The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
OCT 25 194*
r\ftY
t u
ii
c
d
r>
a
v
In 2 Sections
Final Edition
New
3997
154 : Number
Volume
Section 1
-
Price 60 Cents
York, N. Y., Thursday, October 23, 1941
Copy
a
REPORTER'S
t/S REPORT
Everything depends
«
jurisdictional reasons (i.e.., struggles between
rival labor groups) in nearly every important strike nowa¬
days—even those apparently over wages and working con¬
ditions
Main trouble is the top-to-bottom rift between the
AFL and the CIO, complicated by the contest between the
Communists and the anti-Communists in the CIO.
ml-~
Look for
I
incred-<S>- — —
ibly cbmplicated pattern of con- Communists
told > Tobm
could control the situation.. He
flicts.
For instance, one story of
doubted it.
Simply to prove the
the recent "wildcat" strike of the
point, they pulled the anthracite
anthracite men against the United
Mine
Workers
itself was, this. strike; remember that a large part
Tobin's AFL teamsters are being of CIO's money comes from the
United Mine Workers..
In many
raided by the CIO, with whom
other cases where, for instance,
Dave Beck is sympathetic.
The
wages alone appear to be the is¬
for an almost
latter makes
v
ivnne
worms
n,-.
,
1
"*
—
1
the real issue is the effort of
CIO or an AFL union in a two-
news.
An investment banker remarked
several months ago
worried about the
country
affairs at open
BROOKLYN TRUST
COMPANY
.
.
at
.
that
par,
you
own i some
at
this
low
thinking, he said, of unsettlement in the Government
- All of them / price.... -11'V/
gatherings along the lines of the bond market.
^
■ ■;?
This seems a poor time to go out
old New England town meetings, make.
forecasting
intermediate
on a
at which the townfolk gathered trends extremely difficult.
»■
.....
limb, therefore.
The ;
►
He
was
,
.
.
.
.
To
together and discussed such situa¬
tions
as
rose
solution. ■.
;
•;
with
:yv v *';
the
looks?"
now
servatism.
discussion,
You've
.
.
had
industry
an
sweet
of it rather heated, anent
some
.
Government
just
It
taken
is
you
for
bought
of
.
There'll be
and just to "wait
.
.
time
and
buy
on
any
.
.
(Continued
these
on
page
.
711)
<
Chartered 1866
George V. McLaughlin
<President
Both unions are now struggling in
new
york
brooklyn
of the situations which
INDEX
Page
insurance
Bank and
have
now
Stocks
-
.
aviation and ship¬ the investment underwriting in¬ Calendar of New Security Flotations
building industries, and the con¬ dustry badgered pretty much to Investment Trusts
'
test itself engenders strikes which its wit's end. ■
Bankers doubtless were cheered Jottings
are
competitive or jurisdictional
rather
than
really
for
better by the forthright remarks of New Municipal News & Notes—
York
State
Superintendent
of
wages or working conditions.
Banks William R. White, with re¬ Our Reporters Report
gard to direct institutional pur¬ Personnel Items ?
Fall River's $13,000,000 fire in
chase of new securities, made be¬
which nearly 16,000 tons of rub¬
fore the Savings Bank Association Railroad Securities
ber were lost was
unnecessary
the automobile,
—
Member Federal
//• "■
Deposit Insurance
——-
—
Corporation
the recent Brooklyn dock
fire) that the question of whether
Sabotage
contributed
is
unim¬
(like
Two Army inspectors
warned the Army's Plant Protec¬
of
the
He
Division, which asked for a
report from > the * National Fire
Protection and got an alarming
one
just
a
War's
711
.-
warned
rubber
in
been
June.
previously
However, the
belonged to the
RFC's Rubber Reserve Company,
ancl^so
actually
apparently does
(Continued
on
page
the
re-
INVESTMENT SECURITIES
ment
v.
''
Established 1899
711
Whyte
correspondent
707
of
.
:L"
Uptown After
3__
Bond Selector
(The)
■
-v
facilities
.
716
720
Member Federal
Deposit Insurance
*
Whisperings
by banks in New York
Corporation
: y
715
•
'hi•?'
———
said, would be of no advant¬
Trading on New York Exchanges---..
715
banks.
Since many
other States frequently follow
August Exports
Our
To add such issues, he
State.
to
age
New
September Cotton Consumption——
714
July Electric Power Statistics——
7J4
the com- September N. Y. Dept. Store Sales-.—
716)
714
York's ,lead, such action
could
be
\ effects.
By-the
widespread
/,://,.
/
on
its
in
/'
same measure
page
714
.
—,
lt§|f| THE|ffi||||
United States
Government
Securities
City of
New York Trust
Philadelphia
..?•
7*he
Company
.'/'•• !'/;■
/:•••' U.'
Capital Funds
.
.
•
/./':/ /
/Bonds
first boston
V
$37,500,000
CORPORATION
New York
„.
service with Chase
709
705
V/i;
rV'V'*V"
* 1 1'
703
.
64 Wall Street ?
6.:.-"V
(Incorporated)
Broaden your customer
705
Reporter on Governments—-—
"
OTIS & CO.
marketed
of securities legal for invest¬
(Continued
R. H. JOHNSON & CO.
(Thei-
-Says
large institutions, such issues
'/•
710 )
Corner
Markets—Walter
Salesman's
Tomorrow's
that-
handful
a
Securities
OF THE CITY OF NEW YORK
712
'
belief
are
favor
at its
York
NATIONAL BANK
705
shoulcLbe banned from the list
days before the
Under-Secretary
of
office had
to
as
so
few
The
fire.
expressed
where securities
portant.
tion
of New
State
convention this week.
CHASE
717
——
and the result of such carelessness
THE
710
—
_—
NEW YORK
IOO BROADWAY
CLEVELAND
Moncure Biddle & Co.
,
BOSTON
/"/
Chicago
PHILADELPHIA
? "
SAN
PRANCISCO
AND OTHER PRINCIPAL CITIES
New York
Chicago
"
BOSTON
PHILADELPHIA
PHILADELPHIA
AVENUE
MADISON
AND 40TH
BROADWAY
Members
TEN
Securities
New
York
Stock
Exchange
ROCKEFELLER
•
61
STREET
FINCH, WILSON & CO.
Carl IIIL Loeb, rhoades & Co.
V
PLAZA
Commission Orders Carefully
NEW YORK
HART SMITH & CO.
Kobbe, Gearhart & Co.
INCORPORATED
•
r
'
Members N. Y. Security Dealers Ass'n
45 Nassau Street
London
Buenos Aires
l'el. Rector 2-3600
New York
Teletype N. Y. 1-676
*
•
:
Member of the
New
52
-
Federal
Insurance
Deposit
Corporation
;
York
Bell
New York
Executed
and
for Institutions
Individuals
Members
Security
WILLIAM ST., N.Y.
Teletype
Dealers
Assn.
HAnover 2-0980
NY
Montreal
1-395
-
temporary i
a
enough to go
dip accom¬
panying disheartening news.
: ;
And if the drop doesn't come,,
you'll be able to buy bonds at
that
granted
some
.
period, anyway,
and watch."/,
in
offering
.
from the market for
t
unprecedentedly
of long-term 2^6% bonds.
.
better idea would be to draw back
important
the
the most intelli-1
gent portfolio policy to fol¬
low now is that of high con¬
'A.■
current
to
get
:
point first,
view to their
a
The same banker
upon
;
.
by
men
.
.
..
to win over the ! "competitive bidding," private '
placement, and proposed ingetting more from the
employers than the rival union. ; vestment by insurance comOther strikes are pulled to obtain % panies in common stocks, as
tantamount to the old town,
exclusive - collective / bargaining
meetings.
privileges and so shut the other
Out of this free and open dis¬
union
out
before
it
can
get
strong
enough; vide the AFL cussion, he believes, will come
streetcar-men's strike in Detroit. ultimately the solutions to many
union
.
including
American
thrash out their make this transition too abrupt——
forums. *
all these things make for great
securities
business,
people "could
the hour-to-hour, the day-to-day
i$ being written, the news from |
on
As this column
.
as bad as it has been at
any time in recent
The whole world is sitting on a keg of dyna¬
mite.
The position of the United States is becoming more
untenable with each development abroad. 7.
And—not to
years.
the
his own, as long as the
sue,
a
and
of
.
the war-fronts is
that he wasn't
future
.
.
Toronto
120 BROADWAY, NEW YORK
THE COMMERCIAL & FINANCIAL CHRONICLE
706
'
N.
'
-
Thursday, October 23, 1941
'
-
'
TELEPHONE
ON
KING-SEELEY
World's Master
The
'
:
capital stock
^
.
Analysis
^
.
Request
on
v
What will be
MORTGAGE CERTIFICATES
\
Bell
Atlantic
REctor
120
2-2300
Teletype
BROADWAY, NEW YORK
NY
Owners- of
tu
1-1693
0
Twin
City Club
Fenner
J.F.Reilly&Co.
Members
Dealers Assn.
Security
New York, N. Y.
50 Broad St.,
HAnover 2-4660
N.
Teletype,
System
"u Bell
Y.
1-2480
Common
&
.
Bonds
Stock
&
Eastern Footwear
Shuron Optical
-
«
! Teletype NY 1-4140
So.
Exchange
1958
5s,
Crescent Public Service 6s, 1954
Stevens
3
Thompson
'
also
We
Corp.
Oil
Houston
Paper
Vis, 1958
Eastern
specialise
all
in
Certificates
and
Stocks
120
BROADWAY
t
8.
'
BROADWAY
YONKERS.
2-7634
Belt
■
20
NEW YORK, N.Y.*
REctor
:
MArble
NY
Teletype
Corporation
-
Sbearson Branch To Be
to
redeem
on
and other leading exchanges,
the
is
Enlarged By Merger
day of October 2% of the largest
amount of this stock at any time
outstanding prior to such July 1.
associated
now
14
an¬
with
them
N.Y.
7-8500
1-2361
Information
Mr.
Street.
Pinkerton
formerly manager of the
MARSH and COMPANY
42
BO.
cor¬
TRADING
the
six
months
ended
1941, net income aggre¬
;
SECURITIES
as
a
&
until
Co,
new
and
adequate
quarters
ranged at
|
one
be
ar¬
can
.
location.
SHASKAN & CO.
firms are leading mem¬
of the New York Stock Ex¬
Both
Members New York Stock Exchange
40 EXCHANGE
and all other important
and commodity exchanges.
stock
have
They
many- years
been
with
and
York
offices,!, at
Stock
120
Exchange, with
Manage
R. H. Johnson Branch
formed
on
will be
Broadway,
November 1st, follow¬
in
PJL.,N.Y.
DIGBY 4-4950
C
Teletype NY 1-953
the
Neither firm is engaged
1929.
the
underwriting
of
new
in
Carey Trust Original
Group Number One Oil Co.
Postal
member, Joseph R. Nichols, gen¬ Leeds Mitchell.
Their principal
eral
partners,
and
Charles >C. Chicago office is located at 208
Hoge and James A. Moffett, 2nd, South La Salle Street, and. in
special
partners.
Messrs.. Sa¬ addition to the branch to be
ier.
"A"
Underwriters Group—All Series
securi¬
ing the dissolution on October 31st partners of Shearson, Hammill &
of Hoge, Underhill & Co.
Part¬ Co. will be: Wentworth P. Mack¬
ners of the new organization will
enzie, Arthur G. Cable, Farwell
be Martin B. Saportas, Exchange
Winston, Lawrence Howe,
and
Telegraph Com.
Southwest Co. Class
Washington Carey
ties.
-'
: ;^':!7;'!!v!!"!:77';
j After consolidation, the Chicago
PITTSBURGH,- PA.—E. LindKuhns has been appointed
manager of the local office of R.
H.
Johnson
&
Company,
New
York investment firm, which re¬
cently established a branch here
in the Union Trust Building.
Mr.
Kuhns, for over twenty years in
ley
Bell
principal
<
E. L. Kuhns To
!>;
i
identified for
the brokerage
business
investment
two
'
financial markets
in the country, New York and
Chicago, Shearson, Hammill & Co.
Nichols To Be Partner having been established in 1902
Hoge & Co., members of the and Winthrop, Mitchell & Co. in
New
1-1206
MARKETS IN
branch of Shearson,
retained
Hoge & Co.
For
YORK
NY
REAL ESTATE
bers
profit
and
loss & Sons, and prior thereto he was
statement of Safeway Stores, Inc., manager of the trading depart¬
and
subsidiaries, for the year ment for Dominick & Dominick.
ended Dec. 31,
1940, shows net
income, after all charges includ¬
ing provision for Federal and To Be
June 30,
Tele.
9-9085
Winthrop, Mitchell & Co., in the
Board of Trade Building, will be
porate trading department of the
New York office of Alex. Brown change
$4,786,-
BROADWAY, NEW
Green
.
Hammill
Consolidated
Canadian income taxes of
Request
on
as
of their New York office,
Wall
was
.
,/yW:
f
that Bledsoe C. Pinkerton
manager
first
projector)
The Most Effective \Yeapon for
H.
ReinhoSdt & Gardner
nounce
OFTHEYGUN
charge
Combatting the Submarine
Schmertz & Co. and prior thereto
Schoonover, deWillers & Co.
INC.
3-1492
meeting.
of the New York Stock Exchange
company
in each year to make
out of surplus a sum
1
Westchester
Bank
business
American Ordnance-
N. Y.
(depth
annual
HA 2-2772
- •
MANUFACTURERS
was
Carroll
sinking
a
,
Preferred
County Securities including Mortgage
■
of
requires the
gated $2,742,019.
Common
Co.
benefit
the
to
July
652.
&
Co.,
en¬
sufficient
HAnover 2-9470
Utilities
Cities
The stock is also
available
NEW YORK
WALL ST.,.;
64
titled
on
Co.
Curb
York
New
and
recent
WHitehalT
1920
Security Dealers Ass'n
BELL TELETYPE NY 1-423
'
elected vice-president;
CHICAGO,
ILL. — Announce¬
Babcock, Jr., Piper,
Jaffray & Hopwood, was chosen ment has been made that Shearreplace funds expended "by the treasurer,, and E. Byron Kairies; son, Hammill & Co. and the Chi¬
company for the purpose of pur¬ Merrill Lynch, Pierce, Fenner & cago office of Winthrop, Mitchell
& Co.-will be consolidated in the
chasing the assets and business Beane, ' was named secretary of
near future,
and that as soon as
of National Grocery .Company on the organization.
^ ,^ ;
,r the
present ; partnership
agree¬
Oct- 6, 1941, for the sum of $2,ments of Winthrop, Mitchell & Co.
750,000.
v.:
-;
are adjusted,
Leeds Mitchell will
The preferred stock is subject
become
a
general
partner
of
to redemption in whole or in part
Shearson, Hammill & Co.
:
;
on
any
dividend payment date
Upon completion of the consoli¬
upon 60 days' written notice, at
j Reinholdt & Gardner, members dation, the Chicago office of
$110 plus all unpaid cumulative
fund which
Corp.
Frank G. Masterson & Co.
Members
their
at
<,•
York
Exchange PI., N.Y.
mine.
Chromium
Broadway, New York,
I.
George Jackish, Harris, Upham &
.
dividends.
Detroit International Bridge
5
dinner
priced to the public at $109 per
Net proceeds, of $2,803,317.60 to be received by the com¬
pany from the sale of this 5%preferred stock will be used to
share.
Club
ers
is
stock
!
Berkeley-Cartaret
5x/is-46
The
Beane.
B. G. Pinkerton With
Commonwealth Gas
6s-48
&
substantial in-
Send for Circular D V
32
MINNEAPOLIS, MINN.—Joyce
27,000 shares
of
5%
(cumulative)
preferred Finrud, First National Bank of
stock, $100 par value per share, of
Minneapolis, was elected Presi¬
Safeway Stores, Inc., was made
dent of the Twin City Bond Trad¬
Oct. 22 by Merrill Lynch, Pierce,
Common & Preferred
York
a
40
CHARLES HUGHES & CO. INC.
Public offering of
Struthers Wells
Established
Members New
Large Producing
a
Quebec
,V V
Officers For '41-42
Stock At $109 A Share
Wickwire Spencer
New
in
terest
\
Lebanon
City
Safeway Stores Pfd
^
^
1-2033
NY
Teletype
Philadelphia
KATZ BROS.
GOMPANY
Exchange
WHitehall 4-6300
St., N. Y.
*Le stock of
on
BASIN MONTANA TUNNEL
Members New York Stock Exchange
Telephone
40 Wall
I
Stock
York
New
r
Wertheim & Co.
Yewburger, Loeb & Co
Members
PIPE LINE
the effect
:
SPECIALISTS"
ARE
"WE
MISSOURI KANSAS
Metal!
LOCAL
TITLE COMPANY
Worthwhile Checking:
CHROMIUM
Atlantic Coast Line Co. of Conn;
US
TELEGRAPH
V'"''T
z
OR
Westgate
.
Trust
Carey—Overriding
VlV'!;'Royalty 1 ■ s;"':;1 /'7
Westgate Carey Trust
JOHN J. 0'KANE JR. & CO.
Established
Members N.
.
42
■*.
DIpby
Y.
1922
Security Dealers Ass'n
Broadway, New York
4-6380
•
Teletype
NY
.
1-1525
portas, Moffett and Hoge were established
temporarily in the
formerly partners in Hoge, Under¬ Board of Trade Building, the firm
the investment business in Pitts¬ hill & Co., with which firm Mr. maintains an office in the Wrigley
burgh, was recently with Phillips, Nichols was associated as cash¬ Building which was opened in
BONDS
with
Active
RAILS
.
..
/;• ''
and
1
•
£^>7
to The
UTILITIES
m
Financial
Chrn-pclel
SAN FRANCISCO,
bert
L.
CALIF.—Al¬
Hammill, in partnership
P. Ahrnke, is forming
with Hans
Peter P.McDermott & Co.
Members
New
Members New
TRADING
65
York
York
Stock
Curb
Exchange
Etchange
DEPARTMENT
BROADWAY, NEW YORK
Tele. NY 1-1817-18
DIgby 4-7140
the firm of Hammill &
Louis Neilson Now
Transfer Co., 2
i';:
Rector Street, New York City, and
15 Exchange Place, Jersey City, v: Louis Neilson, member of the
N. J., has prepared a descriptive New York Stock Exchange, has
booklet on the advantages of their been, admitted to. partnership in.
dual
arrangement
as
transfer Halladay & Co., 14 Wall Street,
agents in both New York City and New York City. Mr. Neilson was
an
individual
floor
Jersey City, which > arrangement formerly
is acceptable to the New York broker and in the past was a part¬
ner in Appenzellar, Allen & Hill.
Stock
Exchange and other Ex¬
Registrar
Forming Own Firm
(Special
g.
Offers Interesting .Booklet
Albert Hammill Is
'..1vV
-•
Alabama Mills
^
May, 1939.
Moore, Leonard & lynch.
and
Halladay Co. Partner
Company,
with offices in the Russ Building,
to engage in a securities business.
Mr. Hammill was previously viceEdward Carleton has withdrawn
Copies of the booklet
president of Edgerton, Bourne & changes.
Company, with which he had been will be' sent by Registrar and from- membership in Halladay &
Transfer Co. on request. Co. -■associated for many years.
Birmingham Elec. 6% Pfd.
Birmingham Elec. 7% Pfd.
Steiner, Rouse & Co.
Members New York Stock Exchange
25 Broad St.
Brown-Marx Bldg.
New York, N.Y.
Birmingham, Ala.
NY 1-1557
BH 198
Direct Wire.
•
Trading Markets in
Trading Markets in
Commonwealth Gas
6s,
1048 & Common
Consolidated
Electric & Gas
A
6s,
1962
Amerex
American
Bank Stocks
Public Service Ind.,
Insurance Stocks
Talon, Inc.
WESTINGHOUSE
Triumph Explosives
Cy^namid Pfd.
Northeastern Water & Elec. Pfd.
'
*
National Airlines
Holding
"RIGHTS"
(1st & 2nd Warrants)
Bought—Sold—Quoted
Com. & Pfd.
*
Trading Department
.1
Prospectus
Southern Cities
Utilities
i
5s,
Incorporated
G.A.Saxton&Co.,lnc.
1NEW
YORK
DURYEA & CO.
Frederic H. Hatch & Co.
1958
BOSTON
Members New
63 Wall
York
Members
j.
.
65
Security Dealers Association
St., New York, N. Y.
Bell Teletype NY 1-897
New
York
Stock
Exchange
BROADWAY, NEW YORK, N. Y.
Teletype NY 1-1702
Tel.
WHitehall
4-0488-89-90-91
on
request
Wm. I. Fishman & Co.
40
WALL ST.
Tel. BO 9-8755
NEW YORK
Teletype NY 1-2150
vVolume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3997
154
COMMERCIAL and
V
FINANCIAL CHRONICLE
Reg.
a
Patent
8.
U.
William
-.
Publishers
25
1
Tomorrow's Markets
\
,
AND COMPANY
6V2S, Series A, due 1956
"
OPEN A
'
BEekman
■■>
|
3-3341
Herbert D. Seibert,
Editor and Publisher
,
Vj '
Walter Whyte
;
X
.
6 V^s,
/ yj
Series C, due 1955
;'; '
Inquiries Invited
.
■
y* • y
William
Dana
D.
Seibert,
-
Make
Says
President
Riggs, Business Manager
Thursday, October 23, 1941
Published three times
week
a
-
ht<,3«*>.•«.«.
Other
Market
for
fl
months.
South
..
and
Central
of the
fluctuations in
the
rates
of
with
What
In
On
ex¬
and
■
column
one
stocks in
tral
/
ance
so
reach
you
•
were
'
*
■>,. ♦
/■ *
it
<
a
N.Y. 1-1063
ft '"V
low of 24 34. This
means
which I
4V4».
U. S.
currently running
am
new
a
1972, is producing results
Send for
who
men
Appear At
Washington Hearings
-
.
now to
program
help
Members
,
New York Curb Exchange
Chicago Stock Exchange
in
you
,
*
/,
interested in what
are
card
a rate
39
in the Financial
Broadway, New York
DIgby 4-2290
Tele. NY 1-1610-11
t
<
| Kraebling
Exchange
and
Securities
13
sion- to
At
Named Gov.
Governors
of
the New
Dealers
York
Association
the
Inquiries
Bond
and
,
their. securityj
January, 1943.
Mr. Kraehling is
Invited
In
Co.
Title
&
Co.
Ctfs.
Co.
Ctfs.
Title
Co.'s
Mtge.
all
Bank
certain securities
,
In
Mtge.
Lawyers
Se¬
held
Trading and Exchange
(the., .times, of
Specialists
Lawyers
of
Divi-j on Oct. 16, 1941, Frederick C.
dealer^ Kraehling was elected a Governor
Who have failed to keep records, of the Association to serve until
of
Are
REAL ESTATESECURITIES
Security Dealers 1
meeting of the Board
a
the Director of; curity
letter sent by
a
the
When
Sugar Common
Joseph McManus & Co.
business-producing
,
1967
Globe & Rutgers Fire Ins.
proof that the Financial Chronicle does
further
Commission made public on Oct;
a
points gross. The
Savage Arms;
This one was originally
bought (before the Spli|?U|ij
17.
4-6551
International Railways of Cen¬
Time Of Transactions N.Y.
The
next stock was
at
WHitehall
you
transactions as required by Rules Secretary and a Director of Fred-i
stock X-17A-3 and Q-17A-4 under the; eric H. Hatch &
Co., Inc., one of
n*
was
issued-—4:l—it carried Securities Exchange Act of 1934. the oldest houses in the over-theJ
the cost down to 4.
On last Investigations made by the Corny counter business in New York,
'.'j
mission-h have indicated
that aj
At the same meeting Corwin Li
luFrank Cunne, .President of the week's break the stock; sold number of firms have failed to
Liston, Huff,
Geyer & Hecht,
•New^York Security Dealers Asso- off
to 15%. \ Our
stop,5 or keep: such records, says the SEC Inc., 67 Wall Street, New
York,
{ciation, will appear before the level
beyond which it should announcement, which also says: j and William I. Fishman, William
House. Committee on Interstate
hot have been carried, was :<'( The y two ;rules, ♦ generally L Fishman &
and Foreign Commerce on Octo-.
Co., 40 Wall Street,
;•
ber 28th in connection with the 17%.
Assuming it was sold y speaking, govern the making New York, were elected to mem¬
and.-preservation of books and
proposed Amendments to the Se+ as advised the gross result
Dunne To
STREET, NEW YORK
Aldred Investment Trust
from nineteen states.'*,,
is
have to sell.
planning
loss of 2 Vi
Teletype
:
Dept.
During the past month I have had
responsive audience,
a
"I thought that
says:
Money 5s,
Dealers; Must Record
•
-
bought at 27;
During the week
down and registered
sold
:
Securities
as
Anaconda
Broadway
on1
expectations.
Chronicle.
stop at 25.
NEW YORK
WALL
We
*
GUARANTEED RAILROAD STOCKS-BONDS
know that the ad,
to
my
This
follows:
BONDS
listed in the
called resist¬
These
levels/
Yonkers, N. Y.,
America Purchase
exceeding
responses
list have broken
our
through their
RAILROAD
52
99
O. Van Suetendael, Se¬
Mr. A.
letter,
Financial Chronicle
in the
anybody break out into a rash
of cheers.
The only thing it
has managed to do is go down
far enough
so that a few
Specialists in
Telephone
would like
.
written to make
was
unsolicited
an
curity Dealer of
'thing and
another, the market y hasn't
done anything since the last
change,
BO. Or, 9-6400
Exchange
Curb
Obsolete
.
■
Advertising Results Exceed Expectations
v
Spain, Mexico and Cuba, $29.50 per year, $16.75
months; Great Britain, Continental Eur¬
(except Spain), Asia, Australia and Africa,
remittances
for foreign
subscriptions
advertisements must be made in New York
funds.
\
' •. • •
York
to
little
more
WALTER WHYTE :
By
ope
account
New
on
regardless of
—
•
/
Yorfi Stock Exchange-
now
every
not it is
or
Telephone:
than a fitful
rally;- hence time has not
arrived
to
start
a
buying
campaign; more details be-
America.
NOTE:
New
Members
apparently Has not
enough for
for 6
$31.00 per year, $17.50 for 6 months.
Members
on
us
services.
yet built up reserve strength
''-;vT-;
from
security
whether
Street, New York
Telephone HAnover 2-4300 •
A v Teletype NY 1-5
[every
Chicago—In. charge of Fred H.
Gray, Western Representative, Field Building
(Telephone State 0613). London—Edwards &
Bmith, 1 Drapers' Gardens, London, B.C. •* :
Copyright 1041 by William B. Dana Company,
Reentered as second-class
matter September
12.1941, at the post office at New York, N. Y.,
under the Act of March 3,
1879.
<.i
Subscriptions in United States and Posses¬
sions
$26.00 per year,
$15.00 for 6 months;
in Dominion of Canada, $27.50 per year, $15.75
rule
a
with
traded
Spencer Trask & Co.
25 Broad
offices:
it
check
t
Thursday (general news and-adver¬
tising issue) with statistical issues
'';; on Tuesday and. Saturday]
;
"CHECKING"
ACCOUNT HERE!
Frederick W. Jones, Managing Editor
William
LiCHTfnsTfm
"
First and Collateral
New York
Spruce Street,
*>•■
General Public Utilities Co.
'
Office
Dana Company
B.
•
707
other
Trust
Ctfs.
Participations
Complete Statistical Information
.J.G0LDWATER&C0.
new
INC.
'
•
Members New York Security Dealers Assn.
39
Broadway,
HAnover
New York,
2-8970
Teletype
N. Y.
NY
1-1203
'Market Place for"
.
Act of
Icurities
1933
and
the
SeJ
other business records by mem¬
approximately 13 points
Jcurities Exchange Act of 1934.
;JVlr. Dunne will strongly oppose profit. The last stocks in the
list which penetrated it's -stop
* any amendments to the Acts that
*
might lead
| pand
to
legislation to
"Unlisted"
ex-
was
was
Swift & Co. This
PrivT recommended
Trade
lieges" by the Exchanges, in se^
with
tcurities that are now traded in the
.make and preserver
record of
the times at which transactions
but
constiviolation of Paragraph
executed
tutes
a
•:
iover-the-counter markets.
*
.JShould
%/V Xv; eoStywas
proposedAmend¬ It's
the
an
ciation asserts, it might mean the
Extinction
(trading and
*
dealers
I
unified
over-the-counter
warning to all
of
is
a
that they must present a
front
opposing
in
any
changes to the Act that might be
detrimental
to
the
over-the-
point
'•
23%]
was
get down to 22%
so
X-17A-3
list.
a
/
*„
to
Elect New Officers
y ;
(Continued oft
page
716)
;
/
Rule,
of
the extent feasible,,
of
was
kept
and,
the time
each
transac¬
The phrase 'to the
tion.
fi feasible'
Angeles Traders i
that
specifically -requires
1 0£ execution'
.,
stop at 34, current price about
37; New York Shipbuilding,
•feasible
extent
intended to be ap-;
that
ANGELES,
'Bond Traders
I
Angeles elected Joseph
Ryons,
vice-president of the Pacific Com¬
pany of California, president of
'their group at the regular meetTing held October 15th. He suc¬
ceeds Miles A. Sharkey, O'Mel*
venyv
"y
Wagenseller & Durst.
the
case
by
the
to
•
v
Co.,
was
named treasurer.
Jo?;
authorized to effect transactions
Gnverncffs.:,-;:
I therefore suggest that your
take prompt steps to in-i
firm
sure
of
the recording of the times
all
your
as
transactions
Committeeman,
National
;Elemer
-
E»
other
in
Even
all
unusual
as
by
RETAILING
well
transactions.
,
situations
OPPORTUNITY
time
when the transaction
be noted.
,
was
Long Beach Gas 5s, 1956
Circular
Request
"
•
-
N. B'WAY
-
YONKERS, N. Y.
N. Y. City Telephone
••
MArble 7-9524
Yonkers 2318
ATLANTIC CO. 5s, 1952
;
;
-
CARRIER CORP, 41/2s, 1948
CLEVELAND TRACTOR CO. 5s, 1945
CONTINENTAL ROLL & STEEL FOUNDRY CO. 6s, 1950
Eastern
Corporation
Bonds, Preferred
HAMILTON MANUFACTURING CO. 5s, 1951
Common
SCHULZE BAKING CO. 6s, 1945
&
Warrants
Bought-—Sold—Quoted
Complete
THERMOID CO. 5s, 1951
sent
statistical
on
report
request
R.E.Swart&Co.
INCORPORATED
>
and
Tully & Coi, was named alternate.
on
.
«a
Meyefs, * Mitchum/
executed
trading department
of
.
.chosen
HAnover 2-7783
St., N. Y.
Teletype N. Y. 1-1481
>for the account of the firm.
JBell Teletype
Co., was re-elected secretary.
*1 -Ralph DeFoe, Fairman & Co.,
John A. Alexander, Cook, Miller
& Co., and Sam Green, Pledger &
-Co., were .electedwto the„ Board
Miles ^Sharkey't >was
Broad
executed, the rule requires that
at least the approximate time
interested in:
are
&
few
Tel.
STEIN BROS.
50
15
We
Iseph G. LaPuma, Mitchum, Tully
.of
Flour Mills of America
Majestic Radio &
or purchase, as
be, is entered into
trader or other person
In
'this connection, I wish to point
out
that
our
experience "has
Appliances
sell
where it may be physically im¬
possible to determine the precise
the exact time of execution.
Home
Cinecolor, Inc.
may
plicable only in exceptional cir¬
cumstances where it might be
actually impossible to determine
i
Bendix
A. 0. VAN SUETENDAEL
-y •
Oliver B. Scott, Wyeth, Hass &
;Co^ was elected vice-president*
and Thomas Euper, J. A. Hogle &
/
the
meaning of the rule when the
Ordnance
Bareco Oil
fact
action/is 'executed' within
CHICAGO
.;
^
INCORPORATED
■
-•
»
,.t.
