued from page 1167)
legislation, Senator Downey
(Dem., Calif.) explained that the
"yield of seeds from the guayule
was eight times what we had
plant
anticipated,
greatly
which
expanded
permits
program."
a
He
added that "it is the desire of the
Governmental, agencies
to
take
advantage ^of that possibility and
a
to
plant
a'larger'acreage:"
Pas¬
offering is bound to be pointed resolution{ asking
Congress
to sage of the original guayule bill
Fund* Inc.— toward i rfs u r a n c e companies, amend, the Legion's charter so as ^wag noted in these
columns March
Ordinary- distribution Nor 17 banks and substantial trust funds. permit veterans of the
present war 12, page 1062.
Manhattan
Bond
r
■
Announce Program
Special Assistant to the Secretary,
of State,
former Ambassador to
Japan.
Tuesday, October 20
X I.
For
IBA War Conference
*>
of America
ciation
PLAYS '
be
to
Election of Officers.
held in
Nevy-^York, Oct. 19 and 20, Un¬
'
"Vickie,"
of
Secretary
the
Edmund Glover,
Staged by Ferrer
Lyons, Charles Halton, Evelyn Davis,
Red Buttons, Lynne Carter, Del Hughes and others.
and Mandel; sets by Ernest Glover.
•
Movijes
.
knows
number of movie musicals
a
to
President of the Associa-I
tion, in making the announcement (
Sept. 30 are the ones "primarily!
responsible for directing the sale
of Government bonds, so vital to,
the nation's financing of the war.')
Fleek,
in
of the war needs.
naval
maxing an afternoon session which
will be in the nature of a national
home
conference
sales
recently but the
of
Scandals, who sings effectively.
The Standlersp a
Joe Pafurriy and Anita, another dance team, and Bill
White's
George
dance
opened its fall
It consists of Miss Kay Penton,'an alumnus
team..
organization.
This is
investment;
.
A
participation in the
Treasury's
financing
operations
and it. is coordinated
nationally
b
a n
k
e r
through
s'
48th).
Strictly
an
of
are
members
direction
of
acting as a special assistant to the
miral Land will
eon
speak at a lunch¬
.
The
•
,
.
A
,
announcement of the pro¬
pianist who plays tunes of yesteryear.
It's a little startling to see
dent John
•people stop swallowing spaghetti to first hum along with the tunes
H a y d e n
and then suddenly burst into full song as they recall the words of the
October
S.
Fleek,
Miller
,
&
19
Clair.
Paris
from
Hailing
(she
30 CENTRAX. PARK
SOUTH
rather than how she sings that is
Adjoining; The Flaza
A
a
most
says), her voice is pleasant.
But
it's
what
Miss
St.. Clair
sings
unique restaurant in
as
Serving
best
food,
skilfully
prepared.
Entertainment after 11 P.
Telephone PLaza 3-6910
)
(<•'
Af.
the
Of Silver Bullion
of
national
mittee
and
photo
be
a
reading.
refresher
There
course
in
and
Anti-Aircraft,
service.
the
well
with military experi¬
men
wishing to serve as instruct¬
Directors
of the New York In¬
which
stitute -iof: Finance,
at
cated
20
Cluett
lo¬
is
Street, are
and Albert P.
Broad
III
-
A
States
of several
as
|
Boyd Appointed New York
Reserve Bank Officer
Announcement
was
Sept. 24 by Allan
dent of the Federal
Fed¬
members of
Victory Fund Com¬
Chairmen of their
as
'
A. H. Aseltine Dies
in
24
the
Pavilion
Harkness
He retired
of
President
Feb.
on
at
the
Second Vice-
as
National
Chase
1,1941, and it was noted
these
in
that
of
columns
date
that his Wall
made
Reserve Bank
York, that effective
tember
25,
Harry
on
Sproul, Presi-,
of New
771)
(page
ly for it during the next 15 years.
Mr.
Aseltine at his death
was
67
old; he was born in Oswego,
N. Y., Nov. 8, 1874, of Canadian
years
the
in
Sep¬
experience
Ontario.
After
short
a
in Kingston,
leaving
the
"Chronicle" about 1913 Mr. Asel¬
tine spent two years
with the Na¬
later becoming
connected
with
the
Equitable
Trust. In 1918 Mr. Aseltine joined
tional
City
Co.
Bank and for
the Chase National
more
than 20 years
thereafter
resented the bank at
rep¬
conventions
and group
meetings of bankers ih
He was,;
appointed an Assistant Cashier of
all
parts of the country.
Chase
in
1923
and
retirement
in
devoted
1941
Second
a
Since his
Vice-President in 1930.
Aseltine
Mr.
much of his
time to
service with the British War Rer
lief Society here.
several
for
censor
in
He also served
months as a postal
the
U.
S.
Censors'
Bureau at New York.*
M. Boyd, for¬
Administration
Correspondence Division of
nineties after
late
business
has
Opens Own Office
merly Chief of the
District Committees.
and
The Office of Price Administra¬
The Executive Managers of sev¬
.the
Government Bond Depart¬
tion
on
Sept. 22 increased the eral of the District Vidtory Fund
ment,, has been appointed an of¬
maximum price for silver bullion, Committees.
;
\
other than newly-mined domestic
Others prominent in the Treas¬ ficer of the Federal Reserve Bank
respective
r
the
those^ partici¬
:-v
United
activities
listed
and underwriting departments.
parentage, and came to New York
fees,
ors.
Robert
The Presidents
OPA Increases Price
Oc¬
for
planned
is
Squier.
eral Reserve Banks
Central Park to the north.
from
Administration.
among
its
to
Beall, U.S.N.
the firm maintains active trading
States.
in military
interested in the program, as
Company,;
getting.
beautiful location, overlooking
other
according; to the
announcement, will be scaled to
meet the costs involved. .The In¬
stitute invites inquiries from those
.
Her song de¬ Treasury.
Representatives of the War Sav¬
scribing the sad state of *a young
lady who lives in a Women's Hotel ings Staffxof the United States
Treasury.
is something to hear.
attention
teach
Drills in this course will be
War Finance Confer¬
pating will be:
Officials
on
Tuition
Presi¬
partner of
...
Included
addition
In
Exchange,V
Stock
Kenneth S.
refresher to
related branches of the
by
ence.
-
The Penthouse Club
Lt.
York
New
and
is assisting
Artillery,
ing
Commission and Administrator of
the War Shipping
.
Cruttenden, Fred R. Tuerk, mem* \
mathematics useful to those enter¬
ence
2:15 P. M.
Fuller, Cruttenden & Co. The
present partners are Walter W.
instruction,
The New Infantry Drill
will also
Cleveland.
.
*
of
Bank, of New York, died on Sept.
and
map
Leone's good Italian cooking has a large following
12:30 P. M. Luncheon
meeting
among the church hierarchy.
Only restaurant I know of to attract
addressed by, Rear Admiral Land,
clergymen in such numbers. . . . Another restaurant worth more
the U. S.
Maritime
than casual mention is Rockefeller Center's Louis XIV. A fine eating Chairman,
.
as an
:
organized
outgrowth
Street
held on the floor of the New York connections covered a period of
over 40 years. His early association
Stock
Exchange
after
trading
hours.
It is also planned to com¬ was with our own publication; he
mence classes in signaling, which
joined the business staff - of the
will
include
radio, blinker and "Commercial & Financial^ Chron¬
semaphore, and Army paper work, icle" in 1898, traveling extensive¬
day before the conference in
Address
summer
was
at the Institute.
States,
tober.
committes had been asked to meet
A. M.
here this
previous experi¬
courses
Regulations,
Association
Monday,
Cruttenden & Co.
.
/.'Alverton H. Aseltine, a retired
officer
of ' the
Chase
National
course
based
made through the office of
in Chicago, said
that
members of the
Board of
Governors and of a- number of
the
Association of Security Dealers.
armed services.
meeting at noon on the same
day.
and
Medway
in the Presbyterian
Hospital
after
a
planning of a series of lectures de-l short illness. Mr. Aseltine, who
signed to acquaint civilians with resided in Garden City, L. I.,
en-f
the organization and activities of
joyed a wide acquaintance amon&
the
different
divisions
of
the bankers
throughout the United
United
Secretary of State, will also speak
at the dinner meeting.
Rear Ad¬
10:15
.
Milton L..
principals in
&
Williams
here; Conrad J. Reinhard, Davenr
port, la. representative; Godfrey
Reinhard, La Salle, III., representar
tive; Rolland W. Schillito; A. L.
Stevenson; William L. Taylor, Jr*
Earl L. Virden; and; William RL
Mee, Bloomington representative
and formerly secretary, National
Training Camps Association of the
ton, Assistant to the Secretary.
Former Ambassador Grew, now
here,;
RoelkCr, of the Military
Alfred
George Buffing-
a
as
later
will
navigation
and which is under
the
is offered
firm
own
Marvin C. Greener,
Williams, formerly
Medway, ,Wadden
Captain Theodore
U.S.N.R., V retired,
this
who
ence
Willard
by
individuals with
12 Federal Reserve Banks
the
eating place specializing in Italian dishes, the oakNo entertainment with exception of
place, it's a favorite haunt for radio people before and after their
programs.
The Penthouse has
a new attraction, a Miss Sylvia St.
Earle C. Gott;
Monday last.
on
his
headed
once
ber
commenced
'
Cummings, Iowa representative;
John B. Dunbar, formerly with C,
F.„ Childs & Company and who
Celestial Navigation
in
class
course
Chairman, the Presidents
is
thau
.
Cruttenden
& Co. include Clyde H. Andrews,
formerly
executive Vice Presi¬
dent, McGraw & Co.; Ivan S.
War
Nelson,
Secretary of the Treasury Morgen-
beamed restaurant is jammed.
nostalgic tunes.
Association of
Exchange Firms, has made
Conducted
which
of
committee
a
was
is Leone's (239 W. announced, follows;
One of the better West Side restaurants
Ex¬
Stock
York
and ) the
•in World
of the vehicles for
one
WATERTOWN, N: Y.
—
Lester '
H. Morgan is now doing business
as
individual
an
ities
from
worth
dealer in
offices
Building.
in
the
secur¬
Woolr
Since 1932 ML
Morgan has been a partner in
r
silver, by 9.6^250 per ounce, bring¬ ury's war financing.
of New York and has been as¬ .Roberts & Morgan; prior thereto
7:45
P.M.
Dinner.
Speakers:
ing the price to 45<? an ounce.
\
signed as Manager, Savings Bond he was local representative for
A similar increase also was pro¬ Daniel W. Bell, Under Secretary
Lee Higginson & Co.
.
v -.
vided for semi-fabricated articles of the Treasury; Joseph C. Grew, Redemption Department.
•
•
i
.
;
...
.
.
: v
L
.
Inc.
Phipps,
&
Those who will join
John L. Clark, President of the
and means of stimulating- Association
of
Stock
Exchange
sales
of
Governmentsecurities. Firms,
will
head
the Military
Among the speakers will be the Trainihg Division of the Institute.'
key men of the Victory Fund Mr. Clark was an Army instructor
Committee
Davis
Secretary and Treasurer.
to ways
a
out
cooperating;
Finance,
New
plans to offer a number- of such
courses, open to all.
far as
pleasantly. The hit of the show
young man, Paul Winchell, a ventriliquist,.who shortly after his possible of everything except the
war financing.
Other business of
appearance, had his audience howling.
One of the sidelights was the
presence of perennial playboy, Tommy Manville, at a ringside table. the Association itself will be in¬
cluded in two brief business ses¬
Naturally, he was called on to take a bow. For, as the m. c. inad¬
vertently implied, if he hadn't announced his presence, Manville's sions on the mornings of October
evening would have been a flop, a condition disturbing to one and 19 and 20.
An outline of the program, as
all, particularly the waiters who scraped and bowed Manville in and
is
of
Stock
Department,
Staff,
order to free its program so
Johnson, who acts as m. c. and sings
entering
civilians
the
with,
and Federal
Reserve officials are to participate
in the afternoon program devoted
the
(Belmont Plaza-50th & Lexington)
of
the
prove
defense, the New York In¬
stitute
change
Savings
which
courses
value ' to
Government
on
The other Treasury
War
sparkle and the spontaniety of
Hat
793.
Army, Navy, Merchant Marine or
securities.
THE TOWN
Glass
The
Confer¬
issue of Sept. 3, page
our
Bell is to ad¬
dinner meeting on October
the
Waldorf-Astoria, cli¬
Under Secretary
Sothern, a fair singer, is no Ethel
show the other night.
.
military Courses At
gram,
AROUND
Finance
"War
Believing that there is consid¬
erable
interest
in
military - and
a
v
will remain in businesses a man*-
ence" pf the Association appeared
ing billions for war their appraisal
at
Crutten¬
announcedf today.- :
Thompson
Thompson,
No Y. Inst. Of Finance
19
with
members New York
Chicago Stock Exchanges, 209
South
La
Salle
Street,
C.
H.
Co.,
and
•
speak, giving the
working on rais¬
dress
associated
become
den
A majority of the As¬
members are located
ciation's
Shipping Administration, and for¬
mer Ambassador to Japan, Joseph
men
the•
.
of their regular' ufacturing firm making tool kits
to1 the East, Mr.' under government contract under
Fleek said.
>'•••■■ :XXx:'[X:':'X: the direction of C. H.
Thompson,
Earlier, reference to the - Asso¬ President, and William F. Phipps^
addition,
Rear
Admiral
Emory Scott Land, Chairman of
the U. S. Maritime Commission
and
Administrator
of
the War
C. Grew, are to
practically
and
visits
periodic
In
investment
1942,
1,
the trip with one
on
the original is lacking.
Merman. Alan Mowbray,
a good actor in his own right, is not as funny as was Arthur Treacher.
Even "Red" Skelton works hard for his laughs but doesn't make it.
The scene in the original where the three sailors meet the English
butler was excruciatingly funny. In the movie it's flat. . . . If you're
the parent of a high school boy you owe it to yourself to see the MGM
short "ATCA" (American Training Corps of America).
In a simple
narrative form it explains why sixteen-year-old kids now take pre¬
liminary aviation courses as part of their high school curriculum.
Through the experiences of an average American family—the Jones'
—it tells how their young son took the course, what it teaches him
and most important why the course was, and is necessary.
Yet the
Miss Ann
Oct.
\
entire investment personnel are t©
of several Federal" Reserve sociation's
District Victory Fund Committees in eastern financial centers and
are scheduled to take part.
These; delegates- who come from other
men, it was pointed out by John S. sections wjill be urged to combine
good ones are usually born in Hollywood.
For some reason a good
Broadway musical loses something when transposed to the screen.
It may be because the Hays office frowns on some of the lines or it
may be for some other reason entirely.
Whatever the reason, MGM's
"Panama Hattie" is an example of a good stage musical which doesn't
come off in the movie version.
It retains the original plot, the songs;
it even has some of the original cast—Jackie Horner and "Rags" Ragland.
an-;
being
Presidents and the executive man-! attending.
^
There* have been
CHICAGO,
held in New, York
minimize-; traveling for those
is
and
>
ILL.—The invest¬
ment business of Thompson, Davis
& Phipps, Inc., 120 South La Salle
Street,
securities
firm
founded'
here in 1936, will be. discontinued
riual convention of the Association"
agers
someone
usual five-day
the
replacing
number of Federal Reserve Bank
who is a member of the
AWVS.
And almost as many people know somebody or have them¬
selves gone through the martyrdom of acting as a "patient" T'or tyros
anxious to practise the mysteries of first aid.
S. N. Herzig thought
this knowledge had all the elements of a good farce and sat down and
wrote "Vickie."
The idea was a good one, The actors who interpret
the characters are capable but the story itself is neither good or
funny. There's a lot of room in the plot to poke good natured fun at
our women folk, who
in the name of Service, bandage us with tricornered handkerchiefs and tie splints to our legs.
But "Vickie has
neither humor or wit.
It is the story of. a newly-married couple and
their mad home life.- George has to stop working on his model, vital
to the war effort, whenever his wife Vickie, an active member in the
AWCS (fortunately non-existent) has the urge to practise first aid,
or is driven out whenever she tears through the apartment with her
army.
The commander of the AWCS is a dominating female relent¬
less in her search for perfection. She quarters soldiers on the couple.
She uses George's vital working plans to wrap sandwiches in.
She
even
captures one of Washington's leading dollar-a-year men who
-comes to inspect the plans.
She is sure he's a spy. There are other
shenanigans as well.
Vickie sells George's best clothes through the
AWCS thrift shop.
The cook quits. A new cook, a refugee concert
singer, appears on the scene.
The small apartment is turned into a
bedlam.
Soldiers dash in and out; AWCS members use the place for
commando tactics; an air raid spotter who graduated from flag pole
sitting handcuffs himself outside their windows. And so it goes. There
are laughs but they are heavy-handed ones.