40
'
NEW
YORK
,
Communications,
American
in
keep the times of
'trading transactions/
might also add that a trans-i
CALIF.—The
Association of Los
is
to
*
LOS
it
so-called
chase and sale of securities' for
The gross result in this
a loss of about 3/4 of
.
demonstrated
contract
\
emphasize
to
the account of your firm be
which must show 'the price,
was
point.
" fy: !
that 'a memoranda of each pur¬
intents and purposes We can
now consider it as out of the
one
wish'
.I
]Pa»agraph,y (a) y (7)
to all
1
f
,
This leaves you with three
stocks: Bendix, bought at 37,
(
Los
.
managed
business, and not appro¬
counter
priate in the public interest, y
n\ | ■'
to
fe-n^i^tt^readinpart:
brougl®do^ot
ments be enacted into law, the During the week it
vNew York Security Dealers Asso¬
normally
interim dividend the /. (a) (7) of Rule X-17A-3.
critical
bership in the Association.
Failure to
are
Air
and -other
exchanges
brokers and dealers.
one was
24%
at
of
bers
LOW PRICED STOCKS
Tel.:
EXCHANGE
HAnover
PLACE,
2-0510
NEW YORK.
Tele.:
NY
1-1073
;
v;
•\
!.■
■
THE COMMERCIAL &
708
FINANCIAL CHRONICLE
Thursday, October 23, 1941
BIRMINGHAM
City of
Canadian
iia, Pa.
Mining
Securities
Due Jan.
Complete
available
statistical
all
on
UTILITY PREFERREDS
35&% Refunding Bonds
Traded in U. S. Funds
MARX & CO.
1, 1968/1954
BIRMINGHAM,
data
mines
Canadian
ALABAMA
"TT*
Priced to yield 2.00%
Macdonald & Bunting
Toronto
Members
Broad
41
Stock
Exchange
Tele. NY
HAnover 2-7673
Toronto
1-1619
120
HARVESTER
Output and
Labor Costs Rising
i
The
hourly output of
manufacturing
worker
<
Quarterly dividend No. 93 of one dollar
seventy-five cents ($1.75) per share on
the preferred stock,
payable December 1,
1941, has been declared to stockholders of
typical
a
:
DALLAS
in
the
Bought
United
record at the close of business November 5,
almost every year since 1929, and
the record for the first six months
you contemplate making
send in particulars to the Editor
1941.
of 1941 shows the trend to be
lication in this column.
WHITE, Secretary.
LOEWS INCORPORATED
v.
'X 1 $1.62
per
share
on
on
has
increased
Industrial
Conference
Board,
quarterly dividend of K
the outstanding $6.50
the
issued
| September 25, 1941
VANADIUM CORPORATION
•'
'
October
N.
Y.
16, 1941.•
ter
a meeting of the Board of Directors
today a dividend for the third quar¬
of this year, of twenty-five cents per
share
declared
payable November 3,
1941,
to stockholders of record at 3:00
o'clock P. M., October 27, 1941.
Checks
was
be
will
mailed.
•
in
•
A.
j
'
to
Day
first
the
of
1941
exceeded
numbers
P. J. GIBBONS, Secretary.
*
Great Southern Life Ins. Co.
^
Standard
1
!
the
to The
&
Poor's
Publish¬
Dallas
us
has
become
on
to The
Arthur
—
RAUSCHER, PIERCE & CO.
& Co.,
with. Tifft
associated
DALLAS,
-
vV'-'iV.
' -.fy"::'
the
staff
Corpora¬ writers,
82 Devon¬ Street. "
of Massachusetts,
shire Street.
been
—
added
Guaranty
310 West
J.
to
Under¬
Adams
Trading1 Markets la All
:
(Special
Financial
become
has
LOS
Chronicle)
MASS.—Robert
BOSTON,
Cushman
has
of
DETROIT
Chronicle)
FLA.
■
to The
(Special
Financial
Inc.,
Management
Equitable
the
(1929=100),
to The
W. Page Atkins
Moore, Jr., is now connected with
tion
(Special
JACKSONVILLE,
Chronicle)
MASS.—Robert
BOSTON,
TEXAS
Ft. Worth-Houston-San Antonio
staff of
Company, Brothers, 125 Pearl Street.
&
Financial
.
Southwestern Securities
Chronicle)
CONN.
with^aune, Webber
years
Ry. & Ter. 6% 1951
All Texas Utility Preferred Stocks
Check
Financial
"HARTFORD,
Southwestern Life Ins. Co.
Poor's
Frederick Newton, for the past ten
seven
yearly average. Expressed
index
'••?» .vy
v
(Special
A.
ter R.
associated B.
1940
to The Financial
MICHIGAN
Chronicle)
ANGELES, CALIF.—-Wal¬
Usher is
Franklin
yearly average was with Georgeson & Company, 24
110.3, and the 1941 seven-month Federal Street. Mr. Cushman was
average, 118.5* For 1941, worker formerly .with W. F. Rutter, Inc.,
output was highest in June, at Russell Dean & Co., and Brown
McHugh
STOCKS 6- BONDS
with Samuel
now
&
Co.,
215
West
Seventh Street.
With
and
employment
Brothers Harriman & Co.
(Special
,
LOS
Financial
to The
(Special
623
Chronicle)
BOSTON, MASS.—H. Prescott
Fluctuations in the cost to the Brigham has joined the staff of
Sears
Corporation,
68; Devon¬
employer of an hour of work
to The
Financial
ALISON 6-
Chronicle)
ANGELES, CALIF.—Ruth
joined the staff of
Company of California,
South
Hope
Street.
CO.;
Membtrs"Detroit Stock Exchange
has
Pacific
going up faster than pro¬
duction, it dropped to 118.9 in
York,
At
held
1940
with
(Special
i.V>-
wages
OF AMERICA
New
greater in 1940 than
than in any interven¬
in
months
?
nected
122.2.
TREASURER
Avenue,
worker
the
THOS. A. CLARK
Lexington
-
was
or
ing year, and with production
demand increasing, output per
The
Board of Directors has declared a regular
quarterly dividend of 50tf per share on the out¬
standing Common Stock, payable on November 1,
>1941, to stockholders of record on October 15,
.1941*. The transfer books will not close.
i
over-all output
typical
manufacturing
worker
PRODUCTS CORPORATION
420
,
in 1929
NATIONAL DISTILLERS
;
"Financial Chronicle)
added
been
Charles
average
a
of Putnam & Co., 6 Central Row.
Pike was previously con¬
Sears Building.
ther said:
Quoted
>
Republic Insurance
Marcus Mr.
BOSTON, MASS.—Leo J. Gagne
has
to advance only in 1932 and 1938.
Board's announcement fur¬
of
:
^
to The
(Special
The
The
—
Straus Securities Co. and Wise &
first half of 1941. This index failed
DAVID BERNSTEIN
•
in
x—
Pepper
New Mexico Gas Co. Com. & Pfd.
Chronicle)
KANS.
productivity Smoot, Inc.
1934, 134.0 in
1939, 140.0 in 1940, and 142.1 in the
Vice President & Treasurer
personnel, please
of the Financial Chronicle for pub¬
Corporation and
Building.
Mr.
Henry
ing Corporation,
previously connected with
was
in 1929 to have been
payable on the 15th day of November, 1941 to stockholders of record at the
close of business on the 28th day of Octo¬
ber, 1941. Checks will be mailed.
Financial
worker's
reached
116,5
Sold
Dr.
your
fessional
per worker
100,
to The
additions to
W. Henry has become associated
with Earl E. Shell Co., Inc., Pro¬
Considering the hourly output
October 15th,
pany,
.,'
(Special
ATCHISON,
of
Cumulative Preferred Stock of this Com-.
*
If
con¬
Economics
—
in
Sept. 19.
EVERYWHERE"
'"THE Board of Directors
1 1941 declared a
of
The
October 17,1941
'i
States
tinuing, according to the current
monthly labor survey of the Divi¬
sion
•'THEATRES
•
American
-COMPANY
SANFORD B.
and
,
CORPORATION BONDS
and
<
SOUTHERN MUNICIPALS
1879
REotor 2-6265'
Teletype NY 1-356
/
DIVIDEND NOTICES
INTERNATIONAL
ESTABLISHED
Broadway, N. Y.
York
New
Jackson & Curtis
R. D. WHITE & CO.
St., New York, N. Y.
BUHL BUILDING
Phone Cherry 4366
Teletype DE
222
July.
have been
more
uneven
in the
shire Street.
.
.
(Special
to
The
MIAMI,
ham
Financial
has
become
ated with Guaranty
since 1929 than those in
worker hourly output, but -the
cost was lower than in 1929 only
years
to The
(Special
Financial
Inc.,
Chronicle)
138
Chronicle)
FLA.—George
Tinder
Beck¬
associ¬
Active Trading Marketg
Underwriters,
Shoreland
Arcade.
In
THE
BRIDGEPORT, CONN.—Ira M. the past Mr. Tinder was Miami
Grishaver, formerly; local mana¬ Beach Manager for:;H.;'Hentz &
1931, 1932 and 1933, and by
' *
'r/;
ger for E. R.-Davenport 8rCo.V is Co.
1937 had risen to 113.4. The 1940
now
connected" with
John M.
LEECE-NEVILLE
in
.
School Savings
The
amount
of
money
on
de¬
posit in school sayings accounts
rose to $34,417,238 as of June
30,
.1941, according to the 22nd an¬
nual
report
school
savings
compiled by the Savings Division
the
of
on
American
Bankers
Asso¬
ciation.
Money deposited by school
children in their school savings
accounts
during the 12 months
ended
on
that, date
amounted
to
The
Association's
an¬
was
shown
to The
(Special
Financial
affiliated
Chronicle)
Although the labor cost per
of output has kept fairly
CHICAGO, ILL.—Earl C. Pet¬
ersen,
formerly
with
Alfred
well below that for 1929, it stood O'Gara &
Co., Thomson & Mcat 90.4 in 1937, and at 85.4 in
Kinnon, and Fuller; Rodney &
1940. The average for the first
Redmond, has ecome associated
seven months of 1941 was 90.6,
with Rawson Lizars & Co., 135
slightly above the 1937 average. South La Salle Street.
.«
In July, unit labor costs were
at 94.4, only 5.6% below the
(Special to The Financial Chronicle)
CHICAGO, ILL.—Dixon Jordan
average for 1929.
unit
son
zer
is
Hall and Charles B. Hintern-
of the firm remain the
vestors
same.
in
in
the
school
savings
Connecticut,, and
Virginia. \
Albert H.
the
Farmers
"Two Decades of Inflation"
West "Our Two Decades, of Inflation,"
which
was
read
before
the
Con¬
Crosby, Treasurer of temporary
Club
of
Davenport.
and Mechanics Sav¬ Copies of this pamphlet, which
FOND
du
Financial
Chronicle)
Request
NEW
YORK
CITY
Hochstadter
has
ated with
Building,
thereto
was
Wollman
should
be
of
great
interest
&
a
partner
Co.
and
in
W.
J.
SEC
Teletype
DE
49
Applications For
Registry
Broker Dealer
The
following applications for
Auerbach, registration
ers
'
have
Securities
(Special
to The
Financial
PORTLAND,
E.
Ayers,
nected
Chronicle)
*
MAINE—Walter
has
Jr.,
with
R.
become
,
II.
con¬
Johnson
&
Co., 31 State Street, Boston, Mass.
Mr. Ayers was previously with
Timberlake
&
Co.,
and
prior
thereto with Bowers & Co. and
Jordan, Lavin & Co.
(Special
SAN
to The
Financial
Chronicle)
JOSE, CALIF.—Frank P.
has
Franklin
of
been
added
Wulff
to
&
the
Co.,
mission
to The
SEATTLE,
has
L.
Financial
Chronicle)
WASH. —Florence
joined the staff of
Fenton,
Securities
.
of
as
brokers and deal¬
been
and
on
made
with
Exchange
the dates indicated:
members
maining the
of
the
same.
firm
(Special
to The
Financial
Chronicle)
re¬
.
!
Retailing Opportuninty
An
attractive
retailing oppor¬
by Long Beach
Gas 5s of 1956, according to a
circular just issued by A. O. Van
Suetendael, 15 North Broadway,
Yonkers, N. Y., from whom copies
tunity is offered
<
the
Com¬
Sept, 17,1941—Edward F. Swenson, Bassett Building, Palm Beach,
Fla., a sole proprietorship.
Sept.
18, 1941—E. A. Straw,
Inc.; 875 Elm Street, Manchester,
N. H., Virginia S. Straw, Earl C.
Dudley, Jr., and John R. McLane,
officers, continuing the business
of E; A. Straw, deceased.
Sept; 20, 1941—Coons, Milton &
Co., 232 Montgomery Street, San
Francisco, Calif., Robert B. Coons'
withdrawn as a general partner,
admitted
as
a
limited, partner,
other
(Special
' Oshkosh,
Wis.
Mr.
previously with C. Lester
Lac.
Bell
613*
associ¬
Pollak & Richardson.
Donlon
with the Commercial Company
Cadillac
^
was
du
Walter
Broadway.
Mr. Hochstadter
was recently connected with Har¬
ris, Upham & Co., and prior
Murray Co. and prior thereto Building.
Fond
—
become
120
fice is in the First National Bank
M.
BLDG.
DETROIT
Ilennig, whose main of¬
now
VAN GRANT & CO.
FENOBSCOT
connected .with
is
Carl
Bucker
704
LAC, WIS.—Leo J. Inc., Bank of America Building.
Bucker
M.
Lynch,
Beane,
S T. LOUIS, MO. — Andreas
in
ings Bank, Minneapolis, Minn., is
Joseph Andersen has been added
(Special to The Financial Chronicle)
Chairman
of
the
Association's present conditions, may be had by
HARTFORD,
CONN. — Alan to the staff of Slayton & Co., Inc.,
Francis Pike has joined the staff Boatmen's Bank Building. "
Committee on School Savings.
writing to Priester & Company.
STOCK
on
Telephone
Verdier
to The
(Special
ings bank balances were made
Henry C. Priester, president of
in California, Maryland, Ohio, Priester &
/Company, Davenport
Georgia, Rhode Island, Texas, Bank Building, Davenport, Iowa,
Washington,
Minnesota,
Ala¬ has written a pamphlet entitled
bama,
Merrill
staff
deposits
the remaining 17 states.
Notable gains in school sav¬
with
Pierce,
Fepner
&
Marquette Avenue.
Service.
■
v
Prospectus
.
engaged primarily in the
hoff have become associated with
nouncement issued Oct. 14 further
practice of law and wishes his
Harris, Upham & Co., 135 South
stated:
name to be solely identified with
La Salle Street.
Mr. Hall was
More than 2,239,000 pupils in that activity, and in recognition
previously with Lee Higginson
8,193 schools took part in the of the services of Mr. Harold R.
Corporation; Mr. Hinternhoff was
school
savings program.
The McCIure, the name of their part¬
formerly with Jackson & Curtis
schools are located in 37 states. nership
has been
changed to
and prior thereto with Fitch In¬
In 20 of the 37 states, deposits Harold McCIure & Co.
Members
increased. A decline
COMPANY
COMMON
—-
—
Withdrawals during
the year, however, reduced the
is now affiliated with Thomson
net balance remaining on deposit
&
for the year tp $3,571,504. This net
McKinnon,
Board of Trade
Mr. Jordan was pre¬
amount, added to the cumulative Now Harold McCIure Co. Building.
aggregate savings remaining on
WARREN, PA.-—L. C. Jamieson viously with Lamson Bros & Co.
deposit
from
previous
years, &
Co., Warren Bank & Trust
(Special to The Financial Chronicle)
brought to $34,417,238 the total Building, announce that due to
CHICAGO, ILL.—Francis Caydeposits in the
school savings the fact that Mr. Lewis C. Jamie$12,772,474.
banks.
-
119.6, and the aver¬
Meyers, whose main office is lo¬
(Special to The Financial Chronicle)
age for the first, half of 1941
cated at 165 Broadway, New York
MINNEAPOLIS, MINN.—Paul
was 127.8. The index for June,
E. Casserly, for a number of
City.
years
at 133.6, indicates a continuing
with Paine, Webber &
Co., is now
rise in labor cost per man hour.
average was
may
be obtained
upon
request.
Volume
DETROIT
v
j
.
^
Guaranteed
''.u .i j
-v/v'T
Boston Terminal Railroad
'
LISTED AND UNLISTED
I
709
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3997-
154
Railroad
SECURITIES
Company
3V2S and 4s
Stocks
:\ ••!
Bought—Sold—Quoted
Abitibi Pr. & Paper 5s,
Bonds
3o$cpb (ilalker$ Sons
M*mkm h(rw York St<xk
Exibumg*
New
Members
of
Members
Exchange
Stock
Detroit
120
Broadway
61
NEW YORK
BUILDING
PENOBSCOT
2-6600
York
Stock
Broadway
'
New York
5Y2a,
Pacific
3s, 1945-3^8, 1951-4s, 1949
SECURITIES
REORGANIZATION
DETROIT, MICH.
Consolidated
,,
51/as,
'»•
RAILROAD SECURITIES
Stock
Curb
There have been
OR
Exchange
York
Associate
Stock
Detroit
bond interest or
40
DETROIT
ties.:It
Phone
Teletype
4-4832
DIgby
NYSE Odd-Lot
Securities
The
St. Louis Listed and
Unlisted Securities
Edward D. Jones & Co
1922
LOUIS
Members
New York Stock Exchange
St.
Louis Stock Exchange
Chicago Stk. Exch.
Chicago Bd. of Trade
Assoc.
Member Chicago Mercantile Exch.
New
York
Curb Exchange Associate
Long Distance
Teletype-ST L 593
Postal
Bell
7600
1-1779
Trading
of
the
odd-lot
dealers
for
all
ac¬
dealers
and
specialists
Odd-lot Sales by Dealers:;
Purchases)
(Customers'
Number
of
Orders-.-^^.—
Number
of
Shares
14,156
359,348
i
"
r\
Value
Dollar
Odd-Lot
-
SAINT LOUIS \
13,721,933
„
Purchasers
Dealers--
by
:
tj
•'
:
.
•.
■
Customers', Short sales^._^+
Customers'
of
.
sales
other
Customers'
Number
short sales—_
Customers'
St.
Stock
Louis
16,132
16,380
a__
totaI\sales
Customers'
Members
248
r?.;
jy
Shares:
other
sales
6,457
•
381,435
a
total sales
Customers'
387,892
Exchange
Dollar
Value
Round-Lot
Weekly Fi?m Changes
announced
has
Stock Exchange
the
following
of Howard
111., ceased as. of Oct.
Chicago,
5,1941.
Edward B. Condon
retired from
ceased, in Sincere & Co.,
partnership in Hilbert, Condon &
Bassett, New York City as of
Oct. 2nd; the firm has been dis¬
solved, effective today. ?
Jank Stock Interesting
he
current
situation in stock
Bank & Trust
Jublic National
lpany
is most attractive
:ent time,
by
■
86,290
Shares—
at the
with
Sales
marked
"short
exempt"
are
re¬
.
a
may
be
New
Stock
York
York
Exchange
market
conditions
is
there
ture
which
can
only through
Taylor, Bates Admit Two
James F.
and
;
are
Curb
Exchanges,
as
tal revision.
be
to
the
merely
corrected
of
root
the
postponing
matter,
the evil
Such argument does not contend that
of No¬
just because
to
earn
its
a
road is unable
charges
interest
Toronto
will
Jr.
be ad¬
Bernard,
&
York
(Special
,
/■
■
Financial
to The
MICH.
Chronicle)
—
Scott
V.
the Bond Department of the Cen¬
We
can
supply several lots of
tral
Trust
Company, has become
associated
RAILROAD BONDS
In
at
substantial concessions below
of
Pflugfelder,
61
Rust,
Invited
1
WALL
ST.,
NEW
New
&
York
34
1, 1939, to date: High—
5/6, low—143/4, last 32%.
/,/
YORK
NY
Teletype:
3-3450
Bampton
Broadway,
City, shows the following range
LEROY A. STRASBUR6ER & CO.
WHitehall
&
The defaulted railroad bond in¬
dex
issues.
Inquiries
Hutton
Defaulted RR Bond Index
prevailing levels for coupon bonds
same
E.
W.
Form
Registered
of
with
Co., 121 West Michigan Avenue.
1-2050
recession
the
over
near
term.
It
-
might " help
one
year
or
depression
two
in
years
it is
It does
period
heavily bonded.
a
too
con¬
however, that a road
basically
overburdened
should
have
had
sufficient
the
Colorado
&
Southern in effecting its plan for
placing part of its interest on a
contingent basis.
Required as¬
tend,
sents could
not
the
earning
excess
normal
aside
over
or
a
in the
to lay
carry
it
power
good
surplus
years
to
the lean periods.
85%
for
under
the
past eight or "Lackawanna" which
has
in
operated profitably only once
The most
beneficiary,
however,
the last nine years.
obvious
would
be
& Hudson
Delaware
connection
with
its
(virtually
maturity
debt) early in 1943.
in
$49,000,000
its
entire
There is no
possibility of meeting this matur¬
ity in cash, and for some time it
has been reported that the man¬
agement has been working on a
plan for at least partial exten¬
sion,
without
benefit
of
any
Chandler Act.
We specialize in
Wholesaling to Dealers
Oil Royalties
Send for
JOLIET & NO. IND. 4s/57
STUR. GOSHEN & ST. L. 3s / 89
MOP
thus be reduced from
called
pending proposal.
It might also
bring some action (expected pe¬
riodically for a long time) from
"Katy" which has covered
its
charges in only one year of the
SEABOARD ALL FLA. 6s/35
^
•
Rutherford, formerly manager of
MIL. NOR. 4'As/39 (Brown)
thorough capiTemporary sus¬
a
day of accounting.
•
Rose,
LANSING,
that
ing a portion of the charge on
contingent basis does not get
:
1-395
Rutherford With Hutton
to
a
~
■
chance
going
pension of payments or plac¬
Donegan and David G.
vember 1st.
no
are
HAnover 2-0980
NY
Montreal
November 1st.
Chicago
-
are
obtained
Hoit, Rose & Troster on rerelease
or
If
ible.
1940 levels and a
the
full
non-assenters
running well Reuter will be admitted to
part¬
substanbenefit
should be derived nership in Tayloi^ Bates & Co.,
48 Wall Street, New York City,
n any improvement in money
s, the analysis states.
Copies members of the New York Stock
earnings
ye
a
temporarily such that public re¬
funding onerations are not feas¬
according to a brief
parative analysis just issued
doit, Rose & Troster, 74 TrinPlace, New York City.
Pres-
Members
New
A property just able to scrape
through by a small margin in
get the normal years is a constant
set
their full face value in cash it is
to liquidate a long position which is less
threat which should be eliminated
much easier to get holders to ac¬
than a round lot.
through
court
processes.
The
cept the terms. Likelihood of re¬ quick failure of the Chicago Great
currence of the difficulty can then
;
1
;;y '
Western
interest
postponement
be minimized by a provision in
plan of 1934, and subsequent real
Chromium Looks Good
the plan calling for the segrega¬
reorganization is cited as a case in
Chromium is today the world's tion of a substantial part of any
point.
master metal, and the effect of future earnings for use in debt re¬
Revival of the Chandler Act at
present demand on the stock of tirement.
this time would apparently have
Basin Montana Tunnel Company,
With respect to the real
limited application unless put on
owners of substantial interest in
a
| efficacy /• of proposals for
permanent basis or unless we
a
large producing Quebec chro¬
interest adjustment there is
run
into an unexpected business
mium mine, offers interesting pos¬
less
general
agreement.
sibilities, according to a circular
There
is
a
feeling
in
being
distributed
by
Charles
many
quarters that inability
As brokers we invite inquiries
Hughes & Co., Inc., 32 Broadway,
to
meet
interest
charges
on blocks or odd lots of
New York City.
Copies may be t should be accepted as prima
highest grade rails
had upon request from Charles
f facie evidence of a funda¬
Hughes & Co.—ask for Circular D.
We also maintain net markets in
mentally top-heavy debt struc¬
a
"other sales",
b Sales to off¬
customers'
odd-lot
orders, and sales
Crosby
Foster became a special partner
in Foster & Adams, New York
City,
/
Interest of Ben E. Sincere, de¬
estate
Purchasers
of
>
210
sales
Dealers—
Number
as/it applies tp prin¬
cipal maturity extensions. There
is no reason why a road otherwise
soundly capitalized and well able
to
support its debt should be
forced into a full reorganization,
in
■
ported with
weekly firm changes:
The
Round-Lot
:with.. the
Act •insofar
112,420
*
>
■
Short sales —:
The New York
been ,little quarrel
aims of the Chandler
>
112,210
by Dealers-
Other sales b
Total
Bear, Stearns & Co.
contracts
consequent loss to all con¬
cerned, just because on a specific
date the company does not have
cash to meet a principal maturity
12,458,675
Sales
Number of Shares:
N. Y. Stock Exchange
has
There
.Number of Orders::
f
Menko
for Jan.
-•v.;
■
N. Y.
Teletype
mitted to partnership in
fulfilled.
.
(Customers' Sales)
ST.,
York
Co., 11 Wall Street,
City, members of the
New York Stock Exchange, as of
Chandler Act was
original
their
WILLIAM
Winkler
along with the management
they
find
non-assenters
having
1965
HART SMITH & CO.
New
naturally a feeling of resentment
on
the part of those who have
gone
'•
;
Bernard, Winkler Admits
Issued)
(When
happier than that of "Nickel
in its periodic extensions
the 6% notes.
There is always
when
509 OLIVE ST.
Railroad
Plate"
of
•
Power
1961-69
4s,
Bell
Securities
Under
far
for Week
194*-?
&
Winnipeg Electric
New
individual class affected.
each
of
roads under the
stock
york
new
on
Total
■
4s,
52
Reorganization
this Act, Baltimore &
specialists who handle odd lots on Ohio was able to put a large part
the New York Stock Exchange, of
junior interest on a contingent
continuing a series of current fig¬ basis for eight years and to ex¬
ures being published by the Com¬
tend impending principal maturi¬
mission.
The figures, which are ties.
Lehigh
Valley
actually
based upon reports filed with the
postponed a portion of junior in¬
Commission by the odd-lot dealers
terest due from 1938 to 1939 for a
and specialists; are given below: fixed
period of five years and
stock
transactions
for
the
also extended near term maturi¬
odd-lot
account
of
odd-lot
ties.
The experience of these two
Week Ended Oct. 4,
Co.
:—
proposals.
Under the Chandler
Act, a plan of readjustment, that
had been approved by the I. C. C.
and
exchange
&
nrinrinal
r\r
eliminated
and
odd-lot
transactions
the
St/x
in+orocl
Exchange and the court, was binding on all
Commission made public on Oct.
security holders if assented to by
20 a summary for the week ended holders of at least three-quarters
Oct. 11, 1941, of complete figures
of the total claims affected, in¬
showing
the volume
of stock cluding at least 60% of the claims
count
CEntral
N. Y.
5530
ST. LOUIS
Phone
principal mat.llT*i-^>
maturi-^
the problem
of holdouts which have been the
bete noire of all other voluntaryUr>r-i/-l
Exchange PL, New York
■
1962
Water
preceding the armament boom.
lean years
S. H. JllNGER CO.
Ford Building
Established
The Act was
designed to facilitate voluntary plans of readjustment of
invited
Inquiries
Boatmen's Bank Building, ST.
reports recently that an attempt will
Chandler Act which had a one-year
tryout in 1939 and was the vehicle by which Lehigh Valley
and Baltimore & Ohio escaped judicial reorganization in the
Exchange
Randolph
1956-63-73 :;
Shawinigan
be made to revive the
Chicago Stock Exchange
Telephone:
y2 s,
4s,
Members
York
3
•/Quebec Power
Watling, Lerchen & Co.
New
Paper
1961
Montreal Light, Heat & Power
BIDS MADE ON BONDS WITH
New
1946-50
CODS
&
Canadian
Teletype—NY 1-310
J Bell
' '
RAILROAD
Co.
Bonds
Exchange
t
Telephone—DIgby 4-4933
Brown
&
RUST
PFLUGFELDER, BAMPT0N
Charles A. Parcells 6» Co,
1953
CODS
&
our new
booklet
"PETROLEUM ON PARADE"
It
will
help
sell Royalties
you
5!/2S/49
1. h. rothchild &
tellier & company
co.
11 wall street
HAnover 2-9175
Members
Eastern
specialists in rails
42
n. y.c.
Tele. NY 1-1293
Oil
Royalty
Broadway
Bowling
Green
9-7947
Dealers
Ass'n.
New York City
Teletype NY 1-1171
THE COMMERCIAL & FINANCIAL; CHRONICLE
710
Thursday, October 23,1941
■
f
Bank and Insurance Stocks
>
CANADIAN BANK
Insurance
This Week—Bank Stocks
'
OF COMMERCE
Stocks
-
-
.iv
*<■
HEAD
OFFICE:
y.
■
Members
of
funds
Corn
New
at
York;.. (3')
(4)
is
&
2039
3-6s,
'
Chestnut
1421
Phila.
Street,
Teletype—NY
Teletype
Philadelphia
PH
present
York
the
assets.
conducive
hardly
substantial
rise
total
a
to
in
to
a
money
to
ranges
idividuals
net
the
on
well
of
use
Interested
in
and
in
.
London,
earning
from. 0.43%
dom
v
sub-stations
Dam
assets
year
a
in
the
Service
South
Texas
Company
offered
ago
re/*/
King-/v
Texas. /
Electric
'
nearly
to
-
a/1
handle
its existing lines,
over
England;
!
and
/ of
Port
Spain,
of INDIA, LIMITED
/
Bankers
'
YORK
Head
distribution also affects the
but it would be important enough
to the large New York City banks
earn¬
it
ings rate, the above bank keeping
higher than average maturities on
heavy positions in
Government securities, its chief
short-term earnings assets.
earning asset.
/v //,/;/
The
following table indicates
the effect on earnings of an as¬ j !■;' It
is apparent, therefore,
which
average
f
of return on present volume
earning assets of leading New
York City banks: - ;
•>'
;
V\
of
1%
in
rise
rate
<
that,
even
trol
have
important
an
"bank
effect
The
in
Committee
;
that 7 (1)
wage
in¬
have not been the cause
.
outrun
rises
in
Strikes
have
not
retarding
Bankers
Trust
Bank
of
Bank
of
and
Corn
1,170
had
the
(4)
329
'///---A.——1;
Exchange
Empire
F'rst
353
;
Trust
7,074
Trust_____.._„
656
Farmers
Trust
CO.
4.90
/■
0.27 s
(a)3.92
1.06
(b)1.74.
493
•
and
(a)Operating
3.36
-
mestic
and
not
all
increase
the
of
in
above
gross
vary
vidual
earn¬
ings should be reflected in net
income, because such rise in yield
not
creased
sist
in
by
itself involve
expenses
readily
and
uncontrollable costs such
It
will
1%
be
rise
noted
in
that
return
depending;
on
in
as¬
tify
the
would
in
depending
.
now
bank
of
in
money
earnings
to
that
a
American,
.;../•■///: \
a
Washington .state-,
single week.
"for
Mr. Hen¬
3,000.
corpora¬
1940."
SEC
with
compared
year,
Commissioner Burke
-
terest
in
common
investment
."bet
on
sure
stocks/ is
bankers
things."
ber
prefer
,
Arid
T
,
:
f Peoples-Pittsburgh Trust Co.
% *
i
Union Trust Company
Inquiries Invited
i
if1
i.\
A. E. MASTEN & Co.
Est.
1891
PITTSBURGH. PA.
Members
N.
Y.
Stock Exchange
Chester;,
Water
Service
Company by the Chester, Penn¬
sylvania,
Municipal
Authority,
when
the entire
matter
was
dis¬
missed
today by the District At¬
torney of Delaware County with
•
The
eleven
other/ men con/
including formerState
McClure, City and Water
Company officials and a group of
local lawyers
and businessmen,
.
heretofore in three
different trials
this
Company
of
water
the
revenue
the
Reserve
FOREION
258
DEPARTMENT
i
I.
■ ■
■
£3,780,192
fund__.
Deposits
£4,125,965
£69,921,933
——
'
..
/
■
.