The gags are seldom
funny enough to fill in the gaps caused by the general confusion. The
cast tries hard but even it can't carry a poor play.
rX:..
everybody
Almost
:
"
-
by incoming President.
The War Finance Conference is
/
Treasury
Mandel at the
Ian,' Collette
-
Address
a
new farce by S.
N. Ilerzig. Presented by Frank
Daniel
W. Bell, officials of the
Plymouth Theatre, N. Y. With Jose Ferrer, Uta Hagen,
Treasury's War Savings Staff, a
Taylor Holmes, Margaret Matzenauer, Mildred Dunnock, Frank Con-
der
^
stitution and By-Laws.
Investment Bankers Asso¬
of the
Thompson, Davis Men
1 Join Gruttenden & Go.
10:30 A. M. Amendments to Con¬
Finance Conference
At the War
Thursday, October 1, 1942
CHRONICLE
THE COMMERCIAL & FINANCIAL
1170
Volume 156
Number 4112
THE COMMERCIAL & FINANCIAL CHRONICLE
Tin Quotas Widened
NY Trade Bd. To Shtdy
the
under date of Sept.
made known
tries
study of Post-War Reconstruc¬
The announcement
made yesterday by Percy C.
is
Board's
autonomous
being intensified.
Among the
Chemical and
Allied Trades Section, the Insur¬
ance
Group, a Securities, Com¬
modities and Banking Section, a
recently formed Latin-American
Trade Section, as well as groups
of
Textiles, Transportation '< and
Retail Trade.
According to the'
announcement the program is the
result of the work of a Special
Committee, composed of Dr. Elvin
H. Killheffer, of E. I. DuPont De
Nemours & Co., Chairman; J. E.
Lewis, Aetna Life Insurance Co.;
E. T. T. Williams, Becton, Dickin-5
& Co.; William T.
Van Atten,
Associated
advices, which fur¬
to
said:
same
"The
Committee, in a gesture to
its machinery for post¬
control, set export quotas for
the remaining major areas under
its
control
105%
at
of
agreed
tonnages until further notice, con¬
tinuing the percentage now in
effect.
;
,
.
,
_
"But it said the quota would be
adjusted
'if
be able to
territory should
any
exceed this amount.'
livia, the Belgian Congo and Ni¬
geria, whose pre-war permissible
annual
exports
13,330
tons
46,490 tons,
were
and
10,980
tons,
re¬
spectively.
v'
"Malaya, with 71,940 tons,
the
Netherlands East Indies with 36,330 tons, Siam with 18,000 tons
and Bradstreet,
General Counsel of the New York
of
Board
Trade.
nouncement
"There
is
From- the
an¬
of
Trade'
consisting of
the
for
arrange
-pointment
di¬
seven
immediate
ap-
following
five-
of The
subcommittees:
"1. War
<
'
'
Defense
Committee
•
in
assuring
continuity
a
of
New York City business and busi¬
activities consistent with the
ness
effort.
war
;
"3.
been
around
forts
have
the tin
been
made
ef¬
war
to
revive
mining industry in Corn¬
wall,. with an ultimate
10,000 tons annually.
goal
held in
were
mid-1941, but
have
been
war
such
until
reserve
demands since
that
everything
possible must be done to make the
sources
caused
remaining fill the gap
by Japanese conquests." '
with
Nation-Wide Speed Limit;
New York City con^
the1 war effort.
Gas Ration November 1
t]"4. War Port Committee to aid
A
\
.
"5. War Finance
Committee
to_
effective today (Oct. 1) in accord¬
with
ance
aid .in
order issued by Jo¬
an
on
with
the
trucks and buses
ular schedules
.income tax collected in the nation.
The Committee concludes:"What¬
Helps New York—Helps the
Nation, and Whatever Hurts New
ever
York—Hurts the Nation."
;
As
Board
tee
on
From
Post-War
the
Reconstruction,
report:
■
"Business
and
industry in the United States
are
far too complacent about it (PostWar Reconstruction).
This is un¬
:
derstandable.because the first job
is to win the war, but after we
Win there will remain the biggest
job
of reconstruction
ever
faced,
•fit will be too late to begin think¬
ing about it the same day we want
tp start rebuilding, nor is it safe to
rely upon others for all the think¬
ing and planning.
It is still less
safe
to
be. unconcerned
plans of others."
A
Committee
•
Finance
will
as
:
on
to
the
the
work
of
studying this broad problem,
including taxation and the impli¬
cations
of
the
gram.
Lend-Lease
...
Pro¬
,
Noting that changing conditions
may require changing programs,
the Committee
recommended, and
..
the
directors
pointment of
mittee
to
on
the
keep
new
•
a
the
permanent
ap¬
Com¬
Program, which will
Roard's work adjusted
conditions
Commenting
Mr.
approved,
as
on
they arise.
the
program
Magnus said:
our
action.
Board and is
rubber
to
tires, Price Ad¬
Leon
Henderson
tures
to
be
deductible
"must
be
ordinary and necessary and bear
Sept.26 that nation¬
rationing and com¬
pulsory tire inspection would be
The tire
inspection will be required
days
insure
Both these
care.
of
to
their
moves
every
proper
part
are
the
no
definite rule
in
advance
so
Indicating that
can
be laid down
to
as
fit
all
situa¬
tions and all classes of
taxpayers,
Mr. Helvering says that "in de¬
termining
are.
whether: the
reasonable
take
into
facts
it
is
amounts
necessary
consideration
and
all
circumstances
in
to
the
each
particular case."
Among other
vering says: •
"Reasonable
Mr, Hel¬
/ ■
f
effort among
war
their
own
em¬
unnecessary absences and in¬
efficiency, will be allowed
ductions."-
de¬
as
'•
Price
Administrator
esti¬
mated that, on the basis of the
gasoline rationing plan now in ef¬
fect in 17 Eastern States, the use
of private cars will be reduced an
average
of 60%
from
normal
by
nation-wide
rationing,
A basic
allowance of slightly under four
gallons
a
being put into
The committees
are
being
Sept. 17 by Rep¬
on
resentative
Celler
The
Purchase
Silver
(Dem., N. Y.).
Act
of
1934
requires the Treasury to continue
the buying of silver for the pur¬
of getting and keeping
pose
stocks
one-
country's combined
gold and silver in the
of
silver, and the act of July
6, 1939, requires the Treasury De¬
in full
"To
be
follows:
expenditures
be
must
and necessary and
able
relation
to
ordinary
bear
the
a
reason¬
business
ac¬
tivities in which the enterprise is
engaged.
Declaring that the country's an¬
silver production is 70,000,-
nual
000
The
Bureau
recognizes
that
to
meet
laws
ver
the
needs
of de¬
industries," Mr.
put
is
of the domestic out¬
none
available
to
industry
but
"must be bought up by the gov¬
ernment and buried."
He termed
the
burial
of some
1,361,000,000
sorely-needed silver at
of
ounces
tax
silver
attempt to avoid pro¬
payments.
tive
Celler
Bureau
oecome
"The
.
tions
does
or
not
an
••
may
be
now
engaged
realizes
necessary
in
for
war
that
it
names
of
taxpayers States,
production Utah,
and the knowl¬
their
products
will be
known
to
.
be
size
formidable
to
(4)
of
the
notably
Idaho, Montana,
Arizona,
Colorado,
and
Some
is
little
silver
is
stated above.
as
The conspira¬
tors have gone so far as to cut off
foreign silver supply.
To meet the
dreadful need growing out of the
war
effort the War
Production
even
gone
far
so
be
expected
the increased
as
to
entering
the
new
prod¬
week
will
motorists., ' 1} -■';
be
.■
granted
■'i;1-;
>
;.
unnecessary absences and in¬
efficiency, will be allowed as de¬
ductions..: Also reasonable expen¬
ditures for
silver
manufacturers
as
to
of
foreign silver on their
They can only use a tiny
use
rea¬
portion and the balance will have
the
to be disposed of as the War Pro¬
cost of
into
advertisements, includ¬
duction
demands.
Board
"Jewelry manufacturers, silver¬
smiths, and fabricators of civilian
articles
of being
of business despite the
the
forced out
fact
in dire need of silver.
are
They face
that
prospect
1,361,000,000 ounces are
Representative
that
the
the
entire
pushed
Celler
added
effort demands
war
that
silver
question
into the open,"
repeal of the silver
"be
and
out
advocated
chase
acts
"those
industries
silver to
in-
order
in
pur¬
enable
to
the
need
of
compete fairly with the
Government for its
A
similar
lease of
to
conservation, salvage or the sale
War Bonds, which are
signed
by tfie advertiser, will be deduct¬
tor
"It
is
proper
the
taxation.
statutory
*
to
some
of the "free" silver
In
reflecting
ness,
namely—to win the
democracy, and to
war
preserve
for
demo¬
will be
era."
tax bill
:
subject under the proposed
now before,
Congress.
the
with
•
Services
on
Sept. 29 and 30 to assist in de¬
velopment of the program. Rep-
tj,
resentatives of the Department of
Commerce and of the Office of
Defense
Transportation
at®
also
tended.
The
meeting
sider
held
was
to
con¬
the
^development of regudealing with the elimina-
lations
,
fiqn
or curtailment of certain non¬
essential retail services.
Among
other
things, the meeting discussed
the extent to which stores should
be
allowed
to
reduce
deliveries;
to
reject returns of merchandise^
to restrict free toll
telephone ser¬
vice and telephone orders calling
for
the
delivery
of
small
'
pur-
chases, and to limit so-called "layaways"—that is,r the holding of
goods
small deposit for
on
deliv¬
ery weeks or months in the future.
:
Sept. 22
Mr. Henderson said:
"A
war
economy has no room
business frills and furbelows.
for
The. years
in
years
preceding
1939
were
customers
which
were
in many retail stores.
Such things
same-day delivery service, lib¬
eral credit terms, goods on
ap¬
proval, c. o. d. service on small
as
purchases, pick-up of returns, be¬
came
common
practice in both
large and small stores to induce
more
public buying.
"Today the picture has changed.
We
at
are
materials
Time
war.
short.
are
a
"The
General
with silver Senators and War Pro¬
terested in the Green
cause
it
would
silver from
war
measure
divert
be¬
Treasury
industries.
Retailers
are
Regulation
requires
Price
retailers
continue to offer the
' '
*
Maximum
to
services
same
that they did in March—the
base
month for
rea¬
it
ceiling prices. The
for this provision is obvious—
is
intended
to
prevent hidden
that result when
price increases
customers
extra
free.
are
compelled to pay
things formerly given
for
This basic
OPA
does
retailers
reason
still holds.
intend
not
from
to
relieve
continuing to
sup¬
ply essential services if they have
done
so
in
the
past.
"However, there
vices
given
by
are
stores
under
our
T
many
real, live problem.
is these
in
and
experiencing numerpus difficulties
and
are
operating under price
ceilings that make control of costs
desirable
(Dem., R. I.); referred
responsi¬ duction
business
of
Division and Industry Council
tions.
Green
attempts to avoid the ported that the WPB was not in¬
high tax rates to whiih
cratic institutions in the Post-War
-.
and
parts
Trade and
not
Board officials an Sept.
18 and said the Senators agreed
and collect Federal taxes, among
unanimously to oppose any change
which are the income
and excess in silver legislation and the Green
profits
taxes,
and
to
prevent bill in particular.
He also re¬
abuses
Retail
work was introduced
the Senate on Sept. 14 by Sena¬
war
bility of the Bureau to determine
set up to carry out the work.
this way the Board is.
all
silver-using industries convert¬
ing to
in
purchase.".
bill seeking the re¬
Sept. 17 issue, page 994.
ible provided they are reasonable
Senator McCarran (Dem., Neb.),
and are not made in an
attempt leader of the silver bloc, conferred
to avoid
OPA's
son
'free' but buried."
ing the promotion of Government
objectives in wartime,
such as
of
from
country met in Washington
placed
are
in
advertising'expenditures,
(5) the introduction of
and
restrictions
Extreme
hands.
public patronage
retailers
Silver
.
the; elements
total
(1)
of doing business under OPA ceil¬
ings. To this end a committee of
California, New Mexico hard to get and various businessTexas, but the deadly combine attracting services came into
being
and
business,
(2)
the
the
prior advertising budg¬
ets,^) the
future,
of
means
mined in
upon
ot/me
amount of
sonably
taken
"frills" from their operations
of lowering the cost
a
In his announcement of
determining whether such prohibit the use of imported silver
expenditures are allowable, cog- except by special authorization.
nce>vill
as
said:
the
Board has
public.
_
"It is the result of the machina¬
maintain, through advertising, Nevada.
their trade
'
pertaining to
situation, Representa¬
,,
statement
the
extent
may reduce deliveries and eliminmaie
nec¬
West Point "asinine and scandal¬
unreasonable
the
than is
more
fense and normal
advertising is a necessary and
legitimate ; business
expense
so ous.",'
In his
long as it is not carried to an
per
"far
ounces
Celler said that because of the sil¬
deductible, advertising
"retailer assistance" program is
so that retailers
a
ounce.
essary
Commissioner Helvering's state¬
accidents
both tire and gasoline rations.
The
in the House
ployees, and to cut down accidents
and
Price Administrator Leon Hen¬
derson announced on Sept. 22 that
being formulated
Measures seeking to repeal the
two so-called silver .purchase acts
of 1934 and 1939 were introduced
by companies in advertising and
partment to buy all domestically
advertising technique to speed the produced silver at 71.111 cents an
to
Begins Work On
Retailer Assistance
form of
incurred
expenses
program; to limit the an¬
ucts
and added lines,
and (6)
mileage of automobiles to
buying habits necessitated by war
necessary driving, as was recom¬
mended by the President's Rubber restrictions, by priorities, and by
the
unavailability of many of the
Survey Committee (referred to in
raw materials
formerly fabricated
these columns Sept. 17, page 985).
into the advertised
products.
V
;>}Mr.:> Henderson said that the
"Reasonable expenses incurred
gasoline rationing program will be
by companies in advertising and
merged with tire rationing into
advertising technique to speed the
a single program.
He also stated war effort
among their own em¬
that compliance with the 35-mileployees, and to cut down
speed limit will be a
requirement for obtaining
CPA
under
circumstances."
fourth of the
things,
nual
basic
except
necessary
Silver Purchase Acts
activities in which the enter¬
prise is engaged."
on
instituted about Nov. 22.
60
be
Demand Repeal Of
reasonable relation to the busi¬
ness
an¬
the desires of all American busi¬
"This
report received the en¬
thusiastic approval of the directors
of
nounced
designed
move
an-hour
V
Government
continue
conserve
not
most unusual
"In
another
ministrator
on reg¬
regular routes.
wide gasoline
second part of the program,
will set up a Commit¬
a
the
In
operated
over
united front against the bills,
The Treasury and WPB
recently
is, however, busy with an un¬
issued an announcement
regarding
usual volume of work, and it is
the disposition of "free" silver.
believed that if
taxpayers will
keep in mind the foregoing gen¬
eral rules, individual rulings will
It
Inc.
maintaining and establish-,
edge of the quality of their prod¬
i'ng New York City as a self-sus-^ seph B. Eastman, Director of the
Office of Defense Transportation. ucts and goodwill, built up over
taining municipality.."
'
H The report points out that New; Enforcement of the speed limit past years, so that when they re¬
turn } to
will be up to State officials.
peace-time
York City buys from 30% to 63%
production
The
of each issue pf Federal securities. order goes into effect Oct. 15 for their names and the quality of
The city contributes annually be¬
tween 20% and 25% of the entire
"The Bureau will consider ap¬
for individual rulings.
.
plications
According to the Com¬
missioner, 5 advertising
expendi¬
nation-wide
speed limit of
development and continued'
full use of the. Port of New York, 35 miles an hour for the country's
27,000,000 passenger cars becomes
and all of. its facilities.
Taxation
Association of National Advertis¬
ers,
.
in the
Revenue
in correspondence
ment
War.} Employment. Commit¬
sistent
itself
of
tee to aid in1 the continuity of em¬
ployment in
Internal
May 28, 1942, and by the Bureau
"Stocks in hands of the United
Nations
S V'
'
1,500 tons annually,
but since the start of the
to
aid in the defense of civilian life
and property. - ,<
-' *
* \ *- *
,"2. War Business Committee to
aid
agreement are Belgium.
Bolivia, the United Kingdom ana
also quote:
the Netherlands. :
<
being set up a 'War
"United Kingdom production has
This War Committee will
rectors.
present
we
Committee of the New York Board
subject previously made by
Secretary Morgenthau before the
Joint Congressional Committee on
a
concession applies to Bo¬
"The
Inc.; Arthur" and French Indo-China with 3,000
Snyder, Alfred M. Best Co., Inc.; tons annually, are all in Japanese
Harold
M. Altshul, Ketchum
& hands.