,
Z •//.';/ ;/•••/ Associateed Bank
Williams Deacon's
;;
Bank, Ltd,
P-39
Australia, and, Nsw Zealand
Remember when
:/
W$
bonds
acquisition
system by the Au¬
thority.
According to Thos. D. McBride,
have been found not guilty of any
Water
*
connection'
with
purchase:
The Court today approved the en*
tering
any
of
and
charges.
BANK~OF
NEW SOUTH WALES
*.;
you
ESTABLISHED
£8,780,000
Reserve
Fund
Reserve
Liability of Prop.-
8,780,000
a nolle prosse /against
all remaining counts or
/ ■
///.>- '■./
£23,710,000
.
/Assets
30th •%
•
<
t
Sept., 1940 /u..—--i,—£143,903,000
/ Aggregate
I
tive,crafts,
is
pretty
the
The
move
ship
a
an
O.
exporters
K.
' "
,
/
,
„
all
in
Wales is
States
of
the oldest
With
»
/
over
Australia,
in
and
;
traders and
efficient
countries.
banking
travellers
to
■
in
'
" :
>
these
////,/.;/■
E. C.
Berkeley Square, W. 1
47
{
...
,
OFFICES:
Threadneedle Street,
f
,
investors,'
Interested
/■'
■j:/,,':/*:/ LONDON
29
service
'
/
,
'
■
Agency arrangements with Banks
'
'
*
'
throughout
the ll.
8.
•
A.
Importers and
under
are
,
of New South
<
American port without Wash-1
ington
K.B.E.,/
Manager
Zealand, Fiji, Papua and New Guinea,
London, it offers the most complete
and
•
4
George Street, SYDNEY
largest bank in Australasia.
branches
New
>
and
from
General
;
Bank
.' and
comparatively calm. Under
the
Ship Warrant Act you
can't
'
>: 870
much
storm-center
•
Head Office:
the defense program is draw¬
-
.
/ SIR ALFRED DAVIDSON,
\
It's hard to realize how fast
i
6,150,000
|
industry—particu¬
larly hard if you're in Wall
Street,
because
the
Street,
being already a group of cap¬
/ ;/
1817)
Paid-up Capital
v
how.'
fast-
controls;
Henderson's
chief
/
argument against the BaruchZ »
price-control plan is the dif-
,
metal-us¬
;
ing industry is to be strained
[
through OPM's priority divi¬
i- ficulty of administering it. //
"the
ron's,
sion,"
whole
' The
people
tighter
to
for
equipment
be
the
allocation
placing
-
farm
are
guinea-pig
down
$6,000,000
water
More fun!
RFC
in
finance
O:':
-
ofTlces,
Capital (fully paid)
Brewster,,Buffalo, Republic's
Senator
wrongdoing
to
the
cerned,
the approval of the Court.
Their
firm •
purchased
approximately
issued
Bell's- sensational:
tightening control. Says Bar¬
C. W. McNear and Robt. L. Philadelphia attorney, their /-ac¬
Creek, partners of C. W. McNear tions throughout the transaction,
& Company, Investment Bankers all .of which were done with ad1
of Chicago, were exonerated to¬ Vice
of
counsel, / conclusively
day from all of the alleged con¬ showed their entire good faith and
spiracy charges in connection with that there was no intent at any
the purchase in December, 1939, time to do anything improper.-/
Fidelity Trust Company
Whyte
of
3 Bishopsgate, London, England/
(,
interceptor ships—Lock¬
odd-looking P-38 inter¬
inside
this
j
first National Bank at Pittsburgh
number
CHIEF
so
to
the
.
major bombers most
ing Washington control round
opined that investors' lack of in¬
im¬
Exonerated
of
Banking
Manager
William
Total
Suit and
60%
cause
the
1727
OFFICE—-Edinburgh
General
B-24:
tions profits\after taxes will be up
it
rates for
show
Wild
thai
Detroit
cur¬
actual
HEAD
perimental
beet-growers,
the
derson told the Economics Club of
major
portant improvement.
mean
-
Philippine All the above and many more can
further out of be easily identified/ if you know
inside
system.
I Three
ments in
on
the data jus¬
require
Charter
Over
American
and
volume
conclusion
not
upheaval
taxes.
increases of 17% to 59% over
rent
indicated
net
income,
variation
differences
this
indi¬
among
maturities policies, and lever¬
However,
the
would
banks,
age.
rise
as
as
in¬
would
absorbing
widely
Royal
Years of Commercial
200
have
you
by
shuts
sugar
American
is
defense
if
assumed
should
tension
Javan
0.88
(b)Excluding
recoveries.
Most
continuance of
picture.
Cuba/can expand
production more easily than do¬
s
1.64'
5.17
:.
earnings*
Incorporated
to
the
0.89.
1,139
352
Bank
?•
0.71
Lease-lend this Spring
Britain
assures
Eastern
17.69,
,
14.87
510
"3,
City
:
Executorships
undertaken
Royal Bank of Scotland
buying (Britain this month raised were /proud - you could identify
its sugar ration 50%) ; while. Far the -different automobile makes?
2.14-
103.50
::v
ings,
•
,0.88;
647
-
355
National
•Including
3.80
4.41
■>
178:
> 426
City
York
Fubl'c
Trust
0.83,
0.82.
1.79
,
2,978
108
;
2.28
9,973
\ 1,962
Trust ;
Manufacturers
New
587
,
2.09'
12.60
'
1,291
Irving Trust
•National
2,466
855
'
National
Guaranty
516
i
1,522
1 the
as
and
of
business,,
pro¬
buy Cuban Thunderbolt- (P-48), the Douglas
(instead of/Empire) 7 sugar,* and A-29-A, seen over New York re¬
the American navy in the Atlan¬ cently/ * •, Ryan's
curious-looking
and
other
tic, plus the reduced rate of sink¬ YO-51,
specialties.
2.92
1.93
—
land-laws
exchange
strike
news, like Boeng's B-17, Douglas' monster ex¬
ican's
description
every
are
re-enabled
0.63
;
4.99
517
price blow-
and
/
.
.
conducts
banking
Irequently in the
heed's
R'can
companies
expe¬
American sugar firms in ceptor;
structures.
' 8.15
,
'6.28
333
National
Rise on
:J $0.99
1.18
397
1,884....:
1,315
After
v
the
Zanzibar
.
.
(3)
seriously
a
defense
on
that
value.
earned
Ceylon, Kenya
and
Capital.
.£4,000,000
Capital /,. .-.£2,000,000
Fund ". .1.
.£2,200,000
also
typically processors, not 'Airocobra, Curtiss' P-40 and its
And in the last decade antecedents P-36 and later mod¬
they've reconstructed their plants els, you can branch out into such
and in some cases their capital less .frequently
seen
models as
14 of 1%
20.26
:
637
National
Commerc'al
./
253
Trust
Hanover
Chemical
5,021
of
even
Puerto
Eg.. Assets
$3.15
•
there's
over
Aden
Trusteeships
is
over
Cuba
to
$573
3.259
Manhattan
Brooklvn
Central
Chase
York
New
V
$397
.«•
a
Bishopsgate,
E. C.
Burma,
prices,-that
effect
duction,
in
Uganda
growers.
9/30/41
:
is
war
and
Bank
of the rise in prices, that (2) in¬
creases. in prices have generally
worry
on
rience;
12 Mos.
Funds
this country
in Cuba.
So
and
and
26,
India,
Reserve
B-19,
North Amer¬
(all 4-engine jobs)
the B-26 (Martin's
off
nor
subsequent; depression.
2-engine
Moreover,
there's
little < such sensation) yo"u can tackle the pur-
Profits'
Available
both in
Act)
in
Paid-Up
Commissioner of Labor Statistics
Lubin told t the House Banking
arid
Indicated
Assets
system
likely to be neither
Per Share
Earning
or
more
whenever the
Effect would
earnings.
reliable,-.being
less assured" by the con¬
(Sugar
rate of return should
average
of
fractional rise
a
much
more
keep
sumed
is
Government
Colony
Office:
London,
funds
available
the
to
/ Kenya
AGENY
Branches
situation
invested
in
SUDAN
NATIONAL BANK
Exchange PI. & Hanover St.
creases
I
Havana;
"definitely improv¬
A great many different things
ing."' >/'•'■/;.
••
(capital
funds seem to have
combined to explain
i
Washington people are so droll!
plus deposits).
For example, the the
recent
-This would not mean an im¬
strength
in/ Cuban
bank earning 1.46%
on
earning shares. Cuba's
gross income from
portant rise in the whole rate
assets keeps a 71% invested po¬
structure that would upset bond
sugar is likely to run $175,000,000 l If you want a real hobby, try
sition.
The
"leverage" ratio— this
year against $110,000,000 in learning to identify the different
prices
and
invoke
Treasury
earning assets to capital funds— 1940 and an
average of $135,000,- military planes being built in this
money
market powers to keep
also affects the extent to which
000
a
rates low.
from 1935 to 1940. country/; You will be surprised
year
However, a fractional
the V\ of 1% assumed rise is mag¬
This is nothing compared
rise in short-term rates may not
with how many times what you can
nified on capital funds.
Maturity the
be objectionable to Washington,
1920's, but on the other hand learn will prove of interest and
the possibility of fractionally
Z better short-term rates.
Towns
the
C.
the
)
and
./
B
Street, E.
all
Subscribed
carry
from the Possum
which
://'/'■•■/■'
to
in
Branches
Colony
miles ; of %
500
William
EGYPT
Bridgetown,
NEW
j
1111111
'
important/;
every
Jamaica;
Barbados,
-1
£3,000,000
AGENCY
principal
in-
'
i:
£3,000,000
.
.
,
■/////■'/ //*'////Z
.^Kingston,
•
.
Canadian
/./city and town in Canada and New-/
foundland, also in Portland, Oregon;
/.San. Francisco; SeattleLos Angeles;
.•
""
1
'
scarce f
work
on
King
life,
equipped to
pri- y
with
great extent, in turn,
position—the
volume of earning assets to total
depends to
suggest
up on
transmission lines and the
;
earning
on
prepar- 4
REA
,
Phone
on
,
Current
rates, the trend is sufficiently
downward
This
1.46%,
financial
and
/serve- corporations, firms
including copper, the
is going merrily ahead
power
return
is
OPM
2-2280
257
net
the
business'
vate
re¬
by
commercial
metals,
quired
dip
While such
ithe
7
.
ik'248-49',)?„
inspectors to check
HAnover
1477
"1
'
LONDON
and
6
This Bank is in close touch with"';
'"'of Canada and is
ihg to send out thousands of
Pfd.
New
Phone
Locust
"
/
.
H.N.NASH & CO.
factors,
$1,000,000,000
sharp
1
Trinidad.,
Phila. Transportation Co.
excess
year-end.
is
Bell
,
While
at New York may
below
f
these
possible that
serves
//
Provident Trust Co.
Seasonal
Considering
it
;
(Continued from First Page) //,
sponsibility for the
negligence.
The RRC, it seems, simply didn't
know the dangerous conditions.//?
Lives etc,
on
Philadelphia National Bank
Ex¬
increase in
circulation.
On the other hand,
the factors chiefly responsiblie for
the past growth in excess reserves
—inflow of gold and foreign cap¬
ital, and open market operations—
are inoperative.
1
Exchange
YORK CITY
/
Exchange Natl. Bk. & Tr. Co.
Penna. Co. for Ins.
FUND
1
20,000,000
Branches
pansion in earning assets and de¬
posits;
Stock
Central-Penn National Bank
pther centers and pull on bankers
balances
York
/business.
to
RESERVE
/
MARKETS IN
requirements
take about $500/
$30,000,000
/Reserve—
reserve
(which should
000,000); (2) Shift
Paid-Up Capital
V
(L. A, Gibbs, Manager Trading Department)
fj Factors in the offing should
in
:
'''
Cairo
1
1867
FULLY PAID CAPITAL
'; i
Telephone: BArclay .7-3500
<♦>
operate to cause further reduc¬
tions: (1) The Nov. 1, 1941, in¬
crease
New
BROADWAY, NEW
No.
■
Established
in all % %
Laird, Bissell & Meeds
120
Cairo
"
Register
.
of New York
cember, 1938.
Office
Commercial
i
TORONTO
111
City member banks drop¬
ped to $1,695,000,000 Oct. 15, 1941, a decline of $1,725,000,000 (50%) compared to year ago and the lowest since De¬
reserves
invited
Unlisted Issues
<•
'
'
-
•
Inquiries
prospect that excess reserves at New York may
continue to decline substantially has stimulated discussion
of the possibility of firmer short-term money rates.
;
Head
1
sy.
The
Excess
i NATIONAL BANK
f EGYPT
/
Bank and
system
priorities.
subsidiaries
used
new
•
1918
re¬
of
moving
Much
commodities.
are
to
be
Bankingloans
divided into cate¬
separately
lated./Civilian use of
gories
is
on
and
the
way
power-loving
seem
alarmed
the
Dealers
admin¬
istrative problems of the new
be
>
feverishly/
industry
done
under
in
eastward./
ten
the
years,-
first
and:
third
fiv%-year programs,- with'their heartless diversion of
every ;
ounce of
capacity from the creak-/
ing
Russian
industrial
into armament.
For
'out. /.Even
New
at
regu¬
copper
their
can
,
particularly since ,1928
particularly
major4
all
and
the Russians have been
Through
plus crack¬
excess
ownership
ting
'*
even
private in¬
ventories, Washington is get¬
on
Russia is by no means
through
if Moscow/ is taken. "Since
:
as
and
.
the
of Russian
the
as
•
-
:/ /
machine'
u/
;
.
*
quickest way to think
geography, imagine it-'
United
(Continued
States
on
in
page
reverse/-:
714)
Volume
Number
154
711
CHRONICLE
THE COMMERCIAL & FINANCIAL
3997
l-Vr
TRANSFER
STOCK
The' Securities Salesman's Corner
OTHER
AND
will
find
develop this column into a clearing house for
Bond Series—Low-Priced Bonds
• You
If' we could pass along some things that the other fellow is
Idoing which is helping to meet ^present-day conditions it no doubt
Preferred Stocks—Income Series
arrangement
*•"
It is our desire to
[ideas.
alt
he of some interest to
would
1
criticisms and any
,l ] •'••*-'j
or
Prospectuses
T'Vv** -V
He
yeais
more
many
"same
struggled
have
could
for
Now!
along
with the
fired the manager.
even
'he
gate and the same old
poor
of "let's wait till next year"
if he had tried to build a pennant
winner out of the material he had
cry
this—he
didn't do
He
hand.
on
got new players. He bought them,
he traded for them, he brought
them
from the minor leagues,
League, and some
even
castoffs—put together
up
American
the
were
they became the champs.",
who
Salesmen
-
have
s '
been
j
covering the same old rounds
of the
the
old prospects
same
"second
old
same
replace
„]■ sion"* results =; should
such
and clients-—
talent.
One of the
prospects
with
new
easiest
•
with j
divi- -'j.
things for
anyone
,
f
to .4
Sales-. -*•
exception—yet^v
ido is to get into a rut.
/
are'
men
•
,
too
many
old
no
calls
on
the same;
without
track,
any
;
ap- .]
them.
next
/S'}; -"/*
'.In order to facilitate this weed¬
ing out process, providing this
gentle prge may be the motivat¬
ing force, here are a few ..sug¬
r
earnings on a "wait till
year
„
one might ask
going through a
questions
gested
when
himself
eared, prospect
:Vltil. After all the calls I've made
does prospect still appear to be
worn,' dog
well
.list.
aloof, rather reserved, or grudg¬
ingly polite? You'll know, we all
have these cases. - If so; toss him
out—life's; too short, and there
"
are
too
many
mbrd\ prospective
easier to cultivate
and eventually do business with.
clients that are
judgment here, though, some¬
times these fellows are the best
customers once you know them.
Use
"■
■
1
2.
very
'
customer
Is
one
(of
these
nice fellows who bought teii
stocks a year ago,
shares of listed
little J evidence
yet
is such / a pleasant fellow that
whenever
salesman
is - in the
neighborhood he has to stop in, if
who : gives
•
'
of
»
-
very
business or radiation,
more
for a
.
;
of] the
program,
"power" behind the market, a
borrowing program
in
would be
/
COMPANY
,
miles
hundred
answered
^
.
•
months of 1940.
j
a%J
The:;End of the Guaranteeds
a
announcement
his
In
a
concern¬
rum
ing the "every other month" cash
prospect; * borrowing, Morgenthau proposed
three and a ^ that the Treasury become the ex¬
account. >
dollar
million
He developed it.
clusive borrower in the
Govern¬
He sold this
1
5.
Is
this prospect
•
the hard to see
ing
call
inaccessible!,
fellow necessitat¬
backs too numerous to
while, or is he the
make it worth
kind
■
a
who
keeps you
waiting for
long while before you can
have
him go:.
Don't bother with time wastersthere are too many other invest*
ors «you
can call on that won t
a
short
interview—let
•
amounted to $38,009,
was $212,553.
•
Substantial decreases
were
Net
i
]
made
.
'
.
.
•
.
nowhere.
Toss
out the lemons-
get
ne\y
names—see
some
new
faces—but
ones
even
if
there
handful of them.
than
customers
ers.
keep
-
good
only
are
a
Better six good
sixty
>.
v
-
.
some
the
time wast*
,'\v:
has
been, dominant
for
years—a
policy /under which Morgenthau
attempted to. make the agencies
self-sufficient
was
far
as
concerned.
financing
as
his
Now
.
.
program aims at just the opposite
goal]-for his new idea will mean
that- the agencies will lose the^r
identities
in ; the
Government
,
/•r.i
Our
Reporter On
|
,
market.^
Morgenthau has made several
nificant
announcements-—
sig{
an¬
.
Government-
on
guaranteed issues are apparently
worth: exactly
nothing
at this
from
and
lime
on. *
now
The; premiums
;
near-maturity
on
obligations are not justifi4
able'under any circumstances. .I
The Issues may be held just as a
agency
substitute
other
cash—and
ior
reason
at all.'
.
It's a good plan, by
for
s
.
the
Virtually all authorises
no
•
,
way.
.;
.
Gov¬
on
ernment bonds agree to that.
.
nouncements of
to
.
of the company's
totaled $170,730 com¬
pared with $134,568" for the cor¬
responding period last year. After
all expenses but before loss of
$12,705 on sales of portfolio se¬
curities, net profits for the six.
months amounted to $143,403 com¬
pared with $132,514 for the like
period of 1940.
""
; *
*
Eaton
&
■;•''
*
.
Howard
Balanced
Fund
Eaton & Howard Balanced Fund!
net asset value per
share on Sept.
$17.56, compared with
$17.44 on June 30, 1941, and $17.07
on Sept. 30,
1940.
The following
schedule, taken from the report,
30, 1941
shows
was
the total
net
worth
of the
.
continuation
a
of
a
similar
improvemnt shown in the preced¬
ing quarter^ As of Sept. 30 there
888,894 shares outstanding.
were
"The
dividends
declared
and
reported
by portfolio
companies for the first half of
1941 give renewed evidence of the
ability of the chemical industry
to adapt itself to present condi¬
earnings'
the report.
"In the
face of defense priorities, labor
conditions,
price
controls
and
tions,"
says
per
Sh_
Due
to
$17.07
the
number of shares
$17.44
increase
$17.56
in
the
outstanding, it is
expected that the Fund
soon
will
register 500,000 additional shares
with the Securities and
Commission.'
In
Exchange
connection
this registration a
new
will be prepared
ber. ]/>■■':y:. .
.
/.;;:]]/']
with
prospectus
early in Novem¬
■
>.
The
;
.
.
NATIONAL INVESTORS
•CORPORATION
.
..
any
Treasury
cially for
a
a
(1)
.
Prospectus
^
on
on
request
Wholesf
Morgen-
thau's plans are available at this
HUGH W.
writing, "but it is likely that the
Treasury Department Treasury
will
continue
issuing
means
,All
for
/No definite details
PROSPECTI
Department—espe¬
time of worldwide chaos.
'What it
;
is that:
.banks,
<
.,
]<■.
•
insurance
companies, individual invest-
j,
y
$150,"000,000
instead
-
of
of
bills every week
$100,000,000 — the
k
amount it has been selling in
1
J'
(Continued
on page
MAI
714)
re-
1JTAN
UND
BO
„
least every other month." , .•
That is a tremendous task
•
15
PYNE,
>
,
.
KENDALL
&
HOLLISTER
484 Bloomfleld Ave.
Monlclair, N. J.
/. j
September dividend of 20
share was the 38th con(Continued on page 713)
>,
cents per
every
Among the most significant was There has been. no distinction be¬
his statement .' to his press ;cori4 tween the types of issues.
/ *,
ference that "we will most likely And
they
have
confused
the
have to go into the market at financing picture.
at
half
fiscal year,
.■
,
.
first
the
Fund, number of shares outstand¬
Inc., taking securities at market ing, and the net worth per share
value, increased from $8,051,113 to on Sept. 30, 1941, compared with
$8,397,055
during
the
quarter June 30, 1941 and Sept. 30, 1940.''
ended Sept. 30, and asset value
:
Sept. 30,
June 30,
Sept; 30, >
and liquidating value per share
1940
1941
1941
?,vfrom $9.00 to $9.44.
This increase Total Net
Worth i $3,010,207 $3,488,628 $3,651,652
in asset and liquidating value, ac¬
No. of Shs.
cording to the quarterly report
Outstg—
176,290
199,936 • 207,854
being sent to stockholders, repre¬ Net Worth
sents
This is important news.
Hie ;]?]"right$w
.
this one is already
bagged—but by another house.
j
income
,
.
game,
penses
,
prime importance There* has,; been, no
sense
to
investor in Government Government-guaranteed securities
get the glory of finally making a
bonds, • to every present and^fu* for a long time, for they have
sale to him.
You may make an
ture ' holder
of
United
.States been simply substitutes for direct
occasional sv.le to this type, but
obligations. V.*/';•/;?*
obligations of- • the Treasury.
1
the odds are against it—go after
bigger
curity dividends received during
the quarter totaled $250,562. Ex¬
/ ment' ; market—and . that it take
in several portfolio holdings dur¬
client- the
right) securities.^ *»ver the financing operations of
ing the quarter.. Important among
Slowly he developed the ac- *; all
the
Federal
lending
agen-: these were the sale of 700 shares
count until today he is - one/i
•eies.l;.:]: ';//v].••.;\!];'/ of Deere & Co., 1,200 shares of
of
the
executors, has com- ';j
That statement, an astonishing General Motors Corp., 1,200 shares
plete direction of the entire -»
one
to. most observers, forecasts of Homestake Mining Co., 2,400
fund—and as you may have -i
the end of Government-guaran¬ shares of International Nickel Co.
already
guessed — he's f no J
teed
obligations - in the United of Canada, 800 shares of Louisville
/ longer
a
salesman; he's s got; :j
States.
It foretells the end & Nashville RR. Co., 600 shares
the
headaches
of
being
in 1
of such securities as RFC notes, of Montgomery Ward & Co., Inc.
/'business' for-- himself.^.' Commodity
Credit Corporation The only addition to the portfolio
He ivbuldii't have' made this call
notes] U. S. Housing Authority was 1,500 shares of P. Lorillard
though if he had been wasting his obligations./
Co. /,// '/••"] ]•
]'.
time on a box full of worn out
]/•■'•/ ■'.']■
* ' ■ ' *
•:
/•' •' '
..It marks a reversal in a finan¬
prospect cards that for too' long
?
cial policy of the Treasury that Chemical Fund, Inc.
had been leading him exactly—
/
Net assets of Chemical, Fund,
•
•
r
-
Cash dividends and taxable se-]
The
happened to be
half
one ;
on
advertisement
firm.
his
by
call
to
who
prospect
newspaper
too.
about
traveled
salesman
,•
'
Investment Company Reports
impossibility....
an
f3)
.
-
prospect tied up with another house so tightly that only
a miracle will pry him loose? Forf
'
/ constant
yVESTO^^
social'call.
/H. Is
Investment Trusts
Treasury financing
for : without some
k;
,
.
v
(2)
]
"Governmenls"
;
Jersey City, N. J.
,
.
Official support of the
market is to be a vital part
'
Too many
of these cut down on the income,
even: if
they are pleasant com¬
panions for killing time.
(Continued from First Page).^
3. Is customer or prospect the current levels for some. time. \1
kind who wants ten dollars worth This market is not going to run
of information, statistical service, away on the upside with so many
reports, etc., but only can supply uncertain factors bearing i: down
about one dollar of business in ret upon it. '.
:*'sS'r
*
r
'
turn.These are hard to let go,
Cash Financing, / 4- J -!■......v, 4
but if you want,to increase your
In - the
last ''Week/; Secretary
business—better do it!
even
15 Exchange Place
New York
and
maturity
-
1899
2 Rector Street
:
to buy in-
opportunity
•
,
'
opportunity
have
termediate
you
down
now
jSegistrar anh Qlrmtsftr (Enmpany
'
Any sharp break in Gov¬ Broad Street Investing
high taxes, the chemical industryernment bond prices—or any pro¬
has continued its growth."
Corporation \
Income from cash dividends for
Broad Street Investing Corpora¬
longed decline—is considered un¬
enough and every time'he sees
likely as long as a task of such tion reports net assets of $5,598,503 the six months ended Sept. 30,
you he's reminded of something
magnitude
faces
the
Treasury on Sept. 30, 1941 which compares
unpleasant.
Sad but true—he's
Secretary.
r.
■ ■ with $5,482,793 on June 30,
1941/
harder to move now than someone
The asset value of the company's
V,; (4) Similarly, any great change
who never saw you before.
ip- interest / rate levels is to be capital stock was $21.01 on Septj
Other cases "such" &sZ this;/cah/he
On June 30, the asset value
deemed out of .the realm of prob¬ 30.
added to this list. After the weed¬
was $20.11, while on Dec. 31, 1940
ability.* ;.
•
ing out process go after new ac¬
the asset value was $21.05.
The-chances are the next major
counts.
Better two or three sub*
XjOvernm.ent borrowing will take :-.,A distribution of 25 cents 2j
stantial accounts that are mew and
share, which was more than cov*
profitable during the /'"net / few place v in; / December, when Mor¬ ered
by net dividend earnings for
PROSPECTUS ON REQUEST
>
•months plus keeping what other genthau may refund the $426,the quarter, was paid on Oct. L
profitable accounts still remain on t)00,000 .134%> tax-exempt notes, The declarations from net income
HUGH W.LONG and
due. .March 15, 1942.. .^
any salesman's list—than all thes£
iNCOtroiAiio
75
.It's possible that financing may to date this year aggregate
other idle calls that lead nowhere;
15 EXCHANGE PLACE
634 SO. SPRING ST.,
cents a share which compares with
get up]to the $1,500,000,000 mark
JERSEY CITY
LOS ANGELES
Several years ago a certain |
67 cents a share for the first nine
basis."y
•
is
f
.
day before you see
■''V' /
i
security from
it
for Our Booklet
at 100—or at prices below the
/'then market level.
/
-
and because
price never
fails to remind you of it and who
shows by his attitude that he can¬
not
be
revived
into
a
regular
client.
Let him go too—he's had
a
preciable increase in business, j
is a sure way to keep one's "]
,
■'
'
Call
&
long-term Government bonds
6. The fellow who once bought
'
acceptable to the New York
Exchange and other Exchanges.
ESTABLISHED
will
;
after
...
kill half your
***
*»
*
ors
;
dual
our
CORPORATION
^.One Cedar Street, New York City«
to discard.^
knew how
He
wood.
SECURITIES
RESEARCH
When Larry McPhail came to Brooklyn a few years
ago the Flatbush faithful didn't have much of a ball team.
Within three years he produced a pennant winner.;": Or
haven't you heard?. This may not have much to do with
selling seurities but the lesson lies IN HOW; HE DID IT.
: The first thing McPhail did was that he got rid of dead
advantages in
Transfer Agent in New
request
upon
NATIONAL
One Good Prospect Is Worth Ten Time Wasters
SAVINGS
Jersey City, New Jersey, which
arrangement is
,
Trust Fund
Mutual
First
York and in
;
Stock
(•'
?
Low-Priced Common Stocks
>
J
DEADWOOD
j'
;,
In this connection, we
concerned.
sincerely . appreciate your comments
suggestions'you might wish to send along.■[ '■
Vwould
as
TAX
EXCHAS^ PL.
JERSEY CITY
N
REQUEST
dors
COMPANY
034 SO. SPRING ST.
LOS ANGELES
rrrr- r*r~rr?7'
"7,T^7r^"rr7777rry":
:■
>.VV/.v
THE. COMMERCIAL & FINANCIAL CHRONICLE
712
FLORIDA
..
transferring
By
.
Thursday, October 23, 1941
$60,000,000 ; of
grade -crossing >* balances; v $30,-
000,000
Mnnieiplf^ews & Notes
SI!
^MUNICIPAL BONDS I !
FLORIDA
The
;
most
MUNICIPAL BONDS
ties
ing
better.
of
Lot?,
yielding 1.70
five
considered.
be
will
1956 and
to
up
Clark, Kohl^ Eyman
-
LIBERTY: STREET, NEW TOR
Tel. CO 7-5593
the
and
Defense dollars are revitalizing
i
?
the
spent
far-reaching
but tnoughtful iead-
effects now,
; :
planning
for the future—planning in the
hope that today's economic bless,ing may not become tomorrow's
-ers
and
looking to
are
•
curse.
H: '"■$
qq.
■
:
will
expanded
,
Local
been
asked
heeds
economic
their
state
to
industrial
and
•
for use* when defense
spending ends, and in Arkansas,
a State planning board is devising
capacities
yviVjways
"
come
for years to
than $200,000,000
utilizing
of
the
more
worth of war-like plants already
authorized;.1
Thus
the
far
millions
many
have poured
in so quickly and so
unexpectedly that the situation in
the South as a whole is confused.
There
is not a single Southern
however, whose economic
position has not been improved in
some way by the defense effort, a
7%
24
11
65
21
13
66
1920—
8,786,573,000
65
1925
7,983,442,000
39
1930_-_ 10,232,238,000
36
7
v
7
28
indicated.
-
-
the
of centralization would
appear to have been proceeding
apace during the three decades.
The most headway in this direc¬
process
been made* by State1in
to local revenues, q This
not surprising in
is
increasing^
tendency
State-collected
units,
and
view of the
to"
share
taxes
with
local
grant
subventions
from the State treasury for local
•
to
Practically the only item-in the functions."
1941 Revenue Act affecting
\v'
""q '
governments is the Federal N. Y. State
Legal
admissions tax, the bulletin states,
List Policy Stated
which the City must collect when-,
The New York State
ever admission is
Board will not add to the State's
Association
phone calls, automobiles,
it
State
of New
Sulphur Springs
The speaker made
the future only
Tuesday.
on
others.
the
of
White
York in
firearms, and "several dozen"
Bond
that
clear
Associated
Press
available to workers, defense
every
son
tion
courses
board
troller
offering
are
train prospective
to
workers for
employment in these
qf.q:-'! dustries.
sec¬
Business
new
in-
increase
ception
of
i
:
obtain
a
the
in¬
expend¬
.»>
such
the
manufacturer—
no
a
as
a
refund.
Country's Total Tax
Collections Last Year
tutions."
12
Billion
the
to
list
results
in
.
few gigantic insti¬
a
■
...
..
,,,
To Pass On Grade
Crossing Diversion
•
tion
or
;
q ■
Voters of New York State will
be called
on
"no"
of
tion
on
at the general elec¬
Nov. 4 next to vote "yes"
on the transfer of a por¬
railroad
Proposal
termed
a
^
7
■
criticizing
what
"campaign" against
he
,
ap¬
proval at the Nov. 4 election by
voters of San. Franqisco of the
proposed $66,500,000 bond issue
for purchase of the local electrip
distribution facilities, Harold L.
lowed.
grade
crossing
Secretary
the
of
Interior,
might go to the coast city to par¬
ticipate in the movement for au¬
thorization of the
financing.
Scheduled, to address
vacancy
vention of the
a
»
'
con-
American Pe-
■
troleum Institute in San Fran- '
1
Cisco oh Nov. 5, Mr. Ickes as- f
Republicans
serted
that he is considering
going there earlier to assist in
•'
Nominate Moore
^
Frank C. Moore of Erie
head
of
influential
the
County,
tion of Towns, was nominated on
Monday by the Republican party
debate
the
"'
in
favor
of
the
bond approval.