"The
four
Co., Inc.; Edwin M. Otterbourg,
signatories to
the
Dun
Commissioner
amplified public statements on the
-
war
active sections of the Board are its
son
ther
Nations'
United
preserve
sections
$0-year-old Drug,
under
according
Press London
Magnus, President of the Board.
It is pointed out that the work ofthe
still
control,
tion problems.
'
Guy T. Helvering, Commissioner
Internal Revenue,
issued on
Sept. 29 an official statement of reasonable it is
necessary to take Celler
bills, Western Representa¬
the policy of the Bureau of Inter¬
into consideration all the facts and
tives charged that Eastern bank¬
nal Revenue
regarding the deduc¬ circumstances in each particular
ers
were
seeking to revise the
tion of
advertising expenses for case.
monetary system and promised a
tax purposes.
The
of
a
seven-nation agreement,
Sept. 28 virtually opened the
production floodgates for coun¬
McCarran
19 that he
case
of
Advertising Expenses
metal
on
Program, indicating, at the same
time that it will undertake at once
was
of this
output
under
2,6 the adoption of a complete War
a
world's
tor
disclosed on Sept*
plans to introduce legisexpenditures for advertising lation increasing the
legal Silver
can be laid
down in advance so purchase
price from 71.1 cents to,,
as
to fit
all situations and
all $L29 a fine ounce to increase pro¬
classes of taxpayers.
In deter¬ duction.
mining whether the amounts are
Following introduction of the
ing what is reasonable in the
The International Tin Commit¬
tee, which has regulated most of
The New York Board of Trade
,.
*'No definite rule for determin¬
-
To Increase Output
Post Wat Problems v
i
,
1171
essential; in fact,
It
can
are
not
war-time
ser¬
from
and
The
condi¬
ser¬
pre-war
should
buying
are
even
superficial
vices— holdovers
days—that
eliminated.
many
which
be
public
does not expect their
continuance;
the Government does not want
it.
"OPA has been
working on this
for some time.
Private
problem
discussions have taken place with
small groups in the
merchandising
field and sufficient basic informa¬
tion has been accumulated to
per¬
mit
work
to
begin
on
a
definite
Sena¬ 'retailer assistance' program."
t
r*
86 2-3%
Heme Fuel Oil Users To Receive About
Qf jomaf
Supply—Five Heating Periods Fixed
accurately,
rations
budget .their
Any fuel on hand at Oct." 1 or pur¬
chased thereafter will be part, of
a householder's ration.
'4.
...
Coupons numbered
five will be issued for the
thirds of their normal
to coal.
''The coupon
within
cut of 33¥3% of normal
consumption; We. found that the *
in private homes.
V -;
25 %Vdt, originally planned, would
Exceptions will be made for
not ,be; sufficient to provide an
where
a
severe . cut
adequate margin of safety ; and hospitals
might
present
serious
health
still 'Meet the fuel shortage." 1
\
'
i'On ? the
basis of last year's hazards.
consumption," Mr. O'Leary -as¬
Divided Into Four Zones /
serted^ "the cut will be somewhat
The Office of Price Adminis¬
smaller since last winter was un¬
tration
announced
on
Sept. 19
usually warm — according to the
that because of wide disparities in
Weather Bureau^ statistics, about
climate the rationed area has been
10% warmer than normal. So a
divided into four thermal, or heat
cut of 33V3%
of normal is the
zones. In addition numerous subequivalent of a 26% reduction in zones are J
being established to
last year's consumption.
;■•//
provide for ration adjustments in
'■>'
"We cannot predict what kind
localities where the climate has
of weather is ahead of us this
•
r
been
winter, but we believe it safer to
a
warm
must
one
like
remember
..
were
too
Joel, Dean,
Chief,, explained,
boundaries,
Zone
Fuel
the last.
that it
was
not unusually warm - in all
areas last winter; in some places it
was
actually much colder than
than
We
unusual.
to be
found
specific
valid
be
only
those
fore the ration is issued. The min¬
imum inventory
Accurately, and that
a large bulk
which is nego¬
tiable, need not be kept. on the
tate and safeguard the handling of
premises with the risk of loss or
ration coupons in trade channels
theft or be counted and recounted
after use by the consumer,
has on each transfer.
We are also;
facili¬
deduction will be
of the nation.
-
of ration currency,
anxious to relieve the local boards
of
The announcement
added in part:
'
-
*
Rationing
established
after ^a*
careful
of United States Weather
Bureau reports covering the last
study
43 years.
heating
normal, and the degree of depar¬
ture from normal varied greatly.
number'
tistics
scores
covering
for
that in
as
/
these
outlined
ideas
in mind,
'ration
a
we.
banking'
plan, similar to that now in use
in England. The plan provides for
the
transfer
of
ration
credits
through ration bank accounts in a1
manner
money
similar
credits
to
are
that in
which;
transferred by;
check. Details have been discussed
"It has been worked out by the
with members of your organiza-,
where the
OPA with- the cooperation and .ap¬
tion- who
have'-4 made : valuable 4
; users'
capacity is in excess of that
proval of leading bankers,
the
suggestions."
7
amount, unless the user shows he
Federal Reserve Board, Comptrol¬
was unable to fill his tank:up to
ler of the Currency, and the Fed¬
275 gallons.
;
eral Deposit Insurance Corp., and
ODT To Inventory Tires
For any fuel oil purchases made
bears the approval of the Super¬
after .Oct. 1 the customer must
On Commercial Vehicles
intendent of Banking of New York
agree to turn; over to his dealer
/ Applications
State.
Mr/ Henderson said test of
for Certificates of
coupons
for the amount of the the
plan hase been made possible War Necessity under General Or-';
purchase as soon as the ration is
der ODT No. 21 will provide the*
by the whole-hearted cooperation
issued.
/.-;,.
: /,■;,/ 7/.
of William
R. Whitethe New Office of Defense Transportation
From these reports OPA
engineers found out the
of degree days that are
The
of
basic
ration
the i average
takes
account
temperature; in
each
a
each
for
community and is distrib¬
uted according to the normal vari¬
region.
State
York
Banking
Superinten¬ ;with a complete inventory of all
dent, and the bankers of the test
in
On the basis
concluded
order to make the limited
supply of fuel oil go around there
must be a cut of 33V3% from nor¬
allowed
year,
the thermal
cause
varies
exten¬
used, should convert to coal if at
possible;*; 7
; •. :;7/
follow county lines;
all
1'/1
provide
for
now
on
the
wheels
of
the*
country's more than 5,000,000 non-;
military commercial vehicles or?
held for the use of such vehicles.?
The ODT announcement Sept, 25
un¬
into
their
month
hands each
un-' dition of all tires in his possession
There¬
conditions.'
a means
cannot
be
made
accu¬
rately /inanticipation
of cold
spells/ Adjustment will have to
be made in the period immedi¬
States and
v/J
cannot
variation
sively in certain States, the zone
lines cut through some
tires
der sugar rationing, and gasoline by sizes or size groups, including
of adjusting the ra¬
rationing in the East, and will;both new and used tires. " ;
tion to meet any departure from
facilitate the operation of all fu"In addition,.The operator must,
normal temperatures must be es¬
ture rationing programs requiring list the mileage of tires, by sizes,
tablished. While such adjustment
use
of coupons.
He said it will which were removed from service,
is possible by varying the gallonprove of great value to business in 1941, exclusive of retreaded or
age value of the coupon unit, the
men who now frequently have to
recapped tires,7, thus giving/-the
fore,
However, be¬
zones.
climate
the
it
usual .weather
oil rationing.
under -fuel
.■..:'.7/7.
said:
;
t. ^ 7.;
:
|, .:"In applying for a Certificate of
However, since the ration is is¬
clearing the hundreds of millions,War
Necessity," every operator
sued in advance for the entire
of rationing stamps now coming must report the number and con-7
possible State lines
have* been followed' in setting up
'
;
Rationing Boards the tremendouse -burden
of
counting
and
zones.
Wherever
/
consumption."
;
/ ■'-} -,
Mr. O'Leary warned that house¬
holders; who
can't
heat
their
homes comfortably on two-thirds
of the amount of fuel normally
mal
;,.
area.;
and
locality is. the average num¬
in the heating season
there multiplied by the number
of degrees
of heat required to
raise the temperature of a house
from the average outside temper¬
ature to the 65 degree level to be
this study we have
of
work
250 gallons in all cases
ber of days
sta¬
years
many
of localities.
normal
To do this we
have studied Weather Bureau
mechanical
much
•"With
have
;; /7
.77//-7 ;7'/
"Therefore, it seems not only,
"Nation-wide operation of the
"Degree days" is a measurement
ation
of
degree-days over
the
safe, but also fair that we com¬ of
plan, Mr. Henderson said, will re-1
intensity and duration of the
heating season. The area to be ra¬ move from the local War Price
pute the ration on the basis of a
heating season. The degree figure
j
tioned has been divided into four
normal winter in every section of
the rationed area.
as
possible, to permit them to con¬
centrate on the performance
of
their administrative functions.
7 7
.
..
.
normal season rather
plan for a
will
Plan In Albany Area
A ration-banking plan to
periods, OPA said.
been devised for nation-wide use
However, provision for advance
by the Office of Price Administra¬
use
of coupons will be made to
tion and will be tested first for a
meet the needs arising from, un¬
six-week period in the Albanyusually cold spells.
V * '.-'/«•/7/
Schenectady-Troy, N. Y., area be¬
When fuel-oil users apply for
ginning within, a month, it was an¬
their basic ration they will be
nounced on Sept. 24. asked to state the number of gal¬
In /making the
announcement,
lons
of fuel they had
in their
Price Administrator Leon Hender¬
tanks on Oct. 1. Coupons equiva¬
son
said
the plan contemplates
lent to that gallonage will be torn
use of all
the State and national
from the ration sheet by the local
bank and clearing house facilities
war price and rationing board be¬
rationing plan," Mr; O'Leary said, "is going
geared to an estimated overall average
and
periods
„
from, one to
Deputy Administrator, on Sept. 25 announced that users of
heating oil will Mve to get along on the'average, with about
to be
home
twofuel supply unless: thejrx:onvert their furnaces
.
exchange is essential so that the,
quantity of paper transferred from
trader to trader may be' handled"
To Test Ration-Bank
the OPA made known on Sept. 28.
O'Leary,
the Office of Price Administration, through Paul M.
.
Thursday, October 1; 1942-
THE COMMERCIAL & FINANCIAL CHRONICLE
1172
-
wait in line at their ration
ODT, a definite gauge on normal
consumption of new tires by com-:
pro-/} mercial vehicles.,,
7
7,7 7.;
board
to turn in their coupons.
offices
"The
ration-banking
plan
"One type of application: blank
ately/following the unusual cold
pons just as currency is deposited .will be mailed to operators of one
weather. Thus,' if Period 1 is bit¬
in the bank by business men, with ; or two vehicles; another to fleet
11
houses, and commercial, indus¬
terlycold/the unit; value of cou¬ subsequent, transactions handled operators r-r those operating more
shire, Vermont,-i 15 counties in
trial andinstitutional establish¬
pons
for Period 2 will be in¬
northern
New / York,
Michigan,
by checks., The consumer's use of : than" two vehicles. Mailing of the
ments which possess the facilities
creased.
- '■/v,
v.
the coupons is in no way affected; application;blanks, together with
Wisconsin, Minnesota, North Da¬
The plan takes into considera¬
to convert their furnaces to coal,
the control starting, in the case of/detailed,instructions on how to fill
kota, South Dakota, and northern
was
announced on Sept. 20 by
tion, however, that this delayed
sugar coupons, with the retailer, ,;them, out and .other- relevant data,/
part of Iowa. J
/
;
Mr.
O'Leary, who said that a
adjustment might result in deple¬ and in the case of
gasoline, with is to begin shortly./777 ; /.! v/; /7 /
Zone B—Massachusetts, Rhode
tion of consumers' supplies dur¬
large proportion of buildings, all
the, wholesaler^ Cost ;of the ser- | w "The application- blanks,1 which'
Island,
Connecticut," NewYork
heavy users of fuel oil, including
ing an unusually cold period. To vices rendered by the banks will will be. accompanied also by self-,
(except upper 15 counties), Penn¬
meet this situation, an advanced
apartment houses, office buildings
be borne ?by the OPA.'l
/| addressed envelopes for their resylvania, New Jersey,' Nebraska,
use of coupons numbered for the
and/manufacturing plants, have
and parts of Ohio, Indianaf; Illi¬
.7In abetter presenting a corriplete turn, will be, mailed from -the
furnaces that can be easily con-;
subsequent period will be permit¬ draft of the plan to the Federal ODT's/central, mailing- office at
nois, Iowa, Kansas and Missouri.:
verted to coal.
"The desperateted during the last part of a givep
Reserve Board, the Comptroller of'Detroit.,As the mailing is com■Zone C
Delaware,- Maryland,
ness of the fuel oil situation de-;
period. Thus the shock of an un¬ the Currency, the Federal Deposit ;pleted in a given area, all counties
Virginia, West Virginia, District
mands
that • they ; do * so," / he
usually cold Period 1, for exam¬ Insurance
of
Corp., and the New covered will be announced.
7 Columbia,
Kentucky,
lower
stated.- -;'1'
ple, will be taken up by borrow¬ York
''v/;
State 7, Superintendent
of C; "Any. operator of a truck, bus';parts of Ohio and Indiana, and
\ Mr.
O'Leary added that com¬
ing coupons from Period 2.
Banking, Mr. Henderson asserted taxieab,,jitney/ambulance, hearse
Illinois, Missouri, and Kansas.
Provision for delayed use of the
mercial,--industrial and institu¬
that
an
Zone D—North Carolina, South
improvement ovef the or vehicle available for public
tional establishments will be rercoupons will permit ration holders
present system of handling is nec¬ :rental who Presides |n any suchj
Carolina, Georgia, Florida east of
auired to report on the converti¬
to use Period 1 coupons for a cer¬
the Apalachicola Eiver<\ \
essary to f he success of the whole; county and who has .not received./
>
tain number of days in Period 2.
bility; of their oil furnaces when
his application blank; when, this/
rationing program.
/7:77/;/.. 7
Applications for rations will be This
they register for rations of fuel
overlap will aid dealers in
Mr. Henderson also said:
7 /7 announcement appears, should ap¬
made on a blank on which the
oil.
Rationing
boards,..; it- wasmaking deliveries of economical
"In the operation of the gasoline ply
immediately to the nearest-,
householder has given the board size and allow them more time to
pointed out, <will have the. benefit
and sugar'rationing programs, ra¬ field office of the ODT's Division/
about
his
of advice from
heating experts detailed 4 information
fill all consumer tanks at the end
tion stamps are allotted to con¬ :of Motor Transport, .stating
the'
fuel oil needs.\Among the most
in determining if such establish-;
of a period./:;///' %v* 7: ■ %,7;7-'
number of self-powered
sumers who transfer them to re¬
vehicles;
important information will be the
ments should be denied rations. 4
H Tentative expiration dates of tailers when ' making purchases. I he operates so that the proper ap-v
number of square feet of heating
periods in the four zones follow:
In no event, whether it be a'
The retailer, in turn/ is required iplication blank can be forwarded
space
in the house.
To do this
Zone / A—Period
1,
Nov.
29; to deliver to his supplier the ap¬ .to him.". .7 - -> -:i7,7U;
,
private home or a large manufac¬ the
applicant must, measure the Period
2, Jan. 6; Period 3, Feb. 8;
turing plant, will: any; establish¬
propriate number of stamps when¬ ; The ODT order controlling com-i
dength and width of each room Period 4, March
17; * Period 5, ever he takes delivery of rationed mercial vehicles was referred- to.
ment be eligible for
a fuel oil;
to be heated, then eompute the
ration if a
new
oil
burner or
;Sept. 30.7/ ./::/3.;/ i;.. ;//>•.•; merchandise.
These stamps or in these columns of Sept. 24, pagetotal number, of square feet. He f '
Zone
B—Period
1,
Dec; 772; their
7
' 7
equipment converting the furnace,
equivalent move upward 1101.
may .include1: hafts,
closets,, and Period 2, Jam-5; Period 3, Feb. 6;
from other fuels to fuel o.il1 has
through the trade as the merchan¬
other pccupied areas, except at¬
Period
4,7 March;.12; Period 5,. dise moves downward.
been installed since June 1, 1942.
/
<
tics, porches and basements un¬
//,',';/ 77 /./ 7 /"Each month 130,000,000 sugar I. Realtors . War Conference i
;
Other types of uses, fpr. which less they are/ used as sleeping .Sept, 30.
1 Zone
G—Period
1, 7 Dec. 7 3;
rations will be denied regardless
quarters.',■//;■ '7 7;/ ■■
'.:5,'' ./' • iPeriod 2,-Jan. 4; Period 3, Feb. 2; stamps are put into circulation, 1 * The whole many-faceted, quess
of their convertibility include coal
and, on th eastern seaboard, 150,- tion of /how real estate and real;
The application blanks will be 'Period
4i March 6; Period/;5, 000,000 gasoline coupons. \ Obvi¬
spraying;, equipment
and other
estate business services can most;
made
available
to
consumers
Sept. 30. a,■ ;■:/■
;.;;7.7•„1','.;\si. ously,* we have had to construct
users
to
the
extent. to; which
! Usefully serve the4 nation's emer¬
Zone- D—Period
1,
Dec.
5; facilities fqr; exqhanging small for;
standby facilities that use; fuels- through their dealers, OPA an¬ ;
gency needs and war effort will*
other, than -oil are. usable. - For nounced.^Dealers,- in distributing Period 2, Jan. 2; Period- 3y Febj 5; large denomination ration paper
be the subject of a three-day war*
the forms to their customers will Period
4^ ' March
6; J Period r- 57 in order to avoid the unmanageexample, some commercial estab-.
conference called by the National
be expected to fill in, oh the basis Sept, 30.7/
/
lishments have coal, boilers id
able bulk of paper which would
iAssociation of Real Estate Boards;
f records in their offices, infor¬
or
in operation, only part time
I > (See also article in-"The Comr otherwise result within the trade.
fin St. Louis Nov, 18, 19 and 20.1
mation about the quantity of fuel
mercial and Financial Chronicle"
since installation of new oil-burn-,
/ '
"Presently, this mechanical task The Jefferson Hotel will be con¬
oil which the customers purchased, of Sept. 17, page 983:
•
-/j of making exchanges is being han¬
ing equipment.
1
'
ference
headquarters.
Bringing"
lastWear^ The amount of fuel used
dled by the Local War Price arid
', Rations-for large buildings, that last
Together the entire membership of
year will be one of the fac¬
In the past the
cannot convert will be set differ-,
W. W. Crabb Co-Manager Rationing Boards.
association, the Wac> Confer-4
tors determining the size of the
months, however,, the work of
ently * from' those
for private ration.
' '
Of ciu Pont Newark Office these4 local 'boards has increased ence will take up in detail matters!
homes.
The heat loss
formula
reviewed
by Presidents of theFive Periods Adopted
NEWARK, N. J. —William W. greatly, and will continue to in¬
based on floor area.will not be
member real estate boards at aThe result is a-growing
The heating season in the 17 Crabb, associated with Finch, Wil¬ crease;applied. Instead the ration; will .be.
meeting just closed in Washing¬
a
percentage^ of last year's con-- Eastern Seaboard States and the son & Co., members of the .New amount of inconvenience to mer¬ ton. ..David B Simpson, Portland,.
sumption with adjustments. made, 13 Midwestern States, where the York Stock Exchange, for the past chants who find that frequently
Ore., President of the Association,/
to (take into, consideration degree; fuel oil rationing plan will go into twenty years, has been appointed they must wait in line when they
Complete
'
denial "of rations
fuel oil for heating in
of
apartment
/>
OPA announced -the four zones
: as
vides for the
deposit of ration cou-1)!
follows:/:/: ?/>>
••'-//■ '»e4i»4
Zone ' A
Maine, 1 New • Hamp¬
.
•
.
—
•
.
.
s
*
•
•
.
.
,
.
,
.
,
.
•
-
■
-
.
days.
ment
In most cases, the. cur.tai.lr-: effect on Oct. 1,- will be divided
rationing will prob-, into five periods so that home
under
ably be at least as great as that;
:u
4;j* fr «ti 0
t
*
consumers
of
heating
■'
oil
of
of the Newark office. visit'
Francis I.
Broad.Street.
can
;-/■<> i
co-manager
/
du' Pont; &
Co.,. 728
a
local
board
to
exchange}^ opening the Conference, will
stamps for ration paper, of higher
; unit' value.- - An easier .system, of
-•///
-oj
l; C1
have as the subject of his address,:
-"Real, Estate in Wartime "
'0)
-.i t.. •
.
;
Volume 156
THE COMMERCIAL & FINANCIAL
CHRONICLE
Number 4112
"As
Social Security Tax Frozen At
-
1% For 1943 In
Proposed Tax Bill—Opposed By Morgenthau
^
'
minished
;
-
tax bill.
new
The
measure
is before
now
continued
number
of
.
decided in
the
restriction
to
eliminate
|
second
V.¬
drafting clerks, who are ex-<3>
sion, ^yhich at first centered on
to report the final draft by the Senate Finance Committee
protection of savings deposits/on
(Oct. on Sept. 24, Washington advices to
savings practices, and
on
uni¬
2), with floor debate in the Senate the "Wall Street Journal" of Sept.
formity of legislation, has changed
25 reported as follows:
likely to start Monday (Oct. 5).
'.7
with the
expanding of savings as a
"1.
Extended to reorganize in- national
77 Before concluding its considera¬
force.
Conferences, which
terurban electric railways subject
tion on Sept. 24, the Senate Fi¬
bring discussion of bank problems
to
regulation- by the Interstate to the door of the
nance
Committee
enlarged
the
bank,- school
field of study of the joint Con¬ Commerce Commission the right
savings, industrial savings, savings
to use the capital base of the old
gressional-Treasury group on com-:
clubs, personal or small loan de-i
in
computing
excess
pulsory savings by instructing it company
partments, uniform methods
the Committee tomorrow
also
report back
profits
the possi¬
on
bilities
come
of the pay-as-you-go in¬
tax collection plan, sponsored
credit.
"2.
Rejected 7 to 6
by Beardsley Ruml, Chairman of
the Federal Reserve Bank of New
impose
York and Treasurer of R. H. Macy
& Co. 7/
i
individuals.
7
The
.
Social
12
to
Committee's action
on
Senator Vandenberg (Rep., Mich.),
who contends there is no justifi¬
for
taxes
in
serve
fund.
the
view
1%
of
doubling
a
of
the
payroll
present
re¬
Under
tax
existing law,
both employers
on
and: employees
would
cally rise to 2%
on
automati¬
Jan. 1, 1943.
Secretary of the Treasury Mor¬
genthau, in a statement issued
Sept. 28, called on the Senate Fi¬
nance group to reverse its action
social
on
security taxes, declaring
that passage - of the -Vandenberg
proposal "would jeopardize the
for
program
financing
of
Old-Age
and Survivors' Insurance."
motion of
a
50%
of
the
of
'77;
to
organizations sponsored
eral
and
the
State
Voted
tax rate
Organizations.
30%
a
withholding
interest and dividends
on
foreign corporations from
ican
The
sources.
is 271/2%
37V2%
and. the House
voted
a
"Passage
i
r
Morgenthau's
•
follows:
,7
•
of
state¬
tax
law
(Sec¬
7) setting forth meth¬
treating capital gains and
holding
companies and
applies only in. 1943."
f 7;
Senator Vandenberg's ; remarks
the
Vandenberg
jeopardize the
financing Old-Age
amendment would
for
and Survivors' Insurance.
program
Social, Security
incident to
bill
'
•'
a
and
this.
7
period of
very
employment
?
'
'
,
"Passage
of
the
introduction
of
a
accomplish this purpose,
given in these columns Sept.
1094,
page
opinions
Savings Division
Anniversary Booklet
A booklet
W.
,
featuring articles by
Espey Albig, deputy manager
of the American Bankers Associa¬
than
more
several
Stalin
would
also
require
"Everything that
and
the
we
have urged
planned in^the fight against
rising cost of living has been
predicated
the
upon
assumption
that Social Security contributions
would rise on Jan. 1,
1943, to the
new
schedules, adding 1% to the
contributions
of employees
and
% to those of employers.
/ "The Administration's record on
1
and
Dr.
economist
for
being
sent
Division.
to
and
Foreign
Vyacheslov
made a trip to the
also
visited
sia."/
Other
front
don
issued
their
power
ciety
could
to
No
progress.
consume:
..
"Studies
*•
in
the
field
formation show that
of
lest
savings
of
corporations
were
sponse
period
of
and
first
savings
of
•
<at
the
•
•
anxious
inside
infor¬
tip : off/the
to his request for
Ih
50%
.
gestion
the
place of future
-
imply,
.•>
inside
7/
v.
his statement pointed out
5,000,000- Russians
killed, wounded or
one-
on
Among other things Mr. Wiilkie
in
savings of corporations, en¬
trepreneurs, and the government.
than
to
seems
information/7/
tive
more
and
that
at
least
have
that
been
are
missing
60,000,000 Rus¬
The
mutual savings banks and the
ABA's
article
surance
company, where capital is
by
Mr. Albig, who is
Secretary of the formed in terms of dollars by in¬
Savings Division, points out that dividuals who think of their ac¬
the Division came into being in cumulations in terms of dollars,
mously
adopted
a.
motion
for
establishment of a savings bank
"Section." MyronT.Hernck, who
later became U. S. Ambassador to
on
submitted
budget
the assumption that the sched¬
uled rate
a
increases in
Social Se¬
curity contributions would
effect
on
into
go
Jan. 1, 1943, and that in
addition,
$2,000,000,000
in
new
contributions would be raised
an
for^
expanded Social Security pro¬
gram.
'
.
"When
I
appeared
before
the
House Ways and Means Commit¬
tee on March
3,1 recommended
an
expansion of the Social Secur¬
ity program as outlined in the
President's budget message of last
January, and I repeated this rec¬
ommendation
in my
letter to the
Committee
"I
on May 6.
strongly hope that the Senate
Finance
Committee
will
reverse
its tentative approval of the Van¬
denberg amendment, because the
passage of that amendment would
make
our
task
Regarding
harder than ever."
other
have
been
the
principal
sources
filling
the reservoir of capital
which has made possible the eco¬
nomic expansion and
development
of the. United States.
/.
o_..
7
.•
actions
taken
sion of the Association.
"It
and
was
natural
national
a
that both
banks
state
interested
in
the
savings business should find
membership in the Savings Bank
minimum of placement and
vicing
cost.
The
savers,
on
ser¬
the
hand, enjoy the advantage
conserving institutions which
through the years have built up
of
Section valuable. As the member¬
large
their
the
a
Section
large
by
number
1920 in¬
of com¬
mercial banks with savings de¬
partments, in addition to savings
institutions, it was made a Divi
sion
of the Association.
"Over the years the increase in
;
Before
Wiilkie
going
toured
ex¬
United States
around Oct. 15.
to
the
Russia,
Mr.
Middle
East
visiting Egypt, Arabia, Palestine,
Syria, Turkey, Iran and Iraq. 7
Plans for his trip were noted in
these columns Sept.- 3,
page 818.
;
,
'
reserves
and which have in
portfolios sufficient diver¬
sity to give a high degree of pro¬
tection. There usually appears the
traditional
argument that since
the management of
savings insti¬
tutions is going to lend heavily to
the
government, the/ individual
rf
•!
..
New/York Stock Exchange
Weekly Fiirm Changes
The New York Stock Exchange
has
announced
the
following
weekly firm changes:
Selma
ner
<
.t
..
Ungerleider, special part¬
in E. J. Roth & Co., New York
City, withdrew, from the firm as
V7'V-
of July 16th.
other fellow.
•
On the other
hand,
people are
literally millions of
thoroughly familiar with the sav¬
ings account and the life insur¬
ance premium.
savings deposits and the number might as well do it without
any
savings depositors has been intermediary agency.
Such rea¬
marked, as indicated by figures soning fails to take into account
"The service which these concompiled annually by the Divi¬ the advantages mentioned above servers have rendered to the na¬
sion:
and also ignores the fact that
only tion and to the people stands as a
a relatively small number of
Savings
Savings
peo¬ living part of the history of Amer¬
Deposits
Depositors ple are accustomed to buying ica's progress.
Its beneficiaries
1909—$5,678,735,379 14,894.696 bonds and that very few think of are legion, for in very truth, it
1922—_ 17,578,920,000
30,544,738 themselves as potential buyers. To has provided the only social se¬
1932
24.281,346,000
44,352,10-3 their ears, the appeal to buy bonds curity that has either reality or
1941—__ 26,149,213,000
46,151,254 always seems to be directed to the meaning." 1
of
Mr,
-v
that
.
soon.
-
Mullenix
the
also
Association
announced
will, within
war
housing,
real
estate
fields and'make
for the
and
related
preliminary plans
post-war
period. It will
by DeanR. Hill, Buf¬
be headed
former Association Presi¬
a
dent.
In his speech before the
group,
Mr. Mullenix specified 11
major
problems of 'mortgage
of which must wait
post-war
banking,
some
for the conclusion of the
others
which
can
studied
war
but-
properly ■ be
in the light of cur¬
now
rent
developments which will afr
feet them later. /
7 >
•=
The
second
list
war
point
in
his
post-
"plan by private
interests for the
purchase of the
then; existing
mortgage portfolios
of
was
such
a
Federal
agencies
Federal National
ciation,
This
RFC,
HOLC
involves
as
the
Mortgage Asso¬
and
others.
balancing the risk
of
taking over these portfolios as
against the risk of losing the
mortgage
result
business
of
entirely
continually
as
a
increasing
portfolios
held
by
government
agencies." This will be a most im¬
portant Wartime mortgage prob¬
lem, Mr.,Mullenix said.
Another
problem will be the
of permanent rent
and other price control which
may
force; complete socialization of
"probability
real estate
thereby "Wiping out the
private mortgage business entire¬
ly.'' He emphasized that the As¬
sociation;/ is
extending
whole¬
hearted cooperation to OPA ir*
rent control
ed
in, its
and
other
ship
of
cluded
pected back in the
He is
"In times of war, both the sav¬
ers and the government can
profit
France, served as its first Presi¬
dent./ Citing the growth in ..the
by savings institutions. -The gov¬
section's membership during the ernment
enjoys their capacity to
based
institutions, it was made a Divi¬ buy large blocks of its securities at
Social Security has been clear and
consistent. Last January the Pres¬
ident
shek and other leaders.
written
November 1902, when the Associa¬
tion's Executive Council unani¬
announced
word
a
sug¬
were
of
three-
tion, such as life insurance com¬
panies, title companies, banks and
mortgage houses, will be handled
by divisional committeemen to be
Mr, Churchill said;. 'I
offensive operations,/even
During though such statements are based
>1919-1928; on-inference and not, as the
individuals
meeting
a
classes of members in the Associa¬
re¬
period.
only
1938
with
one
to the time and
as
meeting of former Presidents
falo,
V
was
indiscreetly
caution
an¬
to head the drive
and-actual work will begin imme¬
diately after the close of the Con¬
ference.
Sales
by
the- various
Allied
capital formation,- but from) 1929*
1938 they rose to offset the
nega¬
In the year
was
emphasizing the undesirability: of
inconsequential. public statements or
speculation
decade d'rom
estimated
were
welcome this opportunity of again
The savings of individuals
repre¬
sented/ 87 %
of the net
capital
the
V/,
enemy with too free talk.
of; 20 years from 1919*1938 the net
government
some
mation
capital
over a
;
.
"Captv MacDonald
it
was
on
the next
remarks
by the, assumption that
'the period of offensive
operations
by, .the United Nations is now ap¬
f-J
».V
<
stamps
1943,
will be named
accounts
prefaced
proaching.'
31,
Chicago
10 days, set up a
post¬
planning committee to study
on
in 7
question from Capt/ thechanges now going
Churchill's
provoked by a
produced, and enjoy economic ad¬
vancement.
Press
in
{billion
and
bonds
war
a
day Conference on Wartime Mort¬
gage Finance. Guy- T. O. Hollyday, Baltimore mortgage banker,
which'the
Peter // MacDonald 7 which
so¬
that
all
/."Mr.
Aug.:
at a
Sept. 29, which said in part:
vesting the savings of the people
use in
furthering enterprise."
J Dr. Cadman, in paying tribute
to the value > of savings institu¬
tions, wrote as follows:
7
"The ability and willingness of
any people to accumulate and em*
ploy capital is a certain index of
of
Associa¬
sell
of the organization. The
was in conjunction with
can
Associated
by members
to
Sept. 29
by Charles A. Mullenix, Cleve¬
land, Association Vice-President,
advo¬
was
in
ways
America
nounced
help, Mr. Wiil¬
said, ate by sending food and
kie
of
before
;
drive
a
Mortgage Bankers
dollars
completion of his inspection
He also called for redoubling
United States
the
F. Cadman,
Association, is
the
tion
and
statement
second
of the
He
:
Willkie's
a
front.
industrial
many
plants.
war
and
war
Plans for
: 7
Min¬
Molotov
ister
Paul
the
Billien In War Brads
conferences with Premier
Joseph
third, namely, 37% of all institu¬
sians, or nearly one-third the pop¬
tional savings were made
through
ulation, are now slaves in Russian
sav¬
entire
territory controlled by Hitler,
ings departments of commercial
It would, in
effect," reduce the membership in connection with
Mr. Wiilkie left Russia on
the celebration this year of
Life insurance accounted
Sept.
flow
of
the. banks.
anti-inflationary funds
27 for China where he will confer
40th anniversary of the
into the Treasury by over
organiza¬ for another very large segment.