Associa¬
On Aug. 41S;
:
Board
of
tjhe )J5ab Francisco
Supervisors
voted
to
to. oppose
Mr. O'Leary for the place on the ballot at the coming
election the proposal: for va bond
Comptroller's office.
This action
is of particular interest to the mu¬ issue for the purpose of acqui¬
sition by the city of the distribu¬
nicipal fraternity since Mr. Moore
is a member of the well-known tion system of Pacific Gas & Elec¬
New York law firm of Dillon, tric Co. under a plan recently ap¬
proved by the Interior Depart¬
Vandewater & Moore.
The assemblage of the Republi¬
State
Committee
revealed
ment.
In
addition to
can
considerable sentiment among in¬
dividual members for the nomi¬
nation
of
Abbot
Low
Moffat,
Chairman of the Assembly Ways
and
Means
Moffat
after
Committee, but - Mr,
already withdrawn
decision of the party
had
the
leaders
the
that
nomination
should go up-State.
Instead,
the
Mr.
principal
made
Moffat
utility
cover
edge
State
of
-
into San
ark
recalled Mr.
in
;
>
Scheduled
Herewith the
come
or
of
existed
in
term
the
are
runner-up
for
the
last-
varying previous issue sold
from
are
also
ap¬
flat im¬
a
apply the same scale of taxes
adopted in
change it.
short
—
which
to
near future.
The
successful bidder
in the
up
the
and
over
excluded),
names
im¬
offerings
more
municipal
($500,000
issues
1%, effective next Mon¬
day.
The City Finance Depart¬
ment is trying to decide whether
to
■
Major Sales
pended.
.
Oct.
post of
as
he
Co., which
backing the move¬
of
accuses
We list
and 2% to
that
asserted
,
portant
N. Y. City Sales
Tax Cuts Signed
rates of 3%
.
Ickes
Mr.
Convention.
taxes
pur¬
steam
a
ment to defeat the bond issue.
Moore's services 7
with
finance
connection
use
of
standby plant.
he
He
during the 1938 constitutional
Francisco, and
chase pr construction
Pacific Gas & Electric
and knowl¬
finance.
an
hydro-electric plant at
Red Mountain 1 Bar, extension of
the present power line from New¬
.
personal friend, praising his
courage
of
additional
to
speech for Mr. Moore, who is
a
construction
quests for a stay in proceedings
enjoin San Francisco from sell¬
ing
Hetch
Hetchy
power
to
seconding
integrity,
purchase of the
the bond issue
facilities,
would
would not join in any further re¬
sating
N. Y. State Voters
new,
in
the
fill
to
companies.
vantage of which rests almost en¬
tirely with
Over
suc¬
was
issue
but,
on
the contrary,
marketing plan the ad¬
a
Comptroller, to
insurance
were
advantage to savings bank de¬
favors
and
member of the Amer¬
Mayor LaGuardia on Monday
signed New York City local laws
reducing the sales and compen¬
issues
positors
Bryant also'said
governments in the United States,
large class of workers,
last year exceeded $12,000,000,00$,
aircraft, powder, ma¬
of
which
Federal
imposts: ac¬
chine shop; shell, loading produce
counted for 38% of the levies by
tiom is. being.^created and thou¬
the 48 States, and three Territories
sands of them are men who previ¬
ously were classed as farmers. Ji'i 25%, and local political subdi¬
visions, such as, cities, counties
that
':*> skilled
because,
the
The board has decided that to add
paid
Combined tax collections for all
Commissioner
of
Standards
Pur¬
<#Hetch-Hetchy"
Sharply-
the
to
which
marketed,
bought by
securities
three ! life
and with the certificate he is able
to
action
pursuant
entire
the
indexes
since
defense
itures."
which
concern
V tax—usually the
of all types have shown con¬
sistent
or
the
futile
result of the competitive bidding
these
-
Labor
until
31, and the nominations fol¬
Dec.
in
case
was
procedure
tificate is routed back to the per¬
training schools in
this
"In
American
ceed the late Morris S. Tremaine.
savings banks' investment in this
State by the Banking Board was
American Telephone & Telegraph
debentures due
1976," he said.
activit;es, suddenly have benefit of tax exemptions.
As a
found
themselves the center of general rule, the association says,
tremendous
industrial
activity,!the municipalities should not pay
with an influx of thousands of the taxes, but should file a certifi4
skilled
workers
changing their cate of exemption with the merchant or dealer from whom they
entire outlook.
S. E. Bryant, Tennessee's com- make
a
purchase.
They also
missioner of labor, says this of should require thqt invoices show
the gross price, the amount of the
these swift changes:
"Thousands of new job op¬
tax, and the net price to the mu¬
portunities are
being made
nicipality.
The exemption cer¬
of
committees
and
Governor Lehman had appointed
Mr. O'Leary last Friday as Comp¬
Banking
any
auditorium, school entertainment,
recreational facility or other place list of legal investments for sav¬
operated by the municipality.
A ings banks; and trust funds any
bili to exempt admissions to pub¬ hew issues of securities marketed
in a manner to favor a few large
licly owned recreation facilities
William R.
White,
from the tax is pending in Con¬ institutions,
State Superintendent of Banks)
gress.
told the forty-eighth. annual con¬
Among the items mentioned
vention of the Savings Banks
as exempt by the association
are
Comptroller's Post
Ickes,
tor of the
relation
Discussion Rages 7
intimated in Washington that he
Dr. Mabel L. Walker, direc¬
tion* has!
.
date for State
centralization can
30-year trend,"
'
.
ican Labor party, as their candi¬
45
subdi¬
charged to
the
a
37
in
-Phoiie Atlantic 1170
if
grade
1942,
O'Leary Named To
State
;
J
PITTSBURGH, PA.
of
25 r
seen
%
*
missioner
20
says
'
chase, and
35
.
r
becomes %
1,
approve
Commonwealth, -Building.
con¬
47
new
local
act
Jan.
i;. ':vr;q
*
-
47
38
"Increasing
governmental
fO
17
10,468,043,000
be
* 1
This
on
Democratic
1
request
on
14?
■.>
11,40—M2,872,690,000
*'
and- parkway
parties,. meeting
separately
on
Saturday, nominated Joseph V.
O'Leary of Manhattan, State Com¬
%
$2,696,996,000
2,937,463,000
cultural
q
%,
Sh.
"Hedge" security for
STORMS AND CO.
Over
City and village finance officers
issues with reasonably wide dis¬
were advised by the association to
.shows,^; ^;:^
tribution would be added to the
Many, small communities, for scrutinize all invoices closely dur%
" *0
generations attuned to the leis-jing the next, few months to make legal list.
"The last issue made legal for
urely tempo of traditional agri- i sure that they receive the full
The
by
survey
?•"'•# 4.? ,V
Sh.
institute, in the report.
visions will be exempt from payr "As judged by tax collections, the
State,
'
States'Local!
Sh.
.Collections
Year
1911
facili¬
•
highway
The
Fed.
Total Tax
1935—
!
$60,000,600
effective
periods:
year
:
debt.
Sales Taxes
-'
.;
definitely
of the
struction.
'CHICAGO ILLINOIS
ILDGV
.This shifting of shares is shown
the following table by five-
q
employment
providing
use
"
in
happen after
to
act
an
for the
.crossing amendment.
Municipalities Seen
Exempt From New
North Carolina towns and cities
'have
1: ' ^ ^
;
best
Banhs and Insurance Co'#.
Circular
t
The Legislature has passed,
V and the Governor has signed q
V voters
|
regard
tion
*
glad
regarding
obligation.
no
1ST NAT BAND
-
emergency.
j inquiry
be
The
:
,
1
RE. Crummer S. Company
Virginia, for example, where ments of the new or increased
.defense
contracts
approximate Federal sales taxes on many items
used in municipal operation, ac¬
.one billion dollars, a movement is
i
under way to convert this vast cording to a; bulletin issued re*
new
and
unexpected
industrial cently by the Municipal Finance
giant
into'^peace-time q usage, Officers Association of the United
It is neces¬
: Louisiana, through its State De- States and Canada.
apartment vf Of Public Works, is sary, however, for -^the taxing
compiling
a
master
plan
for bodies to make application for the
peace-time development after the desired' exemption, the associa¬
i: y.
any
will
"V'4 '
INSURED MORTGAGES
providing equally needed new
proposed to be transferred to
In
i
,
;
Government,
expressed concern
ties and municipal
having
are
Federal
what
conditions,
The billions that have been
tion.
at
We
bonds.
answer
them
,
in
industrializa¬
toward
movement
to
said cities
the defense emergency is past
South's : slow
agricultural
for
officials
many
over
comprehensive
a
us
facilities,* garbage:col¬
Several
by
gives
background of familiarity with' these
should be given financial aid
Teletype NY 1-1047
issues
t' i
'
;•
4Vq:!'44Fq h.' A.
.
and
.*
1111 11
ixv':q
parkway
improvements
supple¬
menting The highway program,
motor arteries.-
experience in handling Flori¬
municipal
lection, and police protection. ■ A
shortage of housing in a few cities
points to increases in rents and,
perhaps, to municipal control of
rents, according to the survey.^
«
q:,
55
of
recreation
or
da
municipal
resulted in rapid
such
services
as
have
expansion
bonds,
more
or
qq,.V
demands
services
better, preferably legal
or
York, full obligations, matur¬
Our long
drastically: were rmunici^hllim defense, areas) where in¬
creased
States, Counties, Municipalities
for New
reports
from 27 cities of varying size and
character in 21 States.
Affected
OFFERINGS WANTED
Rated "A"
included
survey
.>,q;,'
^
be made available for
can
urgently 'needed / highway
im¬
provements,- and $30,000,000 for
the. original
bill
$2,160,000 Natchez, Miss.
J.
B.
Van Ingen & Co.,
headed
Pittsburgh
Obligations Described
Inc.
*
of New York,
banking syndicate which offered
last
October
$2,058,000
bridge
revenue
bonds, dated Dec. 1, 1938.
a
1934 or whether to
Under the old law
purchases up to 12c. carried no
tax; those between 13c. and 63c.
were taxed lc. and those of larger
amounts up to $l were taxed 2c.,
with the 2% rate applying to pur-r
chases over $1,- •.. J.* — •.. 7;'
24th
Oct. 28th
$660,000 Portland, Ore.
On
Sept.
Halsey,
while
land
2nd
the
Stuart
the
city
&
First
Co.,
second....
was
awarded
Inc.
National
bonds
of
.;.'
^
$537,000 Sanford. N. C.
to
Chicago,
Bank
of
Port¬
v;
r
,
.
This
cij;y has hot sold bonds recently, hav¬
ing its debt worked out under a refinancing
plan. .These-bonds are.being issued to take
4'/2
up
;•;
bonds issued June 1,
and
7 K !.:••
/
!4' !• Nov. 4th
$1,030,000
193,7.
4qq.. ■;
Par., La.!
Terrebonne
S. K.. Cunningham & Co., Inc.;
■ moneys to highway and parkway
This
parish
has not
made ivany
recent
Pitts¬ sales of bonds.
".
v'- *.
;! i Commonwealth- Building,
study construction....
J: ! ;, "
'
Materials Problems •
>
;v
The sponsors of this amendment burgh, ,Pa,,;' have
prepared 7 a
just made public by the Tax InstiNov. 5th
'
i
Cities face three chief problems, tute of the
University of Pennsyl- believe that the voters of the highly informative brochure on
the bond and note issues of their $2,543,000 Martin Co. and St. Lucie
State would not approve an ex¬
^as a result of the national de- vania.
: Xnlet Disk and
Port Auth.. Fla.
fense program, a survey by the
For 1911, the report says,
pansion of the present debt in¬ native city, v A complete tabula¬ This appears to be the initial
piece of
International City Managers' As¬
total tax collections of those
curring power of the Legislature. tion has been drawn up, listing, financing by this combined authority.
sociation showed Monday.
units amounted to only $2,The
They have therefore studied the as of -Oct. 15, 1941, the title of
.
Cities Face Employe,
and school
^ q
districts,
37%./.q'^/ }
These figures are from
a
.
.
-
'
Nov. 12th
problems
orities
on
municipal
involve
obtaining
materials
services,
needed
holding
pri¬
for
em¬
ployees offered higher salaries by
defense industries,
and meeting
employee demands for increased
wages to match the rising cost of
living.
609,000,000,
of
last
about one-sixth
or
year's
significance,
bill.
Greater
however,
is
at¬
present debt limit of $300,000,000
for
the
elimination
of railroad
tached by the institute to the
that
changing proportions of the
various governments over the
from
30-year term than to the size
of
the
increase.
crossings
$60,000,000
grade
the
and
have found
be deducted
can
balance of
authorized
grade crossing funds without seri¬
ously interfering with this pro¬
gram.;:,':!::...
:q:q q:
7X77)'4>7!
issue,
.
amount
&c.,
rate,
date
and
issue, legal opinions,
interest
on
of
all currently outstanding
Parties
securities.
interested
firm.
application to the above
■!:■
q
! '.-V>
We
do
sales
not
find
!q!;":!';:V'
a
by this parish,
in
obligations of Pittsburgh may ob¬
a copy of this valuable book¬
tain
let upon
$500,000 Lafayette Par., La.
Oct.
record
of
any
'
recent
q
-
29th
$10,230,000 Ashury Park, N. J.
These
the
bonds
refunding
'mere have
are
q
being
program
issued
for
the
as
I
part ofcity/]
abo'e
been no recent sales of bonds
'
iVolume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number'3997
154
quarter totaled
.
as
first
two
quarters of the year.
I'^ As
to
those paid during the
rate
$10,243.99.; '
was
Mixter, former Vice Presi¬
of
dent
■
Investment
Company
Stone
&
Inc.,
Webster,
from
elected to his present position
in U. S.
*
1941
Smelting, Refining & Min¬
July
19,
which
Sept. 31,
1939 to
has
just
been
shows a loss of 4%.
pub¬
The
directors
of
Institutional
Briefs
lished by Hare's, Ltd., the Fund's
Securities, Ltd., have declared a
ing Company in 1934. Mr. Burch¬
Adjusted for semi-annual cash distribution of
George Mixter, Secretary-Treas¬ ard was previously associated with general distributor.
Estabrook
&
Company, Boston, all dividends paid, Aviation Group
urer and Director of- U. S. Smelt¬
forty-two cents per share on Avia¬
and subsequntly with Eaton &
Shares shows a gain of 33.5%; In¬ tion Group Shares payable Nov>
ing, Refining & Mining Company, Howard," Incorporated." ' surance
Group Shares a gain of 15 to holders of record Oct. 31,
and Leeds Burchard, President of
with the Fund's
"portfolio on June 30, 1941, cash
is
slightly -higher.
Bonds now
compared
.
-represent 26.5% of total net assets
compared with 29.3% on June 39,
.1941; preferred stocks, 27.6% com¬
pared with 24.2%; and common the
stocks,
36.6%
compared
with
38.4%.
Mr.
from sales of investment amounted
This. dividend was at the
.
same
Fund.
anced
secutive
'Fund.
various
Trustees of Eaton & Howard Bal¬
$55,189.18.
After
expense
of
(Continued jrom page 711)
$9,503.62, net income remaining
quarterly dividend paid
amounted to $45,685.56.
Net gain
since
the
organization
of
the
:
Group Shares on July 19, 1939 the loss of 2.4%. The Dow Jones Com¬
special classes of Shares posite
Average,
credited - with
of
Institutional
Securities, Ltd.,
dividends at the annual rate of
have all outperformed the Do\y
Jones Composite Average accord¬ 4%, shows a loss of 3.8%, and
ing to a chart covering the period the Dow Jones Industrial Average
River, Mass., have been appointed
Cash dividends and interest re¬
ceived during the
Citizens
Savings
Bank,
Since the founding
Fall
;
1941.
11.9%; and Bank Group Shares a
of Aviation
-
:
*
•
*
•••
& Howard Stock Fund
Eaton
Baton
Fund
Stock
Howard
&
net asset value per
share
Sept.
on
1941, was $10.54, compared
with $10.32 on June 30, 1941, and
•30,
$10.62
Sept. 39, 1940.
on
of
Sent.
->
•
14.03% of net
assets was held in cash, compared
with 16.96% at the beginning of
.As
the
30,
quarter,
,"•
v
-
-,v''■
."
^
■
Fundamental Investors, Inc.
.
In¬
Fundamental
of
assets
Net
•
$6,554,920
vestors, Inc., totaled
on
Sept. 30, 1941, equivalent to $15.60
share.- This compares with a
value of $15.06 per share at the
close
of the preceding
ouarter.
.and $15.51 per share on Dec. 31,
per
This is
a
true
Action" taken from the policy-record files
story of "Life Insurance in
1940..
of
the
Massachusetts
Mutual
Life
Insurance
Company.
In
regard to managemnt policy
Philip J.
Roosevelt,
President,
(
.
in the letter to sharehold-
stated
;
ers:
.
V ."Your management has thus far
striven
maintain
to
ja
Last Minute Rescue
concehtra-
S tion of investments in the 9?ecuriof those
ties
companies which;
(a) have relatively high eyemntion
basis
for purposes of the
excess profits tax;
;
»
•
currently applying all,
portion, of tbm'r
.facilities directly and indirectly
lin production of defense nroducts,
>(b)
have
which
but
substantial
a
peace-time business to which they
-return after the
war.
Those few issues which do not
within
fall
•
He
an
was
tions
the
being
are
classifica¬
above
retained
with which to
took out
adequate^ to discount the adverse
a
premium due, the
couldn't be
He
of- the vicissitudes common to the
many
obliged to borrow on the policy, and finally
was
to keep the policy in force just
necessary
money
scraped together.
And
so
1941, the policy lapsed.
January 27,
at the end of the grace period
But there were still thirty-one
curity dividends received during
the quarter totaled $267,641.
Net
income, after navmcnt of exoense*
days provided by Massachusetts Mutual policies wherein the
of
r
fast
including management
$41,918
The
asset value
net
On
of Massa¬
nil
going and February 27 was the dead line.
^"'\X
V;:
Investors Trust
Massachusetts
insured
might reinstate his policy by payment of a premium, but those days were
fees, amounte dto $225,723.
-,*■
called.
^
■
V"-:
r: '
/-v:'.. s;;:;'X-;X. ':'.X
■
•
XX^:X
'
:■
'
'
1:X"\
February 21 the policyholder did not feel well and a doctor was
Two
days later he suffered a stroke, and on February 25 he died.
chusetts Investors Trust was $17.82
on Sept. 30,
1941, up 5.44% from
'the net asset value of $16.90 re¬
ported on June 30.
distribution
of 21.
this.-connection the
In
"During
states:
reoort
thirteen
the
past
and
meanwhile, before the insured passed away, our agent
and the sick man,
Octo¬
an
cents over
the 1940 distribution for the same
quarter.
But—in the
called
made
has
Trust
The
ber
paid
a
with difficulty, signed
quarterly premium.
a
reinstatement form
By this act, the sum of $1,706.67 was
saved for the widow and her two children—a last-minute rescue
toward future comfort and
of dollars
security.
the situation with
years
respect to the yield on bonds and
common
stocks has been reversed.
On Jan.
1.
What Life Insurance Has Done for
1929, for example, the
on Moody's selected grouo
120 AAA corporate bonds was
close to 5% and the average
on
stocks
vield
As of
2^ to 3%.
was
Others,
It Can Also Do for You■
yield
.of
Sept.. 1, this year, the yield on t^e
bonds was 2%% and on stocks
5%.
-•
; >
•
••
•;better than
.
Boston.
-
of'riV"
The George Putnam Fund
-
\
.'V/. Investors purchased more shares
in The George Putnam Fund dur,
"ing the past three months than in
any
previous.. .quarter since the
Fund
organized,
was
those
exceeded
tember
and
of
other month according to
MASSACHUSETTS MUTUAL LIFE
pur¬
the month-of. Sep¬
chases during
any
the
INSURANCE COMPANY
:
re¬
port for the quarter ended Sept.
30.
1941.
:
.
Both the total
0.
resources
Springfield,
of the
Fund and the value of each share
during the quarter,
shown in the following table:
increased
June 30,
.1041
t
Total
No.
of
Value
Value
Shs.
of
frAfter
of
15
of
Fund
Shr._
provision
cents
per
1941
$4,204,000 $4,841,000
Outstf?.__.
Each
for
358.847
$11.89
October
share.
1
Massachusetts
\
as
Sept. 30,
401,358
*$12.07
dividend
vi(,
conscious of the security provided by
was
when the last dollar of loan value was gone and, with a
came
conditions."
Cash dividends and taxable se¬
but always he
his life insurance.
day
In 1928 he
$2,000 Ordinary Life policy with our Company; and, as the
average man,
the
job that paid just an average salary
a
support his wife and two young children.
passed, he experienced
years
because
''their current market orices aopear
-v
with
average man
a**e
substantial
a
or
Bertrand J.
Perry, President
Organized 1851
•
■m
1
THE COMMERCIAL & FINANCIAL CHRONICLE
714
Thursday, October 23, 1941
Exports Greatly Increased In August /Census Report of Cotton Consumed,
in September
Commerce Deph's Foreign Trade Report Shows
JOTTINGS
Nation's
(Continued from page 710)
Russian industry is (was) largely
in
the
West; the .Volga corre¬
The
•
sponds
to
the
South, the Crimea
and the Urals to the
imagine that the
Florida,
Then
Rockies.
United
Mississippi,
the
to
Ukraine to the
had
States
been
an
since
1928,
which
was
major
a
to
and
the
toward
of
west
even
Russian
for
Discount
of
purpose
its armament
move
westward
industry
Rockies
straining
all-out defense program
under
that.
industrial
incompetence, but add on for the
thoroughness of Russian govern¬
ment control over its population,
and you can see that much can
have been done to create
back¬
a
of
Bureau
Statistics
of
Department of Commerce at /•V.,' Under date of Oct. 14, 1941, the Census Bureau issued its report
Washington on Oct. 11 issued its statement on the foreign trade of
showing cotton consumed in the United States, cotton on hand, active
the United States for
August, with comparisons by months back to
cotton spindles, and imports and exports of cotton for the month of
;
'
y
fl v.
?
Cotton consumed amounted to;875,682
August statistics of foreign trade, released today by the Depart¬ September, 1941, and 1940.
ment of Commerce, show a substantial rise in United States exports
bales of lint and 129,731 bales of linters, as compared With 638,235
to a value of $455,000,000. They show expansion over July principally bales of lint and
94,794 bales of linters in September, 1940. />/
in shipments of defense supplies to British Empire destinations—
September consumption of cotton includes 12,000: bales dis¬
notably of machinery, aircraft, and munitions.
/ *
; v >
tributed by Surplus Marketing Administration through various cottoh
;.<•
After dropping off in June to $330,000,000 from the high Aprilmattress programs.
The following is the statement.
May level of $386,000,000, export trade increased during both July
The
1936.
report follows:
,
-
:;>/ /;
v
bales, .counting
running
/.////:'/; A---'A/ ■■A.};...
A
'
*
is
snow
already falling around Moscow.
.
Arm
American
what?
with
—
New
faces?
what has
economy"
July Statistics For Electric LI. & Pr. Industry /
of
private hoarding is
going on—of canned goods, sugar,
amount
by housewives, of essential
commodities by industry.
It's a
etc.,
smart
thbsdefense
bv
move
thorities—a
little
tomssmart—to
imply that perhops somb-of this
hoarding is Axis-inspired, even if
some of it is.
At long last
we have a farm program that ac¬
tually calls for increased, instead
of decreased production in some
lines
v
in fact, the "basic
crops" of today, like wheat and
cotton, seem-1 to be losing that
.
.
status,
the "non-basic
and
crops"
be the basic croos
tomorrow, like
milk,
dairy
today
of
may
other highkeen your
eye
on
farm wages.
They are
stealing up on agriculture and
mav in a year or two force Wash¬
ington to quit curbing even cotton
wheat.
and
have
pow
.
♦Generatlon
(net)—
\
:
-
The railroads
.
.
.
something
to
plants..—.
By water power plants
By fuel burning
—«
7,934,248,000
4,159,826,000
9,837,962,000
4,387,758,000
-
|pqs^ gnd
no; car-shortCurious about that
cycle-theomr in residential build¬
ing.
It calls for an 18-vear cycle.
Last
peak was in 1925.
That
peak ls
age.
;
.
.
.
would make the next one come in
And with defense housing,
2943.
Charles
as
no
Palmer
its
nearer
it may come
said
recently,
goal than a year ago,
in 1943 at that.
Total
generation
Add—Net imports over
Losses
—
customers
ultimate
to
;
:■
•->
•••'■
.
81,815,000
124,085,000
435,566,000
11,616,238,000
On ;
2,005,400,000
+10.1
11,629,154,000
Rural
or
of July 31st
25,516,036
958,307
domestic—.—; V
(distinct rural rates)
—_
cent
weeks.
raised
funds
neuver
The
.
.
.
through
meet
could
customers——
ultimate
Total
•
the
Authority maturity
of $112,000,000 but also t^e $204,000,000 Commodity Credit Cor¬
poration maturty of November 15
and the $300,000,000 RFC matur¬
ity of November 1.
.
.
.
U. S. Housmg
The Treasury from now on will
f;
be the only borrower
market.
f
to
open
Residential
Rural
redeem
It
agency
due.
will
.
issues
as
they
.
.
off those agency
issues in cash, thereby nullifying
the
value
of "rights" on
these
:
pay
securities.
,
domestic
or
Commercial
.A—
,
,.
<
As
to
around
the
Street
Wall
rumors
that
all
"right" values will be eliminated
in
the
coming
months—well,
that's at
And
if
best
the
a
50-50 wager.
odds
are
..
.
..
running in
or
Small light
.
31,474
6,168
,
588,512 '
Other
38,115
4,259
8,287
27,619
5,512
8,962
5,477
17,817
49,146
65,848
10,710
28,913
24,918
2,430
5,184
11,230
6,312
1,745
3,681
7,950
5,671
5,880
1941
1940
INCLUDED
ABOVE
1941
129.731
94,794
/
444,527
181,613
IMPORTS
Street and
;;
1940
,,'.1941
production
.;+/> '
V
4.4
+
Egypt
8.9
China
+'
8.3
steam
1,819,230,000
+ 31.9
+
lent
♦
299,870,000
railways—
——
—
2.2
+
293,513,000
150,373,000
172,039,000
41,063,000
railroads
Total to ultimate customers
Revenue
ultimate
from
1941
customers.—
9,610,838,000
% + 21.0
Average customer data—
per
Revenue
+:-vLr A.-y+-''/'AAA'
< ;>■
customer^
Average annual bill
/
,
—.
kilowatthour__.
per
1
the
national
of
interest
i'A,: 6
exports.
6,915
hemis¬
and
v'
-
1941, amounting to 18,623 equiva-
,;..- .+•;
.,
bales.
500-pound
155,980
2,377 available
<
,
..
_
v:
.
:,
■
Surplus
of cotton includes 12,000 bales distributed by
Administrationj through various cotton mattress programs.
+ /:
September, consumption
/
World Statistics
•
*
The world's
and
% Change
931
$36.31
3,78c
-
available
+1.2
>•
1940
;
972
$36.74
not
*;
+4.4
' v
1941
,-'1
—.
9,798
2
41940
-4
production of commercial cotton, exclusive of linters,
grown in 1939 as compiled from various sources was 27,875,000 bales,
counting American in running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters
in the United States) for the year ending July 31, 1939, was 27,748,000 bales,
The total number of spinning cotton spindles/both active
12 Monchs Ended July 31
Kilowatthours
45,319
4
1941
1
90,555 267,731
AAy. ■
not
phere defense, the Department has decided
to cease publishing detailed statistics con¬
cerning the country of destination of our
3
1,580
7,022
':y: .5
+ 11.3
$195,546,700
(Revised Series)
y..
1940
189,215
_
linters
imported during 1 month ending
Marketing
—32.7
$217,685,200
Service
Domestic
or
10,382
'
,
+ 14.4
61,028,000
11,629,154,000
Residential
■
lo/363
Aug. 31,
+ 16.6
166
___
Linters
2.7
135,910,000
212,295,000
Total
4,172
1,194
others-
All
+12.4
4,907,860,000
11,838
-126
In
Mexico.
6,473,780,000
139,612,000
247,455,000
2,282
990
+
+
261,624,000
;
7,038 ;
___
Peru
AND
2 months
ending Sept. 30
,
Total
14,145
.68,735
•
.
September
./.
,
COTTON
(running bales)
■.
1940 /
1941
,'s
3,992
25,413
DOMESTIC
OF
LINTERS
;•
2 months
'
September +< ending Sept. 30
Total
»•
interurban
Electrified
Interdepartmental
66,514
EXPORTS
COTTON
FOREIGN
OF.
Br. India-
Railways and railroads:
78,995
379,162
261,045
1940
Linters
0.8:
+.
2,044,938,000
authorities
public
5,022
11,527
1940
1941
NOT
industrial:
and power——
.
3,90c
'
•
idle, is about 145,000,000.
•
/
\
,
y
;
/
.
3.1;,.
♦By courtesy of the Federal Power Commission.
Perhaps
it's
true: that
the
"rights" !are of no value to the
Treasury, are, in fact, a nuis¬
ance.
Perhaps it is true
that the' "right" situation lets the
market
fix
offering
ury.
that
over
the
terms
on
a
new
rather
than the Treas¬
Perhaps there is
justification to the "feeler"
Morgenthau
is
resentful
the
"right" situation that
.
.
.
some
nut
Exchange, 1421 Chest¬
Philadelphia,
Street,
now
are
September Department Store Sales in New York
Federal Reserve District 20% Above Year Ago
"
York Stock
which
existed in
pie last borrowing...
.
this scarcely appears a
time
to
take
eliminating
Reserve
correct
a
.
.
ment.
.
.
the
than
a
3
points immediately
offering will be
conspicuous by their absence in
the coming months.
But
even if the "right" values are cut
a point or so, they'll only be back
to where they were
in former
years.
And if a move to
.
.
.
planes are equipped with
mail
pouches/; in
dropping
operation.
a
.
routes
ago.
pouch in the
The-company's
r-
Speculation
stock
of
All
American Aviation, Inc. offers an
attractive
speculation, with in¬
teresting possibilities
ciation, according to
for
memorandum
by
issued
35%
;
:
/
r
STORE
'
Federal Reserve
The
September
-
Northern
enue;
the
company
appre¬
and
devices
other
to
similar routes.
its
detailed
Fairfield
&
Co.
land & Co.
stock
cial
page
were
carried in the
Chronicle
650.
..
of
..
on
October
.
y
the
18th,
itly. .+13.:.;;,
•
"iL:. ■*
.
;
.
/ ;
y:
'/
ili.
Binghamton
-
y>
+16
+ 27
i
+24
38
v
Western New York State Li——
Niagara Falls
All
1
•
24
———-—'
...
:
;
.
.
"
"
:
-/
•
•
,".i
^•<+"28
,
'#
•
.
'
+.29;
/'•'
+ 15
+ 23
.
+16
+
+14
..
.
+ 30
+ 16
■
'
■
' '
.
>
v
-
»
J
•.
//'
,./■/:
30
>..""+..'35
•
v : .'
L
'.
.
•
DISTRICT. L
equals 100)
>'
Sept.
'
*■:;
+29
"v'
+24
-..: +23
,
,,/■,+45
+20
;
/
32
+
,
SALES AND STOCKS, SECOND FEDERAL
average
!"
,
:
+ 20
(average
July
1941Aug..
108r
103r
87r
83r
81
114
83
86
101
134.
98
103
1940
V
.
daily), unadjusted
Sales (average daily), seasonally
Stocks unadjusted
Stocks, seasonally adjusted-
r
'
-y :+
V.'L
RESERVE
..
+34
i
DEPARTMENT STORE
,
y.' y]'
-
•+ 42
:
l
■
+24
■■
;
/
(1923-25
Sales
+ 15
1941.
shopping days in September, 1940.
OF
+ 27
•
.