$1,500,- tion
with Generalissimo
of the Association's
Chiang KaiSavings The savings bank and the life in¬
000,000.
•
amendment
substantial adjustment in the Gov¬
ernment's plans for war financing.
tion,
of
implement of war" and for, build¬
ing "a bridge of supplies to Rus¬
:
to
Mtg. Bankers To Sell
'
Russia, Mr. Wiilkie held
stay
"our efforts to get
tanks, airplanes
and trucks here* and
every other
.?%•.symposium
as
week in
a
trip.
functions of accumulating and in¬
the
ABA
high in¬
such as
Vandenberg
bankers'
formation in that;
at the scheduled levels, especially
during
freezing,;
Sound
financing requires that Social Se¬
curity contributions be collected
comes
his
tax
to
were
24,
.
a
'' ' ' /
people.
his
cating
for
the1 1938
112 B
ods of
rate
levy.
tained in
tion
Amer¬
present
1
American
During
of savings in the
banking medical
supplies.
*
structure, which says in part:
\/v
It may be noted here that dis¬
"Savings deposits have a ten¬
dency to stimulate thrift on the approval of all speculation on the
part of many persons who main¬ time and place of a second front
was
voiced
tain no other banking
by Prime Minister
connection;
Churchill on Sept. 29 as the sub¬
secure the good will of the bank's
customers; and enable the bank to ject came up in the House of Com¬
mons.
This is learned from Lon¬
perform
its
essential
economic
such
governments
',
the
to
,
at the
value
Fed¬
received by nonresident aliens and
on
7 Secretary
of
Army and Navy relief funds
and United Service
%i "4.
by
per¬
customer- rela¬
The booklet carries
make contributions to include
may
losses when a corporation
liqui¬
Morgenthau
added
that dates in the last month of the
year
"everything we have urged and to assume the tax status of an in¬
planned in the fight against the dividual or
partnership. The pro¬
rising cost of living has been
vision, however, was limited > to
predicated upon the assumption personal
ment
the Division."
category of
which. corporations
■—
gate conditions and report on them
Mr.
management,'.bank
mortgage and real
financing,
for
ac¬
tions, and competition of outside
financial agencies for
savings de¬
posits—all receive the attention of
the
Mr.
that Social Security contributions
would rise :on Jan. 1 to the new
estate
the
■'■•
excess
money
advertising,
earnings
base period.
a
Enlarged
charities
as
sonal
excess
for
average
"3.
•
.
interest,
savings
count analysis, cost
analysis,
profits tax on
His proposal would
an
individual in
an
•
computing
Connally (Dem., Tex.) to
taxed
the
Security taxes, taken on a
4 vote, was on a motion by
cation
have
of
voted
was
earlier for other railroads.
Senator
..
This
Wendell L. Wiilkie declared in Moscow
on-Sept. 26 that the best
the United States can
help Russia is "by establishing a real
front in.Europe with Great
Britamrat the earliest possible
moment military.leaders will
approve."
/
.
way
"The work of the
Savings Divi¬
pected
to
.1'
Armed Action
Mr. Wiilkie has be£n in Russia' to
carry ,out certain commissions
President Roosevelt in his
fcbpacity as the President's pfefeopal
the. representative and also to investi-<y ' ; 7,
"■*.-•■ -V '
•■■■■■——•■■■
■'
legis¬
lative
to
Urges Discretion In Talk Of
strictly 'sav¬
was
1173
Wiilkie Calls For Second Fronl—Churchill
implied in the title, Savings Bank
Division,:by changing it to the
present name, the Savings Divi¬
sion.
/ V:.;; v ■■ /'
> -
actoin, together with the rejection of a proposal to tax
earnings of individuals, virtually completed the Committee's
consideration of the
the
1931
on
This
.excess
of
ings institutions, it
on Sept. 24 to freeze Social
both employers and employees at the pres¬
1% level through 1943.
'■<)*. 7/777/.',//
v7 >7r
Security payroll taxes
ent
result
growth of .savings in all types of
banks, and the considerably di¬
The Senate Finance Committee voted
-
a"
operation, had assist¬
rental
recently in
nication
housing
special
a
survey
commu-.
to
members, urged in¬
creasing aid in making the war¬
time control system effective.
7:7
A further problem he listed
as
"eliminating the possibility of an-,
other
the
1921"
and
said
it
involved
probable
ability of the con¬
struction industry to meet the de¬
mand for housing and other con¬
struction
a
and
on
a
basis
between
gap
a
later
a
to
eliminate
post-war
continuous
boom
period
of prosperity. Probable
sources of
equity
money, probable supply of
funds ,for mortgage
view of the great
finance the
war
financing in
needed to
sums
and the
probable
trend of future interest rates
others
said.
deserving
He
cited
the
future
Pie
recalled
World
War
study
also
trend
that
local
as
of
a
he
problem
local
after
were
now,
taxes.
the
taxing
first
bodies
"went wild in their
spending."
0>
THE COMMERCIAL & FINANCIAL CHRONICLE
1174
Thursday/October 1, 1942
Calendar of New Security Flotations
list of issues whose registration statefiled less than twenty days ago.
These issues
Following is
ments Were
a
grouped according to the dates
are
tion statements will in normal
which the registra-
on
become effective, that
course
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
P.M. Eastern Standard Time as per rule 930(b).
Offerings will rarely be made before the day following' V a
'' A.'••••' r:i.
1
A' 'A • A: Aa*'
aSa/':
,
amount to be Utilized
The
will
tion
DENVER
TRUCKING
CHICAGO
Denver
Commission
INC.
CO.,
Inc., has
filed a registration statement with the SEC
ior
$400,000
debentures,
5%,
maturing
serially from 1944 to 1952, inclusive
Chicago
Address—2501
Trucking
Blake
Co.,
motor '
truck
Owen
of.
lines
Denver,
Col.,
is
principal
the
un¬
derwriter
Offering—The issuer, a new corporation,
upon the exercise of its option, will take
over and carry „on the present business of
a
partnership as an interstate carrier of
merchandise
In
in
addition
by
vehicle.
motor
The
new
details
and
made
and
sell
public,
for
bonds,
1, 1962
will
not
•
involved
be
the bonds requiring
ship all accounts
the
real estate,
equipment, rolling stock,
chises, etc.
vehicle
motor
fran¬
In consideration thereof corpo¬
ration
will
shares
of
deliver
its
to
partnership
capital stock,
$1
4,000
value,
par
$250,000 of its debenture 5s and is also to
deliver
the
of
•
the
to
underwriter, on the order of
partnership, $150,000 of the debentures
the
of
sum
$150,000
of
date
$1,000
plus
The
the
interest
accrued
in
liabilities
assumes
for
each,
Corporation
delivery.
also
course
ship.
of
value
par
partner¬
will purchase
debentures from
the
the
underwriter
partnership
the
and
partnership and the corporation and Offer
them to the public at prices ranging from
103.28%
r
"
for
to- 100
March
the
for
1944/miaturity
1,
maturities-
1948
to
1952,
ceived
sion
finding
compensa¬
purchaser,
a
be paid a commis¬
one
per
cent of the
of
unsubscribed shares of
of
offered
stock
mon
to
cottstituent
the
> / '
companies
survivor
from the sale o&,its
bonds in the face amount of $3,650,000 and
the
from
and
of
sale
$250,000
Southern
be
company
used
of
stock
common
cash
for
the proceeds from
Production Co. loan
Union
the
will
the retirement of publicly held
long-term debt of the constit¬
companies; to apply tm working cap¬
bonds
tion
for
the
and
company
expenses
for
reorganiza¬
Registration Statement No. 2-5046. Form
A-2.
(9-28-42) .AA A;
-
•
,A:AA: A4(4AAA'"-'
•
partnership will be partnership funds dis¬
tributable among
the partners or usable for
such purposes as the partners may decide
DATES
W
Registration Statement No. 2-5044. Form
A-l.
(9-22-42)
We
TUESDAY,
WHOLESALE
UNITED
ST.
LOUIS,
United
Inc.,
with
par
DRUGGISTS
twenty
OF
filed
organized
Aug.
11,
Address—100
mined
1942
: V
Street,
West. Tenth
The
Louis.
St.
at
formed
Wil¬
of
benefit' of
purpose
Drug
purchases
other
merchandise
a
ware¬
corporation
the
United
for
distributors
to
that
by
Louisv, Shares are to be sold at $50 per
for
of
is
the
not
event
$200,000
the
dis¬
contemplated that it will be
However,
money.
temporary
a
to
United Drug
of
products
borrow
to
necessary
of
total
a
tributors
the
is
loan
in
necessary
pending receipt of funds to be raised from
the
sale of
this
issue, a loan not in excess
be made to the corporation
of $50,000 may
by United Drug Co.
be
the
be
event
form
a
terest
from
At no time will there
$200,000 raised
over
.
In
more
not
unknown
are
but
whose
been
deter¬
ago,
have
of
such
note for
a
the
at
such
rate
sales
stockholders
of
is
it
will
year
with in¬
The
one
be
sbUrces.
made
benefits
3%.
will
all
from
loan
a
distributed
to
Maine
Power
statement
tration
first
to
us.
and
Co.
regis¬
a
with SEC for $14,500,000
general
mortgage
bonds,
Series
1, 1972; $5,000,000 tenyear serial notes, maturing serially on July
1 from 1943 to 1952, and 261,910 shares of
will
1942,
an Operating pub¬
in the electric, gas
business, entirely within the
v-A: AAv/ ;/A;,AA:A AA4'A4a
Underwriting—The bonds and the notes
Maine
will
be
rule
of the
sold
the
under
competitive bidding
Commission.
Names
of under¬
writers and amounts and offering price to
public Will be supplied by amendment
Offering—Public offering price of the
bonds and notes will be supplied by amend¬
ment.
The 261,910 shares of common are
first
to
be
offered
of
stock
common
the
and
preferred Stock for subscription at $10
share in accordance with their pre¬
per
emptive
rights.
vice
has
Co.
take
as
holders
the
to
company's outstanding
6%
the
and
to
share
England Public Ser¬
for
shares,
261,910
and
less
subscribed for by
be
may
New
subscribed
therefor in cash
the proposed
pay
shares
stockholders,
at
$10
per
merger
provided
effective ; V
Proceeds—Statement
agreed to
any
be¬
comes
dividends, .monthly par¬
ticipations
of
earnings,
and
year-end
checks of remaining earnings.
Each stock¬
Cumberland
holder will be allowed to increase his hold¬
public
as his merchandise purchases increase
so he may hold stock proportionate to his
purchases in order to receive his share of
earnings
■
Proceeds—So
funds
to
be
will
the
chase
far
determinable,
as
devoted
in
the
amounts
and
the
indicated, namely, to pur¬
merchandise for sale to retail
purposes
of
druggists $185,000,
$15,000
and to
working capital
SOUTHERN UNION
GAS
Southwestern
Gas
par
covering
Union
value $1
registrant
Gas
has
Co.
240,584
Co.
share.
per
will
be
tion of the merger
filed
a
shares
common
The
changed
name
in
of
stock,
of the
consumma¬
plan from Texas South¬
western Gas Co. to Southern Union Gas Co.
Address—1104
Burt
Building,
Dallas,
Texas
Business—Primarily engaged as an oper¬
cordance
be
corporation shall offer approximately 240,-
stock,
par
$1
share, for subscription by holders of
presently outstanding common stock of
Southern
Union
Co.,
New
and
the-price iof
4 ?
' >
Gas
Co.,
,
i
,
J
V
:
New Mexico
Eastern
Mexico
$L50 per
r
"■ j
share.
f;
Gas
.
recently
plan
merger
will
be
used
as
Gas
proceeds of the series M bonds will
to
principal and premium in
pay
Power,
$1,538,060; to pay principal and
in the redemption at 105J/2% on
a
date in
000
1942 to be announced of $9,275,-
face
amount
first
mortgage bonds,
3%%
series,
due
1966
of
Cumberland
County $9,784,348 and to pay bank loans
made by the company which were incurred
the
facilities
purchase
construction
and
$2,650,000.
proceeds of the serial notes and the
common
stock
will
be
used
to
pay
premium in the redemption on
be
of
fixed
1942
in
of
a
par
date
unspecifed num¬
ber of shares of 6%
preferred stock and
an unspecified number
of shares of 5%%
preferred stock of Cumberland County at
130% and 110%, respectively, all of which
shares
are
Cumberland
to
be
an
called
for
redemption by
County prior to
Co.
at
merger
Details
of
of merger into
the
proposed
and converted under the agreement
an
obligation of the
com¬
il/i
510,000
Names
\
A
shares of com¬
pany's common stock are outstanding and
are owned by its parent, The North Amer¬
ican Co., who will receive the entire pro¬
ceeds from the sale to the public of such
plus accrued interest from June 1, 1942.
July
1942
28,
proposed issue of $5,000,000 10*
serial notes at private sale.
On Julf
16,
1942, company filed an amendment
With the SEC to withdraw the proposed
notes
from
registration and such with¬
12/ 1942
drawal
3hares
of
as
5:30
/A
T
,
>
filed Sept.
date
effective
A?AVA-:
approved Aug. 19, 1942
was
/
.
/-A,,/A'•••AAA
,
ELUCOTT DRUG CO.
AA
Av
...
Fllicott
Drug Co.
filed Aa registration
the SEC for $350,000 6%
debentures, due June 30, 1957,
..:v •/ •
Address—120 Cherry Street, Buffalo, New
Y<)rk V;.;A" 'A'AA'-AaA
A Business — Company is a cooperative
wholesale
drug
company,
selling
to
its
members
only, all of whom are retail
Proceeds
will
be
$250,000
—
of
AA-''! -A/;.
debentures
the
which
is
$48,000
being
issued.
eliminated.
additional
will
Approximately
be
issued
to
retire
will
become
additional
debentures
new
effective date
V-
.
A
-
f
POWER
FLORIDA
Florida
^
,
s
A
'•,
LIGHT
*
:
....
,
Debentures,
140.000
Stock,
shares
due
■
Cumulative
1950,
1,
Preferred
Interest rates on th»
Bonds and Debentures, and the dividend
rate on the preferred stock, will be sup¬
plied by amendment
$100
Par.
Address—25
8.
E.
Second
Ave.,
Miami
Fla.
&
subsidiary of America®
(Electric Bond & Shaw
operating public utility en¬
Light
Is
an
principally
are
trade,
principal underwriter:
Av
A
ment
will
Proceeds
be
Applied
as
follows:
at 102%, the $52,000,000 of company's First Mortgage 5s of
to.redeem
or
part
any
stock
of
the
of
■:
'
72,500
finder's fee to
a
the
Industries
the amount of 5
stock pur¬
underwriter from
Offering price to
the public will be supplied by amendment
Proceeds—The
shares
to
be
offered
already issued and proceeds will
individual
sellers
Registration
A-2.
par.
by
Further de¬
post-effeotlvs
amendment
the
Form
(9-17-41)
Corporation
giving
its
to
date
INTERIM
Interim
tion
-
,
FINANCE
CORP.
Finance
Corp. filed
with the SEC
statement
class
shares
Sept. 23, 1942, to defer
stock,
A
$25 par;
registra¬
for 39,912
a
and
25,232
shares common stock, $1 par
the
public
offering
Business—Primary function of
loan money
and/or
justed
capital
or
111.
reorganized by its wholly-owned
A second'
function Is to loan money, with funde
not used In its primary function, to pro¬
vide
"interim", or intermediate financing
enterprises until the financial positions
the borrower or a change in geheral
capital markets open avenues for longerterm borrowing from Customary sources
Underwriter—H. M. Preston & Co., Chi¬
111.,
is
the
sole
underwriter.
The
unit
underwriting commission is $8 per
Amendment
filed, July 30, 1942 to defer
effective date
Offering—The
class A stock is to be
sold in units of 4 shares, at a price ol
$110 per unit. With at least the first 900
units," there will be included with each
unit 4 shares of common stock; thereafter
company reserves the right to reduce the
price
unit
of
class
A
stock
Proceeds will be used for
^
_
Stillwater
working capital
Amendment filed Sept. 14,
1942, to defer
A..,-/ A
Business
and Power Co. re¬
$100 par common
i-A.
'
Worsted
Inc.,
30,000 shares producers common stock, $10
par
value and 60,000 shares of common
stock,
$10
value
par
i
,
ducers
and
common
stock
$10
•
,
the
will
be
proximately
30
of
to
a
executives
pro¬
shares
for
offered
60,000
offered
in¬
shares
group
and
of
sale
of
of ap¬
key
em¬
ployees of the old Stillwater Worsted Mills
and the 30,000 shares of producers common
stock
to
other
persons
than above now
employed
its
by
Stillwater
subsidiaries.
the
Mills and
Mills,
Worsted
Worsted
Stillwater
acquire prop¬
erties of
Mills, the old
company, located in Rhode Island, Virginia
and
company will
Stillwater Worsted
new
Connecticut and certain stocks of fin¬
ished
cloth
located
The statement says
does
business
not
intend
York
New
in
to
the
and
new com¬
the
in
engage
of
top manufacture in which the
company has engaged and intends to
continue
to
engage.
plans to issue and
outstanding $2,910,000 of first mort¬
gage serial bonds, maturing from 1944 to
1967, which will carry, an Interest rate
varying from 2 to 5% °
The statement says that the new com¬
pany has no present intention of issuing
the
preferred shares,
planning to hold
for
ducers
Ultimate
common
of
conversion
the
pro¬
shares.
A
A-l
effective
1942
Sept.
23,
THE
TRION
.
5
EWT
p.m.
A:
construction
statement
shares
of
with
A-2. .(3-30-40)
Amendment filed
United
first
6,000
preferred
cumulative
7%
for
stock,
SEC
Business—Company
and
fabricates
plant at Trion,
goods
fin¬
in
its
Underwriting—Courts
&
Co.rl
Atlanta.
Offering—The 6,000 shares registered are
issued and outstanding and are being of¬
fered for the account of a corporation and
Individual stockholders.
The price to be
paid for the stock by the
offering
price
to
underwriters and
public will be
the
supplied by amendment.
not to re¬
proceeds which will
Proceeds—^registrant Is
any
of
the
net
to the selling stockholder.
Form
(8-13-42)
..
Sept, 19, 1942, to defer
A/ A.
i
New York City
part of Electric Bond and Share Sys¬
•••• A"'.
'A
a"
„>• ;
4; ;•
Offering Terms—Bonds will be sold to
tem '•
.
Underwriters—None
;
Institutional
whose
investors,
will
names
supplied
by amendment, at 99.34%
redeem $28,850,000 United
Public
Service
6%
Debentures
due
Proceeds—To
Gas
1953; to pay 6%
000
to
Electric
and to
Co.,
demand note of $25,925,and Share; to repay
debt to E. B. & S.;
Bond
open account
purchase from United Gas Pipe Line
of its
1st &
Coll.
4%
$6,000,000
bonds
due
1961.
Balance
will
be
used
in
part to
reimburse treasury for capital ex¬
penditures and possibly to pay accumulated
dividends
of
$9,502,490
on
$7
companys
preferred stock
Registration Statement No. 2-4760, Forrh
A-2
(5-15-41)
United
SEC
Gas
Feb.
on
been
chase
Corp. filed
21,
1942,
to
unable
amendment
further
agreements
panies
covering
with
the
with
stating that it had
extend
pur¬
insurance
14
the
com¬
proposed
private
sale
to such
insurance companies of $75,000,000
company's first mortgage and col¬
lateral trust 3V*% bonds, due 1959.
This
of
the
amendment states:
"These purchase
agree*
ments
expired on Feb. 16, 1942.
The cor¬
poration intends to continue negotiations
the
end
that
sold
privately,
said
its
agreements
by
bonds
shall
renewal
or
of
be
elthe*
the
otherwise,
afore¬
offered
or
to the public as circumstances
shall dictate
obtain the pest possible
in order to
price."
11, 1942, to defer
Amendment filed Sept.
effective date
UNIVERSITY
University
tures
CLUB
Club
registration
principal
due
OF
of
CHICAGO
Chicago
statement
with
has
the
Of
amount
a'
fdi-
filed
SEC
4%
deben¬
Sept. 30, 2105
,
^Address—76 East Monroe Street, Chicago,
organization
continue to
club
in
y
has
1887
operate
It has nd
operated
and
sincfe
intends
to
an
as
organization for
fraternal purposes.
educational, social and
capital stock and is not operated
pecuniary profit but is operated solely
Offering—At the time of construction of
the club building
presently operated by the
there was organized under the
of
laws
the
tion
State
of
known
tion
were
the
funds
Illinois,
the
as
Association.
of
The
and
obtained
so
building.
to
its
offer
4%
-
,
of
corpora¬
Auxiliary
that
subscribed
the
the clUb
stock
a
University
shares
largely
club
corpora¬
by
members
association
the
for
The
used
the
construction
club
now
of
proposes
debentures—being the
se¬
curities
registered hereby—in exchange for
the outstanding shares of the
association,
other than shares of the association
owned
by the club,
shares,
or
the
club,
dissolved
Amendment filed
effective-date
'
?
gas;
apd upon
It
4%
is
acquisition of such
such proportion thereof
be.approved by the
Registration Statement No. 2-5035.
S-2.
''
Business—Production and sale of natural
club
Ga.
Ga., is named principal underwriter. Other
underwriters will be named by amendment.
the
Corp.
1958
for, the benefit of its members
manufactures,
cotton
registered $75,000,000
and collateral trust 3V4%
Gas
mortgage
due
s
Address—2 Rector Street.
for
value $100 per share.
Address—Trion, Georgia.
par
ishes
,
CORPORATION
GAS
Business—The
registra¬
A': A'' '''■
19, 1942, to defer
Sept.
effective date
its
the
costs
Registration Statement No. 2-437$. Form
-7S-
COMPANY
The Trion Company has filed a
tion
on
companies, auu for
associated
and
parent
(8-28-42)
Registration
go
share held at
$802,500
Registration Statement No, 2-5041. Form
Electrib
Ac
to 6 new share*
$ lOO.OiR per share.
subscribe
.may
for each
to
have
Gas
Substantially all outstanding stock is held
by Columbia Gas & Electric Corp.
Proceeds—To
repay
current
debt
and
$2,835,000 first mortgage bonds held bjr
$2,000,000
60,000
be
to
are
manufacture,
share. A The
a
common
cloth
and
yarn
common
holders
fiarrlsville, Rhode
Business—Plans to engage in business of
worsted
Columbia
./A' "'. ':/A'
■.-V A
Offering—Stockholders will receive of¬
to subscribe to 25/94ths of one com¬
mon share
in units of 5/94ths of a «hare
for each S/94ths of a share held at $5.32
for each unit.
On a share basis, stock¬
be
Address—East Avenue,
Island
v-
utility
A
—
■
newly
a
Cincinnati,
electric
Operating
fer
inc.
mills,
St.,
Corp.
■
bonds
Mills,
Main
&
—
Underwriter
(
worsted
organized company, has filed a registration
statement
with
the SEC
covering 30,000
shares of preferred stock, $10 par value;
ceive
Registration Statement No. 2-4968. Form
A-l. (3-18-42)
effective date
at
Registration effective 5:30 p.m. EWT on
Sept.-14, 1942
number of common shares to be included ir
each
-
Heat
sharei
UNITED
stillwater
company
to enterprises whose debt
structures are being ad¬
subsidiary, H. M. Preston & CO.
cago,
state¬
share
per
them
Address—33 N. La Salle St., Chicago,
A,.
W
A'"
AND POWER COM*
V
Vv».. V'--
Light,
Address—4th
Aug. 26 filed
on
registration
The hew company also
Amendment filed
effective
are
to the
go
shares
Statement No. 2-5029. Form
amendment
old
Registration Statement No. 2-4845.
A2.
•'
.
25,000
\
stock
A:-A^:"'
Nu-Enamel
an
$2
of
(8-1-42)
pany
no
supplied
Union
gistered
shares of
American
Mich.r> in
by the principal
selling stockholders.
"
Illinois.
stock,
be
to
PANY
from C. L.
company
or any part of 34,000 shares
Gladys Lloyd.
There is no firm com¬
to purchase any of said shares.
principal underwriter has agreed to
$7
preferred
' :■*:
1942, to defer
.Aiv-'A'///:1:1/':'';-:
A./1 ;A
ONION LIGHT, HEAT
!
stoc£
A
..
date
company
all
1954; $15,693,370 to redeem at $110 per
share,
the
142.667 shares of company'*
tails
common
Ohio
Inc.*
$53,170,000
such
of
agreed to purchase were listed
of Feb. 26, 1942, page
••
•;
1A
Offering—The principal underwriter is
granted the option, until close of business
Dec.
31, 1942, to purchase at $1.50 per
<
at
Rv
iiirering—The securi¬
ties registered are to be sold by compan)
under the competitive bidding Rule U-5C
of the SEC's Public Utility Holding Company
Act.
Names of underwriters and
price to public, will be supplied by posteffective amendment to registration state¬
by its parent com¬
Amendment filed Sept. 28.
the
is
Co.
of
ana
shares
of
,
Cerf
D.
cluding dyeing and finishing
Offering—The
30,000
shares
•
owned
are
"Chronicle"
effective
Varnish
principally in generating, transmit¬
distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of the territory along thi
east coast of Florida
(with exception oi
the Jacksonville area), and other portion*
ting,
Florida
846
sold by the com¬
manufactured
by
Armstrong
Underwriting—Floyd
gaged
Underwriting
the
"Nu-
name
all, who will publicly offer the
shares (no par) common stock,
each
which
In
Works, of Chicagq, under
contract in accordance with the company's
formulae and specifications "
ment
CO.
Oct.
&
the
Feb.
Missouri/ on
of
in
number
polish
stains,
Co.
-A, A A-
pany, The North American Co. The names
of
the 'underwriters,
and the maximum
products
chased
Light Co. register**
with
SEC
$45,000,000
First
Mortgag*
oonds, due Oct.' 1, 1971; $10,000,000 Sink¬
Fund
The
are
Paint
pay
&
Power
pany
lines,
under
Enamel,"
finish,
Which
centy for each share of common
•'
*
.
distributed
Corp., Detroit,
*'■ - .-A'/. ,-A
Amendment filed July 23,' 1942 giving to
members of the company only the privilege
of exchanging the 6% cumulative preferred
stock, par $50, for the debentures on a
dollar for dollar basis and or exchange for
deposits made by non stockholder members.
Amendment filed Sept. 12, 1942, to defer
,
kindred
and
The
be
priced at 100 and aocrued .interest — ARegistration Statement No, 2-5026. Form
(7-7-42)
$1 par value
Michigan Ave., Chicago
linoleum
Eiectrio
^ ■
i
FOrm
A'AA "/A:/;:1.A A A A A ■■'■yv
all of which
stock,
be
'■;
■'
'
2,695,000
106,500
mitment
-
.
will
for
Business—The company is engaged in the
and sale of enamels, paints,
from
working
.
Offering—The
common
registra¬
a
SEC
will
filed an amendment to its regis¬
statement, naming the underwrit¬
141
ers,
filed
the
Lloyd and all
buying privilege deposits with the company
balance, approximately $78,500 after
expenses,
with
distribution
Coihmon
The
•capital
1942
share
Approximately
$120,000 of this amount will be issued to
replace the outstanding 6% preferred stock
presently
of
vafnishes;
statement Aith
druggists.
Corporation
statement
/ Address—8 South
1942 to defer
10,
Union
*
9,
,,V.
nu-enamel corporation
NU-Enamel
underwriters
2,695,000
Registration Statement No. 2-4940.
A2 -(2-2-42)1
tration
tion
other
amendment
sh&rcs ■«■-**'
*■
July
EWT
p.m.
■■■"
the
Offering—The
Registration effective 5:30 p.m. EWT on
the
of
supplied by
150,000
year
Amendment
'
250,000
Inc.—
Boenning & Co.
50,000
& Goodwin, Inc._.^_
"
40,000
Offering price to the public will be 100
indenture data in view of decision to
trust
sell
'
/
Underwriting—Dillon/ Read & Co., Netf
York, is named the principal Underwriter.
200,000
with the SEC to withdraw
request
a
Missouri adjacent to the-company'*
hydroelectric plant
Osage
Whiting, Weeks & Stubbs, Inc._
Central Maine Power Co. on Aug. 5, 1942,
to
premium
Co
&
ties in
"A' A AA Amount
Ine/AA-AA $900,000
.
Dillon
city of""St, Louis, Mo., ;and portion of 5
adjacent Missouri counties and of 3 coun¬
each
AA A-;-
Graham, Parsons & Co.__
(6-29-42)
filed
of
redemption at 105% on Oct. I, 1942,
$1,494,000 face amount of first mort¬
gage, 4%
series, due 1960, of Cumberland
to
common
the
commission
the
which
Co. 4s
transmission, distribution and sale of elec¬
tric energy, which it generates and pur¬
chases from •its subsidiaries, serving
the
its
sinking fund de¬
amounts
follows: A'AAA A
.'.;,A/
A.' A '•
subsidiary of The North
engaged primarily in _the
Business—This
American
Bond
have
ac¬
underwriters of
a
Stroud & Co.,
of
ary
used
and
the
Will
the
as
.
Eastman
.
A-2.
the
Offering—Agreement of merger provides,
among
other
things,
that
the
survivor
its
With
with
Net
Underwriting—E. H. Rollins & Sons, Inc.,
per
which
of
of
filed
the SEC for
stock, ^no par
Twelfth Blvd., St. Louis,
with
common
*:A
'
-
Missouri
of
Co.
statement
shares
Address—315 N.
Mo.
Biddie, Whelen. & Co.AAuA A--' AA:100,000
Vallance & Co
*4 A A-100,000
of
Is the principal underwriter
of
existence
proceeds from the financing in
shares
of
list
Rollins & Sons,
E..H.
per share
before Oct,
1,
number
2,695,000
A .A.A.:
filed Sept;
amendment
an
with
purchase
Name
stock
$120
or
Unionf Electric
registration'
,■.,//
.!
.
in
the
reverses
pany's business. '■':'V;, R',.;,R '.-.r
Registration Statement No. 2-5024. Form
Is to
Net
for
shares
registered,
now
will
Maine
separate
ating utility company
584
securities
thereupon
acquire,
pursuant-To an agreement of merger, the
business and all the rights, powers, etc., of
Cumberland.
After the merger has be¬
come
effective, the business of the com¬
pany will include also.the business, fran¬
chises and properties of Cumberland, the
Net
statement with the SEC for
Union Gas Co. (the latter to be
surviving corporation in a proposed
plan)
Central
CO.
Southern
the
the
follows:
Registration
merger
of
County Power & Light Co., a
utility incorporated in Maine in
1909, will be merged into the company and
filed
SATURDAY, OCT. 17
Southern
issue
prior to
ceased
Registration Statement No. 2-5045. Form
A-l, (9-24-42)
Texas
the
that
says
at
on
registration
$2,200,000
a
for
facilities for the carrying out of the com¬
System)
of
redeem
retire
the series M
common
Business—This
water
State
to
unspecified
an
Power
utility and engages
proceeds of
SEC
proposed $2,200,000 4%%
preferred stock of the company and
the
purchase
and
construction
of
7%
Business—Company is
as
ings
used
be
Address—9 Green Street, Augusta, Maine
lic
net
the serial notes and
otherwise
or
stock, par value $10 per share.
common
(5-29-42)
Company
will
and
filed
maturing July
and
being made to all distributors of United
Drug Co. products but is limited to those
in the area economically served from St.
It
or
Central
of
sold
Drug Co.
share'
or
dates
central Maine power co.
have
wholesale
at
than
has
enabling
of
Co.
Underwriting—No Underwriters named.
Offering—This offering of stock is not
Co.
tssaea
A-2.
24
bentures
Balance of
filed
the
Proceeds—Payment of bank loan
R '■
Registration Statement No. 2-5003. Form
acquire all of the 650 outstanding shares
no par capital stock of New England
& Treating Co. $110,000.
AAA"-,
ing
M,
Business—It proposes to operate
United
of
a
mington, Del.
the
days
offering
INC.
Druggists of St. Louis,
registration statement
the SEC covering 4,000 shares of no
value common stock.
Company was
been
list
k
Wholesale
has
house
below
present
whose registration statements were filed
13
OCT.
OF OFFERINQ
rf ) UNDETERMINED
sale of
stock will be used
Pole
bonds,
CNION ELECTRIC CO. OF MISSOURI
Co,
with
Sinking fund debentures due 1952 ;'
Address—-CoatesVilie, Pa.
Business—Steel manufacturer A.'A AAA
of the
A-2.
.■■■:■....
Steel
4%%
.
Nepsco Appliance Finance Corp. $9,100 and
to
Steel co.
Lukens
statement
300 shares of the common stock
and $6,000 face amount of 5% debentures
of Aug. 1, 1936, due Aug. 1, 1956, of Nepsco
Services^ Inc., and 10 shares of common of
and
for
amendment.
Additional net proceeds from the
com¬
shareholders
present
Proceeds—The proceeds to be received by
the
uent
the corporation will be used as
capital.