+23
+ 21
:
department stores0
♦Subject to possible revision.
25 shopping days in September,
./.•
?
v/.
.
-+.23
•
+ 31L,
——
———~—
Apparel Stores
-
+11
L__U-————
r
+ 28 y
/
+24
ffi, ;,+ 31
----u-—-
'
Rochester
'
+20
-
./ 4 30
Buffalo
+ 53
+15
+17
,
—
—
+ 49 :.
,
.
+29
.
r 'I?
v,;: +24-.,.,;.
Southern New York State
of
Finan¬
■
■
+
York State
Northern New
Jenks, Kirk-
Other details
+ 13
:
-
28';: +
+
1;
River Valley
INDEXES
or
.
+ 30 7
i
:"i,: +15
+42
.
29
+
.
+23.
r
hand
e.o.m.
+ 16
+ 22
Mohawk
+14
+29
*_;u
Poughkeepsie
All
Gearhart
L
Counties——
Upper Hudson River;Valley
Albany
1
Central New York State__-_^—i—C—
/;<
Copies of the circular describing
American Aviation, Inc. may
be had upon request from Kobbe,
on
,•
'•
■/.•
.
:y.;;
+ 20
+ 18
pick-up
operators
and
Bridgeport——
Hudson River Valley___„___
also plans to
sell
Stock
,
September
+20
Lbwer
de¬
to
■;
—
—
iL'
Westchester
/yyv
program
Jersey
Newark
carrier, but has recently under¬
active
New
+ 21
(includes Brooklyn) *
York City
New
company
an
Net Sales
;
January through
express
taken
District
v,;;
carried virtually
during the first experi¬
mental year, due to the uncer¬
tainty of its status as a common
no
)
1941
TRADE BY MAJOR LOCALITIES—SEPTEMBER,
Second
Department Stores—
Pennsylvania, Ohio,
West Virginia, Dela<-
and New York.
ware
/O/yKy;/', /•:/
/;/+;./
y.
is the tabulation issued by the Bank:
Percentage Changes from a Year Ago t
;
a
above a year ago.
DEPARTMENT
over
.
common
year
The following
.
A
gain of 23% in net sales in September as compared with
Apparel stores' stock on hand at the end of the month
a
a
was
under the complete
of the' Civil Aero¬
Kentucky,
'/:,y./.y.vy".
apparel stores in the New York Reserve District also re¬
The
flight
the "rights" is to get
velop this traffic and expects its
underway, the chances are it will
express business to increase sub#
be extremely gradual, it will de¬
stantially within the next eight¬
velop over a long time.
een
months
and
eventually to
(Continued on page 715)
become a major source of rev¬
Class
than at the end of September,
more
;;V yC
are
eliminate
•
September were 30%
ported
pat¬
a
permanent certificate, and since
August 1940 the company has
operated five air-mail pick-up
formal
.
/
announced Oct. 17 by the Federal Reserve Bank of New
the
Stocks of merchandise on hand in department stores at
of
1940.
The company's
in the Second (New York) Federal
September increased 20%' above a year
during
a
Govern¬
..
/It's probable that premiums of
more
after
to
the
by
nautics Board, which has granted
situation that is not
of real harm to
service
served
District
was
York.
end
ented device to pick up specially
jurisdiction
to try to
not
it
ago,
bring air mail and
air lines.
major
operations
This doesn't
.
safe time
Aviation, Inc. has
pick-up
express
communities
same
gravy" in the Govern¬
a
air
while
of the
some
been formed to
designed
chance
a
All American
of department stores
Sales
offering the stock..
.
.
Kobbe,
direction, it's against the Gearhart & Co., 45 Nassau Street,
possibility of complete elimination New York City, and Jenks, Kirkland & Co., members of the New
of the "rights."
.
„
any
33,700
'rl-1940
Country of
29,721,919
manufacture
persistent
627,710
16,854
(500-pound bales)
4,237,205)
180,277)
110,720
.
283,435,000
Large light and power—
Street and highway lighting——.'—.
Attractive
More About "Rights"
4,719,420
28,745
1941
v
,
4.1
+
of July
1,926,962,000
1,769,059,000
.
.
.
4,954,328
63,197
145,448
'•/<: 58,551
109,780
29,795
,+ 21.0
24,521,419
672,298
:
31,043,695
-
(distinct rural rates)
.
It will raise the funds necessary
come
i
in the
...
386,017
72,502
292,224
.
,
Amer.-Egyptian cotton
Kilowatthour Sales—During Month
appear
ma¬
only
607,194
cotton
ment market.
this
not
11,128,940,' 17,381,906
10,631,450
16,973.544
1,285,746
'
201,635
145,410
cotton
foreign
•
light and power__^—
"sure
extra
1,110,013
101,194
\
,
4,280,421
Large light and power_L__>+——172,991
Other customers
*++—115,940
Small
with
"Governments"
1,484,963
548,879
22,963,944
22,281,476
1941
cotton__,_
,
Other
'"'A./yAiAA
/.L.;V;
SALES "
CLASSIFICATION OF
9,610,838,000
L
Egyptian
—
Commercial or industrial:
good
(Continued from page 711)•
10,747,398
744,693
1941
States
other States-
All
+17.6
1.0
+36.8
—31.1
+19.1
Number of Customers—As
Residential
12,594,074,000
2,207,838,000
-
—_
unaccounted for
and
Sales
use
14,225,720,000
81,003,000
169,753,000
299,978,000
13,836,992,000
L
intern, boundaries
:-L-.
Less—Energy used by producer
Net energy for distribution
Less—Company
But
Our Reporter
11,523.702
784,116
1940
England
+ 24.0
+ 5.5
«
1,635,521
1,289,123
INCLUDED ABOVE
about,
crow
that; the October carloadings
spindles
1940
New
-
% Change
1940
1941
,,
l
1,749,795
638,235
.•
1941
Cotton-growingStates
JULY
DISPOSAL OF ENERGY—MONTH OP
AND
.
.
*
Cotton
In
»875,682
1941
1940
1940
SOURCE
pork: and
products,
vitamin crops
States______
-
-
of
In*
,
.
.
during
.
United
15, by the Edison Electric Institute:
Oct.
,
au¬
.y-v^vyyv'
/;».:.
2 mos. end- establish- age and at active during
Septemberi;.ing Sept. 30
ments
compresses
September- *
Year
(bales)
; (bales)
(bales) V
(bales)
v
jnumber)
.
r
following statistics for the month of July, 1941, covering
of the electric light and power industry, were released on
immense
An
.
.
come
J-';
in
September 30
consuming public stor-
Deal
of the
"matured
theory?
Or
of the theory (see TNEC Mono¬
graph No. 37) that there is too
much
saving going on in this
country?
Or of the high-brow
doubt aired frequently before the
TNEC bv its captive economists
that technological
advance is a
national
menace,
tractoring out
America's
you-have-seen theirforesight,
is
which
foreign
except
'
100%
ships
Anent
...
.
bales;
•.
■
,
.
The
Miscellaneous
half
as
•
500-pound bales.)y.
:o..
*
'
!
Cotton on hand
Cotton consumed
:
that
fact
the
round
/
IMPORTED AND
ON HAND,
EXPORTED AND ACTIVE■ COTTON SPINDLES
in
(Cotton
shown by the June figures, the July-August level was
nevertheless the highest point of the war period. The eight months'
(Continued on page 719)
of the drop
OF COTTON CONSUMED,
SEPTEMBER BEPORT
August to bring the July-August average value above $400,000,^
//•
Although the earlier closing of monthly accounts caused a part
and
000.
German reach.
add
/
the
log of armament capacity beyond
And
Hand,/
on
—
adjusted—.——-—
-
1
——
—-•
Sept.
,
125
120,
113
109
Voliinie
N •/*
*
•»,»%.
■
154
J-'
Number- 3997 t-
•
l4,
;
fl|^"'MM ''
'
1 Vlf
I
'
V ■w'v. M'v
:BPM*
'
THE COMMERCIAL & FINANCIAL CHRONICLE
-'
'
715
*•
Trading On New York Exchanges
t v The Securities and Exchange
Commission made public on Oct. 20
figures showing the daily volume of total round-lot stock sales on
This advertisement is
the New York Stock Exchange and the New York Curb Exchange
and-the volume of rounds-lot. stock transactions for the account of
all
ties
members
of these exchanges in the week ended Oct. 4,. 1941,
series of current figures being published by the Com¬
mission.
Short sales are shown separately from other sales in these
figures, the Commission explained.
Trading on the Stock Exchange for the account of members (ex¬
cept odd-lot dealers) during the week ended Oct. 4 (in round-lot
transactions) totaled 421,290 shares,^ which amount , was 16.31% of
total transactions on the Exchange of 2,450,090 shares.
This com¬
pares with member trading during the previous week ended Sept. 27
continuing
not.
and is under
a
be construed as, an
offering of these securi¬
27,000 Shares
amounted to « 82,950 shares, or 14.89% of the total
that Exchange of 485,650 shares; during the preceding
week trading for the account of Curb members of 139,885 shares was
18.47% of total trading of 730,500 shares.
'
Safeway Stores, Incorporated
on
5% (Cumulative) Preferred Stock
The Commission made available the following data for the week
<
to
Oct. 4
volume
■
circumstances
NEW ISSUE
of 661,945 shares or 18.78% of total trading of 3,485,950 shares.
On
the New York Curb Exchange, member trading during the week
ended
no
for sale, or an offer io buy, or as a solicitation of an offer to buy, any of such securities.
offering is made only by the offering prospectus; the offering prospectus does not con¬
stitute an offer by any underwriter to sell these securities in any state to any person
to whom it is unlawful for such underwriter to make such
offer in such state,
The
ended Oct. 4:
data
The
Total
Number of Reports Received—
Reports showing transactions as
specialists
1.
•
773
1,059
•
183
•.
>
93
Price
'
V
2.
actions
initiated
3. Reports
actions
•'
..
Reports .showing
otlsr
the
on
other
showing
initiated
off
,
trans¬
trans¬
floor
the
196
74
605
4. Reports showing no transactions
Note—On the New York Curb Exchange,
583
'-v
odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot transactions of
specialists resulting from such odd-lot transactions are not segregated from the spe¬
cialists' other round-lot trades.
On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
•olely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges
The number of reports in the various classifications may total more than the num¬
ber of reports received because a single report may carry entries in more than one
Copies of the offering propectus
Merrill
classification.
Total Round-Lot Stock
Stock
Sales
may
be obtained from the undersigned.
Lynch, Pierce, Fenner 8C Beane
the New York Stock Exchange and Round-Lot
on
Transactions
^109 Per Share
29
178
floor
#100 Par Value Per Share
.;
published are based upon weekly reports filed with the New York Stock
Exchange and the New York Curb Exchange by their respective members. -Thfese
N. Y. Curb
N. Y. Stock
reports are classified as follows:
Exchange
Exchange
for
Week
of
Account
Ended
Oct.
Members*
4,
1941
(Shares)
October 22, 1941
Total
A.
Total
Round-Lot
Short
sales
Other
'
saies
Total
of
count
2,375,560
:
the truth, not like a lot of "yes"
men he knew.
This man would
2,450,090
also
for
the
Ac¬
Except
for
the ;
Transactions
Members,
and
in which
j"
specialists in stocks
>-'f\
Short
sales
Other
:
« **•
•
they are registered
190,010
34,570
purchases
Total
sales
,
.
b
^
I
A customer's
Avenue
8.04
lbw.^oo
man
office
of
at the Fifth
Merrill, Lynch
complaining about the slow¬
ness of his phone dial.
"By the condition of the caller the oper¬
time I get my number," he" ex¬ ator :carefully enunciated,
"de¬
plained aggrieved, "the stock has posit your money please." Where¬
either
gotten
away
from
me, upon the gentleman glared at the
gone back to sleep, or some other mouthpiece
and
roared
back.
was
Total
sales
203,950
■>"/.
'
—
Other transactions initiated on the
2.
floor,,
'■;fTotal
~
purchases
Short
..•'.V
sales
Total
sales
119,600
xv,300
.111,370
—__
sales
Other
.
—
b
,
;
5.11
;130,670
_
guy
Other transactions initiated off the
floor
\ Total"'purchases
."y
Short
;
,
V Other
:
; Total sales
'4. Total',
purchases
Short sales
t,,
.
u
i
.
:%
n
378,035
«
62,520
.
f
.
h
Other: sales
358,770- >
sales
Total
>
j
and Stock :s>
Stock Sales on the New York Curb Exchange
Transactions:for Account of Members*-'(Shares)
Week Ended Oct. 4,■ r..:-tyVr^r<
Total Round-Lot
t
A. Total Round-Lot Sales
;i-.;
Short
•
sales
b
1
Per Cent»
* 5,795
479,855
•.*.
sales.;
Other
]W,
,
»•>:
Total
.
For Week
_
Transactions
Round-Lot
B.
count of Members.
*
1
'
485,6501
'
sales
Total
for
the
;
in
which
Ac
,o.
stocks
they are registered
Total
40,165
3,235
.
61,725
sales
•
b
——
floor:
Total
.
0.99
3,850
sales'-'———
of
15,730
u
t
4.
Total sales
Total
—
3.41
•Total
17,375
,
>r
Telephone do
61,700
purchases
Short,
sales
4,360
sales
Other
Total
of
.
—
14.89
78,590
82,950
sales
Transactions for the Account
Specialists'/ •
Customers'
short sales
Customers'
«,
other sales c _—yj-
Total
purchases
stranger!"
other two."
The movie magnate
glared back and replied: "Why
shouldn't I?
He's my nephew."
,
No
one
point
Council of
can
a
'
,
.
my
—Thursday.
'
There's
shares of
Here's
another
yarn
customers own" from
the West Coast from
many
their faces.
commercial banks.
•
their
•
The
man¬
we
a
got
dealer
who wants to remain anonymous.
.
.
"
...
/
-
considerable
a
amount of switching going on
other
issues into
the
from
new
2Hs.
...
These
new
the first one to recover.
bonds probably will replace
A certain movie producer decided
for a repair man," he
all others as the "keynoter"
to hire another assistant and told
caustically observed.
"I didn't
of the market.
r
his personnel man that he desired
know the phone company sent
Weakness in the 2%s last week
to conduct the interview.
Word
the president to give us financial
got around and applicants began was in sharp contrast to com¬
advice."
P. S., Merrill, Lynch
appearing.
The first applicant parative stability of other more
paid the $1.50.
was
asked by the movie mogul seasoned issues.
Beyond
"How much is ten and ten?"
The doubt, cause for this was that the
2V2S still are undigested.
Which reminds us of another young man replied "twenty-five."
.
.
.
.
—
,
X 38,839
38,842,
story
•
,
,
«
.
.
.
20,616
heard long, long ago.
If you heard it before don't stop
The term ''members" includes all regular and associate Exchange members, their
us:.
An
inebriated
gentleman
firms and their partners, including special: partners.
. ;
- ; v-l
j
'
shares in members' transactions as per cent of twice total round-lot volume.
,Tn stepped into a phone booth, de¬
ealculating
these percentages,
the total members' transactions is compared with
posited 5 cents, and asked the
twice the total round-lot volume on the Exchange- for the reason that the total of
The op¬
members' transactions, includes both purchases and sales, while, the. Exchange volume operator for a number.
erator got the number and asked
^b^und-Zot short.saies which.are"exempted from restriction by the Commission rules the .caller to deposit 10 cents
are included with "other sales."
~
^
V
'
please. The man came back with
c Sales' marked: "short exempt" are included with "other sales."
Total ""sales;
■
a
...
b
C; Odd-Lot
'
on
turned
see
ager was
"I called
*
.•••7 '
'•*
onlookers
"How
thought.
725
,16,650
"
——
written
"[■t;^
the
blank. One could almost
••
purchases ——————V:
Short- sales5.
Other- sales- b
That's
I'll hire him!"
finger at
faster dial..
The following day, the City
Wildwood,
bright and early, the repair man N. J., and say it isn't progressive;
palled and began, installing the or at any rate, thorough.
For
new dial.
As he was completing some time the good
burghers of
the finishing touches he carelessly the city had been kept awake by
remarked:
"You know, this will the barking of dogs.
Something
(Continued from page 714)
cost $1.50." A horrified look ap¬ had to be done.
Something was
peared on the customer's man's done.
An opus (called an ordi¬ Inside the Market
s
;
face.
"Gee, I didn't know about nance in legal circles) consisting
Borrowings and refundings of
dtiaf. Wonder if the firm knows." of 3,800 words was written and
all types by the Treasury this fis¬
So calling the manager in charge placed before the Council
sitting cal
year
will exceed
$13,000,of you can't-do-this-without-ebn- in session.
This ordinance pro¬
000,000.
•
sulting-me, he threw the whole hibits dogs from barking between
Between now and next June 30,
problem of the charge into his 10 at night and 6 the next morn¬
Morgenthau probably
will
ask
tap.
The manager stalked into ing.
the market for around
$5,800,the room and indignantly began
While this belongs in the "Up¬ 000,000.
narrumphing about why wasn't I
One reason for removing the
told of this.
And anyway $1.50 town
After
3"
department we
was
ridiculous; all out of line. thought you might like to know "right" values from maturing note
The
repair man said nothing. about it. If you're really anxious issues would be to discourage
Finally during a pause in the to see the Duke and Duchess of banks from buying new long-term
diatribe he looked up and calmly Windsor
Government bonds.
And
put on the feed bagasked, "how do you expect us to even get a table next to them— the report from Washington is
pay the $9 dividend?" There was be at that restaurant on the north¬ that Morgenthau wants the insur¬
a sudden hush.
The face of the east corner of 61st Street and ance companies to. buy his new
of - long-terms—not
manager and the faces of all the Madison Avenue for lunch today issues
the
rest
off the
Other transactions Initiated
3.
i'
sales
fertile brain.
a
I want.
.
.
5,805
400
3,450.
,
other
10.49
58,490
Other transactions initiated on the
floor'--V;/.-./": f V'.y.U:';;.^W;,Y
Total purchases
;
v.Shortsaies __—i
Total
man
The personnel manager sat dazed
...
1 .'
.-v,.Total■' purchases .»_4———
>;;,..,
Short . sales —
>
Other sales b, ——
—
.
nancial advice from
...
:• -? v.
Transactions of specialists in
1.
the
...
'
-
with such
"Governments"
16.31
•
421,290
.
Be¬
promptly phoned
the
telephone people and ordered a
86,670
—
Total
-.-'. j
third
throughout these interviews and
finally asked: "Why did you hire
the third young man?
He didn't
"Looka here you! I want personal
anything more than the
conversation wiz a frien'—not fi¬ have
manager
3.16
78,020
b ——
k
•
68,425
sales, wL—i'-.<8,650
sales
has reached him first."
ing mindful of the modern age,
speed and it's modern design, the
;'v;■ ;"o•
,
The
when asked the ques¬
stopped, scratched his head
and blurted out "twenty-two." V.,
"Now that," said the movie pro-*
An
a
fuzzy "wazzat?"
The request ducer, "showed real genius.
was
repeated.
Again the man imagination par excellence. The
movie business could use a man
asked "wazzat?"
Realizing the
tion
Specialists
1. Transactions of
'
considered.
be
young man
Odd-Lot Accounts of Odd-Lot Dealers
♦
;
a
74,530
—
b
sales
Round-Lot
B.
Per Cent
For Week
Sales
..
we
The
screen
.
.
tycoon turned to his Free riders have been selling.
Banks
and
insurance
companies
man with imagination.
He's not, have been freezing some profits,,
tied down with convention.
We'll keeping only part of their posi¬
"That's
assistant.
consider
him."
what
The
I
next
call
a
appli¬ tions.
T
The outlook is for a largecant, asked the same question, said
"twenty."
That, pointed out the scale secondary distribution of
interviewer, showed a balanced these
2Vfes
in
the
next
few
mind.
He
was
not afraid
to tell
weeks.
.
.
.
<
THE COMMERCIAL & FINANCIAL CHRONICLE
716
answer to the last is
prob¬
ably the most important.
the
Our
Thursday, October 23, 1941
Reporter's
'
*
F.H. PRINCE
has built
HIGH-GRADE
INVESTMENTS
Members
&
Chicago
Stock
Exchanges
1856
■'*
.
1
1
Members
York
New
Stock
Exchange
Curb
Exchange
Cotton
Exchange
York
New
York
New
Commodity
Exchange,
Board
Chicago
Orleans
New
other
And
Cotton
N. Y.
'
'
t'
.;1-..■
■ ■■
BOSTON
Exchange
Will
YORK
:,•
SWITZERLAND
WALL
oc¬
us
today.
do
inflation but
of
another
Treasury
Reconstruction
NEW YORK CITY
notes in
"past
there
even
SUGAR
going
the
in
on
tensive
few
this
Says
been
market
that
Street
identity of buyers of
placed on the market.
that
clement
finds
attempting to identify the
of
the
un-subscribed
cent debentures mark¬
per
eted
this
York
week
New
Exchange
Stock
the
and
on
other institutions.
have
beeh
was
reported
but" the
identity of other purchasers of the
$10,800,000 par amount offered
through brokers remained some¬
thing of a mystery,
the
has
bought at 15, stop at 26, cur¬ 'Until last week that in slip¬
rent price about 30 and last, ping back it managed to
go
Warner * Brothers, bought, at under previously determined
about 5 with stop at 3 3A, cur¬ resistance levels. Of course it
rent price about 5.
is possible that the recent dis¬
; v
Again the
f
buyer,
a
of cancella-
run
tions, which developed Tues¬
day afternoon, was interesting
:
and
there
reports
were
that
the market had been oversold
to
extent,
some
although
recapilation of the the tribution (if it was that) was
to this: Total disguised so excellently that
it escaped detection but there
gross profits about 10 points
after deduction of the three are some things that can't be
Building Buyer Accounts.
points loss. This does not take hidden—volume
to that which
nothing
A
on
above adds up
price
present action. Volume has been
consideration
into;
and
that
definite
was
learned
score.
vestment market is being likened
of
the
preceded the advent
Securities
and
Exchange
Commission and the Truth in Se¬
paper
•
.
..
*
..
*
#
that
Personally, I think figuring trying to think this market
paper positions from a profit through and doing my think¬
or
loss angle is a waste of
ing out loud. Anyway, to get
time. By the time one decides
down to cases I see little rea¬
are
that
to
son
get all hopped up about
old loss may either be in¬
creased or an old profit may
things
now or
have vanished like the Arab
to
out and buy a raft of
an
and his tent.
want to do
However, if
you
it, go right ahead.
At least it will be
something
looking busy
to
keep; you
these days.
'
*
*
■
*
go
stocks.
Perhaps by the time
week
next
for that matter
rolls
around
market will have
and
more
More
'
given
the
new,
important, clues.
next
Thursday.
'
But
ket
what
from
continue
about
here
the
on?
Will
dribble
to
Will volume increase
.—Walter
mar¬
it
down?
on
[The
article
the time
and go up
"3
J
:<
f
V t
;:j
1
<
not
'
I
with
They
M i1.
in
necessarily at
those
;
'
are
those of the author
i
Whyte
expressed
"
here' Chronicle.
again? Of the three'
1
do
coincide
t
Or will it stop
decline?
views
of
this
any
the
presented
as
more
In
> i )
the
to
yield
■
.
Results
is
accomplish
go
far
into
were
"local'- securities.
very
that
"all
largely bene¬
current activities will
for
the
tween the buyer and the dealer.
Central Illinois Public Service.
Central
Illinois
Public
lot of loose ends that
It's
never get tied up and seldom make much
movie the youngster of high school
age will probably
a
for, perticularly if he's "in the groove" and is "hep to jive."
as we are concerned it's
just another one of those things,,
Service
So
Cafe
Bagatelle
(106 E. 52nd)
A
new
place with
a
nice atmos¬
phere.
The room is done in some sort of wine color and has heavy
white opaque chandeliers suspended from the
ceiling.
The food and
sendee are both good.
Dance music is furnished
and
his small
combination.
occasionally step
up to
Wilson and two members
of
the
competition will be
*
band
the mike and sing pleasantly,
AROUND-THE-TOWN
The Versailles
(151 E. 50th) opened it's fall
season
with
of
one
the most elaborate shows
seen on the East Side in a
long time. The
alone must have set the management back
plenty.
Ordi¬
narily the Versailles goes in for top names, one or two performers,
but good ones, and lets the two swell
orchestras—Maximillian Ber-
costumes
gerS's and Panchito's rhumba
(not to mention the food—probably
the best served in a New York
night club) carry the burden.
Ap¬
parently, Nick and Arnold decided that wasn't enough and put fp a
show.
This consists of Mili
Monte, who sings in French arid English
hairdo; Jean Cavall, a Canadian radio singer;
Frances Mercer, singer, who looks
charming; the Barrys, a good
dance team; and Marion
Chandler, a tap dancer.
With them is a
line of six girls, all lookers and each dressed in a
gown more gor¬
wears
Garbo
a
than the next.
geous
show but
so
far
to be desired.
The whole thing adds up to a swell fashion
cohesive entertainment is concerned, leaves much
It's true we saw the
opening show, which may have
as
since been tightened up, still
considering the money and effort that
must have gone into it we don't think the results,
ard" anything to
cheer about.
;%f.
tainment, with
a
i If you; don'f'want
capital E
The current show consists of Maxine
whose small
voice
sends
to
dance and
like
suggest the Ruban Bleu
we
thrills up
your
enter¬
(4 E. 56th).
Sullivan, of Loch Lomond fame,
and down your back.
Richard
Dyer-Bennett, singer of old English songs, who accompanies him—,
self on the lute.
And last, but far from
least, Paula Laurence.
a
young lady you'll hear
voice.
She
more
from in the future.
She hasn't
doesn't
sing risque jingles, still she has somethingthat defies description.
She has her own arrangements of popular:
songs that she delivers with a sly sense of humor.
Sometimes she
just sings one line, stops, and rolls her eyes, or shrugs her shoulders,
and the crowd
just doubles up with laughter, she's that good.
The
opening night audience just couldn't get enough of her.
Whateverit takes to make
has
it!
The
a
hit this Paula
Penthouse
Laurence, the pixie from Flatbush,
Club
(30 Central Park South) has set
recording equipment to record the favorites of patrons.
feels like it they may sing to Paul Taubman's accom*
paniment (he plays the Solovox and the piano).
The whole thing is
it's
up
.
.
.
own
If anybody
recorded
and
it
or
the lucky
patron can take the thing home and plav
phonograph.
If it serves no other purpose it
can impress neighbors with your
ability, can help you break your
lease, or scare hell out of little children.
on
his
her
own
Write For Analysis
A
detailed analysis
rent situation in the
of the
Civilian Defense
cur¬
capital stock
of Atlantic Coast Line Co. of Con¬
necticut
has
Wertheim
New
York
been
compiled
&
by
The Bond Club of New York, at
its luncheon meeting on October
22nd,
was
addressed
seph^ A. Baer
on
by Col. Jo¬
the problems of
Co., 120 Broadway, civilian
protection
City, members of the defense, with
and
civilian
particular emphasis
Copies on the
vulnerability of the New
of this interesting memorandum
York area to surprise attack and
may be obtained from Wertheim
organization for defense.
*
'
& Co. upon request.
J. Taylor Foster, president of
the Bond Club, presided.
keen in view of the absence of
New York Stock Exchange.
Company will open bids next j new business recently.
fi
,
Monday for its offering of $38,Two of the larger groups are
L. T. Nelson Bankrupt
000,000 of thirty-year 3% per cent
reported
to
have
consolidated,
bonds
being offered under the
Lawritz T. Nelson, also known
making for a syndicate1 of over
U-50
Rule
which
provides for sixty firms... This aggregation, it as Louis T. Nelson, formerly doing;
competitive bidding.
is said, >will not accept agency business as L. T. Nelson & Co.
Several banking syndicates
bids.
It will be interesting, ac¬ from New York City has filed a'
have been organized to bid for
in
bankruptcy in
the
cordingly, to watch the reaction of petition
District
Ihe issue and it is expected
Court
the insurance companies to this Eastern
showing
the
"'
RESTAURANT
this
good"
in
strengthening the relationship be¬
prove
-"'Vi'..
was
ficial to customers who profited
by the trades recommended. Be¬
lief
Directed by Anatole Litvak.
,
customers were encouraged
switch
to
priced too high with
where
attractive.
order
many
that
only.],
were
others
:
to cash in the chances
a
sense.
a
The current situation in the in¬
non¬
a
to-'
Hussey who knows nothing about his job or his extre-curricular
The outstanding job is turned in
by Same Levene whose
Here's
profits or existent; price action has been curities legislation.
losses. If you're interested in nebulous. Only in a handful
}
There was a dearth of new
issues at that time and dealfiguring these all you have of stocks has the action (not
to do is to take the buying the volume) been optimistic,
ers,
in order to remain in
business, were moved to seek
'/v.*
*
♦
levels
as
given above and
out "sleepers" among existing
I realize all this
compare them with the clos¬
bonds and work out switches
theorizing
for customers replacing issues
ing prices as of last night.
leaves you high and dry. I'm
holdings,
and
and
Metropolitan Life
to
be
"Blues In The Night"
(Warner) with Priscilla Lane, Richard
Whorf, Betty Field, Lloyd Nolan, Jack Carson, Elia Kazan, Wally Ford
it¬
phone & Telegraph Company's
3
to
married
by Dick Wilson
Wall
left in the dark with
portion of the American Tele¬
trudged up and
slipped back. And it wasn't
707)
page
Instead
true.
the next year or so.
are
to
buyers
presupposes strong
perforated here and
there with sharp declines. At
no time in the recent
past has
Whyte
$7,000,000,-
self quite completely stymied
in
markets
Tomorrow's Markets
>
[
are some
often
men
But
tribution
—r
isn't
securities
fully indeed (I am not refering to British selling). Dis¬
WlJi
long-term
exchange.
over
regard
months it has been done skill¬
DIgby 4-2727
$204,r
and
Who Bought A. T. & T. 3s?
But
last
1,
The Treasury is taking up for cash
on November 1
next, $112,000,000
of U. S. Housing Authority notes.
It
out
newlywed
a
are as genuine as the sidewalks of New York.1
ilt's not sporting to tell you more but if a few incidents are dull there
are plenty of others to
laugh at.
r;':,.
j
notes
000 of these contingent obligations
outstanding for Federal agency ac¬
counts, the movement could be ex¬
very
If distribution has been
clear.
Export—Imports—Futures
liquidation."
things aren't
cent
per
Nov.
Since there
bond
himself
sets
why they have to go to other extremes in putting out Blues In The
Night. It's a dull yarn how a group of swing musicians form a
band;it's hardships and experiences. For some reason there's a
gang mix up
%
Commodity Credit
Corporation 1 per cent notes,
-due Nov. 15, would be offered ;
explanation
book
Treasury
000,000
it
the
of
maturing
comes
of
.He's actually
activities.
and others:
Cor¬
"writer"
We suppose Warner can't
keep up the high standards they set
for themselves when they produced such
pictures as Sergeant York,
Maltese Falcon and One Foot In Heaven, v But we can't understand
poration's
of the recent market decline
to
Finance
the
New York intonations
,
announced
when
up
bachelor—whiph he isn't.
that holders of $300,000,000 of
bills
last
even last, week's.
not be the classical
until
pile
: ;
•
The
STREET
(Continued from
SCREEN
Ruth
with its direct obligations, as pro¬
jected under plans announced by
Secretary of the Treasury Morgenthau a week ago, will be taken
evidence
you don't
look at your
a
This leaves the
Walter
THE
ing the nation's contingent debts
along. In any case your dollar
buys a lot less today. If that
is so then the purchase of
fixed income securities today
(unless they have other com¬
pensating
features)
seems
shortsighted; the same thing
applies to cash.
-.
•<<!
DETROIT
LAMBORN & CO.
99
insurance
Another step toward consolidat¬
direct
-
•
PITTSBURGH
GENEVA,
Five"
•
.
of
If
side.
take
so
year's or
This may
definition
Exchanges
•
"Big
group, with regard to institutional
food bills, your clothing,
and compare them with
Inc.
CHICAGO
found in the
each
on
Exchange Bldg.