Net amount received by
As
is to
one-half
purchase any
re¬
be
1933.
aggregate principal amount of the bonds
The banking
firm also has agreed to
by
working
of
'
.
public offering of
any
of
Act
firm
.
their registration under
for its services in
banking
ital
(o
amount
net
tion
in¬
clusive, plus accrued interest
Proceeds—The
Securities
the
to
normal
of
3%%
series due
' V'V
:
Registration statement reveals that E.
H. Rollins. & Sons, Inc., has advised the
company
that it has agreed to sell the
bonds
for
the survivor corporation
at a
price equal to not less than 103%% plus
accrued interest, in such manner that there
sinking fund
Oct.
corporation will acquire from the partner¬
receivable,
have
which
of
the Commission
the company will issue
cash $3,650,000 of first mort¬
been filed with
previously
supplied by
shares.
ip Isuch1 redemp¬
to acquire
of
in the
companies involved
the
plan,
merger
outstanding' securities
for
constituent
be issued
the securities to
to
exchange
the
gage
Underwriting—Brown,
&
Denver, Col.
Schlessman,
Business—Operation
transport
Co.,
Street,
plan have been filed with the
and previously announced
merger
be
serial notes and common
for
the
SUNDAY, OCT. 11
for the holders of such
trust
in
of
lukens
to deposit the redemption price there¬
pany
to
and
cause
board
the
liquidated.
considered that
debentures
of
the
.jta
i
of
■
the
shall
as
directors
association
to
of
be
-
issuance of the
club
in
such
!
i
Ax-
THE COMMERCIAL & FINANCIAL CHRONICLE
156 •' Number 4112
Volume
1175
•
•
■■
i
change
is
r
"reorganization"
a
within the
of that term set
of the definition
purview
controller's
he will
forth in paragraph 5 (1) of the rules as to
the use of Form E-l as constituting "the
for
of
securities
Club
with
•
another
offer
to
proposes
issuer."'
its
4%
The
debentures
in
exchange for shares of the University
Auxiliary Association on the basis of $100
prihcipal~aiiT0unt of debefttures for each:
Share of the Association of $100 par value,
other than'shares of the Association, owned
r
Registration Statement No. 2-5042. Form
E-l
i
f. "M?
club /
by- the
'
(9-8-42),.
effective' date
I
Indies
■hares of
1942, to defer
Sugar
have to
stock, $1 par
common
■■■I Address—60 E. 42nd St., New York City
in
organized
1932
pursuant to the plan of reorganization of
Cuban
Dominican Sugar Corp. and cer¬
of
tain
ing
its
subsidiaries,
the
owning
(company
solely
a
jeveral operating subsidiaries engaged prin¬
cipally
in the production of raw
cane
sugar and invert and blackstrap molasses
lh the Dominican Republic and Cuba
• _> :
*
be
will
Underwriters
ment
J'
■
named
City Company of
the
to
National
City
York,
New
of
Inc.',
in
436,691
of
extent
Bank
'J
registered
are
are
owned by
Offering—The
shares
already
outstanding,
and
solution
amend¬
by
■■■'.'"■■V
•
■
.
f
New
dis¬
shares;
York,
many
former
the
the
We may
right to pro¬
certainly should not
reserve
1
parent
company,
r
be
Proceeds'will
No.
(12-29-411
A2
Amendment filed April 21,
effective
were
'
',
date
v
;
488, ag¬
gregating about 5,450,000 dead¬
weight tons.
Of these, 327 are
Liberty shipS^ 49 are C-type cargo
vessels,
51
are
tankers, 5
Record
represented
are
and those scheduled to Oct. 1 total
the
throughout the period of its'Win¬
ning keep out people prepared to
make a lasting and worthy
peace."!
ships of approximately 1,000,000
deadweight tons, an average <ol
three ships a day; which sets a
.
record
for, steel
merchant
"lost Gratifying"
%
d
i t
e p os
insurance
ican
capacity for pro¬
large ocean-going mer¬
chant;/ ships has been more than
tripled.
In this expansion .the
Commission
financed
has
the
yards with
emergency
and the
minds of the people of our nation,
/existing
and those of our
Allies, that we
authorized
addition
of
165
45
and
of
construction
20
ways,
ways
to
and
expenses,
and
„
•
■
"
.
.
.
,
>.
.
-
Market Transactions
In Govts. For
tion.
Facing -so.; many
strange
problems, the directors of a cor¬
fidence
implicit
for loans or purchases of assets,
including-expenses incident there¬
to,
con¬
their' controller,
in
and
and
:
estimated
recoveries
of
$220,622,567.
Administrative exother
charges
amounted to $27,585,056.79."
The advices from Mr. Crowley's
he in turn must exercise ceaseless
oenses
Vigilance to justify this trust. The
directors
are
constantly signing
under oath reports going to Wash¬
and
office also states:
"During'the six months ended
ington, and it is they who accept
responsibility for such statements, June 30, 1942, 11 insured banks
•
than
rather
the
who
controller
"The
ness
continuance
suspended
the
provided the figures.
of
any
busi¬
today is absolutely dependent
received
or
aid
from
Corporation.
The 41,134 de¬
positors in these banks, having to¬
tal deposits of $11,137,000, were
orotected to the extent of $11,128,000, or about 99.9% of their claims,
of new accounting responsibilities, by insurance or otherwise. Of the
in the form of reports to tax au¬ 41,134 depositors in these banks,
thorities, to regulatory commis¬ 41,128 were fully protected.
Upon
proper'aceounting. Our busi-
Uesses
are
faced with
a
multitude
>•'
"During the
amount of its
facilities
fort for and
a
vital contribution to
the preservation of
We-—and
all
other
liberty-loving
peoples of the world—are deeply
indebted
to
them
tion and heroism."
for their
.
"One
with
de¬
used, we
assume
have
that
no
the
choice but to
statements
are
important—and perhaps even nec¬
essary—to the war effort. - And so
re¬
;
next
Sunday,
the first Liberty ships
ago
emergency
fuly protected, closed or re¬ shipbuilding directive of January,
aid from the Corporation, 1941, were launched.
Here is a
ceived
Total
deposits in
amounted
to
$29,221,000,
these
18
banks
$30,223,000 of which
or
97%,
tected against loss.
were
pro¬
brief progress report on. the
chant ship production, which
mer¬
yOur
subsequent directives have ex¬
panded to 24,000,000 deadweight
"By June 30, 1942, 381 insured tons to be delivered into the na¬
we
produce them, .regardless of banks, having 1,247,638 depositors tion's war service in 1942 and 1943.
with total deposits of
the work and cost • involved./ ^
$479,497,000, Y "Deliveries of completed ships
-;5When4he; nation pis zat^war'^the i had /been liquidated or emerged in those 12 months,
including those
the
105th
university is
anniversary
of Founders' Day.
"You
build
will
no
the
upon
'
doubt
wish
to
achievements
of
Colgate's distinguished past but
will also find problems facing
you
quite
history of
unprecedented in the
the institution.
In a
you
therefore,
sense,
ing finis to
one
you will be writ¬
chapter and start¬
ing another.
/•/"The challenge of the new day
American
colleges
is
very
great.
All our energies at the
present must be devoted to win¬
ning the war. - Yet winning' the
for
war
will
be
futile if
do- not
we
throughout the period of its win¬
ning keep our people prepared to
make
lasting and worthy
a
peace.
This time the peace must be global
the same as the war has become
global.
the
Around
table
peace
the voice of the United States will
have
It is of tre¬
importance
that
that
shall represent the aspira¬
tions of a people determined that
mankind everywhere shall go for¬
ward to its destiny.
The soul of
that destiny is maximum freedom
of the human spirit.
"I congratulate you on the great
opportunity that is yours and hope
that you will find the keenest sat¬
great weight.
mendous
voice
isfaction in
undertaking the diffi¬
cult task."
Chicago Home Loan Bank
Mortgage Loans Up In July
Showing the first increase since
April,
home
the
July borrowing for
ownership purposes in the
Illinois-Wisconsin district reached
$31,265,000, a gain of 3.3% over]
June, the Federal Home Loan
Bank
of
Chicago
reported
on
Sept. 19.
It came nearer than
either
the
of
months1/to
two
equalling
preceding
dollar
the
volume for the like month of
1941,
being 80% of last July's total, ac¬
cording to A. R. Gardner, Presi¬
is
$300,000 sold.
November
284,000
$2,785,000 purchased
—_
February
No
June
____
purchases
447,000 purchased
_
_
or
$743,350 sold
200,000 sold
April
May
sales
July
No
sales
or
purchases
AugustSeptember
No
sales
or
purchases
$2,500 sold
____
October
200,000
November
December
No
—
sales
or
$60,004,000
_____
sold
purchases
purchased
1942—
January
$520,7O0 sold
____
—
29,980,000 purchased
February
March
5.814.450
____—__
300,000
April
May
June
purchased
250,000 sold
*
July
August
2,295,000
—J—
_____
To Interior
/
In
an
Sept.
executive
16,
transferred
to
sold
8,446,000 sold
Secretary
order
President
dated
Roosevelt
Secretary
of
the
Interior Ickes the functions, pow¬
ers and duties of theyUnited States
High Commissioner to the Philip¬
pine Islands, together with the
personnel, records, property and
funds of the office.
Commissioner
to
purchased
16,625 purchased
_____
—
any
Philippine Functions
11,950,000 purchased
____
in
>
;///';' '
"
1941—
than
sold
1,139,000 sold
December..
borrowers
more
post-depression July except 1941.
October
March
find
27,
year
1940—
September
January
„/
Sept.
these
\
port follows:-
built pursuant to
your
Compliance
devo¬
The text of Admiral Land's
1942, 18 insured banks, having 80,were
freedoms.
our
018
depositors, all but 229 of whom
its
"
No matter how onerous we
ended June 30,
con¬
while
celebrating
ment securities for Treasury in¬
of much needed
special vestment and other accounts in dent of the bank.
In Wisconsin
types of ships for the Navy.
i;/ August, 1942, resulted in net sales it was heaviest for
any month so
!
"It is with great pleasure that I
of
$8,446,000, Secretary of the far in 1942 and in Illinois it was
join in a 'salute to. the Victory
Treasury Morgenthau announced the year's third largest month's
Fleet' on Sunday, Sept. 27.
Every on Sept. 15.
This compares with activity. Figures are for all mort¬
one of us on that
day should voice net sales of $2,295,000 in July.
gages recorded for $20,000 or less
a
word
of
appreciation and a
The following tabulation shows
by all types of lenders. They show
prayer for the men who build our the
Treasury's
transactions
in that
9,887
borrowers
obtained
ships and those who sail them.
Government securities for the last
mortgage loans of this size from
"They are making an all-out ef¬ two years:
some
source this past July.
This
few.
year
to the
Aug.
struction
sions, to war bureaus and to stock
listing controls—-to name just a
mands to be, and even if we be¬
lieve that the data will never be
do not
we
The President made this statement
shipyard
duction of
*
poration must have
will be futile if
war
President
accomplishment.
"Since your original emergency
directive in January, 1941, Amer¬
258
.
Of Wartime Problems
ore
yards../. Ship production
$1,845,capacity of the nation is now at
shall achieve ultimate victory over an all-time
represented administrative ex¬
high, and is consider¬
:War Responsibilities penses and other, charges.
our Axis enemies
ably greater than that of all othei
Mr. Crowley's report also re¬ V The President's remarks were
T. C. McCobb, new President of
nations combined. We have more
the Controllers Institute of Amer¬ pealed, that income for the year made in reply to a-progress
report than: 60"shipyards now. They' are
ica, on Sept. 22 called on the con¬ ended June 30, 1942, amounted to from Rear Admiral Emory
S. 011 all coasts and the Great Lakes.
trollers to "shoulder their share j>65,658,605, including assessments Land, Chairman of the Maritime More than
700 plants in nearly
of the responsibility for the ad¬ paid by insured banks of $54,154,Commission, on the occasion of all States are producing ship ma¬
justments necessary to meet war 790 and .$11,503,815 representing the first anniversary (Sept. 27) terials. v
'
conditions."
Mr. McCobb, who is interest earned, less provision for of the
"Because of this accomplishment
launching of the Liberty
Controller
and
Director of
the amortization of premiums.
Total ships.
by workers and management in
Standard Oil Co.: (New Jersey), losses and expenses for the year
In his .report of progress, Ad¬ American
shipyards and industrial
to
made this appeal before the con¬ amounted
$6,317^200
repre¬
miral Land stated that the Presi¬
plants in keeping apace with the
trollers assembled in Chicago on sented by deposit insurance losses
dent's 8,000,000-ton goal for 1942
continually expedited production
Sept. 22 for their annual meet¬ and expenses of $2,652,761, and should be" met and that the
16,- schedules—which the Axis aggres¬
ing. Pointing out that there have administrative expenses and other 000,000-ton goal for 1943 "appears sors have termed
'fantastic,' and
been drastic changes in the work charges of $3,664,439.
■.
reasonably- certain of accomplish- 'impossible'—the Commission feels
The report further stated:
Of controllers,; Mr. McCobb said
that
these
men,
together with
"The surplus of the Corporation ment.'v^:-v;
that in many cases it is necessary
The President's letter to Admiral those men who are
serving so val¬
to develop new techniques with¬ as of June 30, 1942, was $294,587,Land read:
''
iantly on the ships of the mer¬
out much benefit of past experi¬ 895 resulting from an excess of
5
"Your report of progress made chant marine, merit a 'Salute to
income over expenses and losses
ence.;- He further stated:
by American shipbuilders in the the Victory Fleet' on Sunday the
;;t "Open-mindedly;; and construc¬ during the entire period of oper¬
year since the first Liberty ships 27th, the first anniversary of the
Total income from1 the
tively we must survey new con¬ ations.
were
luanched on Sept. 27, 1941,7 Liberty
ships.
;'
ditions
as
they arise; we must beginning of deposit insurence on is most
"On behalf of all those men, 1
gratifying. It cannot fail
patriotically comply with wartime Jan. 1, 1934, to June 30, .1942, to
inspire added Confidence in the believe I am fully justified in as¬
regulations, eliminate non-essen¬ amounted to $370,188,506, includ¬ minds of the
people of our nation suring you, Mr. President, and the
tial procedures, counsel manage¬ ing
assessments
of $290,202,171 and those of our
Allies, that we American people that they are not
ment
in
unchartered1- seas
and, paid-, by insured banks and $79,- shall
achieve ultimate victory over content with past accomplishment
While doing this, revamp our of¬ 936,335 ' derived 1 from
interest 001Axis; enemies.
!
but will bend untiring effort tc
fice staffs to fill the gaps left as earned and profits from sales of
"When Pgave
directives, first for respond fully to your urgent plea
our trained accountants are called "securities, after making provision
12,000,000; then for 18,000,000, and for 'ships, more ships and still
lor
amortization
of
into service."
premiums.
finally for 24,000,000 tons of mer¬ more ships; speed, more speed and
Mr. McCobb w^nt on to say in Charges to surplus amounted to
chant ships to be built by our
ship¬ still more speed', until the victory
part:
"
•
$75,600,611. Net deposit insurance
yards in 1942 and 1943, I issued a has been won."
"Regardless of the controller's losses and expenses amounted to
challenge to the shipbuilding in¬
personal1 inclinations and limita¬ $48,015,554, resulting from the dif¬
dustry and the Maritime Commis¬
tions, he must operate today in a ference between total -/.disburse¬ sion.
That challenge has been' ac¬
ments
of
new field that is wider and more
$268,638,121
actually
cepted and is being met, glorious¬
difficult
than
before. ' Drastic made or pending to depositors of
ly and efficiently; despite the fact
regulations made by the Federal closed insured banks'in settlement
that by my directive the Maritime
Government have had a profound of their claims and to merging
Commission thus ^diverted a large
effect upon business administra¬ banks or receivers of closed banks
Market transactions in Govern¬
losses
j
*
...
Colleges
90
certain of
Shipbuilding%;
2-4923.'
Urges Controllers To Meet
FDR Warns
Declaring that "the challenge of'
carriers and 56 are cargo
shipsjjjr the new day for American colleges
private and British account.
% is very great," President Roosevelt;
"September deliveries to date warned on Sept. 24 that "winning
new
nterest earned of
Statement
Registration
Form
the scheduled for delivery the remain¬
der of this
month, total
President Roosevelt said on Sept.
$5,938,037, after 25 in a "salute to the Victory
deducting provision for amortiza¬ Fleet" that the record of American
/■%—
tion of premiums. ; Expenses and shipbuilders-in the
past year is
1942, to defer
losses during this period amounted "most gratifying" and "cannot fail
; to $3,560,737, of which $1,715,479
to inspire added confidence in the
reeved'bjr;'the>■ wiling
stockholders
*,
from
Federal
$27,711,404 paid by insured banks and
«
,
loans
fOn June 30, 1942, there
aggregate
supplied by amendment
of
Deposits amounting
our
remaining
The
aid
new
is the holder of iamounted to $33,649,441, accord-4
17,000
shares registered.
ring to a report to insured banks
of the shares registered
issued on Sept. 21 by Leo T. Crowrepresents 47.7% of the outstanding com¬
mon
stock of the company, and will be «ley, Chairman of the FDIC. - This
offered
to
the public,
at a price to be
:oial included assessments of
of
the
Corporation.
.
hold¬
securities
of
is
with
13,456 operating banks insured by< ship production. Scheduled deliv¬ in
extending felicitations to
test, but we
Deposit Insurance Cor¬ eries
for
the
remaining
three Everett Needham Case, new Presi-'
abandon i
y/,/% poration, 26 fewer than were in¬ months of 1942 should bring us dent of Colgate
University. v The*
Mr. McCobb's election and that sured on Dec. 31, 1941. There were
to the 8,000,000-ton goal of youi
letter was read at the installation'
of other new officers was referred 52 banks .eliminated
during the directive.
exercises held on the university
V'V%'''
to in our issue of Sept. 24, page 6-month period: 3 by suspension;
"Production time for Liberty campus at Hamilton, N. Y.
This
8 by merger with financial aid
ships has been reduced from an is learned from special Hamilton
from the
Corporation; 41, by vol¬ average of 241.8 days for all yards advices to the New York "Times"
untary merger, consolidation, or in
January to 833 days in August from Benjamin Fine^ip which the
FDIC Income For Half Year ^liquidation;; There were 26 banks and 70 days so far this month. President's letter was given as.
admitted,insurance, of which These records indicate still fur¬ follows:
i Increases Surplus Further
14 banks-^were in operation-at the
ther reduction of average produc¬
"May I take this occasion to ex¬
S
Income of the Federal Deposit beginning^ the year and 12 first tion rate to the point where
tend felicitations to you and to
your
iinsurance Corporation for the six opened for business in 1942."
1943 directive of 16,000,000 dead¬ Colgate University.
You are be¬
months
ended
June v 30,
1942,
weight tons appears reasonably ginning your term of service as
Corp. filed a regis¬
the SEC for 453,691
Business—Company,
what
while \we
But
so
returned to the people.
corp.
sugar
statement with
tration
./;./
'"//'/y ■.*■ -V'4V
indies
West
,
filed Sept. 24,
Amendment
West
.
to
as
comply to $468,781,000, or 97.8% of the to-,
regulations, tal deposits in the 381 banks, were
sound
and
unsound, we should made available promptly without
bear in
Only 1,jnind the fact that we do loss to the depositors.
comply .- because ( these measures 952. of the 1,247,638 depositors, or
were
brought forth by the emer¬ less than one-quarter of 1%, held
gency.
We should not
become accounts in excess of $5,000 and
reconciled
to
doubtful V practices were not fully protected by in¬
which we accept only because of surance, offset, preferment, pledge
the crisis, and be willing to coun¬ of security, or terms of the
merger
tenance them when Government is agreements'.
" '
' *
•
existent.
Exchange. &T securities, by the issuer thereof
discretion
supply is practically non¬
was
Francis
turned
to
the
B.
The last
High
Philippines
Sayre, who re¬
the
United
States
last
March just before the Surrender of
the Islands to the
Japanese.
BIDS MADE ON BONDS
us!
WITH
Thursday,,: October .1, ,1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1176
Canadian Harvest
CURRENT DIVIDENDS
?{
Harvesting/ operations
COUPONS MISSING
sured
MUTILATED
agency
Inquiries Invited *
C T
Save
Up to $5,000 Inby
regularly—
than
Ideal
dividends.
of the U.
Hi-
:.»■
S. Government.
for- Trust funds.
of
*
PliOlrt
in
1-1778
AVENUE
519 GARRISON
of
storage
'•
central
to London,
head office
its
has appointed Hallyard
Hillestad its representative in New
York for the United States. Can¬
England,
ada, and certain Central and South
American countries,
Norges Bank
not
Mr. Hillestad has
difficulty
!
.
.
'
explained:
dealer.
ment of one
Stein & Burian Join
Strauss Bros.
Arthur
J.
associated
with them in their trading depart¬
John
is
Hillestad
"Mr.
.
CLEVELAND,
OHIO.—At
a
meeting of the directors of Wm. J.
Mericka & Co., Inc., Union Trust
Building,
held
Sept.
28,
1942,
Howard
of that firm was
Eble
J.
elected to the
position of Assistant
Vice-President.
Mr. Eble
.
dealer, who went on to describe
,
a
2s
•
the
time to
•
its busi¬
head of¬
fice in London, where it is regis¬
tered
under
the
British Com¬
than two years
carried
on
from its temporary
?
.
;
.
<
,
for any of
the actions or engage¬
ments of the Oslo institution. The
management"' of that "Institution,
which now purports to be exercis¬
of
functions
the
ing
central
a
bank, is not recognized by the
Royal Norwegian Government as
having any legal status whatever.
It is under the domination of the
ers,
for
is
of
the
in
market
one
sense
but
.
.
.
They've been lead¬
lead¬
surprisingly uninspired
And this all has been in the face of increasing evidence that
another year, the tax-exemption feature on Government bonds
.
.
,
"7
safe.
.Y'y
•
Investigation discloses the supply is not coming from
institution, and
other obligations to third parties
incurred by it, have no validity as
against Norges Bank, London, Mr.
Hillestad. explained.' . Currency
now
circulating in occupied Nor¬
way
is German controlled , and
time'he
Wm;
with
associated
J.
Inc., and remained
with them until 1939. ;
From 1939 to 1941 he
with
was
firm of Johnson, Kase &
Co.
Cleveland, after which he re¬
well
throughout the State
of bonds and
known
his
for
land
knowledge
trust
certificates.
WaldRianii
Represents
Mercantile Commerce
also,
direct
wire from their New
bonds
on
the next issue.
.
.
.
ative! here for the past
the
A
extended to St. Louis.
William /
Chances
between
to
to
a
profit just on the market movements
and taxables during the next
these
few months.
.
.
.
maturity; •
,-y.
•/>••-•• ; v;y
; yy y'yy /"J'-.':'1
2%s*of 1959/56 at around 10878 to yield 2.01% to call date, 2.11%
...
77'7 V
.
Sound Railroad System
A
v
<
"How the legal relations which
have come into existence through
Norges Bank functioning
cupied Norway
into
,
account
should
will
Bond
said,
islative,
administrative,
■
Mr.
according to
issued by Strauss Bros., 32 Broad¬
New York City.
interesting sidelight is
way,
judicial
*
v
'■v
is a member of
Waldmann
We
are
pleased to announce the establishment of a
retail sales department
"■l
y<M* ^7''
•
COMMON
opinion asserts, continued neglect
of the railroads, is likely to lead
to
of
Club
Boston & Maine, 1st
pfd.
by our own railroads."
CONRAD J. REINHARD, JR.
;■/
-"
-
GODFREY REINHARD
New
.
Simmonds On ABA Comm.
-kA; Cv
ident
Broadway N. Y. BOwling Green 9-7030
; ■
Bell Teletype NY 1-61.r
.
Simnt'onds,/Jr.,. Vicfe-Pres¬
of
Bank
the
of
New York,
has been appoint¬
ed a member of the National War
Loans Committee of the American
New York City,
Bankers
the
Associations
by
Henry
W.
it
is'
President of- the Association.
New
of which latter he was
Simmonds
has
served
an-;
Koeneke;
on
Mr.'
many
Special committees- of the Associa¬
tion
and
is: a
member of the
cvedits
School
faculty
of
of Banking,
the Graduate
conducted by
thb American Bankers Association
at
Rutgers University.
:
-;v.
officer and governor.
^/RICHMOND, VA. — The Rich¬
mond Corporation, 726 East Main
Street, discontinued business as of
Sept. 30.. Rutherfoord Fleet, form¬
erly president, of the corporation,'
Ingalls & Snyder, 100 Broadway,
New/York City, Members New has become a vice-president of
YorFStock Exchange, announce Lawyers Title Insurance Corpo¬
ration. Z J. Joseph Day, previously
that John E. Kassebaunrq formerly
with Winthrop, Whitehouse & Co., vice-president pf the Richmond
is now associated with
them as Corporation, hasr been appointed
a
vice-president of the Morris
manager of their investment bond
Manage
•
:
:
■
'
.
'
Plan Bank of
:
associated with Thompson, Davis 6* Phipps, Inc.
CRUTTENDEN
.,,
/
.
EARL L. VIROEN
Service
offer their facilities to.
All formerly
Virginia.
MILTON L. WILLIAMS
EARLE C. G0TT
CO.
Members
CHICAGO
York Stock Exchange
■. y
;
of the Bulletin may be
had from the firm upon request.
WILLIAM L. TAYLOR, JR.,.
CHICAGO STOCK EXCHANGE
HAY, FALES & CO.
-
/ Copies
ROLLAND W. SHILLIT0
WILLIAM R. MEE
NEW YORK STOCK EXCHANGE
Members
1,1942 of
pfd.
Susquehanna Mills, Inc.
serious breakdown ; in trans-;
congratulate ourselves on the tre¬
mendous job that : is being done
Securities : Committee
York Group of the
Investment Bankers Association,
and The Municipal Bond Club of
of
department.
.
71
^ 5%J
and the association with us on October
WILLARD MEDVYAY
United Piece Dye,
a
portation facilities, with ultimate
effects upon Germany's ability to
maintain her fighting fronts.
We
can take grim
satisfaction in the
discomfiture of our enemies, and
Ingalls-Snyder Dept.
under the direction of
Mr- JOHN B; DUNBAR
MARVIN C. GREENER
'
competent
continues,' "wh er e,
■
IVAN H. CUMMINGS
R. Hoe & Co.
-
an
Germany/' the bulletin
ties within
America, The
New ; York, the
Kassebaum To
;
CLYDE H. ANDREWS
.
.
.
provided
by present transportation difficul¬
Richmond Corp. Dissolves
post-war, leg¬
and other measures."
railroad
sound
interest,!
-the current bulletin
Municipal
an
oc¬
taken
be
depend,
Hillestad
upon
in
financially
system is in the national
the Bankers Club of
New York,
'/yyy 7:.-i ' /
to
Yw-
department
the armed forces.
have joined
nounced
Louis.
Mr.
maturity;
;
v.
y
.
'
2%s of 1963/58 at around 109Vs to yield 2.06% to call date, 2.2Q%
maturitjr.
St.
>
to be the::
': 2%s of 1965/60 at around 109% to yield 21.10% to call date, 2.21%
Good buys appear
:
to
you'll make
are
be without its usual economic and
/'//.; J
.
Soren
and
Frankel
Nielsen of the trading
without national independence, as
legal significance.
York
Chicago offices has been
their
to
.
issued by the Oslo
the result of which it is stated
announces
George R. Waldmann represent¬
11 years of
Manufacturers
Traders
generalization about the tax-exempts is an impossibility. .
Trust Co. of Buffalo, and previ¬
Everything depends on your own status, how you will fare under the
new tax laws.
,V/y// ;■■■../
v.-'77' 7/ 77/777777y ously in the municipal bond de¬
partment of W.I A. Harriman &
But the
tax-exempts do seem cheap. . . . Especially the
Co., Inc., has been appointed New
long-term bonds, in relation to the long-term taxables. ... If,
York correspondent of Mercantileafter investigation of your position; you find you can use some
Commerce Bank & Trust Co. of
more tax-exempts, consider the longer-terms. . . .
^
the funds released to buy more, tax
The bank notes
German invaders.
1932,,at which
Mericka & Co.,
of
small hold¬
ers of bonds, out-of-town investors or from savings banks. ... Most
panies' Act of 1929.
As a con¬ bank
holders are maintaining their positions, it is said. ... And in¬
sequence of the German occupa¬
formed sources say the real liquidation is coming from insurance
tion
of
Norway,; Norges Bank,
companies—with sufficient tax-exempts and with intentions of using
London, accepts no responsibility
became
&
Webber
Paine
with
until
the
'7;;''vr' '"'^Y :7''/
.
supply—compartively speaking, of course.
ers,
"Norges Bank has now for more
ness
7
being absorbed.
are
The
the
that
firm
Held In National Interest
If you'll glance at the list of bonds on the Government's ever- joined Wm. J. Merica & Co., Inc.
Mr. Eble is a specialist in Ohio
lengthening calendar, you'll see the tax-exempts have been notable
for their lack of advancing power in i*ecent weeks. . . . They've been over-the-counter securities/and is
in
representation of Norges Bank.
.
TAX-EXEMPTS
directorships
his entire
devote
to
Co.
.
formerly
was
Co., and Mr. Burian
with Bonner & Gregory.
was
joined Paine Webber &
Cleveland, in 1928 in their
trading department, and
Co.,
<
wegian Shipping and Trade Mis¬
sion here but has resigned from
corporation
remained
\
...
do
7;"' '7.
;"./
Still expectations around that a bond issue will be sold in October,
may awaken market. ... As for. coupon, argument persists as to
whether a 2}4 % coupon would be advisable just at a time when the
financial counselor to The Nor¬
various
anything," reported another major
the market as in "a bad state of
Comments are graphic enough to show condition
of market.
Stein
Mr.
ment.
and
become
have
with Ernst &
^
unlisted
inertia."
the
United States in lj919. He, has been
with the J. Henry Schroder Bank¬
ing Corp. -since its establishment
in 1923.
He was graduated from
the University of Oslo in 1917 with
the degree of Cand. Oecon.
He is
to
wants
"Nobody
native " of
a
Stein
R.
Burian
.
Bergen, Norway, and came to
Bros.,
York
City,
New
Dept.
Broadway
announce that
32
"Strauss
.
general cut in reserve requirements in many months. . . .
Government Wond market is at dead center. .
.
Never has
it been so quiet for so long a time. ... "Support has been so
good it has destroyed the trading market!" was the bitter com¬
accept this appointment.
His of¬
fice will be at 2 Wall Street.
The
1-1397
Y.
.
7/ And following that—possibly in October—should come the first
Schroder
N.
Dealer8 Ass'>
HAnover 2-8780
St., N.Y.
Teletype
wheat, on the prairies, at 587,000,000 bushels compared with 293,-
tax-exempts by
cities..
in the two big
Banking Corp., New York City, to
announcement further
.
.
resigned as an
the J. Henry
officer of
some
.
previously been repre¬
sented in this or other countries
of the western hemisphere.
4
has
have increased
of handling the
insurance companies reported, 000,000 bushels in 1941 and coarse,
reflecting companies' search for more cash to use in buying new grains at 804,000,000 bushels com¬
taxable bonds at 2 V2 % interest level. .
pared with 289,000,000 bushels.
"Satisfactory
crop
conditions
New York and Chicago banks were in easy position for a few
days last week but this was just a lull. v.
Banks since have paid and yields are' reported in other
sections of Canada."
for $1,500,000,000 issue of Treasury notes, bought largely in this dis¬
;/
trict, however. ... And although war loan deposit arrangement was
available, on the notes, the Treasury is drawing on its cash balances
EbleElected V.-P.
with the; banks at a terrific rate. .'... So, another near-squeezer is
inevitable and soon.
;
Federal funds market may revive within a
week .or two.
■'V
.
Of Wm. Mericka Go.
And then another cut in reserve requirements is due for banks
of
Sales
bank,
Norges Bank, which upon the Ger¬
man occupation of Norway in the
spring of 1940 temporarily trans¬
ferred
Member8 N. Y. Security
25 Broad
space
huge crop..The Dominion Govern¬
ment estimates the production of
:i (Continued from First Page) :
•
-
M.S. WIEN & CO.
of
.
"Scarcity of labor and shortage
FORT SMITH, ARKANSAS
*
OurReporter On "Governments"
///
Norges Bank In FL Y.
Norwegian
Bought—Sold—Qu^tfd
.
the
The
Mexican Interest Arrears Cfs.
re¬
lowering
general
a
.
.
Hillestad To Mead
i
and Internal Loans
;gradesj
-,\V! The bank further reported: :< 7
York
Teletype N.Y,
4-4832
DUby
and wet weather. have
sulted
S. H. JUNGER Co.
40 Exchange PI., New
Mexican External
all
Frosts
"
Convertible Preferred
later
weeks
cutting:
6s of, 50
&
Penh; Central Airlines
the
grains about 75% completed and
threshing about 25%, according to
the weekly crop report
of the
Bank of. Montreal issued Sept. 25.
Earn semi-annual
an
with
usual,
•5'
are
three
running
now
OR
in
Provinces
Prairie1
Canadian
/Ht Bridge Worlcs
ommon
Behind Schedule
discriminating clients
carefully-selected, outstanding office per¬
sonnel, both men and women, in the com¬
for
advertising fields.
mercial, professional, and
We
are
efficient
17 John St.,
unusually
qualified
to '
supply experienced
personnel to investment
New York
and
bankers and brokers.
Tel. COrllandt 7-7455
'
@FedFRASER