NEW
so-called
A denial to the first is
think
Trade
of
Cotton
ments of the heads of two of the
'
of inflation that surround
'
/
*
burst
a
be
to
*
liquidation out
of selling
past
which
curs.
H. Hentz & Co.
*
-
'
of
,tEstablished
(Continued from First Page),
up
"Married Bachelor" (MGM) starring Robert
Young and Ruth
buying of new issues must have
Hussey; with Sam Levene, Felix Bressart, Lee Bowman and others.
So far as the answers to the been
heartening.
Both
Lewis
Directed by Edward Buzzell.
first two questions are con¬ Douglas, president of Mutual Life
An amusing picture with no pretense to
Insurance Company, and George
message, believable plot
cerned we have to presuppose
Harrison, head of New York Life or anything else. It was made to give onlookers something to laugh
two things. A real desire to
at and succeeds admirably.
Insurance
The story involves a pair of struggling
Company,
expressed
exchange common stocks for fears of possible consequences of bookies who can't pay off and are in danger of becoming corpses..
operations if followed ag¬ One of the partners finally takes a manuscript from one of the
fixed
income
securities
or such
firm's clients, a professor with a
gressively.,.: / x;
penchant for philosophy and horse
cash; and two, a long period
betting, and sells it to a publisher as his own work.
Treasury Conversion Loan
Complications
-
York.
market
enough reserve
strength' to start anything
more than a fitful
rally.,
PROVIDENCE, RHODE ISLAND
New
.1!
I don't believe the
BANKERS
Boston
*
development.
liabilities of
$14,840,
no
assets.
i
i,
,
i
>
Volume
717
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 3997
154
Calendar of New Security Flotations
2,000;
Bankers
750.
The offering price as supplied by amend¬
ment' is $106 per share; Underwriting com¬
mission, $3.50 per share.
' Proceeds, plus treasury funds to extent
necessary, will be used for redemption on
Nov. 21, 1941, of company's 8,000 shares
outstanding-6 % cumulative preferred stock,
at redemption price of $106 per share, or
to repay funds temporarily borrowed for
OFFERINGS
stock,
150,000 shares capital
the SEC
"20 cents
CORP.
registered
Products Corp.
Precision
Adel
with
PRODUCTS
PRECISION
ADEL
-
value.
par
Address—10777 Vanowen
St., Los Angeles,
Cal.
is the de¬
Business—Business principally
sale of air-
and
manufacture
velopment,
consisting
of line supports, hydraulic equipment and
-other
precision products,
and synthetic
; rubber
compound cushions and supports.
Unfilled
orders aggregated $2,000,000 on
accessories and equipment,
craft
\
Sept.
,
1941.
15,
s
•
Underwriters are:
v
Offering—The
the
public
will
Proceeds
of
of
and
its working capital.
Registration Statement No. 2-4854
Effective—4:45
1941.
E.S.T.,
P.M.,
'
'■
•
Offered—Oct1. 18,! 1941.'
CO.
TELEPHONE
LEXINGTON
with
Merrill
8,000 shares 5.2%
Cumulative Pre¬
ferred Stock, $100 par.
Address—151
N. Upper
St., Lexington,
telephone service
and
their
environs
communities
5
by
&
Hooser
and number of share un¬
each, are as follows: J. D.
Co., Inc.* Lexington, Ky.,'
Security
3,000;
&
Bond
Co.,
sub¬
engaged in the per¬
holding
are
Registration Statement No. 2-4859. Form
(10-15-41)
-■
!,V'V
Offered—Oct. 22, 1941
:'
A2
Lexington,
list of issues whose registration statefiled less than twenty days ago.
These issues
a
&
Inc._:_L;
Co.,
E.
______:
& Sons,
Rollins
H.
Inc._
Alex. Brown & Sons,
'
Inc.,
V
175,000
140,000
Boston
;
__■
140,000
140,000
Offering—The Debentures will be offered
public, at a price to be supplied by
7 .;'
:
7
»
to the
Proceeds—Will
be
to
used
out¬
reduce
,
standing bank loans and commercial paper
made before the day follow¬
Registration Statement No. 2-4862. Form
(10-17-41)
^
A2.
.
ELECTRIC
%
,
SATURDAY, OCT. 25
MUTUAL
registered with
SEC 100,000 shares capital stock, $10 par.
Address-1—1128
Alakea
St.,
Honolulu,
Oahu, Territory of Hawaii.
-;1 ■;\;
Business—Company is an
independent
public utility furnishing telephone service
on
the Islands
of Oahu, Hawaii, Maui,
Kauai, and Malokai, Territory of Hawaii,
radio telephone service between said Islands
and certain ships at sea, and also wireless
telegraph service between Oahu,
Lanai,
Hawaii, Maui and Malokai.
Underwriters—There is no underwriting
Co.
Telephone
this offering.
Offering—Company is offering the 100,000
shares
for
subscription at $10 per
share
to its
stockholders of record Oct.
15. 1941. by offering one share for each 4
shares then held. .^Subscription offer , ex¬
connection
with
20, 1941. Full shares of such
stock, representing fractional interests and
also
shares called for by warrant to be
issued to stockholders, which are not exer¬
Dec.
pires
public auction in
Honolulu to highest bidder
therefor not
later than Dec. 27, 1941, and proceeds from
the auction sale in excess of $10 per share
(after deduction expenses of auction) will
be distributed pro rata to stockholders of
record
Oct.
15,
1941,
whose fractional
interests are disposed of and to holders of
will
cised,
warrants.
unexercised
Proceeds
bank
term
equipment,
at
sold
be
prepay
Registration Statement No. 2-4855.
(10-6-41)
'
Effective—4:45 P.M., E.S.T., on
194!.;
Hutton
Hornblower
Form
./■
&
Brass
Co.
of shares of no par com¬
mon
stock
(including
scrip certificates
for
fractions of
shares), such common
stock
to be reserved
for issuance upon
conversion
of
the convertible preferred
stock.
Dividend rate
of the preferred
minate
number
will
be
Bridgeport, Conn.
purchases and pro¬
cesses
copper, zinc and other non-ferrous
metals
and
manufactures and markets
brass and other non-ferrous metal alloys
various
The subscription offer
expires approximately Nov. 5, 1941.
Underwriting—Any shares of preferred
stock not subscribed to under above sub¬
scription offer, will be purchased by un¬
derwriters and sold to public, at price to
be
supplied by amendment.
Names of
underwriters, and the percentages of such
unsubscribed stock to be purchased by
amendment.
are
Y„ unless
as
D.
follows (all of New
otherwise indicated):
York, N.
3.924
3.924
5Mt%
of
C._________™
be
will
-
.
of
share
and
that the shares
ofjtered to common stockhold¬
record Jlct. 24, 1941, for subscrip¬
at $105
tion
disclosing
first
of
ers
annum
per
share, at the rate of one
preferred stock for each 37
)Wr
the
Subscription
shares of common stock, held.
offer will expire on Oct.
Pa.
Business—This
in the
subsidiary
United
GasImprovement Co.
holding
company
system, is engaged primarily in production,
purchase,
transmission,
distribution and
of electricity and gas in southeastern
vicinity
"
Underwriting
be
Philadelphia
including
and
.
Offering—The bonds
under the competitive bidding
the SEC's Public Utility Hold¬
sold
rule U-50 of
and
1935.
Names of un¬
derwriters, and price to public, will be
supplied by later amendment
Proceeds—$20,000,000 of the net pro¬
ing Company Act of
ceeds
sale
from
of
bonds
the
will
be
ap¬
plied to pay company's presently outstand¬
ing $20,000,000 of l!/2% promissory notes
payable to banks.
Remainder of net pro¬
to reimburse, in part,
for additions, exten¬
sions, batterments and improvements to its
will
ceeds
be
plants
used
treasury
company's
property
and
28, 1941.
Unsub¬
to the public
no
the
DATES
shares
25,486
shares
par-
beth,
■
stock plus an
all of such
them
preferred
of
$2
share
per
actually
on
purchased
by
We
present
twenty
days
mined
THURSDAY, OCT. 30
CROCKER
ELWAIN
MC
Voting
Trustees
Crocker
of
and
$100
McEl-
a
of
par.
The
trust
voting
until
fect
provide
ef¬
certificates
unless terminated
terminated
according to
Sept, 2,
earlier.
Unless
1944,
the voting trust will continue
Sept. 2, 1947.
Voting trustees
are
Elmer C. Tucker,
terms,
until
Joseph K. Holmes.
Address—642 Main St., Holyoke, Mass.
Business—Company is engaged in manu¬
Ralph
Morrill,
H.
and
facture
F-l.
in
of
sale
EATON
paper,
HOWARD BALANCED
&
&
with
Howard
Balanced
FUND
Fund
SEC 500,000
public,
shares
will
Beacon
Boston
'
'■
.
offered
Howard,
1
to
Inc.,
'
Registration Statement No. 2-4860. Form
A2 (10-15-41)
PACIFIC GAS
Pacific
with
First
SEC
Gas
&
ELECTRIC CO.
&
175,000
Electric
shares
Co.
5%
'
to
amendment
to
1941
1971,
annum,
per
with
filed
!
.
rate on
in
Head
July
21,
of
Boston;
Inc.,
is
'V
1
I
-
j
;
.
Underwriter—F.
Boston
Putnam
L.
&
Inc.,
Co.,
for
subsid¬
to
advanced
be
their
funds
for
to
advances
July
17,
P.M.
August
E.S.T.,
deter¬
7
Mining
153,145 shares
Address
Con¬
of
principal
is
named
commission
underwriter; others to
Underwriting
amendment.
by
$2.25 per
is
share.
stock to
Offering—Preferred
to
public,
price
at
amendment.
v,
.
be
to
be
offered
supplied
by
•:.
to
Proceeds—$300,000
outstand¬
prepay
loans; $200,000 for purchase of
machinery; balance for plant
working capital.
Registration Statement No. 2-4851. Form
A-2.
(9-27-41).
/
•
The company has filed an amendment
ing
bank
additional
its
and
registration
Securities
statement
with
Exchange Commission
and
its
that
50,000
shares
of
offered
the
dis¬
$L'37V2
by the following
to, the public
underwriters:
*
ly
513
—
at
•"[
registered
Cumulative
Preferred Stock, $25 par j<
.
Address—245 Market St., San Francisco,
Cal.
$1
Majestic
'
&
Weld
White,
Jackson
&
Beane
H.
Pacific
Rollins
Co.
Mitchum,
Cohu
Fuller,
&
10,000
&
&
Co
of California
Tully
&
Cruttenden
Co
Vietor Common & Co
5,000
4,000
1,500
1,000
.
&
_10,000
4,000
Sons
Torrey
milling
Co
27.
y
&
&
Electric
tered
and
1951,
1,000
1,000
$92,000,000
debentures due 1961
■?'
Broadway, N. Y. C.
utility
holding
Address—61
■■V
Business—Public
equipment
property
near
mining
Colo.
com¬
'
issues will be publicly
to filed by amendment
redeem $50,000,000 Deb 5s,
Offering—Both
at prices
offered
chase
Deb.
notes
make
to
Cinn.,
Fuel
Ohio
United
of
April
due
15,
5s, 1961; to pur¬
guaranteed
serial
Gas
Co.,
guaranteed
$3,750,000
and
notes
to
of
1942-46
due
subsidiary,
5s,
Deb.
4%
$3,750,000
Fuel
Gas
Co.,
a
from the holders thereof; and
$3,402,090 capital contribution
subsidiary,
development
regis¬
Corp.
debentures,
due
sinking fund
serial
$28,000,000
to
1942
CORP.
ELECTRIC
Gas
Columbia
enable
For
—
16,
company
'
.
..
GAS
COLUMBIA
serial
offered public¬
selling commission,
the
from it of; $38,000,000
bonds, r, Proposals will be opened by the
company
at
room
2158; 20 N. Wacker
Drive, Chicago, at 12 noon (C.S.T.), Oct.
$4,750,700
a
Newport. & Covington Ry Co. to
Company to redeem its out¬
that
1st
$3,303,000
standing
&
6s,
Ref.
Registration Statement No.
(4-10-41)
1947
2-4736. Form
A-2.
Registration Statement No. 2-4571. Form
(11-12-40)
BOND
COMPOSITE
INC.
FUND,
.
Composite
HILLS
BLACK
Black
Hill
with
POWER
&
Power
&
LIGHT
Light
CO.
with
register¬
Co.
$2,115,000 First Mortgage
A, due 1971; 9,400 shares
5% cumulative preferred stock, $100 par;
and 100,000 shares common stock, $1 par
Address—Rapid City, S. D.
Business—Incorporated in South Dakota
Aug. 27, 1941, for purpose of contin¬
uing business and operations of the Da¬
kota
Properties of General Public Util¬
on
ities,
Inc.,
tions
of
business and opera¬
Dakota Power Properties oi
and
the
Dakota
the
Co.
Power
distribution
ation, transmission,
of electricity, in 12
South
orated
Dakota,
Dillon, Read
be
and
sale
various unincorp¬
and
and
bonds
rural
are
areas
be
to
of
the
103%.
undetermined
U.
S.
preferred stock and an
of
issued
In
shares of
to
General
common
Public
at
stock
are
to
part
Utilities,
Inc.,
payment for the so-called Dako¬
ta Power Properties to be acquired from
that company and Dakota Power Co.
The
remaining
shares
of
common
stock, as
well as the
preferred and common stock
to be received by General Public Utilities,
Inc., will be offered to the public
Proceeds—To company
Fund, Inc.; registered
shares $1 par common
Riverside
Address—601
Business
limited
Open-end
—
Ave.,
Spoxane,
to
Investment
in
investments
Underwriting—Murphey,
tributor,
net
asset
bution
,
&
Co.,
Wash., is underwriter and dis¬
purchasing said shares
at the
Spokane,
plus
trust,
bonds.
Favre
value
to
then
in
effect
for
at
such
net
asset
public
distri¬
value
8V2%.
Offering—To be offered to the public at
the
then
prevailing
Proceeds—Will
market
be
used
price.
investment
for
purposes.
Registration
Statement
2-4825
No.
Form
(8-28-41)
to
& Co. at 103 Va and in turn
by latter to Equitable Life
Society
Bond
32,500
Wash.
A-l.
sold
resold
Assurance
number
gener¬
communities in west¬
communities
Offering—The
in
Engaged
SEC
stock.
SEC
Series
Bonds,
The
by
purchase
$50,000,000
be
share,
per
A-l.
be
Pierce, Fenner &
_______—________
Stern,' Wampler
E.
Shares
12,500
Co
Curtis
Merrill, Lynch,
and
will
operation
ern
received
be
1952;
L"-v-
Breckenridge,
the
P.M., E.S.T., on Oct.
v
the
for
a
Proceeds
will
'
.
(10-8-41)
1952;
Co.
common
Offering—Stock
ed
reserved
of the
.
be
interest.
accrued
and
registered
stock, $1 pai
Bldg., Denver.
Milling
and
Underwriter—None
York,
latter
1968,
1,
COMPANT
MILLNG
AND
Bear
,
Cumulative
Dec.
22
1941
MINING
BEAR
the
outstanding $38,000,000 of
Series A 3%% bonds, due
to be redeemed at 105%
bonds, of the
first mortgage
Proceeds—To
filed
of
Other funds of com¬
are
pany
(6-27-41)
of
together with
to be applied to redemption, on
about 30 days after delivery of the new
or
7-j':vy v\ V-'-
working capital or will be
used for payment of debt incurred on pro¬
iary
ser¬
bonds
salfe
from
Proceeds—Proceeds
bonds,
Bids—Will
commis¬
underwriting
heat
Offering—The
1941.
loan
15%, leaving net price to company
85
and
the com¬
rule under SEC's Public
Company
Act of
1935.
Names of underwriters, and public offering
price, will be supplied by amendment to
registration statement.
Mass¬
Offering—The Debentures will be offered
the public at 100 by F. L. Putnam &
sion
a
en¬
-
Effective—4:45
,
is
Registration Statement No. 2-4856. Form
small
and
company,
Corp.,
West
bidding
Holding
Utility
•'
Island
,
operating
water and steam
■
A2.
Provi¬
Bldg.,
the
in
Rhode
achusetts
Co.,
ice,
gas,
petitive
''"K
Turks
dence, R. I.
Business—Engaged
business
changed
according
SEC
v
Address—216
to
1-,
July
Springfield,
St.,
to be sold by company under
are
due July
due
6Vi%
first
3%%, due Oct.
Adams
Middle
of
Underwriters
pany,
1, 1971
Associates, Inc. .interest
6%
and
be
be
vides
registered SEC
Sinking Fund
Inc.
CO.
regis¬
of
principally in generating, purchas¬
ing, distributing and selling electricity in
central and southern Illinois.
Also, pro¬
INC.
Participating
Co.
gaged
cent»
75
Service
i
subsidiary
sold
be
1941
24,
Debentures,
from
10. 1941.
SERVICE
$38,000,000
Series A,
E.
Business—This
i
-
will
SEC
the
Address—607
automatic
of
Illinois Public
with
vice.
Associates,
Beacon
cumulative convertible preferred stock will
investment
Proceeds—For
us.
of 4:45 P.M., E.S.T., Aug.
as
1971.
1,
$500,000 Participating Sinking Fund Serie*
A
*
ni.
.
Stock
commission
May
6%
Debentures,
for issuance upon
preferred.
Address—Bendix Airport, Bendix, N. J.
Business—Company is manufacturer and
distributor of airplane parts, equipment,
material, supplies and accessories.
Underwriter—White, Weld & Co., New
stock,
.
&
devices
ASSOCIATES,
$500,000
A-2.
whose
been
to
at the market
Underwriters—Eaton
E.S.T.,
BEACON
■
.
P.M., E.S.T. dn Sept. 23,
mortgage bonds,
■-
-
Street, Eliza¬
engineering and develop¬
and working capital
expenses
P.M.,
:
(5-20-41)
tered
Registration Statement No. 2-4752. Form
(5-5-41)
' v""
W 7
Effective
but apparently deficient 4:41
INC.
$1.37'A
shares
closing
Business—Investment Trust
Offering—The
re¬
stock
common
Development
—
dialing
35%
to
regis-
Trust Shares
Address—25 Federal St., Boston, Mass.
ered
Inc.
A-l.
vertible Preferred Stock, no par; and maxi¬
mum
of
100,000 shares $1 par common
additions
.
MONDAY, NOV. 3
Eaton
Dialer,
'
underwriting
ment
Associates, Inc., registered with SEC
50,000
with
Holyoke, Mass.
(10-11-41).
not
have
unknown
are
ASSOCIATES,
Air
and
its mill
't
Registration Statement No. 2-4858. Form
located
the
AIR
conversion
the voting trust shall continue in
that
1941
share
per
issues
of
were
'
INC
DIALER,
through registered brokers and dealers
1
Offering—Public offering price, $3 pei
share,
Dead-
development
of
mining
purchase of
machinery
and
and working capital
Effective—4:45
J.
N.
Effective—3:00
but
Bldg.,
equipment,
Registration Statement No. 2-4763. Form
y
Grand
Business—Mining
like number of shares.of
7% preferred stock, $100
15,000 shares of common stock,
for
shares
1,684
ago,
Bank
mining
;
A-O-l
Colo.
registered with the SEC voting
certificates,
to
be
issued in
ex¬
trust
dates
or
list
a
statements
more
Nat'l
Dakota
Proceeds—For
properties,
the stoci
-
East
Underwriter—None.
CO.
Co.
wain
below
or
South
Underwriter—None
pub¬
to
.
Business
as
whose registration
110,000 shares
preferred
registered
non-cumulative
8%
share
offered
of
shares
.
telephone
UNDETERMINED
offering
its
OFFERING
OF
y
Offering—Preferred will be offered at
$1 per share, and common at 10 cents per
subsidiaries
Registration Statement No. 2-4790. Form
company
i
...
.
110,000 shares of common stock,
Business—Gold
named
Telephone
Address—1201
viding
price of $105 per share by underwrit¬
who will receive a commission from
of $2 per share on all of the
a
ers,
for
Atlas
.
75,000
gistered
scribed shares will be offered
at
•
<
Inc.,
par
and
wood,
Pryor
TELEPHONE
Proceeds—Will
Registration Statement No. 2-48631 Form
A2. (10-17-41)
$1
Central
sale
will
Redpath,
&
$20,000,000 of First and Refunding
Mortgage 2%% bonds, due Dec. 1, 1971
'
Address—1000 Chestnut St., Philadelphia,
Pennsylvania,
that pre¬
ferred stock will bear dividends at the rate
;
Offering—The preferred stock will be
to holders of company's com¬
mon stock of record Oct. 24,
1941 (or, in
certain circumstances, at a later date on
or
before Oct. 28, 1941) for subscription
on
the basis of one share of preferred
stock for each 37 shares of common stock
held.
Subscription price will be supplied
7.847
5.886
5.886
&
Amendment—Filed
forms.
first offered
12.752
Weeks___i_—9.809
&
.
by
INC.
cent par
Address—1st
common
Ten
(3-28-41)
Automatic
Philadelphia Electric Co. registered with
_____10.790
.
.
Business—Company
Inc._15.695
___.
•
SEC
1.962
Proceeds—Proceeds, plus other funds of
company, will be
applied to payment of
outstanding $2,874,000 3% notes of com¬
pany, requiring $2,917,110.
Registration Statement No. 2-4857. Fprm
A-2.
(10-10-41),;
supplied by amendment.
Address—30 Grand St.,
Stk.
21.525
s
Denver
Wash.,
par,
CO.
registered with
SEC 25,486 shares cumulative convertible
preferred stock, $100 par; and indeter¬
Bridgeport
Co.
&
Noyes
Co.,
change
WEDNESDAY, OCT. 29
Co
and Blodget,
Corp..
Reynolds & Co
Auchinloss, Parker
The
Oct. 17,
.
&
Pfd.
Purchased
be
Co.__.
Kidder,
Peabody & Co.
;
Spencer, Trask & Co
Bosworth, Chanute, Loughridge
Hemphill,
.
.
BRIDGEPORT BRASS
Murphy
Securities
E.
W.
to
Webster
&
Stone
Union
additional
outstanding short
loans, additions to plant and
working capital.
to
M.-P.
G.
TELEPHONE CO.
Mutual
Unsub.
of
;
CO.
(4-30-41)
Bullion,
Co.
par
(
Proceeds—For
PHILADELPHIA
sold
CENTRAL ILLINOIS PUBLIC
amendment
ing.
each,
—
__
oi
Registration Statement No. 2-4714. Forn
-
Hartford, Conn._
be
Registration Statement No. 2-4748. Form
CO.
:
AUTOMATIC
Rogers & Tracy, Inc., Chicago—
unless otherwise specified, are as of 4:30
P.M. Eastern Standard Time as per rule 930(b).
by
'
sold
be
225,000
Putnam & Co.,
will
pany
stock
for whose" account
company,
will
Piper, Jaffray & Hopwood, Minn.
These dates,
in
of
A-2.
,f
reserved
be
preferred
Corp. and the American Co., parents, and
no
proceeds will be received by the com¬
by L. A. Cushman, Jr., chairman of board
325,000
275,000
Weeks & Stubbs,
of
Proceeds—Stock
price to be filed by amendment
j
Proceeds—All proceeds will be receivec
—
Whiting,
will
shares
common
conversion
at
Co., S. Fran.___
Curtis, Boston
&
202
—
Preferred and com¬
publicly offered at prices to
except that 106,-
amendment,
by
BULLION,
as
store
City
Terms
be
will
filed
of
will be
Offering—Stock
375,000
_
no
520
Underwriter—None
lic
C—:____
___..
Offering
mon
be
A-2.
17
York
New
Underwriters—To be filed by amendment
registered 15,001
stock
St. Bldg.
Atlanta, Ga.
Ty-■ V '
Business—Manufacturing and distribut
ing bakery products in souther states
B
Hornblower & Weeks—.——__
days after filing except in the case of the secur¬
foreign public authorities which normally
become effective in seven days.
stock
-375,000
375,000
& Co._._
Stone
in
specialty
ten
Bakeries
Class
Address—No.
375,000
Baltimore.
Lynch, Pierce, Fenner & '
Jackson
ities of certain
A2.
800,000
800,000
600,000
475,000
425,000
Co.
&
Dean Witter &
is twenty
in
-
Thalmann & Co.___
Ladenburg,
Riter
BAKERIES
AMERICAN
Sept.
E.S.T.
1941
of
Business—Operation
Francisco)
p.m.
Sept. 6,
p.m.
American
Kidder, Peabody & Co.____;
Beane
grouped according to the dates on which the registrar
tion statements will in normal course become effective, that
Offerings will rarely be
4.45
York
Fifth
City
the selling stock¬
(San
(7-31-41)
131,203
and
par,
stock, $1 par
Avenue,
New
common
Address—721
V
Filed
INC.
$50
stock,
of
shares
Registration Statement No. 2-4807. Fom
A-l.
ac¬
Inc.
registered
39,334
cumulative
convertible
Teller,
5Va%
of
preferred
share
per
holders
shares
Blair
cents
25
be
to
properties
of
TELLER,
Bonwit
un¬
indicated):
otherwise
Eastman, Dillon & Co_7_—__L_ $2,805,000
Smith, Barney & Co.____
2,175,000
Merrill
are
v
each,
by
(all of New York City,
follows
as
less
underwritten
of
and
(9-6-41)
shares
number
Proceeds will accrue to
Effective—3
and amount of the deben¬
respectively
Hemphill, Noyes & Co
ments were
company,
business, and the acceptance
Underwriters,
tures
Hayden,
Following is
:
:
•
....
business, and activities related thereto
are
price of $2,750,000 paid by company upon
acquisition, on Oct. 6, 1941, of the assets
and business of National Grocery Co.
Woodford Counties,
Underwriters,
Van
shares
Wilmington,
St.,
_____
Ky.
derwritten
A
-—
sonal finance
at $109 per share by amendment
„
Proceeds—Will replace the cash purchase
"
Fayette, Jessamine and
regis¬
Corp.
■
of which
sidiaries
lic,
to
in
<»-
>
Business
Offered—The shares are offered to pub¬
Ky,
Business—Provides
Address—1300,Market
15,000 shares;
Newark, N. J.,
Co., Inc., Phila¬
&
CORP.
LOAN
Loan
SEC
with
Del,-
Co., Inc.,
Lynch &
shares; Cassatt
delphia, 4,200 shares
7,800
•
10,000,000 Fifteen-Year
2%% Debentures, due Oct. 1, 1956
Beane, New York,
Fenner &
Co. registered
Lexington Telephone
SEC
Industrial
Beneficial
tered
3,029 retail food stores, in 19 states of the
U. S. west of the Mississippi, and in New
Oct. 15,
on
"
Cal.)
Francisco,
San
INDUSTRIAL
BENEFICIAL
York, New Jersey, Connecticut, Maryland,
Virginia and the District of Columbia, and
in the five western Provinces of Canada
r
Underwriters — Merrill
Lynch,
Pierce,
v
(10-15-41
27,000
Business—Operates, directly and through
subsidiaries,
a
chain
of
approximately
Form
or
WEDNESDAY, NOV. 5
shares 5%
Cumulative Pre¬
Stock, $110 par
Address—20 E. Fifth St., Reno, Nev.
Francisco)
San
(9-30-41
A2
at
pay
outstanding
Registration Statement No. 2-4861. Form
with
registered
Inc.,
Stores,
Safeway
SEC
to
to
used
company's
Lot
Co.,
to
used
Inc.,
working
BONWIT
&
of shares to bt
offered
by
the underwriter
consists o?
the 69,800 shares currently registered with
SEC, and 16,433 shares previously regis¬
tered
with the SEC.
Such aggregate of
86,233 shares are already issued and out¬
standing and are to be offered to publh
for account of certain selling shareholders
to be offered to public at arbitrary price*
to
be
determined
by
underwriter
fron
time to time with regard to existing cir¬
cumstances.
Such offering price will noi
exceed 125% not be less than 110% of th«
highest bid price during the day of sale
Underwriting
commission
on
the
86,231-
Refunding Mortgage Series B 6s,
1, 1941
-
&
A-2.
ferred
y'
increase
share.
STORES, INC.
SAFEWAY
to
underwriting
company,
First
14,
be
maturity
Angeles, Cal.
Offering—The
due Dec..
Offered—Oct. 15, 1941 at $106 per
Angeles;
be
indebtedness
the
Proceeds—Will
before
'
v>
P.M., E.S.T., on Oct.
Effective—-4:45
cents per share.
used to pay off a part
is €0
commission
share;
per
(9-29-41)'
1941.
.
will be offered
shares
$3
at
purpose.
A-2.
sale oi
service and
Brashears
Underwriters—G.
be
will
Utilities,
net proceeds will be
capital.
Registration Statement No. 2-4832. Form
to
added
airplane equipment
Offering—The shares will be offered to
the public, at a price to be supplied by
emendment to registration statement
the
Balance
quired.
bank, Cal.
Business—Purchase,
San
Inc.,
Co.,
&
Cal.
for
sideration
Bur-
Terminal,
Air
Address—Lockheed
Public
Dakota Power Co. the balance of the con¬
Airplane Manufacturing & Supply Corp.,
69,000 shares com¬
*
•
Underwriter—Blyth
Francisco,
Registration Statement No. 2-4852. Form
&-2.
\
v
Cavanaugh, Morgan &
'
Co., Los Angeles; Lester & Co., Los
Van Grant & Co.1; Detroit, Mich.
-
such
California
central
stock
common
General
pay
registered with SEC
mon
stock, $1 par
tributing and selling electricity and natural
gas throughout a large part of northern
and
bonds
SUPPLY
&
CORP.
lic utility company engaged, principally, in
business
of
generating, purchasing, dis¬
and
MANUFACTURING
AIRPLANE
Business—Company is an operating pub¬
Bros.,
Louisville,
Bond Co., Inc., Louisville,
Almstedt
2,250;
from sale of the
FLORIDA
Florida
bonds,
ing
and
POWER
due Oct.
Fund
$100
Bonds
and
on
CO.
1,
1971;
registered
Mortgage
$10,000,000 Sink¬
Debentures,
140,000
Stock,
rate
LIGHT
&
&
Light Co.
$45,000,000
First
Power
SEC
with
the
due Oct.
1, 1956;
Cumulative Preferred
shares
Par.
Interest
Debentures,
preferred
and
stock,
rates
the
will
on
the
dividend
be
sup¬
plied by amendment
Address—25
S.
E.
Second
Ave.,
Miami,
Fla.
Business—This
Power
&
Light
subsidiary of American
(Electric Bond & Shar«
THE COMMERCIAL & FINANCIAL CHRONICLE
718
Calendar of New
is an operating public utility en¬
gaged principally in generating, transmitting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of the territory along the
east coast of Florida
(with exception of
System)
■
Jacksonville
the
of
area), and other portions
Florida
Offering—The securi¬
ties registered are to be sold by company
under the competitive bidding Rule U-50
of the SEC's Public Utility Holding Com¬
pany
Act.
Names of underwriters and
price to public, will be supplied by posteffective amendment to registration state¬
Underwriting
and
ment
applied as follows:
$53,170,000 to redeem at 102V4, the $52,000,000 of company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110 per
^Proceeds
$7
shares of company's
stock, no par.
Further de¬
supplied
by
post-effective
142,667
the
share,
preferred
tails
be
will
be
to
amendment
Form
Registration Statement No. 2-4845.
A2
LIGHTING
Houston
tered
been
SEC
of
(Company
common
held
Power
number
stock,
common
regis¬
Co.
indeterminate
an
its
par.
no
has outstanding 500,000 shares
stock, of which 499,987 shares
its parent National Pqwer
& Light Co.,
which latter company also
holds options to
purchase the remaining
13
shares
of
outstanding common stock
are
of
used
ing
amount
will
by
of which heretofore has
as basis for issu
long-term debt.
Remain
needed, for this undertkkinv
none
by
of stock
ance
stock;
Fannin
St., Houston, Tex.
pub¬
principally
engaged
in
generating, > transmitting,
distributing
and selling electricity at retail and whole¬
sale, serving 150 communities and an ex¬
tensive rural area in Texas, including cit¬
ies
of
company
Convertible
129.063 %
Preferred
shares
Address
plated
initially.
National
Power
filed with SEC a declaration
the Holding Company Act contem¬
plating, initially,
the exchange of com¬
mon
stock
of
company
which National
Power & Light owns, for the $6 preferred
stock of National Power & Light Co. and
also
termin¬
ation of such proposed exchange plant Na¬
tional Power & Light still holds as much
as
5 %
of common stock of company,
it
that
contemplating
if,
common, will be offered to pub¬
each unit consisting of one
preferred and 10 shares of com¬
stock, at price of $140 per unit.
Re¬
units
of
mon
maining 64,531%
dispose of such holdings as promptly
as
shall be practicable in light of then
market
and
other
conditions
and
with
best
the
its
holders
security
such disposition, company
have ceased to be either a subsidiary
will
or
of
interests
mind.
in
Co.
After
affiliate of
an
Electric
or
National
Bond
Power
Share
&
&
Light
of
tools, machinery and equipment.
Registration Statement No. 2-4844.
1941
of
as
4:45
Co.
Kensington Mines, Inc. has filed a reg¬
statement
covering
565,000
of $1 par 6 per
cent cumulative
shares
and the same number of
cent par common 35,000 shares
stock
preferred
shares of 1
of
$1
6 per cent cumulative preferred
previously
sold
to promoters at
par
shares
and
$1
cents
•
shares of 1 cent com-^
sold to promoters at 2.6S
1,320,000
previously
mon
share
a
Proceeds
Washington
f
Milling
property, construction,
and
For
—
Oct 6,
York
New
Underwriters—E.
Rollins
H.
&
prices
000
to
filed
be
of
conversion
The
Sons
April
E.S.T.,
In¬
9,
1941
GOLD
Kirkland
with
SEC,
Gold
LTD
RAND,
registered
shares
Ltd.,
Rand,
under refiling,
$1 par
500,000
stock
common
Address—360
St.
James
about
V.
be
West,
Quebec, Canada
Business—Engaged in development, ac¬
quiring,
holding,
selling
and
operating
gold,
silver
and
other
mineral
mines.
Company is still in the development stage
Underwriters—To be named by amend¬
ment
Offering—Above shares to be offered to
at $1.25 per share; underwriting
is 43% cents per share
Proceeds—For development, purchase of
equipment and working capital
Registration Statement No. 2-4727. Form
A-l.
Refiled
CROSSE
La
TELEPHONE
Crosse
32,080
Telephone
shares
Address—La
r.
of
Lines
president
vice
and
directors
and
ap¬
stock. Al¬
Emmet J.
Crosse,
and
treasur¬
associated
$10
Brown
&
which
shares
and
ferred
It
mon.
&
have
30,000
into
Co.
107,500
is
as
$100
$1 par
the
A-2
shares
710,500
Address
—
sold
Co.
•
to
Central
Electric
&
will
;
Power
to
La
4.; r
A-2.
:
-
.
A-2.
r
lic
has
been
Gas
Co.
from
filed
710,500
North
American
to
are
of
be
Light
offered
to
an
Louisville Gas
tered
with
stock,
no
SEC
par
& ELECTRIC
has
150,000
shares
it
value.
;
Address—311 W. Chestnut St.,
Business—This
operating
was
decided
11
in
Louisville,
sub-'
& Electric Co. is
be
used
company's treasury
pended for construction
to
reimbuse
in
for funds ex¬
(approximately
2
New
Indiana
POWER
Power
2,000
Co.
shares
sale
to
Serial
$350,000
tures
bank
a
to
indebtedness
of
•-
'v.
'
■;
direction of
be
ACCEPTANCES,
sold
$50
Ave.,
including 3
B
company's
bank
repay
OIL
shares
St.,
Operating
—
unit.
On
..
Electric
&
will
receive
share held
of
share
a
at
to
one
of¬
com¬
$2,835,000
construction
Co..
6haree.
Sachs
current
debt
,
and
mortgage bonds held
associated companies, and
costs
J-V.iV
(3-30-40)
UNITED
b?
fox
States
SUGAR
&
.
$25
and
par,
562,500
shares
stock $1 par, latter reserved
mon
therefrom
in
sugar-house
a
cent, to Clewiston, Fla.
■
disposed
of
vannah
under
Offering—The
tered
to
are
holders
loans,
and
stock,
common
Milam
—
ferred
contract
with
Bldg.,
$2
par.
interests
■
.::
production
oil,
acquire
has
Tex.,
shares
at
in
at
$2,
public
at
shares
984
sued
July
York Co.,
agreed
$1.75
from
San Anf
purchase 44,~
and 74,157
to
share
per
company.
shares
$2,375
>
to
be
share;
per
•' .i-.'.
V
/
Proceeds—Will
be
used
to
-
.
i
offered
fered
shares
■
UNITED
TOMASINI
A.
T.
Bridge
BRIDGE
Tomasini,
with
ed
cisco,
,
SEC
Revenue
maintain
bridge
and
operate
San
—also
has
permits and
United
(
Form
(9-16-41)
.;
secured
from
States,
tube
Bay
-
the
by
be
toll
A-2.
from
Point
(8^22-41)
necessary
approval
VIRGINIA
of
authority to construct
War Department of the
and
proposes
to proceed,
LAND
gas
of,
J
that
effect
in
one
or
more
newspapers
$150
per
acre
tion
&
&
Gardner,
Co.,
Wi H.
Newbold's
1
Riter & Co., The
Co., E.
Inc.,
—
.
H.
Rollins
&
Schwabacher
&
.:
,,,.
.
..
of
rate
for
Oct.
15,
a share of
preferred or
held, is fixed-at $70 per
stock
so.
of
record
one-fifth
each
share
of
of
Subscription, offer expires Oct, 28;,
P.M.,> E.S.T; "Unsubscribed por¬
of such shares td^ be purchased by
at 3
and
*6ffep.ed
to
public,; at
/
APARTMENT,
WHITWORTH
Wbitworth
with
INC.
Apa]ftment, .,-Inc.,-. registered
SEC
5,950 shares common ^stock, 25
cents par $74,375 First Mortgage 5% bonds,
due
Sept.
I,- 1951; and $74,375 Second.,
Mortgage, Income Bonds. 6% Non-Cumu¬
lative Interest, due Sept. 1, 1961
i '
-
■->
warranty
Miami...-XX
stockholders
underwriters,
at; $50
interests
,
*
price to.be supplied by.later amendment.
V Effective—3 P.M.; E.S.T., ;OCt.- 14,' 1941.
1
"»•
CO.
\.
Co.;
stock, $50 par value, to be offered
at
1941
direct
with construction of the project.
Address—Theatre Building, Coral Gables,
Project
expected to be completed by June 27, >1944 ■•Dade County, Florida -<;-«•«;;> 7v
Underwriters—None
Underwriting and Offering—The Obligor
proposes to
advertise for bids for all or
Offering—Interests will be sold to the
part of the bonds by inserting a notice
public at" prices from $20 per acre up to
to
&
share.
of
in oil and
lands in thq Everglades, Florida, about
50.miles, west
Langley
Murphy & Co.,
to
common
on
1941 at 11 A. M., E.S.T,
representing
C.
(9-25-41).
/
.:<•
Subscription price of the 534,426 shares
1941,
purchase ot
Co. • registered
Virginia --Land
deeds
W.
L. F. Rothschild & Co., SchoellHutton & Pomeroy, Inc., Schroder
first
common
druggists,
•
Effective—-Oct 7,
•
16, 1941 and stop order proceedings discon¬
v
*
company.,
used, for
,
-
Oct.
--
......
Proceeds-—Will
•
Co.,- Scott & Stringfellow, Shields & Co.,
8inger, Deane & Scrlbner, Smith, Barney
& Co., Smith, Moore & Co.,
William R.
Staats
Co.,
Starkweather & Co.,
Stein
Bros. & Boyce, Stern Brothers & Co., Stern,
Wampler & Co., Inc., Stone & Webster &
Blodget, Inc.; Stroud & Co., Inc., Swiss
American Corp., Spencer Trask & Co.
v
Tucker, Anthony & Co., Union Securities
Corp., G. H. Walker & Co., Wells-Dickey
Co., Wertheim & Co., White, Weld & Co.,
Whiting, f Weeks
&
Stubbs,
Inc.,
Dean
Witter & Co., Yarnall & Co.
•
Proceeds—For payment outstanding bank
loans, construction of plant additions, pur¬
chase
of
additional
equipment, and for
working capital.
<
Registration Statement No. 2-4849. Forin
OF
Delaware
shares .of
4,000
sold
I--.\-•••„
&
Rockefeller
4
equipment;, and for working, capital
Registration Statement No. 2-4818 Form
build,
and
in
share
per
;
r-
to
be
will
(exclusively)'. retail
to
Fleming;: to
Point, both in
Obligor—T. A. Tomasini
plans,
bridge
Offering—The
stock
Goldman,
& Co.,
...
Mason-Hagan,"~Inc„ A. E.
McDonald-Coolidge & Cd.,
Corp.,
Merrill
Lynch,
& Beane, * Merrill, Turben
Co.,
Fenner
M.-P.
kopf,
Bluff
near
The
a
Francisco
near
*
Co.,"
Co.,
Reinholdt
Pitts¬
28; .1941, to engage in business
selling
drug
store merchandise
Underwriting—None .* 'v /• :,
'
' "y
Aug. 1, 1970
St., San Fran¬
franchise
.«rs•-*•
-Business—Incorporated
register¬
Forgan &
Inc.,
Parsons
A-2.
of
Druggists
April
Tomasini
Glore,
Securities
common
due
California
County,
County
California.
3%
......
across
Alameda
Marin
the
of
Cal.
a
BONDS
individual,
Bonds,
Business—Holds
Offering—The shares will be offered to
public at following prices per share for
REVENUE
an
$20,000,000
&
&
common
,.
Sons,
Graham,
Sons Inc.,
INC.
Wholesale
.
Chicago, Jackson & Curtis, Janney
Pa.
indebtedness ($200,000), and
remaining $26,626 will be added to work¬
ing capital
Registration Statement No. 2-4824 'Form
(8-27-41)
and
common,
DRUGGISTS
WHOLESALE
&
MacGregor.
:,
burgh, Inc., registered with the SEC 4,000
shares
no
par
common
stock % ./
Address—6543
Penn
Ave.,
Pittsburgh,
pay outstand¬
ing mortgage
A-l.
;
&
Co.,
Robinson-Humphrey
will be used
PITTSBURGH,
.
Co., Newhard, Cook & Co., Paine,
Co., Arthur Perry & Co., R. W.
Pressprich & Co., Putnam <fe. Co.-; - j
sole
United
•-
Sons, H. M.
Webber &
by company, at $25 pei
discretion of company
for plant addition*
an
improvements, purchase of new ma¬
chinery and equipment, for retirement oi
outstanding $5 preferred stock, and foi
working capital
Registration Statement No. 2-4847.
Form
A2.
(9-23-41)
divi¬
as
i'
Garrett
&
Son
tc'
others
in
Proceeds
of
Co.
G.
regis¬
new
at
share,
&
v.
,
Co., The Milwaukee Co., Mitchum, Tully
Co., Moore, Leonard & Lynch, F, S.
Moseley & Co., Maynard H. Murch & Co.,
expiration date to not later than Dec
1941.
Unsubscribed portion of thf
15,
Brown
&
200,000 shares preferred stock may be of¬
remaining
shares is¬
registered constitute
1, 1941, by company,
dends.
the
and
mineral
un¬
be made
&
Sa-
preferred for each share out¬
standing $5 preferred stock.
Subscription
period comprises thei ten days following
the record date, but company may extend
Antonio,
San
\
in
shares
or
Republic Co.,
&
Pierce,
L
named
preferred
10
one
All
to
Alex.
Co.,
Glover
Marks
adja¬
be offered for subscription
each
•
or may
at
Mellon
of
for
is
Masten
$5
shares
of
purchased
price to be supplied
Sons,
Carl M. Loeb, Rhoades <Se.-Co;-'*;
Mackubin,
Legg
& Co.,
Laurence M.
Sugar is presently
the
4
.
portion
be
Lazard Freres & Co., Lee, Higginson Corp.,
Lehman., Brothers,
Adolph ' Lewisohn
8$ '
Sugar Refining Corp.
Underwriter—None
to
other offerings of such
or
stock.
either
Lanahan
com¬
for issu¬
ance
sugar
;
•
.-
&
Co., Kean, Taylor & Co.,
Kidder, Peabody & Co., Knight, -Dlckinsdn
& Co., Ladenburg, Thalmann & Co., Laird &
Co.,' Laird, Bissell & Meeds, W. W.
200,000 shares 6.4% Series'A Cumu¬
lative Participating Convertible Preferred
Stock,
of
of
Kalman
CORP.
Sugar Corp registered with
SEC
rate
share
Hallgarten & Co., Harriman, Ripley &
Co., Inc., Harris, Hall & Co. (Inc.), Hawley* Shepard & Co., Hayden, Miller & Co.,
Hayden, Stone & Co., Hemphill, Noyes &
Co., J. J. B. Hilliard & Son, Hornblower
& Weeks, W. E. HuttonCo., The IllinoisCo.
'V■V.V'.'
.
STATES
\
are
Grubbs, Scott & Co.
Registration Statement No. 2-4379, Form
A-2.
1941.
shares
stock
Robert
stock¬
new
first
and
parent
public
basis,
5
$100,016 per share,
repay
at
each
for
Inc., Clark, Dodge
& Co-., E. W. Clark & Co., Courts &
Co.,
Curtiss, House & Co., Paul H. Davis & Co.,
Dick & Merle-Smith, Dominick &
Dominick,
Drexel
&
Co., Eastman, Dillon & Co.,
Elkins, Morris & Co., Emanuel & Co., Eastbrook & Co., Equitable Securities
Corp.
Farwell, Chapman & Co., Field, Richards
& Co., The First Boston
Corp., The First
Cleveland Corp., First of Michigan Corp.;
utility
1
Gas
25/94ths
subscribe
may
each
to
share
,
Oct. .28,"
Central
each
subscribe
a
Byllesby & Co., Inc.
-'v
■;
of
brignt &
Cincinnati.
electric
,
Columbia
—
Proceeds—To
CORP.
Offering—118,907
Al¬
-
-
re¬
common
Substantially all outstanding stock is held
by Columbia Gas & Electric Corp.
Corp. registered with SEC
V",
.)/•
shares
The
withdrawn
9 "
Co.
par
share, Jn units of 5/9^ths of a share
each 5/94ths of a shark held at $5.3?
for
at
$1,100
per
share.
commission $50 on preferred
and $55 on Class B .- ;
.1;
v
A.
Underwriter—Willard
its executive vice-presi¬
Statement
Power
$100
for
j
properties
750
agents
Registration Statement No. 2-4842.
and
Main
and
Harden; Banc Ohio Securities Co., Bear,
Stearns & Co., A. G. Becker & Co.,
Biddle,
Whelen & Co., Blair & Co., Inc.,
Blair,
Bonner &
Co.; Blyth & Co., Inc., Bon-
Wall
Address—25
underwriters.
E.S.T.
to
common
Class
tonio,
Albu¬
in
&
first
numbering 119, are as follows:
'
Kuhn, Loeb & Co., A. C. Allyn & Co., J.
Bache
&
Co., Bacon, Whipple & Co.,
Baker, Watts & Co.,
Baker,
Weeks
fz
'/ ;':"y
holders
20
par,
P.M.,
for
registered
Preferred stock,
dividend
1:15
Offering—Stockholders
Inc.'
producing or proven
in
Texas,
drilling of oil
thereon, acquire royalty interests in
proven and developed oil properties.
,,i
in Roswell, N.M. Later,
by
Heat
will
preferred
ers,
Sept. 17, 1941
shares
associated
S.
?y
Light,
United
INC.
at
25,000
<v;
Acceptances,
13
E.S.T.
and
shares
offerings of unsub¬
by the under¬
the market price thkn
prevailing (NYSE), or at sych other prices
as Kuhn, Loeb &
Co., representative of the
underwriters, may determine.' Underwrit¬
*
fer
!
wells
dent
Registration
}
•-,
for
and
manufacture
for' subscription
1941,
writers
t.
mon
Pub¬
t
.
more
general
,
turbines
534,426
outstanding
534,426
scribed
extension,
retire¬
loans, and for working
:
appliances
r
to
subscribed
(Cleveland)
p.m.
Corp.
com¬
Hoosier
(9-6-41)
shares
4.45
Business
Utility Co. and for other corporate pur¬
SOUTHERN
of
company
Underwriter
Deben¬
insurance
an
be
Ohio
and
funded
(7-29-41)
,,
utilization
by underwriters, at a
by amendment.
Underwriters may
not, as they may determine, make
plant
bnr.k
Address—4th
($650,000 4%
Guaranteed
and
to
-b'.;
Union
insurance com¬
an
will
and
and in
Underwriters—Unsubscribed
such
prices, to all
shares then
stock
of the
securities
shares
prices
same
gistered
cumu¬
2,000 shares
together with aggregate
be received by company
other
the
same
unsold
,■
stockholders of company of record
15,
expire
comt
issue. " Un¬
PANY
!
sale
at
of
ia
-
preferred and common stock so held, at a
price to be supplied by amendment. Rights
UNION LIGHT, HEAT AND POWER COM-
CO.
Republic Co., Inc.j
sole underwriter
/
of
sold
Effective—Sept.
as
regis¬
6%
of
at
Any
certain
A-2.
The preferred stock will be
public at a price to be sup¬
stock,
$1,152,280 to
oil
in
Mexico,
under
tinued.
INDIANA
date
steam
offered
one-fifth
com¬
of
rights
Pittsburgh,
;
..
transmission,
electricity
of
common
Registration. Statement No. 2-4803. Form
:■»
and
amendment
leasehold
registered with
stock, 50 cents
Central
of
share
capitalv.'-
development;
—
is
sale,
Pioewds—For
ment
each
after
portion
for
Francisco)
Business—Engaged
marketing of crude
to expand operations to in¬
stores
located
in
9
will
Al.
by
Address
.
Proceeds—Will
at
building,
for
pUbtic
named.
public
for
used
(San
SEC
to
Tex.
& Power Co.,
public for the
each
successive
block
of
sidiary of Standard Gas
11,170
shares
engaged principally in the electric and gas each; $13.50, $15, $16.50, $18 and $19.50
business in Louisville, Ky., and vicinity.
per share.
'
Underwriters—To be named by amend-,
Proceeds
will be
used to
purchase 11
ment.
"
"
grocery stores to be located in 9 commu¬
Offering—The 150,000 shares to be of¬ nities in New Mexico
fered to the public, at price t>o be supplied
by amendment.
with
119,891
additional
stock
.
utility
E.
buquerque
Underwriting—No
regis¬
to
,
owned by company
common
(9-3-41)
Texamerica Oil
development and
operation of a chain of retail food stores,
store buildings and controlled parking built
or to be built under Revolving
Top Build¬
ing and Parking Control Patent Franchises
Ky.
part
Proceeds—Will be
TEXAMERICA
These shares consti¬
N.M.
Business—Engaged
CO.
Electric Co.
&
offered
purchase
of
equipment,
working capital
shares
Light & Power Co.
additional shares orginally
Operating Inc.,
shares
share
sale
Oct.
shares
outstanding common stock and
preferred stock of company, of record
working capital
'I■
Nov. 10, 1941, or the tenth day after of¬
Registration Statement No. 2-4570. Form
fering of the stock to stockholders, which¬
A-2.
(11-12-40)
v;
ever
is later, at a price of $25 per share
Effective—Dec, 4,
1940
on
following basis: one share new pre¬
outstanding and owned by
United Light & Railways Co., a subsidiary
of United Light & Power Co.
value
be
Subscription rights evi¬
Warrants will expire on the
day
be
may
.7.,;'
underwriter
be
Proceeds—To
stock
the
clude
LOUISVILLE GAS
'-ffi'vX
„.
Underwriting
American
355,250
2%%
Aye.,,
: y
apparatus
of
Offering—The
held.
subscribed
share
per
Class
its
reduced
Address—512
(3-29-41)
Wash.
Underwriter—Leedy, Wheeler & Co., Or¬
lando, Fla.
."'S'
'
Offering—Preferred and
Class
A will
be
publicly offered at $1,000 per share,
registration statement
of
shares
of
its $20
par
value common
stock proposed to be offered to the pub¬
cities
v
Underwriter—No
and
Natural
of
5
each
stockholders.
Address—Spokane,
Business—Mining
Offering—To
stock
offered
for
to
and
upon conversion of the preferred
Address—Clewiston, Fla.
Business—Principal business consists oi
St., Orlando, Fla;
;
the
culture
of sugar-cane
in the Ever¬
Business—Discounting installment note*
glades ol Florida and extraction of rav
and making small loans
»
; , ? ' , :
i
(4-21-41)
Northern
amendment
rate
and
for
common
thirtieth
Stock
Common
Address—26
transmission
-
preferred
stock
denced. by
COMPANY
shares Class A $60 dividend
common stock, no par; and 30 shares Claw
B
common
stock, no par
querque,
Telephone Corp. and latter
will
use
proceeds
to retire outstanding
preferred stock
Registration Statement No. 2-4717. Form
-,v'.vjf-v.iv,
t
Mining Co. registered with SEC
1,500,000 shares 1 Cent Par Value Assess¬
no
Co.
Parquay
Crosse
MINING
Southern
Registration Statement No. 2-4741. Form
par
,
ii
stock,
y ;
SEC 55,850 shares common
registered is owned by
parent
company,
Middle Western
Tele¬
phone Co., which will donate a portion
J
Pueblo
co.
•
natural gas
7%
mon
at
mon
A-2
Underwriter—Blyth & Co., and others
to be named by amendment
n
y
\i
Offering—Stock will be publicly offered
at price to be filed by amendment;
Proceeds—All proceeds will be received
by selling stockholders, United Light &
Railways Co., and North American Light
Telephone
.
,
of
rights,
Manufacturing
534,426 shares
value, and 8ub«C
equipment.
\
pre¬
poses
be
control
-1]
stock
and
parquay operating, inc.
Proceeds—Stock
through
Oct.
150
and
v'
V,- V.
.r,
generation,
parts
cabs for
'trucks
v/"'
Business—Engaged,
together
with
its
subsidiaries; in manufacture and sale of
machinery,
trailers
bodies,
bodies and
of
withdrawn
Co.
common
and
commercial
trailer
Offering—The above shares to be ofi
by company to all its stockholders
at
price of $100 per share of 7% prer
ferred' and." $8
per
share for common,
12,500 shares $10 par common
stock) are to be applied by company to
acquire all the outstanding capital stock
registered
$20 par
Aquila Court Bldg., Omaha,
of
of
truck
&
SEC
par
Fourth
.
,
fered
Registration Statement No. 2-4830. Form
Gas
sale
16, 1941 and stop order proceedings discon¬
pany,
f
Natural
and
semi-trailers,
with
stock,, $50
Address—306
ji
■■
registered
Pa.
share
pany,
Loeb
(3-29-41)
Northern
■■
-
7%
lic
gas
■
one
company
natural
<■-
of
first mortgage bonds
com¬
proceeds
i
deficiency
scription Warrants evidencing
respect of such shares.
v,
<
Form
.
Statement
preferred
com¬
Kuhn,
of such
Westinghouse Electric
Co.
common
Cin¬
Aves.,
held, and at rate of
from
investment
of
'
Robertson
&
'
of
P.M., E.S.T., Sept. 21, 1941.
WESTINGHOUSE ELECTRIC & MANUFAC> : TURING
CO.
"
v" .
/■
T„":
j
AMERICA
ferred stock
of
pre¬
that
22,500
OF
'.-Underwriters—None
,
H
r
'
(5-23-41)
V
" .
Effective—Under-- notice
4:45
(
par
equipment;
tractors
1,117
(9-16-41)
Registration
Proceeds—From
Registration Statement No. 2-4715. Form
..
be
and
for last
Registration Statement No. 2-4841.
Al.
to
Offering—All
stock registered will be
publicly offered at price to be filed by
amendment, except that 2,406 shares will
of ""3,506 shares
to; finance
of
share
no
o.
tribution
and
Underwriter—Central
convert-,
par
shares of
an
the
by
been
of
understood
Proceeds—None
received
since
retaining
are
shares
mon
tuted
Sons
blocks
$5Q per
8-10
bridge
'
•-
Business—Manufacture, i; assembly,
dis+
the SEC, disclosing that the number
purchase of con¬
struction, equipment and construction of
grocery stores,
finance a purchasing de¬
partment including warehouses, etc.
/
...
Underwriter—Alex.
and
construct, oper¬
with
Proceeds
Chicago,
30,000 shares of $5 no par pre¬
stock and 2,150 shares of no par
and became effective.
Business—Telephone service to La Crosse,
;
'Wis.
successive
next
each;
block
plied
Inc.,
Co.,
The
par
of
purchase
Co.
stock,
cinnati,
(
fol¬
at
prices for "following blocks:
$30
share for first block of 1,117 shares
$35, $37.50 and $40 per share for
each
with
registered with the SEC on April 21, 1941,
public offering, and withdrawn from
registration were subsequently registered
registered
stock,
offered
lowing
per
Offering
1940, they sold to Kuhn, Loeb & Co.,
Corp. and Schroder Rockefeller &
31,
account
Wisconsin
vice-president
be
$32.50,
offered
since its incorporation in
1927, retain together about 72% of the
common
stock,
or
36%
each.
On
Dec.
and
CORP.
Corp.
common
to
,
for
LA
executive
to
tube and toll
'.'■■<
-
•
Address—31st
preferred stock, $100 par
r
Address—Rushville, Ind,
,■
s
Business—A public utility company en¬
gaged in transmitting,
distributing
and
selling electricity in southeastern Indiana
company
by
(6-16-41)
its
Southeastern
According to the amend¬
ment, such 355,250 shares are those that
are
presently
owned,
and
outstanding,
commission
by
of
Proceeds
For development of lands,
of equipment, and working''ckpitalVV'"-;.>,-'\N ;•
Registration Statement No. 2-4767. Form
and
of America
registered with
shares 7% cumulative preferred
$100 par, and 81,095 shares com¬
mon
lative
to 355,250 shares.
public
sold
city
4,547
stock,
underwriting.
Offering—Shares
tered
for
the preferred
55% of preferred
president, and
er—officers
Mon¬
treal,
be
rection
the
COMPANY
Tcxiier
Shares
company's agents under di¬
SOUTHEASTERN
150,-
reserved
Moore,
McCormack,
the
amendment.
will
Moore-McCormack
of
proximately
and
St.,
to
TRAILER
Registration Statement No. 2-4829. Form
,
KIRKLAND
Underwriting—No
will be used
maintain
(8-15-41)
SEC
'
;
..
AO-1.
proposed
offering
will represent
17%
of the outstanding common
stock
bert
by
shares
common
of
P.M.,
City
South
corporated
and Schroder Rockefeller
&
Inc.
<',:vvV*.
Offering—The preferred and 85,000 com¬
mon
shares
will
be
offered
publicly at
Registration Statement No. 2-4697. Form
Effective—4:45
1937.
build
-
cents
of vessels in
Business—Production
'.'>V
cai.
registered
Nebraska
(3-21-41)
1941.
par
Broadway,
20,
Nov.
for
the
Request to withdraw registration filed
Oct. 11, 1941, and registration withdrawn
Oct. 13, 1941.
:
,v
«■
grocery store buildings un
patent and controlled parking
patents for Parquay Operating, Inc., and
for other operating companies throughout
New
Mexico; Arizona, Utah, Nevada and
INC.
Inc.
leased
Building
period of 10
Company in;
Top
that
able
Lines,
is
and
A-l.
grocery
one
in
Registration Statement No. 2-4815. Form
Co.,
and working capital
Underwriters—Kressly and Campbell
development
A-l.
8,
trade
northern
-
Address—Seattle,
Business—Mining
Oct.
on
LINES,
$1
common.
American
ed
istration
from
to
der
of $5 cumulative convertible
stock,
$100
par,
and
235,000
of
ferred
1
INC.
MINES,
years
shares
preferred
common
KENSINGTON
E.S.T.,
E.S.T.,
P.M.,
Moore-McCormack
shares
which
PUEBLO
P.M.,
MOORE-McCORMACK
30,000
Business—Company
owns
store built under Revolving
Patent
Proceeds
ate
;
.
Form
(9-17-41).
A-l.
E.
N.M.
general. circulation
county of San Francisco, and in New York
City. 'There will be no underwriting!:,]'
tinued.
for issuance on conversion of the preferred
Proceeds
for working capital, purchase
Beavan
2-4827 Form
Registration Statement No.
A-2.
(8-29-41)
;
shares common reserved
registered with
stock, 25 cents
y; -}[
Central
Ave.,
Albu¬
value
shares
of
in
share
Co.
shares common
Address—512
querque,
Municipal
registered, the
preferred and 64,531%
of
shares
shares
lic
upon
will
Louis
by company
Offering—Of the shares
Address—5
has
pany
under
Stock, $100 par, and
stock, $1 par
common
Lambert-St.
—
Business—Operation
offering contem¬
Company is advised by
& Light, that that com¬
public
No
—
,
offered
Galveston.
and
Houston
corp.
Airport, Robertson, Mo.
Business—Engaged in designing and de
veloping aircraft and of manufacturing
and
selling parts
for
aircraft;
expects
presently to engage in business of manu¬
facturing,
testing and " selling aircraft !
Underwriting—None.
Securities
to
be
Underwriter—None.
Offering
needed,
Royalty
9,091
par
additional
so
McDonnell Aircraft Corp. registered with
SEC
6,453 Va
Shares 6%
Non-Cumulative
...
Parquay
SEC
tends
aircraft
McDonnell
Business—Company is an operating
utility
of
amount
has temporarily obtained $3,150,000 by bank loans.
Registration Statement No. 2-4848, Form
A-2.
(9-24-41).
Effective—4:45
Address—900
sale
the
company
company).
lic
from
of
of
PARQUAY ROYALTY CO.
company
or
obtained
be
common
6,453 ye
CO.
POWER
&
&
Lighting
with
shares
of
of
Security Flotations;
$7,000,000),
(9-17-411
HOUSTON
Thursday, October 23, 1941
Address—311
r.
Securities
Bldg.,-; Seattle,
Wash.-^ C'jk.'*
A
-Business—Incorporated .on^July^ 3,/1941^
to acquire title to Whitworth Apartment,
Seattle, -Wash*;-and* to own and operate
said-...apartmentsr»r;, bi• U' 1: -• •
Underwriters-r-None.v;.'„(
Offering—All of, the securities register-,,
v,.
i-
.
•
^
ed'will-be
offered
organization,
to
uhder'a'Plan-of
holders
Re¬
of "148,750 "Un-1
Volume
latter
shares,
fractional
divided
Ration's
Exports Greatly Increased In August
Commerce Depth's Foreign Trade Report Shows
Certificates
by
'*
total of almost
of 1940 and the
,
Williams
..
Hydraulics,
shares
$5
Inc.
registered
Class
par
A
1,»
I
'-.'vf
.
[
pany
August
the
$5
$1
per
;
1939
212,911
370,082
325,030
February™-
261,935
218,716
347,105
303,110
March-
395,113
256,566
275,308
267,781
350,784
356,688
April—
li>2,795
200,772
185,693
180,390
178,975
220,539
268,945
289,922
265,341
268,184
277,031
296,579
274,472
257,276
232,726
227,535
230,790
246,335
230,974
249,466
322,938
323,749
384,717
236,164
349,728
329,737
229,631
250,102
288,956
316,669
358,649
455,257
264,949
The war's
Railroad Unions Reject
influence
on
July
The
■" r,-"y7.-•>'
"■
fourteennon-operating
unions turned down
of
which
aV
for
operating
gross
of the
revenues
/
<
,
Rejection of the arbitration pro¬
posal was made by Charles M.
Hay, chief counsel for the oper¬
brotherhoods.
:["; ^
Explaining that the . decision
ating
>'
"with
made
was
of
the board," Mr.
great respect for
Hay said:
"At " the
assurance
.-
.
mediation
the
time
331,978
343,840
252,381
268,943
292,453
327,567
368,046
322,299
1,514,326
2,081,778
1,895,745
2,731,989
3,177,176
4,02-1,146
8 months ending
proposed arbitration, the
conference committee represent¬
board
ing
for
gency
of the
hearing
a
being
rejected the
expressed preference
employes
the
proposal and
kind now
the emer¬
conducted by
board. This action
of the
approved by the
general chairmen of several or¬
ganizations.
The position taken
by the committee and ratified by
the
general
chairmen .is;; un¬
changed."
.
'
7-x 7'
7 In accepting the / arbitration
committee
'777
of the war to $492,000,-
was
on
of railroad
Fort, chief
the. railroads, said
behalf
management, J. Carter
for
counsel
earlier.
<,
*
>■.**».«»
"before the adjournment
of the hearing on Saturday, Oct¬
ober
18, the chairman made a
statement with respect to possible
arbitration.
' 7.7 .;7..;
:
f "The chairman said, as I under¬
"Just
.7-'77.7!,:'7:.
K7 Lend-Lease shipments (mainly to the United Kingdom) since
March have included substantial amounts of meats, dairy products,
and eggs, which are reflected in the increase in value of exports of
edible animal
products to $129,000,000 in the 12 months ending
August 1941 'from $79,000,000 in the preceding 12-months' period.
Exports of other food products, especially grains and fruits, showed
declines, however, with the result that total exports of foodstuffs
dropped to $273,000,000 from $292,000,000 in the year ending August
1940 and $322,000,000 in the year ending August 1939.
>
Cotton
Several principal
smaller amounts
and Petroleum
_
members
board
of this board
of arbitration
result would
be
highly
desirable from, the
standpoint of the President of the
appear
that such a
T^v-A'' 7 :v'7
: "In response to the chairman's
statement! I desire at this time to
express
the willingness of the
railroads which I represent to
enter into an agreement for the
purpose of making it possible for
the members of the board to act
as a board of arbitration and de¬
United States.
unmanufactured cotton, ship¬
ments
$66,000,000 from $336,000,000,
and petroleum and products, shipments of which declined to $224,000,000 from $364,000,000. Exports of nonferrous metals also declined,
from
$219,000,000 in the year September 1939-August 1940 to
$137,000,000.
'
■" V 7 '
v
.
Crude
rubber,
$401,000,000/ an increase of 51%; tin,
an
^
,
;:■[.•
Import;* of coffee moved into the United States in large volume
from October 1940 through June 1941, after the quota arrangements
between the United States and coffee producing countries were in¬
itiated, with the result that the value of coffee imports was consider¬
ably larger in the year ending August 1941 than in the comparable
12 months' period preceding.
The quantity of total coffee imports
increased 10% from $2,106,0.00,000 pounds in the year ending August
-
Foodstuffs Imports
1940 fo
$46,006,000, the largest single items, of manufactured im¬
garding a settlement.
This rec¬ ports/varied only moderately in value as compared with the 12
ommendation would not be bind¬ months ending August 1940. Canada has supplied increased amounts
ings and thirty days after it is of newsprint to replace those from Europe, while burlaps are received
made both parties can act as they
burlaps at
,
see
fit.
200,068
233,698
190,481
216,755
267,784
186,300
212,352
287,496
202,493
211,470
296,920
286,2241
145,869
178,866
211,425
279,536
140,809
165,516
167,592
168,910
232,393
277,847
175,623
-220,523
282,513
181,536
194,854
178,024
176,187
171,347
215,289
May.
191,077
June——;
September—
195,056
265,214?
193,073 £ 245,668
215,701
233,142;
October—.—
212,692
July———.-*.-.-/
August
November——'
245,161
8 months
1,552,638
2,194,304
3,083,668
253,073
1,438,991
2,318,081
1,960,428
223,554
246,807
1,746,978
2,625,379
SUMMARY
COMPARATIVE
■
August
July
August
1940
1941;
1941
'
■/•■:
Imports
for
MONTHS
largely from British
India.
1941
Decrease
2,673,117
2,830,625
273,898
1,675,921
2,050,453
264,685
AND
+
374,532
CUMULATIVE PERIODS
BY
Merchandise—Thousands of Dollars
Exports United States
—
"■
+157,508
1••
348,890-438,264
342,885
consumption- " 214,413
BY
Increase +'•
•«,
/
1940
' /•'•
Merchandise--
States
-
Eight Months Ending August
■
of United
Exports
\
,
—
of Dollars
Exports and Imports—-Thousands
■
2,154,457
CONSUMPTION
STATES MERCHANDISE AND IMPORTS FOR
UNITED
OF
206,920
,;
235,458
1,267,280
2,422,592
ending August
12mos. end December-
EXPORTS
-
224,299
223,090'
208,833;
196,400
December—
1941
1937
1938
1979
1940
January—195*689
February
179,381
219,063
229,671
285,772
210,260
360,584
317,637
259,160
216,191
338,966
297,968
March—192,405
252,443
270,429
263,995
343,072
349,900
264,627
——„„189,574
285,081
May
•;•' 197,020
256,481
June
181,386
:: 264,613
July
177,006
273,561
August—:175,825 ''
293,374
September217,925
271,508
253,713
229,553
227,624
315,449
246,119
316,457
377,841
376,435
233,465
343,714
323,689
Month
1936
V/ /
Period
or
April
—
311,992
348,890
342,885
438,264
284,392
288,475
323,077
336,153
321,130
226,740
228,312
V
243,595
274,059
—.
/
247,412
224,866
»
262,173
223,920
226,666
329,373
319,431
249,844
266,358
357,307
.t^15,305
ending August
1,488,285
2,045,539
2,023,313
1,871,805
2,673,117
12 mos. end. December-
2,418,969
3,298,929
3,057,169
3,123,343
3,934,181
October——.——
November—
December—
—.——
8 months
311,212
-
286,761
Imports for Consumption- -Thousands of
Month
Period
or
January-.——
February
v 1936
186,377
189,590
/v/■.
—.
——
1938
1937
228,680
260,047
v
v
155,923
173,196
169,353
152,577
191,269
163,312
1941
1940
.
234,641
216,664
206,552
•
223,624
190,160
254,554
194,296
295,705
280,899
278,118
155,118'
185,916
203,114
274,585
147,123
194,185
194,311
;
May—
June—
278,300
147,779
178,373
203,893
205,250
261,102
262,919
248,730
233,959
147,767
170,430
217,897
264,685
214,413
273,898
-
July-.
197,458
200,783
—
-
-
218,425
October
213,419
226,470
200,304
"212,382
240,230 ii 203,644
—
2,423,977
12 mos. end. December-
171,023
180,225
199,404
196,274
178,447"
207,131
212,913
171,668
165,359
214,502
217*300
232,736
238,-248
1,261,241
1,422,328
2,276,099
2,540,656
1,949,624
•'•
'
July
/ ;
1941
.
'19411940
1941
Decrease
6
4,957
46
—4,911
351,563
37,055
773,012
-2,849,070
37,041
36,979
36,973
3,622,083
351,553
—.
-
3,617,126
772,966
SILVER
3,257
4,782
+1,525
39,510
32,395
—7,115
36,253
27,613
207
353
180
Exports
Imports
4,107
4,686
3,561
Import
3,927
/ 4,333
3,353
-
balance
.
BY
MONTHS AND BY
*
;
Month
February
.
March——
April-:
53
231
145
;
•
June—
—
/ "/'■■■
212
■
May
.
15
20
131
1941
1939
1940
4
355
1,671
452
53
81
174
»-
•,-•;•
22
,
6
233
2,054
298
817
:/ 3
191
1,923
657
1,048
594
18,
;/.
■>
/
19
;/■:?
,
5
2,054
611
177
254
303
884
210
13
193
640
15
353
6
401
937
180
207
1,463
1,292
139
.r 7
8
1,212
250
2
3,563
1,249
/
;,'V" 9
319
317
33
,•
36
1938
1941
1940
1939
5,067
January—
CUMULATIVE PERIODS
Exports—Thousands of Dollars
1938
Period
or
—
13
::'
10
balance
Import
.
Increase +'
'
..
GOLD
Exports
Imports
•.
Eight Months Ending August
/
August
.
1940
':,/•/''
'
Dollars
COMPARATIVE SUMMARY
Exports and Imports—Thousands of
;
2,050,453
1,675,921
OF GOLD AND SILVER
EXPORTS AND IMPORTS
<
281,341
172,903 5
-
2,133,398
3,009,852
1,551,599
August
8 months ending
.
Dollars
1939
.
2,830,625
199,776
V.' 189,008
March
April
'•■■'V
5
-
615
'*
;
July—,;
65
August—.
17
13;
September
11
15
€>ctober_—
16
15
13 ;
17
1,259
1,773
10
6
823
487
68
3
1,344
887
123
2,194
10,191
3,257
7,082
14,630
3,674
;
io:
:
—
November—.-..
14
//
16
December-
8 mos.
/■
ending
August
5,832
508
4,957
."[457
5,889
—
■
46
12 mos. ending
December
_
Finished Manufactures Imports
C. Morse, Chairman of
Imports of finished manufactured articles were valued at $397,President's board, offered the
000,000 in the 12 months ending August 1941, as compared with $427,board's services for arbitration in
000,000 in the preceding 12 months' period, a decline which reflects
a surprise move near the close of
primarily the curtailment in entries of goods from the Continent of
Saturday's (October 1&)- hearing.
Europe since June 1940. - Although trade with the United Kingdom
In view of the operating broth¬
has been well maintained, imports of cotton manufactures and linens,
erhoods'
rejection, it appeared leather manufactures, pottery, diamonds and other commodities for-,
that the board, as originally in¬
merly obtained largely on the Continent of Europe have shown
tended, /would
make a recom¬ marked decreases. • Imports of newsprint valued at $126,000,000 and
the President re¬
228,665
159,827
148,248
'[
Wayne
to
241,992
173,372
unmanufactured wool $181,000,-
the
mendation
178,246
158,072
286,837 "
284,735
Imports Increase
of basic raw materials,
increase of 53%; and
increase of 148%.
,
170,689
162,951
August
rubber, tin, and raw wool, account mainly for
recorded in the value of imported crude materials
'
1940
307,474
,
!' ;-'V
•1939
198,701
—
202,779
—191,697
April—..
December
Strategic Material
f.
1938
192,774
—;
March—
November
These commodities include
of which decreased in value to
000, an
'
1941
1937
February
than during the
Relatively large imports
2,900,297
Dollars
of
240,444
277,709
nonagricultural commodities were exported in
during the second year of the- war
2,327,000,000 pounds and the value advanced from $138,000,000 to $152,000,000. Imports of other foodstuffs, including cocoa and
sugar, showed moderate increases also. The value of total foodstuffs
cide the issues here presented on
imports increased from $607,000,000 in the 12 months' period ending
the basis of the record which has
August 1940 to $631,000,000 in the corresponding period of 1941.
,
been made before the emergency
board."
;/+1 /
September
first year.
sitting as as follows:
it would $161,000,000,
3,349,167;
Imports—Thousands
1936
187,482
or
August
/Decline
such as crude
the large increase
and semimanufac¬
stood him, that if the emergency tures, from $1,495,000,000 to $1,887,000,000 during the second year of
could be brought to an end by an the war. The value of these imports in the year ending August 1941
agreement to arbitrate, with the with percentage increases over the year ending August 1940 were
a
/•/
Period
2,049,112
3,094,440
2,455,978
General
Month
323,403
Exports of Foodstuffs
/
^
proposal
August
12 mos. end. December-
munitions,
.
295,451
277,668
tripled, increasing from
j
350,933
314,697
.
two
while
387,109
332,710' ";
including firearms and explosives, nearly
$62,000,000 to $173,000,000. In the 12 months'
period ending August 1939, aircraft exports were valued at only
$90,000,000, while munitions totaled less than $10,000,000.
Among other manufactured exports/ iron and steel-mill products
showed an expansion of 17%—from $427,000,000 to $501,000,000—
while exports of metal-working machinery, valued at $259,000,000,
were
larger by 37% than in the! 12 months ending August 1940.
Exports in these two categories increased substantially after the out¬
break of war, reaching high monthly values of $54,000,000 and $30,000,000, respectively, during the last quarter of 1940. In 1941, how¬
ever, shipments have been at lower levels.
They were valued at
$46,000,000 and $21,000,000, respectively, in August.
000,
T.
226,364
December—229,800
November—
export trade during the second year of
advancing from $246,000,000 in the first year
adjustment of wages periodically
on
the basis of living costs and
railroads.
The
I
.
January———--—.
Commodities Responsible for Export Rise
;
,
principal manufactured articles shipped abroad in
greatly increased value during the second year of the war were
aircraft and munitions.
The former more than doubled in value,
settle¬
would, provide
V't
•
——.
October—
war
V,
railroad man¬
proposal
agement's
ment
"Times"
the New York
tember 16,
/
September
Wage Arbitration Offer
reported.
—
August——
$2,760,000,000r comprised 66% of- total United States exports in the
year ended August 1941, while finished and semifinished manufac¬
The five operating brotherhoods
tures, taken together, made up 84 %[ of the total. The value of the
on October 20 rejected last week's
finished manufactures increased by $627,000,000, or by 29% as com¬
offer
by
President
Roosevelt's
pared with the first year of the war and by 78% in comparison with
five-man
fact-finding
board
to
the 12 months ended August 1939.. The value of semimanufactures
arbitrate the railroad wage con¬
showed a decrease of 11% and an increases of 47%, respectively,, over
troversy, in which the board has these two
preceding periods.
1
• *
/
'
been hearing evidence since Sep¬
j
—„.
June—/.—
is particularly reflected in1 the high proportion of manufac¬
tured articles in the total. Finished manufactured articles, valued at
the;
Period
or
May
\ 7.7J.->:7.7
•
1941
1940
1938
289,071
War, the value of total United States exports was
share,
per
$4,189,000,000. This amount was 4% larger than the value of exports
share
"
V'/„
Proceeds—Purchase of.|plant and equip¬
during the first year of the war and 42% larger than that in the
ment \ purchase of seagoing vessel;
equip¬ comparable 12-months' period preceding the outbreak of the war.
ment,
and working capital
Imports, at $3,033,000,000, increased 15% during the year ending
Registration Statement No. 2-4133. Form
A-l.
(7-19-39)
.7,.'7
\.
:T■'< • August 1941 over the preceding 12f months' value and by 42% over
Effective—May 29 as of April 18, 1940
the value in the 12 months' immediately preceding the outbreak o.
::
of Dollars
1937
222,665
233,125
of the European
war.
745,840
PERIODS
CUMULATIVE
BY
1936
..
7'
985,011
,
—
+168,308
+407,479
2,900,297
2,154,457
172,744
AND
Decrease
2,731,989
1,746,978
198,564
182,024
During the 12-month period ending August 1941, the second year
•
offering price,
underwriting commission,
Offering—Public
,
80,802
MONTHS
1941
1940
455,257
282,513
Exports, Including Reexports—Thousands
Month
January
Foreign Trade in the Second Year of the European War
;
,
{
Increase +'
1941
1941
358,649
277,847
130,410
balance____™./.
BY
period in 1940 increased by 24% to $2,154,000,000.
same
••
,
of Dollars
August
July
1940
350,933
220,523
Exports, including reexports
General
imports—.1
Export
The value of imports during the first eight months of this year
/
over
Business—Deep-sea
COMPARATIVE SUMMARY
.
Exports and Imports—Thousands
Eight Months Ending August
similar period since 1929.
mainly the result of increased imports of strategic materials.
was
Cal.
•' ' (■
dredging and manu¬
facture of equipment therefor
Underwriters — Brown Hartwell Com¬
.
any
.'
>
Imports into the United States, valued at $283,000,000
in August, were 2% higher than in July 1941 and 28% higher than
in August 1940.
The rise in value over both these earlier periods
common
' i '
Address—Alameda,
V stock
highest total for
: •;
General
INC.
HYDRAULICS,
WILLIAMS
000,000
(Continued from, page 714)
$3,000,000,000 was 6% above the corresponding period
7-'
''"7"..
.
GENERAL IMPORTS OF MERCHANDISE
INCLUDING REEXPORTS, AND
EXPORTS,
repre¬
of Interest.7 Latter
may be surrendered under the plan through
Seattle-FirstNational
Bank,
Seattle,
Wash. Owner of each 25/148,750 fractional
share will receive:
(a)
$12.50 par value
of first mortgage bonds, $12.50 par value
of
second
mortgage
income bonds, and
one
share of
capital stock of the new
company
.'■■■ Y ■ {1'i*
Registration Statement No. 2-4811. Form
E-l.
(8-8-41)
(San Francisco, Cal.)
sented
719
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3997
154
K
4."5
87
,i
...
___
4,782!
Imports- -Thousands of Dollars
Month
or
1939
1940
1940
1941
7,155
Period
January—.—
156,427.
236,412
234,246
28,708
10,328
5,799
4,57S
201,475
108,615
15,488
9,927
4,070
3,292
1938
1941
;
1938
1939
8,211
223,296
March—;—
52,947
14,440
7,207
171",994
15,757
7,143
5,724
5,170
4,489
71,236
459,845
249,885
118,569
April
438,695
34,835
17,952
6,152
4,589
3.347
30,719
19,186
14,770
4,673
4,099
37,055
18,326
5,531
5,378
4,686
36,979
<4,985
*4,365
4,107
3,561
February
May———.
52,987
365,436
606,027
429,440
June
55,438
240,450
July———.
63,880
278,645
1,164,224
519,983
August-
165,990
259,934
351,563
520,907
326,089
24,098
4,639
562,382
69,740
25,072
7,268
4,857
24,987
4,183
4,721
21,533
3,795
4,690
134,842
65,422
39,510
230,531
85,307
58,434
4.346
4,656
—
November——.
177,782
167,991
334,113
325,981
330,113
December
240,542
451,183
137,178?
477,844
2,559,656
3,622,083
1,979,458
3,574,659
4,749,467
September—
October
8 mos.
,
ending
August
—
773,012
12 mos. ending
December
_
/
32,395
THE COMMERCIAL & FINANCIAL CHRONICLE.
720
Thursday, October 23, 1941
•
portant specific factors which
have been responsible for the
Autocar
Corp.
recent
REMEMBER
...
bonds
Eastern
we place ihe finest in trading facilities,
Sugar Pfd.
Alegre Sugar
wire connections
Evans
triesi
It
provided
Canada
Sugar
for
means
in
market
to
American
Browne &
%
Members N.
of
Aetna Standard I -}
Kobbe, Gearhart & Company
..
.
J.F.Reilly&Co,
:::;■
••'•••v
■
York
New
Members
• •
Security Dealers
HAnovor 2-4660
Teletype,
System
N.
NASSAU
2-3600
rector
NEW
STREET,
philadelphia
-
-
bell
Enterprise 6015
new
telephone
hartford
^ v.,
Y. 1-2480
boston
'
: f f
Enterprise 6125
'
..>;//■
sions
1-576
york
here
telephone
to
Canada
With
dollar exchange.
K.G.
truth that there
first
Oct.
Progressive Strength In U. S. Quotations For
Canadian Bonds; Recent Activity Traced To
following
th»
presided,
Co.,
Date
Peet
which Harry Coleman, H. O.
various committees for the en¬
Aug.
Chairman, C. F. ChildS
& Co.; Fred J. Armentrout, John
J, Seerley & Co., Inc.; and Kneeland Jones, A. E. Weltner & Co.
Program Committee: Donald D.
Belcher, Chairman, Martin-Holloway-Purcell; Leonard A. White,
Wahler, White & Co.; and Claude
M. McDonald, Collins, McDonald
Sawyer,
'
r
,
98"
-99
Q
"4s, 1960
82'A-84'/a
98»/a
78
-80
88%-83
80'A-82 %
92'/8-92%
76
-77'A
87
-87%
78'A-80.
90%-91
99%-100
75'A-77'A
87
-37%
77'A-79'A
85%-90'A
99
89'A-90
97%- 98
89%-89%
97'A-98
31
-
bid
105'/a-105
;
100%-101'A
*
86%-87
74
-76
74%-76%
86 (A-87
77
-79
94% -95 Va
70%-72%
81%-82
73
-75
" 84'A-85
927/a-95
69
78
-79'A
71
-73
81'A-83
88%-
89'A
92 V4-92%
—.
7
99'A
-
71'A-73'A
-97(4
65'A-70'A
79(A-80'A
68
-70
81»A-82
90
90%
97
—
:
•
-1043A'i
-V 104
95'A-35%
95 5/a-96
—
28
Jan.
A great
-86
9 6%-9 7%
-
31
Mar.
84
r-i
Opt. 1956
97%-98 V\
:
30
Feb.
Membership Committee: A. W.
-
3'4s, 1951
"3s, 1957
94'/2-95
are
,'v
'
96%-9674
31
May 31
April 30
suing fiscal vear:
;
recent date
a
.
BONDS
CANADA
-83'A
82
since
80'A-82
99 Va -99 (4
July 31—
Canadian Trade Collaboration
.
-99 >A
99
30
June
3s, 1958
>2>As, 1944
11
Sept.
Sound Financial Policies And To U. S.-
members were appointed to serve
on
month
*3'As, 1961
ap¬
City, at
of Kansas
Club
Traders
&
Quotations for
(Quotations In LXJ. S. Funds} -
Bond
the
of
officers
pointed
each
of
end
also shown:,
OF
DOMINION
the
December* 1940, of six representa¬
tive Dominion of Canada bonds.
still many
the
defense
of
$300,000,000
supplies. .
;
:;;v-; :
following tabulation shows
at
S.
desirable mutual benefits yet
CITY, MO.—At
meeting of the newly
has
United
the
closing quotations ip U. S. funds
Despite the
are
Canada
to
The
for
U.
;
and
'
Great Britain; it also has pro-
yided
sold
between v$200,000,000
States
j:
es-
equipment
war
y. 1-139t
attained,
be
already
{
purchase
to produce
in order
sential
:>
Enterprise 1250
had
she
HAnover 2-8780
telttyp* n.
I
parts and materials
on
which
'
: KANSAS
to
i
could apply lend-lease provi¬
teletype
'
•
■
YORK
telephone
-
N. Y.
50 Broad St., New York,
Bell
45
Deai&rs Association
Yo'mr Security
Members New
.
telephone
••
Assn.
INCORPORATED
.
.
,..
Y. Security Dealers Ass'n
25 Broad
millions
pf dollars worth of
strategic material; munitions
and ships sorely needed by
the United States; it provided
a
method - whereby ^Canada
Pfd.
Airlines,
Sharpe Mfg. Co.
JVL 3. WIEN&CO.
the
hundreds
States
United
i
Zinc
Wailower
fense" between the two coun-
OVER-THE-COUNTER SECURITIES
Mfg. Co.
Mexican Internal & Ext'l Bonds
which
Canada
and
States
Pfd.
-x.■ r :V';<■
Cigar-Wheian
United
initiated "cooperation for de¬
Camaguey Sugar
West Indies
Merrimac
i
so-called ^
was this latter agree¬
between
the
United
ment
service for trading in
your
enactment
the
and
| May. It
,
at
Vertientes
and private
contacts
March,
Hyde Park Declaration of last
expeditious execution of orders, wide
dealer
Punta
in
Water Service,
'■'J*',r'<'': rAil Issues
the
were
Bill
Lend-Lease
Federal
'in
strength
steady
Canadian
-71
v
92»/a(
92
-
deal of discussion, mostly by arm-chair econ¬ Dec. 31
92'A-93'/a
65'/a-67'A
78%-79Mi
67'A-69'/2
82'A-83'A
91'A- 92
"Payable in U. S. funds.
omists, has taken place within the past year regarding the
Obviously, since the Canadian lows. Further action of Canadian
magnitude and effectiveness of Canada's war effort. Com¬
dollar in New York has advanced bonds in New York will undoubt¬
parisons usually are made between the sacrifices on the from a low of
82% in January, edly be governed by
(1)
the
part of American citizens and the role played by the average 1941, to its present value of 88%, course of the
war, (2)- financial
Canadian, and often are translated into dollars.
This col¬ the largest increases have taken
does
umn
not
intend
to
become €>
embroiled in the questions
merits and shortcomings of
place
tion
of the
either
to
_
of about
make
11,500,000, in order
clear
American
to
vestors the
Prugh, Combest & Land, Inc.; and
Frederic P. Barnes, Lamson Bros.
party.- Recently, however, some
interesting figures were compiled
by Wood, Gundy & Co., which
appear to show that, on the basis
of
population,
Canada's
efforts
have already been meagre.
This
&
firm states,
in¬
policies of the Canadian govern¬
issues' payable in
the
in
Canadian funds.
-
and
ment,
Those payable in
however, have shown
remarkable recovery from their
(3)
the
expand
U. S. funds,
efforts
mutual
possibilities
of
to
the
of the United States."
& Co.
•
Publicity
Committee:
Francis
G. Kulleck, Chairman, Kulleck,
Wheeler & Co.; Earl L. Combest,
Sparks, Chairman, Harris, Upham
& Co.; Eldridge Robinson, Baum,
Bernheimer Co.; and Leo L. Kellett, W. C. Pitfield & Co., Inc.
;
Harry
L.
Coleman
was
ap¬
,
pointed as National Committee¬
man,
and Laurence B. Carroll,
Prescott, Wright, Snider Co., the
alternate National Committeeman.
John
|. Trask To Be
On November
member
1st, John J. Trask,
of the New York Stock
Exchange, will become
Francis I. du
in
Chisholm
Pont
a
&
partner
Co.
and
&
Chapman, 1 Wall
Street, New York City, members
of the New York Stock Exchange.
Mr. Trask
previously
was
an
indir
vidual floor broker in New York.
ST.
Financial
a
War
Loans
(64%
of
total
Shipbuilding Program
Personal
130,000,000
531,000,000
_
•
Equipment for Armed Forces—
10,230,000,000
6,002,000,000
3,617,000,000
100,000,000
_
905,000,000
320,000,000
cost)
"V
1,130,000,000
figures
are
cited to indicate the volume of
war
comparative
capita debt—about $87.
To
American, accustomed as he
an
is.
material
being
produced,
food to seeing billions tossed about
shipments to Britain, size of the quite blithely even long before the
armed forces, etc.
Since we are war began, $1 billion boiled down
principally concerned with the to per. capita debt amounts to
financial aspects of; the situation,
$7.70.
In this light, then, some
these interesting figures must be
further figures may be revealing,
omitted. ;; The fact seems wellAccording to Wood, Gundy & Co.,
established that from the angle of
•the following compilation shows
financial effort, Canada has been
the needs of the Dominion govern¬
doing a magnificent job, particu¬
ment during the two-year period
larly during the current year.
At
this
;
juncture,
we
(Sept. 1, 1939-Aug. 31, 1941) and
should
1
War
Expenditures
Expenditure i
re¬
940,000,000
905,000,000
455,000,000
—
—
;
„
the
Chronicle)
with
LOUIS, MO.—Carlyle L.
has i become
associated
Murdoch, Dearth & White,
Inc.,
>
$3,620,000,000
i
—
Boatmen's
Detjen
Bank Building.
Mr.
Detjen was formerly MidWestern representative for Har¬
der & Co. and in the past con¬
ducted
his
own
Louis.
business
.v:
■
V
vi
Eagle Lock
in
St.
*
§t
Funds
Obtained—
,
,
.
r
,
Revenue
Securities
New
$1,745,000,0000
u.
Issued
Total
il
-
:
2,380,000,000
—
£
In
$4,125,000,000
—I-
Nelmes Personnel Service
offer their facilities to
discriminating clients
for carefully-selected, outstanding office per¬
sonnel, both men and women, in the com'
mercial, professional, and advertising fields.
:
unusually qualified to supply experienced and
efficient personnel to investment ^ bankers and brokers. -L
are
HAY, FALES & CO.
71
Broadway, N. Y. BOwling Green 9-7030
Bell
Teletype
NY
1-61
an
Orvis
—
the open¬
office here at 16 East
Street under the
manage¬
Inc., 45 Nassau Street, New York ment of Lucas A. Green, for the
City, and has entered the military conduct of a business in stocks,
service of his country. At present bonds
and
commodities.
Mr..
is
Fort Riley, Green was formerly manager of
member of the the Columbus office of Merrill
Squadron of the Lynch,. Pierce, Fenner & Beane,
stationed
Kansas, and is
Training
First
at
a
Cavalry (C. R. T. C.).
Bernard
elected
A.
Kehoe
been
been
associated
Mr. Kehoe has
with
the
be
had
been
asso¬
ciated since 193L>
officer and director to
an
fill the vacancies,
which
with
has
Also
Orvis
Brothers
:
with
associated
office
the
t
new
is ' E.
H.
firm
Home, previously, with, Merrill'
inception, and was for¬ Lynch, Pierce, Fenner & Beane.
merly the head of the clearance
department of the Underwriters
Trust Company.
Hilbsrt;
since its
These
changes
that
than
more
There
are
involve nothing
noted
NYSE Firm
above.
no
quick, accurate service. York Stock Exchange, has been*
changed to Schoellkopf, Hilbert
& Co.
Mr. Hilbert was formerly
Hartfield Co.
a partner in the dissolved firm of
Hilbert, Condoh & Bassett, New
York City. / Schoellkopf, Hilbert
and giving
,
J. F.
Opening In New York
J.
Frederick
Hartfield
and
Charles J. Degnan are forming the
&
Co.
maintain
>
offices
at
70
Niagara Street, Buffalo, N. Y., and
11, Wall Street, New York City.
..
>
Exchange
retary and assistant treasurer of ing of
Kobbe,
Gearhart &
Company, Broad
firm of J. F. Hartfield &
Item
;We
Stock
OHIO
announce
t
Deep Rock Oil
York
Brothers & Co.
sec¬
other
'
New
has resigned
assistant
as
Co., with
(mainly net increase in cash balances)
505,000,000
offices at 42 Broadway, New York Mr. Hilbert will make his head¬
words, of the $2,260,- .77%, has been covered by current
City, to conduct a general securi¬ quarters in the firm's New York
000,000 of direct war and non-war | taxation.
,
ties business.
Mr. Hartfield was office.;
'
.■
.' v,-V;.
' ''■
expenditures,
$1,745,000,000,
or 1
Perhaps the two most im¬
formerly with H. S. Renton & Co.;
specializing in New Jersey issues
and prior thereto was manager of
the trading department for Camp¬
ENGLISH
Residual
Spokane International
Members
director and
a
Effective with the admission to'
changes in the two
senior officers, in the firm's per¬ partnership today of Webb Hil2 Yrs, of War sonnel, or in the firm's policy of bert, the firm name of Schoellactual trading markets kopf & Co., members of the New
$1,320,000,000 making
—
!
Obligations.
raising
*
i
s
:
Financing British War Expenditure in Canada
Maturing
of
quired revenue:
*
Required—
Direct
methods
the
realize what $1 billion represents
to a Canadian in the form of per
Total
as
he
Other
Kobbe II
Gustave
basis of
Population of
•
$1,415,000,000 $15,995,000,000
Financing of British War Expenditures-..British Commonwealth Air Training Plan Established in
Canada
Offies In Columbus
.
COLUMBUS,
1
Canada
Public
3«-
corresponding
population the size
On
Non-War
Murdoch, Dearth Co.
to The
popula¬
show
to
figures for
,
Canadian
Carlyle Detjen With
(Special
a
Hyde Park Declaration, Vi:-
tion, the following table has been
prepared
?
Funds
;
"Canada has
importance of Canada's
relative to its popula¬
Russell
Committee:
Finance
effort
war
17 John
St., New York
Tel. COrtlandt 7-7455
.
.
bell^ Co."
DUTCH
Homer G. Kaupp
SWEDISH
Joins
Juran fir Moody Staff
Stocks
MINN.—Juran &
Moody, specialists in municipal
bonds,
Minnesota Mutual
Life
Building, anriounce that Homer G.
Kaupp, formerly manager of the
municipal department of PolkPeterson Corporation, Des Moines,
.with
ST.
PAUL,
Iowa, is now associated with
firm.
I.
■»
•
their
Bought
—
and
Bonds
affidavits .y-';
Sold
—
Quoted
Herbert E. Stern & Co.
Members
30
New
Pine
York
Curb
Exchange
Street, New York
WHitehall 3-2160
Teletype NY 1-496
@FedFRASER